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The
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INCLUDING
rontrie
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
SATURDAY, JUNE 30 1923
VOL. 116.
FAClice Thronicit.
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State and City Section.
A new number of our "State and City Section,"
revised to date,appears to-day, and all readers of the
paper who are subscribers should receive a copy of it.
As previously announced, this Supplement is now
printed in two parts, Part One containing the New
England, Central and Middle States, being issued
to-day, while Part Two, embrazing the rest of the
country, will be published next December.
The Financial Situation.
The financial markets continue shrouded in gloom,
and stock prices the present week have suffered a
further bad tumble, with new low records for the
year all through the list. Liquidation of security
holdings has proceeded on a tremendous scale, in
part forced, in part voluntary occasioned by solicitude regarding the industrial outlook. Operators
for a decline have helped the movement downward,
as they always do on such occasions, by selling stocks
short and by the circulation of unfounded rumors
regarding the solvency of Stock Exchange houses,
hoping thereby to cause a general loss of confidence
and the throwing over of securities in large volume.
Such methods are shameful and detestable, but they
could have only a small measure of success if it were
not that certain elements of isquietude unquestionably exist and invest the future with uncertainty if
not with actual menace. Fuel costs remain at the
peak with no relief in sight, and labor costs are again
rising in every direction. Manufacturing costs
are already so high that they are losing us both the
foreign naprkets and the domestic markets. What,
then, are we to expect with wages still further advanced? We are not exaggerating when we say pres
Electric Railway Sectica
State and City Section
NO. 3027
ert manufacturing costs are losing us the domestic
and the foreign markets alike, for evidcnce of the
truth of the statement is 'ound in the flood of merchandise imports and the lack of growth in the merchandise exports. At present our manufacturing industries are thriving on past orders, but we cannot
expect a continuance of these orders unless manufacturing costs are reduced, and that seems out of the
question so long as the constituent elements in production costs remain as they are now.
The one bright feature in the situation at the moment is the way railroad earnings are increasing, for
these earnings enable the roads to buy with greater
freedom than for many a long year past. Much has
been made on the Stock Exchange the present week
of the failure of the Baltimore & Ohio to resume dividends on the common stock, tut the action of the directors was dictated entirely by considerations of
prudence and conservatism. The company's earnings, both gross and net, are enormously larger than
a year ago. For May this year the gross was $23,609,843, against only $16,861,752 in May last year,
and the net (before the deduction of taxes) $5,585,958, against $3,716,858. To be sure, comparison is
with the period of the coal miners' strike last year,
but the increase is only in part due to that circumstance, and even to the extent that it is thus due it
signifies a return to a normal favorable situation
from an extremely unfavorable one. Turn now to
the Pennsylvania return for ray. That company
earned $14,467,254 more gross than in that month
last year, and $2,651,422 more net. The New York
Central makes an even better comparison, with gross
this year for the month of $38,183,r64, agairlt $27,466,206, and net more than doubled at $11,265,307,
against $5,202,032. Even the Erie shows an addition
to gross for the mcnth of $3,322,286 and an addition
to net of $1,763,769. And what is more, the improvement,from present indications, is certain to continue
for many months to come.
The building trades trouble which has for a number of weeks past been prominently at the front of the
news stage has now gotten so far along into a (temporary) "permanent" peace that its more recent incidents can be briefly summed up. On Friday of last
week several thousand concrete and cement workers
took notice and followed the "same as" lead by going
on strike for just a little more. it is estimated that
the increases and bonuses extorted will add 20 milloan to the wages cost of building during the second
half of the year, and it is not to be expected that
by any number of force bills against landlords and
2918
THE CHRONICLE
any increase of penalties for "being greedy" this augmentation in construction cost can be prevented from
making its way into rents and other living costs. The
bricklayers obtained on Monday a new two-year
agreement at $1 50 an hour or $12 a day. As the
Committee of the Public Group see it, construction
of schools or of dwellings is not aided any, and so
they ask the Mason Builders' Association and the
bricklayers' executive committee to "consider a plan
by which, for the present, bricklayers and other mechanics may be employed and be permitted to work
on all jobs in New York upon evidence of their ability
to do the work for which they shall be engaged, no
matter where they are trained." This would make
room for white-collar and other persons who have attended trade schools; it would make competence and
the work impulse a sufficient "union card" in practice, and the unions are asked to grant so much as
this to the public need and welfare.
The coal problem has not yet turned its grimness
into encouraging smiles. Upon rumors that the
United Mine Workers of America had negotiated
with their"brethren"abroad to interfere with mining
and shipping coal hither in the event of a strike, Attorney General Daugherty has given a plaiii hint that
any such interference would encounter prompt and
forceful action by the Government. On Tuesday the
tri-State district convention of the anthracite miners
of that organization began in Scranton, and the early
developments were anything but encouraging. As
might have been expected, the most rabidly radical
element was on its tallest and reddest horse and undertook to start at least a temporary rush. Young
Rinaldo Capellini, elect head of District No. 1, with
70,000 members--described as "dark, erect, with
flashing eyes, and with right arm gone at the shoulder"—was not backward at rushing forward. He
lost the arm in mine-working, and according to report, which may or may not be exact, the company
"quibbled on compensation"; at least, he is just the
figure to work up an "impassioned" condition of
feeling and to rouse the mob spirit.
The highest of past demands,it appears, is to be exceeded, the present contract, expiring with lext August, being on the same basis as the post-war agreemen,t which was rebelled against last summer but
taken up again after months of idleness and assented
to. Nov, with wages at the peak, a demand for a
further increase of 20% is made, with an addition of
$1 a day for all men paid by the day. Mr. William
Green, the organization's Secretary-Treasurer, spoke
smoothly, after first predicting that following the
demonstration of solidarity in a six months' fight
"the masters of finance and large employer', of labor
will hesitate to do battle again with this army of men
and women"; yet he said that this is a time for sober
judgment, that itis"a matter of strategy and we must
occupy the strategic position." There is a "great unseen force of public opinion," and while he would not
wholly accept the belief that no industrial struggle
in America could be won against that opinion he
does not "believe it possible for any group of men to
win a struggle in America, provided public opinion
is crystallized against them." Well, then, let it be
known that public opinion is in favor of a 20% reduction instead of a 20% increase.
Reports of Thursday's proceedings were that President Lewis of the United Mine Workers "took control," wresting the convention from the extreme rad
[VoL. 116.
ical element. While he descanted upon the strength
of the organized miners and adhered to the keynote
of no reduction in wages, he did speak smoothly
about a conciliatory and reasonable spirit and about
"a desire to safeguard the rights of the people by
effecting a new agreement which will insure an uninterrupted supply of coal at prices not unreasonable."
This has been rather an off-week in striking political developments in Europe. Diplomatic negotiations between France and Great Britain relative to
a formula for dealing with -the reparations problem
are said to have been going on in a quiet way, but
early in the week, at least, ho definite official announcements were made except an informal statement at the Quai d'Orsay that "there would be no
reply to the British questionnaire before the Belgian
Cabinet had been formed." The New York "Times"
correspondent at Paris cabled under date of June 22
that "this decision holds despite the request made by
the British Ambassador that a reply be returned as
soon as possible. Yesterday and again to-day the
Belgian Ambassador to Paris Lad conferences with
Premier Poincare and there is a considerable amount
of official optimism as to the possibility of France
and Belgium being able to find a common formula
for their definition of the terms of German surrender
in the matter of passive resistance, and also for the
conditions of evacuation of the Ruhr as German payments are made. But there is no indication that
these terms are being modified in a manner to make
them either immediately acceptable to Germany or
entirely satisfactory to England."
The reparations situation was further disturbed,
so far as the Germans were concerned at least, by the
announcement that "General Deguotte to-day [June
24] issued an order of the day declaring that the Inter-Allied Commission of Control in the Ruhr has the
power of requisition for account of the occupying
Powers of all stocks of coal in mines, factories and
other industries in the Ruhr, in order to insure deliveries for the reparations account due the Allies, as
well as to insure the payment of coal taxes due from
the exploitation of the mines." It was explained
that "the order was based on Part VIII of the Versailles Treaty. It declares Germany violated this
provision of the treaty by voluntarily reducing the
production of coal for the reparations account. The
order says that from the date of a decision by the
President of the Inter-Allied Control Commission to
requisition any given stocks of coal the coal may not
be touched by any one except through special authorization of the Control Commission."
That there has been no change in the attitude of
Germany on the reparations question seems to have
been made clear by Chancellor Cuno in a public address on June 24. The Associated Press representative at Berlin cabled that "in a speech at the opening
of the Agricultural Exposition in Koenigsberg, East
Prussia, yesterday, Chancellor Cuno referred to the
Ruhr and reparations problems in words considered
to show little disposition on the part of the Government to compromise." He added that "the Chancellor declared the spirit of resistance and the will to
resist were asfirm asever among the Ruhr population.
This convinced him, he said, that the entire German
people would show themselves as unswerving in political and economic matters as the people of the Ruhr
JUNE 30 1923.]
THE CHRONICLE
and the Rhineland." In defense of the attitude and
policy of the German Government the Chancellor
was reported to have said also that "nothing has been
left undone to find a reasonable, supportable and
final solution of the reparations problem. The German memorandum, he declared, had achieved, on the
whole, what was expected: namely that it would convince the world of Germany's honest desire to live at
peace with her neighbors and not to promise reparations, but to pay them by the exercise of the utmost
strength of the German people, on the condition that
the Germans should be able to say: 'At the conclusion of these deliveries stands freedom.'"
The dispatches from various centres indicated
that, as the week advanced, Great Britain and
France experienced no less difficulty in finding a
reparations formula. A special political correspondent of the New York "Tribune" cabled from Paris
that "the attempts of Britain and France to come to
an understanding about what to say to Germany in
answer to its note, now three weeks old, have been
interrupted by the prolonged Ministerial crisis in
Belgium." He also said that "the cause commonly
given for that crisis is the dispute about the Flemish
language. But another cause, weighing as much, is
Belgian discontent with the occupation of the Ruhr.
Belgium imports more than 80% of the wheat it
must have for bread. For those imports it pays with
exports of manufactured goods. The occupation of
the Ruhr has interfered with Belgian manufacturers
to an extent that makes the country uneasy about a
possible economic crisis. For this reason opinion in
Belgium swings steadily to the British point of view
about the Ruhr against the French." The "Tribune"
correspondent suggested that "Premier Theunis, the
only man of much political power in Belgium, by temperament and due to circumstances is fearful of a
break with the French Government. As soon as Belgium gets a new Ministry British and French negotiations will go on."
The following day the same correspondent endeavored to outline the situation in part as follows:
"Communications between France and Britain looking to common action in regard to Germany are dragging in a way that causes some pessimism. But there
is not yet any mutually admitted deadlock and there
is on both sides a wish to avoid a deadlock. This
‘
wish, however, varies in degree. On the British side
it is a determination to keep up a spark of life in
these negotiations until the last possible moment,
modified by an equal determination to act upon the
conclusion that either the entente between the two
nations still exists or does not exist. In the event
that the latter should be the conclusion Britain will
pioneer along another course. On the side of the
French the attitude toward the present negotiations
is more tepid. In may be described as a state of mind
which does not want a rupture and will not take any
affirmative action designed to cause a rupture, but
will not make concessions to avoid one."
The Associated Press correspondent at Rome sent
word that "the Pope has written to Cardinal Gasparri, Papal Secretary of State, saying that despite
the attempts made since the beginning of his Pontificate to secure pacification of Europe, international
relations had not improved, had even become worse,
justifying graver anxiety for the future." According
to the dispatch also, the Pope said that "while we are
2919
striving with all our strength and all the means our
children place at our disposal for mitigation of the
present serious general sufferings, we ought to take
advantage of every opportunity to co-operate to
bring about the desired pacification of pedples and
individuals in Christ. We entreat those who hold
the people's destinies in their hands to consider the
various questions, and that of reparations, in that
Christian spirit which does not separate the exigencies of justice from those of social charity, on which
the perfection of the life of peoples is based." The
Paris representative of the New York "Times" cabled
the next day that "it is not to be expected that Pope
Pius's letter urging the fixation of Germany's reparations debt by arbitrators and the early evacuation of
the Ruhr will have any effect on the French policy.
In Paris the letter is regarded as the effort of a good
man with good intentions, but without practical
knowledge of the situation. It seems to be taken for
granted that the Government of France would not
reverse its most important foreign policy on the two
basic points because of the appeal from the Vatican."
The New York "Herald" representative at the same
centre took quite a different position, asserting that
"the Pope's letter to Cardinal Gasparri, Papal Secre
tary of State, on the occupation of the Ruhr and supporting the proposal for an international investigation of Germany's capacity to pay, has shaken badly
the political foundations of the Poincare policy and
has left political circles in France almost speechless
with surprise." In a speech at the closing session of
the Landtag of the Rhenish Province at Barmen on
Thursday Chancellor Cuno expressed hope that the
Pope's letter would prove helpful. Great Britain's
position on the whole question of reparations wits
partially indicated in a cablegram from the London
correspondent of the New York "Herald" yesterday
morning. He said that "the British Government's
impatience over not receiving any definite reply from
the French Government to its note regarding:the latest German proposals recently dispatched to Paris
was indicated. by Premier Baldwin in the House of
Commons to-day when he said, would be very glad
to get a reply.'"
The situation looked much brighter last evening.
The Associated Press correspondent at Brussels cabled that "Premier Theunis has succeeded in reaching an agreement with the members of his Cabinet
who resigned June 14 and all the Ministers will retain their portfolios. The details of the accord on
the Government's program will be published to-night
[Friday]. The negotiations with France and Great
Britain will be resumed immediately and Belgium's
reply regarding Germany's note on reparations probably will be drawn up Saturday."
Proceedings at the Near East Conference, which
has been in session at Lausanne for many weeks, have
continued to drag. This was true, according to press
dispatches from that centre, in spite of an "ultimatum" reported to have been delivered by Ismet Pasha
on the evening of June 22. The New York "Times"
correspondent cabled at that time that he "called on
the chiefs of the British, Italian and French delegations to the Conference, and issued to them the same
ultimatum that their Governments were planning
for him. He informed the delegates that he could
not remain in Lausanne more than a few days longer
if action looking to the signing of a peace treaty was
not started, and further stated that the three big
2920
THE CHRONICLE
questions of the Ottoman debt, concessions in Turkey and the evacuation of Constantinople must be
settled before other details were taken up." He added
that "it is known here that most of the money appropriated by the Angora Assembly for the Conference
has been used up. The appropriation was 2,500,000
gold francs. Less than a million of this remains unspent."
According to a dispatch from the New York "Herald" representative the same evening,"the Near East
Peace Conference failed to-day to respond to artificial respiration. In an attempt to hold a meeting of
one of the main committees—the first in three weeks
—after two hours of passionate discussion it had to
be adjourned indefinitely following hot exchanges
between Ismet Pasha and Venizelos and threats by
the latter to leave Lausanne unless his country was
treated on the same footing as the other Balkan
States." He explained that "the incident occurred in
the discussion of the duration of the commerecial
convention. • The Turks, through Rizanur, had at one
of the last meetings accepted that the convention
which was so long in being drawn up, should last five
years for the great Powers and two years for the only
other signatories—Rumania, Serbia and Greece."
The Associated Press correspondent sent word the
next day that "the Allied representatives to the Near
East Conference here sent an invitation to-day to the
Turkish delegates to a meeting at 6.30 o'clock this
evening. At this meeting the Allied delegates, who
now all have received instructions from their respective Governments, will present their views to the
Turks on the unsettled points standing in the way of
completion of the Near East peace treaty." From
the same source came a dispatch late that evening
that "Conference circles late to-night were thrown
into confusion by the issuing of a communique by the
Italian delegation denying the report given earlier to
the press that Italy had not forwarded her instructions to Lausanne concerning the treatment of the
Ottoman debt question. The communique declared
that the instructions of the Italian Government had
been in Lausanne many days." It was added that
"the Turks immediately profited by the situation, insisting that discord existed among the Allies on this
question, although the Allies deny this."
The accounts of proceedings at the Near East Conference, for some time, had contained little or no
reference to the Straits problem. Under date of
June 27, however, the Associated Press correspondent at Lausanne cabled that "the Allies to-day took
another step towards 'bringing Russia back to Europe' by a decision to invite the Soviets to sign the
Dardanelles Straits convention when the Lausanne
treaty is ready for signature." He added that "the
terms for opening the Straits to foreign warships
were arranged at the first conference here. Tchitcherin, Russian delegate, objected to this agreement.
The Soviet, since that time and particularly during
the excitement following the assassination of Vorovsky, Russian envoy, contended that Russia never
refused to sign the convention, and was entitled to
representation in the present Conference. The Allies
are curious to see how Russia will greet the present
invitation." '"here has been further delay from day
to day in dealing with the question of the Ottoman
debt. The Associated Press correspondent said that
"the Ottoman debt problem, set for discussion to-day
[June 27], was again delayed, as the instructions ex-
[VoL. 116.
peeted by the French delegates from their Government were not received. The British and French
still have several points of difference that must be
harmonized, for the Allies are determined to present
the Turks with a complete accord on this point, which
is regarded as crucial for the treaty. The British
say the Turks seem more receptive to the Allied demand that the concessions to foreigners must be protected."
According to an Associated Press dispatch from
Lausanne yesterday morning,"a determined stand is
being made by the United States with reference to
the contracts which the great Powers of Europe are
now negotiating with Turkey." It was also said that
"although the Turks seem inclined to accept the
American attitude, there is no certain indication
that the Allies have been won to that viewpoint. It
is understood that the American representative will
continue to fight until the end of the Conference if
necessary." The correspondent further explained
that "the United States objects to the insertion in
the Lausanne treaty of clauses intended to give validity to contracts entered into with Turkey before the
war, the validity of which is open to doubt. The position of the United States is that treaties should not
be utilized as a means of obtaining validity for contracts. No reference is being made to the Chester
concession or the French railroad contract which
conflicts with part of the Chester concession, but the
stand is taken entirely on the question of principle,
without reference to particular cases."
The notable success of the recent international
loan to Austria appears to have had a decidedly favorable effect psychologically in that country, as
well as financially. Chancellor Seipel was quoted
on June 25 as saying that "Austrian reconstruction
is progressing satisfactorily and will be achieved
within the stipulated two years." The New York
"Herald" correspondent in Vienna cabled that, "as
the result of having brought in American finance,
Seipel has become the most popular figure in Austrian politics. The halls in Vienna are not large
enough to hold the throngs that nightly gather to
hear his speeches beginning the campaign for the
October elections." The correspondent added that
"Chancellor Seipel is convinced that this preliminary interest by America in Austrian finance will
have a lasting effect. 'The last few months,' he said,
'have witnessed an influx of private American capital into Austrian industrial concerns. We hope
American capital will continue to sustain Austrian
markets in increasing measure. It will find every
desirable security here, for even a short stay in our
country must give assurance that we have entered a
period of definite political, economic and social consolidation. To achieve this we have sustained heavy
sacrifices and will notshun further obligations to justify the international confidence gained.'" Continuing to comment upon Austria's international policy,
the Chancellor said: "The form of our administration as well as of Government enterprises, especially
railroads, will be carried out with full energy. Since
beginning reconstruction work the population has
stood behind the Government that placed it on its
program, and we will certainly proceed with this
policy during the preliminary elections. At the same
time we hope our trade policy, which is directed toward removing existing barriers in Central Europe,
will also find a powerful echo in the United States,
JUNE 30 1923.]
THE CHRONICLE
and that this moral support will help our endeavors.
Austria wants to give an illustration of the most effective method of building breakwaters against the
floods by which the civilization of old Europe is constantly threatened."
2921
words in condemning not only the Board, but everyone who defended it. He declared they were guilty
of the blood of infants—'a cool, callous, deliberate
crime.' To save money, he said, they were prepared
to destroy children, to put children in the fighting
line." The four offenders were suspended by a large
An encouraging development in the activities of majority vote, two of them by 258 to 70.
the British Labor Party was the announcement that
"at its annual conference here to-day [London, June
According to London cable dispatches early in the
26] rejected by an overwhelming majority of 2,514,- week, neither France nor Great Britain contem000 the application for affiliation made by the Com- plated reducing its air forces. The representative
at
munist Party. The executive committee recom- the British capital of the New York "Herald"
said,
mended that the application be not accepted." Frank however, that "Prime Minister Baldwin told
the
Hodges, one of the most prominent leaders, in oppos- House of Commons to-day [June 26] that the
Goving the Communist application, said: "It would be ernment planned to add 34 more squadrons
to the
madness for those of us who believe in political de- present 18 authorized for the Royal Air Force
as a
mocracy to have affiliated with us those who declare means of creating an adequate home defense,
and he
that political democracy is of no avail." He added also said that the Government would gladly co-operthat "the Communists in Great Britain are, so to ate with other Governments in limiting air
armaspeak, the children of the Moscow party, whose thesis ments along the lines of the Washington treaties."
is that their members should get into their enemies' The correspondent asserted that "the new air
plans
camp,so that the orders of their party might be car- are a reply to the maintenance by France of an air
ried out. Russia has nothing to teach the political force which is claimed here to place this country
in a
democracy of the Western world. The British Labor position of inferiority by a ratio of 8 to 1.
The deciParty abhors dictatorship and, in my opinion, the sion to increase Britain's air force follows
agitation
British Labor movement is the best in the world—so for months in which Lord Birkenhead, Lord
Haldane
much so that the comrades in the other countries look and many other prominent men have taken
a leading
upon it as the most disciplined, the nearest to power, part, their chief arguments for the extension
of the
and the most capable of maintaining power when it air force being based not only on the
extent of
acquires it."
France's air force at the present time but also on her
On the other hand, the attitude of the Labor Party plans for the immediate future."
toward capital was shown by the fact that"a levy on
As the week progressed the Paris and London discapital for redemption of the war debt was re- patches regarding the matter
were no less conflictaffirmed as one of the chief planks in the platform of ing. A Paris cablegram under
date of June 27 stated
British Labor by Sidney Webb, M.P., presiding over that "Paris receives kindly and
confidently Prime
the 23d annual conference of the Labor Party." The Minister Baldwin's proposal
for limitation of air
Associated Press correspondent added that "he advo- armaments on lines similar to
the treaty of Washingcated a graduated levy on fortunes of £5,000 up, and ton in the case of the navy.
But competent observers
declared there could be no financial security or res- here say undoubtedly the
French put a meaning on
toration of industrial prosperity as long as a million his words he
did not intend and would not subscribe
pounds sterling had to be taken out of the product of to. For
the French argue that if air armaments are
labor each working day, before either wages were limited
as naval armaments were the race will halt
paid or profits made, merely to defray the interest just where
it is and apportionment will be applied in
on the war debt." The presiding officer also declared proportio
n to existing strength. With an air force
that"the Labor Party was prepared to form an alter- much
greater than any other nation or any other two
native Ministry whenever called upon. Labor's for- nations,
such an arrangement would assure to France
eign policy would be to tell France that 'we will go air supremac
y for an indefinite time and give her
no step further with her in what seems to us a fatal over England
an advantage in airplanes about compolicy of aggression arising, seemingly, from what parable
to the supremacy in capital ship tonnage the
psycho-analysts would call a fear complex, unworthy Washington
Treaty gave England over France."
of a great nation.'"
The New York "Herald" correspondent at the
The radical position and attitude of at least some French capital,
in commenting upon the plans of the
members of the Labor Party were demonstrated at Government
for increasing its air forces dwelt espethe session of the House of Commons on the evening cially upon
the great expense involved. He said in
of June 27. The London correspondent of the New part: "France
to-day is perfecting her methods of
York "Times" cabled that "members of the Scottish warfare at
an annual expenditure for constructive
contingent of the Labor Party broke loose from dis- purposes of
at least 225,000,000 francs, not counting
ciplinary control in the House of Commons this even- any sums
spent upon her armies or for the upkeep of
ing and once more demonstrated their disregard of her navy and
their respective artilleries. This sum
parliamentary conventions by breaches of order that —and
enormous as it may seem when the French
led to angry scenes and the suspension of four of budget deficit
is considered, it is certain to increase
them." It was explained that "the disturbance arose during the
next few years—is at present apportioned
in the Committee on the Scottish Estimates. Cap- as follows:
For submarine construction and repairs,
tain Elliot, Secretary to the Scottish Board of including
research into new underwater apparatus,
Health, had moved the vote for that department, re- 40,000,000.
For improvement and extension of the
ducing the appropriation flr child welfare, and sev- French air
fleet, 180,000,000. For 'unofficial' re:
eral of the members for Glasgow devoted their re- search in chemical
warfare, carried on by various
marks to attacks upon the Board for its alleged university
professors and indirectly subventioned by
neglect of housing and social work generally. James the State, 5,000,000.
For the last four years the best
Maxton, member for Bridgeton, did not mince his minds in France have been directed
toward perfect
2922
THE CHRONICLE
[vol.. 116.
ing airplanes and submarines as the chief factors in ties from 19.26% to 17.39%. In the corresponding
/
France's future security and, to a lesser but equally week of 1922 the ratio stood at 181 2% and at 12.10%
important extent, to the study of how France's chem- in 1921. Public deposits fell £3,013,000, though
ists may aid her defense by the creation of new gases "other" deposits expanded £8,817,000. A reduction
or antidotes to those already known. While the na- in temporary loans to the Government of £2,385,000
tion's funds are still too small to permit the applica- wash shown; at the same time loans on other securition of new ideas on a large scale, should France ever ties registered an expansion of £9,505,000. Reserve
engage in another war she will be found ready for all amounts to £22,198,000, which compares with £24,348,683 last year and £17,810,437 in the year precedsurprises."
yesterday morning a special Paris ing. Loans now stand at £80,682,000, as against £75,In a cablegram
correspondent of the New York "Tribune" declared 725,274 and £85,827,910 one and two years ago, rethe following to be the position of France: "Discus- spectively. Note circulation is £125,104,000. Last
sion with England of the whole question of European year it was £123,048,010 and in 1921 £129,006,290.
armaments is urgent and must be undertaken as soon Clearings through the London banks for the week toas possible. This is the official view here to-night as taled £617,012,000, in comparison with £713,273,000
a result of Laurent Eynac's report to Premier Poin- last week and £650,772,000 a year ago. The bank's
care on his negotiations with Sir Samuel Hoare, Brit- minimum discount rate continues at 3%, unchanged.
ish Minister of State for Air, in connection with the We append herewith comparisons of the principal
new British airplane effort." He added that "the items of the Bank of England returns for a series of
situation will be discussed by the Council of Minis- years:
DANK OF ENGLANDVCONIPARATIVE1STATEMENT.
ters, presided over by the Premier, on Saturday [to1919.
1920.
1921.
1922.
1923.
at which M.Poincare will place before his colday],
July 2.
June 30.
June 29.
June 28.
July 27.
'£'
leagues M. Eynac's report, and by the Extraordinary
123,104,000 123.048,010 129,006,290 120,057,840 70,047,855
Circulation
Council of National Defense, presided over by Presi- Public deposits
13,969,000 16,347,702 15,298,889 15,748.199 24,557,889
114.072,000 115,087,524 131,739442 175,968,908 186,924,589
dent Millerand, to which chiefs of the army, navy Other deposits
Government serum_ 42.973,000 49,221,045 61,202,852 90,078,431 98,702,306
80,682,000 73,723,274 85,827,910 103,188,431 83,493,783
and air force will be summoned, which is scheduled Other securities
Reserve notes & coin 22,198,000 24,348,883 17,810,437 16.274,201 27.070,008
for next week."
Coln and buillon_127,620,575 128,946,893 128,366,727 117,882,041 88,567,863
Word came from Paris yesterday afternoon that at Proportion of reserve 17.39%
14.10%
8.49%
12.10%
18ll%
to liabilities
5%
7%
13%
356%
3%
Thursday evening's session of the Chamber of Depu- Bank rate
an appropriation of 211,ties that body "approved
000,000 francs for aeronautic establishments and ma- The Bank of France in its weekly statement shows
terial. Before the vote the Socialist Deputy Mistral a further small gain of 8,125 francs in the gold item
called attention to the fact that the appropriation this week. The Bank's total gold holdings are thus
had been raised from 36,000,000 francs at the Govern- brought up to 5,537,704,075 francs, comparing with
ment's last minute demand, and wanted to know if 5,528,858,064 francs at this time last year and with
this was in reply to Stanley Baldwin's recent declara- 5,520,318,183 francs the year before;of these amounts
tion in London." It was added that "M. Mistral's 1,864,344,927 francs were held abroad in 1923 and
motion proposing an appropriation of 175,000,000 1,948,367,056 francs in both 1922 and 1921. Silver,
francs, as voted by the Senate, was defeated, 490 to during the week, increased 2,960,000 francs, general
deposits rose 327,382,000 francs and bills discounted
79, and the Government's new figure was adopted."
were augmented to the extent of 106,219,000 francs.
been noted in official discount rates On the other hand,advances fell off 68,410,000 francs,
No change has
at leading European centres from 18% in Berlin; while Treasury deposits were reduced 878,000 francs.
/%
An expansion of 67,491,000 francs occurred in note
.6% in Denmark and Norway;51 2 in Belgium;
/%
Madrid;41 2 in Sweden;4% in Hol- circulation, bringing the total outstanding up to
in France and
land and 3% in London and Switzerland. The Im- 36,689,303,000 francs. This contrasts with 36,perial Bank of India has further reduced its rate of 039,355,885 francs on the corresponding date last
discount from 5% to 4%. A London dispatch to the year and with 37,422,086,820 francs the year preNew York News Bureau from the Central News says vious. Just prior to the outbreak of war, in 1914,
this is probably due to the bill to extend the limit of the amount was only 6,683,184,785 francs. Comissue of currency notes, to which is added the state- parisons of the various items in this week's return
ment that "the effect is to introduce greater elastic- with the statement of last week and corresponding
ity in monetary conditions in India." Open market dates in both 1922 and 1921 are as follows:
discounts in London were a shade lower, and short
RANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
bills, as well as three months', are now quoted at
for Week.
June 28 1923. June 29 1922. June 30 1921.
a week Gold Holdings—
/
23-16%@2 %,as against 21 8% and 23-16%
Francs.
4
1
/
Francs.
Francs,
Francs.
Inc.
8,125 3,873,359,148 3,580,491,007 3,571,951,127
/
earlier. Money on call closed at 1%%,against 114% in France
No change
1,864,344,927 1,948,387,056 1,948,367,056
Abroad
for the greater part of the week. At Paris and Total
Inc.
8,125 5,537,704,075 5,528,858,084 5,520.318.183
274.325,954
284,882,571
Inc. 2,960,000
295.785,400
Switzerland the open market discount rates con- Silver
Inc. 106,219,000 2,390,372,000 2,331,740,710 2,902 489 360
Sills discounted
/
/%
tinue to be quoted at 41 2 and 78%, respectively, Advances
Dec. 88,410,000 2,070,509,000_ 2,187,844,314 2,217,608.509
Note circulation_ _Inc. 07,491,000 36,689,303,000 36,039,355,885 37,422,088,820
unchanged.
57.680,883
89,981.335
20,185,000
878,000
Treasury dePosits_Dec.
General deposits._Inc. 327,382,000 2,377,744,000 2,390,892,885 2,770,586,918
Another addition to gold holdings, this time of
£82,424, was shown by the Bank of England in its
statement for the week ending June 28, so.that the
bank's stock of gold now is £127,620,575, as against
£128,946,693 a year ago and £128,366,727 in 1921.
Note circulation, however, expanded £1,363,000;
hence reserve was reduced £1,280,000, while there
was a decline in the proportion of reserve to liabili
The Imperial Bank of Germany in its statement
issued as of June 15, again showed sensational
changes. The addition to note circulation broke all
records, being more than a trillion and a half marks
for the week, or 1,595,526,315,000 marks, and carrying the total outstanding to the colossal figure of 10,905,058,428,000 marks. An even more gigantic in-
JUNE 30 1923.]
THE CHRONICLE
crease was reported in discount and Treasury bills,
which amounted to 1,978,206,200,000 marks. Treasury loan and association notes decreased 35,318,201,000 marks, while investments were reduced 52, 171,000 marks,and gold sustained a nominal loss of 1,000
marks. There were increases in bullion (including
aluminum, nickel and iron) of 761,909,000 marks, in
notes of other banks of 246,497,000 marks, in advances of 1,583,042,000 marks, in other assets of 70,075,514,000 marks, in deposits 498,721,788,000 marks
and in other liabilities of 345,189,784,000 marks. The
bank's gold holdings are reported as 756,913,000
marks, of which 576,881,000 marks are now deposited
abroad. The huge total of note circulation given
above contrasts sharply with that at the outbreak
of the war-2,909,422,000 marks, while in November
1918 it was slightly over 16,900,000,000 marks.
The Federal Reserve Bank statement, issued on
Thursday afternoon, showed conditions almost the
reverse of those existing the previous week. In place
of an addition to gold and contraction in bill holdings, the New York bank reported a loss in its gold
reserves of $36,000,000, while increases in the rediscounting of all classes of paper brought about an
expansion in the total of bills on hand of $26,230,000,
to $204,039,000, as compared with $134,066,000 a
year ago. There were increases in earning assets
and deposits—$36,800,000 and $12,000,000, respectively, but the amount of Federal Reserve notes in
circulation decreased $13,800,000. A practically
parallel situation was revealed in the statement for
the whole system. Gold was reduced $19,000,000,
. and while the amount of purchased bills declined
slightly, increases of $30,000,000 and $13,000,000 in
the discounting of Government and "all other" paper
resulted in an addition to bill holdings of $42,300,000,
so that the total is now $979,188,000, against $623,161,000 last year. Earning assets increased $56,000,000 and deposits $15,000,000. The amount of Federal notes in circulation was $4,000,000 larger. Member bank reserve accounts were not greatly changed.
Nationally, there was a shrinkage of $6,000,000 to
$1,868,000,000, and an increase of $5,000,000, to
$705,000,000 at the local bank. As to reserve ratios,
that of the New York bank declined sharply in consequence of the loss in gold and enlargement of deposits and it is now 85.1%, or 2.5% under last week's
level. For the banks as a group a declin3 of 0.7%
was shown, to 76.9%.
Last week's bank statement of New York Clearing
House members, issued on Saturday, reflected the
withdrawal of funds to interior points and showed
a substantial redur!tion in surplus, while the loan
item increased $5,564,000. Net demand deposits
were drawn down $11,981,000, to $3,749,946,000,
which is exclusive of Government deposits to the
amount of $64,768,000. Time deposits were also
smaller, losing $5,024,000, to $480,881,000. Cash in
own vaults of members of the Federal Reserve Bank
increased $349,000, to $47,151,000 (not counted as
reserve), but there were declines of $236,000 and
:1484,000, in the reserves of State banks and trust companies in own vaults and in other depose tories, respectively. Member banks' reserve credits at the Reserve bank decreased $18,307,000, and this notwithstanding the contraction in deposits, served to lower
surplus to $7,548,950, a loss for the week of $16,819,580. The figures here given for surplus are on the
2923
basis of reserves above legal requirements of 13% for
member banks of the Federal Reserve System, but
not including cash in own vaults to the amount of
$47,151,000 held by these institutions at the close of
business on Saturday last.
Quotations for call money in the local market have
held at the recent high levels practically all week.
For instance, the range was 5y
2@6%, for one or
more days, while on Thursday and Friday the latter
was the prevailing rate throughout the business session. This situation was not at all surprising in view
of the fact that payment of subscriptions on several
large loans had to be made, in addition to preparation for the heavy July 1 interest and dividend disbursements. Reference might be made especially to
the Austrian loan and the Illinois Bell Telephone
bonds. Withdrawals by the Federal Government
from local depositories were not large, amounting to
only $13,500,000, so far as reported. It was explained that the Government had made no calls between June 15 and June 27 because income tax collections in other sections of the country had been
transferred to the New York Federal Reserve Bank,
which disbursed the money as soon as received.
While it was admitted that the further declines in
stocks was due in considerable part to short selling,
experienced observers asserted that undoubtedly
there was steady liquidation for several days in succession. As to the effect upon brokers' loans, no
estimates were made public. Although reports continue to come to hand of less activity in various lines
of business, the volume is still large, as evidenced by
loadings of revenue freight. Easier money rates are
looked for after the first few days of next week.
Referring to money rates in detail, loans on call
have been firmer and the range moved up to 5@6%,
as against 41
/@5M% last week. Monday the high
was 6%,the low 5%, with 5% the rate for renewals
also. Increasing firmness developed on Tuesday
and call funds renewed at 51 %, which was the low
4
with 6% still the maximum. On Wednesday there
was no change and 53/2% was again the renewal
basis; 5% low and 6% high. Thursday and Friday no loans were made under 6%, this being the
high, the low and the ruling figure on both days_
The above figures apply to mixed collateral and allindustrial loans without differentiation. In time
money also the undertone has been firm, and yesterday (Friday) there was an advance to 5(4)51
4% for
all maturities from sixty days to six months, as
against 4%@5% last week. This was due to Government withdrawals, also preparations for the heavy
July 1 payments. Trading was quiet throughout.
Quotations are the same for both regular mixed collateral and all-industrial money.
Commercial paper was moderately active, but theturn-over was not large. Country banks are still:
the principal buyers. Sixty and ninety days' endorsed bills receivable and six months' names of
choice character continue to be quoted at
4A@5Yo,
though practically all of the business done is at the
higher figure. The 49
,% rate is for New England
mill paper. Names not so well known require
5@5hey
o.
Banks' and bankers' acceptances have been quiet
and a falling off in the inquiry has been noted coincidental to the stiffening in the call market. Local
and out-of-town institutions figured in the dealings.
THE CHRONICLE
2924
Operations, however, were on a limited scale. For
call loans against bankers' acceptances the posted
rate of the American Acceptance Council remains
at 432%. The Acceptance Council makes the discount rates on prime bankers' acceptances eligible
for purchase by the Federal Reserve banks 43/s% bid
and 4% asked for bills running for 30 days, 43.% bid
and 43/% asked for bills running 60 and 90 days,
4
4 8 bid and 43% asked for 120 days and 43 %
%
bid and 43'% asked for bills running for 150 days.
Open market quotations were as follows:
SPOT DELIVERY.
90 Days.
43.4@434
Prime eligible bills
60 Days.
434544
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Daps.
04E444
4% bid
44 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE RANKS IN Ekkk,CT
JUNE 29 1923.
Paper Maturing—
After 90 After 6
but
Days, but
Within 9
Within
Months. Months.
Within 90 Days.
FEDERAL RESERTE
BANK.
Com'rcial Recur. by
Apricul.• Apricul.
dgrictil. U. S. Bankers' Trade
and
and
Accepdttiststl Govt.
Accep- Livestock Livestock
Paper. Obliga- tance:. tances. Paper.
Paper.
lions.
n.e.s.
Roston
New York
Philadelphia
Cleveland
Rishniond
Atlanta
Chicago
Bt. Louis
?.11nneaioIla
Kansas City
De_as
San Francisco
44
4%
44
4)4
4%
44
44
44
454
434
4%
436
44
434
44
4%
4%
44
4%
414
414
414
436
4%
.. 4)4
434
4%
4%
44
434
4%
44
44
434
44
434
4%
434
44
44
434
436
4%
434
4%
434
434
444
434
434
434
434
5
5
4%
4%
434
434
434
4%
4%
4%
•Including bankers acceptances drawn for an agricultural DUTD0813 and secured
by warehouse receipts. die.
Irregular weakness characterized dealings in sterling
exchange this week and although trading continued
of minimum proportions, quoted rates sold off to
%
4 563 , a loss of about 4 cents, and the lowest level
for demand bills since the middle of last December.
During the greater part of the week the quotations
ruled around 4 613i. In the initial transactions the
market was dull to the point of stagnation and price
fluctuations reflected changes abroad. At the extreme close freer offerings of commercial bills accentuated the weakness. London still occupies a
dominant position in foreign exchange affairs and
cable rates from the British centre have shown a
distinctly easier tendency. This was attributed
largely to lack of favorable foreign news. Publication at various times of statements indicating an
uncompromising attitude on the part of both French
and German Premiers left very little room for hope
of a speedy termination of the existing deadlock on
the Ruhr. Financiers, while refusing to take a
definite position in the market under any pretext
whatsoever, are watching the European situation
very closely. Fears are expressed that if the present
state of affairs is prolonged much further, it will
mean failure of Great Britain's efforts to achieve a
conciliatory agreement and consequently lengthy
postponement of settlement of the troublesome
reparations question. Bankers are reluctant to relinquish their belief that France and Germany can
be brought to a basis of agreement, and an undercurrent of optimism persists that something will be
done before long, despite all rumors to the contrary. Nevertheless, important foreign exchange
[Vox. 116.
operators seem to have changed their views as to
the immediate future of sterling, recessions being
thought not improbable before the eventual advance
to materially higher levels.
As to the day-to-day rates, sterling exchange on
Saturday last was a trifle easier and demand sold
off to 4 61 3-16@4 61 7-16, cable transfers to
4 61 7-16@4 61 11-16 and sixty days to 4 59 1-16@
@.4 59 5-16; pronounced inactivity prevailed. On
Monday irregular weakness developed and prices
declined fractionally to 4 61 1-16@4 613-i for de2
mand bills, 4 61 5-16@4 613/ for cable transfers.
and 4 58 15-16@4 593/g for sixty days. Lower cable
rates from London sent prices down in the local
market on Tuesday to 4 60%@4 613/i for demand,
4 60%@4 61% for cable transfers and 4 583/2@
,
4 59 for sixty days. Wednesday's market was dull
and weak, and there was a further recession in the
quotation for demand to 4 59%@4 60%; to 4 60%@,
4 60% for cable transfers and to 4 57%@4 583
for sixty days. Dulness characterized dealings on
Thursday and demand bills touched a new low for
3
the current year of 4 58%@4 59%; cable transfers
between 4 5938@4 60 and sixty days between
ranged
/s. On Friday the trend was still down4 56%@4 575
ward and quotations receded about 2 cents to 4 56%
@4 583/ for demand,4 57@4 583 for cable transfers
%
and 4 54%@4 56% for sixty days. Closing quotations were 4 54 11-16 for sixty days, 4 56 13-16 for
demand and 4 57 1-16 for cable transfers. Commercial sight bills finished at 4 56 9-16, sixty days at
4 53 13-16, ninety days at 4 52 15-16, documents
for payment (sixty days) at 4 54 5-16, and seven-day
grain bills at 4 55 1346. Cotton and grain for payment closed at 4 561 9-16.
So far as could be learned, no gold was engaged
for either export or import during the week, and
no arrivals were reported.
The Continental exchanges moved within narrower
limits than has been the case in other recent weeks,
and, although quotations continue to show a declining
tendency, there were none of the sensational breaks
that have been so frequent of late. Attention, of
course, is still centred chiefly upon the movements
in marks and francs. In the case of the former,
announcement of the new decree on .the part of the
German authorities prohibiting dealings in Germany
except at rates officially quoted had no effect upon
sentiment here, since transactions are extremely
limited. Improvement in mark quotations followed
the issuance of the decree, and there was an advance
to 0.00103.(; but this was the result of short covering
operations on the part of those who feared a rise,
also rumors (not officially confirmed) of the Reichsbank's intention to utilize another 50,000,000 gold
marks for the purpose of stabilizing exchange. The
movement, however, was of short duration and mark
quotations promptly sagged off again and established
%
another new low record level of 0.00053 . Before
close there was a slight rally to 0.000731. Facthe
tors that tended to depress German currency were the
apparently belligerent utterances emanating from
both parties to the Franco-German controversy, and
the continued putting out of paper currency on a
colossal scale by the Reichsbank. Toward the close
reports that the Inter-Allied Reparations Commission
was considering a new plan for reparations adjustment that had been privately put forth by German
industrial leaders had a steadying influence. As to
JUNE 30 1923.]
THE CHRONTGLE
French exchange, quotations were somewhat erratic.
Opening at 6.173 for demand, there was an advance
4
to 6.193 , followed by a decline of nearly 10 points
4
to 6.093/2, and later on a recovery to 6.153/2, but in
the final dealings the price dropped to 6.03. Trading
was dull and nervous, and movements were said to be
due more to sentimental influences than to any concrete development. Selling against heavy purchases of
wheat was in evidence and this tended to lower price
levels, as also did unfavorable reports on the progress
of France's food crops. Lire were heavy and lost
ground materially, declining more than 12 points to
4.3732, partly in sympathy with the decline in French
exchange and partly as a result of the recent volcanic
disaster, which has entailed so vast a devastation of
property. Exchange on the smaller Central European countries, including Polish marks, was maintained at fairly stable levels, while Greek drachmas
held most of the spectacular advance of the previous
week, ruling at around 3.17, after having touched
3.243/ It is claimed that the strength is fully
2
.
justified and is the direct result of the change in sentiment that followed declaration of peace with Turkey.
The expectation is for a further rise in the near future.
Trading for the market as a whole was quiet and
featureless. With the exception of a few sporadic
attempts at speculation, dealers are still awaiting
settlement of the Ruhr question, which, as is known,
hangs like a pall over international affairs generally.
The London check rate on Paris finished at 75.10,
as compared with 74.70 last week. In New York
sight bills on the French centre closed at 6.033/2,
against 6.193; cable transfers at 6.043/, against
2
6.203/2; commercial sight bills at 6.013/, against
2
6.173/2, and commercial sixty days at 5.981 2, against
/
6.143' a week ago. Antwerp francs finished the
week at 5.133. for checks and 5.143 for cable transfers. This compares with 5.283/ and 5.293/2 a week
earlier. Reichsmarks closed at 0.00057 for both
4
checks and cable transfers, against 0.0007% the week
before. Austrian kronen, which have remained for
many months past without important change, finished at 0.00143 (one rate), the same as a week ago.
Lire closed at 4.403. for bankers' sight bills and
4.413 for cable remittances. Last week the close
was 4.493 and 4.50%. Exchange at Czechoslovakia
finished at 2.98%, against 3.00; on Bucharest at
0.523/2, against 0.513.; on Poland at 0.00083/,
2
against 0.00093 , and on Finland at 2.76, against
4
2.77. Greek exchange closed at 2.943/3 for checks
and 2.95 for cable remittances. Last week the final
range was 3.213 and 3.22.
Movements in the former neutral exchanges were
toward lower levels, and trading for the most part
light in volume. Transactions incidental to the
transfer of German balances continue to be noted
but on a smaller scale. Dutch guilders were relatively steady, but Swiss francs and the Scandinavian
currencies, also Spanish pesetas, were easier. Francs
broke to a new low record at the close.
Bankers'sight on Amsteram closed at 39.01, against
39.13; cable transfers at 39.10, against 39.22; commercial sight at 38.96, against 39.08, and commercial
sixty days at 38.71, against 38.83 last week. Swiss
francs finished at 17.65 for bankers' sight bills and
17.66 for cable transfers, in comparison with 17.923/
and 17.933/2 the previous week. Copenhagen checks
closed at 17.63 and cable transfers at 17.67, against
17.89 and 17.97. Checks on Sweden finished at.
2925
26.421 and cable transfers at 26.463/, against 26.49
A
3
and 26.53, while checks on Norway closed at 16.39
and cable transfers at 16.43, against 16.59 and 16.63
last week. Spanish pesetas finished at 14.53 for
checks and 14.54 for cable remittances. Last week
the close was 14.843/b and 14.85.
As to South American quotations, Argentine exchange continues easy, while improvement in the
Brazilian coffee situation has brought about increased stability in exchange. Milreis finished at
10.90 for checks and 10.95 for cable transfers, against
10.75 and 10.80 last week. Argentine checks closed
at 35.55 and cable transfers at 35.65, against 35.65
and 35.70 a week ago. Chilean exchange was easier,
finishing at 13.40, against 13.85, but Peru remained
at 4 29, unchanged.
Far Eastern exchange was easier so far as Chinese
currency was concerned. Hong Kong finished at
52%@53, against 53%@54; Shanghai, 71%@,72,
against 72%©734; Yokohama, 493'@49%, against
1
493'@,49M; Manila, 493@49M, against 49%@)
49M; Singapore, 53%@54, against 54@5434; Bombay, 311 @31%, against 313@31/, and Calcutta,
4
313@313', against 313 @31M.
4
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.
.ITNE 23 1923 TO JUNE 29 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers In New York.
Value in Untied States Mona.
Country and Monetary Unit.
.
June 23. June 25. June 26. June 27. June 28. June 29.
-EUROPE$
$
$
$
$
Austria. krone
000014 .000014 .000014 .000014 .000014 .000014
Belgium. franc
.0529
.0528
.0519
.0522
.0523
.0523
Bulgaria, ley
.012567 .01265 ..012553 012617 012442 .012367
Czechoslovakia, krone---- .029972 .029967 .029951 0'n956 .029954 .029928
Denmark, krone
.1792
.1772
.1765
.1786
.1772
.1777
England. pound sterling 4.6151 4.6146 4.6128 4.1,0.
4 4.5971 4.5810
Finland, markka
.027663 027656 .027625 027656 .027628 .027597
France, franc
.0613
.0620
.0609
.0618
0614
0613
Germany. reichsmark
.000010 .00000. 000007 000007 .000007 .000006
Greece, draehma
.03155 .031572 .031978 031506 .031578 .031256
Holland, guilder
.3920
.3920
.3915
.3922
.3921
.3921
Hungary, krone
000112 .000115 .000116 000115 .000114 .000117
Italy. lire
.0445
0446
.0450
.0443
.0447
0411
Norway, krone
.1650
.1644
.1654
.1661
.1653
.1659
Poland. mark
.000010 .000010 .000009 000010 .000009 .000009
Portugal. escudo
.0446
.0452
.0443
.0464
.0453
.0459
Rumania. tell
.005114 .005245 005259 005244 .005258 .00525
Spain, peseta
.1471
.1475
.1457
.1485
.1482
.1483
Sweden, krona
.2 48
.2653
.2648
.2651
.2651
.2652
Switzerland, franc
.1771
.1780
1781
.1785
.1793
.1789
Yugoslavia. dinar
.011525 .011511 .011433 011353 .011278 .011186
ASIA
China, Chefoo tael
7342
.7367
.7308
.7429
.7413
.7379
" Hankow tael
.7321
.7296
.7263
.7379
.7363
.7329
" Shanghai tael
.7131
7125
.7179
.7089
.7168
7204
" Tientsin tael
.7425
.7400
.7483
.7371
.7467
.7433
" Hongkong dollar_ .5309
.5284
.5280
.5286
.5250
.5266
Mexican dollar
"
.5134
.5150
.5169
.5121
.5158
.5200
" Tient-sln or Pelyang
dollar
.5217
5183
.5204
.5188
.5200
.5250
" Yuan dollar
.5292
.5267
.5296
.5292
.5263
5308
India. rupee
.3099
.3090
.3082
.3100
.3101
.3100
Japan, yen
.4894
.4891
.4896
.4891
.4899
.4898
Singapore (S. S.) dollar
.6388
.5388
.5375
.
5388
.
5383
.
5383
NORTH AMERICA
Canada. dollar
.975629 .976813 .976397 .975931 .97535 .975627
Cuba. peso
.99975 .99975 .99975 .99975 .999688 .999688
Mexico. moo
.48395 .483125 .483281 .484167 .483563 .483594
Newfoundland, dollar__ .97312 .974375 .973828 .973438 .972813 .973125
SOUTH AMERICA
Argentina. Km (gold)---- .8081
.8063
.8069
.8060
.8032
.8014
Brazil, mlireht
.1072
.1084
.1048
.1090
1050
.1095
Chile. pogo (Daher)
.1299
.1322
.1334
.1343
.1313
.1313
Uruguay, peso
.8165
.8168
.8231
.8203
8240
.8197
:
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,057,400 net in cash as a result of the currency movements for the week ending June 28.
Their receipts from the interior have aggregated
$4,352,100, while the shipments have reached $1,294,700, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
28.
Week man° Am.
Banks' Interior Movement
Into
Banks.
I
54,352.100
Out of
Banta.
Gain or Loss
to Banks.
$1,294,1 00 Gain 83,057,400
TRE CHRONICLE
2926
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, Monday,
June 23. June 25.
Tuesday, Wednesd'y
June 26. June 27.
Thursday
June 28.
Friday,
June 29.
Aggregate
for Week.
$
$
$
$
$
8
$
70.000.000 71,000,000 57,000.000 56.000.000 72.000.000 87,000,000 Cr. 413.000,000
reflect the huge mass of checks which come
Note.—The foregoing heavy credits
to the New York Reserve Bank from all parts of tile country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of checks on institutions located outside
of New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited 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 29 1922.
June 28 1923.
Banks of—
Gold.
Saver.
Total.
Gold.
Silver,
Total.
128,946.693
127,620,575128,946,693
England .._ 127,820,57
156,654,3661143,220,139 11,380,000 54,580,139
France a__ 146,934,386 11,720,
883,100 50,946,530
50,061,43
45.070,6
63,475,
Germany _ 41,595,230
13,313,0001 10,944.000 2,369,000 13,313.000
Aus.-Hun. 10,944,000 2,389,
101,031.000 26,514,000127,645,0001100,911,000 25.666,000126.577.000
Spain
38,521.0001 34,515,000 3,046,000 37,561,000
35.498,000 3.023.
Italy
597,000 51,088,000
50,491,000
850,
Netherian 48,483,000
13,235,000 10,664,000 1,658,000 12,322,000
Nat, Belg_ 10,757.000 2,478,
SwItzerl'd_ 21,480.006 4,106,000 25,586,000 21,685,000 4,282,000 25,947,000
15,223,000
15,173,000 15,223,000
Sweden._ _ 15,173,000
224,000 12,908.000
194,000 12,872,006 12.684,000
Denmark 12,678,000
8.183,000
8.115,000 8.183.000
Norway _ _ 8,115,000
Total wee 580,309,191 54,729,400 835,038,591 587,508,261 50,087,100 637,595,362
Prey. wee 580,213,49'4 54,588,400 34,801,892 585,444,48i 50,018.800 35,463,287
a Gold holdings of the Bank of France tids year are exclusive of £74,573,797 held
abroad. b It is no longer possible to tell the amount of silver held by the Bank
its "Metal
of Germany. On March 15 1923 the Reichsbank began including in well.
The
Reserve" not only gold and silver but aluminum, nickel and iron coin as
Bank still gives the gold holdings as a separate item, but as under the new practice
considered as being silver, there
the remainder of the metal reserve can no longer be
Is now no way of arriving at the Bank's stock of silver, and we therefore carry It
along at the figure computed March 7 1923.
Equalization of Supply and Demand.
In an address to a college graduating class, recently, Robert W. Stewart, head of the Standard Oil
Company of Indiana, is quoted as saying:
"Capitalism, however, is a human institution, and
being human,it has its faults. It has not yet learned
how to make production synchronize with consumption, so that we have waves of prosperity and of depression, high wages followed by unemployment; in
the past, too, many of its exponents have endeavored
to hold the wages of labor to too low a figure. That
day is about gone. Too often, through exorbitant
prices, it has taken an unreasonable toll from the
consumer. That day must also pass." Mr. Stewart
had, in his remarks, previously set forth the advantages of the capitalistic systetr in contrast to "socialism, syndicalism and communism" by saying that it
(capitalism) is "a system of scciety and economics
which has given to man the greatest comfort and
safety he has enjoyed since he first emerged upon the
stage of history"; •nd adding to this the following:
"Mark this: The freedom of capitalism must always
be limited by the con,
.umer's vote. It can only succeed by pleasing the ultimate buyer and co-operating
with the customer by satisfyi g his needs."
We wish to consider for little space one lack
which the speaker points out, namely: "It has not
yet learned how to make prcduction synchronize
with consumption, so that we have waves of prosperity and of depression . . ." While we quite
agree with the speaker in what he says—if we may be
allowed to pursue the thought a little further, we do
not believe that complete reciprocity can be established between production and consumption while
the present "system" of capitalism includes the preservation of the freedom of initiative and enterprise.
EvoL. 116.
Nor are we prepared to admit that the "inequalities"
which result are a detriment to the progress and happiness of the human race. Something may be done to
minimize "waves of prosperity and depression," but
short of the dull, dead level of socialism they cannot
be wholly prevented. A "system" of capitalism applied to one people must include V-e human brawn
and brain, plus the will and way to work, plus the
natural resources and historic accomplishments of
that people. "Society," if it mean the human relations, changes so rapidly in its requirements that
.
even free capital cannot supply them. And it would
seem impossible to bring produclIon and consumption into complete harmony. The great error of
many of the theories of to-day is that they seek to
abolish, and hold it possible to abolish, all the inequalities in this beneficent "system of capitalism."
We may be pardoned for saying that the complete
synchronization of producticw and consumption can
never be accomplished. The &op must be raised and
harvested before it is consumed. Of course, this is
an inadequate illustration. But our thought is that
"waves of prosperity and of depression," in some degree, will continue as long as the speculative urge
runs riot in human nature. Take this "building
boom" we are now witnessing. In part it is caused
by a scarcity, a natural demand. But the lure of
high rents is an undoubted incentive. Outside of
cities it exists in but small degree—the natural want.
Now, we may make legislation at Albany correspond
in time with legislation at Washington—one to reduce rents, the other to raise the price of wheat, but
we do not thereby furnish a cure, we do not equalize
these interdependent and interwoven conditions.
The building boom will go en until there is an oversupply—when rents will come down, maybe with a
crash, and inordinately high wages with them. Then,
so far as these factors of general prosperity are concerned, the price of wheat and the price of labor will
become more nearly equal, in their relations to each
other and to the general economic welfare. In a
word—here and everywhere, the war destroyed a
harmony of endeavor, an equality of supply and demand, that it will take decades to reconstruct. In a
different way, with a smilar result, the sudden influx
of oil, the sudden building of the automobile, throwing sudden great wealth into production and unwonted consumption destroys the natural equilibrium of supply and demand. And we cannot control
these things and maintain our ordinary progress.
We shall have inequality always, and while not pertinent here we should not forget its stimulating
power.
In the oceans of trade there are great gulf streams
which it is possible to map out—but even these are
changing their currents. It is the vastness of production and consumption, their multiform varieties,
their widespread benefits, their constant competition, that tends to safety in business and satisfaction
in life. The wash of the waves makes the round pebble on the shore—it takes ages in the process. Men
can construct a machine to grind the sharp edges of
broken rock by attrition, and reach the same result
in far shorter time. But the work of the waves is
without cost and man now uses this work of nature
in constructing concrete that is hard and durable,
adding little save cement. Millions of men, millions
of ideas, go into our manners and customs, into our
emotional reactions, into our aspirations and energies. We accept and use and utilize the results. We
Juzin 30 1923.]
THE CHRONICLE
even build enduring structures by adding the cement
of our own thought and purpose. We, on the other
hand, cannot, by law or by lecture, revolutionize all
this. Our best benefit is by acceptance and adaptation to new needs and new conditions. And the
sooner we come to accept the real latent power of
"things as they are," the sooner we will come into
slow, steady, sane growth, the more nearly free from
slumps and booms. Letting profit be our only incentive causes us to follow each other, like sheep, into
some shining, green pasture.
"What can't be cured must be endured." Let us
do all we can to humanly control these forces of production and consumption, but let us not resort to
quack legislation. An even-tempered collective life
will do much. Forever thinking, feeling, willing
peace, will do much. Ordinary, quietly developed
business customs and agreements will further the
cause. But, perhaps, more than all else will be a
more complete freedom to initiative and enterprise, a
more complete protection to ownership of property.
Bigger business and wider ownership through the
corporation, these will preserve independence to the
individual, and give greater good to greater numbers.
We need not fear the total increase of capitalism
while, by thrift and frugality, we give it greater division and distribution. If this "capitalism" has
brought us this far on the road of largest national
and popular progress, who may say how much further it will carry us? The heritage of to-day should
be smaller than that of to-morrow!
President Hadley's "Economic Problems of
Democracy."
When two such eminent leaders of thought as President Lowell, in his "Public Opinion," which we recently reviewed, and President Hadley in his "Economic Problems of Democracy,"* now before us,
grapple with the chief factors of our national life,
they are worthy of wide attention.
Both are men of great intellectual acumen, both
are accomplished scholars, both have large acquaintance with affairs, both deal with our national and
American condition in its fundamental relations,
and both see their psychological aspect; President
Lowell confining himself to the place of Public Opinion, President Hadley more definitely dealing with
the material of that opinion, and its need of readjustment. The two books supplement each other and
are readable and convincing, though President Hadley's is the more concise and informing, as was fitting
in an account of American Problems given of late in
several British universities. We must limit ourselves to an outline of his argument.
He turns aside from the consideration of constitutional systems and the fundamental elements in a
nation's existence and takes up the several problems
of today, hoping to make their real nature understood. They all have their roots in the past, and both
knowledge and open-mindedness are necessary, if the
citizens as a body are to escape from prejudice and
the pressure of class feeling, and to see the place of
sound reason and the nation's interest, on which the
very interest of democracy depends. His development of this theme is easily grasped and is of wide
application.
Of the many differences which exist between ancient and modern democracies, the most important
*"Economic Problems of Democracy." Arthur 'I'. Hadley, LL.D.
mIHan Co.
Mac
-
2927
in settling the fate of nations are the industrial movements and industrial successes. To-day these are
determined by the use of modern science in technical
affairs and in organizing the sources of supply. Not
the stronger, but the more provident race wins; not
so much the citizen's readiness to die, as his readiness
to work for his country, is what counts. The day
when wars were won or lost without much assistance
from either the inventor or the man of property is
long past. With the invention of firearms masses of
men trained for war needed ample supplies; stocks
of food and munitions were necessary. The nation's
power of production became a vital factor. New
methods arose; labor, land, capital as available for
production, gave increased power to the State, and
grew in value. The service of these could well be
paid for, and the new economic doctrine that the
consumer fixes the price controlled. Men and capital began to be free to go where they were needed.
Only within very modern times has the meaning of
this change from feudalism come to be recognized,
and the difficulty it creates is what democracy has
to apprehend and face in its problems to-day. For
the first time every great economic problem is fundamentally an educational one. The power of the
people to see what is best for the nation under given
circumstances lies at the foundation of industrial democracy to-day. It involves past training, and capacity to receive further training. It anticipates
rising to an emergency when emergency appears. It
implies an industrial morale which will serve the
Commonwealth in time of peace as its military spirit
has served it in times of war.
This is the outcome of the new views of human
freedom and human rights which have displaced those
that prevailed until less than a century ago. The
world has ceased to idealize the individual; it idealizes the collective body of the people instead. It no
longer cherishes the illusion that the unselfish pursuit by each man of his own interest will result in
the common good of all; but it has now come under
the delusion, equally unwarranted and more dangerous, that the people as a whole is better and wiser
than the individuals of which it is composed. It
stakes its faith on majorities, especially when backed
by force, as likely to result in permanent good. It is
slow to believe that democracy has still to be made
safe for the world.
The task to-day is two-fold: to adapt economic
institutions, like property right and corporate capital, and our imperfectly developed political institutions to the altered circumstances of the twentieth
century; and also to educate the people fast enough
to enable them to pass over to the new conditions
without sacrificing the standard of economic efficiency which they had reached under the old.
Three chapters are given to the consideration of
Industrial Combination, Collective Bargaining in
Politics, and National Animosity,the forms in which
Free Competition, Representative Government and
International Comity, which were the trinity constituting the theory of a national prosperity held almost universally by thinking men in the early 19th
century, are transformed in the life and thought of
to-day. The transformation is the result of three
separate movements of thought; an economic one resulting from the partial failure of free competition
to accomplish what was expected from it; a political
one due to the change in the character of representative government under modern industrial conditions;
2928
THE CHRONICLE
proL. 116.
and a psychological one, the substitution of interna- needed effective "protection." The knowledge of
tional jealousy for international comity as a deter- other nations gained through immigrants and travel
mining force in politics. These are traced through did not prove an unmixed good. Universal contact
our own history illustrated by the more significant provoked international annoyances. Finally, racial
pride appeared in the form of "Pooled Self-Esteem,"
differences between America and Europe.
In Economics we have had to learn the costly les- until we think in terms of "America against the
son of qualifying theory by experience. Over Indus- World"; and as"100% American" we have furnished
trial Combination we have had much promising legis- our loud-voiced demagogues a slogan for attack on
lation and many commissions. The authorities have Whatever suits their purpose, from school books to
worked hard to do justice to all parties, but we have "Europe" in any form!'
After reviewing the effect of commercial isolation,
had to learn that to give the community the benefit
of low rates we must stimulate labor and capital to President Hadley counts this recent extension of the
the utmost efficiency. Restricted production pro- protective theory the gravest of all the dangers to
claims manifold loss. When progress and efficiency which democracy is exposed. Here are a few pregstop, costs go up and the public suffers. Failure to nant sentences from the closing chapter. "Collecrecognize the primary necessity of efficiency, ex- tive bargaining in politics may at times seem necesplains the failure of collective bargaining, at least in sary to control collective bargaining in industry, but
America. Trade unions have aroused distrust be- as a system it promotes neither good business nor
cause they emphasize class lines on which the power good government." "Success in competition is usuof their leaders so largely depends, and because they ally won by public service—increased production at
pay so little regard to efficiency of labor. While minimum cost; success in collective bargaining is
Free Competition has failed to secure all the good usually won at public expense—limited production
expected from it, it has come nearer than any other at maximum cost." "In the keen industrial struggle
system to promoting industrial efficiency, and to re- between modern communities selfish interference
warding men for the service rendered rather than for with work may be as ruinously imperialistic as selfish unwillingness to fight." "Property is not a sathe number of days spent in doing it.
In Politics Collective Bargaining destroys the cred'thing set apart as an end in itself. It is an instichief value of Congress and Legislatures. Legisla- tution which has grown up for the benefit of society
tion becomes the instrument by which local and indi- as a whole, taking different forms in different ages.
vidual interests are favored, regardless of the inter- It is in the large sense a public trust and its rights
ests of the community as a whole. Such methods can protected by the courts depend upon the extent to
only produce bad laws. We are led by this method to which the perpetuation of the trust contributes to
lose sight of the main business of government, which the purpose for which it was created."
is to protect the liberties of the individual and to ad"The most vital of all our problems is the educaminister the eollective business of the State. Only tion of the public to the habit of eiefeising foitsight
when people are taking thought for the public wel- and courage in dealing with international affairs."
fare is Parliamentary Government probably the best "We must make provision for giving the voters as a
government in the world. When large groups are body the elements of a liberal education in the true
concerned mainly for their own interests, it may sense of the word—an education which trains them
readily prove the very worst. The future of popular to find and judge and do what is necessary in the
government is, in President Hadley's judgment, exercise of their liberty as cititens."
The book may well be regarded as by no Means the
bound up With a maintenance of the sense of trusteeship among members of our legislative assemblies. least valuable of Dr. Hadley's contributions to the
This is only the correlate of a similar sense of trus- country.
teeship which Must be taught the voters if any true
"Home Rule" for the Railroads.
democracy is to be maintained under modern condiWhy not make this the slogan for the campaign
tions.
The basic problem to-day is how to convince the that is to follow? It will combine private ownership
average citizen that while the enlightened pursuit of with private regulation. Mayor Hylan says public
self-interest may be the accepted standard of good regulation of private ownership has proved a failure
business,it is not the standard to be applied to public and plunges boldly into public ownership as the
business. It certainly does not apply in interna- "only remedy." The labor unions are not content
with public regulation unless they can have a voice
tional relations.
This leads to the consideration of the change from in the management when contracts are to be made beInternational Comity to National Animosity. Up to tween owners and employees as to wages. The Prothe early 19th century our money was made chiefly gressives will not accept the forthcoming report on
in trade. To-day it has come to be more largely by "valuation" to be made by the Inter-State Commerce
investment of fixed capital. One hundred years ago Commission as a basis for "rates" because it will not
free intercourse between the nations gave chances show, as now indicated, sufficient "water." The
for the practical man to make money, as also it roads are not likely to accept proposed combinaopened a field for the idealist in world policy. A tions; nor are communities likely to be pleased when
change arose some 50 years ago. A reaction set in such Governmental combines are made. Why not
which continues, and of which the recent war was a make it all or nothing, and stop this "everlasting
natural and almost inevitable result. Various causes wrangle"?
There is one very good reason why the precipitaare readily recognized. The development of the country in its varied productivity took hold of the public tion of the crisis into the coming campaign would
imagination. It was actual and potential wealth not be wise, and that is the people are not prepared
near at hand. Why, then, seek foreign trade? The for the issue. Regulation ha; been so long in existoperation of large units of capital awakened doubt ence -(though a confessed failure by both sides to the
as to realizing the benefits of free competition. We controversy or there would be no issue) that if it
Jurrn 30 1923.]
THE CHRONICLE
were proposed to take off all interferences with private management it would appear to many to be a
colossal mistake. The direct issue might lose the
roads to their present owners for lack of information
by the people as to what competition might do. There
is not in the face of continuous hammering by Unions
and Progressives sufficient courage to restore the
roads to complete freedom. And yet, when we look
back at their building they were projected and 'constructed under this principle; and communities were
"falling over each other" to give bonuses to secure
new lines and outlets.
And here is a feature that does not enter much into
the discussion. Once public or Governmental ownership comes to pass, do the people understand that
they will be bound hand and foot to whatever the
Washington rule decides upon as to the new roads,
proposed or. needed; as well as to the roads now existent that will be abandoned; as well as to the division of traffic between lines thrown into new and enforced combinations. The question is colossal. It is
only to be measured by the importance of transportation to all sections, industries, and communities. It
is not now appreciated by the people at large. Too
hasty a settlement is liable to result in disaster. The
tariff was discussed in numerous campaigns. We
can hardly settle the railroad question right in one.
It follows that the more we "talk it over among
ourselves" as interested shippers and consumers before any radical step, the better luck we will have in
our solution. Meantime, the most important thing
at present is to give the roads a chance. They are
now privately owned and operated, but carry the
dead weight of Governmental restrictions, and semisocialistic propaganda by political blocs, together
with the impeding forces of unionism coercion.
If the Inter-State Commerce Commission has
never been able to fix satisfactory rates, can any
other Governmental agency be expected to do so? If
the duality of "control" now vested in Commission
and Railroad Board cannot harmonize rates and
wages, how can the plan of public ownership with
leasehold operation•be expected to furnish harmony
and, much less, efficiency? There are to be, we are
told, combinations into systems. If these shall come
about by the welding of interested service, we may
expect that competition will not be throttled. But
when by Government edict these systems are formed,
can the Government permit unbridled competition to
run amuck at any time in so carefully laid a plan?
Political opinion has taught us that the roads themselves suppress all competition. Yet it is indubitably true that under given circumstances a long haul
can be made cheaper than a shorter—and this will
always be done when there is freedom to seek "business." As for short hauls near large cities, the competition of trolleys will continue to have increasing
effect.
But the larger view of the natural control of free
competition lies in our great system of rivers. If we
put aside "internal improvements" the mere encouragement of traffic upon our waterways will furnish
shippers an alternative. And we venture the opinion
that if private capital were put into such enterprises,
with the direct patronage of the public assured, there
would not now result the usual failure. For when
roads were built along the banks of our rivers, destroying steamboat travel and traffic, the roads and
not the river lines were receiving the new volume of
capital investment. Stich need not now be the case.
2929
Sporadic attempts at barge lines are being continually made—but if private capital, with its ability
and strength, were to really undertake the task, now
—it would be another story.
So that we come back to "home rule" for the railroads, with the assurance that in giving them freedom under present private ownership we would be reestablishing the natural laws under which they were
otiginally builded, one of which is natural, inherent
competition—and this without tying ourselves inescapably to monopolies in restraint of trade. The
debt to be incurred in taking them over is impossible
of consideration at this time; and the people must
know it in all its bare enormity once it is clearly
stated. All the history of Government ownership and
operation that we have to go upon is against it. To
undertake to thresh the question out on the hustings
at this time of tax reform and economy of expenditures, will only confuse the public mind, if left to
politics. It will not be settled until settled right in
the light of calm contemplation and reason by the
whole people.
Two New Illustrations of Railroad
Regulation.
The inter-State Commerce Commission has just
refused permission to the Virginian Railway to construct a one-mile extension(exactly 1.19 miles) which
was planned to reach some newly-opened bituminous
coal mines. Probably it is not generally known that
a railroad cannot "extend" itself at all until constituted supervision has graciously consented; a statement of the case may therefore give the public one
more thing to think over.
The Act of 1920, intended to "return" in an unimpaired condition the railway properties seized under
the mistaken assumption that the emergencies of the
war could not be otherwise met, released them, yet
kept a rather tight clutch upon them still. For one
paragraph provided that, after 90 days subsequent
to its taking effect, no road should undertake an extension of its line, or construction of any new line, or
acquire or operate any new line or extension, without
first obtaining from the Connnission "a certificate
that the present or future public convenience and necessity require or will require the construction or
operation, or construction and operation, of such
additional or extended line of railroad"; abandoning
all or any part of a road or of the operation thereof
was also forbidden, until a like consent had been obtained, all this being, of course, placed upon the
ground of "the present or future public convenience
and necessity."
The Virginian Railway Company proposed this bit
of extension of its Guyandotte River branch in Wyoming County, with the immediate object of serving
new mines to be opened and upon the estimate that
about 173 million tons of coal underlie the plot to
4
be reached, comprising 3,500 acres, of which 3,000
acres are in timber. The construction cost is estimated at $63,012, of which $40,312 has already been
expended, in 1917-18; of the expected new revenue
95% would be from coal, most of which would go for
transshipment to Sewall's Point. In refusing the
application the Commission urges that the road has
not been and is not now able to furnish the full number of cars needed by the mines dependent upon it;
in whole or in part, the number furnished in the
weekly periods from July 22 of 1922 to the 9th of this
June now ending running 30% to 50% short. So the
2930
THE CHRONICLE
[voL. 116.
opening of new mines would not increase the coal deduction is that there ought to be more equipment,
supply, but would reduce it unless the car supply which hardly anybody will deny. But, just inciwere much increased; "there are at present more dentally, might not the applicant for leave to build a
mines in the country than is consistent with the most mile of track somehow get a little more equipment,
efficient use of carriers' equipment, and their aggre- and (also incidentally) has any agency done more
gate capacity greatly exceeds the country's demand." than the Commerce Commission to keep railroad
So,say the Commission,"the already inadequate car equipment down to inadequacy? There is a legal
supply would be made more inadequate because of maxim, founded in common sense, that the law does
the necessity of placing cars at the new mines; this not take note of trifles. Is not the matter of a milewould make more difficult the process of distribu- or-no-mile of new track among trifles, and is it not
tion, as the cars in service cannot be handled as effi- intelligible why (as the Commission says) "no repciently or as much coal be carried in the aggregate resentations have been made to us by State authorias if fewer mines were demanding service."
ties, and no objection to the granting of the applicaAnother Commission order forbids roads, after tion has been presented to us"? Might not the manSept. 1, to allot any extra cars to soft coal mines agement of a railroad be safely assumed to have some
whose product is intended for railroad use or to give judgment, and if the building of a bit of track cannot
any preferences to mines which own their own cars. be left to that judgment where shall regulation stop,
The reason given is that assigning cars for railroad short of requiring an outside official study of the
fuel tends "to diminish to some extent the supply of public welfare and a gracious permission before an
cars placed at commercial mines during periods of order for a supply of office stationery, for instance,
shortage." But in a time of shortage of any prime can be given?
necessity transportation is ore rather than less
The I.-S. C. C. was constituted to keep a curb on
indispensable than ordinarily; so, if circumstances monopoly and prevent wrongs to a supposedly helpcompel a preference, the rational view should be less public in commerce between States. The conthat the carrier's own needs for continuous opera- stricting process of regulation has proceeded until
tion come first; the cars must move, or a preference few subjects important enough to cross a boundary
to the firesides and industrial plants of the public line escape the theory that some placeholder is more
could not be carried into effect if ordered. The rul- competent to conduct a business than the nominal
ing goes against a long and almost undisputed prac- owner inside of it. Except a removal of our tax burtice, and four of the Commissioners file separate dens, we need nothing so much as a return to the
opinions dissenting from the other seven. The car ancient proposition that the general welfare does
rules condemned now by the majority, says Commis- best when each man minds his own business and outsioner Hall, were prescribed more than 15 years ago siders keep out and away.
and were then upheld by the Supreme Court. Says
he:
Inquiry of Merchants' Association into Results of
Five-Day Week.
"We then recognized that a carrier by rail has the
An article giving the results of an inquiry made by the
right to secure its fuel supply from mines whose entire output it either controls or purchases, and that Industrial. Bureau of the Merchants' Association of New
if its contracts for fuel cover such supply as it rea- York into the results of adopting the five-day week appears
issue of the Association's
sonably needs for current operation it can use its in the June 25 to the conclusions drawn weekly—"Greater
from the reports
New York." As
equipment to procure its fuel, even though operators received the article says:
of commercial mines are thereby deprived during pe- 1. The five-day week is the best plan of operation in factories operating
riods of car shortage of some cars which they would on a weekly schedule of 48 hours or less, particularly In those factories in
are long or costly.
receive on a strict pro-rating; in other words, we which the starting and stopping processesplan a provision whereby, whenever
2. It seems advisable to include in the
found that this use by a rail carrier of its cars does a holiday occurs on any day other than Saturday or Sunday, same shall be
made up on the following Saturday without extra pay.
not constitute unjust discrimination."
3. It would also seeem advisable to include in the plan a provision whereby,
This right inhering in rail carrying has not been whenever it is deemed desirable by the management, workers or departments
responsible for any deficiencies in production, shall make up such deficiencies
abridged or denied by subsequent legislation, says on Saturday morning, without extra pay.
Commissioner Hall, and adds:
The article also says in part:
Row Long in Operation.
"It rests upon the fact—elementary,fundamental,
and partaking of the highest public necessity—that The five-day week plan was first introduced among the factories covered
survey in 1918. Only one
a railroad must have an adequate supply of cars in by thisthat year, but two more took factory adopted the plan as a permanent
it up in 1917 and six others, "during the
policy
order to supply adequate transportation; this, of war." Of these nine pioneers, four are still operating under this plan because
are pleased with
course, means that it must have a reliable, sufficient, theynot find the resultsits results, while six have abandoned it because they
satisfactory. Ten more factories adopted the plan in
did
steady flow of coal, of even quality, best suited to its 1919 and 1920, and one in 1921. Of these, six are still operating under it
because the results are satisfactory, and five only because they are forced to
different needs, at reasonable cost. The majority
unions.
so
take away this right and brush aside the public ne- doOutby the 40 manufacturers replying to a questionnaire by the Merof the
Association through its Industrial Bureau, regarding their experience
chants'
cessity."
with the five-day week plan of operation, three reported that they had used
The majority seem to say, in effect, that the needs it only as a summer plan and three only as a slack period plan. Among the
34 who had
of the public come first; the dissenting view is that themselves astried it out as a permanent all-year-round plan, 16 expressed
well pleased with the results, 15 were strongly opposed to it,
unless the roads come first in respect to the fuel re- two were in favor of it only when operating on a weekly schedule of 48 hours
or less, and one took a neutral attitude.
quired for operation, roads and public must perish
Still Operating Under the Plan.
together, in an emergency sufficiently severe. This
Twenty-seven of the 34 concerns were still operating on the five-day week
plan at the time of their replies, 15 because they had found it very satisfachardly seems to need a word of argument.
tory, 10 because they were forced to do so by the union to which their emReturning to the denial of permission to construct ployees belonged, and two partly because the unions have insisted upon it
and partly because they have no serious objections to it themselves.
a spur whose length and cost would not be materially The 15 in favor of the plan included one textile manufacturer, three clothgreater than in the case of an average switch, the ing manufacturers, two shoe manufacturers, two manufacturers of paper products, one manufacturer of tools and machines, one owner of a bleachery, one
Commissioji may or may not be especially competent manufacturer of chewing gum, one manufacturer of jewelry, one manufacone manufacturer of insulated wire and two manufacturers
turer of
in its dogmatic opinion that the number of coal mines of metal pencils,
products.
were
is already out of proportion to "the most efficient use The 15 whoshoe strongly opposed to the plan included two textile manumanufacturers and one manufacturer of paper products.
facturers, 12
of carriers' equipment." If this is correct—and it is The two who favored it for a week of 48 hours or less, but not for a longer
week, were both textile manufacturers. The one neutral reply came from a
not necessary to settle it or even to discuss it—the shoe manufacturer.
T
JUNE 30 1923.]
CHRONICLE
2931
The New Capital Flotations in May and the
Five Months Since January 1
As we indicated would be the case in presenting the fig- analysis reveals that $17,550,000 of this was to refund existures for April, new financing during May was on a compara- ing long term issues with new long term issues, $14,577,500
tively light scale, the depression in the stock market in that existing short term issues with new long term issues, $750,month having acted as a damper on the bringing out of se- 000 existing preferred stock with a new long term issue,
curity issues. Offerings were on a reduced scale in virtually $150,000 existing long term issue with a new short term issue
all the different groups, except that a larger amount of State and $2,100,000 existing short term issues with new short
and municipal obligations came on the market than during term issues.
The largest individual corporate offering occurred in the
April. Our compilations, as usual, include the stock, bond
and municipali- railroad group and consisted of $13,500,000 Equipment
and note issues by corporations and by States
1s,
/
ties, foreign and domestic, and also Farm Loan issues. The Trust 52 1924-38, of the Chicago Milwaukee & St. Paul Ry.
grand aggregate for May is $312,635,831. This compares sold to yield 5.75%. Other railroad issues of prominence
with $458,133,469 for April, $392,262,540 for March, $380,- comprised: $7,860,000 Equipment Trust 6s, 1923-38, of Erie
187,119 for February and no less than $879,268,265 for Janu- RR., sold to yield from 5.50% to 6.05%, and $7,000,000 Chi2
1
/
-year 5 % notes, due July
ary, the latter having, however, as previously explained, cago Rock Island & Pacific By. 3
been swollen to exceptional proportions by the bringing out 1 1926, which were offered at 99, yielding 5.87%. Public
of several issues of unusual size—the Anaconda Copper utility flotations were featured by the following: $10,258,- •
Mining Co. alone by its financing having then added $150,- 950 Philadelphia Electric Co. common stock, offered to stock000,000 to the total and Armour & Co. $110,000,000, with the holders at par, $25; $10,000,000 Illinois Power & Light Corp.
result that January broke all records for new capital flota- 7% debentures, due 1953, offered at par; $10,000,000 Empire
tions in the United States, the highest previous amount for Gas & Fuel Co. (Del.) 3-yr. 7% 1st & ref. bonds, 1926, offered
2
1
/
any month of any year having been $655,817,946 for April at 99 , yielding 7.20%, and $6,600,000 Counties Gas & Electric Co. 1st & ref. mtge. Os, 1953, offered at 98, yielding
1922.
Not only was May financing the smallest of any month of 6.15%. Industrial issues were generally rather small in
the present year, but it was only about half the total for the size, the following - being the only large offerings of the
corresponding month last year. At this time in 1922 new month: $10,000,000 Associated Simmons Hardware Co. se1
/s,
very unusual scale, and the cured 62 1933, offered at 98. yielding 6.75%, and $5,000,financing was proceeding on
2
1
/
aggregate of new issues brought out in that month was no 000 A. 0. Smith Corp. 1st mtge. 6 s, 1933, offered at par.
Farm loan offerings were relatively light, totaling only
less than $621,899,722, as against the $3f2,635,831 for May
of the present year. We have stated that the award of State $12,500,000. Nine separate issues were brought out at prices
and municipal obligations had been on a larger scale than to yield from 4.55% to 4.75%.
%
1
/
-year 52 external gold bonds of
for April. This followed mainly from the fact that the State • An issue of $4,500,000 30
of Illinois came on the market with an offering of $17,000,- the Republic of Panama was offered here during May at
,
1
/
000 bonds. But even as thus increased the amount of the 972 to yield about 5.65%. This constitutes the first foreign
municipal issues is smaller than that for the same month of Government obligation sold in our market since the $25.000,%
1
/
last year, the total under this head being $92,793,706 for May 000 Dutch East Indies 52 loan offered in February.
The following is a complete summary of the new financing
1923 and $106,878,872 for May 1922. We may add that the
—corporate, foreign Government and municipal, and Farm
grand aggregate of the new capital flotations for May 1923
Loan issues—for May and the five months ending with
also falls below the amounts for the corresponding month May, of the current year. We desire to point out that we
two and three years ago, the total of the new financing done now further subdivide the figures. showing in the case of the
In May 1921 having been $381,144,119 and in May 1920 $397,- corporate offerings both the long term and the short term
Issues for the bonds, and separating the common from the
132,335, as against the $312,635,831 for May 1923.
Financing by corporations, even on the present diminished preferred shares for the stocks.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
scale, continues to overshadow that of any other group, and
AND MUNICIPAL FINANCING.
out of the $312,635,831 new issues altogether brought out in
Total.
New Cat:dial.' Refunding.
May 1923, $201,707,125 comprised offerings by corporations.
1923.
Detailed analysis of the corporate flotations brings out
MAY—
Corporate—Long-term bonds and notes_ 107,664,0001 32,877.500 140.541,500
2,100,000
30.584,000
28,484,000
some distinctive features in corporate financing during the
Short term
150,000
13,867,800
13.717,800
Preferred stocks
16,713,825
month under review. For instance, we find that financing
16,713,825
Common stocks
Foreign
in behalf of public utilities during May totaled $78,384,950,
35,127,500 201,707,125
166,579,625
Total
4,500.000
4,500,000
as against $76,395,175 for industrial undertakings and $46,- Foreign Government
12,500,000
12,500,000
Farm Loan issues
927,000 for railroads. This is the first month of the current War Finance Corporation
871,888
91,921,818
92,793,706
Municipal issues by U. S. municipalitt
1.000,000
By Can. Govt.& municipalities in U.S.
1.000,000
year in which the volume of public utility issues has ex135,000
By United States Possessions
135,000
ceeded that of industrials. Compared with April, the public
35,999,388 312.635,831
276,636,443
Grand total
5 MONTHS ENDED MAY 31—
utility total shows an increase of slightly more than two
Corporate—Long-term bonds and notes_ 883,952,386 241,559,214 1,105,511.600
90,228,200
Short term
18,466,800 108,695,000
millions over the total of $76,135,000 for that month. Indus177,567,047
67,384,839 244,951,886
Preferred stocks
179,550,163
3,266,760 182,816,923
Common stocks
trial issues, on the other hand, show a big decline from the
19,900,000
Foreign
19,900,000
total of $173,123,466 for April (the aggregate for May being
Total
1,331,197,796 330,677,613 1,661,875,409
79,500,000
73,500,000
6,000,000
only $76,395,175), while railroad offerings show an increase Foreign Government
Farm Loan %wee
176.718.000
55,032,000 231,750,000
12
()f 9/ millions, when compared with last month's total of War Finance Corporation
Municipal issues by U.S. municipalities_ 408,098,229
6,808,748 414,906,977
38,253,000
By Can.Govt.Cmunicipalities in U.S.
14.100,000
22,153,000
$37,361,000. The total of all corporate issues, as already
381.000
By United States Possessions
381,000
stated, was $201,707,125, and of this almost 70%, or $140,Grand total
2,012,048,025 412,618,361 2.424,666.386
541,500, represented long term bonds and notes, with short
In the elaborate and comprehensive tables, which cover
term issues and stocks each totaling a little over $30,000,000,
the whole of the two succeeding pages, we compare the forethe exact figures being $30,584,000 for short term, as comgoing figures for 1923 with the corresponding figures for the
pared with $20,996,000 the month previous, and $30,581,625 four years
preceding, thus affording a five-year comparison.
for stocks, as against the exceptionally large total of $117,- We also furnish a detailed analysis for the five years of the
802,466 for April. The portion of corporate flotations used corporate offerings, showing separately the amounts for all
for refunding purposes in May aggregated $35,127,500 and the different classes of corporations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE
MONTH OF MAY FOR FIVE YEARS.
1923.
MONTH OF MAY.
.
New Capital. Refunding.
-orporate—
Long term bonds and notes___ 107164.000
32177.500
Short term
28,484.000
2,100,000
Preferred stocks
13,717,800
150,000
Common stocks
16.713,825
Foreign
Total
Foreign Government
Farm Loan issues
War Finance Corporation
klunicipal
Canadian
U. S. Possessions
Grand total
1922.
Total.
New Capital.
Refunding.
3
140.541,500
30,584,000,
13,867,800'
16,713,825
$
220,750,249
2,500,000
63.532.500
10,000,000
5,000,000
201.707.125
4,500.000
12,500,000
301,782.749
8,880,000
95,100,000
61,024,101
1921.
Total.
New Capital.
Refunding.
1920.
Total.
New Capital.
$
256,774.350
2,500,000
88.532,500
10.000,000
5,000,000
$
163,238.500
5,100,000
2,732,600
1,323,225
$
17,707,500
600.000
$
180.946.000
5.700.000
2,732.600
1.323,225
101102.000
38.389,000
124.120,200
72.628,500
362,806.850
8,880.000
137,100,000
172.394,325
75,000.000
42,000,000
18,307,500
50,000,000
190,701,825
125,000,000
36124,101
25,000,000
Refunding.
ZNP
1919.
Total.
New Capital.
Refunding.
Total.
3
10,706.000
6,750,000
156.000
$
112,008.000
45.139,000
124,276,200
72,628.500
$
64325,000
10,721,000
61,598,200
16,315,500
$
2326,000
7.500,000
4.136,800
3,993,000
336,439,700
17,612,000
354,051,700
152.759,700
10.000,000
17,755,800
ZN:
S
66.251.000
18,221,000
65,735.000
20,308,500
170,515,500
10.000.000
166,579.625
4,500,000
12,500.000
35,127,500
91,921,818
1,000,000
135.000
871,888
92,793,706
1,000,000
135,000
106.251,885
5,234,000
626,987
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
45,609,625
4,500,000
710,000
46,319,625
4.500,000
274636,443
35.999,388
312.635,831
517.248.634
104,651,088
621.899.722
312.573.619
68,570.500
381,144.119
378,547,932
18,584,403
397,132,335
212.869.325
18,465,800
231,335,125
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH
OF MAY FOR FIVE YEARS.
New Capital.
Long Term Bonds & Notes—
Railroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Short Term Bonds & Notes
Railroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing..
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Refunding.
1922.
Total.
New Capital.
3
36,157,000
36,053,000
6,200,000
$
2,170,000
16,823,000
$
38,327,000
52,876.000
6,200,000
$
19,543,050
126,887.639
13,350,000
2,572,000
8.407.000
2,428,000
8,256.500
5.000,000
16,663,500
13,125,000
750,000
19,318,360
2.000.000
17,552,500
13,125.000
350.000
4,800.000
3,200.000
350.000
8.000,000
9,500,000
16,848.700
107.664.000
32.877.500
140,541,500
225.750.249
8,600,000
12.650.000
$
15,746,161
2,500.000
16.256,640
400,000
1.500,000
8,600,000
12,350.000
300.000
830.000
3.000,000
1.204,000
1921.
Total.
$
19,543.050
142.633,800
13,350,000
3,250,000
35,575,000
2,000.000
17.552,500
1.800,000
4.800,000
1,204,000
New Capital.
$
12.196.000
29.170,000
2,213,000
700,000
2,500.000
12,259.500
20.000,000
1.050,000
37.500,000
Refunding.
$
11.780,000
1,787,000
640.500
2.500,000
1,521,300
9,500.000
18.370,000
45.650.000
36.024,101
261.774.350
163,238.500
17.707.500
400.000
1,500,000
750.000
600,000
830,000 '
1,000.000
1920.
Total.
New Capital.
3
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
$
64.333.000
16,160,000
2.660.000
565.000
300,000
300,000
2,500,000
25,000,000
1,200.000
3,150,000
24,752,900
1,500.000
1.800,000
1,800,000
3.550,000
9,020,000
18,000,000
12.400,000
9,020.000
18.000.000
12,400,000
S
2,126,000
$
18,431,000
5,250.000
11.100.000
833,000
400,000
3.400.000
1.350,000
180,946,000
101,302,000
10,706,000
112.008,000
64,125,000
2.126,000
66,251,000
' 1,350.000
2,500.000
13,850,000
5,500.000
2,500.000
19.350,000
4,294.000
150,000
7,500,000
11,794,000
150,000
1.250.000
12.014,000
10,325,000
12,014,000
9,075,000
125.000
250,000
850,000
100.000
5,700,000
38,389,000
1,323,225
1,323,225
9.247.900
12,350,000
1.932.600
1.932.600
600,000
Total.
$
16.305,000
5,250,000
33.000
3,250,000
500.000
•
Refunding.
400,000
2,567.000
3,250,000
500,000
5,100,000
New Capital.
$
73.333,000
17,000,000
2,660,000
565.000
225,000
300,000
10.929,600
35,500,000
3,500,000
$
9,000.000
840,000
1919.
Total.
11,067,000
125,000
250,000
300.000
Refunding.
3,550.000
225,000
2,500,000
2,500,000
Total
28.484,000
2,100,000
30.584,000
2,500,000
Stocks—
Railroads- t
10.929,600
Public utilities
12,708.950
150,000
12.858,950'
10,500,000
Iron, steel, coal, copper, &c
300,000
300,000
3,500,000
Equipment manufacturers
Motors and accessories
1.200.000
Other Industrial 8: manufacturing
11.672,675
11,672.675
3.150.000
011
24.752.900
Land, buildings, &c
2.500.000
2.500.000
1,500,000
Rubber
Shipping
Miscellaneous
3.250,000
3,250,000
18,000,000
Total
30.431.625
150.000
30,581.625
73,532,500
Total—
Railroads
44.757,000
2.170.000
46,927,000
30,872.650
Public utilities
61.111.950
17,273,000
78.384.950 138.887.639
Iron. steel, coal, copper. &c
6,500.000
6,500,000
16,850,000
Equipment manufacturers
830.000
830,000
Motors and accessories
2,572,000
2,428,000
5.000.000
1,950,000
Other industrial & manufacturing
23,079.675
10,056.500
33.136.175
22.768.360
011
1.204,000
1,204,000
26,752,900
Land, buildings, &c
15.625,000
15,625.000
19,352.500
Rubber
I
Shipping
350,000
350,000'
9.500.000
Miscellaneous
10,550,000
3.200,000
13,750,000
34,848,700
Total coroorate sectuities
166.579.625
RA127_511A 2AI 7A7 19a
am 7529 740
Refunding.
1.350.000
1,150.000
200.000
850.000
100.000
680,000
4,247,000
680,000
4,247.000
45,139,000
10.721,000
9,247,900
12.350,000
6,750,000
1.150.000
200,000
1,035.000
7,700,000
9.077.700
50,598.800
107,980,300
200,000
1.250,000
3.125,000
3.075,000
27,000.000
24,813.200
13,557,000
arloixoutto
1923.
MONTH OF MAY.
7,500,000
18,221,000
'1.035,000
7,700.000
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
25,000.000
98,532,500
4,055,825
4.055.825
196,748,700
156,000
196,904,700
77.913,700
8,129,800
86,043,500
40,746.161
30.872,650
179,633,800
16,850,000
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
•
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
66,833,000
39.257.900
15.010,000
565.000
9.077,700
66,006.800
117,055.300
11.267,000
1,250,000
4.375,000
5,742,000
9,000.000
6,340.000
75,833,000
45.597.900
15.010,000
565.000
9.077.700
66.162,800
118.305300
11,300,000
1,250,000
4,375,000
6,575.000
16,305,000
10,579,000
7,850,000
1,800,000
27,000.000
33,833,200
32,707.000
12,600,000
2,126.000
7.500,000
18,431.000
18,079,000
7,850.000
1,800,000
27.000.000
37,970,000
36,700.000
12,600.000
170 901 99S
12 907 CAA
051 "yrIn
is') 750 "700
2,500,000
16,256,640
1,521,300
noe. 101
Al
4,450,000
39,025,000
26,752,900
19,352,500
9,500,000
36,370,000
ste.n
arm Etna
640.5150
2,500.000
1,000.000
100 701 205
922
Agn .71111
156.000
156,000
1.250.000
33,000
833,000
17 ai o nnn
951
4.136.800
3,993,000
27,000,000
28,950.000
17,550,000
3.808,500
3,808.500
4,136.800
3,993,000
680.000
9,405,500
680,000
9,405.500
17 755 200
1711 Cl c. con
0
C-.
FOR FIVE YEARS.
CING FOR THE FIVE MONTHS ENDED MAY 31
.
NMENT, FARM LQAPI AND MUNICIPAL FINAN
SUMMARY OF CORPORATE, FORZIGN GOVER
1919.
1920.
1921.
1922.
Total.
1933.
New Capital. Refunding.
TO141.
FIVE MONTHS ENDED
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MAY 31.
New Capital. Refunding.
Total.
$
$
New Capital. Refunding.
$
$
,800
36,254,000
$5245
$
$
$
42,807.755 455.778,000 278,711.800 132,775,600 314.965 200
$
000 413,770,
$
245,615,
$
$
112.839.600
300
755 1,024,788,150 612,394,520 356.896,480 969,891,166 328.726,752
263.943.
Corporate—
80.617,248 409,344
14,600,000 126,392,
4,996,800 125,096,000
166
200
863.952.388 241,559.214 1,105,511,600 760.844.395
111.792.
120,099,
Long term bonds and notes--11.950.000 107,287,000
20,867.933 386,021,750
95.337.000
33,852.500 365,153,817
18,466,800 108,695,000
775,600
3,993,000 112.937.863
90,228,200
33,076.900
108,944,863
25.400,000 144,179,500
Short term
9,066.500 316,506,682
118.779.500
88,413,315 307.440,182
67,384.839 244.951.886
177.567.047
88,413.315
21.760.000
8,255.625 83,135.112
Preferred stocks
74.879.487
21,760,000
15,150,000
3,286,760 182.816.923
163
179,550,
15.150.000
70.835,000
Common stocks
1,250,000
69,585,000
19,900.000
400 798,614.863
19,900,000
Foreign
0,996 152,559,436 1,589,410,432 620,595,463 178,019, 00
38.179.000
28,179.0
10,000,000
4.762 860,826,901 372,272.080 1,233,098,981 1,436,85
50,000,000
50.000.000
3.500.000
_a
330,677,613 1,661,875,409 1,119,425,382 310.799.380 1,430,22 000
50,000,000 204,000,000
1,331,197.796
154,000.000
3,500,000
Total
000
10,000,000 251.280,
79,500,000 241,280,
200,000,000
40,000,000
6.000,000
73,500.000
40.000,000
00
ment
246,740.000
42300,000
Foreign Govern
0,0
55,032,000 231.750,000 204,740,000
000
7,274,860 205.272.378
0.00029
176,718.
0
197.997,518
Farm Loan issues
3.613,483 277.548,512
10.505,300
ation2 . .
4,366,595 356.003,428 273,935, 00
-6
10.505,300
351, 6:833
865
26,003,000
5,131.845
War Finance Corpor
7,498,000
18,505,0
10.000,000
16.222.000
6.808,748 414,906,977 530.985.020 103,250,000 536,116,350
408.098.229
16,222,000
10,000,000
165,658
Municipal
62,406.650
36.253.000
3,250.000
14,100.000
22,153,000
3.250,000
5,250,000
Canadian
5,250,000
381.000
381.000
ions
1.942,961,944 1,052,598,281 213,473,260 1.266371.541
U. S. Possess
6751,852,574,409 1,779,291325 163.670,919
7,052 471,181.225 2,635.268,277 1,425,935.734 426,638,
2,012.048.025 412.618.361 2.424.866,386 2,164.08
Grand total
MONTHS ENDED MAY 31 FOR FIVE YEARS.
ISSUES IN THE UNITED STATES FOR THE FIVE
CHARACTER AND GROUPING OF NEW CORPORATE
1919.
1920.
1931.
1922.
Total.
1923.
Refunding.
New Capital.
Total.
FIVE MONTHS ENDED
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MAY 31.
New Capital. Refunding.
Total.
$
$
New Capital. Refunding.
$
$
$
$
79,831,000
$
$
8.196.000
$
71.635.000
$
$
9.000,000 197.298,000
000
$
25,750,000 104.922,000
i$500 304.633,680
79,172,000
83,845.420 283,531.580 367.377,000 188,298, 00
70 378.404.950
50.074,500
0
Term Bonds & Notes—
73.771,2
1.999,00
Long
48.075,5
28.610.000
26,873,000 238,947.
627,000
27.228,500 162,332,000
212.874,500
27,983,000
39.310.000
79,583,161 301,951.200 135,103.500
12.394,000
Railroads
26,916,000
2.050,000
21.227,000
8,287,000
242,617,300 109,443300 352,060.600 222.368,039
12.940.000
2.050.000----4,110.000
65.900,000
1.750.000
Public utilities
64,150.000
4,110.000
4.400.000
6.195.000
46,806.881 228,225.000
919,000
181.418.139
3,481.000
6,195,000
2,075,000
copper. &c
Iron, steel, coal,
2,075,000
7,300,000
27,745.000
14.200.000
762,000
7,300.000
00
14.200.0
26.983,000
6.500.000
60,620,000
2,500,000
17,253,755
Equipment manufacturers
4.000.000
43.366,245
16,250,000
32.500.000
4,288,000
8,126,400 107,200.000
11.962,000
32.500.000
99,073,600
1,120,000
34.604,759 111.000.000
and accessories
41
Motors
76.395.2
1,120,000
22,155.000
19.357.053 105.878.500
28,000,000 153.850.000
86.521.447
22,155,000
57,254,500
68,220.700 110.850.000 125,850,000
33.000
Other industrial & manufacturing
42,429,300
57,221,500
1.500,000
11.3J0,000
650.000
1,500,000
10,650.000
100,000
41.397.500
195.000
41,202,500
Oil
100,000
2,000.000
65.005,000
67,500,000
--_---- 65.005.000
2,000.000
67.500,000
7,026,000
s, &c
Land, building
7,026.000
2,000,000
10,752.800
2.835.000
665,000
1.000,000
1,335.000
1.835.000
10.752.800
17.360.000
36.790,000
1,328300
17.360.000
Rubber
35,462,000
925.000
65,550.000
73.000
925,000
65.477.000
62,459.500
4.568,865
Shipping
57,890.635
34,926,000 107,320,000
36.254,000 314,965,800
72394,000
42,007,755 455,778,000 278,711,800
Miscellaneous
356,896,480 979,566,000 413,770,245
1,800 830,429,395 265,193,755 1.095.623,150 622,669,520
41,850,000
34.750,000
883,852,388 241,559,214 1,125,41
7,100,000
20,000.000
0
1,500,00
Total
18,500,000
77,525.600 112318.200
34,792,600
32,351,800
73,617,248 163,118300
Short Term Bonds & Notes—
32,351,800
89.500,752
8,600,000
18,750,000
00
0
00
25.355,0
4,000,00
14,200,0
8,600.000
11,155,000
14,750,000
21,956,000
6.210,000
11,950.000
Railroads
10,006,000
6.210,000
525.000
25.215.000
40.000,000
7,212.800
18,002,200
525.000
40.000.000
404,200
3.426,000
404,200
Public utilities
3.426,000
1,000.000
2,050,000
225,000
--___-__
0
1,000,000
225,000
2.050,00
7.050,000
Iron, steel, coal, copper. &c
7,050.000
830.000
32.180,000
3,200,000
"
16,500,000
830,000
15.680,000
3,200,000
16,700,000
58,759,000
nt manufacturers
3,000,000
Equipme
16,700300
55.759.000
3.450.000
24,500,000
3,750.000
9,454,000
15,046,000
3.750,000
3,450,000
500,000
1.250.000 120,191,000
500,000
Motors and accessories
450.000
4,800.000
41,200,000 118.941,000
1,800.000
3,000,000
450,000
41.200,000
30,000.000
3.655,000
1,250,000
Other industrial & manufacturing....
30.000,000
2.405.000
1,000.000
39,700,000
3,645,000
39.700,000
1.000,000
3,645,000
30.400,000
1,750,000
Dil
1,750,000
30.400,000
905.000
905,000
4.785,000
Land, buildings, &c
4.785,000
32.137.000
275,000
275,000
32,137.000
125,000
7.750,000
125,000
Rubber
7,750.000
1.000,000
10.242.166
400,000
1.000,000
9.842.166
0
3.500,00
inipping
3,500,000
3,050,000
600 245,615.200
3,050,000
80,617,248 425,344,000 112,839,630 132,775,
Miscellaneous
14,600,000 127,892,166 344,726,752
11,950,000 107,287,000 113.292,166
95,337,000
18,466.800 108,695,000
90,228,200
Total
12,695,000
12,695,000
10329,600
23,845,840
---350.000
Stocks-10,929,600
23.495,840
10,700.000
300,000
10.667.490
300.000
10,700,000
10,667,490
41.575.880
79.565.775
25,675,625
Railroads
53.890.150
41,575.880
4.448.225
11.076.000 114.229,036
036
103.153.
4,448,225
21.406.250
?ublic utilities
21.406.250
64.900,000
28,926.470
_-__--4.896,760
64,900.000
24,029.710
66.553.125
2.500,000
50
coal, copper, &c
13,570.6
Iron, steel,
52,982,475
2.500,000
77.776,250
4.136.800
2.582,000
--- --,-,
73,639.450
2,582.000
10,700,000
12,528.283 287.384,829
Equipment manufacturers
10.700,000
58,529,113
24.690,325
21.095,600 274.856.546
4.513,000
1,335,000
525,600
23,355,325
54,016.113
20,570,000
203.313.265
24,885,577
Motors and accessories
24,885,577
1.500.000
77.700.000 203,313.265
16,834,140 121.365.207
1.500,000- -----104,531,058
77,700,000
10.766.047
manufacturing
410
46.132.
7,980.000
3ther industrial &
10.766.047
38,152,410
2,300.000
210,000
45.623,263
984.690
1.510,000
2,090,000
44,638,573
0
1,510.00
18,600,000
4.535.000
75,000
311
18,525.000
4.535.000
2,590,000
2.590.000
12,103,500
4,175.000
Land, buildings, &c
12.103.500
4,175.000
9.633.500
350,000
130,000
9,503,500
350.000
44,145,946
3.410.500
Rubber
40.735.446
7,637,500
250.000
7.387,500
22.485.000
4hipping
22.485,000
08
89,694,5
8,989,800 238,033.863
35.525,000
54.169.508
29,934,433 708,288,432 229,044,063
Miscellaneous
775.600 125,640,815 678.353,999
33.655,625 227,314,612 124,865.215
42,946,000 121,681.000
70.651,590 427.788,809 193.658,987
78,735.000
357,117.210
10,500.000 217.298,000
Total
000 208.798,000
229.935.200
83.845,420 283.531.580 367377,490 161.072,092
350
75,966,248 237.038,340 126.659.600 103.275.600
73.771.270 421,686.
Total—
58.060,000
4.627,000
26.073,000 247,847,500 347.915,080
41,428.500 198.354
.500
53.433.000
221,774
786 403,472,975 156,925,990
12.394,00) 87.095,880
74,701.880
Railroads
2.575,000
65.675,225
-- -- -8,287,000
2,575,000
363,772,536 127,732,100 491,504,638 286,264.189 117.208. 0
57.388.225
7,536,000
_- - — ---utilities
87.710.450
50
1,750,00
0
85,980.4
Public
7,536.00
71.350.000
6.420,000
919,000
51.703.621 258,151,470
70,431.000
206,447,849
25
6.420.000
75,678.1
2.500,000
13.570,650
-- - - iron, steel. cast, copper, &c
62,107,475
2.500.000
8,130,000
19,982,000
21,398.800 137,701.250
--_„- --,
450
---8,130.000
19.982300
33,900,000
.
- 32,782,038 406.763,829 116.302. 13
2,500 060
31,400,000
Equipment manufacturers
65,440..325
94.479,113
6 132,045,600 373,981.791
.
4,513,000
15.077,000
8,652,60
89.966.1
50,363.325
123.393.600
1,250,000 324,624,265
Motors and accessories
34,604,750 136,385.577 244.750.000
24.105,000
37,991,202 232,043,707 101,780,818
,505
28,000.000 272,750,000 323.374.265
24,105,000
71,675,547
1,283.000
76,200,700 186.782,410
Dther industrial & manufacturing.._ 194,052 573
70.392,547
86,823.263 110,581,710
16.453,000
3,300,000
984,690
210,000
650,000
3,090.000
85.838,
15,805,000
49,100,000
75,000
47.682,500
195,000
00
00
49,025,0
47,487,5
Dil67,503,000
437.595,000
2,905.000
----- —
2,905,000
67.595,000
67.500,000____-__
0
23,914,500
4,175,00
23,914,500
4,175,000
Land, buildings, &c
2,350,000
3,110300
52.523,300
130,000
665.000
00
0
1,000.000
52,393,3
1,685,00
2,110,000
88.685,946
17,485,000
_ _ _ _ —4,738.500
Rubber
17,495.000
83,947.446
1.925,000
83,429,866
723,000
1,925,000
82,706,666
88.444,500
4,568.865
.83,875.635
3hipping
883
70.451.000 200,064,508
129,613,508
436 1,589,410,432 620.595.463 178,019,400 798,614,
Miscellaneous
901 372,272,080 1,233,098,981 1,436,850.996 152,559,
5,409 1.119,425,382 310,799,380i1,430.224,762 860,828,
securities-- 1,331,197,796 330,677,613 1.681,87
Total corporate
2934
THE CHRONICLE
[VOL. 116.
LONG TERM BONDS AND NOTES.
(Issues Maturing Later Than Fire *Years.)
Am ourd.
Price.
To Yield
About.
100
Purpose of Issue.
5.00
Railroads
2,170,000 Refunding
Company and Issue, and by Whom Offered.
Boston & Providence RR. 15-Year Debenture
5s, 1938. Placed with Provident Institute for
ings, Boston.
SavCarolina Clinchfield & Ohio Ry. Equip. Trust
53ts "A,' 1923-33. Sold through Blair & Co.,
Inc.. New York, to Metropolitan Life Insurance Co.
9736
,
5.40 Central of Georgia Ry. Equipment Trust
58 "0,"
5.75 Chicago Milwaukee & St. Paul Ry. Co. Equip,1924-38. Offered by Kuhn, Loeb & Co.
Trust 53,s "C,' 1924-38. Offered by National
City Co. and Kuhn, Loeb & Co.
5.50-6.05 Erie RR. Equip. Trust 65 "JJ," 1923-38. Offered
by Drexel & Co., Philadelphia.
Placed privately. Union Pacific RR. Equip.
Trust 434s "C," 1928-38. Placed privately by
Kuhn, Loeb & Co.
5.25-5.55 The Virginia Ry. Equip. Trust 55 "D," 1924-38.
Offered by National City Co., Lee, Higginson
& Co., and Kissel, lannicutt & Co.
500,000 Additional equipment
Placed privately.
2,910,000 New equipment
13,500,000 New equipment
7,860,000 New equipment
5,687,000 New equipment
5,700,000 New equipment
38,327,000
Public Utilities.
300,000 Corporate requirements
9135
2,500,000 Acq, Little Rock Sty. & Elec. Co
8434
3,000,000 Refunding; °stens., add'ns, &c
98
6,600.000 New generating station
1,000.000 Acq. securities of subsid. cos
98
94
320,000 Construction
9734
10,000,000 Refunding
100
3,500,000 Acquire constituent companies_ _ _ _
.
97
400,000 Refunding
100
3,500,000 Additions, extensions, &c
3,250.000 New generating station
95%
96
1,006,000 Refunding; other corp. purposes
9734
2,500,000 Acquire common stock of Erie
Lighting Co.; working capital_
4,000,000 Refunding; new construction
97
10136
1,000,000 New plant; extensions
943-6
2,500,000 Extensions and additions
94.15
3,500,000 General corporate Purposes
99
4,000.000 Refunding; add'as & extensions_ _ _
100
52,876,000
Iron, Steel, Coal, Copper, &c.
1,000,000 Finance equipment leases
--
500,000 Working capital
973-1
2,500,000 Reduce current debt; wkg. capital_
98,36
1,200,000 Working capital
1,000,000 Capital expenditures
100
100
6,200,000
Motors and Accessories.
5,000,000 Refunding, extensions, &c
100
Other Industrial & Mfg.
1,500,000 Acquisitions, additions, &c
6.80 Penn Public Service Corp. Convertible Debenture 631s, 1938.
Offered by Harris, Forbes & CO.
and E. II. Rollins & Sons.
5.87 Potomac Electric Power Co.(Washington, D. C.) Gen.
& Ref. Mtge. 6s "B," 1953. Offered by
National City Co. and Harris, Forbes & Co.
6.50 Power Corp. of New York 1st Mtge. Is "B," 1942. Offered
by E. H. Rollins & Sons and F. L. Carlisle & Co.. Inc.
6.45 Tennessee Electric Power Co. 1st & Ref. Mtge. Os "A,"
1947. Offered by National City Co.,
Bonbright & Co., Ilalsey, Stuart & Co., Ilemphil., Noyes
& Co. and Marshall Field, Glore,
Ward & Co.
6.10 Utah Power & Light Co. 1st Lien & Gen. 6s, 1944. Offered
by Harris, Forbes & Co. and Coffin
& Burr.
6.00 Washington (D. C.) Gas Light Co. 10-Year Mtge. Os, 1933.
Offered by Harris, Forbes & Co. and
National City Co.
5.50-6.25 Emmons Equipment Co. Equip. Trust 6s, 1924-33. Offered
by Bloren & Co. and Janney & Co.,
Philadelphia.
6.75 Michigan Steel Co. (Detroit) let Mtge. 634s, 1933. Offered by Union
Trust Co., Detroit; Glover
& MacGregor, Pittsburgh, and Fenton, Davis & Boyle,
Chicago.
7.15 Midland Steel Products Co. 1st Mtge. Convertible 7s, 1938. Offered
by Paine, Webber & Co.,
Hornblower & Weeks and Bond & Goodwin, Inc.
6.50 The Gurney Foundry Co., Ltd., 1st Mtge. 63,5, 1925-38. Offered by
S. W.Straus, & Co., Inc.
6.00 Mesaba-Cliffs Iron Mining Co. Serial 68, 1926-30. Offered by Union Trust
Co., Cleveland.
100
10,000,000 Refunding; reduce current debt_ _ _
6.80 American Public Service Co. lst Lien 6s, 1942. Offered
by Halsey, Stuart & Co. and A. B. Leach
& Co.
6.45 Arkansas Central Power Co. 1st Lien & Ref. Mtge. 6s,
1948. Offered by Harris, Forbes & Co.,
Bonbright & Co. and Tucker, Anthony & Co.
6.25 Boston Elevated Ry. 10-Year 6s, 1933. Offered by
R. L. Day & CO., Estabrook & Co., Harris.
Forbes & Co. and Merrill, Oldham & Co.
6.15 The Counties Gas & Electric Co. lot & Ref. Mtge. Os,
5.40 Electrical Securities Corp. Coll. Trust 5s, 17th Series, 1053. Offered by Drexel & Co., Fulls.
1953. Offered by Jackson dc Curtis, Parkinson & Burr and Bankers Trust Co.
6.25 Great Lakes Power Co. lot Mtge. Os "A," 1943. Offered
by Merrill. Lynch & Co. and Hughes.
Gordon As Co., Detroit.
7.00 Illinois Power & Light Corp. Debenture 7s, 1953. Offered
by E. H. Rollins & Sons, Spencer Trask
& Sons, Marshall Field, Glom, Ward dc Co., Blyth. Witter
Sr. Co.. Bodell & Co., Hambieton &
Co. and Central Trust Co. of Illinois, Chicago.
6.75 Jersey Central Power & Light Corp. 1st Lien 63,5
"A," 1943. Offered by A. B. Leach & Co. and
A. C. Allyn As Co., Inc.
6.50 Joliet RR.(now Chicago & Joliet Electric Ry.) 1st (closed)
Mtge.634s, 1933. Offered by Woodruff Securities Co., Joliet, Ill.
6.35 Kansas Gas & Electric Co. 1st Mtge. Os "A," 1952.
Offered by Dillon, Read & Co.
6.30 Metropolitan Power Co. (Pa.) 1st Mtge. Os "A," 1953.
Offered by West dc Co., Parsley Bros. &
Co., Blodget & Co. and Edw. 13. Smith & Co.
6.25 Paducah (Ky.) Electric Co. 1st Mtge. 6s "A," 1938.
Offered by Powell, Garard & Co. and Standard Trust & Savings Bank, Chicago.
98
6.60 A. 0. Smith Corp. 1st Mtge. 6345, 1933. Offered by Dillon, Read & Co. and
White, Weld & Co.
7.00 Advance Bog & Paper Co.. Inc., let Mtge. Convertible 7s, 1943. Offered
by Schibener. Boenning
& Co., Philadelphia.
6.75 Associated Simmons Hardware Co. Secured 635s, 1933. Offered by Kidder,
Peabody dr Co..
Continental & Commercial Trust & Savings Bank, and Halsey, Stuart
563,500 Fund bank loans
& Co.
Placed privately. Billings & Spencer (Hartford, Conn.) 1st Mtge. 78, 1933.
Placed privately by Putnam & Co.,
Hartford.
450,000 Refunding; additions
100
6.50 Brunswick Kroeschell Co. of N. J. lot Mtge. 6345, 1425-33. Offered by
Lackner, Butz & Co.,
Chicago.
700.000 Acquisitions; wkg. capital. &c_ _ 100
6.60 Livingston Baking Co. (Chicago) 1st Mtge. 6345, 1943. Offered by A. C.
1,000,000 Refunding; expansion
Allyn & Co., Chita
100
Maverick Mills 1st Mtge. 7s, 1943. Offered by Pearsons-Ta
7.00
ft
750,000 Retire current debt: additions_ _ _ _
99-100
National Lock Co. (Rockford, Ill.) 1st Mtge. (is, 1924-33. Co., Chicago.
_
Offered by Hitchcock, Bard & Co.,
Chicago.
850,000 Corporate purposes
100
7.00 Standard Bleachery Co. (Carlton Hill, N. J.) lot Mtge. 7s, 1943.
Offered by American Trust
Co., New York, and Green, Ellis & Anderson. New York.
350,000 Capital expenditures
100
7.03 United States Window Glass Co. (Morgantown, W. Va.) 1st Mtge.
7s, 1933. Offered by the
Geo. W. Stone Co., Cleveland.
.500.000 Reduce curt. flab.; working capital 100
7.00 Zinsser & Co. (Hastings-on-Hudson, N. Y.) lot Mtge. 7s, 1923-38.
Offered by Stanley & Bisset,
Cleveland.
16,663,500
Land, Buildings,
1,000 000 General corporate purposes
.
250,000 Finance construction of building_ _
100
100
450
.000 Finance construction of apartment 100
700, 00 Finance construction of building_ _
0
100
1,125,000 Finance construction of apartment 100
2,500.000 Finance construction of apartment 100
250,000 Working capital
4,000,000 Finance construction of building
100
100
1,800,000 Finance purchase of building
100
975,000 Finance construction of apartment
100
75,000 Improvements to properties
100
6.00 American Investment & Realty Co. o Calif. 1st Mtge. 6s, due serially to
1938. Offered by
Myth, Witter & Co.
7.00 The East Sixty-Sixth Euclid Co. 1st Mtge. Leasehold 78, 1924-35.
Offered by Worthington,
Bellows & Co., Cleveland.
6.00 The Fensgate (Boston, Mass.) lot (Closed) Mtge. 6s, due annually to 1937.
Offered by Puritan
Mortgage Corp., New York.
6.50 Great Republic Life Bldg. (Los Angeles) 1st Mtge. 6348, 1925-40. Offered
by S. W. Straus
& Co., Inc.
6.50 Huntington Apartments(San Francisco) 1st M.6348, 1926-43. Offered by S. W.
6.50 Jackson Parkview Apartments (Chicago) 1st Mtge. 6318, 1928-43. Offered Straus & Co.,Inc
by S. W. Straus dc
Co., Inc.
Thad E. Leland, Inc.(Detroit) 1St Mtge. 75, 1933. Offered by Fenton,
7.00
Mercantile Arcade & Office Building (Los Angeles) 1st Mtge. 630, Davis & Boyle, Chicago.
6.50
1925-42. Offered by S.
W. Straus & Co., Inc.
6.00 National Republic Building Corp.(Chicago) 1st Mtge. 6s, 1938. Offered by the First
Wisconsin
Co., Milwaukee, and National Bank of the Republic, Chicago.
6.00 157 E. 72d Sc. Apt. Bldg. (N. Y. City) 1st NI. 6s, 1924-38. Offered by S. W. Straus & Co.,
Inc.
The Sutliff-Carnegie Improdement Co. (Cleveland) lot Mtge. Leasehold
7.00
7s, 1938. Offered,by
the Geo. W. Stone Co., Cleveland.
13,125.000
Shipping
350,000 Additional steamer;
extensions._ --
100
Miscellaneous
425,000 Development of properties
100
1,325,000 Acquisition of constituent
cos
400,000 Wkg. capital; other corp. purposes 100
100
350,000 Additions, improvements, &c
100
1.700.000 Refunding
100
650,000 Refunding
100
250,000 Acquisition of constituent cos
1,800,000 Extensions & Improvements
99
250,000 Development of properties
100
850,000 Refunding
100
8000.000
7.00 Crosby Transportation Co. let Mtge. 75, 1938. Offered by Wm. L. ROSS & Co.,
Chicago.
7.00 Central California Orchard Co.,Inc., let M.78, 1929-38. Offered by Stephens & Co.,
Los Angeles.
7.00 Dollar Portland Lumber Co. 1st Mtge. 7s, 1927-40. Offered by Carstens & Earles,
Inc.,
7.00 Garden Highway Orchard Co. 1st Mtge. 75, 1938. Offered by Bradford, Kimball San Fran.
& Co., San
Francisco, and Drake, Riley & Thomas, Los Angeles.
6.50 La Habra Heights Co.(Los Angeles) lot M.634s, 1933. Offered by Wm. R. Slants Co.,
LOS Aug.
6.00 (A. J.) Matthews & Co., Inc., lot As Ref. Mtge. 6s, "C," 1933. Offered by Liberty
Central Trust
Co. anti Mississippi Valley Trust Co., St. Louis.
7.00 Missouri River Bridge Co. lot Mtge. 78. 1943. Offered by Bartlett & Gordon
and Lawrence
Mills As Co., Chicago.
7.00-7.10 Northern Illinois Supply Co. (Rockford, III.) 1st Mtge. 7s, 1924-33.
Offered by Dangler.
Lanham As Co., Chicago.
6.10 Salt River Valley Water Users' Ass'n (Roosevelt Dam Proiect) Serial
68, 1938-47. Offered by
Banks, Huntley As Co.; M. II. Lewis As Co.; Carstens As Earles, Inc.; Drake,
Riley As Thomas;
California Co., and Stevens, Page As Sterling.
7.00 Superior California Orchard & Vineyard Corp. 1st (Closed)
Mtge.
Bradford, Kimball As Co. and Shingle, Brown As Co., San Francisco. 78, 1927-38. Offered bY
6.50 Sutter Butte Canal Co. (San Francisco) 1st Mtge. 635s,
"A," 1943. Offered by Cyrus Peirce
As Co. and Bank of Italy, San Francisco.
JUNE 30 19231
THE CHRONICLE
2935
SHORT TERM BONDS AND NOTES.
(Issues Maturing Up To and Including Five Years.)
Amount.
Purpose of Issue.
Railroads7,000,000 Addus.& bett'ts: other corp. purp_
To Yield
About.
Price.
Company and Issue, and by Whom Offered.
99
5.87 The Chicago Rock Island & Pacific Ry. Co. 3-Year Secured
51;s, July 1 1926. Offered by
Speyer & Co. and Dillon, Read & Co.
5.25 Portland Terminal Co. 1-Year 5's, April 11924. Offered by Kidder,
Peabody & Co., Boston.
101
6.70 Citizens Gas Co.of Indianapolis Gen.& Ref. Mtge.75, May 1 1927.
Offered by Fletcher American
Co. and Gavin L. Payne & Co., Indianapolis.
7.20 Empire Gas & Fuel Co.(of Del.) 1st & Ref. Cony. 7s,"B," 1926. Offered
by Halsey, Stuart & Co.
Hallgarten & Co.: Goldman, Sachs & Co.: Lehman Bros.: J. & W. Seligman
Trask A: Co.; Cassatt & Co.: E. H. Rollins & Sons; I.adenburgh, Thalmann& Co.; Spencer
& Co.; Paine,
Webber & Co.: A. B. Leach & Co., and Angio-London-Paris Co.
6.35 Pennsylvania-Ohio Power & Light Co. Secured 65, June 1 1926. Offered
by
Co.; Drexel & Co.: National City Co.: Reilly, Brock & Co.; Graham, Parsons Lee, Higginson &
& Co.: Bonbright
& Co., and Eastman, Dillon & Co.
6.75 Wisconsin power Light & Heat Co.3
-Year Coll.61;s,June 11926. Offered by Halsey, Stuart & Co.
,
1,600,000 Improvements & extensions
8,600,000
Public Utilities
300,000 Refunding
10,000,000 Impts., add'ns, development, &c
2,000,000 Retire floating debt: additions_
350,000 General corporate
Purposes
9911;
99
991i
12,650,000
Equipment Manufacturers
830,000 Finance equipment leases
Other Industrial & Mfg.
1,800,000 Refunding
100
3,000,000 Working capital; other corp. Purl).- 98
5.50-6.90 Pennsylvania Tank Line Guar. Equip.
Trust 6% Ctfs., Series "B-2," 1923-27. Offered by First
National Bank. Sharon, Pa.
6.00 Baldwin Co. 3
-Year gs, June 1 1926. Offered by W. E. Hutton & Co., New York.
6.75 Rome (N. Y.) Wire Co. 3
-Year 6s. May 1 1926. Offered by Lee, Fligginson & Co.
4,800,000
Oil
1,000,000 Acquisition steel tankers
100
204,000 New equipment
6.50 Beacon Oil Co. (Boston, Mass.) Porch. Money 615s, serially to 1928. Offered
by Kidder.Peabody & Co.
5.50-6.00 Phillips Petroleum Co. Serial 61;7. Equip. Trust Ctfs.:192326. Offered by Stix & Co., St. Louis.
1,204.000
Miscellaneous-.
2,500.000 General corporate purposes
6.25 Sugar Pine Lumber Co. Serial Os, 1926-27-28.
Co. and Security Trust Co., Los Angeles.
Offered by Anglo-London-Paris Co.. First Securities
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Public Utilities
500,000 Extensions
250,000 Refunding; improvements
1,500,000 Extensions, acquisitions, Ac
350,000 General corporate
10,258,950 New construction purposes
Iron, Steel, Coal, Copper,
&c.
300,000 Working capital
a Amount
Price. To Yield
Invoiced. Per Share. About.
92%
86
500,000
250,000
7.57 Arkansas Light & Power Co.7% Cum.Pref. Offered by John Nickerson A Co., N.Y.
6.98 Coast Counties Gas & Electric Co. (Calif.) 6% Cum. 1st Pref. Offered by Gear)",
.Meigs & Co., San Francisco.
7.00 The Eastern Connecticut Power Co. 7% Cum. 1st Pref. Offered by Putnam A Co.,
Hartford, and Chas. W.Scranton Co., New IIaven.
7.53 Eastern Wisconsin Electric Co.7% Cum.Pref. Offered by Paine, Webber A Co.,N.Y.
Philadelphia Electric Co. Common. Offered by company to stockholders.
1,500,000 100
93
25(par)
350,000
10,258,950
Company and Issue, and by Whom Offered.
12,858,950
300.000 100
Other Industrial &
625,000 Acq. of Colorizing Co. Mfg.of Pittsburg
625,000
41)0,000 Acq. Calif. corp. of
same
7.00 Maynard Coal Co. (Columbus, 0.) 7% Cum. Pref. Offered by W. W. Cary & Co..
Columbus, 0.
900,000 100
name_
1,000,000 New plant
1,000,000
•19,665 sits. Retire current
debt
1,000,00
1,474,875
Additional capital
1,000,000
350,000 Additional working
capital
4
'40,000 kilts
Acquisition predecessor company.
350,000
1,140,000
.
90,000 sits
Acquisitionof constituent cos
900,000 New plant; working
capital
.15,000shs. Additions,
extensions, Ac
702,800 General corporate
purposes
Land, Buildings.
2,500,000
125,000 }Finance construction
of building_
Miscellaneous
250,000 Pay current debt: working
capital.
3.000.000 Additional capital
3,780,000
900,000
300,00
702,80
11,672,675
25 (par)
8.00 The Calorizing Co. (Del.) 8% Corn. Cony. Partic. Pref. stock. Offered by Moore;
Leonard & Lynch and F. S. Smithers & Co.
7.50 Celite Co. 71.5% Cum. lot Pref. "A". Offered by Pacific Bond & Share Co., Los
Angeles.
100
8.00 Commercial Solvents Corp. 6% Corn. 1st Pref. Offered by company to holders of
Class "A" and "B" stock.
75'
___ Computing-Tabulating-Recording Co. Capital stock. Offered by company to
stockholders; underwritten.
.
100
7.00 Duncan Mills (Greenville. S. C.) 7% Cum. Pref.
Offered by Charleston (S. C.)
Security Co., J. W. Norwood, Greenville, S. C.: American Trust Co., Charlotte.
N. C.: Citizens & Southern Co., Savannah, Ga., and Wheat, Williams & Co., Inc..
Richmond, 'Va.
100
7.00 Eaton. Crane & Pike Co. 7% Cum. Pref. "A". Offered by F. S. Moseley&Co.,
Boston, and Tifft Bros., Springfield, Mass.
281;
Globe Automatic Sprinkler Co. of the United States Cum. Partic. Class "A" stock.
Offered by Merrill, Lynch & Co.
42
Munsingwear, Inc., Capital stock. Offered by Goldman, Sachs & Co., Lehman Bros.
and Lane, Piper & Jaffmy, Minneapolis.
100 (Par)
Newmarket Manufacturing Co. (Boston). Capital stock. Offered by company to
stockholders.
20Travers Co.(Cincinnati) Class "A" stock. Offered by Channer & Sawyer, Cincinnati.
9835
7111 Weyenberg Shoe Mfg. Co. (Milwaukee) 77 Cum. Pref. Offered by Second Ward
Securities Co. and Morris F. Fox & Co., Milwaukee.
1 sh. Pref.(For
2.500,000 1 sit. Com($100
{
250,000 100
3,000,000
99
3,250,000
American Furniture Mart Bldg. Corp.(Chicago)ç 7% Pref. Offered by Widtirg
& Co., Chicago.
1Common
7.00 Associated Fruit Co. (Chicago) 7% Cum. 1st Pref. Offered by Metropolitan Bond
Co., Chicago.
7.07 Sherman, Clay & Co.(San Francisco) 7% Corn. Prior Pref. Offered by Cyrus Peirce
& Co. and Crocker National Bank. San Francisco.
FARM LOAN ISSUES.
Amount.
Issue.
t: 1,000,000 Greenbrier (Lewisburg. W. Va.) Joint
Stock
Land Bank 5s, 1933-53
5,000,000 Kansas City (Mo.) Joint Stock Land Bank
55, 1933-53
1,000.000 New York and Pennsylvania Joint Stock
Land Bank 55, 1933-53
750,000 Pacific Coast Joint Stock Land Bank of San
Francisco Os, 1933-53
750,000 Pacific Coast Joint Stock Land Bank of
Portland, Ore., 5s, 1933-53
900,000 Pacific Coast Joint Stock Land Bank of Los
Angeles 5s, 1933-53
600,000 Pacific Coast Joint Stock Land Bank of
Salt Lake City 5s, 1933-53
1,000,000 Pennsylvania Joint Stock Land Bank
(Philadelphia) Os, 1933-53
1,500,000 Virginia-Carolina Joint Stock Land Bank
5s, 1933-53
Price.
1021
To Yield
About.
Offered by
4.68 L. R. Ballinger Co. and Fifth-Third National Bank of Cincinnati.
102%
4.70 Blair & Co., Inc., First National Co., Detroit, and Kelley, Drayton & Co.
103%
4.55 Tucker, Anthony & Co.
10215
4.65(
1021;
10215
,
4.65 'Harris, Forbes & Co., Wm.R. Compton Co., Halsey,Stuart & Co., Inc.,
First Securities
Co. and Security Savings & Trust Co., Portland.
4.65
10214
4.65
103
4.62 Martin & Co. and Brooke, Stokes Co., Philadelphia.
&
102
4.75 Tucker, Anthony & Co.. Mercantile Trust & Deposit
Hambleton & Co.,
Co.,
The Trust Co. of Norfolk, Va., and F. E. Nolting & Baltimore;
Co.
12,500,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue. '5j
$5.
4,600,000 Republic of Panama 30-Year 534% External
Secured Gold Bonds, June 1 1953
Price.
9734
To Yield
About.
5.65 W. A. Harriman & Co. and Guaranty Co. of New York.
• 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.
Offered bit
2936
THE CHRONICLE
[Vol,. 116.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 29 1923.
Wholesale business in the United States is for the most
part quiet. It feels the effect of high costs of production
from high labor costs, a lessened consumption, some slackening of buying, making trade rather quieter than in the usual
midsummer lull. There is something like a buyers' strike in
progress; it is a silent protest against something too much
like war prices over four years and a half after the ending
of the war. How excessive labor costs which are eating at
the very heart of American trade are to be corrected, remains
to be seen, but to some it looks as though employers will
take a leaf out of labor's own book and strike. Employers
are learning how. Experience is a rough teacher but an effective one. The manufacturer finds that he cannot easily
sell his high cost goods. So, if he makes cotton goods he is
running his New England mills on a three to four-day week
and seizing every chance to close them for longer periods.
Some big Massachusetts and Rhode Island plants will close
all next week. In this way a piling up of stocks at least is
obviated. And though building is active on old contracts
there is noticeably less disposition to contract for building
ahead. The contractor never knows when the workers will
desert him or demand higher wages. Costs are too high on
material and labor. Besides, extravagant as are the wages
paid, labor, incredible as it may seem, is less efficient than
when wages were much smaller. This, in a sense, is burning
the candle at both ends, as labor will sooner or later find to
its cost. Greater folly could hardly be imagined. In other
words, high operating expenses for transportation and for
mill production press heavily upon the American people.
The exactions of labor are becoming a source of universal
complaint. Sooner or later public opinion will crystallize to
the point where a correction of such a glaring evil will be
demanded. The American people are a patient people, but
there is a point where patience ends, where forbearance
ceases to be creditable. And nothing truer was ever said of
the people of this country than was said nearly a hundred
years ago by a once famous statesman: "The sober second
thought of the people is never wrong and is always efficient." The people have been willing that labor should have
a fair chance, a fair compensation for its valuable services
to society, and laws have been enacted to that effect. But
they were never designed to serve as a cloak for oppressing
the people. And it may as well Le understood that nothing
of the kind will be tolerated indefinitely.
Meantime the farmer finds that wheat has declined to the
lowest price this year. It has reached a point close to $1 at
Chicago. But it cost something like 22 cents to get the wheat
to the big distributing markets, so that the farmer gets nothing like $1. The price of wheat during this week has fallen
some 3 to 4 cents, and corn nearly 5 cents. Part of this decline is due, it is true, to bette- weather and more favorable
crop reports. But it is also due in no small degree to the
fact that the American farmer can be undersold by foreign
competitors in the European market. He is suffering from
high costs of all kinds. There is a scarcity of farm labor;
that is a so-called scarcity. It is largely artificial and due
to the 3% immigration law. This also reacts on the Southern cotton farms. There is a large exodus of negro laborers
from the South to the North, under the stimulus of high
northern wages. Labor dictated the 3% immigration law.
It should be expunged from the statute books at the earliest
possible moment. To all intents and purposes it operates as
an attack upon American business, a clog on American production, and a serious tax upon the American people. It
oppresses the ultimate consumer who, of course, pays the
high prices made by high labor costs.
Meanwhile the warm weatLer of late has helped retail
and jobbing trade in seasonable goods to some extent. New
England cotton and shoe manufacturing, however, has
slowed down very susceptibly. Iron and steel trade as a
rule is light at some decline in prices, though railroads are
buying heavily. Cotton trade is quiet and exports of raw
cotton to Europe are far behind those of last year. The exports of corn are some 60,000,000 bushels behind the total of
a year ago. Wheat exports are some 50,000,000 bushels
larger than at this time in 1922. But they consist very
largely of Canadian wheat. Even at lower prices export
business in American wheat is unsatisfactory. Meanwhile,
too, bank clearings at this centre continue to decrease. Chicago jobbers report that they have had sales during the last
six months anywhere from 10 to 20% larger than in the same
period last year. The weather of late has been good for the
grain and cotton crops. Bituminous coal has been quiet and
tending downward, though anthracite has sold pretty well,
with a possibility of a strike looming ahead if the demand
for an increase in wages of 20% is not granted. Oil prices
have declined. Car loadings are very large. Collections are
rather better.
Merchants have naturally regretted the recent declines in
the stock market and the gloomy outgivings of some of the
self-appointed mentors of American business touched with
"the foible of omniscience." Merchants are sorry to see some
stocks at the lowest point of the year as well as the decline
In foreign exchange, the deadlock in the Ruhr, and the halt
in American production. The tone of business continues to
be conservative and it will be until the general outlook clears
up. Sooner or later there will be a revival of business, but it
will be gradual, no doubt, as long as high costs teach the lesson of caution to the commercial community of the United
States.
The B. B. & R. Knights mills of Massachusetts and Rhode
Island will be closed all next week. For some time past they
have been running on a 3 to 4
-day week. At Lowell, Mass.,
the Merrimac mills will close from June 30 to July 9. The
shutdown is designated as a vacation. Maine cotton mills
oppose the proposed 48-hour week law for that State. At
Philadelphia on June 25 an agreement was signed partially
ending the clothing workers' strike, which has been in effect
here since June 1. At Springfield, Mass., on June 26 a
clothing workers' strike to enforce a demand for a 25% wage
increase, so-called better conditions and a 44-hour week,
went into effect at the factory of Asinof & Sons' Manufacturing Co. The company employs 750 and the strikers claim
250 left their work and an additional 150 remained at home.
At Haverhill, Mass., on June 25 a voluntary wage increase of
$1 a week was granted by the Haverhill Shoe Manufacturers'
Association to the women packers. Approximately 1,000
workers benefit by the advance, which is effective the first
working week in July. The increase will be paid in every
factory in the city.
At Scranton, Pa., on June 26, 400 delegates, representing
the 155,000 anthracite mine workers of the Pennsylvania
fields, opened their wage convention. Wage and other demands will be formulated by the convention to be used as a
basis in negotiating a new working agreement with the operators. The present agreement expires August 31. On June
29 a demand for 20% increase in the contract wage scale,
with an incraese of $1 a day for all men paid by the day,
was presented to the convention for adoption and submission
to the mine owners next week. At Youngstown, Ohio, on
June 28, wages of iron puddlers for the July-August period
were advanced from $12 12 to $1388 a ton. Of this advance
$1 a ton resulted from the increase in the base rate from
scale for the year starting July 1, granted at the Atlantic
City conference recently. Bar iron finishers' wages were
correspondingly increased.
The recent increase in building trades wages to 115,000
workers, raises the wage cost for the next six months some
$20,000,000. This is due partly to the payment of bonuses.
Most of the workers received an additional $1 a day, but increases of $2 a day in the basic rate were awarded to bricklayers, plasterers, hoisting engineers and one or two additional crafts. The estimated wage increase of $18,600,000
excluded overtime pay, which will probably increase the
labor costs In the ne•xt six months an additional $1,400,000,
making the total wage increase until Jan. 1 1924 approximately $20,000,000. One of the almost grotesque features of
these wage raises is that the common laborer is paid $1 an
hour, or $8 a day. Many of them in this preposterous state
of things earn higher wages than mechanics in the skilled
trades, who are laid off frequently because of weather and
other conditions. They are paid more than some men in the
professions. Bricklayers' helpers, who pipe the brick and
mortar on the scaffolds, receive $1 an hour and have steadier
JUNE 30 1923.]
THE CHRONICLE
work than bricklayers. When the skilled men are laid off on
account of rain or shortage of material the laborers are set
to work in the interior of the building to clean up. The laborers receive $44 for a 44
-hour week, excluding overtime,
in these topsy-turvy times.
Just as the bricklayers' strike was being settled, more than
2,600 inside iron workers in about 215 plants in Greater New
York started a walk-out on June 25 which tied up metal
work on all new buildings in the city. The strike is to gain
a 44-hour week, a recognition of the union and closed shop
conditions, whereas the closed shop is a restraint of trade
and an invasion of the rights of the individual worker. Many
independent metal contractors at once granted the demand.
Others are likely to follow. This left the strike directed
against the Allied Building Metal Industries Association,
which controls about 40% of the inside metal work of the
city.
Longshoremen here on the docks of the United States,
Cosmopolitan and Munson lines in Hoboken, who struck a
few days ago very soon went back to work. Representatives
of the men said they had gone back to work on the old basis
of 18 men in a gang and 10 men in each hold. The lines had
decided to put only eight men in a hold.
A reduction of 7 to 13%% on casings, 4 to 11% on tubes
and 2% to 10% on solid tires was announced by the B. F.
Goodrich Co. on June 25.
At Manchester, Eng., the Master Cotton Spinners' Federation has decided that mills spinning American cotton shall
continue to work half time throughout July and August.
This will affect 100,000 spinners and 200,000 weavers.
The hot wave returned on Sunday, June 24, when the mercury mounted to 91, attended with prostrations and deaths.
On the 25th it was up to 95. High temperatures prevailed
over the Eastern and Southern States, the Great Central
valleys, and the regign of the Great Lakes. It was 100 degrees and more in iarious parts of the West last Monday.
At Chicago it was j6. On the 26th inst. here it was 91, but
late in the day a rain storm and hurricane broke the hot
wave. For several days it has been cooler, with rains on
Thursday. To-day at 2 p. m. It was 69 degrees at Chicago;
on Thursday the thermometer fell to 60.
Increase in Chain Store Sales in New York
Federal Reserve District.
"A continued large volume of business is indicated by
reports of chain store systems for May," says the July 1
issue of the "Monthly Review of Credit and Business Conditions" by the Federal Reserve Agent at New York, which
also states:
Sales by all types of stores were larger than in May 1922, and the per
centages of increases were somewhat larger than in April. Detailed figures
follow:
Type of Store.
Nttzr:t.
. b s of DOLLAR SALES DURING %i
:
nept:t e
e
l
May.
(In Percentages).
per Store,
214.
1921. li g. 1919. 1920. 1921. 1922. 1923. tol
(
f
i
it fgrj9
a 41
Grocery
Apparel
Ten-Cent
Drug
Shoe
Cigar
11,323 13,885
373
438
1,747 1,827
278
309
204
243
2,440 2,747
69
60
75
83
81
79
110
88
89
100
120
105
87
92
87
102
111
101
100
100
100
100
100
100
128
127
119
111
110
104
+4.7
+8.3
+14.2
+0.1
-7.5
5.8 o
Total
16,365 19,449
72
103
90
100
123
+3.3%
Wholesale Trade in New York Federal Reserve District
in May Above That of Year Ago, but Less Than
Preceding Two Months.
According to the July 1 issue of the "Monthly Review of
Credit and Business Conditions" by the Federal Reserve
Agent at New York: "May sales by wholesale dealers in
this district, while well above those of May a year ago, were
less than in March and April. This decrease," says the
Bank, "was due in part to seasonal tendencies but not
entirely, as the decline between April and May was larger
this year than usual." The Bank adds:
2937
clothing, especially of women's clothing, were also large, as retailers who
under-estimated their spring requirements continued to place orders for
immediate shipment. The smallest gain over sales for a year ago was
made by dry goods dealers because of the unwillingness of buyers to make
commitments for the future in view of the unsettled sate of the raw cotton
market. Detailed figures are shown in the following table.
Dollar Sales During May (In Percentages).
1922.
1920.
1921.
1919.
100
107
Machine tools
584
363
109
100
Jewelry
247
240
100
133
90
Clothing
123
100
88
(a) Men's
158
77
91
100
(b) Women's
116
153
100
Diamonds
187
64
370
110
100
Shoes
185
182
88
100
Hardware
136
108
Stationery
94
100
149
107
101
100
Groceries
175
138
Drugs
93
100
97
95
Dry goods
100
114
134
101
Total (weighted)
152
123
100
1923.
321
158
139
124
149
137
125
119
116
111
111
107
100
118
Federal Reserve Bank of New York on Increasing
Sales of Department Stores.
Largely because of increases in sales of women's ready-to-wear silk and woolen goods and house-furnishing goods, May
sales by department stores in this district were 9.4% above
those of May a year ago, according to an item on department
store business, which will appear in the July 1 issue of the
"Monthly Review of Credit and Business Conditions" by
the Federal Reserve Agent at New York. The "Review"
will say:
This gain is somewhat larger than the average for the past few months.
For the first five months of the current year sales were 7.5% above those
for the corresponding period a year ago.
Sixteen of the largest stores reported sales by groups of departments for
the first time. The per cent change in sales from May 1922 to May 1923
is shown in the following table for 11 major classifications:
Silk goods___________________________________________________ +22.3
Woolen goods________________________________________________ +19.7
Women's and misses' ready-to-wear
+16.2
+15.7
House furnishings_________________________________ _
Shoes
+12.0
Cotton goods
+10.8
Furniture
+10.0
Women's ready-to-wear accessories
+6.8
Men's and Boys' wear
+5.7
Hosiery
+3.4
Miscellaneous (all other)
+5.7
Total
+9.4
The total gain in sales has been computed from data furnished by stores
which reported only total sales as well as by those which supplied the
more detailed information.
The gain in sales as compared with May 1922 was due in part to higher
prices. The average sales check increased from $2 61 last May to 52 85
this year or 9%. Probably not all of the increase was due to higher prices
as merchants report that the people are buying a somewhat better quality
of merchandise this year.
Stocks held by department stores on June 1 were 7.3% larger, measured
by the selling price, than those held a year ago. As sales have increased
more than stocks the rate of stock turnover is more rapid. Between
May 1 and June 1 there was a small decline in stocks, a change which
usually occurs at this season.
Sales by mail order houses in May were 39% above those of May a
year ago, a somewhat larger increase than that reported in March and April.
Detailed figures are shown in the following table:
Net Sales During May.
(In Percentages)
Stock on Hand June 1.
(In Percentages)
1919.,1920.1921. 1922. 1923. 1919. 1920. 1921.1922. 1923.
All Dept.Stores_ __
84
New York
83
Buffalo
85
Newark
sa
Rochester
78
Syracuse
89
Bridgeport
102
Elsewhere in 2nd
District
85
Apparel stores
_ 83
Mail order houses_ 106
110
116
98
111
104
108
119
98
95
98 ,
101
102
103
107
100
100
100
100
100
100
100
109
108
109
121
114
113
109
76
75
82
79
83
98
81
118
117
115
134
144
152
118
99
98
104
101
102
120
96
100
100
100
100
100
100
100
107
105
107
117
118
108
102
107
91
125
97
96
84
100
100
100
108
108
139
82
58
106
98
101
90
100
100
111
107
Federal Reserve Board's Summary of Business
Conditions.
In its monthly summary of business and financial condiditions throughout the several Federal Reserve districts,
made public June 27, based upon statistics for May and June,
the Federal Reserve Board states that "production and shipment of goods continued in heavy volume during May;
the volume of employment was sustained and many wage
advances were reported. Wholesale commodity prices
declined during May and the early weeks of June." The
Board continues:
In order to reveal the changes in svh=lesale trade independent of the
usual seasonal fluctuations, this bank has prepared an index of wholesale
trade for this district in which the figure for each month is shown as a
percentage of an estimated normal. Normal trade may be interpreted to
mean the trade which might reasonably be anticipated in view of the usual
seasonal fluctuations, and growth from year to year. Allowance has been
Production of iron and steel, sement and petroleum was larger in May
made for price changes by dividing the dollar sales each month by a price than in any previous month, and mill consumption of cotton was close to
computed for the commodities included. Figures reported by 122 maximum. The high level of production in these industries, together wih
Index
dealers in ten lines have been included in the index. Each commodity has Increases in practically all other reporting lines, is reflected in an advance
been weighted in accordance with its relative impertantco in the trade of 2% in May in the Federal Reserve Board's index of production in basic
Industries. In the building industry there was a further decline in principal
of this district.
In February the volume of goods sold was 19% above the estimated cities in the value of permits granted which'represent prospective building
operations. Contract awards, however, which represent actual current
in March it Was 11% above, in April 5, and in May 3%.
normal,
In May, as in several months previous, the largest increase in sake as undertakings, continued to increase, though declines are reported in the
compared with a year ago was reported by machine tool dealers. Sales of New York and Chicago Districts.
2938
[VoL. 116.
THE CHRONICLE
l
This industrial activity has been accompanied by a slight increase of levels previously prevailing. Holdings of bankers acceptances and Governt
employment at industrial establishments. The demand for labor was ment securities remained close to the low figure of June 16.
Accompanying reduced activity in the security markets and somewhat
also reflected in a larger number of wage advances during the 30-day period
ending May 15 than in any earlier month this year and average weekly diminished forward ordering by manufacturers and others, there was a
earnings in all reporting industries increased by 3.8%. The advances Were decline in the rate of turnover of bank deposits in New York City and cermost general in the cotton, steel, meat packing and sugar refining industries. tain other centres as well.
In agriculture the condition of both winter and spring wheat is reported
less favorable than a year ago, while the condition of the cotton crop is
Agreement Signed by Bricklayers and Mason
slightly better than last year, owing entirely to more favorable growing
Builders for Two Years.
conditions in Texas. A shortage of farm labor is reported from most sections of the country.
The Mason Builders' Association and officials of the brickTrade.
and bricklayers' helpers' unions signed agreements
Active distribution of commodities is indicated by heavy movement of layers'
merchandise and miscellaneous freight, and car loadings continuo to exceed on June 25 guaranteeing to the bricklayers a wage of $1 50
all previous records for this season. In certain lines of trade a decline in an hour and to the bricklayers' helpers a wage of $1 an hour
the volume of manufacturer's orders for future delivery is reported. The
volume of both wholesale and retail trade was larger in May than in April. until May 1 1925, a period of almost two years. The meetAmong the wholesale lines sales of meat, hardware and shoos showed ing of the three factions followed a verbal agreement attained
particularly large increases, while sales of clothing and dry goods decreased. last week, immediately succeeding which the bricklayers
The Federal Reserve Board's index of wholesale trade, which makes no
allowance for seasonal changes, was 5% higher than in April and 14% and their helpers began to return to the work of the Mason
higher than a year ago. Sales of department stores increased about 9% Builders' Association, which they had struck on May 21.
in May, and all reporting'lines of chain store business reported increases.
Mail orders sales were 6% less than in April, but were larger than in any preCement Workers Strike for More Pay in Local Building
vious May.
Wholesale Prices.
Trades.
Price declines were reported during May and the first three weeks of
With the bricklayers' strike settled by the granting of the
June for a large number of commodities. All of the nine groups in the
Bureau of Labor Statistics index, except food and house-furnishings, show strikers' demand for $12 a day, 2,000 cement workers in the
decreases for May and the average for all commodities declined by 2%.
Bank Credit.
Loans of reporting member banks in principal cities, which had been increasing since the early part of the year, declined by 8115,000,000 between
May 16 and June 13. Bank holdings of Government securities, which
increased by over $100,000,000 in connection with the Treasury transactions of May 15,later declined as the securities were distributed by the banks
These decreases in loans of member banks and the receipt during May of
$45,000,000 of gold from abroad were accompanied by a decrease in the
earning assets of Federal Reserve banks of $120.000,000 for the four weeks
ending June 21. At that time the volume of Federal Reserve bank credit
in use reached the lowest point since the opening of the year and approached
the low point reached in August. 1922. Reserve bank holdings of bankers'
acceptances and Government obligations are now lower than at any time
since early in 1922.
The total volume of money in circulation increased by $38,000,000
between May 1 and June 1. the increase being chiefly in gold and silver
certificates, rather than in Federal Reserve notes.
Money rates continued to show a slightly easier tendency. The June 15
-months Treasury certificates carried a rate of
issue of $150,000,000 6
Interest of 4%, compared with 431% on a similar issue sold in March.
Federal Reserve Bank of New York on Banking Conditions in Local District—Decline in Bank Loans.
According to the July 1 number of the "M9nthly Review"
of the Federal Reserve Bank of New York, made public
yesterday (June 29), the decline in bank loans in recent
weeks in the Federal Reserve District of New York has been
more marked than in other centres. The Bank continues:
Declines in loans on stocks and bonds and loans made largely for coin7
mercial purposes began several weeks earlier than in other centres and the
declines have been relatively larger.
On June 16, accompanying a flow of funds to New York and the easing
In money conditions which customarily follows quarterly tax dates, loans
biathe Federal ROSetire Bank of New York to member banks fell to $126,000,009, the lowest figure this year,and total earning assets to 8184,000,000,
the lowest since 1917.
ki Later in June. following the collection of income tax checks, and in connection with payments in this district on heavy new financing and a return
movement of funds to the interior, loans to member banks increased to the
local building trades, members of Concrete and Cement
Workers, Locals 6, 18 and 20, walked out on June 22 for
30 cents a day extra compensation, asking $7 50 instead of
$7 20 for eight hours work. About 600 laborers, members of
an independent local, remained at work, observing an agreement with the Masters League of Cement Workers, as the
contractors are known. Much of the construction work
affected by the walkout consists of foundation and excavation operations, factory and loft building, laying cement
sidewalks, and dwelling houses that are being infished in
Stucco. The employers expect to man the more important
jobs with willing workers, holding that plenty of common
laborers will be attracted to the city when offered 90 cents
an hour and steady employment.
Wage Increase by Haverhill Shoe Manufacturers.
A voluntary wage increase of $1 a week was granted on
June 25 by the Haverhill Shoe Manufacturers' Association
to the women packers. Approximately 1,000 girls benefit
by the advance, which is effective the first working week
in July. The increase will be paid in every factory in the
city, as the factories outside the association have agreed to
abide by the price paid in the association plants. The girls
now receive $19for some classes of work and $21 50for others.
Automobile Production—Correction.
Since the publication by us last week (page 2831) of the
figures of May 1923 production of automobiles by the Department of Commerce, the Department reports the following revised figures for that month:
Passenger cars, 350,180, instead of 344,690
Trucks,
42,983, instead of 42,817
Current Events and Discussions
The Week With the Federal Reserve Banks.
Aggregate increases of $55,800,000 in earning assets, of
which $42,400,000 represents an increase in discounted and
purchased paper and $13,400,000 an increase in United
States securities, are shown in the Federal Reserve Board's
weekly consolidated bank, statement issued as at close of
business on June 27, and which deals with the results for the
twelve Federal Reserve banks combined. Deposit liabilities
show an increase for the week of $15,300,000, Federal Reserve
note circulation increased by $4,600,000, while cash reserves
fell off $12,500,000. In consequence of these changes the
reserve ratio shows a decline for the week from 77.6 to 76.9%.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Holdings of discounted bills show a further advance of $43,900,000.
The New York Reserve Bank shows an increase of $21.500,000 in its holdings of discounted paper, Chicago an increase of about $17,000,000, San
Francisco an increase of over $10,000,000, and four other banks a combined
increase of $9,300,000. Decreases in the holdings of discounted paper
totaling about $14.000.000 are shown for the Boston, Atlanta, St. Louis,
Minneapolis and Kansas City banks.
Gold reserves show a decline for the week of $18,300,000. The gold.
movement, partly through the settlement fund, was largely away from
New York City, the local Reserve Bank reporting a decrease in its gold
reserves of $36,100,000. Chicago reports a decrease of $5,800,000, and
smaller decreases, totaling $6,800,000, are shown for five other Reserve
hanks. The large increase in gold reserves for the week, amounting to
st
89,100,000. is reported by the Cleveland Bank: St. Louis shows an increase
of $7,200,000 and smaller increases, aggregating $14,200,000, are shown for
the Philadelphia. Boston and Richmond banks.
Holdings of paper secured by Government obligations increased during
the week from $352.700,000 to $383,300,000. Of the total held on June 27.
$243,000,000, or 63.4%. wore secured by United States bonds,$121,500,000,
or 31.7%, by Treasury notes, and $18,800,000. or 4.9%, by Treasury certificates, compared with $225,000,000, $110,200,000 and $17,500,000 reported the week before:
The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
subsequent pages, namely pages 2970 and 2971. A summary
of changes in the principal assets and liabilities of the Reserve
banks, as compared with a week and a year ago,follows:
Total reserves
Gold reserves
Total earning assets
Discounted bills, total
Secured by U.S.Govt. obligations_
Other bills discounted
Purchased bills
United States securities, total
Bonds and notes
U. S. certificates of indebtedness_
Total deposits
Members'reserve deposits
Government deposits
Other deposits
Federal Reserve notes in circulation
F. R. bank notes in circulation—net liability
Increase (+) or Decrease (--)
Since
June 28 1922.
June 20 1923.
+$54,100,000
—812,500,000
+89,900,000
—18,300,000
—85,500.000
+55,800,000
+305,900,000
+43,900,000
+193.400,000
+30,600,000
+112,500,000
+13,300,000
+50,200,000
—1,500,000
—421.600.000
+13,400.000
—118,500,000
—400,000
—305,100,000
+13.800,000
—2,700,000
+15,300,000
+2,400,000
—6,600,000
+200,000
+23,200,000
—5,300,000
—1,300,000
+102,500,000
+4.600,000
—.65,700.000
JUNE 30 1923.]
THE CHRONICLE
2939
posit of bonds, which I am very glad to say is net the r.cP, and for the:information of "Excelsior" and its readers I may say that I anticipate that the
official call will be issued in the very near future.
"If I may for a moment review the situation you will perceive that the
delay has not been as unreasonable as you appear to indicate in your article.
First, you will recall that the agreement was not ratified by the Mexican
Congress until Sept. 30 last. Until such ratification took place, it was, of
course, quite impossible for the Committee to mike any definite move In
calling for the deposit of bonds,as such a move,in anticipation, might have
been construed as a discourtesy to the Mexican Government. As soon
as your Congress had ratified the agreement steps were immediately taken
to arrange the complex detail prerequisite to the call for a deposit of bonds.
"The chief thing necessary was the preparation of an omnibus form of
deposit agreement which could be used equally well in the case of bonds
deposited in Americ, in England, in France, in Belgium, in Switzerland.
in Holland and in Germany. Now you will recall that the tax laws of these
various countries differ very greatly. In many of the countries a receipt
In certian form is subject to heavy stamp duty. If the Mexican bondholders were subjected to heavy stamp duties in addition to the sacrifices
that they are called upon to make under the terms of the agreement itself
the value to them of depositing their bonds would be diminished.
"Hence, it became necessary to try to devise a form that would, at one
and the same time, comply with all the varying laws and usages of the
different countries interested and would avoid, so far as possible, any unnecessary stamp duties and yet would make an effective document which
would bind the bondholders to accept the terms agreed upon with the Mexican Government. The difficulties of varying languages were, of course,
considerable but the chief difficulty, as I say, lay in devising this form of
agreement and deposit certificate. which I have just described. It soon
became apparent that it would be impossible to satisfactorily arrange all
these difficult fiscal and legal questions by cable and accordingly, in DeMember banks in New York City report decreases of $39,000,000 in
cember last, representative of the American section of the Committee,
loans on corporate securities, and of $5,000,000 in loans on Government
accompanied by counsel, proceeded to London where conference were held
securities, as against an increase of $11,000,000 in all other loans. Their
with representatives of the various foreign sections. These conferences
security investments show but a nominal change, a decrease of $9,000,000
were later followed by a series of conferences in Paris.
in Treasury notes being offset by an equal increase in other investments.
"In the course of this work the Finance Minister despatchel a competent
Their net demand deposits show a reduction of $47,000,000. while their
commission here to scan the various documents prepared in connection with
Government deposits advanced $27,000.000.
this great plan and as you are aware this commission spent many weeks in
Borrowings of the reporting institutions from the Federal Reserve
going into this matter thoroughly. I have just returned from abroad,
banks increased from $441,000,000 to $462,000,000, or from 2.7 to 2.8%
where I was able to clear up one or two other vexing points and now, as I
of their combined loans and investments. For member banks in New
say,I anticipate an early call for deposit of bonds.
York City a decrease from $118,000,000 to 178.000,000 in their borrowings
"I wish to make it clear once more that the delay has been due only to
from the local Reserve bank and from 2.3 to 1.8% in the ratio of those
natural causes. The International Committee has at all times moved
borrowings to total loans and investments is noted.
with the utmost expedition. No outside circumstances have delayed or
In keeping with the substantial decline in demand deposits, reserve
interfered with the call in any way. At all times the Committee has been
balances of all ll'eporting institutions show a decrease of $22,000.000, and
working steadily toward the end of completing and perfecting in every
those of the New York City members a decrease of $5,000,000. Cash
detail a plan, the carrying out of which naturally means so much for the
in vault fell off $11,000,000, the New York City members reporting a
good name and credit of the Mexican Government, in whose good faith the
decrease of $2,000,000 under this head.
Committee again is pleased to express its confidence."
the Member Banks of the Federal
'
.
Reserve System.
Aggregate reductions of $226,000,000 in demand deposits,
as against a total increase of $109,000,000 in Government
deposits, in connection with collection of checks in payment
of income and profits taxes and the allotment on June 15 of
a new series of Treasury certificates, are shown in the Federal
Reserve Board's weekly consolidated statement of condition
on June 20 of 774 member banks in leading cities. It should
be noted that the figures for these member banks are always
a week behind those for the Reserve banks themselves.
Total loans and discounts show a reduction for the week of
$33,000,000. Loans on corporate securities decreased by
$31,000,000, loans on Government securities by $6,000,000,
while all other, mainly commercial loans and discounts,
show a further advance of $4,000,000. Security investments
increased by $42,000,000. Of the total increase, about
$30,000,000 represents an increase in Treasury certificates,
$5,000,000 an increase in other Government securities,
and $7,000,000 an increase in corporate and other securities.
Further comment regarding the changes show by these
member banks is as follows:
The Week
with
On a subsequent page—that is, on page 2971—we give the
figures in full contained in this latest weekly return of the Berlin Now Uses Aluminum Coins—All"Small Change"
member banks of the Reserve System. In the following is
Money Minted from This Metal.
furnished a summary of the changes in the principal items
The New York "Evening Post" on June 25 printed the
as compared with a week and a year ago:
following from Berlin under date of June 8:
Increase (+)or Decrease (—)
It will not be long before the jingle of metal coins will again be
freely
Since
heard in Berlin shops and banks. It is estimated that there will soon be
June 211922.
June 13 1923.
210.000,000.000 marks in aluminum "small change" in circulation.
Loans and discounts, total
+$906,000,000
—$33,000,000
The enormous depreciation of the mark has made the pfenning pieces
Secured bu U. S. Govt. obligations_
—36,000,000 such insignificant bits that they have disappeared from virtually all cash
—6.000,000
Secured by stocks and bonds
+243.000,000 tills. Before the war there were land
—31.000.000
2-pfenning coins in copper. 5, 10 and
All other
+699.000.000 25-pfenning pieces in nickel, and
+4,000.000
50-pfenning coins in silver, besides the
Investments, total
+312,000,000 10 and 20
+42,000,000
-mark gold pieces.
U. S. bonds
+159.000,000
+10.000,000
The practice of minting aluminum C01118 originated during the war, when
Treasury notes
+424,000,000 this material was used to replace the
—5,000,000
copper coinage in the smaller denomiTreasury certificates
+30,000,000
—112,000.000 nation. Later iron also was used, and the
Saxon town of Meissen, famous
Other stocks and bonds
+7.000.000
—159,000,000 for its porcelain ware, even resorted to the
use of porcelain for this purReserve balances with F. R. banks
—22,000.000
+11.000,000 pose.
Cash in vault
—11,000,000
+2.000,000
All the new coins now being minted are made of aluminum. Only reGovernment deposits
+109,000,000
+77.000,000 cently a large number of 200
-mark pieces were put into circulation, and
Net demand deposits
—226,000.000
—98,000,000 plans are nearly completed for issuing 500
-mark coins as well. The former
Time deposits
+5,000,000
+667,000.000 are about the size of an American quarter and the latter will measure
Total accommodation at F. R. banks_
+21,000,000
+339,000.000 something like a United States half-dollar.The mintage of 1,000
-mark
Coins also is being considered.
Proposed Call for Deposit of Mexican Bonds July 9
Under Plans for Readjustment of Debt.
The intention to issue a formal call on July 9 for the
deposit of Mexican bonds under the agreement of June 16
1922 between the Mexican Government and the International
Committee of Bankers on Mexico, was made known informally on June 28 by T. W. Lamont of J. P. Morgan & Co.,
and Chiarman of the International Committee. Regarding
this the New York "Commercial" of yesterday (June 29)
said:
Great Britain Not to Dispose of West Indies in
Settlement of Debt to United States.
Associated Press advices from London June 25 said:
Prime Minister Baldwin declared in the House of Commons to-day
that Great Britain has not the slightest intention of selling or bartering
any portion of the Biltish West Indies in settlement or part
settlement
of the British debt to the United States.
The Premier's:utterance was a reiteration of the statement on the
subject
made by the then Prime Minister, Lloyd George, in 1920.
No statement was made by Mr. Lamont as to what percentage of deposits would be required before the plan could be declared operative. From
other sources, however, it was learned that 11 50% of the 28 different Mexican bond issues outstanding are deposited the plan will be declared operative
and interest payments made as per schedule.
Of the IMO which will get 100% payments of current interest during
the 5
-year period of 1923 to 1927, are the 5% consolidated external gold
loan of 1899, 4% external gold loan of 1910 and the 6% 10
-year Treasury
notes of 1913, Series A, of which the 5s are listed on the New York Stock
Exchange and the 4s and 6s on the New York Curb Market.
Proposed French Loan to Jugoslavia.
The Foreign Affairs Committee of the French Chamber
of Deputies adopted on June 27 a report of Deputy Margaine
authorizing the loan of 300,000,000 francs to the Government
of Jugoslavia.
the International Committee of
between Finance
Bankers on Mexico, of which I have the honor to be Chairman. In your
article you speak, if you will allow me to say so, as if there were some hidden
or mysterious reason for the undoubtedly long delay in calling for the de-
In consequence of measures taken by the Government to halt the
fall of
the Polish mark the dollar to-day was quoted at 100.000 marks, as compared with 170,000 last night. About fifty speculators and brokers have
been arrested.
Dealings in Foreign Exchange Suspended in Poland
Account of Fall in Mark—Telephone Service
We also quote the following from the "Daily Financial
Also Cut.
America" of yesterday (June 29):
Besides the issuance of orders calling upon the Polish
In connection with his announcement of the date of the call for the deposit Stock
Exchanges to cease dealing in foreign exchange on
of Mexican Government bonds, Mr. Lamont made public copies of the
'following statement which he gave to "El Excelsior," a daily newspaper account of the decline in the mark, the suspension of teleof Mexico City, under date of Juno 23, and which was in reply to an article phone service for private communication in Poland and
published by that paper:
Upper Silesia is said to have been prompted with a view to
"My attention has just been called to your issue of June 16 in which you
speak of the delay in issuing the call for deposit of Mexican Government preventing a further fall in the Polish mark. Under date
bonds under the agreement which was executed in Now York a year ago of June 20 Warsaw Associated Press adviees said:
Minister de la Huerta and
2940
THE CHRONICLE
The Ministry of Finance ordered all Polish stock exchanges to cease
dealing in foreign exchange and certain banks were ordered to stop transactions in exchange and to deliver their supplies to the Government. Measures
also are to be taken to prevent exporters from keeping funds abroad.
Regarding the suspension of private telephone communication the Associated Press had the following to say on June 21
in a cablegram from Danzig:
The stock exchanges in Warsaw, Lodz and Posen have temporarily
messages
suspended issuing quotations in money exchange. it is stated in
received here, in consequence of severe measures inaugurated by the Polish
suspension of all private telephone
Government authorities, including the
to
traffic. Telephone service for private communication is understood
between
have been cut off in both Poland and upper Silesia, as well as
Poland and.this city.
According to advices received here, thirty Polish banks hitherto authorized to buy and sell foreign moneys were deprived of the privilege, which
now is left solely to the State Bank of Warsaw. Some holders of foreign
currencies are required to report and deliver up their holdings.
The
Yesterday's exchange rate reached 180,000 marks to the dollar.
Polish Government made extensive purchases on the Danzig Bourse designed
to bolster up the mark, and succeeded in bringing the rate back to 120,000
to the dollar.
[Vol.,. 116.
present rate of exchange, to approximately $690,000, the total debt representing approximately $2 per capita.
Ceara is a coast State ranking seventh among Brazilian States with respect
to foreign trade. Its principal agricultural product is long staple cotton,
although tobacco, sugar cane, rice and coffee in considerable quantities are
produced. Fortaleza is the capital of the State and principal seaport.
Its population in 1920 was 78,000.
Application will be made to list the bonds on the New York
Stock Exchange. They were offered when, as and if issued,
and received, and subject to prior sale.
Offering of Bonds of Central Iowa Joint Stock
Land .Bank.
A $2,000,000 issue of 5% Farm Loan bonds of the Central
Iowa Joint Stock Land Bank of Des Moines was offered on
June 25 by the Equitable Trust Co. of New York, Hayden,
Stone & Co., C. F. Childs & Co. and P. W. Chapman &
Co., Inc., at 103 and interest, to yield 4.62% to April 1 1933
and 5% thereafter. The bonds, in coupon form of $1,000
The cutting off of the telephone service between Poland denominations, fully registerable and interchangeable, are
and Danzig was also the subject of the following (Associated dated April 1 1923, become due April 1 1953, and are redeemable on April 1 1933 or any interest date thereafter at
Press) from Danzig June 20:
By order of the Polish authorities, all telephonic communication between 100 and interest. Interest is payable April 1 and Oct. 1 in
Danzig and Poland, excepting on official business, has been suppressed
New York, Chicago or Des Moines. The bonds carry the
since Tuesday night. The cause for the order of suppression is not known
usual exemption from Federal, State, municipal and local
here.
The latest point of difference between Danzig and Poland grew out of taxation, excepting only inheritance taxes. The Central
the treatment of the nationals of the respective countries. The Polish
was organized
the Iowa Joint Stock Land Bank of Des Moines
General Commissioner in Danzig recently advised the President of
from in May 1919 and is authorized to operate in the States of
Free State Senate that 16 Danzig citizens had been ordered deported
was
Poland because the Danzig Government had taken what in effect
Iowa and Minnesota. The original capital was $250,000;
similar action in forbidding further activity in Danzig by 16 Poles.
been increased from time to time as provided by law
of the Senate notified Poland that Poland's action was it has
The President
which as the volume of loans increased, and the present capital is
in violation of the Danzig-Polish agreement of Nov. 9 1920. under
er of the
such differences were to be submitted to the local Commission
paid. The statement of condition of the
the Poles $500,000, fully
League of Nations. The Senate expressed itself ready to permit
Land Bank as of May 31 1923
here without investigating their cases individually Central Iowa Joint Stock
to continue working
citizens of follows:
if Poland would recall her deportation order against the 16
Danzig.
Offering of $2,000,000 Bonds of State of Ceara, Brazil.
At 993 and interest, J. S. Bache & Co., New York City;
the Mortgage & Securities Co., New York and New Orleans;
the Interstate Trust & Banking Co., New Orleans, and Mark
C. Steinberg & Co., St. Louis, offered yesterday (June 29)
$2,000,000 State of Ceara, United States of Brazil, external
25-year secured 8% sinking fund gold bonds, maturing Dec. 1
1947. The bonds are redeemable as a whole only at 105 and
the
accrued interest upon eight weeks' notice at the option of
date on and after Dec. 1 1937. They
State on any interest
are coupon bonds in $500 and $1,000 denominations, registerable as to principal. Interest is payable semi-annually June
1 and Dec. 1. Principal, premium and interest are payable
in United States gold, free of all present and future imposts,
United
contributions and taxes of the State of Ceara and the
&
States of Brazil, at the office of the Interstate Trust
Banking Co., New Orleans, trustee, or at the First National
Bank, New York City. As to the purpose of the issue the
offering circular says:
Assets—
Loans secured by first mortgages on farms
Accrued interest on loans
U. S. Liberty bonds on hand
Accounts receivable
Real estate
Furniture and fixtures
Accrued interest on Liberty bonds
Cash and due from banks
Farm Loan bonds authorized for sale
Accrued interest on bonds on hand
Total assets
Liabilitles—
Capital paid in
Profits and earned reserve
Amortization payments on principal of loans
Due borrowers, balance unpaid on loans in process
Reserve for coupons not presented
Interest accrued on Farm Loan bonds outstanding
Farm Loan bonds outstanding
thins payable, secured by completed mortgages
Amortization payments paid in advance
Accrued interest on bills payable
Other liabilities (abstract deposits)
Total liabilities
$7,570.800 00
119,129 26
2.236 30
6.732 86
5,778 78
443 58
31 63
103.949 45
1,200,000 00
10,000 00
$9,018,901 86
3500.00000
47,102 86
83,664 60
41,663 10
10,70000
33.500 00
6.770,000 00
1,521,312 50
8,033 77
2,85003
75 00
$9,018.901 86
this loan will be used for the
t It is the custom of this bank to borrow funds as needed to complete
About $1,000,000 of the proceeds from
a 15,000,000 franc loan, farm mortgages. When we have accumulated $1,000,000 or more of mort
Purpose of retiring the balance outstanding of
and the balance will be gages, bonds are secured and sold, the borrowed money paid and the same
not yet due, which was placed in France in 1910,
and water system of process repeated.
used to complete the construction of the sewerage
has already been spent.
George G. Hunter is President of the Central Iowa Joint
Fortaleza. on the construction of which $1.000.000
The only reason for
All payments due on the French loan have been made.
State Land Bank. Previous bond offerings of the bank have
maturity is to take advantage offavorable exchange
retiring it in advance of
been referred to in our issues of Jan. 7 1922, page 18; Feb. 14
at a very great saving.
conditions which will permit of the prepayment
page 464; April 11922, page 1356; July 11922, page 23;
1922,
We also take the following from the official announcement: March 3 1923, page 880, and June 16 1923, page 2714.
Security of the Bonds.
and in
The bonds will be the direct obligation of the State of Ceara
of
addition to the full faith and credit of the State will, upon completion
duties
this financing, be specifically secured by a first charge upon all export
and
tax
and taxes and the tax known as the industries and professions
prevailsewerage and water tax. Based upon the average rate of exchange
and professions tax averaged for the past
ing, the export tax and industries
five years $861,385 87. These revenues alone for the past five years
averaged over five times the maximum interest requirements on this issue.
The sewerage and water tax is just being put into effect and it is estimated
that it will provide approximately $100,000. based on normal rate of
exchange.
With the completion of the present financing this will be the only outstanding and authorized external debt of the State and no additional bonds
can be issued with the same security as the bonds we are offering.
The State agrees that in the event of the reduction of any of said taxes
that it
it will substitute other taxes acceptable to the Trustee, and also
at
will maintain the total amount of the revenues derived arom these taxes
of the service charge of this
an amount not less than twice the amount
prevailing rate of exchange.
loan, computed upon the then
Sinking Fund.
this loan $20.000 is to be paid into the
In each of the first four years of
commencing April 1 1927 the State agrees to pay
sinking fund; thereafter
semi-annually into the sinking fund the sum of $40,000. or if such payment
unexpended amount of the sinking fund above
of 840,000 would bring the
portion of $40,000 as may be required to
the sum of $80.000. then such
380,000. The sinking fund is to be applied
bring the sinking fund up to
accrued interest or less, whenever bonds
to the payment of bonds at par and
are so purchaseable.
Public Debt.
debt of
Upon the completion of the present financing, the total foreign
the internal debt, based on the
the State will amount to $2.000,000 and
New Issue of $45,000,000 Federal Land Bank Bonds.
A new issue of Federal Land Bank bonds, to the amount
of $45,000,000 was offered on Monday of this week, June 25,
by a country-wide group, composed of the twelve Federal
Land Banks, investment houses, institutions and upwards of
one thousand dealers. The banking group was headed by
Alex. Brown & Sons of Baltimore; Harris, Forbes & Co.;
Brown Brothers & Co.; Lee, Higginson & Co.; The National
City Co. and the Guaranty Co. of New York. The present
is the third offering of Federal Land Bank bonds this year—
the previous ones, of $75,000,000 each, having been referred
to in the "Chronicle" of Jan. 6, page 26, and April 21, page
1711. The issuance of the $75,000,000 Land Bank bonds in
April followed the call for redemption and payment on May 1
of $55,032,000 then outstanding 5% Federal Land Bank
bonds. The $45,000,000 bonds placed on the market this
week were offered at 1003i and interest, to yield over 4.45%
to the redeemable date and 43.% thereafter to redemption
or maturity. The bonds, which bear 4%% interest, are
dated July 1 1923, mature July 1 1953 and are redeemable
at par and interest at any time after ten years from the date
of issue. The bonds are exempt from Federal, State,
municipal and local taxation. They are in coupon and
THE CHRONICLE
JUNE 30 1923.]
2941
registered form, interchangeable, in denoms. of $10,000, Federal Farm Loan Board Enlarges Basis for Loans.
$5,000, $1,000, 8500, $100 and $40. Interest is payable
Washington advices June 22 to the "Journal of Commerce"
Jan. 1 and July 1 at any Federal Land Bank or Federal
said:
Reserve Bank. The bonds are acceptable by the United
Responding to demands from farming interests in the South and on the
States Treasury as security for Government deposits includ- Pacific Coast the Farm Loan Board, it was announced to-day, has added
several commodities to its list of "staple agricultural products" which may
ing Postal Savings funds. The Federal Farm Loan Act
be warehoused
provides that the bonds shall be lawful investments for all credit banks. and serve as the basis for loans through the intermediate
fiduciary and trust funds under the jurisdiction of the United
The products newly listed are broom corn, beans, including soya beans,
States Government. They are eligible under the laws of and canned fruits and vegetables. The Board's list formerly had been
wool, tobacco and peanuts. Dairy products
confined
many of the States for investment of all public and private and eggs to grain, cotton, to future consideration.
still remain subject
In its announcement of the new list the Board added the following as a
funds and have been officially held eligible for investment
by savings banks in 36 States. The Supreme Court of the "cautionary" note:
"Nuts and canned fruits and vegetables suggest special warehousing
United States has upheld the constitutionality of the Act problems in addition to the ordinary warehousing questions which must be
solved before loans or advances may be made. particularly as to marketcreating the banks and exempting these bonds from Federal,
ability and as to peculiar warehousing facilities necessary to qualifying
State, municipal and local taxation. We quote as follows these products as non-perishable."
from the official circular:
Issuing Banks.—The twelve Federal Land Banks were organized by the
United States Government with an original $9,000,000 capital stock which J. T.
Holdsworth Elected President of Pennsylvania
has since increased through the operation of the system to over 339,000.000.
Joint Stock Land Bank.
Security.—These bonds, in addition to being obligations of the Federal
Land Banks, all twelve of which are primarily liable for interest and ultiThe Bank of Pittsburgh, N. A., of Pittsburgh, announced
mately liable for the principal on each bond, are secured by collateral consisting of an equal amount of United States Government bonds, or mort- on June 21 the resignation of Dr. J. T. Holdsworth as Vice-'
gages on farm lands which must be:
President, in charge of its foreign department, effective
(a) First mortgages, to an amount not exceeding 50% of the value of the July 1 1923, when he is to become President of the Pennland and 20% of the value of the permanent improvements as appraised by
sylvania Joint Stock Land Bank at Philadelphia, Pa The
United States appraisers;
(b) Limited to $25,000 on any one mortgage;
latter was organized Nov. 4 1922.
(c) Guaranteed by the local national farm loan association of which the
borrower is a member and stockholder. The stock of these associations
carries a double liability;
Companies May Store Silver—Sudden Halt in Govern(d) Reduced each year by payment of part of the mortgage debt.
ment Purchases Causes Mines to Reduce Tonnage
Values.—The conservatism of appraisals made for the Federal Land
banks is indicated by the fact that, during the year ended Nov. 30 1922
and Store Ore.
4,714 farms against which the banks had made loans totaling less than
The following from Philadelphia appeared in the "Wall
$15,000,000, were sold for approximately $40,000.000.
Operation.—In five and one-half years of active operation the twelve Street Journal" of June 23:
Federal Land banks have been built up until on May 31 1923 their capital
Precious metal mining companies may revert to the practice, inaugurated
was $39,808,297; reserve, $3,403,000: surplus and undivided profits, early in the war of storing
silver and using gold production, with possibly
$3,741.105; and total assets, $787,750,071. All twelve banks are on a some drawing on surplus account, to
keep properties in operation. Terdividend-paying basis and every bank shows a surplus earned from its mination of government
purchases of silver earlier than had been expected
operations.
found mining companies unprepared for the transition, and they are slowly
The United States Government,as of May 31 1923, owned approximately feeling their way. Some silver
companies are attempting to meet the
$3,000.000 of the capital stock of the Federal Land banks. The farm loan overnight drop in silver metal
ounce by reducing
from
associations, during the year 1922, acquired approximately $8.500,000 of tonnage and sorting the ore so as to $1 to 65 cents an
increase value, and an effort will also
Federal Land Dank stock, 25% of the proceeds of which was used to retire be made to reduce costs.
Possibility of storing silver and operating properstock owned by the Government. as required by the Farm Loan Act. The ties from proceeds of gold
production will partly depend upon ability to
United States Treasury has purchased and now holds over $100.000.000 effect some reduction in costs.
Silver stored by many companies during
Federal Land Bank bonds. While these bonds are not Government obliga- the war was subsequently sold at
substantially higher prices than obtained
tions, and are not guaranteed by the Government. they are the secured at the time metal was stored. The
stored silver was carried at 50 cents an
obligations of banks operating under Federal charter with Governmental ounce at that time
suptrvision, on whose boards of direction the Government is represented.
The following is the consolidated statement of condition
of the Twelve Federal Land Banks at the close of business Suspension of Silver Purchases by Government—
Under Secretary Gilbert Asked to Testify Before
May 31 1923 (as officially reported by the Federal Farm
Senate Committee.
Loan Board):
An indication that the suspension of silver purchases by
Assets.
Net mortgage loam
*$715.979.532 41 the Government was still being contested was contained in
Accrued interest on mortgage loans (not matured)
11.614.624 13
Washington press advices June 25, which stated that Under
United States Government bonds and securities
44,661.947 29
Accrued interest on bonds and securities (not matured)--274.857 47 Secretary of the Treasury S. P. Gilbert Jr. had been notified
Farm Loan bonds on hand (unsold)
1,455,430 00 by the special Senate committee investigating the causes of
Accrued interest on Farm Loan bonds on hand (not matured)
20.004 65
Other accrued interest (uncollected)
147.135 32 the depression in the gold and silver mining industries that
Notes receivable, acceptances, &c
331.112 56 it desired him to appear before it this week to give testiCash on hand and in banks
9,857.782 68 mony concerning the
revocation of the allocation of about
Accounts receivable
261,568 98
Installments matured (in process of collection)
1,260.257 17 9,000,000 ounces of silver under the Pittman Act. The
Banking houses
982.247 99 "Journal of Commerce" from which this is learned, added:
Furniture and fixtures
190.607 81
712,962 79
Other assets
Total assets
u
$787,750,071 25
Liabilities.
Capital stock held tiy—
United States Government
National Farm Loan Associations
Borrowers through agents
Individual subscribers
$3.086.070 00
36,566.162 50
153,605 00
2.46000
Total capital stock
$39,808,297 50
Reserve (from earnings)
3,403.000 00
Surplus (from earnings)
300.000 00
Farm Loan bonds authorized and issued
730,455.481 50
Accrued interest on Farm Loan bonds (not matured)
5,038.883 39
United States Government deposits
Notes payable
750.000 00
Due borrowers on uncompleted loans
315,923 66
Amortization installments paid in advance
845,788 40
Matured interest on Farm Loan bonds (coupons not presented)
1,427.797 82
Reserved for dividends unpaid
203,779 00
Other liabilities
1,760.015 23
Undivided profits
3.441,10475
Senator Key Pittman of Nevada, who is handling this phase of the inquiry, has announced that the committee will continue its fight to require
the Treasury to purchase the full 209,000.000 ounces, which amount, he
asserts, was specified by Congress in passing the Pittman Act, despite the
position taken by the Treasury that it does not have to buy more than sufficient silver to replace the standard silver dollars actually sold to Great
Britain.
The fight will be taken to the next Congress, it is stated, to upset the
ruling of Comptroller General McCarl. who advised Secretary Mellon that
he need not purchase at the arbitrary price of $1 an ounce silver to replace
so much of the bullion obtained from melting silver dollars as was used for
the coinage of subsidiary silver.
While we have already published various letters which
passed between Senator Key Pittman on the one hand and
Director of the Mint and Under Secretary of the Treasury
Gilbert on the other, one letter which was addressed by the
latter on May 9 to Senator Pittman, relative to the suspension of silver purchases by the Government under the Pittman Act, has apparently escaped notice. This has recently
come to us; it is in answer to the Senator's letter of April 23
which was given in our issue of May 12, page 2073. As we
stated June 16 (page 2715), the Government purchases of
Total liabilities
$787,750,071 25 silver were terminated on June 14, and our various references to the matter have appeared in these columns April 7,
Unpledged mortgages (gross), $15,088,234 77.
Federal Land Bank bonds have been officially held eligible page 1484; April 14, page 1603; April 28, page 1857: May 12,
page 2073; June 2, page 2463; June 9, page 2589, and June 16,
for investment by savings banks in the following States:
Alabama, Arkansas, California, Colorado, Delaware, Florida, Georgia, page 2715. One of these references included a letter adIdaho, Indiana, Kentucky, Louisiana, Maine, Maryland. Massachusetts, dressed on May 31 to Senator Pittman by Under Secretary
Mississippi. Missouri, Nebraska. New Hampshire. New Jersey, North Gilbert, this
having been given by us on page 2589 of our
Carolina, Ohio, Oklahoma. Oregon. Pennsylvania, Rhode Island, South
Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, June 2 number. In order that we may have our record comWashington. West Virginia, Wisconsin and Wyoming.
plete, we give herewith also Mr. Gilbert's letter of May 9:
2942
THE CHRONICLE
May 9 1923.
My Dear Senator—I received your letter of April 23 1923, with respect
to the cancellation under the Pittman Act of allocations of silver for subsidiary coinage, in which you suggest that, without regard to the question
of the legal authority of the Treasury Department to cancel these allocations, it is morally obligated to treat such allocations as sales under the
Act and to add the amount of such allocations to the purchases to be made
under the Act. I note that you refer particularly to the statement issued
by the Director of the Mint on March 30 1923, stating that there were then
only about 20,000,000 ounces of silver remaining to be purchased under
the Pittman Act, and imply that the difference between this figure and previously published figures was duo to cancellation of the allocations for
subsidiary coinage. This, I should say at the outset, is in error, for the
Secretary of the Treasury had already announced on Dec. 31 1922 that
the amount of silver bullion remaining to be purchased under the Pittman
Act was then about 49,667,478 fine ounces. A copy of this statement is
enclosed for your information. This figure took into account the cancellation of the allocations of silver for subsidiary coinage, and received wide
public notice at the time. The reduction in the amount remaining to be
purchased which occurred between Dec. 31 1922 and March 30 1923 was
due to wholly different causes, entirely beyond the control of the Treasury,
namely, first, the greatly increased production of silver, particularly as
a by-product of other metals, and second, unusually heavy tenders of silver
by large vendors, representing silver actually received at reduction works
for smelting or refining, for which settlement had already been made with
American miners on the basis of $1 per ounce. 1000 fine, pursuant to the
Aat.
As to the allocations of silver for subsidiary coinage, it is necessary to
distinguish between the allocations of silver resulting from the melting
down of silver dollars, and the allocations of silver bullion purchased under
the provisions of the Pittman Act. By letter date Feb. 11 1922, acopy
of which is enclosed, the Director of the Mint was authorized and directed
to restore to the Pittman silver bullion account 4.341,753.61 ounces of
silver, this amount representing a part of an allocation of 6,000,000 ounces
of silver for subsidiary coinage which had been previously authorized out
of silver bullion purchased under the Act, but which had not in fact ever
been used for subsidiary coinage and much of which had never even been
transferred on the books from the Pittman silver bullion account to the
subsidiary silver bullion account. As to this 4.341,753.61 fine ounces,
there can be no doubt about the authority of the Secretary of the Treasury
to revoke the allocation, for under the express terms of Section 2 of the socalled Pittman Act it is provided, as to silver purchased under the Act,
that "any came& of such silver so purchased over and above the requirements"for the purpose specified in Section 3 of the Act,"shall be coined into
standard silver dollars or held for the purpose od such coinage." Notwithstanding the authority previously given to the Director of the Mint to use
up to 6,000,000 of the silver purchased under the Act for subsidiary coinage,
it had become evident that the amount in question was not needed for the
purpose, and the 4,341.753.61 ounces being "excess of such silver so pur&lased over and above the requirements for such purposes," it was clearly
within the authority of the Treasury to declare this silver excess silver and
and put it back into the Pittman silver bullion account,thus making it available for the recoinage of standard silver dollars under the Act. The provision of Section 3 of the Act, to which you refer, stating that "The allocation of any silver to the Director of the Mint for subsidiary coinage shall,for
the purpose of this Act, be regarded as a sale or resale," manifestly does
not have any bearing on the question, for the reason that, until carried
out by the Director of the Mint, the authorization to use the silver for
subsidiary coinage would be merely an authorization, and,it appearing that
there was no necessity for it, could be revoked by the same authority which
gavo the original authorization. Certainly the Mint would not be expected,
on account of what would be at the most a bookkeeping transaction, to go
out and buy more silver to replace silver which had never left the Mint and
at the most had only been transferred from one acocunt to another on the
books of the Mint.
The remainder of the silver as to which the allocation for subsidiary
coinage was revoked involved silver resulting from the melting of standard
silver dollars, and the question of the authority to revoke this allocation,
since it raised questions both of law and accounting, was presented to the
Comptroller General of the United States for consideration. The Comptroller General gave his decision in the matter under date of Nov.29 1922,a
cony of which Is herewith enclosed for your ready reference. This decision
held that the Secretary' of the Treasury was authorized, as a matter of law,
to revoke allocations of silver amounting to 10,247,976.52 fine ounces and
to restore this amount of silver to the standard silver dollar account, thus
making it available for recoinage. This decision speaks for itself and shows,
among other things, that in making it the Comptroller General had before
him the provisions of the last sentence of Section 3 of the Act, as to allocations of silver subsidiary coinage, which you particularly emphasize
in your letter. Under the laws governing the Executive Departments the
Comptroller General's decision is conclusive and binding on the Secretary of
the Treasury, and the questions oflaw and accounting having thus been disposed of,the Treasury proceeded forthwith to revoke the allocations of silver
for subsidiary coinage covered by the decision, amounting in the aggregate
to 10,247,976.52 fine ounces, and instructions accordingly were given to the
Director of the Mint.
On the question of moral obligation as distinguished from legal authority,
I think you will agree upon further consideration that there is no basis for
questioning these revocations of allocations of silver for subsidiary coinage.
The purpose of the repurchase provisions of the Pittman Act, as generally
understood, was to assure to American producers the fixed price of $1 per
ounce, 1,000 fine, for silver produced by mines situated within the United
States and reduction works so locted, up to such amounts as might be necessary to coin "an aggregate number of standard silver dollars equal to the
aggregate number of standard silver dollars theretofore melted or broken up
and sold as bullion" under the provisions of the Act. The whole object, in
other words, was to replace silver which had been sold as bullion out of the
Treasury's holdings, and there would certainly be no equity whatever in
expecting the Mint to purchase at the artificial price of $1 per ounce. 1,000
fine, a further amount of silver representing an amount allocated for subsidiary coinage but which had never in fact left the Treasury and was still
being held as bullion in the vaults of the Miut. The silver thus held in the
vaults, never having left the Mint, manifestly would not have to be replaced, and ordinary common sense would require the Treasury, in the
proper administration of the Department, to restore the bullion back to the
standard silver dollar bullion account as soon as it became evident that it
would not be needed for subsidiary silver coinage, thus making it immediately available for recoinage into standard silver dollars and reducing the
amount of silver to be purchased in the market at the artificial price of$1 per
ounce. The fact of the matter is, therefore, that American producers have
not in any way been prejudiced by the revocation of these allocations and
have no standing in equity to ask that the Treasury buy these additional
amounts of silver, beyond what is needed to cover the recoinage of standard
silver dollars under the provisions of the Act.
[VOL. 116.
Entirely apart from the fact thadproducers of silver have no
speical
equity in the matter, you will appreciate that in administering the
provisions of the Act the Treasury of the United States must keep in
mind the
best interests of the country as a whole, and not merely the special
interests of the silver producers. The revocation of these allocations
of silver
for subsidiary coinage means a saving to the people of the United
States,
or, in other words, to the whole body of taxpayers, of over
$5,000.000,
representing in part the saving realized through not having to purchase
over
14,500,000 ounces of silver at a price averaging about 30 cents an
ounce
over the regular market price, and in part a saving of interest
resulting
from making available for immediate coinage into standard silver
dollars
bullion which would otherwise be kept as a dead asset in the subsidiary diver
bullion account until such later time as further silver might bo needed for
subsidiary coinage. The Comptroller General of the United States, the
highest authority in these matters, having decided that the course was
authorized, the Treasury's duty was clear and the allocations in question
were accordingly revoked. This action has saved the people of
the United
States about $5.000,000, without depriving the silver producers of anything
to which they were properly entitled under the law. To reverse this action
now and make the additional purchases, would mean a gift of about
$5.000,000 of the public funds to the producers of silver, and throw upon
the Treasury of the United States the burden of carrying, at an artificial
price, over 14,500,000 ounces of silver not needed for any purpose.
Very truly yours,
S. P. GILBERT, JR., Under Secretary.
Hon. Key Pittman, Via,
-Chairman, Senate Commission of Gold and Silver
Minim, United States Senate, Washington, D. C.
Amendment to Constitution of New York Stock
Exchange Restricting Operations of Members
Acting for Affiliated Corporations.
An amendment to the constitution of the New York Stock
Exchange, which, it is pointed out in the "Journal of Commerce," is designed to prohibit incorporated firms which
deal in securities, but which are not members of the Exchange, from dealing directly in stocks and bonds through
allied member interests was adopted by the Governing
Committee of the Exchange on June 27. It is stipulated
that "a member of the Exchange or firm registered thereon
shall not act as broker for any corporation or association in
the purchase or sale of stock, bonds, or other securities if
such corporation or association is controlled through stock
ownership or otherwise by such member or firm." Furthermore, the amendment states, if a member of the Exchange,
or partner of such a member, is an officer, director or employee of any such corporation, he "shall not participate in
any commission paid by such corporation unless either such
member or the firm in which he is a partner is engaged in
general brokerage business and in connection with such
business actively participates in the transaction on which
such commission is paid or such member is actively engaged
in business as a floor broker." The adoption of the amendment was announced as follows on June 28 by the Secretary of the Exchange, E. V. D. Cox:
The following amendment to the Constitution was adopted by the
Governing Committee on June 27 1923 and is submitted to the Exchange
in accordance with the provisions of Article XXXVIII of the Constitution
and will become law if not disapproved within one week by a majority
vote of the entire membership:
Amend the Constitution by inserting therein a new Article, to be known
as Article XXXVI, and to read as follows:
ARTICLE XXXVI.
Corporations and Associations.
"A member ofthe Exchange or firm registered thereon shall not act as a
broker for any corporation or association in the purchase or sale of stocks,
bonds or other securities if such corporation or association is controlled
through stock ownership or otherwise by such member or f;rm, or by a
member or members of such firm and is itself engaged in the business of
buying and selling stocks, bonds or other securities as broker for others.
'If a member of die Exchange or a partner of such member is an officer,
director or employee of any corporation or association engaged in the
business of buying and selling stocks, bonds or other securities for its
own account or as broker for others, or if such member or his partner or
firm is a stockholder In any such corporation or association, such member
shall not participate in any commission paid by such corporation or association unless either such member or the firm in which ho is a partner is
engaged in a general brokerage business and in connection with such
business actively participates in the transaction on which such commission
is paid or such member is actively engaged in business as a floor broker.
"No member of the Exchange or firm registered thereon shall suffer
or permit any corporation or association engaged in the business of buying
and selling stocks, bonds or other securities for its own account or as
broker or agent for others to use as its office the office or any branch office
of such member or firm, or to employ in its business the same business
soirififaanrizaartionnnart anythat eumnifilnoayred
, asanbez;ao ftrneniiidnuenrt
m
t emiat nrta
corporation or
its business
under a name that does not clearly differentiate such corporation or association from such member or firm.
"If a member of the Exchange or a firm registered thereon, or a member
or members of such firm control, directly or indirectly through stock
ownership or otherwise, a corporation or association engaged in the business
of buying and selling stocks, bonds or other securities for its own account
or as broker or agent for others, such member or firm shall bo responsible
for any fraud committed by such corporation or association or for any
act or proceeding of such corporation or association contrary to just and
equitable principles of trade or detrimental to theinterest and welfare of the
Exchange, or tending to defeat the purpose ofthe conunissionlaw oftheExchange or any provisions of the Constitution oftheExchange orresolutions
adopted by the Governing Committee, to the same extent and in the same
manner as though such fraud or act or proceeding had been the fraud, act
or proceeding of such member or firm and such member or firm shall be
under the same duty to produce the books records and papers of any
such corporation or association for the examination and inspection of the
Governing Committee of the Exchange or of any standing or special committee thereof, or of anyone acting under the authority of any such committee, and to furnish evidence in regard to the acts and proceedings of
such corporation or association, and shall bo subject to the same penalties
for the neglect of such duty, as if such books, records, papers, acts and
proceedings were the books, records, papers, acts and proceedings of
such member or firm."
Renumber the present Article XXXVI to read Article XXXVII, the
present Article X.X.7CVII to read Article XXXVIII and the present Article
XXXVIII to readArticle XXXIX.
JUNE 30 1923.]
THE CHRONICLE
2943
telephoned to Judge Dwyer, who Is in charge of the New York
morning I
New York State Attorney-General Sherman Suggests office, and asked him to see the representatives of the Stock Exchange and
Waivers of Immunity—
the Curb and ask them whether their resolutions were intended to meet
that Exchanges Require
my suggestion. Of course, I do not know that they were so intended. The
Position of New York Sto'ck Exchange.
resolutions may have been adopted to meet an entirely different situation.
Sherman, a
According to State Attorney-General Carl
Now Asks for Full Waiver.
suggestion by him that an agreement to sign a waiver of
But if they were intended to do what I suggested. I asked Judge Dwyer
ground,
immunity be made a prerequisite to membership in any of to point out to the two exchanges that they did not cover the wheneverand
we
full written waiver of immunity
the exchanges in New York is not met, in the recent resolu- that what we wanted was a of any broker we are investigating. I also
wish to examine the books
adopted by the New York Stock Exchange and the asked Judge Dwyer to point out to them that we can already compel such
tions
Curb Market, although, says Mr. Sherman., "I am inclined brokers to produce their books under the authority conferred upon us by the
law also specifically provides for immunity unless
to think that the Stock Exchange and the Curb were trying Martin law, but that the
it is waived. Judge Dwyer told me he probably could not do this until
resolutions." The reso- Monday, as Saturday is a hard day to do business.
to give me what I asked for in their
lution of the Stock Exchange calling upon members to give
With reference to a conference held on June 20 at the
testimony or produce their books in legal proceedings was office of Seymour L. Cromwell, President of the Stook
given in our issue of June 16, page 2716; the resolution of Exchange, between representatives of the Exchange and the
similar purport of the Curb Market appears in this issue of Attorney-General, the "Times" on the 21st said:
our paper. According to an item in the New York "Times"
Mr. Cromwell, E. ri. H. Simmons, a Vice-President of the Exchange.
of the 21st the Exchange officials are of the opinion that the and Mr. Taylor of counsel for the Exchange, met Deputy Attorney-General
John J. Dwyer and Abraham Rosenthal.
Board of Governors would not have power to pass a resoluSays Resolutions Mean Nothing.
tion providing for such waiver of immunity, but indicated
"We told the representatives of the Exchange," said Mr. Dwyer later.
that they would consider a plan to propose an amendment to "that the Attorney-General regarded the resolutions adopted by the Exthe constitution of the Exchange embodying the request for change last week as a step in the right direction, but did not think they wont
the waiver of immunity. Attorney-General Sherman in far enough. We pointed out that the resolutions really were of no effect
as our investigations under the Martin law are concerned,
referring to his suggestion stated, according to Albany press at all, as farmerely require all members of the Exchange to give testimony
because they
advices June 15:
and produce their books in legal proceedings, without refusing to do so
I suggested to representatives of the exchanges that they incorporate i
their constitutions a requirement that each member sign a written waiver
of immunity in order that when the Attorney-General finds it necessary to
examine the books of any member or concern there can be no question as
to any waiver. Agreement to sign such waiver should be a prerequisite
to membership. I urged.
I take the position that there is a vital public interest in the proposed
house-cleaning and in any investigations that are made. In view of what
has happened this is doubly true. It Is the public that has suffered.
If the exchange authorities have acceded to the suggestions I have made
it will do much to facilitate the production of books and disclose violations
of the law.
Likewise, the books of a concern will be available without impairment of
full responsibility before a trustee in bankruptcy is appointed, as has been
the case in the past. The enforcement of the immunity waiver rule oil'
permit action before the public has been drained to the point of a forced
Insolvency,
The New.York "Times" of the 17th inst. reported the
Attorney-General as making the following statement to
it by telephone:
on the ground that it would incriminate or degrade them and because
the Martin law already gives us the right to compel brokers undersubpoena
to testify and produce their books.
"The point is that the law also grants them immunity from prosecution
for any crimes that come out from such testimony or examination, unless
they waive immunity. In all our investigations to date, nine out of ten
brokers have refused to waive immunity, and we are up against the problem
of trying to get any information in a way that won't prevent District Attorney Banton from sending the brokers who prove to be crooks to Jail.
"Therefore, we told Mr.Cromwell and his associates that what we wanted
was that members of the Stock Exchange, when proceedinsg were instituted
against them by the Attorney-General under the Martin law, should sign
a waiver of immunity from crominal prosecution for anything about which
they might testify, and that a refusal to sign hsould be sufficient cause for
suspension or expulsion by the Board of Governors.
"After consulting among themselves. the Exchange officials, on advice of
counsel, replied that they did not think that the Board of Governors would
have power to pass a resolution providing for such a waiver of immunity.
and therefore they refused to propose such a resolution to the Governors.
They said that the reason they thought the Governors were powerless
in the matter was that members of the Stock Exchange could not be compelled to waive their constitutional rights without their own consent. We
replied that they had already directed their members to waive their constitutional rights in one instance, as the resolutions adopted last week
prevents members from using tehir constitutional right to refuse to testify
or produce their books on the ground that it might incriminate or degrade
them, but they did not agree with us.
The resolution adopted by the Stock Exchange and the Curb Market, as
I have read them in the newspapers, are a step in the right direction, but
they are not what I intimated to them that I wanted. What I asked for
was that the Exchanges should Incorporate in their constitutions a requirement that each member sign a written waiver of immunity in order that
when the Attorney-General finds It necessary to examine the books of any
member or concern, there can be no question of any waiver. I urged that
Members to Vote on Waiver.
an agreement to sign such a waiver should be a prerequisite to membership,
"They did say, however, that they would consider a plan to propose an
and that any broker already a member of the Exchange who refused to sign
amendment to the constitution of the Exchange embodying our request for
such a waiver should be expelled.
Of course, the law does not give use any right to dictate to any Stock the waiver of immunity,so that every member of the Exchange would have
exchange what kind of a constitution It shall have for the government of an opportunity to vote on it, but they said that this would take from four to
its own members. Therefore, I didn't make any demand on them or tell six weeks. They said a notice of the proposed amendment would have to be
them what to do. I merely had a talk with the presidents and attorneys posted for ten days,and a meeting of members called in advance to consider
of the three exchanges—the big Exchange,the Curb and the Consolidated— the matter."
Mr. Dwyer announced that he also conferred yesterday with representaand put my suggestion in the form of a request.
tives of the New York Curb Market Association, whose Board of Governor
Conferred With Exchange Heads.
passed resolutions similar to those of the big Exchange last week, and that
I was more concerned about the Curb and the Consolidated than the big the Curb officials
showed a disposition to give the Attorney-General what
Exchange. The Curb and the Consolidated had started out to make a he asked for.
membership of bucket shops
house-cleaning of their own ad to purge their
"The Curb Market is still consiedring the question of amending the resoand crooks, according to their own statements, and I thought that the lutions so as to Inc de
the waiver of immunity," Mr. Dwyer said. "They
public, which had been the chief sufferer from the bucket shops, had a at least have not
turned us down. I might say at this point that in our invital interest In such investigations. Therefore, I called in Mr. Curtis. vestigations of
complaints aecently, which have been largely against Curb
President of the Curb, and Mr. Silkworth. President of the Consolidated. houses, the Curb
officials have given up complete co-operation and have
permission to co-operate In their investigation. They agreed acted in a very
and asked
commendable manner in every respect. They promise us
to co-operate with me. and we talked the whole thing over.
to consider the immunity matter further and to give us an answer in the next
I was not so much interested in the big Exchange, for I did not regard few days."
the situation there as critical. However, I assume that the Governors of
the Stock Exchange hoard that I was taking up the matter with the Curb
and the Consolidated. At any rate, it was suggested to me that I call in Members of New York Stock Exchange Ask to Supply
Mr. Cromwell also.
Latter with Recent Private Wire Communications.
I have been conferring with the representatives of the three exchanges
The following communication asking members of the New
separately for the last two weeks. In the course of the conferences I made
my suggestion, which, if adopted, would have provided for the only satis- York Stock Exchange to forward to the Committee on
-shop problem. If!could proceed
factory, permanent solution of the bucket
telegraphic communications reagainst any broker under the Martin law, with the danger of giving im- Business Conduct certain
munity eliminated, I could immediately step out and investigate with a lating to the financial condition of members was addressed
free hand. I would not have to worry then lest I might let some crook get to the latter by Secretary Cox on June 22:
by without holding him responsible for his criminal acts. I would not have
New York lune 22 1923.
to be so ultra-careful as I have had to be in my investigation to date.
For example, I had under subpoena the books of two of the orokerage ToMembers ofthe Exchange
Referrring to the circular issued by the Secretary of the Bithange under
from examining the
houses that have failed recently, but we had to refrain
books because we suspected they were about to crash. Had we taken their date of December 1 1920, reading as follows:
"I am instructed by the Committee on Business Conduct to notify you
books, they would have failed anyway, and our investigtion would have
received
been futile, for all we seek to do under the Martin law is to close up the to keep on file for at least two weeks, all communications sent and
over private wires,as the Committee may wish to inspect them,"
bucket shops. It is for the County Prosecutor to prosecute them for bucketing orders and other criminal offenses, and our examination of the books the Committee on Business Conduct now requests you to please send to
would have given them immunity from such prosecution. At present, we II' promptly all telegraphic communications relating In any waY to the
are careful not to examine the books of any concern unless it looks as if they financial condition of members of the Exchange sent or received by you
were likely to remain in business. In such cases, we feel that we protect the during the two weeks ending to-day.
Very truly yours.
public by forcing them out of business, even if we have to give them imE. V. D. 001. Secretary.
munity.
Even though the exchanges do not give me what I ask for in the waiver of
As to the reason therefor, the Now York "Tribune" of
Immunity, bucket shops need not think that the Attorney-General's office is
impotent. I intend to close up all the bucket shops under the Martin law June 24 said:
The New York Stock Exchange announced yesterdaY that it Wa8 Ming all
before I havefinished with the job, whether the immunity question is settled
its facilities to ascertain the bource of the unwarranted rumors that folin the way t desire, or not.
of receivers for Knauth.
am inclined to think that the Stock Exchange and the Curb were trying lowed last week in the wake of the appointment
Forshay. the two most important
to give me wht I asked for in their resolutions, and that they did not suc- Nachod & Kuhne, and Zimmermann &
failures of recant years.
ceed in doing Awl what they intended to do. When I saw the papers this
2944
THE CHRONICLE
So pernicious and persistent were the whisperings of the rumor mongers
that houses of unquestioned standing and stability were brought into the
gossip of brokerage offices. The effect on the stock market was seen in
price declines, which, according to many observers, caused many issues to
sell below their intrinsic worth. This was due not only to hurried liquidation by holders whose confidence had been shaken, but to the activities of
bear traders who played an important part in accelerating the break.
Committee on Bears' Trail.
Plans of the Stock Exchange to learn if any of its members have been
guilty of helping the dissemination of the recent bearish propaganda include
the transmission of a circular issued by E. V. D. Cox, Secretary of the Exchange, as far back as December 1 1920.
Questionnaires to Members of New York Stock
Exchange to Go Out June 30,.
The following is from the "Daily Financial America" of
June 29:
The New York Stock Exchange will send out the customary questionnaire
to members on June 30 calling for their condition as of that date. It is
/stated that it will not differ materially from the one sent out on Dec.31 last.
Einstein, Ward & Co., New York Stock Exchange
Firm, Fail.
Announcement that Einstein, Ward & Co., 25 Bread
Street, this city, had failed to meet their obligations was
made from the rostrum of the New York Stock Exchange
on Monday morning, June 25. An involuntary petition in
bankruptcy was filed in the Federal District Court on Saturday afternoon against the firm, and Judge Knox appointed
William C. Fitts receiver under a bond of $10,000. The
failed firm consisted of Samuel E. Einstein (the floor member of the Exchange), Marshall E. Ward and David S.
Einstein. The firm as constituted at the time of the failure
had only been in existence, it is said, four years, but Mr.
Einstein had been a member of the New York Stock Exchange
for twenty-three years. Through their attorneys, Burnstein & Geist, 276 Fifth Avenue, Einstein, Ward & Co. on
Saturday issued the following statement:
The concern's liabilities are $125,000, and its assets consist'of a membership and a seat on the New York Stock Exchange, held in the name of
Samuel E. Einstein. No stocks, bonds or other securities are in its possession belonging to customers, and in fact it has not traded for customers
or in its own behalf for more than two years past.
The present liabilities are practically all old liabilities, not more than
$25.000 being incurred since the firm was suspended. Bankruptcy proceedings were necessary to carry out the reorganization of the firm. Friends
Interested in the welfare of the partners will lend every assistance to
rehabilitate them in business. Efforts have been made to adjust doubtful
claims. If the book accounts are collected they will render the firm
completely solvent.
In March 1921 the firm of Einstein, Ward & Co. were
suspended from the New York Stock Exchange for a period
of one year and reinstated. With regard to the failure,
Seymour Cromwell, President of the New York Stock
Exchange, said:
[Vol.. 116.
At the regular meeting of the Board of Governors on Thursday one of my
first acts as President of the Exchange will be to present to the Board for its
approval the various committees which conduct a large part of the exchange's business. The present Board of Governors is undoubtedly the
ablest Board that has held office during the last twenty years, and the personnel of the committees ought to immediately receive the stamp of public
approval.
The present Board believes that the first duty of the exchange Is toward
the public. If the public is rigorously protected, the exchange and its
members will prosper. For my part, I am determined to see that every
customer in every commission house gets a square deal.
The events that, happened on the exchange more than a year ago will
never occur again. For a year the Board has been has been working to
correct conditions that had their inception three or four years ago. It has
made great progress in eliminating unworthy and undesirable members.
Our houses, according to the best of my knowledge, are now doing a clean,
straight commission business. The reorganization of the exchange, however, has not been completed, and various reforms and constructive changes
in the public interest will be inaugurated from time to time.
The Ways and Means Committee, the most important committee of our
exchange, will consist of seven members of unusual ability and unimpeachable character. It will unquestionably be the strongest Ways and Means
Committee that has held office during my membership on the exchange.
Ogden D.Budd,a former President,and Chairman of the Special Committee
of Five, will be Chairman of this committee. Leopold Spingarn has accepted the Vice-Chairmanship. The other members are William E.Power.
Thomas B. Maloney, R. Tracy Falk and Chester I. Crowell, leaving one
vacancy, which will soon be filled. The other committees are not entirely
formed, but will be announced after Thursday's meeting.
The whole Board is working together. The whole membership of the
exchange is heartily co-operating with the Board and with the President.
All complaints will be given my immediate and personal attention. The
new management of the exchange feels that it merits the confidence of the
public. Constructive criticism, no matter what the source, will always
be welcomed.
The first formal meeting of the Board of Governors of the
Exchange under the new regime was held on Thursday,
June 28. The principal business transacted at the meeting
was the appointment of the various committees which direct
the larger part of the affairs of the Exchange. Following the
meeting, Mr. Tweedy gave out a statement (according to the
New York "Times") in which he said:
The special committee of five, headed by Ogden D. Budd. made a brief
report of pr=gress to the Board to-day. The Committee will continue to
function and will make recommendat ons to the Board from time to time
as to ways in which the administrative machinery of the Exchange may be
improved and strengthened. The so-called reorganization plan, which
was proposed by the Exchange's attorneys. Sullivan & Cromwell, is still
being considered by counsel,and Consequently no announcement concerning
it can be made now.
The principal business transacted at the meeting was the appointment of
the various committees, which conduct a large amount of the Exchange's
business, and their ratification by the Board. These committees are
undoubtedly the strongest that have held ofice during the past twenty
years, and the membership on the Exchange of each individual on the
committees averages above twenty years. The Ways and Means Committee, the Membership Committee and the Committee on Law are particularly able and well fitted for thsir tasks. I am positive that in the
hands of these members the future of the Exchange is most bright.
J. Frank Mowell, who Joined the Exchange in 1900 and who for fifteen
years was a member of the Board and served as President of the Exchange
between 1917 and 1919, was unanimously elected to the Board to-day. Mr
How,ell will be Second Vice
-President, filling the office left vacant by
Leopold Spingarn, who is now First Vice-President. Mr. Howell typifies,
te my mind, every thing that is best in Wall Street.
The firm was suspended March 23 1921, charges having been brought
on Jan. 20 of that year under a clause in the constitution which had to do
with reckless and unbusiness-like dealings, which means that they were
Nelson S. Murray Expelled from New York Curb.
trading without enough capital, or carrying accounts without sufficient
The New York Curb Market Association on June 28
Was, therefore, a risk to their customers, and it was considered,
capital. It
according to the wording of the constitution, conduct or proceeding in- announced the expulsion from regular membership in the
consistent with just and equitable principles of trading.
exchange of Nelson S. Murray, a broker, at 67 Wall Street,
A questionnaire was mailed to them on Sept. 23 1922 to report as of this city. Murray was declared to have violated Article 17
was to be filed before Oct. 15. There was a
Sept. 30. and the answer
of the.Curb Market's constitution.
letter dated Oet. 14 of the same year to the Committee on Business Conduct, which said: "We beg to advise you that we have no account of
any nature whatsoever on our books, as the only business we are doing Is
C. Ernest Gault, Montreal, Fails.
being done by Samuel E. Einstein as a floor broker. We have no bank
The following press dispatch from Montreal yesterday
loans." In other words, that eliminated them from coming under the
(June 29) reported the failure of C. Ernest Guilt of that city:
questionnaire.
The Stock Exchange then sent a letter on Oct. 17 saying no answer to
C. Ernest Gault, a member of the local Stock Exchange, has assigned
the questionnaire was, therefore, required. In addition, an inspection for the benefit of creditors. His failure Is due to complications arising from
disclosed that what later developed nofes given to New York interests add nes nothing to do with local operaof their books had been made which
In answer to the questionnaire was true.
tions. His local collateral loans amounted to only $300,000.
Time for Tax Refund Extended to Sept. 1—Revised
Laurence Tweedy Heads New York Consoliated
New York State Income Returns Should be
Stock Exchange.
Filed by Owners of Bank Stocks and
On Tuesday of this week (June 26) William S. Silkworth's
"Moneyed Capitalists."
promised resignation as President of the'New York ConsoliThe "Wall Street Journal" announced the following from
dated Stock Exchange went into effect, two days before the
date he had said he would resign. Mr. Silkworth also sold Albany June 20:
national and State banks and trust companies have
Shareholders
his seat in the Exchange, thereby completely severing his been granted a In
general extension of time by the State 'Pax Commission
connection with the organization. After a special meeting until Sept. 1 1923 to file amended 1922 returns claiming refunds on dividend
of the Board of Governors held on Monday, at which Mr. payments during that year.
this "breathing time" postponing the July 1 due date
Silkworth's resignation was presented and accepted, the In In announcing
the law, the Commission requests careful attention by interested taxfollowing statement was issued by the Board:
payers to the details of these amended returns. It asks that wherever
possible a return be rpepared on the same form as the old one and a schedule
The Special Committee of Five made a preliminary report to the Board.
W. S. Silkworth resigned as President, to take effect Tuesday, June 26. showing the amount of each item of bank or trust company dividends with
His resignation was accepted. He also sold his seat to the exchange and the name of the institution. If taxpayers, submit complete facts prompt
approval of the refunds is possible without correspondence. If the data
thereby ceased to be a member.
Is insufficient, the refund will necessarily be held up until additional inThe Special Committee will make a further report soon.
Mr. Silkworth was succeeded in office by Laurence formation makes possible its approval.
If taxpayers are unable to readily secure return blanks, the Commission
Tweedy, heretofore First Vice-President of the Exchange. will accept affidavits, but these should carry detailed facts similar to the
al
After conferring with the Special Committee of Five and the Information necessary on the amended return.
amended
No individual requests
necessary. If
Governors of the Exchange late Tuesday afternoon, Mr. returns or affidavits are for extensions will be1, they will he the
mailed before Sept.
accepted by
Tweedy gave out the following statement:
the Commission.
JUNE 301923.]
THE CHRONICLE
2945
Secretary of Treasury Mellon Sails for Europe.
Secretary of the Treasury Andrew W. Mellon sailed for
Europe last Saturday, June 23, on the steamer Majestic of
the White Star Line. All matters of official import, including the liquor seizure tangle and the funding of foreign debts
to the United States, will be barred from Mr. Mellon's mind
Resolved That no member of this exchange shall in any legal proceeding. during his trip abroad, he said, as he embarked, according
whether civil or criminal, refuse to give testimony or to produce his books
Commerce," of the 25th from which we.
and papers, or the books and papers of his firm, concerning his transactions to the "Journal of
or the transactions of his firm as a broker, on the ground that such testi- take the following:
mony or the production of such books and papers will tend to incriminate
He said, however,he expected to meet Premier Baldwin of Great Britain:
New York Curb Market Adopts Resolution Compelling
Members to Give Testimony and Produce Their
Books and Papers in All Legal Proceedings.
At a special meeting of the Board of Governors of the
'New York Curb Market held June 15 1923 the following
resolution was unanimously adopted:
or degrade him.
Violation of this resolution shall be punishable by suspension or expulsion
as the Board of Governors may determine.
JOHN W. CURTIS. President.
Federal Reserve Board Decides Cuban Bank Agency—
Atlanta and Federal Reserve Banks to Open
Agencies, Working Co-operatively.
A decision by the Federal Reserve Board on the question
of the establishment of a Cuban agency was announced on
Juno 27, when it made known that it had approved a plan
whereby the Federal Reserve Banks of Atlanta and Boston
would open agencies in Havana, "working co-operatively
along certain definite lines." Considerable agitation had
arisen over the move by the Federal Reserve Board of
Boston to secure authority from the Federal Reserve Board
to establish a branch bank in Havana—the Federal Reserve
Bank of Atlanta, as we noted in our issue of June 2, page
2465, opposing the action of the Boston Reserve Bank on
the ground that it would infringe on the Atlanta's bank's
natural territory and would impair the "usefulness and
ability of Atlanta to serve her large agricultural territory by
eliminating its circulation in Cuba." The adjustment of the
controversy was announced as follows by the Federal Reserve Board on June 27:
For scene time the Federal Reserve Board has been considering the
matter of the 1190 of Federal Reserve and other currency of the United
States in Cuba. Our relations with Cuba are unique, because of the
provisions of the Platt Amendment, and also because the currency of
the United States has been made legal tender by act of the Cuban Government. but no adequate machinery has ever been set up by which unfit
paper currency could be sent back to the United States for redemption and
replacement.
The Board has finally decided to approve a plan agreed upon by the
Federal Reserve banks of Atlanta and Boston by which they are to open
agencies in Havana working co-operatively along certain definite lines.
It happens that a considerable part of the paper currency in Cuba consists
of notes issued by the Federal Reserve Bank of Atlanta and the plan is
expected to continue these notes in circulation.
It is expected that currency will be presented to the agencies for the
purchase of cable transfers and that the currency received will be at once
sorted so that the unfit bills can be sent back to this country for replacement by new currency. The new money will then be put into circulation
through the purchase by the Reserve agencies of bills of exchange from
the banks operating in Cuba.
This, It is expected, will result not only in replacing unfit paper money
with new currency, but vrill have a tendency to stabilize banking conditions.
Banks operating in Cuba will be enabled to carry on their business without
the necessity of holding abnormal reserves, and will be able at any time
to obtain currency by selling prime bills of exchange originating in import
or export transactions. The Board's regulations have undertaken in some
detail to safeguard these transactions.
It was on the application of the Boston Reserve Bank that the matter
first came definitely before the Board, and it was through agreement
between the Atlanta Reserve Bank and the Boston Bank that it was worked
out in detail. Some changes in detail may become necessary when the
agencies get into operation, as the establshment of such an agency is an
entirely new thing, and the Board has reserved the right to terminate the
agencies at any time if it dooms such action advisable.
Federal Reserve Board Withdraws Member Bank
Privilege to Rediscount for Non-Members.
In indicating that the privilege accorded to member banks
to act as agents in rediscounting for non-member banks had
been withdrawn D. R. Crissinger, Govtirnor of the Federal
Reserve Board, on June 26 said:
The Federal Reserve Board announces that
-stile general privilege given to
member banks during the emergency of 1921 to act as agents in rediscounting for non-member banks is now Withdraw-n and the Board further announces that hereafter this privilege shall be allowed only upon application
of the non-member bank concerned and the approval thereof by the Federal
Reserve Board.
provided this would be a purely social visit.
He refused to be worried concerning the seizure of liquors aboard the
Baltic Saturday, and declared he knew nothing more about it than be had
read in the newspapers.
R.,Fle expects to remain abroad until the latter part of August.
S. P. Gilbert Jr. Resigns as Under Secretary of
United States Treasury.
Announcement was mule on June 22 by Secretary of the
Treasury Mellon of the resignation of S. Parker Gilbert Jr.
of New York as Under Secretary of the Treasury. The
resignation will become effective after Mr. Mellon's return
from Europe in the fall, Mr. Gilbert in the meanwhile functioning as Acting Secretary. Mr. Gilbert will return to the
practice of law, becoming a member of the newly formed
firm of Cravath, Henderson & de Gersdorff. This firm succeeds to-day (June 30) that of Cravath, Henderson; Leffingwell & de Gersdorff, the change in name being made incident
with the retirement of R. C. Leffingwell, who withdraws
to become a member of the firm of J. P. Morgan & Co.
Degree of Doctor of Laws Conferred on
J. P. Morgan by Harvard College.
The following is taken from the "Daily Financial America'
of June 22:
Doctor of Laws, W. L. McKenzie King, Prime Minister of Canada:
J.P.Morgan of New Yerk;Samuel W.Stratton, President of Massachusetts
Institute of Technology, and James H. Dellatrd, of Charlottsville, Va.
In conferring the honorary degree of doctor of laws on Mr. Morgan. the
announcement said;"John Pierpont Morgan, a son of Harvard, heir to the
power and responsibilities of a great financial house, he has used them with
courage in a dark crisis of the World War and at all time with uprightness,
public spirit and generosity."
Judge Warwick Made Fiscal Agent of Panama.
The appointment of Walter W. Warwick, of Ohio, former
Comptroller of the Treasury, as fiscal agent for the Republic
of Panama was announced on June 25 by Dr. Eusebio A.
Morales, Secretary of the Treasury of Panama, now on a
special mission to the United States. Judge Warwick has
more recently been assistant to General Lord, Director of the
Budget. His contract with the Republic of Panama becomes effective July 1; it covers a two-year period.
President Harding's Itinerary to Alaska and Return.
Regarding the itinerary of President Harding's trip to
Alaska, to which reference has already been made in these
columns June 2, page 2482, and June 9 page 2591, the New
York "Tribune" on June 28 announced the following advices
from Seattle:
The itinerary of President Harding from the time he loaves Tacoma on
July 5 until he returns to Seattle, July 27 after a ,risit to Vancouver, B. C.,
July 28, has been received by the Seattle Chamber of Commerce from Governor Scott C. Bone of Alaska.
Departing from Tacoma on the army transport Henderson.
the Presidential party is to touch at Ketchikan on July 7, spending part of the day
there,and to be at Wrangell on July 8,reaching Juneau,the capital of Alaska
on July 9. The Henderson will start across the Gulf of Alaska on Joky
10.
and will reach Seward on July 13 and Anchorage on July 14.
From Anchorage the president is to go to Fairbanks by the Alaska
Railroad, being duo in Fairbanks on July 15. Then the party is to
travel by
automobile stage to Chitina, whence the Copper River k
Northwestern
Railway is to be taken to Cordova. where the Henderson will be in
waiting.
On the return from Cordova stops are to be made at Sitka
on July 21.
and if time permits,at Annette Island on July 22 and
INIetlakhatla on Jnly23.
The President will not visit the Yukon.
Death of Several Members of President Harding's Party
as Result of Automobile Accident.
The President's tour in the West has been marred by an
A step in the direction of increasing the numerical strength of bank mem- automobile accident which has resulted in the death of sevbership in the Federal Reserve system was taken to-day by the Federal eral men in the
Presidential party. The accident occured
Reserve Board in withdrawing the rediscounting privilege formerly extended
to non-member banks. Announcement of the Board's action was made by on Sunday last, June 24, when an automobile, in which
four members of the party were riding, plunged over an
Governor Crissinger.
Actually very little use of the rediscounting privilege was made by nonmember banks during the critical times of two or three years ago, but the embankment into Bear Creek Canyon, a short distance from
extension of this facility by the Reserve system was considered to be of Denver. One of the party, Sumner Curtis of Washington,
considerable psychological value in certain sections of the country. Lately, Representative of the Republican National
Committee,
however, a number of the member banks have objected to the continuance was
killed instantly. Thomas French of Denver, a repreof the policy on the theory that should it become of actual value non-member banks could enjoy virtually the same rediscounting privileges as insti- sentative of the Great Western Sugar Company, who was
tutions complying with the regulations of the system.
driving the car, died on the way to the hospital. Donald
As to the Board's action, the "Journal of Commerce," in
its advices from Washington June 26 said:
2946
( 1,E
THE CHRON 1 .
Craig, Manager of the Washington Bureau of the New York
"Herald" and Col. Thomas Dawson, Colorado State Historian and veteran Washington newspaperman, the two
other occupants of the car, were injured, Col. Dawson dying
from the result of his injuries on the 25th. It was stated on
the latter date that Mr. Craig, who was still in the hospital,
would probably recover.
-President Harding Discussing Cost of Living Urges
Scheme of Co-operation Among Consumers
Financed By Savings Banks.
Asserting that "one of the most engrossing problems of
our time, confronting countries and all societies, is the exorbitant cost of living," President Harding, in an address at
Idaho Falls, Idaho, June 28 stated it to be the need of this
time "to shorten the bridge between producer and consumer,
and to reduce the toll that must be paid for passing over it."
"We have in recent years," he pointed out, "given much
attention to developing a system of agricultural finance,
particularly adapted to the needs of American farm producers," and he said, "we might with profit to the whole
people consider the possibility of an analogous organization
to promote and encourage, through measures of credit and
finance a proper organization of the consuming community,
in both cities and countries." "I have wondered," observed
the President, "if it were not possible, for example, that a
scheme of co-operation among consumers, financed in part,
at least, through a carefully organized and supervised
adaptation of the savings banks or the building and loan
society might. be made to serve a splendidly useful purpose
in this department of our economic life." "The development of such a general program into a sound, working business scheme," said the President, "would doubtless be found
chiefly an affair of the State Governments, but one in which
the jointure of State and National authorities might prove
practicable and even necessary." From the Associated Press
accounts of the President's speech, we quote the following:
[voL. 116.
"We have in recent years given much attention to developing a system or
agricultural finance, particularly adapted to the needs of American farm
producers. Some critics have,indeed, protested that it was class legislation.
Perhaps it was,but as I suggested in discussing the problems of agriculture in
Kansas the other day, it was in the interest of a vitally important section of
the community which has heretofore had altogether too little consideration.
"Not only have I no apology for what has been done in the interest of the;
agricultural community; not only do I regard it as ono of the monumental
achievements of the last generation in developing our country's institutions,
but I venture that we might with profit to the whole people consider the
possibility of affecting an analogous organization to promote and encourage.
through measures of credit and finance,a proper organization of the consuming community in both cities and country.
"I have not attempted to work out even an outline, much loss the details,
of such a system; but I believe it is possible, feasible and certain to command the sympathy of men and women who have the true interest of the
country at heart. I hope to be able, as the result of studies and investigations, to recommend for the consideration of the Congress measures which
shall represent a beginning along this line. It is a big and pregnant subject
to which no man or woman can deny the fullest and most careful consideration.
"My thought is that the Government should give the largest encouragement,consistent with sound economics and proper Government functions,to
every effort of the people to help themselves in dealing with the high cost of
living and the relationship of incomes to our household budgets.
"I have wondered if it were not possible,for example,that a scheme of cooperation among consumers, financed, in part at least, through a carefully
organized and supervised adapta- ion of the principles ofthe savings bank or
the building and loan society, might be made to serve a splendidly useful purpose in this department of our economic life. I think this would be preferable to having limited sections of the community undertaking to establish
financial independence and economic solidarity,as some of them have lately
.been doing.
"The development of such a genetal program Into a sound, working business scheme would doubtless be found chiefly an affair of the State Governments, but one in which the jointure of State and National authorities might
prove practicable and even necessary.
"I bring this suggestion of a direction which might be given to activities
of the kind. I believe the suggestion is worthy of careful examination and
consideration. lam convinced that its discussicn would be fruitful of good
results, and a reminder to some who are disposed to take tolls from both
the consuming and the producing public that this public has the right, the
power and the ability to devise means to protect itself.
"The aim and object of our every policy must be the establishment and
maintenance of an independent and self-respecting, reliant and industrious.
-helpful American citizenship. We seek to encourage
intelligent and self
thrift, to promote saving to make the American home the headquarters of an
ever broadening culture, a larger understanding of the complex problems of
our times and of a determined inspiration for the fullest measure of economic
and social justice."
"One of the most engrossing problems of our time, confronting all countries and all societies. is the exorbitant cost of living," said the President in
his address. "We realize that the real produeer, under our elaborate and President Harding's Pacific Coast Tour—Address at
costly system of distribution. is not permitted a fair share of his product
St. Louis Renewing Plea for Adherence to
for his own use and enjoyment. We have become convinced that someWorld Court.
how our system of distribution has grown too cumbersome, too costly, too
complex, too indirect, too unrelated to the interests of real producers and
President Harding, who left Washington on Juno 19 to
as poslegitimate consumers. We must find methods to take up as much
begin his trip to the Pacific Coast, Alaska, the Panama
sible of the slack in the long line between producer and consumer: to give
the producer a better share in that which he furnishes to the community, Canal Zone and Porto Rico, which will absent him from
and to enable the consumer to meet his requirements at a reasonable coat.
Washington about two months, made his first speech of the
"To this end many experiments have been made in co-operative producgreat extent, these nineteen formal addresses which he plans to deliver during
tion. transportation. distribution and purchasing. To a
experiments have proceeded from the enterprise and initiative of the West- his tour at St. Louis on June 21. In this address the Presiern people, to whom these problems have presented themselves with espe- dent renewed his plea for adherence by the United States to
cial insistence. But for the spirt of co-operation, the willingness to be
of International Justice of the League
mutually helpful, the; determination to give first place to the interests of the Permanent Court
the community, you could not have made your West what it is. Working of Nations. The President in his address declared that
co-operations on a great scale, practical in operation and adequate to cope "I neither advance nor retreat from the position which I
with our problems, can never be possible except where there is this spirit,
My sole
determination and purpose. It is because the West has led so far in devis- assumed in my recent message to the Senate.
ing such working programs that I have thought to say a few words along purpose to-night has been to amplify the constructive
this lino today.
suggestion, which, at what appeared to be a proper time,
"Developments of the last generation have brought the instrumentalities
of transportation. of finance, of corporate organization and operation into I placed before the country for consideration and judgment."
a closer harmony with the true public interest than ever before. The Gov- The President's message to the Senate urging adherence to
ernment has sought to make itself helpful, to point the way, to remove an- the Court was given in these columns March 3 1923, page 889.
cient barriers of custom or tradition, and to curb the excessive demands of
Privilege, in order to cheapen for the great public many of the services which Two conditions, said President Harding in his St. Louis
formerly were dominated by the private Interests and operated with too speech this week, may be considered indispensable:
exclusive a consideration or private proilt.
First, that the tribunal be so constituted as to appear and to be, in
"Anything tending to break down personal Initiative, to destroy enterprise and ambition, must not enter into any program which can hope for theory and in practice, in form and in substance, beyond the shadow of
the approval of the American people. Ours is an individualistic society doubt, a world court and not a League court.
Second, that the United States shall occupy a plane of perfect equality
and we want It to remain so. We want this Republic to remain always the
land of opporeeniUf wherein every man's abilities and usefulness shall with every other Power.
and prosperity. The kind of a program
measure his pensanal advancement
"I care not," said the President,"whence the Court came.
to encourage co-operation and co-ordination which I have in mind would
not Interfere with the freedom of proper opportunity, rather it would en- I insist only that its integrity, its independence, its complete
hance the individual's chance to better his individual fortune.
and continuing freedom be safeguarded absolutely."'"Grant"The need ot this time is to shorten the bridge between producer and
consumer and to reduce the toll that must be paid for passing over it. We ing," he said further, "the noteworthy excellence, of which
all know a good deal about the various co-operative societies,associations and I, for one, am fully convinced, of the Court as now consticorporations which have undertaken, in many cases with notable success,
tuted, why not proceed in the belief that it be made selfto improve the position of the agricultural producers. Such organizations have boon euccessful in all parts of this country and in many parts of perpetuating? This could be done in one of two ways
the Old Weald. They have already done a great work and taught us many (1) by empowering the Court itself to fill any vacancy arising
valuable leseone. Where there are obstacles imposed by unfortunate
from the death of a member or retirement for whatever cause.
statutes or public policies, or in tho way of expanding such activities as these,
they might well be gradually removed through measures of helpfulness and without interposition from any other body; or (2) by continuencouragementing the existing authority of the Permanent Court of Arbitra"On the whole. I think the agricultural community has been more alive to
tion to nominate and by transferring the power to elect from
the promotion a its interests along these lines than has the urban community. The farmers have soon where their Interest lay, and have been more the Council and Assembly of the League to the remaining
prompt and energetic in adopting effective measures to promote them,than members of the Court of Justice." "If American adherence
the people of the city and town have been. There Is need to have working
be made effective in the reconstrucdon of the Court,
and practical aroperative associations of producers in the country, and at could
the same time to have equally effective co-operations among the consuming with respect to its continuing operation," the President
communities of the cities and towns; and, finally, to link these two sets of contended, "that would seem to dispose conclusively of all
co-operators together in a co-ordination for mutual advantage to both.
of any
"I believe it Is possible, and altogether desirable, that systems of credit other cited apprehensions of danger from the exercise
and finance should be devoioPed, under public auspices, to encourage both influence whatsoever, either open or furtive, by the League
these kinds of pn-operation; and to draw them together into a harmonious of Nations or by any other organization."
working scheme of widen:tread distribution at the lowest possible expense.
JUNE 30 1923.]
THE CHRONICLE
Answering "the voice of the doubter" to tho effect that
"the forty nations which have signed the protocol will refuse
to make these changes," the President said:
2947
needed restoration, rather than to fling aside all we had wrought in a
century of hopeful progress and thereby subscribe to destruction in the
name of social democracy. We gave business a chance to resume and
assured it that honest success is no crime in the United States. We assured
It that the Government was not going into business, but that we meant
in
to get out of it. Then, to prove that we meant to have more business
government, we struck at the extravagance which grew in war's fevered
the Governactivities, we pruned Government expenditures and reduced
a
ment personnel, not by thousands by by tens of thousutds, and went
long way in reducing Government outlay.
the
Measures were adopted to lighten the taxation load and distribute
of
burdens more equitably. Wo sought to substitute for the exactions
the budget system of
war the convictions of peace. We inaugurated
Government financing and thereby effected reductions in Government
was
outlay amounting to billions. Of course, this enormous reduction
ended
made possible mainly because we suspended war activities and
in the peaceWar commitments, but we drove at the ordinary expenditures
at a
time business of Government, and lopped off hundreds of millions
its
time and we have proven to the world, in spite of a gigantic debt and
Interest burdens, that here is a Government resolved to live within its
Primarily, at this time, it is to satisfy the acknowledged hope and to comfind a
ply with the earnest wish of our sister States that we are striving to
bears
way to join and strengthen the one body created by them which
international realtions.
promise of eliminating the need of war to regulate
terms which we consider essential to
We wish no more of war. To submit
only
the preservation of our nationality is not an act of discourtesy; it is the
fair, square and honorable thing a great, self-respecting nation can do. So
frank
far from being unfriendly, it springs from a sincere desire, through
and intimate association, to help to restore stability, and in the words of
Washington, to "cultivate peace" throughout the world. *•
*
to
The United States is not a suppliant. Nor has it the slightest desire
become a master. It is and must be an equal,no more and no less, regardless of its relative material power or moral authority, ever conscious of its
own rights, but never denying the like, in even proportion, to another.
And what is the crux of conditions which I have ventured to suggest as
income.
constituting a basis for negotiation?
The fiscal year, now near its close, threatened an $800,000,000 deficit
for
The making of the world court precisely what its name implies, and
when its financial budget was in the making, but we cut and trimmed, and
have so earnestly spoken.
which we
is insisted upon reduced expenditures, and it will close with a $200,000,000
Can It be possible that, despite their protestations to the contrary, this
test of surplus.
not what some of our sister States at heart desire? Must there be a
These are rather dull facts, but they are interesting to the Government
made,
sincerity abroad as well as at home? Then the more quickly it can be
the proof that Government itself joined in the trementhe better for us. There is nothing to be accom- because they afford
the better for them and
dously essential task of striking at its own cost. We were always keeping
plished in ambiguity. We want to know. And the only way to find out
in mind the people who pay in lifting our country out of the slough of deis to inquire.
pression and despondency.
The President in his speech declared:
In the simplest expression possible, we were trying to get this great
I shall not attempt to coerce the Senate of the United States. I shall country of ours on the right track again. The anxiety was in behalf of no
my will upon
great
make no demand upon the people. I shall not try to impose
one Interest, but for all interests. We were anxious alike for the
any body or anybody. I shall embark upon no crusade. Hereafter, captain of industry and his working army. We had concern for him whom
as to-right, acting strictly within, but to the full limit we sometimes call the little chap, who makes up the great industrial profrom time to time,
of, my constitutional authority. I shall make further exposition of my ma- cession, but who is little noted because he walks in the ranks, but whose
"remind
tured views and maturing proposals, to the end that we not only
is a foremost essential to a national happiness and contentthat good fortune
the world anew" by our words, but convince the world by our deeds,
ment. We safeguarded against our own destruction being effected by the
to perform our part in furthering peace," and world's demoralization, but we never hindered the world's honest efforts at
we do, in fact, stand "ready
In regaining the common prosperity which can come only through the restor- recovery. On the whole, we contemplate fortunate conditions to-day, and
ation of stability in all affairs.
I believe they are going to abide. We are the most prosperous people in
But I shall not restrict my appeal to your reason. I shall call upon your the world. I do not share the belief that we have effected only temporary
humanity. I shall invoke your Christian- relief. I never did share the convictions of many men that our permanent
patriotism. I shall beseech your
ity. I shall reach to the very depths of your love for your fellow men of recovery could only come after complete collapse, which we have so happily
whatever race or creed throughout the world. I shall speak. as I speak avoided.
now, with all the earnestness and power of the sincerity that is in me and
It is too early now to safely appraise the competition of the world restored.
In perfect faith that God will keep clear and receptive your understanding.
but the world must take cognizance of the new order as Well as we. War
The following is the President's address in full:
wrought an emancipation of men and Changed conditions of production
which the Old World must recognize before a stable order Is restored to it.
My Countrymen*
order, socially
In an official journey from Washington to our great Territory of Alaska, Our recovery is based on a prompt recognition of the new
our first stop halts us in your hospitable city and affords an opportunity just and economically sound, and I am sure we will carry on.
It is very gratifying to contemplate our conditions at home, wrought
for renewed acquaintance and better understanding. I suppose it is a perfectly natural expectation that when the President travels he must stop and amid many manifestations of impatience, but, in spite of diseouragements.
confidence for
make report to the community he is seeking to serve. It has seemed to me the record is made. I share your gratification, and have fun
that nearly every city and village from the Potomac to the Paicific has the morrow.
These things, briefly related, with great satisfaction in progress made,
bestowed an invitation and a tender of hospitality. I like to say to you,
of
bemuse in saying it to you I am speaking to many others in this marvelous are meant to serve as a foundation for a wholly frank statement to you
of St. Louis and Missouri, and to all the United States, concerning my conage of communication, that I very genuinely regret the impossibility
nations of the
accepting all qf them. Quito apart from the personal satisfaction and victions about the attitude of this republic toward other
relationships
renewed assurance in direct contact with our people. I think there is vast world. The President's impressions concerning international
conae, bec.ause
benefit in bringing the Government a little closer to the people, and the are necessarily founded upon official experience which can
of State.
people a little closer to Government and closer to those temporarily charged of the duties of office, to none other except the Secretary
The endless problems of foreign relations are relatively little revealed to
with official responsibility.
they
You view Government from afar, and I am not surprised that you wonder the world. Most frequently they are more readily adjusted because imof vital
now and then, because you received occasional reflexes which are so er- are not revealed, though it is fair to assure you that nothing
the Government
roneous that official Washington itself cannot understand them. And those portance is unduly hidden from the people for whom
are Probof us who are in Washington live in an atmosphere of officialdom which speaks. Week by week, day by day, often hoar by hoer, there
be avoided than
often hinders our knowledge of the thoughts around the American fire- lems in our international relations which are no more to
citizen who
side, and the activities which daily make the essential life of the nation. the vital questions of our own relationships at honk. The
insensible to
These are conditions not easily to be avoided. Our Government is the big- believes in aloofness is blind to inescapable obligations and
commercial intergest business in the world, and like any other business it requires the the twentieth century world order and unmindful of our
dependence about which the modern business fabric has come to be woven.
management to be more or less diligently at work.
Congress has been more or less continually in session for eight years, and
Washington's Admonition.
under our co-ordinated form of government the President must be more
In his never-to-be-forgotten Farewell Address,in which the first President
or less "in session" at the same time. So I have welcomed this opporand our proper relatunity to see the great Central Valley, the Mountain West, the Pocific compressed the gospel of our mutual interests at home
Coast and our treasure land in Alaska. I am rejoiced to speak to you as tions abroad, he said:
your President, reporting on the state of affairs to the stockholders of this
"Observe good faith and justice toward all nations. Cultivate peace and
harmony with all. Religion and morality enjoin this conduct. And can
Republic.
. . The experiment,
it be that good policy does not equally enjoin it? .ennobles human nature.
I do not come with a partisan report, though I am politically a partisan
at least, is recommended by every sentiment whkh
and believe in the utter necessity of political parties. One only serves Alas, is it rendered impossible by its vices?"
his party by first serving his country well, and good service to his country
This solemn admonition was addressed by George Washington to his
ought to be the aspiration of every citizen of our land.
heeded scrupulously
The present national Administration came into responsibility at a fdlow-countrymen 127 years ago. That It has been
have,indeed,observed
very difficult time. Our country found itself in a bad way in the after- we are proud to assume the world believes. That we
agencies of civilization,
math of the World War. We had expended in heedlessness, we had good faith and have exalted justice above all other
inflated in madness, WO had rushed into the abnormal and found ten barring only Christianity, surely none can deny with truth.
And we have cultivated peace, not academically and passively merely,
thousand difficulties in resuming our normal stride. There was the
inevitable business slump. It follows every war. It applies to business but in practical ways and by active endeavors. Even as Washington apand far-reaching declarain every line—finance, industry, agriculture. And business reflexes pended his signature to his most memorable
treaty of peace between
are felt by every citizen, no matter how humble or how great. We found tion, a new principle had been written into the
by the Congreee
in the inevitable reflux of the war tide threatened financial ability, agri- Great Britain and the United States, had been sustained
cultural distress and vast unemployment. A survey of unemployment at his resolute insistence, and was in full force and effect. That principle
employed successfully at the time, but
was arbitration, which was not only
revealed four and a half to five millions of workers without jobs.
I leave the appraisal of all relief efforts, legislative, executive, or ad- became from that moment an established policy of the Republic, from
...
4.161. UR AIM
to your own judgment. The thing I want to say is that which to this day there has been no departure.
ministrative,
this distressing situation has been wholly reversed, and to-day employTwo Conditions Indispensable.
ment is calling for men. There is complaint about that, too, but since
Thus, clearly, by the method already operative,In substituting reason for
we cannot always preserve the actual balance, I prefer a land which is
of his
seeking workmen to a country where discouraged men are hunting for jobs. prejudice, law for obduracy, and justice for passion, the leather
counteI like to believe that the recovery is based mainly on confidence in the Country bade us, no less than his contemporaries, not merely to
promote peace. It is
American policy and the fundamental righteousness of our institutions. nance and uphold, but actively to cultivate and
America.
I like to believe we have recovered because we avoid the paths of de- with that high purpose in mind and at heart, men and women of
Court
structive experimentation. ignore theories and cling tenaciously' to the that I advocate participation by the United States in the Permanent
foundations of business and property rights and human rights, which have of International Justice.
Two conditions may be considered indispensable:
made ours the most rapidly and most safely developed representative
First, that the tribunal be SO constituted as to appear and to be, in
democracy in all the world.
we have made our theory and in practice, in form and in substance. beyond the shadow of
We have done more than banish unemployment;
way to financial stability, without which there is little permanent employ- doubt. a World Court and not a League Court.
Second, that the United States shall occupy a plane of perfect equality
ment. And we halted the extremists who caught their inspiration in
European madness and proposed to destroy our social order because of with every other Power.
There is no consequential dispute among us concerning the League of
temporary ills, rather than cure the ills.
the present AdminisI believe America to-night is a fine example to the world, with con- Nations. There are yet its earnest advocates, but
the League is not for us.
fidence in herself, of a people capable of laying aside their arms, grappling tration has said, repeatedly and decisively, that
World Court. We canwith the
a reconstruction problem and digging down to hard work to effect the There admittedly is a League connection
2948
THE CHRONICLE
[VoL. 116.
not hope to get anywhere except in the frankest understanding of facts.
Such, in brief, is an outline of the basis upon which I shall hope, at the
The authors of the Court protocol, co-operating with a brilliant American opening of Congress, for the consent of the
Senate to initiate negotiations
leadership, turned to the League organization for the Court electorate, with the Powers which have associated themselves
with the Permanent
to solve a problem in choosing judges heretofore unsolvable. Though I Court of International Justice.
firmly believe we could adhere to the Court protocol, with becoming reserNo program could be devised that would win unanimous approval either
vation, and be free from every possible obligation to the League. I would at home or abroad. We cannot hope to attain perfection
or to satisfy exfrankly prefer the Court's complete independence of the League.
treme demands. The best and the most we can do is to appeal, let us hope
Just as frankly let me say that I have not held it seemly, in view of oft- successfully, to reasonable minds and, with sturdy faith, be true
to ourrepeated declaration favorable to the World Court establishment, to say to selves and ready for our duties as liberty-loving,
duty-realizing Americans.
the nations which have established very much what we have wished, that
There are those who openly advocate our proposed association with the
they must put aside their very commendable creation because we do not Court of Justice as a first step toward joining the League of
Nations.
subscribe to its every detail, or fashion it all anew and to our liking, in Their number is not large,and they cannot hope to prevail.
There are those
every specific detail, before we offer our assistance in making it a perma- Who. in fear and trembling, proclaim their opinion that this mighty Renent agency of improved international relationship.
public should live as a hermit nation. They, too, are few and hold to
Government can never successfully undertake the solution of a great an impossible position. Both are extremists. In an endeavor to obtain acProblem unless It can frankly submit it to the people. It is for these rea- tual results, both may be safely omitted from serious consideration.
sons that I confess these objections. I recognize the constitutional requireBut two great groups, comprising a vast majority of our people, need to
ment of Senate ratification, and I believe that the tide of public sentiment be considered. And between these there Iles no difference in professed
will be reflected in the Senate. I am so eager for the ultimate accomplish- desire. I am striving for fulfillment of that expressed desire. Both urge
ment that I am interested in harmonizing opposing elements, more anxious participation of the United States in a World Court of Justice, in fulfillto effect our helpful commitment to the Court, than I am to score a victory ment of our age-long aspiration and in conformity with our unbroken
for executive insistence. Let us, therefore, appraise some of the determin- trad tion. They agree that to achieve its fundamental purpose of subing factors which must be considered in hopefully mapping our course.
stituting justice for warfare in the settlement of controversies between naNearly three years ago, by an overwhelming majority, the people rejected tions, such a tribunal must be its own master. The distinction between the
the proposal of the Administration then in power to incorporate the United two is not one of essential principle or of avowed intent, but one only of
States in the League of Nations. To assert that those 16,000.000 voters fact and opinion.
did not lmovr what they were doing is to Insult their intelligence, and to
There are those who hold that the creation of the existing Court under
deny the facts.
a distinct protocol, instead of directly under the Covenant of the League,
Whatever other considerations may have influenced their judgment were removes every tincture of subservience or obligation. For present purpurely incidental. The paramount issue, boldly, defiantly advanced in un- poses, granting its correctness, there can
be no real objection to clarifying
mistakable terms by the Democratic Party and espoused by the Democratic the fact in plain, simple terms,
to the end that all doubts shall be dispelled
candidate for President, was indorsement of the demand of the then Dem- and that all minds shall be
wholly convinced by ready understanding. inocratic President. I dislike the use of party names in dealing with a prob- stead of being only partially
persuaded by intricate exposition. If. as we
lem which has now passed far beyond party association. but I want the all believe, the cornerstone
of every judicial structure is unquestioning faith
World Court proposal utterly disassociated with any intention of entrance In its integrity, I am
unwilling to deprive it of any particle of strength
into the league, and recite the history to paint the background. Moro Which would enhance popular
respect for and confidence in its decisions.
over. I am so earnest in my desire to have the United States give support Surely no harm, but rather
much good, might spring from simplification
to the Court that I would gladly wipe out factional difference to effect the of an admitted condition.
great accomplishment.
The other large group comprises those who, while equally earnest in
If the country had desired to join the League in 1920, it had its opportun- advocacy of an in ernational
tribunal, regard the present Court with susity. It most emphatically refused. It would refuse again, no less de- picion because of its
origin. This objection,for reasons which I have noted,
cisively to-day.
Is unimportant. Indeed,from a practical viewpoint. I consider it a matter
There has been no change in condition. It is the same League. Not a o distinct congratulation that
there Is in existence a body which already
line in the rejected covenant has been altered, not a phrase modified, not a has justified itself, upon
its merits, by demonstration of its character and
word omitted or added. Article X still stands as the heart of the compact. capabilities.
Article XI and all other stipulations objected to and condemned by the
If American adherence could be made effective in the reconstruction
American people remain untouched, in full force in theory, however cir- of the Court, with respect to its
continuing operation, that would seem to
cumspectly they are being ignored in practice.
dispose conclusively of all other cited apprehensions of danger from the
In the face of the overwhelming verdict of 1920, therefore, the issue of the exorcise of any influence
whatsoveer, either open or furtive, by the League
League of Nations Ls as dead as slavery. Is tt not the part of wisdom and of Nations or by any other
organization.
common sense to let it rest in the deep grave to which it has been consigned,
The whole question of support or opposition on the part of these two
and turn our thoughts to living things?
controlling groups clearly resolves into a test ofsincerity. When once AmerBut let there be no misunderstanding. I did not say three Years ago. ican citizens have
comprehended that vital point, I shall have no doubt of
and I do not say now, that there is no element in the League organization their answer.
which might be utilized advantageously in striving to establish helpful.
I have taken very frank cognizance of the avowed objections because we
practical co-operation among the nations of the earth. On the contrary. have come to this
very test of sincerity. Except for the very inconsiderable
I recognized generally then, and perceive more precisely now, rudiments minority, which is hostile
to any participation in world effort toward
of good in both the League and The Hague Tribunal. Having marked the security, which
our better impulses are ever urging, there Is overwhelming
fundamental difference between a Court of International Justice. which I sentiment favorable to our support
of a World Court. But I want the
espoused, and the Council set up by the League Covenant, which I disap- United States to give its influence
to the World Court already established.
proved, as "the difference between a government of laws and a government Since any adherence must be attended
by reservations, I am willing to_ give
of men," I said plainly on Aug. 28 1920: "I would take and combine all that consideration to our differences at home
and thereby remove every threatenIs good and excise all that is bad from both organizations."
ing obstacle worth considering, so we may go wholeheartedly to the world
with an authorized tender of support.
Sags Court Is Firmlif
That is exactly what I am now proposing to do. The abstract principle
of a World Court found its genesis in The Hague Tribunal. The concrete
"Voice of the Doubter."
application of that principle has been made by the League. Sound theory
So much for the domestic phases of this problem. But there is another.
and admirable practice have been joined successfully. The court itself is I hear the voice
of the doubter: "This is all very well, but it cannot be
not only firmly established, but has clearly demonstrated ft utility and done. The
forty nations which have signed the protocol will refuse to make
efficiency.
these changes. They have formulated their plans, have arranged their
Safeguarding Cominuing Freedom.
procedure, have constructed their machinery, have established a going conIt is a true judicial tribunal. Its composition is of the highest order. cern; they are no only
themselves content, but they can see no reason why
None better, none freer from selfish, partisan, national or racial prejudices the few remaining powers
should not be equally satisfied with the result of
or influences could be obtained. That, to the best of my information and their endeavors. They will
resent the mere suggestion of such proposals by
belief, is a fact universally admitted and acciamied. I care not whence the the United States as an attempt
at dictation. It would be an act of discourt came. I insist only that Its integrity, its independence, its complete courtesy, if not indeed of
unfriendliness, on the part of the American Govand continuing freedom be safeguarded absolutely.
ernment to approach them along these lines. They will spurn the offer.
The sole question is whether the requirments which I have enumerated They will not brook interference
from an outsider. They will not consent to
as essential to adherence by the United States can be met. My answer upset or modify
their fait accompli. The whole project will fall to the
is that where there is a unamious will, a way can always be found. I ground."
am not wedded irrevocably to any particular method, I would not assume
To which I reply: Primarily, at this time,it is to satisfy the acknowledgfor a moment that the readjustment of the existing arrangement which ed
hope and to comply with the earnest wish of our sister States that we are
appears to my mind as feasible is the best, much lees the only one. But. striving to find a way to
Join and strengthen the one body created by them
such as it is. I submit it, without exceas of detail, as a basis for consid- which bears promise of
eliminating the need of war to regulate international
eration, discussion and judgment.
relations. We wish no more of war. To submit terms which we consider
Granting the noteworthy excellence, of which I, for one, am fully con- essential to the preservation
of our nationality is not an act of discourtesy:
vinced, of the court as now constituted, why not proceed in the belief It
is the only fair, square and honorable thing a great, self-respecting nation
that it may be made self-perpetuating? This could be done in one of two can do. So far from being
unfriendly, it springs from a sincere desire,
ways (1) by empowering the court itself to fill any vacancy arising from through
frank and intimate association, to help to restore stability, and,
the death of a member or retirement for whatever cause, without interposiIn the words of'Washington, to "cultivate peace" throughout the world.
tion from any other body; or, (2) by continuing the existing authority of
Manifestations of resentment at our pursuing this natural and usual
the Permanent Court of Arbitration to nominate and by transferring the
course would appear far leas as evidences of indignation than would attend
power to elect from the council and assembly of the League to the remain- a
course of alooft.ess, or an utter disregard for so notable an international
ing members of the Court of Justice.
endeavor.
The fixing of compensation of the Judges, the supervision of expendiThe United States is not a suppliant. Nor has it the slightest desire to
tures, the apportionment of contribution, &c.. could also be transferred become master.
a
It is and must be an equal, no more and no less, regardfrom the League to either Court of Arbitration or a commission desig- less of its relative material
power or moral authority, ever conscious of its
nated by the member nations. Thus, incidentally, would be averted own rights, but never
denying the like, in oven proportion, to another.
the admitted unfairness of the present system, which imposes a tax upon
And what is the crux of conditions which I have ventured to suggest as
members of the League who are not subscribers to the court.
constituting a basis for negotiation?
The exclusive pri Mere now held by the League to seek advisory legal
The making of the World Court precisely what its name implies, and for
guidance from the court might either be abolished, or, more wisely perhaps, which we have so earnestly
spoken.
be extended to any member or group of member nations. Thus all would be
Can it be possible that, despite their protestations to the contrary, this is
served alike, subject as now to determination by the court itself of the not what some of our sister States at
heart desire? Must there be a test of
kind of questions upon which it would render judgments.
sincerity abroad as well as at home? Then the more quickly it can be made,
The disparity in voting as between a unit nation and an aggregated em- the better for them and the better
for us. There is othing to be accompire, which now maintains in the assembly of the League, to which many plished in ambiguity. We want to
know. And the only way to find out
object, because of apprehensions which 1 do not share, would, under this Is to inquire.
Plan. disappear automatically.
Very recently a striking message was flashed through the air from Rome
These observations are not to be construed as suggesting changes in the to Washington. "Tell America."
said the vigorous Prime Minister, "that
essential statute of the Court. or the enlargement or diminution of its I like her, like her because she is
strong, simple and direct. I wish Italy
numerical strength, or modifying the proper provision that a nation having to be the same and shall try to make
her so." God speed him. And God
a cause before the Court, which is not represented among the Judges, grant that America shall never
forfeit the high honor borne by that sentient
may name one of its own nationals to sit in that particular case.
tribute from Mussolini.
JUNE
30 1923.]
THE CHRONICLE
2949
city
approval by almost continuous applause, and Mayor Hylan and other
Neither Advances Nor Retreats from Views Expressed to Senate.
visibly showed their satisfaction. . . .
of simplicity and officials
cannot doubt that ydu wIl1 accord, at least, the merit
Much of the credit for the parade went to Grover A. Whalen, Commissioner
not advocate
directness to what I .have said. Understand clearly, I do
of Plant and Structures, who was chief of staff to Mayor Hylan as Grand
reiterate and stand squarely for every pledge I Marshal. The parade took fifteen minutes less than five hours to pass the
compromise. I merely
un-American any
have made. I still reject as unwise, untraditional and
no doubt was expressed that the estimate of 40,000
with all my reviewing stand, and
with
foreign political alliance or entanglement. I still "favor
marchers was correct. The largest divisions were the Police Department
by considerations of right and
and
heart association of free nations, animated
5,200 men, the Fire Department with 2,500 and the Department of Plant
and self-interest, so organized and so participated Structures and the Street Cleaning Department with 1,800 each. There
Justice. instead of might
."
make the actual attainment of peace a reasonable possibility
line.
ir as to
Justice were more than 100 bands in
The CompI strongly urge adherence to the Permanent Court of International
Comptroller Charles L. Craig was conspicuous by his absence.
can safely
spent
as the one and only existing "agency of peace," to which we
troller, who hasn't been particularly enthusiastic about the celebration,
the basic principles of our national being.
subscribe without violating'
the afternoon at his summer home near Cannel, N. Y. Neither did the
advance nor retreat from the position which I assumed in my Finance Department, of which the Comptroller is the head, have any part
I neither
amdepartment, CatIlmiNii00 or bureau not
recent message to the Senate. My sole purpose to-night has bees to
proper In the parade. It was the only city
plify the constructive suggestion which, at what appeared to be a
represented.
consideration and judgment. Broadly.
time.I placed before the country for
ways and
The second parade which featured the celebration took
and yet I trust with sufficient particularity, I have indicated
means for realization of our common aspiration.
place on Saturday, June 16, and was participated in by the
Will Make No Demand on People.
the Sonata
Further than that I shall not go. I shall not attempt to coerce
I shall
of the United States. I shall make no demand upon the people.
embark
not try to impose my will upon any body or anybody. I shall
strictly
upon no crusade. Hereafter, from time to time, as to-night, acting
make
within, but to the full limit of, my constitutional authority. I shall
and maturing proposals, to the end
further exposition of my matured views
convince the
that we not only "remind the world anew" by our words, but
part
world by our deeds, that we do, in fact, stand "ready to perform our
can
In furthering peace," and in regaining the common prosperity which
stability in all affairs.
come only through the restoration of
call upon
But I shall not restrict my appeal to your reason. I shall
invoke your
your patriotism. I shall beseech your humanity. I shall
your fellowChristianity. I shall reach to the very depths of your love for
speak. as I
men of whatever race or creed throughout the world. I shall
in me
speak now, with all the earnestness and power of the sincerity that is
your underand in perfect faith that God will keep clear and receptive
standing.
heart is
I could not do otherwise. My soul yearns for peace. My
serve. My
anguished by the sufferings of war. My spirit is eager to
-My
passion is for justice over force. My hope is in the great court.
mind is made up. My resolution is fixed.
none, with
I pass from Washington to Lincoln. "With malice toward
charity for all," accurately depicts our attitude toward other nations.
for
All in equal measure hold our sympathy in their distress and our hope
comthe quick coming of better days. We would make no invidious
industrial interests of the city, which contributed a number
of floats typical of the city's business advancement. An indication of the scope of this parade is furnished in the following, which we quote from the New York "Times" of the
17th inst.:
parisons.
It is but natural, nevertheless, that we should feel, and it is proper that
we should express due appreciation of conduct which conforms notably to
reour own conceptions of what honor, integrity, sagacity and gratitude
quire of self-respecting nations. I consider it eminently fitting at this time
of this country for
to VOICE, the keen admiration and enhancx1 regard
Great Britain as an immediate consequence of her frank acknowledgment
for
and sturdy assumption of a financial obligation which, though incurred
the preservation of her very existenct, added materiaally to her already
heavy burdens.
its
Nor can I withhold from the German democracy just recognition of
fairnew Government's dear manifestation of faith in our consciousness of
flees as the chief requisite of a peace settlement between her Government
the
and ours, and of our disinterestedness in all matters pertaining to
adjustment of European affairs.
of our liberty-loving people to
It has over been an irresistible Impulse
of popuwelcome a triumph of democracy over autocracy and a substitution
hope that
lar government for monarchal domination. Hence, our earsest
Indicate, will be
a just settlement, terms of which we do not pretend to
France,
made in Europe, satisfying the just dues of democratic and heroic
so that Germany may make good in her promises of reparations, and therein
German democracy may establish a national honor which the monarchy
had not conceived, and then take her place in support of the Permanent
Court of International Justice.
Time for America to Act.
Our neighbor to the South, for whom we have only good-will and good
hope, will soon, I trust, be in a position to make practicable resumption of
fraternal relations with this country, and, following that happy consummation, what more natural than that Mexico, too, along with Germany and,
let us hope, Turkey, should accompany the United States, upon terms
equally essential to her welfare, into the great tribunal? Then it will
become, indeed, a true World Court.
Thus, briefly, my friends. I have revealed the hopeful anticipations of
my mind, and the trustful longing of my heart. I feel that the time for
America to take the first long stride in restoration of a desolate and deepairng world has come, and that the way stretches clime, though far, before our
eyes. May our vislon never be clouded by spectres of disaster or shadows
of dismay. If, in our search for everlasting peace, we but let lead, and
follow humbly but dauntlessly. the "Kindly Light" of (evince inspirations
to all human brotherhood, gleaming like a star in the heavens, from the
most beautiful hymn ever 'written. God will not let us fail.
One of the largest delegations in the parade was from Wanamaker's, Rodman Wanamaker being Chairman of the Mayor's Celebration Committee.
This contingent was led by Preston P. Lynn and the band of Wanamaker'e
Commercial Institute. Then came long lines of men employees in blue serge
coats, white flannel trousers and straw hats, and a float showing the flags of
America.
Wanamaker's Store Band led a body of girl marchers in blue skirts, zouave
jackets and white waists. Other floats showed a scene at the Island Heights
.
Camp for Wanamaker employees. . .
Nearly a thousand girls and men, employed by the Metropolitan Life Insurance Co., marched behind a series of ninth, the first of which contained a
model of the Metropolitan Building.. . •
The most expensive float was that of Messmore 6; Damon, float builders,
representing a jungle with lifelike figures of animals. The "Pictorial Review" had a large delegation of employees and a number of floats depicting
its growth.
A handsome motor boat mounted on a truck was shown by the Consolidated Shipbuilding Corporation. The Todd Shipyards Corporation displayed
an even larger boat, the "W. H. Todd," and a number of floats showing
equipment James Butler, the grocer, who has increased his business from
75 to 750 stores in 25 years, made an extensive showing, with marchers representing his brands of staple groceries.
The float of Mallinson's Silks, showing an Oriental scene with handsome
women, was one of the prettiest in the parade. Thirty boys 'playing harmonicas filled the float of If. Hohner & Co. A model of a house with
painters at work was shown by DeVoe 6c Reynolds.
There were floats or delegations from A. G. Spaulding S.; Bros., many automobile companies, the Ex-Lax Co., the American Safety Manor Co., the Standard Oil Co., the United Cigar Stores Co., Richardson & Boynton, the WeberMcLoughlin Co., and Benn Rigel, a Rockaway contractor.
Greater New York's Silver Jubilee.
Greater New York's 'silver jubilee, held to signalize the
twenty-fifth anniversary of the consolidation of the five
boroughs comprising the city, and to depict its progress in
that period, was brought to a close on Saturday last, June 2&
Three parades were held during the four weeks of the celebration, from May 26 to June 23. While the exposition at the
Grand Central Palace, at 44th Street and Lexington Avenue,
was not officially opened until Monday, May 28, the celebration was brought under way the preceding Saturday, May
26, with a parade on Fifth Avenue of 40,000 city employees;
Mayor IIylan headed the parade with Its start at 95th Street
and continued in it until the reviewing stand at 59th Street
was reached. Regarding this parade the New York "Times"
on May 27 said in part:
Everything contributed to make the narade one of the greatest of its kind
ever held. The day was beautiful and the sky cloudless. The parade itself
went with military precision. The marchers, particularly the units of woMen, made a fine appearance. Just enough variety was provided by floats
and apparatus used by the different departments. The thousands that filled
the reviewing stands and crowded the sidewalks along the route showed their
The "Times" also had the following to say relative to the
•
parade on the 16th:
Mayor Hylan, who reviewed the parade from a stand at 69th Street, pronounced it the greatest of its kind that had been, or ever would be, held.
"I think that General Dyer (the Grand Marshal) and the business interests
of the city are to be congratulated on this wonderful parade," the Mayor
said. "It is the most marvelous demonstration I have ever witnessed. The
business men of the city came forward and contributed liberally' to the 25th
anniversary exposition. To-day under the leadership of General Dyer they
have given us the greatest civic demonstration that the city of New York will
ever see. . . .
Nearly one-third of the parade was made up of food products divisions,
with marchers, floats and decorated trucks from the city markets predominating. Commissioner of Public Markets O'Malley led these divisions. Not
far bellind him came a float bearing a mammoth plaster pig heading the pork
products division. . . .
The final parade, on the closing day of the celebration, last
Saturday, June 23, numbered nearly 50,000 marchers—all
members of fraternal organizations of the city. The Salvation Army led the various divisions, which included veterans of America's wars, Masonic organizations, Independent
Order of Free Sons of Israel, the Foresters of America, the
Order of Shepherds of Bethlehem, the Modern Woodmen of
America, the Fraternal Order of Eagles, Junior Order of
American Mechanics, the Daughters of America, the Knights
of Columbus, the Independent Order of Odd Fellows, etc., etc,
Indian chiefs and Sagamores marched w!th the Red Men of
America, it was pointed out in the "Times." squaws of the
order appeared in the delegation of the Degree of Pocahontas. '
The jubilee was officially terminated at 12.15 a. in., June
24, at the Grand •Central Palace, where the exposition was
held. In addition to the four floors which were occupied
there to display the city's progress, a part of the exhibit was
displayed on Park Avenue from 44th to 49th Street, where
an arcade had been formed to house some of the city's exhibits. Regarding the exhibits in the Grand Central Palace,
we take the following from the New York "Times" of May
28:
The main floor display is built around a "fountain of jewels." Forty feet
in height and built in the shape of a bell it contains 30,000 pieces of Austrian
cut glass in half a dozen colors. Each piece hangs from the framework
flashing at the slightest movement as it reflects the rays from colored searchlights.
The Mayor's office, the noted of Estimate and the five Borough Presidents
will have exhibits on the main floor. This floor is surrounded by a series of
mural paintings, depicting familiar New York City scenes. For Manhattan
there is the Hudson River sky-line from the Battery to Grant's Tomb; for
the Bronx, the hall of Fame, the Zoological Park, Poe's cottage and the Con-
2950
THE CHRONICLE
course.; for Brooklyn, the East River sky-line, the Navy Yard and Brooklyn
Bridge. The Queens mural paintings depict the Queensboro Bridge, the Rockaway and views of suburban sections. The painting for Richmond shows
the waterfront at St. George.
Gigantic dfc4p of the City.
There is also on the main floor a map of the city, 30 by 32 feet, in which
every building and piece of property owned by the municipality is shown by
.
electric lights, colored differently to show each department. Thus, the Police
Department buildings are marked by green lights, the Fire Department buildings by red lights, etc. The 2,600 lights will be flashed by departments and
en masse at intervals to give visitors an idea of the magnitude of the city's
holdings.
The second floor exhibits inclutle those of the Department of Plant and
Structures with models of the East River bridges, the.Child Welfare Commission, the Bureau of Records, Department of Water Supply, Gas and Electricity, the Board of Purchase and bureaus of the Health Department.
The various hospitals have space on the third floor, where the Municipal
Art Commission and the Tenement House Commission have exhibits. On the
fourth floor the Department of Correction, the Park Board, the Street Cleaning Department and the Police Department will have displays. Part of the
fourth floor has been given over to the American Institute of Architects for a
show which the institute has been arranging for more than a year. This exhibit illustrates the projected and suggested work for the beautifying of New
York City in years to come. The Fire Department and several other departments will have exhibits in the arcade from 45th to 49th Street, in Park
Avenue.
Mayor Hylan on several occasions during the celebration
had something to say regarding the event. On May 24, just
prior to its opening, he said:
Because I have tremendous faith in New York City and the fine spirit behind it; a spirit of pride and enterprise which has made it the greatest metropolis that the world has ever known, I have always been supremely confident that the commemoration of Greater New York's 25th birthday, which
we are calling New York's Silver Jubilee, was going to be a tremendous success, and it is. The work done by the heads of every department of municipal
endeavor has been done so earnestly and thoroughly that I am very confident
that even as a spectable New York's Silver Jubilee will far surpass our Hudson-Fulton celebration, or any purely civic exhibition that has ever been held
by any municipality.
Parades are common. It sounds simple enough to say merely that New
York's Silver Jubilee will start with the parade on Saturday, but as a matter
of fact, this parade is going to excel in a great many ways any parade ever
before held in New York City and when it is through and the accounts of it
are published broadcast in the newspapers of the world it is my firm belief
that it will have proved the best and most dignified advertisement for this
city, which we all love, that could possibly have been devised.
Nor was I wrong in my belief that as this commemorative celebration was
strictly non-partisan; that before the day for the beginning of the celebration arrived we should find a vast majority of New York people sturdily and
loyally behind the idea and that the whole thing would be backed up and
supported by the best among our New York newspapers.
This 26th birthday which we are about to celebrate is but the first forward
step in a march of municipal progress that sets an example to all the cities
of the earth. No man is wise enough to foresee what the next 25 years may
bring forth, but when, in 1948, Greater New York celebrates its Golden Jubilee, I am proud to think that the citizens of that time will look back to this,
our Sliver Jubilee, and be able to realize that they owe something of their
greatness and their realized ambition to the work that we are doing to-day
and to the foundations we are so firmly laying on which our sons may build.
[vol. 116.
power to exempt new dwellings from taxation, and the validity of which was upheld by the Appellate'Division of the
New York Supreme Court (see "Chronicle" of April 7 1923,
p. 1489). Just as it previously did, New York City has
taken advantage of the enabling Act. The new ordinance
adopted by the Board of Aldermen is similar to the old one,
except that exemptions of $5,000 for each apartment in a
multi-family dwelling were allowed in the old ordinance.
The new ordinance reads:
It is hereby determined that until Jan. 1 1932 new buildings in the City
of New York, planned for dwelling purposes exclusively, except hotels.
shall be exempt from taxation, as herein provided, for local purposes other
than assessments for local improvements during construction and so long
as used or intended to be used exclusively for dwelling purposes, or if a building of four stories or more in height used exclusively for dwelling purposes
above the ground floor, provided construction was completed since April 1
1920, or. if not so completed,that construction be commenced before April 1
1924, and completion for occupancy be effected within two years after such
commencement, or, if on Sept. 27 1920 in course of construction, within
two years thereafter.
It is further ordained that such exemption shall be granted to the extent
only of $1,000 for each living room, including the kitchens but not including the bathrooms, in each smh building, provided that the total amount
of such exemption shall not exceed, for every single family house coming
Within the terms of the statute, $5.000 of the value of the building, and for
every two-family house coming within the terms of the statute. $10,000 of
the value of the building, and for every multiple-family house main; within
the statute, if construction be commenced after April 1 1923 and before
April 1 1924, and completion for occupancy be effected within two years
after such commencement. $15,000 of the value of the building; and if the
construction of such multiple-family house was completed since April 1
1920 and prior to April 11923. or its construction was commenced prior to
April 1 1923 and completion for occupancy be effected within two years
after such commencement, then an amount of the value of the building
equivalent to $5,000 for each separate family apartment therein.
This ordinance shall take effect immediately upon approval by the
Board of Estimate and Apportionment.
An amendment to the old ordinance presented by Alderman Bruce M.
Falconer. Republican. was defeated by a vote of 55 to 9. He favored tax
exemption upon homes for which the rent was not in excess of $17 per room
per month. William T. Collins. Vice-Chairman of the Board, said that
speculators in multifamily apartments obtained manifold financial advantages, some receiving as high as $100,000 tax exemption.
"It was not to aid that class of builders that tax exemption was placed
on the statute books," said Alderman Collins, "and for that reason it was
decided that the best interests of both the working people and the city
treasury would be served if the one- two and multi-family houses only were
granted the best exemption advantages."
New Regulations Governing Future Grain Trading
Signed by Secretary of Agriculture Wallace.
The signing by Secretary of Agriculture Wallace at Des
Moines on June 22 of general rules and regulations governing
future trading grain markets was announced in press dispatches from that city, which stated that they had been sent
At its conclusion last Saturday he was reported by the to Washington for promulgation. The Omaha "Bee" in a
New York "Times" as saying:
Des Moines dispatch June 22 said:
I regret as far as I am concerned, that this is the last night of the exposition. The newspapers did not give the exposition support in the beginning,
.
but, now that it is over, they are writing editorials praising and suggesting
that the exhibits be perpetuated. It is like the story of locking the stable
door after the horse was stolen.
The exposition has demonstrated clearly that the people want to know
their city and that they appreciate the opportunity offered to them to visualize the machinery of the City Government. This has been attested by the
enormous crowds. I have never heard a word of criticism of the exposition.
The one thought of everybody seems to be that it would be wise to make permanent some of its features.
The purpose of the regulations, Secretary Wallace explained, is to
prevent the dissemination of untrue and misleading rumors or information
which may affect the price of grain; to prevent manipulation of prices or
the running of corners; to acquire information concerning operations on
future trading markets which will make it possible to make a thorough
and systematic study of the manner in which grain prices are registered on
these markets.
The rules provide that reports shall be made to the supervisors of the
various future trading markets, either by every individual firm which
operates on these markets or through a responsible clearing house at each
market. Reports must be made before the opening of the market the
Grover A. Whalen, Commissioner of Plants and Structures, following day.
To Protect Speculators.
and Vice-Chairman of the Celebration Committee, was also
Secretary Wallace, in his statement, says it was not the intention of the
among the speakers at the closing exercises of the celebra- framers of the law to prevent futuretrading,hedging or legitimate speculation, and what he had to say was indicated as follows by tion, nor to interfere with the normal and proper operation of future trading
markets. The Secretary declares that it was not his purpose to enforce
the New York "Times":
the law in a manner which would annoy legitimate operators either at
Mr. Whalen in introducing the Mayor said that the exposition had
market centres or at country points, nor to discourage normal and proper
cost
$500,000 and that there would be enough money in hand to meet all obliga- speculation.
tions, making it unnecessary to draw upon the fund guaranteed by
"It is my purpose." he added, "to put a stop, if possible, to the circulaeight men
who had volunteered to underwrite the cost. About half the
money required tion of unfounded rumors set afloat by designing operators to deceive
had been obtained by subscriptions, he said, and the other
unaary speculators, and further to do everything possible to put an end to
half had been
realized by the sale of tickets and the proceeds from concessions.
unfair price manipulation.
"Legitimate
Reference to the enjoining of a bond issue of $400,000 pro- meddling with operators on the market need have no fear of unwarranted
their business. While they are required to report,
posed by Mayor Hylan to meet the cost of the celebration will be handled in absolute confidence and with every safeguard whichthey
it is
was made in these columns March 31, page. 1372.
possible to throw around thern'. Reports of the business of individual
6
speculators are not required except in the case of very large operators whose
business is ofsuch volume as to have a pronounced effect upon the market."
From the New York "Commercial" of June 28 we take
Tax Exemption of New Dwellings in New York City
the following, contained in Washington advices, regarding
Erected from April 1 1923 to April 1 1924,
the regulations:
Approved by the Board of Aldermen.
An ordinance which continues the exemption from local
general taxation until Jan. 1 1932 of buildings, used for
dwelling purposes, except hotels, construction of which is
started between April 1 1923 and April 1 1924, was passed
by the Board of Aldermen of New York City on June 26.
The Board acted under authority of the Act passed at the
recent legislative session which allows local government
bodies to exempt from local taxes new dwellings, the construction of which is begun between April 1 1923 and April 1
1924. It is to be noted that this State Act is merely an
amendment of the old law which granted local communities
The regulations provide that the reports shall show separately for each
kind of grain and each delivery month the following facts:
"The net position at the beginning of the period covered by the report.
"The quantity of grain purchased and the quantity of grain sold on such
contracts during the period covered by the report.
"The quantity of grain delivered and the quantity of grain received on
such contracts during the period covered by the report.
"The net position at the end of the period covered by the report.
Long and Short Accounts.
"The aggregate of all 'long' and the aggregate of all 'short accounts'
carried at the end of the period covered by the report of the clearing member
for whom the report is made.
"The net position, at the end of the period covered by the report, of each
separate account carried by such clearing member, when such net position
equals or exceeds such amuont as shall be specified in a written notice from
JUNE 30 19231
THE CHRONICLE
2951
days. based upon the total number of business days and the gross proceeds of
sale for the preceding 12 months. In any case the bond can not be less than
$5.000 and it need not exceed $50000. Conditions not specifically provided
for by tne amendment may be included in a bond pro oding they are not
inconsistent with the regulations.
In addition to the bo..ds requirement, the revised regulations make
obligatory an Immediate written accounting of each sale, showing the
number, weight, and pri .e of each kind of animal sold, the name of the
Purchaser, the date of sale, and such other facts as may complete the
account.
Fixes Minimum of Big Trades.
A further important provision has to do with the use of funds resulting
"The minimum of what may be called big trades will possibly be fixed at from the sale of livestock. These funds must not be intermingled with
for Minneapolis. other accounts or funds of the market agency kept or used for other purposes
about 1.000.000 bushels for Chicago and 500,000 bushels
The regulations provide that for the purpose of keeping track of big trade a
distinguishing designation shall be used instead of the name of any person.
but the name and address of such person shall be given upon request to a Livestock Exchanges Provide for Bonding of Members.
representative of the grain futures administration. The same designation
In indicating the livestock exchanges which have adopted
must be used for the same person and may be changed only by or with the
the practice of having their members bonded, the U. S. Deapproval of the representative of the grain futures administration."
The regulations provide that each member of a contract market shall partment of Agriculture, under date of April 13, said:
keep records with respect to transactions for future delivery and cash
That most of the market agencies handling livestock on a commission
transactions in chronological order in such manner as will be readily acceptable. They are to be exhibited to a representative of the Department of basis on the various markets are rapidly adopting methods and precautions
that will afford protection to their patrons is shown by reports made by the
Agriculture upon request.
The records as to transactions for future delivery are to be so kept that to Packers and Stockyards Administration. In most instances, this,like many
show whether or not the person for whom such transactions are executed other needed changes which have taken place,is going forward without pressure from the Government, and in others they have been brought about in
are engaged in the cash grain business.
anticipation of action by the United States Department of Agriculture.
Rules on Infortnalion.
For years a number of livestock exchanges have had their members
Representatives of the Department of Agriculture are forbidden to give bonded, and recently the exchanges on several markets, including Ohicago.
Information relative to the business of any member of the Chamber of Com- and Kansas City, have adopted the practice. The following list shows
merce. Each contract market is required to give the office of the grain the exchanges all members of which are bonded, and the amounts of the
futures administration information relative to changes proposed or approved bonds required:
In membership or by-laws, rules or regulations and any official order or
Minimum. Maximum.
$50,000
announcement not previously reported.
$5,000
Chicago Livestock Exchange
20.000
Members of contract market are required to submit to the governing board Denver Livestock Exchange
5,000
officer in charge of the grain futures administration, when re- Kansas City Livestock Exchange
and to the
40.000
20,000
quested by him, copies of reports, circulars, letters or telegrams published Lafayette (Ind.) Livestock Exchange
10.000
or given general circulation concerning crop or market information that Los Angeles Livestock Exchange
15,000
affect or tend to affect the price of commodities and to give the source or Nashville Livestock Exchange
20,000
authority for the information contained in these various documents.
10,000
Ogden Livestock Exchange
Members of contract markets are required to submit to the governing Omaha Livestock Exchange
5,000 up, according to volboard and to the officer in charge of grain futures administration all Inume of business.
formation relating to any attempted manipulation of prices or corner of any South St. Joseph Livestock Exchange
25.000
5,000
grain by any dealer or operator on boards of trade.
40.000
20,000
South St. Paul Livestock Exchange
The regulations are to go into effect as soon as the forms of reports are Wichita Livestock Exchange
25.000
10.000
prepared by the department and placed in the hands of members of the
In addition to the members of these Exchanges, commission men in New
Exchange together with copies of the regulations which will be sent out
amount of
Orleans, Louisiana, have executed bonds under a State law in the
within a few days.
$1.000 each. In San Antonio, Tex., bonds have been executed under a
law by each commission man for $20,000. The Sioux City Exchange
Secretary of Agriculture Amends Grain Regulations State
has provided a cash indemnity funa of $35,000 with which to meet losses on
the part of its members.
Dealing with Inter-State Shipments.
exchange or the
In some
An amendment to the regulations under the United States State, as ainstances, where no bonds are required by the
precautionary measure individual market agencies maintain
Grain Standards Act recently promulgated by the Secretary bonds for the protection of their shippers.
It is probable that the Department of Agriculture, through the Packers
of Agriculture, deals with the inter-State shipment of grain
Stockyards Administration. In the near future put into effect some
by grade between non-inspection points without inspection and
general requirements with respect to bonding of commission firms, but
by a licensed inspector. The amendment becomes effective before a provision of this kind can be made effective a great many problems
must be solved. However,says the department, this necessary delay need
July 1 1923, says the Department, adding:
any exchanges from making local bonding rules. The Packers
The law provides that grain may be sold by grade and shipped in inter- not deter
Stockyards Administration wishes to encourage this voluntary action
state commerce without inspection between points at which no inspector and
way possible.
is located upon compliance with the rules and regulations prescribed by and is anxious to assist in every
the Secretary of Agriculture and subject to the right of either party to the
transaction to refer any dispute as to the grade of the grain to the Secretary Hearing Before Inter-State Commerce Commissioner
of Agriculture. The new regulation requires shippers of such grain to
Hall on Linking of Central RR. of New Jersey with
transmit to the purchaser an invoice bearing a statement to the following
New Yorkentral—Port Authority's Opposieffect:
tion—Statement of A. H. Smith.
This grain not inspected by licensed inspector; grade subject to dispute
under United States Grain Standards Act.
A 'hearing before Inter-State Commerce Commissioner
In addition, shippers are required by the terms of the regulation to report
the details of such shipments if requested by the Bureau of Agricultural Henry C. Hall on the intervention of the Port of New York
Economics.
Authorityiin the proceedings relative to the proposed con-
time to time by the grain futures administration to such contract market."
Rollin E. Smith is in charge of the administration of the Grain Futures
Act in the Department of Agriculture.
"Members of the grain exchanges will not be required to report each individual transaction," Mr. Smith said. "All that is required is that they
shall report the net position of all their transactions. That is, whether
they are short or long on any grain at the end of the day. They will be
required, however, to keep separate records and show the position of the
big traders at the end of the day.
solidation of railroads into several systems, particularly with
New Building regard to a suggested merger of the Central Railroad of New
July 23.
Jersey with the New York Central Lines, was had this week
Announcement was made by the New York Cotton in the rooms of the Merchants' Association in the Woolworth
Exchange this week that it would adjourn business at noon Build'ng. Julius Henry Cohen, counsel for the Port of New
Friday, July 20, and remain closed until Monday morning, York Authority, and others, wore heard by Commissioner
July 23, when it will re-open in its new board rooms in the Hall on Monday, June 25, the New York Central being
new Cotton Exchange Building at Beaver and William represented at the hearing by Clyde Brown, General Solicistreets and Hanover Square. While trading on the floor tor for the railroad. In opposing the idea of linking the
will not begin in the new quarters for another month, tenants Central Railroad of Newlersey with the New York Central,
have boon occupying the new building since early in May, the Port Authority calls attention to tho fact that such a
as was indicated in our issue of May 5, page 1967.
merger could take in lines which are part of the comprehensive plan for the development of the Port of New York which
Amendment to Packers Act Requiring Livestock Market Congress and the States of New York and New Jersey have
Agencies to Give Surety Bonds.
directed the Port Authority to effectuate President Smith,
An amendment to the regulations under the Packers and in a statement issued on June 26, following Mr. C,oben's
Stockyard Act, which makes detailed provisions for bonding testimony before Commissioner Hall OD Monday, said:
to increasing the
Our proposal is primarily a suggestion
of individuals and firms engaged in the livestock commission fazilities for the handling of through traffic with respect after all, the port
upon which,
signed by the of New York mast dem nd for Its prosperity. It was not and is not now
business, effective Sept. 1 1923, has been
which may
Secretary of Agriculture, according to an announcement thought that this proposal conflicts in any way with any plansCommission
be made b3 the Port Authority and the Inter-State Commerce
Department June 25, which said:
by the
In co-operation with the railroads for the development and more efficient
New York
Cotton Exchange to Open in
A large number of livestock exchanges on the principal markets already operation of the terminal facilities of the port district.
had made provision for the bonding of members (commission men) and in
It can make no difference in the firal working out of the Port Authority's
a few States bonding of these market agencies has been required by law. plans wbethi r the Central Railroad of New Jersey is owned by the Baitimore
This amendment assures that all of those handling livestock on markets & Ohio, as proposed by the Commission, by the Philadelphia & Reading,
doL.g a.) inter-State business will provide safeguards against loss to those as proposed by the Philadelphia interests, by the New York Oentral, as
consigning animals to them.
proposed by us, or is independently owned. Whatever the Port Authority
The bonds required under this newl3 promulgated amendment are of such is ebb to direct in the exercise of its lawful power with the appren,al of the
size, depending upon the business transacted in the preceding year, as to Inter-State Commerce Commission In the lawful exercise of its jurisdiction
secure to the owner or consigner of livestock "faithful and prompt accounting can as sell be done under one form of oenershiP as another.
for and payment of the proceeds of sales." The amount of the bond cannot
President Smith also, according to the New York "Times,"
be less than the nearest multiple of $2.500 above the average amount of the
gross proceeds of sale of livestock handled by the agency during two business said in his statement:
2952
THE CHRONICLE
At the hearing Just concluded in this city by the Inter-State Commerce
Commission on the subject of the railway consolidations, Mr. Julius
Henry Cohen, counsel for the Port Authority, and the engineering staff,
have made a violent attack upon the suggestion of the New York Central
with respect to the consolidation of it with the Central RR. of New Jersey.
I desire to call the attention of the public to some incidents connected
with this attitude of the Port Authority.
[vol.. 116.
Ins business here than the Baltimore & Ohio, but the power to divert
through control of terminal facilities is also the power to control for competitive purposes, and if one road controls so much of the terminal facilities
as to give it a dominating influence—dominating, moreover, so much of the
waterfront for the service both of piers and industries as those terminal
facilities could servo—that is a situation dangerous to the entire port.
The Port Authority, therefore, is consistently opposed to any of the trunk
lines acquiring so great an influence as would be involved in the ownership
of the Central of New Jersey facilities, those facilities being essentially terminal facilities necessary to the development of the Comprehensive Plan,
President Smith modestly admitted before the Inter-State Commerce
Commission in the recent hearings that he was a fine "horse trader." Whatever else is in dispute. that fact must be conceded.
Inasmuch as President Smith is pleased to level his shafts at me, I wish
to make it clear that the engineering staff of the Port Authority and its
counsel appeared before the Inter-State Conunerce Commission in the proceeding for the consolidation of railroads by direction of the Commissioners
of the Port Authority, under a resolution adopted June 20 1923, which instructed counsel "to bring to the attention of the Inter-State Commerce
Commission the legal status of the Comprehensive Plan, as approved by
Acts of Congress. the potential conflict between the Comprehensive Plan
and the consolidation plans as affecting the Port of New York District.
especially with reference to the belt lines and terminals embraced in the
Comprehensive Plan, and to take such steps as he may deem appropriate
to make clear to the Inter-State Commerce Commission the effect of the
laws and the pending concurrent hearings before the Inter-State Commerce
Commission and the Port Authority, especially the features of the proposal
of President A. H. Smith that lines of the Central Railroad of New Jersey
be consolidated with the New York Central Railroad."
Upon this resolution the formal motion made asked the Inter-State
Commerce Commission to "exclude from consideration . . . (in the
consolidation proceeding) the lines of railroad and the terminals embraced
in the Comprehensive Plan, and that the . . . Port Authority be
treated as a party to this proceeding, with right to appear at the hearings,
introduced, cross-examine witnesses, and appear cm brief and on arol
argument."
President Smith criticises the engineering staff of the Port Authority
for not having previously taken an active interest in the consolidation
plans of the Inter-State Commerce Commission. He may be right upon
this score, and counsel for the Port Authority publicly acknowledged his
indebtedness to Mr. Smith for directing attention to the relationship between the terminal facilities and the line haul. Up to the time that Mr.
Smith gave his testimony, it seemed to be tolerably clear that the interstate Commerce Commission would separate the consideration of the terminal problem at each portfrom the general consolidation scheme. but reading
Mr Smith's testimony in the light of the Chicago Junction case, the potential danger to New York of conflict between the Comprehensive Plan and
the consolidation of railroads became real. The overworked engineering
staff of the Port Authority has been busily engaged in preparing for matters of immediate construction relief to the Port of Now York. While
engaged in the garden raising summer vegetables, the cow broke loose
in the u th (ew.
to tie corn. Thestaff just had to stop attending to the garden long enough
C. of N. J. Grouped with B. & 0.
On Aug. 3 1921. nearly two years ago, the Inter-State Commerce Commission issued its tentative consolidation order, accompanied by a voluminous report from Professor William Z. Ripley of Harvard University.
Who had been employed by the Commission to make a nation-wide study
of the subject. In this tentative order the Central RR. of New Jersey
and the Philadelphia & Reading were assigned in their entirety to the
Baltimore & Ohio to System No. 3, which the Commission called the
Baltimore & Ohio System. It has at all times during the past two years
been obvious that in this system. if perfected under the order of the Commission, the Baltimore & Ohio would be the predominant factor. It has
also been obvious to all students of transportation that under the system
of port differentials a railroad composed of the Baltimore & Ohio, Philadelphia & Reading and Central RR. of New Jersey could not afford to
haul any export traffic to the port of New York, through the port of
Baltimore, which could possibly be delivered at the port of Baltimore.
since the addition to the Baltimore rate for the New York delivery is
far less than the actual out-of-pocket cost of transportation for the 190
additional miles which the traffic must be hauled.
It has always; been obvious that System 3. composed of the Baltimore
& Ohio, Philadelphia & Reading and Central RR. of New Jersey, would
at all times have an inducement to prefer, first, the port of Baltimore,
and, second, the port of Philadelphia. as against the port of New York.
Nevertheless, during all the time that this proposal of the Inter-State
Commerce Comreiasion had been before the public, the Port Authority
of New York did not see fit to oppose the suggestion of this consolidation.
Even now, at the present hearings, the Port Authority has introduced
no evidence in opposition to the Baltimore & Ohio plan.
New York Central Proposal Assailed.
But when the New York Central, realizing this situation and appreciating
that System 3 was not, in its judgment, as promotive of the interests of
the port of New York as other proposals which could be made, ventured
to suggest a consolidation of the New York Central and the Central RR.
of New Jersey, with a suitable part (not all. as has been assumed) of the
terminal facilities of the Central RR. of New Jersey, this proposal was.
as I have said, violently attacked.
Now, whatever may be said of the merith or demerits of this proposal.
upon which I am perfectly willing to invite discussion, it was at least a
proposal made by a New York railroad primarily interested in the port
of New York. and it cannot possibly be open to any objections which do
not apply with equal or greater force to the proposal of the Baltimore &
Ohio consolidation.
I therefore venture to say that the counsel and staff of the Port Authority
have during the past two years either been overlooking a very important
matter, or on the other hand, if that is not so. then it must be assumed
that the matter of these proposals with respect to the Baltimore & Ohio
If Mr. Smith's railroad appears more conspicuously in Port Authority
System or the proposal made by the New York Central are really matters hearings than any other carrier, it is because both he and counsel for the
about which it is not necessary for the Port Authority to concern itself. New York Central openly contest the wisdom and legality of the first,
The latter appears to me to be the correct View to take of the matter.
principle of the Comprehensive Port Plan, namely, the unification of
The New York Central now has, in addition to Its main line, a line of terminal facilities.
Every other congested centre in the country has accepted this principle
railroad extending from Ashtabula, Ohio. to Newberry Junction, Pa.,
over which a large traffic is being handled under disadvantageous con- as a matter of sound economics. but Mr. Smith contests it in New York.
ditions. The purpose of the proposal of the New York Central is to In every congested centre it has come to be realized that open access of
consolidate that line with a branch of the Philadelphia & Reading and every ship- per to every trunk line and intensive use of existing capital
the main line of the Central RR. of New Jersey, with the allocation of a investments by all carriers is the only safe policy for the community and in
portion of the terminal facilities of the Central RR. of New Jersey. The the end the only wise policy for the carriers. New York is the last of the
object of this suggestion is to make possible the development of an alter- congested centres to awaken to this economic necessity, and the Port Authornative route which would relieve the very heavy traffic lines of the New ity is the agency of the two States and of Congress to effectuate the policy.
York Central east of Buffalo and would facilitate the movement of through
The Port Authority, in a statement made public on
traffic—freight. passenger, mail and express—between the New York
June 25, regarding the motion in its behalf for intervention in
Port Terminal District and western points.
The territory between Buffalo and Albany is practically a continuous the consolidation proceedings, said in part:
line of towns and cities where business is rapidly increasing, where land
The medal feature of the application bears upon the proposal of the New
values are rising and important street interferences and other obstacles York Central, through A. H. Smith, its President, to have included in the
to expansion of railway facilities exist which materially limit possible New York Central lines the Central Railroad of New Jersey, which owns
future railway development.
more terminal railroad facilities in the Jersey section of the Port District
I have no doubt that within the next few years it will become perfectly than any other carrier. Part of the lines of the Jersey Central are embraced
apparent to everybody that with the vast growth and expansion of traffic in the Comprehensive Plan for the Development of the Port of New York.
of the State of New York it will be absolutely necessary that an additional which the Port Authority is directed to effectuate by Congress and the States
through trunk line route from the city of New York to western points of New York and New Jersey. If the New York Central were successwill have to be secured, and the proposal which we have made, in my ful, it would have,in virtue of its control of the Manhattan Island situation.
opinion, furnishes the best and perhaps the only opportunity for the the West Shore and the New Jersey Junction Railroad, an overpowering
establishment of such a route. In a communication to Governor Miller and overwhelming influence in the determination of the facilities for service
I predicted two years ago that within ten years, and perhaps nearer
five to the shippers and consumers in the whole Port District. By virtue of
than ten, It would be a question whether commutation users of the rail- its competition with other lines and its strategic control of the situation, it
roads as well as through passengers of the railroads could move into or would be in a position it its own Interest to impede the effectuation of the
out of the city of New York as and when they desired. The number of Comprehensive Plan, and thus deprive shippers who are entitled to access
passes through the Allegheny Mountains is limited. All of them are to all of the through routes of access except to lines controlled by the New
occupied, and this proposed route is perhaps the only one that is not now York Central.
utilized almost to its maximum capacity.
In the motion papers it is said:
Mr. Cohen, replying on June 27 to the statement of
Mr. Smith, said:
The Central Railroad of New Jersey is a terminal road, connecting with
with all trunk lines in the Port of New York, except the New Haven Railroad. The shippers located in the intensely industrial districts which the
President Smith seems to think that the counsel and the engineering
staff network of the Central Railroad of New Jersey tracks servos have access
of the Port Authority love the Baltimore & Ohio better than
they love the to-day to all of these trunk lines, and will have better and greater access
New York Central. As a matter of fact, we love all the girls.
They are all when the Comprehensive Plan is effectuated. It Is, therefore, important
nice. But we haven't married any of them.
that the interests of these shippers be protected and not subordinated to
Speaking seriously, let me emphasize that both in tile motion
papers and a through traffic which the New York Central or any other railroad would
in the argument of counsel, as well as in the testimony of
the witnesses, bring into the Port District if it acquires the Central Railroad of New Jersey.
it was made clear that the Port Authority regarded the Central Railroad
of
Mr. Cohen on the 24th inst. had the following to say
New Jersey facilities as so essential to the effectuation of the
Comprehensive
Plan that no trunk line should be given control of them. In answering regarding the proceeding:
specifically to the questions of counsel for the New York Central. it
The Port of New York Authority, by resolutions of Congress and legiswas
stated that the Port Authority was opposed as well to the Baltimore & Ohio lation of the two States. Is charged, as
a matter of law, with the duty of
securing control of the Central of New Jersey under the plans proposed safeguarding the interest of the Port
of New York. Within the Port Disby Professor Ripley and the Inter-State Commerce Commission. Presi- trict are embraced many miles of belt
lines now serving through carriers.
dent Smith was absent from these proceedings, so we had no opportunity
to When Professor William Z. Ripley presented his plans for the consolidation
cross-examine him and he had no opportunity to hear our position stated: of the railways, the Comprehensive Plan for
the Development of the Port
and he is so busy a man that he doubtless has not yet had opportunity to of New York had not yet been
approved by the Congress of the United
read the printed motion papers.
States. It was approved by Public Resolution 66, 67th Congress, on July
I note in one sentence of his statement President Smith says It makes 1 1922. There is now pending before the Inter-state c
ommerce comno difference in the effectuation of the Comprehensive Plan what road gets mission, Division
5, in concurrent hearings with the Port Authorityll the
the Jersey Central, but in another paragraph he says it makes a big difer- consideration of the steps to be
taken by the Inter-State Commerce Commice if the Baltimore & Ohio gets it, because if the Baltimore & Ohio got mission in effectuating the
mandate of Congress. It is obvious that the
it that line would be induced to divert businessfrom New York to Baltimore. , Inter-State Commerce
Commission. in considering its plans for conWe may concede that the New York Central is more interested in bring- solidating the railroads, before
making determinations affecting the Port
JUNFI 30 1923.]
THE CHRONICLE
of New York District, must await the results of its own determinations
with regard to the Comprehensive Plan for the development of the port,
or else there is grave danger that there will be conflict between the two
proceedings pending before it.
We shall, therefore, urge that all of the railroad belt lines and terminals
embraced in the Comprehensive Plan and set forth in detail in the statutes
and shown on the map filed as part of the legislation be excluded from consideration in the present proceedings for consolidation. We shall especially
bring to the attention of the Commission the grave danger •f the defeat of the
vast project authorized by the two States and Congress if any portions of these
railroad belt lines and terminals are now consolidated into the through routes
of any of the competing carriers entering the Port.
The Central of New Jersey's facilities are especially needed in providing
adequate service to the whole Port District.
Railroad Labor Board Again Takes Pennsylvania
Railroad to Task for Attitude Toward Unions.
The United States Railroad Labor Board asserted in an
opinion on June 27 that the Pennsylvania Railroad system,
after ignoring the decision of the Board in refusing to acknowledge the elected representatives of the clerks' organi-.
zation, "has persisted in such violation in contempt of the
unanimous decision of the United States Supreme Court,"
which sustained the Board's jurisdiction. The excoriation
of the Pennsylvania system—the second of similar nature
within eleven days—resulted when the railroad refused to
deal with the elected representatives of the clerks' organization as officials representing employees' organization,
although the railroad was ready to consider them as individuals. The Board, in its opinion, said the position of the
Pennsylvania system in this case was -"devoid of intrinsic
merit, violative of the will of Congress and destructive of
the rights of the employees." The Board's opinion in part
follows:
The position of the Pennsylvania system in this matter is devoid of intrinsic merit, violative of the will of Congress and destructive of the rights
of the employees. The employees were not seeking any advantage over the
carrier and the Railroad Labor Board had not presumed to encroach on the
prerogatives of the management in any sense. The public should also understand that no question of wages, rules, discipline or management was
involved.
The mooted question of the open or closed shop was not at Issue. There
was no proposal to arbitrarily require the carrier to deal with any particular
labor organization. The only issue was one of such insignificant import to
the carrier as to. make its flagrant course one of astonishment to disinterested citizens. The issue is tersely stated, stripped of all surplusage, in the
following question and answer quoted from the record of the statement, at
the hearing, of a Vice-President representing the Pennsylvania system:
Question: Simply drawing this distinction, that if they will agree to
deal with you as individuals you will deal with them; but if they deal with
you as officials representing employees' organizations, you will not deal with
them?
Answer: You have stated It correctly.
Says Workers Arc Oppressed.
In the face of this statement of the carrier's position, the fact remains
that the carrier has negotiated agreements with the four train and engineservice brotherhoods which are now outstanding and on file in this case,
and which are signed by the officials of those organizations as such and not
as individuals. This inconsistent course involves the admission on the
part of the road that it respects the rights of employees when they are
backed by the four powerful train and engine brotherhoods, but not when
they have only the support of the newer and less potent clerks' organization.
The Railroad Labor Board cannot subscribe to such a doctrine. It is
contrary to the very essence and spirit of the Transportation Act. 1920.
which is predicated on the Idea that the rights of neither the carrier nor
the employees should be dependent upon force and power, but upon justice
and reason. If the same just recognition had been accorded to the clerks'
organization that was conceded to the engineers, firemen, conductors and
trainmen, this dispute would never have arisen and the Pennsylvania
System would not now find itself in the lone attitude among all the great
railroads of the United States of attempting to nullify the Transportation
Act, and that, not in the defense of its rights, but in the oppression of its
employees.
Employees' Conduct Commended.
Throughout this controversy the employees concerned and their representatives have borne themselves in a manner worthy of the highest commendation. Deprived of their rights, they did not strike and visit their
grievances upon the heads of an unoffending public. Sustained in their.
requests by the Railroad Labor Board, which in turn was approved by the
courts of the country, they have proceeded quietly about the performance
of their duties, awaiting ultimate justice.
Surely, the Congress of the United States when it reconvenes will take
proper steps to guarantee to the employees and to the public that no carrier,
however groat and powerful, shall again propagate industrial discord and
endanger public tranquility by flouting the will of Congress as interpreted
by the established courts and tribunals of our country. This thought Is
embodied here in response to the petition of these employees that the
Railroad Labor Board formally call the attention of Congress to this
situation.
2953
decision in the matter. The election, the official announcement said, was conducted in private voting booths at all
road shops in the territory, and the ballot count was tabulated by the employees' shop crafts committee at Fort
Wayne, Ind. Results showed a 76.4% ballot of the eligible
employees, which was declared to surpass the percentage of
ballots usually cast in municipal elections.
Clerks, Station Employees and Common Laborers
Get Wage Increase on New York New Haven
& Hartford Railroad.
Clerical and station employees and common laborers in
and around station, storehouses and warehouses will receive
wage increases effective July 1, C. L. Barde, General Manager of the New York New Haven & Hartford RR. and the
Central New England Ry. companies advised the Railroad
Labor Board on June 23. The clerical forces receive an increase of 3 cents an hour; the station employees an increasof 2 cents per hour. Common laborers are given a flat 40
cents an hour wage scale. The increase will affect about
6,100 employees and will mean an additional yearly wage
of about $316,000.
Shopmen Get Wage Increase on the Lackawanna.
The Delaware Lackawanna & Western RR. will increase
the wages of its shopmen 2 cents an hour beginning July 1.
Notice to this effect was posted at all shops of the system.
First class mechanics who have been receiving 80 cents an
hour, will now receive 82 cents. The new rate for others
follows: Grade B, 77 cents; Grade C, 74 cents; Grade D,
72 cents; Grade E,69 cents.
Canadian Shopmen Ask Wage Increase.
Shopmen of Canadian railways submitted to the Railway
Association of Canada on June 26 a request for 10 cents an
hour increase in wages and proposals for altered working
conditions. The new scale would give to mechanics 80
cents an hour, to freight carmen 75 cents, and helpers
57 cents.
Miners Again to Ask Twenty Per Cent
Increase in Wages.
A demand for a 20% increase in the contract wage scale,
with an increase of $1 a day for all men paid by the day,
was presented to the anthracite miners' convention in Scranton, Pa., on June 29 for adoption and submission to
the mine owners next week. The list of demands drafted
by the convention's scale committee follows the general
lines of the demands formulated in January 1922, and
fought for five and a half months last year. The present
wage scale, adopted last September, expires Aug. 31.
Other demands submitted to the convention on June 29
for adoption include the following:
A two-year contract., with complete recognition of the union.
Anthracite
That the differential between classification of labor previous to the award
of the United States Anthracite Coal Commission shall be restored.
Uniformity and equalization of all day rates and skilled mechanics such
as carpenters and blacksmiths. etc., be paid the recognized standard rates
existing in the region, which shall not be less than 90 cents per hour as a
basis.
All day men to be paid time and a half for overtime and double time
for Sunday work.
That the eight-hour day clause in the present agreement apply to all
persons working in and around the anthracite collieries coming under the
jurisdiction of the union.
That where coal is paid for by the car the system shall be changed and
the miner paid on the ton basis of 2.340 pounds. and where penalties are
mpobed for refuse that the amount of the refuse be fixed by a mine committee and .colliery officials.
A more liberal and satisfactory clause in the agreement covering the
question of miners who encounter abnormal conditions in their working
place.
The list includes other demands of a technical nature,
most of which were embodied in those presented to the
operators last year.
New Ruling of Association of Foreign Security Dealers
of America, to Protect Holders of Drawn Bonds.
Election of Employees on Northwestern Region of
In announcing a new trading regulation affecting drawn
Pennsylvania RR. Completed.
bonds "not good delivery," A. W. Kimber, Secretary of the
Ignoring the rebuke of the United States Railroad Labor Association of Foreign Security Dealers of America, hsa
Board directed against the Pennsylvania RR. because of the the following to say under date of June 21:
This new ruling provides a remedy in case of erroneous delivery of drawn
carrier's defiance of one of the Board's decisions, the Northwestern region of the road completed on June 24 the election bonds which have been drawn for payment on or before the date of delivery
and clears up a situation which has become very troublesome to dealers
of employee representatives of the shopmen and miscellane- in foreign bonds and to their customers.
Most drawings for account of sinking fund of bonds take place in London,
ous forces under the road employee representation plan. It
and the numbers of the bonds
Paris,
or some other foreign
was over the manner of electing shop craft representatives drawn Brusselsreceived in this countrycitytwo weeks or more after the dat
are not
for
that the road and the Board clashed. The Board has no of the drawing. In numerous cases a bond has been delivered when it had
power to enforce its rulings, and the railroad has ignored its been drawn for paycnt,and was,therefore, not an interest bearing security,
2954
THE CHRONTCLE
such as the purchaser intended to buy. The new ruling establishes the
Sight of the purchaser in such a case to obtain a current bond from his seller
and conversely the right of the seller to recover such a bond upon tender of
a similar bond that has not been drawn.
The new regulation is announced as follows effective 'June
12 1923:
New Trading Regulation—Drawn Bonds Not Good Delivery.
Relative to foreign bonds, not listed on the Now York Stock Exchange:
Securities which have been drawn for payment are not a good delivery.
In case of erroneous delivery of drawn securities, the buyer, on receipt of
undravrn securities, and on allowance being made for any drawing or interest payment of which he may have lost the benefit, shall deliver the drawn
securities back to the person who hold them at the time of the drawning,
or shall pay to him any proceeds received from such drawing provided said
securities or the proceeds thereof be traced to and remain in the possession
and under the control of such buyer all intermediate members being released
from liabilities.
In case the said securities do not remain in the possession or under the
control of such buyer he shall be obliged, upon demand, to give the name of
the party of whom he has sold them.
No claim by the seller in respect of erroneous delivery of drawn securia
ties will be ettertained by the Association unless made within nine calendar
months after such drawing.
[VoL. 116.
and registrar. In any event, no bond should be accepted for less than $500
and in the case of a stock selling below its stated par value a bond in twice
the amount of the par value should be required. Again, with respect to a
stock selling for more than its stated par value, or a stock having no par
value, bonds ofindemnity in twice the amount of the market value should be
obtained. With respect to bonds, it is customary to require a bond of
Indemnity in twice the amount of the face of the bond and the coupons
attached thereto.
In conclusion, therefore, it would seem that much can be done to lighten
the present burden of corporations and corporate trustees, transfer agents
and registrar provided proper methods are evolved among banking institutions to standarize those practices which, while expediting the issuance of
substitute securities. In no way lower the safeghards so necessary to be maintained for investors in general (1) A complete and comprehensive form of
bond of indemrity whiat would meet the needs of all principals is within the
range of possibility. (2) A uniform clause in the by-laws of corporations
and in mortgages securing bond issues covering lost, stolen, destroyed or
multilated certificates will also help to standardize the practice of issuing
substitute securities. (3) Suggested changes to corporations having burdensome provisiors in their by-laws covering the issuance of duplicate securities might properly come from the banker. (4) It would also seem logical
and eminently proper to enlist the good offices of the local stock exchange
which is in a position to make it obligatory on all corporations whose
stock is traded in on that exchange to comply with standard requirements
covering the issuing of substitute securities.
In connection with the subject under discussion, or, for that matter,
with any of the many problems which properly come to the banker, I want
to urge upon you the necessity of leadership on our part. Where we know
that uniformity of practice based upon an intelligent understanding will provide additional safety for the customer and additional efficiency for the
Institutions involved, it is up to us, not individually, but as a body to insist
upon such practices. One of the greatest lessons that the Bankers' Association can teach to its members is that, guided by intelligent honesty and
fair dealing, "United we stand. Divided, we fall."
Irving H. Meehan.on Problem of Issuing Duplicates of
Securities Lost.
A paper in which he stated "it may be safely said that
The Problem of the Issuance of Duplicate Securities Against
Those Lost, Destroyed or Stolen is of particular interest
to banker," was presented by Irving H. Meehan, Assistant
Vice-President of the Fa'mers'Loan & Trust Co.of New York
before the Trust Company Section of the New York State
Dr. J. T. Holdsworth's "Fighting Program" for
Bankers' Association, at the latter's recent convention.
Business.
Mr. Meehan stated that "the attention now being centered
Describing American business as slowly "recovering from
on this phase of financial activity by trust companies and the attacks of chills of business hesitation
and timidity which
other financial institutions gives a fair estimate of its im- it experienced a few months ago,"
Dr. J. T. Holdsworth,
portance." He added in part:
Vice-President of the Bank of Pittsburgh, N. A., of PittsThis interest is perhaps intensified by the recurring robberies involving
loss of securities aggregating many thousands of dollars, accounts of which burgh, in an address before the New York State Bankers
so frequently grace the front pages of our newspapers. Aside from being Association at Atlantic City on June 13 declared that "all
interested as owners of securities, individually, and in various fiduciary indications
point to good business for months to come."
capacities,financial institutions have a further interest for as transfer agents,
registrars and trustees the burden of the resultant trouble, expense and While Dr. Holdsworth devoted a large part of his remarks to
responsibility incident to the Issuing of substitute securities falls on their "the statistical evidence of sound business prevailing everyshoulders without any provision being made for proper compensation.
where in this happy land," the outstanding feature of his
I shall not attempt to provide a solution for the many problems that might
properly come vrighin the scope of our subject but will confine myself solely address was the "fighting program" for business which he
to discussing present practices and the making of some suggestions which proposed in seeking to show "What Confronts American
Will show the Imperative need of co-operation the part of bankers and atBusiness." In his presentation of this program he said:
torneys in formulating a uniform practice. If we bankers
agree among
can
ourselves as to the best practice to follow in the issuing of securities in lieu
of those lost or stolen and then enlist the co-operation of attorneys upon
whom fails the responsibility of preparing the instruments under which we
act, whether it be the by-laws of the company of the mortgage securing a
bond issue, much will be done to make the replacement of securities less
burdensome to all those immediately concerned.
A typical case will probably serve to freshen our recollection of the
general form of procedure followed when we are confronted with the question
under discussion. A woman,legatee under a will, has received a certificate
of stock which she very carefully places in her desk for safe
-keeping. The
Inevitable day arrives, however, when the desk is placed in order: old papers,
including our certificate, arc thrown out and destroyed with the result that
in due course you are advised of theist certificate and asked to Issue another
in its place.
What do you do? Your first thought is to place a "stop transfer"
and advise the registrar of the lost security. You then refer to the company's by-laws, or. In the case of bonds, to the instrument under which
you are acting. In general, it will be required that the applicant for such
substitute certificate furnish to the company or to the trustee satisfactory evidence of the destruction, loss or theft of the certificate in question in the form of an affidavit in which is embodied a statement to the
effect that the certificate has not been sold, assigned or hypothecated.
A bond of indemnity will also be required of the owner, and which bond.
If not issued in triplicate original form is, in some cases, retained by the
transfer agent, in others by the issuing company. In any event, it
should be leaned in favor of the principal company, the transfer agent
and the registrar. The by-laws may require that due notice of the loss
be published in several papers having the largest circulation in the cities
Where the security is actively traded In and that the secretaries of the
several exchanges be notified. Copies of those notices are then filed with
the principal company since it will only issue the substitute security after
a suitable length of time has elapsed and the consent of the local exchange
obtained. The board of directors of the issuing company, must, by proper
resolution, authorize the Issuance and registration of the substitute securities and copies of this resolution must be sent both to the trarsfer agent
and to the registrar. As a precautionary measure,since very often the certificate comes to light, it Is well in every case to delay the issuance of a certificate as long as it can be safely done without subjecting the issuing company, the transfer agent or the registrar to criticism.
A word as to bonds of indemnity may not be amiss. While the forms
now used by indemnity companies are couched more or less In the same
terms. still It is well in each case whore a form other than the issuing company's own form is used, to scan the bond very carefully to ascertain if any
restrictive clauses have been inserted which will in any way affect the
security of the issuing compny, the transfer agent or the registrar. Care
should be taken to see that the bond is drawn in perpetuity and not for a
stated period, also that it contains no requirements which make it compulsory on the part of those Indemnified under the bond to file stated notices
or comply with certain conditions during the life of the same. The standing of the bonding company too, should receive careful consideration.
Indeed. this is of primary importance since the bond of indemnity is only
as strong as the Issuing compny. The par and market values of a security
have an important bearing on the amount of the bond required and an amply
sufficient margin should be allowed to take carc of all contingencies Including legal expenses that may arise following the issuing of a substitute certificate.
While the amount of the bond is fixed by the principal company,it should
,in every Instance, be in an amount satisfactory to both the transfer agent
Why, then, if the business prospect is so promising, why should the title
of this address carry such a challenging word as "confronts"? Because
continued business prosperity which rests upon the observance of sound
economic principles is threatened by radicals within Congress and without
who by legislation would abolish economic order, displacing competition
and the law of supply and demand by Government ownership and control
of the great industries of the country. Business men as individuals and as
organized units must rally to the defense of our modern capitalistic system
under which the economic world has made such amazing progress, must
come to to-morrow's contest against radicalism armed with a thoroughgoing understanding of the basic principles of sound government and
sound economics.
The following outline of attack and defense is suggestive:
1. Take the Government out of business and keep it out. Organize to
fight the Plumb plan and every other scheme looking to Government
ownership or control of our utilities and industries.
2. Insist upon rigid economy in the administration of our public affairs.
the inviolability of the budget system and the reduction of taxes.
3. Fight the fallacy of "soaking the rich" through repressive taxes on
business, excessive inheritance taxes, the proposed renewal of excess profits
taxes, and other taxes directed against the accumulation of capital, which is
the very life blood of our economic organism.
4. Attack radicalism masquerading as progressivism and by an aroused
public opinion drive its leaders from life or into exile.
5. Expose the economic fallacy of the proposed schemes for price fixing
of basic products, and of every other attempt to inhibit or to Interfere with
the normal operation of economic law.
6. Preserve that groat charter of our banldng and credit security, the
Federal Reserve System, inviolate against partisan politics.
7. Defend our railroads, owned voluntarily as they are by thousands of
stockholders and investors of moderato means, from those who for selfish
or partisan ends would still further harass and embarrass them in order to
create a widespread dissatisfaction with their present administration and
bring them again under Government control when all the people would be
taxes involuntarily for their support.
8. Preserve the gold standard against the apostles of "Muscle Shoals"
eurrency and the advocates of like monetary nostrurns discredited by our
history and by current experience in Russia and Germany.
9. Back up vigorously everywhere the banker-farmer movement and the
effort to bring industry and agriculture into closer harmony and cooperation.
10. Develop a strong public opinion committed to the active participation by the United States in an effort to restore Europe to sound economic
health and order.
11. Groom strong business men of progressive thought and disposition
for Congress and the State Legislatures and got actively and intelligently
into politics yourselves.
Basically all these problems are economic, but most of them involve in
one way or another legislation, and that unfortunately moans politics.
The great business questions of to-day and to-morrow pressing for solution
can best be solved out of the experience and the informed judgment of business men familiar with the problem of business, its limitations, its possibilities and its needs. Only as business men interest themselves actively.
Intelligently and continuously in politics will we continue to enjoy and to
merit prolonged business prosperity. That is to-day's challenge to the
business man.
Dr. Holdsworth in depicting the promising business conditions of the country said in part:
-3tri;rE 30 1923],
THE CHRONICLE
2955
The recent slackening ot business which followed the rather rapid expan- was the largest for any single month in our whole commercial history.
sion earlier in the *ear culminating in March has been normal for this This turning of the merchandise trade balance, though not to be predicted
season of the real% end. too, has been wholesome in that it gave opportunity as permanent upon the showing of a single month or quarter, nor to be apto check up en the general situation and establish a fact basis for future prehended as an indication of immediate reaction in domestic bu.siness, does
business judgments. Now business may go ahead again prudently, nor- mark, perhaps, the change from war to peace conditions. This change
mally, but with confidence in the fundamental soundness of American from a favorable to an adverse merchandise balance is, however, not difficult to understand. The prevailing prosperity in the United States has
business.
Looking back over the last few months it appears that the warnings of made this the best market in the worldio which to sell. As pointed out
economists and bankers may have induced an over-cautious attitude; we by the Federal Reserve Board last week, the recent large volume of domesmay have been reviewing too intently the dreary record of 1920. and so tic production has resulted in greater demand on the part of our manufachave sacrificed safe business opportunities and profits. As a matter of turers for such raw materials as wool, hides, and producers' goods like wood
fact, since the peak of March we have not had any serious over-expansion, pulp, hemp and rubber. This has been a good market to sell in not only
much less any real inflation. Business has been fundamentally sound and for ourselves but for the outside world. While this condition continues the
free from the dangerous speculation, top-heavy inventories, feverish pro- stream of the world's surplus products will flow to our shores despite the
duction and wild bidding for labor and materials at rapidly mounting obstacles imposed by a high tariff and the restriction of immigration.
While imports of merchandise have been expanding and exports have
prices and the peril of exhausted bank reserves. which characterized the
fateful months of 1919-1920. Nor is there now any actual danger, as some remained relatively steady, gold has continued to flow into this country,
timid observers would have us believe, of a "buyers' strike," such as char- though fortunately on a scale much lower than in preceding years. Since
acterized the debacle of three years ago. The temporary check to the build- the lifting of the gold embargo our net importation of gold has exceeded a
ing boom, which has been in progress for over two years and which is the billion of dollars, and to-day our total is close to four billions, nearly onelogical result of the starving of that industry duricg the war, Is due to the half of the world's available supply. This huge accumulation of gold,.
fact that costs of materials and labor, and, perhaps, contractors' profits, unparalleled in the history of any country, which had a casual influence in.
have so risen as to be out of line with other consumption goods—and the the unhappy inflation of 1919, and which doubtless has had some effect
public has for the moment declined to pay the price. But with the demand in the recent period of high price levels, has been regarded by some thoughtfor homes still so insistent there is little probability of along or serious slump ful observers as dangerous, in that it affords a basis for possible credit inin the building Industry, though the peak of the boom has probably passed. flation. It should be remembered that our absorption of a large share.
The movement looking to the curtailment of public construction work in of the world's gold reserves is the result of abnormal international condiorder that private home building may have first call upon the limited supply tions, and that when economic order is restored in Europe with the possible,.
of labor and materials is to be encouraged. A recent development in the re-establishment of the gold standard, we must be prepared to return to.
building industry which may have a valuable lesson for other Industries It from our great stores the necessary gold. if. as a result of hard work.
Is the establishment of a statistical and forecasting committee under the economical production and consistent saving, Europe can turn the tide or
authority of Secretary Hoover and the American Construction Council. trade in her favor, the gold needed for her rehabilitation will be returnedl
The committee is to publish weekly a statement showing the supply of and to her and the problem of our superfluous gold will automatically solve,
demand for building materials and labor and a forecast of construction Itself. That happy time may be long in coming, but meanwhile we must
needs and prospects throughout the country. With this broad survey of be careful not to build up a credit superstructure upon a foundation of gold
actual conditions In the industry builders can plan construction with greater reserves a considerable proportion of which must sooner or later be exported
assurance and confidence, and the peaks and valleys in the building industry back to Europe.
This running survey of business conditions would be incomplete without
can measurably be smoothed out to the great advantage of every one
reference to our strong banking and credit situation. Heretofore booming
concerned.
American business men have become used, though surely never recon- business has been accompanied by dwindling money supply and high interciled to the recurring ups and downs, periods of prosperity followed by est rates. Current business prosperity, though marked recently by indeflation and depression of the so-called "business cycle," and many regard creases in both commercial and Federal Reserve Bank loans, has been carthese cyclical movements as an unavoidable element in our economic life. ried forward on the basis of our new importation of gold, leaving the reIt is high time that we disabuse our minds of this economic fatalism. Over- sources of Federal Bank reserves practically untouched. The strength or
production, so called, accompanied by rapid expansion, rising prices, over- our banking and credit position is almost without parallel in our recent
extended credits and bank loans, and followed by contraction, deflation, history. Conscious of their strength but ever careful to conserve and maindepression and hard times—these familiar phenomena of the business cycle tain it, the banks of the country may safely go forward on the broad path:
are no more fixed and Inevitable than are the illnesses that inflict the human of business prosperity.
system. Just as disease results from violation of the laws of health and
hygiene, so these business ailments are traceable to neglect or violation of
fundamental economic law. And in large part this neglect or deletion Richmond Federal Reserve Bank Seeks Rehearing in
Is duo to economic ignorance. Given a sound working knowledge of
Par Collection Action.
economic fundamentals and a broadly-based, up to date summary of economic conditions of the governing factors in production, distribution and
In support of its application for a rehearing in the North
consumption, prevailing throughout the country and the world, the business
Carolina par collect!on bank check controversy, the Federal
of the future can be balanced with a much finer relation to supply and demand, the peaks and valleys of the business cycle can be smoothed out con- Reserve Bank of Richmond, Va., filed in the U. S. Supreme
siderably, and a much larger measure of business stability be attained. Court on June 23 a petition in which it declared "that the
This is not an attempt to rescind the immutable law of supply and demand;
it is rather a foreshadowing of a more intelligent understanding and appli- conclusions of the Court would have been modified substancation of that law. The results of the experiment along these lines in the tially had it taken into consideration certain aspects of this
building industry will be awaited with keen interest.
case wh'ch do not seem to have been considered in rendering
It is needless to recount here the statistical evidences of sound business
prevailing everywhere in this happy land. The story is being told and the opinion." Associated Press advices of the 24th inst. from
proofs attested in trade reports and dispatches day by day—the story Washington said:
of freight car loadings in excess of anything previously known in our
The petition further asserted that "there are certain statements made in
railroad history; of maximum production in the iron And steel industry,
the opinion the effect of which is not clear to the respondent (the Federal
output being Limited ouiy by available labor supply; of record sales by
Reserve Bank of Richmond)and regarding which the respondent feels that it
five-and-ten-cent stores and mail-order houses, and sustained buying in
the retail trade generally; of unslackened activity in the automobile business Is entitlel to be enlightened in order that it may be fully conversant with its
with impatient buyers waiting at the doors of the factory to drive away rights in the premises.
The petition further asserted it was important to present to the court "the
their cars; of labor fully employed at highly remunerative wages, yet
without disposition to extravagant spending; and of the movement in possible effect which the decision, unmodified, may have upon the future
course of banking in this country." It would be most unfortunate,it added.
general of industry's full product into immediate consumption.
The business picture is not—it never has been—wholly free from shadows. "If in the operation of these institutions certain important rights are denied
One of these is the increase in manufacturing costs as a result of the con- to them (Federal Reserve banks) without thorough and careful consideratinued rise in wages. In recent months competition among employers tion of the effect thereof." The Federal Reserve banks should not be hamfor the limited supply of labor, due in part at least to the restrictive immi- pered, the petition continued. "in rendering to the public a very essential
gration law, has resulted in the steady bidding up of wages, and not a service and one which a large majority of the banking and business Interests
few factories are operating on reduced schedules owing to the scarcity of of the country desire, unless the necessity is clear."
both skilled and unskilled labor, or have closed down completely rather
than meet the excessive demands of labor. Some agricultural sections
have suffered acutely from this industrial and building competition for ITEMS ABOUT BANKS, TRUST COMPANIES,
ETC.
laborers and fear is expressed that this farm labor shortage will seriously
interfere with the harvesting of the crops. And it must be remembered
Two New York Stook Excha-,ge memberships were rethat the farmer's prosperity measures that of the country at large. There ported
posted for transfer this week, the consideration being
still remains an unduly wide spread between the price of what the farmer
has to sell and the price of what he wants to buy. On the whole the farmer stated as $92,000 and $90,000, respectively. The last preIs our largest buyer, as too, he is our largest seller, and until this spread ceding sale was at $90,000.
between his buying and his selling prices is contracted the consuming
power of the country at largo cannot be greatly expanded.
Russell C. Leffingwell retires to-day (Jane 30) from the
A chief reason, of course, for the disparity between the returns to agriculture and to industry is that farm products are so largely "surplus" law firm of
Cravath, Henderson, Leffingwell and de Geraand must find foreign markets—for example, over one-half of
products
our cotton goes abroad and a large fraction of our wheat,flour, and animal dorff to become identified with J. P. Morgan & Co. as a
products—otherwise they will back up and flood the home markets with partner in their New York, Philadelphia, London and Paris
resulting low prices and bad times. The manufacturer is not nearly so firms.
Mr. Leffingwell was Assistant Secretary of the
dependent upon over-seas markets, and when demand slackens he can
curtail his output; the farmer goes on producing. He, therefore, is vitally Treasury during President Wilson's Administration, under
and directly Interested in the early restoration of the purchasing power Secretaries McAdoo, Glass and Houston. His proposed
of Europe, his best foreign customer. Moreover, when he has had time new
connections were made known as follows by the firm of
to think matter's through, he will not be misled by farm bloc radicals
who propose such false remedies as a tariff on farm products, dirt farmers Cravath, Henderson, Leffingwell & de Gersdorff:
to direct the Federal Reserve System, regulation of the grain exchanges,
Mr. Leffingwell retires from our firm on June 30 to become a member of
price fixing in defiance of the basic principles of economic law, and similar the firm of J. P. Morgan & Co.
legislative nostrums that have been prescribed as a cure for the agricultural
S. Parker Gilbert Jr., who has resigned as the Under Secretary of the
situation.
Treasury, will become a member of our firm when his resignation becomes
Some observers, habituated to the use of green or blue glasses and unable effective early in the fall.
to stand the strong light of business prosperity, affect to see in the recent
Charles A. Roberts, A.I. Henderson and Leonard 13. Adkins have become
reversal of our foreign trade the end of our business prosperity. A few weeks members of our firm, which will continue under the name of Oravath,
ago the commercial world was startled by an official statement that the Henderson & de Gersdorff.
visible balance of trado, instead of being in favor of the United States, was
Mr. Leffingwell entered this office immediately upon his graduation from
against us to the extent of $50,000,000 for the first quarter of the current the Columbia Law School in 1902,and has been a member of this firm and its
year. The amount of the adverse trade balance for March. $41,000,000, predecessor firms since 1907. except during the war and shortly thereafter
2956
THE CHRONICLE
when he was in the Treasury of the United States. He served first as a
dollar-a-year man, and was later appointed Assistant Secretary of the
Treasury. He resigned from the Treasury in 1920.
Mr. Leffingwell was born in New York City and is 44 years old. He
graduated from Yale in 1899. with the degree of A. B. He graduated
from Columbia Law School in 1902. with the degree of LL.B. He also
holds an honorary M.A. degree from Yale, conferred in 1919.
(Vox,. 116.
for business Oct. 4 1920 with deposits of $136,000. Its total
assets to-day are over $3,460,000, and the purchase was made
from earnings. Plans have been drawn for the erection of
a modern bank and office building on this site. The erection
of the new building will be deferred temporarily.
The Farmers' Loan & Trust Co. of this city announces that
Jersey City's banking facilities were added to this week
with the purpose of extending its facilities for travelers it with the opening on Monday last, June 25, of the recently
will maintain an office aboard the S. S. Leviathan. The organized Franklin National Bank. According to the ofcompany says:
ficials, the bank opened with over 600 individual accounts
This office will handle foreign exchange and letter of credit transactions.
and a total of $200,000 in deposits, which, it is claimed,
and receive and transmit payments by wireless between ship and shore or
is a record for the recent Hudson County banks which have
shore and ship.
The establishment of this first "ocean bank" of an Americ in financial in- opened. The bank has a capital of $200,000 and surplus of
stitution, aboard the largest of the world's passenger ships, is in accordance $50,000; the stock, we
are advised, was all subscribed and
with the policy of the company to extend every posiible banking facility to
paid for last January. The bank is located at Palisade
travelers.
Travelers or those requiring foreign banking services are invited to avail Avenue,corner Perry Street. The officers are: Dr. James
themselves to the fullest extent not only of the facilities of the "Leviathan"
H. Freile, President; William V. O'Driscoll, Henry R. Hanoffice, but of the conveniently located offices in New York, London and
sen and A. J. Goldstein, Vice-Presidents; Irwin G. Ross,
Paris.
Vice-President-Cashier; Edward J. Cavanagh, Asisstant
The Farmers' Loan & Trust Co. of this city has insured all Cashier, and Lewis G. Hansen, Trust Officer. The followof its employees under a group insurance plan of the Metro- ing are the directors: William B. Quinn, William Neumann,
politan Life Insurance 0o. The New York "Evening Post" Geo. Knoll, Henry Kusel, Carl Lampe, John Guckenberger,
of June 15 said:
Dr. Wm. Freile, Franklin Martens, Henry R. Hansen,
The trust company assumes the entire cost of the insurance, which guaran- Henry Rader, Irwin G. Ross, Lewis G. Hansen, Henry
tees to dependents of employees an amount equal to a year's salary. There is
Mack, Wm. V. O'Drisc,oll, Chas. Rubens, A. J. Goldstein,
also a provision for annuities for Incapacitated employees.
In announcing this step, James E. Perkins, President of the trust company, Edward Rolls, Gustav Hollsteih, Dr. Jas. H. Freile, Jos.
said: "The plan now adopted, providing insurance for all employees of the Spingarn, Geo.Fielding, Geo. Riefler and Jos. Sehuchman.
company without cost to them, is an expression of appreciation of the services of the men and women in all ranks who contribute to the upbuilding
of this institution."
At a meeting of the board of directors of the First National
Bank of Hoboken, N. J., on June 26, Edwin A. Harriss was
elected a director to fill the vacancy in the board consequent
upon the death of Theo. Butts. Mr. Harriss is Vice-President of the R. B. Davis Co., manufacturers of baking powder,
one of Hoboken's largest industrial enterprises.
A special meeting of the stookholders of the Battery Park
National Bank of this city will be held on July 16 to act on
the proposed merger of the institution with the Bank of
America, plans regarding which were referred to in our issue
of June 9, page 2599. As an incident thereto, the Battery
Park National will be placed in voluntary liquidation, and
Harry H. Pond was elected President of the Plainfield
the institution will be reincorporated under the State laws
preliminary to the transfer of its business to the Bank of Trust Co. of Plainfield, N. J., on June 21,'succeeding the late
Orville T. Waring. Mr. Pond, who is Vice-President of the
America.
Mechanics & Metals National Bank of New York, and had
The Bowery Savings Bank has entered the uptown banking been Vice-President of the Plainfield Trust, became Secredistrict with the opening on Monday of this week (June 25) tary and Treasurer of the Plainfield Trust Co. in 1910. In
of its new branch at 110 Bast 42d Street. According to the 1913, although continuing as a member of the board of direcofficers of the bank 2,839 new accounts with total deposits of tors of the latter, Mr. Pond resigned as Secretary-Treasurer
$502,340, or average deposits of $178 were opened at the new to become Vice-President of the Mechanics and Metals Naquarters during the first day of business there. The bank's tional Bank of New York. In 1913 he was chosen President
new 42d Street quarters are opposite the Grand Central Ter- Of the New Jersey Bankers Association and during the
,
minal. It is a 16 story building which has been erected by World War served as chairman of one of the local Liberty
the bank, the lower portion being utilized for its own needs Loan committees. He began his banking career as an office
and the rest of the building being rented for offices. The boy in the Vineland National Bank. He rapidly, advanced to
bank will retain its building at 128-130 Bowery, corner Grand greater responsibilities and while Cashier of the Vineland
Street. On the 23d inst. $202,000,000 in negotiable securities bank he organized the Savings Bank of Cumberland County,
were transferred from the Bowery location to the new quar- which he afterward converted into the Vineland Trust Co.,
ters. The securities were conveyed in 14 armored motor cars. and for several years was the active head of both instituThe Bowery Savings Bank had its inception in 1834, when it tions. Another change in the Plainfield Trust on the 21st
was organized to promote thrift among workers in the Bow- inst: was the creation of the post of chairman of the board
ery. In the beginning deposits were received two nights a and the election thereto of Charles W. McCutcheon, one of
week in a corner of the Butchers' and Drovers' Bank at 126 the organizers of the company, and a member of the board of
Bowery. Two years late a building at 128 Bowery was pur- directors since its inception; the election also occurred at the
chased and occupied by the bank. In 1852 a new building same time of DeWitt Hubbell as Vice-President in addition
was erected at 128 and 130 Bowery, and in 1864 this building to the office of Secretary and Treasurer, which he has held
was enlarged. The present structure in the Bowery was since 1913. Mr. Hubbell was formerly connected with the
erected in 1894.
Mutual Alliance Trust Co. and the First National Bank of
New York. The Plainfield local paper, in referring on the
Lafayette B. Gleason, of the firm of Gleason & Carlton, 22nd inst. to the growth of the trust company, said:
has been elected a director of the Bigelow State Bank of
Since June 4 1902, when the Plainfield Trust Co. was founded, its development has been remarkable. Beginning with deposits of $124,000, the deposNew York.
Hugo S. Radt, heretofore Assistant Cashier of the Capitol
National Bank of this city, was appointed Vice-President of
the bank at a meeting of the directors this week.
its of the bank now amount to over $9,300,000.
The past year has been an auspicious one for the bank. It marked the
second increase in capital stock since the organization of the company. Last
December a 06 2-3% stock dividend was declared, which increased the capital stock from $300,000 to $500,000, giving the company a combined capital,
surplus and undivided profits of over $1,000,000, with total resources of over
$10,000,000.
The men associated with the management of this institution as members
of the board of directors, insure a prosperous future. The directorate is composed of the following: Charles W. McCutcheon, chairman of the board;
Henry It. Cleaver, Frederick Geller, Arthur M. Harris, Augustus V. Ileely,
DeWitt Hubbell, Edward H. Ladd, Jr., Harry H. Pond, Charles A. Reed,
Frank H. Smith, John P. Stevens, Samuel Townsend, Conelius B. Tyler and
Lewis E. Waring.
The executive management of the bank is in charge of: Harry H. Pond,
President; Augustus V. Heely, Vice-President; DeWitt Hubbell, Vice-President, Secretary and Treasurer; F. Irving Walsh, Assistant Secretary-Treasurer; H. Douglas Davis, Assistant Secretary and Trust Officer; Russell C.
Doeringer, Assistant Treasurer.
The American National Bank of Mount Vernon, N. Y., announces the purchase by it on June 19 of the property located
in the centre of the business section of Mount Vernon,
known as 2 North 4th Avenue,formerly owned by Charles A.
and Walter G. Barker. The property has a frontage of 23 1-3
feet on North 4th Avenue, the main business thoroughfare,
and runs 157 feet on the First Street side, 202 feet on Stevens
Avenue and 44 feet on North 5th Avenue, comprising, with
the exception of a small parcel, the entire block bound by
Fourth, Fifth and Stevens Avenues, Mount Vernon. This
Ernest B. Dane and Elmer E. Silver have been elected diproperty was held by the Barker family for over 30 years. rectors of the Boston Safe Deposit & Trust Co. of Boston.
The bank leased the property under an option and opened
JUNE 30 1923.]
THE CHRONICLE
2957
The proposed consolidation of the Fourth-Atlar.tr bail. With reference to the matter, a special press dispatch
National Bank and the Commonwealth National Bank to the Philadelphia "Ledger" under date of June 19 said in
(until recently the Commonwealth Trust Co.), both of part:
The trust company will not lose a cent through Cover's alleged defalcaBoston, was unanimously approved by the stockholders
tion, however, and to-day is just as safe as it ever was. Mr. Coover was
of the respective institutions at meetings held on June 25. bonded for $125,000 and has turned over property valued at approximately
The resulting institution—the Commonwealth-Atlantic Na- $27,000 to help cover the loss.
The directors of the trust company, as a whole, have underwritten the
tional Bank—will begin business on Monday next, July 2.
balance of the shortage, so that no loss will be sustained. Mr. Coover on
As stated in these columns in our June 16 issue, plans have Friday afternoon [June 15) is alleged to have admitted the shortage when
been completed looking towards the absorption of the accused by an investigating committee, and to have said that he had used
the money in speculations that had decreased in value. He could not give the
Boylston National Bank of Boston by the new Common- exact
amount of the shortage, but Investigation revealed the correct total as
National Bank.
wealth-Atlantic
given above.
Mr. Coover, the bank's officials assert, admitted using bonds of the instinotes and also admitted using fictitious names
The newly-organized Community Trust Co. of Philadel- tution as security for his ownhad put up bonds of the company as security.
on other notes for which he
inst. in the Shubert While it is thought that the speculations have been going on for some time
phia opened for business on the 18th
Building, or 252 South Broad Street Normand S. Sher- the shortage is believed to be recent.
wood is President of the new institution; H. R. Disston, ViceThe stockholders of the Riggs National Bank of WashingPresident; Raymond S. Stevenson, Secretary and Treasurer. ton,.
D. C., have been notified that in accordance with a resoThe directors are: George A. Brennan, H. R. Disston,
June 11, a special stockGazzan, Jr.; Grant lution passed by the directors on
George Fleck, George H. Grone, Joseph
holders' meeting will be held on July 18 to vote on the quesHultberg, Clarence F. Hand, Jchn S. Krauss, Ambrose
tion of increasing the capital from $1,600,000 to $2,500,000.
Hunsberger, William W. McKim, J. C. O'Callaghan, Dr.
In the notice to the stockholders R. V. Fleming, Vice-PresiHubley R. Owen, David H. Rishel, Normand S. Sherwood,
dent and Cashier, says:
C. A. Stern, Raymond S. Stevenson and William P. Wood.
The resolution adopted by the board of directors provides for the transfer
company from surplus to undivided profits of the sum of $1,00,000 and the declaration
As indicated in our issue of April 7, page 1494, the
has been formed with a capital of $200,000 and surplus of of a stock dividend of 100%. It also provides for the sale at par in the stockholders of $500,000 in new stock. It is contemplated that a dividend of 13%
$40,000.
per annum will be paid upon the new capitalization.
Milton E. Ailes, President.of the bank, under date of June
B. G. Moore was recently elected 2d Vice-President of 15, has the following to say in a statement relative to the
the Market Street Title & Trust Co. of Philadelphia. Mr. proposed capital:
Moore is also a director of the institution, and President To Our.Shareholders:
The capital of the Ingo National Bank is now $1,000,000; Its surplus
of B. S. Janney Jr. & Co., wholesale grocers.
•
$2,000,000 and its undivided profits $700,000. Its dividend rate is 26%
per annum, payable semi-annually, April 15 and October 15. Its deposits
On June 22 the People's Savings & Trust Co. of Pittsburgh are $27,000,000 and its resources $33,000,000.
It is necessary to increase the capital of the bank for two reasons. One is
took over the Real Estate Trust Co. of that city. This latter
rapid growth
institution, which had a capital of $2,006000 surplus and un- the$27,000,000 in in deposits. These have increased from $8,500,000 in 1915
to
1923. The other relates to the real estate account, which,
divided profits of $2,073,740, and total resources of approxi- on completion of buildings now in course of erection and remodeling, will
stand at about $1,850,000, or $850,000 in excess of present capitalization
mately $8,000,000, was an outgrowth of the old real estate
A committee of the hoard of directors, consisting of Mr. Charles C. Glover,
firm of Black & Gloninger and began business in 1910 when chairman; Mr. Louis E. Jeffries, Mr. H..Rozier Dulany, Mr. Frank J. Hogan,
banking General Counsel of the bank, and Mr. M. E. Ailes, with Mi. R. V. Fleming,
that firm decided to extend its business into the
field. The officers and employees of the acquired institu- Vice-President-cashier,Aating as Secretary, has unanimously approved a plan
of recapitalization; an in turn the Board
has unanimously rection are to be retained by the People's Savings & Trust Co. ommended to the stockholders the adoptionof Directors
of such a plan. It is as follows:
and David P. Black, who was President of the Real Estate
1. Transfer $1,000,000 from surplus to undivided profits account, thu
to declare out of undivided profits a stock dividend o
Trust Co. since it was founded, will become a member of the enabling the bank will give the existing
$1.000,000. This
stockholders twice the number of
board of directors. The People's Savings & Trust Co. (which shares they now hold without additional cost.
2. At the same time sell $500,000 new stock to these same stockholders
is closely allied with the First National Bank of Pittsburgh) at $100 a share.
3. All this should be done as of Oct. 15 1923, the next dividend day.
has a capital of $3,000,000, with surplus and undivided profThus ahe capital will be raised from $1,000,000 to $2,590,000, on which
its of $6,937,792 and total resources of $25,000,000. It con- it is contemplated a dividend of 13% per annum shall be paid. This insures
Trust Co. of Pittsburgh, with a 26% return to present stockholders on the very interests they now have in
trols the East End Savings &
which the Liberty National Bank and its affiliated institu- the bank, and also a 13% return on their new investment.
Under the plan the
subscribe to one share
tion, the Liberty Savings Bank, were consolidated on May of new stock at $100 stockholders will be entitled toof Riggs stock held by
per share for each two shares
14 last. Interests affiliated with the People's Savings & such stockholders at the time the increase of capital is made effective.
M. E. AILES, Preiident.
Trust Co., it is said, recently obtained control of the Squirrel
Hill Bank of Pittsburgh by purchase of a majority of the
The stockholders of the Lorain Street Savings & Trust Co.
stock of that institution. C. A. Robinson is President of the of Cleveland on
May 2:2 approved plans whereby the capital
People's Savings & Trust Co.
will be increased from $200,000 to $400,000. The present
stockholders will be given the privilege of subscribing to
David Glenn Stewart, Vice-President of the Western Na- 1,000 shares of the new stock at $150 a share, while the other
tional Bank of Pittsburgh and for many years prominent in 1,000 shares will be offered to outside interests at $215 a
the business and civic affairs of that city, died at his home share.
on Morewood Heights, Pittsburgh, on June 5 at the age of 83.
The directors of the Hill State Bank,located in the Albany
Referring further to the proposed consolidation of the Park district of Chicago, announce the election of MajorEast Pittsburgh National Bank of Wilmerding, Pa., and the General George Bell, Jr., as President and director.
—•_—
Wilmerding National Bank, mentioned in our issue of June
At a meeting of the directors of the National Bank of the
16, page 2735, the officials of the banks have announced, ac- Republic,
Chicago, on June 6, Orton W. Bartlett was elected
cording to newspaper advices from Pittsburgh, that the an
Assistant Vice-President in charge of sales of the bond
merger of the institutions will be consummated on July 10. department.
For the last eleven years Mr. Bartlett has been
The consolidated bank—the First National Bank of Wilmer- with the
American Slicing Machine Co., where he was Gending—will occupy, it is said, the present quarters of the East eral
Sales Manager. He is widely known, it is said, as a lecPittsburgh National Bank at Westinghouse Avenue and Com- turer and
author on topics connected with sales management.
merce Street, where extensive alterations will be made to
A meeting of the stockholders of the West Englewood
take care of the increased business. These alterations, which
will include a large steel vault of the latest type to be con- Trust & Savings Bank of Chicago will be held July 11, for
structed, in the main banking room; the redecorating of the the purpose of considering the question of increasing the
interior of the building and the installing of new fixtures capital from $350,000 to $500,000. The new stock will be
and equipment, will be carried on without interfering with offered to present shareholders at $150 a share. The inthe business routine of the enlarged bank. The new institu- creased capital will become effective as of August 1.
tion will have combined capital, surplus and undivided profits, it is said, of more than $500,000 and total assets of apThe officers and directors of the Bank of Sheboygan, of
proximately $6,000,000.
Sheboygan, Win, announce that the 50th anniversary of the
Charles H. Coover, Secretary and Treasurer of the Institution will occur June 27. They say.:
Waynesboro Trust Co., Waynesboro, Pa., was on June 19
With our splendid facilities and wide experience we shall continue to proarrested for the alleged embezzlement of the bank's funds to mote the interests of our large clientele. We take pride in our half century
of uninterrupted service.
the extent of $158,000 and later was released under $20,000
2958
THE CHRONICLE
[vor. 116.
John Lawrence Mauran of the firm of Mauran, Russell & • The Comptroller of the Currency
announces that the name
Crowell, architects, has been elected a director of the Mer- of the American National
Bank of Santa Rosa, Cal., has
cantile Trust Co. of St. Louis. Mr. Mauran was formerly been changed to "The First
National Bank of Santa Rosa."
President of the American Institute of Architects. One of
the buildings which his firm has designed is the new FedArthur 0. Dawson, Vice-President and Managing Director
eral Reserve Bank of St. Louis.
of Canadian Cottons, Ltd., was chosen a director of The Molsons Bank, Montreal, at a meeting of,the board on June 15.
Rudolf S. Hecht, President of the Hibernia Bank & Trust
Co., of New Orleans, has been honored as New Orleans' most
On June 21 W. R. Allan, President of the Union Bank of
constructive citizen by being awarded the "Times
-Picayune"
loving cup for having accomplished the greatest good for the Canada (head office Winnipeg) announced in a signed statecity of New Orleans during 1922. Mr. Hecht received this ment sent to the shareholders of the institution that in order
honor principally because of his services as President of the to cover losses arising out of "certain unauthorized transacBoard of Port Commissioners, which is an honorary office tions in foreign exchange," in addition to losses incurred by
and carries no remuneration. In addition to his work on the the bank from loans during the period of inflation and the
Dock Board, Mr. Hecht also was the outstanding figure in "ordinary losses inseparable from commercial and agriculthe reorganization of the New Orleans Railway & Light Co., tural banking, no matter how conservatively and carefully
and is now chairman of the board of that body. He was also conducted," the directors of the bank had authorized the
instrumental in organizing the Mississippi Shipping Co., transfer of $4,250,040 from the rest account of the institution
which gives New Orleans its first direct servce to the east to the contingent reserve account and in pursuance of a polcoast of South America. Other activities with which Mr. icy of rigid economy which had been Inaugurated to reduce
Hecht has been intimately identified and which have char- the annual dividend rate of the bank from 10% to 8%. Mr.
actenzed his service to the community have been the organi- Allan further announced in his letter to the shareholders
zation of the Federal International Banking Co., of which he that R. T. Riley, a former Vice-President and director of the
is a director, and the re-financing of the New Orleans city Union Bank of Canada, who for many years had rendered the
institution most valuable service, had consented to rejoin
debt.
the board of directors and act as chairman of the new execR. S. Hecht, President of the Hibernia Securities Co., Inc., utive committee of the board. Mr. Allan's statement to,the
of New Orleans, announces the appointment of James M. shareholders was as follows:
Shortly before the last annual general meeting, your then General Manager
Rhett as Manager of their New York office to succeed Harreported to
President and directors
old S. Schultz, who has resigned to take up the practice of transactions the foreign exchange, from the discovery of certain unauthorized
in
which a considerable loss to the bank
law. Mr. Rhett, who has been Manager of the bond depart- resulted, which loss had then been fully provided for.
Having regard, however, to all the surrounding circumstances, and in view
ment of the New York office, was formerly Manager of the
of the change in the general management of the
bond department of the Equitable Trust Co. of New York, tion and revaluation of the bank's assets was laterbank, a thorough examinadecided upon.
This has been conducted by the present General Manager, the chief execuand has had a wide experience in the New York investment
tive officers and the auditors of the bank, and, in addition, an independent
banking field, both as salesman and as sales manager.
examination has been made by a high executive officer of the Bank of MonCharles L. Frost, who has been associated with the New treal loaned for the purpose.
This valuation has now been completed, and, after the most earnest and
York office ever since it was opened several years ago, has
careful consideration, your President and directors, your executive officers
been appointed Assistant Manager.
and auditors, and the officer of the Bank of Montreal
The stockholders of the First National Bank of Los Angeles, the Pacific-Southwest Trust & Savings Bank and the
First Securities Co. have been advised by President Henry
M. Robinson of the organization of the Pacific Southwest
Realty Co., and are being offered the prior right until July
1 to subscribe to a total of $3,000,000 62 cumulative pre/
1
%
ferred serial stock of the realty company at $100 per share.
An announcement with regard thereto June 19 says:
The Pacific Southwest Realty Co. has been incorporated for the purpose
of
purchasing from the First National Bank of Los Angeles and the PacificSouthwest Trust & Savings Bank the real estate and buildings owned by these
institutions and utilized wholly or in part in the conduct of their banking
business. The acquisition of additional property in the future
suitable for
banking premises and the construction of buildings thereon will likewise be
undertaken by the realty company, which, after July 1 1923, will own and
manage all properties.
This plan provides for a lease of the banking premises
to the PacificSouthwest Trust & Savings Bank for an annual rental which, when combined
with the revenue which may be obtained from other sources, assures
the payment of operating costs, up-keep, maintenance, repairs, insurance
on the
properties, etc., together with all Interest and dividend and amortization
charges on the securities to be issued by the realty company. Under
the
terms of this lease all of the bonds and preferred stock to be
issued by the
realty ccmpany will be retired in serial maturities over a
period of 30 years,
thus providing a constantly increasing equity for stockholders.
The entire common stock of the Pacific Southwest Realty
Co. will be
owned and held by the First Securities Co.
Every effort has been made to make the preferred stock as
sound an investment security as possible and having established its safety
at the outset to
provide that the stockholders' equity will never be impaired.
To this end
the Articles of Incorporation provide that the issuance
of
based on the appraisement of the properties made as of securities is to be
the date the realty
company acquires such properties. Such appraisernent will
be made by an
appraiser selected by the Superintendent of Banks or by
the Commissioner of
Corporations of California or by their successors.
In the issuance of its cumulative preferred serial stock,
the
agrees that the total amount of preferred stock to be issued realty company
shall not exceed
100% of the appaised value of the property purchased,
and that
gate indebtedness secured by mortgage or deed of trust shall not the aggreexceed 50%
of the appraised value of the property. It is further provided
that the total
amount of preferred stock at any time outstanding, together
with the total
outstanding bonded indebtedness shall never combined exceed
100% of the
appraised value of the properties by which they are secured.
The banking premises owned or held under contract by the banks
have
been valued at approximately $4,000,000. An additional investment
in such
properties of $2,000,000 is contemplated within the near future.
Provision is made for the issuance now by the realty company of securities
aggregating $6,000,000 divided equally between bonds and stock. The $3,000,000 614% cumulative preferred serial stock will be offered at this time
to stockholders of the First National institutions for prior subscription
until
July 1, after which date any amount unsubscribed may be offered to the
public by leading California investment banking houses, who have
underwritten
the entire $3,000,000 preferred stock.
above referred to,
unanimously concur in the following:
(1) Losses have developed in connection with certain loans made during
the period of inflation and, in addition to taking care of these it is prudent
to make provision in respect of loans, the full liquidation of Which has been
delayed by the well-known abnormal conditions which followed that period.
(2) The ordinary losses inseparable from commercial and agricultural
banking, no matter how conservatively and carefully conducted, would have
been readily taken care of by the usual provisions had it not been for the unexpected and abnormal items above referred to. Prudence and sound practice call for adequate provision for such risks in the current business of the
bank.
(3) To provide amply for the foregoing losses and risks, It has been deemed
advisable to transfer from the Rest account to Contingent Reserve account
the sum of $4,250,000. This leaves the present position of the bank as follows:
Capital
$8,000,000
Rest account
1,750,000
Profit and Loss account
159,360
Your President and directors believe that the investigation and appraisement of the bad and doubtful accounts have been so searching and thorough
and the relative appropriations so liberal as to warrant the confident expectation that considerable recoveries will be ultimately realized. A policy of
economy, as rigid as is consistent with unimpaired efficiency, has been
inaugurated, which has already reduced, and will further materially reduce,
the operating and overhead charges of the bank, and, in order to further
implement this policy, it has been decided to reduce the dividend for the
time being to 8% per annum.
While your President and directors deeply regret the necessity for this announcement, they are confident that you will appreciate that it is a complete
and candid statement of the facts and will, in the circumstances, approve
their decision.
They cannot too strongly assure you of their belief in the fundamental
soundness of the bank's position. They point out that, with all bad and
doubtful accounts provided for, not only is the bank's capital unimpaired,
but its Rest account is still substantial.
As a going concern, with a long established and widespread business,
a
splendid earning power, a good-will founded on more than half a century of
banking service, a loyal and experienced staff and a reorganized executive,
actuated by a policy of strict economy and prudent conservatism, it only requires the continued confidence and support of its shareholders and customers
to insure for it a future of progress and prosperity.
Mr. R. T. Riley, who was a director and Vice-President for many
years,
and rendered most valuable service to the bank, has, we are pleased to
advise,
again accepted a seat on the board of directors. Mr. Riley has
consented to
act as chairman of the newly-constituted executive committee
of the Board,
where his wide experience and sound judgment will be of invaluable
assistance.
With regard to the affairs of the Union Bank of Canada,
Sir Frederick Williams Taylor, President of the Canadian
Bankers Association, said: "The Union Bank is to be commended on adopting a wise and courageous course which
should inspire confidence."
On June 12 J. A. McLeod, heretofore Assistant General
Manager of the Bank of Nova Scotia (head office Halifax),
JUNE 30 1923.]
THE CHRONICLE
was elected General Manager as successor to the late H. A.
Richardson, whose death was recorded in these columns in
our issue of May 19. Mr. McLeod, according to the Montreal
"Gazette" of June 13, has been in the Service of the Bank of
Nova Scotia since 1887, when he entered the branch of the
bank at Charlottetown, P. I., as a clerk. In 1905 he was
transferred to the management of the Bank of Nova Scala
in Havana, Cuba, and from there to Chicago as Manager of
the bank's branch in that city. Subsequently he was sent to
Toronto as Superintendent of branches and in 1917.was appointed Assistant General Manager. Mr. McLeod is located
in Toronto, where the executive offices of the Bank of Nova
Scotia are situated.
The Standard Bank of Canada has declared a dividend
for the current quarter ending the 31st of July 1923 at 3 %,
/
1
2
being at the rate of 14% per annum upon the paid-up caplal
of the bank and which is to be payable on and after Aug. 1
to shareholders of record as of July 18.
2959
THE CURB MARKET.
Weakness was the chief characteristic of the Curb Market
this week as a result of selling pressure, the result being
quite a number of new low levels for the year. Gillette
Safety Razor was a conspicuous feature. Dropping from 270
to 238 it recovered to 250 and closed to-day at 247. Dubilier
Condenser & Radio was an exception to the rule, advancing
from 734 to 93% and closing to-day at 8%. Cleveland Automobile corn, sold down from 283% to 26 and ends the week
at the low figure. The pref. at 90 was off five points from
the last preceding transaction. Durant Motors declined
from 48 to 423% with the final transaction to-day at 4294.
Roamer Motor Car Co. was added to the list this week and
fluctuated between 103' and 1094, with sales to-day at 10%.
Glen Alden Coal lost three points to 643%, with a final recovery to 6534. National Supply Co., after early gain of
two points to 55, sold down to 5134, with the close to-day at
5234. Losses in the oil shares for the most part were held
to moderate proportions. Standard Oil (Indiana) was one
of the most prominent issues, selling down on a heavy
business from 5734 to 54, the close to-day being at 5434.
Buckeye Pipe Line was off from 8434 to 833%. GalenaSignal Oil corn, sank from 6134 to 5934. Illinois Pipe Line
lost four points to 1553/2, and to-day sold to 159, with the
final transaction at 157. New York Transit dropped from
110 to 99. Ohio Oil fell from 62 to 58. Prairie Oil & Gas
moved down from 200 to 181 and up finally to 185. Prairie
Pipe Line weakened from 1043% to 100. Standard Oil
(Kentucky) receded from 89% to 8534 and finished fo-day at
8634. Standard Oil of New York declined from 3834 to
3634, and Vacuum Oil from 483% to 453%. Imperial Oil of
Canada dropped from 10034 to 96. Gulf Oil of Pennsylvania
weakened from 53 to 5034. Magnolia Petroleum sold down
from 1303% to 12634 and up to 12734 finally. Maracaibo
Oil Exploration was off from 2234 to 1934, the final figure
to-day being 2034.
The 63rd annual report of La Banque Nationale (head
office Quebec) for the fiscal year ending April 30 1923 was
presented to the shareholders at their annual meeting on
June 13 and showed favorable results for the period covered.
Net profits, after paying interest on deposits and deducting
bad and doubtful debts, amounted to $327,238, which when
added to $57,379, representing balance to profit and loss
brought frrward from the preceding twelve months, made
the sum of $348,618 available for distribution. From this
total, the report shows, the following allocations were made:
$167,146 to pay four quarterly dividends at the rate
of 6%
per annum: $125.000 to cover depreciation in values and
for
contingencies and $27,863 to take care of war tax on
circulation, leaving a balance of $64,608 to be carried
forward to
next year's prof t and loss account. Total assets
are given
at $50,397,217 (of which $19,839,084 are liquid
assets) and
total deposits are shown as $41,273,904. The
capital of the
institution is $2,082,800, with a rest fund of $400,000
and unCOURSE OF BANK CLEARINGS.
divided profits of $641,608. George E. Amyot is
President of
While bank clearings again show an increase over a year
La Banque Nationale: J. H. Fortier, Vice
-President, and H.
ago, the ratio of gain continues small. Preliminary figures
Desriviers, General Manager.
compiled by us, based upon telegraphic advices from the chief
cities of the country, indicate that for the week ending to-day
THE WEEK ON THE NEW YORK STOCK
EXCHANGE. (Saturday, June 30) aggregate bank clearings for all the
Wall Street, Friday Night, June 29 1923.
cities in the United States from which it is possible to
The stook market this week suffered a further bad
break, obtain weekly returns will show an increase of 5.0% as
'
and day after day repeated new low records fqr the
year compared with the corresponding week last year. The
were established. The railroad list has been particular
ly total stands at $7,776,306,355, against $7,403,139,806 for
weak, notwithstanding the issuance of strikingly
favorable the same week in 1922. At this centre, however, there is a
returns of earnings for the month of May. On
Saturday falling off of 2.8%. Our comparative summary for the
railroad securities advanced slightly but as the session
opened week is as follows:
on Monday the downward trend was resumed.
The weakness on that day, however, was not confined
Clearings-Reform by Telegraph.
to any one
Per
Week ending June 30.
1922.
group. Railroad shares dropped from one to two
1923.
Cent.
points,
while the decline in other groups was pretty general.
New York
$3,550,000,000 $3.653,183,621
-2.8
In Chicago
473.933,748
420.983,428 +12.6
Tuesday's market, United States Steel dropped to
406,000,000
363,000.000 +11.8
9034, a Philadelphia
Boston
301,000,000
242,000,000 +24.4
new low mark, and Now York Central fell off 4
106,747,353
points from Kansas City
106,200,966
+0.5
St.Louisa
the high reached last week. A rally in Studebaker
a
a
near the Ban Francisco
120,800,000
*94400,000 +37.4
dose of the day carried with it some of the automobile
Pittsburgh
145.825,255
*109.000,000 +33.8
and Detroit
109,198.332
120,900,360
-9.7
steel stooks. The recovery was not maintained and
74,325,833
62,712.653 +184
prices Baltimore
New Orleans
44,338.805
40,408.799
closed generally with not declines. The market was
+9.7
again
Ten cities, five days
weak on Wednesday. There was hardly a group
$5,332,169,326 $5,214,089.827
+2.3
which Other cities, five days
1,148,085.970
955,193.345 +202
showed resistance to selling. Railway shares broke sharply
Total all cafes, five days
$6,480,255.296 $6.169,283.172
+5.0
and losses of from 1 to 3 points were frequent. Notable All cities, one day
1,296,051,059
1.233.856,634
+5.0
among the declines were Du Pont, 934 points, and Reming27 772 OfIft /SS
27 4112 120 RAR
.1.50
ton Typewriter 8 points.
•Estimated. a No longer report clearings.
The decline in prices was checked in the early hours of
Complete and exact details for the week covered by the
Thursday's stook market. The recovery .became more foregoing will appear
in our issue of next week. We cannot
apparent as the day advanced. Many securities that had furnish them to-day, inasmuch
as the week ends to-day
followed the downward trend of prices advanced from two (Saturday), and
the Saturday figures will not be available
to five points. Conspicuous in the upward turn were until noon to-day. Accordingly, in the
above the last day
American Can, which advanced from 873 to 88%,American of the week has
4
in all cases had to be estimated.
Locomotive, 132 to 13434; Baldwin Locomotive 119 to • In the elaborate detailed statement
, however, which we
12034, Kelly Springfield 313% to 33. On the other hand, present further below, we
are able to give final and complete
a number of well known securities did not participate in the results for the week previous
-the week ending June 23. For
upward movement and closed the day with net declines. that week there
is an increase, but it is only 3.4%, the 1923
In the latter class were Bethlehem Steel, which fell off 134, aggregate of the clearings being $7,855,10
3,206 and the 1922
Pere Marquette 13i, Baltimore & Ohio, 13%. The upward aggregate $7,599,053,323.
Outside of this city, however,
swing of prices in Thursday's closing market was not main- the increase is 15.9%,
the bank exchanges at this centre
tained on Friday. The general list was weak and sagged showing a falling off
of 5.2%. We group the cities now
to the low levels of the fore part of the week. United States according to the Federal Reserve districts in which they are
Steel again drcpped back to 9034, American Locomotive located, and from this appears that in the Boston Reserve
it
declined 234 points and Baldwin Locomotive receded 294 District the incr are is
only 0.4%,in the Philadelphia Reserve
points. The bond market has also been conspicuously District 22.9%, while for the New York Reserve District
weak throughout the week.
(because of the falling off at this centre) there is a loss of
4.8%. In the Cleveland Reserve District there is an expansion of 27.7%, in the Richmond Reserve • District of
25.7%, and in the Atlanta Reserve District of 23.0%. The
Chicago Reserve District records 9.5% improvement, the
St. Louis Reserve District 22.4%, and the Minneapolis
Reserve District 17.8%. For the Kansas City Reserve
District the totals are larger by 2.2%,for the Dallas Reserve
District by 9.9%, and for the San Francisco Reserve District by 27.1%.
In the following we furnish a summary by Federal Reserve
districts:
CLEARINGS
' SUMMARY OF BANE
.
[Vol.. 116.
TITE CHRONICLE
2960
Wiat nuns° Atte 23 4923.
1923.
1922
Dec.
I
Federal Resene Districts.
11 cities 412,268,797 410,540,2443 +0,4
(155) Boston_
(2nd) New York.... 10 " 4,344,872,532 4,568,0ees381 -4.8
5, "
560,727,300 4 6 384+9 +22.9
(3rd) Philadelphia__ lo
420,306,409 329,024,692 +27
9
(4th) Cleveland_ _ _ _
187,597,309 149,248,470 +25.7
6
(5th) Richmond.___
166,570,152 136,447.564 +23.0
12
(6th) Atlanta
850,065,546 776,106,916 +9.5
19
(7th) Chicago
65,892,914 53,814,778 +22.4
7
(8th) St Louis
121.067,734 102.948,416 +17.6
(9th) MInneanolle-... 7
234,867,865 229,796,014 +2.2
(10th) Kansas City........11
50,740,899 46,187,863 +9.7
6
(11th) Dallas
440,189,760 346,457,029 +27.1
(12th) San Francisco_ 16
1921
1920.
300,193,121 400,931,519
098,836,453 4,476,901.337
411,518,181 532,152,347
310,186,323 463,30+,904
127483,860 192,527,367
123,779,349 190,830,643
625,503,484 851,483,314
46,359,317 62,011,610
102,675,106 134,241,484
226,145,399 343,770,611
41,320,911 62,611,812
299,809,582 361,482,631
123 dtles 703E6,103,206 7,599,053,323 +3.4 6,206,410,088 8,062,219,479
Grand total
3,588,351,913 3,097,077,066 +15.9 2,672,282,687 3,650,436,326
Outside New York Ch.
n2.241,444 298,901,207 +7.8 336,183,190 374,874,852
Canada
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending June 23.
Ckarinas at
1923.
1922.
First Federal Reserve Dist net-Boston
626,623
693,702
Maino-Bangor__
*2.500.000
2,944,034
Portland
-Boston _ - 367,000.000 370,000,000
NUM.
1,947,712
1,781,071
Fall River
a
a
Holyoke
1,044,140
1.403.090
Lowell
a
Lynn
'
1,306,214
1,336,773
New Bedford
4,857,745
4,219,255
Springfield
3.499,000
3,642,167
Worcester _
10,892,554
8,508,787
artford
6,080,246
4,704,330
Haven.New
11,640.500
12.177,100
1.-Provirrce_
Total(11 cities)
412,264.797
410,540,246
Inc. or
Dec.
1921.
1920.
+10.7
+17.8
-0.8
+9.4
a
+34.4
•
-2.7
+16.1
-3.9
+28.0
+29.2
701,843
2,400,000
266,252.089
1,366,242
a
1.111,892
811,239
2.500.000
367,292,777
2,651,496
1.162,428
3.522.614
3,373.818
6,698.593
4,583,104
9,020,500
1,704,793
4,976,623
4,457,215
8,195,242
5,100,000
12.016,700
+0.4
300,193,121
400.931,519
1,225,434
Second Feder al Reserve 13 Istrict-New York
4,184.163
4,313,773
4,850,807
3,557,612 +36.4
-Albany..
'N. Y.
1,284,700
782,721
1,060.800
1,021,500 +3.8
Binghamton_ _ _
44,566.561
34,392.777
d51,284,077
39,865,667 +28.6
Buffalo
747.421
520.097 +43.7
Elmira
868.801
c1,191,708
1,025.039 +16.3
Jamestown_ _ _ 4.268.751,293 4,501.976,257 -5.2 .534,8S7.201 4,411,783,153
New York
10,574,111
7,469.894
10,314,794
8,385,198 +23.0
Rochester
4.000,000
3,157.498
4,371,965
3,405,750 +28.4
Syracuse
3,124.356
c3,728,398
3,000,088 +24.3
-Stamford
Conn.
608,649
359,432
571,269
339,133 +68.4
-Montclair
N. J.
Total(10 cities) 4,344,872,532 4,563,096.341
-4.8 3,588,636,453 4.478,901,337
Third Federal Reserve Dist rice- Phila delphl a-918,343
989,430 +51.9
1,502,578
Pa.
-Altoona
2,934.598 +64.1
4,815,861
2.640,905
Bethlehem__ -805,784 +58.1
874,670
1,273.886
Cheater
1,993,784
2.457,357 +13.8
2.797,290
Lancaster
Philadelphia _ _ 531,000,000 434,000,000 +22.4 391,083,254
2,468,358 +39.3
2,264,185
3,439.216
Reading
4.202,285 +31.1
4,645.942
5,508,228
Scranton
2.576,151
3,372.904 +21.7
d4,106.380
Wilkea-Barre_ 1.202,447 +23.3
1.125,663
1,482,086
York
3,951,831 +21.5
3,395.286
4.801,775
-Trenton
N.J.
a
•
a
a
-Wilmington
Del
560,727,360 456,384.994 +22.9 411,518,183
Total(10 cities)
532,152,347
Fourth Feder al Reserve District-Cie,eland6,340,000 +16.1
d7,360,000
Oblo--Akron____
3,383,152 +64.3
Canton
. .
59,492,368 +21.2
72,093,112
Cincinnati ...94,137,495 +33.6
e125,742,247
Cleveland
16,242,800 -2.2
d15,880,000
Columbus
a
a
a
Dayton
a
a
Lima
1
1,322,669 +51.6
d2,004.751
Mandleld -- a
a
a
Springfield..-a
a
Toledo
2,875,165 +38.3
d3,975,190
Youngstown
a
a
a
Pa.
-Erie
183,729,567 140,000,000 +31.2
Pittsburgh_ _
5,231,043 -24.3
3,962,422
7,095,000
3,191,428
54,434,078
89,784,991
11,783,500
a
a
1,321,126
.a
a
3,715,178
a
135,000,000
3.860,022
14,850,000
5,398.523
72,280,353
145,939.461
14,534,700
a
a
2,050,302
a
a
3,917,690
a
189,034,008
5,299,887
1.071,027
4,050,588
1,463,889
2.700.000
507,378,762
.2,569,228
4,860,692
2,944,531
1,448,175
3,865,455
a
329,024,692 +27.7
310,185,323
453,304,904
Filth Federal Reserve Dist rict- Riches ond1,587,318 +32.6
2.105,028
W.Va-Hunting'n
7,348,263 -0.2
_
Va.-Norfolk
d7,334,658
41.804,992 +11.4
Richmond ___ _
46,655,000
2,768,195 +4.7
N.C.--Charleaton
d2.897,187
77.119,093 +37.9
Md.-Baltimore _ 106.316.997
22,288,439
18,530,609 +20.3
D 0--Washingt'n
1,390,973
6,424,197
36,333,330
2,429,514
64,770.165
15,935,681
1,599,590
9,897,352
56,760,540
4,800.000
103,708,403
15,761.482
Total(9 cities).
420,306,409
149.248.470 +25.7
127,283,860
192,527.367
Sixth Federal Reserve Dist rict-Atlant a-d6,469.929
6,434,933 +0.5
Tenn-chattan'a
2,937,982
2,621,334 +12.1
Knoxville
d20,573,000
16,165,000 +27.3
Nashville
49,785,418
36.975,396 +38.4
-Atlanta
Oa.
1,692.9
1,483,278 +14.1
Augusta
1.153,957 +12.1
1,293,377
Macon
a
•
a
Savannah
10,166,198 +21.4
12,342,581
Fla.-Jacksonvle
21,605.290 -4.2
Ala--BIrmingh'm e20,687,343
1,641,882 +4.1
1,708,844
Mobile
782,636 +18.7
728,826
MIss.-Jackson233,833 +9.1
255.010
Vicksburg
37,183.827 +28.8
47,894,913
La
-New Orleans
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
8,805,700
2,686,526
21,484,055
57,710.773
3.396.658
•1,500.000
a
11,903,848
19.569.961
2,340.000
526,423
257,366
60.649.335
135,447,564 +23.0
123.779,349
190,830,643
Total(6 cities).
Total(1201000
187.597.309
166.570,152
Week Fauling June 23.
Cleartnos UI1923.
1922.
Inc.or
Dec.
1921.
1920.
$
$
Seventh Feder al Reserve D Istrict-Ch 1 ca go
185,000
200.122 +11.8
223.776
MIch.-Adrlan _ _
498,77
594,903 +13.0
672.505
-Ann Arbor__
89,838,102
161,859,679 156,839.158 +3.2
Detroit
5,043,488
5.880,253 +22.2
7.185,042
Grand Rapids_
1.728.000
1,707,000 +21.8
2,079,000
Lansing
1,349,378
1.723,450 +31.3
2.283,032
Ind.
-Pt. Warm
13,882,000
17,247.000 +15.7
19.959,000
Indianapolis _ _
1,800,
2,016.000 +89.6
3.420,000
South Bend_ _
5328,134 Not incl.In to tal.
Terre Haute_ _
25,600,865
+27.5
27,708.235
35.314.391
Wls.Milwaukee_ _
1,794,035
1.88.5.512 +24.6
2,349,021
lows-Ced. Rap_
7.700.284
8,983.889 +24.1
11,126,152
Des Moines_
5,039.335
5,401.759 +3.8
5.609.650
Sioux city...
1,268.225
1,302.142 +11.9
1,457,181
Waterloo
1,169,584
1,130.960 +14.4
1,293.458
111.-Bloom 'ton_
684.899.195 534,629.818 +9.4 483,745,407
Chicago
a
a
Danville
940,3
1.252,475 +2.7
1.285.907
Decatur
3.006,119
3.619.830 +15.3
4,174,90
Peoria
1,730,972
1.940.819 +21 9
2.366,444
Rockford
2,127,546
2.063.993 +19.5
2,467,211
Springfield
33.191,306
2.691.547
11,377.778
9.204.183
1.856,518
1,527,511
629,159,387
a
1,637,061
4,800.006
2,514,635
2,503.940
+9.5 628,503,484
851,483,314
Total(19 cities)
Eighth Feder&
8.50,005,545
776,108,916
Reserve Dis trict-St. Lo U1144,169,236 +44.6
6,028,090
a
a
a
25,285,729 +20.5
30.440.798
295,531 +43.0
422.541
14,188,539 +22.7
17,409.099
8,419.942 +19.4
10,055.368
280.287 +7.2
300,493
1,195,534 +3.4
1,238,525
217,711
599,883
120,093,201
6,432,248
1,842,392
1,911.011
18,423,000
1,500,000
3.963,874
a
21,743.963
269.051
11.373,854
7,642.638
254,268
1,111,671
4,776.874
a
28,424.212
450,000
18,484,109
9,935,971
537,398
1,403,046
46,359,317
82,011,610
6.003,339
59,754,108
29.818.011
1,727,982
1.260.803
722.899
2,797,966
7.430.514
80,815,071
38,619,882
3,100,000
1,783,252
1,070,723
1,422,062
102,875,106
184,241,484
457,130
462.898
2.969,064
36,741,480
2.976,767
10.576,149
133.984,014
a
a
22,277,203
a
1.017,445
15.053.997
629.282
681,853
874,483
4.579,074
55,452,508
3,280,178
13,600,590
231,004,565
a
a
11,453,926
a
996.795
20,813.733
1,228,906
226,145.399
343,770,611
847,095
20,745,388
10,782,836
5.660,878
a
3,284.714
1,500,000
32,675,301
19,440,994
4,717,228
a
4,278,289
41,320,911
46.187.863 +9.9
50,740.899
Total(5 cities)Twelfth Feder al Reserve D istrict-San Franc' sco
27.098,321
30,323,494 +26.2
38,255,948
Wash -Seattle.
9,524,470
11.339,000
10,395.000 +9.1
Spokane
a
a
a
a
Tacoma
979,913
1,271,024 -15.1
1,079.196
Yakima
26.478,101
30.682,066 +20.6
37.015,885
Ore -Portland. _
10,603.639
11,817,528 +28.1
15,133.883
Utah-S. L. City
a
a
a
a
Nev.-Reno
a
a
a
a
Ariz.
-Phoenix3,116.390
3.851,2
+7.5
e3.924.686
Calif.-Freeno_
3,273.263
4,067,864 +115.9
8,780,656
Long Beach....
75,840,000
95,623,000 +43.0
Los Angeles.... 138,717,000
8,829,904
14,358,238
12,199,853 +17.7
Oakland
2.786.717
3.753.913 +30.7
4,905.021
Pasadena
4,286.525
6.441.084
5,525.850 +16.6
Sacramento_
2.198,994
3,753,580
2,834,168 +32.4
San Diego_ _ _
San Francsico _ 152.600,000 129.100,000 +18.2 118.500,000
1,204,5418
2,28 ,422
1,880,735 +22.6
Ban Jose
726,217
1,051,843
818,280 +23.5
Santa Barbara.
4,382,600
2,552,300
2,533.200 +0.8
Stockton
62.611,812
Mo.-St. Louis._
Ky.-Louisville..
Owensboro _ _ _
Tenn.-Memphis
-Little Rock
Ark.
IL-Jacksonville
Quincy
53.814.778 +22.4
65.892.914
Total(7 cities).
Ninth Federal Reserve Dis trict-Minn eapoli
5.902,806 +33.9
-Duluth
d7,903.970
Minn.
70.533,923
58,502,884 +22.7
Minneapolis_ _
31,993,742 +11.1
35.535.790
St. Paul
1,825,228 +23.3
-Fargo_ _ _
2.250.628
N. D.
1,098,395 +13.5
1,246,181
S. D.
-Aberdeen.
527.037 -16.4
440.503
-Billings _
Mont.
3,156,759
3,098,324 +1.9
Helena
Total(7 cities). 121.067,734 102,948,416 +17.6
Tenth Federal Reserve Dis trict- Kan& as City
d413,115
358,095 +16.4
Neb.-Fremont_ _
440.477
442,734 -0.5
Hastings
3.757.015
3.416,123 +10.0
Lincoln
39,335,403 +7.8
42,316.858
Omaha
d3.356,748
3.093,830 +8.5
-Topeka _
Kan.
d8,227.151
11,338,067 -27.4
Wichita
Mo.-Kan. City_ 135.348.394 131,973,356 +2.6
a
a
a
St. Joseph_
a
a
a
-Muskogee
Okla.
20.314,024 +1.9
Oklahoma City d20,703,706
a
a
a
Tulsa
895,897 +25.8
1,125,228
-Col. Spas.
Colo.
18.342,448
17.904.467 +2.4
Denver
726,018 +15.2
e836,715
Pueblo
Total(11 cities) 234.867.855 229.796,014 +2.2
-Da IlasEleventh Fade ral Reserve District
1.014.384 +39.9
1,419,245
Texas-Austin...
25,900.000 +13.5
d29,397.000
Dallas
9,952,816 -9.4
d9,014,759
Fort Worth_ _ _
5,319,241 +24.2
8.808,981
Galveston
a
a
Houston
4.001,622 +7.6
4,300.914
La -Shreveport.
39,183,544'
11,755,603
1,267,742
30,195,871
15.336,836
a
a
3,427,396
2,353,959
75,553,000
9.615.016
1.894,501
5.672.853
Z410,787
155,300.000
1,764,106
820,419
5,100.900
Total(16 cities) 440,189,760 346.457,029 +27.1 299,809,582 361,452,531
Grand total (123
7,855,103,206 7.599.053.323 +3.46.200,410,088 8,062,219,479
cities)
3,588,3.51,913 3,097,077,066 +15.9 2,672,282,887 3,650.436,326
N.
Outside
Week ending June 21.
Clearings at
1923.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__ _ _
New Westminster
Medicine Hat_ - Peterborough... _ _
Sherbrooke
Kitchener
Windsor
Prince Albert__
Moncton
Kingston
8
106,252,517
98,823,675
39,420.767
14.594.008
9,214.877
7,280.518
2,944,770
6.155.970
5.404.441
2,666,718
2,089.002
3,749,808
3,626,380
3,149,539
558.850
485,861
1.477,913
1,134.847
1.017,708
864,874
554,147
287,370
719.669
858,902
1,078,422
5,812,541
309,273
914.531
793,550
1922.
$
91.863,889
95.697,397
36.140,679
14,209,681
8,812.362
5,426,483
2,865,835
5,683,645
5,875.584
3.013.282
2,258,993
3,030.680
4,385,566
3,080,134
612,125
562,000
1,617.000
1,172,283
1,101,635
830,649
676,732
306,438
657,202
1,038,566
1,196,635
3,414,445
359,8318
2,255,277
686,371
inc.or
Dec.
'''
+15.7
+3.3
+9.1
+2.7
+4.6
+34.2
+2.8
+8.3
-8.0
-11.5
-7.6
+23.7
-17.3
+2.3
-8.7
-13.5
-8.6
-3.2
-7.6
+4.1
-18.1
-8.2
+9.5
-17.3
-9.9
+70.2
-14.1
-59.4
+15.6
1921.
3
111,195,403
109.305,209
39,447.388
13,713,944
8,934,563
5,698.270
2.820,860
5.866.018
8.345.885
2.858.042
2,518,299
2,908.651
4,947,848
3,808.721
739.026
691,836
1,814.382
1,359,948
1,173.774
918,179
671,788
437,771
761.822
1,088,638
1,010,6 0
3,496,471
1920.
$
139,512,264
106,241,058
39.389,495
18,880,678
11,305,998
6,711,640
4,872.595
7.566,875
6,597.492
4,188,782
3,318,466
4,444,581
'4.534,044
4,099,523
722,374
666.248
2,176,015
1.625,865
1,447,800
823,097
722,158
466,967
1.050.598
1,053,180
1,243,592
3,433,474
1,001,657
650,229
Total Canada_ 322.241.444 298,831.207 +7.8 336,183,190 374.874.852
a No longer report clearings. b Do not respond to requests for figures. c Week
sliding June 20. d Week ending June 21. e Week ending June 22. •Estimated.
JUNB 30 1923.]
THE CHRONTCLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 6 1923:
GOLD.
The Bank of England gold reserve against its note issue on the 30th ult.
was £125,699,790, as compared with £125,697,976 on the previous Wednesday. As inquiry from India is moderate, it is possible that a good proportion of the supplies coming on the market this week will be sent to America.
No fresh arrivals of gold are reported by New York.
2961
and have sold some silver for forward delivery when buying for shipment
China has checked any rising tendency by sales, but has been willing bu
to
for forward delivery at any substantial fall. America has not operated
extensively in this market. The future remains uncertain, but there is
not
much confidence manifested in it.
It is not anticipated that the Canton Mint will be as active this year as
last, when more than half of the silver imported into China was there
coined into 20
-cent pieces. The estimated imports for 1920, 1921 and 1922
were 91.200,000, 58.300.000 and 80.300,000 fine ounces.respectively. The
Imports for the first four months of the current year are up to the average
of the three preceding years.
The Chairman of the Hong Kong & Shanghai Banking Corporation in
his speech at the last annual meeting alluded to the amusing competition
between Chinese mints, whose chief aim being to obtain a profit, are apt
to disregard such mere details as the fineness and weight of coins. He
stated that the Anhui Mint produced large forgeries of the Canton Mint's
20
-cent pieces, which were seized by the Maritime Customs and prohibited
from transit from one port to another. The Chairman added that if
Shanghai sycee were to disappear, chaos would come. Each mint would vie with
the other in turning out debased dollars and we might in course of time see
a coin that had in it more copper and foreign matter than silver. So until
there are seriously administered mints in China, it is absolutely essential to
hold on to the honest Shanghai sycee.
The"North China Herald"thus comments upon the depreciated currency
In certain provinces of China: .
"Mints have always been a source of revende to provincial officials,
but while the potentates were content with a modest and moderate squeeze,
coins a little under value, if not too numerous, were accepted as notes are
accepted, and no one suffered. It was an official, lately Tuchun of Hupeh,
Who set the fashion of turning out scandalously low-valued coins in enormous quantities, thereby foisting them upon the local public and shipping
them,freiglt-free.into provinces near and far, for paying his troops with
them, and for purchasing good silver dollars to stow away in his personal
strong box. . . . One of the weak spots in this game is that after a time
the depreciated subsidiary coinage begins to come back into the provincial
treasury in the form of taxes. There is only one remedy for this from the
official point of view, and that is to pay everything in bad money and col-.
lect everything in good. Nothing is calculated to make an official more
unpopular than this. Everyone from the farmer to the big employer of
abor feels it at once, and resents it with a ferocious resentment, for where
the small coinage has depreciated as It has in Hupeh, it is equivalent to a
doubling or trebling of taxes."
INDIAN CURRENCY RETURNS.
(In Lars of Rupees.)
May 22. May 31. Jane 7.
Notes in circulation
17095
17123
17096
Silver coin and bullion in India
8325
8357
8329
Silver coin and bullion out of India
_ _ -Gold coin and bullion in India
2432
2432
2432
Gold coin and bullion out of India
Securities (Indian Government)
5753
5750
5750
Securities (British Government)
585
584
685
No silver coinage was reported during the week ending 7th inst.
The stock in Shanghai on the 9th inst. consisted of about 24,800.000
ounces in sycee. 29.500.000 dlllare and 780 silver bars, as
about 23,5M,000 ounces in sycee and 28,500,000 dollars oncompared with
The Shanghai exchange is quoted at 3s. 1%d. the tael. the 2d inst.
-Bar Silver per Or. Std.Bar Gold
QuotationsCash.
2 Mos.
per Oz. Fine.
June 7
31 9-16d.
31%d.
895. 2d.
June 8
31 M d.
3l3
-16d.
89s, 2d.
June 9
31%d.
31 5-16d.
June 11
31 13-16d.
31Md.
89s. 5d.
June 12
31%d.
31 7-16d.
895. 5d.
June 13
Average
31lid .
31.343d.
89s. 3.6d
The silver quotations to-day for cash and forward delivery are respectively
the same as and 1-16d. below those fixed a week ago.
SILVER.
Th market has continued to be influenced sympathetically by the news that
the Pitts:am Act has practically ceased to be a bull factor. We have been
Informed by cable that, though purchases under the Pittman Act have been
suspended, further tenders will be received until June 15, when a final decision will be given as ot what amount, if any, of these tenders will be accepted
in order to complete purchases.
The Continent has sold freely and fresh bear sales have been made; America has also been a seller. The Indian bazaars have bought freely for shipment, and some covering has been made by bears, open at higher rates, who
have been disposed to cover at falling prices. Yesterday China came in as a
buyer at the now comparatively low level. In view of the fact that the fall
has been largely sentimental, and that the United States output is not likely
to add to the world's supplies possibly for some months to come, the present
rate for forward silver would seem to be fairly low, though there are rumors
of more Continental selling imminent.
We have on occasion referred to the fact that the demand and price of lead,
copper, etc:, are of more importance to the mining interests of America than
the price of silver-which is mainly a by-product. We append an extract
from the American Mining Congress Bulletin which bears upon the matter:
"John Hays Hammond, mining engineer, considers it important to stabilize the price of silver and believes the Senate Gold and Silver Commission
will be helpful in bringing this about. Ile favors combination of silver producers in order to maintain the price at a figure to assure a fair profit Over
coat pf production, but is said to feel that the only drawback to such a
combination would be the unwillingness of smelting companies who handle silver
as a by-product to hold their silver at a higher price, as it could
be sold
cheaper by being a by-product, and because of the further fact that
it would
involve considerable money to finance a holding corporation. Mr.
Hammond
also says that the lead industry has a great future."
The Deputy Master of the Royal Mint thus alludes in his report
for the
years 1920 and 1921 to the exchange of old U. K. for new U. K. silver
coin:
"During the war an enormously increased circulation of silver coin
was required, and it is estimated that the amount in the United Kingodm
at the
passing of the 1920 Act exceeded £60,000,000, or approximately
double the
pre-war circulation. . . . It may be noted
that between the passing of the
1920 Act and the end of 1921, the amount of old
silver soin received by the
mint amounted to 11% million pounds, while
the amount of new coin issued
was about 13% millions, these figures including
Colonial withdrawals and
issues. If allowance be made for the old silver likely
to be returned from the
Colonies and Dominions. by the end of 1921, a
withdrawal of roughly onesixth of the total old coin in circulation has thus
been made by the mint."
INDIAN CURRENCY RETURNS.
(/n Letts of Rupees)May 15. May 22. May 31.
Notes in circulation
17289
17095
17125
Silver coin and bullion in India
8315
8325
8357
Silver coin and bullion out of India
Gold coin and bullion in India
2432
---2432
---2432
--Gold coin and bullion out of India
Securities (Indian Government)
5757
---5750
---Securities (British Government)
585
585
584
Bills of exchange
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The silver coinage during the week ending list
ult, amounted to 2 lace of
rupees.
The daily closing quotations for securities, &c., at London,
The stock in Shanghai on the 2nd inst.
consisted of about 23,500,000 as reported by cable, have been as follows the past week:
ounces in sycee, and 28,500,000 dollars, as compared
with about 24,900,000
London,
June 23. June 25. June 26. June 27. June 28. Juno 29.
ounces in sycee, 34,000,000 dollars and 870 silver
Week ending June 29bars on the 26th inst. The
321. Mon.
Tues. Wed. Thurs. Fri.
Shanghai exchange is quoted at 3s. 114,1. the
d 31 5-16 31%
3134
31)(
31%
3134
Mel. Statistics for the month Silver, per cis ounce
Gold, per tine
of May are appended:
89s. 4d. 89s. 3d. 89s. 4d. 895. 5d. 895.6<1. 890.11d.
Consols,2% per cent
_
63%
5834
5834
3834
5834
British,5 per cents
101% 1014 101% 101%
1013
-Bar Silver per oz. Std.Bar Gold British. 4% per cents _______ _ _ _
98g
98 • 9834
9
84
9834 •
Cash
Forward
per oz. French Rentes On Paris), fr.
56.65 56.40
53.90 55.95 55.60
Delivery.
French War Loan(lnParis),fr.. _ _ _
Delivery.
74.80 74.75 74.55 74.75 76
Fine.
Highest price
32 15-16d. 32 11-16d. 89s. 6d.
The price of silver in New York on the same day has been:
Lowest price
32d.
31 11-16d. 88s. 9d. Silver. in N• T.. Per oz.
Average(Cis ):
32.610d.
32.355d.
89s.0.7d.
Foreign
6434
6434
6334
64%
6334
63%
-Bar Silver per oz. Std.Bar Gold
QuotationsCash.
2 Mos.
p.ozlitte.
May 31
32d.
31 11-16d. 89s. 2d.
June 1
3134d.
31 9-16d.
89s, Id.
June 2
31Md.
31 9-16d.
June 4
31 11-16c1. 31%d.
BANK NOTES
898. Od.
-CHANGES IN TOTALS OF, AND IN
June 5
31 11-16d. 31Mci.
89s. Id. DEPOSITED BONDS,
June 6
-We give below tables which
&C.
31%d.
31 7-16d.
89s. Od.
Average
31.812d.
31.479d.
89s 0 8d show all the monthly changes in national bank notes and in
The silver quotations to
-day for cash and forward delivery are
respectively bonds and legal tenders on deposit therefor.
13-16d. and %d. below those fixed a week ago.
Amt. Bd.. on Deposit 10
National Bank alreulaSon
Secure Circulation for-Afloat on
We have also received this week the circular written under
National
Fed. Ru.
date of June 13 1923:
Lessid
Bank Nola. Bank Nous
Bonds.
TOMOS.
Total.
GOLD.
The Bank of England gold reserve against its note
issue on the 6th inst. May 31 1923__ 744,034.190 5,593,700
742,178,351
was £125,704.045, as compared with £125,699,790
770.007.992
on the previous Wednes- April 30 1923__ 742,823,590 6,148,700 740,099,541 27,829,641 767,968,272
day.
Mar. 31 1923_, 742,879.540 8,388,700 739.984.523 27.888,731 767,182,504
27,197.981
Feb. 28 1923_ 741,077.590 6,878,700 738,423,517 28.620.187 767,043,704
India was a larger buyer of gold this week than it has
been for several Jan. 31 1923._ 739,329.840
weeke past.
7,888,7
783.750,962
Dec. 3, 1922._ 738.257,440 7,968,700 734,541,173 29.209.789 762,128.087
735,281.275 26.846,812
The monsoon has broken in Bombay,a few days or
so after it had reached Nov.30 1922._ 739.018.690 31.488.700 736.065.365 25,433,762 761,499,127
Bengal. A Reuter message from Simla states tha%
Oct. 31 1922._ 737.660.690 46.488,700 734,520,475 26.158.712 760.679.187
the total rainfall in the Sept.30 1922_
Peninsula is likely to be small, with exCORR especially
737.501.940 58.788.700 734,465.283 26.285.914 780.751.197
in Mysoro and
Aug. 31
No forecast is possible with regard to Northern India and Burma, Malabar. June 30 1922_ 735.480,690 67.518.700 733.823.525 26.082.024 759.705,549
1922_ 734,546.300 84,218.700 732.585.640 25.618.387 768.202.027
where the
evidence is colorless.
May 31 1922_ 733.878,590 87.218.700 730.203.870 25.698.832 755.900,702
April 30 1922_
The Transvaal gold output for May 1923 amounted
to 786,564 fine Mar. 31 1922._ 731,693.890 96,668.700 729.526,135 25.098.414 754.622,549
ounces, as compared with 743,651 fine ounces for April
730.016,940 102.393.700 727.838.900 24.840.522
1923 and 629,786 Feb 28 1922._ 729.702.240 110.359,700 727.465.523 24.569.959 752.679,422
752.035.482
fine ounces for May 1922.
Jan. 31 1922._ 729,425.740 126.393.700 724.480.758 25.130.609 749,811,387
Dec. 31 1921._ 728.523,240 128.3 .3.700 724,238.815 25.932,109 750.167,924
SILVER.
Nov.30 1921__ 728,351.240 139.393,700 723.023.985 26.283.132 749.307.097
Prices have fluctuated from day to day owing to moro
or less
from supplies. These have been amplified by offerings from the pressure
128,826,000
Continent. 300 secured by Federal Reserve bank notes outstanding April 30 (of which $3,194.United States bonds and $23,431,700 by lawful money). against
The Indian Bazaars continue to take an adverse view of future
prospect 191,383,400 April 30 1922.
Commercial antiliftiOcellantons p
oem
[Vol- 116.
THE CHRONTCT,E
2962
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve Bank notes and national bank notes on May31:
Week 1
June 22.
U. S. Bonds Held May 31 to Secure
,
Band. on Deposit
May 31 1923.
On Depostt to On Deposit to
Secure
Secure Federal
Reserve Bank National Rank
Notes.
Notes.
3.458.400
1,768,000
237,000
130,300
2s. U. B. Consols of 1930
4s, U.S. Loan of 1925
28, U.S. Panama of 1936
2s, U.S. Panama of 1938
Total
Held.
588,940.750
86,407,800
48.577,300
25,702,040
585,482,350
84,639,800
48,340,300
25,571,740
1922-23.
Corn.
I
Wheat.
Exports.
1921-22. I
Since
July 1.
Since
July 1.
1922-23.
Week
June 22.
Since
July 1.
1921-22.
Since
July 1.
Bushels.
Bushels.
Bushels. I Bushels. I Bushels.
Bushels.
North Amer_ 6,680,000 438,719.000 397,117.000 394,000 88,206,000155,872,000'
77.000 6.803.000 15.405.000.
56,000 13.931.000 4.624.050
Russ.& Dan.
Argentina... 3,0415,000139,512.000107,544,000 5,064,000120,676,000 113,290,000
656,000 46.324.000 111.444,000
Australia.
712.000
2,200,000 18,332,060
India
4,751.000 13,199,000
0th. countr's
Total
12.657.000640.818.000621.441,000 5,535,000 220.436,000297.768,000
The visible supply of grain, comprising the stocks in gran5,593,700 744,034,190 749,627,890 ary at principal points of accumulation at lake and seaboard
Totals
ports Saturday, June 23, was as follows:
The following shows the amount of national bank notes
GRAIN STOCKS.
tender deposits May 1 and
afloat and the amount of legal
Rye,
Oats,
Corn,
Barley.
Wheal,
busk,
bush.
decrease during the month
bush.bush.
United StatesJune 1, and their increase or
183,000
339,000
165,004i
23,000
444,000
New York
of Mry:
38.000
1,000
24,000
23.000
Boston
National Bank Notes-Total Afloat
Amount afloat May 1 1923
Net Increase during May
5767,968,272
2.039,720
$770,007,992
Amount of bank notes afloat June 1 1923
.
Legal-Tender NotesAmount on deposit to redeem national bank notes May 1 1923
Net amount of bank notes retired In May
$27,868,731
39,090
$27,829.641
Amount on deposit to redeem national bank notes June 1 1923
-The
Breadstuffs figures brought from page 3022.
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 Cl-
Flour.
Wheat.
Oats.
Corn.
Rye.
Barley.
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Sioux City
Milwaukee
Duluth
St.Joseph, Mo
Minneapolis
St. Louis
Kansas
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
226,000
138,000
723,000
711,000
854,000
241.000
329,000
14,000
1,445,000
323,000
52,000
5,128,000
669,000
12,075,000
180,000
2,832,000
45,000
1,284.000
428,000
284,000
177,000
338,000
218,000
845,000
132,000
98,000
179,000
307,000
179,000
145,000
121,000
90,000
790,000
10,000
257,000
61,000
47,000
10,000
23,000
873.000
405,000 1.971,000
30,000
251.000
115,000
96.000
321.000
186,000
348,000 7,677,000
1,000
37,000
123,000
185,000 3,948,000 4,247,000
13,000
74,000
110,000
144,000
157,000
84,000
45,000
8,000
46,000
339,000
67,000
422,000
201,000
92,000
744,000
131,000
2,000
39,000
5,000
355,000
2,000
108,000
9,000
57,000
123,000
2,000
345,000
1,000
2,000
101,000
30,000
.
Total June 23 1923...A8,343,000 3,165,000 9,788,000 15,420,000 1,204,000
bbls.196163.bush.60 lbs. bush.56 lbs. bush. 32 lbs. bush.481,5s. bush.561bs
20,000
87,000
Total June 16 1923_ _ _29,719,000 4,332,000 11,018,000 16,197,000 1,131,000
748,000 1,076,000
178.000
181.000
189.000
255,000
Total June 24 1922_ ....22,002.000 31,326.000 44,567,000 2,580,000 1,482,000
247,000
130,000
1,583,000
33,000 236,000
12,000
772.000
-Bonded grain not included above: Oats, New York, 42,000 bushels; Balti
Note.
20,000 more, 34,000; Duluth. 16,000; total. 92,000 bushels, against 622,000 bushels in 1922'
95,000
160,000
582,000
29,000
14,000
24,000
40,000
135,000
Barley. New York,352,000 bushels; Buffalo, 113,000; Duluth, 106,000: total, 57l,000
56,000
13,000
25.000
bushels, against 231,000 bushels in 1922. Wheat, New York, 546,000 bushels;
104,000
30.000
206,000
Boston, 173,000: Philadelphia, 237,000; Baltimore, 430,000: Buffalo. 915,000;
8,000 ' 9.000 Buffalo afbat, 255,000; Duluth. 63,000: Toledo, 120,000: Chicago, 104,000; OM
640,000
612,000
324,000
81,000
226,000
15,000
14.000
246,000
Lakes, 481.000: total. 3,374,000 bushels, against 3,925,000 bushels in 1922.
33,000
147,000
203,000
509,000
Canadian
214,000
152,000
330,000
644,000
429,000
512,000 1,235,000
4,108.000
Montreal
34,000
58,000
110,000
3,165.000
1,506,000
Ft. William & Pt. Arthur-10,008,000
297,000
1,088,000
2,107,000
Other Canadian
474.000
Total wk. '23 309,000 3,789,000 2,798,000 3,372,000 493,000 252,000
429,000 4,106,000
Same wk. '22 371,000 5.072,000 5,453,000 3,670,000 592,000 256,000
512,000 3,829,000
.16,223,000
Total June 23 1923...
319,000 6,792,001 6,461,000 3,833,000 952,000
568,000 4,339,000
512,000 4,053.000
Same wk. "21
Total June 16 1923_ ..._17,955,000
279,000 1,532,000
Total June 24 1922_ _ _ _22,270,000 1,565,000 5,167,000
'
Since Aug.1Summary
1922-23.._ _ 21,603,000 390,418.000274,154,000208,678,00036,322.00048.394,000 American
28,343,000 3.165,000 9,788,000 15,420,000 1,204,000
1921-22_ __.19,424,000 131,653,000 363,780,000 198,541,00029,263,00023,314,000 Canadian
429.000 4,106,000
_. __- ---- ...512,000 3,829,000
16,223,000
Chicago
Minneapolis
Duluth
Milwaukee...
Toledo
Detroit
Indianapolis
St. Louis__ _ _
Peoria
Kansas City...
Omaha
St. Joseph- -.
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday fun3 23 1923 follow:
Flour. I
New York-._
Philadelphia.
Baltimore_ _ _ _
Newport N
Norfolk
New Orleans
Galveston_ _ _ _
Montreal..
Boston
-
Wheat. I
Oats.
Corn.
Rye.
Barley.
Bushels. Bushels.
Bushels.
Bushels. I Bushels.
56,000 594,000
84,000
146.000
1,249,000,
191,000
40,011
37,000
276,000'
24,111
85.000
26,000
304,0001
111.0001
18,000
15,000
9,000
1,528,000
33,000
28,000
417,000
344,000 1,725,000 473.000 878,000
325,000 5,815,000
Total wk. '2
000 32,117,000 20,108,000 5,234,00018,480,000
Since Jan.113 11,993,000118.411,
573,000 984.000
792,000 4.516,000 1,262,000 2,424,000
Week 1922_._
Since Jan.1•22 11,699020 85,706,000 88,386,000 33,622,000 7,805,000 15,360,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, June 23 1923, are shown in the annexed
statement:
Rye,
Barley, Peas,
Corn, I Flour, I Oats,
Wheat,
Bushels. Bushels. Bushels. Bushels.
Exports from
- Bushels. Bushels. Barrels.
1,048,5741 76,697 67.290 104,710 505,607 73,007
New York
I Low
217,0001
Boston
7,000
252.000
Philadelphia _ _
30,000
26,000
209,000 15.5,000 16,000
Baltimore
40.000
Norfolk
3.000
Newport News_ _
6,000
Mobile
2,000 120,000
45,000 55,000
New Orleans..._ 381,000
1
112,000
Galveston
3,130.000 270,000 85.000 711,000 162,000271.000
Montreal
Total week '23_ 5,389,574 546.697 244,290 847,710 813,607 344,007
Week 5922.... 3.817.945 2.310,652 212.918 2,310.532 1,029,612 270,484
The destination of these exports for the week and since
July 1 1922 is as below:
Flour.
Exports for Week
Week
Since
and Since
June 23 July 1
July lie1833. 1922.
Wheal.
Week
June 23
1923.
Since
Julie 1
1922.
Corn.
1Veek
June 23
1923.
Since
July 1
1922.
Bushels. Bushels. Bushels.
Barrels. Barrels. Bushels.
29,936.134
96,909.704
United Kingdom_ 87.376 5.395,214 1,848,794 216,582,271 399,000 52.589,231
102,697
111,414 7,187,825 3,494.780
Continent
462,000
41,000
5,000
513.332
So.& Cent. Amer_ 6,000
33.000
45.000 1.831,700
31,000 1,484,800
West Indies
48,700
4.000
Brit.No.Am.Cols_
24,000
41,000 2,970,830
954,433
Other Countries__ 8,500
244,290 15,539,604 5,389,574 316,957,805 548,697 84,470,765
Total 1923
919 OIR 14 106.070 3.817.945 265,592,917 2.310.652 144623181
..1,4,1 Inno
Total June 23 1923.-44,566,000 3,677,000 13,617,000 15,849,000 5,310,000
Total June 16 1923_ _47,674,000 4,844,000 15,071,000 16,765,000 5,470,000
Total June 24 1922... _44,272,000 32,891,000 49,734,000 2.859,000 3,014,000
-Among other securities, the following,
Auction Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price.
Shares. Stocks.
128 Gramercy Co. atock. _ _ _310,000 lot
53 New England Equit. Insur_310 lot
10 Brooklyn Acad. of Music_5105Vp. eh.
50 Bay State Fishing Co.,com_50c. p.sh.
$50 lot
50 The Arthur H. Crist Co
565 Industrial Ownership Corp..
$145 lot
2d preferred
64,840 Recovery 011 Co, $1 each._58 lot
Price.
Bonds.
$10,000 Cudahy Packing Co.5555,
841a%
1937
By Messrs. Wise, Hobbs
Price.
Shares. Stocks.
90 Fouth-Atlantic Nat. Bk.,Boston198
42 Webster & Atlas Nat. Bk., Bost.19554
50 Pittsfield & No. mums RR .._ 8554
22
25 Mass. Lighting Cos., com
4154
5 American Glue Co., corn
20
Inc., pref
120 Butlers.
20 Union Twist Drill Co., pref.,
88
ex-dividend
Price_
Bonds.
$10,000 Manila RR. 78, 1937....10234%
$33,000 Eastern Vermont Public
Utility Corp. 5s, 1916, with Oct.
1922, and subsequent coupons
attached; also 11 coupons due
10%
Oct. 1922, for $25 each
$5,000 Colonial Cold Storage let
6s, 1930; July 1922 and subse10%
quent coupons attached
$2,000 Cleveland Elyria & Western
60%
RR.7s, 1923
Arnold, Boston:
Price.
Shares. Stocks.
33234.
42 Second Nat. Bank, Boston.
1033.
34 Plymouth Cordage Co
470
5 Boston Insurance Co., ex-div
59
22 Fisk Rubber Co., pref
Bonds.
$1,000 Minneapolis General Elec9534.
tric 5s, 1934
By Messrs. R. L. Day & Co., Boston:
Price.
Shares. Stocks.
5 Commonwealth Trust Co.,Boston198
140
1 Newmarket Mfg. Co
45 Arlington Mills, ex-dividend. _ _ _100h
12 Tide Water Portland Cement Co 200
104 Boston Woven Hose & Rubber
8055
Co., common
4 South Carolina Gas & Electric
13
Co., 2d preferred
Price.
Shares. Stocks.
2 Fourth-Atlantic Nat. Bk.,Boston 198
20 Mass. Lighting Cos.,6% pref.__ 834.
104 .
1 Hood Rubber Co., pref
15 Easthampton Rubber Thread..132
20 Merrimack Hat Corp..prefaar 550 30
4 Merrimack Hat Corp.,oom Par $255
12 Turners Falls Power & Electric
10535
Co.. ex-dividend
By Messrs. Barnes & Lofland, Philadelphia:
Stocks.
Price.
Shares. Stocks.
3 Leavenworth car & Ft. Leaven5
worth Water Co
4 Philadelphia Bourse,corn., par Sbo 17
410
5 Penn National Bank
490
5 Girard National Bank
262
20 Union National Bank
42054
3 Corn Exchange Nat. Bank
500
1 Central National Bank
70
20 Broad St. Trust, par $50
137 Rights to subscribe to Phila. Co.
mortgages at $150._ 3054
for Guar.
199 Rights to subscribe to Phila. Co.
for Guar. Mortgages at $150_ 30
50734
2 Fidellty Trust
507
Fidelity Trust
28554
No. Amer. dr Trust
1 Bank of
Price.
Shares.
70
4 Rockhill Coal de Iron. pref
100 Spring Lake Beach Improve.8160 lot
ment Co., par $10... .
71
12 Autocar Co. of Ardmore, corn
10 Aldine Mtge. & Guar., par $10. 15
33 Camden & Burlington Co. RR 26
100
6 John B. Stetson Co., corn
45 Abbotts Alderney Dairies, 1st p1. 95
Price.
Bonds.
61
$3,000 Hanover Gas 5s. 1931
$3,000 Choate 011 Co. 8s. 1925_81 lot
$2,000 Trenton Pennington & flops.
47
well St. Ry. 5s, 1943
$3,000 Lehigh Valley RR. 6s, an.
11755
nutty, registered
$3,000 Hotel Traymore Co.6s, 1927 spoi
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
The world's shipment of wheat and corn, as furn'shed by
APPLICATION TO ORGANIZE RECEIVED.
the New York Produce Exchange for the week
capital.
Broomhall to
$25,000
June 22, and since July 1 1922 and 1921, June 20
-The First National Bank of Excelsior, Minn
ending Friday,
Correspondent, W. S. Lee, Excelsior, 1Vllnn.
following:
are shown in the
Jima 301923.]
THE CHRONICLE
APPLICATION TO ORGANIZE APPROVED.
June 18—The Citizens National Bank of New Brunswick, N. J--$250,000
Correspondent, Dr. C. E. Saulsberry, 75 Livingston
Ave. New Brunswick, N. J.
June 23—The Union Center National Bank, Union Center, N. J__ 25,000
Correspondent, John K. English, 280 N. Broad St.,
Elizabeth, N. J.
June 14—The First National Bank of Norphlet. Ark
25,000
Correspondent, H. P. Warden, Norphlet, Ark.
June 14—The First National Bank of Avon-by-the-Sea, N. J
25,000
Correspondent, Stewart H. Appleby, 310 Main St.,
Avon N. J.
June 15—The First National Bank of Derwin. Ill
100.000
Correspondent, Edward Stuchlik,6243 W.22d St., Berwyn, Ill.
APPLICATIONS TO CONVERT APPROVED.
June 18—The Peoples National Bank of Houston, Tex
$200,000
Conversion of the Peoples State Bank of Houston, Tex.
June 20—The Safe Deposit National Bank of New Bedford, Mass_ 350,000
Conversion of New Bedford Safe Deposit & Trust Co.,
New Bedford, Mass.
June 23—The Bridgeport National Bank, Bridgeport, Tex
25,000
Conversion of the Bridgeport State Bank, Bridgeport,
Tex.
June 23—The First National Bank of Paradise, To 25,000
Conversion of the Paradise State Bank, Paradise, Tat.
June 23—The First National Bank of Perrin. Te
25,000
Conversion of the First State Bank, Perrin, Te.c.
CHARTERS ISSUED.
June 18-12399—The First National Bank of Renton, Wash
$50,000
Conversion of the Citizens Bank of Renton, Wash.
President, R. W. Gilham; Cashier, J. W. Harries.
June 18-12400—The Peoples National Bank of Stamford. Conn- 150,000
President, Frank H. Barnes: Cashier. Frederick H. Hall.
CONSOLIDATION.
June 18—(4287)The Citizens National Bank of Waynesburg,Pa.,$400,000,
and (5085) the Peoples National Bank of Waynesburg, Pa $100,000.
Consolidated under the Act of Nov. 7 1918 under the charter and corporate title of"The Citizens National Bank of Waynesburg" (No. 4267),
with capital stock of $500,000.
CHANGE OF TITLE.
June 14-1220I—The American National Bank of Santa Rosa, Calif., to
"The First National Bank of Santa Rosa."
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. 'Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Atchison Topeka & 8. Fe., corn. (guar.) 134
Baltimore & Ohio, preferred
2
Boston & Providence (guar.)
234
Central RR. of N. J. (guar.)
*2
Extra
*2
Delaware Lackawanna & West.(guar.). $1.10
Illinois Central. corn.(guar.)
1%
Preferred
3
N.Y. Chicago & St. Louis, coin
3
New preferred stock
3
Norfolk & Western, corn. (guar.)
•11
Adjustment preferred (guar.)
•1
Northern RR. of N. H.(guar.)
134
Old Colony (guar.)
134
Pennsylvania Company
*3
Pennsylvania RR.(guar.)
*75o.
Pitts. Ctn. Chic. & Bt. Louis
*2
Pittsburgh & V, eat Va., prof. (Quar.)--- *134
Providence & Worcester
234
Books Closed.
Days Inclusive.
Sept. 1 Holders of rec. July 27a
Sept. 1 Holders of rec. July 14a
July 2 Holders of rec. June 20
July 16 *Holders of rec. July Ila
Aug. 15 *Holders of rec. Aug. 10a
July 20 Holders of rec. July 7
Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. 2a
July 15 Holders of rec. July 7
July 15 Holders of rec. July 7
Sept. 19 *Holders of rec. Aug. 31a
Aug. 18 *Holders of rec. July 31a
July 2 Holders of rec. June 11
July 2 Holders of rec. June 16
June 30 *Holders of rec. June 27
Aug. 31 *Holders of rec. Aug. la
July 20
Aug. 31 *Holders of rec. Aug. 1
June 30 Holders of rec. June 13
Public Utilities.
Baltimore Electric, preferred
$1.25 July 2 Holders of rec. June 15a
Bell Telephone of Pennsylvania (guar.). *2
June 30 *Holders of rec. June 29
Boston Consolidated Gas
*334 Aug. 1 *Holders of rec. July 14
Brooklyn Borough Gas, cons. (Quar.)
500. July 10 Holders of rec. June 30a
Preferred (guar.)
July 2 Holders of rec. June 25a
California Elec. Generating. pref. (au.). 2
July 2 Holders of rec.
Cent. Illinois Light,6% pref.(guar.)... 134 July 2 Holders of rec. June I5a
June 15
134
Seven per cent preferred (quay.)
134 July
Holders
Central Indiana Power, pref. (guar.).. •134 July 2 *Holders of rec. June 15
1
of rec. June 19
Central Power. pref. (guar.)
•134 July 16 "Holders of rec. June 30
Chicago City RY.(guar.)
•134 June 30 *Holders of rec. June 27
Consolidated Traction of New Jersey
*2
July 16 *Holders of rec. June 30
Consumers Gas of Toronto (guar.)
$1.25 July 3 Holders of rec. June 15
East Bay Water, pref. cl. A (guar.)
154 July 16 Holders of rec. June 30
Preferred, class B (guar.)
134 July 16 Holders of rec. June 30
Fairmount Park Transit, pref
"35c. July 10 *Holders of
Preferred (sect, accumulated dIvs.)--11 '$1.40 July 10 *Holders of rec. June 30
rec. June 30
Fall River Electric (guar.)
July 2 Holders of
Harrisburg Light & Power, pref. (guar) 50c. June 30 Holders of rec. June 200
1%
rec.
Illinois Northern Utilities, pref.(guar.) •134 Aug. 1 *Holders of rec. June 26
July 14
Manchester Tr., Lt. & Power (guar.).— 2
July 16 Holders of rec. July 20
Michigan Gas & Elec., pref.(quar.)---- *134 July 20 'Holders
of rec. June 30
Prior lien (guar.)
*Holders
*134 July
Middle West Utilities, pref. (guar.)..- '1i4 Aug. 16 *Holders of rec. June 30
of rec. July 14
1
Mineral Point Pub.Serv., pref.(guar.)." 53.50 July 2
of rec.
Mountain Statee Power, pref. (guar.).- •134 July 20 "Holders of rec. June 25
*Holders
June 30
Nashville By.& Light, pref.(guar.).—
Holders of
134 June
Nevada-California Elec.. prof. (guar.).- I% Aug. 30 Holders of rec. June 23a
1
rec. June 30
New Jersey Power & Light, pref.(guar.) 1)( July 1 Holders of rec.
June 20a
Northern States Power, cons. (guar.)— *2
Aug. 1 *Holders of rec. June 30
Preferred (Oear.)
*1)( July 20 *Holders of rec. June 30
Phila. & Camden Ferry (guar.)
*5
July 10 *Holders of rec. June 29.
Portland (Maine) Gas Light
4
July 2 Holders of rec. June 28a
Puget Sound Power & Light, corn.(qui 1
July 16 Holders of rec. June 270
Prior preference (guar.)
134 July 16 Holders of rec. June 27a
Preferred (guar.)
Holders
134 July
rec.
Public Sere. Co. of No. III., corn.(gu.). •I% Aug. 16 *Holders of rec. June 270
1
of
Common stock (no par value) (guar.). 41.75 Aug. 1 *Holders of rec. July 14
July 14
Preferred (guar.)
•134 Aug. 1 *Holders
Public Service of Oklahoma, pf.(guar.)- '134 June 30 *Holders of rec. July 14
of rec. June 23
Prior lien stock ((max.)
June
Rutland Ry., Lt. & Pow., pref. (gu.).- *134 July 30 *Holders of rec. June 23
134
1 Holders
Sandusky Gas & Elec., pref.(guar.).— 134 July 1 Holders of rec. June 200
of rec. June 200
Sayre Electric, prof. (guar.)
134 July 1 Holders of rec. June 20a
Southern Wisconsin Elec. Co.,com.(gu.) *2
July 25 *Holders of rec. June 30
Preferred (guar.)
•134 July 16 *Holders of rec. June 30
United Gas & Elec. Co., prof
234 July 15 Holders of rec. June 30
United Utilities, pref. (guar.)
134 July 2 Holders of rec. June 2Ia
Utilities Securities. pref. (guar.)
134 June
Holders of rec.
Vermont Hydro-Elec. Corp.. pref. (gu.) 134 July 27 Holders of rec. June 16a
1
Wash. Halt. & Annap. El. RR., pf.(gu.) 134 July 2 Holders of rec. June 200
June Ma
Western Power. pref. (guar.)
134 July 16 Holders of ree. June 30a
Wisconsin Edison Co.(guar.)
81
June 30 Holders of rec. June 250
Wisconsin Power & Light, Pref.(qui_ *134 July 20 *Holders of rec.
Wisconsin River Power, prof. (guar.).- '134 Aug. 20 *Holders of rec. June 20
July 31
Worcester Gas Light, con). & pt. (gu.)._ 2
July 2 Holders of rec. June 23a
Trust Companies.
Commercial
3
July 2 Holders of rec. June 30a
Name of Company.
2963
Per
When
Cent. Payable.
Banks.
Butchers & Drovers, National (guar.).- *2
Commonwealth
5
First National (Brooklyn)(guar.)
3
Gotham National (guar.)
3
•
Peoples National (Brooklyn)
4
Extra
1
West End (Brooklyn)
4
Fire Insurance.
Hanover Fire (guar.)
July
July
July
July
July
July
June
Books Closed.
Days Inclusive.
2 *Holders of rec. June 29
16 July I to July 15
2 Holders of rec. Jane 22
2 Holders of rec. June 28
2 Holders of roe. June 260
2 Holders of reo. June 266
30 Holders of roe. Jane 29a
2% July 2 June 29
to
July 2
Miscellaneous.
Abitibi Power & Paper, corn.(guar.)---- 81
July 20 Holders of roe. Ally 10
Acme Road Machinery, pref. (guar.).— 2
July 2
Aetna Mills, preferred
*S3
July 1 *Holden of too. June 25
Alabama Company, first preferred
hI534 July 20 July 11 to July 20
Alliance Realty (guar.)
July 18 Holders of roe. July 10
2
Allied Chem.dr Dye,coin.(guar.)
$1
Aug. 1 Holders of rm. July 13
American Bank Notes, corn.(quan)
*$1.25 Aug. 15 *Holders of roe. Aug. 1
American Can,common (guar.)
1% Aug. 15 Holders of reo. July 310
American Glae, pref. (guar.)
*2
Aug. I *Holders of rec. July 6
American Ice, common (guar.)
1% July 25 Holders of rec. July 66
Preferred (guar.)
1% July 25 Holders of re*. July 80
American Manufacturing, com.(guar-)- I% July 2 June 17 to July 1
Preferred (guar.)
1% July 2 June 17 to July 1
American Piano, common (guar.)
1% July 2 June 28 to July 1
Preferred (oust.)
1% July 2 June 28 to July 1
American Screw (guar.)
1% July 2 Holders of ree. June 254
American Seeding Mach., tom.((lust.). 1
July 14 Holders of rec. June 30a
Preferred (guar.)
1% July 14 Holders of reo. June 300
American Shipbuilding, corn. (Quar.)
Nov. 1 Holders of me. Oct. 15
2
Common (guar.)
Febl'24 Holders of roe. Jan. 15
2
Common (guar.)
Holders of reo. Apr. 15
Common (guar.)
Aug. 2
2MaY1.2 Holders of reo. July 15
2
Preferred (guar.)
1% Aug. 1 Holders of reo. July 14
4
American Textile. Inc., (guar.)
$1
Holders of rec. June 290
July
Androscoggin Mills
8
Holders of reo. June I50
July
Armstrong Cork, COM.(guar.)
I% July
June 27 to July 2
Common (extra)
1
June 27 to July 2
July
Preferred (guar.)
June 27 to July 2
I% July
Arundel Corporation, corn. (guar.)
Holders of roe. June 280
SI
July
Preferred
3% July
Holders of roe. June 260
Associated Dry Goods,common (guar.)- 1
Aug. 1 Holders of roe. July 14 •
First preferred (guar.)
I% Sept. I Holders of tee. Aug. 11
Second preferred (guar.)
I% Sept. 1 Holders of roe. Aug. 11
Atlas Powder, preferred (guar.)
0
1% Aug. 1 Holders of reo. July 20
Babcock & Wilcox Co.(guar.)
1% July 2 Holders of reo. June 200
Baltimore Acceptance Corp., pref (qua_ 1% July 1 Holders of roe. June 25
4
Bancitaly Corporation
0
July 1 Holders of rec. June 20
4
Beacon 011, preferred (guar.)
1.8734 Aug. 15 Holders of Fee. Aug. 1a
Preferred (clear.)
$ 1.8734 Nov. 15 Holders of reo. Nov. la
Black & Decker Mfg.,common (quar.)_ _ 2
June 30 June 26 to July 1
Preferred (guar.)
2
June 30 June 26 to July 1
Bliss(E. W.) Co., tom.(guar.)
*25c. July 1 *Holders of reo. June 28
First preferred (guar.)
*El
July 1 *Holders of rec. June 28
Second preferretl (guar.)
*15c. July 1 *Holders of rec. June 28
Borden (Richard) Mfg.(guar.)
0
2
July 2 Holders of res. June 22
Boston Sand & Gravel, coin.(guar.).
2
July 1 Holders of reo. June 22'
Preferred (guar.)
0
1% July 1 Holders of reo. June 22
First preferred (guar.)
0
2
July 1 Holders of reo. June 22
Brandram-Henderson, Ltd., common_
1
July 2 Holders of reo. June 10
Bush Terminal, common
•234 July 16 *Holders of rec. July 9
Preferred
*
3
July
July
Canada Bread, Ltd., preferred (guar.)._ 1% July 18 *Holders of roe. July 9
1
2 June 17
Canadian Consol. Rubber, pref. (guar.)_ 1% June 30 Holders of to June 23
too.
Canadian Explosives, common (guar.)._ 2% July
31 July 1 to July 2
Preferred (guar.)
1% July 15 July 1 to July 2,,
'Canadian Fairbanks-Morse, preferred
3
July 15 Holders of reo. June 30"
Canadian Industrial Alcohol (Quar.)
•1
July 16 *Holders of rec. June 30
Canadian Salt ((mar)
2
July 3 June 23 to July 2,
Canton Company
3
July 3 Holders of reo. June 30,
Extra
1
July 3 Holders of rec. June 30;
Casey-Hedges Co., preferred (guar.)
1% July 1 Holders of rm. June 25a
Cement Securities Corp. (guar.)
3
0
June 30 Holders of roe. June 15
Champion Fibre, preferred (guar.)
1% July 1 Holders of reo. June 20a
Chicago Morris Plan (guar.)
1% July 1 Holders of res. June 30
Chicago Pneumatic Tool (guar.)
1% July 25 Holders of reo. July 14
Cincinnati Union Stock Yards (guar.).- 2
June 30 June 21 to July 1
Cleveland Automoblle, preferred (guar.) 2
July 2 Holders of too. June 20
4
Clifton Manufacturing
4
July 1 Holders of reo. June 20
6
Coastwise Transportation. pref.(guar.). $2
July 2 Holders of tee. Jane 28
Commercial Solvents Corp., lot pf.(on.) 2
July 1 Holders of rec. June 30
ConsohdatIon Coal (guar.)
V% July 31 *Holders of rec. July 14
Continental Can, common (guar.)
Aug. 15 *Holders of reo. Aug. 4
*31
Craddock-Terry Co., common (guar.)._ 3
June 30
First and second preferred (guar.)
3
June 30
Preferred Class C
33.4 June 80
Davis Coal & Coke
$3
July 16 Holders of reo. June 30o
Delaware Lack.& Western Coal(guar.). $1.25 July le Holders of tee. June 30a
Detroit Creamery (guar.)
July 2 June 23 to July 2
2
Detroit Motor Due (guar.)
July 15 July 1 to July 8
2
Extra
July 15 July 1 to July 8
1
Detroit Steel Products, preferred
3% July 1 Holders of reo. June 25
Diamond Match (guar.)
Sept. 15 *Holders of roe. Aug. 31
Dominion Stores, preferred, Class A.._. *2
July 2 Holders of tee. June 12a
4
Preferred, Clam B
1% July 2 Holders of rec. June 124
Douglas(W. L.) Shoe, preferred
3)4 July 2 Holders of tee. June 1156
Dow Drug, common (guar.)
1)4 July 1 June 21 to July
Preferred (guar.)
1% July 1 June 21 to July 4
Drayton Mills, preferred
3% July I
Dwight Manufacturing
July 2 Holders of reo. June 25
3
Eisenstadt mfg., preferred (guar.)
1% June 30 June 24 to July 4
Ely-Walker Dry Goods. 1st preferred
3% July 15 Holders of ran. July 4
Second preferred
3
July 15 Holders of roe. July 4
Estey-Welte Corp., common
81
July 1 June 28 to July 1
Preferred
4
July 1 June 28 to July I
Eureka Pipe Line (guar.)
3
Aug. 1 Holders of too. July 16
Fajardo Sugar, common
*7% Aug. 1 *Holders of reo. July 20
Federal Motor Truck (guar.)
30o. July 10 July 4 to „hay 10
Fifth Avenue Bus Secs. Corp.
*Holders of
(guar-Y.- •160.
Firestone Tire & Rubber,6% pf.(gu.)- '134 July 16 "Holder, of roe. July 2
July 15
reo. July 2
Seven per cent pref. (guar.)
*144 Aug. 15 *Holders of reo. Aug. 1
Finance & Trading Corp., Pref.
(guar.). 1% July 2 Holders of roe. June 28a
Fiske & Co., Inc., preferred (quar.)
2
Holders
French Bros., Bauer Co., pref.(oust.).. 1% July 1 June 22 of roe. June 220
July 1
to June 30
General Cigar, com.(guar.)
*1% Aug. 1 *Holders of rec. July 23
Preferred (guar.)
*M. Sept. 1 *Holders of reo. Aug. 24
Debenture preferred
*1% Oct. 1 *Holders of reo. Sept. 24
General Development (guar.)
260. Aug. 20 Holders of ree. Aug. 100
General Fireproofing,(guar.) (gust.)
common
30c. July 2 June 21 to July 1
Preferred (guar.)
1% July 2 June 21 to July 1
Giant Portland Cement, pref
7:334 July 16 July 4 to July 15
Globe-Wernicke Co., pref.(guar.)
1% July 15 Holders of rec. June 30
Godschaux Sugars, Inc., 1st pf.
(guar.). 134 July 1 June 19 fie July 1
Goodyear Tire & Rubber of Canada—
Prior preferred (guar.)
134 July 3 Holders of reo. June 200
Gotham Safe Deposit Corp.
1
July 2 Holders of rec. June 27
(quar.)
Gray & Dudley,common
1% July 1 Holders of reo. June 286
(guar.)
Preferred (guar.)
1% July 1 Holders of reo. June 284
Great Lakes Transit, common
(guar.).- 31.2.5 July 2 Holders of rec. June 270
Preferred (guar.)
1% July 2 Holders of rec. June 270
Halle Bros., 1st & 2d pref.(guar.)
134 July 31 July 25 to July 31.
Hall (C. M.) Lamp
July 14 Holders of ree. July 106
5
Hamilton Woolen
a
July 10 Holders of reo. June 30
Higbee Company, 1st pref.
1% Aug. 1 July 22 to July 31
(guar.)
Mil Manufacturing (guar.
)
2% July 2 Holders of roe. June 290
Hoover Steel Ball (guar.)
2
July 2 June 21 to July 1
Hurley Machine, coMmon (guar.)
•50c. July 12 *Holders of reo. July 6
Common (extra)
•2.5c. July 12 *Holders of reo. July 6
Preferred (guar.)
*1% July 2 *Holders of tee. J'ene 27
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
250. July 2 Holders of rec. June 20a
Hydrox Corporation (quar.)
41% July 14 *Holders of rec. July 2
Illinois Brick (quar.)
Aug. 15 Holders of rec. July 29
2
Indiana Pipe Line (quar.)
13$ July 16 Holders of rec. July 60
International Paper, pref.(quar.)
Interprovincial Brick of Can., com.(qn.) 13$ June 30 Holders of rec. June 250
1lf June 30 Holders of rec. June 280
Preferred (quar.)
June 30 Holders of rec. June 280
Interprovincial Clay Prod.. Pref.(guar.) 2
Kansas City Clay Co.& St. Joseph Co.
July 2 Holders of rec. June 20a
Preferred (quar.)
*1
Aug. 1 *Holders of rec. July 20
Kress (S. H.) Co.. corn.(quar.)
June 30 Holders of rec. June 26
2
Laclede Steel ((Marl
2)ti June 30 Holders of rec. Juno 220
Lawton Mills Corp..common (qua:.)....
Aug. 31 *Holders of rec. July 31
11
3
Lehigh Coal & Navigation (guar.)
Sept. 1 Holders of rec. Aug. 15
Lima Locomotive Works,Inc.,com.(qn) $1
July 2 Holden; of rec. June 13a
3
Manchester Cotton Mills((Marl
July 18 Holders of rec. July 3
2
Maple Leaf Milling, common (qua:.)
13$ July 18 Holders of rec. July 3
Preferred (qua:.)
01% uly 26 Holders of rec. June 30
Mason Tire & Rubber, pre/.(quar.)
60c. Aug. 15 Holders of rec. Aug. la
Miami Copper (quar.)
1% July 1 Holders of rec. June 26a
Mohawk Rubber, pref. (quar.)
July 1 June 21 to June 30
2
Murray(J. W.) Mfg.,corn.(quar.)
July 1 June 21 to June 30
Common (Payable in common stock). 2
July 1 June 21 to June 30
• 2
(quar.)
Preferred
Nat. Automatic Fire Alarm of CM. Mel 23$ July 2 Holders of rec. Juno 300
Nat. Enamel.& Stpg., common (qua:.). •13$ Aug. 30
1)4 June 30
National Casket (quar.)
July 2 Holders of rec. June 27a
5
New England Fuel 011 (quar.)
New England Guaranty Corp.. Pl.(qu.). 15‘ July 2 Holders of rec. June 15
Aug. 10 •Holders of rec. July 31
*2
New Jersey Zinc (guar.)
.2
July 10 *Holders of rec. Juhe 30
Extra
Aug. 1 Holders of rec. July 90
New York Air Brake, common (guar.)
July 14 Holders of rec. June 300
Ohio Brass. common (guar.)
July 14 Holders of rec. June 30a
Preferred (quar.)
June 30
Open Stair Dwellings (quar.)
July 3 June 27 to July 1
Page-Hershey Tubes, Ltd., corn.(qu.)
July 3 June 27 to July 1
Preferred (quar.)
July 2 Holders of rec. June 150
Park City Mining .1L Smelt.(quar.)
July 2 Holders of rec. June 150
Park Utah Mining (quar.)
Aug. 15 Holders of rec. Aug. 4
Penmans, Ltd., common (guar.)
Aug. 1 Holders of rec. July 21
Preferred (guar.)
Aug. 1 Holders of rec. July 200
Phillips-Jones Corp.. prof. ((Mari
Aug. 1 Holders of rec. July 2
Pick (Albert) & Co., common (gnarl
Aug. 1 Holders of rec. July 3
New common (to be lamed July 3).--uly I Holders of rec. June 23
Preferred (qua:.)
July 15 Holders of rec. July 50
Pierce. Butler & Pierce Mfg., com.(qu.)July 1 Holders of rec. Juno 20
Seven per cent preferred (guar.)
Aug. 1 Holders of rec. July 200
Eight per cent preferred (qua:.)
June 30 Holders of rec. June 270
Pilgrim Mills, corn. & Pref.(guar.)
July 25 Holders of rec. July 100
Pittsburgh Coal, common (qust.)
1% July 25 Holders of rec. July 100
Preferred (qua:.)
Pittsburgh Term. W3house& Traned.(qu) *81 July 10 *Holders of rec. June 30
*1 1.4 July 20 •Holders of rec. July 2
Plymouth Cordage (quar.)
11.4 July 2 Holders of rec. Juno 20
Regal Shoe, pref.(qua:.)
.134 July 25 Holders of rec. June 30
Shaffer 011 & Ref., pref.(qua:.)
2
July 2 June 21 to July 1
Shredded Wheat.common (guar-)
1
July 2 June 21. to July 1
Common ((Mari
July 2 June 21 to July 1
Preferred (guar)
June 30 June 10 to July 1
Singer Mfg. (quar.)
July 20 July 6 to July 10
Smith (Howard) Paper IMUls. corn.(qu.)
July
Preferred (qua:.)
July 6 to July 10
Soden (G. A.) & Co.. common (quar.)
July 1 Holders of rec. June 20
First preferred (quar.)
July 1 Holders of rec. June 20
Second preferred (quar.)
July 1 Holders of rec. June 20
Second preferred (extra)
July 1 Holders of rec. June 20
Spedlab River Pulp & Paper Mills
Common and preferred (guar.)
1% July 16 Holders of rec. June 30
Standard Commercial Tobacco.com.(qu) 25c. July 2 Holden of rec. June 25
Preferred
33$ July 2 Holders of rec. June 25
July 10 July 3 to July 10
Standard Underground Cable (quar.)__ _ 3
Stedman Products, pref. (qua:.)
134 July •2 Juno 24 to July 1
July 3 Holders of rec. June 20
1
Sterling Coal
July 2 June 28 to July 1
2
Sterling Salt
July 2 June 28 to July 1
2
EXtfa
Aug. 15 Holden of rec. Aug. 1
Superior Steel, first preferred (quar.)... 2
Aug. 1 Holders of rec. Aug. 1
2
Second preferred (guar.) _
'to% Aug. 1 *Holders of rec. July 1
United Drug. let Pref.(guar./
500. July 15 Holders of rec. June 30a
U. 8. Can, common (quar.)
1% July 15 Holders of rec. Juno 30a
Preferred ((Mar.)
1% July 16 Holders of rec. June 28
4
U.S. Finishing, corn. (qua:.)
July 2 Holders of rec. June 28
Preferred (quar.)
July 2 Holders of rec. June 300
7
U.S. Gauge, preferred
11.4 July 2 Holders of rec. June 200
U.S. Paper Goods, prof.(quar.)
U.8.Smelt., Refg. & Min., pref.(lu.)- - 87)0 July 14 Holders of rec. July 8
750. Aug. 1 Holders of rec. July 16
Ventura Consolidated Oil Fields(1m.).
13$ July 1 Holders of rec. June 20a
Washburn Wire, com. (quari - -134 July 1 Holders of rec. June 20a
Preferred ((Mari
11.4 July 15 July 1 to July 4
Western Grocers, pref.(qua:.)
July 2 Holders of rec. June 250
Western Reserve Cotton Mills. pref-(qu.)
154 July 3 Holders of rec. JUDO 23
Woods Manufacturing, pref.(quar.)-1% June 30 Holders of rec. June 300
Worcester Salt (quar.)
Below we give the, dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week,these being given in the preceding table.
Names!Company•
Railroads (Steam).
Alabama Great Southern, preferred-- -Albany & Susquehanna
Allegheny & Western
Atchison Topeka & Santa Fe, preferred _
Atlanta & West Point
Atlantic Coast Line RR.,common
Bangor & Aroostook. pref. (guar.)
Beech Creek (quar.)
Boston & Albany (guar.)
Buffalo & Susquehanna,common(qua:.)
Common (extra)
Preferred (gnarl
Canada Southern
Canadian Pacific. common (quer.)
Chesapeake & Ohio. common
Preferred
Chicago Indianapolis & Louisville. corn..
Preferred
Chicago & North Western, corn
Preferred
Chicago Rock Island & Poe..6% pref_
7% preferred
Chic. St. Paul Niinn. Sc Omaha,corn....
Preferred
Cincinnati Northern
Clove.. CM., Chic. 8, St. Louis, corn- _
Preferred (quar.)
Colorado & Southern, let preferred....
DetroitMyer Tunnel
El Paso & Southwestern Co.(Mari-Greet Northern, preferred
Hocking Valley
Illinois Central leased lines
Kansas City Southern, pref. (quar.)
Lackawanna RR. of N. J.(qua:.)
Lehigh Valley. common (qua:.)
Preferred (qua:.)
Little Schuylkill Nay., RR.& Coal
[Vote. 116.
THE CHRONICLE
2964
Per
Cent
When
Pagable
Books Closed.
Days luck:tee.
Aug. 16 Holders of rec. July 13
July 1 Holders of rec. June 150
July 2 Holders of rec. June 200
Aug. I Holders of rec. June 296
June 30 June 21 to July 1
July 10 Holders of rec. .une 183
July I Holders of rec. June 15
July 2 Holders of rec. June 15a
June 30 Holders of rec. May 310
June 30 June 16 to July 1
June 30 June 16 to July 1
June 30 JUDO 16 to July 1
Aug. 1 Holders of rec. June 294
June 30 Holders of rec. June I
July 1 Holders of rec. June 80
2
3.4 July 1 Holders of rec. June 86
134 July 10 Holders of rec. June 30
July 1 Holders of roe. June 30
2
255 July 16 Holders of rec. June 1515
355 July 16 Holders of rec. June 150
June 30 Holders of roe. June 8a
3
3% June 30 Holders of rec. June 8a
23$ Aug. 20 Holders of rec. Aug. la
3)4 Aug. 20 Holders or rec. Aug. la
Aug. 1 Holders or rec. Juno 290
July 20 Holders of rec. June 290
1
1% July 20 Holders of rec. June 290
June 30 June 20 to July 1
2
July 16 Holders of reo. July 7a
3
134 July 2 Holders of rec. June 256
2.3$ Aug. 1 Holders of rec. June 296
Juue 30 Holders of rm. June 86
2
July I June 12 to
2
July 4
July 16 Holders of rm. June 300
1
July 2 Holders of rec. June 90
1
8734e July 2 Holders of rec. June 166
$1.25 July 2 Holders of rec. June 166
July 15
$l.25July 14 June 19 to
3%
43$
3
234
3
35$
134
50o.
2%
1)4
23$
2
13Z
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam)-Conauded.
234 Aug. 10
Louisville & Nashyllle
11$ July 2
Louisiana & Northwest (guar.)
$10 Aug. 1
Mahoning Coal RR.,common
81.25 July 2
Preferred
60.3. July 2
Manhattan Ry.(quar.)
July 28
10
Michigan Central
July 2
2
Mobile & Birmingham, preferred
33$ July 12
Mobile & Ohio
$1.75 July 2
Morris & Essex
Aug. 1
1
New York Central RR.(qua:.)
1210 July 2
New York & Harlem, corn. & prof
134 July 2
N. Y. Lackawanna & Western (quiz.)
July 16
$2
NorthernCentral
Aug. 1
Northern Pacific (guar.)
4
July 10
Securities Co
Northern
July 2
Pere Marquette. corn. (qua:.)(No. 1)_. 1
1% Aug. 1
Prior preference(lom.)
1% Aug. I
Preferred (qua:.)
23$ July 10
Philadelphia & Trenton (quar.)
erred
Plttsb. Ft. Wayne Chic., corn.(quar.) 1% July 2
1% My 3
Preferred
$2.60 Aug. 1
Pittsburgh & Lake Erie
$1.50 July 2
MUM. McKeosp. & Youghiogheny
$1
Aug.
Reading Company. corn.(qua:.)
50o. Sept. 13
First preferred ((Marl
500. July 12
First preferred (guar.)
4
July 2
Rensselaer & Saratoga
St. Louis Southwestern. pre.. (quar.)... 1)4 Illy 2
1.37 gelit 1
Sharon Railway fsemi-annual)
134 July 2
Southern Pacific (qua:)
2% July 2
(Minn Patine. corn, (guar.)
United N. J. RR.le Canal Cos.(qua:.). 234 MY
23$ July 2
Valley RR.(New York)
13$ July 2
Western Pacific. preferred (qua:.)
June .
3
Western By.of Alabama
Books 0036d.
Days Inclusive.
Holders of rm. July 17a
Holders of rec. June 15
Holders of roe. July 160
Holders of coo. June 230
Holders of rec. June 180
Hollers of reo. June 29a
Juice 2 to July 1
Holders of roe. June 280
June 8 to June 27
Holders of rec. June 29
Holders of rec. June 15a
Holders of rec. June 140
Holders of rec. June 300
Holders of roc. July 20
June 28 to Jul.( 10
Holders of rec. June 16a
Holders of rec. July 140
Holders of rec. July 140
July 1 to July 11
Holders of rec. June lla
Holders of rec. June lla
Holders of rec. July 140
Holders of rec. June 16a
Holders of rec. July 176
Holders of rec. Aug. 270
Holders of rec. June 250
June 16 to July 1
Holders of rec. Juno 160
Aug. 22 to Aug. 31
Holders of rec. May 3I6
Holders of rim. June Sc
June 21 to June 30
Holders of rec. June 210
Holders of rec. June 200
June 21 to July I
Public
July 2 June 20 to July 2
Adirondack Power & Lt.,8% Prof.(qui July 2 June 20 to July 2
Seven per cent preferred (quar.)
July 1 Holders of reo. June 21
Alabama Power, pref.(quar.)
My 14 Holders of rec. Juno 30a
All-America Cables (qua:.)
July 14 Holders of rec. July 20
American Gas (qua:.)
July 2 Holders of rec. June 18
Gas & Dee.. coin.(quit.)....
American
July 2 Holders of rec. June 18
Common(payable In common stock).
Aug. I Holders of MC. July 12
Preferred (qua:.)
Holders of roe. June 16
July
Amer. Power & Light, pref.(quar.)
July 2 Holders of rec. June 15
American Public service. pref. (quar.).
July 1 Holders of rec. June 20a
Amer. Public Utilities. 6% pref.(qu.)_.
July I Holders of rec. June 206
Prior preferred (qua:.)
July 1 Holders of rec. Juno 206
Participating preferred (quit.)
34 July III Hosiers 01 rec. 'line 200
.
Am T. I viltiOtiotir R. Telegraph tun r.)
Aug. I Holders of rec. Aug. la
Amer. Water Works & Elec., 1st pt.(qu)
Aug. 15 Holders of rec. Aug. la
1
Six per cent participating pref
134 July 16 Holders of rec. June 304
Appalachian Power,7% prof.
154 July 2 Holders of rec. June 15
Asheville Power & Light, pref.(qua:.)
880. June 30 Holders of rec. Juno 15
Associated Gas & Elec pref. (qua:.)
Holders of roe. June 9
1% July
Bangor Ry. & Elec.. pref.(guar.)
2
July I Holders of reo. June 280
Bell Telephone of Canada (quiz.)
Binghamton L., H.& P.„ 6% pref.(qu.) 13$ July I Holders of rec. June 250
134 July I Holders of rec. June 260
Seven per cent preferred (qua:.)
13$ July 2 Holders of rec. Juno 20
Boston Elevated Ry.. corn.(quit.)
33$ July 2 Holders of rm. Juno 20
Preferred
July 2 Holders of rec. June 20
4
First preferred
Brazilian Trim.. L. & Pow.. pref.(guar ) 11.4 July 2 Holders of rec. June 15
2
illy 2 fielders of rev. June 140
Brooklyn I l”lon (114 Omar.)
Capital Tmction.Washington.D C.(qu.) 13( July 2 Holders of rec. June 14
Aug. I Holders of rec. July 14
Carolina Power & Light, corn. (quit.)..
July 2 Holders of rec. Juno 15
Preferred (quar.)
Aug. 15 Holders of rec. July 31
Cedar Rapids Mtg. & Power (quar.)--July 14 Holders of to. June 300
eutral ill. Pub Serv prof. (guar.)..
une 30 Holders of rec. Juno 9
Electric Corp., pref.(qu.)
Central States
July 2 June 2 to June 29
CincinnatI & Sub. Bell Toler).((Mari-July 1 Holders of roe. June 200
Citizens Passenger Ry.. Phila. (qua:.)
June 30 Holders of reo. June 13a
ClevelandRailway (qua:.)
July 16 Holders of rec. Juno 30
Colorado Power, corn (quar.)
Aug. 15 *Holders of roe. July 31
(quar.)
Columbia Gas & Electric
July 2 Holders of rec. June 11
Columbus Elec.& Power.corn.(gust.)..
July 2 Holders of rec. June 11
Firstpreferred, Seem A (quit.)
July 2 Holders of rec. Juno 11
Second preferred (guar.)
Sept. 1 Holders of roe. Aug. 160
.
Columbus RI.,Pr & Lt.. corn.(au.)
Dec. 1 Holders of rec. Nov. 150
July J Holders of rec. Juno 15a
Preferred, Series A (quiz.)
Oct. 1 Holders of rm. Sept. 15a
Preferred. Series A (quar.)
Jan2'24 Holders of rec. Dec. 156
Preferred, Series A (guar.)
Holders of rec. July 16a
Aug
Preferred, Series B
Nov. 1 Holders of roe. Oct. 16a
Preferred, Series B
July 2 Holders of rec. Juno 166
Conrad. Gee El. L.& P., Bah.,CoM.(Q1.1.)
July 2 Holders of rec. Juno lea
Preferred Series A (quit.)
July 2 Holders of rec. Juno I5a
Preferred Series Is (quar.)
Aug. 1 Holders of rec. June 16a
Consolidated Gas of N. Y.. pref.(qua:.)
une 30 June 10 to July 1
Consumers E.L.&P., New On., 01.(1t1.)
uly 2 Holders of rec June 160
Consumers Power(M kb.).7% pref.(nu.)
July 2 Holders of rec. June 150
Six per cent preferred (guar.)
June 30 June 16 to June 29
Cuban Telephone (quar.)uly 2 Holders of rec. June 200
Dayton Power & Light,corn
July 2 Holders of rec. June 2.00
July 16 Holders of re. June 20a
q
Prole Eed ( uar ar
Detreftrr dison (q u.) .)
July 16 June 18 to June 30
Dominion Power & Transmission, pref._
MY 2 Holders of roe. June 15
Duluth-Superior Traction. pref.(qua:.).
uly 2 Holders of roe. June 200
Eastern Tessa Elec. Co.. corn.(quar.).
uly 2 Holders of roe. June 200
Preferred
Electric Light & Power of Abington &
uly 2 Holders of rec. June 224
2
Rockland (quar.)
Holders of rec. June 14
1)4 June
Elmira Water. Lt. & RR., let pf.(qu.)
1)4 June 30 Holders of tee. June 14
Second preferred (guar.)
July 9 Holders of rec. June 20a
3
El Paso Electric Co.. preferred
Erie Lighting, pref.(quar.)------ __- 50o. July 2 Holders Of ROO. June 150
uly 2 Holders of tea. Juno 15a
760
Federal Light & Traction. common
Common (payable In preferred stock) m75c. July 2 Holders of rec. Juno 16a
Frankf. d, Southwark Pass. Ry.(quar.). $4.50 July I June 2 to July 1
July 2 Holders of rec. June 15
General Gas & Elec. Corp.. prof. A (qu.) $2
$1.31 July 3 Holders of rec. June 124
((Marl
Germantown Pam.Ry.. Phila.
1.123$ July 2 Holders of roc. June 136
Haverhill Gas Light (guar.)
June 30 June 24 to July 1
Honolulu Rapid 'Iran. & Land (guar ). 2
1,1 June 30 Holders of rm. June/13
Houston Gas & Fuel. prof.(qua:.)
Devel.& GILL peed.(guar.). 134 July 2 Holders of rec. June 11
Huntington
June 30 Holders of rec. June 29a
2
Illinois Hell Telephone (quar.)
11.4 July 1 Holders of rec. June 15
Illinois Traction, pref. (guar.)
1% July 1 Holders of rec. June 4
Indianapolis Water. pref. (quer.)
1)4 July 15 Holders of tee. June 276
Internat. Telco. Sc Teleg. (guar.)
Jersey Cent. Power Sc L. pertic. Pf.(qU) 1% July 2 Holders of rec. Juno 15
Aug. 16 Holders of rm. July 31
2
KamInts(iqua Power (quar.)
KRONOR City Pow Az I.e.. let pr. A Mu ) 134 July 2 Holders of roc June 166
Holders of roe. June 30
Kansas City Pow, Securities. pref.(qu) $1.25 July
1Si July 2 Holders of reo. June 21
Kansas Gas & Elec., pref.(quar.)
July 2 Holders of rec. June wo
Corp.. common-muar )
Keritucky SeeurIties
July 16 Holders of roe. June 206
Preferred
3% July 5 Holders of rec. June 256
Laclede Gas Light. common
194 July 2 Holders of roe. Juno 21a
Long Island Lighting. prof. (quar.)
LouisvilleHome Telephone (quar.)---- 134 July 2 Holders of reo. Juno 25
Judy 2 Holders of rec. June 6a
Mackay Companies. common ((marl_
July 2 Holders of rut. June 60
1
Preferred (guar.)
July 2 Holders of rec. JUDO 180
Mantle Electric Corp., corn ((mar)__ 2
July 14 Holders of rm. June 300
Manufacturers L.& Heat,Pittab.(quiz,) 2
Market St. Ry.. SanFran., prior pr(qu.) 13$ July 2 Holders of rec. June 96
pf. (qu.). 134 July 16 Holders of reo. June 25
Massachusetts Ltg. Cos., 6%
July 16 Holders of rec. June 25
2
Eight per cent pref. (qua:.)
134 July 1 Holders of roe. June 256
Metropolitan Edison Co.. Prof.(guar.)._
Mississippi River l'ower. pref. (quar.)_. 134 Judy 2 Holders of roe. June 15
July 2 Holders of roe. June 220
2
Mohawk Valley Co.(quar.)
Monongahela-West Penn.Pub.Som. pf 37340 July 7 Holders of rec. June 260.
JUNE 30 1923.]
Name of COMPasill.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclu.stee.
Name of Company.
2965
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Trust Companies.
Montana Power,common (guar.)
1
July 2 Holders of rec. June 13a American (guar.)
14 June 30 Holders of rec. June 230
Preferred (guar.)
14 July 2 Holders of rec. June 13a Bankers (guar.)
5
July 2 Holders of rec. June 15.
Montreal Lt.,Ht.& Pr.,ConeM (quer.)_
13i Aug. 15 Holders of rec. July 31
Bank of New York &Trust Co.(guar.).- 5
July 2 Holders of tee. June 15
Montreal Lt.. Ht. & Power (quar.)____ 2
Aug. 15 Holders of rec. July 31
Brooklyn (guar.)
July 2 Holders of rec. June 260
8
Montreal Telegraph (guar.)
July 16 Holders of n5e. June 30
2
Central-Union (guar.)
July 2 Holders of rec. June 236
6
Montreal Water & Power. common
325 June 30 Holders of rec. June 15a Equitable (guar.)
3
June 30 Holders of rec. June 22
Narraganset Elec. Ltg. (quar.)
July 2 Holders of rec. June 15a Fidelity-International (guar.)
$I
254 June 30 June 23 to July 1
Nat.Power & Light. pref.(guar.)
14 July 2 Holders of rec. June 21
Fulton
July 2 Holders of rec. June 260
5
Newburyport Gas & Elec.(guar.)
July 14 Holders of rec. July 2
SI
Guaranty (guar.)
3
June 30 Holders of ree. June 15
Extra
51
July 14 Holders of rec. July 2
Hudson (guar.)
24 June 30 June 21 to July 1
New England Telep. & Teleg. (guar.).- 2
June 30 Holders of ree. June lla Irving Bank-Columbia Trud (guar.).
July 2 Holders of rec. June 22
- 3
Newport News & Hampton
Lawyers' Title& Trust (guar.)
2
July 2 Holders of rec. June 220
Hy., Gee & Electric, pref.(quint.).
14 July 2 Holders of rec. June 15a
Extra
1
Judy 2 Holders of rec. June 22a
New York State Rye..coin.(guar.)
July 2
ne 23 to Jul.
, 1
Manufacturers (guar.)
4
July 2 Holders of rec. June 200
Preferred (guar.)
14 July 2 June 23 to Jul
Metropolitan (guar.)
1
4
June 30 Holders of reo. June 220
New York Telephone. pref.(guar.)
154 July 16 Holders of rec. June 204 Mutual of Westchester Co.(guar.)
3
July 2 Holders of MC. June
Niagara Falls Power, pref. (guar.)
14 July 16 Holders of rec. June 30a New York (guar.)
5
June 30 Holders of rec. June 230
North Shore Gas. preferred Blear.)..... 154 July 1 Holders of tee. June 20
Peoples (Brooklyn)(guar.)
June 30 Holders of tee. June 29
5
Preferred (guar.)
ft Oct. 1 Holders of tee. Sept. 20
Title Guaranty & Trust(guar.)
3
June 30 Holders of rec. June 22
Northern Ohio Tr. & Lt.6% pf
1)4 July 2 Holders of rec. June 15
Extra
4
June 30 Holders of rec. June 2.8
Seven per cvnt pref. (quilt.)
14 July 2 Holders of rec. June 15
United States (guar.)
124 July 2 Holders of rec. Jima 21a
Northwestern Telegraph
61.50 July 1 June 16 to July 1
U.S. Mortgage &
July 2 Holders of rec. June 27.
4
Ohio Bell Telephone. pref. (guar.)._ -- 14 July 1 Holders of rec. June 200 Westchester Title Trust (guar.)
5
July 6 Holders of rec. June 300
& Trust
Ottawa Light, Heat & Power (quar.)___ 14 June
Holders of rec. June 22a
Ottawa Traction (guar.)
1
July 3 Holders of ree. June I9a
Fire Insurance.
Pacific Gee at Elec.. con]. (guar.)
134 July 16 Holders of rec. June 30a Continental
July 11 Holders of rec. June 300
$3
PacificTeiep.& Teleg.(guar.)
134 July 18 Holders of rec. June 30a Fldellty-Phenix Fire
July 11 Holders of rec. June 30a
$3
Panama Power & Light, pref.(guar.)
14 July 2 Holders of ree. June 18
Roads Insurance of America
81.50July 2 /loaders of rec. June 154
Penn. Central Light & Pow.,cam.(qu.) •374o July 1 *Holders of rec. June 15
Common (extra)
•10o. July 1 *Holders of rec. June 15
Miscellaneous.
Preferred (guar.)
July 2 Holders of rec. June 150 Abitibi Power & Paper,
$I
14 July 3 Holders of rec.
Preferred (extra)
100. July 2 Holders of rec. June 15a Adams Express (guar.) Ltd.. Pref. (qu.) $1.25 June 30 Holders of rec. June 20
June 150
Pennsylvania Edison, preferred (guar.).- 2
July 1 Holders of rec. June 250 Advance-Rumelv. Pref. (qua:.)
760. July 2 Holders or rec. June 154
Pennsylvania Power & Light, pee!.(qu.) 14 July 2 Holders of roc. June 15
Aeollan Co., pref. (guar.)
14 June 30 Holders of rec. June 20
Pennsylvania Water & Power unular.)
14 July 2 Holders of re. June 15a Air Reduction (guar.)
July 14 Holders of rec June 300
Peoples Gas Light & Coke (guar.)
134 July 17 Holders of rec. July 30 Allled Chemical & Dye Corp.. pref.(go ) $I
14 July 2 Holders of rec. June 154
Philadelphia Comnany. Corn. (guar.).
July 31 Holders of rec. July 20 Allis-Chalmers Mfg., Prof. (guar.)
- $I
14 July 16 Holders of rec. June 230
Philadelphia Rapid Transit (guar.)
75e. July 31 Holders of rec. July 18a Amalgamated Oil (guar.)
*75e. July 16 *Holders of rec. June 30
Philadelphia & Western RI.. Pref.(qu.). 14 July 14 Holders of rec. June 30a American Art Works. COM.
& prof (gu.). 114 July 1 Holders of rec. June 300
Portland Ry., Lt. & Pr.. let Pt.(gnat.). 14 June 30 Holders of rec. June 16
American Bank Note, preferred (qua:.). 75e. July 2 Holders oi rec. June 15a
Prior preference (guar.)
14 June 30 Holders of rec. June 18
Amer Beet r1uoir mei (quiet)
14 July 2 Holders of rec June 9a
Porto Rico Rye.. Ltd.. Pref.(guar.)
--- 14 July 2 Holders of rec.' June 15
Amer. Brake Shoe & Fdy., corn.(qu.).. $1.25 June
Holders of rec. June 220
Porto Rico Telephone(qua:.)
2
June 30 Holders of rec. June 20
Preferred (guar.)
134 JUDO u Holders of rec. June 220
Providence Gas (guar.)
$I
July 2 Holders of rec. June 15
Amer. Car & Foundry,common (quiz.). 3
July 2 Holders of rec. June 150
Public Service Corp. of N.J. corn.(q11.)- $1
June 30 Holders of rec. June 15a
Preferred (guar.)
134 Judy 2 Holders of rec. June 15a
Eight per cent preferred (guar.)
2
June 30 Holders of rec. June 15a American Can. preferred (guar.)
134 July 2 Holders of rec. June 124
Seven per cent preferred (guar.)
June 30 Holders of rec. June 15a American Chain, class A (guar.)
July 1 June 21 to July 1
2
Reading Traction
750. July 2 June 13 to July 1
Amer. Chain Stores. corn. (guar.)
•25e. July 2'Holders of rec. June 21
Ridge Avenue Pass. Ry., Phila.(guar.) $3
July 2 June 18 to July 1
American Cigar, preferred (guar.)
I% July 2 Holders of rec. June 15.
Savannah Elec.& Pow.,deb.ser. A (qu.) 2
July 2 Holders of rec. June 15a American Coal(guar.)
Aug. I July 12 to Aug. 1
Second & 3d Ste. Pass. 11Y... Phila.(qu.)- $3
July 1 June 2 to July 1
Amer. Cyanamid, COM.(NO. 1)
• 1
July 2 Holders of rec. June 2.5a
Shawinigan Water & Power (loar.) 1 14 July 10 Holders of rec. June 22
Preferred (guar.)
14 July 2 Holders of rec. June 220
Southern Canada Power, pref. (guar.)._ 14 July 15 Holders of rec. June 304 American Express
(quar.)
$1.50 July 2 Holders of rec. June 14e
Southwestern Bell Telep., pref. (guar.). 14 July 1 Holders of rec. June 20
American-Hawaiian Steamship (guar.)._
*15e. July 2 *Holders of rec. June 20
Springfield & Xenia Ry., pref. (guar.)._
I 4 June 30 Holders of rec. June 16a American Lace Manufacturing
(guar.), 2
Holders of rec.
Springfield Ry.& Light, pref.(guar.)
July 2 Holders of rec. June 15a Am. La France Fire Eng.. Inc., oom.(qtd 25e. June 30 Holders of rec. June 15
Aug. la
Aug. 15
Standard CMS & Elentrin. corn,(Sup 11
624,3 July 25 Hooters of tee June 30
Preferred (guar.)
14 July / Holders of rec. June 25.
Tennessee Electric Power,6% pref.(qu.) 1 4 July 2 Holders of reo June 9
American Locker
2
Holders of rec. June
July
Seven per cent preferred (guar.)
134 Judy 2 Holders of rec. June
American Loromotive. corn.(gust.)... 24 June T Holders ot rec. June 6
8a
Thirteenth & 15th Ste. Passenger
$6
July 1 June 21 to June 30
Preferred (guar.)
14 June 30 Holders of rec. June 8a
Toledo Edison Co., preferred (guar./
July 1 Holders of rec. June 15a American Machine & Founder (gust.)
- 2
134 July 1 Holders of rec. June la
I'd-City Ry.du Light, pref.(guar.)
14 July 2 Holders of rec. June 200
Quarterly
14 Oct. 1 Holders of tee. Sept. la
Turners Falls Pr. & El. Co., eom.(gu.) 61.50 June 30 Holders of rec. June 19
Quarterly
194 Jan 1'24 Holders of rec. Dec. Is
Twin City Rap.Tram, Minneap.. corn_ _ 3
July 2 Holders of rec. June 16a American Pneumatic Berates, 20 pref._ 50e. June
30 Holders of rec. June 9
Preferred (qua:.)
14 July 2 Holders of rec. June 16a American Radiator, common (guar.).
- SI
June 30 Holders of rec. June 1de
Union Passenger RI., Phila.
$4.75 July 2 Holders of rec. June 15
Amer. Rolling Mill. coin. (guar.)
50c• July 15 Holders of rec. June 30a
Union Traction, Philadelphia
July 1 Holders of rec. June 9a
$1.50
77 preferred (guar.)
I 9( July I Holders of rec June 15a
United Electric Rye. (quer.)
1
July 2 June 21 to July 1
77: debent re (guar.)
14 July 1 Holders of roc. June 15
United Gas [met., coin. (guar.)
75c July 14 Holders of rec. June 300 Amer. Sales Book, common
$1
July 3 Holders of rec. June I54
Preferred (guar.)
8734o Sept. 15 Holders of rec. Aug.
Preferred (Outer).
134 Aug. 1 Holders of rec. July 15.
United Light & Rya., common (guar.)._ 14 Aug. 1 Holders of rec. July 3I0 Amer. Smelt. & Rote..
16a
coin. uar.)
(
14 Aug. I Holders of ree. July 9.
Common (extra)
Aug 1 Holders of rum July lea
34
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 10e
6% first pref.(qar.)
1)4
ly 2 Holders of rec. June I ha American Snuff, common (guar.)
July 2 Holders of rec. June 154
3
Perth). pref.(guar.)
14 July 2 Holders of rec. June 15.
Preferred (guar.)
14 July 2 Holders of rec. June 15.
Participating preferred (extra)
1.g July 7 Holders of rec. June lie American Steel Foundries, corn.(gust.)
e. July 14 Holders of ree. July 20
75
Participating preferred (extra)
14 Oct. 2 Holders of rec Sept 15e
Preferred (guar.)
1)4 June 30 Holders of reo. June lbe
Participating perferted (extra)
V( Jan2'24 Helder. ot reo Dec Igo American Stores (guar.)
5i 3ay
July
Utah Power & Light, pref.(quay.)
134 July 2 Holders of rec. June 16
Amer sugar Relining. pref. (gust.)... 251c.JulyJuly 2 June 22 ofto June 2
tee
Holders
la
Virginia Ry. & Power, pretertwd
July 20 Flolders of re.: Dee 81
8
American Surety (guar.)
$I 25 June 31 Holders of rec. June 234
Washington Water Power, Spokane(gu.) 2
luly 14 Holders of rec. June 25
Extra
260. June 34 Holders of rec. June 230
Western Union Telegraph (guar.)
14 July 16 Holders of rec. June 260 American Tobacco, Preferred
(guar.)... 1;1 July 1
Holders of rec. June 9
a
Went Kootenay Power & Lt.. pref.(qu.)
14 July 3 Holders of rec. June 25
Amer. Type Founders, common (gust.).
Holders of rec. July 100
West Penn Co common (guar.)
July
4 June 30 Holders of rec June IF n
Preferred (qua:.)
Holders
,
Wont Penn Co. pref. (guar.)
14 Aug. 15 Holders of rec. Aug. lo Amer. Wnolesale Corp.. pref. (guar.)._ 14 Jut) 11 Holders of rec. July 10a
of rec. June 2.0a
14 July 1
West Penn Power Co., pref. (guar.).
- 14 Aug. 1 Holders of rec. July 18
Amer. Window Glass Mach.,coin.(qu.).
West Penn Rye., pref. (quay.)
134 July 2 Holders of rec. June 15
14 Sept. 15 Holders of rec. Sept. 1
Preferred (guar.)
14 July 2 Holders of rec. June 15
West Phibuielphla Passenger Ry
$6 July 2 Holders of rec. June 15
Amerian Woolen.oom.and pref.(quit.) 14 Judy lu May 15 to May IS
Winnipeg Elec. Re.. Pref. (guar.)
14 July 1 Holders of rec. June 18
Anaconda cAnper Mining (guar.)
The. July 2' fielders of rec. June 16
Worcester Electric Light
$3
June 30 June 21 to Judy 1
Arlington Mills, cons.(guar.)
July • 2 Holders of rec. June 220
2
Extra
$A
June 30 Jeer 21 to July 1
Armour & Co. of Del.. pref. (guar.)
14 July 1 June 18 to July I
Yadkin River Power. pref. (quay.)
14 July 2 Holders of rec. June 15
Armour &
0( 111., pref. (guar.)
York Railways, common (guar.)
154 July 1 June 18 to Jul,' 1
50e. July 18 Holders of rec. July 5a Asbestos Corp. of Canada. coin,
(guar.). 14 July 15 Holders of rec. June 30
Preferred (guar.)
6234e July 31 Holders of rec. July 21a
Preferred (guar.)
Youngstown & Ohio River RR.,M MO
14 July 15 Holders of rec. June 30
!ri June
Holders of rec. June 16
Associated 011 (guar.)
14 July 25 Holders of rec. June 30a
Auburn Automobile,corn.(guar.)
July 1 Holders of rec. June 23a
$I
Banks.
Preferred (guar.)
14 Ally 1 Holders of roc. June 23a
America. Bank of (guar.)
3
July 2 Holders of rec. June 21a Ault & Wlborg Co., pref.(guar.)
14 July 2 Holders of rec. June 18
American Exchange National (guar.).
- aft July 2 Holders of rec. June 22a Austin. Nichols & Co.. prel.
(quar.)
14 Aug. 1 Holders of rot. July 160
Amer. Each. Secur. Corp.. el. A (qu.)
2
July 1 Holders of rec. June 16
Baldwin Loeomotive Works, coax. dc pf
34 July 2 Holders of rec. June 2a
BryantPark
3
July 2 June 20 to July 1
Barnet Leather, pref. (Uttar.)
I% July 1 Holders of rec. June 290
Central Mercantile
4
June 30 June 26 to July 1
Barnhart Bros. & Spindler
Chase National (quay.)
4
July 2 Holders of rec. June lga
First and second preferred 0:MarlChase Securities Corp.(qua:.)
--- 194 Aug. 1 Holders of rec. July 260
July 2 Holders of reo. June 18a Bastdck-Alemite Corp.
$1
corn. (guar.).
500. Jae I Hader. of Too. June 20a
Chatham & Phenix National (guar.).
- 4 , July 2 June 17 tO July 1
Bayuk Bros., Inc.. first Prof.pref. (quay.)
'
14 July 15 Holders of rec. June 30a
Chemical National (bl-monthly)
4
July 2 llolders of rec. June 22a
Second preferred (guar.)
July 15 Holders of rec. June 30a
2
Coal & Iron National (guar.)
3
July 2 Holders of roc. June 130 Beatrice Creamery,
common (guar.).- si.25 July 2 June 21 to July 1
Colonial Bank (guar)
3
July 2 Holders of rec. June 20a
Preterred Omar./
14 July 2 June 21 to July 1
Columbia
June 30 Holders of rec. June 20
Beech-Nut Pecking, corn. (quay,)
3
July 10 Holders of. ree. June 30a
Coney Island, Bank of
4
July 1 Holders of ree. June 30a
Preferred, class
If( July 14 Holders of rec. June 30a
Commerce, National Bank of (quay.)July 3 Holders of rec. June I5a Bethlehem Steel. B (guar.)
3
common (guar.)
14 July 2 Holders of
National
East River
June 30 June 27 to July 1
Seven per cent cum. pref. (qua:).... 14 July 2 Holders of rec. June la
Europe, Bank of (guar.)
3
July 2 Holders of rec. June 20a
Seven per cant cum. pref. (gust.).... 134 Oct. 1 Holders of rec. June lba
Fifth Avenue (guar.)
6
July 2 Holders of rec. June 30a
Seven per cent cum. Prof. (qua:).... If( Jan2'24 Holders of rec. Sept. 15a
Extra
rec. Dec. 150
20
July 2 Holders of rec. June 300
Seven per cent non-Corn. pref. (guar
14 July 2 Holders
Fifth National (guar.)
23( Jell' 2 June 26 to July 1
Seven per cent non-cum. pref. (gust.) 14 Oct. 1 Holders of rec. June 150
That National (guar.)
of rec. Sept. 150
10
July 2 Holders of rec. June 30a
Seven per cent non-cum pref. (guar) 14 fan 2
'24 Holders of tee. Dec. ltes
Garfield National (guar.)
3
June 30 Holders of rec. June 28o
Eight per cent preferred (guar.)
July 2 Holders of rec. June lba
2
Greenpoint National
3
July 2 June 23 to July 1
Eight per cent preferred (guar.)
2
Oct. 1 Holders of roe. Sept. 150
Extra
2
July 2 June 23 to July 1
Eight per rent preferred
2
Jan2'24 Holders of ree Dec. 150
Greenwich Bank (quay.)
3
July 2 Holders of rec. June 20a Borden Company,Common (guar.)
4
Aug. 15 Holders of rec. Aug. 10
Hanover National (guar.)
6
July 2 June 21 to July 1
Preferred (qUaT.)
194 Sept. 15 Holders of rec. Sept.la
Manhattan Co., Bank of the (guar.)....
July 2 Holders of rec. June 220
Preferred
14 Dec. 15 Holders of rec. Dec. lo
Extra
July 2 Holders of tee. June 220 Borg & Beck (guar.)
Co.(guar.)
Mechanics (Brooklyn) (guar.)
75c. July 1 Holders of rec. June 23a
July 2 Holders of reo. June 204 Boston Wharf
Mechanics & Metals National (guar.),
S3
June
Holders of rec. June lEvo
July 2 Holders of tee. June 23a Bridgeport Machine
Co. (gust.)
Extra
2
e• July 1 Holders of rec. June 200
25
July 2 Holders of rec. June 23a
Quarterly
25c. Oct. 1 Holders of rec. Sept.20e
Mutual (ellar.)
3
July 2 Holders of rec. June 21a
Quarterly
250. Jan1'24 Holders of rec. Dec. 200
Nassau National (Brooklyn)(guar.).
July 2 Holders of rec. June 20e
- 3
Quarterly
National City (guar.)
25c, Apel'24 Holders of ree. Mar. 200
4
July 2 Holders of rec. June I8a Brier HUI Steel, con.
(guar.)
National City Company(guar.)
25c. July 3 Holders of ten. June 15a
udr 2
2
July 2 Holders of rec. June 16
British-American Oil, Ltd.
Holders of coup. No.6'
Extra
50e.
(guar.)
2
July 2 Holders of rec. June 16
British-American Tobacco, ordinary._ _
June 30 Holders of coup. No.96n
4
New Netherland (gar.)
2
July 2 Holders of rec. June 23o British Empire Steel
Corp., pf. B (eu.) 134 Aug. it Holders of rec. July 130
Park. National(qua:.)
July 2 Holders of rec. June 220
Brunsaick-Balke-Collender. pf. (qu.)
Public) National (guar.)
154 July 1 Holders of roe. June 20a
4
June 30 Holders of roe. June 23
Bucyrus Company, preferred
Seaboard National (guar.)
(guar.)
194 July 21 Holders of rec. June 20
July 2 Holders of rec. June 260
Pref.(extra) (account aecum. dive.)
Extra
- ?a1.4 July 2 Holders of reo. June 20
2
July 2 Holders of rec. Juno 25a Burns Bros., pref.(guar.)
14 July 2j Holders of rec. June 26a
Standard (quer.)
134 July 2 Holders of ref. June 260 Burrou hs Adding
Machine (Wm.).- June 30 Holders of rec. June 20 •
4
State (guar.)
July 2 Holders of rec. June Ifto Bush Terminal Bides. pref (quota_ 2
14 July 21 Holders of rec. June 1811
United States. Bank of(gnarl
2)5 July 2 Holders of rec. June 20a Butte & Superior
Mining (guar.)
Holders of rec. June 150
50e. June
Washington Heights. Bank of (guar.)._ 14 July 1 Holders of tee. June 30. Cadet
Knitting, corn.(guar.)
25e. July 21 Holders of rec. JUDO 15o
Yorkville (guar.)
74 June 30 Holders of ree June 20e
First pref. and pref. stocks (guar.)... 2
July 2 Holders of rec. June 115e
aoa
14
14
ao
co.
a
a
5
a
Name of Company.
[VOL. 116.
THE CHRONTCLE
2966
Per
Cent
When
Payable
Books Closed.
• Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days IneJusice.
Miscellaneous (Cnnittlued).
Miscellaneous (Continued).
June 30 Holders of rec. June 16a
2
Farr Alpaca, common (guar.)
July 1 June 21 to July 1
2
Campbell Baking, pref. (guar.)
2
July 15 Holders of rec. June 300
California Petroleum. pref. (gust.).... 14 July 2 Holders of rec. June 200 Federal Acceptance Corp.. pref. (qu.)
Holders of rec. June 20
10c. July
14 July 16 Holders of rec. June 300 Federal Oil, Prof.(guar.)
Canada Cement, Ltd.(guar.)
Holders of rec. June 30a
July
2
Fidelity CanIt d Corp., pref. (quar.)
June 15
July 2 Holders of rec.
Canadian Connect Cot. Mills, pf. (gIL) 2
June 28 to June 31)
July
July 4 Holders of rec. June 260 Firestone-Ansley Rubber, pref
2
corn. (guar.)
Canadian Cottons,
Holders of rec. June 150
JulY
July 4 Holders of rec. June 260 Fisher Body, Ohio Corp., pref. (guar.). 2
134
Preferred (guar.)
of MO June Dm
50e. July
earn.(WW1
Flel•Mmatin
14 July 2 Holders of rec. June 15
Canadian General Electric (guar.)
5Ije
Holders of rec. Juno 150
July
Common (extra)
June 30 Holders of rm. June 20
(gust.).... 1
Canadian Locomotive. corn.
Holders of rec. Sept. 150
50c Oct.
Common (guar.)
of rec. June 20
14 June 30 'folders
Preferred (guar.)
Holders of rec. Sept. 150
50c. Oct.
Common (extra)
filly I Holders of roe June 2)
2
Caned au OIL preferred (guar
be. bso 1'2 (toilers ui run' Dec 154
nnnee n, (guar.)
July 2 Holders of rec. June 206
2
Canadian Westinghouse (guar.)
July 2 "Holders of rec. June 20
"2
Mills
Flint
14 June 30 June 21 to July 4
Canfield 011, common (quar.)
Foster ((V. C.) Co.. common (guar.)---_ 750. July 1 Juned21 to Jibe 30
14 June 30 June 21 to July 4
Preferred (guar.)
$2.50 July 1 Juned21 to June 30
Preferred (guar.)
134 July 31 Holders of rec. July 16a
Cartier, Inc., pref. (guar.)
2
July 10 Holders of rec. July 216
„Noe 110 Foul& Milling. preferred (guar.)
Case (J 1.) Thresh. Mach. pref. MILL- 14 July I Holders of ree
I
lone 30 'folders of rec. May 316
14 June 30 Holders of rec. June 15a Gaieurt-Signal 011 coin. (quar.)
Celluloid Company, common (guar.)._ _
lone 30 'folders of rec. May 310
2
111d and new ore?. (guar
July 3in
Aug. 15 Holders of rec.
2
Preferred (guar.)
July 2 Holders of rec. June 200
$1.50 July 2 Holders of rec. June 20a General Aluminum & Brass Mfg.,pf.(qu) 2
Central Aguirre Sugar (guar.)
1 ffolderg of rec. June 156
July 2 Holders of rec. June 20a General Amer. Tank Car, common.... $1.50 July
$5
Extra
14 July 1 Holders of rec. June 150
Preferred (guar.)
Central Coal & Coke, cam. (quar.)._.. 114 July 15 Holders of rec. June 30a General Baking, corn.
June 30 Holders of rec. June 200
$I
(guar.)
14 July 15 Holders of rm. June 300
Preferred (guar.)
lune 30 Holders of rec. June 200
2
Preferred (guar.)
Certain teed Products. tat & 2d pf. (gu.) 14 July 1 Holders of rec. June 19
July 2 Holders of rec. June 25.1
14 July 2 Holders of rm. June 14a General Cigar, debenture pref.(guar.).Chace Cotton Mills Corp.(guar.)
July 14 Holders or rev. June da
2
$1.50 July 2 Holders of rec. June 20a General Ele•trle (unar.)
Chandler Motor Car (guar.)
150. July 14 Holders of rec. June So
.k (rmarl
See •I
Checker Cab Mfg., Class A (guar.) -- $1 .25 Aug. I Holders of rec. July His
90
$1.25 'goy. 1 Holders of rec. Oct 15a General Motors Corp., 6% pref. (guar.) 1% Aug. 1 Holders of reo. July 90
Clam A (guar.)
134 Aug. 1 Holders 01 red. July
Six Per ee it debenture ito..k (guar.).$1 .25 Febl'24 Holders of rec. Jan15'24a
Class A (guar.)
Seven npr rent debenture ntOr`k (guar.) 14 %arc. 1 unmers of rec. July 90
34 lune 30 Holders of roe June 9
Chesehrough Mfg. corn. (guar.)
134 July 2 Holders of rec. June 20
General Railway Signal. pref.(quar.) -I 34 lane 30 Holders of rec. June 9
Preferred (guar.)
July 14 Jane 24 to July 8
$1
General Refractories (guar.)
Chicago MIII & Lumber. pref. (guar.). _ "I34 fully 2 *Holders of ree. June 23
General Tire & Rubber, preferred (guar.) 134 luly 2 Holders of rec. June 20
20c. July 1 Holders of rec. June 10
Mfg., Clam A
Chicago Nipple
134 luly 2 Holders of rec. June 300
Gold •Ic Sto..k Telegraph Omar.)
July 4
Chicago Railway Equip.. corn. (qual.).. 50c. July 1 June 22 to
Indy 2 Holders of rec. June 210
flondrlrh (B. Ft Co . prof (guar.)
134 July 1 June 22 to July 4
Preferred (guar.)
(guar.)
134 July 2 June 21 to July 1
33 I Itody I Holders of ree June ea Goodwin's, Limited, pref.prior pf.
Chicago Yellow (lab (monthly)
Hollers of rec. June 15a
July
(gut.).
Goodyear Tire& Rubber,
533j.3 cAug. 1 'Holders of rec. JUIY 20
Chicago Yellow Cab (monthly)
Goodyear T. & R. of Canada, pf. (nu.). 134 July 3 Holders of rec. June 200
6234c June 30 Holders of rec. June 2
ChM Copper (guar.)
Preferred (acct. accum. dividends)___ 414 July 3 Holders of rec. June 200
-Cities Service
2.50. July I Holders of rec. June 20
Si July 1 Holders of rec. June 150 Gossard (H. W.) Co., corn. (monthly)_,
Common (monthly, pay. In cash scrip)
25e. Aug I Hollers of rec. July 20
COMUUM (monthly)
134 July 1 Holders of rec. June 15n
Common (pay. In corn. stoek serlp)___
25e 'Sept 1 Holders of roe. Aug 20
Common (monthly)
June 15n
4 July I Holders of roe.
_
Preferred and pref. B (monthly).
Goulds Manufacturing. common (guar.) 14 June 30 Holders of rec. June 200
Common (monthly pay.In cash scrip). 04 Aug. 1 Holders of rec. July 15
1% June 30 Holders of rec. June 200
Preferred (guar.)
14 Aug. 1 Holders of rec. July 15
Common (payabie In corn. stk. scrip)_
lone 30 Holders of rec. June I.50
2
Gra*seiii I heintal. com. (guar.)
Aug. 1 Holders of rec. July 15
Preferred and pret. B (monthly)
134 rpm 30 Holders of re. Juno 150
Preferred (gutar.)
24 July 2 Holders of rec. June 27
(quar.)
City Inventing, ootettnon
July 2 June 21 to July 2
2
Great Lakes Steamship (guar.)
June 27
14 July 2 Holders of rec.
Preferred (guar.)
Great Takes Towing. common (gust.).. 11.4 June 30 .1 une 16 to July 1
154 Sept. I Holders o rec. Aug. 1$
Cleveland Stone(guar.)
1.4
ly 2 June IS to July 2
Preferred (guar.)
4 Sept. 1 Holders of re. Aug 15
Extra
(My '2 Holders of rec. June 150
SI
July 2 Holders of rec. June 150 Great We+tern Sugar, com. (quar.)
Cleveland Union Stork Yards (guar.)... 2
144 July •2 Holders of rec. June 150
Preferred (guar.)
1
June 30 Holders of rec. June 156
Cleveland Worsted Mills (guar.)
Greenfield Tap & 1)10,6% pref.(guar.). 134 July 2 Holders of rec. June 150
July 2 Holders of rec. .1 one 20
Cluett. Peabody & Co.. Inc., pref. (qu
July 2 Holders of rec. J une 150
2
Eight per cent pref. (guar.)
Coca Cola Company, common (guar.)._ $1.75 July 1 Holders of rec. June I5n
bile 2 Hoidens of rea June 16a
Holders of rec. June I5a Goantanamo Sugar, Prof. (guar.)
314 July 1
Freferred
to June 30
37 lie July I June 21
011 (guar.)
Gulf
Cohn-Hall-Marx Co.. pref. (quar-).-- 14 July 2 Holders of rec. June 25
ludy 2 Holders of rec. June 156
1
Arms Mfg. (altar.),. 50e. July 2 Holders of rec. June 140 Gulf Stale. Steel, corn. (guar.)
Coit's Patent Fire
14 hsly 2 Holders of rec. June 154
F r t and eeond preferred (guar.)
rec. June I
Colonial Finance Corp., gorll• (quiet.)... 25e. July 2 Holders of
1 Holders of rec. Sept. 140
134 /et
First and second preferred (gnar)....
July 2 Holders of rec. June 1
2
Preferred (guar.)
fan 2'24 Holders of reo. Dec. 144
I
FINt and yeennd Ereff•rfed ((marl-July 2 June 17 to July 1
4
Columbia Manufacturing
July 2 Juno 24 to July 1
1
Hamilton-Brown Shoe (monthly)
1 4 July 10 Holders of rec. June 220
Computing-Tabulating-Record. (guru .) _
14 July 2 Holders of rec. June 206
luly lb Holders of rec. July 70 Hammer/Mil Paper, pref.(guar.)
$4
Congoleum Company. common
July 2 Holders of rec. June 20
Hanes . H.) Knitting Co.. pref.(quar.)
Connor (John T.) Co., corn.(guar.)---- 50e. July 2 Holders of rec. June 19
pref. (guar.)Harbison-Walker Refract.
1(4 July 20 Holders of rec. July 100
Preferred
•14 Aug. 1 'Holders of rec. July 10
31.4 July 2 Holders of rec. June 19
Harris Bros. Co.. preferred (guar.)
(guar.).,, 14 Judy 1 Holders of rec June 20
Consolidated Coal (St. Louis)
114 lune 31) iloidera of roc. June 180
Hari. Schaffner & Marx. lute., M.(gut.).
July 20 July 16 to July 20
3
Consolidated Royalty Oil (guar.)
11.4 July 2 JUTIO 29 to July 1
July 1 Holders of rec. June 200 Heath (D. C.) & Co., preferred Marl- 3
Continental Can. inc.. pref.(quar.)
July 2 Holders of rec. June 18.2
of rec. July 3a Heinle (George W.) Co.. corn. (guar.)._
Corn Products Refg., corn.(guar.)
134 July 20 Holders
14 July 2 Holders of rec. June 180
36
Preferred (guar.)
Common (extra)
14 July 20 Holders of rec. July 3a Hendee Mfg., pref.(guar.)
1.4 July 2 Holders of rec. June 20a
July 14 Holders of rec. July
Preferred (guar.)
114
14 June 25 June 16 to June 24
Hercules Powder, coin (guar 1
Corona Typewriter, common (guar.)._ 50c. July 2 June 16 to July 2
July 2 Holders of rec. June 26
Hibernia Securities. pref.(guar.)
July 2 June 16 to July 2
2
First preferred (guar.)
)6 July 14 Holders of rec. June 300
Elliicrest Collieries, common (gust.)....
June 16 to July 2
14 July 2
Second preferred (guar.).
1.4 July 14 Holders of rec. June 306
Preferred (quar.)
Aug. 1 Holders of reo. July 3a
$l
Cosden at Co.. corn.((Man)
14 July 2.5 July 15 to July 25
Hillman Coal & Coke. 5% pref. (quar.)
June 30 June 16 to July 1
1
Cramp (William) S & E. Bide.(guar.)...
14 July 25 July IS to July 23
Seven per cent pref. (emir.)
Creamery Package Mfg.. corn. (qual.).. 50c. July 10 July 1 to July 10
Judy 16 Holders of rec. June 28
Hollinger Consolidated Mines
14 July 10 July 1 to July 10
Preferred (guar-)
34 July 2 Holders of rec. June 25
July 31 Holders of rm. July 160 Holmes(D. H.) Co.. Ltd. (quar.)
1
Crucible Steel, common
SOc. June 25 Holders of rec. June '204
(monthly)
14 June 311 Holders of rec. June 15, Hoinestake Mining
Crucible Steel, preferred ( uar.)
June 30 June 24 to July 1
3
14 July 2 Holders of rec. June Iflo Home Title Insurance (gW-)
Cuban American Sugar. Pre.. (otter.). _ _
June 30 June 21 to July 1
Si
Hood Rubber, common (guar.)
Dalton Adding Marldne prof (quar.).. 14 .filly 2 June 21 to July 1
.
pf.(gu.) 114 June 30 June 21 to July 1
1
flooven,Owens. Rentachler Co.,
I
75c. July 2 June 27 to
Daniel Boone Woolen Mille (guar.)
134 July 2 June 17 to July 2
2 Hollers of roe. June 25/ Howe Scale. preferred (guar.)
14 July
........
Davol Mills (guar.)._
Sc. July 16 Holders of rec. July 21
Howe Sound Co
*50e. July 1 *Holders of rec. June 30
Derby 011 & Refining, common
50e. July 2 flouters of rec. June 224
HUr13011 Motor Car (guar.)
July 1 *Holders of rec. June 30
*31
Preferred
250. July 2 Holders of rec. June 220
Extra
July 2 Holders of rec. June I50
Detroit & Cleveland Navigation (guar.). El
30c, July 1 Juned22 to June 30
Humble 011 & Refining (guar.)
Devoe & Raynolds. Inc.
14 July 1 Holders of roe. June 200
Holders of rec. June 250 Hupp Motor Car Corp.. Prof. (guar.)._
14 July 2
First and second pref.(guar.)
July I Holders of tee. June 20
- 1
Hydraulic Press Brick, Prof. (guar.).
June 30 Holders of rec. June 22
2
Dixon (Joseph) Crucible Muar.)
to June 28
8
June 30 hme I
Illinois Pipe Line
Ju'Y 2
July 2 Jun.! 21 to
preferred (qual.) 2
Dodge Manufacturing,
250. July 1 Holders of rec. June 106
Imperial 011. common (guar.)
July 9
to
5c. July 10 July 1
Dolores Esperanga Corp.(guar.)
July I Holders of rm. June 100
20c.
Preferred (quar 1
July 20 Holders of rec. June 30a
$1
Dome Mines, Ltd. (guar.)
134 June 30 Holders of rec. June 211
June 20a Imperial Tobacco of Canada, common_
Dominion Canners, Ltd., pref. (qual.).. 134 July 3 Holders of rec.
July 2 'Holders of rec. June 23
Independent Pneumatic Tool (quar.)... *2
134 Aug. 1 Holders of rec. July 12
Dominion Coal, pref. (guar.)
July 2 •Ifolders of rec. June 23
*2
Extra
134 July 3 Holders of rec. June lb
Dominion Glass, corn. & pref.(gum -)
Independent Pneumatic Tool (stock div, el00 July 2 Holders of rec. June 23
rec. June 15
1 ti July 2 Holders of
Dominion Iron & Steel. pref. (quar.)...
July 2 Holden; of roe, Juno lea
3
20c. July I Holders of rec. June 100 Ingersoll-Rand Co.. Preferred
Dominion 011 (guar.)
131 July 1 'folders of rec. June 15a
inland Steel, pref.(guar.)(No. 1)
14 Aug. 1 July d15 to Aug. 1
Dominion Steel Corp., pref. (quar.).___
50c. July 2 finhiers of rec. June 141
Inspiration Cons. Copper (guar.)
I Holders of roe. Sept I
50c Het
Dominion Stores, Ltd.. common
July 3 Holders of rm. June 23
Intercolonia Coal Mining. common.__. 4
July 3 Holders of rec. June 15
$1
Dominion Textile. common (guar.)
3(4 July 3 Hollers of rec. June 23
Preferred
14 July 16 Holders of rec. June 30
Preferred (guar.)
91.25 July 2 Holders of rec. June 20
Stesinship (guar.)
Douglas- Pectin Corp.(gust)(No. D._ - 250. July 1 Holders of rec. June 15a Interlake Button-Hole Sew. Mach.(qu.) 10e. July 2 Holders of rec. June 15
Internat.
July 2 Holders of rm. June 2
3
Draper Corporation (guar.)
ISO
I nternat. Cement Corp.,common (guar.) Mc. Julie 30 Holders of roe. June 150
June 31 Holders of rec. June 26
2
DubIller Condenser & Radio. pref.(gu.)134 June 30 Holders of ren. June
100
Preferred (guar-)
duPont(E.1.)deNem.&0o..clebaftk.(qU.) 14 July 25 Holders of rec. July 200 Internal Harvester, coin.(guar.)
July 16 Ifoldere of rec. June 254
July
du Pont(il)de Nam.. Powd.mm.(qu.) 134 Aug. I Holders of rec.
25e. June 30 Holders of coup. No. au
114 Aug. 1 Holders of rev. Jay 200 International Petroleum Co., Ltd
Preferred (guar 1
134 .1 oly I i fouler+ of re, June ISa
4.0t (guar.)
Dunham (James H.)Co.,corn.(gust'.).. 14 July 2 Holders of rec. June 18a
Shoe, common (guar.).__ 75c. July 1 Holders of red. June 150
114 July 2 Holders of rec. June 186 International
First preferred (guar-)
July 1 Holders of roc. June 150
$1
Preferred (guar.)
134 July 2 Holders of rec. June 186
Second preferred (guar.)
134 July 1 Juno 16 to July I
Internat. Silver. pref.(guar.)
July 2 June 27 to July 1
3
Eagle Warehouse & Storage
14 July I June 16 to July I
Preferred (acet. accum. dies.)
July 2 June 27 to July 1
1
Extra
le July 25 Holders of rec. June 10
Interstate Royalties Corp.(monthly)___
July 2 June 27 to July 1
h4
Eastern Rolling Mills, preferred
he July 25 Holders of rec. June 10
Extra
Eastman Kodak, coo (guar.)
$I 25 July 2 Holders of rec. May 310
Nov. 15 Holden' of rec. Nov la
75c July 2 Holders of rec. May 315 Intertype Corp., corn. (In coin. stock)_. /10
Ctmmon (extra)
July 2 Holders of rec. June 15
2
F rst pref. (guar.)
14 July 2 Holders of roe. May 31
Preferred (guar.)
July 2 Holders of rec. June 154
3
Second preferred
Eaton Axle & Spring (No. 1)
650 July 1 Holders of rec. June 15
July 2 Holders of rm. June 220
$2
Edmunds & Jones Corp.. cam.(gust.).. 50c. July 1 June 21 to June 30 Island Creek Coal. corn,(guar.)
July 2 Holders of rec. June 220
$3
Common (extra)
60e, July 1 June 21 to June 30
Common (extra)
51 50 July 2 Holders of too. June 22
Preferred (guar.)
14 July 1 June 21 to June 30
Preferred (guar.)
.
.
750. July 2 Hold's of rec. JUDO 206
Johns Manville. Inc. (guar.)
14 July 2 Holders of rec. June 20
Edwards(Wm.) Co., pref.
Paint. 7% pref.(guar.) 11.4 July 2 Holders of rec. June 30
Eisenlohr (Otto)& Bros.,cam.(guar.).. 14 Aug. 15 Holders of rec. Aug. la Johnston (R. F.)
July 2 Holders of rec. June 30
Eight per cent preferred (guar.)
June 3)1 Holders of rot'. June 2ita
Elaenlohr (Otto) & Bros pref.(gust.).. 14
July 16 Holders of rec. July 20
1
Jones Bros. Tea, corn. (guar.)
July 2 Holders of rec. June 21
Elder Mfg., let pref. (gear.)
2
114 July 2 Holders of roe .June 256
Preferred (guar.)July 2 Holders of rec June 21
al
Electric Controller & Mfg., corn.(qu
134 Judy 2 Holders of rec. June lea
Jones & Laughlin. pref.(guar.)
134 July 2 Holders of roc June 21
Pre'erred (guar.)
July 2 Holders of rec. June 15a
July 2 Holders of rec. June 166 Jordan Motor Car, preferred (guar.)._
Ele.. Storage Battery, corn. & pf. (qu.). $1
334 July 1 Holder, of rec. June 15a
Kanawha & Hock. Coal & Coke, prof__
Aug. 1 Holders of rec. July 20
2
Elgin National Watch (guar.)
Department Stores. pf.(qu.). 1% July 2 Holders of rec. June 20
July 2 Holders of rec. June 15a Kaufmann
si
Elliott-Fisher Co.,cons.(guar.)
Aug. I Holders of rec. July 2U
July 2 Holders of rec. June 150 Kaufmann Dept. Stores, common (gu.). 51
$I
Common,series B (guar.)
134 July 2 Holders of rec. June 20
14 July 2 Holders of rec. June I Sa Kaynee Company, preferred (guar.).....
Preferred (guar.)
July 2 Holders of rec. June 294
14 July 2 Holders of rec. June 250 Kayser (Julius) & Co.. preferred (guar.). $2
Elyria Iron & Steel, pref.(guar.)
July 2 Holders of rec. June 204
- 2
Kelley Island Lime & Transp. (guar.)
14 July 1 Holders of rec. June 20
Emerson Electric Co., preferred (guar.)Tire. pref. (guar.)_.__
134 July 2 Holders of roe. June 154
June 1611 Kelly-Springfield
200
Endleott-Johnson Corp., corn. (quar.).. $1.25 July 2 Holders of rm.
134 July 2 (folders of rec. June
14 July 2 Holders of rec. June 160 Kelsey Wheel. corn. (guar.)
Preferred (gum.)
75e
July 2 Holders of rec. June 8
Kennecott Conner (gnarl
July 10 Holders of rec. June 30
Equity Petroleum Corp., Pref. (guar.) . 3
Holders of rec. July 20
1240. July 16
Kerr Lake Mines, Ltd. (guar.)
30
Equity Petroleum Corp., pf.(in com.stk.) (y) July 31 Holders of rec. June 206 Keystone Finance Corp., com.(quar.)
25e. July 2 Holders of rec. June 20
June 30 Holders of rec. June
Fairbanks, Morse & Co., corn. (guar.). $1
14 JUIY 2 Holders of roe. June '20
Preferred (guar-)
July '2 June 21 to July 1
1
200
Falcon Steel, corn. (guar.)
1% July 2 Holders of rec. June lba
King Philip Mills(guar.)
34 July 2 June 21 to July 1
Common (extra)
July 2 Holders of rec. June
2
I
Kresge (S. S.) Co.. corn. (guar.)
134 July 2 June 21 to July
Preferred (guar.)
July 2 Holders of rec. June 15a
14
Preferred (guar.)
July 2 Holders of rec. June 15n
June 200
( ) 2
Famous PLayera-Lasky Corp.,e
0m• gu.
134 July SI Holders of rec.
Aug. I Holders of rec. July 16a Stress(S. H.) Co., pref.(guar.)
2
(guar.)
3
YY
14
144
14
JUNE 30 19234
THE CHRONICLE
Per
When
Cent. Payable.
2967
Books Closed.
Days Inclusive.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Date Inolusive.
Miscellaneous (Con'tnued).
Miscellaneous (Concluded).
Laurentide Company (guar.)
134 July 3 Holders of rec. June 23a Pacific oil
July 20 Holders of rec. June 150
$1
lawyers Mortgage Co. (quar.)
June 30 Holders of rec. June 2I0 Package Machinery, preferred (qua?.).. 134 Aug.
1 Holders of roe. Jule 20
Lehigh Valley t 'teal Sales (iluar.)
July. 2 Holders of rec. J Inc 14
$2
Packard Motor Car, common (quar.)... 20c. July 31 Holders of rec. July 160
Liberty Steel, pref.(quar.)
1% July 1 June 21 to June 30
Common (extra)
July 31 Holders of rec. July 160
20c. J
3
0
Library Bureau, corn. uar.)
(
July 1 Holders of rec. June 20
Pacolet Manufacturing, common
4
June 21 to June 30
Preferred (guar.)
2
July 1 Holders of rec. June 20
Common (payable in common stock)... '50
July 1
Llggetts International, corn. A.& B.(qu)
Sept. 1 Holders of rec. Aug. I50
Preferred
30 June 21 June 30
Liggett & Myers Tobacco. pref.(guar.).
July 2 Holders of rec. June 15a Paige-Detrolt Motor Car, corn.
'35c. July 1 'Holders of rec. June 15
Lindsay Light. preferred (guar.)
1% Aug. 10 Holders of rec. Aug. 70
(dour.)
*194 July 1 'Holders of rec. June 15
(quar.)Pefd
Preferred (quar.)
1% Nov. 8 Holders of rec. Nov. 56
ran-Am. Petrol. & Transp., corn.(qu.). $2
July 20 Holders of rec. June 300
Preferred (guar
1% Fehll'24 Hold'rs of roe. Feb 7'240
Common class 13 (guar.)
$2
July 20 Holders of rec. June 306
Lockwood, Green & Co.. pref. (guar.)._
134 July 2 Holders of rec. June 22
Panhandle Prod. & Ref., pref. (quar.)_. 2
July 2 Holders of rec. June 22.
Lone Star Gas (guar.)
June 30 Holders of rec. June 20a Parke, Davis & Co. (guar.)
3300 Holders of roc. June 20
500.
Extra
34 June 30 Holders of rec. June 200
Extra
75c. JuneJune
Holders of rec. June 20
Long Island Safe Depogit
3% July 2 Holders of rec. June 250 Parker-Young Co., preferred
134 July 2 Holders of rec. June 20
(quar.)
Loose-Wiles Biscuit, 1st pref. (guar.)._
134 July 1 Holders of rec. June lea
Peerless Truck & Motor (quer.)
June 30 Holders of rec. June 20
Si
Second preferred (aect. at-rum. dive.) 117
Aug. 1 Holders of rec. July 13a Penney (J. C.) Co.. preferred
(guar.).
Lord & Taylor, 2d pref. (acct. ace. dive.) 518
- 134 June 30 Holders of roe. June 20.
Aug. 1 Holders of rec. July 14
Penn-Harris Hotel
June 30 Holders
15
Lorillard (P.) CO., common (guar.).July 2 Holders of rec. June 16a Pennsylvania Rubber, common (quar.)_ 1% June 30 Holders of rec. June 25a
3
of rec. June 150
Preferred (guar )
I'd July 2 Holders of rem'. June 160
Preferred (quar.)
131 June 30 Holders of ITC. June 150
Lupton (F. M.) Publisher. el. A (qu.)._ 50c. July 2 Holders of rec. June
Pennsylvania Salt Mfg. (quay.)
26
$1.25 July 14 Holders of rec. June 300
MacAndrews & Forbes. com. (quar.),..
July 14 Holders of rec. June 30a Pettibone-Mulliken Co.. let & 2d pf.(qu) 1%
Holders of rec. June 210
Common (extra)
1
July 14 Holders of rec. June 30a Phelps, Dodge Corporation (guar.)
July 2 Holders of rec. June 200
y 2
$1
Preferred (guar.)
tys July 14 Holders of rec. June 30a Philadelphia Insulated Wire
Aug. 1 Holders of rec. July 160
$2
Mack Trucks, common (guar.)
July 2 Holders of rec. June 200 Phillips Petroleum (quar.)
51
be. June 30 Holders of rec. June 150
First and second preferred (quar.)..._
I 44 July 2 Holders of rec. June
Extra
$1
June 30 Holders of rec. June 15a
Mary (It. H.) & Co., preferred (quar.).. 114 Aug. 1 Holders of rec. July 20a
140
Stock dividend
e50
June 30 Holders of rec June 150
Magnolia Petroleum (guar.)
1% July 5 Holders of rec. June 23a Piedmont Manufacturing
4
July 1 June 22 to July 1
Mager Car Corporation, corn. (quar.)_. 25a. June 30 Holders of
rec. June 20
Pierce-Arrow Motor Car, prior pref.(qu.) $2 July 2 Holders of rec. June 150
Preferred (guar.)
1% June 30 Holders of rec. June 20
Pittsburgh Plate Glass, corn. (guar.).- 2
1
J y 2 Holders of rec. June 150
1
McCall Corp., let pref. (qu.)
134 July 2 Holders of rec. June I5a .1,,si,,rith Rolls corp.. !wet.
Holders of rec. June 260
First pref. (acct. accum. dive.)
(plar.)- - hi% July 2 Holders of rec. June 15a Pittsburgh Steel, common
(quar.)
July 1 Holders of rec. June 270
1
McCord It.adiator dr hlfg.. Ii. A (qu.)
75c. fuly 1 June 21
to July 2
Pittsfield Lime dr Stone, pref. (quar.)
Holders of rec. June 30a
2
Extra (for month of Mach)
25e. July 1 Tune 21
to July
Postum Cereal. common (guar.)
A ly
u .
750. j ug 1 Holders of rec. July 200
McCrory Stores Corp.. prof. (guar.)... 13( July 1 *Holders of rec. June 2
Preferred (guar.)
2
Aug. 1 Holders of rec. July 200
Mallinson (II. it) & Co.. Inc., pf.(qu.). 114 July 2 Holders of rec. June 30o
200 Prairie 011 & Gas (guar.)
July 31 Holders of rec. June 304
2
Manati Sugar, pref. (altar.)
July 2 Holders of rec. June 15a Prairie Pipe Line (guar.)
July 31 Holders of rec. June 300
2
Manhattan Electric Supply (qu.)
July 2 Holders of rec. June 20a Price Bros. & Co.,
Ltd. (guar.)
Manhattan Shirt, preferred (guar.)._
34 July 3 Holders of rec. June 20a
134 July 2 Holders of rec. June I8a Procter & Gamble, common
July 15 to Aug. 15
5
Manischewitz Co.. pref. (guar.)
14 July 1 June 21 to July 1
Common (pay, in new corn. stock)._ ,44
15 July 15 to Aug. 15
5
Manning, Maxwell & Moore, Inc. (qu.)
June 30 Holders of rec. June 30a
Eight per cent pref.(quay.)
July 14 Holders of rec. June 25a
2
Marland 011 (guar.)
July 1 Holders of rec.
$1
134 July 2 Holders of rec. June 15
Mathieson Alkali Works, pref. (guar.).- 1% July 2 Holders of rec. June 200 Provincial Paper Mills. corn.(quar.)
June 206
Preferred (quar.)
May Department Stores corn. (guar.)._
134 July 2 Holders of rec. June 15
234 Sept. 1 Holders of rec. Aug. 15a Pure 011 Co.5%% pref.(guar.)
Preterit 1 (quar.)
1% July .1 Holders of rec. June I5a
144 Idly 2 Holders of ree .1tine irm
8% preferred (guar.)
Preferred fromr.)
July 1 Holders of rec. June 15a
2
114 'let,. 1 Holders of rep. See I a
,
6% preferred (quay.)
MeQuay Norris Manufacturing (guar.). *50e. July 2 'Holders of
1% July 1 Holders of rec. June 15
rec. June 25
Quaker Oats, corn. (guar.)
Merchants Despateh Transp. (guar.)._
July 16 Holders of rec. July 20
3
234 June 30 Holders of rec. June 27a
Preferred ((Mar.)
Merchants & Miners Transp. (guar.)
1.34 Aug. 31 Holders of rec. Aug. la
2
June 30 Holder; of rec. June 20
Railway Steel-Spring. common (quar.)
2
Merck & Co., Preferred (guar.)
June 30 Holders of rec. June 160
2
July 2 Holders of rec. June 16
Ranger Texas 011 (quar.)
Morgenthaler inotyoe tquar.)
2e. July
Holders of rec. June 10a
June 30 Holders of re, June An Reece Button Hole Mach.
2
Merrimac Chemical (guar.)
30c. July 2 Holders of rec. June 15
$1.25 June 30 Holders of roe. June 160 Reece Folding Machine( (quay.)
uar.)
Extra
10c. July 2 Holders of rec. June 15
June 30 Holders of rec. June 160 Items Motor Car, common (guar.)
$1
Metropolitan Brick, preferred (guar.)._
150. July 2 June 1 to July 1
114 July 2 Holders of rec. June 15
Common (extra)
Metropolitan Filling Stations, corn.(qu.)
60c. July 2 June 1 to July 1
July 2 Holders of rec. June 25
Common (Payable in common stock).. 10
Prefer red (guar.)
July 2 June 1 to July 1
2
July 2 Holders of rec. June 25
Republic Iron di Steel. pref. (qillar.)
1% July 2 Holders of rec. June 15a
Mexican Crude Rubber (guar.)
2
July 2 June 24 to July 2
Pref. (at
-n. accumulated dividends)
h2
Extra
hdy 2 Holders of rec. June 150
July 2 June 24 to July 2
10
Reynolds Spring. A & B stocks (guar.).Mexican Petroleum, common (quar.).__
134 July 1 Holders of rec. June 11
4
July 20 Holders of rec. June 30a Reynolds(It. J.) Tob., corn.
A.& B(qu.) 75c. July 2 Holders of rec. June 18a
Preferred (guar.)
2
July 20 Holders of rec. June 30a
Preferred (guar.)
Michigan Drop Forge. corn. (monthly). *25c. July 1 *Holders
Holders of rec. June 180
of rec. June 25
Rice-Stlx Dry Goods,corn.(guar.)
Preferred (guar.)
1 31 July 1 Holders of rec. June 25
y
*154 July 1 *Holders of rec. June 25
First and second preferred (guar.)._
Michigan IA mestone& Chem.,pref.
(qu.)
114 July 16 Holders of rec. June 30a Richardson Company. preferred (guar.). 1% July 1 Holders of rec. June 25
Midland Securities (guar.)
1% July 1 June 16 to June 30
June 30 Holders of rec. June Se Rickenbacker Motor(
Middle States 011 (guar.) (In stock)
20c
e30c. July I Holders of rec. June 10
Robinson(Dwight P.)& Co., 1st pi.(qu.) 1% July 15 Holders of rec. June 30
Extra (payable In stock)
July 1 Holders of rec. June 22
elOc. July 1 Holders of rec. June 10
Rogers(Wm.). Ltd., pref.(guar.)
234 Ju
1
Midway Gas, common (guar.)
July 30 Holders of rec. June 15
3
50c. July 14 Holders of rec. June 30a Royal Raking Powder, common
(quar.)_
Preferred (guar.)
June
Holders of rec. June 150
$1.40 July 14 Holders of rec. June 300
Preferred (guar.)
1% June
Midwest Oil, prof (gnarl..
Holders of rec. June 150
1% June 30 Holders of rec. June So Royal Outeh Co
4
Midwest Oil, $10 par stock (guar.)
6234e July 16 Holders of rec. dluly 2
Safety Car Heating & Lighting (guar.)._
Stock $1 par (quar.)
July 2 Holders of rec. June 16.
July 16 Holders of rec. dfuly 2
Bt. Joseph Lead (guar.)
25c. Sept.20 Sept. 9 to Sent.20
Monomac Spinning Co.(quar.)
July 2 Holders of rec. June 19
$2
Extra
25c. Sept.20 Sept. 9 to Sept.20
Montgomery %A'ard & co pref. (guar.)
1% luly 1 Holders of rec. June 204
Quarterly
25e. Dec. 20 Dec. 9 to Dec. 20
Moon Motor Ciu•(qu.)
75c. Aug. 1 Holders of rec. July 160
Extra
25c. Doe. 20 Dec. 9 to Dec. 20
Extra
25c. Aug. I Holders of rec. July 160 St. Louis Rocky 51t.& Pao., corn.
(qu.). 1
Mortgage-Bond Co. (quar.)
June 30 Holders of rec. June 160
2
June 30 Holders of rec. June 180 St. Louis Screw
2
Mother Lode Coalition Mining
July I Holders of rec. June 22
50e.
une 30 Holders of rec. June 8a Salt Creek Consol. Oil (guar.)
Motor Car (*nroorolon. °ref «mar.)__
20e. July 1 Holders of rec. June Illa
Pi( July I Holders of me June 204 Sayers & Scoville Co., corn.
Motor Car Securities Corp.. corn
(guar.).
- 1% July 2 Holders of rec. June 200
334 July 10 Holders of rec. June 10
Common (extra)
Preferred
Holders of rec. June 20a
334 July 10 Holders of rec. June 10
Preferred (guar.)
Mountain Producers Corp.(guar.)
134 j l y
1.6 Ju
Holders of rec. June 20a
200. July 2 Holders of rec. June 15a Schuhe Retail Stores. corn.
(In pref. stk.) m$2
Extra
Sept. 1 Holders of rec. Aug. 150
100. July 2 Holders of rec. June 15a
Common (payable In preferred stork). m$2
Murray-Ohio Co., preferred (quar.)
I me
I Holders of rec. Nov. 150
2
July 2 Holders of rec. June 20
Common (payable in preferred stock) m$2
Murray (J. W.) Mfg. Co.(in cash)
Mr 1'24 Hold. of ree Feb. 15'240
*2
July 1 'Holders of rec. June 20
Preferred (quar.)
Payable in stock
2
July 1 Holders of rec. June 15a
*e2
July
"Holders
Scott & Williams, Inc.. prof.(guar.).
Nashua Manufacturing, pref. (guar.)... 114 July 1 Holders of rec. June 20
- 1% July 2 Holders of rec. June 20
2
of rec. June 160
Second preferred (guar.)
National Biscuit. common t guar I .__
2
July 2 Holders of rec. June 20
75e. July 14 Holders of rec. June 30a Scoyill Manufacturing
(guar.)
National Breweries. common (guar.).4
July 1 June 24 to July 1
July 2 Holders of rec. June 15
$1
Seaboard Oil& Gas (monttue)
Preferred (guar )
3 1-3c July 2 Holders of rec. June 150
1 44 July 2 Holders of rec. June 15
Seaboard Oil & Gas (monthly)
Nat. Enamel. & Stamp., pref. (gUar.)..
3 1-3c Aug. 1 Holders of rec. July 14
June 30 Holders of rec. June 90
Monthly
Preferred (guar.)
3 I-3c Sept. 1 Holders of rec. Aug. 15
1
Sept. 29 Holders of rec. Sept. 10a
Monthly
Preferred hmar.)
1-3c jci . 16 Holders of rec. Sept. 15
O t
uy 1
134 Dee 31 Holders of net' Hem' I In Sears. Roebuck
& Co., pref. (quar,)
National Fuel Gas(guar.)
134 July 1 Holders of rec. June 1541
$1.25 July 16 Ho'ders of rec. June 30
Securities Company
National Grocer, preferred
July 1 to July 15
323.4
3
July 1 Holders of rec. June 20
Shawmut Mills. common (guar.)
NaUonal lead. common (guar.)
1% June 30 Holders of rec. June 20a
2
June 30 Holders of ree. June 150
Preferred (guar.)
National Licorice. common
Holders of rec. June 200
134
July 10 Holders of rec. July 2a Shell Union 011. common
Preferred (guar.)
3°
0
250 Junejune 3 Holders of rec. June 140
June 30 Holders of rec. June 220 ge,rwIn-WIlliame Co., ( mar)
National Paper & Type, corn. & pf.(qu.) 2
Can., corn. (0311.) 14 .l u ne 30 Holders of rec. June 150
jim e 30
1
July 16 Holders of rec. June 30a
Preferred (guar.)
National Refining, pref.(guar.)
Holders of rec.
July 2 Holders of rec. June 15
Simmons Company, common (qua,).... 25c. July 2 Holders of rec. June 15a
National Huger Refining t guar.)
June 150
July 2 Holders of rec. June ii
Sinaloa Exploration & Devel
National Supply Co. of Del., pf (qu.)__
July 6 Holders of rec. June
$5
134 June 3(1 Holders of rec. June 20
Sloss-SheMeld Steel & Iron. pref.(guar.) 134 July 2 Holders of rec. June 30
National Surety (guar.)
2% July 2 Holders of rec. June 206 Smyth
220
(John M.) Co.. pref. (quar.)
National Tea, common
134 July 2 June 28 to June 30
$2
July 1 Holders of rec. June 20
South Porto Rico Sugar, pref.(guar.)... 2
Preferred (guar.)
July 2 Holders of rec. June 150
1% Aug. 1 Holders of rec. July 16
South West Pa. Pipe Linea
Naumkeag Steam Cotton
2
July 2 Holders of rec. June 15a
5
(guar.)
July 2 Holders of rec. June 15a Southeastern
Express
Special
3% July 2 Holders of rec. June 22
5
July 2 Holders of rec. June 150 Southern States
Oil (stock dividend).
Newblock Oil (guar.)
July 20 Ho'ders of rec. July 1
*50c. July 1 Holders of rec. June 15
-el0
Spicer Mfg., pref. (guar.)
New Niquero Sugar
July 2 Holders of rec. June 220
2
$2
July 31 Holders of rec. July 20
Standard Oil (Kentucky)(guar.)
Newton Steel. common (guar.)
July 2 June 16 to July 2
$1
560e. July 2'holders of rec. June 20
Standard DO (Ohio). common
Preferred (guar.)
((Mar.).
- 2% July 2 Holders of rec. May 25
•
154 July 2 "Holders of rec. June 20
Standard Safe
New York Air lirake. pref.. Oast) A RM./ $I
3
June 30 Holders of rec. June 28a
July I Holders of roe. June Sa Standard SteelDeposit (guar.)
Works
New York Hoek, prof
5
Jule 1 Holders of rec. June 30
2% July 16 Holders
New York Stearn Corp., pref. (guar.)... 134 July 2 Holders of etc. July ria grandard Textile Prod.. of. A & B (qu.). 1% July 1 Holders of rec. Juice 15a
of rec. June 15
Standard Screw, cony. (guar.)
New York Title & Mortgage (quar.)
3
July 2 Holders of rec. June 13
July 2 Holders of rec. June 220
Preferred (guar.)
New York Transit (guar.).
3
July 2 Holders of rec. June 13
2
July 14 Holders of rec. June 20
Stearns (F.
New York Transportation (guar.)
50e. July 20 Holders of rec. June 30
50c. July 16 Holders of rec. July 20 Steel Co. of B.) Co.(guar.)
Canada, corn. &
NipIssing alines Co., Ltd.(guar.)
134 Aug. 1 Holders of rec. July 4
3
July 20 July 1
Steel & Tube Co. of Amer., pref. (qM.)
North American Co., common (qua?.).- 80o. July 2 Holders of to July 17
rec. June 5o Stern Bros., pref. (quay.) Pref. (quax.) 1% July 1 Holders of rec. June 200
Preferred (quar.)
2
Sept. 1 Holders of rec. Aug. 156
750. July 2 Holders of rec. June 50 Stetson
(J. B.) Co.. common
Northern Pine Line
$2.50 Julyd14 Holders of rec. July la
8
July 1 Holders of rec time ft
Preferred
Norton Company, first preferred (quar.) 1% July 2 June
4
Julyd14 Holders of rec. July la
16 to July 2
Strombere Carburetor (guar.)
Nova Scotia Steel & Coal, pref.(quar.)
1% July 2 Holders of rec. June 80
2
July 16 July 8 to July 15
Sullivan Machinery
Nunnally Company
$1 July 16 July 1 to July 13
(guar.)
50c. June 30 Holders of rec. June 2I6 Swift
& Co. (guar.)
Ogilvie Flour Mills (guar.)
2
3
July 1 Holders of rec. June 9
July 3 Holders of rec. June 256
internsilonal
Ohio Fuel Oil
906
500. June 30 June 24 to July 111 Tecumseh
Auk. 15 Holders of rec. July 186
Ohio Fuel Supply (quar.)
134 July 2 Holders of rec. June 200
2% July 14 Holders of rec. June 30a Tennessee Mills (quar.)
Copper & Chemical (quar.).. 25e. July
Ohio Leather, first preferred (quar.).___ *2
July I "Holders of rec. June 20
16 Holders of roc. June 3041
Texas Chief 011
Ohio Oil (goer.)
200. July I Holders of rec. June 100
750. June 30 June 2
root. 14
Texas Company (altar.)
Oil Lease Development Co.(No. 1).___ 100. July 16 Holders Of to
750 June 30 Holders of rec .June 80
rec. June 30a Texas Pacific Coal &
Oklahoma Natural Gas (guar.)
011 (guar.)
25e. June 30 Holden of rec. June 6a
25c. July 20 Holders of rec. June 280 Textile
Banking (quay.)
Orpheum Circuit. preferred (quar
2
2
July 1 Holders of rec June 1.5a Thayer-Foss
June 30 Holders of rec. June 250
Osborn Mills (guar.)
134 Jtby 1 Holders of rec. June 20a
July 2 Holders of rec. June 220 Thompson Co Prof.(guar.)
(John R.) Co., corn. (m'thly) 250. July 2 Holders of rec. June 230
Otis Elevator, common (guar.)
2
July 16 Holders of rec. June 306
Common (monthly)
Preferred (guar.)
1% July 16 Holders of rec. June 306
25c. Aug. 1 Holders of rec. July 230
Common (monthly)
Ottawa Car alanefaeturIng ((pier)..... 1
250. Sept. 1 Holders of rec. Aug. 23.
Jell, 3 Holders of rec. June Ma
Preferred (quar.)
Overman Cushion Tire, preferred
524% July 10 July 1 to July .8
134 July 2 Holders of rec. June 230
Thompson-Starrett Co., common
Owens Bottle, common (quar.)
July 2 Holders of rec. June 20
4
75e. July 1 Holders of rec. June 18a Tobacco
Preferred (guar.)
July 1 Holders of rec. June 150 T etth Products Corp., Prof. (quar.).- 134 July 2 Holders of rec. June 134
F‘aeaeire. Mining
Co..common (guar.)
Pacific-Burt
Sc. July 2 Holdera of rec. June 90
July 3 Holder. nr rec. June 15
Torrington Company, com.
Preferred (quar.)
July 2 Holders of rec. June 2Ia
1% July 3 Holders of rec. June 15
(quar.)
Transue & Williams Steel Forg. (qua,.). 62140
750. July 16 Holders of rec. June 30a
Name of Company.
114
134
Si
*1614
134
114
Name of Company.
[vol.. 116.
TITE CHRONICLE
2968
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Conauded).
July 1 Holders of rec. June 25a
Traylor Engineering & Mfg., pref.(on.). 2
35e. July I June 21 to July 1
Trumbull Steel, common (guar.)
15$ July 1 June 21 to July 1
Preferred (guar.)
July 14 Holders of roe. June 300
Tuckett Tobacco, Ltd.. common (gu.).. 1
July 14 Holders of rec. June 300
Preferred (guar.)
20
- 24 July 1 Holders of roe. June 2a
Underwood Typewriter,corn.(guar.)
July 1 Holders of rec. June
14
Preferred (guar)
75e Oct. 1 Holders of rec. Sept. 1
Common (guar.)
154 Oct. 1 Holders of rec. Sept. in
Preferred (guar.)
4
/
11 July 16 Holders of rec. July 60
Union Bag & Paper (guar.)
$1 July 2 Holders of rec. June 7a
Union Carbide & Carbon (guar.)
50e. Jwy 14 Holders of rec. June 30a
I;(11012 Natilra Gas Corp.(guar.)
June 30
Union Stock Yards (So. Omaha)(guar.) 2
4
/
11 June 30 Holders of tee. June 200
Union Twist Drill, pref.(guar.)
75e. July 10 Holders of rec. June 25a
United Alloy Steel. common (quar.)
July 1 June 21 to July 1
2
United Bakeries, pre/. (guar.)
Aug. 1 Holders Of rec. July 160
2
United Cigar Stores of Amer..common
14 Sept. 1 Holders of rec. Aug. 150
United Drug. common
114 July 2 Holders of rec. June 154
United Dyewood, common (guar.)
4
/
11 July 2 Holders of roe. June Het
Preferred (Cluar3
4
/
11 Oct. 1 Holders of roe. Sept. 150
Preferred (guar.)
131 Jan2'24 Holders of me. Dee lan
Preferred (gust.)
July 14 Holders of rec. June 20a
2
United Fruit (guar.)
July 2 Holders of rec. June 7
6
United Paperboard, pref
15e. July 2 Holders of rec. June 12/
United Profit-Sharing Corp
27
of
United Shoe Machinery, common (gu.)- 50e, July 12 Holders of rec. Juno 27
rec. June
0
4
/
371 July 12 Holders
Yreferred (guar.)
Aug. 1 Holders of roe. July 50
United Verde Extension Mining (guar.) el
June 30 Holders of rec. June 134
U.S. Bobbin it Shuttle. common (guar.)
194 June 30 Holders of rec. June 111
Preferred (guar.)
Sept. 15 Holders of rec. Sept. 10
U.S.Cast Iron Plpe & Fdy., pref.(qu.)4
/
11 Doe. 16 Holders of rec. Dec. 10
Preferred (guar.)
June 30 June 16 to July 1
U.S.Gypsum,common (guar.)
4
/
11 June 30 June 16 to July 1
Preferred (Oust.)
July 16 Holders of rec. June 300
13.8. Industrial Alcohol, pref. (guar.).4
'
13
U.S.Paper Goode Co.. Pref.(gust.).... 15‘ July 2 Holders of rec. June 20
July 1 Holders of rec. June 20
- SI
U.S.Playing Card (guar.)($20 Par).
Stock ($100 par)
5 July 1 Holders of rec. June 20n
50c, July 1 Holders of rec. June 20
Extra ($20 par)
Holders of rec. June 204
Stock ($100 Par) (extra)
24 July
June 200
of
U. S. Printing & Lithograph.. com.(qu) 114 July 1 Holders of rec. June 200
rec.
July 1 Holders
First preferred (guar.)
134
1 Holders of rec. June zn
it< July
Second pref.(guar.)
(q.) 11 Aug. 1 Holders of rec. July 204
4
/
U.S. Realty & Improvement, pref.
I8a
United States Tobacco,common(guar.)- 75c. July 2 Holders of rec. June I80
124 July 2 Holders of rec. June
Preferred (guar.)
June 150
July 1 Holders of rec. June 2u0
U.S. Worsted, let pre
p51.50
July 2 Holders of roe.
Universal Leaf Tobacco. COM.(oust.).. 3
July. 2Holders of rec. June 200
2
Preferred (guar.)
June 20 Holders of roe. Julie 4.•
21
Utah cooper foliar.)
of rec. June 23a
Utah-Idaho Sugar. pre.(guar.)
134 June 30 Holders
July 1
Valvoline Oil, preferred (guar.)
Juli 2 Juno 19 19 June 220
2
Holders of rec.
Van Dorn Iron works. Preferred (g1181%)54 July 2
Victor-Monagium Co.. pref. (guar.) _ _
14 July 1
Victor Talking Machine. eons. (guar.).- $2
July 14 July 1 to July 5
134July 14 July 1 to July 5
Preferred (guar.)
July 2 Holders of rec. June 160
Virginia Iron, Coal & Coke, corn
2
rec. June 180
Preferred
214 July 2 Holders of rec. July 90
134 July 20 Holders of
Vulcan Detinning. preferred (guar.)
Holders of rec. July 90
cum preferred A (guar.)
New 7%
14 July 20 Holders of rec. June 15
T3
IT
: I; 2
Wabasso Cotton (guar.)
Si
Holders of rec. June 20
Wagner Electric Co..ref. (guar.)
14
June 23
1 Holders of
Wald Co., cote. (monthly).....
50e. July 3Holders of rec. June 23
roe
uss
j ,
Preferred (guar.)
*Holders of rec. July 24
0o.(monthly)
Wahl
.50c. Aug. 1
9
c
se0 . Sept. I *Holders of rec. Aug. 24
Monthly
of
Monthly
*50e. Oct. 1 *Holders of rec. SePt•n
rec. Sept.22
•131 Oct. 1 *Holders
Preferred (guar.)
July 0 Holdets of rec. June 200
Waldorf System, corn. (guar.)
8134n
and second preferred (guar.).- 20c. Jfilv 2 Holders of roc. June 20
First
June 202
Walworth Mfg., pref. (guar.)
75e. June 30 Holders of rec.
15
Wanner Malleable Casting. Cl. A. cool ,y0234c ynly 1 *Holders of rec. June 224
July 2 Holders of rec. June
Ward Baking, common (gum.)
2
of rec. June 220
2
Preterred (guar.)
14 Juty no Holders of rec. June 200
Holders
Ward's(Edgar T.) Sons Co.. Prof.(gu.). 14 June
June 30 Holders of rec. June 200
Waring Hat Mfg. pref.(guar.)
2
230
Warren Brothers Co.. corn. (guar.)._ 75e. July 2 Holders of rec. June 234
of rec. June
First preferred (guar.)
134 July 2 Holders
4
/
11 July 2 Holders of rec. June 230
Second preferred (guar.)
June 20
Weber Plano, pr 4.(guar.)
14 June 30 Holders of rec. June 230
June 30 Holders of rec.
Welebach Company, common
2
June 30 Holders of rec. June 230
Preferred
334
roe.June 25
2
ii
Wee Coast OP (guar.)
*31.50 J:tlvk *Holders of rec. June 150
June 30 Holders of
Went Point Manufacturing
July
4
Holders of rec. June 15a
preferred (guar.)
Western Electric,
134
ati July 1 Holders of rec. June 20
Western Grocer, preferred
Jui 31
Westinghouse Air Brake (guar.)
$1.40 July 31 Holders of rec. June 300
July$1Holders of rec. June 300
Westinghouse Elec. & Mtg., corn. (au)
2
July 10 Holders of rec. June 300
$1
Preferred (guar.)
SIJune 29 to July 2
July
Westmoreland Coal (gust.)
500. July 20 Holders of rec. June 29a
White Eagse Oil & Ref.(War.)
June an Holders of ree June 20a
$1
White Motor Co (etlar.)- •
. Whitman (William) Co., Inc..le. MO - 134 July 2 Holders of rec. June 19
July es Holders of rec. Juned2la
2
Will & Beumer Candle Co., pref.
July 2 Holders of rec. June 20
2
Williams Tool Corp.(guar.)
Extra (account accumulated diva.)... 804 July 2 Holders of rec. June 20
Wilson(C. R.) Body Co.. pref.(guer.)
4.154 July I *June 21 to June 30
25
Wilson & Co.. Inc., preferred (cpiar./..- 134 Inly 2 Holders of rec. June 254
- 14 July 25 Holders of rec. July
WIncheeter-Hayden Co., Inc., pf.(go.)
July 2 Holders of roe. June 220
2
Winnsboro Mills, common (guar.)
14 July 2 Holders of rec. June 220
Preferred (guar.)
Worthington Pump & Mach.. pf. A (gu.) 101 July 2 Holders of rec. June 200
ti Istiv 2 Holders of rec. June 201
Preferred B (guar.)
Wrigley (Wm.) Jr.
corn. (mthly.). 50n. July 2 June 26 to July 1
134 July 1 June 21 to June 30
Wuriitzer(Rudolph) Co., pref.(guar.)
Co..
July 2 Holders of rec. June 90
$1
Yale & Towne Mfg.(guar.)
July 1 Holders of rec. June 30a
Yellow Cab Co. of Phila. Prof. (guar.). 2
Yellow Cab Mfg. class B Monthly).- 5110. July 1 Holders of rec. June 20a
'
Yellow Cab Mtg., Class B (monthly)..•50e. Aug. 1 *Holders of rec. July 20
Young (J. El )Co..common (Qum.)
24 July 2 Holders of rec. June 220
1 ti July 2 Holders of rec. June 220
Preferred (guar.)
Youngstown Sheet & Tube,cam.(gu.)
$1.25 June 30 Holders of rec. June 16'
Preferred (guar.)
1% June 30 Holders of rec. June 15a
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending June 23. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORE WEEE:LY CLEARING HOUSE RETURNS.
Mated in thousands of dollars-that is. three ciphers [000) omitted
Rater,
ytral)Profits. Loan*,
ofile
Time Bank
Net
with
Discount, Cash
Week endin
De- :CircaDemand
14gal
in
June 23 1923 Nat'l, Aprll 3 Investpeel- Deposits, posits.1 latate, Mar.27 meats, Vault.
des.
fonds
.Coe.Mar.27 &O.
omitted.)
(000
x 1Bank. Aural,* Array. Mega
, :.
Members of F d. lte 0
S's
Bank of N Y
774 6,14
4.0O 11.813 64,3511
2,27 14.
Bk of Manhat'n 10,101 13.288 130,60
'II 16.894 157.996 4.494 19.41
Mach & Met Nat 10,
1,388 9,03
4.676 69,28
Bank of America 5,
4.66 54.331
::
Nat City Bank. 40.s50,362 495,
1,15: 12,77
Chem Nat Bank 4,500. 16,438 111,81
5'
5,17
500
7
Nat Butch & D
' 11,031
5,000 7.862 98,42
1.7201
Amer Each Na
se 33.96
37.511 325,70
Nat Bk of Corn 25,
774 3,481
110
24,1931
Pacific, Bank__.
Chat &Phen Nat 10,
9.092 151,4751 4,792 17,11
13,2
Hanover Nat Bk 5.
21.082 116,027
21,54
4.7
Corn Exchange_ 9,07 12.006) 177.7
486 3.41
33,508
Imp de Trod Nat 1. 'S 8.511
813 16.03
10 II 23.291 180,201
National Park
1
14.885
1.64
East River Nat. 1. I
84
53 24,61
First National_ 10,Ito 55,439 268.063
17,
Ir ving Bk-Col
10.550. 281,249 4,• ,, 34,
1
97
7.918
Continental Bk. 1,
91
Chase National. 20.
22.508 325,259 4.18 37.83
2.77
is 2,818 22.436
Fifth Avenue...
1,181
so
4
9,550
Commonwealth.
930
451 2.
Garfield Nat_... 1,515 1,585 15,290
2,18
1
Fifth National._ 1,21
£82 20,188
9,92
85
Seaboard Nat__ 4.000 7,109 80.272
1,
55
Coal & Iron Nat 1.500 1,309 16.1001
Bankers Trust.. 20.000 22,7811 274.705' 1,02 29,04
6,23
US Mtge & Tr. 3,000 4.332; 52.533
39,5
Guaranty Trust 25.000 18,289 374,4451 1,3
2,
36
Fidel-InterTrust 2.000 1,91
23.0441
52 15.15
N Y Trust Co
10,000 1e,062 144.858
57e 4,339
Metropolitan
2,000 3,909 37,265.
514 13,123
Farm Loan Jr
5,000 15,607 128,504
682 3,695
Columbia Bank
2.000 2,068 31.520
Equitable Trutt 20,000 9,190 195,331 1.252 22,158
Average
.
AISTESpe AO 01
$
1 I
45,811 6.864 ---103,27 18.338,
146,769.
148.769' 3,991 994
67.288 2,576 ____
541.43 62,329 2,146
5,617 345
93,
19 298
13,56
6,288 4,940
83.77
11.788,
259.2
1,321___
23.81
1
23,676 6:07
119
100
100,
156.
59 _
26.0011
5,816 7:863
122.46
50
11,7031 2,837
184,1
23,409 7,496
257,341 16,399
3811
5,
285,456 31,29 1:66
-- 20,909
629!
8,84
,
14 397
14,65
828 248
16,431
68
75,597 2,028
950 408
13.
'228,1241 33,143.
3.215
4R,87
.303,41 53,498
18.94
1,5151
109.996! 22.557'
31.955j 3.318
*93/190 24,647
24,389 2,493
*199.231 28,691
Total of average,288,675435.4504,424,929 48,482 491,353c3.642,103424,74932,514
Totals, actual et ndition tune 214.431.03P 47.151 493.700 c3.648.290421,60732.431
Totals, actual ct edition June 1444.424,205 48,802512,013-e3J356.41 28,952 32.633
Totals, actual ce dill n June 94.427,731 49.779476,200c3,812,134 35,458 31,675
State Banks Not Members of Fed'I Res've Ban
30
18.774
Greenwich Bent 1,000 2,214, 18.474 1,610 1.848
883
2,718 2,102
448
335
5.721
Bowery Bank.
250
29,291 54.423
State Bank..... 2,500 4,750 87,387 3.587 1.903
,
Total of average. 3,750
7,847 111,582
5,541
4,199
50,781 56,555
50,358 56,618
'
9 4,009
Totals, actual co million June 231 111,388 5.60
52,104 66,341
Totals. actual Oundltion June 16 112,548 5.637 4,189
52,646 56,152
Totals, actual etodItIon June 9 112.513 5.853 4,433
Trust Comps, les Not Members of Federal Re serve Bank
36,786 1,872
57,368 1,537 3,977
Title Guar & Tr 10.000 13.208'
747
16,390
859 1,610
Lawyers Tit & T 6,0001 4,954 26,300
Total of averages 16.009, 18.1631
Totals. actual condition June 23
Totals, actual condition June 16
Totals, actual cohidltIon June 9
83,868
2.396
5,587
53.176
2,619
83.674
83,765
82,088
2.249 5,708
2.4501 5,812
2,386 5,819
63,298
53,410
52,894
2.856
2.612
2.599
2
Gr'd aggr., aver 308.425461.4624,620.179 56.419501.139 3.746.060483,923.32.514
-7,617'----5.238 -168
Comparison With prey. week _ _ -9,599.-2.375-6.
Gr'd aggr., acelcond'n June 234,828,08
Comparison wit Is prey week__ +5,56
55.002503.423 3,749,946480,881 32,431
+113-18,391 -11,981,-5,024 -202
aggr., acrleond'n June 164.620,516 54.889521.814 3.761,927485,90532,633
aggr.. ae'lcond'n June 94.822.332 57.818r486,252 3,718,185494,20931.875
aggr., acricond'n June 24.654.638 57,027525.405 3,759,844495.038 32.713
aggr., acricond'n May 264,631.862 58.435501.872 3.718,8r.021 32,577
aggr.. acricond'n May 194,4491.772 57,686O3,963 3,727,88 496,102 32,573
aggr ricreond'n May 124.854.818 59.4144500.000 3,722,42 508.59332,207
-U. S. deposits deducted from net demand deposits in the general tots
Note.
above were Ill follows: Average total June 23, $64,782.000: actual totals, June 23'
$64.768,000: June 16,$61.476,000: June 9,243,021.000; June 2,243.289.000; May 26,
S87,627,000. Bills payable, rediscounts. acceptances and other liabilities, average
for week June 23,$404,941,000: June 16,5445,633,000; June 9, 3464.898.000; June 2,
$474,919,000; May 28. 2453.369.000. Actual totals June 23. $405.639,000; June 16,
e417,049,000: June 9, 2451.560.000: June 2. $473.887.000: May 26. $456,461,000.
•Includes deposits in foreign branches not Included In total footings as follows:
National City Bank. $136,738,000; Bankers Trust Co.. $13,785,000; Guaranty
Trust Co., 874,726,000; Farmers' Loan & Trust Co., $66.000: Equitable Trust Co..
$37,034,000. Balances carried In banks In foreign countries as reserve for such
deposits were: National City Bank, $21,600.000: Bankers Trust Co., 21.427.000:
Guaranty Trust Co.. $6,397,000; Farmers' Loan & Trust Co.. 366,000: Equitable
Trust Co.. 22,657,000. c Deposits in foreign branches not included.
Go'd
Ord
Ord
Gr'd
Gr'd
Gr'd
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
•From unofficial sources. t The New York Stock Exchange ham ruled that Mork
will not be quoted ex-dividend on this date and not until further notice. / The
HOUSE BANKS
New York Curb Market Association has ruled that stock will not be quoted ex. STATEMENT OF RESERVE POSITION OF CLEARING
AND TRUST COMPANIES.
dividend on this date and not until further notice.
it Correction. e Payable In stork.
a Transfer books not closed for this dividend.
Averages.
Payable In foremen stork o Payable In eerie. h on armini Of accumulated
dividends. k Subject to approval of stockholders. m Payable In preferred stock
Cash
Reserve
n All transfers received In order In London on or before June 11 will be In time
Surplus
ReInTOO
Total
Reserve
or payment of dividend to transferee.
Reserve.
Relltaffti.
In Vault. Depositaries Reserve.
P One-fiftieth of a share of common stock for each share of common now held.
quarters ending Mar. 31 and June 30, 19 3
r For
S
$
s
$
Shoe Machinery corn, shall not Members Federal
e Boston Stock Exchange has need that United
-100.353,000491,353.000486,216.860 5.137,140
Reserve banks
be quoted ex the stock dividend on Mav 25 and not until June 15
593,420
5,591,000 4,199,000 9.740.000 9,140,580
t To cover first and second installments of 1922 income tax a deduction of 60n. Is State banks.
6.600
to be made from the Union Passenger RY. dividend and 63c. from the West. Phila. Trust companies...- 2,398.000 5.587,000 7,983.000 7,978,400
Pass. RY
23_ _ _ 7,937,000 501.139.000 509.076.000 503.332.80 5,743,160
closed from June 24 to June 30,
Total June
U Payable to holders of record June 23. Books
Total June 16,_„_ 8.079.000 507,237,000 515.316.000 504,550,680 10,765,320
both Inclusive.
Total June lt.. 8,145.000 501.508,000 509,653,000 502,847,040 6,805,960
v New York Stock Exchange has ruled that Postum Cereal shall not be quoted exTotal June 2.... 8,217,000 503,262,000 511,479,000 502,101,110 0,377,890
the 100% stock dividend on June 18 and not until June 21.
of record June 22. N. Y. Curb Exchange announces stock
w Payable to holders
• Not members of Federal Reserve Bank.
will not be quoted ex-dividend until July 2.
a This Is the reserve required on net demand deposits in the case of State blvd.*
V One-half share common stock to each share preferred stock. participation cer- and trust companies, but In the case of members of the Federal Reserve Bank
:Common stock deposited In voting trust and represented by
$I on
includes also amount In reserve required on net Ume deposits, which was as follows:
tificates, the above dividend of 14% on Common stock being equivalent to
June 23.512.742.470; June 16, 312,908.160; June'). 313,074.990: June 2,213,210,500.
the Derek:Melon oertiticates.
Juba§ 30 1923.]
THE CHRONICLE
Actual Figures.
Cash
I Reserve
Reserve
in
in Vault. Depositcwlea
Reserve
Reguired.
Surplus
Reveres.
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.
Member. Federal
Reserve banks_ _
State banks*
Trust companies__ _
Total
Total
Total
Total
Total
Reserve.
2969
3
493.706,000 493,706,000 486,665,910
5,602,000 4,009.000 9.611,000 9,064.440
2,249,000 5.708,000
.957.000, .
7,040,090
548,560
— 37.700
June 23_ _
June 16June 9_
June 2_ __
7,851.000,503,423,000 511,274,000 503.725.050 7,548,950
8,087.000521,814,000529,901,000 505.532,470 24;368,530
8,039.000 486.252,000 464,291,000 500,113,220 5,822,920
.
8.213.000 525,405,000 533.618,000 505,556,260 28.061.740
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case
and trust companies, but in the case of members of the Federal Reserveof State banks
Bank Includes
also amount of reserve required on net time deposits, which was as follows: June
$12,648.210: June 16. $12,808,560; June 9, 513,063,740; June 2, 513,097.790. 23.
June 27
1923.
Changes from
previous week.
June 20
1923.
June 13
1923.
3
Capital
60.000,0
Unchanged
60,000.000 60.000.000
Surplus and profits
82,985.000 Unchanged
82,985,000 82,985,000
Loans, dipole & Investments_ 879,135,000 Inc.
239,000 878,896.000 .60,132,000
Individual deposits, incl. U.S 618.330.000•Dec. 11,172.000 629.501,000 623.718,000
Due to banks
111,199,000 Dec. 4.838,000 116,037,000 115.065,000
Time deposits
119,632,000 Inc.
309,000 119,323.000 117,620,000
United States deposits
30,149,000 Inc. 2,629,000 27.520,000 11.782,000
Exchanges for Clearing House 24,082,000 Dec. 916,000 24,998.000 24,068,000
Due from other banks
66,757,000 Dec. 5,178,000 71,935,000 69,433,000
Res. In Fed. Res. Bank
70,888,000 Dec. 3.190.000 74,078.000 70,834,000
Cash in bank and F. R. Bank 9,271,000 Inc.
296.000 8,975,000 9,173,000
Reserve excess in bank and
Federal Reserve Bank
2,388,000 Dec. 2,089.000 4,475,000 1,923,000
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
figures showing the condition of State banks and trust comreturn for the
panies in New York City not in the Clearing House as follows: for the two week ending June 23, with comparative figures
weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEAR1N'G ROUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
(Figural Furnished by State Banking Department.)
vaults" is not a part of legal reserve. For trust companies
Difference front
June 23.
previous week.
not !members of the Federal Reserve System the reserve
Loans and investments
$791,226,200 Inc. 33,227,700
Gold
3,042,400 Inc.
32,500 requiredis 10% on demand deposits and includes "Reserve
Currency and bank nova
19.288.800 Dec. 657,200 with legal
depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
65,052,300 Dec. 3,371,700
Total deposits
821,043,700 Dec. 1,502,000
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comPanics In N.Y.City,exchanges and U.B. deposits 765,220,800 Dec. 8.103.100
Reserve on deposits
117,764.800 Dec. 5,797.000
Percentage of reserve. 20.7%.
RESERVE.
—State Banks— —Trust Companies—
Cash in vault
*328.646,000 16.58%
558,737.500 14.13%
Deposits in banks and trust cos
8,275,800 4.79%
22,105,500 5.32%
Total
536,921.800 21.37%
$80,843,000 19.4,5%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on June 23 was $65,052,300.
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:
Two Ciphers (00)
omitted.
Week ending June 23 1923.
ifenibersof
Trust
P.R.System Companies
June 16
1923.
1104 9
1923.
Total.
Capital
$39,125.0I 36,000,0 544,125, $44,125.0
Surplus and profits
104,538.0 14,713.0 119.251.0 119.230.0
Loans, disc'ts & Investmla 725,565.0 47,313,0 772,078,0 775654,0
Exchanges for Clear.House 30,688,0
918.0 31,606.0 30.729,0
Due from banks
101,629.0
32,0 101,661,0 102.883.0
Bank deposits
119,026,0
.330,0 119,856.0 124683,0
Individual deposits
533.405,0 33,223,0 566.628.0 579,336,0
Time deposits
55,417,0
904,0 56,321.0 54.362.0
Total deposits
707,848,0 34,857,0 742,805.0 758.563.0
U.S. deposits(not incl.) _
17.753.0 14.856.0
Res've with legal deposit's
5,546,0
4.770,0
4,770,0
Reserve with F.R.Bank
54,807,0
54,807,0 56,830.0
Cash in vault.
9,443.0
1,475,0 10.918,011,135.0
Total reserve and cash held 64,250.0
6,245,0 70,495.0 73.511.0
Reserve required
56.218.0
5,010,0 61,228.0 62,832.0
Excess ree. & cash in vault
8.032.0
1.235,0
9,267,0 10,879
•Cash in vault not counted as reserve' for Federal Reserve members.
544,125.0
119,230.0
764,359,0
28.513,0
92.851,0
123,768.0
564,993.0
53.778.0
742.539.0
9.204,0
3,961,0
56.953,0
10.957.0
71.871.0
61,732.0
10,139.0
Condition of the Federal Reserve Bank of New York.
.—The following shows the condition of the Federal Reserve
Bank of New York at the close of business June'27 1923 in
.
comparison with the previous week•and the corresponding
Reserve in
Depositaries, date last year:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults.
June 27 1923. June 20 1923. June281922.
Resources—
$
631,333.800 Gold and gold certificates
156,424,659 177,745.899 207,847,000
Gold settlement fund--F. R. Beard__ 253.291.718 287,091.266 156,274.000
614,759,800
620,097,100
Total gold held by bank
601,462,000
409,716,377 444.837,165 364,121.000
596,099,900 Gold with Federal Reserve Agent
637,278.170 637.387,470 804,156,000
609.873,700 Gold redemption fund
5.113.000
10,434,152
9.591.602
599,800,800
Total gold reserves
608,409,400
1,058,588.150 1.092.658.78 1,173,390,000
597,771.500 Reserves other than gold
30,443.000
24,225.861
26,778,728
605,754,400
Total reserves
601,740.500
1,083,384,878 1,116,884,649 1,203,833,000
'Non-reserve cash
604,685,100
8,067.638
8.128,292
598,958,900 Bills discounted:
Secured by U. S. Govt. obligations—: 120,955,829 106,381.364
601.438,200
70.233.000
All other
597,472,300
17,607,000
33,484,432
39,371.953
607,842,900 Bills bought In open market
46,226.000
38,983,749
43,711.519
59e.a72 and
Total bills on hand
204.039.302 177,809.566 134,066,000
U. B. bonds and notes
64,260,000
10,422.350
9,700.750
New York City Non-Member Banks and Trust Cora- U. S. certificates of indebtedness-One-year certificates (Pittman Act)._
19.500,000
All other
panies.—The following are the returns to the Clearing House
21,442.500
92.730,000
10,087,500
D Week ended—
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
April 7
April 14
April 21
.
1
28
5
May 12
May 19
May:,26
June, 2
June 9
June' 16
June 23
$
5,513,445,100
5.475.408.000
5,479,843,100
5,512.404,700
5,637,333,300
5.570,520,000
5.493.107.700
5,468,632,300
5,460,114,300
5.610.009.400
5.463,426,600
5,467,595,100
5,462,020,400
5,439,510.100
5,428,987,200
5,417,776.500
5.411.405.200
8
4,733,493,300
4,044,941,800
4,623.173,900
4445,082,400
4.507,057,500
4,567,506,400
4,512,461,300
4,512,747,600
4.509,913,200
4.519.156,700
4.490.398,500
4,502,613.100
4,507.081,100
4,508,916,300
4.506,144,700
4,527,000.900
4.511.28n gen
5
81,536.300
81,540,500
80,732,900
80,172,800
81.393.300
81,957,300
83,888.200
80.217,400
81,096,800
81,002.800
84,636,600
80.913,000
81.209.800
81,562,100
82,459.100
81,749.900
78.750.200
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Stated In thousands of dollars--that Is. three ciphers 1000) omitted
,
I Net
Loans I
CLEARING
. vital. Pratte DieRUMP. Net
Net
NMI
NON-MEMBER'
counts„ Cash
with Demand Time Bonk
Nat.blet.Apr. 3 Invest- In
,
Legal
DeDe- Circe.
Week ending
tate bksMar27 mesa, Vault. Deposi- posits. posits. lotion.
June,23 1923.
cos. Apr. 3 &e.
tortes.
Members ofAver
Average Average Average Average Average
Fed. Res. Bank. i j $
S
$
$
$
$
$
BatterytPark Nat_ 1.50
1,107 10.459,
164 1,111
6,887
522
198
W.R.Grace & Co
500 1.447 9.665
24
509
1,9151 6,293
Total
2,
State Banks Not Mem
Sank of Wash.Kt
2
ooiontat Bank_ _ _ _
Total
1,00
2,61
20.12
.
186
1,61
vs of Federal Rosen, • Ban
352 6,070
024
287
2.017 20,41i 2.380 1,3;
2,37
26,47
3,004
1,652
Trust Company Not M mbers f Fed. Reserve Bank
Mech.Tr.,Beyon
5
349 9,703
346
276
Total
34
Orand aggregate_
3,;I
5.333
Comparison with previous week - 2..
Clr'd aggr.. Jane la 3,5
.5.333
Grit aggr., June . 3.. I 5.333
3.18
Grit aggr.. June
5.333
mt.... ...en. 111.. 95 / tnn
A111
9,70
346
56,2
1,. 1
3,538
—220
57.870
58.821
53.171
3,758
3.780
3.724
KR AOK
.2 57n1
27.
8,802
6.815
4,899
20.088
1.3621
3,948
5,596
3,948
5.5961
145,019,142
1,304,743
312,346.000
8,743,000
899,000
104,800,000
2.968.000
1,469,009,612 1,481.993,517 1433,789,000
LiabUttles—
Capital paid in
Surplus
Deposits—
Government
Member banks—Reeerve account_ _
All other
29.206,000
59,799,523
29.206,000
59,799,523
27,570,000
60.197,000
18,954,491
706,322,812
15,090.774
11,384.698
700,560.451
15.121,952
10.224,000
805.166,000
10.940.000
Total
739.368,077
F. R. notes in actual circulation
533,713,132
F. R. bank notes in eircu'n—net liability
Deferred availability items
102,953.796
All other liabilities
3,969,083
727.047.102
547,526.930
826.330,000
618,765,000
15,719.000
80,361,000
4,827,000
Total liabilities
114,596,849
3,817,112
1,469,009.612 1,481,993,517 1,633,789.000
87.6%
83.3%
14,088.256
12,782,692
CURRENT NOTICES.
198
--I
3,582 039,724 14,108
3,797 09.561 14,507
3.540 a39,634 14.491
199
200
198
a United States iepesIts deducted. $439 000.
Bills payable, rediscounts, acceptances and other liabilities, 61,491,030.
resecer e. $51,360 Ineresee.
198,319.418
12,397,926
__
3,547 07,737 13.773,
—35 —1,987, —3351
9 lego .AA MI, IA 9115
Total resources
Ratio of total reserves to deposit and
F. R. note liabilities combined
85.1%
Contingent liability on bills purchased
tor foreign correspondents
11,090.76.5
• Not shown separately prior to January 1525.
1,382
----
24,987
198
Total earning assets
235,182,552
Bank premises
12,398.242
5% redemp.fund aatt. F.R.bank noted_
Uncollected Items
128.457,162
All other resources
1,478,485
Inn
—E. Bernard Williams. formerly
With Sutherlin. Barry & Co. of New
Orleans, has opened ONICes in the
Hibernia Bank Building, New Orleins,
and will engage in a general
investment security business.
—The Metropolitan Trust Co.
has been appointed registrar of82.000.000
preferred stock, par $100, and
1.500 shares of common stock, no par value,
of the Credit Alliance Corporation.
—The American Trust Company has been appointed tramsfer
agent
and registrar of the capital stock of the Durah thy Utilities
Manufacturing Co.
[VoL. 116.
THE CHRONICLE
2970
Weekly Return of the Federal Reserve Board.
afternoon, Juno 28, and showing the condition
The following is the return issued by the Federal Reserve Board Thursdayfirst table we present the results for the system
In the
of the twelve Reserve Banks at the close of business on Wednesday.
and with those of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks of the twelve banks. The Federal Reserve Agents'
for each
The second table shows the resources and liabilities separately
in Federal Reserve notes between the Comptroller and
Accounts (third table following) gives details regarding transactions The Reserve Board's comment upon the return for the latest
Agents and between the latter and Federal Reserve banks."Current Events and Discussions."
Reserve
Reek appears on page 2938, being the first item in our department of
BANES AT THE CLOSE OF BUSINESS JUNE 27 1923
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
1923.1May 23 1923. May 16 1023. May 9 1923. June 281922.
June 27 1923.1.1une 20 1923.1 June 13 1923.1 June 6 1923. May 29
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. It. Board__
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
•
1
344.043,000 323.1362,000 316,937,000
326,334,000 350.252,000 346,522,000. 346,800.0001 341,175,000 347,320,000 686,707.000 706,261,000 532,351,0015
691,429,0001 688,063,000, 678,665.000 677.179,000 702.308.000 693,872,000
1.030,750.000 1,029,323.000 849,288,000
1,017,763,000 1,038.315.000 1,025,187,000 1.023,979,000 1.043.483.000 1.016.192,000 1,999,818.000 2,005.066.000 2,123,373,000
2,035,011.000 2,033.359.000 2,057.611.000 2,031.421,000 2.011.734.000 1,993.724.000
48,207,000
54,474,000
53.370,0001 57.317.000
53.545.000
56.459,000 58,266,000
57,970,0001 57,341,000
3.087.885.000 3,088.863,000 3,020,868,080
3,110,744,000 3,129.015.000 3.139.257.0003,113,666,000 3,108,762,000 3,693.295.000
92,557.000 127,498,009
93,166,000
91.488,000
87,357,000, 84.552.000, 86.735.000
85.966,000
91,735,000
3,181,051,000 3.181,420,000 3,148,366,000
3,202.479.000 3.214.981,000 3,226,614.000 3,198,218,000 3,195.497.000 3,187,783.000
•
67.726.000
66.642,000
Total reserves
68,731,000
61,245,000
68,914,000, 73,8410,0001 71,908.000
72,030,000
•.'Ion-reserve cask
1
358,637,000 189,909,000
360,200,000
141115 discounted:
383,297,000 352,733,000 359,488,000! 384,131,000 371,533,000 366,803,000
Secured by U. S. Govt. obligations.. 391.666,000 378,368.000 348,377,000i 350,790,000 359,462,000 333,510,000 337,131,000 336,380.000 279,192,000
281.609,000 266,992,000 154,060,000
Other bills discounted
204,225,000 205,716.000 218,618,000 248,234.000 257.818.000 270 850,000
Sills bought in open market
623,161,000
083,155,000 988,813,000 971,163.000 978,940.000 962.009,000 .224,638,000
979,188.000 036,817,000 926,483,000
148.960.000
Total bills on hand
108,158,000 108.563.000 125.287,000 141,877.000 152,011.000 150,890,000 151,663.000
36,854.000 331,969,000
37,226,000
S. bonds and notes
56,069,100
37,277.000
32,813.000; 40,874.000
28,818,0001 12,966,000
40.000
40.000
55.000
.
0 8. certificates of indebtedness
55.000
55.0001
55,000;
55,000
55,000
municipal warrants
1,165,961.000 1,178,100.0001,178,177.000 1,167,869,000 1,147,863.000 1,179,768.000
1,114,219,000 1,058,401,000 1,084.638,000
41,568,000
80.155,000
50.484.000
Total earning assets
50.932,000
51.164.000
51,719.000, 51,251.000
52,215,000
52,270,000
7,587.000
191,000
191.000
191,000
• ank premises
191.000
191,000
191,000
193,000
191,000
onte5
1% redemp.fund agst. F. R. bank
572,394.000 615.373.000 734,416,000 600,831,000 511,571,000
583,917,0001 685.812.000 689,539.000 609.959,000
13,811.000 • 15,988,000
ncollected items
14.057.000
'
14,366.000
14.734.000
14,216.000
14.170,000
12.394,0001
12,299,000
AU other resources
5,061,997,000 4.904,848,000
5,037,502,000 5,092,813,000 5,140,731,000 5,111,704,000 5,073,381,000 5,115,553,000 5,214,710,000
Total resources
Total gold reserves
Reserves other than gold
LIABILITIES.
Capital paid In
Surplus
-tits
°spa -Government
Member bank-reserve account
Other deposits
Total deposits
Jr. R. notes In actual circulation !lab
F.R.bank notes in circulat ton-net
Deferred availability items
All other liabilities
rrAal liabilities
to deposit and
Ratio of gold reserves combined
F R. note liabilities
Ratio of total reserves to deposit ant
F R. note liabilities combined
Contingent liability on bills purchased
for foreign oorresponclents.
109,029,000 105,078,000
109,427,000 109.422,000 109,381,000, 109,363.000 109.348,000 109,278.000 109,273.000 218,369,000 215,393,000
218,369,000 218,369,000 218.360,000 218,369.000 218.369.000 218,369,000 218,369,000
43,780,000
22,616,000
56,057.000
41,439.000
6,332,000
50.870.000
14,323,000
20.764,000
43,952,000
1.886.455,000 1,865,199,000
1,867,650,000 1.874,220.000 1,913,874.000 1,895,629.000 1,874.106,000 1.930.519,1.00 1,907.893,000
30,297,000
28.599.000
29.741,000
49.429.000
36.041.000
28.121.000, 29.530.000
24,997,000, 26.330.000
1,939,276,000
1,956.318.000 1,976,029.000 1,951,586,000 1.986,280,000 1,993,691,000 1,937,670,000 2,124,422,000
1,936,599,000 1.921,314.000
2,241,819.000
2,226,954,000 2.222,352.000 2.235.755.000 2,250.213.000 2,250.217.000 2,227,700,000 2,232,999,000
67,259,000
2,065.000
1,878,000
1.65.3.000
1.752,000
1.628.000
1.410.0001
1,489.000
1,548,000,
537,938,000 524,323,000 554,650,000 641,510,000 536.219.000 430,314,000
525,165,0001 601.028.000 601.040,0001
23,101,000
16,826,000
16,990.000
17,623,000
17.786.000
18,458.000, 18.1114.000
18,839,000
19,440,0001
5,115.553,000 5,214,710,000 5.061,997,000 4,904,848,000
5,037,502,000 5,092,813.000 5,140,731,000 5,111,704.000 5.073.381,000
74.3%
73.91%
73.06%
73.4%
74.0%
73.7%
78.6%
74.9%
74.6%
77.5%
78.1%
75.3%
75.6%
76.1%
75.7%
77.0%
77.6%
76.9%
34,586,000
33,615.000
28.677,000
28,766.000
29.245.000
29.243.000
33.485.000
33,500,000
33,539,000
8
8
$
59,415,000
62,389,000
Distribution by Maturities
80,532,000
86,329,000
89,430.000
98,320.000
83,411,000
79.163,000
77,785.000
471,516.000 263,576,000
dais bills bought in open market
486,104.000
1-15
524,586,000 489,821,000 484,315.000 508.613,000 508,380,000 472,298.000
4,106,000
403.000
1-15 days bills discounted
22.129.000
4,846,000
11,103.000
2,695.000
10.088,000
21,529,000
40.000
1-15 days U. S. certif. of indebtedness
40.000
40,000
27,845,000
Ina! warrants
57.365.000
63,199.000
65,035,000
1-16 days muni,
61.748.000
57.945.000
53,387,000
53,611,000
47,013,000
38,675,000
54.385,000
01.418.000
58,737.000
16-30 days bills bought In open market
54.923.000
51.960.000
51,647.000
55,058,000
56.282.000
1,500,000
1,987,000
2,151.000
16-30 days bills discounted
1.643.000
indebtedness
16-30 days U. B. certif. of
40.000
40.000
15,000
15,000
43,064,000
92,420.000
95,755.000
83.348,000
18-30 days municipal warrants
74,037.000
57.045.000
44,419.000
41,260,000
36,906.000
bought In
51-60 days bills discountedopen market 83,480,000 85,413.000 80,784,000 83.421.000 82.487.000 83,542.000 81,841,000 86,544,000 61,811,000
26,292,000
427,000
31-60 days bills
S. certif. of indebtedness
40.000
40.000
81-60 days U.
55.000
15,000'
15,000
15,156,000
45.541,000
32,359,000
27.444.000
81-60 days municipal warranta
23,972.000
28.686.000
32,082.000
25.240,000
37,723,000
open.market
50,203,006
51,337,000
52.277,000
46,941.000
61-90 days bills bought in
44,549,000
47.569,000
45,924.000
53,297.000
61,403,000
40,873,000
41-90 days bills discountedindebtedness
186,000
177,000
81-90 days U. S. certif. of
15,000
8,580,0009,277.000
9.674,000
61-90 days municipal warrants markei
8.694,000
8,631,000
6.238.000
5.319,000,
6.442.000
4,798,000
54,831,000
31,235.000
35,691.000
Over 90 days bills bought in open
38,797,000
40.676.000
45,195,000, 43.358.000
47.512.000
49,212,000
36,024.000 259,198,000
31,789,000
35.239,000
Over 90 days bills discounted
30,788,000
30,118.000, 29,771.000
2.692,000
5,112,000
indebtedness
Over 90 days certif. of warrants
Over 90 days municipal
Federal Reserve Notes
Outstanding
Held by banks
In actual circulation
2,599,206,000 2,537,485,000
2,665,141,000 2,651,502,000 2.640.356.000 2,635,228,000 2,615,206,000 2,607,238.000 2,595,925,000 357.447.000 413,063,000
438,187,000 429,150,000 404,601.000 385,015,000 364.989.000 379,538.000 362,926,000
2,241,819,000 2,124,422,000
2,226,954,000 2,222,352,000 2,235.755.000 2,250.213.000 2,250.217.000 2.227.700,000 2,232.999,000
3,495.810,000 3.472.137.000 3,467.464.000 3,448.275,000 3,451.253,000 3,447,299.000 3,294,062,000
Amount chargeable to Fed. Res. Agent 3,511,965.000 3,493,556,000 855.454,000 836.909.000 852.258.000 841,037,000 855,328,000 848,033.000 756,577,000
. 848,824,000, 842.054,000
Hi hands of Federal Reserve Agent
2,595.925.000 2,599,266,000 2,537,485,000
- 2,665,141,000 2,651,602.000 2.640,358.000 2.635.228.000 2,615.206.000 2.607,238,000
Issued to Federal Reserve banks.
416,123,000
320.429.000 319,429,0001 318,899.0001 314,899.0001 314,899,000 314,899.000 314,899.000 314,899,000 414,112,000
630.130,000 818,143,000, 582,745,000 603,807,000 803,472.000 613,514,000 596,107.000 594,200,000 127,309,000
129,635,000 128.937.000 118.977,000 123.318,000 126.812,000 125,819.000 1,579,941,000
118.451,000 124,088,000
Gold redemption fund
1,596,131,000 1,589,842,000 1,609.077.000 1,587.585,000 1.577.858.000 1,555.507,000 1,558,107.000 1.564,348,000
With Federal Reserve Board
2,599,266,000 2,537,485,000
2.665,141.000 2,651,502,000 2,640,356,000 2,635.228.000 2,615,206,000 2,607,238,000 2,595,90,000
TotaL
606,648.000
893,246,000 946,785,000 949,832,000 929.895,000 939,942,000 927.711,000
938.477,000 889,453.000
01110thlo none, dolvetotti to P R Ago..
•Not shown separately odor to Jan. 1523.
Flow Swiped
By gold and gUld certificates
By eligible paper
WERKLYBTATEMENTOF RESOURCES AND LIABILITIES OF EACH OF
1923
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 27
Kan. City
Two clIshers (00) Ontiliscl.
Boston New York Phila. Cleeelassa l Richmond Albania IChleaoa N.Loui413fistiseay.
Federal Reserve Dant of
$
$
$
RESOURCES.
3,678.0 8,173.0 3,267,0
17,203.0 156,424.0 25,992,0 15,715.0 9,463,0 6.158,0 48,038,0 19.598,01 18,454,0 34,007.0
Gold and gold certificates
31,258,0 22.632.0 98,858.0
Gold settlement fund-F.R.B•rd 60.030.0 253,292,0 21,207,0 84,155,0
77.233,0 409,716,0 47.199.0 99,870,0 40,721,0 28.790,0 146,896,0 23,276,0 26,627.0 37,274.0
Total gold held by banks
178,040,0 637.278,0 168,336.0 207,458,0 28,660,0 103.0413.0 382,895.0 53,057.0 36,568.0 29.422,0
Gold with F. R. Agents
9,592,0 6,978.0 1.515,0 5,810.01 2,2613.0 2.742.0 3,489.0 2.304,0 3.850.0
15,257,0
Gold redemption fund
270,530.0 1.056,586.0 222,513,0 308,843,0 75,191.0 134,096,0 532,533.0 79,822,0, 65,499.0 70.546,0
reserves
Total gold
682,0 3,326,0
26,779.0 5,273,0 5,078,03,474.0 6.636,0 10,877,0 15,004,0,
6.149,0
Reserves other than gold
I
I
276,679.0 1,083,365,0 227.786,0 313,921,0 78,665.0 140.732,0 543,410.0 94,526,0 66,181,0 73,872.0
Total reserves
8,857.0 5 789 0' 2,135,0 4,130,0
8,128,0, 4,906,03,798.0 1.905,0
14,276,0
Non-reserve cash
1
1
1
Bills discounted:
20,713,0 120,956.01 45,820,0 38,289,0 27,903.01 6.259,0 50,760,0 17.674,0 7,282,0 19,544,0
Secured by U.S.Govt.obligens
39.372,0 26,560,0 26,643,0 38,083.0 28,916,0 50,587,0 23,013,0 21,117,0 29,940,0
27.629,0
discounted
Other bills
26,0
43,712,0 19.509,0 27,591.0, 1,778,0 9.652,0 43.043,0 7.061,0'
18,564,0
Bills bought 10 open market_
66,906.0 204.040,0 91,889.0 92,523.0 67,764.0 44,827.0 144,390,0 47,748,0 28,399,0 49,510,0
Total bills on hand
221,0 8,357.0 8,101,0 12,615,0 24,664,0
9,701,0 17,667.0 10.453.0 1,341,01
4,074.0
17.8. bonds and notes
302,0,
20,01
101,0, 4,505,0
21.442,0
14,0
347,0
87.0
0.S. certificates of indebtedness
55,0
I
Municipal warrants
0.151.0 410141) 74.194.0
71,067,0 235,183.0 109,625.0 103.323.0 69.1051) 4.5.1490 163.2520 5
Total earning assets
Dallas
Bass Fran
11.321.0 20,902.0
5,264.0 42,674.0
Tata!
326,334,0
691,429,0
16.585,0 63,576.0 1.017,763,0
12,923.0 197,328,0 2,035,011,0
57,970,0
1,253,0 2.920.0
30.761,0 263.824,0 3,110,744,0
91,735,0
3.255.0
'
5.20201
35,963,0 287.079,0 3,202.479.0
72,030,0
3,910,0 7.639,0
2,762,0, 25,345,0
30,982,0 48,824,0
12,638,0 20.651.0
383,297,0
391,666.0
204,225.0
46,372,01 94,820.0
1
1,779,0' 9,185,0
979,188,0
108,158,0
26,818.0
55,0
48.151.0 104.005,0 1,114,219.9
JUND 30 T923.]
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Rank premises
6% redemption fund
F. It. bank notes
neollected Items
16 other resources
Boma
New
$
4,434,0
YorkI Phila.
I
12,398,01
against
S
719,0
Cleveland'Richmond Atlanta
$
I
8,844,0i
$
2,617.0
2,592,0
2971
Chicago St. Louis Minneati Kan. Cep
8,715,0
1,000,0
1,471,0
4,954,0
Dallas
Lisa Fran.
1,946.0
2.5841.11
Total
52,270,0
1
65,0
100,0
28.0
193,0
128.457,0 56.512,0 63,536,01 50,557.0 20,812.0 78,720.0 30,665.0 13,982.0 33,527,0 18,457.0 37.222,10 683,917,0
1.479,0
229.0
302.0
417,0
472.0
585.0
128.0 1,797.0
358.0 2.103.0 3.922.9
12.394,0
Total resources
418.028,0 1,469.010,0 399.777.0 493,724,0 203,266,0 216.584.0 797,334,0 188,559.0 126.580,0 191.635.0 110,558.0 422.447,0 5.037.502,0
LIABILITIES.
1
1
Capital paid In
8,066.0
29,206,01 9.780.0 12,079,0 5,725,0 4.419,0 15,042,0 4,951,0 3,567.0 4,585,0 4,198.0 7.809.0 109.427,0
Surplus
16,312.0
59,800,0 18.749,0 23.495,0 11,288,0 8,942,0 30.398,0 9,665,0 7.473,0 9,488,0 7.496,0 15.243.0 218.369.0
Deposita: Government
3,858,0
18,954,0 1,932.0
1,869,0 1.391,0 1.993,0 3,405,0 2,079.0 1.051.0 1,402,0 2,590,0 3.428.9
43.952,0
Member hank--reserve
_ 122,546.0 705,323,0 109,531,0 162,326.0 59,875,0 51,151,0 276,172.0 66,372,0 44,575.0 77,569.0 45,205,0 146.955.0
1,867.650,0
Other depo3ite
301,0
15,091.0
186,0
507.0 1.251.0
140.0 1.302.0
511.0
823.0
652.0
225.0 4,008,0
24,997.0
Total deposits
126,705.0 739.368.0 112.020.0 165.446.0 61,452,0 53,284.0
FR.notes In actual circulation.. 216,027.0 533,713,0 206,686,0 233,504,0 77,251,0 133.190,0,280,879,0 69.103,0 46,137.0 79.794,0 48,020.0 154.391.0 1.936.599.0
404,058.0 73,214.01 54,391,0 59,946,0 27.561,0 207,413.0 2.226,954,0
IN R. bank notes in circulationnet liability
1
1
837.0
203.0
503,0
1,548.0
Deferred availability Items
50,055,01 102,954.0 51.085,0 57,488,0 46,563,0 15,751,0 64,051,0 30,474.01 13,823.0 36,581.0 20,833.0 35,652,0 525,165,0
Ail other liabilities
3.9139,0 1,457,0 1,712,0
863,0
32,0
998.0 2.069,0 1,152,01 1,189,0 1,038,0 2,092,0 1,919.0
19.440,0
Total liabilities
418,028,0 1,469,010,0 399,777,0 493.724,0 203,266,0 218,584,0 797,334,0 188,559,0 126,580,0 191,635,0
110.558,0 422,447,0 5,037,502,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
80.71
85.1
71.5
78.71
56.7
75.5
79.3
05.31
52.9
66.61
47.6
73.8
76.9
Contingent liability on Me purchased for foreign correspond'is
11,091,0 2,952.0 3,707.0 1,785,0 1,407,0 4,771,0 1,510,0 1,167,0 1,475,0
1,236,0 2.437.0
33.539.0
51,470,0
102.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JUNE 27 1923.
Federal Reserve Agent at-
Boston.INerv Foal PhUa. Clever01 RicAm'd Atlanta Chicago St.Lesis Minn. K. Cep Dallas Sin Fr
Total
s
8
318,340 44.400 30,520 27,870 81,450 113,300 25,440 10.997 31,963 19,894 61,200
846,824
747,693 244,543 255,446 84,909 137 615 455,834 91,662 58,742 69,216 30.792 353.812 2,665.141
20
:40
235.531 7,000 8,805
11,880 13,0526.4811
320,429
30,747 12,447 13,653 2,865 5,646
11,251 3,177 1.516 3,062 2,482 16,885
371,000 148,889 185,000 25,795 95.000 371,644 38,000 22,000 26,360 4.000 180,443 118,451
1,598,131
110,415 76,207 47,988 56,249 34,569
72,939 38,605 22,174 39.794 17,869 48,484 630,130
63,694 4.983 43.596 8.9361 10,161
71,449 9,069 5,726 9.716 28.3951 37.508 308.347
561,273 1.882.420 538,469 585.008 208,874 366,841 1,096,417 217,833
134.207 180,111 109.873606.327 6,485,453
kesources(In Thousands of Dollars)
SI
federal Reserve notes on hand
31,450
Federal Reserve notes outstanding
234,8771
Cloilateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
14,740
Gold Fund-Federal Reserve Board
128.000
Eligible paper{Amount required
56.837
Excess amount held
10,069
Total
Jet amount of Federal Reserve notes received from
Comptroller of the Currency
316.327 1,066,033 288,943 285,966 112,779 219,065
Collateral received fromfGold
178.040 637,273 168,338 207,458 28.660 103.046
Federal Reserve Bank lEliffible Paper
66,906 179.109 81,190 91.584 65,235 44,730
Total
'
federal Reserve notes outstanding
federal Reserve notes held by banks
1
1
569,134 117,102 69,739 101,1791 50.6861815.012 3,511,965
382.895 53.057 36.568 29.422, 12,923 197.328 2.035,011
144,388 47,674 27,900 49.510 44.264 03.987 938,477
561,273 1,832.420 538,469 585,008 206,674 386,341 1,096,417 217,833
134,207 180,111 109,873 606,327 8,485,453
747.693 244,543 255,446 84,909 137,615 455,834 91.662
58.742 69,216 20.792253.812 2,665.141
213,930 37.857 21.942 7,858, 4,425
51,776 18,448 4,351 9.270 3.231 46.3991 438,187
216,027 533,713 206,685 233,504 77,251 133,190 404,058 73,214
54,391 59,946 37.561 207.413 2,226,954
231,877
18.850
Federal Reserve notes in actual circulation
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal
items of the resources and
liabilities of the 774 member banks,from which weekly returns are obtained. These figures
are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were
given in the statement of Oct. 18
1917, published in the "Chronicle" Dec. 29 l917, page 2523. The comment of the Reserve Board
upon the figures for the latest
seek appear in our Department of "Current Events and Discussions" on po4ge 2939
1. Data for ali reporting member banks In each Federal Reserve District at close of business
June 20 1933. Three ciphers (000) omitted.
Federal Reserve District.
Boston
Nero York! Phila. Imessiaea Richmond Attanfa I Chicago St. Louis
San Fran
Minneap.1/Can. C44
2'04a1
55,
109
82
77
39
106
36
52
29
es
77
774
$
S
1S
1
S
$
I
$
10
1
13,673
84.414
18.374
31,594
10,855
7,818
39.366
11,931
5,299
8.0611
14,646
7,456
253.478
245.145 1,600.223 254.465 400.923 120.387
62.649 575.346 141.062
49.413
54.437
79.171
614,323 2.456,838 356.837'
686.450 323.509 341.219 1,146.200 300,757 177,740 361.432 193.142 170.939 3.754,660
823.809 7.782.256
Total loans and discounts
873,141 4,141,475 029.676 1,118,967 454,751 411,686 1,761.412
453,750 240,238 448.059 247.845 1,009.394 11,790.394
0.8. pre-war bend!'
12,561
48,405
11.003
48,130
30.349
12,981
24,950
15,335
20,226
25,749
11.921
U.S. Liberty booth
8,761
280.371
79.118' 450.676, 45.470 118,226
32,309
14.491
93,797
23.040
14.884 101.039 1.031,202
47,644
U.S. Treasein bonds.
12.508
5,163
30.652'
3.979
6,556
4,529
2,058
12.148
8.943
2.380
4.778
13.189
U. El. Treasury now.
1,285
95,658
28,829, 540.460
60,058
61.696
9,673
7.643 134.695
26.895
16.677
45.644
22,700
U. S. Certificates of Inaebtedneee
28,621
983.591
14.068
39,517
7.466
10,537
4,703
11,338
26,500
9.732
7,323
7,457
16,761
Other bonds, stooks and securities_ _ 174,265 715,664 185.477 285,066
4,204
159.606
51,303
38,178 348.688
9,299 167.365 2.140.159
57,956
88.097
28.801
Total loans & disc'te & investm'ts, 1,187,1455,986,849 943.129 1,647,178
587,617 498.375 2,402,190 825,792 324,418 600,513 818.634 1.379.141116.4
Reserve balance with F.R.Bank__
80,981
88.305 631,422
67,602 108.745
33,938
36.953 200.333
47.153
40,224, 20.782
Cash in vault
23.290
97 3I 1,397,116
.
19,203
15.737
79.284
31,112
13.585
9,796
55.346
8.738
12.050
Net demand deposits
8.006
5,807
20.5831 279,247
813,301 4,694,349 684,185 919,721 321,940 275,167 1481,359
Time deposits
257,184 899,464 102,741 561.822 154,230 178,250 784,521 342,769 196.367 425.908 216,919 '722,112111,094,097
75.125 584.7401 3,995.750
181,915
Government demposits
83,979 131,779
31,3741 82,518
21,3771
15,705
10.191
11.124i 34.782
11,793
5,795
Bills payable and rediscounts with
4,0531
5.749
20.660
255,582
Federal Reserve Bank:
1
Secured by 15.5. Govt.obligations
5,3501 87,039
21,509
25,251
17.316
3,494
26,7/3
17,5961
11.577 • 7,598
All other
1.3211 29.1241 245,498
28,249
25,612
22.518
19,436
18,995
11,350
22,928
17,302
4.464
21,392
0,376
17.079
216,292
Number of reporting banks
Loans and discounts, gross.
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
1
46
2. Data of reporting member banks In Federal Reserve Bank and
branch cities and all other reporting banks
I
New York CUP
City of Chicago
All F. R. Bank CitiesI P.R. Branch Cities Other Selected Citie
Toed
June 20 1 June 13 June 20 1 June 131 June 20 June 13 1
June 20 1 June 13 June 201 June 13 Jam 29'2 Jane 11T23 June
2122
Number of reporting banks
3 61
$ 6
48
48;
259
2591
206;
30
208
309
LOans and discounts, gross:
77
7741
793
4141
4
4
$
IS
1
$
$
Secured by U.B. Govt.obligation
75,344 80,150 30,272, 31,612
6
165,414 171,922
39,7541 39.99
263,4
Secured by stocks and bonds
1421,8371,461,276 436,529 437,401 2,702,847 2,731,745 48.310 47.50
219.429 289.312
570,6481 573,821 481,165' 480,29 3.754. • 4. 3,785.841 8,512,047
All other loans and discounts
2 142,532 2,131,80 668,3871 677,476 4,803,070 4.306,562
1,593,18211,586,872 1,386.0041.384.462 7.782,286 7.777,896
7,083.429
Total loans and discounts
3,639.713 3,673,230 1135,1881,146.489 7,674,331 7,710,229
2,212.140 2,203,201 1,906,923 1,904,756 11,790,394 11,823,186 10,884,787
'
U. S. pre-war bonds
37.754
37,754
4,004,
4.008
93,847
,
U. S. Liberty bonds
383,993: 373,915 36,50W 35.022 611.797 603,490 76,2111 76.205 105.313 104,920
279.928
.
252.019 246,401 167,386 12 :2 5 1,031.20 1,918,29241,247,889
U.S. Treasury bonds
68 421
2 0
20.6471 20.787
5.058
6,902
48.657
51,041
24.877 25.20
22,124
U.S.Treasury notes_
501,982; 511,101
95.6
84,511
32,031
736,951
742,293 182,642 161,589 83,998 84,852 988,59
U. S. Certificates of Indebtedness. 34,699; 31,439
3
4 43 ,
9 7 4 .560.329
9 7
7,244
8.366
82,246
69.180 50,584
36,734 26,776
Other bonds, stocks and recoritleo.. 513,799, 512,829 172,1771 174.969 1.143,176
24 337
180.2611 262,042
159,6
1.140,848 573,075 570,941 423.908 421,219 2,140,15 3.183.008 2.298.804
Total loans & dise'ts & iereet'ts,5.132,5875,166,0551,444,6901
Reserve balance with P. R. Sank__ 683,619 588,997 138.035 ,457.78710,393,00510.415,884 3,351.548 3.325.278 2,736,428 2,730,71016.480,981 16,471,872 15.263,651
146,356
994,297 1,010 985 238.3621 232.001
Cash in vault
164,459 176.565 1,397.116 1,419,551 1,385.971
04.373
29,617 31.693
.
142,114
147,989
Net demand deposits_
60.170 78,838 82.076 279.24
290.235
276,845
4,192,536 4,239,776 983.7301,020.258 7.512,5571 7.667.770 58,29
Time deposits
631,780 634,128 372,372 372,308 2,001,4541 2,002.114 1,922,255 1,956,365 1.659.285 1,695,99511.094.09711,320.13011,192,404
1,146,863 1.143,848 847,433 845,046 3,995.750 3,091,008 3,328,680
Government deposits
75,780 48,906
16,657 12,030 174,425
105,091
54.52
25.635 26,634
Bills payable and redIttounts with
146,71
15,989 255.0
178,444
F. It. Bank: • ,
•
Sec'd by U.S.Corti obligations__
60,249 88.374
10,176
9,6931 132,128
154,478 77.026J 58,926
39,184 245,4
258,59
, 60,886
AB other
36,344
18,261
29,682 14,311
10,8151 140,121
121,995 40,867 32.815 35,304
33,743 218,2
188.06
Ratio of bills payable & rediscoun
92,388
with F. R. Bank to total I
and Investments per cent. __ .
1.5
2.3
1.7
1.41
2.6
3.5
2.8
2.7
1
2.6 .
0.8
• Reviesd limes. a latitudes Victory Notes.
Three ciphers(DO) omitted.
[VoL. 116.
THE CHRONICLE
2972
tankers'
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
azettt
Wall Street, Friday Night, May 18 1923.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2959.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
June 29 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Saks as
New York Stock
Eschange.
Stocks.
Shares. I Par Value.
240,720
665,625
1,025,775
1,118,836
1,126,300
806,200
$23,000,000
63,900,000
100,100,000
112,500,000
113,500,000
80,060,000
gadroad.
des..
Bonds.
52 398.500
4 103,000
5 603,000
7 369,000
7 905,500
6,124,000
State, Mun.
and Foreign
Bonds.
U. S.
Bonds.
5823,000 51,014,100
1,511,000 2,501,200
1,103,000 2,168,550
1,718,500 3,711,350
2,002,500 3,766.300
1,318,000 3,430,000
4.983.456 $492,000,000 $33,503,000 $8,476,000 616.591.500
Jan. 1 to Jtne 29
Week ending June 29.
1923.
I
1922.
1923.
1922.
3,547,666
4,983,456
126,767,649
136,104,009
-No. shares_ _ _
Stocks
$492,000,000 $283,700,600 $11,789,000,000 $12,149,586,246
Par value
Bonds.
! 320,909,000
$418,721,3851 3981,699,905
Government bonds _ _ _ 316,591,500
9,725,500
8,476,000
252,642,700
321,028,000
State, mun., &e., ods_
33,503,000 31,605,000
850,153,400 1,029,823,000
RR.and mini. bonds
STOCKS.
Week ending June 29.
Saks
for
Week
Range for Weak.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest,
Par. Share $ per share. $ per share. $ per share.$ per share.
Railroads.
100 89 June 29 89 June 29 89 June 9434 Jan
Bangor dr Aroos, pref.1 a •
BR T warrands 2d paid_ 10,900 18 Juno 29 23 June 25, 18 June 23 June
150.182 June 26 182 June 26 182 Jun 31
Central RR of N J_ _ _100
Feb
1001 86 June 27 86 June 27 7531 Feb 92
C C C dr St Louis_ _ _1# i
Mar
,
Duluth S S di ALI, pf_100 800 434Juue 27 4%June 27 334 Apr 574 Feb
Int & Gt No Ry(w1).100 2,3001 20 June 28 21 %June 23 18 May 2574 Feb
100 2001 3 June 27 331June 28 3 May 6% Feb
Iowa Central
Manh Elev Mod Gtd 100 1,400i 3034June 28 33%June 261 3031 June 4534 Apr
4001 434June 27 43.4June 271 434 Feb 4% Feb
Scrip
I
501 7534June 25 7531June 25 7534 June 78
Morris & Essex
Jan
Nashv Chatt & St L_ 100 100 117 June 26 117 June 28 117 June 122
Feb
Nat Rys Mex, 1st pf _100 iooj 634June 25 634June 26 631 Jan 931 Mar
N Y Ch & St L, 1st pf 100 5001 91 June 29 95 June 29 7974 Jan 97
Jan
6 97 June 26 97 June 26 97 June 100% Jan
N Y Lack & WesternA 6 #
31 128 June 27138 June 23 128 June 138 June
Pitts Ft W & Chic. pf 100
Rapid Transit Corp_ _ _.14.9001 10 June 28 1334June 25 10 June 1831 Apr
100 1,80 34 June 29 3931.1une 25 34 Juno 49
Preferred
Apr
100 64 June 26 64 June 26 52
Tel St L & W,Series B__
Apr 66
.1an
Apr 5734 June
Preferred Series B____ 3,3001 543sJune 25 5731June 27 50
100 1.2001 4074June 29 47 June 23 3834 Apr 5231 May
West Penn
Preferred
100 5001 85 June 28 88 June 26. 7574 Apr 88 June
Wlieei&LakeEriewarrl 4,30
6%June 28 6 J4June 281 631 June 614 June
Industrial & Miscell's.
100101%June 27101 %June 27 10031 Apr 106
All-America Cables_ A
Jan
Am Beet Sugar, pref _100 100 65 June 25 65 June 25 65 June 80
Feb
Amer Chain,Class A__25 1,100 20%June 28 2134June 26 2031 Juno 2531 Mar
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
Feb 51 June
Amer Chicle. pref...100I 300 40 June 26 40 June 26, 22
BALTIMORE EXCHANGES.
Amer Locomotive. new.'I 100 6534June 26 6831June 23 mu June 7074 June
Amer Teleg & Cable_100 100 47 June 2: 47 June 28 47 June 5831 Feb
Philadelphia
Boston
Baltimore
500100 Juno 25100%June 29 9934 Juni0234 May
Amer Woolen, pf,full pd
Week ending
• 1,909 14 June 27 15 %June 23 12 May 18% Apr
Shares. Bond Sales Shares. Bond Saks Shares. Bond Sales Arnold Constable
Ane 291923.
Atlas Powder, new _100 300 54 Juno 26 54 June 20 54 June 5734 June
7 1106 June 2 108 June 23103 J
117
Feb
333,100
4,487
315.200
5,557
292
318,000 Am Metal tern ctf• pf.100
Saturday
i#
I 98 June 27 9834June 27 97
Ay 100% Jan
16,650
7,871
11,007
62,350
854
13,800 Amer Rolling Mill, pf 1 o
Monday
3
%June 26 1 June 28
1
Jan
Assets Realization__ _1
34
36,000
9,315
21,34;
89,400
1,245
27,700
Tuesday
1,o I 114June 29 131June
131 Jun
Feb
42,900
9,968
26,960
30,100
382
22,000 AU Fruit Co T Co ctidep 1,701 20 June 28 2231June 28 20 June 231 Feb
Wednesday
•
23
2831
57,300
16,033
28,687
14,100
862
21,000 Auto Knit
Thursday
I
100 3 June 26 3 June 26 2
Jan, 431 Feb
37,000
14,651
6,216
1,321
31,500 Auto Sales
36,000
Friday
.1
100 12 June 27 12 June 27 12
Preferred
Ape 1434 Feb
100 9811June 26 9831June 26 97 Jun 124% Apr
Bayuk Bros, 1st pre _1 I s
106,211 $205,050
53,890 $265,050
4,956 3134,000 Bush Term Bldg, pref100 200 9031June 29 91 June 26 9031 June 9534
Total
Apr
20 June 29
74.434 3251.600
88.391 $148,000
1.250
515.800 Calif Petroleum. new_2 53,500 4231June 28 2234June 23 20 June 2931 May
Prey, week revised
500
4231June 28 4234 June 4234 June
Calumet & Heela
• 700 32 June 26 3331June
Century Rib Mills
3634 May
Daily Record of U. S. Bated Prices. June 23 June 25 June 26 June 27 June 28 June 29 Columbian Carbon_ _ • 1,11; 453June 2& 4731June 28 28 J
26 4534 Jun 4934 May
Columbia OM dr El w I *10,400 3034June 28 33 June 23 3034 Jun 3734 Apr
lino 10022st 1002,3t 1002281 10022.2 100242 10022n
?Vat Liberty Loan
1 I 14 June 26 14 June 26 12 June 2231 Jan
Conley Tin Foil
334% bonds of 1932-47-- Um_ 10022n 10022n 10022n 10012n 10012st 100":: Commercial Solvents, A* 21 28 June 27 2831June 25 26
Apr 46
Apr
IClos 10031n 1003in 10022#2 10023.2 100"sr 100"sr
(First 3350
_1 1 e
100 98 June 28 98 June 28 98 Jun610934 Feb
21
184 Cosden & Co pref..-_ ar
37
102
225
259
Total sales in $1,000 units__
500 5 June 29 631June 23 5 June 1234 Mar
____
___
____ 97ii„ Cuban Dominion Sug
_ ___
___ _
bonds of {M gt
Converted 4%
100 43 June 26 43 June 26 40 Juno 5834 Mar
1I 1
Preferred
___ -___ 972in
_ _ __
_ ___
-- - 1932-47 abut 410.-- - Low
• 2,711 58 June 27 5931June 23 5631 June 7074 June
Cuyamel Fruit
1 I t 6531June 26 6531June 28 6534 June. 7331 Jan
100
Deere & Co pref
units.
7
Total sales in $1,000
100
-Converted 434% bondrigl 98a#: 91"; 9 -,°#I 9 -ir; 98',.98 4sr Devoe& Rayn's 1st p1100 2, II 96 June 23 96 June 23 98 June 96 June
0
- 8
•
1231June 2. 13%June 26 1234 June 1434 Jtme
98".# 98',, 98 532 98',, 9.714„ gm, Douglas Pectin
1932-47 (First 4%s) low
of
30 June 27 30 June 27 30
1
Apr 36
Jan
Elk Horn Coal Corp Pf 50
Cie&
98"32 98 sr
98 732 98 •13 972512 98 43r Emerson-Brant pref A I
300 18 June 27 18 June 27 18 June 3031 Feb
11
78
60
116
87
71
Total sales I/3 $1,000 units__
200116 June 28 116 %June 2610234 Jan 138
Feb
Fidelity Phen Fire Ins..26
Second Converted 434% Mal
* 5,500 3934June 26 4234June 23 3731 Jan, 4731 May
Fleischmann Co
Low
boucle of 1932-47(Ma)
* 2,100 66%June 26 68%June 23 66 Mai/ 7134 Apr
Foundation Co
Clue
Second 4318)
* 1,311 8%June 26 931June 23 831 June 1431 Apr
Gardner Motor
____
____
____
____
____
____
Total sales in $1.000 units-.
111 97 June 2 97 June 27 07 June102h' Feb
_ _ __ 9810.,
__ _
11181.
975533 9722,2 Gimbel Bros pref.--101
Second Liberty Loan
,,,,,, Goldwyn Pictures new _• 600 1334June 27 14 June 27 1831 June 2231 June
0744u 9
____
____
Low
4% bonds of 1927 42-Goodyear Tire pref._ 1 i s 2,200 4431June 2: 4731June 23 4431 Jane 6131 Apr
,
wen 97148
____
__
____ span
Cies,
(Second 48)
Feb
Prior preferred_ _ _ _100 1,000 9431Jun,e 2. 9531June 26 9431 June 99
_
.
7
3
_
4
TOW Saks In $1,000 units__
1 ti 103%June 28 10331June 2810031 June 108% Mar
.
- , 98 90 98 in Gt Western Sugar pf _100
8
81i., 98 0,2 9 -i3
8
Converted 431% bonderlei 9 -1;#1 9
• 2,' 11 8031June 28 8531June 23 8034 June 9531 Jan
ggno 98 tr. 98 4#1 98.00 9721ir 97".: Hartman Corp
Low
of 1927-42 (Second
ctf•I2,: o 1 2854Julle 2: 32%June 25 2831 June 3934 Mar
Household Prod
Cies. 98"si 9£01#
98 4, 98 In 9711:: 98 4sr Independent Oil tem
4316
& Gas_• 1,300 6 June 29 6liJune 25 6 June 1131 May
320
460
749
860
506
494
,
Mal sales in $1.000 Unit 10 126 Juno 26 126 June 26 119
Apr128 June
111
Higi
98"n 98"ri 98"ri 98"ri 98 .... 982282 Ingersoll Rand
,
Liberty Loan
Third
e 2,110 33 June 26 3314June 25 33 June 4634 Apr
Low
9814#2 98", 11815,1 98,3r, 98',, 9811n Inland Steel WI
1311% bends of 1928.2 I I 0 9631June 26 100 June 25 9631 June 105
Apr
Preferred w
clow
9810ss 98"u 989
:2 9811#1 08", 98"33 Int Tel & Tel i
(Third 4348)
111 1,210 65 June 29 6631June 26 65 Juno 7134 Apr
293
689
530
502
929
510
Total sales in $1,000 units200 1034June 25 10%June 25 10 June 1434 May
Invincible Oil els
981.1. 9814,
ogot„ og in 98 232 98 in
Illgi
Fourth Liberty Loan
900 6431.1une 26
23 6431 June 7331 June
98"sr 98on 98 4#2 98 '12 9722n 9734
” International Shoe ' 100 028 June 23 66%June 23 2731 Apr 4034
olM% bonds of 1933-38- Low
•
28 une
Intertype Corp
May
Cleo 9814r# 9811#
98 5l2 98 4,, 9931,2 98 in Iron Products etfs___ 1 I i
(Fourth 4348)
100 38 June 28 38 June 28 3534 June. 4431 May
262 1•217
.,
1473
1810
127
638
Total sales in 111,000 units.
ill 1021
/
4June 25 10231June 26 98 Mayli043.1 May
Kelsey Wheel Inc pf..100
9938n 99183
{Hier
9924n 992381 99218, 993
%
Treasury
.
11 55 June 26 5734June
Ape 64
991•12 99
Low
,1#
9921#2 99"ar 9914•2 9911•39 Kinney Co pref___ _I I I'I'11034June 25 11031June 23 3634 J=1115 May
434s, 1947-62
Feb
2511031
99.1#
11
993111 99"sr 9914#1 991711 Macy(R H)
Clot' 991.
4,411 29 June 29 3134Jtme 23 22 May' 3674 Apr
Magma Copper
IN
'NC
,AP.
II&
CS
2.in
7,411
%June 27
%June 23
Marland Oil rights
% June
34 June
ill 9334June 23 9331June
pre(
Met
90 May 9931
-The above table includes only sales of coupon Nat Edison& Suit pfA1 I 211 92 June 27 92 June 23 92 June104 Mar
Note.
Feb
27
Cloak
1,000 3431June 26 36 June 28 3431 Juno 4231 Apr
Nat Dept Stores
bonds. Transactions in registered bonds were:
11 o
923,June 29 93 June 25 9131 Juno 9731 May
Preferred
1013111 341 4%s
100"ii to
98',, to 98"ss
32 1st 334829 June 28 30 June 25 29 Juno, 3231 June
97un to 98 533 T2 4th 4345
973441 to 9821n New York Canners.-6 2c1 4s
II 10 June 27 10 June 27 10 June. 1531 Feb
•
N Y Shipbuilding
. 97on to 9824n 4 Treasury 4Ms
6426 434s
Nun
211 10734June 27109 June 2310631 Apr110
Mar
Niagara Falls Pow,pfl 1 I
-Sterling exchange was quiet but North American
1123, II 1834June 28 2034June 23 1831 May 2434 Apr
Foreign Exchange.
ii 1531June 27 1531June 27 1534 June 2031 Jan
B rights
the lowest level of the year on
weak and rates declined to
2 1, II 31 June 26 32 June 20 31 June 87
Mar
Ohio Fuel Supply
III 91 June 28 91 June 28 8434 Jan 9531 Mar
light trading. The Continental exchanges moved irregularly Orpheum Circ,Ine,pf.1 1 I
1
2
50 June 26 50%June 26 47
Jan 2251 Mar
Otis Steel, pref
with fresh weakness in marks, which established another
29 85 June 26 86 June 26 67
Jan 85 June
Pacific Tei&Tel....iOOI
new low record.
100 111 9331June 2 9331June 25 9131 Jan 94 June
Preferred
Feb
To-day's (Friday's) actual rates for sterling exchange were 4 54%0 Packard Motor, pref _100 8, 93%June 2 94%June 25 9034 June 99
4331 Apr
27 37
27 3631
/
4
456% for ahty days. 4 58104 58% for cheques and 4 5704 58% for Penn Coal & Coke -50 3 I 3631June 23 90 June 23 89 Juno
Jan
I I 90 June
June
Feb96
-4 56)404 58 M. sixty days 4 53%0 Phillips Jones con3,efl
cables. Commercial on banks sight
12%June 2: 14 June 28 1231 June 1931 Mar
103 2,1
4 55%,ninety days 4 543404 56 and documents for payment (sLxty days) Philip Morris
I 32 June 27 33 June 20 32 Ma 5634 Mar
5
4 543104 56. Ootton for payment 4 563104 5831 and grain for payment Phoenix Hosiery
Mar
100 . # 89 June 2' 9334June 26 89 Jund100
Preferred
4 56%04 58%. _
To-day's (Friday's) actual rates for Paris bankers' francs were 5.980 Phil& Co.6% pref.-501 1 I 4234June 26 4234June 26 4131 May' 4534 Feb
for short. Germany bankers' marks are Pierce-Arrow, prior pref• 300 6034June 26 61%June 26 6031 .7une 7231 Mar
6.0631 for long and 6.01 @6.0934
Apr
Jan 98
not yet quoted for long and short bills. Amsterdam bankers guilders were Pittsburgh Stet, pret_100 200 9531June 29 9534.1une 29 92
100 43 June 29 43 June 29 43 Jun 4934 Mar
Prod &Ref Corp, met
38.71038.79 for long and 38.96039.04 for short.
,
francs; week's range 74.68 francs PS Corp of NJ,pf8% 1004 90010131June 2 102%June 26 10131 Juno10834 Feb
Exchanges at Paris on London 75.10
'I 8,200 4334June 2 4634June 25 4334 June 5131 Apr
New, common
high and 75.10 francs low.
'I 100 11%June 28 11%June 28 1131 June 1974 Mar
Reis(Root)&Co
The range for foreign exchange for the week follows:
Feb
.
First preferred_ - -iDol 200 70 June 27 7034June 27 70 June 82
Sterling ActualCables.
Ronda Insurance Co..25I 100 90 Juno 27 90 June 27 90 June 9434 May
4 59
115-1g . 4 6r736
:
e1
.
High for the week
4 61 11-16
sehulteRetailStorea..-'I 7,700, 9031June 27 9.334June 25 88 May 9534 Jan
week
4 5631
454%
Low for the
487
Jan
.1 6,500 8 June 29 9 June 23 8 June 16
Simms Petroleum..
Paris Bankers' Francs
* 2,900 27 June 26 2830une 25 5431 11 3434 Mar
6 19%
Simmons Co
6 14%
High for the week
620%
9834 Apr
6 03
Shell Union Oil Co, pf100 300 00 June 25 90%June 25 90 J
5 98
6 04
Low for the week
Sinclair Oil, pref.__ _100 900 93 June 29 94 June 25 93 Jun 9934 Feb
Germany Bankers' Marks
Mar
So Porto Rico Sue, p1.100!100 94 June 27 94 June 27 9231 Jan 100
0.0010%
0.0010%
High for the week
Feb
Tobacco Prod, pref. _100 600 77%June 29 10934June 25 nu June 114
0.0005%
0.0005%
Low for the week
Apr
Transue& Williams 5t'l'I 100 3034June 29 3034.1une 29 30 June 40
Amsterdani Bankers' Guilders
Jan 183 May
38.84
39.14
Underwood Typcw'r.1003 400165 June 28 169 June 25 136
39.23
High for the week
200 4134June 29 4134June 29 4131 June 41,4 June
39.01
38.71
New
39.10
Low for the week
4,700
%June 27 134June 25
34 June 2 June
Rights
Domestic Exchange.-OhIcae, par. St. Louis, 15+25c. per $1 000
200 14 Juno 28 15 June 28 14 June 1831 May
per United Paperboard
discount. Boston. par. Ban Francisco. par. Montreal. 523 75'
Feb
• 200 49 June 28 49 June 28 49 June 69
U S Tobacco
par.
.5.1,000 discount. Cincinnati,
une 23 99 June108M Feb
U £3 Realty & Imp full pd 1,200 99 June 28 102 .
17
Quotations for U. S. Treasury Notes and Certificates Va-Caro Chemical IL...* 300 314June 27 4 June 26 334 .pnn 64 Feb
Jan
100 100 40 June 29 40 June 29 34 June
Van Raalte
of Indebtednees.-See page 2985.
Mar
Apr 80
Vuicannetinnlng,pt,lOOt 100 72 June 23 72 June 23 64
20 May
-The review of the Curb Market is Waldorf System, new.... 3,700 1534June 27 16%June 25 1431 June 78 (June
Market.
The Curb
100 78 June 28 78 June 28 78 June
West'se Air Drake warr__
given this week on page 2959.
Weet'house E & M warr_ 3,500 5334June 28 5331June 28 6331 June 5334 June
Curb Market transactions for the Worthington, pre( B.1001 100 61 June 29 61 June 29 61 June 7131 Mar
A complete record of
week will be found on page 2984.
*No par value.
Total bonds
$58,570,500 $62,239,500 31,521,517,485 82,332,550,905
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2973
OCCUPYING FOUR PAGES
For dales during the week of stocks usually inact•Me, see preceding page.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT. 1 Sales
1 for
Wednesday 1Thursday. 1 Friday,
the
June 27.
June 28. ' June 29. Week.
Saturday. 1 Monday, I Tuesday,
June 23.
June 25. 1 June 26.
$ Per share I $ per share . $ per share $ per share $ Per share
*3412 37
35' 5 *32
34
32
32 *28 21
10218 10314 100 4 102
9914 10078 9712 993
4 9712 994
3
90
90
8934 8934 9018 9014 00
3
9018 89 4 90
2
2
*2
214 *2
214
158 2
11
17
8
118 11812 116 11812 114 11514 1121 1 1137 113 114
3
497 5018 48
50
4534 484 4384 463
3
4 4112 443
.5718 577
8 577 577
8 5718 5718 57
57
56% 5658
.112 17
8
1)2 112
114
112
114
11
114 • 114
*1
138
*78 jig
*84 1
1
1
1
1
soh 1503 149 15012 14818 14938 14712 149 147% 149l2
6312 037
6253 6378 5912 62
57
391
5718 5914
993 993 40913 997
4
8 9014 9914 9884 9814 97 97
*253 23
234
234
24 288
3
212 28
218 Vs
*434 5
413 412
48 47
43
4 43
4
412 412
*31
*32
33
323 *31 *....._ 31 I 2514 2734
4
•66
67
54
3442 'Sic 64
::
63
5312 5012 53
*434 4 4
434 43
•43
4 5
3
412 434
414 412
12
12
12
12
1118 1113 104 115,1 10
1012
2114 2158 2018 21
19
2014 1818 19% 18
1914
37
14 3734 35
3718 3338 3538 32
3414 32
3334
75 4 753
8
4 741" 75
71
7414 69
72
694 713
4
.108% 11212,*108 11213 11034 11084 *108 112 "108 11212
301g 30 8 2914 3014 2612 2988 2518 28
5
25
2634
*8514 8614 *8112 86
8212 8212 8113 8112 80
8013
76
76
77
7712 74% 747
72
7484 68
6912
"65
70
*6512 70
4
6534 653 *63 69
*63
70
32
32 *31
32 *294 32
271: 2712 2712 28
11114 11114 *110 114
107 1081 10712 108
10834 110
'11512 11612 11434 11434 113% 11412 113 11334 11112 11613
1
1238 124 1158 1214 1118 1178 103 111± 1013 113
3
3
20 8 2034 184 2014 1812 1914 17% 19
3
1714 187
8
1512 1512 *14
13
13
14's 1314 14
123 •134
8
714 72
6712 69
7034 7184 6814 701
874 69
28 1 2813 2713 281
2718 278
21384 2718 25 4 263
3
4
•13
17 •14
151 *10
17 *13
14
10
10
'49
5112 53
52
52 52
4812 50
49
50
•109 112 110 110 '107 109
107 107
106 107
-_ ---- ---- --- ---- -- _ _ ---- ---- ---_ ____ _.__ --- ---- --- ---- -___
-13
13
1213 13 *1213 1312 12
1212 11
11%
20
2013 1938 2088 18
19
1784 18
/ 1758 18
1
4
"52
5212 5213 "52
55
54
523 523 1*51
3
52
3
3012 313
4 32
3234 32% 327
3212 32
8 3238 323
3
•6312 69 "6614 73
/ 73
1
4
/ 75 '65
1
4
75 .65
75
6238 6212 6178 6214 601: 6112 5813 6012 575 594
8
/
1
9284 927
90% 92
'9018 901
89
: 8973 90
90
*44
49 *44
*4414 45
49
43 43
3814 40
--•io- IC12
'3.3
*65
"21
6
'8312
1
-123 II..
4
3312 34
14
14
38
3814
314 314
9112 0212
10134 10218
75
75
82
8212
1634 1634
1714 1714
.1234 14
107 108
7714
77
72
7234
4358 44
"10
13
4.34 4412
*72
73
64
13
4
46
467
90 90
7314 73%
'48
493
8
.5012 5214
'2712 32
22
224
441 44%
3214 3238
"5813 59
*618 738
1112 1112
884 8838
38
/ 364
1
4
67
6734
8
*22
225
•12
1234
73
73
1333 13414
4
7 727
72
8
*1114 12
3514 3514
9
0
3012
30
*1812 2112
111 111
/
4
/
4
234 237
8
•17
1712
*553 57
4
813 813
•1412 1512
'27
32
11
1738
*50
31%
*71
567
90
"34
1114
18
52
3112
75
5812
90
411
*834
35
*32% 42 *32
6412 64% 6412 435
30 .22
24
*22
54
514 6
514
65
6113 6113 60
10
40
67
24
53
8
60
i -ii- --- - -- 4 ".Pii8 --- - - tis
is- 9
i±4 8is
45 •33
8512 6514
30 '20
6
6
64 '63
44 *33
8514 65
30
22
6
"6
63 '52
44 *33
6514 6412
22 *2012
613
513
66 *63
-iiIirz. 12:3 - I Iii 12
4
3218 34
30
32%
134 13
84 12% 1312
3612 38
34
36
318 314
,
3114 312
90
/ 92
1
4
8713 90
10034 10158 9912 10114
*75
79
7318 7313
87 87
91
91
1638 165
8 153 1614
4
171
*17
/
1
4
1512 17
*1212 14% 12
1212
10784 10734 10514 107
7712 *77
*77
7712
7088 71
684 7014
/
1
437
4312 44% 43
'10
13
*912 12
4234 444 4178 434
"72
73 *71
73
6312 6312 "60 63
4358 457
421: 454
/
1
*89
9012 "89
9012
72
7312 70
7284
49 8 49 8 473 4912
3
3
4
49% 50 '46
4912
'2712 32 '2712 32
2118 22
20
2012
4212 4312 4188 4214
3214 3214 2912 3114
5818 59
5712 5812
633 633
.54 613
1012 1012 103 1012
8
974 1584 SIN 8734
344 3614 3314 353
8
661 6612 85% 66
2112 2112 20
21
1214 1214 107 12
8
73
"72
711: 7112
13184 13312 131 132%
72 4 723
8
4 7113 72
813 10
in 1188
347 3473 3114 333
4
9
9
83
4 9
29
30 8 28
3
2912
*18% 21% 1812 1812
10 8 103
3
8 101 11
:
2.312 23 2318
*23
17
174 164 1514
3
53 35 4 '5515 5512
34
8
71: 77
8
"14
151: 1314 137
*27
32 •2813 32
$ per share
2984 293
4
9712 994
z87
874
15
8 17
11113 jj373
4212 44'2
*3612 5634
118 114
3
4
3
4
1455 149
8
59
58
96
974
218 213
414 412
28
26
30
50
41g 413
1014 10 4
3
1812 191j
3312
32
6918 71
110 110
2514 261±
78
805,
69
71
*62
70
28
28
108 108
114 11514
103 114
4
173 1834
4
13
13
6314 1364
25 4 2613
3
11
1114
51
51
10512 106
---- ----
- ini2 -11 - - iOis - - -- ili2 11
-14
11
2584 30% 2818 28
263 2814
4
12
1278 11
1214 1112 1238
311: 33%
318 35
3112 33
4
314 314
3
3
3
318
8684 8834 8658 894 86
8634
984 1007
8
9812 10014 2985 9858
*73
79
73
75
73
75
*91
93
91
92% 921
91
13
1558
/ 15 4 1518 154 15
1
4
3
/
1
151
: 1414 1512 154 1512
15
*912, 12
12
10
10 *10
10214 10478 102 104
4
1023 1033
4
77
77
*75
77
77
*75
67
6813 6712 688
8 651 6712
7 4258
421: 43% 4238 427
41
'912 12
*912 11
*913 12
4012 4214 4034 423
42%
8 41
"71
73
*71
73
71
71
'60
63 "60
63 *_ _ _ 63
43
45
4614 40
44
442
.89
91
89
89
8513 8312
6914 7084 6938 71
6812 70%
45
4712 44
*46
46
47
47
47
45
4678 47
47%
•2712 32 *22
*24
29
32
18% 1913 181: 1914 18
194
40
4114 38
40
38
40
2814 30
2914 2712 29 4
28
3
3412 553
8 543 564 5513 573
8
3
54 5%
5
514
58 38
3
5
9% 1014
834 914
8
84 918
8512 87
8512 8678 S53 8614
8
324 3412. 3233 3334 323 3358
8
6414 6514 6314 644 6334 6438
18
1914 1814 193
8 18% 1934
10 4 11
3
1018 1018 104 1012
/
1
5 705 .68
70
8
72
*68
72
128 13114 12812 13012 1203 1301±
4
*71% 723
4 7214 727
8 7214 7214
938 97
983 94
9
91,
3012 318
3 303 31
30 4 311j
8
3
3
312 87
84 834
811 88
4
2714 29
2678 28
261 27 8
: 7
"17
1812 .17
1812 *1612 1812
97 10%
97 10% 10
1014
1813 1812 1712 1934 1814 187
155,, 16
Is% 1634 1338 1534
55
554 5512 59
We 547
8
718 71
: 68 714
612 7
12
13
12
134 *121: 15
27
,
27
201 2618 2613 261:
. Range tiers Joe. 1 1923.
On basis of 100-share lots
----gases for Pnefels•
Year 1922.
Lowest
Highest
Lowest
SWUM
par 5 per share 5 per share $ Per share 5 Ler 85M4
Sha-cs
Railroads
4June 29 45 Feb 23
500 Ann Arbor preferred
100 298
2778 Jan 52 Aug
32.200 Ateh Topeka & Santa Fe_100 9738MaJ 221 10518Mar 3
913 Jan 10813 Sept
4
1,600
Do pref.
100 87 June 29 90e Mar6
9458 Jan 9513 Aug
1,600 Atlanta Birm & Atlantio_100
112 Jan 3
3 Feb 21
/
1
4
84 Jan
513 Apt
5,400 Atlantic Coast Line RR
/
1
100 1104 Jan 17 127 Feb 20
83 Jan 1247 138171
8
74.600 Baltimore & Ohio
331i Jan 601, Aug
100 40% Jan 17 56% Mar 21
Do pref
SOO
4MaS 7 807 Mar 21
100 553
8
5213 Jan 68% Aug
1.900 Brooklyn Rapid Transit
1 June 21 1614 Jan 2
100
0 Jan 29 Jane
400
Certificates of deposit
3
4June 29 13 Jan 12
34 .ianI 24 8 June
7
17,800 Canadian Pacific
100 14014 Jan 17 160 Apr 18 11918 Janj 15158 Aug
12,400 Chesapeake & Ohio
54 Jan 79 Aug
100 57 June 27 76% Jan 30
Preferred 1
700
100 96 June 29 10478 Feb 23 1005 Deo 103 8 OM
3
5
1,600 Chicago & Alton
2 May 211
334 Feb 13
100
184 Jan 124 May
33, Jan 121
1,000
31 JanI 20 8 May
Preferred
838 Feb 8
100
7
2,200 Chic & East Ill RR (sOM)
2514June 28 3884 Feb 13
1214 JanI 43 4 Aug
3
Do pref
1,500
/
1
CO June 29 624 Mar 26
3118 JanI544 Aug
1,200 Chicago Great Western..
.100
7 Feb 7
4 Jan 18
384 Deo 10 4May
3
3,600
Do pref
100
812 Jan 18 17 Feb 6
7 Dec, 2418May
15,100 Chicago Milw 04 St Paul_100 18 June 28 2688 mar 5
174 JanI 3111s Aug
24,500
Do prof
100 32 June 27 4518 Mar 5
29 Jan 5514 Beat
14,200 Chicago & b ortb Western.100 69 June 27 88 Mar 5
69 Jan1 9511 &pi
200
Do pref.
100 10812June 20 11818Mar 21 100 Jani 126 Aug
28.600 Chic Rook Rd & Pa.
304 Deal 50 %PI
100 25 June 28 3778 Mar 21
1,800
7% preferred
100 78 June 29 95 Feb 9 83 JanI 105 Bein
14
2,600 6% preierred
100 68 June 28 85 Mar 5' 7011 JanI 95 Seri
100 Chic St P Minn & Om
100 65 May 21 78 Mar 51 51
Jan 90 Sept
1,100 Colorado & Southern
100 271:June 27 454 Feb 131 88 Jan 53% APE
3,400 Delaware & Hudaon
100 103 Jan 11 124% Feb 13 10624 .janl 1411s San
2.500 De/aware Lack & M eetern_ 50 11012June 20 13013 Feb 81 108 FebI 143 OM
18,300 Erie
100 104May 22 1313 Feb 13!
7 Janl 18 4 Ma,
8
13,800
Do 1ift pref
100 15 Jan 17 2158June 11: 11% Jan 2813 Aug
2,500
Do 26 pref
100 1034May 21 1612June 11
74 JanI 201 May
22.100 Great Northern pref
100 63I4June 29 80 Mar 5
4
7011 JanI 957 Om
Iron Ore properties N. par 253
8.400
4June 28 38 Mar 19
2811 NovI IA% API
1,400 Gulf Mob & Nor tr oaf_ _100 10 June 28 20 Mar 5
8 Jan 19 May
1,700
Do prat
100 4478 Jan 2 628 Feb 21
16 JanI 47 Oct
4
1,500 Illinob Central
100 105 May 22 117,Feb 21
1
974 Jani 115 8 Sete
3
.
---.- Interherro Cons Corp-_No par
14 Jan 17
38 Jan 4
5 AM
4 Deal
Do prof.
100
14 Mar 2
78 Jan 5
4 Deal 12 4 API
3
3,000 Interboro Rap Tran w 1
100 11 June 28 2278 Mar 14
17 4 Deal 32 AU1
8
/
1
4
7,700 Kai WI City Southern
100 174June 29 2478 Mar 21
17 Nov 301 A11
4
200
Do Prat
100 61 May 7 573 Mar 5 621 Nov 59% API
3
4
2,800 Lake Erie & Western
10( 2878May 22 34 Jan 2
10 Feb 30 8 Joni
7
Do prat
300
10( 65 June 7 75 June 26
261s Feb 77 Sept
10,800 Lehigh Valley
6( 567
3June 29 7133 Feb 7 65 3 Jan 72 SePI
3
3,400 Louisville & Nashville
101 8512May 7 155 Feb 26 108 Jan 144 8 00
7
400 Manhattan Ry suer
10( 3814June 28 60 Apr 17
35 Jan 58 Aug
Eq Tr Co of N Y ett dep 100 3618 Jan 25 44 Feb 13 444 Aug 5515 Am
600 Market Street Ry
100
814 Jan 23 22 Mar 12
/
1
4
3 Jan 11 Mai
Do pref
100 33 June 21 681:Mar 12
17 Jan 50 API
/
1
4
600
Do prior prof
10( 62 June 21 87 Mar 12
as Jan 70 Nco
200
Do 26 met
100 2118June 21 564Mar 12
/
1
pa Jan 32 Apr
2,600 Millman & St L (nets)_106
614June 28
9% Feb
5 Jan It% Am
300 Minn St P & 8 S Marie_ _ _ _100 60 June 29 7313 Mar 13
6 55 June 754 00
Missouri Kansas dr Texas_109
814 ,..pr 26 12 Feb 6
38 Jan 15 De
14
31,700 Mo Kan & Texas(nem)
10 8June 28 17 Feb 15
3
7% Jan 194 AM
13,700
Do prof (new)
25 4June 27 45% Feb 14
3
241k Jan 48 4 Aui
8
11,900 Missouri Pao tic Met otts_100 11 June 28 1918 Feb 14
151i Nov 25 Apt
14
Do pref trust ota's
18,000
1011 3112June 28 49 Feb 10
40 Nov 638 SeD
4
900 Nat Rya of M ex 26 prat_ 100
23 Jan 17
3
434 Feb 15
238 Nov
7 Mai
14
9,200 New ON Tel & Max v t 0_100 84 Jan 16 105 Mar 26
5478 Jan 87% De
77.500 New York Central
100 9013May 4 10418June 13
728 Jan 10118 Oa
4
400 N Y Chicago & St Louls
100 68 May 22 84 Jan 29
51% Jan 9123 oa
1,200
Do 3d prat
100 7613 Jan 2 9011 Feb 17
614 Jan 9
3 Derr
15,400 N Y N H & Hartford
100 15 June 29 2213 Jan
131k Jan 38 AU1
5,900 N Y Ontario & Western-100 1414June 28 214 Feb 30
18% Deo 30% Am
13
200 Norfolk Southern
100 10 June 28 183 Feb 9
8
83 Jan 22 Jun'
4
%
6,700 Norfolk & Western
100 102 June 28 1174 Feb 9
964 Jan 1231, Sep
100
Do prat
10(1 7514 Mar 10 78 Jan 29
72 Jan 82 Oct
30,400 Northern Pacific
100 6518June 29 8113 Mar 8
73 Dec 90 3 Aug
3
15,560 Pennsylvania
50 4178June 29 4778 Apr 4
3314 Jan 49118 Oe
Peoria & Eastern
100 10 May 7 17 Mar 21
1034 Jan 28'S AU1
39,300 Pere Marquette
100 36 Jan 11 4718Juno 9
19 Jan 604 AU1
100
Do prior prof
100 7012May 29 76 4 Mar 6
63 Jan 82 AM
3
300
Do prof
100 6212,May 22 70% Jan 9
50% Jan 7634 Stu
25,300 Pittsburgh & West Va......100 3378 Jan 17 30 8May 10
23 Jan 414 Atli
5
800
Do pre/
100 85 June 29 93 Jan 9
76 Jan 95 Nor
25,200 Reading
50 68121une 29 8118 Feb 7
7111 Jau 8718 Oc
2,800
Do lit Prof
50 44 June 28 581i Feb 7
43 Mar 57 Mal
2,100
Do 24 prof
60 45 June 28 6684 Jan 30
1
65 Jan 59 MM
Rutland RR prat
100 25 May 2 374 Jan 10
171s Feb 831411101
15,400 St Louis-Ban Fran tr otts 100 18 June 29 27 Mar 21
20'4 Dec Mais Aul
3,000
Do prof A Mutt otts_100 3214 Jan 3 50 Mar 6
3434 Nov 50 Atu
8,800 St Louis Southwestern,.. _100 21312Sisy 22 3834 Feb 10
20 8 Jan 867 Nor
3
8
7,300
Do prat
100 5438June 28 637 Mar 21
2288 Jan Ws Nor
8
2,000 Seaboard Air Line
100
5 June 28
2% Jan 10 AP
712 Feb 10
Do prat
3,500
100
Ills Jan 1648 AD
858 Jan 18 1314 Mar 23
23,920 Southern Pacific 00
100 851
7818 Jan 954 Oe
:June 27 954 Feb 21
98,200 Southern Rallwag
100 2434 Jan 13 3734June 13
1714 Jan 28% Atil
19.900
Do pref
100 6384June 28 707 Mar 22
3
4
6 Jan 71
0011
11,600 Texas & Pacilio
100 18 June 27 29% Mar 21
18 4 Nov na
3
AD
2.700 Third Avenue
100 1018June 28 1914 Feb 10
1318 Nov 25 8 Mai
5
.500 Twin City Rapid Transit_100 5814 Jan 19 7713June 11
34 Jan (1211 Sep
25.700 Union Pacific
100 1263
4June 29 144% Feb 26 126 Jan 1544 Sep
Do prat
1,900
100 7114 Apr 21 7613 Jan 8
711 Jan 80 AM
4
4,700 United Railways Inveat_100
8
7 Jan 1934 AD
/
1
4
812June 26 217 Mar 6
2,615
Do prat
100 2613 Jan 17 02 Mar 6
2014 Jan 364 Ap
5,700 Wabash
100
7 Mar 10 1113 Mar 22
6 Jan 144 Mal
33.400
Do prat A
100 2314 Jan 17 34% Mar 22
19 Jan 361s Ate
100
Do pre B
100 1618 Jan 18 2213Mar 22
1214 Jan 24 8 Au,
7
7.500 Western Maryland (now)_100
978.thne 27 15 Feb 9
818 Jan 174 Am
11,500
Do 241 pre(
100 1712June 28 264 Mu 22
13 Jan 281, De
2,700 Western Pacific
100 15 May 1 2014 Mar 5
138 Jan 241 Ap
4
8
000
Do pref
100 63 may 7 6338 Mar 5
514 Mar 0478 Sep
3,200 Wheeling & Lake Erie Ry-100
612June 29 10% Feb 13
6 Feb 1612 Jun
2,000
Do prat
100 12 June 27 19 Feb 13
914 Jan 294 Jun
500 Wisconsin Central
wo 26 Jan 10 3513 Feb 23
25 Jan 134 Ms
1
711: 7113 71
*7112 74 '7113 74
71
701 70 4 .70 4 74
: 8
3
1,400
•11I2 12 '1112 13
11
1514 101 11
:
*10
11
10
10
1,300
35 35
36 36
*3.5
38
34
35 '33
33
38
35
500
43212 65% 6212 62'± 61
621+ 60 60
59 60 *387 60
1,100
3
77
77
814
84 838
708
67
7
8
634 738
7
10.600
18
14
LI
14
14
14
14
1,
*14
*8
14
14 2,100
I% 118 •I18 114
118 Us
1% 11
I.
113
11 14 2,900
/
4
6812 6914 67 8 673
8
4 65 66
% 64
4
667 22,200
% 66
644 6678 05
8
3
•107 10873 107 10784.'1063 108 "10634 108
4
10634 10634 *107 10878
300
*41
4138 40
40
38% 3934 38
3812 3784 39
38
3812 4,200
9312 9112 911 *90
*90 93 *90
91
*90 91 "90
91
100
*1612 17
1614 1612 154 16
1418 131
13% 1434 134 14% 8,000
43 43
42
42% 40' 40
353 3934 34
4
3584 3613 3618 1,900
•75
80 *75
80 *75
80 "75 • 80 *71
78 "71
7712
*50
52 *50
32 "30
52 "50
51
*50
51
5012 301:
100
4,3644 3614 34
34
3213 333g 3112 3213 31
3112 3014 32
2,400
3212 304 31
31
30
31
30
337 34
3212 3014 301: 2,900
1 "7014 7217 70
72
721 7212 "71
:
70
116834 70 "6884 70 58,300
10614 109 "1064 108
/
1
4
•10614 110 106 109
10614 10614 10534 1058
4
300
4 89% 93
93 933
7
8734 90
87
895
8684 89% 8618 8934 189,100
108 1087 •10778 1081 1074 1073 *1071: 108
•108 109 •108% 109
4
400
168 1661 16412 lash 162 10313 139 1601 15312 160
15812 159% 2,900
12014 12014 "11912 125 .11912 121
•12014 125 *12014 125 •12011 123
100
*9
10
9% 9 3
3
94 9 3
3
94 9%
9
914
9
9 13 1.300
•Bid and asked prim s Ex-dividend.
STOCKS
NEW YORK STOCK
EXCHANGE
Industrial & Miscellaneous
Adams Express
100
Advance Rumely
100
Do pref
100
Air Reduction, Ino____No par
Ajax Rubber. the
50
Alaska Gold Minn'
10
Alaska Juneau Gold Mln_ 10
Allied Cbem & Dye. _No par
Do pref
100
Aills-Chalmers Mfg
100
Do pr .t
100
Amer Agricultural Cliem_100
Do pre!
100
American Bank Note
50
Am Bank Note prat
50
American Beet Sugar
100
Amer Bosch Magneto_No par
Am Brake Shoe & F__ -No par
Do pref
100
American Can
100
Do prat
100
American Car & Foundr7 100
Do prof
100
American Ohiele_
Al., 44,T4
,
68 Jan 2
10 June 29
34 June 27
57% Jan 10
681June 28
h Jan 4
1 Feb 15
6234May IS
10634June25.
3734June 28
9111May 18
1314June 29
34 June 28
77 Jan 6
5012June 29
3014June 29
30 June 27
70 Jan 3
10384.thne 29
7318 Jan 2
1063
4Apr 28
15812June 28
1194 Mar 22
5.16 11.• en
82 Mar 3 68 Jan
19 1
1314ar 6
10% Jan
5 / Jan 141 3134 Jan
48
723,Mar 19
4.313 Jan
7 Mar 141
14
913 July
%Mar 91
Is Dec
184 Mar
se Jan
80 Jan 2
5534 Jan
112 Mar 2 101
Jan
511 Feb 161 3743 Jan
/
4
9718 Jan 271 8613 Jan
307 Feb 211 274 Nov
8
/
1
Jan
lid
6878 Feb 21
9113Mar 71 58 Jan
51 July
55 Feb 7
3134 Jan
494 Feb 13
3114 Jan
83 Feb 16
/
1
4
51
Jan
83 Mar 21
110 Jan 14 9814 Jan
3714 Jan
106 Mar 6
115 Feb 20 9314 Jan
Jan
189 Mar 7 141
1254 Jan 18 115% Jan
II Aor 25
5 Nov
83 003
23 AU
3432 AU
68
Oe
18 8 AD
3
7 Ma:
8
2 Mx
914 Sep
11513 San
603 Sup
4
104 Sal)
42 3Jun
7
7214 Sep
J1 Be
6513 De
49 Jun
69 AD
81313 Sep
113 Oc
7613 No
1137 De
201
Oe
12811 No
14 Me
2974
New ft* Stock Record -Continued-Page 2
inactive. see vccond page preceding
Pr. sales during the week of stocks U9UniiV
PER SHARE
PER 211.485
Ranee for PreCiOu
1 1. 8g .
H0 23
Range wince Jan. :
STOCKS
Sales
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Year 1922.
et
; On Oasts of 100-sharots
STOCK
NEW YORK
for
EXCHANGE
the
Frldau.
Treeerlay. WerInexday, Thurecloy,
Musdnu.
Saturrtem,
Lowest I MOW
Lowest
TVeek.
Jane 29.
June 2S.
June 26. 1 June 27.
June 23. I June 27.
$ per rhars $ per share $ per 'bare 5 per farm
per share I $ per share Shuns Indus. & Miscall. (Con.) Par
1514 Nov' 3012 Mal
8June 27 20 4 Jan 4
3
47
$ Per share 5 per share 5 per share S per share $
100
518 4,600 American Cotton 011
5
478 538
47
6
618
6
3.12 Nov 61 MaY
6
6
4
4
612 63
100 14 Nlay 18 383 Jan 4
Do pref.
1,200
16
16
4 17
153
16
16
19
714 Aug
18 '16
474 Jan
4
.16
163 '15
412June 29
75* Feb 23
Amer DruggIst8 Syndicate. _10
412 1,600
412
4
8 43
45
5
5
Oct
5
47
5
*434 5
5
100 95 June 28 1431, Mar 2 126 June 102
896 105
500 American Express
96
95
10% Dee 1734 Apr
Et% Mar 7
100 100 .96 1(Y) *9612 99
614Juna 28
•100 105
8 2,600 American Hide dr Leather.100
634 67
614 6 2
4
Jan 745 Sept
4
3
58
712 712
612 7 4
812
814 814
*8
100 3834 lune 27 743 Mar 7
pref
Do
1,700
3914 3914
40
8
4012 4012 383 4012 39
4112 42
78 Jan 122 Sept
41
.42
100 8812June 27 1 1 112 Apr 2
5,300 American Ice
9034 92
92
4 90
9533 91
8812 913
93
72 Jan 9514 Aug
963 Ms 93
100 78 June 27 89 Feb 21
8
Do Pier_
200
80
*79
80
7914 *79
78
82
8212 '77
245* Dee 505s June
.77
'79
81
_100 108 i une 23 3312 Mtu'28
8 183 1914 6,900 Amer inlernational Corp_
4
8
14 July
218 Jan
4 1814 1912 185 1912 1818 187
1334 193
1
21
27 13
'20
1,600 American La France F E__10 10121000 21 38 Mar 5
4
*103 11
8 1012 11
4 1012 105
28 Nov 4218 Oct
4
Mar
4
*11% 1112 103 11 I 103 103
100 17 June
8 2,000 American Lins,ed
193
19
19
1912 188 1912 18
48 Nov 641i Oot
22
20
2012 19
38 June 28 59 Feb 15
'21
190
Do prat
300
40
39 .38
38
40
40
42
Jan 13634 Oct
8June 7 102
43 '40
45 .40
.43
100 12018 Jan 17 1463
132 13312 17,500 American Locomotive
Jan 1221* Dec
13112 13412 13112 1345* 13134 135
13313 135
136% 137
100 115 May 4 122 Feb 9 112
DO prof
8
557 Mar 5
44 Sept 6314 Dec
.117 119 *115 119 •117 119 *115 119
'117 119 *117 119
4,600 Amer Metal temp eths__No par 4114June 28 8412 ‘pr 19
42
42
4114 417
43
4 42
Oct
82
Jan 129
44
4418 4333 4418 4318 433
25 70 Jan 2
American Rtnrilator_
79
1,500
788 7812 .78
7814 79
8
87 0,1
918 Feb 19,
473fune 27
334 Jan
8212 8014 8014 7912 80
.80
25
514
534 7,100 American Safety Razor
518 512
4
e34
% 512
4
8
51s
5% Jan 2414 51aY
4
53
81
*5
3
54 6
No par 107 une 29 213 Jan 51
4,600 Am Ship & Comm
8
11 s 107 11
11
3
4
8
8 113 113
1134 117
1214 1214
17 6913 Mar 2'1 3334 Jan 6712 Ides9
12
12
8
537 55% 27,100 Amer Smelting & Refining.100 53 Jan
55
4 53
4
8 533 553
1
4
583 5913 5612 5814 55% 563
7838 Jan 181 10234 Mar 6. 8618 Jan 104% Ott
,
10J
Do pref
1,009
.
9314 9314 9318 94
93
93
98
18 9814 9614 96
100 132 June 28; 15214 Feb 14 10913 Jan 159 Sept
9612 97
633 AU3criCan Snuff
132 132 '130 136
13214 133
8
40% Jan 46% Sept
133 133
32 Juno 21! 407 Mar 21.
'133 138 *133 136
-el
3 33
.10 Am St, Fdry tern ctf8_33 1-3 98 June 27 10514 Feb 9
4
3312 323 3334 3
4
323 332
Feb 10814 Oct
91
3318 34
3412 35% 341! 35
100
Do pref tern ctfs
300
*93 101
98 '95 100
98
54% Jan 853 Aug
29 85 Feb 13
99 .95 100
9814 98% 99
6712 7.409 American Sugar Refining...100 65 June 27, 1083 Jan 3
67
65
6513
. 6514 67
Jan 112 Aug
84
6612 691
4
7014 7014 6912 71
100 10018Iune
Do prof
700
4
4
1003 1003
10018 10018 100% 101
2314 Feb 47 May
s
101 101
•100 102 *100 102
100 1612June 20: 363 Feb 14
18
4.903 Amer Sumatra Tobacco
17
19
18
Jan
1912 17% 13
4 18
5214 Feb 71
1934 203
1934 21
100 55% Jan 161 654 Feb 13
Do prat
50
5211
*34
._
*483 5212 '4818 5213 *4718 5212 1 _ _ _
11918June 29 125% Mar 3 114% Jan 12814 48e
8
120% 12114 12018 1207 11913 12034 19.200 Amer Telephone dr Teleg 100 1401
8
4
8June 23 161% Feb 13 129% Jan 16912 Sept
12234 1223 12114 1223 121 122
100
acc
o p ref mw o
3.600 Amcrica ri Tobe )
141 142
142
142
14034
9012 Jan 10834 Del
8
14134 14112 1404
4
4
1453 1453 144 145
100 101 Mar 16 1057 Mar 3
Do
400
103
4
4
Jan 1651 Sept
4
*102 10234 10212 10212 *10212 10284 10212 1023 *102 103 *10212 14112 3,300
100 140 May 20 1593 Feb 9 120
Do common Class B
4
4
Jan 3314 Not
8
0
1413 1413 14014 14114 140% 14112 1403
443 Apr 28
.144 14512 14312 144
2,400 Am Wat Wks & El v t c.l00 2713 Jan 29
18 36
35%
35
36
34
36
38
Jan 937 Sept
07
7
2
363 37 8 '36
38
38
Jan 3 93 Jan 16
Do 1s1 prof (7%) v t 0.100 8534
409
86
4
89
883 8714 86
9014 *87
1714 Jan 5514 Oct
90 .87
87
90
.88
Do panic p1(0%) eta 100 48% Jai, 3 6318 Apr 26
5412 3.500
5412 54
4
543 5512 53
Jan
58
Oct 95
86
5812 56
8
583 5834 58
100 9314 Jan 2 9814 Jan 31
105 Amer Wholesale, prof
,
9334 93 4 .9934 100 .3014 98
Oct
95
9514 "93
7814 Jan 105
95 .93
*93
1095* Mar 21
100 8012100027
82% 837 29,000 Amer Woolen
Jan 111 14 Dee
4
4 823 8512 8012 8434 8112 84
2
4
7
8718 87 8 843 863
_100 93,2June 21 1113 Jan 3 102
Do pre(........
7
1,700
9938 9934 9914 9934
99
9914 99
2212 Jan 5514 Sept
8
9914 9914 993 9912. 99
prof...100 1512June 29 31 Mar 7
1,030 Amor Writing Paper
1612 1512 16
16
16
"15
17
10
1218 Jan 21 Sept
*1714 18
•1712 18
814 tune 24 1914 Feb 16
2,100 Amer Zinc. Lead dr Smelt. _.25
812 9
814 8%
812 9
10
9
Jan 57 Sept
11
36
10 .10
10
25 35 June 21 5814 Fei)27
Do prat
903
35
3812 35
40
35
*35
40
*30
37
65 Nov 57 May
37
29, 5312 Mar 6
40
.35
8 3812 3912 3814 4014 34,930 Anaconda Copper Mining _50 3814June 51 89 Mar 19
8 3914 397
2
43 Jan 707 Dec
3
2 40 4 4112 3914 403
417
41
14 7434 733 78
7714 6,500 Associated Dry Goods., 100 6214 Jan
7612
4
73
7312 75
77
78
7834 75
Oct
Jan 86
75
100 8212 Jan 18 89 Feb 13
Do 1s1) Pre
203
8212 82%
*83% 84
Jan 9112 Oct
4
711
83% 833 *8212 84 '82% 81
"82% 84
100 88 June 211 9312 Feb '28
Do 2,1 pre
100
83
89 .85
90 '85
88 .85
88
90
Jan 18512 May
99
.85
90 .85
100 101 aLiy 7 133 Jan 12
1,400 A,,sociated 011
z105 105
108 10512 106 106
106 108
6% Apr
112 Dec
312 Fen 14
I %June 21
"108 125 •107 113
No ow
703 Atlantic Fruit
4 2
4 '13
13
4
13
•134 2
4
13
4
13
1938 Dec 4314 Map
4 2
28 34 Mar 19
1% .13
I%
8
4 137 141
4 9,409 Atl Gulf & W 188 LIne___100 1312June 27 27 Mar 19' 16 Dec 31 14 May
4 1334 1314 1313 143
1512 153
912June
4
*1612 163 01.534 16
100
Do pre(
1113 3,300
93*
1012 11
1112 1112
9% 11
Oct
,
1314 13 4
1314
*13
100 107 June 21 15312 Jan 10 117 Dec 1575
1,030 Atlantic Refining
Jan 1194 Dec
113 11312 110 110 *105 108 .105 108 .106 103
11312 114
100 115 ‘I iv 2 120 Jan 18 113
Do Prof
100
118 118 *111 118
1312 Feb 2212 May
13
1, 4June 27 2012 Feb 14
•I15 117 •115 118 *115 118 •115 118
No par
Atlas Tack
700
,
12 8
*II
11
1034 1112 11
13
12
91 Jan. 403 Sept
8
•1212 14
*1212 14
41uno 27 3512 Jan 12
173
1014 4,300 Austin Nichols & Co__..No Dar
4 173 1814 18
4
183
18
1918 20
3
Jan 91 tleDI
68
2012 2012 19 4 21
100 74.14Juno 21 8913 Jan 23
209, Do prof
4
4
*773 8514 *793 85
80
82
80
,
85 4 .80
9311. Jan 142% 001
8514 .80
.80
Locomotive Wks_100 1173tJurie 28 144% Mar 19
4
4
4
1183 12214 11814 12114 11734 1213 1173 1213 110,500 Baldwin
8
Oat
Jan 118
4
125 12818 131 125
100 111 Apr 2 1153 Jan 4 104
Do prof
200
112
8
(173 Sept
Jar
40
•I1012 11212 .110 11212 11214 11214 •110 11212 .110 112 '110
No par 48 Ape 27 56 Feb 16
I Barnet Leather
40
40 '34
40 .30
40 '30
42 '32
*30
4
2
193 Jan 68, Apr
42
'30
A,_,_25 10 Juno 20 35 Mar 23
3,3004 Barnsdall Corp. Class
13
13
4
123 13
1234 13
4
Apr
14% 123 13
17 Nov 89
1412 13
14
8June 21 22 Jan 2
07
23
Do Class 11
9001
10
1018 10
12
1112 1112 10
14 Dee
153 Mu:
1212 1134 1214 '10
12 Jan 2
•11
14 Feb 26
20
Batoellas NII°43(
34
14
0%
14
*Is
%
34
*18
%
515
Apr 65 Beln
*%
23
50 June 21 6214 Apr 4
•18
No par
805 Bayuk Bros
517
51
051
52
5112 52
51
51
62
39 July 5338 Dec
4 52
543
.52
20 51 Jan 2 8414 Mar 26
1,803 Beech Nut Packing
57
55
58
56
57
6134 59
6112 57
Jan 79 May
51
62% 61
62
WO 41%June 29 70 Mar 3
4
4 413 457 62,200 Beth:chain Steel Corp
4718 4914 4518 473
8
4 483 50
5512 Jan 8214 May
5114 49% 513
8 Mar 3
5012
100 6014 Jan 16 71,
Do Cias111 cominon
8
907 Mar 106 Nos
100 9314 Feb 1 96% Jan 2
Do prof
Jan 11053 June
8% prat.100 10014June 21 111 14 Mar 12 101
6
- 62 4
oioi- 103 16204 1- -1- 162- 1- 2 .101 10212 10214 10212 102 102 - i. 800 Do CUM cony
Oct
94 Nov 101
100 8712June 29 9712 Mar 9
Preferred new
7001
4
'8818 8814 873 8812 8712 8713
1012 Aug
4 Nov
8912 8814 8214 8812 8812
7.8 Jan 18
41 1.1une 21
Nopar
.89
300 Booth tisheriee
4% 4%
2 5
8 512 .43
4 *43
4 43
43
St, .an 15 Bent
8
97 Mar 2
512 *414 5
6%June 29
.414
100
300 British Empire Stool
718 718
8714 6%
812 818 *7% 8
58 Mar 76% Apr
100 63 June 29 8912 Mar 13
*713 518 .7% 818
Do 1st prof
100
63 63
*63 65 *6212 65 .62 65
1918 Mar 32 Sept
67
4June 29 2612 Feb 20
67 .64
10(1 193
'52
Do 24 pret
1934 1934 1,000
20
2012 20
3
4
Jan 1243 Aug
203 203 '20
2112 2234 23
100 104.4.May 22 12112 Jan 9 100
21%
2,600, Brooklyn Edison, Ina
Jan 12412 Nov
4
4
70
100 103,251,ty II 128 Feb 7
107/2 1073 10513 1063 105 1061 i 105 10614 10518 100
•I07 108
1,200 Brooklyn Union Clae
108
107 107 .100
42
Jan 6474 &PI
,
8
41101028 657 Apr 2
10812 10812 10812 108 2 .107 109
100 403
•10812 112
Inc
800, Brown Shoe
4
53 June
51% 493 5012 *4912 5012
5114 5114 51
112 June
8
25 Jan 25
1 14June 2.)
.5112 54 '5112 52
Brunswick Tenn et Hy See 100
112
*78
134
134
,
*8
8
*7
4
8
4
*7
8 13
13
*7
100 120 June 28 144% Mar 23 11312 Jan 147 Dec
114
.1
122 12312 120 12212 12012 122% 6,000 Burn, Bros
Oci
8
233 Jau 53
12512 12712 12312 125
2312 lune 20 43 Jan 2
12612 128
Do new Class B cum
4.800
8 2512 26
247
4
26
243 2518 -4
25
10% Dec
27
514 Mar
4
113 Feb 14
514June 21
28% 28
27
4,700, Butte Copper & Zinc v t 0...5
5% 578
4
53
,
4
7
58 6 8
618 63
8
Fat
34
IS Nov
4
674 63
100 13,4100021, 213 Jan 4
612
*6
900 Butterick
14
14
*1418 15
*1412 1712 1412 15
15
4
1
20% Jan 351 Oct
1712 1712 15
8,300, Butte & Superior NfIning_ _10 1712Ju1,e 20 3734 Mar 16
8 18% 19
193
4 18% 1914 18
6% Dec 151, Apr
2112 1974 203
918 Feb
2112 221s 20
214June 18
900; Caddo Central 011&Ref No Par
212 212
4
4 23
23
82% 3
2% 3
,
Jan 86 4 Sept
3
68
3
314
Par 78 June 23 87 Feb 9
*3
8 2,100 Caltfornia Panting.____No
7814 78% 783
SO
7814 7812 78
79
2
4312 Jun 717 Jan
8May 31
100 8614 Jan 3 1173
014 8012 .8014 81
,
'8
California letroleurn
Jan 0812 AM
83
100 9434 Jan 2 11012May 23
Do prof
8
9914 977 97% 9918 9912 1,3001
9T4
9- 166- -98is 8
113 May
514 Fob
3
99 4 100
8
518June 29 125 Feb 20
10
.9912 103 5% 512 8,600 Callahan Zinc-Lead
5% 53
4
51z 5%
5
52 0
n04 June
5012 Nov
10 44 June 23 66 Mar 1
,
Ws 6 4
1,900 Calumet Arizona klining
45
46
44
48
46
46
49
47
49
614 Dee 16% MA/
934 Feb 19
5112 49
534May 22
1
'51
Carson Hill ()old
•514 612 •514 6,4 •514 612 .514 812
912 June
3 Mar
434 Feb 21
I Juno 14
.Vo par
'514 612 .5% 64
200 Case (J I) Plow...
1
1
112
112 .1
112 9.
Feb 9312 any
88
4 *I
13
134 'I
4
*1
1 Case (J I) Thresh M, pf et? 100 893 Jan 4 85 Apr 9
73
•70
74
*70
74
74 '70
74 '70
•70
74
*73
263 Jan 641g Sept
8
8June 29 4012 Mar 7
100 203
8
2114 2214 203 2214 9.201)1 ()antral Leather
2212 2314 2112 23
*
4
6334 Jan 825 Sept
2512 2334 25
100 5514June 29 793 Mar 7
.25
Do prof
4,100
5514 59
8 5814 59
605
8
80% 8112 60
08212 63
3234 Jan 483 Dec
8June 28 5012 Mar 28
63
63
7 3912 3812 3912 10,300 Cerro de Pasco Copper_No par 377
4 37
383
3912 38
38
8
Feb 53, June
41
31
297 June 19 45 Mar 14
4112 40
41
.
Certain-Teed Prod _.-NO par
33
3312
33 •
3312
par 46% lune 29 76 Mar 11
35
4734 Jan 7914 Am
a---- 33 •
4
4914 4634 483 30,100 Chandler Motor Car__ No
4718
4812 504 4834 50
4
1
/
00
Jun 89 Sept
.100 7512June 21) 90% Mar 21
3 2 5414 47% 0.3
3,100 Chicago Pneumatic Tool,
78
79
78
7612 7814 7712 7812 76
1513 Jan 29% Nov
8
79
79
79
79
25 24181010320 303 Mar I
Copper
4
8 243 2512 245* 2512 2512 2614 36,600 Chile Copper
8
8 2512 257
2534 26
2534 257
6 17 Juno 20 3178 Mar 2 2214 Nov 333 June
12,200 Chino
8
18% 1914
4 183 19
183
Jun 704 Dee
43
4June 27 7614 Mar 28
21% 2112 20% 2112 1818 208 1818 65
900 Cluett. Peabody & Co_.,_100 623
63
6314
63
63
4
4
6512 823
Jan 823 Doi
8June 8
41
60 .64
No par 73 May 4 833
•66
87% 64
7512 7712 10,900 Coca Cola
7534 77
755 773
7712
Jan 37 May
2May 31
24
100 25 June 28 353
3 771 79% 76
7812 787
6,200 Colorado Fuel & Iron
26
26
26
4 25
2512 273
4
633 Jan 114% Sel71
291.8 2712 28
114 Feb 14
::)t)
'2918 30
9412 5,400 Columbia Gas & Electrio._ 100 9112100028
9112 9114 93
9312 95
9513 97
84
5 June
114 Jan
8
27 Feb 6
%June 19
983 98% 9712 98
.4
8 5.300 Columbia Grapbophone No por
7
8
4
7
3
8
7
54
4
3
8
7
%
8
6 Fob 21 June
7
4
8
1213 Jan 15
2 June 19
1
100
2
7
Do peer
500
4 3,2
4 3
4 3 2 *23
,
4
Apr 9
5514 Jan 793 Apr
3
2 4 234 *234 312 8278 312 *23 694 '23 6512 673 673
4 2,30() Computiag-Tab-ItoeordNo par 6712Junt 18 8312
4
68
4
7012 70 4 6712 0912 68
8
183 Feb 423 Oot
3
18 Juno 19 3934 Jan 3
69% 71
2012 1,900 Consolidated Cigar._.NO par
22
20
8 20
2014 21,
,
2112 22
21
47 Feb 87 4 Nov
22
Juno 20 83 Feb 17
'26
20
100 66
Do pre
76
*67
76
.67
76
067
77
24 Mar
8
14 Feb
3 Jan 30
79 .67
•67
79 .67
18June 6
14
*18
Consol DistrIbutoro,Ine No par
14
l.
0%
•18
4
Li
8512 Jan 1455 Sept
Jan 26
4
1
/
4
%
1
/ 1
*4 / •
_. Consolidated Gas (N Y)..100 120 Jan 2 137 Feb 7
7
57 8 Dec 62% Dec
No par 57 June 26 6934
When Issued
31:300
Apr
815
-.;54 60 533 59i34 67 - -772 -67Ts 583* 5714 5812 .5734 593 -17,600 Con:wild:41,41 textile...Ns par 7 Juno 20 1412 Feb 9 9 July 1552 Dee
712 7 7 0
7
4
712 73
3
45 4 Jan 11514
812 81, 8 Sly 712
4
100 115 Jan 2 1313 Jan 31
.
-- - - Continental Can. 1no
81May 7 5018 Feb 19
No par 427
29,800 . When Issued
44
47
46
45% -- 12
-4
1
4634 4734 44 1714 -4 18 16; 44 IA,
Jan 9 4 Atm
68
35
25 92 Jan 6 104 Jan 31
COntinental Insurance
98
98 .95
98 .95
*94
98
5
1114 Dec 18 2 Dec
98 .94
0941 9612 •94
par
6%May 23 1214 Jan 49
8
714 10,100 Continental Motors___No
8 78
65
7
734 8
4
a% 814
,
91 14 Jan 1345 005
3
7 4 84
814 814
12212June 28 13914 Feb' 0
125
123 125% 62,050 Corn Products Refitting_ IOU 11614May 8 1223* Feb 24 111
8
, 12814 13034 125 8 1283 1233 12612 12234 1255 12212
4
Jan 1225 Nov
2
3
4
100
Do prof.
200
11712 11712 11612 11612 •11614 120
,
31% Jan 64 Dee
No par 40 June 28 03% Feb 17
*11712 120 "1171 120 011712 120
4114 403 4118 53,400 Cosden & Co
4212 40
8
41
4
81844
42% 4 3
5234 Feb 98% Sept
3 4 41% 423
433
Crucible Steel of AuleriCii_100 6212June 28 84% Mar 21
6212 65
4
6212 643 39,000
6334 66
6414 66
80 Jan 100 Sept
2
100 87 May 24 9412 Mar 2
68 , 68 4 6434 68
Do pre(
100
90 '88
89
88 .86
88
92 '80
90
2
8, Jan 1to, Mar
•86 1: 92 .86
1018June 28 20 Feb 13
No par
4 1014 1012 10,700 Cuba Cane Sugar
8
8 10, 103
1012 11,
8 11% 12
1614 Jan 417g July
8
123 124 Ills 123
100 3718 Jan 17 6114 Mar 15
Do peel
4214 23.800
4012 42
40
4 43% 4512 4012 44
4412 473
14% Jan 28 Aug
Feb 13
,10 2312 Jan 16 3734
4712 4734
4
25
8 2.514 263 29,700 ettban-Amerloan Sugar. 100 937
263
2514 27
26
28
3
27 4 2912
7812 Jan 10212 Dec
29
8June 18 106 Apr 5
29
Do pref
200
9514
99
2
2318 Nov 655 Apr
99 .0314 99% *9514 9912 9534 9534 9514 333 *91
8May 21 381251,,r 6
*95
4 3314 35% 33,100 Davison Chemical v t e_No par 203
8
307 3314 32
1 2918 32
1512 Jan 25% Bent
Mar 1
4
3234 324 30% 32,
2414 243* 2418 2414 1,900 De Beers Cons Mines No par 233 Jan 24 28
8
2433 244 2412 2412 243 2412
4
100 10014June 26 111 Mar 2 100% Jan 11812 Aug
'243 26
1008 1017 10114 1013
8
4 2,800 Detroit Edison
10034 101
101
1818 Jan 4612 NOT
1
4May 22 44% Jan. 4
10 303
*10052 100% .100 2 10114 10014 3612 35
3414 3512 z3412 353
36
4 4,900 Dome MInto, Ltd
De0
3712 3614
70 July
3 Apr' 3
4
3712 3712 37
3.100 Eastman Kodak Co_ _ _ _No Par 893 Jan 2 115 4
4
10214 10234 1023 103
10112 102
103
4
8 4
4
10412 1043 1047 10 % 10112
& Co...100 10014 Jan 17 14812 Apr 28 105 Deo 1895 Nov
25.300 E I du Pont de Nein
116 1177 10712 110
11612 117
8
80 Juno 90% Sent
4
4
.
4
1193 1213 1171 119, 11414 11814 8312 84
8% ournul preferred __ 100 81% Apr 12 8914 Apr'!))
1,000
84
84 '81
83
8412
401,June 5.814 Doc
84% *84
*84
85
*84
5412 5512 55111 56
9,000 Electric Storage BatteryNo par 64 Jan 17 0718 Mar'21
.5612 5512 56
2
1414 Jan 241 Dee
4
2 58
51) 133 Apr 23 203 Jan. 2
5641 87,
58 a 58
14
4
13% 1412 3,500 Elk Horn Coal Corp
133 1414 14
1118 Jura
2% Jan
712 Feb 20
,
4
2 June 19
100
•1414 151 *14, 15 2 1414 1414 "2
Emorson-BrantIngham
3
.2
3
3
*2
8
3
02
7614 Jan 947 Dee
3
•3
'2,3
50 6212100027 9414 Jan 2
6414 7,500 Emiloott-Johnson
8 64
6312 637
6212 637
Jan 119 Don
I.n a 104
,... ,..1
6512 6614 OA 65
% 8314 6414 .1131 115 81131 115 •1131. 116
100 ill May 2 11 11
.
.
•11312 116 '113% 116 91312 115
this day. C Ex-dIvidend.
• DM and aokgd pticest no sales on
New York Stock Record-continued-Page 3
2975
fro. 33.1e8 during the week of stock* u8nally inactive, see third page Preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
June 23.
Monday, , Tuesday,
June 25. ' June 26.
Wednesday. Thursday, • Friday,
June 27.
June 28.
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
-share tots
On basis of 100
Lotoest
$ per share $ per share $ per share $ per share $ per share S Per .share Shares Indus.Pc Miscell.(Con.) For $ per share I
"24
25
*22
24
*23
*3212 24
24
100 Exchange Buffet
*23
25
No par 22 June 211
23 323
4June 29
7412 7618 7212 745
25,600 Famous Players-Lasky_No par 673
7014 72
8 703 73
4
33
6914 7112 673 71
.91
92
90
Do preferred (8%)_ __ _100 8718June 28
92
9012 *91
89
89
8718 88
1,200
89
SO
*712 10
*714 10
5 June 5
*714 10
100 Federal Mining & Smelting 100
*512 7
7
714 714 *6
*39
41
*383 40
4
Do prof
37
100 3414June 41
38
35
3518 3512 1,800
37
35
36
73
4 5.500 Fifth Avenue Bus
812 812
73 Jan 17
83
8
8 85
7
53 73
8
4
77
8 814
73
758
4 Vs
NO Pa
145 152
14214 145
1425 144
8
145 145
143 14314 143 143
2.000 Fisher Body Corp
No pa 14214June 25
98
98
*9712 98
9712 9712 97
97
1,200 Fisher Body Ohio, pref_ _ _ ..100 0618 Jan 24
9718 97
973
8 97
93
8 95
914 93
8
8 June 21
83
4 918
8 6,300 Fisk Rubber
8 , 83
8
8 333
814 83
No Pa
4
1212 52(2 1112 123
1113 10
10 June 27
1134 10
1014t 105
8 8,200 Freeport Texas Co
101
8 11
No pa
4
8 4613 461
473 473
8
42une 29
443
700 Gen Am Tank Car
4613 4618 4512 4512 45
4514 4434 443
No pa
27
28
8June 21
275 28
8
27
255
4 2612 2712 2712 2814 5.700 General Asphalt
2814 '2678 273
10
633 637
4
61 June 21
8 64533 645 *651s 697
8
Do pref
8 64
1,200
65
4
6314 6314 633 64
10
*8414 85
8114 2,200 General Cigar, Ina
82
83
8012 81
8010une 28
8012 8012 80131 8012 81
10
*10.5 109 *10314 109 *10314 109 •10314 107 *10314 107 *10314 107
Debenture vet
100 10412 Jan 2
178 178
175 17612 173 1741 17214 17412 174 17412 17134 174
3,600 General Electric
100 170'1513Y 21
*103 11
4
107 107
8
8 10 4 10 4 105 103
Special
3
4
800
8
8
4
4 105 10533 103 103
3
10 1012June 6
143 1412 1418 145
8
8 14
4June 28
8
1414
133 73,100 General Motors Corp__No par
4
123
1314 1418 123 135
8 13
8312 83
*83
8312 *83
Do pref
200
*80
8212
83
82
*82
8312 82
100 82 June 28
*8234 83
*8214 83
Do Deb stock (6%)_100 8114June 29
400
*8214 83
8214 8214
3
4
6 4 V,8 41;4 4 4
[3
64
2
*973 98
4
*973 98
4
Do Deb stock (7%)_ _.100 96 June 28
977
600
9612 961
97
*42
4412 42
2,200 Gimbel Bros
42
41
41
40
42
4014 41
3912 401
No par 39121une 271
*732 8
712 712 *712 73
600 Glidden Co
7 June 21
*712 8
No par
71z 712 *712 8
*418 412
4
4
4
4
4
4
33
No par
4 37s 4,600 Goldwyn Pictures
312 37
312Juno 28,
s
265 267
8
8 2612 27
2213 24
2312 251
23
2512 26
No par 2212June 28
233
4 7.700 Goodrich Co 03 F)
84
84
84
8014 30 4
Do pret
83 83
600
84
83
*83
8612 83
100 8014June 29
,
211 2118 2012 2012 1978 20
,
18
19
17
185
8 1812 1914 2,000 Granby Cons M,Sm & Pow100 17 June 28
*9
8
10 4
3
9
712 712
814
712 712
9
7 8 75
5
8 1,100 Gray & Davis 11310
712.June 27
No Par
223 223 "20 . 23
4
4
1713 18
1713 19
1,100 Greene Cananea Copper__ 100 13 June 20
1812 1812 *1714 18
7
7
7
658
712 712 *714
7
614
2,700 Guantanamo Sugar_ _ _No par
614
7
.
754
614June 27
7614 7713 7218 753
8
20,900 Gulf States Steel tr Otis_ __100 66 June 28
7014 67
6612 7214 66
70
4 703 73
I
4 5,900 Harbishaw Elea Cab No par
3
*3
•12
4
1
84
3
4
3
8
3
8
12
3
8June 27
53
3
4
*3414 3412 3312 34
3314 333
4 32
3312 3214 3314 323 3312 2.700 Hayes Wheel
4
100 3112June 21
*1312 14
400 Hendee Manufacturing_ _ _100 1212June 27
133 137
1212 1212 *1318 1312 *1212 15
4
8 1314 1314
64
64
64
*60
65
*62
*62
*60
65
64
62
62
200 Hornestake Mining
100 60 May 23
8
5712 5813 5414 5612 5212 5312 515 5212 51
53
52
5213 3,200 Houston 011 of Texas_ _ _ ...100 50M ny 2s
2 j e 7
0 ua
227
2214 227
8 213 2212 2012 2212 20
4
8 22
3
205s 20 33 2112 30,000 Hudson Motor Car____No par
8
1912 1978 187 1914
1814 19
•1914 20
1812 4,400 Hupp Motor Car Corp_ _ _ _ 10 18 June 29
1812 1812 18
1
•17
8 2
2
1. 3,0
i4
2
*17
8 2
113 17
13
4 .512 53
,0 Hydraulic Steel
0
8
112
No par
112June 27
412
412 43
43
4
4
5
5
5
1.200 Indlehouta Refining__ ____ 5
43* 412 *414
43
4 5
4 June 21.
512 012
512 513 *51 2 55
Indian
513 512
5
8
______ .._.. 13) 2242Luide 20
512 512
e 3
3154 313
4 3014 3112 283 30
4
28
2814 287
8
285
8 8,100 Inspiration Cone Copper__ 20
2813 28
*312 3 8 *314 33
7
4
3
4 •
8 314
1,800 Internet Agricul Corp ..... _ 100
25
314
314 33
31s 3 8
,
25
8June 29
1212 1212 1214 1214
1112 123
8 107 113
8
4
1014 11
1014 1014 1,600
Do pref. _
100
1014June 28
347 3418 "34
8
37
8
33 4 3412 327 3318 31
,
31 June 28
3214 3114 3212 6,500 International Cement __No pa
22
2111 2114 21
20
2012 195 2053 20
2012 21
2014 3,400 Inter Combui Eng
8
No pa
195
8June 28
z78
78
7914 80
4 7514 7612 75 8 78 33 78
7514 773
783
8 7,900 Internet Harvester (new)__100 75183une 28
,
,
*10812 10918 MOS 10918 •109 10918 *10312 10918 *109 10918 109 109
Do pref (new)
100
100 1083
4June 20
*612 63
6
4
612
Os 65
6
8
6
55
8 6
55
..100
55
8 538 3,700 Int Mercantile Marine..
8June 28
2614 2614 25
2314 2514 235s 25 4 2334 2414 10,400
Do prof
2514 2413 25
,
10C 2314June 27
1313 1312 13113 131
13
1318 1218 123
8
4 1214 123
4 12131 125 20,800 International Nickel (The) 2.4 1218June 27
"82
843 *82
4
823 *82
8212 82
82
81
600
Preferred
80
100 693 Jan 4
8112 80
4
4
3913 3912 373 39
363 373
4
4 355 37
8
355 37
8
3712 3814 8,100 International Paper
10
355 June 27
8
6712 6712 *6713 68
*66
68
200
66
*65
66
Do stamped prof
67
*6512 68
100 65123.131y 21
1113 113
4 1058 111
8 10
1018 107
1014
1014 12,200 Invincible 011 Corp
97 1018 10
8
50
9 4June 19
3
*3714 4212 40
40
39
39
*37
41
371 1 3714 37
700 Iron Products Corp_ _No pa
3712
37 June 21
3
s
3
8
14
331
3
8
It
14 Jan 3
14
14
53 4,100 Island 011 & Tram, v t c
"
14
14
3
8
1818 1818 1773t 133
8
,
181" 19 2 *183 19
1713 1818 3,000 Jewel Tea, lne
3 173 18
4
10
1712June 29
*6612 68
•66
70
*66
70
653 653 *65
4
70
800 • Do pref
4
70 .65
100 62 June 20
*57
5714 5612 5714 563 563
4
4 56
563
4 56
10
50 J*o 17
583
4 5612 56733 3.600 Jones Bros Tea. Inc
10712 10712 *10743 108
10712 10712 107 107
10718 10718 *107 10712
6001 Jones & Laughlin St, prel ..10f 104 Slat 19
12
12
12
12
12
12
*12
12
5
4
12 1,500 Kansas & Gulf
13
12
It
12June 6
313 313
4
4 30
8
8 30
31
3013 1.700 Kayser (J) Co. (111em)._No pa
30
3014 30
3018 293 293
2918May 22
*97
9953 +97
9934 *97
it preferred (new)__No Pa
993 •97 100
4
*97 100 .95 100
98 Apr 20
38
38
3514 37
3318 35
3112 34
30, 3314 3112 337 23,100. Kelly-Springfield Tire
8
8
25 3018June 28
*9612 99
*9612 93 *9612 99
200
*95 103
Temporary 8% pref_.. 100 96 June 27
96
9612 *95 103
95 "85
500 Kelsey Wheel, Inc
*85
85
85
85
95
*85
95 •
86
92
100 85 June 28
85
345 3518 3418 3518 3318 3414 3212 333t3 32
8
327
No par 32 June 20
8 3212 3314 47,100 Kenne-ott CoPPo
43
514 512
s 413 11,300 Keystone Tire & Rubber__ 10
43
4 58
4h
51s 512
45
8
412 43
,
4
4 June 21
*214 225 *213 230 *213 216 *213 218
100 Kresge (89) CO
215 215 *212 215
100 177 Mar 2
85
85
81
*80
.500 Laclede GM (91 Louie)_ ..._101 80 May 7
833 •
*78
4 80
8312 8014 80 4 80
80
,
22
22
2013 22
1914 207
8 1712 183
33 1814 1912 5,700 Lee Rubber & Tire _._ No par
4 1814 183
1712June 27
*196 209 *196 200
196 196 *190 200 *190 200 *196 205
100 Liggett & Myers Tobacco_ /00 1903
4May 21
*1123 114 •11212 114 *1113 114 •112 114 "112 114 *11234 114
4
4
Do pref
100 11184 Apr 4
64
6412 6211 633
4 6018 6212 60
615
8 5814 6114 5913 6012 15,800 Lima L000Wketetapetf8No par 5814June 23
157 16
s
1512 16
143 1558 1412 145
4
8 1414 153
8 148 1,513i 13,700 Loew'8 Incorporated ___ No oar
14 June 21
*63
4 7
614 63
63
4 63
4
614 612
8 2,000 Loft Incorporated
614 614
614 614
No par
614June 26
42
42
423 423 .
413. 40
4
4 41
407 *33
8
40
373 37 4
4
, 1,200 Loose-Wiles Biscuit
100 373
4June 29
•14812 151
14914 14914 148 14934 14812 14878 14714 14714 14812 14813 1,200 Lorillard (1')
100 146 June 21
•105 108 *105 108 •104 108 *104 107 •101 110
107 107
25 Mackay Companies... _ .. _ _ 100 103 May 23
"66
67
*66
67
1165
67
*65
6012
67
*65
Do pre!
6612 .65
100 651,June 8
743i 7434 711 731.2 69
.
713
8 65
70
633 675
4
8 6512 6934 22,690 Mack Trucks, Inc
No par 5818 Jan 2
92
•90
*90
92 .
90
92
90
90
9012 9012 8912 8912
Do let prof
400
100 8812June 21
83
81
*80
78
*78
78
78
72
78
77
*76
78
Do 20 prat
700
100 72 June 29
"597 62
8
59
593
5914 58
4 59
58
58
5814 58
587
8 2,30) Many
NO par 58 June 27
26343 2613 25
263
4 23
2514 21
215 233 10,600 Maillnson (II R)& Co_ _No par 21 June 27
23
8
2113 23
4
36
53
53
*51
443 443
50 2 5012 *4014 50
,
45
45
4
4
500 Manati Sugar
100 4312 Jan 17
78
*72
7514 7514 75
75
*72
78 •
78
"72
82
72
200
Preferred
100 75 June 20
*47
471 *473 49
8
4712 4712 •46
45
47
*45
47
475
8
4414 45
4358 4412 43
4314 42
421
4254 423
4218 43
4
3912 401" 387 4012 37333 393
8
37
387
367 383
8
37
8
38
9
•7
10
"712 10
9
•7
10
*7
10
*7
10
29
30
*295 301
8
2812 281 *2714 28
•2714 23
2714 28
4313 443
45
45
403 4314 361 4 401
4
39
3712 3912
36
3812 411
4214 43
3712 383
375 381
8
3 37
371 4 3914
381
1338 133
123 123
8
8 13
131
1114 121
1012 1112
1078 111
80
81
8212 821
79
79
78
80
80
78
80
803
4
1714 171_
173 177
.
1614 171
"173 181
4
8 17
1713
163 167
3
*193 200 *193 225 *193 250 *193 250 *193 250 *193 230
*93 105 .95 105
.95 105
*90 105
•90 103
"90 105
145 15
8
4
1414 145
1512 153
8 137 14333 137 1413
4 143 151
8
8
141
1312 137
8 14
4
147 147
8
8 123 13
8
123 127
8
8
8 127, 127
24
25
25 8 24
3
2453, 23
24
24
4
2212 2314 223 23
73
8 7,
7 2 77
,
7131
73
3 73
78
5
4
7
7 14
1
7
714
253
2614 26 4 25
8 25
*2534 27
,
25
221 2412 2112 23
3
. 61N1 6184 5914 6112 5413 39
"61h 621
.613 62
4
56
58
8 2014 207
8
8 1912 205
213 2138 203 217
8
1914 20
8 1914 197
s
8 2514 2512 2218 25
25 8 267
,
267 27
8
8
203 227
4
8 215 223
8
814 834
83
8 812
84
,
83 9
83
5
Ws
s 812
8143 812
1613 1612 16
•1713 20
•1712 20
*173 20
4
16
16
16
92
96
95
•
96
95
98
9512 95
92
93
91
93
*9812 99 "
*99
9912 .9713 99
*9712 99
9712 99
9812 9812
•103 1114
4
8
115 115
8
8 113 1138 •11
1 153 11
11
105 11
8
413 42
4
41
4134 4018 4112 4018 41
4114 42
4
z393 403
4
4
4
4
•1173 120 •1173 120 *1173 120 •1173 120 .1173 120 *118 120
4
4614 4614 *461 1 50
4914 *4612 50
4912 4912 49
46333 463
8
12
•12
33
I.
*12
*12
118
84
12
59
59
58
59
57
.6012 61
5812 5618 57
57
5714
115 11512 1123 114
11512 116
*11612 122
4
112533 11314
11234 114
•10812 110 *108 109 •107 110 *107 110
10712 10712 •107 110
8 1218 123
127 127
4 1118 1212 1112 1214
8
1118 113
4 113 123
8
8
35
33
4 33
37
363 363
4
37
337
8 3318 337
8
8 317 33
4
*4714 4812 46
8
"463 493 •46h 481: .463 49
8
467
8 4618 4612
1818 17
17
18
•17
"18
18
1912
1619 18
1614 1614
*46
*46
46
47
47
46
47
•
46
4518 46
45
45
-432 15 2 -4553 4312 427 4312 •42
.115 - *453a 45
.14
8
2112 22
2112 2112 21
21
23
*195 2112 *1914
8
918 *812 912
812 812 *812 912
8
853 •
712
553 '518 514
*484 5
*3
5
412 43
5
4 "412
17
8
13
4
4 2
8 *13
184
13
4 0134 2
17
17
8
*13
4
14
34 412 *___ _
*5
518 *434 5'4 *43
4 5
4
412 •_ _ _ _
173 18
4
175 18
18
8
18
1718 1712 17
1712 18
120 120
118 118
120 120 *11512
-111112 12212 120 120
•Bid ADA flaked prices: no sales this day. r Ex-dividend.
43
•22
600
2,600
5(1,600
100
1,700
5,900
9,100
11,809
3,400
10.200
7,200
4,500
3,400
45,400
8,000
.5,100
16,100
18,400
14.100
300
2.100
100
1,300
8,200
700
1,500
2,300
2,300
100
8,300
2,100
SOO
700
400
44
800
20
800
912
500
500
5
2
500
412
300
1753 10,100
12212
900
Manhattan Elm Supply No par
Manhattan Start
25
Marland Oil
No par
Marlin-Rockwell
No par
Martin-Parry Corp._ _ _No Dar
a lathleson Alkali Wars,_ 56
Maxwell Not Class A
Maxwell 51()L Class1.1._No 10
p2
May Department Store*, 100
SicIntyro Por Mines
Mexican Petroleum
106
Preferred
10;
Mexican Seaboard Oil _ _Nu par
Voting trust. ars
Miami Copper
allddlo States MCorp
11.
6
Midvale Steel & Ordnance 50
Montana Power
MontWard & Co1113 Coro 111(3
1:1
Moon Motors
Mother Lode Coalitton..No par
No r
Mullins Body
No par
Nash Motors Co
No par
Preferred A
100
National Acme
50
National Biscuit
100
Do prof
100
National Cloak & Suit_ _ 100
Nat Conduit & Cable__No Par
Nat Enanfg & Stamirg__ _100
National Lead
100
Do pref
100
Nevada Con8o1 Copper_ _ 5
N Y Air Brake (new)_ _No par
Class A
No par
New York Dock
100
Do wet
100
North American Co
50
Do pre(
50
Nova Scotia Steel & Coal_ .101)
Nunnally Co (Tne)___ _No Dar
Ohlo Body & Blow_ ___No par
Oklahoma Prod & Ret ot Am 5
Ontario Sliver NJ Ming_ _ _ _ 100
Orphoutu Circuit, Inc
1
Ott, Elevator
100
Mandist
PER SHARE
Range for Precious
Year 1922.
,
11 lob 20
8
397 Feb 23
44 Mat 19
2718 Apr 6
9812 Feb 7
11614 Jan 4
1153 Feb 14
47 Jan 5
1614 Feb 16
82 June 12
5358.31ar 6
7518 Jan 5
19h Mar 7
5814 Mar 8
54 Feb 24
24 Mar 15
82 Feb 26
633414r 16
10914 Mar 22
312 Jan 12
457 Feb 23
8
104 Mar 23
6213 Mar 22
103 Jan 18
11714 Mar 6
45 Mar 1
1118 Mar 24
24812 Apr 26
87 Feb 21
313 Mar 22
4
22284 Feb 9
11818 Jan 8
747 Mar 20
4
21 14 Feb 14
113 Jan 5
4
6314 Mar 2
1785 Feb 9
8
121 Feb 6
7011 Feb 16
9312 Ayr 6
9914 Mar 12
92 Mar 5
711 2 Jan 20
40 Jan 2
7514 Mar 14
90 Feb 26
45 June 19 66 afar 21
2
42 June 27 477 Jan 35
8
2714 Jew 6 595 Apr 21
714May 22 10 Feb 261
4
373 Apr 17
27 June 21
30 June 28 6413 Mar 14
37 June 28 6314 Mar 8
102)31180 29 21 Apr 5
675* Jan 5 86 Jim° 7
1614June 27, 201231ay 4
265 Mar 2, 293 Jan 2
1253 1Vy 28
0 14
3 0 r 16
ue
1°11714 Fnb 28
130 e 8
1212June 21 2314May 23
Feb 23
2
10I
22718 Une 21 3 :
61 u
1
3
211 2June 29 333 Apr 18
Mar
54
6Feb 13
8
18:21ua e 28 2
4M ny 22 78
Me r 20
r.ltb 22
7318 ua e 10 14
17 1.1jnn 271 2238
8
16 June 211 297 Mar 15
7518 Jan 21 11412 Jan 12
gyps :or 23
8June 16
105
33 Jan 5
4May 16
1193
4218June 21
14 May 31
5618June 2S
11114May 22
10712Ju11e 28
11 18June 26
2653 Jan 2
48 Jan 9
155
33Junc 21
4218May 24
10012 Jan 16
427
8June 28
20123lay 2
8 June 2S
412June 28
4June 15
13
414J une 27
1614Jwae 21
115 May 21
Lowest
Highest
$ per sharel $ per share $ per share
26131 Dec 3113 Oct
31 Jan 10
7.518 Jan 107 Sera
93 Jan 2
993 Feb 14
4
9118 Jan 1073, Bent
9
123 Feb 16
4
Jan
1618 May
6012 Feb 13
3712 Mar 6214 Sept
83 Dec 1053 Dec
4
103 Jan 2
8
21214 Jan 11
75
Jan 218 Dec
1023
8June 14
7612 Jan 10314 June
1612 Feb 13
105 Nov
8
1912 Am
22 Jan 13
1214 Jan 2714 Oat
453 Jan 80
4
717 Feb 20
8
Oct
64 Mar 7
3714 Nov 738 July
4
83 Mar 7
(39 Nov 111 July
943 Mar 14
8
65 Mar 833 Dee
4
8
110 A::12
1712
94
Jan 109
Oat
19018 Feb 2 136
Jan 190 Dec
12 Jan 2
1013 Oct 12 Sept
814 Jan
1514 July
89 Apr 17
69
Jan 86 Seta
90 Apr 7
673 Mar 9614 Oct
4
105 AM 10
7914 Max 100 Sent
5112 Apr 24
3818 Oct 4518 Opt
93 Nox
4
1814 June
123 Feb 9
8
77 Mar 9
8
813 Oct
4 4 Dec
3
4118 Mar 22
2812 Nor 4472 May
91
Apr
9212 Mar 6
7211 NO%
33 Mar 23
22 Nov
36 May
8 No, 197 May
155 Mar 7
8
8
22 Nov
3418 Mar 6
345* May
145 N167
8
7 Fet
1413 Feb 14
447 Jac
4
8Mar 21
1015
9453 0o1
37 Mar
3 Jen
4
212 Jan 12
44 Apr 10
-15
Jan
283 Sept
4
233 Feb 10
4
Jet
32 Nov
55
797 Jan 2
8
913 Oat
4
6114 Nov
78 Feb 16
1913 Aug 263 Des
3
323 Mar 8
4
107 Jan
8
3012 Apr 2
2618 Dee
312 Feb
1418 June
612 Jan 8
1.514 Dec
314 Jan
19 Mar 19
5
Jan
115 June
8
812 Apr 6
31 Nov1 45 Jobe
433 Mar 1
4
1014 Jan 17
1818 Feb 111
433 Mar 19
4
125 Feb 2
6714 Feb 21
113 Feb 24
73 Star 14
136341M8r 20
114 Jan 4
183
8Mar 5
41 Apr 25
5112 Feb 13
27 Apr 2
5112 Mar 15
11913 Fob 24
4514 Feb 14
297 Mar 3
8
101s Fob 9
1018 Jan 29
318 Feb 8
77 slaY 7
3
215 Apr 26
8
153 Feb 16
55 Dea
8
111 Mar
4
431s Mar
2511 Nov
Jan 353* Ma)
26
2018 June 3013 Sept
2
793* Jan 1157 Ant
10513 Feb119 Sept
83 Dec 2711 May
4
415 Dee 87 May
4
/
1
4
193 Apr
4
1114 Jan
Jan
Ja:
, 85
60
4313 Ma. 637s Oat
8011 Sept
59 Max
,
1.21 Jul) 20 4 Apr
,
Jan
3318 Oa'
24
Jet
3
14 Nut
Jac
2213 Ma/
10
3813 Jan 76313 De:
3411 Feb
573 6en0
2
IS Dt Def 10913 11,
1.4. ...re,
1,
3
485 Aug
8
34 May
94 May 10613 June
4May
3414 Jan 531
4
90/s Jan 1073 May
61 Feb 11513 Dec
251s Jan 0958 Ma,
3
43 Nov 243 Mat
4
Jan 1 8911 Nov
110
Jan 9418 Ant
43
2414 Nov
351 AIX
,
081
15314 Feb 235
Jan 12313 Nov
108
52 Nov 11771 May
103 Jan 231 Sepi
2
4
1414 Mar
9 Jan
36
Jan 671s Set).
14714 Jan 180 dept
72
Jan 117 Dec
2512 Jan 617 Sept
2
68 Feb 9412 Dec
Jan 9734 Sens
54
Dec
59 Nov 62
1513 Jan 40 Aug
3014 Jan
52 Mar
7314 Aprl 8414 Sept
41 Mar 693*
r
24
4
32 Me' 588 0
463 June
8
2253 Jan
812 Mar 26113 Mat
2014 Jan 2614 Juni
22
Jan 64 Not
4114 Nov 743 Ma,
4
11
Feb 257 Jaw
8
6513 Dec 174114 Dec
10 8 Jan 2153 Mat
,
1063 Jan 322 Dec
4
7914 Jan 108 Dec
15
Oet 3413 July
12
Oct 3218 July
25 Nov
3138 Me,
11 Nor
16
Apr
2618 Dec 4514 Sias
63
Jan 76.8 S,311.
12 Feb 253 Au;
41
13 Aug193 De:
0
93 Nov
8
1214 Dec
1714 Dee 34 Mx,
70 Dec 525 .13.1.
,
10114 Aug
94 Nov
367 Doe
8
11313 Jan
Jan
26
1 Dee
30 4 Jan
,
85 Jan
108 Jan
1318 Nov
2412 Nov
4518 Nov
211 Nov
46 Nov
4418 Jan
Jan
38
203 Feb
4
8 July
5 Nov
13 Dec
4
44! Jan
12% Jan
116
Jan
108 De=
214 Ap.
270 Dee
Oet
126
667 Sept
8
414 Apt
584 004
12514 Deo
Oot
117
1214 JUDE
415 Sept
3
5114 Oel
46 June
6811 June
10.;1, Dec
4
4714 Aug
40 Sent
123 Id er
4
1414 Apr
43 June
8
gal Mw
28
Oct
1683 0e3
4
New York Stock Record-Concluded-Page 4
2976
For sales during the week of stocks usually Inactive. lee fourth oaste oreeedina
HIGH AND LOW SALE PRICE
-PER SFr ARE. NOT PER CENT.
Saturday,
June 23.
Monday,
June 25.
Tuesday. iWednesday
June 26.
June 27.
Thursday.
June 28.
Friday,
June 29.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11923.
On bases of 100
-share lots
Lowest
I
Highest
Indus.& Miscell.(Con.) Par $ Per share $ DOT share
Otis Steel
712June 28 143 Mar 21
No par
4
Owens Bottle
25 3652 Jan 2 523 Apr 2
4
Pad?Is Development
11 Jan 2
214 mar 5
Pacific Gas & Electric
4May 4 85 Jan 5
100 743
8 May 21 123 Mar 14
Pacific Mall SS
4
5
3212June 32 487 Jan 4
Pacific 011
2
Packard Motor Car
10 1014 Jan 8 1512 Mar 22
Pan-Am Pet & Trans
50 62i8June 29 9312 Feb 7
Do Class B
50 571sJune 29 86 Feb 7
Panhandle Prod & Ref_No par
2 June 211
614 Apr 5
Parish At Bingham
9 May 25 1512 Mar 13
No -..”
212 Jan 2
Penn-Seaboard St'l v t c No par
6 Apr 4
People's G L & C (Chin)...100 86 Apr 27 9412 Jan 30
Philadelphia Co (Pittel)) _ 50 4114 Jan 2 5014 Mar 19
Philllp-Jones Corp
No par 59 June 29 81) Apr 4
Phillips Petroleum
8
No par 40 June 27 695 Apr 5
6121une 28 1514 Jan 14
Pierce-Arrow M Car
No par
Do pref
100 15 June 28 3552 Jan 9
27
2Ju0e 27
6 Feb 13
Pierce 011 Corporation
25
Do pref
100 30 May 23 45 Jan 4
Pigs Wigs Stor Inc"A' No Far 5514 Jan 17 124 Mar 20
2
100 58 Jan 16 677 Mar 7
60
60's 781 60 - 3,500 Pittsburgh Coal of Pa
4
62
62
- 4 62 8 61
603
,
-603 61
Do pref
100 98 Feb 7 100 Apr 8
300
9914 9914 *9812 9912 *9914 9912
99
*99
.
9912 *981 991, 99
2
Pond Creek Coal
914 Mar 1 477 Feb 15
10
No par 4818June 211 134 Feb 6
1634 -4478 497 2,100 Postum Cereal
-5- .0
- 51 11 2 :;50- -561; -415i8 5018
2
-18June 23 11414 Jan 25
8% preferred
100 1087
1037 1087
8
8 1.100
109 110 *109 113
110 111
*111 114 *111 114
100 5112Mny 22 8112 Jan 2
54
54
900 Pressed Steel Car
5512 53
55
*53
57
*54
*6012 61
59
59
4
Do pref
5 Jan 22 993 Jan 5
400
100 8
87
873 *88
8
90
90
8712 8712 8712 8712 8614 8614 "85
8June 23 5812 Mar 20
,
8
,
4 3412 37 4 3414 3512 323 35 4 54,500, Producers & Refiners Corp_ 50 323
383 3914 3712 39
8
3614 373
Public Service Corp of N J.100 91 May 22 104 Mar 21
_
7.200 Pullman Company
100 113 June 28 134 Mar 8.
512
*ii6f2 118 116 117 114 1-1- 11338 11512 113 114 113 11434 21,901) Punta Metre Sugar
8
4912 51,
50 437 Jan 18 6914 Apr 19
4 4814 .51
5612 57
533 56 s 5114 5414 5012 52
4
7
8.1une 18 32 Feb 13
8
1812 1818 58s 1818 187 18.800, Pure Oil (The)
25 167
4 18
1834 197
8 1818 183
1914 197
8
9014 90,4 *90
93
2001 8% preferred
90
100 90 June 27 100 Mar 9
90
93
*91
*9112 93
*9112 93
100 103 June 29 123 Mar 17
103 10312 1,1001 Railway Steel Spring
10412 10412 10334 104
*107 110
10512 10.512 104 105
600 Rand Mines Ltd
2
s
No Par 30Is mar 27 343 Feb 19
8
8
31
*303 313
4
4 305 305s 303 3018 3012 3012 *3012 313
31
1012 1014 105 11.400 Ray Consolidated Copper_ 10 10 June 28 1714 Mar 1
8
38
1112 12
105 113* 1014 1053 10
8
12
12
3214 2514 30
283 297
4
3 3.900 Remington Typewriter v t 42100 24 June 27 4812 Mar 6
333
4 24
32
*3312 36
*34
37
1st pr y red v t c
100 100 Mar 5 104 Feb 13
100 •_ _ _ _ 100 •-___ 100 8_ _ _ _ 100
*____ 100 *____ 100
8 0, 20 prt,:srred
85
100 ,
0 1
86
90
*85
93
100 8'4 Jan 3 9114 Apr 24
85
93 .
"86
93
*86
*86
93
1212June 21 313 Feb 16
4
133 14 4 1314 1312 7,900; Replogle Steel
,
8
No Par
,
1412 1512 1418 1412 13 4 1414
153 16
4
4
415 435
8
8 4014 4212 36,3001 Republic Iron & Steel
100 4014June 21 603 Mar 21
,
4512 4718 4412 46 4 4112 45
4714 48
86 June 211 9672 Mar 21
Do pref
*853 88
4
100
*853 88
8
8612 87
4
8712 873
89
8812 8812 .87
8
No par 15 June 28 297 %or 17
17
15
1614
5,000 Reynolds Spring
4
4 15
8
1812 1914 183 1912 173 1812 1714 173
4May 23
625 633
8
20.500 Reynolds (R.7) Tob Cl B._ 25 47 Jan 10 673
62
635
8 6112 63
6312 64
6312 64
64
64
7% preferred
1157 1157 *11534 116 *11412 1153
8
8
2
100 1147 Jan 19, 118 Feb 9
4
300
,
*1153 116 2 11612 116 2 116 116
4
,
4212 Jan 31 5512 Feb 19
8
46
463
8 8,000 Royal Dutch Co(NY Share,)
46 s 45
,
4514 453 46
4 45
463 463
4
4 4614 463
10 17 June 29 2252 Mar 9
1712 2,800 St Joseph I.eaa
1712 1712 17
4 1814 1812 1712 18
185 185 *1812 183
8
8
2
2
2 Jan i71
5 Feb 14
214 1,300 San Cecilia Sugar v t o_No par
2
2
218 218 •____
214
*2
218 21
22
100 1812 Jan 3' 30 Apr
201g 2018 20
201s 1,100 Savage Arms Corp
*21
2214 2112 2112 2012 2133 *20
723 73
4
67
100 8612.1nne 29 9233 Feb 13
8 6612 6914 19.700 Sears. Roebuck & Co
727
s 6814 70,
7414 75
7418 75
Preferred
100 10612 June 4 11312June 12
8
300
8
8
*10812 1087 *10812 1087 *10812 1087 10812 10812 10812 10812 *106 1087
8
6 June 20 1212 Mar 3
No par
7
63
8 612
63
714
63
4 63
4 3,300 Seneca Capper
8 67
8
714 7 4
,
67
8 7
13 *7
712 *63
6 June 28 107 Mar 2
s
500 Shattuck Arizona Copper__ 10
4 7
618 618
6
6 14
787
,
*612 67
8
34
2.200 Shell Tram & Trading__ £2 3312Jdne 27 41 14 Mar 7
3414 3414 3312 34
3418 3414 34
4
*343 36
*353 36
s
123 Jan 8 1914May 23
.
1512 153
No par
8 1512 153 17.700 Shell Union 011
4
4 1514 155
165 163
8
4 1614 16% 1512 1614
43une 19 3932 Mar 19
8
2318 2 8 227 24
8
223 237 65.600 Sinclair Cons 011 Corp_No par 223
4
s
,
37
2434 2514 243 25 2 2314 25
918 Jan 2 35 Mar 31
8
10
8
8
4 1718 177
4
177
8 1612 1712 167 175 14.300 Skelly 011 Co
185 183
8
4 173 183
41
4518 4518 4214 4518 42
4314 4012 41 14 3,000 Sloss-Sheffield Steel & Iron 100 4012June 29 60 A pr 26
43
*46
48
Do pre:
7614 7614 *76
74
74
"72
80
800
100 68 Jan 13 90 Mar 16
78
*7614 80
*7614 80
*41
42
4
100 40 Jan 13 643 Apr 19
42
.41)
43
900 So Porto Rico Sugar
41
4312 44
4214 40
*45
48
133
8
4June 29 27,4 Feb 16
143
4 133 14
4
8 145 147
8
8 14
No par
4,200 Spicer Mfg Co
,
1512 15 2 1512 15 2 147 15,
,
sop
•po
*90
94
Preferred
*90
91
*90
91
9014 *90
94
100 90 Jay 3 9772 Feb 2
94
80 '70
80
100 Standard Milling
80
*70
"70
100 7014 lune 28 9012 Jan 23
7014 7014 *70
80
*70
80
5
8June 27 12312 Jan 2
25 493
8
8
503 5214 497 5112 493 5014 495 5012 4912 5012 23,100 Standard Oil of Cal
4
513 52
4
3I3
4June 21 4414 Mar 3
21
8 317 323
,
8
4 317 327 29,1001 Standard 011 of N J
s
81
3412 32 8 3314 3134 325
33 4 3414 33
3
4
118 Feb 21
11614 11614
1,200' Do pref non voting._ 100 115 June 2
11618 11618 11512 110
11614 1153 116
3
*11514 11614 115 4
2
1027 10412 1027 105
8
104 10512 10412 106 I 24,000 Steel & Tube of Am pref_.100 85 Jan 2 1077 Jan 12
s
101 10252 10012 103
2
NO pa, 51 June 29 675 Mar 2
535 535g 51
8
5312 3,100 Sterling Products
533 54
4
55 8 5412 55
,
55
.55
58
101 10912 lay
115 Jan 6
loo Stern Bros pref(8%)
111 111 *110 116 *110 116 *110 116 ,'110 116
*108 116
7912, 7618 791s 28.100 Stewart-Warn Sp Corp_No pa? 76 June 28 12412 Apr 17
7912 8112 7512 8012 76
8312 8412 791s 84
6314 61
64 I 10,400 Stromberg Carburetor_No pat 60 June 27 9414 Mar 6
621g 61
8 611g 6212 60
4
645 645
8
8 613 645
4June 28 12614 Mar 21
4
.l01. 993
4
4
10014 10218 9914 10218 993 10212 993 1023 334,500 Studebaker Corp (The)..
8
105 1063 1005 105
8
Do pref
10f 112 Jan 4 116 June 27
116 116
116 116
1.700
1153 116
4
*115 11514 •115 116 *115 116
No pal
7 Jan 3 15 Apr
8311 9 4
)31s 8
53
83
4 918 8,900 Submarine Boat
814 83
4
,
9 11 9 4
3
3
97
s 98
7
312 312
23
654 Feb 15
2June 18
318 318
3
3 18 2,500 Superior Oil
No pat
3 8 31s
,
318 314
34 3 4
,
,
8
100 24 June 29 34 Mar 22
8 24
2512 1,300 Superior Steel
2512 2512 247 247
*25
26
2514 26
27 27
l's
1 June 4
10
1 18
118
1 18 1,100 Sweets Co of America
1,
s
Vs
13
s 13
s
27 Jan 12
2
13
2 13
a *112 114
8 June 21
123 Feb 21
,
8
52 9
x812 87
8 7.100 Tenn Copp & C tr ctfs_No pa
918 9,
4
4
9
9,
4
93
2 94
3
912 9 4
3
4
413 4214 39.500 Texas Company (The).... 25 413 June 28 527 Mar 20
4
4
425
8 413 42
2
8 4212 4318 42
4312 437
8 43 437
8 5712 58
10 5614June 21 85 Jan 16
5718 573
4 557 57
8
5,700 Texas Gulf Sulphur
4
59
,
8 573 587
59 4 58 4 593
,
10 10 June 15 2414 Feb 2
1018 1012 1014 1012 1018 103
8 9.200 Texas Pacific Coal dk Oil
1012 11
8
11
1114 107 11
,
9612 973
4 2.000 Tidewater Oil
102 1021 101 10118 9712 100
100 9612 lune 29 144 Mar 2
1053 1053 *102 110
4
4
3714 3412 36
353 3612 24,300 Timken Roller Bearing_No pat 3318 Jan 2 45 Mar 8
8
377
8 35
3852 36
38
3812 37
8
g
8 4914 5012 4814 4914 4714 4838 473 4814 11.900 Tobacco Pt oducta Corp _ _ _100 4714June 28 8112 API 27
5114 5112 497 513
783
8 7714 78
Do CI A (since July 15) 101
8 78
7714June 28 85 Mar 2
773 773
4
4 3.500
8
8012 80 2 7912 8012 785 793
,
512 6
512 5 g 23.400 Transcontinental Oil__.No Pal
512 5 8
7
5
5 June 21
7
5 8 63
5
1412 Jan 8
612
64
,
614 63
8
65
65
65
6512 .60
643
4 1.200 Union Bag & Paper Corp._100 64 Feb 5 771s Mar 28
,
6612 6612 6512 65 2 651s 66
Is
I
200 Union 011
*18
14
*18
14
Jan 4
No pa.
14
*18
•15
14
14 Jan 3
14
*18
87
87
8612 87
10( 81 Feb 1 9934 Mar 19
87
87
1,200 Union Tank Car
88
87
89
88
*89
94
1083 1083 "10814 1083 •10814 1081
4
4
Preferred
10( 107 May 10 112 Jan 19
4
*108 109 •108 109 *10812 109
31 12 3014 31
8 31
s
3014June 29 3912 Mar 21
No pep
1.12 United Alloy Steel
3134 313
4 3112 3112 315 315
*3214 33
787
8 77
101. 75 June 29 853 Feb 26
7712 75
761
900 United Drug
8 78
*787 797
2
4
787
*7812 80 . s 80
*4618 48
*4612 48
*463 48
2
let preferred
51. 4614 Feb 14 48 Mar 1
*48
*4612 48
48
*4612 48
16418 16412 162 164
16212 165
100 15212 Jan 17 183 Mar 2
1,600 United Fruit
165 167
158 158
"168 171
74
7012 717
8 71
72
.
3,400 United Retail Stores__.No pat 643 Feb 1
8412 Apr 17
77
7512 7712 7452 7712 72
77
2112 2012 215
8 2,800 US Cast Iron Pipe & Fdy_100 2012June 27 34% Mar 2
2212 23 2 2012 2212 21
,
24
24
*25
26
653 653
8
Do pre?
8 6512 6512
64 June 21 723 Jan 3
101
400
4
6514 6514 *6538 69
69
*66
69
*66
21s 212
218June 28
4
218 2 2 2,900 U S Food Products Corp_ _100
214 23
612 Mar 19
,
4
212 23
23
4 27
2
*23
4 3
4 1514 16,4
1518June 29 25 Jan 27
1518 1512 1,900 USHoffmanMachCorp NO Par
4
*1612 1712 163 163
*17
17
1712 17
4314 455s 40
47
451s 22.600 U S Industrial Alcohol10C 40 June 29 7314 Mar 18
8
4 44
2
51
517
2 485 50 8 465 493
5
*97
9812 39514 95,
*97 100
Do pre(
100
100 9514June 29 101 Mar 28
4
*97 100 .97 100
•
97 100
913
4 9012 913
4
4 4,500 US Realty ct Improvement 100 8812 Jan 24 106 Mar 6
94
95 2 913 9314 91
,
96
9712 9712 95
100 3918June 28 647 Mar 22
40 2 33,200 United States Rubber
2
,
4812 4612 45
4614 4212 4412 3812 4214 39% 4052 40
95
9514 9414 95
4
Do 1st pref
2,800
100 9414June 29 105 Jan 13
975
*973 9814 *971 98 4 97
a 953 97
8
4
,
23
21
23 8 20
,
22
22
2,900 US Smelting, Ref.1 M.... 50 20 June 28 4332 Mar 2
24
2312 24 8 24
2418 22
,
*4012 4312 4012 4012 *4018 42
Do pref
200
*43
50 4012June 28 4812 Jan 3
43
4418 *43
4418 43
3
8 9018 9214 199,500 United States Steel Corp_ _100 9018June 29 10952 Mar 21
8 90 8 925
9014 913
9312 9378 914 9312 00% 92
Do pref
11812 11812 1173 11814 11718 11714 11712 11712 11712 11752 118 118
100 1103
2.500
4June 20 123% Jan 16
4
5912 57
3
4
10 57 June 29 7612 Mar 5
597
813 6212 62
4
8 6.600 Utah Copper
62
60 4 6112 583 60 3 58
,
145 1512 1512 153
8
1418 16
*17
*1712 18
100 1412June 27 243 Feb 16
177
4
4 7.000 Utah Securities v to
2 1612 17
No pat 26 June 29 4452 Mar 20
2612 16,900 Vanadium Corp
263 2818 2612 2712 26
s
3114 31% 29
303
4 2812 29
*89
94
9414 *87
94
9414 *90
Van Raalte 1st prof
100 8912May 31
9414 *90
9414 *89
*90
98 Jan 28
614
8
77
718 78 7,200 Virginia-Carolina Chem.
614 67
8
73
4 83
8
614June 27 27 Feb 20
-100
63
4 78
818 818
7
7
8
1712 177 2212 2014 21,
227 23
8
Do pre
2012 2112 17
100 17 June 27 69 Mar 15
•
241s 26
8 3,200
53
53
53
54
*55
68
100 53 June 28 88 Mar 5
54
54
55
900 Virginia Iron. C & C
53
60
*55
*7712 -- 80 80
100 7712June 28 85 Apr 23
*7712 - -- 7712 7712 '761z - Preferred
200
1612 163
173 173
No pal
4 1614 1614 16
4
165
8 2,800 Vivaudou (V)
4 1614 17
1534 Jan 17 23 Mar 22
*1.712 22
14
1312 137
137 14
8
14
No pat
2 133 133
4
4 133 133
1214 Jae 27
4
4 2,200 Weber & Hellbroner
*1334 14
153
11Mar 8
*3512 37
"3512 37
38
38
100 38 June 20 105 Mar 2
100 Wells Fargo Express
3512 40 '3512 40
3912 .
*37
104 104
105 105
1,500 Western Union Telegraph-100 104 May 21 119% Feb 20
10712 10714 x10514 10514 104 10414 104 105
78
82
*76
801s 801s 78
81
200 Weetinghow e Air Brake... 50 78 June 28 120 Feb 17
,
•8112 8212 *8112 8212 82
8
4 5312 547 35312 54
557
8 5414 551g 537 543
14,350 Westinghouse Elea & Mfg_ 50 527
8
2May 22 6712 Feb 16
553 5614 55
4
8
8 2514 253
4 25
No par
2514 4,400 White Eagle Oil
8 255 2612 2512 257
247 Jan 16 303 Mar 20
2
2
27
2714 2512 265
45
46
4512 47
4514 483
46
8
4714 9,600 White Motor
ao 45 June 28 6072 Mar 19
4912 4912 4814 4914
2
2
2
13
4 2
2
4,400 White Oil Corporation_NO par
*17
8 2
17
8 21s
13 une 21
4J
57 Feb 19
2
18 2
7
7
712 712
712 8
778 8
5
1,800 Wickwire Spencer Steel
7 June 28 14 Feb 13
74
,
74
,
7 8 78
7
7
,
53
4 6
53
4 68
53
4 6
25
57
8 618 18.300 Willys-Overiand (The)
5 June 21
53
4 6
814 Jan 5
57
s 6
8 607 6214 01
8
627
6412 62
4 61
Do Preferred (new)__..100 4211 Jan 2 697 Apr 6
6214 13,700
2
64
643
8 6114 623
19
2212 19
1914 197 2053 3,200 Wilson dr Co,Inc, v t e-No Pat 19 June 27 423 Mar 7
24
8
2418 2412 23
24
4
24
*64
69
*64
70
1164
__ _
*64
_100 68 June 20 89 Feb 8
Preferred
71
*64
*65
71
4
229 234
23014 23412 4,300 Woolworth Co(F W)
100 19918 Jan 24 23912May 11
232 23714 230 23114 2283 230
235 236
8 2412 26
2418 2712 2412 255
1.700 Worthington P & M v 1 41_100 2412Jtme 27 4012 Feb 15
283 29
4
*25
30
*2712 30
9i2
9
912 912
83
4 9
912 934
1,300 Wright A eronautioal_ _ _ AM Pa'
814 Jan 171 II May 17
3
*95
s 9g
7
94 9 4
3
•Bld and sated MUM no sales on thla day. a Ex-dividend.
$ per share
vg12 52
4
42
42
*12
2
2
*773 7812
4
*8
10
337 3414
8
133 133
4
4
683 70
4
63 4 6518
3
13 3l8
*2
1018 1018
3 8 33
5
4
*91
9312
4512 457
8
*60
63
44
445
8
8 8 85
5
8
•1952 2014
3
3
*3012 37
$ per share $ per share $ per share $ per share
7I
7k,,
8
85
8
712 814
83
4 83
4
s
4012 413
4 403 413
4
4118 42
42
42
2
2
12
2
3
4
•12
5
8
12
4
753 76
753 77
4
78
7812 7512 77
8
8
*8
10
8
8
*8
10
8
337 35 4 3312 347
g
,
3412 36
3418 35
4
8 1234 13
13 4 123 13,
,
133 135
8
8 13
4
643 663
8
4 6514 67
4 643 66,
6614 69
613
4
4 60
59 . 623
8 5918 61,
615 65
8
212 212 ' 212 212 *212 312
*212 312
3
93
4 94
101s 1018 101s 1018
*1018 11
318 33
,3
318 338
312 3 8
5
3 4 312
,
4 8814 89
89
89,
8914 90
91
91
433
4
4314 4414 43
45
463
8 4318 45
6312
*57
63
*60
65
*60
*60
6.5
4
413
8 40% 413
4113 423
4
4212 44
612 7 8
3
4 714
8
63
67
8 75
7 it 814
7
16
1712 15
16
17
18
1912 17
27
g
3
314
27
8 3
3
34
,
32 I 3012 3012 3012 3012
*30
*3012 38
1634
$ per share
714 77
8
4012 41
12
12
375
7612
8
8
3312 3514
123 13
4
r625 643
8
4
r571s 5918
212
2
*10
1018
318 314
89
89
43
433
4
59 . 60
8
403 413
8
7
7
16
16
27
8 27
8
31
31
Shares
5,900
5.100
4,400
2.400
1,000
27.700
11,400
4,900
88.300
1.600
900
12.600
2,700
6,200
600
44.200
5,200
2,500
5,000
300
PER SHARE
Ranee for Profess
Year 1922.
Lowest
MOW
$ per share $ per Om
6 Nov
1612 Apt
/
1
4
247 Jan 42 Sept
2
12 Dec 1412 AV
80
Jan 9112 Sept
11
Jan 19 June
4212 Nov 693 May
2
10 Dec 21 Nov
48
Jan 1007 Dee
4
4012 Feb 953 Dee
4
3 Dec 1212 IAA
712 Nov 17 Apr
2% Dec 135e May
593 Jan 99 Beni
4
3111 Jan 45 Sept
/
1
4
7314 Oct 10512 Jan
2814 Jan59'4 June
8 July 24% Apr
187 July 49 Apr
2
3 Dee 12
/
1
4
Jan
Jan
32 Sept 71
39 Nov 5914 Dee
/
1
4
55 Nov 72 Sept
/
1
9012 Feb 1004 Sept
1414 Feb 41 Dec
8552 Apr 120
Oct
10512 Apr 11214 Oct
63 Jan 9514 Sept
91
Feb 106 soot
24% Jan 51 Sept
86
Jan 100 Nov
105% Jan 1394 Sept
/
1
31
Jan 53 June
/
1
4
2614 Nov 383 Jan
8
/
1
4
94 July 102 Apr
Jan 1284 Sept
94
19% Jan 381s Sept
19 may
1212 Nov
Jan 42 Mar
24
Jan 105 Dee
55
3
50% Feb 80 4 Dee
21 Nov 3812 may
4312 Nov 781A Mer
71 Feb
121 Nov
/
4
43 Mar
11112 Apr
473 Jan
4
12
/ Jan
1
4
1% Jan
10 Aug
59 Feb
/
1
4
Jan
01
• Oct
6 Nov
/
1
4
344 Dec
/
1
12% Des
183 Jan
4
85 Nov
8
344. Mar
68 Mar
33 Nov
15 Nov
Apr
84
/
1
4
84 Dec
913 Jan
4
385, Dec
11332 Jai
68 Mat
451s May
Jaz,
81
2414 Jar
3514 Jar
7912 Jai
100 Fet
312 Jan
• Nos
Jan
26
1112 No%
/
1
4
8 Nov
42 Mar
3812 Jai
1812 No.
1093 MAY
4
2812 Sept
491 Nov
/
4
764 Aug
/
1
712 Mat
55 Mat
Dec
Det
102 Fet
Jaz
28
607 Mal
2
41 8 Feb
,
1193 Jet
4
4312 Fet.
161 Jar
/
4
Jar
60
21 Fel
4
1814 Nov
37
Jan
7214 Dec
56
Jet
46 Nos
91 Bern
33 Feb
4214 Feb
82 Jar
1138 Feb
2
59 Nov
7
9 4 Jan
3014 Jan
92 Jan
234 Nov
58 July
43 Mar
66 Mar
614 Jan
103 Oct
4
6614 Jan
89 Feb
80 Mar
4914 Jan
25 May
35% Jan
212 Dec
812 Nov
4% Feb
24 Feb
2714 Jan
66
Jan
137
Jan
257 Nov
4
Jan
6
951 MAY
4
50 4 June
3
633 Nov
4
118:4 Oat
67 June
204 Sept
/
1
514 Mar
247 Apr
4
947 Aug
4
112 Aug
2314 Jan
12 June
481s MAY
134 Dec
384 June
/
1
111 Oct
/
4
541s May
80 Aug
5714 Mar
24 June
96 Sept
141 Bent
135
Oct
25014 Oat
1164 Noy
/
1
90 May
631 Dee
4
109 Dec
79 Dec
71 Dee
14154 Dec
1181 Nov
4
87 Nov
s
104 June
/
1
39 Apr
/
1
4
5 Mar
12 may
/
1
4
5214 Oct
671 151'..v
4
3234 June
Oct
154
Oct
35
844 June
8914 Sept
2012 May
78 Sett
25 June
134 4 Des
3
113 Sept
411 May
4
85
OM
511 Oat
/
4
182
Oct
8714 Oct
39 Aug
78 Aug
1012 Jan
257 may
4
727, owl
102
Oct
927 Oct
8
6714 Apr
107 July
48
/ Oct
1
4
49 Aug
11114 Oct
123 Sept
7111 Sept
2314 Sept
58ao Aug
100 Oct
36 Mar
/
1
4
Oct
83
9414 Jan
Oct
86
16 Dee
17 Apr
98 4 Oct
5
1214 Aug
114 Dec
6514 Aug
/
1
4
33 Nov
54 Sept
12 MAY
217 MAY
g
10 May
4914 July
50 Sept
/
1
4
91 Sept
223 Noy
Aug June
11 Any
New York Stock Exchange—Bond Record, Frid3y, Weekly and Yearly
Jae 1'" 'ft; gichanOe methol of fluorin° 6nneli 11,0 ChM,• 4
BONDS.
Elf. Y.STOCK EXCHANGE
Week ending June 29
Price
Friday
Joe 29
'
1
.,
_
W eek's
Range or I t -..„-1
1 1 3331
Last Sale '
pq s see no.. -nts4 in
Range
Since
Jan 1
—
Ask.Low
BO
U. S. Government.
11
First Liberty Loan
High. 828 100
• I) 1001148 Sale ICOun 1004 N6.114w :II':
34% of 1932-1947_
_
44'1 ..7 974n 98 90
8
3D 9714, Sale 1 972444 97.
Cony 4% of 1932-1947
11•5 4514,99.10
p
' 9841 Sale 97 31 9R1334 ‘
"
4
Cony 4 1 % of 1932-1947
313 9721n 9816n 9814.June23 ---- 97.00 99 00
26 cony 414% of 1932-1947
I
10I
Second Liberty Loan
11
MN 71033 Sale 972134 98 44nn„. 958333 98 70
4% of 1927-1942
... 961444 98.88
.
984 44 Sale 97"44 984434 0
M
Cony 44% of 1927-1942
I 4,.41
Third 1.1berty Loan
8199.18
144
98629 98. 3-44 !970
M S 981444 Sale
414% of 1928
Il
I 7',.., ,
Fourth Liberty Loan-'
A 0 98414 Sale 972634 98'484 3 I 97541 99 01
of 1933-1938_ _
414%
992544 912 9802ss 1110 04
AO 98141 Sale 99.444
Treasury 414e 1047-1952
. 10212 May'23 ----I 111212 10212
•J
41930
26 consol registered
. 102 June'23 ----1102 102
•J
_41930
24 eoneol coupon
,
.102 June'23 ----1 10312 103 8
1925 O F
46 registered
10313 Slay 23 ---- 4034 10312
1925 Q F
moon
'
48 ,
100 July'21
Panama Canal 10-30-Yr as.-k1936 O F - -- - - -- •
9412 Apr'23 ---; 9412 95
9312
1961 Q
Panama Canal Se gold
51 9314 963
4
9314
1961 Q Si 9314 Sale 11314
Registered.
scorn, via
"—.4cer9
BONDS
N.Y.STOCK EXCHANGE
Week ending June 29
I31)
I
Price
Frldag
Jun, 29
,
2977
nnited
weer.
Range or
Last Sale
r
-5
3t ,
Range
Since
Jan. 1
High No. Low High
Ask Low
Bib
•
I
I
6812
68 June 23 __-_ 65
6712 68
Atl & Birm 30-yr let g 44.e__1933 M E
4
4 803 8612
8
847
83
83 85
1955 M N
At Knotty & Cln Div 48
D
19463
At I Knox & Nor 1.1 g 56
8
9
8842 99913'4
:
e 8
'
%
99 NunY 23
9018
Atl & Churl A List A 4444_1944 J J 8728 -SF 80 4 Jla 983
6 96 100
4
4
9814 983 9814
19443 J
-year 54 Sec B
lot 30
8
207 825 89
86
Sale 8413
itl Coast Line 1st gold 4s_k1952 M E 85
8 108 108
10718
19311 M 14 10718 Sale 197
-year secured 7s
10
8
895
87 June'23 ____ 82
8312 65
General unified 44e
12 7613 83
8114
Sale 81
a1952 M 5 8114
L & N coil gold 4s
8
7314 7512 77 June'23 --- 737 78
19483 J
Atl di Dam let g 4s
,
8
6118 687
8
681 May'23
1948 3 .1 6.55 68
26 48
7718
4
793 7718 Feb'23'----1 77
1949'A 0 75
Atl & Yad let g guar (La
9418 June'23 _„_' 934 954
8
1941,3 J 927
A & N W lat gu g 5s
954 159 93% 9714
8
1925'J 3 955 Sale 9513
t.alt & Ohio prior 34s
1 9312 9414
9414
9414
95
k192544 .1 94
Registered
8
4
793 127 745 80
77 Sale 77
lat 50
-year gold 46
k1948115 C
8
7414 7478 747 May'23 ___. 7418 7872
Registered
k1948 Q J
797
77
2
10
1933 Si 0 18 Sale 77
-year cony 44s
8
8214 169 793 85
Refund h gen Is Series A._1995 J 0 8113 Sale 8114
4
8
1003 104 99 1017
10-year Sc
1929 3 .1 10o18 Sale 10014 June'23
91
4
943
4
943
P June & M Div let a 348_1925 Si N 9412 05
_ I
Foreign Government.
794
8
,
73 8 17 73
8
733 745 7318
P L E & W Va Sys ref 4a_ _ _1941 M N
0
2 111014 1034
102
4
A 1013 Sale 10114
Argentine (Govt) Te__ .. . 1427 F
9418 114 9112 0412
3
4
Southw Div let gold 34a.._1925 J .1 933 Sale 93 4
,,
81„. ‘,0 7712 82
M a 80 Sale 7912
8
Argentine Tresvnsv 4. of 1900
5 6112 673
4412'
64
Col &Cita Div 1st ref 44 A 1959 J J 6314 64
4
9018 933
'
92 404
01
1943 J 13 91 14 Sale 9 2
Austrian (Govt) 75 iv 1
574 Apr'23 ---- 5718 60
4
Battle Cr & Star let gu 3.
1998.9 0 543 59
19014 Sale 1001s
: 67 9114 10314
1021
103i
Belgium 21)-yr ma 8 i 'I,,b 14_ tb.+1) J 1
, 864 9912
9114 8912 Apr'23
89
993, Beech Creek let gu g 4s
107,' 93
1936 J 3
9512 Sale 9512
9678
84
5
86
-year 6% notes
Jan 1925 J
I • 1034
Feb'23
Registered
1936 3 J 844 __-- 88
93
1941 F A 10014 Sale 1(10
year a t 86_, _.
3
26 guar gold 5s
1100,9817,820 ._'10712 10912
1936 3 J 95 4 ____ 134 Ma4'16
1945 M N 109 Sale 109
Bergen (Norway) a I Se
.._
60 July'22
6714
)
8
38 1083 1131t Beech Cr Et let g 3148_ _91951 A 0
4
1045 41 N 10914 1093 109 4
Berne (City of) a f Ss
_ 10018 Oct'22
4
9
87
dellev At Car let 65
1923 J 13
881
87
.,1
1947 l'A; 8612 Salt 86
;
Bolivia 'Republic of) 88
1 8012 843
4
843
4
4
843 843
1 44 J D SO
4 ..?,e 6914 8312 Big Sandy 1st 44
,
80
, 7814 Sale 77 4
Bordeaux (City of) 15-yr Cs 1934 Mr
49
13 & N Y Alt Line 1904e
1955 F A 6712 849
4
”
t
9;14 Sale 06
4
963 '"„„ 913 99
1941
Brazil, If S external 84
9 872
8
6
99 9 112 69
89 Feh'23
Sale 821 2
,
86 4 Bruns & W Rd gU gold 44__1938 J
',1
‘ ,-! 80
83
1952 3 13 8214
7s
01,
187 4 June'23 ---- 100 1014
9
01
Buffalo R dr P gen gold 58
01::
1937 M N 1 714
4
''' 963 104
1952 A 0 19912 Sale 111012 100
9214
74s
4 87
88
Conao14.44
1957 MN
013 65 • 994 1014
10
Canada (Dominion of) R 5(4_1928 A 0 10408 Sale 10018
9218 98 914 May'23 —Hs 964 9912
Burl C R & Nor let 58
1934 A 0
68_ 1931 A 0 10018 Sale 1(1(118
do
do
do
99 102
I
1013 Sale 1014
1013 ..Y 100 10212
s
4
19291
10
8 94 10012
-year 5449
9758
4
8
Canada Sou cons gu A 54_ __ _1982 A 0 975 Sale I 963
3a4 9772 102
99
99 Sale I 983
4
1952 M N
54
8 113
4
10212 73 1003 10412 Canadian North deb a I 7s___1940 1 D ll23 sale 1125
4
134
Chile (Republic) ext a 1 8a__ _19411F A 10112 s'ale '10(
18
17378
8
8
-year a f deb 6 44s
25
19403 J 1123 Sale I1122
10178 :101 10312
1
A 0 101 Sale 190
1926
External 5-year e I Sc
3187 11P 23
145 ,1172 2 1804
:
1 11 9 2 96 4 Canadian Pac Ry deb 4s stock _ _'.1 3
109 103% m53
0
9412 Sale 1 0312
1942 M N
78
-.... 1 ,-- -91 ie 72
7
Carb & Shaw let gold 44
lia12
1932 M 13 8 t 9812 Sept 22
191 102 10012
25-year s f 84
71
8 68
4
683
,
4
723 68 2
4 Caro Cent 1st con g 411
523
44
1949 .1 J 68
8
" 44
4312 46
4714
Chinese Hukuang Ily) Is of 1949. D
911 l'.1 M
4
9324 10 8814 94
2
9012
4
i
6
9:
8
1095a 4,01072 11212 Car Clinch & Ohio 1st 3-yr 56 1938 .1 D1 921 Sale ,
1941 A 0 109, Sale 109
Christiania (City) e f 88
144 89
984
97
Ca
,71 5812 95
1952J D
93
A
_
Colombia Republic) 6)4s.__11127 .9 0 9012 Sale 9012
Dec'22
4
90 Sale 893
1981 J D 793 83 8112 May'23 ----11, 667. 6678 ..D,I 8812 92 2 Cart & Ad let gu e 41
913
,
4
Copenhagen 25-pears I 54s 1944
s
8
s
7212 667
Cent Br U P 1st g 48
4
6 1 .1 i
19 8 3 D 67
7,
. 9014 98
98
4
1944 lit S 973 Sale 9714
Cuba Is
4
54 Sale 8
'eat New Eng let au 48
8 2 8712 9314
915
,9,1
8
4
9114 913 003
Exter debt of Ls 1914 Set A_1949 F A
'
5 221
9018 _ _I 933 Dec4 — 11' 54 - 58 4
Central Oblo 44a 1930
1930 M 5
83
8214 8414 82
.t` I 8118 89 I
. 1940 P A
External loan 43-49
Ho 25 100 102
1110 Sale 1(x)
4
993 ' Central of Gt. 191 gold 59-27119% 14
5
1
'
9914 1411 1 99
54a
1953 3 3 9914 Sale 9914
9514. 23 9238 994
,
661
77
95 Sale 1 95
Congo; gold 5e
91
8
Czecho loyal( (Repub of) 84..1951 A 0 933 -at(
5
190 8 50 994 101
10012 Sale 100
10-year temp secur 6s_June 1929 3 D
2
1n 10612 10912
119414
Danish Con Municipal So "A"1946 F A 197 Sale 10612
3
4
Chatt Div cur money g 44_1951 J D 733 79 4 744 May'23 ---11 7412 811_
4
1946 F A 107 Sale 1064 10714 ',.1'., 1063 10912
Series B
__
12 _ i:
8
096,2 Se 4'2 : 99 _
9473 5ify99732.. . ..-74 _ _9947 2
Mac It Nor I3,o 18t g 5a___ lc
%..1 . 9996,773:
4
8
4 3
10934 '" ION 1105
Denmark external a f 84
1945 A 0 10914 Sale 109
95
Mid Ga It A 1 ply 58
3 964 Sale 9614
-year (34
1942
20
9818
1, 931 100
94 9
.5
Mobile Division 54
9
19403 J
97
97
98
Dominican Rep Cons Aim a f 56'58 F A 97
4
8
8 8722 Satle 8719
Cent itit It 1.1 of 41a coil g 56_1937 MN 8814 9312 925 June'23 ---- 924 973
8814 21' 84 90
5413
3 10312 108
105 I
2991 9214 0814 Central of N J gen gold 58„il;: t .4 104 106 105
li 1 7 1 3
96
s9
4
8
Dutch East Indles ext fia
9 22
1947 J J 953 Sale 94
1 103 105
10312'
10312 Sale 10312
Registered
s 9.54 Sale 93
7
53;
988,4 ,2 ' 89214 97
9331 2 11 940 1901,2
40.'Par fis
1962 M
85 I 79 794 8734
4
1
1949 F A 8418 Sale I 8:33
92
874 9414 Cent Pan let ref gu g 4e
4
19.53 M 5 9114 Sale 903
5'-4s trust rcte
9112
90
0
9
4 0
7018 9
Mort guar gold 34s
k1929 3 D 98, 8 158 91 14 June'23'____
French Republic 25-yr ext 10_1947 M S 9712 Sale 964
s
7 793 84
80t2.
Through St 1, lot go Is,
1954 A 0
20-year external loan 744_11141 J D 9312 3111. 934
4
1412
11418 16 2
Charleston & Savannah 7e..1936 J 3 114 _ 11412 June'23.... 19 48 194;
Great Brit & Ireland (UTE of)
4 I heck Ohio fund & !rapt 56_1929 J J 94
4
1033 139 10218 1043
4
4
-year gold bond 548___ _1937 F A 1023 Sale 1023
20
9918 19478 4
994 10 973 1031
4
14
4
'
(2 00
211
let comfy! gold 5s
1939 M N
8
11358 , _ 1123 116
11234 Sale 1123
8
-year cony 514s
10
1929 F
19
7
9812 May'23 ---- 9714 98
40a 65
8
8212
RegEtered
1939 M N
76 Sale 75
N
1942
Greater Prague 749
834' 23 8073 864
4
823
9312 62 9218 98
General gold 4448
112
. 13 7
9212
Haiti (Republic) Sc
._ 1952 A 0 9312
:
0
sol4 89 2
85 4
,012 Apr'23 -iio 85
Registered
S
9613 Sale 9618
Italy (Kingdom of) Ser A 43481925 F A
4
-year convertible 4 3.411._ _a7 A 818 85
20
44
'2 971
96 2 32
927'8 11 92
,
4
Japanese Govt--C loan 4148_1925 F A I 923 Sale 92 8
8 96,4 96
981S
81
9934I 264 80
81
9638
8 11
12
-year cony secured 54.....19461A 0 973 t4Ae
30
5
93 8
,
3,, 92
924 ,,
8
925 92'8
Second series 414e
1925 ,1 3092
Craig Valley 1st g 54
8
827
1940sJ .1
7
8 13
881 .
013 ;: RO
0
74
1931 ,44 3 80's Sale 8813
Sterling loan 4a__
7814 7814
921 188 915 934 ,
Potts Creek Branch lot 4e.19461J J 74ts 79% 7814 May'23'
8
Si 911 Sale 0128
Oriental DevelopmentSc. 1953
641 31
8
2 763 8012
77
R It A Div 1st con g 4s
1989 J J Pt 8014 77
6914 834
Lyons (City of) lb-yeat 644..1934 at NI 78 Sale 77
75 May'23 _-__ 1 17414 76
78
26 cormol gold 45
.1 J
1989
7912
Marse'lles (City of) 15-yr 88..1934 MN 78
-11 - - - 3
9934 924 80 4 Dec'21
42
Warm Springs V lst g 54
1941 M E
42
37 June'23 Mexican Irrigation 444s
1943 MN 37
12 50% 5312
53
4
4
'i i iiiI Fiii1z1 581'z Chic & Alton RR ref e 3s
1949 A 0 523 5312 523
t
Mexico—Extern loan .f.' be of 1899 Q J 544 Sale 52 2
5 4814 52
52
31,
04 3
1309567311444 1z_30 9112 100153
51 ____ 52
.3. ,77
4 ,8i4
New York Tr Co ctfs
:
(bid debt 44 01 1504
1954 J D 3318 Sale
51
2 51
51
4638 ____ 51
Stamped Oct '22 int
13 , 85
88
914
• D 8612 Sale 9612
Montevideo 7s
464 4638
8
4
514 405 Apr'23
Stamped Apr '23 int
Nethzrlands 613 Vial prica)....1972 M s 1094 Sale 10012
1952
10074
1 7 2 3312
5
3
0
3
8 12 206 2918 83
28°4
7832
28i4
29 4
Railway 1st lien 34s
4
1950J 3 7838 Salt
4 .43. 109 1123
1103
Norway external 8 f 86_ _ _..__1940 A 0 11038 Sale 110
Chic Burl & Q--111 Div 3340_1949 J J
97 100
98
68 _.
1952 A 0 9712 Sale 9714
.
8512 9034
8
8512 97 877 June'23
Illino18 Division 48
1949 J J
97 Sale 97
Panama (Rep) 54s Tr rects_1953
11 9512 97
9612
9612
964 97
1 93
9912
Nebraska Extension Lg.__ _ 1927 M N
96
9612 9713 96
Porto Alegi.,(A:ay of) es__ _ Wel
8
4
5
__ 957 Apr'23 _-__1 • 953 957
9618
Registered
22 106 10912
1927 M N
Queensland (State) ext 61 78_1941 A 0 19614 Sale 106
8912
8614 18 83
51 100 1024
General 45
1
.90i 101
,
8
1958 M S 85 Sale 85
• A 1097 Sale 10251
25-year tia
1947
587
96 8 59 964 1014
4
1st h ref 59
964 43 93
9914
1971 F 4 973 Sale 9714
1946 A 0 9512 Sale
Rio Grande Do Sul 88
1 47
66
Sale
Chle City It Conn Rye ISs
94 4
97
90
1927 A 0
8
Rio do Janelro 25-year 6 f 88 1946 A 0 935 Sale
12 56
2 10118 June'23 --__ 104 1064
9314 40 9014 9712 Chicago & East Illinois let 64_1034 A 0 1506438
tis
/947 A 0 9212 Sale 9012
4
84 773 814
78
80
20 95 4 993
Sale 97
98
4 i. It E Ill RR (new Cs) gen 51E1951 MN
3
1952 M 8 97
San Paulo (City) e f 84
914 10 8734 9712
7 1 2 91
99'18 Sa1242 9114
ChM & Erie 151 gold 514.
9914 32 9512 100
973a Sale 974
1982 M N
Ban Paulo (State) cot a f 11(4._1936 J J
122 474 56
49
.
99 76
Chicago Great West 1st 48_ 1959 al 5 4812 Sale 471
87
90
Seine (France) ext 74
1042 3 3 8512 Sale 85
4 4214 46
4413.
444 Sale 4418
With Sept'24 coupons on
7214 349 5312 7812
Serbs, Croate & Sloveneaga 1962 M N 70 Sale 68
8
2 1047 1074
4
10612 1073
4
Chic Ind It Loulav—Ret 68..1947 J .1 106 1073
8212 85 8612 85
8014 8012 80
goissona (City) 64
1936 M N
9711
9913 June'23 ____ 1 94
4
943 97
34 10312 106
Sale 105
Refunding gold Is
10512
1947
-year 65
Sweden 20
1939 .1 D 10514
80 May'23
_II 7912 8852
85
1944 3 3 81
Refunding 45 Settee c
11512 44 114 11914
8
Swiss Contereen 20-yr 8 I 8e 1940 3 3 11512,Sale 1145
8112 13 8014 84
3
4
803 Sale 80 4
12 713 774
General 54 A
8
Tokyo City be loan 011912_ _ _ _ M S 7514 Sale 7514
9538 11 9413 98
4
953 95
14 9914 107
95
General 6. 13
110:246:44
.
Uruguay Republic ext &I.__ _19411 F A 103 Sale 103
78
1 78
Jan'23
78
13 110 1137
Ind It Loutaville let gu 48__ 1E .1 1.:11
8
J
84 .1 704 74
2
Zurich (City of) 6 I 8s
1945 A 0 111 Sale 111
844
8
4
Chic Ind It Sou 50-year 44_1956 J J 813 8312 827 June'23 --__ 81
I$5£
4
563 90
8812 June'23
91
86
Chic 1,8 It East let 44E4_1969 J D
Nutt* and City Securities
6818
416 61
623
CM It Puget SA let gu 4s__ _ _1949 J J 6014 61l 61
N 1 City-414a Corp Stock_ _1060 MS 100 10014 100 June'23 ---- 9934 101
6 7014 744
74
8
4
723 733 734
8
8 Ch M It St P grog 48 Ser A _e1989 J J
1964 MS 10018 1005 10012 June 23 ---- 10018 1027
4 %a Corporate stock
8 10 62
633
6514
62 6312 634
8
4
4
General gold 348 Set B e1989
1966 AU 10018 1093 1013 Mar'23 ---- 1013 10212
4 Ms Corporate stock
5 7812 8372
8134
8
8018 815 8114
8
Jan'231---- 10714 108
General 454e Series C
1971 in 105 1057 108
e1989
4448 Corporate stock
6234
57
594 102 56
8
Gen It ref Sertes A 4.44
a2014 A 0 574 Sale 6412
444s Corporate stock. _July 1987 3 .1 1047 10.538 10518 June'23 ---- 105 10712
77 64
67
70
8
ConverGen
con v4 4 2B 5s_
7
S
a2014 F A 6412 Sale 64
1965 3D 10478 1(153 105 June'23 ---- 105 10718 I
448 Corporate stock
204 1 63
66
68
€3 Sale
10434 19514 10478 June'23 ---- 10478 1073
8
reftib le
1963 M
454e Corporate stock
84
8114 158 78
794 Sale 7612
9612 97 1 903a
9612'
8
963 10014
le
1059 MN
4% Corporate stock
6112 22 54
634
9612
1 M. 997
964
8
25-year debenture 45
,4
1958 N1 N 9612 97
94 3 I
199 .1 I 4112 Sale 574
4% Corporate (dock
96
974 9612 June'23 __-- 96
9718
6
963
8
963
1 9638 10014
Chic & alo Rh; Div 58_ _ __192
MN 9612 97
4% Corporate stock
9514 ____ 9512 June'23
8
943 96
96
8
4
63 •J03
8
903
2 964 9912 Chick N'west Ext 14_1886-1946 F A
1956
4% Corporate stock reg_1957 MN
4
933 9513
9518 - - -- 954 June'23
8 1045 June'23 ---- 10412 105
8
Registered __. ____1886-1926 F A
1957• N 10412 1047
4128 Corporate stock
73
73121 14 7014 77
7312 7314
8
MN
General gold 34.
4 54% Corporate stock_ _ 1957 MN 10412 10178 1047 June'23 ---- 10412 10712
__ _ __ _
_1954 MN 8718 - _.._ 8712 June'23,---- 8714 01
Registered
314% Corporate stock
F 6914 ---- 734 nee'22
N
01998877
844 June'23
804 87
4
823 84
10214 June'23
10112 10312
3
General 44
1987 1,1 N
1981 MS ____
-48
New York State
3
7102 8514 85 June'23 ____ 80 4 874
4
8
19212 June'23
1023 1433
1987 al N
Stamped 4s..
1961 J J
Canal Improvement 49_
4 101 1054
4
1004 104 101
1013
Apr'22
10913
General 54 stamped
Highway Improv't 41.48...1964 53 S
10112 10614
10112 10412 10112 June'23
10418 Apr'22
Sinking fund Se
,
Menyval tmprov't Cie.__ ROM M
8
1017 A pr'221---- -7114 Oct'20
N
:
1991 3'
Registered _._ ____1879 9089 AI' O 10014
19 9-19297
Virginia 2-39
013
97 10
4
993 98 June'23
Sinking fund be_ . __ _1879 1929 A 0
.
9712 9712
1879-1929 A 0 9614 ____ 9712 Mar'231__
Railroad.
Registered
10014' 109812 101
100 100 4 10054
3
9212 953 93 4 June'23 ---- 9212 96
4
3
Sinking fund deb 58
1933 M N
Ala Ot Sou 1st cons A 58_1943 J D
9918 May'23'---- I 9918 9914
97 100
4
993 May'23 ---- 99L3 10138
1928 M N 100 102
Registered
Ala Mid let guar gold 5a
4
8 105 4 110
109141
4
4
8112
8
1946 A 0 7812 793 797 June'23 -___ 78
10-year
3a g
744 ic
3
) N 1073 108 108
6
11(
3
y
Alb & 8119a cony 344
3 106 111
1074
1074
82
84
10718 10814
83
82
1998 A 0 82
secured
Alleg & West 1st g 4e gu
82
1 82
78 Sale
90
1042 M 8 8534 8914 82
Chic R I It P—Railway gen 4s 1988 J J
Alice( Val gen guar g 45
4912 May'23 ____II 7812 80 4
2
8 60 654
634
*1995 Q J 60 Sale 40
Registered
J J
Ann Arbor let g 48
58
7 5 73
4
773 205 7854 88
::
75%
8714 144 8418 904
8
Refunding gold ,
15..
Atch Top & 8 Fe—Gen g Ix_ _1995 A 0 867 Sale 8612
4
j00 May'23 ----I 973 1014
951
1934
8 Gbic St I. It N 0 gold bs
883
1995 A 0 864 ____ 8614 June'23 ____ 81
.
0 Registered
8
785
8
4 7513 824
804 785
76
*1995 Nov
Registered
J D 955 Sale
8
Adjustment gold 48
7114
4
793 Sale 785
8
794 95 7614 827
3
*1995 Nov
Gold 34s
.
Stamped _ _
1951 A33 2 11710542 Sale192 2 98548 MaY2--44 1 9 , 1971g
D
0-5
7031g
.
96
9 1
953 9 :
08 0 :
4 7
1'8 9
8478 82 June'23 ---- 76
14155 J 11 84
8212
Joint 1st ref 5, Series A
Cony gold 4s 1909
1963 J D
Sale 80 June'23
8213 82
82 I
2 76
8213
1955 J D 82
alemph Div let a 4s.
Cony 48 1905
:::: 28 12;
7
10'1334
4
8
2 -__- 99 May'23 ---- 97 10414 C St L & P 1st cons g 58
111693 14
48 issue of 1910
Cony
1
8
1053
1054
1 9334 9612 ChM St PM It 0 eon* as
9412'
119350 A3 00
1 99321 3 D 10979838-14
East Okla Div let g 4(4_1928 M 8 9412 954 9412
" ---- 9212 924
92'!
76
4
7834 783 June'23 ---- 7712 83
Cons ete reduced to 548—.1930 J 13 a
Rocky Mtn Div 1st 4s_ _ 1965 J J
0.514
9 9238 964
8113 Sale 8114
83 I
8 8114 864
Debenture 141
-Con Short L let 48_ _1958 J J
Trans
19 76513 82
82
2
812 80
9112
1 8712 100
3 94
ThIc 1 li & Bo East'n55_1 9 M 14 814 8 2 9111
61
19 J 2
Cal-Arls lark te4 4148"A" 1062 118 8 8712 9112 9112
Nov. I Due Dec. a Option sere.
41• 4 Due May. 0 Due June, 5 Due July. k Due Aug. 0 Due Oct. p Due
•No price Friday;!meet bid and asked. a Due Jan. 6 Due A131
A
4
'
2978
New York Bond Record-Continued-Page 2
4
BONDS
N. Y.STOCK EXCHANGE
Week ending June 29
Price
Friday
.11.ne 29
Week's
Range or
Last Sale
Rat108
Jan. 1
BONDS.
N. Y.STOCK EXCHANGE
Week ending June 29
II
7S
'4
'a .••••,,r,
Ptice
Friday
June 29
Week's
Rangy or
Lae; Bale
13
Range
Since
Jas. 1
Bid
Ask1Lots
High NC Low High
Illinois Central (Concluded)
BO
Ask Low
High No, Low Iligh
ChM Un Sta'n let gu 4348A-1983
89
7 ---- 90
.•
90
21 8738 9238
Pwehased lines 394e
1952 J J 76 Sale 70
70
1 76
79
5a B
1963 .7 J 9412 9714 9714
9714
2 9714 10012
Collateral trust gold 4s
78% 803 78%
1953 271 N
4
11 77% 83
80
lst Ser C 674a
1963• J 113 114 1131a
1137
8 11 11278 11514
Registered
1953 M N 7614 793 78
78
4
1 78
7814
ChM he West Ind gen g 6e_81032 QM 104% ____ 105
Apr'23 ____ 10412 105
Ref be interim elf,,
1955 171 N 9814 9812 98
9912 68 98 100%
Conso150-year 49
7112 Sale 70
1052 .1 J
711
15 70
757
.a-year secured 55.25
1034 .1 J 101 Sale 00%
10112 29 100 102%
15-years 17998
s
s 12 10112 10314
1025
1935 MS 1023 10212 1023
16
-year secured 674s g_ _ 1916 J .1 11018 Salo 09%
7 107% 111
11018
1 967 9518 June'23 ____ 95% 97
at Gulf cons 5s
Oboe Okla
1052 MN 93
Oahe Bridge gold 46
1950 .1 D
8312 June'23
82% 87
0 Find & Ft W lst gu
g
1923 MN
Litchfield Div let gold 35_1951 .1 J 6628 7212 71 June'23
89% 73
8614 893 8638 June'23
4
1937 J
Oinfl&D2dgold499c
86% 893
4
Louis, Div & Term g 348- 11153 J 1
_ 7212 74 June'23
73% 79%
0 I St L & C 1st g 46
21936 Q F 841,-----88 June'23
_ _ 8818 88
omaha Div 1st gold 313._ _ _1951 F A 6718
673 June'23
4
673 69%
4
Registered
k1936 Q F 8413 ____ 9012
.
St Louis Div &'Term g 35_1951 .7 J 68%
_ _ 68
12 68
70
71
Leb & Nor gu 45 g___.__1942 MN 84 ____ 8414 June'23
Cin
83I 8584
Gold 3948
7912 8112 75 May'23
1951 J J
75
80
CMS & CI cons 1st g 58
9714 98121 97 June'23
1928 j
97
99
Spring( Div lat g 3748
7812 July'22
1951 J J 72% 75
Clear( & Mah let gu g 5a
1943 J J 9714 _ _ _ _19013 Jan'22
Western Lines 1st g 48_1951 F A 81
84
83 May'22
"g6- 83
(Neve On 0111 & 8t L gen 45_ _1993 J o 7612 7912. 79
79
5 76 " 8
ii
(
Registered
7814 -- 92 Nov'10
1951 13 A
SO-year deb 4745
92
1931 .1
1 9014 9312. Ind 11 & W 1st pref 49
- - 92141 92
4
83 June'23 - -- 83
1940 A 0 833
87
13
98
3
g
9712 95%
General bs Series B
95
1993 3D
95% 100
in() Ill & Iowa 1st g 4a
8
8312 June'23
1950 J .1 795 86
- 831s 85%
Ref & impt 6s Series A
101 Sale 10014
102
1929 .1
25 100 102
Ind Union fly Ss A
3 95 100
97
1965) J 97 Sale 97
Sc C
_ 10012 102
1941
' 10012 ____ 102 June'23
3
dit A Great Nor AdJust1is_ _1952 .1 J 38 Sale 3512
4913 75 • 3512 4914
Cairo Div let gold 4s
8614 June'23
1539'.7 8414 92
8018 88
89% 281 87
let Mtge 65 etre
19523 .7 8814 Sale 87
97%
777 7715
8
Cin W & M Dlv 1st g 4s
7712
1991 3, 76
1 7524 78% Iowa Central 1st gold 58
68
1 68
7318
1938 J D 6714 6912 68
at L DIv 1st coil tr g 4s_ _ 1990 MN
765 7812 7714
8
7714
5 797 81%
8
31
303 31
s
Refunding gold 45
4 31
40
1951 M S 21
Spr & Col Div 1st g 411
84
Apr'23
1940 M S 7818
82% 84
W W Val Div 1st g 4s
8
803
s___ 818 June'23
1940 J
80% 8214
James Frank & Clear let 45 1959 J I) 82% ---- 823
4
8234
5 8234 87
10238 1053 10412 June'23 _ _
OCC&Igenconsgas
4
1934 3
10318 106%
8
Cleo Lor & W con is:g 5s
1933 AO 9312 977 98 June'23
98
97
5
KaA&GRIstgugba
1938J J 855
9218 ____ 9212 June'23
CIA Mar 1st sue 4795
N
1938
707
921 95
.
Kan & M 1st gu it 4s
1 "ii" -5678
768
1990 A 0 7612 77
Cleve & Mahon Vail g 68
93 Mar'23.____
1938
'
3
95%
I 0578 91
8
2d 20
-year be
957
e
1927 J J 957 99
CI & P gen gu £94s Ser A
1942 .33 9414 9612 91 Nov'21I____
K C Ft 8 & M eons g 86
4
4
1928 AI N 1013 10212 102 June'23 -- 10012 1023
9414 0612 104 Deo'15'____
Series B
1942 ASS
4 72% 7912
7518
K C Ft8 & M RY ref g 421
1936 A 0 7458 Sale 7458
9613 Feb'12
Int reduced to 3746
1942 A0
-4
KCAMR& Blstgu 513._1929 A 0 9218 933 9312 June'23 -- 9258 95
7918 ____ 90% Dee'12
Series C 3795
1948 M N
- --Kansas City Sou ist gold 3a 1950 A 0 653 Sale 6514
8
658 1 44 64 687
4
8
791 _
&glee D 3748
_ 67
Jan'21
1950 FA
Ref & impt 'is
8438 31 83 893
Spr 1950 .1 J 8314 Sale 8314
6
8
903
4
Cleve 8hor Line 1st FM 4748-1961 * 0 905 92
9118.
3 90
08
Kansas City Term 1st 4.8__..1960 J J 7914 8014 79%
80121 24 765 833
8
4
10214 10284 10212 103141 29 101 108
Ulna Union Term 5741
1972 AO
Kentucky Central gold ts... 1987 .1 1 7914 --__ 82
82 I
5 81
83
%
7718 80
80%
Coal Sliver Sty 1st go .Iii
1946 ./
8018 85
Kook & Des Mo1ne8 let
70% 7212 70 June'23 -- 66
92
9218 sale 9114
Oolorado & South let g 4a1929 FA
92%1 41 903 9312 Knox,&Ohio 1st g 63 58_1923 A 0 1007 1017 1017
4
2 1991 10178
4
1017
8
8
8
e
1925 J 1
81 Sale 81
82
Refunding & eaten 415e-1935 MN
33 81
8718
83% Nov'22
COI& 11 V 1st ext g 4s
1948 A0
Lake Erie & West let g as...._1037 J J 92
93 I 93
93 I
3 9118 97
8012 May'23'
Col & Toilet ext 4,3
1965 FA
2d gold 5s
7 14 75
. 8 6
0
81
.
- 0 2 -8973;
70
- 8714 86
1941 J .7 815 8 24 83 June'23
'Juba RR 1st 60
86 I 11 80
1052 3, 8512 Sale 8512
-year 68 g
87
Lake Shore gold 374s
76
1997 J I)
1 72% 7
_812
tat ref 779n
104 I
1936 3D 10312 Sale 103
4 103 10512
Reglatered
1997 .1 I) 7214 74 , 75 May'23.... 73% to
Day & Mid 1st cons 4758-1931 J J
91% June'23
923
4
91
Debenture gold 46
933
1928 M 5 9334 Sale I 9312
4 32 92
96
velaware at Hudson
3 Sale I 9138
25
-year gold 4s
92% 63 90% 93%
1931 MN 91
1st & ref 4s
N 8512 Sale 8512
1943
8581 26 83% 90
8512 July'21 ---Registered
1931 M N 9014 928
1935 AC 9012 923 9012
SO-year eon, Is
9 9014 98
Lab Val NY lst fin g 4796_1990 J 11 908 9338 915 June'23 -- 91% 91
4
993
.1937 MN 981 993 98
4 15 98 1(1212
1945
Registered
923 June'23 -- -- oo
4
19403 .3 8912
923
4
10-year secured 78
D 10712 109 10712
1930
10814
4
Lehigh Val (Pa) cone g 48
3 106 1113
8 76% 8113
77
2003 M N 77 Sale 77
R RR de Bdgelst su is 4-193 FA 887 ____ 87 May'22 ----I
6
General cons 47412
8712 88
88 1
9214
11 86
'
7003 M N 86
283 A R Cr-let cone ii ta 1958 '.7 73 Sale 73
7412 85, 72
76'i
Leh V Term Ry let Rug 50. .5941 A 0 10112 ____ 101
4 9097 10214
101
8
797 7104 June'23_. __I 767 80
77
1936 .1 J
0005016 gold 974s
8
Registered
1941 A 0
112 11213
86
1928
Improvement gold 65
D 8412 86
8618 171 82
88
Len Vol Alt 10-yr doll 68_81928 M 5 10 4 1 --1- 104
9
6 - 2 2 112
2 0
5
A1123
100% 12_
5
4814 Sale 47%
1955 P A
lot & refunding as
504 181 4714 58
Leh & N Y let rear gold 48....1045 M S 80
8312 8138 June'23 ----; 8014 °
"'z
4912 4214'20 ----1
do Registered
, ex & Plant 1st 50-yr be gu
8
6; 97% 995
98 I
9
1965 A 0 08 Sale 975
-11:1
45
4718 June'23 __ __ 45 -E4
Tr stmp ctfs Feb '22 Int_
Bka
-12
Little Miami 48
81
1962 M N 8018 ---1 81 May'23 ----I 81
- -- - 52
487
49 I 11,
-.Tr recta Aug '55_
Farmers 1.4
5314
Long Dock consol g 65
Nov'22 --- -1
1935 A 0 10912
____ 497 50 June'23 ----' 48
Bankers Tr etfs of dep
.50
Long Isld 1st coes gold 63....A1931 Q J 9414 9812 972 May'23,---- 955a 98
50
51
46 June'23
do Stamped
50
48
let coneol gold 4s
81931 Q J 87 __ _ 9214 May'23'---- 9038 9214
45
49
46 June 23 __ _ _I 46
Am Ex Nat Ilk Feb '22 ells_ _ _
46
87 0412 June 231:::: 83 2 0143
General gold 48
81
m ar 2
:3
1938.3 D 80
14 85
do Aug '22 Ws
Gold 4s
29323 D
D 1st gu 4.4... _ _1935 J .1 42 Sale 42
Dem M &
4212 10 42
45
Unified gold 43
78 June'922--- 76% 81
1949 M 8 7'218 78
OesPlalnes Val 1st gu 414a __1947 M 8 875 ____ 9314 Sept'221---1____
Debenture gold he
02 Mar'23I---- 92
1934.1 D 8918 95
94
4
Des & Mack-let lien g 42_1996 1 1) 633 ___ 7513 Feb.
23._ 1 7518 75 5
20
-year p m deb as
8334 84 June'23
1937 M N
8313 85
's
Gold 48
60 I
1995
D 60 Sale 60
2 60
05
Guar refunding gold 4s. _1049 M S 74
787 7712 June'23'---- 76
8
83
Get Rio Tun 494s
875 85
88 I 24 85
1961 MN 85
9034
8914
Nor Sh B 1st con g gu 511--(
93 June'23- 92
i
.
93
11932 Q J 04
Dui Mimsbe & Nor gen Sc... _194.1
9814 Apr'23 ----I 9814 993
J 98% _
95
Louisiana & Ark let g 5s
94
93
94
9413
1927 M S
4
1037 A 0 983 1003 1003
Gui & Iron Range let 55
4
4
100%
1 98% 1003
4
Lou & Jeff Bdge Co gu R 9s...1945 M 8 782 7912 81)14 June'23 ---- 77
83
_ 9812 Jan 23
Registered
-----1937 A 0 9518
98% 9812
Louisville A Nashville 65._ 1937 M N 101 ___ 10112 June'23
975 103
8
71 74 June'23
.
Dal Sou Shore & Atl g 55_ ..._1937 .1 J 74
80
8 8714 92
89
Coaled gold 4e
1940.3 J 8818 Sale 8818
89 Mar'23,.... 88
S Minn Nor Div let g 4s1948 A 0 84
90
- 9014 May'23
Registered_
1940 J 3 8712
001 9014
9312 Sale 9312
V Tenn reorg lien g ba
9312
1938 M
2 9112 9312
Collateral trust gold he._._1931 M N
1,9 2 June' 3
9 11
6
107 3
98
99
99
1 97 109
1930J J 973 99
T va & Ga Div g 5a
08112
10
-year secured 79_ ._ _ .1930 M N 196 8 1099711:
106 11009112'
97'8
2
4
9712 98
9/3
4
Cone tel gold as _____ _ _ _1956 MN
97
I 96% 99%
lot ref 594e
1043
4 61 10138 105
2003 A 0 104 Sale 10
98 Sale 9734
99% 13 975 10014
Elgin Joliet & Rant let g :1_1941 M N
8
N 0& M let gold 65
1930 J J 104 1045 10184 Jan'231 _
-_-_-_- 10113 181,4
84
0 138.
10212 10312 10212 103 I
8
Erie let coneold gold 76 ext..1930 M
6 10212 1043
211 gold 86
4
__ 1930 .1 J 9% _ _ 1(1112 Feb'23!---- 9712 10113
5818 59 6412 58%
1996 J J 5612 Sale 56
let cons g 4s prior
Paducah & 'tern Div 46._ _1946 F A 8113 84
84% June'23
1996 .1 J
Registered
St Louls Div 2d gold 3s....1980 M 8 58
1 5.813 63
6014 6012
6012
4412 Sale 4412
473 258 4312 4012
4I
let Genet,: gen Net 6 4L,.19116J
L&N&M& bf Istg 4;98_1945 M S 9218 Sale 9218
9214
92% 96
---- 45% 4714 June'23'..-__ 43
1920J
RegiMered
4714
LASS South Joint bl 48._ 1023_
2 76
8
J 751 7738 77
77
803
4
85
86
8512
8512
1 82
Penn coil trust gold 48_ _1951 F A
7114
_ 070312 Apr
853
Regletereel
81952 Q J
June'239735% 97372124
487 Sale 4712
8
5918. 68 4112 52
-year cony 4a Ser A _ _1953 A 0
50
Lear. CM & Lex gold 4746_1931 MN 9614 ---,
50%108 4214 52
1933 A 0 4814 Sale 4712
do Series B_
53 '202 433 5412
Gen cony 48 Series D___1951 A 0 5012 Bale 5012
Mahon e'l RR 1st 158
4
_ 093 Deo'22I-- -4
1934 J J 9772
85
87
ara & Jersey 161f 6a
i
2 84
19511 J J 8512 87
897
8
Manila RR (Southern Linee)_1039 MN 653 Sale 63
4
6534
71
7 63
8418 _
834 Mar'23
aria & Pitts tug 3748 B
940 J
8334 833
4
Manitoba Colonization Is.. _ _1931 .3 D 06
963 9612
4
8
9612,
5 963 9714
84%
82
Apr'23
19911J .1
Serlea C
82 8314
Man G BA NW 1st 314a_1991 J J 81% _
82 May'23...- 82
82
Evans & T IT 1st gen g 66.„1942 A 0 - Met Internal 1st cons g 44_1977 M a
77 Mar'101.
9912 Apr'21
3u1 Co Brand) 182; g 59,_ _ _ 12230 A 0
MIchigan Central 58
,
993 June'23,---- 993 99%
8
1931 M 8
8
9912 Dee'22 ....11..
Fargo & Sou 6s
9518
1924J
degistored _
10012 May'23
9722 10012
1031 Q M
984 May'22
Yla Cent & Pen let ext Ss.
084 lik6
11/23 J J
Ce
1940 J .7 86
8812 86
86
86
88
9412
_ 9412
9412
1! 9412 9412
let land giant ext g Sc..
J
1930
Reglatered
86 May'22
1990 J J 85 88
86
8
6
9312 96
933 June'23
4
Consol gold 36
in
1943 .1 J
I L & 8 Ist gold 346
933
4
1051 31 S 7714 7912 80
Ireb 93
.
ao 80
86
86
Clorlda E Coast 1st 4 749...._1959
11 8512 89
D 8114 86
ist gold 3 746
..,1952M N 7712 793 797 June'23
4
774 84
6812 Sale 6818
6812
Yonda J & Cloy 494s
31 66
79
20
-year debenture 45
1 89% 93
92
1920 A 0 6012 92
92
81
81
'fort St U D Co lat g 474
1 79 81
Mid of N J 1st ext. be
41 1%1
1962 .1
..1940 A 0 ---- 8814 87
Apr'23
87
87
Vt W A Den 1' 1st g 5149_ -1981 J 0 9714 100 100 June'23 --- I 998 103
Maw L 8& West imp g bs___1929 F A
4
993 1001a 9918 9fay'231-- ggis 100
4
82
87
86
88
22 Wortb & Rio CR lat g 46_.1928 J
Ashland Div let g 68
1 85 87%
1925 M S 10038 _ 1011s Nov'22 ----1_
107 1083 107% June'23
4
trona Elk & Mo V 1st 115
Mich Div 1st gold 68
107 109
1933
4
1929 J .1 1003 - - 1007 Mar'23 --• 1007 1907 .
8
a
9812 9714 June'23
5
`..)
& 8 A bl & P let 66-1931
N 93
Milw & Nor let ext 479s
9512 995
4
1939 J D 863
89
89
8 88% 0212
_ 9812 26 June'23 ----I 9312 98
211exten as guar
---Cons extended 494s
3
4
1934 .1 D 00 4 923 903
01
4
3 89
91
8818 90 I 883
.3517 Hone & Bend let W...19 3 0
8838
1
Mil Spur & NW let frii 48._ _1947 M 8 82% 87% 855 June'23 --I 84
1 8514 8
3
1931
9
89
8312' 833 June'23
Genemee River let sf 65
82
1057 J .1 83
Maw AS L let gu 37511
8838
4
6616
,
1941 1 J 743 86
21
82 1 80 May'23
81
Ca & Ala Sly 1st con 58_ _0_1945 J J
79% 8118
Minn & Ht Louie 1st 7s
1927 1 0 101% _--- 10218 June'23
um% 1021a
9112 903 May'23
8
Ga Car & No lst gu g 65
9112
1st conrol gold be
90
19211J J 89
7312 June'23 ---- I 68
1934 M N
76
2 6
, 171aa 221
61
0 :
tia Midland I sd 33
60% 64%
1946 A 0 ,9 _6_2_1_( 9114 j ny 2
1st & refunding gold 96._ _ _1949 M S 33
33% 317
3612' 20' 347 40
8
99% 9912
Dlla VGAN let go g 5a
1924 M N
Ref de ext 60-yr 588er A
1962 Q F 3413 Sale 3312
61 3312 393
362
4
03
0ouv & Osewgatch Ss
1942 J D
8612 12 8438 9012
91St F A 8 S M con g 40 lot gul938 3 .3 86
86
8714
$97 une'23
J
8
8814 0
-15
OCR & I ex 1st gu 474e.._1991 J
let cons his
100% June'23
1938
1
98 1001.5
4
Grand TrunIs of Can deb 7s_ _11/40 A 0 1123 Sale 112%
112% 64 11238 lib
10
-year coil trust 670
1931 M S 10314 10312 10312
10312
6 10014 106
1035 Sale 10312
8
1043
8 49 1024 105
15-year n f
1936 M
68 A
1946 i J 99% 10014 997
9938 105%
99e
10112 Apr'07
Grays Point Ter be
1947.3 D 8318 _
883
let Chicago Term 6 f 4e._ 1941 MN
9213 Dee'221----1
4
1085
8 93 10618 11112
/rest Nor Gen 78 ear A
4
1938 J J 108 Bale 1073
NI 8 8M & A 1st g Clint gu....1998
J 96% Sale 0612
94121
2 964 97
887 904 8814 June'23
8
1st & ref Ayis Series A___1961
.7
87
9213
Mississippi Central 1st its,
887 83ay'231----1 8814 9
8
8
1949 3 J 885 92
038.
Oct'22
82
Registered
__1981 J .7
M K & Okla lst guar 66._1942111 1 N
a
913 May'23
.
914 94
- 10014 111
611.8
1952
J -66 [life 984
10238
Mo Kan & Tex-let gold 4s...199013 D
Sale- 7312 797g, 125 7312 8014
8
1.211' 84
4.1/$011 Bay & W Deb ctfa "A"____ Feb
60%
8
0
1 60
75
823 Mar'231,,I 8284 8338
6% certhi for notes "ext
4
73
812 63 78 13%
Debenture etfa
2
73
4 73
Fah
hto K & T By-Pr I as Set A. _1962 J J
77
93 7934 83%
75 2 Sale 7414
69
Apr'21 __. _I
_
Greenbrier Sty 1st go g4s,_1940 M N
40
-year 4s Series B
64
1962 J J 62 Sale 6112
78 6112 6723
803 sale 80 8
81
3
8
Gulf & 8 I 15t ref A g 68_ _51952 J
35 'hi
fills,
10
-year as Series C
9434 76 925 963
1939 J 3 94 Sale 9312
4.
731, 70
7358 June'23' _ _ _1 724 7812
Harlem St-Pr Ches 1st ta_ .__1954 So N
3
Cum adjust 56 Series A. _ _ -1067 1 3 49 4 Bale 4914
5212 1335 4914 63
84 June'23 _ _I 80 86
83
Hooking Val 181 cone g 470_1999 J .1 80
Missouri Pacific (reorg Co)
7614 ____ 8112 June 23 ---1 81
8112
1909 J .1
Registered
80 80 4 80
let dr refunding be Ser A
1965 F A
81
3
23 --, 96 8 973
9713 May'
1°37J .11 9712 _ _
& T C lat g 6s Int gu
5
9513 4612 96
4
1st AL refunding be Per C
1926 F A
96
90
91%
Houston Belt & Term let 68_1937 J .3 89
9112
11 89 4 93
3
91 Sale 9012
le( & rdunding 66 Set D 1949 F A
93% 32 9012 99
93
98
98 May'23
1933 M N
Heim E & W T ist g 58
98
9538
General 4s
1975 M 8 53% Sale 52
55% 245 32 6314
98
93
9612 98 May'23 ___ 98
____1933 M N
let guar Sc red
Missouri Pacific-1
805 95
8
87 Mar'23 _ Housatonic Sty cons g 611----1937 M N
87
87
1938 M N
10 794 813
3d 7s extended at 4%
80
82
80
80
4
7712 Sale 7712
80
1957 F A
91' 7712 847
1211 & Manton 65 aer A
8
883
8
Mob A Bit prior lien g bs_ _1945 J J
9518 Oet'22
58
142 55 64%
1967 A 0 5538 Sale 551
aljust income Is
•
Mortgage gold As_ ... .__1945 J .1
70 May'23
- 2 70
733
4
8812 June'23 ___- 8812 99%
1112nola Central let gold 118.,1051 .3 .1
1927 J D 103
Mobile & Ohio new gold (11s
0 102 10112
103
- 103
83% 8133'21
1951 1 7 8214 89
_
1.741sterrd
81927 Q J 10014 - - -- 10138 June'22
1st ext gold 6a
1003 103
4
%
7812 8012 78 May'23 ---- 771 83
J
let gold 395s
4
General gold 45
1938 M $ 73
75
725 June'22
8
7238 7818
77
80
80
oet'22
1951 .3 .7
Regfoterr
_
00% 93
Montgomery Div 1215 59_1947 F A
4 1110
9014
9014
9434.
Seteeded 1st gold 3Sf r.....1951 A 0 7812 8012 83 Feb'23
82
83
St Louis Div 68
1027 J 0 9414 95
94
9138 June'23
9512
8012 Registered
1931 A 0 77
- Mob & Ohio coil IT g 48
1938 M $ 75 , 7714 73
77
7512
4 75
51
72
83% Mar'22
lot gold Is sterling
_
1951 M
A100 & Mal 191 Ru g as
1991 NI S 8114
82 May 23 ____I 823 8314
4
8214 Sale 8114
8214
8 77l 557g
CUlateral trust gold 4s
1952,
tient C let gu g 69
10373 1 10914 111 109% June'23
109% 111
7814 8112 953 Sept'19
Regist.•red
1962, A 0
1
Registered_
1937 J 1
13614 May'116
_ 86
8612 37 W
8610 8214
1st refunding 45_
. 8;4
1955IM N
3let guar gold bas
193713 J 09 i(5612 9914
0914
2.1 9914 1018e,
--
--
2 tt, 22;1
• No price Friday; latest bid and asked this week. a Ibue Jan.
Due Feb. c Due June.
1 Due Joy.
is Due Sept. o Due Oct. 5 010
10n Bale.
New York Bond Record-Continued - Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending June 29
13. 13
'
9.2
-,
Price
Friday
Jbne 29
Week's
Range or
Lan Sale
Range
Since
Jan. 1
Bid
Ask Low
High NO. Low High
74% 78
2000 3D 7214 7614 7614 June'23
M&Elatgti3he
985 101
8
Nealw Cbatt & St L let 58_1928 AO 9914 100 10012 June'23
2 98
98
98
08
N Fla & S let gu g Se
1937 F A
31 Sept'22
NatRy of Mex wilco 4he _1957 3.9
4 23
3234
293
"26 -55 8 29%
;
3
8
7July coupon on
28 May'23
28
35
do off
2618 2618
261s Jan'23
General 4e (Oct on)
1977 A0
April coupon on
3012 2912 May'23
"2022
do
off
3814 AMC 22
Nat RR Mex prior lien 4 h3 _1926'Si
44
July coupon on
4214 ---- 4234 June'23
443 May'23
8
4438 44%
off
do
28
28
Apr'23
27
1st coneol 48 (Oct On).... _195t AD
April coupon on
26
26 12 40 2412 2612
3 24
2812
26
do
96
2712
28
off_
6818 May'23
Naugatuck RR let 48
68% 6818
N 68% 1954
New England cone 55
9012
9012 Mar'23
89
1945 J J
Consol4a
74% 7514
--- 7514 June'23
1945 J J
82
N J June RR guar tot 40
Jaran
82
82
773 _
8
1986 F
77
8112
NO&NE let ref & imp 434s A '52 J 3 79
79
793 79
4
10 7318 79 4
New Orleans Term let 4o_ _.._1953 J
3
75
7412 Sale 74%
3 100 10112
8
N 0 Texas .1 Mexico let 65._1925
D 1005 Sale 10012 101
27 75
84
Non-cum Income be A__ _1935 AO 77 Sale 75
78
N & C Bdge gen ell 4he
8914 9012
1945 J .1 89% -- - - 9012 May'23
1 93
94
N YB&M 13 lateen g5s
93
_ 93
1935 AO 9112
N Y Cent RR cony deb 68_1935
8
1043 498 101 10614
4
8
N 1035 Sale 1033
Conedl 48 Series A
5012 34 76% 82%
1998 FA 8014 Sale 79%
33 8414 887
85
86
Ref & impt 4e "A"
8
2013 AO 8312 85
Ref & impt be
953 390 927 983
4
8
4
'1013 AO 95 Sale 9414
N Y Central.8 Hudson River8
7414 26 72
773
Mortartge 3he
4
'097 J J 7414 Sale 725
__ 7112 alay'23
7112 7112
Registered
1997 3' 70
g
18 8612 91%
4
4
897
Debenture gold eta
N 863 883 8718
1934
8912 Nov.
22
Registered
..1934 MN
8 "841- 6614
8
4
211-year debenture 4s
2
1962 .93 85% 873 853
8614
7258 45 6818 76
7012 Sale 7012
Lake Shore con gold 334e 1998 FA
4
4
Registered
693 73
1998 FA 6718 ____ t5)3 June'23
725
8 15 7114 77
74
7212
72
Mich Cent coil gold 3553
-1998 FA
Registered
7013 75
1998 FA
NT Chick St L let g to_. 1037 AD 85% 88
863
4
8714 60 83% NIA
_
8612
8612
5 8612 8612
Rea:stored
1937 AO
Debenture 48
1931 MN 848 8612 87 June'23 - - -- 83% 88%
91 98 101
4
21163 A 13 0
101
1931 ▪ N 100 Sale 993
86
N Y Connect let gu 4e A 1953 F A 86
87
86
2 84% 88%
N Y & Erie let cat g 4.
87 July'22 --._
N
_1947
____
95 May'23
111•11 ext gold 4 he
95
9912
' M
4th ext gold So
94 May'23
94
94
1930 A 0 ---- 93
5th eat gold 45
943 Nov'15
4
1928 ▪ D
N Y & Orcera L gU g be
8612 0
'ng'92
1946 M N 70 _
-51;
N Y & Harlem g 31.4e
4
.000 M N 743 8418 7312 Mar'23
4
993 June'23 ---- 993 100
4
N Y Lack & Western Si
4
1923 F A 993 100
N Y I. E & W 1st 7e eat
103 10312
1930 M--------103 June'23
_ _ 9812 June'23
Dock de Imp be
94
9812
1943 J J 99
2 943 9512
4
N Y & Joreey let Is
9612 95 4
3
953
4
1932 F A; 95
N Y h Long Br gen g 48___1941 NI S1 8212 ____ 91 July'22 ---N TN H & Hartford
47
48 June'23
Non-cony debeu 4e..... ..... _1947 M S 41
4784 49
44
46
Non-cony deben 3.14e
1947 M St 39
!it I
? N: 1?
4
4
2
Won-cony deben 3341
A 0 4014 433 43
1954
4212 4314 4312
44 1 10 42
Non-cony deben de
5112
1055 J
44
4914
Woo-cone deben 451
4414
1 42
51
1956 M N 43
40 1
Cone debenture 334a_ ._ _ 1956 a j 40 Sale 40
8 39
4612
6312 100 58
59 Sale 58
7314
Cone debenture Cl
1945
•
47, debenturae
1857 M N 3512 3978 35 June'23 ---- 35
4234
6512 125 el
Ts European Loan
813
4
1925 A 0 6212 Sale 61
40,4 71 1s
pr23 12_0_9_ 60
64 _
la Franca
1925 A 0 63 Sale 62
44
A
4612
Cone Sty non-conv 418
1939 F A - 9012 5012 Dee'22 --Non-cony 48
19543 1 38
45 Mar'23,---- 44
Non-cone deben 4e
44
1955 1 3 ____ _
48
49
Dec 22 -. -.
Non-cony deaen 4s
1950 J J 38
N Y & Northern let g bc
4
1927 A 0 983 ---- 993 June'23 -- -- 99% 99'8
8
6312 18 6278 70%
NY 0 et W ref let it 4o_471992 M B 63 Sale 627
59 Nov'20 -•
Registered $5.900 0nl7__171992 M S
58
53
53 1
General 4a.
3 53
D 56
.19553
83 A ua'13,- - -N Y Prey & Boston 4s_ _ .._ _1942;A 0
4
N I A Pu lot cone go g 4a__ _199814 0 803 8212 82 May'23..-- 8012 823
99
05
Apr'231---- 95
95
N Y & R B let gold 51
1927IM S 91
1
59
5412
55
NY Ouse elt W lot ref 58
2 51
,
60
19374 J 54
4458
10 gold 4 he
A 4214 45 45 June'23 ----' 42
19371F
48
4114
44
5 4114 49
General gold 5
9
1940'F A 44
78
84 June'23 ---- 84
Terminal let I old be
1943 M N
935
40
4
NY W.
65 363 5014
chca& D ,Jt. Seri 4 he__ 46:J J 39 Sale 363
4
.
6212 6139
62
6 6123 71
Norfolk Sou 16t A ref A 51.....19eLF A 61
8
Norfolk Zr Son lot gold 58 .... 1941 M N 8712 903 904 June'23 ---- 8878 9312
Nodf & Wen eon gold (le ._ 1931 M N 10618 10812 10812 June'23 ---- 106 10812
110 Mar'23 ---- 110 110
Improvement & tate
1934,F A 10712
New River let gold
1932,4 0 10718 11112 107 May'23 --a-, 10634 107
873
4 44 8514 931g
8712 Sale 87
N & W fly let cons g 4a___1996'
Rerletered
90
19416 A 0 8314 -___ 87 June'23 ---- 85
1 323g 87
88
Diva let lien A gen g 4s.1944 3
87
87
90
e
10-25 year cone 4 he
1087 107 May'23
107 108
1938 M S
10
-year cony 68
11012 51 107 1173
1929 M S 107 Sale 107
4
Poeah C & C Joint le_ _1941 J D 8514 87
8514 June'23 ---- 8413 8912
Nunn Ohio let guar g Is__ _1945 A 0 79
85
79 May'23 -- -- 83
83
8214 Sale 8214
Nor Pacific prior lien 48 ___. 1997 Q
83 8 67 813 87
7
4
83
Registered
813
4
82
4 81
1997 Q J 81
li.312
Ceneralllen gold Ile
4
GO
a2047 Q F 5912 593 5912
8 59 8214
8
Registered__ ._.... _02047 Q F .56% 697 60 June'23
5812 60
107 Sale 10618
lief & Ira to (Is ser L.
107
2047 j
124 106 109
34
8514863
____ ____ 24 June'23
tie A Imp 1 he aerit
4
2547 j
,
12
4
813 188
.
142 0
be C
.2047• J
4
Se I)
9512 9
8 9212 9914
2047 J J 933 Sale 9312
Pt Paul-Duluth Div g as 1091 J
89
Feb'23 ---- 89 89
gt Paul & Duluth let 5s_ _1931 Q F 9912 -___ 987
s
987 ---- 9812 9878
8
8414 Jan.
let conaol gold 4s
23
1968 J I) 7914
84% 8414
1097
8
Nor Pao Term Co let it 68...1933• 3 10912 -__- 109 May'23 --- 108 III)
No et Cal . ,g 5e
100 June'23 ---- 100 102
1 U.
1938 A 0
8
North Wisconsin let Se
8.3•16
1030• J 1021 _ 118
70
70 June'23 -- 66
71
01k 1.4)nara la gu 48g
1948 ▪ j 62
4
Ohio Conn Sty 48
1943 M 5 882 ____ 8014 Apr'23 ---- 8614 863
4
9613 Mar'23
Ohio River RR lst g be
1936 1 1) 91
9512 9818
8
1937 A 0 947 _
_ 9512 Feb'23 ---- 9512 9512
General gold 5e
4 Oe 9839
4 26 9839 100
Ore & Cal let guar g 56
083
1027 J .
8 983 ST 90
8614
8612
4 8434 85
10483 D 86
Ore RR & N av con a 40
- 10214 10112 June'23 ---- 99 10412
Ore Short Line- tat cone g 58.1940 1 .1
104
14 9978 105
Guar con 5.
_1996 J J 10314 104 1034
9158 017 9112
92
33 905 927
8
1929 J D
Guar refund 46
793
2 56 7512 82
7918 Sale 79
Oregon-Wash let & ref ;R.__ A961 J J
7712 77
Pa'We Coast Co let g ba__ _1946 J D 77
795
8
3, 77
77
8612 June'23 - -1 84
Fee RR of alo let eat 12 4e__ _1938 F A 8112
86%
9512 Mar'23 ----I 9512 97
2d extended gold be
1938 3 J 9312
90
90
91
Palumth & Ille let 81 9h a
6 90
1955 J J 8814 91
7612 237; 11614 7812
Pal"-Lyona-Med RR eis
1958 F A 75 Sale 7314
Paullsta fly 78
9612
2 9612 977
s
1942 M S 9312 Sale 9612
0012 Sale 9012
Peanayivanial RR-email 4.8-19431M N
9012
11 885 9314
8
2
2
8
873
4
4 87% 9112
Jonsol gold 4s
1948 M N 873 893 873
1 - 85
86
86
90
is stamped
.M N
May 1 b908
9514 Sale 9514
96
16, 923 955
1:0,43.,14 y43
1900 F A
4
8
163 88
90
92%
19653 D 89 Sale 8812
Geueral 43as
8
(Nacre!58
1968 J D 995 Sale 9818
993
4 92: 98 1013
4
108
28: 10618 1103
10
-year secured 7s
1930 A 0 1077 Sale 107
13-wear secured 13 ha
10814 70,,1063 11118
1936 F A ,107I4 Sale 10718
8
Pennsylvania Co8412 Nov•22
llura 3146 coil trust reg A.1937 M 5
8218
if 4 "
3- Els
an
827s
Guar Side con trust Ser B.1941 F A
80
gals
Guar 3t$8 truet etre C
1942 J D 7912 83% 8318 May'23
4
1944 J D 7614 8218 813 June'23 __-- 813 813
4
Guar 334s train etre D
4
7 89% 93
90
Guar 15-25 year gold 45_1931 A 0 00 Sale 8914
8214 8514 8412 June'21
1 8412 87
0 -year guar 4e etfm Ser E..11152 M N
ig"
-7717
8
6518
705;
BONDS
N. Y. STOCK EXCHANGE
Week ending June 29
E•r;
2979
Price
Friday
Jane 29
Week's
Range or
Last Sale
g
Has
Range
Since
Jan. 1
A4 Low
High NO., Low High
Bill
7238 7112 June'23 --z
, 7018 78
Peoria & East let cons 4s
1940 A 0 71
22
21
23
33 21
30
6
Income 4s
199 jar. 21
050 A )
7
4
943 Sale 9412
4
Pore Marquette lot Ser A be
953
8 15 923 97
8212
79
19 77
1956 J .1 79 Sale 78%
let Series B 4e
Plana Balt & W let g 48
1943 M N 8614 9012 8912 May'23 ---g 881 9214
8
45
1 41% 49%
Philippine fly let 30-yr s f 4s 1937 J .1 41% Sale 415
6 94
94
94
9714
P C C& St L gu 4 34s A
1940 A 0 94
10 94
9412
9518
95
943
4
Series 13 41as guar
1942 A 0 94
9414
9414 Apr'23
94
95
Serie@ C 4 he guar
1942 M N 93
89% Feb'23
893 893
4
4
Series 0 4s guar
1945 M Pi
12 8912
Series E 334 a guar gold
1949 F A 9014 --- 8412 Apr'23 ---- 84
89
913
4
9112 June'23
Series F guar 4e gold
91
895 Mar'23
8
89% 89%
Series 0 4s guar
2 9212 44 8
9212
5
Series 1 COne guar 4aas
1 9337 1 N 9215 9.5
3F A
119113 .11 D 9114 -- 9212
9212 ___. 9212 May'23 ---- 9214 9212
Series J 4345
3 I 9339 9918
95% Sale 05%
95%
General Sc Sallee A
ll
99 Nov.
22
Pitts & L Erie 20 R 53____a_19921 iM DN
4
11967° A O
105 Dera22
10118
Pitts afeK & Y let gu 6a
1932 J J 9918
9514 June'20
20 guaranteed 68
1934 J 1
9714 100
9614 10012 991 June'23
altto Sh dr L la 1st g 5s
9518 ---- 100 Feb'23 ---- 100 100
let consol gold bs
98 June'22
Pitte Y & Asb 1st cons 5e
7 111:
19923 A j
11941° li
35 June'23 -- -- 35
385
Providence &emir deb 4e
7
1056 91 N
95 A4 s 3212 40
.
74% -- _ _ 88% Feb 18
Providence Term let 18
8312
8514 -118 82a 88
.
Reading Co gen gold 4e
J
1967 J 3 84 Sale
97
8012 86
85 June'23
8012 85
Registered
2 79
84
85%
84 Sale 8314
Certificates of deposit
81
81
81
8 80 86
Jersey Central coll g 9a
AO 80
19.51
Ftensa A Saratoga 20-yr (ie
1991 MN 10812 ;
-9813
4
Rich & Dan 58
1927 A 0 973 9814 -1181 June'23
72 Mar'23
74
68
slab & • ; eel( le; ., 58
tI
Rich Ter 58
P
. 9514 9612 9612 June'23
1
1
1946
1 52
84 May'23 ---- 9412 100
88
8
6
aro Or June let gu 5o
lred1939 J D 85
1
9
9
9
9
9
Rio Or S
t(uaraou let gold 4s
1910 .1 J
11 June'23
11
11
.
1940 J .1
7612 Sale 6114
757
8
692 2
7. 2
2
9
8
llo Or West let gold 48
68
Mtge & coil trust 413 A
1949 j 0 62 Sale
939 F. .1
741 738
7813 31 677438 81
;
0
,
Ft I Ark & Louis let 41-te
1934 M S 75 Sale 74 8 jan,2
74
Rut-Canada 1st gu it 4s
1949 J J 65
80
80
7
71312
0
,14 Apr'
0
7612 7712 8
autiand let cone 4 hs
5 6914 753
4
St 300.8 Grand lel let g 4s_ 141 3 1 691, 7712
1947 1 -1
9
9212
84
91
Apr'23
9 2
95
it Lawr & Agin' lot g 5s
8
1998 3 .3 863 9212 91
953
20 gold Be
0 971 - - - - 97% June'23
1996 A
4,
90
90
St L & Cairo guar g 4s
89
9012 90
9512 16 94% 9912
8
Eit L Ir 3,1 & S gen con g 5e
1931 j 0 947 95% 95
19: A 3
31
8 14
. 4
10212 July53
84
Gen con stamp gu g 5s
1931 A 0
io -87-34
82 Unified ea ref gold 48
1929 3 J 8412 85%
13 76
86
"63
Rick G Div 1st g 98
74% 763 76
99
June'23 ---- 96
S EM Bridge Ter gu g 5s
1933 MN
93 A O 9414 9714 9614
0
65
9t L& San Fran (reorg Co)48 1950 J J 6612 Sale
80
8014 Sale 6 114
8577
79 8
, 8
z6
0
67
8111 1064
:
Prior lion Ser 11 5s
_1950 J J
89%
7 87% 93
5348
4
893 Sale 89
1942 1
99
21 97 10018
Prior lien Ser C (is
9812 Sale 9812
.1928 .1
747 442 58
7012 80
6578
Cum adjust Ser A ea.__ 711955 A 0 713 Sale 70%
4
6718 637
Income Seriee A Os
6412 Sale 6318
51960 Oct
9 14 03
2
%
103
1 10,12 103
St I.oule & elan Fran gen 6s__1931 3
103 104 103
96%
97%
General gold 5s..
6 9538 99%
PM J .1 97 _
8212 8212
ljt L & S la RR cone a 4s_1996 J .1 8212
8212 Apr'23
91
Bouthw Div let g tie
_1047 A 0 8514 -- 91 June'23 -- 91
St L Peo & NW 1st gu 5s____1948 3
1003
4
101
4
1003
4
St Louis Sou 1st gu g 48
84 4
,
8612 Oct'22
f14
7412 Sale 7418
St L S. W let g 4s bond Ws_ _1 39 .14
7512 17 - 3- 784
1 8 MN
9
70
69
7012
67
2d g 45 income bond ette.v1989 J
70 June'23
7418 Sale 74
Coneol gold 45
7618 57 73% 78%
9 7312 8212
let terminal & unIfyleg 5e1932 i D 7312 Sale 7312
7512
_ 1952 l .
3 75% 8112
75% 75% 7512
StPauldr K CShL let4i4s_ 1941 F A
7512
9114 93
91
kt Paul M & Mau ste
93
91% June'23
1933 J
lot 0011801 2 lie
4 9
1073 10914
4
. ,4
8
10 0
4
1033 3 J 107°4 1_0_8_3 10 3 804823
Registered.
1933 J J
3
95
Reduced to gold 4 ha
96
95's
953
8
97 Aug'22
Reglerered ___ _ _ .
9 3 J .1
33
193: j .1
"ii 93
;
1
Mont eat let gold - -"66" 90% June'23
43
1937 J D
80 Mar'21
Registered_
1937 J D
89
Pacific ext guar 4e
84 May'23 ---- 84
72%
7312 16 7114 75%
9 A & A Pees 1st au .2 4a. _ __ _19 3 .11J 7212 73
19 j i
9
__
99
Santa Fe Pres & Ph be
9612 98
97 May'23 -13 97
1942 M $
7812 8314
San Fran Term! let 4s
4
1950 A 0 79% 813
10514 ____ 107 Mar'23 -- 107 107
Say Fla & W 6s
e.
55
9938 _ s .18: N 81 2:
8454
_ 2 58° 8‘ 3. 3
056 2 ui, v
0
8518 87
14
ado VANE lot gu g 9s__ _19339 NS g
99844 AA N
53
58
Seaboard Air Line g 4e
A0
1950 A0
9
5418
58
56
6 52
5418 55
Gold 46 stamped
223 3212
4
27% Salo 27
Adjustment ex
44121 30 39
46
43 Sale 4212
Refunding 45_. __ _
'A
194 ' A
1959 I O
1
364 375 6834 ea
2
672 1 7
9; 0
01
3
let & corm ele Setle-s A
1i94, j1 S 6318 Sale
02l", a 4
93 4 973
3
4
97
975
8
Seaboard & Roan let be
3914 J uny 2
96 2 m ae'23
3
36% 3712
Sher 55k So let gu g 58
19433 D
98 10114
09 101
8 & N Ala cone gu g 5e
98%
9612 9978
Gen cons guar 50-yr 55. ___193610 O 96113 99 98°4
1 63 .1 A
8212 51 7712 85
So Pac Co-4e (Cent Pee "01) 411(41) J E 80 Sale 80
9114 255 9014 92%
91 Sale 9012
20
-year ennv 40
g1929 M 8
9814
98% 100
10018 21 9814 10212
20-year cony Is
1934 J it
10114 10114
So Pac of Cal-Cu g be
10112 - -- 1: Ap8r52338
8614 8814 88, Jnne 23
4
90 Pac Coast let an 40 g
8814 891.8
1 3
1937 3 1
C1: J'1 i
60 83 8812
84% Sale
So Pee RR 1st ref 4e_ __ .
1955 J
75 92% 9814
911
9512 Sale 9
Southern-let cons g 513
1994
93 May'
9014 93%
23
Registered
4
8
68% -1461 6614 6912
Develop & gen 4$ Set 4_1994 j O 673 sale 663
1956 A i
100 8
3
1015 137, 100 102
8
1007 Sale
8
Temporary Ohs
943 June'23
3
90
97
Mom Div let it 4 ha-be__19913 JJ 94
6
195 A D 7718 95
Sale
75% 81
St Louts MY let g 4e
78
714
9June'23
77%
97
9814 99
993
4
So Car & Oa let ext 5 ha
1929 1 1
:
9
83 May'23
82
8312
flpokano Internal let g 59
1955 3 1
80
our20
Staten Island Ry 43
-Se
92 May 22
.
Sunbury & Lew 4a
14 j 1:
1030 J 11
4
.
Superior Short I. lot Se g__ _ _41930 M a 953 - - 95 May 18
1 9212 95
'J3
Term Assn of --t L 1-1 g 9,88_1059 A 0 8914 9414 93
9712 96 June'23
96
89
lot cons gold 5a
11454 J A
143 F , 95
79
81
80 June'23
77
82
Gen refund e f g 4s. .
0% May'23
893
8
- 9
Toad, N 0 con gold 58
90
903
4
22
3318 DecTexas & Okla let gug 58 .__ 19 3 1 S _
. 1%.1 i
943
5 9Ol[ 96
Texas et Pa st gold 55
5134 93
0 8 3 auny 2
54 4 l e 3
2
:
4012 54
2d gold income 58_
( V, p 88
0
_ _ 20)I ar 92 60 99'2 j a 9211
La Div D I. 1st it 50... __. 1931 J 3
885 92
8
Tol & Ohio Cent let gu 5a_1935 J 1 9714 9812 9712 May'23
963 9834
4
9158 9812 9339 Apr'23
Western Div let g 59
92% 96
1935
893
4
General cold 58
87% 9134
. jj
.
.3
1
h._19 ' g 8934 Sale 894
1
2 30
0
4
2132 0 34 9434
9814 3
Tol Peo & West 4s
32
Tol St L & W pr lien g 3
June'23
9318 95
_ 95
10 6818 75
50-year gold 4a.._
1950 A 0
Tot W V & 0 gu 4 he A
9514 9514
11131 J 1
9ji 976112 95'81 4 june9' 2
963's
9°58 J ' 3
Series is 434a
95% 961a
23
2
844 ---_ e6711 e•oy'22
Series C 48
io 7812 82
Tor Ham A Buff let a 4a.. _11 9 9923 31 12 80 Sale 80
80
1 436 8 1j
95%
99
9418 May'23
'Niter & Del let cone g be_
1928 1 I) 948 96
66
70
let refunding g 48______ _ _1952 A 0 5612 67
70 Mar'23
8814 93%
82
99
•nlon Pacific let.48 _____ _1947 .1 J 903 Sale 0014
4
4 8813 92
94
89
Registered
88
78 9414 98%
2 -year cont.
0
927 J J
.__. _._ 1947 j j
813 Sale 814
937
: h3 947
let & reloading 4e
867'4 59 8018 88
9
38
a4
10414 16 100 1053
10
-year warn secured els g26 J.11 10314 104 104
_ 8 M 8
90
1' N 3 RR & Can gen 4a
9314
9 : 9112 June'23
:
89883144 :
1944M El 90 :2
0078 Jan '23
•. & Nor goal as
an
9912 997
8
91
9112 Apr'23
let extended 4e...... ._
91%
1033 JJ1
92114 i1
Apr'22
_
.ndalla cone g 4a Ser A__ 1955;F A 883 ---- 86
4
85
87
00111391 4 Scrip, D.. _19571a4 N 81 - - - - 95 May 23
e
ur 2
2
34
3712
,__ _ ... :Li JAne; 3
' Cruz & F let KU 4he._1934,1 J _3
9115
31
5
34
45
July coupon on
.
July coupon off
____ ____ ____
-o[o;
96112
1:4
•
67
1028
• No price 1"riday,1 It eat bid and asked this week. aDue Jan. 5 Due Feb. g Due June. h Due July. k Due Aug. o Due Oct. V Due Nov. g Due Dec. 3 Option sole.
New York Bond Record—Continued — Page 4
2980
3.•
BONDS
N.Y.STOCK EXCHANGE
Week endIng June 29
Price
Friday
June 29
Weer'
Range or
Last Sale
g.
tn
Runge
Since
Jan. 1
High No.' Low High
Bid
Ask Low
98 Mar'23
9814 98 4
Verdi V I & W 1st a bs
,
19261W 8 98
Virginia Mid Ser E 52
9818 9884
1928 M 8 9918 9834 981s May'23
91%
93 9728
9718 June'23 General .58
92
3 92 9314
Ti & So'.'n et an Se
2003J N 92 9412 92
3 191 J
9
77
2 7538 81
let cone 50
7815 77
-year be
1958 A 0 76
23 9012 98
95
Virginian 1st Is Series A
1962 Ill N 9413 Sale 9112
955
13 98 944 99
8
Wabash let gold 5e
1939 IN N 9438 Sale 943
85
17 83 9214
85 8313
20 gold Is
1939 F A 84
71
67
71 June'23
let Ben 50-yr g term ile
1954 J J 6734 72
Det & Cla Ext let g 511
1941 .1 .t 86 10018 94 Mar'23 ---- 94 91312
733 Jan'23 ---- 7314 732
79
Dee Moines 1 lir let g 4
1939J J 67
8
63%1
1 83 0614
Om Div let g 3.45
1941 A 0 63% Sale 833
4
4
Tol & Ch Div g 4s
8
1941 IN S 7112 75 722 APr'23 ---- 723 727
Warren 1st ref gu g 3to
7028 ____ 744 Nov'22-..
79 June'23
86
Wn Cent let gold 4s
a
s 7413
2
983s June'23 ...3 973 9312
8
W 0 & W let cy au 4e
1924F A 983
Wash Term 1st au 33is
1945 F A 7714 7972 79 June'23 __L_ 7512 7912
8512 8512
,
,
let 1.0-year guar 4s
1946 F A 81 8 ---- 85 2 June'23
W Min W & N W let au 58.-1930 F A 76% 80 8712 Mar'23 ---- 8314 89
31 60 653
61
4
West ,aryla d 1st g 4s
1952 A 0 60 Salel 60
3
Weet N Y & Pa let g Ile
1937J J 9534 98 95 4 June'23:---- 9512 100
7518 10 7314 8312
Gen gold 49
....1943A 0 7413 77 7314
90 I 43 7812 86
Western Pac let Ser A 5c__. 1048 ra A 7912 Sale 7912
92141
2 9134 95
92
B 63
1946 WI S 8912 92
2
8
78 1 26 77 837
Zest Shure let lie gu.a
zatti .1 2 78 Sale 773
7512 7978 773 June'23 ----' 75 82
4
Registered
2361 J J
4
9834
8 97 99
Wheeling & L E 1st 2 5s
1926 A 0 9712 99 983
9838 99
Wheeling Div let gold 55_1928 J 2 9412 ____ 99 Feb'23:
8
Eaten & Impt gold be
1930 F A 8918 973 95 June'23----- 95% 95%
4812! 1 48 62
Refunding 45s Series A....1986 M S 4012 4812 4812
62 61 June'23,---- 57 8518
RR let consol 4s
1949M S 61
54 1
5 50 60
Wilk & East let gu g be
1942 J D 5112 5412 53
101
Jan'23 ---- 101 101
Will & 8 F let gold be
1938 J D 9838 _
78 8112
WInsum-Salem 8 B let 4s_1960 .1 J 7914 80 80 June'23
8
7614
8 74 82
Wis Cent 50-yr let gen 4e
1949 2 .1 753 Sale 75%
7612 10 75 80%
Sup & Dul dlv & term let 4e '38 M N 7612 7714 7612
4
65 May'22
W & Con East let 4 Ns._
19432 2 543 .
INDUSTRIALS
80
8 80 80%
Adams Exprese coil tr g 45
S 80 Sale) 80
1948 IN
9412 Sale 9412
95
8 9412 9912
Alai Rubber Sc
b
7
5
5
6 5
8
Alaska Gold M deb 6e A
1925 j D
9 9 111EI
3
5
612 5 June'23 --„ 5
814
Cony deb 65 eerieeB
1926 M 8
94
51 9212 9728
92
Amer Chain 631
1933 A 0 984 Sale 92
9912 96
9612 20 96 10012
am Agile Chem let be
1928 A 0
9912 212 9634 10434
let ref e f 75ie g
1941 F A 97 Sale 97
63
281 59 8012
1931 IN N 63 Sale 6212
Am Cot Oil debenture 59
_
Am Dock & Impt gu fie
1938 J J 10614 ____ 10578 De3'22
8814 ICI, -88 - 8
9071937 A 0 8612 8834 88
Amer Republics 6s
1947 A ( 90 Sale 89%
5 3•893 & R let 30-yr Be ser A
° BA 0 1003s Sale 100
10 38 11 4 9 % 10234
13038 241 8918 2
)
4
2
fie
102 Sate 1018
4 102
120 1004 104
American Sugar Refining (is. 1937
92
104 907 924
8
4
Am Telep & Teleg colt tr Ca.. 1929 J .1 913 Sale 9118
8738
2 86 90
1936 m e 87% Sale 8714
Convertible 4e
1933 M F ---- 10278 10132 10138 10 400 10213
20
-year cony 43ie
97
139, 95 .101
1948 J 5 9812 Salo 96
30
-year temp coil tr le
,
1925 F A 11414 Sale 11414 116 8 33. 11312 11712
7
-year convertible tle
8514 42 82 8612
1934 A G 8412 8512 6412
Am VVat Wks & Elea 51,
6812 22 6712 8512
1939 J J 66 Sale 68
Am Writ Paper s f 7-8e
977 548 96
s
9818
1953 F A 908 Sale 96
Anaconda Copper 6e
4
4
1938F A 9914 Sale 9918 1003 023 991s 1043
75
4
83 4 91 82 90
3
Armour & Co let real est 4tie 19392 L 823 Sale 82
29
4012
Atlantic Fruit cony deb 7e A.1934 3 5 34 40 3412 June'23
35
29 29 3912
Trust certificates of depoelt___ ___. 33 3412 3312
2812
30
6 2312 44
stamped
do
. 98 Nov'22 -.Atlanta Gas Light 5s
19472 D 957
36 . 61 -5 98
9712 Sale 9712
Atlantic Reig deb 5e
0
3
9!0 4
.. .
9
3
1937 J J
0
9 100 103
Balder Loco Works let bs._ _1940 IN 1 1 01e 101 101 • 101
107
1
98
narnaduli Corp a r3....n3. 9% A 1931 J .1 9734 Sale 98
9712 178 954 9912
Bell Telephone of Pa 53
1948 J J 9612 Sale 981s
98 99 98
99
9 9734 9912
ueth Steel 141 ext a I Is
1926 J
9612 11 91
97 8
,
19421W I"
, 92 9412 9414
1st & ref 53 guar A
8912 Sale 88
88% 32 87 9312
19362
20-yr p m .4 imp s 1 be
9812 Sale 98
99
42 98 100
1948 F A
be A
763
Bale
1953 F A
5tis
1928 A 0 89
Booth Fieheries deb e f 8s.
9709 Ma9r.123
%
4 e58 977 1033271
80%813 752
99 3
7
:
s 0
Braden Cop M con tr if 6s-1931 F A 983 99 99
2
8
93s 89 915 983
1942 A 0 9312 Sale 92
Brier Hill Steel let blis
6338
4 6112 69
B'way & 7th Ar ist c g 58.-1943 3 D 62 Sale 6112
83
2 83 88
1941 J .1 83 8413 83
Brooklyn City RR 5e •
96% 31 944 99
Sklyn Edison Inc gen Si A 1949 .1 2 94/2 Sale 9418
2 10012 1043
4
1930 J 3 10314 104 1034 10314
General Batteries B
8 105 10814
1930 J J 10514 10612 10512 10612
General 7eseries C
3* 106 109
1940 2 D 109 Slue 10818 109
General 75 series D
66 Mar'23 --- 58 66
Skin Qu Co& Sub con tad 68_1941 MN 804
___. 7912 Nov'22 let le
70
3 55 -79
70
'
Srooklyn Rapid Tran a be_ _ -1 131 A 0 7014
1 5I
Trust certificates
71
0
60 63 6
6
71
0
174
31
let refund cony gold 45.._ _2002 J J
.
89
90
8 87 99
S-yr 7% secured notes___31921 J 1
88
15 85
9512
88 85
Certificates of depoldt
....... ---•
8818 June'23 ---, 89 954
Certfe of deposit stamped-- -- ---6 8014 85
8112
1950 F A 80 83 81
/Alva Un El let a 4
-be
81 Sale 81
82
7 81
843
Stamped guar 4-5e
95
15 9312 100
Bklyn Un Gas let cons a 58_19 9 9 N 9472 Sale 941s
8
1945 M A
10714 1087 10
8 8
108
5 10712 1167
a
V.
• 1932 M N
10112
8 1004 10912
let Ilen & ref 0 Series A
1947 MN 101 Sale 10034 101%
109
7 10734 117
75
1929 M N 109 98 149
9112
9112 10 9112 9112
Buff & Sum Iron s f be
1932 J D 93
80 87
Bush Terminal let de
1952 A 0 797 ____ 8234 May'23
823 83% 84
4
87
3 825 8912
8
Consolbs
89 sale 89
8984 10 85 9354
Building 58 guar tax ex-A98 3 13
8
- 1980 A .1
7
95112
1 9412 9814
Cal G & E Corp 55
1937 M N 94 964 9512
98
984 99 94 99
Camaguey Bug 1st e f ic 78 __ -1942 A 0 934 Sale 9712
9378 933
2
944 14 9212 974
Canada SS Lines let coil a f 7e 1942 M N
101 Sale 1007e
10112 17 100 10312
Canada Gen EJec Coils
9912
2 97 100
9813 9812
Cent Dist Tel let 313-year 68..19 2 J D
194 F A
43
2
90
,
3 87 9914
Cent Foundry 1st a 188. . 1921 A0 88 89 4 81
g52 _1 3 A 0
95
91
50 9814 1004
9814 Sale .9014
Cent Loather 20
-year
120 11612 150
Cerro de Pasco Cop fie
1931 J J 117 'tale 11612 124
Ch0L & Coke let au a 191-1937 J .1 9512 Sale 94 June'23 --, 94 904
7712 773 7712
2
8012 43 7614 837
2
:Mime Rye let be
1927 F A
4
9912 10013
Chicago Tel 5s
1923 .1 D 997 10018 997 June'23
4
9934 158 96 10314
9812 Sale 973
Chile Copper Osser A
1932 A 0
s
9734 36 9618 99 4
967 9834
3
tJulcIn Gas& Rice let& rot os 1956 A 0 96
9712 9718
9738 18 9612 . 9812
53is Ser B due Jan 1
A O
Ill FA 96
88 8712 88
88
5 8514 8912
Colo F dr I Co gen e 1 fie
75i2 25 75 7912
Col Indus 1st & coil Is all_ _1934 F A 7812 sale 75
2
983
4 26 95 9712
Columbia GA E let 5to
1927 1 J 9612 967 96
96
19 9518 97
9538
Stamped
1927 J J ____ Sale 9.512
1712 15 June'23 -- -1 14
20
Col & 9th Av let go a 58_1991 M S
925 June'23
8
92 93
Columbus Gas let gold 58._A932 2 J
7512
7 70
7018
7018
Commercial Cable let g 4e_2397 G 1 ma 71
8818 14 134
5914
1947 MN 8514 Sale 8514
Commonwealth Power 65
10014 15 9312 10112
8
3
Comp Azu Barn 71.e s._ ..._ 1917 J J 10014 1003 100
7 95 • 9918
98
9934 963
4
ComputIng-Tab-Ree 5 f ile_ _ _1941 J J 96
612 June 23
7612 87%
Conn Ry & L Ist & ref g 4 . 1951 2 2 7712 _-_- 7
6,1
2 7612 8314
773
2
7713 Sale 7712
1951 J J
Stamped guar 4i44
8714 38 844 90
Cone Coal of 1115 let & ref 54_1950 l 0 87 Sale 861g
9512
19311 I 1 9113 9512 9512
1 8912 95 4
3
Con G Co of Cb let gu a En
8914 170 8413 9212
1952 M N 8914 Sale 88
Consumers Power
9914
2 981s 993
1931 MN 9914 Sale 9914
4
Corn Prod Reg e f g 58
0 98 101
8
98
1094 al N 98 98 9
lat 2a-year a f as
98 8912 89
89
Crown Cork & Seal Ile
54
35 887
4 ;
i1
838%14 , 8 12 99984
9
8712
82
5 2 Sale
3
1943 3 J
Cuba Cane Sugar cony 75-19 0 F A 9018 98le
Cony deben stamped 8%_1930Ji
1
,
Cuban Am Sugar 1st coll 8s._1931 tei S 105L4 Sale 19512 10612 19 10512 10812
01 12
9112
4 91
9414
1937
J
Cumb T & T Ist & gen lis
18,72 ta A
2 2:
BONDS.
N. Y.STOCK EXCHANGE
Week ending June 29
113
Price
1
Ween's
Friday
Range or
1%
..-.4
. June 29
Lars Sale
1 1,
33
sante
Riu
13
3
Jan. 1
4
Bid
AM Low
1900834.2167 I14 4 I
HWh .; . Low High
0
e50
'2
Denver Cone Tramy 5a
51 NI2 -8'4•-" -8 " 89473'42 Jun8 52 ---i ---.4009;13i:2
33 A
930384. .
24
.
4
53 57
8
Dent Gee & EL 181 & ref ef 5 5519'
72,
8
89
91
,
32 lee 9223 4
Dery Corp DO 75
be2_119942 142 s 80,4 te 1 7712
1 94303 M i3i 998„,2 sas il
Detroit Edison let coil tr
lat & ref 6s ger A
0: 102121 4t, 181 184
41
0138 31
8
8
let & ref Os series B
5
21940 M 8 184,4 3;5/2 1813
0
2 0
Bet United 1st cons g 4 A a_ ... 1932
4
11(173 4
Diamond Match a f deb 7;0.1938 M N 1053 Sale 105% 10061148
5012 14 48 84
Distill Sec Cor cony let 13 58-1927 A 0 48 53 1 44
5118 June'23 -- 49 64
Trust certificates of deposit_ ___ ___ 48 50
853
9,
8812
8014
9 go
Dominion Iron dr Steel 5s
1942 j 1 8812 sme 80
19 J 2 79 7918 8612
43
6 44
Donner Steel 79
520281
1
232
23
E I du Pont Powder 4 tie__ _1936 3 D 6 ---- 86 M11Y. ---- 18: 90
8
8734
904
6
45
'0 1
05 814 111 4
du Pont de Nemours & Co 754e '31 61 N 10712 Sale 105% 10734 90 10138 10 1
9
09°19383884122
tiquesne Lt let & coil 85_1939 2 2 102%_.113 10
1940
.11
10
4
7 9
1
8
Debenture 734s
/12 541e 0712 101 1 13)
East Cuba Sug 15-yr5 f g 754e1937 M S
:
9
7 9112
8
Ed El III Bkn let con g 48-1939 J J 87%
8612 Aa r 2
9
9
- 100 M py 23 -_-_:: 8
Ed Elec III let cone a be
100 103
199.5 J J 91 hi
Elk Horn Coal cony 138
1925 J D 9312 98
.;mpire Gas & Fuel 714e1937 SI N
En 0 Light 5s
1932 IN S r.;0y789, -3.
e 8
99497
lY.
894
58 0
-- 939
1941 M S ‘" Salet14 a 104:12 '1791la0 2.22: i .-1-9 1841'83 1058112
998 3
Flak Rubber let s f 153
7018 Mar'23 -- 7018 7013
et Smith Lt dt Tr let a 58_1930 r6 8
8712
9014' 49 8314 932
Frameric Ind & Des 20-yr 7tie '42 1 2
4
3
103% 13 9914 103
1942 M N iieil- 5:tle 100
Francisco Sugar 7tie
Jas & El of Berg Co cons 851 1919 J D 91
- 10113 Jun8 241:::_ 9 28 1 0:
2 8 34a'3 . 2 11 0 2
2
e0
r
7 , 9 8
9
9 81
3
General Baking 1st 25-yr 89_1936 J D 100% ide.112
Gen Electric deb g 3345
1942 F A
.
7
s
7
9912 103
Debenture be
1952 M S 111412 8 it 100
97 101
GenRefr let a f g 85 Ser A-1947 2 A 99983,3
1952 F 2
Sale 9913 1005 115 9912 10134
8
Goodrich Co 634e
11612 57
Goodyear Tire & Rub let e f lis '41 M N 118 11412 114
1
8
8 9
4 421
1,:2 1: 9998912 1100
;,
3 15
09
10
-years f deb a Ss
51931 F A 101::6331e 19881 : j2.288,20 42 1:::2:2 903283 10218
9211
Granby Cone MS & P con (is A 2 he s
19 8 m N
'3
8612 _
Stamped
.
Cony deben 85
1925 Ill N 90 i5 93
90
Gray & Davis 78
_1932 F A -....,- 99
_
2 221.-.1 97 100
4
treat Falls Power let s f 58. 11146 M N 8
62
144 - -,- 983 June 9
Hackensack Water 4s
1952 J J
90
9 23
'
davana Bloc consol g 55
1952 F A 93.1 112 8213 81882 --8434 2 98934 84214
3 /1713 995
8
1
Havana E Ry L dr P gen 513 A _ _'54 M S 8334 Sale 8418
67 98 100
Hershey Choc let,f g 8s--- 1942 M N 9238 dale
954
8514 40 852:44 92
98
98
1 9853 955%
1,
1Sale 8734
6
4 9
Holland-Amer Linens Wan-1947 M N 8
9j
Hudson Co Gas 1st g 5e
1949 M N
4 ,,
98
078 5 le
107 9714 99
Humble 011 & Rattling(Dm 19323 g 97, 6ale 9714
Illinois Bell Telephone 58 w1-195,, J D
1946 A o
0
8
9314 91 9 4
9138 553 8818 90 8
9848 ' 7
3 9 864
Bawls Steel deb 434e
i -8
79:8
5
Ind Nat 0 & 0 5s
1936 IN N Z iii18 79,
99
99% 37 99 10112
Indiana Steel 1st be
1951 IN N
Ingersoll Rand let gold 519_1935 2 J
soterboro Matron coil 041_1956 A 0
Apr'13 ---Certificates of deposit
Guar Tr Co MN 16% stamped--1-1-4 8a1-1- 1 NCW.4 .: 7 . 9 60 2 . , 51;4
.
8- 9
6 1114841 886 553118 72 1
5 1 196174;
tnterooro Rap Tran let 5e___1986 .1-;
2
51 5914 7 :
73 55 7 1
3
2
Stamped
10
-year 68
1932 A 0 288
6012 SaSaie :
' salee 8 ::
l
858 3
884 64 8612 9434
862
4
Te
1932 3,1, S
59%
Int Agri° Corp let 20-yr 55..1932 IN N 59% Sale 09%
,
8
84 2 _22 713872 8
82,
5 882714 9
.. 8 8 88,8
62 9
0
1
Inter Mercan Marine a f 85_ 1947,0 89 611.ie 2 81,
9 i A 2 71% 84l 79 4
4
International Paper 58
1947 j j 18 8 Sale_ : 8 1342
,
f8
82
83,
4815 4 28834
let & ref 58 B
Jeff Clear C & 1 1541
1926 J D
iii- 741;
lumens Wks es Mat erice).1947 .1 .1 8164 ail;
etas
9012 6 87 91
7
8
Kansas City Pow & Lt En
1952 11 /3
19
7
5
41 934 964
1952 61 S 102.1, 68.64lite 94
Kan G & El 6s
994°4144 10378 IU3
03
Kayeer & Co 7s
1941 F A 10438 sale
105
1
20 103 1013
1 135
4
1931 IN a.
Kelly-Springfield Tire 8s
---9413
Keystone Telep Co let 59.......1935 3 J ---CoEIL&Pa 5e
Kings
912 9 18 1 U97 .u111Ye 13 ---.._-_ - 4 178 - .15 •
8
3 i:221
1t e
j '
:
15 i 1$
Purchase money 68
11999377 54 09 18
(
0118 111 1043 June'23 . 1013 103
_8 72
_8
3
4 14
8
4
38
1925 M 6
Convertible deb 65
Hinge County E let a 45-1949 F A
64 70 2 104.1987r ---i
, 79
;t3
1949 F A
Stamped guar 48
7514 June'23 ---- 7514 801a
°
Kings County Lighting 58.-1954 .1 J - - 7
_.12
9712
2 96 101
9i12 98
97
1954 J 1 101
6145
10138 102
12114
9914 10212
1936 1 13
Kinney Co 734ii
894 Sale
9
41 88 9212
Lackawanna Steel be A__ _1950 IN 8
88,
90 8
93
17 901s 96
t4to Gas L of St L ref & ext be 1934 A Cl
Lehigh C & Nay a f 4 J4e A._ _1954 1 I 9'il- 9
(8 le2 9t 8 May 2s .--- 8812 101
9998
1
l
ti:8
901
3
99 2 314
02
Lehigh Valley Coal 5e
1933
83% Oct'21 --- .-----1933 2 J 89
413
38 — 44 Feb13 ....1- 44
,
W
-0
Lea Av & P F let au a 58-1993 M S
171s 11712
15 118
5 112 118
Liggett & Myers Tobao 78_ _ _ 1944 A 0 19714 8812
1951 F A 11572 110
59
2 132 12 3
14
5
1212 16 123% 12 4
54
1 11 4 4
1944 A 0
Lorillard Co IP) 7e
21 190 1271
22 1318 9 :
0
1951 F A 95 Sale
Sc
10
8
,
18
3
slagma Cop 10-yr cony a 7s 1932 J D 110 Sale 9712 19932
65 l
46 9612 101
1942 A 0 96097211,4322 8a1e4
Manati Sugar 7F45
4auhat Ry(N Y)cones 4e._1990 A 0 58
823812 Jun983 _2_ 521 6628
54
8124 _7 8 1 9 74
e 148
3
3 9
, 84
8
2d 441
2013 1 D
Sale
Manila Elec 7s
1942 M N
8212 sa.; 9998826627a1a422
99 __i_
-_-_____ 1806:4 19091:
Ry & Lt a I 53_1953
.2anila Nice
Aarket St Ry let cons 138
1924 M S 9212Sale66
83
9 4
f
434
1924 A 0 90 Sale 262i
5
-year 6% notes
%
990 4 1992 ' 27 / F
2
27
%
8
10 109 161%
Maeland 011e f 8s wit') warnte '31 A 0 120 125
10514 12 1027 1074
71 ,2 a 59
without warrant attached__ A 0 10418 103 04
118
7tie liter B
1931 F A 114 Sale
913 1017
4
3
mdrthanitliout warr
e o w se a m ire
Exls 78._1942 D 9818 Sale
aueh
918412
999111 71 9
7
14 6 9 %
8
97
98
Metr Ed ist&ref g 6sBer B..--1052 1. A 95 97
June'23
- 9513
98 9612
1953 J D
Metr Power 88
10818 129
9
Mexican Petroleum s f 88—.1936 M N itii sale 0
9%
99%, 5 99% 100
Mich State Telepb let be__ _ _1924 F A 99% Sale 9
Midvale Steel & 0 cony a f 53_1936 M S
8
8
2 23 _832 8%12 8714 June738'__37 8814 90
1936 --__ 8514 8
Certificates of deposit
.111w Elea Ry & Lt cone 868.1926 F A 9812 9914 99 Juue'23 ...-- 98 994
8
Refunding & eaten 4545-- -1931 j J 8808 89 8912 May'23 ---- 883 9112
14
9543 1 22, 88;42 99491
9981,4
91
4 ,:
3 9893212 9,02 2
47
91 8 2. 93112
e
1951 J D 8214 . 941 ,4
Gen be A
:
3
1961 J D
let 55 B
941
9
1917 M N 9412 8818 2 94
,
Allwaukee Gas L let 4a
qoutatta Power let be A
1943 J .1
8 4 .
:3
8
lontre.al Tram let & ref 613..1941 J J 8812 Sale 831 AD2 L4 _25_ 1 88 91
791g 18 7312 8784
1939 j 3 784 79
73 2
Morris & Co let s f 434i
1966 A 0 -,7.:- -H12
Mortgage Bond 4s
1932 1 0 V4
as.
,
63
1%1
11 4" ,
-1
gi
Mu Fuel Gas let en a 5s____1947 M N 90% 94 ? 11
1941 sa N 9314 . .. 10112 Sept'171--- -1 --_-- - ,
6iai
Mut Un atd brie ext 5%
57
113
5 211
,5 11._., 998 387154:
9
7
NAmeA i m e euar gold 46—. 931 3 o ____ ____ 908 june9813 . 574
4at sic l.;le;,,is
1‘ 1 2 l
8
--------6
;8
4
Nat Roam & Stampa let 5e 1929 J 1.) 953 ---9 _a e
4
Nat Starch 20
-year deb 58.- _1930 J J 9das 8_l_ _ 96 dept'21,-- _
9814' 10 ii- Will
98
Tutu^ let :Se . _ _1952 111 N
VotIonal
5l
97 1 114_ 9512 100
, 7
8
4
79
New England Tel & Tel ile -1952 2 0 962 Sale
964)
eb 2 , .....
few On Ry & Lt gen 4M -1035 i 2
4
L .- I
N Y Air Brake 1st cony 86_1928 IN N .10218 il5i3 102 June'23 _ _ _ ia905 t:
12 J1112e'22
12 10912
1951 F A
N Y Dock b0-yr 1st a 45
7
8
--69 08
781
4
''.7 Y Edison 1st & ref 8 tie A.1941 A 0 108, Sale 10
sve 22 9512 100
19482 D srs sale was
NYGEL&Pg 5s
813
8 14 791s +3314
1949 F A 8108 Sale 8108
Purchase money a 4s
'4 y Mtinic Ry let 5 f be A_1986 1 .i 80 _ _._ 82 June'23 ____ 70 82
3
e2 3 396300121:
'
2
99
33:
1930 F A .9508 9612 967 J1111331 181.-2ioa 96
NY Q El L & P let g 4s
4 Y Ra let R E & ref 4e -1942 J I
Ry
3 4 Sale 3134
3 8ale
941
2
Certificates of deposit
01942 A 0
10-year adj Inc as
3 Sale
3
9 341 3 9
3i
0
14 , 971a
1 3
2
8
77
,
33
OertIncates of dePoal/---, :_ _
6234 lb 60 69
N Y State Rye let cone 4348.1982 m N 60 61 60
f928
1062 M N 90 9238 90
93
11 93 98
NY Steam let 25-yr tie Ser 11-1947,M N, 93 94 93
• No mice Erittay; latest bid aua asked. a Due Jeu. a Due April e Due Mar. e Due May. 0 Due June. 5 Due July.6 Due Aug. 0 Due Oct. g Due Dec. 8 Option sale.
JUNE 30 1923.]
TELE
New York Bond Record-Concluded-Page 5
BONDS
H. Y. STOCK EXCHANGE
Week ending June 29
a
Pries
Friday
Jane 20
Week's
Bangs or
Lout Sale
Pat.
CO
Rang*
Since
Jan, 1
Nigh No Low Nigh
Ask Low
Bid
9314 51 9053 94
93 Sale 93
X Y Telep let & gene!4348_1839 MN
106% 45 10314 1083
8
F A 106 Sale 10514
, 30
-year deben s f Os__ -Feb 1949
10412 82 10214 10714
20
-year refunding gold 8e__1941 A 0 10114 Sale 103
8
6 9514 101
998
8
Niagara Falls Power let 55_1932 ▪ J 993 Sale 993
10438 13 19112 19 12
7 0
6
05
9
4
01932 A 0 1018 Sale 1033
Ref & gen Os
99
99
9914 100
NW Lock OC 0 Pow let 58_1954 M N
96
92 4 81 91
3
1952 M P 91% Sale 91
Ho Amer Edison 85
9312 15 90
95
4
1947 M 8 923 Sale 925s
Hoe Ohio Trae & Light Se
90% 35 8753 93
Her States Power 25-yr 55 A _194 I A 0 9012 dale 898
10014 12 983 102
lst & ref 25-year es Ser B 1941 A 0 100 Sale 100
4 46 10714 108
Northwesta2 Bell T let 78 A_1941 F A 10712 Sale 10712 1073
913 May'23
8
9138 913
90 8
3
NorthW T let fd g 4t4o gtd 1934 J J
4
10418
9 101 108
Ohio Public Service 745___..1946 A 0 10212 102% 1023
7 100 10514
101
1003 10014
4
75
1947 FA _
9312 11 923 96%
4
932
9312 94
Ontario Power N F 1st be__ _1043 F A
9312
2 93
96
9438 93%
93
N
Ontario Transmission Is__ 1942
9912 13 97% 10115
Otis Steel 88
1941 F A 9918 Sale 99
10 9114 947
93
8
let 25-yr at g 74s Ser B
1947 F A 92 Sale 92
9112 24 8812 9314
Pacific0& El gen dc ref Se__ A942 J 3 9114 Sale 8812
4
913
4 23 89% 94
913 Sale 913
4
Pao Pow & Lt let & ref 20-yr 5s'30 F A
96
40 95
j 9134 9512 95
9912
Pacific Tel & Tel let Is
1937
894
9114 57 88
9212
8914 90
55
1952 MN
4 10312 20 102 1052
• A 10312 Sale 1023
Pan-Amer P & T let 10-yr 7e 1930
Jan'23 --__ 94 94
9414 94
Pat & Passaic G & Elcoias g Is 1949 MS 93
106
2 105 108
Peon Gas & C let cone g 6s_ A943 A 0 105 Sale 105
90
35 87
94
8913 89
Refunding gold 5e
1947 MI 89
1007
8 43 9853 10112
1944 F A 100 Sale 100
Philadelphia Co Os A
732 28 6914 824
Pierce-Arrow 8s
1943 M S 7018 Sale 6914
85
86
3 85
98
Pierce 011 sI 8s
1931 J D 8414 86
j 90 --- 90 June'23 ---- 89
90
Pleasant Val Coal let g If 58_1928
945
9012
2 90
Penh Con Colliers lets I 56_1957• j 9012 Sale 9012
93 4 Apr'23
3
_- 9312 9512
Portland Gen Else 125 5s
1935 • j 9218
865 June'23
8
8414 88
MN 86% 88
Portland Ay let & ref 55
1930
837
8 11 82
83 Sale 83
86%
Portland Ry Lt & P let ref 58 1942 F A
943
20 94
9612
1947 ▪ N 94 Sale 94
Be B
10415
2 1037 107%
,
8
let & refund 74s Ser A.. 1946 Si N 104 3 10514 104
10212 17 1017s Mir
1931 SI N 102i2 Sale 10214
Porto Rican Am Tob Is
Prod & Rats f 88(with warnte)'31 J D 120 124 126 June'23 ---_ 123 13312
10512 27 10512 108%
13 81
88
without warrants attached_ • D 105 Sale 105
8412
Pub fiery Corp of N J gen 5s_1959 A 0 8312 Sale 8312
332 104 124
8
111
Punta Alegre Sugar 78
1937• J 10812 Sale 1072
3
71
866 668 74
67% Sale 66%
Rapid Tran Sec 68
1968
93% 26 907 98
8
9212 Sale 9212
Remington Arms 65
1937 M N
934 9312
94
18 89
9014
Repub I & 8 10-30-yr Is s f_19411 A 0 90
,
898 18 88 8 945
545
1953 j 3 ____ 88% 888
9612
9 9612 99
Robbins & Myers 5!78
1952 J D 9612 Sale 96%
91
Jan'23 --__ 91
91
90 _
N
Roth & Pitts Coal & Iron iret._1948
8734 June'23
8712 93
- tki
Rogers
-Brown Iron Co 7s
1942 M N
78 June'23 - -- 77
7814
St Jos Ry, L,H de P 64
1937 MN
85% Dec 22
St Joseph Stk Yds 1st g 446.193o J J
8113 June'23
80% 83
-8412
St L Rock Mt & P 53 etmpd_ _1955 J
62
- - 60 June 23 .-__ 80
St Louis Transit 5e
1924 AO
fdPi2 Sale 10014
7 100 1022
1003
4
4
Bake Co 75
1957 M
933
4
St Paul City Cable 5e
1937 J J 9134 9318 92 June'23 __-_ 92
91
90
94%
8 90
9112
San Antonio Pub Ser de
1952 J J 87
4
28 97 104
99
Sharon Steel Hoop let 8s ser Alif4 MS 983 Sale 984
10014 13 997 103
8
Sheffield Farms 64s
1942 AO 100 Sale 100
87
30 8213 8712
87 Sale 85
Sierra & San Fran Power 55..1949 P A
9734 147, 9613 10112
964 Sale 9612
Sinclair Cons 01115-year 75_1937 M
95
271 94
95
6120 B (w I)
1938 3D 94 Sale 94
4
9612 &lie 9512
973 126, 9512 1003
4
A
_
Sinclair Crude 011 5
4
973
4 53 953 997
5 811
!
4
3
be
Feb 1926 P A 9612 -sale 953
86
292 83
8912
Sinclair Pipe Line be
1942 A0 8412 Sale 8414
10212
997
D 99 Sale 9812
Mouth Porto Rico Sugar 7e__ _1941
93 _... 112 July'04
..
South Yuba Water 68
1923 .f
97
9412 35
j 1 93
South Bell Tel & T lets f 5s_1941
92
4
2'
:!
1,
8812
Southern Colo Tower Be
1947 J J 8812 8 14 " 898312
9914 98
9812 10' geza 99%
Stand Cas& El cony 8 (15...._1924 J o 95
96
9914
9812
Standard Milling let lie
1930 MN 0312 9612 96
10418 181; 104 107
Standard 01101 Cal 7e
a1931 P A 104 Sale 104
51 100 10712
102 Sale 10112 102
Steel A. Tube gen e f 75 ear C_1951 J J
54 96
99%
99
Sugar Estates (Orlenti) 713_1942 MS 98% Sale 9712
2 9018 9112
9018
9018
Syracuse Lighting let g 5e___1951 3D
8412 88
85 June'23
Light & Power Co eol Ire!tes '54 J J 835
993
4
Tenn Coal! & RR gen 5e___1951 3, 9818 ---- 9914 June'23.- 98% 101
3 100 10112
100
Tennessee Cop let cone 85_1925 MN 100 Sale 100
95
9412 30 92
Tennessee Eleo Power 85____1947 3D 9414 Sale 94%
24 5212 62
55
Third Ave let ref de
1960 J J 55 Sale 54
255 45
623
4
52
AdjIncome5s
01980 A0 47 Sale 45
92
9514
94
92 June'23
Third Ave Ry let g 5e
1937 33 -_
4
1023
4 37 102 105
FA 1023- sale 10214
Mae Water 011 614e
1931
4 102% 105
105
Tobacco Products eI 7s
1931 J o 104 10412 104
40 10518 10753
8
1067
Toledo Edison 7e
1941 MS 106 Sale 1057
23 9712 9912
9818
981
Tol Tree, L & P Is
1925 TA 988 99
95
95
95
Jan'23
Trenton 0& LI let g 1515
1949 (his
goz 934
8
9253 May'23
Undergr of London 481e___ _1933 J
8638 May'2
88% 8814
8514
Income Os
19411 J
20 9514 99
963
Union Bag & Paper 6s
1942 MN 9514 Sale 9514
95
9512 97
ke
973
4
95 4 June'2:
3
Union Eleo Lt & P let g
5 ja3% 92
9134 Sale 913
N
913
4
Is
1933
70
7312 70 June'23
70
Union Else (Chic) 58
1945 AO 70
6 91) 96
945
940 9513 9412
8
Union Oil 55
1931 .1
1008
8 14 99% 102%
(18
1942 F A 10012 Sale 10034
10412
1 10214 10412
4
P A 1033 10412 10412
Onion Tank Car equip 7e... 1930
112 113 11112
11212 13 110 113%
United Drug cony 8s
1941 .11
94 Sale 94
9438
7 94
98
United Fuel Gas let a I 81
1936
9213 Sale 9218
923 171 8714 9712
4
N
United Ups Inv 59 Pitts issue 1926
58% 6313
60 62 6112 June'23
United Rye St L let g 4e___ _1934 1
7 8612 93
90 89
894
United SS Co Int rots Os
1937 MN 89
98
9912 22 98 10114
United Stores Is.
1942 * 0 9813 99
102% 14 10018 10312
ei S Hoffinan Mach ge
1982• J 10212 Sale 10212
1 99 1003
1197 10014 100
4
100%
J
US Realty & I cony deb g 59_1924
108 85 8912
8653 Sale 8612
87
1:1 S Rubber lat & ref baser A.1947 J J
30 10512 10912
107
FA 101 10614 106
1931
10
-year 74s
1003
4 43 100 102
U 8 Eirnelt Ref & M Cony 65,_1928 P A 100 Sale 100
4
1023 190 1003 104
4
41963 MN 102 Sale 10112
U S Steel Corotcoup
100 10412
1013 May'23
4
41963 M N
el 10-60-yr 5slreg
7 8012
807
Utah Light & Traction 5s__ _1944 • 0 87 Sale 8012 8138 42 8618 91%
92
8712 87
8914
1944 FA
Utah Power & Lt let 58
95
95% -_951a June'23
9514
Utica Elec L & Pow let ef 58 _195o J J
89
9214
91 - 89 8 June'23
34
,
J 89
1957
Utica Gas & Elec ref Is
60
80
56 Nov'22
1953
Victor Fuel Co lots!58
23 - 1
100 Bale 100
99 4
100
9's-Caro Chem let 15-yr (IM,
.1923 J
823 426 75
8
98
1047 Jo 8114 Sale 75
75
4
511 543 9412
4
65
I2-year n I 74a
l93 33 628 Sale 543
14 58
9012
63 81
IS
60
Without warrants attached- _
92 95%
9312 9512 923 June'23
8
Vs Iron Coal & Coke let g 58_1940
87
8412 10 84
1934 I 1 84 Sale 84
VI fly Pow ist & ref 5e
11 96
99
063 9614
4
97
3D 96
1942
Vertientes Sugar 7e
7 1013 106
4
10212 Sale 1013
10212
4
1941 J
Warner Sugar 78
98% 9912
993 9818 May'23
4
.1 99
1931
Wash Wat Powers 159
94
9714
Westches Ltg g 59 stmpd gtd _195o J o 0314 9512 95 June'23
95
10 88
8814
S 8712 91
West Penn Power tier A 55.....191f
8
102% 29 100 10212
3D 10138 1017 10112
let 40-year Is Beriee C__ _1957
8 10218 10712
10318 105 10314
10418
eler 9
let eerier( D 7s
1 88
883
4
88%
88%
1083 MS
5810
964 973 9714
99%
97% 26 96
4
Western Union colt Sr our 58_193e
89
4
91
9212
N 903 Sal e 9012
Fund & real estate g 4%e_ _1050
1093
4 10 106 1117s
1936 P A 100 Sale 100
15
-year 6)45 g
4
107% 60 10512 10812
Westinghouse it & M 7s
1931 MN 1063 Sale 10653
9 92
98
933
4
.• 1 92% Sale 92
Wickwire Seen Steel let 7e 193r
9718
37 95 102
Wilson & Co tat 25-yr s I So_ _194t * 0 9612 Sale 95
26 86
98
86 Sale 86
87
192t• J
-year cone s I 65
10
71 93 105
9514 Sale 9313
96
1811 FA
Temporary 754s
8 10015 106
10412
1041 £ 0 101 Sale 104
Winchester Arm. 714e
"kW.
881,
• No price Friday; latest bid and asked. a Due Jan. d Due Apr. e Due Mar. e Due
May. g Due June. h Due July. k Due Aug. 0 Due Oct. 11. Due Dec. s Option sale.
2981
CHRONICLE
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked "I
--PM Cl. Batts.
Standard Oil Stocks Par Bid. Art. RR. Equipments
6.65 5.35
4
Anglo-American 011 new.. El •1414 143 Atlan Coast Line tie
5.50 5.25
Equipment 6440
Atlantic Refining new _100 106 108
5.85 5 40
Preferred
100 115 118 Baltimore & Ohio 130
5 60 5.30
Equip 4%e& 55
Borne Seryinser Co
100 122 127
5.50 5 20
84
Buff Roth & Pitt.equip 8s
Buckeye Pipe Line Co
50 .83
Chesebrough Mfg new_ 100 223 228 Canadian Pacific 4 48 & 85_ 5.50 5 25
5.60 53.5
Central RR of N .088
Preferred new
100 110 114
5.80 5 40
36 Chesapeake & Ohio (is
'
1
Continental Oil new _
25 ' 35
5.55 5 30
19
Equipment 645
Crescent Pipe Line Co
50 •I7
5.55 5 30
Equipment Is
Cumberland Pipe Line_100 99 101
Eureka Pipe Line Co_ 1011 100 102 Chicago Burl & Quincy 68._ 5.60 5 35
6.10 5.50
60 Chleag0 & Eastern ill 540
Galena Signal 011 com
100 59
5 45 5 20
Preferred old
100 111 113 Chicago & N W 44e
.5.65 5.35
Equipment 68
Preferred new
100 104 106
5.50 5.25
Equipment 6%s
Illinois Pipe Line
100 155 153
99 Chic RI & Pac 4413de 5s....- 5 65 5.40
Indiana Pipe Line Co
50 *97
5.85 5.40
Equipment (is
International Petrol (no par) •1514 1512
5.85 5.40
National Transit Co__12.50 •2312 24 Colorado & Southern as
5.85 5 35
Delaware & Hudson Os
New York Transit Co__ A00 08 101
6.20 5.65
98
Erie 44s & Is
Northern Pipe Line Co 100 97
6.25 5.60
Equipment Os
Ohio Oil new
25 *5812 5912
5.65 5 35
16
Great Northern 68
Penn Mex Fuel Co
25 •I5
5.80 550
Prairie 011 & Gas new_ _100 184 187 Flocking Valley 65
5,45 5 20
Illinois Central 448 &
Prairie Pipe Line new
100 9312 101
5.65 5 35
Equipment 65
Solar Refining
100 170 175
5,45 5 25
96
Equipment 78 & 64s
Southern Pipe Line Co 100 04
5.87 5.45
South Penn 011
100 136 140 Kanawha & Michigan 88
5.60 5.25
81
Equipment 4 si
Southwest Pa Pipe LInes.100 79
8
Standard 011 (California) 25 .493 50 Louisville & Nashville 58.... 5.65 5.35
5.50 5.25
8
Equipment 640
Standard 011 (Indiana)
25 *5419 543
5.50, 5.25
4012 Michigan Central 55, 6s
Standard Oil (Kan) new 25 •39
88
Minn St P & El 8 M 434s & 58 5.751 5.40
Standard 011 (Kentucky) 25 087
5.80 5 40
Equipment 64e & 7e__
Standard Oil (Nebraska) 100 210 220
328 Missouri Kansas & Texas 65 5.90 5 50
Standard 0110! New Jer_ 25 *32
4
Preferred
100 1153 11614 Missouri Pacific 68 & 84e.._ 5.80 5 40
5.70 5 30
4
Standard Oil of New Y'k. 95 .363 3714 Mobile & Ohio 4148, be
16(1 5.25
New York Central 445,5s
Standard 011 (Ohlo)__- _100 275 280
5.70 5.40
117 118
Equipment Is
Preferred
Ita.)
5.55 5.30
29
Equipment Is
Swan & Finch
100 25
5.35 5.00
85 Norfolk dr Western 4tieUnion Tank Car Co_
100 83
5.45 5 25
108(4 0813 Northern Pacilic 75
Preferred
100
5.50 5.25
Vacuum 011 new
4
25 *4514 453 Pantile Fruit Express 7e
25
27 Pennsylvania RR el Is & 88 5.85 5 20
Washington Oil
10 •
5.50 5.30
Other 011 Stocks
Pitts & Lake Erie 64s
5.80 5.40
Atlantic Lobos 011 (no par)
Equipment 6e__ _ _
3%
23
3
5.35 5.10
18
& 58
Reeling Co 445
Preferred
50
5.85 5.45
Gulf 011 (new)
25 *5012 55 st Ippaid
elea euls
Humble 011 & Ref new 25 •
S ILlFr 4A s & 58
i:a neaurlara : 8.25 5.75
5.40 5.10
05 ▪
137 Southern Pacific CO Oft
9
3
,
0
Imperial 011
5.50 520
Magnolia Petroleum
Equipment 75
100 127 130
5.65 5.25
Merritt 011 Corporation_ 10
Southern Ry 4141 & 55
5.85 5 50
Mexican -verge 011
5
Equipment&
; --1/ - Toledo & Ohio Central Be..,. 6.85 5 45
74
6
7r 7
Nat. Fuel Gas
5.40 5.20
Salt Creek Producers_ ___10 1618 1614 UnionPacific 7e
eta bllc Utilities
Stocks
Amer Gas & Elec new_Tobacco
(t)
80
30 1 42
4
Preferred
50 :1121 3213 American Cigar common.100 77
88
4'
3
100 82
Deb Be 2014
8,1&N 923 93 4
Preferred
130
111 113
Amer Light& Tree,corn _100
Amer Machine & Fdry_ -100
93 British-Amer Tobac ord. El •2178
Preferred
100 90
23
Amer Power & Lt, corn 100 156 160
Brit
-Amer Tobac, bearer El •17
57
82
Preferred
Helme(Geo W)Co. new_ 25 *52
100 80
92
Deb 68 2018
Meet3 91
Preferred
100 112 114
17
*16
_
38
Amer Public UM,com_101
Imperial Tob of GB & Irel'd
60
42
46 Int. Cig. Machiner9
8% preferred
10
100 55
90
72 Johnson Tin Foil & alet_100 80
BlacksioneVaIG&E,corn 50 *70
70 MacAndrews & Forbes 100 2123 126
Carolina Pow & Lt,com_100 67
96
Cities Service Co, corn 10 132 133
100 x 93
Preferred
31
64
6412 Mengel Co___ .
Preferred
100 29
100
80
1312 Porto Rican-Amer Tob_ _100 75
Cities Service BankersShaxes .13
•75
Colorado Power, corn_ _109 x1012 1712
Scrip
Preferred
Universal Leaf Tob tom.100 100
101
)
2
4
92
100 93
Com'w'th Pow,Ry & 3,1.10(1 5' 27
Preferred
67
100 104 108
Com'w'th Pow.Corp.pref100 64
Young (.1 S) Co
87
100 104 108
Consumers Power pref 100 84
Preferred
9712
Elec Bond & Share, pref _100 97
and Pr ices)
•
58
60 Fires pe
Federal Light & Tree
tu b
72
0
Preferred
i r de Rubacom.1 1 .70
bair eSrack (Cer8
100
. 2 19
6
18
81
7512
100 96
Lehigh Pow Sec___(no par)
6% preferred
21
100
Mississippi Riv Pow,com100 19
re & nub. corn_ __50 89
pferred
170
83 Ge/Pi Tire
7
Preferred
100 80
100
92
100
First Mtge 58, 1951_ _J&J 91
Preferred
pre er
51
1034 1112
00 4412 45
S I g deb 7s 1935_ Ail&N 100 102
Goodyear Tire & B.com.100
.49
Nat Pow & L, com_(no par)
91
80
83 ()owlier T&R or rasn 01.100 _
Preferred
(no par) .
2
3
87
85
17
Inc 78 1972
J&J .5 81 M7ieieTed & Rub com- (t) ason rrlre
30
100 25
Northern Ohio Eiec (no par) '7
69
71
30
Preferred
100 26
Miller Rubber
100
100
North States Pow. eom-100
12
2
91 25
100
Preferred
o efer Aebber
100 :2 4 94 MP Lwlrl
_ 80
74
preferred
Nor Texas Mac Co,com-100 70
.0
4 612
(t)
75 Seiberling Tire & Rub Preferred
100 71
5.5
87
1.9
. 22
PreferrPreferred100 45
Pacific Gas & El, lot pref 100 . 4 89
100 15
Power Seem%
(Co Dar) " k
S Swinehart Tire &R.com 1et
9
40
50
Second prat
(no par)
Stocks
82
Coll trust 88 1949. J&D 75
15
Sugar
50 *13
Incomes June 194J__F&A 158 63 CaracasSuSguagr
85
88
51 Cent Aguirre Sugar com- 20 .
Puget Sound Pow t Lt..-100 48
112 115
100
8% preferred
82 Fajardo Sugar
100 70
60 67
7% preferred
100 100 103 Federal Sugar Ref, com_100 90
105
100
Preferred
Gen M 748 1941___86&N 104 10512
•12
18
15 Godchaux Sug, Inc_(no par)
Republic Sty & LIght
100 12
88
42
preferred
100 82
Preferred
100 38
•70
75
102 103 Great Western Sug new
25
South Calif Edison.corn.100
*25
30
Preferred
100 114 117 Holly Sug Corp,com.(nopar) 74
80
27
Preferred
100
Standard Gas ke El (Del) 50 •26
110
Preferred
50 '46'2 48 Juncos Central Sugar...AO° 91 125
94
14
National Sugar Refining..100
Tennessee Elec Pow (no par) 12
102 105
46
New altquero Sugar
2d preferred
(no par) 43
8
12
United I,t & Tips. corn_..100 135 145 santaCeelliaSugCorp,pf.100
'
1
84
83 Savannah Sug, eons_(no par) ' 60
1st preferred (6%) _100 80
86
27
Preferred
Western Power Corp ...,_loo 25
100 83
87
93
Preferred
100 7714 7912 Sugar Estate8 Oriente pref_
60
West India Sus Fin.com_100 30
45
Short Term Securities
Preferred
101) 35
--Pe
lif 1 1
Am Cot Oil 68 1924_.M&52 r Cer° 93 Industrial&Miseellaneous
57
Amer Tel & Tel(is 1924_F&A 10053 1003 American Hardware__ 100 55
4
77
Anaconda Cop M Ines'29 J&J 101 10112 Amer Typefounders,com.100 74
98 100
1023 103
4
7s 1929 Series B
Preferred
100
J&J
Anglo-Amer 01174525 A&O 102 10212 Atlas Powder
100 160 162
22
Beth 51 7% July 15'23J&JI5 103 10312 Bliss(EW)Co,new_(no par) .20
63
Canadian Pac 6s 1924 M&S2 998 10013
Preferred
50 *58
8
Federal Stile Ref 6s'24_al&N 101 1 1013 Borden Company,com 100 116 118
Hocking Valley 68 1924 al&S
100 101 103
Preferred
02 150
Interboro It T tis 1922.M&S 1°4)j i6612 Celluloid Company
-100 90 ; 93
K C Term Sty Os'23 MdeN15 10014
100 108 111
Preferred
-i;234 Cli eie
100 138 141
648 July 1931
isrommon
J&J _
Lehigh Pow See Os '27 F&A 613;
100 10612 109
Sloss Shelf S & 268'29.F&A 9512 964 Hercules Powder
100 98 103
U Rubber 74s 1930_F&A 106 10612
100 102 104
Preferred
90
i100
Joint Stk Land Bk Bond
a1
tonal Salt pi _ _ 100
Internationalnt ertia
,
104 108
Chic Jt Stk Land 11k 58_1951 10112 10214
Sliver,
78
82
Is 1952 opt 1932
10112 10212 Lehigh Valley Coal Sales. 50 '
100 160 170
548 1951 opt 1031
104 10512
44 1952 one 1032
, pk
Pa yir IsBaag row,corn.100 125 135
Boe i Baking
100 101
100 98 100
4128 1952 opt 1932
Preferred
9813 094
43 1063 opt 1933
44
10014 101% Shifter Manufacturing. _100 114 117
4
idi"
96
•Per share. t No par value. S Base, d Purchaser also pays accrued diviy Exdend. e New stock. / Flat price. It Last sale. n Nominal. x
rights. t Ex stock dly. re Ex cash and stock dividends. o Canadian quotation.
BOSTON STOCK EXCHANGE-Stock Record
2982
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
June 23.
•____
78
93
*x _ _
*100
16
•____
2212
*32
•-- _
40
.2140
2912
*68
•____
•39
40
3114
*1612
•----
Monday,
June 25.
147
147
7814 78
93
93
121 *2 _ _
101
100
16
1518
22 *____
2212 22
34
*32
34
---40
43
145
30
2812
69
68
59
41
391*
40
38
3114 .31
17
1612
70 *2 -*---_ 85
*73
74
73
*28
'82
84
*82
Tuesday,
June 26.
Wednesday, Thursday,
June 28.
June 27.
146 147
147
14612 147
147 147
77
7814 7712 7814 77
773
4 76
93
93
93
93 18 93 93
93
122 ' 2 __ 120 *2 _ 120 *2_ _ _ 119
.
1
9912 9912 9912 9912
*9912 100
100
14
15
1512 15
15
1518 15
1914 1914
*1914 ____
22 •__ __ 22
22
22
22
22
22
21
22
*29 ---32
29
34
30
32
28
28
•____ 33
*37
43 •_ 42 *__ __ 40
*2140 146 •2140 145 *z____ 143
2814 27
2912 28
2814 28
2814
6812 6812 6812
68
68
6812 68
58
58
58
58
58
58
38 *---- 38
39
38
3912
39
4 38
39
39
39 12 3812 393
31
3012 3012
3"
31
3' *31
15
15
15
1612 16
164 *15
69
69
70 *2 __ 70 •2 __ 69
_
73
34
84
70
.28
•___ _
72
34
84
*;id- Y2.28
*82
32
84
71
28
82
73
28
82
Friday,
June 29.
Sales
for
the
Week.
STOCKS
30STON STOCK
EXCHANGE
I Range since Jan. 1 1923.
I
1
Satires
Railroads
147 147
100'
347 Boston & Albany
75
100
76
457 Boston Elevated
Do prof
100
57
Do 1st pref
100
9912 100
100
Do 2d prof
305
1312 14
100
845 Beaton & Maine
20
100
Do pref
20
76
Do Series A 1st pref._ 100
266
Do Series 11 1st prof. 100
90
100
Do Series C 1;pref
105
41
Do Series D 1s1 pro!, _100
iio- 146'100
56 Boston & l'rovidence
27 27
697 East Mass Street Sly Co 100
Do tat pre(
100
60
5812 6812
100
Do pref B
75
35
100
38
88
Do adjustment
38
1,001 East Mass St Ry (tr ctfs)_100
33
100
385 Maine Central
---100
460 N Y N H & Hartford
1518
5 Northern New Hampsbire_100
80
80
105 Norwich & Worcester uref_101
70
100
125 Old Colony
70
25
100
140 Rutland prat
25
80
110 Vermont & Maasachusetts_100
80
Lowest
Apr 3
143
75 June29
93 June22
Jan 2
118
994 Mar22
1312 June29
1914 June28
21 June27
29 June27
28 June27
40 June23
140 June29
18 Feb15
67 Feb24
53 Feb24
344 Feh13
3412 Feb15
30
May5
15 June28
69 June28
80 June12
70 June26
25 May14
80 June29
Hiyhest
151 June14
84
Jan 5
100 Mar 8
125 June12
100 Mar 5
2018 Mar 2
27 Feb13
3211 Mar I
48
Feb 6
42 Mar22
59 Feb 7
16012 Jan25
35 Mar22
72
Jan16
65 Mar19
46 Mar22
45 Ms.r21
43
Jan 2
2212 Jan30
84 Feb 3
100
Jan 3
81 Feb14
384 Feb20
98
Janll
PER SHARE.
Range for Purim
Year 1922.
LOW8111
13014 Jan
734 Feb
944 Mar
116 June
10118 Nov
14
Jan
Jan
20
22
Jan
30
Jan
30
Jan
40
Jan
125
Jan
18 July
66
Aug
51 July
28 July
-J July
274 Jan
1214 Jan
69
Jan
58
Jan
67
Jan
15
Jan
78
Jan
152 May
8912 sepe
105 Sept
126 Papa
109 Sept
3112 May
37 Apr
444 Apr
62 May
54 May
7712 May
163 July
284 July
77 July
60 Nor
47 Ana
47 MIR
Oct
55
347 May
4
96 July
10334 Dec
9814 Ma;
537 June
8
100 -4019
Miscellaneous
4 14 *15
8
17
8
•15
8 17
8
34 Jan 9
114 May 4
13
4
20 Amer Pneumatic Service._ 25
13
4 *15
8
14 •13
212 Dec
,
4 4 Jan
•21412 153 *21412 16 *21412 16 *21412 16 •21412 16
4
Do prof
Jan10
60 1512 June 4 20
13 Feb 204 Aus
122 1223 12112 12212 121 122
12014 12112 120 1204 119 fid3
4
. 4.034 Amer Telephone & Teleg_100 119 June29 12534 Mar14 1144 Jan 1284 Atla
4
8012 804 *80
80
80
80
80
82
80
80
--_Jan 5 104
162 Amoskeag Mfg
No par 80 June 5 112
Jan 121 Dee
•78
80
*76
80 •____ 80
80
____
*78
80
4
80
Do prof
Jan 5
91
80 Nov
No par 79 May 7 88
Aug
*16
•16
17
*15
16
17
17
18
*16
•16
Art Metal Construe Inc__ _ 10 15 Mar 1
-1613 Mar14
14 Nov 204 May
12
*11
*13
1112 1112 11
14
14
11
1312 1312 *13
Atlas Tack Corp
11 June29 2014 Feb14
13
No par
Jan 22 May
107
106
106 106
*105 109 *105 109
100 107
40 Boston Cons Gas Co, pref..100 105 Jan22 10812 Feb24 10434 Aug 107 Dec
*.08 .14 *.08 .14 *.08 .14 *.08 .14 *.08 .14
Boston Men Pet Trus No par .10
Jan25
.50 NUJ
JanI8 .30
.10 8eot
193 2012 194 20
4
2112 2134 21
21
2114 21
1912 20
_ - - igo Connor (John T)
2,
154 Jan 3072 Dee
10 1912 June28 27 Mar19
312
314 *3
314
3
150 East Boston Land
314 *3
"314
314 *3
Apr
3
Jan
Jan 2
3 June25
4
10
8
8
*8
912 *812 9 2
7
8
910 Eastern Manufacturing... 5
,
8
714
8
7 June28 144 Mar 5
7 Deo 1414 Feb
714
78
81
*94
95
77 14 93
96
7412 813
95
7912 10,650 Eastern SS Lines Ina
4 74
25 74 June29 12718 Mar22
3812 Jan 8918 Oe:
162 164
160 162
165 165
16312 165
165 165
161 162
532 Edison Electric Ilium
100 160 June28 172
Jan 3 153 Mar 185 Bell;
4
4
4
4
*412 5
*44 5
4
414 414
4
593 Elder Corporation
4 June27 104 Jan 2
No par
3 Mar 13 May
8
9
8
•____ 15
9
8
8
15
110 Galveston-Houston Elea...100
8 June27 2912 Fob 6
28 Dec 39 Aug
*9
10
10
*9
*9
10
*9
10
*9
10
Gardner Motor
No pa
, 1038 Jan 23 1552 Mar 3
9 Noel 1614 Apr
17
17
1712 *164 18
1712 174 17
1614 163
1612 1612
415 Greenfield Tan & Dle
25 1512 June12 24 Feb10' 17 Dee 2714 Feb
4
54
54
54
5412 54
54
. No Par 64
54
54
54
54
54
728 Hood Rubber
54
Jan 8 6312 Mar13
s
43 Mar 543 De,
35
32 4 33 *231
3
35 *234
*234
3.5 •x34
32
55 Interuat Cement Corp_No par 3234 June27 44 Mar19
Jan 353 May
8
20
*13
15
15
*13
*13
15
15
*13
_
Internat Cotton Mills
50 13 June19 22 Feb10
Jan
20 Nov 82
5312 52 2 *50
_ *13,
59
*42
•50
.59
*50
Do pref
55
10
100 50 May31 7912 Jan10
00 Aug 85 De
,
*112 212 *112 212 *112 212 *113 - 212 *112 212
100 International Produet8.No par
14 Dee
112
112June 5
3 Mar20
112
612 Mar
*33
4 .5
•34 5
*33
5
4 5
*33
4
*33
Do pref
4 5
412 June20
-100
8 Mar15
512 Dec 17
AP:
5
5
512
514
•51.8
44 Libby, McNeill & Libby__ 10
53
4
54
53
4 53
4 *514
5 June22
8 Apr 0
118 Apr 1112 June
9
9
8 4 812
.9
10
,
9
64 Loew's Theatres
23
Apr26
814 June27 11
Jan
8 July 13
8312 82
83
4
.84
83
85
833 85
8112 8214
695 Massachusetts Gas Co,.. _100 7812 May22 8712 Jan 2
63 Jan 9018 Nov
.6512 67
67
66
66
67
67
66
663 663
663
4
4
Do pref.
100 66 June20 73
4 66
Jan25
Oca
62
Jan 74
153 153
151 151
*2151 155 *1152 154
152 152 *151 152
20 Mergenthaler Linotype_ __100 147 June19 179
Jan 6 130
Oot
Jan 181
718 712 *712
718 712
712 712
7
Mexican Investment inc... 10
7 June28 143 Feb19
714
4
11 Dee 373 June
8
2318 20
23
22
2314 2318 234 22
1914 2014
4
829 Mississippi River Powor_100 1G14 June23 2814 Jan31
1912 193
13
Jan 34
Aux
81
81. *281
____
*281
*x81
81
82
49
80
Do stamped prof
80
100 80
Jau1.6 84 Feb14
721e .lan 854 0,31
358 33
4
33
314 4
8 33
312 312
4
803 National Leather
33
4 33
3% 34
4
10
314 June27
634 Dec 114 Jan
84 Feb13
•.30 .75 *.30 .75 *39 .75 *.30 .75 •.30 .75
------ New England 011 Corp
.25
Feb 3 .97
Apr16
.22 Den
Jan
5
811412 *2114 11412 114 114
*21135811412 *21135
114 114
116 fid104 New England Telephone...100 11314 June21 122
Jan 3 109
Jan 126 8091
173 17N *173 18
4
*1714 18
1712 1712 *1714 18
4
175 Orpheurn Circuit Ine
1
17 June20 2112 Apr26
Oat
Jan 28
18
4
893 893
4
90
9012 893 90
4 89
90
8912 9
96486 Pacific Mills
89 June27 190
012 -on- Jan 2 1543 Oot 123 Dee
4
*2 __ 1512 .21514 16
15
1512 15
15
*15
16
60 Reece Button Hole
10 16 June23 18 Mar14
1212 Apr
36 July
*2 214
24 *2 219 24 •2212 25 *2212 24 *2212 27
8
------ Reece Folding Mach
8
10
2
Janll
158 Dee
314 Mar15
Mar
'.75 114 *.75
114 ..75
11
*.75 114 ' 75
1%
114
Himms Magneto
5 .75 June14
2 Feb20
.o0 Noel
7la Apr
9812 993
100 10012 9912 100
4 9 4 9912 9812 993
8 9812 995
83
100 9812 June20 1094 Jan 6
8 1,476 Swift & Co
9214 Jan 1104 SeP3
*2433 46 *24312 46 *24312 46 •245
8
48
433 45
8
90 Porrlug,on
25 434 June28 50 Mar 9 1 29 July 8111 June
,
712 812 * 718 813
,
8
8
712 712
812
5
80 Union Twist Drill
712 Janti) 11 Mar 7
8 Mar 1414 Feb
4
4
4
3514 36,
25 23312 June15 553 Mar 8
4 3514 3612 343 353 2333 3514 3312 3412 334 344 15,032 United Shoe Mach Corp
4
87
Jan 45 Mar
8
2618 *253 26
2254 253
26
8 2512 2512 2512 2512
2618 26
Do prof
25 244 Junel4 2814 Janll
584
Jan 27 Job
25
12
2712 273
264 26
2612 26
4 274 2712 264 2714 26
4
2614 3,852 Ventura Consol Oti Fielda. 5 243 51ay22 30
Jan 2
217 Jan 3318 June
1
8
16
1614 157 1614 153 10
4
16
16
15 4 1614
3
16
1614 3,833 Waldorf Sys Ine.New sh.N0135, 153 June21 e2218 Mar19 ell'* Jan 81912 Dee
4
10
*9
*9
10
10
9
812 9
9
*9
9
234 Waltham Watch elB comNoPar
9
5 Feb15 13 Mar17
24 Nov
144 Apt
20 *---- 20
20
20 *_
20
20
20
20
66
Preferred trust ars
20
100 154 Mar 6 2918 Mar19
11 Nov 49
Apr
1412 1412 1412 1412 1412 15
*1412 15
15
15
260 Walworth Manufacturing- 20 1114 Jan 5 1712 Feb17
13
718 Feb
Oa
4.
2914 283 283
31 *2293 3012 29, 3012 26
8
4
•230
4
- - 12 1,848 Warren Bros
2
50 2518 Jan31 3418 Mar14
i
1713 Jan 354 Sept
*33
3212 3112 32
35
125
Do lst pref
60 3112 June28 394 Mar14
3312 334 3314 3338 *232
3018 Jan 3814 Oct
37 *234
•.234
36
37
*34
Do 2d prof
37 *234
35
35
60
50 3434 June191 42 Mar15
31
Feb
444 Jul
,
*74 8
*712 8
Wickwire Spencer Steel._. 5
*712 8
*7
812 June131 124 Feb21
*712 8
712
84 Nov
21 May
Mining
•.40 .60 *.40 .60 *.40 .60 •.40 .60 •.40 .60 •.40 .60
Adventure Consolidatod __ 26 25 Feb161
1
Feb28
.50 Jan
1
Apr
603
8 58
62
59
58
62
56
57
5512 57
21 5512 June29 87 Mar 1
6012 62
1,405 Ahmeek
66 Nov 00 May
•.10 .25 •
Algoma/I Mining
25 .25
.10 .25 *AO .25 *AO .25 *AO .25 •.10 .25
May 3 .50 Mar 2
.03 Sept
.50 Apr
20
*20
24
20
24
18
24
25 18 June28 1 34 Mar 1
*20
18
70 &Ilona
19 Dec 3312 Jan
1
1
1
1
1
1
114
114
2,430 Arcadian Consolidated._ _ 26
1
114
.95 June29
414 Mar 5
43 May
8
2 Mar
914 912
912 10
10
9
10
930 Arizona Comtnerolal
914
812 9
73 Jan 6 144 Mar 2
8
4
*93 10
1102 June
0 Nov
*1614 17
17
*16
*16
17
*164 17
*16
17
*1614 17
Bingham Mines
10 1612 May22 10 Feb 19
Lel
Jan 1884 ant
42
467
8 4134 43
464 467
413 4212 1,972 Calumet & Hecht
4
25 40 June20 49 June15 248 Nov 301 Aug
467 4712 40
8
8
433
4
•518 6
51
4 6
512 57
8
*512 6
6
6
932 Carson Hill Gold
1
*55
518 Junel2
8 614
94 Feb 13
57 Nov 164 Mal
4
9
912
*912 10
10
•9
*9
10
8
9
110 Centennial
9
8
26
7 Jaul8 15 Mar 1
8 Nov 1312 Feb
4
32
3214 32
25 29 June29 463 Mar 1
2912 2,193 Conner Range Co
32,
4 3012 3112 293 304 2912 3044 29
4
3518 Dec 464 May
212 258,
212 25
214 45
8 *24 23
8
24 24
10
24
-Daly Copper
212 2,875 Davis
214 June28
4
5 Feb23
218 Nov
94 Jan
614 614
584 June21
6
6,
4
53
4 6
1,010 East Butte Copper Minlag_ 10
63
614 612
8 612
54 6
1118 Mar 1
74 Nov
1214 Jan
114
114
112
112
114
13
8
114 *14
114
Ps
13
8
260 Franklin
112
.30 May22
23 Mar 5
8
1
Apr
3 8 Apt
7
•14 214 *134 214 *13
4 2,4 *13
4 212
4 214 •13
25 Hancock Consolidated_ _ 25
134
13
4
13 June29
4 Mar 5
14 Aug
34 Mar
*30
•2912 3012 *294 30
31
1 243 Mar28 333 June 7
30
293 293
*30
31
4
30
4
8
4
180 Hardy Coal Co
50.50 .50 *.25 .50
.38 .50
25 .35 June22
900 eleivetla
.50 .50
.o0 .50
1 14 Feb20
.50 Dee
244 Apr
10114 10212 100 102
1043 105
4
10012 102
9912 103
1
10312 105
1,313 Island Creek Coal
9912 June213 11512 Apr 7
8112 Jan 1163 June
8
0318 97 •29312 97 *29312 97
98 *2
5
"2954 9712 9512 9512 *294
Do pref
9318 Feb15 10012 Mar28
88 Feb 9718 Nov
22
20
22
2012 21
21
2114 22
21
21
25
470 Rile Royale Copper
1912 20
19 June21 334 Mar 3
18 Not 263 May
4
*212 3
*2
213 23
4 *212 3
24 23
3
225 Kerr Lake
4 *212 3
3
412 May16
33 Jan 2
8
3 Feb
44 Apr
.1
112
112
1
I
1
*1
1
1
1
1
1
25
1 May3I
350 Keweenaw Copper
214 Mar 5
34 Apr
1
Feb
2
2
13
4 24
.2
214
2
2
2
25
3
218
13 June27
4
253 Lake Copper Co
•2
514 Mar 1
.53 May
4
214 Feb
*02 2
*112 2
.112 2
112
2
La Salle Copper
26
15
13
4 *112
*112 2
118 Jan29
314 Mar 1
1 Nov
214 Apr
*14
112 •118
112 *1 18
112 .1
Mason Valley Mine
5 138 June16 24 Mar27 188 Jan 214 May
112 *1
112 *I
11*
114
112
114
114
•1,
2 13
4
114
114
114
25
114
114 June20
550 Mass Consolidated
112 112
414 Mar 3
118 Dee
43 Apr
4
23
4 3
27
4 3
3,
2 312 "3 4 34
218 May1.5
26
1,345 Mayflower-Old Colony
,
23
4 3
27
8 34
,
7 . Fel)10
618 Apr
24 Dec
1
*112 2
112
•112 2
1
114
1 June27
_
25
877 Michigan
"1,
2 2
4 Mar17
7 Apt
.76 July
493 493
4
4 48
43
48
40
4412 4512 434 4412 40
25
4012 1,273 Mohawk
10 June28 71 Mar 2
62 Nov 68 June
174 177
8 1712 18
163
4 163 105
4
17
1714 163 1718 16
8
8 2,650 New Cornelia Copper___.. 3 16 June28 2418 Mar 2
154 Dec 2011 Jobe
_
New Idris Quicksilver__
.05 Mar23 .05 Mar23
.06 Dec
34 Me r
.38
100 35 Apr18 40 APr27
New River Company
40
87 Jan 40 Feb
•;io- 85 *51,
i
•
-76- ii- ; i100 77 Mar 5 84 Marld
D
f
Jan 85
73
0011
.512 53
4
512 512
512 85* 212 8
53
4
512 54
5
512 Jan 4
66d Nipissing Mines
64 Feb20
212
5 J1111
7
513 z
Jan
7
5
54
,
45
8 .473,A ,.: 11 '112
43
4 5
5
43
54
4 5
,
15
414 Junel4 1234 May 1
,632 North Butte
812 Oat 15 May
8
3
( 1
.90 .90
*.90
114
.90 .90
.80 .99
25 .75 June28
7
438 Ojibway Mining
24 Mar 5
14 Dec
412 Apr
22 .21
22
*21
21
19
.8 20
20
20
21
10
25 1812 Jan 5 3218 Mar 1
161 Old Dominion Co
20
16 Nov 27
Jan
29
2912 *29
3112 3112 *2912 32
30
29 12 30
30
26 29 June21
160 Osceola
30
46 Mar 1
25 Nov
384 dal
-- *3 ifs -__
318 34 *318 314
*3';
200 l'ark city Mtn & Smelting_ _5
23 June 2
4
4 Mar 6
218 Juno
34 Nov
1312 1338 13
133 14
4
133 133
13 3 14
5
4
13
13
795 Pd Creek Pocabontas Co no pm' 123 May22 164 Mar23
4
4
13
29
28
27
30 '30
28
2712 28
30
30
26 2725 26 June29 50 Mar 2 16- Nov- id - May
510 Quincy
36
36
37
36
40
32
35
35
*37
35
32
3212
314 St Mary's Mineral Laud
25 32 June28 5313 Mar 1
37 Nov 4818May
..130 .75
60 .6
.55
: ..a
6_0_ .12
•.60 .70
.70
10 40
205 Shannor.
Jan 9
14 Mar 5
.25 Mar
134 M117
*a.20 _
•a.20
*6.20
_
*a.20 _
25 .10 June 4 .75 Feb20
South Lake
.25 Dec
114 May
*112 2
*112 2
*112 2
*112 2
*112 2
*158 214
25
Superior
14 Dee
14 Jan20
314 Mar 3
Pe July
1
1
1
1
*118 112
1
1'4
144 114
178
1 June26
715 Superior & Boston Copper. 10
2
3 4 Feb23
3
.90 Mar
23 Oet
4
.56 .56
.60 .60
.55 .65 1,087 Trinity Copper Corp
.60 .60 *.55 .65
.50 .50
5 50 May15
118 Feb15
11 8 Doe
(
314 Apr
.22 .22
•.17 .25 *.17 .25 *.19 .25 *.19 .25
.20 .20
300 Toulumne Copper
5 .15 June19 .65
Feb16
.40 Nov
.92 May
314 312
314 34
3 2 34
,
312 338 3,350 Utah-Apex Mining
6
2 4 Jan 9
312 312
3
312 3 .4
3
6
Apr13
Mar
11 Oet
,4
•17, 212
14 2
13
8 15
8
118
14
158
2
138
2
1
705 Utah Consolidated
14 June28
3 Mar 6
1
Feb
312 JUDO!
.75 .78
.75 .80 *.75 .76 1,625 Utah Metal & Tunnel
..75 .85 . .75 .85
.75 .75
1
.
1 62 June13
13 Feb27
8
212 Apr
.80 Dec
*.75 114 *.75 114 •.75
114 *.75
1 14 •.75 114 *.75
25
114
1 June15
Victoria
24 Feb28
24 Jan
.75 Nov
.50 .50 *2.25 .85
•.75 1
.75 .75
.30 .50
.75 .75
.00, .30 June29
980 Winosut
134 Mar 5
.25 Jan
21 AD'
4
7
7
7
7
.7
8
*7
8
8
6
_ . 25
6
89 Wolverine _____ _
6 June29 13 Mar 1
16 Ma,
714 Nov
Ex-rkata. I Ex-dividend and r ghts. x Ex-dividend. q Ex- srt k dividend. a Asteisment pald.
• Bid and asked prices: no sales on this day.
e Beginning with Thursday. May 24, trading has been In new shares, of which two new shares of no par value were given In exchange for one share of old stock of $10
Oar value. In order to make possible comparisons with previous quotations, we have divided all these previous quotations by two.
_:7,:i2
.
a
JUNE 30 1923.]
THE CHRONICLE
2983
Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange June 23 to June 29, both inclusive:
9754
100
9354
103%
95
Low.
High.
Apr
91
48 May
7854 May
8834 May
70% June
98
Jan
10054 Jan
85% June
85
Apr
91% June
92
Apr
89
Apr
89
Apr
9654 Mar
95 June
100 June
91
Apr
103 June
94
Mar
92% Jan
Mar
62
84
Feb
Mar
95
7754 Jan
9851 Mar
102% Jan
Bonds
Jan
87
Amer Gas
88% Jan Bell Tel & Elm 5s_ _ _2007
1st 5s
1948
94% Jan Elee
& Peoples tr ctfs_1945
9654 Mar
Jan Elm & Wmaprt Inc 58_2862
92
Inter-State Rye coil 48 1943
95
Jan
9934 Jan Keystone Tel 1st 5s_ _ _1935
Lake Superior Corp 5s_1924
95 June Lehigh
C & N cons 450254
100 June
Phila Co cons & stpd 5s_'51
99% Jan Phila
Elee 1st 5s
1966
Mar
115
554s
1947
Feb
98
68
1941
Spanish Amer Iron 65_1927
transactions at United Rye Invest 58_1926
-
Baltimore Stock Exchange.
-Record of
Baltimore Stock Exchange June 23, to June 29, both inclusive, compiled from official lists:
.A1
••/0 ,Z
./..11/
no 1.•
..".......
1
;g 4
Low.
High.
98
Feb
4554 Mar
103 June
551 Mar
36 June
.50
Jan
434 Feb
11031 Mar
70 May
2551 Apr
2754 Jan
118
Mar
108
Mar
120
Jan
98
Jan
190
Apr
60
Apr
100
Mar
14451 Apr
9
Apr
95
Jan
7 May
5734 Jam
2654 Feb
90
Jam
121
Ain
193.1 Mai
7334 Mai
39 Juin
n Jar
10834 Mal
2
Jar
2051 Jat
164
Jai
15
Fel
3154 Fel
mgitgg.4W4tggm4m.MeAUggegogg
Wa44. 4t 44.4m4C
4 .
ieaaRattZgtg4g4gqg
Amer Wholesale pref _ _100 95
95
95
20
Arundel Sand & Gravel _100
40
65
4051
Preferred
100
101 101
2
Baltimore Brick
100
454 451
15
Bencsch (I)aim
• 3554 35)4 36
50
Celestine Oil
1
.20 .23
1,300
Cent Teresa Sug, prat_ _10
234 3
55
Ches& Po Tel of Balt_ _100 10851 10854 110
27
Commercial Credit
25 6834 68
6855
189
Preferred
25 25
25
25
119
Preferred B
25 28
26
26
108
Consol Gas, E L & Pw_100 108
108 113
426
7% preferred
100
•
10351 104
22
8% preferred
100 116
215
Consolidation Coal _ _ _ _100 8351 115 117
8351 84
125
Continental Trust
100
185 185
5
Eastern Belling Mill
*
4954 4951
10
8% preferred
100
89
89
10
Fidelity dr DePOsir
50 81
81
8254
131
Finance Service, pref_ _10
754 731
6
Houston Oil pref tr cUs..100
86
88
76
Incilahoma Refining
_25
451 434
200
Manufacturers Finance_25
• 51
51
10
let preferred
25 2554 2551 2551
30
Maryland Casualty Co_ _ 25
8654 88
70
Merch le Min 'rransio_100 8534 115
115
1
Mt V-Woodb Mills v t r 100 1154
1154 12
15
Preferred v t r
100 5854 5834 61
265
New Amsterdam Cas_ _100 3751
3734 3731
107
Northern Central
50
75
75
10
Penna Water & Power_100 10351 10251 104
95
Pitts Oil, pref
10
154 154
500
United Ry AL Electric__ _50 17
17
1751 1,142
U Ei Fidelity •St Guar_ -50 155
155 156
41
Wash Balt & Annan_
50
954 954
100
Preferred
50 27
27
28
115
BondsBalt Elm 5s
1947 9534 9554 9554 $2,000
Balt Spar P &C 4%s_ _1953 88
88
88
4,000
City & Sub(Wash)lst 58'48
81
81
1,000
Consol Gas gen 434._ _1954
88
88
1,000
Consol GEL dr P 454s '35
91
91
4,000
Series E 554s
1952 9831 9851 9851 4,000
Series A 6e
1949 103
10251 103
18,000
Consol Coal ref Bs
_1950
86
87
5,000
Davidson Sulphur 6s.. _1927
9751 9751 1,000
Elkhorn Coal Corp 86_1925
9751 9754 14,000
Fair & Clarks Trac 56_1938
91
91
2,000
Ga South & Fla 5s_ _ _ _1945 88
88
88
1,000
Md Eleo Ry 1st 5s_ _ _1931
9354
1,000
Md & Penn let 48_ _ _ _1951 6654 6654 933
8651 1,000
&tenon Valley Trac 58_1942
80
80
1,000
United Ry & E 4s_ _ _1949 73
7254 73
26,000
Income 40
1949 5154 5154 5251 10,000
Funding 5s'
1936 7454 7451 75
12,800
68
1927
9654 9651 3,000
6s
1949 100
100 10054 17.000
Ir,,,,s. 11,.,,.... A ,,,,,.... F.
Range since Jan. 1.
tSSW=Vra8F4818421=4 80ttl.E. bz.p.8
04.,0
are5==a-4M8E5wwoo,
,
comb2owa..00s
XX X XX X
XX XX.X
XXX
X X
XX A A g
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
9634
90
81
88
9251
100
10351
90
9751
9934
9351
9054
9654
6654
86
7451
55
7734
98
102%
Fel
Ma]
Jun,
Jai
Jai
Jai
Jai
Jill
Alli
Ja,
Jun
Ja
Ma
Ma
Ja
Ja
Ja
Ja
Ja
Ja
• No par value.
Philadelphia Stock Exchange.
-Reco
at Philadelphia Stock Exchange June 23rd of transactions
to
inclusive, compiled from official sales lists: June 29, both
r mew
Stocks-
6934
205
52
4934
554
66
2054
70
41
2854
2854
/AIL
41
42
2851 2954
28
2851
211
2151?
130
3,042
3,325
71212
41
2731
2731
SQL?
June
May
June
Maw
High.
M542.1Mag44§144135t25rgarl tglt
9
2151
Low.
32
32
110 2754 Jan
20
24
1,070 15
Feb
69
70
35 63
Feb
79
79
108 78
Feb
9
9
53
8
Mar
2034 23
21,133 20 June
12054 12051
10 12051 June
6954 7254
105 49
Jan
203 21734 1,162 143
Feb
52
52
25 50
Jan
9854 9834
Feb
6 98
5454 58
385 54
Jan
5031 52
315 4251 Feb
54 1
1,136
54 June
1
1
10
1
June
4954 4954
157 4251 Jan
2751 2754
30 2654 Jan
5
554 1,905
5 June
65
69
739 65 June
5854 6051
250 5854 June
3854 3854
25 35
Jan
2054 2051
200 20
Feb
14
14
500 14 June
5854 5851
70 5451 Apr
77
77
5 77 June
80
79
47 79 June
4251 4454 4,951 4234 June
Cl
Sc
2031
Range sines Jan. 1.
m
mm
mm
mmmx
IngSrAA5$2842gg="2.72."4. mm=
Alliance Insurance
10
American Elec Pow Co_ _50
Preferred
100
American Gas of N J_ _ _100
American Milling
10
American Stores new stock_
American Tel & Tel
_100
Brill(JO) Co
100
Congoleum Co. Inc
•
Cramp(Wm)de Sons_..l00
Eisenlohr (Otto) pref_ -100
Electric Storage Batt'y_ 100
General Refractories
*
Warrants
Giant Portland Cement_50
Insurance Co of N A _ _10
Keystone Telep, pref...50
Lake Superior Corp_ ---100
Lehigh Navigation
50
Lehigh Valley
so
Lehigh Val Transit, pref_50
Lit Brothers
10
Midvale St & Ord new _ _50
Penn Cent Light dr Pow_ •
North Pennsylvania__ _50
Pennsylvania Salt Mfg....50
Pennsylvania RR
50
Philadelphia Co (Pitts)
Preferred (cumul 13%)-50
Mina Electric of Pa
25
Rcts full paid
25
.....•,,-.....
.,
=al
Last Week's Range for
Saw,
of Prices.
Week.
Par. Price. Low. High. Shares.
•No par value.
9051 91
9654 9834
66
62
95
95
48
48
73
73
21
22
92
9234
9134
91
9854 9731 99
101 10154
101
104
104 10454
100
100 100
92
92
9251
63
High,
210,000 85
Jan 9534
11,500 9651 June 99
9,200 61
Mar 7134
1,000 95 June 95
1,000 47
Mar 49
1,000 70
Apr 80
11,000 1954 June 31
2,000 91
Feb 94
2,000 90 May 9334
74,700 96
Apr 103
20,000 99
Apr 103
16,000 10254 May 10654
4,000 9954 May 10034
2,000 88
Ja • 9854
•
Apr
Jab
Jan
June
Jan
Jam
Feb
Jam
Mar
Jam
Feb
Jam
Jar
Mai
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange June 23 to June 29, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Rowe for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
1
High.
I
Amer Pub Sere, pref _ _ _100
8454 86
305
97
Feb
American Shipbuilding_100
6034 6554
252
74
Jan
Preferred
100
75
75
255
75 June
American Tel & Tel
12054 12054
12454 June
28
Armour & Co.
(Del.) pf _100
8454 87
533
100
Feb
Armour & Co, pref - _100
72
76
1,883
96
Jan
Armour Leather
15
754 8
1,120
10
Jan
Preferred
100
8251 8634
266
8754 Mar
Bassick-Alemite Corn--* 31
3034 3434 1,440
3931 Max
Borg & Beck
• 25
2434 2734 2,805
3254 Mar
Bridgeport Mach Co
• 1431 14
1431
275
1634 MAY
Bunte Bros
10
9
934
11
Max
100
Case (J I)
•
I% 134
454 Feb
50
Chich C ar Con Ry pt ah pi*
6
554 6
125
Mar
10
Chic Elev Ry, pref_ _100
3
3
2,338
851 Mal
Chic Motor Coach, corn_ _5
135 13934
690
13974 Jum
Preferred
89
90
340
90 Jum
Chicago Title & Trust_ -100
300 300
305 Jum
20
Commonwealth Eidson_100
875
131 '
Jar
Consumers Co, coin_ _ _100 12734 12631 12734
534
53.4 574
175
634 Jar
Preferred
100 62
62
63
100
70
Fel
Continental Motors_ _ _ _10
754
634 854 20,438
12
Jar
Crane Co, pref
10954 10934110
45
115
Fel
Cudahy Packing,coin_ _100 50
40
50
495
6454 Jar
Dan'l Boone Wool Mills_25 22
2054 2651 5,825
6234 Jai
Decker (A)& Cohen,Inc.'
20
20
30
2051 Juni
Deere & Co, pref
100
65
68
175
7434 Jar
Diamond Match
100 110
110 1103.4
315
121
Jac
Earl Motors
•
54
3.4
1,525
131 Fel
Eaton Axle & Spring
• 2434 2451 26
925
3051 Mal
Eddy Paper Corp (The)- • 3054 30
31
3454 Ap
3,390
Fair Corp(The)
1(50
10274 10354
106
270
Jar
Gill Mfg Co
• 17
1651 20
2854 Ap.
1,450
Godchaux Sugar,com_ _ _• 12
12
14
2631 Ap
750
Gossard (H W),pref._ _100 2554 25
29
970
3554 Ap
Great Lakes D & D_ _100
75
80
9454 Fel
280
Hart Schaf & M,com_ _100
111 111
111 Juni
200
Hayes Wheel Co
•
3254 33
200
4331 Ap
Hupp Motor
10 1834 18
1954 6,242
29% Ma
Hurley Machine Co
•
4354 45
45 Jun,
210
Hydrox Corp,pref
100 193.4 19
21
1,620
3234 Ap
Illinois Brick
100 70
70
7554
250
9654 Jai
Inland Steel
25 35
34
35
360
5034 Ma
International Lamp_ _ _ _25
8
8
32
851 2.425
Ap
Kellogg Sw & Supply--25 42
42
308
43
43 Jun
Libby McNeill & Libby_10
554
53
854 Ap
534 1,293
Lyon & Healy Inc, pref_
23
98
10134 Ma
McCord Rad Mfg "A"_ _ _ • 2754 98
26
39
3254 1,440
Ap
McQuay-Norris Mfg
• 19
2,755
17
26
19
Ap
Middle West ULU,com_ 100 4554 45
45% 1,329
53
Fel
Preferred
100 8234 81
2,926
84
8654 Jai
Prior lien preferred
99% 9634 9951
818
104
Jai
Murray (J W)Mfg
10
as
1954 Jun
1994 1954
National Leather
10
607
354
334
4
854 Fel
Orplieum Circuit. Inc
_1
100
18
18
20
Ma
Peoples' Gas L & Coke_100
10
94
90
90
Ja
Philipaborn's,Inc,com_ _5
415
1254 13
38
Ja
Pick (Albert) & Co
10 1954 19
410
1934
3634
Pub Serv of Nor III,coin_
•103%Ma
100 100x 1so3 12
94 1 g
m
1302
4
AM
Common
10354 Am
Preferred
100 9254 02
92%
99
Ali
Quaker Oats Co
100
35
215 215
236
Ja
Preferred
100
127
98
97
100
Ja
Reo Motor
io 1454 1454 1551 3,235
20 Ma
Standard Gas & Elec__ _50 2554 2554 2754 1,588
3254 Ms
Preferred
50 4654 4654 48
1,160
5134 Ai
Stew War BMW,cam 100 7674 7534 8454 32,845
12454 Al
Swift & Co
100 99
9854 10054 3,505
10934 Jo
Swift International
15 1754 16
1854
2134 Ja
Thompeon (J R) com _ _ _25 4554 4454 4534 4,925
,
1,635
52 Jut
Union Carbide & Carbon 10
15,880
6751 Ja
United Iron Wks v t c_ _50 5234 5255 5634
6
6
854
375
1354 Fe
United Lt& Rys,corn_ _100 13934 138 144
233
164 Ma
let preferred
100 7934 793.4 81
175
94
AI
Participating pref_ _ _100 90
90
75
9154
9974 MI
Rights
54
134 6,450
251 Ma
U S Gypsum
20
62
67
125
7554 Mt
Preferred
100 103
103 103
10
106
Mc
US Stores Corp, pref
98
185
98% Ms
Wanner Mall Cast Co__ _• 9734 98
23
20
23
865
31
Al
Vesta Battery Corp,come
22
24
210
36
Ms
Wahl Co
• 44
1,055
5874 Ja
Ward(Montg)& Co, w L20 1954 4354 47
1934 2154 5,235
2554 Fe
Class "A"
•
98
9954
10454 Al
50
Western Knitting Mills_ _•
3
274 454 1,970
1054 Mc
Wolff Mfg Corp
• 13
3554 Ml
1851
Wrigley, Jr, common_ _ _25 10454 12 10754 1,775
10431
114
462
Al
Yellow Cab Mfg,Cl"B" 10 257
296
250 267
1,196
Al
Yellow Taxi Co
9034 89
9834 Al
9454 9,790
Bonds
Chicago C & Con Rys 59'27
$7,000
1 6531 MI
56
56
Chicago Rye 58
1927
79% 79% 1.800
8254 M
55, Series "A"
1927
6734 6754 3,000
70
MI
4s, Series "B"
1927
2,000
49
49
L 6534 M.
Purchase money Se
53
53
4,000
61
M.
Pub Ser Ca let rot a 5R 1Q 55
acts
8.514 8514
1.000
8754 St
• No par value.
VAKZITIE
10054
22,000
34,000
5,000
14,000
11,250
200
15,000
1,000
2,000
3,000
1,000
1,000
3,000
12,000
4,000
10,000
26,000
33,000
15,500
X
48
92%
91% 9154
48
48%
78% 78%
92
92%
72
72
98
98
10054 10154
85% 85%
8554 8554
92% 93%
9454 9454
91
91
91
92
9754 97%
95
95
100 100
93% 99%
103 106.
95
9534
Low.
3,081 30
Jan 3354 Jun
120 5954 June 67
Jan
160 7054 June 80
Feb
20 97 June 99 May
1,060
% June
154 Jan
325
154 June
254 Jan
1,091 35 June 4054 Jan
5 192 June 200
Jan
2,595 4731 May 56
Apr
71 r5451 May 5634 Feb
10
8
Jan
9
Feb
125 33
Jan 43
Mar
16 6531 May 8654 Mar
_
Amer Tel & Tel 4s_ _ _ _1929
Atl Gulf& W SS L 58 1950
Chic June &U S Y 48_1940
5s
1940
E Mass St RR B 5s.. _ _1948
Series S C Bs__ _ _1925-29
Hood Rubber 78
1936
K C Mem & Birm inc 4s'34
Income 5s
1934
K C Mem Ry dt Bdg 581929
Mass Gas 454s
1929
4545
1931
Miss River Power 5s...1957
New England Tel 58..1932
Pere Marquette 5s.. _ _ _1948
Silver Dyke 75
1928
Swift & Co 56
1944
Warren Bros 7548._1937
Western Tel 5s
1932
Range Once Jan. 1.
3134 3354
60
6134
7051 7134
97
97
34
34
131 1114
3954
38
38
192 192
x48
49
51
5531 5554 5551
854 831
35
35
67
67
67
3134
6054
M.
0.4.mm0003
.000W.M0
ON.WWWWWW0WW0 000.00mmOtwolCovwcy101.40,0WN00WW00
NN.4...0
30.4M..OMM
.0...4.5
.0000WNN004.0000I00ba0000a,N
MG.W.
.MMM .
300M`
.
400
00QM4. 000010000O.OIM0CRWW0,0-.00CACO.
X
.
XX
X
X
XX XXX=
XXX
X X=
XX
=
XX
X
X= XX
XX=
X=
X
,.t,M.V0t4t,-0.4
nttn..44
g2tmmgl:m4k4glaggigg
4L4L
.r.""'44'-'4444.24:4
-'4 ..ttitt
r44.t
in t Mra ..4o44
t4 '
04:e0.nt at
gggalgggg414g474ggea
M
r
g441qgVaVitMoOPMg117
144gggaIE4414V4484V4
40.47igggmgg
Bonds
-
Phila Rapid Transit_ _ _ _50
Philadelphia Traction_ _ _50
Reading Company
50
Scott Paper Co pref
-100
Tono-Belmont Devel_ _--1
Tonopah Mining
1
Union Traction
50
United Cos of NJ
100
United Gas Impt
50
Preferred
50
Warwick Iron & Steel _ _10
West Jersey & Sea Shore_50
Westmoreland Coal
50
Range slice Jens. 1.
410014.4.
00b2.40.4.4
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Amount
Stocks (Concluded)-
Friday
Sala
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
of transactions at
Pittsburgh Stock Exchange Ju -0 23 to June 29, both inclusive, compiled from official sales lists:
Pittsburgh Stock Exchange.—Record
Stocks—
asses
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
656
Am Vitrified Prod, com_25
Am Wind Glass Mach_ _100 80
100
Preferred
555
Arkansas Nat Gas, com_10
Fidelity Title & Trust_ -100
-Laughlin Steel, 13f-Jones
25 23
Lone Star Gas
Mfrs Light & Heat_ --100
651
Nat Fireproofing. com_50
50 15
Preferred
1 1255
Ohio Fuel 011
25 3131
Ohio Fuel Supply
Oklahoma Natural Gas_ _25 1956
Pittsburgh Brew,com_ 50
50
Preferred
Pittsburgh Coal, pref_ _100
Pittsb & Mt Shasta Cop_ _1 13c
Pittsburgh Plate Glass__10 167
9
Salt Creek Consol OIL _ _ _1
Stand San Mfg, corn.... _100 75
8
•
Tidal Osage Oil
Union Natural Gas.._.100 2514
100 28
U S Glass
West'house Alr Brake_ —50 79
W'house El & Mfg, com_50 5356
inn
'Waal. PwrIn Aye nra
655 1335
81
80
9051
90
555 631
330 330
107 108
2331
23
5334
53
631 651
16
15
1231 14
3115
31
1955
19
231 251
6
6
100 100
100 13e
167 168
9
9
7431 75
8
8
2555 2831
2834
28
8331
79
6
5315 5
8231 83
110
77
45
4,505
19
180
285
315
130
765
520
1,712
630
150
100
10
9,500
269
2,225
298
25
937
425
580
975
126
Range since Jan. 1.
Low.
656 June
Feb
79
90 June
531 June
Apr
325
10631 Mar
23 May
May
51
631 June
15 June
12 May
31 June
1831 Mar
131 May
531 May
Jan
97
100 June
Jan
165
855 June
Mar
73
8 June
2331 Feb
2434 Mar
79 June
5335 June
Apr
77
High.
831 Apr
Mar
95
10731 Mar
Jan
10
330 June
10951 Mar
Feb
27
Feb
60
855 Feb
1856 Feb
1855 Feb
3651 Mar
Jan
27
231 Jan
Mar
8
Mar
100
28c Jan
Jan
205
1735 Apr
8555 Apr
1356 Feb
2755 Mar
2931 June
Feb
120
8231 Max
May
86
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Stocks (Concluded) Par• Price. Low. High Shares.
700
1855 19
•
Shelton Looms, corn
7,000
20e 22c
Southern Coal & Iron....5 200
100
2655 2654,
& El, com_50
Standard Gas
800
255 255
Standard Motor Constr_10
14
1551 1,000
•
fit tax Motor Car
140
98 100
100
Swift & Co
200
1734
17
15
Swift International
14%
300
13
Elec Power,cam- •
Tenn
200
935 951
Timken-Detrolt Axle_ _10
354 1,200
3
3
Tob Prod Exports Corp..'
275
4955 5155
50
Todd Shipyards Corp.-..'
1,000
100 100
Triangle Film Corp v t c_5
4235
400
42
Underwood Typewr, w 1 25
555 1.000
5
United Profit Snarl. new.1
5.51 531 5,400
531
Un Retail Stores Candy..'
200
35
34
United Shoe Mach. com_25
154 11h6 4,700
135
U 8 Light & Heat, com_ _10
231 1.200
2
10
Preferred
1.100
13% 16
Waring Hat Mfg
155 151 1,400
151
5
Wayne Coal
231 354 14,800
251
Mfrs, Inc-Western Feed
Willys Corp, 1st pref _.100
700
556
3
ertificates of deposit 400
127 130
Yellow Taxl Corp, N Y_ •
* No par value.
transactions in the
New York Curb Market from June 23 to June 2), inclusive:
New York Curb Market.—Official
MUM
Friday
Last Week's Range for
Week.
of Prices.
Sate.
Par. Price. Low. High. Shares.
Week ending June 29.
Stocks—
Range since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
6 May
331 May
331 451 1,700
354
Acme Coal Mining new 10
100 10034 June 10055 June
10054 100% 10056
Acme Packing, pref
10 92 June 92 June
92
92
Adirondack Pow & Lt, met
Apr
3
134 June
200
155 131
155
*
Allied Packers. new
1456 1555 1,000 1455 Mar 1954 Apr
Amalgam Leather. corn ...• 1434 76
Mar
25 7531 Mar 78
76
American Cigar, com_100
Mar
100 9931 Mar 102
101 101
Amer Cotton Fabric, pf.100 101
114 Apr
155
200 37c June
1
Amer Drug Stores, cl A-1
June 4856 Mar
200 31
3454
' 31
An, utter., cont, new, w L •
200 4031 June 4654 Feb
4031 4031
50
Preferred
14
100 14 June 2551 Mar
14
American Hawaiian SS 10
Feb
Apr 140
75 111
111 11231
Amer Lt & Trac, corn_ -100 112
May
2151 2255
40., 2051 June 25
•
new
American Stores
28 June 4054 May
28
400
3031
Archer-Daniels Mid Co_ •
9956 Feb
Armour & Co of Del. of.100 8.531 8531 8656 1,800 8534 June 19
Feb
7 June
100
7
7
Armour Leather, com- _15
255 Feb
131 June
1,900
155
154 2
•
Atlantic Fruit Co
Jan
Mar 122
60 110
11634 11656
common_ _100
Borden Co.
100 10035 Jan 10656 Apr
10231 10251
100
'Preferred
14 May 1634 May
14
1434 1.60
Bridgeport Machine Co_ •
704 leg Jan 2355 June
2231 23
-Amer Tob ord bear_ £1 23
Bet
1.40:1 1956 Jan 2351 June
2234 23
£1 23
ordinary
300 1231 June 1751 Feb
Int Corp, class A..• 1251 1254 15
British
735 Jan 1034 Max
951 3.000
9
935
10
Brooklyn City RR
135 Feb
1114 June
111, 155 3.600
155
•
Buddy-Buda. Inc
Apr 10955 Feb
200 106
pref.-100 10654 10655 10631
Campbell Soup,
254 Max
770 June
1
400
77e
Central Teresa Bug, corn 10
Feb
Jan 15
800 10
1354 14
Centrifugal Cast Iron Pipe*
200 34 June 6655 Feb
40
4051
Checker Cab Mfg, Claas A•
551 June
251 Jan
454 7,500
4
456
Nipple Mfg Class A.10
Chle
331 Apr
354 1,200
3
231 May
3
10
Class B
355 Feb
131 May
135 131 8.300
131
Chicago Steel WheeLcorn-5
955 Feb
355 June
4
555 5,400
10
Preferred
Feb
13355 132 13755 1,640 130 June 195
Cities Service, com____100 6431 64
Mar
1,560 64 June 70
65
100
Preferred
654 Mar
535 June
400
535 6
10
Preferred B
95
11.500 90 June 102 June
90
92
Cities Service.scrip
1351 1331 1351 3,400 1336 June 1931 Feb
Cities Serv. bankers sh..• 2
28
6
2731 1,400 26 June 3454 Apr
Cleve Automobile. corn..'
90 7931 Apr 95 June
90
85
100 90
Preferred
1951
610 16 June 2555 Mar
16
Colorado Power, com_ _100
Apr
60 24 June 35
27
24
Com'w'h P,R&L, com_100
Jan 232 June
10 114
212 212
Congoleum CO, com---100
Mar
8
354 Feb
451
451 431 5,600
5
Cox's Cash Stores
1,200 3451 June 3834 June
3451 37
*
Cuba Company
854 Mar
Jan
5
100
751 731
Curtiss Aeropl de M.corn.'
755 June
751 June
731 731
200
755
Certificates of deposit_ _ _
Jan 9156 June
100 82
8831 89
& West Coal_ 50
Del Lack
451 Jan 1331 Apr
73.4 931 7,000
831
Dubliler Condetwer & Rad• 4255 4251 4635 4.700 3734 May 84
Jan
.
Durant, Motors, Inc
955 June 2551 Jan
931 1135 1.320
931
Durant Motc,rs of Ind_ —10
24
2851 1,900 24 May 3055 May
Eaton Axle & Spring eo...* 2411 97
Mar
370 97 June 99
98
Elec Bond & Share, pt_100
June
30 182 May 195
190 192
Equitable Tr Co of NY 100 190
Mar
Jan 61
35 48
5555 68
Federal Light & Tr. coin'
6
631 Jan
100
534 Feb
6
Film Inspection Mach Co *
Mar
Jan 460
10 400
420 420
Ford Motor of Canada_100 420
AM
3.135 238 June 292
238 270
•
Gillette Safety Razor.... 247
Jan 7534 Apr
• 653-4 6451 6751 2.200 56
Glen Alden Coal
4,300
1055 12
9% Mar 1631 May
Goodyear nre & R.com100 1131 93
Jan
1,800 9254 May 102
94
Hanna(MA)Co. pref_100 9311
255 Feb
500
134 Jan
131 134
151
•
Heyden Chemical
1354 14
300 13 May 1715 Feb
100
Hudson Cos pref
831 June 1234 Feb
811 954 1.500
834
Hudson & Man RR,corn 100
Jan
100 43 May 48
44
44
100
Preferred
500 1951 June 25 M r
1931 2155
•
Hydrox Corp. corn
1634 1,700 16 June 2131 May
16
Imperial Tob ot GB&I__£1 16
6% Jan
4 June
451 1,600
4
435
Intercontinental Rubb-100
851 May
500
,
434 June
455 455
International Carbon- •
255 June
Jan
300
1
255 255
254
If
Keystone Solether
50 65 June 73 May
65
65
50 65
Lehigh Coal & Nay
Mar
Jan 25
800 18
2051
18
Lehigh Power Securities- •
200
854 Apr
5 June
5
5
6
Libby, McNeill & Libby_10
Jan
6 June 20
200
651
6
50
Lucey Mfg, class A
Jan
Jan 22
100 13
1456 1456
Lupton (F M)Pub. Cl A.
214 Feb
500
134 June
134 135
135
Marcon1Wireleas Tel of Can
200 4034 May 45 June
45
42
McCrory Stores Corp,new*
10 182 May 182 May
175 175
100
Old stock
7 June 1255 Jan
734
734 755 1,000
•
Co
Mesabi Iron
4,100 1151 June 213-4 A nr
• 1354 1354 14
Midvale Co
Feb
120 18 June 27
22
'Hy Pow,com 100 1934 18
MissIssip
20 94
Mar 100 June
Motor Wheel Corp, pref-_ 4 100% 100 10055
100 37 June 4231 May
37
37
Munsingwear, Inc
100
855 Feb
4 June
4
4
10
National Leather
800 5014 May 7014 Mar
Nat Bunn Cofof Dencom 51) 5255 5131 55
43.4 Apr
600
355
234 Mar
3
Ariz Land_ -1
New Mex &
112 Jan
750 108 June
_ 100 10831 10811 10955
N Y Tel 614%
Apr
Feb 24
100 14
1634 1851
pref.Paige-Detroit MotorCar 10
955 June 1534 Apr
600
931 12
Patterson Bros Tob, cl A_•
Jan
1.700 30 June 80
313-4 35
Peerless Truck & Motor-50 35
Jan
1
3.500 500 June
50c 55c
Prima Radio Corporation.- 50e
431 Mar
231 June
251 354 19.700
251
Radio Corp of Amer,corn•
31514 Apr
21516 Jan
3114
355 Pio 8,100
5
Preferred
15.500 1314 Feb 2031 Mal
10 1434 1454 15
Reo Motor Car
Jan
2
400
85e June
860 90c
5
Repettl. Inc
Max
100 39 June 45
39
39
-100
Republic Ry & Lt, pre:
1051 1031 7,300 1051 June 1054 June
1051
Roamer Motor Car
800 45 sonp 5414 Mar
40
45
,5,.....,.... c"... n....., nr en AR
'"•••••
[VOL. 116.
THE CHRONICLE
2984
Former Standard Oil
Subsidiaries
Anglo-American 011____£1
50
Buckeye Pipe Line
100
Cheaebrough Mfg
100
Continental 011
25
Crescent Pipe Line
Cumberland Pipe Line_100
100
Eureka Pipe Line
Galena Sumai Oil. com.100
100
Illinois Pipe Line
50
Indiana Pipe Line
National Transit--12.50
100
New York Transit
Northern Pipe Line_ -100
25
Ohio Oil
25
Penn-Mex Fuel
100
Prairie 011 & Gas
100
Prairie Pine Line
100
Solar Refining
100
South Penn 011
Southern Pipe Line__ _100
100
W Pa Pipe Lines_
Standard Oil (Indlana)..25
Standard 011 (Kansas)—25
25
Standard Oil(Ky)
Standard 011(Neb)_ _100
Standard 011 of N Y....25
Standard Oil(Ohio)corn 100
25
Vacuum 011
10
Washington 011
1434
8336
35
1023-6
5956
15636
99
2354
99
58
15
185
100
135
9434
5415
8655
3635
280
4551
,•••-
High.,
1834 June 2731 Mar
20e MP3 50o May
21% Feb 27 June
356 Jan
234 May
June 24% Jan
14
Feb
June 109
98
Feb
June 21
17
Mar
13 June 19
9 June 1355 Apr
654 Mar
3 June
MAY
4955 May 60
Jan 38c Apr
Sc
4156 June 44% June
Apr
7
455 Jan
Mar
8
Jan
5
Mar
n3355 May 58
2% June
Jan
1
355 Apr
Jan
90e
1335 June 2251 Apr
214 Jan
155 June
6% may
251 June
3
100
June 1056 Jan
Feb 152% AM
4,100 14 June
15
14
8354 8455 1,200 80 May
Jan
10 207
226 226
200 35 June
3834
35
230 15% June
1735
17
Jan
20 185
10034 101
Jan
85 95
101 10255
500 5755 Jan
6154
5954
190 15534 June
15534 15954
75 93 June
99
98
400 2331 June
2331 2455
100 99 June
99 110
110 97 June
9754
97
2,900 58 June
62
58
300 15 June
16
15
355 180 June
181 200
9955 10434 1,260 /9956 June
35 174 June
176
175
May
70 130
135 139
180 9456 June
9455 9634
40 8655 Jan
80
80
5735 81,980 54 June
54
1,000 40 June
41
40
Jan
8554 8934 3.700 u80
Jan
10 188
220 220
367.4 3814 10,200 3555 Jan
Mar
120 274
280 284
4551 4834 11,900 4351 Jan
Mar
50 23
25
25
Other Oil Stocks
1
Allied Oil
555
Ark Natural Gas. com-_10
3
Atlantic Lobos Oil, corn_.•
1051
Co class A
Barrington Oil
Big Indian 011 & Gas
Boston-Wyoming Oil_ _1
25
British-Amer 011
BrItishControlled Oil Fields
Cardinal Petroleum
344
Carib Syndicate
355
5
Creole Syndicate
Derby Oil& Ref Corp,com• r1055
•
Preferred
4c
Engineers Petroleum Co_ _1
Equity Petrol Corp, pref........
011
Federal
1
General Petrol Corp cs0m25
Gilliland OIL corn
10 700
011
G
Granada 011 Corp. Cl A-10
25 5055
Gulf 011 Corp of Pa
Harris Conaol Petrol Corp. 50c
1 100
Hudson 011
Humble Oil& Refining_ _25 2954
35 33
Humphreys Oil
Imperial Oil(Can)coup-26 98
International Petroleum--• 1531
1116
Interstate Royalties Corp-1
Keystone Ranger Devel__1 14c
2
*
Kirby Petroleum
2
Lafayette Oil Corporation_
Lance Creek Royalties_ _1
Livingston Petroleum - •
5
Lowry 011 Corp
1
Lyons Petroleum
Magnolia Petroleum...100 129
-.5 2034
Maracaibo 011 Explor_ _
• 75c
Margay 011 Corn
255
1
Marland oil
5
Mexican Eagle 011
Mexican Panuco Oil—._10 53
10 90o
Mexico Oil Corp
1
Midwest TeXas 011
155
1
de Gulf 011
Mountain
Mountain Producers_---10 1354
Mutual Oil vot trust Mts.. 10
455
New Bradford 011w L...5
-----New England Fuel OIL_
25
York 011
New
Noble(Chas Ir) Oil& 0a3-1 130
1 500
Preferred
10 730
Omar till& Gas
•
Peer 011 Corporation
14
Pennsylvania-Beaver 011.
le) 1134
Pennok oil
Phillips Petrol new w 1___• 2754
355
Royal Can Oil Syndicate.'
354
Ryan Cons Petrol Corp..'
9
Creek Canso! 011_ _10
Salt
Salt Creek Producers— _10 1651
555
Santa Fe Oil& Refining-.5
255
5
Sapulpa Refining
234
6
Seaboard 011 & Gas
80
Petrol & R011111113_1
South
10 1555
Southern States 011
5
Tet-Ken Oil Corti
•
Tidal Osage 011
1 r700
Turman till
Ventura Cons 011 Fields_ _5
Western States 011 & Gas_ I
6
5
wlieox Oil & Gas
•
Woodburn Oil
1
"Y" 0113, Gaa
Mining Stocks.
Alaska lint Col Merida---1
Alvarado Min di M111-20
Atrial lead. Zinc dr 8m Cor
Amer Comm
American Exploration-Arizona Globe CopPer---1
Beaver Consolidated
10c
Belcher Divide
Range since Jan. 1.
Low.
154
354
155
390
Sc 535c
556 855
256 3%
1051 10%
13o 14c
78e 860
32
32
151 254
8% 954
355 411
255 4
1051 14
3555 3754
8c
4c
1455 15
50c 700
33
31
455
4
500 87c
151 151
5054 53
600 95c
90 11c
2955 31
38
30
96 16031
15% 17
111
97c
14c 16c
155 251
2
750
lc
lc
75c 760
63c 630
850 680
12(46 130%
19% 22%
750 960
255 3
53.1 551
59
51
880 99c
100 14c
155 154
1335 1455
931 1034
455
4
3031 3051
11%
10
13c 14e
500 81c
70c 77e
231
2
90c
154
1151 1154
30
27
355 4
355 4
835 9
1551 1655
5%
5
2% 3
255 2%
60
2c
1751
14
660 80c
834 856
650 75e
2754 2755
18c 18c
635
6
23e 230
70
Te
134
3%
455
2e
50c
200
30e
20
19% May
Jan
94
Mar
237
Feb
50
2655 Feb
Jan
188
Apr
117
793,1 Mar
Feb
171
Mar
103
29
Feb
Apr
138
Feb
110
85% Feb
Feb
25
Apr
224
Jan
333
21256 Feb
Feb
198
Feb
116
8834 Mar
6955 Mar
Feb
57
Jan
133
Feb
285
4955 Jan
Apr
317
5551 Mar
Jan
28
Sc Jan 170 Feb
1,100
Mar
556 June 10
2,700
731 Jan
254 May
1,500
3.700 1031 June 1154 may
4,000 100 June 30e Mar
1% Feb
2,300 76o June
Mar
100 32c June 37
Apr
3
151 Feb
500
955 June
555 June
800
755 Mar
7,200
331 June
73-4 Apr
251 Jan
30 000
1.200 1054 June 1891 Apr
300 3355 June 4955 Mar
Jan
3o June 25c
16.000
400 14 June 1555 May
Jan
1
5,600 503 June
June 3834 Apr
500 31
755 May
Jan
3
900
2h6 Jan
14,400 500 June
Feb
3
114 June
100
12.100 5055 June 6854 Mar
2510 Aft
4,500 50o June
70 May 18cJan
49.000
1.800 2955 June 4131 Mar
1,700 27 June 3955 May
Feb
815 96 J ne 123
21,900 15 May 247.4 Feb
155 June
1.500 950 May
38,000 120 June 400 Jan
Jan
4
1% Apr
1,200
255 Apr
2 100 75c June
4c Feb
lc May
5,000
251 Mar
Jan
2,400 75c
1% Feb
100 620 Mar
135 Jan
1.000 80o June
Jan
245 125% June 188
16.700
,
936 Jdn 2531 May
154 Jan
700 75c May
455 June
155 Jan
4.800
100
551 June 1055 Feb
Mar
$3
Jun
551 50c
11.800 74c J 'ne 21116 Mar
Jan 300 Jan
2.000
Sc
135 Mar
155 June
1.000
&SOO 1394 .lt,ne 2034 Feb
June 1555 Mar
991
69.900
534 May
4 June
1,700
Mar
100 24 June 52
5 June 2135 Feb
1,300
7,400 13a June 300 Jan
300 50c May 780 Jan
PH Mar
7,300
700 Jane
Mar
900
2 June 13
Apr
5
2.000
90e June
143,4 Apr
955 Jan
6,400
3,100 27 June 4144 Apr
754 Mar
3 June
8.600
831 Mar
334 June
1.000
Feb
3 300
854 June 14
6.180 1534 June 2551 Feb
855 Mar
6.600
434 May
435 Mar
4,500
231 June
Apr
4
251 Jan
16,900
lo May 130 Jan
43,500
9,900 1231 June 283-4 Mar
400 55c June 750 Apr
200
8% June 1355 Fsb
.600 600 June
134 Apr
Ja,n
' 25 2555 Apr 30
2,000 18c June 300 Feb
6 June 1051 Jan
14.000
1.000 23c June 400 May
7o June 20c Mar
1,000
134 3,900
4
400
5
800
2c 2,000
400
I%
490 29,000
300 1.000
2c 1,000
134
255
455
2c
50o
100
300
2c
June
Jan
June
June
Feb
Feb
Juno
Feb
2%
8%
635
lie
1%
850
50o
Sc
Mar
Mar
May
Jan
Apr
Feb
Apr
Mar
JUNH 30 1923.]
THE CHRONICLE
Friday
Sales
Last Week's Rance for
Sale.
W' Prices 'Week
Stocks (Concluded) Par. Price. Law. High. Shares.
Belcher Extension
40
100
Big Jim
lc
Black Hawk Con Mines_ _1 14o
Booth Mining
Bomon & Montana Dev--5
Boundary Red Mt Mm.
-- 15c
Butte & New York
1
Butte & West Min Co__-1
1
Caledonia Mining
1
Calumet&JeromeCopper_l
Canario Copper
1
Pis
Candelaria Silver
7c
1
Comstock Tunnel
omoi Copper Minot
_5
2%
Cons Nevada-Utah Corp_
Continental Mines. Ltd_ _
431
Cortez Silver
1 66c
Crackerjack Mining
2c
Cresson Con Gold M & M.1 x334
Crown Reserve
Davis-Daly Mining
10
2%
Divide Extension
1
Dolores Esperanza
1 xl•ta
Emma Silver
I
lc
Eureka Croesus
90
1
Fortuna Cons Mining
24c
Golden State Mining
Goldfield Consol Mines_10
70
Goldfield Deep Mines Co 5c 12c
Goldfield Development
Goldfield Florence
• 1 570
Goldfield Jackpot
1 380
Goldfield Oro Mining
Hard Shell Mining
40
1
Harmill Divide
10c
Hada Di v ide___.
741
.....250
Ililltop-Nevada Mining-I',,
Hollinger Con Gold Mines5 11%
Homestake Ext Min Co__1 700 .
Howe Sound Co
1
Independence Lead Min-1 380
Iron Blossom Cons Mlnl
Jerome Verde Develop't_ _I
2%
_fib Cons Mining
838
.11m Butler Tonopah
1
Kerr Lake
5
Kewanas
40
1
Knox Divide
2o
10o
Lone Star Consolidated 1
MacNamara Crescent Davi
10
MacNamara Mining
1
Marsh Mining
Mason Valley Minas
1%
5
Mobican Copper
1 400
Nabob Comet
30
National Tin Corp
50c 120
Nevada Ophir
1
Nevada Silver Horn
New Cornelia
1634
New Dominion Copper__ _5
New Jersey Zino
100 z151
14 Y Porcupine Mining__ 620
Niplssing Mime
5%
5
Nixon Nevada Mining Go.
Ohio Copper.
1 530
Peterson Lake
Premier Gold
RAY Hercules. Inc
a 134
Red Hills Florence..
40
Rex Consolidated MinIng-1
30
Rochester Silver Corp_ _1
St Croix Mines Corp
Salida Mines
838
San Toy Mining
1
Sandstorm Kendall
lo
Silver King Conseil
Sliver Mines of America
130
Silver Pick Consol
Silver Queen Mining Corp.
SimonSilver Lead
1 230
South Amer Gold & Plat _I
3
Spearhead
130
Standard-Silver Lead----1 180
Stewart Mining
1
SUCCESS Mining
1
Tack-Hughes
134
1
Tonopah Belmont Divide 1 750
Tonopah Divide
1 500
Tonopah Extension
1 1131,
Tonopah Midway
Tonopah Mining
1
Trinity
Tuolumne Copper
1 180
United Eastern Mining_ 1
134
United Imperial Mines.._1 890
United Verde Extension_50 31%
U S Coot Mines
Unity Gold Mines
331
Utah Apex
Verde Mining &
Volcano Mines Co
Wendell Copper Mining_ _ 410
West End Consolidated-5 880
Went End Extension Min_ _
lo
White Cups Mining_ _ _ _10c
130
Yukon Alaska trust cite__
Yukon Goki Co
5
Bonds
Allied Pack 8s,Ser B...1939
Cony deb 68
1939
Aluminum Mfrs 78_1925
78
1933
Amer Cotton Oil 8a._.1924
Amer G & E deb 68___2014
Amer Lt& Trac 68_ _ _ _1925
Without warrants
Amer Rolling Mill 611_1938
Amer Sumatra Tob 76_1938
Amer Tel et Tel Os_ __ _1924
American Thread 6s_ _1928
Anaconda Cop Min 68_1929
Anglo-Amer 01174s.
.1925
Armour & Co of Del 5343'43
Assoc Hardware 630.1933
All Gulf & WI SS L 58 1959
Beaver Board 8s
19113
Belgo-Canadian Pap 661943
Beth Steel equip 7s_ _1935
Canadian Nat Rye 78_1935
Canadian Pacific(is_.1924
Central Steel 8.8
1941
Charcoal Iron of Am 1181931
Chic R I & Par RR 530'26
Cities Service 7s, Ser D '88
78, Series C
1966
Colum Gmphophone 88 '25
Certifs of deposit
Cons0,E LA P Balt 68'49
78
1931
5348
1952
65
60
103
106
91%
92% 924
88%
98%
100%
101%
101
102%
87%
96
48
79
10331
107
107%
88
89
68
62
10331
106
9334
93%
L....
I
High.
60 Jan
lc June
170 June
Jan
16c
23c May
80c May
50c Mar
$3
Apr
10c Feb
220 Feb
2% Jan
380 Jan
300 may
4% Mar
15c Jan
5% June
14 Mar
150 Jan
34 Apr
72c Apr
431 Mar
13c Jan
2% Jan
40 Jan
37c Jan
740 Jan
500 Mar
lie
Jan
24c Jan
340 Jan
76e Feb
57e Mar
Jan
6e
130 Jan
10c Mar
914 Apr
Paw Feb
740 Mar
4% Mar
48o Mar
380 Jan
3% Feb
14 Apr
6c
Jan
3% Jan
80 Jan
7e Apr
100 Jan
Sc Jan
7c Jan
Jan
1.50
2% Mar
93ii Apr
60 Jan
32e
Jan
200 Mar
2c Jan
24% Mar
4% Mar
1804 Mar
75o June
6,' Mar
100 May
1 in Mar
11c Mar
3% Apr
231 Mar
80 Mar
Sc Feb
190 Feb
134 May
1
June
4c Feb
Sc Jan
14 Apr
400 Feb
Sc
Jan
50o Feb
50c Apr
4% Mar
31c June
280 Feb
8e
Jan
68e
Jan
1% May
1101 Jan
89c Mar
4
Mar
13e
Jan
2% Jan
1% Jan
67c Feb
2•11 Feb
90e June
38% Apr
230 Jan
5(4 Mar
8% Apr
730 May
100 Mar
41c June
134 Jan
60 Jan
12c Jan
35
Apr
2101 Apr
$12,000 65 June 84%
20,000 58
May 76%
11,000 102% Apr 104
15,000 105
May 107
43,000 85
Feb 9834
24,000 921£ June 9814
1004 101
15,000
9834 98% 10,000
97
98
3,000
100% 100% 90,000
101% 101% 6,000
101 101% 39,000
102 102% 12,000
87
89 176,000
9534 9634 230,000
48
48
2,000
79
79
6,000
96% 96% 10,000
103 103% 47,000
107 10734 12.000
9934 99% 2.000
107% 107% 26,000
92% 92,1 1,000
98% 9834 6.000
8734 89% 31,000
89
90% 14,909
121-1
102%
105341 10534
I 98%
Ro”,,, since Jan. 1.
3c
Sc 171,000
2c Mar
lc
le 3,000
lc June
14c
15c 3,000
80 Apr
50
M 10.000
4c Apr
120
16c 6,000
9e Feb
15c
20c 2.000 15c June
250
250 1,000 15c Apr
1% 2,600 900 Max
1
7c
Sc 3,000
Sc Mar
120
160 6,000 10c may
134 1st. 1,400
1% Jt ne
60
8c 27,800
50 June
220
22c 1,000 15o Mar
2% 3
1,700
2% June
8e
8c 6,000
8c Feb
4% 5
1,100
4
Jan
650
670 8,400 620 Apr
2c
2c 7,000
lc June
x3% 319 8.700
2
Ato
53c
53c
100 32c Feb
2% 2%
2% June
900
4c
50 6,000
40 June
xi',, 1% 2,300 zlli, June
lc
lc 2,000
lc Apr
100 32,000
90
90 June
20c
24c 94,000 170 Apr
270 31,000 670 June
170
70
70 2,000
60 Apr
11c
16c 358,000
70 Apr
lie 8,000
60
4c
Jan
54c
65e 81,500 29c
Jan
380
400 5,000 338 Jan
lc
lc 9,000
lc Jan
30
4c 14,200, 3c
Jan
Sc
Sc 2,000
2c June
1,500
731 8
7% June
750
134 7,800 75e June
11% 12
3,400 1134 June
650
700
700, 58c Feb
334 3% 3,300; 234 Jan
300
390 38,000 180 June
238
25c 2,000 25e Jt no
234 234
700 950 Apr
85e
850 10,200 85c June
lc
10 2.000
lc June
2% 2%
1.000
2% June
4c
Sc 8,000
20 Mar
2c
2c 3,000
lo May
20
3c 62,000
2e June
lc
lc 2,000
lc Mar
20
3c 11,000
20 June
lie
110 3,000
60 Jan
134 1%
700
134 June
40c
64c 3,100 10o
Jan
3c
30 1,000
2c June
100
13c 35,000 10o June
Sc 5,000
60
6c June
lc
lc 1,000
Jan
le
164 17%
300 1631 June
2% 3% 8.800
2% Jan
235 148 June
14834 zlbl
630 4.000 300 Jan
513o
511 5% 3.600
5% Jae
6c
80 11,000
30 Jan
48c
580 27,000 370 Jan
100
100 1.000
8e May
231 2%
150
231 Jun
1
131 4,700
Feb
1
4c
5.3 37,000
in May
2e
30 5,000
20 May
Sc
Sc 1,000
30 May
131 1',, 1.800 800 May
850
90c 1.300 420 May
30
3c 1,000
lc Jun
lo
le 2,000
le AP
750
750 1.000 50o Mar
I2c
140 12.000 100 May
5c
Sc 2.000
3c Jun
350
44c 21.000 28e May
230
28c 3.000 210 Feb
3
3
100
2% May
12e
310 276,000
4c Mar
160
200 7,000 160 Jun
3c
3c 1,500
30 Jun
370
39c 2,000 37c Jun
1% 1%
2,500 810 Jan
750
75o
100 730 Jun
50c
530 6,200
480 Jun
1% 234 25.700 14 Jun
20
2c 1,000
2c Jun
134
900
1, Jan
10
600
600
100 600 Jun
180
22c 9,000
Sc Jun
1% 13-1 16,700
14 June
870
890 1,500 60o Mar
30
33
2,700 2634 Jan
190
22c 8,000 Ige
Apr
354 4
2,400
33( Jan
314 334
200
3
Feb
400
43c 2 000 40c June
20
2c 5.000
lc Mar
280
4Ic 3.000 28c June
880
95e 8.400
880 June
lc
le 15,000
10 May
Sc
60 6,000
2c
Jan
27% 2831
500 1934 Mar
1% 1%
600 750 Jan
103
2985
Friday
Last Week's Range Sales
for
Sale.
of Prices.
Price. Low. High. Week.
100 May
9834 May
9514 Jan
100% Mar
101% May
101
Apr
102
Mar
86 June
9534 June
47 June
654 Feb
9631 June
10234 Jan
1054 May
99% June
106
Feb
92% June
98
June
874 June
89 June
1234 3,000 12
1034 11,000 100%
10834 10,000 10.5
99% 8,000 97
Jan
Jan
Jan
Mar
Jan
Mar
101% Feb
100% Jan
100% May
101% Jan
10331 Mar
um% Feb
103% Jan
9134 Jan
98% Jan
62
Mar
82(4 June
913% June
104
Feb
11014 Jan
101% Jan
108% Apr
97
Mar
9834 June
03% Mar
98% Apr
June 35
Jan
Apr 103% Feb
Apr 108% Jan
Apr 100
Jan
Bonds (Concluded)
Consol Textile 8a
1941
Deere & Co 734s
1931
Detroit City Gas On._ _1947
Detroit Edison Gs__ __1932
Dunlop T&R of Am 78_1942
Federal Sugar 68
1924
68
1933
Fisher Body Corp 68_ _1924
6s
1925
68
1926
Be
1927
66
1928
(lair (Robert) Co 7E0_1937
Galena-Signal Oil 78_1930
General Asphalt Es__ _1930
General Petroleum 68_1928
Grand Trunk fly 6%8_1936
Gulf 011 of Pa 55
1937
Hocking Vail RR 6s_ _1924
Hood Rubber 7% notes.'36
Interb R T 8s J P M recta__
Certificates of deposit__ _
Kennecott Copper 78_1930
Libby McNeill& Libby 78'31
Uggett-Winchester 78 1942
Loulsv Gas & Eiec 58.._1952
Manitoba Power 78_ _ _1941
Maracaibo 011 Exp 75_1925
Morris & Co 7348
1930
National Leather 8.8_1925
New Orl Pub Serv 5s1952
Ohio Power be
1952
Penne P & L5aB
-1952
Pblla Electrie 68
1941
530
1947
Phillips Petrol 7348_-_1931
Without warrants
Public Serv Corp 78_ _1941
Pub Sery Eiec Pow 68_1948
Sears. Roebuck & Co 78'23
Shaweheen Mills 78___1931
Slosa-Sheffield S&I 68_1929
Solvay & Cie 8s
1927
South Calif Edison 58.1944
Stand 011 of NY 6145.1933
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...1230
7% serial gold deb__1931
Sun Co 78
1931
6s
1929
Swift & Co 58_00115 1932
Tidal Osage 011 78. _ _1931
Union OnCoofCallf6sB'25
United (Ill Produc 8s_ _1931
United Rye of Hay 734s '36
Vacuum Oil 7a_
1936
Valvoline Oil 68
1937
9431
9934
10034
98
96%
97%
97
95
10331
9931
95
10431
10034
103
90
9834
1034
99
202
9934
99
8234
8831
9734
104
97
8934
10534
102%
10531
1054
10531
100
9131
9934
106%
106
94
95% 817,000
100 100% 21.000
99% 99% 33.000
100 100% 29.000
9514 98% 37.500
10134 10114 2,000
96% 9734 43.000
100% 100% 8.000
99% 100% 22.000
98% 98% 5.000
98% 97% 56.000
97
97% 54.000
95
9534 4.000
103 103% 6,000
17,000
99 100
95
97% 17.000
1044 104% 11,000
94% 95% 45.000
100% 100% 5,000
100% 101% 11,000
15,000
101 103
9314 8.000
90
102% 103% 15,000
98% 99% 10.000
1034 103% 3.000
87% 8831 10,000
4,000
9831 99
19,000
202 219
19,000
98 100
99% 4.000
99
82% 83% 41.000
27,000
884 89
87% 8734 2.000
3,000
104 104
10134 101 34 4,000
99
99
102 10234
97% 97%
100% 10034
104 104
9634 97
104% 10434
89% 90
105% 105%
102% 10234
104•4 105
105 105%
10531 105%
10534 105%
10531 105%
106% 107
100 101
97% 9734
91
91%
102% 102%
9931 993-1
93
94%
106% 107
105% 106%
103 103
4,000
17,000
54,000
6,000
19,000
20,000
2,000
9,000
38,00
8,000
6,000
12,000
10,000
42.000
17,000
3,000
6.000
5,000
69,000
2.000
20,000
25.000
24,000
10,000
3,000
Range since Jan. 1.
Low.
High.
94 June
98% Mar
99% June
100 June
Feb
95
10034 May
96% June
99 June
98% Apr
9634 May
May
96
94% Mar
95 June
103 June
99 June
95 June
103% May
9314 May
Mar
100
103
Jan
9531 Jan
90 June
102% June
98% June
101% Mar
86
Mar
Jan
95
Mar
105
Apr
98
99 June
8234 June
84% AK
88
Apr
1021i Mar
98% Apr
108
Feb
103% Feb
101% Jan
104
Jan
97% Apr
10131 Apr
99 June
100% June
100% June
100
Feb
99••4 Feb
9834 Feb
9934 Apr
105% Mar
105
Jan
Apr
98
107
Jan
97% Jan
1004 Apr
102
Jan
103 June
98
Mar
105% Jan
102% Jan
104
May
9114 Jan
10234 Feb
249% May
106% Jan
102
Jan
89% Mar
Jan
92
90% Jan
105% Jan
102% Jan
99
101%
9734
10034
10331
96
104
87
104%
102
103
103
10434
104
10131
10631
100
97
8934
10231
9931
8934
104%
1054
10235
June
May
Apr
June
May
Feb
Mar
Mar
Apr
June
ALlt
AP
Apr
Apr
Feb
Mar
Jun
Mar
May
Mar
Jun
Jun
Apr
Jun
Jan
10314
10434
98%
101%
10514
98%
105%
97%
107%
10834
105%
107%
10734
11034
10934
110
103
984
94
104
100%
100%
107
10731
103%
Feb
Jan
May
Jan
Apr
Feb
May
Jan
Jan
Feb
Jan
Jan
Mar
Jar'
Jan
Feb
Mar
Jan
Feb
May
AV
Mar
Jan
Jan
Mar
Foreign Government
and Municipalities
Argentine Nation 70_1923 9931 9934 100
35,000 99)1 June 100% Jan
Mexico 48
1945 39
3634 3934 121,000 36% Jan 44% May
Os 10
-year Series A
57% 57
89% 70,000 55% Mar 63% May
Netherlands(Kingd)6s1r72 100% 100 100% 67.000 97% Mar 102 June
Peru (Republic) 8s_ _.1932 9734 9714 98
Feb 100% Am
2,000 97
Russian Govt 648_ _ _1919
10
11% 127,000
9% Jan 16% Feb
Certificates
10
1034 20,000
Jan 16% Feb
9
Russian Govt 534s _ _1921
10
Feb
10% 50.000
9% Jan 16
-sot
,
,4••
9031 9931 10034 46.000
99 June 104 Van
• No par value. k Correction. m Doi ars per 1,000 tire flat. 1 Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. ts Ex 662-3% stock dividend. r Ex 100% stock dividend. s Ex 200%
stock dividend. w When issued. z Ex dividend. y Ex rights. z Ex stock dividend. fl Ex-stack (ammo 01 40%.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
int.
Rate.
Malurily.
June 15
Sept.15
Mar. 15
Mar. 15
June 15
Dec. 15
Sept.15
1924...
1924___
1925_ __
1926._
1923___
1925._
1923-_-
531%
334%
%
434%
%
434%
334%
Bid.
10131
10134
10034
10034
991%,
9934
991Iti
Asked.
1013.4
1014
10031
1004
100
9931
99110
Maturity.
Sept. 15
June 15
Dec. 15
Dec. 15
Sept.15
Mar. 15
Mar.15
1926_ _
1925._
1927._
1923._
1923...
19241927._
lnt.
Rate.
Bid.
431% 9834
434% 9911
0
434% 9934
4%
9915n
431% 100
434% 100
454% 10034
Asked.
9934
100
9931
100
10034
1004
10031
New York City Banks and Trust Companies.
AU prices M1lars per Chars.
Ask 1
Ask I Trust Co.'s MA AA
BM
Boobs
237 inarriman _ _ _ 335 345
.
Yer!...
rmer E: --:: 288 295 Imp & Trad_ 780 ,-- American.
erica .
ch
..-- -aottery Park_ 187 193 Manhattan •_ 145 149 Bank of N. Y.
Bawery.
444
mi tua met_ 356 393
r.
t
& Trust Co)82 470
BroadwayCen 115 lib Mutual'
320 ___ Bankers TonsIl 350 355
Bronx Bombe_ 175 - Nat American 135 145 Central Union1 485 475
Bronx Net... 150
__ _ National City 3413 350 Commercial- 312 310
105 13
0
Bryant Park' 180 170 New Nat'l*
180 140 Empire
Butch & Drov 130 138 Pacific •
300 __ Equitable Tr_ 187 190
Gent Merman_ 195 205
415 422 Farm L & 'I'r.I 522 529
()base
340
00 Port oiorris__ 150 ___ Fidelity Int
45 pu b0h
195 205
Chat & Phen_ 252 3
2
295 298 Fulton
250 260
Chelsea Etch*-53 - 540 Seaboard _-__ 358
0
80
Guaranty Tr_ 250 254
Chemical
Seventh Ave- 88 -ii Hudson
205
Coal & Iron_ 214 --- Standard •__ 170 185 Irving Bank
Colonial •____ 375 -- - State.
ColunablaTci
330 340
Columbia-- 230 240 Tradesmen's• 200 ___ Law Tlt & Tr_ 218 220
180 195
Commerce._ 286 289 23d Ward*._ _ 270
Metropolitan_ 290 300
OoMnwealth• 230 240 United States* 160 170 Mutual
(Weuil
Continental-- 135 --- Wash'n Elts•_ 200 -Mester) ___ 120 130
Corn Exch.- 425 432 Yorkville•_ .._ 850 -.
Ocemoplany_ 105 115
TH;re Trugt - 338 a"
N
Gu &-East River_ _ 202
.
US Mtg &
Fifth A renue•1165 7Brooklyn
United Sta 1200 1220
?Mb
235 2ii Coney Island* 155 185 Weetches. Tr. 80
First
1190
320 355
drooklyra
Garfield
280 270 First
M echanics' •_ 133 ___ ,Br
470
oooen1
Gr tlia 0._.. 2 0 189 Montauk •
.
[ 18
9
2
170
.. King, County 800
Nassau
225 240 Manufacturer 3 0 480
270 2 16
9
Hanover
675 685 People's
160
• Banks marked w oh (*) are State beaks.
I New stook. s Es-divIdeall. y Es.
rights.
5soks-N.P.1 .21
8
:
!S1 g12
New York City Realty and Surety Companies.
Ill
Bid
&Mame !My 98
tmer Surety_ 95
Boni A M 0_ 270
City Investing 65
Preferred
92
Ask
105
96
277
68
98
dollars per share.
Bid Ask Realty Assoc Bed
(Brooklyn) 163
Lawyers Mtg 158 161
Mtge Bond__ 108 114 II S Casualty 140
Il t Surety-- 188 162
S TitleGuJ 128
A
Westchester
N V Title &
Mortgage_ 185 190
Title & Ti'.
-200
Ask
170
181
.
220
butestuxent an AlaiIrma intelliffente.
2986
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Jan, 1 to Latest Date.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
$
872,766
253,832 199,626 1,087,581
Akron Canton & Y. May
280.133 292.191 1,401,855 1,294,006
Alabama & Vicksb_ May
12635584 12827074 25,331,764 25,663,463
Amer Railway Exp. April
3d wk June 103.609 102.516 2,335,771 2,271.721
Ann Arbor
1,720,821 1,617,406 7,232,730 6,448,483
Gulf Colo & S Fe_ April
1,717,955 5,511309 4.831.077
& 8 Fe_ March
Gulf Colo
'°5
'
1 849,258 608,198 2,442,702 2.296.346
Panhandle 8 Fe April
1,581,520 1,199,788
Atlanta Birm & ALL April
237,168 206.079 1.206,646
939.869
Atlanta es West Pt.. May
16750865 15073948 80,290,063 67,877,744
Atch Topeka & S Fe May
May
343,212 363,596 1,413,629 1,407,375
Atlantic City
7,144.544 6,386,035 37,156,217 31,524,544
Atlantic Coast Line.. May
23609843 16861 752 107281 844 81,098,644
Baltimore & Ohio May
328,286 270,654 1,543,553 1.187,211
B dr 0 Ch Term May
602.821 821.001 3,014.764 3,925,715
Bangor & Aroostook May
622.386 482,697 3,018.988 2.388,946
Belt Ry of Chicago.. May
1,960,378 583.841 6,579.982 3.272.981
Bessemer & L Erie ,May
7,881,681 6,547.734 35,182,16331,381,200
May
Boston & Maine
155,344 128,353
590,6761 540.025
Bklyn E D Term.....
Buff Rock & Pittsb_ 3d wk June 431,685 242,743 9,872,579 6,084,232
217.243
60,098 1,191,523
663,125
May
Buffalo & Susq
Canadian Nat Rys_ 3d wk June 4,636,147 4.323,184 107589707 93.366,906
Canadian Pacific_ _ _ 3d wk June 3.159,000 2,969,000 73,359.000 69.955,000
Caro Clinch SC Ohio_ May
2,107,956 1,859,850 11,105,017 8.754,902
Central of Georgia May
5,086,748 3,429.173 23,438,664 19,756.575
Central RR of NJ.... May
698,2411 523,019 2,921,697 3,052,572
Cent New England_ May
837.7611 613,360 3,614,300 2,794,621
May
Central Vermont
352,392 308,072 1,379.770 1,147,213
Charleston & W Car April
8,929,615 7.657,318 39,614,834 35,302.745
Ches SC Ohio Lines.._ May
2,761,284 2,136.783 13,642,292 11,826,590
Chicago & Alton_ _ _ May
13704092 12401 625 71,225.395 61,551,197
Chic Burl & Quincy.. May
2,229,792 1,848,545 12,019,391 9.892.732
Chicago & East Ill May
2,186,673 1.978,569 10,554,084 9,284,854
Chicago Great West May
813,6331.352.925 7,570.129 6,399,265
Chic Ind & Louisv_ _ May
13867496 12249791 69,588.068 57,643,221
'
Chic Milw & St Paul May
13787108 11758933 63,841.582 53.995,307
Chic & North West_ May
107,887 153,324
765,737
477,593
Chic Peoria & St L.. April
623,060
2,502,558
Chic River & Incl.-- April
April
10191045 8,778.927 39,240,700 35.688,968
Chic It I & Pac_
421,461 422,592 2,091,006 2,199,791
Chic R I & Gulf.... May
2,225,570 2,206,981 11,507,835 10,589.618
ChicSt PM & Om- May
383,628 356,479 1,957.844 1,666,827
Cinc Ind & Western May
985,954 964,124 4,008.129 3,920,957
Colo & Southern...... April
708,870 694,341 2,793,512 2,822.705
FtW& Den City.. April
526,275 1,275.512
106.579 192.440
Trin dr Brazos Val April
393,349
410,920
93,891
104.114
Wichita Valley-.... April
4,416,432 2.483.926 18,507,433 16,569,408
Delaware & Hudson May
7,833,401 5,516.145 35,194,155 30,381.541
Del Lack es Western May
2,489,571 2.280.326 9,927,572 9,294,818
Deny & Rio Grande April
592,011
477,112
35,137
166.558
Denver & Salt Lake April
563,811
475,050
154,728 136,797
Detroit & Mackinac April
917,327 889,503 4,156,877 3.753,291
Detroit Tol & Iront_ May
390.578 229.401 1,432,905 1,240,467
Dot & Tol Shore L.._ April
497,267
772.007
186,007 179.850
Dul & Iron Range- April
565.160
732.418
263,181 187,350
Dul Missabe & Nor_ April
91.022 2,563,024 1,794,947
Dub Sou Shore & Atl 3d wk June 113.431
626,398
938.791
211.399 144.069
Duluth Winn & Pac April
537.789
191,559 179.640 1.001,336
East St Louis Conn.. May
2.523,090 1.645.364 9,285.099 8.849.789
Elgin Joliet & East_ April
1,085,553 870,128 5,267.470 4,144,975
El Paso & Sou West May
May
10358210 7,035,924 50,188,380 37,523,439
Erie Railroad
1,332,870 974.823 5,723,775 4,589,274
Chicago & Erie May
605,347
636,503
May
130,627 126.456
411,378
554.197
72.835
118,420
EvansInd &Terre April
1,406,995 1.306,104 8,285,570 7.252.100
Florida East Coast.. May
582,628
665,789
125,690 107.699
May
FondaJohns & Glov
460,484
535.502
134.517 116.004
Ft Smith & Western April
608,252
561.456
107,505 111.202
Galveston Wharf.... _ May
541,599 417,341 2,508,978 1,946,378
Georgia Railroad.. _ - May
613,419
803.513
38,600
33.916
Georgia & Florida 3d wk June
Grand Trunk Syst 3d wk Mar 2.222.865 1.930.118 23,244.920 20.861,357
318,268 142,729 1,287,895 1,046.645
Atl & St Lawrence April
810.473
312,300 194,403 1,088.047
ChDetCanGTJct April
588,873 388,470 2,032,272 1,449.393
Dot0 II & Milw_ April
1.879333 1.066.765 6.306.947 4,373.282
Grand Trk West_ April
Great North System 3d wk June 2,317,786 2,231.448 29,156,354 19.836,881
532,608
561,655
115,457 110,558
Green Bay & West_ May
486,941 410,491 1,873.424 1.427.792
Gulf Mobile & Nor_ April
910,817
268,536 236.137 1.033,183
Gulf & Ship Island_ April
1,394.690 926,221 5.084,112 4,152,793
Hocking Valley..- _ April
15839631 1351752080.075,921 64,790,212
Illinois Central Sys- May
14628471 10343282 57,540.725 45,335,678
Illinois Central Co April
1.586.226 1,526,099 6.695,565 5,880,802
Yazoo & Miss Val April
296,012 276.820 1.258.866 1.143,442
Internat Ry of Me.... April
,175,038 1,286.549 5,708,949 5,651,483
Internat & Grt Nor_ May
542,131
660.318
164,455 103,563
Kan City Mex & Or May
604,911
848,490
148,688 121,927
K C Mex &0of Tex May
,881,995 1,678,579 9,200,532 8,008,818
K C Sou (whole sys) May
,654,661 1,511,184 8,126,822 7,214.417
K Southern Co...... May
627,002
846,376
212,291 148,861
Texark & Ft Sm_ _ April
.779,758 1.541.618 7.318,537 6,330,235
April
Total system_ .. _ _
867,768
956.337
219.665 220,383
Kan Okla & Gulf...... April
11.471
39,458
5.082
9.514
Lake Sup & Ishpem- April
467.293
455,903
110,704 105,234
Lake Term Ry_ -- May
1,184,859 1.040.110
287,477.
Lehigh & Hud River May
,682,120 4.617,157 29,227,740 26,322,543
Lehigh Valley
May
22.545,620 21,705,386
. .
,
April
Lehigh Valle
.933342 1,508,055 7,147,466 5,922,361
Los Ang & Salt Lake April
837.568 296.716 1,350,473 1,036.047
Louisiana & Arkan_ April
339,896 246.345 1,325,154 1,054.250
Louisiana Ry & Nay April
71.390
71,390
La Ry & Nay of Tex April
1668447 1192541555.402,72650.167,156
Louisville & Nashv_ May
917,613
283.679 252.9871.117.627
Loulsv Hand & St L April
May
.794,727 1.864,850 8,524,550 8,427,104
Maine Central
381,084 441,835 1.874,565 1,847,302
May
Midland Valley
117,695
229,301
6,058
8,468
3d wk June
Mineral Range
Minneap & St Louis 3d wk June 305.245 300,001 7,803,038 7.199,621
Latest Gross Earnings.
ROADS.
Week or
Month.
Jan. 1 to Latest Date.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
$
$
2,283.381 1,993,337 10,935,307 8,515.214
Minn StP & S SM.. May
4.009,158 3.193,367 15.216.788 11,520,311
StP&SSMSys April
Minn
1,837,195 1,536.949 8.402,056 6,535,384
Wisconsin Central May
480,342
599,790
130,497 116,904
Mississippi Central. April
52,576
52,576
April
aMo Kan & Texas....
2,830.1542.858,778 14.055,649 12,530,146
Missouri Kan & Tex May
1,501.337 1,737,838 7,804,729 8,191.958
Mo K & T Ry of Tex May
4,183.431 4.193,086 17.528.856 16,125.488
Total System..___ April
478,651
127,755
Mo & North Arkan_ April
9,698,074 8,641,367 44,503,181 39,888.499
Missouri Pacific_ _ _ _ May
3d wk June 367.471 323,991 9,859,973 8,071,108
Mobile & Ohio
688,475
617,059
128,451 125,834
Colum & Greenv_ May
677,556
257,957 179,537 1,112,508
Monongahela Conn_ May
305,986
658.790
15.652
215.158
April
Montour
2.094,310 1,880.791 10,249,423 8,391,524
L May
Nashv Chatt & St
101,394
115,992
7,625
6,703
Nevada-Cal-Oregon 2d wk June
92,396
254,145
32.975
71,003
Nevada Northern April
611,969
693,529
167,017
191.383
Newburgh & Sou Sh April
242.711 215,607 1,164.073 1,053,495
New On Great Nor_ May
889,780
269,415 205.180 1.079.901
April
N 0 Tex & Mex
701,976
751,923
184,384 185,758
Beaum 8 L & W April
435.144 454,427 1.689.014 1.879,628
StL Browns v&M April
27466206 175530 786 134577006
38183564
New York Central.._ May
974,369 717,494 3.873,356 3,006,394
Ind Harbor Belt_ April
8,578.828 6,740,054 40 169,380 30,213,621
Michigan Central May
8,124,222 7,102,263 39.893,002 33.215,768
Clev0 C & 8t
480,3711 262,305 1,816,401 1,181.118
Cincinnati North..1 April
4,125,452 1,905,271 18,526,039 9,739,038
Pitts & Lake Erie May
3,911,810 3,006.337 14,617,945 12,007,261
N Y Chic & St Louis April
May
422,427 201,380 1,478,605 1,181,399
N Y Connecting
12036901 1042338454,033,89347,597.890
NYNH& Hartf May
1.143,233 887.320 5,144,772 4,702,903
N Y Out & Western May
441.909 301,612 2,114,242 1,850,808
N Y Susq & West_ May
765.797 719,9691 3,861.474 3,447,257
Norfolk Southern.... May
7,945,63418,994,14&37.057.898 36,538,260
Norfolk & Western_ May
May
7,680,983 7,378,960 38,344,840 33,821.547
Northern Pacific
2,145,732
564,601600,854
Northwestern Pac- April
'
64833984 52162280 241076727 208495314
Penna RR System April
May
65465627 50998373 291742522 246167$87
Pennsylv RR Co
374,349
380.248
109,926 116.598
Ball Ches & Atl April
may
2,948,2222,666.584 12.402.039 11,047,338
Long Island
280.429
273,707
87,547
80.782
Mary Del & Vs April
April
496,537 130,488 1,737,162 1,511,891
Monongahela _ _
645,512
757,188
150,830 122.872
Tol Peer & West_ May
1.120,377 1,080,085 5.001,755 4,635,746
W Jersey & Soash May
64270834 59241863 176242743 156333034
Total system........ March
761,207
745,269
147,209 130,617
Peoria & Pekin Un_ May
4,000,896 3,400,302 18,369,409 14,902,983
Pere Marquette__ May
463.350
433,414
May
97,108 101,245
Perkiomen
May
9.728.276 5.335.01846,118,841 32,586,628
Phila. dr Reading
415,811
522.258
37,559
91,188
Pittsb & Shawmut April
451,477
661.245
72.825
114,751
Pitts Shaw & North May
349,217 202.353 1,506,710 1,164,079
Pittsb & West Va.... May
906,333
83,350 1,310,033
May
223,074
Port Reading
April
5,574.904 4,995.646 22.017.434 19,785,574
Pullman Co
336,078
462,453
88.111
107,265
& K 0_ _ April
Quinc_y Om
1,140,030.010,806 5,372,322 4,447,308
Rich Fred & Potom_ May
May
590,779 461,728 2,750,562 2,271,914
Rutland
St L-8 F (total sys)_ 3d wk June 1,695,713 1,817,489 41.216.911 38,525,607
394.372
96.677
420,688
105,097
Ft W & Rio Grand April
507.150
478.557
122.649 124,775
-S
St L F of Texas_ April
2,366,399 1,891,001 9.824,735 7.721,356
St Louis Southwest.. April
579,638 517,130 2.481.513 2,224.310
St L S W of Texas April
Total system_ _ _ _ 3d wk June 520,048 491,017 13,249,835 11,116,070
308,119
357,691
62,820
67,162
St Louis transfer May
381,879 435,121 1.554,192 1,606.347
San Ant & Aran Pass April
342,607
324,820
80.511 127.008
San Ant Uvalde & G April
4.452,550 3,889.590
Seaboard Air Line May
23160156 2112391510841153497,230,121
Son Pacific System.. May
15432525 1381947259,052.143 51.525.231
Southern Pacific Co. April
1.152,079 959,186 5,692,383 4,752,101
Atlantic 8 8 Lines May
884,891
289.908 268.001 1,209.507
Arizona Eastern.. April
1,820,298 1,717,457 7,251,738 6,857,934
Galv Harris & El A April
1.019.757 969,845 4,295,919 4,690,239
Eons SC Tex Cent.. April
940,877
888.288
237,325 223.812
Hous E & W Tex. April
391,494 345,977 1.557.236 1,471,928
Louisiana Western April
683.131 637.785 3.011,168 2.586,798
Morg La & Texas'April
May
12948542 1084269381.863.001 50,609,669
Southern Ry
South Ry System....3d wk June 3.834.412 345.196 93,500,684 77,454,431
12558776 10491106 48,914.459 39.766,977
Southern Ry Co.._ April
928,384 903,474 4,496,526 3.850,440
Ala Great South_ May
2.164,068 1,777.368 9,891,542 7,297,742
Cm N 0& Tex P.. May
452,073 404,562 2.160,864 1,964,208
Georgia Sou & Fla May
598.952 538,323 2,950,210 2,562.250
New Orl & Nor E_ May
703,527
506,931
157,913 129.194
Northern Ala........May
87.106
410.508
360,205
92.847
Spokane Internat'll. April
648,283 534,315 2.469,122 2.136,311
Spok Portl & Seattle April
949,542
957,912
215,505 215,258
Staten Island R T.. May
956,243
284,068 215,479 1.299,795
Tennessee Central May
451.780 381,204 2,080.052 1,900,451
TormRRAssnofStL May
403,245 281,595 2,124,957 1,503,237
St L Mer Bdge T_ May
Texas es Pacific........ 3d wk June 542,427 592,878 14,191.319 13,605,534
1,156,737 908,051 6.511.973 3,988,650
Toledo St L es West May
562,540
623,916
150.604 133,778
Ulster & Delaware May
8,678,960 ,093,412 33,241,758 29,014.848
Union Pacific Co...... April
16087037 14544798 76,877.079 68.537,240
Total system.._ _ _ May
2,897,7552.597,758 11.648.782 10.897.312
Oregon Short Line April
2,140,330 1,943,021 8.754,036 8.157.921
Ore-Wash RR & N April
April
271,284 250,819 1.063,828 1,000.995
St Jos & Or
1,161.899 1,015,672 4,746,195 3,879,149
Union RR (Penn)... May
601,498
597,576
May
108.880 120,460
Utah
,000 .329,043 1,768,693 1334,462
Vicks Shrev & Pac May
May
2,162.397 1,993,707 9.280,884 8,415,944
Virginian RR
May
5,721.077 4,900,012 26,225,365 23,268,213
Wabash RR
Western Maryland.. 2d wk June 481,340 293,885 10,593,347 7,560,237
933.863 846.818 3,501,405 3,159.489
Western Padfic-- April
981,351
226,663 223,465 1,204,449
Western Ry of Ala.... May
1.828,952 1,190.790 6,756,956 5.476,278
Wheel & Lake Erie_ May
-Weekly and Monthly.
AGGREGATE OF GROSS EARNINGS
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease. 1 %
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
.Yr.
Curr.Yr. Prer.
8
Mileage.
8
8
8
235.082 234.556 442,736,397 462,696.986 -19,960,589 4.31
July
+3,723.822
2d week Apr (10 roads)---- 20.002.567 16.279,045 +3,792,190 22.87 August
235.294 235.090 472.242.561 504,154,075 -31,911,054 6.35
25.72
14.746.074
3d week Apr (16 roads)---- 18.538.264
September _ _235.280 235.205 498,702.275 496.978,503 +1.723,772 0.33
4th week Apr (15 roads)---- 20.371.901 16.434.746 +3,937,155 23.96 October__ -233.872 232,882 545,759.206 532.684.914 -13,074,292 2.45
14.45
17,634,648
1st week May(16 roads)---- 18.506.156 15,408,167 +2,226,481 17.27 November -235.748 235.679 523.748.483 466,130,328 -57,618,155 12.35
2nd week May (16 roads)---- 19.002.326 15.790.656 +2.725.500
December_ _ -235,290 236.121 512.433.733 434.698,143 -87.735.590 20.00
3d week May (16 roads)..-- - 26,363.118 16.118.003 +2.884,323 17.90 January _ -235,678 235,827 500,816,521 395,000,157 -70,803,472 21.00
4th week May (16 roads)...... 19,827,932 23.207,333 +3.155,785 13.60 February _ _235,399 235.528 444.891,872 400,146,341 -44,745,531.11.18
18,058.748 +1.769.184, 9.79
1st week June (17 roads _.__
235,424 235,470 533,553,199 473.747,009 -59,806,190 12.63
March
2d week June (16 roads)---.. 18,675,125 17,215,757 +1.459,3681 8.48 April
234.970 235,839 521,387,412 415.808,970 +105578442 25 39
4-994,215 5.92
'Id wam‘ T,,,,a (14 roads __. _ 18.069.358 17.075.143
York Central.
Indians and Pitts.(Mn Chic & St. Louis Included In Pennsylvania RR s Lake Erie & Western included In New
•Grand Rapids &
& Northwestern.
o Includes Grand Trunk System. t Inc udes Wichita Falls of Missouri-Kansas-Texas Lines and is in the hands of a receiver.
a This road is now operated separate from and independent
1
JUNE 30 1923.]
THE CHRONICLE
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 14 roads and shows 5.82%
increase over the same week last year.
Third Week of June.
1923.
1022.
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian National Railways__
Canadian Pacific Railway
Duluth South Shore & Atlantic
Georgia & Florida Ry
Great Northern Railway
Mineral Range
Minneapolis & St Louis
Mobile & Ohio RR
St Louis
-San Francisco
St Louis Southwestern
Southern Railway System
Texas & Pacific Ry
103,609
431,685
4,636.147
3,159,000
113.431
33.916
2,317,786
8,468
305,245
367,471
1,695.713
520.048
3,834,412
542.427
102.516
242,743
4,323,184
2,969.000
91.022
38,600
2,231,448
6,058
300.001
323.991
1,817,489
491,017
3,545.196
592.878
Total (14 roads)
Net increase (5.82%)
Increase. Decrease.
1.093
188,942
312,963
190.000
22,409
4.684
86,338
2.410
5,244
43,480
121,776
29.031
289.216
50,451
18,069,358 17,075,143 1,171,126
994,215
176,911
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Tares
1923.
1922.
1923.
1922.
1923.
1922.
$
Akron Canton & Youngstown
May
253,832
199,626
105,172
92,867
90,841
81,867
From Jan 1 1.087,581
872,766
431.354
397.132
361,233
350,045
Alabama & Vicksburg
May
280,133
292,191
69,987
62,863
35.243
40,344
From Jan 1_ 1,401,855 1,294,006
312,708
234,802
170.710
129.823
Ann Arbor
500,520
May
428,491
126,939
106,950
104,488
84,150
From Jan 1 2.033,375 1,977,990
170,080
419,855
57,781
316,530
Atchison Topeka & Santa Fe
May
16,760,885 15,073,948 4,435.179 2,973,244 3,293,628 1,896,766
From Jan 1 80,290.063 67,877,744 22,631.815 13,318,267 16,457,388 8,161,200
Atlanta & West Point
May
237.168
206,079
54,442
32,961
45,020
22,507
From Jan 1_ 1,206,646
939,869
289,732
131,743
216,497
82,829
Atlantic City
May
343.212
363,596
21,878
86,357
-59
47.006
From Jan 1 1,413,629 1,407,375 -112,500
62,237 -212,770 -39,684
Atlantic Coast Line
May
7,144,544 6,386,035 1,961,116 1,975,578 1,584,871 1,703,262
From Jan 1 37,156,217 31,524,544 11,891,934 9,873,857 10,062,474 8,537,036
Baltimore & Ohio
May
23,609.843 16,861,752 5,585,958 3,718,858 4,759,082 2,984,053
From Jan 1 107281844 81,098,644 25,048,428 17,176,627 20,891,296 13,827,890
Bait & 0 Ch Terminal
May
328,286
270,654
-3,868
-8,541
From Jan 1_ 1,543,553 1.187.211
8,747 -123,859
Bangor & Aroostook
May
602,821
821,001
134,733
261,190
From Jan 1_ 3,014,764 3,925,715
503,480 1,291,827
Belt Ry of Chicago
May
622,386
482,697
189,329
138,474
From Jan 1_ 3,018,988 2,388,946
824,790
626,691
Bessemer & Lake Erie-may
1.960,378
583,841
889,896 -129,136
853,605 -161,837
From Jan 1 6,579,982 3,272,981 1,806.034 -88,513 1,517,444 -252,244
Boston & Maine
May
7,881,681 6,547,734 1,529,858 1,130,374 1,289,228
902,697
From Jan 1 35,182.163 31,381,200 2.298,484 4,375,312 1,107,071 3,445,536
Buffalo Rochester & Pittsburgh
May
1,905,9
180,928 -58,816
125,343 -91,783
From Jan 1 9,915,783 5,997 250 1,002,872
,
645,591
827,574
466,339
Buffalo & Susquehanna
May
217,243
60,098
32,1731E-41,874
19,323 -44,924
From Jan 1_ 1,191,523
663,125
190,405
12,513
123,254
-3,774
Caro Clinch dr Ohio
May
863,716
671,786
165,410
191,906
From Jan 1_ 3,907,279 3,184,035
878,323
835,684
Central of Georgia
May
2,107.956 1.859,850
343,122
359,756
251,291
278,917
From Jan 1 11,105,017 8,754,902 2,417,033 1,681,375
1,887,021 1,256.103
Central RR of New Jersey
May
5,086,748 3,429,173
992,677
220,117
675,040
From Jan 1 23,438,664 19,756.575 3,795,130 3,277,064 2,288,948 -40,134
1,977,000
Central New England
May
698,241
523,019
156,930
98,338
134,270
73,368
From Jan 1 2,921,697 3,052,572
456,995 1,004,904
338,625
891,209
Central Vermont
May
837,761
613,360
183,866
103,264
182,824
85,017
From Jan 1 3,614,300 2,794,621
304,626
201,459
250,890
182,238
Cheeapeake-& Ohio Linea
May
8,929,615 7,857,318 2,282,787 1,778,101 1,957.383
From Jan 1 39,614,834 35,302,745 8,893,036 8,221,096 7,358,115 1,508,752
8,878,229
Chicago & Alton
May
2,781,284 2,136,783
484,476
137,248
From Jan 1.13,642,292 11,826,590
2,417,233 1,780,027
Chic Burl SC Quincy
13,704,092 12,401,625
May
1.097,613 2,358,753
From Jan L71,225,395 61,551,197
11,069,411 10,424,712
Chicago & Eastern Illinois
May
2,229.797 1.848,545
202,811
187,982
81,739
102,584'
From Jan 112,019,391 9,892,732 1,702,944 1,602,638 1,138,460 1,175,124
Chicago Great Western
2,186,673 1,978,569
May
318,422 ; 159,695
238,211
81.137
From Jan 1 10,554,084 9,284.854 1,626,325
909,841 1,227,748
498,792
Chicago Indianapolis & Louisville
May
1,613,633 1,352,925
464,887
324,738
377,875
260,263
From Jan 1. 7,570,129 6,399,365 1,981,759 1,548,243 1,596,704
1,235,284
Chicago Milw & St Paul
13,867,498 12,249,791 1,592,888 1,645,578
May
801,428
841,012
From Jan L69,588,068 57,643,221 11,714,866 6,274,015 7,758,484
2,256,699
Chicago North Western
13,787,108 11,758,933
May
1,320,899 1,133,971
From Jan L63,841,582 53,995,307
Chicago Rock Island & Pacific
Chicago Rock Island dr Gulf
422,592 -13,591
May
33.815 -25,847
22,877
From Jan 1 2,091,006 2,199,791
60,492
287,088
-1,308
228,186
Chic St Paul Minn & Om
2,225,570 2,206.981
May
117,349
209,488
From Jan 1_11,507,835 10.589,618
969,441
794,428
Cincinnati Indianan dc Western
383,628
356,479
May
59,109
maw
38,608
35,468
From Jan 1 1.957,844 1,666,827
.
Delaware & Hudson-
315,971
150,202
218,310
80,998
4,416,432 2,483,926 1,287,559 -99.561 1,202,031 -185.251
May
Prom Jan 1.18,507,433 18,589,408 2,018,932 2,164,652 1,592,645 1,729,057
2987
-Grossfrom Railway- -Net from Railway- -Net after Taxes
-
1923.
1922.
1922.
1923.
1923.
1922.
8
$
Delaware Lack A:'Western
May
7.833,401 5,516,145 1,846.888
679,982 1.429.730
352,981
From Jan L35,194.155 30,381,541 5,054,774 6,269,528 2,989,714 4,033,994
Dot Tol& Ironton
May
917,327
889.503
320,333
236.421
From Jan 1_ 4,156,877 3,753,291
1,271,041
996,382
East St Louis Connecting
May
191,559
179,640
129,481
99,080
102.394
90.973
From Jan 1_ 1,001,336
582,363
837,789
436,267
512,977
371,752
El Paso & Southwestern
May
'1.085.553
257,002
870.128
234,307
147,016
138,241
From Jan 1_ 5,267,470 4,144,975 1,392,559 1,179,947
920,156
699,505
Erie Railroad
May
10,358,210 7,035,924 2,304,357
540,588 1,944,051
247,053
From Jan L50.188,380 37,523,439 8,032,250 4,765,608 6,369,619 3,446,968
Chicago & Erie
May
1,332,870
974,823
509,495
335,391
456.829
280,391
From Jan 1_ 5,723.775 4,589,274 1,562,936 1,166,986 1,305,502
903,703
New Jersey dr New York RR
May
130,627
12,991
126,456
22,850
9,266
19,850
From Jan L 636,503
73,311
605,347
89.718
56,165
74,496
Florida East Coast
May
1,406,995 1,306,104
464,700
499.593
From Jtua 1_ 8,265,570 7,252,100
3.358,321 2.793,832
Galveston Wharf
May
107,505
19,923
111,202
757
2,923 -16,243
From Jan 1.. 561,456
35,544
147.732
608,252
82.884 -51.492
Georgia Railroad
May
541,599
100,711
417,341
85,346
94,367
77.995
From Jan 1_ 2,508,978 1,946,378
257,007
468,865
436.441
220,933
Great Northern
May
9,351,969 7,690,262
668,250
754,891
From Jan L42,350,699 33,487,954
1,439,043 1,548,377
Green Bay & Western
May
115,457
6.565
110,558
15,230
From Jan 1_ 532,608
35.265
561,655
88.243
Illinois Central System
may
15,839,631 13,517,520
1.716,478 1.991,822
From Jan L80,075,921 64,790,212
11.521,762 9,593,288
Internat Great Northern
May
1,175,038 1,286,549
133.149
236,446
From Jan 1- 5,708,949 5,651.483
635,407
713.114
Kansas City Mex & Orient
May
165,455
103,563
10.670 -32.419
From Jan 1- 660,318
542.131
-74,876 .-133,772
K C Mex & Orient of Tea
May
148,688
121,927
-30,478 -31,596
From Jan 1_ 648,490
604.911
--135,910 -219.103
Kansas City Southern
May
1,881,995 1,678,579
514,855
399,034
414,960
303,376
From Jan L 9,200,532 8,008,813 2,495,035 2,001,468 1,999,314 1,460.255
Kansas City Southern
may
1,654,661 1,511,184
313,921
26,241
From Jan 1_ 8,126,822 7,214,417
1,545,660 1,261,798
Lake Terminal RyMay
110,704
105,234
16,744
10,493
34,585
28,248
From Jan 1_ 455,903
467,293
41,852
132,189
9,399
163,872
Lehigh & Hudson River
May
287,477
155,952
-5.641
85,157
From Jan 1_ 1.184,859 1,040,110
288.728
184,357
Lehigh Valley
6,682,120 4,617,157
May
998,238
788,288 -73,605
116,954
From Jan L29,227,740 26,322,543
890,884 3,084,663 -157,863 2,029,106
Louisville & Nashville
May
11,668,447 11,925,415 2,622,131 3,394,242 2,106.102 2,820,735
From Jan 1_55,402.726 50,167,156 11,249.930 8,918,581 8,872,044 7,130,398
Maine Central
May
1,794,727 1,864,850
263,288
165.854
361,537
262,032
From Jan 1.. 8,524,550 8,427,104
872,680 1,264,385
380,787
767,984
Midland Valley
May
381,084
441,835
114,134
194,684
98.937
177,875
From Jan L 1,874,565 1,847,302
567,567
644,075
715,648
651,194
Minn St Paul & Sault Ste M Co-May
2,283,381 1,993.337
473,187
98,829
306.746 -80,195
From Jan 1_10.935.307 8,515,214 1,534,090
704.610 -647,380
210,631
Wisconsin Central Ry Co
May
1,837,195 1,536,949
534,522
434,384
283,826
201,093
From Jan 1_ 8,02,056 6,535,384 1,763.766
856,810 1,288,663
448,178
Mo Kan & Tex
May
2,830,184 2,858,778
517,179
840,234
From Jan 1_14,055,649 12,530,148
2,428,649 3,295,924
Mo Kan & Tex of Tex
May
1,501,337 1,737,838
279,970
389,269
From Jan 1_ 7,804,729 8,191,958
725,003 1,708,084
Missouri Pacific
May
9,698,074 8.641,367
985,825
950,337
From Jan L44,503,181 39,888,499
4,259,093 3,992,388
Mobile & Ohio
May
1,713,981 1,475,395
363,987
420,888
328,192
309,797
From Jan 1_ 8,801.796 7,042,652 2,107,256 1,585,304 1,644,662 1,292,912
Columbus & GreensvilleMay
126,451
34,691
13,527
125.834
10,184
29,116
From Jan L 617,059
93,022
588,475
69,944
75,418
70.532
Monongahela Connecting
May
257,957
59,442
67,005
179,537
64,247
57,188
From Jan 1_ 1,112,508
194,771
181.940
677,556
183,354
171,059
Nashv Chattanooga & St L
May
2,094,310 1,880,791
313,018
344,463
284,179
266,592
From Jan L10,249,423 8,391,524 1,807,511
785,761 1,504,317
598,400
New York Central
May
38,183,564 27,466,206 11,265,307 5,202,032 3.966,769 3.487,365
From Jan 1_175530786 134577,006 41,982.186 27,713,477 31,885,942
19.153,239
Cleve Cin Chic & St Louis
May
8,124,222 7,102,263 2,294,653 2,692,605 1,879,315 2,160,100
From Jan 1_39,893,002 33,215,768 10,149,757 9,330,459 7,988,423
7,264,685
Michigan Central
may
8.578,828 6,740,054
2,545,451 1,852,165
From Jan L40,169,380 30,213,621
10,687,639 6,029,193
Pittsburgh & Lake Erie
May
4,125,452 1,905,271 1,636.478
-7,183 1,365,803 -89,482
From Jan L18,526,039 9,739,033 6,249,274 -308,505
5,093,639 -708.018
N Y Connecting
May
422,427
201.380
349,462
142,837
299,007
101.059
From Jan i 1,478,605 1,181,399 1,069,395
803,171
867.740
000 70
.
N Y New Haven & Hartford
May
12.036,901 10,423.384 2,703,634 2,068,514
1,681,505
From Jan L54,033,893 47,597,890 9,137,924 10,102,983 2,295,161 8,165,846
7,055,395
N Y Ontario & Western
May
1,143,233
887,320
194,600
151,935
153,502
115,052
From Jan L 5,144,772 4,702,903
195,227
661.231 -17,804
470,370
N Y Susquehanna & Western
May
441,909
301,612
91,689 -10,080
60.700 -35,615
From Jan 1_ 2.114,242 1,650,808
89,490
172,650
245,958
46,749
Norfolk Southern
May
765.797
719,969
136,386
123,083
174,742
90,737
From Jan L 3,861,474 3,447,257
633,204
698,058
890,062
484,836
Norfolk & Western
May
7,945,834 8,994,145 1.905,540 3,804,549 1,427,365 3,152,602
From Jan 1_37,057,898 36,538,280 7,910,881 11,265,917 5,510,305 9,011,864
Northern Pacific
May
7,680,983 7,378,960
631,255 -259,334 -120,136
435,906
From Jan L38,344,849 33,621,547 4,111,302 3,589.888
628.419 -198,041
[VOL. 116.
THE CHRONICLE
2988
-Gross Earnings--Net Earnings
--Gross from Railway- -Net from Railway- -Net after Taxes
Previous
Current
Previous
Current
1922.
1923.
1922.
1923.
1922.
1923.
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
$
$
Pennsylvania RR & Co
441,707 x281,054 x244,246
May 631,022
Alabama Power Co
7,892,831
May
65,465,627 50,998,373 13,163,791 10,512,369 10,234.422 39,227,891
12 mos ending May 31-- 6,577.542 4,736,893 x2,907.537 x2,456,551
From Jan 1-291742522 246167,837 50,741,484 48,920,031 39,865,838
*31.958
63.540
April
Arizona Power Co
Long Island
*381,249
727,894
12 mos ending April 30
518,540
.575.994
708,090
752.504
2,948,222 2,666,564
May
From Jan 1_12,402.039 11,047,338 1,938,063 1.982,371 1,523,102 1,556,789 °Barcelona Traction, Light &
Tol Peoria & Western
122,872
150,830
May
645,512
From Jan 1_ 757.188
West Jersey & Seashore
May
1320,377 1,080.085
From Jan 1_ 5,001,755 4,635.746
Peoria & Pekin Union
130,617
May
147,209
761,207
From Jan 1_ 745,269
--28,718
--122,337
--22,202
--85,396
112,462
362,976
226,098
362,295
29,438
244,989
146,464
248,813
21,737
185.505
-1,251
187.928
9,237
123.005
-16,251
116,428
Pere Marquette
567,820
807,548
4,000,806 3,400,302
May
3,758,327 2,605,540
From Jan L18,369,409 14,902,983
Perklomen38,352
28.499
43,223
35.404
101,245
97,108
May
157,922
133,260
185.430
165,387
463,350
From Jan 1_ 433.414
Philadelphia & Reading
754,186
966,038 3.534,217
9.728.276 5.335,018 3.801.747
May
6,587,491
From Jan 1-46,118,641 32,586,628 15,850,878 7.598,886 14,511,277
Pittsburgh Shawmut & Nor
72.625 -10,552 -36,300 -12,905 -38.506
May
114.751
289 -98,203 -11,968 -109,337
451,477
From Jan 1_ 661,245
Pitts & West Va24,598
46.577
202,353
349,217
May
128,006
158,627
From Jan 1_ 1,506,710 1,164,079
Port Reading
2.938
103,201
17.691
117.997
83,350
223,074
May
405,827
480,374
625,610
694,926
906,333
From Jan 1_ 1,310.033
Richmond Fred & Potomac
294,756
344.820
350,381
410,425
1,140,030 1.010.806
May
1,256,622
From Jan 1_ 5,372,322 4,447,303 1,944,630 1.498,158 1,651,835
Rutland
19,284
70.842
96,897
39,968
461.728
590.779
May
85,314
282,025
187,506
396.878
From Jan 1_ 2.750,562 2.271.914
-San Francisco (total system)
St Louis
7.688364 7,479,064 1,950.737 1.877,600
May
From Jan L36,195,560 33,089.888 9,885.951 8,013.172
St Louis Southwestern (total system)
468,524
400.682 *426.599 *376.342
2.251.779 1,983.678
May
9,705,044 2,559,118 1,711,309 *2.120,078 *1,484,244
From Jan 1_12,076.514
St Louis Transfer
11,769
26,107
62.820
26,473
11.756
67.162
May
63,063
118,250
64,749
308,119
119,699
From Jan 1_ 357.691
Seaboard Air Line
904,593
981,380
4.452,550 3,889,590
May
Pacific System
Southern
23.160,156 21,123,915 6,058,280 5,415,125 4,498,620 3,831.306
May
FromJan1_108,411,534 97,230,121 25,464,873 21,024,017 17,729,753 13,016,743
Atlantic Steamship Lines
200.279
167.278
959,186
211,676
1,152.079
May
962,437 1,041.973
From Jan 1- 5,692,383 4,752,101 1,099,174
Southern Railway Co
12,948,543 10.842,694 3,368,067 2,557,391 2,785,382
May
From Jan L61,863,002 50,609,671 15,273,696 10,442,387 12,570,916
Alabama Great Southern
257,197
315,049
310,667
903,475
928.385
May
996.799 1,170,709
rom Joe L 4,496,526 3.850,440 1,442,194
F
Ono New Or!& Tex Pac587.312
447,388
692,502
2,164.068 1,777,368
May
From Jan 1_ 9,891,542 7,297,741 3,126,164 1,674,806 2,608.572
Georgia Southern & Fla
77,865
78,156
97.286
404.562
452,073
May
369,755
323,740
470,081
From Jan 1_ 2.160,664 1,964,203
Orleans & Northeastern
New
109,720
100.921
538,324
160,519
598,952
May
526.524
392,426
785,244
From Jan 1_ 2,950,210 2,562,252
Northern Alabama
64,324
51,870
73.466
129.194
157,913
May
253,142
185,199
286,183
506,931
From Jan 1_ 703.527
,
Transit
Staten Island Rapid
9,879
22,586 --11,336
215,258
215,505
May
2,615 --81.362 --75,348
949,542
From Jan 1_ 957,912
Tennessee Central
66,914
50,502
72,077
215.479
284,068
May
287,609
173,322
313,583
956,243
From Jan 1_ 1,299,795
Term RR Assn of St Louis
129,922
184,603
127,877
381,204
451,780
May
395.620
676,895
704,378
From Jan L 2.080,052 1.900,451
St Louis Merch Bridge Ter
119,010
88.705
170,226
281,595
403,245
May
588,618
436,743
746,998
From Jan 1_ 2,124,957 1,503,237
Texas & Pacific
396,709
2,249,882 2,378,881
May
1,181,598
From Jan 1_12,597,990 11,803.964
Louis & Western
Toledo St
417,266
908,051
1,156,737
May
1,905,313
From Jan 1_ 5,515,973 3,988,650
Ulster & Delaware
19,615
11,135
25,618
133.778
150.604
May
35,610
26,258
65.635
562,540
From Jan 1_ 623,916
Union Pacific System
16,087.037 14,544,798 3,646,682 2.862,503 2,549,942
May
From Jan L76,877,079 68,537,240 17,885,852 15.281,645 12,400,248
Union RR (Pa)
254,273
349,208
329.398
1.161.899 1,015,672
May
953,619
853,937
From Jan 1_ 4,746,195 3,879,149 1,143,062
Utah
27.083
9,633
14,776
120,460
108,880
May
178,490
87,738
122,168
601,498
From Jan L 597,576
152,936
899.605
2,058:032
8,135,278
260.888
791.608
346,8.52
1,323,898
57,921
240,395
64,549
195,716
47,815
164,905
--29,859
--165,889
46,582
153,311
69,651
414,611
51,165
338,165
432,507
1,127,664
294,036
1,046,722
5,132
-3,787
1,728,938
9,609,983
335,378
886,959
20,927
144,793
Vicksburg Shreveport & Pacific
34,572
53,412
58,095
92,646
329,043
352,000
May
183,648
279,497
358,888
504,421
From Jan 1- 1,768,693 1,534,462
Virginian RR
812,923
931,649
870,894
970.260
2,162,397 1,993.707
May
2,885,417
From Jan 1- 9,280,884 8,415,944 3.750,455 3,414,039 3,236,217
Wabash RR
705.367
896,811 1,190,147
5,721,077 4.900,012 1,387,564
May
3,910,981 4,631,562 2,959,981
From Jan L26,225,365 23,268,213 5.589,977
Western By of Alabama
53,283
86,706
40,646
47,939
223,465
226.683
May
133,957
177.661
250,963
321,664
981,351
From Jan 1_ 1,204,449
Brie
Wheeling dc Lake
168,465
286,428
398.549
514,246
1,828,952 1,190,790
May
765,589
817,793
1,334,612 1,314.650
From Jan 1_ 6,756,958 5,476,278
operating income.
•After allowing for other railway
May 4,102,048 3,654.917 2,600,937 1,960,224
Power Co Ltd
5 mos ending May 31_ -22,047.150 18,897,507 11,892,780 11,598.836.x11,461
x8.948
60,205
54.642
Valley Trac Co_ May
Beaver
x59,392
262.803
z78,594
5 mos ending May 31--- 300,065
311,070
371.871
May 1.265,515 1.036,562
Gen Gas & El & Subs
4,111,507
12 mos ending May 31-14.544.859
489,552 x224.333 x178.472
Metropolitan Edison Co May 622,246
1/ mos ending May 31_- 7.203,637 6,190.802 x2,227.005 x2,266,548
x52,399.
575.343
186,952
Pennsylvania Edison Co May 236.416
12 mos ending May 31__ 2,884,798 2.470,673 3677,338 5427.591
Philadelphia Co and Subsid,
Nat. Gas companiesMay 1,064.236 1.133,112 x357.047 x458,586
5 mos ending May 31___ 7,363.245 6,353,871 x3,449,939 z3,088,497
x35,236
54,176
x25.630
45.414
Philadelphia 011 Co___ _May
408.553 411,647 x299,990
5 mos ending May 31___ 211,931
x44,408
253.368
x24,296
Reading Tran & Lt Co_ _May 272,815
12 mos ending May 31__ 3,037.739 2,963.149 2232,267 /9304,681
z-13
3,454
z146
3.189
17th St Incline Plane Co May
x2,485
z-82
14.836
14,099
5 mos ending May 31_ __
z Net after taxes. 'After allowing for other income. a Given in pesetas.
b Balance after charges.
Fixed
Balance,
Net after
Gross
Charges.
Surplus.
Taxes.
Earnings.
43,008
110.419
Arkansas Light & .May '23
21,208
74.877
'22
Power Co
555.578
12 mos end May 31 '23 1,392.598
394,021
1,157.128
'22
*29,063
78,252
Asheville Power & May '23
*27.798
74.211
'22
Light Co
927.182 *349.718
12 mos end May 31 '23
869.236 *342.190
'22
300.655
BklynClty RR CO May'23 1,086.875
287,258
'22 1.086.413
11 mos end May 31 '23 11.139.608 2.585.291
'22 10.80 ,850 2.200,878
Bklyn Rapid Tran May '23 3.411.218 *1.255,805
'22 3.147,921 *1,202,255
System
11 mos ending May 31 '23 33,589.020*11.273,320
'22 31.526,837*10,939,493
*62,695
176,139
Carolina Power & May '23
*46.380
54.
'22
Light Co
12 mos end May 31 '23 2,111,241 *864,707
'22 1,766.854 *857.464
*54.118
98.887
Colorado Pow Co May '23
*41.171
82.682
'22
12 mos end May 31 '23 1,065.859 *567.851
962.839 *461,957
'22
348,286
562.483
May '23
Great Western
363,450
'22
635.517
Power System
12 mos ending May 31 '23 7,628,056 4,695,028
'22 7,289,946 4.483,467
47,523
255.649
Mass Lighting Cos May '23
42.11
211,268
'22
322,398
5 mos ending May 31 '23 1,359.939
265,107
'22 1.154,557
May '23 1,805,802 *508,819
Milwaukee Elec
'22 1.524,296 *464,567
Ry & Lt Co
12 mos ending May 31 '23 20,980.914 *5,927,952
'22 18,586.642 *5,661,276
27.965
75,132
Feb '23
Mobile Elec Co
23.360
72.640
'22
55,684
154,898
'23
2 mos ending Feb 28
46,245
148,982
'22
358.797 *224.472
Nevada-California May '23
281,095 *184,838
'22
Elec Corp
'23 3,696,964 *2,085.802
12 mos ending May 31
'22 3.184.651 *1,750.313
164.667
280,936
May '23
New York Dock
204,538
372,771
'22
Co
762,711
'23 1,396,889
5 mos ending May 31
893,778
'22 1,671,190
30,794
114,137
May '23
North Carolina
25,299
97.213
'22
Pub Fiery Co
372,709
31 '23 1.309,926
12 mos ending May
325,572
'22 1,175,666
*96,045
735.021
Penn Coal & Coke May '23
26.979 '-91,428
'22
Co
May 31 '23 3,831,226 *633,837
5 mos ending
'22 1,284,966 *-14,626
24,754
May '23 - 61,726
Pine Bluff Co
21,477
'22
53,611
337.990
867,209
ending May 31 '23
12 mos
316,238
'22
792,785
249,087
779,668
May '23
Republic Ry &
222,194
653,114
'22
Light Co
ending May 31 '23 4,070,355 1,341,613
5 mos
'22 3,294,664 1,231,403
58.983
156,416
Southern Colorado Feb '23
67,
'22
151,631
Power Co
127,247
320,712
2 mos ending Feb 28 '23
119,791
316,721
'22
May '23 1,269,952 *275,384
Third Ave By
'22 1,272.262 *290,842
System
11 mos ending May 31 '23 13,126,649 *2,692,634
'22 12,900,292 *2,597,634
*338,122
United Gas & Elec May '23 1,101,332 *312.718
973,613
'22
Corp
12 mos ending May 31 '23 13.185,911 *4,623,123
'22 11.750.107 *4.105,737
326,215
United Lt & Rys May '23 1,011,488
271,098
917,421
'22
Co & Subs
12 mos ending May 31 '23 12,337,596 4,033,124
'22 11,201.934 3,475,333
644,637 *352,852
Utah Power & Lt May '23
536,253 *262,755
'22
Co
12 mos ending May 31 '23 7,704,628 *4,180.326
'22 6,724,960 *3,407.098
*84.304
161,189
May '23
Yadkin River
*40,265
97,436
'22
Power Co
12 mos ending May 31 '23 1,502,463 *777,250
'22 1,148,204 *483.430
* After allowing for other income.
x Includes taxes.
23.717
18,792
251,629
205,895
5.219
5.202
62,546
61,144
51.117
52.098
573.741
834.709
749.730
746.999
8,130.946
8,124,110
23,698
18,342
238,089
214,781
19.291
2,416
303.949
188.126.
23.844
22,596
287,172
281.046
249,538
235,160
2,011,550
1,566,169
506,075.
455,256
3,142.374
2,815,383
38.997
28,038
626,618
442,683
333.445
322,292
210.718
212,449
234,406
139.668
137,568
151.001
32,934
14,589
24,317
17,800
248,394
74,004
175,340
89,767
327,832
180,987
265,131
199,436
2,359,457 3,568.498
2.464,239 3,197,0W
16,156
11,809
12,269
11.091
31,945
23.739
23,389
22,856
107,598
116,874
80,712
104.126
815,283
1,270,519
521,910
1.228,403
56,961
x107,706
85,664
x118,874
221,947
x540,764
301.787
x591,991
15,850
14,944
10.893
14,606
195,218
177,491
156,806
168,766
79,707
16,338
46 -91,474
549,320
84,517
33,671 -48,297
15,323
9,431
11,909
9,568
229.005
108,985
197,653
118,585
54,889
194,198
47,572
174,622
393,824
947.789
370,823
860,580
10,348
48,635
24,195
33,254,
29,644
97,603
53.076
66,715
52,568
222,816
69,551
221,291
220,304
2.472,330
144,816
2,452,818
195,693
142,429
143,192
1,710,024 2.913:099
1,722,766 2,382,971
145.134
181,081
113,465
157,631
1,959,292 2,073,832
1,938.519 1,536,814
193,781
159,071
105,946
156,809
1,935,885 2,244,441
1.732.065 1,675,033
50,288
34.016
25,706
14,559
495,982
281,268
307,274
176,156
FINANCIAL REPORTS
-An index to annual reports of steam
• Financial Reports.
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
month. This index will not
and Other Public Utility Net on the last Saturday of each the "Chronicle" in which it hElectric Railway
the issue of
following table gives the returns of include reports inlatest index will be found in the issue 01
-The
Earnings.
published. The
ELECTRIC railway and other public utility gross and net May 25. The next will appear in that of July 7. •
earnings with charges and surplus reported this week:
JUNE 30 1923.]
THE CHRONICLE
Central RR. of New Jersey.
(Annual Report
-Year ended Dec. 311922.)
President William G. Besler writes in substance:
Additions & Betterments.
-The following charges were made for addition
and betterments during the year: (1) Investment in road. $3,655.260;
(2) investment in equipment, $4,110.136; (3) improvements on leased
railway property. $1,808,429: total. $9.573.825.
Capital Stock.
-Authorized. $30,000.000; outstanding, $27.436,800;
none Issued during year.
Funded Ddebt.-The total funded debt at the close of the year was
$60.579,500 (including 51,167,000 held in treasury), as against $59,545,000
at the close of 1921, an increase of $1,i)34.500 for the year, as follows:
Equipment Trust, Series "I," $2,000,000 (less $965,500 Equipment bonds
retired). 51,034,500.
Of the $50,000,000 Gen. Mtge.5% bonds, $45,091,000 have been issued,
of which $1,167,000 are held In the treasury, leaving a balance unissued
of $4,909,000.
New Evipment.-(1) Equipment purchased and received during the
year: 25 Mikado locomotives, 50 steel coaches, 10 steel combination ears,
10 steel baggage cars, 52 box cars, 37 refrigerator cars. 75 steel coal cars
50steel gondola cars, 1 steam derrick car, 1 floating pile driver, 1 tugBelmar.
(2) Equipment completed at company's shops during the year: 1 catamaran, 1 insulated box car. (3) Equipment rebuilt at company's shops
during the year: 2 steel cafe cars, 122 caboose cars, 16 box cars. (4) Equipment rebuilt by the American Car & Foundry Co.: 240 box cars.
Guaranty Settlement.
-The balance of the claim against the Government
for the six months ended Aug. 31 1920, known as the guaranty period,
has not been settled. Company has furnished the I.
-S. C. Commission
with complete statements of the account and its representatives are now
making an examination of our claim and it is expected that final settlement
will be made in the near future.
American Dock & Improvement Co. Bonds.
-The $4,987,000 1st Mtge.
bonds of the American Dock & Improvement Co. which have been assumed
as a part of the funded debt of this company constitute a first lien on
the property deeded to this company on March 15 1917. At the time
the conveyance was made a nominal amount of 81000.000 was set up in
the property investment account and the balance of 83,987.000 was charged
to the account in current year; the total representing the par value of the
bonds.
Reduction in Earnings.
-Gross operating revenues for 1922 aggregated
849,488,471. a decrease of $2.930.243. or 5.9% as compared with 1921.
There was a loss in potential earnings for the year due principally to three
causes, viz.:
(1) The strike of the coal miners, April to September, which resulted
in a decrease of approximately 3,509,772 tons of anthracite, aggregating
a loss in revenue of $6.799,497 and a loss in revenue account bituminous
coal aggregating $605,286.
(2) Reduction on freight rates. &c., ordered by the I. C. Commission,
-S.
effective July 1. approximating $1,329,259.
(3) The increased division of 15% allowed by the I.
-S. C. Commission
to certain New England railroads, approximately $155,000. A grand
total of approximately $8,889.042.
The losses from reduction of 10% in freight rates and the contribution
to the New England railroads as ordered by the I.
-S. C. Commission
were effective for a period of only six months, and will be reflected in the
operations for 1923 upon an annual basis of approximately double the
amount.
Taxes.
-Railway and miscellaneous taxes aggregated 13.789,446. an
increase of $607,126 or 19%, as compared with 1921, and, as a matter of
Information,increased $2,170,143. or 134%,as compared with the year 1912.
-Operating expenses show a decrease of $1,984,516. or 4.5%,
Expenses.
notwithstanding the extra expense incurred by reason of the strike of the
federated shop crafts, which occurred on July 1.
New Equipment.
-Contracts have been made for the following new
equipment: 20 Mikado type freight locomotives, 5 Pacific type passenger locomotives, 6 suburban type passenger locomotives, 15 switching
locomotives, 100 steel passenger cars, 10 steel baggage cars, 5 steel combination cars, and 3 mail and baggage cars.
Coal Tonnage.
-There were handled 6,763.680 net tons of bituminous
coal, a decrease of 930,047 tons, and 6,383,358 net tons of anthracite
coal, a decrease of 3,509,772 tons, compared with the preceding year.
The average revenue tonnage per train mile was 631.20 tons, a decrease
of 80.78 tons, and the average distance each ton was carried was 66.36
Mlles, a decrease of 6.27 miles.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1919.
Revenue Freight1920.
1922.
1921.
Other revenue freight.._ _ 17.478,682 13.581,891 19,563.202 17.931.844
Bituminous coal(tons)_ _ 6,763;680 7.693,727 9.550,006 8,060,793
Anthracite coal (tons)_- 6,383,358 9,893,130 9,634,411
9,496.781
Total revenue freight-- 30,625,720 31.168.748 38,747,619 35,489.418
Tons carried one miles_ - 2.032,449 2,263,754 2,757,747 2,478,351
Revenue per ton per utile 1.797 cts. 1.774 eta. 1.385 eta. 1.320 cts.
Passengers carried
26.570.996 26,847.938 33,250,738 30,445,113
Pass. carried one mile..- _454,932.543 452
.984,321 486,841.741 460,966,346
Rev. per pass. per mile_ - 1.992 cts. 2.018 cts. 1.931 cts. 1.771 eta.
* 000 omitted.
COMBINED OPERATING ACCOUNT FOR CALENDAR YEARS.
-Corporate--- *Combined. *Federal.
Operating Revenue1922.
1920.
1921.
1919.
Merchandise
522.939.947 $19,172,052 $21,324,604 519.063,438
Biruminous coal
3,692.300 4,297,586 4,999,8265 .700
Anthracite coal
9,885,617 16,685,114 11.874,513 10,389.975
Passenger
9,061,949 9,141.722 9,399.107 8.164,830
Express and mail
1,627,179
1,202,000
1.367,962
793,548
Water line
482.818
538,984
527.255
373,735
Water transfer
330,366
366,057
278,437
465,390
Incidental
1,052.940
1,166,920 1,610.579
1,240,205
Miscellaneous
415,354
366,130
356,078
507,068
Total
$49,488,471 $52,418,714
Operating Expenses
Maintenance or way, &c $5,530,944 $6.470,243
Maintenance of equip't- 12,973,254 13,602,959
Transportation expenses 21,781,282 22,141,541
Traffic expenses
409,850
424,995
General expenses
1,286.970 . 1,305,453
Miscell. operations, &c_
215.121
236,748
TotalNet revenue
Taxes, &c
$51,681,799 144,837,302
$7,064,229 $5,510.957
20,279.617 11.869.423
28,035,053 21.358.894
449.982
322,112
1.315.451
1.014,676
348,765
197.888
$42,197,422 $44.181,938 557,493,096 540,273.950
7,291,049 8.236,776den,811,297 4,563.352
3,572,659 3.001,175 2,933,471
3,096,645
Operating income_ --- $3,718,391 $5,235,601 df$8,744,768 51,466,706
Non-operating Income
5891,545
5375,556
Rent from equipment_ _ - $191,192
$206,037
445.742
Miscell. rent income_ __ _
500.310
485,803
357,537
Non-oper. phys. prop_
156.973
144,362,
75.669
Dividend income
280,583} y19993,8811
1,103,622
551.811
Other dividend income..
195.043
217,064
1
Income from funded sec..
356.323
832.740
282,960
4139.522
inc. from unfunded sec_
849,066
288.894
99,703
69,260
Miscellaneous
11,041
243,882
deb.5,236
520,751
Reed from U. S. Govt.
acct. guaranty period_
5,146,411
$6,540,296 826,895.048 def$786,387 54.426,168
Gross income
Rent for equipment_ --406,392
243.136
358,501
145,756
Rent for leasod roads_ _ _ 2,328,581
2,329,646 2,350.710 2.326,645
Joint facillty, &c., rents723.125
712,289
792.987
731,915
Miscell. tax accruals.. _
238,563
186,562
120,830
121.081
2,983,250 2,967,779 3,395,082 3
interest
.198.194
Miscellaneous
21.028
50,624
114,874
338,058
Net income
$2,614 $20,241,755df$7,858,298df$2,496,552
2989
_
paid Marcn Sand a cash div. of 70% paid Nov.29 on the $8.489,400 stock
owned in the Lehigh-Wilkes-Barre Coal Co. In 1920 Includes a semiannual div. of 634%. the second dividend having been deferred on account
of litigation. In 1919 includes the usual 51.103,622 (two semi-annual
dividends). Out of this sum there were paid the customary special dividends on Central RR. of N. J. stock, 4% in 1921, 2% in 1920 and 4% in
1919, making total payments on that stock 14% in 1921, 10% in 1920 and
12 in 1919.
Note.
-Federal lap-over items of 1921 recorded on the Federal books,
only, are included in this statement, but not in the corporate income acct.
BALANCE SHEET DECEMBER 31.
1921.
1921.
1922.
1922.
AssetsLiabilities$
$
$
Road & mm191_130,892,009 123,126,614 Capital stock___ 27,436,800 27,436,800
Impr.leased rye. 10,050,624 8,242,194 Mtge. bonds__ _y60,579,500 59,545,000
Inv.In attn. cos.:
Interest, diviStocks
3.165,870 3,165,759 dends,&c.,due 1.513,288 1,158.769
Bonds
1,726,000 1,726,000 Accts. & wages.. 5,352,294 6,254,053
Advances....
2,852,568 2,193.509 Traffic. &c., balOther Investmla 24,765,137 10,703,237 ances
232,217
560,877
Misc. toys, prop. 3,264.896 3.268,998 Miscell. :wets
333,532
465,205
Secur unpledged 4,367,000 2,667,000 Interest de rents
Rents receivable
180,981
168,591
accrued
U.S. Govt__ _ 9,562,738
Unmatured diviCash
548,736
548.736
2,830,545 2,747,963 dends declared
Special deposits_ 1,308,548 1,471,064 Taxes
1,244,724 1,218,186
Traffic, &c., bal. 1,299,969 1,680.767 Deferred accts 31.413,604 31,784,476
Misc accounts_ 1,722,512 22,650.763 UnadJ. accounts 7,119,724 24,243,738
LOADS& bills rec.
23,454
18,925 Surplus special_x42,596,982 41,304,919
Agta. & conduc_
798,040
553,944 Accrued depreMatertals&supp. 5,957,864 8,268,284 ciation
16,609,215 15.058,034
Int. & diva. rec.
143,051 Profit and loss 38,730.898 20,221.902
190,390
Other cur. assets
686
Ins., &c.,funds_
13.034
13,620
Oth.unadl aces 2,534,412 11,110.222
Other def. assets 26,881,868 26,419,831
Total
234,208.764 230,013.014
Total
234.208.764 230,013,014
x Includes in 1922 additions to property through income and surplus:
(1) Investment in road and equipment, $33,255,236, and (2) improvement
on leased property. $9.340.708: (3) investment in miscellaneous physical
property,
ten
T3 60 Includes: (a) Errmer
o0 3
9
50
y7
301.500; (b) General
bonds,L5.091,0150, w1212 4i1, igt.0701) 01elil in treasury and 843.44,068
0
p11b1
1
with public; (c) American Dock dv Impt. Co. bonds, 54,987.000 -V. 116.
p 2636, 2255.
company's
:
p
Wheeling & Lake Erie Railway Co.
(6th Annual Report
-Year ended Dec. 31 1922.)
Chairman W. M. Duncan, Cleveland, 0., May 1 1923,
reports in brief:
Corporate Income Account.
-Company's income account for 1922, briefly
stated, follows:
liailway operating revenues, $13,153,888; railway operating
expenses,511.146,707; net revenue from railway operations._ $2,007.181
Taxes and uncollectible railway revenue
1.230,590
Operating income ______________________________________
Non-operating income _____________________
$776.591
160.001
Gross income
$936,592
Balance of income received in final settlement with U. S. RR.
Administration for use of property during Federal control..._ 1,056.035
Total
51,992,627
Deductions
-Equipment rents, net,$344,535;joint facility rents,
$38,175; interest and discount, 51,403,650
1.786,360
Corporate income for year
5206,267
Operating revenues and expenses were adversely affected by business
and labor conditions during the year. The coal mines located on the
property were closed from April 1 to the latter part of August, owing to
a strike of the miners. The company's shops were closed in July, owing to
a strike of the shop crafts,and were not reopened until the latter part of Oct.
Additions and Betterments.
-During the year the company expended
$405,805 for additions and betterments. classified: For roadway and structures, 5332,436; and for equipment. $73,368.
TRAFFIC AND TRANSPORTATION FOR CALENDAR YEARS.
1922.
1919.
1920.
1921.
Miles of road operated_ 511.60
511.60
511.60
511.60
Revenue tons carried-.._ 10,212,795 10.269.231 14,840,524 11,555,433
Revenue ton miles
895,712,125 1045778410 1522921850 1186471 192
Av.net tons per train m
953
893914
Av.rev, per ton mile_
1.257 eta. 1.217 cts. 1.017 eta.
.900 cts.
.
Av.rev, per mile of road
822,004
520,880
$30.282
524.881
Passengers carried
927.960
1.219,273
768.296 1,084.231
Pass. carried one mile.... 24.094.498 29,489.242 31,024,795 23,893,774
Av.rev. per pass. per m- 3.23 cts.
2.84 cts.
2.89 cts.
3.23 eta.
Pass.rev. per mile of rd$1.325
$1.520
51.861
$1.750
Av.No.pass. per. tr. m.,
33.25
30.98
38.57
34.22
Net op.rev. perm.of rd.
$3 274
$3,935
53.570
55.913
Net op.rev. per tr. mlle_
SO.84
51.12
$0.78
$1.48
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1922
1920.
Corporate. Combined. Combined. Combined.
Operating Income
$
$
By. oper. revenues
13.153,888 13,179.902 14.791.993 17,952.257
By. oper. expenses
11,146,707 11,166.554 11,767,002 16.125,999
Netrev,from ry.oper. 2.007,181
2,013.348 :3.024,991
1,826.258
Railway tax accruals_ _ _ 1,229,557 1.229.557
939,144
1,064.972
Uncollectible ry. revs _ _
1.128
1,879
1,662
1.033
Ry. oper. income__ _ _
782.663 1.958.141
885,451
776,591
Non-Oper. Income
Rentfrom equipment__ _
20,529
20,504
9.476
49,312
Joint facility rent income
28.930
27,940
27,946
25,413
Incomefrom lease ofroad
a997,035
997.035
6.000
270,340
Miscall,rent income_ _
17,331
18,310
17,331
15,891
Misc.non-op. phys.prop.
55
257
55
Inc. fr. funded secure....
100.279
100,279
100.312
102,167
Inc. from unfunded securities & accounts_ _ _
b89,994
89,908
19.874
28,947
Miscellaneous income_ _ _
c11.903
11,903
1.419,433
186,068
Gross income
2,041,552 2,047,728 2,327,367 2.796,953
Deductions
Hire offr't cars,deb. bal.
279.036
279,350
263,291
1.296,287
Rent for equipment_ _ _ _
8,659
86,002
86,002
5.828
Joint facility rents
56,925
66,121
52.451
66,176
Miscellaneous rents......
868
7,974
475
475
Int. on funded debt...._ 1.326.315
1.265,782 1,217,161
1,326,315
Int. on unfunded debt-....
239,600
170,580
65,595
66,073
Amort.disc, on fund. d't
11.740
11,740
11,740
11.740
Miscellaneous deductions
767
Net income
549,720 def35.054
206.267
211.596
Inv.in road & equip..._
78,244
63,187
77,820
77,820
Receiver's ctfs. paid_ - _
24,000
Inc. applied to sinking
& other reserve funds..
30,000
25,000
30,000
25,000
* Including Federal guaranty for half-year ended Aug. 31 1920, but
441,475 def152,242
excluding Federal compensation during operation by U. S. Government,
transf. to P.& 1..
108.776
103.447
Jan. 1 1918 to Feb. 29 1920.
Note.
-(a) $991,035: (b) 555.000, and (c) $10,000 additional amounts
y Dividend income in 1921 includes approximately 519,780,302 received received in final settlement of accounts with Director-General of RailIrom two semi-annual dividends of 634% each and the cash div. of 150% roads and included in 1922.
Assets
GENERAL BALANCE SHEET DEC. 31.
1922.
1021.
1922.
Liabilities
1921.
89,171,496 69,108,889 Pr. Lien cap.stk. d11,882,600 11.882.600
Road
Equipment
16,106,086 16,075,801 Common stock_- _33,641,300 33,641,300
33,768 Preferred stock-A0,344.956 10,344,958
33,768
General
174,970 L. E. Div. let 58- 2,000.000 2,000,000
180,055
Sinking funds
894,000
Wheel. Div. let 55 894,000
Deposits in lieu of
409.000
18,805 Ext. & Imp. 1st 58 409.000
mtgd. prop. sold
18,895
6,677 let Consol. M.4s_ 6,870,000 6,870,000
581
Misc. phys. prop
302,000
Receiver's equip- - 100,000
aInv. in affli. cos.:
61,030,469 1,030,469 Equip. trust 5s_- 2,310,000 2,772,000
Stocks
144,300
b2,224,000 2,224,000 Equip. notes 4s-Bonds
401.737 Equip. notes 6s_ __ 3,965.000 4.281,200
387,362
Advances
300.000
7,100 Participation ctfs_ 300.000
7,262
Other investments
274,022 6-Yr. Notes, 534s_ 1,200,000 1,200,000
892,135
Cash
114,565 U.S.Gov.Notes, 68 4,260,000 2,960.000
Special deposits _ 492,896
Ref. Mtge. bonds_ 4,827,000 4,827,000
Loans & bills rec
50,175
Nat.Ry.Serv.Corp.
Traf. & car serv.
Equip. trust___12,266,100 13,174,700
540,556
bats. receivable_ 274,604
600,000
Notes payable_ _ _ _ 250,000
Due from agents &
Traffic & car serv.
95,936
114,280
conductors
19,171
9,259
bals. payable392,622
Misc. acc'ts recle_ 311,687
49,935 Audited acc'ts and
Int. & divs. rec le_
50.341
wages payable__ 2,215,104 1,769,624
Mat'l & supplies 1,171,244 1,847,897
43,819
44,763
5,230 Misc, sects pay_
Working fund adv.
5,230
70,311
68,946
Int. mat'd unpaid_
Due from U.S
550,393
Unmat'd int. neer- . 396,985
Adm., Incl. un396,343
c5,929,186 Other def'd nab _ _ _ 352,940
adjusted debts_
Due to U. S. RR.
Due fr. U.S.Govt.,
c6,569,657
Adm., incl. l'ns
guar'ty period__ 668,521 c668,521
553,683
658,259
18,880 Tax liability
22,432
Ins. paid In adv__ _
61,677 Accr'd depr. equip. 1,744,181 1,330.700
49,936
Disct. on fd. debt_
484,702
0th. unadj. credits 467,018
Nat. By. Service
12,162459 13,050.610 Corporate surplus.e1,213,005 1,080,018
equipment
263,149 P.& L.surplus__ _x3,233,821 2,924,015
Misc. unadl. debits 498,240
Total
105.924,237 112395,493
Total
105,924,237 112395,493
-Securities issued or assumed: Unpledged, bonds held in treasury,
Notes.
$2,412,000; pledged, bonds, $13,011,000.
a Investments in affiliated companies: (1) Stocks: Toledo Belt By.,
$238.320; Zanesville Belt & Terminal Ry.,$100,000: Sugar Creek & Northern RR.,$1,000; Lorain & West Virginia Ry.,$500,000; Wandle Company,
3191,149: total, $1,030,469. (2) Bonds: Toledo Belt By., $224.000;
Lorain & W. Va. By., $2,000,000; total, $2,224,000. (3) Advances to
the Wandle Company, $401.737.
b Pledged as collateral security to funded obligations of the company,
except stock owned in the Wandle Company.
c Tentative, pending decision as to matters in dispute arising out of
guaranty period operations, and adjustments to be made account of settlement subsequently effected with the Director-General of Railroads for
the period of Federal control.
d No cumulative dividends have been paid on Prior Lien stock.
e Additions to property through income and surplus, $843,005; funded
debt retired through income and surplus, 3190.000; sinldng fund reserves,
$180.000; total corporate surplus, $1,213.005.
x The surplus has been temporarily used for additions and betterments
--V. 116, p. 2390, 1052.
to the property and for equipment trust payments.
Northern Pacific Railway Co.
•
(Report for Fiscal Year ending Dec. 31 1922.) _
The remarks of President Charles Donnelly and Chairman Howard Elliott, together with the comparative income
account and balance sheet, will be found under "Reports and
Documents" on a subsequent page.
The usual comparative income account, comparative
balance sheet, &c., was published in V. 116, p. 1639.--V.
116, p. 1650, 1639.
American Car & Foundry Co.
(24th Annual Report-Year ending April 30 1923.)
The report of President W. H. Woodin with balance sheet,
income account, &a., will be found on a subsequent page.
RESULTS FOR FISCAL YEARS ENDING APRIL 30.
1919-20.
1920-21.
1922-23.
1921-22.
Earnings from all sources
after provid.for taxes-$10.633,562 $9,051,721 $13,212,816 314,382.565
4,661.960 3,981,373
2.468,401
Renewals,repairs,&c- _x 4,419,951
36,213,611 56,583,320 88,550,856 510,401,192
Net earnings
32,100,000 $2,100,000 $2,10e,000 $2,100,000
Preferred diva. (7%)
Divs.on Common(12%) 3,600,000 3,600,000 3,600,000 3,600,000
3,600,000
Res,for div.on Com.stk
Balance
Previous surplus
$513,611
11.883,320 32,850,855 31,101,192
36.159,888 35,276,568 32,425,712 31.324,521
$36,673,499 536.159,888 335,276,568 332,425,713
Total surplus
x Includes yearly renewals, replacements, repairs, new patterns, flasks,
&c.
BALANCE SHEET APRIL 30.
1922.
1922.
1923.
1923.
$
Assets
Cost of prop't's_
Material on hand
Accts. and notes
receivable__ _ _
Stocks & bonds
of other companies (at cost
or less)
U.S. Ctfs. of indebtedn's and
Liberty bonds
Cash
[Vol.. 116.
THE CHRONICLE
2990
72.758,547 72,301,696 Preferred stock_ 30,000.000
29,111,488 9,080,826 Common stock_ 30,000.000
Accts. pay.. &c. 18,547,721
748,092
15.023,070 8,399,478 Federal taxes.-Insurance res.. 1,500,000
For gen. overh'1.
lmpts. & main
254,848
5,764,050 Reserve for diva.
5,536,721
on Com. stock 10,800.000
Res. for employ..
164,092
2,146,813 18,527,824 Divs. pay. July 2 1,425,000
6,811,358 Surplus account 36,673,499
5,538,611
Total130,113,249 120,885,232
-V. 116, p. 179.
Total
30,000,000
30,000.000
8,455,083
1,119,785
1,500,000
1,196,778
10,800,000
228,698
1,425.000
36,159.888
130,113,249 120,885,232
The "Shell" Transport & Trading Co., Ltd.
(25th Annual Report-Year ended Dec..31 1922.)
The annual report, dated London June 27, says in brief:
Results.
-Including the balance. £2,069,594 brougnt forward from 1921,
there is a credit to the profit and loss account of £7,007.680.
The representation of the company on the boards of the Anglo-Saxon
Petroleum Co.. Ltd., and the Bataafsche Petroleum Maatschappij has
been increased by the addition of Andrew Agnew, C.B.E., to the former
board.
INCOME ACCOUNT FOR THE YEARS ENDING DEC. 31.
1918.
1922.
1921.
1919.
1920.
Interest
Dividends
461,033 483,040 486,439 189,383 121,700
4,477,051 5,143,632 7,182,203 4,573,341 2,771,903
Totalincome
4,938,084 5,626,672 7,668,642 4,762,724 2,893,603
Expenses
a
40,111
39,234
49,354
41,222
39,251
Stamp duty on new cap 100,000 100.000
Exp.on new iss.2d pf.sh 164,813
Invest.depreciation_
1,425
Profit
4,633,160 5,487,421 7,627,420 4,713,370 2,852,944
Reserve account
41,172
Prof. div.(5%)
100,000 100,000 100,000 100,000 100,000
2d Pref. diva.(7%)_ 216,542
Ordinary dividends__ _4.357.157 5,325,414 6,762.453 4,507.625 2,813,927
Rate paid
2734%)
(2234%) (
(35%)
(35%)
(35%)
Balance
Brought in
def40,539
62,007 764,967 105,745def102,155
2,069.596 2,007.589 1,242,622 1,136,877 1.239,032
Carried forsvard_ -- _2,029,057 2,069,596 2,007,589 1,242,622 1,136,877
BALANCE SHEET DECEMBER 31.
Assets1921.
1922.
1919.
1920.
Property (shares, &c.)__ £20,473,267 £20,256,603 £16,588,461 £12,036,905
99,672
412,484
353,146
175,802
Debtors and loans
4,722,739 4,435,331 4,635,614
4,378,731
Dividends due
Investments
12,820,686 6,820,359 13,812,051 8,112.506
Fixed dep. with bankers_
100,000
760,923
122,713
439,293 2,438,771
Cash
Total
£38,387,780 £34.338,143 £35,311,702 £25,958,432
Liabilities
Capital
£26,365,144 £21,365,144 £21,321,296 £14,857,641
Reserve, &c
5,000,000 5,000,000 5,000,000 5,000,000
290.867
175,602
526,162
Creditors
443,235
Unclaimed dividends__
25,000
25,000
Preferred div. accrued_ _
25,000
25,000
2d Prof. div. accrued__ _
145,833
Profit balance
6,386,214 7,395,010 8,770,042 5,750,247
Total
£38,387,780 £34,338,143 £35,311,_702 £25,958,432
"Tne investments, taken at market price or under on Dec. 31, include
£2.941,977 National War bonds, £78,445 British securities, £243,491
Colonial
'T. & municipal stocks, £7,510.312 Treasury bonds.
Govt.,
£2,016,225 War Loan bonds and £30,236 Foreign Govt.and municipalstocks
-V. 116. p. 2647. 188.
The Fisher Body Ohio Company.
(Annual Reportfor Fiscal Year ended April 30 1923.)
RESULTS FOR YEARIENDED APRIL 30 1923.
Year ended Dec. 1 '21 to
PeriodApr.30'23. Apr.30'22.
Earns. & inc. from all sources after deducting all
exp. of the business incl. repairs & maint. of
prop., & provision for depreciation
$3,705,519
Deduct-Interest on borrowed money
$96,712
Provision for Federal income &profits taxes__ _
453,000
Portion of commission on sale of Preferred stock_
120,000
Organization expenses written off
53,367
648.000
xPreferred dividends
Balance,surplus
x See note below.
$2,334,440
$398.759
$15,982
42,500
50,000
200,000
590.278
BALANCE SHEET APRIL 30.
1923.
1922.
1923.
1922.
Assets-
8% Cum.Pre!. sit 9,600,000 10.000,000
Ld., bldgs., mach.,
500,000
Common stock__ 1500,000
tools, dies& 0th.
8,626,523 8,797,837 Notes payable..
equipment
1,000,000
Accts. pay., incl.
Contr., drawings,
accrued payrolls,
elesigns,patterns,
int., taxes, &c.._ 2,016,912 1,201,508
dtc..acq.fr.Fisher
500,000 Fisher Body Corp.
500,000
Body Corp
accounts
2,749,281
890,537
Cash on dep. for
64,319
Prov.for Fed. tax_ 453,000
42,500
red. of pref. stk..
4,492,885 2,299,214 Prov.for Pref,stk.
Inventories
div. accr. but
Due from snit. cos. 444,991
not declared_..._
64,000
Cust.accts. receiv. 1,677,127 1.355,748
1,787,137
311,846 Surplus
Cash
2,688,492
290,278
478,702
660,177
Deferred charges
Total
18,071,685 13,924.829
Total
18,071,685 18,924,829
x Land, buildings, machinery,tools, dies and other equipment,$9,260.333
less depreciatioh reserve, $633,810. y Common stock represented by
100,000 shares of no par value.
-Dividends on Preferred stock for the period from April 1 1920 to
Note.
June 30 1922 amounting to $1,800,000, were paid from advances made
by Fisher Body Corp. under a guarantee. In accordance with a resolution
of the directors May 29 1923, this amount was repaid to the Fisher Body
Corp. by a dividend declared out of the above surplus on that date.
-V.116.
p. 2771.
International Mercantile Marine Co., New York.
(Report for Fiscal Year ending Dec. 31 1922.)
The advance figures for the year 1922 were given in the
issue of June 9, p. 2633. The final report is signed by
Pres. P. A. S. Franklin under date of June 16, who says
in substance:
-The net result of operating the International Mercantile
Results.
Marine Co. and its subsidiary companies (American Lino, lied Star Line,
White Star Line. Atlantic Transport Line and Leyland Line) for 1922.
after deducting regular depreciation, shows a loss of $1,269,784, as compared with a profit for 1921 of $5,797,347, a decrease of $7,067,131. The
details are as follows:
1921.
1922.
Gross voyage earns., miscell. earns.& ins,fund sur.$81,563,911 $99.632,698
Oper. & gen. exp., miscell. charges, incl. U. S. &
British income tax, also Int. on debs, ofsub. cos- 74,592,780 85,563,644
*$6,971.131 $14,069,053
Net earnings
2,256,254 2,153,725
Deducting management, interest, cost of issue of 2d Pref. shares, legal. Interest on I. M. M. Co. bonds
5,984.661
6,117,980
expenses, which in all amount to £304,925, there remains £6,702,755 Depreciation on steamers
&c..
to be carried to the balance sheet.
def$1,269,783 $5,797,347
Net result
From this amount 5% 1st Pref. dive. (absorbing £100,000), 7% 2d Pref
*For proper comparison with results of previous years the earnings of
dive. (absorbing £216,542) and interim dividend on Ordinary shares
the British companies have been converted at $4 85 per £ sterling.
(absorbing £1.936,514) have already been paid.
It will be seen that the actual operation of all the steamers and business
payment of the dividends distributed there remains a balance of
After
£4,449,699, from which directors recommend that a further and final of the company and its subsidiaries for 1922 resulted in a profit of $4,714,877
taxes and bond interest. However, against
dividend for the year 1922 on Ordinary shares of 2s. 6d. per share be paid after deducting all expenses, the full depreciation on the steamers, after
on July 5 (making 22)4% for the year), leavingga sum of £2.029,056 to be this profit must be charged
carried forward to the current year subject to provision for excess profit which the net result shows a loss of $1,269,784.
The International Mercantile Marine Co. from the dividends received
duties. The dividends on the Ordinary snares are paid free of income tax.
for the year 1922 and
Tnis company's profits depend on the dividends declared by the companies from its subsidiary companies out of their earnings it owns directly, shoes
in which it is a shareholder, and it is on this basis that the accounts are prior thereto and from the operation of the steamers
a profit amounting to $3,699.750 for 1922, after deducting all expenses,
presented.
-Directors are satisfied that ample provision for depreciation bond interest and depreciation on the steamers directly owned. 1921.
General.
1922.
has been made over the numerous companies in which they are interested,
and the reports received from them enable the directors to assure the Total net earnings of I. M. M.Co. plus dirs. from 36,354.838 $8,329,309
sub. cos., after deducting taxes & gen. expenses_
shareholders of the satisfactory condition of the business. Company's
2,256,254 2.153.725
financial position is as strong as ever and the present dividend is paid I. M. M.Co. bond interest
398,835
998.835
without in any way trenching on toe company's reserves, and represents Depreciation on steamers directly owned
working of the year under review. Tne dividend can be
the result of the
$3.699.749 $5,176,748
Surplus
considered satisfactory in view of the world-wide fall in values.
JUNE 30 1923.]
THE CHRONICLE
Dividends received from foreign subsidiary companies have been converted
at the market rate of exchange on date received.
The marked decrease in the consolidated earnings for 1922. as compared
with 1921. was largely caused by the decrease in the movement of thirdclass passengers, both east and west bound, due to the immigration laws
and the unsettled conditions in Europe, which heavy loss of business was
only slightly compensated for by a very moderato increase in the movement
of first and second class passengers.
Freight Situation.
-In addition to this unfavorable passenger situation,
the freight business has been exceedingly bad, there having been a reduction
in the volume of general traffic moving all over the world., but particularly
between the United States and the United Kingdom and Continent of
Europe, and also more active competition including that of Government
owned steamers with a consequent reduction in freight rates to a point
where in many cases the actual cost of loading and discharging the cargo
was hardly covered.
It has unfortunately been impossible to materially reduce the cost of
operating the steamers, largely due to the cost of fuel and the high cost of
labor, both afloat and ashore.
Result for 4 Months of 1923.
-The business for the first 4 months of 1923
shows even less satisfactory results than for the corresponding period of
1922, due to the continuation of the same conditions as outlined above, and
a supply of tonnage far in excess of the present requirements of either the
passenger or the freight business moving. It must be recognized that until
the political situation in Europe materially improves and the present
serious economic difficulties are remedied, business cannot be expected to
begin to approach a normal condition, and until that is accomplished the
movement of both passengers and freight will be seriously interfered with,
which is most prejudicial to the business of the company.
We are holding our full share of traffic in the important trades in which
we are established and our steamers are all being maintained in excellent
condition so that we are in strong position to take advantage of any improvement when it comes.
Sinking Fund for First Mtge. Bonds.
-$400.000 was paid in 1922 to the
trustees and $446,000 6% bonds were purchased (of which $99,000 purchased and cancelled since Dec. 31 1922), maldng total bonds as purchased
$2,633,000 of the total originally issued of $40,000,000.
Bonds Outstanding.
-The $500,000 1st Mtge. & Coll. Trust 6% bonds,
held in the company's treasury since 1916. were sold in May 1922. The
total amount of this issue of bonds outstanding and in the hands of the
public on Dec. 31 1922 was $37,466,000.
The debenture bonds ofsubsidiary companies hold by the public amounted
son Dec.311922 to 87.025,225,as compared with $7.839.540 on Dec.311921.
Insurance Fund.-Tbe result of the working of the insurance department
for 1922 was satisfactory, showing a net profit of $627,015.
Dividends.
-Since Jan. 1 1917 dividends aggregating 77%7 have been
0
paid on the Preferred stock, leaving a balance of 43;4% unpaid back
dividends on the Preferred stock.
Reduction of Obllgations.-During the years 1915 to 1922. inclusive, the
bonded debt of I. M. M.
Co. and subsidiary companies have been reduced
from $84,146,033 to $46,461,225, or $37,684.808, and the interest charges
from $3,867,656 to $2.682,295. or $1,185,361
Panama-Pacific Line.
-Owing to the higher cost of operating American
flag steamers as compared with foreign flag steamers, it has been decided
to transfer the American flag passenger steamships 'Inland and ICroonband
from the New York-Continental trade, where they are in competition with
foreign flag steamers and Government
-owned steamers, to the protected
coastwise trade between New York and San Francisco, which it is believed
offers profitable employment.
With this object in view, the Panama-Pacific Line. formerly operated
by us, will be re-established next October with the sailing of these and
other steamers, calling on route at Havana. Canal ports and Los Angeles.
New Tonnage.
-Since the issue of the 1921 annual report the SS. Belgenland-27,200 gross tons
-has been completed as a very attractive passenger
carrier, and took her place in the Red Star Line, New York-Antwerp
service in April 1923.
The following new steamers have been added to your fleet: Doric,
passengers and freight, 16,300 gross tons; Davisian, freight. 6,400 gross
tons; 111 ellllan, freight, 6,400 gross tons; Dorellan, freight. 6.400 tons:
total, 35,500 gross tons.
COMBINED EARNINGS OF TIIE COMPANY AND SUBSIDIARIES.
Calendar Years1922.
1921.
1919.
1920.
*Gross voyage earnings-$73,873.555 890,068,418$113.331,819 858.875,494
Miscellaneous earnings_ 6,552,078
8,027,610 12,475,634
8,751,474
2991
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last weeks'
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
-Quebec & Montreal Southern Ry..
Canadian Line Reduces Freight Rates.
Canadian subsidiary of Delaware & Hudson RR.. announces straight reduction of 25% on all freight carried. "Fin. America." June 30.
Canadian Shoprnen Ask Wage Increase.
-Straight raise of 10 cents an
hour demanded of Ry. Association of Canada by 35.000 shopmen.
"Fin America," June 30.
Pennsylvania RR. Again Scored by U. S. RR. Labor Board.
-"Destruction
of rights of the employees." declares Board because road refuses to deal
with employees' representatives except as individuals. "Evening Post.
June 28. p. 5.
President Rea of Pennsylvania RR. Declares Road Obeys Every "Valid Law"
Enacted by Properly Constituted Authority.
-"Times." June 29, p. 19.
I.
-S. C. Commission Forbids Assigned Cars After Sept. 1.
-Forbids railroads to allot any extra cars to soft coal mines whose product is intended
for railroad fuel or to give any preference in car supply to mines which
own their own cars. "Times," June 27, p. 21.
Wage Increases.
-Brooklyn City RR. Co. announced general increase
of from 4% to 5%, effective Aug. 3. "Wall St. Jour." June 28. P.
New York New Haven & Hartford RR. increases wages of all station
employees from 2 to 3 cents per hour, effective July 1. "Times." Juno 24.
sec. 2. p. 7.
Central New England RR. Co. also increased wages of all station employeesfrom 2 to 3cents an hour, effective July 1. '"I'imes." June 24. sec. 2.p.7.
Lackawanna RR.raises shopmen's wages 2 cents an hour, effective July 1.
Boston "News Bureau." June 28. la• 3.
ChicagoRock Island & Pacific raised wages of clerks and station employees. Boston "Financial News." June 26. P. 7.
Car Surplus and Shortage.
-Surplus freight cars in good repair and immediately available for service totaled 51,988 on June 14, an increase of
10,882 over the total number of such cars on June 7. At the same time the
total reported car shortage for the country as a whole amounted to 12,787
cars, or a decrease of 191 within the same period.
This increase in the number of surplus cars and decrease in car shortage
took place in the face of the fact that loading of revenue freight for the third
time within a month and the second consecutive week exceeded the millioncar mark.
Of the total number of surplus freight cars in good repair, 29,860 were
box cars, an increase of 9,549 within a week. Surplus coal cars numbered
3,129. a decrease of 399 since June 7. Surplus refrigerator cars numbered
11.636, an increase within a week of 965, while there was an increase within
the same period of 760 in the number of surplus stock cars which brought
the total for that class of equipment to 6,223.
The reported shortage in 130X cars numbered 1,697, a decrease since
June 7 of 64. Shortage in coal cars on June 14 amounted to 9,257, an
increase since June 7 of 331.
Car Loadings.
-Loading of revenue freight continues to be the heaviest
on record for this time of year, the total for the week ended June 16 being
1,007,253 cars. This is the third time within a month and the second consecutive week that the million mark has been exceeded.
At the same time the number of surplus freight cars in good repair continues to increase, there having been on Juno 14 52,000 such cars, while
the reported car shortage decreased to 12.787.
Total freight loading on June 16 exceeded the corresponding week last
year by 158,596 cars, and exceeded the corresponding week in 1921 by
231,925 cars. Substantial increases over the corresponding weeks in 1918.
1919 and 1920 were also reported. Compared with the week before this
year the total was a decrease of 5,996 cars.
Principal changes compared with the loadings for the week ended June 9
were: Forest products, 78,058 cars, increase 1,678: ore. 79.298 cars. increase 3,206; merchandise and miscellaneous freight, which includes manufactured products, 585,357 cars. decrease 3,354: coal. 187,009 cars, decrease 3,140; coke, 15,167 cars, increase 363; grain and
33,903 cars, decrease 487: livestock. 28,461 cars. decreasegrain Products.
4.262.
Compared by districts, increase over the week before in the total
of all commodities were reported in the Eastern Pocahontas and loading
Northwestern districts, while decreases were reported in the Allegheny. Southern.
Central Western and Southwestern districts, the first two, however, only
being slight. All districts, however, reported increases over the corresponding week last year except the Pocahontas and Southwestern, while all
except the Southwestern reported increases over the corresponding week
two years ago.
Loading of freight cars this year to date, compared with that of the two
previous years, have been as follows:
Total earnings
$80,425,634 898.096,0288525,807,453 867,626,968
Oper., general expenses,
taxes and misc. int_
74,158.389 85,094,108 110,387,584 47.139,691
Net earnings
$6,267.245 $13,001,920 $15,419,868 $20,487,277
Fixed charges
2,690.646
2.637,690 2.737,345
2.623,262
Profit before deprec'n - $.3.576.599 $10,378,658 $12,782,178 $17,749.932
Previous surplus
31,714,136 30,556,973 30,278,542 30,561,058
Total
$35,290,735 $40,935.631 $43,060,720 $48,310.990
Deduct-Depreciation _ _ 5,984,661
5,346,376
6,117,981
4,583,818
Miscel. adjustments_
1.467,566
Pref.dividends(text)_ _ _ 2,327.625
5,689.805 13.448.630 Month of January
3,103,515
3.380.296
2.785.119
2,823,59
do Per cent
Month of
x(4%%)
(11%)
2.739.234
(6%)
366,965 3.027.886
(26%) Month of February_
March
4.583,162 4.088,132
3,452.941
Sur.as of bal.sheet_ _ _$26,978,449 $31.714.136 830,556,973 $30,278,542 Month of April
3,763,963
2,863,416
2,822,713
Month of May
* In 1919 and 1920 after providing for British excess profits duty.
3,733.137
4,873,427
3,841,683
x Includes 3% paid Aug. 1 1922, amounting to $1,551,750, and 135% Week of Juno 9
1.013,249
836.208
787.283
Week of June 16
Feb. 1 1923 (5775,875).
1,007,253
775.328
848,657
The foregoing includes the earnings from operations, viz.: American,
Total for year to date
Red Star, White Star. Atlantic Transport, Leyland (entire earnings in 1922,
21,988,315
Matters Covered in "Chronicle" June 23.-(a) 18,291.101 17.134,395
1921 and 1920, and in 1919 only that portion received in dividends). and
Labor Board rebukes
Dominion Lines in 1920 and 1919, together with dividends received from Pennsylvania RR., p. 2819 and 2846. (b) Annual report of N. Y. Central
RR., p. 2820. (c) Additional electric railway earnings in 1922, p. 2829.
partly owned companies.
Government ownership of railroads seen as "colossal blunder" by Presi(d)
CONSOL. BALANCE SHEET DEC. 31 (Including Constituent Companies). dent Harding; regional consolidation
favored, p. 2844. (e) Negotiations
[American, Red Star, White Star, Atlantic Transport and Leyland Lines.1
under way for wage increases to railway and steamship clerks, freight
handlers and station employees, p. 2846. (f) Shopmen get wage increase
1922.
1921.
1920.
1919.
on Louisville & Nashville RR., p. 2846. (g) Wage increase on Rock Island
Assets$
*Cost of properties
201,877,769 188,719,060 177,999,602 155.118,686 RR., p. 2846. (h) Wage increase on Boston & Albany RR. p. 2846.
Investmentsin(i) American Express Co. workers ask wage increase of 15 cents per hour.
'
F. Leyland & Co.,Ltd.
11,969,684 p. 2846.
Other investments_ _ _ 7,024,752
7.234,755
7.217,809 6,176,495
American Electric Power Co.
-Notes Called.
Cash (on hand, &c.)_ _ _ _ 7,572,087 9,970,557 17,022.953 18,909,587
All of the outstanding Americans Rys. Co. 3
-Year 74% Extended gold
Acc'ts, dr.c.. receivable_ _ 9,148,281 12,285.219 20,772.172 31.143,520
notes have been called for
Agency balances
655,373
565,376
829.871
679,928 vania Co.for Insurances redemption Aug. 1 at 101 and mt. at the Pennsyl&c., Phila. See V. 116. p. 514.
Marketable stks. & bds_ 29,663,020 47,717,191 55,522.220 36,563,088
The
Inventories
1,808,785 2,138,745
2,366,990 1,936,040 for the Pennsylvania Co. for Insurance. &c., will until July 5 receive bids
sale to it of 5
Deferred charges
5,919,513
7,298,760
8.517,088 6.140,714 amount sufficient to -year 8% gold notes of the American Rys. Co., to an
absorb $151,540.-V. 116. P. 2765.
Total
263,669,580 275,929,664 290.248.705 268,637.741
Baltimore& Ohio RR.
-Preliminary- Statement for the
Liabilities
Preferred stock a
51,725,000 51,725,000 51.725,500 51.725,500 Six Months ended June 30 1923.
-An official statement,
Common stock- b
49,871.800 49,871,800 49,872.000 49,872.000 dated June 27, says:
Capital stock ofsub. cos.
26,433
29.342
27,645
243
The result of the first six months' operations (see below) when taken
Ist
-M.&Coll.Tr.6% bds.c37,466,000 37,313,000 37,806,000 38,250,000 In connection
with the present outlook, would no doubt have justified
Deb. bds. of constituent
the resumption of dividends to the Common shareholders out of the
cos. held by public_ _ _ 7.025,225
7,839,540
8,443.850
9,049,615 earnings a that period.
Loans on mortgage
1%970,000
1,500,000
1,500.000
329,800
The board, however, after giving careful consideration to all the facts
Loans,bills pay..&c_ _ _ 3,826,132 8,890,494
3,940,871' 3.557,992 and conditions,
decided unanimously that the real interest of the Common
Accounts payable
30,001,189 29,146,911 45,323,454 51.378.029 shareholders
would be best
Agency balances
246,267
1,027,038
1.166,772
542,361 able surplus resulting from served at the present time by using the availthe
Interest accrued
630,325
677,037
646,718
672,700 the final payment of $1,750,000first six months' operations to anticipate
and to thus complete the full appropriaReserve for liabilities _ 7,596,859 8,666,892 8,676,434
5.419,975
Miscellaneous reserves_ 32,057.153 32.648.553 33.531.848 14,858,154 tions required under the 835.000,000 loan, and to provide also out of
the half year's income
Deferred credits
10,812,365 11.296,375 13,890,209
7,420.717 required in connection for the cash payments, approximately $5000.000,
Insurance fund
2.660,509
2,033.494
1,586,968
1.144,072 membered that the loanwith the new equipment ordered. It will be reof July 1 1919 above referred to provided for the
Preferred stock dividend
775.875
1.551,750
1,551,765 4.138,040
Surplus
26,978,449 31,714,136 30,556,973 30.278,542 appropriation of 83.500,000 annually out of the income for capital expenitures before the declaration of dividends until the sum of $17,500,000
Total
263,669,580 275,929,664 290,248,705 268,637,741 had been so appropriated.
This course will
the company to complete the appropriation
* Combined undertakings and their properties at cost to the L M.M.Co. of $17.500.000 for enableexpenditures
capital
as required under
in bonds, stocks and cash, $245.106.788; add net additions in 1922 and $35,000,000 loan, and also to complete the financing of the terms of the
more than $22.advances on account of new construction, less steamships sold and gone 000.000 of new equipment.
The company will therefore, enter the last
out of service,$16,188,625;and deduct reserve for depredation,$59.417.644; half of the year wan no charges against the net income anead of the Combalance Dec. 31 1922, 8201,877,769. a After deducting $8,275,000 in mon stock, except the fixed charges for that particular period.
treasury; accumulated dividends unpaid,437. b After deducting $10,The regular semi-annual dividend of 2% on the Preferred stock for the
128.200 in treasury. c Originally $40.000,0N,less re
retired by sinking fund, six months ending June 30 1923 was declared, payable Sept. 1 to holders
$2,534,000; balance, $37.4613,000.-V. 116. p. 2643, 2633.
of record July 14.
2992
THE CHRONICLE
[VOL. 11.6.
income Account for Six Months ended June 30 (June 1923 Estimated). I
Brooklyn City RR.
-Wages Increased1922.
1923.
A general wage advance for the employees of the company is announced
Increase.
(June Est.). (Actual).
by Clinton E. Morgan, Vice-Pres. & Gen. Mgr. The increase, effective
Railway operating revenues
$129,981,844 $98,679,159 $31,302,685 Aug. 3, averages from 4 to 5% and affects about 2,500 motormen and conRailway operating expenses
99,635,416 77.698,924 21,936,492 doctors. Corresponding increases apply to the supervisory torte, including
inspectors, starters and wcrkers similarly employed.
Net railway operating revenue_ -$30,346.428 $20.980,235 $9,366.193
Under tho new schedule. Mr. Morn n explained, employees during the
Taxes,hire of equipment,joint facility
f'rst year of their service w receive 50 cents an hour, with gradual increases
1.125.170 during the initial 5
6.399,940
rents, &c
7,525.110
-year period of employment as follows: 2d year, 52 cents
an hour; 3l year, 54 cents; 4th year, 57 cents; 5th year, 62 cents.
Net railway operating income
$22,821,318 $14,580,295 $8.241.023
The hourly wage under the existing arrangement is 45 cents for the first
2.940,292
150.418 six montns. 48 cents for the second six months, 50 cents for the second Year.
Add other corporate income
3.090.710
52 cents for the third year, 55 cents for the fourth year and 60 cents for
Gross corporate income
$25,912,028 $17,520,587 $8,391.441 the fifth year. All increases will take effect on the same date.
-V. 116.
Corporate income deductions, incl.
P. 1646.
310.597
fixed charges, dm
13,153.678 12,834,081
Net corporate income
$12,758,350 $4,686,506 $8,071,844
Amount required for full year's div.
on Preferred stock
$2,400,000
Appropriation as required under the
terms of tne $35,000,000 Collateral
53.500.000
Gold loan, dated July 1 1919
Brooklyn-Manhattan Transit Corp.
-Wages Increased
-Accident Causes Eight Deaths and Injures Eighty.
-
The directors have voted to Increase tte wages of motormen and conductors on the surface lines and of miscellaneous employees, whose agreement
with the company expires Aug.•1. The wages of subway and elevated
men are to be fixed as of Sept. 1, when their agreement expires. The wage
increase amounts to between 4 and 5%.
Due to an accident on June 25 on the Fifth Avenue elevated line, 8
Total surplus applicable to dividend
people have died and about 80 passengers were injured.
on Common stock
$6,858,350
The directors on June 18 voted to expend more than 51.750.000 on new
-V.116, p. 2765, 2515.
equipment and improvements. Of this amount $1.250.000 will be for the
purchase of 50 new cars. About $580.000 v ill be expended for cables and
-Wage Increase.
Beaver Valley Traction Co.
An agreement was recently entered into between the trainmen, car- sub-stations. The new cars will be ordered at once for delivery during the
coming fall and are to be of the type now in use.
-V. 116, p. 2881.
housemen and shopmen and the company, whereby the men will receive
an increase in wages approximating 12%. Employees on trackwork
Central RR. of New Jersey.
-Special
-V. 114. p. 2239.
were also given an advanced rate.
A special dividend of 2% has been declared on the capital stock, payable
-Wanes.
- July 16 to holders of record July 11. Special dividends at the rate of 4%
Birmingham (Ala.) Ry. Light & Power Co.
per annum have
The company and its employees recently reached agreement. effective of 2% has also been paid since Dec. 1899. The regular quarterly dividend.
been declared payable Aug. 15 to holders of record Aug.10.June 1 1923, providing for a material increase In the minimum wage
scale. The new contract will run for three years and succeeds a one-year V. 116, p. 2636.
contract now in effect.
-V. 116, p. 2387.
-To Issue Bonds.
Boston & Albany RR.
The company has petitioned the Massachusetts Department of Public
-year bonds to meet cost
Utilities for authority to issue 53.000.000 5% 40
-V.116, p.2876.
of permanent additions and improvements.
Boston Elevated Ry.-Ten ders
Treasurer Henry L. Wilson, 108 Massachusetts Ave., Boston, Mass.,
will. until July 5, receive bids for the sale to the company of 2d Pref.
stock to an amount sufficient to absorb 372.528.-V. 116, p. 2515, 2387.
-Equip. Trusts Offered.
-Harris,
Boston 8c Maine RR.
Forbes & Co., Curtis & S nger, and Kidder, Peabody &
Co. are offering at 100 and int. $2,115,000 Equip. Trust
6% Gold certificates (Philadelphia Plan).
Chesapeake & Ohio Ry.-Notice of Removal.
-
The offices of this company and of the Hocking Valley Ry. Co., heretofore maintained at al Broadway, N. Y. City. will be removed to Marshall
Bldg., Cleveland. Ohio, effective June 23 1923.-V. 116. p. 2881.
Chicago Great Western RR.
-Notes Authorized.
-
The I.
-S. C. Commission June 20 authorized the company to ism,
payable to the order of the Pullman Co., not exceeding 5588.048 of promissory notes, consisting of 40 notes of 514.701 each: said notes to be delivered
to the Pullman Co. in the procurement of 300 double-sheathed 40
-ton bog
cioo aoys
oars st li2,000 each, or a total cost of $600,000. The report of the OomM111The applicant proposes to enter into a contract under date of May 7 1923.
with the Pullman Co. whereby it will lease such equipment from that company
keha oma Aayorr
i enrinitial r
rfollt510s,OpOr00 tothe I
latte; l a
I l v lil
therefor.
e
othe
proposed
represented
by 40 promissory notes. or lease warrants, in equal ed uto bewhs h, when
pamo nts, rraerc
executed, will be delivered to and accepted by the Pullman Co. at their
face value.
Pursuant to such agreement, the applicant proposes to execute the notes,
payable to the order of the Pullman Co. at the Illinois Merchants' Prust
Co. Bank, Chicago. They will be dated May 7 1923. and will mature at
successive quarterly intervals from Feb. 15 1924 to Nov. 15 1933, both incl.
Each note Is to be in the amount of $14.701 and if unpaid at maturity will
thereafter bear interest at the rate of 5% per annum. The proposed
notes will be non-interest-bearing prior to their maturity, but there will be
included in the face amount of each note a proportionate amount of the cost
of the cars and interest thereon from Nov. 15 1923, computed at the rate
of 534% per annum.
-V. 116, p. 2510.-1639.
Dated June 1 1923. Maturing in equal annual Installments of 5141,000
each from June 1 1924 to June 1 1938 both inclusive. Divs. payable
'at First Natianal Bank, Boston, trustee.
J. & D.
These certificates are issued to provide for part of the cost of the following
standard new railway equipment: 10 Santa Fe type locomotives. 10
Pacific typo locomotives, 200 35-ton steel underframe refrigerator cars,
-ton steel underframe flat cars, and 100 50-ton steel underframe Hart
300 55
convertible ballast cars. These certificates represent only 75% of the
above stated cost, the remaining 25% being provided by the B. & M.
Judge Pierce of the Massachusetts Supreme Court has overruled a demurrer of the respondents in a bill in equity brought by Edwin D. Codman
against Frederic C. Dumaine and other directors of the Boston & Maine
BR.. who served between 1913 and 1923. to hold them personally liable for
Chicago Milwaukee & St. Paul Ry.-Branch Line.
a loan of5240.000 made to the Hampden RR.on Dec.27 1913.
The I.-S. 0. Commission on June 18 authorized the company to abandon
The loan was made while Charles S. Mellen was President of the Boston
& Maine and the New York New Haven & Hartford RR,and the Hampden that portion of its Babcock-Lynn Branch extending from Lynn In a northwesterly direction to Romadka, a distance of 5.34 miles, all in Clark
line was to have been a link between the two roads..
-V. 116. p. 2636. 2122.
The respondents claimed that the plaintiff. who brought his bill for the County, Wig.
benefit of the stockholders of the Boston & Maine, must first invoke action
Chicago Rock Island & Pacific Ry.-Notes and Bonds.
on the part of the directors to bring suit, and It was only when that had
The I.-5.0. Commission on June 20 authorized the company (1) to issue
failed that the plaintiff could maintain his bill.
The respondents are Frederic C. Dumaine of Concord; Edwin Farnham 57.000,000 3
-year 5 % secured gold notes, at not less than 97)4% and int.,
Greene of 'Wayland; Fred. E. Richards. Portland. Me.: Morris McDonald, the proceeds to be used for specified purposes: (see offering in V. 116. p.
Portland, Me.; Howard Elliott, New York City: Charles W. Bosworth, 2388); and (2) to pledge $11,666,000 of let & Ref. Mtge. 4% gold bonds
Springfield; Edward B. Winslow, Portland. Me.: Edward P .Ricker, South as security therefor. and such additional amount of bonds as may be necesPoland. Me.: Frank P. Carpenter. Manchester. N. H.: James D. Upham, sary to maintain the value of the securities pledged equal at all times at
Claremont. N. H.; Alvah W. Sullowey, Franklin. N. H.; and the executors market price to not less than 120% of the aggregate face value of the notes
of Richard Olney, Lucius Tuttle, James M.Pendergast, Alexander Coch- outstanding.
The proceeds of the notes will be used for the following purposes: (1)
rane, Samuel Carr and George H. Prouty.
Judge Pierce In the Massachusetts Supreme Court, took under advise- for the first payments, aggregating 52.214.747. on certain equipment; and
ment a petition of Edmund D. Codman asking that the New Haven be (2)for additions and betterments to roadway and structures and to existing
enjoined from voting stock of the Boston RR. Holding Co.in such a manner equipment, involving expenditures aggregating 54,790,169.-V. 116. p.
as would effect any control over or influence upon stock of the Boston & 2255, 2388.
Maine RR. owned by the Holding company. He ordered that pleading
-V. 116. p. 2881.
Chicago & State Line RR.
be completed in a week's time.
-Consolidation Approved.
See New York Chicago & St. Louis RR. below.
-V. 116. p. 1275.
-Refinancing Plan.-Boston & Worcester Electric Cos.
p. 1305.
Boston 8c Worcester Street Ry.-Refinancing.-
See Boston & Worcester Street Ry.-V. 105,
A plan for refinancing the 52,460,000 1st Mtge. bonds which mature
Aug. 1 has been formulated and will be submitted to the directors and
stockholders of the company and to the trustees and shareholders of the
Boston & Worcester Electric Cos., which owns all the common stock of
the street railway company.
The plan provides for the exchange of 52,260,000 1st 434s of the Railway
company and $37,000 Framingham Southborough & Marlborough 1st
Extended 7s. both due Aug. 11923. for new 1st Mtge.6% bonds maturing
Aug. 11933. In consideration of this exchange the Electric companies will
subscribe at par to 5934.000 new Common stock of the Railway company,
the proceeds to be devoted to payment of $115.000 notes of the Railway
company held by the public and $288,000 bonds and notes held by the
Electric companies. The balance of 8531,000 will be spent for improvements to the road and purchase of equipment.
The Electric companies will offer Its Preferred shareholders the right to
purchase Common stock of the Railway company in the ratio of 87-100 of a
share for each share of Electric companies Preferred held at $27 58 for each
whole share of Railway company stock. The Common stock thus offered
not purchased by the Preferred shareholders of the Electric companies will
be offered pro rata to Common shareholders at the same price.
The Electric companies will thus raise $814,450, of which 5168,450 will
be applied to payment of notes of the Electric companies and the balance
of $646.000 paid to the Railway company for its stock, the balance of $288,000 due the Railway company for its stock being paid in its own bonds
and notes.
As an inducement to the shareholder of the Electric companies to subscribe to the shares of the Railway company the Electric companies will
cancel $182.000 notes of the Railway company held by It and will turn over
to the Railway company, after payment of interest and other liabilities, the
unsold Common stock of the Railway company and all other assets. The
subscription to the Common stock of the Railway company will be undo written by a syndicate.
The Preferred stockholders of the Railway company are to waive accrued
and unpaid dividends amounting to 27% as of March 1. The bondholders
and Preferred stockholders of the Railway company are asked to deposit
their securities with the American Trust Co. for exchange of bonds and
endorsement of the Preferred stock with the waiver of dividends up to Mar.1.
Capitalization of the Railway Company Now Consists of
$2,460.0001Notes pay'le to Elec. Cos_ $247,000
First Mortgage 4 As
60,000 Preferred stock
457.200
1st Mtge F. S. & M. 7s
F'
115.000 Common stock
2,025,000
Notes payable to public__
Refinancing Plan Capitalization Will consist of
Under the
52.959,000
First Mortgage 6s. 1933-.$2,297.000 Connyoo stock
Is Against total Interest payments of 5145,387 for the 12 months to March 31
last interest requirements under the plan will ue only $137.840 annually.
.The committee in charge of carrying out the plan consists of William M.
Butler, Charles Hayden and Arthur E. Chllds.-V. 116, p. 1410.
Cleveland Painesville & Eastern RR.
-Annual Report.
[Including United Light & Power Company.)
Calendar Years1922.
1921.
1920.
Gross earnings
3726.479
5758.645
3794.733
Oper. expenses & taxes
530,214
571.210
605.892
1919.
$691.197
457,935
Net earnings
Other income
$196,265
2,092
$187.435
2.948
5188.841
2.634
$233,262
1,661
Gross Income
Interest
Miscellaneous charges
5198.357
164,130
2,714
5190.383
164.100
2,162
$191,474
164.103
1,171
$234,928
165,457
5.725
$31,513
$24,121
$26,200
863,741
Net income
-V. 116, p. 2255.
Columbia (S. C.) Ry., Gas & Elec. Co.
-Bus Ordinance.
The City Council of Columbia, S. C., recently pasted an ordinance prohibiting limeys from running through theprincipal business streets soliciting
passengers. The fare on the jitneys is 10 cents and on the cars of the railway company 7 cents,
-V. 114. p. 1406.
Connecticttt Co.
-Equip. Trusts Offered.
-Putnam &
Co., Hartford, Conn., are offering at 100 and int. $487,500
6% Equipment Trust Certificates, Series "F." Issued
under Philadelphia plan.
Dated July 2 1923. Due $50,000 semi-annually Jan. 1 1924 to Jan. 1
1928, inclusive, and $37,500 July 1 1928. Denorn. $1,000 and $500 c*.
United States Security Trust Co., Hartford. Conn., trustee.
The certificates are to be issued in part payment for standard railway
equipment consisting of 50 new double-truck light
-weighted passenger cars
of the most recent design, arranged for operation by either one man or two
men as occasion may require, each car to have four 25 h. p. motors of the
very latest design, full air-brake equipment and the latest development of
automatic safety features. The present value of tots equipment Is placed
at 5650.000. The face value of these certificates, therefore, will represent
-V.116, p. 2881.
75% of such value.
-Capital Increased.
Cuba RR.
The stockholders on June 27 increased the authorized Common stock
from 200.000 shares, par $100, to 1,000.000 shares, no pat value.
-V.116.
p. 2515.
Denver & Rio Grande Western RR.
-Resignations.
--
Joseph H. Young, receiver, has submitted his resignation to Judge SYmes
of the U. S. District Court at Denver.
James Russell has resigned as Vice-President of the company.
-V. 116.
p. 2881.
'TUNIS 30 1923.]
THE CHRONTCLE
2993
Duluth Street Ry.-Va'uation.ir The Wisconsin RR. Commission has fixed
Light Co. dated June 12 1922, were notified under date of June 25 that
the value of the operating 6% Mtge. Gold Income bonds of New Orleans Public Service, Inc. (tne
property in Superior. Wis., at $1,225,000. This is an increase of 5268,000 new company), Series A and Series B. deliverable in accordance with the
since the last valuation in August 1921, following the appeal of the com- terms of the plan, and tne cash payable in accordance therewith, was ready
pany for a new valuation upon which a new rate could be determined. for delivery and payment respectively on June 28 1923, upon surrender of
The valuation fl ed by the Commission shows an increase of $508,313 the dertificates or deposit at Pennsylvania Co.for Ins. on Lives & Granting
Annuities. depositary, Philadelphia, and Interstate Trust & Banking Co.,
-V. 115. P. 1209.
over that of June 30 1911. "Electric By. Journal."
sub-depositary, New Orleans, La.
-V. 116. p. 2129.
Eureka Nevada RR.
-Control.
see Eureka Smelting Co. under "Industrials" below.
-V.115, p. 1631.
Fairmount Park Transit Co.
-Back Dividends.
-
New York Central RR.
-Federal Court Sustains Right
to Acquire Stock Yards Switching Tracks.
-
Ft.Wayne Cinc.& Louisv. RR.
-Consolidation Approved.
Sitting in the U. S. District Court for the Eastern Division of the Northern District of Illinois, Judges Carpenter. Baker and Wilkerson dented
the injunction of the Baltimore & Ohio and other railroad companies against
the U. S. of America, New York Central RR. Co.. et al.. and allowed
the motion of ,.he United States to dismiss. The case dealt with the I.
-S. C.
Commission's order (V. 114, p. 2241) authorizing the New York Central
to acquire the stock of tne Chicago River & Indiana RR. at a price not to
exceed $750,000.
Grand Trunk Ry. of Canada.
-Interest Payments.
-
A statement by R. J. Cary, General Counsel for the New
York Central, says:
The company has declared a dividend of 334% on the Pref. stock for the
six months ended June 30 1923 and a dividend of 14% against accumulations at the rate of 7% for the years 1917 and 1918. all payable July 10
to holders of record June 30. There are still unpaid accumulated dividends
for the four years from 1919 to 1922 incl.-V. 107. p. 1670.
See New York Chicago & St. Louis RR. below.
-V. 116, p. 1275.
The estimated earnings of the Wellington Grey & Bruce By. for the
-year ending June 30 1923, applicable to meet interest on the bonds,
half
will admit of the payment of a 98. 8d. per £100 bond: this payment will
be applied as follows, viz., £2 17s. 6d. in final discharge of Coupon No. 78
due July 11909, and 12s. 2. on account of Coupon No. 79 due Tan. 11910,
and will be made on and after July 1 next at the offices of the Canadian
National Rye., Orient House 42-45, New Broad St.,- London, Eng. The
coupons must be left three clear days for examination. On Jan. 1 last
£3 165. 2d. was paid.
-V. 116, p. 1644.
Great Northern Ry.-Bonds Authorized.
The I:S. C. Commission on June 22 authorized the company to procure
authentication and delivery to its tre tsury of $60000000 of General Mortgage 5% Gold bonds, Series 0. The report of the Commission says in substance:
The company proposes to issue 524.200,000 of Series 0 bonds in respect
of a like amount of its 1st & Ref. Mtge. Gold bonds, which have been redeemed by the company from pledge with the Secretary of the Treasury
as security for loans, and which have been _pledged and deposited with
the trustee under the General Mortgage. The company also proposes
to issue $25,000,000 of Series 0 bonds in lieu of an equal amount of Series A
bonds heretofore issued. The company states that 522,810,000 of the
825,000,000 of Series A bonds are now in its treasury and that 52.190.000
thereof are held by the Secretary of the Treasury as collateral for a loan.
The remainder of the proposed issue of $60,000.000 of Series C bonds.
namely 810.800.000. the company desires to issue in respect of expenditures
for additions and betterments made after July 1 1921.
The company estimates that its cash requirements in the near future
for its improvement budget, taxes, interest on bonds, dividends. repayment of loan and adequate working capital will amount to 548,659.633:
and that to meet these requirements funds amounting to 523.305.600 will
become available from the following sources: Cash on hand, liquid assets,
expected dividends from stock of the Chicago Burlington & Quincy RR.
and estimated net railway operating income from March 1 to June 30 1923.
As originally filed, the application requested authority to sell 520,000.000
of the proposed bonds to provide funds to meet the company's needs. The
company represents that it has made arrangements for borrowing the necessary funds on short-term notes, and has amended Its application so as to
request authority to place the entire amount of $60,000.000 of Series 0
bonds in Its treasury, there to be held awaiting a favorable market for
disposition.
-V. 116. p. 2636, 2255.
Hocking Valley Ry.-Notice of Removal.
-
See Chesapeake & Ohio By. above.
-V.116. p. 2516.
Indiana Columbus & East. Trac. Co.
-Service.
-
Due to loss in revenue attributed by the company to unregulated bus
competition, service on the Orient-Grove City branch line was discontinued
June 16 This was in accordance with orders of the Federal District Court
and the Ohio P. U. Commission.
-V. 116, p. 2388.
Indianapolis Street Ry.-Fares.-
•
The company will charge, encl. June 30 1923. a fare of 10 cents for passengers riding on its owl cars. The Indiana P. S. Commission granted the
company an Increase of 5 cents on its plea that the old rate was unprofitable
-V. 116, p. 822.
Interborough Consolidated Corp.
-Sale.
-
James R. Sheffield, trustee in bankrupty,sold nt public auction for $37,628, under direction of the Federal Court, part of the assets of the bankrupt estate. See V. 116. p. 2884.
"The New York Central RR.,impleaded with the United States, was successful June 27 in the proceeding brought by a number of railroad companies, competitors of the New York Central, to annul the order of the
1-8. C. Commission entered on May 16 1922. authorizing the New York
Central to acquire control of the Chicago Junction Ry. property.
"The Baltimore & Ohio RR., the Chicago Indianapolis & Louisville By..
the Chicago & Erie RR., the Grand Trunk Western By.. the Pennsylvania
RR.. the Pittsburgh Cincinnati Chicago & St. Louis RR. and the Wabash
Ry. filed a bill in the Federal Court in April to annul the order of the Commission and to set aside the stock purchase and the lease whereby the New
York Central acquired control of the Junction property. The United
States was made a party defendant as representing the Commission.
"The contention was made by the plaintiff that the order of the Commission was void, because the permission granted by it to the New York
Central to lease the Junction property amounted virtually to a consolida,
tion of such properties with the New York Central system and that until
the 1.-8. C. Commission had announced its final plan for the grouping of
railroads, it had no power to permit a lease of he character above mentioned. The case was dismissed without passing upon this point, upon the
ground that the plaintiff showed no rignt in equity.
"The claim that the control of the Junction property would divert business to the New York Central lines as against their lines was held to be of
no value as showing that they had suffered any loss for which they were
entitled to protection of the Court. In other words, it simply amounted
to a claim of a competitor that a rival, through its own enterprise, was fairly
taking the business of the competitor.
"Counsel for the plaintiff disclaimed any charge that the New York Central. in operating the Junction property, was violating the Inter-State Commerce law in any respect. Ills claim was of a prospective character, based
alone upon the proposition that the New York Central Lines would develop
business at the expense of their competitors, and tne Court directed that an
order be entered denying the motion of the plaintiffs for a teimporary injunction and dismissing their bW for want of equity."
-V.116. p. 2884 2875,
New York Chicago & St. Louis RR.
-Consolidation Approved.
-The 1.-S. C. Commission on June 22 approved the
merger of the New York Chicago & St. Louis (the old Nickel
Plate), the Lake Erie & Western, the Toledo St. Louis &
Western, the Fort Wayne Cincinnati & Louisville and the
Chicago & State Line RR. into the New York Chicago &
St. Louis RR.
The New York Chicago & St. Louis RR. has also been granted authority
by tne Commission to issue 327,800 shares of 6% Preferred and 462.479
shares of Common in exchange for all the issued stock of the five constituent
companies. It was also authorized to sell, from time to time, at best price
obtainable, subject to certain conditions. any part of this stock which may
be returned to or acquired by it through contributions, and to use the proceeds for corporate purposes: also to pledge 8.000 shares of Preferred and
7.000 shares of Common in substitution for the stock of the Chicago & State
Line RR. now pledged under its 2d & Impt. SILge.. and to dispose of the
stock if and when it shall be released from the lien of the mortgage. (Compare consolidation plan in V. 116. p. 721.)
Dividends of 3% Declared on Both the New Common and
Preferred Stocks.-.
_
-•
The directors have declared a dividend of 3% on the new Cumul. Pref.
stock and a dividend of 3% on the Common stock, both payable July 15
to holders of record July 7. The dividend on the Pref. stock represents
All trolley cars of the corporation ceased operation June 26 on the East the cumulative diVidend from Jan. 1. Both dividends are payable to
Hill, State Street. Tioga Street. Heights and East Ithaca lines in the first stockholders of record of full shares of stock of the new company, and to
strike on the local traction sytem since its inauguration here in 1887. The holders of certificates of deposit of the stocks of the tonstituent companies
traction company officials had refused to meet the demands of the employees now listed on the New York Stock Exchange.
President J. J. Bernet in a statement to
constituent
for an increase of8 cents an hour In wages, or at a rate of 50 cents an hour.
- companies announced that the action of thestockholders of thein declaring
hoard of directors
V, 116. p. 615.
a 3% dividend on both the Pref. and Common stocks was based on net
Jamaica Public Service Co., Ltd.
--Offering of Bonds- income of 53.869.000 for the consolidated lines in the first five months of
this year.
-V. 116. p. 2516.
81,000,000
Ithaca Traction Corp.
-Employees Strike.
-
The
let Mtge Sinking Fund 6% bonds, Series
New York New Haven & Hartford RR.
-Suits.
"A," dated July 11923, due July 1 1943, rre being offered
See Boston & Maine RR. above.
-V.116, p.2884
.
at 100 and int by Greenshields & Co, Ltd Montreal,
Norfolk & Western Ry.-Equipment Program.
Toronto and Ottawa, as syndicate managers; Mackenzie &
-President
Kingman, Montreal, and Aemilius Jarvis & Co, Ltd., N. D. Maher in a letter to the stockholders on June 19 says:
We have pledged our company, together with all the other railroads in
Toronto, Montreal and New York. See description in V. this country, to do whatever
is necessary to give adequate service to the
116, p. 2884.
public. To accomplish this we have purchased motive power and equipment as follows:
Johnstown (Pa.) Traction Co.
0) During 1922 we contracted for 7.000 cars costing $13.-Wages Increased.
The company has granted all employees an increase in pay effective
June 1.
Employees in service three months or less than one year have been
granted a 23i-cent advance and those in service one year, an increase of
five cents. This increase will bring the pay of the former up to 52t.
cents and of the latter to 55 cents an hour.
-V. 116, p. 1411.
Lake Erie & Western RR.
-Consolidation Approved.
-
See New York Chicago & St. Louis RR. below.
-V. 116. p. 1275. 176.
Missouri Kansas & Texas Ry.-Settlement With Govt.
-
The company has agreed to pay the Director-General of Railroads $3,600.000 in final settlement of its account for maintenance of operation during period of Federal control.
-V. 116. p. 2637.
Morgantown 8r Wheeling RR.
--New Co IncorporalPd
The Scott's Run Ry., capital 51.000.000. has been Incorporated at Morgantown, W. Va., for the purpose of buying and taking over for operation the
Morgantown & Wheeling RR. when it is offered on July 6 at receivership sale.
The Incorporators of the new company Include H.C. Nutt and Albert Ward
of Pittsburgh: Frank Cox, George 0. Baker and Stanley R. Cox, Morgantown ("Manufacturer's Record).
-V. 116. p. 823.
Nashville Chattanooga & St. Louis Ry.-Listing.-
The New York Stock Exchange has authorized the listing of $747.000
additional 1st Consol. Mtge. 59 Coupon bonds. due April 11928, making
the total amount applied for $16.100,000.
The 5747.000 were issued for tne redemption and cancellation of $747.000
prior liens as follows: Jasper Bracnh 1st Mtge. 6% bonds. dated Jan. 1
1883,due Jan. 1 1923. $371.000: Centreville Branch 1st Mtge. 6% bonds,
dated Jan. 1 1883, due Jan. I 1923. 5376.000.-Y. 116, p. 2256. 2389.
New Orleans Public Service., Inc.-CouponPaying
The Irving-Bank-Columbia Trust Co. will act as
of the 6% Mtge. income bonds -V. 116, p. 2767. coupon paying agent
New Orleans R.& Light Co.
-Securities of New Co.
-
The holders of certificates of deposit issued under the bondholders' agree
men for New Orleans Ry. & Light Co. Ref. & Gen. Lien 5% Gold bonds
dated Jan. 21 1919, and the plan for reorganization of New Orleans Ry.&
630.000: during 1923 we will contract for 4,000 cars, costing
approximately $10,000.000: total
$23.630.000
(2) During 1922 we contracted for 42 engines. costing $3 492000: during 1923 we will receive four heavy electric engines.
costing 51,200.000: total
4,692.000
(3) During 1922 we expended in improving facilities at
terminals as well as along the line, In order to expedite the
movement of business 53.256,000: during 192:3 we will expend
approximately $4.000,000; total
7.256.000
Total
$35.578.000
As of June 2 we had freight cars needing repairs
4%
And locomotives needing repairs
13%
I am giving you this brief statement so that you may see the efforts
we
are ma rig to provide service for our patrons. and I want to ask
assist me in presenting to the public the facts about the rallroads you to
their
present condition and financial needs, and the efforts we are
making
provide transportation at reasonable rates, promptly and efficiently. to
I would suggest that you communicate with your Senators and
sentatives In Congress, urging that no action be taken by the next Reprechanging the Transportation Act of 1920, nor any legislation Congress
enacted
detrimental to the interests of the railroads, which are
recover from the financial depression affecting the whole commencing to
country.
In order to meet the growing demands of our country. the railroads
must not only be fairly paid for the public service
perform, but must
also be permitted to accumulate a surplus to provide they
adequate transportation
n lean years.
-V. 116. p. 1760.
North Carolina Public Service Co.
-Report.
Years ended Mar. 31. 1922-23.
1919-20.
1920-21.
1921-22
Gross earnings
51.274.019 $1,165.787 51.01)3.969
$889.520
Operating expenses
564.893
726.293
878.837
803.238
Texas
18.271
22.636
20,828
15.905
Interest charges
184.398
191.136
174,493
182.336
Balance, surplus avail.
for deprec. & dlys
5135.007
5157.577
$183.219
8134.229
I. W. Iglehart of Harnbleton & Co., Baltimore, Md.. has been elected a
director. succeeding H. N. Varner. Greensboro, N. C. The number of
directors has been increased from 11 to 12 by the election of Mr. Boyce
2994
THE CHRONICLE
of the Mercantile Trust & Deposit Co. of Baltimore. Tile two above
Institutions, it is expected, will do such financing as tne needs and growth
of the company may require.
-V. 116. p. 1412.
Northern Massachusetts Street Ry.-Wage Increase.
-
The company has granted blue uniform men and track workers an
increase in wages of 5 cents an hour. This is practically a 10% advance
and restores the scale in force before the cut of April 1922 was put it effect.
.
'Electric By. Journal.'-V. 116, p. 2637.
Northern Pacific Ry.-Listing-Earnings.-
[Vol.. 116.
Barber, Chapmantown, Mulberry, Marysville, Yuba City and between
Marysville and Yuba City, where it operates local car lines. It will not
be effective on the Sacramento-Swanston line. The plan is experimental
and is to be tried during the period beginning immediately and ending
Nov. 25.-V. 114, p. 2360, 1064.
Saginaw-Bay City (Mich.) Ry.-To Resume Car Service.
-
The citizens of Saginaw, Mich., on June 25 voted 3 to 1 in favor of a
15
-year franchise for the operation of street cars with motor bus auxiliaries
and extensions. The franchise provides for the organization of a new
transportation company, two-thirds of the directors of which are to be
Saginaw citizens. The cash fare will be ten cents with tickets at four
for 25 cents.
-V. 115, p. 2794.
The New York Stock Exchange has authorized the listing of $10.000,000
Ref. & Impt. 5%, Gold- bonds, Series D, due July 1 2047, making the
total amount of Ref. & Inapt. Mtge. bonds applied for: 4%% Series A,
$20,000.000: 6% Series B, 3115,000.000; 5% series C, 98,702,300. and
Savannah Electric & Power Co.
-New Financing-Ac5% Series D. 510,00Ci,000 (see offering of Series D in V. 116, p. 410)•
c
*
Of the 3115,000,0001 6% Series B bonds applied for, there have been quisition.The company has petitioned the Georgia P. S. Commission for authority
Issued and are outstanding $107,295,600, and no more of said 6% Series B
to issue $1,000,000 2
-year 63 % gold notes to be dated July 1 1923,the probonds may be issued.
ceeds to be used to purchase the property, &c., of the Savannah Lighting
Income Account for 3 Months to March 31 1923.
Co.
-V. 116, p. 2768.
By.oper. rev.,$22,624,514; ry.oper. exp., 320,056,859; net rev.
from railway .operations
Scott's Run Ry.-To Acquire Road.
$2,567,655
By. tax accruals, $2,087,424; uncollect. ry-. rev.. $5,917
See Morgantown & Wheeling RR. above.
2.093,341
Railway operating income
Total non-operating income
$474,314
34.317.892
Gross income
$4,792,205
Deduct
-Rent for leased roads, 912,830; miscell. rents, $2,365:
int. on funded debt, $3,719,915; hit, on unfunded debt,
$30,879; amort. of discount on funded debt. 34.498; miscell.
income charges, $57,837; total deduction
$3,828,326
Dividend appropriations
3,100,000
Income balance (deficit)
92,136,121
The L-S.0.Commission on June 14 authorized the company to construct
a branch line of road extending from a connection with its main line, about
6 miles west of Forsyth, in a southerly direction, a distance of 30% miles,
all in Rosebud County, Mont.
-V.116, p. 1650. 1639.
-Usual Dividend of 3%.
Pennsylvania Company.
-
The company has declared the usual semi-annual dividend of 3%,payable
June 30 to holders of record June 27. On Dec. 30 last, in addition to the
usual semi-annual dividend of 3% the company paid an extra dividend of
20% as a further step in liquidating the Pennsylvania Company,all of whose
stock is owned by the Pennsylvania RR.
-V. 116, p. 2389.
Pennsylvania-Ohio Electric Co.
-Sale of Branch.
-
The company recently applied to the Ohio P. U. Commission for authority
to sell to the East End Traction Co.. Youngstown, Ohio, a line of railway
in East Youngstown. The appraised value of the line is $525,994, in
payment of which the East and Traction Co. agrees to sell $360.000
in 7% 1st Mtge. bonds and to issue 9165,994 in Common stock at 8100
a share, in order to raise the necessary funds. "Electric Ry. Journal."
Fares
-Bus Ordinance.
Street car fares in Youngstown, 0., were advanced on June 11 from 7c.
cash, or 3 tickets for 20c. and lc. for transfer: to Sc. cash, or 7 tickets for
50c. and lc. for transfer. On June 18 the City Council of Youngstown,
0., passed an ordinance properly known as a Jitney Regulation Orclinance,
being a duplicate of the ordinance passed by the City of Toledo and through
wnich the city of Toledo was enabled to practically eliminate the jitney.
This ordinance establishes a safety zone in the downtown district and
prompts the City Safety Director to prohibit Jitneys from operating in this
district.
-V. 116. P. 2638.
Philadelphia Rapid Transit Co.
-City to Appeal.
-
Scioto Valley Ry. & Power Co.
-Bonds Offered.
-The
Huntington National Bank and the Ohio National Bank,
Columbus, 0., are offering at 973. and int., to yield over
-Year 1st Mt! 6% Sinking Fund
$1,400,000 20
e.
gold bonds. (See advertising pages.)
Dated
te
Dad June 1 1923. Due June 1 1943. Interest payable J. & D. at
Huntington National Bank Columbus, trustee, or at First National Bank,
New York, without deduction for normal Federal income tax not exceeding
2%. Penn. and Conn. 4 mill tax refunded. Denom. 91,000 and $500 c4
.
Callable, all or part, at 105 on any int. date on 30 days' notice except for
sinking fund purpose (as below).
Data from Letter of President Frank A. Davis, June 15,
Company.
-Formerly Scioto Valley Traction Co. the change of name
having been made recently in order to reflect the gro;Ting importance of the
light and power branch of the company's business. Incorporated in Ohio
in 1899,and commenced operation in 1905. Owns and operates a high speed
third rail standard gauge electric railroad running between the cities of
Columbus, Lancaster and Chillicothe, Ohio. Owns its own right of way
with the exception of trackage in Columbus and Lancaster, Ohio, where it
uses the tracks of the local companies under satisfactory contract. All
stations, car barns, our power house and sub-stations, &c. are owned in fee,
with the exception of the Columbus terminal, on which it holds a 99
-year
lease.
Company produces own power,and in the past few years has expanded Its
productive capacity to meet an increasing demand from the territory which
It serves. At the present time has a large and growing list of customers.
and holds the street lighting contracts in 15 towns.
Capitalization After This FinancingAuthorized. Outstand'g,
First Mortgage Gold Bonds
$2,500,000 31.400.000
Cumulative First Preferred 59' Stock
500,000
489,300
Cumulative Second Preferred 5% Stock
1,200,000
1,200,000
Common Stock
1,800,000
1.800.000
Purpose.
-To retire $1.426,000 First Mtge.5% Bonds due Sept. 1 1923.
Sinking Fund.
-Commencing Nov. 15 1925, an annual sinking fund is
payable to the trustee sufficient to retire $400,000 bonds between 1925 and
1942. This sinking fund will be used by the trustee to buy bonds in the
market up to and including 102. If unobtainable at this figure, bonds will '
be called by lot at 102. A sinking fund of 13% will be applied towards
any additional bonds issued in accordance with provisions of the mortgage.
Earnings Calendar Years1920.
1921.
1922.
1919.
Gross earnings
$818,188 $861,974 $742,713 $716,262
xOper.exp., maint.,rents & taxes 627,105 619,502 548,110
514,457
Interest charges this issue
84,000
84,000
84,000
84,000
Mayor Moore of Philadelphia declared June 25 that the city will make
an appeal from the decision of the Pennsylvajga P. S. Commission In the
company's valuation case. Mayor Moore said:
"The agreement of 1907 made numerous important concessions the
$107,173 9158,372 $110,603 $117.806
Balance
P. R. 1'. Co., waiving license fees on cars and the more important street
2.9
2.9
2.4
2.3
paving requirements in main part to sustain the then existing rate of fare, Times earned
x Except Federal income taxes.
which was five cents. Mr. Mitten professed to want to continue the fiveThe earnings during the first three months of 1923 have shown a satisfare, but early in this administration secured an order from the Pennsylcent
vania P S. Commission for a temporary rate of seven cents. This rate factory increase over the corresponding period of last year. The results
has profited the company but the valuation proceedings from the city's are as follows: Gross revenue. 9174,498 (increase, $13,163); operating expoint of view did not justify a continuance of the seven-cent fare. 'Phe penses, $108,055 (increase,93,249);net earnings,$66,443(increase, $9,814)
P. S. Commission, after 2% years, during which the cost of valuation -V. 116, p. 2768.
proceedings to the city has been $250,000, has found a way to make the
-New Name, &c.
Scioto Valley Traction Co.
seven-cent fare permanent.
-V. 116. P. 2768.
See Scioto Valley B.& Power Co. above.
"We intend In this case to see whether the agreement of 1907 is to be
invalidated as to the Philadelphia Rapid Transit Co., though it receives
Short Line Railway.-Receivership.under it from the city the greater consideration, a consideration which since
Willard Hield and Erie D. Luce have been named receivers.
1907, in the matter of street paving alone, nas probably meant more than
325.000.000 of relief to the company,since the city now does all the paving
Seaboard Air Line Ry.-To Retire Bonds.
which the various cofhpanies agreed to do when they sought their franThe company announces that the 1st Mtge. (extended) 6% Gold bonds
-V.116, p. 2884.
chises."
of the Florida Central& Peninsular RR.. maturing July 1 1923. will be paid
- at the office of the Chase National Bank, 57 Broadway, N. Y. City.
Pittsburgh & West Virginia Ry.-New Directors, &c.
The following new directors have been elected: Alfred C. Dent and W.T. V. 116, p. 2638.
Smith (both Vice-Presidents of W.A. Harriman & Co.), and Joseph Kraus
Tennessee Electric Power Co.
-Listing-Earnings.
(Vice-Pres. of the Union Trust Co.. Cleveland, 0.). They succeed Haley
The New York Stock Exchange has authorized the listing of 81,515,100
Fiske (Pres. of the Metropolitan Life Insurance Co.), Ernest Stauffen Jr.
additional First & Ref. Mtge. Gold Bonds, Series A,6%,due June.1 1947.
Coverdale, Chairman of the board.
of N. Y., and W. H.
The new directors represent the new interests who have recently become making the total applied for $19,515,100.
Consolidated Income Account for the Four Months Ended April 30 1923.
active in the acquisition of Pittsburgh & West Virginia issues. The
action in election of three new members to the board to succeed those re- Gross earnings, $3,021,945; oper. expenses and taxes,91,688.527;
signing is a further step in carrying out the program in which the option
$1,333,418
net earnings
on the Metropolitan Life Insurance Co.holdings of 25,000 shares of Common Deduct: Divs. paid on sub. co. Pref. stock, $6,195; interest on
stock and 7,3.00 shares of Preferred stock of Pittsburgh & West Virginia
funded debt, 1.553,549: amort. of bond disc. & earP., $3,222- 562,966
was exercised, the Common being taken at 965 a share and the Preferred Depreciation
277,164
at a reported price of $90 a share.
Divs. paid on 7% First Pref. stock and on 6% First Pref. stock_ - 168,705
Clarence E. Tuttle, recently elected to the board and representing the
new interests, declared following the meeting that it would be the policy
$324,582
Balance
of his interests to maintain the same conservative program that has here- Add direct surplus items
5.710
-net
-V. 116, p. 2131.
tofore been exercised.
Surplus Dec. 31 1922
1,588,931
Portland Ry. Light & Power Co.-Listing-Earnin s
$1,919,224
Total surplus April 30 1923
The New York Stock Exchange has authorized the listing of 82,111,000 -V. 116, p. 2131. 722.
'
additional 1st Lien az Ref. Mtge. Gold Bonds, Series B (6%), due May 1
1947, making the total amount applied for $6,000,000 Series A (735 0).
Terre Haute Indianapolis & Eastern Traction Co.
due May 1 1946, and $4,500,000 Series B (6%), due May 1 1947 see
1921.
1919.
Earns. Cal. Years1922.
1920.
offering in V. 116, p. 1761).
earnings
35,190,591 95,130,124 $5,316,288 $4,480,984
Gross
3,084.392
3,734,958
3,805,565
Operating expenses
3,680,458
Results for Four Months Ended April 30 1923.
262,476
333,820
312,259
366,725
$3,605,345 Taxes
Gross
2,141,036
Oper. eVi 1„773,614; rentals. $36,068; taxes. $331,352
r
Earns, from operation $1,143,408 $1,061.347 $1,198,464 $1,134,115
694,674
Interest. bond discount, &c
251,553
296,204
263,548
348,984
Depreciation
23112
64 Other income
7
8
Dividends: Prior Pref. Stock (7%), $38,647; First Pref. Stock
Net earnings
$1,492,392 $1,357,551 $1,462,012 $1,385,668
132,397
(6%). 893,750
743,771
729,750
737,274
Bond interest
722,963
236,417
235,458
234,958
235,958
Balance
$ 398,109 Dividend rental
57,721
82,825
68.730
86,087
It is the policy of the company to charge into operating expenses $717,386 Interest on notes, &c_ _ _
8,000
8,000
8,000
8,000
annually for depreciation in accordance with the requirements of the Public Brazil El. Co. rental, &c
227,101
Sinking fund
214,047
209,331
231,616
-V. 116, p. 2385.
Service Commission of Oregon.
-Court Files Final Decree-Third Modified
Reading Co.
Plan Accepted-Certain Stockholders Appeal.
Balance, surplus
-V. 116, p. 936, 823.
$226,336
992,187
3180.434
$112,658
Toledo St. Louis & Western RR.-Consen Approved.
Judges Buffington, Davis and Thompson filed a final decree in the U. S.
See New York Chicago & St. Louis RR.above.
-V.116, p. 2249. 2007.
District Court June 28 at Philadelphia directing the dissolution of the
Reading Co. and its subordinate concerns within six months.
-Bus Service.
Twin States Gas & Electric Co.
The decree adopted the third modified segregation plan submitted May 10
Vice-President W. A. Butterick recently announced that motor buses
,
last by the Reading interests.
The Government and other parties in interest have ten days to file excep- will replace trolley cars in Brattleboro, Vt., soon and that tracks will be
tions. Further litigation, however. Is indicated. Henry P. Brown,counsel torn up. Mr. Butterick states that the company cannot be expected to
for holders of 6,000 shares of the 2d pref. stock of the Reading Co., an- operate the railway at a loss and claims that it may substitute bus service
nounced that he would take an appeal from the approved plan to the U. S. under the recent law putting bus lines under the supervision of the Vermont
-V.116, p.2131.
Supreme Court. Mr. Brown contends that common stock should be the P.S. Commission. A 10-cent fare for buses is proposed.
-V. 116, p. 2389, 2384.
on class.
-Fares.
Sacramento Northern Ry. (of Calif.).
The California RR. Commission has authorized the company to adopt
the weekly unlimited pass system of fares In Sacramento, Chico, Vecinol
-Flan Approved.
United Gas & Electric Corporation.
The holders of certificates of deposit issued under the plan and agreement
for the readjustment of the company (V. 116, p. 1761) are notified that the
committee has declared the plan operative and effective.
JUNE 30 1923.]
THE CHRONICLE
Holders of shares of stock of United Gas & Electric Corp. and Berkshire
Corp. who have not already deposited the same may become parties to the
plan until such date as the committee may determine, without penalty,
by depositing their stock, accompanied by proxies, with Fidelity Trust Co.,
Phila., depositary, or with Chase National Bank, New York, or Lancaster
Trust Co., Lancaster, Pa.. sub-depositaries.
The stockholders will vote July 20 on approving the consolidation of the
United Gas & Electric Corp. and the Berkshire Corp. into a single corporation to be known as the United Gas & Electric Corp.—V.116. p.2648,2638.
2995
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &e.
United Rys. & Elec. Co. of Balt.—Fare Decision.—
The Maryland Court of Appeals on June 26 handed down a decision.
The "Iron Age," June 28, said:
Court, in the
upholding the opinion of Judge Henry Duffy, in the Circuit
"There has been some reduction in rolling mill output in the past week.
-cent carfare case. This sustains the right of the Maryland P. S. Com- particularly in sheets and tin plate, due to unseasonably hot weather, but
7
-cent carfare in Baltimore city. buyers and sellers agree that with but few exceptions full shipments are
mission to allow the company to charge a 7
—V. 116, p. 1762.
being made on contracts. Manufacturing buyers still hold their orders
close to requirements and are finding that on some products quite a little
United Rys. Co. of St. Louis.—Extension of $986,000 earlier delivery promises are now made by the mills.
"The shutdowns planned for July 1 affect a relatively small minority of
Bonds, Due July 1 1923.—
the larger companies
Rolla Wells. receiver, has made an offer to the holders of the $986,000 producers, being only for necessary repairs. Most of
operations.
Compton Heights, Union Depot & Merchants Terminal RR. 1st Mtge. will continue the present scale ofhas not been materially affected by the
"Ingot production as a whole
Ext. 5% bonds, dne July 1 1923, to extend their bonds with the present heat,
the sheet and tin plate curtailments, which in the Pittsburgh and
mortgage security so that they will mature on Oct. 1 1923, the principal to
being made up in part by
be then payable at Mercantile Trust Co., St. Louis, Mo. The bonds as Youngstown districts have run from 15 to 30%.
larger outputs of other materials.
extended are to bear interest at the rate of6% per annum from July 1 1923
"The Carnegie Steel Co.'s ingot output has been greater in the past
until maturity, payable on Oct. 1 1923. at Mercantile Trust Co., St. Louis. week than in
the week preceding and the Illinois Steel Co.'s operations were
The payment of the principal of and interest on the bonds as extended will
be unconditionally guaranteed by endorsement on each bond by United at 93% of capacity.
"Indicating that some mills are catching up on orders, it is now possible
Railways Co. of St. Louis.
in the Pittsburgh district. Similar
Holders who wish to extend their bonds should present same ex-July 1 to get bars in two or three weeks mills, and a recent order for 50 miles
plate
1923 coupon at Mercantile Trust Co. in St. Louis for endorsement thereon promises can be made by some Western mill because it was in position to
which shall of line pipe went to a Central
of such extension. This extension offer applies only to bonds
be presented for extension on or before July 1 1923. Holders who fall to make deliveries in three weeks.
"Some cancellation of oil country business and a falling off in new demand
present their bonds on or before that date, and holders who do not wish
generally. Within the
to avail themselves of the extension privilege are referred to the following have made an easier situation in the pipe trade
month deliveries of six to eight weeks have become quite common,as against
announcement of the syndicate handling the extension.
have underwritten the extension to 90 days in May.
The following banks and bankers
"Rail buying, which is from three to four months earlier than usual,
Oct. 1 1923 with interest at the rate of 6% per annum of the above bonds.
60.000 tons. which will be
Mercantile Trust Co., St. Louis, Mo.,is authorized to purchase for account keeps up. The Illinois Central nas inquired for mills. This road has also
divided between Chicago discrict and Alabama
of the undersigned on July 1 1923 at par, flat, ex the coupon due that day.
Pere Marquette is buying
all bonds not extended in accordance with the above offer. Guaranty Co. bought 10.000 kegs of spikes and bolts. The
Norfolk & Western is in
which
rails.
of N. Y., Wm. It. Compton Co.. First National Co. of St. Louis, Mer- 6.000 tons ofhalf areOf 50,000 tons for 130-1b.the
rails, and deliveries are to
100-1b. and half
cantile Trust Co., Mississippi Valley Trust Co., Francis Bro. & Co.. Mer- the market,
run from September to April.
cantile Trust & Deposit Co. of Baltimore.—V. 116. p. 2638, 2517, 2512.
"Railroad specifications for track fastenings have been heavy. The
carriers are also placing various lots of track supplies, oars, plates, shapes
Virginia Ry.—Construction of Branch Line Denied.—
They do
-S.
The I. C. Commission has denied the company permission to construct and sleets, as well as small tonnages of rails, for early shipment.
year except
an extension of 1 X miles of railroad in Wyoming County, W. Va.—V. 116. not hesitate to buy anything needed in the remainder of the as possible
cars, and at the same time are calling for as liberal shipments
p. 2768.
against contracts.
Wellington Grey & Bruce Ry.—Bonds Called—Int.-"A New York Central inquiry includes 6,500 tons of plates. shapes bars,
Forty-five (£4,500) 1st Mtge. 7% bonds have been called for payment sheets, forging billets, nails and staples, 2,000 locomotive tires and 2,000
July 1 at par and int, at the offices of the Canadian National Rys. in axles.
"Continued contracting by private enterprises, as distinguished from
Montreal, Can., and London, Eng. (See also Grand Trunk Ry. above.)
railroad, public utility and public work,features the fabricated steel market.
—V. 115, p. 2906.
Abnut two-thirds of the 15,000 tons awarded in the week were for business,
West Penn Co.—To Increase Capital and Broaden Powers residence and other investment buildings,including 3.000 tons for oil tanks,
and nearly one-half of the 7.500 tons of inquiries was for private work.
of Company's Charter.—
"Melters of pig iron still adhere
policy of buying sparingly and
The stockholders will vote July 9 (1) on adopting a new agreement of the long expected buying movementto theirthird quarter has not developed.
for
incorporation enlarging the powers of the corporation by substituting Additional concessions at Pittsburgh the failed to bring out business and
have
for the provisions of Article Third of the original certificate of incorporation another reduction of $1 a ton at Chicago
has had little effect upon orders,
certain new provisions, and (2) on increasing the authorized capital stock
Demand in the
from 310.000 shares (consisting of $8.500,000 6% Cumul. Pref, stock, although inquiry has improved,as it has also at Cincinnati.
par $100, and $22,500.000 Common stock, par $100) to 1.000,000 shares, East is very light.
"Malleable foundries are operating well. Official reports for May from
divided into 500.000 shares of Common stock without par value and 500.000 85 plants having 71% of the country's
merchant capacity show an output
Cumul. Prof. stock and $41,- of 62,000 tons.
shares of Preferred stock ($8.054,700
945.300 7% Cumul. Pref. stock, par $100).
"In the export trade prices lately named indicate a more aggressive
holders of certificates for outstanding shares of Common stock of par policy by some sellers. In Japan this
opened bids
week
value will receive an equal number ot shares of Common stock without on 35.000 to 40,000 boxes of tin plate. the Nippon Oil Co. to come to
Awards are likely
par value.
American mills. The Imperial Government Railways of Japan are about to
The 500.000 shares of Pref, stock will be classified into 80,547 shares of place 8.000 tons of 60-1b. rails, and
recently bought 1,700 tons. Other
6% Cumul. Prof. stock (to be constituted of the 6% Cumul. Pref. stock Japanese buyers nave just taken 7.000 tons, presumably American rails.
now outstanding) and 419,453 shares of 7% Cumul. Prof. stock, redeemable
"Automobile companies are moving cautiously in placing contracts for
at 115 and dividends.
makers indicate
The holders of the 6% Cumul. Pref. stock now outstanding will be body sheets for the third quarter. Orders given to parts Predictions of a
permitted to exchange this stock, share for share, for the 7% Cumul. Pref. capacity operation at many plants through July at least.
stock, any 6% Cumul. Pref. stock acquired by the corporation through pronounced lull July 1 have not been borne out. off in part because of
"Warehouse business in
such exchange to be not extinguished but converted into 7% Cumul. better deliveries by mills. iron and steel has fallen
Pref. stock and as such held, sold and re-issued by the corporation.
"Some sheet mills that will shut down for two weeks in July have held up
President A. M. Lynn, in a letter to the stockholders sheet bar shipments,but many sheet mills plan to operate the entire month.'
June 22, says in substance:
Coal Production, Prices &e.
The growth of the West Penn Power Co. and other subsidiaries within
The U.S. Geological Survey June 23 1923 estimated production as follows:
the West Penn System has been so rapid and the opportunities for profitable
"The production of soft coal remains steady at about 10% million tons
development of these properties have become so evident that it is of the per week. The output in the week ended June 16 increased somewhat,
utmost importance that the West Penn Co. adopt a comprehensive and and preliminary estimates placed the total at 10,775,000 net tons, against
constructive plan for future financing in order to enable it to take advantage 10,676,000 tons in the week preceding.
of the opportunities now available. A large part of the cash requirements
"Early returns on ear loadings during the present week (June 18-23)
for this development of the properties of the subsidiary companies must indicate a sharper rate of decline than in the week preceding, and the imbe met by junior financing on the part of these copmanies, and a fair provement shown on Monday was offset before Thursday. It seems probproportion of this through the sale of their Common stocks. The best able that the total output for the week will again be slightly under 10.Interests of the West Penn Co. and its stockholders require that the West 800.000 tons.
Penn System should own all of the Common stocks of its subsidiaries.
"The trend of output for the last 6 weeks is shown in the following stateThe West Penn Co. should therefore be in a position where it can readily ment of cars loaded daily:
and economically provide funds necessary for the purchase of new issues
June
June
June
May
May
May 28of Common stock of the subsidiary companies.
18-23.
11-16.
4-9.
14-19.
June 2.
21-26.
War conditions compelled WestPenn Power Co. to provide large amounts Monday _ _ _ _36.493
38,161
37,749
38,055
39.568
38,454
of new money for construction during recent years by the sale of its let Tuesday _ -.29,812
32,589
32.517
33.328
33.697
33,677
Mtge. bonds. This resulted in an outstanding funded debt in excess Wednesdai_ _29,418
31,932
32,208
31,753
10,487
31.968
of capital stocks and therefore it is important that future cash requirements Thursday - _ -29.078
30.143
31,117
34,843
31,768
should be provided in greater proportion by new issues of capital stock. Friday
30,022
29,530
29,321
31.564
30,964
The rapid growth of the power company may require as much as$50.000,000 Saturday- —25.795
24,686
24,917
27,676
27.178
of increased capital expenditures during the next few years. To secure
"Production during the first 142 working days of 1923 was 252,593.000
new capital at most economical rates the company should procure say
net tons. During the corresponding periods of the six years preceding it
50% through the sale of stocks. This would call for the sale of $25,000.000
of stock, of which about $12,500,000 should be secured by West Penn was as follows (In net tons):
Years of Depression.
Years of Activity.
Power Co. through the sale of its Corrunon stock.
200,617,000
252.298,000 1919
What has been said of West Penn Power Co. applies in some degree 1917
W35,197,000
1918
258,744,000 1921
to many of the other subsidiaries of the West Penn Co.
177,261,000
1920
1922
242,475,000
West Penn Rys. Co. owns directly or indirectly the Common stock of
"Thus it is seen that from the viewpoint of soft coal production 1923
all power and railway subsidiaries (other than West Penn Monongahela
Co., which is directly controlled by West Penn Co.), but the magnitude stands slightly ahead of the average for the three years of industrial activity
of their requirements and the immediate necessity of raising large amounts and 34.6% ahead of that for the three years of depression.
"Anthracite production was well maintained during the second week of
of new money on the most economical basis is beyond the ability of the
June and again passed the 2
railways company alone and unaided.
-million-ton mark. The nine principal anthraIt is essential that the West Penn Co. itself should furnish a substantial cite carriers reported loading 39.249 cars, and with this as the basis the
part of the junior moneys required by its subsidiaries (either directly total output was estimated at 2,053,000 net tons. In addition to the tonor through the railways company or West Penn Monongahela Co. as may nage shipped, this estimate includes an allowance for mine fuel, sales to
seem advisable) and it will inure to the profit and advantage of the West the local trade and the output from dredges and washeries.
"The cumulative production during 1923 to date which stands at approxiPenn Co. so to do. The directors of the West Penn Co. have given this
subject the most careful consideration and are convinced that the moneys mately 47,245.000 tons compares favorably with the years of maximum
required by it to purchase the Common stocks of the subsidiary companies production, and is considerably more than twice the output during the
ahould be raised through the sale of a new 7% Cumul. Pref, stock of tan corresponding period of 1922.
West Penn Co. It also seemed advisable to recommend to the stockholders
Estimated United States Production in Net Tons.
at the same time a constructive broadening of the powers of the company's
Week-1922-Cal.Yr.10date
Bituminous—
Week-1923-Cal.Yr.todat,
charter to permit it to function most effectively as the parent company of
167.112,000
231,142.000
4,616,000
10,091,000
the system. It was also considered advisable to take advantage of the new June 2
June 9
172.248.000
241,818,000
5,136,000
10,676.000
non-par-value stock corporation law of West Virginia.
177,261,000
252.593.000
5.013,000
10,775,000
The directors are unanimous in their recommendations that the stock- June 16
Anthracite—
proposals.
holders approve the
2
8,000
21.842.000
1,606,000
43,125,000
As the l'referred stockholders are asked to permit the issuance of the June 9
21.855,000
13,000
45.192.000
2.046,000
new 7% Preferred stock on a parity with their present stock, and as the June
June 16
21.877,000
22,000
47,245,000
2.053.000
Issuance of a 7% stock might temporarily affect the market value of their
Be.hire Coke—
present holdings, they are to be given the opportunity to exchange. The
2,786,000
97,000
395.000
8.446,000
payment of 1% additional dividend on the present 6% Preferred stock, June 2
2.887,000
99.000
8.862,000
416.000
which exchanges for the 7% Preferred stock, will be more than justified June 9
2.993.000
106.000
390,000
by the economical financing which will be possible for the company under June 16
The "Coal Trade Journal" June '17 reviewed market conditions as follows
this new plan.
Application will be made to list the new 7% Preferred stock and the in brief:
"The absence of buying in the bituminous markets is forcing the less
proposed no-par value Common stock upon the New York Stock Exchange.
profitable operations to close down and as a result of this those mines which
. 116, P. 2258, 1762.
are continuing to operate are receiving a better car supply.
"All sections of the country report stagnant conditions in the purchases
York (Pa.) Rys.—Sub. Co. Acquires Two Companies.—
The Edison Light & Power Co., York. Pa., a subsidiary, has purchased of soft coal. The (keeping prices are keeping buyers out of the market.
Prospective purchasers are playing a waiting game in the hope that prices
Water & Power Co. and the Delta Electric Power Co.
yhe Delta
their mea,gre stocks-See Metropolitan Edison Co.under "Industrials" below.—V. 116, p.2253 will go still lower, at which time they will replenish
2996
THE CHRONICLE
[VOL. 116.
maybe. They neglect to consider, however, that a buyers' market
start prices in an upward trend. Their present attitude is responsiblewill
Allis-Chalmers Mfg. Co.
-Earnings, &c.
for
not a few distress cargoes which are picked up at bargain prices.
Results-Period Ending May 31Month,
5 Months.
"Lake shipments for the week ended June 17 aggregated 1,067,958 tons, Net profits after taxes
$203.044
$862.170
which represented a falling off of 72.603 tons from the previous week. Billings
2,031,269
9,158,379
Dumpings for the season to that date totaled 7.909,446 tons as compared -V. 116, p. 2769.
with 3,039,130 tons a year ago and 8,019,733 tons in 1921 and
3,011.378
tons in 1920.
American Bank Note Co.--Obituary."Price changes last week indicated a falling off. Compared with the
Secretary George H. Danforth died at Summit, N. J., on
June 28
preceding week, changes were shown in 50% of the bituminous quotations. V. 116, p. 1414.
Of these changes 49% represented reductions ranging from 5
per ton and averaging 17.2 cents. The advances ranged from 5to 50 cents
American Can Co.
-Acquires Plant Under Lease.
to 75
and averaged 36.6 cents per ton. The straight average minimum cents
The company is reported to have acquired under lease
the plant of the
week,$2 14, was 3 cents higher than last week, while the maximum for the Chisholm Shovel
Cleveland. 0., and will equip it for
declined
8 cents to 32 49. A year ago, with a general strike on, the averages
purposes. The plant includes several buildings having an manufacturing
Co..
were
aggregate floor
$3 48 and $3 79, respectively.
space of approximately 50,000 sq. ft.
-V. 116: p. 1535, 723, 716.
"In some of the large anthracite centres there was little better
demand
for domestic sizes, particularly stove. The steama sizes showed
American Cotton Oil Co.
-Resignations.
better
activity at'some points while at others it was necessary
The following officers have resigned:
move them. Demand for independent coal continuos to shade prices to Canfield Jr., Asst. to the Pres., and W. W. J. Cassidy, V.-Pres.; Edward
ducers are still able to get from $3 to $4 more than brisk and these pro- formerly Secretary, has been elected S. Reed, Treas. Randolph Catlin,
company prices for
Secretary and Treasurer.
domestic sizes."
It is reported that the present management is working on a proposed
Oil Production, Prices, &c.
plan of readjustment of the capital structure of the company, which,
it is
understood, will not be ready until the fail.
The American Petroleum Institute estimates the daily average gross
crude
It is stated that the new interests are working at economy plans and
ell production in the United States for the week ended June 23 as
that
follows:
already economies have
In BarrelsJune 23'23. June 1623. June 9 '23. June 24'22. $1,000,000 per annum. been put into force which will save the company
Duplications in selling
Oklahoma
513.250
511.000
500.050
391.750 and selling personnel is to be cut from 135 to forces have been eliminated
• Kansas
90.-Y. 116, p. 2886.
84,550
83.450
83.400
84,000
North Texas
75,250
74.900
72,550
59,500
American Cyanamid Co.
Central Texas
-Shipments-Sales, &c.140.750
135,450
134.700
132,700
Net value of shipments of the various products for April 1923
North Louisiana
65,450
66,800
66,550
totaled
91,65') $749.434. Silos of the
Arkansas
130.550
139.350
151.700
33.400 approximately $585,000. various products for April represent a value of
Gulf Coast
100.450
98.100
107.750
95.800
The company has in hand as of April 30 1923 contracts for various
Eastern
111.000
110,000
109.500
pro111.000 ducts for delivery prior to
Wyoming and Montana
June 30 1923, of a sales value of approximately
129.200
127,800
122,000
83.600 51,465.000.-V. 116,
*California
p. 2886.
785,000
785,000
740.000
355.000
American Investment & Realty Co.
Total
-Bonds Sold.2.135.450 2.131.850 2.076.250 1,441.350
Blyth, Witter & Co., San Francisco, sold at 100 and int.
*California production was 785.000 barrels, the same as the previous
Santa Fe Springs is reported at 258.000 barrels against 275,000 week. $1,000,000 1st
Mtge. 6% Serial Realty gold bonds. The
barrels:
Long Beach, 214,000 barrels, against 192.000 barrels, and Huntington
bankers state:
Beach, 102,000 barrels, against 111.000 barrels.
Crude Oil Price.-01110 011 Co.reduced Lima,Indiana,Illinois. Princeton,
Dated May 1 1923. Due
1
Plymouth and Waterloo crude 10c. a barrel. "Boston News Bureau" M. & N. at Mercantile Trust serially May 4 1924-1938. Int. payable
Co., San Francisco, trustee. Red., all o
June 29.
part, on any int. date at 103 and int. Denom. $1,000 and $500 O. Corn
Magnolia Petroleum Co. reduced Corsicana light 25c. to $1 per bbl.: pany agrees to pay normal Federal income tax
not exceeding 2%.
Mealy., 10c. to $1 50 per bbl.; and Corsicana heavy, 5e. to 65c. per bbl.
Company.
-A California corporation. Owns real property leased
"Financial America" June 26. p. 1.
Zellerbach Paper Co. Stock of the American Investment & Realty to the
Co. is
Texas Co. reduced Mexia 10c. to $1 50 a bbl., and Currie 20c..to $1 70
a owned by the principal stockholders of the Zellerba; h Paper Co.
bbl. "Boston News Bureau" June 25, p. 12.
Bonds are secured by a closed first mortgage on improved
real estate
Humble 011 St Refining Co. reduced price of Mexia crude 25c. to $1 25 a located in the commercial centres of San
Francisco, Oakland, Los Angeles
bbl.. Currie. 35c. to $1 35 a bbl. and posted price of
and Sacramento having an appraised value of $1.605,462.
(a new field) crude. "Financial America" June 30. $1 per bbl. for Powell
The mortgaged properties will be leased to the Zellerbach Paper
Co. for
Gasoline Price Inerease.-Virginian State tax of 2c. per gallon, effective a term of 20 years at a rental sufficient to
Jane 27,causes Standard 011 Co.of New Jersey to advance tank wagon price to meet all serial maturities thereof and to pay interest upon the bonds.
of gasoline to 233c. per gallon in Richmond. 24%c. per gallon at Roanoke. nection with the operation of the properties.provide for all expenses in conThe leases will be assigned to
and 22c. per gallon at Norfolk. "Wall St. Journal" June 28.
the trustee as security for the payment of interest and principal of the
p. 13.
bonds.
Humble 011 Co. Magnolia Petroleum Co. and Texas Co. have reduced -V. 116, p. 2391.
gasoline 1 cent per gallon In Houston tank wagon price now 16c. per gallon.
'
"Wall St. Journal" June 25. p. 11.
American Printing Co.(Fall River).-Bal. Sheet Dec. 30.
Prices, Wages and Other Trade Matters,
1922.
1921.
1922.
1921.
Assets$
$
Lie/MinesLead Price Reduced.
-American Smelting & Refining
e
$
from 7 to 6.85c. a pound. "Wall St. Journal" June 29, Co. reduced lead RI est. & mach'y. 8,202.757 8,074,558 Capital stock
2,000,000 2,000,000
p. 3.
Merchandise
4.550.475 3.384,697 Accts. payable,,... 691,839
Refined Sugar Price.
-On June 25 Federal and Pennsylvania advanced
707,065
Cash & debts ree 10,068,823 7,806,763 Notes payable
25 pts. to 9.50c. per lb.. June 26 Warner reduced 40 pts.,
8,215,000 5,305,000
to 9.50c. and Securities
150,000
500,000 Res. for taxes_
National accepted business at 9.50, although list price
480.000
373,491 Surplus
per lb. June 28 American, National, Pennsylvania, remained at 4.90c. Prepaid expenses_ 391,168
12,456,384 11,647,444
Revere and Warner
each reduced price 25 points, to 9.25c. a lb.
Total
23,363,223 20,139,5119
Price of Milk in Chicago Adranced.-Retall price of milk
Total
23.363,223 20,130,509
in
be increased 1 cent a quart effective July 1. Wall St. Journal"Chicago will -V.105, p. 2457..
June 28 p.7
Further Tire Price Reductions.
-U. S. Rubber Co. announces reduction
American Public Utilities Co.
-Dividends-Injunction.
of about 11%, shoes and tubes and of 10% on solid
on
truck tires. "Boston
Chancellor Wolcott, after a hearing at Wilmington Del., granted
News Bureau' June 25.
liminary injunction to restrain the company from paing a dividend a preHood Rubber Co. reduced prices 15%.7% and 10%, according to
style. new Preferred stock, duo July 1. before It pays cumulative dividends on the
"Financial America" June 25. p. 1.
on the
old Preferred stock, amounting to 24% in cash and 434% In scrip. The
Goodrich Rubber Co. reduced prices 7 to 13 Si% on cosines, 4
on tube.; and 2J4 to 10% on solid tires. "Wall St. Journal" June to 11% order is dependent on whether the case is fully disposed of before July 1.
25, p.1. See also V. 116, p. 2887.
Shoe Trade Disturbance.-Haverhill (Maas.) Shoe
ciation grants $1 per week wage increase voluntarily. Manufacturers' AssoAbout 1,000 women
American Refining Co.
-Leases Plant.
packers will receive same about July 1.
The stockholders have ratified
St. Louis Plasterers Win Fight for $14 per 8
-Hour Day.
-Boston "News Falls, Mont. to the Flome.stake the lease of the company's plant In Great
011 Co., but refused to ratify the option
Bureau." June 27, p. 15.
for the sale Of the property.
-V. 115, p. 1944.
Cement Workers Strike for 30 Cents per Day Increase.
-2.000 members of
Concrete and Cement Workers strike for $7
per
American Rolling Mill Co.
wage was S7 20 a day. "Sun-Globe" June 23.50 15. day. Their former
-Definitive Notes.
p.
The Guaranty Trust
Silk Company's Wage Offer Refused.-CorticeIII Silk Co. offers
140 Broadway, N'. Y. City, Is now prepared
10% in- to deliver definitive 15 Co.,6% S.
crease to workers, but offer is refused. The 400 strikers demand
-year
F. gold notes dated Jan. 11923. in exa 15% change for the outstanding
increase for those earning less than $18 per week and a 10% increase for
temporary notes. (For offering of notes see
V. 116, p. 79.)-V. 116. p. 2887.
those earning more than $18 per week.
June
p. 15.
Employees to Control a $1.000,000 Manufacturing Firm. 23,S. Martin,
-H.
President and owner of M. Martin & Co., manufacturers
American Shipbuilding Co.
-Dividends.
turns over entire business to 4 employees associated withof undergarments,
The directors have declared
the firm for
than 20 years, their earnings to pay for the same on terms extending more on the Common stock, for the four regular dividends of 2% each in cash,
fiscal year beginning July 1 1923, payable
over
a period of years. "Times. June 24, sec. 2. p. I.
Nov. 1 1923, Feb. 1, May 1 and Aug. 1 1924 to holders of record
Oct.
New England Telephone Strike.
-On Tuesday, June 26. operators of New 14 1923, Jan. 154April 14 and July 14 1924, respectively,
to holders of record
England Tel. & TeL Co. walked out for wage increase and 7
-hour day. Oct. 15 1923. and Jan. 15, Apri 15 and July 15 1924 respectively. Like
Union claims strike is effective. Company claims normal conditions
pre- amounts have been paid quarterly since July 1922. Regular quarterly
veiled in 'practically every exchange but Boston, where strike was
dividends of 1 % each were paid
February 1919 to April 1922 incl.
effective, but service was maintained by new employees and old ones40% Extras, in cash, paid since Februaryfrom are:
who
1919
2%%
came back to aid the company.
1922: April 1922. 20%; June 1922, 10%.-V. 115, p.quarterly to February
2480.
Matters Covered in "Chronicle" June 23.-(a) Decrease in wholesale prices
In May, p. 2831. (b) Increase in retail prices of food in
American Steel Foundries.
May. p. 2831.
-Offer to Purchase Company.
(C) Automobile production continues large. p.
2831. (d) Bricklayers get
The company, it Is reported, has offered to take over toe Damascus
$52a day, ending strike against mason builders, p. 2832 and
2833. (e) Advances by War Finance Corp.account of agricultural and livestock purposes, Brake Beam Co., Cleveland (V. 113, p. 2824). on an exchange basis under
which 134 shares of Steel Foundries pref. is offered for each share of Damas2836. (f) Repayments received by War Finance Corp.. p. 2836.(g)
cus Brake stock. The Damascus company has outstanding
ation of G. A. Marr as General Counsel of War Finance Corp., p. Res- stock.
$500,000 capital
2836.
N. Y. Stock Exchange firm of Knauth, Nachod & Kuhne. bankers
(Tao
and
brokers, 120 Broadway. in hands of receiver. p. 2837. (i) N. Y. Stock and a company has leased for ten years from May 1 next the 15th. 16th
portion of tne 17th floors of the north section of the Wrigley Building.
Exchange firm of Zinunermann & Forshay, bankers and brokers, 170
Broad- Chicago, now under course of construction. The company at present has
way, falls, P. 2838. (1) Sylvan L. Waltzfelder of Harris &
Co., 25 Broad offices in the McCormick Building, 322 South Michigan Ave., Chicago.1St., expelled from N. Y. Curb Market, p.2839. (k)
Stamm & Co., brokers. 37 So, William St., expelledP.O. Stamm of P. G. V. 116, p. 2010, 1530. 513.
from N.
dated Exchange. (1) James M. Glassman & Co., brokers, Y. Consoli89 State St.,
American Stores Co. Phila.-Listing.-Boston, expelled from N. Y. Consolidated Exchange,
p. 2840. (m) William
The Philadelphia Stock Exchange on Juno 23 listed 1,493,921 2-3 addiS. Silkworth will resign Presidency of N. Y.
Consolidated
June 28, p. 2840. (n) A. W. Coote, brokerage house, Los Exchange on tional shares of Common stock, no par value
-1,397,946 2-3 shares issued
Angeles, fails, in payment of stock dividend of
p. 2840.
700% paid June 15 1923(V. 116,
and 95,975 shares being part of 202,346 2-3 shares subject to p. 1535)
issue to
Adams Express Co.
employees (V. 116, p. 1764), making a total of 1693,628 1-3 shares
-New Subsidiarystock listed June 23, and leaving a balance of 106,371 2-3 sharesof said
The Adams Express Armored Car Co., a subsidiary,
to be
Delaware Juno 11 last with an authorized capital of was incorporated in listed on official notice of issuance.
-V. 116, p. 2887.
$1,000,000. The incorporation of the new company is in line with the company's
pand its armored automobile service In other cities outside plans to exAmerican Telephone & Telegraph Co.
-Listing.
Company at present has about 19 automobiles of this type New York.
The New York Stock Exchange has authorized the listing of in operation
$10,000.000
la New York City.
-V. 116. p. 2639.
additional capital stock (of the total authorized issue of $1,000,000.0
00),
upon official notice of issuance and payment in full, making the total
amount
Aetna Life Insurance Co., Hartford, Conn.
applied for to the close of business May 31 1923 $739,513,100
-To In.
The amount of capital stock authorized on Mar. 27 1923 Is
-100% Stock Dividend Proposed.
crease Capital
of which there has been issued and is outstanding at May$1,000.000,000:
The stocknolders will vote July 24 on increasing the authorized
31 1923 $712,Capital 511,600; reserved to cover conversion of $6,837,300
stock from $5,000.000 to 310,000,000, par $100. by the transfer of
Convertible 44%
-Year 6% Convertible Gold bonds
from surplus, which amounted to $12,694.482 on Dec. 31 1922. $5.000.000 Gold bonds and *13.641.100 7
If the in- $1,632,800 authorized but not yet issued and outstanding) (including
crease is authorized, it is proposed to declare a 100% stock dividend
, maximum
to be requirements at May 31 1923, $20,478,400.
payable Oct. 15 to holders of record Sept. 15.--V. 115, p. 2381.
The shares of additional stock have been offered for subscription
to employees of the company and of its subsidiaries.
Aetna Mille, Watertown, Mass.
-Resumes Dividends.
- The proceeds will be used for the proper corporate purposes
A regular semi-annual dividend of 3% has been declared on the Preferred
of the company but not for the acquisition of property, the construction completion,
stock, payable July 1 to holders of record June 25. This is the first
,
declared on the Preferred stock since Oct. 1 1920.-Y. 114, p. 856. dividend extension or improvement of the company's facilities, or the improvement
or maintenance of its service, within the State of Now
the disci a'go or refunding of obligations or reimbursement York,or foractually
Alabama Co.
-Clean Up Unpaid Dividends.
of moneys
p nded for such purposes within the State.
The directors have declared a dividend of 154% on the 1st Prof. stock,
'The London Stock Exchange has granted an official quotation to $10,In settlement of all back dividends, payable July 20 to holders
of record 481 800 additional capital stock, par $100, making
July 10.-Y. 115, p. 2479.
the total stock listed
atJune 8 $709,829,200, par 3100.-V. 116,
F. 1764.
k)
JUNE 30 1923.]
2997
THE CHRONICLE
Anaconda Copper Mining Co.
-Listing.
The New York Stock Exchange has authorized the listing of $50,000,000
15
-Year 7% Convertible debentures, due Feb. 11938.
The Exchange has also authorized the listing of $107,731,000 1st Consolidated Mortgage Series A Sinking Fund 6% Gold bonds, due Feb. 1 1953
(see offering of above issue in V. 116. p. 298).-Y. 116. P. 2770, 2639.
' Atlas Steel Corp.
-Transfer 0 . Properties.
f
-
to $700.000 by the issue of 3,500 additional shares, par $100, as a 100%
stock dividend to holders of record June 20. Surplus as of Dec. 31 1922
was 21,732,842.-V. 106, p. 926.
-Royal Se-Bonds Offered.
Brandram-Henderson, Ltd.
curities Corp., Ltd., Montreal, are offering at 947 and int.,
to yield over 6.55%, $200,000 6% Consol. Mtge. Sinking
Fund Gold bonds,maturing March 151939. A circular shows:
The formal transfer of the properties of the Electric Alloy Steel Co. and
the Atlas Crucible Steel Co. to the above company has been announced.
Authorized. Outstanding.
J. A. Campbell, H. G. Dalton. L. J. Campbell, Robert J. Gross and
Capitalization$299,600
John L. O'Brien will be voting trustees for the stock of the new company, 1st Mtge. Sink. Fd. Gold 6s, 1936 ($200,400 red.)_ $500.000
898,000
which will be placed in a voting trust for a period of five years. Compare Consol. Mtge. Sink. Fd. 6s. 1939 (incl. this issue).. 1.250.000
500,000
500.000
merger plan in V. 116, p. 1897.
7% Preferred stock
1,250,000
1,179,900
Common stock (paying 49')
Baldwin Locomotive Works.
-Unfilled Orders, &c.
Company.-Incorp. in 1906 to take over and operate the business of
The company has approximately $56,500,000 unfilled orders on hand. Henderson & Potts, Ltd., established 1875, and to operate the entire
Operations, it is stated, are running at 95% capacity, and there has been no Canadian business of Brandram Bros. & Co., Ltd., of London. Eng. With
slowing down because of the intense heat wave. Business booked for the subsidiaries, company constitutes one of the largest undertakings in Canada
first six months of 1923 was approximately $56,000,000, as compared with for the manufacture of white lead, colors, paints, varnishes and similar
$11,500,000 during the corresponding period of 1922.
products.
President Vauclain has denied the report that the company is planning a
Purpose.
-Proceeds will be used to fund in part expenditures for additions
recapitalization or that there is.anything unusual pending in its affairs.
- and extensions to the company's properties and fixed assets,and for erection
V. 116, p. 2260.
and equipment of a modern varnish factory and enamel plant at Montreal.
Bayuk Bros., Inc.
-To Change Name and Reduce Dividend
Rate on Second Preferred Stock.
The stockholders will vote July 12 on changing the name of the company
to Batnik Cigars, Inc., and on reducing the dividend rate on the 2d pref.
stock from 8% to 7% per annum.
A letter addressed to stockholders says the proposed amendments provide:
(1) That the name of the corporation be changed from Bayuk Bros., Inc.,
to Bayuk Cigars, Inc.
(2) That the holders of the 8% 2d pref. stocks may on or prior to Sept. 28
1923 consent to a reduction of the dividend rate from 8% to 7% per annum,
and that from and after Oct. 15 next all shares of 2d pref. stock in respect
of which such consent may be given and all shares of 2d pref. stock issued
out of the unissued stock of the company following the date of the proposed
amendment shall be entitled to dividends at the reduced rate of 7% instead
of the present rate of 8% per annum.
The amendment further provides that in consideration of such reduction
in the dividend rate, the holders of shares of 2d pref. stock in respect of
which consent to such reduction shall have been given, shall have the
privilege of converting said shares on or before Aug. 1 1928, or if the stock
be called for redemption before said date, then up to the 10th day preceding
the redemption date, at the redemption price into common stock originally
authorized but unissued at the price of $62 per share for the common stock,
with dividend adjustments.
It is believed that the proposed change in the name will be beneficial since
the present name does not indicate the nature of the company's products
which the new name will help to advertise. It is also believed that it will
be to the best interests of the company to encourage the conversion of
2d prof. stock into common stock by giving 2d pref. stockholders such conversion privilege in consideration of their consenting to a reduction of the
dividend rate now being paid.
-V. 116. p. 2770.
Bayuk Cigars, Inc.
-Proposed New Name.
See Bayuk Bros., Inc., above.
Bell Telerbone Co. of Canada.
-Stock Sold.
The directors have accepted an offer made on behalf of British investors
for 12,500 shares of stock at 121 Si. Application has been made to the
Montreal Stock Exchange for the listing of the additional shares.
-V. 116,
p. 826.
Bell Telephone Co. of Pa.
-Listing.
The Philadelphia Stock Exchange has authorized the listing of$35.000,000
25
-Year 1st Ref. Mtge. 5% Gold bonds. Series B, due Jan. 1 1948. (See
offering in V. 116, P. 180.)-V. 116. p. 2518.
Earnings Available for Int. on Consol.
1920.
1918.
1919.
$93,493
$206,202
$258,314
-V. 116. p. 1765.
mtge. Bonds
Calendar Years.
1922.
1921.
5138.186
5121,501
-Bankrupt.Brantford (Ont.) Computing Scales Ltd.
A statement by E. R.C. Clarkson & Sons,liquidators, shows total assets
of $454.785, against which are liens aggregating $208,000, held by the
National Trust Co., which forced the assignment on account of bondholders.
This leaves nominal equity of $246,785 against which are claims of 570.300,
leaving a book surplus of $176.485 for unsecured creditors. Unsecured
creditors are not likely to secure much in the way of dividends, if anything,
for the assets are book values only, including land and buildings. ("Monetary Times"). See also V. 115, p. 1324.
Brooklyn Borough Gas Co.
-Gas Rate Injunction.
See Brooklyn Union Gas Co. below.
-V. 116, p. 2640. 2260.
Brooklyn Union Gas Co.
-Gas Rate Injunctions.
Preliminary injunctions have been issued to the company and its four
subsidiaries. Kings County Lighting Co., New York & Richmond Gas,
Queensborough Gas & Electric Co. and Brooklyn Borough Gas Co., prohibiting the enforcement of the $1 Gas Law and 650 B. T. U. standard
gas. The injunctions were issued by the unanimous decision of the special
statutory court in the Eastern District of the Federal Court of New York,
consisting of Judges Mayer, Garvin and Campbell.
In announcing the decision, Judge Mayer said it was unanimous in the
view that on the showing thus far made, the gas law was unconstitutional
in so far as It applies to these companies, and that preliminary injunctions
be issued restraining the enforcement of the law. He said in addition
the Court held in order that the companies might know their financial
condition, that the rates and minimum standard of 537 B. T. U., approved
by the P. S. Commission should prevail. These rates are as follows:
$115 to 95 cents in Brooklyn Union and subsidiaries: New York and
Richmond, $I 45: and Brooklyn Borough Gas, Queensborough Gas and
Kings County Gas, $1 30.
The decision also provides that the new rates can be charged. No bonds
will be required other than that of the companies themselves. The
Brooklyn Union Gas Co. will file with the Court its own bond for $3,000,000
for itself and subsidiaries to cover collections above the $1 rate held in
the law, pending a final decision.
-V.116, p. 2640.
Brunswick-Balke-Collender Co.
-Sales.
-
Sales for the first four months of 1923 were about $8,700.000. an increase
of 18.4% over the corresponding period of 1922. Plants located in Dubuque Ia., and Muskegon, Mich., are operating at capacity. The company,it is stated, is turning out billard tables at the rate of 20,000 annually.
-V. 116. p. 2640.
Benjamin Franklin Hotel, Phila.-Bonds OfferedPhiladelphia Co for Guaranteeing Mortgages, Harrison,
Smith & Co., Butcher, Sherrerd & Hansel! and Reilly, Brock
& Co., Phila., are offering at 100 and int. $4,300,000 1st
Burns Brothers.
-Plan Temporarily Abandoned.
(closed) Mtge. 6% gold bonds, Series "A," guar., p. &
Burns Bros. and the National Coal Corp. have temporarily abandoned
the merger plan which had been arranged to pave the way for recapitalizaby the Phila. Co. for Guaranteeing Mortgages. (See tion of Burns Bros. This action, it is stated, has been done because of the
advertising pages.)
unwillingness of Burns Bros. to contest the temporary restraining order
Dated Feb. 15 1923. Due Feb. 15 1933. Denom. $1,000 r. A sinking
fund provision, aioplicable to the Series "A" bonds, will be sufficient to
retire $500,000 of these bonds before maturity. Land Title & Trust Co.,
Philadelphia, trustee.
These bonds are secured by a first closed mortgage on Philadelphia's
newest and largest hotel, situated at the southeast corner of Ninth and
Chestnut Sts., Phila. The hotel will be an 18-story building of the most
modern fireproof construction, located in the heart of the shopping district
in close proximity to all department stores, railway stations, &c. Guest
rooms to the number of 1,210, each with private bath, also banquet rooms,
dining rooms, rest rooms, with every arrangement made for the comfort
and convenience of guests. The building will occupy the entire lot, 194
feet on Chestnut St. and 235 feet on Ninth St.,to Sansom St.. thus having
three fronts. The ground and building have been conservatively appraised
for mortgage purposes at $7,250.000. and it has been estimated that the
total cost completed excluding furniture will reach $8,500,000.
The corporation owning the hotel is the Benjamin Franklin Realty &
Holding Corp., incorp. in Pennsylvania.
Officers.
-John C. Martin, Pres.; Charles Gimbel, V.-Pres.: Albert M.
Greenfield, Treas.; Edgar W. Nicholson, Sec. Directors.
-Jacob D. Lit,
Cyrus II. K. Curtis, Ellis A. Gimbel, Herbert J. Tily, Harry G. Sundheim
and the foregoing officers.
The capital of the corporation owner is as follows:
1st Mtge. Series "A" bonds (fully guar. prin. and interest)-- --$4,300,000
1st Mtge. Series "B" bonds
2,300,000
2d Mtge. Series "A" bonds
2,100.000
2d Mtge. Series "B" bonds
1,300,000
Capital stock, no par value
3,500 shares
The 1st Mtge. Series "A" bonds are prior in lien and payment in all
respects to the 1st Mtge. Series "B" bonds as well as the 2d Mtge. bonds.
C. L. Best Tractor Co.
-Notes Offered.
-Cyrus Peirce &
Co., San Francisco, are offering, at prices ranging from 100
and interest to 1007 and interest, $600,000 67% Serial
Gold Notes. The bankers state:
Dated Juno 1 1923. Due $200,000 each June 1 1924-26. Interest
payable J.& D. Redeemable,all or part, on 30 days'notice on any interest
date at par and interest, plus a premium of Yi of 1% for each unexpired
year, or portion thereof, prior to maturity. Interest payable without
deduction for normal Federal income tax now or hereafter deductible at the
source not in excess of 2%. Denom. $1,000. Bank of California, N. A.,
San Francisco, trustee.
Company.-Inctrp. In California in 1910. Is the sole manufacturer of
Best ''Tracklayer tractors, which it manufactures entirely in its own shops
'
at San Leandro, and distributes throughout the world.
CapitalizationAuthorized. Outstanding.
6.34 T' Serial Gold Notes (this issue)
a
$600.000
2600,000
7% Cumulative Preferred Stock
5.000,000
1.250.000
Common Stock
5,000,000
500,000
Earnings.
-For the past five years net earnings from the San Leandro
plant before Federal taxes averaged over $225,000, equal to almost six
times the interest charges on these notes. In 1922, on a volume less than
50% of capacity, profits, before Federal taxes, were $309,165, equal to more
than 735 times the interest on these notes. For the four months ending
April 30 1923, the earnings, before Federal taxes, were 2276,290, an annual
rate of over 20 times the interest on this issue of notes.
-Proceeds will be used to retire floating debt which has been
Purpose.
incurred to care for a substantial expansion of business volume, and to
retire $150,000 Gold Notes duo Nov. 1 1923.-V. 116. IL 1536.
-100% Stock Dividend.
Boston Duck Co.
The company has flied a a rtificate with the Massachusetts Commissioner of Corporations showing an increase in capital from $350.0::0
granted minority stockholders, which would involve considerable litigation
and delay. Other contributing causes, it is said are the unfavorable condition of the stock market and an impending action on another matter now
before Burns Bros.
Carmen R. Runyon and Edward M. Colic, stockholders, have been
granted an injunction by the New Jersey Court of Chancery restraining the
company from putting into effect its recapitalization plan as approved by
a majority of stockholders June 14. (See plan in V. 116, P. 2392.)
V. 116, p. 2770.
Calumet & Hecla Mining Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of $2,500.000
capital stock (par $25) upon official notice of the issuance in exchange for
present outstanding certificates, with authority to add 517.500.000 additional capital stock upon official notice of issuance as a stock dividend,
making the total applied for $20.000,000.
Dividends at the rate of $55 a share were paid in 1918. at the rate of $10
a share in 1919, and at the rate of $5 a share in 1920. In 1921 no dividends
were paid, and in 1922 dividends at the rate of $10 a share were paid. In
1923 cash dividends of $7 per share were declared, payable Mar. 15 1923.
and of $10 per share, payable June 15 1923. A stock dividend of 7 shares
(Par $25 each) for each outstanding share of the par value of $25 was
authorized on June 4 1923, and made payable to stockholders of record on
Juno 23 1923.
The Mechanics & Metals National Bank, New York, has been appointed
transfer agent in New York of the capital stock.
-V.116. p. 2888. 2641.
-Annual Report.
Canadian Explosives, Ltd.
The company and its subsidiaries report for the year ended Dec. 31
1922, gross sales of $6,744,951, representing 90.2% of the value of the
business done in 1921.
Balance Sheet Dec. 311922.
Assets
Liabilities
Plants & prop. Incl. goodwill310,113,197 Common stock
$10,212,900
Cash
119,529 Preferred stock
4,650.000
Marketable secs.& call loans..
840,560 Accounts & bills payable
551,768
Bills & accounts receivable_ _ _
Federal taxes
871,237
221,947
inventories
2,485,042 Dividends declared
234,569
Secs. held for perm.invest
5,367.611 Deferred credits
10,577'
Deferred debits
116,416 Res. for deprec., accidents,
.
pensions, bad debts, &c
3,834,827
Total (each side)
$19,913,592 Surplus
197.006
-V. 110, p. 1417.
Carbon Steel Co., Pittsburgh.
-To Liquidate.
-
The liquidation of the company, involving equities of about $7,000,000,
has been decided upon by the directors and stockholders. The processes
will be carried on by a liquidating committee composed of Charles McKnight,
Pres.; James Wardrop, Treas., and Attorney J. B. Orr, Sec.
A force of riggers, mechanics and laborers has been set to work dismantling the plant at the foot of 32d St. on the Allegheny River. On
the 10 acres of ground located there are 7 acres covered by buildings.
These, with the tools and machinery, will be sold, it is said. The land
is said to be valued at about $2,000,000.
The company was organized in 1873 and was active in the manufacture
of high grade steel until 1920. The company specialized ma armor plate,
protective deck plate, gun forgings and other ordnance equipment.
The company is said to have been one of the heaviest producers of war
munitions and equipment in the Pitt burgh district and its forgings for rapid
fire guns are said to have been of the best. With the declaration of peace,
and later the success of the disarmament conference at Washington, the
market for products of the carbon plant dwindled to the vanishing point.
res. McKnight said that to change over the machinery equipment to
2998
peace uses would require an outlay of $7,000,000 to 310.000,000.-V. 116,
P. 415.
Carnegie Steel Co.(N. J.).
-Balance Sheet March 31.
-
(As filed with the Massachusetts Commissioner of Corporations.)
1922.
1923.
1922.
1923.
A3SelS-
[Vol,. 116.
THE CHRONICLE
$
$
Real est.&mach. 93,358,061 96.843,691 Capital stock.__ 65,250,000
Merchandise ___ 66,014,898 80,831,647 Accts. payable- 41,334,205
Notes
132,739
730,878 Notes payable__ 11,738,337
Accts. recle_ _ _ _118,514,042 112,794,625 Compenen fund
618,436
Cash
11,354,472 5,870.919 Reserves
64,364,908
Securities
110,892,395
4,824,069 6.157,495 Surplus
Total
294.198.281 303.229.255
-V. 71, p. 1168.
Total
65,250,006
31,927,178
11,738,337
68,543.925
125,769,815
294,198,281 303,229,255
-Purchase of Properties.
Cayuga Southern Tel. Co.
The I.
-S. C. Commission on June 16 authorized the company to acquire
the properties of the Farm & Village Telephone Co,_and certain properties
of the New York Telephone Co. The Farm Company owns and operates
telephone exchanges, with connecting tolllines,in Moravia,Cayuga County,
and Groton and North Lansing,Tompkins County, N.Y.. and serves about
1,175 subscriber stations. The New York company properties involved
consist of telephone exchanges at Moravia, Sempronius, and Groton, from
which it operates approximately 315 subscriber stations. The capital stock
of the Cayuga company, amounting to $10.000, is owned by the New York
443igany. The Cayuga company proposes to acquire the entire capital
ot
,
of the Farm company, amounting to $20,0W, for $70,000, of which
$35,000 is to be paid in cash and $35,000 is to be evidenced by a promissory
note, to be subsequently exchanged for a like amount ofthe Cayuga company's 6% mortgage bonds, when issued.
The Cayuga company also proposes to acquire the physical exchange
properties of the New York company operated from its exchanges at
Moravia, Sempronius and Groton, for $72,000, payable by $15,000 6%
mortgage bonds and $57.000 of pref. stock of the Cayuga company. The
price to be paid is the estimated value of the physical properties, as shown
by the records of the plant accountant of the New York company.
-Time Extended.
Central Foundry Co.
See Iron Products Corp. below.
-V. 116, p. 2641, 1653.
Century Ribbon Mills, Inc.-Business-Salcs.-In May the corporation did a larger gross business than in the corresponding month of any of the 45 years during which this business has
been in existence. Gross sales showed an increase of 34% over May 1922.
-v. 116, P. 1853
. .
-New Interest-Guaranty of Bond.
Cities Service Co.
-
See Massachusetts Oil Refining Co. below.
-V. 116, p. 2888, 2261.
Cities Service Refining Co.of Mass.
-To Succeed Massachusetts Oil Refining Co. in Reorganization.
See that company below.
Columbia Motors Co., Detroit.
-No Par Shares.
-
The stockholders on June 26 approved a reduction in the capitalization
by the exchange of the present $10 par stock for no-par stock on the basis
of two shares of old for one of new.
The board of directors has been Increased from seven to nine members
by the election of A. R. Demory,former President & Gen. Mgr. of Timken
Axle Co., and Charles Talbot, Vice-Prim, of National Bank of Commerce.
-V.116, P. 2888
.
Commercial Solvents Corp.
-Initial Preferred Dividend.
The directors have declared an initial quarterly dividend of 2% on the
Cumul. First Prof. stock, payable July 1 to holders of record June 30. See
also V. 116. p. 2012. 2135.
Computing-Tabulating-Recording Co.
-Stork Scld.-
President Thomas J. Watson is quoted as saying that the recent issue
of 19,655 shares of stock (V. 116. p. 1766) had all been sold and paid for
by those who are already stockholders or employees of the company.
The proceeds will enable the company to clear up its entire floating debt
except ordinary current bills and leave a cash balance of over $1,000,000.
Net earnings for the first five months of 1923 after providing for Federal
taxes, it is stated, are sufficient to take care of the full year's dividend
of $6 a share on the entire issue of 150,688 shares of capital stock. These
earnings do not include $5513.818 Judgment received in the recent settlement
of a lawsuit for patent infringement.
-V.116, p. 2641.
Consolidated Gas Co. of N. Y.
-Truth About Gas Rates.
eral issues of underlying (closed) mortgages divisional bond:, outstanding
In the hands of the public. In addition there are pledged under the 1st
Lien & Unifying Mtge. 36.687,000 1st Lien & Ref. bonds and $2,512.500
Michigan Light Co. 1st & Ref. Mtge. bonds.
Earnings for Years Ended Dec. 31.
»Gross
Net Earnings Interest on
Times
Earnings.
After Taxes. Funded Debt.
Earned.
1913
$4,432,739
32,155.642
$831.020
2.59
1915
5.210,140
2,950,077
3.16
934,046
1917
7.442,104
2,931,639
1,191,640
2.46
1919
10,533,674
4,222,040
1,425,403
2.96
1921
13,174,247
5.700,017
2,137,221
2.67
1922
14,201,203
6,764,127
2,221,871
3.04
1923(12 mos.May31)-15,364,067
7,226,560
2,179,771
3.32
* In accordance with a new accounting practice approved by the Michigan P. U. Commission, the above gross earnings do not include revenue
derived from the sale of gas residuals, such revenue being treated as a credia
to operating expenses.
-V. 116, p. 2880. 2770.
Continental Can Co.
-Quarterly Div. of $1 Per Share
Recommended on Common Stock.
The executive committee has recommended to the board of directors
that a quarterly dividend of $1 a share be declared on the C5mmon stock.
payable Aug. 15 to holders of record Aug. 4. The directors will meet
July 11 to take action on the dividend. On Feb. 15 and May 15 last quarterly dividends of 75 cents per share were paid.
-V.116, p. 2519.
Copper Export Association, Inc.
-Copper Sold.
-
The Association organized in Dec. 1918, to handle exports of copper
metal for local producers, has sold all of the 400.000,000 pounds of metal
marked for export early in 1921. The Association, it is said, will continue
to handle the export business for the larger American producers, despite the
liquidation of the amount mentioned.
In Feb., 1921, the company sold $40.000,000 8% Secured gold notes.
secured by 400.000,000 lbs. of refined copper.(V. 112. p. 655). The last
of these notes were paid off on Feb. 15 last. (See V. 116. p.301).-V. 116,
p. 2135.
(Wm.) Cramp & Sons Ship & Engine Bldg. Co.
Balance Sheet Dec. 31.1922.
1921.
Assets$
$
Real estate, mach.,
dtc
x17,360,285 17,121.310
Bills & accts. rec__ 1,976,527 2.215,194
Mat'is & supplies- 2,529,319 2,625,217
Cash
906.424
990,141
Securities owned.- 2,197,009 4,364,440
Undistrib. exp. in
.
plans. stocks.
patents, &c__.... 248.640
162,606
Total
25,218,203 27.478,916
1922.
LiabUtlies$
Capital stock
15,232,500
Fed. Steel Fdy.
Co. stock
22,100
Bonds & mtges
3,487,004
Wages, int., taxes,
&c..accounts... 1.339,030
Res,for workmen's
compensation
120,121
Profit & loss acct 5,017,449
Total
1921.
15,232,500
22,100
3,717,444
1,488,856
138,772
6,879,243
25,218,203 27,478,916
x After deducting $4,149.279 for depreciation reserve.
The usual comparative income account was published in V.116, p.1899.
Crocker Hotel Co.
-Bonds Offered.
-Bond & Goodwin &
Tucker, Inc. San Francisco, are offering at par and int.,
$1,000,000 14 Mtge. 5% bonds.
Dated June 11923. Due serially. 1924 to 1933. Authorized,$2,000,000
of which 31.000.000 reserved for future requirements. Denom. $1,000.
Interest payable J. & D. at Mercantile Trust Co., San Francisco, trustee.
without deduction for Federal normal income tax up to 2%. Callable
as a whole only on any interest date upon 60 days' notice at 102%.
This issue is secured by a first mortgage on the land and building known
as the St. Francis Hotel (including an addition thereto to be presently
constructed at a cost of $500.000) having a total value, according to a
recent appraisement, of over 36,000.000.
Cumberland Tel. & Tel. Co.
-Application Refused.
-
Federal Judge Holmes in the U.S. District Court at Biloxi, MISS,refused
the application of the company for an injunction restraining the State of
Mississippi, the Attorney-General, the Mississippi RR. Commission and
District Attorneys in each district of the State from interfering with its
proposed rates. Judge Holmes declared the order sought was too far-reaching and that the parties against whom it was sought had not been notified
-V. 116, p. 1182.
as required by law.
-Earnings.
Cuyamel Fruit Cc.
Under the heading "The Truth About Gas Rates in New York City,"
Month of 3 Mos.end. 5 Mos.end.
the company has sent to the stockholders a pamphlet of 45 pages, which
PeriodMay 1923. may31 '23 May 31'23
was revised for submission to the Mayor of New York City at the advisory Earnings after interest and deprec'n-- 3631,570 31.069.099 31,197.736
hearing before him on May 28 on the Walker 31 gas bill.
Net, after taxes
1,032,000
The company in a brief notice accompanying the pamphlet says: "Be-- -V. 116, p. 2642, 1899.
cause of the gross misstatements which are persistently made in some
Damascus Brake Beam Co., Cleveland.
of the newspapers, relative to the operations and properties of the Consoli-Purchase Offer.
dated GCo..Gas 0o. the officers of the company feel that it is due to the stockSee American Steel Foundries above.
-V. 113, p. 2824.
holders to give them at this time an accurate statement of the actual facts."
DeBardeleben
Gas Injunction Granted.
-Judges Rogers, Hough and
Bondy, sitting as a special statutory court, on June 29
granted a temporary injunction to the Consolidated Gas Co.
and the following subsidiaries: Bronx Gas & Electric Co.,
Central Union Gas Co. Northern Union Gas Co., New Amsterdam Gas Co., Standard Gas Light Co., New York &
Queens Gas Co. and the East River Gas Co. This injunction holds up the enforcement of the $1 gas bill, recently
passed by the Legislature.
-V. 116, p. 2888, 2770.
Consumers Power Co.
-Bonds OffjtsionaICjj,
Co., Cassatt & Co. and Graham, Parsons & Co. are offering
at 895 and int., yielding over 5%,$3,500,000 1st Lien
& Unifying Mtge. Gold bonds, Series C, 5%, dated Nov. 1
1922, due Nov. 1 1952 (see description in V. 115, p. 1842,
and advertising pages above).
Coal Corp.
-Bonds Offered.
-Drexel &
Co., Cassatt & Co. and Graham Parsons & Co. are offering
at prices ranging from 99% and int. to 100.48 and int., to
yield from 6% to 6%%,according to maturity,$4,000,00d let
Mortgage 63' 4 0 Serial gold bonds. (See advf rt;sing pages)
7
Dated July 1 1923. To mature $200,000 each July 1 1924 to 1943 both
incl. Int. payable J. & J. at Fidelity Trust Co., Phila., trustee, without
deduction of normal Federal income tax up to 2%. Denom. 31,000 c*.
Red., all or part, at 102 3' and int. on 30 days'notice. Pennsylvania 4 mWs
tax and any Maryland tax up to 4 mills refunded.
Data from Letter of President Henry T. DeBardeleben, June 20.
-Proceeds will be applied to payment in part for the propertied
Purpose.
of the Corona Coal Co., the Dellardeleben Coal Co., Inc., and its subsidiaries (W. G. Coyle & Co., Inc. 50% of the stock of Sipsey Barge &
Towing Co.) and the Empire Coal Co.
'
-Will be organized under laws of Delaware. Properties will
Company.
consist of approximately 50.000 acres of unmined coal lands, of which the
mineral rights of 46,800 acres will be owned in foe and the balance controlled
under favorable leases, situated in Walker, Cullman and Fayette Counties,
Ala., in the heart of the well-known Warrior coal field, all highly developed,
the mines being modern and well equipped with a capacity in excess of
Data From Letter of President B. C. Cobb, June 28.
1,500,000 tons per annum. The actual tonnage produced for the 5 years
ended Dec. 31 1922 has averaged annually 1.114,435 tons. Edward V.
Compang.-Ineorp. April 12 1910 in Maine. Owns and operates in lower
Michigan one of the most extensive systems engaged in the generation, d'Invilliers has estimated the recoverable proven coal from those properties
transmission and distribution of electric light and power in the entire to be in excess of 64.500,000 tons, with an additional indicated tonnage not
yet proven of 80,000,000 tons.
United States, as well as modern and well maintained plants and distribut
-Mortgage will provide for a sinking fund of' 10 cents per
Sinking Fund.
big systems for the production and supply- of artificial gas used principally
fuel for both domestic and industrial purposes. During the past year ton on all coal mined from the properties, to be applied first to the serial
as
more than 60% of the output of company's electric generating stations was payments as due and any excess to be used to call bonds of the last maturity
produced by water power. Company serves one of the most important outstanding at 102S and int., unless such bonds can be purchased in the
Industrial sections of the country, including eight of the ten largest cities open market at a lower price.
CapitalizationAuthorized. Outstanding.
in the State, and comprising about 64% of the urban population of the
34,500,000
34,000.000
lower peninsula of Michigan, exclusive of Detroit. Population served First Mortgage Serial 61i% bonds
Serial 63i c4 Dohs.. maturing 3.50.000 each July 1
estimated at 775.000.
1925 to 1935 inclusive
550,000
-Proceeds will reimburse company for construction expendi550,000
Purpose.
Cumulative Preferred stock
4.925,000
4.925,000
tures to the extent permitted by the conservative provisions of the let 7%
150,000 abs.' 150,000 she.
Lien & Unifying Mtge. Since Nov. 1 1922 expenditures for property Common stock (no par value)
(In addition to those fundable through the issuance of bonds) amounting to Combined Net Earnings of Companies to Be Acquired, Available for Depreciation, Depletion, Interest and Federal Taxes, Cal, Years.
over $2,500,000 have been made and financed principally through the sale
1921.
1922.
1920.
1919.
1918.
ofstock.
$736,705
31.760,210
31,138,054
31.035,933
Capitalization Outstanding as of May 31 (to Which Has Been Added the 3592.978
Present Issue of Bonds.)
(D. G.) Dery Corp.
-Reorganization Plan -The reorganiCommon stock, paying 8% dividends
$16,404,300
Preferred stock, paying 6% cumulative dividends _ _ _____
_ 12.694,200 zation committee. consisting of Emanuel Gerli, Allan Mae-.
Preferred stock, paying 6.6% cumulative dividends
2.208.000 farlan, Gardner B. Perry, Arthur H. Titus and Allan B.
Preferred stock, paying 7% cumulative dividends
3.347,000
1st Lien & 'Unifying Mtge., Series C 5s, 1952 (Incl. this issue)-- 17,359.000 Cook (with E. E. Beach, See t 16 Wall St • New York), has
.
Underlying & Divisional Mtge. 5s, due variously to 1946
27.368.500 prepared the following reorganization plan and it is being subThe $27,368.500 ,underlying and divisional bonds include 322254,000
All assents to
1st Lien & Ref. bonds, due Jan. 1 1936: 32.512.000 Michigan Light Co. mitted to all creditors for their approval
1st & Ref. Mtge. bonds. due Mar. 11946. and $2.602,500 representing sev- the plan intist be given on or before July,15.
Jura]30 1923.]
THE CHRONICLE
2999
The plan has been prepared for the purpose of enabling the creditors to of bondholders have assented to the plan to make it in the Judgment of
realize upon their claims at the earliest possible date, and because of the the committee advisable to declare the plan effective.
elimination of the issuance of notes for the balance of the amount due to
Contribution of Capital by New Management.
-Percy H. Mann agrees to
creditors, it is possible to pay as large an amount as 25% in cash to creditors purchase at par $100,000 Prof. stock of the same class. &c.. as that to be
Without having any expensive new financing. New financing at this time, accepted by the creditors in part payment of their claims, the proceeds of
If possible at all, would be very costly. The plan permits the obtaining such purchase to be paid into the treasury for working capital. Mann's
of what is believed to be very satisfactory new management, and it is hoped agreement of subscription will provide for the payment of $50,000 immethat the Prof. stock which will be issued to creditors will, if the company diately upon the plan being declared effective against the delivery at that
Is profitably operated, soon find a market, which will enable the creditors time of $50,000 of Pref. stock and for the payment of the remaining $50,000
to dispose of the same and to realize upon their claims at a much earlier on or before one year after the plan has become effective against the delivdate than if notes were accepted. In order that the company shall be a ery of the remainder of the Prof. stock at the time of the making such
vigorous and important factor in the trade,it is necessary that it have excel- final payment.
lent credit standing, and this can best be accomplished by the acceptance
Declaring the Plan Effective.
-The plan shall not be declared effective by
by creditors of the Prof. stock. If notes were to be issued to creditors it the committee unless it has been assented to by the holders of 90% of the
would be necessary to subordinate such notes to Indebtedness incurred by outstanding unsecured claims.
the company in the future operation of the business, and these notes, it is
Computation of Creditors' Claims.
-The claims of unsecured creditors shall
believed, would not be marketable, and the issuance of these notes would be computed with interest to the date that the plan is declared effective
certainly have an unfavorable effect upon the company's future credit.
and claims not then due shall be discontinued as of said date -V. 116,
p. 2135, 1766.
Digest of Reorganization Plan, Dated June 14 1923.
Liabilities as of March 26 1923 (Date of Appointment of Receivers).
Detroit Edison Co.
-Stock Offering.
Current Liabilities.
-Notes payable, $19,950; trade acceptances
Of the $8,791.400 capital stock recently offered to the stockholders for
payable, $3,980,970; accounts payable, $1,082,648; reserve for
subscription at par $5,249,100, or approximately 60%, was subscribed for,
contingent liabilities and accrued liabilities, $189,310; total--$5,272.878 It is announced.
-V. 116, p. 2771, 2393.
Bonds and Obligations.-lst Mtge. 7% gold bonds. $4.000.000;
underlying mortgages, $292,500; due to subsidiaries,$293,194- 4,585,694
Detroit Motor Bus Co.
-Extra Dividend.
The company has declared the regular quarterly dividend of 2% and an
Grand total
$9,858,573 extra dividend of 1%, both payable July 15 to holders of record June 30.V. 115, 1). 2586. 1538.
Present Capitalization.
Preferred stock outstanding
$3,100,000
Detroit Steel Products Co.
-Recapitalization Plan.
Common stock outstanding
200,000 shs.
The stockholders have approved a change In the capitalization of the comName of Co. to Be Changed and Capital Readjusted.
-The name of D. G.
Dory Corp. is to be changed to such name as may be selected by the re- pany. The authorized capitalization will consist of $4,000,000 Preferred
organization committee, and the changes in capitalization accomplished stock par $100. and 250,000 shares of Common stock of no par value.
pursuant to the laws of Delaware or by purchase of the assets by a new Of this $2,132,600 Preferred and 142,176 shares of Common will be exchanged for the $3,544,000 Common now outstanding on the basis of
company, as the committee may determine.
Settlement with Creditors.
-Creditors, other than bondholders, having 60% in new Preferred and four shares of new Common stock of no par value
provable claims at the date of the reorganization agree to accept in full for each share of old Common stock, par $100. The old $250,000 7%
Cumul. Pref. stock has been called for payment July 1 at 105 and diva.
payment of their claims the following:
(1) 25% in cash payable immediately upon the plan being declared -V. 111. p. 2525.
effective; and (2)75% by the acceptance at par of 7% Cum.Prof.(a. & d.)
Diamond Match Co.
-Dividend-To Retire Notes.
stock (pr voting trust certificates therefor).
The company has purchased the Majestic plant of the United States Food
Creditors having claims of $I ,000 or under to be paid in full, requiring Products
Co.. located at Peoria, Ill., and Is having It remodeled for the
an expenditure of approximately $39,000.
The stock or voting trust certificates to be received by the creditors and manufacture of Butanol.-V. 116, p. 2135.
The company has declared the regular quarterly dividend of$2 per share,
stockholders may be placed under a syndicate agreement, the managers
to be selected ,by the committee, which syndicate shall continue for not payable Sept. 15 to holders of record Aug. 31.
The directors have taken formal action for the calling of its outstanding
more than three years under an agreement which will authorize the syndicate managers to sell the stock for the pro rata account of all the stockholders 73% debentures for payment on Nov. I 1923. Legal notiee of this
-V. 116.
at a price of not less than 90 and diva, for the Prof. stock, and not less than reaemptlon cannot be made until 80 days before the date of call.
82 50 per share for the Common stock, or a combined price of 95% of the D. 2135.
par of Prof. stock and divs, upon the Prof. stock for both the Prof. and
(Louis F.) Dow Co., St. Paul, Minn.
-Bonds Offered.Common stock during the first 18 months, or at a price of not less than 90
for the Prof. and $5 per share for the Common stock, or not less than a Hyney, Emerson & Co.. Chicago,
are offering at 99 and
combined 'nice of 100% of the par of the Prof. stock and divs, upon the
Pref. stock for both the Prof. and Common stock during the remainder of to yield over 63 %, $300,000 First (Closed) Mtge- 63%
,
the time that the syndicate agreement continues in effect.
Senal Gold Bonds. A circular shows:
The charter of the company shall be amended to provide, or if a new
Denom. $1.000. $500 and $100 c*. Dated May 1 1923. Due annualy
company is formed, Its charter shall provide, in substance, that 5Q% of the
not earnings for each semi-annual period ending June 30 and Dec. 31, from May 1 1925 to May 11938, inclusive. Interest payable M.& N.in
commencing with the semi-annual period ending Dec. 31 1923, remaining gold at State Bank of Chicago, trustee, Chicago. Redeemable, all or part,
after the payment of all interest and sinking fund installments under the on any interest date upon 30 days' notice at 105 and interest up to and Incl.
indenture dated Sept. 1 1922 securing its 1st Mtge. bonds (as amended) May 1 1928, and thereafter at 105 and int. less % of 1%. for each fell year
and after providing for all other fixed charges,and divs,for such semi-annual or fraction thereof,remaining between May 1 1928 and date of redemption.
period upon the outstanding Prof. stock shall be applied to the redemption Free from normal Federal income tax not exceeding 2%. Tax of any State
or United States possession not in excess of five mills refundable.
of the Prof. stock at 110 and divs., if any.
Company.
-Is the most complete bank
Securities to Be Issued to Present Prof. Stockholders
.-The present outstand- United States and is also one of the largest and office supply house in the
producers and merchandisers of
ing Prof. stock shall be reduced to an amount determined by the reorganization committee to be equal to the actual net quick assets of the company calendars and leather advertising specialties. Business established at
St. Paul
after the payment of all expenses of the receivership (but before the cash companyby present management in 1899 and in no year since inception has
felled to earn a profit-present capital and surplus of $673,867
payment to the creditors as above provided) and when so reduced the present holders of Prof. stock whose stock has not been surrendered to or ac- having been built up entirely out of earnings from an original capital of
quired by the company shall receive Pref. stock to the amount of such net only $200.
Purpase.--Construction of a new plant which will largely increase earning
quick assets of the same class as that accepted by the crdeltors in part capacity.
payment for their indebtedness.
Earnings.
-Operations have
Outstanding Common Stock.
-All or substantially all of the present out- inception of business in 1899. shown a substantial profit in every year since
For 7 years and 7 months from July 31 1916
standing Common stock is to be acquired by the company and is thereafter to
Feb. 28 1923, inclusive, net earnings available for interest, depreciation
to be issued to the present holders of Prof. stock under an arrangement by and
Federal taxes were as follows: 1916, $49,096: 1917, $54,128; 1918.
which all of the Common stock will be placed under a voting trust agreement in conformity with the laws of New York. which voting trust shall $43.274: 1919.$52,350: 1920. $66,289; 1921, $32,860: 1922, 337,775:7 !nos.
continue for 5 years. The existing voting trust may be used for that pur- ending Feb. 28 1923. $31,883.
pose, or a new voting trust created. The voting trustees named in the
Eastern Steamship Lines, Inc.
agreement are to be A.Perry Osborn,Percy H.Mann and Emanuel Gerli.
-New Director.
Edward Lovering, Treasurer of the Massachusetts Cotton Mills, has
New Management.
-The committee has made arrangement with Percy
been elected a director, succeeding J. B. Hardon.-V. 116. p.2888,2262.
H. Mann to become the active head of the company, and it is proposed
that he will retain such of the experienced heads of departments that continue to perform their duties satisfactorily. The President and directors
Electric Auto-Lite Co.
-Earnings,Incl. Subsidiaries.
to serve until the next annual meeting are to be as follows: Percy H.Mann
Operations of the company and subsidiaries for the period July 18 1922
(Pres.), Joseph Gerli, M. Kobayashi, Lionel F. Straus. John P. Maguire. to April 30 1923 have been extremely successful. Gross income of $2.072,Oscar Heineman, Gardner B. Perry, and such additional directors not 367 was available for bond interest
of $147,830, or over 14 times actual inexceeding 4 as the committee may determine to be proper.
terest payments. The company has no other debt except current accounts.
Majority of Common Stock to Be Placed Under an Option Agreement for the
The company has reduced funded debt from time to time by anticipating
Its sinking fund requirements for retiring bonds. The balance sheet as of
Benefit of New Management.
Voting trust certificates representing 51% of the total outstanding Com- April 30 1923 showed $1,998,000 1st Mtge. bonds outstanding, compared
mon stock shall be held in escrow by the voting trustees, under an option with an original amount of $3.000.000 issued July 11922,a total of $1,002.agreement entered into between the company and Pres. Percy H. Mann, 000 having been retired and canceled since that time.
Dividends amounting to $250,000 were paid in April on the no
-par-value
and such associates in the management as he may select, by the terms of
which Mr. Mann and his associates are to acquire one-fifth of the voting Common stock.
trust certificates so held in escrow, annually in advance, commencing as
Income Account July 18 1922 to April 30 1923.
of tne date of declaring the plan effective, until Mr. Mann and his associates Net sales, $11,199,412;
cost of sales, $9,183,790; net operating
shall have acquired the entire 51% of such voting trust certificates. The
profit.
_ _______________________________________ S2,015.622
agreement shall, however, contain a provision that in the event that Mr. Non-opera __ Income
56.745
Mann or any one of his associates participating in such agreement shall die
or leave the employ of the company during the period of .5 years, the comGross income
$2,072,367
pany shall have the option of repurchasing such of the stock as may have Bond Interest,
es $147.830; premium on bonds redeemed,_tie,531'
.
actually been delivered to Mr. Mann or any of his associates. and of canx Federal income tax, $223,085
410,446
celling the agreement for such portion as may not have actually been
delivered.
Net
_ _ __ •
. _ _ _ ____
_$1,661,921
The purchase price to be paid by the company for the certificates then
x Actual tax
Dec. 31 1922.
income- - $82.832: balance. 5140 253 estimated.
. .
delivered shall be arrived at by assuming that the value of the entire Com- based on 12%%to of net earnings.
-V. 116, p.2642. 2519.
-mon stock of the company is the increase in the net assets of the company
from the date the reorganization becomes effective to the date of such reElectric Bond & Share Co.
-Preferred Stock Offered.purchase, and the value of each share shall be a proportionate part of such
increase. In the event of any dispute regarding the value of the stock Bonbright & Co. Inc., are offering at 975i (and dividend
the value shall be determined by the directors.
from May 1 1923), to yield about 6.15%, $2,750,000 6%
Distribution of Balance of Common Stock.
-'The voting trust certificates
representing the balance of the Common stock In the hands of the company Cumulative Preferred (a. & d.) stock (see advertising pages).
shall be distributed pro rata to the holders of the Prof. stock issued and to Data from Letter of President S. Z. Mitchell, New York. June 25,
be issued in accordance with this plan.
Capitalization After
Authorized. Outstanding.
Temporary Postponement of S. F. Installments in Respect of 1st Mtge. Bonds. Preferred Stock 6% This FinancingCumulative (incl. this issue)--$20.000,000 $20.000,000
In order to improve the company's cash position, holders of 1st Mtge,
bonds consent to the postponement of the sinking fund installments accruing Common Stock (all owned by General Electric Co.) 20,000,000 20,000,000
Company.-Incorp. Feb. 28 1905. Takes a financial interest in electric
under the Indenture dated Sept. 1 1922 o and Including the installment power and
light enterprises. It buys,holds and sells securities Issued on
maturing Sept. 1 1926, provided, however, that the company shall cove- such
properties, and renders expert assistance in connection with the
nant that:
financing and the operation of companies controlling and operating such
(1) The company will, not later than March 1 1927,resume the payment properties.
of the sinking fund installments under the indenture, and will increase the
Purpose.
-Proceeds will be used for general corporate purposes in examount of each of the last 6 installments payable under the indenture panding its
business.
pro rata sufficiently to insure the retirement of the 1st Mtge. bonds within
Earnings.
Federal
the period within which they would have been retired had the postponement taxes. was -For the year ended May 311923, net income, after require$4,199.924, or practically 3!4 times annual dividend
of sinking fund Installments not been made, and
ments of
(2) So long as any of the 1st Mtge. bonds shall be outstanding the com- Including $1,200,000 on the total amount of Preferred stock outstanding,
this issue. The net income since incorporation in 1905 has been
pany will not pay any divs. upon its outstanding capital stock except out
of earnings or surplus accruing after July 1 1923, but in no event shall any sufficient to meet the Preferred dividend payments during all of that period,
-V. 116. p. 1899. 1057.
diva. nor shall any capital stock of any class be purchased or redeemed more than 4.1 times.
or any other distribution made to the stockholders if, after the payment
Empire Gas & Fuel Co.
-New Well.
of such div. or such purchase or redemption of stock or other distribution
The company has completed its Lynd No. One Well. In the Hull field o
to the stockholders, as the case may be, the net working capital be lass
-V.116. p.2262.
MOO bbls.daily.
'
than $4,500,000. or,in the event that the looms of the company in operation Liberty County, Texas, with a flow of ,
shall have been permanently reduced to less than the number in operation
Ermita Sugar Co. (Compania Azucarera Ermita).March 26 1923,such sum as the directors may determine as a proper working
capital, not less in any event than $4.060.000.
Bonds Offered.-Hornblower & Weeks and Janney & Co.
The foregoing provisions shall be expressed in a proper supplemental
Indenture,and if a new company is formed it shall assume the 1st M.bonds. are offering at 100 and int. $1,200,000 1st (closed) Mtge.
The committee shall have power to determine when a sufficient number 20
-Year 73j% Convertible Sinking Fund Gold bonds.
3000
r'or. /16.
THE CHRONICLE
Dated Dec. 15 1922. Due Dec. 15 1942. Convertible into voting trust
certificates for Common stock at the rate of 29 shares for each $1,000 of
bonds. Int. payable J. & D. at Bankers Trust Co., New York. trustee,
in U. S. gold coin, without deduction for present or future Cuban taxes
and without deduction of U. S. income tax up to 2%; Penn. 4-mill tax refunded. Annual sinking fund commencing 1923 sufficient to retire entire
Issue by maturity. Denom. $1,000 and $500
Red. all or part on any
Ink, date upon 60 days'notice at 1073% and int.c*.to and incl. Dec. 15 1932,
up
the premium thereafter decreasing % of 1% annually to maturity.
Data From Letter of Chairman Robert W. Atkins, June 25.
Company.
-Incorporated In Cuba, succeeding to the ownership of the
fixed assets and equipment of the Ermita Sugar Corp. of New York. Company is a self-contained • low-cost sugar producer. Property, which includes a thoroughly modern cane sugar mill, about 9,200 acres of land and
standard gauge railroad with complete equipment, is located in the Province
of Oriente, Cuba, on the main line of the Guantanamo & Western RR.
Central Ermita. with an annual capacity in excess of 150,000 bags of sugar,
is one of the most efficient producers in Cuba. Operations for the past five
crops have shown an average recovery of 12.35 pounds of sugar for each 100
pounds of cane ground.
CapitalizationAuthorized. Outstand'a.
1st (closed) Mtge. Convertible bonds due 1942
$1,200,000 $1,200,000
8% Cumulative Preferred stock
300,000
300,000
Common stock (authorized, 85,000 shares; outstanding, 50,000 shares, par $30)
1,500.000
2,550,000
-Earnings of Ermita Sugar Corp. for last five years, ended
Earnings.
• Dec. 31 1922, before int.. depreciation and income taxes, have averaged
$265.197.
The results of the crop to April 30 1923, based on actual production of
118.474 bags and final liquidation at 53% cents per pound of unsold sugar
on hand at that date, show a net revenue of $658.933 before int., depreciation and provision for Cuban Income tax. As the new company took
over operations as of the start of the crop only, no idle season expenses
have been deducted from this revenue. After allowance for a complete
dead season expense, and after depreciation and Cuban Income taxes, it is
estimated that earnings for the year 1922-1923 available for int. would
amount to $273.400, or over three times the interest on these bonds.
Listing.-Application will be made to list these bonds on the New York
Stock Exchange.
•
Estey-Welte Corp., N. Y. City.
-Initial Dividend.
An initial dividend of $1 per share has been declared on the outstanding
Common stock, no par value, payable July 1 to holders of record June 27.
A semi-annual dividend (No. 2) of 4% was also declared on the Pref. stock,
payable on the same date. See also V. 115. p. 2691. 2799.
-Bonds Offered.
Eureka Smelting Co.
-A. L. Albee &
Co., Boston, and J. S. McCord & Co., Phila. are offering
at par and int. $2,500,000 8% 1st (closed) Mtge. 10-Year
Collateral Trust, Convertible Sinking Fund gold bonds.
Balance Sheet
•
1922.
1921.
Assets
Plant, equip., &c_ 9,542,498 9,886,689
Pats., trade-marks
& good-will.___
1
1
Timber land invest
63,994
Special investmenta1,500.000 1,600.000
789.905
634,310
Cash
Accts. receivable 4,634.899 3,822,865
Notes receivable 2,015,572 2,080,343
7,826,268 6,792,453
Inventories
Foreign branch
786,394 1,198,880
houses
123.646
200.614
Investments
84,551
Deferred charges
126.898
Total
27,346,081 26,264.696
December 31.
1922.
LiabilitiesS
Preferred stock... 1,800,000
Common stock_ _b5.794.310
Accounts payable_ 1,672,489
Accrued dividends 449,729
Accrued expenses_ 434,990
Notes payable_ __ _
None
Res. for taxes &
contingencies. _ _ 1,215,667
Sinking fund for
Pref.stk. redemp 300,000
Special surplus... 8,039,102
General surplus__ 7.639,794
Conting. lib. on
notes under discount $575,173.
Total
1921.
S
1,800,000
6,619,890
1,262,372
9.000
458,531
None
1,053,067
200,000
8.039,102
6,822,734
27,346,081 26,264,696
a Capital stock of E.& T. Fairbanks & Co., St. Johnsbury, Vt. b Common stock. authorized, 325.000 shares no par value;issued and outstanding,
-V. 116.
310.017 shares, of no par value, less 15,634 shares in treasury.
p. 1654, 1183.
-Dividend Increased.
Fajardo Sugar Co.
A dividend of 714% has been declared on the outstanding Common
stock, par $100, payable Aug. 1 to holders of record July 20. On May 1
last a distribution of 23%% was made. Dividends of 111% each were paid
quarterly on the Common shares from Aug. 1 1921 to Feb. 1 1923, incl.V. 116, p. 1538.
-Earnings.
Famous Players-Lasky Corporation.
The corporation in its consolidated statement(which includes the earnings
of subsidiary companies owned 90% or more) reports for three months
ended March 31 1923, net operating profits of $1,018,100, afterdeducting
all charges and reserves for Federal income and other taxes. After allowing
for payment of dividends on the Preferred stock, the above earnings are at
-V. 116, p. 2642.
the annual rate of $14 66 on Common stock outstanding.
-Dividend Increased.
Federal Motor Truck Co.
A quarterly dividend of 3% has been declared on the outstanding capital
stock, payable July 10 to holders of record July 3. This compares with
2% paid quarterly from July 1922 to April 1923. incl. Sales during the
first five months of 1923 totaled $3,693,731, compared with $1.894,091
for the corresponding period of 1922. Shipments for the first five months
of 1923 were 1,787 trucks, against 937 In 1922.-V. 116. P. 2014.
Foundation Co.
-Balance Sheet Dec. 31.
-
[Includes Foundation Co. and its wholly owned subsidiaries-Foundation
Co., Ltd. (Canada), Foundation Co. of Canada, Ltd., and Construction
Dated May 15 1923, due May 15 1933. Denom. 31.000, $500 and $100 Equipment Co.]
1922.
Liabilities1921.
1921.
1922.
Assets
c*. Red, all or part on any int, date upon 30 days' notice after 5 years at
Preferred stock._. y5662,508
110. Int. payable M. & N. at Empire Trust Co., New York, trustee, Furn., fixt., real
Common stock__.z1,700,000 5800,000
estate, buildings.
without deduction for normal Federal income taxes not exceeding 2%.
436,526
plts.& mach'y..$1,610.712 $1,832,568 Capital reserve__
Penn.4 mills tax. Conn.4 mills tax and Maryland security tax not exceeding
5,000 Mortgage on real
5,000
43% mills and Massachusetts Income tax not exceeding 6% per annum on Patents
452,300
495,450
Goodwill
1,600.000 1,600.000 estate
Income from the bonds refunded.
315,583 Federal taxes
29.980
Securities owned__ 476,854
Data from Letter of Pres. G. T. Wilson, New York, June 8.
128,396
250,216 Notes payable__ __ 848,400
480,000
-Organized to control the transportation and smelting business Cash
Company.
468,934
payable_
notes rec.
famous Eureka District of Nevada, and tributary territory. Has Accts.&supplies 2,344.089 1,468,263 Accountsaccounts_ 645,685
of the
1.761
5,006
x262,348
77,212 Accrued
Mat'l &
purchased the Eureka-Nevada RR., 88.6 miles In length, connecting with
225,113
-__
Reserve for taxes_
Res. for taves
the Southern Pacific and Western Pacific lines at Palisade, Nev. Company Deferred accounts_
56.861
19,192
21.000 Deprec. rec.
operate on a custom basis a smelter for the treatment
will construct and
2,102,712 2,101,197
Surplus
of the ores of the mining districts centring about Eureka, Nev. Has
purchased extensive and valuable mining properties to safeguard the
Total
$6,446,591 $5,569,842
$6,446,591 55,569,842
Total
enterprise and increase its earnings.
An important feature of the business will be the recovery of arsenic which
0
x Material and supplies carried at 66 2-3'7 of cost, $312.348. loss reserve
the ores of the Eureka District contain in profitable quantities.
capital representing Preferred stock without par
-To build the first 500
Purpose.
-ton unit of the smelter, finish paying $50,000. y Stated20,000 shares); issued, 6,625 shares. z Stated capital
value (authorized
for the railroad and provide additional equipment to handle the large representing Common stock without par value (authorized 75,000 shares);
increase of business the activities of the company will create.
shares.
-Secured by first mortgage on all property now or hereafter issued, 40,000account for the past four calendar years was published la
Security.
An income
owned. including telephone line 90 miles in length connecting Eureka and
V. 116, p. 2520.-V. 116, p. 2642.
Palisade, Nev. and by deposit with the trustee of the entire Capital stock
'
of the railroad company.
-Dividend of 30 Cents.
General Fireproofing Co.
Capitalization.-Capltal stock authorized, $10.000,000; outstanding.
The company has declared a quarterly dividend of 30c, per share on its
$6.250,000; remaining in treasury, S3,750,000; reserved for conversion of Common stock no par value, payable July 2. This is equal to $1 50 per
bonds, $2,500,000; balance. 111,250,000.
Earninys.-During the time required to complete the smelter, which is share on the old Common stock, par $100, which was exchanged for new DO
basis of 5 new shares for each $100 share held. On April 2
par
approximated at one year. net earnings of the railroad, less betterments laststock on the $1 50 per share was paid on the Common stock. par $100.
a dividend of
planned, are estimated at $320800, which is pledged for the payment of -V. 116, p. 942.
interest on the bonds. It is estimated that upon completion of the smelter
net earnings will be 20% to 40% annually on the outstanding stock.
General Petroleum Corp.
-Production, &c.
-For each ton of ore treated by the smelter $1 will be
Sinking Fund.
The company's "Bulletin" June 1923 states that the growth in both
placed in a sinking fund with the trustee which shall be used for buying company's production and the purchased oil has continued steadily. the
On
bonds in the open market at 103 or under and for the retirement of bonds June 1 production was over 60,000 barrels and the total volume of produced
after Bre years at 110.
in excess of 100,000 barrels per day.
Consertible.-Convertible at any time into Capital stock of the company and purchased oil was bad
35 producing oil wells, 2 gas wells and 38 drilling
On June 1 company
par for par.
wells in the
Santa Fe Springs districts. It is estimated
-August Hecicscher, New York; James F. Ballard, St. Louis; the drilling Signal 11111 andbe reduced one-half in the next 60 days. that
Directors.
program will
The
York; Frederick Hurdle, London, Eng.•, Frank L.
Paul T. Brady, New
volume of
now adequate to
pipe line facilities
-Pros.), Eureka, Nev.; Geo. W.Edmonds. Philadelphia; Thomas controlled oil, andare new line from thetake care of the present San Pedro
Torres (V.
a
refinery at Vernon to
W.Pelham, Boston; Arthur B. Stilwell (V.-Pres.), New York; F. Lynwood has been authorized for the transportation of refined products. The new
Garrison, Philadelphia; E. C. Randall. Buffalo N. Y.; A. R. Whaley.
facilities are completed to a point where the company
George 'I'. Wilson (Pres.), B. Norman Scott, Richard W. Gardner. New harbor for the simultaneous loading of crude, residuum and can provide
gasoline.
York;Robert B.Todd (V.-Pres.), Reno,Nev.-V.115.9. 1638; V.116,p.82. berths p. 2889. 2642.
V. 116,
-Listing.
Federal Light & Traction Co.
Giant Portland Cement Co.-Pref. Div. of 3%.
-
The New York Stock Exchange has authorized the listing of $2.500,000
A dividend of 351% (on account of unpaid accumulated dividends)
30
-Year Convertible Debenture Gold Bonds, Series "A," 7%, due March 1 has been declared on the Preferred stock, payable July 16 to holders of record
1953 (see offering in V. 116. p. 1177)
July 3. On Jan. 15 1923 a dividend of 2% was paid on the Preferred stock.
-V. 116, p. 621.
Income Statement for 3 Months Ended March 31 1923.
Total inter-company earnings, $273,977; total miscell. earns.,
-Bonds Offered.
-First Wisconsin
Gimbel Brothers, Inc.
$80,583; totalincome----------------------------------- $354,560
Expenses ----------------------------- --------------53,255 Co. Milwaukee, is offering at 101 and int., to net more than
Total interest,
a.-Year 1st Mtge. 6% Gold bonds.
$356,000 5
discount
$128,935 54:7o,
Dated May 11923. Due May 11928. Int. payable M.& N. Denom.
$172.369 $1,000 and $500. Red. all or part upon 30 days notice on any int. date
Net profit
The Albuquerque Gas & Electric Co., a subsidiary, has been granted a prior to and incl. May 1 1924 at 104 and int.; May 1 1925 at 103 and int.:
101 and int. and thereafter
franchise to distribute gas in the city of Albuquerque, N. M. The fran- May 1 1926 at 102 and int.; May 1 1927 at of First Wisconsin Trust Co..
chise provides that the cost of the first 3,000 Cu. ft. of gas used shall be $2 at 100 and int. Interest payable at the officeincome tax not
exceeding
Milwaukee, trustee, without deduction of any
per 1,000 ft. and $1 75 per 1,000 ft. After that the minimum cost is to be These bonds are to be a direct, unconditional obligation of the company2%.
and
31 per meter.
-V. 116, p. 2636. 2255.
shall be secured by a first mortgage upon the fee of the real estate and imSt., Milwaukee. All
provements fronting on
-Earnings--Annual Report.
Fairbanks, Morse & Co.
- of this property has been Grand Avenue and Thirdfrontage being under a
leased, the Grand Avenue
1923.
_ 5 Months Ended May 311922.
long-term lease to the S. S. Kresge Co., the net return from which lease
Net earnings
$1,075,923
5295,635 alone is approximately 23% times the annual interest requirements on these
1922.
Calendar Years
1921.
bonds. The real estate and buildings thereon have been conservatively
1020.
Operating profit
$2,452,678df$1,330,417 54.144,922 valued at $961,000. This bond issue is for less than 40% of the value.
-E.& T. Fairbanks & Co_
Dividend
100.000
V. 116. p. 2520. 2394.
$2,552,678df$1,330,417 $4,144.922
Total income
Depreciation on buildings & equip__ _
776,568
564.544
612.238
Reserved for taxes & contingencies_
700,000
$1,776,110df$1,942,655 $2,880,378
Balance
Sur. & undiv. prof. brought forward_ 15,061.837 19,411,207 18,300,225
Cr.100.000
Provision for sinking fund
516.937,947 517,468.552 $21,180.603
Total surplus
81,391
73,143
101,642
Contrib. to pension fund
53,735
Amount written off
96,867
Res. for transfer of "co." engine mfr_
100,000
Preferred stock sinking fund
Res. for adjust. of foreign exchange200,000
1,870,470
Adj.of valuation of inventories
(6)108,000
120,000
112.500
Preferred dividends
($1i))669.659
(55)1547.753
Common dividends
Betiance
surplus & undiv. profits_ -315.978,897 $15,061.837 $19,411,207
Graham & Morton Transportation Co.
-Bonds Offered.
-Howe, Snow & Bertles, Inc., New York, &c., are offering
at a price to net 6M%, according to maturity, $750,000 1st
Mtge. 6% Gold bonds.
Dated June 11922. Due serially July 1 1923 to July 11942. Denom.
$1,000, $500,$100 and $50 c*. Int. payable J. & J. at Michigan Trust Co..
Grand Rapids, trustee, without deduction of Federal income taxes not es
ceeding 27. Red. on July 1 1927 or any int, date thereafter on 40 days'
notice at 103 and int. The mortgage provides for the retirement of $25,000
of these bonds annually, commencing July 1 1924.
Data From Letter of President J. S. Morton, June 11 1929.
-Organized in Michigan. Owns and operates a passenger and
Company.
freight steamship line between Chicago and Michigan City, St. Joseph,
Benton Harbor Saugatuck and Holland. Company was organized as a
co-partnership in 1875 and as a corporation in 1880. Owns five steel
double cabin freight and passenger steamers, making daily trips to all ports
and double daily trips to some ports.
Jurni 30 1923.]
THE CHRONTOLE
3001
value, with interest, as allowed or established in the receivership proceedings, plus 12 % thereof.
(3) Claims of holders of Sinking Fund Gold Debenture Bonds, Series A,
of Habirshaw Electric Cable Co. (which, by reason of the pledge under the
indenture securing the debenture bonds of obligations of Habirshaw Electric
Cable Co., Inc., Electric Cable Co. and Bare Wire 0o.. Inc., constitute
claims against the companies as well as against Habirshaw Electric Cable
Co.): The full face value, with interest, as allowed or established in the
receivership proceedings, plus 25% thereof.
Such 150.000 shares of Common stock, upon the consummation of the
plan, shall be distributed pro rata among the holders of such notes, claims
and debentures deposited under the plan, according to such relative values
of the respective claims. No fractional shares of Common stock will be
Issued, but in determining the number of shares of Common stock to which
the several depositors will respectively be entitled, fractions of less than 34
a share of Common stock will be disregarded and fractious of 34 or more of
a share of Common stock will be treated as one share.
The total of the claims allowed or established has not yet been deterhowever, certain
A plan of reorganization of Habirshaw Electric Cable Co., mined. Assuming, for example, stock distributableestimated totals, the
for each
number of shares ofsuch Common
Habirshaw Electric Cable Co., Inc., N. Y., Electric Cable as allowed would be, upon the basis of relative values above$100 of claim
set forth, as
Co. and the Bare Wire Co., Inc., has been prepared by the follows:
Assumed No. of Shares
reorganization committee (representing all classes of crediTotal.
per $100.
Class of Claim—
$1,600.000
2.65
tors of the above companies except the U. S. Government) Merchandise and sundry creditors, &c
1,500.000
2.93
Holders of endorsed Notes
and has been approved by the following committees who Holders of Debenture Bonds
1,900,000
3.31
recommend its adoption by the creditors represented by them,
It is contemplated that a distribution of shares of Common stock will be
respectively. The plan makes no provision for the stock- made to depositing creditors in respect of the liquidated amount of their
respective claims at the same time that the shares of Preferred and Common
holders, of which $1,324,600 8% Pref. and 135,000 (no par) stock subscribed for and purchased by depositing creditors and by the
common shares outstanding of the Delaware company and underwriting syndicate, are delivered to them, respectively.
Claims of United States Government.
about $218,000 Pref and Common stock of the New York
The U. S. Government has claims against the Habirshaw Electric Cable
company and the Electric Cable Co :
Co., Inc., and Electric Cable Co. of approximately $1.125,000. against
(1) Committee for Merchandise and Sundry Creditors.—Malcolm D. Whit- which these companies have claims against the Government of approximan, Chairman,'Wylie Brown, J. B. Beaty, G. W. Eicstrand, H. B. Hub- mately 3500.000, leaving the Government's net amount $625,000, as to
bard.
which the Government asserts a priority over other creditors. It is the
(2) Committeefor $1,891,500 Sinking Fund Debentures. Series A,of Habir- purpose of the reorganization committee, if possible. to settle the claim of
show Electric Cable Co.—E. N. Potter, Chairman, H. G. Beyer. Philip S. the Government. If such settlement cannot be effected the committee
Dalton, T. E. Quisenberry, A. G., B. Steel.
Purgses to contest the question of priority and pending the determination
Creditors' Committee Constituted under Deposit Agreement Dated June 15 of t
question to endeavor to arrange for the deposit of an amount sufficient
1921.—E. A. Potter. Jr., Chairman, E. N. -Potter, T. K. Stevenson. Mal- to provide for the payment of the net amount of the Government's claim if
colm D. Whitman, Wylie Brown, Philip S. Dalton.
such claim should ultimately be determined to be entitled to priority. If it
Reorganization Committee.—Malcolm D. Whitman, Chairman, J. B. should ultimately be determined that the Government's claim is not entitled
Beaty,'Wylie Brown, F. J. Leary, E. A. Potter, Jr., E. N. Potter, T. E. to priority, the amount of such deposit not needed to pay the pro rata share
Quisenberry, with 0. E. Sigler, Sec., 80 Broadway, New York City.
of the Government as a general creditor will be added to the working capital
A statement issued by the reorganization committee to the creditors of the new company.
June 20 says: The Habirshaw Electric Cable Co., Inc., Electric Cable Car
Right of Depositing Creditors to Purchase Stock in Nets Company.
and Bare Wire Co., Inc., are subsidiaries of Habirshaw Electric Cable Co.
Holders of notes, claims and debentures deposited under the plan may
(of Delaware), a holding company owning all or a greater part of the stock
of each of the subsidiaries. The subsidiary companies have been in the subscribe for and purchase the $1.500,000 Pref. stock and 120.000 shares
hands of receivers John S. Worley and John B. Johnston since Nov. 1921. of the Common stock of the New Company at the following rate. namely:
and the Delaware company since Feb. 1923. Owing principally to unfavor- $1,000 Pref. stock and 80 shares Common stock for $1.000 in cash plus
able business conditions and the difficulty of dealing with the claim of the accrued dividends on the Preferred stock.
The right to subscribe for and purchase the Preferred and Common stock
U. S. Government, which asserted a right of priority over other creditors.
previous efforts to formulate a reorganization plan acceptable to all classes may be availed of to the amount of30% of their respective claims as allowed
In the receivership proceedings, that is to say, each depositor may purchase
of creditors have been unsuccessful.
There has also been the further difficulty of securing a competent manage- $300 of Preferred stock (together with 24 shares of Common stock) for each
$1,000 of his claim as allowed. The right to subscribe to 30% of the
ment for the reorganized company. The improvement in business cond
respective claims is based on the assumption that the total aggregate amount
tions, reflected by an improvement in the earnings of the companies, has
of claims so allowed (exclusive of the claims of the U. S. Government) will
now removed the main obstacle in the way of procuring the necessary financonsiderably not exceed $5,000,000, of which 30% is $1,500,000. If the total aggregate
cing for a successful reorganization; recent court decisions have
weakened the Government's position with regard to its claim of priority; amount of claims (exclusive of U. S. Government claims) 80 allowed should
and the problem of management has been solved by procuring the services exceed $5,000,000. the right is reserved to the reorganization committee to
allot a proportionately lesser amount of Preferred and Common stock to
of W. F. Kenny to undertake the management of the new company.
The plan, which has received the approval of the representatives of the depositors who may have exercised their right of subscription.
Subscriptions may be made by depositors in the first instance en the basis
different classes of creditors, embodies the following features:
1. The reorganization of the companies without fixed charges (other than of 30% of their respective claims, out the amounts of Prof. and Common
the amount of the dividends and sinking fund on the new preferred stock) stock so subscribed for witl be subject to adjustment and allotment. Any
depositor may subscribe for any part less than all of the amount of Pref.
and with a strong independent management;
2. The opportunity to creditors to participate in the distribution of the and Common stock to which he is entitled to subscribe.
Estimated Cash Requirements—It is estimated that $1,500,000 will be
thereof in exchange
common stock of the new company to the extent of 50%
required for the purpose of providing funds for the settlement or payment
for their respective claims without making any cash payment; and
3. The right on the part of creditors to participate in the purchase of of the claims of the U. S. Government and for the payment of taxes, obligations and liabilities of the receivers, receivership and reorganization expenpreferred and common stock.
A large proportion of the creditors have already expressed themselves in ses, and for additional working capital of the New Company.
Provision for Cash Requirements—Underwriting Syndioste.—Dillon, Read
favor of the plan. The committee urges the prompt acceptance of the plan
& Co. have formed an underwriting syndicate, of which they will be the
by all creditors in order that it may be carried out without delay.
syndicate managers, which has agreed to purchase 15,000 shares of Pref.
Plan of Reorganization, Dated June 20 1923.
New Company, less
stock
Notes, Claims, Debentures and Certificates of Deposit Which May Be Deposited. stock and 150,000 shares of Commonas mayof the been subscribed and suck
paid
amount of Pref. and Common stock
have
1. Notes (endorsed and unendorsed) of, and claims (liquidated and un: for in full, for the sum of $1.500,000 in cash, less an amount equal to the
against par value of the shares of Pref. stock purchased and paid for in full, plus
liquidated), other than claims of the United States Government,
the above-named companies. Depositary, Central Union Trust Co., 80 any accrued dividend on the shares of Pref. stock delivered to the syndicate.
Broadway. New York.
W. F. Kenny has agreed with the syndicate managers that (If and when
(2) Habirshaw Electric Cable Co. Sinking Fund Gold Debenture Bonds, the plan is carried out, but not otherwise) he will underwrite one-sixth of the
Series A. and certificates of deposit of Guaranty Trust Co., New York. liability of the syndicate as follows: The syndicate managers are to deliver
therefor, issued under deposit agreement dated Dec. 1 1921. Depositary, to Mr. Kenny Prof. stock and Common stock of the new company in an
Guaranty Trust Co. 140 Broadway, New York. All debentures deposited amount to be ascertained by deducting from 2,500 shares of Pref. stock and
must boar Sept. 1 '
1921 and all subsequent coupons attached.
50.000 shares of Common stock one-sixth of the number of shares. respebHolders of the above-mentioned notes and claims may, on or before tively, of Pref. stock and of Common stock which depositors shall purchase:
July 30, deposit their claims, &c., with Central Union Trust Co., New York. and Mr. Kenny is to pay therefor a sum to be ascertained by deducting from
New Company.—It is contemplated that the properties of the above four $250,000 an amount equal to one-sixth of the par value of the shares of
companies will be sold pursuant to order of the Court, and that the same Pref. stock purchased and paid for in full pursuant to the plan by depositors
will be acquired by a new company which will be organized in New York or hereunder, plus any accrued dividend on the shares of Prof. stock delivered
such other State as the reorganization committee may determine.
to him.
No commission or other compensation will be paid by the reorganization
Preferred and Common Stock of the New company.
Preferred (A. & D.) Stock, 8% Cumutative.—Authorized, $1,500,000. par committee to the managers or members of the syndicate.
$100. Shall have voting power on a parity with the Common stock (each
Proposed Reorganization Plan of Stockholders' Committee.
share of Preferred stock having the same number of votes as 10 shares of
Common stock) unless default shall be made in the payment of two conUnder date of June 12 Thomas C. Perkins, 30 State St., Boston, Chairsecutive quarterly dividends on the Preferred stock, in which event the man of the stockholders' protective committee, sent to the creditors of the
Preferred stock shall have the sole voting power. Redeemable, all or part, above four companies a plan and questionnaire. The plan provides in
at any time, on 30 days"notice, at 110 and diva. An annual sinking fund brief:
e ap dirt li
lauat la Z, oec r ar vclr eLthga
s io 5 prf t ugg fisaa yo s Vaferrep e tc igestanclintte a tAieclose
r ) t purc s atn
New Company.—Formation of a new company to acquire the properties
retire- of the old companies.
ment of Preferred stock at not exceeding redemption price. Sinking fund
Capital Stock.—The proposed outstanding capitalization of the new comshall be payable qnly out of the net income as determined by the directors pany immediately after reorganization shall provide for precisely the same
and shall not be cumulative.
number of shares as the old corporation, e., 135,000 shame of no-par-value
The Preferred stock is to be applied as follows:
Common stock, 13,400 shares of Preferred stock no par value.
For sale to depositing creditors and underwriting syndicate (total
The total authorized stock of the new corporation shall be 500.000 shares
issue)
$1,500,000 of no-par-value Common stock and 25,000 shares of no-par-value Preferred
Stock—Authorized,300.000 shares, either of the par value of $10 stock. The Preferred stock shall be preferred to the extent of $100 per share
Common
a share or without par value as tae reorganization committee may deter- and diva. Entitled to non-cumulative divs. at rate of $8 per share per
mine. Common stock shall be subject to the rights of the Preferred Stock. annum and no more. Shall have the same voting power per share as
Common stock.
The Common stock is to be applied as follows:
Reorganization Bonds—The new corporation shall issue $1,010.000 "Re150,000 shares
For distribution among depositing creditors
For sale to depositing creditors and underwriting syndicate-150,000 shares organization bonds," secured by all fixed assets of the new corporation,
but not its quick assets prior to default. Bonds shall mature in 20 years.
Total issue
300,000 shares callable at par and int., all or part. Until the certificates of beneficial
Management of New Company.—The reorganization committee has effec- Interest are paid in full, these bonds shall be non-cumulative 7% income
arrangements with W. F. Kenny whereby he has agreed to provide bonds, but thereafter they shall become entitled to fixed interest at 7%.
ted
Disposition of "Reorganization" Bonds
.—The authorized issue of "Rethe management for the now company and to serve the new company in
such capacity as may be determined by the directors for 18 months from the organization" bonds shall be made available for subscriptions by the stock
holders on the following basis:
time when the new company shall begin operations.
(1) Each present holder of Delaware company Preferred stock shall be
Directors of New Company.—Shall be nine in number, of whom three are
permitted
of Preferred
to be selected by the reorganization committee, three by the underwriting stock now to subscribe at par for $25 of bonds for each share no-par-value
held. For each $25 so subscribed, one share of new
syndicate, and three by W.F. Kenny. The board is to be divided into three
'classes, to serve in the first instance one, two and three years, respectively, Preferred stock will be given as a bonus.
(2) Each present holder of Delaware company Common stock shall be
and thereafter for throe years each. Of the three directors to be selected permitted to
subscribe at par for $5 of bonds for each share of Common
by the reorganization committee, one shall be designated by the committee stock now held.
For each $5 so subscribed, one share of new no-par-value
merchandise and sundry creditors, one by the committee for sinking
for
Common stock will be given as a bonus.
fund debentures, and one by the banking creditors.
A stockholder
entitled to any particiof Common Stock among Depositing Creditors (For Right to pation under thewho does not subscribe will not be
Distribution
plan.
Purchase Stock See Below).
The $1,010.000 of "Reorganization" bonds will be underwritten at a cost
For the purpose of distribution of the 150,000 shares of Common stock of not over 10% to the new corporation by a group in which members of
among the creditors whose claims shall be deposited under the plan, such the stockholders' protective committee may be interested.
In satisfaction of the claims of the present creditors the new corporation
claims shall be deemed to have the following relative values:
(1) Claims of merchandise and sundry creditors and holders of unen- shall issue certificates of beneficial interest, which will be delivered to the
notes of the four companies: The full face value, with interest, as present creditors upon the assignment or surrender thereof to the stockdorsed
holders' protective committee. These certificates shall have no par value
allowed or established in the receivership proceedings.
(2) Claims of holders of notes made by the four companies and endorsed or denomination, but shall represent the proportion which the creditors'
by one or more of the tiornpardes other than the maker thereof: The full face claims bear to the total amount of claims of all creditors. They shall be
Seeurite.—The issue is secured by direct closed first mortgage (constituting a eferred maritime lien under the merchant marine laws of the United
States on all of company's properties, consisting of five steel double cabin
freightand passenger steamers as well as valuable dock, freight house
and terminal _properties at Benton Harbor, Saugatuck, and Holland. Micn.,
and leaseholds at Cnicago and Michigan City.
Purpose.—To clear up obligations incurred during the past two years for
the refunding of approximately $107,000 of bonds outstanding, the purchase
of two new steamers, the "City of Holland" and the "City of Saugatuck,"
and reconditioning the same, and the further extension of the company's
business to take care of demands in excess of present capacity.
Earnings.—For 17 years, ended 1922. average earnings available for interest and depreciation have been $62.800. In the past four years (3 years
with 3 boats, 1 year with 5 boats) average earnings available have been over
$90.000. It is estimated net earnings for 1923 with six boats operating will
be in the neighborhood of $150.000.
Habirshaw Electric Cable Co.—Reorganization Plan.—
3002
THE CHRONICLE
Issued in units, one unit per $100 of claim. The new corporation shall
promise to pay off,from time to time, as directors may determine, the total
amount of claims, and in the meantime the new corporation shall be obliged
to pay from "available net income" on each certificate interest on the unpaid part of the proportion represented thereby at the rate of 3% annually
(this being at the rate of 8% on the book value of the claims figured on the
basis of 50 cents on the dollar), but only on a non-cumulative income basis.
These certificates of beneficial interest may be converted at any time
Into five shares of no-par-value Common stock of the new corporation for
each unit ($100) of certificate, except that for the first two years a certificate of beneficial interest may only be converted through the accredited
fiscal agent of the new corporation at his option.
Future Financing.
-In addition to the "Reorganization" bonds, the new
corporation shall be authorized to issue in series "First Mortgage" 6% 20year bonds amounting to $2,500.000. None of these "First Mortgage"
bonds shall be issued in connection with the reorganization, but they shall
be issued from time to time for retiring the certificates of beneficial interest
or for such other corporate purposes which might be agreed upon by the
directors of the new corporation.
Voting Trust.
-To insure the successful operation of the properties and an
effective management until such time as at least 75% of the certificates of
beneficial interest have been paid off, all of the Preferred and Common
stock should be deposited under a voting trust.
-V. 116, p. 2771.
Hayes Wheel Co.
-Earnings.
may 31-
Five Months Ended
Gross earnings
1922.
1923.
LS8,000,000 $4,700,000
x Approximately.
-V. 116.
p. 2395, 2136.
-Receivership.
Hercules Steel Casting Co., Milwaukee.
Edward L. Cullen, Milwaukee, has been appointed receiver by Judge
Fairchild, of the Milwaukee Circuit Court.
Holly Sugar Corp.
-Annual Report (Incl. Subsidiaries).
Years ended March 31Net profit before inventory losses & depreciation_
Loss on sugar inventory
Administrative and general expense
1922-23.
1921-22.
$442,011
933.809
128,900
Operating profit
Depreciation
Interest, including amortization of bond discount.
Losses on agricultural operations. &c
Minority interest in losses of subsid
$774,028 loss$620,698
312,038
478,118
253.799
245,199
110,168
Cr.51.716
Net profit for year
Previous surplus
Approp.for redemption of Pref.stk.restored to sur
Common stock
Adjustment of Inventories of subsidiary cos
Acquisition of Holly Oil Co. stock for oil leases at
appraised value
Common stock issued during year for property_
$50.7111oss$1.244,988
4,199,618
2.164,806
2,000,000
290,000
8,989
655.380
325.430
Total
$4,250,328 $4,199,618
Approp. as additional reserve for contingencies_ _ 275,000
Surplus for Common stock
x$3,975,328 $4,199,618
ect to deferred cumulative dividends on Preferred stock of $442,x Subj
750.-V. 116, p. 2136, 1282.
Hood Rubber Co., Watertown, Mass.
-Annual Report.
The annual report for the year ended Mar. 31 1923 shows in brief:
-Interest on $6,000,000 7% Debenture notes was earned over
Earnings.
516 times. Dividends on $4,550,000 Hood Rubber Co. Prof. stock were
,
,
earned over 515 times. Dividends on $1,000,000 Hood Rubber Products
Co., Inc., Pref. stock were earned over 314 times. Over $12 per share
was earned on the 120.000 no-par Common shares.
Years end. Mar. 311923.
1922.
1921.
1920.
Sales
$28,180,007 $25,239,603 $29.343.939 $27,636,496
Balance Sheet March 31 (Incl. Hood Rubber Products Co., Inc.).
1923.
1922.
1923.
1922.
$
AssetsLiabilities$
$
$
5.800.000 5,450.000 Common stocky8,000,000 5,500,000
Plant
5,670,087 7.644,977
Merchandise
Preferred stock_x5,550,000 5,700,000
Accts. rec., notes,
Deb. notes
-7%- „
acceptances, &c. 7,402,267 7,144,697
15-yr. ak. fund- 6,000.000 d.000,000
Prepaid Items(Incl.
Notes payable_ __ _ 500,000 3,585.000
Accounts payable_ 803,535
;beet. on deb.
644,898
816.040
948,462 Hood Rubber Co.
notes)
1,041,189 1.090,577
Cash
Thrift Club____ 234,081
272,746
26.400
26,400 Surplus
Invest, tooth. cos_
1,529,366
461.370
1,000
Patents
1,000 Res. for seer. int.
on deb. notes.-- 140,000
140.000
[VOL. 116.
Imperial Radiator Co., Ltd.
-Successor Company,
See Steel & Radiator, Ltd. below.
Steel
Independent Sugar Co.
-Sale Postponed.
-
The receiver's sale scheduled for June 26, has been adjourned to July 26.
-V. 116, p. 2889.
International Shoe Co.
-Disposes of Holdings in W.
H. McElwain Co. to a Canadian Concern.
The company has sold its entire stock interest in W. H. McElwain Co.
to Bennett. Ltd., a Canadian corporation having no offices in the United
States,for cash. The company subsequently purcnased from the McElwain
Co. all of its physical assets. The stockholders of the McElwain CO..
represented primarily by the new Canadian interests, are liquidating
the company and making a final distribution to stockholders. While
the International Shoe Co. acquired a majority of the stock of the McElwain
Co. in May 1921, it made no offer to purchase outright the assets of the
McElwain Co. Tnero were certain objections to so doing. The steps
which have just been taken, however, will result in the complete disappearance of the McElwain Co. and operation of its plants by the International Shoe Co.
The W. H. McElwain Co. was taken over by the International Shoe
Co. in May 1921. It offered to purchase the outstanding stock of the
McElwain Co. througn exchange of its own stock (see V. 112, p. 2196,
2311. 2418).
There never was a complete merger, and the corporate identity of the
McElwain Co. was continued. All but a small minority of McElwain
stockholders, however, turned in their stock and received International
stock in exchange.
The Federal Trade Commission in May last (V. 116. p. 2395) filed a
complaint alleging that the International Shoe Co. and the McElwain Co.
were violating that section of the Clayton Act which prohibits the acquisition of the capital stock of a competing concern when the effect may
be to substantially lessen competition.
The move of International Shoe Co. in selling McElwain stock and
purchasing the physical assets is evidently a direct result of the complaint
Issued by the Federal Trade Commission. The Commission also alleged
that the effect of the combination was to restrain commerce in the shoe
business, and to tend to create a monopoly In inter-State commerce. These
charges are based on the Sherman Act, and the Commission may still
hold them valid, though its action in tne matter is problematical.
The amalgamation in May 1921 was consummated on the only basis
International would consider, the purchase of its stock at relatively low
figure.
The reasons for not buying the physical assets outright no lonirer exist,
after nearly two years of business recovery. The amalgamation until
the present has never been completed, as there were still McElwain stockholders who refused to turn in their old stock. This final move will make
International Shoe definitely tho largest shoe manufacturing concern in
the world, with Endicott-Jonnson Corp. running a fairly close second.
(Boston "News Bureau.")
-V. 116, p. 2772. 2521.
Iron Products Corporation.
-Time Extended.
-
The time within which holders of Iron Products Corp. and Central
Foundry Co. stocks may deposit their holdings for exchange into securities
of Universal Pipe & Radiator Co. has been extended to Sept. I.
Earns. 5 Mos. ended May 311923.
January
February
March
Net Earnings After all Deductions, by Months.
$210121:5731981mApariyl
169,208
Total
$179.073
x233,000
4895,538
x Approximately.
-V. 116. p. 2263, 2136.
Johns-Manville, Inc.
-Dividend-New Factory.
-
A quarterly dividend of 75 cents per share has been declared on the
outstanding 250,000 shares of Common stock, no par value, payable July 2
to holders of record June 20 1923.
President T. F. Manville says: "The maintenance of the dividend rate
seemed to the board to be well within the company's conservative fiscal
policy. Each of our 58 branches is experiencing a steady demand for the
products of asbestos, particularly for roofing and low pressure insulation
for houses, and automobile brake linings."
The company is opening a new factory at Waukegan, Ill., which with
,
1.000,000 sq.ft. offloor space will be one of the largest factories in thd world
for the production of materials made from asbestos.
-V. 116. p. 1539.
Joslin-Schmidt Co., Cincinnati.
-Receiver.
Unable to meet the interest due on its $500,000 1st Mtge. bonds, or
to take up $35,000 of those bonds which matured June 1. the company
was placed in the hands of a receiver June 5. Edward H. Hoelscher,
Pres, of the Chemical Products Co., was appointed receiver by Judge
Stanley C. Roettinger, in Common Pleas Court.
-V. 112, p. 1288.
Johnson Educator Biscuit Co., Cambridge, Mass.
20,756,983 22,304.114
Total
Total
20,756,982 22,304.114
-Morgan, Livermore & Co.; New York, and
x Consists of $1,000.000 Pref. stock of the Hood Rubber Products Co.. Stock Offered.
rim., and $4,550,000 Prof. stock of the Hood Rubber Co., 1.500 shares of, Pond & Co., Inc., Boston, are offering at $25 per share and
the Hood Rubber Co.'s Prof. stock, amounting to 3150,000, having been'
div. 30,000 shares Cumul. & Participating "Class A" stock
retired in Dec. 1922 in accordance with its provisions.
-V. 116. p. 2521. 2263.
(no par value).
Y 120,000 shares of no par value.
Preferred as to assets. Preferred and participating as to dividends'
Hornell (N. Y.) Electric Co.
-Transfer nf Properties.The New York P. S. Commission recently approved'an application of Cumulative as to dividends of $2 per share per annum. Callable on and
this company and of the Mutual Electric Co. for consent to the transfer after May 1 1933 at $30 and diva. Transfer agents. American Trust Co.,
Boston: First Trust
of the franchises and electric plant of the latter to the Hornell company.
- Trust Co., Boston: .Sz Savings Bank. Chicago. Registrars, Old Colony
Continental & Commercial Trust & Savings Bank,
V. 115, p. 2484.
Chicago. Dividends payable Q.
-F.
Capitalization (no Bonds)-Land Purchase.
Humble Oil & Refining Co.
Authorized.
Issued.
The company has purchased 116 acres of land near Corsicana. Texas,for Cumul.& Partic. "Class A"stock (no par value)_ -100,000 shs. 60,000 shs.
100,000 dm. 100,000 shs.
use as a tank farm site. The company will erect twenty 80,000
-barrel "Class B"stock (no par value)
-Application is expected to be made to list the "Class A" stock
Listing.
steel storage tanks and an eight-inch pipe lino is being laid from the Powell
on the Boston and Chicago Stock Exchanges.
and Currie fields to the proposed tank farm.
-V. 116, p. 2643.
Data From Letter of Pres. E. F. Cullen, Cambridge, Mass., June 11.
Hurley Machine Co., Chicago.
-Extra Div.
-Report.
-History and Business.
-The Johnson Educator Food products were
An extra dividend of 25 cents per share has been declared on the Common originated about 1885 by Dr. William L. Johnson of Boston, who made the
stock, no par value, in addition to the regular quarterly dividend of 50 cents first "Educator" crackers in very small quantities for use in his professional
,
per share, both payable July 12 to holders of record July 6. In Jan. last practice. The Johnson Educator Food Co., to succeed which Johnson
the company paid an extra dividend of 10% in Common stock on the Educator Biscuit Co. is being organized, was incorp. In 1902 in MassachuCommon stock.
setts. Subsequent developments have raised the company_ to the ranks
The regular quarterly dividend of 1 % on the Preferred stock has also of the few really important biscuit manufacturers in the United States,
been declared payable July 2 to holders of record June 27.
and the name "Johnson Educator" has achieved a national reputation,
especially for the quality of its products, of which there are at present over
Results for Five Months ending May 311922.
1923.
Net sales
$2,951,005 $1,890.067 140 varieties.
The new company will own, upon completion of the present program,in
Cost of sales
1.830,110 1,259,499
fee and free of all liens, a modern, well-equipped factory in Cambridge.
Net earnings
$1,120,894 $630,5418 Mass., covering approximately an acre of ground.
Earnings.-DIvidends have been paid without interruption for the past
Selling and administrative e
other
, $628,72:
deductions, $66,048; tots
694,820
426,650 16 years. Based on conditions like those prevailing in 1922, and on orders
Additions to Income
Cr.49,305 Cr.28,761 received and indicated, the net earnings for the 12 months following the
Provision for Federal taxes
61,794
31,180 completion of the present program are estimated at 234 times the amount
necessary for the payment of the dividends at the rate of$2 per share per anNet income
$413,584 $201,498 num on 60.000 shares of Cumulative & Participating "Class A" stock.
Dividends and Voting Power.
-The Cumulative & Participating "Class A"
Comparative Balance Sheet.
stock will be entitled to preferential cumulative dividends of $2 per share
May 31 '23. Dec.31'22, LiabilitiesAssetsMay 31 '23. Dec.31'22. per annum,from May 1 1923. After such dividends and after annual proPref. stock (7%
Fixed assets (less
vision shall have been made for the purchase of Cumulative & Participating
res. for deprec.)_31.450.898 $1,383,586
cumulative) -- $264,400 $264,400 "Class A"stock,$1 per share per ann. may be paid on
stock, exCommon stock---'5,883,002 5,579,930 cept that no dividend may be paid on "Class B" stock"Class B"
Good-will, tr.-mks.,
that will reduce the
patent &e_ _ _ _ 1,542,696 1,542,696 Accounts payable_ 466,391
s,
325,918 earned surplus below $200.000. The two classes of stock will participate
Notes & accts.rec_ 1.396,629 1,080,144 Dividends payable
3,073
92,205 equally in any further dividends. "Class A" stockholders will be entitled
603,179 Federal and other
468,184
Cash
to full voting power whenever the new company shall be in arrears in respect
8.59,871
taxes
U.S.ctfs.oflndebt. 856,716
301,581
259,231 of an amount equal to four quarterly dividends and then until payment in
66,735 Other accruals
66.635
Liberty bonds
183,099
145,303 full of all arrears of quarterly dividends.
1,272,243 1,061,673 First Mtge. gold
Inventories
Purchase of "Class A" Stock.
-An amount of earned surplus at the rate
20,235
bonds
13,196
Prepaid expenses_
167,500
192,500 of $1 per share of "Class A" stock outstanding, but not exceeding $50.000
25,787 Reserve for conInvest, dr accr. Int.
28,787
annually, prior to the payment of any thy. on the "Class 11" stock, will be
tingencies
201,43
Sinking funds__
209,749
162,669 applicable after May 1 1925 to the purchase and retirement of "Class A"
184,152
Due on employee
stock If obtainable at $30 per share or lees.
176,307 Total(each side) $7.453,200 $7,022,156
stock subscrip'n 147,484
-30.000 shares of "Class A" stock will be required to retire the
Purpose.
x Common stock, authorized, 200,000 shares of no par value; outstand- now-outstanding Preferred stock. The proceeds of the balance (this issue)
ing, 175.251 shares, valued at the excess of assets over liabilities.
will be used to pay off a mortgage of $125,000 and to supply additional
Compare also annualreport for year ended Dec.31 1922,in V.116, p.2772. working capital, &c.
THE CHRONICLE
JUNE 30 1923.]
Balance Sheet as at May 31 1923 (After Present Financing).
LiabilitiesAssets$146,000
$470.928 Notes payable
Oash
14.856
81.761 Equip. lease notes pay_ _ _
Accounts receivable
68,884
71,733 Acc'ts pay.& accr. llabilInventories
20.860
562,918 Prey.for Fed.& State tax_
_
Land, bldgs., mach., &Cx1,600.02,6
63,287 Capital stock
Deferred charges
Good-will, trade marks,
$1.850,620
Total (each side)
600,0001
&c. (adjusted)
x Represented by 60.000 shares of no par value "Class A" stock and
100,000 shares of no par value "Class B"stock.
-Bonds Sold.-Dillon,
(Spencer) Kellogg & Sons, Inc.
Read & Co. have sold, at 100 and int., $2,500,000 ..15-Year
6% Gold Debenture Bonds (see advertising pages). of annual
of 10%
Dated July 11923. Due July 1 1938. A sinking fund
net earnings, with minimum payments of $75,000 per annum. is provided,
available semi-annually to purchase or call debentures. Interest payable
J. & J. at Marine Trust Co. of Buffalo, trustee, and at office of Dillon.
Read & Co.. New York. Denom. $1,000 c*. Callable on any int. date as
192 with
a whole or in part by lot: at 105 and int. to and incl. July 1 price until
'
of 1% in call
successive reductions each year thereafter of
and int. to maturity.
call price reaches 101 and int.; thereafter at 101
-mill tax.
Company agrees to refund Pennsylvania 4
Data from Letter of President Howard Kellogg, Buffalo. June 26.
-Is one of the three largest manufacturers of linseed oil in the
Company.
United States and does approximately one-third of the entire business in
country. Company also manufactures castor oil and foundry oil and,
the
In
through its wholly owned subsidiary in the Philippines, cocoanut oil. oil.
addition, copany buys, imports and sells China wood oil and perilla
of the large manufacturers of poaints and
Customers include practically all
varnishes, soap and linoleum.
The manufacture of linseed oil by the Kellogg family was started 100
years ago, and since that time has been actively and successfully continued
by the descendants of the founder of the business. Present company was
Incorporated under the laws of New York in 1912, as successor to a partner8
shi Ompany's crushing mills and refineries located at Edgewater, N. J.,
Buffalo, N. Y., Minneapolis, Minn., and Superior. Wis., have a capacity
of approximately 2,000 bbls. of linseed oil per day. the Edgewater plant
being the largest linseed crushing mill in the world. Company owns adequate railroad and dock facilities, and, in addition, owns 128 tank cars for
the distribution of its products. Company also owns and operates a large
grain elevator of about 1,100,000 bushels capacity in Buffalo, and another
of approximately 400.000 bushels capacity in Superior.
-Net earnings for the seven fiscal years ended Sept. 30 1922,
Earnings.
after interest and all other charges, but before Federal taxes, averaged
$1.827.000 per annum. Maximum annual interest requirements on these
debentures are $150,000. It Is estimated that such net earnings for the
fiscal year ending Sept. 30 1923 will be approximately $1,000,000.
During the 7-year period, the company included in operating costs
depreciation reserves aggregating $1,280,000. Federal taxes paid from surplus totaled $3.590,000. Company has never shown a net loss in any year.
Dividends -Company has paid cash dividends in each year since incorporation. the present rate of 5% per annum having been paid in 1922 on
110,000,000 capital stock.
Condensed Balance Sheet as of March 17 1923 (Adjusted to Include Provision
for Federal Taxes, dec., Charge Affecting This Year's Business).
Liabilities
Assets$10.000.000
Land, blulgs., mach., &c_ $5,782,408 Capital stock
1,004,300
1,455,455 Notes payable
Inv.in affiliated cos
301,738 Accounts payable,accrued
Miscellaneous investment
151,004 liabilities, provision for
Adv. under option contr's
833.938
439,389 Federal taxes, &c
Cash
1.540.177 Reserves for depreciation 1,394.723
Accounts receivable
189,431
261,791 Other iscoll. reserves- _
Notes receivable
2,809.602
4.045.525 Surplus
Inventories
2,077,397
Adv. to foreign subside
$16,231.994
177,110 Total (each side)
Deferred charges
3003
and would assign to the new company all of the claims against the old companies of depositors under the plan in consideration of the issue of the
reorganization committee, of all of the 50,000 shares, and would cause the
new company to bid for the properties of the old companies at the sale,
such sum as might be approved by the Lee Corporation, and that if the
properties of the old companies should be sold to the new company, the
committee would sell and transfer to the Lee Corporation the 50,000 shares
ofstock of the new company, together with all rights of depositors under the
plan to receive securities of the new company thereunder.
The Lee corporation agreed to deliver to the reorganization committee.
as the purchase price for the stock of the new company. 2.235 shares of
stock of the Lee corporation plus 1 2-3 shares of stock for each $100 of
debentures of the new company issuable to depositors under the plan (V.
116, p. 1422) with the proviso, however, that the number of shares of stock
of the Lee Corporation to be issued and delivered to the reorganization
committee were in no event to be more than 65,000 shares less the number
of shares which, at the aforesaid ratio of 1 2-3 shares for each $100 of
debentures of the new c-ompany Mailable to the depositors under the plan,
would have been deliverable on account of claims of creditors who did not
deposit under the plan or who withdrew from the plan, if such claims had
been deposited under the plan or had not been withdrawn therefrom.
The new Republic Rubber Co. was incorporated in Ohio on May 21 1923.
At the sale of the properties of the old companies held on June 7 1923,the
new Republic Rubber Co. made a bid whereby it offered: (1) To assume all
the obligations of the receiver, including receiver's certificates, all uncompleted contracts of the old companies which had been assumed by the receiver, all uncompleted contracts entered into by the receiver, all taxes,
assessments, all compensation of the receiver and of the special master
appointed to conduct the sale and all expenses[of administration; (2) to
assign, transfer and set over to the special master all claims against the old
companies then or thereafter deposited under the plan for the purpose of
crediting claims as paid: and (3) to pay to each of the creditors of the old
companies whose claims were not deposited under the plan and who has
theretofore duly filed proofs of claim with the receiver or with the special
master commissioner theretofore appointed in the receivership proceedings
to hear and determine claims against the old companies disallowed by the
receiver. In ccordance with the provisions of the order of .ale, 10% in cash
of the principal amount of each of said claims (with interest to the date of
the receivership proceedings) as finally determined and allowed in the
receivership proceedings.
The bid was accepted by the special master and the properties of the old
companies sold to the new Republic Rubber Co., and the sale was confirmed by the District Court June 8 1923. and all of the properties of the old
companies were conveyed to the new Republic Rubber Co. June 9.
The new Republic Rubber Co. is obligated to pay to the reorganization
committee $60.000 toward the expenses of various constituent committees,
In addition to the obligations assumed by the new Republic Rubber Co. by
Its bid.
Pursuant to its bid for the properties of the old companies, the new
Republic Rubber Co. Is obligated to pay $1.500.000 of receiver's certificates
which will mature July 31 1923 [to be paid off by the Lee Corporation].
In addition, the properties of the old companies were purchased subject to a
mortgage for $10,000, covering an office and warehouse building in Canton,
and also subject to a certain land contract under which $17.060 is payable.
The new Republic Rubber Co owns the total authorized Capital Stock
($20.000. par $100) of the Republic Rubber Co. of New York, a selling
company organized in New York on Nov. 25 1907. It also owns all of the
Capital Stock of a number of other corporations which are now inactive.
Consolidated Income Account for Three Months Ending March 31 1923.
Net sales
$1,715.317
Cost of goods sold, including freight, selling, admin. & general
expense and plant depreciation
1,587,760
Gross operating profit
$127,557
Add-Discount on purchases, $16,051: misc. income, $6,514---22,566
Total
Deduct
-Interest and Federal taxes
8150.123
22.568
Balance. surplus
Surplus Dec. 31 1922 (including $400 adjustments)
Dividends paid March 1
$127.554
$431,489
75,000
-Listing-Earnings.
Kellogg Switchboard & Supply Co.
Surplus March 31 1923
8484.043
The Chicago Stock Exchange has authorized the listing of 320,000 shares -V. 116, p. 2644.
of stock, of which 253,000 shares (par $25) are outstanding.
Lehigh & Wilkes-Barre Coal Co.
Results for Years Ended Dec. 31.
-38 Dividend.
The directors have declared a dividend of $8 per share, payable June 29.
1921.
1922.
1921.
1922.
$73,391 A like amount was paid in December last.
$170,841
-V. 116, p. 1185.
$5.695,823 $5,455,396 Other income
Gross sales
294,009
Disc., returns, Om_ 345,795
Long-Bell Lumber Co., Kansas City, Mo.-Bonds
Gross Income_ - $740,134 $527.458
3,848,882 3,617,771
Cost of sales
329,183 Bad debts, int.,
Deer. In invent's_ 162,702
Offered.
-Halsey, Stuart & Co. Inc., New York; Lacey
9.588
58,850
loss on bds., dm_
569,976
Selling expense
570,655
52,992 Securities Corp., Chicago, and George H. Burr & Co., New
78,000
100,298 Federal taxes
Can. adm. expense 192,493
Net oper. profit_ $569,203
-F. 116, p. 1905.
$454,067
Net income_
$603,285
$464,877
-Earnings.
Keystone Steel & Wire Co.
Current reports from the company for the ten months' period ended
April 30 1923 show net income available for _payment of interest on funded
debt (after depreciation and depletion) was $726,318.
These earnings for ten months are already greater than those of any
entire fiscal year in the history of the company; interest on the entire
issue of outstanding bonds has been earned over three times. Meanwhile
operation of the sinking fund has reduced the amount of bonds outstanding
on April 30 to $2,759,000.
The company's balance sheet of April 30 showed current assets of
$3,586.407, current liabilities of $1,681,185, leaving net current assets
of $1,905,222. Not tangible assets were $7,317,621, compared with
-V. 115, p. 1216, 1105.
$2,759,000 of 1st Mtge, bonds outstanding.
-Refinancing.
Kilbourne & Jacobs Mfg. Co.
Recommendations of a committee of voting trustees of tne stockholders
for a refinancing of the company, it is stated, have been submitted to
the stockholders. The plan provides for the raising of $300,000 working
capital, to be assessed at the rate of $15 per share against the 20,000 shares
of stock outstanding. For stockholders who do not wish to subscribe.
the committee has made a tentative offer to buy their stocks at $5 per
-V.116, p.201 5
share for the Preferred, and $1 per share for the Common.
-Gas Rate Injunction.
Kings County Lighting Co.
See Brooklyn Union Gas Co. abovo.-V. 116, p. 2644.
Lee Rubber & Tire Corp.-Listing--Acguisition & Earns.
The New York Stock Exchange has authorized the listing of 65,000 additional shares of capital stock without par value upon official notice of
issUance thereof in exchange for 50,000 shares without par value of the
Capital Stock of the Republic Rubber Co. of Ohio, making the total amount
applied for 216,000 shares without par value.
History of the Republic Rubber Co. and the Republic Rubber Corporation,
The Mahoning Rubber Mtg. Co. was incorporated in Ohio in Feb. 1901:
name changed same year to Republic Rubber Co. With expansion of business Capital Stock was increased from time to time to $10.000,000. On
Oct. 6 1917 Republic Rubber Corporation was incorporated in New York for
purpose of acquiring by exchange of stock properties of Republic Rubber
Co. and Knight Tire & Rubber Co. of Ohio. operating plant in Canton.
The company was incorporated in 1911 and name was changed to CantonBlackstone 0o. in 1919. The Republic Rubber Corp. acquired all of the
Capital Stock of the Knight company except 11 shares of Common stock and
1 share of Prof. Stock, and all of the Capital Stock of Republic Rubber Co.
except 147 shares of Common Stock and 42 shares of Prof. Stock. The
Canton-Blackstone Oo. is now inoperative.
In anticipation of a prosperous era, contracts for large amounts of raw
materials wore made by Republic Rubber Corp. and Republic Rubber Co.
in 1919 and 1920. Depression ensued, and on June 22 1921, C. II. Booth
was appointed receiver of both companies.
Under date of March 11923. a plan of reorganization of Republic Rubber
Corp. and Republic Rubber Co.(V. 116. p. 1422) was adopted by committees repreSenting creditors and stockholders. The subscription by stockholders under tke plan aggregated less than $1,000.000, and the reorganization committee rejected all such subscriptions.
By agreement dated May 22 1923 between the reorganization committee
and the Lee Corporation, it was agreed that the committee would organize
a new company with an authorized capital of 50.000 shares of no par value
York, are offering at 94 and int., to yield
$7,500,000
•
6H%,
1st Mtge. 6% Sinking Fund Gold bonds, Series B (see
advertising pages).
Dated April 1 1923. Due April 1 1943. Int. payable A. & 0. in
Chicago or New York without deduction for any normal Federal income
tax not in excess of 2%. Denom. $1,000, $500 and 8100c*. Redeemable
as a whole, but not in part, at any time upon 60 days' notice at 105 and
int. and for sinking fund purposes at any time upon 30 days' notice at
101 and int. Pennsylvania 4
-mill tax refundable.
Sinking Fund.
-Mortgage contains a sinking fund provision under
which company covenants to pay into such fund the sum of $6 per 1.0000
ft. of timber cut or sold in the States of Louisiana and Texas, and $3 Per
1.000 ft. for all timber cut or sold in the States of Call ornia and Oregon.
The funds accumulating in such sinking fund shall be applied to the retirement of 1st Mtge. bonds, and to certain other purposes.
Data from Letter of Chairman R. A. Long, June 1923.
Company.
-Founded in 1875. Company is now believed to be the
largest lumber manufacturer and distributor in this country under a single
ownership. Business is a complete industrial unit, comprising the ownership of raw material which it manufactures, wholesales and retails. Manufactures long and short leaf Southern yellow pine lumber and timber,
Southern hardwood lumber and timer, oak flooring, gum, California
white pine lumber, California white pine sash and doors, veneers, standardized wood work, creosoted posts, poles, ties, tiling and wood blocks.
The extraction and marketing of turpentine and rosin from the pine trees
Is one of the important activities of the company.
Authorized.
CapitalizationOutstanding.
Capital stock
$30,000,000
$28.528,880
1st Mtge. 6% Gold bonds
30,000,000
x20.000,000
Other long-term indebtedness, incl. timber purchase contracts and mortgage notes
(Closed)
19.112,860
The surplus, including appreciation of book value of stumpage to basis
of appraisal, as shown on the consolidated balance sheet, is 139.900.536.
x Of the 820.000,000 1st Mtge. bonds outstanding. $10,000,000 are
Series "A" due July 1 1942 (V. 115. p. 652), and 110.000.000 are Series
"B"(including this issue) due April 1 1943.
Purpose.
-Proceeds will be used toward the payment of existing timber
lens and current debt and for additions to property, principally in connection with the western development.
Earnings (including Subsidiaries)
-Calendar Years.
Net Before Fed. Net After Fed. Nee Aft- Tam
DePletion
and
at Pres. Rates
Taxes &
Taxes but
Interest.
but Before /ni.
Interest.
Depreciaticni
1913
81.682.291
21.884.393
$2.212,216
81.824.446
961,239
1915
1.096.558
1,074.904
2,487.306
1917
4.008.259
4,069,392
2.849,296
5,196,352
0.063,982
1919
5.037,116
6,906.785
3,407.153
857.711
I921
836.321
3,551,044
857.711
5,047.310
1922
5.047.310
3,652.539
5,661,470
The maximum annual interest on the 1st Mtge. bonds requires $1.290.000.
New Western Development.
-All of the timber of the South is rapidly
being cut and in the course of a comparatively few years the South will
disappear as a factor in the business.except for small mills which will saw
the small tress for local demand. The big reserve of timber left is on
the Pacific Coast. where there is a large supply, sufficient at the pros int
rate of consumption, for many years to come. Foreseeing the future
condition of lumber manufacturing in the South, which heretofore has
been the centre of our very large operations, company some years ago
3004
THE CHRONICLE
began an intensive and exhaustive study of the problems involved
in
manufacturing lumber from the timber of the western coast. This study,
backed by over ten years of experience In Western timber operation,
resulted in the purchase of 6,500,000,000 ft. of what is considered
to be
one of the finest pieces of standing timber anywhere to be found. Immediately adjacent to the company s purchase and intermingled therewith
is at least 4,000.000,000 ft. additional „all of which will be
tributary to
the company's new mills.
It was decided to build a plant at the junction of the Cowlitz and Columbia Rivers in Washington, about 18 miles from the nearest point of
the
company's timber holdings. This plant will be composed of
manufacturing
units with an annual capacity of between 400,000.000 and 500,000,000
which will be the largest amount of lumber production concentratedft.,
at
any one point in the world. Shipments can be made by way of
three
transcontinental trunk line railways, the Northern Pacific, the Great
Northern and the Union Pacific, as well as by ocean-going freighters of
the largest type, thereby giving every needed facility for access to all
the markets of the world.
-V. 115, p. 1844.
[VoL. 116.
The Guaranty Trust Co.of N.Y.,announces that it Is
definitive 1st & Ref. Mtge. gold bonds Series "0"5% prepared to deliver
clue
exchange for outstanding temporary bonds. (For offering Jan. 11953, in
of bonds see V.
116, p. 1186).-V. 116, p. 2773.
Middle West Utilities Cc.
-Dividend.
-
The company has declared a quarterly dividend of
Prtferred stock. payable Aug. 1 to holders of record $1 25 a share on the
last dividend at the 5% rate. The next dividend, July 14. This is:the
payable on Oct.115,
will be at the rate of 6% pen annum.
-V. 116, IL 1789.
M
Mitchell Motors Co.
-Sale.-
.
The plant of the company, recently forced into
bankruptcy, will be
offered for sale Aug. 15.-V. 116, p. 1904.
Moon Motor Car Co., St. Louis.
-Balance Sheet.-
AssetsApr 30 '23 Dee.31 '22
LiabilitiesApr 30 '23 Dec. 31"22
Real est. & bldgs.,
Notes payable__ - NU
!TM
(W. H.) McElwain Co.
mach'y, tools,
-Being Liquidated.
Accts. pay., trade
0NI
See International Shoe Co. above.
equip., patterns,
-V.114, p. 2247.
creditors
$497.894 5329,123
designs & drawDepos. fr. dealers
Mc Myler Inter-State Co.
ins, &o
-Coupon Paying Agent.
$310.636 3290.590 & customers_ ._ _
21,419
19,342
The Irving-Bank-Columbla Trust Co. will act as coupon paying agent Goodwill
475,000
475.000 Divs. declared but
of the 1st Mtge.7% sinldng fund bonds, see offering in V. 116, p. 2773.
Cash
492,827
318,576
not due
70,880
82,556
Cost' notes rec__ _ 278,174
106,636 Accr. pay roll de
Mackay Companies.
Cust. accts. rec.,
-Rates Reduced.
salaries due to
The Postal Telegraph & Cable Co.has announced the following reductions
less reserve
x450,299
256,947
off. & employees
16.103
13,997
on all messages between the United States and European countries, effective Sundry trade &
•
Res. for income &
July 1: Denmark. 35 to 25c.; Esthonia, 43 to 384.; Finland, 40 to
0th. accts. rec..
3.892
62,096
profits taxes.--01,271
29c.;
118,744
Latvia, 41 to 34c.; Sweden. 38 to 26c. The rate to Norway of 35c. a word Bal. due by empl
g,084
956 Res. for deprec_
104,836
101,113
has not been changed. These reductions bring the Postal's rate in line U. B. Treasury
Special reserve_ _ _
252
17,500
with those of the Western Union, recently announced.
bonds, 43j%..265,795 Res. for income &
-V. 116, p. 2137.
Inventories
1,200,408
7E4.610
profits taxes, 4
Maple Leaf Milling Co.
-Annual Report.
Prepaid expenses..
12,972
9,588
months, 1023 _
73.512
March 31 Years1922-23.
1921-22.
Pref.7% cum.stk_
1920-21.
1919-20. Inv. In stocks of
Nil
311,400
Net profit
other companies
$645.121_
$543,146
25,000
25,000 Common stock
$917,158
$917,409
y2.375,035 1,612,019
Interest and exchange
349,503
264.883
204,785
163,729
Federal taxes
Total
59.773
$3,251,291 $2,605,794
Total
$3.251.292 $2,605,794
Pref. dividends (7%)__ _
205.100
205,100
205,100
190,050
Common dividends_ ---(8%)200,000 (12)300,000 (12)300,000 (12)300,000
x Covering principally cars in transit to dealers and customers, on
sight drafts drawn against bills of lading. y Common stock authorized
Balance, gamins
def$169.260 def$226,838
$207,274
$263,630 and outstanding, 180,000 shares witholt nominal or par value, net equity,
Profit and loss surplus.-- $1,664,853 $1.834.111 $2,060,933 $1,853,676 $2,375,035, as above.
-V. 116, p. 2890, 2521.
-V. 115, p. 189.
Nassau County (N. Y.) Water Co.
-Bond Issue.
Massachusetts Oil Refining Co.
The American Exchange National Bank has boon appointed trustee
-New Reorganization
for
an issue of $300,000 6% gold bonds.
Plan.
-The protective committee for the $4,000,000 7%
Particip. Cony. 10
-Year Gold bonds, due Oct. 1 1929 and
National Grocer Co.
-Common Dividend of 2%.
The directors have declared a dividend of 2% on the Common
the $750,000 7% Particip. Secured Gold notes, due Aug. 1
stock,
payable Aug. 1
On March 1 last a dividend
1924 (Charles E. Ober, Chairman) has notified the holders of 3% was paid to holders of record July 31.116. p.
on the Common stock.
-V.
523.
thereof that a new reorganization plan has been prepared.
New Bedford Gas & Edison Light Co.
-Bonds Offered.The committee says in substance:
The properties of tne company were sold at the foreclosure to a pur- Harris Forbes & Co. are offering at 100 and int. $1,145,000
chaser other than the committee. for $2.500.000. The sale has been 1st Mtge. 5% Gold bonds, Series "E." Dated
Jan. 1 1918.
confirmed by the court. The reorganization plan, dated April 26 1923
Due Jan. 1 1938.-A circular shows:
(V. 116, p. 2016) has therefore been abandoned.
The pro rata share of the cash proceeds of the foreclosure
Company.
-Incorporated in Massachusetts in 1850. Does the entire
properties distributable to bondholders and noteholders aftersale of the electric and has lighting and heating and industrial power business in the
deducting
expenses will amount to 50% of the par value of the bonds, leas deductions city of New Bedford and several neighboring towns, including Acushnet.
for taxes, receivership and other expenses which will probably amount to Fairhaven, Dartmouth and Mattapoisett, serving a populition of 139.353.
about 3% of such par value; and such distributable share has been under- according to 1920 census. Company is now installing the final unit of
20,000 k. w. in its new 92,000 k. w. steam power station, which is situated
written by parties satisfactory to the committee.
After negotiations between the conunittee and the purchasers, a new in the city of New Bedford at tidewater. Current is distributed in the
plan of reorganization has been formulated and underwritten. This plan city by means of an extensive underground system, in the outlying disenables the bondholders and noteholders assenting thereto to take, in tricts by overhead lines and is delivered to the neighboring towns by means
place of their pro rata share in the cash proceeds of the foreclosure sale, of high-tension transmission lines. Company's combined
cash and securities of the new corporation, which would, with the success- gas plant has a daily capacity of 4,600,000 cu. ft. All coal and water
the properties
ful operation of the plant, return in a much greater measure the original are in excellent operating condition.
value of their investment.
Capitalization Outstanding upon Completion of this Financing.
The holders of a large number of bonds and notes have approved of this
plan. In order that all bond and noteholders may have the opportunity Capital stock
$4.579,200
2.165,246
to accept this offer of cash and securities obtained by the committee under Premium on capital stock
the plan, the committee has requested that the court extend the final Mortgage bonds
x4,579,000
time for the payment of the purchase price of the foreclosure sale, and the
x Series "A" 6%, 1928, $885,000; Series "R" 7%, 1928, 2477,000:
court has granted an extension to Sept. 15 1923.
%, 1938. $572,000; Series "IV 5%, 1938. $1,500.000;
The management of the new corporation will be under the direction Series "C"
of the Henry L. Doherty & Co. organization. A majority of the Common Series "E"5%,1938 (this issue). S1,145,000.
Earnings (Year ended April 30 1923).
stock of the new corporation will be owned by Cities Service Co., which
Gross earnings
is to guarantee the new bonds of the new corporation.
$3,570,739
Unless the bond and noteholders file with the depositary on or before Operating exp., taxes & ($310,506) depreciation
2,601,245
July 6 written notice of their dissent from the plan, the committee will Annual interest on bonds (including this issue)
255,920
be authorized to do all things necessary to carry out the plan. Any
Balance
depositor dissenting from the plan may withdraw his securities upon the
5713,574
payment of his pro rata share of the charges and expenses incurred by -V. 116, p. 2891, 2775.
the committee.
New Jersey Zinc Co.
-Extra Dividend of 2%.
Digest of New Plan of Reorganization Dated June 15 1923.
An extra
-A new Massachusetts corporation (probably Cities the regular dividend of 2%, has been declared on the stock, in addition to
New Corporation.
quarterly dividend of 2%. The extra dividend Is payable
Service Refining Co. of Mass.] will be organized. New company will July 10 to holders of record June 30,and
the regular dividend is payable Aug.
acquire the lands, buildings, structures, otner real estate, and the entire 10 to holders of record July 31.-V.
116. p. 2138.
equipment sold at the foreclosure.
-Under the plan assenting bondholders will
Exchange of Securities.
New York Air Brake Co.
-Earnings Five Months Ended
receive cash and securities of me new company as follows:
-For each 21,000 bond there will be received, cash $100, May 311923.
(1) Bonds.
Preferred stock. $600. Common stock (no par value) 3 shares.
Net sales. 84.493.120; manufacturing expenses, $2,832.866:
(2) Notes.
-By virtue of the fact that the $750.000 Collateral notes
manufacturing profit
$1,660.254
are secured by $1.000.000 bonds, the assenting noteholders will receive Other income
26.488
a one-third larger pro rata share upon distribution, each $1,000 note
receiving in cash $133 33, in Preferred stock $800, and in Common stock
Gross income
4 shares.
$1,686.742
Royalties and admin. exp.. $277,065; int.. &c., $117.392
394.657
The settlement under the plan will be completed on or before Sept. 15 1923.
Funds for Additions to the Plant & Working Capital.
-As a part of this
Net earnings
plan the new company will sell $2.500,000 1st Mtge. 7% bonds, which
91.292,085
Balance
will be guaranteed as to principal, interest and sinking fund l'y endorsement
Mae 31'23. Dee.31 '22.Sheet.
on each bond by Cities Service Co., for the purpose, among other things,
Jim 31'28. Dee.3I '22.
Assets-IS
Liabilitiesof providing substantial amounts for permanent additions and for woridng
$
$
capital. Cities Service Co. will accept in payment for oil to be delivered Pilo, pats., equIp_13,469,308 13,631,454 Class A stock
5.000.000
2,587,867 1.827,997 Com.stk.de surp_x12,145,599 5,000,000
under a contract made with the new company,the pro rata share of Preferred Cash
Acc'ts receivable 3,162,934 2,277,324 Awls payable__ 962.737 11,080,202
and Common stock and cash of every bond and noteholder who does
715,675
279,587
249,395 Accrued accounts_
not assent to this new plan, at a price equal to the cash paid to such non- Securities
78.758
67,740
Inventories
2,004.929 2.381,721 Deferred credit_ _
assenting bond and noteholder.
.
5,000
5,001
Deferred charges
187.489
123.234 Divs. payable_
New securutes.-(1) 1st Mtge. 10
-Year 7% (Guaranteed) Gold bonds,
102,500
Bonds
secured by a direct first mortgage on all the physical properties of the
3,000,000 3,000,007
Total (each sIde).21,692,092 20,471,125 Reserve
new company. Bonds in excess of the 22.500.000 may be issued only for
500.000
500,000
x Represented by 200.000 shares of no par value.
additions, extensions and improvements to the extent of not exceeding
-V.118, p. 2891, 2138,
60% of the actual cost or fair value thereof, when annual net earnings 1187. 1173.
prior to bond interest and depreciation have been at least 2ti times the
N. Y. & Richmond Gas CO.
annual interest charges on all 1st Mtge. bonds outstanding and proposed.
-Gas Rate Injunction.
A sinking fund will be provided sufficient to retire bonds at the annual
See Brooklyn Union Gas Co. above.
-V.116, p. 2775. 1540.
rate of $100.000, operating quarterly, tne first quarterly retirement to
North American Co.
July 1 1925.
be
-Earnings (Incl. Subsidiary Cos.).
12 Mos. Ended May 31(2) Preferred Stock.
-The Preferred stock (par $100) will be entitled
1923.
1922.
to dividends at the rate of 6% annually, cumulative from Jan. 1 1924; Gross earnings
855.967,354 $41.805,734
redeemable at $105 per share. In addition to the 6% Cumul. dividends, Operating expenses and taxes
42,484,163 27,945.661
further dividends up to, but not exceeding 2% per share, will be paid
Net income
to the Preferred stock as a class In any year equal in amount to any cash
823.483,190 $13.860,073
dividends declared and paid in that year on the Common stock as a class. Other net income
449.681
403,115
Company will agree to create a retirement fund each calendar year equal
Totalincome
to 25% of the total amount of cash dividends paid on the Common stock
$23.932.871 $14.263,188
during such year. and will agree to utilize such fund in the purchase of Interest charges
7,599,733 4,989,967
Preferred etock in the market if the same can be acquired at a price of Preferred dividends of subsidiaries
1,587.531
881,394
Minority interest
par or less.
876,383
411,365
Common Slock.-The Common stock will be issued in shares of Preferred dividends
(3)
1,141.824
1,084.095
no par value.
Balance,surplus
Capitalization of New Company-To be Authorized.
$12,727,399 16.896.367
To be Issued. -V.116, p. 2775, 2522.
let mtge. 10-Yr.1 (Guar.) Gold bonds-$5.000.000
7%
$2.500,000
Preferred stock
5.000,000
3,000.000
Northern Canada Power, Ltd.
Common stock (no par value)
75.000 she.
-Bonds Offered.
--Domin75,000 she.
-V.116, p. 2644, 2396.
ion Securities Corp., Ltd., Montreal, are
-Increases Holdings.
Metropolitan Edison Co.
-
The company announces that it has purchased from the York Railways
Co. the loser's holdinge of stock in the York Haven Water & Power Co.
offering at 99% and
int. $4,500,000 Oi% 18t M. 15-Year Sinking Fund bonds.
Other bankers offering the above bonds are: R. A. Daly & Co.,
Hammond, Matthews & Co., Ltd., Hanson Bros., F. H. Deacon Osier &
& 0o.,
Kerr, Flemming k Co., Murray & Co., Aird. Macleod & Co., A. D. Morrow
& Co. and John Stark & Co.
Dated June 11923. due June 11938. Int. payable J. & D.in Toronto
and Montreal, and in London, Eng., at par of exchange. Denom. $1,000,
$500 and $100 c*. Trustee, Toronto General Trusts Corp., Toronto.
Capitalization (When present financial plans complete)-.
$6,000,000
Capital stock issued
4,500,000
:Bonds (auth., $7,500,000; outstanding (this issue)
Remaining $3,000,000 can only be issued.against 75% of cost of addiz
tions to or betterments of property and plant, provided that the average
annual earnings for the preceding 3 years are at least 1ji times the interest
on outstanding and proposed bonds.
-An annual sinking fund of 4% on the total amount of
Sinking Fund.
all bonds issued, togetner with a sum equal to the interest on the bonds
redeemed from time to time has been provided for, the first payment
under which must be made not later than June 1 1926. Bonds will be
purchased under tender at or below call prices, failing which they will be
called as follows: At 103 and int. to June 11928, at 102 and int. to June 1
1933. at 101 and int. thereafter prior to the maturity. Bonds are callable
either for sinking fund purposes or as a whole at the above mentioned prices.
-Had inception in 1911 for the purpose of producing
Company & Business.
and selling power to the Northern gold mines, its first three customers being
Hollinger. Dome and McIntyre. Two plants were originally built on the
Mattagami River. one at Wawaitin Falls, which now has a capacity of
15,000 h.p.. and one at Sandy Falls with a capacity of 5,000 h p A third
plant was recently built out of earnings at Lower Sturgeon Falls on the
,
Mattagami River. the capacity of which will be 9.000 h.p., and from
which it is expected power will be delivered by the end of June 1923.
Even with this new plant, however, too company cannot take care of
contracts being offered and the right has been obtained from the Province
of Quebec to develop power on the Quinze River, close to the border of the
Province of Ontario. Work has been begun there on a plant which contemplates an ultimate capacity of 60,000 h.p.; the present installation to
be 20.000 h.p.. and it is expected that power will be delivered within 12
months. With this plant completed the capacity of the company will be
approximately 49.000 h.p.
-Secured (a) by a first mtge. on all fixed assets and a floating
Security.
charge on all other assets of the company; (b) by the guarantee of the
subsidiary companies owning the developments at Lower Sturgeon and
the Quinze secured by first specific mortgages on their fixed assets and
floating charges on all other assets including earnings.
-To redeem outstanding 1st Mtge. bonds of $1.208,000 on
Purpose.
the plants at Wawaltin Falls and Sandy Falls. and to provide funds for
now development and other additions to or betterments of property and
plant.
-Company has to date only had the benefit of earnings from
Earnings.
the plants at Wawaltin Falls and Sandy Falls with a capacity of approximately 20.000 h.p. Average annual net earnings available for bond interest,
depreciation and Federal taxes from these 2 plants nave been as follows:
For 7 years to Dec.311922. 2414,800;for 5 years to Dec.31 1922,2414.000;
for 3 }mars to Doc. 31 1922, $460,000; for the year ending Dec. 31 1922,
$812,000. Sturgeon
With the
Falls development delivering power for the last 6
months of 1923. it is estimated that the net earnings will be over $750,000.
With a full year's operation of that plant the earnings should exceed $850.000. With the Quinze development delivering power it is estimated that
the yearly earnings should be In excess of 21.250,000.-V. 102. p 526.
-Earnings (Incl. Subsids.)
North American Edison Co.
Quarter to 12 Mos. to
Mar.31 '23. Mar. 31 '23.
29,055,600 $30,111,372
5,034,279 17.386.985
4,019,964
946.057
737.418
309.122
2.188
42
822.283
255,230
PeriodGross earnings
Operating expenses and taxes
Interest
Minority interest in Clove. Elec. Ilium. Co
Miscellaneous charges
Preferred dividends
Balance for depreciation and common diva_ _ $2,540,870 $7,142,534
Consolidated Balance Sheet.
Mar. 31 '23. Apr. 30'22
Mar.31 '23. Apr.30'22.
Liabilities
8
8
AssetsCommon stock.x14,189.870 14,189,870
Prop. & plant
general fleet_ 89,085,063 85,262,116 Pref. stk. of subs 13,779,200 9,838,700
1,059,721
Accounts PaY'le. 2 555,831
Cash on deposit
.
693,294 1,194,718
374,822 Sundry curr.liab
with trustees. 1,198,359
94,430
1,171,009 Divs. accnied
Special funds__
606,628 TIVCC9 accrued_ 1.497,105 1.246,857
168,942
Investments___
510.982
420,582
Interest accrued
Due from affilia12,170
20,540
Sundry accr.11ab
ted companies 4,160,666
12,107.383 10,432.775
Cash
2,866,604 8,210,987 Reserves
U. S. Govt sec _ 3,263,600 1,001,875 Min.stockhold's
int. in cap'l &
92.748
965,694
Notes & bills rec.
sum of sub.
Acc'ts receivable 3,165,106 3,196.453
conttolled cos. 4,638,198 4,436,860
Material ei sum). 2,554,816 3,368,225
90 36-yr.6% bonds.
Sundry assets_
13,697,000 14,000,000
174,670
Series A
Prem.on inv. sec
97.530 Funded debt of
Prepaid accounts
311.757
Deferred pay'ts. 3,996,643 4,740,981
subsidiaries .._ 44,000,000 48,877.000
4,139,246 2,404,051
Surplus
Total
111,737,249 108,298,135
3005
THE CHRONICLE
JUNE 30 1923.]
Total
111,737,249 108,298,135
x Common stock represented by 200.000 shares without par value.
V. 115. P. 315.
Northern Mexico Power & Development Co., Ltd.
Annual Report.
-President W. D. Ross says in part:
-New Financing.
Ohio River Edison Co.
It is understood that Bonbrighb & Co., Inc., will offer an issue of 27,000,000 bonds of the above company next week.
-Back Dividends.
Overman Cushion Tire Co.
The directors have declared a dividend of 24%% on the Preferred stock,
on account of accumulations, payable July 10; books close June 30 and reopen July 5.
-Bonds Offered.
Pacific Coast Timber Co.
Carstens & Earles, Inc., San Francisco, are offering at par sad interest,
$150.000 734% First (Closed) Mtge. Sinking Fund Gold Bonds. A circular
shows:
Dated June 11923. Due Dec. 11928. Interest payable J. & D.. without deduction of normal Federal income tax up to 2%. Denom. 21,000,
$500 and $100. Callable at 102 and int., all or part, on any interest date,
upon 30 days' notice. G. Austin Haskell, Pres. Carstens & Earles, Inc.,
trustee.
Security.
-Secured on all the fixed assets now or hereafter owned, conservatively appraised at $322.927, subject only to $37.270 mortgages not
now due on portions of the property, against which the trustee will hold
funds for payment.
The particular security consists of standing timber situated in Jefferson
County and Snohomish County. Wash., which aggregates 64,598,000 ft.
Earnings
.-E. A. Sims. President, estimates the profit and receipts from
stumpage from toe company's operations at $8 Rot* 1.000 ft. of timber cut.
or total annual net receipts, based on 250 days operation in the year, at
$120,000, with an annual Minimum of 15,000.000 ft., equivalent to ten
times the maximum interest charges on these bonds.
Purpose.-Procoods will be devoted partly to the payment of company's
obligations and partly to the purchase of necessary logging machinery and
equipment to open up the company's tracts of timber and to provide working
capital.
-Report.
Phila. Co. for Guaranteeing Mortgages.
Years ended May 31:
Gross earnings
State Sr Federal taxes_
Salaries, silver., rent,
&c.,expenses
Dividends
1923.
$495.685
51,000
1922.
$349,052
36,000
1921.
$287,630
34,501
1920.
$258.315
31.691
97,295
180,000
72,231
160.000
64,096
160.000
45,297
160.000
Balance, surplus
-V. 113, p. 2192.
$167,390
$80,822
229.034
221,327
-Larger Dividend.
Philadelphia & Camden Ferry Co.
A quarterly dividend of 5% has been declared on the outstanding $1,968.750 Capital stock, par $50, payable July 1 to holders of record June 29. A
quarterly dividend of4% was paid April 10 last. Compare V. 116,to. 1422.
-Larger Dividend.
(Albert) Pick & Co., Chicago.
The directors have declared a dividend of 40 cents a share on the Common
stock, par $10, payable Aug. 1 to holders of record July 2, and a dividend
of 13 cents a share on the new Common, to be issued July 3, payable Aug.
1 to holders of record July 3. This method of handling the dividend was
decided upon due to the fact that an additional 37,500 shares of new
Common stock will be issued July 3, which will be entitled to only one
month's dividend. On May 1 last the company paid a quarterly dividend
of 334% on the Common stock.
-V. 116, p. 1906.
Pillsbury Flour Mills Co. of Minn.
-Plan Approved.See Pillsbury-Washburn Flour Mills Co.,Ltd.. below and V.118.P.2776.
-ReorganizaPillsbury-Washburn Flour Mills Co., Ltd.
tion Plan Approved.
The plans for the reorganization of the Pillsbury-Washburn Flour Mills
Ltd., of England. and the Pillsbury Flour Mills Co. of Minneapolis
Co..
into an American holding company were unanimously approved at a
meeting of the shareholders of the British company June 27. See Plan
n V. 116, p. 2776
Pleasantville (N. J.) Gas Co.
-To Issue Stock.
-
'The New Jersey P. U. Commission has authorized the company to issue
-V. 113. p. 858.
2200,000 additional capital stock.
Pratt Chuck Co., Frankfort, N. Y.
-Bonds Offered.
First Trust & Deposit Co., Syracuse, N. Y. are offering at 100 and
Interest $200,000 7% 1st Mtge. Gold bonds. Dated May 1 1923 Due
May 1 1938. Principal and interest (M. & N.) and einldng fund payable
at office of First Trust & Deposit Co., Syracuse, trustee. Denom $1,000
and $500c5 Callable as a whole or in part for sinking fund, on 30 days'
.
notice on any interest date at 10734 and interest during first five years,
105 during next five years and 10214 during last five years. Interest
payable without deduction for normal Federal income tax up to 2%.
Authorized'. Outstanding.
Capitalization$200,000
$250,000
lot Mtge. 7% bonds
400.000
Common stock
400,000
150,000
150,000
Preferred stock
Company was established in 1891 to manufacture chucks. The manufacture of steel specialties has continued to be its principal business.
These are divided into two principal lines: heating and electrical.
Radiator and boiler nipples and chaplets are sold by the company's own
s Iles organization to most of the principal manufacturers of heating
apparatus, such as the American Radiator Co., Pierce, Butler & Pierce.
and Kewanee Boiler Co., &c. Electrical products include outlet boxes,
armored cable, locknuts and bushings, sold to jobbers of electrical supplies,
the Western Electric Co. being a large customer.
-Earnings have been well maintained over a long period
Earnings.
of years. Up to the time of the great decline in prices of the recent industrial depression, the profits for every year since 1899 inclusive, have been
substantially in excess of the amount required to pay the interest on this
bond issue. The average annual profits for the past six years before
depreciation have been 572,088 or more than five times the interest requirements of this bond issue. Sales for the present year are running much
larger than for the corresponding period last year.
Purpose.-Proceods will be used to liquidate the company's floating
debt and to provide additional working capital.
The earnings for tho year, after providing for depreciation, are $241,669.
The total power distributed during the year was 6,900 h.p., compared with
5,200 h.p. in 1921 and 4,200 h.p. in 1920. Capital expenditures amounting
to $76,022 were made during the year, particularly for transmission lines
and new equipment.
The directors have decided to build transmission lines to Santa 'Rosana,
Santa Eulalia and to the city of Chihuahua. The construction cost of
this work which is now being proceeded with, will amount to approximately
$900,000.
Pressed Steel Car Co.
-Listing.
The directors have resolved to create a bond issue of 21,000,000 to
The New York Stock Exchange has authorizedt he listing of $6.000.000
finance the construction of the lines above mentioned. It is proposed at 10
present to issue $500,000 of these bonds and it is expected that the balance in -Year 5% Convertible Gold Coupon Bonds, due Jan. 1 1933(see offering
V. 116, p. 85).-V. 116, p. 2891, 946. 832.
of the cost of construction will be paid out of earnings.
This policy which the directors have decided on after careful consideration
-Gas Rate Injunction.
Queensboro Gas & Elec. Co.
necessarily postpone the payment of dividends on the cumulative
will
See Brooklyn Union Gas Co. above.
-V.116. P. 19 6, 946.
0
preference shares until the construction of these lines is completed.
1921.
1922.
Calendar YearsQuincy Market Cold Storage & Warehouse Co.
$379,169 :$452,241
Profits from operations before depreciation
100,000 Balance Sheet March 31.
137,500
Less depreciation
(As filed with the Massachusetts Commissioner of Corporations.)
$241,669
$352.241
Balance
1923.
1922.
1923.
1922.
AWLSLiabilities$
$
Included profits from operations for 1920, before depreciation, of
. $
$
Real est.& mach'y5,4.32,770 6,211,454 Capital stock
4,750.000 4,750.000
2194,757.
Supplies
38,500 Mortgages - __.
39,652
1,250.000 1,300,000
Consolidated Balance Sheet December 31.
Furn. & flat., autos,
Accounts payable
164,374 157,344
1921.
1922.
1921.
1922.
trucks & teams_ _ _ 83;644
86.717 Subscriptions to capLiabilities$
$
8
Assets$
Cash di accts. recle. 835,587 426.042
ital stock
489.200
13,344,167 13,268,145 7% Preferred stockx3,000.000 3,000,000 Securities
Property
758,362
636.807 587,670 Depreciation reserve
122.400 Common stock„
:10,000,000 10,000.000 Sinking fund
Inv. In other cos_ 122,400
696,818 770.942
9,000
Surplus
39,924 Accounts payable_
33,495
136,506 Unexpired insurance 32,782
65,080
Mans & supplies
50,672
110,409 Coupons of precec.
Amts. rec., less tee 126.854
Street serv. construe.
Total (each side) 7.350,392 7.736,648
329,593
co. outstanding_
3,635
55,502
827,232
4,107 -V. 116. p. 730. 280,170
Cash
6,475 Adv. by cos.(spec.
7,408
Deferred charges._
agreement) ____ 114,601
Republic Motor Truck Co., Inc., N. Y.-Reorg. Plan.
10,000
Reserve
10,000
The deposit committee for First Mortgage & Collateral Trust 7% Serial
237,500
Deprec. reserve
100,000 Gold notes
(Mortimer N. Buckner. Chairman), has announced that the
352,242 committee has
593.910
Total(each side)13,993,141 13,602.855 Surplus
negotiated with others a plan of reorganization based upon
the use of the property and assets formerly owned by Republic Motor
xpkte.-(1) Divs. on Prof. shares are cumulative from Jan. 1 1920. Truck Co., Inc., of New York, sold at public auction on May 3 1923. and
(2) 423 of the above Prof. shares and 22,073 of the above Common shares purchased in conjunction with others pursuant to the bid of the committee,
are held by the Montreal Trust Co. to be exchanged for Prior Lien and and has filed with Bankers Trust Co.. 16 Wall St., New York, depositary,
First Mortgage bonds of Mexican Northern Power Co., Ltd., not yet and with First Trust & Savings Bank, Chicago,sub-depositary. the plan and
agreement for such proposed reorganization.
-V. 115, p. 444.
surrendered for exchange.
3006
THE CHRONICLE
If, within 16 days after June 28 1923, majority in interest of the holders
of certificates of deposit shall file with a G. Page, Secretary of the comR.
mittee. 16 Wall St.. New York. objections to the provisions
of the proposed
plan, such proposed plan shall be abandoned. If such objections
filed by a majority In interest of the holders of such certificates of are not
deposit
within such period the committee shall have full power
and
declare effective and carry out the proposed reorganization. authority to
The committee in a notice June 28 to the holders of certificates
for 1st Mtge. & Oollateral Trust 7% Serial Gold notes refers to of deposit
the letter
of April 6 1923, prior to the sale of the properties(V. 116, p. 1659) In which
the committee was investigating the
To guide the
committee in its bid for the property, liquidation values.
Harris Brothers
nation and conservative appraisal of the liquidation Co. made an examiassets of the company and reported that such assets in value of the entire
their
minimum liquidation value of $1,400,000. The committee opinion had a
then state; in
substance:
The committee in order to protect itself against possible
loss in bidding
at the sale entered into an agreement with the IIarris company
under
which the latter guaranteed that there would be no loss
to the committee
up
an amount which the committee might invest on account of
the purcasprice, in consideration of which the committee agreed
to divide with
the Harris company fifty-fifty the net profits of any liquidation
of $1,400.000. Furthermore, that in the event of a reorganizati in excess
on
company which at that time did not seem possible, the amount and of the
class of
securities issued for the equity in the property by a new corporation
would
be determined by mutual agreement and any differences
would be arbi•
trated. but that the Harris company would be
the same position in reorganization as though theentitled to approximately
property were liquidated.
At the receiver's sale, May 3 1923, the committee bid
the sum of $1,200,000 for the entire assets and on May 18 the court confirmed
the sale.
The order of the court confirming the sale provides
for the payment of
the assets as follows: $300,000 in cash: $275,000 in
dividends (approximated) distributable out of proceeds of sale upon deposited
$625.000 in notes of the new corporation payable to the mortgage notes:
special master.
These terms have been complied with as follows:
(a) Republic Motor Truck Co., Inc. (the new corporation)
has
from a banking institution $175,000. (b) The new corporation borrowed
rowed from the committee from funds in the hands of Bankers has borTrust Co.
under the mortgage $125,000. (e) The new corporation
has
the noteholders committee a certificate of Bankers Trust received from
for account of the special master 82,103,000 in 1st Mtge. Co. that it held
which
accepted by the court in payment of$275.000(the estimated noteswhich was
cash
those
notes are entitled to out of the proceeds of the purchase price).
new corporation has given its notes to the special master as follows: (d) The
$25,000,
maturing Aug. 4
$50,000. maturing Sept. 4 1923: $100,000, maturing
Oct. 4 1923: 5125,000, maturing Nov. 4 1923: $150,000. maturing
1923*'
Dec. 4
1923: $175,000, maturing Jan. 4 1924: a total of $625,000.
. Harris Brothers Co. agreed to protect the
committee on items (b) and (c)
above and also the holder of the note given by the new corporation
evidencing the loan referred to in item (a) above, in the manner
provided in
the agreement of the committee with Harris Brothers Co.
The first board of directors of the Republic Motor Truck
Co., Inc., of
Michigan has been elected as follows: M. N. Buckner (Chairman),
Joseph
A. Bower, 0. W. Hayes (Pres.). M. Rothschild (V.-Pres.).
G.
C. B. Campbell and 'E C. King. (Glenn S. Crisp Is Sec. & W. Morgan,
Treas.)
The executive committee elected consists of Joseph
A. Bower (Chairman),
M. Rothschild and M. N. Buckner.
So that holders of certificates of deposit may be advised of the prospects
recouping their losses, through participation In the reorganizati
for
on plan.
as compared with possible dividends through liquidation
of
properties, the committee is setting out below a summary the Republic
of prospective
dividends in liquidation to mortgage noteholders who
did not participate
in the purchase of the Republic properties (non-depositing
probable dividends in liquidation to holders of certificates noteholders),
of deposit in
the event the purchased property were liquidated,
the reorganization plan to certificate holders throughand the advantages of
their sharing in goingconcern as distinguished from
liquidation values.
In approximate figures $400,000 of this purchase price
of $1,200,000
will be allocated to the property admittedly
under
$800,000 to the property which either the mortgage the mortgage and
admittedly did not
cover or which the special master determined was
not covered by the mortgage. Before any distribution to
taxes must first be liquidated. Itcreditors, the receivership expenses and
has
estimated that the maximum
dividends to non-depositing noteholders beenbe
will
1934% from the assets held
to be under the mortgage and 8).5 % from the free assets,
or a total of 28%•
These dividends, however, will not be entirely paid
before 1924.
It is probable that a liquidation of the
ceiver's sale, if liquidated over a reasonable property purchased at the reperiod of time, say two years,
would net the holders of certificates of deposit
purchase price (not Including, however, any $400,000 in excess of the
provision for expenses and
compensation of the committee). In other words, over a period
of possibly
two years certificate holders would receive dividends In liquidation
of
approximately 33 to 35%.
[Vou 116.
(a) Jan. 5 1924; (b) all obligations of the new corporation for the
ment of the purchase price or for moneys borrowed for the purpose paybeen met. (c) Each member of the executive committee receiving have
any of
the shares has given to the new corporation an option upon his
a member of the executive committee for a period of three services as
years from
June 1 1923.
The remaining Common stock, approximately 24,236 shares,
will be
turned over to the new corporation for the benefit of the new
to be disposed of in such manner and for such consideration, corporation,
if any,
such parties (exclusive of ti members of the executive committee)and to
iiserm
as the
executive committne. ,
ee may
i
Balance Sheet (Republic Motor ruck Co., Inc., of Mich.) as
of May 4 1923.
[After giving effect to new capitalization in the event of
reorganization.]
AssetsLiabilities
Total fixed assets
$2,168,478 Notes payable-N.Y.Tr. Co_ $175,000
Raw material, work in prodo Security Trust Co. (on
cess
1,850.381
notes to spec. master) 625,000
Service
590.456
do Corn. Accept. Tr. Co__
637
Notes receivable
254,557 Accounts payable
21,360
Accounts receivable
416.761 Accrued taxes and pay-rolls_ _ _
46,571
Claims against vendors
31.451 Dealers' deposits
33,852
Liberty bonds and State seMtge. on Cleveland land_ _ _ _
91,161
curities
14,797 Int. accrued on mortgages_ ___
4,818
Cash
187,235 Reserves for liquidation
2,238,515
Mortgage of Alma DevelopReserve for contingencies_ . 200,000
ment Co
21,111 Preferred stock
1,148,500
Interest accrued
3.386 Common stock (100,000 shares,
Deferred charges
45,802
no par)
999,000
Total
$5,584,418
Total
$5,584,418
V 116 p. 2523. 2646,
Republic Rubber Co.-Htstory of Old Companies--Tentalive Balance Sheet.
For history of old companies prior to acquisition of properties
Rubber Co. the present new comp any which is controlled by Republic
by the Lee
Rubber & Tire Corp.. see the latter company above.
Tentative Consol. Balance Sheet June9 1923(New Republic Rubber
Co.& Subs.)
A•setsCash
$179.434
Customers' accounts, &c., less allow, for disc., doubtful. &c1.264,700
Inventories
Misc, accounts receivable, adv., investments, &c., less reserves._ 2,223,847
117,381
Property, plant and equipment, less depreciation
3,840,207
Patents and patent rights
1
Deferred charges
23,351
Total
$7,648,922
Liabilities
Receiver's certificates payable-assumed
$1,500.000
Mortgage payable-assumed
10,000
Land contract payable-assumed
17,060
Accounts payable-assumed
224,886
Accrued interest, taxes. &c., assumed
122,043
Reserves
304,735
x Nominal capital stock
250,000
Capital surplus
5,220,198
Total
$7,648,923
Common stock, authorized and issued. 50.000 shares of no
par value
but of the declared value of $5 per share.
-V. 116, p. 2777.
Revillon, Inc.
-Preferred Stock Offered.
-Kidder,Peabody
& Co., Mitchum, Tully & Co., and Geo. H. Burr, Conrad &
Broom, San Francisco, are offering, at 9834 and div., to
yield about 8.12%, a limited amount of 8% Cumulative
Sinking Fund Pref. (a. & d.) stock. Issued, $2,000,000, less
retired by the Sinking Fund, $202,600.
Company
.-Was formed to take over the American and Canadian
of Revillon Freres. Paris, who have been successfully engaged inbusiness
the
business for 197 years; the Revillon organization is the largest factor in fur
the
fur markets of the world. They operate through subsidiary companies in
this country and Canada. Besides the fur business the company
an extensive wholesale mail order business in Western Canada carries on
(compare
V. 110. p.367).
Consolidated Balance Sheet (Including Subsidiaries) as at Jan. 31
1923.
[U. S. Companies, as at Jan. 31 1923. Canadian companies, Revillon
Freres Trading Co., Ltd., as at May 311922; Revillon Wholesale, Ltd.,as
Digest of Plan for Reorganization of Property Formerly Owned
by at Dec. 311922.1
Republic Motor Truck Co., Inc.
Assets
Liabilities
Purposes of the Plan.
-(1)To avoid a liquidation of the properties formerly Cash
$201,492 Bank loans, notes payable and
•
owned;(2) to enable the Republic Motor Truck Co., Inc., of Michigan, the Notes & acc'ts rec., inel. noels
accrued interest
5949,157
purchaser of the old company, to continue to operate the business, and
at trading posts, less reserve. 1,204,112 Accounts payable
(3)
411,788•
to enable the holders of certificates of deposit for 1st Mtge. & Collateral Inventories
4,013,773 Accrued taxes, wages,
81,691
Trust 7% notes of the old corporation to exchange their certificates of Due from assoc. cos., unadj _ _ 160,619 Unclaimed dividends &e__
222
deposit for certain capital stock of' the new corporation.
Installments on real estate sold
8,490 Due to assoc. cos.(unadjusted) 247,432
Property of New Corporation.
-The present estimated value of the prop- Securities & misc. Investments.
14,937 Mtges. on land and buildings
130,000
erty as a going concern, exclusive of good-will is $3,049,923. The new Depos. with mutual ins. cos._ 13,893 Min. stockholders' interest in
corporation will also receive title to the deposited mortgage
Fixed assets
x1,281,827
capital & surpris of Revillon
estimated value of $275,000. and the committee will release notes of an Deferred charges
232,204
Wholesale, Ltd
to the new
2,702
corporation its claim for $125,000 advanced on account of the purchase
Miscellaneous reserves
69,472
price of the property. From the assets received by the new corporation,
Preferred stock sinking fund
123,312
as increased by the additions from the committee, payment of $1,200.000
Preferred stock
1,881,400
must be made to the court for the purchase price, with int. at 7%
Common stock
y3,234,176
balances. After the payment of the purchase price of $1,200,000 on unpaid
assets of the new corporation, the new corporation will have out of the
Total
$7,131,347
Total
assets In
87331,347
excess of its liabilities of an estimated value as a going concern of$2,147.500,
subject to such increases or reductions as may occur in the meantime in the
Contingent liabilities: (1) Expenditure under contract for construction
of
ordinary course of business or otherwise.
building, $526,100; unused balance of letter of credit, $14.735.
Proposed Capitalization of New Corporation.
z Land, buildings and Improvements (subject to mortgages), less
-(1) $1,150,000 7% Cumudeprelative Preferred stock (par $100), totaling $1.150,000. Cumulations shall ciation, $1,189,289; plant, furniture and fixtures, and ships,
less depreciabegin on Jan. 11927. Preferred stock shall also have a provision
tion, $84.871; live stock and sundry, $7,666. y 120,000 shares of no
par
sinking fund to be used to purchase Pref. stock at the lowest price for a 5% value.
-V. 110, p. 367.
such stock shall be offered. Redeemable on Dec. 31 1943 at par. at which
Callable
Rolls-Royce of America, Inc.
as a whole prior to maturity at $105.
-Earnings.
--(2) Common stock without par value.
Period-100.000 shares having a book value
-3 Mos. End. Mar. 31- -Calendar Years
as a going concern exclusive of good-will, estimated at approximately
1923.
1922.
1922.
$10 Net
1921.
per share, or a total of approximately 131,000,000.
profit
8141,190 def$157,914 loss$294.510 loss$796,402
None of the Preferred stock and only a nominal amount of Common
Balance Sheet December 31.
stock will be issued until the new corporation has made full payment of the
Assets1922.
1921.
Liabilitiespurchase price to the court and has received title to the property.
1922.
1921.
Ld., bldgs.. mach.
7% Pref. stock___$3,500,000
Basis of Exchange of Mortgage Notes of Old Corporation for Stock and Voting
dr equipment.- _$1,731,857 $1,846,049 Common stock_ y175,000 $3,500,000
3,600,060
Trust Certificates of New Corporation.
name, designs,
Tr.
Accts. payable... 472,815
148,811
All of the Common stock of new corporation except directors' shares may
models, pats.,
Adv. collect ns on
.
be placed under a voting trust agreement for a period of 5
&c.. 891,190 4,316,190
sales
97,258
26,467
trustees being Mortimer N. Buckner, Joseph A. Bower years, the voting Unllq. exp. during
Accr. wages, ins ,
and George W.
Morgan. Each $1,000 mortgage note of the old corporation
constr. & devel
&c
deposited
88,065
38,461
under the deposit agreement will be exchanged for $500 of Preferred stock
1919-20 & died.
Accrued interest43,843
45,333
and for 12 shares of Common stock of no par value. As there are
on 10-yr. notes &
Tr.accept.& notes
10,605
deposited under the deposit agreement a total of $2,147,000 ofat present
15-year bonds__ 640.787
529,756 Rolls-Royce, Ltd.,
mortgage
such exchange would require $1,073 500 of Preferred stock and Cash
notes,
82,895
57,828
current amount
29,015
20,201
approximately 25.764 shares of Common stock.
Notes & accts. rec.
L. I. land & bldg__
87,702
40,301
Dapositiors of Remaining Authorized Stock of New Corporation.
271,423
(trade)
191,348 15-year sinking
-$75,000
of Preferred stock of new corporation will be used to pay the compensation Adv.& Ins to empi
3.084
1,757
fund 7% bonds_
of the members of the committee and the compensation of its counsel. Inventories
1,644.286 1,378,635 Res, for guar. serv 1,879,000
9,000
Harris Borthers Co. is entitled to 50,000 shares of Common stock under Prepd. exp.,insur.
30.113
12,058 10-yr.8% sink. Id.
the agreement pursuant to which the property was acquired. Said com- Deficit
1.086.063
791,553
gold notes
1,700,000
pany has consented to accept 25,000 shares of Common stock to be issued
to it in consideration of the obligations and liabilities assumed by it and has
$6.331,697 89,125,179
Total
Total
$6,331,697 $9,125,179
consented that the balance of the Common stock to which it would be entitled be set aside for management and other purposes for the benefit of
x Land and buildings at cost, $550 071. machinery &
the new corporation, provided the balance of the Common stock receivable $1.603,666; total $2.153.737, less depreciation reserve, equipment at cost,
$421.880. Y Comby the committee in excess of 25.764 shares be set aside for like purposes. mon stock, 35,000 shares of no par value.
-V.116, p. 2140. 1906.
The Common stock so set aside will be utilized as follows:
Sierra & San Francisco Power Co.
25,000 shares shall be deliverable to the executive committee of the new
-Bonds Offered.
corporation, in which distribution the Chairman of the committee will Harris, Forbes & Co. and
Coffin & Burr are offering at 87
participate as a member of the executive committee to the extent approved
by your committee. None of the executive committee, however, shall and int. to yield about 6%,$1,000,000 1st Mtge. 5% Gold
have.the right to receive any of said shares until
bonds of 1909. Due Aug. 1 1949.
A circular shows:
JUNE 30 1923.]
THE. CHRONICLE
3007
Issuance.
-Authorized by California Railroad Commission.
Data from Letter of A. B. Macbeth, V.-Pres. & Gen. Mgr. of Company.
Company.-Organizod in 1909 In California. Owns a self-contained
Company.
-Serves
electric generating and distributing system, which it operated as an inde- California. including natural and artifice' gas in three counties in Southern
37 cities and towns, prominent among which are puss.
pendent light and power company until Dec. 31 1919, when its operative cities of Los Angeles, San Bernardino
properties were leased for a period of 15 years to the Pacific Gas Electric than 1,000,000 estimated populatio and Riverside. a territory of more Co. Three hydro-electric generating plants with a present&installed efficient plants for the manufactu n. Company owns two modern and
re of gas. Distributing system, as of
capacity of about 60,000 h. p. are located on the Stanislaus River. all April 30 1923, consists
of 1,651 miles of mains, serving 93.845 domestic.
nearer to San Francisco than any similar plants in the State. An auxiliary 263 industrial and wholesale mills.
steam Want of about 36,000 h. p. capacity located within the city limits
Sesusitts lst & Ref.
of San Francisco gives the company a totalled installed electric generating financing in the amount Mtge. bonds outstanding on completion of this
of $7,365.000, will be secured by a direct mortgage
capacity of about 96,000 h. p. Transmission and distribution system on all the property
of the company, subject to $9,886,000 1st Mtge. bonds
includes more than 1,070 miles of lines.
due 1950, of which $5,411,000, or over 54%, will presently be deposited
Capitalization-Authorized. Outstanding. as additional security for this mortgage.
Capital stock
Earnings.
-Gross earnings have increased from 31,401,955 in 1917 to
$20,000,000 $20,000,000
1st Mtge.5% bonds, including this issue
x
10.500,000 $6.314,935 for 12 months ended April 30 1923. Net earnings for 12
2d Mtge. bonds, 1949, Series "A," 6%
1,000,000
1,000,000 months ended April 30 1923 from all sources, were 2.62 times the interest
do
Series "B," 5%
8,500,000
8,500,000 on all bonds outstanding, including this issue.
From gas operations net earnings were 2.54 times bond interest requirex At present limited to the $10,500,000 bonds now to be outstanding, ments. In the ten years ended Dec. 31 1922 net earnings from operation
subject to increase to a total authorized amount not exceeding $30,000,0
increased 595%, while the bond interest increased only 262%.
Lease.
-During the term of the lease, the Pacific Gas & Electric 00.
Sinking Fund.
-Mortgage provides for an annual sinking
covenants to pay interest on all outstanding 1st Mtge. 57 bonds andCo. March 1 1927, amounting to 24% of the par value of thefund, beginning
largest amount
on
all 2d Mtge. bonds, and also a fixed rental now amounting to $150,000 of bonds at any time outstanding, including let Mtge.
bonds,
per annum. In addition the Pacific Gas & Electric Co. covenants, among for the retirement of bonds or acquisition or construction of to be used
additional.
other things, to properly maintain and operate the leased properties
-V. 116, p. 2892, 1772, 626.
, property.
and to pay all operating expenses and taxes, including provision for
depreciation.
Southern California Iron & Steel Co.
-Bonds Offered.-Earnings.
-For the last five year of independent operation, ended
Dec. 31 1919 (date of lease), net earnings averaged 2.37 times 1st Mtge. Wm. R. Staats & Co. San Francisco, are offering at 100 and
bond interest. Since that date earnings of the leased property have greatly int. $800,000 1st dtge. 63'2% Serial Gold bonds. The
Increased, and are certified by the Pacific Gas & Electric Co. as follows:
bankers state:
Year ended March 31 1923: Gross operating
Dated May 11923. Due serially May 1 1925 to 1943. Denom. $1,090.
net earnings (after taxes), 31.568.780. Net earningsrevenue, $3,389,249:
are practically
times the $525.000 annual interest charges on all 1st Mtge. bonds three Red. on any int. date at 103 and int. in reverse order of maturity. Int.
now payable annually M.
to be outstanding.
& N. without deduction for normal Federal income
-V. 116, p. 2523.
tax up to 2%, at California Trust Co., Los Angeles, trustee, Anglo &
•
don Paris National Bank, San Francisco, or Bankers Trust Co.. New LonSilver King Coalition Mines Co.
York.
-Annual Report.
Tax-exempt in California.
Calendar Years1922.
C'ompany.-For over 20 years company has been successfully engaged
1921.
1920.
1919.
hr
Ore sales
$1,415.278
its present business, which now includes the operation of open hearth
3497.598 $1,006,687
$885,915
steel
Other earnings
33,333
29.786
49,354
10,971 furnaces, the rolling of steel bars of all descriptions, the manufacture of
bolts, nuts and rivets and the operation of a galvanizing departme
nt.
Total earnings
$1,448,611
$527,384 $1,056,041
$896,886 This concern has become the largest bolt and nut works on the Pacific
Devel., mining, milling,
Coast. Steady growth of the company's business has necessitated removal
&c., expenses
$653.440
$618,215
of plants and machinery to a new and much larger location and this is now
$618,254
$760.610
Depreciation
48,978
40,550
52.730
51,602 taking place. The complete removal and enlargement is provided for by
Tax reserve
58,881
35.016
26,698
18,382 this financing.
Dividends paid
364.830
Earnings
182,415
.-Net earnings for the last seven years,
payment of Federal income tax, have averages' overafter depreciation and
$120.0W per annum,
Balance, surplus
$322,483 def$348.814
8358,360
$66,292 which is more than 2S1 times the interest on this bond issue and over 1 St
-V. 106, p. 714.
times the average combined interest and principal charge that the company
will be called upon to make prior to maturity a the bonds.
-V.115.p.1642
Sinclair Consolidated Oil Corporation.
-Listing.
The New York Stock Exchange has authorized the listing of
Southern Counties Gas Co. of Calif.
$25.000,000
-Bonds Offered.6 ss% First Lien Collateral Gold Bonds, Series B, due
Juno 1 1938. See Blyth, Witter & Co.; E.
offering in V. 116, p. 2777.
H. Rollins & Sons and First
Sixty-five Forty-five Carnegie Co.,St.
Securities Co. are offering at 9234 and int., yielding about
Louis.
-Offering. 6%%, $1,000,000 1st Mtge. 20
-Year 534% Sinking Fund
The Tillotson & Wolcott Co. and Guardian
land, are offering at par and int. $400,000 1st Savings & Trust Co., Cleve- Gold bonds of 1916, due May 1 1936 (see adv. pages).
Mtge. Leasehold 6%% gold
bonds. Dated July 1 1923; due serially 1924 to 1939.
Data from Letter of F. R. Bain, Los Angeles, Calif.,
Guardian Savings
June 19.
& Trust Co., Cleveland, trustee. These bonds are
Company.
secured by a first mtge.
-Organized in 1911 as the consolidation of a number
upon the company's leasehold estate in land
of
of Carnegie Ave. near 65th St., Cleveland. and building on the north side independent gas companies operating in contiguous territory in Orange
The lease runs for 99 years, and Los Angeles Counties. Other properties
is renewable forever and contains a
were acquired in 1916 1919
valuable purchase option. The land is and 1922, until now company is serving
improved by a modern fireproof 4-story building
46 cities and towns in the counties
'
of
and contains a rental area of 192,000 sq. ft. for stores, reinforced concrete of Los Angeles, Orange, San Bernardino, Santa Barbara, and Ventura.
offices and manufac- embracing a population of approximately 586,000.
turing appraised at $690,585.
Compnay distributes.
through about 1,512 miles of mains, cheap
natural gas obtained from
widely separated and long-lived fields.
Company's total storage capacity
(S.) Slater & Sons, Inc.
in 17 holders is 6,130,000 Cu. ft. Properties
-Balance Sheet Dec. 31.are msintained in excellent
condition.
Assets1922.
1921.
Mabel:Us1922.
1921.
Capitalization after this
Real estate, plant
Authorized. Outstanding.
$3,000,000 $4,500,000 1st Mtge. 53.is (includingFinancingand machinery_$1,1347,231 81.751,308 Capital stock
this
Accounts payable_ 529,708
$10,000,000
x$7,567,WO
474,056 Coll. Trust Cony. 8% bonds issue)
Merchandise
3,963,070 3,983,480 Notes payable__ _ _
1,000,000
62,581
660,000
18,398 2d Mtge.67 bonds
Notes & accts. rec. 2,587,564 1.952,057 Reserve fund
900.000
2,165,000 2,225,000 Preferred sack
600,000
Cash
98,775
288.749 Profit and loss..... 2,865,111 2,287,278
1,2.50,000
1.248.700
Common stock
Securities
25,025 1,488,573
1,500,000
1.500,000
Prepaid expense
100,715
80,565 Total(each side).88.422,380 $9,504,732
x $972.500 additional 1st Mtge. bonds are
-V. 116, P. 85.
deposited with the trustee
as security for the Coll. Trust Cony.8% bonds.
Southeastern Express Co,
-Annual Report.
Calendar Years
12 Mos.end.
Earnings1920.
1921.
1922
May 31 '23.
Year ended
8 Mos. end.
Gross revenues
Period82,905.358 84.251,024 35.444.537 85.612,286
Dec. 31 '22
Dec. 31 21.
Oper. exp. & taxes
Gross income (all sources)
2.285,851
3,483,707
4,229,939
4.481,31.5
37.220,117
$4,593,234
Operating expenses, uncoil. revenue & taxes
3,830,507
Net income
2751,386
Dividends
3619,507
$767,317 31,214.598 31,130.971
(7%)70,000 (4.67%)46,700 1st M.&jColl.Tr.bd.int_
265,041
381.259
322,105
404.916
Balance, surplus
x$3,319,6
$1,795,148
Balance
x Equivalent to 46.74% of the gross transport 10
$354.466
3833.339
3445,212
3726.055
ation express receipts Times earned
paid to the railway companies as compensation for
2.33
3.18
2.38
2.79
the rail haul.
-V. 114, -V. 116, p. 2523. 1772.
p. 2687.
Southern California Edison Co.
-Bonds Auth.,
The California RR. Commission has authorize
94 and int. $229,000 of Gen. & Ref. Mtge. 53 %d the company to Issue at
-year gold bonds, series
of 1919,for the purpose of refunding or paying 25
tura County Power Co. 1st Mtge.6% bonds. off an equal amount of Ven-V. 116. p. 1645.
The California Supreme Court has sustained
Railroad Commission In ordering a reduction the action of the California
Southern California Edison Co. and in refusing of 10% in the rates of the
volving the 10% rate reduction to include a to open the proceedings ingeneral rate investigation.
One of World's Largest Consumers of Copper.
-
The Copper & Brass Research Association,
states that on the basis of estimates publishedin its "Bulletin" June 21.
by the electrical industry
which place the total expenditure for
transmission lines to be erecteil
during the current year at $125,000,000, the
market for copper in that
field is placed at between 125,000.000 and
200,000,000 pounds for highvoltage transmission lines alone.
The estimated expenditure of 3900.000,
st. uction in the United States during the 000 for transmission line coamarket for copper wire and cable of between next five years will afford a
900,000,000 and 1,500,000,000
pounds.
Figures supplied by the Southern California Edison
Co., engaged in
the largest hydro-electric development prolect in the world,
use of 26.694,000 pounds of copper in service on its system. show a present
On its 60.000
volt transmission lines there are 8,838,000 pounds of
30.000
-volt lines 740,000 pounds of copper. It Is copper and on the
1922 there were 6,000.000 pounds of copper purchased estimated that for
.
This company recently completed and tied
operated 220.000-volt transmission line in the in the first commercially
world and on March 12
began the construction of the largest hydro-electric
Niagara Falls, which, when completed about Oct. power house west of
1, will deliver about
100.000 h. p. of electrical energy. When all its
Southern California Edison Co. will have about plans are completed the
supplying current to about 300 cities and towns. 35 monster power houses
As these generating plants bring in from 50,000 to
75,000 h. p. of new
electricity a year, the necessity of building and
extending the distribution
system of the company throughout the district it
servos requires the continuous building of distribution lines for which
copper is used almost
exclusively.
-V. 116, p. 1645, 1527.
Southern California Gas Co.
-Bonds Sold.
-Cyrus
l'eirce & Co., San Francisco; Blyth, Witter & Co., New
York, and Banks, Huntley & Co., Los Angeles, have sold
at 99 and int., to yield about 6.10%, $2,500,000 1st & Ref.
Mtge.6% Series "C" of 1958 Gold bonds (see adv. pages).
Dated June 1 1923. Due June
1 1958. Int. payable J.
in Los
.thgeles, San Francisco and Now York without deduction&
for Federal
normal income tax not exceeding 2%. Redeemable at
Denom. $1,000 and $500. Union Bank & Trust Co. of 105 and int.
trustee. Exempt from personal property tax in California. Los Angeles,
Southern New England Telephone Co.
-Increa
se.
-The stockholders on June 25 increased the authorized
capital stock from
$20,000,000 ($18,000,000 outstanding) to $40,000,000.
company proposes to issue $3,000,000 of stock, in the fall par $100. The
subscription to stockholders, payable in full on or before of this year, for
Jan. 3 1924 or in
two installments, viz. not less than
on April 3 1924.-V. 116, p. 2647. 50% on Jan. 3 1924 and the balance
'
Southw
estern Utilities Corp., Independence, Kan
The company has applied to the Kansas P.
to issue 3210,500 1st Mtge. 8% gold bonds, U. Commission for authority
developing oil, gas and mineral lands in the the proceeds to be used for
State
recent grant of the Commission the companz issued of Kansas. Under a
$80,000 bonds to purchase property in Oklahoma.-V. 116. p. 2i 78,
2647.
Spiegel, May Stern Co., Chicago.
-Lease.
-
The company has leased from Julia S. Lovejoy,
of Janesville. Wis.. the
modern 6
-story and basement warehouse now
at the cost of $400,000 at the southeast corner ofbeing erected by the lessor
Morgan and Cullerton Sts.
Chicago, covering 18,000 sq. ft., for 20 years, at
a fixed annual rental of
$35.000 net, or $700,000 net for the term.
-V.115, p. 1641.
Spanish-American Iron Co.
-Bonds
Reduced on List.
The Phila. Stock Exchange
6% bonds, due July 1 1927 onon June 22 reduced the amount of 1st Mtge,
the regular list from 31,204.000 to 3929.000:
$275.000 reported retired by operation of the
sinking fUnd from Jan. 1 1923
to July 1 1923. both inclusive.
-V. 116, p. 2647.
Standard Oil Co. (of Calif.1
.-Debentures Cdted.AU of the outstanding $25,000,0
-Year 7% Gold debentures dated
00 10
Jan. 1 1921 have been called for payment
Anglo-California Trust Co., San Francisco Aug. 1 at 104 and bit, at the
or. at the option of the
holder, at the Equitable Trust Co., N. Y. ,
City.
Cdlif.. 116, p. 2779. 2647.
-V.
Steel & Radiation
Pursuant to an order of the Ltd.-Reorganization Plan.'
by Montreal Trust Co. and Supreme Court of Ontario, approving the sale
Geoffrey Teignmouth Clarkson to Imperial
Radiator Co.. Ltd., of all the property and
assets of Steel & Radiation. Ltd..
upon the terms and conditions set
out
said Steel & Radiation, Ltd., approved in the plan for reorganization of
by the holders of the let Mtge. 6%
bonds. All hsiders
gold
of 1st
render their bonds with April 1 Mtge. 67s gold bonds are required to sur1921.
to Montreal Trust Co. in Toronto, and all subsequent coupons attached,
or at office, 2 Bank Bldg., Princes St.
London. Holders of 1st
be entitled to receive: Mtge. 6% gold bonds will, on surrender thereof,
(a) 2nd mtge. bonds of Imperial
Radiator Co.. Ltd.. on the basis of 940
for every $100 of bonds
surrendered.
(b) Shares of Imperial Radiator
Co., Ltd., on the basis of $15 for every
$100 of bonds surrendered.
(c) Share participation certificat
of Imperial Radiator Co.. Ltd., es in respect of 1.500 fully paid shares
surrendered -V. 115, p. 1218 on the basis of $15 for every $100 bonds
08
THE CHRONICLE
[VOL. 116.
Utah Copper Co.
-Balance Sheet Dec. 31.
-
-Annual Report.
g Coal Co., Ltd.
1919-20.
1920-21.
1921-22.
ars , arch 31- 1922-23.
$92,562 def$32.327
$121.946
$6.788
t for,
82,712
.payable
79.334
ns'
$42,612
$9.850 def$32.327
rplus
$6,788
an
rs have declared a dividend of 1% on the paid-up capital
e quarter ending June 30 1923. being at the rate of 4% per
able to shareholders on record June 20.
on will be made to list the capital stock ($3.500,000 authorized:
-V.114, p. 2833.
0 outstanding) on the Toronto Stock Exchange.
-Bonds Offered.
arles) Stern & Sons, Inc.
Alvin H. Frank & Co., Los Angeles, are offering at prices ranging from
100 and int. to 1014 and int., to yield from 6.45% to 7%. according to
maturity. $400,000 1st (Closed) Mtge. 7% Gold bonds. A circular shows:
Dated May 1 1923. Due serially, 1926-1937 incl. Denom. $1.000.
Int. payable M.& N.at Farmers & Merchants National Bank. Los Angeles.
trustee. Redeemable on any int. date at 102 and int. Company agrees
to pay interest without deduction for any normal Federal income tax
up to 2%.
Outstanding
Authorized.
Capitalization
$400.000
$400,000
1st Mtge. bonds
255.000
500.000
Preferred stock 6% (non-cumulative)
743,800
2,000,000
Common stock
These, bonds are secured by closed first mortgage on 1.920 acres of
agricultural lands, planted as follows: 835 acres of grapes (20 years old),
140 acres of apricots (5 years old), 785 acres of peaches (5 years old).
Also a thoroughly modern packing plant, which, with equipment, outbuildings, &c.. covers an area of 20 acres.
Purpose.
-Proceeds will be used to pay off entirely all bank loans, provide necessary improvements for additional water supply, and for the
1923 crop, and leave ample working capital for the operations of the
property.
[Including Bingham & Garfield Ry. Co.]
1921.
1921.
1922.
1922.
$
LiabilitiesAssets$
$
$
Mining & milling
Cap. stk. outsVg
prop. & eq. ry.
(Utah Copp. Co.)16,244,900 16,244,900
prop., &c
256,596
x28,281,003 29,063,834 Accounts payable_ 640.586
Investments
5,837,860 5,837,860 Accrued treatment,
Deferred charges_ _11,390,115 10,367,576
refining & deliv.
Cop. Exp. Ass'n,
999,237
62.920
charges
Inc., suspense
756,295
977,936 Res. for taxes, &c.. 2,204,282 2,190,722
Bd. deposit sect_ 270,000
Surplus from sale
Cash
of securities_ _ _ _ 8,290,620 8,290,620
3,309,187 4,123,350
Cash
due
for
Surolus from oper_38,336,724 38,573,254
copper deliveries 985,534
822,634
Marketable sec's 6,281,918 7,199,918
Accts. rec., prepd.
insurance, &c
838.586
201,118
Metals
5,834,768 3,350.695
& supplies_ 2.931.082 3.674,093
Total (ea. eide)..66.716,349 65,619,013
x Mining and milling properties and equipment, $29,511,873: railway
property and equipment, $6,773,144; total, $36,285,017; less reserve for
depreciation, $8.004.014.
The income account for the past four calendar years was published in
V. 116, P. 1661.-v. 116, p. 2400. 2019.
Virginia-Carolina Chemical Co.
-Rumors of Receivership "Arrant Nonsense"
-Preliminary Figures for 1922-23.
President C. G. Wilson, in a statement issued June 28, says:
During recent months there has been persistently circulated rumors
and reports emanating from unknown and irresponsible sources, reflecting
upon the financial integrity of the company.
For the benefit and information of the company's security holders and
those having an interest in the company's welfare, the suggestions or
Intimations of a receivership for the company are arrant nonsense.
Liabilities-$
Assets-.
$
$
The company's fiscal year ended May 31 1923. The usual audit by
Plant & investm't_38,824,140 37,402,932 Common Stock. .i3,875,000
Price Waterhouse & Co. is now being made. The preliminary figures
Prior Pref. stk.,8% 2,450.000
Uncompleted job
show that the consolidated loss from operations, after all interest charges,
774.628 Preference stk.,7% 1,500,000
orders
1,261
was approximately $3,000.000.
16,143.400
40,627 Funded debt
200
Securities owned
On May 31 the company had $43,572.000 of current assets (round
Inns& accept. pay. 699,290
Sinking fund
2,026
figures) after charging off an amount which in the opinion of the officers
661,703 Bills rec. disc't'd-7,696
Stores & supplies__ 597,002
removes all question of doubt as to the value of the company's bills and
147.255 Accounts payable_ 558,865
15,208
Bills receivable__
accounts receivable. That item stood on May 31,$24,528,000; inventories.
Acc'ts receivable- 1,885,869 1,385.165 Interest accrued__ 351,442
$11.694.000: cash, $6.903.000: marketable investments, $447.000.
114,722 Taxes accrued___. 483.228
125,863
Cash
The consolidated current liabilities amounted to $17,575,000.
Line exten. depos_ 315.876
Payments in adThe consolidated ratio of current assets over current liabilities was
41,223
235,787 Customers' depos301,756
vance
2.45 plus; the ratio of the Southern Cotton Oil Co. was 1.55 plus and the
Maint., replac't &
Fiscal agents so789.139
other reserves__ 4,074.061 3,742,964 Virginia-Carolina Chemical Co. standing alone, 3.37.
counts receivle_ 1,708,776
The inventories of each company are conservative both as to quantity
84,032
Fisc.agts. note pay
84.032
Treasury securities
and value.
163.894
Undelivered securs 163,894
for sale
Not included in the total of current assets as
Securs. borrowed.. 675,000 1,048,500 Seems. borrowed_ 675.000 1,048.500 pany owns as free assets stock of other companiesstated above the comunpledged and having
2.877,988 2,418,223
Surplus
a salable value in excess of $3.000,000.
The fertilizer end of the company's business made a pleasing and sub44,300,995 42,600,458
44,300,995 42,600.458
Total
Total
stantial improvement over the previous year. The fertilizer business has
-V. 116. p. 1907, 626.
unmistakably made the turn of permanent improvement.
While the Southern Cotton Oil Co. had an unprofitable year, there is
-Increase.
Travelers Insurance Co., Hartford, Conn.
nothing to suggest that the causes and conditions that brought that
The stockholders have increased the authorized capital stock from $7,- about can or will repeat themselves during the present fiscal year. result
The
$10.603.000, par 3100.-V. 115. p. 2805.
500,000 to
Southern's business is progressive and it is progressing in the right direction.
The outlook for both branches of the business is good.
-V. 116. p. 1908.
-Notes Offered.
Troy Foundry & Machine Co.
The company (through R. A. Stevens, Asst. Treas. Troy N. Y.), is 1424.
. -Year 7%
offering at par and int. the unsold portion of $250,000 10 Gold
Walcott & Campbell Spinning Co.
-Bonds Sold.
notes. Dated Feb. 1 1923. Due Feb. 1 1933. Int. payable F. & A.
at National State Bank, Troy, N. Y., or through any bank or banker. Utica (N. Y.) Trust ez Deposit Co. and Mohawk Valley
Denom. $100, $500 and $1.000. Redeemable all or part at any interest Investment Corp., Utica, N. Y., are offering at 100 and int.
date at 105. Convertible into Preferred stock.
The company is one of the largest foundries in the East. manufacturing $300,000 Cony. 15-Year 634% D9benture bonds.
13ited June 1 1923. Due June 1 1938. Denom. $1,000 and $500c5
.
gray iron castings, and established over 30 years. The business in sight
is very large, and the company has quite a number of large corporation Interest payable J. & D. without deduction for any normal Federal income
-V. 114. p. 533.
contracts on hand.
tax not in excess of 2%. Callable all or part at any time on eight weeks'
notice at 1024 and interest. Utica Trust & Deposit Co., trustee.
Underwood Typewriter Co.
-Listing-Earnings.
Data from Letter of Pres. F. C. Walcott, Utica, N. Y., June 6.
The New York Stock Exchange has authorized the listing on or after
-Incorporated in 1896 in New York. Manufactures plain
Company.
June 28 of temporary ced if cotes for $9,000,000 Common Stock, par $25, in
and fancy hosiery yarns, both combed and carded.
exchange for 90,000 shares of Common Stock now outstanding. par $100
Purpose.
-To increase working capital.
each, with authority to add $1,000,000 additional Common Stock, par $25,
Conversion.
-Holders of these debentures may convert their bonds, par
on official.notice of issuance and payment in full, making the total amount
for par, into the 7% Cumulative Preferred stock.
applied for 400.000 shams Common Stock, par $25 each.
Authorized.
Outstanding
The 40,000 shares (par $25) are being ofered to the common stockholders
Capitalization$330.000
of record June 15, at the price of $10 a share upon the following basis: For Convertible 15
-Year 64% Debenture bonds
$300,0100
each 9 shares of Common Stock. par $100 each, owned by any Common Preferred 7% Cumulative stock
500,000
stockholder,such stockholder will be entitled to subscribe for 4 shares of the Common stock
1,000,000
750.000
Increased Common stock of the par value of $25 each.
Sinking Fund.
-Company agrees to pay to the trustee as a sinking fund
The stockholders shall have the right to subscribe on or before J11110 30. 10% of its net earnings for each calendar year beginning with the year
subscriptions shall be made in cash or in funds current at 1924. said sinking fund to be used for the purchase of bonds at their market
Payment on such
the New York clearing house to the company, at its office, 30 Vesey St. price up to redemption price of 1024.
All of the additionnl shares of Common stock not subscribed for by the
-Annual gross and net earnings show a rapid and consistent
Earnings.
stockholders have been underwritten at $40 per share.
growth from the beginning of operations in 1897. The year 1921 is the
Consolidated Income Statement, Period Jan. 1 1923 to April 30 1923.
only year in the company's history which shows a deficit. From 1910
to 1921 the average annual earnings amount to nearly five time the interest
Sales (No. machines, 65.424): Machines, $5,896,848: merchancharges on the proposed bond issue. From 1916 to the present time,
dise, &c., $2.934,753: total, $8,831,601; less cost of same,
$5,023,014 including the deficit of 1921. the annual earnings amount to 5.13 times
$3,808,588: gross profits
the interest charges on the present bond issue.
General expenses, New York and branches: Patents, royalties,
rent, taxes, insurance, &c., $3.926.914: premium paid for
Western Quebec Paper Mills, Ltd.
-Bonds Offered.
4,033.697
Pref. Stock, $16,000; depreciation, $90,782; total
Shaer. Morton & Co., Ltd., Montreal, are offering at 97 and int., yield$989.316 ing 634 % $225,000 1st Mtge.64% 25
-Year Gold bonds. Principal guarNet earnings
126.677 anteed through insurance by Travellers Life Assurance Co. of Canada.
Add-Net income from outside sources
Dated May 15 1923. Due May 15 1948. Int. payable M. & N. at
$1,115,993 Bank of Montreal. Montreal, or Toronto, or. at the option of the holder,
Net profits for period
in U. S. currency at the agency of the Bank of Montreal, New York.
Analysis: Net profits for month of April. $273.603; net profits
23.482,665 Denom. $1,000, $500 and $100
Red. as a whole on any int. date at
previous thereto up to March 311923,$23,209,061; total
12,720.000 105 and int. until May 15 1933; at 103 and int. thereafter. Montreal Trust
c*.
Less dividends
Co., Montreal, trustee.
$10,762,665
CapitalizationAuthorized.
Issued.
Surplus April 30 1923
$225.000
64% First Mortgage bonds. due 1948
$1.000,000
-V. 116, p. 2780.
Common shares(no par value)
2,500 shs. 2,000 shs.
-Listing.
Union Tank Car Co.
Company.-Incorp. under the laws of the Dominion of Canada in.1923 to
The New York Stock Exchange has authorized the listing of $1.000,000 engage in the production of fine papers, spedallzing in tissues. On comadditional Common Stock, par $100 each, on official notice of issuance, pletion, company will own a modern paper mill, thoroughly equipped with
$1,000,- toe most up-to-date machinery for the manufacture of fine papers, at St.
making the total amount applied for $19,000,000. The additional
000 stock is to b3 sold to the employees. V. 116, p. 1287.
Andrews, Que. New buildings, now in the course of construction, will give
company a plant which will be big enough for many years to come.
-Earnings.
U. S. Smelting, Refining & Mining Co.
-A special contract of insurance, fully paid up,
Sinking Fund Insurance.
Consolidated (estimated) earnings for 5 months ended may 31
the Travellers
$1,868,349 has been entered into with the payment inLife Assurance Co. of Canada,
1923, after providing for all interest
full of the bonds at maturity.
677.424 which company guarantees a clause providing, in the event of liquidation,
amortization
Reserve for depreciation, depletion and
This contract, also, contains
709,260
Preferred dividends
for the payment of the pro rata amount to the trustee of the bond holders
$481,665 at the end of any one year,leaving the total value of the property as well au
Balance, surplus, available for Common dividends
The report of the directors says in part: "Earnings of the metal mines the earnings as security for the interest. earnings for the year 1923-1924,
Earnings.
-It is estimated that the net
smelter in Utah have been increased over the earnings for the corand
with a minimum production of 5 tons per day, will
responding peried last year, owing principally to the increase in the aver- to more than 3 times the interest requirements onbe over $65,000, or equal
the bonds issued.
price of lead during this period and greater demand for the by-products
age
produced. The coal output for the five months' period was 328,700 tons,
Wertern Union Telegraph Co.
-Rates Cut.
ear.
as compared with 405,790 tons in the corresponding period
The company announced Juno 25 that, effective July 1, its cable rates
"Developments at the Mexican properties continue to be favorable. The
last'
to the principal Scandinavian countries will be reduced in proportion to
Mexican output has averaged 87.100 tons per month for the five months' the general reductions made on April 20. The reduction is applicable to
period, as compared with 82,500 tons during the same iperlod last year. half-rate deferred service to the countries where that service is now in efSince the beginning of the year the Sunnyside Mines in Colorado and the fect. See also V. 116, p. 1773.
Gold Road Mines in Arizona have resumed operations, and preparations
Wickwire Spencer Steel Corp.-Earnings.are being made to resume operations at the Nrammoth Mine and smelter.
"The directors have declared the regular quarterly dividend of IX% on
Includi 1, American Wire Fabrics Corporation.]
the Preferred stock, payable July 14 to holders of record July
Month of May.5 Mos. end. May 31.
Periodp. 1424, 1063.
$2,679,463
$13,797,370
Sales
-Subsidiary Co. Plant.
United States Steel Corp.
2,449,402
12.475,870
Costs and expenses
Due to adverse labor conditions in the Detroit district, the officials of
Profit
$1,321,500
the American Bridge Co.,subsidiary, have decided to dismantle its Detroita
$230,0.1
plant. The company will maintain engineering offices in Detroit and -V. 116, p. 2532, 2409.
operate as heretofore, but will discontinue all fabricating at that point and
-V.116,P.2780.
For other Investment News, see page 3013.
supply the districtfrom its other plants. ("Iron age.")
-Balance Sheet Dec. 31.Toledo Edison Co.
1922.
1921.
1922.
1921.
$
13,875,000
2,500,000
1,500.000
15,375.400
465,652
141,384
278,884
347.468
467,729
319,307
35,915
•
JUNE 30 1923.]
THE CHRONICLE
ittparts awl
3009
pocuments.
NORTHERN PACIFIC RAILWAY COMPANY
TWENTY-SIXTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1922.
Office of the
Northern Pacific Railway Company,
St. Paul, Minnesota.
April 5 1923.
To the Stockholders of the Northern Pacific Railway Company:
The following, being the twenty-sixth annual report,
shows the result of the operation of your property for the
year ending December 31 1922.
INCOME ACCOUNT.
1922.
1921.
Average mileage operated_
6,640.64
6,658.03
Operating Income—
Operating revenues
$96.076.066 48 i94,538.059 44
Operating expenses
72,654.711 05 77,630,867 23
Net operating revenue__$23,421.355 43 $16.907.192 21
Railway tax accruals
8,430.583 11
9,014,120 50
Uncollectible railway revenues
24.982 54
17.895 63
Increase(±)or
Decrease(—)
•
—17.39
+$1.538.007 04
—4,976.156 18
+$6.514.163 22
—583,537 39
+7.086 91
Railway oper. income_ __$14.965.789 78 $7,875,176
70
Equipment rents—net---- 2.566.625 53 1.445.605 08 +$7.090,613 70
83 +1.121.019
Joint facility rent—net---- 1,918,099 16
1,523,044 26
+395.054 90
/et railway open income$19,450,514 47 $10.843.826 17 +$8,606,688 30
Non-Operating Income—
Income from lease of road__ $342,120 13
$319,651 44
+S22,468 69
Miscellaneous rent Income_
638,982 68
698,165 20
—59,182 52
Miscellaneous non-operating
physical property
44,516 91
104,544 58
—60,027 67
Separately operated properties—profit
99,229 48
94.816 69
+4,412 79
Dividend Income
8,338,282 50 21,858,646 00 —13.520.363 50
Income from funded securities
1,048,570 15 2,346,638 70 —1,298.068 55
Income from unfunded securities and accounts
758,448 47
806.462 67
—48,014 20
Income from sinking and
other reserve funds
149 99
47 92
+102 07
Miscellaneous income
1,429 13
323,709 52
—322,280 39
Total non-oper. income__$11,271,729 44 *26.552.682 72-515.280,953 28
Gross income
$30,722,243 91 $37.396,508 89 —$6,674,264 98
Deduction from Gron Income—
Rent for leased roads
$51,320 66
$51.320 65
—.01
Miscellaneous rents
9.869 59
10.328 04
—458 45
Interest on funded debt_ _ _ 14,992.473 37 14.480,67983
+511,793 54
Interest on unfunded debt_
67.646 14
10,631 28
+57,014 86
Amortization of discount on
funded debt
283,824 59
304,273 42
—20,448 83
Miscall. income charges_ _ _
260,180 06
473,876 50
—213,696 44
Total deductions from
gross income
*15.665.31441 $15,331,109 72 +5334.204 69
Net income
515.056,929 50 522,065.399 17 —$7.008,469 67
Dividend appropriations of
income
12.400.000 00 17,360,000 00 —4.960,000 00
Income balance for the
year. transferred to
profit and loss
$2,656,929 50 $4,705,399 17 —52.048.469 67
Mail revenue was $1,657,161 94, a decrease of $42,673 21,
or 2.51 per cent; making allowance for back mail pay received, there was an increase of $114,778 08, or 7.66%.
Express revenue was $2,157,176 82, an increase of $75,635 22, or 3.63 per cent.
Sleeping car, parlor and chair car, excess baggage and
miscellaneous passenger revenue was $1,020,876 00, an increase of $139,112 28, or 15.78 per cent.
Total revenue from persons and property carried on
passenger and special trains was $20,387,111 97, a defrease
of $1,291,183 65, or 5.96 per cent compared with the previous
year.
The number of passengers carried was 5,263,440, a decrease of 914,856 over the previous year, and the number
of passengers carried one mile was 473,992,323, a decrease of
31,709,614, or 6.27 per cent.
The number of miles run by revenue passenger trains was
9,555,273, a decrease of 370,359, or 3.73 per cent.
The average rate per passenger mile was 3.281 cents
against 3.365 cents last year.
EARNINGS AND EXPENSES PER MILE OPERATED.
1917.
1918.
1919.
Oper. revs.
per mile_ 13,5267_
Oper'g exp.
per mile._ 8,171 39
Net oper'g
rev. perm 5.35498
Taxes per in 1,05952
Net
1920.
15,594 28 15.282 27 16,996 59
10,857 13 11,934 71 15.177 88
4.73715 3,34756 1,81871
1,23601 1.36542 1.51934
4.29546 3,501 14 1.982 14
299 37
1921.
1922.
$
14,199 10 14,467 89
11,659 73 10,940 92
2.53937 3.52697
1,35387 1,26954
1.18550 2,25743
RATIOS.
1917. 1918. 1919. 1920. 1921. 1922.
Oper. exp. to oper. rev-60.41% 69.62% 78.10%
89.30% 82.12% 75.62%
Taxes to operating rev- 7.83% 7.93% 8.93%
8.94% 9.53% 8.77%
OPERATING EXPENSES.
(Detailed statement of operating expenses appears on
pages 25 and 26 [pamphlet report].)
CONDUCTING TRANSPORTATION.
The charges for transportation expenses were $36,801,628 01, an increase of $1,003,661 39, or 2.80%, as against
an increase in total operating revenue of 1.63%.
REVENUE TRAIN MILEAGE.
MAINTENANCE OF EQUIPMENT.Revenue passenger train miles during the year were 9,555,The charges for maintenance of equipment were $18,064,273, a decrease of 370,359 miles compared with the previous
615 39, a decrease of $3,761,201 63, or 7.23%.
year.
Revenue freight and mixed train miles during the year were
LOCOMOTIVES.
10,237,094, an increase of 1,344,081 miles.
Total number of locomotives on active list Dec. 31 1921, the date
Revenue special train miles during the year were 21,168,
of the last annual report
1.437
Additions—Locomotives remodeled
4
an increase of 9,743 miles.
Locomotive reinstated from inactive list
1
5
All revenue train miles dvring the year were 19,813,635,
an increase of 983,465 train miles.
Deductions—L
EARNINGS.
FREIGHT BUSINESS.
Freight, revenue was $71,725,005 74, an increase of
$2,478,500 68, or 3.58 per cent compared with the previous
year.
The number of tons of revenue freight carried was 21,451,028, an increase of 3,780,866, or 21.40 per cent compared
with the previous year.
6,021,158,972 tons of revenue freight were moved one
mile, an increase of 731,374,618 tons one mile, or 13.83 per
cent.
The average earnings per ton mile decreased from .01309
to .01191.
The revenue train load decreased from 594.82 to 588.17
tons. The total train load, including company freight,
decreased from 700.49 tons to 680.58.
The number of miles run by revenue freight trains was
9,573,533, an increase of 1,370,704, or 16.71 per cent.
ocomotives sold during year,from active list
Total locomotives on active list Dec. 31 1922
In addition to the locomotives on active list there were:
Withdrawn from service and on hand Dec. 31 1921
Less—Dismantled during year
Rebuilt and reinstated on active list
Transferred to active list
1,4423
1,439
23
4
1
55
28
Leaving on hand locomotives withdrawn from service which may
be sold
27
PASSENGER EQUIPMENT.
On December 31 1922 the Company owned 1,112 passenger
train cars, a decrease of 15 cars, consisting of 9 cars destroyed,
dismantled or sold and 9 cars transferred to miscellaneous
equipment, less 2 cars transferred from miscellaneous equipment, and the purchase and installation of one Mack gasoline
car.
During the year 107 passenger cars had steel underframes,
steel platforms and steel sheathing applied; work being
completed during July, and all passenger train cars in
transcontinental service have now been strengthened and
PASSENGER BUSINESS.
remodeled.
Passenger revenue was $15,551,897 21, a decrease of
The 70 passenger train refrigerator cars authorized in
$1,463,257 94, or 8.60 per cent, compared with the previous 1921 were not
received in 1922, but are promised for delivery
year.
in April 1923.
[VOL. 116.
THE CHRONICLE
3010
FREIGHT EQUIPMENT.
Comparative Number and Capacity of Freight Cars.
Increase (F)or
-Dec.31 1922- -Dec.31 1921- Decrease (-).
Capacity
Capacity
Capacity.
No. (Tons).
No. (Tons)
No. (Tons).
981,5g0 --991 --33.160
Box
24,274 948.420 25.265
--240
--6
38,880
972
38,640
966
Automobile
4,958 165.295 4,162 137,255 +796 +28,040
Refrigerator
-190
49,210 -23
49.020 2,102
2,079
Stock
Flat
7,265 259.280 7,390 263.585 --125 --4,305
2,560
62
2,560
Oil
62
5,720 283,070 5,675 280,670 +45 +2,400
Coal
65.630 -48 -1.920
Ballast and ore
63,710 1,446
1.398
46,722 1,809,995 47,074 1.819.370 -352 -9.375
Total
-.7
Percentage
Av'ge capacity per car
38.7
38.6
-.5
+.1
Of the 2,750 freight train cars authorized during 1921
there were received during 1922, 829 refrigerator cars, the
balance of the refrigerator cars were received in February
1923; delivery of the other 1,750 cars, as well as 3,000 box
cars, authorized during 1922, has been promised during 1923.
FREIGHT OAR SITUATION ON DECEMBER 31st.
Inc.(4-) or
1922. 1921. Dec.(-).
26,463 38,319 -11.856
N.P.cars on line
10,337 8.847 +1,490
Foreign cars on line
36.800 47,166 -10,366
Total cars on line
20,259 8,755 +11.504
N.P. cars on foreign lines
3581
Number of cars unserviceable
A.40 +1.33
Percentage of unserviceable to total cars on llne- 9.73
1,860 3,170 -1,310
Number of cars requiring heavy repairs
5.05 6.72 -1.67
Percentage of total cars on line
+931
790
1.721
Number of cars requiring light repairs
4.68 1.68 +3.00
Percentage of total cars on line
MAINTENANCE OF WAY AND STRUCTURES.
The charges for maintenance of way and structures were
$12,826,641 01, a decrease of $1,486,275 44 or 10.38%.
GENERAL.
FINANCIAL RESULTS OF OPERATION.
completed and from now on the company's expenses on this
account will be substantially less than they have been in the
past few years.
LAND DEPARTMENT.
The operations of the Land Department for the year are
summarized in the statements appearing on pages 42 and 43
[pamphlet report].
Conditions throughout the company's territory affecting
the occupants of land have improved to some extent since
last year, although in Western North Dakota and Eastern
Montana stock growers and farmers have found it difficult
to finance their operations.
The timber industry in Washington, Oregon and Idaho has
been prosperous. Timber that is accessible is being actively
sought for at advancing prices. A number of timber sales
of considerable magnitude were made during 1922, and upon
these large cash payments were collected.
The area of lands sold during the year exceeded that of the
previous year, but cancellations of old sales exceeded new
sales by 185,841.52 acres, thus accounting for the deficit in
net proceeds as shown in the statement. Those contracts
which required cancellation because of default and abandonment are being cleared away as rapidly as possible in order
that the land may be ready for re-sale. Receipts on account
of principal and interest were about the same as in 1921.
OIL DEVELOPMENT.
The outstanding events in oil development in Montana
during 1922 were the discoveries of oil in the Kevin-Sunburst
Field, otherwise known as the Sweetgrass Arch, and in the
second sands in the West Dome of the Cat Creek Field.
The Sweetgrass Arch lies along the Great Northern
Railway Company's line, between Shelby and the International Boundary. The oil so far produced in this field is
low grade and all of the 22 wells producing oil at the end
pumped. The Illinois Pipe Line Comof the year must be.
pany has built a pipe line connecting the wells with the
railroad, and this line has now been extended to Coutts,
Alberta, just across the boundary. Drilling was in progress
in 19 wells in this territory when the year closed.
Production of large quantities of oil from the second sand
in the West Dome of the Cat Creek Field of the same character and quality as that heretofore found in the first sand
resulted in increased activity in that locality. At the end
of the year oil was being produced from the first and second
sands in 115 wells. During 1922, 2,357,324 barrels were
produced, making the total of 4,468,636 barrels from the
beginning in August 1920.
The exploration and drilling work of the Absaroka Oil
Development Company was continued throughout the year.
No oil was discovered in the several wells drilled either by
it or by others proceeding under permits from it, but much
valuable geological information was obtained. The Absaroka
Company has arranged to drill during 1923 two deep test
wells, one in the Devils Basin, and the other at a location
on the Glendive-Baker Anticline, about 25 miles southeast
of Baker, Montana. The Northwestern Improvement
Company now owns all of the stock of the Absaroka Company.
The operation of your property, after all charges,resulted
in Net Income of $15,056,929 50, a decrease over the previous
year of $7,008,469 67. A general revival in business was in
evidence during the latter part of the year throughout the
territory served by.our lines of railroad.
The volume of passenger business was 14.81 per cent less,
and of freight business 21.40 per cent more than in 1921.
The freight business was only exceeded in 1917, 1918, and
1920, and was considerably larger than in 1921 and practically the same as in 1919. The operating revenues of the
company increased $1,538,007 04, or 1.63 per cent, while
operating expenses were reduced $4,976,156 18, or 6.41 per
cent. Net operating revenue increased $6,514,163 22, or
38.53 per cent.
The following table shows for the last eight and one-half
years the percentage ratio of Net Railway Operating Income
to Railway Property Investment, Material and Supplies on
hand at the close of each year being included in the amount
of the Railway Property Investment. Net Railway Operating Income is here taken to mean what,in the Transportation
SUBSIDIARY COMPANIES.
Act of 1920, it is defined as meaning; namely, the amount
On page 44 [pamphlet report] will be found results of the
produced by deducting from Net Revenue from Railway
Operations, Railway Tax Accruals and Uncollectible Railway Spokane, Portland and Seattle Railway Company together
Revenues, and adding Equipment Rents and Joint Facility with its subsidiaries, the Oregon Trunk, Oregon Electric
and United Railways, and on page 45 [pamphlet report] the
Rents.
Railway Property
results of the operation of the Minnesota and International
Investment
Net Railway
Railway Company.
Including Materidl
Operating Return on
and Supplies.
Investment.
Income.
Fiscal year ending:
The 'United Railways Company acquired from the Oregon
$23,750,070
$491,035,831
4.84%
June 30 1915
American Lumber Company the capital stock of the Portland,
6.56%
494.610.960
32,456,353
June 30 1916
Astoria and Pacific Railroad Company and the facilities of
Calendar year ending:
6.71%
498.225.699
33,446.012
December 31 1916
the Nehalem Boom Company near Portland, and completed
512.950,626
30.491,140
5.945
December 31 1917
526,323.059
in 1922 the construction of the line of railroad to Keasey,
24,217,342
4.60 Vo
December 31 1918
2.720
528,333,822
14,368,479
December 31 1919
Oregon-32.6 miles.
540,259,557
7,949,458
1.477
December 31 1920
544.496.786
1.99
10,843,826
December 31 1921
550,332,639
3.534
19,450,515
December 31 1922
CLAIM FOR BALANCE DUE FROM GOVERNMENT.
As stated in the last annual report, the claim of the Company for payment for the Guaranty Period of six months
ended August 31 1920 is before the Inter-State Commerce
Commission; $12,000,000 has been received on account and
it is expected a final adjustment will be made in the year
1923.
VALUATION WORK.
The Bureau of Valuation of the Inter-State Commerce
Commission continued its work of valuing your property,
and by the early part of 1923 had served preliminary engineering, land and accounting reports not only for the
Northern Pacific, but also for the Gilmore and Pittsburgh
Railroad Company, Ltd., the Duluth Union Depot and
Transfer Company and the Minnesota and International
Railway Company.
Statements of objections to the values found by the Bureau
have been filed by your officers as it is felt that in many
cases the unit prices used by the Bureau are too low and in
consequence that the values stated in the reports are too low.
It is hoped that consideration will be given to the objections
made and that increases will be granted before the Commission serves the tentative valuation reports required under the
Transportation Act.
The number of company employees engaged in this work
at the present time is 76, and the total expenditure for the
company's proportion of the work tp to December 31 1922
was $1,835,683 80. The major portion of this work has been
RETIREMENT OF dOINT BONDS.
The Company's last annual report showed that of its
proportion ($115,000,000) of the Northern Pacific-Great
Northern C. B. and Q. Joint Collateral 634% Bonds only
$9,950,400 were converted on December 31 1921. The
balance of these bonds, $105,049,600, was retired during
1922 by issuance of Refunding and Improvement Mortgage
6% Bonds Series B, redeemable as an entirety on and after
July 1 1936, on any interest date at 110% and accrued
interest, and 5% Bonds Series C, redeemable as an entirety
on and after July 11952, on any interest date at 105% and
accrued interest. The amount of Refunding and Improvement Mortgage Bonds outstanding December 311922,issued
for conversion of the 6%% Joint Bonds was:
Series B
Series C
$107,295,600 00
8,702,30000
Total
$115,997,900 00
The retirement of the joint bonds resulted in a net annual'
saving in interest of $602,149 00.
FREIGHT AND PASSENGER TRAFFIC.
By order of the Inter-State Commerce Commission rates
on agricultural products and livestock were reduced January 1
1922. A subsequent order provided in effect that the rates
after July 1 should not exceed 90 per cent of the post-war
rates authorized by the Commission; therefore the average
of freight rates charged in 1922 was considerably below the
average rates in 1921, and the average of rates in 1923 will
be yet lower because the business will show the full effect
of reductions ordered in 1922.
JUNE 80 1923.]
3011
THE CHRONICLE
The general strike of coal miners which began April 1,
and the railway shopmen's strike which began on July 1,
prevented the full realization of expected increases in earnings
during the last half of the year. The movement of freight
was retarded and the derangement of car distribution and
inability to obtain return of Northern Pacific cars loaded
to off-line destinations caused a progressive car shortage
which reached its extreme point in November, when the
number of box cars on Northern Pacific rails was reduced
to 13,654, or only 54 per cent of the number owned by this
company. In the case of some commodities like grain, this
resulted only in a postponement of the movement, but a
relatively large part of this company's freight revenue comes
from the transportation of lumber and other freight which
must be handled when it is offered or the business is lost.
The volume of coast-to-coast traffic passing through the
Panama Canal is increasing rapidly. The Commerce Act
requires rates to be made according to the long and short haul
rule but the Inter-State Commerce Commission may authorize lower rates to the farther points to meet water competition
or for other sufficient reasons. Before the War the transcontinental railroads were permitted to make exceptional
rates to Pacific Coast terminals to meet the competition of
ocean carriers. With the discontinuance of steamship
service in the war period the terminal rates were raised to
the level of the intermediate rates. When steamship service
was restored after the War, the transcontinental railroads,
in accordance with the law, and for the purpose of meeting
the competition through the Canal, applied to the Commission for authority to make to Pacific Coast terminal
points, on a limited list of commodities peculiarly susceptible
to water competition, rates lower than the rates charged for
this carriage of the same commodities to intermediate points.
After many hearings and much discussion the application
was denied, and the railroads are now in a position where it
is impossible to meet ocean competition at terminal points
like Seattle, Tacoma and Portland without making in the
rates to intermediate points reductions involving losses out
of all proportion to any possible gains in connection with
business moving to the terminal points.
The Company believes that Congress did not intend to
exclude the railroads from participation in this business;
that on the contrary discretionary authority to make
exceptional rates was given to the Inter-State Commerce
Commission for the very purpose of protecting the railroads
against loss of business which they were handling and could
profitably handle in competition with the water carriers;
it expects, therefore, to join the other transcontinental
railroads in renewing their application.
If permitted to make the necessary reductions in rates
to and from Pacific Coast terminal points it will be possible
to regain much of the traffic which has been lost, with
resulting increase of net earnings. The westbound traffic
to Pacific Coast terminal points is especially desirable
because the preponderance of eastbound tonnage makes it
possible to increase the westbound loaded car movement
without any appreciable increase in operating costs.
Railroad passenger earnings have been greatly reduced by
the development of the automobile and by the increasing
use of the long distance telephone. Passenger earnings show
a decrease of 8.6 per cent compared with those of the previous
year. Other western roads show similar decreases. The
strike of shop employees and the threat of a general railroad
strike had an unfavorable influence on passenger travel,
especially upon the summer tourist business; but even if
conditions had been normal there would yet have been a
decrease in passenger earnings due to automobile competition.
COMPARATIVE STATEMENT OF PAYROLLS.
A further reduction was effected in payrolls, due to some
reductions in wages authorized by the U. S. Labor Board.
Comparison for a period of years follows:
$24,486,852 00
Total payroll for year ending June 30 1915
28,204,669 00
Total payroll for year ending December 31 1916
Total payroll for year ending December 31 1917
35.877.879 00
49,632,127 00
Total payroll for year ending December 31 1918
52.605,396 00
Total payroll for year ending December 31 1919
Total payroll for year ending December 31 1920
66.503,794 00
Total payroll for year ending December 31 1921
50.643.526 00
Total payroll for year ending December 31 1922
49,041,401 00
SECURITY OWNERS AND EMPLOYEES.
There are now about 38,000 owners of stock and 30,000
owners of bonds of the Company. The average number of
employees in 1922 was 28,190 and on March 15 1923, 29,572.
TAXES.
The following statement shows the taxes for each year
since 1917:
1917.
1918.
1919.
State taxes
55.169.742 57 $5.865.666 69 56.913,707 44
1,727.242 85 2,264.762 40 2.055,483 31
Federal taxes
31.546 72
13,742 77
26.654 17
Canadian ez miscellaneous taxes
Totals
86.910 728 19 $8.157 083 26 $9,000,737 47
191.
1922.
19fti.
State taxes
58,453.990 33 $8,339,049 60 $8,257,045 00
638,983 26
142.538 11
1,620,591 91
Federal taxes
31,00000
34,104 14
36.087 64
Canadian & miscellaneous taxes
Totals
510,108,686 38 39,014.120 50 58.430.583 11
PENSION DEPARTMENT.
By appropriate resolution of the Board of Directors, a
Pension Department was organized, effective May 1 1922.
Between that time and December 31 1922, 121 employees
were retired with pension. Seven of these pensioners were
removed from the pension roll by death, leaving 114 pensioners on the roll on December 31 1922. Total payments
to pensioners $16,883 39.
SHOP STRIKE.
A nation-wide strike of the six railroad Shop Crafts was
called on July 1 1922, and of the Firemen and Oilers on
July 17 1922. Of a total of 8,648 men employed in your
company's shops and roundhouses on June 30, 8,134 left
the service, leaving only 514 employees, or about 5% per
cent of the force of these classes, at work, and of these only
173 were classed as skilled workers.
The differences between the striking employees and the
management of your company were only slight, and a basis
of settlement, satisfactory both to the men and the management, was agreed upon shortly after the strike began. The
chief officers of the Federated Shop Crafts, however, refused
to allow the strike to be settled on any one railroad, or upon
any basis other than a national one, and in consequence of
this refusal the strike continued.
The splendid response of employees of other departments
to a call for volunteers was of the greatest assistance during
the early and critical period of the strike and enabled the
management to carry on the operation of your property
without serious interruption.
In February 1923 the striking employees, on their own
motion and by their voluntary action, formally declared the
strike off. • In the meantime, however, most of the strikers'
places had been filled, and to the deep regret of the management it was found necessary to reject the applications for
re-employment of many men having long records of faithful
service. Our employees in the various shop crafts have
now formed an organization of their own,in no way affiliated
with the National Organization of the Federated Shop
Crafts, and the relations between the new organization and
the management of your company are.most satisfactory.
-RAILROAD PROPAGANDA.
ANTI
The Transportation Act, 1920, directs the Inter-State
Commerce Commission so to adjust rates and fares as that
"carriers as a whole (or as a whole in each of such rate
groups or territories as the Commission may from time to
time designate) will, under honest, efficient and economical
management and reasonable expenditures for maintenance of
way, structures and equipment, earn an aggregate annual
net railway operating income equal, as nearly as may be, to
a fair return upon the aggregate value of the railway property
of such carriers held for and used in the service of transportation."
In exercise of the discretion given to it by this law, the
Commission has decided that an annual return of 54 per
cent upon this aggregate value would be such a "fair return"
as the law contemplates. In no year since the Act became
effective has the annual return equaled this amount, and in
this aspect the Act may be said to have failed to accomplish
its purpose; but it stands as at least a legislative recognition
of what the railroads are in justice entitled to, and is so far
of value. Nevertheless, a deliberate and persistent attempt
is now being made in certain quarters to create a sentiment in
favor of the repeal of this provision of the law. As the law
itself amounts to no more than a declaration of a purpose to
do justice (even though, as many consider, only scanty
justice) to the carriers, its repeal could be construed only as
a denial of any such purpose. As stockholders, and therefore
as owners of railroad property, you are interested in preventing the success of this movement; and your directors
urge you earnestly to make your influence felt in opposition
to it.
By order of the Board of Directors,
HOWARD ELLIOTT, Chairman.
CHARLES DONNELLY, President.
CAPITAL STOCK.
There was no change in the amount of capital stock outstanding during the year, viz
$248,000,000
FUNDED DEBT.
Changes have been made as follows:
Issued—
Northern Pacific refunding and improvement
bonds. series "B," issued to retire joint collateral OM bonds
Northern Pacific refunding and improvement 5% bonds. sees "0," issued to retire Joint collateral 63,i% bonds
8ri
Equipment trust of 1922, certificates issued under equipment trust agreement dated August 15 1922
345.200
$97,
8,702.300
500 000
4. . 110547550
R ad
$105,049.600
Northern Pacific-Groat Northern joint collateral63% bonds refunded
261.000
Prior Lien bonds purchased and canceled under Article eight, Section 2 of mortgage ______________________________________
9.000
Paul and Northern Pacific Ry. Co. mortgage bonds purchased and canceled _________________________________________
St.
35.000
St. Paul-Duluth Division mortgage bonds purchased and canceled _____________________________________________________
450.000
Equipment trust of 1920, certificates redeemed
Net Increase in funded debt
105.804,600
t4.742,900
THE CHRONICLE
[Vnr.,. 116.
FUNDED DEBT DECEMBER 31 1922.
Name.
Amount
Nominally
Outstanding.
Issued
Northern Pacific Ry. Co. prior lien mortgage
$109,595,000
Northern Pacific By. Co. general lien mortgage
60,000,000
Northern Pacific Ry. Co. St. Paul-Duluth Division
mortgage
381,000
Northern Pacific By. Co. refunding and improvement
mortgage, Series A
20,000,000
Northern Pacific By. Co. refunding and improvement
mortgage, Series B
107.295,600
Northern Pacific By. Co. refunding and improvement
mortgage, Series C
8,702,300
Northern Pacific-Great Northern joint collateral
Retired
6% bonds
Northern Pacific Ry. Co. equipment trust 1920,
certificates
3,600,000
Northern Pacific By. Co. equipment trust 1922.
certificates
4.500,000
Assumed
St. Paul and Northern Pacific By. mortgage
7,660,000
Bt. Paul and Duluth R. R. first mortgage
1,000.000
Bt. Paul and Duluth R. R.first consolidated mortgage
1,000,000
The Washington and Columbia River By. first
mortgage
2,620.000
The Washington Central By. first mortgage
*1.853,000
Amount
Held By or For
Northern
Pacific
Railway Co.
5,398,500
When
Payable.
Amount
Charged Income
for Year
Ending
Dec. 31 1922.
4%
3%
Qr., Jan.
Qr., Feb.
$4.390,145 66
1,638,045 00
June, Dec.
MaDate, lures,
Amount
Actually
Outstanding.
Interest.
Rate.
$109,595,000
54,601,500
1897
1897
1997
2047
381,000
1900
1996
4%
20,000,000
1914
2047
43i% Jan., July
107,295,600
1921
2047
6%
Jan., July
8,702,300
1922
2047
5%
15,79886
900,00000
Jan., July
4,331,591 19
186,132 53
2.627,483 81
3,600,000
1930
7%
1922
1932
4 % Feb., Aug.
7,660,000
1,000.000
1,000,000
2,480,000
1.046,000
1920
4,500,000
1883
1881
1898
1923
1931
1958
6
5
4%
Feb., Aug.
Feb., Aug.
June, Dec.
459,833 83
50,00000
39,999 99
140,000
807,000
1895
1898
1935
1948
4%
4%
Jan., July
Qr., March
5,600O(
32,28000
eld 009 A7.1 Q/
May, Nov.
96228 20fi AM
SA (124 AAO SA1 Q 9529 am
Total
*Railway and property formerly of the Washington Central Railway Company deeded to this Company subject to these bonds.
263,812 50
51,75000
GENERAL BALANCE SHEET, DECEMBER 31 1922.
ASSETS.
INVESTMENTS.
ROAD AND EQUIPMENT:
Road
Equipment
General
•
1922.
1921.
Increase.
$442,484,934 00 8437,779,244 79
90,686,035 77
88,471.598 69
3.316,144 70
3,192.835 78
$536,487,11447 $529,443,679 26
SINKING FUNDS
22,501 47
4,808 54
DEPOSITS IN LIEU OF MORTGAGED PROPERTY (Net moneys in
hands of Trustees from sale of land grant land, etc.)
788,51997
430.704 77
MISCELLANEOUS PHYSICAL PROPERTY
7,919,15227
7.639.109 57
INVESTMENTS IN AFFILIATED COMPANIES:
Stocks
144,075,276 01
144,035,477 01
Bonds
31,065,697 75
31,065,697 75
Notes
2,388,699 35
8.489.399 35
Advances
3.374.931 19
3,148.469 99
Decrease.
$4,705.689 21
2.214.437 08
123,308 92
$7,043.435 21
17,692 93
OTHER INVESTMENTS:
Stocks
Bonds
U. S. Treasury certificates of indebtedness
U. S. Treasury notes
Contracts for sale of land grant lands
Total Current Assets
DEFERRED ASSETS:
Working fund advances
Due from U. S. Government account various transactions
Other deferred assets
39,799 00
$6,100,700 00
226,461 20
5180,904,604 30 $186,739,044 10
1 00
10,025.628 96
1.000.078 12
9.077.437 50
10.316,032 37
1 00
9,529,180 11
4,133.893 28
510,000 00
12,085.607 89
$30,419,177 95
Total Capital Assets
CURRENT ASSETS:
Cash
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balances receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest, dividends and rents receivable
Other current assets
357.815 20
280,042 70
$26.258,682 28
$756,541,070 43 $750,516,028 52
$10,325,432 12
1.000 00
9.661,16655
1.005 30
1.980,614 72
1.117,73325
5,180.779 48
13,845,525 11
318.857 40
153.440 52
$17,307,315 44
3,183 81
1,984,428 25
1.073 19
1,640.122 97
970,309 29
6.309.975 54
15,084.505 51
263.145 93
102.930 48
$42,585,554 45
$5,834,43980
496,448 85
3,133,815 16
8.567,437 50
1,769,57552
$4.160,495 67
$6,025,041 91
$43,666,990 41
56.981.883 32
2,183 81
7,676,738 30
67 89
340,491 75
147,423 96
1.129,19606
1,238,980 40
55,71147
50,510 04
$1,081,435 96
41,123,38
2,581 60
17,578 49
$56,648 28
$61,283 47
$4,635 19
$35,099 99
2,760,606 14
2,000,573 75
4,159.566 79
$37,699 99
2,760,606 14
8,888,150 80
2.139,01680
$2,60000
$8,955.84667
UNADJUSTED DEBITS:
Rents and insurance premiums paid in advance
Balance of Guaranty due from Government
Discount on funded debt
Other unadjusted debits
29,127 36
2.360 63
25.160 29
13,825.473 73
$808,139,11983 $808,069,77613
LIABILITIES.
STOCKCapital stock-common
GOVERNMENTAL GRANTS:
Grants in aid of construction
LONG-TERM DEBT:
Funded debt (see below)
Less
-Held by or for the Company'
1922.
1921.
$248,000,000 00 $248,000,000 00
21,193 73
9.730 31
328,206.900 00
8,924,500 00
11,996 02
220 97
7,581 80
6.887,577 05
2.020,549 99
$4.869,627 06
$69,343 70
Increase.
453.513,600 00
138,974,100 00
$11,463 42
5125.306,700 00
130.049,60000
$319,282,400 00 $314,539,500 00
Total Capital Liabilities
CURRENT LIABILITIES:
Traffic and car service balances payable
Audited vouchers and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total Current Liabilities
DEFERRED LIABILITIES:
Due U. S. Government account various transactions
Other deferred liabilities
UNADJUSTED CREDITS:
Tax liability
Operating reserves
Accrued depreciation of equipment
Other unadjusted credits
CORPORATE SURPLUS:
Additions to property through income and surplus
Funded debt retired through income and surplus
Miscellaneous fund reserves
Profit and loss balance
Total Corporate Surplus
Decrease.
$4,742,900 00
$567,303,593 73 2562,549,23031
$4,754,369 42
$808,986 82
8,597,510 99
606.304 58
5.205.610 75
3,100,000 00
546,417 66
6.147 20
203.957 52
$807.164 97
6,717,589 59
523,208 91
2,043,550 50
4,340,000 00
477,067 85
6,147 05
131,537 75
$1,821 85
1,879,921 40
83.095 67
3,162.060 25
219,074,935 52
$15,046,266 62
$4,028,668 90
133,291 16
177,096 18
138.975 88
61,932 07
115.164 11
$109,479 39
1.240,00000
69,349 81
15
72,419 77
5,684 72
$310,387 34
5200,907 95
6.213,052 20
227,102 75
37,409,531 79
1,646,257 15
6.447,337 39
342,030 33
39,034,608 99
1.318.874 73
$45.495,943 89
$47,142,851 44
11293,541 04
15.705,056 54
401,226 92
$217,801 65
15.467,623 04
330,152 43
$75,739 39
237,433 50
71,074 49
$16,399,824 50
159.554,434 85
$16,015,577 12
167,114.942 69
$384,247 38
175,954,259 35
183.130,519 81
5808.139.119 83 $808,069,776 13
234,285 19
114,9275$
1.625,077 20
327,382 42
51.646.907 55
7,560.507 84
$7,176.260 46
$69.343 70
JUNE 30 1923.]
THE CHRONICLE
CHARGES TO CAPITAL ACCOUNT FOR YEAR
ENDING DECEMBER 311922.
Engineering
Land for transportation purposes
Grading
Tunnels and subways
Bridges,trestles, and culverts
Ties
•
Rails
Other track material
Ballast
Track laying and surfacing
Right of way fences
Snow and sand fences and snow sheds
Crossings and signs
Station and office buildings
Roadway buildings
Waterstations
Fuel stations
Shops and enginehouses
Wharves and docks
Coal and ore wharves
Gas producing plants
Telegraph and telephone lines
Signals and interlockers
Power plant buildings
Power transmission systems
Power distribution systems.,
Power line poles and fixtures
Miscellaneous structures
Paving
Roadway machines
Roadway small tools
Assessments for public improvements
Revenues and operating expenses during construction
Shop machinery
Power plant machinery
Power sub-station apparatus
Unapplled construction materials and supplies
Total expenditures for-road
$51,136 32
289.473 59
873,789 37
107,261 64
436.925 00
47.894 52
293.850 37
590.087 97
71,044 30
142,138 92
33.028 17
3.37536
73.048 51
201.527 72
20,506 20
47.829 03
7,733 03
305.941 86
18,424 69
261 60
14,90940
101.385 38
518,252 67
44,130 35
311 99
322 29
3,036 76
180 27
9.918 72
21,593 04
5,258 35
261,181 82
Youngstown Sheet & Tube Co.—
Zellerbach Paper Co.—Lease of Properties, &C.
Sec American Investment & Realty Co. above.—V. 111, p. 2334, 2146
CURRENT NOTICES.
$4,737,088 21
Expenditures. Retirements.
Steam locomotives
$139.914 92
$34.884 44 $108,050 48
Freight train cars 7,442,938 50 6.108,633 96 1,334.304 54
Passenger train
Cars
1,783.135 94 1,126,634 78
656,501 16
Floating equipment
6,68839
1.10340
7,76179
Work equipment 251.996 84
125.654 15
126.342 69
$9,611,327 81 $7,396.890 73
Total expenditures for equipment_
2,214,437 08
Stationery and printing
$4 92'
Taxes
35,509 36
Interest during construction
69,371 68
Other expenditures—general
18,422 96
Total general expenditures
123,308 92
Net charges to capital for the year
$7.074,834 21
Adjustment of-road and equipment account; deduct, cost of
Lake Superior Terminal and Transfer Railway Company
stock transferred to investments in affiliated companies
31,399 00
Net in
In capital this year
$7,043,435 21
NORTHERN PACIFIC RAILWAY COMPANY—
LAND DEPARTMENT.
The transactions for the year ending December 31 1922 were as follows:
Contracts for
Cash
Deferred
Acres.
Payment.
Total.
Payments.
New sales
158,438.57 $847,224 73 $970,076 25 $1.817,300 98
Cancellation of prior
sales
344,280.09 93,793 07 1,907,046 14 2,000,839 21
Net sales
185.841.52 $753.431 66 $936,969 89 $183,538 23
The cash transactions of the Department were as follows:
Received from sales as above
$753,431 66
Received from payments on contracts
832.605 63
Interest collected on deferred payments
292.086 65
Total
$1,878,123 94
Less for expenses
$355,990 83
Less for taxes
934.330 50
1.290.321 33
Net cash receipts for the year
$587,802 61
The net proceeds (deficit) charged to profit and loss property accounts
were made Tip as follows:
Total net sales as above
$183.538 23
Interest collected
292.086 65
Deficit charged to—
Miscellaneous physical property
Profit and loss
$108.548 42
1,290,321 33
$307.475 65
874.297 26
$1,181,772 91
BALANCE OF LAND DEPARTMENT CURRENT
ASSETS.
Increase (-I-) or
1922.
1921.
Decrease (---).
Contracts for sale of lands_$10,316.032 37 $12,085,607 89 —$1.769,575 52
Bills receivable
6.528 24
+6.528 24
Accounts receivable
373,629 44
151,100 87
+222,528 57
$10.696.190 05 $12,236,708 76 —$1,540,518 71
Less, accounts payable__ $149,093 79
$63,375 63
+$85.718 16
Less, suspense account
(collections not taken
to account by land
agents)
75,896 13
53,584 32
+22.311 81
$224.989 92
$116,959.95 +$108,029 97
Balance Land Department current assets_ _ _$10.471.200 13 $12,119,748 81 —$1.648.548 68
Willys Corporation.—Offers to Purchase Stock.—
A letter offering $5 per share for 300,000 shares of the 739,000 shares of
stock in the Willys-Overland Co., owned by the Willys Corporation, was
read in the U. S. District Court by Francis B. Caffey, receiver. The names
of the persons making the offer was not disclosed. The receiver said that a
plan was under way for the reorganization of the company and that it was
hoped the company would be released from receivership.
An offer of $3.000,000 for 739.866 shares of the Willys-Overland Common
stock, it is said, has been received by Colonel Francis C. Caffey, receiver
for the Willys Corp. The offer, it is stated, was made by the bank
creditors' committee and the construction and merchandise creditors'
committee.
According to Toledo dispatches Judge Willits, of the Federal Court at
Toledo, has issued an injunction against the transfer of the 739,000 shares
of Willys-Overland Common, held by the receiver.—V. 116. p.2020.
Westfield River Paper Co., Inc.—Bonds Offered.—
P. W. Brooks & Co., Inc., New York. are offering at 100 and interest
$340,000 1st Mtge. 7% Serial Gold bonds. Denom. $1,000. $500 and
$100c*. Dated May 1 1923. Due serially 1924 to 1943 incl. Interest
payable M. & N. in New York. Redeemable at 110 and interest on
30 days' notice.
Property, &c.—These bonds are a first and only mortgage on the entire
property of the company, which is located on the Westfield River at
Russell, Mass. Plant consists of several large and well-constructed brick
and concrete buildings, thoroughly equipped with the most modern machinery for the manufacture of its products. Company's product—
glassine paper—is marketed under the distinctive and descriptive name.
"Paperglas," and is used in wrapping food, cigarettes and many other
articles.
Earnings.—Earnings are reported at the rate of $642,285 Per Year,
and net profits available for bond interest of $85,116 per year, both averaged
over the past five years. These earnings are at the rate of over 314
times the maximum bond Interest. For the period of 12 months ended
March 31 1923. such net profits are reported as $96,143, equalling four
times bond interest.
Capitalization—
Autlwrized,
Issued.
1st Mtge. 7% Serial Gold bonds
$340,000
$340.000
Preferred stock. 8% cumulative
1,000.000
abt. 125.800
Common stock (no par value)
10,000 shs.
10.000 abs.
An offering of $35,000,000 to $40.000,0006% bonds will be made shortly,
in case title to the property of the Steel & Tube Co. of America is acquired
by the Youngstown company. The Bankers Trust Co. will head the
syndicate offering the bonds.—V. 116. p. 2896.
3,264 64
127,795 50
33,176 48
3 87
76 11
Less expenses and taxes
3013
—In a special circular on the Pittsburgh & Lake Erie RR. Co. issued
for distribution to investors, Joseph Walker & Sons, specialists in this
stock, state: "We believe the New York Central will make some such
proposition to the Pittsburgh & Lake Erie stockholders as, either to buy
their stock at a high market price, or to exchange Now York Central
stock for Pittsburgh & Lake Erie stock in such a ratio as to afford a large
profit above the present market, or to lease the Pittsburgh & Lake Erie
at a guarantee of annual dividends which would make the stock equally
valuable. In this connection we consider as significant and most interesting to Pittsburgh & Lake Erie stockholders the statement made
by the New York Central directors on June 12 1923. when they raised
that company's dividend from 5 to 7%,in declaring definitely for a future
policy of increased stock capitalization for the New York Central. The
exchange Of New York Central stock for Pittsburgh & Lake Erie should
assist in the carrying out of this policy. During the past 12 months there
has been a heavy investment accumulation of this stock by strong interests.
Earnings of Pittsburgh & Lake Erie this year are larger than for many
years past, estimated to be at the rate of 40% on capital stock, and since
1892 has paid not less than 10% dividends in any year."
—Clark, Dodge & Co., in a comprehensive review and analysis of th e
Illinois Central RR. Co., point out that probably no transportation system
of the country to
-day is better equipped, both physically and financially,
to meet current transportation needs. The property has been marked by
the unusual strides made in recent years, no small part of which has been
due to its fortunate geographical position and to the favoring influence of
the Panama Canal. While practically all the larger Western roads have
felt the competition of the Canal, it has contributed to the Illinois Oentra
an added volume of business. The performance of the Illinois Central
last year, in the face of many handicaps, crowned its long record of achievement and has probably not been equaled by that of any road with which
it may properly be compared.
—Cravath, Henderson, Leffingwell & de Gersdorff announce the retirement of Mr. Leffingwell from their firm and the admission of Chas. A.
Roberts, A. I. Henderson and Leonard D. Adkins. Announcement was
likewise made that S. Parker Gilbert, Jr.. who has resigned as Under-Secretary of the United States Treasury, will likewise become a member of the
firm when his resignation in the Treasury Department becomes effective in
the early fall. Business in the future will be conducted under the firm
name of Cravath. Henderson & de Gersdorff. Mr. Leffingwell has become
a member of J. P. Morgan & Co.
—The firm of Moore, Hyams & Co. has been organized in New Orleans
to succeed the firm of Hyams, Moore & Wheeler. A general investment
and banking business will be conducted by the new house. J. .1. Farrell,
who until recently was an officer of the Hibernia Securities Co., will be
in charge of their bond department. In addition to Mr. Farrell, the
firm consists of Robert Moore, Chapman H. Hyams, Jr., Robert Moore
Jr., Robt. M. Woolfolk and Chapman H. Hyams III.
—Brown Brothers & Co. have Issued a circular on July investment
suggestions which contains a wide selection of domestic and foreign bonds.
short-term notes, Preferred stocks; also State and municipal issues to
replace Liberty bonds affected by the reduced exemption from surtaxes
on such bonds. In this circular they say: "Disregarding temporary
price fluctuations, we think that fundamental conditions favor the purchase
of long-term, high-grade bonds at this time."
—Announcement is made of the formation of the firm of Danforth &
Marshall, members of the New York Stock Exchange, to continue the
business of C. E. Danforth & Co., which partnership expires by limitation.
C.E. Danforth and James G. Marshall are general partners and I. Townsend
Burden, William A. Johnston and Lindsey Hopkins are special partners.
Fisher C. Bally, formerly of the firm of Joshua L. Bally & Co., and
grandson of the founder of that business, has announced the formation of
a firm at 53-55 Worth St., New York, to handle the accounts of Southern
cotton mills making staple cottons and domestics.
—Mr. Joseph H. Seaman, member of the New York Stook Exchange.
and Mr. Frederic E. Mawle announce the formation of a co-partner
ship
en July 2 1923 under the name of Seaman & Co., with offices at 32 Liberty
St., New York. The firm will transact a general investment brokerage
business.
—Prichitt & Co., having sold their membership on the New York Stock
Exchange, will, on July 1, incorporate under the laws of New York State
the firm name then to be Prichitt & Co., Inc. The personnel of the company will remain the same as heretofore.
—Hanson & Hanson, 25 Broadway, New York, have issued a public
utility circular outlining "Present Opportunities in Bonds Yielding 6%
or Better."
—Affairs of the Kennecott Copper Corporation are discussed in an
analysis just prepared by A. A. Housman & Co.
—Lamport, Barker & Jennings, Inc., announce that their firm name has
been changed to A. M. Lamport & Co., Inc.
—"Just a Few Facts About Atchison" is the caption of a circular issued
by Lamborn, Hutchings & Co. this week.
3O14
[VOL. 116.
THE CHRONICLE
AMERICAN CAR AND FOUNDRY COMPANY
TWENTY-FOURTH ANNUAL REPORT—FOR FISCAL YEAR ENDING APRIL 30 1923.
To the Stockholders:
The earnings of the Company for the fiscal year ended April 30 1923 were sufficient tor the payment of dividends of
-seven per cent on tne Preferred and of twelve per cent on the Common Capital Stook, and for the transfer to the Surplus
Account of an amount in excess of Five Hundred Thousand Dollars. The financial condition of the Company at tne close
•of the year is shown in detail on the General Balance Sheet which, with the usual Certificate of Audit, is annexed.
Buying by the railroads during the year has been in fair volume. The Company begins its tat w year with an amount
-of business on its books comfortably in excess of that at the beginning of the preceding period, and there is every reason to
believe that the business done during the year now current will be equal at least ta that done during the year just closed.
The need of new equipment still continues, and with the further development of the fairer public attitude towards the
railroads referred to in the letter of June last to the Stockholders, the problem of financing its purchase should be less difficult
•of solution than it has been for some time past.
Equipment buying during the year has been mainly domestic,there having been but little foreign business offered at prices
and on credits to make it attractive. The Company's miscellaneous business, as usual, has been sufficient in volume and
satisfactory in results. The plants have been maintained in a state of high efficiency and their productive capacity has been
increased.
While the inventory of Materials on Hand shown on the General Balance Sheet is greater in money value than at the close
of the preceding year, it is not proportionately greater in actual quantity. It is not in excess of the Company's reasonable
requirements, and substantially all of it will be absorbed in the completion of work in course or on the books. In the report
'of last year attention was called to the fact that "the Company's resources in the way of investments are fluid and can
readily be turned into cash to meet the demands of increased business." The demands of the year's business have necessitated the conversion into inventory and accounts and notes receivable of a large part of the item of U. S. Certificates of
indebtedness, Liberty Bonds, Victory Notes and U. S. Treasury Notes shown on the balance sheet of April 30 1922.
The remaining items shown on the Balance Sheet call for no special comment.
The Company enters upon its new year in sound financiarcondition and with its affairs in healthy and satisfactory shape.
The Management renews to the members of the working organization its thanks for the zeal and ability with which
they have labored and which have been such important factors in producing the very satisfactory results of the year's operations.
By order of the Board.
Respectfully submitted,
W. H. WOODIN, President.
June 28, 1923.
GENERAL BALANCE SHEET, APRIL 30 1923.
ASSETS.
'Property and Plant Account
April 30 1922, as per last annual statement
Acid: For expenditures for additions to plants during year
$72,301,695 55
456,851 25
Current Assets
MATERIALS ON HAND,inventories at cost or less, and not in excess of present market prices
ACCOUNTS AND NOTES RECEIVABLE
U. S. TREASURY NOTES AND LIBERTY BONDS
STOCKS AND BONDS of other Companies at cost or less, and not in excess of present market value
CASH LN BANKS AND ON HAND
$29,111,487 82
15,023,070 15
2,146,812 50
5,536,721 24
5.536,81065
372,758,546 80
57,354.702 36
$130,113,249 16
LIABILITIES.
'Preferred Capital Stock
'Common Capital Stock
'Current Liabilities
ACCOUNTS PAYABLE AND BILLS PAYABLE, not due: and PAY ROLLS (paid May 10 1923)
PROVISION FOR FEDERAL TAXES
DIVIDEND No. 97 on Preferred Capital Stock (payable July 2 1923)
DIVIDEND No. 83 on Common Capital Stock (payable July 2 1923)
$30,000,000 00
30,000,000 00
20,720,812 84
$18,547,721 32
748,091 52
525,000 00
900,000 00
'Reserve Accounts
For Insurance----------------------------------------------------------------------------------------- $1,500,000 00
For General Overhauling, Improvements and Maintenance
254,845 77
For Dividends on Common Capital Stock, to be paid when and as declared by Board of Directors
10,800,000 00
For Improving Working Conditions of Employees
164,091 57
Surplus Account
12,718,937 34
36,673,498 98
3130,113,249 16
STATEMENT OF NET EARNINGS AND DISPOSITION OF SAME.
'Earnings from all sources for the twenty-fourth fiscal year, ending April 30 1923—before deducting Repairs, Renewals,
as noted hereunder—and after making provision for taxes
'Less: Renewals, Replacements, Repairs, New Patterns, Flasks, &c
Net Earnings
Less: DIVIDENDS:
On Preferred Capital Stock, 7%
On Common Capital Stock, 12%
$10,633,561 90
4,419,951 06
$6,213,610 84
$2,100,000 00
3,600,000 00
Surplus Earnings for the year
Surplus, April 30 1922, as per last annual statement
Surplus, April 30 1923
5,700,000 00
$513,610 84
36.159,888 14
$36,073,498 98
STATEMENT OF WORKING CAPITAL.
Working Capital, April 30 1922
Add: Surplus Earnings for year ending April 30 1923
Less: Expended for additions to plants during year
Tiet Working Capital, excluding Reserves, April 30 1923
$23,858,192 59
513,610 84
$24,371,803 43
456,851 25
$23,914,952 18
W. H. WOODIN, Esq., President American Car and Foundry Co., New York:
Dear Sir:—We have made an audit of the books and accounts of the American Car and Foundry Company for the fiscal year ending April 30 1923,
and in accordance therewith, we certify that, in our opinion, the foregoing statements of Income and the General Balance Sheet are true exhibits of the
results of the operation of the Company for said period, and of its condition as of April 30 1923.
THE AUDIT COMPANY OF NEW YORK.
H. I. LUNDQUIST, Secretary.
A. W. DUNNING, President.
New York, June 30, 1923.
JUNE 30 1923.]
THE CHRONICLE
3015
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM
RUBBER-HIDES-METALS
-WOOL-ETC.
-DRY GOODS
COMMERCIAL EPITOME
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed
INDICATIONS OF
BUSINESS ACTIVITY."]
Friday Night, June 29 1923.
As a move to offset overproduction, on June 26 the
Prairie Oil & Gas Co., the big purchaser in the Mid-Continent field, announced it would curtail purchases of oil by
prorating all runs from wells in all fields of Oklahoma,
Kansas and North Texas, where it is a buyer. Backing up
on its lines made prorating necessary To further relieve
the situation no oil will be run from new properties. Runs
from properties to which it is connected will be increased
on account of new wells which may be brought in during
periods of prorating. Producers are being urged to refrain
from drilling any more wells in order to stop Oklahoma's
rising production. The Cosden Pipe Line Co. has also
decided to prorate runs in the Mid-Continent field. The
reduction will amount to about 30% of the oil now being
purchased from producers. Sinclair also will prorate runs
in Kansas, Oklahoma and North Texas; no further oil, it is
understood, is to be stored and runs from wells will be limited
to deliveries to refiners. The new policy is in the opinion of
leading authorities,• the only practical method for balancing
production and consumption.
California stooks continue to gain. For instance, the
estimated daily production of the three southern flush oil
fields in Southern California in the week ended June 23 was
566,000 barrels, against 581,000 in the preceding week.
According to figures collected by the American Petroleum
Institute the total production of crude oil in California for
May amounted to 21,535,365 barrels, an average of 694,689
barrels per day. This is an increase of 4,824 barrels per day
over April production. Stocks increased during the month
.542,946 barrels. The total stocks at the end of the month
were 69,480,405 barrels. The total stock increase for 1923
up to May 31 was 8,295,477 barrels. Indicated consumption
for May was 20,992,419 barrels, an average of 677,175 barrels per day. This is a increase of 65,439 barrels per day
over April. Fifty-six wells were completed during the
month with an initial daily production of 96,420 barrels,
compared with 60 wells completed during April with an
initial daily production of 117,589 barrels. Early in the
week the Magnolia Petroleum Co. announced a cut of Sc.
to 25e. per barrel in Texas crude oil. Mexia crude was
out 25c. to $1 25 and Currie crude 35e. to $1 35 by the
Humble Oil & Refining Co. These outs were believed to be
in anticipation of a pipe line from Currie to Powell field.
The Texas Co. has made similar reductions in both grades.
Penn
$300
Corning
1 70
Cabell
171
Somerset
I 55
Somerset. light- 1 75
Ragiand
Wooster
Ulna
Indiana
Princeton
$ 90
1 90
208
1 98
1 87
Illinois
Crichton
Currie
Plymouth
Meda,
$1 87
1 45
1 35
1 25
1 25
RUBBER quiet and lower. First latex crepe and smoked
ribbed sheets, spot and July 25%o.; Aug., 25%e.; Sept.,
25M.;July-Dec., 26%c.; Oct.
-Dec., 27o. Buyers ideas are
slightly below those of sellers. Buying by consumers is
very small. Later the market rallied a little, but price.ended
lower than a week ago. In London on June 25, plantation
standard sold on the spot at 13M., a decline of M. A
further reduction of 414 tons was nlade last week in London
stocks, which, according to official returns, were 51,090
tons, against 51,504 tons a week ago, 71,450 tons a year ago
and 69,865 tons in 1921 at the corresponding time.In London
on June 26 plantation standard on the spot fell M.to 13 Yid.
But on Jtme 27 it fell to 133d. On the 28th inst. it advanced to 13M.
HIDES have been quiet as a rule, and country hides
weak, though foreign a trifle steadier; 3,000 La Plata cows
sold at 10% and 2,500 Smithfields, about 11%c. Steers
recently sold at 14Nc. Domestic prices have been largely
nominal. Horse hides dull. Eastern sellers ask $4 50 to
$5 25. Some 1,000 frigorifico cows sold at $29, or 11 11-16c.
Steers lately sold at 143 c. and some sellers ask 15c. Some
4
late advices state that 4,000 Swift Montevideo steers sold
at $37 50 and 2,000 Armours and 1,000 La Blancas at $37.
About 4,000 washed city Mataderos sold at 13 7-16e. Common dry hides dull and weak. In Chicago packer hides
were quiet. On the 26th inst., following the large western
sales at declines, local packers sold about 75,000 January to
June heavy native steers at 11c., April-May butt brands at
11%c., and some salting Colorados at 10%0. Country
hides were dull and weak at 11 to 120. for steers 60 or over.
Horse hides were nominal at $5 for good quality. About
5,000 Brooklyn small packer April-May-June natives sold
at 12c.; brands at 10c. It was reported that about 4,000
Swift Montevideo steers were sold to Europe at 143 c.,
%
and about 5,000 frigorifico steers late last week to fancy
leather tanners at something like 15c.
Later in the week trading became livelier in some directions. Of domestic packers 2,000 April native steers sold
at 11c.and 2,000 May at 13c.; also 5,000 April-May and
some June all-weight native cows at 9Mc. for stuck throats
and 9e. for koshers. Some 30,000 natives and 39,000
branded steers sold earlier in the week at 11c. for natives and
113ie. for butts and 1034c. for Colorados as to salting.
About 2,000 Eastern small packer December through June
native steers sold at 113.c. and brands at 10c. selected.
Country remained dull and recent prices are considered
nominal. Wet salted frigorificos sold moderately to Europe.
Sales reported included 4,000 La Blanca and 2,000 Swift
La Plata steers at 143 c., 2,000 Swift Montevideo steers at
%
15c. and 2,000 Artigas steers at 153ic. Also 3,000 B. A.
Province Matadero cows at 103'c. and 2,000 Cordoba
frigorifico type cows at 103 c.
%
OCEAN FREIGHTS were quiet as a rule and about
steady early in the week. Coal tonnage was rather more
active at one time. Later time charters were in better
demand.
Charters included coal from Hampton Roads to Rotterdam-Hamburg
range, $2 20 July; ore from Poti to Baltimore, $4 60 June-July; 3 months'
time charter, 1,480
-ton steamer in West India trade, $1 20 June; coal
from Atlantic range to Piraeus, $4 June-July; to Rotterdam, $2 40 JuneJuly; to Antwerp-Hamburg range, $2 40 July; sulphur from Sabine to
Montreal at $4 50 July; grain from Montreal to one, two or three ports on
west coast of Italy. 3s. 1054d. 4 to 4
July;6 months timo charter, 1.120
ton steamer in West India trade, Si 40 July; one round trip, 1,830
-ton
steamer in West India trade, 90c. prompt; coal from Virginia to San Antonio, Chile. $2 50 prompt; coal from Atlantic range to Continent. $2 25
July;coal from Atlantic range to Rotterdam.$2 25;option Preach Atlantic.
$2 35 prompt; coal from Atlantic range to Nantes, $2 80 June; grain from
Montreal to West Italy, 17 sc.July;coal from Hampton Roads to two ports
in Italy, $3 July; grain from Montreal to Italy, 3s. 9d.; one round trip in
West India trade, 1,850
-ton steamer, Si 20 prompt;four months time charter, 1,760
-ton steamer in West India trade, $1 25 prompt; deals from
Three Rivers to Liverpool, 65s. prompt; three trips in United States-South
American trade, 3.583
-ton steamer,first trip $1 05; other two at silo July;
coal from Atlantic range to Algiers, $3 July; coal from Hampton Roads to
West Italy, $3; grain from Montreal to Genoa, 18c. first half July; coal
from Atlantic range to Continent, $2 25. option
Calais at
$2 35, first half July; three months time charter Dunkirk or
1.486-ton steamer in
West India trade, $1 17 prompt; three months time charter. 1,631-ton
steamer in West India trade,$1 15 prompt.
COAL has been dull and tending downward on bituminous.
and prices were firm. Coke has been weak with the output
307,400 tons for the week ending June 16, an increase of
that of the previous week of 6,700 tons. Contract for the
third quarter, $5 50 to $5 75; spot, furnace, $4 50 to $5;
spot, foundry, $5 50 to $6. There is said to be an English
inquiry for 300,000 tons of Pennsylvania and New RiverPocahontas low volatile coal, American ooal to be shipped to
the Continent. Also it is said that Milan, Italy, gas works
want 100,000 tons of Kanawha gas coal. Welsh coal dropped
recently 2s. 6d. to 4s. Later in the week coal was still
generally dull and weak though domestic sizes of anthracite
were steady. It was understood that the prices on low
volatile Pool 1 coal at the Virginia piers had fallen further.
The high volatile coals were quoted generally at $4 50, but
there was little selling. Outward bound shipments were all
of April and early May contracts. The demand was better
for high priced coal than for the cheaper. Domestic sizes of
anthracite sell readily. Soft coal was persistently neglected.
Some Southern mines, it is said, will be shut down if prices
continue to fall. One of them has made its minimum price
for Hampton Roads $6. for Pool 1. Others are, it is said,
taking similar measures. Spot quotations for the Southern
coals were Pool 1, $5 30; Pool 2, $5 20; high volatiles,
$4 30 to $4 50. On Thursday the tone was rather steadier
The demand was somewhat better. Pool 1 Hampton Roads
was $5 25 minimum, Pool 2 $4 75 to $5 25, high volatiles
$4 25 at the lowest.
TOBACCO has been in the main steady, without real
activity in business. Yet a fair trade is in progress, though
business is inferentially hampered to a certain extent by the
smallness of supplies of some descriptions. For wrappers and
fillers in general there is a fair demand and it is said that
prices are in most cases well maintained. Also it is stated
that manufacturers are doing a good business. That is
easily comprehensible with labor so generally employed at
high and in some trades even abnormally high wages.
COPPER quiet with at least two producers, it is said,
offering at 143 c. However, 15e. seems to be the official
4
price. Very little copper is being sold. Business in brass
and copper products, particularly copper wire, however,
is better. The consumption of copper in the United States
this month is estimated at 115,000,000 and the belief is
widespread that for the second half of the year it will average
about 100,000,000 lbs. monthly. Production is smaller in
the Lake district owing to a small demand and a shortage
of labor.
TIN declined with a lower London market. The statistics
on July 1 are expected to be unfavorable. The world's
3016
THE CHRONICLE
r
visible supply is expected to show an inci ease. American
deliveries will total about 5,000 tons. Bank shipments from
the Dutch East Indies are reported to be large this month.
Spot tin was quoted at 383c.
LEAD declined in sympathy with other metals. London
has also been falling. Business is quiet. Spot New York,
7c.; East St. Louis, 6.70 to 6.75c.
ZINC like other metals declined; spot New York, 6.10@
6.15c.; East St. Louis, 5.75(4)5.80c.
STEEL as a rule has been quiet and the hot weather has
cut down output. Rail buying has been good. Sales or
inquiries of late have involved 120,000 tons. Chicago and
Alabama mills will supply some to Western roads. There
was also railroad inquiry for a considerable quantity of plates,
shapes, bars, sheets, forging billets, nails and staples and
locomotive tires and axles. Malleable foundries are pretty
busy. There is a Japanese demand for some 40,000 boxes
of tin plates, and considerable of this business, if not all, is
likely to come to this country. There is also a Japanese demand for rails both from Government and private buyers.
Automobile companies are not buying freely for the third
quarter, however. But makers of parts may run at about
capacity during July, despite predictions to the contrary.
Some of the steel mills, however, find it easier to make deliveries. They have overtaken their orders. Yet most of
the large companies will continue at about the present rate
of output. Some of the rolling mills have reduced their
production, especially on tin and sheet plates, owing to the
hat weather. The shutdowns planned for July 1, however,
will, it is pointed out, affect only a small minority of producers. Sheet and tin plate curtailments in the Pittsburgh and
Youngstown districts have been 15 to 30%. Pittsburgh
makers can supply bars, however, for delivery within two
or three weeks; also plates and line pipe. In a word, slackened buying is beginning to show. Though some reports in
the Pittsburgh district say that there is a somewhat better
demand for sheet bars, there is no claim of a large business.
PIG IRON has been quiet. Trade is disappointing.
Third' quarter demand does not appear. Pittsburgh has
dropped its prices without result; trade halts. Chicago and
Cincinnati have reduced prices $1 also practically without
response from buyers. The Eastern demand is conspicuously unsatisfactory. The West sells pig iron more easily
than the East. The Chicago district is a case in point. At
$50 or less its business is better. The demand is for both
malleable and foundry. Inquiries ran up into some 7,500
tons. Foundry has sold at $29 50, it seems, to an Indiana
melter. East Indian pig iron has, it seems, been sold on
both the Atlantic and Pacific coasts during the past few
months, i. e., about 5,000 tons, it is said, for delivery at
Atlantic ports and 4,000 tons on the Pacific Coast. Prices
on the Atlantic seaboard'have ranged from $27 to $30, c. 1. f.,
duty paid, and on the Pacific Coast from $4 75 to $36 75,
duty paid. Scotch iron has recently sold to a small extent
for delivery to both the Atlantic and Pacific coasts, the price
delivered being about $27, it is said. Charcoal pig iron has
sold at $33 or less, in contrast with the official quotation of
$33 50.
WOOL has been quiet but about steady. None the less,
the tendency in some directions has been to ease prices to
make sales. Smaller holders have in some cases, it is intimated, found it financially desirable to realize on their
stocks. Naturally this has not quickened the mills' desire
to buy. They think by playing a waiting game they will
get wool at lower prices. Some holders, however, are not
altogether pessimistic. They contend that the mills have
held off so long that their supplies must be becoming depleted. They urge that at no very distant time manufacturers will be forced to re-enter the market. In New
England trade has been quiet and prices none too steady.
Some have been irritated by a Government expert's prediction of lower prices. Some of the mills are at one with
him for all that, as might be expected. Western markets
have been quiet. The West is reported quiet owing to low
bids. The large Swan land and Livestock clip in Wyoming
sold, it seems, at 47 Mc. for half-blood and fine wool. As a
rule, the price level is now 5 to 10% below the peak. Fine
delaine clips, bright wool, about 46c. to 48c., as against
50e. at the "high." Woolen mills are now running steadily.
Spinners and topmakers are generally pretty well employed
and prices have not been cut very deeply. Exports continue
of wool to Europe, including very good fine Montevideo
crossbreds. Montevideo merinos sold at $1 05 to $1 10,
clean basis f.o.b. for export. Sales of medium scoured wools
have been made at lower prices;also of low scoureds, Eastern
B supers quoted at 80 to 90e. Fine staple wools have been
rather steady.
In London on June 26 the fourth series of colonial wool
auctions since the turn of the year opened. Some 161,000
bales of free wools and 62,000 bales of "Bawra" wools are
to be offered during the 19 selling days scheduled. At the
opening on Tuesday there was a very large attendance and
demand fair for the 14,127 bales offered. The price limits,
however, especially on Australian and Cape mediums,
caused many withdrawals. This division showed a decline
of 5% below last month's prices. Of New Zealand greasy
crossbreds, there were large offerings. Yorkshire was the
largest buyer at a decline of 7M% under May. Similar
qualities of Puntas fell 5%. The best Queensland greasy
[VOL. 116.
merino sold at 31d. and Sydney scoured merino at 49Md.
New Zealand greasy crossbreds sold at 24d.; slipe, 253'd.;
Cape greasy, 213/zd.; snow white, 483/2d., and Puntas greasy
crossbred, 23Md. American buyers were quiet; in fact,
demand in general was hesitating. Cape of Good Hope and
Natal and Punta Arenas grades fell from 5 to 7M%.
In London on June 27 offerings were 12,000 bales of free
wools. Australian greasy merino were plentiful. Openings
prices for scoured qualities were unchanged. But one drawback was the numerous withdrawals of Australian and
Cape greasy merinos, due to the limits named. Sydney,
2
3,299 bales;greasy merinos,20'/d. to 323/2d.;scoured,24'Ad.
to 53d. Queensland, 2,457 bales; greasy merino, 21 Md. to
32d.; scoured, 47d. to 563/2d. Victoria, 1,523 bales; greasy
merino, 24d. to 33d. Adelaide, 1,550 bales; greasy merino,
20d. to 31Md. West Australia, 840 bales; greasy merino,
21 Md. to 28d. New Zealand, 1,990 bales; chiefly medium
to coarse greasy crossbreds, 9d. to 143/2d. In London on
June 28 free wools offered were 13,500 bales, chiefly crossbreds. Demand good mostly from Yorkshire at the full
opening prices. Withdrawals much smaller. Sydney, 606
bales; greasy merino (mostly to France), 26d. to 33d. Victoria, 4,830 bales; crossbreds, best greasy, 17d.; scoured,
27d.; lambs, 28d.; comeback, 403/2d. West Australia, 573
bales; scoured merino, 45d. to 49'Ad. New Zealand, 7,040
bales; crossbreds, greasy, 7301. to 24'Ad.; slipe, 1l 3'd. to
/
26d. Capes, 335 bales; best greasy, 17d.; snow white, 49d.;
snow white prize wool, 56d.
COFFEE on the spot quiet; No. 7 Rio 11 Xc.; No. 4
4
Santos 14@14Mc.; fair to good Cucuta 143 @l5Mc. Futures early in the week declined owing to lower prices in Brazil.
Santos fell 1,250 to 1,450 reis and Rio 475 reis on some deliveries, though unchanged on others. Rio exchange after
irregular fluctuations advanced 9-64d. on Monday while
dollar exchange fell 200 reis. Brazil it is intimated may
stabilize her exchange rates. Negotiations to that end are
understood to be under way. Later prices advanced with
Brazilian quotations higher and rumors that the Brazilian
Government would give support to coffee prices. They were
believed to derive a certain color from the official cables from
the Brazilian ports. In Rio there was still more or less
irregularity in rates, as exchange on London was 'Ad net
lower, while there was a decline of 100 reis in the value of
the dollar. On the 26th inst. however, coffee prices were
generally higher, showing net advances of 75 to 350 reis in
Rio and 400 to 650 in Santos. On the 27th inst. in Rio the
London exchange rate was up 1-16 or 5 13-16d. and the dollar rate down 70 reis at $9,000. But term markets were
irregular. Rio closed unchanged to 125 lower and lost 150
to 350 reis that morning. Santos closed 300 lower, though
125 to 300 higher early. The feature of the cost and freight
market was the acceptance of a bid of 9.20c. for Rio 7s
prompt shipment.
Rio cabled that the coffee trade there is demanding immediate Government aid to prevent a further drop in prices,
and that Government officials are conferring in regard to
the matter. A Santos firm cabled "Exchange excited and
advancing. Crop damaged by rains. Weather bad for
harvesting. Receipts likely to fall off owing to bad weather."
Thera was nothing said about Government support. But
the higher cables and also the absence of July notices helped
prices on the 27th. Victoria 7-8s were offered at 9Mo. old.
and 7s at 9.65c., both July shipment. Meanwhile invisible
stocks are not believed to be large. They are steadily decreasing. Deliveries in June have been some 200,000 bags
smaller than in May and 140,000 bags smaller than in June
1922. The receipts at Brazilian markets are comparatively
small. The next crop will, to all appearance, be large, but
in the judgment of not a few it will be no larger than needed.
It looks to some as though it will not be so largo as to have
a carryover on July 1 1924 big enough to banish concern for
the size of the crop of 1924-25; quite the contrary. The crop
might conceivably be so small or moderato as to bring about
an acute situation. But of course that is looking rather
far afield. Meantime it was pointed out early in the week
that the changes in the Brazilian money exchange rates
had been favorable; that any increase in the money value
of exchange in Brazil is the prelude to a decrease in milreis
price for coffee, but does not as a rule affect the price of cost
and freight offerings, as the fluctuations balance each other.
At one time here selections of Santos coffee commanded
good premiums. Less desirable has been dull. The scarcity
of No.7 Rio has brought about a rather remarkable narrowing
of the price differences between grades; i. e., at times to
To-day futures declined 5 points and they end 19 to 23 points
lower than a week ago. September and December were
under pressure to-day, though the latest Brazilian cables
were stronger. To-day there was a holiday in Brazil.
Spot(unofficial)-11%c__ I September 7.70(4 7.721March- _-- 7.20@ 7.22
I December- 7.300 7.31 I MaY
7.20@ ---July
8.70@
SUGAR.-Cuban raw early in the week with continued
hot weather and a growing demand advanced under the
spur of an active demand for refined. In London Java was
stronger. Refined was 9Yic. But on the 26th inst., much
to the surprise of many, raw sugar futures broke some 55
points, coincident with a break in the stock, cotton and grain
markets, followed by big Wall Street selling, partly on stop
orders. Also European hedge selling against Java sugar told
noticeably on prices. Finally Cuban selling of September
and December also had a depressing effect. Receipts at
THE CHRONICLE
JuNig 301923.]
Cuban ports of the week were 47,184 tons, against 30,894
last week and 80,880 in the same week last year; exports,
64,202 tons, against 68,129 last week and 121,454 in the same
week last year; stock, 608,979 tons, against 625,997 last
week and 917,520 in the same week last year. Centrals
grinding totaled 8, against 9 last week, 24 last year and 17
two years ago. On the 27th inst. selling in sugar was again
heavy both by Wall Street and houses with Cuban and
European connections. Many stop loss orders were caught.
The chief drawback with sugar futures was a sudden drop in
the demand for refined sugar, *hich has been disappointing.
It is pointed out that it is one thing to consume 100 lbs. of
sugar per capita when raw sugar costs the ultimate consumer
5 or 6 cents, and another thing to consume this amount when
the retail buyer is paying 12 cents. Wall Street is bearish.
On the 28th inst. 12,000 bags of Cuba, second half July ship
meat, sold at 5lie., o. & f. Cables from London said estimates there of the Java sugar crop now being harvested have
been reduced 10%. This is equal to 170,000 tons on a Java
crop of 1,700,000 tons. To-day futures were slightly higher.
There was no great pressure to sell either the actual sugar or
futures. Philippines was said to be obtainable at 6.91e.,
i. e.,5Kio. on the basis of Cuba. There is a decline in futures
for the week of 64 to 71 points. Closing prices were as follows:
3017
garages (st2e1 barrels), 2134i.; bulk, delivered, New York,
14%c.
COTTON.
Friday Night, June 29 1923.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
29,371 bales, against 30,728 bales last week and 31,651 bales
the previous week, making the total receipts since the 1st
of August 1922 5,638,548 bales, against 5,920,633 bales
for the same period of 1921-22, showing a decrease since
Aug. 1 1922 of 282,085 bales.
Sat.
Mon.
Tues. I
Wed.
Thurs.
FM.
Total.
Galveston
758
176 1,423 1.094
586 5,226 9.263
Houston
------------504
504
New Orleans_ _
608
666 2,675 1,535 1.416
650 7.550
Mobile
87, _-__
95
100
100
86
468
Pensacola_, I
__,„
400
_
400
Savannah
680
842
983 1,286
594
-ego3 5.071
Charleston
274
181
259
378
125
25 1,242
Wilmington
301 . 824
577
239
225
102 2.268
Norfolk
291
201
393
322
416 1,950
327.
Boston
124
81, ---150
75
----I
430
Baltimore
____
____
--__I
____I
__
225
225
Totals this wank _
.
9781
a Ana
5 512
2.656
4.372
7.491
29.271
Spot (unofficial)-5gc-- September 5.03@ 5.041March---- 3.6.5( 3.66
July
5.05© 5.06 I December- 4.5590 4.56IMay
3.72® _-
The following tables shows the week's total receipts, the
LARD lower; prime western, 11.40@11.50c.; refined to total since Aug. 1 1922 and stock to-night, compared with
Continent, 12.250.i South America, 12.50o.; Brazil in kegs, the last year:
13.50c. Futures in the early transactions showed little
change. If anything, the turn was slightly downward,
Stock.
1921-22.
1922-23.
Receipts to
owing to hedge selling and lower prices for hogs. Cash trade
June 29.
This !Since Aug This Since Aug
too was dull, both for home and foreign account. The
Week. 1 1922. Week. 1 11921.
1923. I 1922.
clearances of lard last week were 12,211,000 lbs. and of bacon Galveston
9,263 2.322,768 19,952 2.471,260
50,770 156,229
15,787,000 lbs. Liverpool was unchanged to 3d. higher on Texas City
30.717
13
1,805
69.798
Houston
504 722,508 10.409 466,082
the 25th inst. A conference here of various interests will Port Arthur, &c
10.305
'
I
have available the results of the country-wide pig count,just New Orleans
7,550 1,346,861 17.594 1,226.715
75.062 149.696
8.123
completed by the Department of Agriculture in co-operation Gulfport
,
Mobile
468
88.392 2.976 158.841
1,440
1.475
with the Post Office Department, giving estimates of the Pensacola
I
400
9,220
1
3.350
spring pig crop and intentions of farmers to breed for fall Jacksonville
9.156
1,433
2.614
122
4,034
5,071 430.690 10,811 740.353
20,1143
87.648
litters. There will also be available the Government crop Savannah
Brunswick
28.520
1,465
243
29,662
831
estimates of corn acreage and production to be released on Charleston
1,242 131,156 2,841 153,206
59,231
26.030
July 9. With these sets of facts as a basis for forecasts, the Georgetown
Wilmington
2.268
96,996 2,376 106,482
33,411
5,076
committee is expected to announce information which will Norfolk
1,950 277.123 1,974 347,002 36.118
47.154
583
be helpful to farmers in making their program.for next fall N'port News, &c_
New York
8.460 1.565
31,989
88,454 197.3 4
6
and winter. To-day futures declined 8 to 15 points, showing Boston
430
74,249
713
4,493
43,376
7.115
Baltimore
225
17.709
a loss for the week of 30 to 33 points, largely in sympathy Philadelphia
850
58.977
1,586
2.042
4.942
' 29.576
4,142
4,341
eith a drop in the grain markets.
CLOSING PRICES
Sat.
July delivery
cts_10.97
September delivery----11.22
October delivery
11.32
OF LARD FUTURES
Mon. Tues.
Wed.
10.95 10.87 10.82
11.20 11.12 11.07
11.30 11.22 11.15
Taints
IN CHICAGO.
Thurs.
10.75
11.00
11.12
Fri.
10.67
10.92
11.05
99 371 c 535 MR 79 MA n nan ao9
suin non
7.17 197
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
PORK quiet; mess, $25; family, $30; short clear, $21 tc Receipts at1922.
1923.
1921.
1918.
1919.
1920.
$25 50. Beef dull; ness, $15; packet, $14 50 to $15; family,
9,263
19,952
$16 50 to $17 50; extra India mess,$28 to $30; No. 1 canned Galveston_ _ _ _
46.701
4,366
8.056
33,084
Houston, &c..
504
9,889
9.274
267
528
roast beef, $2 35; No. 2, $4 05; 6 lbs., $15; sweet pickled New Orleans_
7,550
17,594
31,237
21.689
12,611
13,378
tongues, $55 to $65 nom. per barrel. Cut meats dull. Mobile
468
2.976
1,983
6.862
85
475
_
10,811
5.071
19,255
2,570
11,757
2,360
Pickled hams, 10 to 24 lbs., 143i to 163/20.; pickled bellies, Savannah _ _ _ _
Brunswick
831
10,000
6 to 12 lbs., 13 to 13
Charleston.. _ _
1,242
2.841
4,076
131
Butter, creamery, seconds to high Wilmington....
49
1,182
2,268
2.376
5,515
24
1,257
893
scoring, 35 to 400.; Cheese, flats, 25 to 26o. Eggs, fresh Norfolk
1.974
1.950
3.128
1.440
2,777
779
gathered, trade to extra, 20 to 30o.
1
N'port N.. Stc.
23
1.055
13,159
1.027
412
2.165
2,154
OILS.
-Linseed quiet and easier; spot carloads, $1 08 to Alf others......_
$1 12; tanks, $1 09; less than carloads, $1 17; less than 5 Tot. this week 29.3711 72.514 103,323 27,337 118.519 24.220
bbls. $1 20; boiled, tanks, $1 11; carloads, $1 16; 5
-bbl. Since Aug.1-- 5.638,548 5.920.633 6.332.124 6.680.993 5.628.325 5.684,044
lots, $1 19; less than 5 bbls., $1 22; refined, bbls., car lots,
'
$1 18; varnish type, bbls., $1 18. Cocoanut oil, Ceylon,
The exports for the week ending this evening reach a total
bbls., 9 to 9
Cochine, 108 c. Corn, crude, tanks, of 43 950 bales, of which 5,45 were to Great Britain, nil
%
3
mills,9/so.;spot New York,1134 to 113/e.; refined, 100-bbl. to France and 38,506 to other d,
2
stinat ona. Exports
lots, 128 0. Olive, $1 15. Lard, strained winter, New for the week and since Aug. 1 1922 are as follows:
4
York, 12c.; extra, 11
Cod, domestic, 68 to 70o.• Newfoundland, 70 to 74o. Spirits of turpentine, 96o. to 98c.
Week ending June 29 1923.
From Aug. 1 1922 to Jim 29 1923.
Exported to
Exported toRosin, $5 80 to $7 50. Cottonseed oil sales, including
Exports
switches, to-day 6,900; crude S. E., 9.00e. nom. Prices frontGreat
Great
Britain. France. Other. Total. Britain. France.
Other.
closed as follows:
Total.
Spot
10.50010.751September 10.51110.521 December.. 8.62188.63
July
10.60010.64 October..... 9.62 9.63 January -- 8.60 8.65
to
August ---10.70 ®10.74 November_ 8.70 8.78 February-- 8.6118 8.75
Galveston__
____
__
955 4,955
Houston ----------- --504
504
Texas City _
____
___
New Orleans --------7.873 7,873
Mobile
341
____
341
___
Jacksonville
---------------Pensacola --------100
400
Savannah,,..
467
_ 8,255 8722
Brunswick -------------Charleston _-__
6 00 6,200
,
------- 8.200 8,200
Wilmington
Norfolk.__ 4.166 ---- ---- 4.168
New York__
476
____
269
745
Boston
1,850 1,850
_
Baltimore..
____
____
____
_ _ __
Philadelphia
Los Angeles
__
____
San Fran_ _ _
_
Seattle
420,086
235,284
311,7701,149.340 1,881,196
153,292 331,157 719,733
,
,
80,340 501.554 779.872
4.945
29,029
58,136
600
675
1,260
9,220
4,410 137,526 271.265
7,059
28,424
1,09
50.226
83,189
81.000
92.600
923 43,953 150,046
44,347 142,051 244,091
7,165
10,992
1,646
167
218
1,969
1,754
1,977
18,899
3,925
68.337 68,537
200
9,532
9,532
PETROLEUM.
-Gasoline in better demand, with im197,978
24,162
proved weather conditions. Consumption in some sections
75
it is reported, is running as much as 20% ahead of last year.
7.960
129,329
Naturally there is more or loss hesitancy on the part of pro21,365
ducers to make concessions in tank wagon prices. In the
31,869
11,600
Middle West independent refiners have been handicapped
105,170
in their operations owing to recent cuts in crude oil. Offer57,693
3,8271
ings of new Navy gasoline from north Texas points, it was
1,4'79'
said, were made at 103o., which is probably as low as was
reached last fall. The imposition of taxes amounting to
12,99'7
2o. per gallon in Virginia and Pennsylvania caused an advance in prices. Very little interest was manifested in
Total.. _ _
. 5,450
_ 38,506 43.9561.280,874 603,5132,569.4004,433,787
eastern field development owing to the lowness of Pennsylvania crude oil prices. Much of the competition from inde- Tot.1921-22 29,031 11,81: 41.448 82.2971.662,465 717,823 3,275.2295,655,520
Tot. 1920-21 17,466 1.831 107,746 127.043 1,652.999 525.810 2.854.904 5.033.713
,
pendents is eliminated through the fact that Eastern refiners
NOTE.
-Exports
-It has never been our practice to include in the
are getting a large proportion of their gasoline from Cali- above talbe exportsto Canada.
of cotton to Canada, the reason being that virtua.ly ad the
fornia crudes which are shipped through the Panama Canal. cotton destined to the Dominion comes overland and It is impossible to get returns
concerning the same from
This means a saving of 4 or 5 cents over the old method of on the Canadian border are week to week while reports from the customs districts
In view, however.
always very slow in coming
shipping Mexican orudes across the continent in tank cars. of the numerous inquiries we are receiving regarding theto hand. we will say that for
matter,
crop year from
New York prices: Gasoline, cases, cargo lots, 28.65c.; U. S. thethe Dominion Aug 1 to May 31 (no later returns are as yet available) the exports
the pre_sent season have been 1s1,541 bales. In the corresponding
Navy specifications, bulk, per gallon, 15c.; export naphtha, to
period of the preceding season the exports were about 174.000 lxiles.
cargo lots, 17.50c.;63 to 68 degrees, 19.5004 66 to 68 degrees,
In addition to above exports, our telegrams to-night also
20.500. Kerosene in cargo lots, oases, 15.90o. Petroleum, give us the following amounts of cotton on shipboard,
not
refined, tanks, wagon to store, 14o. Motor gasoline, cleared, at the ports named.
On Shipboard, Not Cleared for
Other Coast
Great
GerJune 29 al- Britain. France. many. Ccmrnt. wise.
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other portto
[VoL. 116.
THE CHRONICLE
3018
1,200
6.792
3.800
4,372
4,000
3,373
300
9,000
1,500
3.800
2,000
Total.
7,055
2,930
1,000 17,055
123 17,590
500
200
-i845
2,(366
-1845
3,800
-LoO 15,000
Total 1923-- 16,992 9.672 13.473 12,73.5
Total 1922-- 43,145 20,783 29,481 44,293
Total 1921-- 33.621 9.972 40,010 77,429
*Estimated.
Leaving
Stock.
33.715
57.472
19.543
26,030
725
32,318
94,898
1,823 54,695 264,701
3,918 141,620 605,507
4,038 165,070 1,396,902
Speculation in •cotton for future delivery has been on a
fairly large scale, with prices turning downward early in the
week on better weather and depression in stocks and grain.
Texas crop reports were favorable. They seemed to indicate a condition of some 4 or 5 points better than a month
ago and something above the 10-year average, though it may
not be more than 1 or 2 points. Texas has been a bright exception to the rule, although the rest of the belt has improved. Most of the crop reports have been less favorable
than a year ago. Still, this kind of thing ceased to be a factor during most of the week. It had lost its force. And
speculation died down. Spot markets were dull and falling.
Exports were light. They are well over 1,000,000 bales less
than up to this time last year. And other commodities have
been declining. Sugar had a bad break and whe5tt got down
pretty close to $1 in the middle of the week. The depression
in the stock market, however, and predictions of evil things
to come by some of the self-appointed economic mentors of
the times did not fall on altogether stony ground. They
had, Indeed, too much influence for the worse. General
trade was quiet and men seemed a bit apprehensive. Manchester will continue to curtail the use of American cotton
during July and August, to the amount of 50%. There were
rumors that curtailment was spreading in this country.
They were vague, to be sure, and not fully confirmed. Yet
for the moment they had more or less effect. For dry goods
w.ere dull and declining. Cuts in the prices of sheets, sheetings and print cloths were made. Speculation became even
more listless. Wall Street, uptown and Western interests
sold, supposedly for short account. They dislodged long
holdings. Prices broke some 120 points. Not only economic,
but political, news was not altogether favorable. The deadlock in the Ruhr continues. London reported that trade in
general was dull because of it. Manchester's business was
slow. German textile trades seem more depressed than ever.
Finally, the American cotton statistics, long regarded as so
bullish, were offset in a measure by the slackness of trade
at home and abroad, both for the raw and the manufactured
product. Also, the weekly Government report on Wednesday was in the main very favorable. And for a time it told.
Texas has been making very good progress, except on the late
planted cotton. Oklahoma was fair to very good. Arkansas
was making at least fair progress and Louisiana showed
decided improvement. In Georgia there was excellent progress. That was also the case in parts of Alabama if other
parts of that State were poor. In the Carolinas the week
was generally favorable. Despite the fact that crop estimates were generally below 11,000,000 bales and that the
2
1
/
increase in acreage of late has been put at only 6 to 8 %,
rather than something far greater than this, as prophesied
earlier in the year, the cotton trade was apathetic. Nothing
seemed to arouse it. Trade drifted and prices drifted with it
--that is downward.
But at times, for all that, there were not wanting signs of
underlying steadiness. For one thing July acted better than
many had expected. There were no July notices. That was
a facer for some. They had hoped for a big issue. And
although the premium over October recently fell to 195
points, it rallied rapidly and has latterly been around 240
points. In some quarters it is not believed that much cotton can or will be brought here for delivery on July unless
the premium over October almost doubles. Latterly July, indeed, has been one of the sustaining factors of the market.
When other months have declined July has hardly budged.
Evidently somebody wanted it. And at the same time there
are reports that some 10,000 to 12,000 bales will shortly be
shipped out of the New York stock to Europe and other parts
of the world. There is a demand for the New York cotton
and it is not offered freely. The ocean freight room, it is
said, has. been taken for 10,000 bales or more. It includes,
it seems, some 3,000 bales to go to Havre. And European
mill stocks are believed to have become depleted in recent
months. While England, for instance, has bought very little
American cotton ostentatiously taking East Indian and other
growths to a larger extent than usual, its consumption of all
kinds has kept up. And it is believed that in spite of the curtailment of 50% in the English mills that use American cptton their supplies of the American product have fallen to a
comparatively low stage. In other words, It looks as though
they will be forced before many weeks to re-enter the market.
At any rate that is the judgment of not a few close watchers
hi the trade. And on its face there is nothing unreasonable
In such an inference. Meanwhile there is every indication
that the carry-over into next season will be much the smallest for years past. That means that a great deal depends
upon the size of the next crop in estimating the probable
course of prices in the new season, which will open in about
a month. And a good many think that too much is made of
the glowing crop reports from Texas and too little of the unfavorable conditions in many other parts of the belt. Just
at the moment there are beginning to be complaints of hot,
dry weather in central and southern Texas. On Wednesday
some of the temperatures in that State were 100 to 105 degrees and on Thursday 100 to 107. And even in Texas the
season is supposed to be late. Oklahoma, on Wednesday, had
temperatures of 100 to 104 degrees, and on the following day
still higher, or 100 to 10& But there the heat is needed, for
the spring and early summer have both been notable for prolonged rains. On the other hand, at times during the week
1
/
Georgia has had rains of anywhere from 3 to 42 inches in a
single day. They were not wanted. Neither were the rather
copious rains which fell in the eastern Carolinas. Just now
what is needed generally east of the Mississippi is a period
of warm, clear weather with occasional showers.
During the week a number of crop reports have been issued
of roughly 68 to 69%% in condition, with crop estimates of
anywhere from 10,500,000 to 10,900,000 bales. Of course,
crop estimates at this time are purely tentative. They are
interesting enough for the time being. The critical months,
however, are July and August, as everybody is aware. The
latter part of the week Liverpool became stronger, partly on
less favorable weather. Southern Texas complained. Meantime Liverpool liquidation had been to all appearances
pretty well completed. Also, the trade was calling there.
And on Thursday New York suddenly bristled up and advanced some 50 to 65 points, under the inspiration of rising
stocks and grain markets, continued hot, dry weather in
Texas and tile Southwest generally, reports of too much rain
in the Atlantic section, higher cables, Liverpool buying of
October and a general impression that Wall Street and uptown interests, if not Chicago. were heavily short. The
technical position looked better. Contracts became scarce.
Shorts grew anxious. Spot houses were buying as well as
Liverpool and scattered interests. Liverpool undid straddles. Selling by New Orleans, the South, the West and for
a time Wall Street, was quickly taken. Later on Wall Street
became a buyer. Finally a good many who were short of
the market concluded to cover on the eve of Monday's Bureau report. After all, it-might turn out to be a very bullish
document. One of the most stimulating things in the situation, however, was the advance in the stock market on active
trading. It was felt that the pessimistic tone had been overworked of late.
To-day prices declined after a small early advance. The
weather in the Southwest was cooler. Oklahoma had no
temperatures reaching 100. And in Texas the number of
points where 100 and above was recorded was about half
that of the previous day. Still, there were 11 where it was
1
/
100 to 106. Louisiana had rainfalsl of 1 to 42 inches, Mis2
1
2
1
/
,
1
/
sissippi 1 to 12 Alabama 1 to 1%, Georgia / to 2 , and
.
2
/
North Carolina 11 And there were crop reports putting
the condition at anywhere from 68.7 to 70.4%. Liverpool
and trade interests, as well as shorts, were buying for a
time. Wall Street covered considerable October. But in
the end a decline in stocks dominated the situation. And
the closing was a moderate net decline for the day. Moreover, grain and foreign exchange were lower. Dry goods
were quiet. Fall River's sales of print cloths for the week
were estimated at only 60,000 to 70,000 pieces. Spot markets
were slow. And if Liverpool cables are correct, the basis
was lower. Finally, there was more or less evening up on
the eve of the report to be issued by the Agricultural Bureau
next Monday. Prices show a decline for the week of 37 to 43
points. Spot cotton ended at 28.55c. for middling, a decline
since last Friday of 55 points.
The estate of Edward G. Gibbons sold a membership on
the New York Cotton Exchange to W. R. Craig for $27,000,
an increase of $1,000 over the last previous sale.
The official quotation for.middling upland cotton in the
New York market each day for the past week has been:
June 23 to June 29Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
29.10 28.55 28.25 28.20 28.55 28.50
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
June 29 for each of the past 32 years have been as follows:
1923
1922
1921
1920
1919
1918
1917
1916
28.55e.
22.20c.
11.75c.
38.75c.
34.90c.
32.00c.
26.55c.
13.450.
1916
1914
1913
1912
1911
1910
1909
1908
9.S5
13.25c.
12.40c.
11.65c.
15.20c.
15.20c.
11.60c.
12.000.
1907
1906
1905
1904
1903
1902
1901
1900
12.85c.
10.90c.
9.20e.
11.25c.
12.50c.
9.25c.
8.62c.
9.31c.
6.12c.
6.380.
7.88c.
7.62c.
7.190.
7.31c.
8.000.
7.44c.
1899
1898
1897
1896
1896
1894
1893
1892
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot.
„Ilarket
Closed.
Futures
Market
Closed.
Saturday_ __ Steady, 20 pts. adv_ Irregular
Monday ___Quiet. 55 pts. dec.. Steady
Tuesday __ _ QuIet, 30 pts. dec. Barely steady_ Wodnesday Quiet, 5 pta. dec._ Steady
Thursday __ Steady, 35 pts. adv.. Barely steady
Quk)t.unchanged - Irregular
Friday
Total
SALES.
spot. Contr'1.1 Total.
----
----
_ __ _
-
5
6.200
---
6,200
32
32
6.200
6,232
_
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
June 29Stock at Liverpool
Stock at London
Stock at Manchester
3019
THE CHRONICLE
JUNE 30 1923.1
1923.
bales.. 478,000
1,000
45.000
1920.
1921.
1922.
868,000 1,100.000 1,059,000
12,000
2,000
1,000
97,000 151,000
65.000
524.000
9.000
45,000
64,000
7,000
79,000
4,000
15,000
3,000
934.000 1,199,000 1.222.000
30,000
34,000
33.000
65.000
224.000 203.000
145,000 136,000 261,000
11.000
11,000
97.000
74,000 119.000
99,000
21,000
13,000
8,000
28,000
1,000
226,000
509.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
Total European stocks
India cotton afloat for Europe_ _ _
American cotton afloat for Europe
Egypt,Brazil, &c. afloat for Eur'e
Stock in Alexandria, Egypt
Stock in Bombay,India
Stock in U. S. ports
interior towns_ _ _ Stock in U. S.U.S.exports to-day
552,000
552,000
750.000 1.443.000 1,751.000 1,774,000
58,000
46,000
86,000
107,000
91,000 294,000 339.496 200.199
53,000
45.000
43.000
89,000
93.000
175.000 248,000 267.000
632,000 1.128.000 1,209,000 1,350,000
319,396 747,127 1,561,972 893,289
348,278 540,737 1,292,856 970.557
10.871
6.825
2,800
2,485.674 4,554,689 6,523,124 5,422.916
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales 183,000 510.000 700,000 754,000
Liverpool stock
24,000
44,000
82,000 135,000
Manchester stock
138,000 425,000 475,000 450,000
Continental stock
91,000 294,000 339,496 200.199
American afloat for Europe
319.396 747.127 1,561,972 893.289
U. S. port stocks
348,278 540,737 1,292,856 970,557
U.S. interior stocks
10,871
2,800
-day
6,825
U.S. exports to
Total American
e
East Indian, Brazil, d e.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil. &c.. afloat
Stock in Alexandria. Egypt
Stock in Bombay.India
Total East India, &c
Total American
1 108.674 2,567,689 4.454,124 3,413,916
290,000 358,000 400,000 305,000
1.000
1,000
2,000
12.000
21,000
16.000
21.000
15.000
88,000
84,000
77,000 102,000
107.000
58,000
46,000
86,000
89,000
53,000
45.000
43,000
93,000
175,000 248,000 267,000
632,000 1,128,000 1,209.000 1,350,000
1,357,000 1,987,000 2,969,000 2,009,000
1108.674 2.567,689 4,454,124 3,413,916
Total visible supply
2,465.674 4,554.689 6.523,124 5,422,916
Middling uplands, Liverpool --- 16.526. 13.086.
7.25d. 25.61d
Middling uplands, New York
28.556. 22.10c.
12.00c. 39.75c.
Egypt, good sakel, Liverpool17.60d. 22.00d. 17.50d. 64.506.
Peruvian, rough good, Liverpool-18.756. 14.00d. 11.006. 47.006.
Broach fine, Liverpool
7.306. 19.856.
12.956. 11.806.
Tinnevelly, good, Liverpool
7.80d. 21.106.
14.10d. 12.70d.
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
June 23. June 25. June 26. June 27. June 28. June 22.
June-Range
Closing _
July
Range
Closing
_
27.72-100 27.08-.79 26.98-172 2664-120 27.00-.36 27.02-A2 26.641.00
27.76-.87 27.26-.32 27.01-.03 26.90-.95 27.30-.33 27.25-.29
26.50100 26.001.01
Range.... 26.95-101 26.75-S0 26.70 -- 26.00-.75 26.70
_
Closing _ _ 27.00 - 26.50 -26.35 -26.10-.15 26.75 -- 26.55 - - -
September
-
Range
Closing
_
October
Range
Closing.
November
Range
Closing _ _
December
Range
Closing
January
Range
Closing
FebruaryRange
Closing _ _ _ _
March-Range
Closing _ _ _ _
.4pelt
Range
Closing _ _ _ _
Range
Closing _
28.00c.
24,43-80
25.80 -25.45
25.90 -- 25.65 -25.55 -- 25.20 -25.67 -26.50 25.13-.50 24.80-143 24.68225 24.32-S8 24.52406 24.611.04 24.321.50
25.38-AO 25.04-A8 24.88-S9 24.47,49 24.90-.91 24.76-.78
24.64-.8.5 24.50-.85
24.50-.55
25.10 -- 24.80 -24.60 -24.20 --24.67 -24.55 -24.70-.93 24.30-A2 24.20-.70 23.82-en 23.96450 24.04-A8 23.82e.93
23.86-.89 23.38 -24.20-.23
24.85,00 24.55-.60 24.38
-23.87-e31 23.53-e01 23.60-e16 23.74-.15 23.53e.59
24.35-.59 23.97-e53
24.51 -- 24.20 -24.02 -23.57 -- 24.05 -23.85-.87
24.02 -23.82 --
24.47 -- 24.16 -- 23.97 --
24.28-.50 23.92-e42 23.82423 23.50-.91 23.56-e10 23.70e.08 23.50e.50
24.42 -- 24.12 -- 23.93-.95 23.52 -24.00 -23.80-S2
24.35 -- 24.06 -23.36
23.45 -- 23.94 -23.74 -
24.15-30 23.83-e25
-23.75-e05 23.40-.73 23.46-.94 23.65-.80 23.40e.30
24.25-.30 24.00 -23.80 -23.39 -- 23.88 -23.68 1 27.00c.
t 25.00e.
c 24.00c.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
•
-1922-23-Since
Week. Aug. 1.
5.405 697,346
1,300 235.968
7,926
100
56,033
677
3,448 174,563
8,429 466.349
----1921-22---Since
Week. Aug. 1.
11,704 797,714
3.850 363.411
7,986
1,532
81,388
4,099 247.472
7,433 427,281
Total gross overland
19,359 1,638,185
Deduct Shipments
Overland. to N. Y., Boston, &c_ _- 655 105,780
Between interior towns
27,369
517
Inland. &c.,from South
1,465 472.259
28.368 1.925,252
June 29ShippedVia St. Louis
Via Mounds
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total to be deducted
2,637
Leaving total net overland *
605,403
16.722 1,032,782
2,628
546
6,778
168,798
27,854
378,193
9,952
574,845
18,416 1.350,407
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 16,722 bales, against 18,416 bales for the week last
year, and that for the season
overContinental imports for past week have been 67,000 bales. land exhibits a decrease fromto date the aggregate net
a year ago of 317,625 bales.
The above figures for 1923 show a decrease from last week
1921-22
1922-23
of 133,976 bales, a loss of 2,039,015 from 1922, a decline
In Sight and Spinners'
Since
Since
Takings.
Week.
Week.
Aug. 1.
Aug. 1.
of 4,057,450 bales from 1921 and a falling off of 2,957,242
Receipts at ports to June 29
72,514 5.920,633
29.371 5.638,548
bales from 1920.
Net overland to June 29
18,416 1,350,407
16,722 1.032,782
AT THE INTERIOR TOWNS the movement-that is, Southern consumption to June 29a102.000 4,047,000 81,000 3,373.000
the receipts for the week and since Aug. 1, the shipments for
Total marketed
148,093 10,718,330 171.930 10.644,040
*21,325
*2,595 *47.595 *576,032
the week and the stocks to-night, and-the same items for the Interior stocks In excess
corresponding periods of the previous year-is set out in
124,335
Came into sight during week- _ _126,768
Total in sight Juno 29
10.068,008
10.715.735
detail below:
Movement to June 29 1923.
Towns.
Receipts.
Ship- Stocks.
melds
Week.
Ala.,Birming'm
41,266
Eufaula
8,337
Montgomery.
00,714
16
Selma
54,312
6
34,544
Ark., Helena
Little Rock _ _
8 170.734
Pine Bluff_
132,940
20
Ga:, Albany_
6,255
Athens
16
45,602
Atlanta
72 273,996
,
Augusta
1,204 294,875
Columbus.-_
124,328
2
56,760
Macon
Rome
236 48,078
74,100
La., Shreveport
81
24,786
Miss.,Columbus
128,813
Clarksdale_ _
13
Greenwood
21 108,726
34,102
Meridian....
2
4 32,471
Naychez_-_
23,136
1
Vicksburg28.12
Yazoo City_
3777- 709. 31
Mo., St. Louis
03
342 106,396
N.C.,Gre'nsboro
11,252,
Raleigh
18
102.7291
Okla., Altus_ _
81,389
_
Chickasha...
78,127
Oklahoma...
172.659
48
S.C.,Greenville
_
8,100
Greenwood..
Tenn.,Memphtz 3,9241,098,813
291
Nashville....
45,797
Texas, Abilene_
ii 18.481
35,591
Brenham.Austin
740 85,33
Dallas
Honey Grove
Houston_- 2,9162,673,93
71.63
Parts
41,18
San Antonio.
64,174
Fort Worth..
June
29.
Movement to June 30 1922.
Ship-
444 3,492
1161
-___
729
261
91
334, 0,995
13 1,397 1,284
8.005
18
946 15,690
936
1,317 26,664
697
_
2,083
-566 14,385 1:600
2,658 20,723 1,735
2,896 18,889 3,3461
_ 4,451 1,500
1,073 8,225
4841
250j 5,283
64'
--200
400
36
876
1,2251 20,871
85
462 18,663
52
163 1,291
179
90 3,307
1111
153 3,475
33,
280 8,452
102,
5,4051 8.824 8,880
1,423 16,176 1,0211
50
159
632
233 1,258
60
172
354
260
14 1,945
3611
3,288 23,278
--- 6,100
5,645 62,363 10,579
23
32,290
517 2,352
6,7351 ---- 3,288
48,7511
386 13,598
209 3,122
41,9761
31:5641 1,201 7,469
183.793 3,788 25.714
127.120, 4,582 31.127
6,964
91.818
234,362
389,036
62,300
37,764
30.910
63.213
20,743
134,255
91,415
33,697
32,236
27,076
30,598
807,536
62,467
13,628
83,473
61.805
64,057
179,064
14,472
925.420
362
81,179
97 14.070
882 29,345
510 169,420
.
3,931
--.
186
15
--_-
3,883
308
Stocks
Receipts.
.
Week. I Season. Week.. 1, 302
- _
2,060
3.366
7,339
2,000
411
350
1,600
---1,548
888
790
219
90
541
1,287
20,273
20.222
79,504
7,665
7.936
.3,202
9.600
767
15.347
14.060
2,909
3.740
3,464
5,963
11,704 18.576
2,324 10,206
500
282
412 1,829
399 2.218
858 6,372
5,943 28,807
---- 9,230
15,231 80,001
---460
---54
86 2,805
637
521
1.548 9,117
- 11,043
29,S5111 65,327
166 1,947
134
564
849 3,769
Nor,spinners' takings to June 29- 15.344 2.295.889 33.850 2,134.289
* Decrease during week and season. a These figures are consumption:
takings not available.
Movement into sight in previous years:
Bales. I Since Aug. 1151,569 1920-21-JtilY 1
113,58711919 -Jul}' 2
-20
166,116$ 1918-19-Ju1y 4
Week1921-July 1
1920
-July 2
1919
-July 4
Bales.
10.941,415
11.822.892
11,049.258
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week ending
June 29.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
29.10
New Orleans__ _ 29.25
Mobile
29.00
Savannah
28.80
Norfolk
28.50
Baltimore
Augusta
28.25
Memphis
28.75
Houston
28.75
Little Rock__ -- 28.25
Dallas
28.30
Fort Worth_
28.60
29.00
29.00
28.25
28.88
28.75
27.88
28.75
28.25
28.25
27.80
27.70
28.25
28.75
28.75
28.00
27.75
28.50
27.63
28.75
28.00
28.25
27.50
27.40
28.05
28.25
28.25
27.80
27.50
28.00
27.63
28.50
27.90
28.00
27.40
27.30
28.45
23.75
28.75
28.20
27.75
27.75
28,13
28.50
28.25
28.25
27.80
27.70
28.30
28.75
28.75
28.13
27.75
28.00
28.13
28.50
28.25
28.25
27.80
27.70
FIRST BALE OF COTTON IN TEXAS.-Aceording
to the Houston "Post," the first bale of cotton of the 1923
American cotton crop arrived in Houston at 11.55 p. m.
Saturday June 23, on a special chartered train fromKingsville. The "Post" adds:
The first bale was grown two miles north of Weslaco, in the lower Rio
Grande Valley, and the honor of producing the bale goes to A.P. Thomas.
It weighed 434 pounds.
It was consigned to the Win. D. Cleveland & Sons of Houston and will
be auctioned at 11 a. m. Monday at the Houston Cotton Exchange by
J. T. Burwell, Secretary.
With the bale on the special train came Ferris Watson of Dallas. originator
and breeder of the Watson cotton seed, from which the cotton was grown.
Ewing D. Clark, ginner of the bale, accompanied Mr. Watson.
15,2357.209,934 36.560348,278 54,8717.071,741102,466 540.737 . Mr.Thomas,the grower:L. L.O'Neal, Manager of the Wm.D.Cleveland
Total, 41 to
more than 20 other
at San
The above total shows thatlithe interior stocks have de- & Sons branch office were leftBenito. together with automobile trouble
residents of Weslaco,
behind when they had
creased during the week 21,325 bales and are to-night 192,459 during the long trip from Weslaco to Kingsville. surrounded the ginning
Mr. Watson brought the news that much
bales less than at the same period last year. The receipts at and shipping of the first bale, and no onesecrecy vicinity of Weslaco or
in the
all towns have been 39,636 bales less than the same week Killgsvilre knew of the shipping until it was loaded on the special car. to
The bale was ginned at Weslaco at 1.30 p. m. Saturday and the trip
year.
last
Kingsville was made overland in three hours and 25 minutes. according
Mr. Watson.
-The highest, lowest and closing prices at toIt was put aboard the special train, chartered from the Gulf Coast Line
FUTURES.
Ry.,at 5 p.in., making the trip to Houston in approximately seven hours.
New York for the past week have been as follows:
806 2,057
110
5,678 26,597 14,55512,610.814
43
42
89 52,456
4
30
167 51,005
852 67,252
811
43
3020
Monday,
June 28.
1
Tuesday, ,Wednesday, Thursday,
June 26. I June 27. June 28.
Friday,
June 29.
June
2868 -28 17
July
27.90-27.93 27.42-27.45 27.40-27.45 27.0827.74-27.75 27.42274'
October
24.76-24.81 24.48-24.50 24.25-24.27 23.80-23.84 24.33-24.35 24.68-24.'3
December_ 24.37-24.42 24.07-24.09 23.8923.27-23.40 23.93-23.96 23.74-2376
January 24.16-24.18 23.87-23.89 23.71-23.73 23.27 -23.81 23.59-23.62
March -24.0023.67-23.69 23.52-23.54 23.18-23.20 23.65-23.68 23.51-23.52
May
23.95 bid 23.60 bid 23.35-23.37 23.01-23.04 23.46-23.48 23.32-23.34
Tone
Spot
Quiet
Quiet
Quiet
Steady
Dull I Quiet
Options
Steady
Steady
Steady
Steady
Steady
Steady
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph from the South this evening denote that
temperatures have averaged about normal in the east
Gulf section, but have been somewhat above normal in
other sections. In all sections of the cotton belt, except the
greater portion of Texas,showers have been frequent, though
rainfall has been mostly light to moderate.
-Progress and condition of cotton are fair to
TEXAS.
very good, except some late planted cotton, which is poor
on account of the extreme dryness. Weevils, grasshoppers
and army worms have caused moderate damage locally in
some districts, but insect damage to crop as a whole is slight.
The first bale of cotton was marketed at Houston on June 25.
MOBILE.
-There have been scattered showers during
the week, with heavy rains in the interior on Thursday
night. Good progress has been made in growth and cultiva- •
tion. In some localities weevil are reported to be more
numerous.
-The weather has been hot, with
CHARLESTON, S. C.
-a situation which has been favorable to
very little rain
the growth and development of the plant.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria. La
Amite
Shreveport
Okolona, Mies
Columbus
Greenwood
Vicksburg
Mobile. Ala
Decatur
Montgomery'
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston.8.0
Greenwood
Columbia
Conway
Charlotte, N.0
Weldon
Dyersburg, Tenn
Memphis
Rain. Rainfall.
Thermometer
3 days 0.48 in. high 88 low 78 mean 83
dry
high 100 low 70 mean 85
1 day 0.05 in. high 95 low 72 mean 84
dry
high 92 low 74 mean 83
dry
high 88 low 74 mean 81
dry
high 98 low 74 mean 86
dry
high 107 low 72 mean 90
dry
high 95 low 65 mean 80
dry
high 103 low 71 mean 87
1 day 0.85 in. high 97 low 72 mean 40
dry
high 101 low 68 mean 85
1 day 0.97 in. high 96 low 67 mean 82
1 day 0.10 in. high 95 low 72 mean 83
dry
high 100 low 69 mean 85
1 day 0.14 in. high 96 low 74 mean 85
dry
high -- low 72 mean _ _
dry
high 97 low 71 mean 81
dry
high 100 low 71 mean 86
1 day 0.11 in. high 104 low 70 mean 87
dry
high 98 low 67 mean 83
1 day 0.03 in. high 100 low 67 mean 84
1 day 1.02 in. high 95 low 67 mean 81
3 days 1.08 In. high 96 low 70 mean 83
high 93 low 70 mean 82
dry
3 days 1.10 in. high 97 low 70 mean 84
1 day 0.62 in. high 97 low 71 mean 84
5 days 1.63 In. high 91 low 67 mean 79
4 days 0.44 in. high 94 low 70 mean 82
3 days 0.57 in. high 97 low 67 mean 82
3 days 0.61 in. high 97 low 64 mean 81
2 days 1.31 In. high 97 low 68 mean 83
3 days 0.81 In. high 91 low 68 mean 80
5 days 2.75 In. high 90 low 68 mean 79
3 days 0.94 in. high 96 low 68 mean 82
3 days 0.37 In. high 95 low 67 mean 81
3 days 2.85 in. high 95 low 64 mean 79
4 days 2.82 in. high 91 low 70 mean 81
6 days 2.86 in. high 92 low 69 mean 81
5 days 0.70 in. high 92 low 72 mean 81
1 day 0.25 In. high 96 low 67 mean 82
5 days 1.85 in. high 96 low 69 mean 83
4 days 0.97 in. high 97 low 69 mean 83
3 days 1.77 in. high 92 low 74 mean 83
3 days 0.59 in. high 94 low 68 mean 81
5 days 2.78 in. high __ low 70 mean _
1 day 0.06 In. high 94 low 71 mean 83
2 days 0.86 in. hi1 95 low 68 mean 80
1 day 0.71 In. highNewbern95 low 71 mean 83
1 day 0.07 In. high 99 low 68 mean 84
2 days 1.10 in. high 95 low 66 mean 81
2 days 0.88 In. high 94 low 68 mean 81
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season,
1922-23.
Week. I Season.
Bombay
-23__
1922
1921-22._
1920-21._
Other hull
1922-23__
1921-22
1920-21
3.000 4.000 47,
3,000 1,000 8,000
3,000 20,000
Japan &
China.
Season.
2.771,41820.092.135 4,916,960 20.757,258
2,465,6741 2,465.674 4.554.689 4.554.689
Total.
127.000 598,500 2,015.500 ,739.000
37,000 465.0001,659,000 2,161,000
22,000 470.0001,125,000 1,617,000
1,000 3,000
9,000
1,000
78.
263.550
10,000 196,000
21,000 181,000
289,550
18.000 224,000
27,000 229,000
Total all
1922-23.. 4.000 7,000 47,000 58.000 203,000 860,050 2.015.5003,078,550
1921-22._ 3,000 10.000 8,000 21,000 47.000 661.000 1.877.000 2,385,000
4.000 20,000 24,000 43,000 651,0901,152,0001,846,000
1920-21__
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
23,000 bales. Exports from all India ports record an increase
of 37,000 bales during the week, and since Aug. 1 show an
increase of 693,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria. Egypt,
June 28.
1922-23.
1921-22.
1920-21.
5,000
6.615.673
Receipts (cantors)
This week
Since Aug. 1
60,000
5,325,211
75.000
4,542,426.
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. I.
Exports (bales)
-
To Liverpool
4,000 229.908
To Manchester, &c
170,717
To Continent and India. 6,005 313,545
ToAmerica
207,588
---- 164,609
6,500143.377
18.4 ,9
1t
3,100222.143 3,260 141,712
---- 164,435 1,500 46.638
Total exports
10.000021.768 9,600693,664 4,760383,291
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
shows that the receipts for the week ending June 28
This statement
were 5,000 canters and the foreign shipments 10.000 bales •
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for both home
trade and foreign markets is poor. We give prices to-day
below and leave those for previous weeks of this and last
year for comparison:
1922-23.
gs, Cop
Twist.
Mar. d.
13 2314
20 2234
27 22,‘
May
4 22%
11 21%
18 214
25 2134
June
1 224
22%
15 224
22 224
29 224
1921-22.
814 lbs. Stin- Cot'n
I tag*, Common Mid.
to Finest.
UPS'S
32s Coy
Twist.
84 lbs. Shirt- Coen
ing:. Common Mid.
to Pined.
UpFir
d. s. d.
2434 170
234 170
244 17 fl
23%116 6
22% 160
224 16 0
223416 0
@172
@164
@164
@164
14.761175S O 193415 734@18 3
14.08 184 O 1934151034(8166
14.74 194 O 204 16 134(5169
15.50 194 O 203416 134(5169
O
•
•
•
•
23% 163
244 163
244 170
24% 170
24 166
@169
@170
@174
@173
017 1
15.96 19
O 2054 16 1)4016 9 12.03
04 2034 16 114 916 9 12.30
16.33 19
16.61 1934 • 21 16 154 18 9 12.78
16.57 204
2134 163 416 10% 13.59
16.52204 he 214 16 134(5161034 13.08
s. d. . d.
d. s. d.
s. d. d.
@174 15.95 1714 O 1854 15 434(4163 10.23
@174 15.18 17% O 184 15 434416 034 10.11
@174 15A6 175S • 1814 15 434(5160 10.21
11.00
11.58
11.98
11.69
SHIPPING NEWS.
-Shipments in detail:
-To Bremen-June 22
NEW YORK
-George Washington, 166--..
June 26-Yorck,3
To Antwerp-June 26
-Lapland, 100
-June 25
To Liverpool
-Baltic, 476
-To Venice-June 23-Higho, 450
NEW ORLEANS
-June 23-Higho, 100
To Piraeus
To Genoa-June 23
-Liberty Bell. 3.073
-Chicago Maru, 150--June 23
To Japan-June 23
-Dryden,
4,100
GALVESTON-To Japan-June 28
-Chicago Maru, 4.955
BOSTON-To Hamburg
-June 13-Nevision, 1.683---June 15
Hessen, 147
CHARLESTON-To Japan-June 27
-Agamemnon, 5.200
Bremen-June 26
HOUSTON-To
-West Segovia, 504
MOBILE
-To Liverpool-June 21-Afoundria, 5
To Manchester-June 21-Afoundria, 336
NORFOLK-To Liverpool
-June 23-Thistlemore, 2,150-June
23
-West Cohas. 216
'Po Manchester-June 23-West Celina, 1.800
PENSACOLA-To Bremen-Juno 28-Clavarack, 400
SAVANNAH-To Liverpool-June 22
-Tulsa, 467
To Bremen-June 23
-Mar Adriatic°, 5.555
To Japan-June 27-Toba Maru. 2,700
WILMINGTON-To Venice-June 28
-Frederick, 8,200
LIVERPOOL.
-Sales, stocks, &c., for past week:
Bales.
Me
100
478
450
100
3.073
4,250
4.955
1.850
6,200
504
5
336
2,366
1,800.
400
467
5,555
2,700
8.200
43,955
June 8. June 15. June 22. June 29.
56.000
31.000
23.000
2.5,000
32,000
13.000
8.000
8,000
7,000
3,000
4.000
0.000
40,000
57,000
43.000
39,000
553,000 526.000 498.000 478,
250.000 228,000 205,000 188,Ill
16,000
13,000
16,000
25.000
6,000
1.000
4,000
81;000 93,000 78,000
75,000
5,000
8,000
16,000
16,000
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
past week and the daily closing prices of
been as follows:
Total takings to June 29_a
305,744 17,626.461 362.271 16.202.569 each day of the
204.744 11.557.599 246,271 11,574,549 spot cotton have
Of which American
which other
Of
101,000 6,068,862 116,000 4,628.020
Saturday.
Spot.
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 4,017,000 bales In 1922-23 and 3,373,000 bales in 1921-22
- Market, I
12:16 )
takings not being available-and the aggregate amounts taken by Northern
P.M. 1
and foreign spinners, 13.579.461 bales in 1922-23 and 12,829,569 bales in
1921-22, of which 7,510.599 bales and 8,201,549 bales American.
Mid.17pl'ds
S Estimated.
SOLIINDIA COTTON MOVEMENT FROM ALL PORTS. Sales
DAY
Futures. r
-23.
1922
1921-22.
1920-21.
Market )
ne 28.
opened
l
Since
Since
Sit.ce
Receipts as
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Market, I
4
)
33.000 3.576,000 58,000 3,299,000 66,000 2,606,000
Bombay
P. M. I
Muse August 1.
Contineed.
1921-22.
Week.
Visible supply June 22
2.599,650
4.713.625
Visible supply Aug. 1
3,760.450
6,111,250
American in sight to June 29_
126.768 10,715.735 124,335 10,068,008
Bombay receipts to June 28--- 35.000 3.576,000
58,000 3.299.000
Other India shipm'ta to June 28
339.550
9,000
4,000
224.000
Alexandria receipts to June 27..
8,000
1,000 1,331.400
698,000
Othersupply to June 27_
369,000
4,000
5.000
357,000
Total supply
Deduct
Visible supply June 29
For the Week.
Great Conti- Japan&
Great
eitain. neut. China. Total. Britain.
Exports.
Orgee ea@
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Saturday.
June 23.
[VoL. 116.
THE CHRONICLE
Monday,
Quiet
Tuesday. Wednesday. Thursday.
Quiet.
Qu et.
Dui-.
Friday.
Dull.
16.65
16.25
16.28
16.34
16.52
6,000
5,000
, 5,000
5.000
7,000
Steady at
12 to 19
pts. adv.
Quiet at Quiet but Steady at
Un1 to 7 sty, 14 to 2 Ms. dec. changed to
pts. dec. 17 pts. dec. to6pts ado 3 pts. adv.
Barely st'y Very st'dy, Quiet but Very 8t'cly,1 Steady.
5 to 10 10 to 13 st'dy. 13 to 4 to 17 2 to 9 pte.
pts. dee. pts. adv. 21 eta dee. nts. adv. advance.
Jura]30 1923.]
THE CHRONICLE
3021
Prices of futures at Liverpool for each day are given below: houses with foreign connections are supposed to have bought
2,000,000 bushels of July, September and December as hedges
Sat.
Tues.
Fri.
Mon.
Wed. 1 Thurs.
against sales to Europe for forward shipment. On ThursJune 23
/
1
2
/
2
to
1234 1214 1214 4:00 1214 4:00 1234s 4:00 1234 4:00 1234 4:00 day there was an advance of 11 to 2 c. on reports of rains
June 29.
p. m.p. m.p. m.p. m.p. m. p. m.p. m.p. m.p. m.p. m. p. m.p. m. in harvesting districts, rust in the Northwest, smaller country offerings, better export business of late, steady cables,
d.
d.
d.
d.
d.
d.
d. d.
d. I d.
d.
d.
15 71 15.47 15.4015.5815.43 15.45115.4915.61 15.1615.22 larger flour sales and a somewhat oversold condition here.
June
July
15.22 15.01 14.94 15.12 14.96 14.9715.01 15.13 14.6714.70
August
14.7,14.51 14.47 14.64 14.4714.47 14.53 14.64 14.1814.20 It made shorts nervous. Continued hot weather caused re14.22 14.11 14.08 14.21 14.07 14.06 14.07 14.18 13.66 13.68 ports of premature ripening in Illinois. But drouth in the
September
13.72 13.59 13.58 13 7213.58 13.54 13.5 13. 3 13.36 13.37
October
November
HOLI- 13.43 13.3513.33 13.47 13.33 13.27 13.2513.33 13.2613.26 Northwest has been relieved by copious rains over part of
December
DAY
13.33 13.25 . 313.37 13.23 13.17 13.1513.23 13.0813.08 Minnesota and North Dakota, as much as 3 inches falling
13.16 13.08 13.06 13.20 13.06 13.0012.97 13.05 12.9 12.98 here and there.
January
Late cables from abroad reported warmer
13.06 12.9812.9713.11 12.97 12.91 12.87 12.95 12.93 12.93
February
13.03 12.95 12.93 13.07 12.93 12.86 12.82 12.90 12.86 12.86 weather in western Europe. The Department of Agriculture
March
12.96 12.89 12.87 13.00 12.86 12.7912.76 12.83 12.81 12.80 estimates that the carry-over of wheat at the end of the crop
April
12.9012.83 12.81 12.94 12.80 12.7312.70 2.77 12.7312.73
May
season, June 30, will exceed 100,000,000 bushels. Italian
cables said on Thursday that in the past 10 days Italian
BREADSTUFFS
houses have bought about 4.000,000 bushels of wheat in
Friday Night, June 29 1923.
America. Liverpool freights have been down to is. 3d. per
Flour has been for the Jnost part quiet, as wheat has quarter, or about 3 c. per bushel, and Continental freights
/
1
2
drifted downward. That has naturally caused a feeling of 3% to 42 per bushel. To-day prices declined 1 to 11c.,
/
1c.
/
2
uncertainty, not to say apprehension. Where will the de- with less demand, good weather, more cheerful crop reports
cline in wheat stop? It halts at times and the price rallies, and little export business. Final prices show a decline for
but there is skepticism as to the stability of prices, with the the week of 3 to 4 c.
/
1
2
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Government continually interfering in wheat trading under
Sat. Mon. Tues. Wed. Thurs. Fri.
the Grain Futures Act. European crop prospects are bet- No.2 red
cts 730 13034 1274 1254 126% 125_4
ter and North Africa is shipping new crop wheat to France. DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Man. Tues. Wed. Thurs. Fri.
One thing is considered clear enough, and that is there can July delivery in elevator
cta..10434 1044 10234 1014 10234 101
be no genuine reawakening of business in flour here until September delivery in elevator_..__10434 10434 10234 1014 103 102
wheat prices have clearly and unmistakably demonstrated December delivery in e1evator_1063j 1074 1054 10434 1054 105
Indian corn declined with wheat. True, the American
their ability to advance and hold the rise. Until that becomes plain buyers are expected to buy with the old caution visible supply last week decreased 1,167,000 bushels, which
and hesitancy and prices will decline if wheat declines. was greater than had been expected. It is now 3,165,000
That will be a case of cause and effect. Meantime export bushels, against 31,326,000 a year ago. The Chicago stock
business as a rule has been small, though at times somewhat fell off 1,156,000 and there total there is now only 405,000
encouraging. Sales of American flour to Europe have been bushels. Moreover, there was covering at times on the hot,
made a fact which seems to mean that Canadian millers are dry weather over the belt. It caused at one time more or less
no longer able to undersell American millers so easily. uneasiness. And whatever the explanation of the sharp deLater on big bakers bought more freely. It was said that crease in the stock at Chicago it had for a time an effect.
they placed large orders with the mills for 30 to 60 days' Whether this was a mere matter of elevator bookkeeping,
shipments. Details of the exact amounts purchased or the whether it merely marked the transfer and disappearance
prices paid were not revealed. Significantly enough, most for the moment only, as corn was sent from one elevator to
of the business was done directly with the mills. Price con- another, seemed to matter little in the end. It was as high
cessions, it is conceivable, were made to facilitate business. as 100 degrees and over at half a dozen points in Illinois last
They bought both springs and hard winters and the totals Sunday, and a few reports of rain being wanted have been
were asserted to be perhaps a couple of hundred thousand received. December corn for a time attracted increased atbarrels. As the week advanced prices fell with those for tention. The big discount under the old crop deliveries was
wheat and trade was small, both for home and foreign ac- a striking feature. The East bought cash corn and took
count. In Minneapolis prices last week declined. Mills still 185.000 bushels' in all positions, including some fresh
worked only at about 40% of capacity. Quotations car lots, shelled yellow afloat for Buffalo. Most reports have shown
f. o. b. at Minneapolis, showed best family patents at $620 that corn is making rapid progress, and except from parts
to $6 35; standard patents,$610 to $625. Rye flour dropped of the Southwest there are fewer complaints of weedy fields.
25e. White rye flour $3 65 to $3 85; medium $355 to $3 70; But later on corn again fell with wheat, but not nearly so
durum flour 20c. lower, No. 2 Semolina $5 40; No. 3, $5. severely, for corn has intrinsic merits of its own which difMill feed held with, with a good demand, especially for spot. ferentiate it in rather striking fashion from wheat. For
Standard bran, $2025 to $20 50; standard middlings firmer the weather on the whole has been too dry. Rains are
at $2550 to $26 spot, with July-August 25; red dog, $29 to needed. Receipts have been small. The visible supply in
the United States is about one-tenth of that held a year ago.
$30 50, and flour middlings, $31 to $34.
Wheat was irregular, declining, then advancing, then fall- It has been rapidly disappearing in recent weeks. But the
ing again. The net decline is sharp. Liverpool dropped weekly weather and crop report was more favorable than
%d. to %d. early in the week. Foreign news was not at all had been expected. On Thursday, after an opening advance,
inspiring. Exporters were small purchasers, I. e. on the 25th prices reacted, especially on July. Good crop news depressed
inst. 100,000 bushels. The weather was favorable for the September and December. Over two-thirds of the belt the
new crop. Further rains fell in the spring wheat belt. In weather was good, with rains in the Ohio Valley, where it
the harvesting section it was clear and warm. Offerings of September and December. To-day prices dropped about 2c.
new crop wheat at that time, it is true, were small, but re- and end 43!c. lower for the week.
ports on the quality of the new Okahoma crop were very fa- iffitikl DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
vorable. Mills were good buyers at one time. Private cables No. 2 yellow
cts_1034 1044 1034 10334
from Europe, on the other hand, reported warmer weather, DAILY CLOSING PRICES OF CORN FUTURES IN 10234 10014
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
something favorable for its crops. But a new thing struck July delivery in elevator
$ 82% 81g
834 83
cts _ 82
the attention on this side of the water early in the week. September delivery in elevator____ 79
784 77
794 79
75
66
684 67
That is there were indications, or seeming indications, that December delivery in elevator____ 67
6534 634
Oats fluctuated for a time within narrow limits, ending
farmers were beginning to hold back their wheat. It was
the theme of general comment. Though the spring wheat lower. They kept steady for a time, however, in sympathy
section had beneficial rains and the winter wheat belt the with the firmness of corn. Besides, the visible supply in the
needed hot, clear weather for harvesting, country offerings United States decreased last week 1,230,000 bushels, against
were light and goss:p was current that growers as a rule 1,269,000 bushels a year ago, bringing it down to only 9,788,were postponing sales until after threshing and were pursu- 000 bushels, against 44,567,000 bushels a year ago. Moreing tactics designed to get them $1 a bushel or more. Some over, there were some complaints of damage to the crop by
buying for houses with seaboard connections helped steady hot weather. On Tuesday prices fell somewhat in sympathy
the market. So did some export buying. All this tended for with other declines in grain despite complaints of crop dama time to neutralize news that harvesting had begun in Illi- age by hot weather and small receipts on both Tuesday and
nois, especially as there were reports that considerable of Wednesday. Moreover, the fundamental situation in the
the Illinois crop showed signs of having ripened prema- oats branch of the grain trade is strong enough to appeal to
turely. Meanwhile the American visible supply decreased not a few, especially as the visible supply in the United
lest week 1,376,000 bushels, which did not pass wholly un- States is only about one-fifth of that held a year ago. Later
remarked,even if it was noticeably smaller than in the same the weather was good and prices were more or less affected
week last year, when it was 2,612,000 bushels. The total is without giving way much. To-day prices declined / to 9fic.,
1
2
/
now down to 28,343,000 bushels, against 22,002,000 a year ending 14 to lc. lower for the week. Small receipts and
small stocks have neutralized favorable crop advices.
ago. Prices fell 2 to 2V on the 26th inst. on good harvestle.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
ing weather, cutting in Nebraska and indications that new
Sat. Mon. Tues. Wed. Thurs. Fri.
wheat was beginning to move more freely. At the same time No. 2 white
cts 54
64
54
54
54
54
demand lagged. July got down pretty close to the dollar DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
mark. Exporters took 750,000 bushels, but it was mostly July delivery in elevator
cts_ 41
414 414 404
414 41
Manitoba. On Wednesday prices again fell. July got within September delivery in elevator____ 374 3734 3714 3734 734
December delivery in elevator____ 394 394 3934 39
" d'aft
1%c. of $1. The weather was still good. Harvesting was
Rye declined
being pushed. Also, Broomhall estimated the world's ex- There was some slightly and then rallied. Later is broke.
slight export demand daily; sometimes not
portable surplus for the coming season at 768,000.000 bush- more than 100,000
bushels wee actually sold. It was said,
els and put import requirements at only 656.000,000. Export however, that 500,000
bushels were sold for export late last
trade was unsatisfactory, only about 400,000 being taken, week. The visible
supply in the United States last week
part hard winter, but largely Manitoba. On Wednesday decreased 777,000 bushels, against 911,000
in the same week
THE CHRONICLE
last year. It is now 15,420,000 bushels, against 2,580,000 a
year ago. On Tuesday about 200,000 bushels were sold for
export. There was a good deal of liquidation, however, with
. wheat off 2c. or more. On the 27th inst. 400,000 bushels
were taken for export. Later prices declined with those for
other grain and also, no doubt. In part because the export
business again fell off. To-day prices fell and ended 1% to
2c. lower than last Friday.
DAILY CLOSING PRICES OF RYE FUTURES IN
Sat. Mon. Tues. Wed.
cts 64% 643 636 62%
July delivery in elevator
66% 65%
September delivery in elevator.— 66% 67
703i 69% 69
December delivery in elevator-___ 70
CHICAGO.
Thurs. Fri.
63% 62%
66% 65
69% 69
The following are closing quotations:
GRAIN.
Oats—
54
No. 2 white
52%
No.3 white
Barley—
503i Nom.m
1 ooss Feeding
Malting
7414
FLOUR.
25 80546 20 Barley goods—
Spring patents
Winter straights, soft 5 30 5 60 No. 1, 1-0, 2-0
Nos.2,3 and 4 pearl_6 50
$
575
Hard winter straights 550@600
590
Nos.3-0
5 00 575
Firstspring clears
Nos. 4-0 and 5-0
600
3 9O5 4 60
Rye flour
Oats goods—carload:
Corn goods. 100 lbs.:
Spot delivery
2 70@ 2 80
2 20@ 2 30
Yellow meal
225© 235
Corn flour
here, see page 296L
For other tables usually given
Wheat—
No. 2 red
No. 2 hard winter_ - _
Corn—
No.2 yellow
Rye—No.2
$1 25%
1 20%
WEATHER BULLETIN FOR THE WEEK ENDING
JUNE 26.—The general summary of the weather bulletin
Issued by the Department of Agriculture, indicating the influence of the weather for the week ending Jun 26, is as
follows:
Unusually warm weather prevailed during the week ended June 26 in the
northern half of the country east of the Great Plains, but mostly moderate
temperatures prevailed in the South. Showers were rather frequent in the
central and eastern Gulf States, in the western Lake region and in the northregion and
ern tier of States between the Lakeexcessive in the Rocky Mountains.
Minnesota North Dakota and
Rainfall was generally heavy to
Montana. Soil moisture was sufficient for present needs of vegetation in
Rockies, although it was too dry in parts of Texas,
most sections east of the
Iowa, Illinois and Michigan and rain was rather badly needed in most localiportions of
ties of the northeastern States, particularly in New Jersey and injurious to
New York and Pennsylvania where heat and drouth were very States was
dry weather in the central trans-Mississippi
crops. The warm
very favorable for cultivating crops and much field work was accomplished
in that area. The drouth was broken in the central northern States, but per.
manent crop damage had been done by the drouth in many localities, particularly in North Dakota.
Harvest made splendid progress with very little interruption from rainfall,
Cool,
but the high temperatures were unfavorable for small grain crops. These
cloudy and showery weather prevailed in the more northwestern States. work
conditions favored grasses and grains, but were unfavorable for farm
and row crops which needed warmer weather and more sunshine.
There was some hail damage by storms in some portions of the latter State.
There was sufficient rain to improve conditions locally in the Far Southwest
but in general drouth continued in that area.
Progress was very good to excellent in Arkansas except in some southern
sections, where further rain fell; cultivation was rushed, but there was still
considerable complaint of grassy fields. Cotton made generally fair progress
in Louisiana and there was a decided general improvement in conditions
with the warm fair weather in Tennessee. It was rather too showery in Mississippi and scattered showers were of almost daily occurrence in Alabama.
The general conditions of the crop varies greatly in the latter State, ranging
.
from very poor to excellent, but is mostly fair.
Much fair weather and adequate sunshine prevailed in Georgia and excelallent progress was made in cultivation. Cotton made very good advance,and
though the plants were still small and late; chopping was completed
fields were mostly clean, with a few early blooms reported. Conditions were
The
generally favorable in the Carolinas, where cotton did well a.s a rule.showplants were still small in the Piedmont of South Carolina, however, and
beneficial in North Carolina. Cotton was in excellent condition
ers would be
in Arizona and California.
COTTON.—The temperature averaged slightly below normal in East Gulf
districts, but was somewhat above normal in other sections of the cotton belt.
Showers were rather frequent, though mostly light to moderate, from the
Mississippi Valley eastward, but dry weather prevailed in the western and
northwestern portions of the belt. On the whole the week was favorable for
cotton.
Showers occurred at about one-third of the reporting stations in Texas and
cotton made fair to. very good progress except in some late planted, which
was unfavorably affected by dryness, while weevil, grasshopper and army
worm damage is considerable locally. It is light on the whole. The warm
dry weather was favorable in Oklahoma, where the crop made fair to very
good advance and cultivation progressed rapidly, but many fields were still
grassy.
.
SMALL GRAINS.—Under the influence of unsually warm weather winter
wheat ripened rapidly during the week, in fact too rapidly, in some sections.
northward to Maryland, touthern Ohio, central IlliHarvest was in progress
nois and eastern Kansas nearly to the Nebraska line. This work was being
accomplished throughout the interior valley under very favorable weather
conditions with 'very little interruption from rainfall, although it was uncomfortably warm. 'There was much complaint in Kansas that the sudden
change to hot, dry weather had caused shriveling of grain, while shriveling
was reported locally from the Ohio valley States. Thrashing was begun in
Oklahoma.
Heavy rains occurred in much of the spring wheat belt and warm weather
In the eastern portion caused rapid development. Spring wheat was still
looking well in South Dakota where it was mostly headed and was generally
good to excellent where well planted in North Dakota but poor to only fair
elsewhere in that State. There was complaint of plants heading short in
Minnesota. Very favorable weather prevailed for this crop in the more
western portion of the belt.
The hot dry weather adversely affected oats in much of the Ohio valley and
the crop was reported as stunted and heading short in places. Oats were in
the critical heading state in Iowa, where damage was done by the heat and
drouth, but conditions continued favorable in the northern plains area. Harvest was well under way in Oklahoma and progressing in the West northward
to Virginia.
Rice made good growth in the lower Mississippi valley and the weather was
favorable for thrashing in Texas; this crop was unfavorably affected by cool
weather in California. Weather favorable for flax in northern plains area,
where crop was doing well.
CORN.—Ideal corn weather prevailed throughout the interior valley States,
and that crop made very good to excellent progress. It was also favorable
for cultivation and much field work was accomplished. During the last two
weeks favorable conditions for cultivation in Iowa has enabled farmers to
overcome the weedy fields except in the northwestern portion, while most
corn was waist high and well cultivated in Missouri. Cultivation made good
progress in Nebraska, but many fields were still weedy in that State; corn
made excellent growth.
The progress and condition of the crop was fair to very good in Oklahoma,
but grain was beginning to be needed in some central and southwestern localities. It was mostly too dry for core in Texas and rain was needed in
most middle Atlantic coast area. Corn improved with better weather In the
Southeastern States. This crop was retarded in the more Western and Northwestern States, owing to cool weather, and in Northwest by lack of sunshine.
Broom corn in good condition but later, in lower great plains.
[Vor... 116.
THE DRY GOODS TRADE
Friday Night, June 29 1923.
Although markets for textiles have not displayed any
great amount of activity during the past week, a slight improvement has been noted in some directions. In the cotton
goods division, the hot weather stimulated buying of seasonable lines, and a number of houses were said to have transacted quite a good business. While many cotton goods, despite the firmer cotton markets, declined in priee, some lines
have been advanced, such as men's wear for filling in purposes. Retailers are doing quite a good pre-holiday business
on seasonable merchandise. Not only have they been helped
by the spell of hot weather, but by the fact that consumers
have waited until actual necessity forced them into the market for light weight goods. In keeping with the expectations
of many merchants some time ago, the market movement
appears to have reached a point where it is impossible to
secure prices for goods on a parity with high cotton costs.
As to how much longer mills will continue to sell goods without striving for immediate replacement costs will depend
upon the amount of lower priced reserve cotton they have in
stock and the condition of their financial reserves. Buyers
well know that mills cannot manufacture bleached goods.
sheets and pillow cases on a profitable basis at prevailing
prices unless theruse cotton purchased at much lower prices
than those now quoted in speculative centres. Some mills
have already been obliged to close in order to conserve their
assets. The volume of production for mouths back has been
large, while imports have also been relatively large. On the
other hand, there has been no additional outlet for goods in
foreign markets. Consequently, owing to the consumption uncertainties a lack of confidence exists in cotton goods values.
DOMESTIC COTTON GOODS: Demand for some lines
of domestic cotton goods has been fairly active during the
past week, and quiet for others. Jobbers have been quite
free buyers of seasonably styled wash goods, but have not
done as well as usual on the staples, such as percales, ginghams, etc. White goods houses have been doing a quickened
business in a few lines, such as dobby effects and box loom
fine white novelties. Ginghams continued dull, and while
style, backward season and other reasons are given for the
slow sales, some of the selling agents maintain that prices
are too high to be attractive. Towels, bedspreads, damasks
and many of the cotton yarns and other cotton products are
inactive. Print crotlis: sheetings and many of the convertibles' hale alfie been dull,'sith sales light and prices quotably easier. Jobbers' sales of wash fabrics indicate that deznands are moved by actual wants. Anything that is staple
is not moving well, while such fabrics as flock dot voiles,
crepes or fancy ratines can be easily sold. Most of the retailers, however, are buying from hand to mouth, and are
showing reluctance in ordering anything more than they can
re-sell quickly. There have been ft few cancellations of fall
business in local and out-of-town converting and Jobbing
houses, but they have been small and unimportant and are
believed to reflect simply the general hesitation of the time.
There are indications of -a more active demand developing
for colored cottons within the next ten days or so, as several
buyers have been making inquiries, and it is expected that
they will be inclined to entertain offers on standard makes.
Print Cloths, 28-inch, 64 x 64's construction, are quoted at
7%c., and the 27-inch, 64 x 60's, at 6%c. Gray goods in the
39-inch, 68 x 72*s, are quoted at 11%c., and the 39-inch, 80 x
80's, at 12%c.
WOOLEN GOODS: Only moderate activity prevailed in
markets for woolens and worsteds during the past week.
There has been a noticeable increase in duplicate business
among some of the men's wear houses, and buyers have been
willing to pay some of the advances recently named on special cloths. The duplicate business, however, has not as yet
acquired the necessary momentum to reflect strongly on the
market. In the dress goods end, business continues to hold
up well. Although the trade has not been taking staples in
serges, there has been quite a good demand for twills and
cords, and the general situation is considered healthy. Demand is keeping pace with production, cutters continue to
operate cautiously and stocks are low. Merchants are predicting a good spring trade in woolens. Spring goods among
clothing manufacturers are said to be scarce. Liquidation
has been thorough, and when business sets in there will be a
big gap to fill. A number of piece goods selling agents are
reported to have already received inquiries from clothing
manufacturers who are anxious to place orders for light
weight goods as soon as possible in order to assure early deliveries.
FOREIGN DRY GOODS : An improved demand from retailers has been noted in the linen market during the past
week. Household linens have beeen in particular request,
but the quantities involved have not been large, as tile seller
was not disposed to part with goods at what were considered distress prices. The retail trade has been seeking bargains for special sales, and their bids in many cases have
failed to result in business. Importers continue reluctant to
offer concessions to accommodate buyers, but have beeen prepared to negotiate business on reasonable terms. According
to reliable authorities, retailers' stocks are much depleted,
and it is believed to be only a question of a few weeks when
they will re-enter the market for their normal requirements.
Burlaps ruled steady with demand moderate. Light weights
are quoted at 5.40 to 5.45c. and heavies at 7.45c.
JUNE 30 1923.]
THE CHRONICLE
ffitate anti Chi Pepariment
State and City Section.
A. new number of our "State and City Section,"
revised to date, appears to-day, and all readers of the
paper who are subscribers should receive a copy of it.
As previously announced, this Supplement is now
printed in two parts, Part One containing the New
England, Central and Middle States, being issued
to-day. while Part Two, embracing the rest of the
conntry. will be publ Mied next December.
NEWS ITEMS.
--Bonds Offered in United
Ceara (State of), Brazil.
States.—A syndicate composed of J. S. Bache & Co., New
York; the Interstate Trust & Banking Co., New Orleans;
the Mortgage & Securities Co. of New York and New
Orleans, and Mark C. Steinberg & Co. of St. Louis, is
offering to the American public an issue of $2,000,000 8%
external 25-year secured sinking fund gold bonds. The
offering price is 99% and interest. The bonds are coupon
in form, registerable as to principal, in denominations of
$500 and $1,000 and mature Dec. 1 1947, but are redeemable
as a whole only at 105 and interest upon eight weeks' notice
on any interest date on and after Dec. 1 1937. Prin. and
semi-ann. int. (J. & D.) are payable in U. S. gold coin, free
of all present and future imposts, contributions and taxes
of the State of Ceara and the United States of Brazil, at the
Interstate Trust & Banking Co., New Orleans, trustee, or
at the First National Bank, New York.
Further details of the loan may be found in our "Department of Current Events and Discussions" on a preceding
page.
Denver (City & County of)—Moffat Tunnel Improvement District, Colorado.—U. S. Supreme Court Holds
Moffat Tunnel Law Valid.—The Moffat Tunnel Law, which
has been in litigation since its enactment at the special session
of the Legislature in the spring of 1922, has been upheld
by the U. S. Supreme Court, agreeing with decisions rendered
by the Colorado State Supreme Court and the Jefferson
County District Court.
The law provides for the issuance of $6,720,000 bonds by
the Moffat Tunnel District, organized under authority of
the Act, for the purpose of raising funds for the construction
of a tunnel designed tO give transportation relief to northwestern Colorado. Following the enactment of the law,
a suit was instituted in the Jefferson County District Court
at Golden, Colo., the contention being made that the law
was unconstitutional in several points. The District Court
decided against the plaintiffs, and the case was carried to
the Colorado State Supreme Court. That Court upheld the
District Court in its finding. Appeal was then taken to the
U. S. Supreme Court, which has now upheld the decision of
the two lower Courts.
The following, taken from the "Rocky Mountain News"
of June 16, is the text of the decision of Justice Sanford, the
history of the case and various court decisions cited in support of contentions being omitted:
"It was alleged by the plaintiffs that the tunnel was not intended as a
public highway for the use of the general public, but for the benefit of
the Denver & Salt Lake RR., commonly known as the Moffat road; that
the benefits to their real estate and the other real estate in the district
had been arbitrarily appraised and that no special benefits would accrue to
their property or other property similarly situated; that the Act and proescdings taken and threatened by the Commission thereunder violated
various provisions of the State Constitution and would deprive them of
their property without due process in violation of the Fourteenth Amendment; and praying that the defendants be enjoined from proceeding with
the enforcement of the Act and that all the proceedings of the Commission
lw declared null and void.
"The case was heard by District Court upon pleadings and proof. The
District Court found for defendants and dismissed, The Supreme Court
of Colorado, on writ of error, sustained the District Court and affirmed its
judcment.
"The land owners urge here, as grounds of error, in substance that the
Act and the proceedings taken and permitted thereunder violate the Fourteenth Amendment in that: (a) the purpose of the Act is not public in the
sense warranting the exercise of the power of taxation, but is essentially
private; (a) the Act authorizes the imposition of the entire taxes upon
the lands within the district, without regard to their relation to the tunnel
or the benefit to be derived from it, and, there being no special benefits to
such lands justifying such taxation, such classification is entirely arbitrary;
and (c) the Commission has arbitrarily and unreasonably adopted an
ad valorem basis for the appraisal and apportion of benefits to the several
parcels of land within the district, without reference to the actual benefits
to each.
"The Federal question presented being one which requires analysis and
exposition for its decision, is not frivolous: and the motion to dismiss the
writ of error is accordingly denied. The motion to affirm the Judgment
should, however, be granted if the questions on which the decision depends
are found to be so wanting in substance as not to need any further argument.
"The nature of the use, whether public or private, is ultimately a judicial
question. However, the determination of this question is influenced by
local conditions; and this Court while enforcing the Fourteenth Amendment,
should keep in view the diversity of such conditions and regard with great
respect the judgments of State Courts upon what should be deemed public
uses in any State. And like respect should be accorded to the declaration
of the legislative body of the State. Here the Legislature, familiar with
local conditions, has declared that the construction of a tunnel will benefit
the people of the State;and both the local Court of the State and its Supreme
Court have held its construction to be for a public purpose.
"It is urged by the land owners that the tunnel, considered as an isolated
transportation unit, will serve no public purpose. This is obvious but not
to the point. It is intended to furnish an avenue or highway which shall
be leased to public transportation agencies. A structure intended for such
use is unquestionably a public improvement for a public use. Thus subway
tunnels constructed by municipalities for lease to street railway and rapid
transit lines for use as common carrier': are public improvements for public
purposes. for which the power of taxation may be exercised.
3023
"They, however, contend that the tunnel must be deemed for a private.
rather than a public purpose, because it is located so as to be practicallya part of the Moffat road, and is intended for its use, the real object of the
Act being, as expressed by the Governor, to save this railroad to the people
of the State. There is virtually no denial of this; and evidently this was the
motive which led to the passage of the Act and is the primary purpose for
which the tunnel is to be constructed.
"This, however, is not a private purpose. The use of the tunnel by
the Moffat road will be for a beneficial public purpose. Without the
use of the tunnel the road must, it scents, be abandoned; and this avenue
of communication between different portions of the State will be lost. The
use of the tunnel will reduce the elevation, grades and Curvature of the railroad, shorten its line about twenty-three miles, and save it large amounts
annually. Evidently the preservation of this railroad, a common carrier
of persons and property, as a means of communication between the eastern
and northwestern portions of the State, is a matter of great public importance; and a tunnel enabling it to provide quicker and cheaper transportation during all seasons of the year will greatly promote public welfare.
"Even if this Act specifically directed that the tunnel be leased to the
Moffat road for railroad purposes (a Just rental based on the cost of constructing and maintaining the tunnel being provided), as the tunnel would
be operated by the railroad as a public highway for the carriage of passengers and freight, it would be a public improvement for a public use. The
test of public character of an improvement is the use to which it is to be put.
not the person by whom it is to be operated. A subway tunnel constructed
by the city under an Act authorizing its construction for the specific purpose of being leased to a designated rapid transit company, is a lawful
public improvement for a public use. As a railroad is a highway for public
use,although owned by a private corporation, a State May impose or authorize a tax in aid of its construction and in furtherance of such public use.
"So here, although this tunnel be designated for lease to the Moffat road.
It will be a highway for public uses, as much so as if it were operated by
the State, and a public Improvement for public purposes.
"Furthermore, while the saving of the Moffat road to the people of the
State seems to have been the prime motive which induced the passage of
the Act, it specifically provides for the use of the tunnel by any and all
railroads and other public utilities, to the extent of Its capacity, each
paying an annual rental apportioned to the respective values of the separate uses, and constituting a fair and just proportion of the total amount
required to pay Interest on the bonds, provide for their retirement and
maintain the tunnel. And the evidence strongly indicates that theltunnei
,
may and will be used to like advantage by the Denver & Rio Grande
RR.,extending from Denver to Salt Lake City, with a great shortening and
improvement of its line.
"It will also serve as a means of transporting water from the Fraser River.
on the west of the divide, to the City of Denver;for telegraph and telephone
lines and the transmission of power, and for the transportation of automobiles and vehicles, which are now unable to cross the divide during several
months of the year. These are all public purposes of much importance.
"We conclude that the purpose for which the tunnel is to be constructed
is not private, but public, and such as warrants the exercise of the power
of taxation."
In discussing classification as to special benefits, the opinion continues:
"It is contended that no special benefits of a direct and immediate
character will accrue from the tunnel to the lands lying within the district.
as distinguished from the other lands lying in the State, and that hence
the classification made by the Act in providing for the assessments solely
upon the lands within the district is entirely unreasonable and arbitrary.
It is well settled, however, that if a proposed improvement is one which
the State has authority to make and pay for by assessments on property
benefited, the Legislature, in the exercise of the taxing power, has authority
to determine, by the statute imposing the tax, what lands may be and are
in fact benefited by the improvement; and, if it does so. Its determination
Is conclusive upon the owners and the Courts and cannot be assailed under,
the Fourteenth Amendment unless it Is wholly unwarranted and a flagrant
abuse, and, by reason of its arbitrary character, Is mere confiscation of
the particular property.
"The Legislature not only provided for the assessment of lands within
the district, but specifically declared that the tunnel would be of especial
benefit to such lands, and that the special benefits accruing to them are
in excess of the costs of the tunnel and of the assessments provided for
against them.
"The district consists of the City and County of Denver on the east:
a strip ofland from six to eight miles in width extending through four counties on both sides of the Moffat road to the crest of the divide; and three
entire counties and a portion of another county, which are travened and
reached by the Moffat road and extend to the northwestern corner of the
State. In short, the district included and does include the lands contiguous to the Moffat road. The lands lying in the strip extending from Denver to the Divide are mainly agricultural lands; those lying to the west of
the divide, while largely devoted to stock raising, have valuable timber.
and the two counties lying farthest to the northwest have valuable coal
deposits.
"The testimony in the trial Court fairly indicates that the lands within
this district, on both sides of the divide, including those owned by the
Plaintiffs in error, will, generally speaking by reason of their proximity
to the Moffat road and the increased facilities of transportation across the
divide by which the western counties may be able to market their products
to the east and the eastern counties obtain an outlet to the northwest.
receive special benefits from the operation of the tunnel, of a reasonablydirect and Immediate character, resulting in increased value of lands, in
excess of those received by other lands in the State, and that the legislative
classification is, on the whole, substantially just and reasonable.
"The Legislature declared that there will be such special benefits. The
trial Court, familiar with local conditions, after hearing evidence on this
question,found that there would be such special benefits, and sustained the.
legislative classification: and the Supreme Court of the State has affirmed
its action. To the extent that there may be Inequalities in the benefits
received by the several parcels of land within the district, they are to be
apportioned by the Commission in the manner provided lay the Actsvith
a right of appeal to the local Courts for the correction of errors in such apportionments.
"And certainly, under all the circumstances, and regarding the district
as a whole, the evidence does not justify us in setting aside the conclusion
reached by the trial Court upon the weight of the evidence, or in characterizing the action of the Legislature in creating this separate district upon
which the assessments should be made, as arbitrary, capricious or confiscatory. The legislative determination and classification must, accordingly.
be upheld.
"Appraisal of benefits—It is contended that the Commission arbitrarily
adopted an ad valorem basis of appraisal for the apportionment of benefit,
to the several parcels of land within the district, without reference to the
actual benefits to each. This argument erroneously contended that the
Commission had finally adopted such an ad valorem basis for its appraisal.
This is not the case. It had merely adopted a tentative ad valorem basis,
subject to modification and corrections before final confirmation, after the
hearing of objections filed by landowners, of which public notice was given.
"These landowners did not seek to have the Commission modify or
correct this tentative basis of apportionment or file any objections to the
appraisal of benefits to their properties. Presumably if the tentative
s ra sa wr;ade erroneously1 would have r i valoremba3op
ag ga 1
; eu a modified upoL proea
ngfaildtobj
by tne Commission or to appear before it for the purpose of obtaining modifications or corrections as to their lands before the final adoption of such
basis, they have here no sufficient grounds of complaint. Where a city
charter gives property owners an opportunity to be heard before a board
respecting the justice and validity of local assessments for purposed public
improvements, and empowers the board to determine such complaints
before the assessments are made, parties who do not avail themselves of
such opportunity cannot be heard to complain of such assessments as unconstitutional.
"The judgment of the Supreme Court of Colorado was plainly right: and
as the question presented does not require further argument, the alternative motion of the defendants in error is granted and the judgment is
affirmed"
Indiana (State of).—Gasoline Tax Law Upheld by Court.—
In litigation brought by Bruce Gafil, of South Bend, to prevent the collection of the 2
-cent-a-gallon tax levied on gasoline
by the recent Legislature—V. 116, p. 1089—the State
Superior Court has upheld the validity of the tax.
Virginia (State of).—Gas Tax in Effect.—A tax on
gasoline, authorized by an Act passed at the recent special
3024
THE CHRONICLE
Legislative session,- became effective on June 28. The
measure levies a tax of 2 cents a gallon on gasoline sold from
June 27 to June 30, and 3 cents a gallon thereafter. Another
Act which became effective on June 28 permits the Governor
to make temporary borrowings, for highway construction, in
anticipation of collection of the gas and mill taxes.
-At the Legis-New Municipal Bond Act.
West Virginia.
tive session which adjourned finally on June 14 an Act
governing the creation of debt by civil divisions within the
State was enacted. The bill was passed by the Legislature
on April 26 and approved by the Governor on May 2, and is
to take effect ninety days from its passage, i. e., July 25.
The liniit placed upon the indebtedness in the Act is 2%%
of the taxable property as shown by the last preceding
assessment, but the exception is made that any county,
magesterial district or group of magesterial districts, for
the construction of a county-district road or bridge, or any
municipal corporation of 1,000 or more inhabitants, for
grading, paving, seweiing and improving streets and alleys,
may incur additional indebtedness in an amount not to exceed
23/2%. Bonds may be issued, under the 25i% limitation,
for the purpose of acquiring, constructing, erecting, enlarging, extending, reconstructing or improving any building,
work, utility or undertaking, or for furnishing, equipping
and acquiring the necessary apparatus for any building,
work, improvement or department, and for other similar
corporate purposes,for which the political division is authorized to levy taxes or expend public money. The refunding
of old bonds by the issuance of new bonds is also allowed
under the Act, but there is a prohibition against the issuance
of bonds to cover current expenses.
No bonds may be issued unless approved by three-fifths
of the voters voting on the proposition at an election called
by the governing body. The proposition placed on the ballot must call for the levy of a tax sufficient to pay the principal and interest on the bonds. When authorized by the
voters, the bonds are to be issued in denominations of $100 or
multiples thereof, are to bear interest at a rate not to exceed
the rate stated in the proposition'submitted to the voters, in
no case to exceed 6%. No bonds may run for a longer period
than 34 years, payment to be made in annual installments,
beginning not more than two years from date, each installment of principal, plus the annual interest, to be as nearly
equal as practicable. Bonds may be issued in coupon or
registered form; coupon bonds may be registered as to principal, and in corporations of 20,000 or more population,
may be registered as to interest as well as principal.
In disposing of bonds, the governing body of a political
division must first offer the issue, at par, to the various
State agencies, or departments, authorized by law to purchase such bonds. If these agencies do not accept the offer,
the bonds are then to be advertised for sale, on sealed bids.
The notice of offering must appear at least once a week for
three weeks in a local newspaper. If a sale of the bonds is
not then effected, the issue may be sold privately, within
sixty days after the offering. No sale is to be made at less
than par.
The Act contains additional provisions that allow municipalities and independent school districts, when authorized
by a special act of the Legislature, to create indebtedness
in excess. of the 23/2% and 5% limits, and the Act is not
to effect any general or special law providing for the issuance
of bonds payable in whole or in part by assessments against
abutting property.
Another provision of the Act requires that bonds, after
being voted by the people shall be submitted to the AttorneyGeneral for approval of their validity. The governing
body may place on each bond a recital to the effect that the
bond is authorized by and is issued in conformity with the
requirements of the Constitution and statutes of the State
of West Virginia."
BOND CALLS AND REDEMPTIONS
Call.
-Bonds numbered 301 to 500, inclusive, of the issue of
March 1 1893, maturing Sept. 1 1923 and payable at the
'Western National Bank, New York City, are called for payment on Sept. 1 by the County Treasurer. Payment of
bonds will be made at the County Treasurer's office in the
City National Bank of Paducah. Interest ceases Sept 1
McCracken County (P. 0. Paducah), Ky.-Bond
The official notice of this bond call will be found on a subsequent page of this
ssue.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-The following issues
AKRON,Summit County, Ohlo.-BOND SALE.
-(with privilege of
of coupon bonds offered on June 25-V. 116, p. 2419
registration as to principal or interest or both) were awarded to Gran. Todd
Associates of Cincinnati at 100.911-a basis of about 4.67%:
& Co. and
$500,000 44% water-works bonds. Denom. $1,000. Date July 1 1923.
Due yearly on Oct. 1 as follows: $20,000, 1924 to 1927, inclusive, and $21,000, 1928 to 1947, inclusive.
300,000 44% grade crossing elimination bonds. Denom. $1,000. Date
July 11923. Due yearly on Oct. 1 as follows: 910,000, 1924
to 1942. inclusive, and $11,000, 1943 to 1952 inclusive.
44% public hall bonds. Denom. $1,000. Date July 1 1923.
275,000
Due yearly on Oct. 1 as follows: $11,000. 1924 to 1936, inine
clusive, and $12,000. 1937 to 1947. Inclusive.
The following are special assessment bonds:
836,3005% bonds. Denom. 11.000, except one for $300. Date June 1
1923. Due yearly on Oct. 1 as follows: 94,300, 1924, and
$4,000. 1925 to 1932.
6.009 5% bonds. Denom. $1,000. Due $3,000 In the even years and
$1.g1)4)'n the odd years on (let. 1 r:3n1 1921 ta 1932. i
[VOL. 116.
80,2005% bondsathenom. $1,000, except one for $200. Date June 1
192340Due $8,200, 1924, and $9,000. 1925 to 1932, inclusive.
22,3005% bonds. Denom. $1,000, except one for $300. Date July
1923. Due yearly on Oct. 1 as follows: 12.300, 1924, and
$2,000 in the odd years and $3,000 in the even years from
1925 to 1932, inclusive.
4.9005% bonds. Denom. $1,000, except one for $900. Date June 1
1923. Due yearly on Oct. 1 as follows:$900, 1924, and $1,000.
1925 to 1928, inclusive.
7,800 5% bonds. Denom. $1,000, except one for $800. Date June 1
1923. Due yearly on Oct. 1 as follows: 11,800, 1924: MM.
1925; $2,000, 1926; $1,000, 1927. and $2,000, 1928.
ALACHUA COUNTY SPECIAL ROAD & BRIDGE DISTRICT
-R. C. Bowers,
-BOND OFFERING.
NO. 1 (P. 0. Gainesville), Fla.
Secretary Board of Bond Trustees, will receive sealed bids until 10 a. in.
July 23 for $562,000 coupon reg1sterable as to principal road and bridge
bonds. Date July 1 1923. Bidder to name rate of interest. Prin. and
semi-ann. int. (J. & J.) payable in gold in New York. Due on July 1
as follows: 12,000, 1925 to 1931 incl.: $4,000, 1932: $5,000, 1933; $4,000.
1934: $5,000, 1935: $6,000. 1936: 97,000, 1937; $8.000. 1938; $9,000.
1939; $10,000, 1940; $12,000, 1941; 114,000, 1942: 115,000, 1943: $17,000.
1944: $19,000, 1945: $57,000, 1946; $60.000, 1947: $65,000. 1948: $68,000.
1949: $73.000, 1950 and $90,000, 1951. A certified check for $10,000
required. Bonds will be prepared under the supervision of the U. S.
Mtge. & Trust Co.. N. Y. City, which will certify as to the genuineness
of the signatures of the officials and the seal impressed thereon, and the
validity of the bonds will be approved by Chester B. Masdich, N. Y. City.
Bids to be on forms furnished by above official or said trust company.
ALAMEDA HIGH SCHOOL DISTRICT, Stanislaus County, Calif.
--The $750,000 4'%% gold school bonds offered on June 18
_BOND SALE..
(V. 116, p. 2797) were awarded to R. H. Moulton & Co. of San Francisco
et al, at a premium of $11,710 equal to 101.56-a basis of about 4.62%.
Date June 15 1923. Due on June 15 as follows: $18,000. 1924 to 1933.
inclusive, and $19,000. 1934 to 1963, inclusive.
-BOND SALE.
-The
ALAMEDA COUNTY (P. 0. Alameda), Calif,
150,000 5% gold tube-construction bonds offered on June 18 (V. 116, p.
al at a premium of $265. equal to
2797) were awarded to R. H. Moulton et
100.53-a basis of about 4.45%. Date June 151923. Due June 15 1924.
-Chas. D.
-BOND OFFERING.
ALLIANCE, Stark County, Ohio.
Silver, City Auditor, vrill receive bids until 12 in. July 3 for the purchase
at not less than par and interest of the following two issues of 5% bond:
$22,800 park and playground bonds. Denoni. $1,000 and $700. Date
May 15 1923. Due yearly on Sept. 1 as follows: 91.700, 1940
to 1951 incl., and $2,400, 1952.
70,785 city's portion impt. bonds. Denom. $1,000. $500 and $875.
Date June 1 1923. Due yearly on Sept. 1 as follows: $3,000.
1924 to 1944 incl.: $2,500, 1945 and 1948, and $2,875. 1947.
Prin. and semi-ann. int. payable at the office of the Sinking Fund
Trustees. Certified check on a solvent bank. for 3% of amount of bonds
bid for, payable to the City Treasurer. required. Bonds to be delivered
at Alliance. Bidders must use blank form furnished by the City Auditor.
Purchaser is to furnish the necessary bonds.
ANDERSON COUNTY ROAD DISTRICT NO.8 (P. 0. Palestine),
-Sealed bids will be received until 10 a. in.
-BOND OFFERING.
Texas.
July 20 by W. C. Quick. County Judge, for 9266,000 5% road bonds.
Denom. $1,000. Date April 10 1923. Due on April 10 as follows:
99,000. 1924 to 1952 incl., and $5,000, 1953. A certified check for $5,000
required. A like amount of bonds was offered on June 12-V. 116, p. 2677.
-The National
-BOND SALE.
ANGUILLA, Sharkey. County, Miss.
Bank of Commerce of St. Louis purchased $75,0006% bonds on June 12.
ANTWERP RURAL SCHOOL DISTRICT (P. 0, Antwerp), Pauld-Sealed bids will be received by
-BOND OFFERING.
ing County, Ohio.
J. II. Adcock, Clerk Board of Education, until 12 in. July 13 for the purschool refundchase at not less than par and accrued interest of $10,000
ing bonds, issued under Section 5656 of Oen. Code. Denom. $1,000.
Date July 1 1923. Principal and semi-annual interest (A. & 0.) payable
at the Antwerp Exchange Bank Co. Due $1,000 each six months from
April 1 1929 to Oct. 11933.inclusive. Each bid must be accompanied by a
certified check for $500 on one of the local banks of Paulding County.
payable to the Board of Education. Bidders will be required to satisfy
themselves of the legality of the bonds. Transcript of the proceedings of
the board relative to the issuance of the bonds will be furnished the successful
bidder.
-BOND OFFERING
B.
BARBERTON, Summit County,.Ohio.
Frase, City Auditor, will receive sealed bids until 12 in, July 17 for $19,433
% paving assessment bonds. Denom. $1,000, except one for $433.
Date Aug. 1 1923. Int. semi-ann. Due yearly on Oct. 1 as follows:
$2,433 1924, $2,000 1925 to 1931, incl., and $3,000 1932. Enclose a
certified check for $200, payable to the City Treasurer.
-BOND
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
-Sealed bids will be received by Smith Carmichael. County
OFFERING.
Treasurer, until 10 a. m. July 3 for 110.000 5% highway improvement
bonds. Due May and November from 1924 to 1933, inclusive.
-ADDIBEAUFORT COUNTY (P. 0. Washington), No. Caro.
-We are now inormed that the Liberty Central Trust
TIONAL DATA.
Co. and G. H. Walker & Co.. both of St. Louis, and Matheny, Dixon &
were in joint account with Geo. H. Burr & Co. of
Co. of Springfield,
Chicago in the purchase of the $150,000 road and $100,000 funding 15%
bonds on June 12 (see V. 116. p. 2797).
-NOTE SALE.
-The BlanBEAUMONT, Jefferson County, Texas.
% notes at 98.06.
ton Banking Co.of Houston has purchased $220,000
-BOND SALE.
BEAUREGARD PARISH (P. 0, De Ridder), La,
The 4150.0006% coupon road bonds offered on Juno 23-V. 116. p. 2548
were awarded to Caldwell & Co. of Nashville, at a premium of $2,281.
equal to 101.52. a basis of about 5.70%. Date May 1 1923. Due on
May 1 as follows: 111.5001924, 112.000 1925, $13,000 1928, 813.500 1927.
$14,500 1928. $15,500 1929, $18.000 1930, 117,000 1931. 918.000 1932
and $19,000 1933.
BELLVILLE SCHOOL DISTRICT (P. 0. Belleville), Essex County,
-Two issues of 5% coupon school bonds, offered on
-BOND SALE.
N. J.
June 25, were awarded to the First National Bank of Renville as follows:
468.000 (370.000 offered) Series "A" bonds at 104.19, a basis of about
4.639%. Due yearly on July 1 as follows: $2.000 1925 to 1935
incl.; $3,000 1936 to 1950 incl .and 81,000 1951.
12,000 Series "B" bonds at 101.52.8 *basis of about 4.76%. Due $1,000 •
yearly on July 1 from 1925 to 1936 incl.
Date July 1 1923.
-BOND OFFERING.
BELTRAMI COUNTY (P. 0. Bemidji), Minn.
-A. D. Johnson. County Auditor, will receive bids until 10 a. in. July 10
for 1100.000 5% road bonds. Denom. 51,000. Date July 1 1923. Int.
semi-ann. Due $10,000 yearly on July 1 from 1933 to 1942 incl. A cert.
check for 2% of issue, payable to the County Treasurer. required.
-TEMPORARY LOAN.-A temBEVERLY, Essex County, Mass.
porary loan of $200.000 in anticipation of revenue, maturing $100,000
Nov. 9 and $100,000 Dec. 14 1923. was awarded on Juno 21 to the Old
0
Colony Trust Co. of Boston on a 4.107 discount basis, plus a $2 premium.
Other bidders were: Guaranty Co. of New York. 4.10% and a premium of
Shawmut Corp.. 4.12%; Beverly National Bank, 4.14%; F. 8.
SI 75:
Moseley & Co.. 4.27%.
BLANCHESTER SCHOOL DISTRICT (P.O. Blanchester), Clinton
-BOND SALE -The Detroit Trust Co. of Detroit has
County, Ohio.
been awarded the 175.000 534% school bonds offered on June 2I-V. 116.
. Date
p. 2797
-for 977,745. equal to 103,66, a basis of about
5.095'"'
June 21 1923. Due yearly on Sept. 1 as follows: $4,000. 1921 to 1926
incl., and $3,000, 1927 to 1947 incl. Other bidders were:
Prem.
Prem.
Ryan, Bowman & Co., T01-$2,006 25 L. R. Ballinger & Co., Cin-$1,890 00
A. E. Aub & Cs., Cin
1,725 00
Breed. Elliott & Harrison,
1.34500 Hanchett Bond Co., Chic_ _ 1,33383
Cincinnati
N.S. Hill & Co., Cincinnati 1,08000 C.IV. McNear & Co.,Chic. 1,70250
Milliken & York Co., Ciev_ 1.511 00 Dewey Bros. Co., Blanches. 1.00000
S:dney Spitzer & Co.. Tol_ 2,085 00 Richards. Parish ,k Lan,
son. Cincinnati
1.06560
Provident Sav. Bk. & Tr.
1,852 50 Kinsey & McMahon.'Col_ _ 1,732 50,
Co., Cincinnati
1.733 00 Well, Roth & Irving, Cin _ 1,13500
Prudden & Co., Toledo_ _
1,905 00 Stacy & Braun, Toledo__ - 2,003 01)
Otis & Co., Cleveland
0,tag. White & 0.. St.
Bohmer-Reinhardt & Co..
1.90500
ti
2.113 00
Paul
JUNE 30 1923.]
THE CHRONICLE
BISMARCK, Burleigh County, No, Dak.-BOND SALE.
-The
following 2 issues of coupon bonds offered on June 20-V. 116. p. 2797
were disposed of at par:
$225,000 59' water works bonds. Due $11,250 1 to 20 years.
450,000 7% water main and water works bonds. Due $22,500 in 1 to
20 years.
BOWLING GREEN, Wood County, Ohio.
-BOND OFFERING.
Sealed bids will be received by Geraldine Sweet, City Auditor, until 12 m.
July 16 for the purchase at not less than par and accrued interest of the
following Issues of 5M % coupon bonds:
$8.500 Property portion of "white Way" street lighting system bonds,
Issued under the authority of Sec. 3842-3 of Gen. Code. Denom.
$600, except bond No. 1 for $700. Due yearly on Sept. 1 as follows: $700 1924 and $600 1925 to 1937 incl.
8,500 City's portion of "White Way" lighting system bonds, Issued under
the authority of Sec. 3842-3 of Gen. Code. Denom. $600. except
bond No. 1 for $700. Due yearly on Sept. 1 as follows: $700 1924,
and $600 1925 to 1937 incl.
1,000 Property owners' portion Clough Street sanitary sewer bonds, issued
under Sec. 3939 of Gen. Code. Denom. $250. Due $250 yearly
on Sept. 1 from 1924 to 1927 incl.
4,500 Property owners' portion sanitary sewer No. 4 extension bonds,
Issued under Sec. 3939 of Gen. Code. Denom. $500. Due yearly
on Sept. 1 as follows: $1.000 1924 to 1926 incl. and $1,500 1927.
3.600 City's portion bonds to pay the cost and expense of Improving sundry streets and constructing certain sewers in the city; issued under
Sec. 3821 of Gen. Code. Denom. $400. Due $400 yearly on
Sept. 1 from 1924 to 1932 incl.
21,000 Property owners' portion Clough Street improvement bonds, issued
under Sec. 3939 of Gen. Code. Denom. $1,000. Due yearly on
Sept. 1 as follows: $2,000 1924 to 1929 incl., and $3,000 1930 to
1932 incl.
Date Mar. 1 1923. Int. M. & S. Each bid must be accompanied by a
certified check for 5% of the amount bid for, payable to the City Treasurer. Purchaser to receive bonds within 10 days from time of award.
BRADY INDEPENDENT SCHOOL DISTRICT (P. 0. Brady),
McCulloch County, Tex.
-BOND ELECTION.
-An election will be held
on July 7 to vote on the qusetion of issuing $16,000 6% 10
-40-year serial
school equipment bonds. F. A. Knox, Secretary.
BRISTOL, Sullivan County, Tenn.
-BOND OFFERINO.-T. J.
Burrow, City Recorder, will receive sealed bids until 8 p. m. July 3 for the
following bonds, aggregating $99,500:
$25,000 5% school impt. bonds. Denom. $1,000. Date June 1 1923.
Due June 1 1953.
15,000 5% Beaver Creek bonds. Denom. $1.000. Date June 1 1923.
Due June 1 1953.
10,000 5% Overhead Bridge bonds. Denom. $1,000. Date June 1
1923. Due June 1 1953.
16,500
% General bunt. bonds. Denom. $500. Date July 1 1923.
Due on July 1 as follows: $500 1924 to 1932 incl., $1,000
1933 to 1941 incl., and $2,500 1942.
33,000 6% street impt. bonds. Denom. $500. Date July 1 1923. Due
on July 1 as follows: $33,000 1924 to 1932 Incl., and $6,000 1933.
The official circular offering these bonds states: "There is no controversy
or litigation threatened affecting the corporate existence, the title of officials
to their respective offices, nor the validity of these bond issues. The
city has heretofore promptly pay interest and maturing obligations. No
,
.
:
default in payment has occurred.
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.The Shawmut Corp. of Boston has been awarded a temporary loan of
,
$400.000 dated June 28 and maturing $200.000 March 21 and $200,000
April 25 1924, on a 4.18% discount basis plus a $5 56 premium Other
bidders were:
Rate.
Rate.
F. S. Moseley & Co
4.18
Brockton National Bank
4.24%
Plymouth Trust Co
4.21% S. N. Bond & Co
4.26/
a
Homo Savings. Brockton
4.22%
BROOKLINE, Norfolk County Mass.
-BOND SALE.
-The $250,000
411% miscellaneous serial bonds offered
on June 26 (V. 116. p. 2906) were
awarded to the Old Colony Trust Co. of Boston. Due yearly on Jan. 1 as
follows: $26,000, 1924 to 1927, inclusive; $17,000, 1928 to 1933, inclusive:
and $5,500, 1934 to 1941, inclusive.
Financial Statement.
Assessed valuation in 1922
$112,727,300
Gross debt
1.555.296
Water debt
210,000
Net bonded debt (1.2%)
1,345,296
Population, 41,326.
CALIFORNIA (State ofl.
-BONDS AWARDED IN PART
-BOND
OFFERING.
-Of the $5.000,000 43. % highway bonds offered on June 21.
$1,000,000 were awarded on June 26 to the Anglo-London-Paris Co. of
San Francisco at par.
Harold E. Smith. Secretary State Board of Control (P.0. Sacramento),
will receive sealed bids until July 17 for the remainder of the above issue
($4,000,000) to boar 41% interest.
CAMBRIDGE, Middlesex County, Mass.
-LOAN OFFERING.
Henry F. Lehan, City Treasurer, will receive bids until 12 m. July 2 for the
purchase at discount of a temporary loan of $400,000 issued In anticipation
of revenue for the year 1923. Notes will be dated July 3 1923 and payable
Nov. 15 1923 at the National Shawmut Bank of Boston, In Roston. Mass.,
or at Chase National Bank, New York, and will be
or about July 3 1923. These notes will be certified asready for delivery on
to the genuineness of
the signatures thereon by the National Shawmut Bank of Boston. The
bank will further certify that the validity of the notes has been approved
by
Ropes, Gray Boyden & Perkins of Boston. All legal papers
incident to
the issue will be filed with the National Shawmut Bank of Boston,
'
where
t hey may be inspected. In submitting b:d, state denom. of notes
desired.
CARIBOU, Aroostook County, Me.
-BOND OFFERING.
bids will be received by Eva D. Ryder, Town Treasurer. until -Sealed
2 p. m.
(standard time) to-day (June 30) for the purchase at not less than par
and
accrued int. of $48,000 4H% coupon refunding bonds. Denom. $1,000.
Date July 11923. Prin. and semi-ann.int.(J. & J.) payable at the Fidelity
Trust Co. of Portland. Due yearly on July 1 as follows: $3.000.
.ind 55.000,1934 to 1942 incl. These bonds are exempt, it is stated,1933.
from
taxation in Maine and from all Federal income tax, and are Issued under
supervision of and certified as to genuineness by Fidelity Trust Co.. the
Portland. and their legality will be approved by Cook. Hutchinson &
Portland, whose opinion will be furnished the purchaser. All legal Pierce,
papers
Incident to this issue will be filed with Fidelity Trust Co. where they may
be Inspected at any time. Payment for the loan may be made on or
about
July I 1923, at which time definitive bonds will be ready for delivery.
Debt Statement.
Assessed valuation for 1922
$3,619,348 00
Bonded indebtedness
59,000 00
Other indebtedness (of which $48,000 is to be refunded by
Issue now offered)
105,169 50
Temporary loans in anticipation of 1923 taxes
50,000 00
Tax rate for 1922
$0.05
Population (approximately) 7.000
CARLTON COUNTY (P. 0. Carlton), Minn.
-BOND SALE.
-The
Capital Trust & Savings Bank of St. Paul has purchased $175,000
road
bonds as 5s at a premium of $2,725, equal to 101.55.
CENTER, Shelby County, Tex.
-BONDS VOTED.
-The voters
recently authorized the issuance of $25,000 street
-paving bonds.
CENTER SCHOOL AND CENTER CIVIL TOWNSHIPS, Grant
County, Ind.
-BOND SALE.
-The two issues of 5% coupon bonds offered on June 20 (V. 116, p. 2548) were awarded to Phillip Matter for
559.506, equal to 102.50, a basis of about 4.78%. The issues are described
as follows:
32,000 Center School Township bonds. Series "C." Denom. $100. Due
$100 each six months from July 1 1924 to .1,11. 1 1934 inclusive.
56.000 Center Civil Township bonds, Series "A.
Denom. $500.
$1,000 each six months from July 1 1924 to Jan. 11934 incl., Due
and
22,000 each six months from July 1 1934 to Jan. 1 1943 incl.
Date July 1 1923. Other bidders were:
.1. F. Wild & Co. of Indianapolis
$63500 premium
Farmers Trust & Savings Co. of Marion
1,167 00 premium
Merchants National Bank, Muncie
516 65 premium
Marion National Bank, Marion
302 50 premium
3025
CHAMPAIGN,Champaign County, III.
-BOND OFFERING.
-Sealed
bids will be received by I. E. Pearman. City Clerk. until 10 a. m. July 2
for $150,000 44% subway bonds. Denom. $500. Date July 1 1923.
Interest semi-annual. These bonds are part of an authorized issue of
2185,000 maturing as follows: 58,500, 1924 to 1933, inclusive. and $10.000,
1934 to 1943, inclusive. Bidder shall agree to furnish printed bonds.
Bids for larger amount up to entire authorized issue will be consHere.i.
CHAMPAIGNE COUNTY (P. 0. Urbana), Oluo. BOY -* ''Ait- •
tnr ;r-rING.-Sealed bids will be received by W. B. Crim, County Auditor, until
10 a. m. July 3 for the purchase at not less than par and accrued interest
of $9,200 5% Dugan Overhead Bridge in Salem Township construction
bonds, issued particularly under Sec. 8870 of the Gen. Code. Denom.
$920. Date July 1 1923. Interest J. & J. Due $920 each six months
from Jan. 1 1924 to July 1 1928 incl. Each hid must be accompanied by
a certified check for $460, payable to N. 0. Hoak. County Treasurer.
Purchaser to receive bonds within 5 days of the award. •
CHARLOTTE COUNTY(P.O. Punta Gorda),Fla.
-BOND SALE.
The $200,000 coupon (with privilege of registration as to principal only)
highway bonds offered on June 26-V. 116, p. 2421-were awarded to the
G. B. Sawyers Co. of Jacksonville. and Prudden & Co. of Toledo, jointly,
as 6s at a premium of $750, equal to 100.37. Date Jan. 1 1923. Due
Jan. 11953; redeemable $8,000 yearly on Jan. 1 from 1929 to 1952. incl.
CHAUTAUQUA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Mayville), Chautauqua County, N. Y.
-BOND SALR.-The $152,000
6% coupon school bonds offered on June 25(V. 116, p. 2906), were awarded
as 40 to Barr Bros. & Co. of New York at 100.278-a basis of about
4.48%. Date Jan. 1 1923. Due $8,000 yearly on Jan. 1 from 1925 to
1943, inclusive.
CHEROKEE COUNTY (P. 0. Gaffney), So. Caro.
-BOND SALE.
The Lowry National Bank and the Trust Co. of Georgia of Atlanta have
jointly purchased $20,000 5% road and bridge bonds at a premium of
$62. equal to 100.31.
CHEYENNE COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Lodge.
pole), Neb.-BOND ELECTION.
-On July 7 an election to vote on the
question of issuing school building and funding bonds amounting to 215,000
will be held. James B. Ruttner. Moderator.
CLARINDiC INDEPENDENT SCHOOL DISTRICT(P.O.Clarinda),
Page County, Iowa.
-BONDS VOTED.
-At a recent election, it is reported, $,15,000 school bonds were voted by a count of 167 "for" to 10
"against.
CLARION COUNTY (P. 0. Clarion), Pa.
-BIDS RETURNED UNOPENED.
-In answer to our inquiry concerning the sale of the $200,000
434% coupon (registerable as to principal) bonds offered on June 22V. 116, p. 2798. Bela Cyfhert, Clerk Board of County Commissioners,
says: "All bids returned unopened on account of fault in advertising."
CLEVELAND CITY SCHOOL DISTRICT (P.O. Cleveland), Cuyahoga County, Ohlo.-BOND SALE.
-A syndicate composed of Eldredge
& Co., Kissel, Kinnicutt & Co., Halsey, Stuart & Co.,inc.. and Keane.
Higbie & Co.. Inc., have been awarded at par $500,111 and 5200.000.
respectively, of the issues of 55.000.000 and $500.0004% bonds offered
on June 18(V. 116, p. 2548). Tile bonds are dsecribed as follows: Coupon
bonds In the denom. of $1,000. Date July 1 1923. Principal and semiannual interest (M. & S.) payable at the First National Bank, New York
City. Due $35.000 yearly on Sept. 1 from 1924 to 1943, inclusive.
CLINTON SCHOOL DISTRICT (P. 0. Clinton), Hunterdon
County, N. J.
-BOND SALE.-The.$55,000 5% school bonds offered on
June 25 (V. 116, p. 2798) were awarded to Graham, Parsons & Co. of
Philadelphia. Date July 1 1923. Due yearly on July 1 as follows: 51,500.
1924 to 1933. Inclusive, and $2,000, 1934 to 1953, inclusive.
COACHELLA VALLEY UNION HIGH SCHOOL DISTRICT,
Riverside County, Calif.
-BOND OFFERING.
-D. G. Clayton.
Board of Supervisors (P. 0. Riverside), will receive sealed pro..salsClerk
until
10 a. m. July 16 for $50.000 5% school bonds. Denom. $1,1 6 6. Date
July 1 1923. Int. semi-ann. Due $5,000 yearly on July 1 from 1934
to 1943 incl. A certified or cashier's check for 5%
payable to
above clerk, required. The assessed valuation of the of issue,
high school district,
less operative property. was $3.093,790 for the year 1922 and the outstanding bonded indebtedness, not including this issue. is nothing. The
actual valuation of the district is estimated at $9,281.370, and the population is estimated at 2,500. The rate of taxation of said district as assessed
In 1922 varies from $6 12 to $8 37 per 2100.
COCOA,B
d County, Fla.
-BOND OFFERING.
-Sealed bids will
be received until 8 p. m. July 14 by Morris W.Weinberg, Chairman of the
City Council, for $58,000 5% funding bonds. Date May 1 1923. Prin.
and semi-ann. int.(M.
-N.), payable at the City Treasurer's office at any.
bank In Cocoa or at the National Bank of Commerce, N.Y.City. Due on
May 1 as follows: $3,000 1928, $5.000 1933 and $10,000 1938,1943, 1948.
1953 and 1958. A certified check for 2% of bid, payable to above official
required. The approving legal opinion of John C. Thomson N Y City,
willoe.FAx1 eo
c bL suppicd
.
UNTY SCHOOL DISTRICT NO. 11 (P. 0. Raton) N.
Mex.-BONDS VOTED
-OFFERING.
-At the election held on June 14(V.
'
116. 13. 2422) the 250.000 school bldg. bonds were voted
Bids will be received until to-day (June 30) by (Mrs.) Carrie Littrell.
District Clerk, for the above bonds. Int. rate 6%. Bids for less than 95
will not be considered.
COLORADO (State of).
-BONDS SOLD AT PRIVATE SALE.
-The
51,500.0005% Series "A,""B" and "C" coupon highway bonds for which •
all bids were rejected on June 14-V. 116, p. 2906
-were sold at a private
sale on June 22 to the International Trust Co. of Denver at a premium of
$8.150. equal to 100.61, a basis of about 4.959' if allowed to run to last
maturity and 4.37% if called June 1 1924. Date June 1 1923. Due
$500,000 on June 1 from 1934 to 1936, incl., optional June 1 1924.
COLUMBIA,Caldwell Parish, La.
-BOND OFFERING
.-H D.Rogers
.
Mayor, will receive sealed bids until 10 a. m.July 10 for
public
impt. bonds. Denom. 51,000. Date April 1 1920. 814,0005%
A cert. check for
3500 on some Louisiana bank payable to the above official required. Bids
for less than 90 will not be considered.
COLUMBIA TOWNSHIP SCHOOL DISTRICT (P. 0, North Vernon), Jennings County, Ind.
-The Fletcher Savings &
-BOND SALE.
Trust Co.of Indinapolis. has been awarded an issue of $16,800 school bonds
for $16,888, equal to 100.52.
CONCORD, Merrimac County, N. H.
-TEMPORARY LOAN.
-The
Shawmut Corp. of Boston, has been awarded a temporary loan of
offered on June 22 on a 4.19% discount basis, plus a $3 51 premium.$50,000
Date
June 25 1923. and maturing Dec. 1 1923.
CONCORD, Middlesex County, Mass.
-NOTE SALE.
-The $29,000
4)% macadam pavement notes offered on June 27 (V. 116. p. 2797) were
awarded to Stone & Webster,Inc.,of Now York,at 100.583,a oasis of about
4.29%. Date July 5 1923. Due $7,0.0 July 5 1924, and $5,000, July 5
1926 to 1928,incl. Other bidders were: F. S. Moseley & Co., 100.405; R.
L. Day & Co., 100.39; Estabrook & Co., 100.33; Old Colony Trust Co..
100.21; Stacy & Braun, 100.132: Curtis & Sanger, 100.13, and Blodget
& Co., 100.07.
COSHOCTON, Coshocton County, Ohlo.-BOND OFFERING.
Sealed bids will be received by W. H. Williams, City Auditor, until 12 m.
July 6 for $30,000 5% hospital-extension bonds.'homed under Sec. 3939 of
Gen. Code. Denom. $500. Date June 1 1923. Int. A. & 0. Due
$2,000 yearly on Oct. 1 from 1924 to 1938, inclusive. A certified check,
payable to the City Treasurer, for 10% of the amount bid for, required.
CRAWFORD, Dawes County, Nebr.-BONDS VOTED.
-At an leection held on June 12 a proposition to issue $35,000 water and $10,000 water
main extension bonds carried.
CUBA, Allegheny County, N. Y.
-BOND SALE.
-The $110,790
4%% bonds offered on June 26 (V. 116, p. 2906) were awarded to Barr
Bros. & Co. of New York at 100.417. Date July 1 1923.
DAINGERFIELD INDEPENDENT SCHOOL DISTRICT (P. 0.
Daingerfield), Morris County, Tex.
-BONDS VOTED.
-At a recent
election the voters authorized the issuance of$15,000 school bonds by a count
of 138 to 31.
DENTON, Denton County, Tex.
-BONDS VOTED.
-The proposition
to issue $200,000 school bldg. bonds, submitted to a vote of the people at
tie election held on June 19 carried by a vote of 433"for" to 87"against."
•
3026
THE CHRONICLE
DENVER (City and County), Colo.
-A WARD OF BONDS BY MOFFAT TUNNEL IMPROVEMENT DISTRICT.
-R. M. Grant & Co.,
Inc.. have been awarded $6,720,000 City and County of Denver. Colorado,
Moffat Tunnel District 20 -year serial 534s at a premium of $215.000,
-40
equal to 103.199. This district comprises all of the city and county of
Denver, counties of Grand, Moffat. Routt and portions of Eagle, Gilpin,
Boulder, Adams and Jefferson counties, Colorado. and the bonds are
Payable from taxes on all of the property within that territory. These
taxes, in accordance with Section 17 of Chapter 2. Extraordinary Session.
1922, "constitute a perpetual lien on a parity with the tax lien for general
State, county, city, town and school taxes." This law and provision with
respect to the character of the tax have been upheld by both the Colorado
Supreme Court and the United States Supreme Court. These bonds are
exempt from all Federal income taxes and are also free of taxes imposed by
any taxing, authority of the State of Colorado.
DE WITT UNION FREE SCHOOL DISTRICT NO. 14 (P. 0. East-The $90,000 school
-BOND SALE.
wood), Onondaga County, N. Y.
-were awarded as 4 Yis to
bonds offered on June 26-V. 116. p. 2907
Barr Bros. & Co., Inc., of New York, at 100.385-a basis of about 4.47%.
Date June 1 1923. Due $3,000 yearly on Nov. 1 from 1928 to 1957,incl.
DEXTER CITY VILLAGE SCHOOL DISTRICT(P.O. Dexter -City).
-J. 0. Miller, Clerk Board
Noble County, Ohio.
-BOND OFFERING.
of Education, will receive sealed bids until 12 m. July 7 for the purchase
at not less than par and accrued interest of $15,000 534% fireproof school
construction bonds issued under Sec. 7630-1 of Gen. Code. Denoms.
$700, except the last bond which is for $300, or to suit purchaser. Date
June 15 1923. Int. M. & S. payable (also principal) at the office of the
above official. Each bid must be accompanied by a certified check for
$500. payable to the Board of Education.
-At a
-BONDS VOTED.
DONALDSVILLE, Ascension Parish, La.
-year refunding bonds were voted.
recent election an issue of $40,000 15
County, Wyo.-PAVING PROJECT NOT TO
DOUGLAS, Converse
BE STARTED THIS YEAR, DUE TO LACK OF FUNDS.-ln answer to
our innuiry regarding tne date of an election to be held to vote on issuing
ngs. Town Clerk,says:"An agitation was startpaving bonds. F. T.
ed here for some paving and the deal would have gone through if assistance
could have been given by the Federal authorities as is intended by recent
legislation, but, owing to lack of funds, this can not be received this year,
and the matter has been dropped until next year."
-The two
-BOND SALE.
DUBOIS COUNTY (P. 0. Jasper), Ind.
issues of 434% road bonds offered on June 23(V. 116. p. 2799) were awarded
to the Farmers' State Bank of Dubois at par. The issues are described as
follows:
$1,400 Mart;n lielerkel et al road In Hall TOWD ;hip bonds. Denom. $70.
3.100 Clem Seger et al road in Marion Township bonds. Denom. $155.
Date June 15 1923. Due one bond of each issue each six months from
May 15 1924 to Nov. 15 1933, inclusive.
-BOND SALE.
-R. L. Day.&
DULUTH, St. Louis County, Minn.
Co. of Boston. have purchased the following 2 issues of4 % bonds offered
on June 25 (V. 116, p. 2799) at a premium of $1,619 75, equal to 100.58,
a basis of about 4.45%:
$125,000 bonds. Date May 1 1923. Due $5,000 yearly on May 1 from
1924 to 1948. Inclusive.
150,000 water and light bonds. Date July 1 1923. Due $6,000 yearly
on July 1 from 1924 to 1948,inclusive.
-BOND OFFERING -Scaled bids
DUNDEE, Yamhill County. Ore.
will be received until p. in. Jiily 2 by Paul J. Groth City Recorder, for
$15,000 534% water bonds. Denom. $500. Date July 1 1923. Prin.
and semi-ann. int. (J. & J.) payable at the fiscal agency of Oregon in
N. Y. City. Due on July 1 as follows: $500, 1925 to 1932 incl., and
$1,000, 1933 to 1943 incl. A certified check for $500 required. The
approving legal opinion of Teal, Winfree, John.son & McCulloch will be
furnished the successful bidder.
EASTVALE SCHOOL DISTRICT (P.O. Beaver Falls R. D.), Beaver
County, Pa.-BONDISOFFERING.-Sealed bids will be received by
William J. Patterson. Secretary Board of Directors, until 7:30 p. m. July 3
for $2,800 5% school bonds. Denom. $100. Date Aug. 11023. Interest
semi-annual. Due yearly on Aug. 1 as follows:$300, 1925 to 1932,inclusive,
and $200, 1933 and 1934. Certified check for $100 required.
-BOND ELECTION.
-The Village
ECORSE, Wayne County, Mich.
Council has called a special election for July 16 to vote on three propositions.
The voters will be asked to approve a bond ssue of $175.000 for the completion of a water system. There also will be a referendum on the paving
of Westfield Ave. and another on paving Woodward Ave.
ECTOR INDEPENDENT SCHOOL DISTRICT(P.O.Ector),Fannin
-40
-BOND SALE.
-The $14,000 6% 10 -year (opt.)
County, Texas.
bonds registered by the State Comptroller of Texas on June 4-V. 116, p.
2799
-were awarded to Hall & Hall of Temple at par.
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
Sealed bids will be received by Roy M. Stark. County Treasurer, until
10 a. in. July 5 for the purchase at not less than par of the following issues
of 434% coupon road bonds:
$56.000 James E.Proudfit et al. County Unit Road No.7 bonds. Denoms.
100 for $500 and 20 for $300. Due $28,00 each 6 months from May
15 1924 to Nov. 15 1933 incl.
74,000 Leonard S. Kauffman et al. County Unit Road Is'o. 38 bonds.
Denoms. 140 for $599 and 20 for $200. Due $3,700 each 6 months
from May 15 1924 to Nov. 15 1933 incl.
126,000 Jesse G. Sailor et al. County Unit Roads Nos. 1 and 4 bonds.
Denoms. 240 for $500 and 20 for $300. Due $6,300 each six
months from May 15 1924 to Nov. 15 1933 incl.
Date June 151923. Int. M.& N. 15.
Sealed bids will also be received by Roy M. Stark, County Treasurer,
until 10 a. m. July 12 for $80,000 434% C. E. Cornell et al. road in Elkhart
Township bonds. Denom. $500. Date June 15 1923. Int. M.& N. 15.
Duo $2,000 each six months from May 15 1924 to Nov. 15 1943.
-Boettcher,
-CERTIFICATE SALE.
EL PASO,El Paso County, Tex.
Porter & Co.. of Denver, have purchased $150.000 6% paving district certificates. Denom. $500. Date Juno I 1923. Interest semi-annually
(J. & D.) payable at the City Treasurer's office in New York exchange.
Due on or before June 1 1934.
EMPORIUM SCHOOL DISTRICT (P. 0. Emporium), Cameron
-Sealed bids will be received by Geo.
County, Pa.
-BOND OFFERING.
Metzger, Jr., Secretary Board of School Directors, until 8 p. m. July 16
for $96,000
school bonds. Date July 11923. Principal and
% coupon
semi-annual interest payable in Emporium. Due July 1 1953. Optional
July 1 1925. Enclose a certified check for 5% of the amount bid for.
-TEMPORARY LOAN.
-The
ESSEX COUNTY (P. 0. Salem), Mass.
temporary highway loan of $220,000 offered on June 26-V. 116. p. 2907
was awarded to the Salem Trust Co. of Salem on a 4.10% discount basis,
plus a $3 25 premium.
-BOND OFFERING.
EVANGELINE PARISH (P.0. Ville Platte), La.
-Sealed bids will be received until 11 a. m. July 16 by J. Gus Miller.
President of the Police Jury,for $800.000 5% road bonds. Dcnom. $1,000.
Date July 1 1923. Prin. and semi-ann. int. (J. & J.) payable at the
Parish Treasurer's office or at the National Park Bank. N. Y. City, at
option of holders Due on July 1 as follows: $7,000, 1924: $8,000, 1925
and 1926; 49.000, 1927 and 1928; $10,000. 1929 and 1930: $11,000, 1931
and 1932: $12,000, 1933 and 1934: $13,000. 1935 and 1936: $14,000, 1937:
$15,000. 1938: 416.000. 1939: 517,000. 1940: $18,000, 1941: $19,000, 1942:
$20.000, 1943; 421,000. 1944: 322.000, 1945: $23.000. 1946: $24,000.
1947: $26,000, 1948; 427,000. 1949; 428,000, 1950; 430,000. 1951; $31,000,
1952: $33,000. 1953: 434.000. 1954; $36,000. 1955: 438.000. 1956; $40.000.
1957: $43.000. 1958; $45,000. 1959: $47,000. 1960. A certified check for
of Issue must accompany all bids. The approving opinion of John
234'
C. Thomson. N. Y. City, as to the legality of the issue will be furnished
the successful bidder.
-BOND SALE-The $60.000
FAIRFIELD, Jefferson County, Ala.
park and $10.000 municipal building site coupon or registered bonds offered
on June 20(V. 116, p. 2300). were awarded at par to the Fairfield Land Co.
of Fairfield. Date June / 1923.
-The $28.000 water
FAITH, Mkad s County, So. Dak.-BOND SALE.
works, 412.000 sewer and $7,000 electric light bonds offered on May
:V. 116. p. 1925) were awarded to the Mobridge Plumbing & Heating Co.
at par and accrued interest as 6s. Denom. $500. Date July 1 1923.
Int. J. & J. Due serially.
•
[VOL. 116.
FARIBAULT COUNTY (P. 0. Blue Earth), Minn.
--BOND OFFERING.
-Bids will be received until 1 p. in. July 11 by Jesse L. Herring,
County Auditor. for $45,000 public drainage ditch bonds. Date July 1
1923. Prin. and semi-ann. int. (J. & J.) payable at such place as may be
agreed upon by purchaser and the County Board. Int. rate not to exceed
51. . cert. check for 2% of bid, payable to the County Treasurer, req edA
FERNDALE (P. 0. Detroit), Wayne County, Mich.
-BONDS
VOTED.
-The voters approved a bond issue of $540.000 for municipal
improvements at a special election held on June 25. The funds will
provide for paving, a new city hall site, water supply, and storm and
relief sewers.
FILLMORE UNION HIGH SCHOOL DISTRICT, Ventura County,
-Sealed bids will be received until 11 a. in.
Calif.
-BOND OFFERING.
July 3 by L. E. Hallowell, County Clerk (P. 0. Visalia), for $200,000 5%
school bonds. Denom. $1.000. Date July 1 1923. Prin. and semi-ann.
Int. (J. & J.) payable in gold coin at the County Treasurer's office. Due
$10,000 yearly on July 1 from 1924 to 1943 had. A cert. or cashier's chock
for 2% of bid, payable to tlie above Clerk. required. The total bonded
indebtedness, including this issue, is $226,000. The rate of taxation is
about $3 42 per $100. The assessed valuation of the inoperative property
within this district is $5,692,676, and the estimated valuation of the property is $11,600,000.
FLANDREAU, Moody County, So. Dak.-BOND ELECTION.
-A
special election will be held on July 3 to vote on the question of issuing
$26.000 bonds, to bear interest at a rate not to exceed 5%. J. R. Coonrod,
City Auditor.
-BOND OFFERING.FLOYD COUNTY (P. 0. New Albany), Ind.
Sell9d bids will be received by Chas. A. McCulloch, County Treasurer.
until 10 a. in. July 9 for the purchase at not less than par and accrued
ieterest of 412.440 4 Y.,% John Rennet al. Dug Knob Road bonds. Denom.
$311. Date July 91923. Interest M.& N. 15.
-BOND SALE.
-The $75,000
FRANKFORT,Herkimer County, N. Y.
5% paving bonds offered on June 28 (V. 116, p. 2907) were awarded to
Sherwood & Merrifield of New York as 43.4s. at 101.375, a basis of about
4.63%. Date June 1 1923. Due $3,000 yearly on Sept. 1 from 1927 to
1951 incl.
-BOND OFFERING.FREEHOLD, Monmouth County, N. J.
Sealed bids will be received and opened by Harry M. Burke, Borough
Clerk, at a meeting to be held at the Municipal Bldg., on July 2, at 8 p. m.
(daylight saving time) for the purchase of $60,000 (maximum and amount
required to be obtained) water works extension bonds, dated April 1
1923, maturing serially $3,000 on April 1 of each of the years 1924 to 1943.
both incl.. interest (494) payable semi-ann April 1 and Oct. 1. Coupon
bonds with the privilege of registration either as to prin. and int. or as to
prin. only. Prin. and int, payable at the office of the Borough Treasurer
in Freehold: the interest on registered bonds will be remitted by mall In
New York exchange at the request of the holder. The bonds will, unless
all bids are rejected, be sold to the bidder or bidders complying with the
terms of sale and offering to pay not less than $60,000 and to take therefor
the least amount of bonds commencing with the first maturity and stated
in a multiple of $1,000, and if two or more bidders offer to take the same
amount of bonds tney will be sold to the bidder or bidders offering to pay
the hignest additional price. In addition to toe price bid tne purchaser
must pay accrued interest from date of bonds to date of delivery. Bids
are desired on forms which will be furnished by the above clerk, and each
bidder must deposit a certified check for 2% of the amount of bonds bid
for, drawn upon an incorporated bank or trust company, to H. A.Sutphen.
Borough Treasurer. The bonds will be 'prepared under the supervision
N. Y. City. which will certify as to the
of the U. S. Mtge. & Trust
Co..
genuineness of the signatures of the Borough officials signing the bonds
and the seal impressed thereon, and the legality will be approved by
Caldwell & Raymond of N. Y. City, whose opinion will be furnished to
the purchaser without charge. The bonds will be delivered on July 10
1923, or as soon thereafter as the bonds can be prepared.
Financial Statement.
$4,400,000 00
Total assessed valuation for the year 1922
Borough Property Owned
444,562 48
Water and sewer system and municipal building
225.000 00
School property
$669.562 48
Bonded Debi
Municipal Building bonds, payable annually
Water bonds, payable annually
Sewer bonds, payable annually
Storm drain bonds, payable annually
Fire apparatus, payable annually
Street improvement bonds, payable annually_
Floating indebtedness notes. payable annually
Temporary notes (famed for street impt., water metres. &c.)_
$29,000 00
134,000 00
32,00000
28,000 00
7.50000
76,000 00
4,000 00
55,000 00
$365,500 00
75.000 00
School bonds (separate corporation) payable annually
Population. 1920 census, 4.768.
-The
-BOND SALE.
FULTON COUNTY (P. 0. Wauseon), Ohio.
People's State Bank of Wauseon has been awarded the following two issues
of road bonds at par and accrued interest:
$17,000 5 ki% Inter-County Highway No. 301 Sec."E" Archbold-Fayette
2674-. Due
Road bonds, offered on June 22-V. 116.
yearly on Sept. 1 as follows: $4,000 1924 and 1925 and
p.
$3,000 1926 to 1928, inclusive.
53,500 5% 1. C. H. No. 21 Sec. "M" road-construction bonds offered
on June 22-V. 116, p. 2799. Due yearly on Sept. 1 as
follows: $5.500 1924 and 36,000 1925 to 1932, incl.
GARRETSON SCHOOL DISTRICT (P. 0. Garretson), Minnehaha
County, SD. Dak.-BOND OFFERING.
-Sealed bids will be received
until July 6 by J. T. Burns. Clerk Board of Education, for $54,000 534%
school bonds.
-The
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND SALE.
45.000 5% Chas. Wilderman et al. coupon road inapt. in Patoka and Center Twps. bonds, offered on June 25 (V. 116. p. 8002), have been awarded
to the Meyer-Kiser Bank of Indianapolis for $5,036. equal to 100.72, a basis
of about 4.81%. Date June 15 1923. Due $250 each 6 months from May
15 1924 to Nov. 15 1933 Incl.
GLOUCESTER TOWNSHIP SCHOOL DISTRICT (P. 0. Black-The issue of $35.000 534%
-NO BIDS.
wood), Camden County, N. J.
counon sanitary sewer bonds offered on July 7 (V. 116, p. 2800) was no
sold as no bids were received.
-BOND SALE.
-The folGRAND JUNCTION, Mesa County, Colo.
lowing two issues of bonds offered on June 20 (V. 116, p. 2675) were
is:
awarded to Newton & Co. of Denver at 100.98 as 5 Y
$6,750 Combination Sewer District No. 1 bonds. Date July 1 1923.
95,000 Paving District No. 8 bonds.
-BOND OFFERGRANDVIEW HEIGHTS (P. 0. Columbus), Ohio.
ING.
-Sealed bids will be received by Elmer A. J. Gross, Village Clerk,
until 12 to. July 5 for the purchase at not less than par and accrued int. of
850.000
% coupon special assessment bonds under Secs. 3194, 3195.
3825 and 3835 et. seq.. and 2295 ot. seq. of the Gen. Code. Denoms., 9
for $5,000 each; and 10 for $500 each. Date June 1 1923. Int. A & 0.
Duo $5,500 yearly on Oct. 1 from 1924 to 1932. Incl., except the year 1929.
when $6,000 shall become due. Each bid must be accompanied by a cert.
check for 10% of the amount bid for, payable to the Village Treasurer.
Purchaser to take bonds within 10 days from time of award.
-At a
-BONDS VOTED.
GRASS VALLEY, Nevada County, Calif.
recent election $100,000 5% street liaving bonds were voted by 821 to 92.
Due yearly,the last bond being due July 1948. C. Lobecker, City Clerk.
GREENE UNION FREE SCHOOL DISTRICT NO.4(P.O. Greene),
-BOND SALE.
-The $60,000coupon
Chenango County, N. Y.
(with privilege of registration) school bonds offered on June 26 (V". 116. p2800) were awarded to Barr Bros. & Co., Inc., New York. at 100.385, a
basis of about 4.47%. Date July 1 1923. Due $2,000 yearly on Nov. 1
from 1924 to 1953 incl.
-On June 22
-BOND SALE.
GREENFIELD,Franklin County, Mass.
the First National Bank of Greenfield was awarded the following issues of
of about 4.11%:
4 5, ;% coupon tax-exempt bonds at 101.145, a basis
4
$20,000 permanent pavement bonds. Payable 82.000 July 1 each of the
years 1924 to 1933, inclusive.
JUNE 30 1923.]
THE CHRONICLE
10,000 water mains extension bonds. Payable 58,000 July 1 each of the
years 1924 to 1928 inclusive.
60.000 original nigh-school equipment bonds. Payable $3,000 July 1
each of the years 1924 to 1943 inclusive.
Denom. 51,000. bate July 1 1923. Prin. and semi-ann. int. (J. & J.)
payable at the Old Colony Trust Co. of Boston. Other bidders were:
National City Co
100.98 Stacy & Braun
100.694
Harris, Forbes & Co
100.83 Kidder. Peabody & Co
100.69
Estabrook & Co
100.78 E.H.Rollins & Sons
100.461
Merrill, Oldham & Co
100.72 Curtis & Sanger
100.32
Arthur Perry & Co
100.712 Blodget & Co
100.29
Old Colony Trust Co and
Edmunds Bros., jointly_ - _100.707
Financial Statement as of April 13 1923.
Assessed valuation (1922),less abatements
$18,556,894 96
Total debt (present loans included)
700.750 00
Water debt
48.75000
Sinking funds
None
Population, 15,462.
GREENSBORO, Guilford County, No. Caro.
-BOND SALE.
-The
two issues of coupon (with privilege of registration as to principal only)
bonds offered on June 23 (V. 116, p. 2548) were awarded to a syndicate
composed of Kauffman-Smith-Emert & Co., Inc., A. B. Leach & Co., Inc..
Detroit Trust Co., Mississippi Valley Trust Co. and the Illinois Merchants
Trust Co., as follows:
31,000,000 street impt. bonds as 58 at par. Due on Jan. 1 as follows:
575.000 1925 to 1934 incl., and $25,000 1935 to 1944. inclusive.
300,000 water works extension bonds as 5s, at a premium of $260, equal
to 100.08, a basis of about 4.99%. Due on Jan. 1 as follows:
54.000 1925 to 1931 incl.; 56.000 1932 to 1940 incl.; $8,000 1441
to 1951 incl., and $10,000 1952 to 1964 inclusive.
Date July 1 1923.
HAMLET PUBLIC SCHOOL DISTRICT (P.O. Hamlet), Richmond
County, No. Caro.
-BOND SALE -The $110.000 coupon (with privilege
of registration as to principal only) school bonds offered on June 21V. 116, p. 2800
-were awarded to W. L. Slayton & Co. of Toledo as 5.11s
at a premium of $344 75, equal to 100.31. a basis of about 5.23%. Date
July 11923. Due on July 1 as follows: 52.000 1924 to 1928. incl.; $3.000
1929 to 1938. incl., and $5,000 1939 to 1952. incl. The following bids
were received:
Name of BidderInt. Rate. Amt. of Bid.
0.W. MeNear & Co
$112,343 00
5S
N.S. Hill & Co
112,443 80
5
Emery Peck
111,441 00
51
)
Kinsey & McMahon
110,566 50
50,
Keane, Higbie & Co
113.850 00
6
Tucker. Robinson & Co
111,727 00
51
0
Caldwell & Co
51
110,175 00
Sidney Spitzer & Co
110,211 55
54
Otis & Co
111,188 00
5A
Kauffman-Smith-Emert & Co
109,459 00
5%
Spitzer, Rorick & Co
111,719 00
5S
Hanchett Bond Co.. Inc
110.121 00
514
W.L. Slayton & Co
110,344 75
5
Stacy & Braun
112.627 00
5
Well, Roth & Irving Co
118,052 00
6
Geo. II. Burr &Co112,321
00
Prudden & Co
112,629 OQ
5
5q
Kauffman-Smith-Emert & Co
112.277 00
5
117,811 00
6
Well, Roth & Irving Co
111.727 00
53
HAMMOND, Tangipahoa Parish, La.
-BOND OFFERING -Sealed
bids will be received until 10 a. m. July 17 by C. C. Carter, Mayor, for
540.000 5% coupon water-works equipment bonds. Denom. 51.000 and
$500. A certified check for 5% payable to the City of Hanunond. re0.
quired. Legality approved by Wood & Oakley, of Chicago, and A. W.
Spiller. of Hammond.
HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND OFFERING.Until 12 m.July 19 Ethel Holycross. Clerk Board of County Commissioners.
will receive sealed bids for the purchase at not less than par and accrued
interest of $31,400
I. C.-11 No. 448. Sec. "I," bonds, Series "0,"
issued under authority of Section 1223 of the Gen. Code. Denom.$1,000.
.
except one for $400. Date July 11923. Principal and semi-annual interest
(M..3: S.) payable at the County Treasurer's office. Due yearly on Sept. 1
as follows: $3,000. 1924; $4,000. 1925 and 1926; $3,000. 1927: $4,000. 1928
and 1929; 53.000, 1930 and 1931: and 53.400, 1932. Certified check on a
Kenton. Ohio, bank for $500. payable to Dean C. Jones, County Auditor,
required. Bonds will be delivered at the office of the County Auditor
within fifteen days from date of sale.
HARDING COUNTY SCHOOL DISTRICT NO. 2, N. Mex.-BONDS
VOTED.
-At an election held on May 26 540.000 6%0 school bldg. bonds
were voted. These bonds had been sold to Crosby. McConnell & Co. of
Denver, subject to being voted at said'election. Notice of the election
and sale was given in V. 116, p. 2424.
HARLINGEN INDEPENDENT SCHOOL DISTRICT (P. 0. Harlingen), Cameron County, Tex.
-BONDS DEFEATED.
-On June 9
the voters turned down the proposition to issue $75.000 school bldg. bonds
HAVERHILL, Essex County, Mass.
-BOND SALE.
-On June 224
Estabrook & Co., of Boston, were awarded an issue of $210.000 4S%
coupon bonds at 100.15. Other bidders were:
NameRate., NameRate.
Edmunds Bros., Boston
100.14101d Colony Trust Co.,Boston.100.07
HEATH SPRINGS, Lancaster County'', So. Caro.
-BOND SALE.
The $10,000 light and 525.000 water 6% bonds offered on June 5(V. 116.
p. 2424)_were awarded to Leroy Spring of Lancaster at par. Date June 1
1923. Due 1943.
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
-BOND SALE.
The $750,000 tuberculosis sanitorium bonds offered on June 11-V. 116, p.
-were awarded to a syndicate composed of Bankers Trust Co. Esta2550
brook & Co. and Eldredge & Co., all of New York; First Trust & Savings
Bank of Chicago, Wells-Dickey Co. and the Minnesota Loan & Trust Co.
of Minneapolis as 4%s at a premium of $12.076 50,.ual to 101.609. a
basis of about 4.57%. Date July 11923. Due $50,''' yearly on July 1
from 1928 to 1942, inclusive.
The following is a list of the bids received:
Bankers Trust Co
Estabrook & Co
Eldredge & Co
Rate,4%%;prendum. $12.067.50
First Trust & Savings Bank
Minnesota Loan & Trust Co
Wells-Dickey Co
Guaranty Co. of New York
Rate,4a/%; premium. $12,062 50
or $300.000 at 49j% and $450.
at 4 7 bid at par.
Harris Trust & Savings Bank
IRate, 4
3(%; premium. $9,593.
The National City Co
Stacy & Braun
Wm. R. Compton Co
}Rate. 4S%; premium, $7,026.
Minneapolis Trust Co
HENRY COUNTY (P. 0. Napoleon), Ohio.
-BOND OFFERING.
Earl T. Crawford, County Auditor, will receive sealed bids until 10 a. m.
July 6 for the purchase at not less than par and accrued int, the following
ISSUOR of 5% bonds:
$5,600 Road Impt. No. 203 bonds. Denom. $700. Due $700 on Sept.
from 1924 to 1931. inclusive.
57.300 Road Impt. Nos. 204,206 and 207 bonds. Denom. $1,000 and
$1.100. Due $7,200 on Sept. 1 from 1927 to 1931. inclusive.
Date July 1 1923. Prin. and semi-ann. Int. (M. & S.), payable at the
County Treasurer's offce. A check or dragt in the sum of5% of the amount
bid for, must accompany each bid, and :Mall be certified to by some bank
doing a regular business in Napoleon. Conditional bids will not be accepted:
A complete cert. transcript evidencing the regularity and validity of the
issuance of bonds will be furnished the successful bidder and a transcript
of all of the proceedings relative to the issuance of bonds up to the date
of sale, is stated to be on file in the office of the County Commissioners for
inspection by all persons interested.
HIAWATHA, Brown County, Kan.
-BOND SALE.
-The Morrill &
Janes Bank of Hiawatha has purchased $45,000 4%% paving bonds at
par. Date April 1 1923. Int. A. & 0.
3027
HIGHLAND COUNTY (P. 0. Hillsboro), Ohio.
-BOND OFFERING.
-Sealed bids will be received by N. E. Calvert. County Auditor, until
12 m. July 13 for the purchase at not less than par and accrued interest of
$68,500 514% Sections "A" and "B" Inter-County Highway No. 177 road
construction bonds, issued under Secs. 1191 to 1223, incl., of Gen. Code.
Denom. $500. Date Sept. 1 1923. Prin. and semi-ann. int. (M. & S.)
payable at the County Treasurer's office. Due each six months as follows:
$1,500 Mar. 1 1924: 52.000 Sept. 1 1924:53.000 Mar. 1 1925 to Sept. 1 1927
incl.; $4,000 Mar. 1 1928 to Mar. 1 1923 incl., and $3.000 Sept. 1 1933.
Each bid must be accompanied by a certified check on some solvent bank or
trust company for $200, payable to the County Treasurer.
HIGH POINT, Guilford County, No. Caro.
-BOND SALE.
-The
$34.000 coupon (with privilege of registration) public improvement and
funding bonds offered on June 22-V. 116, p. 2800
-were awarded to the
Commercial National Bank of High Point as 5%s at a premium of $834,
equal to 100.10, a basis of about 5.24%. Date April 1 1923. Due on
April 1 as follows: $20,000 1925 to 1932, incl.; $24,000 1933,$40.000 1934
to 1943, incl., and $50,000 1944 to 1948,incl.
HIGHTSTOWN„ Mercer County, N. J.
-NO BIDS.
-The $88,500
4S% coupon (with privilege of reg. as to both prin. and int, or prin. only)
bonds offered on June 26 (V.116, p.2908) were not sold as no bids were received. Geo. P. Dennis, Borough Clerk, says: "Will be offered at a private sale."
HOLT COUNTY SCHOOL DISTRICT NO. 21 (P. 0. Atkinson),
Nebr.-BOND ELECTION.
-An election will be held to-day (June 30)
to vote on a proposition to issue $60,000 high school bldg. bonds. J.
'Oaks, Secretary.
-BOND OFFERING.
HOLYOKE, Hampden County, Mass.
-Pierre
Bonvouloir, City Treasurer, will receive sealed proposals until 11 a. m.
July 3 for the purchase of the following 4 % bonds:
$55,000 "playground" bonds. payable $2,111 yearly from July 1 1924 to
July 1 1948. inclusive, and $1,000 July 1 1949 to 1953. inclusive.
85,000 "land and building" bonds, payable $5,000 yearly from July 1 1924
to 1928, inclusive, and 54,01)0 July 1 1929 to 1943. inclusive,
40,000 "sewer" bonds, payable $2,000 yearly from July 1 1924 to 1943.
inclusive.
45,000 "park" bonds. payable $2.000 yearly from July 1 1924 to 1943.
inclusive, and $1,000 July! 1944 to 1948, inclusive.
23,000 "fire department equipment" bonds. payable $5,000 yearly from
July 1 1924 to 1927. inclusive, and $3,000 July 11928.
Bonds will be issued in coupon form in denomination of $1,000 each.
which may at any time be exchanged for registered bonds. Both principal
and semi-ann. hit. (J. & J.), are payable in gold coin at the Merchantsc
National Bank of Boston and in case of registered bonds interest checks will
be mailed by the City Treasurer. These bonds, it is said, are exempt from
taxation in Massachusetts and are engraved under the supervision of and
certified as to genuineness by the First National Bank of Boston: their
legality will be approved by Storey, Thorndike, Palmer & Dodge, whose
opinion will be furnished the purchaser. All legal papers incident to these
issues will be filed with the above bank, where they may be inspected at
any time. Bonds will be delivered to the purchaser on or about July 5
at the First National Bank of Boston.
Financial Statement June 17 1923.
Net valuation 1922_______________________________________$94,712.530
Debt limit________________________________________ 2.310,244
Total gross
_____________
3.558.500
Exempted debt
-School and ___________ building
$160,000$160,000
Playgrounds
32.000
Holyoke & Westfield RR
199.000
Water debt
414.000
Gas and electric light
965.000
$1.760,000
Net debt
$1,798,500
Borrowing capacity June 17 1923_____________________________$511.744
HOPEDALE VILLAGE SCHOOL DISTRICT (P. 0. Hopedale),
Harrison County, Ohio.
-BONDS NOT SOLD.
-The P7,000 5% coupon
school bonds offered on June 9(V. 116. p.2550) were not sold. W.C.Kerr
Clerk, says: "Bonds not sold, sale delayed by injunction."
HOUMA, Terrebonne Parish, La.
-Bids will
-BOND OFFERING.
be received until 11 a. m.Aug.8 by H.M.Bourg, Mayor,for $60,000 bonds.
A cert, check for 2S% of issue payable to the Mayor,required.
IDAHO (State of).
-NOTE SALE.
-The $.665.000 1-year notes,offered
recently (V 116. p.2800), were sold to the Ralph Schneeloch Co. of Portland, as 45is for $665.139 65. equal to 100.021, a basis of about 4.748%.
Date
Da June 0 1923. Other bidders were:
Rate Bid.
Prem.
Wells-Dickey Co., Minneapolis
$133 00
Equitable Trust Co., N Y
5 0
25 00
S. N.Bond Co.,N.Y
4.90 0
4000
Bosworth Chanute & Co..Denver
1.92850
5%
Bankers Trust Co., N.Y.
51A
126 35
National City Co.. N.Y
5%
none
IDALOU INDEPENDENT SCHOOL DISTRICT (P. 0. Idalou),
Lubbock County, Texas.
-BOND SALE.
-The $50,000 school building
bonds recently voted (V. 116, p. 2800) have been disposed of.
INDIANA (State of) -ISSUE OF INDIANA UNIVERSITY BONDS
.
.
PLACED.
-According to the Indianapolis "News" of June 27, an issue of
$200,000 4%% refunding mortgage bonds of the University of Indiana, a
State property. has been purchased by the Fletcher Savings & Trust Co.
of Indianapolis. The "News" said:
"Fletcher Savings & Trust Co. to-day bought from the Board of Trustees
of Indiana University, for delivery July 1, $200,000 of bonds, the proceeds
of which will be used to refund a similar amount of bonds originally issued
to obtain money for the construction of the Robert W. Long Hospital in
Indianapolis. The new bonds are to bear 4S% interest and payment of
them is optional on or before Jan. 1 1928. according to the anouncement
from the trustees of the university. They are free from Federal, local and
State taxes.
"The denominations of the new bonds are to be $500 and $1.000 and they
are to be sold at par and interest, to net investors 4%%• 'rile announcement said the bonds are secured by a first mortgage on two pieces of property
which Dr. R. W.Long gave to the State of Indiana for Indiana University,
the properties at 536-544 North Illinois Street, and 27-29 North Alabama
Street, and on the old Medical School building at Senate Ave. and East
Market St. The total valuation of these three properties is $350,000, the
statement said.
"Negotiations for the refunding were completed by James W. Feeler,
President of the Board of Trustees of the university, and H. F. Clippinger,
manager of the bond department of the Pletcher Savings & Trust Co.
Legal approval was given the issue by the law firm of Robbins, Weil
& Jewett."
IREDELL COUNTY (P. 0. Statesville), No. Caro.
-BOND OFFERING.
-Sealed bids will be received untli 11 a. m. July 2 by W. H.Morrow.
Register of Deeds, for $300,000 5% coupon (registerable as to principal)
road and bridge bonds. Denom. $1,000. Date July 1 1923. Prin. and
semi-ann. int. (J. & J.) payable in gold in New York. Due on July 1 as
follows: $10,000, 1924 to 1947, incl., and $60,000, 1948. A certified check
for $6,000 upon an incorporated bank or trust company, payable to the
above official, required. .Approving legal opinion of Chester B. Massllch.
N. Y. City. Delivery on or about July 10 in N.Y.City, or at purchaser's
cost for delivery and exchange at place of his choice.
ISABELLA COUNTY (P. 0. Mt. Pleasant), Mich.
-BOND SALE.
The following three issues of road assessment district bonds. offered on
June 26-V. 116. p. 2908
-were awarded to the Detroit Trust Co. of
Detroit. (Interest rate and price not stated.):
$6,800 District No. 41 bonds, obligations of Wise and Denver Twps., the
county, and the assessment district.
48,900 District No. 35 bonds, obligations of Denver and Chippewa Twps.,
the county, and the assessment district.
13,900 District No. 42 bonds, obligations of Coldwater Twp., the county
and the assessment district.
Denoms. to suit purchaser. Due in from 2 to 10 years.
Bonds were offered at a rate of interest not to exceed 6%.
JACKSON COUNTY P. 0. Brownstown), Ind.
-BOND OFFERING.
-C. C. Finch, County Treasurer, will receive sealed bids until 1 p. m.
July 10 for the purchase at not less than par and accrued interest of $4,320
5% Louis Richart et al county line coupon road bonds. Denom. $216.
Date July 10 1923. Int. M. & N. 15. Due $216 each six months from
May 15 1924 to Nov. 15 1933. inclusive.
3028
Ttu& CHRONICLE
-NO BIDS RECEIVED.
JACKSONVILLE, Athens County, Ohio.
There were no bids received for the $5,162 40 6% street improvement
bonds offered on June 25-V. 116. p. 2908. W. C. Hilt, Village Clerk,
informs us that the village expects an offering of bonds in the near future.
-NO BIDS.
-The
JEFFERSON5COUNTY (P. 0. Madison), Ind.
$11,500 434% coupon road bonds offered on June 19 (V. 116, P. 2801) were
not sold as no bids were received.
-A
-BOND ELECTION.
JOHNSON COUNTY(P.O.Cleburne),Tex.
proposition to issue $40.000 Venus Road District bonds will be submitted to
a vote of the people at an election to be held on July 21.
-PROPOSITION TO
KALAMAZOO, Kalamazoo County, Mich.
-At the election held
ISSUE $500,000 CITY HALL BONDS DEFEATED.
on June 19 (V. 116, p. 2801) the proposition to issue $500,000 city hall
bonds was lost.
KENMORE UNION FREE SCHOOL DISTRICT NO.1(P.O.Buffalo
-The $495,000 434% school
-BOND SALE.
Sta. H), Erie County, N. Y.
-were awarded to Sherwood &
bonds offered on June 20-V. 116, p. 2679
Merrifield of New York at 100.56, a basis of about 4.46%. Date March 1
1923. Due $16,500 yearly on March 1 from 1928 to 1957, inclusive. The
notice of offering was incorrectly given under the caption "Tonawanda
Union Free School District No. 1" in V. 116, p. 2679.
KENOSHA, Kenosha County, Wisc.-BIDS.-The following is a list
of the bids received for the $500,000 434% coupon school bonds of 1923 on
June 18:
A. B. Leach 8c Co., Inc., New York: Second Ward Securities Co.. Milwaukee. and First Wisconsin Co., Milwaukee. premium of $1,150.*
First National Bank, Kenosha-Premium of $376.
Taylor, Ewart & Co.
-Par, with the stipulation that bonds be delivered
July 5 and that interest commence as from July 5 1923.
-Par less discount of $2,065.
Taylor. Eward & Co.
-Discount, $2,090.
Bonbrift & Co.
li
H C. uarles & Co.
.
-Discount of $1,196.
Bill. Joiner & Co.
-Premium of $845.
First Trust & Savings Bank. Chicago-Premium of $511.
-Par less discount of $6,950.
Seipp. Princell & 0o.
* Successful bid; for previous reference to same see V. 116. P. 2908.
-The Commerce
KING CITY, Gentry County, Mo.-BOND SALE.
Trust Co. of Kansas City has purchased $70,000 water bonds and $57,500
school 5% bonds. Date June 1 1923.
LA CROSSE, La Crosse County, Wis.-BOND OFFERING.
-Sealed
proposals will be received until 2 p. in. July 12 by M. R. Birnbaum, City
Clerk, for $160.000 434% school -bonds of 1923. Denom. $1,000. Date
July 1 1923. Principal and semi-annual interest (J. & J.) payable at the
City Treasurer's office. Due $8,000 yearly on July 1 from 1924 to 1943.
inclusive.
Financial Statement.
•
True value of all taxable property (estimated)
$45,000.000
real and personal property equalized for
Assessed valuation of
41,747,404
1922
this Issue
Total bonded debt.
2,194,000
Water bonds, included in above
567,000
Sinking fund-- ----622,650
----- 30,500.
Population, U. I. Census,
LAIRD SCHOOL DISTRICT, Stanislaus County, Calif.
-BOND
SALE.
-The $15,500 5;4% school bonds offered on June 12-V. 116,
-were awarded to Freeman. Smith & Camp Co. of Los Angeles
p. 2676
at a premium of $04. equal to 101.31, a basis of about 5.375%. Due on
June 12 asfollows: 3500, 1925 to 1945 incl., and $1,000, 1946 to 1950 incl.
-BOND SALE.-Antonides & Co.
LA JUNTA, Otero County, Colo.
and the American Bank & Trust Co.both of Denver, have jointly pur-15
chased $20,000 4%% 10 -year (opt...) water extension bonds at 98.0.
LAKE COUNTY (P. 0. Waukegan), III.
-BOND OFFERING.
Sealed proposals will be received until 1 p. m. (daylight saving time)
June 29 by Lew A. Hendee. County Clerk, for $3000004 14% court house
bonds. Denom. $1,000. Date July 1 1923. Prin. and semi-ann. int.
(J. & J.) payable at the Continental & Commercial Trust & Savings Bank
of Chicago. Due $15,000 yearly on July 1 from 1924 to 1943, incl. Certified check for $3,000, payable to the County Treasurer, required. The
bonds are said to be free of State, county and municipal taxation.
LAKE COUNTY DRAINAGE DISTRICT NO. 22 (P. 0. Madison).
So. Dak.-BOND OFFERING.-Vertus W. Ell'ert, County Auditor, will
receive sealed bids until 12 m. July 2 for approximately $27,000 6%
bonds.
LAKEWOOD, Cuyahoga County, Ohio.
-NO BIDS.
-The three
issues of 5% and 5%%, bonds. aggregating $42,627, offered on June 18-were not sold, as no bids were received. The bonds are
V. 116. p. 2676
now subject to a private sale.
LAKEWOOD, Cuyahoga County. Ohio.
-BOND OFFERING.-A O.
Drector of Finance, will receive sealed bids until 12 m. (eastern
time) July 16 for the purchase at not less than par and accrued Mt, of the
following issues of 5% special assessment bonds:
$11,360 Arllss Drive impt. bonds. Denom. $1,000, except 1 for $360.
Due yearly on Oct. 1 as follows: $360, 1924;$1,000, 1925 to 1929.
Incl., and $2,000, 1930 to 1932. incl.
8,691 Magni Drive impt. bonds. Denom. $1,000, except bonds Nos. 1
and 2in the denom. of $191 and $500,respectively. Due yearly on
Oct. 1 as follows: $691, 1924 and $1,000 from 1925 to 1932, incl.
2,164 Waverly Ave. impt. bonds. Denom. $500 and 1 for $164. Due
yearly on Oct. 1 as follows: $164, 1924, and $500 from 1925 to
1928. inclusive.
Date day of sale. Prin. and semi-ann. hit. (A. & 0.). payable at the
above official's office. Each bid must be accompanied by a cert. check
for 5% of the amount bid for, payable to the City of Lakewood.
LAKEWOOD SCHOOL DISTRICT (P. 0. Lakewood), Cuyahoga
-G. W. Grill, Clerk of Board cf
County, Ohio.
-BOND OFFERING.
Education, will receive bids until 7:3j. m. July 9 for the purchase at not
less than par and interest of $75.00 5% coupon school bonds, issued
under authority of Sec. 7625 et seq.. Gen. Code. Denom. $1,000. Prin.
and semi-ann. int. (A. & 0.) payable at the Cleveland Trust Co.. Cleveland. Due $3,000 yearly on Oct. 1 from 1924 to 1948, incl. Certified
check on a solvent national bank or trust company for 5% of amount of
bonds bid for, payable to the Treasurer of the Board of Eudcation,required.
Bonds to be delivered to purchaser at the Cleveland Trust Co.,Cleveland.
LA PORTE COUNTY (P. 0. La Porte), Ind.
-BOND OFFERING.
Sealed bids will be received by John Line, County Treasurer, between the
hours of 10 and 11 a. m. July 10 for the purchase at not less than par and
accrued int. of the following issues of 5% coupon gravel road bonds:
$105,200 John Emery et al., bonds. Denom. $1.052. Date July 2 1923.
Due $5,260 each 6 months from May 15 1924 to Nov. 15 1933.
inclusive.
16,200 Frank Schirr et al., gravel road in New Durham Township bonds.
Denom. $810. Date June 23 1923. Due $810 each 6 months
from May 15 1924 to Nov. 15 1933. inclusive.
24,000 J.0. Bluhm et al., road in New Durham Township bonds. Denom. $1,200. Date June 23 1923. Due $1,200 each 6 months
from May 15 1924 to Nov. 15 1933, inclusive.
24.600 A.T. Rogers et al., road in New Durham Township bonds. Denom. $1,230. Date June 23 1923. Due $1,230 each 6 months
from May 15 1924 to Nov. 15 1933, inclusive.
9,600 Peter Jensen et al., road in Clinton and Cass Tovrnlisips bonds.
Denom. $480. Date June 23 1923. Due $480 each 6 months
from May 15 1924 to Nov. 15 1933, inclusive.
Int. M.& N. 15. Bonds payable at the State Bank of A. P. Andrew.
Jr., & Son, La Porte. Enclose a cert, check for 5% of amount bld for. If
the bonds are not sold at the above time the sale will be eontinued from day
to day thereafter until geoid.
-BOND SALE.
LARNED, Pawnee County, Kan.
-The $54.623 72
5% paving bonds registered by the State Auditor of Kansas on May 2V.116,p.2801-were awarded to the Brown-Crummer Co.of Wichita.
-BOND OFFERING.
LATTA, Dillon County, So. Caro.
-W. Ellis
Beshea, Town Clerk, will receive sealed bids until 12 m. June 30 for $33,000
water works and $27,000 sewerage bonds. Denom. $1.000. Date May 1
1923. Principal and interest payable at place of purchaser's choice. Due
32.000 on May 1 from 1925 to 1954. inclusive. A certified check for $1,000
required. Interest rate not to exceed 6%. These bonds were offered on
-but were not sold.
June 15-V. 110. p. 2425
[VOL. 116.
LEBANON INDEPENDENT SCHOOL DISTRICT (P. 0. Lebanon),
Potter County, So. Dak.-BOND SALE.
-The $23,000 school bonds
offered on June 8-V. 116, p. 2676
-were awarded to Drake, Jones & Co.
at par less $260. equal to 98.86. Date June 11923. Due June 1 1933.
Interest rate not stated.
LECOMPTE, Rapides Parish, La.
-BOND SALE-Sutherlin, Barry &
Co., Inc., of New Orleans. have purchased $45,000 6% electric-light and
water-works bonds. Denom. $1,000. Date May 1 1923 Principal and
semi-annual interest(M.8z N.) payable at the National Bank of Commerce.
New York City. Due on May 1 as follows: $1,000. 1924 to 1927, inclusive:
$2.000, 1928 to 1936, inclusive; $3,000, 1937 to 1941, inclusive, and $4,000,
1942 and 1943.
LEMOOR UNION HIGH SCHOOL DISTRICT (P. 0. Hanford),
Kings County, Calif.
-BOND SALE.
-The Harris Trust & Savings Bank
of Chicago has purchased and is offering to investors at prices to yield
4.70% 3175.0005% coupon school bonds. Denom.$1,000. Date May 8
1923. Prin, and semi-ann. int.(M.
-N. 8) payable at the County Treasurer's office. Due on May 8 as follows: $4,000, 1924 and 1925; 35,000.
1926 and 1927;$6,000. 1928 and 1929:37.000. 1930; 38,000, 1931 and 1932:
$9.000. 1933 and 1934; $10,000, 1935 and 1936: $11,000, 1937 and 1938;
$12,000. 1939;313,000, 1940:312,000. 1941 and 1942, and $13,000, 1943.
LEWISTON, Androscoggin County, Me.
-BOND SALE.
-The $100,000 434% coupon city bonds offered on June 27-V. 116, p. 2909
-were
awarded to E. H. Rollins & Sons of Boston at 101.39-a basis of about
4.325%. Date July 11923. Due 55,000 yearly from 1924 to 1943, incl.
LIMA, Allen County, Ohio.
-BOND ELECTION.
-It is stated that
at the primary election to be held on Aug. 14 a bond issue of $600,000 for
a new city hospital will be voted upon,the City Commission having adopted
a resolution approving the measure.
LINGLEVILLE INDEPENDENT SCHOOL DISTRICT(P.O. Linglevilla), Erath County, Texas.
-BONDS VOTED.
-It is reported that an
issue of school-building bonds amounting to $14,000 was voted at a recent
election.
LOGAN, Beaver County, Ohio.
-BOND OFFERING.
-Sealed bids
will be received by W. I. Krieg, City Auditor,until 12 m. July 14 for the
purchase at not less than par and accrued interest of 311.000 5% (city's
portion) street impt. bonds, issued under Sec. 3939 of General Coae.
Denom. $1,100. Date July 1 1923. Int. (F. & A.) payable at the City
Treasurer's office. Due $1,100 yearly on July 1 from 1924 to 1933 incl.
All bids must be accompanied by a certified check for 5% of the amount
bid for on some solvent bank, payable to the City Treasurer. Purchaser
to receive bonds within ten days from time of award.
LOS ANGELES CITY HIGH SCHOOL DISTRICT, Los Angeles
County, Calif.
-BOND SALE.
-The $1,760,000 434% school bonds
offered on June 25-V. 116, p. 2801-were awarded to Eldredge & Co.,
Kissel, Kinnicutt & Co.. Stacy & Braun, all of New York, and the AngloLondon-Paris Co. and the First Securities Co., of Los Angeles, at 100.29.
a basis ofabout 4.73%. Date Sept. 1 1922. Due $44,000 yearly on Sept. 1
from 1923 to 1962, incl.
LOS GATOS SCHOOL DISTRICT (P. 0. Los Gatos), Santa Clara
-BONDS VOTED.
-By a vote of 862 "for" to 79"against"
County, Calif.
the proposition to issue $250,000 school bonds was carried at a recent election.
-V. 116, p. 2551.
LUBBOCK INDEPENDENT SCHOOL DISTRICT (P. 0. Lubock),
Lubbock County, Texas.
-BOND SALE.
-The State Board of Education
of Texas has purchased $80,000 5% school building bonds.
MoNEAL SCHOOL DISTRICT (P. 0. McNeal), Cochise County,
-On June 9, at an election held on that day.
Ariz.
-BONDS VOTED.
a proposition to issue 315,000 school building bonds carried.
MACCLESFIELD, Edgecombe County, No. Caro.
-BOND OFFERING.
-Sealed bids will be received until 4 p. m. July 16 by D. F. Batts.
Town Clerk,for $8,5006% coupon electric light and power bonds. Denom.
$500. Date July 11923. Prin. and semi-ann. int. (J. & J.) payable at the
Hanover National Bank, N. Y. City. Due $500 yearly on July 1 from
1926 to 1942, incl. A certified check for 2% of bid, payable to the town.
required. Legality will be approved by a recognized bond attorney, whose
approving opinion will be furnished purchaser free of charge. Bonds will
be delivered at place of purchaser's choice on Aug. 1.
-BOND SALE.
MALDEN, Middlesex County, Mass.
-The $197,000
4 X% miscellaneous serial bonds offered on June 26-V. 116. p. 2909
were awarded to R. L. Day & Co. of Boston at 100.519. Other bidders
were:
Rate Bid. BidderRate Bid.
Bidder100.36 Curtis & Sanger
100.411
Blodget & Co
100.19 Estabrook & Co
100.51
Merrill, Oldham Co
100.452 Second Nat. Bk., Malden__ _100.21
Arthur Perry Co
100.47
E. H. Rollins & Sons
MARBLEHEAD, Essex County, Mass.
-BOND SALE.
-Stacy &
Braun and Brown Bras. have been awarded an issue of $178,000
%
bonds, maturing from 1924 to 1943, inclusive, at 101.28.
MARICOPA COUNTY SCHOOL DISTRICT NO. 38, Ariz.
-BOND
-An election to vote on the issuance of $18,000 6% 20
ELECTION.
-year
school building bonds will be held on July 10.
MARION COUNTY (P.O. Indianapolis), Ind.
-BOND OFFERING.
R.A.Lemcke,County Treasurer, will receive sealed bids until 12 m.July 10
for the purchase at not less than par and accrued interest of $223,000 434%
Chas. F. Hesong et al., free gravel road bonds. Denom. $1,115. Date
June 15 1923. TPrin. and semi-ann. int. (M. & N. 15), payable at the
office of the above official. Due $11,150 each six months from May 15
1924 to Nov. 15 1933, incl If not sold on July 10 the sale will continue
from day to day after date offered until all of the bonds are sold.
MARSHFIELD, Coos County, Ore.
-BOND SALE.
-On June 18 the
First National Bank of Marshfield purchased $75,000 city hall bonds at
100.63. The following bids were also received:
The Coos Bay National Bank of Marshfield, Ore., bid for each $100 par
value thereof at rate of 399.765 and accrued interest to date of delivery.
Ladd & Tilton Bank. Blyth, Witter & Co., Western Bond & Mortgage
Co., $975 50 per $1,000 and accrued interest from date of bonds to date of
delivery, and to furnish blank bonds free of expense to the city.
Spokane & Eastern Trust Co. and Ferris &,Hardgrove bid $961 80 and
accrued interest for each $1,000 of bonds.
Lumbermen's Trust Co. and Freeman. Smith & Camp Co. bid for each
$100 of said bonds $97 76 and accrued int. from date of issue to date of
delivery.
-Dickey Co. bid $98 36 for each $100 par
Robertson & Ewing and Wells
value and accrued interest to date of delivery.
Security Savings & Trust Co., Wm.P. Harper & Son and Ralph Schneeloch Co. bid 399.295 and accrued interest from date of bonds to date of
delivery for each $100 par value of bonds and blank bonds without cost to
cit lark, Kendall & Co. Inc., bid $992 10, accrued interest, if any, from
(
'
date of issue to date of delivery.
MEDFORD, Middlesex County, Mass.
-BONDS OFFERED -Edward
A. Badger, City Treasurer, received proposals until 9 a. m.(daylight saving
time) June 29 for the purchase of the following coupon bonds, in denoms of
$1.000 each, and dated July 11923:
310,000 Original School Equipment Loan, payable 31,000 July 1 1924 to
1933. inclusive.
15,000 Sewer Connection Loan, payable $1.000 July 1 1924 to 1938, incl.
22,000 Park and Playground, payanle $1,000 July 1 1923 to 1945, incl.
23,000 Sewer Loan, payable 31,000 July 1 1924 to 1946. inch
25,000 School Loan Act of 1922, payable $2,000 July 1 1)24 to 1935,incl.:
$1,000 July 11936.
100,000 Original Street Construction Loan, payable 510,000 July 1 1924
to 1933, incl.
108,000 Street Impt. Loan Actief 1923, payable $22,000 July 1 1924 to
1927. incl., and $20,00(FJuly 11928.
135,000 Street Inapt. Loan Act of 1923, payable 514,000 July 1 1)24 to
1928, incl., and $13,000 July 1 1929 to 1933. incl.
All the above bonds will bear int. at the rate of 4X% per annum, payable
semi-ann.(J. & J. 1). both prin. and int. payable at the National Shawrnut
Bank of Boston, Boston. These bonds are exempt, it is stated, from taxation in Massachusetts. and will be engraved under the supervision of and
certified as to their genuineness by the Old Colony Trust Co. of Boston.
which will further certify that the legailty of these issues has been approved
by Ropes, Gray, Boyden & Perkins of Boston,a copy of whose opinion will
JUNE 30 1923.]
THE CHRONICLE
accompany the bonds when delivered, without charge, to the purchaser.
All legal papers incident to these issues, together with an affidavit certifying to the proper execution of the bonds, will be filed with the Old Colony
Trust Co.. where they may be inspected.
Financial Statement.
Assessed valuation. 1922, net
$43,599,200 00
Total funded debt (present loans included)
2.449,100 00
Water debt
68,000 00
Sinking fund (other than water)
286,708 24
Population (1920) 39.038.
MEDINA, Medina County, Ohio.
-NO BIDS RECEIVED.
-The
$5,275 5.!4% water main extension bonds offered on June 23-V. 116.
p. 2801-were not sold as no bids were received.
MERCER COUNTY(P.O. Celina), Ohio.
-BOND OFFERING.
-H.J.
Kriegel. Clerk of the Board of County Commissioners, will receive bids
until 1 p. m. July 2 for the following 514% coupon road bonds. issued
under authority of Sec. 6929, Gen. Code:
55.000 Fetters Road bonds. Due $1,000 yearly on Oct. 1 from 1924
to 1928, inclusive.
4,000 Rhodes Road bonds. Due yearly on Oct. 1 as follows: $1,000
1924, $500 1925, $1,000 1926. 5500 1927 and $1.000 1978.
3.500 Spohn Road bonds. Due yearly on Oct. 1 aa follows: 5500 1924,
$1,000 1925, $500 1926. $1,000 1927 and $500 1928.
.5,000 Howell Road bonds. Due $1,000 yearly on Oct. 1 from 1924 to
1028. inclusive.
Denom. $500. Date April 1 1923. Prin. and semi-ann. int.. payable
at the County Treasurer's office. Certified check on a solvent bank in
Ohio for $400 required.
MERCER COUNTY(P.O. Mercer),Pa.
-BOND SALE.
-The $165.000
(rate not stated) coupon road bonds offered on June 23-V. 116, p. 2676
were awarded to the First National Bank of Sharon and the Colonial Trust
Co. of Farrell at 101.50. Due as fnllows: $10,000 1926. $4.000 1927 to
1930, incl.: $5,000 1931, 54.000 1932. $5,000 1933, $6.000 1934. 55.000
1935, 56.000 1936 to 1938, incl.: $7,000 1939. $6,000 1940. $8.000 1941.
$7,000 1942. 58.000 1943 and 1944. $9,000 1945 to 1947. $10,000 1948 and
1949, and $5,000 1950.
MERIDIAN,Lauderdale County,Miss.
-BOND SALE.
-The$144,000
6% street impt. bonds offered on June 19-V. 116,D. 2802
-were awarded
to Sidney Spitzer & Co. of Toledo at a premium of 34.760, equal to 103.30.
Date June 1 1923. Due 1 to 10 years.
MERIDEN, New Haven County, Conn.
-BOND SALE.
-The $50.000
434% city improvement bonds offered on June 28-V. 116, p. 2802
-were
awarded to Hincks Bros. dr Co.of Hartford for $50,394 50. equal to 100.789
a basis of about 4.06%. Date July 11923. Due $10,000 yearly on Jan. 1
from 1926 to 1930, inclusive.
MESQUITE INDEPENDENT SCHOOL DISTRICT(P.O. Mesquite),
Dallas County, Texas.
-BONDS VOTED.
-On June 20 by a vote of 111
-for" to 74 "against," $40,000 school building bonds were voted.
METHUEN, Essex County, Mass.
-BOND OFFERING.
-George G.
Frederick, Town Treasurer, will receive proposals until 11 a. m. July 2 for
$223,000 434% coupon "School Loan Act of 1923" bonds. They will be
issued in denom. of $1,000 each, dated July 11923. and payable $12,000 on
the first day of July 1924 to 1926, incl., and $11,000 on the first day of
July 1927 to 1943, incl. Interest payable semi-ann. Jan. 1 and July 1.
Principal and interest payable at the First National Bank of Boston, in
Boston. These bonds.It is said, are exempt from taxation in Massachusetts
and are engraved under the supervision of and certified as to genuineness
by the First National Bank of Boston; their legality will be approved by
Ropes, Gray, Boyden & Perkins, whose opinion will be furnished the
purchaser. All legal papers incident to this issue will be filed with the
above bank, where they may be inspected at any time. Bonds will be
delivered to the purchaser on or about July 6 1923 at the First National
Bank of Boston, in Boston.
Financial Statement June 22 1923.
Net valuation for year 1922
$16,990,118 00
Debt limit
493,082 25
Total gross debt, including this issue
884.000 00
debt
Exempted
Water bonds
$288,200 00
School bonds
365,000 00
Sinking funds for debts inside debt limit
14.356 96
667.55696
Net debt
$216,443 04
Borrowing capacity
5276,639 21
Sinking funds for debts outside debt limit
$145,159 01
MICHIGAN CITY, La Porte County, Ind.
-BOND OFFERING.
Sealed bids will be received by Guy R. Stoddard, Director of Finance.
until 12 m.Aug. 1 for the purchase at not loss than par and accrued interest
of $40.000 5% water-works bonds. Denom. $1,000 Date July 1 1923.
Prin. and semi-ann. Int. (J. & J.) payable at the City Treasurer's office.
Due yearly on July 1 as follows: $2,000. 1924 to 1928, incl., and $3,000,
1929 to 1938. incl. Accompany eaoh bid with a certified check for $500.
MILLCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Newman..
town), Lebanon County, Pa.
-BOND OFFERING.
-Sled bids will be
received by Regis Chauvenit, Secretary Board of Directors, until 4 p. m.
(standard time) July 20 for $34,000 44% coupon school-completion bonds.
Denom. $1,000. Date Aug. 1 1923. Principal and semi-annual interest
(F. & A.) payable at the Fidelity Trust Co. of Philadelphia. Due on
Aug. 1 as follows: $6.000, 1928: $7,000, 1933: $10.000, 1938, and $11,000,
1943. Each bid must be accompanied by a certified check for 2% of the
par value of bonds, payable to the School District. It is stated that the
bonds are exempt from taxation in Pennsylvania, with the exception of
inheritance or succession taxes that may be levied by the State. Bonded
debt (including this issue) June 28 1923, $109,000; assessed value, $1,714,
school tax rate Per $1,000. $13.
MILTON, Northumberland County, Pa.
-BOND SALE.
-The
5125.000 Series"C"44% tax-free coupon bonds offered on June 26(V.116,
p. 2910) were awarded to Lewis & Snyder, of Philadelphia. Due serially
for a period of thirty years.
MILWAUKEE COUNTY (1. 0. Milwaukee), WI..
2
-BOND OFFER-Sealed bids will be received until 2 p. m. (standard time) July 11
ING.
by Patrick arMiums, County Treasurer,for $4,300,000 44% metropolitan
sewerage bonds of 1923. Denom. $1,000. Date June 1 1923. Prin,
and semi-ann. int. (J. & D.) payable at the County 'Treasurer's office.
Due $430,000 yearly on June 1 from 1934 to 1943, incl. The official
circular states: "There is no controversy or litigation pending or threatened affecting the corporate existence or the boundaries of Milwaukee
County, title of its present officials to their respective offices or the validity
of these bonds."
MINNEAPOLIS, Minn.
-BOND OFFERING.
-Dan C. Brown, City
Comptroller, will sell at public sale at 2:30 p. m. July 3 $88.650 coupon
special street impt. bonds. Interest rate not to exceed 5%. Denom.
$1,000. Date July 2 1923. Prin. and int, payable at the fiscal agency of
Minneapolis in New York City. A certified check for 2% of amount bid
for, payable to C. A. Bloomquist, City Treasurer, required.
BIDS.
-The following bids were received for the $409,192 special street
improvement bonds on June 20:
BidderInt. Rate,
Prem.
Lane, Piper & Jaffmy, Minn., and Lehman Bros., N. Y..*434
$300
Metropolitan National Bank, Minneapolis
5250
Wells-Dickey Co., Minneapolis
4j 7
5,200
Bankers Trust & Savings Bank, New York
434
2,000
Minneapolis Trust Co. Minneapolis
1,000
Harris Trust & Savings Bank, Chicago
8,000
* Successful bid.
V. 116, p. 2910.
MONTGOMERY, Montgomery County, Ala.
-BOND OFFERING.
W. L. Jackson. City Clerk, will receive sealed bids until 11 a. m. July 10
for $250.000 5% school bonds. Denom. $1,000. Date July 1 1923.
Prin. and int. payable In gold at the Old Colony Trust Co. of Boston.
Due July 1 1953. A certified check for $5.000 required. Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-BOND
OFFERING.
-Sealed bids will be received by Chas. II. King, County
Treasurer, until 10 a. m. July 9 for the purchase at not less than par and
accrued interest of $12,200 5% J. M. Kesler et al road In Union Township
bonds. Denom. $610. Date June 15 1923. Int. M. & N. 15. Due
$610 each six months from May 15 1924 to Nov. 15 1933. inclusive.
3029
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFEI?,ING.-F. A. Kilmer, Clark Board of County Commissioners, will receive
sealed proposals until 9 a. m. (Central standard time) July 13 for the
following two issues of 534% bonds issued under authority of Sec. 6929
of the General Code:
$114,000 National Road Section "Y" Arlington I. C. H. No. 1, Clay
Township, bonds. Due on Sept. 15 as follows: 51,000 1925.
1927. 1929. 1931 and 1932:$12,000 1926, 1928, 1930, and $13,000
July 15 1933.
40,000 Dayton & Covingtoif Pike. Harrison Township, bonds. Due
on Sept. 15 as follows: $1,000 1925. 1926, 1928. 1930 and 1932:
$5.000 1927, 1929. 1931. and 55.000 July 15 1932.
Denom.$1,000. Date July 15 1923. Prin.and semi-ann.hit.
(M.-S.15).
payable at the County Treasurer's office. A certified check on some
solvent bank for $2,000, payable to the County Trea.surer. required. The
opinion of D. W. and A. S. Iddings. of Dayton. and Shafer & Williams,
ofdder innati, regarding the legality of issues will be furnished the successful
bi ein.
c
MONTICELLO, White County, Ind.
-BOND SALE.
-The $25.000
5% municipal water works system improvement bonds offered on June 25V. 116. p. 2802
-were awarded to the Union Trust Co. of Indianapolis at
por and accrued interest to delivery, plus a $375 premium, equal to 101.50,
a basis of about 4.76%. Date June 1 1923. Due AP.000 yearly on June 1
from 1925 to 1935, inclusive, and $2,500 June 1 1936.
MONTROSE, Montrose County, Colo.
-BOND ELECTION
-BOND
SALE.
-Subject to being voted at an election to be held soon. $24,000
5% city hall bonds have been awarded to Sidlo, Simons. Fels & Co. of
Denver.
MOREHOUSE PARISH ROAD DISTRICTS (P. 0. Bastrop), La-BOND OFFERTYG.-C. N. Dalton Clerk of the Police Jury, will receive
sealed bida until I') m. July 25 for the following 5% road bonds:
$3329,700 District No. 1 bonds.
820.300 District No. 2 bonds.
Int. F.
-A. Due on Feb. 1 from 1924 to 1955, inclusive, A certified
chsck for 2% of bonds, nayable to the Parish Treasurer. required. Bidders
are requested to submit oroposals as follows: (a) Bidder to designate
depository:(b) with right reserved by the Police Jury.
MOUNTAIN IRON,St. Louis County, Minn.
-BOND OFFERING.
Elmer C. Smart. Village Clerk, will receive bids until 8 p. m. July 9 for
the following 6% bonds:
•
5303,000 bonds, maturing $30,000 yearly on Jan. 1 from 1025 to 1934, incl.
200.000 bonds, maturing $20,000 yearly on Jan. 1 from 1925 to 1934, incl.
Denom. to suit purchaser. Prin. and semi-ann. int. (J.
-J.). payable
in gold coin at place of nurchaser's choice. A certified cheok for 52.000.
payable to the village of Mountain Iron required.
MOUNTAIN VIEW SCHOOL DISTRICT,Stanislaus County, Calif.
-BOND SALR.-The $12.000 54% school bonds offered on June 1Z
V. 116, p. 2677
-were awarded to Cyrus Peirce & Co. of Portland at a
premium of $33. equal to 100.27, a basis of about 5.46%. Date June 12
1923. Due $1,000 yearly on June 12 from 1925 to 1936, incl.
MOUNT VERNON, Westchester County, N. Y.
-BOND SALE.
The 515.000434% assessment bonds offered on ..Tune 21-V. 116. P. 2910
were awarded to Sherwood & Merrifield of New York at 100.02-a basis
of about 4.49%. Due $3,000 yearly on May 1 from 1924 to 1928. incl.
NACOGDOCHES COUNTY (P. 0. Nacogdoches), Tex.
-BOND
SALE.
-The 543.000 5% serial court house and jail refunding bonds
registered by the State Comptroller of Texas on June 8-V. 116. p. 2802
were purchased by the Broun-Crummer Co. of Wichita.
NEWBERRY COUNTY (P.O. Newberry),So. Caro.
-BOND OFFERING.
-Sealed bids will be received until 4 p. m.July 2 by H.0.Holloway,
Clerk of Highway Commission, for 5118.000 5% road and bridge bonds.
Denom. 51.000. Date July 1 1923. Prin. and semi-ann. int. (J.
-J.).
payable in New York. Due on July 1 as follows: 51.000 1924 to 1931.
$2 000 1932 to 1939. incl.: $3.000 1940 to 1948, incl.: 54.000 1949 to
1956. incl.. and 55.000 1957 to 1963, incl. Legal opinion of (Mester B.
Masslich, N. Y. City. Delivery on or about July 9.
NEWBURGH, Orange County, N. Y.
-BOND SALE.
-The $500.000
registered water impt. bonds offered on June 25 (V. 116. P. 2802) were
awarded as 48 and 414s to Barr Bros.& Co. of New York at 100.279. Date
July 2 1923. Due $12,500 yearly on July 1 from 1924 to 1963 incl.
NEWTON COUNTY (P. 0. Kentland), Ind.
-The
-BOND SALE.
four issues of 5% macadam road bonds offered on June 21 were awarded as
follows:
To tne Fletcher Savings & Trust Co.of Indianapolis:
$15,384 A.W.Whaley et al. road in Washington Tarp. bondsfor 515,442.
equal to 100.37. a basis of about 4.92%. Denom. $769 20.
Date May 15 1923.
16,640 J. Hitchings et al. road in Washington Twp bonds for 5167 330.
l lur tAa 19
i a:11 10h55, a basis of aoout 4.89%. Denom. $832. Date
t ,
12,528W.E.Triplett et al. road in Washington Twp.bondsfor $12.566.
equal to 100.330, a basis of about 4.94%. Denom. 5626 40.
Date May 15 1923.
To Thomas D. Sheerin & Co.of Indianapolis:
$12.600 Wilson Potts et al. road in Beaver Twp bonds for $12,702.
equal to 100.809. a basis of about 4.83%. Denom.$630. Date
Feb. 5 1923.
Due one bond of each issue each six months from May 15 1924 to Nov.15
1933 inclusive.
NICOLLET COUNTY (P. 0. St. Peter), Minn.
-BOND OFFERING.
-Bids will be received until 11 a. in. July 10 by W. H. Holz, County Auditor. for 5100.000 road bonds. Denom. $1,000. Date July 11923. Int.
semi-ann. Due $10.000 yearly on July 1 from 1933 to 1942 incl. Bidders
to name rate of interest. A cert. check for 5% of issue. payable to the
County Treasurer, required.
NOBLE COUNTY (P. 0. Perry), Okla.
-BONDS DEFEATED.
-The
proposition to issue $625,000 road bonds submitted to a vote of the people
on June 12-V. 116. p. 2427
-failed to earn%
NOBLE TOWNSHIP (_P. 0. St. Marys), Anglaize County, Ohio.BOND OFFERING.
-W, D Noble, Clerk. Board of Township Trustees,
will receive sealed bids until p. m.July 2 for the purchase at not less than
par and accrued int. of $11.000 6% coupon R-41 Meters Road construction
bonds issued under Sec. 3298-5 of Gen. Code. Denom. 51,100. Date
July 11923 Prin. and semi-ann. hit, payable at the HOMO Banidng Co.
of St. Mary's, Due $2200 yearly on Oct. 1 from 1925 to 1929. incl. Each
bid mustbe accompanied by a cert. check on some bank in Anglaise County
for5% of the amount bid for, payable to the order of the above Clerk.
NORFOLK, Norfolk County, Va.-BOND SALE.-Tno
coupon water bonds offered on June 26-V. 116. p. 2802 5410.0005%
-were awarded
to a syndicate of Now York bankers, composed of Kiss. el, Kinnicutt & Co..
First National Bank of New York, Eldredge & Co.. Stacy & Braun. Halsey,
Stuart & Co.. Inc., Remick. Hodges &
Redmond & Co., B. J. Van
Ingen & Co.and Graham.Parsons & CO.Co..
104.64, a basis of about 4.71%.
Date May 11922. Due May 1 1952. at
NOWATA, Nowata County, Okla.
-BONDS DEFEATED.
-At an
election held on May 15 a proposition to issue $122.000 water works and
fire equipment bonds was defeated by the voters.
OAKWOOD VILLAGE SCHOOL DISTRICT (P. 0. Dayton),
Montgomery County, Ohio.
-BOND OFFERING.
-Proposals will be received
until 12 m. July 12 by Speed Warren, Clerk of Board of Education, for the
purchase at not less than par and interest of $450,000 5% coupon school
bldg. bonds issued under authority of Section 7630-1, Gen. Code. Denom.
$1.000. Date June 1 1923. Prin. and semi-ann. int. (J. & D.) payable
at the City Trust & Savings Bank of Dayton. Due $22,000 on Dec. 1
in even years and $23.000 on Dec. 1 in odd years from 1924 to 1943 incl.
Cert. check on some solvent bank in Ohio for
of amount of bonds bid
for, payable to the Clerk Treasurer. required. 3%
Bonds to be delivered and
paid for on July 26. Legality approved by Squire. Sanders & Dempsey of
Cleveland. Bids must be made on forms furnished by the District.
OKANOGAN COUNTY SCHOOL DISTRICT NO.19 (P.O. Okanogan), Wash.
-BOND OFFERING.
-Dale S. Rice. County Treasurer, will
receive sealed bids until 11 a. In. July 14 for 57.500 school bonds to bear
interest at a rate not to exceed 6%. Due 52.000 1933 to 1935, incl.. and
51.500 1936: optional 1933, payable at the County Treasurer's office •••"94
ONEONTA, Otsego County, N. Y.
-BOND SALE.
-The Union National Corporation of New York has been awarded an issue of 5217,000
3030
THE CHRONICLE
{Vol,. 116.
bear
414% (coupon or registered) water works bonds at 100.19, a basis of about for $1,000,000 road and bridge and $50,000 bathing beach bonds to
4.46%. Denom. 51,000. Date June 15 1923. Prin. and semi-ann. int. interest at a rate not to exceed 43•1%. A cert. check or cash for 2% of
15 as amount bid for required.
(J. & D. 15) Payable in New York exchange. Due yearly on June
follows: 520.000 1924, $21,000 1925 and 522,000 1926 to 1933 Ind. Legal
-BOND SALE.
RANDOLPH COUNTY (P. 0. Winchester), Ind.
opinion of Clay & Dillon The purchasers are now offering the issue to The four issues of 5% highway construction bonds offered on June 19 (V.
investors at prices to yield 4.25%.
116, p. 2803) were awarded to the Merchants' National Bank of Muncie
Financial Statement.
a basis of about 434%. The issues are
40, equal
511,026,170 for $119,560 follows: to 100.61,
Assessed valuation, 1922
described as
$444,563
Bonded debt, including this issue
road in Washington Twp. bonds. Denom. $660.
$13,200 Daniel Ritz et al.
217,000
Water debt, this issue
15,600 Amos Heston et al. road in Franklin and Ward Twps. bonds.
227,563
Net debt
Denom. $780.
Population (Census 1920), 11.582.
71.000 James H. Bailey et al. road in Wayne Twp. bonds. Denom. $875.
h
nnm $9To
18,900 Oeo..F.45 rnburg et al. road in White 'River Twp. bonds. De-A tem-TEMPORARY LOAN.
OXFORD,Worcester County. Mass.
porary loan of 550.000 maturing $25.000 Jan. 5 and 525.000 July 5 1924.
Int. M. & N. 15. Due one bond of each issue each six months from
has been awarded to the Worcester Bank & Trust Co. of Worcester, on a
May 15 1924 to Nov. 15 1933 incl.
4.30% discount basis. Other bidders were:
Name.Disc. RAVENNA.Portage County, Ohio.
Disci Name.
-Sealed bids
-BOND OFFERING.
Grafton Company
4.34% Merchants'Sec•Co.,Worcester.4.50% will be received until 12 in.(Eastern standard time) July 14 by W.A. Root.
First National Bank,Boston 4.37% Worcester Co. Inst.for Say_ _ _4.50% City Auditor, for $30,000 53i% Main, Clinton and Lawrence Sts. impt.
PECOS COUNTY WATER IMPROVEMENT DISTRICT NO. 1 bonds issued under Sections 3821 and 3939 of Gen. Code. Denom. $500.
-The 560,000 refunding Date June 11923. Prin. and semi-ann.int, payable at tne Second National
(P. 0. Fort Stockton), Texas.
-BOND SALE.
and improvement bonds offered on May 1 (V. 116. p. 1688) were awarded Bank. Ravenna. Due yearly on Dec. 1 as follows: 54.000 1924 to 1927
to J. R. Mason & Co. as 6.s at 90, less 3% for commission. Denom.51.000. incl. and $3.500 1928 to 1931 incl. Cert. check for $30. payable to the
Date May 1 1923. Interest annually May 1. Due 55.000 yearly from City Treasurer, required. Bonds to be delivered and paid for within ten
days from time of award.
1930 to 1941, inclusive.
READING SCHOOL DISTRICT (P. 0. Reading), Barks County,
PENFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND OFFERING.-Sealed bids will be received by Oscar B. Heim.
- Pa.
-BOND OFFERING.
County, Ohio.
Wellington R. F. D.), Lorain
Secretary Board of Directors, until 2 p. m. (standard time) July 17 for
Sealed bids will be received until 1 p. m.(central standard time) July 5 thy
$850,000.
H. H. Perkins, Clerk Board of Education, for the purchase at not less than 5550,000 414% school impt. bonds, part of an authorized issue ofyearly on
par and accrued interest of 540.000 5% coupon emergency school-building Denom. 51.000. Date Jan. 1 1923. Int. semi-ann. Duo
1942: 335.000.
bonds. issued under Sec. 7630-1 of Gen. Code. Denom. $500. Date Jan. 1 as follows: 525,000. 1940: 530.000. 1941 and 1949 and 1950.1943
and
April 11923. Principal and semi-annual interest (4. & 0.) payable at the to 1945 incl.•. 140.000, 1946 to 1948 incl.: 545.000,
Lorain County Savings & Trust Co. of vlyria. Due yearly on Oct. 1 as 950.000. 1951 to 1953 incl. Enclose a certified check for 2% of amount
be sold subject
follows: 51.500. 1924 to 1926. inclusive: 52.000. 1927: S1.500. 1928 to 1930. bid for, payable to School District. Bonds will of Philadelphia. to the
inclusive: $2.000. 1931: 51.500. 1932 and 1933: 52.000. 1934 and 1935: favorable opinion of Townsend, Elliott & Munson
-Sealed
-BOND OFFERING.
$1,500. 1036 to 1938. inclusive; now). 1939:51.500. 1940 to 1942. inclusive:
RED CREEK, Wayne County, N. Y.
52.000. 1943: 51.500. 1944 and 1945. and $2.000. 1946 and 1947. Each bids will be received by Charles Jenkins. Village Clerk. until 2 p. m.July 3
bid must be accomp-miel by a certified check for 5% of the amount bid for, for 910,000 counon or registered highway inlet. bonds. Denom. 5500.
payable to the Board of Education.
Date July 1 1923. Prin. and semi-ann. int. (J. & J.) payable at the Red
- Creek National Bank of Red Creek. In New York exchange. Bidders are
-BOND SALE.
PERSON COUNTY (P. 0. Roxboro), No. Caro.
to name rate of interest. Due 31.000 yearly on July 1 from 1924 to 1933
The 915,000 coupon regiaterable as to principal road-improvement bonds
bid for, payable
offered on June IR (V. 116. p.2677) were awarded to the Lewis S. Rosenthal inclusive. Enclose a certified check for 5% of the amount
Co. of Cincinnati as .5s at a premium of $25. equal to 100.16-a basis of to the Villagb Treasurer.
about 4.90%. Date May 1 1923. Due 51.000 yearly on May 1 from 1929
RENVILLE COUNTY INDEPENDENT SCHOOL DISTRICT NO.89
to 1943, inclusive.
-Bids will be received until
-BOND OFFERING.
(P. 0. Renville), Minn.
National 2 p. m.July 41 by F. H.Berning, District Clerk, for 5100,000 school refund-The
PETTIS COUNTY (P.0.Sedalia), Mo.-novn SALE.
91.000. Int, rate not to exceed
Denom,
,
Bank of Commerce of St. Louis has purchased 5350 000 454"% court house ing bonds. Date July 15 1923. check for 2% of bid, required.
bonds. Denom. $1,000. Date June 1 1973. Prin. and semi.ann. int. 5%. Due July 15 1938. A cert.
-An issue of
(F. & A.) payable at the Merchants Laclede National Bank of St. Louis
RICHLAND, Colfax County, Neb.-BONDS VOTED.
Due serially. 1924 to 1943 inclusive.
$10,000 electric light bonds was recently authorized by a vote of the people.
-Until 8 p. m.
-BOND OFFERING.
County, Texas.
(P. 0. Mulberry), Clinton County,
PLANO, Collin
ROSS SCHOOL TOWNSHIP
July 3 bids will be received bv George E. Carpenter, Mayor. for $10.000 Ind.
-Sealed bids will be received by Jerome Dunk.
-BOND OFFERING.
city hall bonds. Certified check for $500 required.
School Trustee. until 2 p. m. July 6 for the purchase at not less than par
construction bonds.
SCHOOL DISTRICT NO. 6 (P. 0. Washington), Beau- and accrued Interest of $45,000 5% coupon schoolInt. semi-ann. Due
PANTEGO
4 1923.
and $500. Date
-Seated proposals will be Denom. 91,000months from July June to Jan. 1 1934 incl. This issue
-BOND OFFERING.
fort County, No. Caro.
1 1924
ex
received by C. P. Aycock. Secretary of the School Committee, until 12 m. 92,500 eachbut not sold on June 1 (V. 116. p.2304).
July 20 for 525.000 coupon (regIsterable as to principal and interest) school was offered
-BOND SALE.
-Thefollowing
bonds. Denom. $1,000. Date July 1 1973. Prin. and semi-ann. int.
ROXBORO,Person County, No.Caro.
(J.
-J.), payable in gold at the Hanover National Bank, N. Y. City. Due three issues of coupon or registered bonds offered on June 19-V. 116,
$1.000 yearly on July 1 from 1926 to 1980. incl. Int. rate not to exceed p. 2678
-were awarded as Si's to Prudden & Co. of Toledo:
6%. A certified check on an incorporated bank or trust company (or cash) $170.000 water works extension bonds. Due as follows: $3,000 1926 to
for 2% of amount bid for, payable to the School Committee required.
1938. incl.: $4,000 1939 to 1949. incl.: 55.000 1950 to 1955. incl.:
Successful bidders will be furnished with the opinion of Reed, Dougherty
$6.000 1956 to 1961. incl.. and $7,000 1962 to 1964, incl.
& Hoyt. of New York City, that the bonds are valid and binding obligations
30.000 sewage bonds. Due as follows: $1,000 1926 to 1951, incl.
of Pantego School District No. 6, Pantego Township.
and 52.000 1952 and 1953.
30.000 public improvement and reimbursement bonds. Due as follows:
PLATTSMOUTH, Cass County, Neb.-BOND SALE.
-The United
32.000 1926 to 1936. incl.. and 54.000 1937 and 1938.
States Trust Co. of Omaha has purchased, it is reported. $29,000 535%
Date July 1 1923.
paving bonds.
-BOND SALE.-Tne $21,600
RUSH COUNTY(P.O. Rushville),Ind.
PLF.ASANT VALLEY AND POUGHKEPPSIE COMMON SCHOOL
- 5% Harry McManus et al. road in Jackson Twp. bonds offered on June 25
DISTRICT NO. 6 (P. 0. Poughkeepsie), Dutch.ss County, N. Y.
(V. 116. p. 2803) have been awarded to the Mever-Kiser Bank of Indianap-Sealed bids will be received by Thomas Jordan. School
BOND OFFERING.
Trustee. until 1.30 p. m. (daylight saying time July 10 for 57.000 5% olis for $21.791. equal to 100.88. a basis of about 4.89%. Date May 15
school bonds. Denom. snoo. Date June 1 1973. Interest semi-ann. 1923. Due $540 each six months from May 15 1924 to Nov.15 1943 incl.
37, incl. Enclose a certified
Due $500 yearly on Dec. I from 1924 to 10
-BOND OFFERING.
ST.CHARLES PARISH(P.O. Hahnville),La.
check for 9710, payable to Fred I. Bower, Treasurer. Legality approved Until 11 a. m. July 3 sealed bids will be received by the Superintendent of
by Clay & Dillon. of New York.
Schools for $175,000 school bonds. Denom. 31.000. Date Aug. 1 1923.
POINTY. COUPEE PARISH SCHOOL DISTRICT NO. 9 (P. 0. Due as follows: $8.000 1924. $9.000 1925 to 1927, 510.000 1928 and 1929,
-BOND OFFERING.-Sealed bids will be received until *11.0041 1930 and 1931,$12.000 1932. 913,000 1933 and 1934,514,000 1935.
NewRoads), La.
(
11 a. m.July 311w A. McFarish,Supt.of Parish Schools.for $100 100534% 515,000 1936 and 1937 and $16.000 1938. Bidder to name rate of Interest.
coupon school erection bonds. Denom. $500. Date July 1 1923. Int. A certified check for $2,500 required.
J. & J. Due 1 to 40 years. A cert. check for 3%, payable to the above
-The following is a list of the bids received
-BIDS.
ST. PAUL, Minn.
official, required.
for the 51.100,000 coupon or registered tax-free permanent impt. revolving
-No bids funds bonds on June 20:
-NO BIDS.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
Prem.
Amount. Rate.
were received for the $23,902 80 5% coupon bonds offered on June 18.BidderV. 116. n. 267/4.
* Remick, Hodges & Co.; J. A. Sisto & co.;
Hamilton A. Gill & Co.: Gates. White & 8645.000 414%) $330 00
The 539.694 08 I. C. H. No. 18 Sec. 7-2 coupon road bonds offered on
I 455,000 4% I
June 25 (V. 116. p. 2678) were not sold because no bids were received. .T.
Co.. and Northwestern Trust Co
440 00
1 350.000 4% 1
M.Parker. County Auditor. RAYS: "Offer from Second National Bank of First National Bank of New York
750,000 4!4%1
par and accrued int. will probably be accepted.
Ravenna. for
150 00
650,000 4 0
41
0. Toledo),,Lincoln County, Ore.
-BOND Magraw, Kerfoot & Co
PORT OF TOLEDO (P.
450,4100 41%(
-Guy Roberts, Secretary Board of Commissioners, will reOFFERING.
3541.000 4
150 00
1
Kerfoot & Co
ceive sealed bids until 2:30 p. m. July 13 for 165,000 6% refunding bonds. Magraw,
1 750.4100 444%!
3. Prin. and semi-ann. int. Magraw. Kerfoot & Co
Denom. $1,000 and $500. Date July 1 197
1,100,000 414% 20,900 00
(J. & J.) payable at the fiscal agency of Oregon in N. Y. City. Due Brown Bros. & Co. and Stacy & Braun
1,100,000 4% 11,114 40
5.5.0001931 to 1937 and $10.000 1938 to 1940. A cert. check for 5% ofissue Guaranty Co. of New York
1100,00(1 4)4% 13.97000
required.
1 550,000 A
99000
New York
Guaranty Co. of
-BOND OFFERING.
PULASKI COUNTY (P. 0. Winamac). Ind.
1
Minneapolis Trust Co.,First Trust & Savings 550.000 4
Sealed bids will be received by A. B. Diggs. County Treasurer. until 3 D. m.
Bank, Old Colony Trust Co. and William
July 3 for the purchase at not less than oar and accrued interest of $8.500
1 100.000 414% 11,975 00
R. Compton Co
5%, Floyd R. Miller et al road in Salem Township coupon bonds. Denom.
4425. )ate May 11923. Int. M. & N. 15. Due $425 each six months Ames. Emerich & Co.: Harriman & Co.. Inc.;
410 00
Keane. Higble & Co. and Merchants Trusti
from May 15 1924 to Nov. 15 1933. inclusive.
590
510
:84 4 L%
i°4
& Savings Bank
PUTNAM COUNTY (P. 0. Unionville), Mo.-BOND OFFERING- Lane, Piper & JaffraY. Inc.; Lehman Bros.,
N. Y.; Kountze Bros., N. Y.. and Ramble
Sealed bids will be received until 3 p. m. .July 20 by J. Houston, County
11041.0410 4)4'l' 15.125 00
ton & Co.. N. Y
Treasurer. for $150.000 59' counon court house building bonds. Denont.
00
1,100,000 4)4% 16,48430000
91,000. Date Aug. 1 1923. Int. V. & A. Due Aug. 1 1943: optional Minnesota Loan & Trust Co
250,000 4
check for $1.000, payable to the above Minnesota Loan & Trust Co
after five yea's. A certified
850,000 4 %
official, required.
Eldredge & Co.. Bankers Trust Co. and 588,000 4%1220 00
QUEEN CREEK IRRIGATION DISTRICT (P. 0. Chandler),
512.000 414%!
Wells-Dickey Co
-On July 3 a proposition National City Co
-BOND ELECTION.
Maricopa County, Ariz.
1,100,000 414% 12,969 00
to issue 5300.000 wells, canal and power bonds, will be submitted to a Riodget & co.;Merrill. Oldham & Co.; Tamen.
vote at an election called for that day.
Kinnicutt & Co.: E. H. Rollins & Sons:
•
and Continental & Commercial Trust &
-BOND OFFERING -Charles A.
QUINCY. Norfolk County. Mass.
1,100,000
% 15,290 00
Savings Bank
Hadlock. City Treasurer, will receive proposals until 10:30 a. m.(daylight
9,020 00
1 100,000 434%
saving time). July 2. for the purchase of the following coupon bonds dated Harris Trust & Savings Bank
July 1 1923:
•Successful bid; for previous reference to same see V. 116, p. 2912.
$50,000 sewer loan, payable $10,000 July 1 1924 to 1928, inclusive.
250,000 school loan. payable 915,000 July 1 1924 to 1933, inclusive: $10,000
SALINE COUNTY SCHOOL DISTRICT (P. 0. De Witt), Neb.July 1 1934 to 1943, inclusive.
-By a vote of 69 "for" to 20 "against" a proposition
BONDS VOTED.
All of the above bonds are in denoms. of $1,000 each, bearing interest at to issue $20,000 school building bonds carried.
per annum, payable semi-annually on the first day of Janu1
,
the rate of43 %
-BONDS NOT
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
ary and July, both principal and interest payable at the office of the Old
M.
Colony Trust Co.. B: oaten. These bonds are exempt. It is stated, from SOL -The 545.000 5% coupon road impt. bonds offered on June 21-were not sold,as all the bids received were either "optional"
2556
taxation in Massachusetts, and will be engraved under the supervision of V. 116. p.
and certified as to their genuineness by the Old Colony Trust Co. of Boston. or "conditional."
The favorable opinion of Storey, Thorndike, Palmer & Dodge as to the
-BOND OFFERING -ProSCRANTON, Lackawanna County, Pa.
validity of these issues will be furnished without charge to the purchasers. posals will be received until 12 m. July 11 by John Durkan, Mayor,for the
All legal papers incident to these issues will be filed with the Old Colony purchase at not less than par and int. of the following 2 issues of 414%
Trust Co., where they may be inspected at any time.
coupon (with privilege ofregistration as to prin. and int. or prin. only) bonds
Financial Statement Dec. 31 1922.
judgment funding bonds. Due 53.000 yearly on June 1 from 1924
560,642.502 578,000 to 1941, incl.. and $2,000 June 1 1942 to 1953, Inclusive.
Net assessed valuation 1922
2,969,800 247,000 municipal improvement bonds. Due yearly on .Tune 1 as follows:
Total debt (including these issues)
267,000
Water debt ..
$9,000. 1924 to 1930, incl.. and 88,000. 1931 to 1953. inclusive.
Population, 53.000.
Denom.51.000. Date June 11923. Prin. and semi-ann. int.(J. & D.).
-BOND OFFERING.- payable at the City Treasurer's offce. Cert. check on an incorporated
RAMSEY COUNTY (P. 0. St. Paul), Minn.
Geo. J. Ries, County Auditor, will receive sealed bids until 10 a. m. July 6 bank or trust company for 3% of amount of bid, payable to the City Tress-
JUNE 30 1923.]
THE CHRONICLE
3031
urer. required. The genuineness of the bonds will be cert. to by the U.
SWANTON (Village), Franklin County, Vt.-BON
S.
SALE._
Mtge. & Trust Co. of New York.
Tha $150.000 4)4% coupon funding bonds offered on June D
Statistics.
p. 2804
-were awarded to H. D. McMullen of Burlington 22-V. 116.
Bonded debt, May 1 1923
at 97.07--a
$2.018,000 00 basis of about 4.81%. Date June 1 1923. Due $6,000 yearly
Accrued int. to May 1 1923
on June 1
24.13683 from 1924 to 1948, inclusive.
Judgment (int. & costa esti.) incl. in proposed bond issue
77,178 03
Payment on claims on special assessment accounts (included
TERRA CEIA SPECIAL ROAD AND BRIDGE DISTRICT,Manatee
in proposed bond issue)
-BOND SALE.
41,000 00 County, Fla.
-The $55,000 6% road and bridge bonds
offered on Julie 14-V. 116, p. 2305
-were awarded to Otis & Co. of
$2,160.314 86 Cleveland. at 96. a basis of about 6.37%. Date May 1 1923. Due as
Resources.
follows: $5,000 1933, $10,000 1938, 1943 and 1958, and $20,000
Cash in int. and sinking fund account
1963.
8236.989 13
Bonds in int. and sinking fund accounts
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
60,000 00
296,989 13
-BOND SALE.
The two issues of 5% coupon free gravel road bonds offered on June 18Net bonded indebtedness May 1 1923
-were awarded to J. F. Wild & Co. of Indianapolis at
$1,863.325 73 V. 116, p. 2804
Assessed valuation for year, 1923
107.328 530 00 103.98, a basis of about 4.21%. The Issues are described as follows:
$13,500 Wm.H. Warren et al.. road in Sheffield Township bonds. Denom.
SHADYSIDF.. Belmont County, Ohio.'
-BOND OFFERING.
-Sealed
$675.
proposals will be received until 12 m. July 16
2,000 Frank W. Lamb et al., road in Tippecanoe Township bonds.
Clerk, for the parchase at not less than par and by F. B. Starkey, Village
accrued interest of $7.500
Denom. $100.
5% water works impt. bonds. Denom. $500. Date April 1
1923. Int.
Due one bond of each issue each six months from May. 1924
A. & 0. Due $500 yearly on Oct. 1 from 1924 to 1938
15
to Nov. 15
for 5% of the amount of bonds bid for, payable to the incl. Cert, check 1933, inclusive.
required. Bonds will be delivered within ten days from Villaeg Treasurer
TOLEDO,Lucas County, Ohio.
time of award.
-BONDS NOT SOLD.
-The following
two issues
SHELBY,Richland County, Ohio.
-were not
-Sealed bids sold, as noof 4 A % bonds, offered on June 26-V. 116. p. 2557
will be received by Bert Fix, Director -BOND OFFERING.
satisfactory bids were received:
12 m.July 7 for the purchase at not lessof Finance and Public Record. until $490.000 intercepting sewer, sewage pumping stations bonds. Due
than par and accrued int. of$18,000
8% street repair bonds.issued under Sec. 3939 of Gen. Code.
yearly on Sept. 1 as follows: $21,000 1925 to 1943,incl.; $23,000
Denom.$1.000. Date July 1 1993. Int. J. & J. Due $2.000 yearly
1944 to 1946, and $22,000 1947.
on Jan. 1 from
365,000 park and boulevard improvement bonds. Due yearly on
1925 to 1932. incl. Each bid must be accompanied
Sept. 1
by a cert. check for
2% of the amount bid for, payable to the above official.
as follows: $41,000 1924 to 1928. Incl.. and $40.000 1929 to
Purchaser to
take up and pay for bonds, within 10 days of award.
1932. inclusive.
Denom. $1,000. Date May 1 1923.
SHERIDAN, Sheridan County, Wyo.-BOND OFFERIN
G.
-Sealed
bids will be re"eiveci by A. L. Holt
TORRANCE COUNTY SCHOOL
for the following negotiable coupon City Clerk, until 10 a. m. July 16 ainyiew), N. Mex.-BOND SALE. DISTRICT NO. 00 (P. 0. Mountbonds, the amounts of which are
-The $30.000 school building bonds
approximate:
recently voted-V. 116. p. 2429
-were awarded to Benwell,
$5,000 Paving District No. 21 bonds.
Co. of Denver as 6s. The official number of the district is 13. Phillipsl&
9,000 Paving District No. 20 bonds.
32,000 Paving District No. 17 bonds.
TRENTON, Mercer County, N. J.
-BOND SALE.
following 4%% coupon (with privilege of registration as-On June 27 the
to prin. only
SHOSHONE COUNTY (P. 0. Wallace), Idaho.
-BOND
to both prin. and int.) bonds, offered on that date (V. 116. p. 2913) or as
-Harry A. Rogers, County Auditor, will reeelve sealed bids OFFERING. sold. the first
were
until July 30
two issues going to a syndicate composed
for $300,000 highway construction bonds. Date July -1
Co., Hannahs, Bailin & Lee, Remick, Hodges & CO., R.of Estabrook &
L. Day & Co..
not to exceed 6%. Due in 20 years optional after 5 years.1923. Int. rate Hornblowe
r & Weeks and H. L. Allen
A. Bobbling & Sons Co. of Trenton: & Co., and the other two to John
SOUTH MONTEBELLO IRRIGATION DISTRICT (P.
0. Montebello), Los Angeles County, Calif.
-BOND OFFERING -Sarah F. 81.993,000 (82,030,000 offered) school funding bonds at 101.87, a basil:
Becker, Secretary, Board of Directors, will receive sealed bids
of about 4.36%. Due yearly on July 1 as follows: 846.000,
until 7:30
p.m. July 3 for $125.000 6% irrigation bonds. Denom.
1925 to 1939, incl.; $67,000, 1940 to 1958. Incl., and $30.000.
$1.000
Date July 11923. Prin. and semi-ann. int. (J. & J.), payable and $500.
1959.
at the District Treasurer's office. Due on Jan. 1 from 1926
1.075.000 (81.088.000 offered) general funding bonds at 101.25, a basis
to 1945, incl. A cert.
check for 5% of amount bid, required.
,of about 4.37%. Due yearly on July 1 as follows: $36,000„
1925 to 1934, incl.; $52,000, 1935 to 1947, Encl., and $39,000.
SPEARMAN INDEPENDENT SCHOOL DISTRIC
T (P. 0. Spear1948.
man), Hansford County, Texas.
-BOND ELECTION.
74,000 assessment funding bonds at 101.34. a basis of about
-An election
will be held on June 30 to vote on issuing $75,000
4.21%.
Due yearly on July 1 as follows: $9,000, 1924 and
6% 20-40
-year serial
school building bonds. C. W. King, Secretary.
1925. and
67.000, 1926 to 1933,'elusive.
68,000 osaeastnent funding bonds at 101.22, a basis of about
SPRINGFIELD, Hampden County, Mass.
-BOND SALE.
4.21% •
-It is
Due yearly on July 1 as follows: $8.000. 1924 to 1928.
reported that $630,000 4% bonds, maturing from July
incl..
have been purchased by Harris. Forbes & Co. and 1 1924 to July 11953.
and $7,000, 1929 to 1932, inclusive.
the Old Colony Trust
Date July 1 1923. The first two bond issues
Co. of Boston.
are offered to investors
to yield from 4.30% to 4.20%, according to
maturity.
SPRING VALLEY, Rockland County, N.
-BOND SALE.
-The
following 414% coupon sewer bonds offered on Y.
TRUMBULL COUNTY (P.O. Warren) Ohio.-B
June 25 (V. 116, p. 2304) Sealed
OND OFFERING.were sold to Barr Bros. & Co.. Inc.. of New York:
bids will be received until 1 p. m. July
11 for the purchase at not
$203,000 Series A bonds. Denom. $1,000. Due
less than par
$7,000 yearly on May $87,000 5% and interest of the following bonds:
1 from 1924 to 1952. inclusive.
Brookfield Sanitary Sewer District No. 2 bonds. issued
45,000 Series B bonds. Denom. $1,000 and
under authority of Sec. 6602-4, Gen, Code. Date
$500. Due $1,500 yearly
June 1
on may 1 from 1924 to 1953, inclusive.
1923. Due $5,000 on Oct. 1 in each of the years 1926.
Date May 11923.
1929, 1932, 1935. 1938, 1941 and 1943, and $4,000 on
Oct. 1
in each of the other years from 1924
STAMFORD, Fairfield County, Conn.
to 1942, incl.
-LOAN OFFERING.-John
38,000 5% Brookfield Twp. Sanitary
J. Bohl. City Treasurer, will receive sealed bids
Sewer District No. 2 water
until 12 m.(standard time)
supply bonds, issued under authority
July 3 for the nurchase on a discount basis of a
of
Code. Date June 11923. Due yearly Sec. 6602-20. Gen.
Denom. $25.000, $10,000 and $5,000. Datetemporary loan of $100,000.
on Oct. 1
July
81.000, 1924: $2,000. 1925 to 1933, incl.; $1,000,as follows:
13 1923. These notes will be engraved under the 13 1923. Due Oct.
1954: and
$2,000, 1935 to 1943. incl.
Colony Trust Co. of Boston. Legality approved supervision of the Old
30.000 5%% Girard State Line Road No.
by Storey, Thorndike,
Palmer & Dodge of Boston.
2, Sec. D, Hubbard Twp.
bonds, issued under Sec. 6929, Gen. Code. Date July
2
STOCKTON, Cedar County, Mo.-BONDS VOTED.
1923. Due yearly on Oct. 1 as follows: $3,000. 1024 and
-At the election
held on May 25-V. 116, p. 2305
1925: $4,000, 1926; $3,000. 1927 and 1928; $4,000.
-the $20,000 electric light and power
1929:
plant bonds were voted by a count of 286
83,000. 1930 and 1031: and 84.000. 1932.
to 0. Bids were received until
22,000 5%% Girard State Lino Road, Secs.
12 m. June 25 by 0. 0.Brown, Mayor
A & B. Hubbard Twp.
Interest rate 6%. Due $1,000 yearly. for the bonds. Date July 1 1923.
issued under Sec. 6929, Gen. Code. Date July 2bonds,
1923.
Due $2,000 on Oct. 1 in even years
SUGAR CREEK TOWNSHIP SCHOOL DISTRIC
$3,000 on Oct. 1 in
T (P. 0. Waynesodd years from 1924 to 1932, incl. and
ville R. F. D. No. 1), Warren County, Ohio.
-BOND OFFERING.
- 34,000 5%% Walp Road No. 38, Liberty Twp. bonds, issued under
Sealed bids will be received by F. A. Wright.
Clerk Board
Sec. 6929, Gen. Code. Date July 2 1923. Due yearly on
until 12 m. Juno 14 for $75,000 5% school bonds. Denom. of Education,
Oct. 1 as follows: $4,000, 1924 and 1925:
$1,000. Date
May 1 1923. Int. semi-ann. Due yearly on Sept.
1 as follows: $3.000
$4,000. 1927 to 1929, incl.; $3,000, 1930, and$3.000. 1926:
1924 to 1914.1nel., and 84.000 1945 to 1947,inel.
$1,000. 1931
Enclose a certified check
and 1932.
for 1% of the amount bid for, psvable to the District Treasurer.
Denom. $1,000. Prin. and
Legality
approved by Peck, Shafer & Williams, of Cincinnati
County Treasurer, required. semi-ann. int. (A. & 0.) payable at the
.
SUGAR RIDGE SCHOOL TOWNSHIP (P.
0. Salixe City), Clay
TURLOCK, Stanislaus County, Calif.
County, Ind.
-BOND SALE.
-BOND OFFERING -A. P.
-The
offered on June 16-V. 116, p. 2557 $8,000 5% coupon school bonds Ferguson, City Clerk, will receive sealed bids until 8 p. m. July 3 for
-were awarded to J. Burns for the 799 04 7% improvem
$18.account of the Brazil Trust 10o. of Brazil at par.
ent
Date June 16 1923. May 22 1923. Prin. and bonds. Denom. $1,000, $500 and *209. Date
Due $400 each six months from July 1 1924 to Jan. 1
semi-ann. int. (J.
1934 inclusive.
urer's office. Due $1,709 on July 2 from -J.), payable at the City Treas1924 to 1934. incl. A certified
SUMTER COUNTY (P. 0. Wellington),
-BOND SALE,
-The check for 10% of bid, payable to above official required.
$152,100 4% road bonds offered on June Kan.
-were
awarded to Stern Bros. & Co. of Kansas City20-V. 116, p. 2557
UNION (TOWN) UNION FREE SCHOOL DISTRICT
at par. Date July 1 1923. Union),
NO. 5 (P. 0.
Due 1 to 20 years.
Broome County, N. Y.
-BOND SALE.
Harry L.Johnson School House" bonds offered on -The $35.000 "Addition
SUPERIOR SCHOOL DISTRICT (P. 0. Superior)
June 21(V. 116.
, Pinal County, were awarded as 4.60s to Geo. B. Gibbons & Co. of New York p. 2804).
Ariz.
-BOND SALE.
-0. W. McNear & Co. of Chicago have
at 100.0S.
$40,000 school building bonds at a premium of $1.231, equal purchased a basis of about 4.59%. Date May 1 1923. Due on Dec. 1 as follows:
$1,000 1923 and $2,0001924 to 1940. The following are the bids
to 103.07.
received:
SUSQUEHANNA COUNTY (P. 0. Spangler),
Int. Rate.
Cambria County,Pa. Workers Trust Co.
Rate Bid.
of Johnson City
-BOND OFFERING.
4.75%
-J. Harrison Westover, Solicitor, will receive
100.34
bids Sherwood & Merrifield
4.70%
until 11 a. m July 24 for the purchase of $60.000
100.30
4)4% impt. bonds. De- Union National Corporation
4.70%
100.68
nom. $1 000. Int, M. SZ S. Due $15,000 on Sept. 1 in each
Stephens & Co
of the years Clinton H. Brown
4.60%
100.07
_________
1928, 1933, 1938 and 1943. Cert, check for $1.000, payable to
4.60%
100.075
the "Treas- Goo, B. Gibbons & Co., Inc
urer of the Township of Susquehanna." required.
4.60%
100.08
UTICA, Oneida County, N. Y.
The kIfficial notice of the offering of these bonds may befound
-BOND SALE.
-The follwiug nine
on a subsequent issues of bonds which
were offered on June 23-V. 116, p. 2913
page.
-were
awarded as 414s for $404,835, at 100.44, a basis
of about 4.44%, to
TACOMA SCHOOL DISTRICT NO. 10 (P. 0.
Sherwood & Merrifield & New York:
Tacoma), Pierce
County, Wash.
-BIDS.
-The following is a list of
bids received for the $180,000 00 coupon paving and resurfacing street bonds. Defiant.
$1,200,000 school bonds on June 13. The bonds,the stated
$1.000.
Due $9,000 yearly on
as
in
2804, were awarded as 4.408 at par to the State of Washington. V. 116, p.
50.000 00 coupon city electric July 1 from 1924 to 1943 inclusive.
subway bonds. Denom.
Bidders-and $500. Due $2,500 yearly on July 1 from 1924 $1,000 and
Bid.
to 1943 incl.
Myth. Witter & Co.; Wm, R. Compton Co.: Union Na-Rate.
30,627 77 coupon junior high school bonds. Denom.
$1,000,
tional Bank, Seattle; Continental & Commercia
one for $127 77. Due yearly on July 1 as follows: $500 and
& Savings Bank, Chicago: First National Bank, l Trust
$2,127 77.
1924, and $1,500, 1925 to 1943 inclusive.
Chicago:
Illinois Merchants Bank,Chicago; W. A. Harriman & Co.,
12,500 00 coupon gasoline power pump and hose
wagon bonds. Denom.
Inc.; Carstens & Earls, Inc., and Balliargeon & Wins81.000 and $250. Due $1,250 yearly on July
low
1 from 1924
to 1933 inclusive.
100.315
Bond & Goodwin & Tucker, Minton. Lampert & Co.,
15,000 00 coupon monumenting lines of city
Stacy
property, streets and
& Braun. Ilallgarten & Co.and Halsey, Stuart & Co., Inc.5%
public property bonds. Denom. $1,000. Due
101.80
Freeman, Smith & Camp Co., Portland; Stern Bros.,
$1,000 year
iki
on July 1 from 1924 to 1938 inclusive.
Kansas City; R. M. Grant & Co., Chicago; Federal Securities
3,500 00 registered electric conduit bonds.
Denom. $350. Due $35o
Co.. Chicago; Crosby. McConnell & Co.. Denver; Bankyearly on July 1 frotn 1924
ers Trust Co., Denver, and Bosworth, Chanute & Co.,
30,733 51 registered paving bonds. to 1933 inclusive.
Denom. $1,000, $12226 and
Denver
$122 25. Date March 7 1923. Due yearly on March 7 as
101.077
'ations' City Co., First Trust & Savings Bank, Chicago,5%
follows: 85.122 26, 1924. and $5,122 25.
1929
and Harris Trust & Sayings Bank, Chicago
71,030 78 registered paving bonds. Denom. $1,000, 1925 toand incl.
5%
100.93
s838
Drumhitter & Ehrlichman; Seattle National Bank, Redmond
Date April 28 1923. Due yearly on April 48 as $8838 46.
28
follows:
& Co.. Union Trust Co., Spokane: Butler & Co.; First
811.838 48, 1924, and S11,8346, 1925 to 1029 inclusive.
National Bank of Everett
9,645 06 registered delinquent tax bonds. Denom. $1,000, $900
5%
100.89
Ferris & Hardgrove. Spokane; Biodget & Co., and R. L.
and $45 06. Date May 16 1923. Due yearly on May 16 as
Day & Co
follows: 82,045 06, 1924 and
5%
100.81
Wm. P. Harper & Sons, Detroit Trust Co., A. C. Allyn &
The first six issues are all dated July 1 81.900, 1925 to 1928 inclusive.
1923.
Co., Keane, Iligble & Co
5%
100.72
VALLEY SPRINGS Minnehaha County,
Cyrus Peirce & Co.; Estabrook & Co.; Ames. Emerich & CO.:
The $3,500 6% fire equipment bonds offered onSo. Dak.-BOND SALE.Hannahs, Ballin & Lee; Kauffma n-Smith-Emert & Co..
June 21-V. 116, P.2804
were awarded to Graham. Shults
Inc.. and Bankers Trust Co.. New York
Ullman of Waterloo at par. Date
5%
100.62
May 1 1923, Due $500 on May 1 &
from 1928 to 1934, inclusive.
%
3032
THE CHRONICLE
-It is reported
-BOND SALE.
VERNON, Wilbarger County, Texas.
that the Austin Trust Co. of Austin has purchased the $110.000 534%
serial school building bonds which were offered on ,Tune 21-V. 116, p.
2913
-subject to being voted at an election to be held on July 17.
-The
-BOND SALE.
VIGO COUNTY (P. 0. Terre Haute), Ind.
$7,400 5% Harry Cantrell et al., road in Honey Creek Township. bonds
awarded to Thos. D. Sheerin
-were
offered on June 21-V. 116. P. 2804
& Co. of Indianapolis. for 27.467 50, equal to 100.91-a basis of about
4.82%. Date June 15 1923. Due 2.370 each six montns from May 15
1924 to Nov. 15 1933, inclusive.
VILLISCA, Montgomery County, lowa.-BOND ELECTION.
An election will be held on July 17 to vote on the question of issuing 275,000
electric light plant bonds.
V1ROOUA (CITY AND TOWN OF) JOINT SCHOOL DISTRICT
-The
NO. 1 (P. 0. Viroqua), Vernon County, Wis.-BOND SALE.
Second Ward Securities Co. of Milwaukee has purchased 2140.000 43 %
school bonds. Denom. $1,000. Date April 1 1923. Principal and semiannual interest (A. & 0.) payable at the First National Bank of Minneapolis. Due on April 1 as follows: $5,000, 1926 and 1927: $10,000, 1928 to
1937, inclusive, and $330,000. 1938.
-In
-BOND SALE.
WAKE COUNTY (P. 0. Raleigh), No. Caro.
answer to our inquiry as to the result of the offering of the $20,000 534%
coupon (with privilege of registration as to prin. only, or both prin. and
-Wm. H.
int.) court house funding bonds on June 25-V. 116. p. 2557
Penney, Clerk Board of County Commissioners, says: "Bonds sold to
Durfey & Marr of Raleigh at par as 2
-year bonds." Date April 1 1923.
The bonds were offered to mature as follows: Due April 1 1943; optional
April 1 1925.
-According to the
COUNTY BORROWS IN ANTICIPATION OF TAX.
Raleigh "News & Observer" of June 28: "Arrangements were made Tuesday by the Wake County Commissioners to borrow 270.000 from the
Wachoyia Bank & Trust Co., at 6% in anticipation of taxes. Two loans
of 225,000 each, which are for the benefit of the general fund and the
road fund were made for four months each while a third loan of 220.000
was made for six months to meet 520.000 in road funding bonds issued in
1903 and for which no sinking fund was provided. These bonds have been
carried in the county records as 30
-year bonds and it was not until yesterday
that it became known that they were to become due this year.
-Pro-BONDS OFFERED.
WAKEFIELD, Middlesex County, Mass.
posals were received by Arthur H. Boardman. Town Treasurer, until
June 29 for the purchase of the following issues of 4Ii% coupon bonds:
$196,700 "School Loan Act of 1923" bonds, payable $15,700 July 1 1924,
$10,000 July 1 1925 and 29,500 July 1 1926 to 1943, incl.
27,200 "Water Loan Act of 1922" bonds, payable $3,200 July 1 1924,
2.000 July 1 1925 to 1929, incl., and 21,000 July 1 1930 to 1943,
inclusive.
30.000 "Municipal Light Plant Loan" bonds, payable $1,500 July 1 1924
to 1943, inclusive.
15,000 sewer bonds, payable $2,000 July 1 1924 and 1925 and $1,000
Jolt 1 1926 to 1936, inclusive.
,
25,000 "Municipal Light Plant Loan" bonds, payable $2,500 July 1 1924
to 1933, inclusive.
18,000 street improvement bonds, payable $4,000 July 1 1924 to 1926,
incl.. and 23,000 July 1 1927 and 1928.
9.50)street widening bonds, payable $1,500 July 1 1924 and 21,000
July 1 1925 to 1932, inclusive.
Principal and semi-annual int. (J. & J.) payable at the First National
Dank of Boston. These bonds ale exempt, it is stated, from taxation in
Massachusetts and are engraved under the supervision of and certified as to
genuineness by the First National Bank of Boston; their legality will be
aprroved by Storey. Thorndike, Palmer & Dodge, whose opinion will be
furnished the purchaser. All legal papers incident to these issues will be
filed with the above bank, where they may be inspected at any time.
Bonds will be delivered to the purchaser on or about July 12 at the First
National Bank of Boston.
Financial Statement June 25 1923.
Net valuation for year 1922
$15,206,524 00
Average net valuation for years 1920. 1921 and 1922
14,124,100 00
Debt limit 3% of average valuation
423,723 00
Total gross debt, including these issues
1,279,900 00
Exempted debt
-Water bonds, including this issue
$176,700 00
Municleal light bonds, including these issues_ - 190.000 00
563,50000
Sewer and school bonds
930,200 00
$349,700 00
Net debt
Borrow:net capacity
274,023 00
Population. about 14,000.
-The three issues
-BOND SALE.
WAR REN,Trumbull County,Ohio.
of 5
coupon bonds aggregating 2138,805 offered on June 23-V. 116,
p. 2429
-were awarded to Prudden St Co. and Stacy & Braun of Toledo
at 101.446, a basis of about 4.19%. The issues are described as follows:
289.500 city's share. So. Main and Hoyt streets paving and Riverside Ave
and Albert St. sewer construction bonds. Denoms. $500 and
21.000. Due 28,500 Sept. 1 1924 and $9,000 on Sept. 1 from
1925 to 1933, inclusive.
45,000 Crescent Drive, Trumbull Parkway and Butler Road special
assessment paving bonds. Denom. $1,000. Due 25,000 yearly
on Nov. 1 from 1924 to 1932. inclusive.
4.305 Crescent Drive, Trumbull Parkway and Butler Road spmiai
assessment sidewalk bonds. Denom.$500. Due yearly on Nov. 1
as follows: $305 1924 and $500 1925 to 1932.
Date June 1 1923. Other bidders were:
*1.95600
Breed. Elliott & Harrison, Cincinnati
695 75
Seasongood & Mayer, Cincinnati
791 19
Bohmer, Reinhart & Co., Cincinnati
1,51300
Otis & Co., Cleveland
1.56800
Richards, Parrish & Lampson, Cleveland
1,11200
Hayden. Miller & Co., Cleveland
1,725 00
Sidney, Spitzer & Co., Toledo
930 00
W. L. Slayton & Co., Toledo
-The
-BOND SALE.
WASHINGTON COUNTY (P. 0. Salem), Ind.
following two issues of 5% bonds offered on June 25-V. 116, p. 2913have been awarded to J. F. Wild & Co. of Indianapolis for $53.581, equal
to 100.15, a basis of about 4.97 7:
26,720 Marcus A. Caulbe et al. road in Jefferson Township bonds.
Denom. 2336.
5.200 Delaney E. Ditz et al. road in Polk Township bonds. Denom.$260.
Date June 4 1923. Due one bond of each issue each six months from
May.15 1924 to Nov. 15 1933 inclusive.
WASHINGTON UNION HIGH SCHOOL DISTRICT, Stanislaus
County, Calif.
-BOND SALE.-Blyth. Witter & Co. have purchased the
-at
$150,000 5% gold school bonds offered on June 18-V. 116,,p. 2804
a premium of 22.535,equal to 101.68,a basis of about 4.82%. Date June 15
1923, Due 26,000 yearly on June 15 from 1924 to 1948. inclusive.
-An
-BOND ELECTION.
WEBER COUNTY (P. 0. Ogden), Utah.
election will be held on July 10 to vote on the question of issuing 240,000
county high-school building bonds.
-The
-TEMPORARY LOAN.
WELLESLEY, Norfolk County, Mass.
temporary revenue loan of $75,000 offered on June 19-V. 116, p. 2805
was awarded to the Old Colony Trust Co. of Boston on a 4.06% discount
Date June 15 1923. Due Nov. 15 1923.
basis.
WESSINGTON, Beadle County, So. Dak.-BOND OFFERING.
Bids will be received by G. C. Derr, City Auditor, until 2 p. m. July 2for
214.000 5% municipal building completion bonds. Due in 20 years.
-The two issues
-BOND SALE.
WESTFIELD, Union County, N. J.
-were sold to the
of gold bonds offered on June 25-V. 116. p. 2805
Peoples' Bank & Trust Co. of Westfield. which was representing Barr
3
4s, as follows:
Bros. & Co. of New York. as 4,
277.000 public impt. bonds at 100.595. a basis of about 4.65%. Due yearly
on June 1 as follows: $6,000. 1925 to 1929 inclusive; $7,000,
0.
1930, and 28,000. 1931 to 1935 inclusive.
105.000 assessment bonds at 100.4673. a basis of about 4.67%. Due
yearly on June 1 as follows: 88.000. 1925, 1926 and 1927; $9,000.
1928, and $12,000, 1929 to 1934 inclusive.
Date June 1 1923.
WEST LAFAYETTE SCHOOL DISTRICT, Coshocton County,
-The voters approved a bond issue of $85.000
-BONDS VOTED.
Ohio.
for a new high school building by a vote of 223 to 91.
lyoL. 116.
-On May
-BONDS VOTED.
WEST MONROE, Ouacheta Parish, La.
15 an issue of 2165.000 6% water works and sewerage bonds was voted by
a count of 157 to 21.
-The
-BOND SALE.
WEST NEW YORK, Hudson County, N. J.
First National Bank of West New York has been awarded the two issues
of5% coupon (with priv. of reg. as to prin. only or as to both prin. and mt.)
bonds offered on June 26 (V. 116, p. 2914) as follows:
$290,000 school bonds at par. Due yearly on July 1 as follows: 322,000
1925 to 1933 incl. and $23,000 1934 to 1937 incl.
127,000 free public library bonds at 100.50. a basis of about 4.96%. Due
yearly on July 1 as follows: 23,000 1925 to 1953 incl. and 24.000
1954 to 1963 incl.
Date July 1 1923.
-BOND OFFERWEST PALM BEACH, Palm Beach County, Fla.
-Until 7:30 p. m. July 3 Geo. L. Wright. City Manager, will receive
ING.
7,,
sealed bids for $114,000 534, coupon special impt bonds. Denom.
$1,000. Date July 1 1923. A cert. check for 2%, payable to the city.
required. Due on July 1 as follows: 210,000 1924; 211.000 1925 to MA
incl., and $12,000 1929 to 1933 incl.
-On June 28
-BOND SALE.
WEYMOUTH. Norfolk County, Mass.
the Old Colony Trust Co. of Boston, was awarded 2250.000 hign school
bonds at 101.51. Other bidders were:
Rate.
Name.
Rate.
Name.
100.89
101.102 R.L.Day & Co
Merrill, Oldham & Co
100.87
Edmund Brothers101.04 Eldredge & Co.
100.84
101.037 Blodget & Co
E.H.Rollins & Sons
100.832
101.24 Arthur Perry & Co
Blake Brother & Co
100.71
100.913 Estabrook & Co
Stacy & Braun
100.479
100.93 Kidder.Peabody & Co
National City Co
100.91
Curtis & Sanger
-BOND OFFERWHITLEY COUNTY (P. 0. Columbia City), Ind.
-Sealed bids will be received by Mark W.Rhoads, County Treasurer.
ING.
until 10 a. m. to-day (June 30) for toe purchase at not less than par and
accrued interest of $5,600 5% David McEntarfer et al.. road in Cleveland
Township, coupon bonds. Denom. $260. Date July 15 1923. Interest
M. & N. 15. Due $280 each six months from May 15 1924 to Nov. 15
1933. inclusive.
WHITTIER UNION HIGH SCHOOL DISTRICT, Los Angeles
-The following are the bids received on June lf;
-BIDS.
County, Calif.
for the 2225.000 5% school bonds:
Premium.
*25,143 00
First Securities Co.: Wm. R. Staats Co
3.465 00
City Co.; E. H. Rollins & Sons
Bank of Italy: National
Blyth, Witter & Co.: California Secur. Co.; R. H.Moulton & Co- - 4,889 00
4,136 90
National Bank: First National Bank, Whittier
Citizens
4.506 00
Security Co.; California Co
1,889 00
Stevens. Page & Sterling
Bond,Goodwin & Tucker: Hunter, Dulin & Co.;Cyrus Peirce & Co 3.513 00
•Successful bid. For previous reference to same see V. 116, p. 2914.
-BOND OFFERING.
WILLIAMS COUNTY (P. 0. Bryan), Ohio.
Sealed bids will be received until 10 a. m. July 17 by H.0. Miller, County
% coupon bonds. issued under authority of Sec
Auditor, for 285,455
1223 of the General Code for the purpose of paying the respective shares
of the county. Springfield Township. and property owners of the estimated cost and expense of constructing the improvement of Sections "C"
and "D" of I. C. H. No. 312 in said Springfield Township in Williams
County. Denom. $1.000. except one for 5.455. Date July 10 1923.
Prin. and semi-ann. int.(M. & S. 10) payable at the County Treasurer's
office. Due yearly on Sept. 10 as follows: $14,455, 1925: $10.000. 1926
to 1931 incl., and $11,000. 1932. Certified check on one of the banks
doing a regular banking business in Williams County or New York draft
for an amount not less than 3% of the par value of the bonds bid for.
required. Bonds to be delivered and paid for within ten days from time
of award.
-The $25.WINCHESTER, Randolph County, Ind.-730ND SALE.
22 (V. 116. 13.
000 % coupon "School Bonds of 1923." offered on Juneof Indianapolis
2680). were awarded to the Fletcher Sayings & Trust Co.
for 225,021 63. equal to 100.086-a basis of about 4.74%. Date May 18
1923. Due each six months as follows: $500. July 1 1924 to Jan. 11937,
inclusive, and $1,000, July 1 1937 to Jan. 11943. inclusive.
-At a
-BONDS DEFEATED.
WINDOM, Fannin County, Texas.
recent election the voters defeated a proposition to Issue $28.000 schoolone vote. The vote being 81 "for" to 82 "against."
building bonds by
-F. E. Pat-BOND OFFERING.
County, Pa.
WOODLAWN, B
terson, Secretary of the Town Council, will receive sealed bids at the
Municipal Building until 7 p. m.(eastern standard time) July 9for $133.000
4I(% coupon borough bonds. Denom. 21.000. Int. J. & J. Due 28,000
July 1 1928 and $5,000 on July 1 thereafter from 1929 to 1953, inclusive.
These bonds, it is said, are free of all State tax. All bids must be accom
pulled by a certified check for $1,000, payable to the order of the Borough-Vern M
-BOND OFFERING.
WOOSTER, Wayne County, Ohio.
Skelly, City Auditor, will receive bids until 12 m. July 6 for the purchase
at not less than par and interest ofthe following two issues of534% ProspectHenry-Grant streets improvement bonds:
287,416 45 special assessment bonds. Demoms. 1 for 2416 45 and 87 for
1,000. Due yearly on Nov. 1 as follows: 29.416 45 1924.
9,000 1925, $10,000 1926 to 1929, incl.; $9,000 1930 and
10.000 1931 and 1932.
13,523 47 clty's portion bonds. Denoms. 1 for $523 47 and 26 for 2500.
Due yearly on Nov. 1 as follows: *1.52347 1924 and $1,500
1925 to 1932. inclusive.
Date May 11923. Prin. and semi-ann. Int. payable at the office of the
Sinking Fund Trustees. Certified check for 2 of amount of bonds bid
ends to be delivered and
for. payable to the City Treasurer required.
paid for within ten days from date of award.
-TEMPORARY
WORCESTER COUNTY (P. 0. Woreeeeee), Mass.
-The Guaranty Co. of New York. has been awarded a temporary
LOAN.
offered on June 26, on a 4.10% discount plus a 23 25
loan of 2150,000
premium.
WYOMING TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0. Grand
-The 225,000 454% building bonds
-BOND SALE.
Rapids), Mich.
offered on June 11 (V. 116, p. 2558) were awarded to the Detroit Trust Co.
of Detroit at par less $315, equal to 98.74-a basis of about 4.62%. Date
Aug. 1 1923. Due Aug. 1 1938.
-BOND 'SALE.
-The 218.000 534%
XENIA, Greene County, Ohio.
special sanitary sewer bonds offered on April 2 (V. 116, p. 1334) were
the Interest & Sinking Fund Trustees at par. Date March 1
awarded to
1923. Due $2,000 yearly on Sept. 1 from 1924 to 1932, inclusive.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 22 (P. 0.
-Bids will be received until
-BOND OFFERING.
Mossmain), Mont.
2 p. m. July 17 by G. E. Matheson, Clerk Board of Trustees, for $10,000
building and improvement bonds. A like amount of bonds was offered
on June 19; see V. 116, p. 2680.
YORK COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Benedict),
-An election will be held on July 7 to vote
Neb.-BOND ELECTION.
on the question of issuing $90,000 school building bonds. W. L. Meyers.
Secretary of District.
1
CANADA, its Provinces and Municipalities.
-BOND SALE.
-The following
BRITISH COLUMBIA (Province of).
2 isS1108 of 5% coupon (with privilege of reg, as to prin.) trunk roads, public
works and irrigation bonds offered on June 25 (V. 116, p. 2914) have been
awarded to the Dominion Securities Corp. Ltd.. of Toronto:
21.000.000 bonds. Due June 25 1943.
1.000,000 bonds. Due June 25 1948.
Date June 251923. Denom. 51.000. Prin. and semi-ann. Int. (J. & D.
25). payable in U. S. gold in New York; also at the option of the holder in
Canada.
Financial Statement.
$810,492,268
ApDroximate value of assessable property
84,086,311
Total funded debt. including this issue
10,045.878
Sinking funds
Net funded debt
Provincial assets,incl. public bldg.,lands, timber, &c
Population (1921) 524.582.
$74.040,433
060.000,000
JUNE 30 19231
THE CHRONTCLE
ALBERTA (Province of).
-DEBENTURE SALE.
-The 2 issues of
-7e.
5 ( coupon (registerable) irrigation district debentures, which were offered
on June 21 (V. 116,p. 2805) were awarded as follows:
-year New West Irrigation District debentures to Wood,
$209.500 40
Gundy & Co.of Toronto, at 102.81. Dated July 2 1923 and due
July 1 1963.
100.000 30
-year United Irrigation District debentures to the
American Bond Corp. of Vancouver,at 103. Dated MayBritish
1 1922
and due May 1 1952.
Following is a complete list of the bids received:
Kev West United
Irrigation Irrigation
District. District.
British American Bond Corp., Vancouver,B.C.
103.00
Wood, Goody & Co.. Toronto
102.81
102.357
Royal Financial Corp., Vancouver, B.C
101.771
Bank of Nova Scotia on behalf of R.C. Matthews & Co102.134
Toronto
101.88
101.71
:Macneill, Graham & Co.and Burgess & Co.:Toronto--101.67
101.67
Wilkin, Hunt & Kilburn, Ltd.. on behalf of the Dominion Securities Corp., Ltd., Toronto
101.13
T. M.E. Evans & Co. on behalf of A. E. Ames & Co.,101.663
Toronto
101.06
100.97
ugheedli& Taylor. Calgary, on behalf of Gairdner,
Clarke & Co., Toronto
100.53
lespie Grain Co., Edmonton. and Niblock & Tull of100.67
Calgary_ 99.47
Ross Alger Corp. on behalf of Aemilius Jarvis & Co.,
Toronto
98.77
98.68
nion Trust Co..Spokane
97.77
97.77
EDMONTON, Alta.
-DEBENTURE
era the successful bidders for $150.000SALE.-Aemilius Jarvis & Co.
-year
54% 40
7.56. a basis of 5.65. Alternative bids were asked for school bonds. at
bonds
nada and New York. The following is a list of the bidders: payable in
Names.
Canada. N.Y.
eolith's Jarvis & Co
97.56
--Food. Gundy & Co
96.63
96.88
1.E. Ames & Co
93.60
95.36
'Matthews & Co.and Miller & Co
96.10
96.35
Gairdner,Clarke & Co.and Dyment,Anderson & Co
97.27
_ ___
ELMIRA,Ont.-DEBENTURE OFFERING.
-Proposals will be received
up to 8 p. m. July 3 for the purchase of $16,500 54% 20
-installment water
works debentures. J. H. Ruppel is Clerk.
FORD CITY, Ont.-DEBENTURES AUTHORIZED.
Is said to have passed a by-law authorizing the issuing of -The council
$130,000 housing
debentures.
3033
15 1923. Prin. and half
-yearly in (J. & D. 15) Payable at the
of the Union Bank of Canada in Toronto, Montreal, Winnipeg,offices
London, Eng., in sterling, at the holder's option. These bonds, or in
it is
said, are free from all Provincial taxes in the Province of Manitoba.
Due June 15 1943. Leagl opinion: E. G. Long, K.C.
Financial Statement.
Assessed value
$764,094.000
Gross debenture debt (including present issue)
68.756,121
Less
-Revenue-producing debentures
$40.965.196
Sinking fund
2,499,688
43,464,884
Net debenture debt
$25,291.23'7
Annual subsidy received from the Dominion Government
1.656,907
Value Provincial assets
107,328,520
Population, 610,118. Area of Province, 251.852 square miles.
NEW WATERFORD, N. S.
-DEBENTURE OFFERING -It is reported that proposals will be received up to June 30 for the .
purchase of
$15,000 6% 20
-year school debentures, dated July 3 1923. M.J. McKinnon is Town Clerk.
NORTH EASTHOPE TOWNSHIP, Ont.-DEBENTURES
MED.-Newspaper reports say that the Council has passedAUTHORa
authorizing the sale of debentures for a new school at S. S. No.7. by-law
NORTH YORK TOWNSHIP, Ont.-DEBENTURE SALE.
paper reports say that Dyment, Anderson & Co. were awarded -News$130.000
5% 30
-installment debentures at a price of 97.08. the money costing the
townsnip approximately 5.26%. The tenders, according to unofficial
sources, were as follows:
Dyment. Anderson & Co
97.08 Dominion Securities Corp
95.81
Sterling Bank
96.30 Murray & Co
95.68
Gairdner, Clarke & Co
96.27 Wood, Gundy & Co
95.65
Bell, Gouinlock & Co
98.23 A E. Ames & Co
95.59
Macneill, Graham & Co
96.03 Matthews & Co
Hous.ser, Wood & Co
95.91 McLeod, Young, Weir & Co9476
PARRSBORO, N. S.-DEBENTU'RE SALE.
-Prom newspaper reports
we learn that an issue of $12,0001114% 20
-year debentures has been sold
to Eastern Securities Co.. at par.
RENFREW,Ont.-DEBENTURES VOTED.
-It is stated that the ratepayers passed $2.500 by-law for fire hydrants and by-law authorizing the
issuance of $10,000 20-year debentures to meet bank overdraft.
SHERBROOKE, Que.-DEBENTURE OFFERING.-Propmais will be
received up to 8 p. m.July 3for the purchase of $255.000
30
-Installment
debentures. Bonds are dated July 1 1923 and are payable semi-annually
at Sherbrooke, Montreal or Quebec. E.C. Gallen, Secretary-Treasurer
GALT, Ont.-DEBENTURES VOTED.
.
-It is stated that the City
Council nas passed a by-law providing for the borrowing of
STURGEON FALLS, Ont.-DEBENTURE OFFERYNG.-Proposals
$35,681 for sewer are
work.
asked up to June 30 (to-day) for the purchase of $25,000 6% 20
-install.t
z
ment and $20,000 6% 10
GANANOQUE, Ont.-BONDS DEFEATED.
-installment debentures. Ls. Rod Vannier,
-Newspaper
that the ratepayers have defeated a $80,000 school by-law. reports say Treasurer.
SUDBURY, Ont.-DEBENTURES AUTHORIZED.
INVERNESS COUNTY, N.S.
-Newspaper ac-DEBENTURE OFFERING.-Proposals counts say that the Roman
are asked up to June 30 for the purchase of$50,000
Catholic School Board has passed a by-law
64% 20-year deben- authorizing the issuance of $70,000 6% 30
tures. County Treasurer, Port Hood.
-annual installment debentures.
M. J. Powell, Secretary.
KITCHENER, Ont.-DEBENTURE SALE.
-The Dominion Securities
TIMMINS, Ont.-DE
corp. was the successful bidder for $1.4522
-It is stated that
-installment,$323,77310-install- the Council has passed a BENTURES AUTHORIZED.
inent and $43,666 20
by-law authorizin the borrowing of $11.640 for
-installment bonds, all bearing interest at the
rate water works extensions and also $8,540 forglocal improvements.
of 5 % The following were the bids.
.
Dominion Securities Co__ _ _100.18
TISDALE TOWNSHIP, Ont.-DEBENTURES AUTHORIZED.
C. H. Burgess & Co
99.813
-ReM cLeod, Young, Weir & Co.100.05
ports have it that the Council recently passed a by-law authorizing the borA. D.Morrow & Co
99.407
Cairdner, Clarke & Co
100.042 Murray & Co
rowing of $50,000 for a new school and also decided
99.59
to approach the ProvinWood, Gundy & Co
100.03
cial Government regarding the guaranteeing $50,000 housing commission
A.E.Ames & Co
99.188
Dominion Bonk
100.00
A. J. Pattison Jr. & Co_ _ __ 98.9270 bonds.
yment, Anderson & Co- 99.953
TORONTO TOWNSHIP, Ont.-DEBENTURE OFFERING -It
.
is
LOND1
Ont.-DEBENTURE SALE.
stated that tenders
-An issue of
.5,-year 'Western Fair Association debentures, guaranteed $100,000 5% of $16,000 547 20 will be received up to 12 m. July 7 for the purcahse
-Installment school debentures. J. R. Kennedy. Townby the city of
ondon. has been sold to the Municipal Bankers
Corp. at 97.33, a basis ship Clerk, Dixie.
5.26%. The bids were:
WEST VANCOUVER DISTRICT, B. C.
unicipal Bankers Corp_ _- 97.33 Stewart, Scully &
-DEBENTURE SALE.
Co
95.93
Newspaper reports say that the British American
urray & Co
97.03 R. C. Mattnews & Co
has purchased
95.92
in, Snowball & Co
$5,000
-year school bonds at a price ofBond Corp.money costing
% 20
97.026 A. D. Morrow & Co
93.22, the
95.78
the municipality approximately 6.10%.
anent, Anderson & Co_ _ _ _ 96.676 Macneill, .Graham
& Co.
ninths Jarvis & Co
96.53
and C. H. Burgess & Co-- 95.38
WINDSOR, Ont.-DEBENTURE SALE.
all, Bouinlock & Co
-The 2 issues of
% 1098.45 Wood, Gundy & Co
Installment debentures, in amounts of $230,738
95.28
'. E. Ames & Co
and $18,385 offered on
96.44 W. A. Mackenzie & Co
18(V. 116, p.2806) were awarded to Bell, Gouinlock & Co.at 100.11. June
95.03
• esbitt, Thomson & Co___ 94.31 Gairdner,
The
bidders were:
Clarke & Co
94.53
1teLood, Young, Weir & Co- 98.17
Name.
Bid.
Name.
Bid.
Bell, Gouinlock & Co
MANITOBA (Province of).
100.11 Wood, Gundy & Co
-DESCRIPTION.
99.45
bonds reported sold to a syndicate headed by -The $2,500,000 5% C. H. Burgess & Co. and
Gairdner, Clarke &
99.43
f Toronto, at 97.28, a basis of about 5.22%, Gairdner, Clarke Pe Co.
Macneail, Graham & Co.. 99.63 McLeod, Young, Co
I'mom. $1,000 or the Sterling equivalent at par are described as follows: Dominion Securities Corp.._ 99.61 A.Jarvis & Co Weir & Co 99.17
98.87,
of exchange. Date June Matthews & Co
99.5181A. D. Morrow & Co
93.82'
NEW LOANS
City of Philadelphia
3s
31 28
/
48
/
41 4s
41 2s
/
5s
/
51 48
528
/
1
Biddle & Henry
104 South Fifth Street
Philadelphia
&irate Wire to New York
Call Canal 8437
United States and Canadian
Municipal Bonds
0
00) DGORD
014,
WADDELL
Ground Floor singer Building
It Liberty Street
New York
Telephone Cortiandt 3183
BOND CALL
$60,000
We Specialize in
NEW LOANS
McCracken County, Kentucky
Township of Susquehanna,
Cambria County, Pa.
432% Improvement Bonds.
The Township of Susquehanna,
Cambria
County, Pennsylvania, will offer for sale
highest responsible bidder $60,000.00 to the
of Improvement Bonds 1923, of said Township
par value of $1,000.00 each, interest at of the
of four and one-half per cent per annum,the rate
payable
semi-annually September 1 and March
1, in
each year, without deduction for
Commonwealth of Pennsylvania. taxes of the
will mature and be paid as follows: Said bonds
Bonds No. 1
to 15 inclusive, September 1. 1928:
16 to 30 inclusive, September 1 1933, Bonds No.
31 to 45 inclusive, September 1, 1938. Bonds No.
No. 46 to 60 inclusive. September 1, and Bonds
1943.
All bids must be accompanied by a
check, payable to the "Treasurer of the certified
Township
of Susquehanna," in the sum of $1,000.00,
which
will be retained by the Township of
Susquehanna
as liquidated damages for failure of the
successful
bidder to fulfill his contract.
The said Township reserves the right to
reject
any or all bids. All bids must be
sealed and
marked "Bid on Bonds" and In the hands of
Harrison Weatover, Spangler, Pennsylvan J.
ia,
Solicitor for Supervisors, before eleven
A.
July 24. 1923, at which place and time M.
said
bids will be opened.
. E. J. ROSS, Secretary.
J. HARRISON WESTOVER, Solicitor.
ALLARD & COMPANY
Members New York Stock Exchange
HARTFORD
Connecticut Securities
On the 3rd day of April 1923, an order was
duly entered directing the call of certain bonds,
of McCracken County, Kentucky, and
bonds numbered 301 to 500 both inclusive, of
issue of March 1, 1893,for payment September
1. 1923, at the Western National Bank in the
City of New York;
Said Bonds will be paid, on and after September
1. 1923, at the office of the Treasurer of McCracken County, Kentucky, in the City National
Bank of Paducah. Kentucky, upon presentation
to said Treasurer; and the Treasurer is directed to
advertise in some financial journal of general
circulation the fact that said bonds had been
called and will be paid as herein directed, and that
Interest thereon will stop on September 1, 1923.
•
JAS. M. LANG. Judge.
A BUSINESS EXECUTIVE
and capable head for any one
of your Departments can be
obtained by inserting a small
ad in the Classified Department
of the
FINANCIAL CHRONICLE
Cur Classified Department faces ths
nsida back cover.
atilters5 anti 3grottert
.45
utoibe Attu
Nork
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[VOL. 116.
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