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INCLUDING
,aank & Quotation Section
brontrie
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SATURDAY, MARCH 11924.
VOL. 118.
Throniclit.
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These Returns will be found in this
issue on pages 973 to 989 inclusive.
The Editorial Review of the Totals Is
Crowded Out the Present Week, but
Will Appear Next Week.
The Financial Situation.
This week's performances in tax legislation at
Washington should not escape notice, nor fail of the
characterization they deserve. They indicate a state
of political depravity which it would be hard to
match anywhere outside of Bolshevik Russia. The
country is staggering under the crushing burden of
taxation, and praying and petitioning for relief.
The Secretary of the Treasury has shown, too, that
relief is possible, and has presented a tax revision
scheme well adapted to accomplish the object sought.
At such a time the House of Representatives, by
means of a combination of the solid Democratic
vote with a dozen or more of radical Republicans,
has been proceeding all week, not to decrease taxes,
in response to the urgent need of the hour, but actually to increase them. The statement would be incredible except that it is confirmed by all the news
dispatches from Washington. The Mellon bill has,
through the incongruous alliance referred to, been
amended out of all semblance to its original shape.
And the changes have been mostly revisions upward,
instead of downward. The Federal inheritance tax
has been raised from a maximum of 25% to a maximum of 40%. An entirely new provision has been
Electric Railway Sectioa
State and City Sectima
NO. 3062.
inserted by which gifts made during a man's lifetime
are likewise to be heavily taxed. This also is to run
up to a maximum of 40%. Numerous other changes
of the same kind, calculated to eviscerate the Mellon
measure, might also be cited. And this imposition
of new or additional taxes is proposed, not in war
times, but over five years after the conclusion of the
armistice. Is it possible that the voting population
of this country will submit to such maltreatment,
and calmly acquiesce in it?
By a dexterous feat Congressman Longworth yesterday succeeded in coaxing the insurgent Republicans away from the Democratic schedule of surtaxes
to acceptance of a schedule of his own devising. But
let no one be deceived by any such process. Precious
little of the meritorious work of Mr. Mellon remains.
Mr.Longworth got a compromise on a maximum surtax rate of 37% instead of the 44% maximum provided in the Democratic bill, but that is all he did
get and it is very little. The other features grafted
upon the measure are so vicious and so objectionable
that unless they can be eliminated in the Senate the
President should unhesitatingly exercise his veto
power against the whole hybrid proposal. Even a
single increase of any kind in the taxes ought to be
sufficient to condemn it, and in this case there are
hosts of increases. Take, however, merely the enlarged inheritance taxes and consider what a vicious
principle they embody. A 40% tax (as a maximum)
would have to be denounced even- if it stood alone,
but when taken in connection with the corporation
taxes, the personal -taxes (normal) and the surtaxes they become confiscatory and positively
oppressive.
No one ever considers all these various taxes in
their entirety. It matters little whether the maximum surtax is 50% or 44% or 37%, it is in addition to all the other taxes. Rich men as a rule derive the bulk of their income from corporations, and
corporations are subject to an independent set of
taxes. The Federal Government imposes an income
tax of 121/2% upon them, the State of New York
takes 41/2% more, making 17% together, and this is
in most cases increased to 20% by the Federal capital stock tax. If now we add the present maximum
surtax of 50%, and the New York State personal tax
of 3%, we have a total of 73% taken by the Government. And these maximum figures apply not to incomes running into millions, but to comparatively
low figures of income. The surtax of 50% applies to
amounts above $200,000, and the Democratic maximum of 44% would apply to amounts above $92,000.
The situation under existing law, therefore, is
that the State and national Government take 73%
from the individual out of his entire income over
940
THE CHRONICLE
$200,000. This leaves him only 27%. Now apply
the 40% inheritance tax. If out of the 27% graciously allowed him he manages after 40 or 50 years
through thrift and frugality to accumulate a fortune
running into the millions and then dies, the Government once more opens its capacious maw and says
you will have to pay over to me 40% of this 27% out
of which you have been accumulating for the benefit
of your heirs. Is there any equity or sense of justice
in this? Is it indeed greatly different from the doctrines of the Russian Bolsheviks who insist that
everything should belong to the community and the
individual is entitled to nothing in his own right.
Would the President be justified in signing such a
bill? Would it not be his duty instead, to make a
direct appeal to the people at the coming Presidential election and have the question decided once and
for all whether the bulk of our citizens are in favor
of implanting such Russian doctrines on American
soil?
While it is yet too early to know definitely- what
the various European —most of all the Germans and
the French—Powers directly involved will do with
the plan of the Dawes Committee, when it is completed, and duly presented, the outlook for its acceptance, probably with some modifications, has
been increasingly hopeful. That conditions in Germany, economic and financial, have improved considerably of late, and that Germany's ability to pay
reparations will soon be greater than had been
thought possible before the two special committees
of the Reparations Commission began their work,
have been emphasized in the European cable advices for more than a week, and also by prominent
Americans like Charles M. Schwab, who have recently returned from Europe. The Paris correspondent of the New York "Times" cabled under date of
Feb. 21, "it is understood that the reports of the experts' committees will show that Germany is able
to pay the reparations which have been demanded by
the Allies. I am told on high authority that the
members of the inquiry boards have found that if
the Reich without an interior war debt pays taxes
pn the scale of those paid by the English and French
it can pay far more to the Allies than they had supposed at the beginning of their investigation." He
added that "the sub-committee on the German
budget reported to full Committee No. 1 to-day, and
while official secrecy is thrown about the findings
I am in the position to state that the experts estimate that as soon as German finances have been reestablished during the period of a two or three years'
moratorium, Germany should have a •surplus of at
least 4,500,000,000 marks gold annually to apply to
eparations." Regarding the French attitude on the
question of reparations, he reiterated what has bee1.
stated and re-stated many times, namely that "the
French have never doubted that Germany could pay
reparations if she wished to. They are gratified that
the experts have found Germany can pay, but they
have extreme distrust of German good faith and demand assurances which complicate the work of the
experts to a much greater extent than if it remained
on a purely theoretical basis."
Relative to the progress reported to have been
made up to that time by the Dawes Committee, the
Paris correspondent of the New York "Herald" cabled on Feb. 22 that "rapid headway is being made
iVoL. 118.
by General Dawes's committee on the two most important factors of their study of Germany's economic possibilities in the light of reparations. Not
only did the railway experts, Sir William N. Ac-,
worth and G. Leverve, hand in to-day a long report
showing what in their opinion must be done to make
German railways profitable, and thereby a basis for
international loans, but General Dawes and his fellow experts virtually have completed the draft of a
charter for the gold bank of issue which they intend
to recommend as a foundation for Germany's recovery. Although the details of a loan are no part of
Acworth's and Leverve's technical study of the situation it is understood they have recommended a program which, they say, will permit the floating of an
international loan of 2,000,000,000 marks gold
within six months." Going into greater detail relative to the report of the railroad experts, the Paris
representative of the New York "Times" cabled that
"Sir William Ackworth, Expert Supervisor of Austrian Railroads under the League loan provisions,
and M. Leverve, a Paris engineer, named to make a
special study of the technical aspects of the German
railroads, made their report to-day to the Experts'
Committee headed by General Dawes. It was their
opinion that all the railroads of the Reich, administered as a unit with an increase of fares to the French
level and with a decrease in the number of unnecessary employees, could earn annually a net profit of
800,000,000 gold marks. The railroads form the basis of the Dawes committee plan for financing Berlin's payment for deliveries in kind over a two or
three years' moratorium, and it is tentatively proposed to mortgage these prospective earnings for the
loan of 2,000,000,000 gold marks in the immediate
future. This money would not go direct to the Allies, but Berlin would pay for deliveries of goods and
materials on reparations account."
On the evening of Feb. 24 the Paris representative
of the New York "Times" cabled that "to-morrow
the experts' committee headed by General Dawes,
after some weeks' investigation of the reparations
problem, will begin to draft its report, which will
contain recommendations on how Germany may acquire stable money and how the budget may be balanced to enable her to pay her war debt to the Allies. It is therefore opportune to give a resume of
the situation. In their inquiry the experts' attention
has fallen on the following points: First—Germany
to-day represents the world's best equipped and potentially most efficient industrial organization.
Second—Germany is to-day practically without a
domestic debt, State or private, whereas the victor
nations are heavily burdened with a domestic war
debt. Third—The Germans as a whole are paying
less taxes than the English, French or Americans.
Fourth—Germany if she shouldered the total rep
arations bill would have a smaller war debt than if
she had won the war without indemnities." He likewise said that,"on the other hand, the experts have
noted: First—Germany is almost on the edge of
financial chaos and•needs a loan to get going again,
especially to finance reparations payments in kind.
Second—Germany must have stable money to get
her economic machine going again. Third—Germany while she has good crops has not good distribution, due to the economic difficulties caused by
the fall of the mark. Fourth—Germany has exported capital to the amount of $5,000,000,000, but
now has only about $2,000,000,000 abroad. Fifth—
MAR. 1 1924.]
Tri.E CHRONICLE
Germany has not a proper realization of her position and appears to lay too much importance on
what she calls preserving her sovereignty. Sixth—
Germany's tax system is bad because it lays too
much * of the burden on small incomes and not
enough on large incomes." The "Times" representative admitted that "some of these points will not
form part of the experts' report, but these rough
headings represent broadly the material on which
the experts are working."
In a speech in the Chamber of Deputies on Feb. 23
Premier Poincare declared that "one of the experts
recently told a French colleague'we should have been
unable to reach our present results were you not in the
Ruhr.'" When asked in Paris by a representative of
the Associated Press "whether he was the expert to
whom Premier Poincare referred," General Dawes
was reported to have replied, "Certainly, I said it.
I repeat it: 'If the French were not in the Ruhr we
expert would not be here.'" He was reported to
have added: "I said it as early as February 1923.
I repeated it to my colleagues on the committee, and
I am telling it to you now because I believe it." According to the correspondent also, General Dawes
added,"you can confirm that I am the man. I don't
know whether Mr. McKenna said it, but, as far as I
am concerned, I did, and I stand pat on it. If the
French had not taken the Rubr the state of mind of
both the Germans and the French would have been
unchanged and there would have been no occasion
for the experts to meet." The Associated Press representative stated that "M. Poincare's reference in
Parliament to the foreign expert's opinion was
given great prominence in the French newspapers
to-day, which printed it in heavy type on their front
pages."
The Dawes and McKenna committees are not meeting with oposition from the French Government, according to a special Paris dispatch to the New York
"Herald" under date of Feb. 25. It was said that "the
French Government will not interfere with the reparations experts, or even suggest to their own experts that they obtain equivalents for any concessions France may be called upon to make, according
to an official statement by the Quai d'Orsay to-night.
For several days a portion of the press has been calling on Premier Poincare not to abandon any part of
his policy, unless he obtains guaranties in return;
but a Government's spokesman to
-night refuted the
suggestion that this attitude had been inspired by
the Government itself, and said: 'The experts were
invited here to study the question independently,
and to give opinions as experts. The French Government has no desire to influence the committee's work,
even by comments, and will wait until General
Dawes's and Mr. McKenna's reports are in the hands
of the Reparations Commission before deciding what
its policy shall be.'" The correspondent added that
"the speaker stressed the existence of absolute accord among the experts on all questions handled to
date, and professed the utmost optimism that both
committees would reach unanimous decisions which
should safeguard Allied rights."
941
mind in Europe in which doubt and suspicion are
absent, it is perfectly useless to attempt to discuss
details; then discussion becomes a battle for points.
Until there is an atmosphere of mutual confidence
there is no use in even opening the matter of details."
Continuing, he asserted that "now,I do believe there
is a new feeling of optimism in this country and in
Europe as to the prospect of European settlement,
and I share it. If you had been here, say, in November, you would realize now what a change has taken
place since then—the difference disclosed in the new
state of mind between Britain and France. Then we
did not have the right state of mind, could not discuss details. Now we can accomplish things and believe we are going to accomplish things."
Under the same date, Feb. 26, the London representative of the New York "Tribune" cabled similar
ideas. He said. that "the British Government believes the possibility of establishing peace in Europe
has come at last." He added: "I make that statement on the strength of a talk with one of the leading members of the Cabinet, who has had long experience in Parliamentary life and is not new to the
cares of an executive position." According to that
correspondent, "no startling international development is expected within the next few weeks, not at
least until after the report of the reparations experts
has been made, but something closely approaching
an agreement between England and France will come
early in the spring."
In a speech on Thursday before the Reichstag,
Foreign Minister Stresemann favored a settlement
with the Entente at the earliest possible date on
which a satisfactory agreement as to terms could be
reached. He praised the work of the Dawes Committee, its attitude toward Germany, and hailed the
probability of American participation in a settlement plan. He called special attention to the change
in attitude on the part of the French.
The special committee of the Reparations Commission of which Reginald McKenna is Chairman,
has completed the first half of its two-fold task,
namely that of determining the amount of German •
capital that has been sent out of the country. Cabling with respect to this matter on Feb. 21 the Paris
representative of the New York "Herald" said:"The
second committee of experts examining Germany's
financial condition reached a unanimous decision today on fixing the amount of German capital which
has been sent abroad since the war and thus has been
put out of reach of Germany's creditors. According
to French dicks the amount was $2,000,000,000.
This is double the figure estimated by Reginald McKenna and ten times the amount estimated by John
Maynard Keynes." He explained that "the second
committee, of which Henry M. Robinson is the American member, has thus fulfilled the first of its duties,
the other being to devise ways and means whereby
this capital could be brought back to Germany. The
amount fixed to-day is based on two weeks'investigation in Berlin, where the accounts of all the principal
banks in the country were examined by the committee and verified by expert accountants and by comparison with other information obtained."
In a recent interview Premier Macdonald of Great
Brief reference was made in last. week's issue of
Britain spoke hopefully regarding the outlook for a the "Chronicle" to the unusually small margin by
settlement of the reparations problem. He was re- which Premier Poincare's electoral bill was passed
ported to have declared that "until there is a state of by the French Senate on Feb. 21. Commenting upon
942
THE CHRONICLE
the opposition to the Premier in the Upper House of
the Parliament the Paris correspondent of the New
York "Times" said: "Premier Poincare's majority
in the Senate this afternoon was only 16 votes. Never
in his two years of office has he come so near to defeat, and the revolt of the Senators was the more remarkable because in the past they have almost invariably accorded a unanimous vote of confidence
when he asked for it. The debate was on the electoral bill, which was passed last fall by the Chamber,
and, as clearly indicated by several speakers to-day,
would have been rejected by the Senate if the question of confidence in the Government had not been
attached. The vote taken was on an amendment
which would have revised the whole project, but the
real question on which the Upper House divided was
one of republican principle. The debate was marked
by several sharp criticisms, both of the existing law
and of the proposed amendment which had been attached by the Chamber. At the last elections, it was
pointed out, the present system, which is a compromise between a majority vote and proportional representation, had falsified results in such a way that a
candidate who received 20,000 votes was defeated by
a candidate who personally received only 12,000.
Leon Daudet was elected to the Chamber by about
20,000 votes, or 10% of the voters, while his opponent, M. Lerolle, was not elected, though he had
75,000 votes, or 40% ,of the voters."
[VoL. 118.
contemplated." In the judgment of the correspondent, "taken as a whole, the measures voted are expected to yield more than 7,500,000,000 francs, including 1,000,000,000 in economies; 1,000,000,000
from the application of sharp measures against tax
dodgers, and 4,000,000,000 from new taxes and a
20% increase in existing ones. Abolition of the
match monopoly also will bring in a round sum."
In an address before the Paris Chamber of Commerce on Tuesday, "President Millerand declared
that the French Government would not borrow any
more and would make no more expenditures for any
purpose without corresponding receipts." The New
York "Times" correspondent suggested that "this
statement by the President has importance because
it is calculated that there will still have to be expended more than 30,000,000,000 francs to complete
reconstruction work. Unless Germany pays up more
quickly than any one expects this means that those
owners of destroyed property who have not yet been
paid must wait, and this in turn spells complaints
without number for the reason that owing to the
policy adopted in 1919 of rebuilding first the machinery of production, which is to say the factories,
it is the smaller fellows who have not been paid. And
the elections are about two months off." He also reported that "the President urged business men to
accept the new tax burden being laid upon them and
assured every one of his hearers that the burden was
That Premier Poincare was steadily losing his a temporary one."
hold on the political situation in France seemed to
The British Labor Ministry appears to be keeping
be pretty clearly indicated by the smallness of the
out
of trouble for itself and to be doing better in the
vote in his favor on several important questions that
of the Government than had been
administration
were brought before the French Parliament. In a
possible.
As to recent successes in the
supposed
of
cablegram dated Feb. 22, the Paris correspondent
the New York "Times" suggested that "it is more House of Commons the London correspondent of the
than possible that the reports of the experts' commit- New York "Times" said that "the Labor Government
tees will produce a French Government crisis. If won another victory to-day [Feb. 22] when a diviPremier Poincare does not accept the experts'recom- sion over the new Rents bill, introduced by a private
mendation for abolition of the Franco-Belgian forces Labor member but supported by his party, brought
now operating the Ruhr and Rhineland railroads the Ministry a majority of 147. Yesterday, over the
and of the customs barrier between the Ruhr and laying down of new cruisers, it was Conservative
Rhineland and the rest of Germany, the indications votes which sustained the Government; to-day it was
are that he will face in the Senate opposition he can- Liberal support that carried the day." He also sugnot overcome." He added that "the position of the gested that "whatever else may be said of the MacPremier is rendered more difficult by the fact his re- donald Government, it appears to succeed in being
nunciation of much of his Ruhr program may dis- 'all things to all men.' It was Conservative in its
please the Nationalist majority which controls the attitude toward the cruisers, but it was Liberal in
Chamber, but which does not control the Upper its advocacy of to-day's bill—a measure which,in the
House. Of course the prospects of payment held out vexed issue between the landlord and the tenant,
by the acceptance of the experts' plan may have much leans noticeably on the side of the tenant."
to do with the attitude of the Chamber.
Going further into the acts of the Labor Government up to that time, and also into whether it would
At a session of the Chamber of Deputies that be- last long, the same correspondent,in a cablegram the
gan on the evening of Feb. 22 and was not concluded next day, said: "The Labor Government, as a result
until 5 minutes after 7 o'clock the next morning, of its first two weeks' experience in facing the House
Premier Poincare won his most decisive victory for of Commons, is expected by political observers to
some days. Announcement was made here a week show the same sort of tenacity of life as the proago, through a Paris Associated Press dispatch, that verbial chronic invalid." He suggested that "there is
"the Chamber of Deputies approved Premier Poin- every reason why it should, in spite of its being a
care's entire taxation and economy plan after an all- permanent minority in the House, and in spite of disnight session." The correspondent added that "the satisfaction among its own supporters, anxiety in
vote was 354 to 218," and explained that "the sitting, the country at large at the pacifism of some of its
an extension of a session lasting all day yesterday, members and indignation and alarm at the extremist
was the longest in the annals of the French Parlia- views expressed by some Ministers over such quesment." It was further stated that "the clause au- tions as housing and poor relief." On the other
thorizing the Government to issue Treasury notes hand, he suggested that "the Government's failure
stipulates that the amount shall not exceed 7,000,- to avert the dockers' strike and its feeble course in
000,000 francs, as compared with the 14,000,000,000 permitting the holding up of the mails have shown
MAR. 1 1924.]
THE CHRONICLE
it to be powerless in a field that was assumed to be
peculiarly its own. Nevertheless, though any one
of these weaknesses might bring down an ordinary
Ministry, it would be a surprise to politicians if even
the mass of them proves fatal to Macdonald's administration." Continuing, he declared that "the fact
is, neither the Conservatives nor the Liberals have
the least desire at the moment to turn the Government out. To do so, in spite of Asquith's hopes,
would almost inevitably bring on a general election,
and no one wants that to come for months. So it is
now expected that Macdonald will remain in office
as interim Prime Minister for an indefinite period
unless some unforeseen crisis arises."
The Ministry, at Tuesday evening's session of the
House of Commons, scored a victory on the question of Poplarism. The London correspondent of
the New York "Times" cabled that "the Government
obtained a comfortable majority of 71 to-night at
the termination of a debate upon its recission of the
order debiting local officials of the Borough of Poplar with £100,000 which they had expended without
authority for relief of the poor. On a division for
application of closure, the Ministry was upheld by
295 votes to 228." He added that "this means that
the House talked out an amendment moved by the
Unionists declaring against°the Socialist principle
of granting to the unemployed as much money as
they could have earned if they had been at work."
Continuing, he declared that "the feature of the debate was a speech made by John Wheatley, Minister
of Health. It was he who rescinded, on his own
authority, the order holding the local officials re.
sponsible for their excess payments." The London
correspondent of the New York "Herald" gave a
more explicit account of the event. He said that "by
a vote of 295 to 228 the Labor Government, aided by
the Liberals, scored a victory to-night when the
House of Commons rejected a Tory motion for closure in the debate on the decision by John Wheatley,
Labor Minister of Health, permitting the poor authorities of Poplar, borough of London, to pay super
unemployment doles. The result was greeted with
a great outburst of cheers by the Laborites, while
the Conservatives taunted the Liberals for coming
to the assistance of Labor and thereby preventing a
vote being taken on the Government's policy regarding regulation of aid to the unemployed."
943
adjournment of the House, moved by Ronald McNeill, was rejected without a division, after the Premier had charged that this question was raised solely
in order to prejudice the election campaign of Arthur
Henderson—who, not seated at the last general election, is now seeking re-election from Burnley, where
the polling is scheduled to take place to-morrow." He
added that "this is the third time during the short
life of the Labor Government to date when the normal business of the House has been interrupted,
either from the Conservative or the Liberal side, by
a motion for adjournment, in order to enable the
other parties to criticize the Government's policy."
A favorable impression was created for the Labor
Party also by the election of Arthur Henderson,
Home Secretary, as a member of the House of Commons, in the Burnley by-election on Thursday "by a
majority of 7,037." It was pointed out that "this
does not alter the strength of the parties in the
House of Commons, as he succeeds Dan Irving, a
Labor member, who died a few weeks ago."
The strike of British dock workers lasted only nine
or ten days. With the Labor Ministry having come
into power so recently it seemed practically impossible that it would be of long duration. This strike
ended as most strikes end, with the strikers getting
the greater part, if not all of their demands. The
London correspondent of the New, York "Times"
cabled Feb. 24 that "the dock strike, which began a
week ago last Saturday, is virtually over. In their
mass meetings to-day the dockers voted to accept
the terms of settlement with surprising unanimity.
The opposition of but two days before had melted
away, and opinion became almost undividedly in
favor of returning to work." Through an Associated
Press dispatch from London Monday afternoon it
became known here that "the conference of dock.
workers on Sunday called off the ,dockmen's strike,
which has been in progress since Feb. 16, seriously
interfering with commerce and industry." It was
stated also that "work will be resumed at all ports
at 7.30 o'clock to-morrow (Monday) morning." The
correspondent added that "the strike was primarily
over the question of wages, and in negotiations last
week the employers and representatives of the men,
reached an agreement for an advance of a shilling a
day, effective immediately, and an additional advance of a like amount to take effect next June, with
the appointment of a committee to adjust working
conditions in dispute." He reported also that "the
terms for the proposed settlement are considered
very favorable to the men. With an additional shilling a day to be granted them next July they will be
earning 12 shillings daily, and there will be no reduction in this sum, even should the cost of living
drop."
As a result of an interview with a member of the
present British Cabinet, the London correspondent
of the New York "Tribune" cabled Feb. 26 that "the
Government expects to hold office until a year from
next May, provided it has 'luck' in domestic affairs.
When it falls there will be another general election
and Labor expects to be returned as the majority
party, with the Liberals so badly defeated that their
party will go out of existence. Labor looks for thouApparently there is nothing much more uncertain
sands of recruits from the Liberal ranks and fore- in the political affairs of Europe than the life of a
sees the battle of the future as a straight fight be- Cabinet. Word came from Brussels Wednesday
tween Labor and the Conservatives."
morning that "after three weeks' discussion, the
Chamber concluded this evening [Feb. 26] its conAs the week progressed Premier Macdonald was sideration of the Government's bill for ratification
able to hold his own against the wiles of opposing of the Franco-Belgian Economic Convention which
political groups. In his account of Wednesday regulates conditions for the entry of French prodnight's session, the London correspondent of the ucts into Belgium and the export of Belgian goods to
New York "Tribune" said that "Premier Macdonald France." The New York "Times" representative at
registered another success, following his score of that centre cabled also that "the Government has
the Liberals on the Poplar question last night, when made the vote on the convention to-morrow a vote of
944
THE CHRONICLE
confidence and there is great uneasiness in political
circles about the result." He asserted that "the So
cialists will vote against the Government, as will
also the Catholic flamingants. A Ministerial crisis
at this moment would be serious and its solution difficult. All groups in Chambers have been summoned
to meet to-morrow morning for final consultation
before the vote is taken." The crisis came the very
next day as a result of the balloting. The Associated
Press correspondent reported that "the Belgian Cabinet, headed by Premier Theunis, resigned this evening as a result of its defeat on a vote of confidence
in the Chamber of Deputies to-day over the FrancoBelgian Economic Convention." He said also that
"the Government was overthrown by a combination
of the Socialists with the extreme Flemish Catholics, who seized the question of the ratification of the
Franco-Belgian convention as an opportunity to
argue that Belgium had been duped by the agreement." According to a Paris dispatch the same evening, "the fall of the Belgian Cabinet has created a
painful impression in French official and Parliamentary circles, coming as it does over a question
directly involving Franco-Belgian relations." It
was also stated that "many members of Parliament
and of the Government freely expressed the opinion
that in the commercial treaty rejected by the Belgians France had 'treated the Belgians with greater
favor than her own nationals.' " According to a
subsequent Brussels dispatch, "it is thought that dissolution of Parliament and new elections are likely
to precede the formation of a new Cabinet,especially
if the Socialist-Flemish combination attempts to create one."
In an Associated Press cablegram from Brussels
Thursday evening it was stated that "Premier
Theunis, who resigned yesterday after defeat of the
Government in the Chamber of Deputies on a question of confidence, to-day declined King Albert's invitation to form another Cabinet." According to a
wireless dispatch from Paris to the Philadelphia
"Public Ledger" the same evening, "there are apparently well founded rumors in Paris that Minister of
State Franqui, Belgian expert on Gen. Dawes's committee, will form the next Belgian Cabinet.-M. Franqui is most friendly to England and is reported to
favor a policy of international agreements." It was
added, however, that "the crisis, however, may last
a few days, as no party has a majority in the Belgian
Chamber of Deputies."
The Greek Cabinet fared better. In a special Athens dispatch to the New York "Times" under date of
Feb. 26 it was stated that "a vote of confidence in
M. Kafandaris and his Cabinet was passed by a majority of 127 to-night. Captain Hajikyriakos and
Colonel Kondylis, two of the extreme Republicans,
resigned their seats in the Constituent Assembly on
learning the result of the division." He said also
that "yesterday it was reported that, under pressure
from General Othonaios and Colonel Gonatas, the
former revolutionary Premier, M. Venizelos, had accepted the Republican contention that dynastic and
constitutional questions should first be settled by
the Assembly and then referred to a plebiscite. It
was said that these two officers had pointed out the
grave consequences that threatened the country
should the result of the plebiscite be unfavorable to
the establishment of a republic. This supposed action of M. Venizelos caused great indignation among
[Vol.. 118.
the Conservative Liberals, but at a party meeting held
to-day he explained that he had been misrepresented
and that his advice to his adherents was to vote for
the Government, as he actually did himself." That
there might be fresh political trouble was indicated
in an Associated Press dispatch from Athens two
days later. It stated that "Republican Deputies
withdrew in a body from Parliament yesterday in
protest against the Government's refusal to pass the
resolution abolishing the dynasty. The action of the
Republicans has caused considerable excitement.
Fears are expressed it may be the signal of difficulties which will imperil domestic peace."
Word came from London Tuesday morning that
"the levy on German exports to this country [Great
Britain] of 26% on reparations account, which was
imposed after the London Conference of 1921, will
be reduced to 5% on all goods imported after midnight to-night." (Feb. 25.) It was added that "this
was announced in the House of Commons this afternoon in response to questions as to the negotiations
which have been going on with the German Government concerning the levy." The New York "Times"
correspondent explained that "when the levy was
imposed the German Government undertook to reimburse the German exporters for its payment, and
thus begin to pay reparations by easy installments,
but a few months ago it declined to pay anything
back to its exporters on the ground of its inability
to do so, and it has consequently been claimed that
the exporter, in order to protect himself, then proceeded to add the amount of the levy to his price to
the British importer." He added that "the result, it
is asserted, has been that the British purchasers in
effect were paying German reparations, at the same
time that they were buying German goods."
Evidently the Chancellor of Germany has taken a
firm stand with respect to opposing political factions. Under date of Feb. 26 the Berlin correspondent of the New York "Times" cabled that "Chancellor Marx served notice on the Reichstag this afternoon that it would be immediately dissolved if it
revoked or materially modified any of the Government's ordinances promulgated under the constitutional amendment conferring dictatorial powers on
the Government subject to subsequent revision by
the Reichstag. In any event, new Reichstag elections are probable April 6." The correspondent explained that "the Chancellor's remarks were particularly addressed to the German Nationalist and Social Democrat opposition, which had brought in a
grand total of 26 motions to revoke or modify the
Government's measures which have had such a success in stabilizing not only the mark, but Germany
generally, restoring quiet and order and getting the
country started on the up-grade again. He warned
that any tampering with these rehabilitation emergency measures would undo the whole work and replunge Germany into an inflation chaos that would
prove fatal. Speaking in the slow, low, unemotional
tone for which he is noted, the Chancellor drew a
pleasing picture of the improved condition of the
country and was warmly cheered.
Additional news of a favorable character relative
to conditions in Germany appeared in an Associated
Press dispatch from Berlin yesterday morning. It
stated that "President Ebert has issued decrees
withdrawing the state of siege and abolishing re-
MAR. 1 1924.]
THE CHRONICLE
strictions on personal liberty and the freedom of the
press. Another decree aims at the prevention of
anti-State activities. For this purpose the Minister
of the Interior is empowered to take. necessary measures." It was added that "public meetings and processions through the streets are still prohibited."
Official discount rates at leading European centres continue to be quoted at 10% in Berlin; 7% in
Norway and Denmark;
in Paris; 5/
1
2% in Belgium and Sweden; 5% in Holland and Madrid, and
4% in London and Switzerland. The open market
rate in London was a trifle easier and short bills
1
2@39-16%, against 33
ranged between 3/
/
4%, with
7-16@3
/
1
2
%
for
three months, against 3%@
3
311-16% a week ago. Money on call was also lowered closing at 2%, as compared with 3% the
preceding week. At Paris the open market discount
rate was advanced to 6%, against 5/
1
2% last week,
while in Switzerland it remains at 3%, unchanged.
The Bank of England in its statement for the week
ending Feb. 28 reported a further addition to gold
holdings of £8,696. Note circulation, however, expanded £815,000; hence reserve was reduced £806,000, while the proportion of reserve to liabilities
again fell, this time to 18.03%, as compared with
18.70% last week, and 19.05% a week earlier. In
1923 the ratio stood at 1734%, and at the same figure the year previous. Still other changes included
a decline in public deposits of £2,419,000, an increase
in "other" deposits of £2,547,000; an expansion of
£6,163,000 in loans on Government securities and
contraction in loans on other securities of £5,198,
000. Gold reserves now aggregate £128,106,600,
against £127,504,283 last year and £128,762,306 in
1922. Reserve is £22,273,000, as compared with
£23,313,843 in 1923 and £24,118,966 a year earlier.
Note circulation totals £125,579,000, in comparison
with £123,940,440, and £123,093,340 one and two
years ago, respectively. Loans amount to £68,221,000. In the corresponding week of 1923 they were
£79,107,430 and £81,729,821 the year preceding. No
change has been made in the bank's official discount
rate from 4%, the prevailing charge. Clearings
through the London banks for the week totaled £735,267,000, in comparison with £738,206,000 last week
and £831,812,000 a year ago. We append herewith
comparisons of the different items of the Bank of
England returns for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
Feb. 27.
E
Circulation
125,579,000
13,106,000
Public deposits
110.337,000
Other deposits
51,197,000
Govt. securities
68,221,000
Other securities
Reserve notes & coin 22.273,000
Coin and bullion. 128,106,600
Proportion of reserve
18.03%
to liabilitiel
Bank rate
,N.a.. L 4%
1923.
Feb. 28.
E
123,940,440
20,907,446
110,548,375
47,282,880
79,107.430
23,313,843
127,504,283
1922.
March 1.
E
123,093,340
17,150,962
118,492,382
47,985,566
81,729.821
24,118,966
128,762,306
1921.
March 2.
£
129,299,950
18,236,365
124,468,748
44.393,742
98,925.281
17.477,192
128.327,142
1734%
3%
1734%
434%
12.24%
7%
1920.
March 3.
E
101,154,960
22,438.621
135.411.806
52,720,786
92,331,805
30,892,932
113,597,892
.0
19.60%
6%
glia
The Bank of France in its weekly statement -sh—ow-s
small gain of 99,800 francs in the gold item
further
a
this week. This brings the Bank's total gold holdings
up to 5,541,303,925 francs, comparing with 5,535,840,402 francs on the corresponding date last year
and with 5,525,399,928 francs the year previous; of
these amounts 1,864,320,900 francs were held abroad
in 1924, 1,864,344,927 francs in 1923 and 1,948,367,056 francs in 1922. During the week, increases were
registered in the various other items, viz., silver,
120,000 francs; bills discounted, 431.478,C00 francs;
Treasury deposits, 12,984,000 francs, and general
945
deposits, 90;018,000 francs. Advances, on the other
hand, fell off. 65,963,000 francs. Note circulation
registered an expansion of nearly half a billion francs
—499,934,000 francs to be exact. This large expansion brings the total of notes in circulation close
to the record high figure of 39,645,896,680 francs
reached on Nov. 4 1920, the amount now outstanding, according to this week's statement, being
39,394,769,000 francs. This contrasts with 37,434,065,415 francs at this time last year and with 36,258,200,295 francs in 1922. Just prior to the outbreak of war, in 1914, the amount was only 6,683,184,785 francs. Comparisons of the various items
in this week's return with the statement of last week
and corresponding dates in both 1923 and 1922
are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Cha,,ges
Stales as of
for Week.
Feb. 28 1924. Mar. 1 1923. Mar 2 1922.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
99,800 3,676,983,025 3,671,095,565 3,577.032.872
Abroad
No change
1,864,320,900 1,864,344,927 1,948,367,056
Lit
Total
Inc.
99,800
Silver
Inc.
120,000
Bills discounted
Bac. 431,478,000
Advances
Dec. 65,963,000
Note circulation. Inc. 499,934,000
Treasury deposits_Ine. 12,984,000
General deposits_ _Inc. 90,018,000
5,541,303,925
297,527,000
3,888,971,000
2,372,024,000
39,394,769,000
37,377,000
2,319,169,000
5,535,840,402
290,002,938
3,110,657,885
2,042,107,421
37,434,065,415
16,934,953
2,503,116,732
5,525,399,928
281,133.832
3,212,282.211
2,266.305,329
36,258,200.295
69,677,536
2,620,968,851
Another huge addition to outstanding note circulation, this time of 33,496,632,000,000,000,000 marks,
was shown in the statement of the Imperial Bank of
Germany, issued as of Feb. 15, thus bringing the
gigantic total to a new high record of 553,986,598,000,000,000,000 marks, against 2,703,694,000,000
marks a year ago and 115,755,000,000 marks in 1922.
Treasury and loan association notes increased 36,000,000,000,000,000,000 marks. Rentenbank notes
declined 6,902,594,000,000,000,000 marks, Investments were reduced 19,889,000,000,000,000 marks,
other assets 11,947,497,000,000,000,000 marks and
deposits 31,138,008,000,000,000,000 marks. Among
the large increases were Rentenbank bills and checks
88,744,723,000,000,000,000 marks, advances 1,483,920,000,000,000,000 marks,Rentenmark discounts and
advances 1,108,290,000,000,000,000 marks, other liabilities, 1,532,460,000,000,000,000 marks and Rentenbank loans 100,000,000,000,000,000,000 marks. Total coin and bullion gained 33,960,000 marks. This
now includes aluminum, nickel and iron coins. Gold
is still unchanged, at 467,031,000 marks, comparing
with 1,004,831,000 marks last year.
Analysis of the Federal Reserve Bank statement,
issued at the close of business on Thursday, revealed
a further small loss in gold reserves for the banks as
a group, with a considerable gain in holdings of the
precious metal at New York, and expansion both
locally and nationally in rediscounting—the latter
reflecting, undoubtedly, end of the month preparations. For the System the decrease in gold was
$2,700,000. Rediscounting of all classes of paper
increased approximately $35,400,000. Bill buying
in the open market also expanded, namely $9,800,000, while earning assets gained $59,400,000 and deposits $34,200,000. The New York bank reported a
gain in gold of $11,700,000. Expansion in the volume of rediscounts of Government secured paper of
$16,600,000 was indicated and an increase in open
market purchases totaling $11,700,000. Total holdings of discounted bills stand at $123,416,000, against
$210,222,000 at this time a year ago. Earning assets were enlarged $31,600,000 and deposits $43,500,000. In both statements the amount of Federal Reserve notes in circulation is shown to have been re-
946
THE CHRONICLE
duced, slightly over $1,400,000 for the System, and
nearly $7,000,000 at the local bank. Member bank
reserve accounts were expanded $35,000,000, to
$1,926,000,000 in the combined report, and $41,500,000, to $737,496,000 locally. The additions to deposits made for a slight lowering in reserve ratios,
which are now given as 80.6%, a decline of .8% for
the System, and 86.0%, or 1.8% off, at New York.
Last Saturday's statement of New York Clearing
House banks and trust companies reflected preparations for the approaching month-end payments, as
loans were increased, while member banks drew
heavily on their reserves at the Federal Reserve
Bank, thereby causing another "deficit." The exact
figures show that the loan item expanded $18,674,000. Net demand deposits were reduced $11,760,000,
to $3,833,546,000, which is exclusive of $29,192,000 in
Government deposits. Time deposits, on the other
hand, increased $13,951,000, to $450,868,000. Cash
in own vaults of members of the Federal institution
increased $954,000, to $47,608,000, which, however,
is not counted as reserve. Reserves of State banks
and trust companies in own vaults showed a gain of
$13,000, while the reserves of these institutions kept
in other depositories expanded $64,000. There was
a reduction in reserves of member banks at the Reserve Bank of $50,461,000; hence, surplus reserve
was completely wiped out and a deficit created of
$5,603,350. These figures are on the basis of reserve
requirements of 13% for member banks of the Federal Reserve System, but do not include cash in own
vaults amounting to $47,608,000 held by these banks
on Saturday last.
[voL. ng.
Dealing with specific rates for money,loans on call
this week covered a range of 4@5%. A week ago
the range was 4@43
4%. Monday the high was
432%, the low 4% and 4% for renewals. On Tuesday a flat rate of OA% prevailed all day, this being
the high, the low and the ruling figure. Call funds
again renewed at 434% on Wednesday, and this was
the minimum, but a high point of 44% was touched
before the close. Increased firmness prevailed on
Thursday and no loans were made under -44%,
which was the high, the low and the renewal basis.
Friday's range was 44@5%, with 432% again the
ruling rate. The above figures are for both mixed
collateral and all-industrials alike. For fixed date
maturities trading was quiet and featureless. Owing
to preparations for the March 1 disbursements, offerings were light; nevertheless, the latter part of the
week, all periods from sixty days to six months were
quoted at 4%,as against a range of 4%@5% a
week ago. A fair demand was noted, but no large
loans reported.
Mercantile paper rates remain at 44@4%% for
four to six months' names of choice character, the
same as a week ago. Names less well known still
require 4Yi@5%. New England mill paper and the
shorter choice names continue to be dealt in at 432%.
Offerings were light. Out of town institutions are
still the principal buyers.
Banks' and bankers' acceptances were in rather
better demand, although the turn-over was not
large. The bulk of the demand was from interior
banks, with some inquiry from non-banking institutions. Prime bills were in light supply, and this
served to restrict operations. Quotations remain unchanged. For call loans against bankers'acceptances
the posted rate of the American Acceptance Council
4% last week.
has been advanced to 43% from 33
the
makes
rates on
Council
discount
Acceptance
The
prime bankers' acceptances eligible for purchase by
by the Federal Reserve banks 44% bid and 4%
asked for bills running 30 days, 434,% bid and 44%
4% bid
asked for bills running 60 and 90 'days, 43
and 431% asked for bills running 120 days, and 432%
4% asked for bills running 150 and 180
bid and 43
days. Open market quotations follow:
Some $25,000,000 of money that had been placed
with local institutions by out-of-town banks and
trust companies to be loaned on call was said to have
been withdrawn on Thursday. Such withdrawals
always occur when the rate on call loans at this
centre falls below that which can be obtained at the
interior points from which the funds came. To this
shifting back from New York, together with preparations for March 1 disbursements was attributed
the slightly higher quotations on day-to-day accomSPOT DELIVERY.
modations. Yesterday there was an advance
30 Dave.
90 Days.
80 Days.
4404
43(§4
4354
Prime
eligible
bin.,
to 5%. Otherwise there was little or no feature
FOR DELIVERY WITHIN THIRTY DAYS.
Offer41i bid
Eligible member banks
of special interest in the local money market.
41s bid
Eligible non-member banks
ings of new securities were not on a particularly
large scale. It is pretty generally understood that
There have been no changes this week in Federal
not all of the big offerings of the last two weeks or Reserve Bank rates. The following is the schedule
so have been fully absorbed. The bond market as a of rates now in effect for the various classes of paper
whole has shown a tendency toward a higher price At the different Reserve banks:
level. This has been particularly true of foreign
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
FEB. 28 1924.
Government issues, although foreign exchange has
had several severe breaks. The cable advices relaPaper Mvuurinp-tive to the reparations situation have been encouragAfter 90 After 6
but
Days, but
ing. So were the Washington dispatches toward the
Within 8 Within 9
Within 90 Days.
Months.
Months.
RESERVE
FEDERAL
end of the week regarding the outlook for the passage
BANK.
Agricul.* Agricui.
Com'rcial Recur. by
and
and
U. S. Bankers' Trade
of a tax revision bill that would embody most of
Livestock
Livestock
&Usual Govt.
Acrep- AccepPaper. Obliga- maces. tames. Paper. Paper.
Secretary of the Treasury Mellon's recommendan.e.s.
Sons.
tions. The latter development could not fail to ex- Boston
5
4%
4%414
and
of
money
the
434
iii
4%
434
New York
ert a beneficial influence upon both
6
414
Philadelphia
4%
434
4%
4%
the
whenever
434
Cleveland
434
decline
4%
434
bond markets. Liberty bonds
4%
434
414
Richmond
4%
434
414
434
434
Atlanta
4%
434
outlook for tax revision is not bright and when there Chicago
434
414
434
434
4%
414
4%
passed.
4%
434
Louis
434
St.
being
bill
bonus
a
of
possibility
seems to be a
434
4%
4%
4%
434
4%
Minneapolis
434
4%
434
434
4%
4%
States, Kansas City
434
4%
4%
4%
The general business situation in the United
434
Dallas
434
434
4%
4%
434
4%
improving Ban Francisco
while somewhat irregular, appears to be
secured
•Including bankers acceptances drawn for an agricultural purpose and
by warehouse receitip. &c.
on the whole.
MAR. 1 19241
THE CHRONICLE
947
Movements in the sterling exchange market the for cable transfers and 4 27%@4 27 15-16 for sixty
present week were slightly irregular, with no def- days. Friday's market was quiet but steady and deinite trend to quotations either up or down. As mand bills were quoted at 4 293/2@4 30 5-16, cable
a matter of fact, attention once more reverted to transfers at 4 29%@4 30 9-16 and sixty days at
developments in the Continental currencies, notably 4 273j@4 28 1-16. Closing quotations were 4 273
francs, and trading in sterling was dull and restricted for sixty days, 4 293/
2 for demand and 4 293
4 for
in volume. At the opening comparative firmness cable transfers. Commercial sight bills finished at
prevailed and demand bills were held at a shade over 4 293
/s, sixty days at 4 26%, ninety days at 4 25/s)
2. Shortly afterward, London cable rates documents for payment (sixty days) at 4 271
4 313/
% and
turned weak as a result of the placing of heavy seven-day grain bills at 4 28%. Cotton and grain
selling orders for account of British and Nether- for payment closed at 4 29%.
land interests; this served to counteract the good
One large consignment of gold was received this
effects of the adjustment of the dock strike in week, i.e., 288 boxes, valued at $10,080,000, on
England and bring about a decline to 4 29. The the Olympic from England. The bulk of this shiprest of the week prices see-sawed aimlessly, with ment is for Kuhn, Loeb & Co., from Rothschild &
a slightly improving tendency at the close and a final Co. of London on private account, and is said to
rally to 4 30 5-16. Dealings continued on a small represent newly mined metal.
scale for the reason that commercial requirements
are light at this season, while speculators have for
The Continental exchanges were dull and heavy,
the time being transferred their operations to francs. with irregular weakness showing here and there, and
Bankers, though unwilling to make definite pre- the feature of the week another spectacular decline in
dictions as to the future of sterling, appear more French and Belgian francs following the defeat of
hopeful, and there is a growing belief that trade the Franco-Belgian reciprocity measure and indicaand economic conditions are on the mend. Of tions (which were later confirmed) of the downfall
course, should the recommendations of the Dawes of the Belgian Cabinet. The onslaught of selling led
Committee fail of approval, the whole reparations to losses aggregating 28 and 33 points, which carried
question would again be thrown into a state of flux. Paris checks to 4.083/2 and Antwerp to 3.49. PracIn keeping with the same line of reasoning, the tically all of the offerings emanated from French
defeat of the Belgian Ministry over the Franco- holders, although there was, in addition, a considerBelgian reciprocity measure, proved unsettling. able volume of selling in London and Amsterdam.
On the other hand, it is pointed out that matters In many quarters it was intimated that the slump
cannot be allowed to drift along indefinitely; that was not wholly warranted;that it was induced mainly
an agreement must be arrived at eventually and through the manipulations of dealers who have been
that both sides to the controversy are heartily ejected from the Paris Bourse and have shifted their
tired of the unending struggle and showing a greater base Of operations to London and some of the Contiwillingness to accept a compromise arrangement of nental centres. Be this as it may, the turn for the
some sort. Aside from reparations, the general worse in the political situation in Belgium undoubtEuropean situation may be said to have materially edly occasioned weakness in Paris and led to active
improved. Trade balances are rapidly approaching short selling at other points. Still another element
normal, not only in Great Britain, but in many of of depression was intimations of the possibility of a
the leading European countries. Even Russia return to power at the April elections of the German
has made marked strides toward recovery; all of Nationalist Party, which is known to be irreconwhich would seem to indicate that greater stability cilable on the reparations question. Changes in
is in sight for currency values. Uncertainty over either the Belgian or German Governments at this'
labor and politics in Great Britain is probably one time might prove a serious drawback to agreement.
of the chief hindrances to increased activity and While locally trading was light, semi-demoralization
strength in sterling at the present moment.
reigned at times on the London and Amsterdam
Referring to the day-to-day rates, sterling ex- markets, and transactions running well into the
change on Saturday last was unsettled and a trifle millions were reported in both French and Belgian
easier, with a decline to 4 30%@4 315
4 for demand, currency. For a time, not even news of the sucto 4 31@4 31% for cable transfers and to 4 283/2@ cessful passage of several of Premier Poincare's
4 29% for sixty days; reports of a hitch in the dock reform financial measures was able to stem the destrike negotiations had a depressing effect. On cline. Later, however, the usual "natural reaction"
Monday speculative selling, coupled with lower set in and recoveries were noted to 4.25 for French
London cables sent prices down slightly and despite francs and to 3.66 in Belgian.
actual settlement of the British labor difficulties,
The remainder of the list was largely in neglect.
demand declined to 4 29 11-16@4 31 7-16, cable Italian lire continue to give a good account of themtransfers to 4 29 15-16@4 3111-16 and sixty days selves, comparatively speaking, although there was a
to 4 27 7-16@4 29 3-16. Irregularity with a fur- decline of some 7 points to 4.28 during the week.
ther lowering in rates marked Tuesday's trading and German and Austrian currencies remain at the levels
the range was 4 29@4 303. for demand, 4 30© recently prevailing, with practically no transactions.
4 3131 for cable transfers, and 4 27@4 283 for The minor Central European exchanges were well
sixty days. Wednesday there was no definite trend maintained at slightly higher levels, while Greek exone way or the other and demand moved between change also showed improvement.
The London check rate on Paris closed at 102.70,
4 293'@4 30, cable transfers between 4 293/2@
4;trading which compares with 102.90 a week ago. In New
4 303's and sixty days between 4 27@4 273
was dull and narrow. Inactivity continued to pre- York sight bills on the French centre finished at
dominate on Thursday, although the undertone 4.14, against 4.21; cable transfers at 4.15, against
was fairly steady and there was a fractional advance, 4.22; commercial sight bills at 4.13, against 4.20,
/
8@4 30 7-16 and commercial sixty days at 4.073
to 4 29%@4 30 3-16 for demand, 4 297
%, against 4.14%
948
THE CHRONICLE
last week. Final quotation on Antwerp francs were
3.603/ for checks and 3.61 for cable transfers, as
compared with 3.71 and 3.72 the previous week.
Reichsmarks closed at 0.000000000021, against
0.000000000023 a week earlier. Austrian kronen
have not been changed from 0.00143', for both
checks and cable transfers. Lire finished at 4.293 for
bankers' sight bills and 4.303. for cable transfers.
This compares with 4.313 and 4.323 last week.
Exchange on Czechoslovakia closed at2.90X,against
2.90%; on Bucharest at 0.533, against 0.56; on
Poland at 0.000012, against 0.0000123/
2, and on
Finland at 2.533t, against 2.52 on Friday of a week
ago. Greek drachmae, after an advance to 1.70h,
finished at 1.69 for checks and 1.70% for cable remittances, in comparison with 1.653/
2 and 1.66 last
week.
In the neutral exchanges, formerly so-called,
trading was generally inactive and rate variations
were a reflex of movements in the larger continental
currencies, although in a lesser degree. Guilders lost
about 15 points, to 37.24. Swiss francs were fairly
steady at around 17.33. Danish exchange made
further progress downward, losing 15 points to
15.79, mainly in response to an unfavorable balance
of trade, as well as serious strike troubles at the paper
mills. The other Scandinavians also declined, while
Spanish pesetas touched 12.56, a loss of 17 points
and a new low record.
Bankers' sight on Amsterdam finished at 37.27,
against 37.40; cable transfers at 37.31, against 37.44;
commercial sight bills, at 37.21, against 37.34, and
commercial sixty days at 36.85, against 36.98 a week
ago. Closing rates on Swiss francs were 17.303/ for
bankers' sight bills and 17.313/ for cable transfers,
comparing with 17.313/2 and 17.32 last week. Copenhagen checks finished at 15.81 and cable transfers at
15.85, against 15.94 and 15.98. Checks on Sweden
closed at 26.09 and cable transfers at 26.13, against
26.18 and 26.22, while checks on Norway finished at
13.29 and cable transfers at 13.31, against 13.20 and
13.24 the previous week. Spanish pesetas closed at
12.56 and cable transfers at 12.58, against 12.71 and
12.73 last week.
As to South American exchange the undertone remains firm and the check rate on Argentine finished
at 341/g and cable transfers at 343I,against 34.15 and
34.23 a week earlier. For Brazil the close was 12.15
for checks and 12.20 for cable remittances, comparing
with 12.20 and 12.25 a week ago. Chilian exchange
was 10.25, against 10.25, with Peru at 4 00, against
3 95.
•Notwithstanding sharp fluctuations in the price of
silver, the Far Eastern exchanges remained about
stable. Hong Kong closed at 50%@51, against
50%@513/s; Shanghai at 7134@.713/
2, against
723'@723/2; Yokohama at 45%@46, (unchanged);
Manila 503@503/2, against 503@50%; Singapore,
503@50%, (unchanged); Bombay, 30%@30%,
against 30%@31, and Calcutta, 303/
2@30%,against
31@31%.
Pursuant to the requirements of Section 522 of the
'I miff Act of 1922, the Federal Reserve Bank is now
certnying 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:
[Vol,. 118.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
FEB. 23 TO FEB. 29 1924. INCLUSIVE.
Noon pliono Role for Cook Transfers in
New York.
value in United States Money.
Country and M
Unit.
Feb. 23. Feb. 25. Feb. 26. Feb. 27. Feb. 28. Feb. 29.
EUROPE$
$
S
$
$
$
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
.0380
.0365
.0383
.0352
.0369
.0356
Bulgaria. lev
.007541 .007567 .007444 .007442 .007394 .007383
Czechoslovakia, krone .029041 .029042 .029021 .028999 .028995 .028970
Denmark, krone____. .1591
.1585
.1584
.1582
.1584
.1584
England, pound sterling
3112
4.3110
3007
4.3043
2996
2961
Finland, markka
025008 .025000 .025025 .025075 .025141 .025140
France,franc
0435
.0440
.4029
.0414
.0421
.0413
Germany. reichsmark
a
a
a
a
a
a
Greece, drachma
016995 .017114 .016777 .016831 .016945 .016971
Holland. guilder__ .3740
.3740
.3730
.3731
.3728
.3729
Hungary. krone
.000031 .000031 .000030 .000029 .000026 .000027
Italy, lira
0434
J1435
.0433
.0431
.0429
.0430
Norway, krone
.1324
.1315
.1315
.1330
.1316
.1318
Poland, mark
b
b
b
b
b
b
Portungal.escudo_ .0321
.0317
.0318
.0318
.0322
.0318
Rumania,lea
.005513 .005435 .005273 .005237 .005223 .005227
Spain, peseta
1271
.1270
.1266
.1264
.1258
.1264
Sweden,krona
2618
.2013
.2611
.2611
.2611
.2610
Switzerland, franc.-- .1733
.1733
.1731
.1731
.1731
.1731
Yugoslavia. dinar.- .012480 .012532 .012554 .012548 .012596 .012587
ASIAChinaChefoo, tadl
7217
.7200
.7150
.7175
.7142
.7158
Hankow tae!
7256
.7234
.7188
.7203
.7172
.7188
Shanghai tael
7080
.7055
.7010
.7032
.6989
.7019
Tientaeln tael
7275
.7250
.7233
.7217
.7192
.7217
Hongkong dollar__ .5067
.5059
.5038
.5048
.5041
.5041
Mexican dollar.._-. .5103
.5071
.5043
.5075
.5032
.5038
Tientsin or Pelyang
dollar
5092
.5067
.5050
.5067
'.5046
.5063
Yuan dollar
5075
.5058
.5108
.5042
.5121
.5029
India, rupee
3027
.3021
.2993
.2974
.2990
.2996
Japan. yen
4509
.4509
.4480
.4501
.4511
.4490
Elln,gapore(S.S.)dolla .5050
.5038
.5033
.5045
.5040
.5040
NORTH AMER.Canada, dollar
968281 .967073 .966531 .968982 .986973 .965800
Cuba, peso
.999656 .999656 .999658 .999688 .999781 .999625
Mexico, Peso
482292 .482292 .481875 .482292 .482500 .483333
Newfoundland, doll
.965688 .964375 .963688 .964813 .964438 .963500
SOUTH AMER.Argentina. Peso (gold) .7820
.7762
.7825
.7781
.7698
.7712
Brazil, milreis
1215
.1211
.1195
.1195
.1198
.1201
Chile, Peso (Paper)- .1006
.0998
.1007
.1001
.1004
.0997
news .......7794
7995
7744
772A
WM
.7685
a German marks have been quoted as follows: Feb.23,.000000000000214; Feb.25,
.000000000000220; Feb. 26, .000000000000215; Feb. 27,.000000000000218; Feb. 28,
.000000000000218; Feb. 29, .000000000000218.
b Polish marks have been quoted as follows: Feb. 23, .000000113; Feb. 25,
.000000110; Feb. 26, .000000109; Feb. 27, .000000111; Feb. 28, .000000113; Feb.
29, .000000114.
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,32g,137 net in cash as a result of the currency movements for the week ended Feb. 28.
Their receipts from the interior have aggregated
$4,787,137, while the shipments have reached $1,459,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ended Feb. 28.
Banks'interior movement
Into
Banks.
Out of
Banks.
$4.787,137
Gain or Loss
to Banks.
$1.459.000 Gain $3,328.13
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,
Feb.23.
Feb.25.
Tuesday, Wednesd'y, Thursday. Friday,
Feb.28.
Feb. 29.
Feb.28. Feb.27.
Aggregate
for Week.
8
$
$
$
$
$
$
79,000.000 79.000.000 74.000.000 65,000.0e0 72.000.000 65,000,000 Cr. 434,000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in he 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:
Feb. 28 1924.
March 1 1923.
Banks of
Gold.
England 128,106,296
France a__ 147,078,360
Germany - 28,391,200
Aus.-Hun c2,000,000
Spain __
01,117,000
Italy
35,103,000
Neth-lands 48,476,000
Nat. Belg. 10,819,000
SwIteland 21,456,000
Sweden- __ 15,090,000
Denmark 11,643,000
Norway __ 8,182,000
Silver. •
Total.
Gold.
28,106,296 27,504,283
11,880,000158,958,360 46,859,820
b3,475,400 31,866,600 50,109,980
c2,000,000 c2,000,000
26,139,000127,256,000 101,017,000
3,411,000 38,514,000 35,369,000
926,000 49,402,000 48,482,000
3,402,000 14,221,000 10,757,000
3,633,000 25,089,000 21,225,000
15,090,000 15,217,000
468,000 12.111,000 12,680,00
8,182,000 8,115,000
Silver.
Total.
127,504,283
11,600,000158,459,820
3,268,000 53,377,980
c2,000,000
26,054,000127,071,000
3,039,000 38,408,000
697,000 49,179,000
2,356,000 13,113,000
4,212,000 25,437,000
15,217,000
254,000 12,934,000
8,115,000
Total week 557,461,856 53,334,400610,796,256 579,336,083 51,480,00063,0816.083
Prey. week 557,408,168 52,779.400610,187,568579,297,921 41,308,000630,605,923
a Gold holdings of the Bank of France this 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
MAR. 1 1924.]
THE CHRONICLE
919
ple over trivial things. One would believe that the
republic is in'danger from corruption in high office.
We listen with something of horror at the dire pietures of political orators in the legislative branches
of our dual Government. A law-making body is not
The Political Flurry in Congress.
There was once a man who lived in a tub, and who a court of justice save in the extreme case of an imspent his time going about with a lantern looking peachment trial. If we are not careful we are swept
for an honest man. He is dead; Diogenes is dead! from our feet and come to fail in a proper respect
If you doubt the fact of death, ask the Senate com- for our institutions. Plainly, as far as the oil investigation, with its many ramifications, touches, permittee investigating the oil fraud cases.
people
have
been
aroused recently by what is haps taints, though proof must be awaited, men in
The
commonly termed the "oil scandal." It is an un- and out of high office, to use a somewhat vulgar
savory mess from several standpoints. But dispas- term, it is a "dog-fall" for both parties. But the
sionate reading of the testimony adduced at these effect upon the people is to make them dissatisfied,
hearings must, at the present time, disclose two and doubtful of our political system.
You may say that this "oil scandal" is not a trivial
facts—an absence of proof that the Government has
lost any monetary values—and an absence of argu- thing, that it strikes at the very foundations of our
mentative demonstration that the Department of civic rule. But if all the men who have been shadthe Interior is not the logical and rightful custodian owed by this latest sensation were convicted of guilt
of these oil reserves. Other matters yet to be cleared the Government would still stand. The people themup are: the legality of the transfer from the navy; selves are not on trial. The parties, as far as direct
and the actual guilt of the parties under suspicion. connection with oil is concerned, are not, though
These latter points must await the decision of our some would have us believe they are. The propriety
courts. Meantime, it is pertinent to consider the of a Senate attempting to cast odium upon an "adpart partisan politics has played in these disclosures. ministration" by invading the prerogatives of the
We do not say, we cannot say, that politics origin- Executive with a request for the dismissal of a Cabiated this investigation. But it is a significant fact net officer must ever be open to question. If this is
that it lingered for a considerable time, and now not "politics," what is it? The legislative body itself
breaks forth in all its fury on the eve of a Presiden- is swerved from the imperative duty of law-making.
tial campaign. We do not say, we cannot say, that The Executive is interfered with by the necessity of
the committee in the conduct of the investigation is meeting superfluous requests of the Legislative diviactuated by political, considerations; but the course sion. The people are distracted by matters the courts
of the investigation has caused the people and a part are constituted to try and determine.
One of the results is a corrupting of the morals of
of the press to comment on the political bearings of
the case. It is a bi-partisan committee. Not so the people. Men distrust each other when they are
much can be said in behalf of certain resolutions and prejudiced against their trusted public servants by
speeches in the Senate which have preceded the full wholesale charges in political campaigns. If those
report of the committee and which, undoubtedly, to who at election time possess the confidence of the
the unprejudiced observfer, smack of "politics." masses fail in great numbers, who can be trusted in
Therefore, without going into the merits of the in- the personal and commercial life? If politics itself
vestigation, it seems reasonable to say that the out is "corrupt" what agency is left for cleaning the
side political furore which it has occasioned denotes Augean stables? If the law-making bodies are to
a state of affairs well worthy of serious reflection by dominate the Executive departments in States and
the voters of the country. Can a Government live nation, how are laws to be enforced? If men are to
be condemned and whipped from office without trial,
that suffers from political hysteria?
The malfeasance of a few men in office, when le- what is left for courts to do in establishing justice?
gally proven, is not warrant for, belief that tens of Citizens turn away with disgust—but know not
thousands of citizens now in public office are not where to turn. Do they go to the polls in larger, or
honest, faithful and scrupulous in the fulfillment of lesser, numbers? Do they have more, or less, of
their duties. But if it be true that men in high office pride in popular institutions? And is it not imporare, unconsciously it may be, biased by political pref- tant that "politics" answers for its own crimes of
erment so that they seek by direct violent onslaughts misfeasance?
upon incumbents of an oppoEing party to gain advanIt may have been better to drill offset wells at
tage before the people in order to win in a campaign, Teapot Dome and store the oil somewhere rather
then politics becomes a degrading factor in the very than allow it to be drained away. But is testimony
conduct of Government. And political parties we brought out to establish this important fact? And
must have. Formerly they arose and were sustained an ex-official may have received a loan, or it may
upon great principles and policies affecting the form have been a bribe, though after the "value received,"
of the Government and the welfare of the people. but what is the fact? And where to be established
To-day they are agencies of tactical maneuvering, but in a court? An ex-official may be legitimately
combinations for expediency in campaigning, shrill employed in private corporation practice, and if so
voices of protest and temporary charge and counter- whose business is it? True, his firm might be encharge, holding fast, perhaps, to divisional princi- gaged to adjust a tax matter by a large company,
ples, but concealing and camouflaging these but what is wrong with this? Of course, he could
by yawping minor difficulties into major im- not enter a Presidential campaign and lambast
portance.
"Wall Street" and the "interests" with a very good
And this way lies ruin. Our legislative bodies, in- grace, seeing that it would be biting the hand that
cluding Congress, as plainly evidenced by this oil has been feeding him, yet politics plays strange
investigation episode, are too much given to yielding tricks with logic and consistency. But this political
to political influences. They unduly arouse the peo- excursion into what looks almost like comic opera is
of Germany. On March 15 1923 the Relchsbank began including in its "Metal
Reserve" not only gold and sliver but aluminum, nickel and iron coin as well. The
Bank still gives the gold holdings as a separate item, but as under the new practice
the remainder of the metal reserve can no longer by considered as being silver. there
18 now no way of arriving at the Bank's stock of silver,send we therefore carry it
along as,thelfigure computed March 7 1923. c No recent figures.
950
THE CHRONICLE
[VaL. 118.
not good for business awaiting important financial tions; these are trust funds and are not and should
economic settlements in reduced surtaxes and a de- not be generally available for starting and financing
new and untried undertakings. The capital whose
feated bonus.
proper part it is to take this initiatory and pioneer
work is that relatively small part which is repreHenry Ford and Otto H. Kahn on the
Effects of Surtaxes.
sented by available funds in hands of corporations
Mr. Henry Ford might not be able to qualify as an and well-to-do persons, but the capacity and the
instructor in all branches of economics, but upon readiness of this capital to undertake this necessary
some points in that sometimes-called "dismal sci- function have been badly crippled by existing surence" he is fully sound, and he has just rendered a taxes,"both because they have gone far to make the
timely contribution to the campaign for tax reduc- accumulation of liquid funds impossible and because
tion by a luminous illustration of the bearing of high they have very largely impaired the incentive to ventaxes upon industrial production. He is not quite turing and risk-taking."
It is often urged that these excessive taxes merely
sure, but he thinks he could live as he is now living if
a redistribution; that the money does not vaneffect
this
is
but
income;
99%
of
his
the surtaxes took
ish,
"but
is merely taken out of the bulging pockets
surtax
present
the
start
of
the
got
because
he
solely
scales in point of time. When he began building of the rich and put into general circulation again
that "universal" car he had very little money. He through being expended by the Government." But,
took out of his receipts only "small wages" and put whatever Government may undertake to do, it can
back the remainder into more machinery, which en- never be anything near as effective and productive
abled him to cut prices. His sales and profits in- as individual effort can be. In individual hands,
creased, and still he kept plowing in, which permit- money continually watches for a productive opported him to continue his plan of cutting production tunity, whereas "Government, in its very essence, is
costs and prices and increasing sales. But—and the monopoly of monopolies and cannot but be afthis is the point—had the present surtaxes been in fected by those shortcomings which spring from the
force the Government would have absorbed most of absence of competition and the exercise of monopoly."
his earnings. Says he:
Mr. Kahn might have quoted an ancient falsehood
"With the high surtaxes, advocated as a benefit to on behalf of the legendary Robin Hood that "he
the poor man or the man with moderate means, I
doubt if we should ever have reached a point where robbed the rich to feed the poor." If all.incomes
we could have produced a car under $1,500 and that over $10,000, he says, were taken and were redisonly by paying very low wages. We should have had tributed among persons with less than that amount
to pay very low wages, for the backs of men and not annually, the result, as nearly as it can be figured,
the backs of machines would have had to bear the would be to add to those persons barely 10% of what
weight of production. Our past earnings, our wealth, they already have. And such a division, "while of
are in those machines."
little help to its beneficiaries, would cause an imMr. Otto H. Kahn is also contributing to the cam- mense loss of national productivity by turning a
paign brief articles bristling with points so keen powerful and fructifying stream into a mass of little
that no sophistry can turn them aside. Business rivulets, many of which would simply lose themmen, he says, necessarily have in liquid form only a selves in, the sand."
Here Mr. Kahn has hit upon an ilustration so fesmall part of their capital; this small part is vital
for the conduct of their business operations, yet it is licitous that it should be preserved and be repeated
directly attacked by the surtaxes, whose greatest until it gains entry into even the thickest legislative
mischief "is the undue and ill-regulated drain of head. Communistic distribution, public ownership,
cash away from its normal channels into the coffers Governmental interventions and interferences, and
of the Government." Far the largest part of the other socialistic schemes would break up an effecliquid capital in the country is owned by persons of tive stream into little rivulets again, only to "lose
moderate means, and is in possession of savings themselves in the sand" of Governmental incapacibanks, insurance companies, and kindred institu- ties.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Feb. 29 1924.
Trade which was inclined to be quiet in not a few
branches of business last week has continued to keep within
moderate bounds. Much of the buying is to supply immediate needs. A disinclination to order ahead is still very
perceptible. The big textile industries are inclined to be
slow. Yet within the last few days Fall River has shown
some signs of waking up. Four or five of its cotton mills
will resume operations next Monday, and the sales of print
cloths there which for some weeks were 40,000 to 50,000
pieces are estimated this week at 70,000 to 80,000. Of
course a total of double this amount would be required to
give trade there a really active look. But at the South
there have been persistent reports, notably from South Carolina, of a better business in cotton goods. Many of the
Southern mills, too, are running at 100%, although it is to
be regretted that there is some apparent slackness in the
cotton manufacturing trade of North Carolina. Some big
Rhode Island cotton mills will resume work on at least half
time after being closed for a couple of weeks. There are
intimations, too, that of late there has been a better business in print cloths in this city, though it seems to be a fact
that low prices were accepted.
In the steel trade there is a good aggregate business and
prices in the main have been steady. But it is a fact of no
slight interest that Europe, especially France, is beginning
to compete rather more noticeably in this country in the
steel trade, at prices said to be $8 to $10 below American
quotations. It seems also that the Pacific Coast has recently been buying foreign pig iron, presumably at advantageous prices, On the whole, the big industries are not so
busy as they were a year ago, although the railroads are
buying steel on a noteworthy scale. Also, it is a fact that
car loadings have reached another new high record. The
total for the week ending Feb. 16, in other words, reached
935,109, which is the peak in the record for this this time of
the year. No such total was ever recorded before in Janu-
MAR. 1 1924.]
ir
THE CHRONICLE
ary or February. In other words, it is evident that even
though business is keeping within very conservative bounds
the aggregate is large enough to attract attention.
Jobbing trade has increased somewhat as compared with
the last two weeks. Collections, however, in some cases are
slow and at best seem to be only fair. Yet the mail order
trade is gradually increasing. Reports of trade in the big
cities are more cheerful than those received from other
points, for bad roads still interfere with business in the
country, both east and west of the Mississippi River. Wool
has been steady and some reports say that the demand at
the West has increased. But there is evidently no real
activity. Worsted prices for next fall generally show some
decline. Cotton during the week has declined $5 to $6 a
bale, with the cotton goods market in the main slow and
the market for the actual cotton on the whole quiet and the
takings by the mills noticeably smaller than a year ago.
There was an unfounded report that the Government would
investigate recent reported short selling of cotton on a large
scale by Wall Street operators now in Florida. Though
without foundation it seems to have had a more or less disturbing effect. It is said that there are some 87 investigations of one kind or another now in progress at Washington.
At one time they investigated the sugar trade. It is believed that the legislation passed to regulate the trading in
grain "futures" has, if anything, been harmful rather than
otherwise. There has been considerable wrangling, too,
over the question of the last carry-over of cotton on Aug. 1
1923, New Orleans merchants claiming that the Census Bureau over-stated it by some 400,000 bales. Less bickering
and more business is the aspiration of the average member
of the trade. Lumber has been firm at some recent advance
in prices, but the demand has fallen off owing to the lull
in construction following the storms of the last few weeks.
Yet building materials in general have been in good demand.
The coal trade has been smaller and the output of bituminous lessened, now that there is no danger of a strike on
April 1. Not a few Western coal mines are said to be
closed. There is an active business in hardware.
On the other hand, furniture manufacturing trade shows
less snap. In California drouth is complained of as bad for
the crops and cattle ranges. At the Northwest, for an exception, buyers show more disposition to buy ahead, but
this is merely an exception which proves the rule that the
demand for merchandise is in general to supply urgent
needs for the immediate furture. The passing of the dividend by three large copper companies was one of the features of the week. This is supposed to be due to a large
output in the United States coincident with large imports
of foreign copper, evidently overburdening the market.
Some petroleum products declined, although petroleum
stocks on Feb. 1 showed a decrease for the first time in a
year. At times of late the stock market has declined noticeably and foreign exchange has also shown not a little weakness, especially francs. But later on came a rally and sterling exchange to-day was steady, though francs are still
depressed, partly, it seems, owing to the Ministerial crisis
in Belgium. London was quiet to-day, awaiting the fortnightly settlement. The Labor Party gained a victory at the
Burnley election. But on the other hand London has been
cheered by the conservative, not to say canny, attitude of
Prime Minister Macdonald in refusing to give countenance
to the rather bewildering proposition of Arthur Henderson
to revise the Versailles peace treaty.
Another favorable factor in the European outlook is the
increasingly hopeful prospect of a solution at no distant
day of the vexed question of German reparations. Monetary
matters in Germany are slowly being stabilized. German
trade is improving. Real money is in circulation. That
means various currencies. In the background is the American dollar. It is all-powerful at the present time as representing a country which possesses the bulk of the gold supply of the world. Balancing Germany's budget seems far
less of a hopeless affair than it once did. General Dawes
and Mr. Owen Young have grappled with the problem in
the matter-of-fact fashion natural to the inhabitants of the
American Continent, which, while not too iconoclastic, goes
straight to the mark and lays bare the elementary truths.
Germany and its big industrialists will settle, and have a
vexed question out of the way. Human civilization will
then move ahead at a much more rapid pace with one of
the chief occupations of mankind, known as business, greatly
facilitated by the stabilization of German money and
finances.
951
It is regrettable that Secretary Mellon!s tax reduction
plan cannot be adopted without tinkering, which can only
militate against its effect as one of the best pieces of constructive statesmanship recently proposd at Washingon.
Fall River cotton mills, it is stated, have been running at
an average of 209f of capacity. Operatives are disgruntled.
They complain to the Mayor of Fall River. High cost of
labor is a big factor in cutting down hours of labor and reducing labor's income; labor through demanding high wages
strikes at itself. In other words, labor kills the goose that
laid the golden egg or comes very near it. The Iron Works
mill of the American Printing Co. will start up next week to
run a short time. The Durfee mill, the largest print mill in
Fall River, will resume work on Monday next; also the
Wampanoag and the Troy mills. The Royal and Natick mills
will close on Monday for two weeks. Fall River manufacturers commenting on the request of Mayor Talbot of Fall
River for a Federal investigation of the short time at the
mills there said in effect they would be greatly obliged to
the Federal authorities if they would point out how full
time could be attained under existing conditions. At Thorndike, Mass., mill of the Thorndike Co., is curtailing production to four days a week until further notice. About onehalf of the weaving department of the Blackstone Manufacturing Co. mills is closed Until April 1. At Lowell, Mass.,
the Appleton mills closed Thursday for the rest of the week.
Providence, R. I., wired on Feb. 27 that four mills of the
B. B. & R. Knight, Inc., namely Valley Queen of River Point,
Dodgeville, of Dodgeville, Mass., and the Grant and Nottingham of Providence, which had been closed for about
two weeks, will be reopened next Monday on a three-day-aweek schedule for an indefinite period. In Rhode Island
some mills are running on short time; others on full time.
At Troy, N. Y., collar factories which had been working on
reduced schedules will, it is said, curtail further shortly.
Charlotte, N. C., early in the week reported a tendency towards increase in curtailment. The output last week was
something over 50% and new business was slow, though it
increased later somewhat. At Raleigh, N. C.. cotton mills
are working on half time. At Macon, Ga., mills are also reported running on full time and textile plants have advance
orders for over 3,000 additional horsepower as soon as
available. Knoxville, Tenn., cotton mills are running on
full time. Greenville, S. C., reports that there is no concerted mill curtailment in that section. Anderson, S. C.,
wired Feb. 2:5 that five leading mills of the Piedmont district had begun to curtail and that unless trade improved
curtailment would spread. At Spartanburg, S. C., mills
are running full time, it is said. othept the Arkwright.
Most Southern eotfon mills, it is declared, are running on
full time or close to it. The Henrietta mills are said to
have just sold 300,000 pieces of cloth. At Paterson, N. J..
'he schedule of the workers of the Empire Silk Co. will Is..?
:educed from a 48 to 36-hour week. For the past few weeks
they have not been making the same yardage of shirtings, tie
:Aid dress silks as for the past year and the reason given is
lack of orders and a surplus of the tub silks. The new
order was to take effect on Thursday of this week.
At Manchester, Eng., the Federation of Master Cotton
Spinners has decided to reduce weekly hours of work from
48 to 2614 in sections engaged on American cotton. This
will affect 100,000 workers. At Manchester, England, also.
according to the latest indications, unless the Royton mill
dispute is settled shortly, all weaving and spinning sections
of the British trade will stop work. Employers still
hope
for an amicable settlement, but are firm. A lockout
of
150,000 would leave approximately 500,000 workers idle.
The dispute arose when two women operatives in
a small
mill at Royton had an additional machine for
breaking up
raw cotton added to their work. Failure to
arrange for a
settlement in their wages caused a strike. The Master
Cotton Spinners' Federation, which has interceded,
has issued
an ultimatum to the workers calling upon
them to return to
work under pain of a general lockout unless
operations are
resumed within a week.
At Rochester, N. Y., on Feb. 26 the strike
of members of
the United Shoe Workers of America,
Council No. 6, of
Rochester, was called off. The United Shoe
Workers will
merge with the Protective Shoe Workers'
Union, a growing
labor organization, which has its greatest strength in
the
Eastern States. By this merger the United
Shoe Workers
accept the agreement which the Protective Union recently
made with several manufacturers' associations in the
East,
guaranteeing a five-year peace. Any matter of difference
952
THE CHRONICLE
of Business and Credit Conditions" by the Federal Reserve
Agent at New York. It continues:
The increase continued to be due partly to increase In the number on
stores, but apparel, ten-cent and cigar stores showed substantial increasen
in sales per store. This bank's index of chain store sales, other tha,
groceries, was 8% below the computed trend, after allowing for seasonef
variation and price changes, compared with 3% above in December.
CHAIN STORES.
,.....
...,
P.C.Changa
Number of
Dollar Sales in January
•
Stores.
(In Percentages).
in Sales
Type of Store.
per Store
Jan.
Jan.
Jan, Jan, Jan. Jan. Jan. Jan, 1923
1923.
1924. 1920. 1921. 1922. 1923. 1924. to Jan.'24.
1
454
98
15,280
286
1,783
289
2,754
548
114
18,844
327
1,893
322
2,710
60
82
80
108
75
96
92
ON!...t.-.40,14
Total
20,944
24.758
80
81
Is GO CI 00 Cl
tC,
C- 10101010010
Apparel
Candy
Grocery
Shoes
Ten-cent
Drug
Cigar
o3 at- ots c., o I
will be submitted to arbitration. Wage scales will be taken
up each year. The strike began on May 1 1922 and affected
approximately 4,000 workers.
The cost of living index for the State of Massachusetts,
compiled by the Special Commission on the Necessaries of
Life, showed an increase of about 1% in January as compared with December. Food prices decreased 21-6% from
the December level. This decrease was due principally to
reduction of meat prices. In fish, eggs, milk, tea, coffee,
sugar, bread, rice, onions, prunes, dried beans and canned
goods was a slight fall in price. Butter, cheese, corn meal,
white potatoes, evaporated apples and vinegar prices increased. Clothing prices'showed a slight advance during
January, owing to higher quotations for suits, men's hosiery, shirts, collars, underwear and cotton goods, while
prices of hats, gloves, men's shoes and women's hosiery were
slightly lower. Retail coal prices dropped from 50c. to $1
a ton.
Reports received by the National Lumber Manufacturers'
Association from the chief commercial lumber mills of the
country show that while production increased and shipments
declined slightly for the week ended Feb. 16 from those of
the previous week, new business decreased noticeably. The
unfilled order file of the Southern pine and West Coast
mills fell off 22,000,000 feet from the previous week. The
Southern pine mills reported their unfilled orders at the
end of last week as 303,064,193 feet, against 320,047,419 for
the week before; 130 West Coast mills gave their unfilled
orders as 464,146,718, against 469,610,635 a week earlier for
131 mills.
The weather during the past week here has been in the
main clear, with normal temperatures for this time of the
year. For a time there was a good deal of rain at the South
but latterly it has cleared. Early in the week it was down
to the freezing point in the Southwest. Weather conditions
have been favorable in the last few days for field work in
the cotton belt, although recently tempemures in southern
Texas have been too cold for early planted cotton. At noon
here to-day it was 35 degrees. Within the last 24 hours it
has been 32 degrees at Chicago, 24 at Cleveland, 26 at Detroit, 36 at Cincinnati, 26 at Philadelphia and 30 at St. Paul.
Heavy rains in the Atlantic States passed out to sea on
Wednesday.
[VoL. 118.
100
100
100
100
100
100
100
124
117
116
115
109
104
103
+3.0
+0.3
-5.7
+0.8
+3.0
-6.6
+4.7
84
me
114
-3.7
Increase in. Department Store Sales in January in
Federal Reserve District of New York.
Special sales during January of men's and women's clothing were largely the cause of an increase in January of 9%
in total department store sales in this district as compared
with a year ago, according to an item which will appear in
the March 1 issue of the "Monthly Review of Credit and
Business Conditions" by the Federal Reserve Agent at New
York. Sales in New York City, Newark, Rochester and
Syracuse show particularly large increases. Taking the district as a whole and allowing for seasonal variation and
price changes, the Reserve Bank's index stood for the third
consecutive month 4% below the computed trend. The "Review" continues:
Increases in sales occurred in all the major departments, but were particularly marked in the clothing departments and in the apparel stores.
The following table shows the percentage change in the major departments
compared with a year ago, and also indicates the percentage of sales in each
department to total sales.
Per Cent
Per Cent of Saks
Change in in Each Dept. to
Sales Over
Sales of All
January 1923. Departments.
Men's and boys' wear
+23.0
7.8
Hosiery
+15.7
2.7
Women's ready to wear accessories
14.2
+9.8
Women's and misses' ready to wear
+9.2
10.1
Shoes
+9.2
2.8
House furnishings
+9.0
15.2
Woolen goods
+7.6
2.8
Furniture
+7.2
6.3
Silk goods
+5.4
4.4
Cotton goods
+4.8
4.6
Miscellaneous
+9.1
29.1
Increase in Wholesale Trade in Federal Reserve
Stocks of goods on hand, which In recent months have averaged about
District of New York During January.
10% above the previous year, were on Feb. 1 only 5% above a year ago,
reduction resulting principally from the January sales. The average
a
Sales by leading wholesale dealers in the Federal Reserve
sales check during the month was $2 72, or 3% larger than
January a
District of New York generally increased during January, year ago. The following table compares January sales and in
stocks as of
according to the March 1 issue of the "Monthly Review of Feb. 1 with figures of previous years:
Net Sales During January
Stock on Hand Feb. 1
Credit and Business Conditions" by the Federal Reserve
(Jan. 1923=100%).
(Feb. 1 1923=100%).
1920. 1921. 1922. 1923. 1924. 1920. 1921. 1922. 1923. 1924.
Agent at New York. The "Review" says:
All dept.stores__ __ 103
91 100 109
95105
110
This bank's weighty index of wholesale trade, in which allowance is
New York
106
98
90 100 110
109
94
Buffalo
103 109
91 100 102
made for seasonal variations and price changes, was 5% above the com123 107
Newark
96
89
89 100 109
114
91 1912
puted trend of past years. Sales were 2% larger than in January 1923,
Rochester
106 117 103 100 120
138 136 108 100 105
whereas in November and December sales had been less than in the corSyracuse
111 105
98 100 111
130 118
responding months of the previous year.
Bridgeport
126 104
89 100 105
118
98 IN 1891
Elsewhere, SecMahe increase in total sales over a year ago was due principally to larger
ond District... 102
97
94 100 102
94
88
99 100 109
sales of silk goods and men's clothing and also to an increase in the sales
Apparel
87 103
93 100 111
95
83
94 100 110
of groceries, which during December had fallen 12% below the year preMail order houses 134
78
74 100 111
vious. Hardware sales continued to show a substantial advance over the
Sales of mail order houses in January, although 16% smaller than in
year before, probably due partly to the continuance of heavy building December,
were 11% larger than in January 1923, and this bank's index of
operations, while drug sales, which had been somewhat slow in December, mall order
sales, in which allowance is made for seasonal variation and
showed an advance over January 1923.
price changes, rose from 85% of the computed trend in December to 92%
Is Sales of cotton goods and shoes, on the other hand, showed losses com- In January.
pared with the year previous for the third consecutive month, and there
were decreases also in sales of women's coats and suits and diamonds.
Increasing Activity in Federal Reserve District
The following table shows the detailed figures for January sales compared
with previous years:
of
12105
2 12
12 18:1
12
Commodity.
Dollar Value of January Sales.
(January 1923 Equals 100%.)
1920.
1921.
1022.
1923.
1924,
Hardware
Drugs
Stationery
Dry Goods
(a) Cotton goods
(b) Silk goods
Clothing
(a) Men's
(b) Women's dresses
(c) Women's coats and suits
Machine tools
Groceries
Jewelry
Diamonds
Shoes
136
97
115
145
132
157
126
135
129
112
245
140
226
192
150
97
77
117
76
59
93
79
58
108
79
98
89
85
62
74
72
85
88
82
81
82
77
80
99
49
35
80
76
62
77
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
108
108
107
104
96
113
102
113
100
90
102
101
98
89
89
Total (weighted average,
137
83
79
100
102
Increase in Chain Store Sales in Federal Reserve
District of New York During January.
Sales by all types of chain stores during January were
14% larger than a year ago, a slightly smaller Increase than
was shown In December, says the March 1 "Monthly Review
Philadelphia.
The Federal Reserve Bank 12 Philadelphia has the following to say in the March 1 number of its "Business Review":
Evidence of Increasing activity was apparent in several of the primary
Industries during the past month. Distribution of goods, as measured by
freight-car loadings, was heavier than during any similar period, wholesale
trade was satisfactory, and sales at retail were larger than those of a year
ago. Wholesale commodity prices, after declining for three months, stiffened in January, with the result that the general price level was the same
as in December. Credit conditions continued easy, and money rates declined further.
Among the individual industries iron and steel is one of the outstanding
leaders in the present revival. Not only is production increasing, but manufacturers state that the numerous inquiries point to substantial business for
the future. Building operations, considering the season, are being maintained at a high rate. In addition, to judge from the value of building permits issued in this district during January, which was over $2,000,000
above that for January 1923. a large amount of construction is being planned
for the spring. Moreover, most building materials are in fair request.
although this is usually a dull season. Conditions in the leather trade have
continued to improve, and betterment is apparent in practically all branches
of the industry. Hides and skins have advanced sharply, and shoes and
other finished products are selling more freely. Encouraging reports also.
are received as regards other lines, including rubber tires and other rubber
products, tobacco, and paper. The textile situation, on the contrary,show.
MAR. 1 1924.]
little improvement. Changes and uncertainties in the prices of textile
products and raw materials continue to exert a depressing effect. Production schedules in the textile industries, however, have been maintained at
about the same percentage of capacity as they were last month.
Employment at industrial establishments in this district decreased further
in January. But wage rates were practically unchanged, though in some
plants there were increases and in a few reductions.
The movement of freight has been particularly heavy during recent
weeks. For a time, early in the year, it appeared that the volume of freight
traffic was going to run behind that of last year, but each week loadings
have increased substantially, and much of this is due to large shipments of
merchandise.
The general price level since the first of the year has been relatively stable,
the index of the Bureau of Labor Statistics in January'showing no change
from that of December. Of the 404 commodities represented in the index,
increases occurred in 138, decreases in 101, and no change in 165. Among
the groups in which the largest reductions took place were foods, and cloths
and clothing. The greatest increase was in the fuel and lighting group,
and was chiefly due to higher prices for bituminous coal, crude petroleum.
and gasoline.
Easier money rates are reflected in the increasing number of sales of commercial paper at 43i and 0.1%.
Federal Reserve Board's Summary of Business Conditions in the United States-Increase in Production I
111
of Basic- Commodities in January.
Production of basic commodities increased sharply in
January, says the Federal Reserve Board in its review of
business conditions in the United States; the volume of
distribution continued larger than a year ago, and the
wholesale price level remained unchanged. In February
there was an increase in the demand for credit for commercial
purposes, says the Board, which continues:
•
Production.
The Federal Reserve Board's index of production In basic industries increased 8% in January and was at approximately the same level as a year
ago. This increase followed a downward movement which had been under
way since May 1923. The increases over December, which occurred in
most of the industries, were particularly large in production of steel ingots,
lumber and bituminous coal and in mill consumption of cotton. A small
but general reduction of working forces at industrial establishments resulted
In a slight decline in the index of factory employment. The largest decreases occurred at plants manufacturing food products and tobacco.
Contract awards for new buildings in January were slightly higher in value
than in December and were 24% above a year ago.
Trade.
Railroad shipments, particularly of miscellaneous merchandise, increased
during January and total car loadings were somewhat above the high level
of January 1923. The index of wholesale trade increased 11% during January and was slightly higher than a year ago. Sales of groceries, meat and
drugs were larger than in January 1923. while sales of drygoods and shoes
were smaller. Retail trade in January showed the usual seasonal decline.
Compared with a year ago, department store sales were 7% larger and stocks
of merchandise at these stores, after declining in January, were 6% above
last year's level. Sales of mail order houses in January exceeded those of a
year ago by 11%•
Prices.
The wholesale price index of the Bureau of Labor Statistics remained unchanged during January and was at a level 3% lower than a year ago.
Prices of fuel and building materials, which had been declining since early
In 1923,increased in January, while prices offarm products,foods and clothing declined. During the first two weeks of February prices of hogs, sugar,
hides, lumber and metals advanced while prices of cotton, wheat and silk
declined.
Bank Credit.
The volume of borrowing for commercial purposes at member banks in
leading cities, after an almost continuous decline for more than three
months, increased considerably during the latter part of January and the
first two weeks in February. This increase was accompanied by a decline
in loans secured by stocks and bonds. Total loans and investments of the
reporting banks are now slightly larger than a year ago. Commercial loans
and loans on stocks and bonds are larger, but investments are smaller. At
the Federal Reserve banks the total volume of earning assets fluctuateu
within narrow limits during February. The large return flow of currency
and the repayment of discounts, which characterized the early weeks of the
year, did not continue after January. Since the first week in February the
volume of discounts for member banks has been about $500,000,000 and
the holdings ofsecurities purchased in the open market about$400,000,000.
The easier money conditions of January were followed in February by
slightly firmer rates on acceptances and on short term Government securities. Commercial paper rates in the New York market remained unchanged at 4,4 %.
New High Record for the Season in Railroad Revenue
Freight.
.A new high record for this time of year in the number of
ears loaded with revenue freight was established during the
week which ended on Feb. 16, according to reports filed on
Feb. 28 by the railroads with the Car Service Division of the
American Railway Association. The total for the week was
935,109 cars, the largest number loaded during any one week
in January, February or March in history with the exception
of the last week in March in 1923 which exceeded by approximately 3,600 cars. The total for the week of Feb. 16
was an increase of 28,620 cars over the preceding week and
an increase of 118,463 cars over the corresponding week in
1923. Compared with the corresponding week in 1922, it
was an increase of 161,834 and an increase of 163,007 over
the corresponding week in 1920. The report continues:
953
THE CHRONICLE
Except for coal, increases over the week before were reported in the
loading of all commodities.
More cars were loaded with forest products during the week of February
16th than in any week on record, the total being 82,718 cars, which exceeded
by 2,578 cars the previous record established during the week of April 21
1923. Compared with the same week last year, the total for the week of
Feb. 16 was an increase of 24,060 cars and an increase of 32,521 cars
over the same week in 1922. It also was an increase of 4.756 cars over the
preceding week this year.
Loading of grain and grain products totaled 53,313 cars, 6,842 cars above
the preceding week and 14,839 cars above the corresponding week last
year, but 1,550 cars under two years ago. In the western districts alone.
35,940 cars were loaded with grain and grain products during the week, an
increase over the corresponding period in 1923 of 10,518 cars.
Live stock loading amounted to 33,839 cars. This was not only an increase of 1,745 cars over the week before, but was an increase of 4,409
cars over the same week in 1923 and an increase of 3,799 cars over the same
week in 1922. Tabulations showed 25,238 cars loaded with live stock in the
western districts during the week, 3,673 cars above the corresponding week
last year.
Coal loading totaled 194.295 cars. While this was a decrease of 5,496
cars under the week before, it was an increase of 11,054 cars compared with
the corresponding week last year and an increase of 5,512 cars over the corresponding week two years ago.
Loading of merchandise and less than carload lot freight totaled 240,340
cars, 5,960 cars above the preceding week. Compared with the same week
last year, this was an increase of 31,532 cars and with the same week in
1922, an increase of 21.654 cars.
Loading of miscellaneous freight amounted to 307.778 cars, 14,369 cars
above the previous week and 33.872 cars above last year. Compared with
the same week two years ago, it was an increase of 88,785 cars.
Coke loading totaled 13,031 cars, an increase over the week before of 402
cars but a decrease of 2,084 cars compared with the same week last year.
Compared with the same week in 1922 it was an increase of 5,465 cars.
Ore loading amounted to 9,795 cars, 42 cars above the week before and
781 cars above last year. It also was an increase of 5,648 cars above two
years ago.
Compared hy districts, increases over not only the week before but also
over the corresponding weeks in 1923 and 1922 in the total loading of all
commodities were reported in all districts.
Loading of revenue freight this year compared with the two previous
years follows:
1922.
1923.
1924.
2.785.119
Four weeks of January
3.373.965
3,362,136
747.895
Week ended Feb. 2
929,936
865.414
777,791
Week ended Feb. 9
906.489
849,352
773.275
Week ended Feb. 16
935,109
• 816,646
Total
6 133.670
5.905.377
5.084.080
Automobile Price Reduction.
In contrast with the recent advances in the prices of motor
ears (see pages 730 and 850) the Lafayette Motor Co., on
Feb. 25, reduced the prices on various models from $1,750
to $2,100. The 7-passenger touring and 4-passenger roadster,
formerly $5,000,are now $3,250; the coupe,formerly $6,300,
now $4,300,and the 7-passenger sedan,formerly $6,500, now
$4,400.
Petroleum Markets Remain Quiet.
There has been little or no change in the crude oil and
gasoline markets in the last two weeks, although premiums
ranging from 5 to 60e. a barrel are being paid in the MidContinent fields by large buyers of crude. The premiums,
graduated according to the gravity of the crude, are regarded as the forerunners of further increases in price in this
region, but up to the time of going to press no advances had
been reported.
The northwestern Pennsylvania refiners, on Feb. 23,
reduced their quotation for kerosene Uo. per gallon, while
on the same day reports from Tulsa, Okla., stated that prices
were slumping and were from Mc. to- Me. cheaper on the
principal grades.
On Feb. 24 it was reported that the price of fuel oil was
quoted $1 10 to $1 15 in the Tulsa, Okla. district.
Crude Oil Production Decreases Slightly.
The American Petroleum Institute in its weekly summary
of Feb. 27 estimates that the daily average gross crude oil
production in the United States for the week ended Feb. 23
was 1,888,400 barrels, as compared with 1,918,900 barrels for
the preceding week, a decrease of 30,500 barrels. The figures for the corresponding week of 1923 was only 1,784,700
barrels. The daily average production east of the Rocky
Mountains was 1,237,050 barrels, as compared with 1,248,950 barrels the previous week, a decrease of 11,900 barrels.
California production was 651,350 barrels, as compared with
669,950 barrels; Santa Fe Springs is reported at 104,000
barrels, against 113,000 barrels; Long Beach 218,000 barrels, against 225,000 barrels; Huntington Beach, 60,000 barrels, against 61,500 barrels, and Torrance, 28,000 barrels,
against 31,000 barrels. The following are estimates of daily
average gross production for the weeks ended Feb. 23, Feb.
16, Feb. 9 1924 and Feb. 24 1923:
954
THE CHRONICLE
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Feb. 23'24. Feb. 16 '24. Feb. 9 '24. Feb. 24 '23.
Oklahoma
406.550
408,100
410,050
406,250
Eansas
80.950
70.350
71,050
71,500
North Texas
.....65,100
50,250
65,400
65,700
Central Texas
124,050
195,500
192,650
187,950
North Louisiana
70,750
51.650
52.450
53,200
Arkansas
103,750
119.450
116,800
113,050
Gulf Coast
106,450
94,350
88,550
95,600
Eastern
107,000
102,000
104,000
103,000
Wyoming & Montana__
104,950
130,550
140,000
145,000
Califonala
630,000
651,350
681,750
669,950
Total
1,888,400
1,918,9001411,915,000
A
1,784,700
Large Automobile Production.
The Department of Commerce finds that January production of automobiles, based on figures received from 186
manufacturers, 96 making passenger cars and 119 making
trucks (29 making both passenger cars and trucks), was
287,296 passenger cars and 28,797 trucks. This compares
with 223,819 cars and 19,720 trucks in January 1923 and
with only 81,696 cars and 9,576 trucks in January 1922.
Data for earlier months include 12 additional manufacturers now out of business. Figures on truck production
also include fire apparatus and street sweepers.
Total revised'output of passenger cars for 1923 is given as
$3,636,767 cars, as against 2,339,768 in 1922, while revised
truck output totaled 376,106 in 1923, as against 246,281 in
1922.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
'Passenger Cars.
1922.
January
February
March
April
May
June
July
August
September
October
November
December
1923..
81,896 223,819
109,171 254,773
152,982 319,770
197,224 344,839
232,462 350,410
283,053 337,382
225,088 297,330
249,492 314,373
187.694 298,911
217,566 335,023
215,352 *284.923
208,010 .275,434
Trucks.
1924.
1922.
1923.
1924.
287,298
9,578
13,350
20,022
22,840
24,097
26,298
22,048
24,692
19,482
21,795
21,949
20,354
19,720
22,181
35,280
38.056
43,878
41,145
30,883
30.829
28,838
30,188
.28,070
*27,720
28,797
*Revised.
Steel-Furniture Shipments Large.
The Department of Commerce announces January shipments of steel-furnithre stock goods, based on reports received from 22 manufacturers. Shipments amounted to
$1,592,338 in Jannary as against $1,455,836 in December
and $1,362,470 in January 1923. The following table gives
comparative figures since the beginning of 1922:
1922.
Jan___
Feb.__
March
April__
May..
June-
1923.
1924.
$983,834 $1,382,470 $1,592,338
987,125 1,307,173
1,087,228 1,709,206
1,058.382 1,520,288
1,058,735 1,506,072
1,015,483 1,401,950
1922.
July _ _
August
Sept _
October
Nov
Dee_
1923.
1924.
$945,788 $1,247,605
943,087 1,345,147
1,082,495 1,273,259
1,227,447 1,385,800
1,204,310 1,339,425
1,378,152 1,455.838
Steel Production Continues High but Price Concessions
Possible in Some Lines-European Competition Appearing in Iron and Steel.
Steel production continues unabated, with little forward
buying except by the railroads, according to the "Iron Age"
on Feb. 28. Steel bookings for February promise to equal
those of January, the falling off in the East being offset by
the sustained activity in the Middle West. Railroad purchasing is conspicuous in a market which is still one broad
In scope but of small lot buying for current needs, continues
the report of market conditions issued weekly by the "Age."
The summary goes on to say:
Speculative buying is absent and commitments for May or June delivery
are as yet a small percentage of the normal seasonal volume, yet production
is at a rate which, if sustained, would make a record year. Sellers are beginning to believe that price concessions might be productive of business.
as would not have been the case some months ago. This view is not taken
with respect to steel bars, nor to pipe, which is in strong demand, nor to
rails or tin plate, on which mills are fully booked.
Counting 16,000 cars awarded in the past week, railroad car purchases in
February amount to nearly 30,000. The New York Central's share of 14,500
freight cars and 243 passenger cars will call for some 225,000 tons of steel.
That road increased its orders for locomotives to 170. Inquiries from other
roads have appeared for 7,700 cars and 215 locomotives, including 100 locomotives for Japan.
Persistent quoting on European steel is an unsettling factor in the East.
Since the first of the year as much as 20,000 tons is reported sold, over onehalf of it in the past ten days, but of course deliveries as yet have been inconsequential. Some of the prices named are $8 and $10 below American
levels.
The pig iron market is dull and efforts to obtain higher prices have met
with little success. A round tonnage of Continental iron is about to be
imported on the Pacific Coast and the possibility of bringing European iron
to the Atlantic Coast tends to check domestic prices from advancing. A
few hundred tons of Lake Superior charcoal iron has been sold for shipment
to Germany.
The Carnegie Steel Co. has put on another blast furnace of the Edgar
Thomson group and the Republic Iron & Steel Co. has started its No. 3
Hazelton stack, making 110 furnaces out of 140 active in Pittsburgh and
the Valleys.
[VOL. 118.
Makers of strip steel have named ruling quotations for second quarter orders, In. base for hot-rolled and be. for cold-rolled, but keen competition,
especially for the hot-rolled product, keeps the buyer in the waiting attitude.
Efforts to establish firm prices on sheet have proved so far effective, as
concessions on both sides, and galvanized are obtained on fair sized orders.
Output of wire products is keeping up with a sustained demand of good
proportions.
Bids on 20,000 tons of steel have been asked for the Philadelphia-Camden
bridge, which with other new projects calls for a total of 45,500 tons.
Awards for the week were 26,000 tons. The Tennessee Coal Iron & RR. Co.
is to supply itself with 20 barges, taking 2,500 tons of steel.
Cast iron pipe buying is heavy and prices show growing strength.
Tin plate mills are getting specifications for May shipments ordinarily
not submitted earlier than March 15.
British steel makers are perturbed at Continental makers securing substantial contracts for British colonies. South Africa has bought rails from
Germany, France and Belgium at prices $7 to $8 60 a ton below the best
British price of $37. American mills on shapes for Manila had to dip $10
under domestic prices. Australia is going ahead with the bridge across
Sydney Harbor, involving 50,000 tons of steel.
-
The "Iron Age" finished steel composite price remains at
2.775c. per lb., having completed eleven months of virtual
stability, with a maximum variation of less than 1% either
side of 2.8e.
In contrast, the "Iron Age" pig iron composite price at
$22 88, instead of $2286 last week, is more than 10% above
the price of mid-November and more than 25% below the
price of eleven months ago. The composite, price table is as
follows:
Composite Price Feb. 26 1924. Finished Steel, 2.775c. Per Lb.
Based on prices of steel bars, beams, tank{
Feb. 19 1924. 2.775C.
plates, plain wire, open hearth rails,
Jan. 29 1924. 2.789c.
black pipe and black sheets, constitutFeb. 27 1923, 2.631c.
ing 88,% of the U.S.output
110-year pre-war average, 1.689C.
Composite Price Feb. 26 1924, Pig Iron, $22 88 per Gross Ton.
Based on average of basic and foundry
Feb. 19 1924, $22 86
Irons, the basic being Valley quotation,
Jan. 29 1924, 22.69
the foundry an average of Chicago.
Feb. 27 1923. 27 79
Philadelphia and Birmingham
10-year pre-war average. 15 72
Conservative buying policies which are being followed
painstakingly by many consumers tend to keep the iron and
steel market on an even keel. Spectacular movements of
new tonnage and prices which often have marked similar
conditions of flush demand in the past, are conspicuously absent, declares the "Iron Trade Review" in its regular weekly
review of conditions affecting the iron and steel markets.
The'day-to-day tonnage coming from a variety of sources is
maintained at a large aggregate, the summary continues.
This evidence of steady consumption and the general prospects have led to the opinion in high places in the industry
that the present full rate of operations may be expected to
continue to July or August at least, with the period beyond
that too remote to judge. With Eastern mills and those at
Chicago, new business in February has been well ahead of
January. Other producers report the two periods have measured up very closely. Mill shipments invariably have been
heavier. Further comments of interest in the report are as
follows: •
Operations remain on a high plane. In the Mahoning Valley, open-hearth
steel works of independent producers are 92 to 94% engaged, which represents practically maximum capacity. The Steel Corp., after being up to
941
/
2%, is back to 93% this week, or about its recent average. For the
entire industry the average remains 85 to 88%.
Settlement of bituminous coal wage scales for a period of three years
has been favorably received by the steel industry. This removes a prospective disturbance against which producers had been preparing by accuralating
steel.
from the automotive industry are mixed. The Ford Motor Co.
raw
has cut down its production schedule below 8,000 daily, but other leading
builders either are maintaining or increasing theirs. Many cars
are being
stocked for expected spring demand.
Heavy railroad equipment requirements feature the market. The New
York Central has distributed its large order for 14,500 cars, which includes
the 8,000 reported last week. This order calls for 277,500 tons of steel. It
has also placed 100 locomotives additional, making 170 in all recently
awarded and 243 passenger coaches. The Santa Fe has placed 2,000 more
cars and the Wabash 1,750. The Louisville & Nashville is in the market for
5,000 cars, the Southern Railway for 2,000, the Missouri Pacific for
2,000,
the Santa Fe is reported to be out for 5,000 additional and the Norfolk &
Western for 3,000 additional. At Chicago 20,000 cars
are active in the
market requiring at least 200,000 tons of steel. Pending locomotive orders
total 250 to 300.
Price deviations in finished steel seem to centre
largely in plates despite
the large car tonnage coming out. Attractive orders for this material readily bring $2 per ton concession, even in the firmer Middle Western market,
while in the East the shading is considerably more, or to 2.30c., Pittsburgh.
Other finished lines, while subject to occasional variations, are steadier.
Sheets, irregular for weeks, are displaying more strength,
as are alloy steels.
Due to the softness in plates, "Iron Trade Review" composite of 14 leading iron and steel products for the first time in 10 weeks is lower. The
composite is $43 39 against $43 53 last week.
Pig iron is quieter and the undertone is not so firm, though considerable
tonnage still is to be bought for second quarter. At Pittsburgh it is reported the Steel Corp. may again enter the market soon.
Sales of foreign steel in America reported this week have been light.
Belgian bars on the Pacific Coast are being quoted $17 to $19 per ton
under domestic prices. About 3,000 tons additional of French cast iron
pipe has been sold to Pasadena and other cities on the Pacific Coast and
5,000 thus to Buenos Aires.
Export business in steel is on the increase. With the leading producer,
foreign sales at present represent 8 to 10% of ingot output or at the rate
of 1,500,000 tons of finished material annually. While Japan may move
slowly in placing heavy tonnages called for by its great reconstruction program, it is closing Willie important miscellaneous needs. This week it
MAR. 1 1924.1
THE CHRONICLE
sheets and in recent
bought from American mills 8,000 tons of thin-gauge
The latter also
weeks has taken 20,000 tons of rails from the Steel Corp.
Indies and 3,000 tons of
has taken 6,000 tons of pipe for the Dutch East
various products for South American countries.
Bituminous Production Falls while Anthracite Remains Practically Unchanged.'
The weekly report on the production of bituminous coal
anthracite, and beehive coke, issued by the Department o
the Interior, through the Geological Survey, Feb. 23 1924
showed a decline of 344,000 tons in the bituminous coal
production during the week ended Feb. 16, as compared
with the week preceding. Anthracite, however, remained
at about the same level, production during the same week
being 1,900,000 tons. Extracts from the Survey's report
follow:
The recovery in the production of soft coal In the first full week of
February was temporary, and was followed by an even sharper decline
In the week ended Feb. 16. The total output, estimated from railroad
reports of cars loaded and including allowances for mine fuel, local sales
and coal coked, was 11,157,000 net tons. This was a decrease of 344,000
tons, or 3%.
The average daily rate of output is again close to 1,800,000 tons, which
was the rate that prevailed just before the slump in production at the
beginning of November.
Preliminary returns, which show a total of 72.639 cars loaded on Monday
and Tuesday of the present week (Feb. 18-23) indicate the probability
of a further decrease in production.
Estimated United States Production of Bituminous Coal (Net Tons), Including
Coal Coked.
1922 23
1923-24-Coal Year
Coal Year
to Date.c
Week.
to Date.
Week.
10.686.000 343,282,000
11,337,000 459,755.000
Feb. 2
1,328,000
1.781.000
1,788,000
1.890,000
Daily average
10,725,000 353.987,000
11,501,000 471,256,000
Feb.9.a
1,339,000
1.788,000
1,791,000
1,917,000
Daily average
10,431,000 364,418.000
11,157,000 482,413,000
Feb. 16b
1,348,000
1,739,000
1,793,000
1,859,000
Daily average
a Revised since last report. b Subject to revision. c Minus one day's
production to equalize number of days covered by the two coal years.
Production of soft coal during the first 269 days of the coal year 1923-24.
and of the five preceding coal years, has been as follows:
Years of Depression.
Years of Activity.
I
428,500,000 net tons
505,089,000 net tons 1919-20
1918-19
376,853,000 net tons
491,512.000 net tons 1921-22
1920-21
364,418,000 net tons
482,413,000 net tons 1922-23
1923-24
955
for the
price levels. Compared with the preceding week the quotations
the figures.
week ended last Saturday showed changes in only 41.7% of from 5 to
ranging
reductions
Of these changes, however, 65% represented
5 to 25c,
60c, and averaging 17.8c. per ton. The advances ranged from
for the week
and averaged 10.3c. per ton. The straight average minimum
40. to
was $1 87, a decline of 2c.; the straight average maximum dropped
respectively.
$2 26. A year ago the averages were $2 98 and $3 72 per ton,
the
More of what the settlement has done to the market can be seen in
first
trend of production than in the trend of prices. After the recovery the
daily
full week in February, the trend again turned downward until the
rate
average output has approached the 1,800,000-ton line, which was the
esPreliminary
prevailing just before the slump beginning last November.
timates for last week pointed to further declines, although holiday losses
were also a factor in pulling down the total output.
Severe storms in the Fairmont, central Pennsylvania and Connellsville
regions have added transportation congestion to the present troubles of the
coal trade. When the effects of these have been overcome, a clearer picture
of production trends will be possible. It is significant, however, that these
interruptions in those fields brought no upward movement in prices. In
the Middle West demand now follows the thermometer. No early change is
expected. What operators do fear is that many industrials that have been
accumulating stocks will now draw upon their storage piles. When it is
storage
realized that over 1,000,000 tons per week have been going into
since the first of the year, the effect of the change can be readily understood.
domesthe
with
comparable
The domestic side of the anthracite trade is
tic bituminous trade. In other words, it is purely a weather proposition,
with the retail yard bending its efforts to reducing stocks to the lowest point
of safety. Uncertainty as to mine prices after the first of April also acts
as a deterrent to forward buying by the retailer. There are rumors in the
distrade that downward revisions of certain company circulars are under
cussion. The retailer, if he can, prefers to wait for definite announcement
upon this score before loading up with more coal.
The weather the past week did serve the independent shippers a good turn
since it enabled them to temporarily check the decline that has been in
procss for several weeks. That was all it did do, since it was impossible to
advance prices and difficult to persuade the retailer dealer to place corn,
bination orders. Barley is still the strongest steam size, with premiums
asked and paid on some independent tonnage; rice is fair and No. 1 buckwheat still in distress. Buckwheat and pea, in fact, are the weakest of the
list.
ANTHRACITE.
The production of anthracite was practically unchanged in the week
ended Feb. 18. The total output is now estimated at 1,900.000 net
tons, a decrease of 6.000 tons. This figure Includes mine fuel, local sales,
and the production of dredges and washeries. In the corresponding
week of 1922, 1,828,000 tons were produced.
Estimated United States Production of Anthracite (Net Tons).
—1922-1923—
1923 1924—
Coal Year
Coal Year
to Date.
Week.
to Date.
Week.
Week ended—
2.056,000 40,449,000
1.893,000 78,184.000
Feb. 2 1924
42,472,000
2,023,000
Feb. 9
1,906,000 80,070,000
1,828,000 44.300.000
Feb. 16
1,900,000 81,970,000
Production of Anthracite in December.
IF The production of anthracite in December is now estimated at 7,700,000
net tons, a decrease of 46.000 tons from the output in November. With
the exception of 1921, the output in December 1923 was smaller than
In the corresponding months of any year since 1918.
Preliminary estimates place the total output of anthracite in 1923 at
95,444,000 net tons. In comparison with the strike year preceding this
was an increase of 75%. From the viewpoint of anthracite production.
1923 stands third, it having been exceeded only by production in the war
years 1917-18, when keen demand for the fine sizes for industrial consumption greatly stimulated the output of dredges and washeries.
in December 1923 and During the Last Ten Years.
ior4,nthracite
---'
lrZftrir;
Total
Total
Jan. 1Jan. 1Dec. 31
December
December
Dec. 31
Year— (Net Tons). (Net Tons).
Year— (Net Tons). (Net Tons).
8,089,000 88,092,000
7,578.000 90,822,000 1919
1914
8,403,000 89,598,000
1920
88,995,000
8,062,000
1915
6,203,000 90,473,000
7,257,000 87,578,000 1921
1916
8,743,000 54,683,000
7.380,000 99,612,000 1922
1917 a
b7.700,000 b95.444,000
7,396,000 08,826,000 1923
1918 a
a Years of very large washery production. b Subject to revision.
BEEHIVE COKE.
The production of beehive coke increased from 288,000 to 293,000 net
tons in the week ended Feb. 16. The improvement was general in all
districts except Virginia, where there was a slight decline. At present
the rate of output is 22% less than that in the corresponding week of 1923,
and 44% behind that in 1920.
Buying of coal moves along conservative lines, having settled down to a hand-to-mouth basis in some markets, particularly where anthracite domestic sizes are consumed, says
the "Coal Age" market review of Feb. 28. The Jacksonville
agreement assures peace in the Central Competitive Field
for the next three years. Users of hard coal will buy during
the next month only to meet immediate needs, as there is no
new wage agreement to be negotiated. The little activity
and hopefulness that was apparent in the soft coal industry
has nearly disappeared and a spirit of pessimism has taken
its place to a degree, declares the review. Buying has
dropped and consumers to all appearances have decided to
use their reserve stocks in older to avoid a recurrence of
fires in stock piles Which caused more or less trouble last
fall. The new working agreement has blasted the hopes of
many non-union mine owners, who had hoped to realize high
prices for their product if there should have been a cessation of work in the union mines. Consumers' stocks on Jan.
1, according to Government estimates, totaled 62,000,009
tons. Further facts having a bearing on the conditions in
the markets are cited herewith as given in the "Age":
The average price of soft coal, according to "Coal Age" index, dropped
Feb. 25, compared with 186
2c. to $2 23, with an index figure of 184, as of
the previous week.
by better coal-burnmarkets
all
Consumption has been helped in nearly
ing weather, but there has been comparatively little improvement in general
demand. In the Middle West dealers report little buying and demand is
generally inactive. Cold weather stimulated the call for domestic lump
coal, while there is enough screenings available to take care of the demand.
Illinois mine owners have "no bills" for all sizes excepting screenings. The
continmines in the Carterville region are kept in operation because of the
for Mt. Olive and Standard
ued cold weather, and there is a good demand
dealers are
field coal. No change is reported from St. Louis, where retail
for Kentucky product is
kept busy with the middle grade coals. Demand
The
up
present
for
sold
the
are
mines
good, and some eastern Kentucky
mines,
Jacksonville.agreement has injured the prospects of many of these
these
as a general strike or suspension would have meant good prices for
coals.
Duthe
In the Northwest there is a steady call for coal. The feature of
luth market last week was a cut of $1 in the retail price of Pocahontas coal,
bringing the price down to $8. There has been a slump in the Kansas.
Oklahoma territory following the best mid-winter season for several years.
The mines are now operating on a 3 to 4-day weekly basis instead of full
time. There has been a let-up in the Ohio steam trade. Consumers are
using their surplus supplies and the utilities are practically out of the
Bituminous Coal Wage Agreement Causes Drop in market.
Market Activity—Anthracite Trade Depends
The clearing of the atmosphere as regards a strike of suspension in the
soft-coal fields had its effect on the Pittsburgh market. Coal has become
on Weather Conditions.
more difficult to sell and some consumers have practically retired from
The definite agreement reached between the United Mine the market. Demand at Boston and throughout New England continues
market developments. Spot buying is slow and
Workers and Central Competitive Field operators at Jack- quiet. There have been no
there is not much doing in the contracting phase of the industry. Similar
the
has
robbed
coal
markets
bituminous
week
sonville last
conditions exist along the Atlantic coast. Large reserves preclude the placbright. Some producers predict
of the country of their last traces of liveliness, declares ing of new orders and the prospects are not be
surprised at an upset market
a dull market until August and would not
on
has
Feb.
27.
collapse
the
That
Journal"
Trade
"Coal
the
during the last half of the year.
to
the fact that the outnot been greater may be attributed
Cold weather and the heaviest storms of the present winter have speeded
and
come of the Florida negotiations was discounted in advance. up consumption of anthracite. Transportation has not been hindered
both wholesale and retail dealers had sufficient coal on hand to take care
is
of
side
market
the
the
spot
speculative
left
The only prop
of the increased demand.
The settlement of the British dock strike has cleared the dark clouds
the weather, and this means little to the bituminous trade
over England and has blocked the hopes of American exporters
along the Atlantic seaboard, where anthracite has the first hovering
who expected to ship considerable coal abroad. The local export situation
call as a domestic fuel, continues the "Journal's" regular Is without special features. There is plenty of coal at Hampton Roads to
meet all requirements. A little more activity is noted at Baltimore. Dumpweekly market review, adding further details as follows:
Ingo at Hampton Roads during the week ended Feb. 21 were 360,491 net
This advance discounting of peace in the union fields explains why the
previous week. "
sentimental collapse of the past week is not reflected more strongly in spot tons, a decrea‘e of 34,937 tons, when compared with the
956
THE CITRONTCLE
Opening of Fall Lines of Women's Wear Fabrics by
American Woolen Co.
The American Woolen Co.opened,on Feb. 26,its complete
lines of fall, 1924, fabrics for the women's coat, suit, dress
and skirt manufacturing trades. As in the case of its new
lines for the men's wear trades recently opened, the American Woolen Co. named prices on its women's wear lines
which generally were below expectations in the woolen and
worsted piece goods market. The prices on the worsteds
were said to be a surprise to the trade, these goods showing
decreases that ranged up to 79-10%. Certain of the woolens,
the angora polaires and velour coatings, were advanced in
price, the increase being from 5.2% in the case of the latter
to 7.7% in the former. The significant factor in the showing
was the great attention given to sports wear fabrics. Charles
H.Silver, head of the department, estimated that about 75%
of the lines comprised fancies for sports garments. This is in
line with the trend in women's wear it is said, and, together
with the low prices named, reflects the great dependence
which the company is placing on the women's wear department in getting the desired volume of business. It was
announced that the company now has the largest number of
mills making women's wear in its history. Five more mills
are now producing these goods, in addition to their men's
wear quotas.
By far the greater part of the women's wear
lines consisted of new fabrics on which there was no price
comparison. In fourteen fabrics repeated, these including
the twill, poiret sheen, pile sheen, angora polaire and velour
groups, the last two were the only ones to show advances.
The subjoined comparison, from the New York "Times,"
gives the prices of these cloths, together with the percentage
of decrease or increase over the previous ones:
StyleNew Price.
Poiret twills-09163
V.05
09164
2.15
09234
2.6734
09246
2.60
A0592
2.10
E160
3.10
172
3.0734
180
2.50
186
2.234
Poiret sheen-AA09252
2.7234
Pile sheen-A0656
4.8234
0661
2.8234
Aongora polaires-I13135
2.7735
Velours-I13176
2.00
Last Price.
$2.22
2.25
2.90
2.8234
2.25
3.25
3.25
2.6234
2.873i. •
2.95
.5.4234
3.00
2.5734
1.90
Inc. or Dec.
Dec. 7 8-10%
Dec. 4 4-10
Dec. 7 7-10 0
Dec. 79-10
Dec. 6 6-10
Dec. 4 8-10
Dec. 53-10
Dec. 4 7-10 o
Dec. 52-10
Dec. 7 6-10%
Dec. 11 1-10%
Dec. 5 8-10%
Inc. 77-10%
Inc. 52-10%
Four Knight Textile Mills to Resume-Southern Mills
Curtail.
Four mills of B. B. & R. Knight, Inc., namely Valley
Queen of Riverpoint, Dodgeville of Dodgeville, Mass., and
the Grant & Nottingham of Providence, R. I., which have
been closed for about two weeks, will be reopened Monday
on a three-day a week schedule for an indefinite period.
On the other hand the Chadwick-FIeskins mills, operating
tour plants in North Carolina, this week began to operate on
a 50% basis. All the Highland Park chain of mills has joined
the southern curtailment movement. Three shut down last
week, and now all six, will curtail 50%, operating every
[Vol,. 118.
other week. The Savona Mills at Charlotte has recently
received a large order and is operating full time, and some
overtime. The Charlotte Knitting Mill is also continuing
to operate full time for the present.
Mills at Thondike and Raleigh, N. C., have also been
affected.
Activity in the Cotton Spinning Industry for January
1924.
The Department of Commerce announced on Feb. 21 that,
according to preliminary figures compiled by the Bureau of
the Census, there were 37,740,454 cotton spinning spindles
in place in the United States on Jan. 31 1924, of which
33,339,806 were operated at some time during the month,
compared with 34,044,870 for December, 34,101,452 for
November, 34,378,662 for October, 33,929,885 for September, $33,708,667 for August, 34,237,887 for July, 34,843,421
for June 1923, and 35,236,928 for January 1923. The aggregate number of active spindle hours reported for the month
was 8,448,247,467. During January the normal time of
operation was 261/i days (allowance being made for the observance of New Years Day in some localities), compared '
with 25 days for December, 254 for November, 263
% days
for October, 243' for September, 27 for August, and 25 for
July. Based on an activity of 8.74 hours per day, the
average number of spindles operated during January was
36,476,177, or at 96.7% capacity on a single-shift basis.
This number compared with an average of 32,674,471 for
December, 36,316,828 for November, 35,851,435 for October, 34,941,676 for September, 32,075,013 for August,
32,657,966 for July, 36,897,371 for June, 40,192,970 for
May, and 40,042,052 for January 1923. The average number of active spindle hours per spindle in place for the month
was 224. The total number of cotton spinning spindles in
place, the number active, the number of active spindle hours
and the average spindle hours per spindle in place by States,
are shown in the following statement:
Spinning Spindles.
State.
In Place
Jan. 31.
A afro
During
January.
Active Spindle Hours, Jan.
Taal.
Average per
spindle
in Place.
United States
37.740.454 33,339,806 8,448.247,467
224
Cotton-growing States
New England States
All Other States
16,812,906 16.346,206 5,121,637,404
18,896,570 15.267,851 2,968,643,366
2,030,978 1,725,749 357,966,697
305
157
176
1,334.042
1,310,412
2,716.055
1,142.592
11,985,346
1.448,946
446,970
1,041,954
5,715,207
209,310
2.864,466
5.180,298
456,424
691,186
1,197.246
295
200
288
180
144
138
194
175
328
146
194
311
277
235
210
Alabama
Connecticut
Georgls
Mal.e
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tenneisee
Virginia
All Other States
1,286.527 393,870.555
1,219,526 262,413.177
2,629.996 782,033.643
1,070.945 206,205,933
9.140,291 1,721,554,846
1,072,159 199,788,146
430,270
86,926.485
872.627 181,902,269
5,554,480 1,874,678,854
154.038
30,290.235
2,650,330 554,818.899
5,101,201 1,613,572.504
451,644 126,415,316
672.742 162,128,874
1.033,030 251,652,731
Current Events and Discussions
The Week with the Federal Reserve Banks.
Increases in all classes of earning assets, including $35,500,000 in discounted bills, $9,800,000 in acceptances purchased in open market and $14,100,000 in Government
securities, are shown in the Federal Reserve Board's weekly
consolidated statement of condition of the Federal Reserve
banks at close of business Feb. 27 1924, and which deals
with the results for the twelve Federal Reserve banks combined. These changes were accompanied with decreases
of $7,700,000 in cash reserves and of $1,500,000 in Federal
Reserve note circulation, and an increase of $34,300,000 in
deposit liabilities. After noting these facts, the Federal
Reserve Board proceeds as follows:
Credit Banks during the week, under the provis ons of the Agricultura
Credits Act of 1923. These are shown in the statement as "All other earning assets," which item will in the future include any municipal warrants
that may be held by the Reserve banks.
Federal Reserve note circulation decreased by $7,800,000 at the
York
bank and $4,300,000 au Chicago; while increases of $8,308,000New
and $3.100,000 are shown for Cleveland and Philadelphia, respectively.
The
remaining banks report relatively small changes in Federal Reserve note
circulation during the week. Gold reserves declined by $2.800.000 and
reserves other than gold by $4,900,000, while non-reserve cash shows an
increase of $600,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely .pages 992 and 993. A summary of changes in the principal assets and liabilities of the
Reserve banks during the week and the year ending Feb. 27
1924 follows:
The Federal Reserve Bank of New York reports an increase of $15,800,000
Increase (+)or Decrease (--)
In holdings of bills discounted. Boston an increase of 39,200,000, and
During
Philadelphia and Atlanta report increases of $5300000 and $5,000,000,
Year.
Week.
reserves
Total
+$28,100,000
respectively, while San Francisco shows a decline of $2,600,000. Of the
-37.700.000
Gold reserves
-2.800.000 +49,900,000
total amount of discounted bills held on Feb. 27, $263,500,000 represents Total earning assets
+59,500,000 -215,700.000
Bills discounted, total
paper secured by Government obligations, and of this amount $158,900,000
+35,500,000 --64.200,000
Secured by U. S. Government obligations +30,500,000 -92,500,000
was secured by Liberty and other United States bonds.•$98,000,000 by
Other bills discounted
+5,000,000 +28.300,000
Treasury notes, and $6,600,000 by certificates of indebtedness.
Bills bought in open market
+9.800.000 +55.600,000
U. S. Governrnent securities, total
An increa--0 of 311,700.000 in holdings of acceptances purchased In open
+14,000,000 -207,300,000
Bonds
+100,000 -10,900,000
market reported by the New York bank is partially offset by reductions
Treasury notes
+10.000.000 -39,100,000
ssown for most of the remaining banks, with a resulting net increase of
Certificates of indebtedness
+3,900.000 -157,300,000
as
system
a
whole.
the
Government security holdings in- Federal Reserve notes in circulation
39.800,000 for
-1.500,000 -224,600,000
+34,300,000 +33,500,000
(teased by $14,100,000, of which $10.100,000 was in Treasury notes and Total deposits
Members' reserve
+35.300,000 +39,000,000
33.900,000 in certificates of indebtedness. The Federal Reserve Bank of Government depositsdeposits
-5,000,000
-1.000,000
3Tew York purchased $100,000 of debentures of Federal Intermediate Other deposits
-500,000
MAR. 1 1924.]
957
T1TE CHRONICLE
The Week with • the Member Banks of the Federal
Reserve System.
The weekly consolidated statement of condition on Feb. 20
of 758 member banks in leading cities which submit weekly
reports to the Federal Reserve Board shows reductions of
$168,000,000 in net demand deposits and of $47,000,000 in
accommodation at the Federal Reserve banks, together
with an increase of $44,000,000 in time deposits. Total
loans and discounts show a decrease of $9,000,000, an increase of $31,000,000 hi loans secured by corporate stocks
and bonds being more than offset by decreases of $9,000,000
in loans on U. S. Government securities and of $31,000,000
in "all other," largely commercial, loans and discounts.
Investments of all reporting banks show an increase of $10,000,000, holdings of U. S. securities showing a decrease of
$4,000,000, and holdings of all other bonds, stocks and
securities showing an increase of $14,000,000. It should
be noted that the figures for these member banks are always
a week behind those for the Reserve banks themselves.
Further comment regarding the changes shown by these
member banks is as follows:
These bonds offered comprise the following:
$500,000 Pacific Coast Joint Stock Land Bank of Los Angeles, operating
In California and Arizona. J. F. Sartori. President, also President of the
Security Trust & Savings Bank, Los Angeles.
$500,000 Pacific Coast Joint Stock Land Bank of San Francisco, operating
in California and Nevada. John S. Drum, President, also President of the
Mercantile Trust Co. of California, San Francisco.
$500,000 Pacific Coast Joint Stock Land Bank of Salt Lake City, operating in Utah and Idaho. Heber J. Grant, President, also President of the
Utah State National Bank, Salt Lake City.
The above banks are owned or controlled by the stockholders of the following Pacific Coast banks and trust companies, having total resources of more than $500,000,000:
Security Trust & Savings Bank, Los Angeles.
The First National Bank, Los Angeles.
Pacific-Southwest Trust & Savings Bank, Los Angeles.
The First National Bank, Portland.
Walker Brothers, bankers, Salt Lake City.
The National Copper Bank. Salt Lake City.
The Utah State National Bank, Salt Lake City.
Deseret National Bank, Salt Lake City.
Mercantile Trust Co. of California, San Francisco.
The bonds are exempt from Federal, State,•municipal and
local taxation, and are acceptable as security for postal
savings and other deposits of Government funds. It is
announced that as of Jan. 31 1924, the bank of Los Angeles
reports $3,200,000 of bonds outstanding; the bank at San
Francisco, $3,100,000 and the bank at Salt Lake City,
$2,200,000. The following is the statement of the Pacific
•
Coast Joint Stock Land Banks:
Loans and discounts of renorting members in New York City show a
decline of $5,000,000; loans secured by corporate stocks and bonds increased
by 320.000,000. while loans on U. S. Government obligations and "alother," largely commercial, loans and discounts decreased by 59.000,000
and $16,000,000, respectively. Investments of these banks in U. S.
Los Angeles. San Fran. SaltLakeeity
Government securities show a reduction of $10,000.000 and their investi
72,003
81,948
33,935
Acres ofreal estate security loaned upon
ments in corporate stocks and bonds an increase of $8,000,000.
$3,332,900 13.254.900 32.343.300
Net demand deposits decreased in all Federal Reserve districts, the Total amountloaned
35,922.700
Francisco,
San
Appraised value of real estate security-37,795,690 57,779.633
principal decreases being shown for the Chicago, Boston,
382.25
$94.93
$225.55
St. Louis and Philadelphia districts. Time deposits of all reporting banks Average appraised value per acre
$32.50
$39.72
$98.21
increased by 544.000,000, of which $20,000,000 is reported for the New Average amount loaned per acre
York City members. Government deposits remained practically unchanged. Percentage of loans to appraised value
41.84%
ofsecurity
42.70%
Reserve balances of all reporting institutions show a decline of $18,000,000
39.56%
and cash in vault—a decline of $17,000,000. The New York City banks
report an increase of $7,000,000 in reserve balances and a nominal increase
Movement in the Credit Operations of the Credit
in cash.
Accommodation of all reporting banks at the Federal Reserve banks
Department of the Italian Postal Administration.
declined from $317,000,000 to 5270,000.000. Borrowings of the New
The following statement, furnished by the Commercial
York City members from the local Reserve bank show a reduction of
$57,000,000. which was offset in part by slight increases elsewhere.
Attache of the Royal Italian Embassy at Washington, shows
On a subsequent page—that is, on page 993—we give the the movement in the credit operations of the credit departfigures in full contained in this latest weekly return of the ment of the Italian Postal Administration during the fourth
member banks of the Reserve System. In the following is quarter of last year (October to December):
Lire.
furnished a summary of the changes in the principal items
54.406.018.00
Total deposit at the end of third quarter
as compared with a week and a year ago:
Amount
No. of
Increase (+) or Decrease (—)
During
Year.
Week.
Loans and discounts. total
—$9,000,000 +3395.000,000
—49,000.000
Secured by U.8. Government obligations —9,000,000
+113,000,000
Secured by stocks and bonds
+31.000,000
+331,000,000
All other
—31,000,000
+10,000,000 —238.000,000
Investments, total
—81,000,000
U. S. bonds
—1,000,000
U. S. Treasury notes
—9.000,000 —141,000.000
—43,000,000
U. S. Certificates of Indebtedness
+6,000.000
+27,000,000
Other bonds, stocks and securities
+14,000,000
—27,000,000
Reserve balances with F. R. banks
—18,000,000
—8,000,000
Cash in vault
—17,000,000
Net demand deposits
—168,000,000 —211,000.000
+403,000.000
Time deposits
+44,000,000
+26,000.000
Government deposits
Total accommodation at F. R. banks
—47.000,000 —147,000.000
New Deposits—
Cash
Checks
Letters of credit
Interested registered
Lire.
Transactions.
808,530 220.918,455.09
4,089 37,996,412.26
69,115.07
669
92.15
14
Totals
Total
Withdrawals—
Sight drafts
Letters of credit
Checks
Totals
813,302 258,974,074.57 258,974,074.57
313,380,093.17
3,938 173,922,106.99
19,727 191,869,898.86
4,083 37,706.381.81
27,748 229,666,250.37 229,666,250.37
Credit of depositors on Dec. 31 1923
Variations in Number of Accounts.
Accounts on Sept. 30 1923
New accounts opened during fourth quarter
Total
Accounts closed during fourth quarter
Accounts on Dec. 31 1923
83,713,842.80
7 715
274
7.989
67
7 922
•
Equitable Joint Stock Land Bank of Macon, Mo.
New York Stock Exchange Ruling on Kingdom of
Netherland Bonds.
The Equitable Joint Stock Land Bank of Macon, Mo.
Secretary E. V. D. Cox of the New York Stock Exchange (a recent bond offering of which was re ferred to in these colannounced yesterday (Feb. 28) the following ruling of its umns Feb. 9, page 607, and Feb. 16, page 736), was chartered under the Federal Farm Loan Act on April 9 1923.
Committee on Securities:
February 28 1924.
The original capital stock was subscribed by members of the
Notice having been received that Interest of 3% will be paid on and
of the Hez Brown Mortgage Co. of Macon, Mo., and
firms
the
March
at
of
1 1924
rate exchange prevailing on the date of presenafter
tation of coupons of the Kingdom of The Netherlands Fifty-Year 6% the North Missouri Trust Co. of Mexico, Mo., and other insinking Fund Bonds due 1972 the Committee on Securities rules that dividual investors residing mostly in the territory surroundsaid bonds be quoted ex-interest 3% on Saturday March 1 1924 and that
been in
thereafter said bonds to be a delivery must carry the No.5 and subsequent ing Macon, Mo., and Mexico, Mo. The bank has
coupon's.
operation since June 2 1923. The bank is, in fact, it is announced, an outgrowth of the Hez Brown Mortgage Co.
Offering of Pacific Coast Joint Stock Land Bank Bonds. and the North Missouri Trust Co. The paid-in capital of
Equitable Joint Stock Land Bank is $250,000 and on
An issue of $1,500,000 5% bonds of the Pacific Coast the
15 1924 it reported surplus and reserve of $29,494.
Jan.
Joint Stock Land Banks was offered this week by Harris,
Brown
is President of the bank and W. W. Pollock is
Hez
New
York, and the bond department of
Forbes & Co., of
the board.
of
Chairman
the Harris Trust Sr Savings Bank of Chicago. The price at
offered
101
are
is
and
bonds
the
which
interest, to yield about
4%% to the redeemable date and 5% thereafter to redemp- Organization of Agricultural Securities Corporation
to Assist in Financial Relief of Northwest.
tion or maturity. The bonds are dated March 1 1924,
The organization of the new 810,000,000 corporation—
become due March 1 1954, and are redeemable at par and
accrued interest on any interest date on and after March 1 the Agricultural Securities Corporation—designed to relieve
1934. Principal and semi-annual interest (March 1 and the financial emergency in the Northwest wheat-growing
Sept. 1) are payable in New York, Chicago, San Francisco, territory, was perfected at a meeting of the temporary
Los Angeles or Salt Lake City. They are Coupon bonds, directors in Minneapolis on Feb. 25, when Arthur P. Kemp
fully registerable and interchangeable, in denomination of of Auburn, Ind., was elected President of the corporation.
Mr. Kemp was formerly associated with the First National
$1,000.
958
THE CHRONICLE
Bank of Chicago, and has been President of the Auburn
Automobile Manufacturing Co. The other officers of the
newly formed corporation were elected as follows at the
meeting on Feb. 25, according to the Minneapolis "Journal":
[VOL. 118.
Charges and specificationsrbaving been preferred under Section'6 o
Article 17 and also under Section 7 of Article 23 of the constitution'against
John Parson, a member of the exchange, said charges and specifications
were considered by the governing committee on Feb. 27 1924, said John
Farson being present, and the governing committee having determined that
said John Farson was guilty of said charges and specifications said John
Farson was expelled.
C. T. Jaffrey, Minneapolis, President of the Soo line, Chairman of the
Board of Directors.
Alexander Legge, Chicago. President of the International Harvester Co., —The New York "Times"
ith
said yesterday (Feb. 2
-W157—
Vice-President.
J. R. Howard, Chicago, former President of the American Farm Bureau regard to the expulsion:
The articles under which the expulsion was made have to do with business
Federation, Vice-President.
M. 0. Grangaard, Minneapolis, assistant to the Vice-President of the transactions "Inconsistent with just and equitable principles of trade" and
First National Bank, and former Secretary of the Northwest Agri=Rural "fictitious transactions."
That the affairs of the Hercules Petroleum Co., with which Mr. Farson
Loan agency of the War Finance Corporation, Vice-President in charge of
was identified, and which went into bankruptcy in 1922, had been under the
North Dakota.
scrutiny
of the Stock Exchange became known three weeks ago. Mr.
F. B. Stiles, Watertown, S. D., Vice-President of the First National
Farson at the time was asked for information regarding his part in the comBank, Vice-President in charge of South Dakota.
R. S. Hume, Minneapolis, Assistant Cashier of the Northwestern Na- pany's transactions. He was a Vice-President of the company, and in 1919
his firm floated an issue of the company's stock at $10 a share. The stock
tional Bank, Secretary-Treasurer.
was at. no time listed on the New York Stock Exchange, but in the outside
It is stated that a Vice-President to have charge of the market,
known then as the "open air" curb, it figured in a series of speccorporation's activities in Montana is to be named later. tacular dips and advances. In 1920 it moved
up to $23.50 a share and later
At the Minneapolis meeting this week the following execu- broke to $4 a share. After the company went into bankruptcy the stock,
It was contended by holders, became worthless.
tive committee members were elected: John McHugh,
Many complaints were made by dissatisfied customers because of the
New York; Ralph Van Vechten, Chicago; C. H. Prince, meteoric career of the Hercules Petroleum stock.
Subsequently, it was
St. Paul; Charles Donnelly, St. Paul; Ralph Budd, St. Paul; reported, another oil stock that was floated by Farson, Son & Co. proved
a failure, and the harvest of complaints grew larger. Some of these
comE. W. Decker, Minneapolis; P. J. Looman, Minneapolis; plaints were sent to the governing committee
of the New
Stock
C. C. Webber, Minneapolis; C. T. Jaffray, Minneapolis; Exchange and the investigation was begun. Three weeks agoYork
there were
reports that the inquiry had reached a point which caused the exchange
J. E. Howard, Chicago. The directors elected were:
John McHugh, New York;C.E. Mitchell, New York; Clarence Woolley, to believe itself justified in calling on Mr. Farson for an explanation.
The hearing was on Wednesday. Mr. Farson entered the conference.
New York; Ralph Van Vechten, Chicago; Alex Logan, Chicago; R. P.
Lemont, Chicago; J. P. Oleson, Chicago; J. R. Howard, Chicago; H. M. where he remained for the greater part of the afternoon. The committee
went into session about noon and was still in session at 6:30 o'clock.
Bissell, Hartford, Conn.; Wiliam J. Gray, Detroit; 0. C. Fuller, Milwaukee; G. H. Prince, St. Paul; C. P. Brown, St. Paul; Ralph Budd. St. Paul;
Charles Donnelly, St. Paul; J. F. Reed, St. Paul; G.B.Coulton, Cleveland;
F. Nash & Co., Montreal, Assign.
E. J. Weiser, Fargo; J. G. Bassett. Aberdeen; E. W. Decker, Minneapolis;
C. T. Jaffrey, Minneapolis; F. J. Loeman, Minneapolis; F. B. Wells,
Announcement
was made in Montreal on Feb. 20 of the
Minneapolis; C. C. Webber, Minneapolis; Charles E. Torkins, Burlington,
assignment of the Montrealk—Exchange firm of F.
Iowa; H. E. Byram, Chicago; S. S. Stevenson, Great Falls.
As was noted in our issue of Feb. 16 (page 738), the proceedings for the development of the plans incident to the
formation of the corporation were brought under way at a
meeting in Chicago on Feb. 14. A pretious conference
in Washington, held at the instance of President Coolidge,
served to lay the ground work for the creation of the new
body. At the Chicago meeting Secretary of Commerce
Hoover and Eugene Meyer Jr., Managing Director of the
War Finance Corporation, were present, and in his remarks
Secretary Hoover said in part:
Nash & Co. of that city. According to the Montreal "Gazette" of Feb. 21, Gordon W. Scott of P. S. Ross & Sons
and J. A. Turcotte of Turcotte, Merrill & Potvin, have been
appointed joint liquidators.
Move for Congressional Inquiry into Discount Rates.
The following from its Washington bureau, Feb. 28, appeared in the New York "Journal of Commerce" of yesterday (Feb. 29):
Reports of a move on foot for a Congressional investigation of the credit
This is an agricultural rather than a banking proposition. The measures policies of the Federal Reserve system were current to-day at the Capitol.
to be undertaken are not primarily to launch an expedition for the rescue It is planned to demand from the Federal Reserve Board an explanation as
of banks. They are in the interest of farmers, and through them of the to why rediscount rates have not been lowered, particularly in the interests
general public. They contemplate helpful effort in the way of financing, of aiding the extension of credit facilities to agriculture.
education and diversification of crops, and are in line with the plans now
Demand for a reduction in the level of Federal Reserve rediscount rates
under way at Washington to the same beneficial economic end. It is not appears to be growing in some sections of the country, although in some
intended to make any appeal to the public to a situation in which all are quarters there is a sentiment for an advance in the rate. Nevertheless it
vitally interested. The public always comes forward when a need of this Is understood that an appeal has been made to President Coolidge in behalf
kind arises.
of the proposal to lower rates to aid the farmers.
The manner in which the movement has been started is regarded as
The Federal Reserve Board, however, is understood to be of the opinion
better than legislative relief. It is intended to stimulate self help rather that no change in the rate level is necessitated by present conditions.
than a leaning on charity. I am sure that the corporation to be formed here Board members hold the view that the business situation throughout the
and the influential backing of which this meeting gives assurance will have country Is on a firm basis and that there is nothing to fear from the future.
an important effect, both material and psychological, in the readjustment of It is maintained that the volume of credit which the Reserve banks have
conditions in the Northwest.
been called upon to supply has not reached any proportion indicating the
need of a higher rate, and there is a strong conviction that business genPresident Kemp was quoted as saying on Feb. 25:
My duties with the new organization have already begun. We will erally has learned the lesson of caution in making commitments for the
establish temporary quarters immediately and the functioning of the cor- future.
A reduction in the rate, on the other hand, is opposed in some quarters
poration will be launched without delay.
because of the present low level of commercial rates. It is argued that a
On Feb. 23 a dispatch from Washington, published in lower
reserve rate would not be passed on to the individual borrowers, but
the New York "Times," said:
rather there would be a tendency to encourage speculative borrowing from
Western Senators have been informed by President Coolidge that the the Reserve banks because of the attractive spread between the commercial
Federal Government stands ready to assist any banks in the Northwest and the Reserve rate, which would result from a lowering of the latter.
Incidentally, it is believed in some quarters that some of the sentiment
In need of aid because of the acute agricultural situation, provided local
favoring a reduction in reserve rates may be traced to foreign financial interconditions warrant it.
Several Senators from the Northwest conferred with the President yester- ests. Under present conditions, it is pointed out, the flight of capital from
day, and he asked them to inform the War Finance Corporation as to any Europe, and from Great Britain especially, continues because of the attracbanks needing assistance. The President expects that the $10,000,000 cor- tion of the higher American interest rates. Any operations in this country
which might cause a return of the old short cycle of inflation and deflation.
poration recently organized will help materially to relieve the situation.
It is felt, would have the effect soon of cutting off the flow of foreign capital
Into the United States and the retention of those funds at home.
New York Stock Exchange Expels John Farson of
Farson, Son & Co., New York.
Announcement was made from the rostrum of the New
York Stock Exchange on Thursday of this week (Feb. 28)
of the expulsion of John Farson of the brokerage house of
Farson, Son & Co. at 115 Broadway, this city, and a member
of the exchange since October 1907. The action had been
considered at a long meeting of the governing committee of
the exchange held on the previous day. The exchange, it is
said, declined to give the reasons for the expulsion or any
information as to the nature of the evidence submitted
against Mr.Farson. The latter, after his expulsion, declined
to discuss the matter further than to say that not more than
5% of his business was transacted on the exchange and that
he expected to continue as before. The firm is composed of
Mr. Farson and his brother, William Farson. They are the
sons of the late John Parson, formerly head of Farson,
Leach & Co., originally a Chicago house.. In announcing
the expulsion of Mr. Farson on Thursday morning E. H. H.
Simmons, Vice-President of the exchange, said:
Purchase of Debentures of Federal Intermediate Credit
Banks by Federal Reserve Bank of New York.
In the weekly consolidated statement, dated Feb. 28, of
the Federal Reserve Board, the purchase of $100,000 of
debentures of the Federal Intermediate Credit banks by the
Federal Reserve Bank of New York is made known as follows:
The Federal Reserve Bank of New York purchased $100,000 of debentures
of Federal Intermediate Credit banks during the week, under the provisions
of the Agricultural Credits Act of 1923. These are shown in the statement
as "All other earning assets," which Item will In the future include any
municipal warrants that may be held by the Reserve banks.
Eugene G. Grady Succeeds Charles H. Wyatt as Cashier
of Baltimore Branch of Federal Reserve
Bank of Richmond.
Charles H. Wyatt has resigned as Cashier of the Baltimore
branch of the Federal Reserve Bank of Richmond, effective
Feb. 29. Eugene G. Grady has been appointed as his
successor, effective March 1.
111AR. 1 1924.]
THE CHRONICLE
959
Under the compromise schedule the exemptions of the present law would
Federal Advisory Council for
be retained, allowing $1,000 for single persons and $2,500 for heads of
1924.
families unless the net income is greater than $5,000, when it is placed at
As we indicated in our reference last week (page 861) to $2,000.
The Mepon rates provide for normal rates of 3% on incomes under
the meeting of the Federal Advisory Council with the Fed- $4,000 and 6% above that amount. The surtax rates started at 1% at
eral Reserve Board, Paul M. Warburg, of New York, pre- $10.000 and progressed to 25% at $100,000.
The proposed reduction of 25% in all 1923 personal inviously Vice-President, has been elected President of the
Council. The following is the complete list of officers and come taxes payable this year was approved by the House
yesterday, when it rejected by a vote of 181 to 145 a proposal
members of the Council for the year 1924:
eliminate the entire section of the bill carrying this proto
Officers.—President, P. M. Warburg; Vice President, A. L. Aiken:
vision. The adoption by the House on Feb. 19 of the GarSecretary, to be appointed; Secretary pro tern. H. L. Hilyard.
Executive Committee.—P. M. Warburg, A. L. Aiken, L. L. Rue, J. M. ner bill as a substitute for the Mellon bill was referred to by
Miller Jr., J. J. Mitchell, E. F. Switmey.
us last week, page 862. As was also stated in our item of a
Members.
week ago,under an amendment adopted on Feb. 20,dividend
A. L. Aiken, District No. 1, Chairman National Shawmut Bank, Boston,
profits would be made subject to iegular income rates, rather
Mass,
P. M. Warburg, District No. 2, Chairman International Acceptance than the capital asset tax of 12M
On Feb. 21 Republican
Bank, 31 Pine St., New York City.
Leader Longworth brought under way his efforts to force the
L. L. Rue, District No. 3, President The Philadelphia National Bank,
adoption of his compromise proposal fixing the maximum
Philadelphia. Pa.
0. E. Sullivan, District No. 4, President Central National Bank, Say. surtax rate at 37
Regarding the action on the bill by
& Tr. Co., Cleveland, Ohio.
the House on Feb. 21, we quote the following from the New
J. M. Miller Jr., District No. 5, President First National Bank, RichYork "Times":
mond, Va.
Officers and Members of
0. Wells, District No. 6, President First National Bank, Birmingham,
Ala.
J. J. Mitchell, District No. 7, Chairman Illinois-Merchants Trust Co.,
Chicago. Ill.
F. J. Wade, District No. 8, President Mercantile Trust Co., St. Louis,
Mo.
G. H. Prince, District No. 9, Chairman Merchants National Bank, St.
Paul, Minn.
E. F. Swinney, District No. 10, President First National Bank, Kansas
City, Mo.
W. M. McGregor, District No. 11, President First National Bank,
Wichita Falls, Tex.
D. W.Twohy, District No. 12, Chairman Old National Bank, Spokane,
Wash.
Compromise Bill Adopted by House as
Substitute for Garner Tax Bill.
The House of Representatives yesterday (Feb. 29) decided, by a vote of 216 to 199, to accept as a substitute for
the Garner tax proposals the Republican compromise proprosal of Representative Longworth, which fixes the maximum surtax rate at 3732% on incomes over $200,000—this
comparing with 50% on incomes exceeding $200,000 under
existing law. The Garner—or Democratic—plan, which
had been adopted by the House sitting in Committee of the
Whole on Feb. 19 as a substitute for the Mellon bill, fixed
the surtax maximum at 44% on incomes in excess of $92,000,
while the plan recommended by Secretary Mellon proposed
25% on incomes of more than $100,000. The Longworth
compromise reduces the normal tax on small incomes from
4% to 2%.
A flat reduction of 25% on personal income taxes for 1923,
payable this year was also agreed by the House yesterday.
Associated Press dispatches from Washington yesterday
said:
Longworth
Whether President Coolidge will approve the compromise if it also passes
the Senate remains undetermined. Ho has opposed a compromise and has
not given any assurance that the Longworth plan will be acceptable.
The House voted down an amendment which would have restored the
Mellon income tax rates which were eliminated with the adoption of the
Garner Democratic schedule. The vote was 261 to 153. The amendment
was proposed by Representative Hawley, Republican, Oregon. Democrats
stood together in opposition to the Hawley amendment. They had the
support of Republican insurgents and a large group of organized Republicans. Changes in personal and corporation taxes carried in other sections
of the bill would not become effective until payments are made in 1925 on
incomes and profits of this year.
Representative Crisp, Democrat, Georgia, made the motion and urged
the funds lost by the proposed reduction should be used for a soldiers' bonus.
The cut would mean a saving to taxpayers of $223,000,000, Mr. Crisp said,
and he insisted this would go largely to the "rich taxpayers." An amendment proposing to limit the reduction to $400 to any individual was defeated. 153 to 102. Another amendment to limit the reduction to taxes
paid on the normal rate was rejected, 140 to 120.
As the House neared a final vote on the bill Republicans demanded
new votes on a number of amendments previously adopted on motion of
the Democrats.
A vote by roll-call came first on the Garner amendment to make the 25%
deduction in taxes on earned income carried in the bill apply specificilly to
farmers and small merchants.
The amendment remained in the bill by a vote of 267 to144. Organization Republicans voted to eliminate it while Republican insurgents joined
with Democrats in its support.
The compromise plan developed yesterday called for normal income
rates of 2% on incomes under $4,000; 5% on incomes between $4,000 and
$8,000, and 6% on incomeS above that amount.
A flat reduction of 25% is contemplated on the surtax rates in the present
law, with the first bracket, between $6,000 and $10,000, eliminated, however, and the lowest surtax rate fixed at 1%% on the amount of incomes in
excess of $10,000 and not exceeding $12,000. The maximum rate would be
373 % applying on incomes in excess of $200,000. The Mellon plan called
for a maximum surtax of 25%,applying to all incomes in excess of $100,000.
The Democratic income rate schedule recently voted into the bill provides for normal rates of 2% on incomes below $5,000; 4% on incomes between $5,000 and $8,000, and 6% on incomes above that.
The surtax rates start with 1% at $12,000 and progress up to a maximum
of 44% on incomes in excess of $92,000. Personal exemptions also are
increased in the Democratic amendment, allowing $2.000 for single persons
and $3,000 for heads of families.
The feature of the proceedings to-day was the rejection of an amendment
by Representative Frear of Wisconsin to tax undistributed corporation
profits 5% between an exemption of $3,000 and the sum of $20,000. and
10% above $20,000. This amendment was ruled out of order three times.
On the final ruling he demanded an appeal from the Chair, and on this
appeal the Radicals and Democrats won by a vote of 164 to 150, but later
it was defeated by a vote of 170 to 51.
*
•
•
Representative Moore of Virginia. Democrat, presented an amendment
requiring campaign expenditures to be listed in income tax returns. Exempting $1,000 of these expenditures, taxing then 100% when they were
above $5,000. and penalizing false returns by $1,000 fine and thirty days in
jail. Republicans made the point that this amendment had nothing whatever to do with a tax bill.
Representative Green stated that it properly concerned the Corrupt
Practices Act, and when he ruled the amendment out of order. Mr. Moore
appealed, but the Chair was sustained by a vote of 110 to 75.
Adopts Three Other Amendments.
On motion of Chairman Green. the House adopted an amendment subjecting earnings on stock redeemed by corporations in liquidation proceedings to income tax rates rather than to the 123,i% capital gain tax. This
was called a "hole stopper" to prevent evasions and was accepted by
Representative Garner.
The House also adopted an amendment by Representative Dickinson of
Iowa, exempting from taxation "farmers' or other mutual, hail, cyclone,
casualty or fire insurance companies, mutual ditch or irrigation companies, mutual or co-operative telephone companies, or like organizations."
But only if "substantially all the income consists of amounts collected from
members for the purpose of meeting losses and expenses."
Representative Johnson of Texas offered an amendment Including
''benevolent mutuallife insurance associations not operated for profit, whose
business is purely local and solely for the benefit of Us members." This
was also adopted.
On Feb. 22 an amendment was adopted making tax returns subject to inspection by certain Congressional committees, and a further amendment,adopted the same day
was intended to open corporation tax returns to the inspection of State officials regardless of whether the State imposes
an income tax, as is required under existing law. The first
amendment, providing for the inspection of tax returns
by the House Ways and Means Committee and Senate
Finance Committee and special Congressional committees,
was adopted 158 to 100. The amendment as originally
proposed by Representative Moore, Democrat, Virginia,
would have made the returns available to all Congressional
committees. It was amended on motion of Representative
Tilson, Republican, Connecticut, by a vote of 148 to 139.
Before the adoption of the movie proposal, as amended
by Representative Tilson, the House rejected, 158 to 80,
an amendment submitted by Representative Frear to make
the tax returns open to inspection by any one under the rules
governing other public records. A proposal by Representative Edmonds of Pennsylvania (Republican) that "upon
the sworn statement of any three neighbors of a taxpayer
that they suspect a taxpayer of not paying enough taxes
they shall be allowed to inspect his return and comment
upon it to the collector and the neighborhood," brought
laughter and applause from members of the House. An'
effort to restore the excess profits taxes was made without
success on Feb. 23, a proposal to this end made by Representative Frear having been defeated on a teller's vote
157 to 74. The New York "Tribune" account Feb. 23 said:
Frear's amendment provided the exemption of a basic $3,000. plus an
8% profit before the levy on excess profits would become applicable. On
profits above these allowances the radicals asked a tax of 10% on the first
20% of profits and a tax of 50% on profits above the first 20% of gains.
BlockingAttempt Fails.
An attempt was made to block Frear's move with a point of order.
Representative Graham, of Illinois, who occupied the chair, refused to
rule on the point, pointing out that his decisions had been overturned by
the House, and requesting that the House decide by a vote whether the
Frear amendment was eligible for consideration. The House finally
agreed, by a vote of 143 to 111, to allow the amendment to be offered to
the tax bill.
After rejecting
T-s•carTeXcess profits proposition, the House then
defeated a milder,form of the tax, offered by Representative Burtness. of
960
1.liE CHRONICLE
[vox.. 118.
North Dakota. Burtness asked that the Frear maximum of 50% on all
profits beyond the first fifth be fixed at 20%. He was beaten on a vote
by 128 to 106.
inserted forbidding any member of the proposed board from accepting
employment with a firm or corporation to handle tax disputes before the
Treasury within two years after leaving the board.
Increases in estate or inheritance taxes were voted on
Feb. 25, an amendment offered by Representative Ramseyer
of Iowa (Republican) proposing graduated estate taxes
running from 1% to 40%, as compared with existing rates
ranging from 1% to a maximum of 25% on incomes from
$50,000 to $10,000,000 and over, was adopted by a vote of
190 to 110. The increased rates proposed under the amendment would apply on estates of $100,000 and over, the new
rate on estates ranging from $100,000 to $150,000 being
fixed at 3% instead of 2% as now, the rates being gradually
raised to the maximum of 40% fixed in the case of estates
of $10,000,000 and over. An amendment which was also
adopted (by a viva voce vote) would allow credit for estate
taxes paid to States up to 25% of the tax levied by the Federal Government. This was proposed by Representative
Frear. An amendment proposed by Representative Dickinson, Republican, Iowa, to place a graduated tax on taxexempt securities in the estate of a decedent was rejected
by a vote of 146 to 132.
Deliberation on the bill on Feb. 26 resulted in the adoption
by a vote of 191 to 65, of a gift tax (proposed by Representative Green), the tax ranging from 1% on gifts worth
$50,000 to 40% on those of $10,000,000 or more; gifts under
$50,000 would be exempt. On the same day the tax on
cigarettes was increased from $3 to $4 per $1,000, this
amendment being carried by a -vote of 117 to 85. According
to the New York "Times" the House also accepted on the
26th the clause in the Mellon bill doing away with the 10%
tax on theatre admissions when the amount to 50 cents and
less, all above that sum to pay the present 10%,and rejected
on a point of order an attempt by Representative McKeon
of Oklahoma, Democrat, to impose a tax of 50% on excessive
house rents. As to disorder which reigned in the House
during the day's debate, we quote as follows from the
Washington dispatch Feb. 26 to the New York "Times":
Senate Committee's Investigation of Oil Lease Scandals
—Testimony of President's Secretary—Attack on
Senator Walsh.
The Senate Public Lands Committee, whose exposures in
recent weeks in connection with the leasing of Teapot Dome
and other oil lands of the Naval Reserve to private interests,
have been so sensational, resumed its open sessions on Feb.
25 after a recess. There appears to be no prospect of an
early termination of the Senate Committee's inquiry, as
many prominent men who are regarded as important witnesses are yet to be heard by the committee. When the
Senate Committee resumed its hearings, it heard from officials of three national banks in Washington that at no time
in the last three months of 1921 did Edward B. McLean's
deposits in those banks exceed $65,000. It was during this
period, according to testimony before the committee, that
Mr. McLean gave former Secretary Albert B. Fall checks
for $100,000, which were not cashed. The committee also
heard from C Bascom Slemp, Secretary to President Cool- •
idge, a detailed story of his visit to Palm Beach during the
last Christmas holidays, when he met both ex-Secretary Fall
and Mr. McLean. Mr. Slemp, who was the principal witness on that day, insisted that he went to Florida solely for
his health, having "no mission of anybody's and no mission
of the President's.", He declared that he had no confidential
talks with Mr. Fall. Mr. McLean, he said, had told him
that he (Mr. McLean) was going "to tell all" about the
reported loan of $100,000 to Mr. Fall. Mr. Slemp said he
was "amazed," but that he asked no questions about the
matter. He meant to keep out of the oil affair, he said, and
he had kept out. The hearings on the 25th were further
detailed in Washington advices of the New York "Times"
which said in part:
Another witness, who testified to-day, was H. Foster Bain, Director of
A day of acrimonious debate in the House of Representatives to-day over the Bureau of Mines in the Department of the Interior, who gave ex-Secrethe Mellon tax bill reached a climax this evening with a personal clash tary Fall as authority for the statement that Attorney General Daugherty
between two Democrats—Garner of Texas and Clancy of Michigan—In was present on at least two occasions when the oil leases were discussed.
which a fist fight was narrowly averted.
and that Mr. Fall said Attorney General Daugherty raised no objections to
Fists were actually drawn back ready to strike but Democratic leaders what was being done. His impression was, he added, that Mr. Daugherty
crowded in to prevent Representative Garner from attacking Representative "thought the plan was satisfactory and would come under the law." At
Clancy because of a charge of "double crossing" which the Texan thought one point of his testimony concerning Mr. Fall, Mr. Slemp said:
was intended for him but really was aimed by the Michigan Democrat at
"He said no was going to straighten 1 out and see am the facts were made
the Republicans.
known and that a gentleman with whom he had been working for thirty
This scene was the high point in an hour of great disorder during which years knew more about it than anybody else, and that if he did not himself
that he, Senator Fall, would do it. Then I
members broke in on each other shouting and yelling for the privilege of inform the committee about it
urged him to do it, to make a clean showing of everything connected with
the floor. An almost constant outcry was punctuated by the staccato It to the committee."
bang of the presiding officer's gavel.
Slemp Tells of Florida Visit.
The turmoil was precipitated when the Republicans strove to deprive
Mr. Stomp said he had been appointed Private Secretary to President
Mr. Clancy of the opportunity to speak for his proposed reduction in autothe
agreement
with
him
had
been
submitted
to
took
office Sept. 4,and had held office since that time.
Coolidge on Aug. 14;
mobile taxes which by
Senator Walsh asked: "Were you in Palm Beach, Fla., at any time durHouse by Representative McLaughlin of Michigan a Republican member
ing the month of January, 1924?"
of the Ways and Means Committee.
Mr. Slemp replied: "I left Washington Dec. 22 1923 and returned to
At one time Representative Begg of Ohio and Representative Young of
North Dakota Republicans refused to allow Representative Garrett the Washington on Jan. 16 1924, and I spent about half of that time in Palm
Democratic leader to make a short statement. This objection angered Beach."
Q.—Wore you there at the time the testimony of Mr. Edward B. McLean
Representative Longworth the Republican leader who sprang to his feet
and pleaded for fair play for Mr. Garrett. Mr. Begg withdrew his oppo- was taken? A.—Yes, sir, I was.
Q.—Where were you located while you were in Palm Beach? A.—I was
sition but Mr. Young declined to so do.
at the Breakers Hotel, in a room with Mr. Whaley.
Q.—A Congressman from South Carolina? A.—A former CongressOn Wednesday the 27th the House withheld action on man
from South Carolina, with whom I went to Florida.
the bill, the day being given over to a memorial service in
Q.—Do you know whether Mr. McLean was there at the same time?
A.—Mr. McLean was in Palm Beach at the same time, yes.
that body to the late Warren G. Harding. The New York
Q.—Where did he stay? A.—He stayed at his residence. I think It
a house that he rented from the Breakers Company.
"Journal of Commerce" was authority for the statement was.—How
far away from the hotel? A.--A should say about three blocks.
.—And was form
former Senator Fall there at the same time? A.—Senator
that the Republican leaders devoted themselves to the
Fall,
, I think, arrived there—I tried to check that up since you called moon
working out of the compromise plan. On Feb.28 it was pre- the phone on Saturday. and I think he arrived there on Dec. 31.
Q.—And remained how long? A.—And remained either the night of
dicted by Republican leaders that the Longworth plan Jan.
13 or Jan. 14, and I cannot quite place which.
Q.—Did you meet either of these gentlemen? A.—I met them both.
would displace the Garner plan with its formal presentation
the following day. As to the House action on the 28th,
we quote the following from the Philadelphia "Record":
Met McLean "Casually."
Mr. Stomp said that he "almost toured Florida" on his Palm Beach
reductions
excise
tax
section
to-day,
In completing consideration of the
trip, being in Palm Beach about one-half of the time.
Involving 323,000.000 loss in revenue were voted on the automobile taxes,
"I would meet Mr. McLean casually, accidentally, sometimes on the golf
the 3% tax on automobile trucks and wagons, the chassis of which sells for course and frequently at his home," the witness went on. "I never met
$1.000 or less, being repealed, and the 5% tax on automobile tires, parts Senator Fall at any place other than Mr. McLean's home, at his house, and
and accessories being cut in half.
that only either at luncheon or dinner. I have tried to place in my mind
The stamp tax on drafts and promissory notes, amounting to two cents just the dates that I could have met either Senator Fall or Mr. McLean.
.for each $100 value, also was repealed, while the eight-cent tax on each but cannot fix the particular dates. I did not keep any record or any memopack of playing cards was increased to 10 cents. Several other amendments randum or any book notation on the subject at all. I was there rather for
seeking to impose new special taxes or cut further those in the bill were health and recreation and these things came in incidentally."
defeated, including an attempt of Representative Fairchild, Republican,
Albert B. Fall, former Secretary of the Interior, made
New York, to eliminate entirely the 5% tax on Jewelry. All articles selling
for less than $40 and watches selling for less than $60 had been exempted a "definite promise" to Senator J. W. Harreld, Republican,
from the tax by action of the Committee.
of Oklahoma, not to effect an oil lease without first giving
The total miscellaneous tax reductions allowed as a result of Committee
and House action now involves about $120,000,000 in revenue. Completion public notice of his intention, Senator Harreld told a meeting
of reading of the section gave automatic approval to the Ways and Means of the Republican State Committee at Oklahoma City on
Committee action in repealing the tax on telegraph and telephone messages.
Feb. 23. After this promise, Senator Harreld said, "the
on soft drink beverages and on numerous other articles.
The Mellon provision for a board of tax appeals came under fire and some deal was pulled off in a dark corner." Senator Harreld's
sections of it went over until to-morrow. The Committee's action in giving statement caused something of a stir because it was said to
the President power of appointment of members of the board instead of be the first public
intimation that former Secretary Fall had
the Secretary of the Treasury was approved, although an amendment was
promised to give public notice before he contracted the
adopted making Senate ratification of the appointments necessary.
Salaries of the board members also were cut from $10,000 to $7,600. on Teapot Dome or any other oil lease. The Oklahoma Senamotion of Representative Simmons, Republican. Nebraska. On motion
Guardia, Republican, New York, a provision was tor justified his action in votipg for the Senate resolution
of Representative La
MAR. 1 1924.]
THE CHRONICLE
961
asking the resignation of Edwin Denby as Secretary of the presence of Mr. McL..an was,desired, and I then telegraphed McLean as
follows:
Navy by declaring, "Knowing, as I did, the facts, I could
Jan. 3 1924.
Edward B. McLean, Palm Beach, Fla.'
of
my
stamp
way
without
putting
the
other
any
vote
not
Delivered letter to Lenroot this morning which was read in Committee
approval on the most crooked deal in recent American his- meeting. Committee has decided to give Walsh free hand in calling
witnesses. Walsh has just notified
desires your presence before Comtory. Denby's usefulness as a public official was at an end." mittee on Monday afternoon, Jan. me
7, at 2 'oclock. In my opinion you
should
come
without
subpoena
or
further
notice, unless too ll to make trip.
Senator
how
he
obtained
Mr.
Fall's
promise,
In explaining
Your illness would delay but not prevent your appearance. Wire me
Harreld said that in April 1921 he had protested to the late your plans.
A. MITCHELL PALMER.
President Harding against the plan of Fall and Denby to
A day or two afterward McLean's regular counsel, Mr. Lambert,
supervision
have the naval oil reserves taken from under the
returned to the city and I have had nothing further to do with the matter
of the Navy Department and transferred to the Interior since.
did not seek to influence either Senator Walsh or any other member of
Department. "I had the definite promise from Fall then theI Committee
in any way, shape or form. The only Senator I saw with
that these leases would not be made without first giving a reference to it was Senator Walsh himself, and I simply read to him the
public notice, and then the deal was pulled off in a dark telegram from McLean, which of course I had no reason to believe stated
anything else but the truth.
corner."
The only other communication 1 had with any Senator was a telephone
During the current week a series of statements has been message to Senator Lenroot stating that I was sending down to him a letter
issued by the Republiacn National Committee attacking which I would be glad to have him read before the Committee.
Not one of the investigating or secret service agencies of
Senator Walsh, of Montana, of the Senate Investigating
Committee, as author of the policy under which the oil lands the Government has so much as "lifted a finger," Senator
were leased to private interests and Senator Walsh has issued Walsh of Montana declared on Feb. 22, to aid him in exstatements in reply denying such allegations. This phase posing the oil lease scandals. Mr. Walsh in his statement
of the matter appears to be latgely of a partisan political said:
I have been both detective and prosecutor, and up to this moment I
character, and therefore has added nothing noteworthy in
have received absolutely no assistance from any investigating arm of the
the general investigation.
Federal Government. There is the Bureau of Investigation of the DepartOn Feb. 27 more than a score Of telegrams, all bearing ment of Justice, at the head of which is that greatest of detectives—the
directly or indirectly on the oil investigation and all ad- greatest, they say. since Sherlock Holmes. Yet that Bureau has not undressed to Edward B. McLean, Washington publisher, at covered one particle of evidence, it has not suggested a single witness, nor
has it in any other way aided the
Palm Beach, Fla., were read into the record of the Senate tom of the Teapot Dome affair. committee in its efforts to get to the botI am also informed that the Navy Department has a very efficient incommittee investigating the oil scandal. The messages
vestigating organization. However, Mr. Denby is still Secretary of the
show that in his anxiety to escape the wanes chair Mr. Navy
and no assistance is, for that reason, to be expected from that source.
McLean sought, through his representatives in Washington,
The War Depatrment has its military intelligence service; the Post Office
to bring pressure to bear on Senator Thomas J. Walsh to Department also has an efficient investigating arm, while the Treasury Department has under it the United States Secret Service. From none of
drop the inquiry so far as Mr. McLean was personally these
have we received any assistance whatever. I don't like to say these
concerned. In one telegram it is stated that Mr. McLean things, but it so happens that it is the exact truth.
suggested that his attorney, former Attorney-General A.
The detective referred to by Senator Walsh is said to be
'
Mitchell Palmer, should try to enlist the sympathetic aid of William J. Burns, a friend of Mr. Daugherty, whom the latSenator Oscar W. Underwood to persuade Senator Walsh ter appointed Chief of the Bureau of Investigation.
to "go easy" with the publisher. On the same day former
In expectation of the adoption by the Senate of the Wheeler
Attorney-General Palmer issued a statement in which he resolution, calling for a new investigation of his official condenied flatly that he had endeavored to influence Senator duct, Attorney-General Daugherty announced on Feb. 28
Walsh or any other member of the Teapot Dome investi- at Chicago that he had retained George E. Chamberlain,
gating committee "in any way, shape or form" in behalf of former Senator from Oregon, and Paul Howland of CleveMr. McLean. The statement followed the publication of land to defend him. Half an hour before a statement giving
telegrams passing between Mr. McLean and his agents in this information was made public at the Federal Building.
Washington while McLean was at Palm Beach, in which Mr. Daugherty had left for Miami,Fla. The statement was
Mr. Palmer's name frequently occurred. According to Mr. in the form of a telegram to Senator Frank B. Willis of Ohio,
Palmer, his only connection with the case was to act tem- which read:
porarily for Mr. McLean in placing before the committee lion. Frank B. Willis Senate Office Building Washington D. C.
Do not fail to again advise the Senate that I have not opposed the pasa statement by McLean on Dec. 26, that he had loaned
of the resolution under consideration. I have made no statement, nor
former Secretary Fall $100,000. Mr. Palmer said that sage
authorized for publication since leaving Washington. Having attended to
this statement, at the request of Mr. McLean's secretary, the Government busins which brought me here, I am leaving to-night for
was submitted to Francis H. McAdoo, sone of William Florida, as intended and required. I have retained Hon. George E.Chamand Hon. Paul Howland, who represented me in a similar attack a
Gibbs McAdoo, for approval before it was sent to the berlain
year ago in the House, inspired by the same influences who openly and secommittee. Mr. Palmer said:
cretly and on practically the same charges, with substantially the same obThe only connection that I have had with the oil investigation was to
transmit to the Senate committee, at the request of Edward 13. McLean,
the contents of a telegram from him in which he explained his transactions
with Secretary Fall, after Fall had testified that he borrowed $100.000 from
McLean. On Dec. 26 McLean's secretary. John F. Major. called on me
and handed me a telegram from McLean,a true copy of which is as follows:
"Palm Beach, Fla., Dec. 26 1923.
.• John F. Major, Washington Post. Washington, D. C.
"Please tell the Hon. Mitchell Palmer or his partner that the only
thing which would remotely connect me with Albert Fall's investigation
before Committee would be that in 1921 I loaned Fall one hundred thousand
dollars on his personal note. I have never met Harry Sinclair, nor have I
ever met Dohony or any of the oil crowd. I have never owned any of
Sinclair's oil stock nor stock in subsidiary companies. I have never met
Mr. Doheny, nor have I ever owned stock of any company with which he is
connected nor any subsidiary company of his. There is no stock of the
foregoing companies pledged to the note, it is absolutely non-secured.
Ask Mitchell ralsnar if in case Fall should testify that I had loaned him one
hundred thousand dollars I should send telegrams to Chairman of Teapot
Dome investigation committee or whether he would personally tell them
that I know nothing which in any conceivable way, no matter how remotely, would have any possible bearing upon investigation. Wire me
after you see Mitchell Palmer. This telegram is naturally positively
confidential and for Palmer's information alone.
"(Signed) EDWARD McLEAN.'"
Mr. Major explained that Mr. McLean's personal counsel. Wilton J.
Lambert, was out of tbe city, which explained his request that I should
transmit his statement to the committee. I called on Senator Walsh and
read the portion of the above-quoted telegram which covered McLean's
statement of his transaction with Fall, and then telegraphed McLean
as follows:
"'Dec. 29 1923.
"'Edward B. McLean, Palm Beach, Fla.'
"'Saw Senator Walsh this morning. Would not commit himselfdefinitely
but do not believe he will call you as witness. I believe it neither necessary
nor wise for any statement to be issued by you or in your name. lam filing
letter with committee stating your connection with Fall, and feel confident
that will prove sufficient. Am writing.
"A. MITCHELL PALMER.'"
Mr. Palmer included in his statement a copy of the letter dated Dec. 31
1923. which he sent to Senator Walsh, in which he quoted that part of the
McLean telegram of Dec. 26 which referred to the alleged loan of $100,000
by McLean to Mr. Fall. Mr. Palmer's statement continues:
A few days afterward I sent the same letter to Senator Lenroot, Chairman of the Committee, with the request that it be spread upon the record.
After the Committee meeting Senator Walsh telephoned me that the
ject in view, to represent me.
They will give such attention as may be necessary in my personal behalf
so that the regular force of the Department and I may continue to give our
attention to the Government business. I will return to Washington as soon
as possible.
H. M. DAUGHERTY.
Aside from the indications in this statement Mr. Daugherty made it plain in informal remarks to newspaper men
that he was not resigning at this time, but would fight to
the end. His most significant utterance of the day was:
If a few of those Senators don't resign to-day I may have a statement to
make that will cause some splash in Washington.
Senator James E. Watson, who conferred on Feb. 27 with
Attorney-General Daugherty, gave on the following day,
Feb. 28, the Attorney-General's views on resigning after the
two-hour conference between Mr. Daugherty and the President on Tuesday night. Mr. Daugherty, he declared, said
that he would retire only under these circumstances:
1. That ho would not resign now unless requested by the President.
2. That the investigation proposed by the Senate might prove things
on himself that he did not know which would so besmirch his reputation
as to force him to resign or
3. That the investigation might prove him absolutely guiltless of any
wrongdoing and he then could retire honorably and "not by the back door."
On Feb. 29 former Attorney-General A. Mitchell Palmer
appeared before the Senate Public Lands Committee to deny
that he had attempted to exert influence upon the Committee to prevent E. B. McLean from being called to the
witness stand. His entire connection with the case, Mr.
Palmer said, consisted in transmitting to the Committee a
telegram from Mr.McLean sayinghehad loaned Fall$100,000
on an unsecured note. "I had no reason to believe the
statement was not true," said Mr. Palmer: Mr. Palmer
denied he was an attorney for any oil interest or that he had
looked after the interests of A. B.Fall before the Committee.
962
THE CHRONICLE
He denied he was a law partner of Col. J. W.Zeveley, counsel
to Harry Sinclair.
As a result of the insistent demand for the income tax
returns of the men figuring prominently in the oil land inquiry the Senate unanimously adopted the McKellar resolution, requesting President Coolidge to have Secretary Mellon
furnish the Senate Oil Committee the income tax returns of
Harry F. Sinclair, E. L. Doheny and Albert B. Fall, and of
all the Doheny and Sinclair oil companies. An amendment
by Senator Moses, New Hampshire, to include the Securities
Investment Co. was adopted. Mr. Moses said the reason
for the amendment would appear later.
Attorney-General Daugherty Refuses to Resign.
One of the .interesting developments this week growing
out of the Senate inquiry into the leasing of naval reserve
oil lands to private interests was the refusal of AttorneyGeneral Daugherty to resign from the President's Cabinet,
despite predictions coming from apparently authentic
sources that the Attorney-General would resign under
pressure from the White House and the Republican organization. After recurrent rumors that the Attorney-General
would resign, the situation was clarified on Feb. 27, when
Attorney-General Daugherty delivered what was described
as an ultimatum to President Coolidge after several conferences, and declined to listen to suggestions that he offer
his resignation, announcing that he "would not consider
doing so until after a fair hearing" on charges preferred
against him. Mr. Daugherty had two conferences with
the President during the day, and after the second one
he left for Chicago and Florida, to be away about ten days.
Soon after he had taken his train the Department of Justice
issued a statement that he had gone away on official business.
Following conferences of his advisers, Paul Howland and
Senator Willis of Ohio, with the President, a statement
was issued at the Department of Justice which, it was said,
had been prepared by the Attorney-General before he left
Washington. The.statement read:
It is not my purpose to even consider tendering my resignation as
Attorney-General until after a fair hearing on charges preferred against me.
In his previous statement Mr. Daugherty said:
I have been called to Florida on a personal matter, but I am compelled
first to go to Chicago to attend to important Government business which
demands my personal attention.
I will return from Florida as soon as I can. In the meantime, proper
attention will be given to all Government matters. The Department of
Justice is functioning 100%. Though temporarily absent, I shall nevertheless be in constant touch with the Department. Several important
cases and other pressing matters which require my personal attention
will be taken along with me in order to facilitate action thereon.
The New York "Times" commented as follows on the
situation:
President Coolidge has not gone to the point of requesting Mr.
Daugherty's resignation. He has approached the matter subtly and suggested in nearly every interview that his resignation would be acceptable.
Moves in this direction began on Sunday night. Feb. 17, when Senator
Borah confronted Mr. Daugherty at the White House and, in the presence
of the President, urged Mr. Daugherty to resign. Nearly every day
since that time the same argument has been employed by the President,
namely, that Mr. Daugherty's usefulness had ended because he had lost
the confidence of the public, and he would remove an embarrassment to
the Administration if he voluntarily left the Cabinet.
Such conversations took place in a long conference last night and again
this morning. It was after the final conference at 3 o'clock that Mr.
Daugherty decided to issue his statement, which is interpreted as a defiance
of the President's suggestions.
PO Mr. Daugherty having delivered his final word to the suggestions made
by the President and Republican Senators that he resign before a hearing
the situation now rests with the President, who to-night is closeted with
his personal adviser, Frank W. Stearns. Some Administration leaders
say that the President will request the resignation very shortly.
On the other hand, the information available in White House circles
is that the President will not oust Mr. Daugherty until he has received
some more definite charges against the Attorney-General and the hearing
has been held.
Attorney-General Daugherty's Letter to Senator Willis
Explaining His Purchase of Sinclair Oil Stock.
Reports that were under investigation by the Senate Public
Lands Committee last week to the effect that AttorneyGeneral Daugherty had been dealing in stock of the Sinclair
Consolidated Oil Co. were confirmed on Feb. 25 when the
Attorney-General wrote a letter to Senator Willis touching
upon this and other phases of the situation developed by the
Senate investigation of the Naval Reserve oil land leases to
private interests. While admitting that he had bought
bought eighteen shares of Sinclair stock duiing 1922 (the
year the Teapot Dome lease was executed), Attorney-General
Daugherty stated that he acquired these "for the sold purpose of rounding out my holdings in said stock." In the
fall, 1923, he added, "I sold all my holdings in said company acquired prior to my becoming Attorney-General at a
$28 per share." Mr. Daugherty
net loss to me of about
[VoL. 118.
contradicted statements by DirectorBains of the Bureau of
Mines, who said he understood that Attorney-General
Daugherty had furnished Secretary Fall with an oral opinion
approving the leases of the naval oil reserves. In his letter
Mr. Daugherty also declared that he had no part in the
negotiations leading up to these leases, and that they were
executed without any knowledge or without "any official
requirement or opportunity on my part to know of their
execution." This assertion is said to be contrary to the
testimony of Director Bains before the Senate Public Lands
Committee. Mr. Daugherty's letter reads:
DEPARTMENT OF JUSTICE.
Washington, D. C., Feb. 25 1924.
Hon. Frank B. Willis, United States Senate, Washington, D. C.:
My Dear Senator— I am informed that the resolution of Senator Wheeler
providing for an examination of the Department of Justice may be ceded
up for consideration at any time. I am taking advantage of your Icindnes
and courtesy to me to place before you a few of the thoughts that occur to
me in connection with the pending resolution.
I wish you to understand, and I authorize you to say to the Senate, that
any committee of investigation which the Senate in its judgment may
appoint will be accorded every facility which the Department of Justice
affords, in order that a thorough investigation of all of my official acts
and of the Department of Justice may be made fairly and systematically.
I believe and know that such an investigation will satisfy the Senate and
the country that the Department of Justice has been and is being conducted
with a high degree of efficiency, and that the rights of the Government
have been and are at all times fully and amply protected.
I note by the resolution that the committee is instructed to investigate
my alleged failure to arrest and prosecute Albert B. Fall, Harry F. Sinclair.
E. L. Doheny, Charles R. Fobres and their alleged co-conspirators.
It Is interesting to remind you that before the introduction of this resolution I requested the President to relieve me of the responsibility of prosecuting Albert B. Fall and those with whom he is alleged to have been acting
in collusion because of the fact that Mr. Fail had been a member of the
Cabinet in which I also served and that the country might be better
satisfied to have the conduct of the prosecution in control of lawyers in
no way connected with the Government.
You know that the President, Approving this suggestion, did place this
whole matter in the hands of two of the ablest lawyers in this country, the
Hon. Atlee Pomerene and the Hon. Owen J. Roberts. whose appointments
have been confirmed by the Senate and who are now in full charge of the
particular matters referred to in this resolution.
Offered Aid to Special Counsel.
Realizing the difficulties confronting these distinguished lawyers. I have
extended to them every possible facility afforded by the Department of
Justice in a formal letter addressed to them, and I am attaching hereto a
copy of that letter, so that it may be available for reference at any time.
The resolution complains of my failure to prosecute Charles R. Forbes.
You know, Senator, and I cannot understand how Senator Wheeler has
failed to note, the activities of this Department in connection with this
matter. It has been placed in charge of Hon. John W. H. Crim, who was
appointed by me on Dec. 15 1923, in prompt co-operation with the Reed
Committee, and after conference with and approval by Chairman Reed
and his associates, on the committee investigating the Veterans Bureau
matter. Mr. Crim is being assisted by Major Davis Arnold, who so ably
aided the Reed investigating committee, and by other assistants. The case
is now and has been for weeks under thorough investigation by special
grand jury at Chicago (which jury I requested the Court to impanel for the
purpose of considering this case long before the resolution criticizing me in
this case was introduced). •
I have observed in the press insinuations that so-called high officials
bought and sold Sinclair Consolidated 011 Co. stock upon information regarding the making of the oil leases, the inference being that they profited
thereby. in view ofsuch publications, I desire now to deny all such insinuations and inferences and to give the facts in this connection in so far as they
relate to me personally.
Before I became Attorney-General, or seriously considered any connection with the Government,from time to time in the ordinary course of my
personal investments, I bought and paid for some stock in the Sinclair
Consolidated Oil Co. Six months after the execution of the Teapot Dome
lease (of April 7 1922). endeavoring to recoup my losses in said stock, I sold
a portion of my holdings therein acquired and paid for as aforesaid before
I became Attorney-General. Thereafter I bought hack and paid for the
same amount of said stock, thus sold, at a price slightly less than the price
for which the same amount had been sold. Finally, in the fall of 1923, I
sold all of my holdings in said company acquired prior to my becoming Attorney-General, at a net lass to me of about $28 per share. In addition to
this transaction, I bought 18 shares of said stock in the year 1922 (the year
the Teapot Dome was executed), which I acquired for the sole purpose of
rounding out my holdings in said stock.
This is the story which the testimony will reveal, and I am glad to have
the Senate know of my personal business transactions in said stock in 1922.
There is nothing unusual in this transaction; nothing improper; nothing
Indiscreet and nothing to conceal.
During the year 1922, the year in which the Teapot Dome lease was
made, with the exception above stated, I neither bought nor sold any stocks
in any of the so-called Sinclair or Doheny companies, or in any other companies which were interested indirectly or directly, or were affected or
could be affected by the oil leases under consideration.
I desire to say further that since I have been Attorney General I have
never acted upon any information received as Attorney General which resuited in my personal profit.
I was not called upon by Secretary Fall or anyone else for an opinion,
written or oral, in regard to the wisdom or legality of the oil leases, and
never
volunteered an opinion, either written or oral, to Secretary Fall or
I
anyone else. I had no part of any kind or character, directly or indirectly,
in the negotiations leading up to the execution of the oil leases; no information ever came to me in connection therewith and the leases were executed
without my knowledge and without any official requirement or opportunity
on my part to know of their execution.
The charges and'complaints in connection with any official acts of mine
as Attorney General, and against the Department of Justice, will, I hope.
be made as specific as possible. in order that I may promptly file a complete
answer thereto and assemble the testimony so as to develop the truth and
the whole truth.
In conclusion. Senator, I shall be glad if I might have the privilege of
having counsel present at all the hearings of the committee with the right
extended to them to interrogate any and all witnesses.
MAR. 1
1924.]
THE CHRONICLE
963
After the testimony has been presented by those making the charges. settlement of the Mexican question Mr. Doheny's companies would have
and I am thus advised as to what I am actually charged with and the testi- paid an additional fee of $900,000. With several hundred million dollars
mony in support therbof, I further respectfully request the right to produce of property at stake our services, had they been effective, would have been
testimony before the committee on motion of my said counsel, and have lightly compensated by the additional fee. In January 1922my New York
law firm having dissolved and a final solution of the ever present Mexican
process to compel attendance of such witnesses.
I trust that the investigation may be conducted and completed as problem not having been reached, the matter was finally disposed of by the
promptly as thoroughness will permit. My only reason for asking this is acceptance of 8100,000 fee previously paid in full satisfaction of services
that while these investigations are pending against the Department of rendered.
I terminated my retainer with the Doheny companies Feb. 2, not long
Justice, the official force of the department is necessarily taken from duties
which are pressing and in the interest of the Government: and also that as after Mr. Doheny's testimony concerning the Fall transacticn. I stated to
speedily as possible those innocent of any connection with the matters under the Senate Committee the reasons therefor in the following words: "When
investigation may be freed from suspicion and those guilty be brought to I read in the newspapers of Mr. Doheny's amazing disclosures about his
transactions with ex-Secretary Fall I refrained from immediately termijustice.
nating my professional services with him as was my first impulse, although
Very sincerely yours,
I have now done so, fearing that the newspaper accounts might be as vicious
H. M. DAUGHERTY. Attorney-General.
and unfair to him as Charles P. Taft's partisan organ,'The Times Star' of
Cincinnati, has been to me, when in its issue of Feb. 1 it set Out in flat
William G. McAdoo Says His Law Firm Would Have headlines on its front page the following malicious, and I charge pttrposedly
malicious, libel and lie—'McAdoo received 8250,000 from the Doheny
Received $1,000,000 in Fees if Negotiations for
interests, was paid $50,000 a year on outside while he was Se=etary of
Doheny Interests in Mexico Had Been Successful.
the Treasury."
With regard to your question on other employment of my former New
Following closely on a statement issued by him at his home
York law firm, I was asked by Senator Bursum, "During the time that
in Los Angela, urging that the "guilty be brought to punish- you were counsel for Mr. Doheny, did you at any time for Mr. Doheny
ment" in the oil lease scandals now under investigation by or in his behalf or in behalf of his companies or allied companies or the
Investment Company appear before the Treasury Department in
the Senate Public Lands Committee, William G. McAdoo, Security
behalf of obtaining a reduction of internal revenue taxes?"
candidate for the Democratic Presidential nomination, deI replied, "I did not."
Neither did my firm. We were never consulted about that. Certainly
clared on Feb. 23 that his law firm would have received a fee
there
was nothing in this question to suggest or imply that I should proceed
of $1,000,000 from the Doheny oil interests if its negotiations to discuss
all of the employments and professional relations with other
in the Doheny company's Mexican affairs had been success- clients of my New York firm. These matters were wholly immaterial to
ful. Mr. McAdoo made this statement in a telegram to the inquiry and have nothing to do with the oil scandal.
I stated that my firm had appeared before the Treasury and other
the New York "World," replying to a telegram from the departments
in the necessary and proper practice of our profession.
"World." In his telegram he said it was asserted he had not
I quote from my statement to the committee: "With the growth of
been fully cross-examined at his recent appearance before the governmental instruments the contacts of modern business of all kinds
with the Government have become more frequent and necessary, and no
Senate oil leasing investigation committee. He pointed out lawyers
can enjoy a remunerative practice without appearing in behalf of
that his law firm had accepted a fee of $100,000 from ire his clients before the courts, governmental agencies, commissions and
Doheny interests for its work in the Mexican negotiations departments. If public opinion debarred a lawyer who had held public
office from such work his opportunity to make a living or acquire a comand explained that there would have been "an additional fee petency for his family would be at end."
In my work both in New York and Los Angeles I have accepted such law
of $900,000 if my firm had succeeded in getting a satisfacas has been offered to me which I was legally entitled to take.
tory settlement" for the Doheny companies in Mexico. The business
provided the business was honorable and proper. In addition to arguing
former Secretary of the Treasury said that if a Congressional cases in the courts I have argued cases before some of the Federal departcommittee would start an investigation of the private busi- ments and have filed briefs and memoranda in these departments, among
the State Department and the Treasury Department and the Shipness connections of all Presidential candidates he would be others
ping Board,
glad to submit himself unreservedly to such an inquiry.
Let All Be Investigated.
Clients of my New York law firm are unrelated to the oil inquiry, and
He assailed what he termed "a continued effort to make my
without the permission of such clients and the consent of my former law
private law practice a political issue," and declared: "The partners
such information is clearly inadmissible. My private practice is
matter of my employment in connection with Mexican af- not a public issue, but lithe law practice and the private business of candifairs by the Doheny companies already has been covered in dates for the Presidency—Republicans and Democrats alike—are to be
issue in the forthcoming campaign. Instead of principles and policies
my testimony before the Senate committee. This matter the
which concern the welfare and future of the American people, then I suggest
has nothing whatever to do with the naval oil lease under that all candidates for the Presidency be asked to appear before an investiinvestigation by the Senate." He added that under his ar- gating committee of the Senate or the House and give the intimate details
of their professional and private affairs. I will maks no objection to the
rangements with the Doheny company,"if my firm had suc- jurisdiction
of such a committee if all the other candidates will do likewise.
ceeded in getting a satisfactory settlement of the Mexican
Of course, all this has nothing to do with the oil scandal. The real point
question, Mr. Doheny's companies would have paid an addi- is to discover and to punish all responsible public officials who have betrayed
public interests and all others who have been guilty of wrongdoing in
tional fee of $900,000. As I stated tp the Senate committee, the
W. G. M'ADOO.
this connection.
my firm received a fee of $100,000. But with several hunOn the day preceding publication of his statements
dred million dollars of property at stake, our services had quoted above Mr. McAdoo issued a statement in connection
they been effective, would have been rightly compensated
with the oil-land lease inquiry, voicing a demand that the
by the additional fee." Mr. McAdoo's statement in reply "guilty must be brought to punishment," saying:
to the "World's" query follows:
The shocking revelations at Washington of betrayal of public interest
The matter of my employment in connection with Mexican affairs by
the Doheny companies has already been covered in my testimony before
the Senate committee and in my Chicago speech on Feb. 18, but I am
willing to restate the facts.
Of course, this matter has nothing whatever to do with naval oil leases
under investigation by the Senate. It seems to be an attempt to make
the practice of my New York law firm and myself a political issue when
it is wholly immaterial to the subject under investigation.
Throughout the Wilson Administration these oil reserves were absolutely protected. I joined in protecting them. They were turned over
to the Republican Administration clear, clean and unincumbered, and
it is this Administration which is responsible for the oil scandal and nobody
else.
I stated specifically to the Senate committee that my former law firm,
McAdoo, Cotton & Franklin, had accepted employment nearly a year
after I left the Cabinet to represent the Doheny companies in their Mexican
difficulties for a fee of $100,000 and that "at that time Mr. Doheny stated
that the properties of the Doheny companies, then threatened with confiscation, were worth several hundred million dollars, so that the question
was vital to his companies and he would be willing to pay ten times the
fee if we got for his companies a satisfactory settlement in the Mexican
question. No additional fee was ever paid."
In my Chicago speech I said: "Before I proceed to discuss other matters
I wish to make certain that the record of my professional employment by
Mr. Dhoeny's companies is clear to you. As I stated to the Senate committee, my firm received a fee of $100,000 for services rendered in connection with his Mexican difficulties beginning nearly a year after I left
the Cabinet and ending in the early part of 1922. Subsequently, for
two years I personally acted under a retainer of $25,000 per annum as
special counsel at Los Angeles.
Claims Valued at Huge Sums.
"As I also stated to the committee, the Mexican properties of Mr.
Doheny's companies were represented as being worth several hundred
million dollars and their preservation, from threatened confiscation was
vital, and therefore in his letter to my firm transmitting the retainer he
offered to pay additional compensation if we could get for his companies
a satisfactory settlement in the Mexican question."
Both of these statements were given in full to the press and as far as I
know were generally published.
These Statements conveyed no uncertain meaning. They meant what
they say, namely that if my firm had succeeded in getting a satisfactory
must give profound concern to every lover of our institutions and to every
patriotic American, regardless of party. These transactions must be
probed to the bottom, and the guilty brought to punishment. This is not
a question of party politics. It involves the life of the nation.
Mr. McAdoo added:
The duty of the Government is no less to punish those who are guilty
than to protect those who are innocent. No attempt to divert attention
from the guilty should be permitted.
When men in high place, those to whom the nation has the right to look
with confidence and respect, betray their trust and prostitute their power.
a danger to Democratic institutions infinitely greater than Bolshevism or
any other "ism" confronts us. The subtle poison of corruption ultimately
will do its deadly work.
All good citizens, therefore, must unite to drive corruption out of the
Government, to elevate the standards of public morality and to administer
the Government upon the high conception that public office is a public trust.
When he passed through Pasadena approaching Los Angeles, Mr. McAdoo made a speech from the train platform,
in which he said:
I have this to say, and I say it with real meaning: I would rather have
my California friends, or live in California, than be President of the United
States."
W. G. McAdoo Admits He Received a Large Fee from
Republic Iron & Steel Co. in Tax Refund Case.
Following his statements with regard to large feesreceived
as counsel for the Mexican oil interests, William G. McAdoo
at his home in Los Angeles confirmed on Feb. 27 the substance of a dispatch, published in a Youngstown, 0., paper,
which said that he received a fee of $200,000 in 1920 from
the Republic Iron & Steel Co. for intervention in a taxrefund case, which saved the company $2,000,000. In his
statement McAdoo defended his employment, gave particulars of the case and concluded by asserting that '"there
appears to be a concerted effort by my political enemies to
964
THE CHRONICLE
[Void. 118.
divert attention from the scandals in Administration circles ator Smith of South Carolina, who later announced that a
at Washington by trying to attack my law practice." The resolution he had intended introducing calling for a Senatorial investigation would be withheld for the present. The
statement reads as follows:
Concerning the Youngstown story, I have no hesitation in saying that my Senator was then said to have stated that he had found an
former law firm in New York was employed as counsel for the Republic
Iron & Steel Co., an independent concern, in a complicated tax matter at apparent discrepancy in the August estimates, the result of
Washington. This case was heard in the regular legal way before the Board which was to add 610,000 bales of cotton to the "carryover"
of Appeals and Review of the Testimony Department, a semi-judicial body, for the years 1923-1924. Secretary
Hoover's statement of
composed of Civil Service men. Whether it came before Commissioner of
Internal Revenue Williams on appeal I do not recall. Briefs were filed Feb. 27 follows:
and the case was argued several times. It involved very serious and finportant legal questions concerning invested capital and was of interest to
taxpayers throughout the United States. The amount involved was large.
The employment began Nov. 1919, at which time a retainer of $10,000
was paid, and the case was closed in the early part of 1921, whereupon an
additional fee of $140,000 was paid to the firm, the compensation being
• commensurate with the importance of the matter and the service performed.
The practice of law in New York involves a very expensive organization,
high rentals, &c.. and the fees are, of course, high. This was not a personal
fee, but a fee to the firm.and I received, of course, only my proportion of It.
There appears to be a concerted effort by my political enemies to divert
attention from the scandals in Administration circles at Washington by
trying to attack my law practice. I have no apologies to make for it.
Former Associate Justice of the Supreme Court Charles E. Hughes and
other public officials upon retirement from office resumed the practice of
law,just as I did, and no one criticized them for it. A lawyer must practice
law after he retires from public life or be deprived of the opportunity of
supporting his family.
A contention has arisen as to an item of about 600,000 bales of cotton in a
statement of cotton stocks and consumption issued by the Census Bureau in
August last. After consultation with the Senatorsfrom the cotton producing
States and in order that the matter may be gone into independently and
accurately I shall at once appoint a committee of leading statisticians to
examine the question in all ofits phases,to report on the item in controversy,
to recommend any changes in the statement in question, to study the
statistical methods, and to advise as to legislation that may seem to them
desirable in order to increase the authority of the Bureau.
William G. McAdoo. former Secretary of the Treasury, received a fee of
about $200.000 for representing the Republic Iron & Steel Co. in a tax
reclamation case before the Tax Commission, according to authentic information received from a private source here.
Rumors of this fee, which, according to some versions, was paid to Mr.
McAdoo for one day's work, have been in constant circulation in Washington, and about two weeks ago a Cleveland newspaper printed the story.
making the mistake, however, of naming the Youngstown Sheet & Tube
Co. as the concern which, it is alleged, had engaged Mr. McAdoo's legal services. This allegation was emphatically denied by the Sheet & Tube and
retraction was made.
Officials of the Treasury Department, of whom inquiry has been made.
assert that they are unable to locate the records of the case, and thus far
no official data giving the exact sum of the refund have been brought to
light. Various figures, ranging from $2,000,000 to $4,000,000 as to the
size of the refund, have been mentioned.
According to the report, allusions to which have already been made during the Teapot Dome inquiry, the Republic company had a claim against
the Treasury Department for alleged over-charges made on its excess taxes
and surtax. It is said that briefs and arguments were prepared by regular'
counsel of the concern, when suddenly Mr. McAdoo was engaged by a New
York official of the company, presumably John A. Topping, Chairman of
the board of directors. The time of the engagement is set approximately
at one year after the retirement of Mr. McAdoo from the Cabinet, which
occurred in January 1919.
It said that Mr. McAdoo went to Washington, where he conferred with
William M. Williams, then Commissioner of Internal Revenue. Following this conference, it is said, the Republic company received a refund of
one-half of its original claim, and Mr. McAdoo presented his bill for legal
services, said to have been about $200,000. It is said that the fee was paid.
Mr. Williams. who is now a practicing attorney in Washington, has declined to discuss the affairs of his term of office.
Several men prominent in public life, hattever, have at various times divulged the story, giving facts substantially as set down. It is known that
these facts were communicated to certain member sof the Senate Public
Lands Committee when Mr. McAdoo appeared before it to testify as to his
legal connection with the Doheny oil interests. No questions were asked
him concerning it, however.
Youngstown officials of the Republic Iron & Steel Co. when asked about
the facts in the case said they had no knowledge of the affair and remained
silent. Mr. Topping left Miami ten days ago with H. H. Wilkinson of
Toledo for a cruise en the latter's yacht and could not be reached.
Check of the Aug. 1 report of the Census Bureau, to sift the charges of an
error of 600,000 bales in cotton stocks, will be begun Saturday, Secretary
Hoover announced to-day. He stated that five independent statisticians,
in no way connected with the trade, industry or the Government, had been
asked to constitute a committee to check the bureau's figures. Mr. Hoover
withheld the names of the statisticians pending their acceptance of appointment on the committee.
The committee of statisticians, he explained, would be asked to go into
the system of cotton reporting used by the Census Bureau in all its phases
and report not only upon accuracy of the cotton stocks report of Aug. I,
but also submit recommendations as to legislation necessary to provide the
bureau with adequate power to obtain all the information upon which to
base its reports.
New Legislation Sought.
New legislation dealing with the gathering of cotton statistics is apparently
necessary to obviate the controversies that have arisen bctwe,en Senators
•and Representatives from the cotton growing States and Government officials. In a statement discussing the present controversy involving the
recent cotton census issued by the Bureau of the Census, Senator Smith of
South Carolina states that the figures for ginning, imports and destruction
are approximately accurate.
The reports as to stock held in consuming establishments, warehouses and
other places are obtained by letters and telegrams sent them,and are not susceptible to being checked and are more or less ex paste. They are admittedly
susceptible to errors of duplication and are more or less inaccurate, the
Senator declared, adding that the department, notwithstanding, has accepted such figures as the amount of cotton held in stock Aug. 11923.
"If it insisted that these figures of the consuming establishments are to be
accepted," he said, "then there is absolutely no use of getting the cotton
statistics, that is, the amount ginned, the amount imported, the city
crop,
the amount consumed, the amount exported and the amount destroyed,
because if the reports made by the consuming establishments, warehouses,
&c., are to be taken as the amount ofstocks on hand, then all that would be
necessary would be at the end of each year to ask, by letter and telegram,
these establishments to state how much cotton they had on hand and give
that out as the final report."
Calls Figures Erroneous.
Senator Smith declares that this year the "carryover" is 579,000 bales
out of line. He has called upon Henry G. Hester, Secretary of the New
Orleans Cotton Exchange,to assist the Senators in remedying the conditions
of which they complain, but Mr. Hester has given them his views by wire.
"The sole question," he says, "is how to meet the enormous discrepancy
displayed in the face of the census figures of supply and distribution. In
reference to the 1921-22 figures of distribution they practically balance
with supply as deducted from ginnings of that year, the difference of
131,924 being largely accounted for by addition of bales made from samples
loose and waste,in handling and city crops, together with a few minor errors
which are negligible in quantity. It is therefore evident that practically all
of the six hundred and odd thousand bales discrepancy relates to the 1922-23
movement.
"It does not matter how the figures are shifted, the fact stares us in the
face that after allowing, say, 100.000 bales for city crop, there remains a
half million bales in the distribution that is not accounted for in the total of
ginnings."
Henry G. Hester, Secretary of the New Orleans cotton
exchange, who was called upon to appear in Washington to
"aid in ascertaining the facts" sent a telegram to Senator
Smith in which he said "it does not matter how the figures are
shifted, the fact stares us in the face that, after allowing
100,000 bales for city crop, there remains a half million bales
in the distribution that is not accounted for in the total of
The Youngstown "Vindicator" printed on Feb. 27 the fol- ginnings." Advices to the New York "Journal of Comlowing copyrighted dispatch from its Washington corre- merce" from Washington Feb. 28, quoting Col. Hester's
spondent:
telegram, are as follows:
Secretary Hoover Announces Appointment ot Committee to Investigate Alleged Discrepancy of
600,000 Bales in Census Bureaus Report of
August—Statement by H. G. Hester.
The announcement was made on Feb. 27 by Secretary of
Commerce Hoover that a committee would be appointed to
examine into a controversy relative to figures of cotton
stocks and consumption appearing in the Aug. 1 report of
the Census Bureau, to determine whether there is an unAccording to the "Wall Street Journal" of last night
accounted item of 600,000 bales. A movement toward a (Feb. 29),
Senator Smith made public a message from Col.
Congressional investigation of the figures was indicated in a
H. G. Hester, in which he says:
Washington dispatch Feb. 19, published asfollows in the New
As to ginning it Is highly improbable they were a half million bales short.
York "Journal of Commerce:"
There would seem to be no inducement for ginners to falsify their own rec-
Causes which have contributed to the break of $35 a bale in cotton during
the past two months will be discussed at a conference tomorrow between
Senators from the cotton producing States and Director Steuart and Statistician Zimmerman of the Census Bureau.
The decision to inquire exhaustively into the subject was reached at a conference late to-day of the Senatorsfrom the cotton States. The meeting was
called by Senator Smith of South Carolina, who presided, and the Senators
examined mahy official and unofficial documents bearing on the whole subSenator Smith said Mr. Steuart and Mr.Zimmerman would be questioned
on the methods of tabulating cotton statistics as to supply and distribution.
They will be asked particularly, he added, about an item of 579,405 bales
carried in the last August report under the heading,"To Balance Distribution" and presumed to be included in the ginning figures as of Feb. I last.
"I don't think those bales ever existed," Senator Smith said. "Their
Inclusion in the report undoubtedly helped to break the price of cotton."
ords. Moreover, they would be checked by well-known private organizations which would certainly have discovered more or less of such a discrepancy.
In reference to stock in public storage: Warehousemen cannot say with
certainty who owns the stocks they carry. Cotton in warehouse may be
sold and warehouse receipts exchanged weeks before it is shipped out and
change of ownership made known. Last July many thousand bales were
bought on the great differences in values between old and new crop cotton,
which were held in suspense between sellers and mills, although actually
considered as secured and part of their stocks by the mills.
You cannot let it remain unaccounted for as at present.
Frank B. Hayne Questions Feb. 1 Figures of Visible
Supplies of American Cotton.
Mr. Hoover's decision to appoint a committee to inquire • Under date of Feb. 20 the New York "Journal of ComInto the matter followed, it is stated, a conference earlier in merce" printed the following dispatch from St. Matthews,
Southern Senators, headed by Sen- S. C.:
the day with a group of
MAR. 1 1924.]
THE CHRONICLE
965
Accuracy of the statement of isIble supply7of Americae,cotton issued land in Idaho, Montana and Washington under the terms of
by the Department of Commerce on Feb. 1 is questioned by Frank B. old land grants, has been concurred in by President Coolidge,
Haynes. well-known New Orleans cotton man, in a letter addressed to
Senator Dial of South Carolina. which has been made public here by the who urges "the importance of action as early as possible."
American Cotton Association. Attention is called to the fact that Mr. A letter in which the President's views are indicated has
Hayne's attack is in line with similar charges made by J. S. Wannamaker, been addressed by him
under date of Feb. 21 to Senator Lenhead of the association, and by statistical experts of a number of leading
root, Chairman of the Senate Public Lands Committee. Both
brokerage houses in New Orleans and elsewhere.
"It occurs to me," writes Mr. Hayne, after pointing out certain mistakes Senator Lenroot and Representative Sinnott, Chairman of
which he claims to have been made in the Department of Commerce state- the House
Committee on Public Lands, have introduced
ment, "that the Government's function should be to promulgate facts
only as they occur, and not to indulge in guesses that may or may not resolutions calling for an investigation into the Northern
prove wide of the mark. That statement has hurt the cotton market, Pacific land grants—that of Representative Sinnott was
and since its issue, as I have said above, the planter cannot obtain within
introduced on Feb. 12. President Coolidge in his communi$15 to $20 per bale of the price it would have been selling had it not been
cation to Senator Lenroot calls attention to a letter of Secissued.
"How does the Department of Commerce know what the consumption retary Wallace, and says "the statements contained
in the
of cotton will be for the eight months after Nov. 30, and why should it
give out guesses with the Government stamp on them calculated to depress letter from the Secretary of Agriculture raise serious quescotton? Let it give us the facts as they occur and not use its functions tions as to the extent to which the railroad company may
to interfere with the marketing of our product. Why should a clerk in have obtained undue benefits
from the grant, and also as to
the Government bureau be endowed with the spirit of prophecy? Why
not have him keep his news 'officially' to himself and not interfere with the extent of its compliance with the obligations imposed
trade functions?"
upon it by the legislation which conferred the grant." The
"Wind" Cotton.
adds:
President
Calling attention to Senator Dial's charge made in a recent Senate
speech that the Government has wrongly included 200,000 bales of "city
I believe that these questions should be fully determined before a final
• crop" cotton in its estimates, Mr. Hayne asserts that in its most recent Settlement of the matter is effected and before further public lands are
estimate the Government statisticians have included 579,000 bales in patented to the company. From the nature of the case, and particularly
excess of the supply accounted for by ginnings and imports for the year the broad and varied equities which it involves, it would seem that such
ending July 311923.
a determination and settlement can be made only by the Congress.
"Other departments of the Government," he adds, "have been using
Secretary Wallace, whose letter President Coolidge quotes,
the Census Bureau figures in formulating guesses of the probable supply
for this year, and I am sure they have added this 'wind' cotton and by states that he believes that an investigation by Congress
such use have stampeded the cotton market until it has dropped $15 or $20
would show, among other things, the following:
a bale lower than It should be, aggregating many millions of dollars.
That the land grants were made for the purpose of aiding in the construc"Of course, if the Census Bureau can give a legitimate source for the
big addition, which seems to be 'wind' cotton only, there will be no com- tion of the railroad. The total gross receipts of the Northern Pacific
plaint. If it cannot do so then it would seem to be a party to wholesale to June 30 1917 from the sale of the lands from its grant amounted to
losses by cotton producers and the trade."
5136,118,533 14. The cost of constructing the road did not exceed $70.000,000. The sale of lands has more than paid for the cost of constructing
Other Errors Seen.
the railroad.
The association also makes public a letter from another correspondent
That the Northern Pacific failed to construct 1,507.21 miles of its railroad
to Senator Dial mentioning the item of 579,405 bales included in the within the time required by law, thereby rendering the granted lands
Department of Commerce bulletin on cotton supplies and distribution subject to forefelture.
dated Aug. 18 1923, "to balance distribution," The writer insists that
A statement as to the position of the railroad appearing in
this item should be eliminated from the final report if it cannot be deffintely accounted for and calls attention to the fact that the Feb. 1 carry- its information bulletin of Feb. 11 was given in these colover figures on American cotton are approximately 570,000 bales larger
umns last week, page 907. It was stated therein that the
than Col. Hoster's estimate and 538,000 bales larger than the estimate
grant "was not a 'gift,' but was really a bonus paid for the
of the Federation of Spinners.
This writer also points out that an analysis of Bulletin 13 issued by completion of a difficult and immensely expensive underthe Bureau of Agricultural Economics, shows the stock of American lint
cotton on July 31 1923 to be 2,324.000 bales, instead of 3,100,000 bales, taking—an accomplishment which the Government much
a difference of 776,000 bales. He also asserts that the Department of desired but was unwilling to attempt. . . . Thousands of
Commerce figures on world carryover of 6,341,000 bales in the bulletin acres of the land grant have been sold by the company for
of Feb. 1 are also about 1,000,000 bales out of line, as the Interantional
Federation of Spinners, which has no apparent reason to over-estimate from 25 cents to $150 per acre. Even with the higher land
the supply, makes the carryover of all kinds of cotton only 5.339,000 prices of recent years, the net receipts average only $309
bales.
•
per acre for all land sold up until June 30 1923." The railIt is stated that Senator Dial is likely to bring the question of the accuracy
of the Department of Commerce estimate of the American supply up road further said:
for discussion in the Senate and demand a'rigid investigation of the manner
The company has fulfilled the conditions of the grant. Before there was
of compiling the figures.
enough business to pay operating expenses it built the railroad which was
necessary to start the development of the great Northwest. Yet it has paid
Estimated World's Supply and Distribution of Cotton. and continues to pay in actual dollars for every acre granted to it by the
Government. No subject has been more misunderstood by the public.
Under date of Feb. 1 the Department of Commerce at In the long view the Northern Pacific would have been better off had it
purchased the land from the Government outright, instead of accepting a
Washington issued the following statement:
land grant with the attendant provisions and obligations, but this was
THE WORLD COTTON SITUATION.
not apparent at the time and it was easier to raise money for the building
February 1 1924.
of the railroad with this inducement to investors.
The Department of Commerce has now completed through its domestic
and foreign staff, in co-operation with the Department of Agriculture, a
On Feb. 26 Charles Donnelly, President of the railway,
preliminary world raw cotton survey for the four months ending Nov. 30
denounced the pending attack on the road's land grants as
1923. The estimates are based upon information obtained from the representatives of this department and from consular officesr abroad, from "an attempt through some form of Congressional action to
official reports and from reliable trade sources.
cumvent the decisions of the Courts." President Donnelly
Estimated World's Supply and Distribution of Cotton—Four Months Ending
said:
Nov. 30 1923 (Bales of 47$ Pounds Net).
The grant has been in course of administration ever since construction
AU Kinds
began—thatis to say,for more than fifty years, and during that period every
American. (inci.Amer.)
question
now suggested by the Government has been thoroughly considered
Stocks July 31 1923
bales 3,065,000 6,341,000
and adjudicated. The railway company has always insisted that it involved
Production for commercial use for the 1923-24
a breach of faith for the Government to attempt to withdraw for forest
season (a)
10,081,000 18,075,000
reserve purposes any part of the lands due to it under the grant; and eight
years ago the Government brought suit to settle this specific question.
Total supply
13.146,000 24,416,000
The court decided the case in favor of the railway company. The GovernConsumption during the four months ending
ment appealed and the court decided in favor of the company, all three
Nov.301923
3.710.000
6,310,000
of the judges concurring. The Government then appealed to the Supreme
Supply on Nov.30 1923 (b)
9,415,000 18,185,000
Court of the United States, and on April 11 1921, that court decided in
(a) The production figures represent estimated total crops, with the ex- favor of the railway company, all nine Justices concurring.
The present step is a plain attempt, through some form of Congressional
ception of India and China, where only the cotton produced for mill consumption and export is considered, cotton used in household consumption action, to circumvent these decisions, and without conceding for one moment that Congress can by any form of action affect rights which have been
net being included.
(b) The estimated supply on Nov. 30 was arrived at by compilation vested in this way, we are, of course, at the command of Congress and will
be
prepared to submit every fact which may be regarded as pertinent to the
stocks
in
mill,
ports
includes
and
and
warehouses: also cotton estimated
to be elsewhere. The latter quantity was obtained by deducting the inquiry. And we shall expect to be as successful in satisfying Congress of
the merits of our case as we have been in satisfying the courts.
cotton accounted for up to Nov. 30 from the estimated crops.
•
If the supply on Nov. 30 is obtained by subtracting the consumption
The letter addressed by President Coolidge to Senator
resulting
figures will differ somewhat from those
from the total supply, the
given here because it is not possible to get a complete balance on account Lenroot, urging Congressional investigation, follows:
of insufficient data.
THE WHITE HOUSE.
Washington, Feb. 21, 1924.
President
Coolidge to Senator Lenroot Urging
Letter of
My dear Senator —I desire to bring to your attention a letter from the
Secretary
of
Agriculture
under date of Feb.19 1924,in reference to the claim
Congressional Inquiry into Northern Pacific
asserted by the Northern Pacific Railroad to large areas of valuable timber
Land Grant.
land within the national forests.
The possible loss of public title to these resources, which have been PreA recommendation to Congress on Feb. 13 by Secretary of tected
and developed for many years at public cost, arises under an adjudithe Interior Work and Secretary of Agriculture Wallace that cation of the land grant made by Congress
to the Northern Pacific Railroad
Congress investigate the right of the Northern Pacific Rail- in 1864. It is my understanding that the legislation conveying this grant
of 40,000,000 acres of public land was, in effect, a contract or covenant beway to acquire approximately 3,000,000 acres of Government tween
the United States and the railroad company, under which mutual
966
obligations, particularly on the part of the Government, have from time to
time been reviewed and determined by the Federal courts, but their decisions
were confined necessarily and purposely to the immediate issues brought
before them. At no time does there appear to have been comprehensive
review or determination of the entire transaction, covering the mutual
equities and obligations created by the covenant,ifthe grant to the Northern
Pacific Railroad may purposely be so designated.
The statements contained in the letter from the Secretary of Agriculture raise serious questions as to the extent to which the railroad company may have obtained undue benefits from the grant, and also as to
the extent of its compliance with the obligations imposed upon it by the
legislation which conferred the grant. I believe that these questions
should be fully determined before a final settlement of the matter is effected
and before further public lands are patented to the company. From
the nature of the case, and particularly the broad and varied equities
which it involves, it would seem that such a determination and settlement
can be made only by the Congress.
The United States has granted lavishly of its public resources to aid
the extension of transportation facilities and thereby the economic development of the Western States. No question as to the wisdom of that policy
is involved in this issue. Nor is any question involved as to the legal
and moral obligation of the Government to discharge in full the contractual obligations which it assumed for the accomplishment of public
benefits. That the legal and equitable claims of the grantee should be
fully weighed and safeguarded goes without saying. But it is still more
imperative that the interests of the public, both in the possession and conservation of valuable natural resources and the accomplishment of the
purposes for which the grant was made, be adequately protected in an
equitable settlement of this question.
The Secretary of Agriculture, in a letter to me, states further a summary of the facts involved in this matter, as they have been developed
through a painstaking investigation. The full record of that investigation has no doubt been placed at your disposal. I quote fro.n the letter
of Secretary Wallace. dated Feb. 19 1924:
"In April 1921 the Supreme Court rendered a decision (256 U. S. 51)
with regard to lands in the indemnity limits of the grant to the Northern
Pacific, holding that lands in these limits could not be withdrawn by the
United States if they were needed to satisfy the acreage of the grant.
"The tentative adjustment made by the Department of the Interior
shows the grant to be deficient some 3.900,000 acres.
"Large area If national forest lands are within the indemnity limits
of the grant. t follows that should the tentative adjustment become
final, a large acreage of these national forest lands will pass to the Northern
Pacific.
"When this situation became evident, this Department, through the
Forest Service, began a thorough investigation of the Northern Pacific
grants. As a result of this investigation, certain representations were
made to the Department of the Interior, and on Jan. 24 1924, I addressed
a letter to the Secretary of the Interior and asked him to join with me in
sending to Congress a proposed joint resolution directing the Secretary
of the Interior to withhold his approval of the adjustment of the Northern
Pacific land grants until Congress shall have made a full and complete
inquiry into them.
"The Secretary of the Interior compiled with this request, and the proposed resolution was sent to Congress and was introduced in the House by
the Hon. N. J. Sinnot, Chairman of the Committee on Public Lands,and in
the Senate by Senator Lenroot.
"As this matter no doubt will come to your attention,if it has not already,
I desire to give you a brief statement of reasons for this action by this
_ department.
-The case in which the Supreme Court (256 U. S., 51) defined the measure of the Northern Pacific grants did not take into consideration,and properly so, many other questions which I believe should be considered by Congress before the case reaches the point where the Northern Pacific may take
these national forest lands.
"The defaults of the Northern Pacific were numerous and flagrant, and
the supplementary benefits allowed by the Government were many and
lavish, but in the absence of action by Congress the courts and the administrative departments were and are without authority to consider the resulting
equities, but have been forced to act as though the company had complied
with every term of the grant, both in spirit and letter. Congress, as the contracting power in this case, has the power and authority to determine
what weight shall be given to such violation of the grant and such beneficial concessions.
"It alone can inquire into the grants for the purpose of ascertaining
whether they have been fairly satisfied to date by the United States, taking into consideration the equitable and other features of the grants that
were not before the Supreme Court when it handed down its decision
(256 U. S., 51).
"I submit that if the proof is sufficient to show that the Northern Pacific
failed to meet the requirements of its agreement, or that the Northern
Pacific has already received a greater acreage or greater values than it was
equitably entitled to receive, Congress has ample authority to save these
national forest lands to the Government.
"I believe an investigation by Congress would show:
"1. That the land grants were made for the purpose of aiding in the construction of the railroad. The total gross receipts of the Northern Pacific
to June 30 1917, from the sale of the lands from its grant amounted to
1136,118,533.14. The cost of constructing the road did not exceed $70,000,000. The sale of lands has more than paid for the cost of constructing the
railroad.
"2. That the Northern Pacific failed to construct 1,507.21 miles of its
railroad Within the time required by law, thereby rendering the granted
lands subject to forfeiture.
"3. That the Northern Pacific failed to dispose of certain of its lands to
settlers at not to exceed $2.50 per acre as required by law. A somewhat
similar provision in the Oregon and California grant was held by the Supreme Court to be an enforceable covenant (238 U. S., 393).
4. That the Northern Pacific failed to dispose of hundreds of thousands
of acres of its lands at public sale, as required by law.
"5. That hundreds of thousands of acres of poor land in the Northern
Pacific grant were erroneously classified as mineral. This land was turned
back to the United States and the railroad acruired mineral indemnity
rights therefor, which we applied in part on more valuable lands in the
indemnity limits.
"6. That under a rule of law laid down by the Supreme Court, the
Northern Pacific has been erroneously allowed 1,500,000 acres too much
land in the State of Washington.
"7. That over 500,000 acres of land credited to the Northern Pacific
should be deducted because of conflict with the land grant of another road,
and the erroneous fixation of the land grant limit lines.
"8. That approximately 640.000 acres of land have been erroneously
allowed the Northern Pacific by reason of the Tacoma overlap.
"9. That the Northern Pacific has received approximately 600,000 acres
of land to which they were not entitled under their grant in the Walluia
overlap.
"10. That the Northern Pacific has been allowed to make over 1,300,000
acres of indemnity selections in its second indemnity belt, whereas these
selections should have been confined to the first indemnity belt.
"11. That for lands erroneously patented to the Northern Pacific the
Government should be entitled to receive at least what the railroad received
at least what the railroad received from the sale of these lands, instead of
$1.25 per acre.
"12. That the Northern Pacific, under the Mount Rainier Park act of
March 2 1899, relinquished to the United States thousands of acres of
commercially valueless land, and received therefor selection privileges
in the States of Oregon,
applicable to the finest lands they could findMinnesota
and Wisconsin.
Washington. Idaho, Montana, North Dakota,
a mimeographed pamphlet, which is in
"I am sending with this letter
brief
This
was filed by
the
whole
matter.
with
dealing
brief,
the nature of a
department With the General Land Office on July
the Forest Service of this
12 1923.
introduced in Congress does not attempt
"The resolution which has been
Pacific. It merely holds the adjustto take any land from the Northern
of further patents in abeyance until Oonissuance
ment of the grant and the
[VOL. 118.
THE CHRONICLE
gress has had an opportunity to make an inquity into the land grantsiso
that it may pass such legislation as it may deem right and proper.
"It is my opinion that the case is beyond question one for the action of
Congress. It would be extremely unfortunate if 3,000,000 acres of National
Forest lands should be lost to the United States if Congress has the authority
to save them under legislation, which, in the light of all the law and the
facts, would be fair and just to the Northern Pacific Railway Co."
For the reason set forth by the Secretary of Agriculture, I heartily
concur in his recommendation that the entire matter should receive the
attention of Congress. I therefore urge upon your committee the importance of action as early as possible, which shall look to the fullest protection
of the public interests herewith concerned. The recital of the facts has
deeply interested me, and it is this interest, together with the conviction
that a highly important public interest can only be effectively protected
by appropriate Congressional action, that prompts me to write you.
Most sincerely yours,
CALVIN COOLIDGE.
A preliminary hearing will be held to-day (March 1) by
the House Public Lands Committee on the resolution by
Chairman Sinnott, which would authorize the Interior Department to hold up adjustment of land grants with the
Northern PaLeific. Mr. Sinnott said the committee would
seek to determine whether extensive hearings should be held.
government officials and representatives of the Northern
Pacifie will be given opportunity to present their cases in a
preliminary way.
L. W. Manning of Cincinnati Branch of Federal Reserve
Bank of Cleveland Criticises Complaints Against
Sale of United States Treasury Savings
Certificates.
According to L. W. Manning, manager of the Cincinnati
branch of the Federal Reserve Bank of Cleveland, "it is both
unnecessary and undesirable" for the Treasury or the Administration to heed the complaints and stop the issuance of
further United States Treasury Savings Certificates. "The
soundest policy for a banker to pursue," says Mr. Manning,
"is to encourage his depositor to invest his excess deposits
in high grade securities, such as Liberty bonds, Treasury
Certificates, &c." The suspension of the sale of Treasury
Savings Certificates in seventeen western and middle western
cities was refeired to in our issue of Feb. 2, page 505, and On
page 613,(Feb. 9) we referred to the suspension of the sale of
the Certificates in Oklahoma. We give herewith what Mr.
Manning has to say as reported in the Cincinnati "Enquirer"
of Feb. 16:
There is no banking practice more fraught with possible danger to the
banker than that of encouraging depositors to keep large sums of money on
deposit with the bank as a matter of policy. It is a sound banking theory
that this surplus of deposits often leads the banker into making loans that
he otherwise would not consider in order to keep the money employed,
and against this there is always the constant liability of the depositor withdrawing his money either on demand or after the legal period of time. Thus
a bank sometimes gets into troubled waters because of a position where its
assets are tied up in "frozen loans," while its deposits are subject to drain at
any time by withdrawals.
Sound Policy Is Indicated.
The soundest policy for a banker to pursue is to encourage his depositor
to invest his excess deposits in high-grade securities, such as Liberty bonds,
Treasury certificates of indebtedness or other high-grade investments.
This serves to employ the depositor's money in a safe security and serves
also to take temptations away from the banker.
That policy also has the added advantage of giving the banker the Opportunity to advise concerning investments, perhaps to make them for his
depositors, and naturally to time or have adequate notice of withdrawals
of his depositors' idle cash.
His position is much sounder with his deposits held within bounds where
the offsetting loans and investments are composed of excellent risks and
there is no pressure to take on risks that are not so good.When the first and second Liberty loans were first offered there was a
great cry from bankers all over the country that the investment by depositors in these issues on a largo scale would play havoc with the banking
business. This fear proved to be unwarranted, and the experiences of the
banks were just the opposite.
The investor in Liberty bonds had a sound security of the highest type
and when he needed money for business purposes he was able to give the
bank this safe collateral,so that in the business expansion incident to the
war the banks were furnished with securities of the first rank to cover a
big percentage of their loans. If the depositors had not invested in Liberty
bonds, their excess deposits would often have been the means of a bank
taking on loans with far less security back of them and would have served
to add greatly to the amount of poorly secured loans during the period of
inflation.
Proved By War Experience.
The experience of the war-time period proved beyond a doubt the soundness of the policy of encouraging investments in high grade securities by
depositors when they have surplus funds for any considerable period of
time. The bankers did not lose anything by this policy and dhey were saved
from temptation in many instances.
These conclusions apply to the present savings certificates, and it is
both unnecessary and undesirable for the Treasury or the administration to
heed those complaints and stop the issuance of further certificates because
of the reasons set forth in the complaints from Ohio.
The bankers complaining of the certificates are taking an unsound position against the best banking practice and experience. If they gave a
comprehensive study to the question they themselves would see the error
of their contention. They would serve themselves and their customers
far better by advising their depositors to invest their surplus cash deposits
in high grade investment securities. This would be real constructive service
on the part of the banker, and experience has shown that it is a sound, safe
and profitable policy.
MAR. 1 1924.]
THE CHRONICLE
Secretary Mellon in Reply to Senator Couzens's Proposal for Investigation of Internal Revenue Bureau.
Secretary of the Treasury Mellon in reply to the proposal
of Senator Couzens of Michigan for an investigation of the
Bureau of Internal Revenue says, "I do not believe that any
overhauling of the Bureau would do other than harm."
The employees in the Bureau, he says, have training and experience "and are functioning satisfactorily. To disturb the
situation by creating in them the impression that an 'overhauling' is to take place would be to destroy the morale of
the organization and render the existing machinery much
less effective." The resolution of Senator Couzens says that
"the Treasury Department has not, according to reports,
completed settlement of all tax cases for the year 1921,"
and that as a result of this delay "the Government has, it is
claimed, lost millions of dollars." Secretary Mellon states
that "thorough reorganization, improvements in method,
and with the assistance of expert advice, the administration
of the Bureau is now working efficiently and rapidly catching
up on arrears." The following is the resolution of Senator
Couzens, which was introduced on Feb. 21:
Whereas, The Bureau of Internal Revenue of the Treasury Department
has not, according to reports, completed settlement of all tax cases for
the year 1921, which cases should have been settled long ago; and
Whereas, This delay is indication of improper organization or gross
inefficiency or the Bureau's handicap by conditions of which the Senate
is not aware; and
Whereas, As the result of this system and this delay the Government
has, it is claimed, lost millions of dollars, taxpayers have been and still are
oppressed and corruption or the opportunity for corruption exists; and
Whereas, Rates for income taxation are governed entirely by the administration or lack of it; and
Whereas, There can be no helpful, honest, sincere and intelligent
action on the rates of taxation until this system is corrected; therefore be it
Resolved, That the President of the Senate be authorized to appoint
a special committee of five members, three of whom shall be of the majority
party and two of the minority party, which shall investigate the Bureau
of Internal Revenue to ascertain the extent to which said conditions exist
and report thereon not later than April 1, so that this information may
be ready for the Senate in considering a tax revision and tax reduction
bill now before the House of Representatives. Said committee shall have
power to subpoena and summon witnesses and require their presence and
testimony and cause to be examined such documents and papers of the
Bureau of Internal Revenue of the Treasury Department as may seem
necessary in the public interest.
967
World War if I should omit to pay my tribute to the fine public spirit that
has prompted your community to raise this monument. It will be a continuing reminder to all that as a nation we owe to the service men a debt
which we can never repay. But we can at least acknowledge the debt,
and we can and should do everything in our power to remind our children
and our children's children of the fact that this nation does not forget.
Financial Advertisers' Association Predicts Large
Attendance at London, England, Conference
in • July—Francis H. Sisson Chairman of
Convention Committee.
At its recent Midwinter Conference in New York City the
rapidly maturing plans for the annual convention of the
Associated Advertising Clubs of the World were discussed
by the directors of the Financial Advertisers' Association,
and great enthusiasm was reported from all sections of
the country. Francis H. Sisson was selected as Chairman
of the Program Committee to co-operate with the London
bankers in preparing a suitable program for the large number of bankers both from this country and from the Continent expected to be in attendance. The bankers of England
and the Continent are showing great interest in advertising
and with such speakers as the Governor of the Bank of England and other financial leaders from both sides of the
water the departmental of the Financial Group ought to be
a success. In addition, practically all other departments
of the Associated Advertising Clubs are planning elaborate
programs. Already the "Republic," originally chartered to
carry the United States delegation to London, is overflowing and a second boat is under option. More than 1,500 accommodations have already been reserved in London's best
hotels and special rates are being made by the United States
lines as a special courtesy. Reservation should be made
through local advertising clubs or by writing to the home
office of the Financial Advertisers' Association at 135 West
Washington Street, Chicago, Ill. It is of particular note
that the $50,000,000 British Empire Exposition will be at its
peak during the week of the convention—early in July—and
special tours are being operated through France, Italy,
Switzerland, etc., immediately following the convention.
Secretary Mellon's statement in reply, made public Feb.
23, says:
I know of no instances of corruption in the Bureau of Internal Revenue, Thirteenth Annual Banquet of Trust Companies of
except a few which have been prosecuted criminally. It is impossible, of
United States—Messages From President Coolidge
course, to say in any business anywhere that chances for corruption do not
and Secretary.Mellon—Evans Woollen on
exist. I have found governmental employees generally honest and loyal
Open Shop.
to'the Government, and I believe such is the case in the Bureau of Internal
Revenue.
annual
banquet of the Trust Comthirteenth
the
At
It should be remembered that income taxes were of little importance
prior to the war. The law was simple, the surtax rates were low, and panies of the United States, held at the Hotel Commodore,
contests by taxpayers were infrequent. With the high surtaxes and an New York, Feb. 14, messages from both President Coolidge
enormously complicated law, the last Administration was required to
expand its forces greatly, and the machinery, being new, was not then and Secretary of the Treasury Mellon were read. That of
working satisfactorily.
President Coolidge, congratulating the Trust Company
When the present Administration took hold the Bureau of Internal
the great service they have done to American
Revenue was going further and further behind. Up to then it had been Division "on
business and finance," was addressed to John B. Earner,
possible to do little, if any, work upon difficult and complicated returns.
Through reorganization,improvements in method and with the assistance Executive Committeeman, and was as follows:
of expert advice, the administration of the Bureau is now working efficiently
My dear Mr. Larner.—Your invitation, on behalf of the Trust Company
and rapidly catching up on arrears. The Treasury expects to have all
Division of The American Bankers Association, to address .them at the
returns substantially current by the close of the next fiscal year.
We will be greatly assisted in this by the administrative changes recom- time of their annual banquet, in New York, Feb. 14, is received. I regret
that acceptance of this invitation is immended by the Treasury in the bill now pending in Congress. We have that my engagements are such
already commenced on a policy of decentralization, which will increase possible. You will place me under obligation if, however, you will express
to the company at that time my congratulations on the great service they
efficiency and obviate some of the expenses of the taxpayers.
and finance, especially in the inculcation of
In the annual reports of the Tax Simplification Board to Congress the have done to American business
Ideals
of thrift and careful business management.
situation is discussed at length. There are now only one-third of 1% of
Most sincerely yours,
1917 returns uncompleted. The primal reason for delay in adjusting taxes
CALVIN COOLIDGE.
for the years 1917 and 1918 is the immense amount of work involved in
settling invested capital, determining the value of natural resources, the
Secretary Mellon, in stating that "the Treasury feels that
March 1 1913 value of assets and questions of Consolidation. The decisions
vital factor in the situation is the present system of taxaof the courts, such as the stock dividend case, required many re-audits and a
tion, and that the time has come to revise the taxes on a
large refunds. This also retarded settlements.
These are the years of the excess profits taxes. Once these high tax peace-time basis," added that "if a sound system of taxation
years are settled, and settled correctly, an audit of income tax returns will
is adopted and the policy of economy in Government is conbe much simpler and can be more promptly handled.
I do not believe that any overhauling of the bureau would do other than tinued, I believe that the country may look forward with
harm. The training necessary to handle tax cases is highly technical, and confidence to increased prosperity in which everyone will
education and experience are essential. The employees in the Bureau
share." The letter from Secretary Mellon follows:
have this training and experience, and are functioning satisfactorily.
I am glad to have this opportunity to extend my cordial greetings to the
To disturb the situation by creating in them the impression that an
"overhauling" is to take place, would be to destroy the morale of the members of the Trust Company Section of the American Bankers' Association, on the occasion of their midwinter meeting at the Hotel Commoorganization and render the existing machinery much less effective.
dore on Feb. 13.
As bankers, you know that the condition of the country is sound. But
we must also make sure that all influences which might retard the country's
President Coloidge's Message Upon Occasion of Dedi- continued,
steady development are removed. The Treasury feels that a
cation of Chattanooga Memorial Auditorium.
vital factor in the situation is the present system of taxation, and that the
has come to revise the taxes on a peace-time basis.
Upon the occasion of the dedication in Chattanooga on time
A sound tax policy should be designed, not alone for the immediate present
Feb. 22 of the Memorial Auditorium, erected and equipped, but also for the ultimate effect it will have on the country's future prosperity. The Treasury's recommendations seek to do this. They provide
at a cost of approximately $1,000,000, in memory of the men for
distributing the benefits of tax reduction among all classes of taxpayers,
of the country and city who died in the service of the United and at the same time seek to revise
the surtaxes so that capital will again
States during the World War, a message was received from find its way into business enterprises, with results equally beneficial to the
Government
and
to
the
country
"to
at
tribute
the
large.
If a sound system of taxation is
paying
fine
public
spirit
President Coolidge
adopted and the policy of economy in
is continued, I believe
that has prompted your community to raise this monument." that the country may look forward withGovernment
confidence to.increased prosperity
follows:
Coolidge
President
in
which
every
one
will
of
share.
The message
Sincerely yours,
I should not do justice to my sentiments regarding the splendidly patriotic
A. W. MELLON. Secretary of the Treasury.
demonstration of Chattanooga in raising this memorial to the soldiers of the
968
THE CHRONTCLE
Evans Woollen, who acted as toastmaster at the banquet
discussed, among other things, the question of the open
shop, as to which he said:
Is it possible,finally, that some of us may well readjust our attitude with
reference to one phase of the problem of capital and labor That problem
is at the bottom of the capitalistic organization of society to which we as
conservators of capital are committed and for the perpetuity of which we
are profoundly. concerned. This is not the time to discuss the open shop
but it is not inappropriate, I trust, to urge, on behalf of the understanding
our business needs, that those who advocate the open shop should do so
straightforwardly and should not strike at unionism under the guise of
patriotism. Every straight-thinking person favors the open shop if the
phrase means, and means only, the right, without interference, to employ
whomsoever, whether unionist or non-unionist, and the right of whomsoever, whether unionist or non-unionist, if employed, to work without
interference. The phrase is used, however, to mean something more.
The open shop is called the American Plan and in the fight against the union
patriotism is invoked. The refusal of the unionist to work with the nonunionist is condemned as an unpatriotic denial of an American right. The
charge is that the non-unionist is denied the right to be employed. He has
no such right. No one has the right to be employed. The non-unionist
does have the right, if employed, to work without interference. To advocate and promote, as matter of principle, the enforcement of that right,
the right of whomsoever, if employed, to work without interference, is
indeed an endeavor of patriotism. But, on the other hand,to advocate and
promote, as matter of policy, one course or another with reference to the
employment of unionists is an endeavor not of patriotism but of expedience.
It seems expedient to the non-unionist not to join the union. There is no
question of patriotism involved. It seems expedient to the unionist not to
work with the non-unionist. Equally there is no question of patriotism.
It seems expedient to one to employ unionists, to another to employ nonunionists. Here too is no question of patriotism. The distinction is worth
making because the solution of the problem of capital and labor is a matter
of understanding and it does not make for understanding or for good will
that one side tries to envelop its cause with the flag.
These, then, are the items of self-examination I propose for us as conservators of property, concerned to prevent the making of laws for the
undoing of property, concerned to prevent the breaking of laws for the
protection of property and concerned to see capitalism unmenaced by strife
between capital and labor.
[VOL. 118.
regulation, every domestic or resident foreign corporation and every
personal service corporation shall render a return on Form 1097 of its
payments of dividends and distributions to stockholders.
In accordance with the foregoing all domestic corporations not specifically
exempted from taxation are hereby directed to file returns of informations
on Form 1097 showing the amount of payments of dividends and distributions to stockholders who are individuals, fiduciaries or partnerships.
Returns of information will also be required of resident foreign corporations
to the extent that dividend payments and distributions are made to citizens
or residents of the United States and domestic partnerships and fiduciaries.
These returns shall be filed not later than March 15 1924, and shall cover
all such payments made during the calendar year 1923. (T. D. 3558.
signed by Commissioner D. H. Blair, and dated February 25 1924.)
Better Mailing Week.
The week from Feb. 18 to 25 was designated by the Postmaster General as "Better Mailing Week." A post office
news item, urging all mailers to acquaint themselves with
the nature of the Postal Service and its demands upon them
in order to secure the fullest cooperation for the best service
possible, points out that thousands of letters reach the Dead
Letter Office which could have been delivered had proper
forwarding instructions been filed. The item also says in
part:
To insure delivery, all mail matter should be legibly addressed, and for
cities in which there is delivery service should contain the street address,
or if on a rural route the box and route number.
See that mail is addressed to an existing post office, and if to a city the
street and number or post office box is included.
All mail matter should bear the sender's name and address so that if
necessary the article may be returned to the sender or correspondence
had with the sender. Twelve million letters annually are undeliverable
and can not be returned to the sender because of lack of evidence as to
who the sender is and where he may be addressed. Where letters do not
bear the sender's name and address and this information is disclosed on
opening the letter, a fee of 3c. is charged for the return to the sender.
For every working-day during the month of January, 134,615 undeliverable letters were sent to the Dead Letter Office. This is at the rate of
3,500.000 per month and 42,000,000 a year. The failure of this great
volume of letters to reach the people for whom intended is due wholly to the
failure of the public to supply correct, legible, and complete addresses.
Every one of these letters would have been delivered had a proper and complete address been furnished. All of the letters above mentioned would
have been returned to the writer instead of being sent to the Dead Letter
Office had they borne return addresses of the senders.
It is of the utmost importance where there is a change of address that a
forwarding order 'be filed in the post office. Where mall is received by
carrier, a form should be secured and the order delivered to the carrier.
This insures the prompt forwarding of mail. which otherwise is delayed and
eventually be treated as dead.
Income Tax—Extension of Time for Filing Corporation
Returns.
Commissioner of Internal Revenue D. H. Blair makes
known a Treasury Department ruling, dated Feb. 13,
granting an extension of time for domestic corporations, up to
and including June 15 1924, for completing returns of income
for the calendar year 1923, the fiscal year ended Jan. 31 1924
and the fiscal year ended Feb. 29 1924, conditional upon
the filing of tentative returns before March 15, April 15 and
May 15 1924, respectively. The ruling follows:
Building Material and Construction Activities in the
Chicago Federal Reserve District.
T. D. 3550.
•
INCOME TAX—TIME EXTENSIONS FOR DOMESTIC
contracts and permits, the Federal Reserve
building
As
to
CORPORATIONS.
following to say in its March 1
Extension of time until June 15 1924 of the final date for filing returns Bank of Chicago has the
of domestic corporations, Form 1120 for the calendar year 1923 and Form report of Business Conditions in the District:
1120A for the fiscal year ended Jan. 31 1924 and the fiscal year ended
Building activities on the basis of aggregate value of contracts awarded.
Feb. 29 1924.
increased during January, while permits were lower in value than in DeTreasury Department, Office of Commissioner of Internal Revenue,
cember. Despite the severe weather during part of the month, awards for
Washington, I). C.
January were higher than for the two previous months. Awards increased
concerned
others
and
Revenue
To Colltotors of Internal
21.9% over December, and 14.3% over January of last year. Those for
Under the authority of Section 227 of the Revenue Act of 1921, a general residential construction showed the greatest increase, being 33.4% above
extension of time is hereby granted domestic corporations up to and in- the previous month, and nearly double the corresponding month last year.
cluding June 15 1924 for completing returns of income for the calendar The total value of residential contracts was higher than for any month last
year 1923, the fiscal year ended Jan. 31 1924 and the fiscal year ended year, with the exception of April. Awards in Michigan and Illinois increased
Feb. 29 1924, conditional upon the filing of tentative returns with the 73.2 and 32.3%, respectively, while Indiana, Iowa and Wisconsin showed
proper Collector of Internal Revenue on or before March 15. April 15 and decreases. Wisconsin was the only one of the five states to report a figure
May 15 1924, respectively, accompanied with at least one-fourth of the lower than last January.
estimated amount of tax due, together with a statement setting forth the
The estimated cost of permits issued in the fifty cities, fell 36.8% below
reason why the return can not be completed within the prescribed time December, and 12.5% below last January, The decline of 65.2% for the
and a formal request for the extension.
cities of Iowa, was the greatest reported for the month. Michigan, outside
Tentative returns submitted in accordance with the foregoing should b of Detroit, increased 26.7%, but the loss in Detroit caused a drop of 23.4%
on Form 1120 for the calendar year and on Form 1120A for a fiscal year, for the State. This was the only one of the five States to report an increase
on which should be written plainly across the face "Tentative return." over last year. This increase amounted to 25.2% for the State as a whole,
Only the name and address of the corporation and the estimated amount, while outside of Detroit, the increase was 96.5%. Chicago, Indianapolis,
If any, of the tax due need be stated.
Des Moines, Detroit and Milwaukee all reported increases for the month:
Any deficiency in the first installment as determined upon submission while Milwaukee and Detroit with increases of 13.1% and 12.6%, respecannum
from
6%
per
rate
of
at
the
of the final return will bear interest
tively, were the only ones to sitow gains over last January.
March 15, April 15, or May 15 1924, respectively.
D. H. BLAIR, Commissioner of Internal Revenue.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Approved Feb. 13 1924.
A. W. MELLON, Secretary of the Treasury.
Two New York Stock Exchange memberships were
Income Tax—Corporations Required to Furnish Information as to Payments of Dividends, Names and
Addresses of Those to Whom Paid, &c.
Under a ruling by the Treasury Department at Washington all corporations are required to file returns not later
than March 15 showing the amounts of payments of dividends
and distributions to stockholders during the calendar year
1923, stating the name and address of each stockholder,
the number of shares owned by each, and the amount of the
dividends paid to each. The ruling is made public as
follows by the Corporation Trust Co.:
T. D. 3558.
Returns of information for calendar year 1923 required with respect to
made
by
corporations to individuals partnerships and,
dividends
payments of
fiduciaries.—Section 254 of the Revenue Act of 1921 provides that every
corporation subject to income tax and every personal service corporation
correct return, duly
shall, when required by the Commissioner, render a
stating the name and
verified under oath, Of its payments of dividends,
by him, and the
address of each stockholder, the number of shares owned
Regulations 62 provides
amount of dividends paid to him. Article 1060 of
by the Commissioner, either specially or by general
,that when directed
reported posted for transfer this week, that of the late
George J. Gould being sold by the estate to Paul H. Klingenstein for $85,000. It is stated that this membership was
obtained by Mr. Gould in 1886. The membership of
George W. Eberhardt was sold to Charles P. Berdell, Jr.,
the consideration being stated as $87,000. Last previous
sale was for $83,000.
The New York Coffee and Sugar Exchange membership
of E. L. Leuder, 3d., was reported sold to Farr & Co. for
$6,750. Last previous sale $6,500.
Charles Jones Peabody, who retired as a member of the
banking house of Spencer Trask & Co., of 25 Broad Street,
in January 1923, died in the Brooklyn Hospital Feb. 24. Mr.
Peabody entered the hospital on Feb. 6 and underwent an
operation on the 15th inst. Mr. Peabody was an active
member of the New York Stock Exchange for over 25 years.
He was a trustee of the Brooklyn Savings Bank, a director
of the Bank of America and the Franklin Trust 4o.; Beare-
MAR. 1 1924.]
THE CHRONICLE
tary and Treasurer and a director of the Broadway Realty
Co.; Vice-President of the International Combustion Engineering Corporation; member of the Executive Committee
of the American Beet Sugar Co., and a director of several
Mexican corporations. Mr. Peabody was ever active in the
religious and civic life of Brooklyn and was keenly and
broadly sympathetic toward good causes. He was a former
President of the Brooklyn Philharmonic and the Brooklyn
Oratorio. He was also active in the Brooklyn Heights Association, a director of the Brooklyn Institute of Arts and
Sciences, and a trustee of the Packer Collegiate Institute.
He was a brother of George Foster Peabody and was born
in Columbus, Ga., in April 1856.
The National Bank of Commerce in New York announces
that, effective Mar. 1 1924, Elmore F. Higgins and Henry C.
Stevens, Second Vice-Presidents, and Roy H. Passmore,
Cashier, have been appointed Vice-Presidents; Emanuel C.
Gersten, Rugene M. Prentice and John T. Walker, Jr., Assistant Cashiers, have been appointed Second Vice-Presidents, and Julius Paul, Assistant Cashier, has been appointed Cashier. Louis A. Keidel has resigned as a VicePresident of the bank, effective Mar. 31 1924, to enter commercial business.
The National City Bank ann- ounced on Feb. 27 the opening
of a new office at Broadway and 72d Street on March 1.
969
Loan & Trust Co., of New York, died on Feb. 23, following a
stroke of apoplexy. Mr. Rolston had been a member of the
Stock Exchange 42 years, and was in his 67th year. '
The Farmers Loan & Trust Co. of this city, through its
President, James H. Perkins, in calling attention to the facilities the company is prepared to offer in connection with
foreign travel, says:
Our London offices are most conveniently located, one at 15 Cockspur
Street, a few steps from Trafalgar Square, and the other at 26 Old Broad
Street, in the financial district. Both of these offices are staffed by Americans and are prepared to offer every courtesy and assistance to travelers,
or to those having business in England.
In Paris, our representative, Mr. James R. Barbour, is located in the
office of the Banque de Paris at des Pays-Bas, at 3 Rue d'Antin. This is
the principal office of one of the great French banking institutions, so that
we are able to provide the combined advantages of an American representative and the facilities of a French bank. In addition to the main office of
the Banque de Paris at des Pays-Bas, it maintains a branch on the Champs
Elysees, a few blocks below the Arc de Triomphe, which may be more convenient for those stopping at hotels in the neighborhood of the Etoile.
Arrangements for letters of credit and other foreign services may be made
at our main office at 22 William Street, or our branch at 475 Fifth Avenue.
The Harlem branch of the private bank of Lionello Perera
& Co. at First Avenue and 116th Street suffered a run which
began on Thursday morning, Feb. 21, and continued throughout Saturday, Feb. 23. The run was precipitated, it is understood, by mysterious warnings received over the telephone by several of the depositors that all was not well with
the institution. The false rumor spread rapidly, a crowd
of several hundred evcited depositors gathered at the bank
building, and it was necessary to call out the police reserves
from the East 126th Street Station to maintain order.
Lionello Perera, the President of the institution, hurried
uptown from the head office of the bank at 63 Wall Street
with funds to meet the demand. Throughout the afternoon
the bank's officers were kept busy explaining to the frightened depositors that the institution was solvent, and the
doors were kept open until 4 o'clock, an hour later than
usual, in order to accommodate all who demanded their
money. It was estimated that about 500 persons drew out
approximately $350,000 during the day. When the bank
opened on Saturday morning Mr. Perera informed the long
line of waiting people that there was $1,500,000 in cash on
hand to meet all demands. By noon, it was said, there
were probably a thousand persons around the bank, but
there was very little of the excitement which had characterized the run of the first day. When the bank closed for
the day at 7 o'clock more than $100,000 had been redeposited.
By Monday, Feb. 26, the run on the institution had subsided.
New York Chapter, Americ- an Institute of Banking, has
announced the subject which is to be treated by contestants
for this year's Cannon prize. This contest, under the name
of the James G. Cannon Essay Contest, was established by
• the Board of Governors of New York Chapter several years
ago, the annual prize being paid from an endowment fund
established for the purpose. The papers this year are to
discuss the subject, "Under which control is it most advantageous to conduct commercial banking in New York State—
Federal or State?" While the subject is limited to New
York State for the purpose of specific discussion, the committee consisting of Alfred C. Schneider, American Exchange National Bank; Frederick W. Gehle, Vice-President,
Mechanics & Metals National Bank, and Frederick C. Metz,
Treasurer, Bank of New York & Trust Co., will permit members of the chapter living in New Jersey or some other State
to substitute the name of their own State in the subject.
The contest, which is open to all members, calls for original
treatment in a paper not to exceed 3,000 words in length.
of New York announces that on
The National City Bank
These papers should be typewritten in triplicate and delivInternal Revenue
ered to the Chapter's Secretary by May 5 1924. They will and after to-day (Mar. 1) the Collector of
55 Wall Street,
office,
head
its
at
representative
a
have
will
be
will
be judged by a committee of bankers whose names
Avenue
branch, Fifth
Madison
and
Street
42d
the
at
and
announced later.
Avenue and 28th Street, and Bowery and Bond Street
At the last meeting of the tr- ustees of the Fulton Trust Co. branches, who will assist those desiring aid in filling out
of New York Lewis Spencer Morris, a trustee for many income tax returns.
years, was elected Chairman of the Board. Mr. Morris
The Bank of Southold, at Southold, N. Y., announces the
stated that there would be no change in the personnel of the
of Albert A. Folk, President of the bank, on Feb. 27.
death
officers and that the company would continue its policy of
The funeral services will be held at his late residence at
paying special attention to the administration of trusts and
2 o'clock to-day (March 1).
estates and would undertake to render to its depositors Southold at
such services as they may desire in the management of their
- of Directors of the Keyport
At a meeting of the Board
securities and property.
Banking Co., of Keyport, N. J., on Feb. 19, F. P. Armstrong
Vice-President to fill the
The capital of the Public National Bank of this city was (heretofore Cashier) was elected
I. Holmes. J. H.
Jonathan
of
death
the
by
caused
vacancy
Increased from $3,500,000 to $4,090,000 on Feb. 23 1924 by
was promoted to Cashier
order of the Comptroller of the Currency. Stockholders will Hendrickson, Assistant Cashier,
Cashier.
receive additional shares representing this increase on Feb. and John S. Matthews, Jr., was elected Assistant
28 1924. The plans to increase the capital were ratified by
The death was announced i- n Pittsburgh on Feb. 24 of J.
the stockholders on Feb. 21; the increase is effected through Harvey Evans, Treasurer of the Union Trust Co. of that
a stock dividend of $500,000 (14 2-7%) payable Feb. 28 1924, city. Mr. Evans was at his office the day before his death.
to stockholders of record Feb. 21 1924. Details were given He entered the ilnion Trust Co. as a teller in 1900, subsein our Issue of Jan. 12 1924, page 168.
quently being promoted to Assistant Treasurer, and in 1918
Greenwich
Bank
e
thof
City
of
New
York and the to Treasurer, the position he held at the time of his death.
The
Greenwich Safe Deposit Co., operated by the interests in the
The respective directors of the Pioneer State Savings
bank, have filed an application with the State Banking De- Bank. 4000 West North Avenue, Chicago, and the Scheubert
partment for permission to open branch offices at Lexington & Amberg State Bank, 4140 West North Avenue, that city,
Avenue and 79th Street and Lexington Avenue and 34th have recommended to the stockholders of each institution
Street. The latter office will be opeend in about two weeks. the consolidation of the business of the two banks under the
recomFrederick K. Pulsifer, a member and one of the founders title of the "Pioneer Trust Co." Under the plan
at the
mended
new
a
constructed
$500,000
will
be
building
of the New York Stock Exchange house of Clark, Childs &
northwest corner of North Avenue and Crawford Avenue,
Feb.
on
by
22
suicide
inhaling
illuminating
committed
Co,.
which will have every facility to care for the 30,000 depositgass at his home in New York. He had been in failing
ors of the consolidated institutions. The new bank will
health for some time. Mr. Pulsifer was 63 years of age.
have a capital of $500,000; surplus and undivided profits of
William Henry Rolston, a m- ember of the New York Stock $150,000 and deposits in excess of $7,000,000. It will be
Exchange, and son of the former President of the Farmers affiliated, it is said, with the Chicago Clearing House Asso-
970
THE CHRONICLE
elation. The officers contemplated for the new Pioneer
Trust Co. are: John J. Lovett, Chairman of the Board;
C. J. Peebles, President; Charles E. Scheubert, R. H. Lovett
and John F. Amberg, Vice-Presidents; Norton F. Stone,
Cashier, and Harry G. Ostlund and Frank W. Collins, Assistant Cashiers.
[Vor.. 118.
lanta zone, Sixth Federal Reserve District, and successfully
directed the different Liberty Loan campaigns. At the
same meeting J. C. Wallace and James D. Camp, both of
whom have served the institution long and faithfully, were
appointed Assistant Treasurers.
The proposed consolidation of the Citizens' Bank & Trust
The following press dispatc- h from Wells, Minn., on Feb. Co. and the Canal-Commercial Trust & Savings Bank, both
21, which appeared in the New York "Evening Post" of the of New Orleans, of which mention was made in the "Chronsame date, reports the failure of the Wells National Bank:
icle" of Feb. 23, page 875, was consummated on Feb. 21.
The Wells National Bank, with deposits of approximately $1,000,000,
when the assets and deposits of the former were transferred
was closed to-day and A. B. Smith, National Bank Examiner, took charge.
L. N. Olds, President of the bank, dropped dead two weeks ago. The capital to the Canal-Commercial Trust & Savings Bank. A special
stock is $75,000 and the surplus $25,000. Recent heavy withdrawals were meeting of the stockholders of the Canal-Commercial Trust
responsible for the closing, it was said.
& Savings Bank has been called for March 21 next to vote
Three •small
small Montana banks were reported closed in a upon an increase of the capital stock of the bank by the sum
press dispatch from Helena on Feb. 19, which appeared in of $750,000, to be divided into 7,500 shares of the par value
the New York "Times" of Feb. 20. They are: The Baker of $100 each, to be used in the acquisition of the capital
State Bank (capital $50,000) and the Fallon County Bank stock of Citizens' Bank & Trust Co.
(capital $25,000) at Baker, and the Sumatra State Bank
Further referring to the proposed amalgamation- of La
(capital $25,000) at Sumatra.
Banque Nationale (Quebec) with La Banque d'Hochelaga
The Liberty National Bank of Tulsa, Okla., with a capi- (Montreal) the shareholders of the first-named institution
tal of $250,000, has been placed in voluntary liquidation. met in Quebec on Feb. 19 and unanimously approved the
effective Jan. 24 1924. On Nov. 5 the Security National proposed consolidation. The stock basis on which the
Bank purchased the assets of the Liberty National Bank, banks will unite, it is understood, is two shares of Banque
the Security increasing its capital stock to $500,000 and sur- Nationale for one share of Banque d'Hochelaga. At a speplus to $160,000, all of the increase being taken by the stock- cial general meeting of the shareholders of La Banque
holders of the Security National Bank. The officers after d'Hochelaga held on Feb. 21 the union of the institutions
the consolidation are as follows: Asa E. Ramsay, Chair- was also unanimously approved. Tile question of a name
man; A. L. Farmer,President; M. M. Doan, Eugene Lorton, for the new bank, after considerable discussion, was left for
J. M. Gillette and C. H. Seger, Vice-Presidents; D. H. Pratt. future consideration by the directors. The following Nvvre
elected members of the board of the new institution: .1. A.
Cashier; A. C. Pickens and H. P. Schaber, Asst. Cashiers.
Vaillancourt. Hon. F. L. Beique. Hon. G. E. Amyot. lion. J.
Ernest A. Brooks has been e-lected Assistant Vice-President M. Wilson, Sir Georges Garneau, A. A. Larocque, Hon. D. O.
of the First National Bank of St. Louis. Mr. Brooks before Lesperance. Armand Chaput, Charles Laurendeau. A. N.
becoming associated with the bank in 1919 had served as an Drolet, and Leo 0. Ryan Of the above directors the folofficer in the United States Navy for 20 years.
lowing came from the board of the Banque Nationale : 11,11
G. E. Amyot, Sir Georges Garneau. Hon. D. 0. Lesperan,
According to the Richmon- d "Dispatch" of Feb. 20, R.
and A. N. Drolet.
Lewis Shelby, the former Cashier of the National Bank of
Hopewell, Va., whose irregularities caused the institution
The forty-ninth annual report of the Imperial Bank of
to close its doors on July 11 1923, was on Feb. 19 sentenced Canada in pamphlet form, covering the fiscal year ended
by .Tudge D. Lawrence Groner in the United States District Oct. 31 1923, has just been received. Profits for the year
Court at Richmond to serve six years in the Federal peni- under review, after deducting charges of management.
tentiary at Atlanta. Shelby entered a plea of "guilty" to auditors' fees and interest due depositors, and after makim:
certain of the charges lodged against him and denied others provision for bad and doubtful debts and for rebate on bills
on which he has not been tried, it is said. Reference was under discount. were $1,141,600, and this with $1,000,931
made to the affairs of the closed bank in these columns in representing balance brought forward from the preceding
our July 21 1923 issue.
twelve months and $338,801 representing a surplus from
realization of real estate, made the sum of $2,487,333 availHarry C. Campbell, Vice-P- resident of the Seaboard Naable for distribution. This amount was appropriated as foltional Bank of Norfolk, Va., and formerly President of the
lows: $910,000 to pay four quarterly dividends at the rat.,
Bank of Norfolk, died on Feb. 13. Mr. Campbell founded the
of 12% per annum ($840,000), together with a bonus of
Bank of Norfolk in 1905 and was its President until 1912,
($70,000); $42,500 contributed to officers' guarantee and
when it was merged 'with the Seaboard National Bank; Mr.
officers' pension funds; $100,000 reserved for bank premises:
Campbell at that time became Vice-President of the consoli$250,000 set aside for contingencies and $151,000 to pay Dodated institution.
minion Government taxes, leaving a balance in amount of
Lieutenant-Governor W.
B. Cooper of North Carolina and $1,033,833 to be carried forward to the current year's profit
his brother, Thomas E. Cooper, former Chairman of the and loss account. Total assets as of Oct. 31 are given in the
Board and President, respectively, of the defunct Commer- report as $118,680,555, of which $55,785,359 are readily.
cial National Bank of Wilmington, N. C., were found "not available assets, or 54% of the institution's total liabilities.
guilty" on Feb. 16 by a jury in the Federal District Court Total deposits are shown as $89,442,750. The bank has a
at Wilmington of conspiring to violate the National Banking paid-up capital of $7,000;000, with a reserve fund of $7,500,Act after a trial which lasted two weeks, according to a 000. Peleg Howland is President; Dr. Wm. Hamilton Merspecial dispatch from Wilmington on Feb. 16 to the Raleigh ritt and Sir James Woods, Vice-Presidents and A. E. Phipps.
"News and Observer." The jury was out two hour and fifty- General Manager. The head office of the institution is at
Toronto.
five minutes. The dispatch went on to say:
The defendants were discharged until the May term of the court under
the same bonds of $5,000 each, which they gave when arrested last August. The only other charge against the Lieutenant-Governor is another bill
charging him with commitaing the acts he has just been acquitted of conspiring to commit and it is considered doubtful whether he will be put upon
trial again. However, there are three more indictments in the Federal
Court and an indictment in the State court against Thomas E. Cooper. The
Government is expected to press one more of its charges, regardless of what
happens in the State court.
We last referred to the affairs of the Commercial National
Bank of Wilmington in these columns in the "Chronicle" of
Aug. 25 1923.
B. Harvey, prominent in financial and civic circles
Robert E.
of Atlanta, was elected a Vice-President of the Atlanta
Trust Co. at the monthly meeting of the directors of the
institution on Feb. 13. Mr. Harvey will have directly under
his control the new accounts in the banking department of
the company. The increase in the business of the institution
made the creation of the new office imperative, it is said.
During the war Mr. Harvey was the Chairman of the At
With a view to acquainting themselves at first hand with the
methods and processes of the motion picture industry, about
75 prominent members of the bankers' Forum, New York
Chapter, American Institute of Banking, recently visited the
Long Island Studio of the Famous Players-Lasky Corporation, as guests of Mr. Richard W. Saunders, Comptroller of
the Corporation, ex-Cashier of the National Bank of Commerce in New York, and an active member of the Forum.
Arrangements had been made for the bankers not only to
visit the plant from top to bottom, but also to see the filming of pictures now in production. As a result those present
saw Lois Wilson, Bebe Daniels, Rudolph Valentino and
Lowell Sherman in one of the large features soon to be released, and Tom Meighan and Virginia Valli preparing a
picture soon to be shown. Subsequently most of these members of the banking fraternity had dinner in the studio
dining room and witnessed a private showing of some of the
company's latest releases.
MAR. 1 1924.]
971
THE CHRONICLE
ENGLISH FINANCIAL MARKETS-PER CABLE.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The daily closing quotations for securities, &c., at London,
The feature of the stock market this week has been the
reported by cable, have been as follows the past week:
as
strength of certain of the railroad shares, Southern Railway
Feb. 23. Feb. 25. Feb. 26. FeS. 27. Feb. 28. Ft .29.
London,
7' tuts. hi.
common
Mon. Tues.
Sat.
Week endin; Feb. 29common having crossed 50 and Norfolk & Western
73 5-16 ?" 7-16
33%
d •33 9-16 33 5-16 33%
Sliver, per oz
estab3d. c5.3.11d.
961.
also
31.
having
965.
96s.
8d.
95s.
shares
ounce
8d.
950.
Francisco
fine
per
San
Gold,
and the St. Louis &
5.834
56% • 5)%
5514
56%
Consols,2% per cents
10034
100%
lished new high records for the year. In the latter case the British,
1003
10014
10014
5 per cents
96%
96%
9634
96%
96%
4% per cents _ _ _ _
basis for the advance was reports that negotiations were in British,
56.50
56.60
56.25
57.75
58.70
_____ 5510
French Rentes (in Paris),
progress with the Texas Co. for drilling for oil on the lands French War Loan(InParis).fr- 69.95 71.00 70.85 70.40 70.40 70.94
San
of the New Mexico & Arizona Land Co., in which the
The price of silver in New York on the same day has been:
in N.Y., per oz.(eta.):
Francisco holds a half interest. On the other hand, some Silver
6431
64
6334
6414
6434
6434
Foreign
other railroad stocks, like Northern Pacific and Chicago &
North Western were weak because of the unfavorable stateNew York City Banks and Trust Companies.
ments. of earnings for January. An adverse development
AU prices dollars per share.
the
by
with the copper shares was the passing of dividends
Bid Ask Trust Co.'s Bid Ask
Banks
Ask
Bid
Banks-N.Y.
New York
Anaconda and Inspiration following similar action by the America *_ _ _ _ 211 215 Harriman_ _ _ 340
Manhattan •_ 160 164 American _ - __310
Exch__
300
Amer
the
Saturday,
Calumet & Heela. In the short session on
Mech di Met_ 387 392 Bank of N Y
Bowery •---- 460
& Trust Co, 490 510
320
Mutual*
Cen 160
market was fairly active with price movements indicating Broadway
366
Bankers Trust 362 536
Nat American 143
Bronx Boro* 140
were
Union 530
Central
shares
362
357
Railroad
City
list.
National
the
125
gains
throughout
moderate
Bronx Nat_ _ _
145 155 Commercial__ 110 120
New Neth •
170
•
Park
Bryant
going
305 315
Empire
prominent in the afternoon trading, Southern Railway
300
Butch St Drov 130 145 Pacific •
425 435 Equitable Tr. 202 205
Park
Mercan_ 215
forward one point and establishing a new high record at Cent
Farm L & Tr_ 618 628
348 353 Port MorrLs- 173
Chase
16 Fidelity Inter 200
330 5,
Public
49%. In the last hour copper stocks attracted considerable Chat & Phen_ 253 258
255
405 415 Fulton
Exch• 118 128 Seaboard
uaranty Tr. 249 253
attention, Anaconda declining one point to 383/8 following Chelsea
.558 565 Seventh Ave_ 90 105
Chemical _ _
230
Hudson
240
225
& Iron _ _ 220 230 Standard •_ _ _
the announcement of the suspension of dividends by the Coal
330 340 Irving Bank'State*
Colonial •_ _ _ _ 350
220 225
Tr
Colutnbla
140
150
Trade*
320
___
Calumet & Hecla. On Monday the market was confused Commerce
Law TN & Tr 207 217
Com'nwealth• 250 260 Tradesmen's• 200
Metropolitan _ 315 325
235 Ward*_ _ _ 275
and uncertain with a pronounced downward drift during Continental_ _ 145
Mutual (West
Exch__ _ 430 436 United States* 173
120 130
chester)
the greater part of the day. The declines predominated in Corn
Cosmop'tan•- 115 125 Wash'n Hts•_ 200
NY Trust... 364 369
1000
*.__
Yorkville
205
195
River_ _ _
the industrials and ranged from two to three or more points. East
itle Gu & Tr 388 395
Fifth Avenue* 1250 1300
US Mtg ck Tr 305 310
230 240
In the late afternoon a moderate rally in the railroad stocks Fifth
United States 1350 1380
Brooklyn
1395 415
First
'estches Tr_ 210 - carried these issues to higher levels. The stock market Garfield
275 285 Coney Island* 160 170
Brooklyn
400
385
First
175
165
slumped badly on Tuesday, marking a continuation of the Gotham
rooklyn Tr_ 500 510
Mechanics' •_ 135 145
Greenwich._ 340
County 850
Kings
170
_
__
•
Montauk
815
795
degeneral
Hanover
the
day.
In
break witnessed on the preceding
anufacturer 275 285
250
Nassau
385 400
250 275 People's
People's
cline the copper group stood out conspicuously, due to the
Some
Co.
dividend.
Copper
Ex
the
by
Anaconda
(x)
its
of
dividend
banks.
Passing
•Banks marked with(9 are State
improvement was manifest on Wednesday, but the tone
New York City Realty and Surety Companies.
continued irregular with declines and advances about even.
AU prices are dollars per share.
The feature of the day's trading was the eight point advance
IBid Ask
Bid AskI
Bid Ask
113 119 Realty ASSOC
Mtge Bond
in Fisher Body. This stock sold at $207, and established a Alliance R'ity 105
98 NatSurety__ 161 165 I (Bklyn)coml 167 172
Amer Surety. 94
88
lst pref____ 85
new high record for the year. Virginia-Carolina Chemical Bond& MG. 298 303 N Y Title & 208 215 2d
78
pref____ 74
Mortgage_ _
I
80
Investing 77
180
preferred receded nearly four points. As the day advanced City
IWeatchester
170
Casualty_
S
U
100
90
_
_
Preferred
235
225
Tr_
dr
Title
I
152
a stronger tone developed in the general list, numerous stocks Lawyers Mtge 163 168 U S Title Guar 147
advancing from one to two points from the low levels of the
opening hour. United States Steel common, which had
COURSE OF BANK CLEARINGS.
recovered over a point. The market
3
declined to 101/,
issues
the present week show a decrease compared
clearings
Railroad
Bank
Thursday.
on
showed great improvement
were especially prominent in the day's trading with Norfolk with a year ago. Preliminary figures compiled by us,
& Western leading the group with an advance of over nine based upon telegraphic advices from the chief cities of the
points to 1193
%. Chesapeake & Ohio also participated in country, indicate that for the week ending to-day (Saturday,
4 points
the upward movement of this group, advancing 23
for all the cities of the
to 71%. The mallet continued to improve on Friday, March 1), aggregate bank clearings
to obtain weekly repossible
is
it
which
from
States
by
attained
United
and new highs for the present recovery were
several of the leading industrial issues. United States Cast turns will show a decrease of 9.9%as compared with the correIron Pipe & Foundry rose more than two points to 6914. sponding week last year. The total stands at $7,997,758,629,
Southern Railway lead the upturn in the railroad group, against $8,875,202,848 for the same week in 1923. At this
touching 503/8. In the afternoon renewed pressure on
14.8%. Our comparative summary
Westinghouse Electric proved disturbing to the general list centre there is a loss of
follows:
as
is
week
the
for
and the closing tone was somewhat irregular.
THE CURB MARKET.
Trading in the Curb Market this weekwas in small volume
and price movement narrow and without definite trend.
The Standard Oil group was quieter than usual. Borne
Scrymser Co. advanced from 178 to 205. Cumberland Pipe
Line at one time was up five points to 144, but reacted to
and closed to-day at 139. Magnolia Petroleum
136
dropped from 154 to 145 and sold finally at 1453/8. Prairie
Oil & Gas after an early advance from 2363/8 to 2433/8,
dropped to 229 and ends the week at 2373/8. Prairie Pipe
Line advanced from 105 to 1073/3, fell to 103 and recovered
finally to 105. Solar Refining, after early improvement
from 217 to 225, weakened to 207 and sold finally at 210.
Standard Oil (Indiana) lost over three points to 603/2,
%. Swan &
recovered to 63% and closed to-day at 623
Finch rose from 69 to 80, dropped to 66 and ends the week
at 70. Vacuum Oil advanced from 623/8 to 663/3, reacted
to 623 and finished to-day at 643/8. Gulf Oil of Pa. declined from 61% to 583/8, with the final figure to-day 60
In the industrial section the proposed change in the stock
of the Radio Corp. caused considerable activity in the stock,
the common advancing from 33/8 to 4% and the preferred
3
from 4 to 4 3-16. The common closed to-day at 4/s.
%, and
% to 227
Dubilier Condenser & Radio rose from 195
closed to-day at 223. American Light & Trao. common
sold down from 131 to 124, and at 129 finally. Durant
%. New Mexico & Arizona
Motors declined from 3034 to 275
Land was heavily traded in up from 73/8 to 9 and at 83i
fin,ally.
complate record of Curb Market transactions for the
week will be found on page 1006.
Clearings-Returns by Telegraph.
Week ending March 1.
1924.
1923.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,632,000,000 $4,264,506,976
484,225,949
570,002,947
403,000,000
425,000.000
345,000,000
318,000,000
102,879,618
127,149,735
a
a
133,600,000
134,200,000
128,196,000
114,381,000
139,557.325
141,429,876
108,852,777
113,686,169
82,362,499
88,551,311
82,151,823
79,274,307
56,024,969
52,114,139
-14.8
-15.0
-5.2
-7.8
-19.1
a
-0.4
+12.1
-11.3
+4.4
-7.0
-3.5
-7.0
Twelve cities, 5 days
Other cities, 5 days
$5,668,896.006
995,902,852
$6,457,251,414
938,750,960
-12.2
+6.1
Total all cities, 5 days
All cities, 1 day
$6,664,798,858
1,332.959,771
$7,396,002,374
1,479,200,474
-9.9
-9.9
57.997.758.629
SR 875 202 R4R
-9.9
Total all cities for week
a Will not report clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures Will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Feb. 23. For
that week there is a decrease of 0.1% (though preliminary
figures pointed to a small increase), the 1924 aggregate of
the clearings being $6,836,898,081 and the 1923 'aggregate
$6,840,439,365. Outside of New York City, however, there
id an increase of 2.3%, the bank exchanges at this centre
recording a loss of 1.9%. We group the cities now aceording
to the Federal Reserve districts in which they are located
972
THE CHRONICLE
and from this it appears that in the Boston Reserve District
there is a falling off of 0.003%, in the New York Reserve
District (including this city) of 1.6% and in the Philadelphia
Reserve District of 2.1%. In the Cleveland Reserve District
the totals are smaller by 2.3%, in the St. Louis Reserve
District by 7.9% and in the Minneapolis Reserve District by
0.3%. In the Kansas City Reserve District there is a loss
of 6.6%, but the Richmond Reserve District shows a gain
of 6.4%, and the Atlanta Reserve District 8.5%. In the
Chicago Reserve District there is an increase of 1.2%: in
the Dallas Reserve District 41.6% and in the San Francisco
Reserve District 10.4%.
In the following we furnish a summary by Federal Reserve
districts:
•
SUMMARY OF BANK CLEARINGS.
Week ending Feb. 23 1924.
1924.
1923.
Federal Reserve Districts.
$
$
(15t) Boston
10 cities 357,729,019 357,730,204
(2nd) New York
10 " 3,820,479,239 3,880,960,844
(3rd) Philadelphia_ _ _ _10 ••
452,180,621 461,851,923
(40) Cleveland
8 "
316,482,257 323,965,948
(5th) Richmond
6 " 154,182,177 144,931,189
(6th) Atlanta
10 " 173,037,900 159,531,295
(7th) Chicago
20 "
745,012,164 736,060,485
(8th) St. Louis
6 "
42,174,200 45,792,657
(9th) Minneapolis
96,466,209 96,770,354
7 ••
(10th) Kansas City_
11 " 196,446,588 209,226,171
0.1t10 Dallas
5 "
72,141,800 50,930,920
(12th) San Francisco
16 " 411,565,907 372,684,365
Inaor
Dec.
1922.
1921.
wo
,
$
$
-0.0 272,397,841 236,839,963
-1.6 3,637,845,092 3,174,768,441
-2.1 394,476,405 353,048,641
-2.3 209,602,476 298,776,792
+6.4 108,806,172 119,617,431
4-8.5 120,341,560 127,279,830
+1.2 584,314,525 624,145,747
-7.9 34,171,120 34,972,380
-0.3 80,714,744 84,666,339
-6.6 196,182,771 224,188,900
+41.6 44,612,127 44,329,543
+10.4 280,275,173 258,621,925
Grand total
119 cities 6,836,898,081 6,840,439,365 -0.1 5,963,739,006 5,581,055,932
Outside New York City
3,090,376,064 3,021,160,716 +2.3 2,372,160,367 2,454,744,777
canaua ---------20 eltlena ,,r,kr,'In ,cc 7,no _L1 o enA ol a ono 011 gran gm
•
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending Feb. 23.
Ckartngs du1924.
1923.
Inc.or
Dec.
First Federal Reserve Dist rIct-Bosto nMaine-Bangor__
765,842
669,711 + 14.4
Portland
Mass.-Boston
321,000,000 321,000,000
0.0
Fall River__ _
1,946,594
2,049,940 -5.0
Holyoke
a
a
a
Lowell
951,677
869,573 +9.4
Lynn
a
a
New Bedford_ _
1,244,380
1.246,923 -0.2
Springfield.._ _
4.302,026
4,665,667 -7.8
Worcester
2,572,000
2.958,000 -13.0
Conn.-Hartford.
10,074,247
8,825,307 +24.7
New Haven_ _ _
5,309,153
5,493,783 -3.4
R.I.-Providence
9.563,100
9,950,800 -3.9
Total(10 cities)
357,729,019
357,730,204
-0.0
1922.
1921.
491,725
721,612
243,000,000
1,135,747
;63.710
a
1,263,491
3,243.528
2,392.825
6,855.227
4,422,488
8,729.100
206,901.908
1,108,773
a
789,157
a
1,039,917
3,211,762
2,919,857
7.063,106
4,533,571
8,350,300
272,397,841
236,639,963
Second Feder al Reserve D istrict-New YorkN. Y.-Albany_
4,343,686
3,577,501 +21.4
2,879,224
4,000,000
Binghamton-728,700
798,100 -8.7
735,900
649.500
Buffalo
d51,949,543
41,453,452 +25.3
31,301,042
31,077,839
Elmira
582,420
531,699 +9.5
Jamestown__ _
c1,326,358
1,017,243 +30.4
783,576
715,630
New York_ _ -- 3,746,522,017 3,819,278,649 -1.9 3,591,578,639 3,126,311,155
Rochester
8.065,227
7,881,871 +2.3
5,991,721
7,097,866
Syracuse
3,539,789
3,615,722 -2.1
2,575,523
2,696,687
Conn.-Stamford
c3,044,764
2,474,526 +23.0
1.721,245
1,796,275
N. J.-Montclair
376,735
332,081 +13.4
278,222
424,509
Total(10 cities) 3,820,479,239 3,880,960,844
3,637,845,092 3.174.768,441
Third Federal Reserve Dist rict-Philad elphia
Pa.-Altoona__ _
1.001,383
1,089,381 -8.1
696.478
878,473
Bethlehem __
3,277,337
3,432,637
2,464,984
2,213,222
Chester
1,193,291
1,029,900 +15.9
713,867
914,516
Lancaster
2,753,225
2,775,566 -0.8
2.181,278
1,996,355
420,000,000 436,000,000 -3.7 377,000,000 335,663,843
Reading
2,490.462
2,456,645 +1.4
1,812,123
1,698,084
Scranton
5,119,241
5,268,336
2.8
3,841,638
3.786,932
Wilkes-Barre_ _
d2,873,513
2,573.263 +11.7
1,760.000
2,047,872
York
• 1,218,125
1,248,899 -2.5
976.154
950,984
N..L-Trenton _
12,254,044
5,980,306 +104.9
3,099,650
2,828,593
Del.-Wilming'n.
a
a
a
a
Total(10 cities) 452,180.621 461,854,933 -2.1 394,476,405 353,048,641
Fourth Federa 1Reserve Die trict-Cleyel andOhio-Akron__ _
d8,533,000
4,680,000 +82.3
4,151,000
5,490,000
Canton
2,853,827
3,686,571 -22.6
2,469,579
2,725,920
Cincinnati _ _
58,419,958
63,555,218 -8.1
46,942,438
46.765,441
Cleveland
92,078,882
90,827,523 +1.4
64.978,536
82,462,677
Columbus_ _ _
9,864,500
12,838,200 -23.2
10,136,200
10,140,400
Dayton
a
a
a
S
a
Lima
a
a
a
a
Mansfield
d1,779,978
1,342,019 +32.6
987,840
761,790
Springfield_ _ _
a
a
a
a
a
Toledo
a
a
a
a
Youngstown__
d3,670.914
2,309,649 +58.9
3,246.883
2,381,413
Pa.-Erie
a
a
a
a
a
Pittsburgh_ _ _ _ 139,281,193 144,728,768 -3.8
76,690,000 148,049,151
Total(8 cities)- 316,482,257 323,965,948 -2.3 209,602,476 298,776.792
Fifth Federal Reserve Dist rict-Mehra ondW.Va.-Hunt'ton
1,648,678
1,360,040 -11.4
Va.-Norfolk... _
d7,345,946
5,711,949 +28.6
Richmond _ _
43.793,000
43.570.000 +0.5
S.C.-Charleston
d2.565,579
2,098,376 +22.3
Md.-Baltimore
80,221,819
74,344,351 +7.9
D.C.-Washington
18,607,155
17,346,473 +7.3
Total(6 cities)-
154,182,177
144,931,189
+6.4
Sixth Federal Reserve Dist rIct-Atlant 8Tenn.-Chatt'ga
d7,050,834
6,123,605 +15.1
Knoxville
2,486,572
2,544,575 -2.3
Nashville
17,080,159
16,311,605 +4.7
Ga.-Atlanta. _
47,038,481
43,409,433 +8.4
Augusta
1,024,315
Macon
1,269,558 -19.3
Savannah
a
a
Fla.-Jacks'nville
15,634.326
12,657,409 +23.5
23,550,238
Ala.-Birm'ham _
26,432,355 -10.9
Mobile
1,144.276
1,110,118 +3.1
Miss.-Jackson_ _
289,800
333,162 -13.0
Vicksburg
57,738.899
Orleans_
49,339,475 +17.0
La.-N.
Total(10 cities)
173,037,900
159,531,295
+8.5
1,141,411
4,923,951
32,175,367
1,521,887
5,535,217
38,636,577
55,721,658
14,842,785
60,247,097
13,676,653
108,805,172
119.617,431
4,354,017
2,539,266
14,573,563
32,476,017
4.652,668
2,311,755
15,594,991
33,638,433
840,453
a
9,084,145
15,006,663
943,618
a
10,787,919
14,917.423
899,457
251,637
40,316,342
838,567
279,685
43,314,171
120,341,560
127,279,830
[VoL. 118.
Week ending Feb. 23. 1924.
Clearings di1924.'
Inc.or
Dec.
1923.
1922.
1921.
$ 1.M
Seventh Feder al Reserve D istrict-Chl cagoMich.-Adrian -191,440
206,059
165,195
160,950
Ann Arbor__ _678,951
612.497 +10.9
654,619
435,694
Detroit
139,414,814 119.119,339 +17.0
80,961,000 107,300,000
Grand Rapids5,482,447
5,351.438 +2.4
4,815,019
4,682,679
Lansing
2.281,545
1,628,995 +40.1
1,320,937
1,350,000
Ind.-Ft. Wayne
1,830,872
1,893.944 -3.3
1,708,962
1.415,070
Indianapolis- _ 15,938,000
16,342,000 -2.5
12,347,000
12,347,000
South Bend.- _
2.218,961
L862,618 +19.1
1,624,239
1,705,615
Terre Haute- _
4,566,920
6,238,139 -26.8
Wis.-Milwaukee
31,816.198
28.818,735 +10.4
21,344,886
23,187,812
ha.-Ced. Rapids
1,846,877
1,916.868 -3.7
1,590.034
2,008,187
Des Moines...9,286,204
8,119,014 +14.4
7,438,729
7,336.628
Sioux City
5,765.693
5,304,093 +8.7
4,854,685
5,543,708
Waterloo
1,147.434
1,292,264 -11.2
1,053,703
976,789
Ill.-Bloomington
1,043,067
1,246,214 -16.3
1,081.620
1,394,296
Chicago
512,409,566 527,948,306 -2.9 436,379,958 448,886,757
Danville
a
a
a
a
a
Decatur
897,786
1,059.006 -15.2
863,565
1,050.816
Peoria
4,189,310
3,476,999 +20.5
3.090,315
3,442,187
Rockford
2,037,838
1,738,683 +17.2
1,300.000
1,699,993
Springfield_ _ _
1,968,241
1,885,274 +4.4
1,796,976
2,144,652
Total(20 cities) 745,012,164 736,060,485 +1.2
584,314,525 824,145,747
Eighth Federa Reserve DIs trIct-St. Lo UisInd.-Evansville
4,050,005
5,486,332 -26.2
3,666.431
3,465,721
Mo.-St. Louis_ _
a
a
a
a
a
Ky.-Louisville
26,322,948
28,055,436 -6.2
21,430.800
21,668,207
Owneaboro _ _ _
367,731
541.089 -32.0
508,360
489,977
Tenn.-Memphis
Ark.-LittleRock
10,117,584
10,146,210 -0.3
7,286.555
7.711.379
Ill.-Jacksonville
266,586
240,007 +11.1
237,269
308,525
Quinn'
1,049,346
1,323,583 -20.7
1,060,088
1,310,188
Total(6 cities)_
42,174,200
45,792,657 -7.9
34,171,120
34,972,380
Ninth Federal Reserve Dis trier-Minn eapolis
Minn.-Duluth
d8,246,124
4,601,858 +35.7
.4,500,000
4.276.395
Minneapolis_ _ 55,397,768
57,256,299 -3.2
48,874,967
49,354.639
St. Paul
29,971,228
29,368,683 +2.1
22,553,325
25,438,174
N. D.-Fargo. _
1,338,115
1,519,552 -11.9
1,064,473
1,510,164
S. D.-Aberdeen
864,324
928,453 -6.7
774,757
1,001,308
Mont.-Billings_
393,237
392,864 +0.1
481,376
660,962
Helena
2,255,413
2.704,645 -16.6
2.465.846
2,424,697
Total(7 cities)_
96,466,209
96,770,354 -0.3
80,714,744
84,666,339
Tenth Federal Reserve Die rict-Kane as City
Neb.-Fremont...
d345,278
387,498 -10.9
264,599
404,105
Hastings
358,019
465,733 -23.1
515,009
667,050
Lincoln
2,941,379
3,380,289 -13.0
2,993,448
3,043,346
Omaha
35,381,679
38,270,913 -7.5
34,721,862
33,693,407
Kan.-Topeka
d2,960,085
2,522,034 +17.4
2,386,208
2,426,503
Wichita
7,151,328
8,588,331 -16.7
9,286,358 10,062,931
Mo.-Kan. City_ 105,502,034 117,135,994 -9.9 111.224,934
136,452.549
St. Joseph-- a
a
a
a
a
Okla.-Muskogee
a
a
a
a
Okla. city__ - d22,090,762
18,058.565 +22.3
17,420,949
20,157.496
Tulsa
a
a
a
a
a
Col.-Colo.Spgs_
865,765
981,964 -11.8
802,026
833,004
Denver
16,983,522
18,337,447 -9.8
15,995,173
15.560,943
Pueblo
e866,737
597,403 +45.1
572,155
887,586
Total(11 cities) 195,446,588 200,228,171 -6.6 196,182.771
224.188.900
Eleventh Fede ral Reserve District-Da las-Texas-Austin..1,460,966
1,504,438 -2.5
1,216,878
1,102,130
Dallas
47,527,362
28,913,827 • +64.4
22,328,091
23,769,707
Fort Worth
d11,447,881
9,329,624 +22.7
11,920,637
10,778,462
Galveston
7,187,713
6,796,670 +5.8
5,282,381
5,232,361
Houston
a
a
a
a
a
La.-Shreveport4,511,878
4,386,361 +2.9
3,864,160
3,396,883
Total(5 cities).
72,141,800
50,930,920
Twelfth Feder al Reserve D istrict-San
Wash.-Seattle
35,090,268
30,207,257
Spokane
8,935,000
9,243,000
Tacoma
a
a
Yakima
998,363
940,619
Ore.-Portland_ _
31,359,057
27,837,308
Utah-S. L. City
12,005,981
12,927,120
Nevada-Reno _
a
a
Ai•lz.-Phoenix
a
a
Calif-Fresno _
3,055.868
3,318,263
Long Beach__ _
7,133,656
6,945,489
Los Angeles- 136,826,000 115,166,000
Oakland
13,639,471
12,142,695
Pasadena
5,324,304
4,254,754
Sacramento
d7,798,802
4,946,994
San Diego3,313,446
.2,500,000
San Francisco- 140,000,000 136,800,000
San Jose
1,659,460
1,761,542
Santa Barbara.
941,731
1,141,624
Stockton
c2,584,000
2,551,700
+41.6
44,612,127
44,329,543
Francl see+16.2
27,563,262
22,299,375
-3.3
a
a
1,270,056
980,830
+12.6
22,885,082
22,858,253
-0.2
9,661.295
10,217,075
a
a
a
a
a
a
-7.9
3,405,269
3,702,328
+2.7
3,476,279
2,959,717
+18.8
79,186,000
70,081,000
+12.3
8,605,030
8,117,603
+25.2
3,117,671
2,841,304
+57.7
4,382,368
4,208,449
+32.5
2,554,141
2,184,449
+2.3 110,000,000 102,400,000
-5.8
1,758,085
1,322,890
-17.5
761,535
656,102
+1.3
1,649,100
3,303,600
Total(16 cities) 411,565,907 372,684,365 +10.4
280,275,173 25b.621,925
Grand total (119
cities)
6,836,898,081 6,840,439,365 -0.1 5,963,739,006 5,581,055,932
Outside N.Y
3,090,376,084 3,021,160,716 +2.3.2,372,160,367 2,464,744,777
Week ending February 21.
Clearings at1924.
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
86,054,922
81,788.601
34,471.957
14,861,053
5,978.831
4.690.848
2,302.532
4,410.276
6.987,920
2,283,880
2.390,544
2,299,544
3.786,0(18
3,087,086
496,605
408,624
1,364,276
1,045,066
712,526
657.935
484,631
304,219
677,698
659,077
782,558
2,120,308
354,868
712,649
471,047
1923.
87,175,931
82,491,417
28,461,451
12,216,822
5.810,524
*3,900,000
2,305,994
.5,847.267
3,861.346
2,623,558
1,702,907
2,540,034
3,763.781
2,568,848
413,461
441,343
1,226,953
897,652
859,581
700,605
424,102
277.217
549,528
828,788
766,355
2,338,259
296,716
1,022,764
460,258
Inc.or
Dec.
-1.3
+21.1
+21.7
+2.9
+20.3
-0.1
-24.6
+81.0
-12.9
+40.4
-9.5
+0.6
+20.2
+20.1
+11.2
+16.4
-17.1
-6.1
+14.3
+9.7
+23.3
-20.5
+2.1
-9.3
+19.6
-30.3
+2.3
1922.
•
83,476.080
86,212,358
46,298,325
12,083,618
5,339,348
4,431,951
2,538,408
4,950,375
4,762,955
2,390,986
1,952,952
2,484,423
3.524,147
2,343,076
467,449
393,090
1,379,234
1,153,140
865,915
639.701
500.928
311,457
585,013
742,011
829,651
2,648,475
283,313
1,128,500
1921.
$
105,486,172
102,391.058
37,528,503
13,019,904
6,132,365
5,579,425
3,890,496
5,052,059
9,087,450
2,652,166
2,270,264
2,547.709
4,854.780
3,058.974
694.882
462,302
1,584,787
1,164,052
988,808
803,788
. 421,826
363.336
767,925
919.870
779,399
2.881.791
351,012
1,096,617
Total(29 cities) 266,647,045 256,773,462 +3.8 274,716.879 313,332,710
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Feb.20. d Week ending Feb.21. e Week ending Feb.22. .Estimated.
MAR. 1 1924.]
NEW YORK
BROOKLYN
CHICAGO
BOSTON
973
THE CHRONICLE
PHILADELPHIA
BALTIMORE
AND
ST. LOUIS
Trust Company Returns
We furnish below complete comparative statements of the condition of all the trust companies in Boston,
Philadelphia, New York, Brooklyn, Baltimore and St. Louis, and many of the companies in Chicago. This
is in continuation of a practice begun twenty-two years ago, the compilation having been enlarged seven
years ago by the addition of Baltimore's institutions, and in 1921 being further enlarged by the inclusion of
the Chicago companies. The statements occupy altogether about seventeen pages.
The dates selected for comparison are December 31 1923, December 30 1922 and December 31 1921.
In the case of the Boston, the Philadelphia, the Baltimore, the Chicago and the St. Louis companies, we
have sought to get figures for these dates and have largely succeeded. As, however, returns for these dates
are not required in all the States, a few of the companies have not found it convenient to compile statistics for December 31, but have furnished instead the latest complete figures available.
In the matter of the New York companies we take the returns under the call of condition nearest the
close of the year. Formerly it was the practice of the State Banking Department to require the trust
companies to render a statement,of their condition, showing resources and liabilities for the last day of
December, and also to furnish certain supplementary statistics for the twelve months of the calendar year •
But in December 1911 this time-honored practice was abandoned, and the Superintendent instead now
calls on the companies for a statement of their condition for some date towards the end of the year (Nov. 15
on the present occasion), and waives entirely the requirement as to the supplementary items of information. As these supplementary statistics, dealing with earnings, expenses, dividends, &c., constituted a most valuable feature of the annual returns and the record extended back a quarter of a century or more, we have not felt satisfied to let the record be broken. Accordingly we have made direct
application to the companies in each instance and in not a few of the cases we have been successful in
obtaining the supplementary statistics, though the number of companies supplying such data has been
greatly reduced as compared with the original number. As regards the resources and liabilities, we use
the November 15 figures just as shown in the returns of the Banking Department.
NEW YORK COMPANIES
American Trust Co. (New York).
*Bank of New York & Trust Co.(New York).
Resources—
Nov. 15'23. Nov. 15 '22. Nov. 15'21.
Stock and bond investments
$4,618,322 $5,293,635 $2,479,800
Bonds and mortgages owned
Loans & disc'ts sec. by bond & mtge- 1,339,932
814,7811 7,725,283
Loans & disc'ts sec. by other collateral 9,938.298
9,369.186J
2,271,412
Loans,disc.& bills pur.,not sec.by coll 3,905,974
3,693,027
Overdrafts
2,554
11,276
2,960
Due from Fed. Res. Bank, N. Y_ _ 1,004,622
1,153,5031
Due from app. res. depositaries_
,368.050
1.685.962
1,764,455
Due front other bks., tr. cos;& b'kers
212.2691
241,081
17,289
Specie
20,343
20.874
Other corr. auth. by laws of U. S.._
614.573
661,293
832,400
Cash items
50.994
69.435
59,245
200.020
Customers' liability on acceptances
290
110,030
Other assets
107,764
122.958
135,183
Resources—
Nov. 15'23.*Noe. 15'22.
Specie
$33,457
$331.960
Other currency authorized by laws of U.S
756.229
885,545
Cash items
20,767,280 23.955.557
Due from Federal Reserve Bank of New York_ __ _ 6,669.428
5,517.809
Due from other banks, trust companies & bankers_ 3.940.878
5.127.546
Stock and bond investments
23,474.866 25,807,288
Loans & disc. sec. by bd. & mtge. or oth, r. e. coll_
131,800
145,000
Loans and discounts secured by other collateral_ _ _ 22,788,221 25.248.000
ns. discts. & bills purchased not sec. by coll
11,192.146 10,482,032
Overdrafts
40,927
16.502
Bonds and mortgages owned
2,808,442
2.632,357
Real estate
3,279,921
3,208,434 .
Customers' lial?ility on acceptances
4.255,825
5,308,662
Other assets
435.829
494.399
Vital
$27,590,739 $24,227,019 $17,923.103
Liabilities—
Capital stock
$2,090,000 $2,000.000 $1,500,000
Surplus fund and undivided profits_ 1,205,647
638,927
1.102.891
Preferred deposits—
Due New York State savings banks
283,436
809,660
702,757
Due as executor. administrator, &c.
169,338
418,350
366,688
Deposits by State of New York_ _ _
144,000
450,000
330.000
Deposits by Supt. of Banks, State
of New York
10,440
10,134
Deposits secured by pledge of assets
690,124
69,340
567,624
Deposits otherwise preferred
178,400
Due deposits (not preferred)
21,736,009 17,692.349 12,322,379
Due trust cos., banks and bankers
730.927
1.533.396
1,297,446
Acceptances
110,030
212,020
290
Other liabilities
168,036
123.483
156.840
Total
$100,575,249$109,161.091
Liabilities—
Capital
$4,000,000 $4,000,000
Surplus and undivided profits
12,271,099 11,841,927
Preferred deposits—
Due New -York State savings banks
1,126,904
566,989
Due as executor, administrator. guardian, &c
3,993,381
3,647,200
Deposits by the State of New York
176,000
Deposits by Supt. of Banks State of N.Y
25,000
Other deposits secured by pledge of assets
639,101
2,802,050
Due depositors, not preferred
62.435.675 67.736.502
Due trust companies, banks and bankers
8,458,696
8,042.677
Acceptances
5,208,624
6,078.814
Other liabilities
4,028,913
2.656,788
Total
827,580,739 $24,227,019 317.923.103
Amt. of dep. on which int. is paid._$19,482,596 $15,836,228 312,410.000
Bankers Trust Co. (New York).
Resources—
Nov. 15'23. Nov. 15'22.
Stock and bond investments
$76,457,416 $98.646.814
Real estate owned
8,512,428
8,975,735
Bonds and mortgages owned
847.000
887,000
Loans on bond&mtg.or other r.e.coll.
215,1912
144,232
Loans & disc, sec. by other collateral-107.255,193 98,473.998
Loans discAbills pure. not sec, by coil 54.025,457 53,980.581
Own acceptances purchased
42,175
76,228
Overdrafts
9,406
15,878
Due from trust cos., banks & bankers 8,787,187 11,768.921
Due from approved res. depositaries_
403,047
1,521.958
Specie
57,005
49.305
Other currency auth. by laws of
S.. 1,213,198
937.779
Cash items
57,349,469 24,948,020
Fed.
Res.
Bank
the
of
N.Y.
Due from
18,201,187 29,852.021
Customers' liability on acceptances
10.633,572
8.807.494
Other assets
1,741.742
1.902.009
Total
*345.750,494 341,023,973
Liabilities—
Capital stock
320.000,000 320.000,000
Surplus fund and undivided profits_ 24,019,703 25,039,229
Preferred deposits—
savings
banks
8.554,352
Due N. Y. State
7.373,110
Due as executor,administrator, &c. 26.289,809 29.209,724
752.000
Dep. by N. Y. State
000,000
Dep. by Supt. of Bks. State of N.Y
115.000
11.".600
. seed by pledge of assets 2.694,435 12.825,719
Other
Other preferred deposits16,450
16.450
2"3,595,660 206,031.868
Due depositors (not preferred)
Due trust cos., banks and bankers._ _ 26,311,877 27.179,613
11.023,907
Acceptances
9.802,374
2,377,571
Other liabilities
2.420,886
clop
Total
Amt.deposits on which Wt. is
Total
Amount of deposits on which interest is paid
$100,575,246$109.161,091
$50,238.400 $51,301,920
* Merger of N.Y.Life Ins. & Ti'. Co.and Bank of N.Y.as of Sept.21'22.
Central Union Trust Co. (New York).
Nov. 15'21.
$53.417.507
9,093,315
980,000
255,816
112.070.045
66,665,562
294.304
25.158
15,835,774
1.234.231
61.715
1.098,129
23,283.057
36.650,858
11.424.478
3.827,559
336.217,508
320.000.000
20.408.468
8.654.107
30,095,935
3,400.000
29,516
4.059.865
16.459
207.407.568
26.797.813
12.971.618
3.285.248
3345 750,4943341.023.9733336.217.504
-5214,611.3003227.782.700$218.881.800
Resources—
Nov. 15'23. Nov. 15'22. Nov. 15'21.
Stock and bond investments
557,052.441 $62,006.925 357,838,095
Real estate owned
3.295.000
3.295.000
3,295,000
Bonds and mortgages owned
2.362.043
9,863,273
2,134,195
Loans on bona or mtg.or oth.r.e.coll_
616,690
450.919
1,081,416
Loans & disc. sec, by other collateral- 8101,570.6420,475,188„
Loans,disc.& bills pur.not sec.by col- 51,077,677 44,825,054 53.701,320
Own acceptances purchased
20,000
11.078
Overdrafts
21,456
24.306
9.410
Due from the Fed. Res.Bank of N.Y. 22,122,709 27.250,108 24.340,096
Du()from approved res've depositaries 3,908.120
3,743.347
3,543,796
Due from other bks., tr. cos.& b'kers_ 4,657.944
2.301.454
3,480.518
Specie
118,000
1,034,652
1,114.367
Other currency auth. by laws of U.S.
726,318
573,415
681.486
Customers' liability on acceptances
9,258,750
5,526,923 10,055,204
Other assets
1,074,976
1,631.932
1.377,257
Total
3237.135,639 275,908,175$237,784,021
Liabilities—
Capital stock
$12,500,000 $12.500.000 $12.500.000
Surplus fund and undivided profits_ - 21,833,448 19.537,619 18,496,126
Preferred deposits—
Due N. Y. state saving's banks.-- 3,665,810
4.733.950
3,605,666
Due as executor,administrator.&c. 7,378.614
4,941,491
6,231.770
Depo.its by New York State
450,000
754,624
700.000
Dep.by Supt.of Banks.,N.Y.State
59,722
3,638
140.866
Other dep. sec. by pledge of assets3,484,366
3,931.868
290,439
Due depositors not preferred
170,534,929 195,797.526 172.643,587
Due trust cos.. banks and bankers_
7.322.067
7,064,010
7,629,095
Acceptances
5.829.664 10.227,660
9,886,661
Other liabilities
2,925.052
2.569.186
2,658,381
Total
Amt.deposits on which int. paid
3237,135,6393257,908,175 237.784.021
$172,979.7813196.962.502 172.084.888
974
THE CHRONICLE
Farmers' Loan dt Trust Co. (New York).
Commercial Trust Co.(New York).
Resources-,
Stock and bond investments
Real estate owned
Bonds and mortgages owned
Loans on bond & mtge.or oth.r.e.coll.
Loans & disc, secured by other coil_
Loans, disc.&bills pur.not sec.by coil_
Overdrafts
Due from approved reserve depos
Due from trust cos., banks & bankers
Specie
Other currency auth. by laws of U.S.
Cash items
Customers liability on acceptances_ _
Other assets
Nov. 15'23.Nov. 15'22. Nov. 15'21.
$4,445,646 $3,667.061 31,656,958
135,404
183,926
145,569
371,250
276.666
374,920
41,032
122,000
121,398
3.835,558 2,620,877 2.088.522
2,808,304 2,221,484 2,352,994
3,953
5.065
2,471
1.909.550
1.085,660
1,365,124
87.952
149,913
38.414
28,479
28,353
25,588
987,647
863,657
573.320
101,823
149.819
186.593
2,100
98,758
71.095
90,785
Total
514,857,456 $11,625.687
LiabilitiesCapital stock
$1,000.000 31,000,000
Surplus fund and undivided profits357,981
340,248
Preferred deposits-by State of N.Y_
228,000
220,000
Due by Supt. of Bks., N. Y. State_
50,000
25,000
Due as executor,administrator,&c.
50,033
22,276
Other dep. sec. by pledge of assets.
32,663
56,909
Due depositors (not preferred)
13,037,973 9.876,922
Due trust cos., banks & bankers
25,279
25,046
Acceptances
2,100
Other liabilities
73,427
59,286
-Total
$14.857,456 $11.625,687
Amt. of depos. on which int. is paid
$7,394.800 $4,379.300
Supplementary-For Calendar Year1923.
Total interest and commission received during year 5542,736
All other profits received during year
21,104
Charged to profit and loss
•
On account of reserve for losses
}
Interest credited to depositors during year
149,229
Expenses during year, excluding taxes
280,388
Amount of dividends declared on capital stock__ _ _
60,000
Taxes paid during year
13.657
Amount deposits on which interest is paid
7.250,000
[VoL. 118.
$8,842.545
51,000,000
522,056
270,000
35,620
27.150
6.935,611
16,274
35-.834
38,842,545
33.321,800
1922.
$416,679
21,318
2,820
28,677
90,773
236,249
30,000
3,000
4,379,300
Corporation Trust Co.(New York).
ResourcesNov. 15'23. Nov. 15'22. Nov. 15'21.
Stock and bond investments
$502,695
3502,582
$502,638
Duefrom trust cos., banks & bankers_
95.274
135,133
151,045
Specie
24
13
33
Other curr. authorized by laws of U. S
846
1.217
536
Cash items
1.140
1.758
1.930
Loans on bd.& mtge.or other r. e. coll
2,900
Loans & disc, secured by other coll._
100,000
Other assets
58,091
87.146
69,238
Total
LiabilitiesCapital stock
Surplus fund and undivided profits.. _
Other liabilities
3830.873
$725,420
$657.946
$500.000
198,615
129.404
$500,000
108,215
117.205
$500,000
95.385
62,561
Total
Due as executor,administrator, &c_ _
Supplementcu y-For Cal. YearTot.int. & commis'ns rec. during year
All other profits rec. during the year..
Expenses during year, excl. taxes_ _ _
Amt.ofdivs. declared on capital stock
Taxes paid during year
5830.873
2.854
1923.
$28,075
692.020
509,042
112.500
25,410
$725.420
$657,946
1922.
$24,639
699,752
588,230
70.000
35.860
1921.
$26,678
696.107
552,865
66.250
76,878
Empire Trust Co. (New York).
R430=4,-Nov. 15'23. Nov. 15'22. Nov. 15'21.
Stock and bond investments
313.686,576 314,163.063 $14,545,18)
Real estate owned
1,139,175
1,145,649
1.189,040
Bonds and mortgages owned
478,000
1,054,172
451.873
Loans on bond & mtg.or other r.e.coll
213.144
287.697
309,009
Loans & disc. sec. by other collateral_ 18,936,784 18,784,889 14.007.861
L'ns,disc.& bills pur. not sec. by coll. 7,405,334
7.551,590 8,511.642
Own acceptances purchased
654,692
547,000 2,127,500
Overdrafts
4.333
5,110
2.693
Duefrom Federal Rem Bk.of N. Y. 1.852.172
2.083,034
1,564.816
Due from approved res. depositaries_ 4.951,923 4,512,135 6,694,336
Due from other bks.. tr.
. cos. & bkrs- 2,034,513
1,744.800
1.822.235
Specie
134,205
176,383
123,605
Other currency auth. by laws of U. S.. 1,216,213
1.090,074 1,057,102
Cash items
21,003
10,696
Customers'liability on acceptances
3,794
5,9
978
2
229,390
980,761
Other assets
836.644
657.836
666,707
Total
353.624.164 $54,513,536 $57,315,859
LiabilitiesCapital stock
32,000,000 $2,000,000 32.000,000
Surplus fund and undivided profits
1,912.404
2,206,648 2,122.645
Pref. depos.-By N. Y. State say. bk_ 1,910.365 2.532.582
1,779,237
Due N.Y. State say. & loan ass'ns_
4,725
2,350
2.625
Due as executors, adininistr's, &c_. 2,348,532
5.713,329
2,575.830
Deposits by State of New York..
1,293,620
1,620,002
1,762,007
Deposits by Supt. of Banks
81.043
379.114
222,049
Depos. secured by pledge of assets_
2.206,350
662,600
79,300
Due depositors (not preferred)
34,493,416 33,531,599 33.455,984
Due trust co's. banks and bankers
4,358,575 3,703,278
5,536,363
Acceptances
980,761
3.794.978
229,390
Other liabilities
2.276.790 2.238.133
3,436,935
Total
353,624.164 354.513.536 357.315.8,9
Amt. deposits on which int, is paid $36,513,311 $39,151,848 $40,707.142
ResourcesNov. 15 '23. Nov. 15'22. Nov. 15'21.
Stock and bond investments
$50,553,370 554,910.399 348,532.852
Real estate owned
3,000,000 3,000,0003,000,000
Bonds and mortgages owned
884,765
1,015,450
Loans on bond&mtg.or other r.e.coll_
118,000
48,000 1.4s1:188
Loans & disc.sec. by other collateral.. 48,151,490 60.800,351 45,656,006
Loans,disc.& bills pur.not sec.by coll., 22,470,093 18.971,266 22,01gs
Overdrafts
1,405
71,755
Due from Fed. Res. Bank of N. Y__.. 14,359,129 13.674.953 12.533.482
Due from trust co's, banks & bankers 4,623.431
3,598,927 7.324,013
Specie
Mig3
231,017
166,905
Other currency auth. by laws of U.S..
339,153
355,508
Cash items
7,490,488 3.071.687 6.546.298
Customers'liability on acceptances
1,168,341 •
1.804,711
805,863
Other assets
1,352,285
1.184,310 6.318.454
Total
5155,379,3375161.675,374 155,322.077
LiabilitiesCapital stock
'
45,000,000 55,000,000 35,000,000
Surplus fund and undivided profits-- 16,354,900 15.065,645 12,641,245
Preferred depositsDue N. Y. State savings banks-- 2,235,426 2,264.633 2,518,739
Due as executor,administrator,&c. 1,758,493 2,640,422 1.589.388
Deposits by State of N. Y
328,000
500,000
Other dep.sec. by pledge of assets.. 1,406,350 3,087,900 3,243,570
Due depositors (not preferred)
115,863,839 123.669,986 121,785.855
Due trust co's, banks and bankers
8,587.150 6,270.922 4.927,301
Acceptances
1,817,930
822,531
1,279,675
Other liabilities
2.027,249
2,353,335 2.336.304
Total
$55,379,337 161,675,374 155,322,077
Amt.deposits on which int. paid _114,898,9945126.577.523 120,087.597
Fidelity-International Trust Co. (New York).
ResourcesNov. 15'23. Nov. 15'22. Nov. 15 '21.
Stock and bond investments
57,570,643 37,554.496 $4,653,552
Bonds and mortgages owned
945,250
715.000
402.500
Real estate
310,023
Loans on bond & mtg.on other r.e.coll
20,200
23,000
20.300
disc.
sec.
by
&
other
Loans
collateral_ 7.942.112 7,205,515 8,927,854
Loans disc. & bills per. not sec. by coll 5,141,164 4,215.447 4.920,804
Overdrafts
952
618
914
Due from Fed. Res. Bank of N.Y
3,679.654 3,753,523 2,419,785
Duefrom approved res've depositaries
145,042
291,400
124,996
Due from other bks., tr. cos. & bicrs
169,556
152.377
1,058,208
Specie
121.32786801
21,779
Other currency auth. by laws of U. S..
372.430
268,724
317,256
Cash items
927,256
1.127.666
1,473,427
Customers' liability on acceptances
69,382
194,007
100,057
Other assets
407,426 2.330,113
2,973,829
Total
$27,843,336 527.704,461 $27.608,568
LiabilitiesCapital stock
$2,000,000 $1.500.000 $1.500,000
Surplus fund and undivided profits_ _ 1,943,884
1,689,350
1.866.777
Preferred depositsDue N. Y. State sayings banks_ __ _
179,825
225,253
145.804
Due as executor,administrator. &c.
37,538
82,685
119.979
Deposited by New York State
250,000
96,000
513,925
Dep. by Supt.bf Mrs., N.Y.State_
50,033
65,256
Deposits sec'd by pledge of assets
332,109
224.983
817,249
Due depositors (not preferred)
20,634,016 18,663,170 19.960,111
Due trust co's, banks and bankers.. _ _
367,56£1
392,643
354,949
Bills payable
1,050.000
316,000
1.200,000
Acceptances
282,529
95,804
195,615
Other liabilities
760,930 2,362.117 2.880,263
Total
327,843,336 327,704,461 527,608.56R
Amt.deposits on which int. is paid_ _317,637,000 314.853,000 $15,864,000
Fulton Trust Co. (New York).
ResourcesNov. 15 '23. Nov. 15'22. Nov. 15'21.
$2,384,043 $2.247,900 $2,371,350
Stock and bond investments
Bonds and mortgages owned
277,000
323,500335,500
Loans & disc, secured by collateral- 7,298.570 7.313,750
5.813.285
Overdrafts
308
6.433
7,096
Due from Fed. Res. Bank of N.Y...... 1,389,534
1.473.209
1,206,489
350.520
Due from approved res. depositaries
580,702
214,335
36,631
Specie
26.607
38,429
70,000
Other currency auth. by laws of U.8_
80.000
85.400
9,822
Cash items
6,975
8,129
Other assets
60.406
71,217
86:162
Total
511.876,834 $12.130,293 310,166,185
LiabilitiesCapital stock
5500,000
$500,000
3500,000
Surplus fund & undivided profits....._
831,287
750,905
702,277
Preferred depositsDue N.Y.Statesav.bk.&loan assns.
18
680
311
Due as executor, administrator, &c.
445,787
307.289
374,981
Deposit.; by N. Y.State
30,000
50.000
50.000
Deposits secured by pledge of assets
30,928
113.793
40,742
Due depositors (not preferred)
9.87.5,168 10.208,183 8.415,978
Other liabilities
163,616
161,748
149,588
Total
511 876,834 $12.130.293 310.166.185
Amt. deposits on which int. is paid.... $9;800,000 510.100.000 38.480,000
Guaranty Trust Co. (New York).
ResourcesNov. 1523.
Stock and bond investments
881,339,103
Real estate owned
8.377.600
Bonds and mortgages owned
2,043,924
Loanson bd.& mtg.or oth.r.e.coll.__
212,965
Loans & disc. sec, by other coll
166,356,412
Loans, discounts and bills purchased not secured by collateral_ _141,315.626
Own acceptances purchased
1,062.157
Overdrafts
67,949
Due from sea. Res. Bk. of N. Y._ 36.313,297
Due from appr. res. depositaries
400,000
Due from oth. tr.cos., bks.& bankers 20,695,875
Specie
61,632
Other curr'cy auth. by laws of U.S
1.602.770
Cash items
39,118,153
Customers' liab. on acceptances.
._ _ 38,719,541
Otber assets
16,277,560
Nov. 15 '22. Nov. 15'21.
$94.218,851 386.810,983
Resources8.535,671
8,658,083
*Nov. 15 '23. Nov. 15'22. Nov. 15'21.
Stock and bond investments
2,672,116
2.541.947
$41,289.607 332,023.365 $39,279,850
Real estate owned
992.714
23.000
4,534,200 3,391,312
3,406,742
Bonds and mortgages owned
174.147,620 177.032.519
1.995,000
1.652.530
8,369.475
Loans on bond & mtg. or oth. r.e.coll. 1,476,820
361,796
512,177
Loans & disc. sec. by other collateral- 80,904,747 84,847,591 50,035,042
135,153,211 118,393,453
Loans,disc.&bills pur. not sec. by coll. 74,200,281 41,432,140 47,797.950
6,263,908
1,281,987
Own acceptances purchased
55.748
30,411
933.349 4,675,597
4,613,951
Overdrafts
33,927,035 34.510.105
37.330
309,587
159.666
Due from Fed. Res. Bk. of N. Y
639,999
846,362
26,648,137 21,466.467 19,822,638
Due from trust co's, banks & bankers 20,975,223 20,062.471 18,950.324
27.271,314
22,205,161
Specie
58,488
41,122
86.420
15,594
,
Other currency auth. by laws of U. S.. 1,640,123
1.489,679
1,355,079
1,728,027
1,459.659
Cash items
40,034,868 41.950.457
19,107,494 16,345.652 26,743.913
Customers liability on acceptances... 27,405,807 26,120,046 24,970,187
21,851,944
28.095.247
13.143.188
Other assets
24.778.630
40,316.869 31.012.770 31,965,208
Total
$3348,079,979 285,317.016 271.803.730
Total
5556.964.663
568.004,890
$541,086,010
LiabilitiesLig tithesCapital stock
523,000,000 312,000,100 312,000,000 Capital
stock
525,000,000 $25,000,000 325,000,000
Surplus fund and undivided profits
9,986,163 15,754,059 16.502,742 Surplus fund
and undivided profits _ 18,406.713 17,654.620
16.552.791
Preferred depositsdepositsDue N.Y. State savings banks_ _ _ - 1,637,461
1,789.210 2,393,859 Preferred
Due N. Y.State savings banks_ _ 3,137,906 2,304.775
3.165,965
Due N. Y. State say. & loan assoc_
47,400
130.629
148,184
State
Due N. Y.
say. & loan ass'ns
3,780
50,000
Due as executor, administrator, &c 16,419,301 25,605.426 14.218,656
as
executor,
Due
admin'r.
&c___
3.588,731
3,611,033
2,654.100
Deposits by State of N. Y
220.000
550.000
192,000
Deposits by New York State_ _ _
656,000
1,800,000
3,327,955
Due by Supt. Banks State of N. Y_
74,339
81,582
30.265
Dep.by Supt. of Banks,N.Y.State
53,088
79,115
94.296
Deposits secured by pledge of assets
184,024
1,169,483
286,956
Depos. sec d by pledge of assets-- 3.919.707 6.903,660
8.924.753
175.645,121 152.348.427 146,044.485
Due depositors (not preferred)
Deposits otherwise preferred
52,772
Due trust co's, banks and bankers__ 83.284,591 42,628,164 43,173,037 Due
depositors (not preferred)
367,414,622 401.863,028 359.091.023
Rediscounts
3.000,000........3,000,000
trust cos., banks & bankers...... 70,301,962 52.707,581
52.678,960
Acceptances
29.782.596 28,282,014 26.760,694 Due
Rediscounts
17,925,000
4.787,828
liabilities
4.969.457
7.081.502
Other
Acceptances
22.995.248
44,164,572 31.200,314
3348,079.979 285.317,01h 271,803,730 Other liabilities
Total
27,778.715
20,140,261
25,822,516
Int.
paid___220,000.000 178,000.000 162.000,000
Amt. deposits on which
Total
• 3556.964.663 568,004.890 $541,086,010
* Importers & Traders National Bank merged into Equitable Trust Co.
Amt. depos. on which Int. Is paid_3319,140,547$329,720.191 3293.717,000
as of Jan. 29 1923.
*Equitable Trust Co. (New York).
MAR. 1 1924.]
191"F CHRONICLE
975
Hudson Trust Co. (New York).
Lawyers' Title & Trust Co. (New York) Concluded.
Nov. 15 '23. Nov. 15'22. Nov. 15'21.
Resources$1,969,677 $1.792,124 $2,121,738
Stock and bond investments
188,625
174,875
154,625
Bonds and mortgages owned
32,543
5,000
5,000
Real estate
35.950
24,000
18,500
Loans on bds.&mtg.or other r.e.coll
Loans & disc. sec. by other collateral- 3,161,127 2.626,095 2,463,964
1,734,560
1,574.625
Loans, disc.&bills pur.not sec.by coll. 3,260,968
142
Overdrafts
1,521,846
1.588,786
'Due from approved res. depositaries_ 2,828,174
184.494
86,780
159.022
Due from trust cos.. banks & bankers
252,184
307,748
389,148
Specie
230,985
147,955
340,115
Other currency auth. by laws of U.S8,084
13,290
5,540
Cash items
14.500
Customers' liability on acceptances27,300
124,331
379.678
384.356
181,248
Other assets
Total
$12,597,617 $8,752,934 $9.169.151
Liabilities$500,000
Capital stock
$700,000
$500,000
751,483
Surplus fund and undivided profits.919,015
807,899
Preferred deposits25,380
Due N. Y. State savings banks
24,952
31,339
Due N.Y.State say. & loan ass'ns
1,663
120,180
Due as executor, administrator,&c.
58,775
68.801
270,000
Deposits by State of New York.-425,000
270,000
25,000
Depos.by Supt.of Mts., N.Y.State
25,000
6.705
Deposits sec. by pledge of assets__ _
3,563
2,500
20,273
Deposits otherwise preferred
17,155
388,376
Due depositors (not preferred)
9,896,906 6,025.264 6,271,097
293,860
Due trust co's. banks and bankers
238.852
187,058
840,000
Bills payable
360.000
14.500
Acceptances
124,331
27.300
55.678
Other liabilities
59.397
162,405
Total
$12,597,617 $8.752.934 39.169,151
paid
Amt.dep. on which int. is
$5.622.500 $3.975,000 $4.273.100
Supplementary-For Cal. Year1921.
1922.
1923.
Total int.& comm.rec'd during year 51.409,418 $1,355,613 $1,439,632
All other profits rec'd during year____ 3,069,545 2.542,696
1.940,775
Charged to profit and lossOn accountof depreciation
170.199
161,643
30,483
416,716
On account of losses
152,622
147,384
Int.credited to depositors during year
346,730
358,563
332.369
1.507,626
Expenses during year,exclud. taxes
1,667.535
1,888,031
Amount of divs. declared on capital{
2,000,000stkl 320,000
stock
600,000 400.000 cashf
225,937
Taxes paid during year
.255.045
272.332
Amt. deposits on which int. is paid
15,400,000 15.900.000 13.962.000
*Irving Bank-Columbia Trust Co.
Resources*Nov. 15 '23'
Specie
$302,659
Other currency authorized by laws of United States
3,815,926
Cash Items
28,912,819
Due from Federal Reserve Bank of NewYork
30,042,143
Due from other banks, trust companies and bankers
28,821,583
Stock and bond investments
60.163.163
Loans and discounts by bonds & mtge. deed or oth. r'l est. coll..
977,551
Loans and discounts secured by other collateral
78,761,974
Loans discounted and bills purchased not secured by collateral 102,386,465
Own acceptances purchased
3,316.261
Overdrafts
62.434
Bonds and mortgages owned
2.768.884
Real estate
4,871.341
Customers' liability on acceitances
21,082,588
Other assets
2,066,960
Total
$368.352.751
LiabilitiesCapital stock
317,500,000
Surplus fund and undivided profits
11.419,484
Preferred depositsDue New York State savings banks
3,838,653
Duo Now York State savings and loan associations, &c_ _ _ _
194.082
Duo as executor, administrator. guardian, &c
3,238,106
Deposits by State of New York
568,877
Deposits by Supt. of Banks. State of New York
50,000
Other deposits secured by pledge of assets
2,116,171
Deposits otherwise preferred
20.880
Due depositors (not preferred)
233,271,288
Due to trust companies, banks and bankers
64,271,674
Acceptances
22,768,669
Other liabilities
9,094,867
*Manufacturers Trust Co. (New York).
Resources*Nov. 15'23. Noy. l5'22. Nov. 15'21.
Stock and bond investments
$16,243,846 517.976.645 $11,214,818
1,324,082
Real estate owned
1.986,925
2,328,041
Bonds and mortgages owned
1.228,226
2,863,602
2,128,679
Loans on bond & mtg. or oth.r.e.coll_
609,200
233,522
477,391
5.305,109
Loans & disc. sec, by other collateral_ 15,939,078
8.438,454
Loans disc.& bills pur.not sec.by coil. 56,059,721 20,442,740 18.512,796
Own acceptances purchased
180,027
142,344
512,060
606
7,794
Overdrafts
1,033
Due from Fed. Res. Bank of N.Y
17.960,168
8,458,997
6.661,666
Due from approved res. depositaries
833.811
541.734
658,230
206.302
55.386
Due from other tr.co's,bks.& bankers
87,666
370,760
144,362
Specie
1,037.996
856,828
Other currency auth. by laws of U.S. 2.248.146
1,613,676
1.334.502
4,805.619
Cash items
546.980
2,889.038
1.125,430
Customers'liability on acceptances
133,074
281,541
197,007
Other assets
Total
123,704.477 $64,700,006 548,801.175
LiabilitiesCapital stock
$5,000,000 $2,500,000 $2,500,000
2.505.397
Surplus fund and undivided profits... 5,046,583 2.751.085
Preferred deposits1,618,679
Due N.Y. State savings banIcs
1,339,649
1,554,110
68,578
DueN.Y.Statesay.&loanassns.,&c.
198,212
302,333
151,880
175.674
Due as executor, administrator, &c
435.910
510,000
800,000
820,000
Deposits by State of New York..._
114.782
Dep.by Supt.of Bks.,State of N.Y
62,092
60,002
579.657
Dopes.secured by pledge of assets_
523,429
920.537
104.660
190,358
Deposits otherwise preferred
412.110
Rediscounts
4.980.000
99,823,939 53.313.905 38.515,635
Due depositors (not preferred)
145,416
535,683
221,283
Due to trust companies & banks
1,000.000
Bills payable
1.211,863
577.825
2.989,283
Acceptances
1.325,216
911.227
408.666
Other liabilities
$123.704,477 364.700,006 348,801,175
Total
1921.
1922
1923.
Supplementary-For Cal. YearTotal int.& comm.reed during year. $3,942,397 32,653,529 31.956,794
1)46,140
346.692
All other profits received during year. 1,090,861
270,000
365,000
610.000
Amt. of divs. declared on capital stk.
Amt.deposits on which int. is allowed 80,000,000 50,000.000 30.000.000
*Columbia Bank merged into Manufacturer's Trust Co. as of Aug. 14
1923.
Metropolitan Trust Co. (New York).
Nov. 15'23. Nov. 15'22. Nov. 15'21.
ResourcesStock and bond investments
$8,265,301 '38,408,996 $9,250,332
1,336,033
1,300,475
1,382,260
Bonds and mortgages owned
100,500
280,000
120,034
Loans on bond & mtg. or oth. r.e.coll.
Loans & disc. sec. by other collateral. 14,713,538 17,491,746 9,346,502
Loans disc. & bills pur.not sec.by coll. 15,471.947 12,823,468 7,646,334
.523
1,588
Overdrafts
6,212,030 6,039.032
3.797,1.21
Due from Fed. Res. Bank of N.Y
132,847
230,147
243,145
Total
$368,352,751 Due from approved res. depositaries.
363.038
647,990
458.579
Amount of deposits on which interest is being paid
$194.752.409 Due from trust cos., banks So bankers
34,695
Specie
32,138
33,303
516.694
411,725
593.538
* Columbia Trust Co. and Irving National Bank consolidated as of Other currency auth. by laws of U.S_
Feb. 7 1923.
2,624.196 3,362.322 2,011,331
Cash items
Customers' liability on acceptances
1.352,110
331.100
Italian Discount & Trust Co.(New York).
Other assets
247.643
213,651
176,725
Resources'21.
Nov.
15
Nov. 15'23. Nov. 15'22.
Total.
351,842.005 $51.488,871 $34,674.532
Stock and bond investments
$1,642,676 52.164.394 $1,157,452
Liabilities.
Loans & disc. sec, by bond & mtge.4,000
Capital stock
32,000.000 52,000,000 52.000.000
Loans & disc, secured by collateral_ 2,214,070
3,249,545 Surplus
1,206.914
fund and undivided profits- 4,032,413 3.804.760 3,418,456
Loans disc.& bills pur. not sec. by coll 1.968.047
1,658.739 Preferred
1.710.690
dep.-N.Y.State say. bks_
765.183
654,787 1,031,455
Overdrafts
586
4
31
Due as executor, administrator. &c. 5,657,823 6,468,878 2,227,261
Own acceptances purchased
316,136
301,784
73,6C9
Deposited by State of New York..
592.000
1.250.000
1,300.000
Due from Fed. Res. Bank of N. Y_ _
79.465
251,890
41,533
Dep. by Supt. of Ins., N.Y.State_
25,000
25,000
11.041
Due from approved res've depositaries
689,961
476,179
345.110
Dep.sec. by pledge of assets
432,756
1.457,058
691,712
Due from other trust cos., banks anti
depositors (not preferred)
32,541,140 31.973.111 19,942,555
bankers
2,573.542 3.438,413 6,972,228 Due
trust cos., banks and bankers..._ 3.767.890 2,981,746 2,575,965
Specie
3.250
2,972 Due
3.655
Bills payable
900.000
Other curr. auth. by laws of U.S
164,924
192,900 Rediscounts
170,195
250,000
Customers'liability on acceptances
654,013
1,066,857
312,514
1.352,110
331.100
Other assets
364,307
83,600 2.864.387 Acceptances
Other liabilities
675,690
326.087
542,431
Total
$10.832,468 $9.550.658 $18,037,446
LiabilitiesTotal
351.842,005 551,488,871 534.674,532
Capital stock
$1,000,000 31,000.000 $1,000,000 Amt.of deposits on which int. is paid $36,781,500 $34,904,200 $23,865,900
Surplus fund and undivided profits
572,878
790,316
516.329
Preferred depositsDue as executor, admr., guard.,&c.
New York Trust Co. (New York).
6,262
Deposits by New York State
200.000
ResourcesDue depositors (not preferred)
Nov. 15'23. Nov. 15'22. Nov. 1521.
5,760,721
10.365,211
4.933,529
Stock
and
bond
investments
Due trust co.'s, b,anks and bankers
536,292.966 $52,842.976 $30,384,328
1,525,559
977,618
1,479,271 Real estate owned
Bills payable
97,320
302,587
225,542
801,613
1,621,621
Bonds and mortgages owned
Acceptances
1,965,564
834,912 3.364.276
673,194
320.686
1,066,857
on bond & mtg.or oth. r.e. coll. 4,544.000 2.852,633
Other liabilities
900,650
498.503
174.613 3.135.791 Loans
Loans & disc. sec. by other collateral64,795,654 63.791,760
Total
$10,832,468 sa/.58u.6o8 518.03/,446 • Leans dis. & bills pur. not sec. by coll. 61.381,762
35,714,447 24,599.846 45.201,470
Amount deposits on which int. is paid. $6,638.230 35.699,000 $11,577,912
Own acceptances purchased
560,208
58,148
139,349
Overdrafts
19,915
93.015
22.290
Lawyers' Title & Trust Co. (New York).
Due from Fed. Res. Bank of N. Y
16,197,445 20.723,144 19.804.638
Due
from
trust
co's,
banks
&
bankers
5.145.835
4,025,720
RESOUTCes7,082,906
Net,,
. 15 '23. Nov. 15 '22. Nov. 15'21.
Specie
13,929
20.211
21,594
Stock and bond investments$5,555.982 $7.245,536 $3,763.087 Other
currency auth. by laws of N.Y.
598.106
581,565
451,372
Real estate owned
3,165,851 . , .
3,089,904 Cash items
Bonds and mortgages owned
70,620.990 35,849.767 28.401.828
6,655,243
6,808.473
5,074.607
Loans on bond & mtg. or oth. r.e.coll.
Customers' liability on acceptances
15.428.690 12,976,822 8,938,962
907,500
139,458
228.889 Other assets
2,536,035 2.585,155
2.042,456
Loans & disc. sec, by other collateral_ 7,334,462 6,674,742 5,594,690
Loans,dis.&bills pur.not sec, by coll. 3,515.644 4,002,087
4,634,367
Total
$
950,883,260
208,145.566
226.003,962
Overdrafts
798
2,256
1.603
LiabilUiesDue from Fed. Res. Bank of N. Y
898,867
869,076
799.970 Capital stock
$10,000.000 310,000,000 510,000,000
Due from approved res. depositaries_ 1,274,565
1.560,796
1,336.013
Surplus
fund and undivided profits
18.342,732 17.696,918 16.996.204
oth.
trust
from
cos..
b'kers
Due
bks. At
1,000
1.000
2,917 Preferred depositsSpecie
26,264
11,799
29.755
Due
N.Y.
State
says.
banks
946,242
1.059.671
431.127
Other currency auth. by laws of U.S.
868.914
948,524
732.693
DueN.Y.Statesay.&loan assns.,&c.
138.645
Cash items
1.680.028
663,340
431.352
Due as executor, administrator,&c. 2,246,346
9,069
8
:
64
417
5
16.684,758
Other assets
642.044
570.544
561.071
Deposits by New York State
260,667
450.000
430,000.
Total
3.32,o2e,s92 9.30.813.413o S26.014,784
Depositssecured by pledge of assets
462,102 3.478,124 3,282,904
Due depositors (not preferred)
Liabilities162,014,604 125.751.834 117,083,827
_ 32,145.883 40.143.711 21,504.141
Capital stock
$6,000,000 34,000,000 $4.000,000 Due trust co's, banks and bankers_ .
Surplus fund and undivided profits
7,000,000
5,715.589 6,832,764 6,053,262 Bills payable
4,000,000 10.400.000
Acceptances
8.825.853
Preferred deposits15,671,948 13,445.276
1.558.208
-Duo N. Y. State sayings banks_ _ _ _
283,770
1.415.910
1.792.736
428,100 Other liabilities
329.520
Due N.Y. State say. & loan ass'n_
14.933
17.995
12,970
Total
208,145.566
52501
,9
88
23
3.
.2603226,003,962
Due as executor,administrator,&C.
782.490 1.136,013
815,686
Cal.
Supplementary--For
Year1921.
1922.
Deposits by State of N.Y
128,378
354,453
368,281 Tots int.& comm.rec'd during year.
Figures
$8,538,700 $8.765,400
Dep. by Supt. of Bks., N. Y. State_
35,000
15,000
All
other
profits
received
omitted.
during
year.
759,300
434,300
pledge
of
assets...
by
Dep.secured
131.665
130,794
100,617 Int. credited to depositors during year
2,790,000 3.040,000 owing to
591,202
Deposits otherwise preferred
667.204
539.454
during year. excluding taxes 2,455,300 2,410,900 consolida17,989,054 16.489,328 14,810,750 Expenses
Due depositors (not preferred)
Amt.
of
diva.
declared
on
capital
stk.
2,000,000 Lion with
2,000,000..
63,332
69,384
86,840 Taxes reserved and pd.
Due trust cos., banks and bankers.-Liberty
Yr.
494,500
the.
590,200.
790,979
776.335
Other liabilities
793,799 Amt deposits on whichduring
Bank.
int, is paid_a129,645,000 120,000.000
$32,526,392 $30,813,765 528.014.784
Total
a As of Nov. 15 1923.
9a 6
For. 118.
THE CHRONICLE •
Title Guarantee & Trust Co. (New York).
ResourcesNov. 15 '23. Nov. 15 '22. Nov. 15 '21.
Stof.( aril bond investments
$10.990,348 $13.425,173 39,390,386
Real estate owned
3,322,776 3.168.462
2.832.224
Bonds and mortgages owned
19,589,090 15,310.211 11,909,692
Loans on bond & mtg,or oth.re.coll. 1.268.778
742,868
716.168
disc.
sec.
by
other
collateral_
Loans &
12.847.133 14,432.553 16.803.901
Loans dis. & bills pay. not sec. by coll. 6,892,436 7,495,561
4.782.008
Overdrafts
1,582
408
1.400
Due from Fed. Res. Bank of N. Y.-- 2,145,720 2,158,502
1.647.382
Due from approved res. depositaries_ 3,865,823 2.712,743
2.714,412
Due from other tr. co's, bks., bkrs..Ac
59,108
134.275
117,009
Specie
381,912
316,902
307,926
Other currency auth. by laws of U.S. 1,223.691
1,114,929
1.087.284
Cash items
1.356,425 1,379,451
1,490,050
Customers' liability on acceptances_ _
8,375
Other assets
1.241.000
1.163,925
1.038.428
Total
$65,196,197 $63,555,963 $54.838.270
LiabilitiesCapital stock
310.000.000 $7,500,000 $6,000,000
Surplus fund and undivided profits
13,964.668 15,066,514 13,566,222
PreLdeposits due N.Y.State savs.bks. 1,236,425
1.569.430
1,492,789
Due savings and loan associations_
4,534
7,976
25,293
Due as executor,administrator. &c. 1.697,931
1,405,747
1,479,175
Deposits by New York State
124.000
350.000
450.000
Due by Supt. of Banks. N. Y.State
25,000
25.000
Deposits secured by pledge of assets
388,050
118.100
Deposits otherwise preferred
34,181
Due depositors (not preferred)
36.668,778 35,853,042 30,494.850
Due trust co's. banks and bankers....
220,508
222,327
207.931
Acceptances.._
8,375
Other liabilities
1,245,978
1.171.040
966.516
Total
$65,196,197 $63.555,963 354.838.270
Supplementary-For Cal. Year1923.
1922.
1921.
Total int. & comm.rec'd during year_ $3.011,769 $2,685,146 $2,607,850
All other profits received during year. 8,330,779 7,118.745 4.890,518
On account of depreciation
186,358
Charged to profit and lossOn account of losses
161,150
444.274
107,386
int. credited to depositors during year
754,082
683.522
714,826
Expenses during year, excluding taxes 5,472,589 4,216.906 3.308,109
Amt.of divs. declared on cap. stock
2,400,000;2,500,000stkl 1.200.000
11,800,000cshf
Taxes paid during the year
897,745
635,298
532,725
Amt. deposits on which hit. Is paid.- 32,704.737 32,826,915 33.773.079
United States Mortgage & Trust Co.(New York).
ResourcesNov. 1523. Non. 15 '22. Nov. 15 '21.
Stock and bond investments
$13,617,295 $20,004,336 $12,749,707
Real estate
370,526
476,043
522,615
Bonds and mortgages owned
3,494,143 4,378.142
3,378.171
Loans on bond & mtg. or oth.recoil.
19.000
20,100
25.600
Loans & disc. sec, by other collateral_ 26,977.955 25,431.253 25,923.976
Loans,disc.&bilis pur. not sec.by coll. 4,887,731
6.973,650 8,231.550
Own acceptances purchased
141.790
Overdrafts
2,114
2,805
7.738
Due from Fed. Res. Bank of N. Y
6,669,902 7,590,598 6,495,978
Due from approved res've depositaries _ 460.448
649.894
567.156
Due from other tr. cos., bks.& bkr13-172,130 1,025.430
398,564
Specie
62.710
59.352
60.824
Other currency auth. by laws of U.S.
896,032
692,537
727,138
Cash Items
1,973,218
2.933,843 3,637.013
Customers' liability on acceptances
627,500
180,000
Other assets
357.125
423,549
482.102
Total
$61,140,916 $69.860.385 $63.778.031
United States Mortgage & Trust Co.(New York). COncl
LiabilitiesNov. 15 '20. Nov. 15 '22. Nov. 15 '21.
Capital stock
'
$3,000,000 $3,000,000 33,000.000
Surplus fund and undivided profits
4,430.968 4,419,169
Preferred depositsDue N. Y.State savings banks_
641.111
540.244
489.117
Due as executor. administrator, &c. 3,097,867 3,402,620 2,884.325
Deposits by State of New York_ __ _
250.081
112,032
250,G32
Dep.secured by pledge of assets
1,756,995.
1.588.148
803,506
Deposits otherwise preferred
685.630
Due depositors (not preferred)
44,544,779 47,792,583 40,875.613
Due trust cos., banks and bankers3,304,443
5,356,417 4.925.368
Bills payable
1,250.0000
Acceptances
627.500
180,000
Other liabilities
1,307.077 2,132,299 3,806.796
Total
$61,140,916 $69,860,385 $63,778,031
Amt. deposits on which Int. Is paid.-$47.059.174 $53,205,220 845,768,063
United States Trust Co. (New York).
ResourcesNov. 15'23. Nov. 15 '22. Nov. 15'21.
Stock and bond investments
$10,916,780 $13,042,920 $11.102,367
Real estate owned
1,000,000
1,000,000
1,000.000
Bonds and mortgages owned
4.234,193 3.834.096 5.052,653
36,250
Loans on bond and mortgage
24,250
31.250
Loans & dLsc, secured by collateral 38.965.913 40.609,155 32,734,405
Loans,disc.&bills pur.not sec.by coll. 5,645.924 7,414,326 11,100.766
Specie
100,000
100,000
Other currency auth. by laws of U. S.
100,000
Due from Fed. Reserve Bank of N. Y. 3,500,000 4,400.000 4,300,000
5,018.377
Due from approved res've depositaries 5.191,428 4,873,520
552,104
Other assets
410.458
460,936
Total
869,988,946 $75.766,203 370.996.912
LiabilitiesCapital stock
82,000,000
Surplus fund & undivided profits__ 17,519,707
Preferred depositsDue N. Y.State savings banks..... 1,839.114
Due as executor, administrator, &c. 21,933,777
Dep. secured by pledge of assets- 1,649.915
Due depositors (not preferred)
22.893.190
981,661
Due trust cos., banks and bankers..
1.171,579
Other liabilities
32.000,000 $2,000.000
16.461,869 15,773,675
1,830.892
1.923,436
15,067,349 11.789,112
796,590
1.016,180
36.926,709 28.625,990
9.076.522
1.167,911
1.104,131
1,202,749
369,988,946 $75,766.203 370.996.912
Total
Supplementary-For Cal. Year1921.
1923:
1922.
Total int. & comm.rec'd during year. $4.165,553 84.059,342 $4,373,809
410,401
493.994
144,277
All other profits received during year.
Charged to profit and loss157,338
On account of depreciation
100,378
4,893 •
On account of other losses
1,487.730
1,417.711
Int.credited to depositors during year 1,259,998
514,329
Expenses during year, excluding taxes
632.379
565,849
1.200,000
1,000,000
Amt.of divs. declared on capital stock 1,000,000
during
the
year
347,071
paid
481,238
411.267
Taxes
47,686.782 52,314,499 49.443.037
Amt. deposits on which int. is paid
BROOKLYN COMPANIES
Brooklyn Trust Co. (Brooklyn).
*Midwood Trust Co. (Brooklyn).
ResourcesNov. 15'23. Nov. 15'22. Nov. 15'21.
Stork and bond investments
$16,991,145 $24,669,561 820,587,392
Real estate owned
1
1.197,946 1,195.123 „
Bonds and mortgages owned
3,744,533 2,417,925 1,937,050
70,284
Loans on bonds & mtg.or oth. r.e.coll.
36,100
41,000
Loans and disc.sec, by other collateral 12,963.631
9.003,432 5,143.156
Loans,disc.& bills pur.notsec.by coll. 4,138,263 2,965,921 4,401,316
1.663
Overdrafts
5.515
6,947
Due from Fed. Res. Bank of N.Y..... 4,659,970 5,749,556 3,531,413
514,498
Due from approved res. depositaries_
426.226
468,696
273,080
328,611
299.278
Specie
591,968
Other currency auth. by laws of U. S..
474,305
617.100
1,137,685
Cash items
932,796
1,978,439
Customers'liability on acceptances_ 1.625
Other assets
440,554
497,383
435,542
Nov. 15'23. Nov. 15 '22. Nov. 15'21.
Resources$513,636
3473.409
$290,484
Stock and bond investments
293,570
174.131
91,044
Real estate owned
795.662
388.560
666.441
Bonds and mortgages owned
65,375
61,350
38,850
Loans on bond & mtg. or oth. r.e.coll_
384,956
295.911
310.246
Loans and disc,sec, by other collateral
Loans, discounts and bills purchased
1,569.048
1.187,256
not secured by collateral
462.495
1.471
711
Overdrafts
3,704
435.758
432.698
Due from Fed. Res. Bank of N. Y.._ _
131,720
836
Duefrom other tr. cos., bks.& b'kers_
12,377
Specie
10,716
9,615
37.629
114,310
Other currency auth. by laws of U.S.
104,500
124
35
7.327
Cash items
Due from approved reserve depos_
20,904
92,413
15.745
Other assets
8,179
20,088
Total
$4,257,071 $3,169,006 $2.097.207
LiabilitiesCapital stock
$700,000
$500,000
$500,000
Surplusfund and undivided profits.. _
332.168
284,940
299.367
Pref.deposits: due N.Y.State savs.bks. 110,711
50.000
100.000
Due as exec.. admin.. guard., &c.._
19,59
Deposits by State of New York
36.000
100,000
100,000
Deposits sec. by pledge of assets..
22,200
Due depositors (not preferred)
1.158,694
3,059,263
2.137.303
Other liabilities
16..970
3.573
10.136
Total
$4.257,071
3.169,006 $2.097,207
Amount of dep's on which int. is paid $1,693,810 1.540.690 $1.099.050
Total
$46,308,307 $49,938,262 839,842,061
LiabilitiesCapital stock
$1.500,000 $1,500,000 $1,500,000
Surplusfund and undivided profits__ - 3,540,961
3,199,770 2,773,922
Preferred depositsDue N.Y.State savings banks_ _ _ _ 2.438,919 2,126.357 1,536,745
Due N.Y.State say,& loan assn's_
9,000
8.266
11,327
Due as executor,administrator, &c. 2.520,084
1,844,226
1,674,029
Deposits by State of New York32,147
108,011
1,019,735
Depos.by N.Y.State Sept.of Elks.
50,708
15,019
Deposits secured by pledge ofassets 1,871,575 2,221.491
2,048,660
90,200
Deposits otherwise preferred
279,018
523,813
Due depositors (not preferred)
32,139,103 36,956,979 28,380,592
117,317
Due trust cos., banks and bankers.....
291,246
146,284
Bills payable
1,000,000
1.000,000
Acceptances
1,625
509.252
Other liabilities
544,173
558,076
The Peoples Trust Co.(Brooklyn).
ResourcesNov. 15'23. Nov. 15 '22. Nos.15'21.
Stock anu bond investments
822.062,441 $17,905,282 813.109,172
Real estate owned
1.291,865
1,243,871
766.428
Bonds & mortgages owned
939,367
1.007,315
. 776,435
Total
$46,308,307 849,938,262 $39,842,061 Loans on bond & mtg. or oth.r.e.coll_
420,935
368,911
440,770
Amt. deposits on which Int. Is paid_ 2534.252,500 $38,811.900 $30,884,000 Loans & disc. sec. by other collateral_ 12,939,504 15,666,402 12,472,905
Loans disc.& bills pur.aot sec.by coll. 9,514,239 12.823.679 8,753.396
Own acceptances purchased
150,000
Kings County Trust Co. (Brooklyn).
Overdrafts
1.922
6.334
3,864
Due from Federal Reserve Bank __
5,136,299 4.751,974 4,279.516
ResourcesNov. 15'23. Nov. 15 '22. Nov. 15'21. Due from approved res. depositaries..
761,902
814.801
654,280
Stock and bond investments
37.244,749 37.398,576 $8,313,617 Specie
484,751
319,265
447,658
210,000 Other currency auth. by laws of U.S. 1,248,665
210.000
Real estate owned
210,000
903,345
966.610
Bonds and mortgages owned
1,009.410 Cash items
1,412.105
1,428,320
1,616,471
1.506,252
2,503,308
296.987 Customers'liability on acceptances
325,868
Loans on bond & mtg. or oth.r.e.coll_430.611
4.812
211,721
Loans Sz disc. sec. by other collateral_ 16.944,319 13,967,909 11,092.985 Other assets
274.700
237.758
220,015
1,870,002
Loans disc.& bills pur.not sec.by coil- 1.734.210
1,668,605
Total
356,650,261 858,582.412 844,776.467
1,649
Overdrafts
687
368
LiabilitiesNov. 15 '22. Nov. 15 '21.
2,457,781
Due from appro v'd res'vedepositaries 3,976,765 3,383,021
$1,600.000 $1.600.000 $1,500.000
33,361 Capital stock
77,823
Due from other tr.cos..bks &bankers
119.413
2.107.826
3,177.163
2,828,999
36,966 Surplus fund and undivided profits
41.159
Specie
16.599
2,658.901
1,565.912 Pref.deposits: due N.Y.State says.bks. 3,878,263 3,723.601
1,700.570
Other currency auth. by laws of U.S. 1,802,165
Dep. by Supt. of Banks, N.Y. State
67.780
80.000
82.780
21.332
33,810
131,183
Cash items
Due savings and loan associations_
16,571
141.736
24,434
100,737
59,405
128.637
Other as,ets
Due as executor,administrator, &c.
554,426
831,763
765.904
Deposits
by
State
of
New
York...
337,780
260,000
280,000,
827.010.739
$30.279,538
Total
$34,167,339
Deposits secured by pledge of assets
1,435,602
852.731
1.199,878
LiabilitiesDue depositors (not preferred)
45,246.402 47,539,245 35,399.697
$500,000 Due trust co's, banks and bankers
$500,000
$500,000
Capital stock
12.113
237,289
167.805
3.685,948 3,380.605 2,975,026 Acceptances
Surplus fund and undivided profits
211,721
4.812
Preferred depositsOther liabilities
541.830
340,102
369.766
2,736,969 2,522,400 2,222,769
Due N . Y. State savings banks..
Total
856,650.261 $58.582.412 $44,776,467
1,000
Due Si ;rings and loan associations_
1.000
Supplementary-For Cal. Year1923.
1922.
' 1921.
678,973
742:017
Due as executor, administrator, &c 1.154,094
&
comm.
int.
rec'd
Total
during
year.
York..
800.000
$2,697,553 $2,336.272 $2.201.918
of
New
_
_
800.000
State
690,000
Deposi ts by
152.119
400,740
385.365
142.638 All other profits received during year.
70,000
74.463
Deo b v Supt.of Elks ,State of N.Y.
171.000
33,697
143.802 Charged to profit & loss acct. deprec_
52,772
461,121
321,527
Deposh sec. by trust co. assets
85,390
40,627
204,725
24,443,489 21,221,619 19,188.187 Charged to prof. & loss acct. oth. loss
Due depo4tors (not preferred)
Int. credited to depositors during year 1,081,1541
742.209
958,761
186,121
92.004
bankers
312.335
and
banks
co's,
trust
Due
year,
702,627
Expenses
during
excluding
taxes
841,405
768,375
391.192
266,340
341,977
Other Salinities
300.000
270,000
Amt. of divs. declared on capital stk.
320.000
83.133
102,732
86,821
$34.167,339 $330,279.538 827,010,739 Taxes paid during the year
Total
deposits
on
which
44.301,465
33.836.588
Amt
int.
is
paid
42.102.852
$24.747,000
821.965,400
Amt. of deposits on which int, is paid$27.971,400
977
THE CHRONICLE
MAR. 1 1924.]
BOSTON COMPANIES
American Trust Co. (Boston).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources$2,860,236 *3,957.440 $3.100,657
Railroad and other bonds
15,584,199 16.346,130 17.055.908
Time loans
45.041
45.041
45.041
Our real estate
with
sold
endorse't
acceptances
442.868
Bank
100.000
Customers notes rediscounted
519.075 1,386.882
312,938
Customers' liabils. under acceptances
5.305,927 4,476,298 4,904.927
Demand loans
4,308,922 4.635,964
5,293,035
Cash on hand in banks
56.864
30,707
11.408
Other assets
Columbia Trust Co.(Boston) Concluded.
LiabilitiesCapital stock.....,
Surplus and profits
Deposits
Total
Dec. 31 '23. Sept. 15 '22. Dec. 31 '21.
3100,000
$100,000
8
60
00
00:3
106
$1
86.531
8
55
49
2:2
03
88
1.053.144
986.842
$985.753
$1,193.210 31.239,675
Exchange Trust Co. (Boston).
ResourcesDec. 30 '23. Dec. 30 '22. Dec. 31 "21.
Stocks and bonds
54,975,570 $5,539.511 $4,284,423
Cash in offices and banks
1,922.734 2,929,820 2,117,125
$29,855,652 $29,777,613 $31.186.243 Safe deposit vaults,turn. & fixtures
Total
40,000
40.000
23,279'
Demand loans
2,000,061
1,679,265
406,558
Liabilities4,564.675 3.797.319 5,612.759
31,500.000 51,500,000 $1.500.000 Time loans
Capital stock
5,910.768
5,001.219 4,685,013
2,000,000 2.000.000 Loans on real estate
2,000.000
Surplus fund
620,906 Real estate owned
328.000
328,000
472.250
621,792
662.386
Undivided profits
25,669.097
25,029,651
24,937,460
General deposits
Total
$19,741,808 $19,315.134 $17.601.407
1,396.240
526,170
312.938
Acceptances
Liabilities-100,000
Notes and bills red's. with F. R. Bank
51.000.000 81.000,000 31.000.000
Capital
442,868
Endorsements on bank acceptances_
1,000,000
Surplus
1,000,000
1,000,000
206,537
204,001
Profit and loss
265.219
Total
$29,855,652 $29.777,613 $31,186,243 Deposits
17.535,271 17.111.133 15,336,188
1921.
1922.
1923.
519.741.808 319.315,134 317.601.401
Total
2%
2%
2%
Rate ofint.paid on dep.of$500or over
1922.
1921.
1923.
20%
20%
16%
Dividends paid In calendar year
Rate ofint. pd.on dep.of $500 & over
2%
2%
3120,000
$120,000
$120,000
Dividends paid in calendar year
*Bank of Commerce ds Trust Co. (Boston).
(Formerly Hub Trust Co.)
Jamaica Plain Trust Co. (Boston).
Dec. 31 '23. Dec. 30 '22. Dec. 31' 21.
Resources-ResourcesDa. 31 '23. Dec. 30 '22. Dec. 31 '21.
$331.467 State of Massachusetts bonds
$494,494
$418.332
United States bonds
$4,867
84,888
$4,789
52,230
Other stocks and bonds
771.889
1,303.488
Other stocks and bonds
1.052.134
703,160
347,600
1,024,591
Loans on real estate
Loans on real estate
760,006
565.896
1,088,160
730.4321 1.308,464 Demand loans with coliaterals
913,189
Demand loans
258.138
95,488
179.281
1,073,0121
1.455,643
Time loans
63,639
Other demand loans
56.599
35,557
45,000 Time loans with collateral
42,500
40.000
Furniture and fixtures
150.160
307,449
249.778
376,645 Other time loans
454.868
554,060
Cash in reserve banks
367,292
293,312
226.663
113,064
74,696
91.659
banks
Checks on other
181
Overdrafts
21
390
92.526 Banking house,furniture & fixtures....
77.994
86.500
Cash in vaults
29.300
29,300
29,300
28.123
59.383
Customers' liability acct. acceptances
12.475
Safe deposit vaults
12,475
12.475
88.626 1 115,191
83,962
34.695,587 33,740,642 $2.731,301 Due from reserve banks
Total
792
31,164 1
Due from other banks
Liabilities
71,709
72,368
78.017
3500,000
$500,000 Cash: Currency and specie
$500,000
Capital stock
4.339
assets
Other
72.836
99,967
128,648
Surplus fund and undivided profits
1.511.393
$3,435.678 52.825,722 12.250.159
2.819.723 2,230,732
Total
Demand deposits
571.026
665,736
748,096
LiabilitiesTime deposits
76,046 Capital stock
$200,000
36.084
8200.000
85.428
$200,000
Due to banks
29,000
36.600
175.000
350,000
24.500
Surplus fund
Bills payable
52,322
59,019
33.123
31.091
63,692
Profit and loss
Acceptances
2.499.436
1.972.273
3.093,964
demand
to
subject
Deposits
53.740.642
$2.731.301
$4.695,587
Total
6,125
6.500
3,500
Certificates of deposit
19.679
3.108
12,698
Certified checks
*Name changed from Hub Trust Co. on Dec. 3 1923.
12.916
7,856
3,715
Treasurer's checks
23,557
5.471
Open accts. not pay. within 30 days.. •
Beacon Trust Co. (Boston).
398
7.831
Other liabilities
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources33.435,678 $2,825,722 52,450,159
Total liabilities
512,444.737 314,311,006 $13,105.034
Time loans
7,594.408 7.496.578 6,662.304
Demand loans
Liberty Trust Co. (Boston).
669.844
790,278
838.679
Investments
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
5.871,230 4,760,122 4,140,705
Resources-banks
and
office
Cash in
113.092
51.090,464 31,204,530 81.321,593
Other investments
Safe deposit vaults
4.102,497
137,310
4,160,990 3,501,143
Loans on real estate
Real estate by foreclosure
944,277
1,534.232 2,083,376
Demand loans
Customers' liability under letters of
547,534
6,785.222 5.423,537 5,496,903
195.882
Time loans
credit and acceptances
59,900
99,500
128,690
97,268
100,000
Banking rooms
Other assets
2,152,315
1,917.058 1.774.714
Cash on hand and in banks
160,940
110,757
302.982
$27.292,606 528.034,208 324.577,887 U. S. bonds
Total assets
211.472
101,803
Other resources
Liabilities$600,000
31,000.000 81.000,000
Capital stock
315.507,087 814.552,406 814,680.711
Total
1,400,000
1,800,000
Surplus
1.800.000
Liabilities250,435 Capital stock
201,566
108,462
Earnings undivided
$750,000
$750,000
5750.000
547.534
Letters of credit and acceptances
750,000
195.882
750,000
750.000
Surplus fund
Bills payable
600.000
46.940
14,348
expenses)71.585
(less
profits
Undivided
15,502 Deposits
8.652
Reserve for taxes
19,995
12,474,492 12.076.851 10,633,421
3,003.500
2.049,500
Notes and bills rediscounted
3,623,954
388
18,850
260
unpaid
Dividends
Deposits
19,944.312 22,426,956 19,308,350 Bills payable inc. ctf. of deposit
93.000
97,000
1,089,447
1,224.207
646,500
1,206,301
rediscounted
Notes
Total
$27.292,606 528,034.208 524,577.887 Uncompleted loans
73.418
1.412
29,120
11,674
51.058
78,286
Foreign currency certificates
34,634
23,268
Boston Safe Deposit & Trust Co. (Boston).
Guaranty fund
48.334
95,411
Other liabilities
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
515.507,087 514,552,406 $14,580.711
Total
$207,050
Bonds and stocks
5436,950
$3,625,405
13.082.026 15,542,055 15,073,890
Loans
1.108.265
971.398
588.719
Cash in office
Massachusetts Trust Co. (Boston).
1,965,222 2,061,812. 2,170.879
Cash in banks
Dec. 31 '23. Dec. 29 '22. Dec. 31 '21
Resources2,452
23.982
Overdrafts and accrued interest
25,329
$753,261
of Mass. bonds
State
$447,353
U.
$753.260
and
S.
3.722
2.803
Cash items
2,092,221
2,016,966
1.235,266
1,745,331
Real estate
1,672,132 1,672,132 Other stocks and bonds
net
7,163,321
5,702,168
estate,
real
3,374,088
on
Loans
B.S.D.&
held
T.Co.
76.300
clistrib'n
for
Stk.
35,035
25,300
2,899,948 3,591,641 3,875.104
28,161 Demand loans with collateral
41.354
Other resources
613,529
833,749
Other demand loans
589,638
Total
$21,058,788 520.786,065 320.344,851 Time loans with collateral
786,504
1,018,690
865,830
4,093,704 3,497,376 3,505,835
LiabilitiesOther time loans
16,842
29,615
$1,000,000 81.000.000 31,000.000 Safe deposit vaults
Capital stock
17,999
2,027.695 2,474.452 1.308,382
3.000,000 3,000.000 3,000,000 Due from reserve banks
720.847
637.697
638,260 Due from other banks
472,717
695.184
Rignnd loss
165,957
16,263.116 16.013,004 15,631.190 Cash:Currency and specie
Deposits
180,140
245,148
3.887
3,533
3,189 Other cash items
63,616
Int. reserved for certifs. of deposit
7,319
70,938
Reserved for taxes
74.344
72,212 Other assets
42,834
108.664
178,602
Total
$21,058,788 $20,786,065 $20,344,851
Total
321.284.935 $20,093,259 $16,308,937
Trust department (additional)
$81,367,159 574.684.788 864.782.765
Liabilities922
129
1923.
1
7
1921.
$1,000,000 51,000,000 $1,000,000
Capital stock
2%
Rate of interest paid on deposits-500,000
500,000
500,000
Surplus
funds
32%
Dividends paid in calendar year
33a
308,714
561,958
300,815
Undivided profits
17.094.867 16,963.462 13,363,162
Deposits
Charlestown Trust Co. (Boston).
138,950
129,280
250.100
Certificates of deposit
83,236
127.874
131,776
ResourcesDec. 31 '23. Sept. 15'22. Dec. 31 '21. Certificates of deposit (time)
8,821
23.299
Certified
21,507
checks
municipal
and
bonds-State
593.9931 $422,4121
Mass.
$66.792
17,319
88,944
66,970
Other stocks and bonds
262.244 Treasurer's checks
286,103f
1
480.910
446,127
367,343
155.808
Loans on real estate
245,056248,257 Open acc'ts not pay'le within 30 days
120.192
349.770
Time loans
238.011
196.802 Due to reserve banks
247.509
310,273
370,896
94,510
Demand loans
107,194
126.173 Due to other banks
40,030
40,160
Dividends
unpaid
40,246
50.243
Banking house and vaults
46.967
46,967
932,500
172.764
175.194
86,668 Notes and bills rediscounted
Due from banks
94
29,653
80.144 •
112,825
59,677
38,985 Other liabilities
Cash on hand
478
1,195
Other resources
Total
321.284,935 820.093,259 $16,308,937
$1.316.016 51,294.989 81,074,383
Total
LiabilitiesNew England Trust Co. (Boston).
$200,000
$200.000
$200.000
Capital stock
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources14,500
50.000
10,000
Surplus fund
Stocks
bonds
and
$3,153,749 $3,163,739 $2,923,333
5,000
4.430
profits
5.491
Undivided
Real estate
1.700,000
1,700,000 1.700,000
1.053,380
759,744 Demand
1.079,162
Commercial deposits
loans
time
and
18,640,189 19,202,998 18,969,875
60,000
40,000
payable
Bills
in
Cash
and
bank
office
4,731,915
4,732,335
4,303,175
3.136
336
209
Miscellaneous dividends unpaid
Other assets
659.899
89,223
615,502
31.316,016 31.294.989 31.074.383
Total
Total
$28,315.496 $28,985.414 $28,985,022
LiabilitiesColumbia Trust Co. (Boston).
Capital stock
$1,000,000 $1.000,000 $1,000,000
Dec. 31 '23. Sept. l5'22. Dec. 31 '21. Surplus
Resources2,000,000 2.000.000 2,000,006
$89.850
$69,850
bonds
$69,850
States
United
600,000
600.000
account
Guarantee
600,000
97,000
97.000
97.000 Earnings undivided
Other stocks and bonds
671,290
642.319
616,747
861.703
842.218
669,695 Deposits
Loans
21,731,373 23,509,610 23,249,12'9
52.470
76,363
102,036
1,464,603
Cash in office
1,233,485
liabilities
2,367,376
Other
92.187
154.244
47,172
Cash in banks
51,193,210 51,239.675 1$985.753
Total
528,315.496 328,985.414 828,985,022
Total
978
[vol.. 118.
THE CHRONICLE
Old Colony Trust Co.(Boston).
State Street Trust Co. (Boston).
Resource.,
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Investments
$19,142,889 $30,665,542 $18,742,902
Demand and time loans
107,061,829 84,547,874 84,525,347
Banking offices
4,527,887 4,151,849 4,025,905
Customers' liability under letters of
credit and acceptances
7,351.314 8,168,138„
Due from banks
I 30,840,581 21,942,626 19,709,392
Cash
1
2.095,304 3,295,973
Exchanges for clearing houso
4,071,460 2.404.734
Total
$168,924,500$155,642,793$136,671,307
LiabilitiesCapital stock
$7,000,000 $7,000,000 $7,000,000
Surplus
9,000,000 9,000,000 9,000.000
Undivided profits
1,353,964
1,578,639
653,542
Reserved for taxes and interest1
. 1,412,595
f515,826
1.665.413
Reserved for depreciation
1369 740
Notes payable at Federal Res. Bank_ _ _ ______
2,700,000
Acceptances and letters of credit__ _ _ 7.607.566 8,227,009 4,109.144
Deposits
133,450.375 126,396,829 114,097.958
Rediscounts
9.100.000
Total
$168,924,500$155,642,793$136,671,307
ResourcesJan. 2 '24. Jan. 2'23. Dec. 31 '21.
Time loans
$20.134,269 321,221,7651329,437.101
Demand loans
12.728.592 13,364,6811
Investments
1,094,055
1,003.872
1.125,343
Due from Federal eserve Bank
4,107,689 4.111,3611 5,998,655
Cash In office and banks
, .
. .
Real estate and safe deposit vaults--_ 1,191.253
1,100,912
1.074.913
Customers' liability on account acceptances and letters of credit_ ___ 2,328,727
2,536.590 2.321,872
Notes and bills rediscounted
1,025.000
1,936,040
Acceptances ofother banks end.& sold
160,363
586.336
U. S. bonds and ctfs. ofindebtedness_
292,700
332,800
Other assets
111,457
409,360
115,931
Total
847.330,730 347,015,086 542,297,995
LiabilitiesCapital stock
$2,000,000 $2,000,000 $2.000,000
Surplus and undivided profits
3.180,677 3,176,390 3,233,247
Acceptances
1.746,618
1,805,743
1.648,000
Acceptances ofother banks end.& sold
160.363
586.336
Acceptances and letters of credit
issued and guaranteed
699,826
811,604
716.968
Liabilities for rediscounts
1,025,000 2.092,000
1.936,040
Deposits
38,231,573 36,261,994 32,488,917
Other liabilities
286,673
281,019
274,823
Revere Trust Co. (Boston).
ResourcesDec. 31 '23. Sept:15'22. Dec. 31 '21.
U.S.and State of Mass. bonds
$112,350
$73,833
3133,850
Other stocks and bonds
34,920
63,789
59,795
Loans on real estate
43,164
38,398
51.973
Demand loans with coliaterals
38,530
46,837
65.929
Other demand loans
84,580
94,366
88.946
Time loans with collateral
87,638
27.661
25.368
Other time loans
116.939
193,722
209,888
Safe dep. vaults, furniture & fixtures_
10,000
9.699
8,798
Due from reserve banks
28,476
34,299
49,763
Due from other banks
735
723
Cash and ca.sh items
15,525
33,372
12.929
Other assets
282
1.426
582
Total
$551.736
3640,657
$706.692
LiabilitiesCapital stock
$100,000
$100,000
$100.000
Surplusfund
10,000
10,000
10,000
Undiv.prof..less exp.,Int. & taxes paid
26,219
19,74o
6,396
Deposits (demand)
Subject to check
418.821
315.468
Certificates of deposit
6,257
800
Certified checks
1,025
556,2161
2,306i
Treasurer's checks
1.706
8,153
Deposits (time)Ctfs. dep. not pay. within 30 days..
13,257
6.250)
8,7671
Openacc'ts not pay. within 30 days
1,262
Accrued interest
718
Due other banks
5,455
10,226
Bills payable
90,000
Other liabilities
35
Notesand bills rediscounted
70,000
Total liabilities
3706.692
$551,736
$640,657
Total
$47,330,730 847.015.086 342,297,995
United States Trust Co. (Boston).
ResourcesU.S.and State of Mass. bonds
Other stocks and bonds
Loans on real estate
Demand and time loans
Syndicate participations
Due from banks
Cash on hand
Other assets
Dec. 31 '23. Dee. 30 '22. Dec. 31 '21.
$2,904,131 $1,801,770 $1,517,270
4.862,679 5,400,580 4,927,262
6 292 446 5 333 450 4,910,436
3,796,376 4.114,799 4,320.175
164,713
164,712
164,713
2,029,112
1,972.808
1,737,931
219,571
187,795
347,749
949
1.176
39.200
Total
390.269,977 $18,977,090 $17,964,736
LiabilitiesCapital stock
31,000.000 $1,000,000 $1,000,000
Surplus
1,000,000 1,000.000 1,000.000
Undivided profits
329,026
240,589
202,752
Deposits
17,130,951 16,736,398 15,733,534
Notes& bills rod's. with Fed. Res.Bk_
810,000
Other liabilities
103
28.450
Total
$00,269,977 $18,977,090 $17,964,735
Winthrop Trust Co. (Winthrop, Mass.)
Resources•
17. S. and State of Mass. bonds
Other stocks and bonds
Demand loans with collateral
Roxbury Trust Co.(Boston).
Other demand loans
ResourcesJune 30'23. Dec. 30 '22. June 30'21. Loans
on real estate
U. S. and Mass. bonds
$303,822
$47,000
1
$299,806 Time loans with collateral
Other stocks and bonds
1
245,765
Other time loans
Loans on real estate
316,470
233,550
Banking house and vaults
Demand loans
) 754,362
104.476
504.090 Due from Reserve banks
Time loans
472,353
currency and specie
Banking house, furniture and fixtures
32,560
10,000
14,500 Cash,
assets
Due from reserve banks
) 110,330
119,9281
80,366 Other
Due from other banks
10,2341
Total
Cash
31,376
60,829
37.802
LiabilitiesOther resources
11.844
5.298
327
Capital stock
Total
$1,560,764 $1,309,434
$936,891 Surplusfund
LiabilitiesUndivided profits
Capital stock
$200,000
$200.000
$200,000 Deposits subject to check
Surplusfund
2,075
4,369
30.000 Certified checks
Undivided profits
6.017
39,153
11.186 Treasurer's checks
Deposits
1.251,624
1.030.914
672.897 Due to Reserve banks
Due to other banks
16,938
9,856
Due to other banks
Uncompleted loans
8.000
Other liabilities
Bills and accounts payable
50,000
50,000
22.000 Reserved for taxes and interest
Other liabilities
973
277
808
Total
Total
$1,560,764 $1,309,434
,891
$936-
Dec. 31 '23. Sept. 15 '22. Dec. 14 '21
$128,5053103,569
$186.142
339,670 .
331,685
358,404
129.471
124,432
83,002
86,014
713,428
109.650
51,891
35,510
537,900
249,957
66,072
30,000
30,976
30.976
107,956
64,186
134,962
23,836
23,903
50
370
$1,860,778
$100,000
45,000
19,270
1,653.783 f
3,525i
7,996 I
17.3361
1,0061
12,863
$1,860,778
$931,046 $1,331,386
$100,000
35.0001
13,4781
3100,000
51.844
599,5281
181,136
1,177,262
224
1,680
2.280
3931,046 $1,331,386
PHILADELPHIA COMPANIES •
Aldine Trust Co. (Philadelphia).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21
Real estate mortgages
$101,807
$193,791
$43,663
Stocks and bonds
862,486
1,151,937
771,254
Loans on collateral
2,706,195 2,163.508
1,567.111
Loans on commercial paper
1.295,321
1,644,660
949,105
Customers' liability letters of credit- _
3.681
600
Bonds borrowed
89,600
102,300
178,300
Banking house
50.000
50,000
50,000
Cash on hand
51.436
43,746
65,200
Cash on deposit
363,643
532.321
331.094
Total
LiabilitiesCapital stock paid in
Surplus fund
Undivided profits
Deposits
Bonds borrowed
Dividends unpaid
Accrued dividend paid in
Bills payable
Letters of credit
Reserve for taxes
Total
36.055.638 34.992,165 $4,314,956
$750,000
300,000
218,192
4,020.983
102,300
471
$750,000
500,000
143.003
3,182,099
89,600
376
427.542
3,681
32,469
326,487
600
$750,000
480,000
97,763
2,026,494
178,300
229
910
781,260
36.055,638 34,992,165 84.314.956
American Bank and Trust Co. (Philadelphia),
[resources-Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
American Bank & Trust Co. (Phila.) Concluded.
LiabilitiesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Capital stock
$3300.000
$300,000
$300,000
Surplus
200,000
sded profits
59,476
103,434
64,165
Deposits subject to check
2,122,708 2,056,802
1,369,621
Demand certificates of deposit
9,379
4,807
14,926
Deposit by Commonwealth of Pa_ _ - _35,000
35,000
50,000
Certified checks
3,239
2,368
2,242
Treasurer's checks
29.095
7,711
4.195
Saving fund deposits
1,087.412
657,428
678.965
Dividends unpaid
279
393
602
Reserve for depreciation
30.000
42,630
Bills payable on demand
70,000
Other liabilities
1,151
Total
$3,846,588 83.386.989 $2,609,451
*Bank of North America & Trust Co. (Philadelphia).
ResourcesCash on hand
Due from approved Reserve agents
Due from other banks, trust companies, &c
Checks and cash items
Commercial paper purchased
Time loans
Call loans
Loans on bonds and mortgages
Bonds and stocks
Office building and lot
Other real estate
Furniture, fixture and vaults
Customers' liability on letters of credit
Other assets
*Dec. 31 '23.
$656,921
3.541.217
7,435,889
6,374.254
14,956,190
8,671,974
14,261,125
636,700
6,236.172
300,000
581,500
130,000
164,744
1,078,464
Cash and notes
3165.010
$117.230
$102.428
Due from reserve agents
353.156
215.234.
Legal reserve security at par
Total
100,000
100.000
250,400
$5,025,150
Nickels and cents
1.212
Liaoilities1.121
489
Check and cash items
933 Capital
$5,000.000
Commercial paper on one name
343.192
336,412
713.385 Surplus fund
5.000.000
Commercial paper on two names__ -470.221
358,197
320,113 Undivided profits
717.045
144,769
165,779
Time loan with collateral
65,016 Demand deposits
38,550,239
collateral
with
389,118
Time
132,652
deposits
80,982
Call loan
5,675,029
54,400
17,900
18,900 Due to banks and trust companies
Loans secured with bonds and mtges8,285,163
1,052,944
1,051,367
797.723 Dividends unpaid
Stocks and bonds
189,421
693,300
804.275
Mortgages and judgments
12,500 Letters of credit
164,744
65,791
65,791
65,791 Other liabilities
Real Estate and building
1,443,510
10.000
fixtures
12,000
14,006
Furniture and
151
104
Total
190
Overdrafts
365.025,150
150
150
Other resources
• Bank of North America & Trust Co. began business March 1 1923.
33,846.588 $3,386,989 $2,609.451 being a consolidation of the Bank of North America and Commercial Tr.Co.
Total
MAR. 1 1924.]
979
THE CHRONICLE
Belmont Trust Co. (Philadelphia).
Dec. 31 '23. Dec. 30 '22. Nov. 30'21.
$168,820
$258,349
Cash on hand and due from banks.-- $294,271
81,113
145,348
150,026
purchased.
paper
Commercial & other
584,2181
1,029,611
Loans on collateral
664,359
453,050!
453,860
Loans on bonds and mortgages
539,014
588.706
570,361
Stocks, bonds, &c
315,109
296.005
134.295
Mortgages
20,500
23,284
fixtures
and
Furniture
68.992
52,937
75,890
Banking house and other real estate_ 15,464
23.585
24,442
Miscellaneous assets
52.756.040 $2,422,788 $1,852,871
Total
Liabilities$125,000
$187,500
$187.500
Capital stock
50.000
62,500
112,500
Surplus
60.000
84.379
40,909
Undivided profits
1,525.793
2.361,003 2,044,754
Deposits
40,000
Bills payable
23,898
19,976
Special reserve account
28.180
43.655
34.152
Other liabilities
$1.852,871
52.756.040 $2.422,788
Total
Resources-
*Broad Street Trust Co. (Philadelphia).
*Cobb's Creek Title & Trust Co.(Philadelphia) (Conc2.)
LiabilitiesCapital stock
Surplus fund
Undivided profits
Demand deposits (exclusive of trust funds)Deposits subject to check
Certified checks
Time deposits (exclusive of trust funds)
Savings fund
Time certificates of deposit
Special time deposits
Other liabilities
Total
Dec. 3! '23. Dec. 31 '22.
$125,000
$125,000
12,500
12,500
1.028
8,010
536,828
35
289,544
293.010
31
5.304
55.777
3,333
128,202
17.356
51.032.998
5580.470
* Began business May 20 1922.
The Colonial Trust Co. (Philadelphia).
Dec. 31 '23. Dec. 30 '22. Dee. 31 '21,
Resources$95.300
,
$272,850
Real estate mortgages
2,772.456
2,700.392
2.628,631
Stocks and bonds
2.478.947
2,834.121
2,725,961
Loans on collateral
19.32%
22.113
35,855
Furniture and fixtures
937.014
945,752
1.255,807
Cash on hand and in banks
2,107.600
Commercial and other paper owned.. 3,120,896 2,243.327
107,423
158.999
240,398
Other assets
$10,280,398 39.143.954 88.518.059
Total
Liabilities$500.000
$500,000
$500,000
Capital stock paid in
650.332
701,667
709,946
Surplus and undivided profits
7.481,073 6.741.558
8.418.099
General deposits
575.000
350,000
585,000
Bills payable and rediscounts
37.841
66,270
12,357
Reserve for taxes, etc
13.328
44.944
54,996
Other liabilities
Dec. 31 '23. Dec. 1 '22. *Dec. 31 '21.
Resources$19,542
556,7951
Cash, specie and notes
41,535
$204,389
154,144
_
_
agents_
reserve
approved
Due from
235
545
Nickels and cents
63,720
965,412
542.215
Notes purchased
335.000
62.500
49,792
mortgages_
Loans secured by bonds &
156,761
Loans on collateral
367,300
Building and loan paper
9.366
300,601
316.734
Bonds
105,000
Mortgages & judgments ofrecord__ -28,915
34,156
28,082
fixtures
and
Furniture
100
Revenue stamps
10.625
2,650
Miscellaneous resources
3498.413
$1,780,018 $1,577,684
Total
510.280,398 39,143.954 58.518,059
Total
Liabilities53.052.108 82.619.904 51.519.301
$155,548 Trust funds
$250,000
$250,000
Capital stock
1921.
1922.
1923.
107,560 . 45,249
144,659
Surplus and undivided profits
{260,029
%bal.$3001 3 to 3.65% 3 to 3.65%
2
f
on
_
paid
of
depositsinterest
Rate
902,006
Deposits subject to check
3,726
18.F.3to4%1
19,0631 1,135.874
Certified checks
10%
10%
33,861 Dividends paid in calendar year.....
12%
_
312,028
Special time deposits
75.000
150,000
Bills payable
9.250
1,400
Reserve for depreciation, &c
Columbia Avenue Trust Co. (Philadelphia).
862
Other liabilities
5498,413
31.780,018 $1.577,684
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Total
Resources$832,829
$787,521
* Began business Dec.1 1921.
Cash on hand and due from banks--- 8761,045
529.338
562,964
586.932
owned__
paper
other
and
Commercial
ia).
Co.
1,486,552
(Philadelph
&
Savings
1.735,193
Trust
Central
.1,845,381
Loans on collateral
.25.155
122.866
'21
205,322
31
Dec.
mortgages
'22.
and
30
Dec.
bonds
on
'23.
31
Loans
Dec.
Resources2,250.933
2.481.717
2,514,557
$862.041 51,009.715 Stocks, bonds, &c
$671,849
Stock investments
189,687
169.358
308,317
5,144,898 Mortgages
Commercial & other paper purchased 6,367.888 6.238,676
180,000
180.000
180.000
4.973,039 3,484,998 3.480,105 Banking house, furniture. &c
Amountloaned on collaterala
4,000
4,000
20.000
379,087 Other real estate
383.825
402,839
Real estate,furniture and fixtures
3.808
2,096
2,032
592.454
assets
•
524.251
Miscellaneous
553,518
hand
Cash on
1,324.576
1,631,300
1,767,287
Cash on deposit
$6,423,586 56.045,715 $5,502,302
8.743
Total
15.296
51.318
Miscellaneous
Liabilities514,758,471 $13,169,654 311,939,578
Total
$400.000
$400.000
$400,000
Capital stock
Liabilities588,058
653,950
718.970
$750,000 Surplus and undivided profits
$750.000
$750,000
Capital stock
5.268.379 4,950.303 4,483,169
800,000
Deposits
850,000
1,000,000
fund
Surplus
20.000
24,000
24,000
unpaid
Dividend
47,059
76,168
71,916
Undivided profits
11,075
17,462
12,237
11,686,665 11,062,482 10,227,756 Miscellaneous liabilities
Deposits
114.763
431,004
1.249.890
Other liabilities
36,423,586 36.045.715 35.502,302
Total
314,758,471 313,169,654 311,939.578 Trust department (additional)
32.241,198 32.529.814 31.667.368
Total
$44.744,254 $4,154,297 $3.677.792
Trust department (additional)
1921.
1922.
1923.
2 & 3%
Columbia Title & Trust Co. (Philadelphia).
Rate of int. pd.on dep.of 3500& over2-3 -I- 4% 2 & 3%
8%
Dec 31 1923.
8%& 2%ex. 8% & 1% ex.
Dividends paid in calendar year
Resources$67,572
Cash, specie and notes
83,435
Chelten Trust Co.(Philadelphia).
agents
reserve
Due from approved
52.710
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21. Legal reserve securities
Resources206.042
$323.175
$356.075
purchased
$569,575
paper
Commercial
Real estate mortgagee
53,006
1,343,329 Loans on collateral
2,086,028
2,327,619
Loans on collateral &c
467,807
237,092 Loans on bonds and mortgages
258,071
260,012
Office building and lot
356.452
24.022
24.875
38,901
Other real estate
Bonds and stocks
258,076
122,879 Judgments
140,477
169.377
Cash on hand
21,089
114.206 Furniture and fixtures
177,395
Cash on deposit152,585
17,461
1.195,528
1,375.795
1.024,636
Bonds,stocks. &c
Other resources
11.855
13.531
Other assets, furniture and fixtures
13,069
$1.583.650
Total
Total
34.555,774 54,432.247 $3,372,086
LiabilitiesLiabilities$125,000
5200.000 Capital stock
$3300.000
$300,000
Capital stock
24,128
125.000 Undivided profits
150,000
200,000
Surplus fund
798,543
52,308
deposits
54,884
Demand
53.709
Undivided profits
500.786
3,792.363 2,946,224 Time deposits
3,948.131
General deposits
125,000
40,000 Bills payable
50,000
135,000
Other liabilities, bills payable
10.193
8.554 Other liabilities
3.934
Reserve for depreciation of securities_
$3,372.086
$4.432,247
Total
$4,555,774
S1.583,650
Total
$508,769
$1,447,070 51.322.295
Trust department (additional)
1921.
1923.
1922.
& 44% 2% demand; 4% time Commonwealth Title Ins. & Trust Co. (Philadelphia).
hate of interest paid on deposits__. 2.4_
316.000
516,000
Dividends paid in calendar year
3108,000
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources3405,895
$2,731,403 31.817,635
Real estate mortgages
*Chestnut Hill Title & Trust Co. (Philadelphia).
3,950,962
3,209,224 3,386.800
and
stocks
Bonds
'22.
30
'23.*Dec.
Dec. 31
Resources3,140,583
4.820,085
4,934,168
on
collateral
Loans
{$12,369
Cash, specie and notes
1.601.175
1,598.684
1.598,684
43,276 Real estate
$85,509
Due from approved reserve agents
341,294
395,072
496,553
5,000 Cash on hand
Legal reserve securities at par i
831,133
414,586
294,439
319 Cash on deposits
Checks and cash items
128,776
148.746
146.138
Other
assets
60.009
paper
purchased
179,824
Commercial
129,985
118.161
Loans upon collateral
513,410,609 $12.581,608 $10,399,818
Total
80.017
243,009
Bonds
20,750
Liabilities59,321
Mortgage and judgments of record
$1,000,000 $1,000,000 $1,000,000
64,519 Capital stock paid in
64,310
Office building and lot
1,250,000
1.500.000
2,250,000
and reserve fund
Surplus
37.619
estate
real
Other
484.529
657,815
428,203
8,594 Undivided profits
21,174
Furniture and fixtures
1.988 Deposits
9,259,364 9,311,005 7,226,066
395
Other assets
200,000
300,000
Bills
payable
$426,826
$809,322
Total
239,223
112.788
173.042
Other liabilities
Liabilities1125,000
'$125,000
Capital stock
$13,410,609 $12,581,608 $10,399,818
Total
12,500
12,500
Surplus fund
Trust department (additional)
328,430,328 527.171,919 525,791.043
303
Undivided profits
1921.
1922.
1923.
221.806
379,009
Demand deposits
2%
on dep.of$200 & over
2%
2%
pd.
int.
of
Rate
67.520
245,511
deposits
Time
12%
13%
calendar
in
16%
year
paid
Dividends
47.000
Bills payable to banks
1426.826
$809.322
Total
*Community Trust Co. (Philadelphia).
* Began business May 16 1922.
*Dec. 3l9
ReSOUrCeS
38,173
specie and notes
Cash
30.759
*Cobb's Creek Title & Trust Co. (Philadelphia).
Due from approved reserve agents
7.112
cos
trust
banks
and
'22.
Due
31
from
Dec.
'23.
31
Dec.
Resources
176,789
$16,562 Commercial paper purchased
$332,872
Reserve fund-Cash,specie and notes
98,065
18,413 Loans on collateral
74,496
Duo from approved reserve agents
13,000
20.000 Loans on bonds and mortgages
40,000
Legal reserve securities at par
39.728
180 Bonds
362
Nickels and cents
29,939
38.091
and
Furniture
fixtures
n
one
name_
88,479
purchased-Upo
paper
Commercial
32.208
5,430 Other resources
98,661
Upon two or more names
24,649
29,940
Demand loans with collateral
$435.773
19,390
Total
46,877
Time loans with collateral
19.700
12,415
LiabilitiesLoans secured by bonds and mortgages
255,062
$134.615
352,696
acc
stock
stocks.
Capital
Bonds,
195.939
64.077 Demand deposits
160.322
Mortgages and Judgments of record
67,643 Time deposits
85.219
67.810
Office building and lot
11,322
20.000
13,273
Bills payable
Furniture and.fixtures
26
2
Overdrafts
1,412
3435.773
_
par__
1,038
above
securities
reserve
Total
Book value of legal
18,513
13.755
Other assets
•Began busi ss June 18 1923.
8580.470
$1.032.998
Total
980
THE CHRONICLE
Continental-Equitable Title & Tr. Co. (Philadelphia).
Dec. 31 '23.
Dec. 31 '22. Dec. 31 '21.
$1,868,950 $1,775,365 $1.524.875
5.356.601 5,054,534 2,931.491
7,721.313 6,752,355 6,063,683
14.465
1,529,301
1,548,297 1.312,179
244,277
294,805
304,518
$16,720,442 215.425,356 $13,151,211
Resources-
Real estate mortgages
Stocks and bonds
Loans on collateral
Real estate
Cash on hand and in banks
Other assets
Total
LiabilitiesCapital stock
Surplus and reserve fund
Undivided profits
General deposits
Dividends unpaid
Bills payable
Other liabilities
Total
..s.
Trust department (additional)
$1,000,000 $1.000,000 $1,000,000
1,000,000 1,000,000
1,000,000
525,622
332,013
205,829
13,365,018 11,098,283 10,492.987
5.921
6,225
4,385
600.000
700,000
200.000
223,577
289.139
248.010
$16,720,442 515,425,356 213.151.211
$11.439,993 $10.084,703 $9.184.425
1922.
1921.
1923.
2% s.,4% t 2% s.,4% t 2% sight.
$160,000
$120.000
$140.000
Rate ofInterest pald on deposits
Dividends paid In calendar year
*East Falls Bank & Trust Co. (Philadelphia).
ResourcesDec. 31 '23. Dec. 30 '22.*Dec. 31 '21.
Cash, specie and notes
243,562
$32,036
$33,427
Due from approved reserve agents_
33,304
210,163
103,836
Due from banks and trust companies_
1,039
1,196
Commercial paper purchased
206,154
203,057
216,009
Time loans on collateral
98,001
104,588
90.517
Call loans on collateral
13,350
77,000
6,325
Loans secured by bonds & mortgages_
• 6,000
18.200
Bonds, stocks, &c
811,188
432,241
698,038
Mortgages
95,950
57,100
3,655
Office building,furniture & fixtures
135,357
16,582
59.129
Other assets
2,458
935
791
Total
$1,445,324 $1,358,339 21,007.425
LiabilitiesCapital stock
$125.000
$125.000
$125.000
Surplusfund
125,000
125,000
125,000
Undivided profits
1,737
4,231
3,154
Demand deposits
510,993
504,262
406,577
Time deposits
495,445
437,497
338,310
Bills payable on demand
Noma
125,000
Bills payable on time
75.000
25.000
Dividends unpaid
' 6,561
2,523
2,504
Other liabilities
9.626
6,823
9.845
Total
$1,445,324 $1.358,339 $1,007,425
* Began business as Bank of East Falls in 1916 and as East Falls Bank
& Trust Co. on Oct. 15 1921.
•
Empire Title & Trust Co. (Philadelphia').
Ret10141C83-
Cash on hand
Due from banks and bankers
Loans
Stocks, bonds, &c
Mortgages
Real estate,furniture and fixtures
Miscellaneous
Total
LiabilitiesCapital stock paid In
Surplusfund
Undivided profits
Deposits
Reserve for depreciation
Miscellaneous
Unpaid dividends
Bills payable
Total
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
$135.192
$83,466
$57,352
38,527
112,457
30.526
523,993
324.346
344.257
565,926
622.714
597,874
274,775
227.866
234.157
97,170
e6.082
56.431
1.152
1.235
7
21.710,665 51,334.236 21,320,804
$200,000
50,000
67,131
1.288,336
-
2156,575
50.000
67,722
1,054,806
1
2
197
132
105,000
25,000
31,710,665 51.354.236
5156.575
25.000
63.973
942.489
12.500
3
64
120.000
51.320,604
Excelsior Trust Co.(Philadelphia).
Resources-Cash on hand
Due from banks, &c
Stocks and bonds
Loans on collateral
Mortgages
Real estate,furniture and fixtures
Other assets
Total
LiabilitiesCapital stock
Undivided profits and reserve fund
Deposits
Billq payable on demand
Bills payable on time
Miscellaneous
Total
Dec. 31 '23. Dec. 30 '22. D c. 31 '21.
$208.155
3130,168
$105,298
176,146
115.046
146,884
1,271,374
1.274.617
1,222.666
3,212,030 2.484.970
1.601.017
560,375
487.500
470.375
57.150
91,545
57,400
11,107
19.159
12,905
*5,538,784 24.560.559 $3,616.545
3300.000
3300.000 $3,000.000
299,677
406.685
208,334
4.574,428 3,755,019 3,032,293
190.000
200.000
60,000
-60.0
- 06
7.671
5.863
15.918
55,538,784 34.560,559 53,616,243
[Vol,. 118.
Fidelity Trust Co.(Philadelphia).
Resources-Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Mortgages
84.449,316 23.916,318 53,966,366
Stocks, bonds, &c
29,116,345 27,832,517 23,434,582
Loans
22,488.876 22.599.919
Real Estate, office building and lot_ 24,118,280
2,646,896 2,696.107
2,695.249
Customers'llab.on accep.&let.ofcred.
176.730
183,345
150,845
Cash on hand
531,507
518,782
474,352
Cash on deposit
8,372.089 4,617.184 5.224,826
Accrued interest
598,393
538.195
463.870
Miscellaneous
50
63.192
2.093
Total
$70,009.606 862.793,417 559,073,201
LiabilitiesCapital stock
$5,200,000 $5,200,000 25,200,000
Surplus and profits
17,254.766 17,014,704 16,661,180
Deposits
43,377,045 37,056.073 32,706.498
13111s payable
2,320,000
1.800.000 2,000.000
Reserve for deprec. of invest
400.000
400,000
1,250,000
Accrued interest
247,249
129,234
108,995
Acceptances executed
150,845
Letters of credit issued
176.730
183,345
Ground rents
380,000
380,000
380,000
Mortgages
250,000
400,000
405,000
Other liabilities,accrued taxes
403.815
230.001
210.683
Total
$70,009,606 362.793.417 559,073,201
Trust department (additional)
334,247,488 300,000.000 267,740,087
Finance Co. of Pennsylvania (Philadelphia).
Resources-Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Cash on hand
260.835
70,610
$68,708
Due from banks, &c
429,334
454,532
462,308
Commercial and other paper owned_
2,500
10,150
Loans on collateral
532.065
579,045
630,695
Stocks, bonds, &c
4,841,411
4,866.189 5,329,622
Mortgages
817,742
492.242
515,241
Real estate
2,707,9M
2.442,285 2,445.611
Other assets
40.900
38.527
60.223
Total
$9.430,211 88,945,930 59,522.558
LiabilitiesCapital stock
23,000,000 $3.000,000 $3,000.000
Undivided profits
3,204.749 2,920,0261 2.823,603
Reserve for depreciation
334,952
300,1021
Deposits
1,294,213 1.559,750
1.683,886
Bills payable
1,450,000 1,050.000
1,993,000
Miscellaneous liabilities
116.052
146,297
22.069
Total
59,430,211 $8,945,936 89.522.558
Frankford Trust Co.(Philadelphia).
ResourcesDec. 31 '23.
Real estate mortgages
$1.477.316
Stocks and bonds
3,261,263
Loans on collateral
1,130.944
Loans on personal securities
1.323,544
Real estate
164,840
Cash on hand and reserve bonds
422,361
Cash on deposit
363,133
Other assets(incl. vault.turn.& fiat.)
14,104
Total
28.157,505
. LiabilitiesCapital stock
$250,000
Surplus and reserve fund
500,000
Undivided profits
197,154
Gen. dep. payable on demand & time 7,037,293
Other liabilities
173,058
Total
28,157,505
Trust department (additional)
$3,653,854
Dec. 30 '22. Dec 31 '21.
21.036,115 .8721.365
3,432,163 3,282.603
1,241,952
1,017.135
679,121
968,378
51.522
151,972
309,445
196,409
417,189
526,195
14,504
13.937
$7,346,901 26.713,104
2250.000
$250,000
500,000
400,000
139,245
186,373
6,270,142 5.704.231
187.514
172.500
$7,346,901 $6,713,104
23,752,451 23.525,130
Franklin Trust Co.(Philadelphia).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Bonds and mortgages and real estate- $2,383,000 $2,002.936 $1,699,772
Stocks and bonds
5,846,427 5.308,045 4,021,245
Amt. loaned on coll. & personal sec.._ 10,506,891
8.745,892 7,191,604
Cash on hand
688,760 , 552.832
509,679
Cash on deposit
1,166,712
774,102
777.013
Furniture and fixtures
183,737
167.147
140,037
Other assets
191,098
95,526
18.179
Total
320,966,622 217,646.480 814,357.799
Liabilities.
Capital stock paid in
$1,500,000 21,000,000 $1,000,000
Surplus and undivided profits
1,831,354
1,118.757
859,523
Dividends unpaid
165
166
260
Deposits
17,223,638 14,322,534 11,149,173
hills payable
350.000
1,150.000
1,250.000
Unearned Interest
14,882
6.32817,389
Reserved for deprec'n & contingencies
46,583
48,695
81,454
Total
320.966,622 217.646,480 214,357,70
Crust department (additional)
$549.644
$351.257
2170.734
Germantown Trust Co. (Philadelphia).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Cash on hand, due from banks, &c 31,287,078
$992.971 $1,216.349
Loans on collateral
6,926,163 6.769,577 5,531,591
*Fairhill Trust Co. (Philadelphia).
Loans on bonds and mortgages
1,027,740
436,710
566,810
Stocks,
bonds.
&c
5,993,330 5,891,964 4,486,447
ResourcesDec. 31 '23. Dec. 30 '22. Commercial paper
348.198
Cash, specie and notes
200,000
$29,819
$13,909 Real estate,
110,000
furniture
and
fixtures
425,033
Due from approved reserve agents
50,025
375,382
76,781
316,684
81.865
Legal reserve securities at par
65,168
30,015
32,393 Other assets
39.728
Commercial paper
Total
103,366
54,340
$16.089,407 214.731,772 $12.267.609
Time loans
Liabilities19,600
2,450
Mortgages and judgments of record
Capital stock
41.300
$1,000,000 $1,000,000 $1,000.000
Call loans
89,480
51,000 Surplus and profits
1.554,177
1,370.265
1.225,064
Bonds
248.802
156.730 Deposits
13.535.230 12.361 507 10 042.645
Office building, furniture and fixtures
77,631
29,489
Total
216,089,407
$14.731,772 212,267,609
Other assets
140
3.981 Trust department (additional)
229,421,642 827.906,844 $24,994,649
Total
1923.
1922.
5690,178
$421,073 Rate ofInt. paid on dep.of
1921.
$500& over
Liabilities2%
2%
2%
Capital stock
13%
2125,000
$125,000 Dividends paid In calendar year
12%
10%
Surplus fund
12,500
12,500
Girard
Avenue
Title & Trust Co. (Philadelphia).
Undivided profits
7,204
114
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Demand deposits
369,235
218,435 Real
estate mortgages
Time deposits
$481,020
$256,970
2,658
1,893 Stocks
$379.620
and
bonds
Savings deposits
755,318
775,782
61.707
138,146
730,659
Call loans on collateral
Other liabilities
2.013,985 1,285.259
1.340,528
35.425
1,424 Commercial
paper
281,119
215,456
269.141
Real estate
Total
72.471
48,500
8690.168
47,000
5421.073 Cash
on hand
* Began business Dec. 1 1921. succeeding the Fairhill State Bank.
126,579
146,340
133,220
Cash on deposit
251,733
74,011
123.978
Furniture, fixtures and vault
Federal Trust Co.(Philadelphia).
11,136
6,467
6,777
1,248
21.772
1.272
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21. Miscellaneous
Total
$920,587
$1,094,540
Bonds
8854,088
$2,884,826
23,904,6092.7,679
26
Liabilities324,900
461,850
Real estate mortgages
319,750
2,t,40,922
1,243,364
$200,000
$200,000
Loans on collateral
1,741,335 Capital stock
$200,000
1,615.136
474,671
200,000
106,000
487,486 Surplus fund
Loans on personal securities
200,000
213.935 ` 161.169
81,968 Undivided profile
89,679
65,740
50,002
Real estate
69,803
93,289
55.523 Reserve for depreciation
75,000
Cash on hand
464.032
1,165,512
398,278
1,351,251
1,816,469
329,937 Deposits, saving fund
Cash on deposit
9.410
1,269,355
26.616
24,334 General deposits,payable on demand- 1.686,462 1.475.673
Other assets
liabilities
3.219
1,999
$5,212.762 $4,399,740 $3,894,421 Other
Total
Total
$3,994,609 $3,276,926 $2,884,826
Liabilitiesdepartment
Trust
2200,000
$200,000
4200.000
(additional)
$56,619
$62,677
$56.755
Capital stock
293.018
236,233
199,706
Surplusfund
Girard Trust Co. (Philadelphia).
General deposits payable on demand- 4,353,746 3,618,507 3,179,050
Resources350,000
335,000
300,000
Dec. 31 '23. Dec. 31 '22. Dec. 31 '21.
Bills payable
16,000
10,000
$7.969.273 $7,101,087 29,202,439
15,665 Cash on hand and in banks
Other liabilities
Loans
12.829,695 14,784,450 18,869,167
55.212.762 84,399,740 $3.894,421 Securities
36,394.864 35,701,351 24,634,069
Total
Real
estate
3,368,433 3,369,232 3,371,412
1923.
1922.
1921.
liability on acceptances
277,621
197,709
2% check, 2% check, 2% check, Customers'
Rate of interest paid on deposits of}
Other resources
126,460
4.022
23,713
says.
337
says.
f
33i
4%
%
says.
$500 and over
Total
10%
10%
560,863,599 261.157.851 263,974,620
Dividends paid in cdendar year
6%
MAR. 1 1924.]
THE CHRONICLE
Girard Trust Co. (Philadelphia) (Concluded.)
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Liabilities--
981
Integrity Trust Co.(Philadelphia).
Resources*Dec.31 '23 *Dec.30'22 *Dec. 31 '21
Real estate mortgages
$1,250,409 $1,720,451
$757,034
Stocks and bonds
3,679,446 5,457.470 5,217.206
Loans on coll. & corn, paper purch
11,532,898 7,812.910 6,556,810
Real estate, furniture and fixtures_ _ _
568,279
387,444
389,950
Cash on hand and on deposit
1,278,446
1.206.814 1,139.139
Other assets
16.499
211.492
54,356
Total
518,325,977 316.799,087 514,111.989
Total
Liabilities
corp.
trusts
Trust dept., excl. of
Capital stock
5750,000 51,000.000 51.000,000
Surplusfund
3,000,000 2,000,000
1,750,000
Guarantee Trust & Safe Deposit Co. (Philadelphia). Undivided profits
222.934
564,370
638,723
13,172,317 12,594.578 10.544,148
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21. Deposits
1,180.726
640,109
Cash on hand
$2,551,771 $1,460,2381 $392,260 Other liabilities
179.118
989,654
Due from banks and bankers
Total
$18.320.977 $16,799,087 $14,111,989
Loans on collateral
6,589,801
6.139,536 4,250,139 Trust department (additional)
$4.742,325 54.182,227 $4,237,908
1.083,970
Loans on bonds and mortgages
1923.
1922.
1921.
Stocks, bonds, &c
2,859,666{ 2.530,733 2,800.307 Rate of interest paid on deposits---2% check 4% say.
Legal securities, reserve
200,000 Dividends paid in calendar year
,
27%
22%
20%
mandamus
Mortgages and
351,896
3,698.325
345,549
*The business of the Merchants Union Trust Co. was merged into the
Real estate, furniture and fixtures_ _ _
550.577 Integrity Trust Co.
495,714
494,780
of May 10 1923. To furnish comparison, we have
Interest accrued
70.249 combined the figuresas
103,639
103,174
of the companies for Dec. 31 1921 and 1922.
Overdrafts
5,982
Contingent assets
225,000
*Jefferson
Title
& Trust Co. (Philadelphia).
assets
48.639
Other
130,433
159,049
Resources*Dec. 31 '23.
Total
$13.129,349 $11,423,059 $10,968,673 Cash, specie and notes
$65,418
LiabilitiesDue from approved reserve agents
149.898
Capital stock
51,000.000 $1,000,000 51.000.000 Legal reserve securities
15,050
Surplusfund
500,000
400,000
400,000 Commercial paper purchased
831,989
Undivided profits
338,167
377,022
288,400 Loans on collateral
267,073
Reserve
74.134 Loans on bonds and mortgages
102,060
79.247
48,187
Depos ts
11,050,497 9,446.015 8,393.812 Bonds and stocks
104,437
Bills payable, incl. L. L. loans disc_
500.000 Mortgages and judgments of record
39,864
Interest payable to depositors
95,151
68,102 Office building, furniture and fixtures
77,719
94,402
Contingent liabilities
225,000 Overdrafts
3,921
Other,liabilities
43,474
19,225
43,056
Total
$1,619,938
Liabilities
Total
$13.129,349 $11.423,059 $10,968,673
stock
$175,450
Trust department (additional)
$22,216,776 $22,364.105 $21,453,745 Capital
Surplus fund
15,000
Undivided profits
7,723
Demand deposits
Haddington Title & Trust Co. (Philadelphia).
849,400
deposits
476,889
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21. Time
payable
71,386
Bonds,stocks, &c
$1,107,436 $1,104,733 $1,235,184 Bills
Other liabilities
24,091
Mortgagee
442,100519,800
207,400
Total
$1,619,938
Loans on collateral & bonds & mtges._ 1.093,539
925,428
744,949
department
additional
Trust
Commercial paper
279,173
$9,947
267,669
249,331
•Began business Jan. 2 1923.
Cash on hand
93,136
112,940
77.168
Cash on deposit
218,630
111.794
120,352
Office building,furniture & fixtures
Kensington Trust Co. (Philadelphia).
67,082
66,210
74,722
Other assets
54,195
70,454
45,824
Dec. 31 '21. Dec. 30 '22. Dec. 31 '21.
ResourcesTotal
53.355,291 $3,179,028 *2,754,930 Real estate mortgages
51,448.083
$772,125
$410,450
LiabilitiesLoans on collateral & personal secur_ 7.913.356
6.587.876 4.925,296
Capital stock
$125,000
$125,000
$125,000 Stocks, bonds, &c
2.705.163
2,524,941
2,446,739
Undivided profits
142.692
116.576
1,001,025
115,937 Cash on hand and on deposit
1,146,977
952,644
Deposits
3,086,070 2,933,728 2.463,067 Banking house
174,916
172,312
172.312
Other liabilities
1,529
3,724
50,926 Other assets
9.388
4.107
3.774
Total
$3,355,291 53.179.028 $2.754,930
Total
$13.251,931 $11,208,338 $8,911.215
1923.
1922.
Liabilities
1921.
Rate of int. paid on deposits
Capital stock
2% check; 4% say.
5500.000
5200.000
5200.000
Dividends paid in calendar year
$7,500
977.109 • 527,212
$7,500
$7,500 Surplus and undivided profits
431,226
Contingent fund
55.000
55,000
55,000
Deposits
11,414,404
10.384.940
8,206,449
Hamilton Trust Co.(Philadelphia).
Dividends payable Dec. 31
30,000
12,000
12,000
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21. Miscellaneous liabilities
275.418
29.186
6.540
Clash on hand
$164.335
$133.861
$111,124
Total
513,251,931 511.208.338 58.911,215
Checks and due from banks, &c
Trust
Department
(additional)
$556,979
$538,035
$537,765
Reserve bonds
691,200
676,400
356,919
Commercial and other paper owned
414,951
435,059
611,956
The Land Title & Trust Co. (Philadelphia).
Loans on collateral
713,461
648,291
887,455
Loans on bonds and mortgages
Resources171,132
553,624
456,879
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Stocks, bonds, &c
457,978
846,805 Cash on hand
576,856
51.555.833 $1,091,104
$654.016
Mortgages
213,050 Due from banks, &c
247,500
261,500
10,820.965
3.190.385
1,954,936
Real estate, furniture and fixtures264,192
287,809 Loans on coll., bonds and mortgages- 17,757,839 19,081,363 11,722,946
265,615
Accrued interest receivable
&C
32,929
27.792 Stocks, bonds.
42,196
3.388.519
3.895,479
2,906,663
Total
4,663.997
3,627.389 3.936,189
$4.156,670 $3,696.758 $3,257,267 Mortgages furniture and
Real estate,
fixtures_- 5,825,000
Liabilities5,853,000 5,853.000
Capital stock
662.667
505,898
463.288
$200,000
$200,000 Other assets
$200,000
Surplus fund
Total
200,000
200,000
200,000
$44,674,820 $37,244,618 $27,491,038
Undivided profits
Liabilities76,738
64,368
47,591
Reserve for depreciation
12,000
15.000
30,000 Capital stock paid in
53.000.000 53.000,000 $3.000,000
Deposits
3.652,029 3,204,380 2,764,468 Surplus and reserve fund
11,000,000 10.000,000 9,000,000
Dividends unpaid
44
15
67 Undivided profits
946,293 .1,033.015
1,171,840
Accrued interest payable
15.859
12.995
15.141 Deposits
28,946,625 22,677,645 13,319.198
Total
liabilities
Other
781,902
533,958
$4,156,670 53.696.758 $3,257,267
900.000
Trust department (additional)
$80,996
Total
$86.073
$330,013
$44,674,820 537,244,618, $27,491,038
Trust department (additional)
$62,303,747 555.293,056 554.721.982
Statistics for Calendar YearHolmesburg Trust Co.(Philadelphia).
1923.
1922.
1921.
Amount of deposits receiving interest.$11,818,458 $15,832,842 $13,121,935
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21. Rate of hit.pald on dep.of $500
& over
2%
2%
2%
Cash on hand
$46,653
$53.009
$44,580 Divs. paid In ad.year (payable quer.)
30%
23%
20%
Due from banks and bankers
126,490
92.950
70.511
Commercial and other paper owned_
76,791
58,602
51,223
*Lawndale Bank & Trust Co. (Philadelphia).
Loans on collateral
198,177
216.236
183,322
Bonds and stocks
Resources-809,300
736,276
667.403
*Dec. 31 '23.
Mortgages
235,255
151,293
93.730 Cash,specie and notes
$30,418
Real estate, furniture and fixtures
48,204
39,065
40,500 Due from approved reserve agents
38.039
Miscellaneous assets
73,219
Legal
reserve
securities
12.802
24,580
15,000
Total
249.716
$1,614,089 $1,360,233 $1,175,849 Commercial paper purchased
Loans on collateral
Liabilities43,675
on bonds and mortgages
Capital stock paid in
$125,000
181,700
$125,000
$125.000 Loans
Surplus fund
80,000
38,526
70,000
70,000 Bonds
Mortgages and judgments of record
Undivided profits
24,906
36,000
22.062
11,444 Office
building,
Deposits
furniture
and
fixtures
1.355,016
57,578
1,114,045
934,822 Overdrafts
Dividends unpaid
122
720
126
583
Miscellaneous liabilities
29,045
450
29,000
34,000 Other assets
Total
Total
$1,614,089 $1.360,233 $1,175,849
$691,823
LiabilitiesTrust department (additional)
$94,062
$40,757
$31,784 Capital
stock
$125,000
Surplus.fund
12,500
Industrial Trust, Title it Savings Co. (Philadelphia.) TJndivided profits
494
Resources-Dec. 31 '23. Dec. 30 '22. Dec. 31 '21. Demand deposits
290,458
Time deposits
Cash and reserve
$1,165,036 i11,063,227
167,985
$747,305
Bills
payable
} 5,134.834
Loans on collateral
95,000
4,178.121
3.535.877 Other liabilities
Loans to depositors
386
144,968
105.196
Mortgages and ground rents
1,843,165
Total
1.465,620
1,269.203
$691,823
Stocks. onds,&c,
. 1
3,936,323 3.920,319
•
Began
business Jan. 2 1923.
Real estate (free of encumbrance)..
7,100
Banking house
138,817
147.634
Liberty Title & Trust Co. (Philadelphia).
Customers'liability on letters of credit
43517
139'542
500
ResourcesDec. 31 '23. Dec. 30 '22. Dee. 31 '21.
Total
$11,733.250 $10,927,802 $9,733,134 Cash on hand
$264,007
$108,718
5154,024
Due
from banks, &c
Li..bilities905,530
219,925
313,915
Loans on collateral
2,685,165
Capital stock (full Paid)
$500,000 $500,000 $500,000 Stocks,
2,009,395
1,288,012
bonds, &c
812,971
Surplus
826,327
1,000,000
984,877
1,250,000
1,175,000
Mortgages
Undivided profits (net)
900,054
770,061
512.516
808,640
348,347
253,007 Commercial paper purchased
226,069
124,599
194,791
Set aside for taxes accrued
25.000
21,500 Real estate, furniture and fixtures.-287,185
Dividends unpaid
312,732
285.720
50.000
45,000
Other
assets
Treasurer's checks outstanding
289
15,296
5.804
34.387
1,283
2,383
Total
Letters of credit issued
500
$6.081,271 $4,627,200 $3,814.728
Liabilities9,400.438 8,753,172 7,605,744
Deposits
Reserve for depredation
130,000 Capital stock
$500,000
$500,000 $500.000
5,000
Other liabilities
500,000
400,000
500.000
13
j
ur
nctlIrt ided profits
132,486
180,289
116,000
511,733.250 510.927,802 $9,733.134 Reserve for depreciation of securities..
Total
75.000
ith
$6.046.246 $5,248.883 $4,296,616
Trust funds (additional)
4,698,773 3,411,200 2.658.450
Birmyable
1923.
1922.
1921.
250,000
100.000
year
Other
Ibilities
20%
18%
Dividends paid in calendar
16%
12
988
(4')
-2% ch'k. 365% avs.d on deposits
Jnterest
Total
16.081.271 $4.627,200 $33,814,728
•2% eck; 3% s. f. check acc't 4% sayings.
Trust department (additional)
$5.137,282 $4,200,573 $3.746.001
Capital stock
Surplus fund
Undivided profits
Deposits
Dividend
Drafts and bills accepted
52,500.000 $2,500,000 $2,500,000
7,500,000 7,500,000 7.500.000
3,162,752 3.106,490 2.297.703
47,173,227 47,528,651 43.580,844
325,000
250,000
325,000
277,620
197,710
$60,863,599 $61,157,851 556,203,547
346,771,795 311.581.437 277.322.359
[VoL. 118.
TUE CHRONICLE
982
Mutual Trust Co.(Philadelphia).
*Logan. Bank & Trust Co. (Philadelphia).
*Dec. 31 '23.
$48,589
66,060
145,357
116.250
9.000
109.335
4,500
115,567
47
9,582
ResourcesCash, specie and notes
Due from approved reserve agents
Commercial paper purchased
Loans on collateral
Loans on bond and mortgages
- Bonds
Mortgages and Judgments of record
Office building, furniture and fixtures
Overdrafts
Other resources
$624,287
Total
LiabilitiesCapital stock
Undivided profits
Demand deposits
Time deposits
Other liabilities
5200,000
31,682
305,364
85,747
1,494
$624,287
Total
* Began business May 1 1923.
Manayunk Trust Co. (Philadelphia).
11,18:4-93
*Manheim Trust Co. (Philadelphia).
*Dec. 31 '23.
89,648
30,783
500
300
53,450
7,400
102,560
3,150
ResourcesCash,specie and notes
Due from banks, trust companies, &c
Commercial paper purchased
Loans on collateral
Bonds
Mortgages and judgment of record
Office building, furniture and fixtures
Other resources
$207,791
Total
LiabilitiesCapital stock
Surplus fund
. Demand deposits
Time deposits
$139,770
14,340
44,117
9,564
5207,791
Total
* Began business Dec. 15 1923.
Market Street Title & Trust Co. (Philadelphia).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources$250,489
$343,819
5332.029
Cash on hand
464,441
669.072
556,146
Duefrom banks and bankers
2.652,799 2,146,168
2,726,412
Loans on collateral
1,196,490
1.834.612
2,379,785
Loans on bonds and mortgages
4,1/7.434 3,130.685
4.970,794
Bonds. &c
726.907
932.509
1,415,550
Mortgages
212,227
357.096
386,651
Real estate, furniture and fixtures
94.669
146,894
160.782
Miscellaneous assets
812.928,149 511,054,235 18,222,076
Total
Liabilities$250,000
$250,000
$500,000
Capital stock paid in
350,000
500,000
850,000
Surplus fund
112,74
168,548
142,448
Undivided profits
7,355,020
9,904,082
11.108,251
Deposits
149,739
134,191
199,352
Reserve for taxes,contingencies,&c
4.569
97.414
128,098
Other liabilities
$12,928,149 811.054,235 $8,222,076
Total
3200,000
$551,865
5953,072
Trust department (additional)--,
1921.
1922.
1923.
Rate of interest paid on dep._ _ _ck2%pv4% ck2%;.sav4% ck.2%.sav.4%
Dividends paid in calendar yrs 20%reg.5e1. 16%reg:4%ext 16% reg.:4 ext.
Metropolitan Trust Co. (Philadelphia).
Dec. 31 '23. Dec. 30 '22.
$75,786$78,294
ResourcesCash on hand
Due from approved reserve agents
Commercial paper
Call loans with collateral
Time loans with collateral
Loans on bonds and mortgages
Mortgages
Bonds, stocks. &c
Office building and lot
Furniture and fixtures
Other assets
145,217
638,950
337,441
896,732
177,985
200,990
655,852
226,949
60,000
2,729
418,133
550,692
339,024
359,397
164,900
135,960
596.034
76,949
61,843
9,105
Total
LiabilitiesCapital stock
Surus fund
Undivided profits
Demand deposits
Time deposits
Bills payable
Ground rent
Reserve for depreciation
Other liabilities
12,418,631 12,790,331
Total
Trust department (additional)
$3,418,631 $2,790,331
$4,149
$500,000
125,000
13,600
1,456,057
708,618
454,715
150,000
10,000
641
$500,000
50,000
28,899
1,714,871
264,074
230,791
1.696
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
$37
$73
1,666
35,690
52,967
39,970
39,400
900
41,074
19,150
22,535
4,295
8,760
4,380
9,348
1.473
1,091
409
1,250
194
Total
LiabilitiesCapital stock
Real estate, rent and expense account
Contingent fund
Total
$5,869,874 $4,032,750 33,976,273
$438.043
8438,043
$451.200
50.000
100,000
100,000
116,176
' 96,205
142,442
3,297,001
4,062,801
4,969,074
50,000
225,000
200.000
25,053
10,701
7,158
35,869,874 84.932,750 83.976.273
Total
ResourcesLoans and investments
Banking house, vault, &c
Interest accrued
Due from banks
Clearing House exchanges
Cash and reserve
Customers' liabilities account acceptances
382,105
3104.970
897.674
550.000
31.208
897
350,000
155
54.815
$50,000
182.105
8104.970
197.674
*Dec. 31 '23.
513,854,348
351,790
100,163
827,217
216,989
1,481,083
78,295
$16,909,885
Total
LiabilitiesCapital stock
Surplus and profits
Reserve for taxes, &c
Discount unearned
Deposits
Due Federal Reserve Bank
Acceptances and letters of credit issued
8750,000
1,731.009
94,758
36,090
13,597,143
622,590
78,295
$16,909,885
Total
* The Ninth National Bank and the Ninth Title & Trust Co. were
merged as of Oct. 1 1923 with the above name.
Northeast-Tacony Bank & Trust Co. (Phila).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources818,530
516,863
529,228
Cash on hand
53,438
66,796
83,690
Cash on deposit
72,190
106,314
171.554
Commercial paper
119,312
96.801
146.082
Loans on collateral
31.850
101,443
297.843
Loans on bonds and mortgages
47,205
107.162
65,647
Loans on call upon one or more names
214,250
378,179
377,044
Bonds, stocks, &c
36,682
36,682
36,682
Office building and lot
19,484
19,485
19,484
Other real estate
17,763
18,205
17,970
Furniture and fixtures
18,826
60
54
Other resources
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Demand deposits
Time deposits
Bills payable on time
Dividends unpaid
51.245.278
$250,000
75,000
31,173
419,728
424,377
40.000
5,000
51,245,278
Total
5947,990
$649,530
8250,000
75,000
16,694
318,8911
237,4051
50,000
$250,000
75,000
1,602
322,928
$947,990
8649,530
Northeastern Title & Trust Co. (Phila.).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources862,080
867,597
$130.503
Cash on hand
,
108,410
134,611
Due from approved reserve tige.nts
117,110
298.526
Commercial paper purchased376,684
265,843
151,369
218,835
Loans on collateral
264,018
844,248
488,316
Bonds, stocks. &c
56,408
58,521
56,690
Office building, furniture and fixtures
5,000
73,000
73.000
Other real estate
30,982
42,140
Other assets
40,893
$885,310
Total
$1.852,341 $1,311,002
Liabilities$200,000
Capital stock
$200,000
$200,000
20.000
40,000
Surplusfund
20,000
8,737
8,587
Undivided profits
22,426
635,566
Deposits
1.372.006
1,042.656
21,007
Other liabilities
31,748
25.920
-----Bills payable
200,000
Total
$1,852,341
$1.311,002
$885,310
Northern Central Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Loans on collateral
Bonds, stocks, &c
Mortgages
Office building and lot
Furniture and fixtures
Other resources
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Demand deposits
Saving fund deposits
Reserves
Dec. 31 '23. Dec. 30 '22. Dec. 31' 21.
$72,016
$95,804
$85,058
53,286
85,380
91,122
138,930
167,570
262,586
545,417
867,524
1,228,183
363,374
484,449
466,563
102,800
189,600
218,550
28.000
340,571
84.534
16.584
33,823
16.969
3,441
18,171
18,988
82.750,448 82,004,997 $1,323,848
1400.000
100.000
33,252
1.295,362
911,846
9,988
5334,700
$150.000
99,954
957,634
604,815
7,894
2,592
7432
10,301
82,750,448 52.004,997 81.323,848
Total
Mortgage Trust Co. of Pennsylvania (Philadelphia).
ResourcesCash on hand
Due from banks, &c
Loans on collateral
Investment securities
Mortgages
Substitute mortgages
Real estate
Other assets
Total
LiabilitiesCapital stock paid in
Surplus
Undivided profits
Deposits
Bills payable
Acceptances executed for customers
*Ninth Bank & Trust Co. (Philadelphia).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources$306,179
8602,172
$356,462
Real estate mortgages
1,301.839
1,327.234
1,363,474
Stocks and bonds
941,067
1,050,298
1,216,949
Loans
74,450
103,591
108.050
Real estate and fixtures
870,009
118,053
1 360.775
Cash on hand
253,594
282,505
Cash on deposit
16.012
15,591
15,425
Other assets
Total
83,666,845 $3.253.734 $2,980,150
Liabilities$250,000
3250,000
$250,000
Capital stock
240,000
250,000
250,000
Surplus fund
29,036
31.257
58,285
Undivided profits
40,000
45,000
45,000
Reserve for depreciation on bonds__
1,081.940
1,272.909
General deposits, payable on demand 1,390,104
1.212,252
1.384.783
'1,584,746
Time deposits
115,000
Bills payable75,000
11,923
19.785
13,710
Other liabilities
Total
Trust department (additional)
1?:881:8t
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
$345,291
$239,573
Cash on hand
1250.073
209,262
311,043
678,291
Due from banks and bankers
1,106,283
1,069,313
Commercial and other paper owned_.. 1.136,344
1,129,886
1,558,647
1,841.154
Loans on collateral
713,680
1,032,537
973,454
Stocks, bonds, &c
210,700
439.375
Mortgages
523,250
27.792
32,441
26,289
Furniture and fixtures
19,100
49,894
64,447
Real estate
189,226
189,226
369.414
Office building and lot
25,053
10,701
7,158
Cust'rsliab. on accep.&letters ofcred.
Northern Trust Co. (Philadelphia).
Jan. 2 24. Jan. 13 '23. Dec 31 '21.
• Resources$517,1
Real estate mortgages
8688,061
81,579,315
Bonds and investment securities_ _ _ _ 5,800,663 5,673.1911 6,436,348
United States Liberty bonds
810,350J
546,350
Loans on collateral
4,600,622 3.953.170 3,745.137
Commercial paper
17,462
63,276
494,52S
Real estate
462 571
404,768
775,889
969,834
1,070,229
Cash on hand and In bank
13,722
Accrued interest
5,624
27.654
$11.982,739
Total
812,580.263
314,092,877
Liabilities$500,000
$500,000
$500,000
Capital stock
2,250,000 2,250,000
2.500,000
Surplus fund
118,027
323,074
208.910
Undivided profits
100,000
100,000
100,000
Reserve for depreciation
9,014,712
9,407,189
10.783,967
Depotdts
47,674
TotaL
Trust department (additional)
814,092,877 512,580.263 $11,982,739
822.229,873 820.538,311 $20,326,806
North Philadelphia Trust Co. (Philadelphia).
Dec. 31 23. Dec. 30 '22. Dec. 31 '21.
Resources31.875.406 32,311.061 31,778,721
Stocks and bonds
2.170,924
2,152,929
3,098.303
Mortgages
1,642.235
2,707,774
2,334,637
Amount loaned on collaterals
193,614
221,502
344,676
Amount loaned on personal securities
283,522
293,084
333,074
Cash on hand
244,764
329,376
453,271
Cash on deposit with banks
290,443
270,000
250,000
Real estate, furniture and fixtures
445
1,522
Other assets
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Other liabilities
Gen. dep. pay. on demand & time
39,062,504
37.964.111
$6,604,668
3250,000
600,000
206.134
67,195
7,939,175
$250,000
500.060
129.128
47,143
7,037,840
3250,000
590.000
94.134
Tots
Trust department (additional)
39.062.504
$1.008,620
Parkway Trust Co. (Philadelphia) (Concluded.)
LiabilitiesCapital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Interest received
Reserve for depreciation of bonds
Bills 'flyable
Other liabilities
5,760.531
37.964.111 36.694.668
$541.741
6588.088
Northwestern Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Mortages
Real estate, furniture and fixtures
Dec. 31 23. Dec. 30 '22. Dec. 31 '21.
3422.415
$453.315
$408,317
407.141
586,519
463,432
1.802,733
2.046.449
2,473,942
1,843,192
2,502,8401.999.391
1,427.500
832,400
1,268,455
1,604.842
1,765,983
1,948,442
991.100
1.035,600
913.500
213.045
226,000
224.000
Total
LiabilitiesCapital
Surplus fund
Undivided profits
Demand deposits
Savings fund deposits
Bills payable
310.202.928
38,945.657 $8.711.968
$150,000
800,000
54,699
4,972,942
4,225,287
$150,000
700,000
57,422
4.364,288
3.423.947
250.000
$150,000
675,000
443,344
3,355.4394
3.169.080
1.313.850
310,202,928
38,945.657
38.711 968
Total
Oak Lane Trust Co. (Philadelphia).
Dec. 31 '23.
321.571
51,263
26.000
4:9,042
34.599
18,933
137.693
225,700
105.185
3,159
20
Resources.Cash, specie and notes
Due from approved reserve agents
Legal reserve securities
Commercial paper purchased
Loans on collateral
Loans on bonds and mortgage
Bonds and stocks
Mortgages and judgments of record
Office building and lot
Furniture and fixtures
Overdrafts
3690.165
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Other liabilities
.
3125,000
12.500
11,235
353.899
108,430
79,101
$690,165
Total
Olney Bank & Trust Co. (Philadelphia).
Dec. 31 '23. Dec. 30 '22. Sept.30'21.
Resources$70,401
$132,840
Cash on hand
Due from approved reserve agents_ _ _
Legal reserve securities
Commercial paper purchased
Loans on collateral
Loans on bonds and mortgages
Bonds
Mortgages and judgments of record
Office building
Other real estate
Furniture and fixtures
Other assets
$205,832
227,139
151,000
401.315
1.581.897
503,484
923,198
1,087.369
202,348
32,024
48,173
95,304
87,672
107.300
371.430
1.632,109
226,500
712,808
680,387
159,614
22,500
33.163
51.974
138.038
33.750
243,492
1,521,937
107,000
421,178
314.000
70.871
8,467
28,759
95.751
85,459,083 34,218,297 33,053,644
Total
Liabilities5125,000
3238.275
3250,000
Capital stock (authorized $250,000).._
80,000
175.000
167,965
Surplus fund
32,266
94,928
34,371
'Undivided profits
1,469,488
1,938,4387
2,286,976
Demand deposits
1,268.485
2,421,305
1,651,392
'Time deposits
105,000
110,000
Bills payable
78.405
101.025
77,607
Other liabilities
24,849
Reserve for depredation
55.459.083 34,218.297 $3,053,644
Total
Oxford Bank & Trust Co. (Philadelphia).
Resources-Cash,specie and notes
Due from approved reserve agents
Legal reserve securities
Due from banks, trust companies, &c
Commercial paper purchased
Loans on collateral
Loans secured by bonds and mortgages
Bonds and stocks
Mortgages and judgments of record
Office building and lot
Other real estate
Furniture and fixtures
Other resources
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Demand deposits
Saving fund deposits
Bills payable
Reserve for depreciation
Other liabilities
Total
Dec. 31 '23.
5147.416
269,784
1,338,800
11,649
1,170,420
784,752
308,150
238,349
372,070
91.136
50,271
64,031
3.825
$4,850,653
6250.000
150,000
37,094
1.661,304
2,051,989
640,000
18,074
42.191
$4,850,653
Parkway Trust Co. (Philadelphia).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
ReSOUTCM-
$56.884
323.258
649,493
Cash on hand
75.894
73,410
89,288
Cash on deposit
466,612
375.633
279.506
Commercial paper purchased
43,455
66.725
102,804
Time loans on collateral
185,389
161.055
165.035
Call loans on collateral
9,000
53.600
Loans on bond and mortgage
520,461
426,895
557,726
Bonds,stocks,&c
67,323
13,582
108.159
Mortgages and judgments of record23.206
24,803
22,769
Furniture and fixtures
25.757
22.270
710
Other resources
31,535,887 51.445,407 61,109.328
Total
983
THE CHRONICLE
MAR. 1 1924.]
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21
$125,000
6125,000
$125.000
25.000
40.000
50,000
10,521
8.897
23.705
580,315
748,445
781,566
313,490
423,428
555,597
24,204
31,389
6,000
24.000
66,000
798
2,249
31.535,867 61,445,407
Total
31.109.328
Pelham Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Loans on commercial paper
Cash on hand
Cash on deposit
Reserve bonds
Other assets
Bank building and fixtures
Dec. 31 23. Dec. 30 '22. Dec. 31 '21
$77,525
$129,550
$291,368
730,727
910 339
972 421
342.237
538,853
436,082
340.286
136,631
363.981
129,826
129,186
147,193
80.159
67,484
13.830
67.500
80.450
95.700
15,908
19.151
25,561
46.958
48.277
48,277
$2,394,413 32,059,921 31.831.126
Total
Liabilities3150.000
6150,000
$150,000
Capital stock
80.000
150.000
150.000
Surplus fund
46,054
20,317
36,896
Undivided profits
1,539,721
1,711,613
General deposits payable on demand_ 1,996,059
15,351
27,971
Other liabilities.
61,458
$2,394,413 $2.059,921
Total
$1,831,126
Pennsylvania Co. for Insurances on Lives & Granting
Annuities (Philadelphia).
ResourcesDec. 31 23. Dec. 30 '22. Dec. 31 '21.
Cash on hand
$2,407.738 $1.418.814 31,322,279
4.716.837
6.645.768
Due from banks and bankers
6.009,012
08.685.508 29,095,008 25,711.212
Loans on collateral
2,236,292
2,626.397
2.874,099
Stocks, bonds. &c
914.917
1,486,917
854,143
Mortgages
529,739
1,158.165
2,073.936
Commercial _paper purchased
933,235
898.835
898,835
Real estate. nwniture & fixtures
3,615,045
4.592,232
Reserve fund for protection of tr. bal_ 7,769,354
276.486
302,777
305,288
Interest accrued
150.000
C 1,,tatners' liability on acceptances
327,929
242,231
316,381
Other assets
$52.194.294 348.467.054 840,733,971
Total
Liabilittes$2,000,000 32,000,000 32,000.000
Caul tal stock
5,000.000
5,000.000
5,000,000
Surplus fund
917,054
1.322,069
1,750,805
Undivided profits
100,000
Loans on comml paper rediscounted_
232.195
150.000
150,000
Reserve for depreciation
43,046.188 39.794,118 30,429.513
Deposits
126.280
165,743
163,479
Interest payable to depositors
1 750.000
Bills payable
150.000
A erent.t.i,,s
28.929
35.124
83,822
Other liabilities
Total
Trust department (additional)
652.194,294 348,467.054 340.733.971
313,005,266 292.497.734 279,373,975
Pennsylvania Warehousing & Safe Deposit Co.(Phila.).
ResourcesCash on hand
Due from banks and bankers
Accrued storage charges
Loans on collateral
Loans on personal securities
Investment securities owned
Real estate, furniture and fLxtures
Other assets
Total
LiabilitiesCapital stock
Surplus and undivided profits
Deposits
Reserve for depreciation
Bills payable
Other liabilities
Total
Dec. 31 23. Dec. 30 '22. Dec. 31 '21.
$39,861
351,939
348,058
110.222
145,239
119,214
76.671
69.700
45,372
403.164
378.998
434,568
51.209
39.609
35,009
1,083.462
880.689
895.024
1,044,164
1,212,505
1,256.287
41,748
49,655
29.893
$2,863,425 $2,820,427 $2,868,408
51,000.000 $1.000,000 $1,000,000
304,757
288.892
315,884
878,250
770.783
776,431
114,187
130,324
435,000
275.000
365.000
363,733
248.233
275,776
62,863,425 32.820.427 32,858.408
*Peoples Bank & Trust Co. (Philadelphia).
ResourcesCash on hand
Due from banks and bankers
Commercial and other paper purchased
Loans on collateral
Bonds
Mortgages
Real estate
Furniture and fixtures
Other assets
Total
LiabilitiesCapital stock
Surplus and undivided profits
Deposits
Dividends declared, not paid
Other liabilities, including reserves
.
Total
Trust department (additional)
*Dec. 31 '23.
$161,645
1,154,740
6,687.815
1,800,227
1,421,037
637,945
762.000
72,808
55,525
$12,753,742
$1,000,000
353,961
11,178,720
30,231
190,830
$12.753,742
$643,460
*The Peoples Bank and Peoples Trust Co. were merged Oct. 20 1923
under the above title and the figures here given are for the combined institutions.
Philadelphia Trust Co.(Philadelphia).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources$842,615
Cash on hand
$1,489,417 62,147,653
3.971,597
Due from banks, &c
4,546,250
3.650,298
Loans on collateral
17,279,990 14,159.281 14,605,101
5,669.762
Stocks, bonds. &c
7.995.964
7.924,546
38.700
Mortgages
38,700
704,362
Real estate, furniture and fixtures_
653.355
653,013
272,826
Other assets
318,059
299.489
Total
LiabilitiesCapital stock
Surplus and undivided profits
Deposits
Dividends unpaid
Other liabilities
$32,282,693 $28,873,322 $26,104,963
31,000,000 51.000.000 31,000.000
5,441.015
5,615,284
5,636,025
25,359,468 21.957.482 19.390,474
468
222
273,006
300,334
287.200
Total
$32,282,693 528.873.322 026,104,963
Trust department (additional)
196,497,654 184,375.194 178.449,830
1921.
1922.
1923.
2%
2%
2%
Rate of int. on dep. of $200 and over24%
24%
28%
Dividends paid in calendar year
984
EVol,. MS.
TFrE CHRONICLE
Phoenix Trust Co. (Philadelphia).
Richmond Trust Co. (Phila.)
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
348,121
Cash on hand
$50,984
147,312
91,604
Due from approved reserve agents__ _
92,556
119,096
30.596
Legal reserve securities
35,243
24.600
506,796
Commercial paper purchased
272.779
508.823
Time loans on collateral
326,023
86.289
2,200
Call loans on collateral
74.416
57,614
120,370
Loans secured by bonds & mortgage..
26,200
Bonds, stocks, &c
266.523
488.628
378,362
Mortgages and judgments of record_.
60.800
373,300
65,300
Office building, furniture and fixtures
101,884
102,101
101,981
121,040
Other real estate
37,618
111,040
Accrued interest
303
279
Total
$1,539,223 51.563,452 11,628,106
LiabilitiesCapital stock
$390,009
1300,000
$300,000
Surplusfund
30,000
30,000
30,000
Undivided profits
22.154
33,317
50,688
Demand deposits
829,329 1,209.107
630.877
Savings deposits
4.845
320,416
352,529
Bills payable
62,00U
50,000
175,000
Book value oflegal res. sec. below par
390
130
Total
$1,539,223 $1,563,452 51.628.106
ResourcesCash, specie and notes
Due from approved reserve agents
Commercial paper
Time loans on collateral
Call loans on collateral
Call loans without collateral
Mortgages and Judgments
Bonds
Real estate
Furniture and fixtures
Other resources
Total
LiabilitiesCapital stock
Surplus and undivided profits
Deposits
Bills payable
Other liabilities
Total
_
Dec. 31 '23. Dec. 30 '22. Dec. 31 '2/.
131,904
$48,118
143.300
54,228
68,181
78,050
299,810
36,972
89.261
4,245
5.090
8,949
16,700
16,040
14,585
40.590
15,100
9,300
166,625
253,751
406,921
452,171
14,522
37,455
16,122
8,598
8,757
8,710
13,556
84,095
36,561
1944,271
$690,993
$753,004
1132,100
6,917
753,486
50,000
1,768
$125,000
$125,000
563,724
610,793
2,269
17,211
$944,271
$690,993
5753,004
Roxborough Trust Co. (Philadelphia).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Cash on hand
8101.286
$70.046
585.284
Cash on deposit
80,339
129.331
161,164
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21. Commercial paper purchased
96.779
101,857
97.289
Mortgages
11,360,356 $1,252,591 $1,476,150 Time loans on collateral
3,390
3,430
650
Stocks and bonds
9,098,574 8,640,285 7,509.194 Call loans on collateral
325,110
396,293
236.192
Bonds, stocks, &c
Commercial paper purchased
379.489
94,800
994.890
866.903
772,796
Loans on collateral
12.916,712 11,631.656 8,406.871 Mortgages and judgments
676,672
420,250
576.605
Real estate
90,808
1,100
100 Office building and lot
28,912
28,912
28,189
War Savings stamps
442 Furniture and fixtures
21,459
20,173
17,653
Other
Cash on hand, &c
resources
1 2,412,589 2.697,496 f 1,437.791
5,744
3,726
3,016
Due from banks and bankers
559,079
Total
Miscellaneous assets
1,000
18,603
45,694
12.388,651 52,236,999 11,728.689
LiabilitiesTotal
$26.277.131 524.318,929 119,435,312 Capital stock
$150.000
$150,030
5150.000
Undivided profits
84.198
133,378
115,410
Liabilities686,463
943,157
996,460
Capital stock
12,000,000 $2,000,000 12,000,000 Demand deposits
800,028
1,016.432
1,095.621
Surplus
5,000.000 5,000,000 5,000,000 Time deposits
8.000
13,192
12.000
Undivided profits
2,778.387 2,382,099 2.140,084 Other liabilities
Special reserve fund
2,570,287 2,577.128
Total
12.388,651 12.236.999 11.728.689
Reserve for taxes in 1924
130,000
180,000
Deposits payable
12,181,961 11,987,383 10,194,601
Sons of Italy State Bank & Trust Co. (Phila.).
Cert. chits., clear.-h'se due bills, &c_
627
142,239
144,105
Dividends unpaid
100,000
200,006
100.080
ResourcesDec. 31 '23.
Bills payable
1,200,000
Cash, specie and notes
$22,070
Unearned income
22,331
Due from approved reserve agents
61,441
Legal reserve securities
20,000
Total
$26,277,131 124,318,929 519,435,312 Due from banks, trust companies, &c
13,570
Trust department (additional), incl.
Commercial paper
122,376
corporation trusts
166.710,533 138.203,240 110.453.437 Loans on collateral
177,577
Bonds and stocks
1923.
1922.
1921.
51,062
Amount of divs. on company's stocks..
207
253,996
207
20% Mortgages and judgments of record
Rate ofint. on deposits (generally)
2% Office building and lot
2e,
2%
52,600
Furniture and fixtures
5,500
Other resources
13,518
Real Estate Title, Insur. & Trust Co. (Philadelphia).
Total
$784,710
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources-LiabilitiesReal estate mortgages
13.481,608 $2.902,036 $1,626,648 Capital
$125,000
Stocks, bonds, &c
2,258,670 2.387.242 2,615,568 Surplus stock
62,500
Loans on collaterals
5.603,577 4.728.226 4.432,791 Undivided profits
11,298
Real estate
400,000
405,639
425,056 Demand deposits
218,696
Cash on hand
791,097
866,564
484.004 Savings
fund deposits
341,040
Cash on deposit
906,531
1,444.820
1,044,785 Mortgages
payable
12,000
599,548
Other assets
397.429
325,435 Other liabilities
14,185
114,041,031
Total
513.131.956 110,954,287
Total
1784,719
Liabilities12,000,000 52.000,000 11,500.000
Capital stock
Surplus and reserve fund
3,500,000 3,000.000 3.000,000
Southwark Title & Trust Co. (Philadelphia).
Undivided profits
354,095
396,788
395,500
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
General deposits
8,124.606 7,681.795 5.908.415 Cash
on hand
$31,543
122,137
113,146
Other liabillties
62,330
53,373
150,372 Due from
approved reserve agents....
56,358
68,250
25,194
Commercial paper
294,600
452,426
476,253
Total
514,041,031 113,131.956 110,954,287 Time
loans with collateral
62,900
20,647
58,910
Trust department (additional)
$21.907,318 120.088.073 120.345,631 Call loans
with collateral
40,475
122,606
118,888
1923.
1922.
1921.
Loans secured by bonds 8: mortgages_
53,600
134,398
42,583
Rate of interest paid on deposit-2%. 234%. 3%, 3.65% 8:
Bonds
56,682
159.389
194,022
Dividends paid in calendar year
23%
24%
20% Mortgages
582,400'
231,200
Furniture and fixtures
3.154
2,223
2.081
Other assets
64,202
20,634
66,928
The Real Estate Trust Co. of Philadelphia.
Provident Trust Co. (Philadelphia).
r
ResourcesLawful reserve bonds
Cash on band
Due from banks and bankers
Call loans on collateral
Time loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Real estate
Other assets
1
Total
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Liabilities$267,000
$267.000
$267,000
256,386
273,461
225,111 Capital stock
1,292,550
1.683.076
753.326 Surplusfund
2,221,965 2,360,896
1.652.145 Undivided profits
75,400
37.409
52.142 Demand deposits
166,975
125,360
67.500 Time deposits
3.891,397 4,132.212 4,766,983 Bills payable
3,263,029 3.263,029 • 3.263.028 Other liabilities
16,619
104,279
157.256
Total
111,451,321 $12,246,722 511.204.491
Total
LiabilitiesCapital stock paid In Common
$1,319,600 $1,319,600 11,319,600
Capital stock, preferred (full paid)_ 1,811.600
1.890.100
1,918,300
Surplus
900,000
500,000
500.000
Undivided profits
300,135
545,726
306,876
Sinking fund for leasehold
255,851
242,071
226,209
Deposits
6,829,546 7.603.238 6.101,499
Dividends unpaid
2,763
294
330
Bills payable
695,000
Other liabilities
31,826
145.694
136,677
Total
511.451,321, 112,246,722 811,204,491
Trust department (additional)
$23,413,164 $29,764,555 130,590.729
1923.
1922.
1921.
Rate of interest paid on deposits..._ _
2%
2%
2%
Divs. paid in cal. year on pref. stock_ $220,777
1114.723
$115,284
Republic Trust Co. (Philadelphia).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Cash and reserve bonds
5752.541
$543,848
$473,956
Real est.,safe dep. vaults.furn.& flit.
369.337
372,193
362,961
Loans on collateral
2.640,994 2,299.960 2,371,844
Stocks and bonds
1,351,136
1.430.171
742.235
Accrued interest
28.030
31,721
27.495
Miscellaneous
2,609
6,533
1.440
Total
55,152,262 14.676,811 • $3,979.931
Liabilities8500,000
$500,000
Capital stock paid In
1400,000
225.000
225.000
200,000
Surplus fund
45,983
30,470
Undivided profits
25,938
29,159
29.159
29,159
Reserve for 'depreciation of securities
3,990,769 3,578,729 3,229.836
Deposits
36,250
36,250
36,250
Ground rent
12.500
12,500
Dividends unpaid
6,000
5,654
2.500
2,748
Accrued interest and taxes
260.000
payable
Bills
306.947
2.203
50,000
Other lubilities
$5_452,262 $4.676,811 $3,979,931
Total
$615,395
1600.730
$615.713
Trust department (additional)
$1,384,920 $1,257,425
$125,000
125,000
42,090
549,800
533.562
9,468
1125,000
125,000
24,135
463,9151
425,9133
35,000
58,462
11,384,920 $1,257,425
$835,884
$125,000
125.000
12,723
491.164
81.997
1835,884
Tacony Trust Co.(Philadelphia).
ResourcesReal estate mortgagee
Stocks and bonds
Loans on collateral
Loans on personal securities
Real estate
Cash on hand
Cash on deposit
Other assets
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
1328,265
$184,408
$372,170
820,518
888,496
886,691
385,787
440,835
619,904
48,226
20.940
43,439
56,700
50,000
50,000
104,496
97.447
87,759
198,091
199,154
129,095
6.195
17.057
13,741
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposits
Miscellaneous
52,259,469 12,102,799 11.987.146
Total
Trust department (additional)
82.259,469 32,102,799 11,987,146
$1.864.920 $1.442.955 11.312,581
5150.000
150,000
63.708
1,895,749
12
$150,000.
$150,000
150,000
150,000
46,974
60,150 •
1,639,321
1,741,436
851
1,213
Tioga Trust Co.(Philadelphia).
ResourcesBonds, stocks, &c
Real estate
Mortgages
Loans with collateral
Commercial paper purchased
Due from banks
Specie and notes
Other assets
Total
LiabilitiesCapital stock
Undivided profits
Deposits
Other liabilities
Total
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
$806,258..
$1.157,394 11,105,461
50,872
44,877
57.754
216,130
283,925
521.545
493,443
444,807
564,263
148,978
194,787
141,693
92,526
79.034
150,729
43,031
50,334
47,989
85,431
12.858
112,523
12.794.107 12,175,866 11,936,674
.
1125,000
1125.000
5125,000
87,901
71,826
101,707
1,527,422
1,866,791
2,226,820
112.249
196.351
340,580
$2.794,107 $2,175,866 $1,936,674
United Security Life Ins. & Trust Co. (Philadelphia).
Jan. 1 '24. Jan. 1 '23. Dec. 31 '21.
Resources$2,422,295 $2.266,955 $1,679,425
First mortgage loans
582,530
624,512
836,039
stocks
and
Bonds
1,231,057
1,164,512
1,265.496
Loans on collateral
132.415
190.962
Commercial paper
242.886
242,454
248,593
Banking house and other real estate_
287,408
277,311
600,827
Cash on hand and deposit
3,522
4,412
Other assets
$5,564,212 $4,712,571 $4,026,828
Total
Liabilities$1,000.000 $1,000,000 $1.000,000
Capital stock
900,000
900,000
1,000,000
Surplus
93,919
111,238
51,649
Undivided profits
128.901
107.225
142,184
Reserve
50.000
155,000
245,000
Bills payable
1.854.007
General deposits payable on demand- 3,125,380 2,439,108
Total
Trust department (additional)
$5,564.212 $4,712,571 $4,026,827
$2.710,726 $2,045,778 $1,811,322
West End Trust Co. (Philadelphia).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources$668.219
5728.079
Cash on hand and due from banks___ $1.248,354
&
bonds
mtges___ 11,095,088 10.151.762 7,845,074
Loans on coll. & on
5.655.097 5.591,985
5,292,338
Investments,stocks and bonds
1.000.000
1,000.000
Real estate, furniture and fixtures,,,.- 1,000,000
218,024
127,553
161.479
Other resources, accrued interest__
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Reserve for depreciation
Deposits
Other liabilities
$19,697,259 $17,662,491 $15,323,302
Total
Trust department (additional)
$19,697,259 $17,662,491 515.323.302
$10,422,391 $9,970,548 58,466.056
1921.
1922.
1923.
8%
8%
8%
2% demand, 4% time
Dividends paid in calendar year
Rate of interest paid on deposits
Wayne Junction Trust Co. (Philadelphia).
&SCUMS--
Cash on hand
Due from reserve agents
Loans on collateral
Mortgages
Stocks. bonds. &c
Real estate
Banking house
Furniture and fixtures
Miscellaneous
Total
LiabilitiesCapital stock paid in
Surplus fund
Undivided profits
Deposits
Miscellaneous
985
THE CHRONICLE
MAR. 1 1924.]
Dec. 31 23. Dec. 30 '22. Dec. 31 '21.
$95.026
$103,429
$72,685
193.152
171.637
245,877
486,528
842,144
1,179,277
339,400
316.150
434,600
586.599
518.356
508,407
51.250
55.053
13.934
33.999
103,136
33,999
4,139
4.787
8,909
31
323
WestPhiladelphia Title & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Real estate
Cash on hand and on deposit
Other assets
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
$343,426
$725.027
$869,130
5,510.364 4,827.693
5.820,301
1,906.052
1.755.941
2,355,891
117.137
118.203
132.159
669.324
759.860
779,103
113,822
129.063
145.572
Total
LiabilitiesCapital stock paid in
Surplus
Undivided profits
General deposits
Bills payable
Other liabilities
$10,102,156 $8.998,638 37.977.454
$2,567.148 $2,045,559 $1.790,124
$160,000
80,000
38,605
2,268.907
19,636
$160,000
80,000
23,326
1.767,586
14,647
$2,000,000 $2,000,000 82.000.000
1,800.009 1,800.000
1,800,000
165,635
292.513
312,377
200.000
15,084,882 13,569.978 10,457.667
700.000
500,000
$160.000
70,000
19.117
1.529,887
11.120
$2,567,148 $2,045,559 $1,790,124
1921.
1922.
1923.
Rate of int. paid on dep.of$5003cover. 2 & 49' 2 & 3.65% 2&3.65%
4%
4%
Dividends paid in calendar year
Total
t%
$500,000
750,000
114,039
7,278,085
1.355.000
105.032
$500.000
750,000
105,235
6,643,403
1.000.000
$500,000
- 500.000
138,512
5.903.942
935.000
510,102.156 58.998.638 $7,977.454
$2,737,335 $2,377,302 32,378,812
1921.
1922.
1923.
Rate of int. on dep. of $500 & over- 2 to 4% 2 to 3.65% 2 to 3.65%
16%
14%
16%
Dividends paid in calendar year
Total
Trust department (additional)
BALTIMORE COMPANIES
Colonial Trust Co. (Baltimore).
*Atlantic Exchange Bank & Trust Co. (Baltimore).
&SCUMS--
.
Loans and discounts
Bonds, securities, &c
Banking houses
Furniture and fixtures
Customers' liability account acceptances
Customers liability under letters of credit
Accrued interest receivable
Miscellaneous assets
Cash
Due from banks
Total
LiabilitiesCapital
Surplus
Undivided profits
Due to banks, bankers and trust companies
Other demand deposits •
Time deposits
Unpaid dividends
Interest collected but not earned
Reserves for taxes and interest
Acceptances for account customers & guar. loan account
Rediscounts with Federal Reserve Bank
Bills payable
*Jan. 2 '24.
514.944,248
3.241.074
927,749
40,539
926,094
536.946
104,576
151,563
1.497,128
5.444,779
$27,814,696
$2,000.000
2.000.000
133,768
3.293,177
14.016.616
3,062.277
61.011
96,448
78,328
1,734.571
588,500
750.000
&SCUMS-
Loans and discounts
Overdrafts, secured and unsecured
Stocks, bonds,securities, &c
Mortgages
Bkg. house, turn., fixtures & vault
Other real estate
Checks and cash items
Due from approved reserve agents
Lawful money reserve in bank
Miscellaneous
Total
LiabilitiesCapital stock paid in
Surplus fund
Undivided profits
Deposits
Dec. 31 '23. Dec. 29 '22. Dec. 31 '21.
3498.931
$638,972
$511,241
92
265
939.180
957,126
959,041
50.265
112.260
195,259
121.047
153,797
153.797
22.888
25.888
26,498
3.123
159
220
187.256
165,931
165.901
13.560
20,992
17.210
4,959
4,408
4,105
32,033.537 82,079.625 21.841.209
$300.000
100,000
47,607
1,585,930
$300.000
100,000
39,282
1,640,343
$300.000
65.000
27,209
1.449.000
82,033,537 32.079.625 $1,841,209
Total
Commerce Trust Co. (Baltimore).
Dec. 31 '23. Dec. 29 '22. Dec. 31 '21.
$315,823
$325,324
$795,093
Investments
1.426,588
1,604,298
1,867.972
Total
327.814.696 Loans and discounts
7,893
Overdrafts
255.037
250.000
250,000
* Formed by consolidation of the National Exchange Bank and Atlantic Banking house equity
19,701
11,281
Interest earned-not collected
Trust Co.. Nov.15 1923.
9.885
1
1
Furniture, fixtures, organization, &c..
219,967
33.000
44,286
Customers' liability on acceptances
(The) Baltimore Trust Co. (Baltimore).
432,098
597.476
754.005
Cash
6.925
1,520
Dec. 31 '23. Dec. 30 '22. Dec. 81 '21. Prepaid advertising
Resources1,154
59.448.404 $10,432,907 $8,810,840 Other resources
Loans
Stocks, bonds, securities. &c
4,358,141 4,177,271
6,389.423
$3,313,002 $3,256,928 $2,659.398
Total
518.694
572.799
572,783
Real estate, banking houses
Liabilities85,697
73,493
Interest accrued
79,494
$750.000
3750,000
$750,000
2,463,173 2,275,817 2.506,804 Capital stock paid in
Cash on hand and in banks
187.500
250.000
250,000
Surplus. paid In
69,874
Miscellaneous
8,693
58.502
53,578
43,410
Undivided profits
13.912
26,570
17.265
Total
817.498,088 517.546.965 518.299,254 Unearned profits
1.405
3.990
Reserve for taxes, &c
Liabilities95.055
132.934
Rediscounts
3.128
$1,000,000 $1,000,000 $1,000,000 Dividends unpaid
Capital stock paid in
2,920
2.000,000 2,000,000 2,000,000 Interest accrued
Surplus fund
245,000
200.000
250,000
351.183
227.322 Bills payable
298,895
Undivided profits
219,967
33.000
44,286
paid
50.000
Acceptances
unpaid
50,000
Dividends
1,184.517
1.828.914
1.833.475
36,400
Unearned discount
35.000 Deposits
48,000
13.423.534 13,557,409 12,889.623
Deposits
53,313,002 83,256.928 52.659.398
Total
200,000
1.000,000
582,500
Bills payable
370,500
1.123,500
Rediscounts
66,471
23,809
accounts
10.161
Sundry
&SCUMS--
(The) Continental Trust Co. (Baltimore).
• $17,498,088 $17.546,965 818,299.254
1921.
1922.
1923.
on
paid
dividends
company's
Amount
20%
20%
20%
stock in calendar year
Total
Dec. 31 '23. Dec. 31 '22. Dec. 31'21.
Resources$6.672.119 85.512,327 85,079,961
Loans and discounts
174
Overdrafts, secured and unsecured
1,694,413
1.995,599 2,338.435
Stocks, bonds,securities, &c
1,550,000
1,550,000
Banking house, furniture and fixtures 1,550,000
• Century Trust Co. (Baltimore).
686.758
596.157
Due from banks, bankers and tr. cos_
1.371.199
69,424
14.557
17,172
31 '23. Checks and cash items
Resources
-*Dec.
586,227
2.277.483
reserve
agents
from
approved
Due
1.557,912
51.283.910
Loans, secured
House
Clearing
for
1,223.392
104,379 Exchange
Investments
39.827
24,423
21.222
1,773 Cash on hand
Equipment
568,750
29.622
537,091 Customers' liability on acceptances
Cash on hand and in banks
2.309
Interest earned, not collected
Total
512.662.474 512.398.063 311.966,596
13.519
Miscellaneous
Liabilitiesin
paid
stock
Capital
$1,350,000 $1,350,000 $1,350,000
$1.942,981
Total
Surplus fund
1.350,000
1.350.000 1,350.000
Liabilities$500,000 Undivided profits
Capital
and
banks,
bankers
to
Due
trust
cos_
148:142
Surplus
61.810
225.311
191,449
500.0003,045 Due to approved reserve agents
Interest collected, not earned
939,936 Deposits (demand)
7.983,398
Deposits
Deposits (time)
1.277,409
568.750
29,622
81,942,981 Domestic and foreign acceptances
Total
Total
512.662.474 312.398.063 811.966.596
*For only two weeks of operation; company began business Dec. 17 1923
1411NR NI:811
8•41:82a 7.OR:lig
986
[Vol.. 118.
THE CHRONICLE
Equitable Trust Co. (Baltimore).
Safe Deposit & Trust Co. (Baltimore).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Loans and discounts
$11.108,061 $12,443,163 $10.650.001
Overdrafts, secured and unsecured
2,644
4,766
2.248
Stocks, bonds, securities, &c
4,808,256 5,731,746 3,468,990
Bank. house, vaults, turn. & fixtures..
250,000
250,000
250,000
Due from banks, bankers & trust cos..
47,187
133,477
23,509
Due from approved reserve agents...... 2,744,606 3.563.276
1,888,096
Lawful money reserve in bank
323,809
242,818
289,699
Miscellaneous
158,252
124.265
178,137
Credit granted on acceptances
200,000
Foreign exchange
68.927
81.841
52,323
Total
,t19,810,946 $22,534,101 816.745.050
LiabilitiesCapital stock paid in
$1.250,000 $1,250,000 81,250.000
Surplus fund
750,000
1.000,000 1,000.000
Undivided profits
204.163
228,193
101,734
Due to banks, bankers and trust cos_
156,891
477.868
252,243
Due to approved reserve agents
84.729
189,302
Deposits (demand)
10,963,473 14,523,968 9,473,341
Deposits (time)
5,556,237 5,006.721
4,677,065
Domestic and foreign acceptances_....
200,000
Miscellaneous
148.861
173,807
171.498
Total
519.810,946 $22.534,101 516.745,050
ResourcesStocks and bonds
Loans, demand,time and special
Mortgage loans
Cash on deposit in banks
Bills receivable
Real estate
Accrued interest receivable
Other assets
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
$10,388,168 $13.553,983 56,512,292
3,595,553 2,958,083 3,051.961
327,
331,140
116,146
2,938,658 12,131.579 8,645.230
160,000
175,000
200,000
100,000
200,000
19,277
20,824
15.219
165.996
7,645
4.560
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Reserve for taxes
Deposits
Deposits, trust funds
517,338,909 529,357,649 518.921,952
Total
51.200,000 $1,200,000 51.200,000
3.000,000 3.000,000 2,400,000
538,300
726.956
338,068
135,396
101,092
100,734
9,984,320 23,510.891 13,168,410
1,325,494
2,480,893 1.207,956
517,338,909 529.357,649 $18,921,952
Security Storage & Trust Co.(Baltimore).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Loans and discounts
5235,965
5258,838
5168.077
Stocks, bonds. securities, &c
700,977
601,619,
Fidelity Trust Co.(Baltimore).
Warehouse and fee simple lots
212,747
199,400
213,278
Mortgages
Resources133.072
174,043
Dec. 31 '23. Dec. 31 '22. Dec. 31 '21. Cash
140,034
on hand and in banks
70,804
Loans and discounts
97.110
93,638
$7,623.528 $6,419,921 58,382,476 Due by
firms and individuals
46.778
Overdrafts, secured and unsecured._
42,679
48,919
592
1,307
1,697
68,073
Stocks, bonds, securities. &c
26,337
26.529
7,067.369 7,848,513 5,977,928 Miscellaneous assets
Due from banks, bankers & trust cos_
Total
12,455
15,794
21,726
51.468,416 $1,382,094 $1,309,910
Due from approved reserve agents.- 2,786,706 2.874,072 3.301,685
LiabilitiesCash on hand
292,403
368,126 Capital stock paid in
260,066
5200,000
$200,000
5200.000
Miscellaneous assets
70,017
52.141 Undivided profits
75,472
221,380
179,316
201,306
Reserve for interest and taxes
12,000
10.500
9.500
Total
$17,855,070 $17,501,467 $18,099,457 Deposits (demand)
489,6511
LiabilitiesDeposits (time)
970.288
545,3851
921,094
Capital stock paid in
$1,000,000 51,000,000 $1,000,000
Total
Surplus fund
$1,468,416 $1,382,094 51,309,910
1,500,000
2,000,000 1,500.000
Undivided profits
140,180
382,145
503,26e
Due to banks, bankers and.trust cos- 1,153,650 1,126.262
Title Guarantee & Trust Co. (Baltimore).
1,402,839
Due to approved reserve agents
214,896
116,003
249.632
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Deposits (demand)
13,219,521 13,003.355 13.608.202 Loans and discounts
$3,598,891 $3,405,858 52,403.425
Reserve for taxes and interest
56.905
43.492 Stocks, bonds,securities, &c
40,278
2,837.807 1,780,903
Other liabilities
69,918
46,778 Banking house,furniture and fixtures 2.196.448
78.673
180,200
190,200
350,200
Mortgages
and
ground rents
2,190,075
1,610,754
1.428,756
Total
517.855.070 S17,501.467 518,099.457 Due from banks, bankers
& trust cos..
48,419
53.738
6,016
Checks
and
cash
items
1921.
1922.
1923.
750
18,779
20,455
Due from approved reserve agents......
Divs. pd, on co.'s stk. local. year......
16%
16%
18%
864,811
78,533
506,815
Rate of interest paid on deposits
2% daily, 3% monthly acc't- Lawful money reserve in bank
70,082
48,357
713,134
Accrued Interest receivable
30.625
29,358
37,816
Miscellaneous
46.000
47.379
47.389
Maryland Trust Co. (Baltimore).
Total
$6.851,384
9.226.301
$8.764,288
ResourcesDec. 31 '23. Dec. 31 '22. Dec. 31 '21.
LiabilitiesLoans and discounts
54,444,926 54.119.348 $3,831.228 Capital stock paid in
$400,000
5200.000
5400.000
Stocks, bonds,securities. &c
2.278,723 Surplus
3,671,013 3,659.637
400,000
300,000
300.000
Due from banks, bankers & trust cos- 1,640,036 1,256,795 1,117,329 Undivided profits
27,403
135,403
27,131
Cash on hand and on deposit •
534,882 Due to banks, bankers & trust cos
914,312 1,179,017
492,028
364.529
405,128
Miscellaneous assets
67,843 Deposits (demand)
138.167
103,445
4,138,378
4,072,976 3,077.457
Deposits
(time)
2.539,694
1,964,647
2.235,515
Total
$10,773,732 $10.352,964 $7,830,005 Building loan deposits
985,671
271,950
844,077
LiabilitiesReserve for interest on deposits
43.127
27,399
29,461
Capital stock paid in
51,000,000 51,000,000 $1,000,000 Bills payable
200,000
300,000
200,000
Undivided profits
562.977
498.311 Other liabilities guar.of Title Bldg.Co.
556.175
150.000
310.000
Reserve for taxes, interest, &c
23,744
Total
Rediscounts with Fed. Res. Bank.
$9.226,301 38.764,288 $6,851.384
100.000
Deposits
9.187,011 8,796.789 6.231.694
1923.
1922.
1921.
Amt.divs.pald on co's stock In cal.yr.
20%
20%
20%
Total
510,773.732 510.352.964 57.830.005 Rate of interest paid on deposits
3% check balance over $300;4% say.
Amount ofdeposits receiving interest.
All
All
All
Mercantile Trust & Deposit Co. (Baltimore).
ResourcesDec 31 '23. Dec. 30 '22. Dec. 31 '21.
Loans and discounts
$11.994,773 511,314.844 511,535,277
Stocks, bonds,securities, &c
7,577,224 7,920,905 7,311,559
Banking house, furniture and fixtures
100,000
100,000
100.000
Cash on hand and on deposit
2,288,406 2,688,482 1,939,038
Unsettled bond accts. & accts. receiv57.625)
Foreign department
103,108)
7
74.216
249,481
Clearing House exchanges
564,7151
Total
LiabilitiesCapital stock, paid in
Surplus fund
Undivided profits
Reserve for interest and taxes
Deposits (demand)
Deposits (time)
Total
$22.685,851 522,798,447 821,135.375
$1,500,000 51,500.000 51,500.000
3,500.000 3,000.000 3,000.000
184,038
633.495
522.937
40,881
37,500
26.062
12,987,803 13,499.439 11.906.918
4,473,129 4,128,013 4,179,458
522,685,851 522,798.447 $21.135,375
Union Trust Co.(Baltimore).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Loans and discounts
$8,467,923 56,867.087 55,986,240
Stocks, bonds,securities, &c
1,614.764 2,466.877
1,952,763
Banking house, furniture & fixtures
350,000
450,000
450,000
Other real estate
61.392
80,642
Due from banks, bankers & trust cos..
418.333
819,498
502,778
Due from approved reserve agents.._. 1,653,972
2,581,696
Cash and exchange
1,305,996
2,668,863
Credit granted on acceptances
96,735
230,000
200.000
Total
$13.969.115 513,582,967 811,673,477
LiabilitiesCapital stock paid in
$550,000
$550,000
$550.000
Surplus fund
450,000
450,000
450,000
Undivided profits
195,690
174,172
200,796
Reserve for interest and taxes, &c...
54,780
50,000
Deposits
12,690,644 12.128,795 10,272,681
Domestic and foreign acceptances-.
28.000
230,000
200,000
Total
$13,969.114 513.582,967 511,673,477
CHICAGO COMPANIES
Central Trust Co. of Illinois (Chicago).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Time loans
$28,801,627 $32,540,080 $33,684,329
Demand loans
26,466,157 21,754,900 22,331,946
Real estate loans
3,355,810
, .
U.S. Govt. bond 8s certifs. of Indebt- 1,874.208
1,711,611
2.153.342
Bonds and stocks
7,009,319 5.550.906 6.343.904
Payment in full on behalf of subscribers to Fourth Liberty Loan
105,000
Capital stock of Federal Reserve Bank
210,000
210.000
210,000
Bank premises
775,000
775,000
775,000
Other real estate owned
15,557
Customers Habil. on letters of credit_
126,354
85.350
198.805
Customers' liability on acceptances...
73.169
85,993
496.
Cash and sight exchange
22.093.295 21,418,972 18.020,948
Total
590,784,939 586.258.082 587.044,656
LiabilitiesCapital
$6,000.000 56.000,000 56.000,000
Surplus
1,000,000 1.000.000
1.000,000
Undivided profits
3,084.971
2,577.068
1.604,632
General reserve
1,000.000
1,000.000
Reserved for taxes and interest
674,966
557.765
587,389
Dividend account
180,135
150,110
150,032
Rediscounts with Fed'i Reserve Bank
8,669.086
Letters of credit outstanding
127.054
93,912
212,292
Acceptances executed for customers
73,169
85.993
496,316
Deposits
79.644,644 74,793.234 67.324.909
Total
590.784,939 386.258.082 587.044.656
Chicago Trust Company (Chicago).
ResourcesDec. 31 23. Dec. 30'22. Dec. 31 '21.
Cash on hand
5216,464
$203.793
$230.532
Deposited In other banks
5,877,007 4,832,923 3,281.339
Loans secured by firstlien on real est.. 2,624,008
1,740,750
1,860,853
Stocks and bonds
2.303.558 3,127,249 2,454.757
Loans upon the pledge of securities._ 5,964,066 4,148,220 3.003.720
Discounts
6,257,055 5,620.110 4.034,231
Overdrafts
645
704
303
Customers' liability under letters of
credit and acceptance
87,426
59,791
104.801
accrued
interest
incl.
593.269
Other assets.
199,464
75.273
523,923.498 520.079.846 $14,898,967
Total
Chicago Trust Co. (Chicago)(Concluded).
LiabilitiesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Capital stock paid in
51,500.000 51.500,000 51.000,000
Surplus on hand
500,000
400,000
500.000
Undivided profits
426,793
306,941
406,359
Deposits
20.776.586 17,338.365 12.958,484
Dividends unpaid
30,034
20.353
30,130
Reserved for interest and taxes
79,796
57.000
66.000
Liability under letters of credit and
acceptance
87,426
104,801
59,791
Discount coil & unearned
66,319
51.388
64,069
Other liabilities
465.544
115,132
Total
$°3,923.498 520,079,846 814,898,967
Continental & Commercial Trust & Savings Bank
(Chicago).
RASOUrea.-Dec. 31 '23. Dec. 30'22. Dec. 31 -21.
Real estate
$25,340
$275,296
Cash on hand
1,671,477
1,790,205
Deposited in other banks
35,907,489
21,116,329 $31091 033
Cash in hands of agents and in transit
1,583,581
Loans secured by first lien on real est_ 2.971,334
3,956.942 4.671.288 30.183.749
Loans upon pledge-s of securities
27,010,952 34,342,666
Loans with more than 1 yr.'s int. due556,798
Stocks and bonds
28.523,304 35.877.705 16.166,940
Other assets. including accrued int
6.327.196 0,273.237
Total
4106.394,0345106,487.105 $77,441,722
LiabilitiesCapital stock paid in
Surplus on hand
Undivided profits
Deposits
Other liabilities
Total
$5,000,000 55,000.000 55,000,000
10,000.000 5,000,000 5,000.000
233,730 3.544,035 2,413.693
89,369,632 90,842,559 63.634,134
1.790,672 2,100.511
1,393.895
5106,394.0345106.487.105 377,441.722
•
987
THE CHRONICLE
3IAR. 1 1924.]
*Illinois Trust-Merchants Trust Co. (Chic.)(Cond.)
Equitable Trust Co. of Chicago.
Dec. 31 '23. Dec. 30'22. Dec.31 '21.
LiabilitiesDec. 31 '23. Dec. 30 '22. Dec. 31 '21. Capital
$15,000,000 $10,000,000
stock paid in
$246,680
$448,772
$396,437
Cash on hand and due from banks__ _
15,000.000 20,000,0001 33,645,832
Surplus
148,040
536,842
299,317
Bonds
7,502,930 5,850.614
profits
Undivided
192,514
1365,669
Loans secured}1,925.517
231,655,360 257,605,182 207,383,568
Deposits
410,038
1795,501
Loans unsecured
1,400.000
2,000,000
2.850,000
fund
Contingent
75,000
Banking house
450.334
250,000
291 Dividends unpaid
1,331 '
13.358
Furniture and fixtures
2.382.388
2,350.279
2,242.177
taxes
for
Reserved
2,960
11.549
8,260
Interest earned
515.000
1,000,000
1,000,000
reserves
Other
23.118
28,874
Profit and loss
5.286,896 4,173.856
5,378,229
Letters of credit
10,451.734 13,009,298
12.931,620
Acceptances
$1.023,641
$2,717,889 $2,188,538
Total
741,492
347.501
420.041
Discount collected but not earned_ _ _ _
LiabilitiesLiability as endorser on bills pur1,959,178
$2,500
1.550.649
Reserved for interest and taxes
2,316,283
sold
and
chased
$250,000 Rediscounts
$250.000
15,653,500
250,000
Capital stock
50,000
50,000
50,000
Surplus
1.736
$296.296.639$316.692,856$281,314,446
Undivided profits
Total
4,856
8.141
13,788
Interest earned
70,000
Bills payable
Consolidation of Illinois Trust & Savings Bank and Merchants Loan
718,785 & *Trust Co. as of April 9 1923.
1,880.397
2,329,865
Deposits
The above figures are the combined
of both institutions for all the years.
results
$2.717,889 $2,188,538 11,023,641
Total
Resources-
The Northern Trust Co. (Chicago).
First Trust & Savings Bank (Chicago).
It
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Cash on hand and due from banlm_ _ *$12,487,377411,926,144 $7.383,019
4,344.415
5,778,958
Due from Federal Reserve Bank
5,755.552
Cash in hands of agents and in course
344,593
of transmission
7.221.0121 65,651.092
Loans secured by first Hen on real est_ 8.111,290
62, 57,238 53 472 915f
Loans upon pledges of securities
36.499,679 43.968,088 28.900,429
Stocks and bonds
2,220,000
2.235,400
Customers' liability for acceptances..
375,000
375.000
375,000
Federal Reserve Bank stock
2,215,313
2,188,157
Real estate
929.116
288,027
Other assets
Total
LiabilitiesCapital stock paid in
Surplus on hand
Undivided profits
Deposits
Acceptances
Reserved for interest and taxes
Other liabilities
5128,406,9131128.121.9465108.873.955
Dec. 31 '22. Dec. 31 '21.
$6.250,000 $6.250,000 56,250,000
6,250,000
6,250.000 6,250,000
1.813,216
2,836,263
3,287.584
106,769,703 102,872.905 89,481,298
2.223,000
2,294,350
2,724,180
2,325,637
2,575,544
135,261
5,292,791
3,274,082
$128,406.913 128,121,9461108.873.955
Total
* Includes 18,749,399 deposits in other banks. t Includes 17,164,836
deposits in other banks.
*(The) Foreman Trust & Savings Bank (Chicago).
*Dec. 31 '23.
$64,032
905,142
338
3,307,124
2.043,162
806,031
2.038,469
ResourcesCash on hand
Deposited in other banks
Items in transit
Loans secured by mortgages
Stocks and bonds
Loans upon pledges of securities
Other assets
Dec. 31 '23. Dec. 30'22. Dec. 31 '21.
Resources$10,335,594 $10.629,748 $8,398.348
Time loans secured by collateral
14,329,827 15.050.982 12.715,653
Demand loans secured by collateral
8,293,859 10,161.198 11,037.817
Other loans and discounts
Bonds and other securities, Including
6.859.404
7,847,661
7,879,964
U.S. Government obligations
17.318
3,362
Overdrafts
150,000
150.000
150.000
Federal Reserve bank stock
1,400.000
1.400.000
1,400,000
Bank premises
Liability of other banks on bills pur1,393,827
747.896
2,040.000
chased
259,511
774,207
Customers' liability acct. accept'nces
Customers' liability under letters of
28,042
588,009
1.175.939
credit
9.726,936
13,877,149 13.255,006
Cash and due from banks
853.620
165,768
Other assets
$60.425,669 $60,960,949 $52,154,010
Total
Liabilities$2,000,000 $2,000,000 $2,000,000
Capital stock
3,000.000
3,000,000 3,000,000
Surplus fund
1.430.701
1,704.865
2.003,261
Undivided profits
50,048
51.315
60,509
unpaid
Dividends
1.208.455
1,401.800
1.532,806
Reserved for taxes, interest, &c
131.644
126,112
138,803
Discount collected but not earned..
Contingent liability on other banks'
1.393.827
747,896
2,040.000
bills sold
28,042
259.511
774,207
Acceptances executed for customers_ ..
450,984
610.329
1.178,839
Letters of credit outstanding
47.419,482 50,387.850 42.460.308
Deposits
671.262
277,762
Other liabilities
860,425,669 $60.960.949 852,154.010
Total
$9.164,298
Total
LiabilitiesCapital stock paid in
Surplus
Undivided profits
Deposits
Other liabilities
$1,000,000
500.000
82,719
7,496,119
85,460
$9.164,298
Total
* The Foreman Trust & Savings Bank began business as a separate institution on July 1 1923, this company and the Foreman National Bank
having succeeded the Foreman Bros. Banking Company on that date.
Comparison with previous years not possible on account of the division.
Greenebaum Sons Bank & Trust Co. (Chicago).
ResourcesDec. 31 '23. Dec. 29'22. Dec. 31 '21.
Loans and discounts
$17,935,129 $19,554,749 114,483,512
244.573
U.S. bonds and certif. ofindebtedness
853,920
371,141
1,744.919
Other bonds and securities
860,305
773,731
66,422
Real estate
41,437
69,897
Customers'Dab. under letters ofcredit
105,194
243,297
146,347
Customers' Dab. acct. of acceptances..
134,040
29,369
3,303.720
Cash on hand and in banks
5,509,920 4.621,441
Total
$24.940,205 $26,204,518 $19.948,340
LiabilitiesCapital stock
11,500,000 $1,500.000 $1.500,000
Surplus
500.000
500,000
500,000
Undivided profits
732.920
756.393
789,982
Reserved for taxes and interest
50,785
138.423
180,715
Rediscounts
2,174.687
Letters of credit
153,464
117.594
367,111
Acceptances and contingent Debilities
169,562
1,800
173,369
Deposits
121,478.952 14,782,916
1
Deposits special
121,810,001 1 1,214,389
Total
124,940.205 $26,204,518 819.948,340
Harris Trust & Savings Bank (Chicago).
Dec. 31 '23.
- $9,851,436
Cash on hand and due from
In course
Cash in hands of agents and banks..3,401,280
of transmission
beans on pledges of securities
21,894,802
13,004,888
Stocks and bonds
Other assets, incl. accrued interest- _ _ 7,874,788
Resources-
Total
Dec. 30 '22. Dec. 31 '21.
57.641,490 $5,853,541
4,353,522
17.930,827
15,087,957
8.172,097
3.232.840
15.677.790
10,569.781
6.567,463
156,027,194 $53,188,893 $41,901,415
Liabilities
Capital stock paid in
Surplus on hand
Undivided Profits
Deposits
Other liabilities
Total
13.000,000 $3,000,000 $3,000,000
3.000,000 3,000,000
3,000,000
1.236,350
466.113
901.278
47,239,578 43.851.667 33,872.542
1,551.266
1,562.760
2,435,948
(Results for combined institutions for all dates.)
*Dec. 31 '23.*Dec. 30 '22.*Dec. 31 '21.
ResourcesCash on hand and due from banks_ _ _ _$47,018.089 $75.730.201 $46,383,180
_
Ws_
Treas.
and
bonds
Govt.
26.415,1601 66,823,091 41,195,777
U.S.
29:034;6041
Bonds and other securities
61.276,4871
Demand loans on collateral
56 865.515 28,584,482 171,583,927
Time loans on collateral
35,435,848 16.511,002J
Other loans and discounts
900,000
450,000
Stock in Federal Reserve Bank
6,688,344
3,488,344
Illinois Merchants Bank Building_
4.173,856
5.286.896
Customers'lib. under letters of cred_ 5,318.648
Customers'liability under acceptances 12.931,620 10,451.734 12.009,298
1.959,178
1.550,649
Liability ofother banks on hills purch. 2,316,283
515,404
1,560.204
536,970
Interest accrued but not collected_
493,829
Other as.sets
Total
LiabilitiesCapital stock paid in
Surplus on hand
Undivided profits
Deposits
Other liabilities
118,452.988 517,022,901 815.087,115
$1,000,000 $1,000,000 81.000.000
500,000
500.000
500.000
132.433
195,009
236,660
16,536,266 15,241 365 13,402,647
52,036
86,527
153.062
$18,425.988 $17,022,901
Total
15,087.116
Standard Trust & Savings Bank (Chicago).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources$282,994
$262,128
$325,118
Cash on hand
1,840.9631.508.905.
1.991.725
Deposited in other banks
807,309
520,293
1,339,827
transit
in
and
Cash in hands of agents
262.900.
466,200
Loans secured by 1st M.on real estate 1,050,550
1.569,564
1.611,192
1,466,385
Stocks and bonds
4,063,448
4.864.802
6,476,539
Loans upon the pledges of securities
2.237.848
5,125.610
Other assets, Incl. accrued interest-- 3.126.646
Total
LiabilitiesCapital stock paid in
Surplus on hand
Undivided profits
Deposits
Other liabilities
$15.776,790 $14,691,188 $10,732,968
11,000,000 $1,000,000 81,000.000
500.000
500,000
500,000
273.3C8336,436
398,687
8.401.927
12,962,644 11,390.089
557.733
1.464.663
915.459
115,776,790 $14,691,188 810.732.968
Total
State Bank of Chicago (Trust Company).
Dec. 31 '23. Dec. 29 '22. Dec. 31 '21.
Resources8550.000
5550.000
$550,000
Real estate
879.637
990,493
1,187.372
Cash on hand
4.361.172
5.055,964
6,205.042
Deposited in other banks
924.166
2,347,961
in
3,610,204
and
transit
agents
of
hands
in
Cash
Loans on real estate, being first liens
2,802,807
3,898,095 3,570,823
thereon
3.842,859
3.103,394
2,942.531
Stocks and bonds
Loans upon the pledges of securities.. _ 21,978,771 18.827,677 17.562.723
20.135,275 20,391,941 18.312.552
Other assets, incl. accrued interest
Total
LiabilitiesCapital stock paid in
Surplus on hand
Undivided profits
Deposits
Other liabilities
Total
$60,507,290 554,838,253 549.235.916
$2,500,000 52,500.000 52.500,000
3.500,000
5.000,000
3,500.000
1,062.282
745,616
1,714,290
50.590,727 45,631,781 40.016,066
2,157.568
1,670,947
1,462,183
560,507,290 554,838,253 549.235.916
156,027,194 853,188,893 $41.901,415
*Illinois Trust-Merchants Trust Co. (Chicago).
Total
The People's Trust & Savings Bank (Chicago).
Dec. 31 '23. Dec. 31 '22. Dec. 31 '21.
Resources811.651.123 58,379,669 17,678,851
Loans
570,036
776,460
Cash on hand
1,185,995
4,386,153 41,187,263
Deposits in other banks
432,918
769.021
transit
in
and
Cash in bands of agents
2,620,144
3,216,166
2,300,964
Stocks and bonds
2,599,172
2,694,382
114,748
Other assets, incl. accrued interest.. _ _
$296,296,6398316,692,8565281,314.446
Union Trust Co. (Chicago).
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Resources32,666,182 $33,429.197 $3.009,184
Cash on hand and clearings
6.273.185
7,556,641
Deposited in other banks
6,378,151
1.792.677
2.105,134
Cash in hands of agents and in transit 3,227.471
365.494
1.018,974
Loans, being first liens thereon
1.031,665
7.231,957
6,680,392 12,252,917
Stocks and bonds
Loans upon the pledges of securities
2.5,409,225 19.393.769 12.915,774
Other assets, incl. accrued interest._ .. 21,001,068 17.955.958 17.056.485
Total
867.559,953 562.546.791 848.644.756
LiabilitiesCapital stock paid in
$2.000,000 52,000.000 92,000.000
2.700.000
Surplus on hand
2,700,000
3.000,000
252.904
Undivided profits reserve for deprec'n
653.708
507,196
Deposits
58,085.334 54,349.736 42.587.342
1,104.510
Other liabilities
2.843.347
3,967,423
Total
867,559.953 362.546,791 148.644.756
988
THE CHRONICLE
[VoL. 118.
ST. LOUIS COMPANIES
American Trust Co. (St. Louis).
Farmers' & Merchants' Trust Co. (St. Louis).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 Tl.
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Bonds and stocks
23,225,816 $3.003.414 52,180.759 Loans on collateral
$495,447
$968,703
8523,003
Government securities
2,689.609
3,934,326
Loans on real estate
,
765.880
1,177,743
Stock in Federal Res. Bank, St. Louis
37.500 Commercial paper
42,000
39,000
367.735
230,410
,
Demand loans
3,131,203 Bonds and stocks
2,858,256
2,656,383
2.508,971
3,154,029
3,233,195
Time loans
3,606,930„
3,566,571 Furniture and fixtures
20,600
16,603
17,700
Real estate loans
725.106
715,526
982.170 Cash on hand
58,265
117,969
78,226
Due fr. tr. cos., bits., blus. & brokers_ 1,718,202
1,777,644 Due from banks and trust companies1,800,677
311,569
317,283
527.377
Cash on hand
. 108,065
158,621
183,054 Tax bills
19,666
Safe deposit vaults
172,716 Other resources, real estate owned
139,822
172,716
Other resources
52.823
132.306
92,578
and office builcllng
108,518
97,838
103,681
Total
Total
$6,299,199 55,367.174 $4.662.366
$15.206,383 $15,860,140 512,084,440
Liabilities
LiabilitiesCapital
$200,000
Capital
$400,000
$200,000
$1,000,000 $1,000,000 $1,000,000 Surplus stock
100,000
80.000
Surplus and undivided profits
100,000
345,045 Undivided profits
405,483
502,746
28,964
40,715
Deposits subject to check
80,654
6,351,486 D
6,906,066 8,050,086
ta
4,156,651
5.540,235
Certificates of deposit
4,861,520
660,693
816,758
894.811
165.000
Due trust cos., banks and bankers__ _
250,000
125.000
616,241 Bi payable Federal Reserve Bank-713,754
427,619
Savings deposits
Total
2,146,960
2,622,745 2,461.618
$6,299,199 35,367.174 54,662,366
U. S. Government deposits
9,500,000
1,685.495
1923.
1922.
1921.
Bills payable
527,133 Rate of interest paid on deposits
250,000
2%
check: 3% savings; 4% time
Bonds borrowed
352.100 Dividends paid in calendar year
301,100
352.100
6%
12%
12%
Other liabilities, res. for tax., int., &c_
84,782
124,846
51,296
Total
$15,206,383 $15,860.140 $12,084,440
Laclede Trust Co.(St. Louis).
ResourcesDec. 31 '23. Dec. 30 '22. Dec. 31 '21.
Loans on collateral
$442,709
$317,495
$362,037
Loans on real estate security
281,089
89.533
143.833
Broadway Savings Trust Co. (St. Louis).
Other negotiable and non-negotiable
paper
and
investment
securities.-561,978
256.483
350,371
ReJOUTCM.-June 30'23. Dec. 30 '22. Dec. 31 '21. Bonds and stocks
928,811
420,912
Loans on collateral and commercial
703.521
105.000 '
paper and investment securities_ $1,288,330 $1,191,407 51.361.609 Real estate
deposit vaults
3,600
4,596
Bonds and stocks
3,600
179,563
176,478
81.010 Safe
and fixtures
2,569
1,952
Due from trust cos. and banks
2,400
334,399
366,576 Furniture
255.957
Due from other trust cos, and banks_
150,402
180,332
Cash on hand
88.709
122.785 Checks
60,784
122,583
other cash items
600
1.211
Other assets
90.364
32.962
28,401 Cash onand
hand (currency, gold, silver
and other coin)
Total
27,755
48,223
33,266
$1,874,998 $1,857,829 $1.960.381 War
and revenue stamps
Liabilities26
52
33
Capital stock
140
1,382
3200.000 overdrafts by solvent customers
$200,000
218
• $200,000
Surplus
7.200
7,050
100.000 Stock Federal Reserve Bank
100,000
100,000
Undivided profits
Total
1,296
6.926
2,741
52.205,383 51,695,038 51,627.666
Deposits
1.650,455
1.554.523
Liabilities1.570,257
Other liabilities (dividends unpaid).3,000 Capital stock paid in
2,010
2,000
$200,000
s100,000
$200.000
Surplus
40,000
75.900
• 35,000
Total
31,874.998 51.857.829 51.960,381 Undivided profits
11,282
19.366.
10.674
Deposits subject to draft, including
certificates of deposit
1,036.280
918,145
885.253
Time certificates oP deposit
Chouteau Trust Co. (St. Louis).
165,725
131.258
135,733
Savings deposits
488,954
356,013
370.259
ResourcesJun.30'23. Dec. 30 '22. June 30'21. Dividend checks outstanding
2,592
6,039
180
Loans on collateral security
8811.5361 $1,074,900 Reserves for interest. taxes, &c
$8.5.347
13,258
13,000
13,000
Loans on real estate security
104,520f
233,450
Bills payable
228,200
30,000
Bills purchased
All other liabilities, treasurers' checks
180,000
bonds and stocks
190,876
309,625
254,136
outstanding
8,561
20,376
14.939
Furniture and fixtures
1.649
20,440
21,469
Total
$2.206,383 $1,695,038 $1,627,666
Due from trust cos. and banks
99,649
83,016
214,667
Checks and other cash items
30,720
140,679
Liberty Central Trust Co. (St. Louis.)
Cash on hand
34.264
}
92.976{
Resources.Jan. 4 '24. Dec. 30"22. Jan. 4 '22.
Other resources
31.368 Loans
and discounts
$22,586,099 $24,478,762 $26,177,078
liability, under accept'ees
20,388
264,500
425,188
Total
$1,869,748 $1,452.803 $1.432.706 Customers'
d3
do
under letters of cradit
73.040
58,776
34,036
Liabilities1.325.
18,292
Capital stock paid In
5200.000
$100.000
$100,000 Overdrafts
United States securities
6,686,609
5,982,955
3,226.353
Surplus
100,000
50.000
50.000 Stock
Federal Reserve Bank
120,000
120,000
120,000
Undivided profits
10,067
6,306
4,566 Other in
bonds and stocks
5,342,875
0,555,426
4.067,473
Depos.subjlc draft at sight by indiv.
I
Banking
house
and
other
real
estate
978.370
1.172,390
1,001.136
& others, incl. dem. ctfs. of dep
1,555,5111
765,7321
deposit vaults
125,000
125,000
125.000
Time certificates of deposit
1,153.140 Safa
75,865
United States securities borrowed_ _
2,645,500
2,889,300 3,417,050
Savings deposits
454.871
Other
resources
321,455
294.546
240,024
Bills payable
120.000 Cash and sight exchange
7.230,305 8.664.850
8.451,780
Other liabilities
4,170
29
5.000
Total
$46.129.966 $50,625,254 $47,304,310
Total
Liabilities$1,869,748 $1,452.803 51.432.706
Capital
$3,000,000 $3,000,000 $3.000,000
Surplus
1,000,000
1,000,000
1,000,000
City Trust Co.(St. Louis).
Undivided profits
237,562
103,038
109,620
355,648
285,982
Resources-June 30'23. Dec. 30 '22. Dec. 31 '21. Reserves
Unearned discount
87,359
89,247
122,348
Loans on collateral security
$482,286
$361,809 Acceptances
20,387
264,500
425.188
Loans on real estate security
131,505,289 1 155.827
188,420 Letters of credit
73,040
58,776
34,036
Other negotiable and non-negotiable
Government
bond
deposits
456,400
640,150
1.396.450
paper and investment securities
732,484
507.739 United States securities borrowed_ __.
3,417,950
Overdrafts
419 Bonds sold under repurchase agreem't 2,645,500 2.889.300
907,000
Bonds and stocks
213.562
138,213
'144,303 Rediscounts with Federal Res. Bank_
U.S. bonds,ctfs. of indobt. & W.S.S.
53,450 Bills payabll to Federal Res. Bank
37,800
Furniture and fixtures
5.000
4.850
4.546 Deposits-Commercial
24,684,261 27,606,420 23,679,186
Real estate
28,000
19,000
19,500
Bank and bankers
5,802,014
Due from trust cos. and banks
6.905,189 6,435,50$
220,169
155,784
Certificates of deposit
2,619,911
Checks and other cash items
2,738,345
2,705,656
4,371
3.192
Savings
4,223,782
3,974,810
Cash on hand (currency, gold, silver
4.272,223
481.367
U.
S.
Government
372,750
664,887
and other coin)
735.107
44,776
47,730
Total
$46329,966 $50,625,254 847.304.310
Total
52,233,218 51.839,776 51,486,892
Mercantile Trust Co. (St. Louis).
LiabilitiesResourcesDec. 31 '23. Dec. 30 '22. Dec. 31'21.
Capital stock paid in
$200,000
8100.000 Time
5200.000
loans
Surplus
826,206,950 $21,540,330 $26,254,688
45,000
45,000
18,000 Demand
loans
Cruelly. prof. less current exp. & tax
16,039,974 12,522.224
8,964.528
34,058
14,803
8.317 Bonds and
stocks
Dep. subj. to draft at slight by indiv.
4.851,712 5,047.293
5.150,008
& others, incl. dem. ctfs. of dep-.,..
1,106.585
904,261 Liberty bonds & U. S. Govt. ctfs. of
indebtedness
„
Time certificates of deposit
8,924,6191,212,179
96,957
83.685 Stock in Fed. Res.
Bank. St. Louis_
Savings deposits
300,000
1,808.455
300,000
308.869
333,646 Real estate (co.'s office
building)---.. 1,861,000
United States deposits
1;825:000
1,825,000
28.263
450,000
450,000
Treasurer'schecks32,068
450,000
9,028 Safe deposit vaults
Cash a d sight exchange
n
Special reserves
9,794,676
9.892.103 9.578,487
3.957
4,591
4,487 Customers'
liability
acc't
acceptances
:Ells payable
141,725
25.000
and letters of credit
Dividends unpaid
299,661
313,145
23
288,100
3.000
468 Acceptances
2,023,989
65,000
883,846
Total
$2,233.218 $1.839,776 $1.486.892 Bills rec'le,redisc. at Fed. Rut. Bk..
Other resources
5,529
12,349
Total
367.560,862 361,359,899 556.287,078
Easton-Taylor Trust Co. (St. Louis).
LiabilitiesResources
53.000,000 $3,000,000 53,000,00C1
Dec. 31 '23. Dec. 6 '22. Dec. 31 '21. Capital stock paid in
and undivided refits
Loans on collateral
„
$342,794
,„
$254,289
$320,368 Surplus
Reserves for int, and d vs. and taxes.
Loans on real estate
210,857
197,216
213,424
154,138
229,038
112.045 Deposits
Other securities
56,346,079 50,200,125 45,196,575
329,618
356,961
286,098 Contingent liability
and
acceptances
Bonds and stocks (present
_
698,482
487.832
313.975
and letters of credit
299.662 .
Due from banks and trust cos
208,426
313,144
124.961
288,100
141.068 Bills
payable at Federal Res. Bank
Cash on hand. &c
87.649
80.171
61,799 Unpaid
dividends
Furniture and fixtures
6,259
7,225
5,879
9,044
7.798
7.100 Other reserves
220,411
Safe deposit vaults
7,900
14,380
101,062
5,300
Real estate
42.000
42,000
42.283 Rediscounts at Federal Res. Bank
Other resources
Total
30,878
6,276
567,560.862 561,359,899 556.287.078
Total Mississippi Valley Trust Co.(St. Louis).
31.877,022 51.605.218 31.290.036
ResourcesLiabilitiesDec. 31 '23. Dec. 29 '22. Dec. 31 '21.
and bonds
Capital stock paid in
5200.000
$200,000
'
$100,000 Stocks
$6.951.918 $8,265,292 57115,447
Surplus
872,464
12,000
10,000
25.000 U.8. bonds and ctfs. of indebtedness- 4,968,915
3,688,470
Fed. Res. Bank,St. Louis,cap.stock.
Undivided profits
195,000
20,250
11,795
195,000
43,549 Loans
real estate
916,000
Reserves for interest, taxes, &c
1,352.542'
11,286 Loans on
on
collateral
Deposits, demand
922.484
917,890
8.089,548)10,052.753 21.217,348( 10.684,495
651.407 Other negotiable
& non-nego. paper60,000
10,193,908
Bills payable and redLscounts
liability on acceptances_
319,908
69,666
209,261
Time certificates of deposit
98,431
453,985
84,485 Customers'
Real
t
Demand certificates
40.107
2,220
30.423
211,273
2.320 Safe
deposit vaults
,
Savings deposits
548,730
378,972
361.759
hand
on
Cash
Treasurer's checks outstanding
14,611
340.5951 6.380.024{ 2,606,774
14.793
10,000
on deposit
2,815,091
334
64
4,498,6851
230 Cash
Other liabilities
Other resources
382,633
373,889
440,436
51,877.022 51.006,218 51,290,036
Total
Total
537.489,10g $40,231,254 $36,157.888
Mississippi Valley Trust Co.(St. Louis) (Concluded.)
Dec. 31 '23. Dec. 29 '22. Dec. 31 '21.
Resources$3,000,000 $3,000,000 $3,000,000
Capital stock
3,500.0001 5,368,630 3,500,000
fund
Surplus
1.708.866
1,686.624!
Undivided profits
5,736.912
6,106.710
Deposits (savings)
2,356,1791 31.515,617 5,386,084
Deposits (time)
16.356,130
19,075,761
Deposits (demand)
Rediscounts with Federal Res. Bank
1,200,000
of St. Louis
Bills payable to Fed. Res. Bic., St. L..
319.908
209,261
453,985
Acceptancesand letters of credit_ _ _ _
46.285
58,251
36,978
Reserve for Interest
103,703
72,866
79,495
Other liabilities
$37,489,103 $40,231,254 $36,157,888
Total
Mound City Trust Co.(St. Louis).
ResourcesJune 30'23. June 30'22. Dec. 31 '21.
$462,075
Loans on collateral
$1,158,970
136,100
$961,211
Loans on real estate
316,489
Other negotiable and non-negotiable I
274,903
paper and invest. securities
(26,895
Bonds
59.929
157,345
Stock in Fed. Res. Bank,St. Louis_4
72,764
Real estate
91,600
72,889
Safety deposit vaults
4,000
2,000
114,904
Due from Ired.Res., oth.tr.cos.&bks_ _
146,152
• 83,217
Checks and other cashitemsc 2.397
Cash on hand (current, gold, silver}
126,110
61,199
125,096
and other coin)
22,503
Furniture and fixtures
23,673
23,607
4,000
Building account
31,874
Exchanges for clearing house
49,918
952
Other resources
22.800
14,964
Total
$1.976,368 $1,399,705 $1,181,215
LiabilitiesCapital stock paid in
$200,000
$200,000
$200,000
Surplus
25.000
40,000
25.000
Undivided profits less current expenses and taxes paid
28.110
22.184
28,659
Dep. sub. to draft at sight by trust
cos. banks and bankers
80,455
Deposits subject to draft at sight by
Individuals and others
456,096
Time certificates ef deposit
42.730
1,679,113
1.060.732
Demand certificates of deposit
21,254
Other time deposits
Savings deposits
253,327
Cashier's checks
60,000
Bills payable and rediscounts
60,000
Reserves for taxes, &c
5,243
6,493
15.241
Other assets
18,820
Total
$1.976.368 $1,399,705 $1,181,215
*North St. Louis Trust Co. (Sit. Louis).
Resources-Dec. 31 '23 Dcc. 30 '22. Dec. 31 '21.
Real estate mortgage
$171,400$128.170
S219,600
Stocks and bond invest.(mkt. value).
582,426
658.510
604,146
Loans and collateral
438.259
517,737
513,246
Other loans. Incl. bills purchased --- 1,190.827
853.311
1,071.521
Due fr. tr. cos., bks., bkrs. & brokers
258,401
256.166
260,389
Real estate,furniture and fixtures
61,171
72.463
58,269
Specie
43,189
52.584
36,940
Legal-tender notes & notes nat. banks
70,000
76,745
51.760
Other resources
22,034
16.258
14,655
Total
83,004,196 $2.740,121 $2.555.860
LiabilitiesCapital
$100,000
$200,000
$200.000
Surplus and undivided profits
140,841
65,200
53,869
Deposits subject to chock
1.069,639
1.160,216
1,077.609
Certifs. of dep. and savings deposits_ 1,555,969
1,394.282 1.236,637
Other liabilities
8,743
14,361
22,811
Total
53,004.196 $2,740,121 $2.555,860
1922.
1921.
1923.
Rate of interest paid on deposits
2, 3 & 4% 2, 3 & 4% 2.3 & 4%
Dividends paid calendar year
9%
15%
15%
* Name changed from North St. Louis Savings Trust Co.In Dec. 1922.
Northwestern Trust Co. (St. Louis).
Resources-•
'Loans and discounts
Cash and clue from banks
estate
Real
Overdrafts
Real estate{banking house)
Furniture and fixtures
Bonds and stocks
Dec. 31 '23. Dec. 30 '22. Dec. 31 '21.
$4,393,130 $3,531,728 $4,858,219
690,951
727.693
540,863
27.889
83,8.31
41,938
1,581
108,944
63,800
57,000
39,298
35,200
18,541
4,375,901
4,547,681
3,030.631
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Demand deposits
Savings deposits
Time certificates of deposit
Demand certificates of deposit
Cashier's checks
Reserve for taxes
Reserve for bonds
Dividends unpaid
Total
$9,637,694 $8,948,040 18.589.085
$500,000
500,000
145.165
2,209,579
2,634,553
3.461,251
7,122
49.763
100,000
$500,000
200,000
230.148
$500,000
200,000
153,899
7,776,531
7.543.186
241.361
192.000
30.261
$9,637.694 $8,948,010 $8,589,085
Savings Trust Co. (St. Louis).
1
Total
LiabilitiesCapitalstock paid in
Surplus and undivided profits
Deposits subject to draft
Time certificates of deposit
Savings deposits
Discounts with Federal Reserve
Bank building
Total
Rate of interest paid on deposits
Dividends paid in calendar years--
$2,810,652 $2,215,735 $1.815,897
$200,000
75,623
1,588,809
84,400
596,820
165,000
100,000
$200,000
74,060
1,365,666
76,122
499,887
South Side Trust Co.(St. Louis).
ResourcesDec. 31 '23. Dec. 29 '22. Dec. 31 '21.
Loans on collateral
$721,592
$407,405
$481,855
158.259
Loans on real estate security
414,821
458.249
309.860
Loans, commercial
115.004
203,149
353
Overdrafts
367
882
1.023.186
Bonds and stocks
1.608,335
1,620,490
2.000
Safety deposit vaults
2,000
2,000
337.583
Due from trust co's and banks
250,816
229,700
56,930
Checks and other cash items
373.194
338.694
Cash on hand (curr., gold,silver,&c.)
39.906
80.569
50,474
152.688
L.L. bds.. U.S.Treas.ctfs. & W.8.8.
Total
LiabilitiesCapital stock paid in
Surplus and undivided profits
Due to banks and bankers
Demand deposits
Time certificates of deposit
Savings deposits
Cashier's checks
Reserve for interest & taxes
Other liabilities
Bills payable
U. S. Government deposits
$200,000
70,676
1.076,159
108,855
360,207
$2,810.652 $2.215.735 $1,815,897
1923
1922.
1921
2%
114;
12%
1'/
1'
$3,585,493 $3,252.511
$200.000
88.693
132
1,485.621
562,712
684,019
30.316
32,500
$2,802,357
$200,000
66,979
15.764
1.392,234
528,093
566,787
$200,000
70,448
45.886
1,393,183
739,837
606,541
22,8041
32,5001
141.312
32,500
270,000
31.500
$3.385,493 $3.252.511 $2.802.357
Total
Vandeventer Trust Co. (St. Louis).
ResourcesJan. 31 '24. Jan. 31 '23. Dec. 31 '21.
$7.500
•
Commercial paper
$500,250
120.170
$126.877
Loans on bonds and stocks
25,316
27.447
17.486
Loans to customers
347.156
38.693
574.933
Bonds and stocks
274,919
49.110
U.S. Government obligations
9,900
15,527
15.682
Furniture,fixtures & safe dep.vaults_
18,811
19.335
19,068
Real estate
235
15
Overdrafts by solvent customers
116,866
321.363
Cash on hand
• 130,666
10
Other resources (collections)
Total
LiabilitiesCapital stock
Surplus and undivided profits
Demand deposits
Time certificates
Savings deposits
Unclaimed deposits
Miscellaneous
Total
$933,847
1922.850
$920.638
$50,000
8,506
578.368
18.073
270,363
3,074
5,463
$50.000
16,947
580.105
20,565
250,687
2.692
1.634
$50.000
8.982
577,290
43,818
239.845
8933.847
1922.830
$920.638
703
West St. Louis Trust Co. (St. Louis).
Dec. 31 '23. Dec. 30'22. Dec. 31 '21.
ResourcesLoans on collateral security
273,392
Loans on real estate security
276,4It 11,289.022
1,158,382
988.532
642.600
Bonds and stocks
Bills receivable
• 844.073
Other negotiable and non-negotiable
916,209
paper and invest. securities
45,900
Real estate
30.000
14,758
4,948
Furniture and fixtures
13.208
Due from trust companies and banks1
236,885
186.0741
250,142
106,967
Cash on hand and other cash items__ J
110.2841
1,948
6,346
Other resources
6,335
Total
$3,134,289 $2.778,781 12.188,660
Liabilities-Capital stock
$200.000
$200,000
$200.000
Surplus
90,000
60.433
75.0001
Undivided profits
10.054
11.8661
Deposits by individuals and others ineluding demand certifs. of deposit_ 1,251,663
1,146.9541
268,711
238.030
1.924.537
Time certificates of deposit
Savings deposits
1,095,628
917.345
Reserve for int., taxes & depreciation
16,734
12,618
" 3,690
Other liabilities_
1,500
1.968
200,000
Bills payable
175,000
Total
13,134,289 12.778.781
CURRENT
12.188.660
NOTICES.
-Otto Antoiasen, resident partner of Prince & Whitely in Chicago, has
been elected a member of the Chicago Stock Exchange and the Chicago
Board of Trade.
-Bankers Trust Co. has been appointed Registrar for the Preferred and
Common stock of Southern Pulp and Naval Stores Co.
-Mackubin, Goodrich & Co.. Baltimore, Maryland. have installed a
direct telephone connection with the New York office of Tobey & Kirk.
Uomirxrctall anantisceilaneousgeWi
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.
Resources-Dec. 31' 23 Dec. 30 '22. Dec. 31 '21.
Loans on collateral
$946,769
$760,854
5672.353
Loans on real estate
652,370
439.975
295.875
Commercial paper
317,500
75.000
Bonds
210.625
458,925
390.102
Bank building
100.000
Safe-deposit vaults, furn. & fixtures..
70,337
70,337
54,022
Due from trust companies, banks.
bankers and brokers
431,586
276,741
209,071
Checks and other cash items
92,388
47,926
81,465
Cash on hand
116,515
72,548
989
THE CHRONICLE
MAR. 1 1924.11
Per
When
Cent. Payable.
Books Closed.
Days Inciustse.
Railroads (Steam).
Fonda Johnstown & Cloy.. pref.(guar.)- 1 14 Mar. 15 Holders of rec. Mar.10o
Lackawanna RR.of N. J.(quar.)
Apr. 1 Holders of rec. Max. So
Newark & Bloomfield
3
Apr. 1 Holders of rec. Mar.24s
N.Y. Lackawanna & Western (Guar.)
14
1 Apr. 1 Holders of rec. Mar. 14s
Pittsb. Ft. Wayne & Chic., corn.(quar.)
Apr. 1 *Holders of rec. Mar.10a
*1
Preferred (quar.)
Apr. 8 *Holders of rec. Mar.10a
Reading Company, 2d pref. (quar.) _ _ _ _ .50e. Apr. 10 *Holders of rec. Mar.24
Southern Ry., M.& G.stk. tr. ctfs
*2
Apr. 1 *Holders of rec. Mar.15
Warren
*31, Apr. 15 *Holders of rec. Apr- 50
Public Utilities.
Bangor Ry.& Elec., pref. (quar.)
*13‘ Apr. 1 *Holders of rec. Mar.10
Boston Elevated Ry.,common (quar.)
*114 Apr. 1 *Holders of rec. Mar. 17
Second preferred
*314 Apr. 1 *Holders of rec. Mar.17
Brooklyn Union Gas(guar.)
*$1
Apr. 1 *Holders of rec. Mar. 12
Central Ills. Pub. Serv., pref.(quar.)__ *$1.50 Apr. 15 *Holders of rec. Mar.31
Colorado Power, common (quar.)
14 Apr. 15 Holders of rec. Mar.31
Preferred (quar.)
1,4 Mar. 15 Holders of rec. Feb. 29
Detroit Edison (quar.)
*2
Apr. 15 *Holders of rec. Mar.20
Galveston-Houston Elec., pref
3
Mar. 15 Holders of rec. Mar. la
General Gas & El. Corp., pref. A (qu.)- - $2
Apr. 1 Holders of rec. Mar.15
Haverhill Gas Light (quar.)
*$ 1.12X Apr. 1 *Holders of rec. Mar.20
Illinois Bell Telephone (quar.)
*2
Mar.31 *Holders of rec. Mar.29
Manufacturers' Light & Heat (quar.)
2
Apr. 15 Holders of rec. Mar.31a
Middle Wait Utilities, prior lien (guar.). $1.75 Mar. 15 Holders of rec. Feb. 29
990
THE CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books CI,osed.
Days Ineusive.
Public Utilities (Concluded).
Apr. 1 Holders of rec. Mar. 12a
Mississippi River Power, pref. (guar.)._
1
Aim. 1 Holders of rec. Mar.12
Montana Power,common (guar.)
Apr. 1 Holders of rec. Mar. 12
Preferred(guar.)
New York Telephone, pref. (gu.)--...*$ 1.62% Apr. 15 *Holders of rec. Mar.20
Niagara Falls Power, common (guar.) _ '2
Mar.15 *Holders of rec. Mar. 4
4,1%, Apr. 15 *Holders of rec. Mar.31
Preferred(guar.)
*1% Apr. 1 *Holders of rec. Mar.20
Ohio Bell Telephone, pref.(guar.)
Oklahoma Gas& Elec., pref.(qua:.)...
Mar. 15 Holders of rec. Feb. 29
Pennsylvania Water & Power (quar,)__ _ 2
Apr. 1 Holders of rec. Mar.14
Portland RI.,Lt.& Power,let pf.(qu.)
Apr. 1 Holders of rec. Mar. 5
1% Apr. 1 Holders of rec. Mar. 5
Prior preference (guar.)
Rochester & Syracuse RR., pref. (guar.) *51
Mar.15 *Holders of rec. Mar. 1
Southern Colorado Power, pref.(guar.)
1% Mar.15 Holders of rec. Feb. 29
Wisconsin Power, Lt.& Ht.,pref.(qu.)_ *1% Apr. 19 *Holders of rec. Mar.31
Banks.
Chemical National (bi-monthly)
Montauk (Brooklyn) (guar.)
Commerce. National Bank of (quar.)
-
4
Mar. 1 Holders of rec. Feb. 21
1% Mar. 1 Feb. 28 to Mar. 2
4
Apr. 1 Holders of rec. Mar.140
Miscellaneous.
Advance-Rumely Co., pref. (guar.) - - *1% Apr. 1 'Holders of rec. Mar. 15
Allied Chemical & Dye Corp., pref.(qu.)
Apr. 1 Holders of rec. Mar. 14
1% Apr. 1 Holders of rec. Mar. 14
American Can, pref. (guar.)
*El May 1 'Holders of rec. Apr. 10
American Coal(guar.)
American Fork & Hoe,common (guar.)- 1% Mar. 15 Holders of rec. Mar. 5a
2
Mar. 15 Holders of rec. Mar. 5a
Second preferred (guar.)
Amer. Laundry Machinery, corn. (qu.). 50c. June 2 Mar.24 to June 2
1% Apr. 15 Apr. 6 to Apr. 15
Preferred 9111arJ
American Tobacco, pref.(guar.)
1*4 Apr. 1 Holders of rec. Mar. 18
Armour & Co. of Illinois, pref. (guar.)- 1% Apr. 1 Holders of rec. Mar. 15
Armour & Co. of Del., pref. (quar.)...... 1% Apr. 1 Holders of rec. Mar. 15
1
Mar.15 Holders of rec. Mar. 5
Atlantic Terra Cotta, pref. (guar.)
1% Mar.15 Holders of rec. Mar. 1
Belding-Corticeill, Ltd., pref.(guar.)
*4
Apr. 15 *Holders of rec. Mar.22
Borne Scrymser Co
*2
Extra
Apr. 15 *Holders of rec. Mar.22
•I% Apr. 1 *Holders of rec. Mar.18
Bush Terminal Bldg].(guar.)
*2% Apr. 1
By-Products Coke Corp., pref. 0:9050e. Mar.24 Holders of rec. Mar. 7a
Calumet & Arizona (guar.)
Canadian General Elec., corn. (guar.)
Apr. 1 Holders of rec. Mar.15
Preferred(guar.)
3-.4
• Apr. 1 Holders of rec. Mar.15
Chesebrough Mfg.,common (qua:.). - - *3% Mar.31 'Holders of rec. Mar. 5
*1% Mar.31 *Holders of rec. Mar. 10 .
Preferred (quar.)
Chicago Mill & Lumber, pref.(guar.)_ _ - *I% Apr. 1 *Holders of rec. Mar.22
"75e. Apr. 1 *Holders of rec. Mar. 15
Chicago Nipple Mfg., Cl. A (quar.)__
*25c. Apr. 1 *Holders of rec. Mar.15
class A (extra)
Mar. 10 Holders of rec. Feb. 290
Childs Co.. common, par $100 (guar.)-- 3
60c. Mar.10 Holders of rec. Feb. 29a
Common,no par value
1%
Mar. 10 Holders of rec. Feb. 290
Preferred(War.)
*31.75 Apr. 1 'Holders of rec. Mar.15
Coca Cola Co.,common(guar.)
Concentrated Products Corp.,Pf.(qu.)- 32 Mar.15 Holders of rec. Mar. 10
"75c. Apr. 30 'Holders of rec. Apr. 15
Congoleum Co., common (guar.)
Continental Can,Inc., pref.(guar.)- - 1% Apr. 1 Holders of rec. Mar.20a
Cramp(Wm.)& Sons S.& E.Bldg.(qu.) "51 Mar.31 *Holders of rec. Mar. 17
1% Apr. 1 Holders of rec. Mar. la
Cuban-Amerloan Sugar, pref.(guar.)_ _ _
*50c. Apr. 21 *Holders of rec. Mar. 26
Dome Mines, Ltd.(guar.)
1% Apr. 1 Holders of rec. Mar. 15
Dominion Iron & Steel. pref. (guar.)
Mar.31 Holders of rec. Mar.26a
Dubiller Condenser & Radio,pref.(qu.)_ $2
32
Preferred (guar.)
June 30 Holders of rec. June 25a
$2
Preferred (guar.)
Sept.30 Holders of rec. Sept.25a
$2
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 26a
*65e. Apr. 1 *Holders of rec. Mar. 15
Eaton Axle & Spring (guar.)
"2
Elgin National Watch (guar.)
May 1 *Holders of rec. Apr. 15
*3
Federal Motor Truck (guar.)
Apr. 1 *Holders of rec. Mar.24
General Petroleum, common (quar.)._ "50c. Mar. 15 *Holders of rec. Feb. 29
1 Si Apr. 1 Holders of rec. Mar.20
General Railway Signal, pref.(guar.)- _ _
Apr. 1 "Holders of rec. Mar. 15
Goodyear Tire & Rubber,prior pt.(qu.)- *2
25c. Mar.31 Holders of rec. Mar.24a
Hall(C.M.)Lamp
Hanna(M. A.) Co., 1st pref.(guar.)- *1% Mar.20 *Holders of rec. Mar. 5
*1
Mar.24 *Holders of rec. Mar. 6
Hollinger Cons. Gold Mines
Internat. Buttonhole Sew. Mach.(qu.)_ "10c. Apr. 1
*75c.
Apr. 1 *Holders of rec. Mar. 7
Kennecott Conner Corp.(guar.)
Apr. 1 *Holders of rec. Mar. 17
Kresge (S. S.) Co., common (guar.) _ _ *2
'
1% Apr. 1 *Holders of rec. Mar. 17
Preferred (guar.)
*32 Apr. 1 *Holders of rec. Mar. 15
Lehigh- Valley Coal Sales (guar.)
Apr. 1 *Holders of rec. Mar. 17
Liggett & Myers Tobacco, pref.(guar.)_ *1
50e. Apr. 1 Holders of rec. Mar.20
Ludlum Steel, common (quar.)
Lyon & Healy (Chicago), pref.(guar.)_ _ .1% Apr. 1 *Holders of rec. Mar.21
:Nlathieson Alkali Works, pref. (guar.)._ *1% Apr. 1 'Holders of rec. Mar.20
"hl% Apr. 1 *Holders of rec. Mar.20
*2
Mar.20 *Holders of rec. Mar. 10
Motor Wheel Corp.,common (guar.).
North American Provision pref.(guar.)
1% Apr. 1 Holders of rec. Mar. 15
Paraffine Companies,Inc., common_ _ _ *51
Mar.27 'Holders of rec. Mar. 17
4.1% Mar.27 *Holders of rec. Mar. 17
Preferred (guar.)
Pennok Oil (qua:.)
25e. Mar.25 Holders of rec. Mar. 15
Pettibone-Muillken Co.,1st&2d pf.(qu.) 4.1% Apr. 1 *Holders of rec. Mar.22
Pure Oil Co.,5 % pref.(guar.)
'1 *4 Apr. 1 *Holders of rec. Mar. 15
Six per cent preferred (guar.)
"1% Apr. 1 *Holders of rec. Mar. 15
Eight per cent preferred (quar.)
*Holders of rec. Mar. 15
*2
*3
Quaker Oats, common (guar.)
Apr. 15 *Holders of rec. Apr. 1
Common (extra)
"16.% Apr. 15 *Holders of rec. Apr. 1
4.1% May 31 "Holders of rec. May 1
Preferred (guar.)
Railway Steel-Spring,common (guar.)-- '2
Mar.31 *Holders of rec. Mar. 17
*1% Mar.20'Holders of rec. Mar. 10
Preferred (guar.)
Reece Buttonhole Mach.(guar.)
*30e. Apr. 1 *Holders of rec. Mar. 15
Extra
"20c. Apr. 1 'Holders of rec. Mar.15
Reece Folding Mach.(guar.)
*10c. Apr. 1 *Holders of rec. Mar. 15
Shell Union Oil, common (guar.)
25c. Mar.31 Holders of rec. Mar. 10
Sherwin-Wilikims Co.,Can.,corn.(qu.)- 134 Mar.30 Holders of rec. Mar. 15
Preferred (guar.)
1% Mar.30 Holders of rec. Mar. 15
Sloss-Sheffield Steel & Iron, corn.(quar.) '15% Mar.20 *Holders of rec. Mar. 10
2
South West Pa. Pipe Lines (qua:.)
Apr. 1 Holders of rec. Mar. 15
Sullivan Machinery (guar.)
51
Apr. 15 Apr. 1 to Apr. 14
Standard Oil (Kentucky) (attar.)
'Si
Apr. 1 *Holders of rec. Mar. 15
Standard Textile Prod.,pref. A &B (qu.) '15% Apr. 1 'Holders of rec. Mar.15
Stromberg Carburetor (guar.)
112
Apr. 1 *Holders of rec. Mar.10
Swift & Co. (guar.)
2
Apr. 1 Holders of rec. Mar. 10
Mar.31 Holders of rec. Mar. 7
'Texas Company (guar.)
3
Todd Shipyards Corp.(guar.)
*El .50 Mar.20 'Holders of rec. Mar. 1
Tonopah Extension Mining (quar.). _ 'Sc. Apr. 1 *Holders of rec. Mar. 11 •
Tuckett Tobacco, Ltd.,common (guar.)
Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
1*4 Apr. 15 Holders of rec. Mar.31
Underwood Typewriter, corn.(quar.)_ _ _ 75e. Apr. 1 Holders of rec. Mar. 1
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 1
United Dyewood, common (guar.)
*1% Apr.. 1 *Holders of rec. Mar. 14
*1% Apr. 1 *Holders of rec. Mar. 14
Preferred (guar.)
*I% July 1 'Holders of rec. June 13
Preferred (guar.) •
•1 )1 Oct. 11 *Holders of rec. Sept. 13
Preferred (guar.)
4.1% Jan 2'24 *Holders of rec. Dec. 15
Preferred (guar.)
4,1% Apr. 15 *Holders of rec. Apr. 1
U.S.Radiator,pref.(guar.)
Mar. 15 Holders of rec. Feb. 29
2
U.S. Title Guaranty (guar.)
Upson Co.,common (guar.)
*1% Mar. 15
Common (extra)
*1
Mar. 15
Preferred (guar.)
Apr. 1
*2
Vulcan DetInning, pref. & pref. A (qu.)_ '1% Apr. 20 *Holders of rec. Apr. 10
'51.50 Apr. 5 *Holders of rec. Mar.20
West Coast 011 (guar.)
Wheeling Steel Corp., pref. A (guar.)- - - "2
Apr. 1 *Holders of rec. Mar. 12
.2% Apr. 1 *Holders of rec. Mar. 12
Preferred B (quiet.)
Worthington Pump & Mach.,Pt. A (qu.) "1% Apr. 1 'Holders of rec. Mar. 10
"1% Apr. 1 'Holders of rec. Mar. 10
Preferred B(guar.)
Si
Apr. 1 Holders of rec. Mar. 1
Yale & Towne Mfg.(guar.)
From unofficial sources. t The New York Stock Exchange has ruled that stock
The
will not be quoted ex-dividend on this date and not until further notice. 5
quoted exNew York Curb Market Association has ruled that stock will not be
until
further
not
notice.
and
dividend on this date
Payable in stock.
a Transfer books not closed for this dividend. d Correction. e
accumulated
Payable in common stock. g Payable In scrip. h On account of
funds.
In
Canadian
Payable
stOck.
n
preferred
dividends. m Payable In
[VoL. 1113.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Feb. 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 Yoax WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers [000] Omitted.)
New
Capital. Profits. Loans,
Reserve
Week Ending
Discount, Cash
with
Time Bank
Net
Feb. 23 1924. Nat'l, Dec. 31 Incestin
De- OralLegal Demand
State, Nov. 15 menu, Vault Deposi- Deposits. posits. la(000 omitted.) Tr.Cos.,Noy.15
tories.
&c.
lion.
Members of Fed. Res. Bank.
Bank of N Y &
$
$
Trust Co__ _ _ 4,00 12,271
Bk of Manhat'n 10,000 13,676
Mech &Met Nat 10,000 16,510
5,604
Bank of America 6,50
Nat City Bank_ 40,000 51,902
Chem Nat Bank 4,500 16,671
Nat Butch & Dr
50
Amer Exch Nat 5,0001 7,848
Nat Bk of Corn. 25,00i 38,624
Pacific Bank._ _ 1,0
1,713
Chat&Phen Nat 10,5
9,114
HanoverNatBk 5,00
I 22,151
Corn Exchange. 9,07 12.924
National Park__ 10,00 23,646
East River Nat_ 1,50
1,304
First National__ 10,00 59,319
Irving Bk-ColTr 17,5
11,419
Continental Bk. 1,00
980
Chase National_
,
23,706
Fifth Avenue__
500 2,549
Commonwealth_
600 1,050
Garfield Nat.__ 1,000 1,625
Fifth National_ 1,200 1,115
Seaboard Nat__ 4,000 7,315
Coal & Iron Nat 1,500 1,344
Bankers Trust_ 20,000 24,019
4,431
US Mtge & Tr_ 3,00
Guaranty Trust 25,00 18,406
Fidel-InterTrust 2,000 1,943
NY Trust Co__ 10,000 18,342
Metropolitan Tr 2,000 4,032
Farm Loan & Tr 5,000 16,354
Equitable Trust( 23,000 9,986
Average Average Average Average Averag A v'ge
Total of areragmf289,875 441,956
399,669 46,734 500,5040,730,280384,509,31,887
64,697
131,798
156,504
77,468
510,444
118,124
4,264
93,874
299,780
26,511
151,748
118,985
185,42
159,200
16,237
292,921
258,496
8,050
319,475
21,711
10,095
15,336
16,869
83,045
15,846
261,153
50,494
362,271
20,751
147,297
37,336
126,677
236,787
787
2,320
4,497
1,476
4,666
1,047
60
963
853
884
4,281
644
5,529
865
366
452
3,587
150
3,903
634
292
431
211
807
294
1,003
731
1,511
397
594
582
451
1,466
16
55
:0
99
46
8
19,746
10,783
58,460
12,969
554
10,700
33,367
3,760
17,245
14,085
22,156
16,778
1,788
23,048
33,916
907
38,224
3,036
1,176
2,573
2,215
10,663
2,086
28,664
5,805
38,615
2,337
16,316 •
4,409
13,193
28,886
48,348
108,029
148,126
79,845
"565,609
98,893
3,622
81,708
253,444
25,563
118,465
106,496
163,304
127,028
12,726
171,939
255,682
6,082
293,108
22,123
8,608
15,181
16,655
80,771
13,711
•220,113
45,251
*372,072
18,126
120,887
33,093
*95,088
*248,782
6,723
20,081
5,169
3,
37,260
9,972
7
. 5,865
19,422
2,457
28,082
____
26,291
6,185
2,941
23,279
15,187
365
16,491
1,485
119
.1,201
2,081
1,003
31,529
2,471
45,39
1,794
19,243
2,095
21,9431
25,362
_ _
_ __
550
2:iig
348
296
4,956
5:989
100
7:846
50
7,421
1:47189
.
397
248
67
412
--
_____
____
Totals, actual co nelition Feb. 23 401,149 47,608488,637,c3,715,220 389,33431,856
Totals, actual co nelition Feb. 164,383,00 46,644 539,098 c3,727,310 375,48631,981
Totals, actual c ndition Feb. 94,379,339 47,491 537,613'c3,729,197375,994 31,952
State Banks Not Me mbers of Fed'I Reeve Bank.
19,707 1,601 2,191
Greenwich Bank 1,000 2,386
20,60
864
550
5,477
331
Bowery Bank_ _
368
2,748 2,083, _
State Bank.... 2,500 5,048 92,562 3,788 2,0981
32,081 57,0631
Total of average:,
3.750
8,299
117,746
5,720
4,6571
55,436 59,1521 ____
Totals, actual condition Feb. 23 117,981 5,7281 4,515
Totals, actual co ndition Feb. 16 117,430 5,761 4,414
Totals;actual condition Feb. 9 117.859 5,681 4,404,
Trust Compan lea Not Membe rs of Fed 'I Res've Bank'.
Title Guar & Tr 10,000 13,9641 55,942 1,335 4,1261
889 1,640
Lawyers Tit &T 6,000 5,715, 26,496
55,461! 59,168:
54,999 59,065
55,427 58,9171
36,035
16.324
1,5141
850,
Total of averages 16,000 19,680:
82,438
2,2241
5,7661
52,369
2,364:
Totals,actual c ndition Feb. 231
Totals, actual condition Feb. 161
Totals, actual condition Feb. 9,
82,834
82,854
82,626
2,2181 5,876
2.170, 5.907,
2,495 5,672,
52,865
52,997
52,874
2.366:
2,3661
2,378: -
-
Gr'd aggr., aver. 309,625469,936 4,599,853 54,678 510,9271 3,838,075 446,02531,887
Comparison wit h prey. week..) +1,449-1,194, +14) +18,475+7,453, -35
cond'n Feb. 234.601.964 55.554499.022 3,823,546 450,86831,856
Gr'd aggr.,
Comparison wit is prey. week..) +18,674 +979,-50,397 -11,760,+ 139511 -125
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., nal cond'is
aggr., act'l cond'n
aggr., ea/ cond'n
aggr., act!cond'n
aggr., act'l cond'n
aggr., act'l cond'n
Feb. 164,583,290
Feb. 94.579,824
Feb. 24.633.000
Jan. 26 4,558,724
Jan. 194,579,423
Jan. 124,579,571
54,575549,41&
55,667547,6891
52,239 519,575
55,741 484,046
54,266520,945
60,269 501,9791
3,835,306 436,91731.981
3,837,498437,28931,952
3,919,044 432,96732,066
3,788,851 468,254 31,907
3,806,823465,47331,845
3,835,858463,91932.075
Note.-U. S. deposits deducted from net demand deposits In the general totals
above were as follows: Average total Feb. 23. $29,197,000; actual totals, Feb. 23,
329,192,000;Feb. 16,529,199,000; Feb.9,$32,434,000; Feb.2,532,433,000; Jan.26.
532,433,000. Bills payable, rediscounts, acceptances and other liabilities, average
for week Feb.23, 5456,080,000; Feb. 16,$489,138,000; Feb.9,$466,598,000; Feb.2;
5451,721,000; Jan. 26, 5449,547,000. Actual totals Feb. 23, 5456,420,000; Feb. 16,
3501,881,000; Feb. 9, 5496,953,000; Feb. 2, $441,684,000; Jan. 26, 5421,823,000.
•Includes deposits in foreign branches not included in total footings, as follows:
National City Bank, $124,841,000; Bankers Trust Co., $9,468.000; Guaranty
Trust Co.,$79,602,000; Farmers' Loan & Trust Co., 5263.000; Equitable Trust Co.,
334,024,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $16,131,000; Bankers Trust Co., $349,000:
Guaranty Trust Co.. $7,887,000; Farmers' Loan & Trust Co., $263,000; Equitable
Trust Co., $2,564,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_
State banks"._ _ _,_
Trust companies"....
Total
Total
Total
Total
Total
Reserve.
a
Reserve
Required
Surplus
Reserve.
$
5
560,504,000500.504,000 496,471,670
4,657,000 10,377,000 9,978,480
5,766,000 7,990,000 7,853,850
$
4,032,330
398,520
136,150
Feb. 23_ _ _ 7,944,000 510,927.000 518.871,000 514,304,000
Feb. Id__ 8,196,000 510,913,000 519,109,000 511,670,670
Feb. 9...8,158,000 515,450,000 523,608,000 518,671,350
Feb. 2_ _ _ _
8,118,000 514,404,0001522,522,000 515,775,700
4,567,000
7,438,330
4,936,650
6,746,300
5,720,000
2,224,000
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the ease of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount In reserve required on net time deposits, which was as follows:
Feb.23.$11,535,270; Feb. 16,311,315,790; Feb.9,$11,231,910; Feb.2,$11,347,680.
MAR. 1 1924.]
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Members Federal
Reserve banks
State I:5nks*
Trust companies•__ _
488,637,000 488,637,000 494,668,620 x6,021,620
5,728,000 4,515,000 10,243,000 9,982.980
260,020
2,218,000 5,870.000 8,088,000 7,929,750
158,250
Feb. 23._.
Feb. 16 _ _ _ _
Feb. 9_ _ _ _
Feb. 2..._
7,946,000 499,022,000 506,968,000 512,571,350 55,603,350
7.931,000 549,419,000 557,350.000 513,664,250 43,685,750
8,176,000 547,689,000 555.865,000 513,983,390 41,881,610
8,138,000 519,575,000 527,713,000 524,502,020 3,210,980
Total
Total
Total
Total
991
THE CHRONICLE
* Not members of Federal Reserve banks.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows.
Feb.23,S11,680,020;Feb 16,$11,264,580; Feb.9,$11,279,820: Feb.2,S11,153,670.
x Deficit.
MBoston 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.
Feb. 27
1924.
Changesfrom
previous week.
Feb. 13
1924.
Feb. 20
1924.
$
•
Capital
57,300.000
unchanged
57,300,000 57,300.000
Surplus and profits
79,854,000 Dec.
174,000 80.028,00 79,968,000
Loans, disc'ts & investments_ 831,357,000 Dec. 8,258,000 839.615,000 840,376,000
Individual deposits,incl. U.S.589,775.000 Dec. 17,867,000 607,642,000 615,478.000
Due to banks
116,420,000 Dec. 2,272,000 118,692,000 126,288,000
136,348,000 Inc. 3,242,000 133,106,00 129,714,000
Time deposits
United States deposits
12,209,000 Dec.
4,000 12,213,00 13,552,000
Exchangesfor Clearing House 24,924,000 Inc.
240,000 24,684,00 34,375,000
67,311,000 Dec. 3,657.000 70,968,00 67,936,000
Due from other banks
Reserve in Fed. Res. Bank_ _ 67,925,000 Dec. 1,615,000 69.540.080 71,031,000
7,000 8.624,000 8,690,000
Cash in bank and F.R. Bank 8,617,000 Dec.
Reserve excess in bank and
555,000 nc.
12.000
797.000
Federal Reserve Bank_
543,000
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.-The Philadelphia Clearing House
House.-The State Banking Department reports weekly
ending Feb. 23, with comparative figures
figures showing the condition of State banks and trust com- return for the week
preceding, is given below. Reserve
panies in New York City not in the Clearing House as follows: for the two weeks
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
is not a part of legal reserve. For trust companies not memDifferences from
bers of the Federal Reserve System the reserve required is
Previous Week.
February 23.
Loans and investments
$832,434,500 Dec.$1,859,100 10% on demand deposits and includes "Reserve with legal
Gold
103,300 depositaries" and "Cash in vaults."
3,591,400 Inc.
Currency and bank notes
20,552,600 Dec. 1,805.100
Deposits with Federal Reserve Bank of New York_ - 71,920.300 Dec. 4,617,000
Total deposits
868,073,500 Dec. 11,636,300
Week ending Feb. 23 1924.
Deposits, eliminating amounts due from reserve deFeb. 16
Two Ciphers (00)
positaries and from other banks and trust comMembersof
Trust
1924.
omitted.
1924.
panies in N.Y.City,exchanges and U.S.deposits 815,805,900 Dec. 11,174,400
F.R.System Companies
Total.
Reserve on deposits
131,425,200 Dec. 6,717,000
Percentage of reserve, 21.1%.
539.875,0 $5,0(10.0 $44,875.0 $44,875,0
Capital
RESERVE.
108,030,0 15,800,0 123.830,0 123,830,0
Surplus and profits
State Banks
- -Trust Companies- Loans, disc'ts & investm'ts 694,196,0 42,833,0 737,029,0 734,332,0
500,0 30.730,0 34,219,0
Cash in vault
*S29,382,100 15.72%
566,682,200 15.32% Exchanges for Clear.House 30,230,0
98,086,0
12.0 98,098,0 104,048,0
Deposits in banks and trust cos.._ 10,473,700
24,887,200 5.71% Due from banks
5.60%
917,0 121,474,0 125,926.0
120,557.0
Bank deposits
522.179,0 25,729,0 547,908,0 553,342.0
Total
139,855,800 21.32%
$91,569,400 21.03% Individual deposits
1,092,0 64,829,0 62,456,0
63,737,0
Time deposits
706,473,0 27,738,0 734,211,0 741,724,0
* Includes deposits with the Federal Reserve Bank of New York, which for the Total deposits
8,621,0
8,805,0
State banks and trust companies combined on Feb. 23 was $71,920,300.
U.S. deposits(not inel.)_ _
3,822,0
3,822,0
3.699,0
Res've with legal deposit's
55,052,0
55,052.0 55,670,0
Reserve with F.It. Bank._
9,607,0
1,108,0 10,715.0 10.281.0
Cash in vault.
4,930,0 69,589,0 69,650,0
Total reserve and cash held 64,659,0
Banks and Trust Companies in New York City.-The Reserve
3,974,0 59,608,0 60,045.0
55,634,0
required
956.0
9,981,0
9.605,0
averages of the New York City Clearing House banks and Excess res. & cash in vault 9,025.0
for
reserve
Federal Reserve members.
counted
as
not
vault
trust companies combined with those for the State banks and •Cash in
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
$
4,533,531,000
4,522,471,900
4,561,107,300
4,553,358,100
4,562,572,400
4,558,091,100
4,555,017,600
4,567,845,800
4,539,321,800
4,687,252,400
4,647,636,700
4,651,352,800
4,608,974,700
4,665,239,000
4,690,532,700
4,646,580,300
a ens Rea non
$
80,947,800
84,949,200
85,487.900
81,487,500
83,180.100
85,764,500
89,977,000
93,693,900
95,510,600
88.504.200
89,168,000
81,339,900
80,042,600
79,395,000
79,497,600
81,717,400
'le SOS nnn
88888§88888,
91888
•201‘4.0001 Nno.00.0
,
tggV;V07.17:1FM
$
5,373,050,300
5,337,904,700
5,336,645,600
5,313,324,400
5,342,550,200
5,335.770,100
5,323,809,000
5,375,564,900
5,390,060,400
5,486,657,900
5,414,724,400
'5,418,393,500
5,393,304,400
5,415.772,300
5,542.356,600
5,432,697,600
h 4:12_2R7 ann
00000000000000004
Demand
Deposits.
0.0Cl 40 .0C.IngOiC
06C.1003WNG40.C.,01
Week endedNov. 3
Nov. 10
Nov. 17
Nov. 24
Dec. 1
Dee. 8
Dec. 15
Dee. 22
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Reserve in
*Mal Cash
in Vaults. Depositaries.
Loans and
Investments.
"
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not ineluded 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,
CLEARING
Capital Profits
DtsReserve
Net
Net
NON-MEMBERS
Counts.
CaSit
with Demand Time
,Nat. bks.Sept. 14 Investin
Legal
DeDeWeek Ending 'State bks. Nov.15 melts,
Vault Depost- posits
posits
Feb. 23 1924. Tr. cos. Nov. 15 &c.
tortes
of
Members
Average Average Average Average Average
$
Fed'! Reeve Bank
$
500
1,626
6,764
W. It. Grace & Co_
21
457
2,505
2,538
Total
State Banks
Not Members of
Federal Res. Bank
Bank of Wash.fits.
Colonial Bank
500
200
800
389
2,302
6,764
6,495
23.732
21
666
2,620
4571
327
1,410
2,505
5352
21,860
2,538
1.632
2,198
2,691
30,227
3,286
1,7371
27,312
3,830
500
407
8,954
289
142
2,834
5,804
500
407
8,954
289
2,834
5,804
2,000
4,724 45,945
Grand aggregate...
-1,387
Comparison with pr vious week
3,596
-70
2,336' a32,651
+611 -716
12,172
-842
3.666
3,575
3,554
3,558
2,2751 533.367
2,683' 831,933
2,2441 531.820
2,352 532,556
13,014
13,866
11,398
11,183
Total
Trust Company
Not Member of
Federal Res. Bank
Mech.Tr., Bayonne
Total
Gr'd
Gr'd
Gr'd
Gr'd
aggr.. Feb. 16
aggr., Feb. 9
aggr., Feb. 2
aggr., Jan. 26
1,000
1,626
2,000
2,000
2,000
2,000
4,724
4,724
4,724
4,724
47,332
47,002
46.072
46,405
142
a United States deposits deducted, $54,000.
Bills payable, rediscounts, acceptances and other liabilities, $145,000.
Excess reserve, $138,680 increase,
Feb. 9
1924.
$44,875,0
123,830.0
736,840,0
30,856,0
91,977,0
122,102.0
543,919,0
62,404,0
728,425,0
9,609,0
3,477,0
55,451,0
9,911,0
68,839,0
59.708,0
9,131.0
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 Feb. 27 1924 in
comparison with the previous week and the corresponding
date last year:
Feb. 27 1924. Feb. 20 1924. Feb 28 1923
8
$
$
Resources583,104,000 583,149,000 624,745,000
Gold with Federal Reserve agent
8,469,000
7,327,000
8.430,000
Gold redemp.fund with U. S. Treasury_
Gold held exclusively agst.F.R.notes. 590,431.000
Gold settlement fund with F.R. Board_.. 168,515,000
179,821.000
Gold and gold certificates held by bank
591,579,000
150,026.000
185.428,000
633,214,000
257,603,000
139,573,000
Total gold reserves
Reserves other than gold
938,767,000
30,131,000
927,033.000 1,030,390,000
19,964,000
31,006,000
Total reserves
Non reserve cash
111115 discountedSecured by U. S. Govt. obligations
Other bills discounted
968,898,000
11,772,000
958.039,000 1,050,354,000
10,529,000
9,278,000
106,840,000
16,576.000
90.155.000
17,442.000
179,216,000
31,006,000
Total Mils discounted
Bills bought in open market
U. S. Government
Bonds
123,416,000
56,264,000
107,597,000
44.537,000
210,222,000
30,470,000
1,202,000
14,687,000
7,963,000
1.202.000
11,677,000
6,989,000
1,149,000
*26,179,000
21,470,000
23,852,000
100,000
19,868,000
48,798,000
203,632,000
123,107,000
13,980,000
2,893,000
172,002,000
136,361,000
13,980,000
2,329,000
289,490,000
126,709,000
10,856,000
1,742,000
not
orindebtedness
Trertifates
Total U.S. Government securities
All other earning assets
Total earning assets
Uncollected items
Bank premiums
All other resodrces
1 324,282,000 1,293,240,000 1,488,429,000
Total resources
LiabilUtesFed. Res. notes In actual circulation_ _ _ . 370,592,000
Deposits-Member bank, reser%e acc't_ _ 737,496,000
7,495,000
Government
11,326,000
Other deposits
378.416,000
695,958.000
5,715,000
11,111,000
568,124,000
712,106,000
12,128.000
10,513,000
756,317,000
105,538,000
29,727,000
59,929,000
2,179,000
712.784,000
110,391,000
29,727.000
59,929,000
1,993,000
734,747,000
94,157,000
29,128,000
59,800,000
2,473,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
1,324,282,000 1,293,240,000 1,488,429,000
Ratio of total reserves to deposit and
Fed. Res, note liabilities combined_ _ _ _
Contingent liability on bills purchased
for foreign correspondents
5 Includes Victory notes.
86.0%
87.8%
806%
3,563.000
3,884,000
5,169,000
CURRENT NOTICES.
-Answers to many problems which confront individuals and corporations in making up their annual income tax returns are supplied by the 1924
editions of "Questions and Answers on Federal Tax Laws" and "Questions
and Answers on New York State Income Tax Laws" just Issued by Irving
Bank-Columbia Trust Co. The first mentioned book, as its name implies,
deals with the subject of Federal income taxes only; the book on the State
Income tax laws covers both the personal income tax law and the corporation income tax law. The text of these respective statutes, including
amendments in 1923, are printed in full. In addition, erica book treats in
question-and-answer form a wide range of typical cases which arise in the
computation of income taxes for the Federal Government and the State.
992
[VOL. 118.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb.28, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 956, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 27 1924.
Feb. 27 1924.1Feb. 20 1924. Feb. 13 1924. Feb. 6 1924. Jan. 30 1924.1Jan. 23 1924. Jan. 18 1924. Jan. 91924. Feb 28 1923
$
RESOURCES.
$
2,109,124,000 2,118,862,000 2,139,913.000 2,097,830,000 2,127,175,000 2,103,477,000 2,130,879,000 2,108,705,000 2,108,767,000
Gold with Federal Reserve agents
50,310.000
50,931,000
57,427,000
57,815,000
52,632,000
48,800,000
51,448,000
Gold redemption fund with U. S. Treas.
42,069.000
45,101,000
Gold held exclusively agst. F.R.notes 2,151,193,0002,161,763,000 2,197,728,000 2,148,145,000 2,178,106,000 2,158,109,000 2,177.879,000 2,158,153,000 2,166,194,006
Gold settlement fund with F.R. Board. 600,085,000 589,785,000 553,784,000 610,033.000 573.226,000 587,327.000 373,038,000 582,522,000 604,008,000
Gold and gold certificates held by banks 371,469,000 373,949,000 376,750,000 381,115,000 391,385.000 408,226,000 406,402,000 389,867,000 302,611,000
Tetal gold reserves
Reserves other than gold
3,122,747,000 3,125,497,000 3,128,262,000 3,139,293,000 3,142,717,000 3,151,682,000 3,157,119,000 3,130.542.000 3,072,813,000
106,993,000 111.917,000 117,224,000 119,640,000 120,194,000 119,023,000 113,285,000 106,965,000 128,787,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,229,740,000 3,237.414,000 3,245,486,000 3,258,939,000 3,262,911,000 3,271,585,000 3,270,404,000 3,237,507,000 3,201,600,000
68,926,000
45,824,000
67,758.000
63,331,000
59,661,000
58.240,000
51,160,000
50,502,000
51,091,000
283,512,000
268,078,000
233,045,000
283,081.000
297,581,000
248,785,000
242,085,000
245,211.000
259,280,000
263,027,000
272,927,000
267,851,000
259.774,000 306,373,000
274,411,000 300,548,000
356,039,000
239,721,000
Total bills discounted
bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
531,590,000
283,310,000
496,120:000
253,476,000
546,346,000 487,296,000
278.070,000 283,399,000
522,307,000
271.792,000
540,778,000
275,997.000
534,185.000
292,744,000
808,921.000
319,166,000
595,760,000
207,678,000
18,337,000
105,687.000
31,777.000
18,260,000
95,599,000
27,870.000
18,234.000
80,281,000
28,760,000
18,353,000
78,401,000
27,904,000
18,584.000
77,355,000
24,833,000
20,014,000
76.455,000
24,457.000
20,028,000
72,084,000
24,502,000
Total U. S Govt. securities
Municipal warrants
All other earning assets
155,801,000
141,729,000
127,205,000
124,658,000
10,000
120,772,000
10,000
120,926.000
10,000
118.612.000
20,000
950,801,000 891,331,000
Total earning assets
28,000
28,000
5% redemp.fund agst. F.R. bank notes
581,438,000 627,100,000
Uncollected items
55,153,000
55,169,000
Bank premises
21,823,000
20,907.000
All other resources
951,680,000
28.000
562,725,000
54,732.000
20,088,000
895,363,000
28,000
500,207,000
54,814.000
10,237,000
914,881,000
28,000
531,163.000
54,594,000
19,027,000
937,711.000 043,561.000 1,026,406,000 1,166,512,000
28,000
311,000
28,000
28.000
591,436.000 070,437,000 606,178,000 603,167,000
54,209.000
54,006,000
54,578,000
47,863,000
16,185,000
15,576,000
F6,807,000
17,120,000
19,903,000
29,197,000
62,089,000 .144,778,000
18.366,000 189,099,000
100,358.000
51,000
363,074,000
100,000
4,889,890,000 4,882,435.000 4,885,899.000 4,784,828000 4,842,285.000 4,935,789.000 5,023,750,000 5.007,647.000 5,087,081,000
Total resources
LIABILITIES.
2,022,301,000 2,023,783,000 2,039,203,000 2.017,424,000 2,022,514,000 2,049,834,000 2,084,820.000 2.147,064,000 2,246,943,000
F. R. notes in actual circulation
444,000
2,645,000
456,000
434,0001
439,000
410,000
418,000
405,0001
427,000
F. R. bank notes in circulation-net-Deposits-1,928,014,000 1,891,258,000 1,915,232,000 1,893;988,000 1,927.714,000 1,934,949,000 1,936,307,000 1,941,008,000 1,887,552,000
Member banks-reserve account.
39,436,000
43,401,000
38,960,000
19,343.000
40,941,0001 81.184,000
38,200,000
38,441,0001 39,467,000
Government
21,364.000
23,895,000
23,406,000
22,430,000
22,163,000
21,365,000
20,826,000
20,017,000
20,876.000
Other deposits
1,985,831.0001.951,551.000 1,972.209,000 1,953,603,000 1,991,085,000 2,018,296,000 1,999.638,000 1,983.755,000 1,952,317,000
535,818,000 561,668,000 529,887,000 409.438,000 484,338,000 623.511,000 595.071,000 532,205.000 546,254,000
110,880,000 110,862,000 110,357,000 110.005,000 110,043,000 110,035,000 110,302.000 110.500,090 108,867,000
220,915.000 220,915.000 220,915,000 220,915,000 220,915,000 220,915,000 220,915,000 220.915.000 218,369,000
12,460,000
11,689,000
12.648.000
12,936,000
12,759,000
13,110,000
13,248,000
12,816,000
13,740,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
4,889,890.000 4,882,435,000 4,885,899,000 4,784.828.000 4,842,285,000 4,935,789,000 5,023,750,000 5,007.547,000 5,087,084,000
Total liabilities
Ratio of gold reserves to deposit and
75.8%
78.3%
77.5%
77.3%
73.2%
77.8%
78.0%
79.1%
78.6%
F. R. note liabilities combined
Ratio of total reserves to deposit and
78.4%
81.3%
80.1%
76.2%
80.4%
81.4%
80.9%
82.1%
80.8%
F. R. note ilabillties combined
Contingent liability on bills purchased
17,315,000
16,843,000
17,010.000
28,397,000
18.175,000
15,818,000
16,294,000
12,368.000
18,305,000
for foreign correspondents
Distribution bp Malurfiles1-15 days bilis bought in open market_
1-15 days bills discounted
1-15 days U.S. certif. of indebtedness
1-15 days municipal warrants
18-30 days bills bought In open market_
18-30 days bilis discounted
18-30 days U.S. certif. of indebtedness.
18-30 days municipal warrants
31-80 days bills bought in open market_
31-69 days bills discounted
31-60 days U.8. certif. of indebtedness_
31-60 days municipal warrants
81-90 days bills bought In open market_
61-90 days bills discounted
81-90 days U.S.. certif. of indebtedness
81-90 days municipal warrants
Over 90 days bills boughtIn open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
Federal Reserve NotesOutstanding
Held by banks
4
126.833,000
315,376,000
75.000
10,000
82,350,000
43,825,000
$
103,186,000
341,181,000
120,000
10,000
82,372,000
44,481,000
56,069,000
80,682,000
11,315,000
62,144.000
63,459,000
11,166,000
72,304,000
67.922.000
10,644,000
10.000
83,418,000
72,735,000
10,428.000
10,000
88,520,000
69,510,000
9,909.000
31,931,000
41,515,000
25.615,000
36,328,000
145,000
30.166,000
39,647,000
31.278,000
40,764,000
120,000
38,755,000
40.892,000
5,000
42,065,000
45,249,000
288,000
49,620,000
54,984,000
.9.589.000
38,789,000
32,519,000
1,401,000
23,863,000
16,758,000
1,622,000
24,423,000
16,887,000
1,906.000
24,989,000
16,863.000
2,652,000
27,959,000
13,949,000
4,443,000
27,955,000
14,025.000
4,137,000
28,604,000
14,308,000
5,140,000
28,260,000
8,398,000
10,689,000
21,025,000
120,444,000
119,83t,000
350,745,000
109,311,000
319,479,000
102,000
$
137,869,000
377,888,000
412,000
51,091,000
44,941,000
11,001,000
55,786,000
46,390,000
11,010.000
56,904,000
47,027,000
1,000
55,857,000
67,120,000
55,047,000
84,879,000
34,565.000
44,125,000
2,160,000
24,659,000
20,778,000
95,035.000 100,361.000
357,494.000 345,482,000
1.000
1.000
10.000
56,348.000
59,661,000
41.702,000
45,280.000
107,011,000 58,137,000
399,948,000 455,438,000
68,620,000
401,000
41,000
69,227,000
42,253,000
32,457,000
49,268,000
35,000
10,000
57,810,000
88,168,000
54,321,000
74.481.000
2,550,102,000 2,555,412,000 2,570.377,0002.589,519,000 2,605,244,000 2,646,876,000 2,710,213,000 2,756.251.000 2,647,562,000
527,801,000 531,629,000 531,174,000 572,095,000 582,730,000 597.042,000 825,893,000 609,187,000 400,619,000
2,022,301.000 2,023,783,000 2,039,203,090 2,017,424,000 2,022,514,000 2,049,834,000 2,084,320.000 2,147,064,000 2,246,943,000
In actual circulation
Amount chargeable to Fed.Res. Agent 3,503,419,000 3,513,669,000 3,527,154,000 3,542,276,000 3,548,648,000 3,572,170,000 3,093,087,000 3,620,140,000 3.512,304,000
953,317,000 958,257,000 958,777,000 952,757,000 943,402,000 925,294,000 882,874,000 863,889,000 864,742,000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
By eligible Payer
Gold redemption fund
With Federal Reserve Board
Total
2,550,102,000 2,555,412,000 2,570,377,000 2,589,519.000 2,603,244,000 2,646,878,000 2,710,213,000 2,758,251,000 2,647,562,000
328,184,000 328,184,000 327.584,000 327,584.000 327,584,000 327.584,000 326,584.000 328,584,000 317,399,000
445,224,000 441.494,000 430,464,000 491,689,000 478,069,000 543,399,000 579,334,000 049,546,000 538,795,000
122,915,000 121,925,000 117,215,000 124,096,000 114,342,000 119,072,000 120,474,000 115,533,000 136,023,000
1,658,025.000 1,666,553,000 1,695,114,000 1,646,100,000 1,685,049,000 1,856,821,000 1,683,821,000 1,864,588,000 1,655,345.000
2.554.348.0002,558,156.000 2,570,377,000 2,589,519,000 2,805,244,000 2.848,876,000 2,710,213,000 2,758,251,000 2,647,562,000
Eligible paper delivered to F.R.Agent
753,317,000 717,005,000 795,238.000 745,891.000 764,932.000 784.485,000 798,483,000 885,309,000 749,098,000
•Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 27 1914
Two ciphers(00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Mintseay. Kan. City Dallas. San Fran.
Total.
Federal Reserve Bank ofS
RESOURCES.
$
$
$
$
S
S
$
$
$
$
$
$
3old with Federal Reserve agents 174,742,0 583,104,0 182,471,0200,061,0 60,685,0 97.338,0 383,939,0 88,633,0 58.373,0 53,189,0 18,730,0 221,881,0 2,109,124.0
7,327,0 6,415.0
533,0 2.739,0 3,465,0 4,450,0 2,705,0 2,174,0 2,704,0 1,886,0 2,923,0
42,069,0
3old red'n fund with U.S.Treas. 4,948,0
Gold held excl. agst.F.R. notes 179,690.0
30141 eettlet fund with F.It. Irrd 72.135,0
Rad dr 8Old malts. held by banks 18,131,0
390,431,0 188,886,0 208,594,0 63,424,0 100,801,0388.389,0 71,338,0 60,547,0 55,893,0 20,416,0 224,784,0 2,151,193,0
168,515.0 20,454,0 99.784,0 21,562.0 10,560.0 66,625,0 16,522.0 15,617,0 40,363,0 7,080,0 38,033,0 600.085,0
179,821,0 38,377,0 12,338,0 7,157,0 7.003,0 56,234,0 4,518,0 9,198,0 3,293,0 12,210,0 23,189,0 371,469,0
Total gold reserves
It:serves other than gold
289,958,0
8,042,0
938,787,0 247,717,0 318,716.0 92.143,0 118.393,0 531,048,0 95,378.0 85,362.0 99,540,0 39,712,0 288,008,0 3,122,747.0
30,131,0 2,671.0 9.935,0 3,394,0 9.492,0 12,728.0 13,941,0 1,364,0 5,255,0 6,513,0 3,527,0 106,993,0
277.998,0
Total reserves
3.875.0
Son-reserve cash
31118 discounted:
Sec. by U.S. Govt. obligations 21,539,0
13,629,0
Other bills discounted
988,898.0 250,388,0328,541,0 95.537,0 127,885.0543,776,0 109,319,0 86,726,0 104,804.0 48,225,0 286,533,0 3,229,740,0
649,0 3,009,0 3,070,0 3,485,0
11,772,0 2,139.0 3.212.0 2,831,0 6,169,0 8,523,0 4,348,0
51,091,0
1,058,0 9,412,0
8.768,0 34,075,0
263,512,0
268,078,0
35,168.0
Total bills discounted
24,035,0
fills bought in open market
I. S Government securities:
544,0
Bonds
7,800.0
Treasury notes
Certificates of indebtedness- 2,478,0
123,418,0 44,353,0 39,269.0 52.379,0 47,488.0 55,413.0 38,561,0 14,771,0 27,459,0 9.826,0 43,487,0
56,264,0 21,518,0 33.036,0 2,368,0 8,887,0 32,656,0 3,672,0 4,734,0 9.326,0 42,903,0 23,931,0
•
573,0
241,0 4,428,0
1,202.0
919,0 1.191,0
7,129,0
332,0 1.780,0
14,687,0 20,321,0 14,346.0 2,380.0 2,819,0 10,793,0 1,904,0 1,928,0 7,992,0 8,981,0 14,136,0
7,963,0 2,067,0 4,207.0 1,209,0 1,416,0 4.841,0 1,032.0
799,0 1.530,0 1.551,0 2,684.0
92 Rk9 a co 041 0 10 519 n
A 700 0
AOIRA 911000n
901•In
[talent%
eloocAn in oln n in can a
531,590,0
283,310,0
-
.- ,, ,-........ ...mIrtflaa
In 0990
106,840,0 32,129,0 26,762,0 19,705,0 10,520,0 19,551,0 11,033,0 1,355,0 3,808,0
16,576,0 12,224,0 12,507.0 32,674,0 36,968,0 35,862,0 27,528,0 13,416,0 23,851,0
18,337.0
105,887,0
31.777,0
lam 001 0
993
THE CHRONICLE
MAR. 1 1924.]
RESOURCES (Concluded)Two ciphers (00) omitted.
Roston. New York.
-
Phila.
s
$
Total.
. Kan. City Dallas. San Fran
.
Cleveland. Richmond Atlanta. Chicago. St. Louis. ifinneap
$
$
5
$
$
$
s
$
s
$
$
100,0
100,0
All other earning assets
69,825,0
Total earning assets
5% redemption fund-F.R.bank
notes
51,301,0
Uncollected items
4,312,0
Bank premises
113.0
All other resources
203,632,0 88,832,0 91,777,0 59,527,0 60,631,0 108,129,0 45,169,0 29,361,0 46,639,0 63,041,0 84,238,0
950.801,0
28,0
123,017,0 53,667.0 54,657.0 53,881,0 26,058,0 75,786,0 31,815,0 11,591,0 34,219,0 24,024,0 37,332,0
2,796.0
1,911,0
1,493,0
2,379,0
4,595,0
8,264,0
2,691,0
2,528,0
9,109,0
13,980.0 1,111,0
166,0 6,106,0
436,0
533,0
739.0 5,015,0 4,435,0
406,0
331,0
350,0
2,893,0
28,0
581,433,0
55,169,0
21,623,0
407,424,0 1,324,282,0 396,487,0 491,737,0 214,710,0 224,017,0 742,914,0 192,310,0 136,812,0 194,055,0 143.323,0 432.819,0 4,889,890,0
Total resources
LIABILITIES.
130,739,0 349,355,0 69,413,0 67.453,0 64,032,0 43,986,0 205,563,0 2,022,301,0
F.It. notes in actual cIrculation 202,923,0 370,592.0 201,479.0229,034,0 36,782,0
F. It. Bank notes in circulation405,0
405,0
net liability
Deposits:
43,808.0 78,500,0 56,086,0 145,792,0 1,926,514,0
Member bank-reserve acc't 124,863,0 737,496,0 112,901,0 166,757,0 59,524,0 56,652,0 272.812.0 71,323,0
38,441.0
800,0 2,271,0 1,980,0 3.330,0
7,495,0 2,379,0 3,125,0 1,438,0 3,268,0 4,637,0 3,671,0
3,997,0
Government
20,876,0
334,0 4,782,0
373,0
435,0
364,0
139,0 1,280,0
125,0
356,0 1,183,0
11,326,0
179,0
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
129,039.0
50,816,0
7.919.0
16,390,0
337,0
756,317.0 115,636,0 171,065.0 61,087,0 60,059,0 278,729,0 75,358,0 44.981,0 81,206,0 58,400,0 153,954,0 1,985,831,0
105,538,0 48,820,0 53,484,0 48,559,0 18,536,0 67,825.0 31,778.0 12.272,0 34,066.0 26,638.0 37,486.0 535,818,0
29.727.0 10,127,0 12,488,0 5,833,0 4,460.0 15,121,0 5,055,0 3,487,0 4.547,0 4,208,0 7,903,0 110,880.0
59,929.0 19,927,0 23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 7,577,0 15,301,0 220,915,0
13,740,0
658,0 2,109,0 1,607.0
634,0 1,135,0
777,0 1,273,0 1,458,0
2,179,0
498,0 1,075.0
1 1,324,282,0 396,487.0 491,737,0 214,710,0 224,017,0 742,914,0 192,310,0 136,312,0
407,424,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com77.1
75.5
86.6
67.0
64.6
82.0
79.0
86.0
83.7
bined. per cent
Contingent liability on bills our447_0
(108.0
54A n 1 850 11
70S.A
1 4130
1 901 fl
9 5(t9 n
oh/lc:of! Ira. Tnrolon enrrnannmPta
194,053,0 143,323.0 421,819,0 4,839,390.0
1
72.1
45.1
80.5
80.6
.971.0
472.0,
944.0
to fififi.fl
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS FES. 27 1924.
•
Boston. New York Phila. Cleve. Richm'd Atlanta Chicago. St. L. Minn. K.City. Dallas. San Fr.
Federal Reserve Agent at-
$
s
s
S
(In Thousands of Dollars)
Resources
87,900
Federal Reserve notes on hand
219,729
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
16,442
Gold redemption fund
123.000
Gold Fund-Federal Reserve Board
44,987
Eligible paperiAmount required
14,216
Excess amount held
$
a
s
s
$
a
$
$
Total.
$
282.060 50,200 54,490 37,365 75,922
685,259 233,438 249,584 97,739 146,034
174,480 27,300 17,695 31,153 32,032 82,720 953,317
379,693 84,808 73,129 76,013 48,251 256,425 2,550,102
2,400
8,750
15,281 3,390 6,936
182,000 57,295 88,000
43.523 '37,054 48,698
26,108 16,083 7,125
_ __ 328,184
____
11,430 13,052
2,539 15.525 122,915
7,294 4,203 1,321 3,829 7,691376,645 53,000 44,000 49,360 8,500 207,336 1,658,025
16,175 14,756 22,824 29,521 34,564 445,224
87,839 25,013 3,491 13,596 22,524 32,037 308,093
235,531 14,000
31,573 15,582
316,000 152,889
102,155 50,967
53,419 6,592
541.574 1,705,997 523,668 579,766 248,026 375,115 1,026,001 221,029 167,444 196,775 151,058 627,607 8.365,860
Total
Ltab UtilesNet amount of Federal Reserve notes received from
307.629 967,319 283,638 304,074 135,104 221,956 554,173 112,108 90,824 107,166 80,283 339,1453,503,419
Comptroller of the Currency
174,742 583,104 182,471 206,061 60,685 97.338 383,939 68,633 58,373 53,189 18,730 221,361 2,109,124
Collateral received from'Gold
87,889 41,188 18,247 36,420 52.015 66,601 753,317
59,203 155,574 57,559 69,631 53,137 55,823
Federal Reserve BanklEligible paper
511,574 1,705,997 523,668 579,766 248,926 375.115 1,026,001 221,929 167.444 198,775 151,058 627,607 6.365,860
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
219,729
16,806
685,259 233,438 249,584 97,739 146.034
314,667 31,959 19,650 10,957 15,295
379,693 84.808 73,129 76,013 48,251 256.4252,550,102
30,338 15,395 5,676 11,931 4,265 50,862 527,801
bob 992
970 509 901 479 990.024 86.782 130.720
340 355 ('.0.413 (17.413 (14.682 43.988 bax 8829 ebb 261
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
the liabilities of the 758 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" of Dec. 29 1917, page 252.3. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 957.
1. Data for all reporting
Federal Reserve District.
omitted.
member banks In each Federal Reserve District at close of business Feb. 20 1924. Three ciphers (000)
Boston
New York
Phila.
Atlanta
Richm'd
Cleve.
Chicago 1St.Louis
Mnpls. Kan. City
Dallas
San Fran.
Total
26
72
$
8,608
125.906
330.259
35
1051
3
I
$
$
9,642
36,370
9,024
67.141 590,578 148,494
349.581 1,126,496 311,731
3
3,688
43,799
135,932
$
6,181
86,404
322,021
627,900 1,119,201
48,275
10,679
45,042 110,585
6,109
2,935
55,683
40,644
6,095
4.816
183,384 306,127
464,773
28,997
26,784
2,498
13,702
1,897
53,162
425,746 1,753,944
24,820
17,382
98,124
14,618
12,620
1.879
5,946 120.785
22,823
2,438
38,939 333,865
469,867
14,981
23,656
6,197
16,603
7,043
89,310
233.419
9,076
14,232
680
29,122
1,482
25,598
414,606
11,753
38,818
3,043
15,177
2,412
55,499
68
758
3
S •
5
3,129
13,897
229,228
67,367 192,897 3.848.626
213,430 819,899 7,848,667
283,926 1,026.693 11,926,521
19,930
24,590
272,730
12,722
93.061 1.031,141
2,037
12,031
77,538
14,610
36,582
802,706
6,853
15,972
102,512
13,890 160,682 2.207,640
915,400 1,652,075
66.889 107,158
15,898
29,310
666,958 893,064
130,400 620,931
17,042
9,911
591,813
35,038
13,081
331,225
158.586
4.112
506,948 2,366,981
31,229 215,235
52,719
10,882
281,756 1,505,073
178,364 809,304
12,832
6,976
627,657
40,864
7,264
344.946
202.040
4.183
313,609
22,369
6,232
198,992
83,949
1,325
541,308
42,771
11,842
398,864
130.269
1,461
354,018 1,369,661 16,420,788
24,473
99.434 1,398,030
9,180
280,659
20,883
242,177 748,412 11.235,478
91,403 531,394 4,175,930
124,918
5,316
12,633
9,201
10(18(1
4,107
18 412
415
1 850
2,255
0 097
43
Number of reporting banks
110
$
Loans and discounts, gross:
$
Secured by U.S.Gov't obligations
88,004
12,865
Secured by stocks and bonds.,...,229,402 1,627,584
All other loans and discounts_ _ _ _ 618,849 2,529,742
55
79
76
5
12,637
268,821
346.442
5
24,683
400,233
694.285
Total loans and discounts __- U.S. pre-war bonds
83.8. Liberty bonds
U.S. Treasury bonds
1.1,8. Treasury notes
U.S. Certificates of Indebtedness
Other bonds,stocks and securities._
861.116 4,245,330
12,936
49,311
79,793 473,706
4,637
22,772
19,542 434,310
5,232
25.449
169,010 778,174
Total loans & disets & investmls 1,152,266 6,029,052
82,319 627,251
Reserve balance with F. R. bank
19,552
83,816
Cash in vault
799,414 4,824,597
Net demand deposits
281,984 907.356
Time deposits
12,184
36.943
Government deposits
Bills payable and rediscounts with
Federal Reserve Bank:
2,645
73,850
Secured by U.S.Govt. obliga•ns.
0.RRA
5.348
Another
10,510
2009
13,079
7 109
9,068
91(152
37
6,053
15.922
52
250
2 Rad
4,274
0 lol
135,73
I'IF 0
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
City of Chicago.
AU F. R. Bank Cities. F. R. Branch Cities. Other Selected Cities.
Three ciphers ((l(10) omitted.
Feb. 20.1 Feb. 13. Feb. 20. Feb. 13.
Feb. 20.
1
Feb. 13.
Total.
Feb. 20. I Feb. 13. Feb. 20., Feb. 13. 1Feb.20'24. Feb.13'24., Feb.21'23.
75S
778
302
302
255
202
759
202
67
2541
67
48
48
Number of reporting banks
s
$
S
$
$
1
$
$
$
5
I
$
$
$
1
$
Loans and discounts, gross:
278.285
34,244
35,179
229.228
238,015
40,1141 40,170
151,870, 162,666
89,309
27,382
28,803
Secured by U.S. Govt.obligatIons 80,522
1 432,528,1,412,788 435,516 449,212 2,685,8311 2.676,633 835,214! 623,445 527,781, 517,823 3,848.626 3,817.901 3,736.086
Secured by stocks and bonds
All other loans and discounts_ ___ ,217,5752,233,862 638,099 640,515 4,844,115; 4,868,9081,634,7671,641,6361,369,7851,368,950 7,848.667 7,879,494 7,517.372
:
3,730,6253,735.9591,100,4181,117,109 7,884,616, 7,708,2072,310,0952,305,2511,931.8104=1,952 11,928,52111,935.41011,531,743
Total loans and discounts
281,620
88,376,
'.
88.404
74,437, 74,315 109,917 106,980
4,231
.
239,699
4,232
272.730
U. S. pre-war bonds
410,620 415,740
638.054 236,220 229.170 167,543 167,173 1,031,141 1.034.3971 1,062,766
40,924
42,351
827,378
U. S. Liberty bonds
15,369
15,521
39,897
18,2071 18,206
39,698,
19,633
5,104
77,538
5,087
19.598
77.7011.*
U.S. Treasury bonds
405,934 413,944
598,4161 607,951 136,486, 135,172
87.804
80,851
802,706
81,060
811,80th 943,377
68,677
U. S. Treasury notes
18,464
27,1121 26,920
98,7361
11,261
58,003
11,813
15,074
64.139
102,512
13,723
83.5. Certificates of Indebtedness...,1 22,468
Other bonds, stocks and securities._ 562,561 554,687 156,559 156,585 1.165,580, 1.155,994 599.650, 599,913 442,410 437,899 2,207,640 2,103.8081 2.180,991
,
1
Total loans & disc'ts & havest'ts.5,185,834.192.551 ,403,16211,420,848 10,268,203 10,296,510 3,402,2073,388,9472,750,378 2,731,092 16.420.788116.4l9,54 16,264,368
530,947 573,934 150,723 142.770
994,650 1.000,356 238.903' 244,647 164,477 171,330 1.398,0301 1,416,33 1.425.098
Reserve balance with F. It. Bank
288,569
68,667
143,220
67,862
146,550
60,309
67.637
27,486
30,389
297,83
77,130
83,651
230.659
Cash in vault
329.927 ,324,030 1,002,672 1,021.536 7,638,510! 7.727,9131.944,8781.990,5851.654.0901.685.185 11,235,478 11,403,68 11,445,970
Net demand deposits
3.772,556
590,441
371,933
4,132.231
893,512
1,991,1461,256,4031,250,009
373,970
891,084
2671
4,175,930
610.
Timedepos1ts
2,026,0651
I 33.074j
95,747
35,015
80,366
35,015
80,169
33,974
125.152
9,734
6,241
6,191
9,771
124,915
Government deposits
Bilis payable and rediscounts will
I
Bank:
F. It.
278,548
59,600 115,325
36,033' 44,270
80,8851 139,352
3.844
2,100
135,7371 202.49
19,034
18,874
Secured by U.S. Govt. obligatIon
138,905
52.725
5,532
62,961i
7,232
35,894, 29,791
1,432
114,86
989
134,355
35,500
32,344
All other
rediscoun
Ratio of b1114 payable &
!
!
with F. R. Bank to total loans
2.6
141
1
2.2
1.3
1.4
1.9
2.4
1.0
2.1
2.0
0.2
0.4
and investments, per cent
•Includes Victory notes,
994
THE CHRONICLE
tianiters' Mazette
Wall Street, Friday Night, Feb. 29 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 971.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Week ending Feb. 29.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
STOCKS.
Week ending Feb. 29.
Railroads.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. .'5 per share.$ per share.
Bangor & Aroos, pref.100
100 89 Feb 23 89 Feb23t 86
unswick Terminal_100
100 235 Feb 25 235 Feb 251 1
Canada Southern_ _ _ _100
100 5235 Feb 26 5234 Feb 26 i 5234
Caro Clinch & Ohio_ _100 100 23 Feb 25 23 Feb 25 1 23
Central RR of N J_ _100 200 206 Feb 28 209% Feb 28 206
Chicago & Alton ctfs_100 400 3 Feb 23 335 Feb 28 3
Chic St Paul M & 0_ _100 200 32 Feb 29 3234 Feb 25 29
100
Preferred
100 75 Feb 29 75 Feb 29 75
CCC&StLouls...._lOs
200 108 Feb 27 108% Feb 25 106
Colo & Sou, 1St pref_100
10 53 Feb 28 53 Feb 28 50
III Cent, pref. full paid__
10010434 Feb 28 10434 Feb 28 10334
Int & Gt No Ry(w 1).100
100 2734 Feb 28 2734 Feb 28 22
Lehigh Valley rights__ 4,7
32 Feb 25 3335 Feb 23, 32
Manh Elev gtd
100
100 51
Feb 28 51
Feb 261 42
Minn St P & S M_ _100 400 39 Feb 29 43 Feb 28 39
Preferred
100 200 61 Feb 29 62 Feb 271 61
N Y Cent Reading rights 52,382 235 Feb 28 234 Feb 23 235
Pacific Coast
100 1,400 3034 Feb 2 3735 Feb 28 16
First preferred_.1Is
100 51 Feb 26 51
Feb 26 43
Second preferred 100 1.100 36 Feb 2 40 Feb 25 2034
Reading rights
24,708 16 Feb 28 1734 Feb 251 16
Reuss & Saratoga_ _100
611534 Feb 26 11534 Feb 26 11534
VirgInia_Ry & Pow_ _100
100 36 Feb 29 36 Feb 29 36
[VoL. 118.
TRANSACTIONS AT THE NEW YORK STOCK =CHANGE
DAILY, WEEKLY AND YEARLY.
Jan 90
Jan 434
Feb 54%
Feb 23
Feb 212
Feb 334
Jan 37
Jan 7535
Jan 114
Jan 53
Jan 106
Jan 28%
Feb 33%
Jan 51
Feb 46
Feb 67%
Feb 3%
Jan 40
Jan 5335
Jan 40%
Feb 22%
Feb 115%
Feb 39
Sales at
New York Stock
Exchange.
Stocks
Stocks,
No. Shares.
Railroad
ate.
Bonds.
State.
Municipal &
Foreign Bds.
410,300
660,751
871,216
567,700
834.900
870.500
$3,486,000
5,885,000
6,669,000
6,768,000
.7,144,000
7,787,000
$845,000
1,308,000
1,261,000
935,000
1,065,000
1,329,000
5939,000
2,690,000
2,147,000
1,360,00()
1,973,000
1,214,000
4,215,367
$37,739,000
86.733,000
$10,323,009
Week ending Feb. 29.
1924.
4,215,367
1923.
6,107,242
Bonds.
Government bonds_ _ _ $10,323,000 $19,474,000
State & foreign bonds_
6.733,000
9,859,000
RR. & misc. bonds
37,739,000 41,489,000
United
States
Bonds.
Jan. 1 to Feb. 29.
1924.
1923.
47,578,918
45,587,390
Jan
$147,496,000
$147,077,000
64,342,000
Jan
98,880,000
Jan
295,682,000
330,706,000
Feb
bonds
Total
$54,795,000 $70,822,000
Jan
5507.520,000
$576,665,000
Jan
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
Feb
BALTIMORE EXCHANGES
Jan
Jan
Feb
Boston.
Philadelphia.
Baltimore.
Feb
Week ending
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Jan
Feb. 29 1924.
Feb
Feb Saturday
*8.480
$13,800
5,313
326,600
1,622
$14,600
Jan Monday
*14,722
59,300
7,259
75.200
1,646
44,100
Jan TuesdaY
*19,681
31,150
4,173
255.300
1,241
16,000
Jan Wednesday
*14,867
232,050
3,597
535,800
1,541
15,900
Feb Thursday
*15.481
37,900
3,987
230,100
1,986
25,000
Feb Friday
13,614
13,000
3,680
47,000
1,055
33,000
Feb
Jan
86,845 $387,200
Total
28,009 51,170,000
9091 $291,700
Feb
Jan Prey. week revised
80,321 $730.550
27,439 $1,268,300
4,610 $142,600
* In addition sales of rights were: Sat. 301: Mon., 361: Tues., 672; Wed., 1,642:
Industrial & Miscell's
Thurs., 756.
All America Cables__lOs
300 9835 Feb 29 99 Feb 25 98% Feb 02
Jan
Amer Chicle, pref___100 400 56 Feb 26 5634 Feb 23 5134 Feb 66
Jan
Am For & Pow,25% pd. 2,100 9434 Feb 27 96 Feb 27 9434 Feb 96% Jan Daily Record of U.S. Bond Prices. Feb.23. Feb.25. Feb.28. Feb.27. Feb.28. Feb.29.
-Preferred, full paid_ _ _
200 9534 Feb 25 96
Feb 23 9534 Feb 9034 Jan First Liberty Loan
High 99%
99932
99933
99933
99%
993
Amer Republics
* 30 40 Feb 26 40 Feb 26 25
Jan 43
Jan
99432
334% bonds of 7932-471 Low- 99%
993n
99,3• 9933, 99.00
American Snuff
I
60013534 Feb 25 137 Feb 26 135% Feb 1443.4 Jan
3358)
Close 99%
(First
99%
99%
99131
99%
99533
Amer Teleg & Cable_100 200 4234 Feb 29 4334 Feb 26 41
Jan 4334 Jan
Total sales in $1,000 units__
242
788
127
68
234
184
Am Whole Corp,pf 100
10 99 Feb 29 99 Feb 29 92
Jan 993' Feb
99%
_
Converted 4% bonds of I Mei
Am Metal tem ctf. pf.100
100 112 Feb 25 112 Feb 25 108% Jan 113% Feb
1932-47
(First
4s)---LOW---99933
Amer Roll Mill, pref_100
100 104 Feb 26 104 Feb 26 98
Jan 104
Feb
995
Assets Reallzatlon___ls
200
% Feb 27
34 Feb 26
Jan
34 Jan
Total sales in $1,000 units__ ____
__
Atlas Pow 6% cu rd_100
100 84 Feb 28 84 Feb 28 82% Feb 85
Feb
99332-Converted 435% bonds {High 999,3
993,, 9-9-4,, 9-9-33, 9-9-„
3
Atl Fruit ColTCo ctf dep
700 1% Feb 25 234 Feb 25 135 Jan 23.4 Feb
of 1932-47 (First 4%s) Low- 99533
99,33
99,33
99,
33
99431
99533
Atlas Tack
* 600 734 Feb 29 735 Feb 29 735 Feb 1135 Jan
close
99ss,
99
,
33,
99
,
33
99
,
31
99
,
ss
9943
Auto Sales
5
200 434 Feb 25 435 Feb 25 3
Jan 434 Feb
14
Total sales in $1,000 units-71
100
106
60
32
Preferred
50 400 1434 Feb 23 1534 Feb 23 11% Jan 1535 Feb
____
Second Converted 431% High
Bayuk Bros, 1st pf_100
100 96
Feb 27 96 Feb 27 96
Feb 96
Feb
__
___ _
____
bonds
of
____
--__
Lew1932-47
(First
Skin Union Gas. new_ _• 300 5934 Feb 29 6035 Feb 26 5934 Feb 60
Feb
43(s)
Second
Burns Bros, pref_ _ _A0
100 96 Feb 27 96 Feb 27 9535 Jan 97
Jan
Total sales in $1.000 units-Bush Terminal
100 500 60 Feb 26 8534 Feb 29 60
Feb 65% Feb Second Liberty Loan
{High 99%
991
Calumet & Hecht
25 1,000 1534 Feb 26 17 Feb 23 15% Feb 19% Jan
4% bonds of 1927-42_ __ _ Low- 99%
99%
-- -_ ___ 99.00
Case(J I) Thresh Mach • 900 2234 Feb 27 25 Feb 23 22% Feb 27% Jan
Close 9933,
45)
(Second
99333
--------99.00
Century Ribbon Mills_* 200 28 Feb 26 2834 Feb 28 27% Feb 33% Jan
2
..Total sales in $1,000 units__
1
2
Cert-Teed Prod
10
100 29 Feb 27 29 Feb 27 29
Feb 36% Jan
99n,, 99i,,
9-9-4,, 996.,
994,,
Converted 435% bonds {High 996n
First preferred__ _100
100 75 Feb 29 75 Feb 29 75
Feb 76
Jan
Low_ 991
99% 99%
of 1927-42 (Second
9932
99131
09.00
Conley Tin Foil
*
100 1135 Feb 27 1135 Feb 27 11
4
Jan 12% Feb
5,
Close 99
4348)
995j
99
99333
99332
9933,
Commercial Solvents A * 900 51
Feb 26 5334 Feb 2 43% Jan 57
Feb
53
461
Total sales in $1,000 units__
676
349
320
160
100 45 Feb 27 45 Feb 27 33
Jan 58
Feb
High 100.00 100.00 100933 100.00 100933 100%
Liberty Loan
Corn Prod new w L_25 12,600 3434 Feb 25 3536 Feb 23 31% Jan 37% Jan Third
Low- 99.133 99 1n 993% 993132 993132 993133.
434% bonds of 1928Deere & Co pref
100
100 71
Feb 25 71
Feb 25 62
Jan
Jan 76
Close 99.% 100.00 100.00 993% 100.00 999932.
(Third 434s)
Du Pont deb 6%_ _ _ _100 300 8634 Feb 25 8634 Feb 29 8534 Jan 87
Jan
370
341
Total sales in 51,000 units....
359
157
447
227
Duquesne Lt let pf 100 400 103 Feb 2910434 Feb 23 103
Jan 0634 Jan Fourth Liberty Loan
High 99,13
99331, 99,33
99,32
9933,
99333
Emerson-Brant pref_100 220 1134 Feb 29 1234 Feb 25 10% Jan 15
Jan
Low_ 99%
4
99°33
434% bonds of 1933-38
99933
994
994
99
FidelPhenFireInsN Y25 100 120 Feb 28 120 Feb 28 11835 Jan 27
Jan
Close 99332
99032 995as
(Fourth 4345)
99,33
99532
99533
Fisk Rubber 1st pref_100 30 60 Feb 23 60 Feb 23 59% Feb 65
Jan
162
597
Mai sales in $1,000 units__
640
500
785
467
GenAmTkCar7%pf _100 300 92 Feb 25 9234 Feb 25 92
Feb 94% Jan Treasury
{High 100933 100933 100933 100,32 100333 100,33
Gen Refractories_ _ _ _100 400 51
Feb 26 52 Feb 28 51
Feb 55
Jan
Low. 100°31 100% 100133 100% 100% 100°33
*is, 1947-52
Gimbel Bros pref_ __ _100 100 10034 Feb 2610034 Feb 26 99
Jan 101
Jan
Close 100,33 100333 100,33 100,n 100,
3, 100'n
Great Western Sugar_25
100 93 Feb 28 93 Feb 28 92% Feb 96% Feb
$1.000 units__
sales
in
32
Total
383
181
103
21
152
Hanna let pref Cl A.100 200 9335 Feb 25 95 Feb 25 8935 Jan 95
Feb
Helme(G W)
25 200 6034 Feb 25 6034 Feb 25, 57% Jan 60% Feb
Note.-The above table includes only sales of coupon
Hydraulic Steel pref_100
100 6 Feb 26 6 Feb 261 434 Jan 7
Jan bonds. Transactions in registered bonds
were:
Inland Steel W I
* 500 36 Feb 27 3634 Feb 28 35% Feb 3834 Jan
99% to 99331100 3d 43493
5 1st 3355
Fret W I
999% to 993,3,
* 800 102% Feb 23 103 Feb 23 01% Jan 103% Feb
99.00 to 99331 109 4th 434s
8 let 431e
Internet Business Mach_ 9,20 9135 Feb 26 9734 Feb 26 91% Feb 97% Feb
9931, to 99333
99.00 to 99933 1 U.S.Treasnry 4 ..1/3- -100433 to 100433.
434s
International Shoe
* 200 7634 Feb 25 7634 Feb 25 76
Jan 7834 Jan 63 2d
Preferred
100
11111634 Feb 2711634 Feb 27 115% Jan 116% Feb
jilt Tele', & Teleg_ _100 1,305 69 Feb 26 70 Feb 23 66
Foreign Exchange.
Feb 70% Feb
5 1,20 31
Intertype Corp
To-day's (Friday's) actual rates for sterling exchange were 4 2731©
Feb 23 3134 Feb 25 2935 Jan 32
Feb
Kansas as Gulf
1
700
35 Feb 26
34 Feb 26
Jan 428 1-16 for sixty days, 42936 @430 5-16 for cheques and 42934 041
1
35 J
,
Kelly Syr Tire 8% pf 100 100 73 Feb 26 73 Feb 26 73
Feb 7834 Jan 430 9-16 for cables. Commercial on banks sight 4 2934©4 30 3-16, sixty
Kinney Co
• 200 56 Feb 27 5635 Feb 28 56
Jan days, 4 2636044 27 11-16, ninety days, 4 25%@4 26 7-16 and documents
Feb 63
Liggett & Myers new_2 3,800 5034 Feb 28 5134 Feb 25 50% Feb 53% Feb for payment (sixty days),4 2734 sg)4 27 15-16. cotton for payment
4 29'/@
B new
2 2,000 5034 Feb 28 5134 Feb 23 50% Feb 53
Feb 4 30 3-16 and grain for payment 4 2934©4 303-16.
Rights
6,500 2534 Feb 28 2634 Feb 23 25
To-day's (Friday's) actual rates for Paris bankers' francs were 4.0734 ©
Feb 29% Feb
Ludlum Steel
7,100 2134 Feb 28 2234 Feb 29 21% Feb 2235 Feb 4.14% for long and 4.12% ©4.20 for short. Germany bankers' marks are
Mackay Co pref
100 400 66 Feb 26 6634 Feb 28 65
Jan 6834 Feb not yet quoted for long and short bills. Amsterdam bankers' guilders were
Met Edison pref
* 200 92 Feb 26 92 Feb 26 91% Jan 93% Jan 36.84©36.87 for long and 37.20©37.23 for short.
NatBk ofCommerce 10
Exchanges at Par.. on London. 102.70 fr.; week's range. 97.60 fr high
63 20 Feb 25 323 Feb 26, 299 Jan 323 Feb
Nat Dairy Prod tp WEL.* 5,000 3434 Feb 27 3534 Feb 26' 34
Feb 37
Feb and 104.50 fr. low.
Nat Dept Stores
* 2,900 40 Feb 23 4134 Feb 29 3935 Feb 43
The range for foreign exchange for the week follows:
Jan
Preferred
100 100 95 Feb 23 95 Feb 23 93% Jan 96
Sterling ActualSixty Days.
Feb
Checks.
Cables.
National Supply
50 3,900 6634 Feb 27 69 Feb 27 64% Jan 72% Feb High for the week
4 2935
43134
43134
N Y Canners
• 400 2434 Feb 26 26 Feb 29 22% Jan 26
4 2634
Feb Low for the week
4 29
4 2054
NY Steam lot pref_ _100 200 8835 Feb 27 92 Feb 28 883.4 Feb 92
Paris Bankers' FrancsFeb
Otis Steel pref
100 9,700 70 Feb 23 7434 Feb 29 57
Feb 74% Feb High for the week
4.38%
4.4236
4.43%
Penn Coal & Coke_-50 100 2834 Feb 27 2834 Feb 27 2835 Feb 30% Jan Low for the week_ _ - -- - 4.02%
4.08%
4.09%
Phillips Jones Corp pf100 2,200 82 Feb 29 85 Feb 26 82
Germany Bankers' Marks
Feb 89% Jan
Phila & Read C & I w1.• 100 3634 Feb 28 39 Feb 25 36% Feb 49% Jan High for the week
0.000000000023 0.000000000023.
Certificates w I
• 100 3834 Feb 25 3834 Feb 25 37% Feb 41% Feb Low for the week
0.000000000021 0.000000000021
Phoenix Hosiery pref 100
100 89 Feb 23 89 Feb 23 89
Amsterdam Bankers' GuildersFeb 94
Feb
Phila Co6% pref
50 100 43 Feb 29 43 Feb 29 42% Jan 43% Feb High for the week
36.97
37.39
37.43
Pittsburgh Utilities pf _10 8,000 1134 Feb 23 13 Feb 26 9% Jan 13
36.78
Feb Low for the week
37.2036
37.24A
Preferred ctfs
10 5,500 1134 Feb 23 1234 Feb 27 11% Feb 12% Feb
Domestic Exchange.-Chicago, par. St. Louis, 15©25c. per $1,000.
P S Corp N J pf 8%-100 20010036 Feb 23100% Feb 23 100% Jan 102
Jan discount. Boston, par. San Francsico. par. Montreal, $33.75 per
7% preferred
100 400 9735 Feb 27 9835 Feb 28 9794 Jan 99
Jan $1,000 discount. Cincinnati, par.
Rossia Insurance Co_ _25 100 8734 Feb 28 8734 Feb 28 86% Feb 90
Jan
Quotations for U.S. Treas. Ctfs. of Indebtedness, &c.
Schulte Retail St pf 100 100 111
Feb 29 111
Feb 29 10935 Jan 111
Feb
100 100 103 Feb 27 103 Feb 27 102% Jan 10334 Jan -See page 1007.
The Fair pref
Board_100
100 20 Feb 27 20 Feb 27 1934 Jan 2135 Jan
United Paper
The Curb Market.-The review of the Curb Market is
100 100 5 Feb 23 5 Feb 23 4)4 Feb 5
U S Express
Feb
U $ Realty & Impt pref- 1,000 104 Feb 29 105 Feb 29 10335 Jan 109
Feb given this week on page 971.
Va-Carolina Chem B• 2,500 2 Feb 27 4 Feb 23 2
Jan
Feb 7
DAILY TRANSACT ONS AT THE NEW YORK CURB MARKET.
100 800 2236 Feb 29 24% Feb 29 21% Feb 3335 Jan
Van Raalte
Vulcan Detinning pf_100 100 68 Feb28 68 Feb 28 68
Feb 68
Feb
STOCKS(No. Shares).
BONDS (Par Value).
Jan
West Elec 7% cm pf _100 200 11335 Feb 28113% Feb 28 11334 Jan 115
Week ending Feb. 29.
_9' 300 50 Feb 23 50 Feb 23 4735 Jan 5134 Jan
West Penn Co__
Mining. Domestic. Porn Govt.
Ott.
100 600 9034 Feb 25 9034 Feb 25 89% Jan 91
Jan
Preferred 7%
Westinghouse Ist pf--50 500 73 Feb 29 7434 Feb 29 72
Jan 7434 Feb Saturday
590,000
27,240
76,435
131,675 $280,000
35 Feb 27
* 1,800
34 Feb 23
34 Jan 135 Jan Monday
White Oil ctfs
88,000
47,435
130,125
103,905
403,000
100 500 65 Feb 23 6534 Feb 25 65
Feb 7234 Jan Tuesday
Wilson Co pref
121,000
767,000
78,885
86,965
178,300
76
Feb
_100
26
2
00
76
Jan
76
Feb 26 70
Feb Wednesday
Worthington pref A_
118,000
57,065
151,400
536,000
94,000
100 300 6335 Feb 29 6434 Feb 26 5835 Jan 65% Feb Thursday
Preferred B
129,000
287,400
416,000
63,460
82,295
* 1.100 3735 Feb 25 3834 Feb 28 3735 Feb 40
Jan Friday
Wrigley(Wm Jr)
45,000
97,450
275,950
538,000
45,900
* No par value.
Total
319,980
541,050 1.154,850 $2,940,000
$591,000
•
•
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
995
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
a KM AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Feb.23.
Monday,
Feb.25.
Tuesday,
Feb.26.
Wednesday. Thursday.
Feb.28.
Feb.27.
Friday,
Feb.29.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for P70,10148
Year 1923.
Lowest
Highest
per share 3 per share
Par S Per share
Railroads.
per share
per share $ Per share $ per share IS per share 3 per share $ per share Shares.
21 Sept 45 Feb
100 26 Feb 29 34 Jan 8
500 Ann Arbor preferred
28
26
30
30 *28
*28
30
30 *28 30
*28
*28
Oct 105,8 Mar
94
29
Jan
-100
1024
2
Fe_
Jan
Santa
9718
100 10018 4,700 Atch Topeka &
99' 100
9912 9912 9914 9914 98% 9934 98% 99
8538 Dec 90% Mar
100 8612 Jan 2 8912 Jan 19
Do pref
900
88 88% 88 8838 '8734 88% 8734 8814
*8778 88
87% 88
314 Feb
_100
114
23
11
Jan
Aug
Feb
Atlantic_
234
&
1%
Birm
Atlanta
800
178 173
178 178
172 173
17e 1%
I% 158 *1% 1%
127 Feb
113 113 *11212 11412 114% 114% *11312 11434 11412 11614 11614 11614 2,600 Atlantic Coast Line RR-..100 112 Jan 23 116% Feb 4 109% July
Dec
6034
Jan
100
21
Feb
9
8
3
55
Jan
6012
4018
Ohio
&
Baltimore
8,400
5633
56%
56
5534
56%
5613 5618 5612 56
56% 56% 56
100 5814 Jan 12 594 Jan 5 5534 May 6078 Mar
Do pref
900
*58,3 5834 5812 58% 5812 5812 *5812 5912 5812 5813 *5812 5834
oh Oct 1412 Dec
4,300 Bkiyn Manh Tr v t c_ _No par 1312 Jan 4 1738 Jan 25
1458 1552 15
1534 1452 1434 •14% 1473 14% 1512 1458 15
No par 4834 Jan 3 5614 Jan 25
3412 Oct 4978 Dec
Pref vot tr ctfs
5414 2.900
*53
54
54
54 •5314 54
53
5514 5412 5412 54
100 14414 Feb 29 150% Jan 9 13934 Sept 160 Apr
4.100 Canadian Pacific
*14712 14814 14714 14778 147 147 147 14714 14612 14714 14414 145
7712 Feb 5 57 June 76% Jan
26
Feb
4
3
67
100
Ohio
&
Chesapeake
37,200
8
733
7134
6938 71% 6812 70
6734 6912 68 6812 69% 71%
96 June 104% Feb
100 9912 Jan 3 10312 Feb 28
Do pref
100
•102 10312 *10278 10312 *10278 10312 *10278 10312 10312 10312 *10273 10312
4% Dec
2 May
332 Jan 4
54 Jan 10
100
412 5 13,200 Chicago & Alton
418 4%
414 473
4% 438
414 4%
414 4%
3
338 Jan 1232 Dec
Jan
29
934
Feb
1278
100
pref
Do
13.900
1273
1134
1012 11
11
11
10% 1078 10% 10% 1073 12
19 Aug 38%.Feb
100 2134 Feb 26 27 Jan 10
1.700 Chic & East HI RR
*2112 22
*2214 2312 22
*2112 22
*2112 _22
2214 2134 22
4612 Aug 6214 Mar
100 4334 Feb 29 5112 Jan 8
Do pref
500
43% 4334
45
46
46
44 *43
46
46
44
45
45
234 Oct
7 Feb
5% Jan 17
4% Jan 3
300 Chicago Great Western_ --100
*412 8
434 434 *412 5
4% 4% *434 5
*412 5
100 10% Jan 4 134 Feb 5
6% Oct 17 Feb
Do pref
1134 1113 1178 2,300
11% 11% *1112 12
1112 1112 1114 1114 11
1114 Oct 2632 Mar
*1514 1528 1512 1514 15
15,4 8.000 Chicago Milw & St Paul__ _100 13% Jan 8 1818 Jan 10
14
1514 14% 1514 14% 15
20% Dec 4512 Mar
100 2238 Feb 29 28 Jan 10
Do pref
2418 2413 23% 23% 2314 2314 2312 2334 22% 2334 22% 2313 12.600
4718 Dec 88 Mar
11,000 Chicago & North Western_100 4914 Jan 3 5412 Feb 7
5212 5212 5278 5112 51% 5038 51% 5038 52
53
52
53
97% Dec 11818 Mar
100 100 Jan 8 1034 Jan 19
Do pref
300
•10012 10212 102 102 *101 103 •100 103 102 102
100% 10012
19% Oot 377,3 Mar
3.200 Chicago Rock Isl & Pacific_ 100 214 Feb 15 2738 Jan 10
23
24
23% 2312 2338 24
23
24% 2414 2314 24% 23
72 Aug 95 Feb
100 7634 Feb 26 83 Jan 10
7% preferred
300
• *7812 80
77
77
7634 7634 *76% 79 *7612 79 *7612 79
Aug 85 Mar
6072
2
10
Jan
69%
Jan
65%
100
preferred
671s
6%
200
*6634 6712
*6634 6712 *6634 6712 67 67 *8834 6712 6718
17 Oct 4512 Feb •
100 20 Jan 2 2912 Feb 7
600 Colorado & Southern
2712 *27
28
*27
2712 27
27
2712 2712 2712 2712 28
9314 July 12412 Feb
100 10712 Jan 4 11234 Feb 25
1,600 Delaware & Hudson
112 112 112% 11234 *10934 11014 10934 11014 10913 10978 10934 110
Feb
114 115 11312 115
11314 115,4 11414 11412 3.500 Delaware Lack & Western_ 50 11034 Feb 15 11514 Feb 28 10972 Oct 13012
11314 11314 113 113
1018 May 2234 Dec
100 2034 Jan 3 2818 Feb 4
2414 24% 2473 25% 2473 25% 13,900 Erie
2558 2534 2412 2512 2414 25
Dec
3114
Jan
34%
15
4
Feb
19
Feb
8
283
100
preferred
1st
Do
9,400
3118
3112
3012
2934 3034 2958 30
3014 3114 3034 3112
3078
1034 May 2758 Dec
100 2518 Jan 3 304 Feb 4
Do 2d preferred
29
29% 29% *2712 29
29
*2714 2812 2734 2834 2812 2873 1.400
5938 Oct 80 Mar
100 5414 Feb 29 5934 Feb 4
5712 5712 5718 5712 5634 57
5658 5678 5512 57,8 5414 5512 12,800 Great Northern pref
25 July 36 Mar
Iron Ore Properties_.No par 28 Jan 15 3112 Feb 4
2,600
2834 2878 2834 2834 28% 2834 28% 29
2918 2932 2834 29
212 Aug 20 Mar
600 Gulf Mob & Nor tr ctfs_ _ _100 1332 Feb 28 1734 Jan 9
14 •1334 1414 1334 1334 1312 1312 13% 1332 14
14
14
Jan 6234 Feb
3
4472
•
Jan
5
Feb
100
58%
50
pref
Do
260
5412
5312
5312 5312 •53
5614 55 55 *54
*55
5514 *53
29
6
Dec 11712 Feb
99%
Feb
1007s
Feb
100
10434
*101 10212 10114 10114 101% 101,2 •10112 102 101 10173 10072 10072 1,200 Illinois Central
912 June 227g Mar
100 1234 Jan 2 1714 Jan 24
5,900 Interboro Rap Tran
1614 1613 17
16
1634 1718 1614 1714 *1658 17
17
17
153s July 24% Mar
18% 1918 1834 1834 1834 1873 1812 18% 1838 1873 19
194 2,700 Kansas City Southern..._100 184 Jan 29 21% Feb 4
100 52 Jan 2 53% Feb 5 48% July 5734 Mar
Do pref
•5213 5314 *5212 53,4 *5212 5314 *5212 5314 52% 52% *5212 5314
100
June 7138 Feb
54
25
Jan
7238
2
Jan
61
50
Valley
Lehigh
6,400
69
6958
7012
6912 69% 70% 70
69% 69% 694 6934 6914
8434 Oct 155 Feb
89 *8812 89,4 89
89
90
8872 8878 1.100 Louisville dt Nashville_ --.100 8738 Jan 16 9034 Feb 4
2712 Dec 45% Ayr
3512 3534 36
3634 364 36% 2.90C Math Elevated, mod guar-100 3012 Jan 2 3634 Jan 28
3513 36
3412 3512 3578 36
712 Oct 22 Mar
712 Feb 20 134 Jan 4
100
10
300 Market Street RY
*9
8% 873 .834 912
1034 1118
*88 10
834 9
Oct 68% Mar
23
5
Jan
4012
20
Feb
22
100.
Do pref
2412 *22
23
500
32
26
26
26
*24
26 *2414 26 I *24
5612 Oct 87 Mar
Feb 20 7112 Jan 4
51
100
pref
prior
1
Do
55
5.700
53
1
53
56
5212
54%
4
52
2
52
5613'
4
523
.56%
56
Oct
4
14%
56% Mar
Jan
30
20
Feb
1532
100
pref
2d
Do
1812 1812 •1718 1812 •1812 1912
*1812 20
18
500
18
18
18
012 Feb
4 Jan 28
78 Aug
138 Jan 3
2% 273
272 272 1,300 Minneap ,S3 St L (new)--- _100
278 278 *234 3
*212 278 *212 273
17 Feb
934
Oct
4
Feb
26
Feb
1034
par
1314
__No
RR_
'Mo-Kan-Texas
11
1113
1034
11
1178
11%
4,100
1138
11
1114
113
4 1172
1114
Feb
454
Feb
Oct
34%
24%
4
18
Feb
2934
100
Do pref
*2912 3012 3012 3112 3134 3212 2,200
*30
3012 *2912 30
*3018 31
814 Oct 1938 Feb
9% Jan 3 13% Feb 11
100
1214 2,600 Missouri Pacific corn
1113 12
12
1138 1132 1134 12
12
12% 1212 12
Feb
49
Oct
2214
14
Feb
37
Jan
29
100
pref
Do
34
3412 3473 ' 34
35
3478 3338 3438 3412 3514 35% 3612 13,500
434 Feb
114 Nov
214 Feb 6
1% Jan 4
34 17,3
213
2
800 Nat Rye of Mex 2d pref _ _100
2
2
*134 2
178 I% *134 2
8212 Aug 105 Mar
100 934 Feb 15 9912 Feb 29
96
97
98
96I2 96
95
98% 97% 9873 9853 9912 7,700 New On Tex & Mex
95
9012 May 10714 Dec
100 994 Feb 15 10612 Feb 4
31,500 _New York Central
100 10012 100 10012 10014 101
10018 10038 100% 10173 10132 102
6712 Aug 8012 Dec
794 Jan 9
100 7212 Feb 1
7412 7638 7614 7672 2,700 N Y C & St L new co
74
74
73 *73
74
73
74
74
22
844
Jan
8734
2
86 Nov 9512 July
Feb
100
Do Prot
600
8412 8412 8412 841 *8413 85
8434 85
*8434 8514 *8412 85
9% July 2212 Jan
21 Feb 13
100 14% Jan
1912 20
1873 1938 1873 1978 1878 1938 1912 2012 1972 2012 49,200 NY N H & Hartford
1414 June 21% Feb
9
Jan
1972
Jan
17
100
Western
&
Ontario
NY
1,300
1734
18
1734
17
18
1812
17
17
31734
17
17
17
154
7
Feb
5
9 Sept 18% Feb
Jan
14
100
300 Norfolk Southern
1458 14
1438
15 *13
14 *1312 15 *1314 15 .13
14
Jan 3 11932 Feb 28 100 July 117% Feb
10634 108
10712 10812 10834 11012 10834 11014 11058 11933 11414 118 92,800 Norfolk & Western _ _._ _100 10212
Sept 7813 Aug
72
11
Jan
77
26
Feb
7234
100
pref
Do
55
7234 7234 *7212 75 *7212 7512 *72% 75
*7212 75
*7213 75
4934 Oct 8112 Mar
100 484 Feb 29 55% Feb 4
5032 5212 4834 5114 36,500 Northern Pacific
*5234 5334 5314 54
5212 5334 5222 521
4632 Jan 28
Nov 4772 Apr
4072
3
Jan
50
4214
Pennsylvania
44
7,500
44
431
4372
4338
4314
4314 4338 4314 4312 4314 4314
8 Oct 17 Mar
100 1012 Feb 25 12% Jan 10
100 Peoria & EaStern
*1013 1112 1012 1012 *1014 1112 *1014 111 *1012 12 •1012 12
Jan 4714 June
5
Feb
4532
36
2
Jan
41
100
4214 42% 4213 4234 4214 4238 4,600 Pe:e Marquette
4218 42% 4318 4252 43
*42
6712 Oct 7634 Mar
100 7134 Jan 9 7512 Feb 26
Do prior prat
400
7412 74
74
*74
75
75
75
75
*73
75
7512 *74
Oct 7012 Jan
574
5
Feb
6232
4
Jan
60
100
Do prof
900
*6012 62 *6012 81
62
*6013 62
62
.60 82 "
034 62
3372 Jan 50% May
38 Jan 4 4538 Jan 18
4112 4112 4072 40% 4012 40% 40,4 4012 4032 4132 4112 41% 2,700 Pittsburgh & West Va.._ -10
93 Jan
Dec
85
26
Feb
4
3
89
5
Jan
8514
100
prof
Do
100
90
90
*88
90 *88
*88 90
*88
8934 8934 *88 90
6812 June 8118 Feb .
50 5432 Feb 18 79 Jan 12
5512 55
5534 56
5514 56
55
5538 54% 55% 55
5512 7.50 -eading
44 June 5612 Feb
14
Jan
5612
83512
15
Jan
50
preferred
1st
Do
900
*3614 3634 *3512 3634 •3512 36
*3512
3512
35%
3612
36
36
45 June 5634 Jan
50 6331 Jan 16 56 Jan 14
Do 25 preferred
*3414 3412 34
34 *34
34% 34% 34,4 3414 3412 1,400
3414 34
2212 Oct 39 Dec
100 32 Jan 3 404 Feb 5
10 Rutland RR pref '
38
*35
35
39
35 *33
39 *34
*3513 36
*35% 381_
1634 Oct 27 Mar
29
Feb
2412
4
Jan
1914
100
Fran
Louis-San
21$2 21% 2134 23
St
2212 2212 2112 2214 2134 23% 2312 241 23.000
3212 Jan 50 Mar
29
Feb
484
3
Jan
4258
100
Do pref A
45
45
45
4638 4414 46
4514 45% 46
47% 47 4814 5,500
254 Aug 36% Feb
3832 3872 3734 3878 3714 3838 3758 38% 3758 3834 38
391 12,300 St Louis southwestern...-100 33 Jan 2 4273 Feb 2
54% June 63% Mar
100 57% Jan 3 6314 Feb 2
Do pref
*60 6012 6013 60,8 60
1,700
60,4 6014 6012 60% 6012 6012 61
434 Aug
74 Feb
100
614 Jan 2 1034 Feb 23
934 1032
913 101 20,400 Seaboard Air Line
1014 1034
932 10
9% 1018
10
9
25
Feb
2
814 Aug 1534 Dec
Jan
1414
100
2212
pref
22
Do
2012
214
2012 2212
2134 2012 2114 2012 2138 2012 217 29,800
8414 Aug 9514 Feb
100 86% Jan 3 9018 Feb 6
8812 87% 8818 87% 87% 88
8812 88
88
87
881
8738 9,500 Southern Pacific Co
2434 Jan 39% Dec
100 3812 Jan 3 50% Feb 29
49
4934 4813 49% 4758 4834 47% 48% 4734 4934 4973 507 223,900 Southern Rallway
100 6634 Jan 3 73 Feb 29 63 July 7072 Mar'
7218 7134 72
72
Do pref
71% 72
71% 7134 72
8,100
7218 7214 73
14 Aug 291 Mar
100 19 Jan 3 26 Feb 5
24
2114 23% 2373 22% 2378 2258 2232 2314 24% 2312 247
4,500 Texas & Pacific
8% Dec 1914 Feb
9% Jan 3 1212 Jan 23
100
11
1034 1034 *10
1014 1014 11
400 Third Avenue
1034 *94 101
934 93
5814 Jan 7712 June
65 *61
6212 *6012 62 "60% 62
Twin City Rapid Transit- _100 6114 Jan 30 66 Jan 12
*61
*6012 62
*6012 62
132% Feb 8 12412 Aug 14472 Feb
100 128 Jan
132 13218 13112 13134 13034 13112 1304 13072 130 13034 128 12933 5,200 Union Pacific
7014 Dec 7612 Jan
100 7014 Feb 29 74 Feb 13
73
73
73
73
73
Do pref
*7318 7334 73
73
73
1.500
7014 703
772 Oct 2178 Mar
7% Feb 20 1114 Jan 5
9
9
834 8%
900 United Railways Invest_ -100
834 834 *812 834
*8% 83
9
9
26 Oct 62 Mar
3212 31
3112 *3012 3122 3134 3134 *3012 311
100 2812 Feb 20 404 Jan 4
3214 3214 31
1,000
14%
4
7 Mar 12 Dec
Jan
13
Feb
1034
14
100
1414 1378 1414 13% 1433 1413 1438 1432 143 21,600 Wabash
1414 1412
2314 Jan 364 Dee
100 34 Jan 3 4518 Feb 29
43 4313 4234 4334 42% 4338 42% 4414 438 444 44% 451 44,300
Do pref A
Jan 2334 Dec
3
1612
Jan
13
2212
Feb
29%
29
28 *28
29
100
29
2812 2812 28
*29
pref
30
Do
*28
29
300
8 Sept 15 Feb.
912 Jan 2 11% Jan 9
100
984 9%
10
10
934 934 10
103
934 934 • 934 934
2,600 Western Maryland
14 Sept 26'gMar
18
18 *1714 18
100 17 Jan 2 2014 Jan 10
18
18 "17
18
18
18
1813 19
Do 25 preferred
1.000
12 Setp 2014 Mar
18
16
100 14% Jan 2 18 Feb 4
16
15% 1558 1533 16
10
16
16
1512 16
2,100 Western Pacific
53 May 6338 Mar
100 58 Jan 7 6212 Feb 4
*5912 81
60
*59
60 60
Do pref
60
*5912 61% *5912 61
60
200
6 Oct 1012 Feb
8
712 Jan 2
8
8
914 Feb 4
734 8
8
812 *814 812
814 812 2,900 Wheeling dr Lake Erie Ry_100
8
10 Oct 19 Feb
1734 1774 •1812 181
1812 19
18
100 1414 Jan 2 20% Feb 5
19
19
1812 1812 19
2,200
Do pref
23 Aug 38% Dec
100 34 Jan 16 3713 Jan 29
3614 3614 3634 3678 1,900 Wisconsin Central
*3512 3612 36% 3612 3614 3634 *3614 37
Industrial & Miscellaneous
78 *78 82 *7614 8178 *7614 79 *77
79
100
79% 7913 1,300 Adams Express
78
103
103
*914 103
*9
*9
1034 '*9
*9
*912 101
100
1034
Advance Rumely
*3412 35, 34% 341 •33
38 .33
100
Do pref
*3412 361 *344 36
100
3613
78
7714 773
7713 7814 78
7812 78 '77
7833 1,700 Air Reduction, Inc__ _No pa
7834 783
8
8
812 83
812 9
813 2,100 Ajax Rubber, Inc
734 8
50
8
734 734
14
•13
14
•18
14
•14
14
*13
1.1
10
13
300 Alaska Gold Mines
*%
*74 1
78
73
1
*78 1
1
1
1
*72 1
2,100 Alaska Juneau Gold Min.. 10
67% 6873 68
6752 6814 6712 6838 6718 671
69
6,900 Allied Chemical& Dye_No pa
6734 681
Do pref
400
100
112 112 •111 112 111 111 *11112 112 11113 11113 11214 11214
4538 451
4534 46
45% 4614 4,900 Allis-Chalmers Mfg
100
4.512 452 453 45'± 455 46
95 *9313 95 *9312 96 *934 95
94 94 *92
Do pref
100
•
100
95
*94
1238 1258 1218 12)8 1218 1238 1134 1218 1158 1212 1218 1218 3.400 Amer Agricultural Chem-100
35'5 3478 3538 3512 37
Do pref
3638 36'2 36
5,700
3684 33
100
37
37
200 American Bank Note
50
*10212 104 10234 1023 *10212 105 10314 1031 *10312 105 •I0212 105
5412 54% 5412 54
541 *54
Do pref
50
5414
100
*54
55 *54
*54
4014 40
4214 40
4012 4212 42
403
40
43 15,300 American Beet Sugar
100
4138 43
341
33 12 34
3514 3534 *34
1,800 Amer Bosch Magneto_ No par
34
35
338 34
34
34
79
1.900 Am Brake Shoe & F._ _No par
80
8018 8034 81
*7714 7838 *7714 78'4 7718 7738 78
Do pref
100
100
108% 108%
•10813 110 *10818 110 *10812 110 *10818 110 *10818 5O9
100
114 1143i 11212 11414 111 11312 11034 11284 1124 1147 113% 11512 121,200 American Can
Do pref
800
100
11232 11238 11212 1121 *11214 11284 11232 1121 *11212 11314 112% 11234
300 American Car dr Foundry._100
•164 168 *165 168 165 165 •163 16434 165 165 •164 168
Do prof
*120 121 *120 121 •120 121
100
*120 122 *120 122 *120 122
25
400 American Chain, el A
2212 221s 2212 2212 *228 2212 *2233 2212 2232 2222
*2232 23
No par
2.200 American Chicle
18 *1712 18
19
19
1814 18
1758 19
1812 1812 18
*12
1214 117/1 12
12
1214 1134 1134 3,500 Amer Cot Oil ctfs of dep-100
1112 1112 118 12
Do pref Ws of Sep.._.100
300
37 *36
37
3634 3638 3634 3634 *36
37
3612 *35
*35
472 532
514 538 *5% 512 7,900 Amer Druggists Syndicate_ -10
472 514
514 512
512 5%
100
95 *95
95
600 American Express
9834 9412 95
98% 96 96
9812 •07
o27
11
11
1134 12
700 American Hide de Leather_100
*1112 12 • 1114 1112 1052 1052 10% 1012
7
5713 .5714 5838 9,300
5612
pref
Do
100
54
58
5413
538
5934
58
60 608
5,500 Amer International Corp_ -100
22
22
2114 2214 2114 2114 2112 22
2212 22 23
22
•Bid and asked prices. s Ex divi lend. II Ex•righto.
7312 Jan 2
10 Jan 14
3112 Feb 27
6714 Jan 2
614 Jan 3
4 Jan 3
78 Jan 30
674 Feb 27
11018 Jan 19
45 Feb 19
92% Jan
11% Feb 28
33 Feb 27
98 Jan
5313 Jan 26
40 Feb 25
324 Feb 15
77 Jan
108 Jan
10318 Jan
109 Jan
161 Jan
119 Jan 18
224 Feb
16 Jan
1012 Feb 1
3314 Jan
4% Feb 26
9412 Feb 29
9% Jan 2
5013 Jan 3
2038 Feb 19
67 Sept 82 Mar
8212 Feb 11
612 Oct 1912 Mar
1212 Jan 2
24 Nov 544 Jan
4118 Jan 4
56 July 7228 Mar
8111 Jan 29
414 Oct 147 Mar
1012 Jan 11
38 Mar
4 Aug
4 Feb 2
34 Oct14 Oct
14 Jan 3
5914 Aug 80 Jan
7438 Jan 8
11414 Feb 8 10514 Aug 112 Mar
3734 June 5114 Feb
5012 Jan 22
89 Nov 9712 Jan
9634 Jan 17
1018 July 3678 Feb
2
Jan
17
4958 Jan 9
2814 Oct6872 Feb
77 Jan 100 Nov
10834 Jan 14
541 Feb 27
5012 June 5514 Aug
49% Feb 6
25 Aug 4912 Feb
2234 Oct60 Mar
3854 Jan 7
82 Feb 8
6918 Sept8314 Feb
1084 Feb 29 102 July 110 Jan
7312 Jan 10738 Dec
12238 Feb 1
11234 Feb 29 106 Sept115 Feb
178 Jan 26 14814 .1111y 189 Mar
1224 Feb 5 117 Sept 1258 Jan
234 Jan 12
2038 June 2512 Mar
534 Jan 1738 Nov
2012 Jan 7
334 July 2034 Jan
128s Jan 11
May 3834 Jan
14
11
Jan
4
373
738 Feb
418 Sept
614 Jan 30
87 Nov 14312 Mar
10312 Jan 7
6% Aug 1334 Mar
1338 Feb 13
2934 Aug 7434 Mar
65 Feb 11
16 Sept 331* Mar
254 Jan 31
New York Stock Record-Continued-Page 2
996
For sales during the week of sto%ks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Feb.23.
Monday,
Feb.25.
Tuesday,
Feb.26.
Wednesday. Thursday,
Feb.27.
Feb.28.
Friday,
Feb.29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Rangefor Preston.
Year 1923.
Lowest
Highest
per share
per share S per share Shares. Indus. & Miscell. (Con.) Par $ Per share
per share S per share
per share
per share $ per share 3 per share
100 88 Jan 14 96 Feb 7 78 Oct 1111
/
4 Apr
/
4 9012 9012 91
91
91
91
*8912 9113
500 American Ice
*8912 9212 .8934 921
58212 65
100 81 Jan 3 83 Feb 5
83 *82
83 "82
83
300
Do pref
82
8212 "82
83 .82
7734 Oct 89 Feb
10 1012 Jan 31 1214 Jan 9
1078 11
*1078 11
*1078 11
11
11
900 American La France F E
101s July 13 Mar
1078 1078 1078 11
100 18 Feb 21 2232 Jan 14
*1814 1914
800 American Linseed
13 Oct 38 Mar
1918 1914 1914 1914 *1814 1914 1814 1814 1878 19
100 36 Jan 4 45 Jan 14
38
38 "38
Do pref
40 "38
40
200
3812 3812 •37 40
2815 Oct 59 Feb
40
"38
/
4 74
74
7412 7334 741
7478 75
/
4 Dec
75/
1
4 10,900 American Locom, new_No par 7114 Feb 18 7832 Feb 7 64% July 761
1
4 74
7312 74 . 73/
Do pref
100 11754 Jan 8 11913 Jan 20 11412 Sept 122 Feb
.119 11934 119 119 *118 120
118 120 "118 120 *118 120
100
No par 4218 Feb 27 4571 Feb 14 4014 June 55/
421
/
4 4218 4213 4238 *4312 4434 1,200 American Metals
4434 4213 43
1
4 Mar
*4313 4434 *43
25 94/
1
4 Jan 16 105 Feb 4
/
4 10118 9912 10014 100 100 100 1001
101 10114 1011
/
4 10034 10034 1,700 American Radiator
76 Jan 97 Dec
fps Feb
7
5,200 American Safety Razor- 25
6 Feb 18
812 678
612 6/
1
4
812 8/
1
4
6/
1
4 7
6/
1
4 7
7
7 Feb 9
4/
1
4 June
1412 14/
1
4 1412 14
14
600 Amer Ship & Comm___No par 11/
1
4 Jan 2 1538 Feb 11
/
4 Jan
•14
1314 1314 1378 13/
1413
1
4 *14
1038 July 211
6018 6034 23,300 Amer smelting & Refining _100 5713 Jan 14 63/
58/
1
4 61
5834 5914 59
60
1
4 Feb 14
1
4 Mar
62 6212 6034 62
5114 Oct 69/
100 96 Jan 2 10014 Jan 24
1
4 99/
1
4 9812 99
Do prof
"9834 100 '9834 9914 .98/
9812 9812 9812 98/
1
4 1,400
93 June 10238 Mar
38
*3778 38
3778 38
3712 38
37/
1
4 3734 3713 377
38
3,500 Am Steel Foundries----33 1-3 37 Jan 3 40 Feb 7
/
4 July 4078 Mar
311
100 102 Jan 3 104Is Jan 28
Do pref.
700
"103 10312 103 10312 *103 10313 103 10312 10338 10313 104 104
97/
1
4 Aug 10514 Feb
5,200 American Sugar Refining 100 54/
56
5612 5658 5634 5634 57/
48. Oct 85 Feb
5734 5734 5658 58
1
4 Jan 3 8134 Feb 7
1
4 5714 58
pref
100
9613 Jan 7 9978 Feb 14
99/
1
4 *99
99/
1
4 9914 99/
*99
99
/
1
4
100
Do
9978 *99
"9834 99/
1
4 *99
92 Dec 10834 Jan
1
4
2112 211
/
4 1,100 Amer Sumatra Tobacco__ _100 2034 Jan 2 2812 Jan 9
2112 *2113 22
211
/
4 2214 2112 2184 21
*2111 22
16 July 3634 Feb
100 5918 Jan 4 69 Jan 10
Do pref
6014 6014 *55
65 "55 65
100
3212 July 6534 Feb
i 1554 65 *55 65 "55 65
100 12518 Jan 2 12912 Jan 14 119/
1
4 12834 129
129 129
4,000 Amer Telep & Teleg
1
4 12858 128/
1
4June 12834 Dec
12858 1281
/
4 12858 12878 12812 128/
146 14678 *147 148 145 14634 14478 14513 14514 14514 14512 14638 1,550 American Tobacco
100 14413 Feb 16 157 Jan 28 140/
1
4 July 16134 Feb
100 10138 Jan 2 104 Feb 19 11)01
1
4 102/
1
4•10213 10278 102/
Do pref
1
4 10258
500
/
4 Nov 10578 Mar
"10212 104 *10234 10312 10278 103 102/
Do common Class B 100 143 Feb 16 153 Jan 28 140 May 15934 Feb
1
4 144 144 "145 146
800
14538 14513 144 144/
"145 148 *145 146
200 Am Wat Wks & El v t 43---100 40 Feb 18 4412 Feb 6
4212 "41
42
4114 4114
43 *4113 4213 *41
2712 Jan 4434 Apr
4213 4213 *41
9013 "90
9012 "90
9012
Do 1st pref(7%) v t c..100 90 Feb 5 9112 Jan 21
9013 "90
*90
9012 "90
1
4 July 93 Jan
"89 91
85/
500
Do partic pf(6%) v t c.100 66 Feb 19 6878 Jan 7
88
68
68
68 68
68
4813 Jan 6712 Dec
68 68 "67 68 *6712 68
100 89/
1
4 Jan 30 7878 Jan 11
1
4 7113 7314 7318 7313 7234 7334 11,900 American Woolen
73/
1
4 74/
1
4 7234 7313 7118 72/
85 Oct 109/
1
4 Mar
100 100 Jan 4 10258 Jan 19 96/
100
Do pref
100/
1
4 100/
.100 101 *10018 101 "100 101 *100 101
1
4 *10018 101
1
4 Oct 11134 Jan
212 Feb 13
300 Amer Writing Paper pref,_100
*234 278
234 278 *213 3
4 Jan 7
"2/
1
4 3
*213 278 *212 3
11
/
4 Dec 34 Mar
912 912
534 038
8
973
4.000 Amer Zinc, Lead & Smelt- _25
8 Jan 5 1032 Feb 14
818 9
814 814 *834 9
/
4 Feb
61
/
4 Oct 191
3212 1,400
25 29 Jan 4 3478 Jan 14
Do pref
3412 3358 3358 3134 321g "30
32
24/
1
4 Dec 5814 Feb
"34
32
321
/
4 *30
3238 34
1
4 33/
1
4 285,200 Anaconda Copper Mining_ 50 3238 Feb 28 41 Feb 15
1
4 3278 34
32/
38/
1
4 3978 3738 3938 3312 37/
32/
1
4 Oct 5312 Mar
100 9214 Jan 2 9318 Jan 24
9213 • 9212 9212 9212 9212 9212 9213 9212 9212 9212 9213 9213 1,200 Armour az Co (Del) pref
8834 Oct 9414 Dec
978 Feb 29 15 Jan 9
1018 10
10
978 9/
1
4
800 Arnold Constle& Co yteNopar
1012 1012 10
10
10
.10
11
1011 Nov 1834 Oct
15,500 Associated Dry Goods,,,..100 79 Jan 15 96 Feb 29
92/
1
4 911
/
4 9158 9138 92/
1
4 9212 96
91
91
9013 9044 91
6214 Jan 89 Mar
100 85 Jan 15 88/
87/
1
4 88/
500
Do 1st preferred
88 *86
88 "86
88 .
1
4
1
4 Jan 29
*8812 88 *86
88 *86
82 Nov 89 Feb
100 89 Jan 2 95 Feb 7 84 Oct 9312 Feb
Do 2d preferred
95 '
392
95
100
95 *92
93 "91
94
*91
*93
9334 9334
25 2813 Jan 10 34/
311
/
4 3113 3178 311
/
4 3178 6.200 Associated 011, new
31
1
4 Feb 5 24/
3134 3212 32
3212 31
32
1
4 Oct 2912 Dec
*24 214 1.600 Atlantic Fruit
No par
2
2
2
118 Jan 15
*218 214
134 2/
1
4
2
2/
1
4 Feb 20
11
/
4 178
/
1
4 Nov
3/
1
4 Feb
1738 1734 1738 19
17
1814 16/
1
4 1718 17
1718 1634 1714 14,700 Atl Gulf & W I SS Line__ -100 1338 Jan 2 19 Feb 25
914 July 34 Mar
100 1212 Jan 4 1912 Feb 25
1812 171
/
4 1738 1714 1714 17
17
3,0001 Do pref
1814 1814 1818 1911 17
6/
1
4 July 27 Mar
100 125 Feb 20 14018 Jan 31
1.000, Atlantic Refining
125 128
125 125
129 132 129 129 *125 128
9938 Sept 15313 Jan
12612 129
100 117 Jan 23 118 Feb 7 115 May 120 Jan
Do pref
117 11812 *117 11812
*117 11812 "117 118/
1
4 117 11812 *117 118
Co_
_No
par
Nichols
A
23
Austin,
Feb
27
23
1,600
2313
2318
23
23
23
30
Jan
9
23
17 .11113' 35/
1
4 Jan
24
23
/
1
4
"24 25
2334
100 '84 Feb 26 88/
Do pref
400
1
4 Jan 24
8812 "85
8712
88 "85
7834 June 8912 Jan
85
84 84 "84
.82 88 *82
8/
1
4 Jan 2
*412 5
414 Feb 6
400 Auto Knitter Hosiery_ No par
458 458 •412 5
658 Dec 2814 Apr
48 453
*434 514
434 434
1
4 Feb 18 131 Feb 7 110/
1
4 12212 124
122/
1
4 12414 84,300 Baldwin Locomotive Wks_100 118/
1
4 120/
1
4 Aug 14414 Mar
1
4 122/
122 12314 12112 123 12058 122/
100 111 Jan 4 12112 Jan 12 111 Apr 118/
Do pref
200
112/
1
4 116
115 115
1
4 Jan
/
4 11518 11212 116 *11212 116
*11213 116 1151
No par 26 Jan 9 36 Feb 7 2012 Dec 55 Feb
Barnet Leather
37 .26
37
37 "25
37 .25
.26 37
*26
37 *26
9,200 Barnsdall Corp. Class A._ _ 25 14 Feb 16 1878 Feb 1
16/
1
4 17
9/
1
4 17
1
4 Aug 35 Mar
18
1534 1534 1514 16
1634 1758 1733 16/
25 10 Jan 7 141
Do Class B
/
4 Feb 7
1384 14 *1314 1334 1313 1312 1,000
6 Oct 22 Jan
13
13
1258 13 *1213 13
*1
20
1
1
14
/
1
4 Jan 2
14
*18
*1
/
4
100 Batoplias Mining
14 Jan 17
53 Aug
Is July
14
*is
*1
/
4
14
52
5113 5112 .52
53
200 Bayuk Cigars, Inc_ - __No par 5112 Feb 28 59 Jan 5 50 June 6214 Apr
53
52
53 "52
*51/
1
4 53 *52
20 5118 Feb 27 5812 Jan 31
5118 5112 52
52
5214 5212 1.700 Beech Nut Packing
4818 Dec 8414 Mar
52
52
5134 52
53 53
100 53 Jan 3 6218 Feb 5 41/
5773 5713 5812 571
1
4 June 70 Mar
/
4 58 29,200 ;Bethlehem Steel Corp
5712 5838 5653 5814 57
57/
1
4 58
1
4 Feb 4 11058 Feb 14 10014 June 11114 Mar
Do cum cony 8% prof -100 105/
400
1
4 110
10834 109 *109 110 *109 110
110 110 *109/
109 109
100
9012 Jan 9 97 Feb 11
Preferred
new
94
94
1,100
87 July 9713 Mar
95
/
1
4
9534
95
5
4
953
9558 95/
1
4 9534 9534 9554 9534
4
par
25
No
5/
1
4 Feb
7/
1
4 Jan 6
614 614
*614 8
334 Oct
1
4 558
400 Booth Fisheries
71
/
4 Jail
514 538 .5111 553 *514 558 *5/
100
5 Feb 9
British Empire Steel
4/
1
4 Jan 31
3 Dec
9/
1
4 Mar
*5/
1
4 6
*538 6
"5
6
'538 6
*514 534 *518 6
100 53 Feb 18 53 Feb 13
5214 Dec 6912 Mar
Do 1st preferred
100 1314 Jan 81 15/
1
4 Jan 11
1512 --- (515
Do 2d preferred
1238 Dec 2612 Feb
1514 15/
1
4 16 ;ii34 16 ;His 111- ;ii- 1514 '14
100 1103g Feb 27 116 Feb 8 10414 May 1211
/
4 Jan
1
4 11114 "110 11118 1,500 Brooklyn Edison, Inc
11038 11038 110/
11118 11113 11012 111 .11014 111
100 11914 Jan 3 12958 Jan 23 10312 May 128 Feb
300 Brooklyn Union Gas
•122 125 *121 125
100 4712 Feb 27 5312 Jan 9
4138 Oct 65/
1
4 Apr
47/
1
4 50 .4712 50 •4712 50
400 Brown Shoe Inc
4812 4812 '4712 50
*47 50
100 9712 Feb 26 10754 Jan 18 100 Sept 14434 Mar
101 101
98 100
10112 10112 2.000 Burns Brothers
99 10018 67/2 100
.100 103
25
/
1
4
com____
1958
Feb
26
Jan
B
28
Class
2112
Sept
43
Do new
Jan
2114 22
22
24/
1
4 2318 2413 10,000
1•2114 22
2034 2118 195/3 21
612 Feb 14
5
5 Jan 3
414 Oct 1134 Feb
514 514
514 514 3.000 Butte Copper & Zinc
538 534
514 512
584 578
584 6
100 19 Jan 3 2338 Jan 23
1314 June 22 Aug
20
20
400 Butterick Co
*1918 1934 *1912 1934 1912 1934 *1913 20
•1918 20
10 1518 Jan 2 2038 Feb 15
12/
1
4 Oct 3778 Mar
1634 17
17
16
1818 1638 17
17/
1
4 5,200 Butte dc Superior Mining
1878 1912 1812 19
2 Jan 2
414 Jan 19
278 3
11
/
4 Nov
3
3
9/
1
4 Feb
700 Caddo Cent Oil & Rei_No par
• .258 3
1
4
2/
1
4 234 *278 314 "2/
77 Aug 87 Feb
1
4 8478
1
4 8413 *84/
800 California Packing_ _ __No par 82 Jan 2 8714 Feb 1
8413 8434 .8458 8478 84/
• 8412 8412 8413 85
/
4 Feb 5
17/
1
4 Sept 2933 May
25
25131 25
2534 21,200 California Petroleum, new, 25 2358 Feb 15 291
1
4 25
1
4 2458 2558 24/
25/
1
4 2558 2518 25/
100 99/
1
4 Jan 4 107 Jan 31
9013 Sept 11012 May
Do pref
500
"100 103 10014 10038 10038 10038 10012 101 '100 10112 10113 10112
4te Jan 2
47
10
678 Jan 9
334 Oct 1258 Feb
5
5
5
3,800 Callahan Zinc-Lead
5
5/
1
4 514
5
5/
1
4
5
5/
1
4 514
10 4314 Feb 29 4918 Jan 24
45
42 Oct 66 Mar
431
/
4 4412
44 44 *44
800 Calumet Arizona Mining
44
44
46
46
45
45
3/
1
4 Jan 22
1
1/
1
4 Feb 25
112 138
112 Dec
*112 178
9/
1
4 Feb
112 11
/
4 '112 212 •113 212 . *113 212 1.100 Carson Hill Gold
78
*73 1
73
/
1
4 Jan 8
14 Oct
*74 1
No par
113 Jan 11
.78 I
200 Case (J I) Plow
434 Feb
8
*/
1
4 1
63
Feb
27
pref_-100
77
Jan
Thresh
M
11
"60
67
(J
I)
63
*64
68
300
Case
65
63
Oct 85 Apr
70
.71
*63
67
.70
72
1778
100
133
2
Jan
2
Feb 13
1434 1434 15/
958 Nov 4013 Mar
1358 1413 14
16
1
4 11.700 Central Leather
1613 1413 16/
1
4 1334 15
100 3518 Feb 27 447a Feb 13
*4012 40/
Do pref
28/
3554 38
3834 3914 12,200
1
4 Nov 7934 Mar
1
4 3773 3958 361
/
4 3814 3618 36
4618 4612 16.200 Cerro de Pasco Copper_No par 4434 Jan 21 4812 Feb 15
361
/
4 Oct 5012 Mar
4518 4534 4513 46
4718 47/
1
4 4612 47
4514 47
1
4 6012 16,900 Chandler Motor Car__ No par 58 Feb 26 8612 Jan 2 43 Oct 78 Mar
6012 81
5813 5938 58
6012 5834 5914 5918 6014 58/
/
4 Feb 18 84 Jan 8
83
8234 83
83 "81
200 Chicago Pneumatic Tool,,100 811
75/
1
4June 9034 Mar
*80 83 *80
83 .81
8213 *81
25 2658 Feb 26 2834 Feb 15
/
4 2778 271
241
/
4 June 3038 Mar
1
4 271
28
28
/
4 27/
2758 2814 26/
1
4 2734 2718 27/
1
4 23,300 Chile Copper
5 1714 Jan 21 2012 Feb 18
1
4 1714 17/
14/
1
4 Aug 311
1878 1938 1838 1878 1712 1812 1712 1758 1714 17/
1
4 10,300 Chino Copper
/
4 Mar
1
4 Jan 14 7512 Jan 30
7113 7112 "7012 7113
300 Cluett, Peabody 415 Co.- _100 70/
60 July 7614 Mar
73 • 73 *7134 7213 7134 7134 *7012 71
No Par 6853 Feb 26 7712 Jan 2
71
70
7138 7178 18,300 Coca Cola Co v t c
65/
1
4 Oct 8338 June
74
74
7218 74
68/
1
4 7238 6912 70
1
4 Feb 15 2912 Feb 1
100 24/
26/
1
4 26/2 2.200 Colorado Fuel & iron
20 Oct 3538 May
26
2638 2612 27
2738 27/
1
4 27 27
2612 27
5214 5312 511
/
4 521
5113 5214 5134 53
41
5112 52
Oct 511
/
4 Dec
/
4 6.500 Columbian Carbon v t c No par 4938 Jan 2 5538 Jan 18
5214 53
343
4
3418
.No
par
3334 Feb 26 38 Feb 5
3614 3613 3514 3614 3334 3512 34
3414 34/
1
4 3413
15,300 Col Gas & Elea, new.
30/
1
4 June 37/
1
4 Apr
Graphophone No par
Columbia
Feb
Oct
278
/
1
4
- -100
Do pref
14 Oct 1212 Jan
100 Computing-Tab-RecordNo par 9058 Feb 15 104 Feb -5 67 June 97/
_
1
4 Dec
9513 9513
No par 45 Jan 12 13834 Feb 18 /4413 Dec 184/
-6-214 -6-2E8 -6‘214 5i4 6414 19,700 Congoleum Co
1
4 Nov
60/
1
4 6138 6012 -611,3
1
4 Jan 14
1618 1538 1612 2,700 Consolidated Cigar- No par 1232 Feb 29 22/
145s Dec 39/
1
4 Jan
1712 1712 1712 1814 1678 1712 1612 1658 16
100 66 Feb 1 84 Jan 15 60 Dec 83 Feb
Do pref
71
*6134 71 '61*2 67
100
66
66 *6212 66 "134
*6134 66
1
4 Jan 2 6734 Jan 23
64
6438 63
84
58/
1
4 July 89/
8278 63/
1
4 6234 6312 6318 8418 6312 6412 15,900 Consolidated Gas(N Y) -100 60/
1
4 Feb
6 Jan 2
8 Jan 5
614
618 611
61
/
4 618
818 61
/
4
6
618 818
61
/
4 818 2.200 Consolidated Textile_ _.No par
6 Oct 1412 Feb
100 4912 Feb 27 80 Jan 8
6114 5113 5012 511
51
/
4 4958 50/
1
4 4913 5013 5014 51
5114 11,800 Continental Can, Inc
42% May 5738 Dec
71, 744
71, 738
7
718
718 7/4
714 714 8,400 Continental Motors__,No par
7 Feb 18
8 Jan 113
5 Oct 1214 Jan
*71s 724
1
4 Jan 4 187/
5.600 Corn Products Refining--100 152/
1
4 Jan 28 11432 July 16012 Dec
175 17634 17414 176
17514 17578 1741. 17512 173 17513 17312 174
100 117 Jan 28 12012 Jan 8 115/
Do pref
1
4 11812
300
11812 11812 11813 11812 118/
1
4 Nov 12238 Feb
*11814 117 *11814 119 *11814 119
No par 82 Feb 15 40/
1
4 Feb 5 2234 Sept 6214 Mar
35/
1
4 3518 3534 26,200 Cosden & Co
3558 3614 3434 3618 3414 3514 3418 3514 35
1
4 Feb 7
6312 64
1
4 63 6413 10,900 Crucible Steel of America-100 8114 Feb 18 71/
63 6312 6214 64
6214 63/
1
4 6314 83/
5712 Sept 8412 Mar
100 8978 Jan 9 92 Feb 11
Do pref
92 .911
*91
9134 "91
/
4 9214
.9011 92
9134 "9118 9134 .91
8534 Aug 9412 Mar
No par 1412 Jan 18 18 Feb 6
1638 1618 1658 8.200 Cuba Cane Sugar
812 Aug 20 Feb
1612 1634 1618 1614 1534 1614 1534 1578 16
100 8078 Jan 4 711
Do pref
1
4 6858 701
/
4 Feb 11
1
4 89/
8914 6973 68
6958 68 6918 69/
/
4 19,000
3313 Aug 6512 Dec
6952, 70
10 33 Jan 4 38/
1
4 Feb 11
3614 37
3614 3654 13,700 Cuban-American Sugar
1
4 3614 36/
1
4 36
3638 3512 36
23 Aug 37/
1
4 Feb
3638 36/
100 96 Jan 4 99/
Do pref
300
1
4 Feb 28
9912 *99
9914 99
99
9912 991z '99
99
99
9912
*99
92 July 106 Apr
612 Jan 22
712 712 1,900 Cuban Dominion Sugar No par
712 712
/
4 8
713 712
71
/
4 778 *71
8/
1
4 Feb 5
3 July 1214 Mar
7/
1
4 778
100 47 Jan 3 52 Feb 5
Do pref
*50
*49
51
5114 *49
51
*49
51
"49
51
51
"59
30 Aug 5812 Mar
No pa
6878 Feb 19 7412 Jan 3
72
2,400 Cuyamel Fruit
70
7212 •71
72 .7034 7112 711
7212 7234 71 14 72
5412 July 7213 De°
Chemical
v
t
c-No
pa
46
Davison
Feb
4 6912 Jan 8
1
4 5514 69,400
5078 5314 52
5412 54
5534 53/
1
4 55/
1
4 53/
203s May 8114 Dec
5113 53
1814 Jan 21 211
500 De Beers Cons Mines_,No pa
/
4
Feb
•2058 211
/
4 2114 2112
29
1834 Dec 28 Mar
/
4 2038 2038 *2058 21
*2014 2012 *2058 211
100 10114 Jan 30 10814 Jan 10 10014 June Ill Mar
500 Detroit Edison
/
4 *106 10612
*10613 107 *106 16612 10612 10634 10634 107 *105 1061
/
4 Jan
3054 May 441
1712 1713 1713 1712 1712 1712 *1712 1738 1712 1734 1734 1734 1,600 Dome Mines, Ltd__ No par 17 Jan 30 2014 Jan 7
2,600 Eastman Kodak Co,..No par 10818 Jan 14 11213 Jan 8
10912 11078 11012 111 *10)14 110
1
4 Jan 11534 Apr
89/
11173 11178 111 11134 11078 111
2218 2218 -2218 /. 23
2,700 Eaton Axle & pring- --No par 2112 Feb 23 2418 Jan •8
23
2214 "22
Oct 27 July
20
2112 2214 2218 2214 22
1
4 Feb 19 14172 Feb 1 10614 Jan 14812 Apr
130 131
11,500 El du Pont de Nem & Co-100 126/
128 12914 129 131
12914 13114 12833 13014 127 130
6218 6112 6113 6118 6114 6178 62
6214 6234 1,700 Eiee Storage Battery_,No par 5913 Jan 15 64 Feb 7 52 July 8718 Mar
62
62
"61
50 12 Feb 8 1234 Jan 8
12,3 12
12
*12
12
300 Elk Horn Coal Corp
1212 *12
121
/
4 12
1214 Dec 2034 Jan
121s *12
*12
712 Feb
I Feb 29
*138 2
500 Emerson-Brantingham Co 100
134 "1
1
1
.138 2
114 158 .1
3/
1
4 Jan 9
/
1
4 Dec
134
6313 6234 6234 "6212 _ _ _ _ "6212 6312 1,600 Endicott-Johnson Corp__ _ 50 8258 Feb 19 8712 Jan 16
6338 63
5878 Oct 9414 Jan
.6314 6312 63
pret
Do
100
114
*11318
1141
/
4
113
Jan
*11318
Jan
114
*113
114
•11318
3
115
Jan
17
118
114
*11318
110
Oct
114
.113
Exchange Buffet Corp_No par 22 Jan 11 2258 Jan 12
22
Jan
22
*21
2212 *21
1978 Dec 31
22 .2112 23 *21 ,22 "21
*21
Jan
52 Oct 93
6573 6658 6413 6558 6414 6514 6438 6533 6534 6678 6634 8714 11,100 Famous Players-Lasky_No par 81 Jan 29 7213 Jan 17
(8%)
pref
Do
89
200
100
87
9934
Feb
89
*88
90
*88
8912
*88
90
/
1
4
Jan
28
911
/
4
Jan
14
Oct
90
82
*89
90
*i•9
Federal Mining & Smelt-g-100
'912 1113
9/
/
4 1112 *91/4 1112 *912 1112 *9
11
1
4 Jan 10 13 Feb 20
5 June 13 Nov
11/3 *91
.10
Do pref
100 4112 Jan 2 4734 Jan 24
4314 44
4318 44
44
/
4 4414 2.200
3414 June 6012 Feb
4412 441
481- .46'3 4412 44
No par
Fifth Avenue Bus
10
/
1
4
1114
913 Jan 3 1312 Jan 28
1118
1114
1114
10
/
1
4
111
/
4
113
10,300
1
4 Jan
4
7/
1
4 Sept 10/
11 - 1133 .1114 1133
No par 163 Jan 23 207 Feb 25 140 July 21214 Jan
109 199 202 207 20484 20612 20514 20533 3,300 Fisher Body Corp
193 200
*1921. 197
lop
Ohio
pref
_
Body
29
100
100
Fisher
June
Jan
10012
94
July
*99
100
*100
10012
10012
200
10238
Feb
29
102
100
*99
*99 - 100
61.i
812 p34 *812 888
0
No par
014
5/
1
4 Oct 1612 Feb
n
812 834 2,500 Fisk Rubber
8/
1
4 Feb 18 1034 Jan 18
3
491, 47
49
Fleischman Co
No nor 4414 Jan 2 50/
1
4 Jan 29
473,
48
Feb
May
473,
1733,000
3735
4714
4.M
4''.
4733
.
471
.-34
S Ex-dividend.
•Bid aad autod prices; no sales on this day. o Ex 300% in rtOek.
New York Stock Record-Continued--Page 3
997
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday.
Feb.23.
Mondatr,
Feb.25.
Tuesday,
Feb.26.
Wednesday. Thursday.
Feb.27.
Feb.28.
Friday.
Feb.29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-short lots
Lowest
Highest
PER SHARE
Raneefor Previous
Year 1923.
Lowest
Mellen
per share $ per share $ Per share Shares. Indus.& Mlscell.(Con.) Par $ Per share $ per share $ per share $ per share
3 per share $ per share $ per share
No par 6612 Jan 21 7438IFeb 28
5812 Oct 7838 July
7384 7453 7278 7338 6,600 Foundation Co
73% 74
74
731% 73
7184 7112 71
912 Feb 4 13% Jan 7
97 10
3,100 Freeport Texas Co_ _ _.No par
10
10
912 July 22 Jan
10
1014 1014 1018 10% 1018 1014 10
42
par
.No
Feb
Car__
21
Oct 71% Feb
3813
2
Jan
464
Tank
Amer
Gen
800
43
.42
43
.42
43
.42
43
43
42 424
42 45
.
37%
Feb
100
Feb
4634
23
5
18
Aug 54 Mar
Asphalt
405* 10,300 General
4012 3914 4078 3814 4014 38% 3912 39% 4012 40
39
100 7134 Jan 3 81 'Feb 8
60 Sept 83 Mar
pref
Do
200
7513
7513
73
.
4
737
83
.72
83
.7213
73
73
*73 83
100 9014 Feb 19 97% Jan 10
8018 June 9712 Dec
100 General Cigar,Inc
92
92 .91
92 *91
*92 9313 9114 9114 *91. 92 .91
Debenture preferred_ _ 100 106 Jan 3 107 Jan 11 10414 Nov 110 Apr
•105 106 •105 106 •105 106 *104 106 .104 106 *104 106
19312
100
22313
3
Sept 20214 Dec
Jan
16758
26
Jan
Electric
General
17.200
207
21112
2073s
209
20534
202
204
20713
20778
206 208 20614
10 10% Jan 2 1114 Feb 7
1014 Oct 12 Jan
Special
1.900
11
11
11
11
11
11
11
s 11
11
1234 June 1713 Apr
Motors Corp. No par 1438 Feb 26 1614 Feb 1
General
25,700
144
1413
1412
1412
14%
1434
1434
14%
1478
1458
154
8
147
100 8112 Jan 4 84 Feb 20
79 July 89 Apr
Do pref
82 85
85 *82% 85 .
82 85 .82 85 .82 85 .82
.
78% July 90 Apr
Do Deb stock (6%)-100 81 Jan 14 834 Jan 11
500
82 82 .82 8213 8212 82% 82 8214 *8134 82 •8134 82
93% Oct 105 Apr
(7%)_ 100 98 Jan 7 9934 Feb '2
stock
Deb
Do
9918
991,
.99
*99
9918
99
.
.99
9918
9914
*99
9978
*99
3913 June 5113 Apr
No par 4772 Jan 30 5114 Jan 10
600 Gimbel Bros
50
50 •4914 5012 50
$012 $074 *49% $012 4913 4913 *49
852 Jan 9 194 Jan 11
No par
6 Sept 1238 Feb
500 Glidden Co
1214
1134 1214 1214 121, 12
1214 .
1214 *12
1213 1212 .12
28
par
Feb
37
18
Feb
3312
No
Corp
Dust
Gold
5.300
36%
3678
3634
3658
37
364
3614
36 3818 3614 3611 3513
812 Feb 15 12 Jan 9 -1- Nov ' 2218 June
913 10
10
*1014 1012 3,600 Goldwyn Pictures, new _No par
1014 .104 11
10
10
•814 1)12
l7$ Oct 4114 Mar
Feb 18 2634 Jan 10
17%
2234 2314 22% 23% 22% 22% 2218 2212 2234 2234 2218 2234 2,900 Goodrich Co (B F)__ No par 22
100 75 Jan 8 80 Jan 17 67% Oct 924 Mar
Do pref
200
7952
77 77 *77 7913 77 77 •7614 7052 *7712 7912 *77
4
Jan
35 Oct 6212 Apt
8
Jan
49
39
1.0.100
ir
pf
Rub
&
T
Goodyear
4212
1,300
4213 42%
42
42
*42 4213 •4214 4.2% 424 4213 42
88 Oct 99 Feb
100 8814 Jan 2 93 Jan 12
Prior preferred
300
92
91
93
93 .
93 .91
91
93 *91
9312 •91
.91
12 Oct 33 Mar
13%
Jan
15
Feb
1714
15
Pow100
&
Sm
M.
Cons
Granby
3,100
15%
15
1478
15%
1434
1513
14% 16
16
16
17
*16
ips Jan 11
6% Feb 27
834 Dec 1558 Mar
1,800 Gray & Davis, Inc_ _No par
64 7
7
7
613 7
714
714 714 *7
13% Dec 3418 Mar
..100 14 Feb 28 1634 Feb 18
CopperCananea
Greene
800
14
1413
1413
144
1412
*14%
1412
14%
1534
.1434
*1514 1618
6
Feb
1012
7
Jan
5 Sent 1412 Feb
634
.No
•
914
Guantanamo
*
1111
1
2,300
Sugar-94
8%
9
812 812
814 812
834 9
8h 813
82
82
8178 83
83% 16,100 Gulf States Steel tr ctis---100 794 Feb 18 894 Feb 7 66 June 1045s Mar
8034 8214 8014 82% 81
8212 83
par
Jan
52
8
Jan
las
212 Jan
Cable_No
2
Elms
4 Aug
Habirshaw
34
ss,
_
*58
34
"8
34
.58
7934 Nov 9472 Feb
40 .104 4012 4053 - 066 Hartman Corporation No par 3912 Feb 25 4454 Feb 4
3912 40
3934 40
.40 4034 3913 40
31 July 44 Apr
3 5272 Feb 4
Jan
40
100
Wheel
Hayes
12.400
45%
45
45
46
45
4514
47
48
4334
47
464
4618
100 51 Feb 27 5812 Jan 3 54 Dec 79% Jan
200 Homestake Mining
53
51
51
51
51
53 *45 53
53
28% July 39% Mar
3212 3212 3212 3212 1,600 Household Prod,Int...No par 32 Feb 16 3412 Jan 2
3253 3312 *3213 331
32h 3253 33 33
100 66 Feb 15 82% Feb 5 40% Aug 78 Feb
Texas
of
Oil
Houston
gips
10.400
724
7014
72
71
6912
71
7134
7234 7334 70% 7314
15
Feb
25%
7
par
Jan
..No
20 June 32% Mar
2834
Car__
Motor
2614 2838 26% 26% 2612 26% 2614 26% 2634 26% 2634 2634 2,400 Hudson
10 1518 Feb 16 18 Jan 2
1518 Dec 3012 Apr
1,800 Hupp Motor Car Corp.1618 16
16
1638 16
1534 1618 16
1614 1534 18
*16
par
12
Jan
12 Oct
10
Jan
No
612 Jan
2
1
5.34
112
%
%
Steel
Hydraulic
900
*34 1
54
34
1
1
78 1
613 Jan 3
333 Sept 114 May
914 Jan 18
600 Independent 011 le Gas_No par
8
7% 734
8
734 734
734 774
8
8
8
8
19 Mar
5
1
Jan 17
Oct
Feb
5
24
4
3
Refining
Indiahoma
154
114
*118
300
.1%
114
114
114
•114
114
114
• *114 I%
18 Dec 1934 Dec
2114
900 Indian Motocycle____No par 1912 Jan 2 2513 Feb 4
21
2014 21
20% 201
21
.21% 22 *2012 2113 21
10
5% Jan 17
812 Apr
34 Dec
44 Feb 13
4% 452
700 Indian Refining
412 412
413 412 .413 434 .412 43
*4% 434
Oct 43h Mar
2218
24
Jan
27%
28
Feb
234
20
Copper
Cons
Inspiration
224
71,600
24
23%
24
2313
25% 2612 2414 2534 2254 2414 22%
1 Jan 3
100
24 Feb 7
4 Oct 11 Feb
Intemat Agricul Corp
.14 112 .118 312
•11, 153 •118 153 .118 113 •118 11
418 Oct 39% Feb
6 Feb 21 1018 Jan 8
100
Do pref
100
*512 64
6
6
*5% 614 •512 614 .512 814 .512 6
31 June 44 Mar
43
1,700 International Cement_ _No par 4134 Feb 18 4434 Feb 11
43
43
4234 4314 43
.4234 4314 4214, 4213 4212 43
19
June 2718 Apr
Feb
1958
2274
12
par
Jan
27%
.No
Engine.
2334 8,600 Inter Combus
23
24
2358 234 23% 2312 23
24 2412 2312 24
6834 Oct 9812 Feb
8534 854 8514 3,500 International Harvester_ - -100 78 Jan 3 87% Feb 4
85
8512 8414 85
4
1
85 8518 85 85/
26
Oct 11614 Jan
Feb
2
Feb
108
106
106
100
prof
Do
500
107 10712 106 10614 .10614 108 •106% 108 *106 108
.10712 110
478 Aug 11% Feb
634 Jan 2
4 Feb 1
1
9/
734 784
500 let Mercantile Marine.---100
712 8
.712 8 .
84 818 *713 8
8
8
47 Jan
18
Feb
1812
1
Feb
34%
Aug
28555
100
pref
Do
6.700
3034
30%
3078
30
301
30
31
304
31%
3012 30% 30
1034 Oct 1614 Feb
6,800 International Nickel (The) 25 1212 Feb 26 15 Jan 28
1234 13
1212 1278 1212 1258 1254 13
. 134 1314 12% 13
69% Jan 83 June
100 7834 Jan 7 8214 Feb 20
pref
Do
82
500
.79
82
•79
82
.78%
7918
82
79
.7918
794 7914
100 3478 Feb 20 424 Feb 8
2778 Oct 58% Mar
384 3914 4,000 International Paper
3614 39
3614 3614 3814 36% *3413 3514 *3413'351
60 Oct 754 Jan
Do stamped preferred_100 64 Jan 3 6634 Feb 7
200
65 .64 65
65
64 6414 6418 641
84 85
•*64 66 .
par 12% Feb 16 16% Jan 2
_No
Corp__
Vs Nov 1914 Mar
Oil
Invincible
1474
14.100
1414
1413
141
1413
145*
1378
1414 13%
1414 14
14
3213 Aug 584 Mar
100 Iron Products Corp_.__No par 4112 Feb 19 524 Jan 10
4412 4713 *4434 48
4613 461 .
4412 48 *4444 4512•_ _ _ _ 46
10
Feb
.03 Nov
Island Oil& Transp v t c
1538 Oct 24 Mar
100 20 Feb 18 234 Jan 2
Tea, Inc '
- ;io- 21 2034 203* ;iiiT4 21 -21- -if- 2OI 21 - ---ilk, Jewel
'
62 June 8812 Dec
100 87 Jan 5 9158 Jan 18
Do pref
*85 90 .85 90
85 90
85 90 .
90 .
*88 90 *88
2038 Dec 63% Mar
100 22 Feb 26 27% Jan 3
22% 2278 2214 22% 2,100 Jones Bros Tea, Inc
2212 224 221
2212 2213 22
23
23
28 July 45% Feb
33
31% 3113 3134 31% 1,600 Kayser (J) Co. v t c__No par 31 Feb 27 38% Jan 18
311
31
*3112 33 .3113 32 *3112
96 July 104 Mar
No par 99 Jan 30 10212 Feb 11
pref
1st
Do
100
10153
10113
104
•10113
104
104
*10153
•10112
104
*10112
104
.10113
20% Oct 6218 Mar
25 2358 Feb 29 85 Jan 10
2434 2514 244 25% 23% 2512 15,400, Kelly-Springfield Tire
26% 25% 2613 2514 26
26
78 Nov 108 Jan
100 734 Feb 27 88 Jan 10
200' 8% preferred
7514 7514 7314 7314 •_ - __ 75 .7518 77
*7514 77
.7514 81
75 Oct 11714 Mar
10
Jan
101
4
Jan
97
100
Inc
Wheel,
Kelsey
500
100
.98
100
.96
97
98 98 •_ _ _ _
,97 98 *99 100
2938 Oct 45 Mar
15
par
Feb
38%
21
Jan
344
No
Copper
Kennecott
74,000
3513 36% 3858 37
3718 37% 3658 374 344 36% 34% 351
1% Oct 1118 Mar
Vs Jan 9
Rubber._ 10
234 Feb 16
&
Tire
Keystone
500
3
3
3
8
27
•
3
2%
3
3
34
278 31s .3
.
•
100 28712 Jan 17 3104 Feb 8 177 Ma 300 Dec
Kresge(S El) Co
300 310 .300 325 .301 325 .300 325 .300 320 .300 325
8813
Jul) 89355June
75
Feb
2
Jan
79
1
..100
LOuls)
(St
L
Gas
Laclede
900
8714 8712 8612 87
88
86
88 .
88
87 .
87
.86 88
1138 Oct 31% Mar
1.300 Lee Rubber & Tire_ _ _ _No par 1218 Feb 18 1718 Jan 11
13% 13% 1353 1312 1314 1314 12% 1258 125* 1234 1212 125
2064 Feb 18 245 Feb 9 1904 May 240 Dec
_100
Tobacco_
Myers
&
Liggett
,-,204 208 •204 220 •204 220 •204 220
100 116 Jan 2 11774 Jan 24 11134 Apr 11814 Jan
200 Do pref
-115 117 117 117 *115 117 11612 11613 11612 117 .115 117
5814 June 74% Mar
Wks tern ctf _No par 644 Feb 15 6858 Feb 7
65 6512 64% 65
6474 85313 6458 8434 8534 8614 66% 6612 2,700 Lima Loc
14 June 2114 Feb
par 1614 Feb 19 18 Jan 10
.No
Incorporated__
Loew's
•16% 17 •16% 17
1678 16% 1634 164 167, 17% 1718 17% 2.000
6 Sept 11% Jan
84 Jan 11
6% Feb 29
No par
1,100 Loft Incorporated
612 63
*634 7
714 •7
6% 6
71,
*7 • 714 •7
6212 Jan 26
3614 July 8814 Dec
18
Feb
51
100
Biscuit
Loose-Wiles
800
5212
521
5212
5212
53
52
5514 52
5112 5213 52
*53
5
June 1824 Dec
146
Jan
175%
15
Feb
149
100
(P)
1.700 Lorillard
153 155
15312 155 .
1514 154 .
156 15614 15313.15313 155 155
100 107 Jan 2 117 Jan 30 103 May 121 Feb
Mackay Companies
109 115 .110 115
*110 113 •110 115 *111 115 .116 120 .
7
Jan
23
Jan 9313 Apr
Jan
58%
par
90%
8314
No
Inc
Trucks,
Mack
19.200
8714 884 883
8613 8414 8512 85
86 8614 8614 8853 84
87 July 994 Mar
100 9512 Jan 16 98 Feb 7
Do 1st preferred
100
. 9734 9734 •0713 984 .9735 9812 *9734 9812 *974 9812 •9734 981
8
Jan
90
15
June
Jan
72
8714
92 Mar
100
preferred
2d
Do
89
90
*88
89
89
89
*87
86
.
*86
•88
89
.87
57 July 7113 Jan
400 Macy(R H)& Co.Inc_No par 62 Feb 28 6812 Jan 2
63
62 •62
63 .62 63
63
6258 6258 62
6234 64
.
2714 Oct 3814 Mar
No par 3012 Jan 2 33% Feb 15
1,500 Magma Copper
3112 321
3218 30% 3114 3114 311. .
*3212 3312 32% 32% 31
21 June 40 . Jan
2,600 hfailinson(H R)& Co-71/0 Par 24 Feb 27 3134 Jan 18
2414 244 25
2412 24
.2513 2513 2458 25
24
25
25
43 July 7514 Mar
100 62 Jan 5 68 Feb 4
200 Afanati Sugar
66
66
67
69 .64
64 69 •64 69 .
84
66% 6634 .
14
25
Feb
Jan
72 Oct 90 Feb
82
8614
100
prof
Do
100
87
•8414
87
.844
87
87
*8414
8514
.
8814 8614
.85 87
28
Feb
37
9
Jan
4234
35 Oct 66 Mar
par
SupplyNo
Elec
500 Manhattan
38% 3834
37
37
3712 39
.3712 39 .3713 39 *3712 39 .
40 Oct 47% Jan
25 36 Feb 18 44 Jan 10
Shirt
Manhattan
39
39
900
.3914
3934
3978
393
*3914
4
*3914
39%
3918
3914
394
16 Sept 28% Dec
30% 3114 11,100 Maracaibo 011 Expl___No par 2512 Jan 3 37% Jan 26
3014 31
3134 3218 30% 3134 2918 31% 3012 31
1712 Oct 695a Apr
No par 35 Feb 19 42 Feb 5
3534 3658 36% 3714 37
37% 30.700 Marland Oil
3738 37% 3613 3712 36% 37
8 Jan 8 13% Jan 18
No par
34 Nov 16 Feb
1,100 Marlin-Rockwell
13 *12
13
13 •11
13 •11
13% 13% 13
1334 •12
15
17
par
Jan
37%
Feb
26
.No
July 3734 Apr
33
Corp.._
Martin-Parry
3254
800
33%
33
33
331
•33
3234
33
33
*3314 3312 33
314 Oct 6334 Mar
35
500 Mathieson Alkali Works... 50 32% Feb 26 4112 Jan 8
*34
35
38
35
36
3512 3512 .34
35
35% 3512 .
Jan 9
5534
18
Feb
36
47
_100
Oct 634 Mar
A..
Class
Motor
Maxwell
40%
8,100
48%
4858
5034
49%
50%
4814
49
51%
48
4914 4914
1014 Oct 21 Apr
3.600 Maxwell Motor C13881.1.No par 1358 Feb 18 16 Jan 9
1378 141
1344 14
1334 1334 1358 13% 13% 14
•1374 20
6758 Jan 93 Dec
89
2,600 May Department Stores__ _100 87 Feb 15 95 Jan 25
8912 911
8812 8812 89
80. 89
51018 9014 90 90
15 Sep
2012 May
800 McIntyre Porcupine Mines... 164 Feb 20 1814 Jan 7
16% 1638 16% 16% •1638 16% 1612 1612 1613 1812 1612 161
534 Aug 2334 May
22% 2034 22% 29.800 Mexican Smboard 011 No par 144 Jan 3 2418 Feb 6
22% 2313 2112 227s 21% 2278 2112 2234 22
3 23 Feb 8
Jan
_
_
_
certificates_
Aug
1278
6
trust
Voting
4 May
/
231
14,800
21
201
2058
4
/
211
•
201,
1913
2034
2014
21%
21%
22
21%
5 21% Feb 27 24 Jan 28
2013 Oct 3012 Feb
5.800 Miami Copper
21% 2178 22
2234 2214 227
2212 2212 2218 22% 2113 22
672 Jan 2
518 Feb 20
312 Nov 124 Jan
54 5%
4 5%
/
51
54 5%
538 15.600 Middle States MCorp.- _ - 10
5% 512
5% 512
2112 Jun
33% Apr
600 Midvale Steel & Ordnance_ 50 28% Jan 4 3414 Feb 7
3112 311
3118 3118 3118 3118 .3112 33
34
314 311s .31
5413 Jun
100 6112 Jan 10 6312 Jan 26
75 Mar
62% 6213 62% 0258 02% 6213 8212 621
700 Montana Power
6212 63 *6212 64
.
1814 May 2614 Nov
24% Feb 18 2714 Jan 28
10
Corp_
Ill
Co
&
Ward
Mont
2614
34.300
2618
26%
264
2634
2614
6214
26%
2512
,
271
25% 2612
1734 Jan 2934 Mar
No par 2434 Feb 18 2712 Feb 7
25% 2514 2514 2512 2513 2538 2553 2.900 Moon Motors
2518 2512 2514 2534 25
714 Jun
7% Jan 2
914 Feb 15
14 Feb
814 81
814
8
84 834
4 16,000 Mother Lode Coalition.No par
/
858 8%
4
1
7% 8/
87s 9
1018 Au
Mullins Body Corp._..No par 12 F eb 20 1478 Jan 9
297, Mar
1•12
15 *12
15
14
15 •12
1314 •12
12
141s'
.12
No par 3514 Feb 26 3914 Jan 16
36
400 Munsingwear. Inc
3512 351
3112 Oct 3613 Nov
36 .35
35
3514 36 .
37
.3514 37 .36
7518 Jan 11412 Jan
No par 100 Jan 4 11434 Feb 9
111 1 11
1,800 Nash Motors Co
10714 10812 110 111
*108 110 109 109 10653 107
9814 Dee 101% Jan
100 99 Feb 23 10038 Jan 16
Do preferred A
100 10014 .100 10014 100 100 •100 10014
600
99 100 •100 10014.
7 Nov 1814 Feb
8 Feb 27 104 Jan 28
50
9
8
8
*8
300 National Acme
818 814 •814 884
•818 9
•7558 8
38
25 50% Jan 14 5432 Jan 26
Jan 52% Nov
5114 51% 5153 5112 51% 521
4,300 National Biscuit
51% 52
$152 51% 5134 52
100 12012 Jan 8 1244 Feb 20 11812 July 125 Feb
122 123/
121 124
Do pref
500
4 122 122 .
1
*124 12414 124 124 •123 124
40 June 6714 Feb
..100 5812 Feb 29 64 Feb 1
100 National Cloak & Suit_.
5813 5813
5812 60 .5813 60 .5812 60
*50'2 60
.5812 60 .
4 Feb 20 4478 Jan 17
/
35
Oct 73 Mar
3113 3214 3014 • 31% 3012 31
3078 31% 6.900 Nat Enam'g d: Stamping _ _100 291
32 3214 3178 32
13712 Jan 15 1553 Jan 28 108 July 148 Dec
100
140
Lead
hm•lonal
138
4.13812
138
•138
138
140
700
140
138
140
14014
14014
19
Feb
115
Jan
11234
28
100
115
prof
10712
Do
115
June
*11234
115
115
100
114 Jan
115
•11234
•11234
115
4
.11234 115 •1123
5 1178 Jan 2 1418 Feb 21
3
94 Oct 18% Mar
1318 13
134 134 134 10,800 Nevada Consol Copper_ _
13% 1358 12% 1338
14
14
40
40
40
40
2658 Jan 4278 Nov
40
40
4014 1.700 NY Air Brake temp etre No par 384 Feb 18 4358 Jan 19
.3014 3912 39% 40% 40
4 Jan 7 50 Jan 19
1
No par 47/
4812 •4734 4812
4514 Aug 5113 Feb
, Class A
*4753 4812 *471s 4812 *4734 48 *4754 4812 *474
100 19 Jan 9 245* Jan 18
1514 June 27 Apr
22 .1814 2078 20
20 .18
18
300 New York Dock
204
20% 204 .
.2034 22
100 4118 Fr I/ 27 4934 Jan 18
pref
*4114
4154
Do
4118
3734 Aug 5113 Mar
4212
47
4213
.4213
300
4512
4512
.42%
.4212 4712
10 22 Jan 2 25 Jan 10
2313 2334 2312 23% 2312 23% 12.200 North American Co
1712 M aY 2414 Apr
23% 2334 23% 2312 2334 2312 45
50 4378 Jan 2 4512 Feb 20
45
45
Do pref
*4518 4512
45
4212 July 4812 Feb
800
4518 4518 4518
*45 4512 45
19 •15
19
141, 1418
400 Nova Scotia Steel & Coal_ -100 1418 Feb 29 1412 Jan 18
13% Dec 2978 Mar
19 .1434 1712 •1434 19 •15
•1$
8 Feb 2
77 Oct 104 Feb
'unnally Co (The)_ _ _.No par
914 .813 913 .813 gh
93* Feb 5
8% 912 *9
913 .
914 .1)
*9
41
par
__No
20
Blower.
Feb
23*
&
Body
3
Ohio
3
3
14
200
3
*213
13 Dec 1018 Jan
•2%
3
*212
Jan
234 234
•24 3
112 Jan 2
24 Jan 22
2
.134 2
•134 2
314 Feb
78 Nov
2
1.700 Okla Prod dr Ref of Amer__ 5
•134 1% •134 2
404 2
678 Jan 15
100
200 Ontario Silver Mining
8 Jan 7
3 July
612 758
4 Dec
1
6% 6% *613 718 .612 74 .
9/
*vs 714 •gh 752
1 18 Feb 18 2014 Jan 3
1812 18% 1812 1812 1812
1614 June 2153 Apr
800 Orpheum Circuit, Inc
183, 18% 1834 184 •1813 1834 1813 15234
103 13912 Jan 14 15938 Feb 13 11452 July 153 Feb
1514 15213 152 15253 2.600 Otis Elevator
152
15212
15134
.
155
153
154
154
4 Jan 3 1172 Jan 26
1
9/
No par
1114 114 1112 7.600 Otis Steel
11
7 June 1434 Mar
, 1118 10% 11
1114 107
114 1114 11
25 43 Feb 19 47 Jan 10
700 Owens Bottle
43% 43% 44% 44% 4412 4412
3658 Jan 524 Apr
44 44
44
*44% 441
4 44
/
13
h
52
13
13
214 Mar
h
2
Jan
34 Nov
4
Pacific
Development
11
Jan
400
14
12
12
4
3
34 .*Iss
.41
100 9018 Jan 4 957 Jan 28
73 July 9474 Dec
1.700 Pacific Gas& Electric
93
93% 9334 9354 9334 92% 9314 93
94 9414 94 94
7 July 1234 Mar
8 Feb 18 1034 Jan 9
9
•8
500 Pacific Mall Steamship._. 5
8
8
853
*714
9
8
.
812
8
812 812
S Es-dividend
•Bid and sated winos no sales this day.
998
New York Stock Record-Concluded--Page 4
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Feb.23.
Monday,
Feb.25.
Tuesday,
Feb.26.
Wednesday,, Thursday,
Feb.27.
Feb.28.
Friday,
Feb.29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lost
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Per share
Per share $ per share
Per share
Per share Shares. Indus.& Miscell.(Con.) Par I Per share $ per share $ Per share
$ Per share
per share
5214 54
5478 5333 55
5212 54/
54
1
4 5234 5418 5212 5334 87,000 Pacific Oil
484 Jan 4 584 Feb 5
3114 Sept 6214 Dec
114 1134 1134 1178 114 1178 1138 114 1158 1158 1158 1134 3.000 Packard Motor Car
Oct 1512 Mar
10 1138 Jan 30 1278 Jan 7
94
0518 *94
9518 *9212 9518 *94
9512 *94
*9212 95/
1
4 *04
9518
Preferred
100 92 Jan 3 9518 Feb 11
9018 June 99 Feb
4818 4918 4634 4814 46% 4714 47
4714 4738 4858 4734 4812 16,700 Pan-Amer Petr & Trans__ _ 50 4414 Feb 14 6114 Jan 2
53 Sept 9312 Feb
/
4 4678 4412 4558 4458 4538 4514 4638 4512 4612 45,100
4653 4714 451
Do Class B
50 411
Oct 86 Feb
/
4 Feb 14 5912 Jan 2
5012
314 314 *318 312 *3
312 3.3
312 *3
312
*312 412
100 Panhandle Prod & Ref _No par
614 Apr
214 Jan 3
114 Oct
4/
1
4 Jan 23
1414 144 *1414 1412 1412 1412 *1414 1412 *1438 1412 1434 1434
1512 Mar
700 Parish & Bingham
No par 1318 Jan 2 15 Feb 5
9 may
278 3
278 3
278 3
234 3
234 3
234 278
13,100 Penn-Seaboard St'l v t cNo par
6 Apr
234 Feb 18
Oct
112
44
Jan
17
9514 9514 95
9512 9512 9514 9514 9514 9514 95
95
9514 1,000 People's G L & C(Chic)-.100 9434 Jan 22 9812 Jan 2
1
4 Dec
Apr 98/
86
45,4 45,4 4458 4434 44
4412 4412 4412 4458 4458 4412 4412 1,500 Philadelphia Co (Pittsb)__ 50 43 Jan 2 47 Jan 30
41 July 5014 Mar
62
*55
*55
62
54
55
*55
62
1355
62
55
55
300 Phillips-Jones Corp _ _ _.No par 54 Feb 28 60 Feb
Apr
80
55 Aug
/
4 9,600 Phillip Morris & Co Ltd _ _ _ _10 1712 Feb 27 2334 Jan 31
184 184 174 1838 1712 1778 1778 1834 1834 191
1812 19
1112 July 2458 Dee
3834 3914 3778 39
3634 384 3634 3712 374 3814 3712 3812 51,300 Phillips Petroleum_ _ No par 3334 Jan 21 421
/
4 Jan 30
1934 Sept 6958 Apr
/
4 4,100 Pierce-Arrow Mot Car_No par
•10
1034 1012 1012 1012 1078 10
934 101
1014 1012
10
914 Jan 2 1218 Jan 17
1514 Jan
614 July
2512 2512 25
2614 2614 2434 254 2514 2534 244 25
2514 2,100
Do pre
100 2414 Feb 27 3058 Jan 17
1312 July 354 Jan
3/
1
4 314
314 3/
1
4
3/
1
4 312
3/
1
4 3i4 7,700 Pierce Oil Corporation_ _ _ 25
31s 314
34 34
6 Feb
214 Jan 11
11
/
4 July
412 Jan 22
28
28
28
*2618 28
2812 *2612 2734 *2612 2734 *2612 28
400
Do pref
Jan
100 2334 Jan 2 36 Jan 21
16
Oct 45
62
6112 *61
62
*61
62
62
*61
*61
6112
6112 *61
200 Pittsburgh Coal of Pa
100 6038 Feb 18 6312 Jan 2
Jan 6778 Mar
58
*99 100 *99 100
•99 100
*99 100
99
*99 100
99
Do pref
600
100 98 Jan 14 9912 Feb 8
Apr
96
Oct 100
5234 52
5218 5212 5212 2,700 Postum Cereal Co Inc__No par 5178 Feb 19 5812 Jan 8
524 534 5234 5234 5214 5212 *52
47 July 134 Feb
*110 111
111 III *111 11112
111 111 *111 11212 111 111
Do 8% preferred
400
100 110 Feb 7 11312 Jan 7 10812 June 11414 Jan
*5512 57
5612 5612 54
*53
57
56
*55
56 .53
54
600 Pressed Steel Car
100 5212 Jan 2 62 Jan 26
4212 Oct 8112 Jan
*85
87
87
1385
89
*85
89
*85
90
*85
89
87
Do pref
100
100 83 Jan 3 90 Feb 6
Oct 9934 Jan
80
1
4 3638 3358 3512 3378 3514 34/
3534 3614 35/
1
4 3512 35
3638 12.200 Producers & Refiners Corp_ 50 3312 Feb 19 4312 Jan 22
17 Nov 5818 mar
4234 43
4278 43
44
4278 4334 4312 44
4212 43
4414 4,200 PubServCorp ofNJ new No par 42 Jan 4 4412 Jan 7
4112 Dec 5112 Apr
120 12018 11814 11978 11818 119
11914 12014 12038 12078 3.700 Pullman Company
120 120
100 11818 Feb 27 128 Jan 28 11012 July 134 Mar
1
4 6312 644 23,300 Punta Alegre Sugar
1
4 63'/
6234 6414 6112 634 6112 6212 62/
6314 64
50 56 Jan 4 65/
1
4 Feb 11
4178 July 8914 Apr
2458 2518 2418 2538 2418 25
2418 2458 2418 2458 2438 2478 15,900, Pure Oil (The)
25 2212 Feb Ili 2634 Feb 6
1614 Sept 32 Feb
9614 9612 9712 9712 *9712 98
*96 100
*96 100
98
98
Do 8% preferred
600
100 92 Jan 10 93 Feb 29
8212 Aug 100 Mar
*110 113 *110 11212 110 112
112 11312 11212 11212 1,500: Railway Steel Spring
110 110
100 106 Jan 3 11512 Jan 25
9912 Oct 123 Mar
*3158 34
*324 34
*3178 3212 *3178 3212
1 Rang Mines, Ltd
30 Jan 17 33/
2914 July 344 Feb
1
4 Feb 15
1138 1158 1118 1178 1012 1118 1038 1034 1014 1034 .*3
10
15814 10
3211; 12,800 Ray Consolidated Copper
No_1
pa0
r 1014 Feb 28 '1214 Feb 18
978 Sept 1714 Mar
/
4 4112 4058 4058 4012 41
4152 4214 411
41
4234 4312 4334 1,800, Remington Typewriter_ _ _ _100 324 Jan 4 494 Feb 5
24 June 4818 Mar
92
*92
93
94
*911
/
4 9234 *92
*90
92
94
*90
93
1001 1st preferred
100 91 Jan 4 9434 Feb 5
89 Dec 104 Feb
*96 102
*9614 10112 *96 10112 *96 10112
1
4 *98 102
*9712 99/
1 2d preferred
Jan 90 Nov
100 9512 Jan 9 102 Feb 1
80
*1114 1112 11
11
11
1058 11
11
104 11
par 1012 Feb 29 1558 Jan 28
1012 1078 3,900 Replogle Steel
Oct 3134 Feb
8
57
5712 5612 5712 5518 5714 5538 5612 56
5714 5558 5712 16,900 Republic Iron & Steel No 10
4018 June 6684 mar
a0
r 5014 Jan 3 617s Feb 11
*9312 9412 94
94
*94
9412 9412 9412 9434 944 *94
9412 1,000
Do pref
100 89 Jan 7 9478 Feb 28
8434 Oct 9678 Mar
*1612 17
1612 1714 1712 1734 *1612 1712 1712 1712 1714 1758 2,900 Reynolds Spring
par 1558 Feb 18 2234 Jan 7
14 June 2978 Apr
6812 694 69'2 70
6912 694 6814 6912 6814 691
/
4 6834 6914 6,700 Reynolds (It J) Top Classo
N
47
Jan 75 Dec
68 Feb 20 7478 Jan 2
*115/
1
4 118 *115/
1
4 11734 *11512 11734 *11534 11734 *11614 11712 *11512 11734
Do 7% preferred
100 116 Feb 20 11834 Jan 8 114 July 118 Feb
5514 5534 5358 5412 5234 5312 5314 5314 5334 5418 53344,500 Royal Dutch Co(N Y shares) _
48 Jan 2 5912 Feb 6
4012 Aug 551g Feb
2678 2678 2514 26
26
2614 26
2614 26
2614 26
10 22 Jan 7 274 Feb 21
17 June 234 Dec
2614 4,700 St Joseph Lead
214 214
*214 212 *218 212 *218 212
24 218 *218 212
300 Santa Cecelia Sugar___No par
5 Feb
218 Feb 27
114 Oct
238 Feb 13
454 4538 4512 4512 4312 4458 43
4438 45
434 44
1
4 Dec
1812 Jan 35/
4514 1,600 Savage Arms Corporation_100 3258 Jan 2 5434 Feb 4
10358 10378 *10212 10312 101 10114 10114 10114 10112 10214 102 10312 1,800 Schulte Retail Stores._No par 10034 Feb 18 10934 Jan 4
88 May 11634 Dec
90
904 8914 9012 89
/
4 9078 5,800 Sears, Roebuck & Co
8918 8912 891
9038 884 90
1
4 Feb
100 87 Jan 2 9712 Feb 1
6534 June 92/
*11418 116 *11418 116 *11418 116 *11418 116 *114 116
1141
/
4 11418
Do pref
100
100 113 Jan 2 11414 Feb 19 10612 June 115 Nov
5
514 *5
518 538
514 54
514
5
5
478 Jan 30
No par
2,400 Seneca Copper
478 5
1212 Mar
44
Oct
614
Jan
11
v6
613 '6
6
612
6
500 Shattuck Arizona Copper__ 10
*534 6
54 578
64 Jan 10
512 Feb 29
512 512
5 Oct 1078 Mar
*3812 3912 38/
*3914 40
1
4 3818 "3814 3918 *3818 3912 *3818 3912
100 Shell Transp & Trading__ £2 33 Jan 5 4112 Feb 4
2918 Oct 4114 Mar
18/
1838 1818 1838 1818 1838 1814 1812 35,800 Shell Union 011
1
4 1834 1814 1878 18
No 1pw
ar 164 Jan 7 2018 Feb 6
1238 Jan 1914 may
*93
9312 *93
•93
94
9358 *93
9358 *93
9358 •93
Preferred
9358
911
/
4 Jan 4 95 Jan 25
8912 Nov 95 May
12/
1
4 1218 1218 1238 12
1218 1134 12
12
12
1134 12
4,800 Simms Petroleum
10 1038 Jan 4 1418 Jan 17
612 July 16 Feb
2238 2258 2238 2238 2238 2258 2214 2214 224 2212 2214 2214 3,600 Simmons Co
2214 Jan 11 2538 Feb 5
2234 Dec 344 Mar
2158 23
22/
1
4 23
2112 2214 2112 22
22
2238 2218 2212 28,300 Sinclair Cons Oil Corp_N
No
° parr 1958 Feb 19 2718 Jan 2
16 Sept 3938 Mar
8212 8212 83
83
83
*8214 86
83
83
83
700
82
82
Preferred
100 8014 Feb 19 90 Jan 21
8014 Aug 9918 Feb
2538 2534 25
2512 2438 2412 2412 25
2534 24
2434 2513 11,100 Skelly Oil Co
25 2334 Feb 19 29 Feb 4
958 Jan 35 Mar
6118 63
6558 6434 6512 6412 6518 64
6212 6338 63
16.000 Sloss-Sheffield Steel & Iron 100 58 Jan 14 6734 Feb 7
65
3914 July 63 Dec
•84
86
*84
88
*84
86
1
4 Feb 14
*84
88 .84
84
88
Do pref
88
68
Jan 90 Mar
100 84 Feb 18 87/
8534 8658 86
8512 86
8678 86
88
88
8934 89
3814 Aug 70 Dee
9112 8.600 South Porto Rico Sugar__ A00 67 Jan 3 9112 Feb 29
1412 1412 1314 1414 134 1378 1358 1378 2.600 Spicer Mfg Co
*1414 1412 *1412 15
1134 June 2714 Feb
No par 1314 Feb 27 18 Jan 12
____ 803* *87
87
*83
9012 "85
9012 *87
8814 *87
88
Oct 9778 Feb
Do prof
100 88 Jan 31 90 Jan 2
9014
64
64
64
____ 70
6014 Dec 9012 Jan
Standard Milling
100 55 Jan 10 6212 Feb 7
6234 6212 8334 6214 634 26,900 Standard Oil of California_ 25 5858 Feb 19 6812 Jan 26
6378 644 6258 6378 614 6314 62
474 July 12312 Jan
39
3934 3878 3938 3812 394 3814 3858 3814 39
3078 July 4414 mar
3878 3938 15,500 Standard Oil of New Jersey 25 3738 Feb 19 424 Jan 26
118 11812 11618 11614 11614 1164 116 11614 1154 116 *11534 116
Do pre( non-voting _ _ _ _100 1154 Feb 28 11858 Feb 1 11434 Aug 11814 July
2.100
60
60
60
No par 5912 Feb 18 6378 Jan 2
60
60
6014 6014 60
60
60
60
51 June 6758 Mar
1,000 Sterling Products
60
8914 9014 8914 904 10,100 Stewart-Warn Sp Corp_No par 8734 Feb 27 10078 Jan 12
8958 9038 8812 8934 8818 8978 8734 89
74 July 12412 Apr
77/
1
4 77/
1
4 76
7712 77
78
7714 *7738 78
7878 7812 7878 2.200 Stromberg Carburetor _No par ,76 Feb 25 8478 Jan 11
5912 July , 9414 Mar
101 10112 9914 10118 9934 10158 10014 10134 10112 10358 16114 1034 156,600 Studebaker Corp (The)_ _ _100 9878 Feb 18 1084 Jan 8
934 Oct 12614 Mar
100 110 Feb 18 115 Jan 17 112
31110 11314 *110 11314 *11012 11314 *11014 11314 *1104 11314 *11014 11314
Do pref
Jan 117 Nov
91
No par
834 914 12,100 Submarine Boat
10
101
/
4
734 Feb 27 1218 Jan 2
8
97s 978
94 1014
74 978
7 Jan 15 Apr
318 338
338 4
24 Jan 2
r
334 414 20,300 Superior 011
414 Jan 21
No lyciao
34 312
2 Sept
34 312
634 Feb
31
/
4 338
34
*30
3158 Jan 2 344 Jan 9
1331
34
*31
34
Superior Steel
•31
34
.30
34
2312 Oct 34 Mar
214 214
2/
1
4 212 *214 212
238 212
212 212
3 Jan 2
10
214 214 3,100 Sweets Co 01 America
214 Feb 28
1 June
4 Oct
par
812 858
838 Feb 28
838 838
812 834
834 9
838 812 1,800 Tenn Copp & C
9
9
934 Jan 5
8 June 124 Feb
4112 Feb 15 4538 Jan 30
434 4312 43
43
4358 424 4314 4214 4278 4258 43
4334 18,100 Texas Company (The)
3458 Nov 5278 Mar
6314 6314 6358 63
10 61 Jan 2 6514 Jan 11
63
6314 63
6334 624 6334 63
6312 5,000 Texas Gulf Sulphur
5314 July 65 Jan
1214 1178 1212 6.900 Texas Pacific Coal & OIL._ 10 1012 Jan 10 1514 Feb 6
13
1338 1238 1278 1212 1212 1214 1214 12
512 Nov 244 Feb
13834 13834 139 139
13834 141
100 120 Jan 5 151 Feb 7
14034 141
14112 143/
1
4 140 143
2,500 Tidewater Oil
94 July 144 Mar
3734 384 3712 384 3738 3738 384 3858 39
3778 38
3914 4,800 Timken Roller Bearing_No par 3738 Feb 18 41 Jan 7
3318 Jan 45 Mar
614 6234 6234 054 6314 64
6158 63
6214 6334 6238 63
21.180 Tobacco Products Corp_ --100 6012 Feb 18 7034 Feb 5
464 Aug 7834 Dee
89
8912 2,100
88/
1
4 89
*88
89
100 88 Feb 19 914 Feb 11
*8814 89
89
89
887s 89
Do Class A
7612 July 9278 Dee
1
4 11534 11675 2.200
1
4 11412 115 116/
114 114
100 113 Feb 19 117 Jan 4 10434 Feb 11512 Oct
11334 11512 11312 11512 *113/
Preferred
4
414
414 412 21,500 Transcontinental Oil_ _.No par
4
414
4 Jan 7
4
4
418
4
4
414
61
/
4 Jan 21
114 Oct 1412 Jan
1041
42
25 40 Jan 3 43 Jan 9
*41
411
/
4 4114 4112 4114 4158 4012 4078 1,200 Underwood Typewriter
*41
42
3578 Aug 42 Dec
*5912 6112 *59
59
59
1059
61
59
59
*59
61
62
800 Union Bag & Paper Corp_ _100 59 Feb 26 6458 Feb 9
50
Oct 7712 Mar
98
3195
*95
*95
98
•95
98
100 94 Jan 7 10212 Jan 31
100 Union Tank Car
98
*95
98
94
94
81 Feb 9934 Mar
Do pref
1064 108
*106 108
100 10614 Feb 18 10878 Feb 2 106 Sept 112
100
10772 10778 *106 108 *106 108 *106 108
Jan
3312 3312 3334 3334 1,700 United Alloy Steel
No par 32 Jan 3 37 Feb 11
3412 3412 3312 3378 3314 3378 3312 34
29 July 3912 Mar
*79
80
80
80
*7914 8038 8058 81
100 80 Jan 5 86 Feb 4
1,000 United Drug
80
80
8018 •79
74/
1
4 Oct 8534 Feb
*47/
1
4 48
4712 4712 "4712 48
*47/
1
4 48
*47/
1
4 48
*4712 50
Do 1st preferred
50 V12 Feb 26 4878 Jan 11
100
4614 Feb 49 JulY
189 192
•194 197
1.100 United Fruit
19212 19212 *190 194
193/
1
4 194 *19212 194
100 182 Jan 4 20114 Jan 26 15212 Jan 18712 Dec
21
/
4 Jan 7
United Retail Stores. _ No par
4 Jan 19
1
4 Apr
a218 Dec 84/
6612 .1313- 6684 -6 14 -611
-Hit 16- '
13/ 6912 67
6-8-1
2 64
4 34-J06 u Es Cast Iron Pipe & Fdy_ _100 64 Feb 27 8458 Jan 9
20 July 6912 Dec
8734 88
*8512 8634 3,400 .Do pref
1
4 8512 *8518 8634 8712 89
85/
1
4 854 *84/
100 8178 Jan 15 89 Feb 27
64 June 87 Nov
U S Food Products Corp_ _100
61
/
4 Mar
44 Jan 3
58 Feb 20
218 June
-1838 1812 1834 1834 -1;556 US Hoff'n Mach Corp_No par 1712 Jan 24 194 Jan 11
'17'2 1814 173* Yi5i3
Jan
1812 '1712 18
1334 Oct 25
7518 7478 7714 7558 7758 53,400 U 8 Industrial Alcohol_ _ _ _100 6734 Jan 14 8358 Jan 31
7534 764 75
76/
1
4 7312 754 74
40 June 734 Mar
•101 105 *101 105 *101 105 •101 105 *101 105 *101 105
Do pref
100 98 Jan 3 10334 Feb 7
9514 June 101 Mar
10378 10412 103 10312 103 10312 *10212 10312 10112 10112 10178 10212 2.100 U S Realty & Improv't___ _100 991
/
4 Jan 14 10734 Feb 13
881
/
4 July 106 Mar
3612 3714 36
100 3518 Feb 18 4278 Jan 12
37
3534 3612 3512 3614 3614 3634 3558 3678 7,300 United States Rubber
3058 Oct 6478 mar
8418 8612 1.600
8612 8612 •86
Do 1st preferred
100 8418 Feb 29 944 Jan 10
8614 8614 8514 8512 8538 86
87
Jan
7634 Oct 105
21
2214 2212 22
2212 21
60 2018 Jan 18 234 Feb 15
2134 2112 2112 2058 22
2114 2,500 US Smelting, Ref & Min
1838 Oct 43314 Mar
4012 '340
4034 1340
*40
4034 4018 4058 401
Do pref
300
/
4 4012 *40
50 3912 Jan 8 41 Jan 7
4034
3838 Dec 4818 Jail
1044 10424 10312 10478 10312 10434 10138 10258 10258 10418 10358 10434 136,100 United States Steel Corp.-100 9818 Jan 3 109 Feb 7
8512 July 1008 Mar
/
4 119 11918 119 119
119 119
1194 11912 119 1194 11918 1191
2,300
Do pref
100 11838 Feb 1 12011 Jan 14 11618 Aug 12312 Jen
654 6518 6618 14,700 Utah Copper
6512 6634 64
6612 67
10 64 Jan 18 68 Feb 15
654 6412 6514 65
5512 Oct 7612 Mar
21
2114 2038 21
4,300 Utah Securities
100 164 Jan 4 2412 Jan 16
2114 2178 2034 2034 2078 2114 214 22
14
Oct 24% Feb
3014 31
3038 31
No par 294 Feb 18 33/
30
3012 2934 3034 3014 3058 301 308 6,000 Vanadium Corp
1
4 Feb 11
2434 July 445a mar
79
*78
79 '70
*70
Van Raalte Co Inc 1st pref.
79
*70
79
79
•7314 81
_100 79 Feb 6 80 Jan 9
*70
Jan
7934 Dec 98
4
5/
1
4 634
658 634
36,900 Virginia-Carolina Chem__.100
3% 5
518
54 614
34 512
34 Feb 27 1038 Jan 11
614 June 27 Feb
1818 184 15/
Do pre!
1
4 1812 1534 1734 1214 1634 1214 1538 1012 1638 47,700
/
4 Feb 29 3434 Jan 2
100 101
17 June 69 Mat
*4812 55
*48/
1
4 53
Virginia Iron, C & C
*48/
1
4 55
*4812 53
*4812 55
*4812 53
100 49 Jan 25 53 Jan 11
52 July 68 Mar
83
*78
83
*78
83
Do pref
*78
•78
1378
83
83
*78
83
100 7912 Jan 8 7912 Jan 8
7712 June 85 Apr
1255 1234 *1212 13
1238 1212 1238 1212 1178 12
*12/
1
4 13
No par 1178 Feb 29 1612 Jan 26
2,800 Vivaudou(V)
Oct 23 Mar
12
1
4 1512 1512 1512 *1512 1534 •151
/
4 1512 *1538 1512 *15/
No par 15 Jan 4 1534 Jan 22
200 Waldorf System
/
4 1512
.3151
1438 June 20 May
16
16
1614 1714 15,100 Weber & Helibroner__.No par 1434 Jan 31
16
1538 1578 1578 164 16
1618 16
1638 Dec
1714 Feb 29
1214 Jan
*38
40
Wells Fargo Express
*37
40
*37
40
1336
40
40
*37
40
*38
50 354 Jan 19 3934 Feb 11
33 Dec 105 Mar
108 108 *1074 10812 108 108
10812 109
700 Western Union Telegraph_100 107 Jan 3 113 Jan 30 10118 July 11912 Feb
108 108 *10712 109
92/
1
4 9314 9434 9434 *92
1,000 Westinghouse Air Brake_ _ _50 84 Jan 2 9634 Jan 28
94
934 9334 94
94
92
91
76 July 120 Feb
611
/
4 6112 62
6212 6112 62
61
5914 634 50,100 Westinghouse Elec & Mfg- 50 5914 Feb 29 65 Jan 22
63
6214 62
5212 June 674 Feb
/
4 26/
1
4 2578 264 26
2614 2678 3.100 White Eagle Oil
26
26
26
No par 2518 Feb 19 2938 Feb 6
2614 2634 261
Oct 3038 Mar
20
56
56
5712 5712 581
/
4 4,100 White Motor
574 574 5634 5634 56'8 5678 56
50 53 Jan 21 5938 Feb 11
45 June 607s Mar
White 011 Corporation_No par
678 Feb
Oct14
14
14
Jan
Jan
22
12
is 153 -5.713 Ifs
3/
1
4 -17g -51.
2 -Ili
- -5-i'00 Wickwire Spencer Steel
5
3 Jan 3
54
5 Jaa 11
2 Dec 14 Feb
1158 1218 11311 1134 1158 12
1134 12
1112 12
24,400 Willys-Overland (The)
1114 12
25 10 Jan 10 144 Jan 16
5 June 111.‘ Dec
8512 8412 85
1
4 8434 85
85
85
8512 85/
Do pref
1,600
8578 85
100 8058 Jan 2 88 Jan 15
85
4212 Jan 83 Deo
1834 1834 18
191
18
/
4 1914 174 1812 17
1714 17
No par 17 Feb 26 28 Jan 9
1834 2,500 Wilson & Co Inc
19 June 424 Mar
295
*292
295
295
0292
295
295
•292
*292
Woolworth
Co (F W)
100
295
100 280 Jan 4 30012 Feb 7 19918 Jan 290 Des
296
*293
.26
28
28
*2614 294
200 Worthington P & M
264 2614 27
*26
27
/
4 Feb
100 2578 Jan 4 3134 Jan 9
27
194 Oct 401
*26
1112 1112 1114 1112 1112 1112 1.400 Wright Aeronatuical__ _No par 1114 Feb 28 1312 Jan 3
814 Jan 1318 Nov
113a 1132 1112 1134 *1112 12
69
68
684 6878 1368
500 Youngstown Sheet & T _No par 68 Jan 4 7014 Jan 7
684 6834 684 •68
Jan
69
69
62 Oct 80
068
•Bid and asked prices: no sales oa this day. a Ex-dividend.
a After,dletribution of dividend 1n shares of United Cigar Stores 88 the rate of 38 8 shares tor 100 shares of Ualted Retail Stores
±"f_
5
999
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Am.1 no the Exchange method of Quoting bonds was changed and prices are now "and interui"--tucept for income and defaulted bonds
BONDS.
N.Y.STOCK EXCHANGE
Week ending Feb. 29.
Price
Friday
Feb. 29.
Week's
Range or
Last Sale
g
5555
Range
Since
Jan. 1
High
High No. Low
Ask Low
Bid
U. S. Government.
First Liberty LoanJD 9941 Sale 99.00 99% 1843 982%9923st
3)4% of 1932-1947
2 98883 99lon
in 99133 ---- 99% 99132
Cony 4% of 1932-1947
J D 99632 Sale 99% 991112 383 9843 991333
Cony 43.4% of 1932-1947
9815319915n
2d cony 434% of 1932-1947 in 983%991% 99% Feb'24
Second Liberty LoanMN 98742
5 9843 99143
99.00 99%
4% of 1927-1942
MN 99% Sale 99.00 991082 2019 984n 99031
Cony 433% of 1927-1942
Third Liberty LoanMS 9931n Sale 992132 10015: 1901 998331001n
4).4% of 1928' Fourth Liberty LoanAO 99% Sale
99433 991382 3151 98131 991831
434% of 1933-1938
A 0 100% Sale 10063i 100311 872 994110012n
Treasury 43.45 1947-1952
1041
J
Q
July'23
d1930
25 consol registered
103 July'23
d1930 Q J
25 consol coupon _
F
Q
1925
May'23
104
registered
45
10314 Aug'23
1925 @ F
45 coupon
100 Aug'23
Panama Canal 10-30-yr 221./1936 Q F
1961 QM
93 94% Apr'23
Panama,Canal 38 gold
State and City Securities.
9914 9978
99% 14
NY City-434s Corp stock_1960 MS 9914 99% 9914
9958 100
1964 MS 9938 9978. 99% Feb'24
4348 Corporate stock
9934 9978
1966 AO 9938 9978 9978 Feb'24
4385 Corporate stock
---1971
in
104
10314
Oct'23
10313
stock
Corporate
4345
103% 10334
4348 Corporate stock _July 1967 J J 10318 10334 10334 Feb'24
3 103 10312
1965 in 10314 10334 103
103
4348 Corporate stock
103% 10334
1963 MS 10318 10334 10338 Feb'24
4348 Corporate stock
9512 9614
1959 MN 95% 96 95% Feb'24
4% Corporate stock
9512 964
95% Feb'24
1958 MN 9518
4% Corporate stock
964
9614
1957 MN 9518 -9634 9614 Jan'24
4% Corporate stock
9438 9514
94% 10
4% Corporate stock reg_ _1956 MN 9334 95 94%
103%
MN
1031
_1957
Feb'24
_
__
_
10278
stock
104
Corporate
434%
3 103 10378
103
103
4)4% Corporate stock__ _ _1957 MN 10278
'85% 86
85% Feb'24
334% Corporate stock _ _ _1954 MN
June'23
M
10211
1961
New York State-413
..-10213 June'23
Canal Improvement 4s 1961 J J
---- ..-110 11214 July'23
Highway Improv't 43413-1963 MS
---.
10413 Apr'22
Highway Improv't 424s....1965 MS
1991 Si
7114 Oct'20
Virginia 2-3s
Foreign Government.
1927 F A
Argentine(Govt)Is
1909 M S
Argentine Treasury 58
1943 J D
Austrian (Govt)78w 1
Belgium 25-yr ext s f 7348 g-1945 J D
Jan 1925 J J
5-year 6% notes
1941 F A
20-year f he
1945 M N
Bergen (Norway) s f he
1945 MN
Berne (City of) s the
Bolivia (Republic of) 88_ -.1947 M N
Bordeaux (City of) 15-yr 68-1934 MN
1941 J D
Brazil, U S external 8s
1952.1 D
7s (Central Ry)
1952 A 0
7348(Coffee Securlty)
Canada(Dominion of) g 5s 1926 A 0
1931 A 0
58
1929 F A
10-year 5345
1952 M N
58
Chile (Republic) ext s f 8E3_1941 F A
External 5-year s 88-.1926 A 0
1942 M N
75
1946 MN
25-years f835
Chinese (Hukuang Ry) 55-.1051 J D
Christiania (City) s f 85_ _ _ _1945 A 0
Colombia (Republic) 6345_1927 A 0
Copenhagen 25-year s f,5345_19443 J
1944 M S
Cuba 58
Exter debt 56 1914 Ser A-1949 F A
1949 F A
External loan 4348
1953 J .1
5345
Czechoslovak (Repub of) 88_1951 A 0
Danish Con Municip8s"A"_1946 F A
1946 F A
Series B
Denmark external s f 85_ _1945 A 0
1942.1 J
20-year 68
Dominican Rep Con Adm 5!58'58 F A
1942 M
5348
Dutch East Indies ext Os__ _1947 J J
40-year Os
1962 M S
1953 M S
53.45 trust recta
French Repub 25-yr ext 8s 1945 M S
20-yr external loan 7348-1941 J D
Gt Brit & Irel(UK of) 530_1937 F A
1929 F A
10-year cony 5143
1952 M N
Greater Prague 73.45
1952 A 0
Haiti (Republic) 613
Italy (Kingd of) Ser A 6448_1925 F A
Japanese Govt-f loan 4343_1925 F A
1925 J J
Second series 4345
1931 J J
Sterling loan 45
Oriental Development 65_1953 M
Lyons (City of) 15-year 6s 1934 M N
Marseilles(City of) 15-yr 65-1934 M N
MN
Mexican Irrigation
f 1899
1945 Q J
1954.1 D
Gold debt Is of 1904
1952 J D
Montevideo 75
Netherlands 613 (fiat prices) _.i972 M
1940 A 0
Norway external at 8s
1952 A 0
68
gs (interim certificates)__ -1943 F A
Panama (Rep) 5345 tr rects_1953 J D
Porto Alegre(City of) 8s_ .198l J D
Queensland (State) ext s 1-7s 1941 A o
1947 F A
25-year 65
1946 A 0
Rio Grande do Sul 85
Rio de Janeiro 25-yr s f 85_ _1946 A 0
1947 A 0
133
El Salvador(Rep) temp 8s_ _1948 J J
1952 M
San Paulo (City) s f fts
San Paulo (State) exta f 8s._1936 .1 J
1942.1 J
Seine (France) ext 75
Saba, Croats & Slovenes 88-1962 M N
1936 M N
Soissons(City)65
1939 J D
Sweden 20-year 65
J
Swiss Contedeen 20-yr s the 1940
1912 M S
Tokyo City 58
Uruguay (Republic) ext 88_19413 F A
1945 A 0
Zurich (City of) 5 f 8s
Railroad. '
Ala Gt Sou let cons A 5s__.19433 D
1928 MN
Ala Mid 1st guar gold 5s
1946 A 0
Alb & Susq cony 3345
Alleg & West 1st g 48 gu__ _ _1998 A 0
1942M S
Alleg Val gen guar g 4s
/1995 Q J
Ann Arbor let g 4s
Atch Top de Fe-Gen g 48_1995 A 0
1995 A 0
Registered
11995 Nov
Adjustment gold 45
11995 Nov
Stamped
1955 i D
Cony gold 4s 1909
1955 i D
Cone 4e 1905
1960 J D
Cony 48 issue of 1910
1928 M S
East Ohio Div let if 4s
Rocky Mtn Div let 88._ 1965 i J
Trans-Con Short L 1st 45.1958 J J
Cal-Ariz 1st & ref 414s"A"1962 M
10114 Sale 101
10114 70
8112 Sale 80
80% 12
8872 Sale 8658
8734 66
10118 Sale 100
10012 237
98% Sale 98
98% III
10172 179
102 Sale 101
1
10834 109 10834 10834
11034 Sale 11034 11114 22
47
8778 Sale 8758
88
7634 Sale 7512
77
97
65
9338 Sale 9312
94
37
79
78% Sale 7813
98 97
97
9734 13
25
9978 Sale 9934 100
24
997
9934 Sale 9934
10114 50
10118 Sale 101
10015 170
100 Sale 100
1044 Sale 10334 10412 56
7
103 Sale 10234 103
179
96
9534 Sale 9518
10414 11
10414 Sale 104
3
42 414
42
41
2
10718 108 10712 10734
9534 17
9512 Sale 9512
88'8 34
88 Sale 88
2
9334
9334 95 9334
88 89 90 Feb'24 _3
7914 8114 8014
804
921 247
9218 Sale 917g
9514 28
95 Sale 9418
3
107
107 Sale 107
6
10612 10714 1064 106%
73
107% Sale 1074 108
9514 90
9514 Sale 9413
4
100. 10012 10014 101
8712 Sale 87141 87'z 12
9334 106
94 Sale 934
9334 89
94 Sale 9312
52
88
88 Sale 8734
9784 450
9813 Sale 96
94% Sale 19314
9434 472
10712 Sale 101
10158 534
10034 Sale 0612 1071, 53
8312 Sale 82
84's 163
8912 16
8814 Sale 8812
100 Sale 9934 lOO's 50
97% Sale 97
971 168
9714 Sale 97
97'e 43
79% Sale 793
803g 149
8734 88 8634
8734 94
77 Sale 7612
7712 59
77 Sale 7614
43
771
2714 31
30 Dec'23 _ _
5012
50 51
511
17
27 Sale 27
5
28
8613 11
8512 Sale 86
9514 75
9518 Sale 9434
11014 Sale 110
11032 26
92% Sale 9212
93
42
93 Sale 93
931
65
96 Feb'24
96
97 96
9012
6
10514 Sale 105
10534 11
10018 Sale 100
10014 32
9713 Sale 9614
97
19
9313 50
9334 Sale 9214
91% Sale 9012
0113 44
10014 Sale 10014 1003s 58
97
9734 97
9814 23
9914 Sale 99
0912
9
8112 Sale 8034
79
82
74% Sale 7234
74 264
7615 7812 77
78
26
10314 Sale 0314 104
20
11514 11512 1514 11533 25
6234 Sale 6234
63
3
10213 Sale 0234 10313 20
11112 Sale 1114 11114 25
9434 97
99% 101
7912 Sale
96%
99%
78%
8118
8834 Sale 8834
58% Sale 5818
8638 Sale 86
_ 85
7912 80 7912
7934 Sale 7934
8112 83 82
8213 8234 82
8134
8134
96
7934 811
: 81
8312
831s
8958 92 9114
Feb'24
Jan'24
7913 26
Dec'23
8834
2
59
5
8612 173
85
7934
5
80
20
Feb'24
8212
4
Feb'24
Feb'24
Feb'24
8318
4
92
7
•No mice Friday; latest bid and asked. 16=S- aDu.Jan. dDue April
BONDS.
N.Y.STOCK EXCHANGE
Week ending Feb. 29.
I
Price
Friday
Feb.29.
Week's
Range or
Last Sale
High
Ask Low
Bid
7378
Atl &Birm 30-yr let g 4s_ _-e1933 MS 7314 7413 7334
Atl Knoxv & CM Div U.__ _1955 MN 8318 84 8418
8412
Atl Knoxv de Nor 1st g 58__ _1946 3D 9918 100 9914
9914
Atl & Charl A List A 4345..1944 Si 91% 93 9214 Dec'23
9812
1st 30-year 55 Series B_ _ _ _1944 3, 9814 9812 9814
87
Atl Coast Line 1st con 45__h1952 M
8612
1930 MN 10
e 106% 107
Salle
7% Sa
96
10-year secured 7s
1964 in
87
87
General unified 43.4s
aI952 MS 811
1 8112 82
8234
L& N coil gold 4s
1948 3, 75% 7634 7658
Atl & Danv 1st g 4s
76%
1948 3,
75 Aug'23
2d 4s
1949 A0 6
78
79 . 7912
1 69
91
79%
Atl & Tad let g guar 48
9612
Dec'23
1941 ii 9312
A & N W 1st gu g 5s
g
5555
4
1
2
2
20
8
1
29
1
_
1
Range
Since
Jan, 1
Low
70
844
9914
High
7418
857s
9914
96 99
8612 88
106% 10712
864 894
8138 834
7778
75
"iiis 164
964 9714
1925 3, 9734 Sale 9714
9758 147
Balt & Ohio prior 3348
96
3
964
11925 Q J 9534 98% 96
96
Registered
8112 8412
129
83
11948 #40 83 Sale 8214
1st 50-year gold 45
80
8012
8012 Jan'24
/1948 Q J
Registered
8214 8812
-- 8534
1933 MS 8178 Sale
86% 112
10-year cony 4%s
83 88
8614 39
Refund Sr gen 55 Series A_1995 3D 8512 Sale 85%
10338 93 Dm% 103%
1929 J J 10118 Sale 101
10-year 133
9514 97
5
Sale 9634
9634
48
78
63
98
P Jet & M Div 1st g 3%s-1925 MN 7
79
50
81%
80
MN
79%
PLE&W Va Sys ref 412-1941
9612 9712
9714 68
Southw Div 1st gold 3%5_1925 3, 9718 Sale 9718
697/
6634
16
68
Si
6738
6712
A_1959
45
67%
ref
1st
Div
CM
&
Tol
60 60
60
278 60
80
4 6
Battle Cr & Stur 1st gu 3s 1989 J
90% 9013
9012 Jan'24
1936 33
Beech Creek 1st gu g 4:3
Feb'24
86
1936 3,
Registered
104 May'12
1936 Si 9138 2d guar gold 5.8
Beech Cr Ext 1st g 3)45___81951 AO 751 - 60 July'23
WO;
1944 J D 80%
4-$43-4 80% Feb'24
Big Sandy 1st 4s
61 62
B& NY Air Line 1st 4s.... _1955 PA 6448 6511 62 Jan'24
89
89
Jan'24
ii
_1938
48__
gold
89
Bruns & W 1st gu
8812 90
100 100
Buffalo R & P gen gold 5s 1937 MS
=- 100 Jan'24
88% 10 874 90
1957 MN 9944 88 87%
1
87/
Consol 43.15
954 97
1934 #40 96% 97 97 Feb'24
Burl C R & Nor let 513
814
974 99
9834 37
Canada Sou cons gu A 5s__ _1962 A0 9813 9878 9812
112 11418
54 Sale 112
18284
113I
Canadian North deb 5 f 76_1940 JO 17
1946 Si 11114 Bale 11134 11218 81 1114 11248
25-year s f deb 634s
784 824
Sale 7834
7934 136
Canadian Pea Ry deb 45 stock_ _ J J
90 914
91%
10034 10214 Carb & Shaw 1st gold 4s_ _1932 MS 8214 92% 9134
7218 7248
84 Caro Cent 1st con g 4s
1949 J J 72% 7411 7234 Feb'24 -80
924 04ty
9313 51
85% 8741 Caro Clinch dr 01st 3-yr 513--1938 3D 93 Sale 9234
98
994
1952 J
9712 Sale 9713
9818 77
97 10012 (38
81
81
1981 3D 82% 84 81 Feb'24
964 99 Cart & Ad let gu g 4111
67
71
97 10178 Cent Branch UP let g 45-1948 in 67% 69 69 Feb'24 ---5034 60
1961 3, 58
59 5914
594 19
1084 109 Cent New Eng 1st gu 4s
934 Dec'23
1930 MS 932
1084 1114 Central Ohio 4348 1930
993g 101
10
85 886s Central of Ga let gold 55--91945 FA 9958 -1/134 904 100
1945 MN 9534 Sale 9614
7 9514 97
9544
7118 7718
Consol gold 5s
June 1929 in 10034 Sale 1004 10112 54 100 10112
934 95
10-year secur fls
-- 74 Oct'23
774 7918
Chatt Div pur money g 48.1951 in 7712
if"
94
9714
Mac & Nor Dlv 1st g 5s-1946 J J 9534 1912 971 Feb'24 ---993 101%
94 July'23 ---1947 J J 9212 _
Mid Ga & Atl Div 5s
If
"96"
-Feb'24
J
96
_
1846
9913 100
53;
Mobile Division
9213 9312 9213 Feb'24 -- 91% 96
10034 10214 Cent RR & B of Ga colt g 56_1937 MN 95%J 10418 10438 10334 10414 13 10334 1064
9914 100%
Central of NJ gen gold 55_1987
105
102 10413
/1987 Q
5 10312 105
- 104
104
Registered
85% 45
8712
85
102% 10314 Cent Pao 1st ref gu g 4s
1949 FA 8518 fide 85
2 91
91
92%
3D
91
94 100
11929
92
913s
334s
Mtge guar gold
3 8178 83%
82
102 10414
Through St L 1st gu 413_ __1954 A0 82 Sale 8178
4258
4114
11514 1153g
_ 11538 Feb'24
Charleston & Savannah 7s..1936 33 11538
6
97
98%
98%
107 109 Ches & Ohio fund & impt 58_1929 J J 98% Sale 98%
99% 10012
1939 MN 9934 Bale 994 1004 16
9434 96
1st consol gold 55
-Dec'23
9112
MN
99
88
1939
9814
Registered
84', 8711
8512 30
6334 9534
1992 MS 85 Sale 8434
General gold 434s
83% 83%
83% Jan'24
90 9214
1992 MS
Registered
50
9034
92%
8814
4
FA
3
89
8014 83
Sale
90
20-year convertible 4)45_ _1930
88% 9234
9112 93
9212 51
30-year cony secured 513._ _1946 A0 9214 Sale 9114
924 924
92% Jan'24
94 95%
1940 3, 9318
Craig Valley let g 5s
7814 May'23
10634 108
Potts Creek Branch 1st 45.1946 Si
795g 811,
1
8034
106% 108
8034
R & A Div let con g 4s.-1989 33
76
76
Jan'24
76
107% 109%
1989 J J
2d consol gold 4s
9313 9534
93 Dec'23
Warm Springs V 1st g 5s 194I MS
100 10214 Chic dr Alton RR ref g 3s.....1949 A0
5734 11 "EC
5714
53 July'23
8534 90
New York Trust Co ctts......
"Eiji 'Kit;
5313 Jan'24
93 95%
Stamped Oct 1922 interest..
54
54
93 98
503
4
52
587 54 Feb'24
91:9
Stamped April 1923 interest...
44i-::
573S85i13
3034 4034
4034 301
87% 90%
Railway first lien 334s......_1950 33 3914 Sale 3714
79
7918 10
8114
9212 9734 Chic Burl & Q-Ill Div 3)4s-1949 3' 79 Sale 79
8734 34
89%
86
90
9434
Illinois Division 4s___, 1949 J J 8734 Sale 87
5 964 97
97
9914 101%
Nebraska Extension 44-1927 MN 97 Bale 96%
Nov'23
MN
96
106% 11014
_
96
1927
Registered
85% 16
z
8.534 ifi
7612 84%
1958 MS 85% Sale 85%
General 45
9
98
974 994
88% 92
1971 PA 98 Sale 9734
1st & ref 55
53
9813 10018 Chic City de Conn Rys 5s_ _ _1927 A0
55 5514 Feb'24
5518
10414 Jan'24
92% 971s Chicago & East III 1st(W.-1934 A0
10414 1041,
15
914 974 C dr E RR (new co) gen 55_1951 MN
77
76
7612
7812
7
9a11e 9178
106
7844 S
i
13
74
9312
9178 94%
794 814 Chic & Erie 1st gold 58....._1982 MN 9
8512 90 Chicago Great West let 45_ -1959 M S 52 Sale Si58
5238 90
50
53%
72% 81
8 4812 53%
5218
52 Sale 5158
With Sept 1924 coupon on_ _ _ _
72% 7712 Chic Ind & Loutsv-Ref 68..1947 J J 106 10638 108 Feb'24
10538 108
98 95% Jan'24
95% 9548
1947 J J 96
Refunding gold 58
43 5134
85 82 Feb'24
82 824
Refunding 48 Series C.-_ _1947 J J 81
26
5 8118 84
29
1966 M N 8213 Sale 8212
83
General 58 A
8812
86
2 9512 9711s
974
el966 J J 974 Sale 9614
General Os B
884814 82% Dec'23
74
93% 9634 Ind & Louisville 18t gu 45.1956 ii 8882
70
110 11278 Chic Ind & Sou 50-year 4s_1956 is
83 Feb'24
"ii" Ws;
92
9413 Chic L S & East 1st 43.i5.-1969 in
88% Feb'24
874 8818
924 94 C M & Puget Sd 1st gu 4s___1949"3
5 494 5544
Sale 53
5314
9712 Ch M & St P gene 4s Ser A_e1989 3,
96
39
71
7034
70% 71%
92
6218 Feb'24
9712
62 63
General gold 33.4s Ser B e1989 3,
1044 107
3
78
78
81
78
General 434s Series C......e1989 J J •189°31%344 Sale7993
994 10114
48
Sale 5014
52
4954 5318
Gen & ref Series A 454s_a2014 #40
92
9712
51
561
55
5834
Gen ref cony Ser B 5s..-a2014 FA 5514 Sale 5514
873s 9312
561 226
1932 in 5434 Sale 5434
Convertible 4345
5412 5914
87
93
751 137
6818 7812
1925 in 7434 Sale 7434
4s
100 10913
5214 18
4912 56
1934 J J 51 Sale 5034
25-year debenture 45
9513 9834
9715 9714 Feb'24
96
9758
Chic & Mo Riv Div 5s_ __ _1926 33
9814 9912 Chic & N'west Ext 4s_ _1886-1926 FA 97
963g 97
9638 97%
4 97% Feb'24
71%
8214
79
96
1886-1926 FA 9613 97 97 Feb'24
95%
Registered
8314 75
11 7114
.
!
7114
!_7_1
6938 72%
1987 MN _721
General gold 3348
8114 • Registered
76
68% Jan'24
g1987 Q F
6858 68%
10314 10514
1 80 8151
814
1987 MN 80 Sale 80
General 4s
N
1114 118
- 80 8078 Feb'24
7934 81%
1987
Stamped 48
62 053
9978 Feb'24
1987 MN ill) In
General Ss stamped
9912 100%
102 104
1
10213 1021
5
1879-1929 #40 102
ea
Sinking fund 613
99 10212
110 112
10134 101%
5 101 10212
1879-1929 #40 9699otie34
Registered
97% Jan'24
1879-1929 A0
Sinking fund 58
9748 974
96 Jan'24
1879-1929 #40
Registered
96 96
954 9814
1933 MN
Sinking fund deb 55
2 974 9914
991
994
984 99%
1933 MN
97 Dec'23
Registered
79
8013
1930 3D
5 10414 10614
10-year secured 75 g
105
1051
23 106% 10812
15-year secured 6345 g----1936 MS
10718 1071
-aaig 89 Chic 11 1 & P-Railway gen 401988 is 79 Sale 79
49
80
7814 8011
574 60
33
Registered
7678 76%
7678 Jan'24
88
8841
1934 A0 761
Refunding gold 45
33
73% 7812
76
76%
884 Chic St L & N 0 gold 5e......1951 3D 1001: 8919
79
102 10012 Jan'24 ---99 1001s
7912 814
in
Registered
9558 May'23
79% 82
1951 in
Gold 3348
77
77
77 Feb'24
834 834
Joint let ref Ss Series A_ _.1963 SD
2 94 9612
94
9434
8112 84/8
Memphis Div 1st g 4s_ __ _1951 3D
80% 80%
80% Feb'24
81% 814 C St L & P lat cons g 53_ _ 1932 #40
100 Feb'24 -- 99% 99%
95% 9638 Chic St PM & 0 cons 13s_ _ _1930 3D 1
0
1"7
97014 l
983
I e: 10314 103%
8 101% 104%
80
814
D
8958 8958
Cons (is reduced to 3%a_ _1930
8958 Jan'24
83% 8712
I
Debenture Ss
9312 96
1930 MS 9
9378
818 8-441
9%
N
7
81- 937s
N77% 7934
90% 924 Chic T 11 & So East 1st Ss_ _1960 JO
31
79
78
e Due May. gDueiuno. Is Due July. k Due Aug oDue Oot DMus Nov •Duo Dipe 8Opticen sale.
75r
1;
l000
BONDS.
N.Y.STOCK EXCHANGE
Week ending Feb. 29.
New York Bond Record-Continued-Page 2
trg
Price
Friday
Feb.29.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ending Feb. 29.
ft
Price
Friday
Feb.29.
Range
Sines
Jan. I.
Week's
Range or
Last Sale
High No
Bid
Ask Low
High No. Low
High Illinois Central (Concluded)Bid
Ask Low
Purchased lines 330
19523 .1 75
8912 Sale 893
7812 7714 Feb'24 ---897s 9118
90
13
4
Collateral trust gold 48_1953 M N 80 .
8018
9934 Sale 9914 100
9778 100
11
13!
5.1
... 80
115 11578 11434 115
Registered
Jan'24
12 11458 1158
1953 MN 7818
78
1955 M N 9974 Sale 9934 10012 ---i
105 -___ 105 Dec'23 ------------Refunding 58
74 Sale 73%
2 73 15-year secured 530
1934.1 J 10074 Sale 10074 1011
/
4 23
7414 23
10234 10318 10278 103
/
4
15-year secured 6388 g---1936 3 • .1 10834 10914 109
4 10112 1031
109
1
Cairo Bridge gold 4s
96
9574 -- -. 98 Feb'24 ---94
1950 3 D 8474 88
85
Jan'24 ------- ---- 88 Mar'17 ---- ____ ____
Litchfield Div 1st gold 38_1951
J 697s 70 697 Feb'24-1
8712 _ --- 88 Dec'23 ---Louisv Div & Term g 3185 1953
7434
J 7434 Sale 743
Omaha Div lst gold 38.._ _1951 F A 69/
8918 91
1
4 693s 6938. Feb'24
89% Jan'24 ____ ii- ---8978
T
545 Term g 33-1951
StG
Lo
oludis3
J 6912 ____ 74 Feb'24
--------87 Dec'23 --8678
-8
.8- -ilf14
1951
.1 76/
1
4 ---_ 7712 Feb'24
8614 Feb'24
Springfield Div lst g 310-1951
9811 ____ 983 Feb'24
9878 997
J 7818
953 ____ 53 Mar'23 -- -- __-_ ____
Western Lines 1st g 4s__.1951 F A 84 -ail4 847
73% Dec'23
ja 2
21
81
14
Registered
797s Sale 7912
78% 8112
1951 F A 83
8474 92 Mar'16
2
9214 9412 Ind B & W 1st prof 48
9278 927 9275
927s
1940 A 0 9014 100
96 Mar'16
.1 845
10
98
997 Ind Ill & Iowa 1st g 48
1950
8474 Feb'24
997 9974 • 997
10112 Sale 10112 102
54 10012 102 Ind Union Ry Is A
1965
J 9618 iii- 9712 Feb'24
1 101%1023i Int & Great Nor adjust 65_1952
102 1033 10184 10178
.1 5174 Sale 5114
5278
52
1st mortgage 85 certificates1952 J J 9234 Sale 9218
93
8814 8918 881
88/
1
4
5
/
4
881
/
4 8814
774
1
77
80 Iowa Central 1st gold 5.s__ _ _1938 1 D 66
6814 8418 Feb'24
7684 7914 7714
793 81
1981 m 5 1912 22
Refunding gold 48
7812 8014 7984 Feb'24 -- __
1974
1974
3
8612 Sale 8612
8812
1
8512 8812
837
4
0-35,
--3 James Frank & Clear 1st 43_1959 J D 8212 8374 8378
8312 --- - 925 SePt'23
Jan'24__
--:: jowl 110474 10614 1035
9734 99 9814 Jan'24 ---_
9814 984 Ka A & G R lst gu g 58---1938 J .1 955
__ _
_ __
9414 _
8475 Jan'24---..8478 84% Kan & M 1st gu g 45
19911 A 0 77 8-7814
- -793 Feb'24
9418 ____ 95 Mar'23 ------------2.1 20-year 50
19273 .1 9778 987a 977
98 _ _
91 Mar'21 --- - ____ ____ K C Ft S & M cons g 6s_
1928 M N 10214 10212 102 Feb'24
9414 ____ 10412 Dec'15 ---- -___ ---- K C Ft S & M Ry ref g 48_ _1938 A 0 7812 Sale 7614
76/
1
4 98
7912 ____ 7612 Feb'12 ------- K C & MR & B 1st gu 58_1929 A 0 933 95
95 Feb'24 -68
12
7918 83 7015 Dec'12 _-__ ____ ---- Kansas City Sou let gold 38_1950 A 0 6714 883 6714
7918 84 67
Jan'21 _
.Ref & impt 55
Apr 19503 J 8834 Sale 877
8834 25
91
9012 9212 Kansas City Term let 45_ _1960 .1 J 8114 8112 815
92
91
Feb'24 ---82
31
102 10272 10274 103
11 10278 104 Kentucky Central gold 45_1987 J .1 22
8314 827s Feb'24 --9512 9734 Keok & Des Moines 1st 513-1923 A 0 6118 648 63 Feb'24 ---97/
1
4 18
968 Sale 967s
81
8214 8214 Jan'24 ---80
8215 Knoxv & Ohio 1st g 68
19253 J 100/
1
4 Sale 100/
1
4 10012
7
9374 Sale 9314
9374 46
9274 9375
8314 Sale 8258
83% 19
8012 8512 Lake Erie & West 1st g 5s_ -1937.1 J 94
9478 95 Feb'24 -- -2d gold 5s
82
811s 811
/
4
89
2
8118 Jan'24 -1941 .1 .1 85
89
89
80% 83 791 Nov'23 ------------Lake Shore gold 334a
1997 .1 D 7875 78
7678
77
3
3318 Sale 8312
1
6
8174 8412
Registered
83%
19073 D 75
7612 75
75
3 101 10212
1021
9538 21
/
4 Sale 10212 10218
Debenture gold 48
1928 M S 9515 Sale 9518
19
93
25-year gold 48
1931 M N 9234 Sale 923
9211 9212
Day & Mich 1st Conn 410_ __1931 J J 9212 97
9212 Jan'24 --__
Re
!stared9174 D'23
es3
---_ _ 1943 MN 8418 8514 85/
935
5
83% 8714 Leh Val NY 1st gu g 4;88.-1
2
Del& Hudson 1st& ref 45_
8615
1
4
.1 9318
172 -9174 9375
190
931 ra
J 1'1
9
9275 9474
1935 A 0 9318 94
9478
9414
Registered
20-year cony 531
19403 .1 9074 9212 9078 Oct'23 -- - _
101
8
971
1937 M N 10014 Sale 997
/
4 101 Lehigh Val (Pa) cons g 45-2003 M N 7634 77
7812
7618
2
15-year 510
1930 J D 10612 1075 107
107
5 10612 10812
10-year secured 75
General cons 4185
8612 86
2003 MN 86
86% 14
89 May'22 -- _ _
D RR & Bdge lst gu 4s Ic_ _ -1936 F A 95
I.eb V Term Ry 1st gU g 58-1941 A 0 10014 -- _ - 101% Feb'24-Registered
1
4 __.- 9918 Jan'24 ---Den & R Gr-lst cons g 45_ _1936 J J 68% Sale 6312 •695s 28 -8i1-4, W 1941 A 0 99/
19363 J 7312 74
735
735
5
7212 7412 Leh Val RR 10-yr coil 63...n1928 M S 1021
/
4 Sale 102
Consol gold 4188
10212 11
83
28
7912 8312 Leh & NY 1st guar gold 48-1945 M S 8218 ---- 83 Feb'24 -.Improvement gold 58.. _1928 .1 D 828 8278 8275
1955 F A 3814 3914 38
3812 21
38
4174 Lox & East 1st 50-yr 55 gu-1965 A 0 9955 Sale 995
1st & refunding 58
10018 19
4918 Oct'20 do Registered
1962 MN 80 _ __-_ 8138 Nov'23 --Little Miami 48
Farmers L&Tr rcts Aug '55_ ____ 37
39 , 39 Feb'24 -- - Long Dock consol g 8s
38
41
1935 A 0 10684
- 106% Feb'24 --- 9812
1
Bankers Tr ctfs of dep ______ __ _ _ 37
3974 371
371
/
4
5
3
374
3 37
/
4
814
4 Long Isld 1st con gold 55_ _h19:31 Q 3 9718 -9-812 9818
3518 3818 3714 Jan'24 h1931 Q J 9015 9312 90 D
do Stamped
Feec
b:2
24
3 2::
1st consol gold 4s
Am Ex Nat Bk Feb '22 ctfs. ____
38
42
40 Jan'24 -40
40
General gold 48
1938 J D 8474 8512 8474
3812 3812
do Aug 1922 ctfs
35
40
3812 Jan'24 - Gold 48
1932 J D 8878 ----. 8318 Jan'24-_
_
Des M & Ft D 1st gu 48___ _1935 3 J 4414 4674 44
4878 10 _42__74_ 47_
Unified gold 48
1949 M S 79 -94
79
14
7 Feb'24 __ _:
-12 9
DesPlaines Val 1st gu 4;0_ _1947 M 5
9314 Sept'23 --__
J D 9174
Feb'24193
Debenture gold 55
Jan'24 --__
80 -8-5 Bet & Mack-lst lien g 4s 1995 J D 65/
1
4 71
60
1
4
1937 M N 844 8512 84/
20-year p m deb 50
1995 J D 82
70 62 Feb'24 ---60
Gold 45
62
Guar refunding gold 48_1949 M 8 7912 8012 7975 Feb'24 ---2
1961 MN 8718 Sale 8712
6
Det Rh/ Tun 4388
8884
8718 9012
943
Nor lib B 1st con g gu 5s_a1932 Q J 941s 9474 9474
98 97 Feb'24
99
Oct'23 --__ -Dul Mbisabe & Nor gen 5s 1941 J J
- Louisiana & Ark 1st g 58._-1927 M 5 97
iii -it)-14
_1937 A 0 99 100
99
9918
4
Dul & Iron Range 1st 5s
Lou & Jeff Bdge Co gu g 4s..1945 M 5 8014 Sale 8014
8014
5
1937 A 0 --------958 July'23 -__
1011
/
4 13
_
Registered
Louisville & Nashville 56_1937 M N 10112 Sale 10078
90
29
8112 8078 Feb'24 --__ -76817
_-- 4
Dul Sou Shore & All g 55__ _1937 J J 81
Unified gold 45
1940 J J 8918 Sale 8918
1940 J J ---- ---- 94314 May'23 --Registered
99
99
Jan'24 -Collateral trust gold 5s_ -.1931 MM 97
E Minn Nor Div 1st g 4s_ _ _ _1948 A 0 8478 8915 8412 July'23 - -__
94
0414 93 Feb'24 1938M
6
931.5
1930 M N 10684 Sale 10855 10874
-ia---E Tenn reorg lien g 5s
10-year secured 75
1930J .1 9818 99
9812 Feb'24 ETVa&GaDivg 58
2CO3 A 0 10512 Sale 10434 10512 27
9874 • 9874
1st refunding 530
99
1956 M N 99 Sale 9818
21
981s 99
2003 A 0 9934 Sale 9914
9974 56
5511(when Issued)
Cons 1st gold 55
1
9884
9884 10
9718 100
10303 J 10358 Sale 10355 104
Elgin Joliet & East lst g 58_ _1941 MN 99 100
NO & M let gold 65
:____
71 104% 1051
1930 .1 J 10114 10312 10112 Feb'23:
Erie 1st consol gold 75 ext_ _1930 M S 105 Sale 10478 105
/
4
2d gold 8s
64% 49
19963 J 6478 Sale 8414
6174 6512
8784 Jan'24
Paducah & Mom Div 0_1948 F A 8512 87
let cons g 45 Prior
19963 J 5818 13378 57 Mar'23 - - _
/
4 6214 8012 Feb'24 __._
_
Registered
St Louis Div 2d gold 38-1980 M S 611
_-_
55
195 -5312 -56'4
1
4 ____ 95
Jan'24 ---1st consol gen lien g 48_ _1996 J .1 54% Sale 5412
L & N &M&M 1st g 4101946 M S 95/
48
Oct'23 --__ ____
1998
J __
, L & N South joint M 48.-1952 J J 80/
1
4 80's 8018
8018
5
Registered
92
6
8812 _51952 Q J 7218 ____ 77 J'24
an
--- Penn coil trust gold 45._1951 F A 9178 Sale 913
57
181
5474 9212e1118
57 LoulsRvC1n1e&redLea gold 4185-1931 M N 95% ____ 96 Feb'24 __ _ _
50-year cony 4e Ser A_ _1953 A 0 57 Sale 5614
1953 A 0 5812 Sale 568457
do Series B
45
5412 57
9874
2
/
4 Sale 6314 ' 6434 61
1034.8 J 9855 ____ 9874
Gen cony 45 Series D__ _1953 A 0 641
5955 65 Mahon Coal RR 181 50
95
15
891
/
4 9514 Manila RR(Southern Lines) 1939 M N 5955 Sale 5978
19553 .1 9455 Sale 9414
Erie & Jen3ey lst s f 68
59% 10
834 8314 Manitoba Colonization 55.-1934 J D 9574 97
Erie & Pitts gu g 310 B----1940 J 3 814 ---_ 8314 Jan'24 ii i i
9755 Feb'24 -- Jan'24 ____
1
82
1943 J 8174 ____ 83
83
Series C
83 ManGB&NWlst3%8_1941 .1 J
8112 8284 82
____ ____ Mex Internat'l 1st cons g 413-1
S --------77 Mar'13
Evans&TR lst gen g 5s_ _ _1942 A 0 10218 ____ 88 Apr'23
13
71
7 14,
151,2
98 Feb'24 --9814 100
Sul Co Branch 1st g 5s_ _ _1930 A 0 9618 - - - - 8918 Apr'21 --_- --_- --- - Michigan Central 55
Jan'24
ct:2
23 ._-__
9414
7 D
Oee
1924.1 J 951_2 _ ____ 991
--------98
Fargo & Sou 68
Registered
Fla Cent & Pen let ext g 56_1930 J J
1940 .1 J 8678 ____ 8634 Jan'24 Feb'24
1943.1 J 9374 -9414 9374 Feb'24 ------------48s 94% •
Consolgold5____L
190 J J
Registered
1
8755
lz i
8784 88
80 Feb'23 -- Florida E Coast 1st 418s_ _ _1959 J D 8712 87% 874
1951 MS --------857
J L & 8 Ist gold 310
9
80
67
3
68/
1
4 67
65
8012 80
6814
Fonda J & Glov 410
1952 MN 67
1952 M N 80
1st gold 310
82% 8312
_
8312 Jan'24 --__
1
4
1
4 93/
9374
3
84
Fort St U D Co 1st g 00-1941 J
20-year debenture ts....._ _1929 A 0 9318 93/
92 87 Apr'23 --_
Ft W & Den C 1st g 518s_ _ _1961 J D 10078 1-04-7-4 10114 Feb'24 _-__ 10074 10114 Mid of NJ let ext 55
1940 A 0 88
2
9912
38
1
8418 8974 Milw L S & West imp g 58-1929 F A 9912 Sale 9912
89 88
Ft Worth & Rio Grist g 48_ _1928 3 J 87
10514 10612
106
- 10612 Jan'24
Frem Elk & Mo V 1st 6s___ _1933
1925 M 13 10012 ---- 100 Dec'23 --Ashland Div 1st g 65
Jan'24
--10012
100%
____
.1
9512
1
95
/
1
4
9812
Mich
gold
68
1924
J
GH&SAM&Plet5s
1931 Al N 97 -1171
/
4 9512
Div 1st
Jan'24 --2d eaten 58 guar
1931 3 .1 9512 9918 98 July'23
Mllw & Nor 1st ext 410_ ...l934 J D 8814 9238 89
9084 -- -i -iii.e -9190% 90
1934 J I) 87% 8914 87% Feb'24 - -Galv Hotta & Hand 1st 5s_ _ _1933 A 0 90
Cons extended 410
Jan'24 _
94
3
85 85
89
96 Mil Spar & NW 1st go 48_1947 M S 84
• Geneses River 1st s f 6s_ _ _ _1957 J .1 0255 9374 9374
6618 Aug'23
847 Feb'24 --__
8478 88 Min & S L 1st gu 310-.1941 J .1
Ga & Ala Ry 1st con 55__o1945 J J 8375 85
__ 9184 Dec'23 - -__
1927 .1 D 10014 ---- 10012 Feb'24
Minn & St Louis 1st 78
Ga Car & No lst gu g 58_ _ _1929 .1 J
-ioit
1 1st consul gold 55
9274611
. Feb'24 - 1934 M N 6414 644 6414 Feb'24
s 63
1946 A 0 613
Ga Midland 1st as
9812 100
2284 12
/
4 _ _ 100 Feb'24 -_ _
1st & refunding gold 48--1949 M S 2212 Sale 22
Gala V G & N 18t gu g 513. _ _1924 M N 991
1
98
20
8
984
984
984
Ref & eat 50-yr 5$ Ser A._1962 0 F 20 Bale 20
Gou & Oswegatch 58
1942 J D 9818 100
87
14
9114 Feb'24....
9084 918s M St P & S El M con g 411 int gu'38 J .1 8612 Sale 8675
Or R & I ex lat gu g 410_ _1941 J J 91 12 93
9914
1
19383 J 9914 Sale 9914
1st cons 55
Grand Trunk of Can deb 78_1940 A 0 11184 11218 11212 11315 47 112 11355
1031
/
4 17
13-years f Ils
10-year roll trust 610---1931 M S 10212 1027 10275
1936 M S 1034 Sale 10212 10374 38 10212 10484
4
1011
. Apr'07
1948 .1 J 1023s Sale 10178 10284
68 A
Grays Point Ter 58
1947 J 0 8555
9112
5
1st Chicago Term s f 48_ _ _1941 M N 9174 --_ 9112
Great Nor gen 7s Series A 1936 J J 107 Sale 10674 10714 148 108 10814
973
977
7
8674
5
8555 88/
1
4 M SEIM & A 1st g 481,11 gu-1926 J .1 9774 98
1st & ref 4345 Series A_ _ _1961 J J 864 Sale 8674
88
Jan'24 _
, Mississippi Central 1st 513-1949 J J 8814 90
Registered
1961 ,1 J --------90 June'23 __ __
99
22 -.
4815 -9912 NI K & Okla 1st guar 5a_ _ _ _1942 MN --_- ____ 91% May'23
1952 J J 9755 Sale 9784
534s Series B_
762 75
8112 6018 Feb'24 ___ _ 5934 6015 mo Kam, a Tex-1st gold 413.1990 J D 7684 Sale 7575
Green Bay & W deb aft;"A"... _- Feb 58
5
715 1012 Mo-K-T RR-Pr 1 5s Scr A_1962 J J 8038 Sale 80
818s 151
718
Feb
Debentures etfs "B"
755 758 7,8
1982 .1 .1 67% Bale 6612
/
4 Oct'23
.year 48 Series B
67
14
___ 841
Greenbrier Ry 1st gu g 4s_ _ _1940 M N 83
1932 J 1 9732 9734 9712
84 ------------40t
8
8312
6
97% 47
10-year 68 Series C
Gulf & S I lst ref & t g 5s__b1952 .1 .1 8314 -86
7318 77
Cum adjust 5sSer A Jan _1967 A 0 547 Sale 54/
1
4
547 230
7812 77 Feb'24 _ __ _
Harlem It & Pt Ches 1st 48_ _1954 MN 76
84
8
837 81134 Missouri Pacific (reorg Co)
Hocking Val 1st cons g 434s_1999 J J 8312-Sale 83
771
/
4
7712
8
1999 J J 8012 85 8112 July'23 ___ _
lst & refunding 5.18er A. A965 F A 7755 78
. Registered
2 -PI -671;
9578 14
9755
1st & refunding 58 Ser C-1926 F A 9578 Sale 9514
1937 J .1 9712 - -- 9755
1115 T C 1st g &lint gu
9014 9112
21
1st & refunding 68 Ser D_ _1949 F A 9074 Sale 90%
91
Houston Belt & Term 1st 58_1937 J J 9074 -9212 9112 Feb'24 __ __
1975 M S 5312 Sale 53
General 0
HousEd3WT15tg58
96
974
1933 M N 951
53% 132
9618 Jan'24
Missouri Pacific1933 ra N 9514
9318 July'23 -__
s-98
1st guar 5$ red
_
-844 -815i
Housatonic Ry cons g 58. _ _ _1937 M N 85% 89 844 Jan'24 _ __
3d 7f3 extended at 4% _ _ _ _1938 MN 8343 8412 8218 Feb'24
J
1
4 Sale 8112
9234 J'24 --83
73
8034 8412 Mob & Blr prior lien g 513- _ _1945
Bud & Manhat 58 Series A._1957 F A 82/
Mortgage gold 48
1945
.1 7218 75
1957 A 0 6112 Sale 6118
1
4
6855 Feb'24 --62/
1
4 46
5814 62/
Adjust Income 55
9058
1
8942 92 mobile & Olito new gold 88..1927 J D 10214 10255 10212 10258
7
Illinois Central 1st gold 48_ _1951 J j 90% ____ 9038
1
1951 .1 J --------8355 Sept'22 iii i
101
1st extended gold 138_...h1927 Q J 101 Sale 101
Registered
1951 J J 78
8112 80 Feb'24
1938 M S 76
774 7618 Feb'24 --lir -8-6- General gold 4s
1st gold 310
1951 J J
9412
2
Montgomery Div 1st g 55_1947 F A 94
80
Oct'22
9412 9414
Registered
1927
D 9574 96
(
-6 2 77% Jan'24 _ ___ T714 -7-7-7-4
St Louis Div 58
9512 Feb'24 __ __
Extended 1st gold 3348_ _.1951 A 0 -iii8 -8
1951 A 0
____ __-_ Mob & Ohio coil Cr g 48._ _ _1938 M S 77
77% 7714
7714
3
Registered
1951 M 8
M
ea
Pr
t:2
22
3Oct'23-Is 72 8
79
3%1 S
Mob & Mal 1st go g 45
1991 M S 8214 _ _ 81
1st gold 38 sterling
1952 M 8 851
/
4 ___ 8318
.8 108 10912 10818 Jan'24 _--851
/
4 -9
8312 85% Mont C 1st gu g Os
1937
Collateral trust gold 4s
1952 A 0 ___
9334 Sept'19
1937
.1
--- Registered
1955 M N 8412 8474 85
8514 18
r gold Si
ilea- Feb'24
85
88311
Re
lstgig:utred
1937 J .1
1st refunding 45
and
asked
bid
this
week. a Due Jan. b Due Feb. c Due June. 8 Due July. n Due Sept o Due Oct. s Option vale.
•No mire Few;latest
Chic Un Sta'n 1st gu 430 A-1983 .1 3
19633 J
Si B
19633 .1
1st Series C 610
Chic & West Ind gen g 6s__e1932 Q M
19523 .1
Consol 50-year 49
1935 MS
15-year s I 710
Choo Okla dc Gulf cons 5a...._1952 M N
C Find & Ft W 1st gu 45 g-__1923 M N
On H & D 2d gold 410.._ _1937 J .1
C 1St L & C 1st g 4s
k1936 Q F
Registered
k1936 Q F
Cmn Lab & Nor gu 45 g
1942 MN
19283 J
On S& CI cons 1st g 58
Clearf& Mah 1st gu g 58_ _ _ _1943 J J
Cleve Cin Oh & St L gen 45_1993 J D
20-year deb 4145
1931 .1 .1
General 55 Series B
1993 J D
Ref & tmpt 65 Series A_ _ _1929 J .1
1941 J .1
65 C
Cairo Div 1st gold 48
1939 J J
Cln W & M Div 1st g 4s 1991 J J
St L Div 1st coil tr g g 4s_ _1990 M N
Spr & Col Div 1st g 4s_ _ _ _1940 M S
W W Val Div 1st g 4s._1040 J .1
19343 J
C3C C & I gen cons g 68
Clev Lor & w con 1st g 58_ _1933 A 0
1935 MN
CI & Mar 1st gu g 4148
Cleve & Mahon Vail g 5s__ _1938 J J
&I'gen go 4345 Ser A____1942 J J
1942 A 0
Series B
1942 A 0
Int reduced to 310
1948 MN
Series C 310
1950 F A
Series D 310
Cleve Shor Line 1st gu 410.1961 A 0
Cleve Union Term 510__1972 A 0
1973 A 0
55(WI)
Coal River Ry 1st gu 4s_ _ _ _1945 J D
Colorado & South 1st g 45_ _ _1929 F A
Refunding & exten 430..1935 MN
1943 A 0
Col & H V 1st ext g 4s
1955 F A
Col & Tol 1st ext 48
Cuba RR 1st 50-year 55 g_ _1952 .7 J
1936 3 D
1st ref 710
2
0
-.
-.
-.
7796171: 1
H
1870
3
,0
1 11/
L:8
78
78
9934 102
10012 10134
85
8975
7444
8844
1
574
14
7
770
85
70
75
8943
1
2
74
771
- -- -
_
-
"iiit Ws;
9714 9711
4018 6313
90s 94
6418 70
1678 26
8314 8412
795
78
95
981s
10015 102%
73/
1
4 7774
97
95
67s 69%
86
89
8112 83%
8214 83
8248 83/
1
4
100.38 10074
93%
87
7514
78
9434
9214
9134
9234
95%
8914
80
75
9534
9314
9134
94
76'z 79
8534 89
10174 103
9918 99/
1
4
101 103
8214 83
99 101
fa5;
97/
1
4 9812
5434 86
8618 83Is
79
8014
91% 91%
84
8512
79% 8075
9474 95
95% 9718
7912 8112
10078 10213
8914 91
"osi- ii"
10614 1081s
10434 10618
9712 10012
10352 104
"ii" "ail;
6015
94
79
77
96
611
/
4
9574
8112
77
96
9574
59
96%
82
9934
60
9774
82%
98
98's
98
98
8844 8844
-775-
8055
924 93%
612
Hoofs
991*
8914 8914
8712 87%
83% 8512
100 itioYz
6312 68
18
2312
18
20
88% 881a
99 103
10118 10374
100 102%
911
/
4 91/
1
4
9874 97%
88
8814
76
78%
65
94%
5144
78z
8312
681s
9814
an
751a
9.114
8758
51
7844
95/
1
4
92%
55%
804
9274
68
10214
10074
74
92
95%
78
821z
924
73
103
10112
771t
95
98
7
_
10814 1081s
4 100
1001
New York Bond Record-Continued-Page 3
.•
15
.
BONDS.
il 3
,.._
N. Y.STOCK EXCHANGE
,.,a':
29.
Feb.
ending
Week
Price
Eriday
Feb. 29.
•
I1;
Price
BONDS.
Range
.4. .
Week's .
Z
Friday
A
EXCHANGE
STOCK
.
Y
N.
Since
is
#
Range or
.,e, Feb. 29.
Week ending Feb. 29.
Jan. 1.
Last Sate.
Week's
Range or
Last Sole.
..3 •
,..ni
ci
Range
Siam
Jan. 1.
High
High No.
Ask Low
Bid
High
High No. Low
Ask Low
Bid
7434
67
1
7014
7612 77 Peoria & East 1st cons 45_ _ _1940 A 0 7014 Sale 7014
6
77
78 77
2000.7 D 77
2414
21
13
22
22
Sale
M & E let gu 3145
22
1990
Apr.
48
Income
10078
100
8
3
4 10012 1009
1
93
9112
97
2
925
Washy Chatt & St L 1st 513_ _1928 A 0 9934 100/
9214
9232
1956.7
.1
Sale
53
1st
A
Ber
Marquette
1937 F A 9712 100 964 Oct'23 ____ -___ ____ Pere Series B 4s
7612 7934
1
7814
1956 J J 78 Sale 78
N Fla & S 1st gu 5 53
lst
___
Sept•23 ____
-___ 9012 91
Feb'24
91
91
MN
90
1943
Nat Ry of Mex pr lien 434s 1957 J J --------30
4s
g
1st
Bait
W
&
37
4
Phila.
233
_____ _ 23% 253 25 Feb'24.
39 437
5
40
July coupon on
394 39
5 f 4s 1937.7 .7 39
26 Nov'23 ____ ____ ____ Philippine Ry ist 30-yr
9352 9334
9334 Jan'24 ____
do off
1940 A 0 935$
P C C & St L gu 4338 A
2612 July'23 1977 A 0
9375 944
____
Feb'24
General 43(Oct on)
0
9334
A
9334
1942
____
guar
4332
eries
B
------------S
July'23
21
26
18
on
0414
Jan'24
__-934
coupon
9314
939
___
April
1942 MN
24 Dec'23 ------------Series C 4348 guar '
87 87
off
MN 87 -89 87 Feb'24 ____
do
1945
guar
4s
D
Series
_
_
_.
•
____
June'23
____
8812
864
Feb'24
90
A
8812
F
8612
1949
Nat RR Mex prior ilen 4333_1926 J J --------3814
gold
guar
Ms
3
E
Series
55 li
36 Jan'24____
__ 8912 9112 June'23 ____ ____ -July coupon on
1953.7 D
4 4114 34 Oct'23 ------------Series F guar 4s gold
1
34/
off
____
____
Sept'23
03
MN
8512
do
8834
1957
guar
45
G
Series
Apr'23 ___ _ 9034 1611;
1
1st cense' ts (Oct on)_ _ _1951 A 0 --------28
9052
1963 F A 9052 9114 905
Series 1 cons guar 4348
55 8-5___ 36 Jan'24 ____
1
_
9058 9118
April coupon on
1964 M N 9032 ____ 9058 Jan'24 ____
Series J 4535
22
10
22 Feb'24 _
1714
off
4 9712
961
20
9638
do
9512
Sale
4
1
/
95
D
1970.7
A
Series
58
8612 May•23 ------------General
1954 ail N 69
Naugatuck RR 1st 45
a1928 A 0 9634 100 9634 Feb'24 --__ ___--2d g 58
Erie
L
&
tta
------------Pi
Aug'23
75
1945.7 J 8314
____ __ ____
Dee'22
105
____
New England cons 55
103
1
J
6s___1932
1st
gu
Y
&
McK
Pitts
83
75
1945 J J 75 ___ 83 Jan'24 ____
___
__ 9514 June•22 ____ _ __
Consol 48
1934J J
2d guaranteed 68
___
4 -99
1
98/
N J Juno RR guar lst 49_1086 F A --------80 Dec'23 ____
9912 99 Jan'24 ____
99
1940 A 0 ____-14 1,B 1st g 58
811$ 8412 PittaSh,
8352 25 ________
97 9334
Feb'24
9834
___
N0& N E Ist ref & Imp 43414A'52 .1 J 839 837 8234
9712
.7
J
1943
5s
gold
consol
1st
764 79
8
7712
77
9912 9913
9912 Feb'24 __
New Orleans Term 1st 48_ _ _1953 J J 7712 Sale 10012
37 10034 10112 Pitts Y & Ash 1st cons 58_ _ -1927 MN
101
3314 Dec'23 ______ ____
4512
NO Texas & Mexico 1st 68-1925 J D 101 Sale
39
8518 8912 Providence Seem. deb 48_ _ _1957 M N 991447
89
1935 A 0 89 Sale 8852
__ . _
__
-__
Dec'23
7134
Non-cum income 523
__
__
4
1
/
74
S
M
19.56
48
1st
Term
_ _ Providence
____
9018 153 8714 -91%
N dc C Bdge gen gu 434S_ _ _1945 .31 J 9034 0272 90 Dec'23 ____
1997.7 J 90 Sale 8912
95 -95 Reading Co gen gold 4s
9512 95 Feb'24 --_
9 8714 9112
90
8934
9112
N Y B & M 11 1st con g 5s_ _1935 A 0 95
8934
deposit
of
Certificates
10552
8314 8814
7
85
NY Cent RR cony deb 68-1935 MN 10412 Sale 10372 10432 184 10312
Jersey Central coil g 48._ _1951 A 0 84% 8512 8412
8314
81
8072 25
1998 F A 8032 -- -- 8032
8814 8834
8834 139
Consol 48 Series A
1997.7 J 8814 Sale 8814
Gen & ref 434s Ser A
8512 8912
4
8612
Ref & 'mot 4338 "A"_2013 A 0 86 l'ale 86
109
MN
6s-1941
20-yr
Saratoga
&
9533 9712 Rears
9832 185
4
1
2013 A 0 96 Sale 95/
981s 9814
1
9814
Ref & Impt 5/4
1927 A 0 9814 Sale 9814
Rich & Dan &
NY Central & Hudson River1948 MN 6934 --- 72 Mar'23 - - -- --- -7612 Rich & Meek 1st g 58
74
7434 16
1997 .7 J 74 Sale 74
96 -97
1
97
Mortgage 3343
97
Sale
97
1952.7
.7
7212 7414 Rich Ter 58
1
7212
8114 7212
1997 J J 71
8512 • 15 84% 87
Registered
8912 91 Rio Grande June 1st gu 513_1939 .1 D 8412 8512 848 Jan'24
8934 16
1934 M N 8914 Sale 899
Debenture gold 45
-_512 59
512
7
352
.1
4s..19403
gold
1st
Sou
Grande
Rio
87 8912
1942 J J 87 89 87 Feb'24 ____
30-year debenture 4s
_7 Dec'23 ___, -,,- -„
334...
1940 3 J
Guaranteed 4
1
7114 74/
9
4
1
73/
Lake Shore coil gold 3345_1998 F A '714 Sale 7114
74
3 739 7511
74 •
74
7312
J
J
46-1939
gold
1st
West
Grande
Rio
7212
7114
__
1998 F A 7072 79 7114 Jan'24
Registered
20 60 65
63
Mtge & roll trust 48 A_ _ _ _1949 A 0 6212 Sale 6234
734 75
7412 7714
Mich Cent colt gold 334e1998 F A 73 74 74 Feb'24 --__
771, 34
77
724 7214 R I Ark & Louis lst 4333----1934 M 8 77 Sale 68
1998 F A 73 74 7212 Jan'24 --70
68
Registered
-__
Jan'24
75
6932
.1
1949.7
48
g
gu
1st
-Canada
894 9078 Rut
8952 14
8012 8111
--__
NY Chic & Bt List g 4a_ _ _ _1937 A 0 8934 Sale 8914
Feb'24
8
80
J
1941.7
8812 884 Rutland 1st cong 4345
1937 A 0 88 8812 889 Feb'24
Registered
7112 74
19
74
74
4
7431947.7
J
7234
4s
g
Is'
&Grand
Joe
St
4
893
88
8
1931 M N 89 899 8914 • 894
Debenture 48
9112 96%
1996.7 J 9112 9212 9114 Feb'24 - -_1931 M N 10112 Sale 10034 10112 77 10018 10114 St Lawr & Adir 1st g 58
_.
2d6sABC
1998 A 0 0734 ____ 98 Nov'23 __-- ____
2d gold 6s
8812 8812
11
87
2 89 -941-h
9012
N Y Connect lat gu 434s A_ _1953 F A 8634 87 8612
9012
Sale
9012
J
J
1931
45
g
guar
Cairo
&
L
t
80 Sept•23 ------------S
M N 8314 _
98
95
3
9634
NY & Erie 1st ext g 48
96
Sale
96
0
A
.1931
& S gen con g 58_
1933M S 8632 ____ 96 May'23 ____ ____ ____ St L Ir M &
8312 87
8614 44
3d ext gold 433s
1939.7 J 86 Sale 857s
95 Mar'23 ------------Unified ref gold 48
1930 A 0 96
4th ext gold 58
72 7711
7612 17
1933 M N 7612 Sale 76
Riv & G Div lst g 4s
9234 Dec'23
ggh
1928.7 D 92
99
1
9912
9912
51.11 ext gold 45
9912
8412 8534 St L M Bridge Ter gu g 5.s. _1930 A 0 9734 Sale 6734
1946 M N 8334 8514 8434 Jan'24 _-65% 701i
6812 157
NY & Green L HU 9 58
J
J
6834
481950
co)
(reorg
Fran
&San
L
St
____
____
____
2000 M N 7512 _ ___ 74 Sept•23
5
8012
38
827$
85
NY & Harlem g 3348
82
Sale
8252
J
J
1950
Prior lien Ser B 58
____
56
9834 102
N Y Lack & Western &L....1923 F A ____ _ __ 9934 June'23 ____ ____
1928.7 J 102 Sale 9934 102
Prior lien Ser C 68
1973 M N
8712 93%
7
9158
9114
1st & ref .58
Sale
J
.1
9114
1942
9712 5348
97
1973 M N 9514 965± 97 Jan'24
7212 778
7534 169
let & ref 4348
Cum adjust Ser A 8s.__81955 A 0 7512 Sale 7412
___
5832 65%
6412 365
NY L E & W let 75 ext-._ _1930 M 5 --------103 June'23 __ _ __ _ 98
6414 Sale 6234
51960 Oct
Income Series A 68
98 98 Feb'24
1943.7 J 9872
997$ 1038,
5
Dock & Imp 55
10334
103%
1033$__
J
J
65-1931
gen
Fran
3 9612 9712 St Louis & San
9612
1932 F A 9714 9712 9612
9712 99
6
939
NY & Jersey 1st 58
1931.7 J 9712 -983-4 9814
General gold 53
___
NY & Long Br song 4s_ _1941 M S 8738 ____ 91 July'22 _ _ _ ____
___ 8212 July'23 ---- ____ ___.
13 F RR eons g 48 -1998 J J
Las
St
__...
___
-___
June'23
NY N H & Hartford91
99
9712
80340
A
_1947
_
Southw Div lets 517._
3912 4512
46 4512 Feb'24 ____
98 -99%
1
9812
Non-cony deben 3%5-1954 A 0 43
9812
4412 517 St L Pee & NW 1st gu 517_1948 3 J 98 101 - 8834 Dec'23 ---- ____
2
5014
5014 5112 5014
1947 M
__.
Non-cony deben 43
__
MS
8934
1931
43
g
gu
1st
Sou
43 St Louie
38
45 43 Jan'24 ____
76 -79
5
7714
Non-cony deben 3348--- _1947 M 5 43
449 59 St L SW 1st g 4s bond etfs_ _1989 MN 77% Sale 77%
19553 J 48 504 52 Feb'24 __
7112
6 6914 721:
Non-cony deben 48
7112
Sale
J
714
J
p1989
cgs_
bond
income
548
2d
52
4312
4 51 Feb'24 ____
1
1956 MN 48 49/
8l7e 44
Non-cony deben 48
777 82
1932.7 D 8112 Sale 8114
Consol gold 48
3934 45
1956.7 J 4112 4412 45 Feb'24 _
98 82
8114 36
Cony debenture 3345
80 Sale 80
lat terminal & unifying 53-1952 J
6914
6914 72 89
1948.7 J 6834 Sale 6712
76
73
5
7514
7412
Cony debenture 68
Sale
A
F
7514
4348-1941
181
L
Sh
C
K
&
Paul
4412 St
36
68
42
1957 MN 42 Sale 4012
4% debentures
9012 Nov'23 -----------.
703s 8014 St Paul E Or Trunk 430-1947 J J 8912 90 92
9
7912
1925 A 0 79 Sale 7872
92 92
Feb'24 -___
75 European Loan
94
9112
J
J
_1933
_
_
48_
Man
&
Minn
Paul
St
78
7614 308 69
1925 A 0 7534 Sale 7512
Franca
1933.7 J 106 10712 10814 Jan'24 ---- 105 106I.
lst, consol g 68
___ _ __._ ____ ____
1930 F A 38 ____ ____
2 9512 97
964
9612
Cone Ry non-cony 48
68 reduced to gold 4345_..1933J J 964
1954.7 J 4434 4912 40 Oct'23 ____ ____ _..
8812 90;
Non-cony 48
48
1937 1 D 8914 -904 894 Feb'24 ---gold
1st
ext
Mont
___
Non-cony deben 45_ _ _,1955J J 4434 494 3872 Oct'23 ____
19403 J
Pacific ext guar 45
4212 4212
713$ 751.
17
1956 J J 4434 50 4212 Jan'24 ___... ____753
7434
Non-cony deben 48
Sale
7472
J
J
-1943
4s_
g
gu
1st
Pass
A
&
A
S
_
_
_
____
2
993 991
NY & Northern latg 58--- -1927 A 0 9914 --- 99 Oct'23 ____
9934
M S 98 994 9932
64% 55 609 6-614 Santa Fe Pres & Phen 5s__ -1942
8012 831
4
•
NY 0& W ref 1st g 43---01992 M 8 6434 gale 8372
82
1950 A 0 8134 8234 82
5858 61 San Fran Terml 15148
1
5934
Feb'24 - --- 107% 103
1955.7 D 5934 Sale 5934
General 4s
108
_
_
1073$
0
A
1934
68
West
&
Fla
ay
73 Aug'23 ------------S
4
1
1942 A 0 73/
NY Prey & Boston 41
1934 A 0 100 1-01-4 999 Dec'23 -----------.
58
81 81
82 81 Feb'24 __-_
8472 853
4
8478
4
1
N Y & Pu lat cons gu g 42_1998 A 0 81
Scioto V & NE let gu g 45-1989 MN 849 Sale 84/
1927 M S 971$ _ - _ 964 Dec'23 ______
2 61 66
NY & R B 1st gold 5s
66
1950 A 0 6334 64 66
45
g
Line
6134 Seaboard Air
5212 _--9
6052
584 65
34
NY Susq & W 1st ref 55...A937 J J 58 -6012 605±
64%
64
1950 A 0 6412 Sale
Gold 4s stamped
2 43 50
50
5314 1115
1937 F A 48 53 50
437 531
2d gold 4342
01949 F A 5234 Sale 5012
Adjustment 55
4014 5234
5234 17
1940 F A 5212 5212 5212
421
General gold 58
4752 531
5312
5034
Sale
5212
0
A
1959
RetundIng 48
864 8614
1943 MN 8634 90 8614 Jan'24 _
Terminal 1st gold 58
6734 76
78 637
1st & cons& Series A__ _ _1945 M S 7552 Sale 7334
3912 473
4733 105
4
1
9734 981
NY W'ches &B 1st Ber I 4348246 J J 4634 Sale 45/
1
9812
9812
9914
989
J
J
-1926
5s1st
Roan
6412 12 63 67 Seaboard &
___
___
7
____
Norfolk Sou 1st & ref A 55_1961 F A 6414 Sale 64
June'23
3612
987 99
89 92 Sher Sh & So 1st gu g 5s_-A943 J D 10012
9114 92 Feb'24 ____
1941 M N 91
_
Norfolk & Sou lst gold 58
Aug'23 --__ ____
98
____
s
A
7
F
1936
58
g
gu
cons
Ala
N
&
5
Norf & West gen gold 6s_ _1931 M N 10512 _:.- 10612 Jan'24 - -__ 10612 1064
14111
--99
102
Feb'24
102
1009
0
A
Gen cons guar 50-yr 5W,_1963
Jan'24 ____ 106 106
1934 F A 107 ___ 106
Improvement & extg
815 85
8212 16
8214 Sale 82
D
J
col)k1949
Pac
(Cent
4s
Col
Pac
So
___
___
___
_
Dec'23
106
1932 A 0 106 ____
9212 941
New River 1st gold
9312 73
01929 M S 934 Sale 93
20-year cony 48
86 -8812
87
14
N & W Ry 1st cons 5 45.-1996 A 0 884 Sale 8612
99% 15 9714 991
1934.7 D 9832 9934 99
20-year cony 58
8534 Oct'23. __ __
1996 A 0
Registered
3 101 1011
10113
101
103
___
MN
1927
558
-On
Cal
of
Pac
8
So
3 86 8 88
8632
4
1
DWI let lien & gong 45_1944 J J 8614 88 86/
9112 94
_-_. So Paz Coast 1st gu 48 g--1937 J J 8912 9012 92 Feb'24
857
10-25 year cony 434s......1938 M 5 8912 -- - 82 Dec'23 ___ ___
871
8.5
93
19553 J 8512 Sale 85
--- So Par RR 1st ref 48
1929 M S 11514 Sale 10714 11914 306 10612 1194
10-year cony 68
971
108
951s
9712
96
Sale
97
J
J
1994
58
g
cons
761$ 8812 Southern-lat
8713
6
Pocah C & C joint 48...._1941 J D 8714 __ 879
714
6918
181
6972
7032
Sale
on
___
Develop & gen 48 Ser A_ _ _1958 A 0
North Ohio let guar g 514--1945 A 0 8212 - 82 Dec'23 ____ ___
211
964 981
98
9714
Sale
98
0
A
1956
1)
(w
65
81%
839
71
805$
-8052
Nor Pacific prior lien 4.__1997 Q .1 8053 Sale
104
1014
10312
73
102
Sale
s
2
10314
0
A
1956
850
7934 8214
81 Feb'24 _
1997 Q J
Registered
2 9338 94
94
Mem Div 1st g 4345-55_ -1996 J J 9334 9514 9314
5712 597
60
577
42047 Q F 5712 Sale 57%
General lien gold 32
2
7934 82
81%
817$ 81%
1951 J J 81
5612 Dec'23 ------------St Louis Div 1st g 411
a2047 Q F 5512
Registered
987$ 100
2
992
814 12
7934 83 So Car & Ga 1st ext 5348_ _ _1929 MN 9912 Sale 99
Ref & impt 4345 ser A----2047 J .1 8112 Sale 81
83 83
1
83
83
86
827
J
.7
5s-1955
g
lst
Internat
Spokane
4
10212
1043
1033
Sale
4
10214
91
2047.7 .1 10212
68 see B
___
______
Oct'23
91
_-_86
J
1936 J
9112
3
903± 93 Sunbury & Lew 45
20473 J 9012 911, 9112
58 C
-- 95 MaY'18 ---, -,,, --,
_
M
g.
949
5a
$
_01930
lat
L
Short
Superior
91
9312
9112
14
Bale
4
893
91
2047.7
J
58 D
9234
93
93
715
5
4
833
92%
0
A
4%8_1939
g
List
St
of
Assn
St Paul-Duluth Div g 48._1996 J D 87 ____ 89 Feb'24 __ _ _ ____ ____ Term
974 99
1944 F A 9712 ----973± Feb'24 --__
let co
cons gold 55
Bt Paul & Duluth 1st 5a...1931 Q F 9912 __ __ 989 June'23 ___ ___ __82
4
3
-78
8112
-Feb'24
8072
80
,J
.1
1953
4s
g
f
refunds
Gen
-----------Jan'24
849
8032
D
19683
jet consol gold 4s
19433 .1 92 95 9034 May'23
d 55
10914 Tex & N 0con
gol
1934
Nor Pac Term Co lat g (is_ _ _1933 J J 10834 -__ 10934 Feb'24 __
9432 25 92 -941
Sale 9352
94
D
3
52
2000
gold
1st
Texas
Pac
____
&
___•_
Dec'23
____
99
99%1001:
0
A
1938
55
g
guar
No of Cal
__
42000 Mar 60 85 58 Aug'23 _-__
2d gold income 5s
19303 J 10112. 100 June'23 _
North Wisconsin 1st 68
9158 932
1931 .1 J 8912 93 92% Feb'24 -___ ____La Div B List g Ed
_-__
69 73
OS & I, Cham 1st gu 45 g_ -.1948 J J 05 -7014 71 Feb'24.
9734 gg
1
9712
9752
Sale
9712
J
J
-1935
58_
gu
1st
_
&
Cent
Tol
_
__
Ohlo
..
Oct'23
!..
___
8934
1943
S
M
Ohio Conn Ry 48
947
2 947 94 8
1935 A 0 9412 96 9472
8934-99 9714 Feb'24 __
1936 3 D 979
974 1714
Western Div 1st g 58
Ohio River RR lat g 55
5 9112 931 2
931:
1935 3 D 9212 95 93
_
General gold 58
1937 A 0 96 ___ 9414 Dec'23 _ J
General gold 52
___3014 30
Jan'24
3014
26
21
J
993
J
-.1917
43_
West
Sale
&
100
13 994 100 Toledo Peoria
1927 J J 9934
Ore & Cal 1st guar g 5s
9712
i
9612 97
8612 85 Feb'24 - - - 8578 88 Tol St L & W pr lien g 334s_ _1925 J J 9714 ___ 9712
Ore RR & Nay con g 413_ _ _1946 3 D 854 Sale
79 2
76
5
77
1019 102
15 10114 103
1950 A 0 7612 Sale 7612
50-year gold 48
Ore Short Line-1st cons 5 58.'46 3 .1 10114 Sale 102
_
____
__
__
Dec'23
95
__
959
J
19313
102
1 102 10214 Tol W V Ss° gu 433s A
1946.7 J 102
Guar cons 58
954 -65
- 959 Feb'24 ____
8572
959
J
J
1933
4%s
B
Sale
9312
9314
934
Series
12
9214
94
D
1929.7
48
refund
Guar
_
_
,..
_
___
Nov'23
8612
___
8714
S
af
1942
80
045
Sale
8034
80
Series
J
793
66
8 8134
Oregon-Wash 1st & ref 45._ _1961 J
82
814 -„..
8212 8012 Jan'24 _ ___
754 8013 Tor Ham & Buff 1st g 45_ __k1946 J D 8012 8314 82 Feb'24 _- - Pacific Coast Co 1st g 5s_ _ .1946 .1 D 70
95 95
1
959
95
Sale
95
D
J
58.-1928
g
Ulster
cons
&
lid
8712
Del
8734
8712
8712
8552
2
2
A
867
F
48.-1938
g
Pao RR of Mo Dit ext
1952 A 0 6552 71 63 Dec'23 -- - - _ _ _ - -1st refunding g 48
9814 98
1938 3 J 9624 984 97 Feb'24.
2d extended gold bs
885± 92
8912 38
4
1
19473 J 89 Sale 88/
___ 9112 Feb'24 ____
9112 914 Union Pacific lat g 48
Paducah & Ills 1st 8 f 4348_1955 J J 019 Sale
9532 96 4
9634 48
19273 J 9634 Sale 96
4s
cony
20-year
.7034
72
7134
59
A
F
72
65
pails-Lyons-Med RR Ga....1058
103
100
16
10012
Sale
100
02008 M S 100
1st As ref temp &
9612
9534 '96 Feb'24 _
95
1942 M 8 95
Paulista Ry 78
8155 86
8334 12
02008 M S 8334 Sale 83
lst & refunding 4s
894 8912
Pennsylvania RIL-cons g 45 1943 MN 8834-__ 8912 Jan'24 __
103
10234
27
10312
J
J
10234
Sale
10234
68_1928
secured
10
perm
-year
5 87 899
1948 M N 8014 8812 8778 .88
Cowl gold 48
WA 88 a
897 Feb'24 - - -5714 59
87
5
NJ RR & Can gen 4s____1944 M Ei 90 _
May 1 1908 MN 869 8734 87
4s stamped
--.
____
---Dec'23
9414
___
8926.7
.3
985±
Sale
9434
9512
53
A
F
9512
gold
8
Utah
Nor
944
3
14
5
.
95
1960
Comet 4%a
1933.7 .1 9214 83 104 Dec'23 ---- ---- -,
90$4 111
1st extended 42
9014 91%
19653 D 9052 Sale 901,
General 4345
85 -85
cons g 48 Set A__ 195.5 F A 85 ____ 85 Jan'24 __ _ _
Vandal's.
9934
1007$
10014
40
Sale
99
100
D
J
1968
General 541
2 I 85 87
87
1957 NI N 87 Sale 87
Consol 45 Series B
1930 A 0 10714 Sale 10711 1077s 31 10614 10814
10-year secured 78
_ _ 36 June'23 ____ __.... --.
1936 F A 1084 Bale 10814 10812 50 1075$ 10934 Vera Cruz & P lat gu4342-1934 J J ____
15-year secured 6348
2514 89 29 June'23 __ -- ---- --.
coupon
on
July
Pennsylvania CoM El 967 0812 9814 Mar'23 __-, -„- ,,,1-2
rdi V I & W 1st g 586
92
8414 Dec'23 ------------Ve
g1
A.1937 M 5 8412 ____
re
Guar 3338 colt trust
97 -115
1
9912
A 8134 ___ 824 Dec'23 ____ ____ ____ Virginia Mld Series E 55_ --1926 M 8 994 -___ 9912
Guar 334a cod trust Ser B.1941 A D
MN 9714 _ _ 9712 Dec'23 ____ _--- --.
1936
_
_
5a
General
Dec'23
_______
8114
85
Guar 334s trust etfs C_._19423 D 8114
- Vs & Southw'n let gu 5W,,._2003 J J 905± 84,14 9114 Dec'23 __
8114 -814
8114 Jan'24 ____
____
4
/
811
J
D__1944
ctts
trust
io , iiii4 -II75
Guar 3341,
81
90ts 93
9112
1
19588, 0 81 Sale 81
913 9112
22 i 9214 95
Guar 15-25-year geld 4a-1931 A 0 9112 8512
94
8434 8512 Virginian 1st 58 Series A_ _ 1962 M N 04 sale 931,
4 Feb'24 ____
1
84/
_ _ _ _1952 M N 8334
An.... A. Aar R
a ovum ads
Dee
Due
June. h Due July k Due Aug. 0 Due Oct. y
Due
0
May.
4
cDn.
Due
March.
Jan.
'Due
Due
4s111.
a
asked.
and
bid
Friday;lated
•Ng pries
New York Bond Record-Continued-Page 4
1002
•
BONDS.
N. Y. STOCK EXCHANGE
Week ending Feb 29.
VS)
ZZ.P
.
Price
Friday
Feb. 29.
Week's
Range or
Last Sale.
•
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ending Feb. 29.
t
•i•
Price
Friday
Feb. 29.
Week's
Range or
Last Sale.
•
(4c2
Range
Since
Jan. 1.
Bid
High
Ask Low
Hick No. Low
High
BW
Ask Low
High No. Low
Wabash 1st gold 58
1939 M N 9712 Sale 9634
961
9734 32
/
4 981
/
4 Dot United 1st cons g 4%5_1932 1 .7 85 Sale 85
10 '8455 89
85
2d gold 53
1939 F A 8812 Sale 8812
24
89
8718 9012 Distill Sec Corp cony 1st g 581927 e_k_ _13_
4734 5414
2
4618 52
4734
4734
1st lien 50-yr g term 95_ _.1959 J .1 7114 7112 72/
Trust certificates of deposit__ _
72/
1
4
68
1
4 Feb'24 _ _ _
48
21
50 Sale 49
5473
50
Det AL Ch ext 1st g 58_ _
J
98 Dominion Iron & Steel 58_..1943 J .1 7614 77
2
97
9714 100
98
98
7614 7914
10
7658
77
Des Moines Div 1st g 4s...1939 J .1 7414 7712 78
78
78 Donner Steel 75
8612 92
Jan'24 _
1942.7 J
17
9134
Om Div lst g 355e
1941 A 0 6818 6914 6913 Feb'24 ---67/
1
4 69/
1
4 du Pont (E I) Powder 4545_1936 .1 D 90
91
91
Feb'24
118
4i Sa
_l_e_ 9911
Tol & Ch Div g 4s
1941 M S 7.534 7734 7812 duPont de Nemours & Co 755s'31 MN 10718 Sale 106/
7812 Feb'24 1
4
1
4 108/
1
4 10718 63 106/
Warren let ref gu g 3158_ _ _ _2000 F A
Duquesne Lt 1st & coil (3s_ _ _1949 .7 .1 10334 Sale 10334 104
7818 Jan'24
105
10314
61
Wash Cent 1st gold 45
1948 @ M 7812 81
7818 7818 East Cuba Sug I5-yr s I g 7558'37 M S 10812 Sale 10734
9938 Jan'24 -10614
109
198
111
W 0& W 1st cy go 48
1924 F A
99/8 99/
1
4 Ed El III Bkn 1st con g 9s 1939 .1 J 89
- - 8012 Jan'24 -8914 31
90/
1
4 89
89/
1
4 8934
Wash Term lst gu 315s
1995 F A 80
8112 7934 Feb'24
8012 8012 Ed Elec III let cons g 58_ _ _ _1995 J .1
9812 100
9912
9912
1
let 90-year guar 45
1945 F A 8534
Elk Horn Coal cony 68
86 Aug'23
1925 J D 9612 98
96
9612
_
9612 Feb'24
W Mm W & NW 1st go 5s_ _1930 F A 7812 79 63 Feb'24
Empire Gas & Fuel 7555.-1937 121 N 911
9012 9312
/
4 Sale 9114
911
/
4 67
West Maryland 1st g 4s_ _ _ _1952 A 0 6178 Sale 6112
58
63 Equit Gas Light 55
40
62
1932 M S 9514 9512 9534
9334 96
9534
1
West N Y & Pa 1st g 58_ _ _ _1937 .1 .7 9758 9912 975a
9758 99 Federal Light & Trac 6s. _ _ _1942 M S 9334 9412 9412 Feb'24
2
97/
1
4
93
96
_
Gen gold 4s
1943 A 0 77
7612 7814
78
1953 M S 10014 102 10014
7812 78 Feb'24 9934 10712
10034
2
Western Pan 1st Ser A 5a_ _1996 M S 8278 Sale 82
16
83
1941 M S 10312 Sale 103
7912 8353 Fisk Rubber 1st s f 8s
10334 25 10234 10478
B 6s
1946 M S 89
9612
9512
Ft
Smith
Lt
97
&
19
9254
Tr let g 55_.1936 M S 7734 80
96
78 Dec'22
West Shore 1st 4s guar
2361 .1 .1 80 Sale 80
7858 8414 Frameric Ind & Dev 20-yr 7345'42 J J 87/
8012 16
1
4 Sale 8534
8434 92lg
8758
7
Registered
2361 .1 J 7734 7814 77/
Francisco Sugar 7555
7714 81
1942 M N 10234 Sale 10255 10234 12 10118 103
1
4
77/
1
4 18
Wheeling de L E 1st g 5s.._ _ _1926 A 0 9834 9914 9838 Jan'24 ---98/
1
4 9838 Gas& El of Berg Co cons g 513 1999 J D
94
94
Jan'24
94
Wheeling Div 1st gold 5s_1928 J .1 98
General Baking 1st 25-yr 63_1936 J D 197
Oct'23 -9834 96
099
1:8
182 198
101 102
s
ell :
0
24
4
093
23142 980941% :
Exten & impt gold 58_ _1930 F A
Gen Electric deb g 355s_ _1942 F A
9112 Oet'23
82
Feb'24
81
Refunding 455s Series A_ _1966 M S 5772 Sale 57/
Debenture 55
1
4
57/
1
4
1952 M S 10078 1011
7 /
4 00/
1
4 101
13 100 10212
RR 1st consol 45
1949 M S 63/
6914
2
1W8 r4 Gen Refr 1st a f g 68 Ser A 1952 F A
1
4 Sale 63%
9814 10014
Wilk & East 1st gu g 58
1942.1 D 52
54 Goodrich Co 6555
49
53 .5214 Feb'24
1947
1 9858 Sale 98/
1
4
98 100
9912
94
WIll & S F ist gold 55
1938.1 D 93/
99 Goodyear Tire & Rub lst s f 8s'41 MN 11714 Sale 116
99
1
4
Jan'24
99
11712 65 11412 11712
Winston-Salem S B 1st 45_ 1960J J 8218
81
82
_ _ 81
10-year s f deb g 8s
21931 F A 10314 Sale 103
Feb'24 - 104
73 100 104
Wks Cent 50-yr let gen 4s_ _ _1949
.1 7814 78/
76/
1
4 80/
1
4 Granby Cons M S& P con 6s A'28 M N 9018 ____ 89 Dec'23
2
79
1
4 7812
Sup & Dui div & term let 4s'36 M N 80 Sale 7812
Stamped
83
77
1928 M N 9018 9412 92 June'23 _ _
8033 15
INDUSTRIALS
Cony debenture 83
1925 M N 90
89
93
921
/
4
90
9212
9
Adams Express coil tr g 4s_ _1948 M S 80 Sale 80
80
8034 Gray & Davis•71/
54
F N
A
80
12
94 Feb'24 _ _ _
91/
92
1
4 96
93
Ajax Rubber 88
D 8933 Sale 89
1936
87/
1
4 95 Great Falls Power 181 s f 56_1199302
7
93
9
98/
1
4 9912 9878
98
99
99
2
Alaska Gold M deb 135 A__ _1925 M S
__
614 612 Hackensack Water 9s
534 612 614 Feb'24
J 79/
1952
1
4
8073
81
79
/
1
4
7914
793
8
1
Cony deb 68 series B
1926 M S
514 6 Havana El Ry L& P gen 5s A 195484 S 84 Sale 8312
534 6
534 Feb'24
8214 86
844
7
Am Agric Chem Ist 58
1928 A 0 97
Havana
98
4
961s
Elec
_1952
971
consol
/
4 974
F A 93
g 5s_ _ _
9312 92
971s
92
9334
93
10
Ist ref s f 7558 g
1941 F A 9814 Sale 9612
97 101
Hershey Choc 1st a f g 68_ _ _1992 84 N 10214 Sale 10214
9934 328
1
4
10234 97 101 102/
American Chain 69
1933 A 0 94/
9613 Holland-Amer Line 68 (Jlat)_1947 MN 8218 83/
94
1
4 Sale 9412
95
33
7912 8412
1
4 8218 Feb'24
Am Cot 011 debenture 5.5_1931 M N 8538 Sale
82
9014 Hudson Co Gas 1st g 5s_ _ _ _1949 M N 9978 95
30
38
87
95
9414
95
2
9514
Am Dock & Impt gu 138
1936 J .1 10612 ____ 10612 Feb'24 -- 10612 10612 Humble Oil& Refining 5348_1932 J J 98 Sale 9733
96% 9872
9814 11
Amer Republics 68
1937 A 0 911
8758 9218 Illinois Bell Telephone 5s
/
4 Sale 9112
1956 .1 D 94/
92
56
9312 9514
1
4 Sale 9334
941
/
4 83
Am Sm & R Ist 30-yr 53 ser A1947 A 0 9212 Sale 9214
92
9314 Illinois Steel deb 4458
1990 A 0 9112 Sale 9112
923
4
45
9114 93
913
4
22
6s B
1947A 0 102 Sale 10134
1
4 17 10134 10312 Ind Nat G & 0 58
102/
1936 M N
7834 ____ 79 July'23 _
Amer Sugar Refining 68_ _ _ _1937 .1 J 102 Sale 10134
100i1;
102
51 101 10234 Indiana Steel let .5s
foci
101
1007
8
101
Sale
22
Am Telep & Teleg coil tr 9s.1929 J .1 9312 Sale 93/
9212 9418 Ingersoll-Rand 1st 5s
y1
1
4 98
19
93
55
2.I.I
M N 97
93/
1
4
96 Nov'23
Convertible •is
87
1936 M S 90
90 Interboro Metrop coil 454))._1956 A 0 1012 1712 1012 Feb'23
90 Feb'4 --_
1012 11
20-year cony 455e
1933 M S 10714 108 10712 Feb'24
- 10512 10838 Interboro Rap Tran 1st 58_ _1966 J .1 6212 Sale 62
5834 6412
63/
1
4 107
30-year coil tr 58
1946 .1 D 9814 Sale 9714
Stamped
9718 9914
9814 89
5834 6312
6112 Sale 61
6212 89
20-year s f 5558
1
4
9714 99/
1943 M N 9912 Sale 9912
10-year 13/1
9934 412
1932 A 0 61 Sate 6012
5412 6173
611
/
4 142
7-year convertible 113._ 1925 F A 12118 Sale 1214
78
12118 25 11214 12212
8312 8834
87 Sale 8612
87/
1
4 95
Am Wat Wks & Elec 55....1034
S 69 Sale 6518
_1939 A 0 87 Sale 8678
MN
8413 88 Int Agri° Corp let 20-yr 55. _1
1932 M
8714 29
66
7012
6914
6
Am Writ Paper a f 7-6s.... _1939
.1 43
4214 4833 Inter Mercan Marine s f 6s_ _1941 A 0 811
49 47
47
2
791,2 83
/
4 Sale 81
8114 45
Anaconda Copper 68
1953 F A 95/
98/
1947 J J 8412 Sale 83/
1
4 International Paper 513
96
1
4 Sale 954
9714 553
85
83
1
4
8412 15
78
1938 F A 9718 Sale 9612 100
1st
9818
&
ref
10114
58
1947
B
J
J
549
8318 85
84/
1
4 33
8484 Sale 84
Armour & Co 1st real est 45581939 J D 8414 Sale 8414
83/
1
4 87 Jurgens Works Os(nal price) _1947 J .1 7712 Sale 7712
85
66
7734 80
79
6
Armour & Coot Del 555s_ _ _1943 .1 J 8934 Sale 8934
89/
1
4 9214 Kansas City Pow & Lt 53.._ _1952 kl S 9014 Sale 9014
9012 87
9134
89
91
28
Associated Oil temp fis
9634 9814 Kansas Gas & Electric 135. _1952 M S 9534 Sale 951
1935 M S 9734 Sale 9712
69
98
/
4
93
9534 61
9614
Atlantic Fruit cony deb 7s A_1939 J D 3712 39
A 10512 Sale 10518
40 Kayser & Co 78
42
1 IN
F N
29
93
40
6
3712
10512
2 10434 10512
Trust certificates of deposit__ _
__
37 Sale 37
40
15
00
2 F0
2834 40 Kelly-Springfield Tire 85_11
17
05
/
4 10414
312 S8
a1
Ie12 18
19
0.
4
24 _4.
8 1011
do
stamped
3912 Keystone Telep Co let 58._1935 J .1
29
37 Sale 37
3914
8
731e 80
Atlantic Refg deb 521
1937 J .1 9812 Sale 98
9672 9812 Kings Co El & P g 5s
1
,
9
,
37 A 0 9912 100 100 Feb'24
100 100
9812 18
Baidw Loco Works 1st 5s_ _1990 MN 10012 10034 0058 10053
10158
Purchase money 68
11158 112 112 Feb'24
3 10012
11078 112
Barnsdall Corps f cony 8% A1931 J J 99 Sale 99
Convertible debenture 68_1925 M S
_
9514 10038
9778 Sept'23 _ _ _
9912 24
Bell Telephone of Pa 5s__1999 J J
9712 99 Kings County El 1st g 93_ _ _1949 F A 73
9734 Sale 97/
721$ 7412
35
1
4
412
442 8
98
73
44
Sale 73
1
1
Beth Steel 1st ext si 58_ _ _ _1926 .1 .1 10014 Sale 99/
55_119549.4
F A
j
Stamped guar 98
99 100
1
4 10014 29
7312 7334
1st & ref .55 guar A
9934 12612 Kings County Lighting
1992 M N 9514 9512 9434
94
95/
1
4 12
80 Feb'24
7714 80
7712 Si
20-yr p m & imp s f 55_ _193e J .1 90/
9134 6348
1954J 1 9934 100
89
95 100
1
4 Sale 9034
4
99/
1
4 100
91
14
65 A
1948 F A
97 100 Kinney Co 754s
9834 Sale 9834
10234 104 10213 10318
9933 59
6 10112 104
1952 F A
5558
88
,
8 92 Lackawanna Steel 58 A
1/1
Mg .1
92
1
4
9018 9038 90/
88
911
92
/
4 21
11
92 Sale 92
Booth Fisheries deb s f 6s_ _.1926 A 0 77/
8334 Lac Gas L of St L ref & ext 5s 1934 A 0 934 Sale 92/
80
911
1
4 ____ 8334 Feb'24
/
4 94
1
4
93/
1
4 25
Braden Cop M coil tr a f 6s_1931 F A 102 Sale 0158 102
9118 Feb'24
91
14 10012 102 Lehigh C & Nay s f 4558 A_ _1954 J .7 91
_
93
Brier Hill Steel 1st 5555_ _ _A942 A 0 9514 Sale 95
93
96 Lehigh Valley Coal 58
1933 1 J 97
91
9512 12
9814 9734
9912
9734
1
B'way & 7th Av 1st cg 58..1943 J D 6614 67/
4s
6012 69
1
4 661
/
4
89/
67
1
4 ____ 8312 Oet'21
17
_
Brooklyn City RR 55
-1 32/
1991 .1 .1
. S
8814 Lex Av & P F Ist gu g 5s_ _ _19
99
33 11.11
88
87
8814
4
"3234 37
1
4 3414 3234 Feb'24
9712
Bklyn Edison Inc gen 53 A _ _1999
99
Liggett & Myers Tobac 75_ _1994 A 0 11514 11678 1164
9812 Sale 9812
9834
8
116/
1
4
6 11618 118
General 68 Series B
55
1951 F A
10412 Sale 104
10412 19 10212 10412
9654 Sale 9612
97
9618 9778
28
General 78 Series C
1944 A 0 11558 117 11534 Feb'24
1M
5 106 109 Lorillard Co (P) 78
j 107 108 10712 108
8 _.
1
4 11712
5 115/
General 75 Series D
1990 J D 10814 Sale 10814
58
16 108 1095s
109
96 Sale 96
95
967
9734
Bklyn Man R Tr Sec(tem)6s 1969 J 1 7358 Sale 7314
72/
1
4 7612 Louisville Gas & Electric 55-1952 51 N 89 Sale 8812
74/
1
4 510
89
34
88/
1
4 9114
Bklyn Qu Co & Sub con gtd 5s'41 MN 65
80
Cop
78.1932
80
10-yr cony g
Magma
J D 115 Sale 11273 116
Jan'24
68 80
49 11112 11712
lst 5s
Menet!Sugar 755e
1941.7 J
1942 A 0 10078 Sale 10034
64 Dec'23
101
9834 101
76
Brooklyn Rapid Trans g 5s 1945 A 0 8234 85
7814 83 - Manhat Ry(NY)cons g43_1990 A 0 59/
Jan'24
83
1
4 Sale 5914
56
60
6012
44
Trust certificates
2d4s
2013 J D 4514 53
8234 ____ 7334 Nov'23
5034 Feb'24
47
52
1st refund cony gold 4s_2002 J .1
1
4 Manila Electric 7s
641
/
4 64/
744 Jan'24
9878 Sale 9812
9412 100
09
3-Yr 7ife secured notes__1921 J J 10158 103 102
9712
10414
Manila
Elec Ry & Lt s f 53.._1
19
95
43
2 MS
M N 8914 8412 84 Feb'24
102
7
8312 85
Certificates of deposit
8 Market St Ry 1st cons 5s_ _ _1924 M S 9972 100
9612 104,
102 Sale 102
102
3
9972
0458 100
9978
3
Ctfs of deposit stamped__ _
A 0
5-year 6% notes
0A 10018 Sale 100
9234 100
nt19
924
33
:FA
9714 Sale 9714
9758 14
9712 101
10018
6
Bklyn Un El 1st g 4-5s
8012 8934 Marland Oils f 8s with war'
1950 F-A 84
8434 8412
8412
3
123 Sale 12212 123
2 122/
1
4 140
Stamped guar 4-514
Without warrant attached.._ _ A 0 10312 10412 10358 104
1950 F A 82
8412
81
8412
84
5
841
/
4
3 103 105
Bklyn Un Gas 1st cons g 58_1995 1111 N
96/
1
4 99
7%a Series B
4
97/
1
4 98! 0734
9812
124 Sale 124
124 136
124
1
Ts
do without warrants
1932 M N 11312 11712 118
2 11518 121
118
10018 10034 100
10012
9834 102
2
let lien & ref 65 Series A 1997 M N 103/
2 10312 10412 Merchants & Mfrs Exch 75.1942 i D 104/
1
10418
4 Sale 10378
1
4 Sale 104/
1
4 Nov'23
5
1929 M N 116 11834 117
117
2 115 12012 Mctr Ed 181 & ref gas Ser B_1952 F A 9812 Sale 9812
9734 100
9912
12
Buff & Susq Iron 5 f 58
1932.7 D 874
9034 9114 Metr Power 65
9034 Feb'24 _
96/
1
4 Sale 9614
9654
9412 97
5
Bush Terminal 1st 4s
1952 A 0 84
82 MexIcan Petroleum s f 8s__ _1
81
Jan'24
____ 82
19
93
56
3j
MD
N 10214 Sale 10214
1 10114 10412
10214
Consol 58
.1 83
83/
1
4 8458 Mich State Telep 1st 55
1955
84
8412 84
15
99/
1924 F A
1
4 9974
99/
1
4 Jan'24
Building 58 guar tax ex._1960 A 0 9212 Sale 9212
9334 Midvale Steel &0cony a f 5a 1936 M S
91
9314 12
85/
1
4 9012
48
Cal G & E Corp 5s
9712 9833
1937 M N 971
Certificates of deposit_..1936
/
4 9814 9712 Feb'24
_
8
597
15
2 58
s9
17
84 9
59
34 Feb'24
89
,
3 9512
Cal Petroleum 634s(w I). _1933 A 0 9714 Sale 97
Milw Elec Ry & Lt cons g 5s 1926 F- -A 99
9712 30
99/
1
4 99/
1
4 Feb'24
96 100
Camaguey Sug 1st 5 f g 7s_ _1942 A 0 9012 96
Refunding & exten 4545_1931 .1 5
95
97
334
95
J 89/
95/
1
4
3
1
4 92
92 Feb'24
9114 9212
Canada SS Lines 1st coil s 1 7s'42 M N 9112 Sale 9112
General 55 A
92
91
9112
1951 .7 D
2
9212 Sale 92
9212 10
9314
92
Canada Gen Elec Co 68. _1992 F A 104/
let 55 B
1
4 Sale 104
105
5 10258 10512
83 Sale 83
8014 85
9334 19
Cent Dist Tel 1st 30-yr 55_1943 J D 9814 9912 9814 Feb'24
Milwaukee Gas Lt 1st 421_ _1
9734 99
MD
N 9514 96
19
96
27
1j
9514
993
4
95
9614
/
1
4
6
Cent Foundry 1st 5 1 62
1931 F A 93
93 Montana Power 1st 58 A..1943.7 1 95 Sale 95
92
95
92 Feb'24 _
9712
9.5
9512 15
Cent Leather 213-year g 5s_ _1925 A 0 95 Sale 94/
9914 9612 Montreal Tram 1st & ref 53_1941 J J 8814 Sale 88%
1
4
9638 107
8653 8912
8814
8
Central Steel 88
1941 MN 10734 109 10734 10734
Morris & Co lat a f 45513._ _1939 J .1 8034 81
2 10734 108
7712 8214
8034
81
7
Cerro de Pasco Cop 68
1931 J J 13612 14012 108 Feb'24
137 14953 Mortgage Bond 4s
1966 A 0 7412 ____ 641
/
4 Dec'23
Ch G L & Coke 1st gu g 58_1937 J J 9912 95
9312 9514
9434
2
9434
53
931j
9312 94
9312
92
9312
2
Chicago Rya 1st 5s
1927 F A
Mu Fuel Gas 1st cu g 58__ _ _1
81
1
4
74
77/
1
4 Sale 77/
7814 53
19
94
39
75
-41 1:1
N 92
92
9318 92 Feb'24
92
Chile copper 68 Ser A
1032 A 0 10014 Sale 10018
213
Mut Un gtd bonds ext 5%._1941 M N 9334 ____ 951g Feb'24
99 101
101
Clncin Gas & Elec let As ref 55'56 A 0 9414 Sale 9414
95/
1
4 9812 Nassau Elec gUar gold 45_ ..195i J J 55/
9612
3
1
4 Sale 5512
57
29 'EA "go:
5558 Ser B due Jan I_1961 A 0 9734 98
99 National Acme 755s
9814 16
9734
9312 Sale 97
3,
18
2
9012 94
9
97418
9
2
Colo F & I Co gen sf Sa_ _ _1993 F A 8812 8914 8814
8814
8834 Nat Enam & Stampg 181 53.1
2
88
J D
53_1
192
39
1j
9613 9713
Col Indus 1st & coll as gu__ _1939 F A 7614 Sale 76
Nat Starch 20-year deb 58.-1930 J , 95 _I__ 93
7658 18
77
75
Oet'23
Columbia G & E 1st 55
1927 J .1 9734 Sale 9758
964 9812 National Tube let 511
9814 43
100/
1
4 ____ 9934
664
9934
3
Stamped
1927 J .7 97/
9614 9833 Newark Con Gas 5s
1
4 98
9818 12
97/
1
4
9434 ____ 9434
93/
1
4 95
95
5
Col & 9th Av lat gu g 53._ _1993 MS
814 1212 8 Dec'23 _ _ _
New England Tel & Tel 58_1
I3111 9712 98
19995
452
52 jJM N
9714 9938
984
9834 32
Columbus Gas 1st gold 5E1_1932 .1 .1 9312 ____ 9414 Feb'24
-64 W., NY Air Brake 1st cony 65..1928 M N 10118
1
4
1011
/
4 102/
Sale
10111
10212
8
Commercial Cable 1st g 43..2397 Q
70
73 N Y Dock 50-yr let g 4s... _1951 F A 73
7312 7214 Feb'24
72
74
7514
7412 77
7534 21
Commonwealth Power as__ _1947 M N 90 Sale 8938
90/
1
4 N Y Edison 1st & ref 1155s A.1941 A 0 11012 Sale 10978
87
9018 86
1
4 11124
11078 24 109/
Comp Azu Bare 7555
1937.7 .1 103 Sale 10112 103
11 100 103
N Y Gas El Lt & Pow g 55_1948 J D 9858 9914 9854
9814 100
9938 14
Computing-Tab-Ree a f 621_ _1941 .7 J 100 Sale 9912 100
1949 F A 841
Purchase money g 93
29
98 10114
/
4 Sale 8353
8218 8414
844
6
Conn Ry & L 1st& ref g 455s 1951 1 J 8212 ____ 7714 Sept'23
N Y Munic Ry 1st s I 5s A 1966 1 J 80/
8014 8018
1
4 ____ 8018 Feb'24
Stamped guar 455s
1951 J J 83
83
4
82 -8.62 N Y Q El L & P 1st g 58_
843s 83
IOW F A 98$3 Sale 9853
9934
98
985
8
Cons Coal of Md lst & ref 58 1950 J D 8818 Sale 87/
9012 N Y Rys lst R E & ref 43_1942 J J 37
87
1
4
8818 19
3338 4012
3833 37/
1
4
3912 12
Con G Co of Ch 1st gu g 5s_ _1936 J .1 9418 Sale 941
Certificates of deposit
9312 9418
941
/
4
6
/
4
4012
32
37 Sale 37
39
56
Consumers Power
1952 M N 8714 Sale 8714
8734 28
30-year adj Inc 511
8714 9012
a1992 A 0
112 212
2
214 2
214
9
Corn Prod Refg 5 f g Bo__ _1931 M N
10018 Feb'24
Certificates of deposit_
1004 10018
112 238
134 2
112
134 26
1939 M N
18t 25-year f 5s
Feb'24
9814 10034 NY State Rya 1st cone 455s 1962 M-N 6014 61
5838 65
6012
6012
2
1943 F A 7212 Sale 792918
Crown Cork & Seal 88
7212
8
72
85
6555
84
90
94
Jan'24
8712 96
.1 944 Sale 94
Cuba Cane Sugar cony 78_1930
94/
1
4 64
/
4 N Y Steam 1st 25-yr6aSer A 12MN
9112 941
1917 M N 9612 Sale 9512
9212 9612
9612 10
994 74
Cony deben stamped 8142_1930 J .1 99 Sale 9834
9714 9912 NY Telep let & gene f 4143_1939 M N
94 Sale 93/
94
49
1
4
9338 95
1
4 Sale 10758 107/
Cuban Am Sugar 1st coll 88_1931 M S 107/
30-year deben glee-Feb 1999 F A 10634 Sale 10634 10712 125 106 108
1
4 15 10714 10814
95
cumb T T let & gen 5a_ _ _1937 J .7 9412 Sale 9412
14
94/
1
4 9512
20-year refunding gold 68.1941 A 0 10412 Sale 10412 105
53 104 10533
8614 8512
86/
1
4 26
8412 87/8 Niagara Falls Power 1st 55_1932 .1 ..1
Den Gas & E L lstaeref f g 58'51 MN 85
9934 Sale 9934
99 10012
9934
5
1942 M S 81 Sale 80
81
19
Ref & gen (Is
7434 82
Dery Corp (D G) 7111
a1932 A 0 10414 10458 10412 10412
1 104 10512
____ 00
100
1
9934 10012 Niag Lock &0 Pow 1st 59_ _1954 M N 1011
Detroit Edison 1st coll tr 58_1933 J J 100
/
4 10112 10118
11
9912 1013s
10114
S
k1940
M
973
4
Sale
9712
98
Series
39
A
No
Amer
95
Edison
98
65
5s
9114 9324
let & ref
1952 M S 9258 Sale 92
9234 41
k1940 M S 10478 Sale 1047a
10514 40 104 10614
Secured s 1 g 655a Ser B__ _1948 M S 97 Sale 9614
Ist & ref 13s Series B
97
96
97
25
•No Price Feday;latest bid and asked. a Due Jan. b Due Feb. c Due June. h Dee July. k Due Aug. o Due Oct. 2/ Due Nov. r Due Dee, s 094011 sale.
1003
THE CHRONICLE
MAR. 1 1924.]
New York Bond Record-Concluded-Page 5
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "1"
4,,
Railroad Equipments Per CI. Basis
Standard 011 Stocks Par Bid Ask
Range
Price
5
.
Week's
,,l'
BONDS.
5.50 5.25
Anglo-American Olinew_ LI *1614 1612 Atlantic Coast Line 65
Since
g
Eriday
Range or
5.5
N.Y.STOCK EXCTIANGE
5.40 5.15
125
128
6348
100
Refining
Equipment
Atlantic
.
co E.)
,,a, Feb.29.
Jan. 1
Lam Sa2e
Week ending Feti. 29.
5.60 5.35
100 117 118 Baltimore & Ohio fla
Preferred
100 200 205
Equipment 4345 & 5s___ _ 5.30 5.05
High Borne Scrymser Co
Ask Low
High No, Low
Bid
7012 Buff Roch dc Pitts equip 68. 5.40 5.10
Buckeye Pipe Line Co_50 *70
8818 93
23
92
Nor Ohio Trac te Light 6s_ _ A947 M S 92 Sale 9114
396 399
& 13s. 5.35 5.10
9138 27
8914 92/
4 Chesebrough Mfg new_100 112 115 Canadian Pacific 4348
1
Nor States Pow 25-yr 53 A_ _1941 A 0 9012 Sale 9012
5.50 5.25
new
100
Central RR of N J 6a
Preferred
4
1023
101
102
25
0
A
102
Sale 10158
1st & ref 25-yr 6s Ser B._1941
5.65 5.40
49
new..,
*48
25
65
Ohio
&
Oil
Chesapeake
Continental
4 10812
1
92 107/
Northwest'n Bell T let 75 A_1941 F A 10731 Sale 10758 108
5.45 5.25
1712
Equipment 6345
Crescent Pipe LinaCo_ 50 *16
92
92
1
J
J
92
9112
gtd_1934
92
92
434s
g
fd
Ist
T
North W
5.35 5.10
140
137
Line_100
58
Pipe
Equipment
Cumberland
5 10378 105
4 Sale 10438 105
/
Ohio Public Service 738...._1946 A 0 1041
5.55 5.30
99
98
100
611_
Co
Quincy
&
Line
Burl
Chicago
1947 F A 102 Sale 102
5 10014 10258 Eureka Pipe
10212
75
6312 65 Chicago & Eastern III 5348_ 6.25 5.50
100
com
Oil
Signal
Galena
A
F
_1943
let
Sale
95
4
_
.
95
963
5s
4
9512
943
1
Ontario Power N F
100 110 115 Chicago & North West 65_ 5.60 5.35
Preferred old
4
1
95/
94
1945 MN 9412 9514 94/
4 Feb'24 ___
1
Ontario Transmission Ss
5.55 5.25
100 102 105 . Equipment6)4e
Preferred new
9838 101
1941 F A 10012 Sale 10014
L
10012
Otis Steel 85
25 *4214 4212 Chic RI & Pee00& 58._ 5.45 5.25
new
Ref
&
Oil
Humble
95
93
31
95
1st 25-yr sf g 7SO Ser B....1947 F A 95 Sale 9434
5.65 5.35
100 141 145
Equipment65
9034 9314 Illinois Pipe Line
9212 33
Pacific G & El ego & ref 55..1942 J J 9212 Sale 92
5.70 5.35
25 *210834 110 Colorado & Southern ft
9212 9534 Imperial 011
7
95
Pac Pow&Lt lst&ref 20-yr 55 '30 F A 9412 Sale 9412
5.50 5.30
95
68
Hudson
&
*92
Delaware
Line
50
_
Pipe
Co_
Indiana
9712 29
9655 97/
1397 J J 9712 Sale 97
4
1
Pacific Tel & Tel 1st 55
5.90 5.60
4 2012 Erie 4348 & 55
1
9058 9212 International Petroleum_(5) 520/
9112 30
1952 M N 9114 Salea 91
58
5.90 5.60
147
145
_100
Equipmentft
Petroleum.,..
Magnolia
28
4
/
4
1
F
/
1011
99
A 10135 Sale 101
10234
Pan-Amer P 6f T 151 10-yr 781930
*2214
4
223
5.55 5.35
_12.50
68
Northern
Co_
Great
Transit
National
4
1
96/
93
1935 M N
96 Feb'24 ___
13348(WI)
5.40 5.10
83
Equipment 55
New York Transit Co_ _100 81
9614 100
13
97
1953 3 1 9612 Sale 964
Park-Lox (ctfs) 6348
5.60
5.40
65
Valley
104
102
Hocking
_100
Co_
Line
Pipe
Northern
4 9478
1
93/
1
9478
4
1
94/
__
Pat dr Passaic Cl & El cons 55 1049 M S
5.35 5.15
25 *71
72
Equipment 58
4 Ohio 011 new
1
- 106 Feb'24 ____ 10414 106/
10778
941/4Peop Ga8 & C 1st cons g 65_ _1943 A 0 10518
5.25 5.05
58
42
&
4348
*39
25
Central
Co
Fuel
Mex
Illinois
Penn
58
8714
13
9012
M
90
1947
gold
S
8912
Refunding
8034 9014
5.55 5.30
Equipment68
1944 F A 102 Sale 10112 10238 125
9958 10238 Prairie Oil& Gas new- _100 236 237
Philadelphia C GSA
5.45 5.15
Equipment 78 & 6345
90
1938 M S 9112 Sale 91
92N Prairie Pipe Line new_ 100 104 105
9112 13
5348
5.70 5.40
65
212
Michigan
208
100
&
Kanawha
Refining
Solar
9318
:
94
92
94
Phila & Reading C & I ref 55_1973 J J 9334 Sale 9312
5.35 5.15
Equipment4345
Southern Pipe Line Co 100 9012 93
7512 82
1943 M 5 78 Sale 78
23
79
Pierce-Arrow 88
100 157 160 Kansas City Southern 5345- 5.60 5.30
South Penn 011
4 102
1
84/
1931 3 D 9618 Sale 9618 102
40
Pierce 0118 188
5.55 5.30
ft_
85
Lines_100
Nashville
Pa
83
Pipe
&
Louisville
Southwest
9712
4
1
94/
9714 11
Pillsbury Fl Mills Off (rcts)_ _1943 A 0 9634 Sale 9612
5.40 5.15
Equipment634s
_ _ _ Standard 011 (California) 25 *6218 6212
96 94 Dec'23 --__ ___
Pleasant Val Coal 1st g s f 55 1928 J J 91
5.45 5.10
6s
6212
&
5s
25
5
•623
(Indiana),.,.
Central
011
Michigan
Standard
94
92
____
J
J 02
9312 92 Feb'24
Pocah Con Collieries 1st s f 551957
5.60 5.30
58
25
&
4)48
AI
*4412 4512 Milan St P & 88
Standard 011(Kan)
97
95
Portland Gen Elec 1st 58_._1935 J J 961e ____ 97 Feb'23 --__
5.60 5.30
Equipment 6345 & 75
2
8612
86
Portland Sty 1st & ref ft.__ _1930 M N 8612 Sale 86
873 Standard 011(Kentucky) 25 •109 111
5.50
234
6.00
100
232
68
Texas
&
(Nebraska)
Kansas
011
Missouri
Standard
8038 8334
7
8314
Portland Sty Lt & P 1st ref 581942 F A 8234 8314 8234
8934 9378 Standard 011 of New Jer_ 25 *3812' 39 Missouri Pacific 65 & 6345,,,. 5.75 5.45
1947 M N 9312 Sale 93
937k, 29
68 B
116
11534
100
5.45
Ohio
5.15
58&
&
448
Mobile
Preferred
M
10312
1946
4
A
10414
N
Ser
10412
10434
1st & refund 7148
10412 Sale
4 New York Central 4)4s & 55 5.25 5.05
1
Standard 01101 New York 25 •4414 44/
105
2 10418 105
Porto Rican Am Tob 85._ _1931 MN 105 ____ 105
5.55 5.25
100 320 323
Equipment tis
Standard 011(Ohio)
1933.2 J 9058 Sale 9058
4 95
/
9134
891
8
Pressed Steel Car 55
5.40 5.20
100 116 119
Equipment 78
Preferred
Prod & Refs f 8s(with warthts)'31 J D 11514 131 114 Feb'24 ____ 114 11614
5.15 .5.05
100 67
68 Norfolk & Western 434e
Without warrants attached___ i D 10934 Sale 10878 10934 25 10612 10934 Swan & Finch
5.45 5.20
100
97
78
95
Co_
Pacific
Northern
Car
8912
Tank
Union
77
A
8912
5s-1959
247
0
gen
NJ
of
8614
Pub Serv Corp
8812 Sale
5.40 5.20
100 106 108 Pacific Fruit Express
Preferred
1937 3 i 11734 Sale 114/
4 11734 174 109 1184
1
Punta Alegre Sugar 71;
4 Pennsylvania RR eg 55
1
4 64/
1
25 564/
&Ills 5.50 5.05
78-9512 Vacuum 011 new
93
94
1937 M N 94 Sale 9312
14
Remington Arms 68
5.50 5.20
30 Pitts & Lake Ene 6)48
10
Washington Oil
15
95
95
93
9458
4 95
1
Repub I dr S 10-30-yr 588 f 1940 A 0 94/
5.70 5.35
Equipment138
Other 011 Stooks
1953.2 J 90 Sale 90
4
/
4 911
1
9114 19
87/
5)48
5.20
*312
5.00
58
&
434s
8
(5)
37
011
Co
Reading
Lobos
Atlantic
1952.2
__
9111
D
4
/
178
901
Jan'24
s
80
4
/
Myers
901
.1t
88
Robbins
50 .10
16 St Louis & San Francisco 158- 5.55 5.30
Preferred
__ 91
___
Jan'24 ___ ____
Roch dr Pitts Coal & Iron 55.1946 M N 90
25 *60
6012 Seaboard Alr Line 4%5 & 58 6.10 5.75
Gulf Oil new
22
90
82 -90
1942 M N 85 1712 86
Rogers-Brown Iron Co 7s
5.30 5.05
5 *334 434 Southern Pacific Co 4348
7014
7634 7914 Mexican Eagle 011
1
7914
8t Jos Sty Lt Ht & Pr 58..... _1937 MN 7914 80
1218
5.40 5.15
5 *12
Equipment78
794 Mutual Oil
8112 37
77
St L Rock Mt & P 5s stmpd _1955 J 1 814 Sale 8014
5.30 5.10
100 83 85 Southern Ry 430 & 65
National Fuel Gas
58
55
1924 A 0 53
60 55 Feb'24 _ __
St Louis Transit 58
5.60 5.35
•22
10
2214
65
Producers.
Equipment
Creek
4 Salt
/
9112 911
4
/
911
9155 21
1937 J J 9112
St Paul City Cable 58
5 *158 134 Toledo & Ohio Central ft.__ 5.75 5.40
9612 43
95/
4 973 Sapulpa Refining
1
8t Paul Union Depot 55___ _1972 1 J 9618 Sale 9618
5.30 5.15
7s
Pacific
Union
1942151
103
102
8
10
5 10258103 1015
10414
Sakti Co 7s
Tobacco Stocks
Public Utilities
9511
10 9334 9534
9514 95
San Antonio Pub Ser 65_._1952 J J 95
54 American Cigar common 100 7712 7912
*53
10034 . 10 100 1024 Amer Gas & Elec new_ _
Sharon Steel Hoop 1st 88 ser A '41 M 8 10034 Sale 100
50 5421, 4312
87
Preferred84
Preferred
4
1
102
12 101 102/
1942 A 0 102 Sale 101
Sheffield Farms 6348
95 Amer Machine & Fdry_ _TO 136 142
NUN 94
Deb 13s 2014
4 87
1
83/
85 Feb'24 _ __
Sierra & San Fran Power 55_1949 F A 8212 86
23
129
com_100
128
Tree
61
ord_
Tobao
&
Light
British-Amer
Amer
97
9314
8914
111
Sinclair Cons 011 15-year 78_1937 M 5 9212 Sale 9158
93
23
22
100 91
Preferred
Bearer
85
102
86
19383 D 86 Sale 8512
9014
6348 B (WI)
61
:60
Amer Power & Lt cora_ _100 221 223 Helme (Goo W)Co, new
99
98
97
81
1925 A 0 98 Sale 9714
Sinclair Crude Oil 534s
114
112
87
100
100
Preferred
8515
Preferred
4 30
1
97/
13578 981
1926 F A 9738 Sale 9714
4
/
68
M&S 9212 9312 Imperial Tob of Cl B & Irel'd •1412 1512
Deb 136 2016
4 86
/
8278 54
811
1942 A 0 8212 Sale 8218
Sinclair Pipe Line 5a
44 Sot Cigar Machthery_100 55
60
South Porto Rico Sugar 7s..1941 J D 101 Sale 10012 10178 10 10078 10214 Amer Public UM com_ -100 42
90
80 Johnson Tin Foil & Met.,100 75
100 78
pref
961:
7% prior
94
0
95
South Bell Tel & Tel 1st8 f 551941 .3 J 9412 Sale 9412
100 58 60 MacAndrews dr Forbes 100 146 148
4% panic pret
9355 185
9312 93/
4
1
S'west Bell Tel let & ref 55-1954 F A 9358 Sale 9312
101
50
75
99
100
corn
E
&
573
G
Val
Blackstone
Preferred
8714 89
7
8812
Southern Colo Power 13s_ _ _ .1047.2 J 8812 90 8812
4 2412
1
100 23/
97 Mengel Co
21 100 10334 Carolina Pow & IA corn_100 94
Stand Gas & El cony s f (3s_ _1926 J D 10255 Sale 10212 103
72
9634 98t1 Cities Service Co corn __ _100 145 147 Porto Rican-Amer Tob 100 65
9812 - 72
0714
Cony deb g 634s series_ _ _ _1933 M 8 0712 98
36
_100
100
7312
corn
72
Tob
Preferred
Universal Leaf
9534 98
6
4 9714
1
9712
1930 MN 9714 97/
Standard Milling 181 58
83
100 81
Proferred
Steel & Tube gen 8 1 75 Ser C 1951 J J 10414 Sale 10418 10412 17 103 1041i CitiesServiceBankers'Shares *1434 1514
100 110 113
9534 97/1 Colorado Power Corn,_ 100 2212 2314 Young (J 8) Co
9712 22
Sugar Estates (Orienti) 75_ _1942 M S 9712 Sale 9634
100 102 108
100 93
96
Preferred
Preferred
4
1
931:
92
5
9312
4 Sale 93/
1
Syracuse Lighting 1st g 58- _1951 J D 93/
57
Rubber Stocks(Cleveland) prices)
Com'w'th Pow Corp com_ _ _ *56
8418 105
Light & Pow Co coll tr 5 f 58'54 J 1 104 Sale 103
4 56
1
104/
70
100 75
77 Firestone Tire & Rub com 10 .68
Preferred
9978 10211
Tenn Coal Iron & RR gen Ss 1951 J 1 9938 Sale 9938
2
9935
100
96
88
6% preferred
Consumers Power pref 100 86
Tennessee Cop 1st cony 63_1925 M N 10034 101 101
Feb'24 __10014 102
8912
89'
9912
198
100
pref,..
Share
961/
8
9812
935
&
2oi
preferred
Bond
9614
4
953
sale
Elec
96
D
7%
J
Tennessee Elec Power 65._ 1947
.81_ 912 General Tire & Rub corn 50 *165 185
4 Elec Sty Securities
/
5334 561
1960 1 J 5412 Sale 5414
Third Ave let ref 48
9
5512
100 99 101
72
Preferred
44
Adjustment Income 5s..a1980 A 0 4712 Sale 47/
4
1
79
4914 Federal Light & Traction(5) *71
48
104
74 Goodyear Tire AR com_100 10
100 74
Preferred
1937 J J 93
Third Ave fly 1st g 58
95 934
9314
2
4 9314
1
93/
4 3812 Goody'r TAR of Can p1-100 v7913 80
/
1931 F A 102/
4 Sale 10258 10278 11 102 1031: Lehigh Power Securities-0) *371
1
Tide Water 011 6345
72
2112
corn
68
2012
100
corn,...
Pow
Rubber
&
Rio
Tire
India
Mississippi
11
J
St
_1931
_
__.
____
78_
____
Tobacco Products
4 Dec'23
1
107/
83
75
85
100 81
Preferred
Preferred
1941 M 9 j9734 Sale 10738 10734 20 106 108
Toledo Edison 7s
2
First mtge 55, 1951 J&J 9212 9312 Mason Tire & Rub corn-(5) •1
4 100
1
9812 100
Toledo Tree, Lt & Pr 68__ _ _1925 F A 9934 Sale 99/
8
28
100 25
F g deb 78 1935__M&N 101 103
Preferred
Trenton G & El 1st g 55_ _._1949 M 8 .9338 ____ 9234 Nov'23 _L._ ____ ___.
84 Miller Rubber
100 66
70
(5) *83
Undergr'd of London 4Hs _ _1933 1 J 8518 ____ 87 Dec'23 .._ _ _ __._ _._. Nat Power & Lt corn
100 95 9712
(T) *8512 87
Preferred
1948 1 J 8215
Preferred
8914 Oct'23 _
Income 68
J&J 9214 9314 Mohawk Rubber
10
6
100
Income 7s 1972
9714
1942 M N 97
Union Bag & Paper 68
6
9714 9634
9614 981/
45
10
55
Northern Ohio ElectrIc.(5) ,9
4 98
/
Preferred
9712
971
4 9734 9712
1
Union Elec Lt & Pr 1st g 58_1932 M S 97/
2
4
2712 &Iberians Tire & Rubber(5) *3
100 26
1933 M N 951
Preferred
4 Sale 9518
/
9514 39
971:
92
58
40
100 35
Jan'24 __
___ 70
70
North States Pow corn, 100 99 102
Union Elev (Chicago) 5s_ _ _1945 A 0
70
Preferred
94 Eiwthehart Tire & R com_100 ___
1931 1 J 953
100 92
15
9614
9614
4 9614
1
Preferred
95/
4 97
Union Oil 55
73345
c1942 F A 10114 102 10114
63
10114
40
100
3
4 1011
1
99/
4 Nor Texas Elm Co com_100 60
/
Preferred
Off
1930 A A 10312 104 104
73
100 70
104
5 103 1041;
Preferred
Sugar Stocks
Union Tank Car equip 7s
4
1
19413 D 114 Sale 11334 114
1 11112 114
Pacific Gas & El 1st pref 100 8912 9012 Caracas Sugar
50 *1812 19/
United DrUg cony 85
(5) .9
90
12 Cent Aguirre Sugar corn, 20 *88
2
96
9212 9711 Power Securities com
United Fuel Gas lets 168_ _ _1936 1 J 9534 Sale 9534
91
9
22 Fajardo Sugar
96
9558
95
100 118 120
United Rya Inv 5s Pitts issue 1926 MN 954 06
Second preferred
0) •18
4 6571
1
62/
88 Federal Sugar Ref com 100 62 65
3
6'212
Coll trust 68 1949_ _ _J&D 83
United Rys 8t L 1st g 45.....1934 J J ___ 6234 6212
8711
86
8'61 Sale 8612
8612
5
100 90 100
73
Incomes June 1949_ _F&A /68
United SS Co let rcts 68._ _1937 M N 2
Preferred
1942 A 0 10012 10034 10014 10034
4
10
45 Godchaux Sugar, Inc (5) *6
9814 10111 Puget Sound Pow & Lt 100 43
United Stores 65
1932 1 J 10412 _
104 Feb'24.
100 78
103 1041:
83
6% preferred
100 48 55
Preferred
U 13 Hoffman Mach 813
94
100
100 a10112 10312 Great Western Sugar new 25 *92
99/
6
4 100
1
7% preferred
US Realty & I cony deb g 55 1924 J J 9934 ____ 100
8512 163
8334 871
37
4 10514 Holly Sugar Corp corn (5) *35
1
Gen mtge 73.4 s 1941_11/MN 104/
4
/
U8 Rubber 1st & ref 6s ser A 19473 J 8412 Sale 84
1930 F A 104 Sale 10334 10578 26 10334 10611 Republic Ry & Light- _100 20
10-year 7355
88
22
100 85
Preferred
10012 35
9934 10011
100 46
48 Juncos Central Sugar__ _100 110 120
Preferred
US Smelt Ref & M cony 65.1926 F A 10012 Sale 100
d1963 MN 10258 sale 10238 10234 336 10214 10311 South Calif Edison com_100 101 102 National Sugar Rethang_100 '9312 9512
US Steel Corp(coupon
_ _ _ _ 102
Feb'24 _ __ _ 102 1023/
100 116 118 New NIquero Sugar
97 101
8% preferrea
s f 10-60-yr 581 registered _d1063 MN _
82
9
80
Utah Light & Traction 5s._.1944 A 0 85's 8178 9114
3
33 Santa Cecilia Sug Corp pf 100
8631 Standard Gas & El (Del) 50 *32
2
1944 F A 89 Sale 8814
8
4 90
1
89
87/
50 *48
Preferred
49 Savannah Sugar corn__.(I) *6112 64
Utah Power & Lt 1st 5s_
__, Tennessee Eleo Power.. _(I) *2412 2512
1950 1 J 971
-- - 9514 Sept'23 ____
84
80
Utica Elec L & Pow 1st a
Preferred
2-93 9234
1957 J 1 921e
4
1
92/
9018 94
6 ____Second preferred
(t) *51
53 Sugar Estates Oriente pref,. 88's 92
Utica Gas & Elec ref 5.5
9834 Nov'23
Western Power Corp_ _I00 28
30 West India Sus Fla com_100 12
Va-Caro Chem let 15-yr fa_ _1923 J D _
1947 J 0 7312 Sale 72/
4
1
7914 511
7212 -851;
Preferred
100 8012 8212
75
100 40 -45 Preferred
1937 J 1 47 Sale 41
6218 467
41
731/
12-year s f 7)45
135
60
Short Term Securities
4014 76
Without warrants attached_ J i 46 Sale 4014
1 ndustrial&Miseell
9012 91
Am Cot 011 Os 1924_ _M&S2 100 10014 American Hardware_ _ _ _100 69
71
Vs Iron Coal & Coke 1st g 5s 1949 M 5 9018 9312 9012 Feb'24 _ _ _
4 8912
1
1934 J 1 8912 89/
8978 13
88
9014 Anaconda Cop Mth68'29 J&J 10114 10134 Amer Typefounders corn 100 103 10412
Va Sty Pow 1st & ref 55
9412
1942 5 11 94 Sale 94
6
95
93
Anglo-Amer 0117)0'25 A&O 10112 10172
Vertientes Sugar 75
Preferred
100 101 102
4 10314 22 10238 1034 Federal Sag Ref Os'33_M&N 9812 99 Bliss (E W) Co new
1
1941 1 0 10278 Sale 102/
(5) .18
19
Warner Sugar 78
1939 J J 9658 Sale 9612
9658 38
9638 961
4 Hocking Valley 65 1924 ISMS
/
Preferred
First dr ref 7s Ser A
9612 Feb'24 ____
_ _1939 J J 9912 100
993s 1011
4 Interboro It T 8s 1922.M&S
/
Borden Company
Wash Wet Powers 1
4 K C Term Sty flis'23 MAN 15
/
9638
9638 961
1
gtd 1950 1 D 96 -- - - 9635
58_Westches Ltg g 58 stmpd
Preferred
4
1
J&J 103 10312 Celluloid Company
4
1
90/
3
4 91
1
1334sJuly 1931
89/
West Penn Power Series A 581946 M 5 8978 Sale 89/
4 1011
/
4
/
7 101 102
1926 10055 10072
5125
Preferred
let 40-year 68 Series C_ - _ _1958 1 D 10118 Sale 1011
106
c1946 F A 10534 Sale 105
10 10414 1071
4 Lehigh Pow See Os'27_F&A 9712 98 Childs Company corn new(S)
/
1st series D 7s
1963 M 5 8634 Sale 8634
8734
6
8634 891/ Sloss-Sheff S&I (is '29_F&A 9914 9912
Preferred
100
55 E
9812 9678
1 97
7
9712
9678 98
US Rubber 734s 1930_F&A 106 107 Hercules Powder
100199
Western Union coil tr cur 58.1938 1 .
93
6
4 94
1
90/
Joint Stk Land Bk Bonds
100
Preferred
Fund & real estate g 00.1950 MN 9218 Sale 921s
4 31 1081
1
1936 F A 10912 Sale 10938 109/
4 1114 Chic It Stk Land Bk 513_1951 10014 10112 International Salt
/
1?:
188 1282
15-year 814*
4 108
1
52 10634 108
10014 10112 International Silver Pre 100 107 111
58 1952 opt 1932
Westinghouse E & M 75_ _1931 M N 10712 Sale 107/
4 22
1
73/
4
/
791
70
10012 10134 Lehigh Valley Coal Sales 50 82
58 1963 opt 1933
84
Wickwire Spen Steel 1st 75_ _1935 J J 70 Sale 70
9712 34
102 104 Phelps Dodge Corp
90
4
/
981
53.48 1951 opt 1931
100 130 13.5
Wilson & Co let 25-yr a f 65_1941 A 0 964 Sale 9614
91
22
43(5 1952 opt 1932
1928 .1 11 8934 9014 891s
9834 100 Royal Baking Pow com_100 130 140
8614 92
;
10-year cony a f 65
9712 19
4 100
1
95/
1931 F A 96 Sale 96
4345 1952 opt 1932
9712 9812
Preferred
7)45
10212
8 10034 1024
:1113
eSie 1963 opt 1933
1941 A 0 102 10214 102
9858 100 Singer Manufacturing,. NS
9 9 'z 11
Winchester Arms 7545
9634 115
941, 97
4 Sale 96
/
v.-..,eofn shnet & T 1151W 11,19433 .11 961
•Per share. S No par value. b Basis. d Purchaser also pays accrued dividend.
Jan. d Due Apr. c Due Mar. e Due 1 New stock. fFlatprice. k Last sale n Nominal. x Ex-dividend. If Ex-rights.
•No price Friday;latest bid and asked. a Due
May. g,Due June. h Due July k Due Aug. o Due Oct. pDueDeo. s Option sale e Ex-stock dividend. 8 Sale price. o Canadian quotation.
4.
nz
nz
fl
f5s
i'll
188 It3
com 12
IN la
1 .71 1A21,
..1
12
e
BOSTON STOCK EXCHANGE-Stock Record s..7:°L.
1004
HIGH AND LOW SALE PRICE-PER SHARK, NOT PER CENT.
&Wintery, . Monday,
Feb.25.
Feb.23.
Tuesday,
Feb.26.
Wednesday. Thursday,
Feb.27.
Feb.28.
Friday.
Feb.29.
Sales
for
the
Week.
.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Shares
1
4 150 14912 150 •__ 150 150 150
14712 148 148/
142 Boston & Albany
100
78
7814 7812 •78 • 7812 78
78
7812 78
7812 77': 7813
508 Boston Elevated
100
93
93 93 *9212 93 •92 93
*92
93/
22 Do prof
1
4 931
/
4 92 92
100
112 112 11214 113 •11214 -- 114 114 11212 114
*112
41 Do 1st pref
100
9914 9914 99 9912 99 99
99/
1
4 100
99
89 Do 2d pref
100
9934 9c0a 9912
/
4 1112 1012 1114 1112 12
11
1112 1112 1112 111
1212
12
672 Boston& Maine
100
*12/
1
4
*12/
1
4
•1232
•12/
1
4
Do pref
100
*13
- 1434 1512 1472 -1172 *14/
.
1
4 14/
1
4 1412 1412 14 1712 425 Do Series A 1st pref _ _ _100
-20
20
20
18 • 19 •18 20
20
2012 2312 •-Do Series B 1st pref._..100
190
•__ _ 19
19
19
1612 17
16
58 Do Series C 1st pref. 100
18
.25 27 •25
27 .23 25 *2414 2612 25
2912
209 Do Series D 1st pref _ --100
•146 150 •146 150 •146 150 146 148
146 146
25 Boston dr Providence
100
2012 2012 _ _ _ 22 320
22 .
20
20
22
20
48 East Mass Street rty Co....100
20
20 "21"
•____ 65 •____ 65 •____ 65
6412 6412
3 Do 1st pref
100
5-65 • _ 55
5412 5412
•_ _ _ _ 55
30 Do pref B
100
*37
39
39
100
15 Do adjustment
36
38
3712 36
•-__ 38 •____ 38 ;54- 38
45 East Mass St Ry (tr ctfs)_ _100
36
38
36 *36
-55- 36
•25 27
25 25
25 25
27 27
27 27
88 Maine Central
100
1912 1912 1878 19/
1
4 1834 1934 1878 19% 1938 2032 -io- 165; 4,904 NY N H & Hartford
100
•65 71 •65 _ _ _ •65
Northern New Hampshire_100
*65 ____
_ 91
*90
91 •91
92 '91-- __ 91
101 Norwich & Worcester pref_ 100
91
761 -/6-12 7612 77
192 Old Colony
77
77
77
77, 77
100
77
7612 77
5 Rutland pre!
100
35
35
*7712 85 ;ii;ii- 77 ;ii- 16- 77
7 Vermont & Massachusetts _100
____ ___
77
Miscellaneous
•172 2
•1/
1
4 2
1/
1
4 1/
1
4
1/
1
4 11
/
4 *1/
250 Amer Pneumatic Service 25
1
4 2
1/
1
4 1/
1
4
51414 15 *14/
1
4 15
1414 1412 13
13
13/
1
4 1312 --------416 Do prof
50
128/
1
4 12872 12812 12874 12812 12872 128/
1
4 128/
1
4 129
1
4 1287g 1285 128/
1.973 Amer Telephone & Teleg_ _100
.74
76
74
1
4
75
161 Amoskeag Mfg
73 73
74/
oo
74
7112 73
7112 73
7_4_1_2
74/
1
4 7412 74
35 Do pref
*74
74 •74
75
12 .
No par
75
_ 7_ .
75
•15
17 .15
17 *15
...... Art Metal Construe,Inc_
17 •15
17 •15
10
17
.912 1012 5912 1012 *912 1012 *9/
1
4 1012 *912 1012
______ Atlas Tack Corp
No par
*10512 ____ 10512 10512 *105 10512 105 1053s 105/
125 Boston Cons Gas Co pret_ _100
1
4 10538 jai ffig•.10 .25
.10 .25 •.10 .25 '3.10 .25 •.10 .25
o
Bost n Mex Pet Trus_ _No par
26
2614 •26
2612 27
10
27
26
1
4 -i1 -2-7-1
/
4 _ 1__i88 Connor (John T)
2712 2712 27/
*2712 2812 *27
28 *27
28
27
27
26
40 Dominion Stores. Ltd
26
26
26
*85 90 *8212 87 *85 90 *85 90
Preferred A
100
385
90
____ __ ______
*212 3
3
3
212 212 *212 3
100 East Boston Land
10
3
*2
614 614 5612 7
370 Eastern Manufacturing
5
7
7
7
6'± 612
7 - 2 -712
5212 53
52
5212 5114 52/
25
1
4 51
5312 1,440 Eastern SS Lines, Inc
5112 5112 5112 52
No par
1
4
250 Preferred
37
3712 3712 337 38 •_ 38 *37 38
3712 3712 37/
*90 93 390 93 *90 93 •90 93 *90
93
1st preferred
100
171 171
172i2 173
170 171
532 Edison Electric Ilium
100
17014 17112 171 17234 172 173
*212 312 _ _ __ _ _ _ _
•212 312 *212 3/
No Par
3
10 Elder Corporation
3
1
4 *212 3/
1
4
•14
•14 ____ 14
3 Galveston-Houston Eli:0_100
14 •14 ____
.512 612 *512 611 *54 612 *512 612 .512 6/
1
4
60 Gardner Motor
6
6
1412 1412 1412
1412 *14
•14
25
1412 •14
1412 •14
1412 *14
5 Greenfield Tap & Die No Par
No par
466 Hood Rubber
•50 61 •50
50
51
50
50
50 I 50
5014 50
50
•42 43 I 43 43 •4214 43 *4212 4312 4312 4312! 4312 4312
Internat Cement Corp_No par
3'.25 .60 '3.30 .50
50 International Products_ No par
.75 .75 '.15 .25 3.15 .25
•.25 .50
.
100
•.50 .75 •.75 1
Do pref
______
•.75 1
Kidder, Peabody Acceptance
44 Corp Class A pref
•133
83
83
100
83141 •83 8314 8312 8312 83 83
314 3/
1
4
314 314
5/
1
4 312
218 Libby, McNeill& Libby- _ 10
5
5
5
5
514
5
•70 _ I •70 _ _ •70
______ Lincoln Fire Insurance.- - 20
_ *70 ____ *70 ____
*934 1012! 93± 9/
1
4 *912
25
9 I. 912 *934 ------------34 Loew's Theatres
80 8014
78/
1
4 79
l
78
_
Massachusetts
79
ts Gas Cos....
D cp
h
6612 6614 67 67
67 67
67
67 67
6712
1290
4142
67 68
100
*156 158
158 156 *155 15612 155 156 15612 15612 •154 156
28 Mergenthaler Linotype-100
1634 1714 16 16% 15
16
15
1612 161
/
4 17
16
1614 3,350 Mexican Investment,Ina- 10
2014 20/
1
4 20/
1
4 2012 •20
2012 21
21
20
20
20
2012
196 Mississippi River Power_ -100
___ ____
•8012 83 *80/
1
4 83 *8012 83 *8012 33 *8312 33
100
Do stamped pref
41
/
4
4
4/
1
4 4/
4
1
4
4
4
4
.334 4
334 4 _ -_
1 _i
10
National Leather
*312 4
3% 3/
3/
1
4 4
1
4
3/
1
4 4
4
4
4
4
407 New England 011 Corp tr (121125/
1
4 2574 ____
•15
25
20
25
20
2312 2312 '20
100
140 Preferred (tr Ws)
11314 11312 11312 11312 11314 11312 11314 11312 11332 113/
1
4 3111% I11- 34
682 New England Telephone..- 100
__ _
*21812 19 *21814 19 •z1814 19 *21814 19 *21812 19
_ _ ___ ___ Orpheum Circuit, Inc
1
8512 8534 8512 853± 85
8534 85
85/
8534 8812 -8634
1
4 86
578 Pacific Mills
*1434 15 1 1434 15 --------230 Reece Button Hole
15
15
.15
15
1512 15
10
•1
3
1
4 *212 234
1
4 *212 2/
•212 2/
_ _ _ _ .- _ _
Reece Folding Machine-- 12
3.20 .50 __ __ ____ ______
3.20 .50 •.20 .50 '
•.20 .50 3..20 .50 '
104 10412 10412 105
104 10412 1033± 10412 10312 104
100
10112 105
489 Swift .2; Co
411
/
4 4114 4114 4034 4112 4012 41
•41
41/
1
4 *41
25
4012 4012
62 Torrington,
____ - -_11 1 .9
10
•13
11
10
11
'39
10
10
5
45 Union Twist Drill
35% 38
35/
1
4 3512 3514 36
3534 361s 35/
1
4 36
35/
1
4 3512 3,070 United Shoe Mach Corp- 25
32512 2534 2512 2534 •35/
25
1
4 255 2578
1
4 2512 2571 2532 25/
1
4 35/
407 Do pref
2514 25
2514 2555 2538 2512 25
2514 2438 2514 1,121 Ventura Congo! Oil Fields_ 5
2514
1534 1512 15/
1
4 1512 1512 1512 15/
1
4 1512 •1538 15/
1
4 1512
2,370 Waldorf Sys,Inc,new sh No par
-Watch Watch Ci 13 cam_ Napar
•912 1012 3912 1012 *912 1012 3912 10121 .912 1012 _ _ .... __ __
•2112 23
/
4 22
22
2112 211
21
22
2134 2134 21
22
100
1512__ _ 142 Preferred trust etre
19/
1
4 19/
1
4 19
1918 1912 19/
1912 1834 19
195
19
1
4 1934 1,522 Walworth Manufacturing_ 20
3414 34/
1
4 3412 35/
35/
1
4 3512 3614 3512 361
50
/
4 4,432 Warren Bros
1
4 35
3538 35
*38
3812 3812 3812
3812 38
3912 38
38
3812 3812 *38
50
280 Do 1st pref
.40
42 •40
40 40 *3914 40
42
40 40
50
40
411
/
4
110 Do 2d Prof
_ ____ ____ ____ ____ ____ -__ ____ ____ ____ ______ Wickwire tim
5
pr
ocseoriSteel
•.20 .50
•.10 .20
01/
1
4 214
*9
914
*1634 18
16
17
112 134
24
2478
1
4
4% 4/
4/
1
4 4/
1
4
•.90 1
•1
2
.2412 2512
'3.60 • .75
9812 9812
9312 9312
16
1612
*2
2/
1
4
•.75 I
11
/
4 11
/
4
*I
112
•11
/
4 1/
1
4
•.90 1
11
/
4 134
34 3434
18
1914
212 21g
*37
44
•6 /
1
4 70
0614 6/
1
4
3
31s
•65 1
17
17
444 4/
1
4
*1134 12
2112 2112
3312 3312
•.60 .60
*25 .75
011
/
4 112
•.33 1
.45 .so
3.20
•.10
2
9
163±
1512
112
2312
4
*412
.85
'
31.
*2412
'3.65
9834
•93
15
•2
'3.75
*114
*1
•1/
1
4
'
3.75
11
/
4
325
18
•232
*37
Range Sines Jan, 1 1924.
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
146 Jan 2
77/
1
4 Feb 29
92 Feb 7
11112 Feb 5
9534 Jan 2
8/
1
4 Jan 2
12 Jan 10
13/
1
4 Jan 2
1712 Jan 2
16 Feb 27
23 Jan 3
143 Jan 4
19 Jan 7
5812 Jan 8
52 Jan 3
32 Jan 2
3234 Jan 12
2312 Jan 3
14 Jan 3
62 Jan 14
80 Jan 2
7212 Jan 4
35 Jan 25
70 Jan 22
150 Jan 23 143 Apr 151 June
80 Jan 8
75 June 84 Jan
95 Jan 21
9112 Aug 100 Mar
116/
1
4 Jan 24 11118 Aug 125 June
100 Feb 27
95 Nov 106 Mar
1314 Feb 4
7as Dec 2012 Mar
15 Feb 4
7 Dec 27 . Feb
19 Jan 10
1212 Oct 3212 Mar
23/
1512 Dec 48 Feb
1
4 Feb 5
1512 Dec 42 Mar
20 Jan 9
29/
1
4 Feb 28
20 Dec 59 Feb
148 Feb 27 135 July 16012 Jan
24 Feb 9
18 Feb 35 Mar
64/
1
4 Feb 13
58 Dec 72 Jan
58 Jan 25
5034 Dec 65 Mar
3912 Feb 14
31 .Doc 46 Mar
3912 Feb 11
31 Nov 45 Mar
291
/
4 Jan 31
2212 Dec 43 Jan
2072 Jan 10
934 July 2212 Jan
65 Feb 13 62 Dec 84 Feb
91 Feb 11
75 Dec 100 Jan
79 Feb 13
6412 Oct 81 Feb
4132 Jan 14
2112 Aug 3872 Dee
79 Feb 21
70 Nov 98 Jan
11
/
4 Jan 14
12 Jan 3
125 Jan 2
71 Jan 2
74 Jan 2
16 Feb 15
9 Feb 20
104 Jan 18
.10 Jan 7
24 Jan 2
26 Feb 28
84 Jan 15
2/
1
4 Jan 3
614 Feb 23
38 Jan 3
35 Jan 25
85/
1
4 Jan 8
16312 Jan 2
21s Jan 17
13 Jan 11
5 Jan 2
14 Jan 30
4972 Jan 29
4212 Jan 18
.10 Feb 18
.25 Feb 14
2 Jan 18
1 Sept
1412 Feb 26
12 Dec
129/
1
4 Jan 15 119 June
83 Jan 14
6712 Oct
7712 Jan 19
72 Oct
16 Feb 15
1434 Nov
1014 Jan 8
8 Dec
107 Jan 8 104 Oct
.20 Jan 10 .05 Dec
28 Jan 29
19 July
3014 Feb 14
2512 Dec
85 Jan 5
3 Feb 26
Dec
8/
1
4 Feb 6
5 Dec
5312 Feb 29
31 Nov
40 Feb 7
35 Oct
92 Feb 9
85 Aug
177 Jan 26 15232 Nov
4 Jan 26
112 Dec
16 Feb 11
5 July
61
/
4 Jan 8
1
4 Dec
5/
15/
1
4 Jan 7
14/
1
4 Nov
52 Jan 8
50 Dec
441
/
4 Feb 13
32 July
.75 Feb 26 .10 Dec
112 Jan 2 .60 Dec
80 Jan 3
5 Feb 27
70 Jan 9
9/
1
4 Feb 27
7538 Jan 24
64 Jan 2
153 Jan 2
6/
1
4 Jan 2
19 Feb 18
80 Jan 4
238 Jan 2
2 Jan 2
17 Jan 10
111 Jan 22
14 Jan 16
841
/
4 Jan 3
145 Jan 5
.224 Feb
5
an 11
101 Jan 4
4012 Feb 28
7 Feb 2
34 Jan 3
241 Feb 29
25 Feb 20
15 Jan 10
612 Jan 1 I
1512 Jan 5
1612 Jan 5
29/
1
4 Jan 3
35/
1
4 Jan 7
39 Jan 14
3 Jan 10
8312 Feb 26
80 May 8312 Feb
612 Jan 4
41s Dec
8/
1
4 Aug
70 Jan 9
1012 Jan 9 - 814 51-Iiie 11 Apr
81 Feb 20
73/
1
4 Dec 8741 Jan
70 Jan 31
62 Dec 73 Jan
180 Jan 12 147 June 179 Jan
173s Feb 21
3 Dee 1434 Feb
2271 Jan 5
18 Nov 2814 Jan
81 Feb 15 80 Jan 84 Feb
438 Jan 28
13
4 Dec
834 Feb
412 Feb 1
2 Oct
412 Sept
30 Deb 4
1212 Dec 16 Oct
11512 Jan 31 110 Dec 122 Jan
2012 Jan 2
1634 July 2112 Apr
87 Feb 14
84 Dec 190 Jan
1512 Jan 5 :1434 Dec 18 Mar
3 Jan 2
2 Jan
3/
1
4 Mar
.40 Feb 15 .10 Dec
2 Feb
105 Feb 28
9812 June 10912 Jan
4212 Jan 11
3934 Dec 50 Mar
10 Feb 18
6 Dec 11 Mar
3712 Jan 8
3212 Nov 5534 Mar
27 Jan 7
24/
1
4June 2814 Jan
27 Jan 29
1034 Aug 30 Jan
1714 Jan 9
15 Dec c2218 Mar
1012 Feb 1
5 Feb 13 Mar
2312 Feb 13
15 Dec 2912 Mar
211
/
4 Feb 11
1114 Jan 18 Dec
3614 Jan 12
2512 Jan 3412 Mar
41 Jan 25
30/
1
4 Dec 3912 Mar
42 Jan 18
33 July 42 Mar
5/
1
4 Jan 14
3 Dec 1212 Feb
.50 •.20 .50 '3.25 .50 •.25 .50 •.25 .50
.20 .0.10 .20 '3.10 .20 •.10 .20 •.10 .20
2
134 2
/
4' 11
/
4 138
138 134 •132 11
9
812 834
8/
1
4 8/
1
4
812 9
3'834 914
1634 *1614 1712 *161
/
4 1712 *161
/
4 1612 •161
/
4 IT
1614 16
16
1512 1618 16
1614
1514 16
11
/
4
11
/
4 112
112 1/
1
4 *112 11
/
4
134 2
2312 23% 24
24
22
23
237
2312 24
4%
4/
1
4 438
47
4 4{,
47
4 4%
4/
1
4 4/
1
4
434 412
414 4/
1
4
414 432
5
412 412
.80 .80
.90
.82 .82 •.8
.82 1
110
8 Ls
*1
2
*1
1
2
*1
2
2514 *241
25
/
4 25
25 •24/
2412 25
1
4 25
.75 •.60 .75 •.60 .75
.75 .75 '.60 .70
9834 9712 9812 97
9712 9712 9712/ 97
97
94
_ *94 __._ •9312 __ __I *9312
_
15 *941412 -1514 15/
1
4 15/
1
4 1512 1512' 1512 151- 2
11
/
4 11
/
4
214
/
4 2 I
11
/
4 1/
1
4
Ds 1/
1
4 •11
1
.52 .75 •.55 1
'3.60 1
'3.75 1
184 *11
11
/
4 114 *11
/
4 11
/
4 *114 134
/
4 112
114
1
1
114 *1
02 *1
1
11
/
4
178 •114 2
*11
/
4 178 *138 1/
1
4 •112 178
1
'
3.75 1
•.75 I
•.75
1
*.75 1
1/
1
4
112 112
13s 134
/
4
/
4 11
133 138 •11
33
311
/
4 3234 30/
1
4 32/
1
4 33 *3314 34
1
4 32/
18/
1
4 17
17
1634 171
/
4 1712 1712
1712 17
212 *212 212 •238 212 *232 212
44 •37
44 *37
44 *37
44 •37
65 65
364
70 .64
70 .65
70
6/
1
4
534 5/
1
4
614 6/
1
4
6
6
6
6
3
234 234
234 23±
3
3
2/
1
4 2%
1
.65 .65 •.62 1
•.60 1
*AO 1
17 •17
18
18 •17
17
18
17 •17
434
412 412 *412 434 *412 4/
1
4 *4/
1
4 434
1134 111
12
/
4 111
/
4 •1134 12/
/
4 111
1
4
/
4 *1134 121
2034 19/
1
4 1934 19/
1
4 20
20
2012 20
20
33
31
32/
1
4 31
33 *31
33
311
/
4 3314
•50 •.50 .60
.50 .50 '
3.50 .80 •.50 .80
.75 '
0.25 .75 •.25 .75 ..25 .75 '
3.25 .75
/
4
1
11
11
/
4 *114 11
/
4 *11
/
4 112 *114 11
/
4
1
.85 .85
.90 .90
.90 .90 •.85 1
---------------.1
4
-50 ----------------
3/
1
4 Jan
20 Jan
12812 Dec
112 Jan
88 Jan
1612 Mar
1
4 Feb
20/
10812 Feb
.30 Jan
27 Mar
2614 Dec
-ii4
14/
1
4 Mar
12712 Mar
40 Oct
88 Oct
Jan
172
107s Jan
2912 Feb
1668 Mar
24 Feb
63/
1
4 Mar
44 Mar
3 Mar
8 Mar
Adventure Consolidated__ _ g
, _fa _ jii its
.10 Nov
1 Feb
Algomah Mining
711 Jinja .10' July .50 Mar
320 Arcadian Consolidated._
25
11
/
4 Feb 27
214 Jan 8 .70 July
4% Mar
435 Arizona Commercial
5 8 Jan 2
9/
1
4 Jan 7
7 Dec 1412 Mar
15 Bingham Mines
10 15 Jan 10 1872 Jan 15
1412 Oct 19 Feb
4,755 Calumet & Heels
25 1514 Feb 26 19/
1
4 Jan 7
17 Oct 49 June
5,243 Carson Hill Gold
1
11
/
4 Feb 26
3 Feb 1
938 Feb
172 Dec
1,30o Copper Range Co
25 22 Feb 27 26/
1
4 Feb 15
221
/
4 Oct 4634 Mar
1.734 Davis-Daly Copper
10
3/
1
4 Jan 3
Feb
4/
1
4 Jan 23
214 June
5
465 East Butte Copper Mining_ 10
414 Feb 14
512 Jan 24
4/
1
4 Nov 1112 Mar
645 Franklin
25 .75 Feb 13
1 Jan 8 .30 May
2
/
1
4
Mar
57 Hancock Consolidated.- 25 1
Jan 22
2 Jan 28
4 Mar
1
Oct
270 Hardy Coal Co
24/
1
4 Feb 27 2812 Jan 7
24/
1
4 Mar 33/
1
4June
5 Helvetia
25 .40 Jan 2 .75 Jan 8 .10 Sept
114 Feb
310 Island Creek Coal
1 95% Jan 31 100/
1
4 Jan 8
93/
1
4 Nov 11512 Apr
3 Do pref
1 9112 Jan 8 93/
1
4 Jan 30
1
4 Nov 10012 Mgr
0/
867 Isle Royal Copper
25 1412 Feb 26 20 Jan 3 9
10 Oct 3314 Mar
455 Kerr Lake
5
11
/
4 Feb 27
3/
2/
1
4 Jan
1
4 Feb 13
11
/
4 Dec
260 Keweenaw Copper
25 .50 Jan 7
1 Feb 19 .60 Sept
214 Mar
190 Lake Copper Co
25
1 Jan 7
514 Mar
1/
1
4 Jan 28
1
Oct
50 La Salle Copper
25 85 Jan 21
11
/
4 Feb 8 .50 Dec
314 Mar
Mason Valley Mine
5 11111 Jan 19
172 Jan 30
11
/
4 Nov
2/
1
4 Mar
Mass Consolidated
25 .50 Jan 8
414 Mar
1 Jan 5 .50 Dec
544 Mayflower-Old Colony
26
114 Feb 8
Feb
2 Jan 11
Oct
7
112
520 Mohawk
25 30 Jan 18 3512 Feb 15
27 Oct 71 Mar
1,710 New Cornelia Copper
1613 Jan 2 1972 Jan 7
141
/
4 Oct 2412 Mar
100 New Dominion Copper
212 Feb 5
2/
1
4 Feb 23
4% Apr
212 Aug
New River Company
100 ___ iiis _is
35 Apr 40 Apr
- - - --- -7
10 Do pref
70 -74
100 65
/
1
4 Jan 4
Nov 84 Mar
72
•6/
1
4
243 NIpissIng Mines
5
634 Feb
5/
1
4 Jan 10 61116Feb 1
4/
1
4 July
3
2,257 North Butte
15
2 Jan 16
312 Jan 24
1% Nov 1234 Mar
•.65
350 OjIbway Mining
25 .50 Feb 11 .90 Jan 3 .50 Nov
255 Mar
17
240 Old Dominion Co
25 15 Jan 30 1734 Feb 15
1312 Oct 3212 Mar
.412
120 Park City Mining 2z Smelt_ 5
3/
1
4 Jan 3
4/
512 Feb 1
1
4 Nov
21,1
Aug
•1134
165 Pd Crk Pocahontas Co_No p2
a5
r .
1_1_34 Feb 26 121
/
4 Jan 11
1214 Dec 161
/
4 Mar
2012
431 Quincy
25 19 Feb 5 2312 Feb 15
18 Oct 50 Mar
*31
Mary's
685 St
Mineral Land..... 25 29/
1
4 Jan 16 35 Feb 20
1
4 Mar
53/
27
Oct
••45
100 Shannon
112 Mar
10 .35 Feb 4 .70 Feb 14 .30 Dee
•.25
South Lake
__
1 Aug
.10 June
*11
/
4
105 Superior
25 .90 Jan 1
ha
Jan18
Dec
1
3
/
1
4 Mgr
*.85
& Boston Copper- 10 .75 Feb 13
210 Superior.
334 Feb
1 Jan 11 .65 Dec
1,445 Trinity Copper Corp
.50
11
/
4 Feb
5 .30 Feb 18 .85 Jan 28 .20 Oot
10 Tuolumne Copper
ln
g .1
I% Aug
.50 Feb 7 .30 Dec
,
-272 -17;
272 27s -;27.8 -1- -';'2.ig --1403 Utah-Apex Mining
-Will
211s
6 Apr
31a Feb 15
212 Oct
Utah Consolidated
1 .01 Jan 3 .01 Jan 3 .01 Dec
3
Mar
-.56
-5
1 --.46 -;.5-o - -A05 -47.5-5 Tio
ido Utah Metal dr Tunnel
-47.54 --Jo -;.5o -:3
11
/
4 Feb
1 .30 Feb 21 .45 Jan 4 .25 Dec
.65 .65 .3.65 .90
100 Victoria
•.65 .90 •.65 .90 •.65 .90 •.65 .90
25 .65 Feb 19 .75 Jan 3 .60 Aug
2%
Feb
.20 .25
.15 .15 •.20 .30 •.20 .35 1.226 Winona
*.25 .33 •.25 .30
2.5 .13 Feb 6 .26 Jan 4 .10 Dec
134 Mar
.25•_ _ _
.25
25•25
.25•
Wyandot
•
.25
25
1 Mar
.10 Dec
•md and ashen prises: no sales on this day. a Ex-rights. b Ex-dividend and rights. z Ex-dividend.
Ex-stock dividend. a Assessment paid.
•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 Mock of $10
lue In order to make polnble comparkoni with prevloni goocattoni. we have divided all these previous quotations by two
par vs•
f•aeiln
MAR. 1 1924.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Feb. 23 to Feb. 29, both inclusive:
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds-
1005
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Far. Price. Low. High. Shares.
United Rys Invest pref _100
WestJersey & Sea Shore_50
Westmoreland Coal
50
York Rya pref
50
40
Range since Jan. 1.
Low.
51
53 $28,500 42
At!Gulf & W IRS L 5s 1959
81
82% 2,000 80
Chic Jet fly & IJSY 481940
1940 9436' 94% 94;1 4,000 92%
55
East Mass Street RR1948
59
Series A 4355
62
3,000 59
1948
Series B 5s
65
65
1,000 60
1936
Hood Rubber 7s
10114 101% 3,000 100
1929 96% 96
Mass Gas 4158
96% 2,000 94%
1931
92
93% 20,000 91
4158
Miss River Power 55_ _1951
92% 92%
2,500 92
1932 98
New Eng Tel 55
98
9811 12,000 97
1944 96% 96% 97% 17,500 95%
Swift & Co 5s
Warren Bros 731s_ _ _ _1937 11714 116 118
43,000 106
1932 97
Western Tel 58
96% 97
31,000 95%
High.
Jan
Jan
Jan
53
Feb
8231 Feb
95% Feb
Feb 62
Jan 67
Jan 102
Jan 96%
Jan 93%
Jan 93
Jan 98%
Jan 97%
Jan 11834
Jan 98%
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
31
38
66
34
31
40
6634
35
BondsAmer Gas& Elec 5s_ _ _2007 85;5 85% 8715
Bell Tel 1st 5s
1948
9734 97;4
Consol Trac of NJ 1st 5s'32 66
65% 66
Elee & Peoples tr ctfs 45'45
6434 65
Inter-State Rys coil 451943
45
45
Keystone Tel lst 5s_ _ _1935 79% 7934 80
Lehigh Val Coal reg 58.1933
9636 9636
1933 97% 97% 9734
50
Peoples Pass tr ctfs 45_1943
70
70
Phila. Elec 1st s f 45._1966 83
80% 83
1966 98
1st 55
97
9815
1966
1st 55 small
9714 9711
1947
6%8
10011 10034
1953 100;4 wog 10131
515s
1941 105
6s
104% 105
Reading general 4s_ _1097
897
% 90
Spanish Amer Iron 6s_1927 10034 10034 100%
Range since Jan. 1.
High.
Low.
Feb
Feb
Jan
Feb
31
40%
66;4
35
Feb
Jan
Feb
Jan
$8,400 85% Jan
2.000 97% Jan
28,000 61% Jan
11,000 62% Jan
1:000 44
Feb
11,000 75
Jan
3,000 96% Feb
2,000 97% Feb
3,000 69;6 Jan
5,300 80% Jan
28.700 97
Feb
1,000 9615 Jan
12.000 9934 Jan
36,600 9814 Jan
13,000 103% Jan
2,000 8731 Jan
2.000 10014 Feb
8914
98%
69
6531
45
82
9611
97%
70
83
99
971£
101
101%
10514
91%
101%
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
50
100
14
130
31
38
6236
34
Baltimore Stock Exchange.-Record of transactions at
Chicago Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Feb. 23 to Feb. 29, both in
Chicago Stock Exchange Feb. 23 to Feb. 29, both inclusive,
elusive, compiled from official lists:
compiled from offic'al sales lists:
•Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High, Shares.
Stocks-
Amer Wholesale pref _ _ _100 9934
Armstrong-Cator 8% pref•
Arundel Sand & Gravel_100 49
Atlan Coast L(Conn)_ _100
Baltimore Brick pref _ _ _100 55
50
Baltimore Trust Co
100 25
Baltimore Tube
•
Benesch (I) common
Cent Teresa Sugar pref._10
Ches & Po Tel of Balt_100 111%
Commercial Credit
• 28
25 2434
Preferred
25 2534
Preferred B
Consol Gas,E L & Pow 100 11334
100
7% preferred
100
8% preferred
Consolidation Coal-100
*
Eastern Rolling Mill
100 9735
8% preferred
50 81
Fidelity & Deposit
Finance Cool Amer pref _25
Finance & Guaranty_ _ _25
Finance Service Class A.10
Houston Oil pref tr ars _100
Maryland Casualty Co _ _25
100
Maryland Trust
MtV-Wood Wills pf v tr100
New Ansterd'm Gas Co 100 39
Northern Central
so
Penna Water & Power 100109%
10
Pitts 011 pref
Mica Gel Corp v t Wm..* 2911
United Ry & Electric._ _50
US Fidelity & Guar__ _ -50 152
Wash Balt & Anaap_ _ _50
BondsBaltimore Electric 5s_1947 98%
Bernh'r-Leader Stores 75'43
Carolina Central 4s_.1049
Consolidated Gas 55_1939
1954
General4%s
Consol GEL & P 411s_'35 92
1952
Series E 511s
Series A 6s
1949 10334
1931 10834
Series C 78
Elkhorn Coal Corp 65.1925 97
Fair & Clarks Trac 55_1938
Roust 011 div ctfs 6s _'23-25
Locke Insurr Corp 1st 75'42
Marion Dub & Say 55_1947
Petersburg A fis
1926 9934
United E L & P 4348_ -1929
United fly & E 4s_ _1949
1949 51
Income 4s
1936 7334
Funding 5s
1949 93
65
Wa.sh Balt & Annap 581041
WU& Weldon gen 5s_ _1935
993-4
88
4834
11534
55
158
25
3614
434
9915
88
49
11534
55
158
25
36%
4%
111 11134
2635 2834
24% 24%
2534 25%
1123411334
106% 107
118 118
7234 74
8334 84
97
9711
80
8134
26% 2634
22
22
18
18
90
90
79
80
140 140
50
5434
39
39
7234 7234
109% 111
4
4
2731 30%
163-1 17
152 152%
634 634
9834 98%
101 101
7334 73%
99
09
89
89
92
9234
99
99
103% 103%
108 108%
97
97
9115 91%
100 100
100 10034
62% 62%
9934 99%
9534 05%
70
7034
50% 51
7214 7311
98
98%
70
7034
9934 99%
Range since Jan. 1.
Low.
High.
290 98%
5 88
813 46
66 115
17 55
28 157
120 21
150 36
100
4
44 10934
1,041 26
226 24%
187 2534
99 110
17 105%
21 11534
236 7215
127 6611
140 88
173 78%
30' 2634
84 22
51 18
85 87
22 76
3 140
288 50
25 3834
21 7234
675 9834
2
50
2,985 24
185 1611
89 151
165
53.4
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
100
88
50
116
55
160
37
3634
434
112
3111
2534
26
114
107%
11815
8134
85
98
82
27
22
1834
93%
83
140
60%
40
74
111 .
4
30%
18
155%
634
9734
101
72%
9811
8834
91
77%
101%
106
9535
90
100
100
55
9931
4
70
5011
62%
93
69%
9934
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
9834 Feb
Feb
73% Feb
Jan
99
90
Jan
9211 Jan
9915 Feb
103% Feb
10834 Feb
97
Feb
92
Jan
Jan
100
Feb
101
6314 Feb
99% Feb
9534 Feb
7211 Jan
5214 Jan
75
Jan
9914 Jan
71% Jan
9915 Feb
$1,000
1,000
2,000
1,000
1,000
4,000
500
13,000
4,000
17,000
1,000
3.000
4,000
10,000
1,000
1,000
14,000
20,000
5,900
5,000
6,000
1.000
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
mg
Philadelphia Stock Exchange.-RecordUansacj
at Philadelphia Stock Exchange Feb. 23 to Feb. 29, both
inclusive, compiled from official sales lists:
Stocks-
•
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
10
Alliance Insumnce
3414 35
American Eiec Pow Co_ _ 50 25
2474 2534
100
Preferred
79
79%
82
American Gas of N J -100
83%
* 30
29% 30%
American Stores
100 120
112 120
Brill(J G)Co
50
38% 38%
Cambria Iron
61
Congoleum Co Inc
6334
31
3111
Consol Traction of N J 100
52
52
Cramp(Wm)& Sons _100
100 50
50
55
Elsenlohr (Otto)
*
24
24
Erie Lighting Co
2411 25
Giant Port! Cement 01_50
Insurance Co of N A._ _10 5331 5234 53%
715 7%
Keystone Telephone__ _60
315 454
Lake Superior Corp_ -100
50 6736 6634 70
Lehigh Navigation
50
69% 6934
Lehigh Valley
3215 32%
Warrants w 1
10
24
2434
Lit Brothers
4934 49%
Minehill & Schuyl Hay- _50
5934 6931
Penn Cent Light & Pow. •
86
8634
Pennsylvania Salt Mfg_ _50
so
4331 4414
Pennsylvania RR
Philadelphia Co(Pitts)preferred (eumul6%)-50
4234 43
25 3114 31
3131
Ma Electric of Pa
25 3034 30% 31
Preferred
3534
pmia Rapid Transit _ _ _ _ 50 3531 35
6114 6234
Philadelphia Traction_ _50
so
10 10
Phila & Western
33% 3335
Reading Co warrants
56
3631 36%
1st preferred
96% 97
Scott Paper Co pref - _100
%
%
Tono-Belmont neva. A
39
3934
50 39
Union Traction
6434
6334
50
6434
Impt
Gas
United
60
5634 5734
Preferred
Range since Jan. 1.
Low.
High.
60
2,248
84
25
3,490
1,285
25
240
20
100
300
30
226
675
65
4,065
869
12
192
1,231
58
13
110
2,078
32
2334
79
82
2934
8534
3834
47
31
52
50
2334
23
4834
611
315
6414
63
3234
24
49
57
86
4234
Jan 35
Feb 2734
Feb 83
Feb 86
Feb 3134
Jan 123
Feb 3911
Jan 66%
Feb 3334
Feb 52
Feb 6114
Jan 25
Feb 25
Jan 56
Jan
714
Jan
411
Jan 70
Jan 72
Feb 3236
Feb 26
Jan 49%
Jan 60
Jan 89
Jan 4634
54
2,855
260
2,618
232
50
125
130
64
200
390
1,470
173
42
31
30%
35
61
9
33
3514
95
15
39
5834
55%
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
4311
3315
33
39
64
12
4434
36%
97
His
43
6574
5734
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1.1an
Feb
Feb
Wan
Feb
Feb
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Pub Serv, pref__ _100
American Shipbuilding _100
100
Preferred
Armour & Co(Del), pf-100 9215
Armour & Co, pref__ -100 8234
15
Armour Leather
100
Preferred
Balaban & Katz v t c- - -25 5134
Bassick-Alemite corp--. 35%
Beaver Board,pref ctts_100
Booth Fisheries, new.--*
' 2711
Borg & Beck
10
Bunte Bros
34
•
Case (J I)
100
2d preferred
Central III Pub serv, pfd-* 85
Ch C & C Ry pt sh cora_ _•
•
Preferred
Chic Elev fly, corn_ _100
100
35
Preferred
Chic Mill & Lum, pref _100
Chic Mot Coach, corn. 5
100 8834
Preferred
Chic NippleMfg CI"B"-50
Com Chem of Tenn "B"_ _•
Commonwealth Edison 100 13335
Consumers Co,common100
100 63
Preferred
Continental Motors__ --10
734
Crane Co, preferred-100 10835
Cudahy Packing,corn..1®
Mills
25 28%
Daniel Boone Wool
100
Deere & Co, pref
100
Diamond Match
Eaton Axle & Spring Co_ _*
Eddy Paper Corp (The)- -• 3434
Fair Corp (The), pref _ _100
*
Gill Mfg Co
Godschaux Sugar, corn_'
Gossard,H W,pre_ _ _ _100
Great Lakes D & D__ - -100 _.82
Hart Schaf & M,corn_ _100
10 1634
Hupp Motor
• 50
Hurley Machine Co
Hydros Corp, common_ _•
100 81
Illinois Brick
Illinois Nor 171,11, pref _ _100
311
Internat'l Lamp Corp- --25
Kellogg Switchboard- _ --25 44
Kentucky Hydro El Co-- - ____ _ _
Kup'h'mer & Co(13),Inc
100
Preferred
634
Libby','McNeill & LibbY-10
10
Lindsay Light
Lyon & Healy,Inc. pfd 100
McCord Reid Mfg. "A"--• 3534
meQuay-Nortis Mfg
* 19
Mid West Util, corn-100 53
100 87
Preferred
97
Prior lien preferred
Nat'l Carbon, pf (new)_100
Nat'l Dairy Prod w 1 a_ _• __ _ _ _
10
3%
National Leather
2
Philipsborn's,lnc,tr ctfs-1
10 20%
Pick (Albert) & Co
Pub Ser of Nor III, com--* 10134
Pub Ser of Nor Ill, corn _100 101%
100 93
Preferred
100
Quaker Oats Co
100 1006
Preferred
Real Silk Hosiery 111115_10 3274
10 18
Reo Motor
Standard Gas & El Co_ - -* 3234
50 48
Preferred
Stew-Warn Speed. corn- -• 8934
100 105
Swift & Co
15 2011
Swift International
Thompson (J R), com 25
Union Carbide & Carbon 10 6131
United Iron Works v t c _ 50
United Lt & Rys, com_100 155
100 80
1st preferred
Participating pref _ _ _100
United Paper lid, com_100
20 85
U S Gypsum
• 3734
Wahl Co
Ward. Mont,& Co, pf _100 115
20 26
When issued
• 10814
Class "A"
Western Knit Mills, Inc_ •
6
s
Wolff Mfg Corp
* 37%
Wrigley, Jr, corn
Yellow Cab Mfg,CI"Tr 10 80%
Yellow Cab Co,Inc(Chic) * 6034
BendsArmour & Co of Del20-year gold 6%s_ _1943
Chic City dc Con Rys 5527
Chicago Rys 5s
1927
Nfetrop W S El 1st 48_1938
Extension gold 4s..1938
Swift & Co 1st s 1 g 58_1944
Yellow Cab Mfg CoAccept 636s WI a _ _1934
• No par value.
53 .
9931
Range since Jan. 1.
High.
Low.
8834 8834
Jim
66 8515 Jan 90
Jail
20 58
59
59
Feb 63
Feb
50 89
89
89
Feb 89
295 9234 Jan 9334 Jan
92% 9234
82
82% 1,370 80% Jan 84
Feb
91
734 Jan
7
Jan
7
7
7731 7715
Jan
10 7731 Jan 78
5134 513-4
630 5034 Jan 5134 Jan
870 3334 Feb 3834 Jan
35
3634
Jan
45 14
1411 1434
Jan 15
7
Jan
536 Feb
10
534 534
27% 1,555 27
Jan
27
Feb 31
55
9
10
10
Jan 1034 Feb
100
74
4
3
A Jan
134 Jan
% Jan
34 Jan
20
15
34
Jan
220 85
85
85
Jan 89
34 Jan
% Jan
25
31
34
4
Jan
336 Feb
50
3%
33-1
34 Feb
A Jan
500
34
A
35
36 Jan
14 2,800
A Jan
98
98
Feb
Jan 98
20 97
Feb
295 150
150 170
Feb 195
Jan
88% 8831
165 8654 Feb 95
20% 2034
200 1915 Jan 2211 Jan
550 1234 Feb 14% Jan
1234 13
Jan
Jan 136
13254 133% 1,185 129
436 4%
4
Jan
50
434 Jan
63
63
Jan
Feb 65
20 61
7
8% Jan
734 23,375
634 Feb
108% 10831
25 10815 Feb 11231 Jan
58% 58%
Jan
100 5854 Feb 60
27% 29
Jan
Jan 38
4,970 26
70
71
Jan
Jan 75
300 69
11911 120
Jan 12034 Jan
50 118
22
2214
Feb 2434 Feb
35 22
34
34% 3,610 3331 Jan 3514 Jan
Jan 10334 Jan
120 102
102% 103
Jan
1634 17
377 1636 Jan 18
Jan
8
485
636 Jan
6% 711
Jan
28
2811
200 27
Jan 30
82
85
215 8035 Jan 89% Jan
Jan 12334 Feb
10 118
12234 12234
153-4 1634 1,688 1534 Feb 1734 Jan
424 50
50
50
Feb 5336 Jan
21
30
Feb
200 1834 Jan 30
81
83
135 81
Jan
Feb 86
85
25 84
85
Jan 8634 Jan
3
3
434 9,435
Feb
9
Jan
44
4531
340 4134 Jan 47
Feb
10 8734 Feb 8736 Feb
8731 8734
9134 01%
5% 53,4
334
314
9911 100
3534 3634
19
18
51
54
87
8734
97
9915
125 125
34
35%
3% 4
13,4 2
20
2034
1013,4 102
101% 102
9234 93
285 285
10034100%
3211 33
173-4 1834
32
3234
48
4834
8736 9074
103% 105
20
2011
46
4634
6014 6214
3
3%
155 156%
79
80
90
91
20
2034
79
87
3794 39
114% 115
25% 27
1083110934
36
%
6
615
37
383-4
77% 8034
60
623-4
10
1,317
25
95
505
335
5,135
682
694
10
361
827
17,835
595
377
90
95
601
165
1,585
233
3,700
660
15,435
1,436
3,145
190
15,413
225
290
235
125
165
2,785
2,990
173
9,880
1,835
400
1,020
1,795
17,545
7,570
91
514
314
9711
3434
18
43
8331
94
124
33
2%
1%
20
9934
100
9274
270
9915
31
17
3036
47
8734
10134
19
44
.5714
3
135
78
87
20
79
373-1
90
63
7754
6336
6174
97
90
$1,000
5315 3,000
7734 2,000
63% 10,000
61 34 2,000
97
7,000
89%
5115
7434
6131
58
9534
99%
993-4
9934 Feb
58,000
my,
2434
10714
3.4
6
37
7734
6934
Feb 9236
Feb
6%
Feb
4
Jan 100
Jan 3734
Jan 2034
Jan 54
Jan 89
Jan 9934
Jan 125
Jan 37%
4%
Jan
Feb
23-4
Feb 2134
Jan 102
Jan 102
Feb 9934
Jan 295
Jan 101%
Jan 3334
Jan 19%
Jan 3314
Jan 4834
Feb 101
Jan 105
Jan 2231
Feb 5054
Jan 633*
411
Jan
Jan 160
Jan 81
Jan 92
Feb 2134
Feb 99
Feb 42
Jan 115
Feb 271/
Jan 112
1
Jae
Feb
834
Feb40
Feb96
Feb 6434
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jail
Feb
Jan
Jan
Jan
Feb
Jan
Jar
Jar
Jam
Jar
Jar
Fet
Jar
Feb
Jar
Jar
Jar
Jar
Fel
Jar
Jar
Fel
Jar
Feb
Jar
Put
Jar
Jar
Jar
Feb
Jar
Jar
jay
Jar
Jar
Jar
Jaz
Jar
92
5534 Jar
7934 Jar
6334 Jar
Feb
63
9714 Fel
9934
Jaz
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Feb. 23 to Feb. 29, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Range since Jan. 1.
Low.
1231 1231
100 1031
Am Vitrified Prod, com_50
81
81%
60 80
Preferred
50
94%
395 90
93
Am Wind Glass Mach_ _100
Preferred
100
9431 95
20 94
108% 108%
10 108%
Am Wind Glass Co, p1_100
Arkansas Nat Gas, com-10 '634
7,132
6% 7
534
234
Carnegie Lead ,S: Zinc_ __ _5
2%
231 234 2,085
Citizens Traction
50 38
50
3814 3831
Colonial Trust Co
50
195 195
15 190
131
Consolidated Ice, com__50
300
131 I%
Preferred
18
33 17%
50
18
Duquesne Light,7% pref__
230 10334
104% 104%
Exchange Natl Bank_ -100
90
90
10 90
234
Indep Brewing, coin_ _50
2% 2%
10
7
8
100
Preferred
50
8
7
110% 110%
Jones-Lauglin Steel, pf_100
78 108%
26% 27%
688 26%
Lone Star Gas
25 27
400 5234
Mtrs Light & Heat
50 5331 5331 54
745
734
9%
934 931
Nat Fireproofing, corn_ _50
2331 2431
415 2034
Preferred
50 24
1
13% 13%
320 13%
Ohio Fuel Oil
1,045 32
Ohio Fuel Supply
25 3231 3231 33
Oklahoma Natural Gas_ _25 24% 24% 24% 1,494 2234
131 114
134
100
Pittsburgh Brew,com_ -50
434
7
480
50
7
Preferred
734
Preferred
50 See no te below
25 97%
9931 9934
Pittsburgh Coal, pref__100
3,000
70
Pitts & Mt Shasta Cop_ _ _ I
7c
7c
216 220
156 209
Pittsburgh Plate Glass_100 220
814
8% 8% 1,450
Salt Creek Consol 011_ __10
34% 3831 11,025 25
Standard Plate Glass
38
93
93
390 93
Preferred
93
100 100
122 9831
Stand San Mfg,com_ _100
125 2431
Union Natural Gas
2834 29
25
920 23%
U S Glass
25 2431 2431 25
84
94
199 '84
West'house Air Brake_ _ _ 50 84
1,320 59%
W'house El & Mfg,com_50 5931 5931 62
30 84
West Penn Rye,pref_ _ _100
8531 8531
Bondsrodeo Brewing 68
8131 8131 $4,000
1955
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
High.
13
81%
9634
95
112
7
431
38 35
195
134
19
106%
90
231
8
11031
28%
5434
931
2431
15%
3334
25
8
731
Jan 9931
Jan lie
Jan 220
Feb 1031
Jan 3831
Feb 93
Jan 110
Feb 2931
Feb 25
Feb 9631
Feb 65
Jan 8531
81% Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
8234
Note.-Sold last week and not reported: 40 Pittsburgh Brewing, pref., at 651 •
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Feb. 23 to Feb. 29 both inclusive, compiled from official sales lists:
..ales
Friaay
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. Shares.
Stocks-
Natl Bank of Commerce___ 145
State National Bank
Mercantile Trust Co
St Louis Union Trust Co_
Best Clymer Co
48
Brown Shoe,com
Preferred
Cart-teed Prod, 1st pref_ __
Second preferred
Chicago Sty Equip., cora_
Ely & Walker D G,com__ _
Fred Medart Mfg., pref__
Hydmulic Press Brick,com
6434
Preferred
_ ___ __
International Shoe,com
117
Preferred
100
Laclede Steel Co
Missouri Portland Cement_ 103%
National Candy, corn
First preferred
Second preferred
Southwest Bell Tel, pref__
Wagner Electric, corn
3034
Preferred
Johnston Stephens Shoe_
4531
BondsAlton Gran & St L Trac 58_
United Railways 4s
CD
62
145 146%
166% 166%
398 398
228 229
20
20
48
48
9234 9231
80
80
70
70
25% 2531
22% •22%
100 100
531
5
6434
64
7734
77
117 118
100 100
102 103%
8334 8331
105 105
911 34 so m
10431 104%
3094 31
81
8231
43
4534
98
5
3
11
10
10
10
3
3
32
45
5
8
125
270
85
55
229
10
50
5
54
20
35
215
$4,000
62
62
6231 62% 3,000
1,000
62
62
sin
Range since Jan. 1.
Low.
High.
141
Jan 147
Feb
16634 Feb 166% Jan
Feb
396% Jan 398
228
Feb 228
Feb
19
Feb 21
Jan
90%
77
70
25
22
100
5
61%
77
115%
125
99
83
105
9934
10331
30%
81
35
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
61
Jan
6231 Feb
62
Feb
92%
80
7231
2531
24
100
6
67
7934
118
100
103%
92
107
100
105
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
3431 Jan
84% Feb
45
Feb
62
Feb
65% Jan
6431 Jan
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Feb. 23 to
Feb. 29, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
Which forms the basis of the compilations below.
Friday
sales
Last Week's Range for
Week.
of Prices
Sale
Par. Price. Low. High. Shares.
Week ending Feb. 29.
Stocks-
(Vol.. 118.
THE CHRONICLE
1006
Indus. & Miscellaneous.
Acme Coal Mining
10
Adirondack Pr&L,corn 100
Amer Gas & Elec, com___. 53%
Preferred
50 43
American-Hawailan SS 10 11
Amer Lt dr Trac, com_ _100 129
American Multigraph__ •
American Thread, pref___5
Archer-Daniels-Mid Co_ .
_
Armour & Co of Ill, pref100
.
Atlantic Fruit
Blyn Shoes, Inc, com_ _10
Borden Co, common_ _ _100
Bridgeport Machine Co_.•
Brit-Amer Tob ord bear..£1
Ordinary registered_ _£1
10 1231
Brooklyn City RR
Campbell SoUP,Piet_ _ _100
131
Candy Products Corp_ _2
Car Lighting &Power__ _25
100
Celluloid Co.corn
100
Preferred
Cent Teresa Sugar, com_10
centrifugal Cast Iron Pipe* 2915
Charcoal Iron of Am,com 10
Chic Nipple Mfg, Cl B--50
. x3531
Childs Co, new stock...3Ieve Automobile corn-- _* 20
22%
_100
coM_
Colorado Power.
____• Os
On en
Range since Jan. 1.
Low.
1%
200
131 1%
50 2231
2231 2234
1,000 4315
5094 54
300 43
43
4334
300 IOU
1031 11
124 131
1.760 11831
100 21
23
23
3%
4
4
100
300 23
23
2531
200 82
82
82
134
I% 2% 5,900
931
1031 II% 1,100
119 11935
60 119
10
400 10
1034
22
400 203.4
2231
21% 22
1,000 21%
1131 1231 3,100 1031
200 107%
108 108
114.
1% 231 36,700
1% 1%
200
19.4
77
77
10 77
109 109
10 109
1% 1%
500
134
29
30
1,800 2631
76c 76c
200 76c
20
20%
300 19%
500 3534
3531 3534
200 20
20 , 20
460 22%
2214 22%
2231 246 6.700 2231
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
High.
3
23
5634
4331
14
131
24%
434
2634
8231
231
1334
126
1231
2231
2234
14
108
245
234
77
109
134
3131
2
2234
37
2331
25
26)4
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Friday
'Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Cities Service, com____100
100
Preferred
Preferred B
10
Stock scrip
Cash scrip
•
Bankers' shares
Cuba Company
*
Davies(William) Co,Inc..
Del Lack & West Coal_ -50
Dubilier Condenser & Rad.
Dunhill International_ _ _ -•
Du Pont Motors, Inc__ - _.
Durant Motors, Inc
*
rDurant Motors of Ind_10
Edmunds & J Corp, corn.*
Federal Lt & Trac, com--•
Ford Motor of Canada _100
Foundation Co, pref
Gillette Safety Razor...--*
31en Alden Coal
•
Goodyear Tire Sr R,com100
Grand 5-10-25c. Stores__ _.
Havana Tobacco, pref _100
Hazeltine Corp, w I
*
[Leyden Chemical
*
100
Hudson Cos,pref
Hudson dr Manh,corn _ _100
Intercontinental Rubb_100
International Carbon__ __•
Enternat Concrete Indus _ 10
Jordan Motor Car
*
Kresge Dept Stores, corn."
Lehigh Power Securities...
Lehigh Val Coal Sales__ -50
Leh Wall Coal ctts, new, w 1
Libby, McNeill & Libby_10
Old stock
Lorillard Co new w 1
1Ludlum Steel Co
McCrory Stores corn
Class B common
*
Mesabi Iron Co
*
Metropolitan 5 & 50c St B _
*
Midvale Co
Motor Products Corp new *
10
National Leather
New Fiction Pub, cora---5
New Mex & Ariz Land---1
A pref __100
N Y Telep 6%•T
Paige Detroit Motor Car.10
Inc
Tilford,
•
&
Park
Peerless Truck & Motor_50
Radio Corp of Amer,corn _•
5
Preferred
10
Reo Motor Car
5
Repetti, Inc
Rosenb'm Grain CorP,Pf.50
Silica Gen Corp corn v t c-*
Singer Manufacturing_ _100
Southern Cal Ed com-100
Nnithern Coal & Iron_ --.5
Standard Motor Constr_10
Standard Plate Glass
*
Stutz Motor Car
100
Swift & Co
15
Swift International
renn Elec Power, cOm--*
*
Second preferred
Dinken-Detrolt Axle_ 10
rob Prod Exports Corp--•
•
rodd Shipyards Corp_
Unit Bakeries Corp, corn.5
100
Preferred
United Profit Sharing_--1
Unit Retail Stroes Candy-•
Founders shares
US Cities Corp,Class A _10
LT S Distrib Corp new corn *
100
New preferred
J S Food Prod v t c, w 1_ -J S Light & Heat,com__10
10
Preferred
Ward Corp corn, Cl A,w 1.*
Common,Class B,wi--•
7% preferred, w i__ _100
Faring Hat Mfg
"
5
Wayne Coal
4Villys Corp, 1st pref _ _100
(el Taxi Corp, N Y,new-*
148
72
90
39
92
24
2534
234
2734
7115
270
83%
10
334
1431
2
1734
1034
12
29%
51
84
34
73
7034
6%
1
2
834
109%
2531
4%
4%
18
660
2934
10234
14c
25
434
7%
5%
24
26
7434
1734
815
31%
Range since Jan. 1.
Low.
High.
155
72
634
98
74
16
4031
14
9334
2234
2834
3%
3631
103/
403.4
73
482
94%
280
8831
11%
44
4
1531
234
22
1234
5
5
12%
31
53
4131
.89%
3531
6
1
3991
2131
73
7231
834
1
2231
90
4%
4
9
112
18
22
3%
4
1731
66c
48
2031
125
10231
943
2%
34%
10
101
19%
1734
497.4
6:5
5%
43%
43
85
7%
415
4%
1834
18
90
7%
80c
131
5231
1734
7931
834
60c
934
30
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
2634
4%
4%
1834
131
50
35
148
10331
17c
234
3834
1531
105
22
2531
54%
7%
534
55
62
89
77
534
5
2431
28
105%
11
134
131
8174
2234
85
8%
93c
1234
39%
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
1,700
335
150
280
1,200
200
740
160
100
17400
150
3,045
150
370
305
70
2,300
3,300
4,370
1,595
590
440
220
80
119,000
4,000
5,600
190
13,200
130
2,065
68,900
20
1534
155
70
238
43
1631
110%
95
623.4
3574
136
10634
88
141
78
94
6634
34
220
100
183
151
9031
80
59
4231
106%
199
42
305
36
5631
25
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
18
205
8834
430
5434
20
144
105
6931
43%
161
119
100
162
97
10734
79%
43
269
111
230
171
100
89
6834
5031
120
25634
48
335
81
6934
29
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
2,000
2,500
300
2,800
100
1,700
9,200
800
100
2,500
2,000
4.100
50
531
334
950
35
431
294
631
30
543
264)
3814
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
10c
7
474
I%
36%
6%
3%
8
3431
80
600
46
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
146 150
1.440
7134 72
3,700
631 631 1,000
88
92 $15,000
72
72
$3,000
14% 15
500
37
39
2,600
14
14
200
92
9231
275
1934 2234 15,200
25
1,700
2631
234 2)4
300
2731 3031 7,900
8
8
100
4031 4015
50
71
7134
70
450 455
120
94
94%
120
270 273%
680
83
84
1,200
10
11
1,700
4231 44
2,100
3
3%
800
13% 1534 7,900
1% 2
3,000
1734 1831
300
10
10%
700
334 4
200
5
5
100
900
117.4 1234
29% 3074 5,000
50
53
10,300
3631 38
500
84
84
100
3331 3431 2,100
5% 531
500
1
1
100
38
3915
600
2034 2134 1,000
73
73
20
7034 7034
24
631 6% 1,500
1
1
40
2134 22% 2,100
77
77
10
4
4
200
2
4
400
734 9
31,700
10931 11034
150
1731 18
1,000
24% 2534 3,600
2294 2231
100
334 4% 36.200
4
431 38,500
18
1834 1,200
66c 660
200
4834 4834
100
2634 30% 14,900
139 140
40
102% 103
100
10c 14c 67,000
234 231
100
3431 3831 3,200
1031 1034 1,000
104 105
110
2034 2034
200
24% 25%
300
125
5131 52
6% 6%
100
3% 5
2,300
5231 5331
175
43
5034 3,300
500
8634 87
714 7%
1.500
5
5% 3,200
431 5
500
23
2431 1,000
2434 26:5 2,300
105 105%
200
A 8
500
93c 98c
580
131 I%
400
74% 7534
204)
1731 1831 3,100
8034 8234
1,700
815 831
200
60c 700
800
1031 1094
100
30
1,400
3331
142
6731
631
77
72
14%
3531
14
9131
1031
25
234
26
734
40
71
423
94
270
7631
8%
35
I%
13
134
1731
10
334
5
1131
2934
41
33
7734
Si
531
1
38
2031
73
69
6
1
18
3834
3
2
3%
109%
153.4
1634 1631
178 205
70
7231
391 400
4815 50
1634 17
13631 144
96
99
6231 65%
40% 4331
142 145
108% 112
93% 95
145 154
78
83
101 103
7034 733/
37
43
22731 24331
103 10734
207 225
158 164
9031 93
81
85
6015 6334
45
46%
10934 114
231 235
4334 45%
319 325
66
80
6231 6634
29
29
zi%
2831
Former Standard Oil
Subsidiaries
knglo-American Oil_ - --£1 1634
3orne Scrymser Co----100 204
3ucheye Pipe Line
50 7031
3hesebrough Mfg
100 396
25 49
3ontipental 011
25
3rescent Pipe Line
3umberland Pipe Line_100 139
3
100 99
3 ureka Pipe Line
3alena-Signal 011 com_100
fumble 011 & Refining-25 4234
ilinois Pipe Line
100 143%
mperlal Oil(Can) coup-25 z10931
50
ndlana Pipe Line
)1agnolia Petroleum-100 1453.4
slew York Transit.-- -100
slorthern Pipe Line__ - -100
25 7234
)hio 011
25 41
'enn Mex Fuel
100 23731
'rade Oil & Gas
100 105
•raIrie Pipe Line
100 210
War Refilling
100 158
Muth Penn Oil
Muthern Pipe Line_ _ --100 92
M West Pa Pipe LInes_100
1tandard 011 (Indiana)...25 6234
itandard Oil (Kansas).-25 45
25 110
Bandard 011(Ky)
qandard 011 (Neb)_ ---100 232
4tandard 011 of N Y_ ---25 44%
;Land 011 (Ohio) com_ -100
100 6831
;wan & Finch
25 6474
7acuum Oil
Washington 00
10
Other Oil Stocks
10
killed Oil
6%
krkansas Nat Gas corn--10
Mlantic Lobos 011, corn..•
3oston-Wyoming 011-- _ _1
1ritish-American 011__ _25
3arib Syndicate
534
3reole Syndicate
5
3
)erby 011 & Refit) com . 6%
Preferred
*
3ngineer8 Petroleum Co_ _1
?ederal Oil
5
3en Petrol'm Corp com_25 43
• NO par value.
7c
5%
3%
1
3531
53/s
3
634
30
Sc
30c
4214
70
631
3%
1
3534
534
331
7
30
7c
300
4334
1007
THE CHRONICLE
MA11. 1 1924.]
Friday
Sates
Last Week's Range for
ofPrices.
Week.
Sale
Other 011 Stocks.
(Concluded) Par. Price. Low. High. Shares.
10
Gilliland Oily t c
10
Glenrock 011
25
Gulf MCorp of Pa
-5
Gulf States 011 & Ref
1
Hudson Oil
International Petroleum...*
Kirby Petroleum
Lago Petroleum Corp---.•
Lance Creek Royalties _1
1
Latin-Amer Oil
1
Livingston 011 Corp
*
Livingston Petroleum_
Lyons Petroleum
Margay Oil Corp
1
Mexican Panuco 011
Mexico Oil Corporati0n_10
1
Mountain & Gulf 011
Mountain Producers..._10
Mutual Oh yot trust etfs_5
*
National Fuel & Gas
5
New Bradford Oil
New England Fuel 011--.5
25
New York 011
Noble(Chas F)0& G coin 1
Oklahoma Natural Gas_25
10
Omar Oil& Gas
Peer 011 Corporation_ _ _•
Pennsylvania Beaver 011-1
10
Pennok Oil
25
Red Bank Oil
Royal Can 011 Syndicate.*
Ryan Consol Petrol
Salt Creek Cons Oil_....10
Salt Creek Producers-10
5
Sapulpa Refining
5
Savoy 011
5
Seaboard Oil& Gas
Tidal-Osage Oil
Non-voting stock ' *
Union 011 01 Califomia_100
Vacuum 011 & Gas, Ltd..
Western States Oil dr Gas_l
1
Wilcox 011 & Gas
Woodburn oll Corp
1
"Y" 011 & Gas
44
60%
2
2044
2
3%
93
950
200
114
18%
z1241
534
1144
680
580
144
12%
34
431
9
2241
194
144
12
10
18o
744
90
Mining Stocks
710
Alamo Gold Mining
Amer Cora M & M
1
American Exploration.._
Arizona Globe CoPPer- -1
10c
Belcher Extension
43e
Black Oak Mines Co
Booth Mining
5
Calaveras Copper
1
Caledonia Mining
10
211.
Canario Copper
1
Candalaria Silver
Central Amer Mines, Inc _1
Comstock Tunnel
3
• Consol Copper Mines_ _I
Consol Nevada Utah Corp
Continental Mines Ltd....15
1 680
Cortez Silver
3%
Cresson Con Gold M &N.1
10
Davis-Daly Mining
Diamond( B1 Butte (reorg) 100
1
Divide Extension
Dolores Esperanza Corp.*/
1
Ely Consolidated
1 110
Eureka Croesus
Fortuna Cons Mining
7c
Goldfield Consol Mining 10
Goldfield Deep Mines__ -5
Goldfield Development_
Goldfield Florence
1 360
1
Goldfield Jackpot
Gold Zone Divide
Hard Shell Mining
2o
10c
Harmill Divide
Hawthorne Mines Inc
51c
250 . 94
liecia Mining
Hilltop-Nevada Mining...1
30
Hollinger Cons Gold Min_5
1
234
Howe Sound Co
Independence Lead Min._1
1%
Jerome Verde Developm't 1
25c
Jib Congo'Mining
30
Jim Butler Tonopah
1
Jumbo Extension
Kelly Extension Mining_ _ _ 660
5
14
Kerr Lake
3o
Lone Star Consolidated...I
1
Marsh Mining
5
Mason Valley Mines
McKinley-Darragh-Say _ _1 14e
1%
Metals Production Co.__ _
1
Mohican Copper
50c 110
National Tin Corp
I3o
Nevada Hills
17%
New Cornelia
New Dominion Copper__.5
100
New Jersey Zino
b
Nipissing Mines
1
Ohio Copper
Pennsylvania Mining
Plymouth Lead Mines -1
Premier Gold
5 170
Ray Hercules. Inc
Red Hills Florence
39c
Red Warrior
1
Rex Consol Mining
1
San Toy Mining
Silver Dale Mining
2o
Sliver Horn M & D
1
Silver Pick Consol
3%
South Amer Gold dc Plat _I
1
7o
Spearhead
Standard Silver & Lead.._1
1
Stewart Mining
1
Success Mining
1
111.
Teck-Hughes
Tonopah Belmont Deve1.1 70c
1 370
Tonopah Divide
I
118i.
Tonopah ExIkOSI011
Tonopah Midway
1
Tonopah Mining
Tri-Bullion 8 & D
Trinity
Tuolume
United Eastern Mining..1 93c
United Verde Extension 50c 25
Unity Gold Mines
Victory Divide
234
Walker Mining
III
Wenden Copper Mining
West End Consolidated..5
West End Extension Min_ _
Wettlaufer-Lorrtiln Sil M.1
40
White Caps Mining
5
Yukon Gold Co
1
4
48c
5834
14
Sc
194
2
2%
be
90c
14c
650
260
1%
900
190
134
16%
1144
85
5
28
1144
lie
24%
680
24
550
13%
10%
34
441
8
204
1%
4%
48e
61%
2
Sc
20%
2
4
Sc
950
14c
720
26c
144
95e
230
141
184
12%
85
544
29
12
12c
24%
78c
3
620
1445
124
44
444
9
224
1%
231
1
14(
14
12
9% 10
170 120
30
3c
180 20c
734 7%
50c 50c
9c
90
69e
Sc
1
Sc
2c
41e
4c
1
70
231z
lc
14
200
700
1,000
3,700
2,600
4,000
15,900
800
9,000
1,000
8,900
1.000
200
1,000
400
2,900
7,000
1,000
7,100
50,300
25
1,500
200
400
4.000
50
6,500
400
23,500
2,200
2,100
2,000
600
3,000
5,200
3,700
300
22,100
300
400
145
1,000
9,000
13,400
7,000
2,000
71c 7,700
7c 5,000
14 2,300
7c 6,000
3c 128,000
43c 7,000
Sc 3,000
100
1
7c 1,000
236 7,400
20 12,000
800
111
20e 1,000
331. 28,500
80
8c 2,000
344 34
100
68c 41,700
5c
2,100
3,18 4
444 444
500
80
100 176,000
30 5,000
30
60c 1.000
55c
lo
2c 19,000
11c 18,000
100
5c
9c 161,000
50 14,000
40
50
50 14,000
90 6,000
8c
36o
370 3,00
40c
403 1,00
03o
60 3,00
lc
20 46,000
3o
4c 3,00
50c
520 20,300
9
941 1,500
lo
30 3,000
1141 1134
400
24 234 1,500
13c
170 43,000
141 131
6,600
250
27c 3.000
30
3c 1,000
3c
3c 1,000
610
66c 19,700
14 2
2,100
3c
4c 26,000
11c 3,000
10c
500
14 14
14o
14c 2.000
134 144 18,100
456
480 26,000
lbo
120 43,000
12c
140 8,000
164 1814
800
24 2% 8,200
147 151
1,800
634 2,700
75c 23,500
68o
114 1% 11.900
35o
38c 7,000
2
2
900
160
16c 2,000
2c
3c 9,000
29c
40c 40,000
lc
• 2c 3,000
4c
4c 4,000
40
5c 3,000
20
2c 17,000
2c
30 6,000
344 4
2,100
60
8c 15,000
10c
100 1,000
lc
lo 12,000
47c
47c 3,003
14 Mr 30,600
500
700
650
36o
37c 2,000
DILI 2
7,100
30
3C 1,000
134 141
800
30 5,000
3o
50c
61c 2,900
3c
3c 1,000
90o
95c 9.000
234 25
3,900
134 24 4,600
20
2c 2,000
24 3
700
144 144 8.300
740 1,800
70c
4c
60 22,000
190
190 2,000
4c 3,000
40
700 1,100
650
Friday
Sales
Last Week's Range for
Sale.
ofPrice*.
Week.
Par Price. Low. High. Shares.
Range since Jan. 1.
Low.
134
30c
58
141
3c
19%
2%
lc
78c
11c
65c
26c
85c
70c
19c
14
16
11%
85
4%
20
931
70
23
55c
134
450
124
531
34
344
8
19%
82c
114
68c
8
9%
116
30
16c
500
70
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
69c Feb
Sc Fe
50c Jan
tio
Jan
be
Jan
37c Jan
4c Fe
1
Feb
7c Fe
2
Jan
lc Fe
87c Jan
18c Jan
14 Jan
7c Jan
34 Feb
Ho Jan
3% Jan
34 Feb
4c Jan
3c Feb
500 Jan
lc Jan
10o Feb
Sc Jan
40 Feb
(83 Jan
Co Jan
36c Feb
40c Jan
60 Jan
lo Feb
2c Jan
50c Feb
84 Jan
10 Feb
1141 Feb
24 Jan
12o Jan
14 Feb
25c Jan
3c
Jan
3c
Jan
300 Jan
14 Fe
40 Jan
10c Fe
14 Fe
Sc
Jan
141 Fe
30c Jan
lbo Jan
Sc Jan
15% Jan
134. Jan
1454 Jan
5% Jan
68c Feb
141 Feb
30c Jan
2
Jan
12c Jan
lo
Jan
21c Jan
Jan
le
40 Feb
30 Jan
lc Feb
2c Feb
24 Jan
20 Jan
100 Jan
lc Jan
47o
Jan
1311 Jan
50c Jan
37c Feb
134 Jan
3o Feb
131 Jan
3c Feb
50c Feb
3c Jan
73c Jan
234 Feb
1
Jan
20 Feb
244 Jan
144 Jan
50o Jan
3c Jan
12o
Jan
40 Feb
60o Feb
High.
5%
60c
65
234
70
2231
2%
444
2c
14c
1
450
1
95c
30c
1%
1944
1341
87
634
29
14
16c
25
800
6
62c
15%
1241
444
10%
23%
2
2
16
14
120
30
300
8%
50e
14o
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
210 Jan
Mrs Feb
Sc Feb
344 Feb
680 Feb
Jan
Jan
9c Feb
5c Feb
70c Feb
2c Feb
15c Jan
120 Feb
Sc Jan
8o Jan
100 Jan
42o Jan
400 Jan
120 Jan
Sc Jan
4c Feb
820 Jan
94 Jan
Se Jan
124 Jan
Jan
3
180 Feb
Jan
2
50c Feb
3c Jan
3c Jan
66o Feb
2% Jan
70 Jan
13c Feb
134 Jan
14c Feb
144 Feb
480 Jan
140 Feb
14c Feb
1834 Feb
2% Feb
151% Jan
614 Feb
86a Jan
1% Feb
380 Feb
234 Jan
330 Feb
5c Jan
48c Feb
2c Jan
Sc Feb
6c Jan
8c Jan
4c Jan
4
Feb
8c Feb
16c Jan
2c Jan
51c Feb
Jan
75c Feb
40c Jan
2,14 Feb
3c Feb
1181, Feb
3c Feb
80c Jan
46 Feb
1111 Jan
29
Jan
241 Feb
Sc Jan
34 Jan
1% Jan
860 Jan
8.3 Jan
25c Feb
Sc Feb
80o Jan
710
9c
144
120
3o
430
150
1%
7c
2%
30
Bonds-
Allied Pack 85 Ser B.-1939
Convertible deb 68_ _1939
_93
Aluminum Co of Am 781'
25
3
75
Amer Cotton Oil 6s._ _1924
Amer G & E deb 65-2014
Amer Light & Trac 6s-1925
Without warrants
Amer Rolling Mill 68_1938
Am Sumatra Tob 748 1925
American Thread 68-1928
Anaconda Cop Min 68_1929
Anglo-Amer 011 748..1925
Antilla Sugar 744s A_ _1939
1933
Assoc Simmons Hardw645
953
9
Atl Gulf W SS L 55 193
Beaver Board 88
Beth Steel equip 75-1935
Boston & Maine RR 65-'33
Canadian Nat Rya 78.1935
1925
513
Charcoal Iron of Am 85-'31
Chic & NW Ry 58 w 1_2037
Chic R II Pac 5445-1926
19
'
66
3
Chic Union Station 65 B
Cities Service 7s Ser C-1966
78 Series D
192
35
1
Columbia Graphop 88_1
N Y Tr Co partic certifs.
Cons GEL&P Bait (Is'49
78
1952
5448
1
5444
8s 6%1
tp
la
,
Tet
til
Bea,
Conso
m
c
9
7541 76
6541 664
1u63i 10634
10234 102%
100 100
94
94%
104% 1044
100% 1014
99% 100
97% 9841
101% 10244
101 102
1014 102
98
98
10
02
64
%
100
94
1044
994
102
101%
98
92
102%
7244
107%
99%
99
90
9244
102%
gg
95
Cuban Telephone 7448 1941
1 87%
937
b_5_442_ 193
ck7d
Hes
Cudahy Pa0
10145
Deere
Detroit City Gas 68...1947 1014
192
35
2 10341
Detroit Edison 68_ _ _1
DunlopT&RofAm7s-1942 934
1933 98%
Federal Sugar 65
Fisher Body 68
1926
6s
1927
6s
1928 994
68
Gair (Robert) Co 76-1937
Galena-Signal 011 78-.1930 1044
General Asphalt 85-1930
38
6
19
92
General Petroleum 65-1
Grand Trunk Ry 6%5_1936 1054
1937
5s
Pa
Gulf 01101
Hood Rubber 75---Ill Cent RR & Chi St L &
New Orl it bs Ser A-1963 9441
28
3 934
Internat Match 6418.. 4
Italian Power 644sKan City Term RF 5455 26 1004
Kennecott Copper 75-1930 10444
Lehigh Power Secur 681927
Lehigh ValBarb Term 55:54 9634
Libby,McNeill&Libby75 31 1004
Liggett Winchester 75-1942 10344
Manitoba Power 75...-1941
1940 100
Market St RY 78
M St P&13SM 545-1949 874
1930 10031
Morris & Co 748
55
2 100%
19
92
National Leather 88-1
New On Pub Sere 55-1952 84
33 9834
'
11'
6481
Nor States
Ohio Power &1936
Park & Tllford 68
52
Penn Pow & Light 58 B-'4
Phila. Balt & Wash 55_1974
Phila Electric 545- _1953
1004
544s
1941
68
Phillips Petrol 745-1931 103
Without warrants
Pitts Young & Ash Ry 55'62 gg%
Public Service Corp 75 1941 106
1933 95
Pure 011 Co 648
193
21
7
Shawsheen Mills 7s...1
Sloss Sheffield & I 68 1929
10444
Solvay & Cie 85
South Calif Edison 58-1944 9044
Stand Oil of NY 648-1933 10741
7% serial gold deb.-1925 101%
7% serial gold deb--1926 104%
7% serial gold deb--1927
7% serial gold deb--1928 1054
7% serial gold deb.-1929 105%
7% serial gold deb.-1930 10641
1 gold deb.-1931
1931 102
Su7
n Cos7erlas
Swift & Co 5s_ _Oct 15 1932 924
1931
Tidal-Osage Oil 75_
Union ElL&P MI11545'54 95%
B-1925
Series
01168
Union
United 011 Produc 85-.1931 74%
Unit Rysof Havana748'36 1064
1I
US Food Products 78w
Vacuum 011 75
936 106%
1937
Valvoline 011 65
Virginian Ry 5s Ser A..1926 94
WebsterMills644 %notes'33 101%
_14
POW
High.
Low.
70
63
105%
101%
100
94
1034
100
984
98%
10144
101
101%
98
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
84
70%
1074
102%
10041
95%
10431
10141
100
99
102%
102%
102
98
92
93
39,000 9041 Jan 9344 Feb
52
53
Feb
26,000 42
Jan 53
77
7741 10,000 70
Jan 79% Jan
102% 103
57,000 1.02% Feb 10334 Jan
7244 7244 1,000 72
Jan 7344 Jan
10744 10734 18,000 106% Jan 1084 Jan
9931 99% 3,000 9941 Jan 10034 Feb
Feb
935/ 934 20,000 884 Jan 94
92% 9244 158,000 92
Feb 934 Jan
9844 994 30,000 974 Jan 99% Jan
9731 '98
18,000 9731 Feb 9834 Jan
Jan 93% Feb
9131 93% 27.000 89
90
904 14,000 8741 Jan 9044 Jan
7
57
2K
s,c
$7,000
17,4)00
12.000
23,000
6,000
51.000
5,000
24,000
50.001
13,000
4,000
93,000
21,000
2,000
Range Since Jan. 1.
15
18
103 10344
107% 108
99
9941
90
90
95
95
107 107
87% 88
10141 10144
100% 1014
1034 103%
9341 94
98% 9944
100% 100%
10044 100%
100 10044
994 100
9841 98%
104% 104,1
104 10431
964 96%
10544 106
95
95%
1014 1014
44.000
12,000
90.000
16,000
6,000
20.000
1,000
14,000
11,000
21,00
26,00
32,00
19,000
26,000
12,000
16,000
33,000
7,000
7.000
9,000
41,000
17,000
40,000
5,000
944 94% 47,000
9344 94
69,000
9741 974 1,000
1004 100% 15,000
103% 10431 80,000
98
98
5,000
9631 963( 33,000
1004( 100% 42,000
103 1034 10.000
9644 9744 7,000
994 10041 57,000
68.000
87% 88
100 10034 24,000
100% 10044 21,000
34.000
834 84
70,000
9844 99
86
87% 15.000
84
8.000
84
1,000
89
89
99
3,000
99
10034 100% 13,000
15.000
10034 101
104% 104% 2,000
3,000
102% 103
102% 10244 1,000
30.000
98% 99
10241 106 292,000
934 9544 153,000
10344 103% 4.000
99
99% 19,000
10444 1044 17.00
9041 90% 9,000
106% 10744 39.000
10144 101% 20,000
104% 10434 11,000
105 10534 21.000
105 10534 6,003
10544 106
5,000
9,000
10641 107
107 107
1,000
1014 102
4.000
92% 93% 76,000
103 103% 17,000
95% 95% 78,000
100
100% 100%
65% 74% 23,000
12,000
106% 107
13,000
89
88
10,000
106% 107
3.000
10244 103
34,000
934 94
10144 101% 44.000
15
10144
1054
93
90
95
1064
85%
100
994
102%
9144
9744
10031
9931
984
974
9541
1044
104
944
10544
94
100%
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb'
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
19
104
108
9944
97
95
107
8844
10141
101%
1044
94
100%
101
101
100%
10044
9931
10541
10544
97
106%
96
102
Feb9434
Jan 94
Feb984
Jan 101
Jan 105
Jan 984
Jan 97%
Jan 101
Jan 10444
Jan 984
Feb 1004
Feb 88
Jan 10031
Jan 1004
Jan 8541
Jan 994
Jan 8844
Feb 84
Jan 90
Feb 9934
Jan 10044
Jan 101
Jan 10544
Feb 103
Jan 10214
Feb 99
Jan 10694
Jan 954
Jan 1043.4
Jan 9954
Jan 104%
Jan 91
Jan 10754
Jan 102
Jan 105
Feb106
Jan 1063.4
Jan 10694
Feb10741
Jan 109
Jan 1024
Jan 9391
Jan 104
Feb 9634
Jan,' 10034
Feb65
79%
10554 3an 107
88
Feb 89
106
Jan 10734
10234 Jan 103
92
Jan 9434
10034 Jan 102
9441
9244
974
10041
103
96
95%
9844
1024
954
98
86
974
98
814
98
8441
84
8744
99
9844
98%
1044
10244
101
98%
101
9241
102
97
104
89%
105%
1013.4
1044
105
105
10534
105
10644
1014
91
1013.4
95%
100
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jab
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb.
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jon
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Foreign Government
and Municipalities
Argentine Nation 68_ _1924
2,000 9934 Jan 10044 Feb
100 100
Exter 68 of 1923 Ser A '57 9244 91
95 307,000 91
Feb 96% Feb
Mexico 45, 1945Certificates of deposit. 304 30
50,000 2844 Jan 34
31
Feb
65 10-year Ser A cti den 5034 50% 5,000 50% Feb 55% Feb
Netherlands(Kingd)6sB'72 9441 9344 9544 9.000 93% Jan 96% Jan
Peru (Republic) 88_1932
98
9841 12.000 974 Jan 9814 Feb
Russian Govt.64s_ _ _1919
17% 18
8.000
9
Jan 20% Feb
16
Certificates
15% 16% 26,000 10
Jan 20% Feb
5418
1921 1544 15
1544 8,000
Feb
941 Jan 19
Certificates
15
1541 3.000
15
9% Jan 1844 Jan
Switzerland Govt 5448 1929
99% 100
23,000 98
Jan
Jan 100
1926 9841 97% 9834 125,000 9744 Jan 9831 Jan
Est 5% notes
* No par value. ii Correction. w Dollars per 1.000 lire flat. 1 Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. a Option sale. w When issued. z Ex-dividend. y Ex-rights. z Ex-stock
dividend. n Ex-stock dividend of 40%. r Durant Motors of Ind. stock removed
from trading.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Du.
Rase.
814.
Asked.
Maturity.
in:.
Rate.
June 15 1924L_
Sept. 151924......
Mar.15 192&....
Mar. 15 1926
Dec. 15 1925._.
Sept.15 1926June 15 1925 __
54%
5%%
431%
434%
414%
41(%
414%
100,14
1004
10031.
100%
100%
100
100,to
100,1e
100%
100,11,
101
100%
100%
100,16
Dec. 151927.....
Mar. 15 1924
Mar. 15 1927-Mar. 15 1924June 15.1924Deo. 151W24.....
414%
434%
%
434%
4%
441%
Asked.
100,11
100
10181.
100
100
100%
100ille
100'..
101%.
100%
100%
100%
butstment anti
gairroati
Railway- -Na after Taxes
-Gross
3.
from Railway- -Net
1912.
1923.
19822.
1922.
$
$
$
8
Cinc N 0 & T P465,378
405,281
January ___ 1,769,666 1,874,008
Delaware es Hudson-3,670 -390,390
99,031 -304,984
January ___ 3,469,878 3,249,516
Del Lack & Western147,097
898,283
558,448
January
___
6,992,984
6,671,457
1,385,802
1924.
Increaes. Decrease.
1923.
Third Week of February.
Detroit & Mackinac--8,171
-__
127.587
January
125,131
93,660
73,199
20,460
Ann Arbor
Duluth & Iron Range162,940
377,912
540,852
Buffalo Rochester & Pittsburgh
January ___
148,217
175,152 -215,980 -185,135 -224,279 -196,057
Canadian National Railways__ _ 4.181,048 3,848,962 332.086
East St Louis ConnectingCanadian Pacific Railway
2,919,000 2.506,000 413,000
86,040
90,112
225,333
100,803
96,627
January ___
202,965
30,654
109,596
78,942
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern1,682,939 1,523,977 158,962
Great Northern RR
570,232
*14,825
January ___ 1,965,130 2,279,658
1,075
8.767
7,692
Mineral Range
12,218
343,082
330,864
El Paso & SouthwesternMinneapolis & St Louis RR_
208,855
140,394
8,690
222,895
284,149
542,333
January ___ 1,030,528 1,036,617
533.643
St Louis Southwestern By
26,078
St Louis-San Francisco By
1,650,061 1,623,983
Erie Railroad57,747
409,569
344,361
351,821
Western Maryland By
*853,846
January __ 8,265,671 9.652,325
Evans
Ind & Terre Haute12,251.529 9,486.373 1,052,280 171,630
Total (11 roads)
43,373
52,821
___
183,202
57,071
47,606
January
161,679
880,650
Net increase (9.28%)
Florida East Coast466,524
*407,729
January ___ 1,804,144 1,498,272
In the following we also complete our summary for the Fonda Johnstown & Gloversville43,393
35,871
43,511
51,233
January _ __
115,857
134,961
second week of February:
Galveston Wharf28,534
•
22,262
January
128,099
39,262
43,552
126,334
Increase. Decrease. Georgia So & Florida1923.
1924.
Second Week of February.
81,778
91,876
420,771
January ___
437,072
S
$
$
3
Previously reported (8 roads)_ _ 15,680.017 14,388,408 1,437.608 145,999 Great Northern System917,208
*552,038
January ___ 6,649.601 8,874,960
102,719
82,245
20,473
Ann Arbor
83,564
22.875
Green Bay & Western106,439
Duluth South Shore S: Atlantic_
6,837
20,676
7,832
1,926
28,176
14,837
January ___
125,043
106,957
9,758
Mineral Range
13.367
550,086
536.719
St Louis Southwestern Ry
Gulf Mobile & Northern349
125,812
3.148
3.497
Nevada-California-Oregon
97,219
January ___
487,982
506,891
122,480
148,903
24,836
608.414
583,578
Texas & Pacific By
26,329 Hocking Valley409,569
Western Maryland Ry
383,239
139,889
183.806
278,751
221,575
January ___ 1,232,778 1,307,459
Total (15 roads)
17,443,820 16,095,412 1,521,085 172,677 Illinois Central SystemJanuary .._ _15,111,227 16,595,121 3,424,367 3,953,992 2,419,789 2,912,691
1.348,408
Net Increase (8.37%)
Illinois Central CoJanuary .....13,338,343 14,831,859 2,981,589 3,486,138 2,092,439 2,555,869
Net Earnings Monthly to Latest Dates.-The table
Yazoo & Miss valley356,822
327.350
442,778
January ___ 1,772,884 1,963,262
467,854
following shows the gross and net earnings for STEAM International
Great Northern100,471
railroads reported this week:
*96,017
January ___ 1,317.685 1.227,448
- Kansas City Mex & Orient-Grossfrom Railway- -Net from Railway- -Net after Taxes
1922.
1932.
*9,730 -30,816
103,367
174,332
1922.
January ___
1922.
1923.
1923.
Kansas City Southern348,980
*286,206
January.... 1,502,812 1,785,083
zBuffalo & Susquehanna25,607 Lake Terminal45,029 -54,750
235,251
240,842 -30,610
December _
-44 -19,158 -74,049
128,833
2,076
From Jan 1_ 2,780,877 1,878,044
82.439 -18,552
8,926 -24,957
71,438
January
zChic Pet & Can Grand Tr JctLehigh & New England206,326
173,743
183,828
300,386
215,029
December_ _
330,003
62,483
85,384
80.168
75,170
461,398
426,364
January
From Jan 1_ 3,393,576 2,383,677 1,832,432 1,171,260 1,723,432 1,045,009 Louisville & NashvillezDet Grand Haven & Milw*820,742 1,726,743
January __ _10,712,529 11.033.127
21,285
27,527
285,731
378,233
287,555
December_ _ 629,711
From Jan 1_ 6,935,222 5,335,380 1,750,966 1,258,144 1,708,281 I,193,947 Lehigh Valley389,990 -837,007
604,808 -627,805
January ___ 5,971.120 5,123,087
zGrand Trunk Western138,774
253,994 Maine Central202,473
322,555
December. 1,309,604 1,403,843
59,987 -204,692
162,238
-106,254
1,516,549
1,608,119
_
January
From Jan 1_19,589,964 16,302,623 5,388,643 3,560,776 4,662,573 2,722,247
Midland Valley118,558
128,430
131,787
144,702
385,049
384,314
January __
z Revised figures.
-Grossfrom Railway- -Na from Railway- --Net after Taxes-- Minn St P & S S M423,304
102,029
597,683 -50,487
January ___ 1,735,909 2,546,254
1924.
1923.
1924.
1923.
1923.
1924.
Wisconsin Central$
174.256
80,832
268,402
189,403
January ___ 1,432.192 1,555,848
Akron Canton & Youngstown81,183
67.881
86,757
55,131 Mo-Kan-Texas-Total System189,543
206,417
January ___
720,274
428,072
4,298,838 4,888.896
January
Ala Great Southern125,078
891,523
253,976 Missouri Pacific803,361
January ___
January ___ 9,539,608 8,772,028 1,572,872 1,417,689 1,195,312 1,036,979
Atchison Topeka & Santa Fe2,210,482-4,328.238 Mobile & OhioJanuary ___17,418,626 19,217,191
393,191
307,983
___ 1,618,591 1,907,278
January
Atlanta St West Point39,054
50,010
34,910
26,882 Monongahela Connecting247,770
240,876
January ___
205,123
24,754
9,561
192,944
10,544
19,707
January
___
Atlantic City226,588
243,386 -96,715 -75,269 -118,875 -94,854 MontourJanuary ___
29,094
January ___
133,217
144,317
14,185
7,958
32,983
Atlantic Coast LineJanuary ___ 7,386,892 7,115,731 2,317,885 2,323,791 1,964,945 1,973,442 Nash Chat St St Louis176,881
January.... 1,892,610 1,929,123
150,927
90,818
237,081
Atlantic SS Lines*17,336
195,339 New Orleans Great NorthernJanuary -__ 975,798 1,123,025
84,880
232,430
235,206
86,076
January -__
49,353
81,475
Baltimore & OhioJanuary __ _18,449,738 20,558,970 2,570,462 4,938,869 1,474,481 3,609,494
Pitts & Lake Erie915,803
580,212 1,103,765
January ___ 3,008,561 3,536,884
402,780
B & 0 Chic Terminal55,179 -49,356
10,757 New Orleans & Northeast-8,898
293,731
January -__ 281,290
151,918
January ___
503,260
564,295
100,808
Bangor es Aroostook41,667
104,790
147,626
8,473 New York CentralJanuary ___ 637,924
496,949
January
___29,735,596 34.595,883 6,200,943 8,664,460 4.380,681 4,861,680
Belt Railway of Chicago*138,155
173,394
January ___
557,441
620,815
Michigan CentralJanuary __- 7,092,669 7,874,572 1,793,609 2,858,642 1,403,870 2,176,412
Bessemer & Lake Erie290,754 -148,738
261,554
January ___
795,784 1,181,320 -106,229
C C C & St LouisJanuary ___ 7,120,149 8,375,812 1,234,787 2,144,231
Boston & Maine905,255 1,691,201
535,926 -691,595
298,581 -934,101
January ___ 6,315,674 6,313,059
Cincinnati NorthernJanuary -_- 356,058
109,353
Brooklyn E D Terminal435,712
89,978
134,915
72,762
65,743
44,282
January ___
112,866
37,880
59,531 N Y Chicago & St Louis138,233
898,457
January ___ 4,369,904 4,704,281
786,473 1,158,743
Buffalo Rochester Ss Pittsburgh517,720
144,716
301,302 NY N-11 & HartfordJanuary __- 1,438,879 2,132,575
January _ _ _10,021,174 9,911,556 1,852,717
174,810
Buffalo & Susquehanna579,938 1%437,042
17.313
43,916
6,813
30,315
January
218,643
272,234
N Y Out & WesternJanuary __ _
889,912
Canadian National Railways961,839 -21,965 -107,216 -70,032 -149,858
*491,421 --598,739 N Y Susq & WesternJanuary _ _ _18,328.491 18,765,458
January ___
378,815
387,374
Canadian Pacific• -42,184 -42,858
January _13,392,432 13,148,914
860,399
720,026 Norfolk Southern66,879
January ___
734,672
Central RR of NJ683,637
142,039
105,408
98,703
January ___ 4,352,088 4,384,572
286,347
413,940 -177,292
117,139 Norfolk & WesternJanuary ___ 7,510,543 8,898,909 1,393,153
329,057
Central Vermont804.687
818,121
*45,203
159,642 Northern PacificJanuary --- 653.268
615,795
January ___ 6,606,148 7.888,013
Chesapeake & Ohio Lines*509,420 1,021,272
January
8,037,518 7.642,681 1,715,373 1,599,319 1,340,233 1,295,293 Pennsylvania SystemPennsylvania
Company
Allan
Chicago &
January --_50,687,393 55.648,930 8,458,358 7,873,136 6,549,605 5,997,562
2,722,438 2,942,142
620,873
535,922
January
675.698
594,387
Long IslandChicago Burlington & QuincyJanuary _
2.299,315 2,321,356
174.902
January _13,028,688 15,184,037 2,388.807 3,949,825 1,570,195 3,021,172
188,982
221,110
136,589
Pere Marquettealicago & East IllinoisJanuary ___ 3,096,779 3,510,582
703,120
473,089
323,545
399,075
442,417
287,997
340,127
835,983
January ___ 2,571,832 2,646,132
Philadelphia & ReadingChicago Great WesternJanuary -__ 7.832,619 9.317,220 1,331,479 2,829,530
168.623
January ___ 1,842,035 2,123,218
336,110
90,756
250,391
961.748 2,489,836
Pittsburgh & ShawmutChicago Milw & St PaulJanuary
96,492
13,253
150,770
-4,404
-4,265
13,434
979,228 2,132,804
January _ _ _12,394,833 14,470,239 1,736,722 2,922,834
Pitts Shawmut & Nor-Chicago & North Western7,372
92,298
January _
163,002 -28,843
881,933
9,770 -29,631
861,338
January ---11,516,292 12,530,580 1,643,383 1,813,100
Pittsburgh & West VirginiaChicago Peoria & St Louis160,691
January-__
303,551
18,792
29,401
108,729
*-23,054
285,573
67,211
54,193
___
25,733
Annan,
Richmond Fred & PotomacChicago R 1 & Pacific258,989
January
993,544
278,870
983,696
333,310
309,343
January ___ 9,378,936 10,366,391 1,525,262 1,601,838 1,007,127 1,081,244
RutlandChicago St Paul Minneapolis & Omaha7,461
2.420,920
•104,591
January
-502,662
24,490
2,236,061
28,145
235,498
498,198
47,448
January
St Louis-San FranciscoCine Ind & Western77,800
63,729
1,582,010
January
___
426,927
43,497
7,104,091
•1,594,096
58,473
7,070,460
856,524
January
est Gross Earnings by Weeks.-In the table which
ws we sum up separately the earnings for the third
t-inN4 L
eek of February. The table covers 11 roads and shows
9.28% increase over the same week last year.
•
THE CHRONICLE
MAR. 1 1924.]
-Grossfrom Railway- -Na from
1924.
1923.
1924.
$
$
$
St Louis Southwestern- 1,946.988
January ___ 1,650,797
Seaboard Air Line971,390
January ___ 4,751,837 4,487,731
Southern Pacific System3,400,723
21,240,382
January -20.991.825
Southern Railway CoJanuary _11,342,193 12,052,143
Staten Island R T2,347
177,734
January ___ 198,013
St LOUIS Merchants Bridge Term110.261
454.274
January ___ 450,344
St Louis Transfer13,962
72,214
87.069
January --Term fly Assn of St Louis80,783
402,696
January ___ 426,659
Texas & P8CifIC651,381
January --- 2,730.633 2,758,314
Union Pacific,4,040,334
January __15,072,490 15.433,610
Union RR (Penn)61,408
945,250
825,514
January - Utah65,142
150,327
January _ __ 185,299
Virginian553,394
January ___ 1,537,149 1,608,179
WabashJanuary _ _ 5,002,383 4,871,238
Western Maryland441,873
January _-- 1,680,210 1,730,442
West Jersey & Seashore952,007 -41,805
January --- 773.737
Western fly of Alabama61,838
238,366
January ___ 258.945
Wheeling & Lake Erie327,857
January •_ _ 1,496,921 1,088,741
•Net after equipment rents.
1009
OF OPERATIONS FOR CAL. YEARS 1923. 1922 & 1921,
Railway- -Na after Taxes-- STATEMENT
COMPARED WITH COMBINED CORP. & FED'L FOR YEAR 1920.
1923.
1924.
1923.
1920.
$
1921.
1922.
1923.
$
Revenues$
$25.151,010 $14.294.191 $26.606.299 $20,228,484
Coal
561.799 Merchandise freight
*407,498
39.085.364 37,262.516 36.970.445 40332.599
14.185.914 13.960.681 14,438.161 13.868,516
Passenger
.
.
.
792,890 Mail
780,736
968,956
1,652,802 1.009:055 1,465,114
1,834,068
Express
1.742.336
1,974.035
1.963,564
2,183.334
Milk
4,685,519 1,687,561 2,839,744 Other revenue
3,396.778 3.209.846 2.944.928 2.827,514
1.545,586 1,447,159 2.182.899
Incidental revenue
1.611,115
1,952,117 2,331,270
Total
$88.236,974 $74.622.344 $85,977.815 $83,340,061
Expenses-24,872 -15,259 -42,434
Maint. of way & struc $7,663.064 $7,882.540 $10,022,415 $10,178,887
21,239.075 18,683,608 19,053.845 19.508,625
of equip
Maint.
93,768
82,120
120,601
1.086.074
1,305,321
1,308,121
1,349,689
Traffic expenses
33,242.097 34.819,694 40.165.381
expenses
Transportation
18,848 Miscellaneous operations 36.750,177
13,552
991,656
19,126
685.098
680.770
681,739
1,853.903 1.872.164 2,039,185 1,976:555
General expenses
61.349 Transporation invest__ _ Cr.28.224 Cr.39,221
Cr.8.748
Cr.53,500
17,098
122,941
$69,467,853 $63,671.647 $67,872,058 $73,898,429
Totalexpenses
Net revenue from oper_ _$18,769,120 $10,950,697 $18,105,757 $9,441,632
5.995,698 4.894.466 5,312.066 4,539.785
Railway tax accruals
2.810
12.295
9.944
Uncollectible ry. revs-. . 22,253
217,327
50,408
228,327
Operating income_ _312,751.170 $6,046,287 $12,781,395 $4.899,037
Additional Income$137,887
$138,900
$143.112
33,943 Joint facility rent income $139,070
54,951
41,087
364,136Dr.112.655
752,237
852,759
Hire of equip.-Cr. bal_
821.903
699,208
535.116
83.967
accts
&
sec.
unfd.
fr.
Inc.
391,605
406,980
508,373
304,024
2a1.418
276.652
281.084
Miscellaneous rent inc
110,668
94,190
105,522
64,765
prop
phys.
Misc.
non-op.
332,554 Dividend Income
*327,542
386,756
444,065
453,086
571,665
725.130
771,650
Income from funded secs 3,973.793 3,611,792
392 Dr.56,860
286,683 Miscellaneous income_ _ _
2,100
351.873
4,755
346,683
Income from sinking &
400
1,038
1.038
1,468
other reserve funds_
32,904
32,973 -42,009
442,443 3,249,379
9,224
16,143
Inc. from lease of road
168.546
Dr.4,656
39,686 Rev, prior to Jan. 1 1918
47,973
2,4)18.593
52,043
1,648,955
Depict, of coal deposits_
43.847 6,696.105 6.503.942
418
coal dept
-6,660 Earnings
217,367
91,145
2.000,000 5,124.500
Guaranty period income
Adj. of settlement, U. S.
4,699.064
RR. Administration_
Public Utility Net Sundry add'ns & deducts Cr.331,409 Cr.168.984 1)r.268,789 Cr.1543,642
282,957
509,300
180,507
3.336.337 2,806,281 2.238,971
Electric Railway and Other
Earnings.- The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings, with charges and surplus reported this week:
$19.072,466 $16,848,062 $25.990.749 $24,437.891
Gross income
1920.
1922.
1921.
1923.
Deductions$5,714,374 $5,273,169 $5.356.540 $6,128,996
Rentals of leased road
6.156
6,142
5.914
5,856
Int. from funded debt
973,906
351,121
349,089
348.284
- Rental New York piers_
-GrossEarnings--NetEarnings
732,537 1,105,555 2,509.679
503,136
Previous
Add'ns & betterments
Current
Previous
Current
49,409
16.857
11.425
122,814
Year.
Year.
Int. on unfunded debt
Year.
Year.
Companies.
111,301
Cr.3,869
3
Exp. prior to Jan. 1 1918
98.680
151,689
62%,319
Adirondack Pr & LtCorp_Jan 661.921
708.077
$12,378,001 $10,475,929 $19.158,403:314.658.443
917.137
12 mos ending Jan. 31-- 6,942.049 5,908.421
10.132,932 10,132,932 13.510,576 8,444.110
229.342 Dividends declared
331,332
532,145
Jan 756,533
Alabama Power Co
2.760,174
12 mos ending Jan 31_- 8,087.681 5,850,205 3,687,063
$342,997 $5,647,827 $6,214.334
$2.245,069
surplus
Balance,
96.726
125.658
Jan 3,047,705 2,998,297
Boston Elevated
x To afford,as far as possible,a correct basis for comparison,the operating
195,339 results
154,646
Brooklyn City RR Co-Jan 1.006,295 1,005.897
of the U. S. RR. Administration for the months of Jan. and Feb.
6 mos ending Jan 31-- 7,147,146 7,088,871 1,143,871 1.180.409 1920,together with overlapping items relating thereto, are included with the
47,703
57,688
93.788
110,297
results of the company for the ten months of 1920, resulting in an
operating
Jan
Colorado Power Oo
485,932 increase in this item of $983.335 over the actual net income of the company
666.307
12 mos ending Jan 31-- 1.256.400 1.039.913
the nor 1920.
for
shown
as
739,167
753,068
Jan 1,903.559 1.753.359
Duquesne Light Oo
GENERA& BALANCE SHEET DECEMBER 31.
Balance,
Fixed
Net after
Gross
1922.
1923.
Charges. Surglus.
Taxes.
1922.
1923.
Earnings.
Companies.
$
$
Assetsstock_
37,277,000
87,277,000
Common
45.945.401
46.361,825
_
road_
in
102.388
inv.
64,592
*166.180
307,615
'24
Jan
Appalachian Pow
do In equip- 44,847,284 43,010,763 Prem. on capital
69,183
55.976
281,598 *125,159
'23
70.720
70,720
stock
663,924 1.038.019 Impts. on leased
12 mos ending Jan 31 '24 3,460.244 *1.701.943
320,000
320,000
railway prop'y 15,589,031 15,223,009 Fund.dt. unmet
780,236
641,571
'23 2,990,265 *1,421.807
debt
Non-negot.
2,255,445
868,920 Misc. phys. prop 2,263,546
71,709
91,598
Jan '24 2,188,544 1.207,840
Columbia Gas &
230,523
to atill. cos.__
861,227 Inv.In affil.cos.:
57,956
'23 2.092.164 1.187,071
Electric Co
10,856,649 10,805,157 Traffic & car serStocks
767.270 6,411,651
2.769,752
12 mos ending Jan 31 '24 21.099.379 10,333,119
2,997,930
pay_
vice bal.
2.304,973 2.271.588
Bonds
695,058 5,263.853
'23 18.885,545 9.249,486
3,849.549 4,055.799 Aud. acc'ts and
Notes
149.783
63.336
213,119
520,307
Dec '23
Federal Light &
1,987,644 1,288,177 wages payable 4,532.795 5,611,802
Advances_
130.749
9,518
8.094
62.489
193.238
'22
495.450
Misc.accts. pay.
Traction Co
Other invesrts:
3,092
802,412 1,282,528
3,212
12 mos ending Dec. 31 '23 5,510,876 2,084,940
1,251,003 1.251,003 Int. mat'd unpd.
Stocks
16.891
681.038 1,047,301
17.329
'22 5,012.489 1,728.339
95,788,864 96,720,911 Divs.mat'd unpd
Bonds
560.834
4,888,224 6.360,745 Unmat.divs.dec 2,533,233 2.533.233
Interboro it T Co Jan '24 5.121,322 1.648.480 1,087,647
Notes
140,225
5,272,963 3,208,404 Unmat.rentsacc 1,366,173 1,434.035
'23 4,940.155 *1.748.493 1.608,268
Advances..
55,640
4,629
2,552,530 2,421,284 Other curt.Habil
122.563 Cash
67.969
190.532
Municipal Service Dec '23
448.827
51,399
50,184
204,123 Def'd liabilities_
203,864
rec.
bills
&
102.344 Loans
82,318
184,662
447.810
'22
Co & Subs
2,003.962
2,994.514
732.858 Tax liability _ 864,529
806.004 1,019.853 Traffic,&c.,bal.
12 mos ending Dec 31 '23 4.823,588 1,825.857
279,060
390,051
Ins., &c.,res'ves
681,812 Net bahree.from
680.036
'22 3,665,903 1,361,848
239.110
90.121
991,439 1,171,591 Oper'g reserves_
agts. & cond39,188
105,866
262.662 z145.054
New York Dock Co Jan '24
3,301,4116 Accr. depree'n41,879 Misc. accts. rec. 3.167,005 4,234,722
107,580
277,056 2149,459
'23
equipment _ _ 25,478,724 23,369,519
supp_ _ 5,869,272
&
Mat'ls
136.573 Deferred assets..
82.323
340.034 *218,896
Niagara Lockport & Jan '24
53.244 0th. unadl. cred 1,154,901 1.189.432
565,819
99.983 Unadjusted deb. 3,955,379 3,951,797 Add'ns to prop.
73.986
'23
271.159 *173,969
Ontario Power Co
127.231
&
223,881
351,112
throinc.&sur_ 4.362.181 3,837,923
908,029
Dec'23
Republic Railway
98,668
155.468
'22
254.136
835,045
Profit and loss_ _119,549,101 117,304,031
Light Co
Dec
31
1.306,505
'23
3,280.372
9.935,924
1,973.867
12/mos ending
253,431,394 248,467.737
'22 8,405,882 2,679,780 1,631,527 1,048,253
253,431,394 248,467,737 Total
Total
31,460 -V.118, P. 550.
58,628
228.118
27,168
Staten Island Edison Jan'24
'24
215.620
68,414
Corp & AM!Cos
Niagara Falls Power Company.
759,435
519.523
239,912
12 mos ending Jan 31 '24 2,521,323
'23 2.309,592
660.715
(Annual Report Year ended Dec. 311923.)
'24
Ry
59,787
Jan
36,005
95,792
Electric
109.279
Texas
'23
92,562
39.655
37,441
77.096
The remarks to stockholders, signed by Jacob F. Schoen813,086 kopf, Chairman of the board of &rectors, and Frederick L.
440,214
12 mos ending Jan 31 '24 1,415,483 1,253.300
'23 1,239.449 1,054.865
59a.644
459.221
income
226.391 def26,772 Lovelace, Secretary, together with a comparative
Third Avenue Ry Jan '24 1.211.708 *199.619
222,905 def5,559 account and balance sheet for the year 1923, will be found
'23 1,171,610 *217.346
System
38,387
7 mos ending Jan 31 '24 8,484.253 *1.608,510 1.570.123
pages-'23 8,428,771 *1,747,056 1,569,090
177,966 under "Reports and Documents" on subsequent
120.883 V. 118, p. 803, 440.
115,184
347.279
925,884
Virginia Ry & Pow Jan '24
'23
358,526
909,438
149,677
109,036
Co
472,461 x271,983
222.583 Consolidated Gas Elec. Light & Power Co. of Baltimore.
49,400
Washington Water Jan '24
437.697 x247.426
51,171
23
196,255
Power Co
(Report for Year ended Dec. 31 1923.)
After allowing for other income. z Before depreciation. z Net after
The remarks of President Herbert A. Wagner, together
expenses. taxes included in charges.
FINANCIAL REPORTS
Delaware Lackawanna & Western RR.
(Preliminary Report for Year Ended Dec. 31 1923.)
The company on Feb. 26 issued a preliminary statement
of earnings and statistics for the year 1923, which compare
withiprevious years as follows:
with comparative income account and balance sheet for 1923,
and other statistioal data, will be found under "Reports and
Documents" on subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1922.
1923.
1921.
Gross income from electric sales
$13,314.964 $11,800,905 $9,695,054 $9.385,888
Gross inc. from gas sales 8.445.991
8,120.050 6,910.956 6.003.556
44,013
460.744
6.378
Miscellaneous income__ 455.129
Total gross income_ _ _322,221,699 $20,376.084 $16.612.388 $15,433,458
Oper. expenses and taxes 12,588,592 11.451,727 10,584,582 10.451,791
STATISTICS OF OPERATION,
Net earnings
1922.
$9.633,107 $8,924,357 $6.027,806 $4,981.667
1923.
1920.
1921,
980
•
980
980 Fixed charges (incl. int.
980
Average miles operated_
and pref. divs, on sub.
$9.51
$9.99
$9.28
mile
It.
$10.54
freight
per
Earn,
2.475,192
companies'issues) _
$2.86
$2.91
$2.89
3,232,095 3,405,688 2.963,761
$2.94
Earn.per pass. trald mile
814.25
754.54
693.41
738.66
Average train load (tons)
$2.506.474
Net
income
$3,064,045
$6.401,012
28,315.359
29.574,608
$5,518,669
21,794,416
(tons)
24,673,802
card
Rev, freight
1,168.643
1,218,726
1,858,168
1,599.246
3851275,943 4454205.652 5166315,007 Dividends
Net revenue ton mi 0-4852525,642
1.17c.
1.34c.
1.32c.
1.43c.
Aver.rev. per ton mile__
31,337.831
$1.845.319
Gross
surplus
$4,542,844
$3,919.423
Passenger Traffic- .
29,231.693 28.512.723 28,991.888 30.612.506 Res.for depr.(renewals) $1.495,000 $1.345,000 $1100000 $1.100,000
carried
Passengers
paaa, carried one mile_667,289,802 652,061,940 656,097,874 698.358 572
$237.831
$745.319
Surplus for the year
1.§9c.
2.13c.
$3,047,844 $2.574.423
2.14c.
2.20c.
Rate per pass. per mile
1010
THE CHRONICLE
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1923.
1922.
1923.
1922.
Assets$
LiabilitiesS
3
Plant, equip., real
Capital stockestate.fran.. &c.84,991,918 79,529,361
Co.'s common__17,387,500 14,610,200
Unfin. plant invest. 252,354
457,646
Corn. subscr__
144,700
Stocks, bonds,&c_ 895,167
944,256
Co.'s pref. "A"_ 5,000,000 5,000,000
Construction funds
56,817
Co.'s pref. "B". 1,952,900 1,556,300
Cash
3,302,122 4,986,752
Subscription _
47,100
441,900
Accts.& notes rec_ 2,775,138 3,246,718
Balt.E1.Co.pref_ 1,000,000 1,000,000
Subscr. to stock
68,829
243,794
Pub.Serv. Bldg.
Inventories
3,010.439 2,135,970
Co., pref._ __ 688,400
700,000
Work in progress,
Bonds,notes,&c._57,874.500 58,131,000
acct. customers_
34,546
35,570 Accounts payable_ 702,515
539,709
Other curr. assets_ 1,920,500
Bonds called for reConsumers' stock
demption, &c__
376,160
12,000
subscr. advances
667
7,053 Unpaid wages_ _
81,714
79,286
Sinking fundsConsum. ext. den. 359.376
367,770
Invested
762,519
643,030 Accrued Mt., &c__ 1,131,405 1,169,660
Uninvested
92,403
116,058 Fund, debt retired 234,500
Deferred charges
59,303
2,536 Divs. pay. Jan. 2_ 481,861
419,263
Unamort.disc,and
Sink,fund reserve_
849,915
155,750
exp. on funded
Sund.res.,accr.,&c 587,583
500,409
debt
2,146,675 Res.for depree'n__ 5,338,608 4,636,461
Res. for conting's_ 408,604
408,604
Surplus
4,579,317 3,763,171
Total
98,165,906 94,552,236
-V. 117, p. 1997.
Total
Columbia Gas & Elec. Co. (of W. Va.), Cincinnati, &c.
(Report for Fiscal Year ending Dec. 31 1923.)
The remarks of President P. G. Gossler, together with the
consolidated comparative income accounts for several years
of the Columbia Gas St Electric Co. and subsidiary companies, and the consolidated balance sheet as of Dec. 31
1923 and other statistics, will be found on subsequent pages
of this issue. Compare map on page 155 of the "Railway
and Industrial" Section of Nov. 25 1923.
Total
85,491,351 78,670,358
Total
85,491,351 78,670,358
x Property account, comprising gas fields, plants, franchises, leases and
stock owned of subsidiary companies.
Note.-There Is a contingent liability due to the guaranty by Columbia
Gas & Electric Co. of the principal and interest payments on $1,785,000
first mtge.5% bonds of Cincinnati Gas Transportation Co. due July 1 1933.
These bonds will be retired before maturity by operation of the sinking fund.
There is also a contingent liability due to the guaranty by Columbia Gas
dr Electric Co. of the principal and interest of $627,163 of the trustees notes
under the stock purchase plan for employees of Columbia Gas & Electric Co.
and its subsidiary companies. These notes are secured by pledge of Columbia Gas & Electric Co. common stock, being purchased by subscribers to
the said plan, and are being paid off as weekly and monthly payments are
withheld from the salaries of the purchasers.-V. 118, p. 435.
Maxwell
(& Subsidiaries).
_ _ Motor Corporation
_
(Annual Report-YearlEnded Dec. 311923.)
The remarks of Chairman W. P. Chrysler, together with
the income account for the year ended Dec. 31 1923 and a
consolidated balance sheet as of Dec.31 1923, are given under
"Reports and Documents" on a subsequent page. Our
usual comparative tables were given in V. 118, p. 787, 802.
Shawinigan Water & Power Co.
(Report for Fiscal Year ending Dec. 31 1923.)
The remarks of President J. E. Aldred, together with the
profit and loss account for the year 1923 and balance sheet
of Dec. 31 last, will be found on a subsequent page. Our
usual comparative income account table was given in
V. 118, p. 917.
American Locomotive Company.
(Annual Report Year ended Dec. 31 1923.)
President Andrew Fletcher Feb. 20 wrote in substance:
Results.-Gross earnings were $90.180.176. and after deducting $74,397,248 for the cost of manufacturing, maintenance, administrative expenses,
interest on bonds of constituent companies and air allowance for depreciation of 81,581,363 on plant properties, there remained a gross profit for the
year of $14.201,565,from which has been deducted an allowance of $1,825,000 for estimated United States and Canadian income taxes, the remaining
balance of $12,376,565 being the net available profit for the year. Of this
amount $1,324,972 represents income from investments, interest on notes
receivable and interest on bank deposits.
Dividends.-During the year four regular quarterly dividends of $1 75
per share, amounting in all to $1,750,000, were paid on the Preferred stock.
For the first quarter of the year a dividend of $1 50 per share was paid on
the Common stock of $100 par value; for the second quarter a dividend of
$2 50 per share was paid on the Common stock of $100 par value, and for
each of the third and fourth quarters dividends of $1 50 per share were paid
on the 500.000 shares of Common stock without par value, making a total
of $2,500,000 of dividends paid on the Common stock.
Change in Conunon Stock.-The change in the Common stock from 250,000
shares, par $100, to 500,000 shares of no par value was approved by stockholders June 11. The terms of the exchange were 2 shares of new Common
stock without par value for each share of Common stock of par $100.
Surplus Account.-After the payment of the Preferred and Common
dividends, there remained a surplus for the year of $8.126,564,from which
was reserved $4.500,000 for additions and betterments to the plants, leaving a balance of $3.626,564. which has been credited to the surplus account.
Additions and Beilertnents.-Thle reserve of $4,500,000 for additions and
bcttftment8 was created because the demand for steam locomotives of
Increased power and consequent heavier construction and the demand for
electric locomotives to meet certain conditions of railway service, require
additional capacity in certain departments of the plants and the replacement
of existing equipment with equipment of heavier type and modern design.
so that the company's plants shall be maintained at their highest productive
efficiency.
During the year there was expended for such additions and betterments
$2,307.895, which has been charged to the reserves created for such purposes.
Unfilled Orders. &c.-The business received during the year amounted to
$58,118,042. which, together with unfilled orders on the books of the company Jan. 1 1923 of $49,349,140, made a total of $107,467,182. Of the
business obtained during the year about 86% .was received in the first six
months.
Unfilled orders on the books of the company Dec. 31 1923 amounted to
$17,789,873. of which 2.7% was foreign business.
Current Assets.-The excess of current assets over current liabilities Dec.
31 1923 was $46,436,236, after including in current liabilities a reserve of
$1,843,523 for current IT. S. and Canadian income taxes and a
reserve of
81.632,384 to provide for shrinkage in value of notes receivable and
for possible losses in exchange resulting from the transfer of Canadian funds.
No Bills Payable.-The company has no bills payable.
Funded Debt.-Of the total bonded indebtedness of the Montreal Locomotive Works, Ltd., amounting to $1,500,000, the company
had purchased
as of Dec. 311023 $578,000 of such bonds, which are carried on
sheet under "sundry investments," leaving a total of Montrealthe balance
bonds outstanding of $922,000. These bonds will mature and will be paid on
March 1
1924.
Inventory
98,165,906 94,552,236
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1923.
1922.
1922.
1923.
Assets3
Property account x72,071,110 66,103,497 Capital stock
50,000,000 50,000,000
Guar. funds dep.
0. G. & E. pref.
with trusteesstock
404,700
Cash
9,062
109,931 First mtge. 5s_
11,197,500 14,263,000
United Kingdom
5% gold debens.... 2,591,368 2,616,868
534% notes
97,906
97,906 Pur, money notes_ 2,040,000
State of Ohio
O.G.& E.1st mtg.
non-tax, nun.
6s
1,226,400
securities
2,073,080 2,073,080
do 6% debs
200,000
U. S. securities: 1,823,078 1,722.208 Notes payable
1,650,000
Special stock acct.
Accounts payable_ 1,436,543
636,343
for employees
203,358
Accrued taxes, &c.. 1,357,067 1,232,164
Sinking fund assets
69,905
Accrued rentals.. 638,486
520,174
Other secur.owned 1,981,939
103,200 Deferred liabilities 442,882
311,966
1st M. 5% bonds
Reservesin treasury
2,549,330
Accr'd accounts.
16,162
29,450
Cash
881,190 1,681,993
To amortize Ky.
Acc'ts receivable
3,750,771 2,516,947
betterments., 186,111
175,000
Mans & supplies_ 1,424,196
856,544
For net curreiit
Int. & diva, acer.
assetsleased _ 336,731
336,731
on WU.owned. 488,759
452,418
For depreciation 6,018,011 4,781,831
Deferred assets
616,759
403,303 Surplus
5,736,101 3,780,119
[Vou 118.
.
-The inventory account on Dec.
including materials.
supplies, stock locomotives and parts, and 311923,
contract work
process.
amounted to $12,815.053,in comparison with 1615,337,873.for thein
same items
on Dec. 31 1922. The materials and supplies have been valued
at cost
or market price, whichever was lower.
Three-Cylinder Type Locomotive.-The company during the year had most
gratifying results in developing steam locomotives of the
three-cylinder
type. Although only three of the three-cylinder type 77,gines
have been
completed, recent tests during actual road service
have demonstrated without question that for a given weight on the driving
wheels
locomotive
of
a
there can be obtained from engines of the three cylinder type, if properly
designed, more power, a steadier pull, better economy
the use of steP.M
and a more economical combustion of the fuel than on in
of the twocylinder type most generally used. The officers of theengines
optimistic as to future business in engines of the three-cylin company are their
when
der
type
merits are more generally known.
INCOME ACCOUNT FOR CALENDAR YEARS.
[Including American Locomotive Co., Montreal Locomotive Works,Ltd..
and American Locomotive Sales Corporation-Combined.]
1923.
1922.
1921.
1920.
Gross earnings
890.180,176
$35,711,507 $66,884,613
Mfg..maint. & adm.exp. 74,311,250 $29,122,112
26.288,361
28,696.641
56,716.362
Depreciation
1.581,364
1,447.274
1.409,838
1,326,811
Manufacturing profit-814,287,562 $1,386,477
88.841,441
$5,605.029
Int. on bonds of constituent companies
$85,998
$85,998
$94,301
$86,243
U. S. and Canadian income and profits taxes 1,825,000
200.000
435.000
1,636,014
Pref. divs.(7% per an.)_ 1.750,000
1,750.000
1.750,000
1,750,000
Common dividends_ _ _(37)2,500,000 (6)1.500.000 (6)1,500,000
(6)1,500,000
Additions & betterments 4,500.000
1,000,000
2.000,000
Net to profit & loss... $3,626,565df$2.149,521
$833,786 31.861,126
Unfilled orders Dec. 31-$17.789.873 $49,349.140 33,344,300
824,270,702
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
[American Locomotive Co., Montreal Locomotive Works, Ltd., and
American Locomotive Sales Corp.-Combined.]
1923.
1922.
1923.
1922.
AssetsLiabilities$
$
Cost of property
Preferred stock_ __25,000,001) 25,000,000
(less deer. res.)_37,531,264 38,971,970 Common (500,000
Sundry investm'ts 1,430,426 1,064,069
shs., no par)_x25,000,000 25,000,000
Cash
4,899,471 1,804,106 Bond. debt of conU. S. Treas. ctfs.
stituent cos.... 1,932,000 1,932,000
and notes
13,335,858 7,312,108 Acc'ts payable_ _ _ _ 3,017,480 6,163,574
Can. War L'n bds_ 325,572
Uncl. int. & divs__
3,274
Belgian 5-year 6s. 4,286,775 4,286,775 Res. for U. S. and
Railroad equipm't
Canadian taxes_ 1,843,524
857,
30
65 34
7
1,675,214 Sundry acer'd exp. 264,248
trust notes
234,348
Acc'tsreceivable__11,122,237 9,304,681 Other reserves____ 1,632,384
607,384
Bills receivable__ 6,058,382 7,424,163 Res.for contin.,&c. 2,804,081 3,020.751
Accrued Interest__ 353,797
413,772 Res. for add'ns &
Inventories
12,815,053 15,337,873
betterments.... 3,804,791 1,612,686
Sundry def'd chgs_
108,145
175,787 Surplus
26,965,200 23,338,635
Total
92,266,981 87,770,518
Total
92,266,981 87,770,518
x The stockholders on June 11 authorized an issue of 500,000 shares of
no par value Common stock to be given in exchange for the 250,000 shares
of $100 par value Common stock then outstanding.-V. 117. p. 2545.
Kelly-Springfield Tire Co.
(Annual Report Year ended Dec. 31 1923.)
Pres. A. L. Scheuer, New York Feb. 15, wrote in brief:
The first 6 months of 1923 showed a substantial profit, but owing to
drastic price cutting durinF the second half of the year
the operations for
the entire year. after charging and deducting depreciation of the plants and
equipment of $1,149,759, resulted in a net loss of 81,166,284.
During 1923 the company sold the largest number of tires and tubes in
its history. The business outlook for 1924 is encouraging.
$1,000,000 of
the company's 8% 10-Year Sinking Fund Gold notes were
called and
retired during the year.
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Gross profits
49,559.804 312.531,379 $6,004,521 $7,721,901
Admin.,oper. exp.,&c
68,797,398
7,305,176
4,290,987
4,567,427
Net operating income- $762,406 $5,226,203 31.437,094 $3.430,914
Other income
345,130
351.643
604.530
445,915
Total oper. income... $1.107,536 $5.577.846 51.883,009 $4,035,444
Int. on 10-yr. 8% notes_
770,000
800,000
477,778
Int. & misc. deductions_
354.062
464,465
2,076,152
1.912,192
Depreciation
1,140.759
1.168,832
Net income
def$1,166,285
Previous surplus
$8,231,956
Miscellaneous credits- _ _
28.136
Cap.sur. from premiums
$3,144,549 def$506,960
36,116,777 37.203,915
11,078
271,052
1,640,360
Total
87.093.807
Inc.& excess prof. taxes_
427,916
Adjustments
173,262
Retirement of Prof. stock
252,308
$9,272,404
70,446
97,744
253,959
$8,608,367 $10,137,021
702,500
158,268
94.734
253,859
Total surplus
36,240,321
Divs. on
)Preferred
177,900
Divs. on 8%)Preferred
424,376
Common dlvs. (cash)
Common diva. (stock)_
Appc.sur.6% Pt.stk.ret Cr808,200
do
8%
do
Cr.595,500
38.850,256
181,113
437.186
$8,101,506 $9,434,522
191,226
190,776
468,816
459,416
322,776 (16)895,751
1,011,761 (12)671,813
$1,959,293
$88.120,453
57.275
Cr.721.100
Cr.415,500
Balance, surplus
$7,041,745 39.368.556 36,116,777 $7,203,915
a Gross profits on sales before depreciation. b Selling administrative,
and general operating expense, including cash discounts allowed customers.
Interest on current loans, &c.
MAR. 1 1924.]
1011
THE CHRONICLE
Interest payable A. & 0. 1. Denom. $1,000 c*&r*. The entire issue, but
BALANCE SHEET DECEMBER 31.
not a part thereof, redeemable at 105 and interest on April 1 1934, or on
1922,
1923.
1922.
1923.
any interest date thereafter, upon not less than 90 days' previous notice.
$
$
AssetsBoth principal and interest payable in U. S. gold coin without deduction
6% Pref. stock___ 2,950,000 3,037,100 for
Plant accts., pats.,
any tax, assessment or governmental charge (other than income taxes
5,444,700
equipment,&c_x21,915,322 22,222,182 8% corn. pref.stk_ 5,264,700 9,096,003
in the aggregate 2% per annum) which the company or the
exceeding
9,096,002
1,782,495 1,836,462 Common stock_ _ _
Cash
may be required to pay or to retain therefrom under any present or
trustee
10-year 8% notes- 9,000,000 10,000,000 future law of the United States of America, or of any State. Territory.
Common stock for
435,625
208,825 Accounts payable_ 103,151
55,448
employees
county, municipality or other taxing authority therein.
27,576 Notes pay,to bks_ 3,435,800
25,893
Sundry investm'ts
15,751 Data from Letter of V.-Pres. A. R. Lawton, Savannah, Ga., Feb. 25.
131.870
cust'rs
due
Balance
-Springfield
Kelly
755,105
Security.-These bonds will be issued under the Ref. & Gen. Mtge. of
Accrued taxes, &c.. 479,817
preferred stock
100,000 1919. Secured by a direct mortgage on 1,489 miles of railroad owned in
130,926 Accr.int.on notes. 102,500
(at cost)
45,000
44,250
(of which 58 miles are leased to Seaboard Air Line Ry.), on valuable
fee
payable
Dividends
5,802,852
4,228,294
,
rec.3
Notes &accts.
253,524 leaseholds and trackage rights covering 491 miles, and on important and
731,214
669,027 Other reserves_ _ _ _ 171,891
Deferred charges
valuable terminals at Savannah, Macon, Atlanta, Columbus. Ga., and
9,297,352 8,018,035 Prem.on 10-yr.8%
Inventories
162,500 elsewhere, subject to $31,178,300 of prior lien bonds.
gold notes ret__ _ 212,489
Purpose.-To reimburse the company for expenditures heretofore made
Surplus-general _ 5,638,045 8,231,956
do appropriated 1,403,700 1,136,600 for additions and betterments.
Earnings.-The combined income for the year ended Dec. 31 1923, after
38,033,817 38,713,865 payment of all taxes, of Central of Georgia Ry. and of Ocean Steamship
38,033,817 38,713,885 Total
Total
Co. of Savannah (all of whose stock except directors' qualifying shares is
x Property and equipment at plants and branches, patent rights, &c.,less owned),applicable to the payment of rentals,interest, &c., was $5.135,991.
$3,080,841. The actual
depreciation. $21,261,844; investment in real estate and houses at Cumber- while the total of such rentals, interest, &c., was
land, Md., for employees, less depreciation, $653,478. y Accounts receiv- income of Central of Georgia Ry. applicable to rentals. interest. &c.„ for
extra
able, $4,465,104; sundry debtors, $164,601; other notes receivable, $10.500; 1923, however, amounted to $6,296,626, owing to the payment of an
notes receivable secured by mortgages (due within 9 mos.),$80.000,making dividend by Ocean Steamship Co. of Savannah from accumulated surplus
profits of former years.
a total of $4,720,205, less reserves of $493.912.-V. 117. p. 2117.
Dividend Record.-Company has uninterruptedly since 1912 paid dividends on its capital stock at the rate of 6% per annum on 315.000,000 of
preferred stock and 5% per annum on $5,006,000 of common stock. The
preferred stock has been recently converted into common stock, and dividends are to be paid at the rate of6% per annum on the present outstanding
$20,000,000 ofcommon stock,all of which stock (exceptdirectors'qualifying
shares) is owned by Illinois Central RR.,either directly or by a corporation
RAILROADS, INCLUDING ELECTRIC ROADS.
wholly controlled by it.
This Issue.-Total authorized amount limited to $60,000,000. of which
The following news in brief form touches the high points
there will be outstanding after the present issue 35,000.000 of Series "B"
in the railroad and electric railway world during the week 53.6%
Bonds and $11,000,000 of Series "A"6% Bonds, which latter bonds
Secured Gold Bonds
just past, together with a summary of the items of greatest are pledged as ocllateral security for the 10-Year 6% of
bonds are reserved
1 1929. Of the authorized issue $31,178,300
June
due
week's
last
in
detail
full
in
published
were
which
Interest
to refund or retire a like amount of prior lien bonds. $2,000,000 of bonds
"Chronicle" either under "Editorial Comment" or "Current may be issued to aid in refunding, and the remainder may be issued from
time to time under certain restrictions, for extensions, additions, betterEvents and Discussions."
ments, &c.
Wage Increase Wanted for Train Crews.-Unions of conductors and trainSinking Fund.-The mortgage also provides for a sinldng fund of 5% per
men plan to call upon railroad managers for increases similar to those annum for 20 years in each case upon the amount of bonds issued for equipgranted by New York Central. Advances of 32c. to 36c. per day will be ment.
per
wage
asked according to class of service performed, making minimum
Listing.-Application will be made to list these bonds on the New York
day for conductors, $7, for baggage-express men, 55 50, and for brakemen, Stock Exchange.-V. 118, p. 430. 310.
$5. "Wall Street Journal" Feb. 26. p. 7.
Strike on United Railways of Havana Settled.-Reported settlements are
Central Illinois Public Service Co.-Earnings.--favorable to company and road is in operation. "Wall St. Jour." Feb.26.
1920.
1921.
1922.
x1923.
Calendar YearsCanadian Way Men Request Wage (Jonference.-5c. per hour increase over Gross
$8,057,238 $6,342.905 $5.878.686 $5.168.000
earnings
present rates for all classes of maintenance of way work is basis of request. Oper.expenses and taxes 5,478,267 4,496,884 4,236,171
3,842,637
"The New York Times" Feb. 23. p. 17.
Southern Ry. Grants Wage Increase.-Has granted an approximate 5%
Operating income_ _ _ _ 32,578.971 $1,846,021 $1,642,515 $1.325,452
wage increase to conductors,train and yardmen,effective March 1. Agree15,470
17,019
12,136
133,115
income
ment is co-operative, bonus being paid the second and third years based on Other
efficiency. About 18,000 men are affected. "Philadelphia News Bureau'
32,712,086 $1,858,158 $1,657,986 $1,342,472
Gross income
Feb. 28, p. 2.
charges, &c---- $1,314,013 $1,221,380 $1,173.921 $1,049.205
Authorized Statistics.-The following Is authorized by the Car Service Interest
233,163
258,266
265,874
469,925
Preferred dividends__ _ _
Division of the American Railway Association:
156,158
524,132
dividends
Common
order
on
cars
freight
25,390
had
1
Feb.
on
railroads
-The
Cars Ordered.
while 16,192 freight cars were placed in service during January. Freight
$60.103
$225,798
$214,746
$404,016
Balance, surplus
cars on order on Feb. 1 included 8,128 box cars, 7,663 coal cars and 5.244
x On Sept. 1 1923 the present corporation was formed in Illinois through
refrigerator cars. They also had on order on that date 2,553 stock cars
Middle
the
and
Co.
Service
and 1,178 flat cars. Of the cars placed in service during January box cars the consolidation of the Central Illinois Public
West Power Co. The earnings and expenses for 1923 are those of the fornumbered 8.241, coal cars 5,347 and refrigerator cars 636.
eight
first
the
for
subsidiaries
its
and
Co.
Service
Public
Illinois
Central
mer
Locomotives Ordered.-The railroads placed in service during January
271 locomotives, while on Feb. 1 they had on order 439 locomotives with months and of the consolidated corporation and its subsidiaries for the last
1923.
of
months
four
deliveries being made daily.
Properties Acquired During 1923.-Prior to the consolidation the Central
Car Surplus.-Surplus freight cars in good repair and immediately availPreferred stock, except 60
able for service if necessary totaled 127,415 on Feb. 14, a decrease of Illinois Public Service Co. purchased the entire
Co.; the entire
10.602 cars compared with the number on Feb. 7, due to an increase in the shares, and all the Common stock of Middle West Power
Electric Co.,Sniffler
demand for freight cars by the shippers of the country. Of the total num- capital stock of Canton Gas & Electric Co.,Lewistown
the property
Co.;
Storage
Cold
&
Ice
Brothers
Striffler
and
Co.
decrease
Coal
&
Ice
a
54,862,
ber on Feb. 14, surplus box cars in good repair numbered
of 4,435 compared with the number on 'Feb. 7, while there also was a and assets of the Fasig Ice Co., and the municipal electric properties at
decrease during the same period of 7,465 in the number of surplus coal cars Grand Tower, Donovan, Athens and Orient.
As a result of the consolidation Sept. 1 1923 and of certain conveyances
which brought the total for that class of equipment to 46,293. Reports
also showed 14,030 surplus stock cars, an increase of 599 in approximately made to the Middle West Power Co. just prior thereto and in anticipation
the consolidated corporation now owns by direct title all the propthereof,
593
of
increase
a week, while surplus refrigerator cars totaled 7,376, an
erty and assets of the predecessor corporation, Central Illinois Public Serwithin the same period.
Car Shortage -The reported car shortage on Feb. 14 for all classes of vice Co.,and of the Middle West Power Co., as well as all the property and
equipment amounted to 7.397, an increase of 399 cars over the number assets of Central Illinois Power Co., Mattoon Clear Water Co. and of all
reported on Feb. 7. Of the total number reported, 3,434 were box cars the other corporations above mentioned. In Nov. 1923 the municipal
electric plant at Chandlerville was acquired by the consolidated corporation
and 2,875 coal cars.
.
Matters Covered in "Chronicle" Feb. 23.-(a) Automatic train control -V. 118. p. 662.
and the railroads,p. 836. (13) Railroad gross and net earnings for the calen
Chicago Burlington & Quincy RR.-New Director, .tc.
dar year 1923. p. 837-844. (c) Big falling off in railroad locomotive ship- -.
Charles 0.Jenks (Vice-Pros. of the Great Northern Ry.) has been elected
ments and orders, p. 853.
a director and a member of the executive committee, succeeding Louis W.
Atchison Topeka & Santa Fe Ry.-Abandonment.Ililichairman of the Great Northern Ry.).-V. 118, p. 905.
The I.-S. C. Commission on Feb. 18 issued a certificate authorizing the
company and the California Arizona & Santa Fe to abandon the Barnwell
Chicago & North Western Ry.-Listing-Earnings.branch of the California Company, which extends from Goffs, San BerThe New York Stock Exchange has authorized the listing of $15,250,000
nardino County, Calif., to Searchlight, Clark County, Nev.. a distance of 1st & Ref. Mtge. 5% gold bonds, due May 1 2037.
approximately 53.25 miles. See also Rocky Mountain & Santa Fe Ry.
Income Account Years ended Dec. 31.
below.-V. 118, D. 905, 793.
1921.
1920
1922.
1923.
$
Atlantic Coast Electric Ry.-Sale, &c.
$
$
Gross earnings
160,425,965 14610,436 144,775,476 140,755,628
See Eastern New Jersey Power Co. below.-V. 118, p. 309.
Expenses. taxes. &c_ _ --141.849.073 128,223.063 137,573,593 137,838,378
GENERAL INVESTMENT NEWS.
me
Atlantic Waycross & Northern RR.-Successor Co.-
Operating Income..-The property o'the Atlantic Waycross & Northern RR. was sold by the
Estate of L.Johnson, under judgment,and was bought in by the St. Marys Eq., rents, &c
RR. The officers of the new company are: A. D. Strobhar, Pres., SavanNet oper. income
nah, Ga.; C. A. Taylor, V.-Pres., Brunswick, Ga.; Wesley Robinson, Jr.,
Sec.-Treas., St. Marys, Ga. Directors are J. S. N.Davis, G. W.Brandon, Other income
W. G. Cook, J. F. Rudulph, Wesley Robinson and Walter Lang.-V.109.
Total income
p. 2355.
Interest. rent, &c
Birmingham Ry. Light & Power Co.-Sale.--
18,576,892 17,877.373
841.068
2,733,517
7,201,883
550,746
15.843.375 17,036,305
4,536,206 3.309,403
699.652
6.651.137
3.935,387 23.111,910
20,379,581 20,345.708 10.586.524 23,811,562
11,642,113 11.448,173 11.831,957 11.352.308
Net income
8,737,468
It is reported that March 15 has been set as the date for the sale of the
road. The Tidewater line is not being included in the auction sale plans.
- Preferred dividend-s_ _ _ - 1,567,650
Common dividends
5,806,100
V. 117, p. 2108.
British Columbia Electric Ry.-New Issue.According to a London cable, Feb. 25, the issue is announced of C70,000
5% 1914 debenture stock at 95%.-V. 117. p. 1662.
Brooklyn-Manhattan Transit Corp.-City Bars Contracts.
2.917,250
2,217,598
8.897.5351os:4.245,433 12,459.254
1,567,650
1,567.650
1,567,650
7,257,625
7,257,625 7,257,625
72,260df10.070.708
Surplus
1,363,718
3,633,979
Note.-Road operated by Director-General of Railroads Jan. 1 1918 to
March 1 1920, with guaranty to Aug. 31 1920.-V. 118, p. 549.
Choctaw Power & Light Co.-New Control.-
Control of the company has been acquired by Albert Emanuel Co.. Inc
After listening to condemnation of the trolley service on the Williamsburg
Bridge by a delegation of Brooldynites the Board of Estimate on Feb. 25 of New York.-V. 112, p. 932.
passed a resolution that no contracts of any kind be entered into in the
Cincinnati Street Ry.-Rail Lease Settled.future between the city and the B. M. T. This means, if it is adhered to,
See Cincinnati Traction Co. below.-V.113. p. 416.
that the B. M.T. will have nothing to do with the control of the Washington
Heights or Brooklyn crosstown subways, which are yet to be built, and
Cincinnati Traction Co.-Rail Lease Settled.which the B. M. T expected to operate. The resolution was introduced
According to President W. Kesley Schoept, settlement by compromise
by Comptroller Craig and received the affirmative vote of every member
the company and the Cincinnati Street Ry. for the release of the
between
Borough
President
excepting
Connolly of Queens, who saw
of the Board,
lease on the Cincinnati street properties will be made on the following basis:
no potency in the idea.-V. 118, D. 549, 430.
The directors of the Cincinnati Street Ry, are to turn over to the Ohio
Brooklyn, Queens Co. & Suburban RR.-Listing.- Traction Co.(which owns the Cincinnati Traction Co.) $4,500,000 in ComThe New York Stock Exchange has authorized the listing of $3,500,000 mon stock of the Cincinnati Street Ry. and also turn over to the Traction
1st Mtge.5% gold bonds and $2,884,000 1st Consul. Mtge.5% gold bonds, Co. the plant of the Cincinnati Car Co. at Chester Park and the Traction
stamped as having assented to the plan and agreement dated March 15 Co. building, a 14-story structure. The Cincinnati Street Ry. will assume
1923, for the reorganization of Brooklyn Rapid Transit Co. and its sub- also the bonded indebtedness of the Traction Co. on equipment outstanding. The Traction Co. releases to the Cincinnati Street Ry. its lease and
sidiaries.-V.117, p. 2888.
surrenders all of its physical properties and equipment.
The compromise was made to prevent protracted litigation and a threat.
Central of Georgia Ry.-Bonds Sold.-Kuhn, Loeb & ened
action for receivership of the Traction Co., it is generally understoodauthorization
by
ComC.
to
the
(subject
I.-S.
sold
Co. have
It is stated that unless a settlement of the traction problem in Cincinnati
yield
to
effected
Is
int,
and
about
by April 1 on a basis of the joint report submitted by the Cin$5,000,000
5.70%,
97
at
mission)
cinnati Street Ry.and the Cincinnati Traction Co.to the Council Committee
Ref. & Gen. Mtge.5)4% gold bonds, Series "B",due April 1 on
Street Railroads, which is not anticipated, the rate of fare on that date
will be increased to 9 cents.-V. 117. p. 2768.
1959 (see advertising pages).
1012
THE CHRONICLE
Consolidated Power & Light Co.-Registrar.-
The Irving Bank-Columbia Trust Co. has been appointed registrar and
coupon paying agent of an issue of 1st Mtge, & Ref. Lien Sinking Fund
Gold bonds.-V. 118. P. 906.
Delaware Lackawanna & Western RR.-Lease of Sussex
RR.-New Director.The stockholders have approved the lease of the Sussex RR. The lease
has also been approved by the I.-S. C. Commission and by the New Jersey
P. U. Commission.
Frank Rysavy has been elected a director to succeed Jackson E. Reynolds.
who resigned.-V. 118, p. 550. 430.
Dubuque (Ia.) Electric Co.-Bonds Offered.-Baker,
Young & Co., Blodgett & Co. and Arthur Perry & Co. are
offering at 97% and int. to net 6.20%, $1,000,000 1st Mtge.
6% gold bonds. A circular shows:
[VOL. 118.
for the issue of stock without nominal or par value. None of the stock
has yet been issued.
The applicant proposes to acquire and complete construction of a certain belt railroad formerly owned by the Kansas City Outer Belt & Electric Co. By certificate issued on Oct. 31 1923(V. 117, p. 2109) we authorized the applicant to complete construction of and to operate the proposed
belt line railroad. This property, consisting of an uncompleted terminal
railroad approximately 6.34 miles in length, together with all the outstanding stock of the Union Land Co., consisting of 500 shares of the par value
of $100 a share, was sold at foreclosure sale for $330,500 to Emil Metchan,
as assignee of G. W. Young pursuant to a decree entered in the District
Court of the United States for the District of Kansas on June 28 1922. On
Oct. 11 1922 the sale was confirmed by the Court.
As part consideration for the conveyance of the property to the applicant, it proposes to issue to Emil Madam', or his assignees, 8.000 shares
of capital stock without par value. The balance of the consideration is
to consist of $379.000 1st Mtge. 6% Gold bonds, which the applicant has
agreed to deliver to Emil Metchan, or his assignees. These bonds will be
issued under a proposed First Mortgage to be executed to the Commerce
Trust Co. The mortgage will be executed as of July 11923. will provide
for a total issue of $3,000.000 bonds, and will be secured
by all of the property which the applicant seeks to acquire, including the stock
of the Union
Land Co. This company holds real estate in Kansas City, Kan.,
the
applicant values at $233.510. The property of the Union Landwhich
Co. will
not be subject to the mortgage but the applicant has agreed to insert
in the
mortgage suitable provisions which will effectually safeguard
the maintenance of the value of the security represented
the pledge of the stock.
The bonds to be issued under the mortagge willby
bear
rate of
at
Interest
6% per annum and will mature July I 1953. Bonds to an the
additional
amount of $421.000 are to be issued for the purpose of completing construction of the belt line thus acquired.
The Kansas City Kaw Valley & Western By.and the
City Southern By. have applied to the Commission for authorityKansas
acquire control
of the applicant by means of joint ownership of its stock.toIt is represented
that each of these companies has furnished
toward the costs of
construction. It is therefore proposed to issue$130.450
and deliver to each
$136,000. or a total of 8272,000, of bonds to reimburse them forcompany
the advances made, and from time to time as further
are made, additional bonds of a face value equal to the amount advances
of
not
such
but
advances,
exceeding a total of $149,000, or a grand total of $421,000 of bonds for this
purpose.-V. 117, p. 2109.
Dated April 2 1923. Due April 1 1942. Interest payable A. & 0. in
New York or Boston. without deduction for the normafFederal income tax
up to 2%. Denom. 3500 and 81,000 c*. Callable, all or part, by lot at
107 and interest during 1924; with reduction of premium 3.6 of 1% each year
thereafter through 1935;thereafter on any date prior
maturity at 101 and
Interest. Mass., Penn. and Conn. taxes refunded.to International
Trust
Co. Boston. trustee.
COmpany.-Does the entire lighting, power and street railway business in
Dubuque,Ia., and East Dubuque, Ill. Population, about 55,000. Generating station has an installed capacity of 1.2.675 h. p. High tension lines
distribute power to the Eastern Iowa Electric Co.
Franchises.-Franchises all extend to 1947.
Security.-Secured by a first mortgage on all franchises and fixed assets
of the company. The value of the properties was established at 85.879,832
In 1920. Capital expenditures for additions and improvements subsequently made have added about 8500,000. making a total valuation of more
than 36.300,000.
CapitalizationAuthorized. Outstanding.
First Mortgage 6% Gold Bonds
830,000,000 $3,200,000
6% Preferred Stock
800.900
2,000,000
Common Stock (par $100)
682,000
2,000,000
Earnings Years Ended December 31.
Key System'Transit Co.-Bonds Authorized.1923.
1922.
1921.
1920.
The California Railroad
Total gross revenue
has authorized the Issuance of
81,145,510 81,067.117
$997,075 • $875.977 $2.500.000 6% bonds. It is Commission
stated that the bonds will be offered through
Operating exp.& taxes.. 745.362
711,839
662.767 E. II. Rollins & Sons,
695,144
Mercantile Securities Co. of San Francisco and
associates.
-V. 118. p. 550.
Net earnings
$400,148
8355.332
5301,831
212,210
Bond interest
$160.591
$131,138
$121.218
$122,449
Lake Superior Power District Co.-Acquisitions.Management.-The property Is managed and operated by the Albert
The
company recently acquired the Washburn Electric Light & Power Co.
Emanuel Co., Inc.-V. 117, p. 85.
and the Medford Light & Heating Co.-V. 116,
p. 2516.
Federal Light & Traction Co.-Earnings.
-
Calendar YearsGross earnings
Open,adm. exp. & taxes
1923.
1922.
1921.
85.510,877 $5,012,490 $4,845,123
3.425.936 3,284,150 3,339.972
Total income
Interest and discount
$2.084,941 $1,728,340 $1,505,151
802,413
681,039
662,295
Net income
$1,282,528 $1,047,301
Cent.Ark. By.& Lt.Corp.Pref. divs.
87,343
85,522
Springfield By.& Light Co.Prof. divs.
63,695
54,113
Frederal Light & Traction Prof. divs
216.211
250,500
do
Common dividends
($3)143,182
$842,856
84,000
52,531
Balance
-V. 118. p. 663•
$706,325
$772.102
$657,166
Electric Short Line Ry., Minneapolis.-Stockholders
to Buy Line.The executive committee of an organization formed for the announced
purpose of protecting interests of stockholders is reported to be furthering
ai)an to bid on it if foreclosure is ordered in the present receivership proceedings. (Minneapolis "Journal.")-V. 117, p. 85.
Gulf Colorado & Santa Fe Ry.-New Terminal.-
The company recently started toe construction of a large terminal building at Dallas, Tex. The plans call for four units. The first comprises a
19-story office building fronting on Commerce Street with a 10-story warehouse building at the rear. The second will be a 10-story warehouse 165 ft.
by 200 ft., extending from Jackson Street to Wood Street; the third, a
10-story warehouse 100 ft. by 245 ft., extending from Wood Street to Marina Street, and the fourth, an 8-story warehouse 140 ft. by 170 ft., extending from Manilla Street to Young Street.-V. 117. p. 2109.
Hocking Valley Ry.-To Redeem Bonds.The company announces that its 87,500,000 5-year 6% notes. due
March 11924. will be paid on that date at the office of J. P. Morgan & Co.,
Now York City.
The I.-S. C. Commission on Feb. 18 authorized the company to issue
86,000.000 2-year 5% Secured Gold notes, said notes to be sold at a price
so that the annual cost to the applicant will not exceed 7%; and (2),to
pledge as collateral security for said notes $7.500,000 of GeneralMortgage
bonds, Series A. See offering in V. 118, p. 907.
Illinois Northern Utilities Co.-Annual Report.-
Calendar Years1023.
1922.
Gross earnings, including merchandise sales. &c-- $2,344,643 $2,129,276
Operating expenses. incl. taxes & depreciation-- 1,489,623
1,421,591
Interest on bonds
333,058
315,381
Interest on notes and accounts
9,301
34,203
Rent of leased lines and plants
42,151
40,343
Amortization of bond disct. & Pref. stock expense_
22,547
16,922
Net income
Previous surplus
Total surplus
• Dividends paid: Preferred stock
do
do Second Preferred stock
do
do Common stock
$447,963
403,038
$300,837
291.564
$851,001
199.703
15,000
139.050
$ 592,401
174,363
15.000
Surplus Dec. 31
8497,248
$403.038
On Nov. 1 1i123 company purchased the properties of the Northern
Counties Power Co., which operated in Stockton and Kent.-V.116, p.943.
Interborough Rapid Transit Co.-Sale of Real Estate.-
It Is reported that the Rote' Belmont, New York, has been sold by the
company to the Park Avenue Operating Co. at a rorice understood to have
been about 86,000.000. The company, it is said took in 'part payment
the residence built by William Ziegler Jr., on East 63d St., valued at
$1,000,000.-V. 118, p. 794, 550.
International-Great Northern RR.-To Oppose Sale.-
According to dispatches from San Antonio, objections to the sale of the
road to the New Orleans Texas & Mexico will be filed with the I.-S. 0.
Commission by the Chamber of Commerce of San Antonio, Texas, and
the Railroad Commission of Texas.
The New Orleans Texas & New Mexico RR. has applied to the I.-S. C.
Commission for authority to purcahse the road. See V. 118. p. 907. 794.
The directors on Feb. 25 adopted the recommendation of the executive
committee to pay 4% interest on the Adjustment Mortgage bonds for 1923,
such payment to be made April 1 1924.-V. 118, p. 907, 794.
Kansas 8c Missouri Ry. & Terminal Co.-Stock, dcc.
The I.-S. C. Commission on Feb. 16 authorized the company to issue
(1) 8,0490 shares of capital stock without nominal or par value, and (2)
$800,000 of 1st Mtge.6% gold bonds;said stock and 8379.000 of said bonds
to be used in connection with the acquisition of railroad property, and
$421,000 of said bonds to be used for construction. The report of the
Commission says in part;
The company was organized in Kansas Nov. 15 1922, with an authorized
capital stock of $1,000.000. and on Dec. 11 1922 its charter was amended
to provide for the issue of 82,000.000 Common and $1,000,000 Preferred
stock. It is proposed that the charter shall be further amended to provide
Montreal Tramways Co.-Status, &c.
See Montreal Tramways & Power Co., Ltd., below.-V.117, p. 1462.
Montreal Tramways & Power Co., Ltd.-Bonds Sold.J. A. Sisto & Co., New York; Hanson Bros., Greenshields &
Co., Rene R. Leclerc, Inc., Montreal; Greenshields, Wills &
Co., Inc. New York, and R. A. Daly & Co., Inc., Boston,
have sold at 963 and int. (American funds), to yield over
6.80%„000,000 5-Year 6% Coll. Trust gold bonds.
Dated Mar. 1 1924. Due Mar. 1 1929. Interest payable A. & 0. in
Canadian gold coin at the Bank of Montreal in Montreal, Toronto
and
Quebec,or at the agency of the Bank of Montreal in New York in U. S. gold
coin, at the option of the holder. First coupon is payable Oct. 1 1924 for
the seven-month period. Denom. $1,000, 3500 and $100 c*. Red. all or
part on 30 days' notice at 101 and int. in Canadian or United States gold
coin. Trustee, Royal Trust Co.
Data from Letter of Pres. Wm. C. Finley, Montreal, Feb. 22.
Company.-Is organized under the Companies (Consolidation) Act,
1908-England. Company controls the Montreal Tramways Co. through
its ownership of $2,100,000 Common stock out of a total of $4,000,000 Issued. It also owns $7,000,000 5% Perpetual Mtge. debentures of Montreal
Tramways Co. out of a total outstanding of $17,650,000.
Security.-The $7,000,000 debentures are to be hypothecated
pledged
to and in favor of the trustee for the issue of the Collateral Trust and
Gold bonds.
The shares of Common stock above mentioned will be hypothecated and
pledged to Quebec Savings & Trust Co. as trustee, and as security
an
issue of $3,500,000 5-Year 6% Gold bonds of this company and all for
of the
said bonds will in turn be hypothecated and pledged to Royal Trust
as trustee, and as collateral security for the proposed issue of bonds. Co.
In case of any further issue of Common shares by Montreal Tramways
Co., this comoany must subscribe for and take up new shares to
such an
amount as will at all times maintain control of the Tramways
Co. during
the currency of the Collateral Trust Gold bonds.
Purpose.-This issue of bonds is made for the purpose of refunding an issue of 5-Year
% Secured Gold bonds maturing March 1.
Data Regarding Montreal Tramways Company.
Company.-Owns and operates the entire street railway system on the
Island of Montreal, serving a population of over 900,000. Company's
lines operated total 272 miles, measured as single track.
capttatizatton Outstanding.
Common stock
$4,000,000
Debentures
17.650,000
First & Refunding Mtge. 5s, 1941
18,085,000
Capital Value.-The capital value of the company's property as determined by contract with the City of Montreal amounted to $39,067,126 as
of Dec. 31 1923.
Earnings 12 Months ended June 30.
1923.
1922.
Gross earnings
512,056,355 $11,712.525
Operating expenses,taxes and maintenance
8,641,090
8,396,563
Net earnings
83,415,265
83,315,962
Interest on bonds and debentures now outstanding and 10% on capital stock
82.186.750
The Montreal Tramways Co. owns and controls the entire street railway
system of the city of Montreal and all of its suburbs.
Contract With City of Montreal.-On Jan. 28 1918 company entered into
a contract with the City of Montreal under the terms of which the company
is granted the right to conduct its business in Montreal until Mar. 24 1053.
The contract creates a commission appointed by the Lieutenant Governorin-Council of the Province of Quebec. The duties of the Commission are
to administer the terms of the contract, which grants authority to, and
Imposes the obligation upon the Commission to always maintain fares which
shall provide revenues sufficient to meet the following requirements in the
following order of priority: (1) All operating expenses and taxes. (2) Ample funds for maintenance and renewals, and in connection therewith to
create a maintenance and renewal fund of at least $500,000. (3) An annual
return to the company of6% on the stipulated value ($36,286,295 plus capital expenditures made subsequent to Dec. 31 1917). as well as 6% on all
working caoital required for the operation of the company; also $181,431 47
per annum during the life of the contract to cover expenses of financing.
(4) A rental of $500,000 per annum to the City of Montreal. (5) The obligation to create a contingent reserve fund of $500,000. (6) Any surplus
after providing for the above to be divided as follows: 20% to the company;
307 to the city; 50% to be used to create a tolls reduction fund of $2,500,000°to be used by the Commission for reduction of fares as provided in the
contract.
It is also provided by the contract that in the event of any shortage of
revenue arising in any one year to cover the obligations mentioned above,
the Commission is authorized and obliged to add such shortage to the requirements of the next year and to make a rate of fare to cover the total.
-V. 118, P. 551.
North Carolina Public Service Co., Inc.-Pref. Stock
Offered.-Pynchon & Co. are offering at 91 and dividends to
yield about 7.70%, 15,000 shares Cumulative Pref. (a & d)
stock. Annual dividends 7% per share, payable quarterly,
March 1.-V. 118, p. 795, 664.
MAR. 1 1924.
1013
THE CHRONICLE
Northern Ohio Traction & Light Co.-Resumes Street
Railway & Bus Service in Akron, 0.Street cars and auxiliary motor buses owned by the company resumed
operations Feb. 28 in Akron, 0., after suspension of service since Feb. 1.
Agreement reached between officials of the city and the company provides
for fare of 5 cents with 1 cent for transfers, elimination of all jitney compe
tition within a period of 60 days and if new franchise is not agreed upon by
Dec. 4 1924, rate of fare automatically goes to 6 cents, transfers free, until
May 1 1925. by wnich time it is expected that the franchise que3tion
will be settled.-V. 118, p. 664. 311.
Northern Pacific Ry.-Land Inquiry Scored by, President Donnelly.-
Terminal in a general southerly direction to a connection with the northern
terminus of the Loretta line, a distance of 14.11 miles, in Ashland and
Sawyer counties, Wis.
The applicant's railroad consists of two segments. The northern segment formerly extended from a connection with the Omaha at Grandview
in a southerly direction to Clam Lake terminal, a distance of 22.67 miles,
and the southern segment consists of the Loretta line. The two are connected by the tracks of the lumber company. Recently that part of the
northern segment extending 11.87 miles south from Grandview has been
dis-rantled and the track removed.
The applicant's railroad and the logging road of the lumber company form
a continuous line 28.33 miles long, The applicant and the lumber company are controlled by the same interests.
President Charles Donnelly,on Feb. 26, denounced the pmding attack on
the road's land grants as "an attempt, through some form of Congressional
action, to circumvent the decisions of the courts." President Donnelly
further states:
"The grant has been in course of administration ever since construction
began, that is to say, for more than 50 years; and during that period every
question now suggested by the Government has been thoroughly considered
and adjudicated. The railway company has always insisted that it involved
a breach of faith for the Government to attempt to withdraw for forest
reserve purposes any part of the lands due to it under the grant; and 8 years
ago the Government brought a suit to settle this specific question.
"The Court decided the case in favor of the railway company. The
Government appealed and the Court decided in favor of the company, all
three of the judges concurring. The Government then appealed to the
U. S. Supreme Court, and on April 11 1921. that court decided in favor of
the railway company, all nine of the Justices concurring. The present step
Is a plain attempt, through some form of Congressional action, to circumvent these decisions." See also under "Current Events" this Issue -V.
118. p. 907. 795.
Ohio Traction Co.-Cincinnati Rail Lease Settled.See Cincinnati Traction Co. above.-V.118, p. 311.
Pennsylvania RR.-Number of Stockholders.The number of stockholders on Feb. 1 1924 totaled 144,731. an increase
of 6,186, compared with Feb. 1 1923. Tho average holdings on Feb. 1 1021
were 68.99, a decrease of 3.08. The foreign holdings on Feb. 1 last were
3.78% of the outstanding stock, an increase of .10% compared with Feb.
1 1923.-V. 118, p. 795, 432.
Pennsylvania & Ohio Traction Co.-Abandonment.The Ohio P. U. Commission has authorized the company to abandon its
service between Conneaut. Ashtabula and Jefferson, Ohio. Operations
ceased Feb. 29 1924.-V. 118, p. 312.
Philadelphia Company.-Tenders.-The Guaranty Trust Co., 140 Broadway, N. Y. City, will until March 3
receive bids for the sale to it of let Ref. & Collat. Trust Mtge. 6% Gold
bonds, Series "A," duo Feb. 1 1944, to an amount sufficient to exhaust
$1,027,465, at a price not exceeding 105 and int.-V. 118, p. 203.
Phila. & West Chester Traction Co.-Fare Increase.Fare increases on the company's lines operating from the 69th St. Terminal wore put into effect Feb. 27. The zone fare is now 7 cents instead of
6 cents, with four strip tickets for 25 cents.-V. 117. p. 1093.
Pittsburgh County Ry.-New Control.Albert Emanuel Co., Inc., of New York, has acquired control of this
company.-V. 112, p. 850.
Rocky Mountain & Santa Fe Ry.-Acquisition, &c.The I.-S. C. Commission on Feb. 14 authorized the Rocky Mountain &
Santa Fe Ry. Co. to acquire a line of railroad formerly owned and operated
by the Santa Fe Raton & Eastern RR.(V. 110. p. 1643), extending from a
connection with the railroad of the Atchison Topeka & Santa Fe Ry. at
Raton. in a general northeasterly direction to Yankee and Sugarite, a total
distance of 9.3 miles, all in Colfax County, N. Mex.
On the same date the Atchison was authorized to acquire control by lease
of the line of railroad upon its acquisition by the Rocky Mountain Company.
Rumford Falls & Rangeley Lakes RR.-Bonds Author.
The I.-S. C. Commission on Feb. 18 authorized the company to issue
$300.000 6% Sinking Fund Mtge. Gold bonds to be sold at not less than
93.86 and int., and the proceeds used to refund maturing securities.
The Commission also granted authority to the Portland & Rumford Falls
RR:to assume obligation and liability as guarantor and obligor in respect
of the bonds, and to the Maine Central RR. to assume obligation and liability as guarantor in respect of the bonds.-V.84, p. 869.
Sussex RR.-Lease Approved.See Delaware Lackawanna & Western RR. above.-V. 117, p. 1237.
Tennessee Electric Power Co.-Bonds Offered.-National City Co., Bonbright & Co., Inc., Halsey, Stuart &
Co., Inc., Hemphill, Noyes & Co., Marshall Field, Glore,
Ward & Co., are offering at 96 and int., Yielding 6.309w,
$3,000,000 1st & Ref. Mtge. Gold bonds, Series "A," 6%.
Dated June 1 1922. Due June 1 1947. (See advtg. pages.)
Data from Letter of Chairman C. M. Clark, Feb. 25.
Company -Owns or controls and operates an extensive system of properties engaged primarily in the generation, transmission and distribution of
electric energy. The electric light and power business contributes more
than 83% of the aggregate net earnings, the balance being derived from
railway operations. During the past five years the hydro-electric stations
have supplied over 95% of the total electric output of the system. The
steam plants of the system are largely held in reserve for operation at periods
of peak load or low stream flow and to assure at all times continuity of service throughout the territory served. The field of operation of the system
embraces a large part of the State of Tennessee, extending nearly 200 miles
from east to west and 100 miles from north to south, and includes Nashville, Chattanooga. Knoxville and other cities. Total estimated population, over 450.000.
Purpose.-Proceeds will reimburse company for additions to be made to
the properties.
Capitalization Outstanding with Public after This Financing.
Common stock
156.000 shs
Second Preferred stock. $6 a year a share, non-cumulative
50,000 shs.
First Preferred stock, 6% cumulative (par $100)
x$3,854,300
dodo
do • 7% cumulative (par $100)
6,761,400
do
do
do
7.2% cumulative (par $100)
y73.000.
10-Year 614% Debenture bonds
1.000,000
First & Ref. Mtge. Series A 6s (including this issue)
22.191,000
Bonds of former Tennessee Power Co., due 1962
2,256.000
Bonds of former Chattanooga R.& Light Co., due 1956
2,586,000
Nashville R.& Light Co. bonds, due variously to 1958
7.885.500
x Includes $407,490 reserved for exchange in the future for a like amount
of Nashville Ry. & Light Co. 5% Pref. stock outstanding.
y Does not include subscriptions for stock not fully paid and issued.
Note.-In addition to the divisional lien bonds shown above to be outstanding in the nands of the public, there are pledged under the let & Ref.
Mtge.the following: $10,045,1200 Tennessee Power Co. let Mtge.5% bonds;
$3,860,000 Chattanooga Ry. & Light Co. bonds of various issues; and $2,945,500 bonds of the Nashville Sty. & Light Co. All of the divisional lien
bonds outstanding with the public bear interest at the rate of 5% Per annum except f550,000 underlying bonds of Nashville Ry. & Light Co. bearing 6% interest.
Security.-Secured by (1) a direct first mortgage on the 55,000 h. p.
Hales Bar hydro-electric station, the 53,000 h. p. steam station at that site
now nearing completion, high-tension transmission lines, important substations, and certain parts of the distribution system in Chattanooga:
(2) a direct mortgage on the entire remaining physical property of the company, subject only to divisional lien mortgages under which there are outstanding 118,747,000 bonds, of which $13,905,000. or over 74%, are
pledged with the trustee; and (3) the pledge with the trustee of $2,945.500
divisional lien bonds and an aggregate of over 93% of the outstanding stock
of the Nashville 14'. Sc Light Co.
Consolidated Statement of Earnings of Properties Embraced in System.
Calendar Years1922.
1923.
$7.993,198 59,121.250
Gross earnings
Operating expenses,current maintenance and taxes_ 4,364,544
4,942,862
St. Louis Southwestern Ry.-Court Denies Road Access
to I. S. C. Commission Data.-.
The U. S. Supreme Court,on Feb. 18, handed down a decision against the
contention of the company that it should, as a matter of right, be given
access to the data upon which the I. S. C. Commission had based its valuation of the road's property. The Court however, suggested that the road
• might be given an opportunity to examine the data so as to prepare itself
In various judicial proceedings in which its valuation will be a material fact.
Reviewing the case, Justice Holmes, who handed down the decision, said
that the I. S. C. Commission made a tentative valuation of the property of
the St. Louis Southwestern and served it on the road in July 1921. The
road filed its protest especially against the findings of the final value, the
cost of reproduction new,the cost of reproduction less depreciation, present
value of its lands and the present cost of condemnation and damages or of
purchase of lands in excess of prpsent value.
The road. on July 20 1922, asked the Commission for permission to
examine the underlying data on which the valuation was based. The Commission, in October, issued an order saying, in effect, that such examination
would be detrimental to the public interest, and would interfere with the
regular duties of the Commission's employes.
The road then applied to tho Courts for an order directing the Commission
to allow it to examine the records of the Bureau of Valuation, which was
denied, and Justice Holmes said that that judgment was right.-V. 118,
p.552.
St. Marys RR.-Organized.See Atlantic Waycross Az Northern RR. above.
Santa Fe Raton & Eastern RR.-Successor Company.-
See Rocky Mountain & Santa Fe Ry. above.-V. 110, p. 1643.
Seashore Electric Ry.-Sale, &c.-See Eastern New Jersey Power Co.-V. 108. p. 1276.
Southern Ry.-Construction-Listing.-
Net earnings
Mortgage bond interest charges for year 1923
$3,628,654
$4,178,388
1,747.227
Balance
$2.431,161
Management -Company is under the active supervision of E. W. Clark
& Co.. Philadelphia,and Hodenpyl, Hardy & Co.,Inc., New York.-V.118
p. 908.
Third Av. Ry. N. Y. City.-2%% Int. on Adj. Bonds.-
declared an interest payment of 214% on the AdjustThe directors have
'
ment 50-Year Mtge. 5% gold bonds, payable April 1. This is approximately the amount earned for tho six months ended Dec. 311923. On April
1 and Oct. 1 1923 interest payments of 3% each were made on the Adjustment bonds.-V. 118, p. 552.
Toledo Bowling Green & Southern Traction Co.
Resumes Dividends-New Director.The directors have declared a quarterly dividend of 13i% on the $750,000
non-cumul. Pref. stock. Quarterly dividends of like amount were paid on
the Pref. stock from Aug. 1910 to Aug. 1914, inclusive; none since.
11. W. Kinney has been elected a director to succeed the late Charles Bllgour.-V. 118, p. 204.
Valley (N. Y.) RR.-Bond Application.This company, a subsidiary of the Delaware Lackam anna & Western
RR. Co., has applied to the I. S. C. Commission for authority to issue
52,000,000 let & Ref. 11% Mtge. bonds, of which $1,556,000 will be used in
connection with grade crossing eliminations and construction of a freight
yard near Binghamton, N. Y., while $444,000 will be used to retire certain
outstanding bonds. The entire issue will be guaranteed by the Delaware,
Lackawanna & Western RR.
Virginia Railway & Power Co.-Listing.The Philadelphia Seam,: Exchange has authorized the listing of $700,000
additional 1st & Ref. Mtge. 5% bonds, due July 1 1934, being part of
51,000.000 applied for in company's application dated Jan. 28 1924, to be
listed upon official notice of issuance, making the total amount of said
bonds listed Feb. 23, $12.318.000.
The New York Stock Exchange has authorized the listing of m000,00a
additional 1st & Ref. Mtge. 5% coupon bonds, due July 1 1934, making
the total amount applied for 514.285,000
Statement of Operation, Calendar Years.
1921.
1922.
Total kilowatt hoursgenerated
208,323,367 230,293.745 2621,9
3 13
93
27
3,
Total kilowatt hours commercial_ __ -158,066,825 179,274,676 210,879,525
Number of electric customers
53.150
61,544
Revenue passengers carried
86,635,679 71,950,905 80,14
67;3
764
27
Transfer and free passengers carried_ - 18,556,853 17,102,151 19.104,992
Number of employees
2,880
-V. 118, p. 433.
The I.-S. C.Commission on Feb. 18 authorized the company to construct
an extension of its line of railroad from Bulls Gap, Hawkins County. In a
general southwesterly direction through Hamblen County to Leadvale.
Jefferson County, a distance of 17.12 miles, all in the State of Tennessee.
The Commission also issued a certificate authorizing the company to
construct an extension of its line of railroad known as the Lonsdale Cutoff,
which will be located wholly within the corporate limits of the City of Knoxville, Knox County, Tenn. The proposed line will extend from a connection with the Bristol-Chattanooga lino at a point east of the main part of
the city, in a westerly and southwesterly direction to a connection with the
line to Harriman at or near Coster Yard, west of the main part of the city,
a distance of 2.93 miles.
The New York Stock Exchange has authorized the listing of $20,000,000
Wisconsin Central Ry.-Time Extended.Develop. & Gen. Mtge. bonds, Series "A ," due April 1 1956, making the
The offer of the Minneapolis St. Paul & Sault Ste. Marie Ry. to purchase
total number applied for $61,333,000 of Series "A"4% bonds, $30.000,000
of Series "A" bonds bearing int. at 63,fe % and $20,000,000 of Series "A" the Common stock from registered holders for $43 25 per share, payable in
25-year 514% notes of the Soo Company, has been extended for 30 days
bonds bearing interest at 6%.-V. 118, p. 908, 795, 786.
from March 1. See also V. 118. p. 909.
Superior & Southeastern Ry.--Operation of Line.-
The I.-S. 0. Commission on Feb. 14 on further hearing authorized the
company to operate a line of railroad (called the Loretta line) extending
from a point .68 of a mile south of its intersection with the Radisson branch
of the Chicago St. Paul Minneapolis & Omaha Ry.at Loretta,in a northerly
direction a distance of 3.42 miles, all in Sawyer County, Wis. and to operFalls Lumber
ate under trackage rights over the logging railroad of the Park'
Co., which extends from a connection with the applicant's line at Clam Lake
Wisconsin Public Service Co.-Bonds Offered.-Halsey,
Stuart & Co., First Wisconsin Co. and Blodget & Co. are
offering an additional $700,000 1st Lien & Ref. Mtge. 6%
Gold bonds, Series "A," due Oct. 1 1952, at 973i and int.,
to yield about 6.20%. The bankers state:
1014
THE CHRONICLE
[VOL. 118.
The corporation with its subsidiary supplies electricity and gas to com- Issue long-time securities, and your directors can resume dividends without
munities having an estimated population of approximately 310,000 and endangering the company's solvency.
including such cities as Greenbay, Oshkosh, Manitowoc. Sheboygan and
The Bankers Trust Co., 16 Wall St., N. Y. City, will until March 18
Marinette. Wis., and Menominee, Mich.
receive bids for the sale to it of 5-year notes dated Oct. 1 1922, to an
These bonds are secured by a mortgage covering as a direct lien all amount sufficient to exhaust 585,500.-V. 118, p. 313, 553, 909.
of the company's fixed property now owned or hereafter acquired, the
mortgage being a first lien on important parts of the company's properties
American Cotton Fabric Corp.-Bal. Sheet Dec. 31 1923.
and a direct lien subject to outstanding closed prior liens on the balance
AssetsLiabilitiesof the property.
Real
est., mach'y, &c_-_$12,230,918 7% Preferred stock
$7,500,000
Consolidated earnings for the year ended Dec. 31 1923 were gross,
at cost_ _ __
x12.500,000
109,575 Common shares
$3.278,002: net, before depreciation, $1,139,222; annual interest require- Investments,
Cash
3.371,933
3,147,788
Notes
payable
ments, $551.950.-V. 117, p. 1994.
Accounts receivable
7.424,129 Cotton loans (secured)__ 1,638,055
Stocks & supplies.
4,243,361 Acc'ts pay. & accr. chgs_
593,882
Deferred charges
18,833 Dividend payable
37.500
INDUSTRIAL AND MISCELLANEOUS.
Reserve for Federal and
400,000
Massachusetts taxes
Total (each side)
The following brief items touch the most important
$27,398.751 Burp.or undivided profits 1,581,526
x 750,000 shares of no par value; see income account for calendar year
developments in the industrial world during the past week,
1923 in V.118, p.313.
F
together with a summary of similar news published in full
detail in last week's "Chronicle."
American Cyanamid Co.-Shipments, Sales,
Net value of shipments of various products for Dec. 1923 totaled $1,015,Steel and Iron Production, Prices, &c.
807. Sales of various products for Dec. represent a value of approximately
The review of market conditions by the trade journals formerly given $717,000.
The company has in hand, as of Dec. 31 1923, contracts for various
under this heading apnears to-day on a preceding page under "Indications
products for delivery prior to June 30 1924,of a sales value of approximately
of Business Activity."
$4,296,000.-V. 118. p. 553.
Coal Production, Prices, Scc.
American Druggists' Syndicate.-New President, &c.The United States Geological Survey's report on coal production, together
with the detailed statements by the "Coal Trade Journal" and the "Coal
George M. Macintosh, formerly Vice-President, has been elected PresiAge," regarding market conditions, aeretofore appearing in this column, dent, succeeding F. H. Jones. M.0. Holt has been elected a director.
will be found to-day on a preceding page under the heading "Indications succeeding J. M. Lilly.-V. 118, p. 910.
of Business Activity."
American-La France Fire Engine Co., Inc.-Report.-
Oil Production, Prices, &c.
Calendar Years1923.
1922.
1920.
1921.
The statistim regarding gross crude oil production in the United States, Net profits
$937.424 $1,007,946
$933,760
$897,800
compiled by the American Petroleum Institute and formerly appearing Federal, &c., taxes
234,884
336,686
318,846
271.001
under the above heading, will be found to-day on a preceding page.
Pref. dividends (7%)_ - 192,221
140,094
182,623
166,444
Common dividends(10%) 290.115
204,672
286,451
248.148
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.-On Feb. 25 Pennsylvania Co. advanced price 15
Balance, surplus
$220,204
$252,307
$267,870
$164,363
pts. to 9.15c. per lb.
Profit & loss surplus_ ___y$1,429,256 $1,413,342 x$1,145,472 $1,405,009
Lead Price Again Advances.-American Smelting & Refining Co.advanced
p
e.28.pts. to 8.90c. and again 10 pts. to 9c. "Boston News Bureau Feb.
After deducting $423.900 distributed June 1 1921 as a 15% Preferred
stock dividend on the Common shares(V. 112. p. 1743). y After deducting
Ocean Freight Rates.-Pacific Mail SS. Co. will increase its general cargo $204,289 discount and expenses on gold notes and
engineering expenses.
rate, $2, to $20 a ton, and other rates in proportion, because of increased
Amount of orders on hand Jan. 1
$1,400,000, compared with
demand for cargo space since Japanese earthquake. New York "Times" $1,300,000 on Jan. 1 1923.-V. 118. P.1924.
667.
Feb. 22.
American business men in England oppose proposed 30% increase in
American Lithographic Co., N. Y.-Stock Changes.eastbound North Atlantic freight rates. As a result the American Chamber
The company has filed a certificate at Albany, N. Y., changing its auof Commerce (London) has sent a symposium of the opinion of its members thorized capital stock from $4,000,000 Common and $4,000,000 Pref., par
to the North Atlantic Freight Rate Conference in New York. New York $100, to 5,000 shares of Common stock, no par value, and 96,894,000
"Times" Feb. 28. p. 13.
Pref. stock, par $100.-V. 112, D. 654.
Copper Co. to Curtail Operations.-Calumet & Hecla Copper Co. will
operate 5 days per week, beginning March 3, instead of6 as at present. So
American Metal Co. (Ltd.).-Annual Report.far no other company has announced similar action. Boston "News BuCalendar Years1922.
1923.
reau" Feb. 27. p. 1.
Income after expenses
x$4.948,467 $3,215,569
Demand $1 Per Day Wage Advance at Copper Works.-Operators at Butte. Depreciation, depletion, &c., reserves
1,194,664
2,245,261
Mont. smelters refuse request of International Union of Mine, Mill & Preferred dividends
141.944
350,000
Smelter Workers for $1 per day wage increase owing to falling price of Common dividends
(93)1,642.467 y1,364,000
copper and unstable condition in copper market. Philadelphia "News
Bureau" Feb. 27, p. 1.
Balance,surplus
$514.961
$710,739
Matters Covered in "Chronicle" Feb 23.-(a) New capital flotations in
January, p. 844-847. (b) Heaviest January building construction volume
x Includes approximately 90% of CM Minera de Penoles. S. A.,earnings.
on record. says F. W. Dodge Corp., p. 850. (c) Per capita building ex- var
4 % 00 814,000.000 stock and 51 50 per share on 536,000 shares no par
penditures heavy in South, p. 850. (d) Four-fifths of all motor vehicles
ours; 80% of all passenger cars, trucks and motor cycles in the world are
Consolidated Balance Sheet (Incl. Subsidiary Companies) December 31.
InUnited States, p. 851. (e) New record in auto exports; shipments in
1923,
1922.
1922.
1923.
1923 from United States and Canada exceeded all previous figures. p. 851.
AssetsLiabilities(f) Employment and wages in Pennsylvania and New Jersey: 35% falling
Mines
smelt
ships,
Preferred stock. _ _85,000,000 $5,000,000
off in car construction and repair shops. p. 851. (g) Further curtailment
&c
x17,668,875 9,982,674 Common stock __ y18,783,500 16.044,000
of operations in New England textile mills, p. 857. (h) American Woolen
297,502
2,060,901
Acceptances
Co. shows slight changes in fancy worsted prices, p. 857. (i) Avert strike Inv. in foreign af1,373,955 3,159,292 Accounts payable_ 5,376,180 2.398,713
filiated cos
of 20,000; local unions of stationary engineers and firemen take raise of
3,954,107 1,811,457 Due officers and
50c. per day, p. 857. (j) Bituminous miners and operators sign a three- Cash
Accts.& notes rec- 6,088,914 6.349,350
employees
2,441,007 1.478,941
year wage agreement; wage scale maintained, p. 867.
13,732.781 9,911.147 Accr.liab.& res've 223,511
Inventories
639,049
Investments
1,523,321
1,229,050
Mtge.,
&c.,
bonds.
365.000
891,000
Reduction
Co.-Dividend Correction-Earnings.Air
Accts.rec.aMl.cos.
2,729,972 Tax reserve
195,174
155,840
On page 238 of the 1924 issue of our "Handbook of Securities, due to a Advances
1.274,069
Deferred
liabilities
250,000
250,000
dividend
for
troff
the year 1922 is shown at $1. This Deferred expenses_ 2,521.534 1,937,019 Contingent reserve 3,739,811
iaglig.1 error, the
2,578,418
Mln.Int. sub.stk. 1,295,360
190,000
Earnings for Three Months Ended Dec. 31.
Total(each side)_47,843,285 37,404,232 Surplus
8,152,175 7,441,435
1923.
1922.
Gross income
$2,529,121 $2.171,496
x Mines, smelters, real estate, machinery and equipment, including
Operating expenses
1.650,043
1,450,347 $2,359,880 discovery value of mines, $27.748,692: less reserve for depletion.
Depreciation reserves
255,086
224,472 depreciation and obsolescence, including amount equal to above discovery
Bond interest and expense
21,074
34,369 value, $10,079,817. y Represenitng 590,790 shares of no par value.
Premium on bonds redeemed
23.265
V. 118, p. 910.
r
Balance,surplus
-V. 118.9. 666.
$579,652
Albany Chemical Co.-Reorganization.--
$462,308
American Silver Co., Bristol, Conn.-New Directors.-
George M. Merriman and Fuller F. Barnes have been elected directors,
succeeding Roger S. Newell and Albert F. Rockwell.-V. 110, p. 1644.
American Snuff Co.-Earnings.
According to the Albany "Knickerbocker Press," the assets of this bankCalendar Years1923.
rupt company are being taken over by the B. F. Witbeck Chemical Corp.
1922.
1920.
1921.
42.082,520 $2,193,955 $1,811,680 $1,906,760
Holders of the $500,000 Common and $688,000 Preferred stock will get Net earnings
237,168
nothing in the reorganization. The assets of the company, including title Pref. diva.(6%)
237,168
237,168
237,168
(14%)1.540.000(12)1320,000(12)1320,000(11)1210,000
to real estate, buildings and stock, are estimated as worth about $500.000. Common divs
These assets are being taken over by a cash payment of $48,000, which is
Balance, surplus
$305,352
to go first to pay administrative fees of the bankruptcy proceedings;$200,000
$459,592
$636,787
$254,512
x After deducting all charges and expenses
In bonds, to be used in taking up the $200,000 1st Mtge. bonds of the Alof management, Including
bany Chemical Co., and $178,000 in 2d Mtge. bonds. An issue of 4,000 provisions for income and excess profits taxes.
shares of stock of no par value is to be offer,..d to general creditors at $100
Balance Sheet December 31.
a share.
1923.
1922.
1923.
1922.
Assets$
$
LiabilitiesAmerican Car & Foundry Co.-Equipment Order.Real est., mach'y
Preferred stock.- - 3,952,800 3,952,800
See Empire Tank Line Co. below.-V. 118, p. 313; V. 117, p. 2325.
& flat., tr.-mks.,
Common stock _11,000,000 11,000,000
pats., good-will,
Pref. div.
. payable_
59,292
American Chicle Co.-Reply to Statement Attacking Pres- &c
59,292
12,137,203 12,096,730 Corn. My. payable 550,000
330,000
ent Management-Tenders.Supplies, &c
6,735,940 5,190,584 Taxes,ins.,adver.,
Pres. Themes H. Blodgett in a letter to the stockholders Feb. 23, in Securities
901,244
902,074
897,028
disct.,&c.,prov. 898,851
reply to the letter (V. 118. v. 909) attacking the present management and Cash
1,538,009 2,728,529 Deprec. res., &c__ 1,424,904 1,321,193
Bills & acc'ts rec 1,214,057 1,027,775 Acc'ts payable.-policies of the company, says:
164,502
114,378
Total(each side) 22,526,454 21,945,693 Undivided profits_ 4,526,229 4,220,877
In justice to the individuals who have been associated with the company
the past two years and in fairness to the company, which is prospering, the -V. 118, p. 205.
following facts should be made known:
American Telephone & Telegraph Co.-Listing.The present management assumed charge of the btrsiness in Dec. 1921.
The Philadelphia Stock Exchange has authorized the listing of $2,275,000
An investigation of the company's affairs at that time revealed an appraised
value of all tangible assets-factories, inventories, receivables, cash&c.- additional capital stock issued $10.700 in exchange
for $10,700 Cony.
of approximately $6,500,000. The company owed $7.446,980. of! which 4s due 1933; $153.700 in exchange for 9153,700 7-Year
6% Cony, bonds
$4,760.000 was overdue. The notes representing a part of the indebtedness due 1925: $1,591,000 being balance of 100,000
shares applied for in comwere selling in the open market at 60% of their face value. When the pany's application dated June 15 1923, and 9519,600 being
part of 200,000
present management assumed office the company's December sales had shares applied for in company's application
Jan. 31 1924, to be
declined to a figure slightly over $100.000, a yearly rate of business of less Issued to employees, making the total amountdated
at Feb. 23,
of
stock
listed
5744.919.000
$2.000,000.
every
and
Out
of
dollar received by the company from sales
than
reducing the amount of Cony. 4)4s listed to $5,034.800,
during the last month of 1921, and the first months of 1922 more than 25 and the amount of Cony. 6s to 58.834.900.-V. 118,
p. 910, 796.
cents had to be paid to creditors as interest on debts. Only the personal
American Trading Co.-Consolidation with Wm. E.
standing of men on the board of directors enabled the company to continue.
Heavy supplies of inferior gum were in the hands of more than 400,000 Peck & Co. Asked.
dealers. Every package of such gum sold to a consumer made a new
A letter has been sent out to the stockholders of the company
asking
enemy for the company.
ratification by them
a merger with William E. Peck & Co., Inc.. and the
The reports issued to stockholders during the past two years show the formation of a new of
company in the State of New York to be called the
progress made by the company in regaining the road to prosperity. (For American Trading Co.,
Inc.,
in which to merge the business of both cos.
1923 results see V. 118, p. 553.) The sales for Dec. 1923 were approxiThe announcement made by Percy H. Jennings, Pres. of
mately three times those of Dec. 1921. Jan. and Feb. 1924 continue to
show a healthy increase. The company is earning increasing profits.
American
Trading Co., and William E. Peck, Pres. of WilThe indebtedness of the company has been reduced from a point above
$7,400.000 to a point below $5.300,000. and further payments are being lian E.Peck & Co., Inc., says:
A consolidation of two of the oldest and best known houses in the export
made as rapidly as funds can be accumulated for that purpose. The company's credit largely has been re-established. When the remaining indebt- and import business will take place upon ratification by the respective
dness has been decreased to reasonable proportions, which at present rate stockholders of both companies of a proposed plan of merger. The new
f reduction should require less than two years, and when financing costs company, American Trading Co., Inc., will take over the business of both
an be reduced below the present expense, the stockholders can properly companies as soon as approved by the stockholders. It will have a working
1015
THE CHRONICLE
MAR. 1 1924.]
capital stock will be divided
capital of about $5,000,000. The authorized
as follows:
$2,500,000
(par $100)
stock
Preference
Prior
Cumulative
8%
50,000 shs.
Preferred shares(non-par.$8 non-cumulative)
shs.
75,000
Common shares (non-par)
companies for 1923 amounted to apThe consolidated business of both
the
of
volume
annual
the
twice
about
is
which
proximately $45,000,000,
preceding the war. The American
companies' business for the years companies,
back
dating
history
a
has
two
the
of
larger
the
Trading Co.,
through growth and through conto 1857, and its development has beenexport
and import concerns. It is
solidation with other long establishedmanufactured
goods and throughout
American
of
a pioneer in the export of the foremost in the development of this parits existence has been one
business.
of
branch
ticular
by William E. Peck in 1881,
William E. Peck & Co. Inc.. was founded
development and also through
and it, too, has grown through individualcompanies
in the same line of
established
well
other
with
consolidation
of Ameribusiness. This company had its origin primarily as a distributor
of the original agencies
can manufactured goods in foreign markets and most
of
backbone
the
form
and
it
by
held
still
are
for American manufacturers
its business to-day.
markets:
following
the
in
entrenched
strongly
be
will
company
new
The
and Scandinavia,
United States and Canada. England, the ContinentSettlements,
South
Japan, China, Australia, New Zealand, the Straits
and South
Central
other
the
and
Brazil
Argentina,
Africa, Cuba, Mexico,
United
the
in
offices
the
American countries. Through the medium of
goods will con
States. American staple commodities and manufactured
manner the prodtinue to be exported to all parts of the world, and in likethe
United States
ucts of foreign countries imported for distribution in
and other countries.
George S.
include:
will
Directors, as proposed for the new company,
S. Franklin,
Brewster, Robert S. Brewster. Mortimer N. Buckner, George
Park McHall
Jennings,
H.
Percy
Jennings,
G.
Walter S. Franklin, Oliver
Reed. Edward
Cullough, William E. Peck, Gardner B. Perry, Lansing P.M.
Woolsey.
George
Warren,
Daniel
Titus,
H.
Arthur
Sutliff.
M.
V. 110, p. 1644.
Balance Sheet Dec. 31 1923.
1922.
1923.
1922.
1923.
Assets-$
$
Common stock___ 7,500,000 5,000,000
Real estate. bidgs.,
4,500
4,500
Pref. stock, Cl. A_
mach'y, autos.,
turn.,fixts., &c x4,748,081 3,245,632 Pref. stock, Cl. B_ 1,119,500 1,119,500
MM.stk.cont.cos.
Mtges.and secured
78,250
64,950
51,183 (not owned)____
59,189
loanson real est_
101.489
52
3 Notes& accts.Pay. 107.373
Pats.,tr.-mks.,&c.
985,846 Shozt term notes
Securities owned__ 936,550
79,335
1,127
mat'd or called_
706.275
774,982
Cash
169,842
79,335 Dividends payable 244,644
1,127
Cash for red. nates
720
94
Fed. & State taxes
U. S. Govt.. &c.,
117,663
117,473
56,670 Sales taxes, &c___ 147.202
securities
312.922
683,017 Fed,taxes reserve_ 300,669
Accts.& notes rec_ 764,490
134,170
Inventories (cost)_ 4,501,821 3,808,748 Other reserves____ 1,355,781
9,782
3,572
342,885 Deferred liabilities
464,111
Deferred assets
106,225
106,225
Surplus paid in
2,811,891
1,412,200
surplus___
Earned
Total (each side).i2,367.837 10.046,011
x After deducting reserve for depreciation. $1.243,822.-V. 117, p. 2774.
Belfont Steel & Wire Co. Ironton 0.-New Company.
This company has been incorporated in Ohio with an authorized capitalization of 0,000,000 to take over the propreties of the Belfont Iron Works
and the Kelly Nail & Iron Co.
Officers of the new company are: S. G. Gilflllian, Chairman: S. Coles
Peebles, President: I. P. Blanton, V.-Pres. & Gen. Mgr. for sales of the
wire and nail department.
Borne Scrymser Co.-Extra Div. of $2-Bal. Sheet.-
An extra dividend of $2 per share has been declared on the stock in
payable
addition to the regular semi-annual dividend of $4 per share, both
0 per
April 15 to holders of record Mar. 22. An extra distribution ofPrior
to
1923.
16
share was made on Oct. 15 1923 and one of $1 on April
annual
the 400% stock distribution on Dec. 30 1922 the company paid
since
year
each
of
Oct.
in
was
paid
dividends of 20% each. This amount
1912. In April 1922 the company made an extra cash disbursement of 15%.
Arkansas Natural Gas Co.-Resumes Dividends.Balance Sheet Dec. 31.
The directors have voted to resume payments of, quarterly dividends
first
1922.
The
earnings.
1923.
net
of
out
Liabilities1922.
annum
per
1923.
Assets-at the rate of 32 cents a share
This is the Plant, equip., &c_ $377,643 $391,624 Capital stock
$1,000,000 $1,000,000
dividend will be paid April 1 to holders of record March 15.
40,341
distributed.
51,108
was
share
a
cents
payable_
20
when
Accounts
322,531
346,796
1921,
1
July
Merchandise
since
first dividend
1,821
1,391
181,303 Accrued expenses_
The directors also passed a resolution to submit the question of declaring Notes & accts. rec _ 219,740
61,385
69,689
56,024 Reserves
39,270
an asset dividend of the shares of the Arkansas Fuel Oil Co., a subsidiary, Cash
500,917
205.
512,007
p.
118,
6.-V.
May
on
Surplus
652,362
OtherInvestments. 649,420
to be voted upon by the stockholders
620
1,326
Prepaid items____
(11114-Further Extension Denied.-
Armour & Co.
$1,634,195 $1,604,464
Total
$1,634,195 $1,604,464
Total
The Supreme Court of the District of Columbia has declined to grant a
-V. 117, p• 1131'
further extension of time to the company to dispose of unalliedofbusiness
Justice
connections unless the Government agrees. The Department
Bronx Gas & Electric Co.-Decision.has expressed a willingness for an extension until Oct. 1, but the Armour
of
The Appellate Division of the Supreme Court, First Department,the
interests asked for a delay until Feb. 1 1925.-V. 118. D. 667. 313.
New York, has upheld the findings of the lower Court in approving
litigation of the company against
the
in
Williams
Master
Special
of
report
Dividend.
-Omits
Co.
Mining
Anaconda Copper
the old $1 rate which formerly was part of the old 80-Cent Gas Law. It
The directors, on Feb. 26, decided to omit Payment of the has no connection with the litigation against the present $1 gas law.-V.115.
comThe
p. 2383.
April.
in
quarterlyfdividend of 750. a share due
pany resumed dividends in April 1923 and since then has
paid 75c. quarterly to and incl. January 1924 (see V. 116,
•
p. 939).-V. 118, p. 910, 434.
Attleboro (Mass.) Steam & Electric Co.-Par Value.-
to
The Mass. Dept. of Public Utilities has authorized the companyand
change the par value of its capital stock from $100 to $25 ap.share
796.
118,
12,480.-V.
to
3.120
from
shares
of
number
the
increase
Barnsdall Corporation.-Listing-Earnings.-
Brooklyn Edison Co., Inc.-Stock Increased.-
The stockholders on Feb. 25 increased the authorized Capital stock
from $50,000,000 to $75,000,000, par $100. Application will be made to
of
the New York P. S. Commission for authority to issue $16,000,000
Capital stock for the purpose of reimbursing the treasury for expenditures
its
to
addition
In
extensions.
and
additions
future
already made and for
rvilrements to meet the normal growth and expansion of the business in
1924, the company will need to make payment for the electric franchises
and distribution system of the Flatbush Gas Co., the purchase of which
has been agreed upon, as more fully stated in the annual report. See
V. 118, p. 792.
Brooklyn Union Gas Co.-Dividend of $1.The directors have declared a quarterly dividend of $1 per share on the
payable April 1
outstanding 360,000 shares of capital stock, no par value,
($8 per annum) as
to holders of record March 12. This is at the same rate
which was ex$100,
par
stock,
paid on the old 180,000 shares of Capital
changed for the present stock on the basis of two new shares for each old
V.
118. p. 797.
share held. See also
The New York Stock Exchange has authorized the listing of $1,000,000
issuadditional Class A voting capital stock, par $25, on official notice of
ance. making the total amount applied for $14,000,000.
40,000 shares of Class A
The directors on Jan. 17 1924 approved the sale ofcorporation,
at par less'
voting stock through the brokers employed by the
to the
a commission to such brokers of 10%. The proceeds will be applied
general corporate purposes of the company.
by
owned
properties
from
oil
Production.-The gross production of crude
subsidiaries of the corporation and affiliated companies for the year ending
Buckeye Pipe Line Co.-Balance Sheet Dec. 31.4,243,359,000
sold
and
transported
net:
barrels
1922.
Dec. 31 1923 was 1,920,729
1923.
1922.
1923.
gasocubic feet of natural gas: produced 1,672,000 gallons of casingheadTripoli
$
Assetsline; 16,365 tons of high-grade zinc concentrates: 11,435 tons of
10,000,000 10,000,000
Capital stock
18,021,847
_
4
6
0
3
,
8
l
_
_
plant
line
Pipe
products.
petroleum
products and 41.390.990 gallons of refined
371,081 Accts. pay,&c_ _ _ _x1,954,522 2,127,337
Mans & supplies_ 388,388
Consolidated Income Account Calendar Years.
Res. accr. deprec_ 7,534,705 7,198,504
Cash, 0th, Inv. &
1920.
1921.
1922.
1923.
accountsrec____ 4,536,040 5,157,208 Profit and loss_ _ _ _ 3,815,866 4,224,295
$7,105,715
$8,304,090
$9,276,646
$9,288,885
Gross sales and earnings2,970.080
23,305,092 23,550,136
Total
5,651,382
Oper.& general expenses 7,112,465 6,473,599
23,305,092 23,550,138
Total
$4.135,635
$2.652,708
$2,176,420 $2,803,047
Net income
payable, including tax reserves, fire Insurance,annuities,and
Accounts
x
715.175 death benefits.
139,207
72,723
42,767
Other income
The comparative income account for the calendar year 1923 and pre$2.219,187 $2,875,771 $2,791,915 $4,850,810 ceding years was published in V. 118. p. 911.
Total income
363,764
899,839
897,139
793.889
Interest paid
365,269
36,229
64,662
Federal taxes
Buffalo Weaving & Belting Co.-Bonds 'Offered.1,471,8061 1,506,364
1,270,298
Depreciation & depletion 1,176,747
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo; A. L.
365,1201
411,978
Drilling costa charged off
73.028 Chambers & Co., Rochester; Second Ward Securities Co.
Miscellaneous charges .
$260,126
$183,888
Net income
7,373,885
7.175,674
Previous surplus
Dr.17.466 Dr.399.813
Adjustments
Prem.on sale Cl."B"stk_
Sun.ofsubs,not prey.con.
$55,150 $2,542,386
6,122,485 4,734,932
Dr.179,833
Cr.400,000
1,713,044
$7,342,096 $7.234,198 $7,890,679 $7.497,485
Total surplus
Divs. paid minor stock58,524
99.510
85,306
holders subsid. cos_
(234)417.285(10)1375.000
Dividends
Prof. & loss surplus__x$7,256,790 $7,175,674 $7,373,885 $6.122,485
x Of which $377.946 applicable to minority stockholding in subsidiary
companies.-V. 117, p. 2325.
Bay Sulphite Co., Ltd.-Sale.--
This company, now in liquidation as a result of the failure of Becker &
Co., Ltd., is offering its assets for sale by March 21, including its sulphite
pulp mills at Port Alfred and Chicoutimi, Que., and timber limits.-V.118,
p. 313.
Bayuk Cigars, Inc.-Earnings for Calendar Years.Gross earnings
Other income
1923.
1922.
1921.
$2,227.995 $2,346,775 $1.613,907
27,309
45.193
40,553
Total income
Expenses, interest, &c
Federal taxes
First Preferred dividends
Second Preferred dividends
$2,273,188 $2,387,328 $1,641,216
966,874
1,102,842
1.233.936
160,560
180,000
136,920
95,418
91,280
76,680
102.440
102,440
98,868
Surplus
-V. 117. p. 1890.
$708,046
$930,206
Beech-Nut Packing Co.-Annual Report.
1922.
$315.222
Dated Jan. 1 1924. Due serially Jan. 1 1927 to 1939. Interest
J. & J. without deduction of the 2% normal Federal income tax, at office
inof the Buffalo Trust Co., Buffalo, N. Y., trustee. Redeemable on any
terest date at par and interest plus X of 1% for each six months from date
of redemption to maturity of bonds called.
the
Compans.-Founded in 1892 and incorporated in 1903. Is one of of
a
largest of its kind in the country, and is engaged in the manufacturing
complete line of white cotton belting, rubber belting, mechanical rubber
automotive
webbings,
webbings.
cotton
goods, cotton yarns and twines,
web horse goods and web straps and specialties.
of
Earnings.-Company has never shown a loss in any year since the datebut
incorporation in 1903. Earnings, after all deductions for depreciation
past eight
before Federal taxes applicable to interest on these bonds,for thecharges
on
years have averaged $202,570. or 4.13 times the entire interest
this issue.
Purpose.-Proceeds will be used to retire the present outstanding First
for
Mtge. bonds maturing in 1925, applied against existing bank loans, and
other corporate purposes.
Issued.
Authorized.
Capitalization$700,000
First (closed) Mortgage 7% Gold Bonds (this issue) $700,000
250,000
250,000
Preferred Stock
1.298,000
1,500,000
Common Stock
Balance Sheet as of Dec. 31 1923 (After Financing).
LiabilitiesAssets$78,211 Notes & accounts payable_ $225,227
Cash
21.577
liabilities
Accrued
&
Bills accounts receivable 187,691
700,000
Inventory
733,077 Funded debt
250,000
Preferred stock
Land, buildings, machin1.298.000
ery and equipment
1,641,775 Common stock
282,092
Other assets
136,141 Surplus
Total
1921.
$669,444
170.160
1923.
Calendar Years$1,937,480
Net profits less (est.) Federal taxes__ $2,013,696
468,571
910,142
Cash dividends
$499,284
$1,468,909
$1,103,554
Balance. surplus
5,384,239 4,793.106
2,811,691
Previous surplus
Dr.35,807
Dr.3,045
(net)
Adjustments
2,500,000 4,005,650
Stock dividends
$2,811.691 $5,292,309
$1,412,200
Profit and loss surplus
and Henry C. Quarles & Co., Milwaukee, are offering at
100 and interest $700,000 First (Closed) Mtge. 7% Serial
Gold bonds. A circular shows:
payable
$2,776,895
Total
$2,776,895
Butterworth-Judson Corp.-Decision Upheld.decision
of
The U. S. Circuit Court of Appeals has upheld the recent
Judge Hand, dismissing the suit of the Government against the company
$1,500,000
of
advance
its receivers and others. The action involved an
made to the company by the Government during the war when the firm
had a contract for the manufacture of picric acid.-V. 116. p. 180.
By-Products Coke Corporation.-New Director.-
J. T. Duryea of New York, President of Pierce, Butler it Pierce Mfg.
Co., has been elected a director to fill a vacancy.-V. 118, p. 911.
1016
THE CHRONICLE
Butte & Superior Mining Co.-Quarterly Report.-
The 37th quarterly report, covering the fourth quarter of 1923, shows:
1923 Zinc Operations4th Quarter 3d Quarter 2d Quarter 1st Quarter
Zinc ore produced (tona)_ - __
52.970
64,832
102,829
89,172
Average silver content (ozs.)
3.890
4.245
4.205
4.652
Average zinc content (%)--11.880
12.042
13.213
12.260
Total silver In ore (ozs.)
206,047
374.987
275,194
478,338
Total zinc in ore (lbs )
12,585,717 17.132,686 21,476,292 25,212,774
1923 Copper OperationsCopper ore produced (tons)
21.692
23,540
7,491
13,351
Average silver content (ozs.)_
5.883
6.059
6.439
6.968
Average copper content(%)4.044
4.690
4.692
4.217
Total silver in ore (ozs.)
127,618
151,574
52,099
80.348
Total copper in ore (lbs.) _
1,754,635 2.208,078 1,111,249
700,283
Production was suspended during October while renairs were being
made to the shafts, and was resumed on Nov. 1 1923. continuing without
interruption during the remainder of the quarter. Therefore, the results
for the fourth quarter include only 2 months' production as against the
operating and shutdown expenses for the full quarter. There were no
milling operations during the quarter, as all the zinc ore, as well as copper
ore, was shipped direct without concentration.
Substantial development work was done during the period on both zinc
and copper ore.
1923 Financial Results-- 4th Quarter 3d Quarter 2d Quarter 1st Quarter
Net value of zinc ore
$363.338 $626,184 $766.089 $984.241
Net value of copper ore
93,941
130,656
132,904
204.130
Miscellaneous income
16,986
9,273
19,963
20,042
Metal and ore inventories
and quotations
17.071 def20,064
Operating costs
Deprec. & reserve for taxes
y Balance
$528,051
x508,479
52.924
$819.523
782.543
60,000
3919.035 $1,098,145
925.478
919,120
69.840
60,000
def$33.352 def$23.020 def$60,085sur$102.827
[voL. 118.
value of the Common shares from $100 to $25. If the
increase is approved it is proposed to distribute $1,500,000
new stotli to Common stockholders as a 100% stock dividend;
the balance ($1,000,000) will remain in the treasury. It is
also proposed to issue 4 shares of Common stook, par $25, in
exchange for each share of Common stook (par $100) now
held.-V. 117, p. 2326.
Chicago Nipple Mfg. Co.-Back Dividends.A dividend of 3i
of 1% (on account of accumulations) has been declared
on the 6% Cum. Class "A" stock, par $50, in addition to the regular quarterly dividend of 1 % both payable Apil 1 to holders of record Mar. 15.
Like amounts were paid on the Class "A" stock on Jan. 1 last.
The payment of the extra 25c. per share will reduce the accumulation to
$5 per share on the Class "A" stock, par $50.-V.
118, p. 911, 435.
Chicago Railway Equipment Co.-Annual Report.-
Calendar YearsNet profit
Depreciation
General reserve restored to surplus_
Previous surplus
Total surplus
Cash dividends (71)
Common dividends, cash
do
dividend
1023.
$1,097,321
1922.
$211,752
786,851
Cr.2,000,000
313,243
$1.884.171 $2,524,995
209,776
239,744
(12)4%1179,808
(50%)
y1,498,400
1921.
$350,699
150,000
x352,287
$553,986
239,744
Profit and loss surplus
$313,243
31.494,587
3786.851
x After deducting $178.249 account Federal
taxes for 1920. y The stockholders on Nov.21 1922 changed the existing $3,000.000
stock into
Common
7% Cum. Pref. stock and created a now issue of $1,500,000 Common stock.
out of which a 50% stock dividend was declared.-V. 118, p. 668.
Includes shutdown expense entire month of October. y No provision
Childs (Restaurant) Co., N. Y. City.-Larger Div.has been made in the above figures for depletion.
The directors have declared a quarterly dividend of 60c. a share on the
The average metal prices used In estimating income are as follows:
present outstanding 230,000 shares of Common
stock, no par value, PayZinc Operations4th Quarter 3d Quarter 2d Quarter 1st Quarter able March 10 to
holders of record Feb. 29. This is at the rate of $3 per
Silver (per oz.)
64.38c.
63.322c. 88.183c. 99.625c. share on the old Common
stock,
par
$100,
which
was exchanged for no par
Zinc (per lb.)
6.29c.
7.340c.
6.502c.
6.243c.
shares on the basis of five new for one of old and compares
with a quarterly
Copper Operationsdividend of $2.85 a share paid Dec. 10 last on the old Common
stock.
Silver (per oz.)
99.625c. V. 117, p. 2546.
64.251c.
63.390c. 82.399c.
Copper (per lb.)
15.454c.
12.756c.
15.251c.
13.814c.
Operating profit for 1923 was $229,134: taxes accrued during the period
Chino
Copper
Co.-Earnings Calendar Years.amounted to $23,353, leaving a net operating profit of $205,782 before
Mines were shut down April 8 1921 and reopened April 7 1922.1
depreciation; the depreciation charged during the year, for which there
1923.
1920.
1921.
1922.
was no cash expenditure, amounted to $219,412, resulting in a net deficit Copper
produced (lbe.)_ 54,261,228
9,137.282 44,051.849
after depreciation of 813.630.
Average received per lb- 14.68 cts. 28,406,314
13.584 cts. 13.026 cts. 17.397 eta
During the last 6 months of the year the price of zinc declined steadily, Revenue
from
copper--- $7,965,088 33,858,633 $1,100,204 $7,633,780
reaching an average price of 6.25c. in December. Since the close of the
do from gold & silver
34,860
32,385
4,289
0,579
year. however, some improvement has taken place, the average price for
January being 6.43c., and the average price for the first 2 weeks of FebruTotal revenues
$7,997.473 83,868,212 $1,194,492 $7.698,640
ary is 6.65c. with current quotations at around 6.8c.
Operating expenses
7,201,412
6,596,441
1,377,128
3.437,412
[Signed by D. C. Jackling. President.1-V. 117, p. 2113.
Net profits
$796.061
$430,800 loss$182,636 $1,102,199
Calumet 8c Arizona Mining Co.-50 Cent Dividend.- Other
income
172,135
217,341
54.871
234,187
The directors have declared a quarterly dividend of 5% on the outstanding $6,425,300 Capital stock, oar $10, payable March 24 to holders of
Total
income
$968,197
X664,987 loss$127,765 $1.319,540
ecord March 7. A like amount was paid Dec. 24 last. (For dividend Depreciation.
&c
773,584
474,305
483,685
word from 1908 to 1923. Incl., see V. 117, p. 2326.)-V. 118,13• 6684 88.
Shutdown expenses
610.348
1.030.087
Loss on copper sold
101,787
Calumet& Hecla Consolidated Copper Co.-To Dividends
(earnings).
326,242
Omit Dividend.-The directors on Feb. 23 voted to omit the
do (capital distrlb.)_
652,485
quarterly dividend due to be declared on the outstanding
Balance
(x)sur$194,612 def$848.786df$1.314,205 sur$340,813
2,005,502 shares of capital stock, par $25. An initial divix Exclusive of any deduction for depIction.-V. 118, p. 797. 206.
dend of 50c. per share was paid Dec. 17 last.-V. 118, p.
911, 668; V. 117, p. 2326.
Capital Gas & Electric Co.-Acquires Consumers'
Light, Heat & Power Co.-
Citizens Gas Light Co., Jackson, Tenn.-Petition.-
The Tennessee RR. & P. U. Commission has disapproved the petition of
the company for the issuance of 320.000 Pref. stock to pay $16.000 ofincome
debentures held by the Middle West Utilities Co. and has also disapproved
the application of the Citizens' company to issue $20,000 Preferred stock
to liquidate floating indebtedness.
The Kansas P. U. Commission has authorized the company,a subsidiary
of Cities Service Co., to purchase the Consumers' Light, Heat & Power
City Ice & Fuel Co., Cleveland,-Earnings (Incl. Subs.).
Co.. for, it is said. approxin-ately $1,700,000.
Calendar Years1923.
1922.
The Commission also authorized the capital company to Issue $1,400,000 Revenue
from sales
$10,538,143 $7,997,520
bonds. $500,000 Preferred stock and 10,000 shares of Common stock of ?
iferating expenses
7,298,311
5,121,125
no par value.
aintenance of properties
586,209
380,974
Interest, insurance and taxes
377.075
417,544
Carnegie Coal Co.-Files Mortgage.Depreciation
685,154
725,579
A Pittsburgh dispatch states: The Carnegie Coal Co. in Washington
209,995
172,160
County, Pa., filed a mortgage of $75,000.000, given to the Colonial Trust Reserved for income taxes
Co. of Pittsburgh to secure 1st Mtge. 6% Serial gold coupon bonds.
Balance,
surplus
$1,381,399
$1.180,137
V. 117. P• 1559.
Balance Sheet Dec. 31.
CentralCoal & Coke Co.-Consol. Bal. Sheet Dec. 31.1923.
1922.
1923.
1922.
AssetsLiallities$
$
$
$
1922
1923.
1922.
1923.
Land, buildings,
11,000,000 9,870,000
Capital stock
AssetsLiabilities$
$
machinery,&a._16,911,159 14,178,502 Minor. Int. In subs 160,000
Coal lands & Impt810,371,222 10,408,852 Preferred stock__ 1,875,000 1,875,000
428,548
753,243
337.622 Bonds
Timber Ids.& impt15,410,700 13.836.595 Common stock_ -- 5,125,000 5,125,000 Investments
823,000
Cash
156,431
156,796 Bills payable
625,000
425,758 Minor. sharehold's
644,633
0th. prop.& equip 430.072
Bills recelvable___ 490,200
256.436 Accounts payable_ 192,240
Int. in capital
214,277
386.141
184,368
Cash
Accts.
receivable__
822,317
826,714 Mtges. on real eat- 273,500
Customers' bills dc
stock sub. co- 1,338,252 1,327,137
Merchandise
490,215
379,233 Res, for depreen. 3,751,179 2,624,170
1.198,979 1,444,014 Bond. dr other def.
accounts ree_
do for accid.& Ins
1,510,124 1,431,152
Inventories
debts
81,003
6,786,716 6,091,830
61,385
do for Income tax 211,018
656,681
550,969 Notes payable
1,452,419
Other assets
85,023
180,297
do for unred.eoup 105,288
7,500
Treas.stock
Accts. pay.& accr.
94,329
Total
(each
side)19,298,871
16,135,393 Surplus
201,726
int. & taxes.- 1,312.789
137,680
924,898
Deferred charges
2.156,399 1.653,199
-V. 118. D. 911.
Res. for Fed. taxes 500.000
120,009
Other reserves_ __ _ 128,907
Climber Motor Co., Little Rqck, Ark.-Sale.Surplus
11,654.066 12,060,401
Bids will be received until March 17 on the property of this company,
which
has been ordered sold by the Court.-V. 117, p. 92.
Total
30,173.151 28,449.300 Total
30.173,151 28,449.300
The usual comparative income account was given in V. 118, p. 911.
Coca-Cola Co.-New Officers-Earnings.-
Harrison Jones has been elected Executive Vice-President and B. Neal
Central Leather Co.-New Director.Eugene H. Amory has been elected a director to succeed tho late W. W. Harris Vice-President in charge of marketing, to succeed Mr. Jones. Mr.
formerly was General Sales Manager,
Harris
Heroy.-V. 117. p. 1890.
Income Account for Calendar Years.
Chandler Motor Car Co.-Earnings.1923.
1922.
1921.
1920.
1920.
1921.
Calendar Years1922.
1923.
Net sales
324,320,064 321.053,834 328,464,599 332,341,429
*Gross profit and sales__ $4,012.189 $3,952,572 81,890,319 $9,440,327 *Cost of operations
19.097,380
13.826,673
25,118,591
29,567,159
174,332
58,210
Interest earned, &c
43.206
29,184
Operating profit
$5,222,684 $7,227.161 33,346,008 32,774,270
Total income
84.041.373 33,995.778 81.948.529 $9,614,659 Other deductions
45.576
61,719
335,104
575,018
Selling, &c.,exps.& other
Federal taxes
648.000
897,000
436,018
425.000
2,071,455 Preferred dividends(7%)
1,128.078
charges, incl. deprec'n 1,690,354
1,470,904
700.000
700,000
700,000
700,000
Dividends paid. cash_ _($6)1.680.000($6)1680,000(37)1960.000(10)2625,000 Common dividends
3,625.000
2,250.000
1,000,000
500,000
700,000
Dividends, stock
Div.rate on Common_
($75i)
($2)
4454)
($1)
2,428.251
Reserve for Federal taxes
242,179
295.752
Surplus
3204,108 $3,318,442 31,145,990
$303,148
$602.694df$1,139,549 81,789.953 Earn. surplus Dec. 31
$375,267
Net profit
5,730.714
1,062,054
5,560,547
2,208,044
7,225,229
5,974,105
Previous surplus
3,606,449
3.627.918
* Includes cost of goods sold, incl, freight
on sales, discount and allowances, selling branch, administrative and general expenses.
Total
34,003,184 34,209,144 $4,834,556 $9,015,182
Salt's in 1923 totaled 17.300,275 gallons, compared with 15,437,612
$448,674 $2,050,522 gallons
$4,320
Fed. taxes for prey. years
in 1922.-V. 118. p. 314.
Adj.U.S.Govt.,&c.,claim
88,712
adjustment_
736.139
779.434
Inventory
546,906
Columbia
Gas & Electric Co.-To Create Mortgage and
165,703
Loss on sales of bonds_
$4;003.184 $3,627,918 $3,606.448 $5,974,106
Balance, surplus
* Gross profit represents profits from sales of automobiles and parts, after
deducting cost of material, labor and manufacturing expense, exclusive of
depreciation and Inventory adjustment.-V. 117, p. 27/4.
Chesebrough Mfg. Co.-To Increase Common StockTo Change Par Value of Common Shares-100% Stock Dividend
Proposed.-The stockholders will vote March 20 (a) on
increasing the authorized Common stock from $1,500,000
(all outstanding) to $4,000,000, and (b) on changing the par
Create New Issue of Preferred Stock-Tenders.-
The stockholders will vote April 8 on:
Placing a mortgage on the
company's property, whether then owned (1)
or thereafter acquired, or such
part thereof as the directors may determine. to secure the payment of the
principal and interest of an issue of bonds, to be issued from time to time,
the form, terms, conditions and provisions of the mortgage and the bonds
to be issued, and the property to be covered thereby, to be such as shall
be determined by the directors. (2) On authorizing an issue of $25,000,000
preferred stock (par 3100), to be issuable in one or more series, the shares
of each series to carry dividends at such rate, not exceeding 7% per annum,
cumulative without interest from such date, to be entitled on liquidation,
dissolution or winding up to such amount, not exceeding $120 and dividends,
and to be redeemable, all or part, at such price, not exceeding $120 per
1017
TH D. CHRONICLE
MAR. 1 1924.]
provisions as shall be detershare and dividends, and to have such other
mined by the directors.
President Philip G. Gossler in a letter Feb. 21, says:
in 1907 securing First Mtge.
The only mortgage at present is one made
. This mortgage covers all of the
5% Bonds (authorized. $25,000,000)
of these bonds are now
$11,197,500
owned.
hereafter
or
now
property
In addition there
outstanding and the entire issue matures on Jan. 11927.
not now secured.
mature on the same date $2.591,400 5% Debentures
extending business
its
and
the
company
of
prosperity
growing
the
With
finance by which the
operations, the necessity has arisen for a medium of
and the property of its
required improvements and additions to its systemtheir
obligations funded
its
and
and
for
paid
be
can
companies
subsidiary
maturity of the existing First Mortgage
upon favorable terms. The early
addition,
makes that mortgage obviously inadequate for this purpose. In
Mtge. Bonds and of the issue
the approaching maturity of this issue of First
provision for the authoritimely
make
to
it
desirable
makes
debentures
of
it to retire or refund
zation of the issue of such new securities, as will enable
s terms.
these maturing bonds and debentures on the most advantageou
the comIt is for these reasons that the directors have recommended that
the forefor
appropriate
securities
the
where
position
a
pany place itself in
. The
going purposes shall have been duly authorized by the stockholders
d in
recommende
been
has
bonds
and
stock
both
preferred
of
n
authorizatio
from
market,
the
of
order that the company may be able to take advantage If, at the time when
time to time prevailing, on the most favorable terms.
purposes above
It becomes desirable to issue securities for one or more of the
d most
named, it appears that the company's financing can be accomplishe stock,
advantageously by the issue of preferred stock, part of the preferred
issued.
be
can
meeting,
this
to
the authorization of which is to be submitted
preferred
If, instead, bonds can then be sold more advantageously than
bonds to be
stock, the necessary financing can be done by the issue of
to be
secured under the new mortgage of the company which is likewise
submitted to the meeting for authorization.
will
City,
Y.
N.
Broadway.
60
Co.,
[The Irving Bank-Columbia Trust
due
until March 19 receive bids for the sale to it of 1st Mtge. 5% bonds,
not
price
a
at
$92,554,
to
exhaust
sufficient
amount
an
to
Jan. 1 1927,
exceeding par and Interest.]
a share a year additional. Subscribing employees holding their stock for
five years will also get further compensation, the amount of which can not
now be stated.-V.118, p. 798. 787.
Continental Gas & Electric Corp.-Permit Denied.-
The Missouri State Finance Department, according to a Kansas City
dispatch, Feb. 26, has rejected the application of the corporation for an7%
thority to issue $5,000.000 Prior Preference stock and $5,700.000 that
bonds. The dispatch states that Commissioner B. T. Hurwitz claims
Compare
."
exaggerated
"grossly
been
has
the
properties
the valuation of
V. 118. p. 207, 436, 555, 669, 798, 913.
Cuban-American Sugar Co.-Common Dividend.-
The directors have declared a dividend of 75 cents per share on the
Common stock, par $10. payable April 1 to holders of record March 1.
Like amounts were paid Nov. 15 1923 and Jan. 2 1924 (see V. 117, p. 1352).
-V. 117, p. 2775.
Dallas (Tex.) Gas Co.-Stock Offered.-
The company is offering at par ($100) an issue of 7% Cumnl.Pref. stock.
Payment may be made in full or on the partial payment plan by an initial
payment of $10 and $10 monthly thereafter.-V. 117, p. 1782.
Dedham & Hyde Park Gas & Electric Light Co.-
The Mass. Dept. of Public Utilities has authorized the company to
change the par value of its capital stock from $50 to $25 a share and increase the number of shares from 4,000 to 8.000.-V. 118. p. 798.
Acquires Additional Gas Properties from Pure Oil Co.-
distribThe acquisition by the Columbia system of four additional gassouthern
uting companies whose territory adjoins the present terrtiory inThe
comGossler.
President
by
been
announced
has
Ohio
Central
and
panies taken over are the Columbia Gas & Fuel Co., Federal Gas & Fuel
Co., the Springfield Gas Co. and the Dayton Gas Co. All were formerly
controlled by the Pure Oil co.
Donner Steel Co.-Consol. Balance Sheet Dec. 31.1922.
1923.
1922.
1923.
AssetsProperty account.x20,562,277 16,681,057
456,820
451,820
Investments
4,661,472 4,595,207
Inventories
Bills, accounts,&c.,
2,388.506 2,443,692
receivable
85,000
134.038
U.S. Lib. bonds
469,109
548,073
Cash
1,173,953
1.256,786
charges
Deferred
482,235
Deficit
B. G. Dawes, President of the Pure Oil Co., in a statement said:
1st P1.8% cum.stk 3,000,000
Pref.7% cum.stk.:
1,000,000
Series "A"
5.000.000
Series "B"
Common stock,._ 4,522,500
8.300,000
Bonded debt
Bills & accts. pay- 2,586,250
Ore rec. (payment
390,022
not due)
6.579
Bond Interest accr.
Deprec.& reserve_y4.564.209
633,412
Total (each side)__30,002,972 26,366,873 Surplus
3,000,000
1,000,000
5.000,000
4,522.500
8,300,000
3,923,017
292,458
6,579
322.319
x Includes real estate, buildings, improvements, machinery, equipment.
y In&c.. Dec 31 1922. 820,459,309: additions in 1923 (net). $102.967.
cludes depreciation reserves. $4.099,360, and reserve for relining furnaces.
extraordinary repairs and other operating accounts. $464,849.
02
Note.-(a) Dividends have been deferred on First Preferred stock and
since
Series "A" since Dec. 311920, and dividends on Series "B" deferred
of Donner
March 311918. (b) Contingent liabilities-guarantee of liability
Union Coke Corp. on contracts for plant and cars.
The usual income account was given in V. 118. p. 913.
Columbia Gas & Electric Co. has acquired from Pure 011 the four gas
companies covering the entire territory of Columbus, Dayton and Springwhich
field, 0. These companies had $3,000.000 of outstanding bonds
will not be disturbed. The Columbia Gas & Electric Co. pays the Pure
and
cash
in
$750,000
about
companies
of
these
stocks
the
for
Co.
011
•
Gas
$11,500,000 in one-year notes. These properties give the Columbia plans
Contract.Douglas-Pectin Corp.-Closes Large Foreign
Electric Co. 125.000 additional gas consumers and fit in with their
corporation has
considerably
figure
a
at
properties
these
is
selling
Oil
Pure
According to Vice-President Watkin W. Kneath, the
of extension.
of developing
upon
purpose
the
looked
is
for
it
and
consummated a deal with a French company
in excess of the amount they are carried on its books
Its business in continental Europe.
as a good deal from Pure 011 Co.'s standpoint.-V. 118. p. 435.
of 25 centa a
dividend
quarterly
regular
The directors have declared the
payable
- share
Co.-Sale.
on the 300,000 shares of no par value stock outstanding,
Columbia Graphophone Manufacturing
2115.
p.
117.
1.-V.
March
the
record
of
approved
25
holders
to
Feb.
31
Court
March
Federal Judge Hand in New York District
by
acceptance of a $5,500,000 bid for the assets of the company,submitted
Dubilier Condenser & Radio Co.-Declares Dividend
Lincoln Johnson, Secretary of reorganization committee. Under the plan
of reorganization new company will be known as Columbia Phonograph Co.
Preferred Stock for Entire Year 1924.on
share on
Judge Learned Hand in the U. S. District Court has announced the
The directors have declared four quarterly dividends of $2 per
end of the receivership of the company. Compare also V. 118, p. 911. the Preferred stock, payable March 31, June 30, Sept. 30 and Dec. 31,
.
respectively
26,
Dec.
436. 88.
and
25
to holders of record March 26, June 25, Sept.
-Employees' Stk. -V. 118. p. 436. 315.
Commonwealth Edison Co., Chicago.
The stockholders have approved the sale, to employees of the company
(E. I.) du Pont de Nemours & Co.-To Retire S10,auand of its subsidiaries, of 25.000 shares of capital stock heretofore
Gold
000,000 73'% Gold Bonds.-Certain 10-Year 73.4%
thorized. See also V. 118. p. 555, 798.
1920.
1921.
1922.
1923.
bonds, dated May 1 1921 (aggregating $10,000,000) have
Calendar Years$35,317.135
$37,139,831
$49,136,042 $43,107,956
Gross earnings
called for payment May 1 at 107 and interest at the
27,670,691 25,131.735 21,495.397 21.810.757 been
Operating expenses
110.930 Bankers Trust Co., trustee, 16 Wall St., N. Y. City. (For
139.671
165.147
177,722
Uncollectible oper. rev
2.887,428
2,900,758
3,287,212
designation of bonds to be reAmortization & deprec'n 3,912.725
2.100.000 list of serial numbers and
2.700,000
3.400,000
4.230.000
Taxes
1,040.071 deemed, see the New York "Tribune" of Feb. 29, pages
1,116,260
1,283.883
Municipal compensation 1.469,585
Operating income--$11,675.313
557.270
Other income
Total
Interest on bonds
Dividends (8%)
Other deductions
Balance, surplus
Previous surplus
Total
Miscellaneous debits
Other reserves
$9,839.978 $8,787,744
739,586
687.565
$7,367,949
679.966
312.232.583 810,527,543 $9,527,330 $8.047,915
2.523,600
2,834.042
3.048,222
3,052,613
3,955,600
4.307.126
4.602,416
5.389,002
815.914
1.326,503
1,202,947
1.627,853
$2.163.115
10,608,466
$1,673,959
x9.083.639
$12,771,581 $10,757.597
28,345
68,268
120,787
Profit and loss, sur..--$12,703.312 $10,608,466
$1,059,659
8,254.406
16 and 17.)-V. 118, p. 913.
Duquesne Light Co.-Consolidated Earnings.
1921.
$752,801
7,614.189
39,314.065 $8,366.990
112.584
7.863
122,985
$9,183,217
$8,254,406
x After deducting adjustment of charges made to investment in affiliated
companies prior to 1922. y Other reserves, insurance reserve and liability
for provident funds.-V. 118, p. 798. 555.
Consolidated Rendering Co.-Bond Offering.-
Bond & Goodwin, Inc., Boston, originated the issue of $700,000 first
mtge. 58. mentioned in last week's "Chronicle" as being offered at 86X
and interest by Hornblower & Weeks and Paine, Webber & Co. See
offering in V. 118, p. 912.
Consolidated Water Co. of Utica.-Acquisition.-
The company has acquired all of the physical assets of Hinckley(N. Y.)
Corp.-V. 114. p. 2584.
Consumers Company, Chicago.-Annual Report.-
1922.
1923.
Calendar Years36.568,978 86,548,933
Gross profit
6,142,001
Oper.expenses,int., &c.. 5,728,686
315,000
315.000
Preferred dive. (7%)
1920.
1921.
36,168.260 $6,851,510
6,151.227
6,188.372
276,416
295,073
$423.867
$91,932 def$315,185
$525,292
Balance. surplus
$2,420.032 32,181.335 32.089,403 32,404,589
Profit and loss surplus
Comparative Balance Sheet Dec. 31.
1922.
1923.
1922.
1923.
$
Liabilities$
$
Assetsstk.(7% cum.)4,500,000 4,500,000
Land, bides., &c_ _18,277,630 16,435,255 Pref.
8,500,000
6,500,000
Common
stock__
2,500,000
2,500,000
Good-will
9,657,850 10,215.350
933,735 Funded debt
758,125
Cash
920,500 1,717,433
374,475 Notes payable__
249,913
Notes receivable
2,051,699 1,821.604
payable_
Accounts
3,246,229
2,836.635
Accts.rec.,less res.
8,142
11.399
2,761,100 2,293,376 Mdse.coups. must.
Inventories
246,202
311,835
65,536 Accrued interest
94,985
Investments
_
95,672
taxes_
205.861
Accrued
13,498
16,837
Accrued interest__
7,264
Accrued rentals_
Sinking funds____ 1,213,105 1,352,422 Reserves
291,104
203,145
60,993
26,521
Prepaid exp., &a._
2,181,335
2,420,032
306,587 Surplus
Dise.onbds.¬ee 247,470
26,782,323 27,582,107
Total
-v, 118, p. 912.
Total
26,782,323127,582,107
-Consumers Light Heat & Power Co.-Sale.
p. 2051.
Continental Can Co.-Stock Sold to Employees.-
Electric Co. above.-V. 115.
See Capital Gas &
shares of Common stock which the company is
An offering of 20,000 at $48 a share has been oversubscribed. Emmaking to its employees
to pay for their allotments, with interest at
years
three
ployees are given
while all dividends accrue to them and a bonus of$2
B% on unpaid balances,
1920.
1922.
1923.
Calendar Years$19.383,622 $16,928,746 $16.053,347 $15.005.173
Grass earnings
4,603,526
5,646.209
6,599.227
6,790,479
Net after depr. & taxes_
206,704
938.313
323,132
796.475
Other income
84.810,230
86,584,522
36.922,359
$7.586.954
Total income
$4,879,724 $4.232,734 84.090,569 83.362,347
Balance after int., &c..
$410.133
$3395,503
$373,882
Preferred dividends_ __ _ 31,362.497
1.458,080
1,549,210
1.640,340
1,640,340
Common dividends
Balance, surplus
-V. 118. p. 316.
$1,876,887
32.218,512 $2,145,856 $1,494,134
Water Co.-New Financing.- •
East Bay
and Peirce. Fair
It was reported this week tint Blyth, Witter & Co. is expected next
& Co. have taken $2,250,000 6% bonds. An offering
week.-V. 118, p. 798.
Eastern New Jersey Power Co.-Bonds Offered.-Bonbright & Co., Inc.; W. C. Langley & Co. and Hoagland,
Allum & Co., Inc. are offering at 95 and hit. to yield about
6.40%, $3,250,000 1st Mtge. Gold bonds,6% Series of 1949
(see advertising pages).
J. & J. at
Dated Jan. 1 1924. Due Jan. 1 1949. Interest payable
Redeemable, all
office or agency of company in New York and Chicago.
and incl.
to
up
105
at
date
interest
or part, after 60 days' notice on any
1 1946; at 103 thereafter
Jan. 11945; at 104 thereafter up to and incl. Jan.
11948;
incl.
Jan.
and
to
up
thereafter
up to and incl. Jan. 11947; at 102
Denom. 011.000.
and at 101 on July 1 1948: plus interest in each case. Company
agrees to
$10.000.
and
35.000
r*
31.000.
and
$500 and $100,
of 2% and to refund
pay the normal Federal income tax to the extent
taxes not exceeding four
Pennsylvania and Connecticut personal property
mills per
4
exceeding
not
tax
security
mills per annum, the Maryland
6% per annum
annum, and the Massachusetts income tax not exceeding
taxes in
property
personal
of
Free
bonds.
the
from
on income derived
New York. trustee.
New Jersey. American Exchange National Bank.Commission.
Issuance.-Authorized by the New Jersey P. U.
J., Feb. 19.
Data from Letter of Pres. H. L. Clarke, Allenburst, N.
of the
Company.-Company is the result of a complete re-arrangement
nd
ne
&oro
its
properties of (a) Atlantic Coast Electric Ry.(V. 118, p. 309) and
E
Co.,W
.
acti
,
r
8
T
10
ea%ast
y
S
theR
c re
,
nielec
and operated ifomp
.!!
Park
d
tsb
I
76) ande6
(V. 108.j.
eight Co.. and (C) New Jersey
Sea Girt Ky • (b) Atlantic boast
comjust
arrangement
the
Under
Water & Llt Co. (V. 118, p. 319).
pleted, the astern New Jersey Power Co. will acquire all the electric
will be
light and power properties and the railway and water properties
as
conveyed to two subsidiaries, the securities of which will be pledged
additional security for this issue of bonds.
properties
power
and
light
Company will own and operate electric
Asvury Park, Bradley Beach, Belmar, Avon, Deal, Allenhurst,
along
rurniS. joining communities, in a rapidly growing residential area is
esthe Atlantic Coast in eastern New Jersey. The territory served cities
sentially a continuous community within commuting distance of the
will
and
to
power
supply
will
of New York and Philadelphia. Company
16 miles.
operate through subsidiaries, an electric railway line of about combined
and the water distributing system in Deal. Over 83% of the
power.
and
light
for
electricity
net earnings are derived from the sale of
in
The properties of the company include an electric generating station
of oversystem
a
and
k.w.,
12.500
of
capacity
an
installed
Allenhurst with
served.
communities
head and underground transmission lines in all the
1018
UTE CHRONICLE
Company had over 10,000 electric customers on Nov. 30 1923.1INCtinip7ray
proposes to interconnect its properties with those of adjacent companies.
as it is anticipated that a mutually beneficial arrangement for interchange
of power can be made.
Capitalization Outstanding with Public after this Financing.
let Mtge. Gold bonds. 6% Series of 1929 (this issue)
83,250.000
Preferred stock, 7% Cumulative
1,250.000
Common stock, no par value
10,000 shs.
Purpose.-Proceeds from the sale of these bonds and from the sale of
Preferred and Common stocks already underwritten, will be applied to the
acquisition of the properties, to the retirement
all outstanding funded
indebtedness, to the cost of additions, extensions of
and betterments, and for
other corporate purposes.
Security.-Secured by a direct first mortgage on the entire property of
the company now owned and by a direct mortgage on property hereafter
acquired, except securities not specifically pledged. All the outstanding
bonds and capital stock (except directors' qualifying shares)
of the electric
railway company and the water company will be pledged
under the
indenture.
Combined Earnings-12 Months ended.
Nov. 30 '23. Dec. 31 '22. Dec. 31 '21.
Gross income
81.123.296 81,106.217 81,057,083
Oper. expenses, maintenance & taxes_
680,499
677,666
712,550
Net income
8442,797
8428,551
8344,533
Annual Interest requirements on 1st
Mtge. bonds (this issue)
$195.000
Valuation.-The reproduction cost new, less depreciation, of the properties upon which these bonds are secured by a first mortgage or first lien,
as determined by Day & Zimmermann, Inc., engineers, is substantially in
excess of the principal amount of this issue of 1st Mtge. Gold bonds and
the issue of $1,250,000 of Preferred stock.
Franchises.-Company operates under the jurisdiction of the Board of
Public Utility Commissioners of New Jersey. The franchise situation,
in the opinion of counsel, is satisfactory.
Management.-The operation of the properties will be under the supervision of the Utilities Power & Light Corp.-V. 118, p. 913, 798.
Edmunds & Jones Corp.-Balance Sheet Dec. 31.Assets1923.
1922.
Liabilities1923.
1922.
Real est., plants.,
Preferred stock___ 5626,700 $708,900
mach., out, &c. $988,968 $1,009,988 Surplus
x1,598,152 1,302,868
Patents
1
1 Accounts payable_ 245,225
315,520
Cash
130,916
173,004 Reserve for Federal
Accts.& notes rec. 446,786
389,782
taxes
64,723
83,336
Inventories
819,096
730,792
Investments
106,900
57,400
Deferred charges..
42,133
49,657 Total(each side) _ _$2,534.800 $2,410,624
x Represented by 40,000 shares of no par common stock.
The usual comparative income account was given in V. 118.p. 798. 913.
Edna Mills, Reidsville, N. C.-Preferred Stock Offered.American Trust Co., Charlotte, N. C.; R.S. Dickson & Co.,
Gastonia, N. C.; J. W. Norwood, Greenville, S. C., and
Charleston (S. C.) Security Co., are offering at 100 and div.,
8500,0007% Cumul.Pref.(a.& d.Stock).. A circular shows:
Dividends payable Q.-J. Callable at 107. To be retired Jan. 1 1944.
All North Carolina State, county and city taxes are paid by the corporation.
Capitalization.-Pref. Stock (this Issue), 8500,000: Corn. stock, $480,000.
Company.-Incorp. in North Carolina in 1895 with an authorized capital
of $500,000. That year the company purchased a spinning mill of about
12,000 spindles capacity. The present equipment consists of25,684 spindles
and 540 looms with complete supplementary machinery. The
produces
one class of goods, cotton twills made from 30 to 50 countmill
The
goods are sold through Woodford, Morehouse & Co.,commissionyarns.
merchants,
New York City.
Company owns 5,802 shares of the Common Stock of the Henrietta Mills
at Caroleen, N. C., which has a value greatly in excess of the total issue
of
Edna Mills Pref. Stock. The Common Stock of the Henrietta Mills has not
missed a dividend payment in 38 years,and in the last ten years has averaged
10% dividend on its Common Stock. The Henrietta Mills has no bonded
Indebtedness, it has net quick assets of over $1,000,000, and its manufacturing plant, consisting of three mills with 105,000 spindles, has a replacement value of over 85,000,000.
Purpose.-Proceeds will be used to liquidate present debt and to increase
Working capital.
Surplus.-At the beginning of 1916 Edna Mills had a surplus of 8220,407.
In the following eight years operating income has amounted to $826,336,
and income from ohter sources has amounted to $181.597. Out of this the
company has disbursed $763,162, and surplus account is now $435,178.
Electric Storage Battery Co.-Expansion.--
A tract of 130,001 sq. ft. or about 3 acres has been purchased by the
company from the Chicago Title & Trust Co., trustee for the BrunswickBalke-Collender syndicate, the consideration not being disclosed. The
first unit will cover the southern half of the property with a 2-story front
and 1-story rear extending to railroad and will contain about 100,000 sq. ft.
floor space. The northern half of the plant will be built as increasing
business warrants. This building will serve as the company's
factory branch, depot and service station, which activity is now Chicago
centred
In their building in 35th St. and Shields Ave., which they have
occupied
for 15 years.-V. 117. p. 2547.
Empire Tank Line Co.-Purchases Equipment.-
Henry L. Doherty & Co. announce that the company, a subsidiary of
Cities Service Co., has just purchased 370 tank cars from the American
Car At Foundry Co., of which 275 are for gasoline purposes, 20 for natural
gas service and 75 for asphalt and heavy oil service. The different cars
are to be leased between Empire Refineries, Inc., Empire
Gasoline
Cities Service Refining Co. and Crew-Levick Co.-V. 117, p. 2439.Co.,
Endicott-Johnson Corporation.-Off List.-
By vote of the Governing Committee on Feb. 21 1924, the Preferred and
Common Stock was stricken from the Boston
Exchange list on
Feb. 28. This vote is in pursuance of action by Stock
the directors of the corporation.-V. 118, p. 308.
Federal Motor Truck Co.-Balance Sheet Dec. 31.Assets1923.
1922.
Liabilities1923.
1922.
Plant accounts___$1,361,898 $1,473,011 Capital stock
$2,000,000 $2,000,000
Cash
263,235
132.532
80,749
do Branches..
Accts.receivable_ 980,020
720,543 Accts. payable___ 198,215
170,063
Land contracts rec. 630.163
Bills payable
225,000
375,000
Investments
279,727
239,401 Dealers'deposits.
24,415
24,115
Mdse.Inventories_ 1,818,922 1,590,464 Accrued expenses..
64,870
19,231
Deferred charges_ _
23,581
11,772 Reserves
988,100
435,022
Land contracts___
68,760
140,760
Total (each side)-$5,357,547 84,167,725 Surplus
1,707,438 1,003,534
The income account for the calendar year appeared in V. 118,
P. 913.
Fisher Body Corp. (Incl. Sub. Cos.).-Earning8.-
[Vol,. 118.
Fleischmann Co.-Earnings.Dec. 31 '23. Sept.30'23. June 30'23. Mar.31'23.
Sales
811,037.788 $10,545.759
Not avail.
Net operating income__ _ 2,744,818 2,363,818 $9,984,944
2,024,709 $2,038.573
Other income
246,963
129,275
156.522
263,673
Gross income
62.991,781 62 493,093 82.181,231 $2,302,246
Charges and Fed. taxes_ $441,107
$298,175
314,975
283,530
General insur. fund and
Pref. stock premium
158,219
40,085
132,063
30,674
Preferred dividends_ _ _ ..
20,523
20,374
20,685
21,161
Common dividends
1,125,000
1,500,000
1.500,000
750,000
Profit and loss credits_ _ _
68.766 Dr.26,468
19.074
9,311
Balance, surplus
61,315,699
8591,191
3350,771
$1,124.803
-V.117, p. 2547.
Ford Motor Co., Detroit.-Productio
n.Final figures for January show a total production
of 183,502 Ford cars,
trucks and tractors, or about 37% over Jan.
1923.-V. 118. p.670, 208.
Foundation Co., New York.-Financial Ski ementAdditional Financing.-President John W. Doty, Feb. 20,
says in substance:
Gross operating profit for the year
Dec. 31 1923 amounted to
$1,358,470, and net earnings, $493,298,ended
equivalent, after payment of Prof.
dividends. to $11 per share on the Common
stock (see V. 118, p. 913)•
The gross volume of business closed during
the year approximated
$23,000.000, of which about 612,000,000 remained
uncompleted as of
Jan. 1 1924, being nearly 23.5 times the amount
of unfinished business on
the books of the company on the corresponding
date
year. Since Jan. 1
last
we have closed contracts amounting to
$8,000.000. or in excess of one-third
of all the business closed during 1923.
The
volume
of
business now on
hand, all of which is on a preferred basis, therefore
sufficient to produce
earnings in excess of the general expenseisand
dividend requirements for
the year 1924.
The condition of the company both
permanent resources are satisfactory.as to its quick financial position and
However, the volume of business
now on hand together with the prospective
new business, has warranted
negotiations for additional finance.
directors have, therefore, authorized the issue of 5,000 shares of theThe
Cumul.
Pref. stock (no par value).
bearing dividends of $7 per share per
previously authorized. The
stockholders of record Feb. 20 are given year,
March 12 to the new stock at $95 per the right to subscribe on or before
share on the basis of 1-10 share for
each share of Preferred or Common stock
now held. Certificates for the
stock so subscribed will be delivered March
2 1924, and will carry the dividends accruing from March 1 1924.
Consolidated Balance Sheet December 31.
(Includes Foundation Co. and its wholly
owned subsidiaries--Foundation
Co., Ltd. (Canada), Foundation Co.
of Canada, Ltd., and Construction
Equipment Co.)
Assetsx1923.
1922.
Furs. fixt., real
Preferred stock__y$1x10253
$166222,i08
,900
0
estate, buildings,
stock__z1,795,000 1,700,000
Plant & mach'y-$2,306,400 $1,610,712 Common
mortgage on real
Patents
5,000
5.000
estate
113100
Good-will
1.600.000 1,600,000 Notes payable__
Securities owned
596,726
476,854 Accounts payable.. 367,248
645.685
Cash
691,832
128.396
5,006
2,629
Accts.& notes rec. 1,062,202 2,344,089 Accrued accounts_
Reserve for taxes_
29,980
3,584
Mat'l & supplies.... 391,044 x262,348 Surplus
2,102,712
2,418.169
Inv. In UnCompl.
contracts
490,893
Cash for Boulder!'
of pref. stock......
24,000
Deterred accounts
16,434
19.192 Total (each side)_$7,184,531 $6.446,591
x After giving effect to new financing.
y Stated capital representing
Preferred stock without par value
(authorized 20,000 shares). issued.
14,050 shares. z Stated capital representing
Common stock without par
value (authorized 75.000 shares), issued.
An income account for the past four about 41,000 shares.
calendar
years was published in
V. 118, p. 913.
Mggg
Gold Dust Corporatio
--Earnings.The New York Stock Exchangen.-Listing
has
voting trust certificates representing authorized the listing of temporary
169,443
shares
of no par value of
Common stock, which are issued and
outstanding, and for tho listing of
additional voting trust certificates
25.000 shares, on official
notice of exchange for stock issued,representing
making the total amount applied for
194.443 shares.
The voting trust certificates are issued
dated Jan. 28 1924, under which Messrs. under a voting trust agreement.
George K. Morrow and Royall Victor are Francis D. Bartow. Ray Morris,
voting trustees. The agreement
expires on July 1 1931.
Gold Dust Corp. was organized in Sept.
1923 with an authorized capital
of $5,000,000 Non-cumul. 6% Prof.
stock, par $100, and 325,000 shares of
Common stock, no par value. It succeeded
to the soap and washing powder
business (the manufacture and sale
of Gold Dust, Fairy Soap, Sunny
Monday Soap and like products) formerly
carried
on by The N. K. Fairbank Co., a subsidiary of American Cotton
011 Co..
all of its then
outstanding stock was issued
to The N. K. Fairbank and
Co. and American
Cotton 011 Co. forpropertY.
A plan for the exchange of stock of Gold
Dust Corp. for stock of American
Cotton Oil Co. was formulated
which Preferred and Common stock
of American Cotton 011 Co. wereunder
made exchangeable for stock of Gold Dust
Corp. in the ratio of one share of Common
of the Prof. stock of American Cotton Oilstock of Gold Dust for one share
Co. and one share of Common
stock of Gold Dust Corp. for each
three shares of the Common stock of
American Cotton Oil Co. In furtherance
of
this 'plan there was organized
in Dec. 1923 the F. S. Corp. in New
transferred the Preferred and Common Jersey. To this corporation were
stock of American Cotton 011 Co.
deposited under the plan for exchange of
stock of Gold Dust Corp. By
consolidation agreement, dated Jan. 22
1924, the F. S. Corp. merged with
and into Gold Dust Corp. This merger
effected
the transfer to Gold Dust
Corp. of the deposited stock of American
937, of each class. The capital of GoldCotton Oil Co., consisting of over
Corp. continued the same.
$1,000.000 of its Prof. stock were reissued Dust
$4,000,000 Prof. and approximately 50,000to American Cotton Oil Co. and
shares of its Common stock to
The N. K. Falrbank Co.
Output of Soap and Gold Dust (in Pounds) Years
Ended August 31.
191849.
1912-20.
1922-21.
1921-22.
1922-23.
x1924.
130,057,671 136,586.428 104.194,696 119,637.610
43,428,056
104,372,613
x Sept. 1 1923 to Jan. 31 1924.
Profit and Loss. Sept. 1 1923 to Jan.
311924.
Gross profits
$1.473,437
Less: Depreciation, $28,153: selling & general
expenses, 3909,805 937,958
Net profit
6535,478
Net profit-Montreal
55,093
Total net profit
$590.572
This is not a consolidated statement of profit
and loss since the Gold
Dust Corp. was merely a subsidiary of the American
Cotton Oil Co. until
Jan. 22 1924. A consolidated statement
show interest charges upon
outstanding bonds and notes of American would
Cotton Oil Co. During this five
months period the business of American Cotton
entirely of liquidating operations.-V. 118, p. Oil Co. consisted almost
913, 671.
Inc.Acct.3Mos.end.- Jan.31 '24. Oct. 31 '23. July 31 '23. Total9 Mos.
*Net earnings & Income_ 66,775,205 86,276.406 65,806.110 $18,857,721
Deduct-Int. charges306,526
303,340
361.354
971,220
Prov. for Fed. inc. &
profits taxes and
income
taxes_
Can,
801.501
735,154
2,203.729
667,074
Graton & Knight Mfg. Co.-Preliminary Results for
Balance, surplus
$5.667,176 $5,237,912 $4,777,681 $15,682,769 1923-To Reduce Amount of "Stated
Capital".*From all sources after deducting all expenses of the business includin,;
The National City Co., New York,in a letter to the company's
Preferred
expenditures for repairs and maintenance of properties and an adequate stockholders says in substance:
"The report for 1923 is expected to reflect
allowance for accruing renewals and depreciation.-V. 118, p. 670.
continuing prosperity and a distinct improvement In
the company's affairs.
company's sales of 1923 exceeded those of 1922,
The
both In value and
Fisher Body Ohio Co.-Earnings.quantity, and have been consistently profitable
throughout the year.
Inc. Acct.3 Mos.end. Jan. 31 '24. Oct. 31 '23. July 31 '23. Total 9 Mos. The company has reduced its bank loans
materially and has valued its
Net earns, aft. exp., &c_ $1,151,495 $1,005,530 $1,276,100 $3,433,125 Inventory on an ultra-conservative basis and,
in
has established
323.625
Interest charges
$33,666
$40,000
$97,291 a substantial reserve for possible future inventoryaddition,
depreciation.
140,983
121,482
Prov.for Fed.,&c.,taxes
154.512
"The stockholders will vote March 5 on reducing the authorized Capital
416,987
or Capital stock represented by the issued Common shares from 62,000,000'
$986.887
Balance, surplus
$850,380 $1,081,588 82.918.855 to $200,000 thereby eliminating the deficit of $1,718,807,
which appeared
-y„ 417, p. 2895.
on the balance sheet at Dec. 31 1922."-V. 116, p 1057.
THE CHRONICLE
MAR. 1 1924.]
(Mass.) Elec. Lt. 8c Power'Co.-Stock.-
Greenfield
the
The Massachusetts Department of Public Utilities has authorized
$100, and
company to issue $425,000 additional Common stock, parretire
prom850.000 Preferred stock, par $25. The proceeds will be used to
issory notes outstanding Dec. 31 1923. &c.-V. 118, p. 208.
Gulf States Steel Co.-Earnings.Results for Calendar Years.
1921.
1922.
1923.
$2,169,863 $1,406,083 def$242.921
Gross profits
348,994
447,876
593.342
Dope.,taxes,&c.,res'ves
140,000
140.000
140.000
First Pref. diva. (7%)-2.194
Second Pref. divs.(6%)_
448,520
Common dividends
1019
production from the Live Oak ore body will start by the middle of the
current year."-V.118, p. 209.
Internat. Business Machines Corp.-Div. Increased.-
The directors have declared a quarterly dividend of $2 per share on the
April 10
outstanding 150,688 shares of capital stock, no par value. payable
Co.
to holders of record March 25. The Computing-Tabulating-Recording
(the old company) paid quarterly dividends of $1 50 each from July 1922 to
118.
800.
p.
-V.
Jan. 1923. inclusive.
1920.
$1,153,089
401.869
140.000
5,046
International Paper Co.-1923 Output, etc.-
A total of 537.927 tons of paper of all grades was produced in 1923. Of
this total 352.518 tons were newsprint and 185.409 were other grades, compared with 273,953 tons and 159.856 tons, respectively. in 1922.
It is announced that the company has closed down its two mills at Watertown, N. Y., on account of overstocking at the present time. It is stated
$606.174
that the shutting down of the mills will not have any effect on the com$818.207 def$731,915
$985,807
Balance, surplus
pany, as they represent two minor and unimportant properties. foreign
-V. 118. P. 913.
Pres. Dodge says in substance; "The competition rendered by
- manufacturers
has not hurt the earning power of this company. Besides
Hawaiian Commercial & Sugar Co.-Extra Dividend.
to
addition
engated in the paper industry the company is also engaged in various
in
being
declared
been
has
share
per
An extra dividend of 75 cents
5
productive. Earnings in 1923 showed a sharp improvement
March
are
which
fields
the regular monthly dividends of 25 cents per share, both payable
over the preceding year, when a deficit of $4,715,797 was reported."to holders of record Feb. 25.-V. 117, p. 1892.
.
V. 118. p. 558.
Hayes Wheel Co., Jackson, Mich.-Proposes to Issue
$1,850,000 73 % Preferred Stockfor Stock of Three Other Cos.of
The stockholders will vote March 25 on acquiring through exchange
stock the outstanding shares of the Hayes Motor Truck Wheel Co. of
St. Johns, Mich., the .Albion Bolt Co. of Albion, Mich., and the Morrison
Metal Stampings Co. of Jackson. Mich., the latter two companies contributing directly to the Hayes Wheel Co. parts for wheels. None of these
companies have any mortgage or debenture debt, and all are in strong
current financial position.
It is proposed to acquire these companies by the issuance of approximately
Cumul. Pref. stock out of a total authorized issue of
31,850,000 74
32,000.000.
C. B. Hayes, President of the Hayes Wheel Co., says in part: "The acquisition of these companies should bring the Hayes Wheel Co. additional
earnings after all charges, including Federal taxes and dividends on the new
Preferred stock of over $500,000, or $2% per share available for dividends
on its Cominon stock. The estimated earnings of these companies for the
year 1924, based largely on the volume of the Hayes Wheel Co.'s gross
business for 1923, are upwards of $700,000 after all charges, but before
Federal taxes. Comparison of the gross business of the Hayes Wheel Co.
for the year to date with that of the two preceding years for the same period
indicates that this estimate is well founded:
1922.
1923.
1924.
$538,346
11,853,000 $1,344,364
January
717,604
1.430.839
est. 1.800.000
February
"It is the sense of the board of directors that the approval of this plan
by the stockholders will sufficiently add to the company's earnings to
warrant an increase in the dividends on the common stock of the company
provided there is no drastic setback in the business of the company. At the
present time the outlook for business is excellent."-V. 118, p. 316.
Interstate Power Co.-Acquisition.-
The company has acquired the plant and distribution system of the Blue
River (Wis.) Light & Power Co.-V. 103, p. 410.
Intertype Corporation.-Balance Sheet Dec. 31.-
1922.
1923.
Liablitiles1922.
1923.
AssetsMach'y eir equip't_ w$578,147 $662,051 1st Pref.stock _ -51,065,300 $1,066,600
158,330
5,430
___1 2d Pret.
1
Patents & patterns
844,235 Common stock___c1,649,570 1,496,670
911,340
Cash
25,972
21,197
Dividends payable
52,000
Debenture notes
22,818
33,771
Payments by empl.
Notes and accounts
17,076
14,550
payments
63,060,590 2,636,922 Advance
receivable
369,737
1,656,621 1,393,811 Res. for taxes, &c- 381,918
Inventories
750,000
750.000
notes____
deb.
7%
82,852
81,751
Deferred charges
171.982
oluus
ecp
Aur
nts payable_ 154,937
2.263,775 1.540,688
Total(each side)_ .36.340,449 $5,619,872 S
Hollinger Congo!. Gold Mines, Ltd.-Bal. Sheet Dec. 31.
a Machinery and equipment,cost, at Dec. 311922,$1,727,430; additions
and betterments. year 1923, $123,422; total, $1,850,851; less depreciation
reserve, $1.272,705. b Notes and accounts receivable. $3,321,733; less
reserves, $261,143. c Common stock authorized, 300.000 shares no par '
value, issued (net of 271% shares reserved for conversion of 2d Pref. stock
and of 18,697 shares held in treasury). 181,031.18 shares.
The usual comparative income account was given in V. 118, p. 914.
Kansas Electric Power Co.-Bus Operations.-
The cit'zens of Emporia, Kan., have voted to substitute motor busses for
street cars. The voters authorized the Kansas Electric Power Co. to operate a fleet of motor busses for passenger service. The motor bus system
had been given a two-month trial along lines where the street cars had
operated for more than 10 years.-V. 118, p. 438.
1922.
1923.
1922.
1923.
Liabilities-$
Assets24,600.000 24,600,000
Prop. invest., &e_24,395,246 24,178,249 Capital stock
788,134 Accts.payable,dm. 490,984. 1.304,759
Accts. receiv., &c.. 118,346
300,000
230,000
636.888 Tax reserve
759,852
Stores
5,663,505 5,909,470
4,533,408 5,021,482 Surplus
Bonds, &e
929,757
353,172
Cash
559,717 Total(each side)..30,984,490 32.114,229
824,462
Bullion
The usual comparative income account was given in V. 118, p. 914.
Holyoke Water Power Co.-Stock Increase Approved.-
Kelsey Wheel Co.-Complaint.-
The company, an automobile wheel and wheel parts manufacturer of
Detroit, is cited by the Federal Trade Commission in a complaint
itsaZT
unfair methods of competition in co-operation with distributors of ch
ucts in a plan to maintain resale prices.
According to the citation the respondents mutually agreed to abide by a
the Kelsey
standard price set by the Kelsey Company,and agreed not to sell
products in any territory other than set out in agreements between the
Individual distributors and the Kelsey Company.-V. 117, p. 2000.
Kennecott Copper Corp.-Declares Usual Dividend.-
The regular quarterly dividend of 75 cents per share has been declared
on the capital stock, no par value. payable April 1 to holders of record
March 7. This rate has been paid quarterly since Jan. 1923.
In connection with the dividend, President Stephen Birch stated that
concopper consumption in America continued very large, with foreign
Birch
sumption satisfactory in view of prevailing conditions abroad. Mr.earned
companies,
controlled
its
including
corporation,
also states that the
for the first
in 1923 nearly twice the $3 dividend paid on the stock, and
show
Hortonia Power Co.-Protective Committee.quarter of 1924, even with the present low prices of metal, expects to
The following are constituted a committee under a bond and noteholders' substantially in excess of dividend requirements.-V. 116. p. 2643.
agreement dated Feb. 15 1924 for the protection of the interests of holders
of the 1st Mtge. 30-Year 5% Gold bonds and the 5-Year 8% Secured Gold
Kentucky Utilities Co.-Acquisitions.- Co., has acquired
notes (due 1926). The committee represents no other interests than
This company,a subsidiary of the Middle West Utilities
those of the bond and noteholders. Default having been made in the
of the Paris (Ky.) Gas & Electric Co.,the Carlisle (Ky.) Electric
payment of interest, bondholders and noteholders who wish to become the plants
& Power Co. and the Danville (Ky.) Light, Power & Traction Co.
Light
notes
and
parties to the agreement may do so by depositing their bonds
the Light & Development Co.of St. Louis.
with, Metropolitan Trust Co., 120 Broadway. New York, the depositary. from
and ice.
The company is reported to have acquired the electric power
Copies of the agreement may be obtained upon application to the depositary. manufacturing
plants of the Lebanon (Ky.) Light, Ice & Power Co.
Committee.-Charles G. Wilson, Robert T. Sheldon, Craig Colgate, V.
118, p. 209.
Nathaniel F. Glidden, with Chauncey H. Murphey, Sec., 120 Broadway.
New York.-V. 115, p. 1250.
Keystone Telephone Co., Phila.-New Officers, &c.and
F. Clark Durant Jr. succeeds James C. Jones as a Vice-President,Gen.
Huntington (Ind.) Light & Fuel Co.-Bonds Called.- Joseph
as Vice-President,
Cooke
M.
Edward
succeeds
Stockwell
F.
All the outstanding 1st Mtge. 20-Year 6% gold bonds dated April 1 1913
•
have boon called for payment April 1 at 103 and int. at the Spitzer, Rorick Mgr. and a director.
Mr. Durant, George B. Macomber and Marcus Beebe Jr., have been
Trust & Savings Bank, trustee, Toledo. Ohio, or at the office of Spitzer.
elected directors, the latter to succeed the late Marcus Beebe Sr.-V.118.
Rorick & Co.. New York City.-V. 75. p. 138.
p. 210.
Governor Cox of Massachusetts has sig led a bill permitting the company
to increase its capital stock from $1.200,000 to 13.000,000. No immediate
action is expected to be taken by the stockholders to avail the corporation
of the increased limits, the new maximum having been asked because the
growth of the business indicated that an increase would be advisable in
the future.-V. 117. p. 2440.
(George P.) Ide & Co., Inc.-Annual Report.Income Account Year Ending Dec. 31 1923.
Profit from operations
Deduct-Depreciation, $44,091; interest, $19,560; Federal
income tax $56,000; total
Preferred dividend (2%)
Klots Throwing Co.-Plan of Readjustment.-
1498,963
119.651
40,000
$339.312
29,659
Balance
Surplus Jan. 1 1923
Total surplus
$368,971
Balance Sheet Dec. 31.
Liabilities1922.
1922.
1923.
Preferred stock_ __$2,000,000 $2,000,000
Plant & equipm't
$665,836 $679,995 Common stock_ __ 1,275,000 1,275,000
less reserve
314,658 Notes & accts.Pay. 344.199
257,731
Cash
676.335
Fed. Inc. tax. res.
56,000
19,000
Notes& accts.rec.,
1,108,736 1,092,949 Accrued accounts_
4,882
less reserves_
97,029
97,029
Inven., less res'ves 1,993,147 1,935,944 Res. for conting...
78,559 Surplus
115,750
368,971
29,659
Deferred charges
Assets-
1923.
$6,141,200 $4,102,105;
Total
-V. 117, p. 2658.
Total
$4,141,200 $4,102,105
Inspiration Consolidated Copper Co.-Omits Dividend.
-The directors, on Feb. 28, decided to omit payment of the
usual quarterly dividend of 50o. per share which would
ordinarly have been paid April 1 next on the outstanding
$23,639,340 Capital stook, par $20.
Dividends were resumed April 2 1923 by the payment of a quarterly
dividend of 50 cents per share. Like amounts were paid quarterly to
and including January 1924. •
In connection with the passing of its dividend, the company announced
that it had deemed it advisable to suspend mining operations one day a
week.
The following statement was issued by the directors: "The company
has been, since the latter part of 1921, actively engaged in an extensive
development program, consisting of the development of the Live Oak
the main east
ore body, the extension of the company's railroad from and
concreting
sinking
and west shafts to the new Porphyry shaft; the
the necessary
of
erection
the
and
level,
-ft.
1400
the
to
of a now shaft
the Live Oak ore
hoisting and surface equipment to handle the ore from of
the eighth level
body. The company has also undertaken development
a town site consisting
of the Inspiration's division, and has completed
&c.
store
buildings,
dwellings,
for
structures
88
of
Of this
"This pirogram calls for the expenditure of over $5,000,000.
is anticipated that
amount 71% was expended to the end of 1923. It
A plan for readjustment of debt and capitalization dated Oct. 10 1923
has been adopted and approved and is now being put into effect. The
plan was carried through by a committee consisting of Charles Cheney.
William Skinner, 0. H. Cheney and John L. Wilkie.
Digest of Plan of Readjustment of the Debt and Capitalization.
Liabilities.-The liabilities of the company June 30 1923, other than for
current obligations, amounted to 87.304.062, as follows: Underlying mortgages, $166,160; Collateral Trust 89' notes. due Jan. 1 1924. $2,539,185;
2-Year 4% notes, due July 1 1924, $1,820,621; 5-Year 7% Income notes.
due July 1 1927. 82,778,095.
Current liabilities amounted to S3,797.828, as follows: Letters of credit,
by
drafts and notes to finance raw material purchases. $2,380,579; advance
factor, 3475.083; trade accounts and accrued items, $382,675; disputed
Federal taxes, year 1919 (abatement proceedings pending), $559,490.
There is outstanding $766.534 of Readjustment Plan 6% notes, secured
by merchandise, which merchandise appears under the head of "current
balassets," and which is of a value of approximately $650,000. For any
ance remaining after the liquidation of this merchandise, the holders of such
notes will be entitled to be treated as creditors and to be treated in all respects the same as if they were holders of 2-Year 4% notes. above mentioned.
Capital Stock.-The outstanding capital stock consisted of 82,227,000
Preferred stock and $2.000.000 Common stock; of the latter, $500.000 is
held by the trustee for corporate purposes.
Collateral Trust Notes to Be Exchanged for First Mortgage Bonds.-Holders
of the $2,539.185 Collateral Trust notes maturing Jan. 1 1924 shall exchange
the same at par for 1st & Coll. Trus Serial Gold Mtge. 79' bonds. Holders of certificates of beneficial interest for voting trust certificates under the
trust agreement dated Feb. 5 1921 will be requested to return same to the
treasury.
Terms of Indenture to Be Changed.-It is proposed that the company shall.
by supplemental mortgage, change the terms of the indenture dated Jan. 1
1921, to the Bankers Trust Co. as trustee, securing the $5.000,000 1st &
Coll. Trust Serial Gold Mtge. 7% bonds, so as to provide: (1) That the
mortgage shall be closed at $2,570,000. (2) That the bonds shall be changed
from serial bonds,so that the same will all mature on Dec. 31 1933.(3) That
the mortgage shall contain a sinking fund provision which in effect will
provide that, commencing on July 15 1925 and annually thereafter, the
company shall pay to the trustee as a sinking fund,for the retirement of the
bonds at 105, an amount which shall not be less than 25% of the net earnings for the preceding year, after deducting from the net earnings of such
year proper reserves. Annual sinking fund payment shall not be less than
$125,000.
New Preferred Stock.-Company will authorize an issue of $2,000,000
Prior Preference stock, Series A,and the issue of $3,100,000 Prior Preference
stock, Series B. The Series A stock will be entitled to receive dividends at
the rate of 7% per annum, cumulative from Jan. 1 1924, before any div.
shall be paid upon the Series B stock, the present outstanding Preferred
stock, or upon the Common stock: it will be redeemable all or part on any
1020
THE CHRONICLE
ells,
. date prior to and including 1928 at par and divs., and thereafter
there
shall be added to such redemption price 1% for each
year in which such redemption shall be deferred, until such redemption price
shall reach 110 and
dive. So long as any of the Prior Preference stock, Series
A. shall be outstanding, company shall not, without the consent of the holders
of at least
two-thirds of the outstanding Prior Preference stock: (a)
property and business of the company substantially n dispose of the
their entirety.
(b) Create or assume any mortgage or other lien upon its real
or plants
to secure an issue of bonds, or otherwise, except in renewal estate
or refunding of
existing mortgage debt, and except purchase money
newals or refundings thereof. (c) Create any sharesmortgages, or any reof stock having priority over or on a parity with the authorized Prior Preference
stock or increase the authorized Prior Preference stock; or (d)
Create or assume or
guarantee any bonds. notes or other debt maturing more
than
year from
one
the date of issue thereof, except purchase money mortgages,
or to refund
outstanding mortgage bonds or purchase money
mortgages.
Out of the earnings of each year, commencing with
1926. company shall
set aside as a fund for the purchase or redemption of Prior
Series A, an amount which shall not be less than 25% Preference stock,
for such year, after deducting from the net earnings of the net earnings
of such year proper
reserves, the sinking fund payments, and
amount of dividends paid or
declared upon the Prior Preference stock,the
Series
A.
or
13. for such
year. The company may acquire in the open market, Series
or otherwise, Prior
Preference stock for such purchase or redemption,
at the lowest price obtainable, not exceeding the redemption price.
The Prior Preference stock, Series
shall contain terms similar in all
respects to the Prior Preference stock, Series
A. except to the extent that
iPreference stock, Series A,is given preference
the same, as hereinabove expressed, and the provisions with respect to over
purchase or redemption
of such Series B stock shall be effective only after Series
A
stock shall have
been completely redeemed.
Common Stock to Be Converted into Shares of No Par Value.-It is
proposed
to cause to be issued 20.000 shares of no par value stock, which will
be used
in exchanging one share thereof for each share of the
Common stock
now outstanding. The 5.000 shares held by trusteespresent
corporate
for
purposes
shall be similarly exchanged. A new voting trust will be
created, or the
present voting trust modified so that the stock will be continued
in a voting
trust for a period of five years, or until the retirement
of the Prior Preference stock.
Treatment of Existing Obligations Other Than Current Liabilities.
The holders of the 2-Year 457 Gold notes will
the same at par
for Prior Preference stock, Series A. Collateralexchange
than 1st & Coll.
Trust Serial Gold bonds) deposited as security for(other
2
-Year
4% Gold notes
will be realized upon by the company, and
net proceeds paid to the holders of such collateral, against the surrender,the
at
par,
of
Preference
Prior
stock,
Series A, exchanged for such 4% Gold notes.
Holders of the 7% 5-Year Income notes
July 1 1927 will exchange the same at par for Prior Preferencematuring
stock, Series H.
Holders of Readjustment Plan
notes will, to the extent that the security now held for the payment 6%
of the notes ultimately prove insufficient
to pay the same, be entitled to receive for any deficiency remaining Prior
Preference stock. Series A, at par.
To Create Syndicate.-It is proposed to
a syndicate for a period of
years of the Prior Preference stock. Seriescreate
A and Series B, so that the same
can be sold, if an opportunity presents itself,
at
a favorable price, not less
than 100 for the Prior Preference stock, Series A. and
95 for the Prior Preference stock, Series B. Prior Preference
syndicate participation receipts, issued by the syndicate managers, stock
will
transferable
be
all respects
the same as stock certificates for a Prior Preference stock, andin
it is contemplated that a market for the syndicate participation
receipts
will
created,
be
lithe holders of the receipts desire this to be done.-V. 118,
p. 914.
Laclede Gas Light Co.-New Director.-
W.H. Whitton, Vice-President and Secretary,
been elected a director
to succeed the late R. H. Stockton.-V. 118. p.has
801. 673.
Lehigh Coal & Navigation Co.-No Stock Dividend.-
The stockholders on Feb. 26 voted against a resolution which would
have
requested the board of managers to give immediate
n to the
payment of a stock dividend of 20% on the presentconsideratio
outstanding capital
stock.-V. 118, p. 904.
Loft, Inc.-Report for Calendar Years.-
[VOL. 118.
the old Preferred stock was retired and a new issue
of $3,000,000 sold,
but having the same dividend rate.
Balance Sheet Dec. 31.
1923.
1922.
1923.
1922.
Assets.LiabilitiesEquity in real est _x1,722,560 1,051,778 7% cum.pref.
stk
951,400
lmpts.. turn., Fa_ 3,657.502 2,039,104 Common stock__ __ y3,000,000
9,652,320 7,059,900
Mdse.& supply... 4,775,274 b3,856,534 Bills payable
982,809
797,809
Accts. reeelvalc`e._
83,860
24,142 Accounts payable. 468,538 1,201,332
Empl. stk. subscr_
39,827
93,831 Employees dep.__
37,022
35,122
Pref. & corn. stk.
Federal taxes
239,000
171,000
parch. for empl. 446,024
Sur. app. to retireSurrender value Inment of Pref.stk
330,000
surance policies_ 132.481
123,390 Surplus
1.222,875 1,219,981
Cash
530,777
448,188
Prepaid rents, Sm. 214,057
129,578
Good-will
4,000,000 4,000,600
Tot.(each side) _15,602,384 11,766,544
x Equity in real estate of subsidiary cos.:
estate, $1,017,000 and
additions since June 1 1915, 52,648,432, less real
$134,650
for depreciation and mortgages. y Common stock as follows: reserve
Original Common
outstanding (par 1100). 18.600: new Common, no par
value: Common
(voting). 334.631 shares and Class "13" Common, 29,861 shares
stated at
$9.643.720.-V. 118. p. 914.
Massachusetts
Trustees.-
Lighting
Cos.-Income
Statement of
CaTc Idar YearsDividends on stocks owned
Interest received
1922.
$408.669
184,412
1923.
$464,538
150.493
Total income
Expenses of trust
Taxes
Interest paid by trustees
2593,081
19,013
28,272
124,299
$615,031
14,568
18,384
113,094
Balance
$421,497 $468,983
coisolidated Operating Accounts of Companies Whose Shares Are Owned
by
Massachusetts Lighting Cos.
Cal. Years1922.
1923.
Cal. Years1922.
1923.
Gross oper. rev_ _ _ 33,001,330 13,351,496 Interest charges_ _ 245,793
223,942
Oper. expenses._ _S1,915,773 32,107,767 Dividends
409.167
484,979
Depreciation
237,224
325,227
Taxes
245,161
249,826
Bal.to surplus_ _ $43,456
$89,724
Misc. deductions_
2,491
2,943
Total
$169,953 $558,708
Pref. dlv. (Mass.
Net oper.Income $600,680 $665,732
Lighting Cos.)._ 390,210
309,378
Non-oper.income_ 102,736
112,912 Common dividneda
(Mass.Ltg.Cos.) 23,085
84,637
Gross Income__ _ $703,416 $778,645
Balance, surplus $56,658
$94,693
Balance Sheet December 31.
Assets1923.
1922.
Liabilities1922.
1923.
Stocks(at co3D___$5,948,782 $5,936,182 aShare
capital...35,841,100 $5,837.100
Notes rec. (subs.)_ 1,934,600 1.704,600 Share subserlp'n.
0,620
Miscell. investls.
389,013 Deben. bds., 1930_ 1,000,000 1,000,000
Cash
193,036
229,835 Serial bonds
558,400
896,000
Acc'ts receivable
305,952
227,990 Acc'ts payable.....
20,863
2,386
Taxes & in accr.
(not due)
44,741
40,549
Divs. pay. Jan. 15
99,903
99,591
Surplus
In,
757,974
757,974
Total(each side) $8,382,370 $8,487,620 Surplus paid
earned
59,389
54,420
a Share capital consists of. (a) 46,169 Common shares of no expressed
value;
(b) 33,8386% Preferred shares (at their expressed value,
$3,393,800): and (c) 24.573
8% Preferred shares, value as stated in the certificates. 52.457.300.-V.
117. p.789.
Mathieson Alkali Works (Inc.).-Back Dividend.-
1923.
1922.
1921.
1920.
Net sales
$7.406.292 $6,738,262 16.760,222 17,542,867
Raw materials, labor,
&c.,expenses
6,713,215
5,768,779
5,964,433
6,760,613
Depreciation
377,957
360,634
The company has declared the regular quarterly dividend of 1%% and
an additional dividend of 1%% (to apply on account of accumulatio
ns) on
the Preferred stock, both payable April 1 to holders of record March
This payment will reduce arrears on the Preferred stock to 3;5%.-V. 20.
117.
p. 2659.
Operating income_
Miscellaneous income__ _
$315,120
90.079
Profit for year
Federal taxes
Dividends paid
$405,199
50.477
Maxwell Motor Corp.-Bonds Offered.-Blair & Co. Inc.
are offering at 98 and int., to yield about 7.30%, $5,000,000
10-Year 7% Cony. Sinking Fund gold debentures (see
advertising pages).
Balance, surplus
Previous surplus
1608,849
55,184
1795,789
56.761--
1664,033
1852,550
82.208
122,200
(11)645.000 (11)645,025
$354,722 def463,174
1,343,242
1,406,416
185,325
1,321,091
$782,054
62,869
$844,023
126,000
$718,923
602,168
Profit and loss surplus 31,697.965 $1,343,242 11,406,416 $1,321,091
-V. 118, p. 438.
Ludlum Steel Co., Watervliet, N.Y.-Common Dividend.
The directors have declared a quarterly dividend of 50c. per share on the
Common stock. payable April 1 to holders of record March
20. Dividends
were:resumed at this rate on Jan. 2 1924. See also V. 118, p. 438,
318.
The New York Stock Exchange has authorized the listing of 120,000
shares of its capital stock, no par value.
Consolidated Statement of Earnings-Year ending Dec. 31.
1923.
1922.
Deduct1923.
1922.
Net sales
$3,418,258 $2,511,213 Interest on bonds_ $82,573
$50,829
Material, labor &
Amort.bond diset_
11,115
10,100
oper.expense
2,688,680 2,082,721 Other interest,......
15,894
55,189
Depreciation
105,105
99,587 Adjust. prior yrs_
58,546
Net income
2824,491 $348,905 Bal., surplus- $487,723 $256,264
Other income
31,360
23,477 Previous surplus__ 1,777,049 1,042,194
Sundry debts
5,504
Appr. of plant val.
Cr.478,591
Dividends paid__. 48,783
Total income.-_ $655,851 2372,381
Sur. Dec. 31...52,210,486 $1,777,049
-V.118. p. 318, 438.
(J. F.) McElwain Co. Boston.-
rr The company has purchased the plant and equipment of the W. H.
Griffin Co. of Manchester, N. H. The company Nashua
it is
stated, is now producing about 3.500 pairs of shoes asday.-V.factory,
115. p. 1639.
Magnolia Petroleum Co.-To Increase Capital Stock.
The stockholders will vote March 11 on increasing the authorized Capital
stock from $180.000,000 to 1188.000,000, par 1100. The 18,000,000
new
stock, if authorized, will be available as treasury stock for sale or distribution
to officers and employees of the company and its subsidiaries under a stock
subscription plan.-V. 118, p. 559. 210.
McCrory Stores Corp.-Annual Reports.-
Dated March 11924. due March 11934.
payable M. & S. in New
York and in Detroit without deduction for Int.
any Federal income tax not
exceeding 2%. Penna. 4 mills tax. Conn. personal
property tax not exceeding 4 mills, and Mass. income tax on int.
exceeding 6% on such
income, refundable. Denom. $1,000, 1500 and not
$100
c*.
at any time on 60 days notice at 105 and int. on or beforeRed. all or part
March 1 1925.
and thereafter at 105 and int. less M% for each
12 months or part thereof
elapsed after March 11925. Central Union Trust
Co., Now York, trustee.
Data from Letter of Pres. W. P. Chrysler, New
York, Feb. 25.
Company.-Ranks as one of the leading manufacturers
of automobiles in
the United States. The present corporation, organized
in May 1921.
represents the outgrowth of a business originating
The name "Maxwell" is one of the best known in theabout 20 Years ago.
Corporation
trade.
produces a line of Maxwell four-cylinder cars to which
has just been added
a line of new Chrysler six-cylinder cars. The two
meet the needs of
buyers of popular-priced cars. The reduction sincelines
Dec..31 1921 of more
than $10,000,000 in the total funded debt
strong condition of the corporation's business.of 315.000,000, indicates the
New Chrysler Car, which was shown to the trade for
the first time in Jan.,
has been most favorably received in the
centres, as indicated by
the volume of business which has been principal
offered
the
company. The production of the Chrysler car to May 1 has been
sold and indications
are that the volume for the current veer willentirely
be
from
30,000 to 35,000
Chrysler cars. beling limited only by the capacity of
Purpose.-Proceeds are to redeem the Series "0" the Chrysler plant.
notes which represent
an indebtedness as of Dec. 31 1923 of 14,564,329. These
notes have been
called for redemption at par and int. on March
Convertible.-On or after Sept. 1 1924 into Class1.
"A"stock at $75 per share,
that is. $750 of debentures is to be exchangeabl
e for 11.000 Class"A"stock.
The Class"A" stock LS entitled to preferential dividends
of 8% and participates equally with the Class"B" in any year after
dividends of 18 per share
have been paid on the latter in that year.
Sinking Fund -On Sept. 1 1924 and on Sept.
1 of each year thereafter
until all the debentures shall have been
the corporation, as a sinking
fund for these debentures, will deliver toretired
trustee for cancellation, debentures of this issue and (or) cash sufficientthe
to retire at the redemption price
for the debentures prevailing on the next succeeding
interest payment date,
3250.000 of these debentures, that is. 5%
the issue.
Listing.-It is expected that application of
will be made in due course to
list these debentures on the New York Stock
Exchange.
For results for the calendar year 1923 see company's report
Calendar Years1923.
1922.
1921.
1920.
Sales
/21.367.824 117,123,253 $14,406,404 114,199,346 under "Reports and Documents" on a subsequen page. See
t
sales
Cost of
114,888,936 111,797,154 110.006,087 $9,920,853 also comparative tables
in V. 118, p. 787, 802.
Gen. exp.. taxes, &c__ _. 4,807,849
4,141.029 a,712.546 3.659,009
y Preferred diva
(7%)99,214
66,504
67,333
70,201
Middle States Oil Corp.-Chairman Resigns.Common diva. (cash)x104,F99
36,731
o. N. Haskell has resigned as Chairman
Common divs. (stock).._ x1,700,699 (10)852,300(24)1232,567 (1%)50,000
and a director of the company •
-V.
118. p. 915, 560.
Retirem't of Prof. stock_
93,832
54,970
54,830
37,045
Middle
Balance, surplus
West
def$327,305
Utilities Co.-To Issue Additional Stock.$174,564 def$666,959
$482,238
The stockholders will vote March 25 on authorizing
the directors (1) to
x In 1923 company paid stock dividends amounting to 18% as follows: issue and dispose of additional shares of Preferred
stock for the corporate
June
1.
1% on the old shares of $100 par value: on purpose of the company, and (2) to
March 1, 10% and
sell to employees 10,000 shares of
June 12, shares of no par value were Issued in exchange for Shares of $100 Common stock.-V. 118, p. 439.
the ratio of four new shares for one share of $100 par. On
par value in
Milton (Pa.) Mfg. Co.-Bonds Called.Sept. 1 a stock dividend of 1% and on Dec. 1 a stock dividend of 6%
werepaid on the new shares. In addition,a cash dividend of 1%.amounting
All of the outstanding 1st Mtge. 8% Sinking Fund Gold bonds, dated
to $70,480. was paid on March 1. This is included in the $104,599 shown April 1 1922. have been called for redemption
April 1 at 103 and int. at
above, the balance being cash paid for fractional shares. y During 1923 the Equitable Trust Co.. 37 Wall St.. N. Y. City.
-V. 117, P. 1022.
r
THE CHRONICLE
MAR. 1 1924.]
Moreland Motor Truck Co., Burbank, Calif.-To
Increase Stock-Sales.-
The stockholders will vote March 10 on increasing the authorized Capital
stock from 62.500,000 to $5,000,000.
Sales in 1923 totaled $3,944,894, against $2,470,744 in 1922.
Morrison Metal Stampings Co.-New Control.See Hayes Wheel Co. above.-V. 116. P. 185.
1021
Power Commission. These sites are at Monticello and at Otsego. The
total expenditure involved in these two developments will, it is said, be in
the neighborhood of $10,000,000.-V. 118, p. 440.
Northwestern Public Service Co.-Acquisitions.-
The company is reported to have acquired the Union Light & Power
properties at Aberdeen, Watertown and Yankton. So. Dak., Columbus and
North Platte. Nob.. as well as the Huron (So. Deka Light & Power Co.
from the.A. M. Hewes Co. of Chicago.-V. 118, p. 803.
Ohio Edison Co.-Consolidation With Springfield Light
, Mountain States Telep. & Teleg. Co.-Annual Report.
1920.
1921.
1922.
1923.
Heat & Power Co.Calendar Years$14,940,708
Telephone oper. revs.. _ _$15,659,958 415,353.143 $14.926,482
See that company below.-V. 117, p. 1135.
Telephone oper. exp_ _ _ _ 10,486,786 10.435,581 10,294,653 10.404,286
Oklahoma Gas & Electric Co.-Notes Offered.-H. M.
Total net oper. rev__ $5,173372 $4,917,562 $4,631.829 $4,536,423
$63,000 Byllesby & Co., Inc., Federal Securities Corp., Spencer
$70,000
$81,600
Uncollectible oper. revs_
$80,400
1.423,393
1,448.265
Taxes
1.515,515
1,593,536
Track & Co. and E. H. Rollins& Sons are offering at 98 and
Operating income_ _
$3,499,236 $3,320,447 $3,113,564 $3,050,030 int., to yield over 7%, $2,000,000 2-Year 6% gold notes.
137.598
119,572
Total gross income.._ _ $3,590,753 $3,421,982 $3,251,162
Appr.sk.fd., &c.,reeve
170.545
Rent & misc. deductions
194,984
210,086
194,864
Interest deductions
167,619
238,375
2.690.779
2,690,779
Dividends (7%)
2,690,779
$3,169,60:1
135,000
159,155
110,502
2.690.779
Net non-oper. revenues_
Balance, surplus
-V. 117, p. 2220.
91.517
$522,269
101,535
$297,844
$194,973
$74,077
Narragansett Elec. Ltg. Co.-To Consolidate Sub. Cos.-
Through the formation of the South County Public Service Co.. it is
proposed to consolidate three of the Narragansett company's subsidiaries.
viz.' the Westerly Electric & Power Co., the Wickford Electric Light &
Water Co. and the Narragansett Pier Electric Light & Power Co., all of
Rhode Island. The capital involved in the proposed merger Is about
$850,000.
Onaries D. Owen has been elected a director. This brings the total
number of directors up to 17. Byron S. Watson has been elected a member
of the executive committee.-V. 118, P. 915.
Nash Motors Company.-Listing.The New York Stock Exchange has authorized the listing of $15,760,900
7% Cumul. Pref. stock, par $100, on official notice of issuance in exchange
for present outstanding certificates designated 7% Pref. "A" stockthis stock having previously been listed on the New 'York Stock Exchange
as 7% Cumul. Prof. "A" stock.-V,118. P. 802, 560.
National Cash Register Co.-Sales, &c.
President Patterson is quoted as saying: "1923 was the hest yearrwe
ever had. Our sales increased from about $28.000,000 in 1922 to between
$40,000,000 and $45.000.600 in 1923. Our aim for this year is over $50,000,000. The company is producing over 100,000 machines a month and
is booked for some time ahcad."-V. 118. p. 318.
National Steel Car Lines Co.-Certificates Called.All of the outstanding $210,000 8% Equip. Trust gold certificates, series
"A," have been called for payment May 1 at 103 and int. at the Irving Bankcole rabbi Trust Co 60 Broadway. N. Y. City.-V. 118. p. 915. 318.
Neutraso Products Corp.-Pref. Stock Offered.-Neheiniah Friedman & Co., Inc., New York, are offering at 100
and div. $100,000 7% Cum. Pref. (a. & d.) stock.
Redeemable all or part at 110 and div. Dividends (exempt from normal
Federal income tax) are payable Q.-J. and are cumulative from Jan. 1 1924.
On or before Dec. 1 1920 and annually thereafter, from out of surplus and
net earnings at least 3% of the Pref.stock then outstanding shall be acquired
by the company by redemption or by purchase at not to exceed 110 and div.
Issued.
Authorized.
Capitalization$100,000
6300,000
7% Cumulative Preferred stock (roar $100)
500.000
500,000
Common stock Class "A" (par $10)
•
250,000
250,000
Common stock Class "B" (par $10)
Both classes of Common stock share equally in all dividends and are the
same in all respects except that Class "A" has voting power and Class
"B" has not.
Data from Letter of President Edward Pohl, New York, Feb. 1.
Business.-Since the beginning of the silk industry, silk manufacturers
have used an emulsion of soap and oil in water to soften and lunricate the
raw silk preparatory to the winding, spinning and other mechanical operations necessary to produce the fabric. This soap and oil treatment has'been
so faulty and has damaged so much silk that many attempts have been
made to furnish a substitute. Nothing of a satisfactory nature was ever
produced, however, until about three years ago when Noutrasol was introduced to the industry by the above corporation, which has to-day among
its customers many of the largest silk manufacturers and silk throwsters in
this country and some of those in France and Switzerland.
Until now the company has catered only to the silk industry. Neutrasol,
however, is as well adapted for other textiles as for silks, notably for the
wool and worsted Industries, and many of the oils and sizings sold by the
company up to the present time for milt are admirably adapted also for the
cotton industry.
Profits.-For 1923 net earnings after substantial reserves amounted to
over 3 times the dividend requirements on the present issue of Pref. stock.
Current earnings are now running at the rate of over 12 times such dividend
requirements and show a net income for the Common stock of over 19%•
These net earnings, if continued for the balance of the year, will amount to
more than the entire issue of this Preferred stock.
Purpose.-Company is also marketing a line of products for the treatment
of natural and artificial silk and spun silk. notably Wasol M-21, Artosol,
SS Compound, Wesel S and Windex°. Each of these articles is of sufficient
importance to form the basis of a good business. With the funds derived
from the sale of the present issue of Preferred stock, it is intended to exploit
these articles, to enter the cotton and woolen fields and to enlarge organization to more intensively develop the entire textile field. None of this new
capital is needed for factory or fixed equipment.
New Hampshire Power Co.-Bonds Offered.-Coffin &
Burr, Inc. are offering at 94M and interest, yielding about
6%,$6130,000 first mtge. Gold Botids, Series A, Sinking
Fund 6s. Dated Dec. 1 1923, due Dec. 1 1943.-V. 118, 1).
440.
New Jersey Water & Light Co.-Sale, &c.See Eastern New Jersey Power Co. above.-V. 118. p. 319.
New Mexico & Arizona Land Co.-Negotiations.-
It was reported this week that the Texas Co. Is negotiating for oil-drilling
rights on the property of the New Mexico & Arizona Land Co. The latter
owns over 1,000.000 acres of land located in the States of Arizona and New
Mexico. The land was an original government grant to the St. Louis &
San Francisco Ry. The Frisco still owns 50% of the $1,000,000 capital
stock, par $I. The other 500.000 shares were distributed to its stockholders when it was reorganized in 1916.
One of the large tracts of the company's land lies adjacent to the Navajo
Indian Reservation, where active oil drilling is being carried on and where
a
oil has already been found. Another Is near Holbrook, Ariz., where
number of wells are also being sunk at the present time. It Is stated that
under the terms of the agreement now being considered drilling will be on
a royalty basis.-V. 117, p. 96.
Northern States Power Co.-New Construction.Surveys have been completed and plans are under design for two new
water power plants on the St. Croix River. One of these will be built at
Kettle River Rapids, about 40 miles above St. Croix Falls. The head here
will be about 80 feet and the installed capacity about 40,000 h p. This
construction will involve an expenditure of over $5.000,000. The second
plant will be nearer St. Croix Falls. It will have an ultimate developed
head of about 105 feet and will involve an expenditure of approximately
• $3,000,000.
On the Mississippi River surveys on two sites have been nearly completed
and plans will be immediately worked out for submission to the Federal
Dated Feb. 1 1924, due Feb. 1 1926. Red. all or part at any time
upon 30 days notice; at 101 to and incl. Feb. 1 1925; thereafter at 10034
to and incl. Aug. 11925: and thereafter at 100 and int. Denom. $100,$500
and $1,000 c*. Principal payable at office of trustee in Chicago. Int.
payable F.& A.in New York and Chicago without deduction for any normal
Federal income tax not in excess of 2%. Penna. 4 mills and Mass. income
tax not in excess of 6% per annum refunded. Continental & Commercial
Trust & Savings Bank, Chicago, trustee.
Data from Letter of Vice-President J. .1. O'Brien, Chicago, Feb. U.
Company.-Is the largest electric and gas utility in Oklahoma. The
properties owned or controlled, and operated, comprise modern and efficient
electric generating plants and comprehensive, well maintained electric and
gas distribution systems. The properties furnish electric power,and light
or natural gas for commercial and industrial purposes in Oklahoma City,
Muskogee, Sapulpa. El Reno. Enid, Shawnee. Ada and Drumright, which
cities, together with other communities served, have a total population
estimated to be in excess of 369.000. The system includes the properties
of Southern Oklahoma Power Co. (and its subsidiaries), over 90% of whose
stock is owned.
Over 84% of the net earnings is derived from electric power and light
sales, and less than 5% of the gross earnings is derived from the sale of
electric power for use in the production of oil.
The properties include modern and efficient power houses having a total
installed electric generating capacity of 38.900 b.p., and comprehensive,
well maintained electric and gas distribution systems. In addition, company has under construction at Horse Shoe Lake. near Oklahoma City,
a 20,000 h.p. plant which is now nearing completion and is expected to be in
operation in the spring. The foregoing is exclusive of a modernly equipped
electric generating plant near Muskogee. Okla., recently completed, having
an installed generating capacity of 30.000 h.p. which, together with more
than 186 miles of electric transmission lines, Is owned by the Oklahoma
General Power Co., which company has leased this entire generating and
distributing system to the Oklahoma Gas & Electric Co. Transmission
lines connect the systems of the two companies, and, together with more
than 520 miles of high tension electric transmission lines inter-connecting
the properties of the company, afford an interchange of current over the
entire system. These high tension lines enable the company to supply
power to cities and towns accessible to these lines. The properties of the
Southern Oklahoma Power Co. are also being inter-connected with Oklahoma Gas & Electric Co.'s main transmission systems.
Natural gas, purchased from producing companies, is distributed in Oklahoma City, Britton, Yukon, El Reno. Muskogee and Enid.
Purpose.-Proceeds will baptised to provide increased working capital
pending the completion of pins now being formulated for the consolidation
of the present funded debt of the company and subsidiaries.
Capitalization Outstanding in Hands of Public (After This Financing).
$6.917,300
Preferred stock, 7% Cumulative
4.625.000
Common stock (Including 6125,000 divisional stock)
2,000.000
2-Year 6% gold notes, due Feb. 1 1926 (this issue)
2.162,500
Bond Secured 8% Convertible gold notes, duo Feb. 1 1931
2,100,000
7% Mortgage notes. due Aug. 1 1926
2.788.000
First Mortgage 5s, due Oct. 1 1929 (closed)
5,000.000
First & Refunding Mortgage 6s, Series "B," 1941
6.750,000
First & htefunging Mortgage 7345. Series "A"
2.059,200
Southern Oklahoma Power Co. and subsidiaries' bonds
Company guarantees $3,750,000 1st Mtge. 6% geld bonds of Oklahoma
General Power Co. and owns over 90% of the outstanding capital stock
of that company.
Earnings Twelve Months ended Jan. 31 1924.
$7.291.853
Gross earnings
5,010,384
Operating expenses, maintenance and taxes (excl. depreciation)
$2,281,469
Net earnings
Annual int. requirements on total funded debt, incl. this issue_ _ - $1.520,297
Management.-The properties are under the management of Byliesby
Engineering & Management Corp., the entire capitalization of which is
owned by Standard Gas & Electric Co.-V. 118, p. 440.
Pacific Lighting Corp.-Balance Sheet Jan. 1.1924.
1923.
1923.
1924.
$
A ssetsStocks owned..... 9,373,710 9,341.829 Preferred stock__ 4,162,000 4,162,000
87,200 Common stock_ __ 5,280.000 5,280,000
63,200
Other stocks
Preferred dividend
Bonds of L. A.Gas
34,683
34,683
accrued
144,495
& El. Corp..&c_ 248,705
341,165 Profit and loss,stir-'
Other investments. 269,054
668,901
681,240
plus
230,895
Cash and deposits_ 203,254
10,157.923 10,145,585
Total
Total
10,157,923 10,145,585
The usual comparative income account was given in V • 118. P• 916.
Pacific Mills.-Listing, &C.-The New York Stock Exchange has authorized the listing of $40,000.000
capital stock, par $100.
Character and Amount of the Annual Output-Calendar Years.
y Worsted Dept.
a Print Works Dept.
16.100,489 yards
1910
149,568,753 yards
20,860.421 Yards
186.202.694 yards
1920
1921
22,017,402 Yards
231.974,430 yards
12.275,508 yards
1922
142.351,042 yards
23,122,838 yards
1923
219,213,506 yards
x Printed, dyed, bleached finished cotton goods. y Cotton warp and
all wool dress goods.
Year*Fed. Taxes. Net Earns.
Deprec.
Sales.
1919
$44,702,314 $1,116,955 $1,487,736 $5,929,434
1920
Noneloss1,822,514
1,211,786
66,078,797
1921
513,721
43.352,894
3.486,808
1.265.914
1922
168,965
27.665,370
1,182.753
1,268,358
1923
3,244,312
44,810,158
1,242.483
456,331
* Federal taxes are deducted from the years on which they are assessed,
and not from the years in which they are paid.-V. 118, p. 916.
(William E.) Peck & Company, Inc.-Merger.-
See American Trading Co. above.-V. 115, p. 996.
Pennok Oil Co.-Quarterly Div. Increased to 2M%.
-
The directors have declared a quarterly dividend of 234% on the stock.
par $10. payable March 25 to holders of record March 15. During 1923
dividends totaling 10% were paid on the stock as follows: 1% regular and.
1% extra in March. June and Sept. and a quarterly of 2% and 2% extra
December.-V. 117. p. 2333.
Pennsylvania Power 8c Light Co.-Definitive Bonds.-
The Guaranty Trust Co. of N. Y. is prepared to deliver definitive 1st
& Ref. Mtge. gold bonds, Series "0," 6%. dated Sept. 1 1923, in exchange
for the outstanding temporary bonds. (For offering of bonds see V. 117.
p. 1672.)-V. 117, p. 2443.
Pennsylvania Tank Car Co.-Consolidation.-
This company has been consolidated with the Pennsylvania Car Co.
-V. 115, P. 1330.
1022
THE CHRONICLE
Peerless Truck & Motor Corp.-Annual Report.-
Calendar YearsNet sales
:Cost of sales
Gross income
Depreciation
Net profit
Other income
1
J
1923.
Not
Stated
1922.
1920.
1921.
$16,001.986 812,055.904 814,919.065
14,827,216 11,821,110 13,438,106
Gross earnings
$234,794 $1.480,959 Operating expenses, taxes. ,tc
248,192 Interest charges
282,527
Net profit
$878,866 def$47.732 $1,232,768
219,732 -V. 113. p. 1478.
334,284
273.665
344,163,567 $1,174,770
255.752
295.903
$3,907,814
211,292
Pittsburgh Terminal Warehouse &
Annual Report Calendar Years.-
[VOL. 118.
Transfer
Co.
-
1923.
$417.923
236,296
99,975
1922.
$453.481
250,932
99,604
581,652
$102,945
Pressed Steel Car Co.-Annual Report.Total income
84.119.106 81.213,150
$225.933 $1,452,500
Sell., gen. & adm. exp..- 3,244.027 -Included in cost of sales
- Calendar Years1923.
1922.
1920.
1921.
Int. on 6% notes, &c_-88,611
132.359
92,062
149.807 Earnings,all sources---42,799.974
y$58,312 81.081,906 $3,194,277
Rep.,renew. & door., &c 1,093.112
Inventory adjustment_
100,915
400.000
662,472
400,000
Divs,
pref.
stock
Federal taxes
(7%)„
80,000
200,000
101,500
875.000
875,000
875.000
875,000
Depr.of invest.,&c.(net)
Cr.1,408 Divs, common stock---(1%)125.000
113,308
(2)250,000(8)1,000,000
Dividends
(8%)935,511 (6)624,140 (4)400,000(8)850,000
Balance,
Preferred diva, of Peersurplus
$706,862df$1.216,688 def$443,094
$656,805
less Motor Car Co_ _ _ _
1,526 Previous surplus
1.526
1,526
13,461,211 14,677,899 15,120.993 14,464.188
Disc't on 10-Year notes_
Cr.16,983 Cr.10,045
Total surplus
Loss on sale of real estate
14,476
$14,168,073 $13,461,211 $14,677.900 $15,120,993
From operations, $2.191,061;from divs, on stock and securities owned.
Balance, surplus
def$229.042
$262,620
$379.447 def$505.191
Includes operating and general expenses, plant maintenance and &c.. $548,365; from interest, &c. (net). $60,548. y Includes operations
repairs, &c. y Gross income from manufacture and sale of automobiles and (loss). $810,606; profit from divs, on stocks and securities owned, int, and
parts (exclusive of inter-co. profits) less cost of material, labor and factory discount and other sources, $868,918.-V. 118, p. 676.
expenses.
Public Service Co. of Northern Illinois.-Acq uisition
Surplus Account.-The consolidated surplus account of the corporation
The company has arranged to purchase the municipally owned
and subsidiaries Dec. 31 1923 follows: Surplus Dec. 31 1922, $5,173,392:
electric
Charges: (a) net adjustment of deferred engineering and development light and power plant at Downers Grove, Ill., for approximately $75,000.
charges as of Dec. 31 1922 and other items applicable to prior period. Sale of the property was approved at a special election held Feb. 9. The
$172,999; (6) reduction in patents, franchises and good-will to the nominal company, it is said, will reduce rates approximately 33 1-3% below those
value of El. $2,862,033; less amount absorbed in adjustment of permanent charged by the municipality.
assets to conform to sound values as appraised as of Jana 1923.($2,766,319).
1923.
1922.
1922.
1923.
$95,714. Adjusted surplus as of Jan. 1 1923, $4,904,679. Add: (1) net
Assets$
profit for 1923, $706,469; (2) refund to Peerless Motor Car Co. by R. H. Plant & equipment 70,059,540 62.155,571 Preferred stock__ A0,000,000 10,000,000
Collins ($150.000, less credit against 1923 salary payments), $37,500; Sinking funds._ _ 283,873
177,863
Common stock_ _ x12,075,000 12,075,000
menses incident thereto, incl. judgment paid D.L. Rockwell ($105,356). Miscell. phys. prop.
4,692 Common (no par)-y7,916,542 3,048,531
$7,143; total surplus. $5,618,291; deduct diva, declared and provided for Inv. In affil. cos__ 5,395,965
697,025 Subscrip. to cons.
prior to June 30 1923 ($4 per share). $943.011: less divs. applicable to Other investments 1,066,445
358,578 stock (no par)._ 1,194,458
716,471
treasury stock acquired subsequent to June 30 1923, $7,500; surplus Dec. Required securities
5,000 Funded debt
49,634,200 37,160,300
31 1923. $4,682,780.
Secur.in treasury_ 118,075
599,700 Loans & notes pay. 705,155 1,003,075
Misceli.curr.sssets
Consolidated Balance Sheet Dec. 31.
26,619
Accounts payable_ 959,945
556,073
Subs, to cap. stk_ 538,762
Customers' dep'ts. 509,420
1922.
1923.
700,826
1923.
1922.
Marketable secur_ 169,936
Interest accrued
Assets489,891
464,238
$
Miscell.spec.funds 337,619
Misc. curr. llabils_ 218,298
Land, bidgs., maCapital stock
6,327,560 6.471.660 Cash
4,408,108
1,321,739
Adv.
from attn. cos. 340,630
Funded debt
chinery, equip%
372,850
deposits- _ _ 107,962
107,474 Taxes accrued_ _ _ _ 424,914 .254,137
fixtures. &c_ - 5,659,102 2,641,561 Notes payable_
18,936 1,387,189 Special
Loans¬es rec
343,441
681,631 Other unadjusted
Patents, franchises
Accounts payable_ 460,971 1,502,217 Accts.
receivable
& good-wlll_ _ _ _
788,000 1,004,445
1 2,862,034 Miscell. accounts_
909,039 Mat'ls & supplies_ 2,877,045 2,723,119 credits
1,019,913
764,956 Unmat. paynfts on
896.203 Accr'd real & pers'l
Cash
512,936
Fuel(coal,oil,ea,
Purch. contracts 1,275,418 1,365,418
U.S.Lib. bds. and
taxes, liab. ins.,
In
storage)
573,674 Depreciation res 4,328,010 3,911,845
156,435
War Say.stamps 774,723 1,953,636 &c
122,527 Empl. funds, int., 653,560
Other reserves_ __
323,261
Cust.notes dc accts.
Res.for est.Fed.tax
382,757
80,000
111,500
div.. &c
11,542
30,514 Surplus unappro916,257 Res, for conting.,
rec.,less res'vos_ 530,953
insurance_
20,661
17.500 priated
2,893,418 2,130,536
devel., &c.,exp_
Sundry debtors_ _ _
9,899
550.000 Prepaid
disc. & exp. 4,457,851 2,727,922
3,937,406 5,758,033 Surplus
Inventories
4.682,780 5,173,392 Unam.
Unadjusted debits 2,259,140 1,451,629
Misc.inv.(at cost)
375.000
22,594
Reserve funds_
315,570 Total (each side) 94,136,O59 74,714,157
Empl.& misc.notes
de accts. rec., adx Of the outstanding Common stock. $260,500 par value was sold to the
67,070
91,592
vances, etc
trustees of the employees' savings fund, and is held by them to be paid for
Cash for redemp'n
as and when applied to the purposes of the fund, and until the shares are
Al•
•
of notes
22,890
Deferred charges_ _ 187.476 1,107.690 Total(each side)11,726,682 16,600,374 paid for, the dividends on them come back to the company's treasury by
agreement.
y Represented by 84,423 shares of no par value.
-v. 118. P. 441.
Acquisitions During 1923.-During the year the company (1) acquired
a one-sixth interest in the Industrial Coal Co., which owns 7,327 acres of
Penn. Water & Power Co.-Dividend Increased.(2) purchased the entire capiThe directors have declared a quarterly dividend of 2% on the Capital coal-producing land in Franklin County.
stock for the quarter ending March 311924. payable April 1 to holders of tal stock of the Chicago Heights Gas Co.; i3) acquired the assets of Morecord March 14. This is at the rate of 8% per annum and compares with mence Utilities Co.;(4) acquired the assets o the Interurban Public Service
7% per annum(1%%)quarterly) paid since Sept. 30 1920.-V. 118, p.675. Corp. In August company took over the entire electric light and power
business in the city of Berwyn, which it had partially served for a number
of years. In September company began serving electric light and power
Phillips Petroleum Co.-Offering Successful.to
the city of Blue Island, south of Chicago, which it already was supplying
The stockholders, it is announced, have subscribed for 294,527 shares with gas.-V. 118, p. 917.
of stock in connection with the recent offering of 296,106 additional shares
stockholders
per
share.
offered
at
to
$30
of no par value
Rights expired
Pure Oil Co.-Sells from Gas Companies.Feb. 18. This means thta all of the offering with the exception of 1.579
See Columbia Gas & Electric Co. above.-T. 118, p. 804, 676.
shares was taken up by shareholders. The offering was underwritten
by Dillon, Read & Co.. Dominick & Dominick, and Farnum, Winter &
Quaker Oats Co., Chicago.-165/
2% Extra Dividend.Co.-V. 118, p.441, 814.
The directors have declared a special cash dividend of 16%%
(Albert) Pick & Co.-Earnings---Years ended Jan. 31.- on the outstanding $11,250,000 Common
stock, par $100,
x1923-24. :1922-23. :1921-22.
1920-21.
Netsales aft. alio wances_ $15.214,513 $11.658,135 $10,460,290 $14.066,563 (to pay all dividends in arrears for 1921, 1922 and the early
Cost ofsales and oper_ _ _ 14,208.388 10,893,016 9,867,479 13.492,399 part of 1923), and announced that the 12% annual rate on
Net earnings
$765,119
81,006,124
$592,811
$574.165 the Common stock would be continued in the future. The
Other income
241,781 usual quarterly dividend of 3% on the Common stock, toGross income
$765.119
$1,006,124
$592811
$815,946 gether with the extra of 163/2%, will.be payable April 15 to
Federal taxes (est.)
60,000
Not stated
100,000 holders of record April 1.
Pref.diva.(7%)(approx.) 225,134
237,895
245,000
245,000
The regular quarterly dividend of 1N% on the Preferred
Common diva.(16%)_ _ _
240,000
350,268
240,000
240,000
stook has also been declared payable May 21 to holders of
Balance, surplus
$287,224
$430,722
$47,811
$230,946 record May 1.
Profit and loss surplus_ _ $3.337,941 $2.899,190 82,612.732 $1,690,815
x Albert Pick & CO., Chicago,and Albert Pick & Co.of Bridgeport,Conn.
y Other income added before deduction of operating costs and expenses.
Consolidated Balance Sheet Jan.,31.
1924.
1924.
1023.
1923.
AssetsLand, bldgs. and
7% Preferred stock 3,216,200 3,251,400
equip, less depr_ 1,780,003 1,499,999 Common stock_ _ _ 2,996,830 1,500,000
Pats., less amortiz
10,918 Notes payable_ __ 4,725,517 4,975,000
9,753
Good-will
251,534 Accounts payable_ 627,780
305,000
721,889
Cash
516.730 Custs. credit bal__ 347,004
604,765
301,081
U.S.Govt.Securit.
482,756 Accr. wages, comCust. notes &trade
missions,
75.805
75,035
acceptances_ _
4,533,307 3,977,192 Accr. local taxes
Accrued interest
300,047
49,505
263,753 (estimated) _ _ 47,053
Accts. rec.less res_ 2,682,709 1,712,096 Preferred (Ili's__ _ _
19,825
18,966
Inventories
60,000
4,267,811 4,464,701 Corn. div. payable
Adv. to manufrs
23,521
27,893 Res.for Fed.tax,&e 124,342
167,999
Sundry stocks,&c_ 507,742
342,248 Res. for empl. welEmpl.welfare fund
45,324
42,489
fare fund
investments.,. _
54,788
40,618 Res. for conting„ 275,000
Sund.accts.rec.,&c 210,037
259,317 Surplus
3,337,941 2,899,190
Paperstock,advtg.
mat'ls &supplies 175,105
Deferred charges__ 376,623
214,186 Tot.(each side)_15,840,213 14,063,941
-v. 117. P. 2898.
The directors announced that the dividend action was made possible
because of the liquidation of excess inventories and other working assets
ofthe period of 1918 to 1920,and the favorable business of the last two years.
-V. 116. p. 2266.
Radio Corp. of America.-To Inaugurate Dividends on
Pref.
.Stock-To Change Par of Pref. Stock and Reduce Authorized
Common.-Major-General G. Harbord, President, made the
following statement Feb. 26:
The corporation will this year pay the 7% dividend on its Preferred stock,
which is cumulative from Jan. 1 1924.
The stockholders will vote May 6 on amending the charter of the corporation so as to reduce the number of shares of authorized l'ref. stock from
5.000,000 to 500,000 and the authorized no par value Common stock from
7.500.000 to 1,500,000 shares. The plan is to retain the capitalization of
the corporation as at present authorized, but to create a par value of $50
for the Preferred stock, to be known as "A" Preferred stock, for which the
present Preferred stock will be exchangeable at ten shares of the present
for one share of the new stock and to exchange the present Common stock
at the ratio of five shares of the present stock for one share of the new
or "A" Common stock. The exchange in cases where the present stock is
not held in multiples of 10 and 15 shares will be facilitated by the issuance
of fractional shares of the new stock.
The"A"Preferred stock will be entitled to receive 7% dividends, payable
quarterly, cumulative from Jan. 1 1924, the payment for the first two
Pierce, Butler & Pierce Mfg. Corp.-Earnings.quarters of 1924 to be made in July. Shares of the present Preferred stock
The company reports net earnings of $693,394 for the calendar year 1923. not converted into the new, and fractional shares resulting from uneven
Dividends paid, $676.705: balance. 8416,689. Profit and 1(y‘s surplus, multiples, will receive the 7% dividend, payable, as may be determined by
$1.333.279.-V. 118, p. 212.
the board of directors, but cumulative from Jan. 1 1924. Stockholders
who have not exchanged their Preferred stock in time for a particular
Porto Rican-American Tobacco Co.-Report.dividend date on the "A" Preferred stock, will be entitled to any accrued
and declared dividends on said "A" Preferred stock after they make such
1921.
1922.
1923.
Gross profit on sales
81.457,998 $9,935,760 $7,990,294 conversion.
General expenses, &c
The dividend rights of the Preferred stock over the Common stock, and
979.219 9,842,069 10.382,657
the voting rights of each, will be preserved in this arrangement.
Operating profit
After this change is effected, application will be made to list the"A" Pref.
893.691 df$2,392,363
$478,779
and the "A" Common stock on the N.Y. Stock Exchange.-V. 118, P. 561.
Other income
155,945
130,422
Ray Consolidated Copper Company.-Listing.Total income
$224,113df$2,392,363
$634.724
The New York Stock Exchange has authorized the listing of $1500.000
333,414
614,351
Interest, taxes, &c
312.032
additional Capital stock, par $10 each, on official notice of issuance, making
$301,310 def$390,238df$2,704,395 the total amount applied for $30,771,790. leaving $228,210 stock unissuou•
Net profit
149.306 The authorized Capital is $31.000,000, of which there are now outstanding
Dividends (scrip)
815.771,790, including stock issued in conversion of 1st Mtge. Cony. bonds.
This additional stock will be issued in exchange for the properties, assets
def$390,238df$2,853.701
$301.310
profits
Net
and franchises of the Chino Copper Co.
-V. 118, p. 804.
THE CHRONICLE
MAR. 1 1924.]
1023
the property formerly of the Republic Company, the creation of the new
first mortgage, the payment of not less than $25.000 to the new company as
capital, the payment to non-depositing bondholders, as provided, and the
payment of the expenses, as provided, prior to the execution of the voting
trust agreement and the delivery of the stock thereunder, the stockholders
of the new corporation shall have the right to create an issue of 6% cumulative toreferred non-voting stock un such terms as the stockholders shall
deem fit in a par amount equal to 1) the sum of $25,000, or so much more
$656,454 as may be paid in as working capital, plus (2) the expenses of foreclosure and
$221.297 loss$321.493
$1.318,086
Operating profit
255.221 reorganization and the expenses and compensation of the bondholders'
93,758
122,418
271,452
Other income
committee and its counsel, plus (3) the total aggregate par value of the out$911,675 standing present first mortgage bonds not deposited with the committee.
$343,714 loss$227,735
$1,589.538
Gross income
1,370,583
776,828
553,015
This preferred stock issue shall not be subject to redemption so long as any
Depreciation,&c
of the first mortgage bonds of the new company are outstanding in the hands
Other credit
(10)1577,179 of the public.
Dividends
The syndicate shall cause the new company to issue and deliver to the
xsur$1,036,522 def$433.114df$1,598.318 def$665,504 committee, which shall accept in full payment therefor, new First Mc
Balance
bonds of a par value equal to the par value of the deposited bonds berg
x Exclusive of any deductions for depletioA.-V. 118, p. 917, 804.
the committee at the time of sale.-V. 117, p. 2781.
Income Account for.Calendar Years.
[The mine was shut down April 8 1921, but opened April 1 1922.1
1920.
1921.
1922.
1923.
-Copper produced (lbs.)_ 61.385,205 27,953,408 10,110,131 47,062,030
$8,254,021
$1,337,570
$3,821.957
$8,991.376
Operating revenues
7.597,567
1,659.063
7.673.290 3,600.661
Operating expenses
St. Joseph Lead Co.-Earnings.
Railway Steel Spring Co.-Earnings.
Consolidated Income Account Years Ended Dec. 31.
1920.
1922.
1921.
1923.
Net earns.. all sources-43.341,271 $2,327.294 $1,551,636 $3.435.330
$945,000
$945,000
$945.000
Preferred divs• (79')--- $945,000
1,080,000
1,080,000
Common diva. (8%....... 1,080,000
1,080.000
Balance, surplus
Previous surplus
$1.316,271
12,771,284
$302.294 def$473.364 $1,410,350
12,468.990 12,942,354 11.532,004
Profit & loss, surplus..$14,087,555 $12,771,284 $12,468,990 $12,942,354
x After deducting manufacturing, operating, maintenance, repairs.
admin. caps. deprec. and reserve for taxes, &c. (The reserve for taxes in
1923,1922 and 1921 are not shown butfor 1920 the amount was $1,000.000)•
-V. 116, p. 930.
Reece Buttonhole Machine Co.-Extra Dividend.The directors have declared an extra dividend of 2% and the regular
rly of 3%1062., both payable April 1 to holders of record March 15.i. p.
.
M
(Robert) Reis & Co.-Annual Report.Calendar YearsNet profitfrom operat'ns
Int. paid, net received__
Federal tax reserve
Adjust.ofinventories_
1st Pref. divs. (79')_
2d Pref. divs.($7 sh.)_
1923.
$499,686
60,439
55,500
Balance, surplus
-V. 117, p. 1564.
$383,747
1922.
$337,838
37,199
13,930
1921.
$115,509
66,323
1920.
$797,433
44,130
240,000
782,873
157.500
52,500
$286.709 loss$190,813 loss$239.571
1920
1921.
1922.
1923.
Calendar Years46,654,318 15,972,333 $1.096.273 $4.813.513
Income
$1,537,324 $1,378,394 11,281.2135 11.202,086
Depletion, &c
600.000
224.453
500,000
689,470
Federal taxes
2.889.436
1,784,442
2,781.894
3.263,069
Dividends
99,614
47,670
Miscellaneous charges
sur$1,116,785sr$1,212.431df$2,193,906 sur$121.990
Balance
x Including $269,491 received from U. S. Govt. to settle claims.
V. 117, p. 2781
Seneca Copper Corporation.-Listing, &c.
The New York Stock Exchange has authorized the listing of 100.000
additional shares of Capital stock, par value, on official notice of issuance.
on conversion of 1st Mtge. Cony. 79' bonds.
As the corporation and the Gratiot Mining Co. were, until Jan. 1 1924.
still in the development stage, they have made no profit or loss and received
no income. Mining operations, however, have commenced.
Balance Sheet Jan. 1.
1923.
1924.
1924.
Liabilities1923.
AssetsProperty acct.,&c.$2,068,732 $2,046,232 Cap.stk.(no par)_62,250,000 $1,750.000
2,725,000
2,850,000
_
304,787 Capital surplus__
Constr.,mach.& eq 395,381
500,000
Development, &c. 2,026,241 1,670,203 8% Conv. bonds__ 500,000
59,868 1st M.Cony. 7s_ _ 587,900
Mat'l & supplies__ 168,280
643,670
866,500 Notes payable_ _ _ _ 353,000
Stock investment.. 325,000
374,237 Accts, payable for
Gratiot Mining Co 1,370,717
Gratiot Min.ink 410,000
268,665
31,105
Cash with bahks__
67,377
75,090 Accts. Day., curet 134,487
7,219
Accts.& notes rec.
20,465
45,812
hand__
on
Copper
Cony.& unite.stk. 625,000
21,899
Profit&loes
87,086,387 $5.686.047
$7,085,387 $5,686,047 Total
Total
-V. 117, p. 1248, 791.
1920.
1922.
1921.
$447.266 loss$168.693 $1,637,925
Silica Gel Corp.-Voting Trust Certificates Ready.132,791
857,236
Purchase certificates issued by the Bankers Trust Co. for voting trust
for Common stock should be surrendered to the trust company
certificates
$314.474loss$1025929 $1,637,925 at 10 Wall St., N. Y. City. In order to be exchanged for the voting trust
13,822 certificates represented thereby.-V. 118, p. 917.
67.865
15,678
$382.339loss$1010251 $1,651,747
Sioux City Gas & Electric Co.-Bonds Offered.715,007
265.422
471.184
500.084 Halsey, Stuart & Co., Inc., are offering at 98 and int.,
541,78.6
592.654
Rogers-Brown Iron Co.-An. Report (incl. Sub. Cos.)Calendar YearsNet profit
Idle plant expenses
1923.
$2,415,142
Net earnings
Other income
$2,715.142
45.536
Total income
$2,760.678
458.836
Adm.,selling, &c.,exp..661,861
Interest on bds. & notes_
242.720
Rentals and royalties
595,809
Exhaust.,dep.& renewls
455,322
772,811
Surplus for year
Previous surplus
Sk. fd. res. transf. to sur
$801,453 41,332.765 42,272.781
1,756,351
442.892
x389,874
500,000
4336,155
2,601.006
Total surplus
Adjustments
Preferred dividends_
Common dividends
$411,579
4389,874
$411,579
4389.874
Profit & loss, surplus_
651.266
4516,430 $2,264,851
Cr.604,791
(335)54,250(7%)108.500
(8%)400,000
$34.111
$1,756,351
x Deficit.-V. 116, p. 1541.
Republic Oil & Gas Co.-Plan of Reorganization.-
yielding about 6.15%, $2,550,000 1st Mtge. 25-Year 6%
Gold bonds, Series "B" (see advertising pages).
Dated Feb. 1 1924. Due Feb. 1 1949. Interest payable F. & A. 1 at
the office of the trustee in Chicago or at the agency of the company in
New York (Halsey, Stuart & Co.. Inc.), without deduction for the normal
Federal income tax not in excess of 2%. Denom. $1,000, $500 and g100c5.
Redeemable as a whole or in part upon 60 days' notice on Feb. 1 1934. and
thereafter on or prior to Feb. 1 1938 at 10755 and interest, and thereafter
or prior
on or prior to Feb. 1 1943 at 105 and interest, and thereafter on interest.
to Aug. 1 1947 at 102% and interest, and thereafter at 100 andcall from
by
either
redeemable,
For sinking fund purposes, bonds are also
Feb. 1 1929 to and incl. Feb. 1 1931 at 10736 and interest, and thereafter
at the existing redemption prices, or by purchase in the market at or
below said redemption prices. Pennsylvania. Connecticut and Massachusetts income taxes refunded.
Data from Letter of L. L. Kellogg, Pres., Sioux City, Iowa, Feb. 14.
Company.-Incorporated in 1901 in Iowa. Does the entire electric
light and power and gas business in the city of Sioux City, Iowa. and owns
all of the outstanding capital stock of the Sioux City Service Co., which
owns and operates the street railway and heating business in Sioux City.
Company's electric property consists, in addition to the new plant, of
steam generating facilities of an aggregate capacity of 15.800 kw., with a
distribution system of 569 miles of 33,000. 11.000 and 2.300 volt circuits.
serving 16.600 customers.
Company's gas property consists of water gas apparatus of a capacity of
3.400,000 Cu. ft. per day with storage holders of 1,525.000 cu. ft. capacity.
Distribution system consists of 167 miles of 13i-inch to 24-inch mains.
serving 16,900 customers. In addition, company sells electric current
wholesale to the Iowa Light, Heat & Power Co.. which current is distributed
to consumers in 24 towns and communities throughout the State.
Authorized, Outstanding.
Capitalization14,000.000 a$2,003.200
7% Preferred stock
4,000.000
4,000,000
Common stock
7,050.000
b
1st Mtge.6% Gold bonds (incl. this issue)
a Includes $223,900 sold to or subscribed for by customers, part of
which was on the installment plan and is not yet fully paid for and issued.
b Authorized amount limited by the restrictions of the mortgage.
Purpose.-Proceeds will be applied on account of the construction of a
modern steam generating station on the Big Sioux River with an initial
installation of two 11,250 kw. units, and three 1.120 h. p. boilers and a
proposed ultimate capacity of 67,500 kw., and for other additions, extensions. betterments and improvements.
Security.-Secured by a first mortgage on all of the electric light and
power and gas properties, rights and franchises now or hereafter owned.
There are also pledged under the mortgage all of the 12.000.000 capital
stock of the Sioux City Service Co.. together with a note of that company
of $1,000,000 principal amount, with the provision that upon payment of
said note, the pledged capital stock may be released. So long as said
note remains unpaid, no mortgage indebtedness may be created by the
Sioux City Service Co.
Earnings-12 Months ended Dec. 31.
1922.
1923.
12.238,746 11.867.924
Gross income
1.300.639
1.389,436
Oper. expenses, incl. maintenance and taxes
A plan of reorganization dated Feb. 8 1924 has been made between the
committee for the $390,000 1st Mtge. 67 Gold bonds due July 1 1926 and
a syndicate of stockholders of the company.
The agreement, called "syndicate agreement," becomes binding on all
depositing bondholders ($376,000 deposited) who on or before Feb. 29
1924 do not dissent therefrom and withdraw from the bondholders' agreement. Bondholders who have not already done so are given until Feb. 29
1924 within.which to deposit their bonds with Jan. 1 1924 and subsequent
coupons attached) with Guarantee Trust - Safe Deposit Co.. 318 Chestnut
St., Philadelphia.
The agreement is made between Harry Nathans, Harry C. Thayer and
Herbert W. Goodall, the committee for the 1st Mtge. 6s, and Sohn J
Riordan Jr., Howard Cooper Johnson, William S. Evans, Wm. W. Watson
Jr. and T. Walter Gilkyson, a committee representing the stockholders
of the company.
The Republic Oil At Gas Co., organized in West Virginia, on July 1 1916
issued $900,000 1st Mtge. 6s, of which there are now outstanding $390,000.
A default has occurred in the payment of the sinking fund under the mortgage and foreclosure proceedings are contemplated by the committee.
he company on Sept. 1 1918 sold and transferred all its assets, including its equity in the property, to Eastern Petroleum Co., and received in
part payment therefor $805.000 Eastern Petroleum Co.. Republic Division,
2c1 Mtge. 15-Year 7s, dated Sept. 1 1918, upon the property conveyed by
the Republic Company to Eastern Petroleum Co. AU of the $.805.000
Republic Division 2d Mtge. bonds are now held by the Republic Company.
The syndicate of stockholders is desirous of acquiring the property at foreclosure sale. The bondholders' committee agrees that it will secure the
deposit with it or its depositary prior to the foreclosure sale of not less than
90% (1351.000) of the present outstanding $390,000 bonds, and that it will
proCeed with the foreclosure of the first mortgage. If desired by the syndicate, the committee will join in a prayer to the Court for a decree granting that the syndicate, as holders of the Republic Division 2d Mtge. bonds,
may intervene as a party to the foreclosure proceeding, and that it will use
its best efforts to have the Court fix the upset price at $200,000.
After the purchase by the syndicate of the property, the committee will
deliver to the syndicate all deposited bonds to be turned in or used by the
syndicate towards the payment of the purchase money.
The stockholders' syndicate agrees to bid, at the foreclosure sale, for the
property, the upset price, or, if necessary, an amount up to $390.000,
together with the legal and court costs of foreclosure.
$567,285
Net earnings
$849,310
If the property is purchased by the syndicate at foreclosure sale, the
syndicate agrees: (a) To incorporate a company In West Virginia to pur- Total int, charges on bonded debt & on floating
debt which will be retired from the proceeds of
chaseand hold the property:(b) to pay to new company in cash not less than
these bonds
$25.000 for working capital; (c) to pay such portion of the upset price, or
in the
0
interested
$ y274
Management.-United Gas Improvement Co. is largely
of any other purchase price paid by the syndicate, as holders of bonds not
deposited with the committee, not exceeding 10% of the present outstand- company through ownership of a majority of its issued and outstanding
ing $390,000 shall be entitled to receive out of the net proceeds of the sale; capital stock.-V.117. p. 2781.
(d) to pay all expenses of foreclosure and reorganization and the expenses
Sloss-Sheffield Steel & Iron Co.-Resumes Dividends.and compensation of the bondholders' committee and its counsel.
The directors have declared a dividend of 134% on the outstandinK
The syndicate also agrees to cause the new company to create a new
absolute first mortgage upon all the property, to secure an issue of 6% 10- $10.000,000 Common stock, par $100. payable March 20 to holders of
year bonds of the new company in an amount equal to the bonds deposited record March 10. Quarterly dividends of 13§% each were paid on the
with the committee at the time of sale. The new bonds shall be callable at Common stock from Aug. 1918 to Feb. 1921, none since.-V.117. p.2223.
100 and int. and shall have the benefit of a sinking fund.
Southern California Edison Co.-Stock Application.All issued Common stock of the new company shal be deposited under a
The company has applied to California RR.Commission for authority to
voting trust agreement which shall provide for three voting trustees, of
whom two shall be members of the bondholders' committee or their nomi- issue 20.000 shares of Common stock, par $100.-V. 118. P. 677, 93.
nees. The voting trust agreement shall terminate upon the payment of
SouthernCities Utilities Co.-Earnings.all the new first mortgage bonds.
The preliminary statement of earnings for the year ended Dec. 31 1923
All stockholders of record Jan. 2 1924 of Republic Oil & Gas Co. shall be
$1.372.579; total
pert-iliac-1 to become parties to the syndicate upon the ipayment to the shows: Gross revenues, $1,991.069: operating
net income, including other income, $764,560; balance
expense*for Preferred dividepository of $3 in cash for each share so held.
Gross as well
$276.978.
the
$381.282;
and
for
balance
agree
stockholders'
both
syndicate
Sze..
committee
stock,
Common
dends.
bondholders'
The
that upon the organization of the new company the acquisition by it of as net earnings show an increase over 1922.-V. 118, p. 562.
1024
THE CIIRMUCLE
Springfield (Ohio) Light, Heat & Power Co.-To
Consolidate With Ohio Edison Co.-The stockholders will vote
March 24 on approving the consolidation of this company
and the Ohio Edison Co. under the name of Ohio Edison Co.
The plan of consolidation provides (1) that the Preferred stocks of each
of the consolidating companies, viz.: Springfield Light, Heat & Power Co.
and Ohio Edison Co.. shall be and become the Preferred stock of the consolidated company; (2) that 40,000 shares without yox value of Common
stock of the consolidated company will be issued for the $1,000,000 Common
stock of Springfield Light, Heat & Power Co., and 10,000 shares will be
issued for 10,000 shares without par value of the Common stock of the
present Ohio Edison Co., which was paid for in cash at $25 per share.
Earnings of Combined Properties for Calendar Year 1923.
Gross earnings
Operating expenses,$720.350; taxes,$110,575; deprec,$125,000. $1i3
62
86
4
98
58
5;9
Interest and other fixed charges
126,053
Annual div. requirements on present Preferred stocks
72,342
Balance
$234.364
A letter to the stockholders Feb. 20 says in substance:
The electric light and power business of the Springfield company is
increasing rapidly and faster than ever before in the company's history.
This is shown by the increase of 30% in the k.w. hours of electricity sold
during 1923 as compared with 1922. A substantial part of this increase is
due to deliveries of current to the distribution systems owned by other
companies, principally those now owned by Ohio Edison Co. It becomes
increasingly necessary that an added source of power be provided. The
capacity of the Springfield company's present power plant can be increased
to some extent to provide reserve capacity in case of the break-down of
one of the power units, but limitation with respect to condensing water is
such that a comprehensive enlargement at the present location is uneconomical and another location must be found in order to provide for
future needs.
The Ohio Edison Co. owns the electric distribution systems in Urbana.
Cable, West Liberty, Woodstock, Mutual, Catawba, Mechanicsburg.
Marysville, Milford Center, New Dover and Ostrander and the transmission lines connecting such systems. It also owns a power plant site on
Mad River near Springfield and has the necessary capital structure to
finance economically the building of a new power plant and all other extensions and property additions. The Springfield company, on the other
hand, is hampered in financing large expenditures by the fact that it has
outstanding a closed first mortgage of $750,000 reduced to $517.000 up
to Jan. 31 1924. though a drastic sinking fund which will operate until its
maturity in 1929 and a general and refunding mortgage which permits the
issuance only of 5% bonds, due April 1 1933. The disadvantages of
continuing to issue these relatively short term bonds are apparent. Under
this last mentioned mortgage $1,307,000 of bonds are outstanding. The
mortgage of Ohio Edison Co., on the other hand, provides for the issue
of bonds in series bearing interest at different rates with different maturities
and redemption prices so that any time when it needs to issue bonds it can
issue them upon terms to meet the then existing market conditions, and
thereby obtain money for long periods of years at the lowest rates. The
Ohio Edison Co. Is now purchasing its power from the Springfield company
and its transmission lines are connected with those of the Springfield comPalg.
e consolidated company will assume the outstanding bonds of Springfield Light, Heat & Power Co. and Ohio Edison Co. aggregating $1,924.000.
and all other indebtedness and liabilities of the constituent companies.
At the time this consolidation is effected and consummated the outstanding bonds and stocks of the consolidated company (subject to revision
for going business from Jan. 31 1924) will be as follows:
Springfield Light, Heat & Power Co. 1st Mtge 5s 1929
$517.000
Gen. & Ref. Mtge. 20-Year 5s, 193. assumed
do
1.307,000
Ohio Edison Co. 1st & Ref. Mtge., Series "A' (6s, 1948)
100.000
6% Preferred Capital stock
364,300
7% Preferred Capital stock
721.200
Common stock, without par value
50.000 shs.
Directors.-The first board of directors shall be: B. C. Cobb, N. Y.
City; E. J. Bechtel. New Rochelle, N. Y.; J. W. Lentz, Marysville, O.;
C. D. Loudenback, Urbana,
H. E. Freeman, James J. Wood, Hugh
Hagan David F. Snyder, 0. 0.•'
I. Weaver, George J. monk. Springfield, 0
-V. 116,
.
p. 2398.
Standard Oil Co. (Nebraska).-Annual Report.-
Calendar YearsNet profits
Federal taxes
Dividends
1922.
1. 21.
$662;052
8963.548
$561.702
90,982
118,450
94,396
(10%)300,000 (20)600,000 (10)300,000
Surplus
$271,090
$245,096
$167,306
Balance Sheet Dec. 31.
AssetsLiabilities1922.
1923.
1923.
1922.
Plant (less deprec.)S2,754,420 S2.505,269 Capital stock
$3,000,000 53,000.000
Merchandise
931,502 1,029,446 Accts. payable__ _ 408,845
421,379
Cash
489,155 1.127.537 Reserve for Federal
Accts.receivable
taxes
385,035
351,150
90,962
118,450
Investments
1.437,638
685,410 Surplus
2,463.958 2.192,868
Total
Total
$5,963,765 55,732,697
$5,963,765 85,732,697
-V. 116. p. 2140.
Standard Plate Glass Co.-New Financing.-
It is understood that the company will soon retire all its $4,250,000
outstanding bonds, which include the coupon 6 sis, the debenturo 7s, and
the Heidencamp Plate Glass 6)4s. They will be retired at 105. 115, and
105. respectively. The company is expected to issue $2,000,000 Preference
Preferred stock and 100,000 additional shares of Common stock at a price
said to be around $30 a share, stockholders having the right to ubscribe
for one share for each share now held. Both of these issues have been
underwritten, it is said.-V. 118, p. 677.
Standard Sanitary Mfg. Co.-Annual Report.-
Calendar Years1922.
1923.
1921.
1920.
Sales
$69,043,094 $55,200,647 538.487.830 Not stated
Net profit
59,921.087 88,574,007 83,057.017 85.325,293
Contingentfund
390,000
200.000
139,520
150,000
Federal taxes
1,058,505
1,196,437
503.358
1,700,000
Extra compensation to
executive committee
305,057
343.058
85,813
132,804
Pens. fund & bad acc'ts_
25,000
125,000
30,996
50,000
Obsol.& asset shrinkage
150.000
100,000
250,000
Expan. of mfg. & tacit_
1,000.000
Prov.for pref. divs(7%)
316.773
319.102
323.858
313.600
Corn. divs. paid(20%)
3,980,325(13)1802.070 (9)1.111,064(10))1020000
surplus
Balance,
83.752.409 $3.614,274
$769,494 $1.708,890
Surplus and reserves_ __ _ 9,087,844 45,094,454 $5,591,325 44,381,870
x After payment on Nov. 15 1922 of a 40% stock dividend on the Common stock, and in 1910 after a 100% stock dividend on the Common stock.
-V. 118. P. 582.
Stromberg Carburetor Co. of America, Inc.-Div.The directors have declared the regular quarterly dividend of $2 per share
on the outstanding 75,000 shares of capital stock, no par value, payable
April 1 to holders of record March 10. On Jan. 2 last, an extra dividend of
fl 50 a share was paid in addition to a quarterly of $2.-V. 117, p. 253o.
[vol.. 118.
Voting rights of the 7% Preferred stock now outstanding will not be
affected in any way by the proposed change in the Common stock, as an
amendment will provide that holders of the new Common shall be entitled
to only one vote for each 23.6 shares and the holders of less than 2;i shares
of Common stock shall not be entitled to vote.
Income Account for Years Ending December 31.
1923.
1922.
1921.
1920.
Automobiles sold
145,167
110,269
66,643
51.474
Net sales
$166.153,684$133,178,881 $96,690,644 $90,652,363
Mfg.,&c.,gen.exp.,lice- 144.704,833 112,110.183 83,453,241 77,816,474
Reserve for deprec'n
1,024.741
1,141,045
705,106
705.081
Net earnings on sales..$20.307,804 820,043,957 $12,532,297 $12,130,807
Other income
615.135
636,936
138,149
120,014
Total income
820,914.740 $20,659,092 812,670,446 $12,250,821
Deduct-Fed.&Can.taxes 2,572,518
2,572,897
2,260,755
2.428,768
Preferred divs. (7%)_ _
638,750
673,750
686,000
710,150
Common dividends_(lb%)7,500,000(10)6000,000 (7)4,200.000 (7)3,937,500
Balance, surplus
$10,203,472 $11,412,445 $5,523,691 $5,174,404
-V. 118, p. 562.
Sullivan Machinery Co.-Earnings.Calendar Years1923.
1922.
Net earnings
$1.843,968 81.428,746
Deprec. & res. for taxes_
533.133
577,589
Dividends
649,069
473,712
Inventory shrinkage_
1921.
1920.
$872,871 $2,342,493
360,383
795,177
549,497 • 586,238
200,000
Balance, surplus
$421,900 def$37,009
$617,310
$761,078
During the year the company paid a stock dividend of 10%. amounting
to $567,480. The profit and loss surplus Dec. 31 1923 amounted to
$4,701,945.-V. 118, To • 93.
Sullivan Pocahontas Coal Co.-Bonds Offered.-Moore,
Leonard & Lynch and Hambleton & Co. are offering at prices
ranging from 94.66 and int. to 100 and int. to yield from
63'% to 7%,according to maturity, $1,00,000
' 1st (Closed)
Mtge. & Coll. Trust 63i% Serial gold bonds.
Dated Jan. 11924. Duo $60,000 annually Jan. 1 1925 to Jan. 11944.
Int. payable J. & J. in New York or Pittsburgh, without deduction for any
Federal income tax not in excess of 2%. Denom. $1,000 c*. Red. on any
int, date, in whole or in part by lot, on 30 days' notice at 103 and int.
Penn. 4 mills tax and Maryland securities tax not exceeding 43i mills refunded. Union Trust Co. of Pittsburgh, trustee.
Data from Letter of Pres. J. C. Sullivan, Tralee, W. Va., Feb. 21.
Company.-Incorp. Nov. 1923 in West Virginia. Organized to consolidate the properties and operations of seven actively producing coal mining
companies (heretofore controlled and operated by affiliated interests) in the
Pocahontas-New River smokeless coal fields. Company owns from 85.7%
to 100% of the capital stock of the following subsidiary corporations,
respectively (as shown), and these corporations have, subject to consent
of their lessors, authorized the transfer of all of their assets to the company:
Name of Company- Stock Owned.
Name of Company- Stock Owned.
Mead Pocahontas Coal Co_ _100.0% Pickshin Coal Co
100.0
Harty Coal Co
100.05 Tommy Creek Coal Co
89.2
Barkers Creek Coal Co
87.8% Raleigh Fire Creek Coal Co__ 98.5 s.
Wood Sullivan Coal Co
85.7%
The ultimate purpose of the present consolidation is to terminate,through
exchange of the outstanding stock of subsidiary corporations for shares of
the company, the independent corporate operations of the subsidiaries and
to effect the conveyance to the company of their leaseholds and other
properties.
The subsidiary companies operate under long term leases, on a favorable
royalty basis, with options for renewal. Their mines are in the low volatile
fields of southern West Virginia, and, located on the Chesapeake & Ohio
and Virginian railroads, enjoy excellent transportation facilities. The
growth of the company's output is shown in the following table:
Year. Net Tons. Year, Net Tons. Year. Net Tons.1Year. Net Tons.
207,958 1918
1916
451,264 1920
454,980 1922
561,401
392,125 1919
1917
354,413 1921
370.130 1923
497.034
The present equipment is adequate to produce 1,000,000 tons per year
and the installation ofcontemplated improvements will increase the capacity
•
to 1,600,000 tons per year.
Company owns in fee simple 2,642 acres of high-grade semi-smokeless
coal land located on the main line of the Norfolk & Western Ry., of which
1,465 acres have been leased to Little War Creek Coal Co., which has
expended more than 6800,000 in improvements upon the property.
The operations consist of one slope and six drift mines, each equipped
with a complete plant. The engineers report that the area owned and leased
by the constituent companies has a total coal reserve of approximately
56.414.000 net tons of recoverable coal. The coal lands owned, consisting
of 2.642 acres, and the leaseholds of the subsidiaries, covering 6.150 acres,
with the plants and equipment thereon, have been valued, as of November
1923, at $5,333,000, of which the portion owned by the company and attributable to the company's stock ownership is $4.952.000.
Oper. Pt°fits of Sub. Cos. Applicable to Stock Ownership of Co.(Plus Minimum
Royalty from Lands Owned). &fore Deprec. dt Depletion et Fed. Taxes.
1917-3454,03911919___3245,26711921_3159,7201 1923 155,733
1918---- 224,26911920- _ - 770.24011922_ _ -- 358,346
(10 Mos.)
Earnings for 1923 were adversely affected by an unprecedented flood which
damaged one of the mines. During the 6 years and 10 months the subsidiary companies have charged off against the above profits $1,091,919 for
depreciation and depletion, or at the rate of approximately $159,800 yearly.
Purpose.-Proceeds will be used to reduce outstanding indebtedness, to
purchase additional equipment and for general improvem't and development.
Securite.-Secured by a closed first mortgage on all of the fixed assets
and by the pledge and deposit with the trustee of certificates representing
85.7% or more of the stock of the several subsidiaries. As additional stock
of these subsidiaries is acquired, it will be pledged and deposited with the
trustee subject to the mortgage.
Sinking Fund.-Mortgage provides for the payment to the trustee in
quarterly installments of 10 cents per net ton for the first 600.000 tons of
coal mined in any year, 5 cents per ton thereafter to and incl. 1,200,000
tons in any year and 3 cents per ton on production in excess of 1,200,000 tons
in any year; $60,000 of said fund will be devoted to the payment of the
annual maturities of the bonds and any excess over the amount required
for such maturities will be used as a sinking fund for redemption of 'bonds
selected by lot at 103 and interest.
Consolidated Balance Sheet Oct. 31 1923 (After This Financing).
AssetsLiabilitiesProRerty. &c
$5,333,161 Capital stock
84,625.200
681,517 1st M.& Coll. Tr.6
_ _ 1.200,000
Accounts receivable
241.728 Current liabilities
206.307
Inventories
155,861 Deferred liability
102,578
Investment
2,500 Contingent reserve
120.000
Advances
285.231 Capital surplus
38.106
•
Minority interest
387,810
Total
$6,680.002
56,680.002
Total
Syracuse Lighting Co., Inc.-Consolidation Approved.-
The stockholders of the Syracuse Lighting Co. have approved a consolidation with the Onondaga Utilities Corp. See V. 118, p. 678.
Tennessee Eastern Electric Co.-Earnings.Studebaker Corp.-Change in Common Stock Proposed.Years ended Jan. 311923.
1924.
Operating revenues
$354,764
$435,598
stockholders
will
vote
April
1 on changing the authorized Expenses and taxes
The
165.968
213,344
Common stock from $75,000,000, par $100 (all outstanding) Charges
46,736
83,621
to 2,500,000 shares of no par value. If the increase is apBalance, surplus
$142,060
8138.633
to
proposed
issue 23/b shares of new no par -v. 115. P. 997.
proved, it is
Common stock in exchange for each share of Common stock,
Texas Gulf Sulphur Co.-Extra Dividend of 25 Cents.outstanding.
This exchange would require
The directors on Feb. 21 declared an extra dividend of 25 cents per share
par $100, now
(not
50 cents as previously reported) on the outstanding $6,350,000 Capital
1,875,000 shares of the new stock; the remaining 625,000 stock,
par $10, in addition to the regular quarterly dividend of $1 50 per
share, both payable March 15 to holders of record March 3.
shares will be held in the treasury.
•
MAR. 1
1924.]
1025
T1-1 111 CHRONICLE
The extra distribution of 25 cents per share is payable from reserve for
depletion. An extra dividend of 50 cents per share was paid Dec. 15 last.
-V.118, p.805,918.
Thomsen & Clark Timber Co., Ltd.-Bonds Offered.Lacey Securities Corp., Chicago; Geo. H. Burr, Conrad &
Broom, Inc., and Peirce, Fair & Co., San Francisco, are
offering at 100 and int. $1. 000,000 Guaranteed lst (Closed)
Mtge. Sinking Fund 7% aold bonds. A circular shows:
Dated Feb. 11924. due Feb. 1 1934. Int. payable F. &A.in U.S. gold
coin at the office of the National Bank of Commerce, Seattle, Wash., and
Continental & Commercial National Hank, Chicago, without deduction
for any normal Federal income taxes not in excess of 2%. Red. all or part
int. up to Feb. 1 1929, and thereafter at a
on 30 days notice at 1025 and
premium of 39 of 1% of the principal amount for each year or part thereof
for the unexpired term the bonds have to run. Denom.$1,000 and $500 c*.
Vancouver, B. C., trustee, Michigan Trust Co.,
Montreal Trust
Co.. co-trustee, National Bank of Commerce, Seattle,
Grand Rapids, Mich.,
Wash., registrar.
Company.-Owns large tracts of Crown Grant (foe title) timber lands
located in the vicinity of Horne Lake on Vancouver Island, B. C. Company
Is now engaged in logging this property and has over 7 miles of logging railroad extending from its logging operations to its protected booming grounds
at Deep Bay, about 60 miles from Vancouver. No logs are sawed by the
company but are sold in the Vancouver, B. C., and Puget Sound, Wash.,
log markets. Company has valuable contracts for over 100,000,000 ft. of
adjacent standing timber.
Security.-Secured by a direct first (closed) mortgage upon all the fixed
assets, including 18.537 acres of Crown Grant timber lands, estimated to
carry over 742,000,000 ft. of merchantable timber, and valued at $2,003,894
and railroad right-of-way and logging equipment having a present value of
$344.472. There is reserved from the proceeds of this bond issue the
sum of 3370.000 which is to be expended for equipment, railroad and
permanent improvements, all of which will be similarly placed under this
mortgage.
Sinking Fund.-Company covenants to deposit with the trustee each 3
months for the creation of a sinking fund, the sum of $3 per 1.000 ft. for
all timber cut and removed from the lands covered by the mortgage. and
$1 Per 1,000 ft. as cut from the lands now controlled by contract. These
moneys are to be used solely for the calling and retirement of the bonds
of this issue.
Purpose.-Proceeds are to be used for the purchase of additional timber
and equipment, extension of the railroad and the retirement of outstanding
indebtedness.
Guaranty.-Unconditionally guaranteed principal and interest by Moritz
Thomsen and E. B. Clark. both of Seattle. Wash., who are the principal
stockholders.
Balance Sheet as of Nov. 30 1923 (After Present Financing).
LiabilitiesAssets$250,000
$3,538,585 7% Preferred stock
Fixed assets
2,000,000
142,799 Common stock
Cash
1,000,000
3,027 1st Mortgage 7s
Accounts receivable
30,496 Balance payable under
Logs
9,000
agreement
10,679
Stores 3c supplies
33,512
37,000 Accounts payable
Dap.on timber pur.conta_
542,515
72.440 Capitalsurplus
Deferred charges
Vice-Chancellor Backes in the Court of Chancery in Newark, N. J., on
Feb. 26 handed down a decision in the case of two suits brought by stockholders of the company to enjoin the directors from declaring extra dividends on the Common and Preferred stocks of the company. Under the
decision the company cannot declare any dividends on the Common stock
until all the fixedjearly dividends of 7% annually and accumulated dividends due on the Pref. shares have been paid. The Court also sanctioned
the payment of an extra dividend of 39 of 1% to holders of the Pref. stock
and dented a like distribution to the holders of the Common stock.
The directors last November authorized the payment of extra dividends
of 39 of 1% on both the Common and Preferred stocks. The action of the
directors was taken,it was understood at the time,for the purpose of testing
the powers of the Board in view of the accumulated dividends due on the
Preferred shares.
J. Edward Ashmead of Lindabury, Depue & Pals, attorneys, Newark.
N. J., representing Common stockholders, announce they will appeal the
decision in the Court of Appeals at Trenton, N. J. (See also V. 117. p2553. 2782.)-V. 118, p. 320.
United States Envelope Co.-Balance Sheet Jan. 1.1924.
1923.
1924.
1923.
AssetsLiabilitiesPlant investment_ 7,700,245 7,769,852 Preferred stock_ _ _ 4,000,000
Trade-marks, patCommon stock.. 1,750,000
ents & good-will 180,653
191,754 1st Mtge. bonds__ 1,300,000
Stock in proc.,&c.. 2,488,575 2,459,369 Serial notes
400,000
Accts. & bills rec_ 1,558.762 1,484,753 Accts. & bills Pay- 742,045
Cash
674,509
519,721 Bond and note
Cash with trustee_
5,955
9,310
5,955
coupons,&c_
Miscell. investm'ts
24,336
36,336 Reserve for depree.
Prepaid charges:
on plant invest_ 2,313,393
Insurance, &c
82,389
81,455 Reserve for taxes_
75,000
Res. purch.real est.
Total (each side)_12,715,424 12,552.549 Surplus
2.129.031
The usual income account table was given in V 118, p. 806.
$
4,000,000
1,750,000
1,350,000
600,000
782.124
9,310
2,031,676
30,000
35,889
1,963,551
United States Glass Co.-Stock Offered.-H.S. Edwards
& Co. Pittsburgh, are offering at par ($26) 11,692 shares
Capita:1 stock. A circular shows:
Transfer agent, Union Trust Co., Pittsburgh, Pa. Registrar, Fidelity
Title & Trust Co., Pittsburgh, Pa. Authorized, 53.000.000; outstanding.
$2.600,000. Company has no Preferred stock nor bonds outstanding.
Company.-Manufactures chiefly pressed and blown table glassware.
Also manufactures any product that can be made with similar equipment
as confection and druggist display jars, tobacco jars, hotel, restaurant and
soda fountain supplies,lamps, battery jars, electrical and instrument covers,
furniture, door knobs, specialties, &c. It is estimated that, including the
different etchings and cuttings as well as shapes and designs, the factories
make over 30,000 different articles. At the present time there are 9 manufacturing plants, 5 in Pittsburgh, Pa., 2 in Glassport. Pa.: 1 in Tiffin. O.,
and 1 in Gas City,Ind.;2 general decorating shops and 1 general mould shop.
Purpose.-Proceeds will be used to cancel some of the note indebtedness
of the company and for further modernization of the plants as may become necessary.
Dividends.-Company has paid quarterly dividends regularly since
July 1917. On the new shares 2% quarterly or a total of 8% per annum
wag paid in the year 1923, and the last dividend paid on Jan. 31 1929
was at the same rate.
Listing.-LIsted on the Pittsburgh Stock Exchange.
$3,835,027
Total
Total
$3,835,027
Results for Calendar Year 1923.
-V. 118, p. 805.
Net profit-U. S. Glass Co., after deducting all charges, incl.
depreciation
of
$118,170
$208,323
Titusville Iron Works Co.-Earnings Years Ended Dec.31. Net loss-Glassport Land Co
5,266
1920.
1922.
1921.
1923.
5635.723
$164,264
$261,743
$344,412
Gross income
Net profit-Year 1923
$Z03,057
121,090
99,427
101,467
102,041
Depreciation
Condensed Balance Shed Dec. 311923.
133,703
1,224
25,200
13,153
Federal taxes
AssetsLiabilities66,011
60,492
54,919 47,998
Int. on funded debt_ _ _ _
Cash
$142,619 Capital stock
$2,257,700
653,023 Notes payable
$314.919 Notes & accounts receiv_
640,000
53,122
592,204
Net avall.for sur.& div $169.173
1,131,517 Accounts payable
266,262
The $650,000 1st Mtge. 5-Year 7% Convertible notes offered by Robert Inventory
Other
convertible
assets
60,556 Accrued accounts
16.545
Garrett & Sons and B. A. Brennan & Co., Inc., have all been sold. See Inv.,
Gla-ssport Land Co_ 340,784 Res.for Fed.tax.& coning 119,296
V. 118, p. 918.
Land, bldgs.. equip., &c
3,708,730 Surplus
•
:2,780,166
42,740
Transcontinental Oil Co.-Common Stock Incteased- Prepaid expenses,&c
Issue of Preferred Stock Created.The stockholders on Feb. 28 (a) increased the Common stock from
2,000,000 shares, no par value, to 4,000,000 shares, no par value; and (b)
created a new issue of $25,000,000 7T;, Cumul. Pref. (a. & cL) stock. Par
$100. For further details see V. 118, p. 805.
Trinity Copper Corp.-Contract.It is announced that the corporation has entered into a contract whereby
it has acquired an undivided one-half working interest in oil and gas leasehold
@FedFRASER