The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
r The.
Pninurrigtd
INCLUDING
financial
brontrie
Railway & Industrial Section
Bankers' Convention Section
& Quotation Section
Railway Earnings Section
I&ank
SATURDAY, JUNE 28 1924
VOL. 118.
ght Thronxelt
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
r Including Postage—
12 Mos. 6 Mos.
$10.00
Within Continental United States
66.00
11 0
6.75
In Dominion of Canada
13.50
7.75
Other foreign countries and U. S. Possessions
NOTICE.—On account of the fluctuations in the rates of exchange.
remittamces for European subscriptions and advertisements must be made
in New York Funds.
Subscription includes following Supplements—
B ANL AND QUOTATION (monthly)(RAILWAY & INDUSTRIAL (semi-annually,
RAILWAY EARNINGS (monthly)
ELECTRIC RAILWAY (semi-annually)
STATE AND CITY (semi-annually) BANKERS CONVENTION (yearly)
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
Cameo() OFFICE —19 South La Salle Street. Telephone State 5594.
LONDON OPTICS —Edwards & Smith. I Drapers' Gardens. E.C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert: Business Manager. William D.Riggs. Treasurer.
William Dana Seibert: Secretary. Herbert D.Seibert. Addresses of all. Office of Co.
SPECIAL FEATURES
OF OUR
STATE AND CITY SECTION.
In the semi-annual number of the above publication, a copy of which goes to every one of
our subscribers, there are several special
articles which have a wide degree of interest.
(1) Our customary annual analysis of the
municipal bond sales for the preceding calendar
year, this time 1923.
(2) Something never attempted before
by any publication, a study of the amounts
of the municipal bonds redeemed or retired,
the totals of which now run up into the hundreds of millions annually.
(3) An elaborate tabular statement, comparing the totals of the municipal sales, under
leading heads, for the past 23 years.
The Financial Situation.
overshadowing
feature of the situation is the
The
growing strength of the security markets. The present week the upward movement has been steadily
gaining momentum, and to such an extent as to attract general notice. The Democratic National Convention has been in session at Madison Square Garden every day beginning with Tuesday, but thus far
has accomplished practically nothing—no candidates have yet been selected, no platform adopted.
The party seems to be torn by faction fights and
internal dissensions, with the Ku Klux Klan and the
League of Nations covenant as the main issues, and
the religious question unfortunately obtruding itself into the discussions. The speeches have been
of a low order and devoted mainly to denouncing the
Electric Railway Sectiow
State and City Sectiew
NO. 3079.
opposition party and the financial interests, which
latter the McAdoo forces took special delight in dubbing the "invisible Government." The markets have
viewed all these performances with unconcern, apparently feeling assured that sound sense will prevail in the end or, if not, that the ticket will in any
event be foredoomed to defeat.
In the meantime the tone in the security markets
has become positively buoyant. The movement is
the more noteworthy as there is nothing in the condition of trade to justify rising prices. Nearly all
the leading industries of the country are in a state
o' utmost depression. The complete collapse in business which has occurred since the beginning of
March ranks as the most pronounced in trade annals. New evidence of the extent of the collapse is
coming to hand with each succeeding week. The
railroads in their earnings returns are reflecting the
industrial paralysis which exists more accurately
and more strikingly than anything else. Note, for
instance, that the Pennsylvania Railroad, according to its return submitted -the present week, earned
only $52,290,448 gross in May 1924, against $65,465,627 in May 1923, and only $5,757,151 net, against
$8,604,569. Here is a single large system which has
lost over 13 million dollars gross in a single month,
or fully 20%. Nor does the Pennsylvania stand
alone in this respect. The returns are uniformly
bad from all parts of the country, indicating a general depressing influence affecting all alike.
In face of it all, railroad securities have been the
leaders in the rise in valuds, and the market is portraying all the characteristics of a genuine bull
movement. At first bowls were strong and showed
steady appreciation. Now the movement has extended to the share list. Of course, easy money is a
potent influence in raising prices, but it would appear as if the progressive nature of the rise invested
the movement with greater significance. Is it not
possible that we are witnessing a revival of confidence and that the stock and bond markets are simply discounting the future? At all events, if the
stock market on this occasion, as so often in the past,
proves an accurate barometer of trade, decidedly
better times are ahead.
The conference last Saturday and Sunday, June
21 and 22, between Premier Herriot of France and
Premier MacDonald of Great Britain, at Chequers
Court, the official country home of the latter,
proved to be more definite and important even than
had been anticipated. At the conclusion of the conference on Sunday an official communique was issued by Prime Minister MacDonald in which it was
set forth that" it was agreed that, subject to the
3114
THE CHRONICLE
convenience of the other Allies, a conference should
be held in London not later than the middle of July
for the purpose of definitely settling the procedure
to be adopted." Through the communique it was
made known also that "the two Prime Ministers
agreed to pay a brief visit to Geneva together at the
opening of the Assembly of the League of Nations in
September next." It was asserted,furthermore, that
"the conversations revealed a general agreement between the French and British points of view and on
the part of the two Prime Ministers a common determination to meet the difficulties which beset their
countries, and, indeed, the whole world, by continuous co-operation."
Although no mention was made of the matter in
the official communique, the London correspondent
of the New York "Herald-Tribune" declared positively that "the United States will be invited to participate in an inter-Allied conference to begin here
July 15 with the object of fixing definitely the procedure to be followed in the application of the Dawes
plan for effecting reparations payments. It will be
indicated to Washington that the British and French
Governments would be glad if General Dawes pe.;sonally could attend the conference." Continuing
he asserted that "the decision to invite the United
States to participate in the meeting was reached by
Prime Minister MacDonald and Premier Herriot in
their conversation at Chequers Court to-day [June
22]. An official invitation will not, however, be
issued until soundings have been made to ascertain
whether or not the proposal would be acceptable to
Washington." According to the "Herald-Tribune"
correspondent, also, "the view of the two Premiers,
as disclosed at their discussion,is that as the experts'
report on the reparations question was worked out
with the assistance of United States representatives.
it is reasonable to expect that America also should
give advice when it comes to the matter of the report's application." He added that "to facilitate
American participation in the general conference-to which, however, it is now indicated, Germany will
not be invited—the gathering will be confined to consideration of the reparations question."
Going somewhat into .the exterior details of the
conference the London correspondent of the Associated Press cabled that "the courtly formality of
old-time diplomacy was noticeably absent from the
meeting. The French party arrived at Chequers
Court late last evening in the midst of a tropical
thunderstorm. They were met at the entrance to the
House by the British Prime Minister, wearing a golf
suit. Dinner was waiting, and without delaying to
change clothes the party sat down immediately."
He noted also that "Mr. MacDonald led the entire
party through the beauty spots of the grounds until
it was time for M. Herriot and his compatriots to
leave for London. At the golf links of the estate
Mr. MacDonald said jokingly to M. Herriot: 'Here
we can play a match—France vs. England.' And
again, when the French Premier expressed regret at
not having time for a longer walk, Mr. MacDonald
said: 'M. Herriot, you must come back again.'"
Commenting upon the apparent results of the meeting, the same correspondent observed that "at pa ling the two Premiers appeared very pleased, and,
although no word was spoken publicly by any member of the party bearing on the conference, good
auguries were drawn by the spectators from the evi-
[VoL. 118.
dent friendliness Of the meeting. As it had. been
thought that no communique would be issued, the
fact that Mr. MacDonald had seen his way to make
such a satisfactory statement to the public is interpreted here as proving that he has received ample
assurances from M. Herriot and that, provided the
French Premier is able to secure support in Oa
Chamber for his policy, the main difficulties will
soon be removed from the path of the reparations
problem." The London correspondent of the New
York "Times" cabled early Monday morning that
"the Foreign Office communique yesterday on the
meeting of Premiers MacDonald and Herriot declaring the conversation revealed a general agreement
between French and British viewpoints has created
a good impression. 'So far, so good,' is the note
struck by the London papers in their editorial comment this morning." The comment in the Paris
papers was hopeful and confident even as to the ultimate, as well as immediate, results of the conference
of the Prime Ministers.
Premier Herriot remained in London Sunday
night after returning from Chequers Court and proceeded to Brussels Monday morning. Before setting
out for that centre, according to the correspondent
of the New York "Times" in London, "he gave a
number of interviews which, without adding anything more to public knowledge of the Chequert;
meeting than was contained in the official communique, confirmed the hopeful auguries that have
been drawn from the projected July conference and
the arrangement agreed upon by the British and
French premiers to attend the General Assembly of
the League of Nations at Geneva." It was stated in
a Brussels cable dispatch on June 24 that "Premier
Herriot was enthusiastically received here by a
large crowd assembled at the station. He met the
King, after which he dined at the French Embassy
with members of the Belgian Cabinet." The Associated Press correspondent at Brussels cabled the
same day that "Premier Herriot of France, who arrived here last evening after his conference with the
British Prime Minister at Chequers Court, has received formal assurance that Great Britain and Belgium will aid France, as they did in 1914, in case
another unjustified attack is made upon her, he is
quoted as declaring in an interview published by the
'Independence Beige.'" The French Premier war4
quoted as saying that "in case of premeditated aggression by Germany I have the assurance of a defensive pact that would bind France, England and Belgium. I have the most formal promise that now, as
in 1914, a German attack would find England standing with France and Belgium." In a Brussels dispatch dated June 24 it was claimed that"the Brussels
conversations were inspired with a sincere spirit of
close friendship and reciprocal confidence. They
have left the impression that genuine progress has
been made and that the forthcoming conference will
find itself in a position to reach an equitable solution
of the reparations problem."
It was made perfectly plain in the London cable
dispatches from the first that the Allies were eager
to have America represented at least in the proposed
Allied conference next month. In answer to a ques
tion by former Premier Lloyd George in the Holm
of Commons on Monday, Prime Minister MacDonald
"said it was highly desirable that the United State
JUNE 28 1924.]
THE CHRONICLE
should be represented at the Allied conference which
it was proposed to hold in London in the middle of
July in connection with the application of the Dawes
report on reparations. A communication to that effect, added Mr. MacDonald. was being addressed to
Washington by the British Government." It was
stated also that "with regard to representation of
Germany at the conference, the Premier continued,
th.,t also was discussed between himself and M. Herriot, but obviously it was essential that the Allies
should be agreed among themselves as to what they
were prepared to do to put the Dawes repert into
execution, before the German Government could be
invited to listen to their decisions." The "Times"
correspondent added that "it is assumed that the invitation will be so couched as to leave the choice of
manner and scope of the United States representation entirely to Washington, and although in some
quarters hopes are entertained that America will
make its presence felt at the conference by the selection of a representative or representatives of high
standing and authority, it is not•generally believed
the United States will play an active role in the conference proceedings." He observed that "even should
the American representative be endowed with no
more dignified appellation than that of official observer, the moral influence of his presence and cognizance of the discussions will be considerable."
With respect to German participation in the conference (probably on July 15 or 16) the Associated
Press representative in London cabled that Prime
Minister MacDonald stated in the House of Commons that "this was discussed, but it was quite obvious it was first essential that there should be agreement between the Allies as to what they were prepared to do to put the experts' report into effect."
The Paris correspondent of the New York "Times"
said that "it is learned that before Premier Herriot
left London last night he and Prime Minister MacDonald signed a collective note to Berlin making a
sharp issue of Germany's refusal to submit to Allied
disarmament inspection and declaring the two Premiers would not back down on this question." Continuing, he said that "it is understood the note said
that regardless of the wishes of both the London and
Paris Governments to make a rapid settlement of the
reparations problem on the basis of the Dawes report, they would not stand for continued German
defiance of the military clauses of the Treaty of Versailles." According to the "Times" correspondent
also, "it is understood here to-day that the hurried
departure of Ambassador von Hoesch in Berlin on
Saturday was due to advice from M. Herriot. He informed Berlin not only that the prospects of putting
the Dawes plan into operation, but the establishment
of any sort of good relations between Paris and Germany, was endangered by Germany's refusal so far
to accept Allied investigation of Germany's military
status." According to a Berlin dispatch to "The
Sun" on June 21, M. de Margerie, French Ambassador at Berlin, was to place before Premier Herriot
"the conditions upon which the German Government
guarantees the immediate passage by the Reichstag
of legislation putting the Dawes plan into effect."
The correspondent declared that "these conditions
have been communicated confidentially to M. de
Margerie by Foreign Minister Stresemann. They involve an immediate general amnesty for German political prisoners held by the French in the occupied
territory and the fixation immediately, of a date
3115
upon which the Ruhr will be evacuated by the
Franco-Belgian troops."
Jules Sauerwein, writing in the Paris "Matin,"
relative to the understanding reached between the
French and English Prime Ministers at the Chequers
Court conference, said that "if words have any meaning—and for my part I believe they have—this formula must signify a sure step toward a solution of
Europe's problems. And that must signify something else. The United States, without whose help
no. durable settlement is possible, has always said
'Let the European nations come to an understanding
among themselves and we will help in the settlement
of Europe.'" He added that "the experts' plan
which now must be applied bears the name of the
great American citizen whom his party has designated as candidate for the Vice-Presidency of the
Republic. If General Dawes were asked to come in
the quality of counsellor and friend to collaborate in
the application of his own project, could he refuse?
One can scarcely suppose so." The Paris representatiVe of the Associated Press said that "this unoffi
cial invitation to General Dawes to attend the London conference on July 16 may be, and it is expected
will be, followed by an official invitation. In this
event it will be addressed first to the American Government, and if the American Government refuses, then to General Dawes as a private individual, although the designated candidate of the
Republican Party for the Vice-Presidency."
The reported attitude of the United States was
outlined as follows in a Washington dispatch on
June 24: "The United States is not only willing but
anxious to assist Europe in pushing the settlement of
her reparations problem, but does not intend to participate in any political difficulties overseas, a
spokesman for President Coolidge said to-day in commenting on the proposed inter-Allied conference in
London next month to consider means of putting the
Dawes plan into effect." According to the dispatch
also, "President Coolidge was said to feel that it
must be recognized America has certain interests in
Europe, both direct and indirect, but that these
would not be served by active participation in the
conference. This country will be represented informally, it was expected, but no possibility was seen
that either Charles G. Dawes or Secretary Hughes,
who plans to be in London with the American Bar
Association about the time of the conference, would
take part as American delegates."
Washington dispatches on June 24 stated that "no
formal invitation has yet been received by the
United States Government from the Allied Governments to participate in a conference to be held July
16 to discuss details of putting the Dawes plan for
the rehabilitation of Germany into operation." It
became known in Washington at about the same
time that Secretary Hughes was planning to sail for
Europe next month. In one Washington dispatch
it was stated that"Mr. Hughes will sail on the Berengaria July 12 with members of the American Bar
Association as passengers for the sessions of the
organization in London. The Berengaria is scheduled to reach Southampton on July 17. While in
London Mr. Hughes will be paid numerous courtesies which his position as the Premier of the American Cabinet calls for." It was added that "at these
functions there Will doubtless be high officials of the
Allied Governments, who will thus have the oppor.
3116
THE CHRONICLE
tunity of ascertaining from Mr. Hughes the American viewpoint. The Secretary will remain abroad
until late in August. His plans may include a visit
to Paris. He has booked passage to return to the
United States on the George Washington, which sails
from Southampton on Aug. 23." The part that the
United States would take in the matter was made
known definitely and officially in Washington on
Wednesday evening through a statement at the
White House. It said that "instructions have been
given to Ambassador Kellogg to attend the conference in London on July 16 for the purpose of dealing
with such matters as affect the interests of the
United States and otherwise for purposes of infor
mation." It was added that "Colonel Logan will go
to London to assist the Ambassador." The Washington correspondent of the New York "Times" said
that "inquiries elicited from an authoritative quarter to-night the indication that Ambassador Kellogg
would be an official representative in the conference
of the Premiers, but that this was not to be regarded
as marking a departure by the Coolidge Administration. It was stated that the status of Ambassador
Kellogg in the London conference would be identically the same as that of George Harvey, his predecessor as Ambassador to Great Britain, who served
as a representative of the President in the deliberations of the Supreme Council."
In outlining what he understood was Germany's
attitude as a result of the Chequers Court confer
ence, the Berlin correspondent of the New York
"Evening Post" cabled that "the conference at
Chequers Court between Prime Minister MacDonald
and Premier Herriot has been of great advantage to
Germany if only for the way in which the French
and British Premiers backed the policy of speeding
up action on the Dawes report and decided on quick
convocation of a new entente conference." He declared that "this is the attitude of the Government,
which holds that Germany has everything to gain
from accelerating a settlement of the Ruhr and reparations problems through quick materialization of
the experts' recommendations. Reactionaries and
Communists alike are trying to raise new difficulties and objections to hamper a settlement which
would strengthen the hands of the Government and
lessen their own chances." It became known here
through a Berlin dispatch to the New York "Times"
on June 24 that "the note from the English and
French Governments concerning resumption of military control in Germany which resulted from thq
conference between Premiers MacDonald and Herriot arrived here to-day and was immediately turned
over to the official Foreign Office translators." The
correspondent added that "hope is expressed here
that the note will render easier the German Government's answer to the military control note received
from the Conference of Ambassadors, vhich must be
dispatched by June 30. But fears exist in some quarters that it may be a sharp admonition to Germany
regarding the question of military control. Those
believing the latter point for confirmation of their
belief to a declaration said to have been made by M.
Herriot in Brussels regarding the possibility of instituting three-fold military supervision over Germany—local, regional and national." He also observed that, "meanwhile the general impression here
iv that the Gorman Government will unquestionably
bow to the Allies' demands as contained in the note
[VoL. 118.
from the Conference of Ambassadors." Word came
from Berlin on the evening of June 25 through press
dispatches that "the Marx Cabinet has decided to
permit 'final supervision' of the military establishment of the Reich by the Council of Ambassadors."
It was added that "the drafting of the note communicating this decision has been postponed, however,
pending receipt of a new message on the subject
which has been framed by France, Great Britain and
Belgium, and which has not yet been received at the
Wilhelmstrasse."
Judging from some of the Paris dispatches there
was less enthusiasm at that centre over the Chequem
Court conference toward the end of the week than
in London and Brussels. In a dispatch dated June
24 the Paris correspondent of the New York "Times"
said that "enthusiasm over M. Herriot's trip is by no
means unanimous in Paris. From Nationalist quarters came biting remarks about Premier MacDonald's reported promise that in case of a German attack on France, England would be by France's side,
as in 1914, for it is recalled that in 1914 MacDonald
did everything in his power to prevent England's entering the war to aid France. But M. Herriot has
his majority in the Chamber for his foreign policy as
well as his other policies and despite assured criticism has a good chance of going to the conference he
has planned if he can postpone "until Parliament
adjourns on July 15 the debate on the religious issue,
for his opponents are planning a heavy battle on his
move to withdraw the Ambassador from the Vatican." The New York "Herald-Tribune" representative in the French capital said, however, that "a
cheering throng greeted Premier Herriot at the Gare
du Nord to-night on his return from his visits to
Chequers Court and Brussels. Questioned for nearly
a quarter of an hour by all members of his Cabinet,
the Premier declared that he had 'given up none of
France's rights and did not intend to yield any.'"
On Wednesday morning, June 25, "Premier Herriot laid before the Cabinet the results of his journey
to London and Brussels." The Paris correspondent
of "The Sun" cabled that afternoon that, summarized they are: "First— Ruhr occupation will be
modified when Germany has begun to meet her bill.
She ill be called upon to sign bonds for reparations.
When these can be reasonably negotiable the occupation of the Ruhr will be replaced by a system of
strategic control based on bridgeheads and railroad
supervision, which will allow France to keep a foot
in Germany's front door and make possible rapid
military measures in the event of a fresh German
failure to observe her obligations. Second—French
exploitation of the Ruhr will cease when the Dawes
report is carried out and local guarantees are replaced by general pledges by the Reich. Third—
Britain to pledge herself in writing to co-operate
immediately with France in bringing pressure to
bear on Germany if she defaults in carrying out the
Dawes plan. Fourth—Britain to sign a pact similar
to that refused by France at Cannes offering immediate support of all resources of men, money and
ships in the event of an unprovoked attack on France
by Germany. Fifth—The security of Belgium and
France is still the awkward point, Belgium not being
entirely satisfied with MacDonald's plan, consisting
of a general pact of peace and mutual assistance between France, Belgium and Britain, replaceable subsequently under the League by a general European
JUNE 28 1924.]
THE CHRONICLE
3117
resentative of the Associated Press said that "a clear
indication that Premier Mussolini is about to break
his spell of silence . since the kidnaping of Deputy
Matteotti, which has so stirred the nation, was given
to-day by the official announcement that he had convoked a Cabinet meeting for Monday [June 23] to
outline to the Ministers a speech he intends to make
in the Senate the following day on the general situation and internal.policies."
In several cable messages from Rome it was plain
that the Italian Government was doing its utmost to
locate and arrest those responsible for the reported
kidnaping and murder of Matteotti. In a special
wireless dispatch under date of June 22 the Rome
correspondent of the New York "Times" declared
that "the investigation by the examining Magistrates into Deputy Matteotti's murder has been
pushed with such energy and vigor that it is believed
There appeared to be some conflict between state- that the Crown's case against the accused men is
ments made by Prime Minister MacDonald and now almost complete and will soon be announced.
Premier Herriot relative to the Chequers Court con- The Magistrates have been greatly aided by the
fereh..2. The latter was quoted as having said in statements of the prisoners who, in their efforts to
both the French Senate and Chamber of Deputies dear themselves, have been incriminating one anon Thursday that "the British Premier had con- other." In an Associated Press cablegram from the
sented to the question of war debts being reviewed Italian capital the next day the Associated Press corby experts and had assured him that Great Britain respondent said that "the newspaper `Massaggero'
would be beside the Allies in the event Germany says to-day that Amerigo Dumini, under arrest in
should default in carrying out the Dawes plan." connection with the supposed murder of the SocialPrime Minister MacDonald was reported "to have ist Deputy Matteotti, has made a confession impliinformed American Ambassador Kellogg that the cating as instigators of the crime some of those tinforthcoming Allied conference in London will be con- der arrest and others, and indicating that the murfined to the Dawes report, it is understood, and dered Deputy's body was ultimately disposed of by
Great Britain has obtained an agreement of the being burned." According to a United Press disAllies that the question of inter-Allied debts will patch from Rome bearing the same date, "the connot be raised." According to one London dispatch fession positively implicated Cesare Rossi, former
the same day,"it is stated in well-informed quarters director of publicity for the Department of the inthat Germany will be invited to be represented at terior; Fillipo Fillipelli, editor of the 'Corriere Italthe conference, but whether officially or
• through iano,' and Marinelli, Administrative Secretary of the
observers only has not yet been made known." The Fascist Party. All are Fascists, and according to
following press dispatch from Rome appeared here Dumini, ordered the killing and paid the assassins.
Thursday evening: "Italy has approved the hold- He admitted he himself and four others did the acing of an inter-Allied conference in London next tual slaying." On the other hand, the Rome corremonth to discuss reparations problems, as proposed spondent of the New York "Times" said in a wireby Great Britain and France, says the Ifessaggero' less message, also on June 21, that "the newspapers
to-day. The first idea of this conference, it adds, was are printing much false information Concerning the
advanced by Premier Mussolini a year ago."
revelations which Amerigo Dumini, Fillipelli and
other men.jailed for the murder of Matteotti are said
The political situation in Italy has continued to have made. The fact is that Dumini, who is suscritical in spite of strenuous efforts upon the part of pected of being the actual slayer, refuses to talk, only
those believed to have been implicated in, if not re- occasionally breaking his silence to deny any particisponsible for, the kidnaping and murder of Deputy pation in the murder." Continuing his account of
Matteotti to minimize the affair. The Rome corre- the situation, the "Times" representative said: "Filspondent of the New York "Times" cabled on June lipelli, who is supposed to have been one of the or20 that, "in the aftermath of the scandal connected ganizers of the murder, on the other hand, appears
with this affair only the promise of Premier Musso- to have broken down, and to have confessed that he
lini that the culprits will be found keeps the country instructed the murder gang to kidnap Deputy Mattequiet." He added that "to-night it might be said otti. He defends himself by saying that his instructhat while Fascism appears to have failed, Musso- tions were exceeded, as he meant to have the Solini retains the strength of the Government." Out cialist Deputy merely kidnaped and in no way
lining further the position of Mussolini, he said that harmed."
"observers here believe that the dictator has been
Even as early as last Monday Rome cable advices
deluded by some of the subordinates he most trusted.
That the youth of the country retains its faith in his indicated that Premier Mussolini had been convinced
personality, however, was shown by a huge demon- of the necessity of modifying his dictatorship somestration of blackshirts at Bologna yesterday, when what. On that date (June 23) the Associated Press
thousands. reaffirmed allegiance to Mussolini." representative cabled that "the 'Giornale d'Italia' in
More than 100,000 "Fascist adherents" participated its issue to-day said that Premier Mussolini and
in this demonstration, according to a special Rome Commander Giardio Debono are planning to reordispatch to the New York "Herald-Tribune." As ganize the Fascista military body, making it a still
for the plans of the Premier himself, the Rome rep- more constitutional organization, with police pow-
pact, including Germany. Belgian dissatisfaction
is attributed by French Liberals to Catholic Belgium's distrust of the anti-Clerical Herriot."
The same day the policy of the new French Government with respect to Russia also became known in
Paris. The New York "Times" representative cabled
that "at a Cabinet meeting held this morning at the
Elysee under the Presidency of President Doumergue
the French Government decided to recognize the Soviet Government of Russia. This decision, which
will not be publicly announced for some days, has
followed immediately the receipt from Washington
of a formal note acknowledging French action in
acquainting the American Government with its intention to take a different course from that of the
United States with regard to the Soviet Government."
THE CHRONICLE
[Vol.. I I S
ers. The supervision of the body would be trans- lost its grip. His accustomed dictatorial tone, even
ferred from the Ministry of the Interior to the Min- for some days before the delivery of this afternoon's
istry of War and an army general in active military address, has been absent. For the first time since
service placed in command." The correspondent March 1922 the opposition press has dared openly to
added that "reorganization, which would follow the criticize the Government, and many denunciations
nation-wide upheaval over the disappearance and are taking a most violent form. At the same time
alleged murder of Socialist Deputy Matteotti, would the usual swank and swagger with which the 'blackhave the effect of removing Commander Debono as shirts' were wont to parade the streets of Rome are
the head of the Fascista militia. Debono has an- not so much in evidence, while the Fascist buttons
nounced his intention of taking legal action against that used to be seen in countless civilian buttonholes
all newspapers which have connected him with re- are becoming a rarity." Mussolini's position apsponsibility in the Matteotti case." Whatever else peared to be strengthened by the speech in the Senate
he may do, evidently Mussolini does not intend to and another one whieh he delivered the following
give up as Premier. In a dispatch dated June 23, the day. As to the latter the Associated Press correspondRome correspondent of the New York "Times" said ent said that "the entire majority of the Chamber of
that "at a Council of Ministers this afternoon Pre- Deputies, about 300 in all, met in the Hall of the
mier Mussolini announced his intention of remaining Consistory at the Palazzo Venezia to-day [June 25],
at his post as head of the Government through the listened to a speech by Premier Mussolini, and unanipresent crisis which Italy is undergoing because, he mously voted a resolution of confidence in the Govsaid,'I believe that in that way I will best serve the ernment. The Premier, more explicit than in his
interests of Italy, which must be preserved from the speech in the Senate yesterday, said that in his opinshock and unrest which would certainly accompany ion certain excesses of his followers made .1,, absoa Cabinet crisis at this moment.'" The correspond- lutely necessary to enforce the firmest discipline in
ent added that "this decision, though it was ex- order to carry out the program the Government mapected, was greeted with applause by the Ministers jority has outlined." According to the dispatch also,
and was well received by the population, the larger "the resolution of confidence said the Government
part of which would regard any change of Govern- must remain an unshakable bulwark in the present
ment at the present time with apprehension." Con- political situation and that justice will follow its
tinuing he stated that "the Council of Ministers then inevitable course in relation to the alleged kidnaping
discussed the Government's future policy and means and murder of Matteotti, Socialist Deputy. While
to meet the situation which has been created in the the Government carries out its policy of normalizacountry by Deputy Matteotti's murder. The result tion, it is declared, the majority must watch the opof the discussion has not been made public, as it will position. The majority said it believed the mainteform the subject of Premier Mussolini's speech to the nance of Mussolini's power is not only a necessity,
Senate to-morrow, but it is understood that the Cabi- but a right on the part of the prevailing national
net's policy can be summed up thus: Pacification forces existing in the country and Chamber." Acand return to strict legality."
cording to the correspondent of the New York
In his speech in the Senate Mussolini made it still "Times" in the Italian capital, Mussolini also said
clearer that he and his Cabinet did not intend to give in that speech that "we are ready to govern constituup because of the Matteotti affair. The Rome corre- tionally through Parliament. We are ready to lead
spondent of the Associated Press, in his account of Fascismo back to strict legality, to purify our party
the speech, said: "Premier Mussolini, with charac- of all its undesirables, to follow a policy of national
teristic energy, speaking. before the Senate to-day, conciliation which shall forget the past and the bitserved notice on the Italian nation that, much as the terness caused by our struggles in the past. But the
tragic murder of Deputy Matteotti was deplored, the Opposition must not attempt to overthrow our reFascista. Government did not mean to be pushed out gime nor seek to force us to give up our principles,
of power because of the unfortunate event." The which we are determined to defend at any cost, as it
correspondent added that "the benches in the Sen- is our sacred duty to do." With respect to the Oppoate Chamber were filled and the galleries were sition, he was reported to have said that"I am creatcrowded with distinguished personages in official 42g no illusions for myself. I believe that, despite
and civil life, including numerous diplomatic repre- our efforts at conciliation, which we repeat with sinsentatives. Without trying to minimize the horror cerity and which cannot be doubted, the situation
of the country over the crime, Mussolini reminded cannot be regarded too optimistically. I believe, on
his hearers that other nations, and even Italy, had the other hand, that that portion of the Opposition
suffered much greater shocks in the transitional pe- which has the welfare of the country really at heart
riods of a crisis without despairing of reaching tin; will not attempt to push matters to a point at which
ultimate goal of peace and tranquillity. Why, then, the irreparable must happen with its fatal and loghe asked, should the country refuse further to shoul- ical consequences."
der the responsibility of carrying on the work of inIn view of recent events in Italy the report that
dustrial reconstruction just because it had suffered Premier Mussolini planned to reconstruct his Cabifrom a regrettable event such as the Matteotti mur- net did not cause surprise. The New York "Heraldder?" According to the Paris correspondent of the Tribune" correspondent cabled that "the reconstiNew York "Herald-Tribune," who has been in Rome, tuted Cabinet of Premier Mussolini will include nor
"he dealt at some length with the Parliamentary more than three or four Fascist Ministers, it was decharacter of his Government and promised that the clared to-day by the(Tribuna,' which hap succeeded
course of justice would be inflexibly followed against Rossi as official spokesman for the Government."
the guilty ones in the present crisis, irrespective of An Associated Press dispatch from Rome dated June
social or political position." That correspondent 26 stated that "Premier Mussolini received a vote of
added that, "meanwhile signs are beginning to mul- confidence from the Senate to-day, 225 to 21, and it
tiply that the old dictatorial sway of Mussolini has also voted approval of his speech in the Senate yes-
JUNE: 28 1924.]
THE CHRONICLE
terday, 245 to 4." It was added that "the vote of
confidence followed two days of debate, and despite
the combined efforts of the Opposition to discredit
the Fascisti Government in consequence of the disappearance of Deputy Matteotti."
That the reported kidnaping and murder of Deputy Matteotti have made a strong impression on the
laboring element of Italy was shown by the following
excerpt from an Associated Press dispatch from
Rome last evening: "All the workmen in Italy, irrespective of the parties to which they belong, including the Fascista workers, stopped work from 10
o'clock to 10.20 this morning, remaining in silence
for that period as a tribute to the murdered Deputy
Matteotti and as a manifestation of protest against
the crime. The demonstration was not observable
outside factories and workshops, as the public utilities were kept in operation."
Whoever assumes the Premiership of any European Government realizes that one of the biggest
questions to which he must give careful attention is
that of finance. On June 21, which was not long
after he had assumed the duties of his office, the
Paris correspondent of the New York "Times" cabled
that "Premier Herriot has ordered an inventory of
the situation of the French Treasury as the first
step in an effort to solve thefinancial problems of the
Government. He will find that Paris owes at home
about 270,000,000,000 francs,which,of course, stands
as a debt of paper francs, while Paris owes abroad
nearly 40,000,000,000 francs, which stands as a debt
of gold francs." Continuing, the correspondent said
that,"taking into consideration inaccuracy in translating the domestic debt into gold value on the basis
of the international value of the franc, it may be
roughly computed that this debt about equals $20,000,000,000 to-day. As the value of the franc may
increase, the gold value of the domestic debt will
increase accordingly. This means, therefore, that
i.he internal debt really represents a larger value
than its present gold value if the franc improves;
conversely, it will diminish in real value if the franc
falls. When the mark went to nothing, the whole
German domestic debt was wiped out." He suggested
that, "while it is difficult to figure the real commitment represented by the Government bonds or rentes.
which are perpetual and selling below par, calculation has been made by capitalizing the sum of 5,048,000,000 francs, which represented in last year's
budget the cost of meeting interest on these obligations. Short-term obligations and floating debt,
which together reach 100,000,000,000 francs, represent borrowings since the war, which have gone almost entirely for reconstruction of the devastated
regions. It is this floating debt which, while its obligations have been very successfully exchanged
against new obligations at maturity, constitutes the
greatest fiscal danger of the French Treasury, for it
is obvious that the Bank of France would be put in a
very difficult position if any large proportion,of the
holders of some 75,000,000,000 franca worth of three,
six ond twelve months' notes demanded cash on maturity. Especially is this true since the circulation
of bank notes runs very near the legal limit of 41,000,000,000 francs, having been between 39,000,000,000 and 40,000,000,000 francs for some mcrnths.
Therefore, the big financial measure planned is an
effort to turn these short-term commitments into
long-term bonds or State rentes." Commenting upon
3119
the burden placed on taxpayers by the debt, the correspondent said that "without taking care of the interest of the foreign debt the French budget this
year carried about 13,000,000,000, or more than half
the total of Government appropriations, for interest
on indebtedness. Were foreign debt cared for this
year, the same French taxpayers would have put up
for interest an amount almost equaling the 23,000,000,000 franc budget this year. It is true the new
taxes will add 5,000,000,000 or 6,000,000,000 to the
Government income, but it had been intended to use
this toward completing the reconstruction of the
devastated regions which requires still an expenditure of some 30,000,000,000 francs." The correspondent also suggested that "this sketch will show more
eloquently than any other argument why no French
Government can pursue any other policy than payment of reparations by Germany. If France had no
interior war debt she would this year have about 11,000,000,000 francs to spare for other purposes than
paying interest. Germany has no war debt and the
French wish her to take over the debt service of 100,000,000,000 paper francs borrowed in France for reconstruction."
Official discount rates at leading European cities
continue to be quoted at 10% in Berlin; 7% in Nor2% in Belgium
in Paris; 51/
way and Denmark;
and Sweden;5% in Holland and Madrid, and 4% in
London and Switzerland. In London the open market discounts were firmer and short bills were quoted
4%,
at 33-16% and three months' bills at 33-16@31/
as against 2 15-16@3% a week ago. 'Call money was
likewise firm and finished at 134%,compared with
WA a week earlier. In Paris the open market dis2%,
4%,against 41/
/
count rate moved between 41/2@43
lowtrifle
a
is
while at Switzerland the rate
2%, against 31/2% the previous
4@31/
er, at 31/
week.
A further gain in gold of £26,019 was shown by
the Bank of England in its statement for the week
ending June 25. This, however, was accompanied
by a drop in reserve of £996,000, the result of expansion in note circulation of no less than £1,022,000,
while the proportion of reserve to liabilities was reduced to 16.25%,from 18.06% a week ago, and com2% in 1922. Im1
pares with 171/8% last year and 18/
portant changes were shown in the deposit items,
public deposits expanding £8,264,000, while "other"
deposits decreased £533,000. The bank's loans to the
Government decreased £1,080,000, but loans on other
securities increased £9,868,000. Gold holdings now
stand at £128,261,164, as against £127,620,575 a year
ago and £128,946,693 in 1922. Reserve aggregates
£21,507,000, which compares with £22,267,300 in
1923 and £24,348,683 the year before. Note circulation stands at £126,509,000,in comparison with £125,103,275 last year and £123,048,010 in 1922. The loan
total is £81,093,000, as against £80,681,961 and £75,725,274 one and two years ago, respectively. Clearings through the London banks for the week amount
to £718,650,000. Last week the total was £787,318,000 and a year ago £617,012,000. Despite repeated
assertions to the effect that an increase in the bank's
official discount rate was in contemplation, the
bank governors at the regular weekly meeting left
the rate unchanged at 4%. We append herewith
comparisons of the principal items of the Bank of
England returns for a series of years:
•
3120
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1920.
1921.
1924.
1922.
1923.
June 30.
June 29.
June 28.
June 27.
June 25.
£
E
1
£
E
Circulation
1'6,509.000 121,103,273 123,048,010 129,006,290 120,057.840
Publledeposits
19,593,000 13,969,233 16,347,702 15,296.889 15,748.199
Other deposits
112,703.000 114,072,490 115,087,524 131,739,542 175,966,968
Government securs- 47,587,000 42,973,731 49,221,045 61,202,852 90,078,431
Other securities_ _
81.093.000 80,681,961 75,725,274 85,827,910 103,188,431
Reserve notes &coin 21.507.000 22.267.300 24,348,683 17,810,437 16,274,201
Coln and bullion__ -128,261,164 127,620,575 128,946.693 128,366,727 117.882,041
_Proportion of reserve
8.49%
12.10%
to liabilities
16.25%
17%%
1854%
7%
6%
4%
334%
Bank rate
3%
The Bank of France reports a further contraction
of 78,212,000 francs in note circulation this week,
following a reduction in that item of 153,798,000
francs last week and of 697146;000 francs the week
,previous. The total of notes outstanding is thus
brought down to 39,664,662,000 francs, contrasting
with 36,689,303,865 francs at this time last year and
with 36,039,355,885 francs the year before. Just
prior to the outbreak of war, in 1914, the amount
was only 6,683,184,785 francs. The gold item continues to show further small gains, the increase this
week being 57,100 francs. The Bank's gold holdings,
therefore, now aggregate 5,543,133,725 francs, as
against 5,537,704,063 francs at the corresponding
date last year and 5,528,858,064 francs the year
previous; of these amounts 1,864,320,900 francs were
held abroad in 1924, 1,864,344,927 francs in 1923 and
1,948,367,056 francs in 1922. During the week silver
increased 107,000 francs and general deposits rose
134,353,000 francs. Bills discounted, on the other
hand,fell off 7,208,000 francs, advances were reduced
399,980,000 francs, and Treasury deposits were
diminished by 4,947,000 francs. Comparisons of the
various items in this week's return with the statement of last week and corresponding dates in both
1923 and 1922 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
gold Holdings-57.100
Inc.
In Prance
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
June 26 1924. June 28 1923. June 29 1922,
Francs.
France.
Francs.
3,678,812,825 3,673,359,136 3,580,491,007
1,948,367,056
1,884,320,900 1,864,344,927
Inc.
57,100 5,543,133,721 5,537,704,063 4,528,858,084
Total
284,862,571
107,000
Inc.
299.452,000
293,101,652
Sliver
Dec. 7,208,000 3,698,983,000 2,486,525,764 2,331,740,710
BWadlscounted
2,187,644,314
Dec399.980,000 2,281,061,000 2,068,511,821
Advances
Note circulation...Dec.78,212,000 39,664,662,000 36,689,303,865 36,039,355,885
57,680,663
13,386,000
20,165,497
Treasury deposits Dec. 4,947,000
General deposits_ _ .Inc.134,353.000 2,137.256,000 2,141,924,485 3.390,692,685
In its statement,issued as of June 14, the Imperial
Bank of Germany showed a decrease in note circula• tion amounting to over 30 quintillion marks, or 30,6E6,147,000,000,000,000 marks. Rentenbank note
• holdings expanded 79,350,096,000,000,000,000 marks,
• and bills of exchange and checks 21,329,732,000,000,000,000 marks. Among other large increases were
14,332,824,000,000,000,000 marks in other assets and
157,060,423,000,000,000,000 marks in deposits. Investments increased 3,401,455,000,000,000,000 marks,
but other liabilities decreased 41,581,498,000,000,0(0,000.marks. In Treasury and loan association
. notes there was a decline of 15,000,000,000,000,000
marks, while Rentenmark bills and checks increased
• 21,329,732,000,000,000,000 marks, advances 3,265,543,000,000,000,000 marks, Rentenmark discounts
and advances decreased 10,571,450,000,000,000,000
marks. Liabilities resulting from discounted bills
payable in Berlin were unchanged, as also were
Rentenbank loans. An increase of 6,093,000 marks
is shown in gold holdings, to 448,003,000 marks. Silver coin reserve, however, expanded 276,730 marks.
Outstanding note circulation is now 923,584,983,000,.
000,000.
•
[VOL. 118.
THE CHRONICLE
The Federal Reserve Bank statements which were
issued on Thursday afternoon, revealed contraction
in gold holdings, especially at New York, accompanied by heavy reduction in deposits, both locally
and nationally. For the System, gold reserve declined $2,000,000. Rediscounting of Government secured paper increased $3,600,000, but discounts of
"other bills" fell $4,960,000. Bills bought in the
open market declined $12,300,000. Total bills discounted were reduced $1,200,000. Earning assets
decreased $9,600,000 and deposits $27,000,000. The
New York Bank, mainly on its operations through
the Gold Settlement Fund, lost gold to the interior
to the amount of $52,500,000. Rediscounting of all
classes of paper was increased approximately
$5,300,000, although open market purchases showed
a contraction of $5,600,000. Total bills discounted
are down to $41,920,000. This compares with $160,328,000 last year. Earning assets remained practically unchanged, but deposits sharply declined, viz.
$59,200,000. The amount of Federal Reserve notes
in actual circulation decreased—$8,000,000 for the
banks as a group and $2,700,000 in the New York institution. Member bank reserve accounts declined
as sharply as they expanded last week. The combined report indicated a reduction of $68,500,000,
and at New York $65,900,000. Changes in reserve
ratios were comparatively slight. The ratio for the
System advanced .7%, to 82.8%, and locally .1%, to
86.1%.
Last Saturday's statement of New York Clearing
House banks and trust companies made a strikingly
good showing and notwithstanding another addition
to deposits, reported an increase in surplus reserve
of nearly $17,000,000. Loans expanded $21,049,000.
Net demand deposits increased $33,576,000, to
$4,287,057,000. This total is exclusive of $21,204,000
in Government deposits, an expansion in the latter
item of $3,523,000. In time deposits there was an
increase of $4,246,000, to $497,936,000. Other minor
changes included a decline of $318,000 in reserves of
State banks and trust companies in own vaults, with
an increase in the reserves in other depositories of
$85,000. Cash in own vaults of members of the Federal Reserve Bank was reduced $359,000, to $45,636,000, which is not counted as reserve. Member banks
again increased their reserve credits at the Reserve
Bank, this time $21,578,000, and this in turn brought
about a gain in surplus reserve of $16,837,530, carrying the total of excess reserves up to $52,973,420,
or the largest in quite some time. The figures here
given for surplus are based on legal reserves of 13%
for member banks of the Federal Reserve System,
but not including cash in own vaults to the amount
of $45,636,000 held by these member banks on Saturday last.
von SU.?
t WS111“1
•••••••••.
w;IN—aq
For still another week Wall Street has had a 2%
call money market. Time money was also easier,
concessions being made in the quotations for the
longer periods. Conditions in general business continued practically unchanged. Some improvement
in certain lines was reported, but so far the change
has not become sufficiently general to exert any influence on the money market. The stock market became more active toward the end of the week, but it
was estimated that an important net change in
brokers' loans had not taken place. Investment
buying of stocks, as well as bonds, is going forward
JUISIE
28 1924.]
THE CHRONICLE
on a large scale. Government operations were not a
factor in the money market this week. Negotiations
were in progress all week with respect to participation by New York bankers in the proposed
international loan of $50,000,000 to Hungary,
which it is expected will be offered in London on July 2. The decision of the European Allies to hold an international conference in London next month at which the United
States would be represented, naturally revived talk
of a large international loan to Germany before the
end of the year. An international banker, who has
just returned from Europe, says that while credit
conditions in Germany just now are especially bad,
the European situation as a whole is better.
As for money rates in detail, call loans continue
to be quoted at a flat rate, and have again ruled at
2% during the five business days of the week, Monday, Tuesday, Wednesday, Thursday and Friday,
this being the high and the low figure, as well as the
bi,sis for renewals on each of these days. For fixed
date maturities trading was quiet and the volume of
business passing light. Ease is still the outstanding
feature, with large amounts of loanable funds available and very few borrowers. As a result there has
/
4%
been a further lowering in quotations to 2y2@23
/
4@3% for 90 days, 3% for four
for 60 days, 23
/
4% for six
/
4% for five months and 31
months, 3@31
months, which compares with a range of 3@33
/
4%
last week.
Commercial paper was dealt• in to a moderate extent and also displayed increased ease. Four to six
months' names of choice character are now quoted at
/
1@4%,and names not so well
3Y2@33
/
4%,against 33
known at 4%, against 4@41/
4% the previous week.
New England mill paper and the shorter choice
names usually pass at 31/
2%. It is reported that a
few small transactions in very choice names were
put through at 3/
1
4%.
Banks' bankers' acceptances followed the course
of the call market and further revision downward
was made in open market acceptance rates. A fairly
good business was reported. The demand for prime
names was active, but as the supply was somewhat
restricted, the aggregate turnover was of moderate
proportions. For call loans against bankers' acceptances the posted rate of the American Acceptance
Council dropped to 11/
2%,as against 13
4% last week.
The Acceptance Council makes the discount rate on
prime bankers' acceptances eligible for purchase by
the Federal Reserve banks 21/
8% bid and 2% asked
/
4% bid and
for bills running 30, 60 and 90 days, 21
2%
21/
8% asked for bills running 120 days and 21/
/
8% asked for bills running 150 and 180
bid and 23
days. Open market quotations were as follows:
SPOT DELIVERY.
60 Days.
90 Days.
Prime eligible bills
23402
23462
" FOR DELIVERY WITHIN THIRTY DAYS.
Eligible Member banks
Eligible non-member banks
30 Days.
23402
2% bid
2% bid
3121
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JUNE 27 1924.
Paper Maturing—
After 90 After 6
Days, but
but
Within 6 Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Com'rcial Sectir. by
Agricul.. Agricul.
A gricul. U. E. Bankers' Trade
and
and
,4Livest*k Coot.
AccepAces,- Livestock Livestock
Paper. Obliga- lances. lances. Paper. Paper.
lions.
n.e.s.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. L011if4
Minneapolis
Kansas City
Dallas
San Francisco
334
314
334
4
4
4
4
4
43-4
414
43.4
4
334
314
334
4
4
4
4
4
43-6
45.4
414
4
314
334
354
4
4
4
4
4
414
434
414
4
314
334
334
4
•4
4
4
4
414
434
434
4
334
.334
334
4
4
4
4
4
414
434
436
4
314
334
5
4
4
4
.4
4
434'
43.4.
434,;(
4
* Including bankers' acceptances drawn for an agricultural purpose and secured
wirehouse receipts. &c.
Sterling exchange was sluggish this week and
dealers appear to be marking time pending some
new development of importance in European affairs.
A feature of the week was the almost total absence
of speculative participation. As a result the volume
of transactions was small and usually confined to
strictly routine business. Notwithstanding the apparently favorable outcome of the conference of
French and British Premiers at the end of last
week, values showed a tendency to recede and
after an opening quotation of 4 32 13-16, demand
bills sagged unti_ 4 30 13-16 was reached, a loss of 3%
cents from the high. point touched on Friday of
last week. Bankers attached no special significance
to the downward movement, attributing it mainly
to lack of buying power, accompanied by rather
freer offerings of bills for foreign account. Toward
the close of the week the undertone was steady and
final quotations not far from the top, but little or
no increase in activity transpired.
The persistent, though relatively slight, tendency
towards weakness which has marked sterling transactions of late, in the face of apparently steady
improvement in the reparations outlook, is occasioning comment in banking quarters and is partly
explainable by the change in sentiment regarding
sterling that is taking place in England. Renewed
talk of the possibility of resumption of a deflation
policy has aroused some uneasiness, as being likely
to result in artificial measures for the stabilization
of sterling. Banking and commercial interests hold
divergent views on the matter, the former favoring
deflation measures while the latter are in favor of
allowing sterling to take a natural course. Rumors.
that the Bank of England might raise its official
discount rate proved unfounded, and disappointing,
since the course of sterling exchange in this market.
is regarded as warranting an advance. London
cable rates were persistently easy and it was reported that sterling futures for end of June delivery
sold at a discount of 1-32 to 1-16 of a cent under
spot London bills. For quite sdme time it has been
possible for dealers to sell sterling and buy dollars
and then cover the sale of sterling by buying futures.
The lowering of money rates in this market, however, to the levels prevailing in London has rendered
this unprofitable. Discussion of the possibility that
the international position of the pound sterling is
in jeopardy and fears of the dollar taking precedence
The Federal Reserve Board announced on June 25
that the Federal Reserve Bank of Philadelphia had
established a rediscount rate of 3/
1
2% for paper with
maturities of over 90 days, effective immediately.
The bank last week established a 3y2% rate on paper
maturing within 90 days. Further reference to this
week's change is made in another item in this issue.
The following is the schedule of rates now in effect in foreign market goes on unabated in London.
for the various classes of paper at the different Re- Prominent British financiers are described as disserve banks:
turbed over the situation and to be bringing pressure
3122
THE CHRONICLE
[VOL. 118.
again at work. What lent color to this report was
the fact that Amsterdam dealers, operating through
London, were discovered to be selling francs and
buying guilders, the latter currency advancing as
francs declined. In some quarters it was claimed
that the foreign offerings were based on pessimism
over France's fiscal position. Lately the market
for franc futures has been inactive, with rates ruling
about 3 points per month under the spot level.
Covering of future contracts which terminate on
June 30 is expected to bring about an advance,
although it is claimed that many of the shorts who
have managed to hold their own up to the present
time are extending their positions in place of covering
them. Greek exchange moved within narrow limits
with a generally firm tone. In the minor Central
European currencies, movements were narrow and
unimportant, save in the case of Polish zloty, which
broke through the recently established par of 19.75
and sold down to 19.35. Russian •chervonetz, in
which a very limited business is passing, now rule
at 5.16 for. checks.
The London check rate on Paris finished at
81.90, as compared with 79.88 a week ago. In
New York sight bills on the French centre closed at
5.28, against 5.373's; cable transfers at 5.29, against
5.383'; commercial sight bills at 5.27, against
4,against
5.3614,and commercial sixty days at 5.213
5.31 a week ago. Closing rates on Antwerp francs
were 4.60 for checks and 4.61 for cable transfers,
4 and 4.653
4 last week.
which compares with 4.643
Reichsmarks finished at 0.000000000024, against
0.0000000000233'. Austrian kronen remained without change, namely, 0.00141
%. Italian lire closed
at 4.311
4for bankers' sight bills and 4.32h. for cable
transfers, in comparison with 4.27@4.28 the previous
week. Exchange on Czechoslovakia finished at
2.953', against 2.96; on Bucharest at 0.433., against
0.44; on Poland at 19 5-16, against 19.75, and on
Finland at 2.51 (unchanged) a week earlier. Greek
drachmae closed at 1.73 for checks and 1.73% for
cable remittances. A week ago the close was
be
to
continued
exchange
Continental
• Trading in
2@1.75.
characterized as "spotty," although, with the excep- 1.743/
tion of francs, price changes were comparatively
In the for-ner neutral exchanges the features of
narrow. Lire displayed a firmer trend and ruled
between 4.29@4.323(, notwithstanding unsettling an otherwise dull week were strength in guilders,
rumors regarding the internal political troubles in which advanced 22 points on active buying, apparentItaly. It is understood that considerable quiet ly for speculative purposes, and weakness in Danish
selling of lire has been going on at times, but that kroner, which broke 23 points on heavy sales against
Government support is being given to prevent sterling in London. The movement was unexpected
wide fluctuations in the rates. German and Austrian as kroner for some time have been ruling in the
exchange remain inactive and stationary at the levels neighborhood of 16.80 but cable dispatches stated
prevailing for the past several months. Exchange on that stabilization efforts had been suspended. Swiss
'Paris was dealt in more or less actively and rates re- francs and the remaining Scandinavian currencies
sponded to the day-to-day developments in French were steady at close to the levels of the previous
and German affairs by the customary sharp fluctua- week, while Spanish pesetas closed at a small'net
tions that have become so characteristic of francs gain.
Bankers' sight on Amsterdam closed at 37.57,
recently. Somewhat to the surprise of market experts,
37.40; cable transfers at 37.61, against 37.44;
against
appreany
to
profit
however, franc values failed to
sight at 37.51, against 37.34, and comcommercial
conreceived
reports
ciable extent by the favorable
days at 37.15, against 36.98 last week.
sixty
mercial
Macand
Herriot
Premiers
cerning the meeting of
2 for
on Swiss francs were 17.743/
quotations
Final
opened
francs
French
contrary,
Donald. On the
as
sight
bills
transfers,
bankers'
17.753
and
cable
then
for
Tuesday,
on
5.30
to
points
14
lost
steady at 5.44,
week.
preceding
with
compared
43
before
the
17.733'@17.7
although
5.233/2,
to
broke
following
on the day
the close there was a rally to 5.333'. The explanation Copenhagen checks closed at 16.61 and cable transfers
most generally credited was that the weakness was at 16.65, against 16.84 and 16.88. Checks on Sweden
due to persistent selling pressure on the part of finished at 26.54 and cable transfers at 26.58, against
foreign interests. It was rumored that a specu- 26.533/ and 26.573/2, while checks on Norway closed
lative clique which some time ago conducted a drive at 13.50 and cable transfers at 13.54, against 13.52
against francs through Amsterdam interests was and 13.56 a week ago. Spanish pesetas finished the
to bear upon the Governors of the Bank of England
to induce a higher bank rate.
Comparing with the day-to-day rates, sterling
exchange on Saturday last was slightly easier and
demand receded to 4 32 13-16@4 33 5-16, cable transfers to 4 33 1-16(4)4 33 9-16 and sixty days to
4 30 9-16@4 31 1-16; trading was quiet and featureless. On Monday, after a firm opening, the market
turned weak and the range was lowered to 4 323'@
4 33 1-16 for demand, 4 323/@4 33 5-16 for cable
transfers and 4 30@.4 30 13-16 for sixty days; freer
offerings and a light inquiry were held responsible
for the decline. Increased ease developed on Tues2@
day, which carried demand down to 4 313/
and
9-16
32
@4
4
313
4
to
transfers
cable
5-16,
4 32
sixty days to 4 2934ig4 30 1-16. Only a small volume
of business was transacted. Wednesday prices
rallied slightly under the stimulus of better buying
4 for
and there was an advance to 4 31%@4 323
and
transfers
cable
for
demand bills, 4 32@4 33
small
further
A
days.
sixty
4 293/@4 303/2 for
gain in values was made on Thursday, although the
market was a dull, narrow affair; the day's range
for demand bills was 4 30 13-16@4 33 7-16, cable
transfers 4 31 1-16@4 33 11-16, and sixty days
4 28 9-16@4 31 3-16. On Friday the tendency was
toward reaction downward and quotations decliaed
8@4 333/i for demand, 4 32%@
/
fractionally to 4 317
4 33% for cable transfers and 4 29%@4 30% for
4for sixty
sixty days. Closing quotations were 4 293
transfers.
cable
for
32h.
days, 4 32 for demand and 4
days
sixty
8,
31
4
at
finished
bills
Commercial sight
payfor
documents
283/8,
4
at
days
ninety
8,
/
at 4 293
bills
grain
seven-day
and
295
4
at
days)
(sixty
ment
%
8. Cotton and grain for payment closed
/
at 4 313
at 4 31%.
The gold movement was resumed this week,
although it is still light, it being restricted to a
single shipment of £890,120 gold bars on the Majestic
from England.
JUNE 28 1924.]
THE CHRONICLE
week at 13.423/i and cable transfers at 13.44 2, in
comparison with 13.41 and 13.43 the week previous.
With regard to South American exchange the tone
of the market was heavy and there were declines of
several points recorded. Check rates on Argentine,
after a decline to 32.33, rallied and finished at 32.57,
and cable transfers at 32.62, as against 32.64 and
32.69, while for Brazil the close was 11.06 for checks
and 11.11 for cable transfers, comparing with 11.10
and 11.15 last week. Chilean exchange was also
weaker, declining to 10.35, against 10.64, while
Peru finished at 4 14 (unchanged).
Far Eastern exchange was as follows: Hong
Kong, 52©5214, against 52%@525
/
s; Shanghai,
713/2@719., against 72/@723
%; Yokohama, 41%®
2; Manila, 4932@49% (un42, against 41Y1.@413/
changed); Singapore,50%ig 503
%,(unchanged);Bonabay, 30%@31H, against 31@3134., and Calcutta,
313/8®31/s (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JUNE 21 1924 TO JUNE 27 1924, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
June 21. June 23. June 24. June 25. June 26. June 27
EUROPEi
Austria, krone
000014
Belgium, franc
0469
Bulgaria, ley
007150
Czechoslovakia, kron
029554
Denmark, krone
1689
England, pound sterling
3304
Finland, markka
025080
France,franc
0541
Germany, reichsmar
a
Greece, drachma
017413
Holland, gullder
3742
Hungary, krone
.000012
Italy, lire,
.0431
Norway. krone
1351
Poland, zloty
1928
Portugal, escudo
0282
Rumania,leu
004366
Spain, peseta
1343
Sweden,krona
2655
Switzerland, franc_ - .1774
Yugoslavia, dinar_ __. .011844
ASIAChinaChefoo, tael
7267
Hankow tadl
7263
Shanghai tael
7139
Tientsin tael
7392
Hongkong dollar_ .5295
Mexican dollar
.5133
Tientsin or Peiyang
.5175
dollar
5175
Yuan dollar
3059
India. rupee
4108
Japan, yen
Singapore (S.S.) dolls .5038
NORTH AMER.984178
Canada, dollar
1 000078
Cuba. peso
482344
Mexico, peso
Newfoundland, della .981438
SOUTH AMER.Argentina, peso (gold) .7400
.1089
Brazil, mIlrels
•
Chile. peso (Panfu)
j.7722
Uruauav. MOO
$
.000014
.0465
.007100
.029571
.1690
$
.000014
.0459
.007183
.029542
.1686
$
.000014
.0460
.007083
.029552
.1664
$
.000014
.0462
.007180
.029546
.1665
$
.000014
.0461
.007175
.029535
.1862
4.3290
4.3224
4.3237
4.3330
4.3284
.025049 .025063 .025050 .025048 .025050
.0535
.0529
.0528
.0530
.0529
a
a
a
a
a
.017248 .017165 .017204 .017212 .017338
.3745
.3747
.3750
.3781
.3764
.000011 .000012 .000012 .000012 .000012
.0432
.0432
.0433
.0432
.0433
.1348
.1348
.1351
.1353
.1353
.1929
.1928
.1931
.1929
.1924
.0285
.0282
.0282
.0285
.0287
.004358 .004348 .004336 .004336 .004309
.1343
.1345
.1344
.1344
.1343
.2655
.2654
.2655
.2657
.2657
.1774
.1774
.1774
.1774
.1775
.011860 .011765 .011658 .011551 .011427
.7217
.7250
.7108
.7308
.5196
.5083
.7183
.7213
.7057
.7275
.5166
.5062
.7179
.7203
.7061
.7304
.5162
.5088
.7204
.7228
.7096
.7313
.5178
.5119
.7217
.7250
.7113
.7325
.5184
.5098
.5142
.5125
.3061
.4138
.5017
.5150
.5117
.3057
.4152
.5016
.5142
.5167
.3056
.4163
.5019
.5183
.5242
.3063
.4173
.5022
.5142
.5142
.3059
.4176
.5019
.987771
.999805
.482313
.984750
.987383
.999805
.482625
.984688
.988047
.999922
.482500
.986250
.7339
.1076
.1050
.7757
.7362
.1083
.1054
.7747
.7401
.1089
.1038
.7758
.984818 .985472
1.999961 1.000078
.482188 .482188
.981938 .983625
.7397
.1077
.1080
.7726
.7354
.1078
.1056
.7695
a (1110tilt10013 for German marks were: June 21, .000000000000238; June 23,
.000000000000238; June 24,.000000000000238; June 25,.000000000000238; June26,
.000000000000238; June 27. .000000000000238.
The New York Clearing House banks in their
operations with interior banking institutions have
gained $2,839,954 net in cash as a result of the currency movements for the week ended June 26.
Their receipts from the interior have aggregated
$3,923,754, while the shipments have reached $1,083,8)00, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending June 26.
Banks'interior movement
Into
Banks.
Out of
Banks.
$3,923,754
$1,083,800 Gain $2,839,984
Gain or Loss
to Banks.
3123
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
June 21.
Monday,
June 23.
Tuesday, Wednesd'y. Thursday, Fridav,
June 24. June 25. June 26. June 27.
Aggregate
for Week.
73.000,000 78.000.000 53,000,000 88.000.000 69.000.000 71,000.000 Cr.410,000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing HOu.
institutions, as only the items payable In New York City are represented In the
daily balances. The large volume of checks on institutions located outside Of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
June 26 1924.
June 28 1923.
Banks of
Gold.
Silver.
Total.
Gold.
Silver,
Total.
England _ _ 128,261,164
128.261.104127.620,575
127,620,575
France e__ 147,151,372 11.960.000159,111,372 146,934,366 11,720,
158.654,366
Germany 22,400,150
c657,350 23,057.500 41,595,250 3,475,400 45,070,650
Aus.-Hun. b2,000,000
62,000,000 b2,000,000
b2,000,000
Spain
101,351,000 26,305,000127.656,000 101,031.000 26,514,110 127,545,000
Italy
35,413,000 3,412,000 38,825,00 35.498,000 3,023,000 38,521,000
Netherrds 44,292,000
862,000 45,154,000 48,483,000
850,000 49,333,000
Nat. Bela_ 10,819,000 2,700,1 1 1 13,519,000 10,757,
2,478,000 13,235,000
Switzerl'cl. 20,539,00
4,019,001 24,558,000 21,480,000 4,106,000 25,586,000
Sweden__ _ 13,746,0
13,746,000 15,173,000
15,173,000
Denmark _ 11,642,000
898,00 12,540,000 12,678,000
194,000 12,872,000
8,182,00
Norway
8,182,000 8,115,000
8,115,000
Total week 545,796,686 50,813,350 596,610,036 571,365,191 32.360,400623,725,591
Prey. wk.c 545,651,733 50,763,350 596,415,083 571,269,492 32,219,400623,488,892
a Gold holdings of the Bank of France this year are exclusive of £74,573,977
held abroad. b No recent figures. c Revised.
Another Reparations Conference--The
Position of the United States.
Ramsay MacDonald, British Premier, replying in
the House of Commons on June 23 to a question regarding his recent interview with M. Herriot, the
new French Premier, and the decision to summon
another inter-Allied conference, stated that "it is
felt that certain of the obligations imposed on Germany in the experts'report are somewhat outside the
obligations imposed by the Treaty of Versailles, and
the question that remains for consultation with Belgium and Italy . . . Is how best we can make
Germany a willing partner in sharing these obligations." The statement has more than the traditional
diplomatic indefiniteness. If the provisions of the
Dawes report are regarded by Mr. MacDonald and
M. Herriot as obligations to be imposed upon Germany by the Allies, whether through the Reparations
Commission or in any other way, then the whole report is "outside" the Versailles Treaty. With the
exception of certain provisions about the payment
of reparations in kind, there is nothing in the treaty
that prescribes how reparations shall be paid, and
least of all anything suggestive of a right to put a
blanket mortgage upon German industry, reorganize
the Reichsbank and the financial system generally,
and set up an elaborate system of international control to make the plan work.
As a matter of fact, of course, the Dawes report
occupies a wholly different status. The report owes
its existence to the complete breakdown of the reparations programs which half a dozen inter-Allied
conferences have debated up and down, and which
the Reparations Commission has struggled vainly to
apply, and to the highly impolitic, if not actually
3124
THE CHRONICLE
[VOL. 118.
The other matter has to do with the disarmament
illegal, attempt of France and Belgium to collect by
force the reparations which had not been forthcom- of Germany. Just at the moment when the inaugu-'
ing through other means. In place of this policy of ration of the Dawes plan is under discussion, and
futility and high-handedness the Dawes Committee while the laws and decrees which are necessary on
offers a plan by which, if Germany and the Allies the part of the German Government are being preshall unite in accepting it, the payments for which pared for submission to the Reichstag, the anomalthe Treaty of Versailles calls may be obtained with- ous body at Paris known as the Conference of Amout friction or misunderstandings. The voluntary bassadors takes occasion to deliver an ultimatum to
acceptance of the plan by the German Government, Germany regarding disarmament, and to threaten
however, is an integral part of the scheme, and now dire consequences if its demand is not heeded. With
that that acceptance has been formally given, the only every allowance made for the strict requirements of
thing to do is to agree about the details of putting the Versailles Treaty in regard to the German milithe plan into effect. There are no "obligations" in- tary establishment, and for the probability that the
yolved in the matter in the sense which Mr. MacDon- treaty provisions have been evaded, the policy of
ald's statenient seems to imply, and the British Pre- flourishing the whip with one hand and the banner
mier would have done better not to have used the of "a willing partnership" with the other is not
term as explaining in any way the reason for an likely to facilitate the reparations settlement which
the Allies desire, and can hardly fail to give new life
inter-Allied conference.
Precisely what questions the conference is to dis- to the Nationalist and Communist opposition with
cuss will prhaps be known shortly when the pro- which the Marx Government has to contend. The
()Tam of the conference is announced. If the views conference will do well if it shall succeed in giving to
ascribed to M. Theunis and Signor Mussolini in their the various elements of Allied policies a rational
recent interview at Rome are to prevail, the prin- order of precedence, and not allow one to grate
ciples of the Dawes plan will be barred from discus- harshly against another.
The designation of Mr. Kellogg as the American
sion by r^ason of the acceptance of the plan by the
Allies, and the committee of experts have made it representative at the approaching conference has
clear that they must wash their hands of responsi- been seized upon in some quarters as an indication
bility for the success of the plan if it is not that the American policy of "isolation" is to be abanapplied as a whole. Certain details of the plan, doned and the alleged "responsibilities" of the
on the other hand, are in need of further elu- United States in the reparations settlement officidation, and there are certain related questions cially assumed. There is nothing in the announceupon which the action of a conference may prove ment of Mr. Kellogg's appointment to support this
assumption, and if Mr. MacDonald and M. Herriot,
helpful.
We have already pointed out, for example, that both of whom have been quoted as earnestly hoping
the question of security for the proposed interna- for the participation of "America," mean by "Amertional loan of 800,000,000 gold marks required to ica" the American Governnient, they are doomed to
start the plan is left unanswered by the committee's disappointment. The position of the American Govreport, and we have noted the suggestion that the ernment remains what it has consistently been. It
loan may perhaps be made a first lien on all of Ger- has no direct interest in the settlement of the reparamany's resources and may even take precedence of tions controversy in general or in the Dawes plan in
reparations. This point, we feel confident, will have particular, and it is useless to think that it will deto be cleared up before subscriptions to the loan will liberately involve itself in either. No political party
be forthcoming. The process of transferring funds would dare to make official participation in Eurofrom Germany to the Allies on reparations account pean politics a part of its program, and no Adminishas been criticised by American and British bankers tration, whether that of Mr. Coolidge or any other,
as far from clear, and that matter ought to be clari- would venture to ignore the evident purpose of the
fied before the moment for beginning such transfers nation to keep its hands free. The most that can be
actually arrives. The question of reducing the total expected is that the representatives of American
amount of reparations which Germany is to pay—a business or finance who may desire to share in the
reduction which the Dawes Committee regard as German loan, or in any other part of the Dawes provital to the success of their plan—is still open, and gram, will meet with no objection from Washington,
the conkrence would do well to get rid of the im- but there will be no official backing for the risks
possible figure of 132,000,000,000 gold marks which they may take, and neither diplomats nor warships
the Reparations Commission has fixed, and which is will be available to help collect their debts if by mischance their venture goes awry.
still the only official figure.
The conditions upon which American money will
There e two other matters of first rate impor.
tance which the conference may well exert itself to be placed at the service of Europe in connection with
decide. It is gratifying to be told that M.•Herriot the Dawes plan lie plain upon the surface. The
is in favor of withdrawing troops from the Ruhr as Dawes plan must be accepted and applied as a whole
soon as the Dawes plan is in operation and the good and in good faith, the burden of reparations must be
faith of Germany in its execution has been shown, reduced to reasonable proportions, the nature of the
but something more than this general statement of security for the preliminary gold loan must be made
policy is necessary if the greatest single source of clear, the economic control of the Ruhr and the
irritation in the whole reparations controversy is to Rhineland must be restored'to Germany, and politbe removed. It should be made perfectly clear when ical interference with the reparations settlement
and under what circumstances the Franco-Belgian 'must be banished to the limbo in which all mischievmilitary occupation of the Ruhr and the Rhineland ous designs of Governments and men belong. If the
is to end. To demand evidences of good faith on the London conference shall make sure that these condipart of Germany is proper, but the good faith of Bel- tions will be fulfilled, the American response will not
long remain in doubt.
gium and France is also at issue.
JUNE 28 1924.]
THE CHRONICLE
Free Development of Resources Alone
Insures Prosperity.
Addressing the Retail Credit Men's National Association on the 19th, in session at the WaldorfAstoria, Francis H. Sisson, Vice-President of the
Guaranty Trust Company, in the course of his remarks made the observation, "It is a question how
far democracy—which is the rule of the less intelligent—can function with economic questions." Mr.
Sisson called attention to the "basic conditions" and
said "I'can see no possible danger ahead of a period
of depression." He pointed out that "our great productive capacity creates new wealth year after year
and means prosperity for an indefinite period."
But he does not fail to note that "there is a slight
danger signal in the constant interference by political bodies with business, and the menace of injecting Government into business hangs over the business man in an embarrassing way."
We have faith in the power of a democracy to function in economics; no doubtthespeaker has the same,
if let alone. The democracy of effort is the economics that does function, for in this men are bound by
the natural laws of production and environment. It
is the attempted rule of the "intelligent," operating
• through Government, that sets up a bureaucracy
that "interferes," and not the common work of the
common people. At least the theorists who are forever planning prosperity by artificial aids believe
themselves to be intelligent. The man who follows
• his own vocation for the purpose of accumulation
does not often have a broad view of "economics."
But he grooves into the natural plan by which the
production and exchange of goods brings profit and
progress to all. He is guided by a law larger than
himself. He works at his task, and the work spreads
to all vocations and classes in its general benefits.
It is just here that we find competition transforms
into co-operation. Not only is there emulation, there
is pride and ambition. A benevolent despotism
would be unable to successfully direct these multiple
free efforts. Together they produce the magic carpet upon which a population may find plenty. And
the business man who attempts to guide his affairs
• by a theoretical system of ennomics would find himself in difficulties. Therefore it is that we suffer
from the attempted rule of an "intelligentsia" rarely
in business for themselves and too often obsessed
with the idea that Government through politics and
law can bring about an era of continuous prosperity.
Few would undertake to predict the course of
events for the next decade. There are malign influences at work, even outside of Governmental inter• ference, that must somehow be overcome before the
common man of business can forge ahead in true
evolutionary progress. There are inequalities
brought about by organizations that are coercive and
selfish that destroy the freedom of effort. We hear
very. much in some quarters of a democratized Industry. But this is the fatalistic theory of no capital—and a work that absorbs all the earnings of the
plant. In Russia this has been tried and found
wanting. And in this country it would bear the
same results. It matters not that the principle be
given a more engaging appearance, at bottom it is
the same. The advocates of these theories are not
of the "less intelligent," but their knowledge is not
exact and their principles are not sound. The simple man of lowly affairs, as we know him in this
3125
country, is not destroying our "prosperity"; it is
the so-called political economist who follows the
theories of a Marx or a Gompers.
The whole world-structure of economics (the natural laws of human effort and physical environment) was thrown into confusion by the implacable
force of destructive war. We, with other peoples,
cannot escape the effects. We have yet much to do
and a long way to go. We have been tinkering with
laws, commissions, class rule. These have only
served to delay and distort. Men are trying to teach
us to produce less that prices may be higher. They
are saying that specific organizations for marketing
purposes will increase foreign sales. They say that
war wages must continue that living conditions may
be better and better. Any one of these proposals is
in contradiction to the others. When the whole
tremendous fact, as Mr. Sisson points out, if we
gather his meaning correctly, is that we have the
natural resources that await the touch of individual
effort in work as the basis of prosperity, a prosperity that must continue indefinitely if men and business are guaranteed freedom of effort. As a consequence if we continue in the path of political interference we may yet produce depression.
Why talk, in the face of an always possible failure of crops, of decreased acreage in the interest of
price? And as to low money—is it because we are
embarking in new enterprises and betterments of old
or is it a product of a lethargy in business caused by
political interferences? We have not paid the costs
of war. We have not, no nation has. There has been
a huge cost of returning industry to legitimate channels. Transportation is not yet on its feet, has not
yet overcome the mismanagement of war control.
Government expenses are reduced, but are yet enormous and burdensome.
The "low levels" have not returned. We are in the
heyday of spending—a form of spurious prosperity.
The morale of business, to use an overworked word,
has undergone a change—there is a fever in much of
our activity. We are not using .our magnificent resources in former steady ways. We are not working, personally, as once we did. Why v11 this effort
by blocs and parties in Congress to aid this or that
class if our present prosperity is sound and salutary? The reason is that the democracy of effort
natural to men who plan and work, who invest and
operate, is out of joint.
We cannot go on under present tendencies without a resistless effect. What is the true meaning of
these continuing large issues of securities? Where
does the money come from; where does it go? Conjecture what would have been the legitimate demand
of capital for the development of resources at this
time if there had been no war! Compare the amounts
going into public utilities, industrial enterprises,
railroads and municipal and Governmental securities. Are these borrowings so evenly distributed as
to indicate general prosperity for agriculture, manufactures, transportation? Do they finally reach in
a common way the merchant and the salaried man,
the farmer And mechanic? Can it be said that what
we term "trade" is wholly prosperous? How much
of this borrowing is caused by the inevitable processes
of readjustment? We have the resources awaiting
the magic touch of effort and enterprise. We have
accumulated a disproportionate share of the world's
gold. We have the machinery of banking credit expansion. Government has provided huge sums for
3126
THE CHRONICLE
agriculture. Building operations have been large to
supply a want. We have had for a period rather extended adequate if not bumper crops. But all these
combined circumstances do not account for a certain
lethargy in trade and commerce and a plethora of
low-priced credit—union we are not developing natural resources in a natural and an equable way. And
this is what must take place through confident and
free effort if we are to have a common prosperity.
It follows that we are bound to forsake the method
of Governmental aids before we can return to business that uniform momentum which comes from the
united efforts of all vocations, classes, industries,
each pursuing to the full its essential productivity.
The Government must get out of business and stay
out. Paternalism must stop. Men must return to
self-dependence. Obstacles in the way of uncertain
and heavy taxes must be removed. If excessive surtaxes drive profits into concealment and capital out
of commerce, may it not be that a low money rate indicates that capital is seeking investment in high
rate bonds—bonds that are not tax free and yet are
not directly fostering commercial development and
Our social
the utilization of natural resouc?'
the line
affect
indubitably
wants are so large they
magnificent
Building
advance.
economic
of our
highways and lessening agricultural production by
willful combinations is a contradiction. Highways
are fundamentally for use, not pleasure. Cessation
of building followed by excess must run its course.
War wages cannot always be maintained in the face
of weakening in steel and iron and textiles. We may
say these anomalies will all work themselves out in
time if let alone, and they will. But political and
legislative nursing is not letting them alone. And
borrowing extensively in certain lines, whether for
extensions and betterments or for mere restitution
and readjustment, aided by Governmental forcing
processes, will never bring about the true level attained by individual and corporate initiative and
enterprise. Business as a whole cannot be prosperous until it is free! It has yet, we may repeat, a long
way to go. It tends to natural harmony. And it is
our opinion'that a careful study of conditions to-day
will demonstrate that while there are apparent prosperous elements, while fundamentals are sufficient
and sound, there are yet causes for grave anxiety,
chief of which is continued Governmental tinkering.
The Working of the Pennsylvania Plan.
Opinions will always differ as to whether the taking over of the railroads of the country by the Government during the war was an actual military necessity. But certainly the continuance, after the
war ended, of the various Governmental agencies
and boards of control that grew out of it, together
with the constant tendency of Congress to legislate
concerning the railroads in one direction or another,
is evidence of the difficulty of laying down power
once assumed. People assured in their customary
occupations usually adjust themselves to the domination of the poker to which they have grown accustomed, and in this instance they are not slow to
appeal to the Government for such further action as
may serve their immediate interests.
The Inter-State Commerce Commission originally
created in 1887 to secure the equalizing of charges,
has since received greatly enlarged powers, has been
overworked and has done much service. In 1916 the
Adamson Law with its eight-hour day provision, ob-
[vol.. 118.
tained from Congress under duress and political
pressure, came as an affliction and a disgrace. In
1920 the Transportation Act created the Railroad
Labor Board, which to-day is the one most in evidence. The Esch-Cummins Law was enacted to relieve the situation by providing for immediate increase of rates; but it left the control of rates in the
hands of one Board and of wages in another, and it
is inevitable that as the country struggles to reach
normal peace conditions the existing situation
should require constant modification.
The Pennsylvania Railroad has for some time
been known to be at odds with the Railroad Labor
Board, especially with reference to its relation to
the labor unions and their decrees. The Transportation Act, under which the Board was created, promises. economy and improvement in public service.
This is manifestly the end sought by all, but the conditions under which this can be steadily secured,
while they are in some directions indispensable, are
in others evidently open to debate and experiment,
and that not in a spirit of antagonism or to promote
selfish interests, but in concern for the general good.
The Pennsylvania road has long been known for
the strict adherence to the plan of promotion and of
filling vacancies by advancing men from the ranks.
With 230,000 employees and some 15,000 "supervising employees" it is easy to see how difficult it is to
maintain any semblance of the earlier and more natural relation in which all knew one another and individuals are not like cogs in a vast machine, but
human beings whose individuality, initiative and
possibilities are infinitely more valuable than any
results possible in the routine of a system. Some ten
years ago a suggestion came to the General Manager
from one of the Chairmen in the transportation department that a regular monthly conference of several heads with reference of difficulties to a subsequent board of arbitration would be useful. Nothing
definite resulted from it, beyond more or less agitation. In 1918 the work of the General Manager had
become far too great for any one man, and the plan
was taken up in an enlarged form and again felt to
be incomplete. After the war a conference accepted
the proposition that friends sitting together with
all the facts before them ought to have no difficulty
in arriving at a common judgment; with the added
understanding that when agreement is reached both
parties have equal right to decide what the agreement means. Out of this conference arose the present plan, now known distinctively as the Pennsylvania Plan.
An account of its actual working has been recently
given in an address before the New York Railroad
Club, by an employee, Mr. H. E. Cole, Chairman of
the Brotherhood of Locomotive Firemen and Enginemen,from which we take the substantial facts.
The new plan aims first to eliminate delay. A
regular monthly meeting on fixed days is arranged •
for the local Chairman and the Superintendent of
each division, where any matter may be presented on
which five days' notice has been given. If they agree
the matter is settled. If they disagree the case is
reduced to a joint statement, which consists of what
both sides agree are relevant facts, and the two divergent opinions.
A similar monthly meeting is arranged between
the General Chairmen and the General Superintendents; and also one for the General Chairman representing the men, and the General Manager. There
JUNE 28 1924.]
THE CB RoNIOLE
is also a court of review. These meetings are consecutive, spaced far enough apart to allow in each
case five days' notice for a disagreement to pass
from the initial meeting to the General Superintendent, and, if necessary, on to the General Manager.
This makes a cycle ordinarily complete in 30 days
and never exceeding 60 days. In each instance of
further reference the case is reduced to a joint submission. If no agreement is reached with the General Manager, it goes to the reviewing committee. If
need be it is held there for two regular meetings, and
if no decision is reached the committee decides what
further steps shall be taken. In the only disputed
case that has occurred it was referred to a board of
arbitration and promptly decided.
The reviewing committee, consisting of sixteen
members, eight from each side, is quasi-judicial, as it
decides what the various rules mean as applied to
the cases presented. After much debate a two-thirds
vote was made necessary in this committee; under
the conviction that with at least three members of
the differing side required to be won in a division on
partisan lines, coercion was manifestly out of the
question. Of 800 cases that have been handled, a
decision was ieached in every case but one. And
that was made an exception "solely to save the feelings of one of the older employees."
The remarkable character of the record appears in
the matter of discipline, the most vexatious question
arising between employer and employee. While dozens of cases have been handled, not one has failed of
settlement. Where formerly an important matter
of dispute was open anywhere from a year and a half
to two years, it is now settled in from 30 to 60 days.
Every day the Plan, it is said, is bringing to both
the employees and the supervising employees, who
represent the management, the recognition of their
mutual responsibility. The representatives of the
management are getting at the desires of the employees in an intimate way otherwise impossible, and
the solidarity of the entire organization as a system
of transportation is being established.
The question of seniority in the "rights to run"
was long one of the most vexatious arising between
the men and the management. When it was shrewdly
turned over to the men by the management to settle
among themselves, it immediately ceased to trouble.
The responsibility of the personnel of the Pennsylvania Railway to settle their own employee troubles
was at once recognized and accepted.
So successfully has the whole plan worked that it
is now believed that, in view of the advance made in
the past ten years, it will not be long before matters
of discipline will be left almost entirely to the employees. Infractions of rules by an employee affect
the safety and comfort and well-being of his fellow
employees. To have this accepted will require time,
but the successful working of the Pennsylvania Plan,
whether it is universally approved or not, finds
much support in the experience of not a few other
lines of industrial employment. Gradually the basic
facts of the situation will become clear; experience
will open ways of improving even the best plans in
use to-day. Meanwhile the Pennsylvania Plan
points the way to final attainment and is a valuable
contribution to it.
The "Genius of American Business" is not only
Fair Play, as Mr. Julius H. Barnes has so strongly
emphasized, it is also the vision of better things
always to be attained, and recognition of the need
3127
of the co-operation of all concerned if it is to be
reached. Good-will is the slogan for Progress
needed everywhere to-day, and testimony to its successful application in any human activity, whatever
the details, cannot fail to be helpful to all.
"Let Common Sense Reign."
In a speech to friends and neighbors, gathered to
do him honor as candidate for Vice-President, at his
home in Evanston on the 17th instant, Charles G.
Dawes uttered a sentiment which might well become
the slogan of his party in the coming campaign. He
briefly discussed from a non-partisan standpoint
"demagoguery" in politics. And he said: "To such
an extent has grown this evil among the politicians
of both parties that the real facts and the economic
principles involved in questions of national policy are
continually obscured by a dense and putrid fog-bank
of demagogic argument, designed simply for the purpose of forwarding selfish personal, political and
group interests." Continuing this theme, and pledging himself to "adhere to the truth and to the common sense conclusions to be drawn therefrom," he
said: "As human beings, whatever may be our
party, we are bound to differ on many subjects, but
as good citizens we can unite to demand from those
who represent us in political debate that they present our differences honestly and from the standpoint of truth—not from the standpoint of passion
and prejudice. The man who distorts facts, the man
who preaches pleasant doctrines to one portion of
our people and another pleasant but absolutely inconsistent doctrine to another portion, is a menace
to the safety of our fundamental institutions. As
good citizens, irrespective of party, we must demand
from our political leaders a strict adherence to the
truth, including disagreeable truth." Then, in his
conclusion, came the words: "Let common sense
reign."
Misrepresentation is the product of prejudice; exaggeration, the product of passion. There are
those who are so infatuated with party that they instinctively oppose any policy or principle emanating
from the opposition. Often they are Democrats or
Republicans because their fathers were. Often they
are intense partisans because they want to win the
election. Having espoused a cause, doctrine, or principle, they demand success at the polls as the only
means by which their belief may be realized. If their
efforts to win were on a high plane there would be
little criticism of this position. But in the heat of
the campaign pride comes in to destroy calm discussion, and with pride comes prejudice. The other side
must be wrong because it is the one they have
shunned. The city man engrossed in his personal
affairs, sticking to his desk during the sweltering
summer months, has little conception of the extent
to which politics absorbs the thought and purpose of
the people in districts that have more leisure. We
have to take into account in every quadrennial election the hundreds of thousands who are seeking
small offices, offices they can win only through the
success of the "ticket." They are the minor parts of
the great machine we call party. Some of the work
these men do is legitimate and necessary. But much
of it is not. And for this very reason the discussion
of principles by those who speak in a representative
capacity should be calm and courageous. Only in
this way can the truth prevail; only in this way can
3128
the serious citizen, by dispassionate reflection, reach
conclusions liberated from partisanship.
There is little can be done with the man who is so
'obsessed with party that he follows it right or
-wrong. But the little that may be done to bring him
'out from the fog so that he will put country above
party must be done by calm and convincing argument. If he hears the speaker in the opposition
,party denounce his principles as wholly wrong, as
ir.imical to every interest of the people, as unworthy
'of belief and even respect, mainly because his party
"never was right on anything, and never will be," he
turns away in disgust. And though he may find his
own campaign speakers talking in much the same
way, as between the two he will stick to his own
party, conscious that its imperfections are no worse
than those of the other side. Thousands say "Oh,
well, the country will survive no matter which party
wins!" And again—"Both parties are corrupt, both
are the tools of the 'Interests,' why vote at all?"
And as for a third party, "What can be expected
from a lot of red radicals opposed to everything?"
Now, the point is that while reason alone can convince, the partisan orator who deals in facts and cold
argument can get a hearing from even the party man,
and no other can. True, we all like to hear our own
judgments confirmed by those to whom we look for
leadership. But all men will admit that in the face
of conditions the time has come for the truth .and
nothing but the truth.
It is too early, but early or late, it is not wise to
make predictions. However, it is probable we will
hear much in the campaign of "reactionary" and
"progressive." The words have no definite meaning.
Coupled with the promises that "claim all" they Will
serve to arouse prejudice and inflame passion. Yet
does not common sense tell us that neither party can
so alter conditions and the course of events as to
bring "Prosperity"? Do we not know that each of
the two old parties must confront the conditions and
events of the next four years? Do we not know that
the people must continue their vocations, be influenced by domestic circumstances and foreign affairs,
"no matter which party wins"? But do we not, also,
know that the theories advanced by any party claiming power to overcome by legislative legerdemain
these circumstances and conditions is promising a
form of "progressivism" that cannot prevail. It is
not always what a party will do if entrusted with
power, but what it will refrain from trying to do.
Therefore we need not fear these words when they
• are shorn of their vote-rousing qualities and the facts
are laid before us without prejudice and passion.
We need not refer to a certain supposed groundwork laid down by Congressional investigations. If
we get the truth shorn of partisan appeal the voters
will easily be able to estimate the value of these
efforts and appraise their influence on affairs. The
greatest fear is the one always in evidence in general
elections that minor "planks" will absorb attention.
How can "common sense reign" when the great abiding principles of a continuation of our form of government are obscured by issues that grow out of expediency and opportunism? .The common man cannot doubt that we have reached a point when what is
as radicalism threatens to subvert principles
known
•
without which the Government cannot much longer
stand. If one party or the other shall yield to this
sinister sentiment that something is actually wrong
with the Government itself in order to win the votes
[VQL. Hu.
THE CHRONICLE
of dreamers, fanatics and the disgruntled; if the
campaigner shall fan prejudice to flame by such appeal; then "common sense" must become the only
guide, for "common sense" teaches that a Government that has stood us in such good stead for nearly
a century and a half is the dearest thing we possess
and must be preserved in all its essential unity of
purpose.
And yet—we want the big facts, not the little ones.
We want the broad outlines of party history that
show tendency as well as substance. We want the
economic principles that are above and outside of all
parties. And we want the bold rugged essentials of
character in candidates that we may depend upon in
unforeseen emergencies. By all means let us have
discussions that analyze and illuminate. Let us as a
people set ourselves to the great and now grave task
of entrusting the administration of Government to a
party that will show its sense of responsibility that
will show humility as well as determination, that will be a rock against the phantasmic
theories that dance like fox-fires through every business depression, and that will preserve the Constitution as the covenant of truth and triumph!
Gasoline Consumption During the First Four Months
of 1924.
Gasoline consumption of 22 States, as indicated by reports
made by wholesalers and dealers in the various States under
provisions of the gasoline tax laws or gasoline inspection
laws, totaled for the four months ended April 1924 577,535,444 gallons, compared with 475,193,187 gallons for the
corresponding period of 1923, an increase of 102,342,257
gallons, or 21.5%, according to the American Petroleum
Institute's Bulletin of June 19. Gasoline consumption in
the 22 States for the month of April 1924 totaled 158,595,465
gallons, compared with 122,239,818 gallons in April 1923,
an increase of 36,355,647 gallons, or 29.7%. April 1924
consumption was 158,595,465 gallons, a daily average of
5,286,515 gallons, compared with 143,061,806 gallons, a
daily average of 4,614,897 gallons in March 1924, an increase
of 14.6%.
The figures giving the quantity of gasoline sold or offered
for sale, as reported under the various laws, follow. In
some cases they are gross figures before deductions allowed
for small quantities of 'gasoline 'reshipped or sold for other
than taxable use, the tax upon which, if paid, is subsequently
refunded. All figures are subject to revision:
(In Gallons.)
Alabama
Arizona
Arkansas
Colorado
Connecticut
Florida
Georgia
Kansas
Kentucky
Louisiana
Maryland
Minnesota
Mississippi
Missouri
Nebraska
New Mexico
North Dakota
Oklahoma
Oregon
South Carolina
South Dakota
Washington
GASOLINE CONSUMPTION.
Mot,th of
Apr111924. Artl 1923.
6.736,475 4,906,876
1.796,987 1,728.864
4.049,716 2,977.172
4,274.223 5,360,870
*7,300,000 6,577,437
10.050,322 7,260,910
9,524,700 6.508,931
13,679,000 11,376,700
3,114,466
6.380,581
7.912,843 5,951,739
8,601.997 5,705,872
15,805,205 9,184,150
4,854.773 3.576,824
11,060,300 9.678,800
6,910,352 6,812,109
1,376,124
984,631
3,318,334
1,856,569
9,501,997 8,855,220
6.701.337 5,318,829
5,426.918 2,532,147
3,663,351
2,456,718
11,689,930 9,448.384
Mar. 1924.
5,899.927
1,792,858
3,307,504
5,604,854
6,126,253
10.084,905
8,469,009
10.438,300
4,508,387
7.652.658
4,329.557
11,235.400
3.264,176
16,400,500
5,936.058
1,209,422
2,825,745
8.332,741
5,807.950
6.505,773
2,914.744
10,415.087
—4 Months Vid1170 trdth
A Prf/ 1924. A pril 1923.
22,956,099 17,559,509
7.083.801 6,435,796
14,001.191 10,362,369
23,862,966 21.429,715
24,666,783 18,431,766
40,854,604 30,849,352
35,768,035 29,748,989
45,726,750 43,582,500
22,519,628 16,406,185
31,471,424 24.888,898
19,118,954 18,333,307
45,828,055 33,641,950
16,331,656 12,830,892
52.835,900 42,371.500
29,114,448 31.325,974
4,796.825 4,031,059
5,728,540
9,552,451
35,966,826 34,456,822
21,518,914 16,314.711
21,412,269 16,298,451
14,150,443 11,834,823
37,997,444 28,784,482
143,061,808 158,595,465 122,239,818 577,535,444 475,193,187
Total
Increase over preceding year.
36,355,647
102,342,257
Amount
29.7%
Percentage
21.5%
—
*Estimated.
Gasoline consumption figures for nine additional States
for the months of January, February and March 1924, and
figures for six additional States for April 1924 follow. Figures showing comparison with previous year for these States
are not available.
(In Gallons.)
Delaware
Idaho .
Maine
Nevada
New Hampshire
lJtah
Vermont
Virginia
Went Virginia
Total
a Not yet available.
Jan. 1924,
1,053,065
1,048,870
1,484,835
390,673
671,942
2,968.137
687,153
7,260,504
3,059,325
Feb. 1924. Mar. 1924. April 1924.
458,292
934,312
1,053.790
1,610,189 2,054,351
1,105.555
923,941
2,246.181
556,380
491.002
630.261
430.673
787,823
472,261
1,658.666
a
1,206,898 2,089,231
540.932
a
383,170
5,760,435 8,889,748 8,742,626
a
2,373,227 3,135.762
18,620,304 13.342,389 18,906,920
a
THE CHRONICLE
JUNE 28 1924.]
3129
Course of Electric Railway Earnings in 1923
Our annual compilation of the earnings of the elec- Cuts of larger or smaller importance were accordtric railways of the United States for the calendar ingly made, and huge savings in expenses in other
year 1923 shows a further, though moderate, growth ways effected. Striking gains in net earnings in
in both gross and net earnings, and in this respect that year followed. In 1922 the 'further progress
resembles the exhibit for the previous year. The was slight. While the year was one of increasing
year 1922 had been a period of business revival and industrial activity the reductions in fares already
growing trade and this activity extended into 1923 alluded to served to neutralize the gains derived
and at an accelerated pace—at least in so far as the from increased traffic. Gross earnings therefore,
early months of the year were concerned—although showed only moderate improvement in that year, in
toward the close of the year there was a perceptible fact the increase in gross in 1922 was only trifling..
diminution in the extreme activity prevailing. With In 1923, however, with fare rates more or less stabilthe country as a whole prospering, further improve- ized, the growth in industrial activity found reflecment in the condition of these electric railways was tion in a much more pronounced addition to revenaturally to be looked for, and that is what oc- nues. The addition to net in 1923 is slightly smaller
curred. The improvement, while a little larger than than the gain recorded the previous year, but it must
that recorded in 1922 is yet on the whole only mod- be remembered that 1921 had witnessed a tremenerate. Nevertheless, with due allowance for certain dous reduction in expense, and that this was folspecial features connected with the operation of this lowed by a further but more moderate cut in 1922,
class of carrier, the managers of those lines may well leaving, therefore, in 1923 less room for further savlook upon the results for the year with satisfaction. ings and economies.
In previous reviews we have touched briefly on the
The country's electric roads since 1914 have been
beset with many difficulties and burdens. It is evi- matter of competition from motor vehicles and last
dence of the foresight and efficiency of their year we took occasion to call attention to the large
managers that after years of fighting and scrimp- number of applications filed by electric railroad
ing and saving they have finally succeeded in lines for authority to operate motor buses in conraising some of the roads to a position where they junction with their street and interurban service.
are able to reward the owners with a return, albeit In 1923, according to the "Electric Railway Jourstill small, on their investment. There is, to be sure, nal," the number of companies operating buses
much room for further improvement, but apparently was more than double the number in 1922,'while the
a definite trend for the better has set in in the af- number of buses in operation by electric railway
fairs of the electric lines which, if continued, will companies was increased in 1923 approximately
place these roads in a much stronger position than 300% over 1922. Perhaps this shows more than anything else the progressive manner in which the street
they have held in the immediate past.
It may not be amiss to recount some of the many railways are now conducting their business. A fewdifficulties that have confronted these public utili- years ago there was the bitterest antagonism toward
ties in the past. During the war, and the years im- the bus, while to-day electric railway men are seekmediately following, operating costs mounted with ing to capitalize this .new means of transportation.
great rapidity. The price of everything went up, And judging by the increased number of companies
materials entering into the cost of operations prov- acquiring buses they are making good at it where
ing no exception. Wages had to be raised in all di- the individual bus operator in most cases failed. The
rections. Following the war prices of materials still buses are used chiefly as feeders by the electric railheld at or near their peak figures, while wages, in- ways, but use is rapidly being found for them in supstead of being decreased, were further increased. In plementing the existing lines and in opening up new
an endeavor to stem the ever-rising tide of expenses territory. This development, while at present only
economies of various kinds were resorted to. New in a formative stage, may in the future have farefficiency devices were installed, one-man cars were reaching effects, but aside from that it would seem
put in operation, unprofitable lines (many built to that the operation of buses in conjunction with elecserve war needs) were lopped off. Fares, of course, tric lines spells the doom of the old jitney and rehad to be raised, but these advances were granted in moves the menace of further inroads on revenue from
most cases only after bitter struggles with municipal this source. Pleasure car riding is, of course, a difofficials and local authorities, and even when ferent matter. It cannot be denied that interurban
granted they quite generally proved inadequate to lines and roads operating to amusement parks and
meet the swelling item of operating expense. It summer resorts feel the effects of the competition of
finally became evident that nothing short of drastic motor cars. The effects, however, are not far-reachreductions in the major items of expense, i. e., wages ing, and as long as the cost of automobile travel
and materials, could bring the cost of operation un- remains as'high as it is at present there appears no
der control and it was not until 1921 that a definite danger of the pleasure car seriously affecting city
turn in that direction developed. In the meantime and short haul travel, which, after all,'is the source
many of the country's important roads had been of the bulk of the revenue.
As we have said in previous reviews, expansion in
forced into the hands of receivers.
As pointed out in our review of that year, 1921 revenues, under ordinary circumstances, is the rule
marked the reversal of conditions in the particulars with the electric railways. These railways serve
noted and a definite change for the better occurred. mainly local needs and therefore growth with them
The price of materials declined. Fares again had to is more persistent than with any other of the counbe reduced, but with the cost of living also coming try's activities. It is proper to repeat what we have
down the men were face to face with a situation said before, namely that apparent exceptions to the
which left no alternative but a reduction in wages. rule obtained from a retrospective glance over the
3130
THE CHRONICLE
[vol.. 118.
past are readily explained. In 1914 and again in of these are of large magnitude and in addition to
1915, for example, the upward course of earnings carrying passenger traffic do an immense freight
was arrested owing to the sudden appearance of a business as well. The bus operations of some of the
new form of competition—the jitney. Even the electric companies are included in our tabulations,
effect of the jitney, however (treating the entire but for the most part the railways are for the presbody of electric railways as a whole, irrespective of ent keeping separate accounts of the results of their
the conditions in: particular localities and on par- bus lines. The future probably will see revenues
ticular roads), went no further than to hold in check from the operation of the buses assuming greater
the steady. growth which previous experience had and greater proportions, and in time they will no
shown could be confidently counted upon. Follow- doubt form a substantial part of the roads' revenues.
ing the standstill in revenues in 1914 and 1915, the We may repeat what we have said in previous yearly
upward trend in gross revenues was resumed, and in reviews, that the task of obtaining these figures for
1919 and 1920, aided to no small extent by fare in- the twelve months of the calendar year is not altocreases, assumed extremely large proportions. In gether easy. Where monthly returns are furnished
1921 and in 1922, on the other hand, lower fares, as it is, of course, not difficult to make up the figures.
already pointed out, were a factor in holding down But the number of electric railways supplying
the amount of the gain in gross, but in 1923, with monthly returns is still exceedingly meagre. And
fare reductions less of an influence, the rate of in- this notwithstanding that with the increase in capcrease in the gross again became larger. The upward ital invested in these properties, the policy of secrecy
course of the net was reversed in 1917 and 1918 be- in their affairs which formerly prevailed so widely,
cause of the tremendous augmentation in expenses, has in a large measure given way to more enlightbut this unfavorable trend was corrected in 1919 and ened methods.
a good recovery in net reported. In 1920 a further,
The totals given all relate, as already stated, to
though smaller, increase was registered in net, but roads which have favored us with statements for the
in 1921 the improvement was very pronounced, while calendar year. In order to carry the investigation
in 1922 and in 1923 further improvements occurred. a step further we have thought it best, as in previous
Dealing now with the specific results, our present years, to furnish an indication of what the totals
compilation covers complete returns for 319 electric would amount to if we took into consideration the
roads and the total gross earnings of these roads in roads whose figures are available for other periods,
1923 were $985,424,090, as against only $944,574,303 and particularly for the fiscal year ending June 30.
in 1922, thus showing an increase of $40,849,787, or However, the number of roads reporting for periods
4.32%. Net earnings for the same roads totaled other than the calendar year is steadily diminishing
$246,469,085 in 1923, as compared with $234,122,244 and in the present compilation we find that we have
in 1922, being a gain of $12,346,841, or 5.27%. In only three roads falling in that category. In the
other words, the gain in gross of $40,849,787 was at- summary we now furnish we start with the total
tended by an addition to expenses of 28 million dol- gross and net for the calendar years 1923 and 1922,
lars—$28,502,946, to be exact. Our totals have been as given above, and then add the earnings of all the
enlarged by the addition to our tabulations of the roads for which we have returns for the twelve
Chicago Rapid Transit Co., successor by reorganiza- months ending June 30. The two combined make a
tion to the Chicago Elevated Railways, which hereto- very comprehensive aggregate, as follows:
fore had furnished comparative results only for years
Gross
Net
1922.
1923.
1922.
ending June 30. The Los Angeles Railway Corp. For calendar years, as above 1923.
S
3
985,424,090 944,574,303 246,469,085 234,122,244
and the San Francisco-Oakland Terminal Ry. (now (319 roads)
For years end. June 30(3 roads)_ 1,873,844
1,781,382
771,502
728,310
known as Key System Transit Co.) are two other imGrand total (322 roads)
987,297,934 946,355,685 247,240,587 234,850,554
portant roads which we include in the 1923 totals, Increase
(4.33%) 40.942,249
(5.28%) 12,390,033
but which have not been available for our compilaThe total of the gross earnings (comprising 322
tions in other recent years. In the case of the sep- roads) for 1923 is $987,297,934 and for 1922 $946,355,arate roads, out of the 319 roads included in our de- 685, an increase of $40,942,249, or 4.33%. Net earntailed statement at the end of this article we find ings total $247,240,587, against $234,850,554, an inthat only 111 have suffered a falling off in gross, crease of $12,390,033, or 5.28%.
To guard against misleading the reader, we wish
while last year, with 324 roads reporting, no less
than 185 roads were found to have sustained a reduc- to reiterate what we have said in previous annual
tion. In the net, however, conditions are reversed, reviews of the earnings of these electric railways,
for we find that no less than 144 roads show dimin- namely that this is not an attempt to indicate the
ished net in 1923, while the number reporting de- aggregate of the gross and net earnings of all the
street and electric railway undertakings in the
creases in net in 1922 was only 103.
With reference to our detailed statement, it is United States. It is simply making use of all the
proper to say that, as in the case of preceding an- figures that have been placed at our disposal, or
nual reviews, we have sought to procure compara- which are available. Large though the totals in our
tive returns from all the street and electric railways final summary are, they fall considerably short of
in the country. The success attending our efforts recording the entire earnings of electric railways in
may be judged from the tables themselves. Mani- the United States. It is .true that the minor roads
festly, any compilation dealing with electric rail- not represented would not swell the amount to any
ways is made up in considerable part of street rail- great extent, but it happens that a few large comways, since the latter are now practically all oper- panies are also missing, because no comparative data
ated with electricity as motive power. Many other concerning their income could be obtained. Among
classes of electric roads, however, are represented in these may be mentioned the Denver Tramway Sysour tabulations, for electric lines connecting various tem, the Detroit United Railway System, the Kansuburbs are very numerous and in addition electric sas City Railways, the various subsidiaries of the
interurban roads are now quite common and many Washington Railway & Electric Co., the Union Rail-
3131
THE CHRONICLE
JUNE 28 1924.]
NET EARNINGS.
Per
Previous
way, Gas & Electric Co., the Jacksonville Traction
Current
Cent.
Increase.
Year,
Year.
Period$130,884,923 $118,221,741 $12,663,182 10.71
Co., and the Cleveland Southwestern & Columbus 1905 compared with 1904
126,580,195 114,024,076 12,556,119 11.01
" 1905
"
1906
4,951,601 4.09
126,002,304 121,050.703
Railway. Even with these roads and numerous 1907 " " 1906
1,118.204 0.79
142,262,417 141,144,213
" 1907
"
1908
14.04
1923,
for
19,746,859
gross
140,647,906
160,334,765
the
of
total
1908
"
our
"
1909
missing,
other ones
10,937,028 6.53
178,037,379 167,100,351
" 1909
"
1910
5.96
10,473.897
million
175,527,542
1,000
186,001,439
1910
"
to
close
"
1911
observed,
aggregates
be
it will
194,309.873 179,915,760 14,394,113 8.00
" 1911
"
1912
204,422,429 193,393,045 11,029,384 5.70
" 1912
"
dollars ($987,297,934), while the total of the net is 1913
211,020,088 212,146,403 *1,128,315 0.53
" 1913
"
1914
214,319,303 217,440-,533 *3,121,230 1.43
1915 '"' 1914
$247,240,587.
234,402,450 215,917,573 18,484,877 8.56
" 1915
"
1916
221,090,740 228,585,929 *7,495,189 3.28
1916
"
1917
furnish
Of course, many of the electric railways
178,226,716 212,570,930 *34,344,314 16.16
"
1918
"
168,770,930 16,306,371 9.66
18.5,077,301
1918
"
"
1919
the
and
electricity for lighting and power purposes,
6,112,580 3.28
192,360,849 186,248,269
1919
"
"
1920
220,266,486 189,683,578 30,582,908 16.12
1920
"
"
1921
intotal
their
earnings from that source form part of
224.301,930 207,907,584 16,394,346 7.89
" 1921
"
1922
247,240,587 234,850,554 12,390,033 5.28
" 1922
"
come. On the other hand, in a number of cases the 1923
*Decrease.
earnings from lighting and other sources have been
It is interesting to observe that while in the first
separated from the street railway income, and the year our total showed aggregate gross of only $306,latter alone is included in our tables. This is true, 067,145, the aggregate for 1923 approaches, as alfor instance, of the Public Service Corporation of ready stated, close to the billion-dollar mark, the
New Jersey, where we take simply the result of the exact figure being $987,297,934. In the net, too,
railway properties alone; it is also true of the Phila- there has been growth, but not in the same degree.
delphia Company (of Pittsburgh), the Wisconsin Unprecedentedly high operating costs affected net
Valley Electric Co., the Elmira Water, Light & Rail- 'results adversely in 1917, 1918, 1919 and 1920. In
road Co., the Androscoggin Electric Co., the San 1921, however, expenses were again brought under
Joaquin Light & Power Corp., the Illinois Power & control and the upward trend in net was resumed.
Light Corp., and some others.
Further moderate increases occurred in 1922 and in
We have been making up these annual compila- 1923, bringing the total of the net for the latter year
tions for 19 years now, and to show how constant up to nearly 250 million dollars ($247,240,587). Of
and general the increase has been from year to year course, to some extent our exhibit is more compreand how the totals have been growing in magnitude, hensive now. In the main, however, the increase is
we furnish the following summary of comparative due to growth of traffic and revenues in the interval,
totals of the gross and net for each of the years although the large expansion in gross revenues in
1919 and 1920 followed in no small measure from
back to 1905:
GROSS EARNINGS.
fare increases, which increases in very many inPer
Previous
Current
Year.
Increase.
Cent. stances had to be given up in 1921 and 1922. It will
Year.
Period$306,067,145 $281,608,936 $24,458,209 8.68
1905 compared with 1904
" 1905
300,567,453 269,595,551 30,971,902 11.49 be observed that each and every one of the 19 years,
1906
" 1906
306,266,315 280,139,044 26,127,271 9.33
"
1907
3,264,924 0.94 except 1915, shows some increase in gross earnings,
351,402,164 348,137,240
"
1908
" 1907
" 1908
374,305,027 345,006,370 29,298,657 7.49
"
1909
"
435,481,232 405,010,045 30,451,187 7.51 and even 1908-the year following the panic-proved
" 1909
1910
" 1910
455,746,306 428,631,259 27.115,047 6.33
"
1911
"
486,225,094 457,146,070 29,079,024 6.36 no exception, though the increase then was relatively
" 1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
529,997,522
553,095,464
567,901,652
626,840,449
670,309.709
696,066,585
783,514,781
943,996,914
954,347,804
921,453,839
987,297,934
500,252,430 29,745,092 5.94
548,296,520
4.798,944 0.87
569,471,260 *1.569,608 0.28
574,382,899 52,457,550 9.13
618,529,309 51,780,400 8.37
649,550,990 46,515,595 7.16
663.572,571 119,942,210 18.08
807,164,985 136,831,929 16.95
940,680,968 13,666,836 1.45
9,225,409 1.01
912,228,430
946,355,685 40,942,249 4.33
The following is the detailed statement already referred to for the last two calendar years,which shows
separately the comparative figures for each road contributing returns of gross and net in the two years:
ELECTRIC RAILWAY GROSS AND NET EARNINGS FOR CALENDAR YEARS
NET.
GROSS.
ROADS.
1923.
1922.
i Increase.
$
S
S
31,778
363,773
331,995
Albany Southern Railroad Co_b
280,321
11,794
Allentown & Reading Traction Co_b
292,115
American Electric Power Co_a
20,803.892 19,342,698 1,461,194
105,815
Arkansas Central Power Co_a
2.057,458 1.951,643
Arkansas Valley Interurban Rya
449,738
514.527
Androscoggin Electric Co. (railway only)_a
310,178
300.564
Androscoggin & Kennebec Rya
1,165,131 1,236,027
1,272
Atlanta Northern Rya
245,783
244,511
Atlantic City & Shore RR Co_b
126,855
1.354.015 1,227,160
Atlantic & Suburban Ry
136,062
110,625
Auburn & Syracuse Electric Ry_b
18,129
601,831
583.702
Augusta-Aiken Railway & Electric Corp_a
113,292
1.227,625 1,114,333
Austin Street Rya
328,926
350,309
Aurora Elgin & Fox River Electric Co_a
1,395
1,265,656 1.264,261
Aurora Plainfield & Joliet Ry_a
128.016
123,941
Damberger Electric RR a
32,323
610.004
577,681
Bangor Railway & Electric Co_a
1,535,212 1,488,936
46,276
Barre & Montpelier Traction & Power (Ry only)a
63.693
54.187
9.506
Baton Rouge Electric Co_a
48,899
634,003
585.104
Berkshire Street Ry_a
1.084.257 1,046,774
37,483
Biddeford Sc Saco RR_b
117,506
119,171
Binghamton (N Y) Railway Co_b
1,073,723 1,027,057
46.666
Birmingham Railway, Light & Power Co
7,122,569 6,138,158
984.411
Boston Elevated Ry_b
34.096,814 32,699,176 1,397,638
Boston & Worcester Street Ry_b
1,164,556 1,105,497
59,059
Bristol & Plainfield Tramway Co (Ry only)-b
186,320
164,48
21.835
Brooklyn City RR_a
12,029,026 11,879,788
149,238
Brooklyn-Manhattan Transit CoBrooklyn Heights Railroad Co_ a
88.539
85.289
Brooklyn Queens County & Suburban RR_a
2,560.155 2,582,915
Coney Island & Brooklyn RR a
133,291
2.920,458 2,787.167
Coney Island & Gravesend Rya
138.361
135,675
Nassau Electric Railroad Co_a
381,862
5.563,096 5.181.234
New York Rapid Transit Corp_a
26,022,897 23.606,504 2,416.393
67.484
South Brooklyn Railroad Co_a
1.247,058 1.179.574
177,876
Buffalo & Lake Erin Traction Co a
2,029,436 1,851.560
3.598
44.512
46,110
Buffalo & Williamsville Electric Ry. Co_a
78,388
Burlington County Transit Co_a
68,791
13,949
206.007
219,956
Burlington Traction Co
1,460
111.647
113,107
Butler Railways CO-ft
13,029
546,312
559,341
California Street Cable_a
4,842,619 4,994,044
Capital Traction (Washington)_a
293,104
2,286,050 1,992.946
Carolina Power & Light Co_a
46,808
585.263
632.991
Central California Traction Co_a
1,015
55.020
56,035
Central Minims Public Service Co.(Railway only)_a
32.972
299,129
332.101
Chambersburg Greencastle & Waynesb St Ry-a- -- 4,014
48,713
52,727
Chambersburg & Gettysburg Electric Ry_b
23,276
952,352
975,628
Charleston (IV Va) Interurban RR
180.361
Chautauqua Traction Cob_.151,682
249,329
9,502,325 2,252,996
Chicago Aurora & Elgin RR_a
43,867
381,825
425,692
Chicago & Interurban Traction Co. b
83.369
960.736
1.044.105
, Shore & South Bend Rv_a
,
OhirAwn T.,,t,,
Decrease.
1923.
1922.
$
8.957
X
22,875
101,336
c5,977,124
724.714
c58,588
64,789
c86,429
9,614
196,124
70,896
33,584
336.969
25,437 sdef57.125
108,287
495.969
80,527
21,383
def4,601
c13,717
4.075
101.989
c662,329
1,440
213.079
59,522
22,121
1,665
325,733
2,319,977
9,966.560
195,647
24,407
.2,659,915
110,771
c5,065.997
692.983
'c142.782
088.477
269,658
36.345
296.618
sdef32,627
112,328
435.808
94,028
75,647
c19,946
120,085
c610,652
def6,134
206.901
182.354
16.443
316,628
1,732,568
10,610.718
245.557
19,003
2,541.137
8,593
590.175
645,509
36.207
1.253,108
7.245.913
385,821
224,263
8,158
3,181
41.810
6,128
116,919
1,305,401
660,574
108.053
def230
91,016
1,224
322,820
def46,542
566,960
42.855
107 468
5.949
400.738
768,729
44,741
1,208,439
6,035.398
460,276
125.123
7.150
def6,247
41,200
2,741
119,962
1,390,739
525.616
102.803
def582
85,069
4,445
304,778
def7,340
448,454
10,801
124.612
$
3.250
22,760
2,686
9,597
151.425
28,679
Increase.
X
13,918
Decrease.
a
9,435
911,127
31.731
84.194
2.048
73.534
2.761
40.351
24,498
4.041
60,161
13.501
80.248
6,229
18.096
51,677
7.574
6.178
5.678
9,105
587.409
122.832
644,158
49,91C
5,404
118.778
2.644
189,437
123,22(
8,534
44.669
1.210,515
74.451
99.140
1.008
9.428
610
3.367
3.04:
85.331
154.756
5.250
352
5,947
18,042
__ ______
118.506
32.054
3,22'
39.20:
17 Is.
3132
THE CHRONICLE
[VOL. 118.
GROSS.
NET.
ROADS
1923.
1922.
$
St
fChicago North Shore & Milwaukee RR_a
5,956,716 5,016.682
Chicago Rapid Transit Co_a
18,146,306 17.404.686
Chicago Surface Lines_a
657.655,170 656,103,062
Chicago & West Towns Ry_a
1,208,218 1,132.427
Choctaw Power & Light Co (incl Pitts County Ry)
506,603
518.327
Cincinnati Georgetown lc Portsmouth RR_b
318.218
296,605
Cincinnati Traction Co_a
8,390,762 8,189,045
Citizens Traction Co_a
m979,632 m834,900
962,987
City Railway Co_a .
993.672
86,038
Cleveland & Chagrin Falls Ry_a
69,772
270,833
Cleveland & Eastern Traction Co_a
222,857
161,115
Cleveland Painesville & Ashtabula ER _a
153,287
663,344
Cleveland Painesville & Eastern RIt_a
631.346
16.342,104 16,893,034
Cleveland Railway Cob
226.101
221,582
Clinton Street Ry_a _
141,982
141.984
Coal Belt Electric Ry_a
11.123.296 1,106.217
Coast Cities Ry_a
505,943
476,381
Colorado Snrings & Interurban Ry_a
1,261.368 1.115,492
Columbia Railway, Gas & Electric Co_a
1,194,102 1,081,896
Columbus Delaware & Marion Electric Co_a
9,240,190 1,975.423
Columbus (Ga) Electric & Power Co_a
60.154
54.975
Columbus Marion & Bucyrus Ry_a
Columbus (Ohio) Railway. Power & Light Co_a___., 8,462.724 7.499,343
14.717,233 14,477.611
Connecticut Company_a
233.579
206,596
Connecticut Valley Street Railway_a
65.980
66,511
Corning Sz Painted Post Street Ry_a
108,005
102.448
Cortland County Traction Co (Ry only)_a
3.771.968 3.467,564
Cumberland County Power & Light Co_a
3,335.764 3,272,787
Dallas Ry Co
182.025
Danbury & Bethel Street Ry_b
190,397
644,035
Des Moines & Central Iowa RR_a
711,521
Des Moines City Rya
2.510.116 2,482,911
101,017
Dover Somersworth & Rochester Street Ry_a
100,308
Du Bois Traction Co a
65,735
58,121
Dubuque Electric Co_a
1,185,315 1,067.171
Duluth Superior Traction_a
1.904,607 1.784,774
East St Louis & Suburban Co
4.411,317 3.912,871
Eastern Massachusetts Street Ry_a
10.712,706 10,712.663
East Penn Electric Co_a
2,943.988 2.414.320
Eastern Texas Electric Co_a.
9.067.155 1,788,685
Eastern Wisconsin Electric Co
1,959,140 1,675.812
Eighth Avenue RA_a
1,266,960 1,291,369
Elmira Water, Light & Railroad (Ry dept only)_a
495,509
510,646
El Paso Electric Co_a
2,407,46? 2,290,841
Empire State RR Corp a
861,496
794.541
Erie County Traction Corp_a
131,605
128,018
Evanston Ry_a
276.426
266,177
Evansville Suburban & Newburgh Ry_a
245,117
247,135
Fairmount Park Transit Co_a
209,711
200,770
Federal Light & Traction Co and subsidiary cos_a
5.510,877 5,012,490
Fishkill Electric Ry_a
78.707
79,045
Fitchburg & Leominster Street Ry_a
496,542
495,340
Fort Smith Light & Traction Co_a
1.279,420 1,158.245
Fort. Wayne & Decatur Traction Co_a
87.922
83,573
Fort Wayne Van Wert & Lima Traction_a
452.411
392,184
Fostoria & Fremont Ry_a
87.509
91,448
Frankford Tacony & Holmesburg Ry_a
204,452
106,375
Fresno Traction Co_a
430,441
428,386
Galveston-Houston Electric Co_a
3.317,846 3,317,581
Gary & Valparaiso Rita
99,744
104,993
Geneva Seneca Falls & Auburn RR,Inca
99.371
100,065
Georgia By & Power Co (combined companies)_a
16,006,920 14.449.497
Grand Rapids By Co_a_.
1,817.606 1,861,477
Hanover & McSherrytown Street Ry_a
59.234
55,495
Harrisburg Rys Co.a
1,747,586 1,668.186
Hartford & Springfield Street Ry_a
400.399
357.478
Helena Light & By Co a
408.312
395,430
FIolyoke Street Ry_b
1,121,749 1,122,317
Hudson River & Eastern Traction_a
31,508
29,480
Hudson Valley By Co b
962,772 1,245.843
Illinois Northern Utilities Co_a
2.344,643 2.129,276
Illinois Power & Light Corp (Ry Dept only)-a
5.178,391 4,9232,129
Illinois Traction. Inc
5,830,595 5,691,952
Indiana Service Corporation_a
3.528,713 3.099,214
Indianapolis & Cincinnati Traction Co_b
688.987
627,439
Indianapolis Street Ry_a
5.527.131 5,545.164
Interborough Rapid Transit Co (New York)..a
56.487.170 62.012,892
International By (Buffalo, N Y)..a
9.839.907 7,398.767
Interstate Consolidated Street By Co
225,256
224,889
Interstate Public Service Co_a
6.421,595 4.424,717
Iowa Railway & Light Co a
3,539.238 3,282,406
Iowa Southern Utilities Co_a
1,009,486
844,405
Ithaca Traction Corporation_a
160,447
179,085
Jackson Public Service Co (Ry Dept only)_a
110.450
119.816
Jamestown Street Ry_b
329.923
408,487
Johnstown Traction Co a
1,270,400 1,193,839
Joplin & Pittsburgh By Co_a621.926
708.169
Kansas City Clay County & St Joseph RY-a
1,235,041 1.212.292
Kanzas City Kaw Valley & WesternR_y_n 461,819
46:3,903
Kansas City Leavenworth & Western Ry_a
417,845
448,515
kKansas Electric Power Co (and controlled cos)-a
1,857,510 1,576,270
Keokuk Electric Co_a
413,175
388,421
Key West Electric Co_a
245.125
248.696
Kingston Consolidated RR_b
221,530
228,920
2,219.243 2,022,258
Knoxville Power & Light Co_a
Lake Charles By, Light & Water Works CO_a
307.018
397,923
2,774.481 2.519.303
Lake Shore Electric By (entire system)_a
5,268.507 5,331,305
Lehigh Valley Transit Co_a
Lewisburg Milton & Watsontoyrn Passenger Ry_a
48873
56.584
163,999
Lewiston & Reedsville Electric Ry_a
188,550
Lincoln Traction Cob
597,020
839,965
Long Island Electric Ry_a
395.238
385,090
e12.698,978 11.249,737
Los Angeles Ry Corp-b
4.445.866 4,542,818
Louisville By Co_b
Lowell & Fitchburg Street Ry_a
76,654
80,290
Macon By & Light Co_a
878.743
924.946
Madison (Wisconsin) Rys_a
417,602
419,463
Manchester Traction, Light & Power Co.and sub.cos 2.560,842 2,297,871
291.822
285.267
Manhattan Bridge Three-Cent Line_a
386,862
397,313
Manhattan de Queens Traction Corp_a
9.809,393 9,583,436
Market Street Ry_a
134,384
Marion & Bluffton Traction Co_a
141,840
939,521
904.755
Massachusetts Northeastern Street By Co_a
62,917
Mauch Chunk & Lehighton Transit Co_a
63,612
3.164,004 3.153,196
Memphis Street By Co_a
1,265,978 1,304.955
Middlesex & Boston Street Ry_a
142.450
Milford Attleboro & Woonsocket Street Ry_b
138.032
341,554
Milford & Uxbridge Street Rya
323,578
22,206.801 19,370.425
Milwaukee Electric Ry & Light Co_a
599.226
Milwaukee Northern Ry_a
614,738
505.194
minneapolis Northfield 86 Southern Ry_a
690,875
162,377
Missouri & Kansas Ry_b
159,480
820,014
Mobile Light & RR Co_a
808,933
5,236,495 4.475,371
Monongahela West Penn Public Service Co_a
29.623
29,930
Montoursville Passenger Ry (Ry Dept only)
537.397
507.291
Morris County Traction Co_a
222,007
226,394
Muskogee Electric Traction Co_a
4.423.486 4.134,630
Nashville Railway & Light Co_a
304,409
277.358
New Bedford & Onset Streeb Ry_b
14,407,601 14.595.194
New Orleans Public Service Inc
618,160
611.359
Newport Electric Corp_a
2,100,048 2.086.228
Newport News & Hampton By, Gas & Elec Co_a
114,948
106,157
Newport & Providence Ry_a
1.489,113 1,554,312
New York & Harlem RR_a
New York & Long Island Traction_a
496.749
566,045
New York & Queens County Ry_a
470.466
668,129
New York Rys_a
9,095,420 9,403,578
New York Westchester & Boston Ry_a
1,452.943 1,354,009
New York & Stamford Ry_a
525,613
541,999
New York State Rys_a
10.803.000 10.501.765
Increase.
$
940.034
741,620
1.552.108
75.791
11,724
Decrease.
$
_,
21,613
201.717
144,732
30.685
----._--
16.266
47,976
7,828
31,998
550,930
4,519
2
17,079
29,562
145,876
112,206
264.767
5.179
963,381
239,622
26.983
531
5,557
304,404
62,977
8.372
67.486
27,205
709
7,614
118,144
119,833
498,446
43
529,668
277,470
283,328
-- - - - - - 116,627
66,954
24.409
1.5,137
3,677
10,24c
2.018
8,932
498,387
338
1,202
121,175
4,349
60.227
3,939
8,077
2,055
265
5.249
694
1.557,432
43,871
3.739
79,400
42,921
12,889
568
2.028
283,071
- ,
f
215,367
196,262
138.643
429,499,
61,5=-18
18,033
5,525,722
2.441,140
367
1.996.848
256,832
165,081
18,638
9,366
8,564
76,561
86,243
22.749
7,084
30.670
281.240
24,754
3,571
7,390
196.985
90,905
255,178
62,798
7.711
24,551
42,945
10,148
1,449,241
96,952
3,636
46.203
1,861
262.971
6,555
10,451
225,957
7,456
34,766
695
10,808
38,977
4,418
17,976
2,836,376
15,512
185,681
2,897
11,081
761.124
307
30,106
4,387
288,856
27,051
187,593
6,801
13,820
8,791
65,199
69,656
197,663
308,158
98,934
16,386
301.235
1923.
1922.
Increase.
$
I
$
1.239,473 1,004.713
234,760
k3,337,130 k2,532,410
804,720
612,815.417 611,686,992 1,128.425
274.032
243,601
. 30,431
192,633
173,263
19,370
76,593
71.335
5,258
2,117,703 2.545.503
m438,835 m344,614
94,221
115,288
133.582
def3,795
732
def6.937
36.033
def7.297
4,489
126,435
168,293
2,018,380 4,810,624
72,532
68,878
3,654
def19,582
def5.5.31
1442,797
428,551
14.246
910
def2,305
3,215
0564.558
g398,732
165,826
6355,243
6340,787
14.456
1.144,454
963,276
181.178
13,405
14,990
62,667,735 62.030,054
637,681
2.467.107 2,741,210
def14,265
24.346
13,186
7,646
5,540
def3,682
9,077
61,29/3,242 61,231,999
66,243
595,800
633,513
27,631
24.708
2.923
124,190
3.215
120-.975
772,531
752.779
19,752
cief31C
9,153
4,137i
def3,951
8,830
400.148
355,332
44,816
268,627
262.919
5,708
1,181,682 1,122,094
59,588
2,276.686 2.557.749
n1,168.175
n923,159
245,016
778.986
633.295
145,691
628,746
544,707
84,039
def138,073
28,327
99.371
133,701
887.191
35,359
851,832
198,638
197,810
828
def5,744
18 .
688.107
686.060
2,047
27,107
42,975
22,688
32.863
2,084.941 1,728.340
356.601
7.112
8,979
20.634
25,2211
337.371
28,962
308.400
11,552
3.479
8.073
36.077
def4,275
40,352
13,883
15.289
21,386
19,676
1,710
661.553
688,827
681,508
677,873
3,635
def3,207
3,327
7,072
13.557
114,820,065 4,366,964
453.101
560,457
513,552
46,905
10.350
15.100
513.676
501,025
12,651
def26,630
9.565
108,455
126,372
208,764
197,152
11.612
82.5
4.930
57,778
180,003
855,020
707,685
147,335
1,658,171 1.387,745
270.426
1.369,876 1,378,678
6896.643
6752,803
143,840
643,132
6137.122
1.072.903 1,073.447
21.163,072 18.191,018 2.972,054
546.001 d12,645.887 3,191.888
18.529
58.356
1,596,417 1,118,921
477,496
1,267.287 1,094,233
173,054
409,254
284,318
124,936
21,682
36,173
def16,786
def5,500
49,477
42,313
7,164
333.047
339,324
80,561
193.881
371.904
371.274
630
127,905
156,827
87,527
86,880
647
596.095
497.179
98,916
108,008
104,496
3,512
95,138
90,343
4,795
53,745
57,869
695,549
579.653
115,896
68,541
106,922
597,529
588,393
9,136
1.577,327 1,569,581
7,746
7.033
9.633
30.359
28,836
1,523
207.959
193,665
14,294
44,017
48,539
4,935,750 4,603,532
332,218
1,367,344 1,352,585
14.759
10,589
11.481
6212,056
6187.756
24.300
120,879
115.996
4.883
949.247
798.679
150.568
def5,458
22,006
86.177
75.475
10.702
2,356.045 2,130,392
225,653
29,309
41.981
68.816
117.636
21
def3,957
3.978
974.634 1,112,047
103.902
239,872
21,675
27,502
45,457
52,775
6,104,801 5.565.494
539,307
191.298
212.228
93,524
19,383
74,141
45.219
44,309
910
86.351
36,923
49,428
1,872,253 1,532.199
340.054
def5,113
874
17,441
66,522
45.727
40,792
4.935
1,289,463 1,313.810
29,979
40.899
4,603,485 4,888.114
157,518
170,301
555,205
667,461
10,619
12.063
82,588
179,949
213,255 def79,448
292,703
17.698
28,219
189,008
882.953
282,8.30
188,696
94.134
76.594
81.147
188.335
2,297.700 2,109,365
Decrease.
$
-- -. - - -
427,800
18,294
4.527
42,970
11,786
41,858
2,792.244
14.051
1,495
274,103
38,511
12,759
:37.713
9.463
281.063
116,400
34.330
5.762
15,868
10,175
1.867
4,592
1,406
27.274
6.534
6,485
4.750
36,195
17.917
4,105
122.225
8,802
93.990
544
39.827
14.491
11,286
6,277
113,320
28,922
4,124
38.381
2,600
4.522
892
27,464
12,672
48,820
137,413
135.970
5,827
7,318
20,930
5.987
49,081
24,347
10,920
284.629
12,783
112,256
1,444
97.361
10,521
693,945
.4.553
JUNE 28 1924.]
3133
THE CHRONICLE
NET.
GROSS.
ROADS.
1923.
1922.
Increase.
Decrease.
1923.
1922.
Increase.
Decrease.
$S
25.957
11,548
27,505
40,433
141,559
181,992
18,113
Niagara Gorge Ry_b
def48,191 def30,078
6,580
514,878
508,298
York
(New
_a
City)
1,169
Ninth Avenue RR
75,979
74.810
2,584
336,532
333,948
Northampton Street Ry_b
99,660
351,634
94
451.2
185,161
1,419,148 1,233,987
12,784
North Carolina Public Service Co Inca
1.082
13.866
12,537
63,210
75.747
Northern Cambria Railway_b
4,211
def17,815 def13.604
8,202
210.503
218,705
Northern Massachusetts Street Ry_b
87.092
2,339,529 2.426,621
842,023
10,105,175 9,263.152
Northern Ohio Traction & Light Co_a
67.793
906,431
838,638
708.385
3,609,517
2,901,132
Northern Texas Electric Co_a
2
73
36
4:3
18
77.727
94,089
102,659
483,992
586,651
Northwestern Ohio Railway & Power Co_a
106,260
120,633
12,409
348,210
335,801
16,705
Ocean Electric Rya
79,047
62,342
71,430
500,707
572,137
1,142
Ohio Electric By Co_a
7,220
47,698
87,418
135,116
35,315
Ohio River Electric Ry & Power b
def26,671
53,461
534,934
481,473
Olean Bradford & Salamanca Ry_a
54,577
880.313
2
44
90
36
6
:8
8.
4
938
70,110
4.498,411 4,568,521
43.767
Omaha & Council Bluffs Street Ry_a
49,589 def184.292 def140,525
1,089,696 1,139,285
Oregon Electric Ry_a
16.366
159,077
175,443
28,101
638,273
666,374
Ottumwa Ry & Light Co_a
921.545
c3,542,207
c4,463,752
21.641,554 18,307.733 3.333.821
Pacific Electric Rya
317
201,821
201.504
49,585
561,187
610.772
Paducah Electric Co a
11,986
def24.925 def12,939
7,348
83,952
91,300
Peekskill Lighting & RR (Ry Dept only)..a
3.337
cdef20,233
16,493 cdef16.896
328.20
311,712
Peninsular Ry_a
32,760
def9,602
23.158
19,663
229.451
209.788
Pennsylvania-New Jersey Ry_a
21,211
139.406
160.617
41,797
559,705
601,502
Petaluma & Santa Rosa RR_b
507,460
4,131,340 3,623.880
22,547,745 21.169,750 1,377,995
Philadelphia Co—Pittsburgh Rys Co_a
20.253
115.076
94.823
52,562
530.206
582,768
Beaver Valley Traction Co_a
5957
29,727
84
79
35,6
5,600
100,250
105,850
Pittsburgh & Beaver Street Rya
401
1,198
540
38,167
38.707
Seventeenth Street Incline Plane Co_a
13.425
20,029
6,604
32,739
143,637
Philadelphia & Easton Transit Cob
110,898
15,019
def2.908
def17,927
30,057
67,497
97,554
Philadelphia Rys_a
11,816,369 11,682,455 --133,914
Philadelphia Rapid Transit Co_a
44,930,491 42,529,543 2300,948
1.839
330.404
328.565
54,274
929,089
Philadelphia & West Chester Traction Cob
983.363
5.312
334,688
340,000
45,394
825.459
Philadelphia & Western Rya
870,853
2
9
1
3
3
180.8
646,17
827.014
456.301
Piedmont & Northern Rya
2,446,119 1,989,818
20,209
40,611
0
25
20
2.8
60
17,900
148,550
166.450
(The) Pine Bluff Co(Ry Dept only)_a
11,889
75,94
64.052
3,338
388,893
pittel,urgh Mars & Butler Ey_b
392,229
1.132
3.337
2.727
35,971
Plattsburgh Traction Cob
33.244
6,790
def9,274
def16.064
4.229
21,035
Port Jervis Traction Co_a
16,806
408.730
c3,082,256
c3,490.986
704,482
Portland (Ore) By,Light & Power Oo_a
10,825,380 10,120.898
295,078
1,852.780 1,357.702
457.633
Potomac Public Service Clo_a
3,630,199 3,172,566
34.221
92,760
58,539
2,901
276,181
Poughkeepsie & Wappinger Falls Ry_a
273,260
2,462.199
5,681,120
3.218,921
4.660.052
Public Service By(N J) incl Public Service RR_a__ - 21,754,573 26,414.62
5.645
654,204
648,559
157,793
Reading Transit & Light Oo_a
3,117,309 2,959,516
600,592
3,280.372 2,679.780
Republic Ry & Light Co and subsidtaries_a
9,935,925 8.405.882 1,530,043
56.085
def8,243
47,842
9,932
799,660
Richmond Light & RR Co_a
809,592
1,499
92,089
93,588
41,119
511.048
Rochester Lockport & Buffalo Ry_a
552.167
3,241
def1,923
def5.164
1,846
27.488
Rochester & Manitou RR_a
25.642
4,539
250,084
c254,623
36.217
Rochester & Syracusa RR Co a
1,101,559 1.065.342
9,831
148.893
156,724
25.742
593.130
Rutland By, Light & Power Co_a
567.388
3,637
c149,125
c145,488
16,054
Sacramento Northern RR_a
1,592,247 1,608.301
26,659
c3,675 def22,984
713
107.010
Salem & Pennsgrove Traction Co_a
107,723
82,271
839,467
921,738
125.923
San Antonio Public Service 0o-a
4,232,759 4,358,682
81,082
211.162
31
18
8;0
130
4.582
San Diego Electric Rya
1,374,908 1,379.490
88.872
17.259
106,131
10,278
306.134
San Francisco Napa & Calistoga Ry _a
316,41
26.268
1.437.188
1,410.920
305.217
e San Francisco-Oakland Terminal Rya
7,357.432 7,052.215
67.580
151.302
83,72
70,925
San Francisco-Sacramento RR a
1,032,952 1.103,877
1.328
8.659
7,33
18,852
123.167
San Joaquin Light & Power Corp (railway only)a 104.315
37,447
c82,973
c45.528
10,370
430.119
San Jose RR_a
419,749
43,592
580,109
623.701
171.789
1,603,092
Savannah Electric & Power Co_a
1,774,881
921,482
234,740
581,795 def686.742
Schenectady By Oo_a
1,194,856 1,776.451
92,443
15,06
:2642
7
100,08
43,983
450,542
Schuylldll Railway Co_a
494,525
72
24
257,33
7.660
716,262
Scioto Valley Traction Co_b
723,922
7.823
165,713
157,890
47,933
508,543
Seattle & Rainier Valley By Cob
460.610
26,342
39.228
65.570
29,018
Second Avenue (New York City)_a
1,030.960 1.001,942
23,981
13.612
37,593
62,561
242,468
Shamokin & Mount Carmel Transit Oo_a
305.029
6.528
8,878
2,350
13,816
58.722
Shawnee-Tecumseh Traction Co_b
44,906
• 28.099
93,353
65,254
21,445
629.421
Shreveport Railways Cob
650,866
61.939
178,124
116,185
36.542
Sioux City Service Co (Railway only)_a
1,008.359 1,044,901
52.409
712,796
765.205
119,498
Southern Colorado Power Co_a
1.958,958 1,839.460
73,123
184,227
111,104
19,833
498,962
Southern New York Power & Railway CorP-a---479,129
170,574
1.339.982
1,510.556
464,084
Southern Public Utilities Co_a
4.548.009 4,083,925
.6,784
275.83
199,046
34,148
769,081
Spokane & Eastern Ry & Power Co_a
734.933
82.441
130.05
212,494
153,160
Spokane United Rys_a
1,489,865 1.338.715
116.317
735.268
618.951
12,932
Springfield Street Railway Cob
3,433,786 3,420.854
17,742
19.681
37,423
30,712
81.346
112,058
Springfield Terminal By Co_a
7.795
4.570
def3,225
1,259
105.608
106,867
Springfield & Xenia By Co_a
21,306
c84.022
c105.328
29.407
542.541
Stark Electric RR b
571,948
124,553
def74,002
50,551
380.316
504,520
884,836
Steubenville East Liverpool & Beaver Val Trac_a
—18,071
8
33
14
3:3
19
c4
c31,072
6.884
342.368
335,484
Stockton Electric RR a
4,670
8,668
5,365
137.895
143,260
Syracuse Northern Electric By, Inc
180,043
743.781
923,824
337,568
2,146,820 1,809,252
Tampa Electric Co_a
36.167
1,321,225 1,357,392
94.853
iTerre Haute Indianapolis & Eastern Trac Co_a_ - 5,499,428 5,404,575
176.739
1,234,604 1,057,365
272,713
2,982,105 2,709.392
Texas Electric Rya
167.881
2,594.000 2,761,000
149,760
14,422,169 14.272,409
Third Avenue (New York) System_a
12.063
72.440
84,50
406
310,108
310,514
Tide Water Power Co (Ry Dept only)
34.253
194,358
228,611
105,033
744.312
849.345
Toledo Bowling Green & Southern Traction Co_a
47,949
11,165 def36.784
14,513
372,420
386.933
Toledo & Indiana RR Co_a
6.404
22.104
15,700
685
90.516
91,201
Trenton Bristol & Philadelphia Street Ry_b
40,519
9
0
1
78
:7
314
352,299
11,138
1,701,034 1.689,398
Trenton & Mercer County Traction Co-a
4.417
24.136
4,790
132,048
127,258
oTrenton-Prineeton Traction Co_a
2,123
9,083
25,926
4.847
30,073
Troy dr Now England Ry Co_a
6.99
114.64
4.042,206 3.927,56.
261,342
Twin City Rapid Transit (Minneapolis)_b
13,580,047 13,841,889
33,573
438.786
405,213
17,096
Union Street Ry_b
1,629,020 1,611.924
125.846
1,112,003
986.157
54.943
Union Traction Co of Indiatia_a
3,890,690 3,835.747
367,811
894,62
526,811
.23-1,i11:1
United Electric Rys Oo a
8.006,202 8.240,312
237,883
3.885,278 3,647,395
501.523
hUnitcd Light & Rys Co (subsidiary cos)_a
12.140,423 11.638,900
86,105
c4.039,062 c3.952.957
339.207
United Railway & Electric Co.a
16,461,799 16.122.592
275,334
c3.497,659 c3,222.325
489.839
United Railways Co of St Louisa
20,453,445 19.963,556
112.854
507,066
394,212
148.853
United Traction Co (Albany)_b
3.234.149 3,085,291
4.857
237.462
242.319
821,685
18,121
Utah-Idaho Central RR _a
839,306
2
57
8
8
26..8
83
453.6
480,570
1
69.061
13
048.98
Utah Light & Traction Co_a
1,
1,979,379 '
7.873
85.351
93,229
489.39
Valley Rallways_a
473.596
28.553
109,192
137,745
302,484
12,159
314.643
Vicksburg Light & Traction Co_a
598,151
4,310,437
4,908,588
995,512
Virginia Ry & Power Cob
10,508,608 9.513,096
71.114
c64,813 cdef6,301
126,688
79,885
Visalia Electric RR Co_a
206,573
10,159
def5,057
5.102
2.321
75,750
Welkin Transit Cob
73,429
9,299
37.390
28,091
12,543
167.206
Warren & Jamestown Street Ry_b
154,658
101,339
71'.367
610,028
22.880
2.443.0 67
Washington Baltimore & Annapolis Electric Rya 2,420.187
17,241
835441
868,200
65.752
Washington By & Elec Co (excluding sub cos)-a--- 4.957.215 5.022.967
55,595
(10,699
c146,294
910.0l5
22,561
932,576
Washington-Virginia By Co
32.633
61.692
29,059
54,837
841,217
896,104
Waterloo Cedar Falls tic Northern Rya
2,317
6.353
4.036
133,023
7,568
140.591
Waterville Fairfield & Oakland RY-a
2.842
213,492
1,018
212.474
West Chester Street Ry Cob
22,839
2
33
6
M.0
6
16.
6
0
0
6
2
7
.
L
f6
5
de
7.831
230,433
223,002
Westchester Street Rli_a
66,510
216,733
283.243
101.772
950,643
Western Ohio Ry_a
1.052.415
2,150
14,159
12,009
59,714
3,373
63,087
Westmoreland County By Cob
10;89190
144,899
5.437,745 5,292,84
West Penn Rys Co_a
18.059,445 15,029.132 3.030,313
375.20
386.017
107.934
West Virginia Utilities Co_a
1.110.026 1,002,092
8.196
168.721
176,917
37,841
595.343
633,184
Wheeling Public Service Co_a
40.206
277,152
31 7.358
124,890
774.290
899,180
Wilkes-Barre & Hazleton RR (and affil cos)-b
7
56
83
7..0
99
10
652.375
759.431
202.748
Wilkes-Barre Rys Co_a
2.470,057 2,267.309
823,439
882.651
Wisconsin Gm & Electric Co_a
4.229,234 3.346.583
87,897
2
38
610
8,
03
72
1.496.035 1,4
430,617
Wisconsin Minnesota Light & Power Co
3,362,018 2,931,401
27,527
250.573
278,100
29,932
755.319
785,251
Wisconsin By, Light & Power Clo_a
7,296
390,149
382.853
134,199
Wisconsin Traction, Light, Heat & Power Co_a
1,602,036 1,467,837
3.307
44,836
41,529
125,570
4,678
130.248
Wisconsin Valley Electric Co (Ry only)_b
163,696
974,980
.234
811
4,421,076
144.844
4,565,920
Worcester Consolidated Street By Cob
79,887
027,992
c607.879
196.675
2,007.462 1,810,787
p York Railways Co_a
43.275
48.369
5.094
236.837
9.029
227,308
York Utilities Co_a_.
2.424
k121,611
k124.035
478.401
59.425
537,826
Youngstown & Ohio River RR_a
13,580.519
979,863,325 939,460.457 56,216,044 15,813.178 244,890.276 232,635.124 25,835.671
Total (324 roads)
12.255.152
39.402.868
Increase
(5.27%)
increase
of
(4.19%)
cent
Per
of gas depreciation, not heretofore
a After deducting taxes. b Before deducting taxes. c After deducting depreciat on. 4 After&deduction
Milwaukee Electric Ry. Milwaukee city lines
31 1924 and 1923. f Includes the Chicago
Included in operating expenses. e Years ending Jan.
stock. h Now known as United
preferred
Shoals
on
Parr
Parr
interest
Shoals
and
taxes,
on
bonds
dividends
operating
expenses,
deducting
o After
Edison Co. 1 Excluding Ind anapolis Street Ry. k After deducting rentals. I Excluding
Light & Power Co. (of Md.). t Now known as Potomac
as New Jersey & Pennsylvania Traction Co.
known
o
deducting
rentals.
Formerly
After
n
1923.
and
1924
Years
31
ending
m
Jan.
operations.
bus
Birmingham -Electric Co. s After deducting
p Years ending Nov.30 1923 and 1922. q Now known as the Key System Transit Co. r Now known as the
fixed charges. 1 Year ended Nov. 30 1923.
$
3134
THE CHRONICLE
[VoL. 118.
The New Capital Flotations in May and the
Five Months Since January 1
By reason of the offering of $150,000,000 new stock to its of new long-ter
m issues sold to refund existing long-term
shareholders by the American Telephone & Telegraph Co., issues and $400,000
was in the form of a preferred stock
the new capital flotations during May 1924 rank among the issue sold to refund
outstanding short term securities.
largest of the monthly totals we have had occasion to record
The largest single offering was, of course, the $150,000,000
during the six years we have been compiling the figures. new stock of the Amer.
Tel. & Tel. Co. Shareholders of
And as a matter of fact the total could hardly be considered record June 10, when
the stock sold ex-rights at 123%, were
small even without the $150,000,000 Amer. Tel. & Tel. issue. given the privilege to take
the new stock at par and payOur tabulations, as always, include the stock, bond and ments may extend over a
period of eight months, from Aug.
note issues by corporations and by States and municipalities, 1 1924 to April 1 1925. The
offering of $35,000,000 Baltiforeign and domestic, and also the Farm Loan issues. The more & Ohio RR. Co.
Refunding & General Mortgage 6s of
grand aggregate of the offerings of new securities under 1995 at par was the next
largest of the month. Other sizable
these various heads during May the present year was $627.- issues by railroads were
$25,050,000 New York Central Lines
050,947. This compares with $489,889,016 in April, with Equipment Trust 5s
of 1924, due 1925-39, offered at par;
$365,030,818 in March, with $535,532,594 in February and $20,000,000 Cleveland
Cincinnati Chicago & St. Louis By.
$536,082,690 in January, with $397,403,198 last December, Co. Refunding &
Improvement 5s "D," 1963, offered at 94%,
with $539,740,990 in November, with $390,106,577 in October, yielding about 5.34%,
and $15,000,000 Great Northern By.
with $249,734,549 in September, with $224,867,650 in August, Co. General Mortgage
5s "C," 1973, placed at 92%, yielding
and with $197,467,011 In July, when the new offerings were about 5.45%.
The important offerings of the month on bethe lightest of any month of any year since March 1919.
half of public utilities (aside from the Amer. Tel.
& Tel.
At $627,050,947 for May 1924 the total is double that for stock) comprise
d the following, all of which, it will be noted,
the corresponding month last year, when the amount
was are stock Issues: $25,000,000 Pacific Telephone & Telegraph
$313,875,729, but runs only a little ahead of that for
May Co.6% Cumulative Preferred offered at 87%, yielding about
1922 when the new offerings were $621,899,722. In
April 6.85%; $16,000,000 Brooklyn Edison Co., Inc. Capital Stock,
1922, however, the aggregate reached $656,157,353,
but it issued at par, $100; $11,151,300 Detroit Edison Co. Capital
happens that in this last mentioned month the new flotation Stock
issued at par, $100; $10,000,000 Southern California
s
were with two exceptions the largest of any month
of any Edison Co. 6% Cumulative Preferred Series "B," offered at
year—barring only October 1919, when they amounte
d to 90, to yield about 6.67%, and $9,790,300 Philadelphia Elec$663,133,142, and January 1923, when the new issues
ag- tric Co. Common Stock, offered at par, $25. Industrial
gregated no less than $881,211,911. This latter, though,
as issues of importance comprised the following: $30,000,000
explained by us on many previous occasions, stands
in a Bethlehem Steel Corp. Consolidated Mortgage 6s "A," 1948,
class all by itself, the total having been swollen to
excep- offered at 96, to yield about 6.30%; 1,300,000 shares of no
tional proportions by the bringing out of several
issues of par value Common Stock of Pierce Petroleum Corp., offered
unusual size—the Anaconda Copper Mining Co. alone
by its at $7 per share, involving a total of $9,100,000, and $5,000,000
financing having then added $150,000,000 to the total
and West Kentucky Coal Co. 1st Mortgage 7s "A," 1944, offered
Armour & Co. $110,000,000, with the result that January
of at par.
that year broke all records for new capital flotation
There was but one foreign Government loan floated here
s in the
United States, the highest previous amount for any month during May,
this single issue being the $9,250,000 Secured
of any year having been the $663,133,142 for October
1919. 8% Loan, Series "B," due 1952, of the Czechoslovak RepubThe four months mentioned, namely April and May
1922, lic. The bonds were offered at 96%, to yield about 8.30%.
October 1919 and January 1923 are the only previous months Farm loan issues,
as already stated, were extremely light
when the aggregate of the new offerings mounted as high
as during May. Four separate offerings were brought out, to600 million dollars.
taling only $5,700,000, however, at prices yielding from
It is important to note that the appeals to the investme
41i% to 5%.
nt
markets the present year in May were of exception
The following is a complete summary of the new financing
nitude entirely because of the heavy contributions al mag- —corporate, State and
city, foreign Government, as well as
under two
main heads, namely municipal issues and corporat
e issues. Farm Loan issues—for May and the five months ending
Two years ago in May, when the grand total exceeded
600 with May, of the current calendar year. It will be obmillions, farm loan issues in the sum of $137,100,000
served that
the case of the corporate offerings we subto swell the amount, and the same is true of the served divide the in
very
figures so as to show the long-term and the shortceptional aggregate recorded in April 1922, when farm ex- term issues separatel
loan
y and we also separate common stock
Issues contributed the sum of $87,750,000. In May
1924 the from preferred stock.
farm loan issues counted for only $5,700,000, though
in
E, FOREIGN GOVERNMENT, FARM LOAN
current month of June the farm loan issues are again the SUMMARY OF CORPORAT
AND MUNICIPAL FINANCING.
ing a conspicuous part in the new capital flotations. playThe
sales of State and municipal bonds have for several sucNew Capital. Refunding.
Total.
cessive months been running well in excess of 100 millions
1924.
$
8
$
MONTH OF MAY—
per month, and for May 1924 the amount was $113,047,697.
Corporate—Long-term bonds and notes- 190,323,000
This included several large blocks of bonds, including
48.301,000 238,624,000
Short-term
$19,8,720.000
8,720.000
680,000 by the City of Detroit; $10,000,000 by the State of
Preferred stocks
41,300,000
400,000
41,700,000
Common stocks
206,909.250
Minnesota; $6,522,700 by the City of Cleveland, Ohio;
206,909.250
Foreign
$4,664,000 by Westchester County, N. Y.; $3,600,000 by the
Total
447,252,250
State of Missouri; $3,000,000 by the City of Los Angeles, Foreign Government
48,701,000 495,953.250
9,250,000
9,250,000
Cal., etc., etc.
Farm Loan issues
5,700,000
5,700.000
War
Finance
Corporation
The offerings by corporations, by reason of the $150,000,- Municipal
112,451,197
596,500 113.047.697
000 new stock of Amer. Tel. & Tel. Co., reached an aggreCanadian
2,600,000
2,600,000
United States Possessions— gate but little less than $500,000,000, the exact figure being
500,000
500,000
$495,953,250. Public utility issues total $278,639,000, railroad
Grand Total
575,153,447
51,897,500 627,050,947
issues $113,391,000, while $103,923,250 is the contribution by
FIVE MOS. ENDED MAY
industrial corporations. Public utility offerings are heavier Corporate—Long-term bonds and31—
notes_ 854.552,123 112,233,077
966,785,200
Short-term
by $144,355,000 than in April, when their amount was $134,124,495,000
15,941,000 140,436,000
Preferred stocks
102,289.977
8,037,223 110,327,200
284,000. Railroad issues were more than double the April
Common stocks
367,930,519
4,900,000 372,830,519
Foreign
total of $54,740,000, while industrial issues registered a
7,680,000
10,000,000
17,680,000
substantial increase over the total of $86,681,600 for April.
Total
1,456,947,619 151,111,300 1,608,058,919
Foreign Government
As stated above, the total of all corporate offerings in Farm
175,240,000 130,000,000 305,240,00
0
Loan issues
85,900,000
May was $495,953,250, and as has been the case for many War Finance
85,900,000
Corporation
months, a large part of this comprised long-term issues. Municipal
523,977,017
4,162.408 528,139,425
Canadian
20,612,562
27,262,582
6,650,000
$238,624,000 was long-term financing. Stock issues totaled
United States Possessions.--5,835,000
5,835,000
$248,609,250, showing a decided increase over the $52,705,000
Grand Total
2 268,512,198 291.023 705 2.560.435,906
brought out in April. Short-term issues were practically
negligible, the month's total being only $8,720,000. The porIn the elaborate and comprehensive tables, which cover
tion of corporate offerings used for refunding old issues the whole of the two succeedi
ng
amounted to $48,701,000, or nearly 10% of the total. going figures for 1924 with the pages, we compare the forecorresponding figures for the
This compares with $25,803,900, or 9% in April, only $11,529,- four years preceding
000, or less than 5% in March, $37,285,000, or 14% in Febru- son. We also furnish, thus affording a five-year comparia detailed analysis for the five years
ary, and $27,792,400, or 9%, in January. Of the $48,701,000 of the corporate offerings
, showing separately the amounts
Issued for refunding purposes in May, $48,301,000 consisted for all the different
classes of corporations.
MONTH OF MAY.
CorporateLong term bonds and notes_
Short term
Preferred stocks
Common stocks
Foreign
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
ions_--United States P
Grand total
$
$
$
$
$
$
$
Long Term Bonds 8c NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other Industrial & manufacturing_ _
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
101,302,000
38.389.000
124,120,200
72,628,500
10,706.000
6.750.000
156,000
112,008,000
45.139,000
124.276,200
72,628,500
172,394.325
75,000,000
18.307,500
50,000,000
190,701,825
125,000,000
336,439,700
17,812,000
354.051,700
42.000,000
362,806,850
8,880,000
137,100,000
1,142,880
1.000,000
106,878,872
6,234,000
63,179,294
2,000,000
263,000
63,442,294
2,000,000
36,308.232
5.800.000
972.403
37,280,635
5,800,000
105.166.981
621.899.722
312.573.619
88.570.500
351.144.119
378.547.1432
18.554.493
397_132.335
220,750,249
2,500.000
63,532,500
10,000.000
5,000.000
36,024,101
48.701,000
495.953,250
9.250,000
5.700.000
186.579,625
4,500,000
12,500,000
35,127,500
201.707.125
4,500,000
12,500.000
301.782,749
8,880.000
95,100.000
61.024.101
596.500
2,600,000
93.116,716
1.000,000
135.000
916,888
94.033.604
1,000,000
135,000
105.735.992
5,234,000
500,000
113,047,6971
2,600.000
500.000
575,153,447
51.897.500 627,050,9471
277.831,341
36.044.388( 313.875.729
516.732.741
$
$
42241.000
40.728,000
.170,000
16823000
275,000
. 5.900,000
2,350,000
275,000
8,250.000
2,572,000
8,407,000
2,428,000
8,256,500
24,092.003
250,000
24,342,000
13,125,000
1,500,000
5,550,000
350,000
4,800.000
238,624.000
750,000
5,900,000
1,500,000
5,550.000
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other Industrial & manufacturing_ _
Oil
Land, buildings. &c
Rubber
Shipping
Miscellaneous
48,301.000
750,000
5,900.000
25.000,000
9,500.000
16,848.700
1,521,300
9,500.000
18,370.000
45,650,000
107.664,000
32,877,500
140,541,500
225,750,249
36,024,101
281.774,350
163,238,500
8,600,000
12.350,000
300.000
830,000
3,000,000
1.204,000
2,500,000
8,720,000
8,720.000
28.484.000
150,000
30,584,000
12.858.950
300,000
2,750,000
575,000
11.512,500
16,318.750
27,692,000
1.500.000
9.050.000
350,000
10..550,000
495,953.250
2,428,000
10,056.500
3.200,000
166.579.625 .35.127.500
10,706.000
112.008,000
1,350,000
2,500,000
13,850,000
5,500,000
2,500,000
19,350,000
1,250,000
12,014,000
10,325,000
850,000
100,000
2,500,000
2,500,000
5,100,000
5,700,000
38,389.000
10,929.600
10,500.000
3,500,000
10,929,600
35,500,000
3,500,000
1,323,225
1,323,225
9,247,900
12,350.000
1.932,600
1,932,600
73,532.500
46.027.000
78,384.950
8,500,000
830.000
5,000,000
33,136.175
1,204.000
15.825,000
30,872.650
138,887,839
16,850.000
350,000
13,750,000
9,500.000
34.848,700
201.707.125
101.302.000
125,000
250,000
18,000.000
575,000
8.762,500
10,318,750
27.442,000
180.946.000
125,000
250,000
3,250,000
2.170,000
17.273,000
400.000
3,400,000
-
3,250.000
44,757,000
61,111,950
8,500,000
830,000
2,572,000
23.079,675
1.204.000
15,625,000
833.000
300,000
2,250,000
113,391,000
278,839.000
43.275,000
400,000
2,567,000
300,000
2,500,000
42.602.000
1,550,000
1,549,000
11,100.000
12.014,000
9,075,000
2,500,000
70,789,000
277.089.000
41,726,000
33,000
225.000
1.950,000
22,768,360
26.752.900
19.352.500
301.782.749
'
25.000,000
18,000.000
800,000
800,000
9,077.700
50,442,800
107,980.300
200,000
1,250.000
3.125,000
3,075,000
98,532.500
4.055.825
4,055,825
196.748.700
__----12,380,000
1.787,000
12,196,000
42,300,000
5,323,225
925,000
2,500.000
18,082,600
23,000,000
1,050,000
37.500,000
1.125,000
46.700,000
18.307.500
1,200,000
3.150,000
24,752,900
1,500,000
25,000,000
1,521,300
9,500.000
38.370.000
12,196,000
29,920,000
3,536,225
925,000
2,500.000
17,442,100
20,500.000
1,050.000
37,500,000
125,000
46,700.000
61.024.101
362.806.850
172.394.325
40,746,161
2.500,000
16.256.840
600.000
30.872,650
179,833,800
16,850,000
4,450,000
39,025.000
26,752.900
19.352,500
640,500
2,500.000
1,000,000
$70,39
73,333.000
17.000,000
2.660.000
565,000
3.550.000
3,550,000
3,250,000
500.000
600,000
9,000.000
840,000
Total.
11,067,000
225,000
1,200,000
3,150,000
24,752,900
1.500.000
30,581.625
64,333,000
16,160,000
2,660.000
565,000
3,250,000
500,000
11,672,675
150,000
12,196,000
40,950,000
4,000,000
700,000
2,500,000
12,900.000
22,500,000
1,050.000
37.500,000
1,000,000
45,650,000
300.000
11,872.675
30,43'.625
17,707,500
$
300,000
300.000
2,842.500
10,318,750
3,150,000
248,609.250
1,000,000
$
750,000
2,500,000
2,100,000
640,509
2,500,000
Refunding.
400,000
1.500.000
12,708.950
300,000
400.000
48.701.000
1,800,000
11,780,000
1,787,000
1920.
New Capital.
400.000
1,500.000
228,948,000
1,000,000
248,209.250
250,000
8,600,000
12,650,000
4,800,000
1,204,000
1.250.000
1,500.000
9.050,000
5,000,000
16,863.500
830.000
1,250,000
9,250,000
3,250,000
35,575.000
2,000.000
17,552,500
12,196,000
29,170000
2,213,000
700,000
2.500,000
12.259,500
20,000.000
1,050,000
37,500.000
350.000
8,000.000
200,000
400,000
2,500,000
16,256.640
19.543,050
142,633,800
13,350.000
3,200.000
200,000
300,000
2,242,500
• 10,318,750
3,150.000
$
15,746.181
13,125,000
620,000
228,948.000
1,000.000
$
38.327,00019,543.050
52876000 126,887.639
13,350.000
6.200.000
$
$
750,000
19.318,360
2,000,000
17,552.500
620,000
447.252,250
•
$
,
36,053.000
6,200,000
190,323,000
Total corporate secur.tles
$
112,641,000
43791.00
42,275,000
Total
Short Term Bonds & NotesRagroads
Public ut lities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing- _
Oil
Land. buildings, &c
Rubber
Shipping
Miscellaneous
$
42,602,000
1,550.000
1,549,000
s
180,946.000
5,700,000
2.732,600
1.323.225
140.541,500
30.584.000
13,867.800
16,713,825
112.451.197
$
17,707.500
600,000
32,877,500
2,100,000
150.000
447.252,250
9.250,000
5.700.000
$
Total.
163,238,500
5,100.000
2,732,600
1,323,225
107,664,000
28,484,000
13,717,800
18.713,825
.400.000
$
$
$
256,774.350
2,500,000
88,532,500
10,000.000
5.000.000
238,824.000
8,720,000
41.700,000
206,909.250
48,301.000
FOR THE MONTH OF MAY FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES
1921.
1922.
1923,
1924.
Total.
New Capital. Refunding.
Total.
Refunding.
Capital.
New
Total.
Refunding.
New
Capital.
Total.
New Capital. Refunding.
MONTH OF MAY.
$
190.323,000
8.720,000
41,300,000
208,909.250
$
1920.
Refunding.
190.701.825
Ewa 8g axar
NG FOR THE MONTH OF MAY FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCI
1921.
1922.
1923.
1924.
New Capital.
Total.
Refunaing.
New
Capital.
Total.
I
Refunding.
Capital.
New
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
850,000
100,000
6,750.000
9.247.906
12.350,060
158.000
156.000
9.000,000
66,833.000
6,340.000
39,257.900
15,010,000
.565.000
9,077,700
156,000
66,008,800
1,250,000
117.055300
33.000
11,267.000
1,250,000
4,375.000-33- 1.1566
5.742.000
336.439.700
45,139,000
17.612.000
6,077,706
50,598.800
107,980.300
200,000
1.250,000
3,125,000
3,075,000
-5
196,904.70
75.833.000
45.597.900
15.010,000
565,090
9,077,700
66.162,800
118.305,300
11.300,000
1,250,000
4.375.000
3.575,000
354.051.7.,
4
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
FIVE MONTHS ENDED
MAY 91.
1924.
New Capital.
CorporateLong term bonds and notes__
Short term
Preferred stocks
Common stocks
Foreign
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States P
ions_
Grand total
S
854,552.123
124,495,000
102.289,977
367,930,519
7.680,000
1,456,947,619
175,240,000
85,900,000
523,977.017
20,612,562
• 5,835,000
2.268.512.198
Refunding.
$
112,233,077
15,941.000
8,037,223
4,900,000
10,000,000
1923.
?Val.
$
966,785.200
140.436.000
110,327,200
372.830,519
17.680.000
New Capital.
$
863,952,386
90,228.200
177,567,047
173,750,163
19.900.000
151.111.300 1,608,058.919 1,325.397,796
130,000,000 305,240,000
73,500,000
85,900.000
176.718.000
4,162,408
6,650,000
528,139,425
27,262,562
5,835.000
411,468,950
22,153,000
456,000
291.923.708 2.560.435.906 2.009.693.746
1922.
Refunding.
Total.
$
$
241.559.214 1,105,511.600
18.466.800 108.695,000
67,384,839 244,951,886
3.266.760 177,016,923
19,900.000
New Capital.
Refunding.
1921.
Total.
New Capital.
1920.
Total.
Refunding.
New Capital.
$
760,844,395
95,337,000
118,779,500
74,879,487
69,585,000
$
$
263,943.755 1,024,788,150
11,950,000 107,287,000
25.400,000 144.179,500
8.255.625
83.135,112
1,250.000
70.835,000
$
612,394,520
111,792,166
33,076,900
88.413,315
15.150,000
$
356,896,480
14.600.000
775,600
330.677.613 1.656,075,409 1,119.425.382
79,500,000 241,280,000
6,000,000
55.032.000 231.750.000 204,740.000
310,799.380 1,430.224.762
10.000.000 251,280.000
42,000,000 346.740.000
860,826,901
154,000,000
40,000,000
372.272,080 1,233,098.981 1,436,850,996
50,000,000
50.000,000 204,000,000
40,000,000
10,147,738
103.250,000
351,636,833
16,222,000
3,250.000
420,310.998
37.094,679
456,000
8.842.048
14.941.679
525,969,127
57,406.650
5,250,000
415.493.340 2.425.187.086 2.154.071.159
536.116.865
160,656,650
5,250.000
476.197.118 2.630.268.277 1.425.4135 734
4,366,595
$
969,291,000
126,392,166
33.852,500
88,413,315
15,150.000
356.003,428
16.222.000
3,250,000
$
413,770,245
328.726,752
365,153.817
307.440.182
21.760,000
273,935,029
18,505,000
42R r.R8 675 1 859 574 409 1.779.291.025
Refunding.
$
42.007,755
80,617.248
20,867,933
9,066,500
Total.
S
455,778,000
409,344,000
386,021,750
316,506,682
21,760,000
152,559.436 1,589,410,432
50.000.000
3,613.483
7.498.000
277,548,512
26,003,000
163.670.919 1.942.961.944
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
Long Term Bonds & NotesRailroads
Public utilities
Iron. steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
1924.
1922.
1923.
New Capital.
Refunding. ,
246,639,400
309,775,723
66.941,000
5,000,000
4,460,000
80.191.000
4,196,000
102,111,500
4538.900
2
42,813277
5,369,000
8,315.000
18,642,900
14.000
790,000
291,678,300
352589000
72.310,000
5,000.000
12.775.000
98,833.900
4,210,000
102,901,500
3,000,000
39,917,500
- _ __„
,
1,250,000
3,000.000
41,167,500
Total.
New Capital.
Refunding.
$
212.874,500
26,073.000
242.617.300 10443300
181.418,139
46,806.861
7.300.000
11,962,000
4,288,000
86,521.447
19,357,053
1.500,000
65,005,000
1,335.000
665,000
925,000__,,,
72,394,000
34.926,000
New Capital.
Refunding.
Total.
$
$
$
s
238,97.500
352,060,600
228,225,000
7,300.000
16.250,000
105,878.500
1,500.000
65,005,000
2,000.000
925,000
107,320,000
304.633,680
222,368,039
64,150,000
73.771.270
79,583.161
1.750,000
4,000,000
76.395,241
42.429.300
41,202,500
2.500.000
34.604,759
68,220,700
195,000
17,360,000
57.890,635
--_„-„
4,568,865
830.429,395
Total
Short Term Bonds & NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ _
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
862,232,123
122,233,077
984,465,200
883.852,386
241,559.214 1.125,411,600
8,550.000
62.225.000
675.000
.1,000.000
9.060,000
1,710.000
35,500.000
2.585,000
6,000,000
9,291.000
650.000
14,550,000
71.516.000
1,325,000
1,000,000
9,000,000
1,710,000
35,500,000
2,585,000
8,600,000
18.002.200
1,000.000
830.000
15,046.000
3.000.000
39,700,000
8.600,000
25.215.000
1,000,000
830,000
24,500,000
4,800.000
39,700,000
3,250,000
1,000,000
3.050.000
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
124.495,000
15,941,000
140,436,000
26,823,737
316,565.727
11.840,000
5,292,223
26.823,737
321.857,950
11,840,000
300.000
103,153,036
24.029,710
3,427,000
59,335,600
43.401.930
4,343,357
1.600.000
19.155,325
104,531.058
44.638,573
2,590.000
350.000
1,335,000
16,834.149
984,690
10.528.145
52.569.508
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
3,250,000
3,227,000
51,890,600
43,401.930
4.343,357
1.600,000
200.000
7.445,000
10,528.145
470.220,496
12,937.223
483.157.719
351.317.210
51,038,900
57,396,500
6,019,000
333,052,037
745,962.950
85.475,000
6,000.000
25,202,000
159,879,500
83,111,930
109,829,857
1,600,000
3,000.000
54,945,645
221,774,500
363.772.536
206.447,849
8,130.000
46,163.325
194,052.505
85.838,573
67.595.000
1.685.000
1,925,000
128,013,508
1.250,0001
.
.
.
.
New Capital.
$
•
378,40,950
83.845,420
301.951.20
13510,500
65.900,000
12,940,000
6,195,000
6.500.000
14.200,000
111,000,000
99,073,600
110,650.000 125,850.000
41,397,500
10,650,000
67,500,000
17,360,000
1,835,000
62,459,500
65,477,000
265.193,755 1,095,623,150
32,351,80032.351,800
10,006,000
11,950,006
21,956,000
404,200
404.200
622,669,520
1920.
Refunding.
Total.
New Capital.
i$
$
$
283,531,580
27228,50
8.287.000
1,000,000
73,000
_ _____
1,328,000
356,896,480
979,566.000
413,770.245
42.007,755
455.778,006
1.500,000
18,500,000
89.500,752
73,617,248
6.210,000
3,426,000
7.050,000
-_ _-_
55,759,000
3,000,000
118,941,000
1,250,000
1,250,000
2.405,000
30,400,000
4,785,000
7,750,000
.
344,726.752
80,617.248
20,000.000
163,118,000
6.210.000
3,426,000
7,050.000
58.759.000
120,191,000
3,655,000
30,400,000
4,785.000
7,750,000
125,000
3.500.000
125,000
3,500,000
275.000
9.842,166
400,000
275,000
10,242,166
108.695.000
95,337.000
107.287,000
113,292,166
14,600,000
127,892,166
300.000
114,229.036
28,926,470
20,490.325
121,365,207
45,623,263
2,590,000
350.000
10,929,600
53,890,150
21.406.250
2,500,000
10,700,000
24.885,577
38.152.410
4.535.000
4,175.000
35.525.000
88.094.508
22,485.000
70.651,599
421.968,809
193,658.987
33,655.625
26.073,000 247,847,500
127.732.100 '491.504,636
51,703,621 258,151,470
8.130,000
15.077.000
61.240,325
37,991.202 232,043.707
984,690 • 86.823,263
______
67,595,000
665,000
2.350,000
1.925,000
70.451.000 198,464.508
347,915,080
286,264.189
85,960.450
2.500,000
31,400.000
101,780.818
110,581.710
47,487,500
4,175,000
17,485,000
83.875,635
73,771.270
117,208.786
1.750.000
11.076,000
4,896,760
.
•-s,ssc,eu,00a
25.675.625
14,200,000
25.355.000
40,000.000
225.000
3.200.000
3.750.000
41,200,000
3,645,000
10.667.490
4.448,225
33,000
23.495,840
41,575,880
350.000
23,845,846
41,575,880
13,570.650
12,528,283
3,410,500
66,553.1H
287,384.829
203.313.266
10.766.047
18,600.000
12,103.500
44,145,946
708,288,432
525,600
2,582,000
21,095.600
77,700,000
1.510,000
22,485.000
7.387.500
250,000
7,637,500
52,982.475
274,856,546
203.313,265
10.766.047
18.525,000
12.103,500
40.735,446
227.314,612
124.865,215
775,600
125.640,815
678,353.999
29,934,433
421.686,350
403.472.975
87,710.450
2.500.000
2,500,000
33,900.000
34,604,759 136.385,577
76,200.700 186,782,410
47,682,500
195,000
4,175.000
________
17,485,000
4.568,8651 88.444,500
..1=
01U,4
83.845,420
156,925,990
57,388,225
6,420,000
19,982.000
123.393,600
244.750,000
15.805.000
67.500,000
2,110,000
82.706,666
283.531,580
41,428.500
8,287,000
367.377,000
198,354,490
65,675,225
6.420,000
19,982,000
132,045,600
272,750.000
16.455,000
67,500,000
3,110,000
83,429,666
206.798,000
161,072,092
74.701.880
7,536.000
62,107,475
373,981,791
323,374.265
70,392,547
49,025,000
23,914,500
83,947.446
10,500.000
75.966.248
12,394,000
______
8-,652.01515
28,000.000
650,000
1,000,000
723,000
.
425.344.000
10,667,490
4,448,225
2,582.000
20,570,000
77.700.000
1.510.000
, -_..
7,980.000
s
17.253,755
8,126,400
28,000.000
650,000
1,000,000
3.050,000
10.929.600
79.565,775
21.406,250
2,500.000
10,700,000
24,885,577
46,132,410
4.535,000
4,175,000
Total.
, 98000
1972
,
50 074 500
39.310.000
4,110.000
2,075.000
60.620.000
1,120.000
57,254,500
100,000
7,026.000
36,790,000
16,700,000
500,000
30,000,000
. 1.750,000
11.950,000
.$
9000000
1,999,000
12,394.000
188298000
, ,
48 075 00
26.916.000
4,110,000
2,075,000
43,366,245
1,120,000
57,221.500
100.000
7,026,000
35,462,000
16,700.000
500,000
30,000,000
1,750,000
9.454,000
1,800,000
Refunding.
377.000
162.332,000
21,227.000
6,195,000
14,200,000
107,200,000
153,850,000
11,300.000
67,500,000
2,835,000
65,550,000
11.155,000
40,000,000
225,000
3,200,000
3,750,000
41,200.000
3.645,000
90.228,200 . 18.466,800
282,013,137
688.566.450
79.456,000
6.000,000
16,687,000
133,791.600
83.097.930
109.039,857
1,600,000
3.000,000
53,695,645
8,515.000
26,087,900
14,000
790,000
7,212,800
1921.
Total.
,WVO.00S £.'tOU.00U,1700
75,000
217,298,000
237.038.34o
87,095,880
7.536,000
lg,570.650
75,678,126
32.782,038 406,763.829
1,250,000 324,624,265
1,283,000
71.675.547
75,000
49,100,00c
23,914,506
4,738,500
88.685.94e
_
•
.
32
0:1
arlDINOZ1110
FIVE MONTHS ENDED
MAY 31.
TITE CIIIIONTCLE
JUNE 28 1924.] •
3137
DETAILS 'OF' NW CA.PTTAI.. FLOTATIONS DURING MAY 1924
LONG ThEM BONDS AND NOTES krssuEs MATURING LATER THAN FIVE YEARS).
Amount-
Purpose
of Issue:.
.
Price,
Railroads35,000,000 Refunding;additions & betterin'nts 100
20.000,000 Refunding; additions A, betterm'nts
7.000,000 Capital expenditures
15,000,000 Additions, betterments,..ke
7,734,000 Refunding; acquisitions
25,050,000 New equipment
2,500,000 Capital expenditures
357,000 Refunding
94%
100
92%
99
100
98.4
104%
To Yield
About.
Company and Issue and by 11/hom Offered.
%
6.00 Baltimore & Ohio ER. Co. Ref. & Gen. Mtge. 68, "C," 1995. Offered by Kuhn, Loeb & Co.:
'Speyer & Co.,and National City Co.
5.34 Cleveland Cincinnati Chicago & St. Louis Ry. Ref. & Impt. Mtge. 5s, "D," 1963. Offered by
J. P. Morgan& Co., First National Bank, New York; National City Co.and Guaranty Co.of N.Y
7-00 Porida Western & Northern RR. Co. 1st Mtge. 75,"A," 1934. Offered by Dillon, Read & Co.:
Ladenburg, Thalmann & Co.; Kissel, KInnicutt & Co. and Citizens & Southern Co., Savannah.
5.45 Great Norther* Ry. Co. Gen. Mtge. 55,"C," 1973. Offered by J. P. Morgan & Co., First National
Bank, New York, and National City Co.
,
537New Orleans Texas & Mexico Ry. Co. 1st Mtge. 5%8, "A," 1954. Offered by Blair & Co., Inc.:.
and W. A. Harriman & Co., Inc.
5.011 New York Central Lines Equip. Trust 55 of 1924, due 1925-39: Offered by J. P. Morgan & Co.:
First National Bank, N. Y.: National City Co.; Guaranty Co. of N. Y.,and Harris, Forbes & Co.
5.07 Sc. Paul Union Depot Co. 1st & Ref. 5s,"A," 1972. Offered by J. P. Morgan & Co.; Kuhn, Loeb.
& Co.: First National Bank; National City Co., and Dillon, Read & Co.
5.10 Sullivan County RR. 1st Mtge. 6s, 1944_ Offered by Paine, Webber & Co.
112,641,000
Public Utilities4,250,000 Additions; other corp. purposes_ _ _
501,000 Working capital
94%
91
2,500,000 Capital expenditures
99%
1,300,000 Capital expenditures
100%
225,000 Additions, extensions, &c
1,500,000 Refunding:additions,&c
500,000 General corporate purposes
2,000,000 Capital expenditures
1,250,000 Refunding
93.86
9934
100
993.4
100
400,000 Consol. of properties; working cap_ 100
3,000,000 Extensions and additions
2,000,000 Construction
465,000 Working capital
• 5,000,000 Extensions; improvements
2,000,000 Liquidate curr, debt; working cap.
3,500,000 Capital expenditures
• 1,500,00
Additions
150,000 General corporate purposes
953.
943.
9134
9734
91
94
9934
99
2,100,000 Acquisition of properties
973.t
1,600,000 Acquisitions; other corp. purposes_
97
• 1,000,000 Enlargements;other corp. purposes
1,350,000 Acquisitions; construction, &c_ _
95
9754:
1,750,000 Acquisitions; construction, &e_ _ _
350,000 Additions, extensions, &c
100
850,000 Additions, betterments, &c
95
2,750,000 New construction
95
.6.35 American Gas & Electric Co. 1>ebenture 6s, 2014. Offered by Bonbright & CO., Inc.
1,75 Binghamton (N. Y.) Light, Heat & Power Co. let Ref. Mtge. Is, 1916. Offered by Halsey,
Stuart & Co., Inc.
01.05 California-Oregon Power Co. let Ref. Mtge. 6s, "B," 1942. Offered by E. H. Rollins & Sons,
Mercantile Securities Co. of Calif., Harris Trust & Savings Bank, and National City Co.
:5.95 Carolina Pr. & Lt. Co. 1st & Ref. Mtge.(is, 1953. Offered by Bonbright & Co. and W.C. Langley
dr Co.
6.50 Coos Bay Water Co. (Oregon) let Mtge. On. "A," 1947. Offered by Blyth, Witter & Co. and
Ladd & Tilton Bank, Portland, Ore.
7,05 Durham (No. Caro.) Public Service Co. Ref. Mtge. 75, "A," 1949. Offered by A. B. Leach &
Co.. Inc., and P. W. Chapman & Co., Inc.
7.00 General Gas & Electric Corp. 7s, 1952. Offered by Pynchon & Co., New York; Moors & Cabot;
Boston, and Parsley Bros. & Co.. Philadelphia.
6.05 Great Western Power Co. of Calif. lit & Ref. Mtge. 65, "c," 1952. Offered by E. II. Rollins
& Sons: Lee, Iligginson & Co.; Bonbright & Co. and Peirce, Fair & Co.
5.50 liestonville Mantua & Fairmount Passenger RR. Extended Consolidated (now 1st) Mtge. 534Er,
1931 Offered by Dillon, Read & Co.
6.50 Illinois Consolidated Telephone Co. 1st Mtge. 6%s, 1944. Offered by Chicago (111.) Trust
Co.: Curtis, Stephenson & Co., Inc.. Boston, and Morris F. Fox de Co., Milwaukee.
5.80 Louisville (Ky.) Gas & Electric Co. let & Ref. 534e, "B," 1954. Offerer, by Harris, Forbes &
Co., Guaranty Co. of New York, E. H. Rollins & Sons, and It. M. Byllesby & Co., Inc.
6 40 The Nevada-California Electric Corp. 1st Lien 65, "B," 1950. Offered by Spencer Trask & Co.
area Blyth, Witter & Co.
6.00 New Jersey Pr. & Lt. Co. let Mtge. 58, 1936. Offered by Halsey, Stuart & Co., Inc.
,6.85 Northern States Pr. Co.(Kinn.) 64% notes, 1933 Offered by Guaranty Co. of New York,
H. M. Byllesby & Co.. and Spencer Trask & Co.
.6.60 The Ohio Pr. Co. Deb. 6s, 2024. Offered by Dillon, Read & Co. and Lee. Illgginson dr Co.
.6.50 Portland (Ore.) Electric Pr. Co. let Lien & Ref. Mtge. 6s, "B," 1947. Offered by National.city
..,
...
Co. and Halsey, StuartjAr Co., Inc.
6.03 San Joaquin Lt. & Pr. Corp. Unit. & Ref. Mtge. 68, "C." 1954. Offered by Pence, Fair & Co.:.
Blyth, Witter & Co.; E. If. Rollins & Sons, and Banks, Huntley & Co.
.6.55 South Los Angeles Land & Water Co. litt Mtge. 6348, 1949. Offered by Wm. R. Stoats Co,,
Los Angeles.
.6.75 Southwest Pr. Co. let Mtge. 6345, "A," 1944. Offered by A. C. Allyn & Co., Artuhr Perry & Co.,
and West & Co.
.6.25 Terre Haute (Ind.) Water Works Corp. 1st Mtge. 68, "A," 1949. Offered by P. W. Chapman
& Co. Inc.; Halsey, Stuart & Co., Inc., and H. M. Payson & Co., Portland. Me.
6.90 The United Light & Power Co.(lowa) Deb. 6345, 1974. Offered by Bonbright & Co., Inc.
6.20 United Power & Light Corp. of Kansas 1st Mtge. 68, "A," 1944. Offered by Harris. Forbes &
Co.; E. H. Rollins & Sons; Peters Trust Co., Omaha, Neb. and Arthur Perry & Co.
. and Iliis, Nov. 1 1925-May 1
6100-634 United Power & Light Corp. of Kansas Deb. 68, May 1 1925
1931. Offered by Arthur Perry & Co.
6.50 Venice (Calif.) Consumers Water Co. 1st Mtge. 634ii, "A." 1944. Offered by Bank of Italy,
Los Angeles.
6.40 Western States Gas & Electric Co. 1st & Unit. Mtge. 6s, "A," 1947. Offered by H. M.Byllesby
dr Co.; Blyth, Witter dc Co., an Peirce, Fair & Co.
6.40 Youghiogheny Hydro•Electric Corp.(Md.) 1st Mtge. 6s, 1949. Offered b. Harris. Forbes & Co.
and E. H. Rollins & Sons.
43,791,000
Iron, Steel, Coal, Copper, &c.
30,000,000 Improvements and extensions__ _ _
500,000 Construction
96
100
4,000,000 Enlargements; working capital__ _ _ 100
100-99
275,000 New plant
2,500,000 Acquisition of properties
5,000,000 Refunding: acquisitions of props
94
100
6.30 Bethlehem Steel Corp. Control. Mtge. 6s, "A," 1948. Offered by Guaranty Co. of New York
and Bankers Trust Co.
7.00 Engles Copper Mining Co. Cony. Deb. 7s, 1934. Offered by Angle-London-Paris Co.: Dean,
Witter & Co.; Anglo-California Trust Co. ana Shingle, Brown & Co.
7.00 Federated Metals Corp. Convertible 75, 1939. Offered by Redmond & Co.
434-6.55 General Iron Works Co. (Colo.) 1st Mtge. 6345, 1926-40. Offered by Sidle, Simons, Fels & Co.;
Van Riper, Day & Co.: Bosworth, Chanute & Co.,and American National Co., all of Denver Colo.
7.00 Saline County Coal Corp. 1st Mtge. 1334s, "A," 1944. Offered by Bankers Trust Co.; Stone &
Webster, Inc.; Graham, Parsons & Co.; Curtis & Sanger, and Wm. R. Compton Co.
.7.00 West Kentucky Coal Co. 1st Mtge. 7s, "A," 1944. Offered by Lee, Higginson & Co.; Drexel,
Co. and Cassatt & Co.
42,275,000
Motors and Accessoriescurr, debt; working capital_ 100
275,000 Retire
•
Other Industrial & Mfg.200,000 Additional capital'
9934
350,000 Acquisitions; retire mtge. debt_ _. 1,400,000 Refunding
1.200,000 Acquisitions; other corp. purposes_
2,000,000 Refunding, working capital
. 2,500,000 Working capital, &e
99
9834
100
600,000 Retire current debt: wkg. capital.- 100
Land, Buildings. &c.'
75,000 Finance construction of apartm't
100
325,000 Finance construction of apartml- 100
250,000 Real estate mortgage
100
225,000 Retire floating debt
100
695,000 Finance construction of bldg
100
• 1,500,000 Refunding; other corp. purposes...- 100
'bldg._ 100
150,000 Finance construc'n of add.
1,400,000 Leasehold mortgage
100 •
180.000 Real estate mortgage
100
400,000 Finance construction of apartml.
400.000 Finance construction of hotel
100
100
750,000 Finance construction of apartml. 100
57,000 Finance construction of building.. 100
420,000 Finance construction of building..
1,000,000 Finance construction of buildings
650,000 Real estate mortgage
100
100
250,000 Finance construction of apartml.. 100
100
1,500,000 Finance construction-of building
1,475,000 Finance construction of building.. 100
of
500,000 Finance consten add'n to bldg.. 100
100
575,000 Real estate mortgage
4.000,000 Finance construction of building.. 98
6.50
(J. C.) Widinan & Co. (Detroit) let Mtge. 676s, 1924-1934. Offered by Keane, HIgble & CO.
Detroit.
7.05 Atlantic Carton Corp. 1st Mtge. 78, 1934. Offered by Hincks Bros. & Co., Bridgeport.
6.00-6.75 Chanslor & Lyon Co. (San Francisco) 1st (closed) Mtge. 634s. 1925-35. Offered by Geo. H.
Burr & Co.. Conrad & Broom and Hunter, Dulin & Co.
53.(-4134 Combined Locks Paper Co. (Appleton, Wis.) 1st Mtge. 634s, 1925-39. Offered by Federal
Securities Corp., Chicago.
6.60 General Leather Co. 1st (closed) Mtge.634s, 1939. Offered by Dillon, Read & Co.
6.65 General Railway Signal Co. let Mtge. Convertible 6345, 1044. Offered by Merrill, Lynch & Co.,
Sehoelikopf, Hutton & Pomeroy, Inc., Buffalo; Sage, Walcott & Steele, and Hibbard, Palmer &
Kitchen, Rochester.
7.00 GillIcan-Chipley Co. (New Orleans) 1st Mtge. & Coll. Trust 78, 1934. Offered by Caldwell &
and Watson, Williams & Co., New Orleans.
Co., N.
Y.,Co.(Philadelphia) 1st (closed) Mtge. 75, 1934. Offered by Stanley& Bissell, Cleve7.00 (L. H.) Gilmer
land.
7.00 Barry Arms Apartments (Chicago) Certified 1st Mtge.78, 1926-34. Offered by Cochran & I,IeCluer
Co., Chicago.
8.50 Beacon Manor Apartments (Chicago) 1st Aftge. 63ls, 1926-36. Offered by S. W.Straus & Co.
6.00 Brady Bldg. (Mary E. Brady) (San Antonio, Tex.) 1st Mtge. 68, 1934. Offered by Mississippi
Valley Trust Co., St. Louis.
6.00 Cincinnati Postal Terminal & Realty Co. 1st Mtge.(is, 1934. Offered by Provident Savings Bank
& Trust Co., L. R. Ballinger Co. and N. S. Talbott Co., Cinch:matt.
7.00 Clark Estate Office and Medical Arta Bldg.(Kansas City, Mo.) let Mtge. 75, 1928-37. Offered
by G. L. Miller & Co., New York.
6.00 Cliff Realty Co.(San Francisco) 1st Mtge.65, 1927-44. Offered by Mercantile Securities CO.and
Bond dr Goodwin & Tucker, Inc., San Francisco.
6.00 East Dallas Christian Church (Dallas, Texas) 1st Mtge. Real Estate 6s, 1927-34. Offered by
Whitaker dr Co., St. Louis.
6.50 Euclid-East Seventeenth Co.(Cleveland) let (closed) Mtge. Leasehold 634s, 1926-39. Offered by
Worthington, Murfey & Co. and Guardian Savings & Trust Co., Cleveland.
7.00 The Faille Buildings (Ontario, Calif.) 1st Mtge. 75, 1925-35. Offered by Wm. R. Stoats Co.;
Los Angeles.
6.50 Farrand Park Apts. (Detroit) 1St Mtge. 645. 1926-38. Offered by S. W.Straus & Co.
7.00 The Robert Fulton Hotel (Atlanta) 1st Mtge. Leasehold 7s, 1925-34. Offered by Citizens &
Southern Co., Atlanta.
6.50 Fulton Realty Co.(East Orange, N.J.) 1st Mtge.6%s, 1927-34. Offered by S. W.Straus Az Co.
7.00 General Furniture Co. Bldg. (Seattle Wash.) let Mtge. Real Estate 78, 1926-34. Offered by
Wm.P. Harper & Son, Seattle, Wash.
6-634 Goodell Realty Corp. (Buffalo, N. Y.) 1st (closed) Mtge. 6s, 1925-39. Offered by schoeilkozo.
Hutton & Pomeroy, Inc. and Secured Mortgage Corp., Buffalo.
:50 The Harding Buildings (Chicago) 1st Mtge. 634s, 1926-34. Offered by Peabody, IloughteRng
6
A: Co., Chicago.
6.00 Jackson Park National Bank Block (Chicago) let Mtge. 6s, 1926-37. Offered by S. W.Straus
& Co.
6.50 Massee Apts. (Macon, Ga.) let Mtge. 63.48. 1927-36. Offered by S. W.Straus & Co.
6.00 Mayo Hotel Co.(Tulsa, Okla.) let Mtge.(is, 1926-34. Offered by Misslaslind Valley Trust Co.and
Francis Bros. & Co., St. Louts.
6.50 Medical and Dental Bldg.(Seattle) let Mtge.634s, 1927-43. Offered by S. W.Straus & Co.
7.00 Methodist Hospital of Southern California (Los Angeles) 1st Mtge. 75, 1926-39. Offered by
Banks, Huntley & Co., Drake, Riley & Thomas and Stevens, Page & Sterling.
6.00 Missouri Methodist Hospital Association 1st Mtge.(is, 1926-39. Offered by Stix & Co., St. Units.
6.20 Pennsylvania Bldg. (Pennsylvania Operating Corp.) let Mtge. Fee 65 (closed mtge.) 1939.
Offered by Dillon, Read dr Co.
3138
Amount.
685,000
440.000
225.000
1,500,000
425,000
800,000
1,250,000
1,150,000
450.000
140,000
500,000
vol.. 118.
THE CHRONICLE
Purpose of Issue.
To Yield
About.
Price.
Land,Buildings, &c. woncnFinance construction of building-Finance construction of apartm't_ _
Finance construction of buIlding._
Complete building Program
Company and hems and by 1Vhom Offered.
9;
6.50 Ray Office Bldg.(Oakland. Calif.) let Mtge. 6345, 1927-1939. Offered by S. W.Straus dr Co.
7.00 St. Andrews Apts. (Atlanta) let Mtge. 7s, 1926-39. Offered by G. L. Miller 4C Co., New York.
6.00 St. Theresa's Home (Cincinnati) 151 Mtge. 6s, 1929-42. Offered by W.E. Fox dr Co., Cincinnati.
7.00 Shaker Co.(Cleveland) 1st Mtge. Leasehold 7s, 1926-36. Offered by Tillotson & Wolcott Co. and
Herrick Co., Cleveland.
6.50 Ten Broeck Apt. Corp.(Albany, N. Y.) let Mtge.634s, 1927-36. Offered by S. W.Straus & Co.
Finance construction of apartm't_ _ 100
6.00 30 East 40th St. Bldg.(N. Y. City) 1st Mtge. 68, 1927-36. Offered by S. W.Straus dr Co.
Finance construction of building_ _ 100
6.50 33 Gates Circle. Inc. (Buffalo, N.Y.). let Mtge.634s, 1927-38. Offered by S. W.Straus & Co.
Finance construction of apartm't_ _ 100
6.50 (L. W.) Tuller (Detroit) let (closed) Mtge.6345. 1927-38. Offered by Howe,Snow dr Bertles, Inc.,
100
Complete building of hotel
Hayden, Van Alter & Co., Nicol, Ford & Co. and Livingstone, Hlgble & Co., Detroit.
Price on applica'n Virtu Cliff Bldg. (Salt Lake City) let Mtge. 68. 1928-39. Offered by Edward L. Burton Co.
Real estate mortgage
7.00 Westlake Fireproofing Garage Co. let Mtge. 78, 1926-39. Offered by Frick, Martin & Co. and
Finance constr'n of garage bldg._ _ 100
Security Co., Los Angeles.
6.50 Wohlbro Construction,Inc.(Kew Gardens, L.I.) 1st Mtge,6345. Offered by S. W.Straus & Co.
Finance construction of apartml._ 100
100
100
100
100
24,342,000
Shipping1.500,000 Construe steamship terminal
7.00 Pacific Steamship Terminal Co. 1st Mtge. 78. 1931-44. Offered by Peirce. Fair & Co. and Myth.
Witter & Co.
100
Miscellaneous250.000 Extensions, bettermls, wkg.cap_ _ 100
1.250.000 Additional facilities
7.00 Bryant Lumber Co.(Seattle) let Mtge. 78, 1925-36. Offered by Wm.P. Harper dr Son, Seattle,
6.80 Central Manufacturing District Inc. of Los Angeles 1st Mtge. Impt. 135.65 "B," 1927-39. Offered by Hunter. Dunn dr Co., 'Myth, Witter & Co., Jackson & Curtis and Citizens' National
Bank, Los Angeles.
6.65 Continental Timber Land Co. (Chicago) 1st Mtge. 631s, 1934. Offered by Baker. Fentress &
Co., Chicago, and Detroit Trust Co.
6.50 Louisville (Ky.) Provision Co. 1st Mtge. 634s, 1925-34. Offered by Bankers Bond Co., Louisville, Ky.
6.50 Pictorial Review Co. (N. Y.) 1st Mtge. Convertible 634s, "A," 1939. Offered by Manufacturers'
Trust Co., New York; Harris, Ayers & Co., and Taylor, Ewart & Co.
99
550,000 Fund current obligations
100
250,000 Additional capital
, 3,250,000 Retire mtge. debt: wkg.
9935
5,550,000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads750,000 Fund current debt
To Yield
About.
Placed privately
Public Utilities2,700,000 Ret.curr.debt;acq. int.in oth. util
99.54
200,000 Acquire interest In other utility_ _ _ 100
3,000,000 Acquire control Colorado Pr. Co
100
Company and Issue and by Whom Offered.
Minneapolis & St. Louis RR. receivers' certificates due Oct. 30 to Nov. 6 1924. Placed privately
by Minneapolis Trust Co.
5.25 Blackstone Valley Gas & Electric Co. 2-Year 5% notes due May 11926. Offered by Estabrook
& Co. and Stone & Webster, Inc.
6.00 Northeastern Iowa Pr. Co. 6%. notes, May I 1925-1926. Offered by Preister, Quail & CundY.
Inc., Davenport, Iowa.
6.00 Public Service Co. of Colorado 6% notes. due April 30 1925. Offered by Halsey, Stuart & Co.,
Inc.; A. B. Leach & Co., Inc., and Federal Securities Corp., Chicago.
5,900,000
Other Industrial & Mfg.
20,000 Working capital
Add'i machinery; construction
600,000
620,000
Land, Buildings, &C.
200,000 Finance construction of building__
Miscellaneous100,000 Development of properties
1,000,000 Development of properties
9935
6.00 Carman Mfg. Co.634% notes,due May 1 1926-1927. Offered by Ladd & Tilton Bank,Portland,Ore,
7.00 Missisquol Pulp & Paper Co.(Sheldon Springs, Vt.) 5-Year Cony. 75, 1929. Offered by McBee.
Jones AC Co., New York.
100
6.50 Seattle Chamber of Commerce & Commercial Club 1st (Closed) Mtge. Leasehold (3)45, 1926-1929.
Offered by Carstens & Earles, Inc., and John E. Price dc Co., Seattle.
96
7.00 Mercer Silica Sand Co.5-Year Deb.6s, March 11929. Offered by General Bond & Share Cor., N.Y.
6-6.70 Nehalen Timber & Logging Co. (Portland, Ore.) 1st Mtge, 65, Dec. 1 1924 to June 1 1929.
Offered by Wells-Dickey Co., Minneapolis.
7.25 Stave Falls Lumber Co., Ltd. Guar. 3-Year Coll. Trust 7s, April 1 1927. Offered by G. E. Miller
& Co., Los Angeles.
150,000 Additions, extensions, &c
1.250.000
STOCKS.
Par or
No.ofShares
a Amount Price
To Yield
Inoloved. Per Share. About.
Purpose of Issue.
Public Utilities150,000,000 Expansion of facilities
150,000,000 100
16,000,000 Additions and extensions
16,00,0000 100
750,000 Extensions to properties
11,151,300 Additions and extensions
500,000 Additions; other corp. purposes. _ _
750,000 100
11,151,300 100
500,000 98
441,500 Improv'ts, extensions, &c
650.000 General corporate purposes
25,000.000 Corporate requirements
706,400 160
650,000 50 (par)
25,000,000 87%
9,790,300 General corporate purposes
O100,000shs General corporate purposes
10,000,000 New plant;other corp. purposes_
9,790,300
4,400,000
10,000,000
25 (par)
44
90
Company and Issue and by Whom Offered.
American Telephone & Telegraph Co. capital stock. Offered by company to stockholders.
Brooklyn Edison Co., Inc., capital stock. Offered by company to stockholders: underwritten by Dillon, Read & Co.
Connecticut Power Co. Common. Offered by company to stockholders.
Detroit Edison Co. capital stock. Offered by company to stockholders.
7.14 Knoxville Power & Light Co. 7% Cum. Prof. Offered by W.C. Langley & Co., New
York, and Old Colony Trust Co., Boston.
Lowell(Mass.) Electric Light Corp.capital stock. Offered by company to stockholders
New England Co. Common. Offered by company to stock,holders.
6.85 Pacific Telephone & Telegraph Co. 6% Cum. Pref. Offered by company to Preferred and Common stockholders.
___ Philadelphia Electric Co. Common. Offered by company to stockholders.
_ _ Public Service Corp. of New Jersey Common. Offered by company to Preferred and
Common stockholders; underwritten by Bonbright dr Co., Inc., New York.
6.67 Southern California Edison Co.6% Cum. Pref., Series "B." Offered by company to
stockholders, and by E. H. Rollins & Sons.
228.948,000
Iron, Steel. Coal, Copper, &c.
1,000,000 Working capital: expansion
Motors and Accessories•10,000 abs Working capital
Other Industrial & Mfg.
300,000 Additional capital
200,000 Working Capital; other corp. purp_
300.000 New plant; corporate purposes__ _ _
1,000,000 Refunding; working capital
1,000,000 100
300,000
375.000 125
200,000 100
480,000 16
1,000,000 100
587.500
O47,000 abs Expansion of business
30
1234
8.00 Hatfield-Reliance Coal Co. 8% Cum, Prof. Offered by W. E. Hutton & Co., First
Investment & Securities Corp., Fourth & Central Trust Co., Edgar Friedlander,
Geo. C. Riley Co., Ashbrook Bros. and Westhelmer & Co., Cincinnati.
Rollin Motors Co. Common. Offered by Reed M. Chambers, Inc., Cleveland.
Chero Cote Co.(Georgia) Common. Offered by Brannan & Beckham, Inc.. Atlanta.
(Otto) Grau Piano Co. (Cincinnati) 734% Partic. Cum. Pref. Offered by Van
7.50
Leunen, Reynolds & Co., Cincinnati.
(W. F.) Hall Printing Co. Common. Offered by company to employees.
7:66 Rome(N. Y.) Wire Co.7% Cum,Pref. Offered by Kidder, Peabody & Co.and Mohawk
Valley Investment Corp., Utica, N. Y.
(R. E.) Thompson Radio Corp. capital stock. Offered by E. W. Clucas & Co., Morin
S. Hare & Co.and C.H.Hensel.
2,642,500
Oil*1,300,000 sh Working capital
1.875,000 Development of properties
9,100,000
7
1.218.760
334
Pierce Petroleum Corp. Common. Offered to stockholders of Pierce Oil Corp. Underwritten by Lehman Bros., Goldman, Sachs & Co. and Hornblower et Weeks.
Venezuelan Petroleum Co. capital stock. Offered by Thomas L. Manson So CO..
Jenks, Gwynn° & Co. an.d Simmons dr Slade, New York.
10,318,750
Land, Buildings, &c.
1,000,000 Finance construction of building__
750,000
14,000 ctfs
FIRItnee constr'n of garage
Finance lease of property
bidgs_ _
1,000,000 100
750,000 100 (b)
1,400,000 100
3,150,000
Miscellaneous250,000 Additional capital
extensions, &c
Acquisitions,
2,000,000
250,000 100
2,000,000 9334
6.00 Columbia Club Realty Co. (Indianapolis) 6% 1st Prof., 1927-45. Offered by J. F.
Wild dr Co., Indianapolis.
7.00 Detroit Garages, Inc., 7% Cum. Pref. Offered by Nicol, Ford JC Co., Detroit.
6.00 (John) Shillito Co.(Cincinnati) Land Trust certificates. Offered by Otis & Co., A.E.
Aub & Co., Braun, Bosworth 44 Co., Bruner & Reiter Co., Cosmopolitan Bank Ar
Trust Co., R. E. Field & Co., Fourth & Central Trust Co., Grau,Todd & Co.. the
Herrick Co., N. S. Hill dr Co., Hunter, Budde & Duble, W.E. Hutton & Co., Title
Guarantee & Trust Co., Van Leunen, Reynolds & Co., Well, Roth & Irving Co..
Westerfield & Graf Co. of Cincinnati, O.: Security Trust Co., Lexington, Ky.; Bond
dz Mortgage Co.. Athens, 0.; United Securities Co., Cleveland, 0., and Ohio Savings
Bank & Trust Co., Toledo, 0.
7.00 Grote•Ranken Co. (Seattle) 7% Cum. 1st Pref. Offered by Carstens & Earles,Inc.,&c.
8.50 Sugar Estates of Oriente 8% Cum. Pref. Offered by W. A. Harriman & Co., Inc.
2.250,000
FARM LOAN ISSUES.
Amount.
Issue.
1,500,000 First Carolinas Joint Stock Land Bank
(Columbia, So. Caro.) 58, 1934-1954
2,000,000 First-Trust Joint Stock Land Bank of
Chicago 4345, 1934-1954
1,000,000 New York & New Jersey Joint Stock Land
Bank of Newark 55, 1933-1953
1,200,000 San Antonio Joint Stock Land Bank of
Texas & Oklahoma .58, 1933-1953
5.700.000
Price.
Yield.
Offered by.
100
5.00 Harris, Forbes & Co.: Halsey, Stuart & Co., Inc., and Wm. R. Compton Co.
100
4.75 First Trust & Savings Bank, Chicago.
10135
4.80 J. S. Rippel & Co., Newark, and Remick, Hodges & Co.. New York.
100
5.00 Hayden, Stone & Co.
JUNE 281924.1
THE CHRONTCIAE
3139
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
9,250,000 Czechoslovak Republic Secured External
8% Loan of 1922, Series "13," due 1952---
Price.
98%
Yield.
Offered by.
8.30 Kuhn, Loeb & Co.; National City Co., and Kidder, Peabody & Co.
v Shares of no par value. a Preferred stocks are taken at par while in the case of common stocks the amount is based on the offering price. b Each share of Preferred
stock carries bonus of one share of common stock.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 27 1924.
With better weather, retail trade has taken on a little
more life. Yet in some parts of the West rains have been
rather excessive, while on the Pacific Slope they have been
too scanty. On the whole the crop reports in regard to the
wheat have been latterly rather more cheerful. Harvesting
is general in Texas, Oklahoma and southern Kansas. Very
satisfactory yields are reported in Oklahoma. Texas is
turning out better than expected. This will make partial
amends for a rather unsatisfactory outturn in Kansas. The
cotton crop is looking better and prices have declined except for immediate and July delivery, which feel the pressure of scanty supplies and an oversold position. This sent
the July delivery to a premium over October of $2150 per
bale. A very similar situation in 1920 raised the July premium over October to $50 a bale and lifted the price of that
delivery to 43.75c. Nothing of this kind is expected this
year. The grain markets have been strong. Corn has been
extraordinarily active and has advanced in a single day
5% cents per bushel, with the rise in two days approximating 7 to 9 cents. This unfortunately was due more to bad
crop reports than to anything else. The weather has been
too wet and cold. The crop has made noticeable progress of
late, but it is one to two weeks behind and complaints have
been very general from Iowa, Nebraska and Missouri of excessive rains, low condition, backward cultivation and irregular stands. Oats, too, have risen sharply and, like corn,
advanced in one day fully 5% cents per bushel. This was
partly in sympathy with the rise in corn, however. Wheat
has been strong without advancing markedly. But the impression is growing that supplies will be deficient at home
and abroad. To-day came reports of floods in the Central
West, following heavy rains. And rye suddenly advanced
4 to 5 cents per bushel, owing to fears of a bad crop coincident with unfavorable weather at the West. Also, there
were reports that the Russian rye crop will be deficient.
There were rumors that the Russian Government had forbidden the exportation of rye. The Russian situation is naturally closely watched. A Moscow dispatch to-day said
that with a view of avoiding a repetition of the famine of
1921 the Government is taking every precaution to prevent
a shortage of food in the districts where the crops have
failed this year. In the districts where the crops look the
worst it seems over 5,000,000 people would be affected by a
famine. The Council of Commissars states that there is no
danger of a famine as severe as that of 1921. It will be
remembered that the United States did very much to relieve
the distressing situation in that year and the following
year.
The crops are late in this country. That is one of the
unfortunate features of the business situation. It may
easily happen, however, that any deficiency in the size of the
crops will be made up, so far as the farmer is concerned,
by an increase in the price. Meanwhile the big industries
of the country are for the most part quiet. Some reports
said that pig iron has latterly met with a somewhat better
demand. The oil trade and some of the railroads have increased their purchases somewhat of steel. But at best
both iron and steel are quiet and pig iron has declined,
while prices for steel are none too steady. It is hoped,
however, that a reduction in the steel output has paved the
way for a better situation later on. Building is being
prosecuted on a vigorous scale. The coal trade is rather
quiet. The automobile industry is running on a basis of 50
to 75% and trade does not improve much. Oil production
has declined, but the tendency of prices seems to be rather
towards an easing than any advance. On the other hand,
prices of general merchandise have for the most part advanced rather than declined. The West is encouraged by
the sharp advance in grain markets. July wheat and rye
are 15 cents higher than a year ago, July corn 16 cents
higher and July oats 13 cents higher. The flour mills are
getting higher prices as a matter of course, and it seems
that to-day there was rather more business doing at Minneapolis. There is no denying, however, that in the flour
trade there is plenty of room for improvement after months
of very noticeable slowness. Jobbing trade in this country
has improved somewhat. But taking wholesale business as
a rule, it is slow. There has been at times a rather better
trade in cotton goods here, but at Fall River it is still quiet.
The big textile industries are still suffering from trade depression. Copper has been quiet and if anything, rather
lower. Failures, on the other hand, are not so numerous.
The earnings of leading mail order houses at the West make
a better showing, and one of them has Just declared the first
dividend on its common stocks since 1921, and now pays at
the rate of 6% per annum. Money at the West is plentiful
and relatively cheap. Bank clearings are larger than
those of a year ago, but it is still a noteworthy fact that the
increase is for the most part confined to New York. Latterly stocks have been more active at rising prices, coincident with low rates for money and the transactions to-day
reached approximately 900,000 shares. Meanwhile there is
an excellent business in bonds at rising prices, as is apt to
be the case when money rates are low. Securities were
higher to-day in London. French and German bonds have
also risen. The political situation abroad discloses nothing particularly new. It is to be hoped that this is the case
where "no news is good news." Indeed, there seems to be
every reason to believe that the new French Premier, Herriot, and Premier MacDonald are disposed to grapple with
the reparations question on the basis of the Dawes plan in
earnest. It is certainly to be hoped that our Ambassador
Kellogg also will be able to further this great matter in
some practical, and if need be, active manner, rather than
keep to the old plan of merely looking on. Evidently the
trend of things on the stage of European politics is towards
betterment rather than retrogression.
Meanwhile the American business situation is far from being discouraging. The extraordinary cheapness of money
continues to be the leading feature of the times. And today the London market improved somewhat on advices from
New York indicating the possibility of a further reduction in
the New York Federal Reserve Bank's discount rate. Merchants note with interest the continued downward tendency
of the time rate for money which in some cases to-day fell
to 2%% for 30 to 60 days. Prime commercial paper was
discounted at 3%%. Call loans secured by acceptances
were 1%%. It is pointed out that the United States now
has a stock of gold money of approximately $4,250,000,000.
or about 42% of the world's visible supply. This, it is of
interest to recall, is an increase, compared with pre-war
holdings in this country, of nearly 100%. This, of course,
takes no account of the greater efficiency of money ynder
the Federal Reserve Bank law and the larger loans possible under the system of concentrated reserves. The historic fact in regard to such an amazing supply of gold
money is that it is unparalleled in human history. No Kingdom or Empire of ancient or modern times ever held such
an amazing total, nearly one-half of the world's supply.
Yet there has been little inflation. Rather high discount
rates for a certain period may have helped to stave it off,
but it would seem that other causes have also helped. We
are told that "there is a soul of good in things of evil." *It
almost seems so at times. Certainly bad roads and restricted production and consumption helped to keep trade
within conservative bounds. And then came a cold wet
spring which made bad worse, with disturbed politics, oil
scandals, high taxes, the agitation for their reduction, the
Bonus Act, the approaching national conventions, the mercantile caution usual in a Presidential election year, the
3140
TrEF CHRONICLE
[VOL. 118.
plight of the farmer, the buying from hand to mouth
Here 40,000 clothing wdrkers struck on Wednesday, dethroughout the country for many months, and the com- manding the closed shop, a guarantee against wage cuts
parative absence of speculation in stocks and commodities and a minimumn wage scale. At Boonville, Ind., on June 23
until within a week or two. Though all this was'unwelcome, the Moses Rosenthal Co., manufacturers of athletic underit has prevented the stupendous accumulation of gold in wear, closed down its plant indefinitely following a strike
the United States from being used in a reckless extension of because of dissatisfaction over wages. The closing of the
engagements and a saturnalia of speculation. Under ordi- factory means the loss of a payroll of $90,000 to Boonville.
nary circumstances it is as natural for a country to use The plant was growing and the company expected eventually
abnormally large accumulations of money in unduly ag- to employ more than 300 men and women, with an annual
gressive trade and unwise speculation as it is to use a big payroll of $150,000, the manager said. The factory was
army for hazardous political aggression. As the case obtained by Boonville through the efforts of the Kiwanis
stands, trade in the United States, though quiet, is on a Club. Approximately $20,000 was given by business men
sound basis.
there as a bonus to obtain the factory. The agreement proCotton spinning activity declined further in May. Ac- vided the factory should remain five years.
cording to the Census Bureau there was a reduction of
Hoisting engineers and bricklayers employed here on
more than 8,500,000 in the number of active spindle hours 12 buildings in which the erection of steel is being handled
in May as compared with April. At Fall River textile manu- by members of the Iron League, walked off the Jobs, on
facturers declare that the resumption of mill operations in June 23, asserting that they would not work with iron workthat district depend to a considerable extent on the abate- ers who were incompetent. Contractors for the Bear Mounment of their tax valuations for 1923. They say that such tain Bridge across the Hudson River have engaged six devaluations have been excessive and illegal. The average tectives to protect their property from
violence.following a
placed on Fall River mills is $2280 per spindle. The cost lockout of union iron workers whose places have been taken
of a 100,000 spindle mill in Fall River for taxation purposes by non-union men. Among those employed on the bridge
is stated as $34,000 larger than for a similar mill in the are many college men, including Lieutenants Ackerman,
Southern States. If this is so it is certainly a case of stu- Johnson and Harper, who graduated this year from the
pidity raised to the nth magnitude. At New Bedford, Mass., United States Military Academy and who have not yet been
the Wamsutta mills will be closed all next week. It was assigned to army duty.
reported that other mills will curtail 10 to 14 days in July.
It was 84 degrees here last Saturday, 86 on Sunday, 82 on
At Lawrence, Mass., the Pacific mills closed down this week Monday. Later on Sunday the most violent
storm in years
for stock-taking purposes, having run full time last week struck the upper Mississippi Valley, doing great damage in
to average the operating schedules. At Fitchburg, Mass., Nebraska, North Dakota, Minnesota and Illinois. Here on
textiles are the dullest since the big strike in the Parkhill the 24th inst. it was 83 and the first heat prostrations of the
mills two years ago. At Pawtucket, R. I., the J. & P. Coats, season were reported, followed by more the next day, when
Inc., cotton mills, employing 3,500, will close from June for the first time this summer the temperature rose to 87 at
26 to July 27. At Lonsdale, R. I., the Lonsdale Co. mill will 4 p. m., from which, during a violent thunderstorm, it fell by
lay off 1,300 of its employees next week. It has been run- 6 p. m. to 64. To-day it has been cool and rainy in New
ning three to four days a week for several months. At York, with the thermometer 63 degrees at 1 p. m.
Nashua, N. H., the Nashua Manufacturing Co. mills will
be closed during the week commencing June 30. At Man- Federal Reserve Board's Summary of Business Conchester, N. H., it is said the Amoskeag mills will shut down
ditions in the United States—Continued Decline
from July 2 to July 7 and then return to a three-day schedin Factory Employment and Production of
ule. At Biddeford, Me., the Pepperell Manufacturing Co.
Basic Commodities.
will be closed next week. At Portland, Me., a large part
Production of basic commodities and factory employment
of the Pepperell mills shut down last Thursday for the rest showed unusually large declines in May and were considerof the week and the entire plant has been closed this ably below the level of a year ago, says the Federal Reserve
week.
Board in its summary of business conditions in the United
At Spartanburg, S. C., three Spartanburg County mills, States, made public June 27. The board continues:
Purchases at wholesale and retail also declined during the month and
Whiteney, Drayton and Clifton, have begun a part-time
were somewhat below last year's volume. Commercial loans at member
schedule. At Whitney mills the machinery is operated five banks
decreased and there was a further decline in money rates.
days a week. The Drayton mills are running four days.
Production.
The three Clifton mills on Pacolet River have been obliged
The Federal Reserve Board's index of production in basic Industries,
seasonal
allow
for
to
variations,
adjusted
declined about 10% in May to a
to curtail on account of shortage of water. Spartanburg
point about 19% below the peak reached a year ago. Particularly marked
complains of great dulness of goods. At Chester, S. C., decreases
were shown for production of iron and steel and mill consumption
mills Nos. 1 and 2 of the Republic cotton mills at Great of cotton. Output of anthracite, cement and tobacco products, on the
Falls, two of the largest print cloth mills in the South, which other hand, was slightly larger than in April. Factory employment declined 4% in May, the number of employees being reduced in almost all
were operating on a three-day-a-week night and day sched- reporting industries. The largest reduction
of working forces occurred in
ule for some time, have resumed full-time day and night the textile, metal, automobile and leather industries. The value of building
was
13% less than the month before and for the
operation. At Lyman, S. C., the Pacific mills have started contracts awarded in May
first time since the beginning of the year fell below the corresponding month
work in a number of their departments in their new mill and in 1923.
The Department of Agriculture forecasts as of June 1 indicated smaller
bleachery. In North Carolina curtailment is said to have
and barley as compared with the harvest of 1923.
been further increased. At Smithfield, N. C., four cotton yields of wheat, oatscotton
crop on May 25 was 5% lower than a year ago
The condition of the
mills have closed down indefinitely. At Paterson, N. J., the and 7% below the average condition for the past ten years.
strike of the weavers at the Peerless plush mills ended and
Trade.
Railroad shipments showed a slight increase in May,but were 8% smaller
the workers returned to their looms Monday morning under
a year ago. Car loadings of all classes of freight, with the exception of
a new plan made satisfactory to both sides. At Paterson, than
grain and live stock, were smaller than in May 1923. Wholesale trade deN. J., broad silk mills are operating on a general average creased slightly in May and was 6% less than in May 1923. Sales of dry
of 25%. Montreal wired that all the mills of the Canadian goods, shoes and hardware were much smaller than a year ago, while drug
sales were slightly larger. Retail trade at department stores and mail
Cotton Ltd. Co., employing 4,1100 hands, have closed until order houses declined during May more than
is usual at that season and was
trade.
of
dulness
July 7 owing to
smaller than last year. Department store stocks were 4% smaller in May
than
in
April
and
3%
larger
than
a
year earlier.
The Massachusetts Department of Labor and Industries
Prices.
reports for May show cotton and woolen and worsted mills
Wholesale prices as measured by the Index of the Bureau of Labor Staand shoe factories were especially hard hit. There was a tistics, declined 1% during May to a level about
8% below the high point
decrease of 4.3% in the number of employees, a decrease of reached in the spring of 1923. Prices of all commodities groups, with the
declined
exception
in
of
May.
food,
During
the
first
a
decrease
half of June, quotaand
payroll
of
1.0%
in the
5.3% in the aggregate
tions on wheat, corn, rye and silk increased, 'while prices of hogs, beef.
average weekly earnings per person in May as compared cotton and lumber declined.
Bank Credit.
with April. There were decreases in the number employed
Decreased demand for credit for current business requirements between
in a4 of -the 36 industries specified. In three of four printhe middle of May and the middle of June
reflected in a smaller volume
cipal industries boots and shoes, cotton goods and electrical of borrowing for commercial purposes at was
member banks In leading cities.
supplies,
there
were
and
decreases
Further purchases of corporate securities by these banks and larger loans on
machinery, apparatus
both in the number of persons employed and the average stocks and bonds, however, resulted in an increase for the month in their
total loans and Investments. There was an unusually large increase in net
weekly earnings. Curtailments continued to be especially demand deposits of these banks, which carried the total of these deposits to
marked in the manufacture of boots and shoes, cotton goods, the highest figure on record. At the Federal Reserve Banks between May
June 18 there was a further decline in discounts for member banks
Jewelry, machine tools, textile machinery and parts and 21 and acceptances
and in
purchased in the open market. Government security
woolen and worsted goods.
holdings, on the other hand, increased and total earnings assets were some-
3141
THE CTTRONTC,T.E.
JUNE 28 1924.]
what larger than a month ago. The prevailing ease in the money market
in rates on prime
was reflected in a further decline from
issue of six-month treasury
commercial paper in New York. The June
similar offering
a
on
4%
compared with
certificates bore a rate of
last December. Discount rates at the Federal Reserve Banks of Cleveland,
Richmond, Atlanta. Chicago, St. Louis and San Francisco were reduced
from 43% to 4% during June. and the rates in Boston, New York and Phila%•
delphia were reduced to
Increase in Chain Store Sales in Federal Reserve
District of New York During May.
23%%,
Sales in May by all types of chain store systems were
12% larger than in May 1923, due in large part to the
opening of new stores, according to an item which will
appear in the July 1 "Monthly Review of Credit and Business
Conditions" by the Federal Reserve Agent at New York.
Decrease in Wholesale Trade in Federal Reserve District In the cases of ten-cent and tobacco stores, however, there
were increases also in the sales per store. The statement
of New York During May.
The following statement regarding wholesale trade will continues:
This bank's index of chain store sales for May stood at 97% of the
appear in the July 1 monthly review of credit and business
computed trend, a time identical with that for April. The following
York:
conditions by the Federal Reserve Agent at New
table shows the detailed changes for the different types of stores:
43% to 33%-34%
15
Sales in 11 lines of wholesale trade in this district averaged 11% smaller
dealers. The
according to reports from
In May than in May
and this banks'
actual volume of sales was the smallest since July
Index, in which allowance is made for seasonal variation and price changes,
was 14% below the trend of past years and at the lowest point since
January
Cotton goods sale3 were the smallest for this time of year in five Years
and sales of clothing, especially dresses and men's clothing, also showed
unusually large decreases. Sales of silk goods, while smaller than last
year, decreased much less than those of cotton goods. Hardware sales
show less favorable comparisons with last year. while machine
continued
smaller than in May
were
Only in drugs did sales exceed those of last May. although stationery
at the same level as a year ago. The following
maintained
sales were
table compares sales for the different lines in May of the past five years.
DOLLAR VALUE OF MAY SALES.
(May 1923=-100% .)
163
1922.
1923,
1921.
to
20%
1923.
1920.
1)rugs
StatIOne r
Groceries
Hardware
Jewdry _
Dry goo Is
(a) Co ton
(b) Sill
Diamond 3
Shoes
Machine tools
Clothing_
(a) M n's
(b) W men's dresses_
(c) W men's coats and snits.
R7
129
157
114
156
110
116
104
136
152
177
103
152
60
81
190
1922.
1923.
1924.
90
86
90
84
63
87
05
77
73
77
34
74
84
69
65
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
113
100
99
92
01
91
84
97
33
82
SO
74
73
57
92
0A
RA
1921.
i
Commodity.
1
.
moo I
-4cn-s-atztos•cootoe.-vgl..a.
.0.45-ioc.mcocace.00.10.
tools
Weiithr.!
AVOTAff0
I
Inn
I
RA
Increase in Department Store Sales in Federal Reserve
District of New York During May.
"Department store sales in this district in May were 1%
larger than in May 1923, the smallest increase over the
previous year since July 1922, except in March, when sales
were delayed by the late Easter," says the July 1 "Monthly
Review of Credit and Business Conditions" by the Federal
Reserve Agent at New York, which adds:
This Bank's index of sales, after allowance for seasonal variation and
of normal as indicated by the trend of past
price changes, stood at
years:
'Sales of furniture continued larger than a year ago, but those of home
furnishings, such as rugs, draperies, lamps and decorative articles showed a
decrease. Sales of women's ready-to-wear goods and hcstery were also
substantially larger than last year, but sales of other types of wearing
apparel showed only small increases or declines. The following table shows
the changes in sales of various departments of the stores as compared with
May
Per Cent Sales
of Each
Per Cent
Change in Department to
Sales of All
Sales over
May 1923. Departments.
13.2%
+7.9%
Women's ready -to-ve.n•
6.1%
+6.6%
Furniture
3.3%
+5.5%
Hosiery
4.5%
+4.2%
Cotton goods
7.0%
+2.7%
Men's and boy's wear
17.0%
+1.7%
Women's ready-to-wear accessories
1.4%
Woolen goods
+0.8%
15.4%
-1.0%
Home furnishings
3.6%
-4.3%
Shoes
5.1%
-5.7%
Silk goods
23.4%
Miscellaneous
+5.6%
93%
1923:
2%
larger than a year
Stocks of merchandise on hand on June 1 were
in each of the previous four
previous, compared with an increase of
months, and an average increase of 10% in the months from September
% larger than a
to January. The number of sales transactions was
compared with
in May
year ago and the average sales check
5%
23%
$2 87
$2 81,
1923.
Sales by mail order houses were 7% smaller in May than in May a year
ago, compared with an increase of 10% in April. After allowing for the
usual seasonal variation and price changes, mail order sales were approximately normal, as determined by the trend of past years, compared with
5% above in April. The following table gives the detailed changes in department store sales and stocks in this district for May:
-Net Sales During May- -Stock on Hand June 1(June 1 1923=100%)
(May 1923 •=-•• 100%)
•
1020 1921 1922 1923 1924 1920 1921 1922 1923 1924
stores
110
88
100
101
91
92 93 100 102
101
department
Ai!
107 88 92 100 101
111 01 95 190 101
New York
90 99 92 100 98 107 97 93 100 96
rturfa'^
02 83 83 100 110 115 87 86 100 102
Newark
91 89 88 100 97 122 87 85 100 92
Rochester
96 91 88 100 105 141 III 93 100 107
0:,•racuse
109 98 92 100 103 115 94 98 100 98
Bridgeport
96 91 90 100 103
E'sewhere, 2d District 100 91 93 100 94
01 84 93 100 111
84 89 93 100 99
Apparel
00
93
72
61
100
houses
Mall order
Per Cent.
Changes
in Sales
per
Stare
Percentages.
in
Value
Dollar
Store.
Type of
May 1923
to
May Aiag May May May May May
1923. 1924. 1920. 1921. 1922. 1923. 1924. May 5924
-------_- __8.8
120
100
79
72
575 69
438
goods
Dry
+7.5
114
100
73
84
75
1,827 1,930
Ten Cent
-7.1
112
100
64
77
81
15,057 18.171
Grocery
+1.1
111
100
84
79
112 77
129
Candy
-13.4
106
100
87
94
367 103
301
Shoes
4.6
105
100
94
95
99
2,747 2,758
Tobacco
-0.7
90 100 102
91
317 90
309
Drug
----4.1
sr 100 112
71
81
20,808 24:260
Total
Number of
Stores.
Continued Decline in Business Activity in Federal
Reserve District of Philadelphia.
• Richard L. Austin, Chairman and Federal Reserve Agent
of the Federal Reserve Bank of Philadelphia, in his summary of business conditions in the Federal Reserve District
of Philadelphia, made public to-day (June 28) says:
Partly because of unseasonable weather, business activity in this district
has continued to decline during the past month, although the rate of
decrease has become progressively slower. This slackening was evidenced
by a further fall in the production of basic commodities, by a reduction
in the number of employees at Industrial establishments, ard by decreased
distribution of goods. At the same time wholesale commodity prices
have continued to fall, and the demand for bank credit has lessened.
Short time interest rates are easy, and are lower than they were a month
ago.
The policy of ordering in small amounts and for prompt shipment continues in practically all industries, and in order to prevent the accumulation of stocks, many manufacturers have curtailed production. As a
result,consumption and output in many industries are more closely balanced
than they were a month ago. Such a condition is found in the iron and
steel industry, in whirl& declining business has been accompanied by a
sharp reduction of operations. Although certain types of fabricated steel
have been selling rather actively, most iron and steel prcducts are in
no better demand than they were last month. With one or two minor
exceptions, no improvement is evident in the market for textiles, and
operations have been curtailed further. Hides are not moving as well as
they were a month ago,and leather and leather rpoducts are in dull request.
Paper, tobacco leaf, bituminous coal and the various building materials
are also in poor demand. The estimated value of building permits issued
In 15 cities of the Third Federal Reserve District during May was
below the
from April and
a decrease of
Despite rainfall in May and June, which retarded
figure for May
the development of many coops, agricultural conditions continue favorable.
The distribution of gocds, as measured by the volume of wholesale
Retail trade was
and retail trade, was less than in May
below that of a year ago, but this decline is attributable in great part
to the exceptionally bad weather that prevailed. Of the eight wholesale
lines reporting to this bank, sales In May were smaller in all cases than
and in only three lines were they larger than in April. Freight
In May
car loadings, however, showed the usual seasonal decrease in May and
early June, but they are not as large as they were a year ago. Much
of the decline in freight car loadings, as compared with last year, is due
to decreased shipments of coal and ore, as up to the present the movement
of manufactured goods has been well maintained.
industrial establishments
According to the reports received from
In Pennsylvania, New Jersey and Delaware, the number of wage earners
on the payrolls fell off
between March and April, and total wages
paid declined
Preliminary reports for the period ending June
indicate that these movements have continued, and that especially large
declines in employment have taken place at silk and other textile mills
and at metal manufacturing plants.
Prices, as measured by the index of the Bureau of Labor Statistias,
in May, continuing the movement that
declined from
in April to
started late in
Lower quotations for farm products and metals
were chiefly responsibile for the falling off, although practically all the
groups Included in the index contributed to Nae decline. Since June 1
prices of pig iron, electrolytic copper and raw cotton, silk and wool have
tended downward, but quotations on corn and wheat have advanced.
Interest rates have continued to fall, as is indicated by the rates for prime
declined from
and June
commercial paper which, between May
to
363,575,
1923.
$2,327,464
$11,861,598
$16.-
2.4%
1923.
1923
1,041
5.1%.
148
1923.
43%
3;4-1%.
3.7%
15
147
20
20.
Automobile Price Change and New Models.
The Dorris Motor Car Co. of St. Louis on June 25 increased the price of its touring car $200 and its sedan $50.
The Jordan Motor Car Co., it is stated, is bringing out a
new line of medium-priced 8-cylinder cars known as "The
Straight Line Eight." The company does not intend to discontinue its 6-cylinder model. Prices on the new line of
Jordan cars will be as follows: 5-passenger and roadster, $2,575; victoria, $2,775; brougham, $2,875, and sedan, $2,955.
The present line of 6-cylinder cars will be continued at
present prices.
3142
THE CHRONICLE
The Rickenbacker Motor Co., Detroit, will announce on
June 29, the straight eight model,which will sell for about
$600 more than the present line.
Big Decline in Automobile Production in May.
The Department of Commerce announces May production
of automobiles, based on figures received from 205 manufacturers, 99 making passenger cars and 135 making trucks (29
making both passenger cars and trucks). Data for earlier
months include 14 additional manufacturers now out of business, while May data for 12 small firms were not received in
time for inclusion in this report. Figures on truck production also include fire apparatus and street sweepers.
It appears that only 279,439 passenger cars were turned
out in May, against 337,045 cars in April, 348,356 in March
and 350,460 in May last year.
AUTOMOBILE PRODUCTION (NUMBER
Passenger Cars1924.
January
81,626
223,822 "287,353
February
109,171
254,782 "336,374
March
152,962
319,789 "348.356
April
197,224
344,661 "337,045
May
232,462
350,460
279,439
June
263,053 "337,442
July
225,103 '297,413
August
249,498 "314,431
September
187,711 "298,964
October
217,582 '335,041
November
215,362 *284,939
December
208,016 '275,472
OF MACHINES).
Trucks
1922.
1923.
1924.
9,596
19,732 28,922
13,360 22,173 31,151
20,036
35,284 *34,109
22,665
38,085'
36,154
24,120 43,730 33,374
26,354 41,173
22,083 30,692
24,711
30,872
19,495 28,578
21,824 30,139
21,967 28,073
20,394 27,762
• Revised.
Building Activity in New York State Remains High.
Reports from 17 cities in New York State ShOW that building plans were filed for $550,000,000 of construction in the
first five months of 1924, according to a statement issued
on June 2.1 by Industrial Commissioner Bernard L. Shientag
of the State Department of Labor. Commissioner Shientag
says:
The extension in residential building has reached all localities. • Non-residential building is falling off in some places, but in many cities the total
for new dwellings in 1924 was much higher than for the first five months of
1923. March was the most active month in most cities for special reasons
in each case, so that the decrease in April and May was to be expected. For
the ten cities for which comparable reports are available the plans filed
in 1924 were valued at $540,000,000, as compared with $400,000,000 for the
same cities in the first five months of 1923.
In New York City building plans filed reached their maximum in March
1924, with the highest total ever recorded. The recession in April was
natural, since the unusual volume in March was due to uncertainty about the
repassage of the tax exemption law. The significant thing is that the May
figures went up again and were much higher than May 1923.
One of the characteristic things in this district is the extent to which
business and industrial building predominates in Manhattan. Permits issued
here for the first five months of 1924 were valued at over $136,000,000,
which is 100% higher than in the first five months of 1923.
Building work in Brooklyn has also been record-breaking, but here 90%
of the work was residential. April and May fell off heavily because the
tax exemption, which affected only residential construction, caused a rush
of permits in March.
Residential construction fell off from the March figures in the Bronx,
Richmond and Queens. But the totals were higher than for the same months
of last year. Non-residential construction caused an increase in the figures
for the Bronx over those of last year. The construction of schools and other
special buildings made the movement of building permits quite irregular.
The extensive building program of New York City has extended to the
nearby cities. White Plains is slightly ahead of a year ago, but January
was unusually high and the later months have not shown the usual increase.
Mt. Vernon also reflects the large building program of New York City.
The trend of building in those up-State cities for which the Labor Department has reports varies widely. In Buffalo, Rochester and Schenedtady
the totals are higher than in 1923. Syracuse and Utica have kept up to last
year's level, but that is all. Albany showed a slight drop in activity, and
in Binghamton and Watertown a noticeable slackening is evident.
In Buffalo the increase came in residential building and in repair work.
In residential building 1924 was 60% higher than the same period of 1923.
Non-residential construction is less active with the loss chiefly in offices
and mercantile establishments.
Conditions in Rochester were quite unusual in 1924 because of a new law
placing a tax on construction permits, effective March 1. This caused a
concentration of building plans in February. The effect of the tax was
most noticeable in non-residential work, where large projects for churches,
schools and offices were hu,ted through, and put the valuation of building
permits to an unprecedented level. The expected drop in later months was
partly offset by an increase in the plans for residences and for private
garages.
An expected increase in building workers' wage rates caused a similar
jump in projects in Schenectady. The drop in May was heavy, but May was
above the average for last year.
Although there was practically no change in the total for Syracuse in
1924 over 1923, residential building was almost one-third greater than a
year ago, with a special increase in the number of two-family houses and
also in apartments. The apparent drop in non-residential construction was
due to plans for a school building in last year's figures.
May figuras in Utica showed a small decrease, but the total is about even
with last year. An extra heavy program in January keeps the 1924 figures
high.
Albany reports building construction valued at over $5,000,000 for five
months of 1924. The drop from last year was in non-residential work.
Dwelling construction about doubled over 1923. In every month except
January the largest item in non-residential permits was for private garages.
There were few Page projects for schools and office buildings.
The drop in Binghamton amounts to 50% compared with last year, but
the first six months of 1923 were very high. Non-residential construction
has experienced a severe drop.
[VOL. 118.
Activity in Watertown fell off severely in 1924, but the May plans, on
the other hand, were unusually high. The chief item was one-family houses,
where activity is greater than last year.
Yonkers showed a very high first quarter of the year and a slight slackening in the two subsequent months. In a comparison of the first four
months residential building in Mt. Vernon is twice as great as last year and
half the valuation was in apartment houses. Here non-residential construction also went up. The valuation of permits per capita is very high, so it
is presumably affected by New York City.
Jamestown, Lockport, Elmira and Newburgh reported large April gains
for the beginning of the spring season. In Ehnira about half the work in
1924 was non-residential, mostly for mercantile buildings. In Lockport
the high April figures were due to school buildings.
In Amsterdam permits for five months of 1924 were valued at about
$1,500,000. This was largely mercantile or for schools and libraries. In
Kingston two-thirds of the construction was for dwellings. The Poughkeepsie figures showed a gain in May after a low April. Residential building, including apartment houses, accounted for most of the very high March
total.
Loading of Railroad Revenue Freight Declining.
Loading of revenue freight for the week which ended on
June 14 totaled 902,710 cars, according to reports filed June
24 by the carriers with the Car Service Division of the American Railway Association. This was a decrease of 7,997
cars under the week before and a decrease of 106,128 cars
under the corresponding week last year.
Compared with
the corresponding week in 1922, when freight shipments were
greatly reduced by the miners' strike then in progress, this
was an increase of 54,053. Additional details follow:
Grain and grain products loading totaled
37.797 cars, a decrease of 1,441
cars under the
week before but an increase of 3,883 cars over the corresponding week last year. Compared with
the corresponding week in 1922 it was
a decrease of 1.563 cars. In the Western
districts alone loading of grain
and grain products for the week of June
14 totaled 23,462 cars, compared
with 20.784 cars during the same week
last year, an increase of 2,678 cars.
Livestock loading totaled 29,649 cars, a
decrease of 1,241 cars under the
preceding week but increases of 1,748 cars
over the same week last year and
465 cars above the same week in 1922. Livestock
loading in the Western
districts for the week totaled 22,103 cars, 1,772
cars over the corresponding
week last year.
Coal loading amounted to 138,252 cars. This
was not only a decrease of
5,101 cars under the preceding week, but it also was a decrease of 48,703
cars under last year. Compared with the same
period two years ago, when
the miners'strike was in progress, it was an
increase of 47,075 cars.
Loading of merchandise and less-than-carload-lo
t freight totaled 241,627
cars, 259 cars above the week before but 1.891
cars below the same week
last year and 3,702 cars below two years ago.
Miscellaneous freight loading amounted to 318,986 cars. While this was
an increase of 863 cars over the week before, it
was a decrease of 24.977 cars
under last year. Compared with the same week in
1922 it was an increase
of 169 cars.
Forest products loading totaled 68,749 cars. 242
cars less than the week
before and 9,318 cars under last year, but 6,363
cars above the same week
In 1922.
Ore loading amounted to 60,095 cars. Compared
with the week before
this was a decrease of 733 cars and a decrease of 19.240 cars
under last year.
but 6,884 cars above two years ago.
Coke loading totaled 7,555 cars, a decrease of 361 cars
under the preceding week and 7,630 cars under the corresponding week in
1923. Compared
with the corresponding week in 1922 it was a decrease of 1.638 cars.
Compared by districts, an increase over the week before in the total
loading of all commodities was reported in the Central-Western District,
while all other districts reported decreases. The Central-Western and
Southwestern districts were the only comes to report increases over the corresponding week last year, but all reported increases over the corresponding
week two years ago except the Pocahontas, Southern and Northwestern
districts.
Loading of revenue freight this year compared with the two previous
years follows:
1924.
1923.
11922.
4 weeks of January
3,362,136
3,373,965
2,785,119
4 weeks of February
3,617,432
3,361,599
3,027,886
5 weeks of March
4,607,706
4,581,176
4,088,132
4 weeks of April
3,499,210
3,764,266
2,863,416
5 weeks of May
4,474,751
4,876,893
3,841,683
Week ended June 7
910,707
1,012,312
836.208
Week ended June 14
902.710
1,008,838
848,657
21,374,652
21,979,049
18,291,101
Looking for Low Point in Iron and Steel Markets-Pig
Iron Activity Continues at Lower Prices-Better Demand for Lighter Products.
New buying of steel, rate of mill operations and shipments
to consumers have changed in no significant way in the past
week,says the "Iron Age" in its market summary of June 26.
Certain of the larger producers, including the Steel Corporation, have made some gains in all three respects, and the
opinion reappears that the low point in production and in
sentiment has been reached or is just ahead in the restricted
operation now generally planned for the first week in July.
The Pittsburgh and Youngstown districts in particular promise a shrinkage in output next week, but in most cases with
a compensating increase in the week following, A slightly
better demand is seen in some of the lighter lines, as sheets,
strip steel and wire, but in the heavier products, particularly
those entering into railroad consumption, there is a decided
lag. The "Iron Age's".summary continues as follows:
In view of the low production, with its increased casts, steel plant wages
are again under discussion. If the outlook continues as at present for the
maintenance of not far from the current range of prices for finished products,
no change is looked for in the policy of leading independent interests, or
of the Steel Corporation. At one large independent tin plate plant in the
Pittsburgh district, reductions of 20% for tonnage men and 12 to 15% for
3uNE 28 1924.]
3143
THE CHRONICLE
65% of effective in the company's 90 Twin City service stations,
other labor have been agreed upon, resulting in an operation at
was made after one independent company had announced
capacity.
estimated
Buying of pig iron has continued actively at Chicago and it is
similar
reduction earlier in the day. The price quoted is
that
tons
in
district,
150,000
that the recent movement has amounted to
on Ten- low test gasoline. The new price of high test gasoline is 19
but prices have receded afresh to the extent of $1 at Chicago, $1
A cents a gallon. A dispatch from Omaha, Neb., stated that
nessee iron, 50c. to $1 at Cleveland and about 50c. at Pittsburgh.
Michigan,
feature of the buying at several Northern centres, especially in
40 filling stations operated by the Sinclair Oil & Refining
largely
very
iron
is
has been that of automobile companies: but here the
for the making of repair and replacement parts and the production of new Co., the United States Oil Co., the Nichols Oil Corp. and the
automobiles still lags. The largest purchase was 27,000 tons of foundry Manhattan Oil Co. of Nebraska, on the same date, reduced
pig iron by a sanitary company. At Buffalo $19 seems to be maintained,
the retail price of gasoline in Omaha from 17 to 15 cents.
with $20 the low price in eastern Pennsylvania.
It was announced on June 21 that the price of gasoline
This recent movement in pig iron represents largely the covering of known
needs for the third quarter, and differs from that of last November, which had been cut from 15 to 14 cents a gallon at the municipal
preceded a marked expansion In steel. In the past three or four weeks
by City Commissioner Hopabout 600,000 tons has been bought, as against 1,000,000 tons in a fortnight station at Omaha, operated
In November. To-day our pig iron composite is $1 25 below the low point kins. The cut was made possible, he said, by better prices
of November.
at refineries.
Several more blast furnaces have stopped, though there were indications
The refined markets in Tulsa, Okla., are reported stronger,
two weeks ago that curtailment had nearly spent itself. On July 1 only
two merchant furnaces will be working in the Chicago district and 16 out due to the increased domestic demand and to recent export
of 34 steel works furnaces.
inquiries. New navy is now selling at 834c. spot shipment.
The further reduction in blast furnace operations in June has caused estimates of Lake Superior iron ore shipments in 1924 to be revised, a well- Fuel oil is also stronger, with 75c. as bottom. Naphthas are
approved figure now being 40,000,000 tons, as against 60,780,000 tons unchanged. Higher gravity gasolines are still weak with
moved in 1923.
Kerosene and gas oil are
Structural steel work,after two good weeks in orders and inquiries,showed natural gasolines and blends.
Neutrals and other lubricants show little
only fair bookings at 25,000 tons, with fresh inquiries of not over 12,000 unchanged.
tons.
change.
Calling for considerably smaller tonnages than in the two preceding quarEffective June 21, the Standard Oil Co. of Kentucky reters, railroad inquiries are now appearing for miscellaneous up-keep for the
third quarter-for axles and wheels as well as bars, plates and shapes. In duced gasoline 2 cents a gallon throughout its territory,
new equipment about 250 cars were ordered in the past week.
including Georgia, Alabama, Mississippi, Florida and KenRecent steel bar sales in the South indicate that the Birmingham differential over the Pittsburgh price is disappearing, under keen competition, tucky. Service station prices are: In Atlanta, Ga., 24
just as happened to the Chicago-Pittsburgh relation under present condi- cents a gallon; Birmingham, Ala., 22 cents; Vicksburg, Miss.,
tions. Threatened importation of foreign steel at Gulf ports has been a
2134 cents; Miami, Fla., 24 cents, and Louisville, Ky., 24
factor.
The Pan-American Petroleum & Transport Co., a Doheny interest, has cents, all including State taxes. The prices to dealers are
bought 60 miles of 8-in. and 10-in, line pipe, 7,500 tons, for the California 2 cents a gallon lower, except at Atlanta, where the differfield. A pending inquiry is for 200 miles ef pipe for Colombia, South
cents.
America. In this case domestic producers have sharp competition from ential is 4
The retail price of gasoline has been reduced two cents a
Europe.
Japanese demands show expansion, with sizable business in rails, boiler gallon all over Georgia, most of the stations charging 24
tubes and structural steel.
selling for 22cents.
British steel makers, in a season of exceptionally poor business, have cents a gallon. Independents have been
The Standard Oil Co. of Ohio, on June 23, reduced the
taken a number of good ship-building contracts.
For the first time since April 1922, the "Iron Age" pig iron composite price of gasoline one cent a gallon at service stations to 21
price is below $20, being $19 54, compared with $20 13 last week. One
cents. The company also reduced the tank wagon price of
year ago it was $27 79 a ton.
Finished steel remains unchanged at $2.603c., according to the "Iron gasoline 1 cent a gallon to 19 cents.
Age" composite price. One year ago it was 2.789c. per lb. The present
Independent refiners state that mid-continent wholesale
price is the lowest since February, 1923.
market is much firmer with heavy shipments
gasoline
Composite Price, June 24 1924, Finished Steel. 2.603c. per Lb.
June 17 1924,
2.603c. 9 cents a gallon and better. A short time ago it was selling,
Based on prices of steel bars, beams, tank May 27 1924.
2.624e.
plates, plain wire,open-hearth rails, black June 26 1923,
2.789c. it is said, as low as 83 cents. Rate of shipments according
pipe and black sheets
10-year pre-war avge. 1.639c. to refiners is such that they look for 10 cent gasoline by July 1.
These products constitute 88% of the II S. output of finished'
steel.
Composite Price, June 24 1924, Pig Iron, $19 54 per Gross Ton.
Based on average of basic and foundry(June 17 1924,
$20 13
Crude Oil Production Shows Small Decrease.
irons, the basic being Valley quotation, May 27 1924.
20 98
the foundry an average of Chicago, Phlla- I June 26 1923,
2779
The American Petroleum Institute on Jen° 25 estimated
delphia and Birmingham
(10-year pre-war average, 15 72
a
on
at
Events of the week have further strengthened the previous indications that the low point of the recent relapse
of the steel market has been reached or passed, says the
"Iron Trade Review" of Cleveland in its issue June 26
and then continues as follows:
Sentiment unmistakably has turned upward, though it has not brought
out any appreciable increase in the general round of new business and
the revival of buying seems likely to come very gradually. The greater
stability of the situation apparently can be attributed to the complete
way in which production has been brought into line with falling consumption.
Operations are holding their own at 45 to 50% and in some districts show
slight increases. In the Mahoning Valley, after being down to 15% a
week ago, sheet mill production is up to 41%. Steel works capacity in
that territory is 10% better engaged than last week.
A number of plants, particularly the sheet and tin plate group, will
discontinue July 1 or later for customary summer shut-down over the
Fourth, some to be down two weeks. The attractiveness of the plain
material and fabricated market appeal to a continuing large number of
buyers of structural steel. New business of this kind is in marked contrast to the dullness in other parts of the steel market. Structural steel
awards reported this week aggregate 34,144 tons, the largest in nine weeks.
New inquiry totaled 27,800 tons. Some further releases of suspended
orders come from the automobile industry, but, except in the case of one
sheetmaker, have not involved much tonnage.
Falling off of earnings has caused various railroads to cut down replacement work. This is checking new buying and is holding up delivery of
rails and track material tonnage previously placed, although at Chicago
the mills are able to effect some releases of this business. Steel prices,
considered as a whole, are steadier, though still subject to shading on
attractive business. In some lines, notably lap welded and seamless boiler
tubes, price cutting has gone to lengths not seen in years and this has
amount to fully 10 points or $20 per bon from the published discount.
Warehouse prices in leading distributing centres have been reduced $2 to
$5 per ton.
Pig iron sales continue to mount and the total for the movement since
June 1 is at least 500,000 to 600,000 tons. The principal transaction
of the week involved 22,000 tons, placed by a Pittsburgh sanitary ware
manufacturer. The price line is well sustained at some selling centres
but at others divided further until $19 appeared In the Valleys,at Cleveland,
in the South, and at Chicago.
The composite this week on 14 representative iron and steel products
is $40 37. This compares with $40 55 last week and $40 66 the preceding
week.
that the daily average gross crude oil production in the
United States for the week ended June 21 was 1,978,550
barrels, as compared with 1,988,200 barrels for the preceding
week, a decrease of 9,650 barrels. Compared with the
corresponding week in 1923, the current production is a
decrease of 156,900 barrels per day. The daily average production east of the Rocky Mountains was 1,351,800 barrels,
as compared with 1,356,750 barrels for the pieceding week,
it decrease of 4,950 barrels. California production was
626,75.0 barrels, as compared with 631,450 barrels; Santa Fe
Springs is reported at 59,000 barrels, against 62,500 barrels;
Long Beach, 163,500 barrels, against 164,000 barrels; Huntington Beach, 45,500 barrels, against 47,000 barrels; Torranee, 58,500 barrels, against 57,500 barrels, and Dominguez, 9,500 barrels, against 9,700 barrels. The following are
estimates of daily average gross production for the weeks
indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels.)
June 21 '24. June 14'24. June 7 '24. June 23'23.
Oklahoma
465,800
513250
469,300
471,950
Kansas
73,100
74,000
84.550
76,100
80,250
North Texas
80,80080200
75.250
179,400
Central Texas
176,650
140,750
173,450
53,800
North Louisiana
55,200
65,450
55,750
Arkansas
158,100
156,500
130,550
155,100
113,900
Gulf Coast
112.250
100,450
109,150
106,000
Eastern
106,000
111,000
106,500
127,800
Wyoming and Montana__ - 122,700
126,650
129,200
625,650
California
631,450
785,000
626,750
Total
1,978,550
1,988,200
1,983,800
2.135.450
Coal Trade Still More or Less Stagnant.
The third week in June brought nothing new to the bituminous coal markets of the country, according to the
weekly review of the "Coal Trade Journal" on June 25,
which says:
Sales were still slow with perhaps a slight acceleration In the West. There
is little hope of any change until after July 4. After that date it is hoped
and it has been predicted by one or two men, that the sales curve will take
a gradual upward swing.
Coal loading totaled 143,353 cars, which is 23,138 cars above the week
before, but 46.412 cars under the corresponding week last year.
Reductions in Gasoline Prices Continue.
The Standard Oil Co. (Indiana), on June 18, reduced
The "Coal Age" in its issue of June 25 is somewhat more
gasoline prices in the Twin Cities from 18 cents to 16 cents a
gallon in order "to meet competition." The reduction, hopeful, saying:
3144
THE CHRONICLE
Straws showing which way the zephyrs are headed are to be seen in the
heavier dumpings at Hampton Roads and at the Lakes as well as In the
increased movement to tidewater at New York. The increases do not
amount to much in themselves, but as premonitory symptoms of the longawaited turn for the better in the coal business they are fraught with farreaching interest. As during the nation-wide depression of the last few
months the coal situation reflects general business conditions, which are
reported to be gradually improving. There has been no change in the textile
and shoe industries, which are at an extremely low ebb, but a turn for the
better in the steel trade is looked for soon. A prominent coal operator
predicts an increase in coal production within thirty days. saying there will
be a spurt after July 1 to replenish dwindling stock piles, which are nearing
the danger line.
The United States Bureau of Mines has awarded a contract for 54,000
tons of New River run of mine coal, to be delivered to the Government
fuel yards, at $2 19 per ton. Contracts for several small lots of anthracite,
totaling 14,990 tons, also have been let.
"Coal Age- Index of spot prices of bituminous coal failed to register any
change during the week, standing at 166 on June 23. the corresponding
Price being 52 01, the same as on June 16.
There was a pronounced pick-up in activity at Hampton Roads,dumpings
of coal for all accounts during the week ended June 21 totaling 350,821
net tons, as compared With 265.222 tons during the preceding week. Coal
dumped at Lake Erie ports during the week ended June 21. according to the
Ore & Coal Exchange. was as follows: Cargo. 699,519 net tons: fuel, 41,168
tons. The figures during the previous week were 645,978 tons of cargo
coal and 39,184 tons of fuel coal.
Activity and anthracite continues to taper off steadily. Demand Is
gradually but surely slowing down, consumers showing a disposition to
hold out for the particular size they want and refusing a mixture of chestnut
in order to obtain stove. Demand is still far the strongest for stove, though
there is a fair call for egg. The movement of pea has slowed down to such
an extent that some operators are reported to be storing it in large quantities.
Coal Production Shows Little Change-Coke Declines.
The increase in the tonnage of soft coal produced in the
first week of June as compared with the week before appears,
in the light of production estimated for the second week of
June, to have been merely a post-holiday spurt rather than
a mark of improved conditions, according to the weekly
report issued by the Department of the Interior through the
U. S. Geological Survey. The output during the week
ended June 14 is estimated at 6,999,000 net tons, a decrease
of 374,000 tons in comparison with the preceding week,
or 5%. The following table of cars loaded daily shows the
trend in the rate" of production:
[VOL. 118.
Strike of New York Clothing Workers Against Wage
Reduction Movement.
A general strike in the men's clothing manufacturing shops
of New York, affecting according to the union about 40,000
workers, began on June 25. The purpose of the strike, it is
alleged, is "to stem the tide of wage reductions" which individual manufacturers are alleged to have started. The
strike is also aimed against the practice which has been growing among manufacturers in this market of sending out work
to out-of-town shops in New York State and the surrounding
district, where production is possible at lower costs, due to
employment of non-union labor, cheaper rent and a general
lowering of overhead costs. The institution of the strike on
June 25 was followed by the formation of an employers' association to take up for discussion with union leaders the
workers' grievances. The new association was named the
New York Clothing Manufacturers' Exchange. It was
formed at a meeting held in the Hotel Albert.
The rapid formation of a new manufacturers' association
was received with satisfaction by the union and by the
moderates among the employers, who believe that stability
will be brought to the indstry by an association to represent
the employers in dealing with the union. The last manufacturers' association was disbanded after the 1921 strike
in the industry. The officers of the new employers' association are Julius H. Levy of Kahn, Dreyfus & Co., Chairman
of the Executive Board; Charles D. Jaffe of L. J. and C. D.
Jaffe, Vice-President; Charles Douglas,Secretary; William P.
Goldman, Treasurer; D. Hoffman, Second Vice-President,
and J. Eisner, Third Vige-President.
At union headquarters it was said that the strike was
"100% effective," and that all the cutters, coat makers and
allied crafts had joined in the strike. Union leaders expressed
the belief that in a week or less between 30 and 40% of the
workers would be back at their shops working again under
a signed agreement. The three joint boards in the industry
have amalgamated for the purpose of the strike and have
organized a strike committee with headquarters at 621
Broadway. Some employers said that there was no reason
for a strike at the present time, as the movement for a wage
reduction was spasmodic and was furthered only by a few
manufacturers.
"The men in my employ went out with reluctance," said
one manufacturer. "They have been employed regularly
for three years. The union is attempting to control the
manufacturers who are sending work out of town, where the
garments are made up by non-union workers. But the
union, by its extreme demands, has forced the sending of
work out of town."
May
May
May
May
June
June
June
5-10.
12-17. 19-24. 26-31.
2-7.
9-14.
16-21.
Monday
23.778 23,885 23,428 25,673 24,355 22,360 23,602
Tuesday
23,320 22,248 22,743 21.856 24,722 23,890 24,022
Wednesday_ _.._23,021 22,467 23,588 24.439 24,091 23,553
Thursday
21,805 22,465 22,534 23,833 23,387 24,073
Friday
22,553 21.559 23,063
9,520 23,344 21,998
'Saturday
14,370 14.769 15,232 15,907 18,008 15,400
The record of production during the nine weeks since April 1 marks a
'period of depression greater than that for the same term of 1921, but
the tendency has been toward a very gradual increase in the rate of production. Preliminary telegraphic returns on car loadings on Monday
and Tuesday, June 16 and 17, indicate the probable continuance of this
slow recovery.
Estimated United States Production of Bituminous Coal (Net Tons) Including
Coal Coked.
19241923
Cal. Yr.
Cal. Yr.
Week.
to Date.
Week.
to Date.c
May 31
6.708,000 197.118,000
10,091,000 228,682,000
Daily average
1,242.000
1,529,000
1,904,000
1.773,000
June 7_ a
7 373.000 204,491.000
10,676.000 239,358,000 6,000 Hosiery Workers Idle-Plants of Interwoven Mills,
Daily average
1.229,000
1,516.000
1,779,000
1,773.000 11111111.1r Inc.,' Close for Indefinite Period.
June 14_ b
6 999.000 211,490,000
10,573.000 249,931,000
Daily average
1.167.000
1,501.000
1.762.000
1,773.000
Martinsburg,-W7Va.,-disp
-atch published in the New
a Revised since last report. Is Subject to revision. c Minus one day's
production to equalize number of days in the two years.
York "Evening Post" of last night said:
ANTHRACITE.
Six plants of the Interwoven Mills, Inc.. manufacturers of men's hose,
The output of anthracite during the second week of June was 1,823,000 employing more thna 6,000 workers, suspended operations to-day for an
net tons, or 23,000 tons less than in the preceding week. The present indefinite period. A limited demand and excessive stock on hand
was said
rate of output is about 11% below that of the corresponding date in 1923, to have caused the suspension. Officials said operations
probably would
when the rate was unusually high and compares favorably with the rates be resumed about mid-July. The plants affected are located at
Martinsduring the same season in 1919, 1920 and 1921.
burg, Berkeley Springs and Harpers Ferry, W. Va., Hagerstown, Md.,
The cumulative production during the present calendar year stands at and Green Castle and Carlisle, Pa.
41.885,000 net tons as compared with 47,245.000 tons a year ago.
Estimated United States Production of Anthracite (Net Tons).
1924
1923--Puddlers Wages Cut From $13.13 to $12.63.
Cal. Yr.
Cal. Yr.
to Date.
Week.
Week.
to Date.
The following from Youngstown (Ohio) yesterday (June
1.294.000 38.215.000
1.606.000 43,146.000
May 31
1,846,000 40,061,000
2,046,000 45,192,000 27) appeared in the Brooklyn "Eagle" of last night:
June 7
1.823.000 41.885,000
2,053,000 47,245,000
June 14
The average shipment price of bariron for the past 60 days was 2.25cper
BEEHIVE COKE.
pound. against 2.35c. in the preceding period and as a result the hi-monthly
The slight recovery in beehive coke production during the first week settlement between the manufacturers and the Amalgamated Association
in June was not sustained in the second week. The total output dropped calls for a wage rate for puddlers for July and August of $12.63 per ton,
back to 131.000 tons, according to estimates based on reports of cars of against $13.13 per ton in the previous repiod. Wages of bar iron finishers
coke loaded for shipment bythe principal carriers. This was approximately have been reduced 5%•
one-third the quantity produced in the week ended June 16 1923, but is
well above the average level of production during the depression of 1921
and the strike of 1922.
Wage Reduction by American Wringer Co.
Estimated Production of Beehive Coke (Net Tons).
Week ended1924
1923
Notices posted on June 20 in the plant of the American
to
to
June 14 June 7 June 16
Wringer Co., at Woonsocket, R. I., announce that a wage
Date.
1923.
Date.c
1924.b
1924.a
Pennsylvania & Ohio_ _ _ 93.000 110.000 332.000 4,615.000 7.397,000 reduction of 10%, affecting its nearly
400 employees, will
308,000
20,000
542,000
7,000
6,000
West Virginia
24,000
19,000
483,000
557,000 become effective July 7. George R. Keltie,
Ala. Ky., Tenn,& Ga.. 17.000
production man198.000
15,000
388,000
6,000
6,000
Virginia
126,000
8.000
192,000 ager of the factory, stated that the cut was made necessary
5,000
Colorado & New Mexico 5,000
97,000
7,000
129,000
3,000
4,000
Washington gt Utah_
United States total-_ _131,000 150.000 406,000 5,827,000 9,205.000
68,000
25,000
40,000
84.000
22.000
Daily average
a Subject to revision. Is Revised from last report. c Leas production
in New Year's week to equalize the number of days covered for the two years.
Cumulative production of beehive coke during 1924 to Juno 14 stood at
5,827.000 net tons. Figures for similar periods in earlier years are as
follows:
2,978,000 net tons
1920
.
9.892,000 net tonsI1922
9,205,000 net tons
1921
3,475.000 net tonsl1923
by "continued losing of business to competitors on account
of lower prices." He expressed the opinion that in the fall
better business conditions would come. The notices posted
read:
On July 7 wages will be reduced 10%. This is caused by the continued
losing of business to competitors on account of lower prices. Bonus rates
will remain the same. It is hoped that on this basis we may again got
enough orders to run full time.
JUNE 28 1924.]
THE CHRONICLE
Mr. Keltie said that the plant normally employed more
than 500 hands, but at present carries about 388 on the pay
roll. He said that some of the departments had been running two days and some three and four days a week, with
none operating full time. He declared that weather conditions had made department store business bad with a resulting poor business for his concern.
and Hoisting Engineers Leave More Jobs,
Saying Iron Workers Are Incompetent.
Following their action last week in leaving construction
jobs where it was alleged incompetent iron workers were
employed to take the place of union men on strike against
the Iron League, hoisting engineers and bricklayers employed on 12 buildings left twelve more buildings on June 23,
in which the erection of steel is being handled by members
of the Iron League, asserting that they would not work
with iron workers who were incompetent. Announcement
of the desertion of the jobs was made by P. J. Commerford,
President of the United States Portable Hoisting Engineers'
Union, who said:
Bricklayers
There have been too many accidents since the strike ofiron workers began.
We have been patient and have hoped that conditions would be better but
they are growing worse. The iron workers now employed to take the
places of the striking iron workers are incompetent and there is too much
danger for the hoisting engineer and for the bricklayer to permit working
with them.
One can imagine what would happen to the hoisting engineer if a load
of steel, badly secured, should slip while being hoisted and fall to the street.
The life of the engineer and of the pedestrians would not be safe.
Hearings Before Governor's Arbitration Board on
Labor Dispute in Women's Wear Trades.
The demands made by the International Ladies' Garment
Workers Union on behalf of the 50,000 workers in the
women's wear manufacturing trades of New York for increased wages and a shorter week, which had threatened to
precipitate a strike on June 1 by reason of the employers'
refusal to grant them, have been under consideration by an
arbitration commission appointed by Governor Smith, during
the past two weeks. The Governor's commission began
hearings last week in New York at the City Hall, and its
inquiry has covered many phases of the garment manufacturing industry and its methods of operation. Appointment
of the commission followed unsuccessful efforts by both
State and Federal agencies to mediate the differences between the union and the employers. The first hearing was
held on June 17.
Morris Hillquit, representing the members of the International Ladies' Garment Workers' Union in the cloak and
suit trades, called for abolition of the "jobbers" as unnecessary and for the creation of an unemployment insurance
fund. He outlined the various demands of the union, which
also seeks to gain a forty-hour week and a guarantee of forty
weeks of work at least every year. The committee's findings
are advisory only, as George Gordon Battle, Chairman and
counsel of the committee, explained last week. Mr. Hillquit described the "jobbers" as lilies of the field who toiled
not, neither did they spin, who let out all their garment
making to manufacturers and small contractors. It was the
latter who employed the workers, but it was the former who
set what the one should pay and the other receive. At the
present time 75 to 80% of the production was being turned
out through jobbers, Mr. Hillquit told the commission.
Nevertheless, the "jobbers," he said, now declined to take
part in labor discussions, claiming they were not responsible
for the workers. This condition was "morally as well as
practically vicious," he said, and resulted in settling up "a
wall of irresponsibility."
The unemployment insurance fund, Mr. Hillquit outlined,
would be contributed both by the employers and by the
workers' union, the employers to assess themselves 2% of the
weekly payroll and the workers 1% of their weekly wage.
The commission includes Bernard L. Shientag, State Industrial Commissioner; George Gordon Battle, lawyer;
Lindsay Rogers of the Department of Political Science of
Columbia University, Colonel Herbert Lehman of Lehman
Brothers and Arthur D. Wolf,Vice President of the Chatham
and Phenix Bank.
In announcing the personnel of the commission Governor
Smith wrote to Charles Sussman, President of the American
Cloak and Suit Manufacturers' Association, and George
Jablow, President of the Cloak, Suit and Skirt Manufacturers' Protective Association, asking their cooperation. He
reiterated that the commission's recommendations, "while
3145
not binding on any of the parties in interest, will, of course,
have the force of public opinion behind them."
Representatives of the sub-manufacturers or contractors
and the jobbers in the ladies' garment industry stated their
ease in the cloak and suit dispute before Governor Smith's
Special Commission at the City Hall on June 18. Louis H.
Solomon, counsel for the American Cloak and Suit Manufacturers' Association, the employers' organization which
deals directly with labor, attacked what he termed the arbitrary practices of the jobbers, who did not employ labor
directly, but who had goods made into garments by the contractor. The organization of a permanent impartial board to
represent the throe factors in the industry was suggested by
Mr. Solomon as a solution of the present and of future disputes.
Samuel Blumberg, counsel for the jobbers, said that mail
order houses, catalogue houses and even retailers who had
garments made up for them were not responsible for labor.
Reading the contract between the jobbers and the union,
which expired on June 1, Mr. Blumberg said that it stipulated clearly that no responsibility for the workers was to be
assumed by the jobbers. The contract merely guaranteed
that the jobbers would have their work done by contractors
or sub-manufacturers who employed union labor. "You may
call the jobber anything you please," he said, "but the fact
remains that he is not a direct employer, and therefore is not
responsible for the worker."
Governor Smith's commission concluded one phase of its
work on June 19 by placing on record the official statements•
of the union, the jobbers and the contractors. The commission is now on the second phase of the inquiry—a detailed
investigation of various factors in the industry to bring all
points at issue clearly to the fore.
Speaking for the jobbers, who employ no labor, but who
have garments made up by the contractors, Attorney Samuel
Blumberg said his clients accepted in principle the union
demand for an unemployment insurance fund. The jobbers
however, rejected the major demands of the union, he added.
He approved the union suggestion that the shops of contractors be limited to those having at least fourteen machines
and believed equal distribution of work would follow such a
reform. Such action would go far toward bringing order into
the industry, he maintained, as it would tend toward making
a list of responsible shops with which the jobbers could deal.
Machinery for the adjustment of disputes, with a permanent chairman, would be acceptable to the jobbers, explained
Mr. Blumberg. He denied the assertion of the union that
the sub-manufacturer had no economic independence, and
blamed the union for permitting the existence of shops
smaller than those having fourteen manhines.
The Merchants' Ladies Garment Association, reKesenting
leading jobbers in the women's wear trades of New York.
issued a statement on June 22 explaining their position and
relation to the controversy. The statement said:
Contrary to publicly expressed opinion, the distributing wholesalers, merchants of women's wearing apparel, have no grievance against the operatives
who make their merchandise, nor have the workers a grievance against the
wholesalers. The wholesalers, known as jobbers or stock houses, who
distribute to the retailers of the country the great bulk of the apparel worn
by our women, buy their product from the sub-manufacturer and contractor, who are the actual employers of labor.
In explaining why the jobbers are now active in trying to bring about an
adjustment of the labor difficulty, it is necessary to go back five Years. when
the jobbers, for the good of the industry, as suggested by the union, agreed
with the union to engage only those contractors or sub-manufacturers who
had an agreement with the union. Hence the impression has been gained
that the Jobbers are employers of labor because of the former contractual
arrangement with the union, which expired on May 31 last.
After the Brandeis Protocol.
It is necessary to diverge in order to clarify the situation. In 1910 the
stock house was almOst unknown in the industry. Here and there one could
be found, but it was not general. In September of that year, however, the
union called a strike, which resulted in the famous protocol of peace sponsored and developed by Judge Brandeis, now of the United States Supreme
Court. While this formed the basis for amicable operations on a more
co-operative basis for a while, the union subsequently imposed more drastic
demands from time to time which resulted in protracted strikes in 1913.
1916 and 1919.
Many manufacturers, either unable to stand the conditions forced upon
them, or unwilling to submit to the union's domination of their business,
discontinued their inside shops, over which they had exercised control in
former years, and became jobbers, conducting stock houses, with merchandise for immediate or quick delivery. This opened the way, naturally, for a
large number of small shops, operated by contractors, some of whom have
since progressed to the class of manufacturer. To-day there are very few of
the old type of manufacturers. Coats and suits of every description and
price range are now handled by the jobber, who meets the demands almost
entirely of the retailers for whatever quality of product they desire.
It is clearly seen by the nature of the jobber's business that he is not an
employer of labor, because his very existence to-day was brought about by
his desire to be freed from the shackles of labor.
Seeks to Make Jobber a Party.
However, because the jobber represents such a vast proportion of the
turnover of.women's apparel, the union seeks to make it a party to the dis-
3146
THE CHRONICLE
[vol.. 118.
• pute, and, further, seeks to make the jobber the guardian of contractor and 150 watt, 70 cents; 200 watt, 95 cents; 300 watt, $1 50;
submanufacturer. The union would impose upon the jobber a method
* * whereby he may have only a given number of contractors producing 500 watt, $2 25; 1,000 watt, $4.
for him, such number as the union may specify, regardless of conditions
existing at given times during a season or during a year.
• A jobber's business fluctuates as various influences are brought to bear. Sale of Last Bale of Wool Held by British Government
,'Take the present season as an example. There has been a feeling of unUnder War Time Measures.
• certainty throughout the'country which- has affected business generally.
The following is from the "Wall Street Journal" of June 10:
That naturally had its effect on the coat and suit business. But the more
iXoteht hirliteiice dining the spring season was the weather. A late Raster
The last bale of wool.remaining from the British Government wool conhad the effect of deferring much business which would have otherwise been trol scheme has been sold, thus ending the Government's intervention in the
placed earlier in the season. On top of that, the weather has been cool wool market, originated in 1916 as a war measure. In July 1920, when the
right up to the present time, making it difficult for the retailer to sell much Government control scheme came to an end, it was found that 2,908,000
spring and summer goods.
bales of wool from Australla, New Zealand, South Africa and the Falkland
If the retailer does not place orders for merchandise, the Jobber cannot Islands were left in the hands of the authorities. The task of marketing
safely have stocks made up in large quantity, and naturally he does not need this large carryover in a way not to endanger the wool market was perto engage many contractors. Had the conditions been favorable and a good formed by the British-Australian Wool Realization Association. Under
Mason experienced in the wholesale trade, the jobber would have had to call the control scheme,9,895,000 bales of colonial wool were dealt in at a profit,
upon a larger number of contractors for his purchases. There must, there- estimated, at par of exchange, of 8340,620,000.
fore, be some elasticity to the relationship with contractors in direct proportion to the volume of business booked by the jobber. And yet the union
would control this situation, dictating to the jobber just how many contrac- Activity in the Cotton Spinning Industry for May 1924.
• tors he might employ and must continue to employ, regardless of his reThe Department of Commerce announced on June 24
quirements, which change from week to week.
Economics to the Fore.
. This situation resolves itself into one of economics, first and foremost.
The individual phase of the situation becomes secondary, not by Will but by
'force of circumstances. The garment industry is highly seasonal, and in
order to inject into it an element of standardization or distribution equally
,divided over.a period of months it would be necessary to begin at the other
end.
.
.
, Wonted would have to adopt a uniform type of garment, sold to the
retailer by the dozen or by the gross, and manufactured in quantity and kept
la stock for shipment at any time upon demand, so staple that it could be
made month in and month out. The production of lean months could then
be made to fill the heavier requirements of the fat months. As long as
women demand style and retailers continue to select one or two or three of a
„ number and ask that to other retailers in their town be not sold the same
numbers,just so long will the Jobber have to follow thefluctuating conditions
4n the trade and the whims and fancies of women as reflected through the
retailer.
. The jobber must exercise the prerogative of dealing with contractors or
submannfacturers in accordance with the demands of his business, or he
must quit altogether—get out of business—or move his business to some
other part of the country, where the union will not have an opportunity to
regulate the pulse of his activities.
that according to preliminary figures compiled by the Bureau of the Census, 37,784,690 cotton spinning spindles were
in place in the United States on May 31 1924, of which 30,493,165 were operated at some time during the month, compared with 31,871,665 for April, 32,392,171 for March,
32,683,786 for February, 33,339,806 for January, 34,044,870
for December and 35,374,018 for May 1923. The aggregate
number of active spindle hours reported for the month was
5,907,670,026. During May the normal time of operation
was 263/i days (allowance being made for the observance of
Memorial Day in some localities), compared with 25 2-3 days
for April, 26 for March, 24 2-3 for February, 2634 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 25,506,973, or at 67.5% capacity on a singleshift basis. This number compared with an average of
30,177,468 for April, 31,125,530 for March, 33,879,600 for
February, 36,476,177 for January, 32,674,471 for December
and 40,165,861 for May 1923. The average number of
active spindle hours per spindle in place for the month was
156. The total number of cotton spinning spindles in place,
the number active, the number of active spindle hours and
the average spindle hours per spindle in place, by States,
are shown in the following statement:
William Klein,'counsel for the Cloak, Suit and Skirt Manu:lacquers' Protective Association, presented the manufacturers' side at the hearings on June 20 in the Aldermanic
chambers of the City Hall before Governor Smith's special
.commission.. The sessions, which began last Monday, had
thus far been devoted to the testimony of the jobbers, submanufacturers and the union in an effort to avert the threatened stroke of more than 50,000 workers in the cloak and
Spinning Spindles.
Active Spindle Hours for May.
State.
suit industry in this city.. Mr. Klein said that the garment
In Place ActiveDuring
Average per
May 31.
industry is suffering from burdensome competition, driving
May.
Total.
Spindle in Place.
the manufacturer who operates in big "inside" lofts out of United States
37,784,690 30,493,185 5,907,670,026
156
business. "Can you imagine a manufacturer of cloaks and Cotton-growing States 17,069,830 15,784,301 3,742,570,704
219
England States_ 18,703,016 13,087,169 1,914,198,506
102
suits M the City of New York," Mr. Klein said, "having a Newother
States
All
2,011,844
1,621,695
250,900,816
125
great big loft or lofts, in which every condition is made so
Alabama
1,389,657
1,257,099
320,901,372
231
Connecticut
1,284,868
1,167,962
186,580,449
145
that the worker can live under healthy conditions, competing, Georgia
2,779,750
2,520,718
615,285,416
221
Maine
1,146,720
1,060.188
130,796,645
114
in so far as workmanship is concerned, with labor made under
Massachusetts
11,879,816
7,835,594 1,122,917,398
95
conditions that are demoralizing? It made a competition
New Hampshire
1,448,406
922,741
136,306.512
94
New Jersey
442,148
411,743
65,085,995
147
as between merchandise plus labor under the highest standNew York
1,023,326
826,445
119,808,584
117
North Carolina
5,817,724
5,323.775 1,224,022.466
210
ards possible against merchandise plus labor which was under
Pennsylvania
213,626
144,850
25,467,056
119
the rottenest conditions possible." Mr. Klein assailed the . Rhode Island
2,798,398
1,999,332
114
320,075,695
South Carolina
5,195,854
4,949,014 1,237,990,450
238
International Ladies' Garment Workers' Union. He said
Tennessee
456,172
433,388
105,747,127
232
Virginia
691,186
672,442
148
102,110.386
that the union imposed restrictilie practices on the manu-, All
other States_ _ _ 1,217,039
957,874
194,574,475
160
facturers and has violated most of the provisions in the
labor contracts entered into with the association. The
passing of the great inside shops where garments are made Activity of Machinery in Wool Manufactures During
and the rapid growth of numerous small shops were a result
the Month of May, 19247-Operations Still
of the union practices, he maintained.
Declining.
Two Rhode Island Cotton Mills Shut Down.
The following from Pawtucket, R. I., June 25, appeared
in the New York "Evening Post":
Two cotton mills here, employing nearly 5,000 persons, announced temporary suspensions yesterday because of lack of orders. J. & P. Coats,
Inc., cotton thread manufacturers, employing ,500. will close their mills
from to-morrow to July 7. The Lonsdale Company of Lonsdale will lay
off its 1.300 employees next week.
General Electric Co. to Reduce Electric Lamp Prices
July 1.
The General Electric Co. announces that on July 1 it will
reduce the prices of its incandescent lamps approximately
10% throughout the United States. This reduction will,
it is stated, bring lamp prices 37% below 1914 figures and
means a saving to the public of over $7,000,000 annually.
The new cut reduces the prices of Mazda B lamps, 10 to 50
watts, which are in most general use, from 30 to 27 cents.
The new list prices of Mazda C lamps (gas filled) are as folows: 50 watt, 40 cents; 75 watt,45 cents; 100 watt,55 cents;
The Department of Commerce on June 26 issued its report on active and idle wool machinery for May, 1924, based
on reports received from 909 manufacturers operating 1,086
mills. These do not include the data for the Glastonbury
Knitting Co., Glastonbury, Conn.; Farnsworth Mills, Inc.,
Central Village, Conn.; Camden Woolen Co., Camden, Me.;
Merrimack Woolen Corp., Lowell, Mass.; Northboro Woolen
Co., Northboro, Mass.; Amoskeag Mfg. Co., Manchester,
N. H.; Faulkner & Colony Mfg. Co., Keene, N. H.; Gera
Mills, Passaic, N. J.; Adler Underwear & Hosiery Mfg. Co.,
Cincinnati, Ohio; John & James Dobson, Inc., Philadelphia, Pa.; Sheble & Kemp, Philadelphia, Pa.; Davisville
Woolen Co., Davisville, R. I., or Merrill Woolen Mills,
Merrill, Wis. Of the total number of looms wider than
50-inch reed space, 41,554, or 69.1%, were in operation for
some part of the month of May 1924 and 18,573 were idle
throughout the month. The active machine-hours reported
for wide looms for the month of May, formed 68.1% of the
single-shift capacity, as compared with 65.7% for the month
of April, 1924, and 91.3% for May, 1923. Of the total
number of looms of 50-inch reed space or less covered by the
reports for May 1924, 13,299, or 78.4%, were in operation
JUNE 28 1924.)
at some time during the month, and 3,673 were idle throughout the month. The active machine-hours for these looms
represented 61.9% of the single-shift capacity, as against
52.5% in the preceding month and 84.4% in May 1923.
The number of carpet and rug looms reported for May 1924
was 9,310, of which 6,046, or 64.9%, were in operation for
some part of the month, and 3,264 were idle throughout the
month. The active machine-hours reported for these looms
represented 54% of the single-shift capacity of the looms, as
compared with 64.3% in April 1924 and 85.7% in May 1923.
Further details follow:
Spinning Spindles.
Of the total number of woolen spindles reported in May 1924, 1,820,556,
or 79.3%. were In operation for some part of the month, and 475,609 were
Idle throughout the month. The active woolen-spindle hours reported for
this month represented 82.7% of the single-shift capacity, as compared with
88.3% in April 1924 and with 99.9% in May 1923.
The number of worsted spindles in operation during May 1924 was
1,678,414, or 64.6% of the total, and the number idle was 920,411. The
active worsted-spindle hours was equal to 56.7% of the single-shift capacity.
In April 1924 the active worsted spindle hours represented 67.1% of the
capacity, and in May 1923, 103.6% •
Cards and Combs.
Of the total number ofsets of cards reported for May 1924, 5,636, or 81%,
were in operation at some time during the month, while 1,323 were idle
throughout the month. The active machine-hours for cards were equal to
89.2% of the single-shift capacity in May 1924, 90.9% in April 1924, and
101.4% in May 1923.
Of the combsreported for May 1924, 1,811, or 68.5%, were in operation
for some part of the month,and 833 were idle throughout the month. The
active machine-hours for this month were equal to 61.1% of the singleshift capacity, as compared with 77.7% in April 1924, and 112.6% in May
1923.
Detailed Report.
The accompanying table gives the total number of machines in operation
some time during the month of May 1924, the number Idle for the whole
month, the number reported on single shift and on double shift, the active
and idle machine or spindle hours, the percentages active and idle, and comparative figures for April 1924 and May 1923.
s. = g
v•
v
s*
<
nhl
41.
g
y
.
i
q
902 s.
"" .:1 '"
i.'0" .4 '"' ,ci
a.
ye. q s
,-..7. a o
. ...4
.
"..
...71000....
0 0 0'
00=Ca4
=ill
4
"7
0040
',...,1122,4
" b.
vor...ig
gj gj gj
t.b,
.6.:44'
e
TR
gg'cTgI
z
.g z
c, c. E.
i
1.
A
,
b.
a
4-5.
'
SR
i a
N
i
a
1
l.,a.e..se
woe
:-92gr, a
.4.07-. g
F
D.= 'i
;4G34:,
•
•
•
ta..4.
WC0
in 602
•
F
0
.
am.lno:e01.3
b
... 5:22agtZ.13;:i
...
1
.... it
:-.1bois• r
•
ala:
gF .i.6
w
a
F .....c...050
03..VC01411,3014
..Od...0000..4014...
....
0
,
W.400,4tAa.7
ecO,i-•
,...,... s•to ... 4
1.
Etg
-.....1 . co:•46
„1,.... .
i
•
.. .
...t4t..3
..C.,..
....
t,
cl
a
i
.
....b
...7:e.
4. .",:, 4.C.2.-• 4...
0.
CAW= cca.c4 •-• a-
3
a
0
t.,.
r
cowm . ;04•• b• •
a
b
i
w
8=V8 13
;11
i
k•boi-i •
c..,
lu
F
i--10iie !.
t:1
4
bac. ....
r io;-•;,. •
1
Z
F•
SPINNING SPINDLES.
1 m00.4 h.
owes
F Co ixi. 2
2,598,825
1,678,414
920,411
2,590,679
1,861,526
729,153
2,465,676
2,320,656
145,020
323,027,482
247,153,093
367,687,241
180,492,570
541,713,250
(c)
E
'
ioe.., !.
2 1-,ww il
t
1N000.00
,
WW0
0.00C/101 ...1C7IN:
C.VWW.C.IWW4...4
2,296,165
1,820,558
475,609
2,292,204
1,885,017
407,187
2,282,928
2,045,402
237,526
.
is
E'E.1g
"
t
t-07:0 .
i. :-.e•
.4.
I
w r" .
wo
.sv
oolovolo
ol...-ost-0.0..b.,ww
b 0..
0-4No-4,1wcbo
6 .0m
..I.
1,586,0411 234,515 1,543,5321 134,882
1,632,416 252,601 1,709,935 151,591
1,786,714 258,688 2,088,563 232,093
17.3
11.7
0.1
k;
421,824,528
88,047,643
442,001,072
58,483,576
502,084,168
304,960
82.7 I
88.3
99.9
1...
1
_
352,734
225,012
432,326
124,193
611,216
(b)
wit. •
.
•
Carpet and
Rug.
•-• iir
1,374,852
166.398
1,3&4,722
139,079
1,587,112
(a)
a tt
E
g:zo
t•
RZIC a
t
220
220
248
$••
....
8S g
;/..;:o io F
5,8261
6,667
7,699
..mo
E•i4iiii, •
1,091,976
931,698
1,314,966
731,549
1,742,059
291,104
a
etTr
i4i.6 F
www
C4
434
.21
298
210
146
bibii...
N.C.,71
13,0011
13,280
14,445
...
.-.. it.ri.•.-
2,292,184
1,411,207
2,405,444
2,175,005
3,142,085
580,763
woo
io•i:.in 1
8,906,788
,4,177,866
8,775,317
4,578,910
11,819,798
1,127,799
i.:4;-•
LOOMS.
Month to Which Figures Relate.
Wider than 501 50-inch Reed
(See note below.)
Inch Reed Space. Space or Less.
a
It
i
3147
THE CHRONICLE
suffic cot to offset al idle hours and leave an excess of
a Overt me was reported
was reported sufficient to offset all idle hours
21,998 hours, or 1.4%. b Overtime
hours, or 12.6%. c Overtime was reported sufficient
68,448
and leave an excess of
excess of 18,588,721 hours, or 3.6%.
to offset all idle hours and leave an
Exports of Cotton and Cotton Manufactures.
On June 23 the Department of Commerce at Washington
gave out its report for the month of May and the eleven
months ending with May, of the exports of cotton, cotton
cloths, yarns, thread and hosiery. The exports of raw
cotton have increased, both in quantity and in value, as
compared with the preceding year, but proportionately
more in the latter than in the former because of the high
prices prevailing. Thus, for the eleven months the exports
in quantity increased from 4,850,949 bales in 1922-23 to
5,500,957 bales in 1923-24, or about 13%, while in values
there has been a jump from $627,890,994 to $869,602,848,
or over 38%. The exports of cotton manufactures for the
eleven months have quite generally declined, both in quantity
and in value. Below is the report in full:
DOMESTIC EXPORTS OF COTTON. COTTON CLOTHS, YARN, THREAD
AND HOSIERY.
Month of May.
1924.
1923
Eleven Mosths Ended May.
1923.
1924.
4,850,949
5.500.957
326,357
160,368
Raw cotton, incl. linters__bales
322.951.817 348,695,451 3627,890,394 8869,602,848
Value
Cotton manufactures, totalCotton cloths, total, sq. yds
Value
Cotton duck, sq. yds
Value
Other cotton clothsUnbleached, sq. yds
Value
Bleached, sq. yds
Value
Printed,sq. yds
Value
Piece dyed, SQ. yds
Value
Yarn dyed, sq. yds
Value
Cotton yarn, thread, &c..
Carded yarn, lbs
Value
Combed yarn, lbs
Value
Sewing, crochet, darning and
embroidery cotton, lbs
Value
Cotton hosiery, dos. pairs
Value
$11,291,175 311,601,496 $133,393,017 $116,443,801
36,335,485 44,762,650 506,089,655 389,081,533
86,569.991 87,173,976 $80,101,028 366,540,674
665,710
3326,651
1,239,245
$489,229
6,506,041
3894,697
5,524,898
3900,538
9,177,754
$1,477,038
8,611,811
81,755,416
5,849,271
$1,215,651
8,861,656
31,131.842
9,849,569
$1,323,818
10,494,683
81.450,964
7,605,562
31,477.764
6,711,935
$1,300,359
8,732,758
33,779,101
8,102,813
33,722,271
130,457,345 86,357,786
315,568,183 .311,661,144
80,238,469 73,868,340
812,085,292 811,150,747
102,856,038 83,037,111
314,596,378 312,182,009
105,234,077 75,787,292
319,540,184 $15,415,453
78,570,967 61,928,191
$14,531,890 312,409,050
576,159
$269,636
439,688
$324,394
413,227
8, 72,233
$190,500 $33,489,446
397,554
4,742,845
3275,352 33,169,538
4,690,613
$2,111,419
4,379,853
$3,001,917
128,808
3145,616
121,096
$145,315
1,775,084
11,892,910
1,579,801
31.841,775
5,076,248
434,111
3813.698 310.017.032
3,979,393
37.764.439
511.268
31.042.427
Domestic Exports of Principal Grains-Large Falling
Off in Wheat, Corn, &c.
The Department of Commerce at Washington on June 21
made public its report of domestic exports of principal
grains, and preparations of grains, for the month of May
and the 11 months ending with May 31. This shows that
the United States shipped to foreign countries only 2,811,390
bushels of wheat in May 1924, against 9,972,844 bushels
in May 1923, and for the 11 months ending with May
no more than 73,818,400 bushels, against 145,698,688
bushels. The exports of wheat flour during the month
were also slightly smaller than in the same month last
year, the shipments in May 1924 having been 976,504
barrels, as compared with 983,028 barrels in May 1923;
for the 11 months, however, the flour exports were considerably larger, hying been 16,079,065 barrels in 1923-24
against 14,076,382 barrels in 1922-23. The exports of corn
in May 1924 were only 1,710,858 bushels, against 5,064,125
bushels in May 1923, and for the 11 months 20,309,639
bushels, against 92,145,989 bushels. Similarly, we shipped
only 14,926 bushels of oats abroad in May 1924, against
508,459 bushels in May 1923 and but 1,090,593 bushels
for the 11 months, against 18,473,395 bushels. Shipments
of barley for the month of May 1924 were somewhat larger
than in May 1923, having been 447,649 bushels, against
364,708 bushels, but for the 11 months were only 10,695,973
bushels, against 17,830,992 bushels. Only 1,923,584 bushels
of rye were exported in May 1924, as against 4,611,459
bushels for May 1923 and 13,996,244 bushels, against 47,534,107 bushels for the 11 months. The following is the
report in full:
Month of May.
1923.
Barley, bushels
Value
Corn, bushels
Value
Oats, bushels
Value
Rice, Pounds
Value
Rye, bushels
Value
Wheat, bushels
Value
Wheat flour, barrels
Value
364,708
3322,489
5,064,125
84,560,677
508,459
$267,498
28,522,110
$1,108,325
4,611,459
$4,245,805
9,972,844
$12,399,478
983,028
$5,641,159
1924.
11 Months Ended May.
1923.
447,649 17,830,992
$423,826 $13,309,870
1,710,858 92,145,989
$1,565,409 $73,215,261
14,926 18,473.395
$9,030 $9,224,765
4,863,694 296,051,624
5255,834 $11,496,664
1,923,584 47,534,107
$1,475,385 $44,147,147
2,811,390 145,698.688
83.092,559 3180,546,437
976,504 14.076,382
34,978,203 $79,431,820
1924.
10,695,973
$8,412,260
20,309,639
$18,763,956
1,090,593
3562,765
188,162,279
$8,225,010
13,996,244
$11,199,905
73,818,400
$81,933,644
16,079,065
$82,333,366
Total grains and preparations of
330,059.896 112.955.371 3427,480.928 9228,i:92,975
3148
THE CHRONICLE
[VOL. 118.
C,irrent Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 25 1924, made public by the Federal
Reserve Board,and which deals with the results for the twelve
Federal Reserve banks combined, shows a further decline of
$9,600,000 in earning assets. Holdings of discounted bills
decreased by $1,200,000, and those of acceptances purchased
in o._en market by $12,300,000, while Government security
holdings increased by $3,900,000. Federal Reserve note
circulation declined by $7,900,000, deposit liabilities by
$27,000,000, and cash reserves by $700,000.
An increase of $5,500,000 i. holdings of discounted bills is
reported by the New York Reserve Bank, of $4,400,000 by
the Richmond Bank, and of $2,600,000 by Boston and
Philadelphia combined; the Chicago and Kansas City banks
show reductions of $4,700,000 each, and Ckveland, St. Louis
a -id San Francisco an aggregate decrease of $4,200,060.
Holdings of paper secured by United States Government
obligations increased by $3,700,009 to $118,100,000. Of th:s
amount $97,700,000 was secured by Liberty and other United
States bonds, $19,600,003 hy Treasury notes, and $800.000
by certificates of indebtedness. After noting these facts the
Federal Reserve Board proceeds as follows:
Smaller holdings of acceptance, purchased in open market are shown for
all Reserve banks except Daily, which shows an increase of 51,700,000.
Of the total reduction of $14,033,030 for the eleven other banks, 55,700,000
was reported by New York. A net increase of $3,900,000 is shown in
Government security holdings, a reduction of $5,000,033 in Treasury
certificates being more than offset by increases of 58.300.030 and $600,000,
respectively, in Treasury notes and United States bonds.
All Federal Reserve banks report reductions in Federal Reserve note
circulation, except Cleveland and Philadelphia, the former showing an
increase of 52,900,000. The New York Bank shows a decline of
52.700.000.
Chicago a decline of $2,400,000, and Atlanta a decline of $1,000,000, while
the remaining banks report decreases of less than $1,000,000 each. Gold
reserves declined by $2,100,030 during the week, reserves other than gold
Increased by 51,300.000, and non-reserve cash declined by
52.603.000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely pages 3176 and 3177. A
summary of changes in the principal assets and liabiliti?s
of the Reserve banks during the week and the year ending
June 25 1924 follows:
of indebtedness increased by $4,000,000, and $34,000,000,
respectively, while their holdings of Treasury notes declined
by $21,000,000 and their holdings of corporate securities 133
$1,000,000. Further comment regarding the changes shown
by these member banks is as follows:
Net demand deposits of all reporting banks show an increase of $98,000.000, increases of 5103,009.000 for the New York District, of $13,000,000
for the Chicago district. of $9,000,000 for the Kansas City district and of
$3,000,003 each for the Boston, Cleveland and St. Louis districts, being
offse:, In part by reduc-ions in the other districts. Time deposits increased
by $31,010,000 and Government deposits by $49,000,000. For the New
York City members increases of 520.000.000 and 54,000.030, respectively,
are reported under these heads.
Reserve balances of all reporting banks show an increase
of 557.000.000,
of which 550,000.000 was reported by the New York City banks. Cash in
vault shows a redue,ion of $12.000,000 for all reporting members and of
53.003,009 for the New York City members.
Borrowings of all reporting institutions from the Federal Reserve banks
declined from $146,003,000 to 5116,003,000, while like borrowings of the
New York City banks increased from 55,000.000
to 58,003,000.
On a subsequent page—that is, on page 3177—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items as
compared with a week ago and with last year:
Increase (4D) nD
geereasc (—)
During
iVeek.
Year.
Loans and discounts, total
+535.000.000 +5321,000,000
Secured by U. S. Government obligations_
—38,000.000
Secured by stocks and bonds
+55.000.000 +266,000.000
All other
er
+93,000,000
—20,000.000
Investments, total
+69.000,000
+40,000.000
U. S. bonds+20,000,000 +121.000,000
U.S. Treasury cotes
30,030,000 —351,000,000
U. S. certificates of indebtedness
—25,000,000
+49.030,000
Other bonds, stocks and securities
000::0
0000
000:0(40
0 1)
024
91000
9 +3
Reserve balances with Federal Reserve banks +571.
+'
Cash in vault
—12,000,000
—5,000,000
Net demand deposits
+98,000,000 +789,000.000
Time deposits
+31.000,000 +384,000,000
Government deposits
+49.000,000 —126,000,000
Total accommodation at Fed. Res. banks
—24.000.000 —346,000,000
Forthcoming Hungarian Reconstruction Loan—
Participation by New York Bankers.
It was announced yesterday (June 27) that New York
bankers negotiating for participation in the forthcoming
Hungarian reconstruction loan have been advised that the
loan will be offered in London, Wednesday July 2, through
a syndicate headed by N. M. Rothschild & Sons, J. Henry
Schroeder & Co. and Baring Brothers & Co., Ltd. A copy
has just been received by cable in New York of a statement
signed by Jeremiah Smith of Boston, Commissioner-General
of the League of Nations for Hungary, and Baron Karonyi,
Hungarian Minister of Finance. That statement, which is
to accompany the official prospectus in London, is in part
as follows:
Increase (-1-) or Decrease(—)
During
Week.
Year.
Total reserves_
5-700.000 +568.900.000
Gold reserves
—2.100,000 +44.800,000
Total earning assets
—9,600.000 —288,000,000
Bills discounted. total
—1,200.000 —424,800,000
Secured by U. S. Government obligations +3,700,000 —265,200,000
Other bills discounted
—4,900.000 —159,600,000
Bills bought in open market
—12,300.000 —159,200,000
U. S. Government securities, total
+3,900,000 +294,800.000
Bonds
+600.000
—2,700,000
Treasury notes
+8,300,006 +225,600.000
Certificates of indebtedness
—5,000,000 +71.900.000
Federal Reserve notes in circulation
—7,900.000 —383,000,000
Total deposits
—27,000,000 +171,900,000
This loan is being rested for the
Members' reserve deposits
—68,500,000 +167,700,000 financial reconstruction of Hungary purpose of carrying into effect the
under the auspices of the League of
Government deposits
+42,500.000
+8.200.000 Nations. This scheme is designed to effect
stabilization of the Hungarian
Other deposits
—1,000,000
—1,000,000 currency and to assure the attainment of
the budget equilibrium on a
sound and durable basis by June 30 1926.
Commissioner-Gen
A
eral
has
been
Member
The Week with the
Banks of the Federal
appointed by the Council of the
League, as in the case of Austria, who will supervise the
execution of the
Reserve System.
whole program.
The proceeds of the loan will be placed under the control of
Aggregate increases of $75,000,000 in loans and investthe Commissioner-General. and subject to such control will be used
to meet the
ments and of $98,000,000 in net demand deposits, accom- deficit
in the Hungarian Budget until July 1 1926. Arrangements have
panied by a further reduction of $24,000,000 in accommoda- been or are being made for portions of the loan to be issued in Groat Britain,
tion at the Federal Reserve [banks are shown in the Federal Czechoclovakia, Holland, Italy, Sweden, Switzerland, Hungary and
elsewhere,
bonds of each portion and the interest thereon except in
Reserve Board's weekly consolidated statement of condition the case of the
bonds issued in Hungary to be expressed and
on June 18 of 749 member banks in leading cities. It should the currency of the country in which such portion is issued.to be payable in
The various portions of the loan will be for amounts
be noted that the figures for these member banks are always
sufficient to yield
in the aggregate an effective sum not exceeding the
equivalent of 250,000,000
a week behind those for the Reserve banks themselves.
gold crowns.
Payment of the principal and interest of the loan is a
Loans on United States Government securities show a
direct obligation of
slight increase, and loans on corporate securities an increase the Kingdom of Hungary and is secured by:
First. A general bond of the Government whereby
the
Chairman of the
of $55,000,000, while "All other", largely commercial, loans Financial Committee of the League of Nations
is appointed trustee for the
and discounts show a reduction of $20,000,000. Invest- bondholders.
A first charge in favor of the trustees
on the gross receipts of
ments in United States bonds and certificates of indebtedness theSecond.
Customs duties, the sugar tax and the tobacco
monopoly and on the
increased by $20,000,000 and $49,000,000, respectively, net receipts of the salt monopoly of Hungary.
These receipts are being and
while holdings of Treasury notes declined by $30,000,000. will continue to be paid into a special account. This account is at present
by the Commissioner-General.
Investments in corporate and other securities increased by controlled
The functions of the Commissioner-General will
be brought to an end by
$1,000,000.
a decision of the Council of the League of
Nations when the Council shall
Member banks in New York City report increases of have ascertained that the financial stability of Hungary is assured. From
that moment the account will be controlled by
the trustees for the purpose
$3,000,000 in loans on United States securities and of of the service of
this loan.
$55,000,000 in loans on corporate securities, as against a
If at any time before the complete redemption of the loan the financial
reduction of $34,000,000 in "All other" loans and discounts. situation of Hungary will have become such that the equilibrium of the
Hungarian Budget or the continued value of the revenues or assets assigned
Investments of these banks in Liberty bonds and certificates for the service
of the loan are endangered the Council will have the right
JUNE 28 1924.]
3149
THE CHRONICLE
moln 0
C) J
!'1'1°)
5 a !:w w 6gra .Tgova
',7X.4
!
.. . 18.,
• . . • 21,_, q. 0.En.
_ 0
; q,
t' g00g
1.:
°' " g "UR°
•
:
. gi:
72:enn2 g -
wk...,
.,
c:,
'fiV 8
gWE
t:,
ta
• N
mc,
24:.Fi a
Total.
et
A Z
.
to
: Z 0g0
JmN000
8 -404.g::
w b...;....
14
“
moo., 00.-“ew
m 7......-0,
° E2 8 22 IS Z4
ic%
k
'..".
..b
- ;;.ra tt4 .E.
.
D.4.4000
tggt:
4748VIS
4.W-400
g.g.gug.g.
g.
0
1..wwWa.
as
ZIT-,
Dk. -0010;i.
.
VAkt
.4
I-.
g
V.
8
g
00 . ....
.4t
b, 0
-ale
1,...,mbb
N
m,-,omm
0
v
;ICt"St-6!
o-, 0.
-400
iN0.0y
a. NO
b
.14.
0114N10
N 'obkbb
.4. 0
m
>ba..
ba
.s o CO-4 0.
0
000
40.1.4N
.40
0 o womo
..•
1-.N 1-.
a.
;a
50000'S.
8 g
+.416.0NW
..
-0 Is
01.
-.
i0...,
n 0.
0.
...w
The "Wall Street Journal" of June 26 said:
0
W.
MN
A be b M
Amount to be offered in this market will be dependent on what allotment P.4c0N1-“4
8 g
D0000.W
will be made in London for this market. Bankers here do not expect it
..will exceed $10,000,000. The bonds will be a 734% 20-year sinking fund 50
01
N
Issue to yield not less than 83 %. Some reports put the offering price at DoWNNN
bw
Dbbbbb
-4
8734 about an 8.80% basis.
0
D00000
b
A copyright cablegram from Budapest to the New York Debbb
3 mcowo.
wwww
"
co
"Times" June 25 reported that the American group of
w
w
.ww
il
lout.,
"op
bankers participating in the loan is headed by Speyer & Co.
k, tt,,v4N
t
w
cog>co
M
and the Chase National Bank. Regarding reports which
labk
low ;"'"aR
w
4.00
.0...
ftg..S:
had previously been in circulation to the effect that the
10101,3
'0
'0
.
.
United States had declined to participate in the loan, we
quote the following communication to the Editor of the New .......
a
Ii.
1-,C0
W
0 gale
P c.
York "Journal of Commerce," published in that paper 5D0000e.
olokb;.0
"w..Cob
.
O.
.
Rg .
4
......
.
....,..
.1 -2-4P4
June 23:
.
q
4
q'wbk -....b
-...
"o. -w
9
b'
0,,
,c,o,
,..1
.
ttb
8
New York, June 18 1924.
,..cm
8 g
itcloo.. T
Editor of The Journal of Commerce:
...
.
.000
0
I-.., "Wwm
a ..os
Sir:-A recent issue of your valued publication contained the news item
Ca
ca.mo
o
-i wm
2.148-g
wowo.m. 0000
amwoow
w
1
1,596,179,109
Amt. Held in Reeve Against
Trust Against United States
Notes
Gold and Silver
Certificates (et (and Treasury
Notes
Treas'y Notes
of 1890).
of 1890).
1
152,979,026
141010:4
NQMO
ONv0
w
mmvowo
E
m
0
a
vw..
000
.1.wmw
10 0;+ 1,14
000NNW
W000a.
4bUb7o1.7-.1.3'm
mwwmo
moo
a.wm-40
ow-aw
..,
.w.o.og.,g.
o.m
wm.-m
t
....OM
,, 4a.
l
VSN'a" gaqa
-4000
fte.Q.
1.4.mb.
1
00-4m0
wmow
..
..wt'D
.
-.1 s'.
-w.1 iel 8.
..
2.3 P. t.," - ,
mwwoom
m..-mmm
wocc.ovo
moo-Iww
.40.bb
45
,--4.4141.0'0.1
.mowmo
woomom
wo.-wwo
-mg.mow
wmom
...wm.
b147
-,b
4.www
,-, mw..
.
.
o omm
k,OLitab
O
wmomo.
,
w ow
Wp.Mix
;
mwm-4
..www.t.o.t
zommm
i
g.
14
.so.o.o4.w
w
..
.,
POW.0.+N
40 .- 3;
fw.mwt
t
W
innt
§
D.
1a
fCl
es "e
t• q
o
In Circulation.
nt -5t71.
MONEY OUTSIDE OF THE TREASURY.
-,
mm7-14
owow
w..4w0
51
IfsItt"s1.3
00000-4
0 .00..*0...0
mb'o.
'
0,e -w -osb ii
-.
Ii -4.00mg,
... mmow
'
el
1
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting the
moneys held in the United States Treasury and by Federal
Reserve banks and agents. The figures this time are for
June 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults) was
$4,815,401,455, as against $4,760,113,559 May 1 1924 and
$4,705,923,399 June 1 1923, but comparing with $5,628,427,732 on Nov. 1 1920. Just before the outbreak of the
European war, that is, on July 1 1914, the total was only
$3,402,015,427. The following is the statement.
M00000
3t-2.1e2°,1.1
-.-40.-om
1,313,268,668 4,815,401,4551
Detailed reference to the Hungarian reconstruction plans
appeared in our issue of May 10, page 2250, and April 19,
page 1851.
,sbb'os'o'w
m....m..m
1
that America had declined to participate in the international loan of Hungary. To serve the interests of justice and the truth, I ask permission to
correct the erroneous features embodied in that Information. America
cannot be said to have refused her participation in the Hungarian loan, as
only the Federal Government could make any declaration with that end in
view and as is well known the Government has not taken issue in the matter
at all. The misunderstanding originates with the fact that one of the big
banking groups retired from the loan negotiations,and It ought to be emphasized that conferences are still in continuity with other banking groups.
Under the protectorate of the League of Nations Hungary has-several
weeks ago-begun to carry out her program of financial sanitation. Hungarian legislation empowered the Government to inaugurate the reforms
without again consulting Parliament. This authority refers to the budget
and the securities required for the foreign loan to be obtained.
Hungary needs 250,000,000 gold crowns-about $50,000,000-to balance her budget by June 1926, according to the plans of the League of Nations, and Hungary cannot employ the proceeds of the foreign loan for any
other purpose than to meet the deficit of the ensuing period. Even for this
stipulated purpose the Commissioner-General, Mr. Jeremiah Smith of 13oston, only, shall liquidate the required funds and the income from the customs, the tobacco and salt mongolies are being delivered into his keeping
to secure in the first place the interest of the loan and the building up of the
sinking fund.
The Hungarian Government has also taken due care of the stabilization of
the Hungarian currency by establishing a currency bank with a gold basis,
according to the ruling of the League of Nations,the capital needed therefor
having been raised in the country itself. With the establishment of that
institution a stop was put to the inflation ofthe paper currency and Hungary
now walks a path which will lead to the same financial reconstruction as
became a fact in Austria, resulting in one of the most stable currencies in
Europe. In connection with reforms it ought to be emphasized that the
Hungarian Government fixed the per capita rate of taxes at 50 gold crowns,
while formerly it was but 27 gold crowns,and thereby it went to those limits
which are characterized as "prudent" by the League of Nations.
WM
Hungary strains her will and strength to the utmost to bridge over the
destruction wrought by a lost war,and again to take her position among the
cultured and prosperous nations of the world. When the country was in the
deepest distress it never asked for pity and now when it has got over its
worst troubles the loan is asked on a business basis only.
Of all the European countries that were indebted to the United States
only England, Finland and Hungary made settlement.
This goes far to prove that in Hungary the meeting ofincurred obligations
is a paramount principle, quite aside from the fact that as a full security for
the repayment of her foreign loan Hungary pledged not only her best resources but her very sovereignty as a nation.
EMIL KISS.
President American Hungarian Chamber of Commerce.
MONEY HELD IN THE TREASURY.
again to re-establish the control and to appoint a Commissioner-General
until the financial situation is sound. If the Commissioner-General or the
trustees deem it necessary other specific revenues and assets except the
revenues from the State Rallawys will be furnished by the Hungarian Goveminent as security for the loan. To the extent of the funds on the special
account there will be transferred therefrom monthly to the trustees in accordance with the terms of the general bond one-twelfth part of the annual
sum required to provide for the service of the loan.
For the purpose of this loan the said gross receipts and other assets have
been released from reparation and relief bond charges.
No further charge on the said gross receipts and other assets may be
created ranking in priority to or pad passu with the above charges.
The bonds now outstanding issued in 1923 by the Budapest Harbour
Company to a nominal total of 15,000,000 francs, French, which are
secured by a first charge on the customs and sugar duties will be redeemed
from the proceeds of the present loan.
Third. The deposit with the trustees of a sum in cash sufficient to cover
one-half year's interest and sinking fund service of the loan.
The Hungarian Treasury and the Commissioner-General estimate that
the proceeds of the loan will be sufficient to cover the expected Budget
deficits to July 1 1926, after which date it is anticipated that the Budget
will be balanced without external assistance.
4
IRga
e s et 1
laa;
0
E
a Includes United States paper currency in circulation in foreign countries and the
amount held by the Cuban agencies of the Federal Reserve banks.
b Does not include gold bullion or foreign coin outside of vaults of the Treasury.
Federal Reserve banks, and Federal Reserve agents.
c 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
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
Treasury 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.
e This total includes $19,004,109 of notes in process of redemption, 8162,002,519
of gold deposited for redemption of Federal Reserve notes.$13,716,251 deposited for
redemption of national bank notes, $9,245 deposited for retirement of additional
circulation (Act of May 30 1908), and $6,630,715 deposited as a reserve against
postal savings deposits.
Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
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
dollars held in the Treasury for their redemption; United States notes are secured
by a gold reserve of 8152,979,025 63 held in the Treasury. This reserve fund may
also be used for the redemption of Treasury notes of 1890, which are also secured
dollar for dollar by standard silver dollars, held in the Treasury. Federal Reserve
notes are obligations of the United States and a first hen on all the assets of the
issuing Federal Reserve bank. Federal Reserve notes are secured by the deposit
with Federal Reserve agents of a like amount of gold or of gold and such discounted
or purchased paper as is eligible under the terms of the Federal Reserve Act. Federal Reserve banks must maintain a gold reserve of at least 40%,Including the gold
redemption fund which must be deposited with the United States Treasurer, against
Federal Reserve notes In actual circulation. Federal Reserve bank notes and
national bank notes are secured by United States Government obligations, and a
5% fund for their redemption is required to be maintained with the Treasurer of
the United States in gold or lawful money.
Belgium Not In Hungarian Loan.
A London cablegram published in the Brooklyn"Eagle"
of last night (June 27) said:
According to advices here, Belgium will not participate in the impending
Hungarian loan.
Hungary's New Bank Opens for Business-Commis-.
sioner Smith Says Event Marks the End of Inflation
in That Country.
When the doors of the new National Hungarian Bank were
unostentatiously thrown open on June 24 one of the most
vital phases in the Hungarian reconstruction scheme was
3150
THE CHRONICLE
[vol.. 118.
reached, says a copyright cablegram from Budapest to the Austria and the League.—Dr. Zimmerman Announces
New York "Times" on that day, these advices continuing:
Support of Vienna Government Budget.
Commissioner-General Smith, interviewed in his offices at the Finance
Ministry, said he considered the opening of Hungary's first national bank Copyright advices from Vienna, June 15, to the New York
the commencement of a most important stage in the League plan.
"Times" stated:
"This means,"he continued,"the final end of inflation and the stablilization of Hungarian currency. The bank must conduct business under
under regulations approved by some of the most eminient bankers of
Europe and should provide a thoroughly sound banking and currency
system.
"The board of directors is elected by the shareholders. The President
is M. Popovics, farmer Minister of Finance and former Governor of the
Austro-Hungarian Bank. The bank will take over all operations of the
so-called Devisencentrale, where foreign exchange operations were hitherto
officially negotiated, and the Devisencentrale will cease to exist."
The Commissioner-General said he had little to add to the report he
made recently to the League, but he appeared highly optimistic about the
general situation in Hungary. He pointed out that there were already
signs of returning confidence in spite of the somewhat depressing economic
situation. One instance of this, Mr. Smith said, was that for the first
time since inflation the exchange rate of the dollar in the bootlegging market
had fallen below that of the official dollar rate, which he regarded as sure
evidence of restored confidence.
Mr. Smith was unable to state exactly at what level the crown would
be stabilized, but he said that financial authorities on the whole were
against artificial stabilization.
Figures of the Austrian budget of contemplated revenue and expenditure
are in abeyance until the result of the Geneva conference. The so-called
"normal budget," which the Austrian Government is laying before the
League of Nations Council, fixes expenses at 515,000,000,000 crowns and
receipts at 531,000,000,000, the latter figure comparing with an original
estimate of 350.000,000.000.
Before leaving for Geneva, Dr. Zimmerman announced that he would
support the Austrian Government's appeal for modification el' the budget
arrangements.
Gold and subsidiary coin—
In Canada
Elsewhere
U. S. and other foreign currencies
The balance sheet as of Dec. 31 1923, shows gratifying results. Figuring
the Austrian crowns at the present stabilized rate of exchange, net profits
were $497,202 95. Capital, surplus and profits amount to $2,316,263 61,
total assets to $10,749,948 23. The balance sheet demonstrates the conservative management, indicating undisclosed reserves, suet as investment
in bank buildings, which are valued at 100 Austrian crowns, equal to less
than a cent. Holdings of securities stand at a figure substantially below
their intrinsic value and below present market prices.
Local advices this week stated:
New York bankers have received cable advices to the effect that the
Finance Delegates to the League of Nations will officially declare in the
near future the equalibration of the Austrian budget. It is stated, money
rates are now cheaper in Austria at 13%,compared with 48% in Germany.
It is also stated that this month's settlements on franc positions were made
without any insolvencies, which signifies that the crisis is being steadily
overcome.
Declaration of Dividend by Mercurbank, of Vienna,
Austria.
It
is
announced
that
the
Mercurbank, Vienna, Austria,
Comparative Figures of Condition of Canadian Banks.
part of the stock of which was placed in this country, has
In the following we compare the condition of the Canadian declared a
dividend of
banks under the April 1924 statement, with the return for equal to 49 cents on the krones 7,000 per Austrian share,
American shares, payable July 1,
March 1924:
to holders of American certificates of record June 23. The
ASSETS.
announcement of this, made in this city, this week, says:
April 301924. Mar.311924.
44,519,196
15,136,987
27,285,744
44.469,150
14.147,252
27,363,260
Total
85,979,662
86,941,927
Dominion notes
146,745,862 138,514,256
Deposited with Minister of Finance for security of note circulation
6,125,240
6,129,552
Deposit of central gold reserves
65,602,533
60.902,533
Duefrom banks
73,020,292
76,419,777
Loans and discounts
1,387,886,554 1,369,440.923
Bonds and securities, &c
484,143,856 469.903,022
Call and short loans in Canada
108,979,049 104,230,641
Call and short loans elsewhere than in Canada 205,348,227 208,306,568
Other assets
163,783,440 164,281,789
Redeeming
Germany's "Emergency
Currency"—
Reduced 332,000,000 Gold Marks Since Last November—Exchanged for Paper Marks.
A copyright cablegram to the New York "Times," from
Berlin June 22, said:
At the moment,the Government is being attacked for redeeming the gold
loan out of revenue. This loan has mostly circulated in small units as
emergency currency, and its redemption is declared to be unnecessary and
LIABILITIES.
contributory to money shortage. On this point the last detailed report conCapital authorized
175,175,000 175,175,000 cerning currencies in circulation, as of April 30, shows that there were then
Capital subscribed
123,572.300 123,572,300 in circulation two classes of emergency notes—first, paper marks, which
*Capital paid up
123,409,560 123,409,560 through de facto stable are not guaranteed stable; second, guaranteed
'Reserve fund
123,775,000 123,775,000 stable money. In the first class were 8,000,000 gold marks' worth of railCirculation
161,654,759 170,850,556 road emergency notes and 6,000,000 gold marks' worth of privately issued
Government deposits
97,492,915
00,920.899 notes; in the second class were 93.200,000 gold marks of railroad emergency
Demand deposits
843.189,221 830,131,168 notes, 111,000.000 gold marks of the gold loan and 41,400,000 gold marks
Time deposits
1,211,504,684 1,192,589,899 of private notes issued on security of the gold loan.
Due to banks
47.958,284
46,003,905
In all, therefore, 254,200,000 gold marks of emergency money were still
Bills payable
8,513,797
8,260,514 circulating at the end of April, whereas on Nov. 30, immediately after
Other liabilities
92.868,220
78,243,684 stabilization of the mark, the emergency note circulation was valued at
586,200,000 gold marks. There is also a very small amount of State emerTotal
2,710,366,440 2.664,185,185 gency money in Saxony, Wtirttemburg and Hamburg,most of which will be
called in before the middle of July.
The redemption of this mass of irregular emergency currency largely
•Beginning Oct. 31 1923 capital paid up and reserve fund Included In accounts for the recent great increase in the Reichsbank's circulation of
Seta'.
paper marks. That circulation reached 954 quintillions of paper marks
Note.—Owing to the omission of the cents in the official reports, the on June 7, against 400 quintillions on Nov. 30. The increase of 554 quinfootings in the above do not exactly agree with the total given.
tillion paper marks during the period is equivalent, at the present ratio of
the paper mark, to 554,000,000 gold marks.
Total
2,728.576,980 2,684,108,723
Belgium to Float Large Internal Loan.
According to information received by the Foreign Department of Moody's Investors Service (made public June 25),
the Kingdom of Belgium has authorized the flotation of an
internal loan of francs 2,000,000,000 (equivalent to about
$92,000,000 at current rates of exchange) which was sanctioned by a Royal Decree, dated May 26 1924. Moody's
announcement states:
The new bonds will be issued in behalf of the Association Nationale des
Industriels et Commercants pour la Reparation des Dommages de Guerra
(National Association of Industry and Commerce for the Reparation of
War Damages); will be in denominations of francs 1,000 and francs 10,000;
and will bear interest at the rate of 6% per annum, payable Jan. and July
1,first coupon being dated Jan. 1 1925. Bonds will be redeemable by purchase in the open market, if the price is below par, or by annual drawings at
par in April, commencing in 1925, calculated to retire the whole loan by
1955. The issue may be called as a whole, at the option of the association,
at par, on three months' notice, on and after July 1 1934. Bonds are guaranteed by indorsement, by the Belgian Government, which agrees to provide the necessary funds for the service of the bonds out of governmental
revenues. The proceeds from the sale of bonds are to be employed exclusively for the purchase by the association of war indemnity securities issued
in accordance with special legislation relative thereto. Securities thus purchased are to be turned over by the association to the Ministry of Finance
for cancellation.
Vienna Bank Closes Doors.
Under date of June 25 the New York "Evening Post"
reported the following from Vienna:
The Allgemeine Depositen Bank, whose failure has been staved off for
seven weeks with the aid of five of the leading Vienna banks, closed its
doors to-day, the prospect of consolidation being regarded as too hazy.
The obligations of the institution were about $7,000,000.
It is stated that the bank has 53 branches.
Danish Exchange Control Measure Defeated—Government Expected to Propose New Measure.
The measures for stabilizing the crown which were under
consideration by the Danish Government and which passed
the lower branch of the Legislature, are reported to have
failed of passage in the Upper House, a cable to the Department of Commerce from Commercial Attache H. Sorenson,
Copenhagen, states. These proposals included the transformation of the present Devisenzentral into an "Economic
Welfare Board" with broad powers over exchange transactions and imports, and the levying of a progressive tax on
capital. In view of the defeat of this program, it is expected
that the Government will present new proposals which will
be confined to vesting the existing Devisenzentral with
increased powers to effect a stricter control of foreign
exchange transactions. The report of the Department of
Commerce adds:
While the money stringency, which has maintained during the past few
months continued during May, business activity was generally satisfactory.
The brewery strike which involved 5,000 workers has been settled and
work has been resumed. Agreements are said to be imminent in other
minor trades affected by strikes. Unemployment has now reached the
point where It is no longer considered a serious factor. The situation in
the iron industry is much improved following increased activity in Danish
shipyards. In the tobacco industry on the other hand, the situation is.not so favorable.
In spite of higher exports and re-exports during April which totaled
163,000,000 and 17,000,000 crowns, respectively, the adverse balance of
trade amounted to 21,000,000 crowns or slightly lower than that of March
when exports and re-exports amounted to 155,000,000 and 16,800,000
crowns, respectively. While the export trade, therefore, shows an appre..
JUNE 28 1924.]
THE CHRONICLE
ciable gain, imports on the other hand have also reached much higher
figures at 201,000,000 crowns, which account for the unfavorable showing.
The chief exports were eggs, 13,000,000 crowns; dairy products, 49,800,000; packing house products, 43,700,000, and livestock, 17,700,000 crowns.
Among principal imports can be mentioned grain. 19,100,000 crowns:
textiles, 19.000,000; feedstuffs. 20,700,000; groceries, 9,000.000 crowns,
and 86 automobiles. While butter and bacon exports remain at very
high figures, egg shipments have decreased slightly, due partly to larger
domestic demands for storage purposes. Export prices on agricultural
products remained firm and can be described as normal.
During the first quarter of 1924 the Danish "Agricultural Balance of
Trade" was favorable to the extent of 272,000,000 crowns.
Something in the nature of a crisis is developing in the Danish pork
industry on account of over-production during the past 18 months. Prices
on the English market are now about 10 shillings per centner under last
year's average and it is even stated that farmers are barely able to make
hog raising pay. Danish authorities have recently published the statement
that this year's breeding of pigs will be about 20% under that of last year.
3151
n April, which would indicate a further decline in imports. Among the
leading imports showing advances over April were wheat, 34,150 metric
tons; corn, 6,000; iron and steel, 26,540, and 2,509 automobiles, while the
following items registered decreases: mineral oils, 23,140 metric tons; raw
cotton, 2,470; sugar, 2,830, and coal and coke, 360,840 tons.
The chief items of export during May were wood pulp, 130,660 metric
tons; sawn lumber, 105,737,000 board feet, including 10,132,000 box
shooks; planed lumber, 22,671,000 board feet, including 2,561,000 box
shooks: paper, 29,880 metric tons; iron ore, 511,860; iron and steel. 21,120:
and matches 2,690 tons. Cement exports totaled 6.660 tons.
Declared exports to the United States during May totaled $4,939,700,
including gold shipment with a value of $1,932,300. Some of the other
leading items were wood pulp, $1,496,000; paper, $789,000; iron and steel,
I.
$389,000, and iron ore, $37,685.
According to an estimate made by the Royal Board of Trade, the Swedish
merchant marine during 1922 contributed a net sum of 38,000,000 crowns
to the national balance of payments.
State Department at Washington in Note to China
Official Statement on Economic and Industrial CondiInsists upon Safeguarding of Rights of United
tions in Denmark During May, 1924.
States Interests in Chinese Eastern
Railway.
The National Bank of Copenhagen and the Statistical
Department of the Danish Government have issued the folThe State Department at Washington made public on
lowing statement on economic and industrial conditions in June 18 a statement relative to advices from the Chinese
Denmark during the month of May 1924:
Government in which it is maintained that China and Russia
During May the value of the Danish krone remained on the whole rather only are concerned in the Chinese Eastern Railway, and that
unchanged with a slightly upward tendency. The average quotations were
future administration of the latter rests exclusively in.
5.91 kroner per American dollar and 25.74 kroner per pound Sterling, while the
April the average quotations were 6.02 and 26.10 kroner. The National the Chinese and Russian Soviet Governments. These adBank's loans increased from 470 million kroner to 477 million kroner, and vices of the Chinese Government came in reply to a comthe loans given by the four principal Copenhagen banks from 1,601 to 1,616
Minister at Peking calling
million kroner. The circulation of National Bank notes was also slightly munication from the American
increased during May, being 481 million kroner at the end of May 1924, attention to the resolution adopted at the Washington
while only 456 million kroner at the end of May 1923. To avoid too great Conference on Limitation of Armaments concerning the
demands on the part of purchasers of currencies while the Danish Parliament was considering the Governmental stabilization program, the Ex- railway, under which China was made trustee for the railchange Central the 25th of May decided that temporarily, until the 18th of way and charged with the responsibility of adequately
June, the authorized dealers in currencies could only be allowed to sell cur- protecting the rights of all creditors. Following the receipt
rencies to cover payments due on imported goods.
There was only small transaction in stocks and bonds on the Copenhagen of the recent advices from China, the United States has
Exchange during May. The average weekly transaction was for shares since dispatched a further note to the Chinese Government
2.8 million kroner and for bonds 3.0 million kroner (in April, 3.5 and 3.0 adhering to its position that China should assume full remillion kroner). The index figures for both shares and bonds show an increase. The index figures for January being fixed at 100, were during the sponsibility for the rights of foreign investors in the railway's
month of May 95.3 for shares (April, 93.8), and 96.7 for bonds (April,95.9)• securities. The following is the statement issued by the
The wholesale price index declined considerably during May, from 225 to
State Department on June 18 relative to the advices from
219.
The foreign trade balance shows continued improvement. In April 1924 Minister Schurma,n at Peking:
the imports totaled 201 million kroner, the exports 180 million kroner, imThe American Minister at Peking'reports that he has received a note
port surplus thus 21 million kroner, compared to 50 million kroner in April dated June 16 from the Chinese Minister for Foreign Affairs, Dr. V. K.
1923. The total import surplus for January, February, March and April Wellington Koo,and that similar notes have been sent to the Japanese and
1924 was 64 million kroner, against 152 million kroner for the same period French Ministers.
in 1923.
The note acknowledges the receipt of the American Minister's note of
Eighteen million kroner's worth of livestock, 44 million kroner of bacon May 3, referring to the thirteenth resolution adopted by the Washington
and meat,50 million kroner of butter, milk and cheese, and 10 million kroner Conference concerning the Chinese Eastern Railway and requesting that
of eggs and lard were exported from Denmark during May 1924.
China take note of its responsibility as trustee thereunder and calling attenThe export of agricultural products shows some decrease for butter and tion to the fact that the rights of all creditors should be adequately proa considerable increase for bacon, the average weekly export in May for tected.
butter being 2,372,800 kilograms (April 2,444,600 kilograms): eggs. 19,454.The note of the Chinese Minister for Foreign Affairs states that the history
000(April 21,258,000); bacon and pigs, 4,489,900 kilograms (April 4,246,300 and agreements relating to the Chinese Eastern Ry.all show that it consists
kilograms), and livestock, 1,079,600 kilograms (April 1,291.600 kilograms). of the two countries of China and Russia. Prior to the conclusion of the
The prices continued to be very satisfactory, the average weekly quotations Sino-Russian agreement the pronouncement of the Washington Conference
for May were for butter, 474 kroner per 100 kilograms (April 414 kroner); referred to China's responsibility during the time of its trusteeship. Now
for bacon, 1.97 kroner per kilogram (April 2.01 kroner);for eggs, 2.06 kroner that Sino-Russian relations have been established (the note continues) the
per kilogram (April 1.80 kroner), and for meat, 1.01 kroner per kilogram state of affairs is entirely different from what it was formerly.
live weight (April 1.00 ironer).
In the future the two Governments of China and Russia will deal with the
Compared to last year, the general labor situation shows a decided im- question of the Chinese Eastern Ry. in which only the two countries of
provement and several threatening conflicts between laborers and employers Russia and China are concerned. This is a right which properly rests in the
have been settled peacefully by the conciliators. The percentage of unem- two
Governments of China and Russia.
ployment was in May, 6.1%, against 8.9% in May 1923. In the basic
Furthermore, the note declares that the temporary arrangement between
industries the unemployment amounted to 7.1% in May 1924 compared
China and Russia concerning the Chinese Eastern Ry. is not prejudicial to
to 10.2% in May 1923.
the rights of the various powers. The Chinese Government considers that
The Government's receipts of taxes on articles of consumption totaled
there is no need for excessive anxiety in reference to the points raised by the
18.5 million kroner (of which 7.1 million kroner were customs receipts),
compared to 17.4 million kroner in May 1923 (of which 7.8 million kroner American Government.
It was pointed out in Associated Press advices from
were customs receipts).
Washington June 18 that
Swedish Key Industries Active-Trade in Lumber,
Pulp and Paper Brisk-Iron Industry Alone
Shows Weakness.
Swedish conditions during May and early June showed
evidence of continued improvement, says a cable to the
Department of Commerce from Consul W. A. Leonard,
Stockholm. Foreign trade returns were particularly favorable and increased activity is reported in all industries
with the exception of the iron industry. Advance contracts
closed for sulphite pulp shipments up to June 15 are calculated to amount to 75% of the total 1924 output and for
soda pulp to 85%. Advance sales of lumber are computed
at 560,000 standards, or more than 50% of a normal year's
total sales. Continuing the trend noticed during the last
three months, unemployment on May 1 dropped to 10,300
as compared with 13,700 on April 1. After the slight increase
which occurred during April, the wholesale price index during
May fell five points and now stands at 151. The following
additional facts are furnished:
Because of military necessities during the World War and while American
forces were in Siberia, the railway was administered by an Interallied commission and was financed by the Allied governments. In this way the
United States became a creditor to the extent of about $5,000,000 along with
others of the Allied powers. including Japan, Great Britain and France.
It is understood that Japan and France have made representations to the
Chinese Government and have received replies similar to that communicated
to the United States.
As to the reply of the United States Government, which,
it became known on June 21, had been forwarded to China,
we quote the following from a Washington dispatch of that
date published in the New York "Times":
This Government, it is learned at the State Department to-day,reiterated
in its note that under Resolution 13 of the Washington Arms Conference,
the Powers recognized the Chinese trusteeship and reserved the right to
insist on China's responsibility to protect investors.
It is the attitude of this Government, it was explained, that the fact that
China was not a party to the agreement made in Resolution 13 does not
lessen her responsibility in the eyes of the Powers. The obligation on the
part of China already existed, it was explained, and Resolution 13 merely
refers to it, and sets forth the agreement of the Powers.
lin was further explained that the United States regards the $5,000,000
advanced by this Government for the maintenance of the road as coming
within the category of an obligation which China is bound to respect. The
The favorable position of the paper and pulp and lumber industries American reply, it is understood, makes it plain that the recent note signed
iron
heavy
The
advance
the
the
on
sales.
industry,
other
by Foreign Minister Wellington Koo wholly ignores the relationship of this
is indicated by
hand, is still working under very difficult conditions; competitive imports Government to the railway in regard to the open door policy and that it
even implied an impropriety in our making any suggestion as to the protecof foreign materials are increasing.
Quantity figures covering the foreign trade of Sweden during May tion of the rights of those in interest, although we are creditors of
road
indicate a slight decrease in imports and an appreciable growth of exports. to the extent of $5,000,000.
yet
not
customs
available,
returns
the
are
during
There
figures
has
American
been
no
the
Government to the
communication from
While value
month amounted to only 13,930,000 crowns, as against 14,491,000 crowns Soviet respecting the Chinese Eastern, it was stated. and none from Moscow
3152
THE CHRONICLE
to Washington, and it was indicated that this Government has no presekt
Intention of discussing the quo Mon in any way with the Soviet authorities.
Regarding China's advices to Japan the Associated Press
in a cablegram from Peking June 18 said:
The Japanese Legation yesterday received a reply from the Foreign
Office to Japan's communication warning China against the possible
jeopardizing of Japanese rights in the Chinese Eastern Ry.
In her reply China maintains that while certain obligations regarding the
railroad had devolved upon her as a result of treaties concluded in Washington at the armament conference, "in the opinion of the Foreign Office all
such obligations ceased upon China's signing the Sino-Russian agreement,
whereafter all questions concerning the railroad concern only China and
Russia."
A clause of the Sib-Russian agreement declared that determination of the
railroad's future would be confined to China and Russia to the exclusion of
all other nations.
Inter-Allied Conference in London July 16 on Dawes
Report—Participation by United States.
The decision to hold, the coming month, an Inter-Allied
Conference in London to determine the prom 'ure for bringing
into operation the Dawes proposals for the settlement of the
German reparations problems was reached at conferences in
London the present week between Edouard Herriot, Premier
of France,and Ramsey MacDonald,Prime Minister of Great
Britain. The United States is to participate in the proposed
conference, instructions having been issued to Ambassador
Kellogg at London on June 25 to attend the forthcoming
Premiers' conference, in response to the invitation of Prime
Minister MacDonald. Indications that the United States
would be asked to join the conference were given by Prime
Minister MacDonald on June 23, when he stated in the
House of Commons that "it is highly desirable that America
should be represented at the Inter-Allied conference of
July 16." He added: "We are not at the moment in communication, but a communication to that effect will be made
to the American Government at once." He further said:
The business of the Inter-Allied conference will be the Dawes report.
As soon as the Dawes report is put in operation, as soon as all the machinery
is arranged for in order to put the report in operation and is in active
operation, obviously we shall proceed to discuss, and I hope to arrange,
other outstanding questions between France and ourselves, including the
Inter-Allied debts. But I hope the House will be perfectly clear about this,
as!am clear about it, that there is not going to be any mixing up of the InterAllied debt question with the putting of the Dawes report into operation.
Announcement that Ambassador Kellogg would attend
the conference "for the purpose of dealing with such matters
as affect the interests of the United States and otherwise for
purposes of information," was made in a statement coming
from the White House on June 25, which also announced
that Col. James A. Logan, who has been the American
observer with the Allied Reparations Commission at Paris,
will likewise go to London to assist Ambassador Kellogg.
The White House statement, given out after Secretary of
State Hughes had conferred with President Coolidge, following the receipt of the invitation forwarded by Ambassador
Kellogg, said:
It is the desire of the Administration that the Dawes plan should be put
into effect as speedily as possible. This is the first essential step toward
recovery abroad in which this country is vitally interested. It is with
this view that in response to the invitation extended by Prime Minister
MacDonald instructions have been given to Ambassador Kellogg to attend
the conference in London on July 16 for the purpose of dealing with such
matters as affect the interests of the United States, and otherwise for
purposes of information. Colonel Logan will go to London to assist the
Ambassador.
The New York "Journal of Commerce" in its Washington
dispatch June 25, stated:
[Vol.. 118.
take place. The following is from a Washington dispatch to
the paper indicated, June 26:
American participation in the London conference of Allied Premiers
looking to the application of the Dawes plan for the settlement of German
reparations payment will be official to the fullest extent compatible with the
position of the United States in international matters, it was made clear
to-day at the State Department. Ambassador Kellogg is to be the representative of President Coolidge at the conference, charged with the duty of
observing what takes place, and the protection of American interests if
occasion arises.
Interest of the United States in the London conference is twofold, it was
disclosed. President Coolidge is desirous of the success of the Dawes plan
as the hope of economic salvation for Europe, as in the Administration's
view the only alternative is chaos. In the settlement of the German reparations problem this country has interests such as the costs of the Rhine occupation and the claims of American nationals against Germany. but it is not
the desire of the Administration to emphasize these rights to the discouragement of a generally satisfactory outcome of the London conference.
Official Observer.
Ambassador Kellogg, it was made plain, will be an official observer at the
London conference, since he will officially represent the President in matters which directly concern the United States and as to such advice as he may
be called upon to give the Allied Premiers. However, it was emphasized
that the American Ambassador can in no way commit the United States.
since in most cases such action is the prerogative of the Senate and Ia some
few administrative affairs the power of the President. Mr. Kellogg's
course, it was said, would be governed by instructions from Washington.
Irrespective of the question of official or unofficial participation in the
deliberations at London, It developed to-day that the United States will be
represented in England at about the time of the meeting by quite an array
of high Government officials. Secretary Mellon, it is announced, sails on
July 5 from New York for a vacation in England. This means that the
Treasury Secretary will reach London before the conference of Premiers
gathers. Ambassador Kellogg is duly accredited to that conference. Secretary Hughes is scheduled to reach London some three or four days after
the opening of the conference. The possibilities of' informal discussions of
America's views upon the application of the Dawes plan are regarded as
unlimited.
Debts Not on Program.
America's participation in the London conference is understood to have
been made easier by intimations that the meeting would confine itself
mainly to the Dawes plan. The United States has been advised that the
conference would not take up the question of inter-Allied debts, which
heretofore has barred this country from taking its place among the nations
of the world at a number of conferences in he past.
The willingness of the Allied nations at this time to meet with the representatives of this country without reference to the debts owed America is
believed to indicate a trend in Europe toward co-operat:on with America
on America's terms.
The position of the United States in the London conference, according to
the Administration's view, is entirely different from that of the Allied Governments, and hence its scope of activity is strictly circumscribed. Aside
from its specific interest in collecting the costs of the Army of Occupation
and the amounts of the American claims against Germany, it has, however.
a deep interest in seeing normal conditions restored in Germany and Europe
placed on a sound economic basis for the general good of the world.
The conversations the past week between Premier Herriot
and Prime Minister MacDonald were brought under way at
Chequers Court, London, June 21. With his arrival in
London that day M. Herriot, who became Premier on
June 14 with the formation of the new French Cabinet,
following the resignation on June 11 of President Millerand,
gave the following brief message to the British people:
I have the greatest faith in the Anglo-French entente and have worked
for it with all my heart. A rapprochement between our two countries
has done much in the past and it is absolutely essential, both now and in
the future, for the peace of the world.
A communique, covering the conversations of Messrs.
Herriot and MacDonald on the 21st and 22d, was issued as
follows on the latter date at the Foreign Office, London:
A meeting between the French and British Prime Ministers was held at
Chequers Saturday and Sunday. Friendly and informal discussions took
place on several questions which arose out of the Dawes report and measures
to be taken in order to put it into execution. No definite conclusions could.
of course, be arrived at pending consultations with the Italian and Belgian
Governments.
The conversations revealed a general agreement between the French
and British points of view and on the part of the two Prime Ministers a
common determination to meet the difficulties which beset their countries,
and, indeed, the whole world, by continuous co-operation. It was agreed
that, subject to the convenience of the other Allies, a conference should
be held in London not later than the middle of July for the purpose of
definitely settling the procedure to be adopted.
The two Prime Ministers agreed to pay a brief visit to Geneva together
at the opening of the Assembly of the League of Nations in September next.
The fact that the White House statement did not specifically state
that Mr. Kellogg was to be merely an observer immediately aroused comment in some quarters as indicating a possible broadening of the hitherto
maintained policy toward European questions. It was explained by
officials, however, that the Ambassador's mission could be compared
generally to that of Ambassador Harvey with the Allied Supreme Council
in 1921.
Differences in Instructions.
Prime Minister MacDonald, whose remarks in the House
There would be the difference, however, that Mr. Harvey's instructions
Commons on June 23 are referred to in part above, also
directed him to take part as the representative of the President in the of
deliberations of the Council, now non-existent, whereas Mr. Kellogg stated that the question as to the representation of Germany
is to "attend the premiers' meeting for the purpose of dealing with such at the Inter-Allied conference had been discussed, but that
matters as affect the interest of the United States and otherwise for purit was quite obvious that it was first essential that there
poses of information."
Both the White House and the State Department have maintained that, should be agreement between the Allies as to what they were
despite the interest of the United States in the early operation of the Dawes prepared to do to put the experts' report into effect. Conplan, this Government would not participate in any discussion involving
political issues or problems in Europe. It has been asserted emphatically tinuing, he said:
It is felt that certain of the obligations imposed on Germany by the
also that in the view of the United States there is nothing in the Dawes
plan which entails any obligation on its part in connection with the exe- experts' report are somewhat outside the obligations imposed by the Treaty
Versailles, and the question that remains for consultation with Belgium
of
cution of the plans.
A possible immediate interest of the Washington Government in the and Italy, in pursuance of the consultations we had this week-end, is how
forthcoming discussion is seen, however, in the connection between German best we can make Germany a willing partner in sharing these obligations.
payments under the Dawes plan and obligations of that nation to the The exact form is unsettled, but it is under consideration.
Following the conclusion of his conversations with Prime
United States under the American treaty with Germany.
Besides the two assigned by the Government to represent
the United States, it is pointed out in the New York "Journal
of Commerce" that both Secretary of the Treasury Mellon
and Secretary of State Hughes will both be in London at
about the time the Inter-Allied conference is scheduled to
Minister MacDonald, Premier Herriot went to Brussels,
where he conferred on June 24 with Premier Theunis, of
Belgium, the following communique being issued, according
to a copyrighted cablegram to the New York "Times" from
Brussels at the close of the meeting:
JUNE 28 1924.]
THE CHRONICLE
3153
Premier Herriot put the Belgian Ministers au courant with his conversations with Premier MacDonald. They give reason to hope for
the close collaboration of Great Britain, France, Italy and Belgium with
a view to insuring early application of the experts' plan.
The French Prime Minister and Belgian Ministers next exchanged views
on the principal points which will have to be discussed by the forthcoming
Inter-Allied conference. These exchanges of views will continue among
the Governments in order that careful preliminary study may be given to
the questions to be solved and that the conference may thus agree upon
precise and unanimous sanctions.
The rapprochement which has just occurred between the Allied Powers
and for which the way had been prepared by the visits of the Belgian
Ministers to Paris and London and Milan, should facilitate a solution of
the questions which are still unsettled.
An exchange of pledges after Germany has fulfilled all the conditions
prescribed by the report of the experts and guarantees for its execution,
the railway administration and extension of the M. I. C. U. M.agreement
received the especial attention of the Ministers.
The representatives of the two Governments affirmed their common
desire to secure strict execution of the clauses dealing with the disarmament of Germany. The problem of security was considered, and further
study of it will be pursued on both sides.
The Brussels conversations were inspired with a sincere spirit of close
friendship and reciprocal confidence. They have left the impression that
genuine progress has been made and that the forthcoming conference will
find itself in a position to reach an equitable solution of the reparations
problem.
"If Europe is to have peace," the Premier continued. "Germany must
be disarmed. Neither declarations nor promises are sufficient and on
this subject, I am convinced Mr. MacDonald is as resolute as we are
and that his intentions are not less vigorous than ours."
The joint note sent from London was proof of the unity of the Allied
views. Belgium,too,had approved their attitude, not only on this question
but on others discussed at Chequers.
"I have this to say,' M.Herriot declared. "that in Brussels at no moment
and on no subject was there the least difficulty."
Of that, one proof lay in the fact that a policy on the urgent question
of the renewal of the Dusseldorf accords was agreed upon and identical
instructions given the French and Be gian missions in the Ruhr.
A conference was necessary before application of the Da,wes plan, and
It was in deference to English parliamentary arrangements that it was
decided to hold it in London
Later,in the Chamber,the Premier announced that if considered desirable
he was prepared to have the French Parliament continue to sit in extra
session after the annual holiday on July 15. when it was customary to
adjourn for the summer. This action by the Government would give
the Chamber and Senate the right to control all that was done in London.
For America Premier Herriot had this word:
"It would express the hope that the United States will aq.ociate itself not
only in this conference but in all the effor s we are going to make for the
establishment of peace." In both houses this wish get as loud applause
as any given the speaker.
At Chequers, the Premier continued, he had raised the question of
inter-Allied debts, though it in no way bound France's acceptance of the
experts'
and Mr. MacDonald had promised it would be rediscussed
In the French Chamber of Deputies and Senate on June 26 without report,
delay.
"With the grave problem of definite security for France," he said, "it
Premier Herriot was interrogated as to his accomplishments
will be the subject of further conversations which we have mutually underin both London and Brussels, as to which we quote the taken
to continue. With all the
of which I am capable I insisted
following from a copyright cablegram from Paris to the and will insist on the unfavorable strength
situation in which France will find herself
even
after execution of the Dawes plan if she does not obtain a just settle
New York "Times":
meat of this matter."
His return to Parliament, and even to his own majority, was not by any
Of his journey he added that the great result was that the three Governmeans in the nature of a triumph such as the enthusiasm with which the
ments had agreed, and he was sure others would agree, to unite themselves
Chequers communique was given to the world, seemed to merit. The
In
a loyal effort of mutual understanding to obtain the satisfaction which is
Senate was cold. The Chamber was critical. Both were obviously reservdue them and found peace on justice.'
ing their judgment. M.Poincare listened quietly to the Ministerial declaraThey agreed that as soon as Germany had fulfilled her obligations with
tion and joined without enthusiasm in the applause.
regard to reparations and disarmament she would be free to enter the
Ten questions were put to M. Herriot in the Senate by M. Hubert,
League
of Nations, which it was their intention to fortify.
President of the Foreign Affairs Commission, who wanted to know:
'We have shown," he concluded, "that if Germany is loyal she will have
First. Was the experts' plan accepted without reserve by all the Allies,. nothing
to fear. If she is not loyal she will not be spared."
and would it be put in operation without retouching?
According to Associated Press cablegrams from London,
Second. Was it correct that the Ruhr would be evacuated only in proportion to payments made, and what precautions would be taken for its June 26, Premier MacDonald has informed American Amreoccupation?
Third. Was any change of program envisaged as to occupation of the bassador Kellogg that the forthcoming Allied conference in
left bank of the Rhine?
London will be confined to the Dawes report, it is underFourth. Was France committed to support the admission of Germany stood, and Great Britain has obtained an agreement of the
to the League of Nations?
Fifth. Was Belgium in accord with France on the questions ofreparations Allies that the question of inter-Allied debts will not be
and the disarmament of Germany and the latter's admission to the League? raised. The same advices said:
Sixth. Had Italy been informed of what was being done?
"It has been suggested that the attitude of the American bankers toward
Seventh. How was German disarmament to be accomplished and what
the proposed loan to Germany will have much weight in preliminary discuswould be done if Germany paid no attention to the MacDonald-Herriot
sions, particularly in making the report acceptable to the Germans.
note?
'Much of the success in the acceptance of the Dawes report depends on
Eighth. Where and when would the Inter-Allied conference be held
the report of the railroad committee which was created by the experts'
and which nations would be invited?
report and which is already functioning. It is believed that this committee
Ninth. Was England ready to make concessions in exchange for French
will be able to file a full report on the relations between the German railsacrifices, particularly with regard to the French debt, and what was
roads and reparations payments."
considered likely to be the eventual attitude of the United States in this
matter?
It was stated in Rome press cablegrams June 26 that the
Tenth. Had any formal engagements been taken in London and Brussels.
newspapers
of that city had reported that the Italian GovernHerriors Reply Written.
M. Herriot read his reply to these questions in both houses. Coming ment has accepted an invitation to attend the proposed
after the declarations of a: British guarantee of solidarity in case of German Allied conference to be held in London in July. The "Mesdefault on the Dawes plan and the slightly sensational aspect which had
first advanced
been given to the "moral compact." of constant collaboration between saggero" says the idea of this conference was
the Allies it failed to carry the conviction which the Premier may have by Premier Mussolini a year ago. Japan, it was stated on
hoped for. It appeared that actually nothing had been done beyond a June 25 in
London press advices, will be included among the
resumption of discussion and a joint note to Germany on disarmament.
Here and there only did the Premier evoke applause. Both sides in the nations invited. It is hoped Premier Mussolini of Italy will
Upper House and the Nationalists in the Lower failed to respond at all be able to represent his nation in person at the conference.
except when he declared his intention to pursue a firm policy with regard
to German disarmament.
"I went to Chequers," he said, "on the cordial invitation of the British Offering of Bonds of Denver Joint Stock Land Bank.
Prime Minister to discuss with him the necessary arrangements for putting
L. F. Rothschild St Co. of New York and West St Co. of
into operation the experts' plan. This plan was ratified by the Reparations
Commission and accepted by the preceding Government. I confirmed this Philadelphia offered on June 26 $1,000,000 5% Farm Loan
acceptance.
bonds of the Denver Joint Stock Land Bank at 101 and
"It is very evident that the interests of the Allies, and especially those of
and 5% thereFrance. demand before all that organization of the service to be created interest, yielding 4.875% to the optional date
for administration of the guarantees should be assured in conditions which after. The bonds are issued under the Federal Farm Loan
will give all security. The Allies must secure the commercial value of their
Act, are dated June 1 1924, will become due June 1 1954
claims on Germany. We cannot have a recurrence of the disillusion which
and will be redeemable at par and interest on any interest
followed the former establishment of a schedule of payments.
"As for the military occupation of the Ruhr, while the British Govern- date after ten years from the date of issue. The bonds,
ment has expressed its desire to see a return to invisible occupation after
coupon, in denomination of $1,000, are fully registerable.
economic evacuation,there cannot be for a moment any question ofabandonment of their liberty of decision by the French and theBelgian Governments. Interest is payable semi-annually, June 1 and Dec. 1, and
"It was necessary to consider the possibility of Germany's failing to principal and interest are payable at the Chase National
carry out the extremely reasonable payments imposed by the Dawes report.
Denver Joint Stock Land
With a loyalty for which I thank him, Mr. MacDonald renewed to me Bank, New York City, or at the
the assurance which he had given to MM. Theunis and Hymens and was Bank at Denver, Colo. The bonds are exempt from Fedasked for in a letter by M. Poincare that in case Germany failed to fulfill eral, State, municipal and local taxation and are acceptable
her obligations as laid down by the experts who had acted in all indedeposits of Governpendence and impartiality, Great Britain, like France. the guardian of as security for postal savings and other
ment bonds. The Denver Joint Stock Land Bank was
contracts, would engage herself solemnly to side with the Allies.
"Without this political guarantee foreseen by the report itself it is too chartered April 18
1922 to operate in the States of Colorado
evident that purely technical guarantees might become inoperative as
and Wyoming and having its principal office in Denver,
the result of the least incident.
Further Negotiations Necessary.
Further negotiations with England were nocessary, the Premier sad,
In order that necessary precautions for the defense of the treaty and Allied
rights be established. His aim, as was Mr. MacDonald's, would be
always for closer ce-operation with England for defense and for peace.
and he would never consent to sacrifice any one of the guaranteesof security
given by the Treaty of Peace.
"For the defense of the French and Belgian troops in the present occupied
districts, certain precautions were essential, and Mr. MacDonald had
consented to have an inquiry by military experts into the measures to be
taken.
Colo. The official circular says:
According to the official statement of the bank se et May 31 1924, the
first mortgages on farm lands amounted to $5,830,700 against property
conservatively estimated at $16,659,014. There are $5.600,000 of bonds
Issued; the bank has a capital of $420.000 and the liability of the shareholders is double the amount of stock. There is a surplus of $81•818 84•
The average amount loaned per acre is officially reported to be about
$16 40, which is but 35%% of the appraised vales of the property.
The officers and directors are:
C.L. Beatty (President Denver Joint Stock Land Bank); Walter Cravens
(President Kansas City Joint Stock Land Bank); W.E. Barkley (President
3154
THE CHRONICLE
Lincoln Joint Stock Land Bank); 0. F. Schee (Vice-President Chicago
Joint Stock Land Bank); P. J. Quealy, Vice-President; A. D. Johnson,
Secretary; G. E. Abbott; A. J. Cunningham; John W. Hay. Vice-President;
H. R. Weston, Treasurer; Karl C. Schuyler; John T. McDonald; Oliver
H. Shoup (ex-Governor of Colorado).
It is stated that the control and management of the following financial institutions having total resources exceeding
$70,000,000, is also vested in the members of the above
board of directors:
[vol.. 118.
undertaking to own the marketing facilities for grain and the practical
method by which it may be successfully accomplished to best advantage for
the producer.
The proposal contemplates using the facilities of existing exchanges and
operating in accordance with their established rules.
The company contemplated in this plan will be at the service of State
co-operative pools, elevator exchanges, farmer-owned elevators and individuals as a grain merchandising agency.
It is understood that the tentative plan has been presented to other farm
organizations.
It was announced on June 23 that the committee which is
to investigate and report upon the proposition of the grain
elevator men to sell out to the American Farm Bureau Federation and the co-operative associations has been named and
is as follows: 0. E. Bradfute, President of the American
Offering of $1,000,000 Bonds of First-Trust Joint Stock Farm Bureau Federation; J. F. Reed, Vice-President, of
Minnesota; S. H. Thompson of Illinois; Murray D. Lincoln
Land Bank of Chicago.
Evans of Utah.
The bond department of the First Trust and Savings Bank of Ohio, and Frank
$1,000,000
of
offering
an
23
June
of Chicago announced on
43% farm loan bonds of the First-Trust Joint Stock Land $40,000,000 Cotton Credit is Arranged by New York
Banks—National City is Reported to Head
Bank of Chicago, at 100 and interest. The bonds are dated
Syndicate Making Advance.
May 1 1923, will become due May 1 1953 and are redeemable
The following is from the New York "Journal of Comat par and interest on May 1 1933 or on any interest date
thereafter. They are coupon bonds $1,000 and $10,000, merce" of yesterday (June 27):
A bank credit for $40,000,000 to cotton operative associations is being
fully registerable and interchangeable. Principal and seminegotiated with a group of New York banks
the National City Bank.
annual interest (May 1st and Nov. 1st), are payable at the It was learned yesterday from a reliable,ledby
although not official, source.
National
First
the
or
Chicago,
Bank,
Charles E. Mitchell, President of the National City Bank. declined to disFirst Trust and Savings
cuss the report, saying that it is the privilege of the borrowers to divulge
Bank, New York City. The bonds are exempt from all the
details of the transaction should they desire to do so.
Federal, State, municipal and local taxes, excepting inheriThe negotiation of this credit is considered another evidence of the success of co-operative associations in marketing the crops of their members,
tance taxes. The offering announcement says:
Union
National
National
National
Trust Co., Cheyenne; First National Bank, Kemmerer; First
Bank, Rock Springs; Rock Springs National Bank; American
Bank, Cheyenne; First National Bank, Laramie; Wyoming
Bank; Cheyenne State Bank.
We are advised that these bonds are legal Investment for savings banks in which is the purpose of the present loan. Bankers yesterday recalled that
twenty-nine States, including Illinois, Indiana, Ohio, Missouri, Kentucky. Col. Sloan Simpson, Treasurer of the Texas Farm Bureau Cotton AssoPennsylvania and Maryland. These bonds are likewise legal investment for ciation, last July negotiated a credit of similar size and purpose, which was
secured by 250,000 bales of cotton.
trust funds in thirty-three states.
The success of the North Carolina Cotton Producers' Association and the
The First-Trust Joint Stock Land Bank is affiliated with co-operative cotton growers' associations of the northern tier of Southern
the First Trust and Savings Bank and the First National States are other evidences of the growing strength of the co-operative moveBank of Chicago. Its directors include Jas. B. Forgan, F. ment.
Heretofore the practice in executing such credits has been to gauge the
0. Wetmore, M. A. Traylor, J. B. Oleson, B. C. Harden- amount of capital outstanding at any one time by the quick sale at market
Boysen,
value
of the cotton, with an ample margin in favor of the banks. The world
brook, F. M. Gordon, E. E. Brown, ami L. K.
marketability of cotton is an important factor in appraising the security of
executive officers of these institutions. An offering of the
credit.
$500,000 bonds of the First-Trust Joint Stock Land Bank
Although not even a hint could be obtained as to the interest rate on the
present credit, it is probable that it will be low owing to the prevailing easy
was referred to in these columns last week, page 3033.
money rates. When the Simpson credit was negotiated last July six
months commercial loans ranged from 5 to 5.1%. At present they are
Offering of San Antonio Joint Stock Land Bank quoted at 33<( to 3%.
Bonds.
At 1003/i and accrued interest to yield 4.93%, Stevenson, Will Finance Loan for Cotton States—Deal Involves
$100,000,000.
Perry, Stacy dr Co. of Chicago and St. Louis offered on
Associated Press advices as follows from Shreveport, La.,
June 23 a $600,000 issue of 5% farm loan bonds of the San
Antonio Joint Stock Land Bank. The bonds, which bear June 23 appeared in the Dallas "News":
A farm finance deal involving $100,000,000 to be loaned farmers of
'date May 1 1923, will become due May 1 1953, are, we learn,
12 cotton-producing States on a basis of 414 to 4%% interest for the
part of the issue, amounting to $1,200,000, offered last financing and stabilizing of the cotton market was announced here Monday
.month by Hayden, Stone & Co.; reference to this offering by Andrew Querbes, Chairman of the finance committee of the American
Growers' Exchange, President of the • Louisiana Farm Bureau
was made in these columns May 24, page 2517, and last week Cotton
Cotton Growers' Association, and President of the First National Bank
(page 3033) we indicated that the subscription books to the of Shreveport.
The deal was consummated last Tuesday by the finance committee
offering had been closed, the bonds having been dispoed of.
the American Cotton Growers' Exchange in conference with officials
The San Antonio Joint Stock Land Bank is operated in close of
of the National City Bank of New York, which heads a national banking
connection with the First National Bank of San Antonio.
syndicate. The terms of the agreement specify that $15,000,000 is the
Proposed Acquisition of Grain Concerns and 5,000
Elevators in Interest of Grower.
According to Associated Press dispatches from Chicago,
June 20, a detailed plan, under which several large grain
concerns and 5,000 co-operative elevators would come under
producer control was formally submitted to the executive
committee of the American Farm Bureau Federation on that
date. While the papers indicated that five grain concerns
were interested, the Philadelphia "News Bureau" on June
21 indicated as follows that Bartlett, Frazier & Co. are not
in the plan:
Bartlett, Frazier & Co. of Chicago, wires: "Some of the Chicago papers
published, this morning, an article which includes Bartlett, Frazier Co. in
a proposed farmers' co-operative grain marketing company. This article
was published without our knowledge or consent as we are not interested in
the proposed plan."
The others reported as included in the proposed plan are:
Armour Grain Co.,Rosenbaum Grain Corporation, Rosenbaum Brothers,
J. C. Shaffer & co.
maximum that may be loaned to any State association and the various
organization affiliated with the Exchange are given until Aug. 1 to determine the amount that will be necessary to finance their farmers during the
coming marketing season.
The loans will be made on a basis identical with those made to the
associations by the Federal Intermediate Credit banks. They will be
for a period of 90 days with privilege of renewal through a term of ten
months, which is the length of time comprised in the marketing season
under the orderly marketing process, according to Mr. Querbes.
The loans will be apportioned to the various States in proportion to
their needs, he said. The marketing associations will arrange for the
loan and will use the money as needed for advances on cotton as delivered
under the co-operative marketing contract. Such loans arranged through
private channels would necessitate the payment of from 7 to 8% interest,
Mr. Querbes declared.
The $50,000,000 appropriated for the loans to farmers through the
Intermediate Credit banks will still be available in case the syndicate
loan proves Insufficient, it was said.
Commenting on the above, the "News" said:
John T. Orr of Dallas, President of the Texas Farm Bureau Cotton
Association, said Monday night that the Texas organization was a party
to the agreement for financing the cotton crop made with a New York
banking syndicate and that this State would receive $2,000,000 of the
maximum loan of $15,000,000 specified in the agreement. The remainder
of the money needed to finance the Texas crop handled by the association
would be raised in Texas, Mr. Orr said, with the understanding that
additional funds would be available in New York if needed.
According to the Chicago "Journal of Commerce" of June
2, the only official information is contained in the formal
written statement issued by 0. E. Bradfute, President of the
Further Developments in G. F. Redmond & Co., Inc.,
American Farm Bureau Federation, which says:
Failure.
A plan, contemplating acquiring the mechanical and managerial facilities
'
of five large grain concerns and 5,000 co-operative elevators, has been
F.
Redmond,
the founder and former
George
24
June
On
This
plan
Federation.
Bureau
proposes
Farm
American
presented to the
that the international grain marketing sales agency resulting becomes Treasurer of the defunct brokerage house of G. F. Redmond
grower-owned, financed and controlled.
& Co., Inc., Boston, which failed in February last with
This plan was presented to the executive committee of the American Farm
liabilities of approximately $10,000,000 and assets of about
a
discussion
four-day
resolution
a
was
After
Bureau Federation this week.
adopted authorizing the President of the federation to appoint a committee, $250,000, was coMmitted to jail for contempt of court by
of Which!'e shall be Chairman, of such size and personnel as may by him be Judge Morton in the United States District Court, after
deemed proper to complete the study and analyze the proposition above
referred to for the purpose of determining the practicability of the producer proceedings which lasted several days, for refusing to turn
JUNE 28 1924.]
THE CHRONICLE
over to the receivers $300,000 in assets. James S. Lamont
the former President of the bankrupt firm and Arthur H.
Diggins were respondents in the same action, but the receivers did not press their claim against them. On April 16
(as stated in our issue of April 26, p. 1984) the receivers
through their counsel Lawrence Curtis filed a motion alleging that the above named defendants were fraudulently
concealing $3,247,257 and asking that they be cited to come
into Court and show cause why an order should not be
issued against them to deliver the assets to the receivers
forthwith. But Judge Morton, after hearing testimony on
the petition, handed down an opinion in which he finds that
the trio have in their possession the proceeds of an alleged
stock deal with one H. M. Williams of New York, or the
stock concetned in the alleged deal valued at $270,000, together with about $30,000 additional. At the proceedings
Redmond testified that, under assumed names, he had made
$1,000,000 in operations through the company in 1917, 1918,
1919 and the spring of 1920. He asserted, however, that
he was able to collect only a part of his winnings, because
he had to cancel the firm's indebtedness to him in order to
save it from insolvency. Redmond also, according to the
Boston "Herald," of June 21, declared to Receiver Charles
P. Curtis Jr., his cross-examiner, that the best place he
could think of in looking for assets of G. F. Redmond & Co.,
Inc., was in the bad debts ledger. There, he said, Receiver
Curtis would find bad debts of from $2,000,000 to $3,000,000,
mostly closed accounts of Redmond customers. He further
stated that Redmond customers owed the concern $760,000
when it failed. Judge Morton's order on which Redmond
was committed specified that he be held in close confinement,
and is said to be one of the most drastic rulings in a contempt
case in the history of the Massachusetts Federal courts. In
giving the decision, Judge Morton expressed the opinion
that G. F. Redmond & Co., Inc., had conducted "a bucketshop, pure and simple."
James S. Lamont, the President of the defunct firm, has
been imprisoned in the East Cambridge House of Correction
since April 23, when Judge Morton held him in contempt
for failing to obey the Court's order to turn over to the receivers $10,000 in bonds and certain books of the bankrupt
firm. Shortly after his incarceration he delivered the bonds
and made two ineffectual attempts to be purged of contempt
and liberated from jail. At hearings before Judge Morton
he declared on oath that he had destroyed the missing books
by burning them in the garden of his home at Natick, Mass.,
and produced the charred pages of ledgers and fire-blackened
metal frames of volumes in court to substantiate his story.
Judge Morton, in his decision on May 9, said:
Lamont stands committed for failure to deliver bonds and books. As to the
bonds, he has delivered them and the order has been justified by the event.
It now appears that the books in question were in fact under his control
after they had been taken from the offices of G. F. Redmond & Co. That
part of the order has been justified by the event.
The question now is whether he has accounted for the books which were
in his possession. He says that he burned them in the yard of his house.
Of course the vital books—and these may be referred to as the vital books—
of a large stock brokerage business which has failed, are not burned without
reason.
When Lamont says he burned them,he in effect says that he was destroying evidence of what had been done with the assets of G. F. Redmond &
Co. It is obvious that such a witness discredits himself. His testimony
carries little weight. It takes more than the bare statement of such a man
made in his own interests to satisfy me of its truth.
To carry conviction his story should be so full and frank and explicit in
details that the truth is evident from it. I think that Lamont's story here
is far from that sort of a story. That books were burned is clear. That the
stock ledgers were burned the wrecks here do not indicate. In fact, I regard
these wrecks with a good deal of suspicion.
I am by no means satisfied that the stock ledgers were destroyed. I
think they are in Mr. Lamont's possession and he shall stay in the jail
until he turns them over.
3155
Aug. 6, was arraigned in the Superior Court at Boston on
June 23 on ten indictments for larceny which are still pending
against him. Judge Bishop set Oct. 8 as the date of his
trial and fixed the amount of bail at $14,000. Ponzi, who
acted as his own lawyer, told the Court he was penniless and
asked to be released on his own recognizance. Twenty-two
indictments were returned by the Suffolk County Grand
Jury in addition to the Federal charges on which he was convicted. On twelve of these State indictments he has been
tried and acquitted. According to a press dispatch from
Boston, on June 13, which appeared in the New York "Commercial" of the following day, a decision which will mean
the return of money received by thousands of persons through
the operations of Ponzi, was handed down in the Federal
District Court by Judge Morton on that day. The decision was given in a test case brought by the Ponzi trustees
against nine persons who profited through their dealings with
Ponzi. The Court ruled that the profits must be turned in.
On June 5 Chief Justice Rugg of the Massachusetts Supreme
Court, handed down a decision (the full bench concurring)
which entitles the Ponzi trustees to prove a claim against the
defunct Hanover Trust Co. of Boston for a certificate of
deposit for $1,500,000 issued to Ponzi on July 22 1920, with
to Aug. 11 1920, when the Bank Commisinterest at 4
sioner closed the institution. The Court also ruled that the
Bank Commissioner may prove his claim against Ponzi for
$187,500 for liability as a stockholder in the Hanover, and
also that the Bank Commissioner may set off against the
$1,500,000 certificate $42,975 because of wrongful acts and
gross neglect of Ponzi as a director of the bank. The Court
dismissed the bill in equity brought by the Ponzi trustees
to recover $187,500 from the Hanover Trust Co. paid by
Ponzi in June 1920, for 1,500 shares of the capital stock of
the bank, on the ground that the stock was illegally issued.
The bank had no right, the Court said, to set off Ponzi's
overdraft of his account to the amount of $441,878 against
the certificate of deposit, adding that the officers of the bank
knew that Ponzi was a bankrupt on July 2 1920. The decision, thirty-five pages long, rehearsed the history of Ponzi's
scheme and the law bearing upon the issues raised. Regarding Ponzi's transactions with the Hanover Trust Co., the
decision said:
The bankrupt (Ponzi) was not engaged in any legitimate business. The
vast sums of money which came into his possession were not invested. No
profitable use was being made of them. Because the bankrupt was the
largest depositor in the trust company and because of the magnitude of his
transactions, the officers of the trust company may have been dazzled.
They are not to be held responsible for events subsequently discovered, but
not known at the time of their acts now under review. The trust company
is to be held to responsibility on the footing of facts then known to its officers, and not otherwise. The officers of the trust company knew Ponzi was
a bankrupt on July 2 1920.
The only rational inference which, as banking officials or as ordinary
business men, they could draw from the facts actually known to them was
that the bankrupt was a swindler. The facts actually known to them were
susceptible of no other construction to the thinking business mind. A man,
conducting such operations as the trust company knew at least as early as
July 12 1920, that the bankrupt was engaged in, was entitled to no assistance in carrying on his schemes. The bankrupt must be presumed to have
intended the natural and inevitable consequences of his acts. Ile is chargeable with an intention that his affairs would be settled ultimately in the
bankruptcy court.
On Apr. 28 last, Chief Justice Taft of the United States
Supreme Court ruled that persons who got their money back
from Ponzi in the days just prior to his financial collapse,
are liable to the trustee of his estate to the extent of
$2,500,000, or thereabouts, face value. This decision of the
United States Supreme Court (according to the Boston
"Herald" of Apr. 29) reversed not only the Federal District
Court of Massachusetts, but the United States Circuit Court
of Appeals, which had affirmed a decision of Judge Anderson,
who held that those who merely got "their money back"
without the fabulous profits were entitled to keep the
money. We referred to the affairs of Charles Ponzi in the
"Chronicle" of Aug. 14 1920, page 644 and several subsequent issues.
The Federal Grand Jury on May 23, after a long investigation into the conduct of the business of the Redmond firm,
returned two indictments against George F. Redmond,James
S. Lamont, Arthur H. Diggins, and seven others, together
with a recommendation for legislation establishing a Federal
law for the protection of the investing public from bucketshops. The defendants are charged in one indictment with
alleged using the mails in a scheme to defraud, and in the National Bank Notes Circulation to Cease in 1930—
second with alleged conspiracy to use the mails in a scheme
Federal Reserve Notes to Be Substituted.
to defraud. Subsequently, upon arraignment upon the
Special advices as follows from Washington, June 26, are
indictments, Redmond, Lamont and Diggins entered pleas reported by the New York "Journal of Commerce:"
of not guilty and were held in $10,000 bonds e-ch. The
Disappearance of the last national bank note from circulation may be
Redmond failure was referred to in the "Chronicle" of expected within the next six years, it was indicated to-day at the Treasury.
High Treasury officials explained the contemplated inauguration of the
Mar. 1, p. 1089, and Apr. 26, p. 1984.
bonds carrying the circulation
Charles Ponzi Faces Another Trial on October 8th.
Charles Ponzi, whose five-year term of imprisonment in
the Federal prison at Plymouth, Mass., for using the mails
to defraud in his postal reply coupon scheme, will expire on
privilege,
policy of refunding all outstanding
which would mean the replacing of national notes in circulation with
Federal Reserve notes.
The approximate date for the conclusion of this program is 1930. seore,.
tory Mellon has already announced that the Treasury contemplates c.althig
for redemption on Feb. 1 1925 the entire outstanding issue consisting of
$118,000,000 of the 4% loan of 1925.
3156
THF CHRONTCLE
[VOL. 118.
The full text of the ruling follows:
Bonds to Be Refunded.
The greater part of these bonds aro now used to secure national bank.
The Federal Reserve Board has recently been called upon to rule on
circulation and they would be refunded by the issuance of bonds which the eligibility for purchase by Federal Reserve banks of German trade bills,
would not carry the circulation privilege and hence the national bank notes payable in dollars and in the United States, endorsed by the German Gold
retired coincidentally with the bonds redeemed would be replaced by Rediscount Bank, and also by an American banking institution. These bills
Federal Reserve notes.
would arise out of a credit which certain American banks and bankers proThere are at present approximately $738,000,000 of national bank notes pose to arrange in favor of the German Gold Rediscount Bank.
in circulation, which would all be replaced by Federal Reserve notes when
It is provided in Section 14 of the Federal Reserve Act that Federal Re.
the bonds upon which the national bank notes are issued are retired. Treas- servo banks may purchase bills of exchange of the kinds and maturities
ury officials explained that the provisions in the Federal Reserve Act for made eligible for rediscount under the terms of the Federal Reserve Act.
replacing national bank notes in circulation with Federal Reserve notes The regulations of the Board prescribe that a bill of exchange or trade achad not worked very well, so that the Treasury, by the refunding program, ceptance eligible for rediscount shall be payable in the United States in
would effect the end desired by Congress in the enactment of the Federal dollars, but there is no requirement that the bill shall be drawn in the
Reserve Act provisions.
United States. A bill of exchange or trade acceptance drawn in a foreign
The bonds carrying the circulation privilege now outstanding are the country is technically eligible for discount or purchase at a Federal ReUnited States consols of 1930,in the amount of about $600,000,000; the 4% serve bank upon the same terms and conditions as a bill of exchange or
loan of 1925, in the amount of $118,000,000; the 2% bonds of 1916-36, in trade acceptance which is drawn in the United States. Accordingly, if the
the amount of $49,000,000. and the 2% bonds of 1918-38, in the amount of German trade bills, which are to be drawn under the proposed credit to
$36.000,000. The last two named issued are already callable and the 1925 the German Gold Rediscount Bank as above described, are negotiable in
are liable to call on Feb. 1. so that the consols of 1920 will probably fix form, arise out of commercial transactions, and have maturities not exceedthe date of the final retirement of bonds carrying the circulation privilege, ing the maturities prescribed by the Federal Reserve Act for paper eligible
for rediscount, there is no legal objection to their purchase by Federal Reas the consols are not callable before maturity.
serve banks. The Federal Reserve Board has, therefore, ruled that German
East Money Is Factor.
trade bills of the kind described above may be purchased by Federal ReIn the refunding of the bonds carrying the circulation privilege the serve banks if they are negotiable bills of exchange arising out of commer.
Treasury intends to take advantage of the easier money conditions in the cial transactions. When the bills are offered to the Federal Reserve banks
investment market so that is probable that the issue which will replace the for purchase they must, of course, comply with the applicable provisions of
4% 1925 bonds will bear interest at least as low as 3% if not approaching the Federal Reserve Board's Regulation B. In making this ruling the
the 2% rate now borne by the 1916-36 and 1918-38 issues. High officials Board has assumed that provision will be made for the payment of these
Indicated that the Treasury expects the general trend of easy money to trade bills in the United States at maturity.
continue for some time at least.
The ruling was referred to in our issue of May 24,'page
Announcement of the Treasury's contemplated plans in connection with
the loan of 1925 was occasioned, it was learned, through the fact that the 2518.
national banks have been assured that the Government would give at least
six months'notice of its intention to withdraw the bonds bearing the circulation privilege. The same notice, it is expected, will be given when the Federal Reserve Board on Foreign Borrowings in
Treasury turns its attention to the refunding of the 1916-36 and 1918-38
New York—Further Credits Expected in Behalf
issues.
of Schact Bank.
Premium Is Expected.
The following is from the June Bulletin of the Federal
While the Treasury's refunding program will have virtually no effect upon
total circulation outstanding in the country, since the retired national bank Reserve Board:
notes will be automatically replaced by Federal Reserve notes, it is expected
The existing shortage of funds abroad and the unusually high level of inthat the bonds now outstanding carrying the circulation privilege will go
terest rates in Continental Europe has led recently to the flotation of loans
to a premium until finally retired.
by
a number of European countries in the United States. The fact that
The refunding operations will mean the flotation of a series of bond issues
by the Government, which will be entirely separate from the regular financ- credits established in the United States are gold credits, and that investing program of the Government, which may within the next few months ment funds are available in larger volume here than abroad has resulted in
include a bond issue in the place of the usual quarterly offerings of Treasury foreign Governments corning to this market not only for long-terns capital
borrowing, but also to obtain credits to be used in the support of their curcertificates of indebtedness.
rencies and exchanges. Flotation of foreign loans in the New York market
since the opening of 1924 has been in greater volume than during the cor.
responding period of the previous year, and, in contrast to 1923, en a larger
Treasury to Call in $118,489,900 Bonds
scale than in the London market. In addition to loans to European borrowDated February 1 1895.
ers, which during this year have constituted a larger proportion of the total
Advices as follows from Washington, June 25, are taken foreign flotations than in 1923, there has been a larger volume of financing
for Canadian enterprises and loans to the governments of Argentina and
from the New York "Journal of Commerce:"
Japan. The recently established German rediscount bank known as the
Schacht
Bank, which was organized for the purpose of facilitating the
Secretary Mellon announed to-day that the Treasury contemplated calling
for redemption and payment on the first optronal payment date. Feb. 1 financing of foreign trade and to serve as an interim arrangement pending
1925, the entire outstanding issue, consisting of 3118,489.900, of the 4% the creation of the new note issue bank proposed under the Dawes plan, has
been graded short-term credits by New York bankers, and it is expected
loan of 1925, authorized by the Act of Jan. 14 1875, and dated Feb. 11895.
The greater part of these bonds are now used to secure national bank that there will be further demands for credit from this source.
circulation. It is not expected that the retirement of this amount of
The establishment of credits in New York in favor of the
national bank circulation will have any effect on the total circulation outGerman Gold Discount Bank was referred to In these colstanding,since Federal Reserve notes will be available to take their place.
umns April 26, page 1979, and Julie 14, page 2894.
Gold Not to Affect Prices, Says Secretary Hoover.
A Washington dispatch to the New York "Journal of Further Change by Federal Reserve
Bank of PhiladelCommerce" June 24 stated:
phia in Rediscount Rate.
Despite the views of many economists to the contrary, the continued
The Federal Reserve Bank of Philadelphia, which, as we
flow of gold into this country is not likely to result in an increase in prices.
according to Secretary Hoover. He maintained to-day that gold imports inlicated last week, page 3030, reduced its rediscount rate
were virtually without effect upon the price structure.
from 4% to 33/2% on paper within ninety days, this week
Commenting on the low money rates obtaining in the United States, Mr.
Hoover declared that they should tend to stop the flow of gold imports but established a 33/% rate on agricultural and live stock paper
the question was so complicated by many factors, such as the non-con- with maturities of over 90 days. The rate had heretofore
vertibility of foreign currencies, that it was very difficult to see what might
been 43/2% in the case of paper maturing over 90 days but
be the outcome of the easy money condition.
Mr. Hoover expressed the opinion that the domestic wheat situation within six months and 5% after 6 but within 9 months.
looks hopeful. He said European consumption was greatly in excess of
early estimates while world production of wheat was loss than had been
anticipated.
Text of Federal Reserve Board's Ruling on Eligibility
of Schact Bank Notes for Purchase by
Federal Reserve Banks.
The Federal Reserve Board publishes in the June number
of its Bulletin the full text of its ruling on April 7 on the
eligibility of trade bills endorsed by the German Gold Rediscount Bank (the Schacht Bank) for purchase by the
Federal Reserve banks; with regard to the ruling the Board
says:
President Coolidge to Name Advisory Committee to
Serve in Republican Presidential Campaign—
C. Bascom Slemp's Statement Denying Report
of Resignation.
Following the announcement that President Coolidge had
decided to select an advisory committee, composed of promi-:
neat Republicans representative of all national sections. and
Interests, to serve in the Republican Presidential campaIgn, •
C. Bascom Slemp, Secretary to President Coolidge, gave out
a statement regarding reports of a disagreement between •
himself and William H. Butler, who on June 13 was chosen
to succeed John T. Adams, retired, as Chairman of the Republican National Committee. On June 16 there were reports that as a result of dissatisfaction with some of the
policies of Mr. Butler during the recent Republican convention In Cleveland Mr. Slemp had planned to resign the Secretaryship. On the 16th inst. Mr. Slemp was reported as'
saying:
This ruling of the Board establishes, under the conditions prescribed, the
eligibility of these German trade bills for purchase as a part of the openmarket operations of the Federal Reserve banks. The volume of these bills
created will depend upon the extent of Germany's trade recovery and the
consequent demand for foreign credits; the amount placed in this country
will depend largely upon the willingness of the American bankers and
financial public to enter into the necessary credit arrangements. Under
the existing disorganized conditions of currencies and exchanges, the demand for dollar credits in order to maintain definite relations of exchanges
to gold has recently resulted in the establishment of credits in the New
York market for that purpose by several European countries. These dollar
I am leaving this afternoon for Cincinnati to be present at
an operation on
e. gold) credits not only afford facilities for the financing of our for- my counsin 'I'. W. Stomp now in a hospital
there. I shall be away several
eign trade, but also assist those countries whose economic and financial days. * * * When I do return I
expect to be actively associated in the
position has enabled them to make progress in the restoration of sound campaign and in my present position from
which I have not resigned. in
monetary conditions to re-establish the connection between their currencies all probability I will be on the advisory
cormittee of the National Republiand gold.
can Committee which will have the real management of the campaign.
JUNE 28 1924.]
.TITE CHRONTCLF,
3157
Mr. Slemp, according to a dispatch from Cincinnati, pubThe keynote speech of Senator Pat Harrison as temporary
lished in the New York "Times," had the following to say Chairman is referred to in another item in this issue, as
well
on June 17:
as the address of permanent Chairman Walsh; likewise we
The published reports of a disagreement between me and William M. make mention elsewhere of the speech of
James D. Phelan
Butler, the Republican National Committee Chairman, were considerably
overdrawn. The statement that I had gone to the President and threatened placing the name of W. G. McAdoo before the convention as
to resign was also much stronger than the facts of the case. I went to Cleve- a Presidential candidate, and the speech of Fordney Johnand merely to observe how things were going on and to pick up what facts ston placing the name of Oscar
W. Underwood in nominaI could that I believed should be reported to the President.
I noticed that there was some dissatisfaction on the part of the Republi- tion. The name of Governor Alfred E. Smith of New York
can leaders that they were not being consulted by Mr. Butler in the running as a Presidential candidate was submitted on Thursday,
of the convention, and it appeared to me. as well as to them, that he ought June 26, by Franklin
D. Roosevelt, candidate for Vicenot to assume an individualistic policy in directing affairs. especially in the
management of the coming Presidential campaign. I believed that he ought President in 1920 and formerly Assistant Secretary of the
Ito be surrounded by a group of advisers representative of the leaders of the Navy. The presentation of Governor Smith's name brought .
party from the various sections of the country, and I so reported to the forth
a more prolonged demonstration than was accorded
President. However, the President himself had already decided that such a
any of the other candidates, the outburst lasting considercourse should be pursued.
As to the President's decision to name an advisory com- ably over an hour. In part Mr. Roosevelt said:
To meet again so many friends whom I have not seen since the last
mittee, we quote the following from Washington advices
Democratic national gathering gives me a thrill of pleasure. At that
June 17 to the New York "Herald-Tribune" attributed to a convention, where I myself
received one of the highest honors of the party.
I had the privilege of working and speaking on behalf of the then Governor
spokesman for the President:
As you have already noticed in the press, it has been decided to create an of New York. To-day, four years late:, I carry the same mission. presentAdvisory Committee for the Chairman of the National Committee to-assist ing the same Governor, a man in whose behalf the best argument is the man
him in the management of the campaign. The President does not want this himself.
At San Francisco, you who were there came to know him as one greatly
action misinterpreted. It is usual to have such a committee: Of course, the
actual direction of the campaign will be under the party rules in the hands of loved by his State, whose personality and picturesque rise to high office
produced,
as you will remember, a spontaneous wave of good feeling among
the Chairman of the National Committee and the various State committees
throughout the country. It is customary to name a committee of men of the delegates from every section of our land. To-day he has become more
political ability and experience to act as advisers to the Chairman. The than a favorite son. He is known throughout the nation as one of the
real leaders, of whom many millions of Americans. regardless of party, are
naming ofsuch a committee now has no additional significance.
The President indicated to Mr. Slemp some weeks ago that he wanted proud. It has been suggested that we would attempt to sweep him through
him to act on such a committee. He will be here at hand, has had long to victory at this convention upon a wave of emotional appeal. Let me
experience in political campaigns and can be very helpful in matters per- assure you at the outset that I shall make no such endeavor.
In the very suggestion, however, there is tribute to the strength ol this
taining to the campaign as it develops. The advisory committee will suggest to the Chairman from time to time ideas for development of the cam- man. There is no need fox me to portray the profound love which goes out
to him from every class and every section of the community. If you
paign and advise with him in matters of policy.
would know what the hearts of the masses hold for him, ask any one when
you leave this session; ask the woman who serves you in the shop; the
banker who cashes your check; the man who runs your elevator; the clerk
Democratic National Convention—Candidates for
in your hotel; men, women and children, rich or poor, high or low, and you
President.
Will be told with a convincing unanimity that first in the affections of the
Democratic
The
National Convention, which opened in people of this State, first far above all others and the power of all others to
attain,
thq man who has been twice honored with election to the Governorthis city at Madison Square Garden on Tuesday, June 24,for ship ofisthe
State of New York. And this is true of men and women not
the nomination of candidates for President and Vice-Presi- only in this State, but in every part
of the Union where his name has come
.to
be
a
symbol
for honesty, for deep understanding and for splendid service
dent, will, from indications last night, extend into the coming
to the people.
week. The convention this week has thus far confined its
With him we can win. This Governor of ours is the most dangerous
sessions to the daytime, movements on Thursday and yes- adversary that the Republican
Party ever had to fear, and you, in convenhere assembled, owe it to the nation to choose a candidate whose name
tion
terday (Friday) to resort to night sessions having failed. On
victory.
spells
He
has
been elected to office seventeen times. Chosen
Thursday a vote was taken on the question on recessing from Governor of this
State in 1918, he suffered the only defeat of his long career
5:30 p. m. to 7:30 p. m., or adjourning until 10:30 a. m. the in 1920. But it was a defeat more glorious than victory. When
our nafollowing day, the Associated Press accounts of yesterday tional ticket in the State of New York went down to defeat under a plurality
of 1,100,000, he lost this State by only 74,000. Be got one million votes
having the following to say regarding the result of the pro- more than I did—and i take
off my hat to him.
posals:
Over 500,009 people who N oted the Republican national ticket split their
In a seven-hour continuous session yesterday, always noisy and some- ballots to testify their undying confidence in this Democratic Governor:
times tumultous, the Democratic National Convention advanced its work and in 1922, when men came again to think clearly and to reason sanely.
to a point where nine candidates for the Presidency had been placed in when the black clouds of group hatred had been swept away, when sordid
appeals to class and race have lest their evil spell, the people of this State
nomination.
It witnessed two more demonstrations of note—a renewed one fcr William rose again in their might and re-elected him Governor by a plurality of
384.945,
the largest plurality ever given any candidate for Governor in the
G. McAdoo and a prolonged and original one for Governer Smith, and then
it got tied up in a snarl over whether it would recess until 10.30 o'clock this history of the United States.
This is an overwhelming demonstration of ability to command the confimorning. It decided to do the latter after a roll call vote which might in
dence of the great electorate.
some sense be accounted a test of strength.
This record of his is the talk of citizens in every State, and when you
At the outset of the voting it was apparent that the McAdoo forces were
voting against adjournment until to-day and in favor of continuing the give him the opportunity to appear before the larger electorate of the
session last night and that the Smith forces and their friends were voting Union, the result in New York will be repeated by the vast majorities of
for the adjournment until to-day. The talk about the platform was that commonwealths which go to make up our nation.
the New York delegation wanted to delay the possibility of balloting until
In reporting the rejection on June 24 of the efforts to abroafter the Ku Klux Klan issue had come up in the platform fight on the floor.
The roll call showed that the majority had voted in favor of the adjourn- gate the two-thirds rule in the convention, the New York
ment until to-day.
"Times" of the 25th inst. said:
The vote was 558 for adjournment to 513% against.
The official death of the plan to amend the rime-honored party rule requiring a two-thirds 'vote to nominate Deniocratie candidates for PresiThe same accounts said:
dent
and Vice-President was accomplished speedily yesterday when the
After more than twenty hours of deliberation, the eleven men commisconvention Committee on Rules of Procedure rejected the proposal as put
sioned to draft a platform for the Democratic National Convention
found
themselves as far apart last night on the Ku Klux Klan and the League of forward by W. L. Thornton, the Texas delegate.
Only three of the forty committeemen—those from Florida, Texas and
Nations questions that majority and minority reports were made to the
entire platform committee when It assembled to whip the party declaration Utah—voted in favor of the change, which has been supported by some
McAdoo leaders as a means to further the ex-Secretary's nomination. There
into shape.
now little likelihood of the question reaching the floor of the convention.
These two issues, the League and Ku Klux Klan, con- is The
Rules Committee voted to recommend that nominating speeches for
tinues to be disputed factors at yesterday's session, which candidates for President be made
to-day without waiting until the platform
is
adopted.
It was urged, however, that balloting for Presidential candiadjourned at 5:40 p. m. until 9:30 a. m. to-day. The list
dates should not start until the platform has been adopted.
of candidates
whose names have been placed before the
convention for the Presidential nomination has been as Keynote
Speech at Democratic National Convention
follows:
of Senator Harrison.
Wednesday, June 25:
With the opening of the Democratic National Convention
Alabama—Senator Oscar W. Underwood.
in this city on Tuesday, June 24, Senator Pat Harrison of
Arkansas—Senator Joseph T. Robinson.
Californ'a—WI liam G. McAdoo,
Mississippi, as Temporary Chairman, delivered the "keyThursday, June 26:
note" speech, and in enunciating the aims of the
Delaware—Ex-Senator Willard Saul bury.
party said:
Illino s—David F. Houston,
Indiana—Samuel M. Ralaton.
Kansas—Governor Jonathan M r avis.
Maryland—Governor Albert C. B.chle.
Michigan—Senator Woodbridge
Ferris.
New York—Gove-nor Alfred E f mith.
iday, June 27:
Nebraska--Governor Charles W Bryan.
Nes liampshireGovernor Fre crick H. Brow •
New Jersey—Governor George . Saxer.,
Ohio— James 't,t• Co:.
Virginia--Cartc r Class.
Wtst Virginia—Julio W. Dar
We will wipe from its es:mtcheon Of stains of this Administration. We
will restore dignity and integrity in public service. We will remove the
scars of nar.oaloy and revive prosperity. We will recover and conserve
our national resource. We will drive every rascal from high position
and see to it that self-confessed and high criminals who now run at large
unafraid shall not go further unwhipped of punishment.
An Admin: tratim steeped in corruption and looseness in the observance
of law 'rater 1 y breeds immorality and disrespect for law.
The Dern ,cratic Party will have neither pets nor puppets to protect
or corrupt atbinet members to coddle.
We will rioldly enforce the law, whether the violator be a bloated trust
magnate, a Congressional bribe taker, an embezzler of the public domain,
or a disreputable bootlegger.
3158
THE CHRONICLE
We will eliminate Governmental favoritism and strike from the sta utes
every discriminating provision that takes from "the mouth of labor the
bread it earns."
We will readjust tariff rates and reduce transportation charges.
We will lay bare campaign bribery and punish election frauds.
We will go to the relief of distressed agriculture and adopt such policies
and pass such laws as will restore permanently the purchasing power of
the farmer's dollar and again place it on a par with that of other industries.
We will remove from the administration of the civil service every influence
of fraud and inaugurate efficiency in Government.
We will put a stop to Republican procrastination and adopt a progressive reclamation policy.
Recognizing our obligations as a great humane power, we will assume
in manly fashion our responsibilities to the world.
We will pursue the same high course that has ever inspired the leaders
of Democracy, unterrified by those who threaten to destroy and unmoved
by those who seek selfishly to control.
will
Neither the cries of radicalism nor the threats of conservatism
It is
swerve us from our fixed purpose. Democracy is the right way.
isms and
the party that offers the safe middle course, patronizing no
paying tribute to no extremes.
hour nor
the
serve
It is the party that never bartered its birthright to
allowed expediency to dominate where right was involved.
zealously
It will wage war for the protection of the rights of property as
every
as it will battle against the guarantees of special privilege. At
citizen
the
of
rights
constitutional
cost it will defend the liberties and the
Govin the same sturdy way as it will assail bureaucracy and centralized
ernment.
These principles are just as precious to-day as when they were proclaimed at Runnymede, revivified by the immortal Jefferson in the imperishable parchment of our Declaration of Independence, and indelibly
written in everlasting terms into the Constitution of the United States.
"At the outset," said Senator Harrison, "let it be understood that this convention, composed of the militant representatives of the Democracy of the Nation, is no coldstorage affair. It is going to be red hot, highly seasoned and
well prepared. We were not sent here," he continued,
"under an executive order by the candidate to notify the
people. We are here by mandate of the people to name the
candidate—the next President of the United States. What
America needs now," he said, "is not a Sphinx, but a Paul
Revere to awaken it and call it back to duty and high resolve." In maintaining that the Democratic fSimmons)
tax proposals give "a greater reduction in taxes than would
have the Mellon plan to every person whose annual income
amounts to less than $67,000 annually," Senator Harrison
said in part:
What is this melon that Mellon sought to cut? It would have given
1.200 of the 3.585,985 income tax payers in America 51% of the total
reduction.
Under its benign provisions an income of $5,000,000 was to receive a
reduction of $1.331,832, while an income of $3,000 would have received
only $8 75 reduction. Through its unrestricted earned income provisions
it would have opened an avenue of escape to every tax-dodging capitalist in
America.
The income tax was never intended to touch poverty. It exacts no settlements from bankrupt courts—forecloses no mortgages and forces no sales.
It is collected only where prosperity smiles and earnings abound. As a
means of raising revenue it is one of our party's priceless legacies, and as such
It shall be neither weakened nor destroyed.
When the President and his Secretary of the Treasury, with all the hosts
of selfish interests, charged on the battle front of the American Congress in
behalf of the Mellon plan, Democracy and Progressive Republicanism stood
firm. It was the same ancient contest, and for the same old cause. Under
the leadership of Simmons in the Senate and Garner in the House we
triumphed, not because we were numerically strong, but because we were
assuredly right. Through the Democratic law every taxpayer in America
will get a 25% reduction this year.
Every person who pays an income tax will be required to pay leas in the
future than in the past.
will
Out of the total of 3,585,985 income tax payers in America 3,580,585
receive a greater reduction in the Democratic plan than they would have
received under the Mellon plan.
Attacking the Republican Administration, Senator Harrison said in part:
AdDuring these llttle more than three years we have seen the present
by every breeze,
ministration float along, tossed by every current, fanned
have not led, and its orwithout purpose, program or policy. Its leaders
issues they have hoisted
ganization has not functioned. Upon a thousand
that has divided this
the white flag of surrender. Amid all the confusion
We have felt
unsolved.
gone
have
Administration, domestic problems
unemployment, the diminishthe slowing down of industry, the increase of
Starving herds, rotting grain
ing purchasing power of the farmer's dollar.
warmed the chilly
and rusting spindles have not stirred the sleeping spirit or
upon the vehicles of his
traveled
coolness of the President. He has slowly
the task, assumpaper vetoes, vainly protesting but not pressing forward to
he has
ing but not asserting, flinching but not fighting. In every issue
party leadership
quibbled: in every fight he has floundered. Never was
.
so repudiated and the party so badly torn. . .
sounded
The lamented Harding, in his bighearted, sympathetic way,
Court. That
the tocsin call in his New York speech to enter the World
move,
was only a step, but a step in the right direction. It was merely a
fields of peace, and
but a movement toward the broader and more inviting
peaceevery
of
co-operation
the
he deserved the backing of his party and
out the policy,
loving American citizen. Coolidge pledged himself to carry
Harding he has made
and yet from the day he took up the task laid down by
decide only
can
only a bow in that direction. The World Court at best
the parties to the
international questions unanimously submitted to it by
by the decisions
controversy. Indeed, it is not necessary for them to abide
yet, simple as is the plan,
of the Court unless they agree to do so. And
a success and
it
make
to
earnest as are these nations that are co-operating
peace, the same serried ranks
draw to a broken world the light of hope and
tactics,
in the United States Senate are pursuing the same indefensible
. . .
bent on destruction and to reap their vengeance.
Woodunder
How different were the foreign policies of our Government
is the
row Wilson and under the Harding-Coolidge Administration. It
In the
difference between a keynote and keyhole policy of statesmanship.
[Vol.. 118.
good old Democratic days we did not send spies to peep in, but diplomats to
sit in; not observers without authority, but representatives with credentials.
One policy was definite, wise and brave: the other vacillating, halting and
weak. We opened up new and broader markets and the people of every
clime were drawn closer to us. No humanitarian cause, no movement to
check wars, settle disputes, or promote world peace but promptly received
the sympathetic consideration of this Government. It was through such
a policy that America forged to the front among the foremost nations of
the world. Glory was in the flag and prosperity in every industry. What
a change has come about during these three long years.
Oil has become the open sesame of power. It gained admittance to the
robbers' cave and participation in plunder. It has been the inspiration
of this Administration's foreign as well as domestic policy. The magic
significance of its flow has awakened the State Department to an interest
not only in Mexico and the United States of Colombia, but away off in the
Near East. Truly, the Administration might have boasted of two "Secretaries of Oil." . . .
With a world dismayed by disorder and steeped in sorrow we have
waited patiently for this giant nation to assume its commanding part.
But no; their leaders, like slackers moved by fear, have turned and run
away. Amid all this world's confusion, with its broken spirit and lost
confidence, with wreck and ruin throughout Europe, this Administration
has complacently looked on and skulked. Never before in all its history
has America turned a deaf ear to the appeal of humanity or the call of
civilization. Foreign countries have sought our advice. They have
pleaded for our counsel, but lo, their supplications have been ignored and
their pleas rejected.
The Democratic party offers no apology for its foreign policies. When
the Woodrow Wilson plan for world adjustment was wrecked by the
selfish and jealous hands of reactionary Republican leadership, world
hope for peace was shattered and European rehabilitation indefinitely
deferred. The tragedy is they wrecked our plan and offered nothing
instead. This Administration cannot escape its responsibility for the
feverish condition of the world. What they are now seeking to do with
reparations should have been done years ago. Out in the progressive
Northwest and throughout the great Western plains agriculture languishes
for want of attention. Farmers are in the throes of despair. More than
600,000 in that great wheat section alone have been driven to bankruptcy
during this Administration.
Would you know the difference between normalcy and prosperity?
Here it is:
In the Democratic year of 1917 the country experienced seven national
bank failures.
In the Democratic year of 1918 the country experienced two national
bank failures.
And in the Democratic year of 1919 the country experienced only one
national bank failure.
Within less than four years of Republican normalcy more than 1,357
banks have failed and millions of people bankrupted.
During the first three months of this year 265 banks have failed, with
total liabilities of over $100,000,000.
The distressing conditions that confront agriculture when other indistries, specially favored, are prosperous should at least appeal to the
stony hearts of this Administration. But the Republican nominee and
his reactionary followers in the Congress have not permitted any Governmental relief being extended to them, for the reason, as very impressively
stated by the Republican nominee on Dec. 6 1923 in his first message
to the Congress:
"Those farmers," he said, "who raise their living on their own lands
are not greatly in distress." Those sentiments come from the heart
throbs of the Republican nominee, and the present deplorable plight of
the American farmer is due to callous indifference and their cowardly,
isolated foreign policy. No economist but knows that this selfish policy.
without vision, is responsible for the dissipation of our foreign trade and
the timidity of business. Until stricken Europe revives we can not hope
for full settlement in our foreign debt. Allied payments to us depend
upon German payments to them. But even though the reparations question
may be settled and Germany exerts every effort to pay, how can she
pay if she is economically shackled by America and the world? The
German citizen can set his hand to work and from one end of that country
to the other every furnace may be lighted, every factory wheel may whirl.
every field be tilled, and every agency of commerce and industry work
overtime, yet they cannot continue unless some market be found for their
wares. There can be no market if the tariff gates are closed against her
by other countries as are our own. Such a sordid policy of selfishness upon
the part of this Administration not only delays European rehabilitation
but forces upon the American masses higher prices for home-made goods.
Custom receipts do no prove the success or failure of tariff laws. A tariff
that in normal times might be prohibitive, in abnormal times is but a
license to the conscienceless profiteer to extort from and gouge the American
consumer. Exports from a country, the purchasing power of whose
money is worthless, may be expected to seek those markets that offer
the bett purchases, no matter how high the tariff. In the abnormal
conditions of the world to-day the result is that, with an exorbitant tariff.
our Government may perhaps get more revenue, but the European seller
will receive far less for his product, and the American consumer will be
compelled to pay more for his purchase.
As to the achievements of the Wilson Administration,
Senator Harrison said:
A record of promises fulfilled and pledges kept attest the loyalty of the
Democratic party. The long list of unparalleled achievements of the Wilson
Administration are among the glorious assets of our party. It is a record
that should stir the soul of America and thrill every Democratic heart.
What is that record?
A tariff law which bred no bounties and spawned no special privileges. A
tariff law that sought no taxes from the tables of the poor, but raised
them from the fortunes of the rich. A tariff law that unfettered buoyant
hope and fledged ambition's best efforts. A tariff law that transformed
a weapon of oppression into an instrument of usefulness. A tariff law so
nicely adjusted to world conditions that our international trade balance
reached the highest peak in all its history.
Uninfluenced by war conditions, at its lowest ebb, it gave to the United
States a favorable balance of trade .$380,000,000 more than the present
indefensible law afforded at its highest. At its peak it exceeded by $3.000,000 the highest under the Republican law.
A Federal Reserve law that emancipated banking from the domination
of a moneyed monopoly and placed credits in the control of government
officials; a law so modern and so elastic as to meet the constant needs of
trade and commerce and to act as a panacea against panics and a cure for
industrial ills. A law which the Temporary Chairman of the Cleveland
convention said, "serves as a bulwark to the financial life of the nation
and was so helpful during the war should be left alone." We will leave it
alone, and not one of the pillars upon which it rests will be removed, but we
will not permit a reactionary Republican leadership, dominated by selfish
JUNE 28 1924.]
THE CHRONICLE
groups, to divert it from its real purpose and turn over its administration to
its pliant tools.
A record that carved new lanes of trade and opened up additional markets.
A record that gave confidence to business and sent the sunshine of happiness and the glow of prosperity into every American home.
A record that filled the pay envelopes of all wage earners and piled high
every bank with countless resources.
A record that lifted agriculture from the low depths to which the Republican Party had tossed it to a commanding place in American thought and
attention—a place at which credit and transportation facilities to the farmers were made available and the distribution, sale and marketing of their
products assured.
A record which gave to the American farmer the only period in the history
of the Government in which the purchasing power of his dollar was at a
premium.
A record that filled public offices with men of courage and not tools of
corruption.
A record that promotes the protection of children and the rights of
women.
A record in which never before did the wheels of industry sing so sweetly
and the flow of commerce move so smoothly.
A record that blazed the way to new heights of idealism, put through
with wise and humane policies.
A record of days when human rights were dominant and through the force
of our moral leadership America caused a spiritual awakening throughout
the world. Those were mighty days. In every foreign capital America
personified the highest and the best, and beneath the folds of its flag all
peoples looked for shelter and protection.
With this small part of the record fresh in the minds of the American
people we enter this contest determined to restore the Government to its
rightful eminence.
3159
behalf of labor while he was Director of Railroads, Mr.
Phelan said:
In the wartime administration of the railroads—a great trust reposed
In him by the President—the workers knew his sentiments toward labor.
He gave them the eight-hour rule and overtime, and otherwise ameliorated
their condition. Assuming complete control, he brought order out of chaos,
relieved congestion, opened ports and, loyally supported by his men, suecessfully moved to tidewater—a vital operation—the tied-up troop and
supply trains.
From Jan. 1 1918 to the armistice on Nov. 11 1918 there were transported over the Governmentally controlled railroads more than 6,000,000
soldiers and sailors, and a total of 193,000 cars were used for this movement, constituting an enormous drain upon the passenger equipment of the
country, which naturally led to some inconveniences for the traveling public. But the railroads were taken over by the Government to win the war,
and as a result of his magnificent management, his ability to act quickly in
emergencies, his knowledge of the nation's railroad problems, his great
executive ability, the war Job was done and victory crowned the efforts of
America.
While doing justice to railroad labor, he yet remembered always the interest of the public. It is a striking fact that the total increase in the
wages of railroad employees made in 1918 by McAdoo was approximately
$608,000,000, while his successor further increased these wages $394,000.000, making the total of all increases under 'Federal control $1,002,000,000.
When on March 1 1920 the railroads were restored to private control under
the Escn-Curnmins Act, which established the United States Labor Board
at Chicago and gave it jurisdiction over wages and working conditions,
hearings were held and the Labor Board granted a further increase of $620,000,000 in addition to the total increases made during Federal control.
McAdoo dealt fairly with railroad labor. McAdoo gave railroad labor a
square deal, nothing more.
To-day another great problem which demands solution is the lowering of
freight rates and improvement of railroad legislation. What man is better
equipped for this job than the man who for the entire war period operated
all the railroads of the country?
Senator Walsh, Chairman of Democratic National
Convention, Says We Must Return to Ideals
of Woodrow Wilson.
Mr. Phelan contends that Mr. McAdoo "understands our
As Permanent Chairman of the Democratic National farmers' problems far better than any aspirant for the
Convention, Senator Thomas J. Walsh of Montana addressed Presidency—either Democrat or Republican." He added:
the convention on Wednesday, June 25—the day after the
Before his administration of the Treasury began, the farmer's dollar was
"keynote" speech of the temporary Chairman, Senator clipped, agricultural stability and business conditions generally shaken to
their foundation almost every year by the disastrous crop-moving strinHarrison, was presented. Like the latter, Senator Walsh gency. Usually artificially created, these stringencies imposed usurious
attacked the Republican Administration, and he declared interest rates on farmers and business men alike in the crop-moving sections
hardship everywhere. In 1918, by a bold and courageous stroke,
that "the honor of our country, the prosperity of our people, and led toended
once
McAdoo
for all this evil. He deposited the people's money
demand that we return to the ideals of Woodrow Wilson, in banks throughoutand
the agricultural sections, thus lowering interest rates,
that we resume the place he won for us—the moral leader- and saved the farmers millions in money. That achievement alone is one
most conspicuous services ever rendered to American agriculture.
ship of the world." Picturing the impending dissolution of the served
agriculture notably again in
He
when the cotton farmers
(as he sees it) of the Republican Party, Senator Walsh said: of the South and West faced ruin because1914
they could not export their
surplus abroad. Because of the war American shipping was held up by
prohibitive insurance rates, and, as it could not be sent abroad to customers eager to buy it, the price of cotton fell far below what it cost the
farmer to raise it. With characteristic vigor, and with a particularly
keen appreciation of the problems of the cotton planter, gained during
his early days of hardship on a Georgia farm, McAdoo met the emergency.
After Congressional approval, he organized the War Risk Insurance Bureau
to insure American ships and cargoes, and thus enabled the cotton-laden
vessels to put to sea. He was also responsible for the creation of the
Commending the record of the Democratic Party, Senator $100,000,000 cotton fund to provide temporary relief. Accordingly, the
price of cotton rose again.
Walsh said:
From every side to-day come urgent demands for adequate solution of
Upon the record of the Democratic Party through eight years of glorious agricultural problems. What man is better equipped to solve them than
history from 1913 to 1921 we submit that it should again be entrusted with this man, who was raised on a farm, who during his long administration
the direction of our national affairs. There is no blot upon that record. of the Treasury Department, of the Farm Loan Bureau and of the railIt shines resplendent. No like period in our history is more crowded with roads, came into daily contact with farming problems of very description,
great events or has presented problems more profoundly. It is signalized and who had then and has now the vision to see the remedy and the courage
by the enactment of more legislation for the common good than is recorded to effect it?
He was also principally responsible for the farm loan or rural credits
In our annals for any other equal number of years.
The exigencies arising from the sudden outbreak of the war in 1914 and banks, and in crises especially aided the national banks in farming districts
the collapse of the world's system of exchange were met in a fashion that where the money power had previously exacted, as in Texas and Okladefied criticism. When the nation eventually became involved in the homa, as high as 20% interest from the tillers of the soil. He also made
sanguinary conflict its resources in men and material were marshaled in a commercial paper the basis of credit to bridge over agricultural distress.
way that astonished our allies and brought consternation to the ranks of
Mr. McAdoo was one of three whose names were placed
our enemies. The financing of the great enterprise reflected the highest
before the convention on June 25 as candidates for President,
credit upon the party that undertook its direction.
The President was at odds with the majority wing, with which he is
supposed to be sympathetic, on the World Court, the pension bill, the
adjusted compensation bill and, to a greater or less extent, on the immigration bill. And now to cap the climax unseemly dissensions rend the party
organization charged with the conduct of the campaign about to begin.
If these be not the signs of dissolution, at least disaster may be read in the
formal severance of any allegiance which may subsist on the part of the
so-called progressive wing of the party about to duplicate the revolt of 1921
and effect an independent organization.
As to the League of Nations, Senator Walsh expressed the others being Oscar W. Underwood of Alabama and
Senator Joseph T. Robinson of Arkansas. The presentation
himself thus:
I know how eager the managers of the campaign for the re-election of of Mr. McAdoo's names brought prolonged applause, lasting
President Coolidge are to switch the issues from honest government; the something
like an hour. Further details of the nominations
repeal of the new tariff of abominations, relief for agriculture and related
reforms to the League of Nations. It is not so necessary that we immedi- are given in another item in this issue.
ately join the League as it is that we abandon foolish antagonlsnr to any
world movement, however commendable in itself, merely because it is in
some way associated with the League.
We may confidently rely upon general support of a policy of active participation by our government in any effort that may be made through the
League or any other channel to bring about a restoration of normal industrial activity in Europe and to establish a state of actual peace in every
case in which it is reasonably safe to do so without entangling ourselves in
the quarrels of its constituent nations or involving us in schemes of national
aggrandizement or controversies distinctly political in character.
Placing of W. G. McAdoo's Name Before Democratic
Convention as Candidate for President—J. D.
Phelan on Mr. McAdoo's Efforts in
Behalf of Railroad Men and
Farmers.
In placing before the Democratic National Convention
on June 25 the name of William G. McAdoo as a candidate
-for President, former Senator James D. Phelan of Californis declared that Mr McAdoo's "sympathetic interest in
even the humblest of his fellows has endeared him to the
. average man and the average woman,too, whose demand for
-economic equality he has not only championed but en.forced." Portraying the part played by Mr. McAdoo in
Silly Stuff About McAdoo.
[Editorial in New York "Journal of Commerce" June 23 1924.
It has long been the custom of the "bureaus" or "publicity men" in the
service of political candidates to issue all sorts of imaginary accounts of their
patron's virtues. Perhaps the limit of absurdity has been reached in the
material which is now being circulated about ex-Secretary McAdoo, in
which he is credited with all sorts of beneficial financial legislation. Bound
administrative policies and general public spirit.
To controvert these untruthful assertions would require a great space,
but one may be taken as the example of all. In some of the "literature"
that is now being distributed occurs a reference to the "cotton loan fund of
1914," and a statement that this, together with loans "secured by warehouse receipts on cotton" was instrumental in ending the "panic" which
had followed the opening of the European war and the suspension of foreign
shipments.
The cotton loan fund referred to was the idea of various Southern bankers
and cotton growers, and the technique of it was worked out by the Federal
Reserve Board. The money was subscribed largely in New York, and the
administration of the fund was placed in the hands of a committee appointed
by New York banks. During the life of the cotton loan fund of $100,000,000
the total advances amounted to about $13,000, while of this sum, when
granted, practically none left the loan fund. Secretary McAdoo later
ordered a deposit of $5,000,000 in the Reserve banks of the Southern
States during the early part of his administration in order to assist the moving of crops by means of "warehouse loans" to which his bureau referred.
Practically not a dollar of this money was ever loaned to farmers, because
they never asked for it, there being abundance of funds already available,
This is bow Secretary McAdoo helped the cotton grower.
3160
THE CHRONICLE
[VoL. 116.
the state of mind of labor, and of the masses of the peo—
William Jennings Bryan Declares His Intention of They do not realize
ple for a truly progressive candidate.
Voting for William G. McAdoo.
"The present activities of some of the Democratic bosses can be likened
nothing more clearly than to the fiddling of Nero while Rome burned.
William Jennings Bryan, a delegate-at-large to the conven- to"The
committee is authorized to issue this statement."
tion from Florida, declared on June 21 that he was going to
What effect the ukase to-day will have remains to be seen. The big.
leaders
all in Madison Square Garden when the threat was hurled
were
vote for William G. McAdoo as long as he was a candidate.
from the Vanderbilt Hotel.
The New York "Herald-Tribune" from which this is learned,
said:
W. G. McAdoo Enumerates Real Issues of Campaign—
"I think it will be a repetition of 1904," said Mr. Bryan, "when there
Former Senator Phelan's Defense of Mr. McAdoo.
were divergent views about the platform. We were in session sixteen hours
without a break, but when we got through we unanimously reported a platWilliam G. McAdoo, candidate for President on the Demoform.
in a prepared address at the Hotel Vanderbilt,
"As to Mr. McAdoo, I am instructed for him and I am heartily for him. cratic ticket,
New York, on June 22, enumerated as among the "real
With him as a candidate Democracy stands the best chance of victory.
"While it does not lock or sound well for a delegate to be standing around issues" of the campaign the following:
convention is going to do, I am of the humble
the corners saying what the
opinion that Mr. McAdoo will be nominated for President and that he will
lab elected. The opposition of Wall Street and Big Business is fortunate for
him. •Every kick from Wall Street is a boost."
Discusses Oil Exposures.
Mr. Bryan declined firmly to be drawn into any discussion about prohibition. The nearest he came to a reference to that or other disputed
questions was when he said he thought the resolutions committee would not
find it necessary to carry any of its discussions to the floor of the convention. It was obvious that he intended to use all his vigor to get the plank
about campaign contributions into the platform.
"The main benefit arising from the naval oil leases investigation," he
said, "was that it gave the people a clear understanding as to the purpose
and effect of large campaign contributions. I believe the oil scandal will
have a purifying effect on American politics. It will be one of the most
important topics discussed during the convention and during the campaign."
During his interview at the Waldorf-Astoria, where he is staying, Mr.
Bryan emphasized his earlier remark that he was for McAdoo, the question
coming up again when his attention was called to a statement made by
Franklin D. Roosevelt, that Bryan would yet be found in the Smith camp.
"I'm not here to discuss gossip of idle talk," he said. "I came here to
do more important things."
Mr. Bryan said he regarded the platform adopted at Cleveland as weak
and vague and declared the Democrats had a wonderful opportunity.
1. To rid the Federal Government of special privilege, corruption and
graft. . . .
2. To remove the influence of invisible government from the Treasury and
the Federal Reserve System.
3. To repeal the Fordney-MeCumber tariff bill.
4. To repeal the obnoxious features of the Eseh-Cummins Railroad Act
and to set up in its stead a measure for railroad reforms which will eliminate waste and cut freight rates.
5. To aid the farmers by establishing lower freight rates and by developing foreign markets which can absorb the surplus agricultural crops.
6. To end the era of this isolation and begin the era of co-operation in.
foreign affairs.
7. To protect the natural resources of the nation, particularly water: •
power.
8. To abolish child labor and establish equality of rights, civil, economic'
and social, for women.
9. To practice genuine economy in Government and progressively reduce.
taxes.
10. To vigorously enforce all laws.
•
Mr. McAdoo referred to New York as "the citadel of privilege," and the "seat of that invisible power represented by
the allied forces of finances and industry, which, reaching
out Into the remotest corners of the land, touches the lives of
the people everywhere through its control of the Republican
Party and of Government itself, when that party is in.
New Plea for McAdoo—Rail Union Head Says His power." Mr. McAdoo, who arrived in New York from Los.
Nomination Would Check La Follette.
Angeles on June 18, was said to have stated on board his
The following is from the New York "Times" of June 21: private car on the 17th inst., according to the New York
The prediction that the nomination of William G. McAdoo by the Demo- "Evening Post," "I will win the Democratic Presidential
cratic National Convention would keep Senator Robert M. La Follette of nomination, and the election in the fall." The following is
Wisconsin from running as an independent candidate for President on a
third ticket, was made yesterday by D. B. Robertson, President of the his prepared speech of June 22:
I congratulate you on your good fortune in being chosen by your respecBrotherhood of Firemen and Enginemen, in a telegram to the League of
People's McAdoo Clubs here yesterday.
"Mr. McAdoo stands high in the good opinion of the members of the
organization of which I am the head," Mr. Robertson said in his telegram,
"and his nomination would be received with great favor by large elements
of railroad labor.
"The fact should be understood, the next President will be a progressive
Democrat or an independent. It appears that the Republicans are depending on the labor and Progressive vote being split between the Democratic
Party and an independent ticket, and are bending their efforts to make that
happen. Their expectations will not be realized, it is my conviction, if the
Democrats nominate 1Villiam Gibbs McAdoo."
Labor Threatens to Bolt Unless McAdoo Is Named—Six
Leaders Issue Ultimatum to Democrats to Act
Before July 4.
The following is from the Brooklyn "Eagle" of last night
June 27:
Six prominent labor leaders, following their promise of support to the
McAdoo candidacy, to-day threatened a general bolt of labor from the
support of the Democratic Party next November unless McAdoo were
nominated.
They held out the menace of an independent Labor ticket, designed
to cut into the Democracy in big industrial districts, unless the demand
were complied with by July 4.
The outspoken service of notice to-day was contained In a formal statement signed by Timothy Shea, President of the Brotherhood of Firemen and
Locomotive Engineers: A. 0. Wharton. member of the United States Labor
Wage Board; B. M. Jewell, President of the Railway Division of the American Federation of Labor: J. A. Franklin, President of the Brotherhood of
Boilermakers and Iron Shipbuilders; J. G. Luhrsen, President of the Railway Telegraphers' Union; E. E. Millimen of the Maintenance of Way Employees.
Labor's Threat.
The document was made public by Bryce Claggett, Secretary to Mr.
McAdoo. It read as follows:
"The political situation so far as the labor vote is concerned is without
Parallel. There is no precedent for It in our political history.
"There are here to-day more than 40 representatives of leading labor
organizations, including those of the railroad labor, working day and night
In support of Mr. McAdoo's candidacy. Those men are all here because of
their own convictions, supported by the rank and file of their organizations.
Labor Favors McAdoo.
"The sentiment among the great mass of the organized wage earners
is overwhelmingly for Mr. McAdoo,and in the judgment of these same leaders he must be nominated if these leaders are not to go to the convention for
Progressive Political Action on July 4 at Cleveland, and vote against the
Placing of an independent candidate in the field. They have the necessary
votes to prevent the successful launching of an independent movement.
"There is no other available Democratic candidate to whom the working man will give the same unqualified support. Neither the Republican
Party nominee nor the platform adopted by the Republican convention is
acceptable to the organized workers affiliated with the Conference for Progressive Political Action.
•
•
"If Wall Street, the Democratic bosses and the representatives of big
business wish to divorce these workers from the Democratic Party in the
present campaign, they will continue their opposition to Mr. McAdoo.
tive States to fight for the cause of progressive Democracy in the great
battle shortly to take place in the Democratic National Convention. You
are here to discharge a solemn responsibility and to perform a sacred duty.
The decision of the Democratic National Convention involves to an unusual
degree the destiny of the American people and because America occupies a
position of transcendent importance and influence in the world, that decision involves also the destiny of civilization itself. Your duties are not to
be lightly considered. They expect of you the highest order of patriotism,
sacrifice and service.
You meet here in a great city, the greatest in point of population and
wealth in the United States. Here live and work millions of men and
women of exactly the same type as live throughout the land. We all have
the same aspirations and the same problems. But in addition to being the
home of millions of true Americans this city is also the citadel of privilege.
Here is the seat of that invisible power represented by the allied forces of
finance and industry which, reaching out into the remotest corners of the
land, touches the lives of the people everywhere through its control of the
Republican Party and of Government itself when that party is in power.
This invisible government is reactionary, sinister, unscrupulous, mercenary
and sordid. It is wanting in national ideals and devoid of conscience. It
is rooted in corruption, directed by greed and dominated by selfishness. Its
fruits have been graft and debauchery which threaten the foundations of
democracy and menace the liberties of the people. This kind of government must be scourged and destroyed and the rule of justice and equality
substituted for the orgy of graft and corruption.
It is for the delegates to the Democratic National Convention to drive
this .sinister and invisible government out of Washington. They can do it
by their decision at Madison Square Garden. The progressive forces of
Democracy form the majority of the convention and they can do this great
job for America. Because we are meeting under such conditions, the spotlight has been turned upon the delegates with such interest and intensity as
never before in the history of national conventions. The people at home
are watching the proceedings of this convention and praying for a victory
for righteousness and progress.
From some of the things which have been printed here about the forward
locking men and women who make up the progressive Democracy of America
it would appear that some editors have the idea that the people who come
from the South and West and from smaller cities than New York are easily
fooled. They are wholly wrong. We may look less sophisticated than New
York editors because we live in far away and smaller places, but we haven't
lost the faculty of thinking for ourselves and knowing, when we see it, the
genuine from the false.
I am confident that these clumsy attempts to becloud the Issue and to
reflect upon the intelligence of the great mass of delegates are quite futile.
The issues have been thrashed out before the Democratic electorate in the
pre-convention campaign. You men and women understand them, and while
I would not say anything unkind of the newspaper editors of this imperial
city, I feel quite sure that the great mass of the delegates to this convention
are at least equally as well informed on the issues of the campaign as
these editors.
It has been the history of American politics that whenever special privilege is threatened by a popular outburst of public indignation it sets up
straw man issues to divert the people's attention from the real problems of
the day. That deceit is being attempted now. Congress during the last
year has exposed the looting of the public domain by private interests,
aided by corrupt public officials; it has revealed the hand of invisible government in the Treasury, the Department of Justice, the Navy, the Department of the Interior and in the Veterans'_ Bureau. Invisible government
has attempted to divert the public wrath by raising racial and religious
issues to prejudice popular judgment.
JUNE 28 1924.1
THE CHRONICLE,
3161
This deceit should not be permitttd to continue. The Republican leaders,
The outstanding characteristic of our party is that it stands for human and
having made their party the reactionary, stand-pat party, it is the duty of individual rights and for the effective preservation of those rights
by prothe Democratic party to accept the issue fearlessly by making the Demo- tecting public officials against organized oppression and intimidation.
cratic Party the genuinely progressive party of the country. Among the
The founder of our party and the people of this country were unwilling
real issues of the 1924 campaign are these:
for this assurance to be a mere matter of implication or of Anglo-Saxon tra1. To rid the Federal Government of special privilege, corruption and dition, and they wrote into the Federal Constitution by the first ten amendgraft and to prosecute all persons whether civilians or officials, guilty of ments and have written into every State Constitution a Bill of Rights to
conspiracy to defraud or cheat the'
Government.
secure to the individual citizen freedom of his conscience and immunity
2. To remove the influence of invisible government from the Treasury from political prescription by reason of his creed or his place of birth.
and the Federal Reserve System.
When in 1856 a conspiracy became national in scope against the spirit to
S. To repeal the Fordney-McCumber tariff bill, which taxes the common fair play declared by the Bill of Rights, the party of your fathers and mine
people for the benefit of special interests, and to substitute a tariff bill met that issue squarely. The Democratic platform of 1856 joined battle
which will help reduce the cost of living and do justice to all interests.
with the so-called Know-Nothing Party of that date—a quasi-secret order
4. To repeal the obnoxious features of the Esch-Cummins Railroad Act based on the same objective and affording precedent for a similar movement
and to set up in its stead a measure for railroad reform which will elim- which has intruded into the two main parties to-day: but a precedent only in
inate waste, reduce transportation costs, cut freight rates and insure the part, for the Know-Nothings had the courage to unmask and to stand out
operation of the railroads for the benefit of the country.
as a party, whereas the program confronting this nation to-day looks to the
5. To aid the farmers by establishing lower freight rates and by develop- establishment within the two parties of a secret super-government, intimiing foreign markets which can absorb the surplus agricultural crops.
dating Democrats and Republicans alike, exacting pledges of candidates
6. To end the era of isolation and begin the era of co-operation in foreign and voters not tested by public discussion and proscribing citizens who
affairs, to promote peace and further reduce the burden of both land and pay taxes and bear arms.
sea armaments to the lowest point compatible with national safety.
The candidate of my State has not one word to advance against the right
7. To protect the natural resources of the nation, particularly water power of any man to join an order, secret or otherwise, organized for a lawful purwhich must be developed in the interest of the people and not exploited for pose or to advocate publicly and openly any principle falling within the
private advantage.
scope of legitimate public discus:ion, legislation or political action.
8. To abolish child labor and establish equality of rights, civil, economic
What he does condemn is the participation in politics by any secret
and social, for women.
organization whatsoever.
9. To practice genuine economy in Government and progressively reduce
He believes that such action intimidates public officials and encourages
taxes to the lowest basis consistent with efficient government and justice political or oathbound pledges
contrary to public policy.
to deserving employees in the public service.
Above all does the candidate we present condemn the action of secret
10. To vigorously enforce all laws. To say that they cannot be en- political orders in furtherance of any objective
which is plainly contrary to
forced is not only to confess Governmental impotence, but failure of demo- the spirit of the Constitution and is effective
because it accomplishes by
cratic institutions.
secret action that which would be unlawful if attempted by the State or
All of my friends and supporters have come to this convention in good Federal Legislature.
faith to perform a solemn duty entrusted to them. Victory is in sight. It
The question before tills party is whether secret organizations shall be
can be won. It shall be won if we present a united frost to the enemy and given powers not subject to the Bill of Rights and superior to those delegates
fight in the spirit of sacrifice and service to God and country.
to the elected represent -dives of the people.
No bare reference to the Constitution or the Bill of Rights actually menAsked on June 21 if he would express his views on a
tioned in the oath of such organizations, is adequate in this connection.
Ku Klux Klan plank and prohibition plank, Mr. McAdoo was The Bills of Rights are limitations
only upon the State and Federal Govreported in the New York "Times- to have replied as fol- ernments and not upon private conspiracy. That is why the candidate of
my people has insisted upon plain words.
lows:
In order to express squarely his opinion on this grave question I have,
"My views are well known and quite definite and surely you do not ex- at his request,
introduced a resolution reciting the established position ofour
pect me to state them again. These things will all be settled by the con- party on that precise issue,
referring to the resolution of 1856 and concludVention, and all issues will be covered in the platform. The candidate will ing with this resolving
clause.
have to run on the platform. The delegates will decide these matters. It
"Resolved, That we do reaffirm the principle set forth in said resolution
is generally known how I stand on them, but I couldn't presume to impose
of the Democratic platform of 1856 and condemn as un-American and unmy views on them."
Democratic political action by secret or quasi-secret organizations in furtherance of any political objective whatsoever and in particular do we
E.
Doheny, millionaire oil man and former client of condemn
such action for the purpose of prescribing the political rights and
privileges of citizens of the United States, as is now proposed, practiced
William G. McAdoo, issued at Los Angeles on June 23 the and
publicly acknowledged by the organization known as the Ku Klux
following statement in response to queries as to whether he Klan, and-as may now or hereafter be proposed or practiced by any organization whatsoever."
r,.
was helping to finance McAdoo's campaign for the Presidential nomination:
I am leaving the privilege of contributing to Mr. McAdoo's campaign to
those who believe in the efforts of a lawyer who deserts his client when he
Is under attack, after having received substantial retainers for legal services. Those who believe that such a course is ethical no doubt believe Mr.
McAdoo would make a good President of the United States.
The history of liberty discloses no record of greater fidelity in principle
than the career of our nominee; no finer courage, no wiser public counselor, no loftier character, no more steadying and serene influence for times
of crisis, of public discontent or of peril, and in the name of the Democracy
of Alabama. which has for more than a century stood loyal to the Democratic
faith, I have the honor to place in nomination for President of the United
States the name of Oscar W. Underwood.
On June 21 former U. S. Senator James D. Phelan of California, who made the speech nominating Mr. McAdoo, defended Mr. McAdoo for taking fees from the Doheny oil in- Fifty Oil Companies Cited in Suit Filed by Government
—Extortion Plan Alleged—Limited Production
terests on the ground that a man had a right to capitalize
Through Agreements Also Charged—Officials
his reputation, says the New York "Times" of June 22, which
of Companies Issue Statements—Criminal
also said:
Senator Phelan, who arrived in the forenoon on the Berengaria, went to
Action Not Contemplated.
his rooms in the Waldorf-Astoria, and saw Mr. McAdoo later in the day.
Fifty or more of the principal oil companies of the United
In reply to questions concerning MeAdeo's availability, in view of the disclosure that he had accepted fees from Doheny, he said:
States were attacked in anti-trust proceedings instituted by
"I do not see anything in this that affects Mr. McAdoo's honor or charthe United States Government in the Federal District
acter in the least degree. When he left public office the only thing he took
with him was his reputation for integrity, honor and capability. Natur- Court at Chicago June 25. Attorney-General Stone asked
ally, clients floated to him. Ile left the office to make a competence for an injunction to restrain the companies from further violahis family. As a great statesman in the West has said, 'A man must eat.'
them.
"He was entitled to capitalize his reputation and experience after having tions of the Sherman Act which he charged against
gone through the ordeal of fire in public office. When he retired, the The complaint alleges "a combination and conspiracy in
praise of the country was extravagant regarding his conduct of the office restraint of trade and commerce among the several States,
of the Secretary of the Treasury and his retirement was deplored."
and with foreign nations in gasoline, kerosene and other
hydro-carbon products," or generally, all petroleum deOscar W. Underwood Offered as Candidate for Demo- rivatives. Nearly all of the important companies, including
cratic President, Along with Anti-Ku Klux Klan
all of the Standard companies, were cited. The AttorneyPlank.
General charged them with having combined to control the
In submitting as a candidate for President on the Demo- production of gasoline by a pooling of asserted patent rights
cratic ticket, the name of Senator Oscar W. Underwood of in violation of the Anti-Trust Act, naming as the primary
Alabama, Fordney Johnston brought before the convention defendants the Standard Oil Co. (Ind.), Standard Oil Co.
an anti-Ku Klux Klan plank, insisted upon, he said, by his (N. J.), the Standard Development Co., the Texas Co. and
candidate. In his presentation of the issue, Mr. Johnston, the Gasoline Products Co.
whose remarks resulted in demonstrations of great enthusiThe legal action taken follows, it is said, an inquiry
asm, said:
lasting six months by Department of Justice agents, who
I say without limitation that there is no platform declaration or great have covered the United States and Europe in their investigaachievement of the Democratic Party in conformity with its established tion. The
Federal Trade Commission ,also has made a
Maxims that is now reflected on the statute books or in the administrative
policies or traditions of this nation that has not had his support, and many thorough investigation and submitted its report to President
of those maturing during the last generation are there as a result either of his Coolidge, who turned it over to Attorney-General Stone on
leadership in the House or Senate or with his direct and effective aid.
June 5. The investigation by the Department of Justice
To challenge the liberalism of this great statesman is to challenge the
liberalism and the record of the Democratic Party. The acid test of a lib- was directed more especially to learning whether the several
eral is his support of a free government and human liberty, and that test Standard Oil companies had violated the dissolution decree
brings me to the final issue—an issue of such grave concern that the candi- of 1911, but
during the inquiry much information on prices,
date of my State has personally requested that I make his position plain
beyond the possibility of your misunderstanding. He believes that unless it is said, was collected.
the Issue is met with.candor and dignity in this campaign you will not only
Secondary defendants who "have become parties to the
In-rite the disintegration of this party but will take a backward step so
combination by accepting licenses from one or more the priwholly inconsistent with the basis of a modern liberal government as to be
mary defendants," include these:
too unthinkable for the Democratic Party to accept or condone.
3162-
THE CHRONICLE
[voL. 118.
Standard Oil Companies of Kansas, Kentucky, Louisiana, New York, Ohio directly in two suits, which had been instituted by this company in an effort
and California, Aetna Refining Co., American Refining Co., Beacon Oil Co.. to clarify the rights of the parties.
"One of these suits was that of Rogers against the Texas Company in the
Clayton Oil & Refining Co., Charles F. de Ganahl, Galena Signal Oil Co. of
Texas. Globe 011 & Refining Co., Graysburg Oil Co., Hickock Producing Supreme Court of the State of New York, involving the title of the Adams
Co., Humble 011 & Refining Co., The Imperial Co., Ltd., Indian Refining cracking patents, which stood in the name of the Texas Company; and the
Co., Industrial Refining Co.,Indiahoma Refining Co.,Interstate Refineries, other, a suit by this company against the Pure Oil Co., which, under
Elliott Jones & Co., Lion Oil & Refining Co., Magnolia Petroleum Co., license from the Gasoline Products Co., was employing a process generically
Miller Petroleum Co., Omaha Refining Corp., Owl 011 Co., Petroleum Re- the same as the tube-and-tank process, covered by the Ellis patents, which
fining Co., Producers Pipe Line & Refining Co., Pure Oil Co., Root Re- had been acquired by this company."
"As a result of the settlement, in which all of the parties joined, these
fineries, Roxana Petroleum Corp., Sapulpa Refining Co., Skelly Oil Co.,
consuming
Solar Refining Co., Southern 011 Co., Sun Co., Tidal Refining Co., Tide- suits were dismissed and the courts freed of time and money
water Oil Co., United States Oil & Refining Co., Utah Oil Refining Co., litigation involving the four parties with respect to cracking patents."
Vacuum Oil Co., Waite Phillips Co., Waverly Oil Works Co., and White
Mr. Bedford added:
Eagle Oil & Refining Co.
We believed at the time this settlement was made, and still believe, that
The petition alleges that, due to increased demand for It was sound economically and legally, and are confident that the court will
resulting from the great increase in the use of auto- sustain this view of the matter.
gasoline,
mobiles, manufacturers now utilize process for "cracking"
gasoline, which increases the yield from a given amount of
stock from 50 to 100% over the old methods of distillation.
The process is described as the subjecting of the residue after
distillation to high temperatures and superatmospheric pressures, thus effecting the decomposition, or cracking, of the
molecules of the heavier hydrocarbons, gas oil, &c., into
the molecules of the lighter hydrocarbons known as gasoline.
Charges are made by the Attorney-General that, although disclosures of this process were made in patents
issued 60 years ago and long since expired, and that while
there now are no valid patents covering broadly the basic
features of the process, "the primary defendants have
pooled a number of patents covering unimportant improvements relating thereto, and are seeking to extort huge sums
from the manufacturers of gasoline in the guise of royalties
and by means of certain restrictive covenants contained in
license agreements to restrain and monopolize the inter-State
and foreign commerce in so-called 'cracked' gasoline and
other commodities produced by the cracking process."
In announcing its action the Department of Justice said:
In line with the decision of the Supreme Court in the so-called Bathtub
case (226 U. S. 20), the Attorney-General charged that the provisions a the
various license agreements go beyond what is necessary to protect any legitimate rights of the defendants, even assuming the validity of their asserted
patent rights. But the petition does not concede the validity of such rights,
and alleges that the procuring and treating of such patents as valid "is but a
device to lend color of legality to the combination, conspiracy and monopoly."
Attorney-General Stone charges further that the defendants' alleged
patent rights relate to "minor improvements so insignificant as to afford no
consideration for contracts in restraint of trade."
Other parts of the announcement are as follows:
Seventy-nine license agreements are set up as constituting and evidencing
the combination, conspiracy and monopoly. These agreements contain
numerous provisions affecting adversely the production, transportation and
sale of gasoline, kerosene, naphtha and other products in inter-State and
foreign commerce.
The effect of these agreements has been to pool a large number of patents
and alleged patent rights relating to minor improvements in a long practiced
art; to estop all parties to the plan, both primary and secondary, from in
any manner contesting the validity of said asserted patent rights; to burden
the inter-State and foreign trade and commerce in gasoline, kerosene and
other commodities by levying thereon heavy charges in the guise of royalties;
to provide for the perpetuation of the plan beyond the life of any of their
existing patents by providing for the pooling of after-acquired patents; to
restrain many of the licenses in the amount of gasoline they may produce by
fixing a limitation on production or by imposing a graduated scale of royalties, which penalizes production over a certain amount and makes it
unprofitable; to restrain inter-State and foreign trade and commerce by
prohibiting directly the movement of large supplies of gasoline and other
unpatented commodities in such commerce; and to secure to the defendant,
the Standard Oil Co. of Indiana, a virtual monopoly of trade and commerce
in gasoline in the fifteen States defined in the agreements as "Indiana
Company territory."
Other companies mentioned in the action of AttorneyGeneral Stone issued statements regarding the suit. President Amos L. Beatty of the Texas Co. issued the following
statement:
It is a lawsuit and will doubtless be tried on its merits. It involves not
• only anti-trust law, but also the scope and effect of patent laws which have
stood unshaken for years. The questions are of a technical and strictly
legal nature. We have acted throughout upon legal advice and feel assured
of our ground. A discussion of the points would be of no use at this time.
They can better be developed on the trial in court.
Col. R. W. Stewart, Chairman of the Standard Oil Co. of
Indiana, said that the suit apparently relates solely to the
patents issued by the Patent Office in regular form, covering
the distillation of petroleum oils under pressure. He further
stated:
The charges against the defendants seem to be that these patents, though
regular in form and valid otherwise, have been used by the oil companies
for improper and sinister purposes. We gather that the only desire of the
Government is to expurge certain provisions of a definite character from
these contracts. We are glad to submit this issue to the courts and await
the decision in this case with a full conviction that they will be held proper
and Just in every respect.
K. R. Kingsbury, President of the Standard Oil Co.
(California), said:
It would appear from the press reports of the action brought by At.
torney-General Stone, that the Standard 011 Co.(California) has been made
what is termed a "secondary defendant." Until a copy of the full complaint
has been received, we will not know what specific charge, if any, there is
against this company. The press reports refer to a pooling of cracking
patents. This company operates its cracking units under processes and
patents developed in its own laboratories and refineries and does not employ in its operations the patents or processes of any other company.
This company, purely as a protective measure against possible claims of
infringement and to protect its prospective huge investment in the installation of its own cracking patents and processes, negotiated a license at a
nominal cost, entitling it to use processes under other patents, which.
however, it does not employ. The license so acquired is not an exclusive
license.
The company has never pooled its own patents or processes, neither has it
ever refused to license the same to others. It is in no combination or conspiracy of any kind with the owners of any patents. It has no contracts or
agreements, implied or otherwise, with anyone for the control of prices.
As a matter of fact, synthetic or cracke4 gasoline up to the present time has
been only a negligible factor in the company's production of gasoline and
has been produced chiefly in an experimental way in the development of Its
own processes and patents.
L. I. Marcell, President of the White Eagle Oil & Refining
Co., said that his company has a license agreement with the
Standard Oil of Indiana, also the Texas Co., to use the
patents for cracking gasoline, on which it pays a royalty.
He said that there has never been any agreement as to the
selling price of gasoline, and felt that his company is not
materially interested in any way in the suit.
According to a Washington dispatch June 26, Attorney.
General Stone, in discussing the suits, said he did not believe
it would lead to criminal prosecutions. He said he could
A. C. Bedford, Chairman of directors of the Standard Oil not predict the probable time when the cases woull be brought
issued
following
statement
the
Co. of New Jersey, on June 25
to trial. That would depend largely on the course of the
in connection with the patent suit filed by Attorney-General defendants and the time they would take to file their answer.
Stone at Chicago:
He said it was possible further proceedings might be instiOur company's position in regard to the patents in general and the crack- tuted in case the evidence collected warranted such a course.
our
in
defined
clearly
publication,
was
particular
ing .process patents in
"The Lamp," issued in December 1923. in which we said in part:
"As befits its place in the industry, the company has been one of the leaders in the expenditure of funds for research and development work bearing
on petroleum. Its expenditures in this field have included not only the
maintenanco of its own large staff of technical experts, who devote their
time exclusively to this work but also to the retaining of outside specialists
for aid in the solution of problems they are peculiarly fitted to handle, and
in the purchase of processes, inventions and patents independently developed, and which we believe to have a place in the industry.
The primary motive of these expenditures, in so far as they relate to the
basic operations of the company, has not been to acquire patent assets
which would be direct revenue producers, either through the maintenance
of monopolies and high profits or through the collection of royalties. The
improve the company's own products and
Primary motive has been rather to
yield with the least exprocesses to the end that a barrel of petroleum would
the maximum of useful
penditure of labor and employment of capital
products.
best exemplified by its
"The operation of the company's patent policy is
recent settlement of pending patent disputes with the Texas Company, the
Standard Oil Co. of Indiana, and the Gasoline Products Co. The patent
situation with regard to the cracking of heavy oils to produce gasoline has
been for some years, and still remains, one of the most complicated now
existing in a major industry.
"Without reviewing the history in this situation it will be sufficient to
state that the four Interests named found themselves in possession of overlapping patents which created a legal tangle and had already resulted in-
R. S. Hecht, of New Orleans, on Attitude of Japanese
Toward Immigration Act.
R. S. Hecht, President of the Hibernia Bank & Trust Co.
of New Orleans, who has just returned from a visit to Japan
and China, has taken occasion, under date of June 17, to
comment on conditions which came under his observation,
Mr. Hecht in particular indicating the attitude which was
displayed respecting the enactment of the immigration bill,
In part Mr. Hecht says:
Of course, there is no denying the fact that every Japanese, whether he
belongs to the educated classes or the mass of unskilled workers, feels deeply
hurt by the action of Congress, and bitterly resents the injury to their
country's national pride, for, unlike their Chinese neighbors, the Japanese
have an intense devotion to country and a national vanity amounting almost
to a passion.
But let it be said that their resentment is not really based on the fact
that we do not want them to settle in the United States, but on the manner in
which we accomplished the desired end. They realize that the movement
to keep Japanese immigration out of America is not new, but they insist
that the gentlemen's agreement, which was entered into for the avowed
JUNE) 28 1924.]
THE CHRONICLE
purpose of keeping Japanese labor out of America, has bees scrupulously
adhered to by them for fifteen years, and this is admitted by the Executive
Department of our own Government, and that the only possible loophole,
that of issuing passes to "picture brides" was voluntarily stopped by them
in 1920.
But, they argue, even if the gentlemen's agreement was not efficient to
satisfy the United States there would certainly have been no difficulty in
negotiating a treaty with Japan along the lines we desired just so long as
we treated them with the courtesy and dignity to which a friendly Power is
entitled, and not considered them as inferiors and undesirables to be made
outcasts by legislation.
Perhaps it is necessary to have lived in California in order to understand
the attitude which Congress has taken, but to the average American business man it seems short-sighted and unbusinesslike to provoke such unnecessary animosities in a part of the world where by patience and persistent
effort America's influence in intellectual and material matters was being
steadily increased.
Of course, no one can question either the wisdom of the necessity of excluding all Asiatic labor from our country. If anyone has any doubt on
that score just let him visit the Orient and see the conditions under which
their laboring people work and live, and he will quickly be convinced that
their needs and their standard of living are so very far below ours that in
competition with them the American workman would inevitably be economically driven out.
But why should we choose such harmful methods when we could have
accomplished all we wanted by direct and frank negotiations (as England
and Canada have done), and thereby soothe Japanese sensibilities without in
the least weakening in our own position?
I am inclined to believe that both the Japanese Government and the better class of business people are extremely anxious to preserve pleasant relations with us, in spite of all that has happened, but I fear they will find
it very difficult to make the masses of the people understand the situation.
The several cases of "hari-kari" committed this month as a protest against
the Exclusion Act are just an expression of that fanatic patriotism which
knows no bounds when their national pride and racial sensibility are involved, and, of course, the news of such so-called self-sacrifice travels to
every town and hamlet of Japan, where the main question at issue has
probably attracted little or no attention up to that time.
So far as the recent agitation for boycotting American goods is concerned,
I have no doubt that some selfish and short-sighted Japanese business people
did all they could to help it along in the hope that it would result in some
immediate advantage to themselves, but I do not believe that it has had
any official sanction whatever. Nevertheless it is inevitable that our uncalled-for affront to Japan will be reflected in the general attitude towards
American enterprises, and popular sentiment will be, for some time to come
at least, against the consumption of American goods if others of similar
nature and other manufacture are available.
It just seems too had that after American influence and leadership in the
Far East had been built up during several decades, and after we had gotten
on better terms with our Asiatic neighbors than ever before, such an unfortunate and unnecessary incident should disturb the mutual good feeling
and give a serious setback to our trade and diplomatic relations with Japan.
It is difficult for me to express an opinion on the general economic and
financial condition of Japan, for I was there hardly long enough to form a
definite judgment of my own. However, based on various conversations
with bankers and business people throughout Japan, I feel safe in saying
that conditions are not very favorable just at this time. Like ourselves,
Japan was just emerging from the depression resulting from the war-time
inflation and over-extension of her industries when the terrible earthquake
gave the entire nation a material setback which further aggravated the difficulties of the readjustment period.
Reconstruction needs have caused an abnormal demand for money even
at the prevailing high rates. The heavy excess of imports and exports has
caused a severe decline in the value of the yen, which further complicates
International business relations in spite of the heavy loans recently neTotiated in London and America. A strong appeal is being made to curtail all
luxury imports in order to bring about a more favorable balance of trade,
but with decreasing exports and the urgent need of certain foreign materials
for the rebuilding operations the economic outlook of the country seems
none too busy, even though financial conditions are intrinsically sound.
The terrible destruction wrought by the earthquake and fire in Yokohama, Tokyo and surrounding country baffles description. in Tokyo much
rebuilding has already been completed and there appears to be no doubt
that, like San Francisco, Tokyo will ultimately emerge from this disaster
a better and a bigger city. In Yokohama the port and shipping facilities are
being rebuilt very rapidly, but it seems doubtful whether the city itself
will regain anywhere near its former size and population.
On the whole one cannot help but admire the fortitude with which the
Japanese met this disaster, and the courage and speed with which
the reconstruction work is carried on.
In China business appears to be going on as usual in spite
of political
turmoil, banditry and civil war. No Government seems to be
able to continue its authority for any length of time, and no leader has appeared
since
the fall of the dynasty in 1911 who is strong enough to solve her
Internal
problems and bring order out of chaos. The country has no
unity, no cohesion, no national spirit.
Index Digest of the Federal Reserve Act (New Edition)
Prepared by C. S. Hamlin.
Gov. Strong, of the Federal Reserve Bank of New York,
Issued, on June 24, the following circular (No. 615) to the
member banks regarding the index digest of the Federal
Reserve Act, just issued:
The Federal Reserve Board has requested us to advise you that it has
had
prepared through Mr. C. S. Hamlin, one of its members, a third
edition of
the "Index Digest" of the Federal Reserve Act. The first edition came out
in 1915 and the second in 1918. Since the publication of the second edition,
the Federal Reserve At has been amended in many important particulars.
The new edition contains the text of the Federal Reserve Act as amended to
date, and the text of other Acts which either amend it or have relation to it.
Each line of the text is numbered for ready reference, and there is contained
an alphabetical table of words and phrases contained in all the various
Acts, with a concise digest showing the use of each word and phrase, ard the
corresponding use in other sections of the respective Acts, the references
being to section, line, and page of the text. The price of the "Digest" is
$2 00 per volume.
Member banks and others in this district who desire to purchase the book
are requested to send their subscriptions to us promptly in order that the
Federal Reserve Board may be advised as to the number of copies it Is
necessary to print.
3163
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Cotton Exchange membership of Homer
W. Orvis was reported sold this week to Edward A. Pierce
for another, the consideration being stated as $29,900. The
last previous sale was at $29,250.
The New York Coffee & Sugar Exchange membership of
Charles W. Glover was reported sold to John N. Higgins Jr.
for $6,800. Last previous !sale, $6,700.
Thomas W. Lamont, of J. P. Morgan & Co., will sail for
Europe on the Celtic to-day (June 28). It is said that he
will spend several weeks in England and on the Continent.
A. W. Tweedy, Assistant Vice-President of the Guaranty
Co. of New York, is now associated with the Chicago office
as assistant to Arthur G. Cable, Vice-President, and will
assume direction of the sales organization.
Manufacturers Trust Co. of New York announces that
George I. Skinner, for many years Superintendent of Banks
of the State of New York, and heretofore a director of the
company, has accepted a position as an active Vice-President
and confidential assistant to the President, beginning July 1
1924.
Robert D. Foote, President of the National Bank of Morristown, of Morristown, N. J., and a director of the First
National Bank of Chatham, died suddenly at his home on
June 24. He was 62 years old. The "Jerseyman" of Morristown, in its issue of June 25 says:
Mr. Foote had for forty years of his life identified himself with every
progressive move in Morristown, and he was held in high esteem by people
in every walk of life, among whom his friends were legion. The death of
the banker has caused general sorrow here, for not only did he contribute
to the progress of Morristown, but he had through charitable works, good
counsel and assistance, helped many. .
.
In 1898 Mr. Foote was elected Vice-President of the National Iron Bank,
continuing in that office until Jan. 18 1911, when he was elected President. For a number of years he had given up most of his outside activities
and confined his interests to the bank, the business of whieh has grown at a
remarkable rate. Its success has been due to his personality and interest. ...
Mr. Foote was a power in the Democratic Party in New Jersey. For
many years he had been the recognized leader in this section. In 1919 he
was slated for election to the United States Senate, but refused. He was
close to President Grover Cleveland, and was also a friend of President
Woodrow Wilson. It was Mr. Foote who put forward Edward I. Edwards
for the Governorship in 1919, and who also brought him out for Senator at
the last election. For some years Mr. Foote was a New Jersey Corporation
Railroad director.
The Bloomfield National Bank of Bloomfield, N. J., announces the death of its President, Thomas Oakes, which
occurred on June 13.
The closing of the private bank of Fusco Brothers of New
Laven by the Connecticut State Bank Commissioner was
reported in the following press dispatch from Hartford on
June 12 printed in the New York "Times" of the following
day. The dispatch read:
State Bank Commissioner John B. Byrne has issued an order restraining
Fusco Brothers of New Haven, private bankers, from conducting a banking
business.
An examination by the State Bank Department, Mr. Byrne stated, showed
that the liabilities of the bank were $80,000 and that the assets were not
sufficient to meet such liabilities. The Commissioner will bring the situation to the attention of the Superior Court unless Fusco Brothers sufficiently increase their assets.
Eli Whitney, Chairman of the board of directors of the
New Haven Water Co. and Chairman of the Board of the
Union & New Haven Trust Co. of New Haven, died on June
12. Mr. Whitney had formerly been President of the City
Bank, which recently consolidated. Mr. Whitney was also
a director in the Security Insurance Co. and a trustee of the
Connecticut Savings Bank. He had been a director in the
New Haven Bank until forced out through the operation of
the Clayton Act, which prevented him holding a directorship
there and in the trust company, too. He was at one time a
director in the New York New Haven & Hartford Railroad
Co. and in the Central New England Railroad Co., but had
resigned those positions some time prior to his death. He
was also interested in municipal affairs and was a member
of the State Senate 1904 to 1905 and of several State commissions. He was born in New Haven in 1847.
Walter W. Norton, Treasurer of the Robbins, BurraL
Trust Co. of Lakeville,Conn.,and Secretary and Treasurer of
the Salisbury Savings Society of the same place, committed
suicide early in the morning of June 12 by shooting himself
on the shore of Lake Wononscopomus, according to a press
dispatch from Lakeville that day appearing In the
Hartford
3164
THE CHRONICLE
[VOL. 118.
"Courant" of June 13. Mr. Norton, who was 55 years of age,
The United Banking & Savings Co., Cleveland, Ohio., has
had suffered from insomnia. William Kane, President of changed its title to "The United Banking & Trust Co." The
the Salisbury Savings Society later stated, it is said, that institution's capital is $1,500,000, surplus and undivided
Mr. Norton's accounts as Treasurer of that institution were profits $947,037, and deposits in excess of $22,000,000.
in "perfect order." He had been Treasurer of the Salisbury
The Commercial National Bank of Peoria, Ill., is about to
Savings Society about twenty years.
erect an imposing eight-story bank and office building at the
C. G. Boland, President of the Lackawanna National Bank, corner of Adams and Liberty streets at a cost of $1,100,000.
Lackawanna, N. Y., for the last twenty years, died on June The Schradzki Building, which now occupies the site, is
17. He was 70 years of age.
being razed to make way for the new structure. The Commercial National Bank is one of the largest in Peoria, with
• A new financial institution—- the Sixty-third Street Title & combined capital, surplus and undivided profits of $2,211,Trust Co.—opened for business in Philadelphia on Monday, 150 and deposits of approximately $7,500,000.
June 16. The new bank occupies quarters at 63d Street and
The directors of the Fidel-ity Trust & Savings Bank of
Lansdowne Avenue. Its officers are: Victor J. Hamilton,
President; LeRoy Schoch, First Vice-President; Edward Chicago announce the resignation of John A. Nylin as ViceSchlorer, Second Vice-President; John B. Crowell, Treas- President and Cashier; the election of Forest Pratt as a
urer; William F. Lahner, Secretary, and Bertram L. De Vice-President, and the following promotions in the official
staff: John T. Benz, Assistant Cashier, elected Vice-PresiYoung, Solicitor.
dent; E. S. Liljeberg, Assistant Cashier, elected Cashier;
On Saturday, June 21, the P- eople's Savings & Trust Co. of T. J. Nihill, Auditor, elected Assistant Cashier; F. J. BrockPittsfield acquired control of the Metropolitan National hoff, Manager Real Estate Loan Department, elected AssistBank of that city at 41st and Butler Streets. The name of ant Cashier; C. A. Weeks, Manager Bond Department,
the acquired institution was changed to the Metropolitan elected Assistant Cashier, and It. M.
Woodburn, Manager
Savings Bank & Trust Co. and J. 0. Miller, a Vice-President New Business Department, elected
Assistant Cashier.
of the People's Savings & Trust Co., became President of
Interests closely identified
-with the North Western Trust
the institution, with Herbert Ailes, Vice-President, and S. B:
Calhoon, Secretary and Treasurer. In a signed communica- & Savings Bank of Chicago recently purchased control of the
tion to the customers, the directors of the acquired bank Keystone Trust & Savings Bank at 2115 West North Avenue,
that city. Walter J. Raymer, President of the Fullerton
Indorsed the action as follows:
We feel that the interests of the Metropolitan depositors and the com- State Bank of Chicago, and until recently Western Manager
munity at large would be best served by joining a strong group of financial of the American Pin Co.,
has been elected President of the
institutions having resources of more than $125,000,000. Working in complete harmony with the People's Savings & Trust Co., the officers of the acquired bank. Besides Mr. Raymer the new roster of the
Metropolitan Savings Bank & Trust Co. will with renewed zeal devote their bank includes William H. Schmidt, Vice-President (also a
efforts to promoting the best interests of our community and its citizens.
We bespeak from our present depositors their continued patronage and Vice-President of the North Western Trust & Savings
Bank); Emil Herzog, Vice-President and Cashier; L. M.
goodwill.
In addition to the Metropolitan National Bank, the Peo- Schoeneck, Assistant Cashier, and E. M. Titus, Secretary.
ple's Savings & Trust Co. Is in control of the following insti- George R. Benson is Chairman of the Board. Mr. Benson is
tutions: East End Savings & Trust Co., Oakland Savings & President of Benson & Rixon, clothing merchants.
Trust Co., Dormont Savings & Trust Co. and the Squirrel
Two more small Minnesota banks failed recently—namely
Hill Bank. The Metropolitan National Bank dated back to
the
Chippewa County State Bank at Montevideo closed on
1868, when it was founded as the Metropolitan Bank. It beMay 29 because of depleted reserves, and the Citizens' Nacame a national bank in 1875. From a humble beginning, it
grew to an institution with assets of $2.700,000 at the time tional Bank of Worthington closed on June 14 because of
"frozen assets." The Montevideo bank was capitalized at
of its acquisition.
$60,000 and had deposits of approximately $600,000, while
•
The Guardian Trust Co.. York, Pa., and the Security Title the Worthington bank had a capital of $25,000 and deposits
& Trust Co. of that place were consolidated on May 16 1924. of about $440,000.
The new institution is known as the Guardian Trust Co. of
The State Bank of Armstrong, Armstrong, Iowa, was
York. It has a capital of $425,000 and surplus and undirecently taken over by the First National Bank of that
vided profits of $350,000. The officers are Elmer C. Zeigler,
place. The latter has a capital of $50,000, with surplus and
President; Charles M. Nes, Vice-President; W. C. Beitzel,
undivided profits of $25,000.
Secretary and Treasurer; E. P. Stair, Assistant Secretary
and Treasurer; V. K. Keesey, Trust Officer, and L. B. SellThe Comptroller of the Cur-rency recently granted a charers, Real Estate Officer.
ter to the Brown National Bank of Kenosha, Wis., with a
capital of $150,000. The new bank succeeds the Kenosha
the Currency reciently appointed
The Comptroller of State Bank. Charles C. Brown is President and E. J. GeittRensallar L. Curtis of Washington, D. C., receiver for the
man, Cashier.
old National Bank of Commerce of Rochester, N. Y., in order,
as Mr. Dawes says in a statement, "to bring about an orThe First National Bank of Lidgerwood, N. D., closed Its
derly liquidation Of the balance of the assets of the bank doors on June 16 and a bank examiner was placed In charge
and properly protect the interest of all shareholders." As of its affairs. The institution, of which Miss Mary 0.
stated in our issue of May 24, page 2537, the National Bank Movios is President, was capitalized at $50,000, with a surof Commerce and the Traders National Bank of Rochester plus of $25,000.
were consolidated last month to form the new National Bank
Three North Dakota banks, which were closed the latter
of Rochester. The latter is in no wise affected by the appointment of the receiver, according to the Comptroller's part of 1923, were reopened recently. They are: The State
statement. At a meeting of the stockholders of the defunot Bank of Hannah, the Michigan City Bank and the First
bank held on the evening of June 23 a National Bank of State Bank of Hastings.
Commerce Protective Association was organized and a comThe Farmers' State Bank of Wilmot, S. D., with capital
mittee of lawyers and business representatives was apof $20,000 and deposits of about $165,000, closed its doors on
pointed to act for the association.
Thursday, June 19, because of depleted reserves.
At the monthly meeting of the Board of Managers of the
According to a press dispatc- h from Walden, Colo., on June
Metropolitan Savings Bank of Baltimore, held June 12,
1, printed in the Denver "Rocky Mountain News" of June 2,
Michael S. Haas was elected Vice-President. Mr. Haas had
the North Park Bank of that place has been placed in charge
heretofore been Treasurer of the bank, and at the same
of a State Bank Examiner pending reorganization. The
meeting Alfrd E. Cross was elected Treasurer to succeed
bank's capital is $30,000, with surplus and undivided profits
him in that post.
of $40,000.
E. Creamer as Cashier of the
The resignation of Louis
John J. Heflin, Manager for the past six years of the
National Union Bank of Maryland became effective June 30,
Memphis branch of the Federal Reserve Bank of St. Louis,
when Horace R. Ford, heretofore Assistant Cashier, sucwas elected Vice-President and Director of the Union &
ceeded Mr. Creamer as Cashier. Albert A. Beran has been
Planters Bank & Trust Co. of Memphis at a special meeting
appointed Assistant Cashier.
of the directors on June 4. Mr. Heflin's resignation as Man.
JUNE 28 1924.1 .
THE CHRONICLE
3165
ager of Bib Federal Reserve Bank's Memphis branch became
effective June 18. Mr. Heflin was formerly associated with
the First Savings Bank & Trust Co. of Nashville, and he
served as Secretary for some time of the Tennessee Bankers
Association.
and the readjustine7:t thereafter as to direct
to his work the attention of all
of the bankers of the State. Mr. Robinson induced
him to resign from his
position as State Superintendent and come in
to the First National-PacificSouthwest banks and in the devdlopment of these
banks in the last four years,
Mr. Robinson has had Mr. Stern as his chief lieutenant,
both for the development and operation.
An increase of $100,000 in the capital of the Third Trust
Co. of Gastonia, N. C., is announced, the capital becoming
$400,000 on July 1. The new stock (par $100) will be
placed at $100 and accrued interest.
The People's Bank of Mobile has increased its capital from
$200,000 to $300,000. The new stock was authorized by the
stockholders on June 19 and became effective immediately.
The additional stock, par $100, was placed at $150 per share.
F. G. Willis, Cashier, and D. J. Murphy, Assistant
Cashier
of the Crocker National Bank of San Francisco, have
been
elected Vice-Presidents of the bank. G. J. Kern and J.
F.
Sullivan Jr. have been elected Assistant Cashiers of
the
bank. Mr. Willis retains the position of Cashier.
The Standard Bank of Canada (head office Toronto) has
declared a dividend for the current quarter ending July 31
1924 at 3%, being at the rate of 12% per annum upon the
paid-up capital stock of the bank, and which is to be payable
George W. Lewis, Cashier of the Fidelity & Columbi
a on and after Aug. 1 1924 to shareholders of record as of
Trust Co. of Louisville, died on June 2. Mr. Lewis was
49 July 17 1924.
years of age. He had become connected with the trust
comAndre Hess, formerly New York agent of the Banco di
pany about 15 years ago. We are advised that it
is unlikely Roma,
has been appointed Manager of the Banque Generale
that a successor will be named to Mr. Lewis, inasmuc
h as it pour
le Commerce Etranger in Midi. This corporation, with
is rather unusual for a trust company to
have a Cashier.
head office in Paris, plans to open branches at Genoa and
The officers and directors of the Citizens Mutual
Trust Constantinople. The board is composed chiefly of directors
Co. of Wheeling, W. Va., have issued invitations to the open- of the Russian Bank for Foreign Trade and
of the Banque
ing of its new banking rooms on Saturday, June
de Paris et des Pays-Bas.
28.
The proposed amalgamation of the First National
Bank of
ENGLISH FINANCIAL MARKETS-PER CABLE.
Huntington, W. Va., and the Huntington
National Bank.
under the title of the First-Huntington
The daily closing quotations for securities, &c., at London,
National Bank, ia
announced. The First-Huntington National Bank
will have as reported by cable, have been as follows the past week:
London,
a capital of $2,000,000; surplus and undivide
Sal.,
Mon., Tues., Wed., Thurs., Fri..
d profits of
Week ending June 27June 21, June 23. June 24. June 25. June 26. June 27.
$1,350,000, and total resources of $20,000,000.
&lye^.ner oz
d
34%
34%
347-16 34 5-16 345-16 34% The offices Gold, pr fine ounce
958.
953. 3d. 953. 50. 958. 6d. 958. 40. 95s. 20.
will be:
Consols,2% Per cents
57%
57%
57%
57%
57%
British, 5 per cents
C. H. Cohen, President; G. D. Miller, H.
101%
101%
101%
101%
101%
B. Hagen, D. I. Smith, L. V. British, 4% per cents _ _
97%
Guthrie, J. W. Ensign, James R. Oney, H.
97%
97%
9794
9734
0. Aleshire F Enslow, C. IL French Mentes(in
5?.50
53
52.30
52.45 52.20
4:larder, 0. W. Phellis and W. II. F. Dement,
Vice-Presidents; C. A. Boone, French War Loan an
Cashier; D. A. Hall, R. C. Ward, R.
Paris)
Sr- ----67.70 67.15 66.65 66.90
H. Weber, W. H. Gebhardt, J. B. Der67.30
wacter, G P. Stollings, W. T. Beard and M.
The price of silver in New York on the same days has been:
B. Damron, Assistant Cashiers,
and 0 W. Campbell, Trust Officer.
Silver in N.Y.,per oz.(eta.):
Foreign
67
66%
66
65%
66
6694
The Atlanta "Constitution," in its issue of
June 10, stated
that according to an announcement made
by T. R. Bennett,
State Bank Commissioner, on that day, the
Bank of Grayson,
Grayson, Ga., had been taken over by the
State Banking Department on Saturday afternoon, June 8,
following a run on
the bank by depositors. The run was
precipitated, according
to State Banking officials, by the disappea
rance of W. T.
Roberts, the President of the bank, on Monday,
June 2. The
bank, it is said, had a combined capital
and surplus of
$50,000.
COURSE OF BANK CLEARINGS.
Bank clearings the present• week will show a trifling
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, June 28), aggregate bank exchanges for all
the cities of the United States from which it is possible to
obtain weekly returns will register an increase of 0.7% over
the corresponding week last year.
The total stands at
Edward It. Millar, Assistant Vice-President of
the Citi- $7,805,865,408, against $7,752,309,671 for the same week in
zens National Bank of Los Angeles died on May
29 following 1923. At this centre there is a gain of 1.1%. Our comparaan operation for appendicitis. Mr. Millar was born
in Den- tive summary for the week is as follows:
ver 49 years ago and went to California in
1906. He was
connected with the First National Bank
Clearings-Reiurns by Telegraph.
Per
and other instituWeek ending June 28.
1924.
1923.
Cent.
tions of Long Beach till 1917, when
he became associated New York
53.585,000,000 53,545,405,715
with the Hellman Bank in Los Angeles.
+1.1
In 1919 he was Chicago
492,064,472
473,933,748
+3.8
Philadelphia
made General Examiner. Last January
424,000,00
0
406,000.00
+4.4
0
he was made Assist- Boston
282,000,000
301,000,000
-6.3
ant Vice-President of the Citizens
Kansas City
93,545,521
106.747,353 -12.4
National Bank.
St. Louts
San Francisco
a
a
a
118,100,000
120,800,000
-2.2
Effective June 1, Charles F. Stern,
Los Angeles
134,975,680
145,825,255
-7.4
Executive Vice-Presi- Pittsburgh
106,827.00
112,382.000
0
-5.0
dent of the First National Bank
Detroit
118,284,602
of Los Angeles and the
109,198.332
+8.3
Cleveland
Pacific-Southwest Trust & Savings
80,046,554
88,020,503
-9.1
Bank (whose head office Baltimore
75,974,633
74,325,833
+2.2
is in Los Angeles), became
46,493,623
44,338,805
+4.9
President of the Pacific-South- New Orleans
west Trust & Savings Bank,
Twelve cities, five days
$5,557,312,085 55,527,977,544
+0.6
succeeding in that capacity Other
cities, five days
947,575,755
932,280,515
+1.6
Henry M. Robinson. Mr. Robinso
n holds the Presidency of
Total
all
cities, five days
the First National Bank of Los Angeles
$6,504,887,840 56,460,258,059
+0.7
and is Chairman of All cities, one day
1,300,977,568
1,292.051,612
+0.7
the board of directors of the Pacific
-Southwest Trust & Savde., onK Q5 CAR
17 757 MCI R71
#05
ings Bank. The official announc
ement of Mr. Stern's eleca Will not report clearings.
tion made jointly by the First National
Bank of Los Angeles,
Complete and exact details for the week covered by the
Pacific-Southwest Trust & Savings Bank
and First Securi- foregoing
will appear in our issue of next week. We cannot
ties Co., on May 30 said in part:
furnish them to-day, inasmuch as the week ends to-day
Mr. Stern will continue as Executive
Vice-President of the First National
Bank. Through Mr. Robinson's
presidency of the First National Bank and (Saturday), and the Saturday figures will not be available
his chairmanship of the Pacific-Southwest
Trust & Savings Bank, and Mr. until noon to-day. Accordingly,
in the above the last day
Stern's position as Executive Vice-President
of the First National Bank and of the
week has in all cases had to be estimated.
his presidency of the Pacific-Southwest Trust & Savings
Bank,
the
unity
of
control which has obtained for the last five years
In the elaborate detailed statement, however, which we
will be maintained without
modification and the general operations
of the two institutions will con- present further below,
we are able to give final and complete
tinue as heretofore.
results for the week previous-the week ended June 21. For
Motley H. Flint, Executive Vice-President of the
Pacific-Southwest Trust
& Savings Bank, will continue in executive control of the
commercial that week there is an increase of 10.6%,the 1924 aggregate of
business of the bank within the metropolitan area, while
William Rhodes the clearings being $8,685,139,373
and the 1923 aggregate
Hervey, also Executive Vice-President, continues in charge
of the trust
$7,850,230,511. Outside of New York City, however, the
business of the entire institution.
Charles F. Stern for years has been recognized as an outstandin
g figure increase is only 1.2%, the bank exchanges at this city having
of California finance. He is a native Californian and a graduate
of the recorded a gain of 18.5%. We group the
cities now accordUniversity of California. He was drafted by the Governor of
the State to ing
to the Federal Reserve Districts in which they
take charge of the building of the California highways and was
transferred
are lofrom that position to that of State Superintendent of Banks,
where he so cated and from this it appears that in the Boston
Reserve
handled the affairs of that office through the troublesome period
of the war District there is an improvement
of 2.9%; in the New York,
Reserve District (including this city) of 18.2%, and in the
Philadelphia Reserve District of 1.1%. In the Richmond
Reserve District the totals are larger by 3.8%,in the Atlanta
Reserve District by 9.3%, and in the Dallas Rseerve District by 16.6%. In the Cleveland Reserve District there is
a falling off of 8.9%, in the Minneapolis Reserve District of
5.0%, and in the Kansas City Reserve District of 7.6%. In
the Chicago Reserve District there is a gain of 3.5%, in the
St. Louis Reserve District of 1.4% and in the San Francisco
Reserve District of 5.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Jute 21 1924.
1924.
1923.
Inc.or
Dec.
$
$
Federal Reserve Districts.
11 cities 424,037,626 412,264,797
(1st) Boston
10 " 5,135,921,545 4,344,872,532
(2nd) New York
668,846,577 660,727,300
(3rd) Philadelphia __10 "
370,529,249 406,789,790
8 "
(4th) Cleveland
194,704,895 187,578,482
6 "
(5th) Richmond
178,481,538 163,222,643
12 "
(6th) Atlanta
884,884,919 855,133,678
20 "
(7th) Chicago
66,803,941 65,887,132
7 "
(8th) Bt. Louis
114,981,874 121,067,734
7 "
(9th) Minneapolis
253,418,107 241,755,764
(10th) Kansas City__ 12 "
69,161,320 50,740,899
5 "
(11th) Dallas
465,569,782 440,189,760
(12th) San Francisco__ A6 "
1922.
1921.
$
$
%
+2.9 410,540,246 300,193,121
+18.2 4,563,096,341 3,588,636,483
+1.1 456,384,994 411,518,183
-8.9 323,793,649 306,325,301
+3.8 149,248,470 127,283,860
+9.3 136,447,564 123,779,349
+3.5 776,106,916 628,503,484
+1.4 53,814,778 46,359,317
-5.0 102,948,416 102,675,106
-7.6 229,796,014 226,145,395
+16.6 46,187,863 41,320,911
+5.8 346,457,029 299,809,582
124 cities 8,685,139,373 ,850,230,511 +10.6 7,593,822,280 6,202,550,066
Grand total
3,627,142,663 ,583,479,218 +1.23,881,846,0232,668,422,866
Outside New York City
322.241.444 -8.4 298.831.207 336,183,190
29 cities 295.205.
canada
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending June 21.
Clearings al1924.
1923.
Ice.or
Dec.
1922.
$
1921.
S
$
S
%
First Federal Reserve Dist rict-Boston693,702 +11.3
771,934
Maine-Bangor _
2,944,034 -11.8
2.596,580
Portland
Mass.-Boston _ _ 378,000,000 367,000,000 +3.0
1,947,712 +11.5
2,171,371
Fall River
a
a
a
Holyoke
1,403,090 -10.8
1,250,967
Lowell
a
a
a
Lynn
1,306.214 -10.0
1,176,090
New Bedford
4,857,745 +6.9
5,192,430
Springfield.....
3,499,000 +5.9
3,704,000
Worcester
10,892,554 +7.5
11,714,756
Conn.-Hartford
6,080.246 +0.3
6,099,098
New Haven_ _ _
11,640,500 --2.4
11,360,400
RI.-Providence
370,000,000
1,781,071
a
1,044,140
a
1,336,773
4,219,255
3,642,167
8,508,787
4,704,330
12,177,100
701,843
2,400,000
266,252,089
1,366,242
a
1,111,892
a
1,162,428
3,522,614
3,373,816
6,698,593
4,583,104
9.020,500
+2.9
410,540,246
300,193,121
Total(11 cities)
424,037,626
412,264,797
626,623
2,500,000
Second Feder al Reserve D istrict-New York4,313,773
3,557,612
4,850,807 +2.2
4,958,301
N. Y.-Albany
782,721
1,021,500
1,060,800 -1.0
1,050,400
Binghamton
34,392,777
39,865,667
51,284,077 -6.5
d47,952,728
Buffalo
-1.0
747,421
520,097
739,866
Elmira
868,801
1,191,708 +15.1
1.025,039
c1,371,788
Jamestown_ _
New York.... 5,057,996.710 4,266,751,293 +18.5 4,501,976.257 3,534,127,201
7,469,894
10,314,794 +6.5
8,385,198
10,985,196
Rochester
3,197,498
4,371,965 +47.6
3,405,750
6,451,764
Syracuse
3,124,356
3,728,398 -6.9
3,000.088
c3,471,657
Conn.-Stamford
359,432
571,269 +65.1
339,133
943,135
N. J.-Montclair
Total(10 cities) 5,135,921,545 4,344,872,532 +18.2 4,563,096,341 3,588,636,453
Third Federal Reserve Dls rict-Phila delphi a989,430
1.502,578 +0.3
1,507,738
Pa.-Altoona
2,934.598
4,815,861 -27.1
3,508,962
Bethlehem
805,784
1,273,888 +22.8
1,563,765
Chester
2,797,290 -1.5
2,457,357
2,755,780
Lancaster
Philadelphia _ _ 537,000,000 531,000,000 +1.1 434,000,000
2,468,358
3,439,216 -9.4
3,114.710
Reading
4,202,285
5,508,228 +3.1
5,681,342
Scranton
-2.0
3,372,904
4,106,380
d4,022,707
WIlkee-Barre
1,202,447
1,482,086 +59.2
2,359,182
York
3,951,831
4,801,775 +11.1
5,332,391
N.J.-Trenton..
a
a
a
a
Del.-Wilming'n.
--456,384,994
+1.1
560,727,300
Total(10 citiog 566,846,577
Fourth Feder al Reserve D istrict-Clev
7,360,000
Ohio-Akron.... d7,444,000
5,559,120
4,711,916
Aanton
72,093,112
66,383,736
Cincinnati._ _ _
111,433,877 117,376,850
Cleveland
14,691,200
12,775,600
Columbus
a
a
Dayton
a
a
Lima
2,004.751
d1,900,275
Mansfield
a
a
Springfield_
a
a
Toledo
3,975,190
Youngstown... d4,385,838
a
a
Pa.-Erie
Pittsburgh__ _ _ 161,494,007 183,729,567
Total(8 citles)_
370,529,249
408,789,790
-8.9
Sixth Federal Reserve Dist rict-Atiant a6,469,929 +10.6
7,154.847
Tenn.-Chatt•ga.
2,937,982 +5.5
3,100,000
Knoxville
18.324,934 +8.3
19,848,515
Nashville
+5.6
49,785,418
52,595,450
Georgia-Atlanta
1,692.929 -17.5
1,397,109
Augusta
-0.5
1,293,377
1,286,800
Macon
a
a
a
Savannah
12,342,581 +33.2
16.437,777
Fla-Jacksonville
+27.5
19,587.900
24,968,802
Ala.-Birming'm.
1,708,844 -3.4
1,650,464
Mobile
928,826 +22.8
1,140,952
Miss -Jackson..
255,010 +8.6
276,939
. Vicksburg
47,894,913 +1.5
48,623,888
La.-New Orrns_
+9.3
178,481,538
163,222,643
918,343
2.640,905
874.670
1,993,784
391.083,254
2.264.185
4,645,942
2,576,151
1,125.663
3,395,286
a
411,518.183
eland 7,095,000
6.340,000
+1.1
3,191,428
3,383,152
-15.2
54,434,078
59.492,368
-7.9
89,784,991
94.137,495
-5.1
16,242,800
11,783,500
-13.0
a
a
a
a
a
a
1,321,126
1,322,669
-5.2
a
a
a
a
a
a
3,715,178
2,875,165
+10.3
aa
00,000 135,000,000
'
-12.1 140,0
Fifth Federal Reserve Dist rict-Richm ond2,105,028 -3.5
2,030,497
W.Va.-HunVg'n
7,334.658 -1.4
d7,232,115
Va.-Norfolk__ _ _
46,655,000 +13.5
52,931,000
Richmond
2,878,360 -20.6
d2,284,888
B.C.-Charleston
Md.-Baltimore_ 104,549,395 106,316,997 -1.7
22,288,439 +15.2
D.C.-Washing'n d25,677,000
Total(6 cities)_ 194,704,895 187,578,482 +3.8
Total(12 cities)
118.
THE CHRONICLE
3166
323,793,649
306,325,301
1,587,318
7,348,263
41.894.992
2,768.195
77,119,093
18,530.609
1,390,973
6,424,197
36,333,330
2,429,514
64.770,165
15.935,681
149,248,470
127,283,860
6,434,933
2.621,334
16,165,000
35,975,396
1,483,278
1,153.957
a
10,166,198
21,605,290
1,641,882
782,636
233,833
37,183,827
5,388,719
2,450,847
14,000,240
34.505,267
1,451,774
969,561
a
7,364,285
15,505,104
1,288.476
566,201
226,604
40,062,271
135,447,564
123,779,349
Week Ending June 21.
Clearings at
1924.
1923.
Inc. or
Dec.
$
Seventh Feder al Reserve D istrict-C hi cago260,749
223,776 +16.5
Mich.-Adrian _
887,621
672,505 +32.0
Ann Arbor....
149,910,304 161,859,679 -7.4
Detroit
6,866,603
7,185,042 -4.4
Grand Rapids_
2,167,000
2,079,000 +4.2
Lansing
2,105,524
2,263,032 -7.0
Ind.-Ft. Wayne
17,753,000
19,959,000 -11.1
Indianapolis__ _
2,780,000
3,420,000 -18.7
South Bend
4,606,242
5,128,134 -10.2
Terre Haute_ _ _
35,585,846
35.314,391 +0.8
Wis.-Milwaukee
2,532,299
2,349,021 +7.8
Iowa-Ced.Raps.
10,238,571
11,126,152 -8.0
Des Moines_ _ _
5.609,650 +7.2
Sioux City....6,016,221
1,465,392
1,457,181 +0.6
Waterloo
1,296,078
1,293,458 +0.2
Ill.-Bloom'gton_
629,854,751 584,899,195 +7.7
Chicago
a
a
Danville
a
1.281,962
1,285,907 -0.3
Decatur
4,113,807
Peoria
4,174,900 -1.5
2,609,855
2,366,444 +10.3
Rockford
2,353,094
Springfield_
2,467,211 -4.6
•
1922.
1921.
200,122
594,903
156,839,158
5,880,253
1,707,000
1,723,450
17,247,000
2,016,000
165,000
496,775
89,838,102
5,043,488
1,726,000
1,549,378
13,862,000
1,800,000
27,708,235
1,885,512
8,963,889
5,401,759
1,302,142
1,130,960
534.629.616
a
1,252,475
3,619,830
1,940,619
2,063,993
25,500,855
1,794,035
7,700,284
5.039.335
1,268,225
1,169,584
463,745,407
a
940,380
3,006,119
1,730,972
2,127,546
+3.5
776,106,916
628.503,484
Eighth Federa I Reserve Dis trict-St. Lo uls4,574,157
Ind.-Evansville.
6,028,090 -24.1
a
Mo.-St. Louis
a
a
33,097,127
Ky.-Louisville._
30,440,798 +11.7
366,574
Owensboro..._
422,541 -13.2
15,876,425
Tenn.-Memphis
17,409,099 -8.8
10,384,511
Ark.-LittleRock
10,055,368 +3.3
311,144
I11.-Jacksonville
294,711 +5.6
1,294,003
Quincy
1,236,525 +4.6
4,169,236
a
25,265,729
295,531
14.188,539
8,419,942
280,267
1,195,634
3,963,874
a
21,743,963
269,051
11,373,854
7,642,636
254,268
1,111,671
66,803,941
Total(7 cities).
65,887,132 +1.4
Ninth Federal Reserve Dist rict-blinne apolis
d9,194,590
Minn.-Duluth
7.903,970 +16.3
68,609,032
Minneapolis_ _ _
70.533,923 -2.7
31,256,969
St. Paul
35,535,790 -12.0
1,532,322
No. Dak.-Fargo
2,250,628 -31.9
1,165,336
S. D.-Aberdeen.
1,256,161 -6.5
540,203
Mont.-Billings _
440,503 +22.6
2,683,422
Helena
3,156,759 -15.0
53,814,778
46,359,317
5,902,806
58,502,884
31,993,742
1,825,228
1,098,395
527.037
3,098.324
6,603,339
59,754,106
29,818,011
1,727,982
1,250,803
722,899
2,797,966
Total(7 cities). 114,981,874 121,067,734 -5.0
Tenth Federal Reserve Dist rict-Kansas CityNeb.-Fremont..
d459,022
413,115 +11.1
Hastings
428,496
440,477 -2.7
Lincoln
3,799,556
3,757,015 +1.1
Omaha
39,473,074
42,316,858 -6.7
Ran -Topeka.. d2,880,322
3,356,748 -14.2
Wichita
d7,033,000
8,227,151 -14.5
Mo.-Kans. City 121,199,532 135,348.304 -10.5
St. Joseph_
d6,383,172
6,887,909 -7.3
a
Okla.-Muskogee
a
a
Oklahoma City d20,602,564
20,703,706 -0.5
a
a
Tulsa
a
998,113
1,125,228 -11.3
Colo.-Col. Sins
18,342,448 +4.9
19,235,333
Denver
836,715 +10.4
Pueblo
e923,923
102,948,416
102,675,106
358.095
442,734
3,416,123
39,335,403
3,093,830
11,336,067
131,973,356
457,130
482,898
2,969,054
35,741,480
2,976,767
10,576,149
133,984,014
a
20,314,024
a
895,897
17,904,467
726,018
a
22,277,203
a
1,017,445
15,053,997
629,262
229,706,014
226,145,399
1.014,384
25,900,000
9,952,616
5,319,241
a
4.001,622
847.095
20,745,388
10,782,836
5,660,878
a
3,284,714
46,187,863
Total(5 cities).
50,740,899 +16.6
59,161,320
Twelfth Feder al Reserve D Istrict-San Franc'11C030.323,494
38,255,948 +15.8
Wash -Seattle._
44,302,233
10,395.000
11,339,000 -11.0
10,097,000
Spokane
a
a
a
a
Tacoma
1,271,024
1,079,196 +5.9
1,143,009
Yakima
30,682,066
37,015,885 +3.1
38,168,046
Ore -Portland..
11.817,528
15,133,883 +5.9
16,032,822
Utah-S.L.City.
a
a
a
a
Nev.-Reno.
a
a
a
a
Ariz -Phoenix.
3,651,254
3,776.741
3,924,686 -3.8
Cal.-Fresno _ _ _
4,067,864
8,780,656 -18.3
7,171,937
Long Beach_ _
95,623,000
Los Angeles__ _ d143,486,000 136,717,000 +5.0
12,199,853
14,358,236 +4.9
15,067,210
Oakland
3.753,913
4.905,021 +6.4
5,217.323
Pasadena
5,525,650
6,441,084 +14.6
d7,381,248
Sacramento
2,834,168
3,753.580 +0.7
San Diego__ _ _
3,778,733
San Francisco_ 164,500,000 152,600,000 +7.8 129,100.000
1,860,735
2,281,422 -9.3
San Jose
2,070.113
818,280
1,051,863 -7.0
Santa Barbara_
977,967
2,533,200
2,552,300 -6.0
Stockton
c2,399,400
41,320,911
Total(20 cities)
884,684,919
855,133,678
Total(12 cities) 223,416,107 241,755,764 -7.6
Eleventh Fede ral Reserve District-D allas1,419,245 -5.1
Texas-Austin
1,346,266
Dallas
39,005,642
29,397.000 +32.7
Fort Worth... d9,763,839
9,014,759 +8.3
Galveston
6,608,981 -36.4
4,201,640
Houston
a
a
a
4,843,933
4.300,914 +12.6
La.-Shreveport.
27,098,321
9.524,470
a
979,913
26,478,011
10,603,639
a
a
3,116,390
3,273,263
75,840.000
8,829,964
2,786,717
4,266,525
2,198,994
118,500.000
1,204,568
726.217
4,382,600
Total(16 cities) 485,569,782 440,189,760 +5.8 346,457,029 299,809,582
Grand total (124
cities)
8.685,139,373 7.850,230.511 +10.6 7,593,822,280 6,202.550,066
OuteddeNew York 3.627,142,663 3.583.475,218 +1.2 3.091,846,023 2,668,422,865
Week Ending June 19.
Clearings ca1924.
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
m......1r.......a.inm
1923.
Inc. or
Dec.
5
$
%
96,788,084 106,252,517 -8.9
83,383,242
98,823.675 -15.6
39,420,767 +11.7
44,041,765
15,116,521
14,594,006 +3.6
6.755,209
9,214,877 -26.7
7,280,518 -29.8
5,109,623
2,944.770 +0.7
2,064,794
6,155,970 -17.2
5,096,215
5,404,441 +21.9
6,588,573
2,464,009
2,666,718 -7.6
2,089.002 -4.5
1.995.683
3.749,808 -4.1
3,597,378
3,626,380 +14.3
4,143,804
3,149,539 -6.4
2,949,574
461,247
558,850 -17.5
485,861 -2.9
472,001
1,477,913 +2.6
1,516,455
1,134,847 -8.4
1,039,842
976,727
1,017,706 -4.0
771.219
864,874 -10.8
579,003
554,147 +4.5
287,370 +24.4
357,577
790,370
719,669 +9.8
999,518
858,902 +16.4
934,024
1.078,422 -13.4
3,488.679
5,812,541 -40.0
309,273 -3.7
297,790
783,401
914,531 -14.3
743,142
793,550 -6.4
o A
nneon5AA0 299 0A1 AAA
1922.
1921.
$
$
91,863,889 111,195,403
95,697.397 109,305,209
39,447,368
36,140,679
13,713,944
14,209,681
8,812,362
8,934,563
5,696,270
5,426.483
2,865,635
2.820,850
5,866,016
5,683,645
6,345,865
5,875,584
2,858,042
3.013,282
2.518,299
2,258,993
2,908,651
3,030.680
4,947,848
4,385,566
3,808,721
3,080,134
739,026
612,125
691,836
562,000
1.814,382
1,617,000
1.359,948
1,172,283
1,173,774
1,101,635
918,179
830.649
671,788
676,732
437,771
306,438
761,822
657,202
1,088.638
1,038,566
1,010,620
1,916.635
3.496,471
3,414,445
359,839
1,001,657
2.255,277
650,229
686,371
nno 0.11 9117
228 1122 100
a No longer report clearings. b Do not respond to requests for figures. c Week
ending June 18. d Week ending June 19. e Week ending June 20. • Estimated
Jura: 28 1924.]
THE CHRONICLE
3167
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
THE ENGLISH GOLD AND SILVER MARKETS.
The stock market this week has been active, buoyant and
We reprint the following from the weekly circular of
higher. Railroad shares have again been the centre of Samuel Montagu & Co. of London, written under
date of
interest, and, except for a moderate downward reaction June 11 1924:
GOLD.
on Monday the trend of prices has been upward. Public
The Bank of England gold reserve against its note issue on the 4th
inst.
utility issues have held a prominent place in the trading and amounted
to £126.357,525, as compared with E126.327,125 on the previous
industrial securities have improved. In the half day session Wednesday.
The Indian Bazaars have taken only a small proportion of the moderate
on Saturday the feature was the activity in railroad issues,
of gold available this week.
Erie common and Erie preferred selling at their highest supplies
The Transvaal gold output for May 1924 amounted to 809.003 fine
prices since 1917. Price movements were irregular on ounces, as compared with 768,923 fine ounces for April 1924 and 786.564
Monday and the market drifted slowly downward most of fine ounces for May 1923.
Mr. Joseph Kitchin has recently compiled the following interesting table:
the day. Atlantic Refinery was particularly weak and GOLD CONSUMPTION,
BALANCE AVAILABLE FOR MONEY, AND
declined nearly 10 points to 843/
WORLD'S STOCK OF GOLD MONEY: 1915-1922.
3, scoring a new low record
(Unit: millions of pounds sterling at 85 shillings per fine ounce.)
for this stock. The railroad group was again the feature of
the trading. Nickel Plate rose nearly 2 points to a new
Consumption of Gold.
1915. 1916. 1917. 1918. 1919. 1920.1921. 1922.
high record at 90, though it lost most of its gain later in the
Industrial arts (Europe & America) 17.0 18.0 16.0 17.0 23.0 22.0 12.0 (15)
day. Southern Railway common made a new high at India (year to Mar.31 following)__ 1.7 5.1 20.0 0.1 29.6 3.5 0.9 26.6
11.7 2.6 2.6 0.4 11.5 x3.9 x2.2 1.0
61%. Railroad issues continued in the foreground on Tues- China
Consumed in arts and Orient
17.0 257 38.6 17.5 64.1 21.6 10.7 42.6
day, Chesapeake & Ohio leading the upturn with a new Balance
available for money (differhigh at 823
ence)
4 and Nickel Plate making a further advance.
79.4 67.8 47.7 61.5 10.9 47.7 57.3 21.4
The market resumed its upward swing on Wednesday,
World
96.4 93.5 86.3 79.0 75.0 69.3 68.0 64.0
adv ances of 1 to 3 points being recorded by many of .the
World's Stock of Gold MoneyTotal
1,734 1,802 1,850 1,912 1,923 1,971 2,028 2.049
more active issues in the general list. Railroad shares were Par
mantra_
2254 243d. 247d. 254d. 253d. 257d 1262d. 252d
again prominent, Erie common and Erie preferred being in
x Minus.
active demand at advancing prices. New York Central
SILVER.
market has been quiet and business, owing partly to the intervening
The
was the feature of the day, going forward to a new high for
holiday, has been on a rather small scale. Purchases have been made a
the year at 1063/2. Baltimore & Ohio also advanced and account of bear covering; the Continent has taken little
interest. China
New Haven registered a 2 point rise to 24. Ontario & has disposed of small parcels and America has been inclined to keep In
seller.
touch
as
a
Western made a new high at 21 on a report that the New
A Reuter telegram from Simla says that an official memorandum issued
Haven is to sell the controlling interest to N. Y. Central. there
states that there will probably be some delay in establishing the
Southern Railway common advanced to new high ground at extent of the Arabian Sea monsoon, particularly in Northwest India. In
rainfall
of the Indian Peninsula an excess is to be expected. The indithe
63%. Public utilities were also in demand, American
cations for Northwest
Water Works & Electric making a gain of 5 points, but losing normal or in excess. India are conflicting but the rains are likely to be
part of it later. Under the leadership of United States Steel
INDIAN CURRENCY RETURNS.
common, the market continued its advance on Thursday, (I Lacs of Rupees.)
May
Ma.
n
Notes In circulation
yfitiga
the buoyancy extending to practically all parts of the list. Silver coin and bullion in India
7639
7629
7666
Silver coin and bullion out of India
Advances of from 1 to 5 points were recorded by numerous Gold
coin and bullion in India
2232
§H§
5H5
active issues, one of the most conspicuous of the latter being Gold coin and bullion out of India
Securities (Indian Government)
5753
"1-85
the S. S. Kresge, which moved up 10 points to 400. Schulte Securities (British Government)
1399
1400
1400
of exchange
1000
800
400
Stores recorded a gain of 3 points. American Woolen and Bills
The silver coinage during the week ending the 31st ult. amounted to
Baldwin Locomotive were also in strong demand at advanc- one lac of rupees.
The
stock in Shanghai on the 7th inst. consisted of about 37,000,000
ing prices. The market continued active on Friday with
ounces in sycee, 37.500.000 dollars and 2,300 silver bars, as compared with
generally rising prices in the forenoon but turning irregular about
37,600,000 ounces in sycee, 37.000.000 dollars and 4.470 silver bars
toward the close of the session. United States Steel common on the 31st ult.
Quotations-Bar Silver per Oz. Std.Bar Gold
crossed par in the morning advance but declined to 993
2 Nies.
Cash.
4
per Oz. Fine.
later in the day. General Electric was conspicuous in the June 5
344d.
35 1-163.
95s. 9d.
June 6
353d.
964. 9d.
trading by its advance to new high ground for the year at June 7
34 13-163
35 1-1641
10
35d.
95s. 9d.
344c1.
2373/i and new highs for the present movement were recorded June
June 11
34/d.
9.
5s 9d.
34 d.
Average
35.025d.
964.9.0d.
34. 62d.
by American Can and Baldwin Locomotive.
The silver quotations to-day for cash and two months' delivery are respectively the same as and 1-16d. above those fixed a week ago.
THE CURB MARKET.
Trading on the Curb Market this week was moderately
active, with prices maintaining a firm tone. The filing of
the Government suit against a number of the Standard Oil
companies, charging violation of anti-trust laws, caused a
loss in values in that group, and some weakness elsewhere,
but subsequently there was some recovery. Public
utility
issues were less prominent. Adirondack Power & Light common declined from 35 to 333/i but recovered finally to
344
3.
American Light & Traction common sold down from 132 to
1263/2. Appalachian Power common lost eleven points to
77 and ends the week at 79. Colorado Power common was
3 and sold finally at 343.. F.
off from 36 to 34,
& W. Grand
5 10 25 Cent Stores was conspicuous for an advance from
61% to 81 with a final reaction to 79. Dubilier Condenser
& Radio, after early weakness from 373 to 36%, sold up to
39% and closed at 393(. Durant Motors weakened from
4, the final figure to day being 13%. Hudson
153/i to 123
Companies preferred sank from 36 to 333, but recovered to
3532. National Tea lost 123, points to 1803', selling to day
at 190. United Bakeries Corporation was up from 61% to
643/2. Trading was light in oil shares. Illinois Pipe Line
lost two points to 126. New York Transit sold down from
69 to 54% and recovered to day to 593/2. Northern Pipe
Line lost four points to 80. Ohio Oil dropped from 61 to
58 and closed to day at 60. Prairie Oil & Gas declined
from 215 to 2083/i and ends the week at 210, ex dividend.
South Penn Oil moved down from 131 to 117, and recovered
finally to 124. Standard Oil (Indiana) lost about two points
to 553 and ends the week at 56%. Standard Oil (New
York)fellfrom 40 to 383jand sold finally at 39%. Standard
Oil (Ohio) was off from 283 to 275 with transactions to day at
278. Vacuum Oil weakened from 623
% to 69% and closed
to day at 61%.
gommercia1undAltscel1ancialt9EttliTS
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
June 18-The First National Bank of Fulton, So. Dak
$25,000
Correspondent, Julius Bertsch, Fulton, So. Dak.
June 21-The National Bank of Rensselaer, N. Y
100.000
Correspondent, John J. Sullivan. Rensselaer, N. Y.
APPLICATIONS TO ORGANIZE APPROVED.
June 21-The First National Bank of Bunker Hill, W. Va
$25,000
Correspondent. J. Fred Laise. Bunker Hill, W. Va.
APPLICATION TO CONVERT RECEIVED.
June 20-The Lynch National Bank, Lynch, By
$50.000
Conversion of the Bank of Lynch, Ky.
CHARTERS ISSUED.
June 16-12551 The First National Bank of Cutchogue. N. Y- -$25.000
President, William A. Fleet; Cashier, Raymond E.
Tuthill.
June 16-12552 The Sioux National Bank of Harrison, Nob
35,000
President, C. F. Coffee: Cashier, C. F. Coffee Jr.
June 18-12553 Grace National Bank of New York, N.Y
1.000.000
Conversion of W. R. Grace S.: Co.'s Bank, New York,
N.Y.
President, J. Louis Schaefer; Cashier, Robert Benkiser.
June 19-12554 The First National Bank of Robstown, Tex---100.000
President, L. L. Nusom; Cashier, W. A. Cannon.
VOLUNTARY LIQUIDATIONS.
June 18- 9877 The Farmers National Bank of Rossvllle. Ill_ -$40,000
Effective May 31 1924. Liq. Agent, Theo. E. Babel.
Rossville, Ill. Absorbed by the First National Bank
Rossville. Ill., No. 5398, which bank will not assume
liability for circulation of the liquidating bank under
Sec. 5223, U. S. R. S.
June 18-10716 The First National Bank of Woodhull. Ill
25,000
Effective May 27 1924. Liq. Comm.: W. C. Cole,
Woodhull; J. F. O'Connor and A. A. Holt, Oneida.
Ill. Succeeded by the First National Bank in Woodhull, No. 12525, which is to take over the circulation
of the liquidating bank under Sec. 5223. U. S. R.S.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at
auction in New York, Boston and Philadelphia on Wednesday of this week:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh.
Shares. Stocks.
$ Per sh. Shares. Stocks.
$2 lot
12 Hale & Kilburn Corp., com.,v.t.c.
100 Manhattan Transit Co
$6101
$16 lot 200 California 011 & Gas Co
40 Bout Isl. Fox Co., Ltd.. par 81_ _$2 lot 500 Park View Market & Freezing
$130 lot
• 12 Stoney Brook Assn
Cory
$13 lot
22 Great South Bay Water Co., pf _ 90
Per cent.
Bonds.
75 Sprague Development Corp. .820 lot
$600 Sharon Country Club, Inc..
$200 The Technology Club of N.Y.
$10 lot
War Fund notes
$60 lot
certificate of membership
250 Carlisle Ribbon Mills, corn_ _ _544 lot 55,000 Peace Creek Drainage Dist.,
1 Lehigh Val. Coal Sales Co..par $50 8034
Polk County,Fla.,68, Apr. 10'30 35
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per :IL
Shares. Stocks.
10 Webster & Atlas Nat. Bank--_190%
5 National Shawmut Bank...._186 ex-div
10 Conn. Mills, 1st pref. ctf.of dep- 70
10 Conn. Mills, corn., Cl. A,v .t. c.,
4
Dar 510
4534
4 Ipswich Milm, pref
26-2834
28 Great Falls Mfg. Co
18 Naumkeag Steam Cotton Co.
17634-17634 ex-div.
7134
1 Converse Rubber Shoe, pref
5 Springfield Gas Lt. Co., par $25_ _ 4934
105
3 American Glue Co., pref
11034
5 Plymouth Cordage Co
8434
5 Capitol City, 7% pref
$ per sh.
Shares. Stocks.
13534
5 Dennison Mfg. Co., 1st pref
201
5 Lowell Electric Light Corp
30 Jones, McDuffee & Stratton
9634
Corp. pref
11034
3 Plymouth Cordage Co
4 Eastern Texas Elec. Co., corn.
70, ex-div.
133
10 Coliyer Insulated Wire Co
$ Per right.
Rights.
18 Blackstone Val. Gas& Elec. Co. 534
13 Blackstone Val. Gas & Elec. Co_5 5-16
Per cent.
Bonds.
51,000 Mass. Ltg. Cos. 78, June'25.10034
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ Per M. Shares. Stocks.
Shares. Stocks.
10734
20 Boston Wharf Co
1 Pepperell Manufacturing Co....i10
95
&
Lt.
pref.
Co.,
Pow.
Wis.-Minn.
3
_
_
common_
5534
Shops,
Lowell
160 Saco
12634
2 Springfield Rye. Co., pref__ _49 ex-div. 3 Proprietors Revere House
100
13 East Middlesex St. RI
$ per right.
99 & My.
Rights.
2 Griffin Wheel Co.. prof
5 Manchester Elec. Co.(Maas.)__ _12534 80 Lynn Gas & Electric Co..7 7-16-734
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
5 West Phila. T.&T r. Co., par 550.210
20 Bryn Mawr (Pa.) Trust Co., par
58 Community Trust Co., par $50_ 66
147
$50
4034
5 Phoenix Trust Co., par $50
100 .Superior California Farm Lands
$1 lot 5 Jenkintown Bank & Trust Co__ --200
Co., no par, v. t. c
30 Birm. Ensley & Betts. Ry., com.1$1 lot 29 Camden Safe Dep.& Trust Co....122%
100
2 Reliance Ins. Co., par $50
20 Birm. Ensley & Bess. Sty.. pref.(
100
50 Lewisburg Gas Co., par 550...$i2 lot 8 Reliance Ins. Co., par $50
400
1234 Joplin & Pittsburgh Ry. Co_ ..$1 lot 4 Fire Assn. of Phila., par $50
14
9 Philadelphia Bourse, corn
250 Camden & Trenton Ry. Co.,
N. J., par $10
$7 lot 13 Midland Valley RR. Co., pref..- 20
12 Big Black Creek Impt. Co., par
40 Gary St. Ry. Corp., cam., trust
$7 lot
834
$10
certificates
$4 lot 44 Black Creek Impt. Co., par $10_ 4
25 Atlantic Shore Ry. Co
50 Monitor Lead & Zinc Min.. N.J_$4 lot 18 Delaw. Div. Canal Co., par $50_ 3734
5
1 Diamond Coal Lands Co
400 Consol. Iron & Steel Co.. N.J.,
110
par $5
11 lot 15 Union Passenger Ry
$5 lot 20 Union Transfer Co., par $25___. 25
5 Wm.Penn Theatre Co
3834
25K.C.& Nor. Connecting RR_ _ _II lot 11 Cambria Iron Co., par $50
oo
8 Philadelphia Traction Co
100 The Davies Stoker Co., N. J.,
204
11 Citizens Passenger Ry. Co
pref., par 525
1
100 The Davies Stoker Co., N. J.,152 lot 10 Smith. Kline & French Co., pref. 90
4234
3 Catawissa RR.. 1st pref
common. par 525
3
9 Victor Talking Machine Co.,com.13334
375 Laurel River Lumber Co., corn.
$1 lot 20 Fleischmann Vienna Model Bakpar $50
15
24 lot
50 Wash.-Oregon Corp.. corn
ery, corn., par 825
$ per right.
Rights.
12 Wash.-Oregon Corp.. pref
$3 lot
Rights to subscribe to the First Nat.
8 Atlantic Shore Ry.Co..corn_ _ _ _
State Bank of Camden:13 CO 8634;
12 Atlantic Shore Line Ry., corn__
13-17 04 86: 22 Eh 8634; 1-17085
5 Atlantic Shore Line Ry., 2d -ref $4 lot
127
10 North Phila. Trust Co
1,000 Consol. Lake Su lerior Co.,
Per cent.
Bonds.
common_
Northern
es
City
lot
Kansas
rec.$1
Co..
$1,000
1,000 Cinco Estrellas Min.
Connecting RR.2d 55, 1927(Jm.
125 Second mtge. coupons Camden
1899 and all subs, coup. attached)$1 lot
& Trenton By., dated Jan. 1 '08_81 lot
5 Penn National Bank
42034 $750 K. C. & North. Connecting
RR.2658. trustee's certificate...51 lot
388
9 Philadelphia National Bank
$50 City Club of Phila. 55, reg. 1925 $25
23 Northeast Tacony Bank, par $50 71
5400 Benevolent & Protective Order
35 Metropolitan Trust Co,. par $50 63
of Elks (Phila. Lodge No. 2) Gen.
5 Broad Street Trust Co., par $50.. 7234
88
Mtge. 6s, 1942
15 Jefferson Title &'Tr. Co., par 750 60
Breadstuffs figures brought from page 3221.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Barley.
Oats.
h.32 lbs.,
h.60 lbs.bush. 56 lbs.
,bls.196lbs.
438,000 1,238,000 1,328,001
215,000
Chicago
166,000
272,000
14,0001 1,455,000
Minneapolis
309,000
310,000
Duluth501,000
238,000
20,000
475,000
51,000I
Milwaukee...
55.000
121,000
73,000
Toledo
6,000
47,000
15,000
Detroit
250,000
192,000
97,000
Indianapolis_
445,0001
616,000
400,000
115.000
Bt. Louts_ _
238,000
218,000
32,000
36,000
Peoria
300.0001
69,000
615,000
Kansas City
336,000
126,000
243,000
Omaha
l23,000j
32,000
94,000
I
St. Joseph...
129,000
60,00 i
28.000
Sioux City- _ _
_
3,833,000h,000
Total wk. '24 431,000 4,011.000
Same wk. '23 309,0001 3,789,000 2,798,0001 3,372,000
S.453.000j 3,670,000
5,070.000
371,000
Same wk. '22
3.48185.
98,000
130,000
16,000
122,000
13,000
3,000
1,000
Rye.
71.5613s.
27,000
145,000
473,000
34,000
3,000
2,000
1,000
3.000
6,000
384.000
493,000
592.000
691,000
474,000
252,000
Since Aug.1
1923-24_ _ 19,203,000210,098,000 271,177,000215,223,00038,267,000 ,7880,000
1922-23_ _ _ _ 21,603,000090,418,00 I 274.154.000208.678.00o 6,322,000 18,394,000
in 424 NV i31.653.001 363,780,009198,541 1,129.263.04123.314.000
1 ao,_oo
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 21 1924, follow:
Receipts atNew York _ _ _
Philadelphia__
Baltimore_ _ _ _
N'port News_
Norfolk
New Orleans•
Galveston_ _ _ _
Montreal....
Boston
[VoL. 118.
THE CHRONICLE
3168
Flour.
Barrels.
224,000
44,000
17,000
1,00 i
2,000
69,000
9,0''
59,000
18,000
Total wk. '24 443.
Since Jan.1'24 12,618,
Wheat.
Bushels.
1,435,000
72.0001
241,00
128,000
9,000
30,000
4,056,000
5,971,
106,127,
Corn.
Bushels.
112,00C
16,00C
11,00C
Oats.
Bushels.
187,000
43,00€
22,000
Barley.
Bushels.
39,000
17,000
Rye.
Bushels.
382,000
1,000
9,000
51.000
70,00C
2,000
4,00C
3,000
Exportsfrom-
Corn.
Wheat.
Flour.
Rye.
Oats.
Barley. Peas.
Bushels. Bushels. Barrels Bushels, Bushels, Bushels, Bushels,
193 105,634 273,710 212,805 73,831
988,594
New York
1,000
Boston
4,000
52,000
121.000
Philadelphia
7,000
266,000
80,000
Baltimore
51,000
2,000
128,000
Norfolk
1,000
Newport News.
66,000 18,000
32,000
2,000
New Orleans_._ _
9,000
Galveston
100,000 458,000 344,000 250,000
2,621,000
Montreal
Total week 1924_ 4,156,594
A1611574
Iirpak 1922
861,710 607,805 323,831
RA7 71A R19807 244 (107
66,193 247,634
548.807244900
The destination of these exports for the week and since
July 1 1923 is as below:
Flour.
Exports for Week
Since
Week
and Since
June 21 July 1
July 1 to1924.
1923.
Corn.
Wheat.
Week
'June 21
1924,
Week
June 21
1924.
Since
July 1
1923.
Barrels. Barrels,
Bushels.
Bushels. Bushels.
United Kingdom_ 94,170 4,682,454 1,169,375 92,737,035
118,323 8,820,379 2,850,219 140,219,386
Continent
38,000
346,684
431,000
So:& Cent. Amer_ 9,489
28,193
17,581
963,406
West Indies
7,000
Brit.No.Am.Cols.
Other Countries__ 8,071
847,799
137,000 2,392,708
Total 1924
Total 1923
247,634 15,680,702 4,156,594 235,787,129
244.290 15.539.604 5.389_574 119 Q57 ROA
Since
Jahr 1
1923.
Bushels
4,790,970
5,166,507
166,000
1,306,193
80,000
6,000
66,193 11,605,670
248.807 84.470.765
The world's shipment of wheat and corn, as furn'shed by
Broomhall to the New York Produce Exchange, for the week
ending Friday, June 20, and since July 1 1923 and 1922,
are shown in the following:
Corn.
Wheat.
1923-24.
Week
Jnue 20.
Since
July 1.
1922-23.
Since
July 1.
1923-24.
Week
June 20.
Since
July 1.
1922-23.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
20,000 13,206,000 88,206,000
North Amer_ 6,776,000435,588,000438,719,000
Russ. dr Dan 632,000 45,530,000 6,931.000 1,352,000 37,721,000 6,803,000
Argentina.._ 4,500,000 164,556,000 139,512.000 5,580.000121.022,000120,676,000
Australia
1,328,000 73,403,000 46,324,000
India
818,000 15,728,000 18,332,000
15,707,000 4,751,000
1,840,000
Oth.countrita
Total
14,084,000 736,644,000649,818,000 6,952,000188,256,000220,436,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 21, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River....
GRAIN
Wheat.
bush,
511,000
1,000
107,000
108,000
STOCKS.
Oats.
Corn.
bush,
bush,
237,000
36,000
6,000
54,000
43,000
86,000
155,000
120,000
174,000
210,000
Rye.
bush.
186,000
Parley.
bush.
25,000
124,000
134,000
3,000
25,000
219,000
42,000
355,000
3,604.000 2,593,000 1,164,000 1,732,000
116,000
2,000
9,000
312,000
628,000
146,000
120,000
135,000
55,000
25,000
981,000 1,841,000
9,838,000 4,209,000
750,000
164,000
119,000
91.000
295,000 4,844,000
740,000
2,785,000
545,000 5,962,000
8,680.000
54,000
8,000
179,000
110.000
99,000
32,000
405,000
150,000
898,000
170,000
244,000
55.000
5,939,000
7,000
120,000
564,000
41,000
5,000
14,000
227,000
1,000
165,000
124,000
92,000
264,000
173,000
1,923,000
341,000
242,000
464,000
661.000
300,000
361,000
455,000
98,000
101,000
2,000
2,000
117,000
72,000
108,000
60,000
1,000
5,000
4,000
1,000
4,000
505,000
Total June 211924..._37,336,000 10.504,000 5,888,000 16,869,000
589,000
Total June 14 1924._ __38,788,000 11.150,000 5.630,000 16,944,000
Total June 23 1923.. .28,343,000 3,165,000 9,788,000 15,420,000 1,204,000
Note.-Bonded grain not included above: Oats, New York, 222,000 bushels
Boston, 106,000; Baltimore, 3,000; Buffalo, 436,000; Duluth, 11,000; total, 778,000
bushels,against92,000 bushels In 1923. Barley, New York,104,000 bushels; Buffalo.
23,000; Duluth, 13,000; On Canal, 26,000; total, 166,000 bushels, against 571,000
bushels in 1923. Wheat, New York, 1,326,000 bushels: Boston, 120,000; Philadelphia, 559,000; Baltimore, 214,000; Buffalo, 2.206,000; Buffalo afloat, 530,000;
Duluth. 96,000; Toledo, 82,000: On Canal, 607,000; On Lakes, 298,000; total,
6,038,000 bushels, against 3,374,000 bushels in 1923.
Canadian165,000
3,316,000
74,000 1,262,000
14,000
Montreal
2:54
5
8:000 1,430,000
155
Ft. William & Pt. Arthur_16,287.000
080.000
241,000
2,197,000
61,000
Other Canadian
74,000 8,965,000
Total June 21 1924..._21,800,000
87,000 7,726,000
Total June 14 1024....18,505,000
512,000 3.829,000
Total June 23 1923_ _ _ -16,223,000
Summary37,336,000 10,504,000 5,688,000
American
21,800,000
74,000 8,965,000
Canadian
1,505,000 1,086,000
1,350,000 1,713,000
429,000 4,106,000
505,000
16,869,000
1,505,000 1,088,000
Total June 21 1924...59,136.000 10,578,000 14.653.000 18.374,000 1.591,000
Total June 14 1024..57,293.000 11,237,000 13,356,000 18.294,000 2,302,000
Total June 23 1923....44.566,000 3,677,000 13,617,000 15,849,000 5,310,000
29,000
679,000
30,000
230,000
383,000
990,000 286,000 826,000
218,00C
12,621,000 21,348,000 5,929,000 7,968.000
344,000 1,725,000 473,000 878,000
Same wk. '23 325,001 5,815,000
Since Jan.1'23 11.993,000 118,411,000 32.117,000 20,108,000 5.234,00018,480,000
•Receipts do not Include grain passing through New Orleans for foreign ports
oa through bills of lading-
The exports from the several seaboard ports for the week
ending Saturday, June 21 1924, are shown in the annexed
statement:
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.
JUNE 28 1924.]
THE CHRONICLE
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days h.clustre.
Railroads (Steam).
Baltimore & Ohio, common
Sept. 2 Holders of rec. July 19a
Preferred
Sept. 2 Holders of rec. July I9a
Belt RR. dr Stock Yds., Ind., corn.(flu.) 3
July 1 Holders of rec. June 21
(guar.)
Preferred
14 July 1 Holders of rec. June 21
Boston Revere Beach & Lynn (quarl_ _ _ 14 July 1 Holders of rec. June 14a
Central RR.of Now Jersey (guar.)
Aug. 15 Holders of rec. Aug. 6a
2
Extra
2
July 15 Holders of rec. July 90
Delaware & Hudson Co.(quar.)
*2
Sept.20 'Holders of rec. Aug. 28a
Delaware Lackawanna & Western(guar.) 3
July 21 Holders of rec. July 5
Elmira dr Williamsport, pre(
3.22 July 1 Holders of rec. June 200
Illinois Central,common (quar.)
*14 Sept. 2 *Holders of rec. Aug. I
•3
Preferred
Sept. 2 *Holders of rec. Aug. 1
_Lehigh & Hudson River (guar.)
2
June 30 Holders of rec. June 10a
New London Northern (guar.)
2
July 1 June 17 to June 30
Norfolk & Western, common (guar.) _
*14 Sept.19 *Holders of roe. Aug. 30a
Adjustment preferred (quar.)
Aug. 19 *Holders of rec. July 310
Pennsylvania Company
June 25 *Holders of rec. June 25
Pennsylvania RR. (quar.)
575e. Aug. 30 'Holders of rec. Aug. 1
Rome dr Clinton
July 1 June 22 to June 30
Public Utilities.
Adirondack Power & Light,7% pr.(qu.) 14 July 1 June 24 to June 30
Eight per cent preferred (guar.)
2
July 1 June 24 to June 30
Am.Wat. Wks.& El.7% 1st pf (qu.) _
14 Aug. 15 Holders of rec. Aug. 1
Six per cent partic. pref. (guar.)
14 Aug. 15 Holders of rec. Aug. 1
Arkansas Light & Power, pref. (guar.)._
14 July 1 Holders of rec. June 15a
Baltimore Electric, preferred
July I Holders of rec. June I4a
Bell Telep.of Pennsylvania,corn.(guar.) 2
June 30 Holders of roe. June 28a
Preferred (quar.)
14 July 15 June 21 to June 25
Binghamton L., H.& P.,7% pref.(qu.) 14 July 1 Holders of ree.
June 25
Six per cent preferred (guar.)
July 1 Holders of rec. June 25
Boston Consolidated Gas, com.(guar.). "2
June 30 *Holders of rec. June 27
*3
Preferred
Aug. 1 *Holders of rec. July 15
Brooklyn Borough Gas, corn. (guar.)_
50c. July 10 Holders of rec. June 30a
Preferred (quar.)
14 July 1 Holders of rec. June 24a
;slifornia Elec. Generating,Prof.(guar.) 134 July 1 Holders of rec. June 140
caufornia-Oregon Power,Prof.(guar.)._ •1
34 July 30 'Holders of rec. July 15
Chesapeake & Potom. Tel. of Bait. City
Preferred (quar.)
134 July 15 Holders of rec. June 30
Chicago City By.(guar.)
14 June 30 June 26 to June 30
Chickasha Gas & Else., corn.(guar.)
June 30 June 24 to June 30
Preferred (guar.)
134 June 30
24 to June 30
One. Newp.& Coy. L.& Tr.,com.(qu.) 155 July 15 June
July 1 to July 15
Preferred (guar.)
July 15 July 1 to July 15
13
Cincinnati Street By.(guar.)
135 July 1 June 17 to June 30
'Citizens G.& F., Terre Haute,com.(gu.) 255 June 26 Holders of rec. June 12
Preferred (guar.)
131 July 1 June 26 to June 30
Citizens Gas Light, Quincy (guar.)
*2
June 30 *Holders of rec. June 27
City Railway (Dayton,0.),corn.(guar.)
June 30 June 21 to June 30
Preferred (guar.)
14 June 30 June 21 to June 30
Conestoga Traction, common (guar.). _
1
June 30 June 21 to June M)
Preferred (guar.)
14 June 30 June 21 to June 30
Cuban Telephone, common (guar.)._ _
2
June 30 June 16 to June 10
Preferred (guar.)
14 June 30 June 16 to June 30
Water,
Class A.pref.(quar.) _
East Bay
135 July 15 Holders of rec. June 30
Class B preferred (guar.)
14 July 15 Holders of rec. June 30
Eastern New Jersey Power, Prof. (guar.) 14 July I Holders of rec. June 20a
Eastern Texas Electric Co.,corn.(quar.) 1 St July 1 Holders of rec. June 25a
Preferred
34 July I Holders of rec. June 25a
Edison Elec. Co., Lancaster, Pa.(guar.) 3
June 30 June 21
Fairmount Park Transit, pref.(guar.) _ *174c July 10 *Holders of to June 30
rec. June 30
Fall River Electric (guar.)
•
2
Ally 1 Holders of rec. June 204
Florida Public Service. Prof. (guar.). _ _
14 July 1 Holders of rec. June 20
Harrisburg Light dr Power, pref. (guar.) 14 June 30 Holders of rec. June 18a
Hartford City Gas Light,corn.& pf.(qu.) 50e. June 30 June 17 to June 30
-Houston Gas & Fuel, common (guar.)._
2
June 26 Holders of rec. June 124
Common (extra)
1
June 26 Holders of rec. June 126
Preferred (guar.)
14 June 30 Holders of rec. June 12a
Lancaster Gas Light dr Fuel (guar.)... _
June 30 June 21
June 30
Louisville G.dr Elect.,of Ky. pref.(att.) 134 July 1 Holders ofto
rec. July la
Massachusetts Gas Cos., corn. (quar.)
Aug. 1 *Holders of rec. July 15
Memphis Power dr Light, Prof.(guar.)
14 July 1 Holders of rec. June 21
Minnesota Power & Light,6% pf.(qu.). 135 July 1 Holders of rec. June 14a
Seven per cent preferred (quar.)
14 July 1 Holders of rec. June 14a
Montreal Telegraph (guar.)
2
July 1 Holders of rec. June 30
Nashville By.& Light,com.(guar.)._
135 June 2 Holders of rec. June 234
Preferred (guar.)
134 June 2 Holders of rec. June 234
Nevada-California Electric, pref.(guar.) rim Aug.
*Holders of rec. June 30
New Jersey Power & Light, pref.(quar.) 14 July
Holders of rec. June 20
Northern States Power,common (guar.) 2
Aug. I Holders of rec. June 30
Preferred (guar.)
1
July 2 Holders of rec. June 30
Omaha & Coun. Bluffs St. By.. pt.(qu.) 14 July
June 19 to June 30
•3
Phila. dr Camden Ferry (guar.)
July I *Holders of rec. June 27
Public Service Co.of Okla.,com.(quar.) 2
June 3 June 24 to June 30
Prior lien (guar.)
14 June 3 June 24 to June 30
Preferred (quar.)
135 June 3 June 24 to June 30
Public Utilities Corp., pref. (guar.)_ _ 87550 July
Holders of rec. June 12a
Rutland By., Light & Pow., pref. (qu.).
July
Holders of rec. June 20
Sandusky Gas & Electric, pref.(guar.). _
July 1 Holders of rec. June 20
Sayre Electric Co., preferred (guar.) _ _
14 July 1 Holders of rec. June 20
Texas Electric By.,corn.(guar.)
1
Sept. 1 Holders of rec. Aug. 15
First preferred (quar.)
14 July 1 Holders of rec. June 19
Second preferred (guar.)
13( Aug. 1 Holders of rec. July 15
Toledo-Edison Co., preference (mthly.). 58 1-3 July 1 Holders of roe.
June 14a
Union Natural Gas (guar.)
50e. July 1 Holders of rec. June 30a
United Utilities, preferred (guar.)
134 July 1 Holders of rec. June 21a
Utilities Securities. preferred (quar.) _ _
14 June 2 Holders of rec. June 12a
'Vermont Hydro-Electric Corp., pf.(qu.) 14 July 1 Holders of
rec. June 20
'Washington Water Power,Spokane(girl 2
July 1 Holders of
June 280
West Penn Company,7% prof. ((mar.). 13( Aug. 1 Holders of rec.
rec. Aug. 1
West Penn Power Co.,7% Prof.(quar.)
14 Aug.
Holders of rec. July 15
West Penn Railways. Prof. (guar.)
14 Sept. 15 Holders of rec. Sept. 1
Western Power Corp., pref. (guar.). _
14 July 1 Holders of rec. June 30
York Railways, common (quar.)
*50e. July 1 *Holders of rec. July 5
Preferred (guar.)
*6234c July 3 *Holders of rec. July 21
Banks.
Chemical (hi-monthly)
4
July
Holders of rec. June 20a
Colonial (quar.)
3
July
Holders of rec. June 20a
Commonwealth
5
July 1 June 25 to June 30
Europe, Bank of (guar.)
3
July
Holders of rec. June 24
•Greenpoint National
3
July
June 21 to June 30
Extra
3
July
June 21 to June 30
Nassau National, Brooklyn (guar.)._ 3
July
Holders of rec. June 270
Peoples National, Brooklyn
4
July 1 Holders of rec. June 240
1
Extra
July 1 Holders of rec. June 240
Brooklyn
4
West End,
June 30 Holders of rec. June 28a
Trust Companies.
154 June 30 Holders of rec. June 20a
American (guar.)
4
July 1 Holders of rec. June 280
V. S. Mortgage dr Trust (quer.)
Miscellaneous.
14 June 30 Holders of rec. June 25
Aeolian Company, preferred (quar.),..._
14 July 10 }Udders of rec. June 30a
Alabama Company, 1st & 2d pref.(qu.)
July 1 June 21 to June 30
2
Alabama Fuel & Iron (guar.)
Aug. 1 Holders of rec. July 15
Allied Chemical & Dye Corp.,corn.(au.). 31
Allis-Chalmers Mfg., common (guar.)._ *S1
Aug. 15 'Holders of rec. July 24
*31.25 Aug. 15 *Holders of rec. Aug. la
American Bank Note,corn.(guar.)
Amer. Bond & Mortgage, Inc., pf.(qu.) 14 July 1 Holders of rec. June 20
14 Aug. 15 Holders of rec. July 31a
American Can, common (quar.)
*2
Aug. 1 *Holders of rec. July 12
American Glue, preferred (quar.)
July 15 Holders of rec. June 30a
Amer. Greenhouse Mfg., prof.(quar.)_. 2
"3
July 1 *Holders of rec. June 18
American Hardware Corp. (quar.)
"3
July 1 *Holders of rec. June 18
Extra
134 July 25 Holders of rec. July 8a
American Ice, common (guar.)
135 July 25 Holders of rec. July 8a
Preferred (quar.)
3169
Per
When
Books Closed,
Name of Company.
Cent. Payable
Davs Inclusive.
Miscellaneous (Coatnued)
American Seeding Machine,corn.(quar.) 50e. July 15 Holders of rec.
June 30a
Preferred -(quar.)
135 July 15 Holders of rec. June 30a
American Shipbuilding, cont. (guar.). _ _
2
Nov. 1 Holders of rec. Oct. 15
Common (guar.)
2
Feb2'25 Holder,of rec. Jan. l5'25
Common (guar.)
2
M'y V25 Holders of rec. Apr. 1525
Common (quar.)
2
Aug.1'25 Holders of rec. July 15'25
Preferred (guar.)
134 Aug. 1 Holders of rec. July 15
American Textile (guar.)
51
July 1 Holders of rec. June 280
Ancona Company (quar.)
154 July I Holders of rec. June 26a
Androscoggin Mills
July 1 Holders of rcc. June 24a
3
Arlington Mills (guar.)
2
July 1 Holders of rec. June 204
Art Metal Construction (guar.)
25e. July 31 Holders of rec. July ha
Arundel Corporation, common (guar.)
2
July 1 Holders of rec. June 26a
Associated Dry Goods, common (guar.)- *14 Aug. 1 *Holders of rec. July 12
First preferred (guar.)
•135 Sept. 2'Holders of rec. Aug. 9
Second preferred (guar.)
•14 Sept. 2 'Holders of rec. Aug. 9
Atlas Powder, preferred (guar.)
134 Aug. 1 Holders of rec. July 19a
Auburn Automobile, preferred ((marl- 154 July 1 Holders of rec. June 20a
Augusta Knitting Corp., com.(quar.)..155 July 1 Holders of rec. July la
Preferred (guar.)
13( July 1 Holders of rec. July la
Bancitaly Corporation
"4
July
Bessemer Lime,Stone & Cement,pf.(qu.) 154 July 1 Holders of rec. June 20a
Bird & Son, Ltd., pref.(guar.)
14 July 2 Holders of rec. June 15a
Black & Decker Mfg.,com.& pf.(guar.) 2
June 30 June 26 to June 30
Bliss (E. W.) Co.,com.(quar.)
"25c. July I *Holders of rec. June 25
First preferred (guar.)
July 1 *Holders of rec. June 25
*S1
Second preferred (quar.)
•15c. July 1 *Holders of rec. June 25
Borden (Richard) Mfg. (guar.)
July 1 *Holders of rec. June 26
Boston Sand & Gravel,corn.(quarl_ _ _ _
2
July 1 Holders of rec. June 2Ia
Preferred (quar.)
14 July 1 Holders of rec. June 21a
First preferred (guar.)
2
July I Holders of rec. June 21a
Browning Company, common (qua?.)... 2
July 1 Holders of rec. June 230
Preferred (guar.)
14 July 1 Holders of rec. June 23a
Burt(F. N.) Co.,Ltd.,com.(guar.)
234 July 2 Holders of rec. June 18a
Preferred (guar.)
14 July 2 Holders of rec. June 18a
Butterick Publishing, pref. (quar.)
2
July 1 Holders of roe. June 30a
Canada Salt (quar.)
2
July 1 June 22 to June 30
Canadian Consol. Rubber, pref.(guar.)_
14 June 30 Holders of rec. June 23
Canadian Explosive,common (guar.) _ _ _
2
July 31 Holders of roe. June 300
Preferred (guar.)
134 July 15 Holders of rec. June 304
Canadian Industrial Alcohol (guar.)._ _ _
255 July 7 Holders of rec. June 30a
Canadian 011 (guar.)
2
July 1 Holders of roe. June 20
Canton Company
3
July 3 Holders of rec. June 300
Extra
1
July 3 Holders of rec. June 300
Carey (Philip) Mfg.,corn.(guar.)
135 June 14 Holders of rec. June 12
Preferred (quar.)
14 June 30 June 21 to July 1
Casey-Hedges Co., common (quar.)__
234 Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
135 July I Holders of rec. June 280
Cass A; Daley Shoe, pref.(guar.)
154 July 1 Holders of rec. June 20
Cement Securities (guar.)
3
June 30 Holders of rec. June 15a
Central 011 & Gas Stove, corn. (guar.)._ $2
July 1 June 26 to June 30
Preferred (guar.)
$1.8 July 1 June 26 to June 30
Chicago Morris Plan Bank (guar.)
14 July 1 Holders of rec. June 30a
Chicago Pneumatic Tool (quar.)
134 July 25 Holders of rec. July 15a
Cincinnati Finance Corp. (guar.)
2
July 1 June 16 to June 30
Cincinnati Union Stock Yards (quar.). _
2
June 30 June 22 to June 30
Cleveland Automobile, preferred (guar.) 2
July 1 Holders of rec. June 20a
Cleveland-Cliffs Iron (guar.)
75e. July 25 Holders of rec. July 15a
Cleveland Union Stock Yards (quar.)_ _ _
2
July 1 June 20 to June 30
Collins Company(guar.)
2
July 15 June 26 to July 15
Columbus Manufacturing Co
4
July 1 June 15 to June 30
Commercial Credit Co., corn.(guar.) _ _ 3734e. June 30 Holders of rec. June 20a
Preferred (guar.)
154 June 30 Holders of rec. June 20a
Preferred, Class B (guar.)
2
June 30 Holders of rec. June 20a
Consolidated Car Heating (guar.)
154 July 15 Holders of rec. June 30
Extra
2
July 15 Holders of rec. June 30
4.1% July 31 *Holders of rec. July 15
Consolidation Coal (guar.)
Continental Motors Corp.(guar.)
•200. July 30 *Holders of rec. July 19
Continental Paper & Bag Mills,eom.(qu) 134 July 21 Holders of rec. July 12
Prior preference (guar.)
134 July 21 Holders of rec. July 12'
Preferred (quar.)
135 July 21 Holders of rec. July 12
Corn Products Refining, Corn. (qua?.)... roe. July 19 Holders of rec. July 3a
Preferred (guar.)
July 15 Holders of rec. July 3a
131
Dalton Adding Machine, Prof. (quar.)
14 June 1 June 21 to June 30
Davis Coal & Coke
July 15 Holders of rec. June 300
$3
Delaware Lack. dr Western Coal (quar.) $1.25 July 15 Holders of rec. July la
Detroit Steel Products, pref.(guar.)- -- 13( July I Holders of rec. June 200
Diamond Match (guar.)
*2
Sept.15 *Holders of rec. Aug. 30
Dow Drug Co., common (guar.)
July 1 June 21 to July 4
2
Preferred (qua?.)
131 July 1 June 21 to July 4
Drayton Mills, preferred
335 July 1
Duncan Mills, preferred (guar.)
134 July 1 June 22 to July 1
Eagle-Picher Lead, pref. (guar.)
14 July 15 Holders of rec. July 54
Electric Auto-Lite ((mar.)
$1.50 July 1 June 15 to July 1
Elgin National Watch (guar.)
*2
Aug. 1 *Holders of rec. July 15
Emerson Electric Mfg., prof. (guar.)
14 July 1 Holders of rec. June 20
Estey-Welte Corporation,com
$I
July 1 June 27 to July 1
Preferred
4
July 1 June 27 to July 1
Eureka Pipe Line (guar.)
2
Aug. 1 Holders of rec. July 15
Falcon Steel, preferred (guar.)
14 July 1 June 21 to June 30
Farr Alpaca Co. (guar.)
2
June 30 Holders of rec. June I9a
Florence Stove, common
July 1 Holders of rec. June 25 I
$2
Preferred (guar.)
$1.88 July 1 Holders of rec. June 25
Foulds Milling, preferred (qua?.)
2
July 1 Holders of rec. July la
French Bros. Bauer Co., pref. (guar.)
155 July 1 Holders of rec. June 204
-General Aluminum dr Brass,corn.
July 1 Holders of rec. June 250
(guar.)
Preferred (guar.)
July 1 Holders of rec. June 280
2
General Refractories (guar.)
*50e. July 15 *Holders of rec. July 7
Gibson Art Co., Preferred (quar.)
14 JUIY 1 Holders of rec. June 20a
Goodwins, Ltd., preferred (guar.)
14 July 1 Holders of rec. June 20
Gray & Davis, preferred (guar.)
Aug. 1 *Holders of rec. July 15
*2
Gray & Dudley Co., common (guar.)._ 14 July 1 Holders of rec. June 280
Preferred (guar.)
14 July 1 Holders of rec. June 250
Halle Bros., 1st & 2d prof.
14 July 31 July 25 to July 31
(guar.)
Harris Brothers, preferred (guar.)
Aug. 1 *Holders of rec. July 11
Bitterest Collieries, common (quar.)_ _ _ •134
14 July 15 Holders of rec. June 30
Preferred (guar.)
14 July 15 Holders of rec. June 30
Hillman Coal & Coke,5% pref.
(guar.). 14 July 25 July 15 to July 25
Seven per cent preferred (guar.)
14 July 25 July 15 to July 25
Hollinger Consol. Gold Mines(mthly.)_ _
July 14 Holders of rec. June 26
1
Holt. Renfrew & Co., Ltd., prof.
134 July 2 Holders of rec. June 28
(guar.)
Home Title Insurance (quar.)
June 30 June 20 to June 30
3
Hooven,Owens,Rentschler Co.,pf.(qu.) 154 July I June 21 to June 30
Household Products, Inc. (guar.)
*M. Sept. 2 *Holders of rec. Aug. 15
Howe Scale, preferred (guar.)
14 July 1 June 15 to July 1
Illinois Brick (guar.)
14 Ally 15 Holders of rec. July 3
Interlake Steamship (quar.)
$1.25 July 1 Holders of roe. June 21
International Paper, preferred
134 July 15 Holders of rec. July 7
Johns-Manville, Inc. (guar.) (guar.)
75c. July I Holders of rec. June 20
Judson Mills,common
4
July 1 June 26 to July 1
Preferred (guar-)
14 July 1 June 26 to July 1
Kanawha & Hocking Coal & Coke,
1 *Holders of rec. June 20
July
*335
pref_
Kaynee Company,Preferred
14 July 1 Holders of rec. June 20a
(quar.)Kendall Manufacturing, pref.
14 July 1 Holders of rec. June 23
(guar.).
—
Lawton Mills (guar.)
24 June 30 Holders of rec. June 24a
Lehigh Coal & Navigation (quar.)
Aug. 30 *Holders of rec. July 31
*51
Manchester Cotton Mills(quar.)
3
July
June 2 to June 11
MeCaskey Register Co.. first Prof.
(qu.) 14 July
Holders of rec. June 21a
Second preferred (guar.)
2
July
Holders of rec. June 21a
Second pref. (acct. aecum.
h2
July
Holders of rec. June 21a
Michigan Limestone & Chem.,dividends)
prof.
1% July- I Holders of rec. June 30a
Moon Motor Car(quar.)
*75c. Aug.
*Holders of rec. July 15
Motor Products Corp., pref.(quar.)
*2
*Holders of rec. July 19
Aug.
National Credit Corp.. pref.(guar.).24
_
June 21 to June 30
July
National Paper & Type, pref.(guar.)
_
2
July 1 Holders of rec. June 304
New England Fuel dr Transp.
New York Dock, preferred (guar.).-- *14 June 3 'Holders of rec. June 27
235 July 1 Holders of rec. July 5a
Norton Company, preferred
14 July
June 16 to July 1
Ohio Iron & Steel, common (gnarl- 34 July
(monthly)June 24
Pacific-Burt Co., common
134 July
(guar.)
Holders of rec. June 18
Preferred (guar.)
154 July
Holders of rec. June 18
[Vol, 118.
THE CHRONICLE
Name of Company.
_When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
1Vhen
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
Miscellaneous (Concluded).
$2.S0 Aug. 1 Holders of rec. July 150
Pittsburgh dr Lake Erie
Page-Hershey Tubes, corn. & prof. (qu.) 14 July 2
Pittsb.111cKeesp.& YoughloughenY- -- $1.50 July 1 Holders of rec. June 16a
Aug. 15 Holders of rec. Aug. 5
2
Penman's, Ltd., common (guar.)
pref.(Guar.) 115 Aug. 30 Holders of rec. Aug. la
Virginia,
West
&
Pittsburgh
21
July
rec.
of
Holders
1%
1
Aug.
Preferred (quar.)
135 Nov.29 Holders of rec. Nov. la
Preferred (quar.)
$1.25 July 15 Holders of rec. June 30a
Pennsylvania Salt Mfg.(quar.)
Holders of rec. Feb.2'25a
114
(a)
Preferred (quar.)
.1,1U Aug. 1 *Holders of rec. July 20
Phillips-Jones Corp., pref. (quar.)
234 June 30 Holders of rec. June 11
(quar.)
Worcester
&
Providence
30
June
to
July 1 June 22
4
Piedmont Manufacturing
14
Holders of rec. July 214
Aug.
(quar.)
$1
common
Reading Company,
July 15 Holders of rec. July 5
Pierce, Butler & Pierce Mfg., corn. (qu.) 1
50c. Sep. 11 Holders of rec. Aug. 250
First preferred (quar.)
14 July 1 Holders of rec. June 25
First preferred (guar.)
of rec. June 23a
Ilolders
10
500.
July
(quar.)
pref.
Second
June 30 *Holders of rec. June 261
*2
Pilgrim Mills, common (quar.)
4
July 1 June 15 to June 30
July 25 Holders of rec. July 10a Rensselaer & Saratoga pref. (quar.)_
1
Pittsburgh Coal, common (guru.)
111 June 30 Holders of rec. June 14a
Southwestern,
Louis
St.
10a
July
rec.
of
Holders
% July 25
Preferred (quar.)
131 July 1 Holders of rec. May 310
Southern Pacific (quar.)
July 9 *Holders of rec. June 30
• Pittsb. Term. Warehouse & Trend.(qu.) *$1
111 Aug. 1 Holders of rec. July 100
Southern Railway, common (quar.)
14 July 1 June 21 to June 30
Regal Shoe, preferred (quar.)
111 July 15 Holders of rec. June 25a
(guar.)
Preferred
25a
June
rec.
14 July 1 holders of
Rice-Stix Dry Goods,corn. (quar.)
July 1 Holders of rec. June 21
RR
Sussex
14 July 1 Holders of rec. June 25a Union Pacific, common (quar.)
First and second preferred (quar.)- July 1 Holders of rec. June 2a
234
30
June
to
15
June
1
July
14
Richardson Company, pref. (quar.)__
(quar,).
Cos.
215
Canal
&
RR.
July
J.
10 June 21 to June 30
N.
United
18
Rogers(Wm. A.) Co., preferred (quer.). 14 July 2 Holders of rec. June
24 July 1 Holders of rec. June 21
Valley RR.(N. Y.)
June 18
Preferred (account accum. dividends)_ hl% July 2 Holders of rec.
Pref.(guar.) 115 July 2 Holders of rec June 23a
RR.
Corp..
Western
Pacific
15
June
rec.
of
Holders
1
July
$2
Rumford Press, common (quar.)
Western Ry. of Alabama
334 June 30 June 21 to June 30
53.50 July 1 Holders of rec. June 15
Preferred
1% June 30 June 21 to June 30
St. Joseph Stock Yards (quar.)
Utilities.
Public
20a
June
rec.
of
1% July 1 Holders
Sayers & Scoville Co., corn. (guar.)._ _
14 July 1 Holders of roe. June 20
Alabama Power, preferred (guar.)
July 1 Holders of rec. June 20a All-America Cables (quar.)
1
Common (extra)
131 July 14 Holders of rec. June 30a
1% July 1 Holders of rec. June 20a American & Foreign Power, prof.(quar.) $1.75 July 1 Holders of rec. June 18a
Preferred (quar.)
15
July
rec.
Sears, Roebuck & Co., corn. (quar.)_ _ _ _ *$1.50 Aug. 1 *Holders of to
(quar.)
common
Gas,
American
Cl
34 July 15 Holders of rec. June 30a
July 15
231 July 15 July 1
Securities Company
& Electric,common (qu.)_ 25c. July 1 Holders of rec. June 17
July 21 Holders of rec. July 10a American Gas
Smith (Howard) Paper Mills, corn. (q11.) 1
_
stock).
common
in
(payable
Common
July 1 Holders of rec. June 17
(I)
July 21 Holders of rec. July 10a
2
Preferred (guar.)
750. Aug. 1 Holders of rec. July 10
Preferred (guar.)
14 July 1 June 24 to July 1
Smythe (John M.) Co., pref. (quar.)_ _ _
& Light, prof.(quar.).. _
Power
American
134
July 1 Holders of rec. June 16
20
June
rec.
of
Holders
1% July 1
Soden (G. A.) dr Co., common (quar.). _
Amer. Public Service, prof.(quar.)
July 1 Holders of rec. June 14
1% July 1 Holders of rec. June 20
First preferred (quar.)
American Public Utilities, prior pf.(qu.) 14 July 1 Holders of rec. June 20
20
June
rec.
of
Holders
1
July
2
(guar.)
Second preferred
(quar.)
preferred
Participating
14
July 1 Holders of rec. June 20
20
31 July 1 Holders of rec. June
Second preferred (extra)
Six per cent preferred (quar.)
131 July 1 Holders of rec. June 20
Span. R1v. Pulp & Paper Mills, com.(qu) 14 July 15 Holders of rec. June 30
Amer. Telephone & Telegraph (guar.)._ 231 July 15 Holders of rec. June 20a
30
June
rec.
of
Holders
15
July
1%
Preferred (quar.)
Quarterly
24 Oct. 15 Holders of rec. Sept.20a
*5c. Aug. 15 *Holders of rec. Aug. 7
Spring(C. G.)& Bumper,common
234 Jn15'25 Holders of rec. Dee. 200
Quarterly
July 1 Holders of rec. June 23
3
Standard Screw, common (quar.)
Quarterly
24 Ap15'25 Holders of rec.Mar.17'25a
23
June
July 1 Holders of rec.
3
Preferred
(quar.)
Gas
Natural
Arkansas
Sc. July 1 Holders of rec. June 14a
*2% July 1 *Holders of rec. June 19
Stanley Works(quar.)
Asheville Power & Light, pref. (quar.)
151 July 1 Holders of rec. June 16a
Steel Co. of Canada, corn. & pref. (qu.)- 14 Aug. I Holders of rec. July 5
(quar.)_.
pref.
&
Gas
Elec.,
874e.
July 1 Holders of rec. June 14a
Associated
2
Sept. 1 Holders of rec. Aug. 150
Stern Brothers, preferred (quar.)
25e. July 1 Holders of rec. June 14e
Preferred (extra)
July 1 June 26 to June 30
2
Sterling Salt (quar.)
pref. (quar.).__
Electric.
&
Sty.
Bangor
July I Holders of rec. Junell0
131
30
*33.1 July 10 *Holders of rec. June
Tleautograph Co., pref
Bell Telephone of Canada (quar.)
July 15 Holders of rec. Junk230
14 July 1 Holders of rec. June 20
Thayer-Foss Co., preferred (quar.)
Bell Telephone of Pa., pref. (guar.)._ _ 1% July 15 Holders of rec. June,20
2
July
rec.
of
Holders
15
75c.
July
Steel
(qu.)
Williams
ForgIngs
Transue &
Ry corn.(quar.)
134 July 1 Holders of rec. June 180
14 July 1 Holders of rec. June 20a Boston Elevated
United Alloy Steel, preferred (quar.)_ _ _
3% July 1 Holders of rec. June 180
Seven per cent preferred
United Drug, corn. & 2d pref. (quar.)._ *131 Sept. 2 *Holders of rec. Aug. 15
4
First
July 1 Holders of rec. June 18a
preferred
30
June
26
to
1% July 1 June
U.S. Paper Goods, preferred (quar.).
Brazilian Trac., Light dr Pr., pref.(qu.). 1% July 1 Holders of rec. June 14
July 1 June 27 to July I
5
U. S. Safe Deposit
Brooklyn-Manhattan Transit. pf. A (qu) $1.50 July 15 Holders of rec. July la
7
of
July
rec.
15'Holders
Min.,
July
•873le
dr
pref
Ref.
.(quar.)
U. S. Smelt.,
$1 July 1 Holders of rec. June 130.
Brooklyn Union Gas(quar.)
Ventura Consolidated Oil Fields (quar.)_ 50c. Aug. 1 holders of rec. July 15
2
June 30 June 17 to June 30
Buffalo General Electric (quar.)
14 July 1 June 21 to July 1
Victor-Monaghan Co., pref. (quar.)__ _ _
Washington,D.C.(guar.) 151 July 1 Holders of rec. June 14
Tree.,
Capital
2Ia
of
June
rec.
Holders
Wagner Electric Corp., preferred (quar.) 131 July 1
common (qu.). 134 Aug. 1 Holders of rec. July 16
Light,
&
Power
Carolina
Warner(Chas.) Co.of Del.,corn.(quar.) .50c. July 15 Holders of rec. June 30a
14 July 1 Holders of rec. June 16
Preferred (guar.)
First and second preferred (quar.)_ _ _ _
131 July 24 Holders of rec. June 30a Cedar Rapids Mfg.& Power (quar.)...._
31 Aug. 15 Holders of rec. July 31
131 June 30 Holders of roc June 25
Weber Piano, preferred (quar.)
pf.
(qu.)..
$1.50
Service,
July 15 Holders of rec. June 300
Public
Illinois
Central
July 1 Holders of rec. June 24
Winnsboro Mills, preferred (quar.)
Elec. Corp., pref. (qu.). 14 July 1 Holders of rec. June 10
Central
States
27a
rec.
of
June
Holders
14 July 2
Woods Mfg., preferred (quar.)
pref.(qu.). 14 July 1 Holders of rec. June 160
Milw.,
&
Shore
North
Chic.
July I Holders of rec. June 25a
Yellow Taxi Co. of Detroit, pref.(quar.)
Prior lien stock (quar.)
194 July 1 Holders of rec. June 16a
Chicago Rap. Tran., prior pref.(No. 1). *65c. July 1 *Holders of rec. June 17
Below we give the dividends announced in previous weeks Cincinnati Gas & Electric (quar.)
14 July 1 June 15 to June 22
July 1 *Holders of roe. June 14 .
Cin. Suburban Bell Telephone (quar.)-- *2
and not yet paid. This list does not include dividends an- Citizens
$3.50 July 1 June 21 to June 30
Pass. Ry., Phila. (quar.)
nounced this week, these being given in the preceding table. City Gas of Norfolk,pref.(quar.)
2
July 1 Holders of rec. June 15
2
Oct. 1 Holders of rec. Sept.15
Preferred (quar.)
2
an2'25 Holders of rec. Dec. 15
(quar.)
Preferred
Closed.
When
Books
Per
134 July 1 Holders of rec. June 120.
Cleveland Railway (guar.)
Days Inclusive.
Cent. Payable.
Name of Company.
234 July 1 Holders of roe. June 140
Columbus(Ga.) Elec.& Pr.,corn.
(qu.)First
14 July 1 Holders of rec. June 14a
preferred (quar.)
Railroads (Steam).
Second preferred (quar.)
134 July 1 Holders of rec. June 14a.
314 June 28 Holders of rec. May 24
Alabama Great Southern, ordinary
(quar.)
*2
Co.
Aug. 1 *Holders of rec. July 15
Commonwealth-Edison
24
May
rec.
of
Holders
June
28
Si
Ordinary (extra)
(qu.)
Aug. 1 Holders of rec. July 16
corn.
Power
Corp.,
Commonwealth
$1
315 Aug. 16 Holders of rec. July 12
Preferred
1 Holders of rec. July 16
(quar.)
Aug.
Preferred
115
24
May
rec.
of
Holders
June
28
31
(extra)
Preferred
July 1 Holders of rec. June 140.
431 July 1 Holders of rec. June 14a Cons.Gas,EI.L.&Pow.,Balt.,corn.(qu.) 2
Albany & Susquehanna
July 1 Holders of rec. June 14a.
2
Preferred, Series A (quar.)
3
July 1 Holders of rec. June 210
Allegheny dr Western
151 July 1 Holders of rec. June 14a
Preferred, Series B (quar.)
2% Aug. 1 Holders of rec. June 27a
Atch. Topeka & Santa Fe, pref
144 July 1 Holders of rec. June 14a.
Preferred, Series C (quar.)
3% June 30 June 21 to June 80
Atlanta & West Point
..New Orl..pf.(qu.) 131 June 30 June 10 to June 30
3% July 10 Holders of rec. June 180 ConsumersEI.Lt.Sz Pr.
Atlantic Coast Line, common
July 2 Holders of rec. June 14
$1.25
(quar.)
Toronto
Gas,
Consumers
180
July
of
June
10
1
rec.
Holders
Common (extra)
114 July 1 Holders of rec. June 15
14 July 1 Holders of rec. June 14a Consumers Power,6% pref. (quar.)
Bangor & Aroostook, preferred (quar.)
151 July 1 Holders of rec. June 15
preferred (quar.)
cent
per
Seven
1
16a
rec.
July
of
June
50c.
Holders
(quar.)
Creek
Beech
Continental Gas& El.Corp.,corn.(qu.) 75c. July 1 Holders of rec. June 14a
2% June 30 Holders of rec. May 31a
Boston & Albany (quar.)
Common (payable in common stock).. 175c. July 1 Holders of roe. June 140
23.1 July 1 Holders of rec. June 20
Boston & Providence (quar.)
115 July 1 Holders of rec. June 140
Participating preferred (quar.)
30
14
14a
rec.
June
of
June
Holders
corn.
(quar.)._
Buffalo & Susquehanna,
31 July 1 Holders of rec. June 140.
Participating preferred (extra)
June 30 Holders of rec. June 140
2
Preferred
/31 July 1 Holders of rec. June 140
Partic. pref.(payable in corn. stock)._
131 Aug. 1 Holders of rec. June 27a
Canada Southern
1%
July 1 Holders of rec. June 14a
(quar.)
Preferred
Holders
June
of
June
30
20
rec.
231
Canadian Pacific, common (quar.)
1% July 1 Holders of rec. June 140
Prior preferred (quar.)
July 1 Holders of rec. June 30
Chesapeake & Ohio,common
$3 June 30 Holders of rec. May 14v
By.,
PhIla
Passenger
Continental
1
July
of
June
3a
rec.
Holders
331
Preferred
1
July 1 Holders of rec. June 20a
July 15 Holders Of rec. June I9a Dayton Power & Light, corn. (quar )_ _ _
Chicago & North Western, common_ _
131 July 1 Holders of rec. June 20a
Preferred (quar.)
331 July 15 Holders of rec. June 19a
Preferred
2
July 15 Holders of rec. June 200
(quar.)
Edison
Detroit
July
of
10
280
rec.
Holders
June
corn
Loulsv.,
Chicago Indianan. &
July 10 Holders of rec. June 28a Dominion Power & Transm., pref.(quar.) 151 uly 15 June 23 to June 30
2
Preferred
July 1 Holders of rec. June 16a
Traction. pref. (quar.)_
perior
Duluth-Su
30
60
3
rec.
Holders
June
of
June
pref.
6%
Pacific,
&
Island
Chic. Rock
33.1 June 30 Holders of rec. June 60 Electric Light & Power of Abington dr
Seven per cent preferred
2
July 1 Holders of rec. June 160
Rockland. Mass.(quar.)
eine. New Orl.& Tex.Pac., pref.(quar.) 14 Sept. 2 Holders of rec. Aug. 16a
Aug. 1 Holders of rec. June 27a Elmira Water L. as RR., corn. (quar.).. 134 June 30 Holders of rec. June 130
3
Cincinnati Northern
June 30 Holders of rec. June 13a
151
(quar.)
preferred
First
19 Holders of rec. June 27a
Cleve. Ctn. Chic. dr St.Louls, corn.(qu.) 111 July
1% June 30 Holders of roe. June 13a
Second preferred (quar.)
14 July 19 Holders of rec. June 27a
Preferred
3
pref
July 1 Holders of rec. June 30
Phila.,
of
L.
Gas
III.
Equitable
30
2
June
June
20
30
to
June
Colorado dr Southern,first preferred_
50e. July 1 Holders of rec. June 14a
July 15 Holders of rec. July 8a Erie Lighting. pref.(quar.)
3
Detroit River Tunnel
July 1 Holders of rec. June 140
common (qu.) $1
Traction,
&
Light
Federal
25a
July
of
June
2
rec.
Holders
151
(quar.)
El Paso Southwestern Co.
Common (payable in 6% pref. stock). m75c. July 1 Holders of rec. June 14a
234 July 15 July 2 to July 14
Georgia RR.& Banking (quar.)
Frank,& Southw.Pass. Hy.,Phila.(qu.) 14.50 July 1 June 2 to July 1
1
26a
rec.
Aug.
of
June
Holders
215
Great Northern
July 1 Holders of rec. June 14
14, Aug. 15 Holders of rec. Aug. la General Gas & Elec., pref cl. A (qu.)._ $2
Gulf Mobile & Northern, pref. (quar.)..
$1.75 July 1 Holders of rec. June 14
Preferred class B (quar.)
June 30 Holders of rec. June 3a
2
Hocking Valley
-- $1.31 July 3 June 13 to July 2
(quar.)By.
Passenger
Germantown
4
to
July
1
July
12
2
June
Illinois Central,leased lines
115 July 1 Holders of rec. June 300.
Aug. 15 Holders of rec. July 3I0 Gold & Stock Telegraph (quar.)
Internat. Rys. of Cent. Am., pref.(qu.). 1% July
June 30 Holders of rec. June 14
1 Holders of rec. June 200 Greenfield Elec. Lt. .is Pr., corn. (qu.).. $2
14
Joliet & Chicago (guar.)
37e.
June 30 Holders of rec. June 14
(quar.)
Preferred
15
300
July
June
1
rec.
of
Holders
Kansas City Southern, pref. (quar.)...
June 30 Holders of rec. June 14
20c.
(quar.)
stock
Employee's
July 1 Holders of rec. June 9
Lackawanna RR.of N. J.(quar.)
1.12% July 1 Holders of rec. June 14a
(quar.)
Light
Gas
Haverhill
14a
1
June
rec.
Holders
July
of
87%e
Lehigh Valley, corn. (guar.)
June 30 Holders of ree. June 280
2
$1.25 July 1 Holders of rec. June 14a Illinois Bell Telephone (quar.)
Preferred (guar.)
1% July 1 Holders of rec. June 15
Illinois Power & Light,7% prof.(quar.)_
Si July 15 June 21 to July 15
Little Schuylkill Nay. RR.& Coal
131 July 1 Holders of rec. June 15
6% Partic. Preferred (quar.)
150
of
July
11
rec.
Holders
Aug.
3
Louisville as Nashville
50c. July 1 Holders of rec. June 20
$10 Aug. 1 Holders of rec. July 15a Illinois Traction, common (guar.)
Mahoning Coal RR..common
1% July 1 Holders of rec. June 20
Preferred (quar.)
$1.25 July 1 Holders of rec. Juno 230
Preferred (quar.)
14 July 1, Holders of rec. June 27a
(quar.)
Teleg.
&
Telco.
Internat.
20a
1
June
rec.
Holders
July
of
1
Manhattan Ry.(Var.)
(qu.)_
pf.
131 July 1 Holders of rec. June 17
partie.
Lt.,
hl5c. July 1 Holders of rec. June 20a Jersey Cent. Pr. as
Extra (account accumulated divs.)._ - 10
Aug. 15 Holders of roe July 31
of rec. June 27a Kaministiquia Power (quar.)
29
Holders
July
Michigan Central
(qu.)
pf.
July 1 Holders of roe. June 140
let
$1.75
Light,
dr
Power
City
Kansas
July 1 June 3 to June 30a
2
14 July 31 Holders of rec. July 20
Mobile & Birmingham, pref
316 June 30 Holders of rec. June 20a Kansas Electric Power,common
Mobile & Ohio
13.1 July 1 Holders of rec. June 20
Preferred (quar.)
315 July 1 Holders of rec. June 70
Morris & Essex
131 July 1 Holders of rec. June 17
134 Aug. 1 Ifolders of rec. June 27a Kansas Gas & Electric, prof. (quar.).
New York Central RR.(quar.)
July 1 Holders of rec. June 230
Securities, corn. (quar.)
Kentucky
15a
of
May
rec.
Holders
July
1
114
(quar.)
corn.
N.Y.Chicago & St. Louis,
1% July 1 Holders of rec. June 230
Preferred (quar.)
1.11 July 1 Holders of rec. May 15a
Preferred, Series A (quar.)
134
(quar.)
July
pref.
Holders of rec. June 21
$2.50 July 1 Holders of rec. June 16a Long Island Lighting,
New York & Harlem,corn. & pref
Holders of rec. June Ta
common (quar.)_ _ 14 July
13.1 July 1 Holders of rec. June 14a
of rec. June 7a
1
d
f
e
r
P
_
N. Y. Lackawanna lz Western (quar.)-- $2
Holders
July
,
MackayCom(pqaunaries.)
July 15 Holders of rec. June 30a
Northern Central
2
Holders of rec. June 18a
July
111 Aug. 1 Holders of rec. June 30a Manila Electric Corp. (guar.)
Northern Pacific (quar.)
2
July 1 Holders of rec. June 30a
Manufacturers Lt.& Heat.Pitts.(qu.) _
June 28 to July 10
10
July
4
Northern Securities
Massachusetts Ltg. Cos.,6% pref. (qu.) 1% July 1 Holders of roe. June 25
July 1 Holders of rec. June 14
2
Norwich dr Worcester, pref (guar.)--2
July 1 Holders of rec. June 25
Eight per cent preferred (quar.)
July 1 Holders of rec. Juno 13a
1
Holders of roe. June 20a
Pere Marquette, corn. (guar.)
14 Aug. I Holders of rec. July 15a Metropolitan Edison, preferred (quar.). $1.75 July
*Holders of rec. June 30
Prior preferred (guar.)
111 Aug. 1 Holders of rec. July 154 Michigan Gas as Elec., pref.(quar.)-- -- *14 July 1 *Holders of rec. June 30
Five per cent Pref. (guar.)
1
July
(quar.)
stock
lien
Prior
14a
rec.
of
June
Holders
1
,
131 Jail
Holders of rec. June 30
Old Colony (guar.)
134 July 1
Middle West Utilities, pref. (quar.)._ _ _
215 July 10 July 1 to July 11
Holders of rec. June 130
Philadelphia & Trenton (guar.)
July 19 Holders of rec. July 100 Mississippi River Power, pref. (quar.)... 115 July
2
Holders of rec. June 20a
Plttsb. CM. Chic. & St. Louis (quar.)
July
&
6%
(aU.)
1)1.
Power
Light,
134
Missouri
131 July 1 Holders of rec. June 100
Holders of rec. June 20a
Pitts. Ft. Wayne & Chic., corn.(quar.)
14 July
7% preferred (guar.)
151 July 8 Holders of rec. June 10a
Preferred (guar.)
JUNE 28 1924.]
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
3171
Name of Company.
Per
When
Books Closed.
Name of Company.
Cord. Payable.
Days Inclusive.
Public Utilities (Concluded).
Trust
Companies.
Mohawk Valley Co.(guar.)
July 1 Holders
2
Monongahela W.Penn P.S.7% p1.(qtr.) 434e. July 1 Holders of rec. June 20a Bankers (quar.)
5
July 1 Holders of rec. June 14
of rec. June 160 Bank of New York
Six per cent pref. (quar.
5
)
July 1 Holders of rec. June 20a
374e. July 1 Holders of rec. June 16a Brooklyn (guar.) & Trust Co.(quar.)_
Montana Power,common (quar.)
6
July
1 Holders of rec. June 26a
1
July I Holders of rec. June 120
Extra
Preferred (guar.)
3
July 1 Holders of rec. June 26a
14 July 1 Holders of rec. June 12a Central Union (quar.)
Montreal Lt., Ht.& Pr. Coasol.(guar.)_
6
July
1
14 Aug. 15 Holders of rec. July 31
Holders of rec. June 23a
Corporation (quer.)
Montreal Light, Heat & Power (quar.) _
24 June 30 Holders of rec. June 30a
2
Aug. 15 Holders of rec. July 31
Empire (quar.)
Narragansett Electric Ltg. (quar.)
3
June 28 Holders of rec. June 21
July 1 Holders of rec. June 14a
$1
Extra
National Power & Light, pref. (quar.)
2
June 28 Holders of rec. June 21
$1.75 July 1 Holders of rec. June 16
Equitable (quar.)
New England Telep.& Teleg.(guar.)._. 2
3
June 30 Holders of rec. June 20a
June 30 Holders of rec. June 100 Fidelity-International
Newport News de Hampton Ry. Gas dr
(luer.)
24
June
30 June 21 to June 30
Fulton
Electric, pref. (quar.)
5
July 1 Holders of rec. June 230
July 1 Holders of rec. June 140 Guaranty (quar.)
New York State Rys., preferred (quer.).
3
June 30 Holders of rec. June 20
July 1 Holders of rec. June 20a Irving Bank-Columbi
a
New York Telephone. preferred (quar.)_
3
July 1 Holders of roc. June 20
July I' Holders of rec. June 200 Lawyers Title & Trust (quar.)
Niagara Falls Power, preferred
(guar.)
2
July 1 Holders of rec. June 21a
434c. July
Extra
Niagara Lockpt.& Out.Pow.,corn.(qu.) 50c. July 15 Holders of rec. June 300
1
July
1 Holders of rec. June 21a
Holders
1
of
rec.
June
I4a
Manufacturers (quar.)
Preferred (glum)
4
July 1 Holders of rec. June 20a
14 July 1
North Amer. Lt. & Pow.7% pref. ((lu.) 14 July 1 Holders of rec. June 14a Metropolitan (quar.)
4
June 30 Holders of rec. June 20
Holders
of
rec.
June
20
New
York
(quar.)
Northern Indiana Gas& EL,pf.A.(qu.) •1% July
5
June 30 Holders of rec. June 21a
14 *Holders of rec. June 30
Peoples (Brooklyn)(quar.)
Northern Mexico Pr. & Develop., pref. s7
5
June 30 Holders of rec. June 28
July 2 Holders of rec. June 21
Title Guarantee dc Trust (guar.)
Northern Ohio Tr.& Light6% pf.
.(qu.)_
3
June 30 Holders of rec. Juno 210
14 July 1 Holders of rec. June 14a
Extra
Northwest Utilities, pr. lien pref. (qu.) $1.75 July
4
June 30 Holders of rec. June 21a
1 Holders of rec. June 14a United States (quar.)
Northwestern Telegraph
124 July 1 Holders of rec. June 20a
$1.50 July
June 17 to Ally 1
Extra
Ohio Bell Telephone, pref. (guar.)
10
July 1 Holders of roc. June 20a
14 July
Holders
of
rec.
June
20a
Westchester Title dr Trust
Oklahoma Natural Gas (quar.)
5
July 7 Holders of rec. June 300
50c. July 1 Holders of rec. June 260
Ottawa Light, Heat & Power (cum.)_ _ _
1M June 3 Holders of rec. June 20
Fire
Insurance Companies.
Ottawa Traction (quar.)
1
July 2 Holders of rec. June 18a Continental
Pacific Gas & Electric, corn. (quar.)
$3
July 10 Holders of rec. June 300
2
July 15 Holders of rec. June 30a Fidelity-Phenix Fire
Pacific Telep. dr Teleg., pref. (quar.)
$3
July 10 Holders of rec. June 30a
14 July 15 Holders of rec. June 30a Roads
Panama Power & Light, pref. (quar.)((luar.)
51.50 July 1 "Holders of rec. June 14
7 _1.
July
j
y 1 Holders of rec. June 14
Penn central Light &Pow.. pref.(quar.)
Holders of rec. Juno 10
Miscellaneous.
Preferred (extra)
Pennsylvania Edison Co.,Pref.(quar.)-. 10e. July I Holders of rec. June 10
July 1 Holders of rec. June 20a Abitibi Power & Paper, Ltd.
Pennsylvania Power & Light, pref.(qu.) $2
pref. (qu.) 14 July 2 Holders
$1.75
July
Holders
1
of rec. June 20
Acme
rec.
June
of
14
Road
Machinery, '(quer.)_ _ _ 2
Pennsylvania Water dr Power (quar.)
July I June 12 to June 30
2
July 1 Holders of rec. June 130 Adams Express (guar.) prof.
Peoples Gas Light & Coke (quar.)
$1.50 June 30 Holders of rec. June 140
14 July 17 Holders of rec. July 3a Advance-Rumely
Philadelphia City Pass. Ry
Co.
pref. (quar.) _
75e. July I Holders of rec. June 140
July 10 June 29 to July 9
Aetna Mills, preferred
Philadelphia Company, com. (guar.)._ _ $3.75
3
July 1 Holders of rec. June 18a
$1
July 31 Holders of rec. July la Air Reduction Co.(quar.)
Philadelphia Rapid Transit (quar.)
$1
July 15 Holders of rec. June 300
75e.
July
31
Holders
of
rec.
July
Allied
15a
Chemical
Philadelphia & Western fly., pref.(Qu.).
dr Dye Corp.,pref.(qu.)_
1
July 1 Holders of rec. June 130
624c July 15 Holders of rec. June 30a Allis-Chalmers Mfg.,
Portland Electric Power 6% 1st p1.(qu.) 1%
Prof. (guar.)
14 July 15 Holders of rec. June 240
July 1 Holders of rec. June 17
Amalgamated Sugar, let pref. (quar.)
Prior preference (quar.)
2
Aug. 1 Holders of rec. July 17a
1M July 1 Holders of rec. June 17
First prof. (acct. accum. dividends
Porto Rico Rys., Ltd., Prof. (quar.)
h3
)...
Aug. 1 Holders of rec. July 176
July 2 Holders of rec. June 14
Amer. Art Works,corn.& pref.(guar.)._
Providence Gas (guar.)
14 July 15 Holders of rec. June 30a
$1
July
Holders
1
rec.
of
June
14
American
Bank
Public Service Corp. of N.J.,com.(to.)
Note. pref. (quar.)- -- 75c. July 1
$1
Holders of rec. June 160
June 30 Holders of rec. June 13
American Beet Sugar, corn. (quar.).
Eight per cent preferred (quar.)
1
July 31 Holders of rec. July 12a
2
June 3 Holders of rec. June 13
Common (guar.)
Seven per cent preferred (quar.)
1
Oct. 31 Holders of rec. Oct. lla
14 June 30 Holders of rec. June 13
Common
Public Serv. Elec. Pow., pref. (quar.)__
(qar.)
1 J an31'2 Holders of rec.Jan.1
Aug. 1 Holders of rec. July 15a
Preferred (quar.)
0'25a
Puget Sound Power & Light, cons.(qu.). 1
131 July I
July 15 Holders of rec. Juno 20a Amer. Brake Shoe &
Prior preference (quar.)
Fdy., com. (quar.) $1.25 June 3 Holders of rec. June 140
July
Holders
15
Holders of rec. June 200
rec.
of
June
200
Preferred (quar.)
Preference (guar.)
14
June
1(.f July 15 Holders of rec. June 20a American Can,
Holders of rec. June 20a
pref. (guar.)
Quebec Power. pref.(guar.)
131 JUIY
July 15 Holders of rec. June 30
Holders of rec. June 13a
American Car & Foundry,com.(quar.)
Reading Traction
_ 3
July
75e. July 1 June 15 to June 30
Holders of rec. June 160
Preferred ((oar.)
Ridge Ave. Pass Ity., Phila. (tear.)131 July
July 1 June 16 to July 1
Holders of rec. June 16a
Amer. Chain, Class A (quar.)
Savannah Elec. dr Pow..deb. 1st pf.(qu.) $3
50c. July
2
July 1 Holders of rec. June 14
June 21 to June 30
American Cigar, preferred (quar.)
Second & Third Ms.Pass.Ry.,Phila.(qu.) $3
1
July
July 1 June 2 to July 1
Holders of rec. June 14
American Coal(quar.)
Shawinigan Water & Power (quar.)
$1
Aug.
July
Holders
10
July
of
rec.
June
12 to Aug. 1
24a
American
Cyanami
South Pittsburgh Water,common
d, common (quar.)
1
July
14 July I
Holders of rec. July 1
Holders of rec. June 16
Common (extra)
Seven per cent preferred (quar.)
34
July
1i
4, J
Holders of rec. June 16
N Holders of rec. July 1
Preferred (quar.)
Five per cent preferred
14 July
Holders of rec. Aug. 5
Aug.
Holders of rec. June 16
American Express (quar.)
Southern Canada Power. pref. (quar.)
14 July
1) July 15 Holders of rec. June 30a American Lace Mfg.
Holders of rec. June 12a
Southern N. E. Telephone (guar.)
(qr.)
2
June 30 Holders of rec. June 160
2
July 1 Holders of rec. June 30a Amer.La France Fire
Southern Utilities, 7% pref. (guar.)._
Eng.,corn.((u.).- 25c. Aug. 15 Holders
14 July 1 Holders of rec. June 180
of rec. Aug. la
Preferred ((luar.)
Southern Wisconsin Elec. Co.,com.
154 July 1
(q) 2
July 15 Holders of rec. June 30a Amer. Laundry Machiner
of rec. June 230
Preferred (guar.)
y, corn. (qu.)_ 50c. Sept. 1 Holders
14
July
Holders
15
Aug. 23 to Sept. 1
of
rec.
June
30a
Preferred
Springfield (Mo.)fly.& Light, pt.(qu.).
(quar.)
14
July
15
July
I
Holders
July 6 to July
of rec. June 140 American Locomotive,
Standard Gas dr Electric, corn.(quar.)
corn.(quar.)-$1.50 June 30 Holders of rec. June 15
75e. July 25 Holders of rec. June 30
13a
Preferred (quar.)
7% prior preferred (quar.)
134 June 30 Holders of rec.
1% July 2 Holders of rec. June 30
American Manufacturing, com.(guar.)_
June 136
Tennessee Elec. Power 7% 1st pr. (qtr.)_
July
14 July
134
1
Holders of rec. June 12
June 16 to June 30
Preferred (guar.)
Six per cent 1st pref. (quar.)
14 July
134 July 1 June 16 to June 30
Holders of rec. June 12
American Milling, common
Second preferred (No. 1)
5
July I June 21 to June 25
Aug.
Holders of rec. July 12
American Multigraph, pref. (gear.)
Toledo-Edison Co.. prior pref. (a uar.)_ - $1.50
1
July 1 Holders of rec. June 160
2
July
Holders of rec. June 14a American Piano, com.
Tri-City fly. & Light, common
(quar.)
2
July
2
July
1 June 21 to July 1
1
Holders
of
rec.
June 20a
Preferred (quar.)
Preferred (quar.)
134 July 1 June 21 to
14 July 1 Holders of rec. June 20a Amer.
Trinidad Electric Co.(quar.)
July 1
Pneumatic Service,2d pref
50c. June 30 Holders of rec. June
July
10
July
1
to
July
16
Turners Falls Power & Elec.,corn.(qu.)
10
Amer. Radiator,common (quar.)
$1
June 30 Holders of rec. June 146
- $1.50 June 30 Holders of rec. June 16a American
Employee's stock (quar.)
Rolling
Mill,
common
15c. June 30 Holders of rec. June 160
- 50e. July 15 Holders of rec. June 300
Common (payable in common (quar.)
Twin City Rap. Tran., Minneap.,corn
stock)
fax July 15 Holders of rec. June
2
July I Holders of rec. June 16a
300
Preferred (quar.)
Preferred (quar.)
134 July 1 Holders of rec. June 140
14 July 1 Holders of rec. June 16a American
Union Passenger fly., Philadelphia
Sales Book (guar.)
SI
July 2 Holders of rec. June 16
J$4
.75
July
Holders
1
of
rec.
June
American
Union Traction (Philadelphia)
16a
Screw (guar.)
134
July
$1.50
1
July
1
Holders of rec. June 9a Amer.Shipbuilding,
Holders of rec. June 210
United Gas & Elec. Corp.,Pref.(quer.).
common (quar.)..,,
Aug. 1 Holders of
July 1 Holders of rec. Juno 16
July 15a
Amer. Smelt. & Refg., corn. (quar.)_ _ .. 2
United Gas Improvement,cons.(guar.)_
14, Aug. 1 Holders of rec.
__
874c. July 15 Holders of rec. June 30a
rec. July lla
Preferred (quar.)
Preferred ((uar.)
14
874e
Sept. 1 Holders of rec. Aug. 80
Sept.15 Holders of rec. Aug. 30a American Snuff,
United Light & Pow.,corn. A & B (qu.)_
common
(quar.)
3
40c. Aug. 1 Holders of rec. July 15a
July 1 Holders of rec. JUDe 13a
Class A preferred (quar.)
Preferred (guar.)
$1.62 July 1 Holders of rec. June 16a Amer.
IA July 1 Holders of rec. June 130
Class B preferred (quar.)
Steel Foundries, corn.(quar.)_ _ _ _ 75e.
July 15 Holders of rec. July la
July 1 Holders of rec. June 16a
Utah Gas & Coke, first preferred (quar.) $I
Preferred (guar.)
14 June 30 Holders of rec. June 16a
July 1 Holders of rec. June 20a
Participating preferred (quar.)
Stores (quar.)
25c. July
14 July 1 Holders of rec. June 20a American
Utah Power & Light, preferred (quar.)
June 21 to July 1
Amer. Sugar Refining, prof. (guar.)._
131 July 1 Holders of rec. June 12
1,4 July
Holders of rec. June 20
Virginia fly. & Power. pref. (quer.)_
___
14 July 21 Holders of rec. June 30a American Surety (quar.)
$1.50 June 30 Holders of rec. June 210
West Kootenay Pow.& Light, pref,(qu.)
American Tobacco, preferred (quar.).
July 2 Holders of rec. June 26a Amer.
.
134 July
Holders of rec. June 100
West Penn Co.,common (guar.)
Type
Founders
,torn. AG prof.(to.) 131 July 1
$1 June 30 Holders of rec. June 16a Amer.
Holders of rec. July 100
West Philadelphia Passenger fly
1 $5 July 1 Holders of rec. June 16a Amer. Wholesale Corp., pref.(quar.)._ _
131 July
Western Power Corp., pref. (quar.)
Holders of rec. June 20a
Window
Glass
Mach.,
tom.(to.) 134 July
July 15 Holders of rec. June 30a
IIolders of rec. June 160
Western Union Telegraph ((uar.)
Common (extra)
1
July 15 Holders of rec. June 254
July
Holders of rec. June 160
Winnipeg Elec. Ry.. pref.(lum%)
Preferred (quar.)
14 July 1 Holders of rec. June 14a
131 July
Holders of rec. June 16a
Worcter Gas Light, corn. (guar.) _
American
Woolen
Co.,corn.& pref.(qu.) 134 July 1
_
50c. July 1 Holders of rec. June 24a
June 15 to June 26
Preferred (quar.)
Armour dr Co.(Ills.) pref.(guar.)
2
July
1M
1
Holders
July
of rec. June 24a Armour & Co.of
June 15 to June 30
Yadkin River Power. preferred (guar.)._
Delaware, prof.
July 1 Holders of rec. June 16
134 July
June 15 to June 30
Armstrong Cork,com.(guar.) (qu.)-114 July
June 19 to July 1
Banks.
Preferred (guar.)
131 July
America, Bank of (quar.)
June 19 to July 1
Aibestos Corp. of Canada, pref.
1m July 1 Holders of rec. July la
July 1 Holders of rec. June 21a Associate
American Exchange National (guar.) _ _
d Industrials, first pref.(quar.)_
July 1 Holders of rec. June 24a
(guar.) 2
July 1
Holders of rec. July 140
Amer. Exch. Scour. Corp., Cl. A (quar.) 4
Associated 011 (quar.)
2
July 1 Holders of rec. June 14
3734e July 2 Holders of rec. June 300
Bryant Park
Ault
&
\Viborg
Co., Prof.(guar.)
3
July 1 June 17 to June 30
1
July
1 Holders of rec. June 16
Chase National (quar.)
Austin, Nichols dr Co., Prof. (quar.)
4
July
1
1%
Holders
____
Aug. 1 Holders of rec. July 15a
of rec. June 17a
Chase Securities Co.(guar.)
$1
July 1 Holders of rec. June 17a Babcock & Wilcox Co.(quar.)
134 July 1 Holders of rec. June 260
Chatham dr Phenix National (quar.)
Quarterly
4
July 1 June 17 to June 30
131 Oct. 1 Holders of rec. Sept.20a
Coal & Iron National Mar.)
Quarterly
3
July 1 Holders of rec. June lla
14 Jan 1'25 Holders of rec. Dec. 200
Commerce,(National Bank of) (guar.)._
Quarterly
4
July 1 Holders of rec. June 13a
134 Aprl'25 Holdersofrec.Mar.20'25a
Coney Island, Bank of
Baldwin Locomotive Wks., tom.
4
July 1 Holders of rec. June 26
& pref
354 July 1
June
East River National
Balaban
&
Katz
Corp.,
corn.(monthly)_ 25e. July 1 June 21 to 8
6
June 30 June 27 to June 30
June 30
Fifth Avenue (quar.)
Common
(monthly)
6
July 1 Holders of rec. June 30a
*25c. Aug. 1 'Holders of rec. July 19
Extra
Common (monthly)
26
July
1 Holders of rec. June 30a
*25c. Sept. 1 *Holders of rec. Aug. 20
Fifth National (quar.)
Common
(monthly
)
2M July 1 Juno 24 to June 30
*25c. Oct. 1 *Holders of rec. Sept.20
First National (Brooklyn)(quar.)
Preferred (quar.)
3
July
Holders of rec. Juned20
14 July 1 June 21 to June 30
First National (quar.)
Preferred ((uar.)
10
July 1 Holders of rec. June 300
131 Oct. 1 Holders of rec. Sept.20
First Security Co
Baltimor
e
Acceptance Corp., pref.
5
July
Holders
131 July 1 Holders of rec. June 25a
of
rec.
(qu.)
June
30a Barnet Leather, Inc., prof.
Garfield National (quar.)
3
(quar.)
June 3 Holders of rec. June 24
14 July 1 Holders of rec. June 27a
Greenwich (quar.)
Barnhart
Bros.
&
Spindler3
July
Holders of rec. June 20a
Hanover National (quar.)
First and second preferred
6
July
June 22 to June 30
(quar.)---131 Aug. 1 Holders of rec. July 25a
Manhattan Co., Bank of the (quar.) _
Barringto
3
July
Holders of rec. June 20a Bassick n Oil (guar.)
*3
July 15 'Holders of rec. July 1
Extra
Alemite Corp.(qu.)
1
July
Holders
50c.
of
July 1 Holders of rec. June 200
rec.
June
20a
Mechanics (Brooklyn) (quar.)
Bayuk Cigars,first preferred
3
July
Holders of rec. June 19a
(quar.)_-- 134 July 15 Holders of rec. June 30a
Mechanics & Metals National (quar.)_ _
Convertib
le
second
5
preferred (quar.)-- 131 July 15 Holders of rec.
July
Holders of rec. June 2Ia
June 30a
Eight
Mutual (quar.)
3
July
Holders of rec. June 23a Beatrice per cent second pref. (quar.)_ -- 2
July 15 Holders of rec. June
National City (quar.)
Creamery, com.(quar.)
4
July
$1.25 July 1 June 21 to June 30a
Holders of rec. June 14a
30
Preferred
National City Co.(quar.)
((uar.)
2
July 1 Holders of rec. June 14
131 July 1 June 21 to June 30
Beech-Nut Packing, common
Extra
2
July 1 Holders of rec. June 14
(guar.)-- 60c. July 10 Holders of rec. July
Pref.
B
la
(quar.)
New Netherlands (quar.)
2
July 1 Holders of lee. June 26a
134 July 15 Holders of rec. July la
Park National (quar.)
6
July 1 Holders of rec. June 23a Belgo-Canadian Paper, pref. (quar.)
- •1M July 2 'Holders of rec. June 12
Bethlehem Steel, common
Public! National Mar.)
4
June 30 Holders of rec. June 23
(guar.)
13.4 July 1 Holders of rec. June
Eight per cent preferred
Seaboard National (quar.)
20
4
July I Holders of rec. June 290
2
July 1 Holders of rec. June
Seven per cent preferred(quar.)
Standard (quar.)
14 July 1 Holders of rec. June 26a
154 July 1 Holders of rec. June 2a
(guar.)
Blumenth
al
Standard National Corp.. Wm.(quar.)..
(S.)
2a
&
Co..
pref.(quar.)--- 134 July 1 Holders of rec.
31 July 1 Holders of rec. June 260
June
Preferred (quar.)
131 July 1 Holders of rec. June 260 Bon Anil Co., preferred Mar.)
134 July 1 Holders of rec. June 14a
State (quar.)
July 1 Holders of rec. June 200 Borg & Beck (tear.)
50c. July 1 Holders of rec. June 20a
United States, Bank of (quar.)
2)1 July 1 Holders of rec. June 200 Boston Wharf
3
June 30 Holders of rec. June 204
Brandram-Henderson, Ltd. Prof.
Washington Heights, Bank of (quar.)_
1)1 July 1 Holders of rec. June
13a
134 July 2 Holders of rec. June
(q11.)30a
-American 011, Ltd.
Yorkville (war.)
7)4 June 30 Holders of rec. June 210 British
(quer.)
2
July 2 rJw2e 23 to June 2
British-Amer. Tob.. ordinary
(interlm)- k
June 30 Holders of coup. No. 30
10Is
14
I4
14
u4
14
14
14
14
1,4
14
14
14
14
14
14
14
14
3
•
Name of Company.
Pet
Cent
Papal:It
B:mks lewd
1a3.3 I ',wire.
Miscellaneous (Cont(nued)
June 21 to Juno 30
1 lr
Brunswick-Burke Collender, pre' (q.t.)
Holders of rec. June 20
July
1
ref. (guar.)
Bucyrus
Holders of el c. June 20
July
el
Co.,eacct serum. div.)
Preferred
Holders of rec. July 18a
Avg.
IS.,
Burns Bros., prior pref. (guar.)
holders of Tee. June 200
I3
July
Preferred (guar.)
Julie 31 Holders of rec. June 20
2
Burroughs Adding Machine (guar )..
23t July 15 Holders of rec. July 5a
Bush Terminal Co., common
July 15 Holders of rec. July 5n
3
Preferred
len
Bush Terminal 13uildings. pref. (guar.). 1% July 1 Holders of rec. June
2Ia
By-Products Coke Corp.. pref.(guar.).. 2.4 July 1 Heelers of rec. June
July 1 Holders of rec. June 15a
2
Cadet Knitting Co., pref. (guar.)
California Petroleum, preferred (quar.) - 1% July I Holders of rec. June 20a
July 1 June 16 to July I
1
Canada Bread, common (guar.)
14( July 1 June 16 to July 1
Preferred (guar.)
16 Holders of rec. June 30a
July
h13,4
Canada Cement(guar.)
27
Canadian Car ex Fdry., pref.(guar.)-- 1% July 10 Holders of rec. June
10 Holders of rec. June 27
July
pi%
)_
accumulations
Preferred (account
26
Sept.
rec.
of
Holders
1% Oct. 10
Preferred (guar.)
el% Oct. 10 Holders of rec. Sept.26
Preferred (acct. accum. diva.)
it
June
rec.
of
Holders
2
July
2
(qu.)
p1.
Can. Connecticut Cotton Mils,
July 4 Holders of rec. June 25
Canadian Cottons, Common (guar.)._ - 2
ly4 July 4 Holders of Tee. Juno 25
Preferred (gear )
of rec. June 14
Canadian General Electric. pref. (guar.) 154 July 1 Holders of rec. June 10a
July 1 Holders
Canadian Locomotive, common (guar.). 1
of rec. June 200
1
Holders
July
13(
(guar.)
Preferred
July I Holders of rec. June 20s.
2
Canadian Westinghouse (guar.)
134 June 30 June 21 to July 4
Canfield Oil, common (guar.)
1% June 30 June 21 to July 4
Preferred (guar.)
June 30 Holders of rec. June 16a
1
Celluloid Company, common (quar.)--$1.50 July 1 Holders of rec. June 210
Central Aguirre Sugar (guar.)
July 10 July 1 to July 9
SI
Central Ste.sl, common (guar.)
July 1 June 21 to June 30
2
Preferred (guar.)
July 30 Holders of rec. July I5a
common
504•
Mills,
(quar.)Ribbon
Century
Certain-teed Products Corporation1% July 1 Holders of rm. June 14
First and second preferred (guar.)._ _
51.50 July 1 Holders of rec. June 200
Chandler Motor Car (guar.)
624e. June 30 Holders of rec. June 70
Chesebrough,Mfg., common (guar.).
1% June 30 Holders of rec. June 70
Preferred (guar.)
Chicago Junction Rye. & Union Stock
2% July 1 Holders of rec. June 14
Yards, common (guar.)
lye July 1 Holders of rec. June 14
Preferred (quar.)
154 July 1 Holders of rec. June 210
Chicago Mill & Lumber Co., pref. (qu.)_
•154 July 1 *Holders of rec. June 20
Chicago Motor Coach. pre( (guar ).
uly 1 Holders of rec. June 160
75e.
.._
A
Chicago Nipple Mfg.,Class (guar.).
Chicago Railway Equip.. corn.(guar.)._ 75c. July 1 June 21 to July 4
134 July 1 June 21 to July 4
Preferred (guar.)
3313 July 1 Holders of rec. June 20a
Chicago Yellow Cab (monthly)
3313 Aug. 1 Holdere of rec. July 21a
Monthly
Sept. 1 Holders of rec. Aug. 20a
3313
Monthly
6234c June 30 Holders of rec. June 20
Chill Copper (guar.)
Cities Service CoCommon (monthly pay.in cash scrip). eye July 1 Holders of rec. June 15
Common (payable in corn. stk. scrip). ply( July 1 Holders of rm. June 15
ye July 1 Holders of rec. June 15
Preferred and preferred B (monthly)._
Common (monthly, pay.in cash scrip) 04 Aug. 1 Holders of rec. July 15
g134 Aug. 1 Holders of rec. July 15
Common(pay. In corn,stock serlp)
34 Aug. 1 Holders of rec. July 15
Preferred & preferred B (monthly)...
City Dairy (Toronto), common (quar.)_ 75c. July 2 Holders of rec. June 18
lei July 2 Holders of rec. Juno 18
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 20a
2
City Ice & Fuel (Cleveland) (quar.)__
Dec. 1 Holders of rec. Nov.20a
2
Quarterly
234 July I Holders of rec. June 26
City Investing. common (guar.)
1% July 1 Holders of rec. June 26
Preferred (guar.)
13-4 July I Holders of rec. June 20
Cluett. Peabody & Co., pref.(guar.).
31.75 July 1 Holders of rec. June 150
Coca Cola Co., corn. (guar.)
33,4 July 1 Holders of rm. June 15a
Preferred
16
Commercial Investml Tr., 1st p1.(au) 1% July I Holders of rec. June 300
Juiy 1 Holders of rec. June
Commercial Solvents Corp.,1st pf.(gu.). 2
31 July I Holders of rec. June 270
Class A (guar.)
The. July 30 Holders of rec. July 150
Congoleum Co., common (guar.)
134 Sept 1 Holders of rec. Aug. 15a
Preferred (guar.)
July 1 Holders of rec. June 19a
50e.
,(John
T.)
Co.,
Connor
((War.)
334 July 1 Holders of rec. June 190
Preferred
July15 Holders of rec. 5June30
3
Consolidated Mining & Smelting
July 20 July 18 to July 20
3e.
Consolidated Royalty 011 (guar.)
Aug. 15 Holders of rec. Aug. 5a
$1
Continental Can.common (guar.)
14( July 1 Holders of rec. June 20a
Preferred (guar.)
Corn Products RefiningJune 30 Apr. i6 to Apr. 9
125
Common (payable In common stock)
50c. July 1 Holders of rec. June 16a
Corona Typewriter,common (quar.)
2
July I Holders of rec. June 16a
First preferred (guar.)
144 July 1 Holders of rec. June 16a
Second preferred (guar.)
June 30 June 16 to June 30
3
(quar.)
common
Co.,
Craddock-Terry
Sept.30 Sept.16 to Sept.30
3
Common (quar.)
Dec. 31 Dec. 16 to Dec. 31
3
Common (quar.)
June 30 June 15 to June 30
3
First and second preferred
Dec. 31 Dec. 15 to Dec. 31
3
First and second preferred
3% June 30 June 15 to June 30
Class C preferred
344 Dec. 31 Dec. 15 to Dec. 81
Class C preferred
June 30 June 16 to June 30
Cramp(Wm)& Sons S.& E.B.(guar.). SI
Creamery Package Mfg.,corn.(guar.)._ 50c. July 10 dJuly 1 to July 10
July 10 dJuly 1 to July 10
Preferred (quar.)
July 31 Holdere of rec. July 16a
1
Crucible Steel,common (guar.)
June
30 Holders of rec. June 160
Preferred (guar.)
4a
Cuban-American Sugar,corn.(quar.)--- 750. July 1 Holders of rm. June
July 1 Holders of rec. June 40
July 15 July 4 to July 15
Cudahy Packing,common (guar.)
June 28 Holders of rec. June lea
51
Cuyamel Fruit (oust.)
75e. July 1 Holders of rm. June 24a
Daniel Boone Woolen Mills (guar.)
July 1 •Holders of rec. June 26
Detroit Brass & Malleable Works(mtby) eye July
1 Holders of rec. June 140
Detroit& Cleveland Navigation (guar.)- SI
July 1 June 21 to July 1
3
Detroit Creamery (quar.)
1 June 21 to June 30
July
13,4
(r
common
Reynolds.
&
Devoe
% July I June 21 to June 30
Common (extra)
1 June 21 to June 30
First and second preferred (guar.)._.... 1% July 15
Holders of rec. June 300
July
2
Dletograph Products Corp., pref. (qu.). .2
*Holders of rec. June 20
30
June
Dieon (Joseph) Crucible (quar.)
•50e. Aug. 1 *Holders of rec. July 15
Doehler Die Casting (guar.)
50e. July 21 Holders of rec. June 250
Dome Mines. Ltd. (guar.)
July 2 Holders of rm. June 18
Dominion Canners, preferred (quar.)-- 141 July 2 Holders of rec. June 16
15,4
(guar.).
pref.
elk
corn.
Dominion Glass,
Oct. 1 Holders of roe. Sent.15
50e.
Dominion Stores, common
4
July 1 Holders of rec. June 12
Preferred
July
2 Holders of rec. June 14
$1
Domin'on Textile (guar.)
141 July 15 Holders of rec. June 30
Preferred (guar.)
25e. June 30 Holders of rec. May 31a
(guar.)
Corp.
Douglas-Pectin
3
July 1 Holders of rec. June 7
Draper Corporation (guar.)
$2
June 30 Holders of rec. June 25a
Dubiller Condenser & Radio, pref.(qu.). 32
Sept.30 Holders of rec. Sept 25a
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 26a
$2
Preferred (guar.)
1%
July 1 Holders of rec. June 17
corn.
(guar.)
Co.,
&
H.)
Dunham (James
July 1 Holders of rec. June 17
134
First preferred (guar.)
1% July I Holders of rec. June 17
Second preferred (guar.)
Co
&
Nemours
du Pont (E. I.) de
154 July 25 Holders of roe. July 10a
Debenture stock (guar.)
1% Aug. 1 Holders of rec. July 19
du Pont(El.)de Nem.Powd.,com.(au.) 1% Aug 1 Holders of rec. July 19
Preferred (guar.)
1% July I June 26 to July 1
Eagle Warehouse & Storage(quar.)
July I June 26 to July 1
1
Extra
July 1 June 15 to July I
$1
Eastern Rolling Mill, cons. (guar.)
July 1 June 15 to July 1
2
(guar.)
Preferred
July 1 Holders of rec. June 240
15,4
_
(guar.)___
Eastern Steamship, let pref.
8734c July 1 Holders of rm. July 8a
Second preferred (guar.)
July 3 Holders of rec. June 30
3%
preference_
(Toronto),
Eastern Theatres
Holders of rec. May 310
51.25 July
Eastman Kodak, common (guar.)
Holders of rec. May 3Ia
75e. July
Common (extra)
Holders of rec. May 31a
1% July
Preferred (guar.)
of rec. June 14a
Holders
July
400.
Eaton Axle es Spring (guar.)
June 21 to June 30
July
Edmunds & Jones Corp.,corn.(quar.)_ _ 50e.
June 21 to June 30
July
50c.
Common (extra)
June 21 to June 30
1% July
Preferred (guar.)
[vol.. 118.
TII E CII RONICLE
3172
Name of Comytr:.y.
When
Per
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Continued).
rec. June 200
Elneulohr (Otto) & Bros., pref. (guar.). 1% July 1 Holders of
$1.25 July 1 Holders of rec. June 20a
Electric Controller & Mfg.,corn.
1% July 1 Holders of rec. June 20a
Preferred (guar.)
July I Holders of rec. June 20a
Electric Storage,Bat rery,corn.& pf (qn.) 51
July I Holders of rec. June 16a
Elliott-Fisher Co.,coin.& corn. B (qu.). 51
1%
July 1 Holders of rec. June 160
Preferred (guar.)
13,4 July 1 Holders of rec. June 23
Elyria Iron & Steel, pref.(guar.)
31.25 July 1 Holders of rec. June 140
Endicott-Johnson Corp., corn. (guar.)14(
July 1 Holders of rec. June 14a
Preferred (guar.)
65e. June 30 Holders of rm. June 140
Fairbanks. Morse & Co., common
July 1 Holders of rec. June 160
(qu.)
corn.
$2
Corp..
Players-Lasky
Famous
2
Aug. 1 Holders of rec. July 15a
Preferred (guar.)
*2% July 1
Fafnir Bearing, common (guar.)
1 June 21 to June 30
3%
July
pref
Inc.,
Stores,
Federal Food
July I June 22 to July 1
3
Federal Motor Truck (guar.)
Finance Co. of America, corn.(quar.)-- 2% July 15 Holders of rec. July 2
1% July 15 Holders of rm. July 2
Seven per cent pref. (ouar.)
July 15 Holders of fee. July 2
Eight per cent cony. pref. (guar.)-- 2
July 1 Holders of rec. June 254
Finance & Trading.common (guar.)._ _ 31
1%
July 1 Holders of rec. Juno 254
Preferred (guar.)
3% July 1 Holders of rec. June 27
Firestone-Apsley Rubber, pref
2
July 1 Holders of rec. June 19
I Isher Body Ohio Co.. pref.(quar.).._
75e. July 1 Holders of rec. June 156
leleletimgnn Co.. common (guar.)
75e. Oct. 1 Holders of rec. Sept ISO
Common (guar.)
75e. Jan1'25 Holders of rec. Dee. 15a
Common (guar.)
75c. July 1 Holders of rec. June 20
Foster(W.C.) Co.,corn.(guar.)
51.75 July 1 Holders of rec. June 20
Preferred (guar.)
(guar.)
20e. July 1 Holders of rec. June 20
Foote Bros. Gear & Mach., corn.
20e. July 1 Holders of rec. June 20
Common (extra)
1% July 1 Holders of rec. June 20
Preferred (guar.)
1% July 1 Holders of rec. June 14
Frontenac Breweries, pref. (guar.)
1
June 30 Holders of rec. May 310
Galena-Signal Oil,corn.(guar.)
June 30 Holders of rec. May 31a
Preferred
2
June 30 Holders of rec. May 3I6
New preferred (guar.)
51.50 July 1 Holders of rec. June 200
°enema American Tank Car, corn
134 July 1 Holders of rec. June 200
Preferred (guar.)
81.50 July 1 Holders of rec. June 2Ia
General Baking, common (guar.)
$2
July 1 Holders of rm. June 210
Preferred (guar.)
1% July 1 Ilolders of rec. June 290
General Cigar, Inc., deb. pref. (guar.)._
July 15 Holders of rec. June 40
2
General Electric (guar.)
15c. July 15 Holders of rec. June 46
Special stock (guar.)
General Fireproofing,common (guar.)._ 30e. July 1 June 21 to June 30
1% July 1 June 21 to June 30
Preferred (Quer.)
1% Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
1% Jan2'25 Holders of rec. Dec. 20
Preferred (guar.)
_
(guar.)
Iloiders of rec. July 76
stock
deb.
1% Aug.
General Motors,7%
Holders of rec. July 76
Six per cent deb.stock (guar.)
134 Aug.
Holders of rec. July 74
134 Aug.
Six per runt ',referred (guar.)
Holders of rec. June 19
13,4 July
General Railway Signal, pref.(guar.).- _
June 21 to June 30
141 July
General Tire & Rubber, pref. (guar.)._ _
Holders of rec. June 16a
Glidden Co., prior preferred (guar.)... _ (0 July
Holders of rec. July 21
Globe Automatic Sprinkler, Cl. A (QU.). 62Ye c Aug.
*Holders of rec. June 19
Godchaux Sugars, Inc., pref. (quar.)___ *14.1 July
Holders of rec. June 210
14e July
Goodrich (B. F.) Co., pref. (guar.).Holders of rec. June 1
Goodwins, Ltd., pref. (in pref. stock) rx40% July
of rec. June 20a
Holders
prior
July
2
pref.(gu.)
Rubber,
dr
Tire
Goodyear
June 14
Goodyear Tire & Rubb. of Can.. pf (qu) 144 July 2 Holders of rec. June
200
250. July 1 Holders of rec.
Coward (El. W.)Co.(monthly)
July 190
rec.
of
Holders
1
25e.
Aug.
Monthly
25e. Sept. 1 Holders of rec. Aug. 200
Monthly
134 July 1 Holders of rec. June 20
Gould Mfg.,common (guar.)
1% July I Holders of rec. June 20
Preferred (guar.)
2
June 30 Holders of rec. June 150
Grasselll Chemical, common (quar.)-13.4 June 30 Holders of rec. June I54
Preferred (guar.)
1% July 1 June 20 to June 30
Great Lakes Steamship (guar.)
15,4 June30 June 15 to June 30
Great Lakes Towing, common (guar.)._
1% July 1 June 15 to July 1
Preferred (guar.)
July 2 Holders of rm. June 14a
$2
Great Western Sugar, corn. (guar.).1% July 2 Holders of rec. June 14a
Preferred (guar.)
Holders of rec. June 140
July
Greenfield Tap & Die. 8% pref. (guar.) 2
Holders of rec. June 146
1% July
Six per cent preferred (guar.)
Holders of rec. June 166
July
2
Guantanamo Sugar. preferred (guar.)._
June 21 to June 24
3734c July
Gulf Oil Corp. (guar.)
Holders of rm. June 140
lye July
Gulf States Steel, cons. (guar.)
Holders of rec. June 140
1% July
First preferred (guar.)
Holders of rec. Sept. 150
15,4 Oct.
First preferred (guar.)
134 Jan2•25 Holders of rec. Dee. 15a
First preferred (guar.)
114 July 1 Holders of rec. June 140
Second preferred (guar.)
114 Oct. 1 Holders of rec. Sept. 15a
Second preferred (gust.)
(guar.)
134 Jan2'25 Holders of rec. Dee. 150
Second preferred
50e. July 17 Holders of rec. July 120
Hall (C. M.) Lamp
July 1 June 24 to June 30
1
Hamilton-Brown Shoe (monthly)
1% July 1 Holders of rec. June 200
HammermIll Paper. preferred (guar.).
1% July 1 Holders of rec. June 20
Hanes(P. H.) Knitting, pref.(guar.).
134 July 19 Holders of rec. July fra
Harbison-Walker Refract.. Pref. (qu.)-14( July 1 Holders of rec. June 28
Heath (D. C.) & Co., pref.(guar.)
July 1 Holders of rec. June 16a
Helme (George W.) Co., corn. (guar.)._ 3
1% July 1 Holders of rec. June 16a
Preferred (guar.)
18
Hibbard, Spencer, Bartlett Co.(mthly.) 35e. July 25 Holders of rec. July
35e. Aug. 29 Holders of rec. Aug. 22
Monthly
19
Sept.
rec.
of
Holders
35c. SOLI°
Monthly
15c. Sept.26 Holders of rec. Sept. 19
Extra
264
June
rec.
of
1
144
Holders
July
(quar.)_
pref.
Hibernia Securities Co.,
3% July 1 Holders of rec. June 26
Holmes(D.H.) Co., Ltd.(quar.)
to June 30
51 June 30 June 21
Hood Rubber. common (guar.)
2
July 1 June 25 to June 26
Hoover Steel Ball (guar.)
75c. July 1 Holders of toe. June 206
Hudson Motor Car (guar.)
*30e. July 1 *Holders of rec. June 16
Humble 011 & Refining (gust.)
1% July 1 Holders of rec. June 20
Hydraulic Press Brick, pref. (guar.)._
2
July 1 Holders of rec. June 14a
Ide (George B.)& Co., pref.(guar.).
to June 26
6
June 30 June 1
Illinois Pipe Line
134 June 28
Imperial Tobacco of Canada,ordinary- ree. June 14a
of
25e.
June
30
Holders
(guar.)
011
Gas
&
Independent
25e. Sept.30 Holders of rec. Sept 12a
Quarterly
25e. Dec. 31 Holders of ree. Dec. 12a
Quarterly
Independent Pneumatic Tool (guar.).- - 51.75 July 1 June 21 to June 30
July 1
*SI
India Tire & Rubber, corn. (guar.)
*50c. July 1
Common (extra)
13,4 July 1 Ilolders of ree. June 21a
Indian Motocycle. preferred (guar.)
July 1 Holders of rec. June 170
Ingersoll-Rand. preferreu (guar.)
134 Jule I Holders of rec. June 140
Inland Steel, preferred (guar.)
July 10 Holders of rec. June 254
International Business eleehlnes (guar.) $2
Internat. Buttonhole Machine WW1-- 10e. July 1 Holden of rec. June 10
June
30 Holder, of rec. June 150
SI
International Cement. corn. (guar.).
1% June 30 Holders of rec. June 151
Preferred (guar.)
.ester, corn. (guar.) _ _ $1 .25 July 15 Holders of rec. June 25a
International Her,
25e. June 30',June 22 to June 30
International Petroleum
1% July 1 Holdere of rec. June 164
International Salt (guar.)
July 1 Holders of ITO. June 140
(guar.)
$1
cont.
International Shoe,
1
July 1 Holders of rec. June 140
Preferred (monthly)
134 July'1 Holders of rec. June 140
International Silver. prof. (guar.)
h)4
July 1 Holders ef rec. Jure, 140
Prof. (amt. accum. dividends)
2
July 1 Holders of rm. June 16
Intertype Corp., let pref. (guar.)
3
July 1 Holders of rm. June III
preferred
Second
52
July 1 Holders of rc:.J..ne 1:110
Island Creek Coal, common (quar.)__
51
July 1 Holders of roe. June '200
Common (extra)
205
31.50
July 1 Rolders or ref
Preferred (guar.)
Johnston(R.F.)Paint Co..7% pf.(qu.) 1% July 1 Holders of rec. Jun,30
June
rec.
of
2
July
1
Holders
(gust.)
8% preferred
*1% July 1 Holders of rec. June 20
Jones Bros.Tea. preferred (guar.)
June 166
Jones & Laughlin Steel, preferred (guar.) 1% July 1 Holders of rec. June
lea
1_
75e. June 30 llolders of rm.
(guar
Jordan Motor Car,common
'a
1,
144 June 30 Holder of rm. June 21
Preferred (guar.)
July
rec.
of
Holders
_
SI
I
(guar.).
tug.
corn.
Stores,
Dept.
Kaufmann
20
June
rec.
of
1% July I Holders
Preferred (guar.)
2
July I Holders of rec. June 26a
__
Kayser (Julius) & Co.. pref. (quar
2
fuly 1 June 21 to July 1
Kelley Island & Transport Co.(quar.)_ _
a
51.50 July 1 Holders of rec. June 2(Co
Kelsey Wheel, common (guar.)
June
The.
July 1 Holder, of
(guar.)
Corp.
Copper
Kennecott
20
June
rec.
of
Holders
_
Keystone Finance Corp.,corn.(guar.). 25e. July 1
June 20
134 July 1 Holdere at rec.
Preferred (guar.)
JUNE 28 1924.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
King Philip Mills (quar.)
13.4 July 1 Holders of rec. June 20a
Kirshbaum (A. B.) Co., pref. (guar.)._ _
11$ July 1 Holders of rec. June 200
Kresge Department Stores, Prof. (guar.) 2
July 1 Holders of rec. June 16
Kresge (S. S.) Co., corn. (quar.)
July 1 Holders of rec. June 16a
2
Preferred (guar.)
13.4 July 1 Holders of rec. June 160
Kress (S. H.) & Co.. preferred (quar.)
13.4 July 1 Holders of rec. June 200
Laconia Car, let pref
33.50 July 1 Holders of rec. dJune25a
Lake Torpedo Boat. let prof
70e. June 30 Holders of roe. June 20
Laurentide Co., Ltd. (guar.)
134 July 2 Holders of rec. June 17
Lawyers Mortgage Co.(quar.)
23.4 June 80 Holders of rec. June 20
Lehigh Valley Coal Sales (quar.)
$2
July 1 Holders of rec. June 12a
Liberty Steel, pref.(quar.)
13.4 July 1 June 21 to June 30
Library Bureau, common (guar.)
13.4 July 1 Holders of rec. June 20
Preferred (quar.)
July 1 Holders of rec. June 20
2
Liggett & Myers Tobacco, pref.(qu.)
134 July 1 Holders of rec. June 16
Loew's, Incorporated (quint.)
50e. June 30 Holders of roe. June 140
Lone Star Gas (War.)
50e. June 30 Holders of rec. June 21a
Long Island Safe Deposit
July 1 Holders of rec. June 25
4
Loose-Wiles Biscuit, first pref.(quar.)
134 July 1 Holders of rec. June 18a
Second pref. (account aecum.
- 5334 Aug. 1 Holders of rec. July 18a
Lord & Taylor,2d pref.(quar.)
2
Aug. 1 Holders of rec. July 100
2d pref. (wet. sec. dive.)
512
July 1 Holders of rec. June 20.5
Lorillard (P.) CO.,COLO.,par $100(quar.) 3
July 1 Holders of rec. June 14a
Common (quar.)(par value $25)
75c. July 1 Holders of rec. June 140
Preferred (guar.)
1.34 July 1 Holders of rec. June I4a
Ludlum Steel (guar.)
50e. July 1 Holders of roe. June 20a
Lyon & Healy. prof. (quar.)
I% July 1 Holders of rec. June 210
MacAndrews & Forbes, earn. (guar.)._ _
23.4 July 15 Holders of rec. June 300
Preferred (guar.)
134 July 15 Holders of rec. June 30a
MaeFadden Publications, Inc. (quar.)_ _ 5
July 15 Holders of rec. June 30
Extra
5
July 15 Holders of rec. Juno 30
Mack Trucks, Inc., corn.(guar.)
$1.50 June 30 Holders of rec. June 16a
• First and second preferred (quar.)_ _
13.4 June 30 Holders of rec. June 16a
Macy(R. H.)& Co., preferred (quar.)
134 Aug. 1 Holders of rec. July 12a
Magnolia Petroleum (quar.)
1
July 5 Holders of rec. June 210
Mager Car Corporation, corn. (quar.)
25e, June 30 Holders of rec. June 23
• Preferred (guar.)
134 June 30 Holders of rec. June 23
Mullins=(H.R.)& Co.,Inc.,Prof.(qu.) 134 July 1
Holders of rec. June 220
Manati Sugar, common (guar.)
$1.25 Sept. 1 Holders of rec. Aug. 15.5
Prof. (quar.)
13.4 July 1 Holders of rec. June 17a
Manhattan Electric Supply (quar.)
81 July 1 Holders of rec. June 200
Manhattan Shirt, prof. (guar.)
134 July 1 Holders of rec. June 17a
Manning, Maxwell & Moore (guar.)._ _ •114
July 2 *Holders of rec. June 30
Maple Leaf Milling, pref. (quar.)
134 July 18 Holders of rec. July 3
Marlin-Rockwell Corp., pref.(quar.)__ _
July 1 Holders of rec. June 25a
13.4
Mathieson Alkali Works, Prof. (quar.)_
134 July 1 Holders of rec. June 20a
Preferred (acct. accum. dive.)
MU July 1 Holders of rec. June 200
May Department Stores,common (qtt.)- $1.25 Sept. 1
Holders of rec. Aug. MI
Preferred ((mar.)
134 July 1 Holders of rec. June 160
Preferred (guar.)
114 Oct. 1 Holders of rec. Sept. 15a
McCall Corporation, preferred ((Mar.)
134 July
Holders of rec. June 140
Preferred (account aecum. dIvidenda)- hi% July 1
1 Holders of rec. June 14a
McCord Radiator & Mfg., el. A (qu.)- - 75e. July 1
June 21 to July I
McCrory Stores Corp., pref.(quar.)
134 Aug. 1 Holders of rec. July 210
Preferred (guar.)
114 Nov. 1 Holders of tee. Oct. 20a
Merchants Despatch Transp. (quar.). _
11$ June 28 Holders of rec. June 260
M erch.& Minors Transportation.(ci u.) _ _
2
June 30 Holders of rec. June 180
Merck & Co., pref. (quar.)
2
July 1 Holders of rec. June 17
Mergenthaler Linotype (quar.)
234 June 30 Holders of rec. June 4a
Merrimac Chemical (guar.)
Metropolitan Filling Stations,corn.(an.) $1.25 June 30 Holders of rec. June 14
2
July 1 Holders of rec. June 16
Common,Clam A (quar.)
2
July 1 Holders of rec. June 16
Preferred ((mar.)
July 1 Holders of roe. June 16
Metropolitan Paving Brick, pref.(quar.) 2
13.4 July 1 June 15 to June 30
Mexican Petroleum, com.(quar.)
3
July 21 Holders of rec. June 30
Preferred (guar.)
2
July 21 Holders of rec. June 30
Michigan Drop Forge, pref. (Guar.)._ ._
11$ July 1 Holders of rec. June 25a
Midland Securities (quar.)
234 June 30 Holders of rec. June 6a
Extra
40
June 30 Holders of roe. June 6a
Midland Steel Products, corn, (guar.)
$1 July 1 Holders of rec. June 14a
Preferred (quar.)
82 July 1 Holders of rec. June 140
Midwest Oil, corn. di pref. (guar.)
*8
July 15 *Holders of rec. June 30
Minnesota Sugar. common
4
July 15 Holders of rec. July la
Monarch Knitting, preferred (guar.) _
13.4
Aug. 1 Holders of rec. June 21
Monomac Spinning (guar.)
I% July 1 Holders of rec. June 19
Montgomery Ward & Co.,Inc., Pt. (cltl.)
July
134
1 Holders of rec. June 200
Class A stock (guar.)
$1.75 July 1 Holders of roe. June 200
Mortgage-Bond Co. (quar.)
2
June 30 Holders of rec. June 18
Mother Lode Coalition Mines
373.4e June 30 Holders of rec. June 130
Mountain Producers Corp.(guar.)
200. July I Holders of rec. June 140
Extra
20e.
July I Holders of rec. June 14a
Murray Manufacturing con). (guar.) July 1 June 21 to June 30
. Common (payable in common stock) - 2
12
July 1 June 21 to June 30
Preferred (guar.)
2
July 1 June 21 to June 30
Murray-Ohio Mfg., pref.(guar.)
2
July I Holders of rec. June 20
Nashua Mfg., pref.(guar.)
I% July 1 Holders of rec. June 21
Nat. Auto. Fire Alarm of Chi.(guar.)
234 July I *Holders of rec. June 30
National Biscuit, COMMOU (quar./
750. July 15 Holders of rec. June 30a
.Common (quar.)
75e Oct. 15 Holders of rec. Sept.300
; Preferred (guar.)
154 Aug. 30 Holders of rec. Aug. 16a
National Breweries, corn. (guar.)
$1
July 2 Holders of rec. June 16
Preferred (guar.)
11$
-filly 2 Holders of rec. June 16
National Brick. Ltd.. preferred
1
Aug. 15 Holders of rec. July 310
National Dairy Products Corp.(guar.) _
75e. July 1 Holders of rec. June 200
Nat. Enamel.& Stpg., pref.(guar,)
June
80 Holders of rec. June 100
Preferred (quar.)
13.4 9.0.30 Holders of rec. Sept.10a
Preferred (guar.)
Dec. 81 Holders of rec. Dee. ha
National Fireproofing. preferred
July 15 Holders of rec. July 1
National Fuel Gas (quar.)
81.50 July 15 Holders of rec. June 30
National Lead, common (guar.)
2
30 Holders of rec. June 130
June
National Licorice,common
234 July 10 Holders of rec. June 23
Common (extra)
234 July 10 Holders of rec. June 23
Preferred (guar.)
13.4 June 30 Holders of rec. June 23
National Refining. Preferred (guar.).
2
July I Holders of me June 140
National Sugar Refining (guar.)
11$
July 2 Holders of rec. June 9
National Supply Co.Preferred (guar.)
11$ June 30 Holders of rec. June 200
National Surety (quar.)
234 July 1 Holders of rec. June 18a
National Tea ,common (gnar.)
July 1 Holders of rec. June 15
142
Preferred (guar.)
11.$ Aug. 1 Holden of rec. July 15
Naumkeag Steam Cotton Co.(quar.)__
3
July I Holders of rec. June 200
New England Fuel Oil (quar.)
July I Holders of rec. June 16
New Engl. Guaranty Corp., pref. (au.).. 5
81.75 July 1 Holders of roe. June 15
Newton Steel, commion (guar.)
60e. June 30 Holders of rec. June 20a
Preferred (guar.)
13.4 June 30 Holders of rec. June 20a
New York Air Brake, corn.(quar.)
31
Aug. 1 Holders of rec. July 9a
Class A (qua?.)
$1
July 1 Holders of rec. June 10a
Class A (guar.)
51
Oct.
1 Holders of rec. Sept. 9a
New York Canners. 1st prof. (quar.)_
334 Aug. 1 Holdtrs of rec. July 21a
New York Steam Corp.. pref. (quar.)_
July I Holders of rec. June 154
134
York
Title
&
New
Mortgage (guar.)_ _ _ _
3
July I Holders of rec. June 21a
New York Transit (guar.)
50e. July 15 Holders of rec. June 20
Nipissing Mines((mar.)
15e. July 21 July 1 to July 17
North American Co., corn. (guar.)
(I) July 1 Holders of rec. June 5a
Preferred (guar.)
13.4 July 1 Holders
North American Provision,prof.(guar.). 13.4 July 1 June 15 of rec. June 5rt
to June 30
North Star Mines. pref
134 July I Holders of rec. June 16
Northern Pipe Line
$3
July 1 Holders of rec. June 6
Nunnally CO
50c. June 30 Holders of rec. June 14a
Ogilvie Flour Mills (gnar.)
3
July 2 Holders of rec. June 19
Ohio Brass, common (guar.)
El
July 15 Holders of rec. June 30a
Common (extra)
$1
July 15 Holders of rec. June 300
Preferred (guar.)
11$ July 15 Holders of rec. June 300
Ohio Fuel Supply (quar.)
234 July 15 Holders of roe. June 300
Ohio Leather, let prof.(guar.)
*2
July 1 *Holders of rec. June 30
Ohio 011 (quar.)
50e. June 30 May 25 to June 224
Open Stair Dwellings (guar.)
134 June 30 June 21 to June 30
Orpbeum Circuit, common (monthly). 12340 July 1 Holders of roe.
June 20a
Common(monthly)
123.4e Aug. 1 Holders of rec.
19a
Common (monthly)
123.4e Sept. I Holders of rec. July
Aug. 20a
Preferred (guar.)
2
July I Holders of rec. June 14
144
134
I
3173
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Otis Elevator, common (quar.)
July 15 Holders of rec. June 300
Preferred (guar.)
July 15 Holders of rec. June 300
Overman Cushion Tire, corn.(quar.)._ _
July 20 Holders of rec. June 204
Preferred
July 10 Holders of rec. June 304
2d preferred
July 10 Holders of ree. June 300
"X" preferred (guar.)
July 20 Holders of rec. June 300
Owens Bottle, common (quar.)
July 1 Holders of rec. June 156
Preferred (guar.)
July 1 Holders of rec. June 156
Pacific 011
July 21 Holders of rec. June 13a
Packard Motor Car, common (quar.)
July 31 Holders of rec. July 15a
Paige-Detroit Motor Car,corn.(guar.)._
July 1 Holders of rec. June 20
Preferred (guar.)
July 1 Holders of tee. June 15
Pan-Amer.Pet.&Transp.com.A&R(Qu.)
July 21 Holders of rec. June 300
Park City Mining & Smelting (quar.)_.
July 1 Holders of rec. June 14
Parke, Davis & Co.(guar.)
June 30 June 21 to June 29
Peerless Truck & Motor (guar.)
June 30 Holders of rec. June 25
Penick & Ford, Ltd.. Pref. (guar.)
June 30 Holders of rec. June 20
Penney (J. C.) Co., Prof.(quar.)
June 30 Holders of rec. June 20a
Pennok 011,stock dividend
July 25 Holders of rec. July 10
Pettibone, Milliken Co..1st & 2d pf.(qu.)
July 1 *Holders of rec. June 210
Phelps, Dodge Corp. (guar.)
July 2 Holders of rec. June 210
Philadelphia Insulated Wire
Aug. 1 Holders of rec. July 15a
Phillips Petroleum (guar.)
June 30 Holders of rec. June 160
Pick (Albert) & Co., preferred (guar.)-July 1 June 24 to June 30
Pierce-Arrow Motor Car, prior pref.(qu.)
July 1 Holders of rec. June 16a
Pittsburgh Plate Glass. common (quar.)
July 1 Holders of rec. June 160
Plymouth Cordage (guar.)
July 19 *Holders of rec. July 1
Prairie Oil & Gas(guar.)
July 31 Holders of rec. June 30a
Prairie Pipe Line (guar.)
July 31 Holders of rec. June 30s
Price Bros.(guar.)
July 1 Holders of roe. June 140
Procter & Gamble, eon). (guar.)
Aug. 1 July 16 to Aug. 15
Common(payable in common stock)_
Aug. 1 July 16 to Aug. 15
Preferred (quar.)
July 1 Holders of rec. June 25a
Provincial Paper Mills, Ltd., corn.(qu.)
July
Holders of rec. June 15
Preferred (guar.)
July 2 Holders of rec. June 15
Punta Alegre Sugar (guar.)
Aug. 15 Holders of rec. July 31a
Pure 011, 8% pref. (quar.)
July 1 Holders of rec. June 15
Six per cent preferred (guar.)
July 1 Holders of rec. June 15
5)1% preferred (guar.)
July 1 Holders
Putnam (Robt.) Candy, corn. (guar.)_.. 3734c. July 1 Holders of rec. June 15
of rec. June 20
7% preferred (quar.)
13.4 July 1 Holders of rec. June 20
Quaker Oats, corn. (guar.)
3
July 15 Holders of rec. JulY 16
Preferred (guar.)
114 Aug. 30 Holders of rec. Aug. 10
Radio Corporation of America
31$ July I June 7 to June 30
Railway Steel-Spring. corn.(guar.)
2
June 30 Holders of rec. June 17a
Realty Associates, let ore!
3
July 15 Holders of rec. July 50
Real Silk Hosiery Mills (guar.)
6214c July 1 Holders of roe. June 20
Reece Buttonhole Machine (guar.)
30e.
Holders of rec. June 16
Reece Folding Machine (guar.)
10e. July
Holders of roe. June 16
Reliance Mfg., pref. (guar.)
1% July
Holders of rec. June 200
Remington Typewriter, let pref. (guar.) 13.4 July
June 22 to July I.
First preferred Series S (guar.)
11$ July
June 22 to July 1
Renfrew Manufacturing, pref. (gear.).. 11$ July
June 21 to July 1
Roo Motor Car (guar.)
15e. July
Holders of rec. June 16
Extra
10c. July
Holders of rec. June 16
Republic Iron ar Steel. pref.(quar.)_ _
114 July
Holders of rec. June 14a
Reynolds(R.J.) Tobacco, corn. A & 13_ 75c. July
Holders of rec. June 18e
Preferred (guar.)
Holders of rec. June 186
13.4 July
Reynolds Spring, pref. A & B (quar.) _
13.4 July 1 Holders of rec. June 16
Richman Bros. (quar.)
$1.50 July 1 Holders of rec. June 24
Rickenbacker Motor(guar.)
2
July 15 Holders of rec. June 30
Royal Baking Powder, corn. (quar.)_ _
2
June 30 Holders of rec. June 14.6
Preferred (guar.)
13.4 June 30 Holders of rec. June 140
Safety Car Heating & Lighting (quar.)_ _
July 1 Holders of rec. June 14a
St. Joseph Lead Co.(guar.)
50e. Sept.20 Sept. 10 to Sept. 21
St. Louis Rocky Mt.& Par.Co.,pf.(au.) 11$ June 30 Holders of rec. June 160
Salt Creek Consolidated 011 (quar.)--- - 15e. July 1 Holders of rec. June 200
Savage Arms Corp., 1st preferred (quar.) 1% July 1
Holders of rec. June 140
Second preferred (guar.)
1% Aug. 15 Holders of rec. Aug. la
Schulte Retail Stores, common (guar.)
m2
Sept. 1 Holders of rec. Aug. 15a
Common (quiar.)
Dec. 1 Holders of rec. Nov. I56
m2
Preferred (guar.)
2
July 1 Holders
Schwartz (Bernard) Cigar Corp., com_ 25e. July 1 June 21 of rec. June 14cr
to July 1
Preferred (guar.)
July 1 June 21 to July I
2
Scott & Williams,Inc., eons.(guar.) _
13.4 July 15 Holders of rec. July 20
Preferred (guar.)
13.4 July 1 Holders of rec. June 20a
&wend preferred (guar.)
2
July 1 Holders of rec. June 20a
Sears. Roebuck & Co.. Prof. (quar.)__
134 July 1 Holders of rec. June 14a
Shell Union Oil. corn.(guar.)
25c. June 30 Holders of rec. June lla
Sherwin, Williams Co., Can., coin.(qu.) 1% June 30
Holders of rec. June 15
Preferred (guar.)
134 June 30 Holders of rec. June 15
Silver King Coalition Mines (quar.)._ _ _ 15e. July I
June
21 to June 30
Simmons Company (guar.)
25e. July 1 Holders of rec. June 16a
Singer Manufacturing Co.(guar.)
1% June 30 June 11 to June 30
Sloss Sheffield Steel & Iron, pref.(gu.)15.4 July 2 Holders of rec. June I80
South Porto Rico Sugar, common
(guar.) 1% July
Holders of rec. June 100
Preferred (guar.)
2
July
Holders of rec. June 100 •
South West Pa. Pipe Linea (guar.)
2
Holders of rec. June 16
July
Sparks-Withington Co., corn.(quar.)__ _ 50e. July
Holders of rec. June 20
Common (ext.ra)
50e. July
Holders of rec. June 20
Preferred (Quar.)
*Holders of rec. June 20
•IIi July
Sperry Flour, preferred (guar.)
July
13.4
Holders
of rec. June 13
Spicer Manufacturing, pref. (quar.)_ _ 2
July
Holders of rec. June 200
Spring (C. G.) & Bumper, pref.
July
(Quar.)2
Holders
of
rec. June 23
Standard 011(Kentucky)(guar.)
June 30 June 15 to June 30
$1
Standard 011 (Ohio) corn. (guar.)
214 July 1 Holders of rec. May 290
Standard Plate Glass, corn. (guar.)
750. July 1 Holders of rec. June 240
Prior preferred (guar.)
13.4 July 1 Holders of rec. June 240
Seven per cent p.eferred (guar.)
15.1 July 1 Holders of rec. June 24a
Standard Safe Deposit Co.(guar.)
June 30 Holdcrs of rec. June 270
3
Standard Textile Prod., pf. A & B
134 July 1 Holders of rec. June 16a
WOStanley Co. of America,COM.(QUM%)
31.50 July 1 June 19 to July 1
Stearns (F. R.) Co..common(
guar.)--- 50e. July 20 Holdent of rec. June 30a
Stedman Products, pref.
(guar.)
July 1 June 25 to June 30
Sterling Coal
July 2 Holders of rec. June 20
1
Sterling Products(guar.)
411 Aug. 1 *Holders of rec. July 100
Stern Brothers, common (guar.)
July 1 Holders of rec. June 20a
1
Stetson(John B.) Co.,common
$2.50 July 15 July 2 to July 15
Preferred
4
July 15 July 2 to July 15
Stromberg Carburetor (quar.)
July 1 Holders of rec. June 10
112
Sullivan Machinery (guar.)
$1
July 15 July 1 to July 14
Superior Steel,common (quar.)
750. Aug. 1 Holders of rec. July 150
Swift & Co. (guar.)
2
July 1 Holders of rec. June 10
Swift Internadonal
900, Aug. 15 Holders of roe. July 154
Texas Co.(quar.)
750, June 30 Holders of rec. June 2a
Textile Banking(quar.)
2
June 30 Holders of rec. June 23
Thompson (John R.) Co.. corn.(mthly.) 25e. July 1 Holders
of rec. June 23a
Common (monthly)
25e. Aug. 1 Holders of roe. July 23a
Common (monthly)
25e. Sept. 1 Holders of rec. Aug. 25a
Preferred (guar.)
134 July 1 Holders Of rec. June 23a
Thompson-Starrett Co., common
July 1 Holders of rec. June 200
$6
Tide Water Oil (guar.)
1
June 30 Holders of rec. June 200
Tintic Standard Mining (guar.)
10c.
June
28 June 22 to June 29
Extra
15c. June 28 June 22 Co June 29
Tobacco Products Corp.. corn. (quar.)..
15 Holders of rec. July la
July
1%
Preferred (guar.)
1% July 1 Holders of rec. June 156
Tonopah Extension Mining (guar.)
Sc. July 1 Holders of rec. June 10
Torrington Co.,eon). (quar.)
6234c. July 1 Holders of rec. June 19a
Trumbull Steel, common (guar.)
35e. July 1 June 21 to June 30
Preferred (guar.)
July
June 21 to June 30
Tuckett Tobacco, common
1
July 15 Holders of tee. June 30
Preferred (guar.)
11$ July 15 Holders of rec. June 30
Underwood Computing Mach.. pf.((P)
13.4 July 1 Holders of rec. June 24a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.24a
Underwood Typewriter,common
(guar.) 75e. July 1 Holders of rec. June 7a
Common (guar.)
75e. Oct. 1 Holders of rec. Sept. 66
Preferred (guar.)
1% July 1 Holders of rec. June 7a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 6a
Union Bag & Paper (guar.)
13.4 July 15 Holders of rec. July 5a
Union Carbide & Carbon (quar.)
$1.25 July 1 Holders of rec. June 7a
Union Twist Drill. pref. (guar.)
.01,‘ June 30 *Holders of rec.
June 23a
Name of Company.
THE CHIVINICLE
3174
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
[VOL. 118.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending June 21. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
July 1 June 15 to June 39
2
United Bakeries. pref. (guar.)
June 30 Holders of rec. June 160
2
United Cigar Stores, common
30 Holders of rec. June 160
June
yi
11
stock).
common
in
Common(payable
8734c Aug. 1 Holders of rec. July 15a
United Drug, let pref. (guar.)
51.50 July 1 Holders of rec. June 13a
United Dyewood, corn. (guar.)
1% July 1 Holders of rec. June 130
Preferred (guar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
134 Jan2'25 Holders of rec. Dec. 15a
234 July 1 Holders of rec. June 6a
United Fruit (guar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
234 Oct. 1 Holders of rec. Sept. 6a
Quarterly
(Slated In thousands of dollars-thM is, three ciphers (0001 omitted.)
Quarterly
234 Jan.2'25 Holders of rec. Dec. 6a
July 1 Holders of rec. June 6
6
United Paper Board, preferred
15c. July 1 Holders of rec. June 100
United Profit Sharing (guar.)
New
6234c July 5 Holders of rec. June 18
United Shoe Machinery, corn. (guar.)
Capital Profits. Loans,
Reserve
3734c July 5 Holders of rec. June 18
Preferred (guar.)
Week Ending
Time Bank
Net
DideOUnl, Cash
with
United Verde Extension Mining (quar.). 50c. Aug. 1 Holders of rec. July 36
Mar..31
Nat'l,
1924
21
June
De- CircaInvestIn
Legal Demand
Ila
June
rec.
of
June 30 Holders
1
U.S. Bobbin & Shuttle, coal. (guar.).-State, Mar.20 merits. Vault. Deposi- Deposits. Posits. in.
134 June 30 Holders of rec. June 1la
Preferred (guar.)
omitted.) Tr.Cos.,Mar.20
Bon.
(000
dbc.
tories.
30
June
rec.
of
Holders
15
July
75c.
(guar.)
corn.
United States Can,
134 July 15 Holders of rec. June 30
Preferred (guar.)
Members of Fed. Res. Bank. Average Average Averag Average Average Av'ge.
U. S. Cast Iron Pipe & Fdy.. pf. (qu.). 134 Sept. 15 Holders of rec. Sept. 26 Bank of N Y
lit Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
Trust Co_ _ _ _ 4,000 12,361
68,273
49,313 7.455
709 6,726
334 July 1 Holders of rec. June 20a
U.S. Distributing Corp., pref.(No. 1)._
Bk of Manhat'n 10,000 13,943 147,225 2,36' 17,065
120.513 21.472
June 30 June 15 to June 30
1
(guar.)
U.S. Gypsum.common
10,000
Bk
16,589
Met
tic
Mech
550
7,472
30
163,433
153.917
June
to
20,411
3,141
15
June
30
June
134
Preferred (guar.)
6,500 5,376
3,604
79,599 1,536 11,487
83,89
134 July 15 Holders of rec. June 30a Bank of Americ
U.S. Industrial Alcohol (guar.) `
Nat City Bank_ 40,000 52,027 591,332 4,369 69,237 *615,120 69,984 2,137
200
June
rec.
of
Holders
I
July
$1.50
(quar.TCard
Playing
United States
Chem Nat Bank 4,500 16,876 120,652 1,173 14,869
348
110.156 4,534
°l34 July 15 Holders of rec. dJuly 1
U. S. Radiator, preferred (guar.)
Nat Butch & Dr z1000 z288
292
5,460
75
4,703
701
83
Sept. 15 Holders of rec. Sept. 5
U.S. Realty & Impt.,common (guar.)-- 2
Amer Each Nat 5,000 7,880 108,076
4,948
29a
May
8,699
rec.
94,018
of
838
Holders
12,361
1
Aug.
134
Preferred (guar.)
Nat Bk of Com- 25,000 39,308 334,873 1,013 40,458
301.484 12,186
134 Nov. 1 Holders of rec. Sept. 5
Preferred (guar.)
Pacific Bank- __ 1,000 1,725
28,054 2.661
28,993
870 4,090
United States Steel Corp.,common (nu.) I% June 28 May 29 to June 1
chat& Pben Nat 10,500 9,183 158,059 4,040 17.555
121,164 31,627 0,098
% June 28 May 29 to June 1
Common (extra)
300
104,982
579 13,853
750. July 1 Holders of rec. June 166 Hanover Nat Bk 5,000 22,422 119,535
United States Tobacco, corn. (guar.)
177.208 28,603
134 July 1 Holders of rec. June 166 Corn Exchange_ 10,000 13,082 188,673 5,682 32,097
Preferred (guar.)
23,756
10,000
National
Park__
7,971
6,777
20
170.259
135,306
June
rec.
of
1,009
Holders
1
17,850
July
Universal Leaf Tobacco, pref. (guar.).- 2
East River Nat- x2.100
x400
50
29,095
23,303 6,396
975 3,359
July 1 Holders of rec. June 15
2
Upson Co., pref. (guar.)
227,471 23,721 7,448
422 30,616
51 June 30 Holders of rec. June I36 First National__ 10,000 60.124 303,420
Utah Copper Co.(quar.)
11,477
17,500
IrvingBk-ColTr
210
June
275,287 3,116 34,943
263,539 20,348
134 July 1 Holders of rec.
Van Dorn Iron Works, pref. (guar.) _
986
Continental Bk. 1,000
373
7,185
5,835
154
855
134 Sept 10 Sept. 2 to Sept. 10
Vapor Car Heating, Inc., pref.(guar.)_ _
Chase National_ 20,000 24.071 358,337 4,120 61,873
358,336 18,185 1,095
134 Dec. 10 Dec. 2 to Dec. 10
Preferred (guar.)
500 2.73
Fifth Ave Bank
21,734
661 2,869
to July 6
22,710
July 15 July 1
2
Victor Talking Machine, corn. (guar.) _
600 1,00
Commonwealth.
9,613 2,150
12,042
309 1,291
134 July 15 July 1 to July 6
Preferred (guar.)
127 -389
14,925
15,057
415 2,630
234 July 1 Holders of rec. June 170 Garfield Nat.__ 1,000 1,670
Virginia Iron, Coal & Coke, pref
245
18,964
17.516 1,487
192 2,386
1 it July 20 Holders of rec. July 9a Fifth National_ 1,200 1,168
Vulcan Detinning, preferred (quar.)__
7,462
64
4,000
Nat__
2,337
Seaboard
91,477
91,099
12,082,
9a
821
July
rec.
of
Holders
hl
20
July
Preferred (acct. accumulated divs.)._
413
14,976 1,305
17,416
249 2,284
134 July 20 Holders of rec. July 9a Coal & Iron Nat 1,500 1,350
Preferred A (guar.)
Bankers Trust_ 20,000 24,912 313,057
986 35,538 *274,029 38,274
$1 July 2 Holders of rec. June 13
Wabasso Cotton (guar.)
46,998 4,833
52,658
660 6,399
July 1 Holders of rec. June 230 US Mtge & Tr- 3,000 4,543
51
Wahl Company, common (guar.)
-Preferred (guar.)
134 July I Holders of rec. June 230 Guaranty Trwit 25,000 18.709 380,155 1,391 42,367 *396,331 43,773
2.042
1,773
2,000
18,289
21,150
Fidel-InterTrus
2,396
422
256
June
rec.
of
Holders
1
July
Waitt & Bond, Inc., pref. (quar.)
134
136,272 18,679
571 18.661
3134c. July I Holders of rec. June 200 NY Trust Co__ 10,000 18,407 161.301
Waldorf System, corn.(guar.)
38,472 2,269
42.125
584 5.079,
20c. July 1 Holders of rec. June 206 Metropolitan Tr 2,000 4,085
1st pref. and pref. (guar.)
22,926
16,785
*91,686
5,000
124,745
Tr
&
Loan
Farm
20a
June
rec.
of
Holders
134 June 30
Walworth Mfg., pref. (guar.)
Equitable Trust 23,000 10.659 252,072 1,552 30,432' *287,422 17,696
Wanner Malleable Cast., corn. A (guar.) 6234c July 1 June 21 to June 30
134 July 1 Holders of rec. June 166
Ward Baking Corp., pref. (quar.)
Total of averages290,800448,171 ,782.701 45,361 587,610c4,169,018 431,801 32,348
July 1 Holders of rec. June 21
Warren Bros. Co.. common (otar.)
$1
First preferred (guar.)
134 July 1 Holders of rec. June 21
Totals,
actual co nditton June 21 .788,767 45,636608,579 c4,179.121 433,724 32,313
21
June
rec.
of
Holders
1
lit July
Second preferred (guar.)
June 14
45,995587,001 c4,146.535430.235 32.420
Washburn Wire, common (guar.)
134 June 30 Holders of rec. June 206 Totals, actual condition June 7 .769,422
.615,660 47,578 573.721 c4,020,826 415,76532.341
Preferred (quar.)
134 June 30 Holders of rec. June 206 Totals, actual condition mbers of
Fed'I
ve
Res
Me
Not
State
Banks
20
June
rec.
June 30 Holders of
2
Welsbach Co., corn
216 -- -19,859 1,743 2,235!
20,714
Greenwich Bank 1,000 2.367
334 June 30 Holders of rec. June 20
Preferred
902
5,268
2,630 1,958 -.313
3741
250
Bowery
Bank__
276
June
rec.
of
Holders
30
June
$2.50
corn.
(guar.)
Western Electric,
---58,634
4,661
31,203
3,706
2,0671
93,387
Bank..,.
3,500
_
State
I80
134 June 30 Holders of rec. June
Preferred (guar.)
$1.50 July 5 Holders of rec. June 24a
West Coast Oil (guar.)
60.808
7.931
118.514
54,547;
of
4,750
5,762
Total
4,6761
averages
146
June
rec.
of
1
July
Holders
2
West Point Manufacturing (guar.)
$1.50 July 31 Holders of rec. June 306
Westinghouse Air Brake (guar.)
54,791' 60,8371
$1 July 31 *Holders of rec. June 30a Totals, actual co ndition June 21 118,802 5,767 4.7531
Westinghouse Elec. & Mfg., corn. (qu.) _
54,187; 60,7211
El July 15 *Holders of rec. June 30a Totals, actual co ndition June 14 118,168 5,971 4,765
Preferred (guar.)
54,998 60.5471
Totals, actual co nclition June 7 118,668 6,196 4,205
July 1 June 27 to July 1
51
Westmoreland Coal (guar.)
Compan
'I
Membe
Fed
Bank.
e
of
Not
ra
es
Rafe..
Trust
1
July
to
13
June
1
July
2
Wheeling Steel Corp., pref. A (guar.)
36,508. 2,063
Title Guar & Tr 10,000 14,378
57,687 1,3881 4,098
2(4 July 1 June 13 to July 1
Preferred B (guar.)
798,
16.920
876 1,726
27,605
500. July 20 Holders of rec. June 306 Lawyers Tit 58T 6,000 5.701
White Eagle Oil dc Refg.(guar.)
200
June
rec.
June 30 Holders of
51
White Motor Co.(guar.)
53,428 2,8611
85,292 2,2641 5,8241
Holders of rec. June 236 Total of averages 16,000 20,079
White Rock Mineral Spring, coin.(qu.)_ 25e. July
134 July
Holders of rec. June 23a
Preferred (guar.)
53,145 3,376
85,941 2,1051 5,901
ndition June 21
134 July 3 Holders of rec. July 256 Totals, actual co
2d preferred (guar.)
52,759, 2,734
84.871 2,219, 5.804
Holders of rec. June 196 Totals, actual co ndltion June 14
134 July
Whitman (Wm.) Co., pref.(guar.)
55,250 2,735
86,471 2,403; 6,033
ndition June 7
co
actual
Totals.
166
June
rec.
of
Holders
2
July
Will & Baumer Candle, pro!. (guar.)
June 21 to June 30
134 July
Wilson Body, preferred (quar.)
Gr'd aggr., aver.311,550476,1824,986,507 53,387598,110 4,276.993 495,47032,348
Holders of rec. July 1
30c. July 1
Woodley Petroleum (guar.)
Comparison wit h prey. week - - +92.608-2,013+1,198 +78,314 +128971 +63
Holders of rec. Aug. 1
20e. Aug. 1
Extra
Holders of rec. June 20a
Worthington Pump ,k Mach.. Pf. A (gu.) 134 July
497,936 32,313
Holders of rec. June 206 Gr'd aggr., aa'l ond'n June 21 4,993,510 53,508 619,233 4,287,057
1 )) July
Preferred B (guar.)
Comparison wit h prey. week _ _ +21,049 -677+21663 +33,576,+4,246 -107
Holders of rec. June 16
Wright-Hargreaves Mines, Ltd. (guar.) 234 July
Wrigley (William) Jr. & Co.
Holders of rec. June 20a Gr'd aggr., act' ond'n June 14 4,972,461 54.185597,570 4,253,481 493.69032,420
25c, July
Monthly
Holders of rec. July 19a Gr'd aggr., ace! ond'n June 74,820,799 56,177583,959 4,131,074 479,04732,341
25e. Aug.
Monthly
Holders of rec. Aug. 20a Gr'd aggr.,(ma ond'n May 31 4,781,939 50,555562,028 3,974.531 493,747 32,542
25c. Sept.
Monthly
Holders of rec. Sept.20a Gr'd aggr.,°eel ond'n May 244.784,459 53,866 527,255 3,961,514 490,524 32,488
25c. Oct.
Monthly
Holders of rec. Oct. 20a Gr'd aggr., aa'l ond n May 17 4,749,205 52,294 543,920 3,939,343490,735 32,503
25c. Nov.
Monthly
Gr'd aggr., Gag ond'n May 104.720,898 56,480553,635 3,919,822 503,908 32,204
Holders
of rec. June 7
July
Si
(guar.)
Yale & Towne Mfg.
Yellow Cab ManufacturingNote.-U. S. deposits deducted from net demand deposits in the general total
200
June
4118c.
rec.
of
July
Holders
B
Class
(monthly)
above were as follows: Average total June 21, 520,268,000; actual totals, June 21,
4128c. Aug.
Holders of rec. July 210 221,204,000: June 14, $17,681,000; June 7. 317,681,000; May 31. $19,525,000; May
Class B (monthly)
Holders of rec. Aug. 200 24, $20.145,000. Bills payable, rediscounts, acceptances and other liabilities.
4114. Sept.
Class B (monthly)
Holders of rec. June 200 average for week June 21, 5325,426,000; June 14, 5327,044,000; June 7, 5335,925,000:
2% July
Young (J. S.) Co., corn. (guar.)
Holders of rec. June 206 May 31, 5377,474,000; May 24, 5374,269.000. Actual totals June 21, $332,608,000:
1% July
Preferred (guar.)
Holders of rec. June 146 June 14. 5343,511,000; June 7. $322,272,000; May 31, $406,701,000: May 24, 5395.July
$1.25
(guar.)
corn.
Tube,
&
Sheet
Youngstown
Holders of rec. June 146 539,000.
134 July
Preferred (quan)
* Includes deposits in foreign branches not included in total footings as follows:
York
E
New
has ruled that stock
Stock
change
The
f
source!.
unofficial
•From
National City Bank, $116,641,000; Bankers Trust Co., $11,951,000: Guaranty Trust
will not be quoted ex-dividend on this date and not until further notice. I The
582,33.5,000; Farmers' Lean & Trust Co , $150,000; Equitable Trust Co.,
Co.,
quoted ex$57,583,000. Balances carried in banks in foreign countries as reserve for such
New York Curb Market Association has ruled that stock will not be
dividend on this date and not until further notice.
deposits were: National City Bank, $19,513,000; Bankers Trust Co., $1,500,000:
Guaranty Trust Co., $12,902,000; Farmers' Loan & Trust Co., 5150,000: Equitable
a Transfer books not closed for this dividend. d Correction. e Payable in stock
Trust Co., 813,223,000. c Deposits in foreign branches not included. x As of
Payable in common stock. g Payable in scrip. h On account of accumulated May 22. z As of April 25.
funds.
Payable
Canadian
n
in
stock.
Preferred
In
Payable
in
dividends.
The reserve position of the different groups of institutions
of one-fortieth of a share for each share
1 Payable either in corn, stock at the rate
on the basis of both the averages for the week and the actual
at the option of the stockholder.
held or cash at the rate of 50c. a share
following
and second installments of 1923 income condition at the end of the week is shown in the
J Less the following amounts to cover first
Union Passenger Hy., 60 eta.; and West two tables:
tax: Continental Passenger Ry., 38 cts.;
eta.
Philadelphia Passenger Ry.. 63
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
per share.
AND TRUST COMPANIES.
k British Amer. Tobacco dividend 10 pence
common for each share now held.
One-fiftieth of a share of non-par
'
Averages.
6.
a Payable to holders of coupon No.
old capital, but will now be $2 on the
on
55
was
Cash
Reserve
declared
a
originally
p Dividend
paid.
been
has
dividend
Surplus
stock
in
Reserve
Total
Reserve
new capital after the 150%
Reserve.
Vault.
in
Depositories
Reserve.
Required
on
29.
May
ex-dividend
sells
Coal
Alden
Glen
g New York Curb Market rules that
T Payable to holders of coupon No. 10.
dividend to Jan. 1 1021.
s Covering one year's accrued
from April 12 to July 1 1924.
At rate of 7% per annum for period
re Payable Feb. 28 1925
payable in annual installments of 5% each.
z Declared 50% in common stock,
stock issued as a stock dividend.
y July 15 dividend to apply on new
or before June 12 will be in time for payment
or
z All transfers received in London
of dividends to transferees.
all payable in equal quarterly installments on April 1,
• Annual dividends for 1924,
have been declared as follows: On the comJuly 1 and Oct. 1 1924 and Jan. 1 1925
stock: on the participating preferred the regular
common
mon stock $3 cash and $3 in
on the preferred
6% and extra dividends of 1% in cash and I% in common stock;
stock regular 6%; on the prior preferred stock regular 7%,
Members Federal
587,610,000 587,610,000 554,926,370 32,683,630
Reserve banks.
619,540
5,762,000 4,676,000 10,438,000 9,818,460
State banks*
73,800
Trust companies*. _ _ ; 2,264,000 5,824,000 8,088,000 8,014,200
Total June 21...._.1 8,026,0001598,110,000 606,136,000 572,759,030 33,376,970
8,385,000 596,912,000 605,297,000 562,201,930 43,095,070
Total June 14 ...
8,489,000 54.1,663,000 558,152,000 544,432.710 13,719,290
Total June 7_ __ _
8,152,000 i37,717.00&545,869,000 533,321,020 12,547,980
Total May 31_ _ _ _
* Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
June 21. 512,954,030; June 14. 512,575,520; June 7, 212,615,750; May 31,
512,917,760.
JUNE 28 1924.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve banks_
State banks.
Trust companies__
Total
Total
Total
Total
June 21_-__
June 14____
June 7_-__
May
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
3175
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.
608,579,000 608,579.000 556.297.450 52,281.550
5.767,000 4.753.000 10,520.000 9,862,380
657.620
2,105,000 5,901,000 8,006,000 7,971,750
34.250
7,872,000 619,233,000 627,105,000 574,131,580
8,190,000 597,570.000 605,760.000 569,624,110
8,599.000 583,959,000 592,558.000 553,387,470
8.075.000 562,028.000 570,103,000 533.640.330
52,973,420
36,135,890
39,190,530
36,462,870
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the ease 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 21. 513.011,720: June 14, $12,907.050: June 7. 512,472,950: May 31.
$12,932,430.
June 25
1924.
Changesfrom
previous week.
JIM 18
1924.
June 11
1934.
$
$
$
$
Capital
57,400,000
Unchanged 57,400,000 57,400,000
Surplus and profits
81,480,000 Inc.
64,000 81,396,000 81,294,000
Loans, disets & Investments_ 856,519,000 Inc. 5,693,000 850,826,000 832,671,000
Individual deposits,incl. U.S.613,732,000 Dec. 10,072,000 623.804.000 603,683,000
Due to banks
136,200,000 Dec. 3,451.000 139,651..000 128,438,000
Time deposits
144,552,000 Inc. 2,623,000 141.929.000 141,881.000
United States deposits
20,739,000 Inc. 9,257.000 11.482,000 4,777,000
Exchangesfor Clearing House 25,589,000 Dec. 6.802,000 32.391,000 26,147.000
Due from other banks
77.787,000 Dec. 3,045,000 80,832.000 68,767,000
Reserve in Fed. Res. Sank_ 75,476,000 Inc.
27,000 75,449,000 72,680,000
Cash In bank and F.R. Bank 9,136,000 Inc.
364.000 8,772,000 8.748,000
Reserve excess In bank and
Federal Reserve Bank
4.287.000 Inc.
440.000 3.847.000 2.947.000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust, comPhiladelphia Banks.-The Philadelphia Clearing House
panies in New 'York City not in the Clearing House as follows:
return for the week ending June 21, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Difference front to be kept with the Federal Reserve Bank. "Cash in vaults"
June 21.
Previous Week. is not a part of legal reserve. For
trust companies not memLoans an.: investments
$875,959,200 1110.512.213,500
Gold
3,993,500 Inc.
21,300 bers of the Federal Reserve System the reserve required is
Currency and bank notes
20,726,900 Dec. 1,225,700 10% on demand deposits and includes
"Reserve with legal
Deposits with Federal Reserve Bank of New York
79.609,900 Dec.
337.900
Total deposits
923.136,200 Inc. 3,560,700 depositaries" and "Cash in vaults."
Deposits,
eliminating amounts due from reserve depositories and from other banks and trust companies in N. Y.City, exchange and U.S.deposits_ 863,486,500 Inc. 2.870,700
Reserve on deposits
151.678,500 Dec. 1.573,800
Percentage of reserve, 22.6%.
RESERVE.
State Banks
- -Trust CompaniesCash in vault
•$31,515,100 15.84%
872,715.200 15.43%
Deposits in banks an-d trust cos.__ 12,658,300
34,789.900
6.37%
7.38%
Total
544,173,400 22.21%
5107,505,100 22.81%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on June 21 was 379,609,900.
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. 23
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
April 5
Apr11 12
April 19
April 26
May 3
May 10
May 17
May 24
May 31
June 7
June 14
Tnna 91
Loans and
Inxestments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve it
Depositari
S
5,432,287,500
5,424.841.800
5,432,225,300
5,462,366,300
5,534,279,900
5,557,132,400
5.554,501,000
5,517,615,300
5,530.017,700
5,546,167,200
5.587,975.500
5,586,219.800
5,599,245.700
5.617,090.300
5,834,135,400
5.655.543,500
5,757,644,700
a ga0 AAA onn
$
4,653,880,900
4,640,570,200
4,651,853,700
4,682,815,500
4,816,722,400
4,705,886,400
4.694,758,200
4,632,385.000
4.674,348.500
4,712,840,800
4,783,492.000
4,784,209,200
4,774,058,800
4,799,826,200
4.818.701,900
4,927,070,500
800
059
5.
CIAA,294.
A.MGA
$
78.822,000
82,862,500
80,120,600
80,148.100
79,268,200
80.050.500
78.352.100
81.490.600
79.455,600
80,214,600
78.995,200
81.434.100
80.209,800
79,503,100
78.685.500
81,984,300
82,224,800
$
618,208,2
615,356,0
614,521,1
624,625,7
704,938,9
621,464,1
631,029,1
627.002,1
633,238,7
641,584,4
645,935,5
640.730.5
646.164.7
644.891.0
649.648.1
672,867.2
724,239,5
921/1721M
/9g fag 1
New York City Non-Member Banks and Trust Cornare the returns to the Clearing House
by clearing non-member institutions and which are not in'eluded in the "Clearing House Returns" in the foregoing:
panies.-The following
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is. three ciphers (0001 omitted.)
Ares
CLEARING
Capitol. Profits.
SON-MEMBERS.
Nat. bks. Mar.81
Week Ending State bks. Mar.20
June 21 1924. Tr. cos. Mar. 31
Members of
Fed'I Res've Bank
RT. R. Grace & Co_
Total
State Banks
Not Members of
Fed'l Res've Bank
Bank of Wash. Hts_
Colonial Bank
Total
Trust Company
Not Members of
Fed'I Res've Bank
Mech. Tr., Bayonn
Total
5
1,000
1,001
Loans,
Diacounts,
Investments,
&e.
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits. Deposits
Vault. Deporttortes.
Average Average Average Average Average
3
3
8
S
$
$
1,637
8,334
26
482
2,531
3,446
1,63
8,334
26
482
2,531
3.446
200
1,000
401
2,27.
7,244
24,250
738
2,631
362
1,686
6,034
21,893
1,860
2,652
1,200
2,676
31,494
3,367
2,02:
27,927
4.512
511
42
8,857
299
10:
2.703
50
4291
8,85
299
10:
2.703
5,884
5,884
2,700
Grand aggregate
Comparison with pr ay. week
2,200
Gr'd aggr., June 14
2,201
Gr'd aggr., June 71
2,200
Gr'd aggr., May 311
Geri mu:r.. May241 2,200
4,744
4,746
4,746
4.746
4,746
48,68
-89
3,692
-15.
2,618 a33,161
+27 -380
13,842
+37
48,774
48,764
48,73
49,481
3,84
3,7
3,743
3.866
2,591
2,393
2,321
2,384
13,805
13,891
14,053
14.169
a33,541
a33.401
a33,472
a33.571
a United States deposits deducted, $120,000
Bills payable, rediscounts, acceptances and other liabilities. $227,000.
Excess reserve, $73,950 decrease.
Week ending June 21 1924.
Two Ciphers (00)
omitted.
Membersof
Trust
F.R.System Companies
Capital
Surplus and profits
Loans,dIsc'ts & invest'ts_ _
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not incl.)Ree've with legal deposit's,
Reserve with F. R. Bank
Cash in vault.
Total reserve and cash held
Reserve required
Excess res. & cash in vault,
$39,875,0
110.161,0
719,258,0
33,211,0
126,985,0
142,785,0
551.587,0
62,046,0
756.418,0
55,000,0
16,000,0
44.817,0
774,0
19,0
909,0
31,113,0
1,203,0
33.225,0
7,448,0
59,342,0
9,478,0
68,820,0
58,271,0
10,549,0
1,243,0
8,689.0
4,744,0
3.945,0
1924.
Total.
$44,875.0
126,161,0
764.075,0
33,985,0
127,004,0
143,694,0
342.700,0
63.249,0
789,643.0
14,020.0
7,446.0
59,342,0
10,721,0
77,509,0
63.015.0
14,494,0
June 14
1924.
June 7
1924.
$44,875.0
126,161,0
758,105.0
34,268.0
114,436,0
131,967,0
575,282,0
62,895.0
770,144,0
9,868.0
6,015,0
57,760,0
10,810.0
74,585,0
61,858,0
12,727.0
$44.875,0
126,161,0
756.382.0
32,160,0
101,564,0
126.045,0
558.733,0
64,337.0
749,115,0
10.067.0
4,215,0
57,508,0
10,533,0
72,256.0
60,506,0
11.750.0
• Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 25 1924 in
comparison with the previous week and the corresponding
date last year:
June 25 1924. June 18 1924. June 27 1923
Resources$
$
$
Gold with Federal Reserve agent
635,262,000 635.299,000 637,278,000
Gold redemp.fund with U. S. Treasury_
4,074,000
5.432,000
9,592.000
Gold bald exclusively agst. F.R.notes_ 639,336,000
Gold settlement fund with F.R. Board_.. 148.845,000
Gold and gold certificates held by bank__ 195,377,000
Total gold reserves
Reserves other than gold
640,731,000
196,440,000
198,969,000
646,870,000
253,292,000
156,425,000
983,558,000 1,038,140,000 1,056,587,000
28,571,000
28,031,000
26,779,000
Total reserves
.1,012.129,000 1.064.171,000 1,083,366,000
Non-reserve cash
14,934,000
18.519,000
8,128,000
Bills discountedSecured by U.8. Govt. obligations.- 25,703,000
20.717,000 120,956,005
Other bills discounted
16,217,000
15,728,000
39,372,000
Total bills discounted
Bills boughtin open market
U. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
41,920,000
12,733,000
36,445,000
18,414,000
160,328,000
43,711,000
1,202,000
102.453.000
32,582,000
1.202,000
101.299.000
34.043,000
1,149,000
8,552.000
21,443,000
Total U.S. Government securities-- 136,237,000
Total eguntng assets
Uncollected items
Bank premiums
All other resources
190,890,000
131,971,000
15,549,000
7,310,000
Totalresources
136.544.000
31,144,000
191,403,000
164,422,000
15,174,000
6.757,000
235.183,000
128,457,000
12,398,000
1,478,000
1,372,783,000 1,458,446,000 1,469,010,000
LiabilitiesFed. Res. notes in actual circulation__ __ 341,286,000
Deposits-Member bank, reserve Scot. 813.381.000
Government
8,268,000
Other deposits
12,173.000
344,007,000
879,229,000
2,641.000
11,167,000
533,713,000
705,323,000
18,954,000
15,091,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
Ail other liabilities
893,037,000
129,385,000
29.983,000
59,929,000
2,125,000
739,368,000
102,954,000
29,206,000
59,800,000
3,969,000
Totalliabilities
833,822,000
105,560,000
29,983,000
59,929,000
2,203,000
1,372,783,000 1,458,446,000 1,469,010,000
Ratio of total reserves to deposit and
Fed. Res, note liabilities combined__ Contingent liability on bills purchased
for foreign correspondents
CURRENT
86.1%
8.60%
85.1%
11,312,000
11,324,000
11,091,000
NOTICES.
-Henry Fairfield Osborne Jr., a member of the firm of Redmond & Co.,
New York, will become their resident partner in Philadelphia. Redmond
& CO. was organized more than thirty years ago originally under the
name
of Redmond, Kerr & Co., and, in 1904, was changed to Redmond & Co.
Offices are maintained in New York, Philadelphia, Pittsburgh,
Baltimore
and Washington, with representatives in other important cities and
foreign
connections of long standing. Memberships are held on the New
York,
Philadelphia and Pittsburgh stock exchanges.
3176
THE CHRONICLE
[VOL. 118.
Weekly Return of the Federal Reserve Board.
afternoon, June 26, and showing the condition
The following is the return issued by the Federal Reserve Board Thursdayfirst
table we present the results for the system
the
In
Wednesday.
on
business
of
close
the
at
Banks
Reserve
of the twelve
those fo the corresponding week last year.
with
and
weeks
preceding
seven
the
for
figures
the
with
as a whole in comparison
banks. The Federal Reserve Agents'
twelve
the
of
each
for
separately
liabilities
and
resources
the
shows
The second table
Reserve
notes between the Comptroller and
Federal
in
transactions
regarding
details
gives
following)
Accounts (third table
comment
upon the returnsfor the latest
Board's
Reserve
The
banks.
Reserve
Federal
and
latter
the
between
Reserve Agents and
Discussions.'
and
Events
"Current
of
department
our
in
item
first
the
being
3148,
week appears on page
THE CLOSE OF BUSINESS JUNE `215 1924.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
1924. May 21 1924. May,14 1924. May 7 1924.fJune 27 1923
June 25 1924. June 18 1924. June 11 1924 June 4 1924. May 28
5
S
RESOURCES.
2,135,212,000 2,110,776,000 2,035,011,000
2,118,093,000 2,118,962,000 2.091,061,000 2,089,133,000 2.103.883,0002,113,340,000
Gold with Federal Reserve agents
57,970,006
36.216,000
39.755,000
35,911,000
46,465,000
48,439,000
37.532,000
42,249.000
38.491,000
Tress
S.
U.
with
Gold redemption fund
2,092,981,000
2,150,531,000
2,149,556,000
2,150,328,000
2,171,123,000
2,137,572,000
2,128,593,000
Gold held exclusively asst. F. R.notes 2,156,584,000 2,181,211.000 801,172,000 593,872,000 594,007.000 595,676,000 578,914.000 601,766,000 691,429,000
326,334,000
Gold settlement fund with F. R. Board. 579,518,000 574,150,000
419,488,000 422,280,000 424,690,000 393,848,000 373,478,000 392,934,000 388,439,000 377.309,000
Gold and gold certificates held by banks_
3,154.455,000 3,125,092,000 3,117,813,0003.138,168,000 3.138,476,000 3,129,606,000 3,110,744,000
3,157,841,000
3,155.570,000
Total gold reserves
91,735,000
96.461.000 101.819,000 102,810.000 102,502,000
115,833,000 114,503.000 105,047,000 - 99,827.000
Reserves other than gold
3,224.919,000 3,214,274.000 3,239,985,000 3.241.288,000 3,232.108,000 3,202,479,000
3,259,502,000
3,272,144,000
3,271,403,000
Total reserves
72,030,000
46,238,000
51,135,000
51,243.000
52,177,000
49,611,000
55,944,000
56,641,000
54,006,000
Non-reserve cash
Bills discounted:
383,297,000164,586,000
149.669,000
167,556,000
155,538,000
135,323.000
131,268,000
114,439,000
118,117,000
Secured by U. S. Govt. obligations._
232,014,000 236,941,000 244,724,000 268,097,000 285,034,000 264,948,000 255,645,000 272,729,000 391,666,000
Other bills discounted
350,131,000 351.380,000 375,992,000 401,420,000 429,600,000 414,815.000 411,181,000 440,285,000 774,963,000
Total bills discounted
86,760,000
87,287,000 204,225,000
55,892.000 '75,361,000
55,632.000
44,381,000
57,322,000
45,034,000
Bills bought in open market
securities:
U. S. Government
25,220,000
18,353,000
19,522,000
17,409,000
18,463,000
20,098,000
22,190,000
21,969,000
22,542,000
Bonds
82,938,000
308,552,000 300,216,000 334,024,000 296,666,000 245,722,000 241,688,000 241,721.000 232,091,000
Treasury notes
26,818,000
63.431,000
70,151,000
60,438.000
62,980,000
81,126.000
68,891,000
103,717,000
98.700,000
Certificates of indebtedness
333,282,000 324,641,000 323,164.000 310.882.000 134,976,000
397,890,000
422,905,000
425,902,000
429,794,000
securities
Govt.
S.
U.
Total
55,000
551,000
551,000
51,000
551,000
1,301,000
1,301,000
1,301,000
1,301,000
All other earning assets
1,114,219,000
838,505,000
795,499,000
850,193,000
810,267,000
43,000
1
2
856,
844,579.000
835,905,000
826,260,000
Total earning assets
193,000
28,000
28,000
28.000
28,000
5% redemp. fund asst. F.R. bank notes
556,594,000 685,234,000 573,450,000 573,797,000 531,954,000 598,587,000 673.130,000 566,511,000 583,917,000
Uncollected items
52,270,000
57,139,000
56,540.000
58,679,000
56,887,000
57,174,000
57,274,000
57.374,000
57,772,000
Bank premises
12.394,000
23,730,000
24,568,000
25,207,000
24,813,000
27,773,000, 26,779,000
25,151,000
24,748,000
All other resources
Total resources
LIABILITIES.
F. R.notes in actual circulation
F. R. bank notes in circulation-net_
DepositsMember banks-reserve account
Government
• Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
4,790,781,000 4,932,449,000 4,818,522,000 4,788,523,000 4,725,033,000 4,786,481,000 4,858.378,000 4,768,665.000 5,037,502,000
1,843,922,000 1,851.842,000 1.870,518,000 1,884,039,000 1,891,147.000 1,886,429,000 1.911,875.000 1,927.027.000 2,326,954,000
1,548,000
338,000
322.000
332,000
317,000
2,035,342.000 2,103,815,000 2,031,905,000 1,988,047,000 1,936,074,000 1,941,285,000 1,939,598,000 1,953,532,000 1,867,650,000.
18,381,0001 43,952,000
19,053,000
30.375,000
40,384.000
31,866,000
35,172,000
52,110,0001 • 9,648,000
24,997,000
22.439,000
24,996,000
24,961,000
20,982,000
21,221,000
19,802,000
21,007,0001 22,013,000
1,936,599,000
,000'
1,994,352
1,985,334,000
1,994,934,000
2,108,459,000 2,135,476,000 2,086,879,000 2,041,134,000 1,997,440,000
490,757,000, 597,744,000 513,620,000 516,199,000 488,715,000 547,313,000 604,329,000 500,211,000 525,165,000
109,427,000'
111.420,000, 111,472,000 111,442,000: 111,458.000 111,493,000 111,378,000 111,369 000 111,231,000 218,369,000
220,915,0001 220,915,000 220,915,000' 220,915,000 220,915,000 220,915,000 220,915,000 220,915,000
14.591,00019,440,000
14,624,000
14,790.000
15,008,000
14,780,000
15,148,000
15.308,000, 15,000,000
4,790,781,000 4,932,449,000 4,818,522,000 4,788,523,000 4,725,033,000 4,766,481,000 4,858,378,000 4,768,665,000 5,037,502,000
Total liabilities
Ratio of gold reserves to deposit and
74.6%
79.8%
80.3%
81.1%
79.6% 1
79.7%
79.8%1
79.2%1
F. R. note liabilities combined
Ratio of total reserves to deposit and
76.9%
82.4%
83.0%
83.7%
°
8
8
1
1%7
..7
2
82.2%
82.4%
82.1%
82.8%
F. R. note liabilities combined
Contingent liability on bills purchased
33,539,000
21.388.000
25,763,000
39,910,000
39.857,000
40,118,000
39,628,000
38,909.000
38,897.000
for foreign correspondents
$
1
S
$
8
$
Distribution by Maturities77,785,000
37,309,000
36,178,000
29,892,000
35,901,000, 66.995,000
24,494,000
25,896,000
18,390,000
1-15 days bills bought in open market_
175,793,000 175,118,000 194,504,000 208,935,0001 234,773,000 213,700.000 224,458,000 240,328,000 524,586,000
1-15 days bills discounted
21,529,000
31,312,000, 31,311,000,
1,100,000
1-15 days U. S. certif. of indebtedness.
40,000
151,000
1-15 days municipal warrants
1
47,013,000.
24,895,000
22,003,000
11,331,000
8.349.000
10,495,000
12,138,0001
9,659,000
8,969,000
_
market_
open
in
bought
bills
days
16-30
56,282,000
45,882,000
43,632,000
46,365,000
42,400,000
43,215,000;
41,214,000
35,038,000,
37,750,000
16-30 days bills discounted
14,055,000
21,116,000
944,000
944,000
16-30 days U. S. certif. of indebtedness.
15,000
51,0001
51,000
51,0001
16-30 days municipal warrants
36,906,000
19,685,000
13,465,000
11,481.000
8,638,000
6,790,000,
5,125,000
15,554,0001
11,907,000;
31-60 days bills bought in open market_
83,480,000
72,802,000
67,281,000
71.417,000
68,268,000' 66,669,000
57,778,000
55,717,000; 54,109,000
31-60 days bills discounted
12,059,000
13.247,000
31-60 days U. S. certif. of indebtedness.
51,000
51,000
1
51,000
51,000
31-60 days municipal warrants
37,723,000
5,098,000
3,448,000
2,720.000
,
2,274,000
1,774,0001
1,940,000
4,790,000
4,074,0001
_
market_
open
in
bought
bills
days
61-90
61,403,000
44,369,000
37,290,000
41,851,000
42,688,000
38,315,0001
37,679,000
38,390,0001
38,710,000
61-90 days bills discounted
177,000
943,000
1
943.000
61-90 days U. S. certif. of indebtedness.
61-90 days municipal warrants
4,798,000
300,000
267,000
268,000
504,000
672.000
684,000
1,694,0001
Over 90 days bills bought in open market
49,212,000.
36,844,000
38,520,000
41,482,000
43,070,000
44,687,000
43,817,000
45,193 P"
Over 90 days bills discounted
5,112,000
47,438,000
48,790,000
49,376,000
49,035,000
48,871,000
34,435,000
Over 90 days certif. of indebtedness.
1
Over 90 days municipal warrants_
Federal Reserve NotesOutstanding
Held by banks
In actual circulation
1
2,339,991,00012,356,224,000 2,363,666,000 2,374,943,00012,376,708,000 2,398,475,000 2.419,055,000 2,440,306,000 2,665,141,000
496,069,000; 504,382,000 493,148,000 490,904,0001 485,561,000 510,048,000 507,180,000 513,279,000 438,187,000
1,843,922.000,1,851,842,000 1,870,518,000 1,884,039,00011,891,147,000 1,888.429,000 1,911,875,000 1.927,027,000 2,226,954,000.
3,305,455.000 3,318,336.000 3,335,043,000 3,337,600,000 3,354,727,000 3,358,102,000 3,371,658,000 3,511,965,000,
Amount chargeable to Fed Res. Agent 3,281,912,000
941,921,0001 949,231,0001 954,670,000 980,100,0001 980,892,000 958,252,000 939,047,000 931,352,000 846,824,000
In hands of Federal Reserve Agent
2,339,991,00012,356,224,000 2,383,668,000 2,374,943,0002,376,708,000 2,398,475,000 2,419,055,000 2.440.306,000 2,665,141,000
Issued to Federal Reserve Banks._
320,429,000
How Secured334,604,000 334,804,0001 335,864,000 335,864,000 335,864,000 335.864,000 335,884,000 335,864,000 630,130,000
Sy gold and gold certificates
221,898,000 237,262,000 272,605,000 285,810,000 272,845,000 283,135,000 283,843,000 329,530,000 118,451,000
By eligible paper
110,243,000 113,963,000 113,172,000 118,743,000 112,704,000 114,397,000
115,986.000
108,817,000
Gold redemption fund
1,674,672,000 1,668,372,000 1,844,954,000 1,639,306,000 1,654,827,000 1,858,733,000 1,686,644,000 1,680,515,000 1,596,131,000
With Federal Reserve Board
2,665,141,000
2,339,991,000 2,356,224,000 2,363,686,000 2.374,943.000 2,376,708,000 2,396.475,000 2,419,055,000 2,440,306,000
Total
437,634,000 495,460,000 448,984,000 489.253,000 506,229,000 938,477,000
404.656,000
397.098.0001
383,434,000
Eligible paper delivered to F. R. Agent.
•
• Includes Victory notes.
LIABILITIES OF EACH OF THE 12 FEDERLA RESERVE BANKS AT CLOSE OF BUSINESS JUNE 251924.
Two ciphers (00) omitted.
Boston. I New York. Phila. ICIevelan4..1lifehmond Atlanta. Chicago. St. Louts. Minneap. Kan. City
Federal Reserve Bank Or$
$
$
$
5
$
$
$
8
1
8
RESOURCES.
187,836,0 210,850,0 38,272,0 124,697,0 279,782,0 62,093,0 57,537,0 56,488,0
aold with Federal Reserve Agents 211,083,0 635,262,0
1,520,0
1,500,0
2,561,0
2,177,0
2,066.01
4,344,0
4,074,0 11,168,01 1,288,0
3old red'n fund with U.S.Treas. 3,779,0
639,336,0 199,002,01212,147,0 42,616,0 126,763,01281,959,0 64,654,0 59,057.0 57,988,0
Gold held excl. agst.F.R.notes 214,862,0
7,803,01115,514,0 28,670,0 7,639,0 21,307,0
148,845,0 30,914,0 85,572,0 30,033,0 17,136,0
Ilold settle't fund with F.R.B'rd 51,559,0
68,599,0 8,187,0 9.707,0 5,105,0
195,377,0 34,815,0 19,018,0 8,784,0
71old & gold ctfs. held by banks__ 19,490,0
316,737,0 82,335.0 151.702,0 468,072,0 101,511,0 76,403.0 84,400,0
284,731.0
983,558,0
283,911.0
Total gold reserves
28,571,0 3.552,0 9,612,0 4,280,0 13,643,0 15,074,0 12,458.0 1,754,0 4,700,0
11,232,0
Reserves other than gold
1,012,129,0 268,283,0 326,349,0 86,615,0 165,345,0 481,146,0 113,969,0 78,157.0 89,100,0
297,143,0
Total reserves
898,0 3,319,0
14,934,0 1,775,0 2,989,0 2,517,0 4,326,0 9,498,0 4,099,0
3,562,0
Non-reserve cash
Bills discounted:
895,0 1,731,0
5,271,0
15,842,0
5,120,0
9,245,0
17,857,0
18,993,0
25,703,0
10,286.0
Sec. by U.S. Govt. obligations 5,497,0
16,217.0 8,267,0 11,487,0 38,463,0 28,453,0 35.568,0 16,399,0 13,622,0 18,261,0
Other bills discounted
41,920,0 27,260,0 29,324,0 54,305,0 33,573,0 44,813,0 21,670,0 14.317,0 19,992,0
15,783,0
Total bills discounted
844,0 1,187,0 2,036,0
789,0 2,238,0 3,758,0
12,733,0 2,485,0 4,415,0
1,817,0
market
Mils bought in opensecurities:
U. S. Government
7,538,0 2.003,0
389,0
1,191,0
4,426,0
2,915,0
549,0
1,202,0
541,0
Bonds
42,676,0 6,529,0 13,348.0 19,969,0
23,806,0 102,453,0 23,721,0 28,192,0 2,949.0
Tresaury notes
3,859,0 5,815,0
1,560,0
20,0
13,808,0
985,0
9,487,0
4,681,0
32,582,0
Certificates of Indebtedness). 8,392,0
400.0 An win n 808110 24.743.0 27 787 8
.,sonI 126 217.0 26.911.0 40.574.0 5.1250
• ...--- •-• - -_- --.....,-
Dacia. San Fran.
Total.
$
$
$
29,278,0 224,906,0 2,118,093,0
38,491,0
1,179,0 2,837,0
30.457,0 227,743,02,158,984,0
8,181,0 33,246,0 579,518,0
8.625,0 33.958,0 419.468.0
47,283,0 294,947,0 3,155,570.0
7,012,0 3,945,0 115,833,0
54,275,0 298,892,0 3,271,403,0
54,008.0
2,802,0 3,507,0
1,482,0 5,912,0
14,220,0 25,580,0
181,117,0
232,014,0
15,682,0 31,492,0
8,379,0 4,373,0
360,131,0
45,034,0
10,0
1,780,0
14,183,0 30,746,0
4,685,0 12,888,0
22,542,0
308,552,0
98,700,0
20.608.0 43,642.0
429,794,0
JUNE 28 1924.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston. New York. Phila.
$
All other earning assets
Total earning assets
Uncollected items
Bank premises
All other resources
50,339,0
48,643,0
4.312,0
62.0
$
3
1,301,0
3177
Cleveland. Richmond Atlanta. Chicago. St, Louis. Minneap. Kan. City Dallas. San Fran,
$
$
$
$
$
$
$
$
$
190,890,0 59,977,0 74,313.0 80,199,0 36,220,0 109,481.0 30,603,0 40,247,0 49,815,0 44,669.0 79,507,0
131,971,0 53,410,0 53,579,0 47,105,0 20,6980 74,347,0 28,527,0 11,718,0 32,635,0 19,460,0 34,501,0
15,549,0 1,113,0 9,129,0 2,528,0 2,728.0 8,264,0 2,008,0 2,781,0 4,595,0 1,912,0 2,855,0
7,310,0
195,0
205,0
208,0 1,693,0
338,0
134,0 5,556,0
959,0 4,045,0 4,041,0
Total.
$
1,301,0
826,260.0
556,594,0
57,772,0
24,746,0
Total resources
404,061,0 1,372,783,0 384,753,0 466,544,0 199,172,0 231,010,0 683,074,0 179,338,0 139,357,0 180,423,0 126,963,0 423,303,0
4,790,781.0
LIABILITIES.
F.It. notes in actual circulation_ 199,079,0 341,286,0 185,824,0 213,931,0 72,073,0 137,739,0 256,591,0 61,387,0 67,773.0 62,484,0
40.548.0205,207.0 1,843,922,0
Deposits:
Member bank-reserve acct._ 126.594,0 813,381,0 114,146.0 162,765,0 61,509,0 .57,322,0 311,157,0 72,340,0 45,388,0
72,850,0 48,479,0 149,411,0 2,035,342,0
Government
6,029,0
8,268,0 5,475,0 4,022,0 3.244,0 6,074,0 6,336,0 2,346,0 1,705,0 1.847,0 2.861,0 3.903,0
52,110,0
Other deposits
217,0
12,173,0
152,0
234,0 1,117,0
111,0 1,028,0
450,0
368,0
304,0
284,0 4,569,0
21,007,0
Total deposits
132,840,0 833,822,0 119,855,0 167,904,0 64,905,0 63,507,0 318,521,0 75,136,0 47,461,0 75,001,0 51,624,0 157,883,0 2,108,459,0
Deferred availability items
47,341,0 105,560,0 48,212,0 47,033,0 43.584,0 14,636,0 60,666,0 26.972,0 11,868,0 28,256,0 21,248.0 35,381,0 490,757,0
Capital paid in
7,972,0
29,983,0 10,208,0 12,644,0 5,851,0 4,580,0 15,152,0 5,066,0 3,391,0 4,415,0 4.139,0 8,019.0 111,420.0
Surplus
16,390,0
59,929,0 19,927,0 23,691,0 11,672,0 8,950,0 30,428,0 10,072,0 7,484,0 9,496,0 7.577,0 15,301,0 220,915.0
All other liabilities
439,0
2,203,0
727,0 1,341,0 1,087,0 1,598,0 1,718,0
705,0 1,380,0
771,0 1,827.0 1,512,0
15,308,0
Total liabilities
404,061,0 1.372,753,0384,753.0 466,544,0 199,172,0 231.010,0 683.074,0 179,338,0 139.357,0 180.423,0 126,963.0 423,303,0
4,790,781.0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
89.5
88.1
87.8
85.5
63.2
82.2
33.7
67.8
83.5
64.8
58.9
82.3
82.8
Contingent liability on bills purchased for foreign correspond'ts
11.312.0 3.774.0 4.552.0 2.218.0 1.712.0 5.797.01 1.906.0 1.401.0 1.790.0 1.478.0 2.957.0
38.897.0
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF BUSINESS JUNE 25 1921.
Federal Reserve Agent atResources-
Boston. New York Phila.
Cleve. Richm'd Atlanta Chicago.
,
Si. L. Minn. K.City.' Dallas. San Fr.! Total.
(In Thousands of Dollars)
$
$
$
$
$
$
$
$
$ I
$
91,700 251,980 47,760 58,470 40,065 74,680 206,720 26,100 23,036 28,093 23,317 70,000 941,921
Federal Reserve notes outstanding
Collateral security for Federa. Reserve notes outstanding 218,670 637,165 212,384 235.701 80,068 149,257 286,312 73,252 71,072 76,352 48,849 250,9112,339.991
Gold and gold certificates
35,300 238,531 14,000 8,780
2,400
9,985 13,052
12,556
334,604
Gold redemption fund
12,783
30,731 13,447 12,079 2,977 5,297
6,137 3.608 1,485 3,128 3,222 13,625 108,817
Gold Fund-Federal Reserve Board
163,000 366,000 160,389 190,000 35.295 117,000 273,645 48,500 43,000 53,360 13,500 210,983 1,674,672
Eligible paperfAmount required
7,587
1,903 24,548 24,842 41,794 24,560
6,530 11,159 13,535 19,864 19,571 26,005 221,898
'Excess amount held
10,013
716 8,850 13,060 11,167
48,080
41,554 11,192 1,601 1,917 4,678 8.7081 161,536
Total
539,053 1,574,390 473,244 538,722 213,257 384,361 820,898 183,796 166,781 182.714 125,693 580,53015,783,439
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
1
310,370 889,145 260,144 294,171 120,131 223,937 493,032 99,352 94,108 104,445 72,166 320,911,3,281,912
Collateral received fromf Gold
211,083 635,262 187,836 210,859 38,272 124,697 279,782 62.093 57,537 56,488 29.278 224,906 2,118,093
Federal Reserve Bankl Eligible paper
17,600
49,983 25,264 33,692 54,854, 35,727
48,084 22,351 15,136 21,781 24,249 34,713 383,434
Total
539,053 1,574,390 473,244 538,722 213,257:384,361 820,898 183,796 106.781182,714 125,693,580,530,5,783,439
Federal Reserve notes outstanding
218,670 637,165 212,384 235,701 80,066 149,257 286.312 73,252 71,072 76,352 48.849250,911 2,339,991
Federal Reserve notes held by banks
19,591 295,879 26,560 21,770 7,993, 11,518
29,721 11,865 3,299 13,868 8,3011 45,704 496.069
Federal Reserve notes in aotual circulation
199,079 341,286 185,824 213,931 72,073 137,739 256,591 61,387 67,773' 62,484 40,548105,2071,843,922
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;
the liabilities of the 749 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" of Dec. 29 1917, page 2639. The comment of the Reserve Board upon
the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 3148.
I. Data for all reporting member banks in each Federal Reserve District at close of business June 1924. Three ciphers (000) omitted.
18
Federal Reserve District.
I Boston INew York' Phila. !Cleveland, Richned I Atlanta I Chicago I St. Louis: Mnpls. IKan. CilyI Dallas ISon Fran.' Total.
Number of reporting banks
43
76
79
55
108
36'
104
341
72511
25
$ 66
749
$
Loans and discounts. gross:
$
S
1
S
1
S
1 S 1
3
1
Secured by U.S. Gov't obligations
$
$
10,0081 92,665' 11,086
7,5171
21,790
7,7891 33,412,
7,757
8,064,1
2,800,1
3,188
214,639
10,563
Secured by stocks and bonds____1 227,071 1,810,1631 269,247 409,678
123,613
65,806, 595,504' 143,807
37,5021 81,879, 60,560' 196.385 4,021,215
All other loans and discounts__ 612.138 2,509,690 360,884 715,847 336,3921
344,933 1,178,1471 308,670 185.762 315,4201 199,7971 807.966 7,875,646
Total loans and discounts-___ 849,217 4,412,5181 641,217 1,147,315 467,5221
418,528 1.807,063 460,2341 226,0641 403,363 263,545 1,014,914 12,111.500
U. S. pre-war bonds
13,5201 51,341
10,675
47,492
29,432
14,7561 23,781
14,8091
272,824
28,272
19.019
11,329
U. B. Liberty bonds
80,549, 571,252
47,473 132.920
24,875
11,4231 123,576
23,4241 15,184' 37,066
11,547 106,742 1,186,031
U. S. Treasury bonds
6,053' 26,0871
2,304
2,213
1,0221
629,
11,688
3,492, "98
380
69,309
11,486
1,187
2,770
Treasury
U. S.
notes
319,185'
17,138
44,129
30.207
4.899
3,7241
112,598
14,995' 27,3461 13,989
632,643
33,492
10,943
U. S. Certificates of Indebtedness_
55,4131
16,268
,
2,453,I
, ,
2.808' 16,202
2,858
12,633
3,333
2,026
134,318
4,520,
Other bonds, stocks and securities_ 189,372, 958,747 209,397
317,880
51,8791 41,2961 348,814
91,5361 23,4221 56,816
13,3511 161.647 2,464,157
loans & disels & investm•ts 1,172,117
5431 949,917 1,699,109 582,0821 493,164 2,443,718 611,348 305,3141, 527,359 322,925 1,369,188 16,870,782
balance with F. R. Bank_
76,258 6,394Resrv 794.7811 71,175 110,720
35,418, 38,230, 235,627
44,7631 20,428' 48.776
24,459; 97,617 1,596,232
Cash
I
76,676
19,425
14,959
30,252
13,34416
10,66 ' 53,509
8,824; 21,029
7,198,
6,0311 12,787
274,700
Net demand deposits
817,451 5,387,3071 694,555 909.885, 326,0131 267,398 1,582,713 358,256! 194,7971
401,471 213,6211 729,522 11,882.989
Time deposits
975,252
293.388
,
670,127'
169,533
185,927, 836,691 197,9111 84,438 134,982
610,794 4,379.316
87,8381
Government deposits
27,546' 15,761
20,560
17,005
5,493
6,115
16,545
2,860
9,440
3,7971
129,485
Bills payable and rediscounts with
1,520
2.843
Federal Reserve Bank:
1
1
1
1
1
1
Secured by U. S. Govt. obliga'ru3
9,884
1,181
4,025
7.390
3,807
3,846
4,744 • 1,103
4,455
525
41,791
671
160
All other
1,992
8.899
600
5,843
14,741
8.816,
8.404
4,374
9,943
3.685
8,145
1,001
74,443
2. Data of reporting member banks in Federal Reserve
Bank and branch cities and all other reporting banks.
Three ciphers (000) omitted.
New York City.
City of Chicago.
All F. R. Bank Cities. F. R. Branch Cities.Other SeleaedCitia•
June 18.'June 11.June 18.June 11. June 18.
Number of reporting banks
67
48
67
48
Loans and discounts, gross:
$
$
$
$
Secured by U.S. Govt. obligations 85,457!. 82,587
26,377
25.601
Secured by stocks and bonds_._.1,609,0521,553,757 440,531 436.574
All other loans and discounts..-.2.203,561,2,237,787 688,964 674,476
Total loans and discounts
3 898,0703,874,131 1,155,096 1,137,427
Ti. S. pre-war bonds
39.927
39,751
4,189
4,188
U. S. Liberty bonds
504.397 500,646 80,761
56,593
U. S. Treasury bonds
18,702
4,355
18.67
4,350
notes
Treasury
IL, S.
296,354 317,426
77,866 80,525
U. S. Certificates of Indebtedness_
53,737
19,504
6,499
13,338
Other bonds, stocks and securities_ 732,495 733,400 164,184 164,859
1
Total.
June 11. June 18. June 11.June 18. June 11.June 18*24 June 11'24 June 20.23
255
255
197
749'
197
749
774
297
297
$
$
$
$
!
$
$
$
149,808 148,288
35,337 36,022
214,177 252,182
29,494 29,869 214.639
2,867,822 2,806,448 623,565 632.081 529,828 527,954 4,021,215 3,966,483 3,755,3.52
4.892.3031 4.900,632
1,618,9281,626,939 1,364,415 1,368,550 7,875,646 7,896,121 7,782,860
,
7,909,933 7,855,366 2,277,830 2,295,042 1,923,7371,928,373 12.111,50012,076,781 11,790,394
91,917
76.973! 75,463 103,934 103,230 272,824 270.133 280,371
91,440
753,951
740.712 260,375 257,530 171.705 170,4751,186,031 1.168.717 1,031,202
38,593
35,729
15,650
69,433
16,754
16.950
69,309
17,066
95,658
464,507 .487,799 110,542 115,216
57,594 59,799 632,643 662,814 983,591
101,717
56.403 22,392 20,502
85,516
134,318
8,611
10,209
159,606
1,388,022 1,386,737 621,130 621,642 455,005 454,713 2,464,157 2,463,092 2,140,159
IITotal loans & disets & invest'ts_ 5,543,682 5,503,531 1,472.9 I 1,461,28010,746,640 10.654,186
3,384,8923.402,345
2,739,95516,870,78216,796,48616.480.981
with
balance
F.
R.
Reserve
Bank... 742,072 692,00
171,853 150.071 1,180,771 1.126,7911 243,508 247,307 2,739,250
171,953 165,394 1,596,232 1,539.4921 1,397,116
Cash in vault
62,149 65,582 27,355 28,44.
136.776
141,932 59,146 61,189 78,778, 83,956
274,700 287,0771 279,247
Net demand deposits
4 865.1414,771,3001.078,2351,051.877 8,307,116 8.189.27
711.928,183 1,939,4491,647,6901,656,031 11.882,989I11.784.75711.094.097
684,090 644,305 386.554 386,038 2,121,329
Time deposits---- -2,099,604 1,316,274 1,312,821 941,7131 935,402 4,379,3101 4,347,826 3,995,750
Government deposits
23,614
8,082
19,617
4,874
87,856
50,96
31,324
22,70
80,19
129,4
10.305
6,52
255.582
Bills payable and rediscounts with
F. R. Bank:
Secured by U.S. Govt. obllgatlo
5.650
2,851
668
371
13,625
7,947j 17,497
34.721
55,276
41,791
12.60f)
10,669
245,498
1,927
All other
1,89,
2,167
2,221
24,402
28.10
18,292 20,35
31,749 36,58
85,04
74,443
216,292
Ratio of bills payable & rediscoun
with F. IL Bank to total loan
per cent
and invtments,
0.1
es
0.1
0.2
0.2
0.4 _
0.3
1.1
1.8
.
1.8
0.8
2_8
*Includes Victory notes.
I
s
s
[Vou 118.
THE CHRONICLE
3178
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Vaulters' Mazette
Wall Street, Friday Night, June 27 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 3167.
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 27.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
per share. $ per share $ per share.
Par. Share $ per share. I
Railroads.
Mar 232 June
100 218 June 24 221 June 24 199
Central RR of N J__ .100
Feb
Jan 37
400 34 June 23 25 June 27 29
100 70 June 26 70 June 26 6834 AP 75% Jan.
100
Preferred
June
59%
Jan
50
21
June
58
24
Cob & Sou, 1st pret_100 690 5634June
Jan 50% June
100
100 50%June 26 50%June 26 45
2d preferred
2%June 24 2%June 24 2% Jan 4% Jan
20
Duluth S S & ALL__ A00
5% June
Apr
334
27
June
5
414June 251
20
10
Preferred .
Jan
Mar 110
104
Illinois Central pret_100 1,20 107 June 241108%June 27 64
June
Jan
67
27
June
67
67
June
67
20
100
RR Series A
Jan
74
Jan
70
23
7114.1une
40 7114June 23
Leased line stock_.100
Jan 30 June
200 2914June 21 2934June 21 22
Int & Gt Nor Ry(w 1)100
June
50
May
44%
26
June
50
26
June
50
100
100
pfd
Int Rys Cent Am
Jan
20e 3334June 21 35 June 27 2934 Apr 46
100
MStP&SSM
100 3%June 24, 314June 24 3% June 5% Feb
Nat Rys Mex 1st pfd 100
June
23%
Mar
15%
26
23
23
%June
11,500 22%June
Reading rights
Industrie/ & MIseell.
Jan
102
All America Cables_100 600 9834June 23 09%June 25, 96% May
Jan
100 65 June 27, 65 June 271 51% Feb 66
Amer Chicle. pro!. _100
June
1
Jun
34
27
June
140
21
4June
18,80'
Amer Ice rights
Apr 14414 Jan
100 110 June 27, 1 June 27 134
100
American Snuff
,,J line 23 2,112 May 31,12 June
Amer Tel & Tel rights_ - - 100178 3%June 23 3,
% Jan
4 Mar
3,
%June 26
34.une 26
100
Assets Realization__10
510 85 June 23 853-June 27 8334 May 88% Jan
Assoc Dry G'ds let 91100
Feb
Jan
95
89
21
21,
90%June
100
903(June
100
2d preferred
Atlantic Fruit 1
200 1%June 26 1 %June 26 1% Jan 234 Feb
Col 'Tr Co Mfg of dep.
6 June 23 6 June 23 5 Jun 11% Feb
• 20
Atlas Tack__
300 9%June 23 9 NJ line 23 8% May 15% Jan
Brit Emp Steel 2d pf _100
.100
June 26 28 June 26 20 June 42% Jan
100
28
pref
1st
Fish,
Booth
Feb 69 Jute
100
100 69 June 25 69 June 25 60
Bush Terminal
25 300 1434June 25 1474June 23 134 May 19% Jan
Calumet & Heels
Case (J I) Threshing
Jan
100 200 47 June 27 47 June 27 4134 May 77
Mach, pref..
Jan
Century Rib Mills_ - -• 400 26%June 26 26%June 26 25% Apr 3331 June
34
May
34
June 27 3094
• 100 34 June 27
Com Invest Trust
Apr
lOS
100 94 June 23 94 June 23 93 May 98
Preferred
• 100 9 June 24 9 June 24 724 May 1214 fob
Conley Tin Foil
25
100 94 June 21 94 June 21 8934 Apr 9714 Jan
Cont Insurance
.
pref
_100
100 120%June 24 120%J ane 24 1534 Apr 12034 June
Ref
Prod
Corn
Apr 8814 June
E I du Pont6% pref _100 600 88 June 21 8814.1une 25 85
Jan
Mar 25
100 25 June 21 25 June 21 22
Elk Horn Coal CorP Pf 50
2834 June
25%
May
June
25
27
24
Ws
*
tens
26%June
3,900
F'banks Mores
100 79 June 26 79 June 26 70 June 84 June
Fed Lt & Tree tern etts_*
Jan
200 40 June 25 40 June 25 40 May 65
Fisk Rubber bat pref _100
Feb
Jan 110
Gen Baking Co..... -• 1,700 9834June 23 109 June 26 93
Jan
June 55
Gen Refractories-- -• 2100 31 June 26 38 June 23 31
Jan 102% Apr
Gimbel Bros pref. _100 '300101 June 26 101 June 29 99
Apr 10844 Jan
100 108 June 27 108 June 27 05
Gt West Sugar pref._ 100
Mar
Jan 200
10 191 June 24 191 June 24 59
Ingersoll Rand__ __. 100
200 3%June 23 3%June 23 3 June 994 Jan
- .*
Int Agricultural new.
• 200 2734June 24 27%June 25 2734 June 3234 Mar
Intertype Corp
Feb 9614 June
100 953lJunc 23 95%June 23 92
K C Pr & Light 1st Pref-*
Jan
Kelly Spr The6% pf 100 200 40 June 26 40 June 26 50 June 7834 Jan
• 1,400 5834June 23 5931June 26 5234 May 63
Kinney Co
Jan
97%
Mar
93
June
27
88
27
June
100
93
100
Preferred__ _ .
200110 June 26 11034June 24 110 Jun 11434 May
Kresge(SS)Co pret_100
June
4
Jun
27
26
58%June
5834
4734June
794
Stores
26,803.
Dept
Kresge
95 June 2e 0714June 26 95 June 9734 June
Preferred
Feb
100 116%June 21 116%June 21 11434 May 117
100
Lorillard pref
June 21 103 June 21 100 May 103 June
103
pret_100
100
McCrory Stores
Feb
300 6414June 24 6414June 27 64% Apr 69
Mackay Cos met_ _ _ _100
100 91.14June 24 91%June 24 91% June 91 June
Mathicson Alkali p1_100
Apr
75
June
27
24
7134
74%June
_100
7134June
pf
300
Midland 511 Prod
Apr
100 106%June 27 106%June 27 10434 Apr 108
Montana Power pref _100
Jan
24
9814
May
99
June
24
June
99
pret.100
100
10034
Co
Motors
Nash
Jan
10J 80 June 21 80 June 24 78 may 89
Nat Enam & S•pg p1_100
Mar
• 100 25 June 21 25 June 21 23 June 27
New York Canners_
Mar
88
9234
25
25
Mar
91%June
9134June
100
•
wet-N Y Steam, 1st
2734June 21 27 Jun 27% May
Nies Falls Pr,pt, new.25 1,300 27%June 21
June 102H May
100 101 June 24 101 June 21 101
Nies L &0Pow,Pt- -1
May 30
Jan
• 600 19%June 23 1934Junn 23 18
Onyx Hosiery
24 96
Jan 109% June
Otis Elevator, pref. 100 300 109 June 21 10934June
Mar
21
June
74%
June
24
48
50
48
June
500
100
Otis Steel, pref
100 85 June 27 85 June 27 85 June 9514 Feb
Pacific Tel & Tel__ _100
Jan 40% Jan
100 40 June 23 40 June 23 35
panhandle p & R,pf _100
Apr
•12,10028 June 21 293lJune 26 2134 June 30
Park & Tilford...
200 257.4June 25 26%June 27 193, Mar 30% Jan
Penna. Cord & Coke__ -50
45
June
24
24
Jan
42%
200
4414June
4434.Iune
_50
pref
Co,
Philadelphia
Jan
Jan 101
300 06%June 25 97 June. 27 95
Pittsburgh Steel. pre( 100
13%June 21 11% Feb 13% June
Pitts Utli, pref eh's_ _ _10 900 1334June 21
June
105
Apr
104
24
26
99%
June
%June
103
300
PSC0rpNJPI,S%.l05
3,300 11 June 25 127.(June 21 234 May 1214 June
Rights
100 9834June 23 9831Juno 23 94% May 98M June
Pub Sery El Pow,pf _100
May
Jan 116
100 115%June 23 115%June 23 113
Railway steel Spr,pf.100
1034June 2 1134June 25 1014 June 16% Jan
400
•
Co
&
(Robt)
Reis
June
95
Mar
95
June
23
2
86
June
94
1,400
_25
Rossia Insurance Co_
24,700 571June 26 634June 23 534 June 614 June
Royal Dutch rights
May 114 June
100 11034 June 27 110%June 27 105
Schulte Rot Stores p1100
Jan 4134 Feb
34%June 26 36 June 23 33
Shell Trans & Trading £2 1,211 34%June 26 3541June 26 31% May 36% June
4,100
•
_
ctfs_
Elee
&
Gas
Stand
3534 June
May
24
29
23
327.lJune
June
30
3,920
•
_
ctfs_
Stand Plate Glass
Jan
Feb 115
200 110 June 24 110%June 23 110
100
Studebaker pref
6%June 26 6% June 614 June
26
6
%June
6
ctfs.
Corp
Tel-Autograph
Jan
35%
May
28
23
23
June
June
28
2534
400
Transue &WmsSteb..*
457.IJune 25 47%June 21 421.4 June 4734 June
United Cigar St's, new 25 2,900 1834June 2 2030une 21 1534 May 21
June
12,400
_*
ctfs_
Univ P & R,tern
57 June 24 50 June 21 57 Juno COM June
Pret temp certits._100 2,800 23%June 24 25 June 24 2134 Apr 25% Juno
U S Distributing Corp.• 5,000
Jan
Apr 105
200100 June 27100 Juno 27 100
1
Preferred
May 3314 Jan
200 19%June 27 2034June 27 16
100
Van Raaite
Jan
79%
June
71
71
27
27
June
June
71
100
.100
Va Coal & Coke, pref
Jan
200115 June 21 115 June 21 11134 Apr 115
c 7% cum pf 100
West
Jan 80% June
72
23
22
8034June
14June
50
100
0
-5
West E & M,1st Pf
• 2,200 667.lJune 25 6934June 21 4734 Jan 69% June
West Penn Co
400 91 %June 21 92 June 24 87% Apr 92 J'une
Preferred, 7%._ ..100
300 18 June 23 1831June 26 15 June 72% Jan
III
Wilson Co, pre(
Week ending June 27.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Stocks.
No Shares.
Railroad
eke.
Bonds.
United
States
Bonds.
8919,000
347,200
3,029,000 $1,244,000
3,248,000
2,142,000
' 626,057
7,135,000
1,880,000
1,974,x00
629,105
9,513,000
2,611,000
2,069,000
830,840
12,378,000
6,857,000
2,855,000
12,509,000
1,065,300
2,677,000 • 5,170,000
961,400
13,069,000
-- ---- --_._ _-4.459.902 5A7 A'17 nen tin aal Ann I inn Mar non
Jan. 1 to June 27
Week ending June 27.
1924.
1924.
1923.
4,459,902
4,983,456
Stocks- No. shares_ __
Bonds.
Government bonds_ __ $29,685,000 $16,591,000
8,476,000
State and foreign bonds 12,961,000
57,637,000 33,503,000
RR. & miscell. bonds_
Total bonds.....
State.
Municipal dt
Foreign Bds.
1923.
113,229,019
126,767,649
$507,511,000
198,641,000
1,063,550,009
$418,721,000
252,642,000
850,153,000
$91,283,000 858,570,000 31,769,705,000 51,521,516,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
BOWHI.
Baltimore.
Philadelphia
Week ending
June 27 1924.
Shares. Bond Sales. Shares, Bond Sales. Share,, Bond Salea.
$21,000
197
*8,019
$3,900
20,493
$73,000
Saturday
46,300
1,191
*12,873
35,050
48,080
62,300
Monday
10,700
1,109
*9,865
29,800
56,000
Tuesday
27,513
57,6i.0
918
*15,928
38,600
26,421
Wednesday .
51,000
19,900
1,281
*17,883
34,850
61,900
15,675
Thursday.
23,200
1,134
12,940
53,000
40,200
Friday
12,493
- ----- - - 77,538 5195.200 150,675 $350,400
6,160 $178,700
Total
-.7010I ...yaw,
57.534 8219.9.50 [men, 4,40., Ann
Prey, week revised
'In addition sales of rights were: Saturday, 13 596; Monday, 22,374; Tuesday,
13,521; Wednesday, 9,261; Thursday, 13,451.
Daily Record of U. S. Bond Prices. June 21 June 23 June 24 June 25 June 26 Jar e 27
(High
First Liberty Loan
314% bonds of 1932-47_ _ Low(Close
(First3%s)
Total sales in $1,000 unlls.._ _
Converted 4% bonds of (High
-41,01s.
1932-47 (First 4s)
(Close
Total sales in $1,000 units-Converted 414% bonds (High
of 1932-47 (First 434s) Low_
Close
_
Total sales in $1,000
(High
%
434
Second Converted
bonds 01 1932-47 (First( Low_
(Close
Second 43£s)
Total sales in $1,000 units...
(High
Second Liberty Loan
4% bonds of 1927-42..._( Low_
(Close
(Second 4s)
Total sales in $1,000 unUs._ _
Converted 414% bonds (High
of.1927-42 (Second (Low.
434s)•(Close
Total tales In $1,000 units...
(High
Third Liberty Loan
Lew.
434% bonds of 1928(Close
(Third 434s)
Total sales in $1,000 units _ _
(High
Fourth Liberty Loan
434% bonds of 1933-38._(Low_
(Close
4
(Fourth )4*)
_
Total sales in 51,000
(High
Treasury
(Low.
414s, 1947-52
[Close
Total sales in 51.000 units...
101,122
101,022
10121n
647
100"32 1012s, 101h1 101,2s2
,,
100",1 10020,, 1012,, 101,
22 101,0s2
100.41 1012,2 101,
443
6
249
321
_
10166
s2
1022,, 1021;2- 102,
10122,2 10132,2 102.00 102.00
102.00 102,,, 102.00 102.00
128
61
79
51
101.00
101.00
_
101.00
11
101,s,
101,s,
10142
101'n
101'n
101'n
118
102.00
10120,2
10124,
317
10242
101"32
10242
289
10422,2
1042222
10422,2
44
101.00
1012,2
417
1022,s
10121,2
102,32
755
1022,2
10121,2
1022,2
1338
105,21
10422,2
105.00
343
1.-2;210.
10122,
1012,2
287
102222
102.00
1022,2
318
102,
s,
1022,2
1023,2
738
1053,1
10422,2
10411.,
180
101-4;
10121,
1010,2
396
1022,2
1022,2
102122
321
102,
ss
1022,1
1022,1
822
1052,2
10422,1
1042,s,
456
10-214,
ss
102.00 102,
10204, 1021,,,
366
628
101,2n
_
10110,2
101322,
9
- 101,42
1012,22
2
101,2,2
1012,2
101",s
338
1022,2
1021,1
1022,2
752
102,282
1022,2
10212,2
3084
105222
1042,n
1632
104,
101,0n
10122,,
1087
10211,2
12
102,
1022,2
928
1022,2,
1021,22
1361
105,212
1652,,
668
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
163 1st 3348
3 let 414s
65 2d 414s
10122,1 to 102,32
101.00 to 101,1102 3d 434s
%to 1021,15
1012
S
10122,2 to 10122,2 178 4th 434*
101.00 to 101222,
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
-See page 3191.
Foreign Exchange.-Sterling ruled quiet and lower.
The Continental exchanges, with the exception of francs,
ruled dull with small net losses. French francs lost ground on
renewed selling.
To-day's (Friday's) actual rates for sterling exchange were 4 2934@
3334 for
4 304 for sixty days, 4 313.4@4 3354 for cheques and 43254(g44
2934 og
cables. Commercial on banks. sight 4 31944§14 33, sixty days
dais)
(sixty
and
2951,
for
payment
documents
28(4
4
4 3054, ninety days
payment
42934(44 30H. cotton for payment 4 31%(g)4 33, and grain for
33.
4 313404
.5.2154@
To-day's (Friday's) actual rates for Paris bankers' francs weremarks
are
5.2294 for long and 5 263,60,5.28 for short. Germany bankers'
were
guilders
bills.
short
bankers'
and
Amsterdam
long
for
not yet quoted
37.16©37.20 for long and 37.51@37.56 for short.
high
Exchange at Paris on London 81.90 francs; week's range 80.15 francs
and 81.90 francs loss.
The range for foreign exchange for the week follows:
Cables.
Si rty Days.
Cheques,
Sterling Actual4 33 11-16
4 33 7-16
431 3-16
High for the week
1-16
431
430
4
9-16
28
13-16
Low for the week
Paris Bankers' Francs545
544
5 3794
High for the week
52454
523)4
5 177.4
Low for the week_
Germany Bankers' Marks0.000000000024
0.000000000024
High for the week
002354
• No par value.
Low for the week
0.00000000002334 0.000000000
THE NEW YORK CURB MARKET.
Amsterdam Bankers' GuildersDAILY TRANSACTIONS AT
37.66
37.62
37.20
High for the week
BONDS (Par Value)
STOCKS (No. Shares).
37.42
37.38
36.96
Low for the week
per $1,000
Week ending June 27.
Domestic Exchenge.-Chicago. par. St. Louis, 150250.
Mining. Domestic. For'n Govt
043.
Ind.rkAfis.
$11.0934 per
Montreal,
San
par.
par.
Francisco,
Boston,
discount.
$21,000 $1.000 discount. Cincinnati, par.
87,750 8213,000
20,550
40,250
Saturday
57,000
353,000
105,810
38,830
62,420
Monday
The Curb Market.-The review of the Curb Market is
25,000
397,900
82,900
36,010
1.6,220
Tuesday
23,000
384,000
148,650
67,730
54,315
this week on page 3167.
given
Wednesday
213,000
664,000
147,155
44,535
47,715
Thursday
101,000
548,000
76,800
35,300
58,260
A complete record of Curb Market transactions for the
Friday
649,065 82,659,900 $440,t00
week will be found on page 3190.
242,955
309,180
Total
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding
page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Scuurday,
June 21.
Monday,
June 23.
Tuesday, 1Wednesday.i Thursday,
June 24.
June 25.
June 26
Friday,
June 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share JO!!
3179
PER SHARE
Range for Preolosa
Year 1923.
Lowest
Highest
Lowest
Highest
$ Der share $ per share $ Per share I per share $ per share IS per share
Shares.
Railroads.
Par $ per share $ per share
10334 10334 10338 1037g 10314 1035, 10334 1014 .104 10412
per share
per share
lu.s44
1,200
Topeka
Atch
&
Santa
Fe-10
971
0
8
Jan
2 10412June 26
*91
94
9112 9112 9134 92
Oct 05% Max
92331 9214 9212 9214 9212 '91
9112 1,900
Do prat
100 8812 Jan 2 9212Junc 25
85%
*134 214 *2
Dec
214
Mar
90%
213 212
214 238 *233 212
218 238 5,500 Atlanta Birm & Atlantis..100
133 Feb 23
234 Jan 11
12012 121
12038 12038 120 12012 12012 122
114 Aug
314 Feb
121 12214 120% 12112 4,700 Atlantic Coast Line RR_100 112 Jan 23 126 May
1,4 10978 July 27 Feb
57
5714 5612 571g 5614 5613 8613 5812 5814
59
587
5812
8
29,300 Baltimore & Ohio
100 8212 Apr 22 6013 Jart;,
*5812 5878 *5812 587s *5812 59
40% Jan 6034 Dee
5813 5812
•5812 59
59
600
Do pref
100 5614 Apr 16 5912 Jan 5
1838 19
194 1934 1934 2112 2114 2233 59
55$4 May 6078 Mar
214 2232 2132 22
70,500 Bklyn Manh Tr v t o__No par 1312 Jan 4 2232June 25
6478 6478 6512 6634 6612 67
9/
1
4 Oct 1413 Dec
6714 6812 691g 7018 6918 6912 12,300
Fret vot tr ctfs
No par 4834 Jan 3 701sJune 26
*258 314 *234 314 *238 314
34% Oct 4972 Dec
*24 31
*233 314
212 212
100
Brunswick
Term
&
Ry____100
14638 14714 146 147
1
Jan 3
412May 9
78 Nov
2% Jan
14614 14718 14638 14738 14713 14814 14838 1481
7,000 Canadian Pacific
8012 8118 8014 8132 8038 8234 8238
100 14234 Mar 10 1507s Jan 9 13934 Sept 160 Apr
8333 8238 8414 8313 8418 48,600 Chesapeake & Ohio
*10412 107 *10512 106
100 67/
1
4 Feb 26 8414June 26
57 June 704 Jan
10512 106 *10512 106
1057
8
1057
10578
8
1057
3
400
Do
pref
*414 412 *418 412
100 99% Jan 3 106 May 24
96 June 10472 Feb
414 414
414 433
44 438
414 414
700 Chicago & Alton
314 Apr 15
51 Jan 10
*11
100
1112 *1012 11
2 May
438 Dee
104 11
1114 1114 11
111
1138 *11
1,700
Do pref
33 Jan 12% Dee
27/
818May 20 1278 Feb 29
1
4 2734 2712 2812 28
100
28,8
284
2812
*28
1
28 2 3,000 Chic & East Ill RR
4338 44
100 21 May 5 2812June 23
19 Aug 38/
*43
45
1
4414 4412 *4434 45
4 Feb
45
454 45
46
1,100
Do pref
*534 572
514 513
100 37 May 5 5112 Jan 8
4612 Aug 6214 Mar
512 534
512 512
514 534
54 613 6,300 Chicago Great Western---100
1411s 145$ 1413 1432 1413 1433 14
4 Apr 30
612June 16
2/
1
4 Oct
7 Feb
1412 144 1473 15
1634 17,900
Do pref
100 1012Junc 4 1634June 27 I
678 Oct 17 Feb
13
1334 1332 1334 1312 14 I 1312 1378
1333 1414 14
147 16,900 Chicago Milw & Et Paul---100 1134June 7 1818 Jan 10
2214 2314 22, 2314 2214 23
1114 Oct 2618 Mar
224 2312 2312 24l
2414 2538 37,900
Do pref
5434 55
5132 5412 5412 5478 55
100 2114May 27 3014 Apr 12
2032 Dec 4512 Mar
571
7,500 Chicago & North Western_100 49% Jan 3 5714June 27
*104 109 *104 106 *104 105 I•10412 554 554 5614 56
4712 Dec 88 Mar
107 107
10634 1063
200
2934 304 2813 2978 2932 295$ 2914 106
Do pref
100 100 Jan 8 10712June 16 • 9712 Dec 11818 Mar
303
8
3014
303
293
4
303
32,900
Chicago Rock Isl& Pacific_100 21% Feb 15 3112June 13
*8412 85
*13412 85
8412 8412 8434 8434 85
Oct 37/
19%
1
4 Mar
86
85
85
800
"724 73
7% preferred
72
72
100 7634 Feb 26 86 June 26
72
72 Aug 95 Feb
72 I 72
72
73
73
73
73
1,300
*3512 3612 3512 3512 3514
6% preferred
100 65% Jan 2 7312June 13
60% Aug 85 Mar
357
353
4
361
8
1,400 Colorado & Southern
*117 11734 117 1175, 11613 11612 117
100 20 Jan 2 3678June 16
Oct 4512 Feb
17
1,600 Delaware & Hudson
12312 12334 123 12334 12218 12218 1224 1171; 11714 1173 11734 1173
100 104% Mar 5 120 May 26
93% J1119 124% Feb
2914 295, 2812 2912 2814 2912 2834 12412 12373 12438 12312 12438 5,200 Delaware Lack & Western_ 50 11034 Feb 15 1267sJune 1
13012 Feb
Oct
1887
8
2912
28
287
28
2838 40,400 Erie
3638 3634 3534 3634 3512 3613 364
100 2034 Jan 3 29%„June 21
1012 May 2234 Dec
3673 3514 361
3512 36
22,500
3213 9112 33
32
Do lst preferred
100 2838 Feb 19 3678June 25
32
3212 3278 3278 32
15 Jan 3114 Dee
321
32
33
3,600
604 6078 6014 604 6012 6133 6114
Do 2d preferred
100 2512 Jan 3 33 June 23
1034 May 27% Dee
63
26034 6138 61
62
23,500 Great Northern pref
27
27
2714 2733 27
100 5334 Mar 3 63 June 25
50% Oct 80 Mar
274 27
27
2718 2732 2738 271
3,250
Iron Ore Properties_ _No par 26 May 23 31% Fob 4
1718 1718 17
1714 '16
1673 17
July 35 Mar
25
171g 171 19
1812 .187
6,000 Gulf Mob & Nor tr cUs._100 1134 Apr 30 19 June 20
674 6814 6512 6734 *6534 68
313 Aug 20 Mar
6614 67% 68
6914 69
691
3,400
Do pref
10614 10614 10512 106
100 50 Jan 3 70 June 19
10412 10538 106 106
44% Jan 6234 Feb
1065,
,
1067
10612
1067
2,800
Illinois Central
23
234 2214 2314 21
100 10014 Mar 4 1067sJune 19
99% Dec 117% Feb
2212 2234 23
2413 251 12,400 Interboro Rap Tran
20
2018 1973 1978 19% 1934 1913 2038 2314 243
100 1234 Jan 2 2512June 27
9% June 2272 Mal
2014 201
1934 201
3,200 Kansas City Southern-- 100 1734 Mar 26 2134 Feb 4
*5314 5338 5318 5318 •53
15% July 2478 Mar
5312 53
5338
53
/
1
4
54
5312
531
0
4312 4433 43
Do pref
100 5114 Mar 31 54 June 26
4334 43
4338 434 4312 4312
483
2 July 57% Mar
4638 46
471 56,200 Lehigh Valley
94
94
9314 94
50 539% Apr 10 723s Jan 25
*9314 9412 9438 95
54 June 71/
1
4 Yob
95
951g 9434 943
2,400 Louisville & Nashville
100 8738 Jan 18 9518June 26
843
4 Oct 155 gob
3634 37
3714 38
3773 38
38
3814 3812 4034 405j 411
4,500 Manh Elevated, mod guar_100 3012 Jan 2 4112June 26
'8
9
*8
10
"818 971 *8
Apr
Dec
4511
2712
10
*8
10
*8
10
Market Street Ry
'23
100
30
834Mar 15 1312 Jan 4
*23
30
*23
26 .2412 38
T14 Oct 22 Mar
•23
30
*24
30
Do pref
*4913 5034 *47
100 22 Feb 20 40% Jan 5
50
23
474 4718 *47
Oct 8812 Mal
50
*4718
4812
48%
485$
200
Do prior pref
'16
100 4312Mar 17 7113 Jan 4
23
*16
21
*18
5612 Oct 87 Mar
2012 •18
21 '18
2012 .18
21
Do 2d pref
*2
100 14 Mar 18 30 Jan 4
218
2
*j7
2
2
2
14% Oct $614 mar
2
24 *178 21
200 Minneap & St L (new)
132 Jan 3
100
4 Jan 28
135$ 1334 1314 135$ 1314 137s 1334 1433 *178
78 Aug
912 Feb
144
15
1413 15
68,700 Mo-Kan-Texas RR--__No par 1012May 20 15 June 26
38
394 3914 40
954 Oct 17 Feb
3934 4114 41
42
4134 4214 4114 42
38,800
1612 1612 1534 1612 1512 16
De pref
100 2934 Feb 18 4214June 26
2478 Oct 4512 Feb
1614 1634
1612
167
8
1612
1638 9,500 ML4souri Pacific corn
47
4714 4514 474 4514 4738 47
100
934 Jan 3 1778June 16
814 Oct 19% Feb
4734 47
481s 46
473 27,500
.132 112 *14 112
100 29 Jan 3 4912June 12
Do pref
2214 Oct 49 Feb
138 112
138 14 •138
14 *138
11
500 Nat Rys of Mex 26 pre:-....100
9934 10014 10012 10214 *9914 101
1%June 24
214 Feb 6
114 Nov
4/
1
4 Feb
*9938 10134 10118 10118 9912 10038 2.400
New On Tel & Meg
10412 10434 1037 1045, 10334 10412 10438
100 93% Fab 15 12112May 20
8212 Aug 105 Mar
1064 10632 10714 210518 1057 73,100 New York Central
88
8833 88
100 99% Feb 15 10714June 26
9012 May 10714 Dec
9014 8914 91
8912 91
8934
9212
9014
90
15,000
N
Y
Str.„
C
&
new co
8612 8612 8614 8678 87
100 7213 Feb 18 9212June 27
13712 Aug 801 Dee
8714 8714 8713 8712 8778 8712
8712 3,100
2214 2213 215, 225, 21,18 2238 22
Do prof
100 83 May 21 877sJune 26
88 Nov 95% July
2413 24
2514 2414
3 124,830 .N It N H & Hartford
1813 1913 19
100 1418 Jan 2 2532June 27
1914 19
93s July 2212 Jan
2014 2012 2112 2034 2212 2112 253
2212
41,600 N Y Ontario & Wastern
.17
18
100 16 May 24 2212June 28
1714 174 *17
1414 June 21% Feb
18
1773 1812 "18
119 1194 118 120
100 1213 Apr 22 1914June 27
118 11973 11814 1207g 11812 1834 1834 1914 1,200 Norfolk Southern
9 Sent 184 Feb
11912
1183
4
1193
4
42,000
Norfolk
Western
&
7714 771 *75
100
10212 Jan 3 13212 Apr 8 100 July 117s Feb
80
*75
77
*75
77
*75
77
*75
77
100
Do prof
557 56
100 7234 Feb 26 8012June 10
55
56
72 Sept 7812 Aug
5534 5612
5913 .5918 5978 30,200 Northern Pacific
4413 4412 4412 4434 441. 44% 5612 574 58
100 4772Mar 3 597sJune 27
4934 Oct 8113 Mat
4414
5
5
4412
45
44
45
4434
Pennsylvania
11,800
*12
13
50 424 Jan 3 4634 Jan 28
*12
13
4018 Nov 4772 API
13
1414
1413 15
*1313 1412 •13
1413 1,000 Peoria & Eastern
100
934 Mar 13 15 June 25
8 Oct 17 Max
*5112 5213 5114 5214 51
5112 51
53% 5238 5314 I 52
5213 11,100 Pere Marquette
*74
75
100 4013Mar 3
74% 7412 *7312
5314June 26
Jan 4714 June
36
prof
400
6512 6512 6534 6578 6614 743s *7312 744 •7312 744 7434 75
Do
Prior
100 7112Apr 2
67% Oct 783e Mar
75% Feb 28
6614 664 6778 6738 68% 6832 6832 3,100
471
Do pref
47
100
4613 4712 46% 47
80
6838June
26
Jan
Oct
5712
7013 Jan
4678 4738 4673 4738 4738 4938 16,600 Pittsburgh & West
*96
Fa
100 38 Jan
98
4932-Tune 27
*95
33% Jan 504 May
97
97
97
98
9714 9714 *96
98
200
Do prof
5512 5534 5533 5578 55% 5512 *95
100 8514 Jan
June 5
98
Dec
85
Jan
93
554
5614 56
564
5658 12,800 Reading
*3433 343 *3438 341
ao 517sMay 20 79 Jan 12 6812 June 8112 Feb
3414 34% 3414 3414 3412 34% 5614
3412 35
Do 1st preferred
1,600
334 3378 *3313 3378 33/
ao 3414June 2 5613 Jan 14 44 June 5612 Feb
1
4 33/
1
4 33/
1
4
34
33
/
1
4
34
33/
1
4 3372 1,300
Do 26 preferred
ao 53312 Jan 18 56 Jan 14 45 June 5634 Jan
*3713 38
*3712 38
3414 38
3734 3734 38
38
3812 384
300 Rutland RR pref
2312 2334 23
100 32 Jan
4012 Feb 5
2212 Oct 39 Dee
234 2234 23% 2338 2438 2414 2434 24
2434 18,300 St Louis-San Fran
.47
48
100 1918 Apr 30 2434June 26
4714 4714 47
16/
1
4 Oct 27 Mar
4714
4734
7
48
4878 49
48% 495$ 5,300
Do pref A
41
100
4134 40
42%
497
Jan
2June 26
3213 Jan 50 Mar
407
4014 4138 4034 4132 41
413g 4014 4118 15,100 St Louis Southwestern
635$ 635$ 6314 631
100
33 Jan
4272 Feb 2
2512 Aug 3632 Feb
64
6538 65
664
6538
6614
21,100
633
4
6534
1118 111
1034 111
57% Jan
6632June 25
5432 June 63% Mar 1012 1072 1013 1078 1073 1118 1038 11
9,000 Seaboard Air Line
2412 25
100
712 Feb
242
24
814 Jan
1114June 13
4/
1
4 Aug
2412 2414 24
2412 2412 25
24
Do prof
2434 6,200
9314. 94
100 1414 Jan
925, 931
2512June 13
814 Aug 15/
1
4 Dec
914 924 9173 9313 9234 9378 93
94
48,700 Southern Pacific Co
604 6114 6014 6138 6014 61%
100
8512Mar
9412Jun
2
e
20
Feb
9514
Aug
84%
6112 6338 6312 6414 6312 6414 48,700 Southern Railway
734 738 7334 733
100 8812 Jan 2 6414June 26
2434 Jan 3918 Dec
73% 7334 27214 73
74
734
7333
73
3,200
Do
pref
31
31
100
2912 3038 29% 30% 30
Jan
88
7414June
1
4
12
July
63
70%
Mar
3078 31
314 3134 324 12,900 Texas & Pacific
*912 1012 1012 101
100 19 Jan
3238June 27
14 Aug 2912 Mar
10% 11
1073 1138 1114 1112 1112 1134 2,300 Third Avenue
*46
50
*48
51
100
834May 2
*47
1212 Jan 23
812 Dec 1914 Feb
5014 *47
5014
5014 '48
200 Twin City Rapid Transit 100 49 June 17 66
5014
13412 13478 13332 134/
1
4 13314 13312 134 13514 50
Jan
12
Jan 7712 June
5814
135 13512 1358 13712 11,4)0 Union Pacific
*7334 7414 7353 7374 73% 74
100 12632 Mar
13712June 27 12412 Aug 14478 Feb
741g 74% 7414 7434 74
74
2,300
Do pref
100 70 Mar 20 7434June 26. 7014 Dec 7612 Jan
1112 1134 1134 117k '104
1114 •10
•10
1114 10
10
1114
1,600 United Railways Invest-100
4018 41
7% Apr 23 1172June 23
385, 405, 3834 39
772 Oct 2172 Mar
38/
1
4 39
3833 39,2 38% 3912 5.900
Do pref
56
56
5534 5534 *55
100 2613 Apr 21
Jan 4
Oct 82 Mar
26
56
*5413 56
5514 5514 5418 5478
800 Virginia Railway & Power_100 36 Feb 29 40,2
14/
1
4 15
1414 1472 1334 1414
5
June
59
303
4 Aug 3613 Oct
137
8
1413
134
13%
1414
1334 21,000 Wabash
445 4478 4418 4434
100 10/
1
4 Jan
1732Mar 20
43% 44% 4334 444 42% 44
7 Mar 12 Dee
4212 43,8 33,900
Do
pref
•29
A
30
2934 291
100
34 Jan
4734 Mar 19
/
4 *2812 30
2314 Jan 36% Dec
*2812 30 '27
29 .
28
30
912 0/
100
1
4
Do pref B
912 91_
100 2212 Jan
3234 Apr 4
1612 Jan 2334 Dee
9
9,2
912 934
9
934
934 934 3,400 Western Maryland
•1714 171
17
17
100
832June
16
8 Sept 15 Feb
11% Jan 9
17
1
4 1714 1718 1712 17
17% 2,600
Do 2d preferred
24
2414 2332 2432 2312 2418 16/
100 1514May 1
Sept 2634 Mar
14
10
Jan
2014
24
2412
24%
23%
237
2
244
10,800 Western Pacific
7212 725$ 2705, 71
100
1434
70
23
sJune
Jan
243
Seto 20% Mar
12
7014 7012 7034 7034 7114 71
7133 2,900
Do pref
9% 978
934 934
100 58 Jan
72%June 21
9% 9%
53 May 6332 Mar
912 9%
912 938 6,800 Wheeling & Lake Erie Ry_100
9% 934
1978 1978 1912 1912 '1914 1912
713 Jan
10 Apr 7
Oct 1012 Feb
6
•1914 1912 1924 20% •1914 1973 1.900
Do pref
100 1414 Jan
20% Feb 5
Oct 19 Feb
10
Wisconsin Central
100 34 Jan 16 3712 Jan 29
23 Aug 38% Dec
Industrial & Miscellaneous
791
78
80
80 '78
7834 "78
80
7973 82
79/
1
4 797
1,200 Adams Express
632 6%
612 6%
100 73% Jan
61
8212 Feb 11
638
67 Sept 82 Ma;
612 61
/
4
612 714
4,400 Advance Rttmely
714 77
'29
301 *29
3014 "29
100
6 June 9 1212 Jan 2
3014 29
Oct 1912 Max
29
30
32
3012 32
Do pref
79
79
79
79
100 2814June 1
*7812 79 "79
41% Jan 4
24 Nov 5438 Jan
7933
7912
80
8014
8014
2,100
Air
Reduction,
6
Inc____No par 67% Jan
612
6
13%
81%
Jan
29
534 6
July
56
723
,Mar
6
6
614 634 5,000 Ajax Rubber. Inc
534 614
*12
*12
14
50
14
412May 1
*18
1012 Jan 11
18
18
12
414 Oct 1472 Mar
14
.17 .17 1,400 Alaska Gold Mines
•112 152 *114 1%
10
114
/
•1
4 Feb 2
Jan
12
114 *114
Aug
53
Mar
188
•114
13
114
8
114
500
Alaska Juneau Gold Min.- 10
7212 73
7132 72
7214 7214 711 7212 72
112 Mar 4
34 Oct
17 Oct
738 7212 7378 • 7,600 Allied Chemical & Dye_No par 6572 Jan 30
Mar 18 7432 Jan 8
*115 11512 115 115 '115 116
5914 Aug 80
Jan
*115 116
11573 11572 •115 116
200
Do pref
4812 4812 48
49
100 110 Apr 8 11614June 20 105% Aug 112 Mar
4714 48
48
4814 4814 491
/
4 49% 5034 12,600 Allis-Chalmers Mfg
•9312 95
*9313 9413 294
100
4133May
94
20
4June
51.13
27
*9314
873
4
June
511
4
Feb
94% 9314 9317 95
95
400
Do pref
*714 784
712 712
100 90 Apr29 9634 Jan 17
89 Nov 97% Jan
4712 781'
734 734
712 734 • 734 8
600 Amer Agricultural Chem 100
2334 2412 2424 •2212
•23
23 '23
7% Apr 7 17 Jan 2
1018 July 367 Feb
*2313 2412 2478 2478
24
700
Do pref
"118 123 *118 122 •118 122 '118
100
18
/
1
4
Apr
493
7
8
Jan
9
Feb
2814
Oct 6873
122 '118 122
12112 12112
100 American Bank Note
55 "53
_ _ *53
'52
50 98 Jan 8 12212June 20
55
Jan 100 Nov
*53
77
55
*53
*53
55
55
Do pref
*39
40
3912 3913 '39
50 52 May 6 55 Mar 13
3934 *3913 40
5012 June 5514 Aug
40
4032 40
4112 1,300 American Beet Sugar
*2514 26 '25
26
26
100
36
Mar
21
26
49%
Feb 6
25 Aug 49% Feb
26
273
308 3034 3234 3,500 Amer Bosch Magneto__No pa
"8112 8134 8012 8012 8012 8012 •8034 82 2 28
2214 Apr 1 3872 Jan 12
2234 Oct 60 Mar
*81
82
200 Am Brake Shoe & P.....No par 76 Apr
*8012 82
*10434 108 "10434 108 •1044 108 *10434 108
14 8334June 18
6918 Sept 834 Feb
*10434 108 *10434 108
Do pref
10633 109
10812 109
100 1071
106 10733 1074 10912 10914
/
4 Apr 22 110 Mar 26 102 July 110 Jan
11053 10934 11214 147,600 American Can
'114 116 '114 11512 *114 115 '114 116
100 95% Apr 21 12238 Feb 1
7312 Jan 10738 Dec
11434 11434 *114 116
100
Do prof
*160 162
100 109
160 160 *159 161 *159 151
11 106 -Sept 115 Feb
16134 164
1,400 American Car & Foundry-100 15313 Jan 8 11572June
12314 12314 "121 12312 *121 123% .12114 12312 161 161
Apr 14 176 .7"3R 14814 July 189 Mar
*121
•12114
12312
100
12312
Do
pref
*214 22
100 118/
*2113 2212 2138 214 2178 2178 *22
1
4 Apr 9 12314June 21 117 Sept 12572 Jan
2212 2178 2178
300 American Chain, cl A
17
17
25 2138 Mar 21 23% Apr 12
17
1734 •1612 17
17
205$ June 2512 Max
1712 1714 17,2 18
1978 4,700 American Chicle
No par 14% Apr 22 2012 Jan 7
'
334 414 *334 4
53, Jan 173* Nov
378 378 *334 414
438
44
34
37
8
2.300
Amer Druggists Syndicate_ -10
94
95
*9334 9512 95
312June 6
95
814 Ja1130
95
7% Feb
44 Sept
96
9614 9712 98/
1
4 102
4,300
American
Express
9578 96
100
88
9512 9618 *9512 96
Apr 15 10312 Jan 7
87 Nov 14313 Mar
9534 9578 9534 96
*9512
9614
1,400
Am
&
Foreign
Pow
25% paid.. 9212 Mar 8 9614 Jan 2
*9512 97
9618 9618 9534 9534 *96
97
3613 .
96
Dec
Dec
97
96
96
97
600Full paid
*812 9
*812 9
9112 Apr 4 9634 Jan 21
9
9
*9
9,3 *884 912 '812 912
300 American Hide & Leather_100
*55
5512 55
7/
1
4 Apr 28 13% Feb 18
614 Aug 1338 Mat
5534 5512 56,4 56
564 5612 5734 5672 5712 6.800
Do oref
100 5012 Jan 3 65 Feb 11
294, Aug 7454 Mat
5 J3141 and asked ••rica. z Et dividend
S 141 z3.7t4
35i2, 35,2 351. 3572
New York Stock Record-Continued-Page 2
3180
For sales during the week of sto%ks usually Inactive, see second Page Preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
June 21.
Monday,
June 23.
Tuesday,
June 24.
Wednesday, Thursday,
June 26.
June 25.
Friday,
June 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Preview
Year 1923.
Lowest
Highest
per share $ per star.
per share • Shares. Indus. & Miceli.(Con.) Par $ per share $ Per share $
Per share $ per share
per share $ per more $ per share
Oct 11112 Apr
78
100 86 Jan 14 96 Feb 7
9034 9112 1,400 American Ice
90
9134 92
589
9034 '
9012 92
89
9034 90
5
4 Oct 89 Feb
773
Feb
7913
28
Mar
83
100
pref
Do
•8014 82
4 82
1
*80/
*8012 82
*8014 82
*8014 82
*8014 82
3311 Mar
Sept
31
16
Jan
17%
19
Mar
25%
2278 2134 223s 5,900 Amer International Corp-100
22
2118 211s 2112 22
*2134 22
21
21
101s July 13 Mar
700 American La France F E_. 10 10 May 19 1214 Jan 9
•1014 1012 *1014 1012 1012 1012 *1018 1034 •10% 1034 1012 1012
Mar
38
Oct
13
14
Jan
22%
7
4May
3
13
100
100 American Linseed
*1513 17
*1534 17
16
1678 16
•1512 17
*16
17 , *15
2812 Oct 59 Feb
100 30 Apr 15 45 Jan 14
Do pref
200
35
3414 3414 *34
35
*34
35
*34
34
4 Dec
1
3512 35
35
July 76/
4
7
Feb
643
7638
70%
15
Apr
Par
new-No
L000m,
747
American
7
10,400
7372
7314 73
73
73
73
731 7338 7212 7358 73
100 11614 Apr 16 120 Mar 12 11412 Sept 122 Feb
Do pref
100
4 119
1
•118 119 *11814 119
119 119 *11814 119 *11814.11912 *118/
4 June 5573 Mar
1
40/
No par 3834June 3 45% Feb 14
400 American Metals
40% 408 4014 407s
*3912 41
*3912 41
*3912 40
*3912 41
Jan 97 Dec
76
25 9414 Apr 16 107% Mar 20
Radiator
American
102 10212 10234 10234 102 10212 10234 10234 103 10334 10334 10334 1,200
94 Feb
June
4%
7%
6
Mar
22
25
57a Apr
714 8,600 American Safety Razor
6118
613 634
64 634
*614 612
614 678
63s 68
July 2133 Jan
11
par
Feb
s
103
103
21
_No
4
2May
3
15
Comm__
&
Ship
Amer
600
12
8
115
1214
12
12
*1134 1212 11% 1114 *1114 1214 12
6912 Mar
Oct
20
5114
4June
3
85
574
14
Jan
Refining-100
&
Smelting
6434 8,500 Amer
64
6412 6414 645
6434 647
6352 648 6334 6458 64
93 June 10252 Mar
4May 8
/
100 96 Jan 2 1011
Do pref
10018 10034 *10012 10112 10052 101 *10012 10112 1,000
100 100
•100 101
3158 July 40% Mar
3512 3512 3512 4,100 Am Steel Foundr1es--33 1-3 33% Apr 21 40 Feb 7
3514 3514 347k 347k 3412 3458 3412 3434 35
4 Feb
1
97% Aug 105/
17
Mar
10114
100
1044
25
Apr
Do pref
100
10212 10212 *100 104
*10012 104 *10012 104 '10012 104 .102 104
Oct 85 Feb
48
1(10 3852 Apr 23 6134 Feb 7
Refining
Sugar
American
6,300
4
443
44
44
4314
423
4314
4314
4
4314
*4212 44
4218 43
Jan
108%
Dec
92
14
79
100
Feb
June
7
99%
pref
Do
700
87
87
861 87
•8512 87
87
87
*8514 871s 8512 87
16 July 3688 Feb
712June 9 2813 Jan 9
2,200 Amer Sumatra Tobacco__ _100
9. 9
8% 93
4 914
1
9/
81s 9
912
*9
813 838
Feb
65%
3211
July
100 3638.1une 5 69 Jan 16
Do prig
33
33 .31
*31
513118 33
33
*29
33
1531
*31
39
Teleg
100 1211/June 26 13072 Mar 13 119% June 12834 Dec
,1215s 12132 1218, 12114 12112 12114 121% 12118 12138 12112 12138 18,857 Amer Telep &
1213
100 13658 Mar 25 157 Jan 28 14014 July 16134 Feb
145 14514 1,500 American Tobacco
144% 14472 145 145
145 145 •1441 145
145 145
100 101 Apr 11 10434June 19 10012 Nov 105% Mar
Do pref
200
10414 10414
104 104
*10312 104 *10312 10412 *10312 10412 *10312 104
4 Feb
1
B100
4 Mar 25 153 Jan 28 140 May 159/
1
135/
Class
common
Do
1421
2.700
14112
142
141% 141% •14D2
4 142 *14112 142
/
14114 1414 1411
274 Jan 4484 Apr
8714 83% 8514 8,000 Am Wat Wks & El v t 0-100 40 Feb 18 8812June 20
85
88
8278 8312 83
817s 8478 817 85
8514 July 93 Jan
Do 1st pre((7%) v t 0.100 89% Mar 21 97 June 24
500
96
96
96
953 9534 96
96% *95
*95
97
96
96
:Dec
4813 Jan 871
Do panic pf(6%) v t 0.100 66 Feb 19 94%June 20
4,500
911
90
89
9212 91
90
917g 92'z 9014 921 *8812 90
Oct 109/
4 Mar
1
100 62 Apr 23 787s Jan 11
85
7114 731
7234 7338 19.300 American Woolen
7014 71
6972 71
7013 7114 6934 71
Oct 11134 Jan
96%
19
100
Jan
963
4
102%
30
Apr
pref
*9812
Do
500
99%
8
985
99%
8
985
•9834 100
99% 99% 9812 9812
Mar
34
Dec
l's
7
Jan
pref
16
Paper
_100
4
Writing
Apr
112
' 200 Amer
*214 23
*258 23*
212 253 *2 234
*212 23
612 Oat 1914 Feb
7 Mar 29 10% Feb 14
8
Amer Zinc. Lead & Smelt_ __25
448
81
5712 8% *714 814 *714 8
*754 8
5814 Feb
Dee
4
3
24
24
14
25
Jan
June
34%
5
pref
Do
100
27
27
28
*2414 271
27
271 •24
524
271 •24
•26
3233 Oct 5312 Mar
2872 2914 2872 2914 2878 2958 29% 291 13.800 Anaconda Copper Mining_ 50 28I2May 20 41 Feb 15
2934 2934 287g 293
8834 Oct 9414 Dee
400 Armour & Co (Del) pref __ _100 8314June 18 93% Jan 24
85
85
84
84
*84
8414 8414 *8434 851
841
•8372 86
1013 Nov 1834 Oct
9
4
par
Jan
June
8
15
oNo
t
v
Co
Conertledz
Arnold
9% 1.300
9
854
*181
914 *814 91
812 812
•814 91
8214 Jan 89 Mar
3,200 Associated Dry Goods......100 79 Jan 15 10012 Mar 11
9212 933
9212 93
94
92
*91
9114 9114 92
9134 91
4 Oct 291s Dec
1
/
24
275
5
25
Feb
8
12June
345
new
6
Oil,
Associated
3,600
281
2818
281
29
*2812 29
2814 28% 28% 2812
2912 298*
914 July 34 Mar
2,200 Atl Gulf & W I SS Line-100 1034 Mar 26 19 Feb 25
1712 1734 1714 1734 17
171s 17% 17% 1734 16% 171
17
834 July 27 Mar
100 1213 Jan 4 2612June 19
Do pref
1,500
25
26
2513 2614 25
26
26
2514 25% 2514 25% 25
4 Sep 18312 Jan
1
99/
100 8314June 24 1404 Jan 81
881 49,000 Atlantic Refining
93
8414 87
8712 8878 87
9434 8412 9358 8314 871
100 10914June 23 118 Feb 7 115 May 120 Jan
Do pref
1,680
11012 11012 *111 115
10914 110
*110 114
110 110
10934 110
July 851s J156
17
9
par
Jan
1814Mar
28
30
Co--No
&
Nichols
Austin,
3,200
22%
2212
2012
2212
23
2012
2214
2214
20%
191
.
2014 22
100 79 Apr 17 8814 Jan 24
7814June 8912 Jan
Do pref
*8112 83
*8112 83
*8112 82% *8112 83
*8112 83
*8112 83
Dec 2814 Apr
8
611
81
2
Jan
153June
20
par
Holnery_No
200 Auto Knitter
•213 3
*234 3
214 214
*234 334 *234 3
Mar
51,900 Baldwin Locomotive Wks_100 10434May 20 131 Feb 7 11012 Aug 14414
4 113 1147c 11312 116
1
11214 11234 11014 112% 11012 1113 1115* 113/
Apr 11638 Jan
111
1
Feb
116
11012June
10
100
pref
Do
100
•114 116 *114 11553•114 1141 *114 11458 114% 1141 *114 115
Mar
35
Aug
974
26
1934June
25 14 Feb 16
1814 1938 1812 1984 19% 1934 22,000 Barnsdall Corp, Class A
177 1818 1753 1778 1712 173
Jan
22
Oe
25 10 Jan 7 1452 Feb 7
Do Class B
1414 3,500
1312 14*4 1414 14*4 14
1338 1312 13% 131 •1212 131
APT
4
1
/
62
Jun
50
5
Jan
59
39I2May
16
par
____No
Inc
Bayuk Cigars.
49
540
49 '
*40
5140
42
49 .40
49 .
49
*40
40
Mar
8414
Dec
481s
20 4434 Apr 15 584 Jan 31
537g 3,100 Beech Nut Packing
5234 53
52
53
52
63
50% 51
*51
5114 52
70 Mar
4134 Jun
100 45 June 24 62% Feb 5
65,900 Bethlehem Steel Corp
4512 47
47
4534 47
4632 45% 40's 46
46% 47
45
4 Jun 11114 Mar
1
Do cum cony 8% pref-100 10114 Apr 12 11014 Feb 15 100/
300
10412 10412 *102 10412 102 102 *102 1041 10218 10218 *102 10412
87 July 9714 Mar
11
Feb
June
97
90
27
100
new
Preferred
800
90
90
901
9012
92
*9014
*90
9012
92
92
7% Jan
904 9014
354 Oct
4June 11
1
74 Jan 8
3/
No par
.5312 412 *312 414 *3/
*38
414
4
312 41
4
100 Booth Fisheries
4 414 .
1
978 Mar
3 De
5 Feb 9
24 Apr 3
100
33
British Empire Steel
'53% 6
•31s 6
•318 6
*31
*312 6
531s 6
1214 Jan
May
4
1
/
104
6
Feb
10714June
2
116
100
Inc
Edison,
Brooklyn
4,000
11072 11112 1113 11134 11034 11114 11114 11134 11114 1117* 112 11214
27
/June
3
68
21
Apr
8
565
par
_No
66
678 66% 683* 15,780 Bklyn Union Gas new..
655* 6714 6553 6634 6514 66
6614 67
4155 Oct -Biii Apt
100 39 May 27 5312 Jan 9
300 Brown Shoe Inc
4342 4034 4034 40/
4 42
1
540/
41 '
4 41
1
4 40/
1
42 *40
*40
100 9711 Feb 28 11212June 27 100 Sept 14434 Mar
*107 10814 10758 10812 '10712 10834 •108 10872 109 11014 11013 11212 5,900 Burns Brothers
Jan
27
2113 Sept 43
June
Do new Class B oom---- 195* Feb 26 27
2,400
2434 2434 2534 2513 27
*24
25
25
*23
2418 25 .
24
414 Oct 115, Feb
612 Feb 14
35sJune 25
5
43
35
43
3,000 Butte Copper dr Zino
4
4
*312 4
4
418
4141 438
4
Aug
22
June
23
4
1
/
13
Jan
8
233
28
Apr
17
100
300 Butterick Co.
19
*18
19
1778 18
*18
*1814 197
1814 1814 .1758 19
4 Mar
1
1278 Oct 37/
1412
300 Butte & Superior.Mining_ 10 14 May 29 2038 Feb 15
1412 .14
1412 •14
1412 *14
1414 1412 1412 1412 *14
pig Feb
114 Nov
414 Jan 19
112 Mar 21
1% 134 1,000 Caddo Cent Oil & Ret_No par
158 134 *158 134 *152 134 '15s 13* .51% 134
Feb
87
1
Aug
Feb
77
8714
80
30
par
Apr
600 California Packing_-__No
8314
83 I '
58314 8312 *83
518214 8212 8212 8212 8212 8234 83
1713 Sept 29% May
8,300 California Petroleum, new_ 25 2138June 13 2914 Feb 5
2158 22
2214 2158 2214 211 22
21% 2233 217 2214 *22
904 Sept 11013 May
100 94 Apr 22 107 Jan 31
Do pref
200
95
95
94
94
96
•94
96
•94
*94
96 .94
96
4 Feb
1
57 Jan 9
4 Oat 12/
1
3/
212May 10
10
314 318 1,800 Callahan Zino-Lead
3% 314
314 314
314 332
3% 314
*314 3%
Oct 88 Mar
42
10 4134 Mar 31 4984 Jan 24
100 Calumet Arizona Mining
4412
4412 *4312 4412 *43
*43
44
*43
44
44
444 Feb
*43
45
Oct
12 mar 26
11
Jan
14
par
No
14
Plow
I)
(J
Case
781
*58
%
*58
%
*58
78
*58
7/1
78
553
'
17 Dec 42 Mar
Case Threshing Mach_No par 14 Mar 19 2712 Jan 26
22
*19
22
*19
•1933 22
22 .1932 22
22 •19
• •19
4 Nov 4912 Mat
1
9/
97i Mar 2
1778 Feb 13
100
133e 6.900 Central Leather
128s 1312 13% 1314 13
13
1214 1214 1214 12
*12
Nov 7934 Mar
2813
26
4712June
5
Mar
2914
100
pre(
Do
24,000
47 I
46581 46
47'l 46
43
43% 4212 4313 4312 4434 45
Oct 50'2 Mar
MI
15
Feb
484
4OSgMar3l
pa
Copper_No
7,600 Cerro de Pasco
4512 457
4534 46
451 457k 4513 455
4534 46
45% 46
43 Oct 70 Mar
421* Apr 14 6612 Jan 2
Car-No
Pa
Motor
Chandler
5,900
4714
4512
4412
4514
4514
463
4412
4514
4553
46
46
4514
4 Mar
1
90/
June
27
May
7513
86
15
2May
797
Tool-100
Pneumatic
500 Chicago
851 *8434 85% 86
8512 85%
86
*85% 861 *851 8612 85
39 May 12 50341une 26
6.300 Chicago Yellow Cab.. No pa
4912 50
48
4814 503
4514 46
4334 44% 44
4312 431
2413 June
s Feb 15
29
283
255eMar
2
Copper
Chile
13,100
2814
2818
28
2814 2812 28s
28
28
28's 2778 281
28
4 Mar
/
1434 Aug 311
15 Mar 28 2018 Feb 16
4 1,800 Chino Copper
1
4 17/
/
171
171
1738 1712 *17
1714 178 171
17
1714 1714
60 July 7814 Mar
82 May 28 7512 Jan 30
4 2,000. Ciuett, Peabody & Co--10
1
66/
8612 67
66
6414 66
*6212 6418 *6212 671 *6212 641
1 Jan 2
83% June
Oct
6514
pa
Apr
77
61
21
No
c
t
v
Co
Cola
Coca
73% 15,700'
73
7278 7312 7314 74
73% 7412 7214 7334 7214 73
Oct 3538May
20
100 247k Feb 15 4714June 24
47
4614 4714 46
455* 4678 64,900 Colorado Fuel & Iron
471
4412 45% 4312 45% 45
Oct 5114 Dec
41
4412June 2 561 Jan 18
400 Columbian Carbon v t o No pa
48
*44
47
•44
48
451 457 *44
471 .44
46
45
3754 Ayr
June
33
17
21
par
Mar
3014
3934June
-_No
new_
Elec,
4012 28,609, Col Gas &
39% 39
393* 39
39
39% 39% 3834 3914 3814 39
46 Feb
Apr
25
mmercial Solvents A No par 4312 Jan 11 6232 Mar 10
600 Cop
1:m
561 25418 5418 2
55
*544 55
547 56
56
557 557
*55
40 Dec
par
Apr
Feb
No
15
.56
13
15
Jan
33
5
47
47
461
45% 45%
471 *45
45
47
47% 47% 47
par 3238May 19 6634 Feb 18 24412 Dec 1843s Nov
4084 4014 4112 4,700 Congoleum Co
39% 401
3914 3914 40
4118 3912 41
41
4 Jan
1
39/
4 De
1
14/
NO par 11% Mar 25 224 Jan 14
Cigar
Consolidated
200
4
1
/
14
1414
1412
1412
15
*14
15
15 .14
.1414 15 '14
60 Dec 83 Feb
100 59% Apr 24 84 Jan 15
Do
pre!
64
64
*60
8
64
*593
60
•
*5938 65
65
*59
65
O59
5634 July 69s Feb
33,200 Consolidated Gas(N Y).-100 60% Jan 2 697/June 17
6812 6918 6818 69
6714 69
6812 6714 673
681s 6832 68
Oct 1412 Feb
6
238 Apr 22
8 Jan 5
3
3
31e 5,800 Consolidated Textile.....No par
3
3%
3
313 314
314 35
.338 312
2 Dec
1
4312
8
14
Apr
4278 May 57/
100
Jan
60
Inc
Can,
Continental
42,800
53
4
*525
5234
4934 501s 498 EA% 5012 5153 5114 5234 52
Oct 1214 Jan
6
22
par
Apr
5
8
lb
Jan
_No
614 6% 2,000 Continental Motors._
63s 6%
614 612
4 612
/
61
6% 614
6% 6%
Refining-100 15232 Jan 4 1875* Jan 28 1143s July 16013 Dee
Products
Corn
•
_
25 3112 Jan 15 3778 Jan 2S
3514 3412 3538 33,900
New when issued
34% 34% 338 344 3334 3414 3414 3412 343
4 Mat
No par 23/
4June 7 40% Feb 5
1
2234 Sept -1f212714 265s 2714 37,100 Cosden & Co
2613 25% 2634 26
26
27
26
2714 26
Sept 8412 Mar
13 7134 Feb 7
May
5712
48
America...100
of
Steel
Crucible
14,800
523
4
4
,
53
5214 53
52
4 561 5114 51
/
511
Mar
9413
5112 5112 51
11
22
Aug
Feb
4
May
853
92
86
100
Do pre(
700
8814
88
88
88
91
881s *88
88
90
*85
89
*87
818 Aug 20 Feb
No par 1134 Apr 22 18 Feb 6
1338 1312 14% 3,400 Cuba Cane Sugar
1318 13
13
65% Dec
1214 1234 12% 13
•1234 13
Aug
21
Feb
Apr
8
3312
71%
535
11
100
pref
Do
27,000
6153
5778 5918 5914
5712 5714 5712 578 58
5714 5734 57
23 Aug 37% Feb
30
3034 12,900 Cuban-American Sugar- 10 2812June 9 3875 Feb 11
2934 2934 2913 2934 2953 2978 2912 2934 2914 3012 *951
92 July 106 Apr
9913 Feb 28
100 98 Jan
Do pref
4 98
/
*9514 98
*9514 98
*9514 98
*9512 98
.9514 98
418June
5
1
pa
Feb
3 July 1214 Mar
No
813
Sugar
Dominion
Cuban
*412 434 .413 434 *412 4%
*412 48
*412 5
*412 6
100 42 Apr 11 52 Feb 6
30 Aug 584 Mar
Do pre!
44
*35
44
44
*35
44
*35
44
*35
45
July 7215 Dec
par
*35
No
4June
1
/
52
2
3
Jan
5412
744
Fruit
Cuyamel
32,800
58%
5g
5618 5512 558 5634
573s 5234 568 54
56
5712 60
3214 Mar 6
2414 2478 23,800 Daniel Boone Woolen Mills 25 2112June
2478 2434 2514 2434 25
4 253 x24
1
May 8114 lie;
r 41 Apr 14 13912 Jan 8
2514 2552 24/
DavlsonchenhlcaivtO..Nopa
18,900
8
467
4914
49
48
48
4
1
/
477 4814 4612 4814 4634 4814 46
1834 Dec 28 Mar
De Beers Cons Mines-No par 1814 Jan 21 2212 Mar 14
*2012 211
100 10114 Jan 30 10814 Jan 10 10014 June 111 Mar
*1958 211 *1978 2112 52012 2112 *2018 2112 *201* 2114 103 103
2,200 Detroit FAlson
10234 1031,
104 104% 10314 10338 103 10314 103 103
3034 May 444 Jan
---No par 15 Apr 28 204 Jan 7
Ltd.
Mines,
Dome
700
16%
%
161
1714
34ot 1414 JUDO
11
933June 9 1114 Jan 11
51732 1734 *1732 173* •1714 1734 •1714 1734 x1714
100 Douglas Pectin
*934 10
*93 10
*912 10
*934 10
10
*934 1014 10
4 Ali*
1
4 Jan 115/
1
89/
1,500 Eastman Kodak Co___No par 10411 Apr 21 1124 Jan 8
g
1073
10712
1074
10712
4
1073
107%
108
1073
Oct 27 July
20
Spring___No par 11 June 19 2412 Jan 8
•10712 108 •10712 108
1214 1214 1212 1212 *1213 123k 1,500 Eaton Axle &
1253 1234 1212 121* 117 1214 11914 11912 11912 12154 11912 12114 5,100 El du Pont de Nem dr Co_100 112 May 20 14173 Feb 1 10814 Jan 1484 Apr
11812 1201s 11918 11912
52 July 874 Mar
Battery No pat 5012May 15 64 Feb 7
•12012 121
56
563s 56% 561. 5612 567s 2,000 Eleo Storage
55
6332 5412 5514 55
4466
50 1112June 20 1312 Apr 3
1214 Deo 2034 Jan
100 Elk Horn Coal Corp
5111 1134
*1112 113 '
74 Feb
58 Dec
Co_100
9
23
%June
Jan
4 *1111 11% *1112 113 *1112 1134
/
318
1111 111
Emerson-Brantingham
*34 11
11_
*34
4 Jan
1
*34 112
*34 155
4 Oct 94/
1
58/
on Corp__ 50 5578May 0 6713 Jan 16
*34 11
Endicott-Johns
*34 112
3,400
6134
6112
62
61
Jan
597s 6014 6038 6114
Oct 118
593* 593
110
10512June
17
28
Jan
115
100
60
*59
pref
Do
300
10512 10634 *106 110
109
4
Jan
*1063
109
31
Dec
*10614
s
1107
_
par
12
21
*__Jan
s
8
197
223
18I2May
Corp_No
Exchange Buffet
•10812 10912
20
*19
20
*19
20 .1834 20
Oct 93 Jan
20 '519
par 61 Jan 29 7912June 14 '52
Players-Lasky_No
20 .19
*19
Famous
753
6,200
764
7553
7518 75
9934 Feb
Oct
4 754 75
1
74/
82
4'
28
75% 751j 7412 75
Jan
9712iune
100
s
7
87
(8%)
prof
Do
300
96's
96
96
971 *95
961 *95
5 June 13 Nov
9534 9514*95
5% An* 1 13 Feb 20
*9534 97
100 Federal Mining & Smelt-g_100
*9
9
9
111
1114
6013 Feb
*812 1114 *9
111
100 4112 Jan 2 4872.1une 27) 3414 Jun
1114 *8
*9
Do pref
4718 48s 6,900
4414 453* 453* 47
4414
1033 Jan
*44
441
714 Sell
26
par
4414
94
Jan
Jan
No
23
4533
133*
4533
127i 51,260 Fifth Avenue Bus
117s 1338 12
115* 12
11% 1112 12
par 163 Jan 23 22312Mar 21 1 140 July 21214 J
11
No
11
Corp
11
Body
Fisher
100
190
*175
190
•179
July 102rs Jun
94
13
Mar
102
9
186 186 *175 190 •175 190
Jan
98
-100
pref.1s
Ohio
•185 189
Body
Fisher
•99 1001 *99 10012 .99 100
Mt Fe
578 Oct
*99 100
*99 100
512June 6 1084 Jan 18
No par
*99 100
700 Fisk Rubber
612 61
612 6%
*612 67
4 Feb 4714 Ma
1
*612 67
612 6% *612 63
No par 4414 Jan 22 5738June 26, 37/
5513 5738 551s 5638 22.300 Fleischman Co
561
53
7
Oct
8 Jul
788
52
5813
4
111
513
Mar
521
par
7534
52
11
Jan
6614
•5134 5214
300 Foundation Co
57012 72
Ja
7034 721 *7012 72
912 July 22
*7012 71
4 Jan 7
1
No
8 Apr 21
13/
N
7012 73 *7012 73
.
812 8% 3.400 Freeport Texas Co....-N
88 9
834 83
3813 Oct 717s Fe
*854 9
2,
872 87
Jan
*87, 6
car
4814
Car___No
28
35I2May
Tank
4078 1.700 Gen Amer
39
39
•37
39
Ma
•37
Au
23
54
39
5
Feb
*38
4
39
100 315* Apr 11 463
*38
39
*38
4 10,700 General Aspbait
/
4034 411
4034 42
83 M
40'z 4013 42
4 40
1
4 40/
1
100 7114 Apr 5 81 Feb 8. 80 Serf
4 4134 39/
1
40/
Do Prof
100
80
*77
80
7934 *77
7634 7634 *77
*76; 80 *7614 80
-rightsfEx
0 etoek. I Evoiteldend
• DM and asked Prices; no melee 011 this day. I Ex 800%
*214 23
*713
iiis; Rai
"ails
New York Stock Record-Continued-Page 3
3181
Pot sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Monday,
Saturday.
June 21. IJune 23.
Tuesday,
June 24.
Wednesday, Thursday,
June 25.
June 26.
Sales
for
the
Week.
Friday.
June 27.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
On basis of 100-share lois
Lowest
I
Highest
$ per share $ per share $ per share $ per share P per share $ per share Shares. Indus.& Miscall.(Con.) Par $ Per share I
per share
89
87 "87
87
87
900 General Cigar,Inc
8714 8712 88
88
8714 87
87
100 8214 Apr 3
9734 Jan 10
*10314 107 *10314 107 *10134 106 *10112 106 *10112 106 *10112 106
Debenture preferred---100 100 Apr
107 Jan 11
232 23414 22914 23214 22934 23212 23212 235
233 2354 23434 2374 37,400 General Electric
100 19313 Jan
23738June 27
114 .11
11
1118 1118 1118 "11
114 1118 1118 11
Special
108 3,800
10 1013 Apr 2
1114 Feb 7
127 1318 1234 1314 13
13
134 1278 1318 127 13
1314 4.9,500 General Motors Corp--No Par 1234May 2
1614 Feb 1
*8212 8314 *8212 83
*8258 84
.8212 84
700
Do pref
8212 8212 8212 8278
100 80 June
8418 Mar 3
8234 8234 8234 8234 8212 8212 8212 8312 3,200
8212 8212 *8234 83
Do Deb stook (6%).--100 8014June
8414May 15
93% 93% 9312 9334 *93
94
9334 9312 9312 9313 9312 94
Do Deb stock (7%)_100 92 June 1 10013Mar 17
600
4018 3934 40
3834 394 39
40
3913 394 3913 4,900 General Petroleum
404 40
25 3833June
4314 Apr 26
*50
51
5012 5012 5012 5118 5014 5388 4,700 Gimbel Bros
5034 5034 5034 51
No par 4711tJune
5338June 27
"813 9
*812 94 *812 94 *814 914 *812 94
100 Glidden Co
No par
8 June
14 Feb 4
9
9
3588 3412 3538 3512 3534 *34
*35
3512 '35
3534 *34
No par 2812 Apr 1
3513 3,200 Gold Dust Corp
38 May 6
.1312 14
14
14
•1318 14
1313 1312 *1334 1418 *1314 1412
400 Goldwyn Pictures, new_No par
813 Feb 1
1578 Mar 25
1814 1812 1813 19
18
18
*18
18
18
1918 1912 1912 1,000 Goodrich Co (B F)
No par 17 June 1
2634 Jan 10
702 *7014 74
*7014 75
•7014 7412 *70
*72
7314 *7014 74
Do pref
100 7014May
80 Jan 17
4518 4512 .4514 4514 4518 4588 45
454 45
4558 4512 46
2,100 Goodyear T & Rub pf v t 0.100 39 Jan
49 Jan 8
94
9214 9214 *92
*9312 94
9312 934 *92
Prior preferred
9214 9214
600
94
94 June 18
100 8814 Jan
•14
1412 1438 1438 1314 1312 1313 1312 *14
1412
1412 *14
700 Granby Cons M. Bm az Pow100 1212 Apr 1
174 Feb 15
*4
5
*312 43 • 1
5
*434 588
500 Gray & Davis, ino.-No par
5
532
3 June
918 Jan 11
54 54
1112 1112 "11
•1112 12
12
*11
12 '11
12 .11
100 Greene Cananea Copper_ _ _100 10 May 16 1654 Feb 18
12
*658 634
658 634 *612 634 *612 634
*613 68
612 61
300 Guantanamo Sugar__ __No par
638June 6 1018 Feb 6
.6734 6813 6712 6712 6678 68
6712 6788 6814 6984 6934 7138 11,200 Gulf States Steel tr ctfs_ _ _100 62 May 20 8914 Feb 7
3614 3612 3512 3534 38
36
3588 3534 3513 3512 3534 3713 7,600 Hartman Corporation. No par 34 May 14 4434 Feb 4
3418 • 3314 34
3438 3413 31
334 3312 3378 34
34
1,600 lIayes Wheel
34
100 3214May 20 5273 Feb 4
4212 *____ 4212*_ _ __ 42
4212 4212 •_
4113 4112 *_ _ 4214
500 Homestake Mining
100 4112June 26 5613 Jan 3
*302 31581 324 3288 3134 32
3178 3218 3218 324 3234 328 2,400 Household Prod,Inc.__No par 318 Apr 19 344 Jan 2
68
68
6814
69
69% 6738
67
684 68
6812 68
6814 4,100 Houston 011 of Texas
100 61 Apr 22 8213 Feb 5
234 2234 23
23781 23
23
224 23
23
234 2388 2358 5,700 Hudson Motor Car----NO Dar 2012May 13 2934 Mar 10
12
12141 12
*1178 1218 117 1218 12
12
12 1 1212 1218 2,200 Hupp Motor Car Corp
10 1118May 13 18 Jan 2
8g
•I2
58
*12
88
88
*12
88
58
100 Hydraulic Steel
*12
No par
58
112 Jan 10
13 Jan 2
*12
734 *712 g
*78
"712 8
•712 8
"71. 8 1 *713 8
100 Independent Oil& Gas_No par
612 Jan 3
914 Jan 18
*34
7s
78
*54
*34
78
34
34
3
;
5
273 Jan 17
34 Feb 5
600 Indlahoma Refining
34
3
4
1
4
17
*16
17
*16
1634 1634 17
17
1714 1714, *16
17
400 Indian Motocycle____No par 154June 6 2514 Feb 4
613
614 638
64 64
*612 684
38 Apr 12
6
618' 6
6
2.800 Indian Refining
10
718June 18
*3212 33 *3213 33
"3213 33 .3212 33
3234 334 334 3313
800 Inland Steel
No par 3112May 16 3814 Jan 30
2318 23
23
2314 2314 23
*2318 2312 23
Inspiration Cons Copper-_ 20 221s Feb 28 274 Jan 24
23 I 23
23
1,600
•12
1
1
•12
88
1
5
8
*12
*12
*12
1
1
200 Internet Agricul Corp
100
Feb
6
6
*4
418 44 *3
*4
312 *412 512 *414 512
100
Do pref
102'818
100
6
8
9614 9614 *93
9612 9734 *9514 96
9412 948 9438 9513 9678 1,900 Int Business Machines_No par 83
31883 Aap
AM p;1
r2
1
9734Junc 21
4313 4313 4312 43
4313 4313 *43
4312 4314 4314 43
43
1,400 International Cement_No par 405 Apr 24 4434 Feb 11
224 2314 224 224 224 2238 2278 2318 23
224 23
2314 8,400 Inter Combus Engine-No Dar 22 Mar 31
2738 Jan 12
8612 *8412 86% 8634 89
*857s .8634 854 864 86
4,200 International Harvester-.100 78 Jan 3 89 June 26
*8512 89
*108 10834 *10814 10834 *10814 10812 10813 10813 *108 10834 *108 10812
2001 DO prof
100 106 Feb 26 109 May 8
838 858
838 838 *838 81
813 88
812 834
818 834 1,500, hat Mercantile Mar1ne
634 Jan 2 1012May 3
100
3412 35
341
3518 34
34
4 3514 3538 3638 3413 3558 20,8001 Do pref
100 2612 Mar 26 3832May 5
1434 1514 1434 1538 1458 1478 1413 1478 1478 1514 147 1513 30,200 International Nickel (The) 25 1112May 9 1538June 23
83
8314 83
8338 .81
*83
"81
8334 *8112 8338 *83
8334
100 7512May 29 8318June 17
300
Do prof
4618 4713 4438 4618 4534 4738 4512 47
464 4738 4634 4714 11,200 International Paper
100 3412 Apr 15 4878June 11
73
72% 7213 *72
07212 73
*7113 75
72
72
71
72
500
Do stamped preferred_100 624 Mar 25 7378June 12
757 7688 758 7618 274%747k 6,500 Internat Telep & Teleg
7438 758 7512 7638 75
757
100 66
Feb1 7634June 9
104m
12
1214 12
1238 1258 12
1238 1258 12
1214 2,300 Invincible 01I Corp____No par
1214 12
12 1678 Jan 2
48
48
4814 4812 4812 47
47
47
47
4818 "4718 4812 4,300 Iron Products Corp--No par 395 Apr 2 5234 Jan 10
*17
18
18
*17
•17
18
*17
18
8
*17
18
8 .8
17
9142 1,,N8 Jewel Tea,fIns
18
100 161s Apr 15 2314 Jan 2
*83
85
86
*83
*82
86
*82
86
*83
89
100 78 Mar 31 915 Jan 16
20
20
21
1934 20
*20
*1958 20
1978 20
1938 1912 1,500 Jones Bros Tea, Ino
100 1812 Apr 1 2713 Jan 3
2438 2438 25
•"2434 25
25
*2413 2518 2518 2538 2538 2538
No par 2134May 20 27 Mar 28
600 Jordan Motor Car
2413
2413
2413
25%
*2258
*2412
24
24
*23
25
*24
25
200 Kayser (J) Co, v t e.....No par 2038 Apr 14 3838 Jan 18
*85
90
90
*85
*87
90
*86
89
*83
87 •86
89
No par 82 May 5 10212 Feb 11
Do let prof
1018 1012 1014 1034 1012 11
1012 1113 1114 1214 IN
rrield Tire
At4 7,2s Kelly-Sopro
934June 20 35 Jan 10
25
35
34
34
33 "34
33
*33
34
34
34
*3
100 33 June 21 88 Jan 10
*78
84
*78
84
•78
84
*78
84
81
81
82
200 Kelsey Wheel,Ins
100 76 May 7 101 Jan 10
394 3913 394 3914 3938 3914 3912 3938 394 39% 39%
39
824
12,900 Kennecott Copper
No par 34la Jan 21 3938June 26
158 Di
158 138
188 138
14 15
138
158 134 1,900 Keystone Tire & Rubber-- 10
l5s
158May 14
438 Jan 9
*382 385 *382 38514 *381 385 385 390
390 400
400 415
1,300 Kresge(8 B) Co
100 12874 Jan 17 415 June 27
9512 9513 9534 96
*95
97
964 9614 96
96
"95
97
700 Laclede Gas L(St Louls)-100 79 Jan 2 964 Apr 24
*812 9
*812 9
8% 8% *812 9
*9
912
_No par
834 878
500'Lee Rubber &
8 May 13 1718 Jan 11
6._ *.
i..i7.. 1.. _ *i.
*lily
isi_ iii _ *i..i.5_ fii_ iii_ iii. _ .
i;i
Liggett& Myers
Tire_Tobacco
20614 Feb 18 245 Feb 9
a-cco
2
12
___
121
1
prof
200
Do
11538Mar
5 121 June 26
•
5478 5478 5438 545
5434 55
55
55
5518 5514 5513 557
New
700
25 50 Mar 26 5578June 27
5434 547
5412 547
548 54% 5478 5178 55
55
554 558
B new
3,600
25 4878 Mar 28 554.1une 27
*59
*59
60
60
5834 5834 594 60
5913 604 60
6114 2,900 Lima Loo Wks tern ctf-No par
"1584 154 1534 1534 1512 154 .1518 1514 1514 1512 1514 1514, 3,100 Loew's Incorporated... No par 56 June 9 684 Feb 9
1518June 25 18 Jan 10
.924 6
6
6
*578 6
6
618
618 618
618 618 1,030 Loft Incorporated
No par
83.4 Jan 11
512 Apr 22
5714 5734 5912 5912 63
*56
*57
58
6214 63141 62
100 50 Mar 6 6314June 26
6238 6,400 Loose-Wiles Biscuit
*3534 3612 36
3612 357 3578 36
36
36
3636
81
3614' 1,500 Lorillard new
25 2433 Mar 28 3838 Mar 7
*1812 2038 *1812 2038 *1812 2038 •1812 2038 2.)
400 Ludlum Steel
207 •181z 2038'
No par 18 May 13 2334 Mat 17
10934 10934 110 110 *110 112 *110 112 1
'10938112 "109 112
200 Mackay Companies
100 107 Jan 2 117 Jan 30
8412 8518 8334 85
8334 8334 8414 8434 85
8718 8658 8758 14,000 Mack Trucks, Inc
No
Par 7534 Apr 14 9078 Jan 7
.98
99
9838 9834 *9713 99
*97 100 "98 100 I 100 100 I
200
Do 1st preferred
100 9513 Jan 16 100 June 27
92
*90
*89
92
*90
92
*91
92
100
Do 26 preferred
100 87 Apr 22 92 June 27
*62
*61
63
63
*62
63
6278 6278 6278 6334 63
6334 1,200 Macy(R H)& Co.Ino_No par 59 May 15 684 Jan 2
2678 268 2612 2718 27
27
2678 27
27
27 1 2.800 Magma Copper
27 1 27
No par 2618June 14 3614 Mar 14
2234 23
2112 2112 2114 2114 21
21
2113 21131 *2134 2178
900 MallInson(H It) & Co_No par 18 Mar 28 314 Jan 18
42
•42
4338 *4113 4313 42
4312 *4112 44
81
2.10
4214
4412
423
Manhattan
Eleo
par 3314 Mar 21 45 May 2
SupplyNo
.3312 34
34
34
3338 3338 334 3313 3438 3434' *3434 35 I
800 Manhattan Shirt
25 3313May 16 44 Jan 10
274 28% 2714 2734 2714 2714 2713 28
4,700 Maracaibo Oil Expl___No par 254 Apr 21 3732 Jan 26
2818 28121 2778 28
3014 3112 3014 3113 3014 3034 297 31
3014 304 31,900 Marland 011
2934 31
No par 29 May 12 42 Feb 5
1212 1234 124 1212 *1214 1213 1214 1214 1113 1218 1,000 Marlin-Rockwell
12
12
No par
8 Jan 8 1734Mar 11
*3234 334 *33
3313 "33
3313 *33
3313 334 34
*33
200 Martin-Parry Corp
3312
No par 3114June 3 3758 Jan 17
4478 4012 4338 43
4534 4614 44
4312 42
4338 43
4512 11,500 Mathieson Alkali Works__ 60 2953May 13 4678June 20
5114 4914 50
5012 49
50
4914 50
4912 5038 49% 50
10,400 Maxwell Motor Class A.__100 38 Apr 14 55% .Jan 9
1338 1338 127 1314 1234 1278 13
13
128 1278 1234 13
7,100 Maxwell Motor Class B.No pa
1018 Apr 30 16 Jan 9
88
89,
89
8813 8734 89
887
8
8814
9088
897
8
89%
8,800 May Department Stores_ _ _100 8212 Apr 21 95 Jan 25
9014
.5912 16
*1512 16
*1558 1534 1534 16
16
16
1534 1534 1,300 McIntyre Porcupine Mines__
15
May 23 1814 Jan 7
20%
197
8
2014
2013
1938 20
1912 20
194 20
1934 20
7,900, Mexican Seaboard 011_ _No pa
1418 Jan 3 2418 Feb 6
20
202014 20
*1913 20
1918 1912 1914 19%
3,100i
Voting trust certificates__
127s Jan 3 23 Feb 6
2012 "20
2012 *204 2012 •2018 2012 2014 2014
700, Miami Copper
20 May 19 24 Jan 28
2
2
1% 2
134 2
14 2
134
134 41,6001 Middle States 011 Corp.... 1
178
138
6% Jan 2
158June 27
28
2713 *25
*25
.25
28
*25
28
28
*25
*25
28
Midvale Steel & Ordnance- 50 2618May 12 3414 Feb 7
65
674 6612 6814 67
6838 6634 6738 674 6714
19.300 Montana Power
100 6114June 17 683sJune 24
2578 2688 2638 2734 267s 2814 2714 2988 2878 2912 N12
112,100 Mont Ward & Co Ill Corp_ 1
2134May 20 2912June 26
20
1934 20
.1934 2014 20
1934 20
2014 20
20
2018 1.700 Moon Motors
No pa
18 May 20 2712 Feb 7
678 7
634 678 *634 678
658 638
658 • 64
638 638 3,100. Mother Lode Coalition_No pa
6 May 19
914 Feb 15
*12
13
13
"12
*12
13
12
12
*11
13
*11
13
100, Mullins Body Corp_...No pa
9 Mar 22 147 Jan 9
.3112 33
3114 3114 *31
33
31
31
31
31
•31
33
300; Munslogwear,Ins
No pa 160
3
21
0142June 25 3914 Jan 16
1044 10434 10318 10318 104 104 *102 105 *10312 105
107 107
700 Nash Motors Co
No pa
9612 Apr 29 11434 Feb 9
*612 72 "64 714 "1338 713 *612 7
614 653 *612 71
1,100 National Acme
50
VaMay 1 1018 Jan 28
5334 5334 5312 5312 5358 54
54
54
54
558
55
5634 6,5001 National Biscuit
2
Mar
ar 28
8 5634June 27
*12213 125 *12213 125 *124 125 *124 125
125 125
125 125
200, Do pref
100
125 June 26
*4514 51
*4514 51
*4514 51
48
48
*4813 50
*48
50
1001 National Cloak & Suit....100 44 June 5 64 Feb 1
*3234 3314 3134 3234 3213 33
334 3314 33
33
324 331s 2,5001 Nat Dairy Prod tern ette_No par 3018 Apr 11 37 Feb 15
381s 3814 39
*37 • 384 *37
3834 3914 3,100 Nat Department Stores No par 37 June 9
*3712 39
39
39
43 Jan 9
2112 2312 2114 22
*2312 24
2214 2214 2318 2334 2334 2334 1,900 Nat Enamtif di Stamping-100 183
4May 20 447 Jan 17
143 14618 14114 14314 143 14312 144 145
1454 147
14414 1457g 4,400 National Lead
100 12313 Apr 21 15538 Jan 28
.113 11334 11234 11234 *11212 11334 *11212 11338 *113 11334 11334 11334
Do pref
200
100 11112May 27 115 Feb 28
9912 5912 5918 5934 *58
60
5814 60
591 598 *5812 60
900 National Supply
50 56 June 6 724 Feb 4
13
13
13
13
13
13
13
13
13
13
13
13
3,800 Nevada Consol Copper- ___ 5 117 Jan 2 144 Feb 21
4238
423
2
4212
4212
4213
4238 43
42
43
4314 4334 434 2,100 NY Air Brake temp Ws No par 3618 AM 22 45 June 16
.4912 9092 .4912 5012 *498 50
*4934 5014 *4934 50
Class A
50
300
5014
No par 4714 Jan 7 5078June 14
*3214 3334 *3234 3334 32
34
*33
3312 .1324 33
32
32
700 New York Dock
100 19 Jan 9 3718May 23
*46
50
•46
52
52
*4513 5012 *4513 52
*46
*4512 50
Do pref
100 4118 Feb 27 5514May 14
2634 2678 2612 2678 2638 264 2638 2634 2638 27
2634 271s 19,800 North American Co
10 22 Jan 2 2718June 27
48
473
4
4
473
48
48
4734 4778 4734 48
*4734
48
48
Do pref
1,900
so 4373 Jan 2 48 June 23
Nova Scotia
& Coal 101)
812 Apr 25 141a Jan 18
-;7- --8.- -"i- -4- --ifs --if
.7
s -- ----200 Nunnally CoSteel
(The)--..No par
7 Apr 11
93,1 Feb 5
*114 2134 *114
•114 184 •184
Ohio Body & Blower__.No par
114May 20
438 Jan 14
*134 2
•174 2
134i4
:134 2
18' 13144 .i334 :163144 613813
300 Okla Prod & Ref of Amer_ 5
214 Jan 22
Jan 2
112
*6
634 "6
6
634
*6
6
634
900 Ontario Silver Mining
100
434
8
Mar
Jan 7
24
•1812 1878 1834 1834 1838 1838 1.1812 1838 •1858 1834 1838 1878
500 Orpheum Circuit, Inc
1
18 Feb 18 2014 Jan 8
6388 6434 64
64
64
6418 6413 6512 2,700 Otis Elevator-k
6434 6378 64
64
so 634June 24 7358June 4
712 712
713 713 *712 734
712 74
713 712
71z 738 1,600 Otis Steel
No par
714May 28 11% Jan 26
4134 4134 4114 417s 4212 4213 1,300 Owens Bottle
4178 42
42
4178 4178 42
25 3914May 29 47 Jan 10
82
12
*58
*4
12
*55
'2
12
*38
*55
*58
Pacific Development
12
114 Jan 11
33 Jan 2
9.02 9412 "9358 9412 •9352 9414 94
9414 9413 944 944 9434
900 Pacific Gas& Electrlo
100 9018 Jan 4 957 Jan 28
•Ind and asked price% no sales this day. Z Ex-dividend. k Par value changed from $100 to $50 and prices on that basis beginning J11118
3
I
.2,s
al lin
'In
PER SHARE
Rangefor Protons
Year 1923.
Lowest
Highest
$ Per share $ per Mars
804 June 9713 Deo
10414 Nov 110 Apr
167% Sept 20214 Dec
1014 Oct 12
Jan
12% June 1713 Apr
79 July 89 Apr
7834 July 90
Apr
93% Oct 105 Apr
39% June 513k Apr
6 Sent 12% Feb
__
8 Nov 224 June
17% Oct 411
/
4 Mar
6734 Oct 9213 Mar
35
Oct 6212 Apr
88
Oct 99 Feb
12 Oct 33 Mar
Pa Dec 154 M.r
1358 Dec 3418 Mar
5 Sept 1412 Feb
66 June 104% Mar
7934 Nov 94% Feb
31 July 44 Apr
54 Dec 79% Jar
2858 July 39% Mai
404 Aug 78 Feb
20 June 324 May
1518 Dec 30% Apr
h Oct
618 Jan
34 Sept 1114 May
1
Oct 19 May
18 Dec 194 Dec
313 Dec
812 Apr
3118 July 4658 Apr
234 Oct 43% Mar
Feb
4 Oct 11
418 Oct 3973 Feb
31 June 44 Mar
1958 June 274 Apr
6634 Oct 9812 Feb
106
Oct 11614 Jan
4% Aug 11% Feb
1gh Aug 47
Jan
10% Oct 1614 Feb
6014 Jan 83 June
2772 Oct 58% Mar
60 Oct 7518 Jan
64 Oct 714 Apr
7% Nov
1914 Mar
3213 Aug 5814 Mar
1538 Oct 24 Mar
62 June 8812 Den
20% Dec 6333 Mar
28 July
96 July
2012 Oct
78 Nov
75
Oct
294 Oct
1% Oct
177 Mar
75 July
114 Oct
1904 May
111% Apr
_--___
5814 June
14 June
6 Sep
3614 July
457k Feb
104 Mar
6218 Mar
108 Jan
11714 Mar
45 Mar
1118 Mar
300 Dec
8933 June
3158 Mar
240 Dee
1181a Jan
747
2114
1134
6614
Mar
Feb
J11121
Dec
ioi - May Hi' Feb
584 Jan 9312 Apr
87 July 9914 Mar
72 June 92 Mar
57 July 7112 Jan
2714 Oct 3814 Mar
Jan
21 June 40
Oct 66 Mar
35
Oct 4778 Jan
40
16 Sept 2838 Dec
17
:
1 Oct 5953 Apr
314 Nov 16 Feb
26 July 37% Apr
3114 Oct 634 Mar
Oct 6314 Mar
36
Apr
1014 Oct 21
67% Jan 93 Dee
15 Sept 201/ May
64 Aug 234 May
6 Aug 234 May
2012 Oct 3012 Feb
313 Nov 1214 Jan
2112 June 3333 Apr
5413 June 75 Mar
184 May 2614 Nov
1734 Jan 2933 Mar
7% June 14 Feb
1018 Aug 2973 Mar
3112 Oct 3612 Nov
7518 Jan 11413 Jan
7 Nov 184 Feb
38 Jan 5273 Nov
11811 July 125 Feb
40 June 6714 Feb
3438 June 4213 Apr
35 Oct 73 Mar
108 July 148 Dee
10712 June 114 Jan
9412 Oct 6812 Dee
94 Oct 1833 Mar
2658 Jan 42% Nov
4514 Aug 5112 Feb
1514 June 27 Apr
3734 Aug 5112 Mar
1712 May 2414 Apr
4212 July 4812 Feb
13% Dec 29% May
74 Oct 1013 Feb
14 Dec 104 Jan
3% Feb
78 Nov
914 Dec
3 July
1614 June 21% Apr
11412 July 153 Feb
7 June 14% May
3653 Jan 5234 Apr
38 Nov
214 Mar
73 July 9473 Dec
New York Stock Record-Concluded-Page 4
3182
Foe sales during the week of stocks usually inactive, gee fourth page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
June 21.
Monday,
.114716 23.
Tuesday,
June 24.
Wednesday. Thursday.
June 26.
June 25.
Friday,
June 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1924.
On bads of 100-share lost
Lowest
Highest
PER SHARD
Range for Previous
Year 1923.
Lowest
Highest
per share Shares. Indus.& Miscall.(Con.) Par t Per share $ per share $ per share Per *Bari
per share $ per share $ per share $ per share 8 per share
7 July 1234 Mar
7 Apr 7 1034 Jan 9
Pacific Mall Steamship__ _ 5
*8
10
*8
10
9
*8
9
*8
10
*8
*8
9
3114 Sept 524 Dec
45 Apr 22 5814 Feb 5
4712 22,600 Pacific 011
4712 4812 4712 48% 4714 47% 4634 4778 46% 47% 47
Oct Ibis Mar
7
9%
Jan
127
5
9
7
10
8MaY
1
1012 1012 1012 1012 1014 1038 1014 1012 1012 1058 1058 1034 1,600 Packard Motor Car
9012 June 99 Feb
100 8912 Apr 24 9678June 20
Preferred
100
*9612 97
*9612 9634 *96
*96
9634 *9614 9638 9614 9614
97
9312 Feb
4414
Sept
2
53
Jan
Feb
14
6114
50
Petr
&
TransPan-Amer
4,100
5112
515
8
517
8
517
8
51
5134 5238 51
5114 5138 5158
5213
5012 Oct 86 Feb
50 4114 Feb 14 5912 Jan 2
Do Class B
5078 4934 5034 4934 5018 4978 5014 4978 5034 5014 5034 19,100
50
614 Apr
114 Oct
4% Jan 23
138May IP
200 Panhandle Prod & Ref _No par
2
2
214 214 *213 234
*214 3
*214 3
*2% 3
9 May 1512 MST
No par 1318 Jan 2 16 Mar 12
15
1512 1,100 Parish & Bingham
1514 *14
1414 1438 *13
1434 1434 15
1434 •13
6 Apr
1% Oct
414 Jan 17
I58May 29
v t cNo par
218 13,400 Penn-Seaboard
2
2
178 2
178 2
2
2
178 2
86 Apr 9812 Dec
1,700 People's G L & C(Chlo)_ -100 9234 Apr 29 9812 Jan 2
98
*9612 97% 971g 9718 9738 9738 9712 9734 97% 9812 98
41 July 5014 Mal
4814 4812 4758 48
4734 48% 4818 4838 4818 48% 4734 4838 7,500 Philadelphia Co (Pittsb)-- 50 4278May 1 4812June 21
49
5018 48% 4938 4812 4834 4812 4938 5914 5058 4834 5018 33,500 Phila & Read C & I w I_No par 3412 Mar 28 5038Jtme 26
55 Aug 80 Apr
Phillips-Jones Corp_ __ _No par 44 May 14 60 Feb 5
*47
52
*47
52
*47
*46
52
*47
52
*46
52
50
1112 July 24% Dee
900 Phillip Morris & Co Ltd ___10 1438 Apr 30 2334 Jan 31
1512 1573 •15% 1512 1514 1538
*1558 16
16
16
•1558 16
69% APr
19% Sell
No par 3234June 7 4212 Apr 6
3438 15,500 Phillips Petroleum
3312 3412 3334 3438 34
3414 3312 34
3358 3412 34
614 July 1514 Jan
Jan
17
1218
612May
par
914
Car_No
834
9
9
13
1,700 Pierce-Arrow Mot
812
*812
8
8
9
91/3 9%
8
1312 July 35% Jan
2412 24
1,000
24
Do pref
100 1818May 15 30% Jan 17
*24
24
23
23% 24
25
25
2534 253
188
6 Feb
112 July
412 Jan 22
2,900 Pierce Oil Corporation
112 Apr 3
25
158 134
134 •138 13
158 13
134 134
134 1%
Oct 45 Jan
18
Do pref
2,200
2614 2612 271
100 20 Mar 4 36 Jan 21
2534 261 *2534 261 *2512 2612 2534 2534 26
Mar
6772
Jan
58
700 Pittsburgh Coal of Pa
59
59
100 57 Apr 22 6334 Marl
*58
59
59
58
58
*58
5818 59
*5812 59
API
98 Oct 100
Do pre/
991
9912 *98
100 98 Jan 14 100 Apr
991 *98
9912 *98
*98
991 *98
9912 *98
1112
Sent
July
10
1g
sJune
2
133
1318
1314
6,600
Pfttaburgh
Jan
22
13%
1314
1314
Utilities
pref
_100
97
8
1318
1318
13
1314
1314
1333 13
47 July 134 Feb
4,100 Postum Cereal Co Inc_ _No par 4812 Apr 22 5812 Jan
5133 521s 5112 5214 5118 5134 5114 5112 5214 5214 5218 521
10812 June 11414 Jan
Do 8% preferred
100 110 Feb 7 114 Apr
*111 113 *111 113 *111 113 *111 113 •M 113 .111 113
4215 Oct 8112 Jan
48
2,900, Pressed Steel Car
501
100 4512June 7 62 Jan 2
4778 48e 48
48
*47
48
4634 4712 4738 48
80 Oct 9934 Jan
100
Do pref
*80% 82
•8058 82
100 8012June 5 90 Feb
*8058 82
8058 8033 *8058 821 *8033 82
17 Nov 584 Mar
2612 261 10,300 Producers es Refiners Corp_ 50 2234 Apr 22 4312 Jan 2
2512 27
2614 2518 261
2512 27
2534 2684 26
4112 Dec 5111 Apr
5214 5234 5178 5258 41,400 PubServCorp ofNJ new No par 39 Mar 25 53 June 2
5218 5233 5214 53
5133 5238 5112 521
11012 July 134 Mar
3,500 Pullman Company
12438 12438 12378 1251
100 11313 Apr 10 128 Jan 2
124 124
12418 12412 12258 12311 12212 123
417s July 694 Apr
4934 5138 5118 5214 7,900 Punta Alegre Sugar
50 4714June 6 6758 Mar 1
5012 4934 501
5038 5038 4934 5014 50
1614 Sept 32 Feb
25 20 June 6 2634 Feb
21
2058 2078 2083 2058 2058 2034 2058 2034 3,600 Pure 011(The)
2078 2114 21
Do 8% preferred
8212 Aug 100 Mar
100 92 Jan 10 884 Mar 1
*93
95
*93
95
*9312 9412 *93
9412 *93
95
*9414 95
9918
Oct 123 Mar
2,600
Railway
Steel
Spring
11414
113
100 106 Jan 3 118 Mar 2
11534
11118 1111 11212
•110 112 *110 11112 *110 112
1 yt 3174%14 Ma?Feb
u0
Je
Rang Mines Ltd
14 21
NO par 30 Jan 17 334 Feb 1
20
97
*3112 3258 *3112 33
*3112 33
*3112 33
*3034 33
*3034 33
6,800 Ray Consolidated Copper_ 10
9 Mar 27 1214 Feb 1
10
10
1014 10
1014 1014 1018 1614 1018 1012 1018 10t
4812 Mar
June
4112
24
500 Remington Typewriter-100 3214 Jan 4 49% Feb
4012 4012 41
4014 *39
41
*39
*39
4114 40
40
lat preferred
*9914 94 '9014 93 *9014 93
89 Dec 104 Feb
93
100 91 Jan 4 9434 Feb
*90
*90
93
*9014 93
99 Nov
Jan
Feb
2d
preferred
100
80
102
9012May
13
*933
4
95
96
*933
4
95
*8712 90 '9334
*9334 97 '9334 96
4,100 Replogle Steel
No par
714June11 15% Jan 2
712 71
8 Oct 315 Feb
8
10
8
8
734 8
*712 734 *712 734
100 42 June 7 61% Feb 1
4018 June 664 Mar
4578 4714 4658 4778 10,300 Republic Iron & Steel
4512 4512 4478 4578 445* 4518 4513 451
8434 Oct 96% Mar
200
Do pref
100 82 June 16 95 Mar
86
86
84
84
*83
84
*83
84
*83
84
*83
84
14 June 29% Ayr
400 Reynolds Spring
No par
978May 13 22% Jan
12
*11
12
12
12
*11
12
*11
12
*1134 - - - - *11
7018 71
71.,
7012 71
7058 6,600 Reynolds(R J) Toro Class B 25 6158Mar 31 7478 Jan 2
70% 7012 6912 6938 6912 71
4
IPe4b
14
8 D
y 17
17
4 Julln
600
Do 7% Preferred
100 11514 Mar 26 121 June 17 14
120 120 *11958 12014
11978 120 *11958 12014 120 120
*11958 120
DecFe
4
801
8 m
Aa
lly3
4712 4838 472* 4734 4634 4714 4634 4714 47
4714 4,700 Royal Dutch Co(N Y shares)- 4618june 19 5912 Feb 6
47
47
17 June 2318 Dec
700 St Joseph Lead
10 22 Jan 7 27% Feb 21
2578 28
26
2614 26
26
*26
2614 2584 26
2534 26
5 Feb
14 Oct
114 Mar 6
Santa Cecelia Sugar___No par
338 Jan 24
*134 2
•134 2
*134 2
•134 2
*134 2
•134 2
1812 Jan 3512 Dec
10,500 Savage Arms Corporation_100 3238 Jan 2 60 June 27
5438 54
544 54
5718 5734 5912 5838 60
54% 5478 54
15
16
53
4
4
114 11612 112 11412 110 116
11634 11914 11938 12112 46,200 Schulte Retail Stores__No par 9834 Apr 16 12112June 27
11534 117
6534 June 9232 Feb
100 7834May 15 9718 Feb 1
87
87
87
87
87
9078 89% 9178 9178 9434 9312 9558 44,600 Sears. Roebuck & Co
100 11212Mar 26 115 June 26 10612 June 115 Nov
200
Do pref
115 115 *11212 115
*11212 115 •11212 115 *11212 115 *11212 115
47 Oct 1212 Mar
600 Seneca Copper
No par
614 Jan 11
12Msy 2
73
78
34
34
78
534
78
78
*34
78
78
"4
4 Apr 11
Oat 10% Mar
5
100 Shattuck Arizona Copper_ 10
6% Jan 10
*434 5
*434 5
*434 5
434 434 *434 5
*434 5
par
Jan 1914 May
1614
Apr
22
No
1218
2018
13,600
Shell
Union
011
Feb
6
173
8
167
1718
8
1718
1758
1718
1712
173s 1734 1758 177
1733
95 May
Nov
8912
914
Jan
4
Preferred
100
800
9638May 6
94
94
94
*9312 94
94
*9312 94
*9312 9334 *9312 94
10 1038 Jan 4 1478 Mar 24
612 July 16 Feb
1312 1314 131 10,700 Simms Petroleum
1312 1358 $1314 4312 1312 1358 1314 1358 13
3418 Mar
2234
Dec
22
Apr
14
Simmons
Co
253
8
2,100
No
Par
Feb
5
2458
24
24
235
8
2312 2312 2334 2334 235a 2378
2334 24
16 Sept 391 Mar
2712 Jan 2
26,100 Sinclair Cons 011 Corp_No par 1778June
1812 1878 1838 19
1812 1878 1812 19
185g 1918 1812 19
90 Jan 21
Preferred
100 77 May
8014 Aug 994 Feb
800
87
8612 87
*8312 8512 8512 8534 *8512 8558 8558 8558 86
25 1734June
29 Feb 4
95* Jan 35 Mar
1918 1914 1914 2,500 Skelly 011 Co
1913 191g 1914 19
1914 1958 19
1912 20
3914 July 63 Dee
2,000 51058-Sheffield Steel & Iron 100 52 May 20 6754 Feb 7
581
57
57
56
56
*5512 56
*53
*55
5512 5418 55
384
Aug 70 Dee
6412June
957
8
-100
South
Porto
Rico
SugarMar
8
1,300
73
7012
71
70
7018
70
70
67
*67
66
67
66
738June 2
No pa
1134 June 274 Feb
18 Jan 12
800 Spicer Mfg Co
8
*8
812
8
*8
9
734 8
*712 8
714 8
Oct 977 Feb
88
Do pref
100 80 Apr 12 90 Jan 2
8012
801
8012 *-_ __ 80 •__
8012
8014
62% Feb 7
Standard Milling
100 3012May 2
6014 Dec 90% Jan
*3834 50
*3834 50
*3834 50
*3834 50
*3834 .50
'.3834 50
5512 Apr 21 6812 Jan 26
4718 July 12312 Jan
5634 5778 5612 5678 5512 5634 5534 5678 56% 5634 18,200 Standard 011 of California_ 2
5714 58
33 May 14 4214 Jan 26
30% July 4414 Mar
3412 29,500 Standard 01101 New Jersey 2
3434 3513 3412 3518 3414 3412 333* 3458 3314 3418 34
2
1153
4Mar
1
__100
1143
4 Aug 11814 July
119
May
Do
pre(
non-voting__
1,106
118
118
118
11778
118
1178
4
118
118
118
11734
*11758 118
5512 Apr 23 6378 Jan 2
No pa
51 June 675* Mar
800 Sterling Products
58
58
58
58
*5712 58
*5712 58
58
58
*5712 58
54 May 20 10072 Jan 12
74 July 12412 Apr
6558 6838 6412 6534 32,500 Stewart-Warn Sp Corp_No pa
6514 6612 6512 6658 65% 67
6612 67
5912 July 9414 Mar
6212 1,300 Stromberg Carburetor_No par 6412May 14 8478 Jan 11
62
62
621
62
6012 601 *6012 6112 .61
*61
62
9334 Oct12614 Mar
Studebaker Corp (The)-100 8012, Apr 30 10814 Jan 8
No par 3012May 20 38 Apr 4
13
54
13
-6
3
39A
333
4
3414
33
33
3312
335
8
323
4
33
34
33
3338 3334
7 Mat 29 121g Jan 2
7 Jan 15 Apr
No par
2,800 Submarine Boat
9
9
9
884 834
9
9
9
9
9
834 878
abr
Fe
7 Juno 11
238 Jan 2
Oct86
434 84
No par
314 Sept
22
512 6
558 6
534 614 20,700 Superior Oil
638
534 6
6
614 638
Jan
9
263
sJune
6
34
7
8
100
Steel
Superior
8
*24
297
8
_
297
_
297
3
*_
297
8
•___
*____ 2978 •__ __
June
4
Oct
Mar
15
1
3
Jan
2
2
10
America
Co
of
214 1.300 Sweets
2
214
2
2
218
*2
214 *2
218 218 *2
8 June 1234 Feb
634 Mar 31
No par
934 Jan 5
400 Tenn Copp & C
67g 678
68 67g *612 7
*634 7
634 678 *634. 7
3438 Nov 52% Mar
8.200 Texas Company (The).- 25 37341 une 7 4538 Jan 30
3812 39
385g 39
3858 39
3834 3914 3812 3918 385s 39
Jan
5314 July 65
10 5714 Apr 21 6614Jime 26
6418 64% 6434 6614 6618 6614 7,500 Texas Gulf Sulphur
6414 6512 643* 65
65
65
512 Nov 244 Feb
814J unc 7 1514 Feb 1
912
2,100 Texas Pacific Coal& Oil.-- 10
9
9
912
9
9
838 9
9
*9
912
9
May
119
July
144
94
Feb
7
June
7
100
151
Oil
Tidewater
300
12238 12233 *120 12212 *120 122 *120 123 *120 123
122 122
3318 Jan 45 Mar
1,000 Timken Roller Bearing _No par 3112May 19 41 Jan 7
34
34
34
34
34
34
3333 333* 34
3412 34
*34
463 Aug 7834 Dee
614 6178 6112 61% 41,700 Tobacco Products Corp .100 53 Apr 11 7034 Feb 5
6178 635* 6118 6258 5934 .61
623s 63
Mar
25
8314
100
7612
July 0278 Dec
91%
Feb
11
Do Class A
8918 . 7,400
8938 89
8938 8878 8914 89
9014 8912 9018 89
90
100 113 Feb 19 119343une 25 10434 Feb 11512 Oct
Preferred
500
11934 11934 *119 120 *119 120
*119 120 *11938 120 *119 120
Oct1412 Jan
33
4
Apr
15
614
par
14
Jan
21
__No
Transcontinental
OIL
182,995
478 514
5
514
412 478
434 5
418 412
438 434
357 Aug42 Dec
Underwood Typewriter- 25 3634lune 9 43 Jan 9
*3634 38
3778 3778 3778 37%
*3634 38
38
*36% 3814 38
6458 Feb 9
50 Oct 7712 Mar
500; Union Bag & Paper Corp...100 4612May 2
47
48 *46
50
*48
50
50
48
50
50
51
*48
4 Feb
14 Jan
No pa
38 Apr 9
v18
14
*18
14
*18
14
18 Jan
1 Union Oil
14
*18
14
*Is
14
*18
94
Jan
104
Apr
3
100
81
Feb 99% Mar
100 Union Tank Car
*99 103
*98 100
*99 100
*99 103
*99 103
*99 103
100 10614 Feb 18 11014June 20 106 Sept 112 Jan
pref
100
Do
*111
114
*111
115
*111
115
115
*110
112
*110
11018 11018
87 Feb 11
No par 211gJune1
29 July 3918 Mar
*2218 2258 2214 2214 2211 2212 2212 2212 • 700 United Alloy Steel
22
22
22
22
100 71 May 29 88 Feb 4
7414 Oct 85% Feb
79
1,600 United Drug
*77
79
7878 8012 79
79
7914 *76
*76
79
*77
4612May
48%
464
Feb 49 July
Jan
11
preferred
50
1
4
1st
Do
800
*4512
483
*4812
4
484
483
4
48
*4812
4834
48e 4838 483 4834
100 182 Jan 4 20114 Jan 28 15212 Jan 18712 Dee
500 United Fruit
19412 195
19334 19434 *19312 196 *19312 197 *194 196
194 194
20 July 6912 Dee
Iron Pips & Fdy-100 64 Feb 27 9738June 19
Cast
8
47,800
U
9612
94
953
8
95
963
8
95
94
923
4
9512
95
915*
94
100 81% Jan 18 9478 Apr 29
64 June 87 Nov
Do prof
800
*92
9212 92
9212 9278 9278
93
9212 9212 9218 9218 *92
16% Mar 28 2018Mar 6
1354 Oct 25 Jan
100 US Hoff'n Mach Corp_No pa
*1718 1712 *1718 1712 *1718 171z *1712 177g 1712 1712 *1718 1778
_100 6118May 2
83
3
5
Jan
31
Alcohol....
40 June 7314 Mar
Industrial
S
7034
24,600
U
7
693
4
70
703
8
7o14
70
6918
703
8
6812 7058
6958 71
98
Jan
1033
100
4
9514
June 101 Mar
Feb
7
pref
Do
200
102 102 *101 103 •101 103 *10112 103 *101 103
•101 103
100 90 June
10734 Feb 18
884 July 106 Mar
500 TY El Realty dz Improv't
•9512 97
9512 9512
*95
96
96
96
96
96
97
*96
100
June
109
Feb
13
9715
Aug 10838 Mar
Preferred
200
103
*102
103
*102
103
*102
*10134 10234 10234 10234 10278 10278
4272 Jan 12
100 2212May 2'
305* Oct 6478 Mar
16,500 United States Rubber
29
2434 2512 2512 2578 254 2614 2618 2634 2634 2858 28
9434 Jan 10
100 6612May 2
Oct 105 Jan
preferred
763
4
1st
Do
7,800
78
7712
763
4
77
783
4
7614
7512
7412
733g 74
73
73
50 1812 Mar 26 2375 Feb 15
1838 Oct 4355 Mar
204 2012 2014 2012 2012 2078 1,400, US Smelting, Ref & Min
*2012 2034 2038 2012 *2012 21
50 3712 Mar 22 4438 Mar 6
3838 Dec 4818 Jan
Do pref
200
3934 3934
*39
40
*3914 40
*39
. 40
3938 3938 *3878 40
109 Feb 7
8512 July 10952 Mar
104,500 United States Steel Corp...100 9414Junc
9618 9714 9614 9678 9634 9738 9712 9978 9914 10018
9678 97
12212June 16 11618 Aug 12312 Jan
100 11838 Feb
Do pref
12118 12138 2,800
12138 1213g 12112 12112 12114 12178 12134 12178 12138 12138
6912June 4
10 64 Jan 1
Copper
5512 Oct 7612 Mar
Utah
1,400
8
693
69
8
*69
693
8
*69
693
693*
69
6814 688
*6814 69
100 1638 Jan 4 3112June 4
Oct 2438 Feb
14
4,800 Utah Securities
2812 29
2834 2914 2814 2812 2814 2834 2818 2812 2818 2834
par
1918June
9
No
3312
Feb
Corp
11
Vanadium
2434 July 4458 Mar
1,900
2112 *21
2112 2118 2178 2173 23
2112 2112 *2114 2178 *21
%June 10 10% Jan 11
614 June 27 Feb
114
800. Virginia-Carolina Chem___100
118 *118
11
118
•118
118
114
118
118
132
114
212June 9 8434 Jan 2
100
17 June 69 Mai
1,0001 Do prof
318 312 *314 31
318 334
333 358 *312 418
*312 418
par
614June
25
No
t 2203
151g
454
Once
Jan
10
(V)
1
2 Ju
Vivaudou
2001
6
*5
6
614 614 *5
612
612 612 *6
*612 7
May
No par 14 Apr 29 164 Jan 26
400 Waldorf System
15
15
1512 .1434 151 *1434 1512 *1434 15
1512 *15
•15
1638 Dee
148
4
Jan
31
Jan
1912
Mar
15
No
par
Heilbroner
124
&
Weber
2,500
1578
157
1612 1614 1614 *1618 1638 1534 1614
1614 *16
16
50 3514 Jan 19 43 June 27
33 Dee 105 Mar
6,000 Wells Fargo Express
4112 43
411
4112
42
413
4
4118
4214
4234
4
403
3914 40
1,500 Western Union Telegraph_100 105 May 1 113 Jan 30 10118 July 11912 Feb
108 10858 10734 1073
*10912 110 *109 1094 10914 109'2 x10738 10738
76 July 120 Feb
460 Westinghouse Air Brake___50 84 Jan 2 96% Jan 28
93
921 •9212 93
93
*6312 9334 *9334 9378 9312 9334 9212
5253 June 6718 Feb
621 13,600 Westinghouse Elec & Mfg_ 50 554May 15 65 Jan 22
8
615
62
607
8
603
s
8
607
8
603
60
04
30
7
38 Mar
Oct 6
6038 6034 6018 604
23I8May
12
par
293
8
Oil
No
20
Feb
6
Eagle
White
700
233
24
2312
24
2378 237
2358 237 *2312 24
24
24
50 5012 Apr 11 59% Feb 11
45 June
1,200 White Motor
5334 541
5314 54
521 *5214 53
Dec 14 Feb
78May 19
*5214 5312 *5214 5314 5212
5
2
5
Jan
11
Spencer
Steel.Wickwire
4,300
13
15
8
13
183
17
158
112
134
138
114
678May 17 1414 Jan 16
114 114
5 June 1114 Dee
25
81 18,300 Willys-Overland (The)
8
712 71
734 77
712 758
712 73
733 734
4212 Jan 83 Dec
100 6112May 16 88 Jan 15
Do pref
6758 691 11,200
6714 681
6658 671 *665* 67'4 66% 671
June 4234 Mar
6658 67
19
16
par
418May
No
28
Jan
9
Co
Inc
1,500
Wilson
&
*412
47
47
45
8
47
478
513
5
5
518 518
5
100 280 Jan 4 345 Mar 24 19918 Jan 290 Dec
Woolworth Co (F W)
25 7212 Apr 10 11038June 27
New w 1
106i2 110% -373-5:6
1045g
10612
10412
iooi2
10112
iooOct
-14-31-3
ióói4 10l'4 -654 101
100 2314June 9 3134 Jan 9
800 Worthington P & M
2518 2434 2512 2534 2534
2534 25
*25
26
2534 2534 *25
814 Jan 1318 Nov
958May 15 1312 Jan 3
600 Wright Aeronatuical_No Par
*1014 1034 1014 1018 1034 1034 *1012 1034
*1014 1012 *1014 12
378 Dec 4012 Dec
12
par
Jan
35
Apr
22
No
Jr)
40
4,700
Wrigley
(Wm
3818
383
8
38%
38
38
3814 3778
*3818 3814 3814 3814 38
10,800 Yellow Cab Mfg tem ctfs-10 4434J une 10 85% Mar 27
5438 5312 55
5212 53
4878 4934 40
49
49
62 Oct 80 Jan
*4812 49
Youngstown Sheet& T No var 62 May 5 7014 Jan 7
65
*63
65
*63
65
*63
65
*63
65
64
*63
.63
Ex-dividend.
tlxis
day.
5
on
•Rid and sated pries :880 sales
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
3183
Jas. 1 1909 The Exchange method of surging bonds was changed and prices are now "and interest"-engt4 for Worm and defaulted bonds
BONDS.
N.Y.STOCK EXCHANGE
Week ending June 27.
113
Wears
Price
Range Or
Friday
June 27. ' Lan Sale
za
Range
Since
Jan, 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending June 27.
11
Price
Friday
June 27.
Week's
Range or
Last Sale
in
g
Sine.
Jan. 1
High
Bid
Low
Bid
High No. Low
HUM
Ask Low
U. S. Government.
High
Ask Low
All & Birm 30-yr let g 4s_ _ _e1933 MS 8014 Sale 804
81
25
70
81
first Liberty LoanN 8834 Sale 8812
8338 8912
3D 101'InSale 10010,110132n 1885 9822n 10124, MI Knoxy Ai CM Div 45_ _ _ _1955
8912 42
1136% of 1932-1947
98641102.00 Atl Knoxv & Nor 1st g 513_.A946• D 100 ____ 9912 Mar'24
9914 99%
3D 102fn
102 June'24
Cony 4% of 1932-1947
4441021341 Atl & Cheri A L Ist A 430._1044 33
9134 94
Cony 434% of 1932-1947
15
94
94
J.D 101"n Sale 1013522102152 1313 98,
96 10014
20 984134102
1st 30-year 5s Series B__1944 33 1003s -- - 100
% of 1932-1947 3D 101 101342 1011522101102
341 cony
10014 12
8612 9214
All Coast Line let con 45._51952 MS 91% Sale 91%
Second Liberty Loan47
92
3 98444101114,
4% of 1927-1942
10-year secured 75
MN 1011712
107% 14 10662 10838
1930 MN 107 Sale 107
10142 10114
8614 9212
Cony 44% of 1927-1942
General unified 43.48
1984 3D 9214 Sale 9112
MN 101142 Sale 101.00101u: 2646 98444101"u
9212 13
Third Liberty Loan8138 8514
86
L & N coil gold 48
01952 MS 85 Sale 8434
85
73% 80
13
1948 33 79
MS 102122 Sale 10135,,2102ns 339) 993441021,u Atl & Deny lat g 45
80
434% of 1928
8014 78%
Fourth Liberty Loan85
4
2d 4s
1948 33
6878
68
687s
68
8018
AO 1021in Sale 101"S:10214 7632 9842102110 All & Yad 1st g guar 48
1949 *0 7234 74
434% of 1933-1938
7415 June'24
'
Treasury Vis 1947-1952
3 97% -- 9612 June'24
9812 9812
A0 10512” 13612 1043522105132 3323 990310513o A&NWlstgug5s
1941
28 C013130i registered
d1930 Q J
9938 Sale 99%
9938 167
10312 Mar'24
1034 10312
J
96/
coupon
1
4 993s
41930 Q J
28
1925
10232 10232 Balt & Ohio prior 33.4s
10238 Mar'24
98
96
1925 Q F
41 registered
Registered
98 May'24
8192' Q J
104 May'23
guy 87311
1925 Q F
is coupon
let 50-year gold 4s
, 8758 121
81948 AO 87 Sale 863
103 July'23
80
8514
Panama Canal 10-30-yr 2s_k1936 Q F 9034 _-___ 100 Aug'23
Registered
85% 28
_ 85
81948 Q J
Panama Canal 35 gold
1961 QM
S 90 Sale 8834
8214 90,2
10-year cony 4345
1933
9012 379
9412 Apr'23 State and City Securities.
SS
88
86
125
Refund & gen 5s Series A-199' Jo 8512 Sale 88%
NY City-451e Corp stock 1960 M
10078 10118 10072 100%
9878 100713
10-year tis
1929 33 10212 Sale 10218 10212 174 1001e 1033e
994 11
1964 M S 10238
N 99
434s Corporate stock
P Jet & M Div 1st g 3545-1925
9514 994
991 gg
10212 10212
99% 10212
2966 A 0 10238 10252 102 June'24
4348 Corporate stock
79
85
P LE&W Va Sys ref 45_194 MN 844 Sale 834
9934 102
8412 99
9612 9932
434s Corporate stock
1971 J D 10634 10714 10534 May'24
9938 110
Southw Div 1st gold 3)45_192 '3 9914 Sale 9918
104% 10578
44s Corporate stock .July 19873 J 10678 107 105 June'24
6614 70
Tol& Cin Div let ref 4s A_195 ii 6858 Sale 6812
10234 10612
6932 51
434sCorporate stock
1965 J D 1064
68
60
58 Mar'24
10612 10612 11 10234 106% Battle Cr & Slur 1st gu 3s 198 Jo 5612 62
9019 9312
4348 Corporate stock
1963 M S
103 10534 Beech Creek 1st gu a 48
193 3, 9114 927 9312 June'24
10534 June'24
a% Corporate stock
1959 IN N 9812 99
Registered
9438 9812
193 3,
9812
86 Feb'24
9812 16
4% Corporatestock
1959 M N 9858 Sale 9858
944 9858
2d guar gold Is
104 May'24
193 J J
1
9838
_ 97 June'24
4% Corporatestock
1957 M N 10618
Y7-1
;
Beech Cr Ext 1s1 g 348_51951 AO
96% 97
774 May'24
4% Corporate stock reg-1958 M N
807s 9314
1944• D 8058_ 8314 June'24
98
11435 98 Big Sandy 1st 45
98
5
• % Corporate atock _ _1957 MN 19618
69
61
106
54
89
106
25 1034 106 B& NY Air Line let 45._.1955 P A 69 Ei9a; 87
• % Corporate stock _1957 IN N
8812 89
10272 10512 Bruns 42 W 1st go gold 4s...1938• J 897s
10512 June'24
89 Apr'24
3IY% Corporate stock...1954 MN
Buffalo It & P gen gold 55-1937 MS 10038 101-12 10038 10038
gad 106
88118 June'24
3 100 1014
New York State-48
1961 M S
Consol 4445
87
90
1957 MN 8814 Sale 8734
10212 June'23
8812 90
Canal Improvement 49_ -1981 J J
9534 9912
Burl C R & Nor ROM
1934 * 0
10212 June'23
9912
9912 19
Highway Improv't 434s_ _1963 M S
11214 July'23
Highway Improv't 4It 1, _1965 IN S
971s 10014
Canada Sou cons gu A 5s_ _-1962 40 10014 10012 100%
1003
14
10412 Apr'23
FIrglnia 2-38
1991 J 1
Canadian North deb s 1 75_1940 3D 11312 Sale 11258 1134 81 III 11414
7114 Oct'23
Foreig n Government.
25-year 5 f deb 6Sig
1946 I, 11338 Sale 11258 1134 72 11034 113te
Argentine(Govt) 7s
1927 F A 10258 Sale 10258 10258 103 10034 10234 Canadian Pao Sty deb 4s stock.. .1 .1 8138 Sale 8038
7834 9234
8138 63
Argentine Treasury 55
1945 M S 8212 Sale 82
90
9134
78
84 Carb k Shaw let gold 4s_1932 MS 893
91% Feb'24
83
-29
Temporary s 3 g 65 Sec A 1957 M S 9418 Sale 93
.• 1 7712
89% 94% Caro Cent let con g 48
7078 78
1949
4-7934 77%
9458
77
%
408
6
Austrian (Govt) 79 w I
1943 1 D 925 Sale 9134
8514 9314 Caro Clinch 420 let 3-yr 5a--1938 3D 98% Sale 9814
923s 99'4
99
101
934
260
Belgium 25-yr exte f 7SO 6-1945 J I) 10512 Sale 104
96 1047s
6s
97 10814
10614
1952 J o 10234 Sale 1023e 103
85
Jan NV;
5-year 6% notes
10038 Sale 10012 10058 14
81
1981 J o 8214 8412 8278
9378
9634 100% Cart & Ad lst gu g 45
2
824
71
8
67
7614
JD 754 75% 75
-year e f 88
20
LT
10412 Sale 103% 105
Branch
10512
P
Cent
1st
97
45.-1948
a
7514
9
50
Bergen (Norway) a f Se
1945 M N 109 Sale 109
5034 66
68
83%
66
54
10918 30 108 10914 Cent New Eng let gu 4s.,.1961 J J 65
Berne (City of) e f Se
1945 M N 10934 Sale 10912 110
96
98
108 11114 Central Ohio 4548 1930
1930 MS 9334 96 May'24 -34
Bolivia (Republic of) Ss_ -1947 IN N 9214 Sale 9134
85
99 10134
93 Central of Ga 1st gold 55-P1945 FA
_ _ 10134 June'24
9214 147
.l
1
Bordeaux (City of) 15-yr 88-1
MN 8578 Sale 8434
9614 10014
Comet gold 58
7112 86
1945 MN 9914 1-00
99%
99% 17
133
86
Bras% U 8external fis
9272 9914
9914 Sale 98
June 1929 3D 10234 Sale 102% 103
10-year secur 6s
15 100 103
9914
340
Ts (Central Ry)
1952 J D 8734 Sale 8714
784 82
7712 88
Chatt Div pur motley g 413_1951 J D 9112
__
82 June'24
88
307
(Coffee
Security).
'
3
7)48
-1952 A 0 99 Sale 9812
Mac & Nor Div 1st g 58-1946
9534 974
94 101
97%
_ _ 9718 Apr'24
99
15
Canada(Dominion of) g 53-1926 A 0 101 Sale 10034 101
Mid Oa & Atl Div Is
1947 3' 9318
9958 10114
__
-- 94 July'23
42
fel
1931 A 0 101% Sale 10058 1014 29
Mobile Division 5e
9913 102
1846 33
96 Feb'24
__
10-year 534a
017g 96
1929 F A 10212 Sale 10214 10212 33 10034 10234 Cent RR & B of Ga coil g 58.1937 MN 97%9512 9578
- 95%
96
7
.•1 10638 108 10812 10634
fis
1952 M N 102 Sale 102
9914 10212 Central of NJ gen gold 55-.1987
2 10334 107
10212 261
Chile (Republic) ext a f 86_1941 F A 106 Sale 10518 1064
10252 10572
Registered
102 107%
81987 Q J 10512 105% 1051 June'24
32
External 5-year e 188.. 1926 A 0 10312 Sale 10318
85
8834
1949• A 8812 Bale 8734
8812 167
10312 46 10238 104 Cent Pao 1st ref gag 48
78
1942 M N 98 Sale 97
91
9378
9378 Sale 9378
Mtge guar gold 3145
94 100
93%
81929 J
5
98
116
.1946 M N 10614 Sale 10678
8172 8634
25-years 88
8412
Through St L 181 gu 4s
102 107
1954 AO 8418 87
8514 19
107
27
Chinese (Hukuang fly) 544_1951 J D 4634 Sale 44
11514 1153e
39% 4634 Charleston & Savannah 78..1938
116
- 11558 Feb'24
4634 162
Christiania (City) e 1 Se_ ___1945 A 0 10912 Sale 10912 110
1
97
9934
_
12 107 110 Ches & Ohio fund & impt 58-1929 MN 9912 10(1 9914 June'24
Colombia (Republic) 8346..1927 A 0 9812 Sale 9712
9916 102
1st consol gold 55
94% 9812
10134 27
1939
10134 Sale 1011g
9812
157
Copenhagen 25-year s f 510_1944 J J 9412 Sale 92
MN
8
98
Registered
87%
9112
Apr'24
98
1939
_
9412 192
Cuba iSe
644 8978
1949 in S 95
General gold 4445
9334 964
9612 95%
1992 MS 8852 Sale 8814
89
34
2
9813
Exter debt 58 1914 Ser A..1949 F A
924
Registered
8332 85
89
8914 9214 9112 June'24
1992 MS
85 May'24
_
External loan 4348
FA
88% 95%
1949 F A 8312 84
convertible
20-year
4
794
8312
95% 451
;45._1930
9514 Sale 94%
8314
8312
8
8878 9772
5548
1963j J 9612 Sale 9
30-year cony secured 55._ _1946 AO 97% Sale 9612
91% 97
974 513
512
9612
222
'
Csechoslovak (Repub of) 88_1951 A 0 9834 Sale 9652
3 96
Craig Valley 1st g 58
94
9219 96
9734
4
96
1940
968 96
97
192
Danish Con Municiplk"A"_1946 F A 109 Sale
80
Potts Creek Branch 1st 93_1046 J J 7972 __ -- 80 June'24 _ _ _
106% 109
78
10812 109
3
Series B
10614 10914
7934 8218
1946 F A 109 Sale 10812
R dr A Div 1st con g 4e.._1989 J
82
- 824 June'24
18
Denmark externals f 88._ _1945 A 0 11012 Sale 11012 109
J
.1
76
88
38
24
1074
consol
1117
8
gold
45
_
_
19139
sok; If 8038 June'24 _ _
111
32
20-year 68
9318 9878
Warm Springs V 1st g 58_.1941 MS 9512 9812 95 June'24
95
1942 J J
95
_
9812 Sale
984 126
Dominican Rep Con Adm at 5s'54 F A .10134 10258 98
A0
10212
58
603
8
100
Alton
Chic
&
RR
ref
g
35
5912
604
_1949
Sale
60
10134
23
10178 46
8534 91
554s
New York Trust Co ctfs_ _ _ _
1942 M S 9078 Sale 9012
-- 23 July'23
--91
34
Dutch East Indies eat 60_1947 J J 9514 Sale 9434
5313 68's
9278 96
Stamped Oct 1922 interest__ _
5714 -- 5712
57%
6
96
318
40-year 136
_ 5714 -59
9232 66
64
1962 M F 95 Sale 9338
5872
Stamped April 1923 interest_ _
57 June'24 _ _ _
9512 197
8538 9035
Railway first lien 3)4s_ _ _1950 3
1953 IN
6)4s trust recta
89 Sale 8758
3612 Sale 3512
38
103, 3034 4032
8934 270
French Repub 25-yr est 85..1945
3/212 10278 Chic Burl & Q-III Div 33.4a.19$9 .1
7834
8212
S 10214 Sale 1015
8212
82
, 10212 528
81%
827
8
15,
20-yr external loan 7%6_1941
9114
90 100
Illinois Division 45
D 99 Sale 9834
gots
91
1919 J J 90
9912 364
95
42' 86
Gt Brit & Irel(UK of) 5445_1937 F A 10378 Sale 10234
9918 10414
Nebraska Extension 4s _ _1927 MN
10414 370
9912 111 9612 99'2
994 Sale 98
10-year cony 5 345
MN
1929 F A 10914 Sale 10812 10938 95 10612 111314
Registered
_
Mar'24
1927
96
8412
Greater Prague 7348
1052 MN
7612 8912
General 413
85
8912 Sale 8734
8912 137
1958 MS 89% - - -- 89
8912 15
Haiti (Republic) 65
1952 A 0 91 Sale 9012
8812 92
1st dr ref 55
100
91
1971 FA 99% Sale 99
37
9972 138
Italy (Iiingd of) Ser A 6543.1925 F A 10012
AO
9812
101
5512
Chic
City
49
&
Conn
Rys 55._ _1927
Sale 10014
10012 19
51% 57
54 June'24
Japanese Govt-f loan 434s.1925 F A
92% 9712 Chicago & East Ill let 65_ _ _1939 A0 1053.1 10578 10514 May'24
1044 1054
9712
Sale
9712
I
974
4
Second series 4Sys..... _1925 J
9134 97% C & E lii RR(new co) gen 58.1951 MN 72% Sale
713
4
7812
9712
Sale
9712
9712!
80
168
74
71%
Sterling loan 4s
7538 8134 Chic & Erie let gold 58.. _1982 MN
1931 J
7812 Sale 784
7878! 106
9812 211 9172 9812
9812 Sale 97
Temporary s f g 634
1954 F A
84% 92 Chicago Great West 1st 42. _1959 ha S 56 Sale 5414
60
5712
92 Sale 9012
92
766
5712 571
Oriental Development 65_1953
81
8514
With
Sept
Sale
1924
_ 1 4848 5334
85
coupon on
8514 54
8412
_ 52 Feb'24
Lyons (City of) 15-year 65_1934 M N 854
724 86 Chic Ind & I./malty-Ref 6s_ _1047
Sale 85
105%
86
119
1091,
10918
103
4
10918
12
5
1
Marseilles(City of) 15-yr 65.1934 M
86
Refunding gold 58
953s 9934
86
124
1947 1.
9818 9812 9934 June'24
Mexican Irrigation 4Sys_ _ _1943 kl N 8578 Sale 8434
2714 30
Refunding 45 Series C....1947
8119 85
Mar'24 _ _ _
8612 8212 May'24
"
4
843
Mexico-to of 1899
1945 Q J
43
5112
General 58 A
8112 85%
May'24' _ _ _
854 18
1969 M N 845g 8578 85
Gold debt 48 of 1904
1954 3 I)
26
951 1004
30
General 65 B
June'24
10018 45
r1966
100 Sale 9834
Montevideo 76
19523 Ti 92 Sale
8514 92
Ind dr Louisville let go 45_1956 • J 9934 Sale 84'2
71
9934
92
44
3
9934
Netherlands 68(flat prices). _1972 M
8934 95 Chic Ind & Sou 50-year 48..1956 J J
95 Sale 934
95
125
_
8212 86%
854
- 8814 June'24
Norway external 918e
1940 A 0 111 112 11114
8712 9111
11218 17 10934 11278 Chic LB & East 1st 4Sis_ _1969 3D
911 May'24
as
9112 9858 CM at: Puget Sd 1st go 4s._ _1949 J J
1952 A 0 98 Sale 9714
4934 6034
9858 57
55
16
55 Sale 53
68 (Interim certificates) _ ..1943 F A
924 99 Ch M & St P gen g 45 Ser A-e1989 J J
9712 Sale
704 74
53
4
9734 37
72
7214 Sale 7134
Panama (Rep) 5)4e tr reets_1953 J D 9712 Sale 973
954 99
8134 654
9712
General gold 33.45 Ser B....e19119 33 64
98
10
_6514 85 June'24
Porto Alegre(City of) 8e _ _1961 J D
8244
92
99
971,
09
78
99
General 434s Series C
17
8034 15
e1059 .1 J 8054 Sale 795e
Queensland (State) ext 017e 1941 A 0 98
493, 5812
108 Sale 10712 10815 13 1044 10812
Gen & ref Series A 4348.a2014 A0 53 Sale 5134
5314 193
25-year (is
1947 F A 1(1134 Sale 10112 102
9912 1024
FA 5734 Sale 5434
54
8218
Gen ref cony Ser B
74
81
58
-02014
Rio Grande do Sul Ss
1946 A 0
92
99
5412 86
Sale 98
99
Convertible 434s
28
8078 124
1932• D 8012 Sale 87 3
Rio de Janeiro 25-yr e t 8& 1946 A 0 99
874 9812
3D 79% Sale 78%
98 Sale 9512
48
6818 8678
984 95
8034 360
1925
81
1947 A 0 954 Sale 9412
87
99
'3 53 Bale 515
25-year debenture 42
6915 601s
96
101
5312 85
1934
El Salvador(Rep) temp 8e_1948 .1 J 102
Sale 101
96 100
102
Chic & Mo RAY Div 5s. .1926 J
27 100 102
100
8
9912 100 100
San Paulo (City) 5 I 8s
1952 M
9512 101
101
Chic & N'west Ext 48_1866-1926 FA 9826 Sale 98%
96es 9834
101
12
98% 10
San Paulo(State) ext a t Re..1936 J J 10034 Sale 99
984 103
10212
103
103
981s
FA
Registered
96
17
9gis
9818
1
1886-1926
Seine (France) ext 75
1942 J J
79
9072
General gold 3%,
90 Sale 8872
6932 73
9018 246
1981 ha N :75- /3-3-4 72 June'24
Serbs. Croats & Slovenes 85 1982 M N
6314 86
Sale
7
s
8512
86
638
83
Registered
683
2
7034
Jan'24
Q
F
68
P1987
5
s
Solasons(City)6s
1938 M N 854 Sale 8434
76
8512
General 4s
8511 44
80
86%
8414 15
Sale 83
1987 M N
Sweden 20-year 85
1939 3 13
Sale 10412 10434 80 1017g 10514
MN 9312 86% 83%
Stamped 4s
7938 8412
8312
3
19/0
Swiss Confeder'n 20-yr x 1Se 1940 J J 10412 Sale
113
General 58 stamped
11312 148 11158 118
95 10218
3
102
1987 ha N 102 10812 102
Switzerland Govt ext 512s _J946 A 0 113
944 9758
Sinking fund Os
9614 Sale 9434
9634 1152
99 10414
1879-1929 A0 103% --- 104 June'24 _ _ _ _
Tokyo City 55
5912 6358
1912 M S 6034 Sale 6012
Sinking fund 513
61
27
AO
9854
96%
9912
9912
18
100
1879-1929
9912
Uruguay (Republic) ext 86_1946 F A 106 Sale 10512 107
Registered
06
96
30 102 107
_
Jan'24
98
1879-1929 AO
Zurich (City of) t Rs
1945 A 0 11134 11212 11112 11218 13 10958 11'234
Sinking fund deb Is
9758 102
101
11
1933 MN 10012 102 10014
Railroad.
9814 9912
MN
Registered
_
June'24
9812
1932
Ala0t Sou 1st cons A 5s_. _1943 J D 9978 100
9534 9712
19-year secured 74 g
9712 May'24
34 1044 10814
1930• D jog" Sale 10714108
Ala Mid 1st guar gold 5e_...1928 M N 994 102
9834 101
I5-year secured 634s g_ _. _1936 M
1
9978
9974
umi, 110 10918 Ion 59 1054 11212
Alb & Susq cony 3Ke
1946A 0 804
79
83 Chic RI& P-Railway gen 421988 J J 82
_
_
8114
1
8114
7814 8234
8234 11
82% 82
Alleg & Weet lat g 4s gu__ _1998 A 0 8034 -- 84 June'24
80. 84
Registered
'767s 797s
-_-- -- 797 June'24'_ _
Alleg Val geu guar g 4s
1942 61 g 914
8834 91%
•
*
2
91%
Refunding
0
9114
-gold
8112
48
73's 83
824
469
1934
Sale
8218
Ann Arbor let g 4s
1995Q .1 6438 Sale 62
57
64% Chic St L & NO gold 58_ _1951 J
6438 143
99 101
_
10114 - - - 101 June'24
Ateh Top & Fe-Gen ft 46_1995 A 0 8318 8334 83%
88
9012
J I)
8312 16
Registered
_
May'24
935
8
5torg
Adjustment gold is
794 8334
83% Sale 8314
Gold 33.4e
83% 18
77 Yi"
Feb'24 _ _ _ _
1951 3D
77
iNo,
:1
7"
Stamped
794 8334
83% Sale 8314
8334 18
Joint 1st ref Is Series A...1963 3D 9738 Sale 96
94
9758
974 77
Cony gold 48 1909
824 85
1955 J
83 Sale 83
1
83
j 15
Do Series B
9514
_
June'24
1963
98,
9512
4
Copy 45 1905
1955 3 ) 82
8111 85
8312 8414
6
85
Memphis Div 1st g 4s_
803s 85
1
84 I
84
1951 AØ 84
85
Cony 46 issue of 1910
19603
8134 83 C St I. & P 1st cons g
82 June'24
8234 85
1004
997
June'24
J
_
_
o
5a....1932
s
1001z
993
4
100
East Ohio Div let is 45_ _ _1928 M
9512 9734 Chle St P M & 0 cone
9734 Sale 9712
7
9734
1054 29 10184 10514
tis1930 J D 104 105 105
Rocky Mtn Div Ist 4s___ -1965
.1 83 Sale 8278
80
83
83%
4
Cons Os reduced to 310-1930 J
__
9055 _ _ _ _ 894 Mar'24
8914 89's
Trans-Con Short L let 48_1958 J .1 8812 Sale 8512
8312 8712
8612
4
Debentore 5s
9814
96
MS
954
1930
Sale
14
9311 96
Cal-A rig 181* ref 4 tis"A"1962 M p
9312 _
904 9314 Chic T H k So East let
93
93
1
58_1960
8112 135
81 Sale 8078
7711 82
'No flee Friday: latest bid and mkt°. $5=r1. Due Jan. ilDne April. 1 Das Ma). IDuslune •
Due July 8 Due Aua. °Due Oot. 'Due Now. Due Dee. sOptJon sal,
96% vol;
g738
3184
BONDS
N.Y.STOCK EXCHANGE
Week ending Juno 27.
New York Bond Record-Continued-Page 2
Price
Friday
June 27.
Week's
Range or
Last Sale
lb
Range
Since
Jan. 1.
BONDS.
N Y.STOCK EXCHANGE
Week ending June 27.
t
Price
Friday
June 27.
Week's
Range or
Last Safe
13
Range
Since
Jan. 1.
HOS
High No Low
Bid
Ask Low
High Illinois Central (Concluded)No. Low
7513 8043
1952 J J 8018 8118 8012 June'24
43
1
Purchased lines 3/
8938 9218
37
8613,
8
797
101
N
M
84
8418
Sale 83%
Collateral trust gold 4,3_1953
97 1004
37
4
1
80/
78
80% May'22
1953 MN 8018
Registered
15 114% 11718
103
4
993
19
N
10114
M
10114
1027
1955
s
Sale
Refunding ba
10434 105
10212
10012
29
1934 J J 102 Sale, 102
10214
15-year secured 5965
17
7113 7714
3 10812 11214
11134
458-.1936 J 3 111 Sale 111
/
15-year secured 61
7 101% 10334
5 85 sal&
8618
1950 J D 8618 Sale 8610
Cairo Bridge gold 48
94
9613
6978 7014
70 Apr'24
Litchfield Div let gold 38_1951 .3 J 7018 72
744 80
6
80
Loulsv Div at Term g 396s 19533 J 77% 8214 80
8813 9413
34 71
1
68
A
F
1951
71
71
70% 7214
Omaha Div let gold 33
82% 8978
7012 74
J 68% 73
73
73
s& Term g 33_1951
1v
14
43
1
olud/
Lo
StG
82
7518
83
82
June'24
82
86 -if75% 82
J
82 Junt'29
j
811
95
9814 9971 Springfield Div 1st g 3M-19
83% 85
85 May'24
Western Linos let g 48-1951 F A 84%
85
85
1951 F A 83%
85 May'24
7815 14:Registered
1
1940 A 0 90%
96 Mar'16
9214 9(04 Ind B & W lat pref 4s
11
53eg 8434.
.3 86
1950
98
8334 Apr'24
98 10034 Ind III & Iowa lst g 4a
9914
96
2
1965J J 9834 Sale 9834
9914
:10378 Ind Union RI iSe A
32 1001
4018 56
.1 5378 Sale 5212
53% 571
11 10138 10714 Int & Great Nor adjust 65_1952
9038 9812
9812 217
let mortgage(is rertificate31952 J .1 9812 Sale 97
8618 8812
70
57
61% 53
8112 Iowa Central let gold 53__ -1938 3 D 6114 Sale 6038
77
20
15% 26
9
1951 M S 15313 Sale 1538
1518
Refunding gold 45
7812 8318
9
8512 86%
15 84
'
1 8314 87
87
88 James Frank & Clear 1st 45-1959
8634
86
8634
10338 10678
3'
95%
ba---1935
g
1st
R
gu
9778 10014 Ka A at G
1
773g 81
1990 AO 8014 90 81 June24
4 8484 Kan & M Ist gu g 48
,1
84/
95 100
14
1927 3' 99%
100
95
2d 20-year 55
95
10013
108%
MN
21
138_
g
-1928
10318 Sale 102% 10318
K C Ft S & M con8
7313 82
23112 56
fpii;
C Ft 8 & M Ry ref g 48_1936 AO 8113 Sale 801:
9413 97%
2
97% 97
97
RC&MR &B let gu 59-1929 A0 97
71%
67
49
71
70%
Kansas City Sou let gold 33-1950 *0 7034 71
91
88
Apr 1950 33 9014 gale 8938
9038 96
Ref & impt ba
12.
85
8114
3
0512
26
'
let
9013
85
43-1960
Sale
Term
85
8512
32
Kansas City
84
82
1
8314
13 10238 108
Kentucky Central gold 43-1987 3' 8234 ____ 8314
6012 67
95% 100 Reok & Des Moineslet 58..-1923 A0 70 '7411 67 June'24
156
10014 101
____ 01 June'24
1925 3, 101
8312 Knoxv & Ohio let g 60
80
9234 96%
8
93% 98%
J
.1
W-1937
g
Sale
16
1st
98%
%West
e
m
ri
0
8412
E
,
45
kde
8012
La2
96
87
19413 J 95
96
12 12
9%
5
98
7
78
9
9%
4
81% 83
75% .30
42
811
7914 7034
4 8312 Lake Shore gold 39111
/
4
1
78/
75
D
J
j
2
7
9
9
9
1
7834 Sale 7834
7834
8134 841:
Registered
36
9438 9734
gm 37
1928 M S 9713 98
97%
Debenture gold 4a
2 WI NA
9214 95%
9558 29
1931 M N 9512 Sale 95%
9134 9134
91%
9134 Jan'24
9212 9434
26-Ryeeristargord"
0434 June'24
9238 96
Day & MIch let eons 4965--1931 33 9414
94
J 951g 955MN
931 J
9514
4 90 Leh yam N y let gu g 4%3_10
1
4 954
83/
8934 70
91% 9312
Del & Hudson let & ref 4.3--A943 MN 8934 Sale 8884
8
913
Apr'24
9712
8
923
RegIstered
8
9634
1935 AO 964 9738 9612
783s 8138
80-year cony 5a
j 8114 Sale 80931121
70
3M N
40j
90
10
97% 10138 Lehigh Val (Pa) eons e 4s-2
N 101 Sale 10012
10138 43
1937
8634 9012
15-year 514s
90 Sale 8914
90% 14
General cons 494e
15 10612 110
1930 3D 1085s Sale 10838 139
108
10-year secured 711
10014
O
A
MN
1
2
102
be-1913
02 June'24
4 9
1
2/
97
6
24 LeRe
79
edRy let gu g
Ttyrni
,i2
hV
__ 7738 June'24
9912 9912
D Alt & Bdge 1st gu 48 3-1938 FA 9318
7814 157
hien & K Or-let cons g 43- _1936 J J 78 S-41.-18 77
101 104
t
Itf
33
3
1
1034
6;1
coil
6s_n21
4
3
.234
10
"
2.
314
9
3
9
0
10-yr
7213
814 Leh Val RR
1936 J J 8138 8478 91 June'24
Conan! gold 4365
8214 83
2
214
03
0312 May'
83
791a 913s Leh & N Y Ist guar gold 49-1945 M S 84
9188 204
Improvement gold 58_1928 3D 9038 Sale 9012
99 10814
16
345 4512 Lea & East let 50-yr be eu 1965 A 0 10318 Sale
4512 494
1955 FA 45 Sale 4334
let & refunding 58
811g
Mar'23
8
813
Little Miami 4s
Oct'20
49
do Registered
le'
Rig,
N 10678
MO
2A
35
196
07 May'24
3414 4312 Long Dock conaol g 65
4313 38
4112 4612 4212
97% 100
Farmers L&Tr rats Aug '65_
9914 June'24
3414 4434 Long Told let con gold 518.../11931 Q 3 9938
53
44
44 Sale 4212
9312
Bankers Tr ctfs of den......
93%
J
Q
9318
51931
931 June'24
let consol gold 45
4212
33
4212 30
4212
45
do Stamped
8434 8712871 June'24
1938 J D --37
4334
General gold 40
1
4334
4334
34% 46
Am Ex Nat Bk Feb '22 °Us_
83%
83
D
J
_-__
1932
Jan'24
41
83
48
Gold
34%
3812 June'24
82
do Aug 1922 ctfs
1 79 8 92
1949 M S
82
82
4012 474
Unified gold 4a
4012 June'24
Des M & Ft D 1st gu 46.---1935 33 3912 41
913
3 92 Mar'24
1934 J D 55; -911Debenture gold 53
9314 Sept'23
Dee Plaines Val let gu 430-1947 MS 8818 _
8
885
84
5
Pale
88
8
5s
883
87%
-a- .;i1.20-year p m deb
87 June'24
83
Del & Mack-let lien g 45_1995 3D 68 -71
79
7
N 8234 Sale
MEI
7M
939
Guar refunding gold 4s-1194
68
60
68 May'24
68
1995 J D 60
Gold 46
9414 99
2
99
gu
g
5a-a1932
%
83
99
3
99
82
Q
con
let
B
Sh
974
Nor
9
93
87%
N 9218 93
9214
9178
1961
431
/
Oat RN Tun 41
: 9838
951
1
9712
9712
9984 10012 Louisiana & Ark 1st g 55-1927 M S 98
Dul MIssabe & Nor gen 58 1941"3 8978 _ _ 10012 June'24
7918 8414
4
8414
84
98 100 Lou &Jeff Bdge Co gu g 43-1995 M 5 84
4
100
1937 AO 100 Sale 9978
10078 1031g
Oul & Iron Range let be
N
M
103
'24
Nashville
11
9
0
800
&
1
June
2
8
7
55-1937
Louisville
9278 July'23
1937 A0
Registered
89
9414
9414 48
19403 J 9414 Sale 9238
831; Unified gold 48
76
5
83
3 83 Sale 8212
'
8912 89%
001800 Shore & Atl g 58-1937
1940 3 J 8718
Registered
96%
100
gold
58...
MM
trust
8918
-1931
4
8412
983
Collateral
8838 June'24
1948 AO 8814
S Minn Nor Div let g 48
14 101314 10834
1930 M N 108 1-08% 1077
97
93
108111
10-year secured 7e
9514 2
161 0414 June'24
1938 M
Z Tenn reorg lien g 5a
2003 A 0 106 Sale 106
10634 56 10434 197
9834 100
let refunding 53431
99 June'24
1930 J
98% _
ETVR&GaDivg 55
:10334.
971
15
0
A
10334
2003
10358
Sale
103
9778 9975
Se B (when Wiled)
8
9934
N 9912 Sale 9912
1956
10313 1(91
Cons let gold 5.9
1930.3 J 10411
9712 10011
10312 June'24
N 0& M 1st gold 63
1
9978
9978
4
1
102 1031:
Elgin Joliet & East let g 55...1941 MN 99/
J
1930J
1021g
102
June'24
69
10712
gold
2d
104%
51
8513 91134.
We let consol gold 75 ext 1930 MS 10712 Sale 10612 10712
90 June'24
Paducah az Mem Div 43-1946 F A 8812 90
6134 6912
6912 404
1996 J J 6878 Sale 6788
60
6214
1st cone g 4e prior
0Q
El 62
82
6213 62
195
M j
51
St Louis the 2d gold 31362
64
61
6712 64 June'24 ---1996 J J 66
94
9534
Registered
S
M
43631995
95
lstg
95
June'24
53%
L&N&M&M
60
4
1
/
J
6078 849
5918 Sale 5838
8312
79
let consol gen liens 45-1996
8312 33
South joint M 42..1952 J J 833s gi;fe- 82%
56
53
2
N
&
L
J
56
J
56
1996
77
Registered
77
_
721g
Jan'24
77
9412
Registered
4
8812
FA
94
94 Sale 9258
96
9712
Penn coil trust gold 40.-1951
N
4
M
9712
---9712
4901-1931
9713
4 6112 Louis,' On & Lea gold
54,
6112 366
5938 Sale 5912
50-year cony 48 Ser A 1953 AO
4
6114
583
134
6114
AO
%
4
5
8
597
59
1953
9834 99%
do Series B
3934.3 J 10014
9834 Feb'24
748
5934 71
Mahon Coal RR let 55
71
1953 AO 6878 Sale 6718
55
60
Gen cony 45 Series D
14
5714 564
57
8912 10038 Manila RR(Southern Linea) 1939 M N 50
10038 38
1955 3' 100 Sale 9978
96% 99
We & Jersey let s f 6s
99
55-1934 J D 98
May'24
99
Colonization
82
8314
_
Manitoba
J
J
June'24
84
1940
80%
82%
Erie & Pitts gu g 3965 B
J
J
8-1941
80%
82%
4
1
/
June'24
3
8
let
803
W
84
83
GB&N
Man
J 8318 ____ 83
Jan'24
1940
Series C
37 Mar'24
Mcx Internal'! let cons g 4a-1977 M S
Apr'22 A0
---- 88
Svane&TH let gen g 5s-1942
98 100
1931 M
iouiz 27_ 00 May'24
Michigan Central be
AO ---7912 Apr'23 - 98
88
Sul Co Branch lot g 55-1930
1931 Q m 9878
88 Apr'24....
Registered
Oct'23
'3
9914
1929
6s
Sou
&
Vargo
1940i J
-__1 8634 90
90
May'24
98
98
4e
J
June'24
98
58-1930
g
9712
7718 85
Fla Cent & Pen let ext
J
J
1940
78
Mar'24
9914
Registered
9
3
93
J
4 9614 June'24
9614 1631943 J
Cons& gold 55
7718 9312
1951 M S 76%
77% Apr'24
873a 911s
J & S lst gold 396s
91% 25
•D
Florida E Coast let 49613._ 1959 MN 9212 -- 91%
7834 8012
1952 MN 8018 Sale 8018
2
8318
70
65
1st gold 390
5
67
67 Sale 6634
1952
Fonda & Glov 49613
0
A
4
1
9214 96/
1929
4e
8
9612
8418
96%
96%
9614
debenture
8218
20-year
.• 1 85% 56% 8418 June'24 -87% 88
Fort St U D Co let g 4965-1941 3D
1940 A 0 8838 894 8778
23
88
- 1004 10514 Mid of N 1st ext bs
June'24
A ,100 ---- 100 June'24 -F
IOU
Ft W & Den C let g 5955-1961 J J 1043,8 10512 10514
9912
56_1929
g
imp
93
West
&
L
12
8418
Milw
9214
92 Sale 92
928
Ft Worth at RIO Gr lets 431
1925 M 8 9812 ---- 100 Dec'23
10514 107
Ashland Div lot g 6s
0 107 109 107 June'24
Fran. Elk & Mo V let 68......_1933 A
1924 J .1
10111;
10012 May'24
12
Mich Div let gold 85
9512 9914
0914
1931'M N 9914 Sale 984
SAMdcP 1st 59
G
I934 J D 9218 __ 91 June'24
883/ 928s
ext
496alet
4
963
Nor
9612
&
Maw
9634 Apr'24 1931 3' 9814 99
rd exten ba guar
8711 9114
1934 J D 9114 9214 9114
3
911
8918 9314
Cons extended 4918
32
9314
AO
4
923
Sale
93
55-1933
let
Gal, Flow & Rend
8358 8612
99 Mil Spar & NW Ist gu 48-1947 M S 8613 87 8534 June'24
89
28
99
1957 J
99 Sale 9614
8812
82
Genesee River let s f 63
_
_24
2:
ay
un
M
1 J
:
001
- 186
3413 88% Mil A & 8 L lst gu 390.-1941 J J
33
_ 8838 June'24
1927.3 D 100% 102
Ga & Ala Ry let con 58_.__01945 3' 89 Sale 981s
_ _ 100 102
Louis 191 75
9818
St
93%
&
Minn
081s
9818
1929
N
6812
M
55
1934
53
58
Or Car & No let gu g 55
4
3
gold
1
61%
64
consol
614
61
4
let
603
2
AO
64
64
1946
64
1312 2312
Oa Midland let 58
25
17
1312
9812 10018
let & refunding gold 40_1949 M S 1612 17
10018 June'24
1924 MN
13% 20
53 Ser A-1962 Q F 1638 Sale 1315
Gila V G & N let go g 5s
50-yr
17
ext
17
&
4
Ret
98
983
D
Feb'24
J
4
3
98
1942
J 88% Sale 8814
8618 90
Gnu & oswegfach 531
8878 47
9038 9312 MStPettSS:91cong4sintgu'38
33 9212 14:- 9312 June'24 - _
1938 3 J 9878 994 9978
9734 103
Or R & I ex let gu g 430-1941
9978 30
1st cons bs
AO
11338 27 11034 113%
Sale 11114
MS 10234 10318 103
1034
Grand Trunk of Can deb 78-1940 M S 113
10112
coil
4
690-.1931
1031g
trust
-year
4
10
10212
1053
52
4
1053
10518
10514 Sale
1936
19463 1 101 10134 10212 June'24
IS-years J 69
100 10212
69 A
- 10112 Apr'07 1947 3D 8614
1941 M N 918 9312 10138 May'24
9112 101%
Grays Point Ter Eal
Term s f 40
Chicago
let
106
10912
219
J
10912
▪
09
Sale
10914
1936
9914 9814 May'24 _
Great Nor gen 713 Series A _1961 33 91 Sale 8934
9634 98%
MSSM&Alstg4elntgu.,1926J J 99
53
85% 91
91
90
88
let & ref 4910 Series A.. 1961
90 June'24
90 Mississippi Central 1st 58- _1949 3 J
83
3
'
90 June'23 --,1942 MN
Registered
1st guar 50
Okla
m
&
K
10112
96%
131
33
10112
4
1
/
Sale
100
1952
D
;
11-1
Salo
45_1990
-iii2
gold
696s Serita B
Tex-lst
&
mo
803i
Kan
60
8112
65
5934
Feb 64
70 65 June'24 -J 8612 Sale 6
7834 87
3
94
85
Green Bay & W deb ctts
1 27
9
24
713
86
11
Mo-K-T RR-Pr 1 59 Ser A_1962
7
Feb 1018 11
8412 Oct'23 - 4
713
J
10623
Debentures aft.-13"
B
65
Sale
Series
4s
r
4
713
40-yea
8412
Oct'23
MN
8378 _
1932J J 10114 Sale
Greenbrier Ry let gu g 43-1940 .1 J
9484 10112
10112 206
10-year 65 Series C
3
81
90
90
Sale 90
4 61
Gulf & S I 1st ref & t g 5s...81952 MN 90 Sale 83
A Jan_1967 A 0 60% Sale 1598178
513
Ser
ba
adjust
61
898
83
14
73l
Cum
83
Harlem It & Pt Ches Ist 4s. _1954 J J 83 Sale 88
7
8878
83% 89 Missouri Pacific (reorg Co) 1965 F A
88%
84% Sale 8334
7515 8518
Hocking Val 1st coons 4965_1999 J J
67
85
84
let & refunding be Ser A
83
- 83 May'24 ---8012
1999
9414 100
Kreintered
83
97 10014
1st & refunding 5s Ser C 1926 F A 100 Sale 9912 100
4
10014
99
J
- 100
1937
100
A
F
9913
1949
D
99
Sale
Ser
138
87%
& T 1st g bs Int gu
refunding
225
9814
lot &
21 9014 9612
3'
9612
-fri 9612
808
1975 M
51
81% Sale 6014
Houaton Belt & Term let 54_1937 MN 9612
743
43
6112
General
95
14
99%
7
99
99%
Sale
9938
1933
Boum E & 117 T 1st g 5a
Pacific
Missouri
_
- 9318 July'23
1933 MN 99%
84
N
M
_1938
_
__
4%
8314
4
3
80
at
let guar 59 red
83% June'24
_
3d 78 extended
9034 Apr'24
1937 MN 88% 95
1945 3 .1
9254 9834
Housatonic Ity cones 55
933 Apr'24
90348 4 Mob & Bir prior lien g 5a 1045
34 873
8734 618
FA
Sale 8538
7513
J
J
48
68
7612
Had & Manhat 53 Series A...1957 AO 8714
5
gold
7614
764
5814
67
284
Mortgage
67
6634 Sale 7534
1057
2 10214 10312
10278
10215
Adjust income Ear
Mobile & Ohio new gold 68_1927 J D 103
92
88
3
90%
33
---- 90%
10034 101%
gold 6s._ _111927 Q
10258 - - - - 10114 May'24
BMWs Central let gold 4.1._1951 J J 0013
extended
1st
Sept'23
8318
__-1951
4
/
841
74
5
1938 M S 8458 Sale 8438
Registered
8134
8488
78
General gold 4s
3
8012
1951"3 8012 Bale 8012
92
97
07
j
lit gold 336a
Montgomery Div let g 58_1947 F A 97 Sale 97
80
8212
Ort'20
.• 1
1951
99
8438
- - 80
14
95
D
J
1927
Registered
99%
54
Div
9913
June'24
8112
99
7714Louis
St
774
6
8112
.8112
45-1951 AO 8213
1
33438
76
1938 M S
7
8312
Extended let gold 3/
83%
Mob at Ohio coil tr g 45
- 8012 June'24
1951 AO 8212
1122 8312
1991 M S 8418
Registered
8312 June'24
Moh & Mal let gn g 4s
1
61
ii 61
1951 ▪ B 6112 -86%
110
3
let gold 3s sterling
3
110
1937
110
fia
Sale
110
g
gu
Mont C Ist
7
86
8634
MB 8512
1937 3 3 108 111 13614 May'24
Collateral trust gold 4.1-1952 AO
Registered
9338 Sept'19 -1952
9914 101
10118 102 19014 June'24
Registered
let guar gold lia
9018 56
1955 M N 90 Sale 8878
let refunding 45
Due Oet. •Option sale.
h Due Jigs. IDuaSept
June.
•Due
Feb.
Due
0
Due
Jan
a
week
MN
asked
end
•No pries WNW;latest bid
High
Ask Low
Bid
9178
91
9138 92
Chic Un Eita'n let gu 4965A-1963• J
ii
8
1003
00
Sale
10014
1963
58 B
11778
1963 3, 11714 Sale 1678
43
/
let Series C 61
1044
Chic & West Ind gen g 68-81932 QM 10434 10518 0434
J 764 Sale 76
77
1952
Consol 50-year 42
10334
1935• S 10312 Sale 0318
15-year f 7969
Oboe Okla & Gulf cons 58-1952 MN 9734 -- 96 May'24
88 Mar'17
0131nd & Ft W 1st gu 48 g_ -1923 MN
3 9412 June'24
1937 Ji .1144 -911Cln H & D 2d gold 496s
83936 Q F 90% 92 8914 June'24
OIStL&Clatg 43
- 87 Dee'23
83936 Q F 8812
Registered
87 Apr'24
1942 MN 87%
Chz Leb az Nor gu 48 g
1928
984 -- 9838 Apr'24
CIn S& CI cons 1st g be
.1 9612___ 93 Mar'24
Mart & Mah let gu g 5n ......1943
83
8278 :8318 83
Cleve Cln Ch & St L gen 48-1993
96
1931.13 9578 9612 9578
20-year deb 4965
10013 June'24
1993
10034
General bs Series B
10312
10318
33
10318
Sale
A_1929
Series
Ref & impt 68
10714
1941 JJ 106 107 106
6s C
1939 JJ 88% 92 8812 June'24
Cairo Div jet gold 4a
81
80%
Sale
8012
1991
4a
g
Cln W & M Div let
8114
8212 81
St L Div lst coll tr g g 43.-1990 MN 81
Mar'24
S
M
8612
-1940
873
4s_
g
let
Div
Col
&
Spr
June'24
86
86
884
4W W Val Div 1st g 48.-1940
_ 10678 June'24
10718
1934
OCC&Igenconagfis
10014
11038 _- 10014
Clay Lor & W con let g 5s 1933 AO
MN
8434 Apr'24
8
7
94
1935
CI & Mar let gu g 4958
9638 -- 95 Apr'24
Cleve & Mahon Vail g ba_ -1938
9618 ---- 91 Mar'24
CI& Peen gu 496a8er A1942 JJ
9434 Apr'24
1942 AO
Series B
4 ---- 7614 Feb'12
1
1942 A0 80/
Int reduced to 334e
MN
7018 Dec'12
1948
80%Settee C 3965
Jan'21
87
1950 FA 80's *4
Series D 394a
9513
Cleve Shor Line let gu 490_1961 AO 9512 ____ 95
AO
10512
10514
Sale
1972
10512
Cleve Union Term 5935
9934
1973 AO 9934 Sale 99
5s(w
8312 June'24
Coal River Ity 1st gu 49---1945 JD 8214 86
9638
Colorado & South let g 4e_,1929 FA 9638 Sale 9638
N 8912 Sale 8838
8912
Refunding & eaten 4363_1935
8312 May'24
1948 AO 8334
Col & FI V 1st ext g 43
8178 Apr'24
1955 P A 8312 88
Col & Tol let ext 48
8312
8312
Cuba RR let 50-year 5s g__ -1952 3, 8238 84
1936 3D 10113 Sale 10113 10112
let ref 7948
3185
New York Bond Record-Continued-Page 3
le;
BONDS.
N.Y.STOCK EXCHANGE .
1"
Week ending June 27.
Prke
Friday
June 27.
Week's
I l•
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS.
N. Y STOCK EXCHANGE
Week ending June 27.
t
Price
Friday
June 27.
Week's
Range or
Last Sale
.163
Rang,
Since
Jan. 1.
High No, Low
Ash Low
1141
Bid
High
High No. Low
Ask Low
Hid
52
80
67
80
7814 7912 7778
19
,
40
0
783* 7914 Peoria & East 1St cons 4a.....1,
79/
1
4 30
/
4 Sale 7812
2000 Jo 791
4244 & E 1st gu 3355
3512
3512 112
21
income 48
3412 Sale 3412
99% 10118
/
4 11
NishV Chatt & St L 1st 5s 1998 AO 10014 101 10112 1011
911
/
4 99
9714 Sale 9838
99 Pere Marquette 1st Ser A 55 ,
195
,
6
99
9712 115
99 Apr'24
1937 FA
N Fla & S 1st gu g 58
76
/
1
4
30
8138
817
8
Series
B
48
Sale
1s1
1950
81%
J
8158
Sept'23
lien
4
30
/
1
48..1957
Wat Ry of Mex pr
4
911
/
4
89/
1
4 9984
1943
9058 9112 9112
20 May'24::::111i" Phlia Balt. de W let *48
34
July coupon on
37
2
43%
Philippine Ry 1st 30-yr 8 f 48 1937
3838
3858 3834 388
26 Nov'23
do off
93% 9518
9418 May'24 -/
43 A
PC C & St 1.gu 41
1940
2718 July'23 _
1977 AO
General 48 (Oct on)
9334 9434
Series B 41
/
4s guar
1942
95
9514 9434 June'24 _ _
18
18
18 May'24 _
April coupon on
88
9412
1
45 guar
Serles C 4/
1942
9312 ____ 9412 May'24
- _
on
24 Dec'23 _
do
87
_
88%
Series D 48 guar
1945
8918 ____ 8812 Apr'24
3814 June'23 _ ___
'Vat RR Mex prior lien 430-1926 J J
8612 90
1
89
89
89
Series E 31
/
48 guar gold...1949
4114 Apr'24 :___ -Bi- 4l-14
July coupon on
8712 88%
8
Seriles P
Gg
4s
uagru1.
45
8 gold
1953
off
34 Ape23
do
80
94
8
8818 89
8
8'
71
8 2 JM
u:er:2
21
1957
28 Ape23 ____
1st consol 48 (Oct on)__ _1951 AO
9038 9112
Series 1 cons guar 41
/
4819133
_
I -i2(f
9138 ____ 9114 May'24
Jan'24 ____
36
April coupon on
90% 93
93
Ser0 les J 4315
9134 ____ 93
-51
2
off
do
1814 Apr'24 _
____
9512 100
7
997
196
974
9978 Sale 9912
General 58 Series A
0
N
:Naugatuck RR 1st 48
1954
66% May'23 _
100 100
100 June'24
Pitts de I. Erie 20 g 5s
a1928
1945 ii 8812 _
'New England cons fis
70 Aug'23 _
1027s ____ 105 Dec'23
_1932
75
83 Pitts McK & Y 1st gu 6s
4
_ 78%
Consol 45
1945 J J 7812
787
no" fir
100 May'24
1934
2d guaranteed Os
8034 81
NJ dune RR guar let 48_ _.l986 FA 8118 84
8184 June'24
9812 10014
_
991
/
4 June'24
9914
1
4 Pitts Sh & L E 1st g 58
1940
8113 87/
/
48 A'52 J2 8878 Sale 8612
43
NO & NE 1st ref & Imp 41
871
97
984
1st eonsol gold 58
1943
8514 ____ 9834 Feb'24 ---7814 8214
10
New Orleans Term let 48.-1953 J J 8034 8178
99 10158
100
____ 101 June'24 ---40 10034 101% Pitts Y & Ash 1st eons 58_ _1927
"NO Texas & Mexico let Os_ _1925 JD 10134 Sale 10158 1017
40
4114
4214 ____ 40 June'24 _ _
8518 918 Providence Scour deb Ct.__ _1957
Non-cum income 58
1935 AO 9112 Sale 9034
913 330
7,534
7134 Dec'23
9238 9314 Providence Term 1st 4s
1956
1
48- _ --1945 J J 6312 0412 9314 May'24
N & C Bdge gen gu 4/
9412 18 -8714 9412
9412 Sale 94
95
1997
9512 Reading Co gen gold 48
N YB &MB 1st cong 55_1935 AO 9734 -- 9512 Apr'24
8714 92
92 May'24
94
NY Cent RR couv deb 8s 1935 MN 10718 Sale 10558 107% -iii 10312 1072
Certificates of deposit........
8314 87
10
86
8012 86%
Consol 45 Series A
1998 FA 8512 Sale 84%
Jersey Central coil g 48_ 1951
88% 107
9312 61
88%
8
9212
634 Sale 9214
Ref de impt 4/
1
45 "A"__ -2013 AO 89 Sale 8814
Gen & ref 41
/
48 Ser A
1997
85/
1
4 897
557
89
Ref & impt 5s
2013 AO 9918 Sale 98%
9538 9934 Renss & Saratoga 20-Yr 68-1941
99% 720
997j
9318'.
997s
199
991
7 ____ 9978
WY Central & Hudson RiverBich de Dan 58
1927
Mortgage 3/
1
45
72 Mar'24
74
7812 Rich di Meek let g 55
1997 J J 7814 Sale 78
1948
7112 75
7812 29
96 ffiola
Registered
99%
9958
7214 7712 Rich Ter 58
1997 J J
995
1952
7678
7712 15
Debenture gold 48
84
8934
N 93/
1934
8912 10
891
/
4 94 Rio Grande June 1st gu .55..1939
8978 ____ 8912
1
4 IQ; 9318
22
94
34 514
_
87
314 May'24
9134 Rio Grande Sou 1st gold 45_ _194
1942 J J 9012 91
80-year debenture 40
104
,
0
314 7
9014
9134 18
314
_
Lake Shore coil gold 3/
1
45_1998 FA 7612 Sale 7518
1
Dec'23
Guaranteed
8
7612
707
11
7612
7314 8212
Registered
8214 35
6978 7212 Rio Grande West 1st gold 45 1939
1998 PA 7218 7614 7112 Apr'24
8318 ____ 8112
7112
60
Mich Cent coil gold 33.45._1998 FA 7412 78
7112 29
7114 Sale 7054
73
77 I Mtge & coil trust 4s A _ _1949
781
/
4
77
19
7412 8112
Registered
8112 86
8112 Bale 7978
7214 7378 R 1 Ark & Louis 1st 4 qa____1934
1998 PA
73% June'24
68
71%
1949
8918 9078 Rut-Canada let gu g 45
2
Y Chic & St L 1st 48- -1937 AO 9038 Sale 90%
7038 748 7178 June'24
9038
801s 83%
Registered
8338 June'24 _ _ _ _
8334 85
1937 AO 89 _
/
4s
1941
88/
1
4 895* Rutland 1st con g41
8938 June'24
7112 77
1
75
75
Debenture 4s
7434 77
1931 MN 93 Sale 9158
1947
951s St Joe & Grand Isl 5 4s
88
4
93
_
9114 98%
N 102 Sale 10134 10234 83 10018 10234 St Lawr & Adir 1st g 58
9114 Apr'24
9412
2d 68 A B C
1931
1996
_
Y Connect 1st gu 4318 A._1953 FA 8934 Sale 8934
Os
1996
9734 10312 98 Mar'24
La
9
,
1 882dgold
881
1 8
88
9012 32
9313
89
1
93/
1
4
9212 ____ 9258
111 Y & Erie 1st ext g 48
Cairo guar g 48
1931
1947 MN 84%
8812 May'24
96 100
991
/
4 15
B
9914 Sale 9834
9312 96 St L Ii' M & S gen con g 53-1931
Bd ext gold 434,
1933
96 May'24
92
18
911
/
4
9134
9112
Sale
8312
Unified
&
ref
gold
48
1
,
93
2
3
9
4th ext gold 58
98
97
1930 A0 6612
97 May'24
84%
72
131
84
8334 Sale 8234
Riv de 3Div 1s1 g 45
9312 9312
5th ext gold 4s
1928 JD 9414
9311 June'24
9912
99
9812 ____ 9912 Mar'24
N Y & Green L gu g 5a
5141
/
4 87 St L M Bridge Ter go g 55.-.1930
1
1946 MN 8612
87
87
65/
1
4 7134
7114 407
71 Sale 70
,
95
7814 76% St L dr San Fran (reorg co)45 1
NY St Harlem g 330
5
,
0
1
2000 MN 7634
7634
7634
8012 8612
8612 68
86 Sale 85
Y Lack & Western 5s....-1923 FA 9614
Prior lien Ser B 58
9934 June'23
9858 10912
Prior lien Ser C 68
1928
10134 Sale 10134 1017g 45
-17/8/
1
4 -9811
let & ref 5.
1973 M N
9812 June'24
- _
87/
1
4 95
30
95
1
4
51
1942
960
941
/
4 Sale 93/
96
1
48
971
/
4
1st de ref 4/
1973 MN 9312
5/
1
45
98 Mar'24
72
7814
7814 312
7712 Sale 7838
Cum adjust Ser A 88----51955
ST YLE&W 1st 78 ext_ _.1930 MS
103 June'23
581
653
Sale
J
58%
677s
4
877
8
Series
A
68
673
083.
J
Income
*
4
(
iiDock & Imp 58
-fli3
1943
9734 Apr'24
99/
1
4 1054
96/
1
4 99 St Louis de San Fran gen Bs_ _1
6
10438 ____ 10558 June'24
1,3
931
N Y JZ Jersey 1st 5s
1932 VA 9834 -9.1118 98%
99
y 5, Long Br gen g 48
974 100
11
100
General gold 58
1941 MS 87%
100 Sale 99
---- ---91 July'23
9018 ____ 8212 July'23 ___
NYNH de HartfordSt L & S F RR cons g 46-1996
If;
9618 ____ 9712 Mar'24
Southw Div 1st g 55__--1947
Non-cony deben 3/
1
48..„-1954 AO 48/
3912 4912
6
4834
1
4 49
4834
98 101
1
101
4412 53 St L Peo & N W 1st gu 58_ 1948
Non-cony deben 48
100% 103 101
1947 MS
53
53
5
9018.... 8838 Dec'23
38
48 St Louis Sou 1st gu g 48
1931
Non-cony deben 3/
1
4s_ _ A947 M
534858 53 43 Apr'24
441
/
4 59 St L SW iota 48 bond ens_1989
76
811*
85% 44
8138 Sale 80
Non-cony deben 4s
195 J J 52% 5412 53
10
54
694 744
_
Non-cony deben 4s
74 June'24
,
93
87
9
2d g de Income bond et:8_1
4312 54
1956 MN 52% 5412 54
54
25
774 854
841
85/
1
4 68
/
4 Sale 8412
3934 5178
Cony debenture 3Sis
Como!gold 48
1956 J J 4812 Sale 4812
4834
78
85
8438 30
1st terminal & unifying 53_1952
8312 Sale 8212
Cony debenture 65
59
7558
1948 J J 7514 Sale 73
75% 223
73 81
8014 39
/
45-1941
80 Sale 7912
36
47 St Paul & K C Sh L 1st 41
6% debentures
N 4812 Sale 4334
1957
181
47
90
95
95 Mar'24
7038 87 St Paul E Or Trunk 4 J4e. _ _1947
75 European Loan
1925 AO 86 Sale 8434
448
87
91% 9312
4
93/
1
4
Franca
,
9312 9414 9312
933
33
69
86 St Paul Minn & Man 4s...._ 1
1925 AO _8514 Sale .8338
758
86
105 108
Cons Ry non-cony 4a
1st consol g as
107 109 107 May'24
1930 PA
951s 98
Non-cony 48
13
9714
98
/
46_1933
68 reduced to gold 41
9714 98
46/
1
4 49,2
J SO1e 53 4912 June'24
1954
881s 9312
Non-cony deben 45_ -1955 J J 5018 5212 52 June'24
2
9312
9312
Mont ext 1st gold 45
48
52
91
8212 8212
Pacific ext guar 45
4212 4934
Non-cony deben 48„....1958'a 50/
8318 ____ 8212 Apr'24
19
94
37
0
1
4 5234 4934 June'24
7138 79
993 997 S A & A Pass 1st gu g 48_ _ _1943
N Y & Northern 1st g 5s
7818 45
7838 Sale 77%
997 June'24
1927 AO 9934
9938 9978
3
9978
NYO&W ref lst g
99 Sale 997
8634 Santa Fe l'res Se Plien 58... 1942
_ _01992 MS 6634 Sale 6434
60
8634 210
8018 85
General 48
'58
85
508 623 San Fran Termi 181. 4*
85 Sale 8412
1950
1955 JD 61% Sale 60
61% 16
Y Prov & Boston 48
1934
10712 ____ Dynz Apr'24 _ _ _ 10712 108
851
/
4 851
/
4 Say Fla de West 65
1942 AO
8518 May'24
N Y & Pu 1st eons gu g 48._.1998 A0 8058
55
81
83
1934
4
10012 10112 10018 Mar'24 _ _ _ _ 10018 10018
8114 June'24
8478 8812
__
NY &RR let gold 55
88 June'24
8912 9744 Scioto V de N E let go g 43_1989
S 97%
8838 90
1927
_ 9734 May'24
69%
61
N Y Suite & W 1st ref 5a__ _1937'a 6214 Sale 61
521s 62-4 Seaboard Air Line g 48
6834 100 69 June'24
01
194
59
0
6214 22
5812 71
Gold 45 stamped
43
50
2d gold 4318
42
71
71 Sale 6838
1950
1937 FA 46
6
49
49% 49
4374
594
4014
164
5912
Adjustment
58
53,.
General gold 5s..... _ _ .1940 FA 5218 53 52
57
/
1
4
59%
Sale
53
11
8614 88 °
Refunding 48
474 544
54/
1
4 180
N 893. 9712 88
Terminal 1st gold 58
54 Sale 5312
1959
1943
88 _
3012 52
674 85
1st & eons Os Series A -- 1945
8118 322
NYW'ches&B linger I 4/
8034 Sale 7912
114
1
45_'48 J J 52 Sale 50
52
97114 100
611
/
4 69 Seaboard & Roan 1st 55.. _ _1928
Norfolk Sou 1st & ref A 55..1961 PA 68% Sale 6734
10018 ____ 100 June'24 _
8878 25
89
9314 Sher Sh & So 1st an g 58_.. 943_1
Norfolk & Sou 1st gold 58_1941 MN 9312 9434 9314 June'24
3612 June'23 _ _ _ _
1
99/
1
4
10538 107 5& N Ala eons gu g 5s
10134 102
Norf & West gen gold 138_ _1931 MN 10714 -- 107 June'24
1930
10134 10212 102 June'24
106 107
• Improvement & extg
- Gen cons guar 50-yr 58_ 1983
99 1034
1934 PA 10738
103 104 10318 10313'
1
10678 May'24
New River 1st gold
8115 8554
85 1 52
9 108 10712 So Pae Col 48(Cent Pae co0k1940
1932 AO 10712 Sale 10712 10712
8434 Sale 8412
92in 9834
88
N de W Ry 1st cons g 4s_ _1998 AO 9038 Sale 90
9038
20-year cony 48
9834 210
9012 75
9612 Sale 9638
01929
9714 100
86'* 87
Registered
20-year cony 5s
1996 AO
01
1934
9
87 June'24
100 Sale 9918 106 I 39
3
Dly'l 1st lien de gene 40_1944 J J -885ts 163-4 8034
101 10112
8614 8934 So Pac of Cal-Gu *55
Feb'24
89%
10114 103 101
1927
10-25 year cony 4/
914 1014
_ So Pae Coast 1st gu 45 g____ 1,5
_
1
4s_ 1938 M S
95 10118 Apr'24
937
5
82 Dec'23
90
10-year cony 88
85 904
12112 297 lair: 11112 So Pee ER let ref 48
90% 177
1929 MS 11913 Sale 119
9014 Sale 883*
Pocah C & C Joint 48_1941 JD 8938 90 8934 June'24
Ms 8934 Southern-1st cons g 58
954 1004
239
1994
100 Sale 9912 100
6
8412 8638
North Ohio let guar g 6s...1945 AO 86
6914 754
Develop & gen 48 Ser A-1958
7512 324
86%
87 86
75 Sale 7414
9854 103
Nor Pacific prior lien 4a
8012 8538
253
fts (w 0
8538 160
1997 @ J 85 Sale 8414
103 Sale 1013. 103
1956
Registered
7834 83
6315 '
1997 Q
1955
5314 59% 83 June'23
10714 Sale 10612 10712 216 10114 1074
General lien gold 38
9334 9612
Mem Div 1st g 4/
1
4s-58_ _ -1996
5634 6218
6112 52
a2047 QE 6138 Sale 6034
9818 9878 9612 May'24
Registered
57
57
St Louis DIY 1st 548
3
83
79% 84
57 May'24
09047 Q F
8314 8434 83
1951
Ref & impt 431s ser A __.-2047 J' 8453 85 84
7934 8434 So Car de Ga 1st ext 5328_ _1929
8434 18
97% 1011s
10114 10134 101 June'24 _
88 ser B
' 2047 J J 106 Sale 10514 106
83
87
213 10134 1113 Spokane Internal lst it 58_1955
8614 ____ 87 June'24 _
5s C
__
Oct'23
2047 J J 9534 Sale 9412
90's 9534 Sunbury dr Lew 48
9554 76
____ 91
89
1936
58 D
_
8934 9538 Superior Short L let 5s g._81930
2047 J J 95% Sale 94%
95% 131
9538 ____ 95 May'18
St Paul-Duluth Div g 4s...1996 JO
2
925* .95
9412
89 Yeb'24 ____ _6,4 144 Term Assn of St L 181 g 41
9434 ____ 9412
/
48_1939
St Paul & Duluth let 5s_ _1931 Q F 99% 9714 10014
5
1st cons gold 58
9914 Mar'24 ____
____ 10014 10014
100
let consol gold 413
7834 85
32
1968 JD 811
84
8414 Jan'24 _
Gen refund it f g 48
84 Sale 8134
194
/
4
953
4
Igor Pae Tenn Co 1st g 68...1933 J J 10912 109% 10912 June'24 _ _ _ _ 10912 109% Tex & N 0 con gold 18
9412 95
418
2 June'24
9818 9834 98
1943
No of Cal guar g Se
99/
92
99
1
4 10012 Texas & Pac let gold 18
988 12
1938 AO 10034 -- 10912 Apr'24
2000
North Wisconsin 1st 6s
971e 100
20 gold income 55
1930 J J 10212
- 100 June'24 _
7214 ____ 58 Aug'23
42000
02& L Cham 1st gu 4s g..,1948 J J 7114 Sale 7114
2
89
7112
73
La Div B L 1st g 5s
4
9614 12 -91- IfT196
9614 96
1931
Conn
Ohio
Ry 4s
97
89/
1
4 8934 Tol & Ohio Cent let gu 5....1935
99/
1
4
1943 MS 8818
991
/
4 ___ 9914 June'24
-- 8912 Apr'24
Ohio River RR 1st *68
1936 JD 9834
9714 9714
2
Western Div 1st g 59
9714 Feb'24 _
94% 974e
97/
1
4 991e 9738 June'24
1935
General gold 58
9814
9112 95/
1
4
9538 9814
1937 AO 9814 Sale 9814
General gold 58
1
9514
9514 9714 9514
1935
Ore de Cal 1st guar g 55
1927 3' 100% 101 10012 10058 24
1
4 100% Toledo Peoria & West 4s_ _ 1917
99/
801
/
4 34n4
2014 2334 3014 Apr'24
Ore RR & Nay con g 4s
96
/
1
4
6614
85.
3 8812 Tol St L & W pr lien g 3/
30
881r 11
1946 JD 88 Sale 88
9914
99
Sale
1
48_ 19,
9914
119350
25
1
Ore Short LIne-let cons g 58246 ii 104%
76
83/
1
4
105
2 101 10814
8318 42
50-year gold 45
83113 8238
-- 105
83
Guar cons 58
95/
1
4 9684
105
1946'3 105 Sale 105
4 10138 10638 Tol W V &0 gu 41
/
48 A
9678 ____ 9634 June'24
Guar refund 48
9214 9658
954 9511
13
9658 , 81
1929 JD 96% Sale 9614
Series 434.
9812 ____ 9518 Feb'24
1933
Oregon-Wash 1st dr ref 48
38 8358
75
94
7
1961 J J 8358 Sale 82
_
Series C 48
83% 193
8818 ____ 8612 Mar'23
1942
Pacific Coast Co 1st g 5s
80/
1
4 Tor Ham & Buff 1st g 48_../1948
8112 -8412
1948 JD 7812 7934 78
2
78
8414
835 ____ 8414
Pao RR of Mo 1st ext g 4e.,,1938 PA 89
78
89 Ulster & Del let cons g 55..._l928
1
93 97
89
5
9434
9012 89
95
9534 9434
2d extended gold 55
89
9834
69% 65
let refunding g 48
1938 J J 98
_
June'24
98 May'24 _
9812
65
6312
65
Padueah & nip latu f 434a_1915 J J
1952_
9112 98
Union Pacific 1st e 58
8852 9272
927g 118
92% -- 9178 May'24
9238 Sale 92
1947
Parls-Lyons-Med RR 88
7978
1958 1e A 78% Sale 7712
90-year cony 411
95% 9872
65
9834 254
78% 188
9812 Sale 9812
1927
Faunae Ry 78
S 95
89
1
1942
lst & refunding 4s
8158 88
37
9612
9512
87
9512
96
8858 Sale 8812
02008
Pennsylvania ER-cons g 45 1943 MN 90% 92
8912 9512
lat & ref temp 5s
92 June'24
1
4 103 100 1002
105 Sale 10412 105/
Consol gold 4/8
0118
93
87
3
10-year perm secured 68_2
1948 MN 9118 9218 91
28 102% 1041
/
4
_019
103/
1
4 Sale 10312 104
99
28
8
de stamped
May 1 1948 MN 9078 Sale 90%
8714 9134
NJ RR & Can gen 48....1944
9078 50
8834 89%
90
Consol 431s
90
9738 Utah & Nor gold fis
1960 FA 9838 Sale 98
50
99
9858 100
8978 JF
ue
nb
e:224
4
100 ____ 100
1928
General 4315
9014 9812
1965 JD 9412 Sale 9312
1st extended 411
9412 99
9158 ____ 104 Dec'23
General 55
9334 110 Vandalize cons g 4a Ser A......1
1968 JO 10214 Sale 10112 10212 102
85
Jan'24
85
19
98
35
3
85
I0-year secured 75
1930 AO 10912 Sale 10914 10934 80 1004 10934
_851_4
C011901 48 Series B
95
87 Mar'24
87
1957
15-year secured 610
1936 FA 110% Sale 11014 11078 98 107% 11078 Vera Cruz de P 1st gu 4/
36 June'23 __
1
4s
1934
Pennsylvania CoJuly coupon on
2538 WI;
96 Apr'24
37
/
1
4
Guar 31
/
4s coil trust reg A_1937 M S
8412 Dec'23
Verdi V I & W 1st g 5s
1926
9812 9914 9914 June'24 _
9914 991,
8484 Virginia Mid Series E 58..._1928
84 May'24
Guar 334. toll trust Ser 13_1941 AA 8318
10014
I
1003s
1005
97 10072
/
4s trust etre C....1942 JO 8214 - -- 8138 May'24
Guar 31
9012 ____ 9912 June'24
__
General 58
1938
98
9912
8114 May'24
81'i 82 Va & Southw'n 1st gu 8a..2003_
_
Guar 3318 trust ens D_ _ _1944 JO 811g
9612 14
1
4
9612 Sale 98/
92/
1
4 9612
9058 9414
/
4
9414 13
Guar 15-25-year gold 48._1931 AO 9418 Sale 941
86
let cons 50-year 513
5
85
1958
8512 se
7
614
8812
MN
1912
1
4 Virginian lat 5s Series A.__ _1962
8512
8534 8612 8512
834 87/
5
Guar 4e Ber E
9634 426
9834 Sale 9534
9214 97%
•No price Friday:latest DM an6 aatea. a Due Jan.•Due Maria •Due Apc11. eDue May. •Due June. hDueJfly. k Due Aug• IflusOct.•Due Dee. eOpUon
sale
New York Bond Record-Continued-Page 4
3186
BONDS.
N. Y.STOCK EXCHANGE
Week ending June 27.
•
sea.
Price
Friday
June 27.
Week's
Range or
Laid Salo.
;•
s]
Range
Since
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE
Week ending June 27.
at
Price
Friday
June 27.
Week's
Range or
Last Sale.
891
Mob No
Ask Low
IRO
FIRM No Low
Ask Low
ind
90
9114 85
9034 9038
9612 10014 Del United let eons g 430-1932 IJ
Wabash lit gold Si
1939 IS N 10014 Sale 9072 10014 79
42% 4678 Mar'24
8718 96 Distill Sec Corp cony lit g 5.11927 A 0 41
9414 45
2d gold 58
1939 F A 94 Sale 9334
43 4018 June'24
Trust certificates of deposit....... 41
75
88
tat lien 50-yr g term 0-1954 J J 7314 7712 7334 June'24 _ _ _ _
33
65 Sale 65
66
99 Dominion Iron & Steel 59.....1939
97
9912 99 June'24 -- -Det & Ch ext. 1st g 53._ _ _1941 J .1 99
5
81
83
84
83
74% 7934 Donner Steel 7s
1
79
79
Dee Moines Div 1st g 43..1939 J J 7012
j 89
11
2
_ _ _ 91
46
93
Feb'24
8734 7312 du Pont(E I) Powder 45019
73 June'24 - _
74
Om Div let g 330
1941 A 0 73
10834 44
77% 82 duPont de Nemours & Co 730'31 MN 10812 Sale 10814
26
82
8013
Tol & Ch Div g 49
1941 M S
.1949.9 J 10534 Sale 105% 106
46
Duquesne Lt lit & coil Si..e
7418 May'23 - _
Warren lot ref gu g 330_ _ _2000 F A
10634 Sale 10434 107
159
"Nis 79 East Cuba Bug 15-yr e f g 7549'37 JM. S
W nab Cent let gold0
1948 Q IS 83% 89 79 May'24 _
.1 89% _ _ _ 8978 June'24
Ws 99% Ed El Ill Bkn let con g 4s 1839
_
998 Jan'24
W 0& W let cy gu 43
1924 F A
8018 89 Ed Elm Ill lit cons g 5a. _ _ _1995 J
-- 10012 10018 June'24
-1;i3i 89 June'24
wash Term 1st gu 3348
1945 F A
D 9834 9913 9718 June'24
1925
73% 88 Elk Horn Coal cony Gs
7334 June'24
1945 F A 8818
let 40-year guar 4e
s 9178 Sale 9138
pli N
2M
7
3
3
9
9
1
158
734e..
92
Fuel
&
Gas
Empire
4
933
90
25
9113
9112
W Min W & N W let gu 5e_ _1930 F A
10014 10013 98 June'24
64% Equit Gas Light 55
58
6383 124
West Maryland lit g 45._ -1952 A 0 6314 Sale 6318
S 95% 98
s
2
43
21
9934
97118 100 Federal Light & Trac Cs_ _ _ 195
96
9513
7
West N Y & Pa let g 511._._1937 J .1 9934 Sale 9919
102 10234 102 June'24
75
7612 7914
7914 June'24 1943 A 0 7914 80
Gen gold 413
1941 NI S 10012 Sale 100
36
79% 90 Fisk Rubber let a f 85
101
8934 70
Western Pee lit Ser A 55.. _1946 M S 89% Sale 8834
80 June'24
92% 100 Ft Smith Lt & Tr lst g 53_ .-1936 IS S
17
1946 M S 9934 Sale 9913 100
B fte
92% Sale 9112
9278 47
78% 8414 Frameric Ind & Dev 20-yr 73042 J
20
83
0361 3 3 83 Sale 8238
West Shore let 44 guar
1942 M N 10178 Sale 101%
10178 15
774 8212 Francisco Sugar 7342
4
8212
8212
23111 J J 84
Registered
D
94
Gus&ElofBergCoconsgSIlO49J
95%
Jan'24
100
997
98%
_
June'24
10013
9913
0
A
-1926
_
58_
Wheeling & L E lat g
9978 General Baking 1st 25-yr 65_1936 J D 102 Sale 102
98
10313 11
9978 June'24
Wheeling Div lit gold 58.1028.1 J 9818 100
94 Gen Electric deb g
s 81% 82
F A
42 54
_ 195
2
94
8118
8113
_
94 Mar'24
Exten & impt gold 58_ __ _1930 F A
8414
10114
13
10213
5318
Sale
Debenture
103
55
6314
10
6313
4
3
83
63%
S
M
Refunding 430 Serles A...1986
94
19
5 100 100% 9934 100% 21
70 Gen Refr lst a f g 811 See A .1
J ,
2F
57
60
6878 51
1949 M S 6878 Sale 6818
RR let consol 48
62 Goodrich Co 6345
31
9613 Sale 9814
9712 50
49
62
10423 D 59 Sale 5613
Wilk & East let gu g 5a
A 116 11614 11512 116
N1 N
3 F
4
'
19
99 10014 Goodyear Tire & Rub let if fe35
160
_
19383 13 10014 ____ 10014 June'24
Will & S F let gold 58
10312 Sale 02%
8238
81
io-year t deb g 83
10414 177
8238 May'24 - _ _
Winston-Salem SB lit 45.._1960 J J
928
'
A
1
92
N 92 Bale 92
76% 8414 Granby Cons MS& Pro!,Si 1
1
8114
8114
Ma Cent 50-yr lit Ron 43._ _1949 J J 8114 82
90
Apr'24
85
Stamped
77
5
8414
8434 8414
Sup & Dul div & term lit 48'36 M N 84
92
1925 M N 92
7
92
93
Cony debenture 85
INDUSTRIALS
10
85% Gray & Davis 75
78
1932 F A 78 Sale 78
78
8012 16
80
81
Adams Express coil tr g 40..1948 MS 80
74% 95 Great Falls Power lit a 1 58_1940 M N 0012 10012 0014
1
10014
24
81
1938 JO 81 Sale 80
Ajax Rubber 85
078 23
2
82
1952 3 J 82
8234 82
513 7% 578
5% 7,3 Hackensack Water 0
Alaska Gold M deb 65 A._ _ _1925 M
57
57
8413
1954
g
A
77
36
5.1
gen
8513
8512
P
L&
MS
Ry
El
Sale
Havana
5
4
7
3
,
5
512
B
series
M
1926
Cony deb 68
2
92%
98 Havana Elec consol g 5s_ __ _1952 F A 92% Sale 9234
94
1928 A 0 968 96% 9634 June'24
Am -Uric Chem let 53
10213 18
82 101 Hershey Choc let if g 6s__ _1942 M N 102 Sale 02
8613 124
1941 F A 8534 Sale 8534
1at ref e f 730 g
guts
5114
3
74
MN
73
Sale
01.20.1947
74
Os
Line
Holland-Amer
94
8
Sale
9413
9413
0
1933 A
American Chain Si
9613 97
97 June'24 - _
9014 Hudson Co Gas 1st g Si..-.1949 M N
82
8
90
Am Cot 011 debenture 55._ A931 MN 89 Sale 8834
9913 77
3 106% 10734 Humble Oil& Refining 530-1932 J J 99 Sale 99
1936J .1 107 1073 10788 107%
Am Dock & Impt gu 6s
9783 174
87% 9214 Illinois Bell Telephone 55- _ 19563 D 97 Sale 9814
1937 A 0 921 Sale 92
92% 48
Amer Republics 88
1940 A 0 9434 Sale 94
9414 Illinois Steel deb 450
92
94% 124
94,4 148
km Sin & It let 30-yr Se ear A1947 A 0 94 Sale 9312
May'24
N
106
M
8278
1936
8418
4
10513
1013
55
0
&
G
Nat
88
Ind
Sale
4
0
1053
A
1947
4
3
105
66 B
1952 M N 10113 10134 10234
9
103
96% 102% Indiana Steel 1st 513
Amer Sugar Refining 65- - _,i937.9 .1 10014 Sale 9934 10013 115
111935 J J 97 100
98 Nov'23
9212 96% Ingersoll-Rand let 58
963 298
km Telex)& Teleg coil tr 43.1929 3 J 9634 Sale 9614
2
8
11
107
91
0
A
10%
14
450..1956
coil
Metrop
87
24
Interboro
9078
flu
Sale
9978
M
1938
S
Convertible 48
6612, 734
2 10038 109 interboro Rap Tran let 58..1966 3 J 6614 Sale 5272
1933 M
10083 Sale 00% 100%
20-year cony 4348
6814 Sale 62
9718 101
66141 787
329
Stamped
101
1946 J D 10083 Sale 100
30-year coil tr Si
6912 217
9714 10213
1932 A 0 8838 Sale 6514
10-year 65
1943 MN 10218 Sale 10184 10212 378
20-year f 530
8934' 472
1932 M S 8934 Sale 8834
7e
1434 115% 27 112% 123
7-year convertible 88......1925 F A
2
58
58
84% 91% lot Agric Corp let 20-yr 58..1932 M N 5513 65
33
917
km Wat Wks & Elec 5e_ _ _1934 A 0 915 Sale 90
8513 80
50 Inter Mecca,,Marines f6a.._1941 A 0 8413 Sale 842
36
11
48
47 Sale 42
Am Writ Paper a f 7-6a.._1939.9
1947.9 J 8413 Bale 8412
94% 98% International Paper 55
8714? 89
9612 288
1953 F A 9614 Sale 98
anaconda Copper 63
_
19473 J
84 Mar'24
944 10114
_
1st & ref 55 B
1938F A 97 Sale 9683
73
971 155
8013, 28
834 874 Jurgens Works6s Ulaf price)_1947 J J 8013 Sale 7812
8634 70
Armour& Co let real est 434131939 J D 86 Sale 86
044 9214 Kansas City Pow & Lt 50_1952 84 S 9313 Bale 9314
93781 135
J 8712 Sale 8712
8883 55
Armour & Co of Del 530__ _1943
9771 59
96% 10034 Kansas Gas & Electric 88_1952 M S 97% Sale 9313
1935 84 S 10083 Sale 100
Associated 011 temp 65
10034 84
1942 F A 101 Sale 100
49
40 Kayser & Co 75
29
101
_
35 Mar'24
D
ktlantic Fruit cony deb 78.4_1934
M
_1931
85._
91
Tire
N
40
25
Sale
Kelly-Springfield
8818
9253 128
_
June'24
_
25
26
24
Trust con/Mateo of deposit__
3913 Keystone Telep Co lit 5,_ _1935 J J
21
3
2412
24
25
24
stamped
do
1937 A 0 101 103 1011
3
101 I
9678 99 Kings Co El & P g 52
9813 47
1937.1 .1 98 Sale 97%
tlantio Refg deb 58
1997 A 0 1133,
_ 113 June'24
Purchase money 65
22 18018 102
Baldw Loco Works let 5a_1940 M /5: 102 Sale 10012 102
93% 10033
747 9778 Sept'23
Convertible debenture 85_1925 M
74
29
9978 9883
997
Barnsdall Corp f cony 8% A1931 J J 99
gni
A
101
F
_1949
45.._
g
74
lit
El
County
77
Sale
Kings
74
74
75
101
100
Sale
100%
.1
.1
_1948
_
55.
Pa
of
Telephone
Bell
1949 F A 74
99 10013
75
Stamped guar 0
7214 June'24
10012 27
Beth Steel lit ext a f 56.-._1926 J .1 10083 Sale 100
Apr'24 -81
93% 96% Kings County Lighting 5.5_ _1954 J .1 813a 86
23
96
96 Sale 953
1942 M N
let & ref tie guar A
614s
1954 J .1 10113 Sale 10112
10112
8812
6
4
913
48
Sale
8812
20-yr m & Imp a t 5e.... _1936 J J 8812
8912
1936 J D 10334 10412 1038
968
96 100 Kinney Co 734s
6
104
60
1948 F A 96 Sale 98
6e A
87% 92
1950 M S 96%
Lackawanna Steel 55 A
04
96
12 26
0
1%
96
04
3 963
5
26
89
8812 Sale 88
1953 F
630
8334 Lac Gas L of St L ref & ext 5s 1934 A 0
73
9
7613 7513
7512
Booth Fisheries debit 63_1928 A 0 70
Coll & ref 550 ser C
1953 F A 933 Sale 93%
9412 48
Braden Cop M coil tr 3f 6e 1931 F A 10412 10478 10412 10483 25 10012 104%
97 Lehigh C & Nay a / 434e A_ _1954 J J 94 Sale 94
1
93
94
9612 60
Brier Hill Steel let 530_ _ _1942 A 0 9612 Sale 96
8012 70 Lehigh Valley Coal 58
1933
2
.1 10038 _
10018
100
43
70
697 87
1Pway & 7th Av Ist c g 5s_ _1943 J D 68
10333 J 8913
90
4e
87
8713 Apr'24
90
90
7
1941 J .3 90
Brooklyn City RR 5e
9713 10218 Lex Av & P F 1st gu g 58_ _1993 MS 39
3
43 14
14
7
11
334
17
10134 32
10013 10118 10018
Bklyn Edison Inc gen Si A_ _1949 J
4
4 10212 106 Liggett &Myers Tobac 713_1944 A 0 117 118
1930 J J 103 10414 10312 105
General 13e Series B
1951 F A 98% Sale 9712
be
98% 52
108
10 10512 109
1930 J J 107 Sale 107
General 78 Series C
1944 A 0 11634 117 11634 11634
3
19403 D 109 Sale 10838 10914 27 108 109% Lorillard Co (P) 75
General 75 Serlee D
1951 F A 96% 97% 96%
72% 81
5s
9712 10
81 2518
Bklyn Man Bit Sec(tem)6e 1968 J J 8038 Sale 7878
5
7
c
s
I
D
J
8.4ri
2
3
5
9
1
:1
5
r
y
9112
c,
et
:
E
r
y
&
0_
0
01
G
157
Sale
0
e
c
I
l
va1
6812
1
3
8
90
10
63%
o
i
s
:
u
a
o
i
L
5
:
19
MN
67
32
Sale
1
:
1
11
6813
53'41
gtd
6812
Bklyn Qu Co & Sub con
11114 Sale
35
80 80
Jan'24....
80
1941 J .1
let 513
.1942 A 0 98
983 97%
Manati Sugar 730
78% 101
9834 21
12
101
Brooklyn Rapid Trans g 5a 1945 A 0 9418 ____ 101
7
0
A
86
413_1990
g
6078 Sale 593
cone
Y)
(N
Ry
Manhat
Nov'23
7383
Trust certificates
D
2013 J
5014 Sale 4913
723-4 2d 4/3
5014 35
79% --- 728 June'23 _ _ _ _
lit refund cony gold 0_2002 J
0712 105
1942 M N 99
Manila Electric 73
9912 22
9912 9878
102 Apr'24
3-yr 7% secured notes_ _1921 .1 J
ag% 110
Manila Elec Ry & Lt s f 5e...1953 M S 83
_ 110 June'24
_
Certificates of depoalt
84
5% 184
8:24
J une
18% j
92% 105 ‘liarland Oils f 83 with war'nta'3i A 0 118 12
105 June'24 _
Ctfe of deposit stamped__
Without warrant attached._ _ A 0 1041 1041 10413 1043
80% 85
8
85• I
1950
848 Sale 84%
SklynljnEl let g 4-543
1931 F A 115 129 120 June'24
85
81
750 Series B
85 I 17
1950 F A
85 Sale 8413
Stamped guar 4-531
10238 1027s 10283 10434 22
do without warrants
96% 100
9938 14
1311lyn tin Gas let cons g 58-1945 M N 99 Sale 99
100 May'23
Merchants & Mfrs Exch 78_ _1942
129
117 114 129
1932 M N 12734 Sale 124
78
10614
10134 13
8 103% 10612 Metr Ed let & ref g Si Bar B_1952 F A 10134 Sale 99
10612;
let lien & ref fle Series A 1947 MN 10514
99
D
J
1953
Sale
5
128
Si
99
114
Power
Metr
99
N
128
M
125
1929
22
Bale
j
128
78
2
9034 9112 Mexican Petroleum a I 38_ _1936 IS N 1038 105 104
10412
19323 D 9078 938 9113 Apr'24
__
Buff & Snag Iron if 55
99 June'24
81
8614 Mich State Telep let 58._ _1924
1952 A 0 8314 8513 857s
85781
4
Bush Terminal lit 4e
146
89
8394 8852 Midvale Steel &0cony s 15s 1938 MS 89 Sale 88
19583 J 85
2
8712
857* 87
Como'54
1936
93 Feb'24
9513
Certificates of depoelt
91
95% 15
Building Si guar tax ex.-1960 A 0 95 Sale 9412
F A 100 Sale 99%
1926
68
cone
Lt
&
Ry
Mee
23
g
100
9914
97%
5111w
N
11
Sale
9814
9914
M
9814
1937
5e
Corp
E
Cal G &
9512 9212
3a
8
Refunding & eaten 430..1931 J J 93
93
9812
95
9812 96
Ca/ Petroleum 630 (or 1)-1933 A 0 98% Sale 97
1951 .1 12 938 95
94
11
General 58 A
9734
95
95
6
95
9513 94
Camaguey Sug 1st s f g 7e_ _1942 A 0 95
8612
D
J
Sale
21
B
58
Ist
95
91
N
94
Sale
94
M
'42
75
19
94
f
coils
Canada SS Lines lit
81
95
19
3 M 5 9818 Sale 9
74
88
1st & ref g Os ser C
98
8
2 57
7114
(*nada Gen Elec Co 68... _1942 F A 10514 Sale 30483 10514 10 102% 10512
9734 10013 Milwaukee Gas Li let 4a...1927 M N 973 Sale 9713
97% 58
5
Cent That Tel lit 30-vr 58. _1943 J D 10012 Sale 10013 10013
J
J
98
_1043
Bale
A_
106
be
let
97
Power
Montana
98
89%
A
F
9018
4
June'24
923
90
Cent Foundry 1st s 1 Os _1931
212
76
9212 99% Montreal Tram lat & ref 55_1941 .1 J 92 Sale 9
2 12
214
7
78
9
9938 330
Cent Leather 20-year g 58_1925 A 0 9913 Sale 99
J 77 Bale
9
938
1
_
__
if
10812
14
S184
let
Co
&
Morrie
108
107%
MN
194
2
Sale
108
108
Central Steel 88
4
9412
7
1966 A0 7418 _
11
4:
73
9
1
1931 3 J 13714 Sale l361j 13714 18 127 144% Mortgage Bond 4s
Cerro de Pasco Cop 88
AO 9312 Bale
97%
3
53
9312
58
4
9714
9714
98
974
0-1937
g
gu
let
Coke
&
L
G
Ch
MN 94
_1947
5a.
g
cu
let
_-81
94%
Gas
6
Fuel
Mu
9414
74
A
F
78
36
Sale
7712
1927
7718
Chicago Rya lit 531
99 10/ 14 Mut tin gtd bonds ext 5%..1941 MN 9434
937 June'24
10118 146
1932 A 0 10078 1011* 101
Chile Copper 15a Ser A
59% 43
95% 99% Nassau Elec guar gold 4e. _1951 J J 591 Sale 58.3
19
99
CIncin Gas & Elec let & ref 58'56 A 0 9813 Sale 9818
.1
D
84
1931
Bale
7345
Acme
19
National
101
96
100
11
101
1961 A 0 10012 Sale
5344 Ber B due Jan 1
94
Nat Enam & Stampg let 53_1929 3D 97 ...._ _ 9
92
813 May'24
2
24
88
I
9112
9283 9113
Colo F & I Co genet 58_ _ _1943 F A 91
J
J
9514
_
1930
_
_
58
deb
20-year
Starch
Nat
9512
May'24
75
4
813
81
30
Sale
4
813
81
1934 F A
Col Indus let & colt 58 gu
1952 MN 10114 10178 101%
11
National Tube 1st 55
102
9614 100
.1 9917 Sale 9918
9983 46
1927
Columbia G & E let 58
9514 12
1948 J D 9614 Sale
96% 99% Newark Con Gas 53
9934 35
J 9912 Sale 9914
1927
Stamped
J
9913
D
3
99
5e..1952
4
Tel
&
Tel
95t991
England
Sale
New
163
100%
7
7
_
_
Apr'24
S
7
Col & 9th Av 1st gu g 58_1993 M
9318 9513 N Y Air Brake lit cony 69..1923 MN 102 103 103 June'24
J 96% ____ 9513 May'24 _ _ _
Columbus Gas lit gold 55_1932
1
70
753
7834
75% N Y Dock 50-yr lit g 45-1951 F A 7734 7838 78%
4
'Commercial Cable let g 48_2397 Q J 7534 Sale 73%
1134
10
2% 57
10
9412 N Y Edison let & ref 850 A.1941 A 0 112 Sale 100
87
9313 106
Commonwealth Power 68-1947 M N 9283 Sale 9213
15
NY Gas El Lt & Pow g 5s_.1948 J D 10C34 Sale
100
103%
15
101
100
Bale
101
1937
Comp Amu Bars 730
1949 FA 85
86
85
23
Purchase money g 41
98 10114
86
6
Computing-Tab-Rec 8 f 65...1941 J .1 101 Bale 10013 101
_ 8112 Apr'24 ---J 80%
NY Muni° Ry let if 50 A..1986
J 843 __- 7714 Sept'23
Conn Ry & L 1st & ref g 450 1951
9913
& P 1st g 53... _1931. FA 99
L
82
El
1
Q
Y
N
99
857a
_
_
June'23
4
853
J
87
86
3
1951
Stamped guar 450
J 3612 37%
9012 NY Rye let R E & ref 4e....1942
86
8838 36
Cone Coal of Md let & ref 5e 1950 J D 87% Sale 873
36% 37%
Certificates of deposit
9312 9714
2
9714
conQfchlitg1Jg58..101CJ J 971 ____ 9714
214 212 3397792
31942 A 0
3438 2
3
"220
3377
30-year ad1 Inc 5e
9238
87
907 109
1952 M N 901 Sale 8983
Consumers Power
214
212
9
Certificates of deposit ______ _ _
334 214
- 100 103
1931 M N 0918 ____ 100 May'24
Corn Prod Refg i f g 53
N Y State Rya let cons 048 1962 MN 8214 Sale
9814
4
3
100
10
100
100
____
9913
N
M
1934
1st 25-year s 1 58
1962 M N 8714 Sale
830
71
86
3
72
1943 F A 71 Sale 71
Crown Cork & Seal 6s
8
868
9
_
3
_8
2 _2
1'2 Jun6
4
98228
0
9112 95 NY Steam let 25-yr as Ser A 1947 MN 971 98
16
943
J 9483 Sale 94
Cuba Cane Sugar cony 75_ _1930 .1
1st & gene f 450_1939 MN 9813 967 9614
Telep
9838 62
Y
N
99%
96
38
9914
987
8
Sale
J
9914
J
834_1930
Cony deben stamped
A
1073
F
1949
-year
Sale
4
st6s._Feb
deben
30
10812
107
9
108
Cuban Am Sugar let coil 88_1931 M S 108 Sale 1073
9
19
g 13
8:8
188
0
4
7%
95
20-year refunding gold 68_1941 A 0 1057 Sale 10
944 964
5
9812
WA Sale 96
J
Culub T & T 1st & gen 55_ _.1937 J
10
13014 101 101
101
9414 8934 Niagara Falls Power let 55.._1932 J
8912 32
g 55'51 MN 8913 Sale 89
Den Oas& E L leutret
31932 A 0 10412 10513 10412 June'24
Ref & Ron 65
73
_
82
73 June'24
72
S
68
M
1942
75
G)
(D
Corp
Den'
Mug Lock & 0 Pow let 58_ _1954 M N 102% Sale 10218
103,4
99% 191
30
993
9983
Detroit Edison let coil tr 0.1933 J J 9934 100
9434 147
1952 M S 94% Sale t.4
95 100 No Amer Edison 6s
54
100
81940 M S 9912 Sale 9914
let & ref Si Series A
62
997
1948 M S 9958 Sale 9812
16 104 10614
Secured f 6308er B
81948 M S 1057 Sale 10512 108
B
let & ref 85
sale.
Option
Nov.
•
Due
r
Dee.
Due
Oet
Due
o
Ana.
Due
k
Jul,'
•
Feb.
Due
3
Due
0
June.
Jan.
Due
Due
*No price Friday; a test bld and aaked. a
•
.1.
anne.
JRaaeirli
High
Low
84% 9213
46% 541
.
5474
38
6414 7914
92
81
91
91
10671 10874
10314 108%
1034 111
894 9014
9812 101%
9718
96
8878 934
93% 98
93
96
9812 10712
98% 10478
77% 80
84% 92%
1014 104
94
94
101 1031a
82
80
100 1034
984 100%
934 1004
1144 118
100 104%
92
92
92
90
9412
89
78
96
98 10112
79% 82
81% 86
92
9334
101 103
8412
72
9414 97
96% 9912
0918 9733
91% 95
8271
82
100 1034
-161; 11
5883 861:
58% 6814
54% 70%
8318 8934
46% 70%
79% 8511
88
83
8314 86
7312 8012
94
89
93 9814
97% 10512
8814 10414
73% 80
98% 101
1101g 113
695g 76
704 7384
7714 81
95 10113
10112 10412
93
88
91% 96%
92% 95%
94
91
91 10018
87% 8712
82% 43
11414 118
9574 9854
11412 1174
98
95
4 9114
1
88/
1084 1174
974 1014
6074
50
53
47
0411 100
86
83
11838 140
100 10514
117 136
9814 1044
Ws; 1013,
9412 99
101114 10588
99
997s
8514 9012
8984 9534
96 100
9012 95
9612
92
80% 88
9528 100
9414 9724
98
95
8652 934
78
8214
7413 7412
94
W2
94
92
9378 94
53% 59%
824 94
96% 994
9512 97
9912 102
9328 97
974 100
.103
1011
7834
73
10924 112
9814 101,2
821. 88
8012 8152
9914
98
8
33% 40,
4012
82
14 34
14 318
65
68
96
85
92,2 9814
934 964
105 10814
10314 10654
99 10114
104 10/92
99% 10312
91% 95
98 100
JUNE 28 1924.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
3187
Quotations of Sundry Securities
All bond prices are "and Interest" except or ere marked "f**
Standard Oil Stocks Par Bid. Ask.'
Railroad Equipments Feta. Basle
BONDS.
PriesWeek's
1512 Atlantic Coast Line 60
Anglo-American
Oil new_ El *15
5.35 5.03
Sines
Y STOCK EXCHANGE
Friday
Atlantic Refining
100 8714 8712
Equipment(His
5.15 5.00
Jan. 1
Week ending June 27.
ca
so a. June 27.
i.asl Sala
Preferred
100 111 115 Baltimore 5, Ohio tls
5.35 5.10
215
220
100
Equipment 4340 & /Se__
5.05 4.99
High Borne Scrymeer Co
Nigh No, Low
Bid
Ask Lot'
Buckeye Pipe Line Co__50 *6012 6112 Buff Rooh & Pitts equip 65_ 5.30 5.0(8
8818 93
B 9112 Sale 9034
Nor 0010 Trao & Light Os__ -1947
9112 31
Chesebrough Mfg new.. 25 *49
50 Canadian Pacific 4315 &
5.15 4.80
Nor States Pow 25-yr 5/3A.._1941 AO 94 Sale 9234
8914 94
30
94
Preferred
100 113 116 Central RR of N J 66
5.40 5.10
let de ref 25-yr Os Ser B__1941 A0 10212 Sale 10214
10312 17 101 104
50 Chesapeake & Ohio Os
5.45 5.20
Northwest'n Bell T 1st 76 A.1941 P A 10878 Sale 10838 109
101 10712 1094 Continental Oil new____ 25 •49
Crescent Pipe Line Co__ 50 •1112 13
Equipment034e
5.20 5.00
'
3 9358 9512 10612
92
North WT lat fd g 4126 gtd_1934
92
5
4
1b
0
:
3
252
92 Fe
Equipment 513
5.05 4.80
Ohio Public Service 7413_1946 AO 10612 Sale
10378 10658 Cumberland Pipe Line__100 12512 12612
96 Chicago Burl & Quincy 68
5.35 5.05
70
1947 FA 103 Sale 103
9 10014 10334 Eureka Pipe Line Co_ -100 95
10312
5412
Galena Signal 011 oom_ _100 50
Chicago & Eastern III 5)4e, 5.40 5.10
Ontario Power N F let 5s_ _ _1943 P A 9838 Sale 9734
944 99
983e 57
Preferred old
100 110 117 Chicago& North West Gs_ 5.50 5.25
N 9634 _ _ _ 97
Ontario Transmission 58. _ _ _1945
94
975s
97
1
Preferred new
100 101 105
Equipment6346
5.20 5.00
Otte Steel 8e
__1941 FA 9412 _ _ _ _ 9412
9412 10112
9512
7
37 Chic RI & Pac 4346 & 50
Humble Oil& Ref new.. 26 *36
5.30 5.05
A 8758 Sale 9712
let 25-yr s f g 714e Ser 5__1947
8714 95
9912 54
129
126
Illinois
Pipe
Line
100
66
Equipment
5.55
'
3 9312 Sale 9314
Pacific 0& El egn & ref 56 _ _1942
5.30
94
9034
61
94
25 *10014 10012 Colorado az Southern 60_,... 5.50 5.20
Pao Pow&Lt let&ref 20-yr 56 '30 P A 97 Sale 9614
92
9712 Imperial Oil
9712 62
91 Delaware & Hudson fle
5.35 5.05
Pacific Tel & Tel 1st 5e
1397 J , 9814 Sale 98034
0
99
3142 16
994 Indiana Pipe Line Co.__ 50 *90
23
2
96
5.40 5.15
50
1952 MN 9312 Sale
9058 9358 International Petroleum-(3) *174 18 Erie 4345 & So
Magnolia Petroleum____100 127 12912
Pan-Amer P & T 1st 10-yr 7o1930 FA 10212 1027 10214
Equipment(is
.5.60 5.30
9958 103
20
103
93
Co__12.50
82034
Northern
613
5.40 5.15
972
8
NatIOnal
Transit
1935 MN
2114
Great
040(w1)
9614 Mar'24
Park-Lox (etfe) 646
5.10 4.95
19533' 97
New York Transit Co__ -100 5812 60
Equipment 56
94 100
9778 21
9634
83 Hocking Valley 60
Pat & Passaic G & El cons 591949 MS 964
Northern Pipe Line Co_ _100 78
5.50 5.20
9378 96
-- 96 May'24 _
60
Peop Gas & C let cons g 6s_1943 AO 107 108 107 June'24 -_ -- 10414 1.0772 Ohio Oil new
25 *59
5.10 4.90
Equipment 513
Refunding gold 55
32 Illinois Central 4340 & 5e-- 5.00 4.80
1947 At S 9312 Sale 93
25 *30
9312 19
874 9312 Penn Max Fuel Co
Philadelphia C 6s A
1944 FA 10278 Sale 10238
Prairie 011 & Gas new. _100 z209 211
Equipment62
5.35 5.05
9958 103
10278 43
1938 M
6348
Prairie Pipe Line new._100 110114 10134
Equipment 70 & 648
5.15 4.95
94
934 Sale 93
934 63
90
Mkt& Reading C& I ref 55_1973 33 10014 Sale 99
177
182
100
Michigan
Os...
Solar
Refining
5.65 5.30
Kanawha
&
934
10014
10014
84
Pierce-Arrow 8s
1943 MS 751g Sale 75I8
94
Southern Pipe Line Co_ _100 93
5.25 5.05
Equipment4;is
70
82
7978 52
1.1
Pierce Oil s f 88
1931
100 123 126 Kansas City Southern 5145. 5.35 5.0.5
South Penn Oil
9578 9612 9612
9612 17
S478 102
Pillsbury Fl MUIR Os (rcta)_ _1943 AO 9714 Sale 9612
86 Louisville & Nashville 66-__
5.35 5.05
944 9712 Southwest Pa Pipe Linos_100 85
9714 37
Pleasant Val Coal let g f 56 1928 3' 96
5.20 5.00
Equipment(1%s
93
97
9634 Standard Oil (California) 25 *5612 564
9412 June'24 _ _Pocah Con Collieries let61561957 3' 93 Sale 93
Standard 011(Indianal__ 25 *564 5638 Michigan Central 5a & 68_ 5.20 4.90
9012 94
9314
7
Portland Gen Elec let 5s__ _1935 3' 9812 Sale 90
25 39
40 Minn St P&SBM 434s & 55 5.30 5.00
Standard Oil(Kan)
93
95
9812
3
Portland By let & ref 5s_ __ _1930 MN 90
Equipment 048 & 78.... 5.30 5.10
93
9312 Standard 011(Kentucky) 25 *10512 10534
86
9312
9312 18
Portland By Lt & P 1st ref 581942 FA 8558
Standard Oil(Nebraska)100 231 233 Missouri Kansas & Texas 60 5.70 5.25
_ 8412
8512 16
8 90
803
69 B
1947 MN 9412 Sale 9334
Standard 011 01 New Jer_ 25 *344 3414 Missouri Pacific 68 & 634e-. 5.70 5.40
9414 27
8934 95
let & refund 745 Ser A_ _1946 MN 10458 Sale 10418
100 11734 118 Mobile & 00104340 &
Preferred
5.15 5.00
10458 15 103 10434
Porto Rican Am 'Fob 8s___ _1931
N 105
3912 New York Central 44 &
5.00 4.80
____ 105 June'24
10418 10515 Standard Oil of New York 25 *39
Pressed Steel Car 513. _
._1933 J .1 8912 9114 9112
100 280 283
Standard 011(Ohio)
Equipment Os
5.35 5.05
9112
1
8878 95
Prod & Ref s f 8s(witb war'nta)'31 3D 11212 119 115
100 120 12012
Preferred
Equipment7s
5.15' 5.00
115
2 1094 11614
Without warrants attached__ _ 3D 10912 10958 10912
42 Norfolk & Western 4340...
100 40
Swan & Finch
5.001 4.80
10958
8 1064 110
Pub Sem/ Corp of NJ gen 531_1959 AO 9434 Sale 9334
.5.20 5.00
77
954 Union Tank Car Co.....100 96 100 Northern Pacific 70
9518 345
punts Alegre Sugar 7e
1937 J J 10812 Sale 10734
100 112 115 Pacific Fruit Express is._
Preferred
5.10 4.95
10812 150 10714 122
Remington Arms 613
1937
N 9412 Sale 94
25
*6114
Oil
new
613
4
Vacuum
elk
Pennsylvania RR eq 56 &
5.30 4.90
92
9512
29
95
Repub 1 & B 10-30-yr as of...1940 AO 9512 Sale 95
10 *2712 2912 Pitts & Lake Erie 634s____
9512 25
5.37 5.10
93
9634 Washington Oil
534e
1953 JJ 8912 Sale 8912
Other 011 Stacks
Equipment66
5.60 5.25
874 914
19
90
*3
Robbins & Myers a 1 78
312
1952 3D 78 Sale 7634
(5)
Reading Co 43-4 a & 55
5.00 4.80
21
754 9112 Atlantic Lobos 011
79
*5
12 St Louis & Ban Francisco 55. 5.40 5.10
Koch & Pitta Coal 83 Iron 59_1946 MN
50
Preferred
91
91
91
Jan'24
Rogers-Brown Iron Co is.._1942 MN 79 Sale 7518
25 *5712 5778 Seaboard Air Line /13.8 & 5/ 5.90 .5.40
Gulf 011 new
90
74
80
23
St Jos By Lt Ht & Pr 5s._1937
MN 84 Sale 84
__
5 *234 334 Southern Pacific Co 434e.
Mexican Eagle Oil
5.00 4.80
7634 84
84
I
•97, 10
St L Rock Mt de P5s stmpd_1955 3, 7578 78
Mutual 011
Equipment76
5.10 4.95
764 80
7778 June'24 _ _ _
1924 AO 5514 59
100 101 103 Southern Ry 4140 & Cs_ _ _
St Louis Transit 55
National Fuel Gas
5.15 4.9.5
5212 58
58 June'24 _1937
10 *2358 24
St Paul City Cable 5/3
Salt Creek ProducersEquipment6e
5.50 5.20
9112 95
9214 9512 95
95
2
5 *158 2 Toledo & Ohio Central Os. _
St Paul Union Depot Is_....l972 JJ 100 Sale 9912 100
5.60 5.30
954 10018 Sapulpa Refining
40
Bake Co 76
_1942 MS 1041y 105 10412 105
Union Pacific 79
5.10 4.95
11 102 105
San Antonio Pub Ser 6s_ _..l962
Public Utilities
Tobacco Stocks
97 Sale 97
9712 13 9334 9712
7114 American Cigar common 100 76
Sharon Steel Hoop let 80 set A '41 MS 10114 10134 10012
78
35 100 10234 Amer Gas & Elec new-- -(2) *7012
101
47
Sheffield Farms 6145
50 .46
1942 AO 10212 10312 10314
100 84
Preferred
Preferred
86
6 10012 10312
10314
M&N ,9512 9614 Amer Machine & Fdry-100 145 155
Sierra as Ban Fran Power 5/3_1949 FA 8758 Sale 8712
Deb Os 2014
8378 8812
88
34
127
126
Sinclair Cons 011 15-year 78-1937 MS 93 Sale 9114
Trail
81
com-100
ord_
Light
&
Amer
*2212 23
British-Amer Tobac
8778 97
93
109
92
100 91
646B(w1)
1938 3D 8638 Sale 8614
Preferred
81 82212 23
Bearer
8334 9014
87
77
Sinclair Crude Oil 514e
1925 AO 9978 Sale 9934
60
97 1004 Amer Power & Lt oom--100 246 248 Helms (Geo W)00, new 21 *58
1034 84
9112
100
89
60
1926 FA 10018 Sale 9934
Preferred
100 111 113
Preferred
9578 10038
10014 98
1942 AO 8412 Sale
M&S 94 95 Imperial'Fob of G B & Irel'd *1614 17
Sinclair Pipe Line 55
Deb fie 2016
8136 86
8418
844 58
South Porto Rico Sugar 7s..1941 J O 102 Sale 102
UtIl
oom-100
60
Machlnery___10c
Public
Amer
60
Int Cigar
65
1024
7 1004 10412
80 Johnson Tin Foll & Met.100 75
South Bell Tel & Tel let of 581941
7% prior prof
100 77
9912
9912 Sale 97
94
9912 24
S'weet Bell Tel let & ref 531_ _1954 FA 96 Sale 9518
100 60
a% partlo Pre'
MacAndrews & Forbes_100 144
9312 96
96
546
corn
Southern Colo Power 6s_ _..1947 JJ T014 Sale 90
E
50
Blackstone
Val
0
&
71
100 99 102
Preferred
87
9014 14
9034
Stand Gas & El cony s f 66._1926 J O
100 30
Carolina Pow & Lt com-100 138 140 Mengel Co
32
100 105
105 May'24
Cony deb g 64s series_
1933 MS 99 Sale 984
55
9412 994 Cities Service Co corn._ _100 13512 13612 Porto Rican-Amer Tob 100 50
994
73
lot
7312 Universal Leaf Tob cora_1(10 30
Standard Milling
58
1930 MN 98
100 73
Preferred
33
9858 98 June'24
_
953
4
9
8
CitiesServiceBankere'Shares 1312 14
Steel & Tube gen of 7s Ser C 1951 J
100 83 86
Preferred
10414 Sale 104
105
34 103 106
35 Young (3 18)00
Sugar Estates (Orienti) 76_1942 MS 9634 97
100 113 119
9512 9712 Colorado Power oom- -100 34
0634
9634
5
90
Syracuse Lighting let g 5e_ _1951 J D 9634 9812 9634 June'24
Preferred
100 86
100 z102 106
Preferred
92
9634
Light & Pow Co coil tr a f 55'64 33 10478 ____ 10478 May'24
Com'w'th Pow Corp corn (3) *9312 9412 Rubber Stoeks(Clevelaw3) prices)
844 105
__
100 *77
eon Coal Iron & RR gen 591951 3, 10112_
Preferred
79 Firestone Tire & Rub COM 10
6838
994 10212
10112 10112
1
Power pref. _100 z88
Consumers
91
Tennessee Cop 1st cony 6s_ _1925 MN 10114 10177 8
100 95
97
6% preferred
9712
103
- 9712
974 88
pref_100
&
Share
Tennessee Eiec Power Oa__ _1947 3D 98 Sale 9738
101 102
Else
Bond
100
86
7% preferred
9338 984
98
49
Third Ave lst ref 48
1960
Elec By Securities
(3) •1612 1714 General Tire & Rub corn 50
'
3 57 Sale 5512
175
5334 59
57
140
74
Adjustment income 58 ..a1960 AO 4734 Sale 47
100 98 100
3912 4914 Lehigh Power Securities_(I) *73
Preferred
4818 43
Mississippi Riv Pow corn 100 2812 2912 Goodyear Tire & R oem-100
Third Ave Ry let g 5/1
1937 3' 94 Sale 94
9278 96
934 10 '
94
24
Tide Water Oil 6340
Preferred
100 83 85 Goody'r T&R of Can rif-100 v 7112 7212
1931 P A 1034 Sale 10314
10312
3 102 10414
Toledo Erikson 75
1941 MS 10814 Sale 10818
First mtge 5s. 1951_ ..J&J 9512 9612 India Tire & Rub com-100 70
76
10812 35 106 10812
Toledo Trac, Lt & Pr 6e
F g deb 75 1935__M&N 102
1925 FA 100
100 70
78
9812 10011
Preferred
____ 100
10134
4
Trenton 0& El lot g 58
1949 MS 95
Nat Power & Lt corn--(2) *127 129 Mason Tire & Rub ooM-(2)
1
1.25
9234 Nov'23 _ _ _
Undergr'd of London 4413-1933 J
Preferred
91
(f) *89
100 15
1612
854-90
Preferred
87 Dec'23
,
income 613
1948
Income 76 1972
J&J 9514 964 Miller Rubber
'
3 8212 8812 8914 Oct'23
_
100 65 67
Union Bag & Paper 66
1942 MN 9538 9534 9538
9814 Northern Ohio Electrio_(2) •11
1212
93
100
94
Preferred
954
2
Union Elec Lt & Pr let g 56-1932 M S 9918 Sale
Preferred
100 31
3212 Mohawk Rubber
100
4
9718 99
9918
_
106_
_
5e
1933 MN 9734 Sale 984
North Staten Pow com_100 •102 104
9058 98
45
55
Preferred
97
106 I
Union Elev (Chicago) 50.._ _1945 AO
Preferred
160 94
75
75 May'24 _ _
70
Belberling Tire & Rubber(i) *354 412 '
96
Union 011 Se
1931 .1
62
9712 ____ 99112 June'24
9514 9812 Nor Texas Elvis Co com-100 59
100 50
55
Preferred
(Se
c1942 FA 10114 Sale 101
Preferred
100 68
10114 13
31912 102
12
72 Swinehart Tire & R oom_100
Union Tank Oar equip 70._ _1930 AA 10414 Sale 104
100
10414
9 103 1054 Pacific Gas & El let prof 100 8912 9014
Preferred
40
United Drug cony 86
1941 3D 114 11412 11334 11414 39 1111s 11414 Power Securities oom___(5) *13
1412
Sugar Stocks
United Fuel Gas let fee -1936 .1
Second
preferred
*41
43
(3)
9812
50 *13
9218
98 Sale 98
15
Caracas Sugar
984 64
United Rye Inv 55 Pitts issue 1926 MN 98 Sale 9734
Coll trust 66 1949___J&D 88
91 Cent Aguirre Sugar corn_ 20 •7412 7712
984
91
98,4 29
United Rye St L let g 4s...1934 3' 6978 Sale 6978
Incomes June 1949__F&A 170
73 Fajardo Sugar
611s 70513
70
12
100 103 106
United SO Co lot rota 613
1937
Sound
Pow
&
N 8934 9112 8934
Puget
Lt_ _100 56
90
5
86
894
62
58 Federal Sugar Ref aim _100 58
United Stores 6s
1942 AO 10118 Sale 101
100 78
6% preferred
83
100 90 100
9814 10138
.1014 47
preferred
U B Hoffman Mach 138
1932
'
3 10734 108 10712 June'24
7% preferred
100 810012 10312 Godchaux Sugar. Inc---(I) •3
103 108
6
US Realty & I cony deb g 56 1924 .1 .1 9978 100
_
Genmtgc734e 1941_11/MN 105 - - - 100 18
99ss 100
994 June'24
28
Preferred
B Rubber let& ref 58 set A 1947 33 8012 Sale 80
814 126
79/
1
4 874 Republic Ry & Light___100 34
92
Great Western Sugar new 25 *89
10-year 7120
1930 FA 10138 Sale 10012
Preferred
100
67
70 Holly Sugar Corp Corn..(3)
994 1001s
10112 26
27
OS Smelt Ref & M cony 65-1926 FA 10078 10112 10078
10118 16
9934 1014 South Calif Edison oom_100 95 100
preferred
100 75
80
B Steel Corpfcoupon _._.51963 MN 10412 Bale 10414
100 2114
8% Preferrea
105
181 102 105
Juncos Central Sugar__ _100 110 120
of i0-60-yr 5sIregistered _ _81963 MN
Standard Gas 121 corn. f5 *3512 30 National Sugar Refining_100 87
104
104
1014 105
89
Utah Light & Traction Ss
1944 AO 87 Sale 85
71
4cum prior pref ..100_
91
94
87
87
80
95
9312 New Niquero Sugar_ _ _ 100
Utah Power & Lt let 5s.. 1944 FA
83,h cum preft
50 *474 4814 Santa Cecina Bug Corp 91100
9312 79
874 9334
8312 Sale 9234
3
6
Utica Elec L & Pow lets f 55 1950 .1
Tennessee Eleo
-.13)Power
9714 ____ 9414 Sept'23
*3734 3834 Savannah Sugar oorn---(3) *64
69
Utica Gas & Elec ref 58
1957 J J
Second preferred
9712 25 -Ws 9834
(3) *6412 6512
9612 Sale 9612
100 82
Preferred
86
Va-Caro Chem 1st 78
1947 JO 6214 Sale 62
100 32
534 8512 Western Power
6318 136
33 Sugar Estates Oriente p1100 91
9312
12-yr 7146 with Warrants 1937 J
Preferred
100 81
29
2934 Sale 2934
7314
3114 59
84 West India Soo Fin com_100 12
Without warrants attached_ 3, 29 Sale 29
Short Term Securities
29
30
16
76
100 22
Preferred
32
Vs iron Coal & Coke 1st g 59 1949 M f- 90
Am Cot 0116e 1924_M&52 10014
92
1
88
92
914 92
industrial&Misceit
1934 J J
Vs Ry Pow lot & ref be
9234 50
9234 Anaconda Cop Min66'29 J.4.7 10212 103 American Hardware_...100 61
9214 Sale 9218
88
64
Vertientes Sugar 7s
1942 J
Ang/o-Amer
Oil
743'25
A.140 10214 1024 Amer Typefoundere corn 100 97
9412
9
8914 97/
9412 Sale 9412
1
4
99
Warner Sugar 713
1941 3D 10114 Sale 101
10112 11 101 10314 Federal Bug Ref Os.33.M&N 9814 9914
Preferred
100 100 102
1939 J
First& ref 76 Ser A
934
5
91 9638 Hooking Valley 5a 1926 M&S 1004 10034 Babcock & Wilcox
9134 93
92
100 116 118
Wash Wat Power s f
_1939 J J 10014 ____ 10014 June'24
_
9938 10188 Interboro R T 8a 1922_M&S
-- -- Blise (F. W) Co new.,,.(f) *13
14
55.gtd 1950
Weatches Ltg g 5estmpd
D 99 Sale 99
99313
3
9fiss 994 K 0 Term RyPreferred
*50
58
West Penn Power Berke A 56 1946 Mg 9334 Sale 9312
0I4s July 1931
J&J 10312 10414 Borden Company corn. 100 118 120
21
94
894 95
Series
-year
ils
C___
40
_1958
let
in 10418 ____ 10378
512a
1926 10138 10218
10412 24 101 10412
Preferred
100 102 104
v1946 FA 10712 Sale 1064 10712 14 10414 10754 Lehigh Pow Sec 66'27.F&A
1st series D 79
10012 101
100 50 60
Celluloid Company
1963
50 E
9118 Sale 9112
92
69
9978 10013
8634 9212 Sloes-Shen S&I (46 '29 _F&A
100
107
Preferred
deb
5s
Western Electric
1944 AO 9838 Sale 9818
98513 470
9612 987s U S Rubber 748 1930_F&A 101 10112 Childs Company corn new(f) *35
36
Western Union coil It cur 58_1938• 3 9912 Sale 9914
9912
4
964 9934 Joint Stk Land Bk Bonds
100 111 113
Preferred
N
Fund & real estate g 4160.1950
Chic Jt Stk Land Bk 55_1951 101 102 Hercules Powder
9312 Sale 93
9312 18
83 86
903s 94
100
15-year 6345 g
1936 P A 11112 11134 111
Si 1952 opX 1932
11112 46 10858 11134
101 102
Preferred
100 101 102
Westinghouse E & M is. _ _1931 MN 10838 Sale 108
58 1963 opt 1933
10812 89 10634 10914
101 10214 International Salt
100 7112 75
'
3 66 Sale 6338
Wickwire Spen Steel let 78_ -1935
51413 1951 opt 1931
69
.56
58
102 1C3 International Silver pref 100 2102 106
797
5
1933 MS 98 Sale 9734
Willys-Overland a1 6/3
43(0 1952 opt 1932
98
9734 9812
78
81
9934 10012 Lehigh Valley Coal Bales 50 79
Wilson & Co 1st 25-Yr of 63-1941 AO 86 Sale 8358
4340 1952 opt 1932
86
80
79
96
984
9712 Phelps Dodge Corp
100 101 106
1928
D 4412 Sale 44
10-year cony e1 65
43ie 1963 opt 1933
46
44
52
9234
9684 10012 Royal Baking Pow com_100 128 135
1931 P A
4712 Sale 4738
7340
Pac Coast of Portland, Ore
4818 27
4712 100
Preferred
100 99 100
1941 AG 10114 Sale 101
Winchester Arms 7340
58 1954 op 1934
10114 47 10034 10284
J&J
_ _ _ Singer Manufacturing- _100 141 143
ounen Sheet & T Se(w 1).1943 3, 9534 Sale 9514
9534 102
9413 97
•Per share. S No par value. S Basis. el Purchaser also pays accrued dividend
•N o price Friday;latest bid and asked. a DueJan. d Due Apr. c Due Mar. eDue I New stock.
Flat price. k Last sale. n Nominal. z Ex-dividend. it Ex-rights
May. (1 Due June. 5 Due July. k Due Aug. 0 Due Oct. p Due Dec. a Option sale. e Eex-stock I
dividend. a Sale price. v Canadian quotation.
,
R n,
gife-
a
fir
fed_
ns
so
Coro_ _
ao
::::ta.
9 6
BOSTON STOCK EXCHANGE-Stock Record.
3188
HIGH AND LOW SALE ARICE-PER SHARE, NOT PER CENT.
Saturday,
June 21.
•
Monday,
June 23.
Tuesday,
June 24.
Wednesday. Thursday,
June 26. I
June 25
Pride'.
June 27.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Sines Jan.1 1924.
hotel's*
Highest
PER SNARE
Range for Protest
Year 1923.
Lowest
Highest
-
Railroads
Shares.
100 14578 Mar 27 154 May 26 143 Apr 151 June
498 Boston & Albany
Jan
75 June 84
100 7.312June 21 80 Jan 9
190 Boston Elevated
914 Aug 100 Mar
100 89 June 18 964May 10
Do pref
36
100 110 June 18 11614 Jan 24 111 18 Aug 125 June
Do 1st pref
24
113 113
95 Nov 106 Mar
100 9512J une 10 100 Feb 27
Do 28 pref
113
9712 9712
734 Dec 2012 Mar
84 Jan 2 1514 Mar 31
100
1414 1,211 Boston & Maine
14
15
12
4
10
Feb
Jan
7 Dec 27 Feb
100
pref
Do
_
12
June
19
13
Oct 3215 Mar
Jan
1213
10
100
pref._.
Do Series A lst
585
Feb
1512 Dec 48
Do Series 181st pref-100 1712 Jan 2 2412 Mar 1
101
154 Dec 42 Mar
100 16 Feb 27 23 Apr 5
Do Series C 1st pref
85
Feb
34
59
Dec
Jan
20
23
5
3
Apr
_100
__
Do Series D 1st pref.
10
100 143 Jan 4 14918.1.1ne 9 135 July 16012 Jan
24 Boston & Providence
- 18 Feb 35 Mar
4 1,516 East Mass Street Ry Co---100 18 May 12 2514June 27
25 -2-31
Jan
58 Dec 72
100 5812 Jan 8 63 June 27
Do 1st pref
331
68
64
5034 Dec 65 Mar
100 48 May 23 58 Jan 25
Do pre:B
300
58
54
Mar
46
Dec
31
28
21
May
3912
14
Feb
100
adjustment
Do
2,539
3612 39
31 Nov 45 Mar
East Mass St Ry (tr elfs)--100 3134 Apr 23 3912 Feb I 1
Jan
2211 Dec 43
100 25 June 19 3712 Apr 9
11 Maine Central
934 July 2212 Jan
100 14 Jan 3 2532 rune 27
2433 in-% 17,844 N Y N H dr Hartford
62 Dec 84 Feb
Northern New Hampshlre_100 62 Jan 14 68 Apr 29
-Jan
75 Dec IOU
29 Norwich & Worcester pref _ IOU 80 Jan 2 95 Mar 10
Feb
100 7213 Jan 4 83 June 28
6412 Oct 81
661 Old Colony
87 81-,
100 34 Mar 3 4138 Jan 14
2113 Aug 3878 Den
125 Rutland pref
3775 3812
Jan
70 Nov 98
20 Vermont A Massachusetta_100 70 Jan 22 85 Mar 13
- - - - ____
Miscellaneous
I
14 April
313 Jan
25
1 Sept
2 Jan 18
Service
Pneumatic
Amer
157
114
14
*114
8
•13
114
8
138 13
178
*138 178
Jan
50 12 Jan 3 15 June 5
12 Dec 20
30 Do pref
__ _
14
12 • 12
12
14
14 .1:12
14 +512
*12
-- 3,401 Amer Telephone & Teleg_100 121 June 21 13078 Mar 12 119 June 1284 Dec
12138
12138 12134 12114 12113 121 1214 12118 12188 121 12135 121- 67 1
Jan
par 65 Apr 23 83 Jan 14
112
No
Oct
8712
351
Amoskeag
Mfg
67
674
6714
68
6714
6634 6634 67
66
67
67
Jan
No par 7134May 7 7713 Jan 19
Oct 88
*75
72
Do pref
18
'
*75
75
75
_- •75
•75
1612 Mar
1454 Nov
Art Metal Construe.Inc.__ 10 16 Feb 15 16 Feb 15
::::'
•14
17
I
17
$14
17
*14
1/17 •14
1'14
Feb
2018
Dec
June
8
6
8
10
Corp
Tack
Jan
1014
Atlas
_
712
712 *6
713 *6
712 +6
713 .6
*6
Oct 1084 Feb
r 104 Jan 18 107 Jan 8 104
20
10
.1
I.2
513 Boston Cons Gas Co preN
106 106 t 106 1-11.1
106 106
106 106 11106 107
*106 107
Jan
Boston Mex Pet Trus.._No par 07 Mar 29 .20 Jan 10 .05 Dec .30
.07 .10
•.07 .10 '.07 .10 '.07 .10 11.07 .10'
27 Mar
July
23
5
T)
25
10
Mar
June
(John
19
284
Connor
673
2313 2338 -7123
2412 2412 243s 2413 2438 2413 23 • 24
2412May 22 3014 Feb 14
254 Dec 2614 Dec
10 Dominion Stores, Ltd
____
__
*2412 26
112413 26
244 2412 *2412 26
*2413 26
84 Jan 15 85 Jan 5
ed
___ 90
90 •s86
90 •x86
90 *.z86
90 •286
*286
Jar.
4
3
.
15et
.
214 Mar 5
10
10°
3 Feb 25
osgnALand
ferr
reB
st
300 EaP
____
3
3
*24 3
*212 3
*213 3
•212 3
5 June 18
5
84 Feb 6
Manufacturing.5 Dec 1415 Mar
Eastern
*5
512
6
6
5
•
*5
6
6
*5
*5
6
•5
Mar
12713
Nov
38
25
31
5514
Inc
8
Lines,
Jan
Mar
SS
3
Eastern
322
5112
50
50
4712 4712 48
4612 47
47
46
46
46
Oct
Oct 40
No par 35 Jan 25 40 Feb 7
35
Preferred
105
__ _ _ ____
37
37
36
36
36
36
36 .3511 37
36
Oct
100 8513 Jan 8 93 Mar 8
85 Aug 88
let preferred
173
88 1
88
88
86 *386
86
86 **83 86
*85
86
85
.
Jan
172
Nov
100
8
181
18312
Ilium
24
June
1523
Jan
Electric
2
Edison
179 181 ' 1,460
17913 181
17913 180
176 181
176 177
175 175
Jan
8
107
Dec
14
14
par
Jan
No
438May
212
17
Corporation
Elder
*278 4
*278 4
*278 4
*278 4
•278 4
Feb
8 July 2912
15 Galveston-Houston Eleo-100 13 Jan 11 27 May 13
28
--264 2612 *26
*2615 2714 *2613 27
*26
No par
514 Dec 1558 Mar
64 Jan 8
5 Jan 2
Gardner Motor
Feb
1434 Nov 24
25 1234 Mar 31 1578 Jan 7
45 Greenfield Tap & Die
-11" 1313 1313
;iii2
1334 1334 ;iii2
50 Dec 0318 Mar
No par 48 Mar 25 52 Jan 8
61 Hood Rubber
47
47
47 '1:464 47
47
47
.1:47
4834 47
Mar
44
July
32
41
13
par
Feb
Apr
8
445
Corp.No
28
Cement
Internet
60
44
44 *z43
44 •x4314 4334 *243
4388 4312 11:43
3 Mar
112May 26 .10 Dec
International Products_No par .10 Feb 18
•.15 .30 •.15 .30 •.15 .35 *15 .35 1%15 .30 __ -8 Mar
100 .25 Feb 14
2 June 20 .60 Dec
Do pref
•134
*134 ---- *134
*112 ____
*113 - Acceptance
Kidder, Peabody
80 May 8313 Feb
100 80 Jan 3 8334 Mar 22
12 Corp Class A pref
1:8314 8414 8314 8314 *8314 844 *8314 8414 *8314 8312 -'
84 Aug
Vs Dec
4 June 12
10
613 Jan 4
413 - 15.8
158 Libby, McNeill & Libby
413 478
413 413
Mg 438 5458 5
•438 434
Lincoln Fire Insurance._ _ - 20 70 Jan 9 70 Jan 9
---70 *_-- 70
70 *____ 70
June If" Apr
21
Mar
84
9
1013
9
25
Jan
Theatres
Loew's
23
---10
10
10
10
104 1018 1018 104 *10 ____
734 Dec 874 Jan
204 Massachusetts Gas Cos- 100 7014June 27 81 Feb 20
7158 7134 704 -71-58
72
7034 7113 7113 7112 *7034 7134 72
Jan
62 Dec 73
100 62 June 26 70 Jan81
Do pref
131
63
6312 63
6314 6312 62
63
63
64
63
63
•63
Jan
June 179
147
150
12
22
Jan
Apr
180
Linotype-100
Mergenthaler
232
15934 15934 15913 15934
158 161
158 158
157 157
•x156 157
Feb
4
148
Dec
8
3
173
2
21
Feb
Jan
612
_
100 Mexican Investment,Inc- 10
12
12
13
124 +11
13 •11
*11
•1212 13
19 Feb 18 2934June 23
18. Nov 2814 Jan
Power-100
River
Mississippi
1,078
2884
8
4
285
288
4
2884
832
284
2884 2934 2834 2912
284 29
Feb
80 Jan 84
100 80 Jan 4 8212 Mar 24
Do stamped pref
24
84
8212 +:82
82
84
82 **82 _ _ 11:82
82
834 Feb
1% Dec
2 Apt 24
10
Os Jan 28
280 National Leather
;
214 -23
24 214
24 215
214 214
*214 212 *214 213
44 Sept
Oct
2
8
2
Apr
Jan
4
3
5
2
Ws_
tr
Cory
011
New
England
744
4
4
.313 4
4
4
414
4
*334 44
Oct
124 Dec 15
100 17 Jan 10 3114 Mar 20
50 Preferred (tr ctfs)
17
17
19
*17
21
*15
21
2014 2014 •15
22
•18
Jan
533 New England Telephone-100 10313 Apr 24 11512 Jan 31 110 Dec 122
10112 10412
10412 10412 10412 105
10484 105
10638 10612 105 106
1634 July 2112 Apr
1 14 Jan 16 2018 Jan 2
500 Orpheum Circuit, Inc
1812 1884
1812 1858 *x1835 1834 •r1814 19
+1:1814 19 •x1814 19
Jan
84 Dec 190
77 June 27 87 Feb 14
413 Pacific Mills
7812
77
7913 7934 7934 7934 7954 7812 79
794 79
*79
10 1484 Jan 5 1534 Apr 2 x1484 Dec 18 Mar
10 Reece Button Hole
:15
1
.
1512
**15
:15
1
'
1513
1512
154
*215
15
15
31.4 Mar
Jan
2
2
Jan
3
14
2181day
10
Machine_
Folding
Reece
**212 3
--•212 3 *2212 3
*413 3 $x212 3
2 Feb
5 .15 Apr 14 .40 Feb 15 .10 Dec
Simms Magneto
.50 _
50 •.15 .30 •.15 .50
11.15 .50 •.15
9812 June 10912 Jan
100 100 June 11 10512Mar 6
iii Swift & Co
8
10012 10078 10012 1661
10012 101
10012 101
10012 101
10014 101
Dec Si) Max
3954
3
11
Jan
424
3512June
25
Torrington
3812
3812
•r- _ 3812 _ _
6 Dec 11 Mar
*1374 384 *x---- 3812 *37 Feb 2 10 Feb 18
5
Union Twist Drill
9
9
*8
3
•.
9
8
.
9
*8
9
•13
3212 Nov 5584 Mar
-38- -1114 2,857 United Shoe Macb Corp.__ 25 34 Jan 3 3712 Jan 8
3852 36
3555 36
3638 3534 36
3613 36
38
June 2814 Jan
2458
7
29
Jan
Feb
27
245s
25
pref
Do
692
2614 *2614 2615
26
2614 2512 26
26
2512 26 •22512 26
Jan
1934 Aug 30
040 Ventura Consol 011 Fields. 5 22123/lay 21 27 Jan 29
2213 2234
2234 23
2234 23
23
2312 2334 2314 2334 23
30 1714 Jan 9
15 Dec 52218 Mar
Apr
134
par
No
sh
new
Inc,
Sys,
Waldorf
574
15
15
144 15
15
1538 1412 1514 15
1514 1512 **15
Feb
Mar
13
5
64
1012
1
II
Feb
Jan
par
com_No
B
CI
Watch
Walth
__
*814 9
*814 812 - *814 9
*814 9
•814 9
15 Dec 2912 Mar
100 14 June 10 234 Feb 13
Preferred trust Ws
33
1534 1534 1534 -------1534 •15
1585 •15
1534 .15
•15
1114 Jan 18 Dec
50 Walworth Manufacturing_ 20 1512June 20 214 Feb 11
_
16
12
1513 1534 *1534 1613 •1834 1612 •1534 1612 16
Jan 3415 Mar
Mar
4
2513
383
3
Jan
5
295
50
815 Warren Bros
3412 8412 54;4 15344 35
35
3512 3514 3514 11:34
35
3012 Dec 394 Mar
50 3434 Apr 25 41 Jan 25
pref
1st
Do
10
38
38
•53534
*23634 38 *r3634 38 11:3634 38
42 Mar
July
42
5
18
Jan
Mar
33
38
50
pref
2d
Do
4012 _
4015 *39
4012 *x39
4013 1.539
4012 •z39
$1:39
3 Dec 124 Feb
518 Jan 14
2 May 9
Wickwire Spencer Steel...-. 5
IMining
Feb
1
, Adventure Consolidated.... 25 .20 Apr 8 .20 Apr 8 .10 Nov
.30, +.20 .30
•.20 .50 $.20 .50 1%20 .50 •.20 .30 '.20
25 .10 Jan 15 .20 Mar 20 .10 July .80 Mar
'Algomah Mining
1.05 .25
.05 .15 •.05 .15 '
Mar
•.05 .15 *.05 .15 '.05 .15'
.75
July
25
June
214
.70
414
8
16
Jan
Consolidated....
Arcadian
125
.99
.99
.90 .90
.90 .90 •.90 118 +.90 114 *.90 114
8 Jan 2
5
7 Dec 1412 Mkr
934 Jan 7
Arizona Commercial
835 835 *814 834 --------110
885 83s
813 812 .838 84
1412 Oct 10 Feb
10 14 June 13 1878 Jan 15
415 idngham Mines
15
1 32
1512
1512
.1412
*14
15
*14
15
15 •14
*14
Oct 49 June
8May 15 1975 Jan 7
135
25
17
Hecht
&
Calumet
853
144
144
1418
938 Feb
1414 1412 144 1412 1414 1413 1414 1438 1418
Dec
3 Feb 1
1 Mar 31
1
Carson Hill Gold
158
•1311
+138 158 •114 158 *114 155 •114 158 *138 138 1934 1934
4634 Mar
221742
25 1812June 6 2672 Feb 15
Co
Range
Copper
285
2012
*20
20
2015 1934 1954 20
L Feb
14 June
288
4
434 Jan 23
318 Jan 8
2012 20
20
10
Copper
DaDaly
____
Nov 102 Mar
334June 12
015 Jan 24
820 East Butte Copper Mining- 10
4-14
- -,-114
4
1-5534 -11258 Mar
.40 May 24
Jan
1
8
- --i- -1.
.30
25
May
4 -334 Iik
Franklin
.75
1.35
'
1.35 .75 •.40 .75 •.35 .75
4 MI1.1
2 Jan 28
Oct
1
•.50 .75 •.35 .75 '
22 Hancock Consolidated.... 25 .75 June 26
.75 .75 '1.85 1
+.75 1
1
'1.75
1
2484 Mar 3358 June
1 2112June 24 2812 Jan 7
*.75
1
'.75
2314 2335 1,612 Hardy Coal Co
1
I14 Feb
2312 2113 2312 2314 2314 2284 23
10
iov
Sept
June
May
.30
26
28
34
10
0
.
2212 2338 23
Helvetia
165
.90
•.70
.60 .60
11512 Apr
111 June 23
.60 .60 •.55 .60
11.55 .60
109 10912 2,931 Island Creek Coal
108 10812 108 109
108 109
20
1 9
r 42 95 Mar 24
pe
un
414JA
9014 Nov 10012 Mar
1024 10913 10813 111
pref
Do
80
94
•93
__
94 •z93 _ _ _ _..• __
94
334 Mar
94
25 12 June 7 20 Jan 3
9113 9112 94
55 Isle Royal Copper
12
12
12 -1-2
12 ' 12
358 Jan
*1214 13
5
112Mar 5
Ot
172 Dec
218 Feb 13
16
*1214 14
*1212 14
80 Kerr Lake
134 *112 134
112 112 •112
214 Mar
1 Feb 19 .60 Sept
25 .50 Jan 7
*113 134 •112 134 *112 134
Keweenaw Copper
Mar
514
3
28
25
Oct
Jan
Apr
.90
4
1
13
.75
'.55
100 Lake Copper Co
"5175
2 -------11715
2
1715
45 .
4 *
5 *1155 11715
114 Feb 8 .60 Dec
1758
314 mar
113 *
25 .70 June 13
45 ;
•1
La Salle Copper
1.75 1
'
1
1..75
.
1 .75 1
1
Mar
11
11.75
Mar
8
2
25
Nov
Mar
112
1
7
5
Vs
•.75
Mine
Valley
'.75
Mason
2
414 Mar
158 *118 112 *118 14 *118 178 *138 158 •178 .50
alis
25 .50 Jan 8
1 Jan 5 .50 Dec
10 Mass Consolidated
.50
7 Feb
1.60 .75 11.60 .75 *.65 .75
Apr 9
11
Jan
2
.80
25
Colony._
Mayflower-Old
•.60 .75 1%60 .75 '
100
112
113
•112 152
ci 71 Mar
e 123
nu
312Jya
16
f:lo
112 O
27
3513 Feb 15
25 2
+138 158 •138 158 *138 158 *138 158
436 Mohawk
25
25
244 2413 25
2412 Mar
2513 *2414 254 24
1978 Jan 7
141.4 Oct
25
25
25
415 New Cornelia Copper
8
18
18
18
18
1
*1734 1814 18
18
18
18
18
414 Apr
.75 June 19
212 Aug
234 Apr 7
Copper
Dominion
New
992
1
.75
1
1
1
1
1%
1
35 Apr 40 Apt
118 1%
100 35 June 16 40 Mar 11
1
1
New River Company
*35
_
*35
Max
•35
____
84
*35
v
y
10
i
o
u
June
11
N
j
Mar
%
2
75
100 60
74
*35
*35
Do pre
-4
-1
-tiff. ___ 1
...
.+_..,.._ .1611
634 Feb
6512 -1111.
534 Jan 10 61111Feb 1
5
2 $____ 66
67
85
954 Nipissing Mines
6
a
6
to
6
8
7
5
578
Mar
578
4
61g
123
Nov
6
16
Jan
412June
1%
2
21
15
614
*6
44 414 2,307 North Butte
% 44
41
25s Mar
418 414 4% 418
414
312 Nov
4
10
25 .40 June 10 .90 Jan 3 .5
412
4
____ __ Ojibway Mining
1.40 .60 +.60
324 Mar
1.40 .60 '
.60 '
4
193
30
Jan
28
Apr
15
25
Co
Dominion
Old
•.50 .75 *.50 .60 •.40 1712
20
2
44 Nov
1718 1718 *1718 1713 •174 1711.
o
9: Aug
12
312 Jan 3
54 Feb 1
.1715 174 174 1718 *1718
Park City Mining & Smelt. 5
•x312 414 *2313 414 *5313
1614 Mar
•5315 414 *5312 414 *z312 414 1212 124 *1212 13
500 Pd Crk Pocahontas Co-No par 11 Apr 21 13 Juno 24
21
1212 1214
50 Mar
13
Oct
10
June
18
2313
14
15
Feb
2
1214 1212 13
s1134 12
75 Quincy
1114
15
14 •14
14
Oct 5312 Mar
*144 15
27
26 June 16 35 Feb 20
*1412 15
15
15
St Mary's Mineral Land... 2
14 Mar
15 I
25
28
*26
28
*27
27
27
28
*27
28
.30 Apr 2 .75 June 27 .801
1
27
28 .
*27
764 Shannon
.50 .75
.75
1.45
'
1 Aug
.40
.40
June
.50
.45
.45
.10
+.35
-2
*.31 .45
South Lake
.75
11.15
.75
*15
.75
Dec
+.15
Mar
814
.75
14 Jan 18
2 .90 Jan 15
•.15 .75 1%15 .75 •.15
112 __-- ____ ______ Superior
3.4 Feb
112 *1
Dec
112 *1
112 .1
23
Apr
1
11
Jan
.40
1
CopperBoston
112 *1
&
*1
Superior
200
.60
.60
.65
Feb
11.60
14
.65
*.60
.65
%60
1
'
28
Jan
.30 Feb 18 .85
Corp
•.60 .73 •.60 .70
155 Ally
--_ _--- __-- ___- __-_ ______ Trinity Copper
.50 Feb 7
i
.10
1
Tuolumne Copper
Apr
6
eca
DecD
.11°:2°62512
8
22:4
n
:
ui
j
J
8
14Mar
7
3
Utah-Apex Mining
2
2
178 2
3 Mar
215
2
115 -Ili
-3
.01 Jan 3 .01 Dec
Utah Consolidated
___'
_
158 Feb
g
A uee
25 D
.60
4
Jan
.45
1
18
June
1
14
Tunnel
&
Metal
jail Utah
8
0 .8.i ";.-2.
258 Feb
- --.i8 -;.Io "
0 - -.ii -I() ":99 -;.-20
.
$7.i
.
28 .15 Apr 24 .75 Jan 3
100 Victoria
____
15.4 Mar
10 Dec
.00 .50 '3.50 .60
25 33 Feb 8 .35 Mar 10 ..1
•.50 .60 •.50 .80 •.50 .60
200 Winona
'1.16 .25 +.16 .25
1 Mar
.25
4
31.16
Mar
.25
.18
•
.25
.20
4
•.18
Mar
.20
38
.17 .17
Wvandot
25
25
*
•
.25
__
.25 •_ _
basis
d1v. a Assessment paid 4 Price on new
Ex-etook
Ex-die.
a
dents.
and
En-111v
8
Ex-rights.
•Bid and asked prices; no sales on thle flay
149 150
150 15013 150 150
15012 15012 150 150
7413 7313 74
7434 7484 74
7312 7313 7312 74
8914 8914
89
8914
89
89
*z89
____
*89
•211213_ _ 1124 11212
112 112 •x112
+x112
9712 98
974 98
*98
98
98
98 -98
14
13
13
1214 1213 1214 1214 13
12
12
*13
+13
•13
_ _ •13
4113
1638 1638 1714
164 •16
16 1618 16 -1-11i 16
2212 2134 22
2212 *21
22
22
22
22
21
21
20 • __ 20 •____ 21
+20 ____ 20
_ _ *28
*2714
_
•28 ____ 2712 2713 *2714
:145
12_ -2147 _ 145 145 ':145 _-•5145 _ - -- •
•
26
25
2212 2434 2412 26
25
2113 224 23
____
*64
87
65
65
64
63
63
.6112 63
55
*54
55
55
*5413 55
53
5412 53
*52
3734
36
39
3712 3713 3712 36
35
3412 35
-811
;iL- '8'6- ;81 -3-0 - 2512 30 ;88'
2514
24
24
2214 2238 2135 2212 2155 2235 22
•z6634 ___- *56684 _ -•x6634
*.r66
93 *.:9218 96
93
93
11x90•29014 ___ 93
85
8612 85
8434 85
8334 -8414 84
82 -84
38
3714 38
3714
.3714 38
77
*71
70
70
73
73
77
*73
:V
149 151
7312 7312
JUNE 28 1924.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange June 21 to June 27, both inclusive:
Friday
Last Week's Range Sales
Sate
of Prices.
for
Price. Low. High. Week.
• BondsAtIG&WISSL 5s1959
Carson Hill g cv notes 75'27
Chic June Ry & US Y 48'40
5s
1940
Durham Pub Service 7s....
E Mass St RR A 4%8_1948
Series B 55
1948
Series D 6s
1948
Hood Rubber 7s
1936
Kansas City South 58_1950
Mass Gas 4%s
1931
Miss River Power 5s_ _1951
New England Tel 58_ A932
1944
Swift dz Co 55
Warren Bros 7%s---1937
Western Tel & Tel 55..1932
Range since Jan. I.
Low.
High.
Jan 58 June
57% 58 £50,000 42
75
75
3,000 75 June 75 June
83
Jan 83% June
83
83% 8,000 80
97
97% 3,000 9236 Jan 973,6 June
9936 99% 99% 5,000 99% June 99% June
Mar
62 • 63
Feb 63
5,000 59
64
Jan 75 June
68
21,950 60
79
Apr 7936 June
79% 5,000 76
101% 101% 2,000
May 102 Feb
96
96
96
June
1,000 9234 Apr 96
9434 94% 2,000 91
Jan 95% May
96% 95% 96% 14,000 92
Jan 96% June
9951 99% 100
Jan 100 June
32,000 97
95
95% 12,000 94% May 97% Feb
114 116
Jan 124% Mar
9,000 106
99
98% 99
9,000 95% Jan 99 June
57%
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange June 21 to June 27, both inclusive, compiled from official lists:
Stocks-
Frivay
'tab's
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High, Shares.
Alabama Co, 1st pref_ _100
Armstrong-Cator8% Pref.*
Arundel Sand & Gravel_ 100
50
Baltimore Trost Co
Baltimore Tube
100
Preferred
100
Benesch (I), corn
•
Ches Az Pot Tel of Balt_100
Commercial Credit
•
Preferred
25
Preferred B
25
Consol Gas,E L & Pow.100
636% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ _100
Continental Trust
100
•
Eastern Rolling Mill
Fidelity & Deposit
50
Finance Sendce, Class A.10
Houston Oil pref tr ctfs-100
Manufacturers Finance-25
First preferred
25
Second preferred
25
Maryland Casualty Co_ _25
Maryland Motor Insur_ _50
Mercantile Trust Co- _ _ _50
Merch & Min Tr Co._ _100
Monon Vail Trite, pret _25
Mt V-Wood M,pf, v t r 100
New Amsterd'm Cas Co100
Northern Central
50
Penna Water & Power_100
Union Trust Co
50
United fly & Electric_ _50
US Fidelity & Guar_ _.50
Wash Bait Az Annap, p1.50
West'n Md Dairy, pref....50
BondsAlabama C & I 5s_.:1933
Atlan C L cert 5-204s _1925
Bait Elec stpd 58
1947
Balt Spar P & C 436s_ _1953
Bernheimer-Leader 76_1943
Consolidated Gas 58_1939
General 436s
1954
Cons 0,E L Az P 4368_1935
Series E 5365
1952
Series A 6s
1949
Series D 636s
1951
Consol Coal ref 436s_ _1934
Davison Sul & Phos 6s.1927
Elkhorn Coal Corp 68_1925
Metrop St(Wash)55_ _1925
Nod dr Ports Tree 5s_ _1936
Penn Wat & Power 5s_1940
Titusville Jr Wks 1st 7s'29
United E L de P 4368_1929
United Rys Az Elec 48.1949
Income 45
1949
Funding 55
1936
135
1927
6s
1949
Wash Balt .tc Ammn F. 1041
85
60
3631
110%
24
24
244
10736
121
86%
18
93
51
2331
23
80
270
22
45
16
25
281
93
89%
95
100
993
96%
51
9731
an i/
82
85
85% 85%
59% 60%
155 155
23
25%
5631 5631
3631 3631
11031 110%
23% 2436
2331 24
24% 25
117% 118%
101 101%
10736 107%
120% 121
71
72
183 183
75
75
86% 86%
18
18
92
93
51
51
23% 23%
23
23
80
80
72
72
270 270
102 102
21
22
45
45
3831 3831
7536 75%
11731 117%
126 126
17
18
148 14936
18
18
5134 5134
93
93
94
94
99
99
8834 89%
101 101
100 100
8931 8931
95
95
10136 102
105 105
10831 10831
95
95
97% 97%
9834 99
100 100
92% 92%
9936 9934
10031 10034
96% 96%
71
7136
5034 Si
72
72%
96% 96%
9731 98
sa,, sa,,
Range since Jan. 1.
Low.
High.
58 80
10 85%
650 46
1 155
112 21
227 53
51 36
15 109%
436 22%
566 233-1
300 24%
309x108
587 10036
100 z10436
97 11534
32 6936
10 182
5 6636
37 77
25 1731
170 8636
5 50
10 23%
20 22
109 75
8 65
7 250
10 102
145 17
46 45
451 3831
16 72
267 98%
2 12536
690 1531
85 145
25 15
3 49%
Mar
June
Jan
Apr
Jan
Jan
Jan
Jan
June
June
May
Mar
June
Mar
Jan
Apr
Feb
Jan
June
Apr
May
Feb
Mar
Jan
June
Jan
Jan
June
May
June
June
Apr
Jan
June
May
Apr
May
May
85
89
6036
160
37
7331
39
112
3134
2531
263-i
11931
101%
110
121
8136
183
95
90
18%
9331
53
25
23
83
78
270
106%
22
60%
40
7536
11736
126
1831
15531
28
5134
June
Mar
June
Jan
Feb
Feb
Mar
Feb
Feb
Jan
Mar
June
June
Apr
June
Jan
May
Mar
June
Feb
Feb
Jan
Feb
Mar
Jan
May
May
Apr
June
Jan
Jan
June
June
June
May
Jan
Jan
June
92
94
9734
86
1003.4
98
8836
91
9734
101%
107
8931
97
9534
100
88
9731
100
94
68%
49
6236
95%
9534
May
June
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Jan
May
Jan
June
Jan
June
Mar
Feb
May
Jan
Mar
Apr
Jan
May
Apr
93
98%
99
8931
10136
100
9034
95
102
105
10836
95
98
99
100
9231
9931
100%
96%
7236
52%
75
97
99%
June
Apr
June
June
Feb
June
Mar
June
June
June
June
June
Apr
May
June
June
June
June
June
Jan
Jan
Jan
Jan
Jan
/I I/
ion
51,000
5,000
1,000
7,000
1,000
3,000
3,000
11,600
2,000
10,000
11,000
1.000
1,000
49,200
600
1,000
4,000
1,000
1,000
23,000
3,000
8,200
1,000
8,000
n nnn
St4
1\4 o
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange June 21 to June 27, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Abbots U Dairies, prof_ _ _ _ ------ 90
Alliance Insurance
10 32
32
American Eke Pow CO..50
62
Preferred
100 90% 90
American Gas of N J._ _100 105
104
• 30
American Stores
29%
Brill(JO)Co
100
90
Cambria Iron
50
39
•
Congoleum Co,Inc
3936
Consol Traction of N J_100
45
East Shore0& E 8% pf _25
24
Eisenlohr (Otto)
100 36
36
Electric storage Batt'y _100
54%
* 27
Erie Lighting Co
25
•
General Refractories
32
60
Hunt & B Top, pf
9
Insurance Coot N A- - _ _10 55
53
Keystone Telephone_ - _ _50 • 8
736
Preferred
5E1
26
Lake Superior Corp- - -100
3
50
Lehigh Navigation
76
50
Lehigh Valley
4331
3534
Lehigh Val Coal ctfs of int_
10 24
Lit Brothers
22%
Penn Cent Light & Pow _ _• 5936 59%
82
Pennsylvania Salt Mfg_.50 83
50
44%
Pennsylvania RR
48%
Philadelphia Co(Pitts)_.60
34
Preferred (5%)
50
4434
Preferred (cumul 6%).50
Phila Rapid Transit. _ _ _50 31% 30%
62
Peil•d elnhie Trae lion._.50
914
32
62
90%
109
30
9236
39
40%
45
2436
37
54%
30
38
9
55
8
26
3
78
45
36%
24
5936
83
45
48%
36
45
32
62
14
158
105
725
890
5,003
245
85
225
85
39
60
20
2,228
130
15
1,019
250
5
600
800
708
692
1,095
20
97
5,012
20
92
145
3,485
90
Range sif.ce Jan. 1.
Low.
High.
Apr 90
Jan 35
Apr 62%
Mar 96
Apr 109
Apr 32
Jan 123
Apr 41
Feb 43
Feb 45
Mar 25
May 61%
May 63%
Jan 30
June 53%
Jan 10%
Jan 56
Jan
8
Apr 30
436
June
Jan 78%
Apr 72
June 3636
June 25%
Jan 60
so% June 89
42% Jan 4636
43
Apr 48%
Jan 36
33
42
Jan 45
30% June 39
58% May 64
90
32
22%
77%
7736
2636
85%
38%
31
31
24
33
ti
23%
32
9
48%
636
26
236
64%
39%
35
22
57
3189
.Nazes
rrtaay
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High Shares.
Apr
Feb
June
June
June
Mar
Jan
Mar
Apr
June
Jan
Jan
Feb
June
Feb
Jan
Feb
May
Jan
Jan
June
Jan
June
May
Jan
Feb
Jan
June
June
June
Jan
Jan
Phila Electric of Pa
25 36
Receipts full paid
3534
First installment paid_ _ _ ______
Preferred
25 3531
Phila & Western
50 1736
Reading Company
50
Scott Paper Co,pref_ _ _100 94
Tono-Belm ont neve!._ _ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50 7631
Preferred
50 57
Warwick Iron & Steel_ _10
W est Jersey Az Sea Shore_ 50
Westmoreland Coal
50 6031
York Rys,prof
50
BondsAmer Gas& Elee 5s_ _ _2007 90
Altoona & Log Val 43,6s'33 8131
Cons Trac N J 1st 5s_ _1932
Elec & Peop tr ctfs 4s_1945 64
Harwood Electric 6s..1942
Inter-State Rys coil 48 1943
Keystone Tel 1st 5s_ _ _1935 84
Lake Superior Corp 46 1924
North Cent 28 5d. B._1926
Peoples Pass tr ctfs 48_1943
Phila Co cons&stpd 5s 1951
Plana Eiec 1st s f 4s_ _ _1966
1st 58
1966 100%
1947 102%
5368
53-6s
1953 103
1941
6s
Reading Traction 6s..1933 106
Reading Coal 55
1973
Spanish-Amer Iron 68_1927 102
United Rys gold tr ctf 48'49 68
'United Rvii Invest 5s_1926
34% 37% 52.026
3436 37
15,263
23
23
90
34
3631 2,504
1634 1831 4,095
100
5534 5534
61
933-4 94
36
800
34
13,6 , 1%
650
440
3731 38%
75% 8036 49,752
57
293
5731
15
8 a8
35%-3636
38
77
6031 61
35
45
35
90%
90
8136 8136
76
76
63% 64
106 106
55
55
84
8431
14
14
100 100
72
72
9236 93
8034 8031
100 10131
102% 103
102% 103%
106 10634
106 106
9931 9936
102 102
66
68
98
9831
£8,000
1,000
2,000
90,300
1,000
15,000
9,000
5,000
4,000
2,000
15,000
500
58,600
8,000
56,000
20,000
5,000
5,000
1,000
10,000
41.000
Range since Jan. 1.
Low.
29
33
23
2936
9
51%
9334
7-16
134
3734
5831
5556
7%
35
6036
34
High.
May 3736 June
June 37 June
June 23 June
Mar 36% June
Jan 2036 May
May 78% Jan
June 97
Feb
Apr 11-16 Feb
Jan
136 Feb
June 43
Jan
Jan 8031 June
Jan 58 June
May
8
Jan
May 42
Mar
June 6631 Feb
Feb 3631 Apr
Mar
84
68
Jan
6131 Jan
May
62
10436 Mar
44.
Feb
Jan
75
13% Mar
100 June
6931 Jan
8836 Jan
8036 Jan
97
Feb
9931 Jan
98% Jan
103% Jan
100% Apr
9334 Apr
100
Apr
54
Mar
93
Jan
9031 June
81% June
76 June
66
Mar
106 June
60 June
8431 June
1931 Feb
100 June
72 June
93 June
Feb
83
101% June
103 JUDO
103% June
106% June
106
Jan
9936 June
102 June
73 June
9831 June
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange June 21 to June 27, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Boatmen's Bank
200
First National Bank
136
Nat Bank of Commerce_
State National Bank
Mercantile Trust
United Railways common.
Preferred
26
Best Clymer Co
Brown Shoe COM
Preferred
______
Carleton Dry Goods pref
______
Certain-teed Products_ _
90
Elder Mfg. 1st pre(
Ely & Walker Dry G corn_
Fred Medart Mfg pref. _
Fulton Iron Works cora _ _.
Preferred
Hamiltown-Brown Shoe__
Hydraulic Press Brick cora_
73%
International Shoe coin_ __
Preferred
Laclede Steel Co
Mo Portland Cement
84
Nat Candy corn
Southwestern Bell Tel prof_
2534
Wagner Electric com
Preferred
Mo Ills Stores pref
BondsEast St Louis & Sub Co 55.
United Railways 4s
001,
145 145
200 20034
136 136
165 166
393 393
60
60
11
11'
2636
26
40
4036
8736
86
101 101
72% 7231
90
90
21
21
101 101
32% 3234
92
92
45
45
3% 3%
7336 74
11636 117
100 100
96
96
84
82
105 105%
25
2531
79% 8034
103 103
4
115
9
6
2
30
100
100
130
9
5
5
3
10
10
15
20
6
25
167
35
50
1
35
15
85
55
10
8031 8031 52,000
6934 7031 109,000
00.1 Oa 3.1
Afla
Range sines Jan. 1.
Low,
144
199
136
165
393
50
936
1836
40
85
100
7236
90
21
100
30
92
45
336
73
115
100
94
80
103
20
77
02
June
May
June
June
June
May
Mar
May
June
June
Apr
June
June
June
Feb
June
June
June
May
May
May
June
Apr
May
Mar
May
May
Apr
7731 Feb
61
Mar
00.1 Inn/.
High.
148
20036
147
16631
398
75c
1131
2934
5034
9236
106
80
96
24
10236
3536
100
47
6
7934
118
125
11031
92
10634
3434
84
10431
Feb
June
Feb
Jan
May
Mar
Jan
June
Feb
Apr
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Jan
Feb
Feb
Mar
Jan
June
Jan
Mar
Jan
8134 Mar
June
71
Oaif Tuna
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange June 21 to June '27, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices. Week.
Sale
Par. Price. Low. High. Shares.
Amer Pub Serv, pref__ _100
American Shipbuilding_100
Armour & Co(Del), pf_ 100
Armour de Co, pref. .100
15
Armour Leather
Preferred
100
Balaban & Katz v t c...26
100
Preferred
Bassick-Alemite Corp.__ _•
Beaver Board v t c "B" •
Preferred certificates_100
Borg & Beck
•
•
Case (J I)
Central III Pub Serv, pref_•
Chic City & Con Ry rot eh•
Common
•
Preferred
Chic Motor Coach,com _ _5
100
Preferred
Chic Nipple Mfg Co"A"50
Com Chem of Tenn"B"_ _•
Commonw'th Edison_100
Consumers Co,pref. _100
Continental Motors
•
Crane Co, preferred_ .100
Cudahy Pack Co,com_100
Daniel Boone Wool Mills 25
Dzere & Co, prof
100
Diamond Match
100
Eaton Axle & Spring Co_ _•
Eddy Paper Corp (The)..*
Fair Corp (The), pref._100
Gill Mfg Co
•
Great Lakes D Az D_ --100
Hupp Motor
10
Hurley Machine Co
•
Illinois Brick
100
Indep Pneumatic Tool__ _•
Internet Lamp Corp_ _ _ _25
Kellogg Switchboard....25
Kuppenhelmer, corn
5
Libby,McNeill& Libby_10
McCord Rad Mfg Co"A"•
•
McQuay-Norris Mfg
Middle West UHL com_ _•
Preferred
100
Prior lien preferred..100
"-••''"--'--- ---•
' "nn
* No par value.
60
86
45
30
24
85
3
136
12
127
636
58
2434
116
6
1236
5134
71
234
434
3436
53
8836
95
8536
60
8334
74
2%
47
43
8736
2931
134
14
2334
` 1
85
8636
60
86
77
2%
48
45
90
31
134
15
24
2
85
215
25
318
979
13
176
290
552
250
78
60
680
35
216
Range sines Jan. 1.
Low.
85
58
83
69
2
47
38
8534
27%
13,
4
13
20
36
85
300
34
31
31
3
3
50
3
130 136
35 117
90
710 83
85
34% 3534 1,385 34
1134 12
100 1131
1,040 12631
1263-4 127
60
40 58
60
170
6
63-6 634
171 10731
10934 10936
135 55
57
58
24
25% 14,400 2131
67 61
62
83
105 116
116 117
Si) 12
12
12
75 15
18
18
240 100%
10334 104
5
6
240
5
40 703-4
84
84
11% 1236 2,370 1031
655 48
51
53
140 78
8236
81
65
71
229 62
1
1
234 2,295
40 37
38
38
25
2531
69 25
4
865
434 4%
378 30
34
35
12
1236
310 11
5236 5336 1,539 43
860 8334
873-4 8936
277 94
9434 95
Ila
Ila
nn Ilk
High.
May 90
Feb 63
May 933-4
Apr 84
May
734
June 7834
Apr 5136
Apr 100
May 3834
1%
Feb
June 16
June 31
334
Jan
Jan 89
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Jan
June
Mar
Jan
June
Jan
Jan
Mar
June
June
May
June
May
June
Apr
Mar
Apr
June
May
June
June
June
Apr
June
Apr
June
Apr
May
June
Mar
Apr
Mar
June
Apr
June
Jan
Mar
Jan
36
4
195
95
4834
1434
136
65
834
11236
60
38
75
12031
2434
18
104
18
9934
1774
53%
86
8034
9
47
27
634
3735
2036
5734
8936
9934
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
June
June
Jan
Jan
Jan
June
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Max
June
Jan
Illno
195
Ton
3190
Friday
ZaWs
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
National Leather
10
National Tea Co
*
Peop Gas Light & Coke.100
Philipsborn's,Inc, tr ctf _ _1
Pick (Albert) & Co
10
Pines WInterfront "A"_ _ _5
Pub Serv of N Iii, corn _•
Pub Serv of N III, com_100
Preferred
100
Quaker Oats Co, pre_ _100
Real Silk Hosiery Mills_10
Reo Motor
10
Sears-Roebuck, com_ _100
Standard Gas & Elec Co_ •
Preferred
50
Stewart-Warn Sp'd, corn,*
Studebaker Corporation *
100
Swift & Co
15
Swift International
Thompson(J R),com_ _ _25
Union Carbide & Carbon 10
United Iron Works v t c50
United Lt & Rys,com_ _100
United Light & PowerCommon "A" w I a_ _ _ _*
Common "B" w I a__ _ _•
Preferred "A" WI a.. _ _*
Preferred "B" w 1 a_ _ _ _*
20
U S Gypsum
100
Preferred
•
Wahl Co
Ward, Montg & Co, pf _100
10
Common
•
Class "A"
•
West Knit Mills,Inc
*
Wolff Mfg Corp
•
Wrigley. Jr, corn
Yellow Cab Mfg,Ci"B".10
Yellob Cab.Inc (Chic) _ _ _*
BondsChic Cy & Con Rys 5s.1927
Commonw'th Edison 58 43
Cudahy Pack 1st M g 5s'46
Jer Cent Pie L 6345_ _1926
Lake St Elev 1st 5s_ _ _1928
Metr W Side Elev 1st 4s'38
- Extension gold 48_._1938
Northwestern Dim,. 58_1911
Pub Serv Co 1st ref g 5s'56
0-../. P. i',.. 1.• e •e Pa 10.45
2%
5;
18%
27%
100%
100%
92
101
35%
1546
48
65%
100%
21
47%
5734
33%
38
78
45%
36%
112%
29
109%
38%
54
49%
51%
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
2% June
4%
2% 2% 1,523
187 187
40 187 June 187
2 93% May 97
95% 95%
256
55 3,075
55 June
5;
230 17% Apr 21%
18% 18%
. 24% 27% 21.075 19% Apr 2746
137 99 June 103
99% 100%
May 103
100 101
118 97
91
92
436 90% June 99%
253 99% May 101%
100% 101%
May 35%
34% 35% 1,420 29
817 15 June 19%
15
15%
May 95%
25 80
89_ 89
435 30% Jan 36
35'• 36
320 46% May 48%
4756 48
22,005 53% May 101
64% 67
June 106%
200 33
33
33
1.140 10016 May 105%
100% 101
Jan 23%
5,502 19
20
21
410 42% Apr 5056
47
48
Apr 63%
57% 58% 6,679 55
4%
2
May
50
3
3
Jan 175
100 135
165 175
Jan
June
Feb
Jan
Jan
June
Apr
Apr
Jan
Jan
June
Jan
Feb
June
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Jan
June
2,990 28%
34
648 31
38
226 75%
7834
225 43%
46
660 78
87%
50 102%
106
36%
2,010 34%
112%
50 110%
29% 27,010 21%
109% 2,484 105
M
200
%
100
456
556
38% 4.470 35%
5556 34,445 44%
50% 9,225 39
May 31
May 38
Apr 80
Apr 46
Apr 99
Jan 107
May 42
Jan 115
May 30%
May 112
Jan
1
831,
Apr
Apr 40
May 96
May 64%
June
June
Mar
Max
Jan
Apr
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
51%
100
87
99
88
70%
66
78%
89
ritz,
May 55% Jan
Jan 107% May
Apr
June 87
June
Mar 99
June
June 88
Mar 70% June
Jan 68% June
Jan 79% June
June
Mar 89
1t5,, 071/ Veal
3234
37
77
45%
84
106
34%
111
25%
107
m
5%
38
48%
43
5156
100
87
99
88
69% 68
65%
78
89
89
11P1/ 11PLP:
82,000
32,000
1,000
5,000
2,000
165,000
5,000
26,000
6,000
7 Ann
49%
95
85
98%
86
61
58
71
85%
Ilel I/
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange June 21 to June 27, both inclusive, compiled from official sales lists:
Stocks-
[VOL. 118.
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Salt
Par. Price, Low. High. Shares.
Am Wind GI Mach, pf _100
Am Wind Glass Co, pf _100
5
Arkansas Nat Gas, com_10
Carnegie Lead & Zinc_ _ _ _5
Consolidated Ice, corn.. 50
Duquesne Light,7% prof
• 34%
Federal Metals
Jonee-Laugh'n St'l, pref100
25 2734
Lone Star Gas
50 52%
Mfrs Light & Heat
Nat Fireproo lug, pref.. 50
1
Ohio Fuel Oil
25 33
Ohio Fuel Supply
Oklahoma Natural Gas_ _25
Pittsburgh Brew,corn_ 50
Pittsburgh Co I. pref_100
Pitts & Mt Shasta Cop. _I
Pittsburgh Oil & Gas__ _5
Pittsburgh Plate Glass. 100 235
Stand Plate Glass, prior pi_
Stand San Mfg, corn...... _25 100
25
Union Natural Gas
West'house Air Brake _50
W'house El & Mfg, com 60
West Penn RYs, pref......100
94
93
110 110
4% 5
2% 2%
I% 2
104 104
35
34
112 112
27%
27
52
5231
22% 2231
1134 11%
32% 33
23% 24
131 1%
99% 9935
58
Sc
7 • 7
235 238
100 100%
92 100
20
28
93%
93
60% 60%
85
85
70
110
1,520
100
160
50
1,500
45
920
480
110
50
1,052
335
35
25
2,000
10
188
260
613
265
99
20
22
Range since Jan. 1.
Low.
92%
107
434
1%
1%
102
34
104
26%
51
2034
11%
31
22%
1%
9434
5c
209
99%
90%
20
84
5534
8334
May
Mar
June
May
Apr
Mar
June
Mar
Jan
Apr
Jan
June
Feb
May
Jan
Mar
Mar
June
Jan
Apr
June
June
Feb
May
Apr
High.
9631
112
7
6
2
10654
35
11434
28%
5434
2434
1634
3334
25%
8
100
11c
9%
285
101
110
2931
9654
65
85%
Mar
Feb
Apr
Apr
June
Feb
Juno
June
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Apr
Jan
Feb
Mar
May
Jan
Jan
Jan
Jan
Feb
New York Curb Market.-Official transactions in the
New York Curb Market from June 21 to June 27, inclusive:
• No par value.
35%
135%
73
1334
1634
93%
2334
41
g gg
gg gg g
gg4ggggingtv&gg4nggrggngggElgggg
11034
59e
ggggg g
12051
gg
79
92%
gg g g
126%
9134
247
120%
g
7034
100
1% 131
2,715
3334 35
. 100
3% 336
300
26
25
100
9% 9%
97
300
97
7034 71% 1,700
400
4611
46
100
1034 1054
295
12634 132
30
9131 9134
50
240 255
120% 120% 3,000
100
4
4
925
88
77
50
42
42
200
90% 92.56
75
20
75
134 1% 1,000
300
9% 9.54
90
120 120%
100
22% 22%
100
22% 22%
300
12% 12%
80
110% 111
ne 7,800
50c
31% 3354
1,500
16
100
16
1,500
37
36
20
112 112
380
134 135%
800
72% 73
82 824,000
81
1,000
70
70
200
1334 15%
200
1634 16%
30
3434 36
330
126% 127%
830
9534
93
2434 2,100
23
33% 1.200
33
100
434 4%
25
41
41
OR
AR
50
High.
Co
OO
ga.0WN...1C.-1;=WolaW
WC1AC
..,,,,,,,,
100..40WW.14WWWWWW.OW.WWWVIga0WWW000.W
3431
Low.
ggg gggg
ggg
g
g'ggggggg
g gg gggxg
.vv
.vv..,._,
.
,
-,
,..t.,,
>4.,,
ozA,=1,
PzP--mzmp---...=4.0,,m-g=4.
4g,g448.g2eRVaggA4V4ggrg4gg'FiggVAVPRAggggE18.g
Indus. & Miscellaneous.
10
Acme Coal Mining
Adirondack Pr & L com 100
Allied Packers common •
100
Prior preferred
Amalgamated Leather_ •
Amer Cotton Feb, pref-100
Arner Gas dr E'en, corn_ __*
50
Preferred
10
Amer-Hawaiian SS
Amer Lt & Trac, corn_ _100
100
Preferred
Amer Pow & Light,com100
Am Tel & Tel new w1..100
American Thread, pref _ _ _5
Appalachian Pow,com.100
Arkansas Lt& Pr cons_ _100
100
Preferred
Armour & Co (Ills), pf _100
Atlantic Fruit & Sug w I_ •
Blyn Shoes, Inc, corn_ _ _10
Borden Co, common_ _ _100
BrIt-Am Tob ord bear_ -£1
Ordinary registered_ _£1
10
Brooklyn City RR
Campbell Soup. pref __ _100
Candy Products Corp_ _ _2
Centrifugal Cast Iron Pipe*
Checker Cab Mfg, Cl A_ •
Childs Co, new stock....--'
o
Preferred
Cities Service. com____100
100
Preferred
Stock scrip
Cash scrip
*
Bankers' shares
Cleveland Auto, corn... _ _•
Colorado Power corn- _ _100
Com'reth-Edison Co_ A00
Com'wealth Pow Corp.....•
Continental Tobacco_ _ _ _•
*
Cuba Company
Curtiss Aeropl, corn, new.
Dalton Add Mach com.100
On
Range since Jan. 1.
1
.. .
.
..
.• .
•4C0040C .00. aO.A.0 .
.
C.I>
W.01....W.M00.N..
C...00c.mw0.40...Co0v0.0.40..0wow0..ww.wocga.m.
bate:
Friday
Last Week's Range for
Ma ending June 27.
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocks-
Den & Ito West, prof, wi.
Detroit Edison interim rcts
Doehler Die Casting
Dubiller Condenser & Bad' 39%
Dunhill International_ __ _* 27
3
Du Pont Motors, Inc_ - •
1331
Durant Motors, Inc
East Penn Elec Co corn_ *
Elec Bond & Share,pref 100 10154
Garland Steamship
3
52%
General Motors new w I _
Gillette Safety Razor_ _ _* 280
Glen Alden Coal
• 9854
Goodyear Tire & R.com100 10
Grand 5-10-25c. Stores..' 79
Griffith(OW)Class A.....
3%
Hall Switch & Sig com_100
Hay Tob,cone, ctfs of dep. 60c
6
Preferred certif of de osit
20%
Hazeltine Corp
25 3434
Hudson Cos, pref
Hudson & Marsh, com_ _100 1934
Preferred
100
Keystone Solether
10
Kresge Dept Stores, corn.•
Kuppenheimer & Co, pf 100
Landover Hold'g Corp. A_1
7%
Lehigh Power Securities_ _• 73%
Lehigh Val Coal Sales_ _ _50 79%
Leh Vall Coal, ctfs new w I 35%
Libby, McNeill is Libby_10
McCrory Stores, com_ _ _ _• 85%
50
Warrant stock purchase_
88
Class B
•
Mesabi Iron Co
Middle West Utll corn_ _ _* 54
Preferred
100 89
Midvale Co
•
Miss River Pow, nom_ _100
Nat Distillers Prod v t c_ _ -----National TeaNew (after 150% stk d1v) 190
New Eng Tel is Tel_ _ _ _100 105%
New Mex is Ariz Land_ _ _ I
NY Telep 634% pref _ _100 110
N Y Transportation_ _ _ _10 41
Nor Ohio Elec Corp,corn..•
Philadelphia Elec, corn _25
Philipsborn's, Inc. tr ctf_ _5 50c
Pines Winterfront Co A_ _5 26%
Procter & Gamble, com_ 20
Pyrene Manufacturing_ _10
4
Radio Corp of Amer,com_•
411
5
Preferred
Reo Motor Car
10 1534
Ros'nb'n Grain Corp, pf _50 48
Silica Gel Corp, corn v t e.• 18
Singer Manufacturing....100 145
Sou Calif Edison,corn_ _100
Sc
Southern Coal is Iron_ _ _ _5
751
Stutz Motor Car
•
Swift is Co
100
38%
Tenn Elec Pow, corn
65
20 preferred
Thompson(RE)Radio vtc•
Timken-Detroit Axle_ ....10
Tob Prod Exports Corp_.•
Todd Shipyards Corp.
*
Union Carbide & Carbon.*
Unit Bakeries Corp, corn..• 6454
100 92
Preferred
United G is E corn new....10 32%
United Gas Impt, cons_ _50 78
Preferred
50
United Lt is Pow, corn A_. 33%
• 33%
Common, Class B
5%
United Profit Sharing_
5
Unit Retell Stores Candy.*
United Shoe Mach,corn..25
Preferred
25
Ward Corp corn Class A....' 78
• 16%
Common Class B
7% preferred
100 8434
1534
Ware Radio Corp, w I
Western Pr Corp, com_100 32
Yellow Taxi Corp, N Y• 24
RightsBorden Co
Former Standard 011
Subsidiaries
Anglo-American 011..._ ..fl
Borne Scrymser Co..._..100
Buckeye Pipe Line
50 61
Chesebrough Mfg, new.._25
100
Preferred
Crescent Pipe Line
25
Cumberland Pipe Line_100 12634
Galena-Signal 011, com_100 53
Humble Oil is Refining_ _25 3855
Illinois Pipe Line
100
Imperial 011 (Can) coup_25 10031
Magnolia Petroleum...._100 12734
National Transit_ _ _ _12.50 21
New York Transit
100 5955
Northern Pipe Line__ _ _100 80
Ohio 011
25 60
25
Penn Mex Fuel
Prairie Oil is Gas
100 z210
100 z10256
Prairie Pipe Line
Solar Refining
100
100
South Penn Oil
Southern Pipe Line........100 93%
So West Pa Pipe Lines 100
Standard 011 (Indiana)....25 5634
Standard Oil (Kansas).. _25
Standard 011 (Ky)
25 10534
Standard 011 (Neb) ---100 233
Standard Oil of N Y.......25 39%
Stand Oil (Ohio) corn.. 100 278
Preferred
100 120
Swan is Finch
100
25 61%
Vacuum 011
Other Oil Stocks
73e
Barrington 011 Class A..10
Boston-Wyoming Oil_ _ _1
Carib Syndicate
1
Consolidated Royalties__ _1
5
5
Creole Syndicate
•
Derby On is Ref corn_
•
Preferred
6c
Engineers Petroleum Co....!
Federal Oil
5
Gilliland 011 v t c
Glenrock 011
10
Gulf 011 Corp of Pa
25 5754
Hudson 011
1
International Petroleum....' 1731
Logo Petroleum Corp _ _ _.•
4c
Latin-Amer 011
1
1%
Livingston Petroleum ._ *
Range since Jan. 1.
Low.
26
26
100 26
103% 10334
500 102%
18% 19%
700 18
36% 39% 18,500 1054
25
27% 3,500 23
235 334 2,500
1
12% 15
4,900 12
39% 4034
820 36
101 102%
700 97
6Ic 6Io
200 61c
52% 53%
700 52
278 280
380 257
98% 99% 3,400 7634
10
10
8%
500
61% 81
2,800 35
134
334 3%
200
3% 3%
1
200
60c 61c
600 50c
6
6
4
200
20% 2131 6,400 13
3356 36
800 17%
18% 20
9%
3,300
58
58
100 4734
134 1,900 75c
134
4654 47
500 41
9034 9031
100 90%
8% 7%
6%
200
73% 74% 2,400 33
79
8131
525 72
35% 36% 100,300 26%
4% 4%
4
400
79
85
400 69
37
50
430 27
71
88
1,600 68
2% 3
400
2
54
54
10 50
89
89
10 88
20% 2156
500 18
28% 2855
100 19
83.4
100
8%
18034 193
400 151
May
105 10654
40 105
June
6% 8% 7,800
3% Jan
109% 110%
725 109
Mar
4034 40%
200 335; Jan
11
12%
320 11
June
36
37
June
500 36
50c 50c
10) 50c June
2656 27
400 2636 June
110 114
20 110 June
10% 1031
500 10
may
4
45; 14,800
334 Apr
4
434 1,000
Jan
4
1531 1554
600 1551 June
47% 48%
400 47
May
18
19% 1,000 18
June
139% 145
220 125
Jan
98 101%
150 98
June
Sc
7c 14,000
4e May
7%
7
300
Apr
7
100 101
80 100
June
3856 39
800 1731 Jan
64% 65
250 49% Jan
11% 12% 1,200 11% May
4% 4%
100
4 June
4
4% 1,100
3% Feb
45
45
25 42% May
5734 57%
100 56
Apr
6131 64% 2,400 43
Feb
8934 92
500 85
Jan
31
38
7,200 18% Jan
7656 80% 7,200 73% June
57
57
100 57
June
3334 34
970 32
June
33
39
670 3734 June
6%
534
800
5% May
5
5
3,400
4
Mar
35% 3656
500 34% Apr
26
26
100 255, Apr
76% 80
1,400 5234 Jan
1631 17% 7,200 14% Apr
85% 2,600 79% Jan
83
1434 1834 27,000 13% June
29
33
1,225 26
Mar
19
24% 2.400 17
Apr
1%
I%
3,600
1
14% 1531
1,200 14%
216 218
30 155
61
61
290 60
48% 4954
800 47%
114 115
20 113
1131 13
30 11%
12634 128
40 11056
5656
53
320 53
35% 36% 1,800 3534
126 128
30 130
9951 101
810 99
124 12754
435 124
2034 21%
900 20%
54% 69
270 5454
80
84
150 80
58
61
1,200 58
32
32
200 32
20854 215% 2,930 204%
510134 10334
860 100
179 179
10 179
117 131
210 117
9334 93%
20 90%
85
8534
30 80
5531 5734 45,300 5534
39
4154
1,1500 38%
104% 107
1,900 101
23034 233
25 199
38% 40% 8,300 37%
275 283
90 275
120 120
60 118%
41
41
70 36
60% 6231 2,800 5654
4
81e
3%
1
5
3
1714
Sc
20c
3
330
57%
2c
1734
3%
4c
151
7%
81c
3%
551
4
20
7c
20e
3
33e
58%
30
18%
4
4e
1%
400
200
400
1,000
8,100
2,700
3,000
26,000
2,000
200
1,000
4,200
26,000
32,400
16,10
13,000
1,200
4
75c
3%
1
254
256
17%
3c
150
I%
30c
56%
20
1631
2%
4c
600
High.
June
June 26
June
June 104
May 22% Mar
Jan 39% June
May 27% June
Mar
3% Jan
May 36% Jan
June 4056 June
Jan 10234 June
Jan
June 70c
May 5356 June
May 28256 Apr
Jan 99% June
Jan 11% Jan
June
Feb 81
Apr
334 June
454 June
Feb
June 61c June
Mar
7 June
June
Feb 22
Feb 3656 June
Mar 21% June
June
Mar 58
June 156 June
Jan 53% Mar
May
June 92
Feb
June 13
Jan 74% June
May 89% Feb
Apr 36% June
June
Jan
6
Apr 8534 Juno
Apr 58 June
Mar 88
June
834 Jan
May
May 54% June
June 89 June
Jan 25% Mar
Feb 28% June
June
8% June
5%
83%
83%
64%
92
41%
80%
57
34
39
7%
5%
37
2654
81%
22%
8534
1836
33
39%
June
June
Apr
Jan
June
June
June
Jan
June
June
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
June
May
May
Jan
Feb
Feb
Feb
June
June
June
June
June
June
June
Feb
Jan
June
June
Feb
Jan
June
June
June
Jan
June
2
May
June
Jan
Apr
May
June
June
Jan
June
June
Apr
Apr
May
June
June
June
June
June
June
Feb
June
June
Feb
Feb
June
June
May
Jan
May
June
June
Jan
Jan
18
265
8551
5234
116
20
144
69%
4334
161
119
162
2731
97
1075;
7956
43
269
111
230
171
100
89
6834
50%
120
256%
48
335
120
81
69%
Feb
Mar
Jan
Mar
June
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Feb
June
May
June
Jan
Jan
June
June
Mar
May
Jan
Jan
May
June
June
Jan
May
Ma
193
10654
10
112
41
12%
37
2%
27
114
13%
454
4%
18%
50
35
148
104 31
17c
1554
105
39%
66%
12%
8% Jan
1% Jan
6% Jan
154 Feb
5% Apr
Jan
8
3451 Feb
13c June
600
Jan
5% Feb
60c
Jan
65
Jan
7c
Jan
22% Feb
5
MAY
1 1H Feb
I% June
JUNE 2S 1924.]
THE CHRONICLE
BondsAllied Pack cony deb 68'39
88, series B
1939
Aluminum Co of Am 78.33
1925
7s
Amer Cotton 01165_ _ _1924
Amer G & E deb 6s_ _2014
American Ice 7s
Amer Rolling Mill 68_1938
Amer Sumatra Tob 733s'25
American Thread 68..1928
Anaconda Cop Min fis 1929
Anglo-Amer 011 748_1925
Antilla Sugar 7338_1939
Assoc Simmons Hardw1933
648
Ail Gulf ,k WISS L 551959
Beaver Board Co 88_1933
Beaver Prod 733s
1942
Belgo-Can Paper 68.._1943
Beth Steel equip 78_ _1935
Boston & Maine RR 651933
Canadian Nat Rys 78_1935
1925
5s
Chic RI .3, Pan 5338_1926
1929
Childs Co 68w 1
Cities Service 78,ser B 1966
1966
78, ser C
1966
78 Series D
Cons GEL&P Balt as'49
1931
7s
1952
'5 Ms
1951
633s, series D
1941
Consol Textile 88
Cont Pan & Bag M 633844
Cuban Telep 7348....1941
Cudahy Plc deb 548_ _1937
1931
Deere & Co 733s
Detroit Citry Gas 68-1947
18%
5
284
60c
1 4.
25c
1533
17%
54
23%
be
34
5
10
5c
81c
15e
34
8c
24
12c
8c
4c
40
130
20
7c
13
9c
44c
1411
10C
634
95c
59c
3e
181e
330
2c
lc
52c
24e
211c
2333
140
43c
3
1 lie
200
500
600 66e
1,000
9c
9c
500
1% 1%
1,900
18% 1833
8,100
9% 10
310
100 101%
400
5
5
400
25% 28%
50
21
21
2c
1,000
2c
200
60c 60c
300
14 1%
4,000
25c 30c
15% 154 2,900
1.400
1733 184
533 10,700
5
414 4%
100
234 24% 2,000
15c 200 11.000
100
3% 3%
5%
5
1,700
9% 10% 3,200
6c
Sc
6,000
620 63c
1,000
1
14
200
40
8c 26,000
750 82c
14,900
15c
15c
6.000
7c
7c
1,000
12c 12c
1,000
2% 333 15,40
8c
Sc
1,000
2lst 24 1,500
6c
6c
3,000
14 2
900
100 20c 48,800
7c
Sc 45,000
4
4
200
223.4 2334 2,200
4c
4e 21,000
4c
4c
5,000
4c
4e
3,000
4c
4e
6,000
12c
15c
4,000
2c
20
4,000
lc
2c
4,000
Sc
7c 12,000
30e 46c 11,000
1,700
1234 1334
1% 234 2,300
90
9c
5,000
90c 90c
400
40c 49c 153,000
14 1% 21,700
3c
3c
1,000
Sc
6c
4,000
14 133
100
9c
1,000
Sc
10c
10c 14.000
60
2,000
Sc
33c 33c
1,000
lc
lc
1,000
16c
100
18c
1404 141%
75
16c
16c
1,000
6
6% 1,400
91c 990 67,800
25c 25e
1,000
550 590
8,100
14 2
1,700
12e 120
3,000
20
3c
3,000
32e 32c
1,000
llic 133 4,000
1%
133 3,100
27e 33c
6,000
30
30
5,000
500 50c
100
le
2c
4,000
3
3
100
7c
7c
1,000
lc
lc
6,000
llic Psi 11.100
52c
Mc
1.100
24c 24c
1,000
211$ 24 2,500
1% 1%
390
23
12c
75c
2%
43c
3
1
2c
20c
27c
4c
50e
loci
47c
7.000
234
400
15e
12,000
750
100
24
200
43c
2,000
3
1,000
134 2,300
20 23,000
25c 10,000
27c
1,000
Sc
2,000
50c
300
634 6233 634 $48,000
75% 74
76
28,000
107
1064 107% 21,000
103 10333 30,000
1004 100%
1,000
95% 9533 9633 107,000
10633 1044 107
45,000
994 994 100
21,000
87
84
87
4,000
1034 103% 2.000
102% 102% 10243 29,00.
10243 102% 102% 18,000
944 944 9,000
79
78
574 57%
73
7133
99
99
93
93
103
103
78
11013 109%
100
794
57%
75
99
93
103%
78
110%
100%
1024 1024
119
93% 934
92% 92
10533 1044
108%
10133 101%
108% 108
7233 72
92
92
10634
844 8433
100
100
1024 102
102%
119
94
93
105%
10833
1014
108%
73
92
1064
8433
1004
103
wog IN%
53,000
12,000
13,000
6,000
6,000
31,000
2,000
46,000
14,000
24,000
24,000
1,000
35.000
39,000
19,000
5,000
22,000
22,000
8,000
21,000
10,000
7,000
18,000
19,000
Bonds (Concluded)-
High.
Low.
1% Apr
59e June
Jan
70 May 30c
.1% Mar
134 Jan
Feb 194 May
16
94 May 13% Jan
Jan 101% June
85
64 Jan
44 Feb
Feb
Jan 29
20
June
June 21
21
Jan
9c
2c June
Jan
550 Feb 80c
Jan
6
1% Apr
21c May 62c Feb
124 Jan 16% June
54 Jan 25% Apr
644 May
243 Apr
543 Mar
34 Jan
194 Feb 26% May
150 Apr 25c May
84 Jan
3% June
84 Feb
44 May
Apr 13 May
7
Feb
Sc June 14c
Detroit Edison 6s_ _ _ _1932 105
Dunlop T&Rof Arn 75_1942 9234
Duquesne Light 548_1949 1024
Federal Sugar as
1933 984
Fisher Body 62
1926 101%
Os
1927
1928 1014
65
Gall. (Robert) Co 7s 1937
General Asphalt 85_.A930
General Petroleum 65_1928 9833
Grand Trunk Ry 6338_1936
1937 974
Gulf 011 of Pa Is
Havana Tob 58 ctf dep 1922 41
1936
Hood Rubber 78
Internat Match 6338- A943 94%
Kan City Term Ry 548'26 1014
Kennecott Copper 76_1930
Lehigh Pow Secur 6s..1927
Lehigh Val Har Term 5s'54
Libby McNeill&Libby78.31 96%
Manitoba Power 78_ _ _1941 97
Missouri Pacific 5s w 11927 9934
Morris & Co 748
1930 96
Nat Distillers Prod 75_1930
National Leather 88_ _1925 9633
New Orl Pub Serv 58_ _1952 87
Nor States Pow 64s_ _1933 1014
635% gold notes w 1_1933 97%
1952 89
Ohlo Power Is
•
Park & Tilford as
1936
Penn Pow & Light 5s B _'52 9233
Phlia Electric 5335... _1953
1947 10234
5348
1941 10533
6s
Public Service Corp 78 1941 10736
1933 9533
Pure Oil Co 6338
Shawsheen Mills 78__ _1931
Sloss-Sheffield S & I 6s_'29
1934 10033
Solvay & Cie as
South Calif Edison 5s_1944 934
Stand 011 of N Y 648_1933
7% serial gold deb__1925
7% serial gold deb_ _1926
7% serial gold deb _ _1927
7% serial gold deb_ _1928
7% serial gold deb__1929
7% serial gold deb __1930 107
7% serial gold deb_ _1931 107
1931
Sun Co Is
1929
65
Swift & Co 58_ _Oct 15 1932 924
Tidal-Osage Oil 7s.......1931
Union El L&P of III548'54 9733
Union 01165 ser B. .A026
United 011 Produe 85._1931
1936
Vacuum Oil 78
Virginian Ry 5s ser A.1962 964
WebsterMills63-4%notes'33
10414 105
9233 93
1024 10234
9834 99
101% 101%
1014 1014
101
10133
96
97
104 104
9734 98%
1074 10734
9733 9734
41
41
101 101%
944 94%
101% 101%
1054 105%
100% 100%
100 10033
9613 96%
9643 97
994 9933
96
9633
85
8533
9633 964
864 87
10033 10133
97
97%
8834 89
9533 9533
9233 92%
1024 10234
10234 10234
10533 1064
107% 107%
944 954
104 104
1004 10033
100% 10034
9233 9333
108% 10933
10134 102
10334 10343
1054 10533
106 1064
106% 10634
107 107%
107 10774
Range since Jan. 1.
Low.
wo,wba
.
ow
01.ga
Nb7...
...0,-4,.!
..w 0000mo
:45,,&a..owocowwo.pc.ow-ioomww.4-3wow4.00towwoow.7awowoowo.!
o^ool0000000000000 oo 000000000000
— "'""-- blobbbb;,
§§§§§§§§§§§§§§§§§§888888g8g88888888888gg83§88h88888888888.
Mexican Panuco Oil _ _ _ _10
10
Mexico 011 Corp
1
Mountain & Gulf Oil
Mountain Producers__.10
Mutual Oil vat trust ctfs_5
National Fuel Gas
5
New Bradford Oil
New England Fuel Oil_ _ _5
Preferred
1
Northwest Oil
10
Omar 011 & Gas
Peer Oil Corporation
•
Pennsylvania Beaver 011_1
10
Pennok Oil
25
Red Bank 011
Royal Can Oil Syndicate.*
Ryan Consol Petrol
Salt Creek Producers__ -10
Sunstar Oil
10
Turman Oil
1
Wilcox 011 & Gas
Woodley Petroleum Co_ -1
"Y" Oil & Gas
Mining Stocks
Alamo Gold Mining
Alvarado Mining & Mill 20
Arizona Globe Copper_ _ _1
Black Oak Mines Co
Butte & Western Mining_l
1
Caledonia Mining
Calumet ,k Jerome Cop_ _1
10
Canario Copper
1
Cash Boy Consol
Consol Copper Mines_ __ _1
Consol Nevada Utah Cop 1
Continental Mines Ltd_ 15
Cortez Silver
1
Diamond BIT Butte Reorg_
East Butte
Engineer Gold Mines Ltd.5
Eureka Croesus
1
Goldfield Consol Mines. 10
Goldfield Deep Mines__ _5c
Gokfield Development _ _
Goldfield Florence
1
Gold Zone Divide
Hard Shell Mining
1
Harmill Divide
10c
Hawthorne Mines, Inc_ _
Hollinger Cons Gold Mine 6
1
Howe Sound Co
Independence Lead Min_ _1
Jerome-Verae Develop _ _ _1
Jib Comm'Mining
Kay Copper Co
1
Lone Star Consolidated _ _1
Marsh Mining
1
Mason Valley Mines
5
McKinley-Darragh-Say 1
Mohican Copper
1
National Tin Corp
_50c
Nevada Hills
Nevada Silver Horn
New Cornelia
New Jersey Zinc
100
New York Porcupine
Nipissing Mines
Ohio Copper
1
Parmac Porcupine Min__ A
Plymouth Lead Mines....1
Premier Gold
Ray Hercules Inc
5
Red Hills Florence
Red Warrior
Rocky Mt Smelt dc Ref.
Preferred
1
Ruby Rand Mines
Silver Dale Mining
Silver King Consolidated_
Silver King Div (reorg)___
South Amer Gold & PlatA
Spearhead
1
Superstition Consolidated_
Tech-Hughes
1
Tonopah Belmont Dove!.1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
1
United Eastern Mining_ _1
United Verde Extension 50c
U S Continental Mines_ _ _ _
Unity Gold Mines
5
Utah Apex
5
Verde Mining & Milling__ _
Walker Mining
Wenden Copper Mining__
West End Extension Min_
'Western Utah Copper_ _ _1
Wettlaufer-Lorrain S W_ _1
White Caps Mining
Yukon Gold Co
5
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Lout. High Week.
Range since Jan. 1.
High.
10234 Jan 105
June
90
Jan 94
Feb
994 Mar 10233 June
9733 Jan 100% Jan
9934 Jan 101% May
984 Jan 101% June
974 Jan 10133 June
9433 May 100
Apr
10233 May 10534 Jan
944 Jan 9734 June
10533 Jan 10734 June
94
Jan 984 June
41
June 41
June
99
May 10233 May
9233 Jan 9444 June
1004 Jan 101% June
103
Jan 105% June
96
Jan 100% June
95% Jan 10034 June
94
June 101
Feb
9533 Jan 98% Jan
99% June 9934 June
92 June 1004 Feb
85 June 8513 June
Mar
9234 Apr 101
81% Jan 954 Jan
Jan 10433 June
98
9634 May 98
May
84% Jan 8934 June
Feb 9633 May
84
8733 Jan 94
June
9833 Jan 10234 June
9834 Jan 10234 June
10434 Jan 106% June
101
Jan 107% June
924 Jan 9633 Mar
102
Jan 10434 Mar
97
Jan 10033 Mar
99
Apr 100% June
8944 Jan 9334 June
10534 Jan 1094 Jun(
10134 Mar 10233 June
Jar
10243 May 105
Jar
105
Feb 106
105
Jan 10634 Pet
10533 Mar 107% JUDI
Feb 108 June
105
Fel
106
Mar 109
100
May 10234 API
96
Feb10033 Mal
8933 May 934 Jar
10134 Jan 1044 Api
Jun,
944 Apr 98
1004 Mar 10194 Mat
40
June 794 Fel
Jun,
106
Jan 108
92
Jan 964 Jun,
10033 Jan 10233 Jun
Apr
62c June 78c
134 Mar
May
1
Jan
4c Apr 120
Jan 82c June
37c
Jan
100 Mar 550
Apr
7c Feb
60
Feb 25c May
7c
333 June
14 May
8c June
4c Mar
113 Jan
33it June
Apr
9c May
5c
334 Feb
134 Mar
10c June 70c Mar
4c
Jan 150 May
June
4
June
4
Mar 2334 June
6
Jan
4c June 15e
Jan
4c Feb6c
8c
Jan
3c Mar
Jan
3c May 10c
Jan
11c Mar 42c
Jan
2e June 12c
Jan
Feb
Sc
lc
2c
Jan 10c May
loom 101
Jan
15c May 82c
99
99%
1134 Mar 1334 June
9233 93
Jan
114 June
3
10334 1034
Feb
Apr
18c
Sc
97% 9734
2
Jan
90o June
10133 10134
15c Mar 52c June
51
52
1% June
1
Apr
10733 10734
Jan
lc May
7c
9634 964
Jan
5o May 130
102 10233
1% Jan
1% June
Sc
Jan lac Mar
Foreign Government
Jan
10c May 48c
and Municipalities
6e May 140 Feb
10033 June 1004 Jun,
Sc
Jan 330 June Argentine 53.3s w I__ _ _1925 10033 100% 100%
9613 June 9634 Jun
Rep 88_ _1952 9634 9633 9643
Czechoslovak
lc
Feb
lc
Feb
9333
924
894 Apr 964 Jai
9333
1533 Jan 1833 Feb Netherlands(Kingd)6813'72
994 9933
9734 Jan 994 Air,
134% May 151% Jan Peru (Republic of) 88_1932
I
Jan 2033 Fel
9
1513
10c June 35c
Jan Russian Govt 6338____1919 1534 14
I 10
Jan 3034 Fel
1233 16
15
Certificates
534 Jan
6% May
15%
I 9% Jan 19 Fel
14
1921 15
533s
65c Mar 99c June
94 Jan
15
1834 Ma
I
12
15
Certificates
lac June 67c Mar
Jai
I 97% Apr 100
30c
Jan
Mc June Switzerland Govt 5338 1929 9954 9933 100
Se?. nntna
Jan
I
9733
100
1004
inn
we
109e
10034
Jun
2% Jan
Apr
10c Mar 38c Feb
Listed on the Stock Exchange this week, where
• No par value. it Correction.
Jan
it
Jan
Sc
21c
Jan 48c Feb additional transactions will be found. o New stock. s Option sale. w When
1
Apr
13k, May issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
1
Apr
133 June
25c June 33c June
Jan
Apr
Sc
2c
New York City Banks and Trust Companies.
50c Feb90c May
AU prices dollars per share.
lc June
Apr
Sc
4
Feb
2l4June
Ask
Ask Trust Co.'s Bid
Bid
Banks
Ask
2c
Jan
100 June Banks-N.Y. Bid
New York
be Mar
20
Jan America •__ _ _ 213 217 Harriman__ _ 380
_American162
157
Manhattan'.
304
298
Exch._
Amer
1',, May
1% Jan
Mech & Met_ 372 377 Bank of N Y
400 Apr 75c Feb Amer Union. 165
& Trust Co 495 510
Mutual.4._ _ _ _ 390 415
17c May 40c Feb Bowery •_-_ 525
American 135 145 Bankers Trust 365 369
Nat
170
133 Jan
3516 may Broadway Cen 155
National City x361 365 Central Union 543 550
134 Jan
1'i. Jan Bronx Bort)._ 200
260 270
New Neth •__ 140 155 Empire
39c June
141, Feb Bronx Nat.... 145
Equitable Tr.. 211 215
300
Pacific •
21
June 29
Jan Bryant Park• 160
Farm L & Tr_ 650
420
152 Park
10c May 20e
Jan Butch & Drov 144
75c June
231 Feb Cent Mercan_ 165 170 Penn Exch.... 108 118 Fidelity Inter 205 310
290
Fulton
2
Apr
343 348 Port Morris_ 178
2% Feb Chase
246
70 385 Guaranty Tr. 241
50c June Mc June Chat & Phen_ 254 259 Public
BankIrving
410
400
2
Apr
33.4 Jan Chelsea Exch. 147 157 Seaboard
Columbia Tr 217 220
1
645 555 Seventh Ave_ 87
Apr
1% Jan Chemical
2c May
8c
Jan Coal & Iron.... 218 225 Standard -_ _ 260 275 Law Tit & Tr 190 197
Metropolitan_ 330 340
360
400
State.17c May 40c
Jan Colonial•
137 147 Mutual (West
I2c
316
Trade.
Jan 27c May Commerce
122 128
chester)
200
c•
2c Mar
Tradesit
Sc
Feb Comm% Nat... 100
50c May 80c
Jan Com'nwealth• 240 260 230 Ward_.. 265 280 N Y Trust.... 363 368
Continental _ 180 190 United States. 185 195 TitleGu & Tr 385 395
US Mtg & Tr 295 305
200
Corn Exch_ _ _ 415 455 Wash'n
48
May 704 Jan Cosmop'tan•_ 115 125 Yorkville•__ _ 1100 1500 United States 1375 1395
Wenches Tr_ 210
57
May 84
Jan East River_ _ _ 194
Brooklyn
10543 Mar 107% June Fifth Avenue* 1200 1325
Brooklyn
240 250 Coney Island. 160 170 Brooklyn Tr_ 497
10174 Jan 1034 June Fifth
Kings
County 1050
405
100
Jan 10034 Mar First
1700 1800 First
94
Feb 964 June Garfield
280 290 Mechanics' •_ 143 149 Manufacturer 285
415 420
People's
1044 June 107
180
June Gotham
150 180 Montauk•
98% Apr 100
250
Feb Greenwich•
360 400 Nassau
78
260
Mar 99
Feb Hanover
800
People's
10133 Jan 1034 June
•Banks marked w th (*) are State banks. (z) Ex dividend. (0 New stock.
101
Feb 102% Jan
10133 Mar 102% June
04% June 9833 Mar
www.o.4swow
---------?UUMU
Sales
Friday
Last 1Week's Range for
Week.
Sale
of Prices.
Other Oil Stocks
Par. Price. Low. High. Shares.
(Capcluded)
3191
ii&
319
71%
42
70
974
92
102%
72
106%
994
9734
102
11834
8933
89
10133
10533
93
10633
6833
90
1064
8133
9933
99%
June
Jan
Jan
June
Feb
Feb
Jan
Jan
Jan
Jan
June
Feb
Jan
Jan
Jan
Jan
Jan
May
June
May
Jan
May
May
Janl
934
5734
79%
99
94
10334
78
1104
1009-4
10043
103
124
9533
9534
10543
1084
101%
10834
97
95
107
884
1014
10354
Feb
June
Jan
June
Apr
Mar
June
June
June
June
June
Mar
Mar
Mar
June
June
June
June
Jan
Feb
Feb
Jan
Feb
June
New York City Realty and Surety Companies.
AU prices dollars per share.
Alliance R'Ity
Amer Surety.
Bond & M G_
City Investing
Preferred _Lawyers Mtge
Bid
108
98
292
98
98
155
Ask
101
296
102
102
160
Mtge Bond__
Nat Surety__
N Y Title &
Mortgage _ _
U S Casualty_
US Title Guar
Bid
111
151
Ask
115
155
220
200
158
210
165
Bid
Realty Assoc
(Bklyn)com 145
1st pref...... 80
20 pref..... 68
Westchester
Title & 'Tr_ 228
Ask
155
85
73
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Ins.
Bid.
Ro▪ le.
Maturity.
Sept. 15 1924.._
Mar. 15 1925
Mar,15 1926._
Dec. 15 1925___
Sept.15 l926.._
June 15 1925
Rate.
Bid.
Asked.
534% 1001,16 10014w
45(% 101*,, 10111.•
10233 102%
101.u.s
4)i%
454% bOb"is 1011416
535% 101% 1014
Maturity.
Dec. 15 1927_ 444%
Mar. 15 1927... • w.
Dec. 15b924 - 44%
Mar. 15 1925Dec. 15 1924___ 213%
Asked.
1034
10344
10044,c
101Fis
10134
103%
103%
10015,6
19111.
10154
3192
Ininstuxent mut Saiircrati intelliffenct.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of June. The table covers 11 roads and shows 6.25%
decrease from the same week last year.
1924.
Third Week of June.
S
98,837
Ann Arbor
290,090
Buffalo Rochester & Pittsburgh..
4,634,986
Canadian National
3,301,000
Canadian Pacific
123,921
Duluth South Shore & Atlantic_
2,065,443
Great Northern
7,721
Mineral Range
317,768
Mobile & Ohio
1.571,708
St. Louis-San Francisco
413,046
St. Louis Southwestern
3,302,563
Southern
Total (11 roads)
Nett rlarretann fil 2A %)
Increase. Decrease.
1923.
S
109,642
485.689
4,611.953
3,159,000
113,431
2,345,316
8,468
369,852
1,620,669
525,435
3,853,131
16,127.083 17,202,586
_
S
$
10,805
195,599
23,033
142,000
10,490
279,873
747
52,084
48,961
112,389
550.568
175,523 1,251.026
1.075.503
In the following we also complete our summary for the
second week of June:
Second Week of June.
1924.
Increase. Decrease.
1923.
8
S
Previously reported (8 roads)--- 9,568,564 10,344,622
4,508,917 4.764,518
Canadian National
115.847
120,813
Duluth South Shore & Atlantic_
30.900
28,100
Georgia & Florida
2,124.735 2,416,836
Great Northern
7,573
8,134
Mineral Range
6,722
8,818
Nevada-California-Oregon
542,308
542,756
Texas & Pacific
499.154
315,076
Western Maryland
Total (16 roads)
?Ca& dperwaAn 0209,2211
17,225,913 18,728,480
S
$
776,053
255.601
4,966
2,800
292,101
561
2,096
448
184.078
8,071 1,510,638
1 n02 M7
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Crossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1923.
1924.
1923.
1924.
1923.
3
3
Atchison Topeka & Santa Fe51,437,823 53,508,545
17,492,526 19,335,108
May
510,246,976518,203,351
From Jan 1-86,456,813 92,759,921
Atlantic City-59
1,695
21,878 -18,340
343,212
341,318
May
From Jan I- 1,384,879 1,413.629 -269,999 -112,500 -370,059 -212,770
Baltimore & Ohio
53,389,509 54.297,175
May
18,360,021 23,609,843
512,624,811518,821,318
From Jan 1_93,557,897107,281,844
Bangor & Aroostook577,831 2166,819
501,751
602,821
May
5948,141 5734,605
From Jan h 3,324,067 3,014,764
Bellefonte Central192
312
--259
-89
7,092
9,471
May
2,373
4,286
2,973
5,136
44,075
57,664
From Jan 1_
Bessemer & Lake Erie853,605
889,896
501,171
543,682
1,657,395 1.960,378
May
73,873 1,517,444
286,510 1,806,034
From Jan 1_ 5,052,088 6.579,982
Boston & Maine794,418 1,289,228
6,374,483 7,881,681 1,055,866 1,529,658
May
From Jan 1_32,264,720 35,182,163 4,988,365 2,296,464 3,762,268 1,107,071
Brooklyn E D Terminal36,084
43,439
40,762
48,164
111,213
116,103
May
335,856
391,831
208,284
244,905
839,057
From Jan 1- 600,524
Buffalo Rochester & Pittsburgh125,741
160,867
209,119
239,232
1,220,098 1,905 885
May
453,977
827,328
619,715 1,002,667
From Jan I_ 6,852,326 9,914,702
Buffalo & Susquehanna19,323
32,173 -28,944
217,243 -26,694
130,687
May
123,254
190,405 -61,683
From Jan 1_ 870,856 1,191,523 -32,329
Canadian National RysAtlantic & St Lawrence-243,594 -112,134 --29,275 --127,284 --44,425
151,205
May
From Jan 1_ 1,130,064 1,531,489 -142,859 --120,401 --218,646 -196,204
Chic Det & Can Grand Trunk June207,304
218,580
74,948
88,911
347.634
232,210
May
796,741
644,222
754,987
692,088
From Jan I_ 1,336.697 1,435,681
Det OH & Milwaukee202,654
146,061
199,090
151,464
624,450
604,225
May
585,350
684,267
560,818
709,948
From Jan 1.. 2,803,034 2,656,722
Central RR of New Jersey5612,000 5584,140
4,657.000 5,086,748
May
21,495,000 51,928,598
From Jan 1.22,257,000 23,438,664
Ches & Ohio Lines2,262,787
1,808,108 1,957,363
2,183,058
8,929,615
8,678,790
May
From Jan 1_42,472,876 39,614,834 10,126,242 8,893,036 8,247,278 7,358,115
Chicago & Alton2,465,781 2,761,284
May
From Jan 1_12,354,870 13,642.292
Western
Chicago Great
1,909,638 2,186,673
May
From Jan 1_ 9,367,018 10,554,084
Chicago Milw & St Paul12,553,262 13,867,496
May
From Jan 1_62,706,480 69,588,068
WesternNorth
Chicago &
11,908.713 13,787,108
May
From Jan 1_59,105,694 63,841,582
Delaware & Hudeon3,704,359 4,416,432
May
From Jan 1_18.436,878 18,507,433
Delaware Lack & Western7,447,665 7,833,401
May
From Jan 1_35,789,393 35,194,155
Duluth & Iron Range885,081 1,044,268
May
From Jan 1_ 1,704,113 1.816,275
484,476
569,983
335,226
428.418
2,469,873 2,842,775 2,011,088 2,417,233
316,422
186,817
1,338.069 1,626,325
113,755
238,211
957,208 1,227,748
574,293
803,448
4,875,758 7,767,666
5388,652 51,049,981
54,142,320 53,738,362
569,085 1,202,031
674,508 1287,559
2,360.492 2,018,932 1,843,002 1,592,645
2,093,141 1,486.888 1,478,070 1,429,730
8,300,424 5,054,774 5,621,596 2,989,714
425,790
306,992
481,097
353,037
-292,674 --I99,832 --412,279 --327,420
Erie Railroad51,065,000 52,160,662
8,688,000 10,358.210
May
55,822,000 56,670,545
From Jan 1_43.339.000 50,188,380
Ft Smith & Western1,574
19,426
7,440
25,370
118,389
141,002
May
70.880
39,706
100,252
69,934
653,891
From Jan I _ 677,915
Grand Trunk Western496,149
36,322
554,141
115,679
1,517,667 1,825,314
May
884,838 2,033.067
2,330,671
From Jan 1_ 7,946,199 8,132,261 1,246,511
Green Bay & Western6,565
11,260
14,929
18,760
115,457
113,402
May
35,265
113,626
75,629
151.150
532,608
From Jan 1. 619,100
Kansas City SouthernTotal system414,959
301.015
514,855
400,475
1,743,934 1,881.094
May
1,876,871 1,999,314
From Jan I _ 8,764,286 9,200,531 2,411,514 2,495.034
Lake Terminal10,493
-4,738
16,744
1,667
110,704
97,042
May
9,399
41,852 -58,101
455,903 -26,078
From Jan 1_ 420,641
--Grassfrom Railway- -Net from Railway- -Net after Taxes
1923.
1924.
1924.
1923.
1923.
1924.
•
Lehigh Valley788,288
940,262
998,238
Ma)
6,430,809 6,682,120 1,169,980
890,884 4,418,840 -157,863
From Jan 1_31,076,638 29,227,740 5,576,023
Midland Valley-98,937
96,261
381,084
114,134
115,406
388,497
May
567,56T
675,549
590,466
644,075
From Jan 1_ 1,924,506 1,874,565
Minn St P & S B 86306,745.
10.557
152,295
473,186
May
1,979,533 2,283,380
704,609
173,019
891,999 10534,090
From Jan 1_ 9,347,302 10,935.307
Wisconsin Central434,383
178,824
273,867
534,521
May
1,548,709 1,837,195
From Jan 1_ 7,879,981 8,402,056 1,452,929 1,763,765 1005.140 1,288,663
Minn St P &SSM System
741,128.
189,381
May
3,528,242 4,120,575
426.162 1,007,707
From Jan 1_17,227,283 19,337,363 2,344,928 2,597,855 1,178,159 1,993,272
Mobile & Ohio328,192
446,841
1,742,642 1,713,981
538,178
May
420,666
From Jan I- 8,528,502 8,801,796 2,400,293 2,107,256 1,968,731 1,644,662
Montour258,298
93,081
125,311
May
4,610
10,699
110,425
917,088
250,537
From Jan 1_ 579,642
5,784
309,410 -19,008
Newburgh & South Shore195,973
161,264
30,678
May
-1,645
40,692 -14,921
From Jan 1_ 850,469
889,502
97,138
90,867
23,362
158,055
New York CentralMichigan CentralMay
6,951,000 8,578,828
21,254,000 52,306,446
From Jan 1_27,378.000 40,169,380
57,856,000 59.409.272
C C C & St LouisMay
6,876,000 8,124,222
51,057,000 51,827,796
From Jan 1_39,950,000 39,893,002
55,248,000 57,628,993
NYNH & HartfordMay
10,558,778 12,036,901 2,304.511 2,703,634 1,901,217 2,295,161
From Jan L51,896,070 54,033,893 11,386.050 9,137,924 9,334,013 7,055,395.
N Y Ontario 05 WesternMay
1,079,760 1,143,233
151,935.
198,514
150,452
194,600
From Jan I_ 4,849,648 5,144,772
512,774
195,227
272,269 -17,804
Norfolk & Southern787,958
May
765,797
136.366
188,163
144,106
174,742
From Jan 1- 4,098,150 3,861,474 1,071,905
698,058
855,051
890.062
Pennsylvania RR52,290,448 65,465,627
May
55,757,151 58,604,569.
From Jan 1264,284,591291,742,522
530,968,187533,507,596 •
Long IslandMay
3,013,000 2,948,222
5247,000 5341,355
From Jan 1_12,900,000 12,402,039
5930,000 5820,992
W Jersey & Seashorez7,990•
935,992 1,120,377
May
516,245
From Jan 1_ 4,408.707 5,001,755
512,576 5141,240
Perklomen28,499,
103,056
97,108
May
39,733
35,297
35,404
433,414
133,260.
From Jan 1_ 478,227
190,018
171,988
165,387
Pfttsburgh & Shawmut89,460
81,216
May
-6.816 -15,976
-6,957 -16,117'
From Jan 1_ 427,151
611,718 -57,586
--3,311
--2,589 --58.870
Port Reading223,074
182,210
May
103,021
75,680
117,997
59,236
270,719
From Jan 1_ 819,882 1.310,033
625,610
694,926
201,231
Reading Co
8,094,273 9,808,622 1,941,430 3,959,327 1,555,260 3,614,528
May
From Jan 1_39,151,743 46,469,183 8,339,850 16,258,082 6,407,500 14,535,122:
Riehm'd Fred'k'b'g & PotMay
1,070,339 1,140,030
343,224
344,820,
288,202
410,425
From Jan 1- 5,240,245 5,372,322 1,786,375 1,944,630 1,499,137 1651,835 •
Rutland590,779
554,000
May
572,869
573,000
From Jan 1- 2,078,000 2,750,562
5338,000 5347,952
St Louis Southwestern1,338,267 1,634,754
363,306
512,020
May
599,835
307,015
From Jan I- 7,459,267 8,977,975 2,196,719 3,386,752 1,890,552 2,948,191
Total System1,899,283 2,251,778
328,290
353,152.
May
468,524
246,267
From Jan 1-10,506,010 12,076,514 2,043,870 2,559,117 1,608,881 1,985,620
Southern Pacific System21.500,287 23,160,155 4,852,695 6.058,279 52,976,449 54,148,456
May
From Jan 1107,948,157108,411,533 22,381,018 25,464,872513,407,675516,358;484
CoRy
Southern
11,695,948 12,948,543 3,003,381 3,368,067 2,412,386 2,785,382.
May
From Jan 1_58,609,275 61,863,002 14,733,999 15,273,696 11,803,305 12,570,916
Ala Great Southern928,385
831,324
221,230
257,197'
172,792
310,667
May
991,554 1,442,194
909,744 1,170,709.
From Jan I_ 4,111,053 4,496,526
P
Cin N 0 & T
544,420
587,312
1,878,996 2,164,068
692,502
471,165
May
From Jan 1- 9,25.5,842 9,891,542 2,658,040 3,126.164 2,302,223 2,608.572
Georgia So. & Florida452,073
407,796
77,865,
92,150
May
369,755
396,867
From Jan L 2,042,389 2,160,664
Northeast
N Orleans&
113,425
598,952
453,489
160,519
109,720,
76,039
May
684.338
785,244
526,524
493.282
From Jan 1- 2,378,039 2,950,210
North Alabama44,985
157,913
64,824
128,658
73,466
38,945
May
286,513
703,527
286,183
253,142.
251,325
From Jan 1- 663,965
T
Staten Island R
31
215,505
22,586 -14,527
216,534
May
957,912
35,545
2,615 -43,454 -75:
9
78
34
88
From Jan I_ 1,044,290
Union PacificMay14,876
systemTotal
,657 16,087,037 2,872,899 3,646,682 1,637,165 2,549,942
From Jan L76,327,048 76,877,079 19,241,455 17,885,851 13,057,075 12,400,248.
Union RR (Penn)254,273.
1,016,377 1,161,899 -13,891
329,398 -27,391
May
30,794 1,043,062 -26,706
853,937
From Jan 1- 4,492,380 4,746,195
Virginian1,457,460 2,162,396
5152,188 :5700,847
May
21,023,202 52,537,719
From Jan I_ 7,640,522 9,280,884
z Net after rents.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Precious
Current
Prerious
Current
Year.
Year.
Year.
3
281,054
May 699,600
631.022
334,449
Alabama Power Co
12 mos ended May 31._ 8.567,707 6.577,542 3,993,328 2,907,537
53,462
99,297
113,414
61,697
Colorado Power Co_ _.May
517,027
697,751
12 mos ended May 31._ 1.309.337 1,072,645
420,669.
379,387
Georgia Ry & Pow Co _May 1,284,688 1.323,747
5 mos ended May 31__ _ 6,692,861 6.893,178 1,950.083 2,212,574
Balance,
Fixed
Gross
Net after
Surglus.
Charges.
Taxes.
Earnings.
Companies.
Companies.
115,278
May 24
Arkansas Light
110.418
23
& Power
12 mos end May 31 '24 1,617,485
'23 1.392.598
47,347
45,131
745.252
591.788
23,892
23,716
306,963
285,715
23,455.
21.415
438,689
306,073
JUNE1
28 1924.]
THE CHRONICLE
3193
Industrials(Conanued)Page.
Industrials (Concluded)Page.
(Wm.) Davies Co., Inc., & Subs_ _ _2829 Nor. Ontario Lt.& Pr. Co.,Ltd_ _ _ _3087
Davis Coal &Coke Co.(and Subs.)_2955 Northwestern Bell Telephone Co_ _ _2711
2829 North West Utilities Co
2711
30,955 Detroit Edison Co
2829 Ohio Fuel Supply Co
2712
23,844 Dictaphone Co
2830 Oklahoma Gas & Electric Co
2834
352,098 Dominion Eng. Works,Ltd
3083 Oklahoma Natural Gas Co
2712
287.172 Dominion Textile Co., Ltd
Old Dominion Co
2712
192,329 Dubiller Condenser & Radio Corp.
2709,
'
2830 Ottawa Light. Heat& Pr. Co.. Ltd_ _2712
249,538
3083 Pacific Gas & Electric Co__ __ _ __ _ _ _2712
1,854.415 Durham Duplex Razor Co
2700, 2717, 3088
2830 Pacific 011 Co
2.011,550 Durham Hosiery Mills
2830 Pacific Tel.& Tel. Co
2712
Eagle Oil Transport Co., Ltd
36.453 Eastern New Jersey Power Co
2955 Palmolive Co.(of Ill.)
2834
38,997 (Otto) Elsenlohr Sc Bros
2709 Pan American Petroleum & Trans755,048 E. St. Louis & Interurb. Water Co _3083
port Co
2834, 2944
626,618 El Dorado Refining Co
2709 Peninsula Telep. Co.,Tampa,Fla_ _2835
--332 Empire Gas Sc Fuel Co
2709, 2701 Penn Seaboard Steel Corp_ __ _2712,2835
--3,386 Engels Copper Mining Co
2835
2955 (J. C.) Penney Co.. Inc
4,669 Federal Mining & Smelting Co
2712
3083 Pennok 011 Co
2712
--18.030 Ferrer•Sugar Co.(of Cuba)
2956 Pennsylvania Coal & Coke Co
10,363 Fifth Ave. Bus Securities Corp_ _ _ _3084 PhiLs.& Reading Coal & Iron Corp.2701
3088
2945 Pierce Manufacturing Co
29,500 Fisher Body Corp
2712
2956 Pittsburgh Oil& Gas Co
377,276 Fisher Body Ohio Co
2960
2956 Pittsburgh Utilities Corp
602,903 Fisk Rubber Co
2712
3084 Pittsfield Electric Co
-6,088 Fraser Companies,Ltd
2960
2830 Pneumatic Scale Corp., Ltd
11,666 Galt Brass Co., Ltd
2956 Port Hope Sanitary Mfg. Co.,Ltd_ _2835
29,446 Gamewell Co
3088
Edison
Co
Potomac
3084
Electric
Co
-22,530 General
3074
2830 Producers & Refiners Corp
General Motors Corp
153,492 General
2835
2830, 2956 Providence Gas Co
By.Signal Co
137,568 Gillette Safety Razor Co
2835
3084 Provincial Paper Mills, Ltd
828,945 Glldden Co., Cleveland
2713
2709 Quincy (Copper) Mining Co
815.681 Gorton-Pew Fisheries Co., Ltd
2960
2731 Real Silk Hosiery Mills,Inc
2713
16.240 (F. W.) Grand 5-10-25 Cent Stores,
Reynolds Spring Co
15,023
2835
2831 (Wm. A.) Rogers, Ltd
Inc
68.497 Gray & Davis,Inc
2960
2957 Royal Dutch Petroleum Co
34,929 Great Lakes Power Co., Ltd
2960
3084 St. Maurice Paper Co
2836
318,651 Great Northern Iron Ore Properties_2821 St. Maurice Power Co., Ltd
2836
2831 S. B.& B. W.Fleisher, Inc
327,832 Greene Cananea Copper Co
2836
2831 Savannah Sugar Refining Corp
4,237,940 Grennan Bakeries, Inc
2836
2831 Scott & Williams, Inc
3,568.495 Hartman Corp., Chicago
3088
53,798 Hawaiian-Commercial & Sugar Co_ _2709 Schulte Retail Stores Corp
3088
3084 SeovIll Manufacturing Co
56,961 Hayes Wheel Co
2832 Sears, Roebuck & Co., Chicago_ _2836
231,834 Holland-St. Louis Sugar Co
2836
2957
Selberling
Rubber
Co
Houston
011
Co
221,947
3088
3084 Sharp Manufacturing Co
Hudson Motor Car Co
1,066,955 Hunt Brothers Packing Co
3088
2709 Shell Transport & Trading Co
933.264 Hurley Machine Co
2957 Sheridan-Wyoming Coal Co.,Inc__ _2836
16,716,160 Hydraulic Steel Co
2836
2831 Simms Magneto Co
13.870.166 Independent Packing Co
2836
2832 Simms Petroleum Co
13,927 Intercolonial Coal Mining Co
2957 Simpson(Robert)Co.,Ltd.,Toronto _2836
15,o22 Intercontinental Rubber Co
2713
2957 Soden (0.A.) Co
251,461 International Buttonhole Sewing
2713
Spalding(A.G.)& Bros
229,005
Machine Co
2710 (S.) Slater & Sons,Inc
3089
39,116 International Combustion EngineerSouthwestern Power & Light Co_ _ _ _3089
37.535
2832 Southwestern Bell Telephone Co.-3089
lug Corp
836,760 International Mercantile Marine Co_2820 Sterling Coal Co.. Ltd
3089
624.584 International Nickel Co
2821 Standard Motor Construction Co_ _ -2836
36,649 International Shoe Co., St. Louts_..2832 Standard Optical Co.,Geneva,N.Y.2961
52,569 International Tel.& Tel. Corp_ 2944,
Stanley Works, New Britain, Conn_2836
42,440
2969, 2957, 3084 Stewart-Warner Speedometer Corp_2713
220,305 International Rubber Products Corp.2957 Stromberg Carburetor Co. of Amer185,841 Iron Products Corp
2832
lea
2713, 2837
184.944 Jersey Central Power & Light Corp.2957 Stutz Motor Car Co. of Amer_2961,3073
2,481,913 Jewell Belting Co
2957 Suburban Electric Securities Co__ _ _2961
2713
2,217,769 (Anton)Jurgens' United (Margarine)
Superior Oil Corti
2713
200.537
2832,2945 Swedish Match Co
Works
183.235 Kentucky Hydro-Electric Co
3085 Tennant Finance Corp., Chicago_-2837
1,011.543 Kings County Lighting Co_ _ _ _2832, 2957 Tennessee Eastern Electric Co
3089
896.882 (S. S.) Kresge Co
2832 Texas Power & Light Co
3089
30,210 (S. H.) Kress & Co
2837
2957 Todd Shipyards Corp
50,288 Lawrence Mfg.Co
2958 Terre Haute (Ind.) Water Works
584,323 Lehigh Valley Coal Co
Corp2713
2958
495,982 (P.) Lyall & Sons Construction Co..
2961
Thayer Foss Co., Boston
2837
Ltd
2710, 2833 Tonopah Mining Co
2714
Liggetts International, Ltd.,Inc_ _ _ _2958 Transcontinental Oil Co
2961, 3090
Lone Star Gas Co
2958 Tremont & Suffolk Mills
2837
McCrory Stores Corp
2833 Trenton(N.J.) Potteries Co
FINANCIAL REPORTS
2710 'Puckett Tobacco Co., Ltd.. HamMcQuay-Norris Mfg. Co
2837
ilton. Out
Mills of New Bedford..._2710
Annual, &c., Reports.-The following is an index to all Manomet
Oil Co
2958 Union Stock Yards Co. of Omaha,
annual and other reports of steam railroads, street railways Marine
2837
Maverick Mills, Boston
2833
Ltd
2958 Union Sugar Co.,San Francisco....2837
and miscellaneous companies published since and including Merrimac Mfg.Co
2837
Metropolitan Edison Co
2710, 2833 Union Twist Drill Co
May 31 1924..
Metropolitan 5 to 50-Cent Stores_ _ _2958 United Cigar Stores Co.of Amerlea_2837
This index, which is given monthly, does not include re- Mexican Light Sc Power Co., Ltd_..27l0 United Drug Co., Ltd., Canada__..2962
2962
Mexican
Petroleum Co., Ltd_2833, 2958 United Grain Growers. Ltd
ports in to-day's "Chronicle."
2701
Midland Counties Public Serv.Corp.2710 United Shoe Machinery Corp
Bold face figures indicate reports published at length.
Midway G
Gas Co
2958 United States Realty & Impt. Co.2702
2838
Miller
Trucking
States
Corn
Rubber Co. (Akron, 0.)._ _ _2710 United
Steam RoadsPage.
Electric Railways (Concluded)-Page.
Minnesota Power & Light Co
Boston & Albany RR
2958 Universal Pipe & Radiator Co_2714, 2838
2706,3080 Minn
2697 Tide Water Power Co
Monarch Knitting Co.,Ltd
2710 Universal Winding Co., Boston_ _ _ _3090
Canadian National By. Sy8tem____2818 Union Street RY., New Bedford,
2962
Chicago Indianapolis & LouLSv. Ry-2823
2825 Montgomery Ward & Co., Chicago_2833 Utah Gas de Coke Co
MBAS
2838
Chicago St. Paul Minneapolis &
3086 Van Doren Iron Works Co
United Light & Power Co__ _ _2706, 2951 Montreal Water & Power Co
2962
Co
Mount
Detinning
Royal Hotel Co., Ltd
2710 Vulcan
Omaha By
2820, 2944, 2966 Utah Light & Traction Co
3080
2838
Chicago Rapid Transit Co
2833 Waldorf System,Inc
3080 Munson Bldg., N. Y. City
2699 Utah Power & Light Co
2962
Cleve. Clue. Chi. & St. Louis By._2703 Winnipeg Electric By
2959 Waltham Watch & Clock Co
3081 (J. W.) Murray Mfg. Co
2962
Nashawena Mills, Boston
Colorado & Southern By.Co
2710 Walworth Mfg. Co., Boston
2698
3090
National Breweries, Ltd
Denver & Interurban RR
2710 Ward Baking Co
Industrials2703
..2962
I.
Centreville.
R.
Mills.
Elgin Joliet & Eastern By.-2703,2820 Abbots Alderney Dairies, Inc
National
Cash
Warwick
Register Co
2710
2707
Florida East Coast By. Co
2711 Washington (D. C.) Gas Light Co..2962
_2826 National Leather Co
2700 Adirondack Power & Light Corp
2838
Fort Worth & Denver City By
2834 Wellman-Seaver-Morgan Co
3081 National Power & Light Co
2703 All America Cables, Inc
3090
Interborough Rapid Transit Co_ _ _ _2948 Amalgamated Sugar Co
2711 Weber Showcase & Fixture Co
2826 National Tea Co
2962
Kansas City Southern By._2818, 2839 American Brick Co
3086 West Kootenay Power Co
3081 Nebraska Power Co
2838
Kan. City Kaw Valley & West. Ry.2948 American Felt Co
2711 Western Grocers. Ltd
2951 Neild Mfg. Corp
2838
Louisiana Southern RY
3086 Westmoreland Coal Co
2704 American Laundry Machine Co_ _ _ _2826 New Bedford Cotton Mills
2838
2711 Weyenberg Shoe Mfg.Co
Mississippi Central RR
2700 American Pneumatic Service Co_._ _2952 New Britain Machine Co
Boston
2962
Co.,
White
National Rys. of Mexico
2952 New Mexico & Arizona Land Co__ _2834 (R. H.)
2824 American Public Service Co
New Orleans Tex.& Mex. Ry_ 2700, 2704 American Water Works& Elec. Co_ _3081 New River Co
2959 Whitman Mills of New Bedford....3090
2972
New York Central RR
2827 Newburyport Gas Sc Electric Co__ _2711 Wickwire Spencer Steel Corp
2696, 2715 Ames-Holden-McCready, Ltd
2838
New York Chicago At St. Louis RR_2949 Arkansas Natural Gas Co
2711 (F. W.) Woolworth Co
2707 New York Steam Corp
3090
Northern Pacific By. Co
New
York
Williams
Tool
3074
Coro
Telephone
2959,
Co
Print
Works,
North
Adams,
2037, 3091 Arnold
Co3090
Co
Copper
Paris-Lyons-Mediterranean BR..._2705
3087 Winona
Mass
2827 Newton Steel
Phila.& Reading By.Co
2711 Youghiogheny Hydro-Electric Corp.2714
2707 Niles-Bement-Pond Co
2820, 2944 Art Metal Construction Co
(Md.)
Reading Company- _...2820, 2944, 2963 Atlantic Gulf & W IBS. Lines
2711
2827 Nonquitt Spinning Co
3090
Sullivan County RR
2711, 2834 (J. S.) Young Co., Baltimore
2707 North American Co
2825 Balaban & Katz Corp
2714
Terre Haute Indianapolis & Eastern
Barnsdall Corp
2828 North Counties Hydro-Electric Co._3087 Youngstown Sheet & Tube Co
Co
3090
Car
Traction Co
Steel
Nothern
Youngstown
Mexico Pr.& Bevel. Co.. _3087
2952
3080 Beatrice Creamery Co
Toledo de Ohio Central By
2952
2699 Bertha Consumers Co
Trinity & Brazos Valley By
2952
2706 (C. L.) Best Tractor Co
Ulster de Delaware RR. Co
Exchange Buffet Corporation.
2822 Borg & Beck Co. of Illinois
2953
Western Pacific RR
2306, 2697 Brandram-Henderson, Ltd_ _ _2708. 2828
Wheeling & Lake Erie By
2699 British Columbia Breweries, Ltd_ _ _2708
(11th Annual Report-Year Ended April 30 1924.)
Brookside Mills, Boston
2828
Electric RailwaysBurns Bros.(N.J. de N.Y.)_2708, 2828
President
Henry de Jongh, New York, June 20, wrote
Baton Rouge Electric Co
2946 Burroughs Adding Machine Co
3082 in substance:
Brooklyn-Manhattan Transit Co_ _ _3075 BushTermlnalCo
2708, 2821
Federal Light & Traction Co_ _2703,2824 Butte de Superior Mining Co
2708
Sales decreased as compared with the year previous and the corporation
Georgia Ry.& Power Co
2824 Calgary Power Co
3082 closed the year with a net profit after all charges but before depreciation of
Illinois Power & Light Corp
2704 California Oregon Power Co
2954 $578,157. The write-off for depreciation-$104,087-was maintained at
Indianapolis Street By
•
3073 California Petroleum Corp
2708 the same rate as heretofore.
Key System Transit Co
2949 Canadian Converters Co
2954
Dividends.-Dividends were maintained for the year at the annual rate
Lake Superior District Power Co_._2704 Canadian Fairbanks-morse Co.,Ltd.2828 of$2 per share, quarterly payments of 50 cents per share having been made
Middlesex & Boston Street By
2704 Canadian Paperboard Co., Ltd
2708 on July 31 and Oct. 31 1923 and Jan. 31 and April 30 1924. To meet this
New Bedford Sc Onset Street By.- _ _2704 Casein Co.of America(N.J.)
2708 disbursement, surplus account was drawn on to the extent of $23.720.
Newport Electric Corp
2949 Central Power Co. (of Del.)
2828
Federal Taxes and Reserves.-There was charged out of the profits for the
Northern Ohio Traction de Light Co_ 3078 Chanslor & Lyon Co.. San Fran__ _ _2708 year ended April 30 1924 the sum of $64,000 as a provision for Federal
Public Service Corp. of N. J
2705 Childs Co., New York
2955 Income taxes for the fiscal year. The board is glad to report a satisfactory
Puget Sound Power & Light Co_._ _2950 Cincinnati Gas& Electric Co
2955 settlement with the Department of Internal Revenue in the matter of
Quebec By.. Light, Heat & Power2180 Cities Service Co
2708, 3082 Federal taxes for the years 1917 to 1920, inclusive. Instead of having to
Co., Ltd
2950 Clark's Ferry Bridge Co
3082 pay a large amount as additional taxes, the threatened assessments were
Railway & Light Securities Co
2950 (John T.) Connor Co
2829 canceled and a small cash refund obtained.
San Diego Electric By
2706 Continental Motors Corp
2829
Including previous years' tax reserves, and with other adjustments
San Joaquin Light & Power
2180 Corticelll Silk Co
2829 recommended by the board and approved by accountants, the account
2706 Cosden & Co.(Del.) de Subs
Springfield Street By
2945 heretofore carried as "reserve for insurance" is now set up as "reserve for
Power
Co
2825 Cuban Telephone CO
Tennessee Electric
1083 contingencies" as shown by the balance sheet.
Fixed
Gross
Net after
Charges.
Earnings.
Taxes.
Companies.
3
Iream
5,910
A.sheville Power & May '24
*36,865
84,658
5,219
Light
'23
*29,063
78,252
12 mos end May 31 '24 1,014,171
*418,262
66,164
62.546
'23
927,182
*349,718
May'24 1,071,466
Bkg
on City RR
40,711
233.040
'23 1,086,875
51,117
300,655
11 mos end May 31 '24 11,199.301 2,377,305
522,890
'23 11,139.608 2,585,291
573,741
Carolina Power & May '24
38.815
*75.268
191.158
Light
'23
23,698
176,139
*62,695
12 mos end May 31 '24 2,428,054 *1,170.881
415,833
'23 2,111,241
238,089
*864,707
Cleveland Painesv Apr '24
8,507
8.175
49,757
& Eastern
'23
13,746
54,441
10,360
4 mos end Apr 30 '24
34,052
206,106
38,721
'23
54,771
36,741
219,680
E St Louis &
May 24
*67,085
56,722
319.324
Sub Cos
'23
356,987
*83,290
53,790
12 mos end May 31 '24 4,207,614 *1,030,590
653,314
'23 4,280,820 *1,235,332
632,429
E St Louis & Sub
May'24
115,645
15.624
*9.536
-Alton Cos
'23
120.662
15.664
*27,330
12 mos end May 31 '24 1,426,968
187,742
*217,188
'23 1,382,934
187,198
*164,668
Great Western
May '24
636.829
215,090
368,582
Power Syst
'23
562,483
348,286
210,718
5 mos end May 31 '24 3,176,850 1,902.310 1,073,365
'23 2,988,113 1,872,800 1,057.119
Lake Shore Elec
Apr '24
247,862
51,438 . 35,198
By
'23
235,528
35,571
50.594
4 mos end Apr 30 '24
983,716
141,276
209.773
'23
892,889
177,139
142.210
Milwaukee Bloc
Ma3, '24 1.835,508
*515.317
196,666
By
'23 1.805.802
*508,818
180.986
12 mos end May 31 '24 22.601,947 *6,607,733 2,369,793
'23 20.980,914 *5921951 2,352,456
New York Dock
May '24
274,291
159,556
z105,758
'23
280,936
z107,706
164,667
5 mos end May 31 '24 1,329,814
763,671
z531,837
'23 1.396,889
762,711
z540,764
North American
May'24 6.403,166 *2,367,725 1,300,770
Co
'23 6,059,160 *1,858.920
925,656
12 mos end May 31 '24 77,664,2794,29,532,630 12.816,470
'23 65,967.353*23,933,813 10,063.647
Pine Bluff Co
May:24
58,729
23,546
9,619
9,431
24,753
12 mos end May 31 '24
885,205
360.416
180,955
'23
867,208
337,990
108.985
Texas Electric By May'24
217,026
35,642
74,758
'23
212,795
74,462
36,927
12 mos end May 31 '24 3,040,480 1,272,274
435,514
'23 2.736,675 1,078,145
453,561
Third Ave By
May'24 1,297,506
225,228
*261,877
System
'23 1,269,952
*275,384
222,815
11 mos end May 31 '24 13,376,994 *2,512,944 2,470,504
'23 13,126,649 *2,692,634 2,472.329
Utah Power &
May '24
694,693
*362,931
177,090
Light Co
'23
159,071
644,637
*344,015
12 mos end May 31 '24 8,971,893 *4.612,838 2,130,925
'23 7,704,628 *4.153,655 1,935,886
Washington Water May'24
428,382
252,534
51,997
Power Co
'23
410.732
236.499
53,264
5 mos end May 31 '24 2,181.304 1,268,293
256,750
'23 2,048.540 1,157.297
260.415
Yadkin River
May '24
134,291
*64,765
34,555
Power Co
'23
161,189
*84,304
34,016
12 mos end May 31 '24 1.860,138
*998,028
413,705
'23 1,502,463
281,268
777.250
• After allowing for 'other income.
z Includes.taxes.
Balance.
13urntus.
[VoL.
THE CHRONTOLE
3194
Capital.-Capital was increased by $25,846, representing the completed
payments by officers and employees on subscriptions for stock under the
plans of June 21 1922 and July 6 1923.
The corporation has no funded debt, bank loans or notes payable.
Stock Subscription Plans.-.As a result of officers' and employees' stock
subscription plans numbered 1, 2 and 3, dated respectively June 15 1921.
June 21 1922 and July 6 1923, the sum of $175,522 has been added to the
capital account. Subscriptions for 570 shares are still in force.
INCOME ACCOUNT FOR YEARS ENDED APRIL 30.
1922.
1923.
1924.
$815,753
$732,953
$670,099
Gross profits
89,375
93,412
104,087
Deduct-Depreciation
30,948
39.280
27,941
Interest
7,172
7.731
Amortization of debt discount & exp
150,000
70,000
64,000
Provision for Federal Income tax
($2)497,790 ($2)485,2054650453584
Dividends
American Car & Foundry Co.
(25th Annual Report-Year Ended April 30 1924.)
The report of President W. H. Woodin, with balance sheet,
income account, &c., will be found on a subsequent page.
Net earnings
Prof. diva. (7%)
Dirs. on Corn. (12%)
$6,304,967 $6,213,611 $6,583,320 88.550,856
2,100,000 2,100,000
2,100,000
2,100,000
3,600,000
3,600.000
3,600.000
3,600,000
$84,674
$37,325
def.$23,719
Net profit
CONDENSED BALANCE SHEET APRIL 30.
1923.
1924.
Liabilities1924.
1923.
AssetsCapital stock_ _ _z8.4,188,914 $4,164,268
Good-will & lease141,813
99,353
Federal
taxes
$2,551,175
82,551,173
holds
332,441
Equip. & fixtures_x1,226,754 1,210,014 Accounts payable_ 259,819
13,500
Interest accrued
17-23 John St. real
100,000
600,278 Reserve for Maur
estate equity_ _ _ y591,472
127,163
Res. for conting
75 Maiden Lane
330,294
306,575
215,220 Surplus
Corp. 2d M.6s, 202,980
15,000
15,000
U.S. Liberty bds_
16,155
3,750
Employ. subserip_
117,545
Inventory at cost_ 106,529
2,546
4,026
Sundry debtors_ _ _
295,248
236,319
Cash
Total(each side) 84,975,324 85,068,816
45,635
37,319
Deferred charges
Balance
Previous surplus
$604,967
$513,611
$883,320 $2,850,855
36,673,499 36,159,888 35,276,568 32,425,712
RESULTS FOR FISCAL YEARS ENDING APRIL 30.
1920-21.
1923-24.
1922-23.
1921-22.
Earningsfrom all sources
after providing for tax.810,786,574 $10,633,562 89.051,721 $13,212,816
4,661,960
2,468,401
4,419,951
Renewals,repairs,&c_ - _ x4,481,607
537,278,466 536,673,499 $36,159,888 $35,276,568
Total surplus
x Includes yearly renewals, replacements, repairs, new patterns, flasks.
&c.
BALANCE SHEET APRIL 30.
1924.
1923.
1924.
1923.
Assets$
Liabilities$
$
Cost of prop*ties 73,359,828 72,758,547 Preferred stock- 30,000,000 30,000,000
Materialon hand 16,53,747 29,111,488 Common stock_ 30,000,000 30,000,000
Accts. and notes
Accts. Day., &e_ 12,272,809 18,547,721
receivable___ 11,918,597 15,023,070 Federal taxes__. 680,000
748,092
Stocks & bonds
Insurance res_ __ 1,500,000 1,500,000
Of other comFor gen. overh'd
panies (at cost
'mots.& main.
254,846
212,642
or less)
6,257,206 5,536,721 Reserve for divs.
U. S. etis, of inon Gore. stock 10,800,000 10,800,000
debtedness dr
Res.for employ_
164,092
148,052
Liberty bonds 8,856,864 2,146,813 Divs. pay.July 1 1,425,000 1,425,000
Cash
7,590,726 5,536,611 Surplus account 37,278,486 36,673,499
x Equipment and fixtures ofrestaurants and cigar stands at cost, $2,008.376; less reserve for depreciation, $781,622; balance, $1,226,754.
y 17-23 John St., real estate equity: Land and building at cost, $1,071,561: less reserve for depreciation, $30,088; total, $1,041,472: less mortTotal
124,316,969 130,113,249
gage thereon due Nov. 1 1924, not assumed by Exchange Buffet Cor-V. 118, p. 2044.
poration, $450,000, leaving, as above shown, $591,472.
and
of
a
deno
par
value
stock
250,000
shares
or
Capital
authorized,
z
clared value of $5 per share, issued, 249,344 shares, $4,156,021, subscribed
for (by employees) or unissued, 570 shares (per contra), $12,892; total,
249,914 shares, of 54,168,914.-V. 118, I)• 799.
Total
124,316,969 130,113,249
GENERAL INVESTMENT NEWS.
Michigan Central Railroad Company.
(78th Annual Report-Year Ended Dec. 31 1923.)
The text of the report is cited fully under "Reports and
Documents" on following pages, together with the tabular
summary of financial operations affecting income for the
years 1922 and 1923.
Our usual comparative income account was published in
V.118, p. 1518.
OPERATING STATISTICS FOR CALENDAR YEARS.
Operations-.
1923.
1922.
1921.
1920.
Passengers carried
4,991,450 4.669,252
5,234.397
6,934,985
Pass.carried one mile_ _ _608,450,420 551,718,856 554.273,787 741,012,755
Rev. per pass. per mile
3.529 eta. 3.489 cts. 3.611 cts. 3.179 eta.
Revenue tons moved_ _ _ 32,323,248 25.281,826 20.471.263 30,203,776
Rev,tons car. 1 mile-.4,863.930.489 3852215,656 3127686,246 4824739,972
1.446 eta. 1.462 eta.
Rev. per ton per mile.. . 1.319 eta.
1.444 cts.
Tons rev. ft. per tr. mile
667
604
578
• 761
GENERAL BALANCE SHEET DEC. 31.
1922.
1923.
1923.
1922.
Liabilities-$
Assets$
Road & equipl_ 147,536,558 127,979,163 Capital stock__ _ 18,736,400 18,738,400
Equip. oblig•ns_ 34,583,308 27,284,404
Impt. on leased
3,048,244 2,990,950 Mortgage bonds 40,778,000 40,778,000
property
Loans and bills
Deposits in lieu
86,653
payable
3,794
3,050,000
of mtge. prop_
Misc.phys.prop. 1,694,296 1,520,768 Traffic,arc., bal. 3,388,280 4,191,119
Accts. Sc wages_ 8,457,046 5,060,230
Inv.in aftII. cos.:
8,854,894 8,854,795 Misc. accounts
Stocks
853,652
Payable
853,652
1,283,869
Bonds
884,790
783,508 Int., dive., &c.,
783,508
Notes
matured
493,909
Advances _ _ .._ 3,519,104 1,620,931
488,772
242,416 Divs.declare& _ 1,873,640 1,873,640
Other investmqs 1.486,507
3,909,378 12,314,074 Inttrest Ot rents
Cash
accrued
1,112,653 1,843,343
Special deposits_ 2,755,474 4,373,157
3,862 2,158,113 Other current liaLoans& bills rec.
bilities
749,684 1,043,534
1,060
1,060
Traffic,&c.,bal.
Aids. & conduc_ 2,236,143 2,625.288 13.5. Govt.def'd
40,111,352
Matls & sup& _ 8,756,453 6,742,648 liabilities _
353,273 1,292,022
Misc. accts. rec_ 3,408,600 6,124,561 Other def.liab _
348,197 Tax liability ___ 6,158,262 5,254,728
302,259
Int. & diva. rec.
3,132,201 Insur., &c., res.
6,080
Compens'n due_
Operat.g reserve 1,539,468 1,839,519
U.S.Govt.def'd
27,242,784 Accrued dePrec_ 15,379,422 13,498,324
assets
51,228 0th. unadjusted
36,116
Other def. assets
credits
5,337,092 4,392,268
Disc, on funded
1,601,659 1,165,134 Add•ns to prop.
debt
through inc.
Oth. unadj. deb. 2,5.37,752 1,860,912
and surplus.. _ 8,890,383 6,701,005
Profit and loss_ _ 47,905,794 36.833,691
Total
194.075,939 214,114,668
194,075,939 214,114,668
Total
Securities issued or assumed-unpledged,$6,679,600.-V. 118, p. 1518.
Manhattan Shirt Company.
(Semi-Annual Report-6 Months Ended May 31 1924.)
INCOME ACCOUNT FOR 6 MONTHS ENDED MAY 31 1924.
.
[Including Solway Dyeing & Textile Co.]
Operating profit, $786.656; other income,$4,910; total income.. $791,566
98,831
Tax reserve
Preferred dividends. $56,000; Common dividends, $425,267;
481,267
total
$211,468
3,331,219
Surplus
Previous surplus adjusted
$3,542,686
Total surplus
Deduct amount appropriated and used for the retirement of
1,400,000
Preferred stock
1,400,000
Add reserve for retirement of Preferred stock
$3.542,686
Surplus May 31 1924
COMPARATIVE BALANCE °SHEET.
May 31'24. Nov.30'23.
May 31'24. Nov,30'23.
Liabilities$
$
$
$
AssetsPreferred stock_ __ 1,600,000 1,600,000
Latukbings.,mach.,
Common
stock_
__
7,090,173
7,090,173
1,487,554
1,453,173
&c., less deprec_
Notes & accts. pay.
Trade name, goodwill & patterns_ 5,000.000 5,000,000 & accrued accts_ 2,820,508 3,139,623
115,426 Res. for corn. My_ 212,638
114,929
Investments
969,940 Applied to retiring
834,361
Cash
Preferred stock_ 1,400,000 1,400,000
Notes & accounts
2,648,219 2,273,410 Reserve for Federal
receivable
and N. V. State
5,349,158 5,475,764
Inventories
223,727
taxes
250,000
89,051
89,893
Deferred charges
Profit and loss._ _ _ 2,142,687 1,931,348
Total
15,489,733 15,411,144
-V. 118, P. 309•
Total
15,489,733 15,411,144
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
mterest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Shopmen's Wage Demand Opposed.-Twenty roads against revision of
overtime payments. N.'F. "Evening Sun" June 24, p. 27.
Long Island RR. Seeks Rate increase.-The Long Island RR. has filed
with the P. S. Commission in Albany, and the Transit Commission in
New York. new passenger tariffs which provide for uniform increases of
20% on all commutation rates. This includes monthly, 60-trip tickets,
50-trip family tickets and 46-trip school tickets. The new rates will
become effective July 25. N. Y. "Times" June 25, p. 37.
Southern Pacific Wins Rate Decision.-1.-9, C. Commission approves
reduction on rail and water shipments from New York. New tariff seen
as step toward obtaining more equitable distribution of traffic. N. Y.
"Times" June 21, p. 19.
Detroit Street Railway Wage Dispute.-Wage dispute has been carried to
the State Supreme Court, The Street Railway Commission has refused to
deal with union officials and is negotiating with a committee elected by
employees. "Wall Street Journal" June 25, p. 2.
Rail Valuation in Nebraska.-Valuation of all the railroads in Nebraska
for taxing purposes has been reduced 1$1,076,615 from 1923. The 1924
valuation is $314568,092. N. Y."Times" June 24. p. 32.
Authorized Statistics -The Car Service Division of the American Railway
Association, June 19, issued the following statement:
Class 1 railroads during the month of May installed 11,364 freight cars
and 153 locomotives. During the month of April 9,539 cars and 97 locomotives were placed in service. Of the freight cars installed during the
month of May, box cars totaled 3,521: coal cars totaled 3,141, and refrigerator cars 2,391. Freight cars placed in service during the first five months
this year-that is, from Jan. 1 to June 1-totaled 58.555, compared with
61,809 installed during the corresponding period last year. Of the total
number placed in service during that period in 1924, box cars totaled 26.829;
coal cars, 18,822, and refrigerator cars, 4,937.
Freight cars on order on June 1 totaled 61,256,of which box cars numbered
29,995,coal cars 15,289,and refrigerator cars 6,257. On June 1 1923 Class 1
railroads had on order 107,079 freight cars, which included 45,709 box cars,
43,113 coal cars and 13,237 refrigerator cars. Reports also showed 911 locomotives installed in service during the first five months this year, compared
with 1,697 during the corresponding period in 1293. Locomotives on order
on June 1 this year totaled 447, compared with 2,041 on the same date last
year.
Class I railroads on June 14 had 362,961 surplus freight cars in good
repair and immediately available for service. This was an increase of
6,238 over the number reported on June 7 at which time there were 356,723.
Of the total number, surplus box cars on June 14 totaled 153,457, an
increase of 7,186 within a week, while the number of surplus coal cars
totaled 169,133, a decrease of 3,178 within the same period. Surplus
stock cars totaled 18,407, an increase of 1,397 over the number reported
on June 7. There was also an increase of 69 in the number of surplus
refrigerator cars which brought the total for that class of equipment to
13,225.
No car shortage is being reported.
Matters Covered in "Chronicle of June 21.-(a) W. G. Basler of Central
RR.of New Jersey says price deline has begun, p. 3025. (b) Newly formed
Railroad Owners' Association, p. 3042. (c) Howard Elliott's address at
Trinity College commencement-need of stability of railroad conditions,
p. 3042. (d) I. 5. C. Commission orders readjustment of express rates,
to. 3042. (e) American Express Co. held under I. S. C. Commission rule15. S. Supreme Court sets aside an injunction restraining Commission from
interfering, p. 3044. (f) Shipments and orders for railroad locomotives
increasing, p. 3024..
American Electric Power Co.-Investigation.The P. S. Commission of Pennsylvania has announced that it will hold
an inquiry into the sale of stock of the company on July 2. The company
controls the following utilities operating in Pennsylvania: Altoona & Logan
Valley Electric Ry., Scranton Ry., Chester County Light & Power Co.,
Carbondale Gas Co. and Southern Pennsylvania Traction Co. The investigation by the Commission is to determine to what extent,if any,the public
service being rendered by the subsidiary companies will be affected by the
transfer of stock control.-V. 118. p. 2946, 2823.
Ann Arbor RR.-Asked to Take Interest in Manistee Line.
Negotiations, it is said, are now under way for the transfer of a part
ownership of the Manistee & North Eastern RR. to the Ann Arbor. The
plan, it Is said, is for the Ann Arbor to take over $52,000,000 of the total
capital stock of the Manistee & North Eastern RR. and dispose of onehalf of this amount to the manufacturers along the railroad. The Manistee
& North Eastern Owns about 180 miles of line. It was incorporated in
1887. On Dec. 24 1918 the Federal Court appointed the Michigan Trust
Co. receiver. The company has a funded debt of $1,012,000.-V. 118,
p. 2178.
Arkansas Central Power Co.-Bonds Offered.-Harris,
Forbes & Co., Bonbright & Co., Inc., and Tucker, Anthony
& Co. are offering at 100 and int. $1,000,000 1st Lien &
Ref. Mtge. Rold bonds,6% series, due 1948. Dated Apriljl
1923, due April 1 1948 (see description in V. 116, p. 2004).
JUNE 28 1924.]
THE CHRONICLE
Data from Letter of V.-Pres. E. H. Hill, Little Rock, Ark., June 20.
Corn pany.-Does the entire commercial electric power and light and
street railway business in Little Rock, Ark., and provides all electricity
commercially distributed, directly and indirectly, in North Little Rock.
The street railway system has for many years produced substantial profits,
but the comparatively greater growth of the electric power and light business
Is steadily increasing the relative importance of the latter, well over half
of the gross earnings for the 12 months ended May 311924. being derived
from the sale of electricity.
Company owns and operates a modern electric generating station situated
about one-third of a mffe from the centre of the business district of Little
Rock on the south bank of the Arkansas River and having a total installed
generating capacity of 19,900 k.w. The output of this plant is distributed
to more than 14.200 customers, with a connected load of over 32.400 k.w.,
by means of a system which includes 27 miles of high tension transmission
and 146 miles of distributing system. The street railway system includes
over 15 miles of double track and over 11 miles of single track, equivalent
to a total of more than 41 miles of single track. Practically all of the
double track and a substantial part of the single track is laid in paved
streets and heavy rail has been used exclusively. The property has been
well maintained and Is in excellent operating condition.
Valuation.-The value of the property as of July 31 1921 for rate making
purposes, as recognized by the City Council. plus subsequent expenditures
for additions and improvements made, and to be made with proceeds from
the sale of these bonds, amounts to more than $8,000,000.
Net Earnings of Mortgaged Properties 12 Months Ended May 31 1924.
Gross earnings
$2,124,635
Net, after operating expenses, maintenance and taxes
784.880
Annual interest on bonds with public (including this issue)
324,810
Balance
$460,070
CapitalizationAuthorized. Outstanding.
150.000 shs.Common stock (no par)
shs. 150,000 shs.
Prof.stock(no par)(diva.07 per sh, per ann.cum.)150.000
sits. 10,008 abs.
20.000
1st Lien & Ref.M.6s, series due 1948 (incl. this iss)
$3,500,000
a
Underlying bonds
(Closed)
y2,092,500
x Limited by the conservative restrictions of the mortgage.
y
In
$2.473,000 of these underlying bonds are pledged as additional addition
security
for the 1st Lien & Ref. Mtge. Gold bonds and $434,500
are held alive in
sinking funds.
Superrision.-Operation of property is supervised by the Electric Bond
& Share Co.-V. 116, p. 2005.
3195
May 1 1966, making the total aprilled for series "A" $3,261,000 and series
"B" $4,000,000.-V. 118. p. 2946, 2823.
Chicago North Shore & Milwaukee RR.-Plans for
Financing Waukegan Extension.The new Skokie Valley line of the company, extending from the ChicagoEvanston boundary line at Howard St., westward to Niles Center and thence
north to Waukegan, is expected to be completed early in 1925. The line
from Howard St. to Niles Center will be used jointly by the company and
by the Chicago Rapid Transit (elevated) Co. Substantially all of the
necessary right of way has already been obtained. The extension is being
constructed by the Chicago North Shore & Northern RR., a subsidiary of
the Chicago North Shore & Milwaukee, and in order to facilitate financing
the undertaking, it is proposed to consolidate the two roads and for that
purpose a special meeting of stockholders has been called for Aug. 19.
Referring to the financial aspects of the consolidation,
Mr. Insull said:
It had been determined that the most economical method of raising the
necessary money to reconstruct this new line is to consolidate the Chicago
North Shore & Milwaukee RR,with the Chicago North Shore & Northern
Ry. and to issue and sell bonds under the 1st & Ref. Mtge.indenture heretofore adopted by the former company,and which indenture will be adopted
by the proposed consolidated corporation. The 1st Mtge. of the Chicago
North Shore & Milwaukee RR., the properties of which in 1923 were acquired by the Chicago North Shore & Milwaukee RR.(and that mortgage
indenture adopted by the present company), limited the Issue of bonds
thereunder to $10,000,000. Only $4,060,000 of those bonds are now outstanding and in the hands of the public, the balance of about $3,500,000
being either in the treasury of the company or used to secure term notes.
It is proposed to acquire $60,000 of these bonds in the hands of the public.
then to cause to be issued to reimburse the treasury of the present corporation for capital expenditures already made enough bonds to make a total
issue of$9,500,000 of these 1st Mtge. bonds and following this by closing the
1st Mtge. indenture at that figure; immediately thereafter $5,500,000 of
these 1st Mtge. bonds will be deposited with the trustee in the 1st & Ref.
Mtge. indenture as additional security for bonds issued thereunder. The
1st Mtge. indenture will not be adopted by the proposed consolidated corporation so that the 1st & Ref. Mtge. bonds will be a first lien on the new
property and at all times a first lien on all of the properties of the consolidated company, subject only to the $4.000,000 of such 1st Mtge. bonds in
the hands of the public. The 1st & Ref. Mtge. indenture is without limit
Atlantic City & Shore RR.-Men on Strike.as to the amount of bonds which may be issued thereunder, but contains
The employees of the company went out on strike on June 21, the demand rigid restrictions as to the issue of bonds.
for an increase of 10 cents an hour on local lines and
The new line, which will be completed early in 1925, will open up and deof 5 cents an hour on
suburban lines not having been granted.-V. 113,
velop a rapidly growing new territory and the elevated roads of Chicago
p. 291.
owned
and operated by the Chicago Rapid Transit Co. will enter into a
Baltimore & Ohio RR.-Bonds Authorized.contract with the consolidated company for operation over the new line to
The I.-S. C. on June 17 authorized the company (1) to issue $35,000,000 Niles Center, under
contract a large part of the carrying charge of
Ref. & Gen. Mtge..6% bonds, Series "0";said bonds to be sold to Kuhn. that section of the newwhich
line will be borne by the Chicago Rapid Transit Co.
Loeb & Co. and Speyer & Co. at not less than acg and
[The proposed consolidated corporation will have the same capitalization
int.;
(2)
to_pledge
with the trustees of the Ref. & Gen. Mtge. a total of $7,712,300 of Toledo- as far as capital stock is concerned as the present Chicago North Shore &
Cincinnati division 1st Lien & Ref..Mtge. bonds, consisting
of Series "A," Milwaukee RR.}-V. 118, p. 1267. 1134.
"B'.' and "C":(3) to pledge with the trustees of certain mortgages, as their
Interests may appear, $5,000,000 of Schuylkill River East Side RR. 1st
Chicago North Shore & Northern RR.-Merger, &e.Mtge. bonds.
See Chicago North Shore & Milwaukee RR. above.
The Commission on June 16 (1) authorized the company to issue
$4.160,000 Ref. St Gen. Mtge.6% bonds. Series "B";said bonds, or any part
Chicago & North Western Ry.-Bonds.thereof, to be pledged and repledged, from time to
until otherwise
The I.-S. C. Commission on June 17 authorized the company to issue
ordered, as collateral security for any note or notestime,
that may be issued. and sell not exceeding $3,150,000 Gen. Mtge. gold bonds of 1987. It is
(2) Authorized subsidiaries of the company to issue various bonds
and represented that the company proposes to negotiate the sale of the bonds
deliver them upon the order of the B. & 0. to trustees under certain mortat the best price obtainable in the market, but not less than 98% and int.
gages.-V.118. p. 2946. 2823.
See offering in V. 118, p. 3076.
Bangor Railway & Electric Co.-Utilities to Merge.The following is taken from the "Electrical World" of
June 21:
Electric. gas and railway utilities serving eastern Maine with headquarters at Bangor have organized the Bangor Hydro-Electric
Co. with a
capitalization of $10.000,000 to acquire the properties
and
of
the Bangor Ry. & Electric Co.. Bar Harbor & Union Riverfranchises
Power Co.
Bangor Power Co., Lincoln Light & Power Co. and other
be
property
to
acquired by the last-named from the Montague-Howland Electric Co.,
Penobscot Light & Power Co. and Edward M.Graham. Hancock,Penobscot and Washington counties are served by the proposed company.
The
papers of incorporation have been approved by the Attorney-General
of
Maine. The capitalization is equally divided between Common and
Preferred stock.
Marked economies in financing and administration are anticipated from
the merger. There are about 77,000 people in the territory covered, and
the total generating capacity now in service or shortly
to be in use is 22,439
h.p. The company will have about 16,000 customers, and the present
system output, requiring no steam station service from one end of the year
to the other, is about 63,000,000 k.w.-hr. The officers of the new company
are: Pres., Edward M. Freese; Treas., Howard Corning; directors, Er. M.
Graham, A. E. Bass, C. D. Stanford, J. N. Towle, H. Corning and F.
3d. all of Bangor.-V.118, p. 309.
Chicago Railways.-Listing.-
•
The New York Stock Exchange has authorized the listing of $1,700.000
additional 1st Mtge. 20-Year 5% Gold bonds. due Feb. 1 1927, making
the aggregate applied for 555.655,000.-V. 118, 1)• 2178. 1771.
ChoctawPower & Light Co.-Bonds Called.All of the outstanding 1st Mtge. 5% Gold bonds due Sept. 1 1941 have
been called for payment Sept. 1 at 105 and int. at the Guaranty Trust Co..
trustee. 140 Broadway, N. Y. City.
Upon surrender of any of the bonds with all unmatured coupons attached
at the trust company at any time prior to Sept. 1, 1924, the bonds will be
paid at the principal amount thereof and accrued interest thereon to the
date ofsuch surrender.-V.118. P. 2571.
CincinnatiDayton & Toledo Traction Co.-Stockholders Freed of Liability.-The Cincinnati "Enquirer" of June 22
had the following:
Stockholders of this insolvent company will not be required to make up
a deficit of several hundred thousand dollars in the payment of a bond issue
which matured recently, the Ohio Supreme Court ruled on June 21.
The ruling was made in three cases, considered simultaneously, in which
Dwight S. Marfield, the Missouri Province Educational Institute and
George Kinsey, all bondholders or representatives of bondholders, were
Barcelona Traction, Light & Power Co., Ltd.-Plan plaintiffs. The decision affirmed the Hamilton County Common Pleas
Court and Court of Appeals.
Approved-Bonds Offered.-The bonds,amounting to $1,350,000, were issued in 1900 by the old SouthThe bondholders, according to London advices, have adopted the reor- ern Ohio Traction
(Jo., but were assumed In 1902 by the C. I). & T.. into
ganization plan without change. See outline in Vol. 118. p. 3075.
which the Cincinnati Southern and other lines were merged. When the
An issue of £2,800,000 6 % Prior Lien bonds is being offered in London pond issue matured
and the C. D. de T., then insolvent, was sold to satisfy
at 91 by J. H. Schroder & Co.-V. 118, p. 3075.
the claims, it was found that the amount realized was several hundred
dollars short of being sufficient to retire them.
Birmingham (Ala.) Electric Co.-Stock to Employees.- thousand
immediately went to court in an attempt to have the
The company is offering to its employees an issue of Prof. stock, no par C.Bondholders
D. & T. stockholders held to be liable for the shortage. The Hamilton
value. Payment may be made either in cash at $92 a share, or
on the par- County Common Pleas Court sustained a demurrer of the stockholders made
tial payment plan at $97 a share. Dividends are cumulative at the rate on the grounds that the
bonds issued by the Southern Traction Co. conof S7 per annum. Each employee may purchase up to 10shares of the stock. tained a clause in which
the stockholders waived personal responsibility
-V. 118, p. 2040.
for the issue.
The bondholders charged that this did not apply in the case of the
Boston & Maine RR.-To Pay Bonds.The $373,000 1st Mtge. 7% bonds of the Troy & Boston RR. maturing C. D. & T. stockholders, although their company had assumed the bonds
July 1 will be paid upon presentation at the office of the Treasurer of the and that the clause was invalid because of the public policy against cush
Boston & Maine RR., Room 2, North Station, Boston, Mass., on and after waivers at the time the bonds were issued. The Court of Appeals agreed
July 1 1924. Bonds in registered form should be properly executed. Where with the Common Pleas Court and the Supreme Court did likewise.bonds are in coupon form the coupons should be detached and collected in V. 106, p. 2228.
the usual manner. Payment will lao made out of current income.-V. 118.
Colorado & Southern Ry.-New Director.p. 3075, 1909.
Bruce Scott has been elected a director to succeed the late 0. M.Spencer
Buffalo & Susquehanna RR.Corp.-Tentative Valuation -V.118. p.2698.
The I.-S. C. Commission has placed a tentative valuation of $9,845,905
Colorado Springs & Interurban Ry.-Fares Increased.
on the company's properties as of June 30 1919.-V. 118, p. 2823.
Subject to the approval of the Colorado P. U. Commission, the City
council
of Colorado -Springs, Colo., has granted the company permission
Canadian National Railways.-Obituary.increase its fare to 101 cents. The company also proposed to issue weekly
John H. Sinclair, former Member of Parliament and a director of the to
passes
to
cost $1 25 each.-V.118, p. 1267.
Canadian National Railways, died at New Glasgow, N. S., on June 8.V. 118, p. 2818.
Central of Georgia Ry.-New Director.-
William D. Anderson, of Macon, Ga., has been elected a director, to
succeed the late John E. Murphy.-V. 118. p. 2034.
Columbus Railway, Power & Light Co.-Option on
Stock.-The following is taken from the 'Ohio State Journal"
of June 17:
Cyrus S. Eaton (of Otis & Co., Cleveland) and Chairman of the Continental Gas & Electric Corp., has made an offer for a minimum of 31.000
and
a maximum of 46,000 shares of the company's Common stock at a
A special dividend of 2% has been declared on the capital stock, payable price of 115.
July 15 to holders of record July 9. Special dividends at the rate of 4%
The
Cleveland financier conducting his operations through the brokerage
per annum have been paid since Dec. 1899. The regular quarterly dividend firm of Fuller & Rounsevel,
insisted that he is in the market for Rail-Light
of 2% has also been declared payable Aug. 15 to holders of record Aug.6.- stock purely as a personal investment, declaring that for years he has
2302.
V. 118, p.
been a heavy investor in public utility securities, lie declared that he
does not,seek control and that he stands "100% for the present Rail-Light
Chicago Burlington & Quincy RR.-New Directors.- regime.'
Stephen Birch, Walker D. Hines, E.P. Bracken, Vice-President in charge
Charles L. Kurtz, President of the company, expressed conviction that
of operations, and Conrad E. Spens, Traffic Vice-President, have been Mr. Eaton is acting for the Continental Gas & Electric Corp. rather than
elected directors. The stockholders recently authorized an increase in the for himself, and, in an open letter sent to stockholders
after the Eaton
members.
board from 13 to 17
announcement had been
urged them to ratan their stock. He
Bruce Scott, former General Solicitor, has been elected a director and ap- characterized the plan of made,
Mr.
Eaton
as
a
"payment plan
stock
to
buy
succeed
the
to
Counsel
late
0.
M.
Spencer.-V. 118. p. which, fairly stated, is contingent upon
pointed General
their ability to
Payments."
2296, 2302.
and sounded a warning based on "past history of foreignmeet
managements."
He said: "Under foreign management the city had a breakdown
in
Chicago Indianapolis & Louisville Ry.-Listing.-the stockholders had a cessation of dividends and the property service.
The New York Stock Exchange has authorized the listing of $1,000,000 lowed to deteriorate greatly. Home management has given was althe city
Gen.
1st
&
Mtge.,
$40,000,000)
series
"B" 6% Gold bonds, due service and the stockholders dividends, while
(authorized
the property has been
Central RR. of New Jersey.-Special Dividend.-
3196
THE CHRONTCLE
thoroughly upbuilt. If the stock is worth more than $115 a share to
capitalists or management corporations, it is worth more than $115 a
share to present stockholders under home management."
Mr. Kurtz declared that "within a very short time seven attempts had
been made by foreign interests to buy contrdl of the company," and that
the board of directors recently refused "important Eastern interests"
seeking control the right to examine books of the company. The board
at that time, he said, was convinced the best interests of city and stockholders would be served by continuance of home ownership and home
management.
"I am the fourth largest personal holder of Common stock and I will
not accept 5115 a share," he said. "I am prompted in making this statement by desire to give stockholders the benefit of my own best judgment
and to advise them of the action of the directors."
Mr. Eaton proposes to purchase at $115 a share, plus accumulated
dividends at the rate of 6% per annum, less stock transfer tax of 2c. a
share, reserving right to accept a smaller or greater number of shares
than the amounts specified. The Cleveland Trust Co. is named as a
depositary to which stock for sale may be forwarded. It is announced
that $100,000 has been deposited with that company as evidence of good
faith, and that on July 18 1924. if 31.000 shares or less, at Mr. Eaton's
option, has been deposited, further deposit will he made to equal SIO
a share. Balance of the entire purchase price would be deposited on or
before Oct. 31 1924.
A similar arrangement of increasing deposits, with final payments to
be made on or before Nov. 10 1924. is made for additional stock deposits.
made between July 17 and Aug. 14 1924. It is stipulated that if failure
to carry out contract of purchase results, money deposited will be distributed to stockholders as liquidated damages.
"If for any reason the sale should not be consummated depositors will
receive from the depositary stock of the same amount and kind as deposited, upon surrender of receipt issued therefor, with no charges for
expense or services." the agreement adds. The additional option is
reserved that "all or any part of the stock offered for deposit and sale in
excess of 46.000 shares will, at the option of the purchaser, be returned
by the depository in the inverse order of its deposit to the stockholders
seeking to deposit same."
Mr. Eaton declared that the amount of stock named should be inclusive
of what may have been already acquired, the amount of which he did
not fix, Ile Insisted, however, that it would not give him control, owing
to voting power vested in Preferred stock.
Option on 1,000 Shares Sought.-Edward W. G. Bo er of
Philadelphia, in an advertisement June 18, said:
I will pay 55.000 cash at once for privilege of taking or leaving 1.000
shares Columbus Ry.. Power & Light Co. Common stock at $120 a share
one year from to-day. (Total cost to me 51250 share).-V. 118, p. 3077,
1910.
Connecticut Company.-Wage Increase.-
r• In an agreement reached June 25 between the company and its employees.
the latter veil/ receive an increase in wages of 3 cents an hour. or from 57 to
60 cents. The agreement dates from June 1. Originally, the men asked
for 75 cents an hour.-V. 118. P. 2947.
Denver & Rio Grande Western RR.-Interest on
Underlying Bonds July 1 Withheld.Federal Judge Symes. according to Denver dispatches, has withheld
decision on the application of Receiver Beacom for ciern•ission to pay
$1.129,895 interest on underlying bonds. due July 1. Additional hearings
before Judge Byrnes will take place before a decision will he rendered on
the receiver's application for permission to pay interest. The Court
stated it was under no obligation to pay interest, as earnings of the road
for the past 6 months were insufficient, but intimated that, if holders of
receiver's certIfIcatm due Dec. 1, agree to renew the same and any company which might take over control of road would carry out the rehabilitation plan previously authorized, the payment of interest on July 1 would
be authorized and default averted. The receiver. It is said. has sufficient
funds on hand to pay this Interest although earnings for past 6 months were
insufficient by 5500.000.-V. 118. p. 3077. 2947. .
Detroit United Ry.-Bonds Sold.-Dillon, Read & Co.
have sold at 99 and interest, to yield over 6.20%,$9,000,000
First Mtge. & Coll. Tritst Sinkmg Fund 5-Year 6% Bonds.
Dated July 1 1924. Duo July 1 1929. Denom. 51,000 c*. Principal
and interest (J. & J.) payable in gold in New York City. at the office
of Central Union Trust Co.. New York, trustee, without deduction for
Michigan taxes or for Federal normal income tax up to 2%. Present Penn.
4-mill tax and present Conn. and Maryland State property taxes refunded.
Callable as a whole, or in part only for the sinking fund,on any interest date
on 30 days' notice at 103 and interest, to and including July 1 1926. and
thereafter at 14 of 1% less for each six months elapsed to maturity. Authorized, $10.000,000.
Data from Letter of Elliott G.Stevenson, President of the Compnar
Security -Secured by direct first mortgage lien on 226 miles of electric
railroad Including the lines from Detroit to Flint and from Detroit to
Pontiac, and will be further secured by the pledge of the entire stocks of
subsidiary companies owning 357 additional miles, subject to $9.900,000
divisional bonds which cannot be increased in amount.
Valuation.-The Michigan P. U. Commission has placed a present value
of $16.064,473 for rate-making purposes on the property on which these
bonds will be a direct first mortgage, and a value of $17 048 546 on the
property by which the bonds will be collaterally secured.
Sinking' Fund.-Mortgage will provide for an annual sinking fund of
$1,500,000 for the first three years of the life of the issue and an annual
sinking fund of $500,000 for the remaining two years, payable semi-annually, to be applied to the purchase of bonds of this issue if obtainable at or
below the call price, or if not so obtainable.to the redemption of bonds at the
call price. To meet in part these sinking fund payments the company will
deposit with the trustee $3,000,000 Detroit United Ry. First Consol.434%
Bonds due 1932 or underlying bonds on the city lines. These bonds are
deliverable 13500.000 semi-annually at their face value to the City of Detroit
against which the city has agreed under the contract of March 10 1922 to
pay $500.000 cash semi-annually toward the deferred purchase price of the
lines within the City of Detroit which wore taken over by the City in 1922.
These payments by the City of Detroit assure the provision of more than
half of the total cash requirements for the sinking fund.
Purpose.-TO provide for the redemption of the company's 20-Year First
Mtge. Collateral 8% -Sinking Fund Gold Bonds (called for payment-see
below), and divisional bonds now outstanding on the property directly
owned;to acquire $3,000,000 First Consol.434% Bonds or underlying bonds
the City of Detroit
on the City lines in anticipation of the payments by
corporate purposes.
for capital reQuirements, and for other
Company.-The system consists of approximately 583 miles of electric
be secured
Interurban and street railroad on all of which these bonds will
railroad lines
directly or through the pledge of stock. The interurban
Flint,
Arbor.
with
Ann
and
Ohio,
Toledo.
with
Detroit
of
City
connect the
Jackson and Port Huron and other important cities in Michigan. The
company does both a freight and passenger business. On a considerable
part of this mileage the company owns a private right of way.
Earnings Year Ended Dec. 31 1923(V. 118,;3. 2039)•
the Interurban lines were operated as a
[First Complete year in which
system separated from the lines within the City of Detroit.' $9,275,030
Railway revenue
7.816.935
Operating expenses and taxes
Net railway revenue
Other income
51.458,095
462.151
51'.920,246
Balance for interest charges and depreciation
financing,including
Interest accruing upon the completion of this
$1,042,300
interest on these bonds, will be
Consol. 434% bonds being
* Interest on the Detroit United Ry. First
provided for through the interest payments of the City of Detroit is not
here included.
that all of Its 20-Year 1st Mtge.
(The company on June 23 announcedare
being called for redemption on
Collateral 8% Sinking Fund gold bonds
will be made at the Central
Payment
July 25 next at 10731 and Interest.
Union Trust Co.of New York. trustee,80 Broadway, N.Y.CIty.1-Y. 118,
D. 3076.
[VOL. 118.
Denver Tramway Co.-Fares Upheld.-
Special Master Dubbs, in a report filed In Federal District Court at
Denver in suit of receivsr for an injunction restraining the city from enforcing the six-cent fare ordinance held that the ordinance woula result
In confiscation, and recommended that the city be further enjoined. Under
a temporary injunction granted three years ago, the company has been
collecting an eL,ht-cent fare. The special master placed the value of the
tramway property within the City of Denver limits for rate-making purposes at $20.105.707, holding that the company is entitled to a net return
of 734% on that value, which return the company claims it is failing to
receive by $400,000 a year. The approval or rejection of the master's
report and the continuation of the injunction rests with Circuit Judge
Lewis. before whom the case originated.-V. 118. p. 1910.
Eastern Texas Electric Co. (Dela.).-Initial Preferred
Dividend-Dividend Rate Increased on Common Stock.The directors have declared an initial semi-annual dividend of 334% on
the 7% Cumul. Pref. stock, payable July 1 to holders of record June 25.
This stock was exchanged, share for share, for the 6% Preferred stock of
the Texas corporation.
The directors have also declared a quarterly dividend of $1 25 per share
on the outstanding Common stock, no par value, payable July 1 to holders
of record June 25. This is at the rate equivalent to $10 per annum on the
old Common stock of the Texas corporation, which was exchanged for the
present Common stock of the Delaware corporation on a basis of t sco new
for each $100 share held. Dividends at the rate of $9 per annum were
paid on the old Common stock. See also V. 118. p. 2303.
El Paso Electric Co.-Notes Sold.-Guaranty Co. of
New York and Stone & Webster, Inc., have sold at 100
and int. $800,000 5% Gold notes, Series "B".
Total amount of notes authorized $3,000,000, all dated July 1 1920 and
due July 1 1925; to be outstanding S2.350,000, of which 51.550.000 are
7% series "A," and $800,000 5% series "B" (this issue). Int. payable
J. & J. in New York without deduction for normal Federal income tax up
to 2%. Red. all or part at any time on 45 days' notice at par and int.
Denom.51.000,$500 and $100 c*. Penn.4 mills tax refundable. Guaranty
Trust Co.. New York. trustee.
Data from Letter of A. F. Crichton, President of the Company.
Company.-Owns all the securities (except directors' qualifying shares
and f45,205 mortgage notes and car trust certificates) of operating companies through which it does the entire electric lighting, commercial power
and street and interurban railway business in and adjacent to El Paso,
Tex., and Juarez. Mexico, and in addition operates the 2 toll bridges
across the Rio Grande between El Paso and Juarez.
The property comprises a steam power station at El Paso of 33.000 k.w.
capacity, including a new 15,000 k.w. unit now in process of installation,
231 miles of electric transmission and distribution lines, the 2 toll bridges.
53 miles of standard gauge railway track. and 93 passenger motor cars.
The earliest maturing franchise expires in 19.51. and practically all of the
interurban mileage is located on private right-of-way. All operations are
carried on without competition.
On the urban street railway lines, a fare of 6 cents has been in effect for
several years.
Purpose.-Proceeds will be used to reimburse the company for expenditures already made or presently to be made in connection with the installation of the new 15.000 less:. unit at the El Paso power station, and other
additions and betterments.
Securily.-secured equally with the outstanding RI.550,000 7% notes.
series "A," subject only to the lien of a closed R1,000.000 collateral trust
bond issue, by a lien on all the bonds, notes and stocks of the subsidiary
operating companies now owned or hereafter acquired, representing an
aggregate property value in excess of $7,000.000. which will be substantially
Increased by the application of the proceeds of this issue.
Earnings Calendar Years.
1925.
1914.
1916.
1922.
1918.
1920.
S
S
Gross earns_1,041,792 1.110.718 1.257.633 1.931.629 2.24.84l 2,407,468
xNet earns_ 466.321 452.154 387,322 604,459 851,832 887,191
Int. charges. 51.356
59,128
79,693 113,482 209.108 204.971
-x Net earnings including other income before depreciation.
Management.-Property has been tinder Stone & Webster management
since 1902.-V. 118, p. 2303: V. 116. p. 2388.
El Paso & Southwestern RR.-Features of Merger.Walter Douglas, Pres, of the Phelps-Dodge Corp., which owns the El
Paso & Southwestern RR.,in explaining some of the features off ts proposed
amalgamation with the Southern Pacific. is quoted as follows:
"This is not a sale of the El Paso & Southwestern interests-it is purely
a partnership. The Southwestern interests will have three directors on the
Southern Pacific board and two members of the executive committee. Of
the 15 Southern Pacific directors only 2 are owners, so our three directors
will represent 25% of the owners.
"Faced with the probability of mandatory consolidation, we felt our
interests in Group 17, which consists of the Southern Pacific. Rock Island Sr
El Paso & Southwestern systems, would not be very material if the forced
consolidation under the Federal plan came about. Compared to the
12,000 miles of main line in each of the other two systems, we should be
pretty small fry. We felt we should get a much better representation
through a voluntary partnership.
"The three principal conditions are: (1) Adequate representation on the
Southern Pacific board. The Southwestern's interest's lolock of stock lathe
largest ofany block loony transcontinental railway company in the entire
country. (2) A joint agreement to construct a $10.000,000 main line railroad through the Salt River valley of Arizona immediately after the partnership becomes effective. (3) The assumption by the Southern Pacific Co.
of our pension system and seniority rights of our employees.
"With the construction of the San Carlos dam, which will open up
200,000 acres for cultivation, at a cost of $6,000,000 and the new main line
railroad, which will cost $10,000.000, conditions in the Southwest will
Improve. Expenditure of $16.000,000 in the Southwest Is something we
need Heist now, -V. 118. D. 2947. 2572.
Erie RR.-Control by Nickel Plate Reported-Ronds.-
The New York "Times" of June 25 says:0.P. and M.J. Van Sweringen.
of Cleveland, after months of accumulation in the New York stock market
and from private sources, now control the Erie RR.,according to reports in
the financial district this week. This move. if the reports are true, brings
one step nearer completion the plans of the Cleveland interest to consolidate
into a single railroad system about 13.000 miles of track, including the
Nickel Plate. the Chesapeake & Ohio, the Hocking Valley, the Erie and the
Virginian. This system would have three outlets to the Atlantic Ocean.
one at New York and the other at Norfolk and Newport News. New York
bankers who hitherto have insisted that the Van Sweringen interests did not
control the Erie were silent. Representatives of one of the largest banldng
houses in Wall Street, known to have close connections with the Erie RR.,
when questioned about the report yesterday, said: "We have nothing to
say_."
Those familiar with the situation took the attitude of the bankers as an
Indication that the Van Sweringens held enough of the securities to control
the property, although they expressed the belief that it was considerably
under 51%.
A Cleveland dispatch of June 24 stated that 0.P. Van Sweringen declined
to discuss new rumors that the Van Sweringen interests had acquired control
of the Erie RR.
The I.-S. C. Commission on June 14 authorized the company (1) to issue
$8,200,000 Ref. & Impt. Mtge. 6% bonds, Series "B":(2)
s
th
oatn
the Secretary of the Treasury as additional collateral security fogrelw
of
(a) $2.000.000 of 1st Consol. Mtge. Gen. Lien bonds and $1,692,000
of
amount
further
Ref. & Impt. Mtge. 6% bonds. Series "A"; and (b) such
a
said Series "A" and (or) Series "B" bonds as may be required to make
until
total of $4,000,000 of such bonds: (3) to pledge, from time to time,
bonds,
Mtge.
otherwise ordered, all or any part of $9,192,000 Ref. & Impt.
Series "A" and "B," as collateral security for any note or notes which
company may issue: and (4) to pledge temporarily with the Secretary of the
Treasury $2 300.000 of 1st Conseil. Mtze. Gen. Lien bonds.
Notes Sold.-J.'P. Morgan & Co. have bought and placed
privately an issue of $10,000,000 2-year secured notes dated
July 1 and maturing July 1 1926.-V. 118, p. 2947, 2824.
THE CHRONICLE
.TUNE 28 1924.]
3197
Keokuk & Des Moines Ry.-To Rehabilitate Road.-
Florida East Coast Ry.-Seeks Equipments.-
It was announced June 25 that meetings for the development of a reorganization plan for the company will be held soon. The next step toward
the rehabilitation of the property by the bondholders. The bondholders
recently obtained permission from the U. S. Federal Court to foreclose on
the property, and this proceeding, it is asserted, will be completed before
the close of the year. Before the sale, at which the bondholders expect
Florida Western & Northern RR.-Construction of Lines. to
bid in the property,a plan for complete reorganization will be announced.
the
authorizing.
The 1.-8. C. Commission on June 20 issued a certificate
bondholders' protective committee consists of F. J. Lisman, F. W.
company to construct lines of railroad in Florida. as follows: From Cole- The
Samuel Sloan and R. B. Lanier.-V. 118, p. 3077.
Matteson,
Lake.
Sumter,
in
miles,
Palm
205
West
Beach.
approximately
man to
to
Valrico
Polk, Highlands, Okeechobee and Palm Beach counties: from
Laramie North Park & Western Ry.-New Name.Welcome Junction, approximately 10 miles, in Hillsborough County; and
See Northern Colorado & Eastern RR. below.
from Gross to Callahan, approximately 14 miles, in Nassau County.
The company was incorp. on Jan. 24 1924 in Florida with an authorized
Lehigh Valley RR.-18,000 Shares Fail to Use Option.capital stock of $5,000, which, it is stated, may be increased to any amount
of the company's stock
It is stated that holders of about 18,000 shares
proposed in accordance with law. The lines which the company proposes
their right to subscribe at $1 per share to certificates of
to construct will provide, in connection with existing lines of the Seaboard failed to exercise
Coal Co., the new company formed in connecAir Line Ry., a fairly direct cross-State line from West Palm Beach to Interest in the Iebigh Valley
of the coal properties from the railroad. This
Tampa. The line from Callahan to Gross is intended to serve as a link in tion with the segregation
has cost the stockholders about $600,000.
the Seaboard's through line to the north, and the Valrico-Welcome Junction delay, it is stated, the
were entitled to one share of the coal
stockholders
plan
the
Under
Palm
West
and
line is designed to shorten the distance between Tampa
stock at $1 for each share of the railroad stock owned. The market price of
Beach. See also V. 118. p. 2303.
the coal stock is $34 a share. The railway company mailed out the rights
three months ago, fixing the time limit for exchange at 3 p. m. June 16,
Forty-Second St. & Grand St. Ferry Ry.-Suit.by that time and
Supreme Court Justice Morschauser,in White Plains,June 24.transferred The owners of 18.000 shares failed to execute their rights
3077,2179.
from the State Supreme Court to the Federal Court in New York City an this stock now goes to the coal company at $1 a share.-V.118, p.
action brought by minority stockholders of the company to compel Job E.
Long Island RR.-Protests Valuation.Hedges,receiver of the New York Railways,to accountfor moneys collected.
The company has filed a protest with the 1.-S. C. Commission against
The action was brought by William Carnegie Ewen for the minority stockbureau
holders, who allege that an attempt is being made by the majority stock- the rules, methods and principles employen by the Commission's
comprising the
holders to force them out of the company. According to the minority stock- of valuation in determining the value of the properties
30
June
of
as
made
was
valuation
Commission's
The
System.
island
holders, their stock is worth $400 a share. but His majority interest is seeking Long
1916, but the protest states that the valuation was determinen by the use
to compel them to sell at $66 a share.-V. 118, p. 2437.
of unit prices and costs for labor, materials and money as of Jun( 30 1914.
and used property
Georgia & Florida Ry.-Seeks Control of Statesboro Line. The values reported by the Commission of wholly ownedtotal
used of n3.John Skelton Williams. receiver, has made application to the I.-S. C. of $69,654,500 total owned property $70,787.114 and
and are much
states,
protest
the
determined,
arbitrarily
been
have
201.517
Commission for authority to acquire control by lease and stock ownership
of the Statesboro Northern Ry., a 40-mile extension from Stevens Crossing less than,the true values of these properties on tie date of valuation.
The Commisaion's report states that the values are "the values for rateto Statesboro. Ga. By acquiring this extension the Georgia & Florida
to common
would obtain a connection with the Seaboard Air Line and a new route making purposes, of tae Long Island, owned and used, devoted
carrier purposzs." The carrier protests that the value of its properties
would be opened up from Augusta to Savannah.-V. 118, p. 1910. 1772.
required to be found by the Valuation Act is taeir constitutionally proGrand Rapids Ry.-Annual Report.tected value and not their value for rate-making purposes.-V.118, p. 28'24.
Calendar Years1923.
1920.
1922.
1921.
Los Angeles Railway.-Tenders.Gross earnings
$1,817,607
The Pacific-Southwest Trust & Savings Bank, Los Angeles, Calif., will
Operating expenses
$1,121,186 81,215,521 $1,223,780 $1,338,313
June 27 receive bids for the sale to it of First & Ref. Mtge. 5% bonds.
until
Taxes
128,052
135,963
132,244
132,403
150,000 due Dec. 1 1940 to an amount sufficient to exhaust $49.255.-V. 117. p.2890
Depreciation
171.697
181,322
176.132
Interest, &c
334.999
324,086
337,867
330,837
Manistee & North Eastern RR.See Ann Arbor RR. above.-V. 117, p. 1236.
Net income
$64.674
$6.583 def$30,481 def$147,070
-V. 118, p. 2041.
Mexican Railway Co.-Report.-
The company has asked the I.-S. C. Commission for authority to issue
$1,875,000 5% Equip. Trust certificates to be sold to J. P. Morgan & Co. at
97.56% of par. the proceeds to be used in purchasing new equipment of a
total cost of $2.387,400.-V. 118. p. 2700.
Hocking Valley Ry.-Equip. Trusts Sold.-J. P. Morgan
& Co. have purchased and sold privately $1,740,000 Equip.
Trusts.-V. 118, p. 2034,1910.
Illinois Northern Utilities Co.-Acquisition.-The company is reported to have acquired the local hydro-electric power
plant of the Reynolds Wire Co. at Dixon. Ill. It is stated that a new
building will be erected on the present site, and five 750 kva. generators and
auxiliary equipment Installed.-V. 118, p. 1267.
Income Statement of the Mexican Railway Co.
1922
1923
1st Half.
1st Half.
2d Half.
2d Half.
$5,550,400 $7.441.965 $6,754,158 87,274.584
5,505.074
5,752,679
5.950.265
5,537.100
Mexican 4Operating receipts
Operating expenses
413.300 $1,491.700 81.249,084 $1.521,906
for the current half-year to May 31 amount to $4.430.and added to the decrease in gross earnings
41.858,700
of
decrease
a
or
600,
for 11
for the previous half-year show a total loss of traffic of $3.062,500
months July 1 1923 to May 31 1924, of which $2,500,000 may be directly
-V.
2769.
p.
117,
revolution.
the
attributed to
grsnings
na
eaorsnsie
Net gr
International-Great Northern RR.-Stock DeliveredPayment.-Williard V. King, James Speyer and Frederick
Missouri Pacific RR.-Notes Sold.-Kuhn, Loeb tk Co.
Strauss, voting trustees of the Common stock voting trust
approval of the I.-S. C. Comagreement dated Nov. 1 1922, have given notice that pur- have sold (subject to the to
yield over 5.27%, $12,000,000
suant to the power conferred upon them, they have sold and mission) at 994 and int.,notes,
due July 1 1927.
delivered to the New Orleans Texas & Mexico Ry. 74,991 3-Year 5% Secured gold 11927. Int.
payable J. & J. Entire issue
Dated July 1 1924: due July
shares of Common stock of International-Great Northern subject
to red. as a whole only on 60 days notice. on July 1 1925, or on any
amount of the notes
RR.. being all of the Common stock of the company deposited int. date thereafter, upon payment of the principal
amount
and accrued interest, with a premium of 1.4% of such principal Denom.
and held in trust by them under the voting trust agreement. for
July
to
1 1927.
redemption
of
date
the
from
each six months
States of
and have received in payment therefor the sum of $31 per $1,000 c*. Principal and int, payable in gold coin of the United
America, without deduction for any tax. assessment or other governmental
share. They have deducted and retained the sum of $1 per charge
(except any Federal income tax), which the company or the trustee
future
share as and for the compensation allowed to them under the shall be required to pay,or to retain therefrom, under any present ormuniciof the United States of America or of any State, county or
voting trust agreement and have deposited the remainder of laws
pality therein.
the purchase price, to wit, $30 per share, with the Guaranty
Data from Letter of Chairman Win. H. Williams. June 24.
Trust Co. of New York for distribution among the holders
Purpose.-Proceeds will be used to reimburse the tompany. in part, for
expenditures, not heretofore capitalized, made by it for improvements
of the voting trust certificates. •
upon the properties subject to its 1st & Ref. Mtge. and for
and betterments
the retirement of underlying obligations. Such capital expenditures have
amounted to more than $28,000,000 since Dec. .311920.
Security.-The notes are to be secured by the deposit and pledge with a
"D," due
trustee or $15.500,000 1st & Ref. Mtge. 6% gold bonds. Series
Feb. 1 1949. The 1st & Ref. Mtge. 6% gold bonds, Series "D." to be
Mtge.
Ref.
&
1st
company's
the
under
to
are
issued
be
security
pledged as
Files Suit to Prevent Merger.There are now issued and outstanding under the mortgage 426,884,5005%
The State of Texas has filed suit in the Federal Court attacking the pro- bonds and 424,201,5006% bonds, which are listed on the New York Stock
merger of the International-Great Northern RR. with the New Or- Exchange, and an additional $11,293.000 of6% bonds are pledged for loans
Toms & Mexico and Gulf Coast Lines on the grounds that such a made to the company by the U. S. Government.
Earnings.- The net revenue from railway operations of Missouri Pacific
merger would be in violation of the anti-trustlaws-V.118. p. 3077.2948.
RR. for the calendar year 1923 was unduly affected by unusual charges,
Iowa Central Ry.-June 1st Interest Deferred.maintenance amounting to 446.788.998, so that the income for the year
See Minneapolis & St. Louis RR,in the "Chronicle" of June 7, page 2824. applicable to interest on funded debt and other charges exceeded such
1924 the
charges by only $121,345. For the four months ended April 30
-V. 113, p. 1156; V. 107. p. 1101; V. 105, P. 1104.
of
total railway operating revenues of the company showed an increase
income,
net
while
Iowa Railway & Light Co.-Report.$3.302,103 over the same period of the previous year,
Calendar Yearsafter deduction of all charges, including accrued interest on funded debt.
Gross revenues
$3.539.238 $3.282-;406 showed an increase for the period of $2.124.565.
Operating expenses
$2,090,001 $2,006,573
Equipment Notes Offered.-Bank of North America &
Taxes accrued
181,600
181,950
Interest
441,883 Trust Co. and Janney & Co., PhilacNohia„ Pa.. are
461.340
Preferred dividend
289.375
303,850
4%, according to
Holders of 'Cretins trust certificates are advised that on and after June 24
1924 the Guaranty Trust Co. of New York will be prepared to make distribution to the holders of the voting trust certificates of the sum of $30 for
each share of Common stock of International-Great Northern represented
thereby, upon surrender of such voting trust certificates, duly endorsed in
blank for cancellation. See also V. 118, p. 3077.
CI?
Balance
AssetsProperty sects-
8502,097
Balance Sheet December 31.
1923.
1922.
1923.
S.362.975
1922.
-14,078,974 12,978,690 Capital stock
6,151,422 5,936,056
733,132
8,072,000 7,260,000
444,904 Bonded debt
Materials & suppl_ 520,280
62,711
66,000
408,969 Other funded debt
Cash
398,375
656,447
330,008
227,079 Payables
Curt% accts.& notes 622,291
395,203
695,242 Current liabilities. 513,608
Unexpired insur_ _
19,854
305,950
30.911 Accrued liabilities_ 334,542
Miscall. items__ _ _
38,981
28,212
88,982
119,105 Miscell. items_
De/. debit items
511,310
368,885
416,440
454,375 Reserves
600,594
658,660
Surplus
Total
16,904 811 15,359,27s
-V. 118. p. 2948.
Total
16,904,811 15,359,275
Ithaca Traction Corp.-Receiver Appointed.-
Supreme Court Justice Leon F. Rhodes of Binghamton has appointed
Dexter S. Kimball, dean of the college of engineering. Cornell University.
receiver. The receivership was forced by a bondholders' protective
Committee, who seek the foreclosure of a mortgage of $75.000.-1,r. 117, P•
2889.
offering at prices to yield from 4W7( to 58
maturity, $2,545,400 6% Equip. Gold notes (stamped
subordinate in lien), Series 41, 41-A, 41-B and 41-C. Dated
Jan. 15 1920, maturing $231,400 annually Jan. 15 1921 to
1935 incl.
but not in
Interest payable J. & J. Denom. 31,000c*. Red. as a whole
Guaranty Trust
part on any int, date on 60 days' notice at 103 and int.
Co. of New York, trustee. Authorized and issued. $10,413,000; matured
d pa
n.54
a2
s
ido,o.$2,776,800: First Lien notes. $5,090.800; subordinated notes.
5,4
These notes were Issued under agreements between the Director-General
trustee.
of Railroads, the company and the Guaranty Trust Co. New York,
Through supplemental agreements. 33 1-3% of the notes of each maturity
originally issued were stamped as subordinate in lien to the other 662-3%
of the notes. Notes now outstanding amount to approximately 73% of
the cost of the equipment.-V.118. P. 2822. 2949.
Montreal Tramways Co.-Employees Accept Wage Offer.
The employees on June 17 unanimously accepted the offer of the cowpans for a wage agreement, good for a period of three years. The decision
affects 3,500 men.
The text of the proposal submit;ed by the company to the men is as
follows: A general increase of 3c. an hour to the present rate; an adaitional
Janesville (Wis.) Traction Co.-To Operate Ruses.Sc. an hour for Sunday work and holidays. These proposals are csuningent
The company has informed the City Council of Janesville. Wis.. that it upon the signing of an agreement for a period of three years. '
will abandon service on its Washington Street line in favor of a bus system.
The present rates for motormen and conductors are: first year, 3914c.
The company states that this step would be more practical than paving an hour; second year, 44c. an hour; after two years the maximum rate.
paving
between
its tracks on Washington Street, which 48c. an hour. In addition to these rates, certain classes engaged in the
fof the extra cost of
section was included in the city's 1924 paving program. Incidentally freigat and other special services are paid at the rate of Sc. an hour additional
The proposed increases of 3c, an hour are to be applied to all employees,
to this action the company also haii under consideration a proposal to
extend its bus service through the Blackhawk district on the East Side, conductors. motormen, power house and shopmen. It was agreed that
which territory is without any public form of transportation at present. regulations regarding working conditions should be discussed and arranged
following the ratification of the 3-year agreement.-V. 118,9. 1012.
("Electric Ry. Journal.")-v.92, p. 1564.
3198
THE CHRONICLE
Montreal Tramways & Power Co.-Offer to Common
Stockholders to Exchange Stock for Stock of New Holding Co.See United Securities, Ltd., under "Industrials" below.-V. 118. P.
3078. 2179.
New Orleans Texas & Mexico Ry.-Purchase of Stock of
International-Great Northern-Exchange of 5% Income Bonds
for First Mortgage 5% Bonds.-
[VOL. 118.
Northern Colorado & Eastern RR.-Name Changed.It is announced that the name of the company has been changed to the
Laramie North Park c% Western Ry.-V. 118, p. 2439, 2179.
Pennsylvania-Ohio Power & Lt. Co.(& Subs.).-Earns.
Twelve Months Ended Dec. 31Gross earnings
Operating expenses and taxes
1922.
1923.
$5,059,702 84,284,097
2,488,390
2,962,898
Net income
$2,096,804 $1,795,707
On and after June 30 holders of outstanding Income bonds may exchange Other income
518,293
458,458
their bonds for a like principal amount of 1st Mtge. 5% gold bonds. Series
"B," dated April 1 1924, maturing April 1 1954. Holders of Income bonds
Total
$2.615,098 $2,254,165
desiring to make this exchange may deposit their bonds with Irving Bank- Interest on funded debt
$1,343,198 $1,295,320
Columbia Trust Co. 60 Broadway, New York, with all unmatured coupons Other interest
4,665 Dr.49,381
attached. Registered
bonds must be duly endorsed in blank, and the Discount on bonds
127,312
112,089
signature must be guaranteed to the satisfaction of the company's fiscal Preferred dividends
201,395
295,387
agent, Irving Bank-Columbia Trust Co.
Balance for depreciation and Common divs_
Pending the preparation of definitive 1st Mtge. 5% bonds, temporary
$694,741
$844,535
bonds will be issued. It is expected that definitive bonds will be ready for -V. 118, p. 2825.
delivery on or about Oct. 1 1924.
Pennsylvania RR.-New Officers, &c.The I.-S. C. Commission has authorized the issue of 1st Mtge. bonds,
Following the meeting of the directors, the following appointments were
Series "B." in exchange for Income bonds, up to June 30 1925. This offer
of exchange will accordingly terminate on that date, and may be earlier announced: Thomas W. flulme, at present General Real Estate Agent of
the Pennsylvania System, advanced to the newly created position of Viceterminated if this company so determine.
President in charge of real estate, taxes and valuation. Henry H. Lee•
See International-Great Northern RR. above.-V.118, p. 3078. 2949.
at present Assistant Treasurer, was advanced to the position
of Treasurer,
to succeed the late James F. Fahnestock. Julien L. Eysmans, at present
New York Central RR.-Would Stop Merger.Traffic Manager of the Central Region, at Pittsburgh, comes to Philadelorder
a
restraining
Application
for
says:
dispatch
June
21
A Cleveland
phia as Assistant General Traffic Manager of the Pennsylvania system.
against the New York Central RR. was filed in the Federal Court at Cleve- John J. Koch, Freight Traffic Manager
of the Central Region, was made
land June 21 by the General Investment Co., which seeks a dissolution of Traffic Manager, succeeding Mr. Eysmans.
Titles of Walter Thayer and
Four
railroads.
and
the
Big
York
Central
the merger between the New
J. C. Benning have been changed to Coal Traffic Managers,
to conform to
The Investment Co.charges a violation of the Sherman Anti-Trust Law and the policy of other roads.
cites 19 violations. The company declared that it holds 365 shares of stock
Active employees of the Pennsylvania system on June 15 totaled 205,719,
In the New York Central.-V.118, p. 2705. 2696.
a decline of 1,199 from May 15. The total is still above the low point of
this year, which was 204,017 on Jan. 15. On June 15 1923 employees
New York & Long Island Traction Co.-Fares.totaled 249,254. The reduction in employees has been in line with the deThe New York P. S. Commission has approved a new tariff filed by the cline in the loaded car movement.
company which establishes a new system of fare zones. For a continuous
The number of stockholders on June 1 totaled 145.697, an increase of
ride from one business centre to another between the following named 6,110 over June 11923. The average holdings on June 1 1924 were 68.53%,
villages the fare will be 5 cents: Minneola and Hempstead, Hempstead and a decrease of 3%. The foreign holdings were 3.78% of the stock, an inRoosevelt. Roosevelt and Freeport, Freeport and Baldwin, Baldwin and crease of 0.10%.
Rockville Centre, Rockville Centre and Lynbrook, Lynbrook and Valley
Proposed Lease of Norfolk & Western Deferred.Stream, Valley Stream and Rosedale.-V. 118, p. 1520.
See Norfolk & Western RR. above.-V. 118, p. 3078.
New York & Queens County Ry.-Fare Increase
Granted-Further Increases Possible-City to Oppose.-
The Transit Commission handed down a decision June 25 granting an
Increase in fare of 1 cent to the company. The fare henceforth is to be
6 cents instead of 5. The order of the Transit Commission also authorized
the company automatically to increase fares an additional cent for each
$100,000 worth of street paving charges imposed upon the company by
the City of New York.
Mayor HyIan, when he heard of the order, said: "It is an outrage,
I will order the Corporation Counsel to proceed against the railway and
the Transit Commission at once in an effort to halt this attempt to dip
deeper into the pockets of the people. We will take this fight to the highest
court of the land. We will fight this decision and attempted fare increase
at every turn. The situation is aggravated because the city made a
proposition to General Lincoln C. Andrews, receiver for the road, and
submitted it to the Transit Commission, to revoke paving charges and
to take over the lines and continue to operate them on the basis of a 5-cent
fare. Not only that, but we offered to split the profits with the company.
They are in for a fight; we will go to the limit to maintain a 5-cent fare
in Queens."
The opinion on which the Transit Commission based its decision was
written by Commissioner Le Roy T. Harkness. who said in part:
"This is a case of railroad `in extremis.' The only specific suggestion
offered by the Corporation Counsel as a solution is the one recommended
by the committee of the Board of Estimate and Apportionment, which
recently conferred with the receiver, namely, that the receiver should
turn the receivership properties over to the city for municipal operation
at a 5-cont fare and that the city would divide any profits with him, if
such a proposition could be consfdered seriously from a business standpoint,
it is sufficient to say that Mr. Justice Aspinall, upon the latest argument
of this matter before him, refused to entertain it, stating that it was unlawful as being without the city's powers.
"It goes without saying that the Commission is opposed to allowing
this railroad to go out of business. Transit conditions in New York are
deplorable enough without sacrificing any needed facilities. That this
road is badly needed by its 40,000 daily passengers is not open to question.
The answer must therefore be a readjustment of the rate of fare to tide
this situation over.
"First, the maintenance of the railroad must be kept up, so that it Will
be safe for operation. The items of necessary increases listed by the
receiver total about $162,000. There can be little or no question of the
entire reasonableness of these amounts. With the natural growth in
traffic an increase of only 1 cent in the fare should yield an additional
revenue of between $130,000 and $140,000 a year. I am convinced that
with incidental savings on power costs and through other savings due to
the continuance of the effecient management displayed by the receiver he
can get along with this addition.
"To take care of the $259,000 of paving charges listed by the Borough
President would require a further increase of 2 or 3 cents, dependent upon
what reduction in traffic might be caused by the increased fare. The
imposition of such a paving charge against an impoverished railroad such
as this and against its passengers is unreasonable. It is not a sufficient
answer that it is required or sanctioned by law. Passing a statute does
not of itself make its requirement reasonable, and when it results in situations such as this it should properly be amended.
"Therefore, the order in this case should provide that the rate offare
shall additionally be Increased to correspond with any new paving charges,
if and when they may be levied against this company or its receiver. For
the first $100,000 or any part thereof of paving charges the fare shall be
further increased 1 cent. It is not 'practicable to split the cent in fare
increases, and lithe levy is under $100,000, it will be absorbed by a 1 cent
For additional levies the fare shall likewise
increase all the more
of 1 cent additional fare for every $100,000 of
quickly.
be increased in the ratio
paving charges. Such increased rate of fare is to be used only to pay such
paving charges and is to continue only until they are satisfied.
"The order should additionally provide that tne 1 cent increased fare
granted the receiver for rehabilitation and operating costs shall continue
for one year unless otherwise hereafter ordered by tne Commission, and
that generally this proceeding be kept open, so that the Commission may
promptly from time to time adopt such otner order or orders herein as may
be just and proper in the premises."-V. 118, p. 3078, 2824.
Portsmouth (0.) Public Service Co.-Sale Reported.-
See Virginia Power Co. under "Industrials" below.-V. 118, p. 2825.
Public Service Corp. of N.J.-Stock Sold to Employees.-
The corporation on June 20 announced that 7,439 employees had purchased one or more shares of the 7% Cumul. Pref. stock of the corporation
during the two weeks in which the stock was offered to them under a plan
of easy payments. The offering closed on June 14, and 11,078 shares of a
par value of $1,107,800 were sold.-V. 118. D. 2705.
Public Service Transportation Co.-Bus Operations.-
The New Jersey P. U. Commission has approved the operation of 19
jitney buses, purchased from individual owners by the above company.
within the City of Camden. N. J.-V. 118. p. 2825.
Reading Co.-Preferred Stockholders File Answer.-
An answer was filed in the U. S. District Court at Philadelphia by Preferred stockholders to the contempt suit brought against them by the company following their motion asking the Court of Common Pleas to restrain
the company from paying dividends of larger amount to Common stockholders than paid to holders of the Preferred stock.
In their answer these stockholders take exception to the contention of
the company that the question of dividends was decided by the U. S. Supreme Court. They declare that neither the U. S. District Court nor the
IT. S. Supreme Court gave any decision on the question of dividends but
that discussion of this subject was only incidental and argumentative in
connection with the main question of whether Common and Preferred
stockholders should share on equal basis the company's capital assets in
liquidation. The answer of the Preferred stockholders describes the suit
against them as an unwarranted effort without legal basis to interfere with
the proper and orderly conduct of a case in another Court having co-ordinate jurisdiction. A date for argument will be set by the Court.-V. 118.
p. 3079, 2944, 2950.
Republic Railway & Light Co.-Annual Report.Income Account, Including Subsidiary Cos., for Calendar Years.
1923.
1922.1920.
Gross earnings
89,808,760 $8,125,792 $71,3
921;680 $8,420,387
Oper. exp. & taxes
6,655,552
5,391,370
5.726.102
6,556,394
Net earnings
Other income
$3,153,207 $2,399,689 $1,930,310 $1,863,993
127,165
280,091
372,378
156,219
Gross income
$3,280,372 82,679,780 82,302,688 $2,020,212
Deduct-Interest
81,806,517 $1,502,936 $1,419,249 $1,076,295
Discount on bonds__ _
167,351
128,592
101,112
152,682
Contingent reserve_
135,211
Divs, on pref. stock of
608,557
sub. in hands of pub
490,889
434,335
310,064
Balder dep.,divs.& sur $697,947
$422,151
$347.992
$481,172
Results for Month and 5 Months Ended May 31.
-May--1923.
1924
1924-5 Mos.-1923.
$879.277 $779,667 $4,604,659 $4,070,355
Gross income
573,797
530,580 2,923,609 2,728.742
Oper. caps. and taxes
$305,480
Net earnings
8190,640
Interest on funded debt
Other interest and discount- - Cr.10,304
Div. on Pref. stock of subsid.
69,065
cos. in hands of public__ _ _
$249,087 81,681,050 $1,341,613
8129,354 $951,474 $639.300
18,028 Cr.34,794
73,395
46,816
345,779
235.095
Bal. for depr., diva. & sur_
856,079
$54,889 8418,590 $393,823
The company and its subsidiaries, operating throughout the Mahoning
and Shenango valleys of eastern Ohio and western Pennsylvania, report
an increase of 12.77% in gross and 22.64% in net for May 1924 over the
corresponding month of 1923. For the 5 months of 1924 gross income totals
$4,604.659, an increase of8534,304. or 13.12% over the corresponding period
of 1923, while net earnings amounted to $1,681,050, a gain of 8339,437 or
25.30%.
In connection with the monthly report the company announces a new
wage agreement for one year from June 1 at the same rate of pay as for the
Norfolk & Western Ry.-Lease Deferred.previous year.
With respect to interconnection, the statement says: "The recent comPres. A. C. Needles after a meeting of the directors June 24 said: "The
Pennsylvania RR. committee has not so far submitted any definite basis pletion of the high-tension transmission line connecting the Pennsylvaniafor leasing the Norfolk & Western, and therefore no action has been taken Ohio Power & Light system with that of the Ohio Public Service Co. completes the inter-connection of your properties with the three other large
by our committee."
President Rea of the Pennsylvania RR. made the following statement systems operating in eastern Ohio, and in effect joins them into one, operJune 25 with respect to the proposed lease of the Norfolk & Western; ating from Toledo and Cleveland on Lake Erie to Pittsburgh and Wheeling
"The committee appointed by the Pennsylvania RR. to consider the lease on the Ohio River. This inter-connection will facilitate the interchange
of the Norfolk & Western to the Pennsylvania reported to the directors to- of power between the various companies in cases of emergency."-V. 118,
day that it had not reached any satisfactory conclusion on the subject and p.2305.
that further consideration of the matter should be deferred."-V. 118, p.
Seaboard Air Line Ry.-Adjustment Mtge. Interest.2705, 2439.
An installment of interest on the 5% Adjustment Mtge. Gold bonds.
Sub.
Cos.).
Electric
Co.
(&
-Earns.
amounting
to 234 °I. ($25), represented by Feb. 1 1922 codpons. Nos. 47
Pennsylvania-Ohio
and 48, for $12 50' each, has been declared and will be paid on and after
1923
1922
Twelve Months Ended Dec. 31$7,224.386 $8,314.291 Aug. 1 1924 at the office of the New York Trust Co., 100 Broadway, N. Y.
Gross earnings
5,198,095
5,613,834 City.-V. 118, p. 3079.
Operating expenses and taxes
886,707
1,471,852
Interest on funded debt
Texas-Pacific-Missouri Pacific Term. RR. of New Orl.
104.713
157,702
Other interest and discount
At a meeting June 13 of the stockholders of the Trans-Mississippi Termi138,582
201,396
Divs. on Prof.stock ofsub. cos. in hands of public_
296,477
293,063
nal
RR.(which operates the jointly-owned terminal facilities of the Missouri
Preferred stock dividend
135,211 Pacific and the Texas & Pacific in and about the city of New Orleans), the
Contingent reserve
name of the terminal company was changed to the Texas Pacific-Missouri
$441,233 Pacific Terminal Railroad of New Orleans.
Balance for depreciation and Common divs- - - $599,813
J. M. Egan, V.-Pres. & Gen. Mgr. of the Missouri Pacific, was elected a
Includes earnings of Pennsylvania-Ohio Power-& Light Co.for the period
director and V.-Pres, of the Terminal company.
applicable.-V. 118. p. 2305.
JUNE 28 1924.]
THE CHRONICLE
Tennessee Electric Power Co.(& Subs.).-Earnings.12 Months Ending May 31Gross earnings
Oper. exps., incl. taxes and maintenance
1924.
1923.
$8,535.198 $9,312,216
4,893,501
4,756,095
$3,779,103 $4,418,715
Gross income
1,817,869
Fixed charges
DIVS. on 1st Pref. stock and Nashville Ry. & Lt. Co. Pref.
711,127
• stock not owned by the Tennessee Elec. Power Co
831,451
Depreciation
Balance
-V. 118, p. 2825.
$1,058,267
Towson & Cockeysville Electric Ry.-Sale.This company, operating a line with a storage battery system between
Towson and Timonium, Md., 3 miles, and which has been abandoned.
has been bought by the Boston Iron Sr Metal Co. of Baltimore for $9,710,
It will probably be torn up and the materials disposed of by the new owners.
Trans-Mississippi Terminal RR.-Name Changed.See Texas Pacific-Missouri Pacific Terminal RR.of New Orleans above.
V. 117.P. 1993.
3199
for the first 15 miles out of Mullens upgrade to Clark's Gap at 14 miles an
hour and filled out there to 9,000 tons for movement to tidewater. The
initial operation is laid out for an annual movement of 8.000,000 net tons
of coal and the system is designed to handle more than twice this amount.
The higher train speeds, the uniformity of speed, and the greater amount
of power that can thus be applied to an individual train will enable the
movement of more than twice the Virginian's present tonnage.
Condensed Income Account Years Ended Dec. 31.
1923.
1922.
1921.
Total operating revenues
820,328,348 $19,009,444 $18,024,357
Gross income
6,477,643
5,922,289 *5,374,675
Fixed charges
2,806,198
2,514,256
2.436,943
Net income
3,671,445
3,408,033
2.937,732
*Does not include additional compensation received for Federal control
period.-V. 118, p. 2951, 2301. 1521.
Washington Ry. & Electric Co.-Bonds Offered.National City Co. and Harris, Forbes & Co. are offering
at 99 and int., to yield over 63/%, $2,469,000 Gen. & Ref.
Mtge. 6% 10-Year Gold bonds.
Payment for bonds may be made in Potomac Electric Power Co. Gen.
Impt. 6% Debenture bonds, due Jan. 1 1925, or in Metropolitan RR.
1st Mtge. 5% Gold bonds, due Feb. 1 1925. which will be accepted at
The company has applied to the Indiana P. S. Commission for authority prices equivalent to a 4% basis, computed from the date of such payment
to issue $222,000 of Collateral notes and $1,000,000 of bonds, partly to to the dates of their respective maturities. Dated Nov. 1 1923. due
meet approximately $400,000 of obligations, such as interest on bonds Nov. 1 1933. Int. payable M. & N. 1 in Washington. D. 0., or New
falling due July 1. It is also proposed to use $222,000 to reimburse the York City, without deduction of the normal Federal income tax up to 2%.
treasury for expenditures being made for improvements.-V.118, p.2180.
Denom. $500 and $1,000 c*. Red. at any time at the option of the company on 60 days' notice at 104 and int. if redeemed on or before Nov. 1
United Rys. Co. of St. Louis.-Jan, 1 1924 Interest on 1928,
and at 102 and int. if redeemed thereafter but prior to maturity.
1st Gen. 4s to be Paid-Notice to St. Louis Transit Co. Impt. American Security & Trust Co., Washington, D. C., trustee.
Issuance.-Authorized by the P. U. Commission of the District of
5s-Acquisition of Bus Co.The Bankers Trust Co., fiscal agent in a notice to the holders of 1st Gen. Columbia.
Data from Letter of V.-Pres. S. R. Bowen, Dated June 25.
Mtge. 4% bonds of United Rys. Co. of St. Louis state that it has been
Company.-Owns or controls and operates an extensive system of railway
placed in funds to pay coupon No. 49 matured Jan. 1 1924 from above
mentioned 4% bond with int. at 6% per annum on the face amount of properties in the District of Columbia and adjacent territory. In addition,
each coupon from Jan. 1 1924 to July 1 1924. amounting to 60 cents. the company owns all the outstanding capital stock of the Potomac Electric
Coupon may be presented for payment at the office of Bankers Trust Co., Power Co., 'which does the entire commercial electric light and power
16 Wall St., New York, or at the office of St. Louis Union Trust Co., St. business in Washington and adjacent communities,serving without competiLouis.
tion an estimated population of 475,000.
Seettrity.-Bonds are secured by a direct mortgage, subject to the prior
The committee for the St. Louis Transit Co. Impt. 20-Year 5% Gold
bonds In a notice to holders of certificates of deposit issued under deposit lens of existing mortgages, on the entire physical property of the company.
agreement dated July 10 1917 states:
Further secured by a charge, subject to prior pledge under an underlying
"In the formal notice dated March 26 1924 the committee called attention mortgage, on the entire outstanding capital stock of the Potomac Electric
to the termination of agreement of July 10 1917 and recommended that Power Co.
bonds deposited under that agreement be forthwith deposited with the Eatflings of Washington Ry. & Electric Co. System, Ind. Potomac El. Pr. Co.
combined committee under deposit agreement dated April 22 1919. You
-Calendar Years- 12 mos.end.
are hereby notified that bonds may be deposited with the combined com1922.
May 31 '24.
1923.
mittee (deposit agreement dated April 22 1919) on or before July 15 1924.
earnings
$11,605,397 $12,067,187 $12,217,619
If not deposited with the combined committee your bonds must be with- Gross
& taxes_ _ 7,559,940
maint.
7,740.635
current
7.755.273
exp.,
xOper.
deposit
agreement
dated July 10 1917. and payment made
drawn under
through the depositaries of your Toro rata'share of your committee's expenses
$4,045.457 $4.311.914 $4,476.984
Net earnings
amounting to $10 for each $1,000 bond.
$31,923,050 bonds(incl, present issue) 1,603,158
According to a St. Louis dispatch, John Hertz, President of the Yellow Annual interest charges on
Cab Co. of Chicago, has agreed, through J. A. Ritchie. Pres. of the Yellow
Balance
$2,873,826
of
Mfg.
Co.
Chicago,
to
Coach
sell 56,000 of the 70,000 shares outstanding
of the St. Louis Motor Bus Co. to the United Railways at a price approxix Excluding reserves for replacements.
mating $2,400.000. The acquisition, it is stated. is part of the reorganizaSinking Fund.-The mortgage provides for a sinking fund requiring semition plan, which is now under way.-V.118, p. 2181.
annual payments equal in each case to at least 1% of the amount of Gen.
& Ref. Mtge. bonds outstanding in the hands of the public on the date
Utah Light & Traction Co.-Balance Sheet Dec. 31.of payment.
1923.
1922.
1922.
1923.
Franchises.-The franchises of the company and the Potomac Electric
Assets$
Power Co. In the District of Columbia, are, in the opinion of counsel,
Plants & invest_ _ _22,150,189 21,778,162 Capital stock
1,150,875 1,150,875 without Built as to duration, and the rates charged are under commission
Cash
172,894
180,824 Utah Lt.& Pr. 5s_ 748,000
748,000 jurisdiction.
Adv.to MM.cos_
50,000
10,000 Utah Lt. & Pr. 4s_ 1,113,000 1,113,000
Purpose.-Bonds are being issued on account of the redemption on
Notes & loans rec
1,500
4,318 Cons. Ry.& Pr. 5s
1,000 Dec. 1 1923 of $1,000,000 Gen. Mtge. 6% Gold bonds, and for expendi1,000
Accts.receivable_ _ 185,773
37,025 Utah Lt.& Ry.5s_ 488,000
488,000 tures made for additions and improvements to the property.
Material &supplies 114,389
132,857 Utah Lt. & Tr. 5s_12,471,300 12,471,300 Capitalization Outstanding (Incl. Potomac Elec. Power Co.) Upon Completion
Prepaid accounts_
8,589
3,888
do
8s ____ 1,401,000 1,401,000
of Present Financing.
Trust funds
4,991
78,708 Adv. from MM. co 978,944
577,275 Common stock, paying 5% dividends$6,500,000
Funds depos. with
Notes &loans pay. 150,000
145,000 Preferred stock, paying 5% cumulative dividends
8,500.000
trustee for red.
Accounts payable_
100,779 Gen. & Ref. Mtge. 6% 10-Year Gold bonds (incl. this issue)
79,973
2,646,000
of Consol.By.&
Accrued accounts_ 441,856
403,654 Consolidated
10.424,850
Mortgage 4% bonds
Pr. Co. 5% 1st
Tickets outstand'g
75,890 Divisional Mortgage
93,954
4,827.000
bonds
Mtge. bond__ _ _
1,000
1,000 Reserves
1,788,004 1,820,748
1.740,000
of electric railway subsidiary companies
Unamort. disc. &
Surplus1,961,802 Bonds
12,285,200
189,885
expense
199,714
Total (ea. side)_22,857,189 22,454,122 Potomac Electric Power Co. bonds
capital
stock
$96,700
public
hands
of
the
the
There is also outstanding in
The usual income account was given in V. 118, p. 3080.
of the subsidiary railway companies. In addition to the bonds of the
Utah Power 8c Light Co.-Consol. Bal. Sheet Dec. 31.- Washington Ry.& Electric Co.and the electric railway subsidiary companies
there are $1,217.500 Consol. Mtge.
(Including Western Colorado Power Co. (Inter-Co. Accounts Eliminated)]. outstanding in the hands of the public,
4% bonds held alive in a sinking fund of the Potomac Electric Power Co.
1923.
1922.
1923.
1922.
railway
subsidiary company also held by
electric
and $180,000 bonds of an
AssetsLiabilities$
the company and a subsidiary company. In addition to the $12,285,200
Plants, leaseholds
Pref. stock,7% _ _ _14,556,400 11,957,400 bonds of the Potomac Electric Power Co. outstanding with the public
& securities.. _ _78,636,828 78,154,239 2d Pref., 7% stock 1,000,000 3,099,000 $1,259,000 bonds are held alive in its sinking fund, 51.760,000 bonds are
Constr.,contr.adv 1,829,570
743,034 Common stock_ _ _30,000,000 30,000,000 held in its treasury, and $81.000 bonds are held by the Washington By. &
Cash
783,730
835,530 Funded debt
36,847,000 31,847,000 Electric Co. Additional bonds of the Potomac Electric Power Co. may be
Adv. to affil. co
888,944
577,275 Notes & loans pay 803,500
488,000 Issued under conservative restrictions.-V. 118, p. 3080. 2306.
Notes receivable
3,283
20,281 Divs. payable_ _
272.237
283,487
Accts.receivable 1,524,075 1,436,955 Adv.from MM.cos 680,500
418.000
Waterloo Cedar Falls & Northern Ry.-Report of Corn.
Material &suP16_ _ 748,270
843,136 Accts. payable_ _ 551,329
389,437
E. V. Kane, Chairman of the bondholders' committee, representing the
Prepaid accounts_
40,530
15,081 Customers'dep'ts_ 502,199
444,424 1st Mtge. bondholders, in a circular dated June 15 gives a report covering
Trust funds
2.380,000
Accrued sects.... 1,064,050 1,216,992 the results and conclusions of a recent inspection trip by the committee,
Progress Co. note. x30,000
30,000 Progress Co. note_ x30,000
30,000 which are stated briefly as follows:
Utah Lt. & Trac.
Utah Lt. & Trac.
The line is in fair physical condition with the exception of the 20-mile
Co.bds.& notesx14,022,000 14,017,000 Co.bds.& notesx14,022,000 14,017,000
stretch from Waterloo to Waverly, which is greatly in need of renewal.
Unamort'd dlsct.,
Reserves
3,113,438 2,737,831 General business conditions in the territory served are still quiet, with a
comm'n & exp.. 3,984,137 3,598,088 Surplus
1,602,729
988,189 slowly Improving tendency. Broadly speaking, however, business condiDeferred debits.._
18,034
2,142
in northern Iowa are far below normal, owing to the reduced buying
Total (ea. side)104,845,381 97,872,742 tions
power of the farmer as a result of low prices for cereals.
x Guaranty (see contra).
Current
earnings from freight traffic on the Waterloo line reflect the imThe usual income account was given in V. 118. p. 3080.
proving trend of general business, but the small gain has been overbalanced
by the continued decline in passenger traffic due to bus competition and the
Vicksburg Shreveport & Pacific Ry.-Bonds.use of the automobile. In evidence of the latter it is stated that in
The company has asked the I.-S. C. Commission for permission to sell general
the five counties traversed by the company there are 864 more automobiles
$300,000 Ref. & Impt. 6% bonds. The company proposes to sell them than
there are families.
through Spencer Trask & Co.at 97Si and apply the proceeds to the purchase
Condensed Comparative Statement of Operations for Calendar Years,
of 50 gondola cars.-V. 118, p. 1768. 1775.
1922.
1923.
Virginian Railway.-Bonds Sold.-National City Co., Railway operating revenue
$896.104 $841.217
828,385
724.337
Lee, Higginson & Co. and Kissel, Kinnicutt & Co. have Railway operating expenses
Union Traction Co. of Indiana.-New Financing.-
sold at 96 and int., to yield about 53%, $10,000,000
1st Mtge. 50-Year 5% Gold Bonds, Series "A." Dated
May 11912, due May 1 1962, but red. all or part at 110 and
int. on any int. date upon 4 weeks' notice.
Data from Letter of C. W. Huntington, President of the Company.
Security.-Secured by direct first mortgage on 503.17 miles of road,
extending from Deepwater on Kanawha River, W. Va., through the
Pocahontas and New River coal fields, thence east to Sewalls Point on
Hampton Roads (at Norfolk. Va.) and on all equipment owned by the
company. The bonds are additionally, secured by first collateral lien
through pledge of all the bonds and capital stock (except directors' shares)
of Virginian Terminal Ry., upon 600 acres of valuable waterfront and the
company's steel coal-loading piers and terminal property at Sewalls Point.
The $47,844,000 1st Mtge. 5% Gold bonds, series "A," include the
present offering. $4,500.000 of which were formerly pledged as partial
security with the U. S. Government and the Director-General of Railroads
for loans aggregating $4,000,000.
Purpose.-Proceeds will be used in part for improvements, additions and
betterments, and in part to reimburse the company's treasury for the
amount expended in discharging its loans of $4,000,000 from the Government.
Electrification Program.-The company is electrifying 134 miles of road,
embracing 231 miles of track, crossing the Allegheny Mountains between
Roanoke. Va., and Mullens, W. Va. The principal objects of this underare two-first, the expansion of its traffic handling capacity-, and,
secon , the improvement of operating efficiency and reduction in tonmile costs. With electric operation, trains of 6.000 tons will be moved
Net revenue
Taxes on real and personal property
Miscellaneous taxes'(refunds)
Operating income
Non-operating income
$67,719 $116.879
43,668
55.188
Cr.5,009
$29,060
841
$61,691
5.337
$29,900
Balance
$67,029
Amount required for First Mortgage bond interest
288,650
288,650
The increase in operatink expenses for 1923 over 1922 was due largely
to the fact that maintenance of the road had been deferred in previous years
and had to be taken care of in 1923.
The committee is convinced that any substantial improvement in the
affairs of the company must come from increased freight revenue, which,
however, cannot reasonably be expected in a Presidential year, with its
disturbing influences upon business.
On the other hand, a large amount of accumulated unpaid taxes. inherited
from the old management. has imposed a heavy burden upon the company,
as these obligations are being liquidated in monthly Installments out of
current earnings.
First Mortgage bonds to the par value of $5,114,000 have been deposited
with the committee, or approximately 90% of the amount outstanding.._
V. 117, p. 2214.
Wellington Grey & Bruce Ry.-Bonds Called.Forty-six (f.4.600) First Mtge. 7% bonds have been called for payment
July 1 at par and interest at the offices of the Canadian National Rya in
Montreal, Can., and London, Eng. See also V. 118. p. 3080.
•
3200
Wisconsin Traction, Light, Heat & Power Co.-Stock.
/The company is offering to its customers and employees at par ($100)
p.500,000 7% cumulative Preferred stock. Payment may be made either
in cash or on the partial payment plan, $5 down and $5 per share monthly
thereafter. The issuance of this stock has been authorized by the Wisconsin RR. Commission.-V. 118, p. 1776.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past week,
together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly given
under this heading appears to-day on a preceding page under "Indications
of Business Activity."
Coal Productiob, Prices, &e.
The United States Geological Survey's report on coal production, together
with the detailed statements by the 'Coal Trade Journal" and the 'Coal
Age," regarding market conditions, heretofore appearing in this column.
will be found to-day on a preceding page under the heading "Indications
of Business Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the United States
compiled by the American Petroleum Institute and formerly appearing
under the above heading, will be found to-day on a preceding page.
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.-American advanced price of refined sugar 10 pts.
to 7c. on June 23. Arbuckle advanced price 5 pts. to 6.80c. on June 25.
and on June 26 E. Atkins & Co. advanced price of assored grades 10 ponts
to 6.90c., bulk remaining the same at 6.80c.
New Low Pric.e for Smokeless Coal.-Pocahontas Fuel Co., producer of
high-grade smokeless coal, contracted to supply 20,000 tons of coal to the
Panama RR. at a price of $1 50 per net ton at the mines. This is the
lowest price at which smokeless coal has been sold since long before the
war. Boston "News Bureau" June 23. p. 2.
Electric Light Bulbs Drop 10% in Price.-A reduction of 10 in the price
of its electric light bulbs has been announced by the General Electric Co. to
take effect July 1. The reduction, which brings the price down 37%
below the price to 1914. represents a saving of over $7.000,000 annually.
Ordinary household lamps,comprising Mazda"B"type from 10 to 50 watts,
will be sold for 27 cents, a reduction of 3 cents from the present price.
N. Y. "Evening Sun" June 23, p. 27.
May Advance Ocean Passenger Rates.-International Mercantile Marine,
Cunard, United, American and other trans-Atlantic lines are contemplating
increase in passenger rates. Boston "News Bureau" June 26, p. 4.
American Wringer Co. Cuts Wages.-Company, employing 400 persons,
has notified its workers that a 10% wage reduction will go into effect July 7.
Studebaker Coe poration to Augment Working Forces.-A force of 1.200
additional men will be added to the payroll during the week of July 7:
2,000 more workers will augment this body between July 14 and Aug. 1 in
addition to force which will be busily engaged by middle summer. Further
increases will be gradually made until the corporation will be at peak of
1924 production by October. Boston "News Bureau" June 26.
Ford Motor Co. Curtails.-Company's saw mills and other industries at
Iron Mountain, Mich.. have discontinued Saturday work and are operating
on five-day basis, the same as Detroit plants. About 4,500 men are
affected.
Street Journal" Juno 24, p. 2.
Other Companies Curtail Operations.-American Bosch Magneto closed
June 21 for two weeks. a/) Canadian Cottons. Ltd.. closed until July 7.
(c) J. & P. Coates. Inc., cotton thread manufacturers, closed from June 26
to July 7. (d) Lonsdale Co. will close for the week of July 5. (v.) Nasuha
Mfg. Co. will close for week of June 30. (f) American Thread Co. will be
closed all of next week, owing to business conditions; this division for a long
time has run three days a week. (g) Skinner mills silk will close all of next
week. (h) Amoskeag Manufacturing Co. announces a complete shutdown
for the plant from July 2 to July 7. Plant will return to three-day schedule
on the Monday following July 4. (1) International Paper Co. will close its
Franklin. N. H., plant for a week commencing June 29, and the Franklin
Needle Co. will suspend manufacture for two weeks at the same time.
Steel Price Arguments End.-Arguments in the Federal Trade Commission's ease against the Pittsburgh plus method of fixing the price of steel
were completed before the Commission June 24.-N. Y. "Evening Post"
June 25, p. 1.
Clothing Workers Strike; 40.000 Out.-A strike of 40,000 men's clothing
workers, members of the Amalgamated Clothing Workers of America, began
June 25. It was followed by the formation of an employers' association to
take up,for discussion with union leaders the workers' grievances. N. Y.
"Times" June 26. p. 31.
Garment Arbiters Finish -Governor Smith's Committee hopes to report
to-day. N. Y. "Times" June 26. p. 30.
Two Unions Leave 12 Building Jobs.-Hoisting engineers and bricklayers
say Iron League workers are incompetent. N. Y."Times" June 24, p. 34.
New York Rent Law Extension Valid.-Landlords must continue to prove
justification for increases. N. Y."iTmes" June 21. p. 28.
Unlikely to Extend Tax-Exemption Act.-Board of Aldermen finds that
measure has not decreased rents, as was intended. N. Y."Times" June 21,
p. 17.
Matters Corered in "Chronicle" of June 21.-(a) The indications of cotton
acreage in June 1924. p. 3011-19. (b) Russia buys here 335,000.000 cotton
-purchases since Jan. 1 made on credits supplied by Chase National Bank,
in Arizona-California acts to keep
P. 3028. (c) Ban is put on cotton
weevil out other States may do likewise. p. 3028. (d) Cottonseed production during Alay. p. 3027. (e) Census report on cotton consumed and on
hand in May,also active spindles, and exports and imports;sharp falling off
in consumption. n.3027.
(1) Everett Mills shut down temporarily-other curtailments. p. 3028.
where non-union structural steel workers
(g) Bricklayers strike on buildingsstrike
in Pennsylvania called off, p. 3027.
are employed. p• 3028. (h) Coal
(i) Miners accept wage reduction in Kentucky, p.3027. (j) Portland (Ore.)
scale, P. 3027. (k) Wage reat
old
wage
work
return
to
typographers to
ductions in Haverhill shoe plants, p. 3027. (I) Employment and wages
continue to decline in Pennsylvania and New Jersey,P.3022. (m) Western
Virginia district of United Mine Workers loses its autonomy-not vigorous
enough, p. 3026. (n) Continued stagnation in the coal markets, p. 3026.
(0) No signs of improvement in steel trade-large buying of pig iron at
Chicago, with prices down $1 a ton, p. 3025.
(p) National Industrial Conference Board says "real" weekly earnings
Increase despite curtailed industry; further decline in employment, p. 2023.
Illinois in May; many mines closed;
(n) Review of industrial situation intime
since fall of 1922, p. 3021. (r)
unemployment greater than at any
Bookings of steel castings again fall off, p. 3024. (s) Steel furniture shipments smaller, p. 3024.
rapidly decreasing, p. 3026.
(t) Bookings of architectural terra Gotta
p. 3025. (v) Fur manufacturers'
(u) Sales of mechanical stokers decreasing,
sales heavily reduced. p. 3026. (w) Country's foreign trade in May; imports and exports. p. 3028. (x) Pittman bill calling for completion of silver
Purchases under Act of 1918 failed of enactment at late session of Congress.
p. 3033. (y) Coal production shows recovery, also coke. p. 3026. (z)
Structural steel orders rapidly decline; shipments continue heavy; p. 3024.
3022. (bb) Tire price
(aa) Decrease in wholesale prices in May 1924, p. price
change and new
reductions announced, p. 3024. (cc) Automobile
models, p. 3024. (dd) Crude oil production shows little change, p 3024.
3023. (ft; Conlee) Crude oil price reductions continue; also gasoline;
tinued decrease in retail food prices in the United States during May,
criticizes Oregon Income Tax Law;
P. 3022. (gg) Edgar H. Sensenich
says it hits production of wealth and retards development of resources;
contrast with Florida; p. 3035.
(h h) Court sustains indictment of John Eamon, head of Parson, Son
Co.. p. 3034. (ii) Five brokers formerly connected with failed New York
Curb firm of Jones & Baker, indicted, p. 3034. (ii) Court approves comin the defunct firm of
position settlement of E. S. Little, former partner
p. 3035. (Ick) John M. Morey & Co..
Chandler Bros. & Co.,
Phila.'
p. 3035. (II) Detroit brokerage firm of F. K.
stock brokers. Chicago. fail,
Pelton & Co. in liquidation, p. 3035.
Agar Packing & Provision Co.-Capital Decreased.
The company has filed a certificate at Springfield. Ill., decreasing its
authorized Preferred stocg from 81,000,000 to $500,000.-V. 114, p. 2720.
[VoL. 118.
THE CHRONICLE
Adirondack Power & Light Corp.-Earnings.
Adirondack & Southern. Inc..
rind. Adirondack Power & Light
and Kanes Falls Electric Co.-inter-company
Corp.,
items eliminated.]
Results for Calendar Year 1923.
$6,929,368
Gross operating revenue
4,973,721
Oper. exps., md. maint., depreciation and taxes
Net operating revenue
Non-operating revenue (net)
$1,955,647
53,421/
Gross income
Interest and income deductions
Preferred stock dividends
Appropriation for special amortization (net)
$2,009,075
1,139.401
537.672
124,877
$207,123
1,803.332
Balance, surplus
Surplus Jan. 1 1923
Surplus Dec. 31 1923
$2,010,456
Consolidated Balance Sheet Dec. 31.
1922.
1922.
1923.
1923.
Assets$
$
$
Fixed assets
x42,709,324 35,442,494 Common stock-- 9,243,600 9,223,800
Cash
1,423,453
352,192 7% cum.Pfd. stk. 5,357,600 4,031,100
Acc'ts receivable_ _ 1,062,378 y1,453,066 8% cum. Pfd. stk.. 2,554,700 2,554,700
Bills receivable_ _
57,250
Undepos.stk,to be
Math & supplies_ 1,208,288
743,843 converted
127.900
104.600
Prepayments
63,025
22,787 Funded debt_ _a18,386,100 17,326,800
Investments
167,710
236,212 Accounts payable_ 706,049 b2,073,832
Securities in treas.
59,000 Bills payable
7,265,000
Special deposits.. _
19.113
30,849 Accr, tax., int.,&c. 426,510
Suspense debit_ _ _ _ 105,269
208,026
52,064 Consumers' det.'s_ 246,313
Unamortized debt
351,824
TJnmatured liabils.
disc't he expense 953,415
3,308
909,487 Suspense credits_
9,543
Special deposits_ _ _
16,279
72,905
Other liabilities...
94,942
Retirement res've_ 1,182,752
Other reserves_ _ _ _ 179,961 1.517,469
Total(each side) 47.769,227 39,301,996 Corporate surplus_ 2,004,819 1,800,788
x Electric fixed capital, $36.980,057; gas fixed capital, $3,628,476;
construction work in progress, $2,100,791. y Including notes. a Adirondack El. Power Corp. 5s. 1962, $5,000,000; Adir. Pow. & Lt. Corp. 6s,
1950,. $10,421,000; Atilt.. Pow. & Lt. Corp. 51-5s, 1950, $2,500,000; Adir.
Pow. & Lt. Corp. deb. 5s, 1930, $3394.100; United Gas El. Lt. & Fuel Co.
5s. 1929, $71,000. b Including notes.
The stockholders on June 20 increased the authorized 7% Pref. stock from
$10,000,000 to $15,000,000, and authorized the sale of 85,000.000 6%
5-year Debentures, convertible, par for par, into the 7% Pref. The bonds
have already been sold. (See offering in V. 118, p.2826.)-V. 118. p. 2951.
(The) Aeolian, Weber Piano & Pianola Co. (of N. J.)
Consolidated Balance Sheet a.s of June 30 (Incl. Subsidiary Companies).
1922.
1922
1923.
1923.
AssetsLiabilities$
Prop.. g'd-will,&c_12,305.730 12,381,847 Preferred stock.. 3,352,400 3,352,400
by.in foreign subs 2,452,127 2,710,685 Pref. stk.(sub.cos.) 2,403,400 2,402,300
Common stock__ 6,308,300 6,308,300
Mtges.rec.& empl.
2,092,750 1,897,000
68,450 Mortgages
hens.corp. stock 160,100
3,221,411 3,842,122 Funded debt
Inventory
1,000,000 1,000,000
182,500
Bills receivable_ _ _ 794.216
598,606 Res, for coating
85,000
Accts.rec.(less res.) 3.441,456 3,310,898 Bills payable
4,110,000 4,910,000
231,179
Adv. to for. subs 2,276.014 2,304,083 Accounts payable_ 314,694
94,989
Cash
1,174,926 1,138,332 Accrued liabilities_ 162,914
66,903
Deferred charges
259,897
71,118
178,088 Prepayments
6,185,301 6,087,538
Surplus
Total
26,085,877 26,533,109
-V. 109. v. 1275.
Total
26,085.877 28,533,109
Alaska Coke & Coal Co.-Registrar.
The American Trust Co. has been appointed registrar for the Common
stock of the above company.-V. 113, p. 2821.
Allied Packers, Inc.-July 1 Interest Payments.
Vice-President T. F. Matthews stated that funds for the interest pay-•
ments doe July I have been provided and payment would be made.
V. 118, p. 1667.
Aluminum Co. of America.-Court Permits Sale.
The U. S. Circuit Court of Appeals at Philadelphia on June 24 refused
the application of the Federal Trade Commission for an injunction to restrain the company from re-acquiring at a sheriff's sale the property of the
Aluminum Rolling Mills Co.
Some months ago the Commission ordered the Aluminum Co. to divest
itself of its stock holdings in the Rolling Mills concern on the ground that
the relationship violated the Clayton Anti-Trust Act. The Cleveland Metal
Products Co. thereupon purchased the Aluminum company's interest, but
has since discontinued the manufacture of aluminum cooking utensils.
The Cleveland Metal Products Co. is said to have owed the Aluminum Co.
8600,000 for which the Aluminum Co., the Trade Commission maintained,
proposed to obtain judgment, taking the Rolling Mills Co. in satisfaction.
The Court of Appeals, in refusing the application, held that a
@FedFRASER