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r TO.
tollimmtat
Bank & Quotation Section
Railway Earnings Section
VOL. 118.
financial
.4
rorarte
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, MARCH 29 1924.
Electric Railway Sectiou
State and City Sectiae
NO. 3066.
said "the solution may be found in local income
taxes, local business or occupation taxes, local priviPUBLISHED WEEKLY
lege taxes, local luxury taxes," etc. Of course, it
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the daily papers carried the proposal in flaming
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ing of local income and local luxury taxes, in addiTerms of Advertising
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lic in its present bewildered state of mind regarding
Cutout° OFFICE —19 South La Salle Street. Telephone State 5594.
LONDON Omen —Edwards & Smith. 1 Drapers' Gardens. E.C.
taxation. It was the last straw,to break the camel's
WILLIAM B. DANA COMPANY, Publishers,
back. The stock market, already weak, broke badly;
Front, Pine and Depeyster Streets, New York.
and all the mercantile markets followed suit. And
Published every Saturday morning by W 1L LI AM B. DA NA COMPANY.
President and Editor,Jacob Seibert; Business Manager, William 13. Riggs;Treasurer, there has been no recovery since. Gloomy and disWilliam Dana Seibert;Secretary, Herbert D.Seibert. Addresses of all. Office of Co
consolate views now prevail throughout the business world, and no one can tell what is to be the end.
The Financial Situation.
If the Governor of this State had had it in mind
The business .community of this city and State
to give really sound and sensible advice, he would
received a bad scare this week, and all the mercantile and financial markets at once reflected the fact: have warned the local authorities that the time was
governand have been weak ever since. It is known to every: at hand for coming back to first principles in
to abandon
one that one of the imperative needs of the hour is: ment. • He would have counseled them
relief from the crushing burdens of taxation, Fed- public utilities and other outside ventures which are
eral, State and local, under which every industry and proving so costly and confine themselves strictly to
every citizen is laboring. In this state of things the the proper function of local government. Even now
failure of the House of Representatives at the begin- a constitUtional amendment is being urged by our
ning of the month to accept the Mellon tax bill city Government which would allow the city to inproved a sore disappointment, while the action of; crease its debt limit by over 200 million dollars for
the same House last week in passing -the Soldier' the purpose of building subways and to provide omBonus bill, providing for an aggregate expenditure: nibuses, the money for which ought really to be supover a period of years of more than 2,000 million. plied by private capital. The cost would be infindollars, came in the, nature of a body blow, for this itely less if privately built.
looked like.adding new taxes instead of removing. We recommend to the consideration of those who
those already being imposed and which are now prow.: lightly suggest the imposition of additional taxes to
ing so. difficult to bear. There has been a distinct' consider the case of the United States Steel Corporarelapse in trade during the last few weeks from the tion, whose annual report we review in another arprevious activity, and business is beginning to take ticle to-day. This company's taxes the past year
on a sombre aspect in place of the bright and roseate jumped from $35,798,450 to $55,082.523.. Not only
nature which had marked the opening of the year. that, but the Federal income, capital stock and ex-$55,082,523,
The change cannot be ascribed to any cause other cise taxes took only $18,076,558 of the.
other local taxes,tdok over twice
than the failure of Congress to enact legislation pro-' while State and
viding for lightening the Federal tax load, the pros- that amount, or $37,005,965. Now add to this surpect of which legislation looked so assuring when: taxes running to a maximum of 50%,1with the Longworth tax measure proposing inheritance and gift
:(ingress assembled early last December.
At this juncture there came on Tuesday morning' taxes to a maximum of 40%, and is it any wonder
bad tidings from a wholly unexpected quarter. Gov- that the whole community is getting .discouraged
ernor Alfred E. Smith had the night before sent a. and disheartened? • •
'
special message to the Legislature at Albany on the
subject of taxation and all the morning newspapers
The resignation of Premier Poineare of France
Tuesday featured the event. The Governor affects Old his Cabinet on March 26 was the outstanding
to believe that real estate is bearing too large a share. event in European political affairs this week. In his
'
of the local taxes and he therefore suggests the ap- account of it the'Paris representative of the Associpointment of a Commission to find other and new ated Press said that "Premiet Raymond Poincare,
,
objects of taxation. .He went further than this and, after an adverse vote of 264 to 271. on referring'a
Xhe (Chronicle.
1448
THE CHRONICLE
pension bill in the Chamber of Deputies, handed the
resignation of his Cabinet to President Millerand,
who urged delay, but when the Ministers refused to
reconsider he accepted the resignations. After consultation with the Presidents of Chamber and Senate, Millerand sent for Poincare and asked him to
continue as Premier. Poincare said that he would
give his decision on that to-morrow. When the
Chamber reassembled this afternoon a motion for a
vote of confidence in the Poincare Government was
ruled 'out of order.'" He recalled that "the Poincare Ministry has held power since January 1922—
its slightly more than two years of life covering a
most momentous period in post-war history. Taking
up the reins of Government on a program of a more
vigorous foreign policy than had been followed by
his predecessor, M. Briand, Premier Poincare
adopted an energetic attitude on the question of reparations payments by Germany, and when the year
1922 had gone by without any satisfactory adjustment being arrived at the Poincare Government, in
January of last year (1923),decided upon the seizure
of 'pledges' from Germany." Attention was also
called to the fact that "the fall of the Government
comes just on the eve of the expected presentation
by the Dawes expert committee of its report for the
Reparations Committee on Germany's financial and
economic status and the committee's anticipated
presentation of a program which it has been hoped
would lead to an adjustment of the reparations question, solve the Ruhr difficulty, start Germany on a
path of economic soundness, and eventually bring
about renewed economic stability in Europe."
The resignation of the Cabinet did not cause any
uneasiness in Paris or London. According to Berlin
cable advices Thursday morning, it was feared there
that if some one should succeed Poincare as Premier
he would not be any less severe in making terms with
Germany. It appeared to be assumed from the first
in the leading European capitals, that, in any event,
there would not be a radical change in the internal
financial or the international policy of the French
Government. As was expected also, M. Poincare
acceded to the request of President Millerand to form
a new Cabinet. The President announced definitely
at 7 o'clock Thursday evening that M. Poincare
"had agreed to form a new Cabinet." The New York
"Times" correspondent in Paris cabled that evening
that "the 'Malin' predicts radical changes in the
Cabinet. Four, and perhaps five, Ministries will be
suppressed and four or five, as the case may be, of
the remaining nine or ten departments will have new
directors."
The former Premier was successful in his effort
to form another Cabinet, or to recast his previous
one. The Paris representative of the Associated
Press cabled last evening that "Premier Poincare,
after a day of laborious negotiations, was able to
announce this evening that his new Cabinet would
meet at the Foreign Office to-morrow morning for
its first deliberations, after which the members will
proceed to the palace of the Elysee to be presented to
President Millerand." Poincare is to be Minister of
Foreign Affairs as well as Premier. Among the
most prominent and important new members are
Louis Loucheur as Minister of Commerce, and M.
Francois-Marsal as Minister of Finance, succeeding
H. Lasteyrie, who was held largely responsible for
[v oL. 118.
the defeat of the former Cabinet by bringing about a
vote on the pension bill at an inopportune time.
Commenting upon these changes, the Paris correspondent of "The Sun" said that "the significance of
these changes is that Poincare wants to go before the
country in the May elections with a Cabinet appealing more to the big business elements but including
fewer reactionaries. Loucheur, especially, will be
a gain, as he is a big business man with great breadth
of view and a large following." Continuing, the correspondent said: "A new Poincare Government to
carry on the Poincare-Millerand financial and foreign program has been formed. His decision to reform the Government, to eliminate the Cabinet weaklings and to appeal more to the Socialist parties has
brought the Premier to-day into a whirlpool of
French policies from which he is expected to emerge
with a strengthened Government." The Paris representative of the Philadelphia "Public Ledger" cabled last evening that, "regardless of any personal
antagonism between President Millerand and M.
Poincare, it was made plain that the President is
squarely behind his Premier and that they together
will stand with the Bloc National against all attempts of the Left to win the forthcoming elections."
Considerable importance was attached in Paris
official circles to the fact that the British members
of the Dawes Committee had a conference over last
week-end with Prime Minister MacDonald. In a
cablegram last Saturday the Paris representative of
the New York "Times" said that, while the members
of the Dawes Committee of experts remain in full
agreement on the larger lines of their reparations
plan, it is now conceded that they are not unanimous
on all the details, and that on one important detail,
namely whether Germany can undertake at once deliveries in kind, there is considerable lack of unanimity. A week-end visit by the British delegates to
London, where they will consult Prime Minister MacDonald, is connected with this issue, it is said on
good authority." He added that "it appears that
the British delegates believe Germany should be relieved of all payments for two or three years, and it
is thought that in this stand they reflect the attitude
of their Government, as well as of the British member of the Reparations Commission, Sir John Bradbury. The French and Belgians are understood to
contend that Germany can continue deliveries in
kind, and that it is not possible to ask France to give
up getting deliveries out of the Ruhr against no deliveries at all for several years." Continuing, the
correspondent said that "the attitude of the Americans seems to be one of optimism and belief that a
speedy settlement of this issue will be reached, but
there are persistent rumors that the Americans themselves do not both see the situation precisely in the
same light, which is considered entirely natural, for
General Dawes and Mr. Young are wholly independent, each following no other direction than his judgment."
With the return from London of the British members, the Dawes Committee resumed its sessions in
Paris on Tuesday. The Paris correspondent of the
New York "Times" suggested that "it should be apparent quickly whether the committee can finish its
work by the end of this week, as hoped, or whether
additional time will be needed to work out a unanimous report on plans for balancing the German
Mau. 29 1924.]
THE CHRONICLE
budget to enable the Reich to pay reparations." He
added that, "but, regardless of the exact date on
which the plan will be ready, it is taken for granted
that the Governments will do nothing decisive with
it before the middle of May. On May 4 take place the
German elections, in which the issue is between the
Nationalists, who would fight fulfillment of the
Treaty of Versailles, and the Social Democrats, who
would try to fulfill it; and a week later take place
the French elections, which represent a battle between the Poincare Nationalist forces and the Liberals, who would follow a softer policy toward Gerpany if by that price they would be assured of British co-Operation. It is obviously the sensible thing
to wait several weeks to see whether Germany is to
be in the hands of the Nationalists or not, which is to
say what will be Germany's attitude toward the experts' plan, and to see whether the stern Poincare or
the more supple Briand is to run France's Government during the trial period of the Dawes plan. It
is presumed Prime Minister MacDonald will show
no opposition to this delay."
Discussing another phase of the relations between
France and Germany, the Paris correspondent of
"The Sun" of this city said in a dispatch dated March
24 that "the Ruhr industrialists have agreed to prolong indefinitely their accords with the Franco-Belgian Commission, as to deliveries of coal and other
material for the reparations account. The new
agreement, however, is based on the hope that the
plan of the Dawes experts will transfer the burden
of maintaining these deliveries to the Government
budget." He added that, "according to statements
from the French headquarters at Duesseldorf, it is
believed that such payments must be cut down at
least 50% for the remainder of the year. The German budget only allows a quarter of a billion marks
gold for all payments to the Allies, including the
cost of the armies of occupation, but the budget outlined by the Dawes Committee will more than double
this figure." He claimed that "the next move of the
industrialists will be a request for the participation
of a German delegation in the forthcoming conferences to bring about either a reduction of deliveries
or of the cost of the army of occupation. For the
moment both the French and the Belgians are opposed to such concessions, declaring that the experts
have studied the situation thoroughly and that their
recomendations as to Germany's capacity to pay
must be taken as final."
The report of the experts, according to the latest
Paris advices, may be expected next Wednesday. The
Paris correspondent of the New York "Times" cabled on March 26 that "it is stated officially to-night
that the experts' reparations report will be ready
next week, probably Wednesday. Members of the
committee say almost all difficulties have disappeared, and it is hoped by Friday that there will be a
general accord which will permit final drafting of
the plan for balancing the German budget and the
establishment of stable money for the Reich."
What was termed a "confidential synopsis" of the
report was obtained by "Administration circles" in
Paris on Thursday. The outstanding points, according to the "synopsis," are as follows: "1—
Stabilization of German currency is entirely feasible.
The recommendations will include establishment of
a gold bank of issue, probably in either Holland or
Switzerland, where the gold reserve would be acces-
1449
sible, but free from any threats of seizure. Between
the U25,000,000 in gold held by the Reichsbank, the
enticing away from private holders in Germany of
the large amounts of foreign currency held by them,
and other lesser means, the proposad gold bank could
assemble at least one-half of the resources necessary
to stabilize the mark. Further aid may be recommended in the form of foreign loans. 2—The way
toward a balanced German budget, the other cardinal step preliminary to putting that country on a
reparations-paying footing, will be shown. In this
connection, definite increases in certain forms of
taxation are expected here to be part of the Dawes
report. They include raising the taxes on incomes,
alcohol, tobacco, railroads, agriculture, customs and
salt. 3—Arrangements between Germany and the
Allies should provide that reparations payments immediately follow the accumulation of a surplus."
The Paris correspondent of the New York "HeraldTribune" suggested that, "in other words, the net
result of the Dawes Commission is that definite
means have been found whereby Germany can be set
squarely on its feet among the nations of the world,
and that until then there is little hope of obtaining
much monetary restitution for the Allied countries.
Although there is great wealth in Germany, for the
most part in coal, potash and other products, 'it is
all moonshine so far as reparations payments are
concerned until it can be marketed and sold.'"
Efforts are evidently under way to bring about a
closer accord between Great Britain and France.
Word came from London on Sunday that 'Premier
Poincare has instructed the French Ambassador in
London to lay before Prime Minister MacDonald at
the beginning of the week certain observations with regard to the French attitude toward a treaty of
mutual protection between France and England. It
is his purpose to begin with a London series of conversations on the security issue in an effort to arrive
at an arrangement by the time the experts' report on
reparations comes before the Government." He
called attention to the fact that "it is Mr. MacDonald's attitude, outlined on several occasions,
that the best guarantee of French security lies in reinforcement of the League of Nations to make it an
effective arm against aggression and deal specifically with French fears of Germany. He would have
a neutralized zone along the Rhine placed under the
guardianship of the League of Nations, any violation of it to be a casus belli against all members of
the League." The correspondent declared,.nevertheless, that, "while this point of view finds favor
among the French Liberals it is the attitude of the
Poincare Government that it prefers a hard and fast
treaty with England to be supplementary to the
League guarantees."
On Monday Count de St. Aulaire, French Ambassador to Great Britain, "offered to Prime Minister
MacDonald conditional modification of French occupation of the Ruhr." The London correspondeni
of the New York "Herald-Tribune" added that "Government spokesmen said the Ambassador did not
break new ground in his interview with the Prime
Minister, but confined himself to a discussion of the
situation as it exists." He also said that "the conversation included an exchange of views on the work
of the reparations experts, the Palatinate situation
and an examination of French suggestions for secur-
1450
THE CHRONICLE
ity of the eastern frontier. Premier Poincare has
laid down the policy that the Ruhr would be evacuated in proportion to German payments, and it is not
considered probable that there will be a discussion
of this viewpoint again."'
According to a special Paris dispatch to the same
paper under date of March 24, "it seems unlikely
now that any concrete step on the part of England
and France in an attempt to regulate their special
problem will be made until some time after the report of the Dawes experts has been madepublic, and
even then the situation may be complicated by discussions 'within the Reparations Commission and
further delayed." It was added that "Prime Minister MacDonald, Paris learns to-night, is desirous of
immediate publication of the experts' recommendations, but he also desires a delay in meeting Poincare
until some time thereafter in order to gain the benefit of the reaction of public opinion in various countries."
Judging from a special London cablegram to the
Philadelphia "Public Ledger," the Labor Party in
Great Britain is having more trouble within its own
ranks than with other political parties. The correspondent said that "sidelights on the strikes and
threatened strikes in England have served to emphasize what has been quietly going on in the Labor Government for a month or so, that the party is rapidly
being divided into three categories—the Labor Party,
ably led by Premier MacDonald; a trade union
branch, rather unimpressively headed by Deputy
Leader Clynes, and the recalcitrant Scottish Socialists, who have gained impetus by the strong, intelligent leadership of John Wheatley, Minister of
Health." Going further in his outline of the political situation, he said: "It is predicted there ultimately will be a struggle for leadership of the whole
party between MacDonald and Wheatley. Naturally, the Labor leaders are favorably viewed by all
the Labor Party up to a certain point, but in the
strict trade unionism branch of the party there is a
growing feeling that the Labor Government is not
doing enough. They are represented as insisting to
Clynes that the Ministry support them in their many
disputes more definitely, in which contingent
Clynes must reckon with Mr. MacDonald, who, as
Premier, must give fair consideration to both sides.
Stanley Baldwin, leader of the Conservatives, is reported to be preparing a new Conservative program
that will go even farther toward Liberal ideas than
the one embodied in the King's speech, which the
Tory Cabinet prepared just before it left office. So
long as the Conservatives are upset, Premier MacDonald, by careful steering of measures in the House
of Commons,can hang on to the Premiership."
[VoL. tn.
of 76 votes in its decision not to build a naval base
at Singapore." He also said that "Labor speakers
contended that Ramsay MacDonald's policy of cultivating world peace by agreement would be a more
effective guarantee of security than Singapore could
supply. Liberals urged the construction of the Singapore base would violate the spirit if not the letter
of the Washington agreement and urged that it
should in any case be postponed until it were seen
whether the proposal for further limitation of armaments fostered by the United States House of Representatives would bear fruit. The Conservative
case was that Singapore was needed for defense of
the Dominions and that its abandonment without
consulting them constituted a grave discourtesy."
The British have had at least their share of strikes
since the war. The Labor Party was ushered into
power to the tune of a strike of steam railroad workers. It was settled, only after active negotiations,
the seeming exercise of political influence, and worst
of all, the granting of practically all the demands of
the men. And most recently it has been a strike of
"40,000 bus and tram workers in London." They
went out at midnight March 21. At that time there
was "talk of the subway employees also going out in
sympathy." It was explained by the London correspondent of the New York "Times" that "the strike
resulted from a demand for an increase of wages by
eight shillings per week. Two-thirds of the street
car men are employed on the municipal system,
owned by the London County Council, and to them
an offer of a five-shilling advance has been made.
The other third of the employees, under private companies, have had varying concessions, from five shillings down, according to the financial position of
the companies." Attention also was called to the
fact that "negotiations have been in progress for six
months, and yesterday the employers made an offer
to submit the dispute to arbitration, which the men
refused." In explanation of the volume of traffic
handled, "the average daily number of passengers
carried by the street cars is 2,400,000 and by the
omnibuses 5,000,000, and on Saturday afternoons
the numbers are generally above these on account of
the great amount of travel connected with sports and
other diversions." The London cable advices stated
that the first day of the strike, a week ago to-day,
"London's streets presented a very unwonted aspect
and a novel quietude to-day, owing to the almost
complete absence of tram and bus traffic, the tie-up
through the strike which began last midnight being
virtually complete. Only a few hundred so-called
'pirate buses' were seen on the streets. These buses,
with the tube and suburban surface railways were
so besieged with passengers that long lines of people
waited at every station and there was much congestion and delay."
The head of any European Government has to be
constantly on the watch against being overthrown by
There were distinct indications on Wednesday,
the failure to get a vote of confidence on some relatively unimportant question, as in the case of Pre- according to London cable dispatches, that the strike
mier Poincare of France and his Cabinet, who went would spread to several other classes of closely afdown on a pension bill, after having pulled through filiated employees. The New York "Times" correon test votes on many important matters. At Tues- spondent cabled that "the strike of London omnibus
day evening's session of the British Parliament the and tramway men will in all probability extend on
MacDonald Government was attacked, but escaped Friday to the underground railways, with the posdefeat. The London correspondent of the New York sibility of sympathetic action by the electrical em"Times" cabled that, "despite the Opposition attack ployees at the power stations." Prime Minister
opened by a fighting speech from Sir Robert Horne, MacDonald and his associates have been giving close
the Government was sustained to-night by a majority' attention to the strike situation. According to a
MAR. 29•1924.1
TUE CHRONICLE
special London cablegram to the New Ior! "nines"
March 27, "the Prime Minister and his leading colleagues were occupied for practically the whole day
in trying to find some way out of the traffic strike
and the threatened extension of it at midnight tomorrow. In the morning there was a long meeting
of the Cabinet. It is understood that the Ministers
received a deputation from the Executive Committee
of the Labor Party, who discussed with them the
question of the issue of a proclamation."
1451
patch, ••outhern Ireland was scoured all day to-day
by Free State troops," who looked for the assassins.
The correspondent also made it known that "the
Government has offered a reward of £10,000 for the
capture of persons who may be convicted of this outrage, which the entire nation, Republicans as well
as the supporters of the Free State, is publicly deploring." The second victim of the shooting died in
about 24 hours after it occurred. In a Dublin wireless message to the New York "Times" under date of
March 23, it was declared that "the outrage hak
Conferences were held yesterday at which it was aroused more general sorrow and alarm among the
hoped a settlement would be 'reached. Up to the people than any of the terrible events of the last five
time of going to press the London cable advices did 'years in this country."
not contain any definite information as to the results. In the event of failure, the London correCommenting on the political aspect of the Queensspondent of the Philadelphia "Public Ledger" de- town affair, several days after its occurrence, the
clared that "the British Labor Government faces the Dublin correspondent of the Philadelphia "Public
alternative of bringing into play the National Emer- Ledger" said: "Although the Free State Governgency Act, giving it power to commandeer private ment still has its hands full trying to settle the army
vehicles and to employ the army to transport Lon- mutiny and the perpetrators of the attack on British
dons' workers, which would lay the Cabinet wide troops at Queenstown are still at large, there is one
open to a charge that it was deserting labor or of en- hopeful assurance. The Queenstown outrage, far
during the criticism of the general public, which is from endangering a settlement between Great Britthoroughly exasperated over the transport strike. ain and Ireland, has furnished new proof of the BritIf the situation continues it may make Prime Minis- ish nation's honest intentions toward the Free State
ter MacDonald's leadership impossible."
in the long struggle to put down internal discord.
Thus the only purpose which the crime at QueensThe always disturbed political situation in Ire- town could have had—stirring up of strife between
land became still more complicated by a shooting England and Ireland—has been frustrated by the
affray shortly before dark on the evening of March refusal of either nation to be panic-stricken."
21. The chief features of the incident were related
Official action on the Queenstown affair was
in part as follows by the correspondent of the New taken by the Dail Eireann on Tuesday. According
York "Times" at Queenstown. "Just before dark to a Dublin dispatch that afternoon,"after a number
to-night a motor car with four men dressed in the of denunciatory references to the attack on British
uniform of Irish army officers dashed into Queens- soldiers at Queenstown last week the Dail Eireann
town from Westbourne. Stopping when they had carried a motion for adjournment to-day as an exgot to the beach opposite a pierhead where some pression of sympathy with the victims of the outrage
British soldiers from Spike Island had just landed, and their families." It was also stated that "Presithe occupants of the motor car were seen to train a dent Cosgrave, who himself moved adjournment,
machine gun onto the pierhead and fire, wounding said with reference to the shooting: 'In its deliberaa number of the British soldiers. One soldier was tion and savagery it has no parallel. It is almost
killed and 28 others wounded,eight of them seriously inconceivable that any civilized country could proand four so badly that they are not expected to re- duce four men who could plot and carry out such a
cover. Two women on the pier were among those foul, callous deed. All the annals of savagery may
wounded. The victims were recovered by their com- be searched, but I doubt if any worse instance can
rades and taken back to Spike Island in a military be found. It made our people at home and our
launch." Not satisfied with this attack, it seems friends abroad hang their heads in shame."
that "the assassins in the motor car then drove fuA development in the Irish political situation was
riously out of Queenstown, along the high road past made known here by the Dublin correspondent of
the Yacht Club, and when opposite the destroyer the Associated Press in a cable message dated March
'Scythe' they trained the machine gun on her and 24, in which he said that "Joseph McGrath, the refired again, but no casualty is reported among the signed Minister of Industry and
Commerce, declares
'Scythe's' crew. The assassins then disappeared in a statement that he 'and two
or three others will
along the high road, going toward Rushbrooke at a resign membership in the Dail Eireann to-morrow.'
"
furious pace. When the party in the motor car fired
at the destroyer 'Scythe' her crew stood to arms at
Kevin O'Higgins, Minister for Home Affairs, anonce, but no exchange of shots took place, as the at- nounced in the Dail on Wednesday
evening that "the
tacking party disappeared at great speed in the direc- resignations of the officers
will be accepted and we'll
tion of Rushbrooke. All ships passing the destroyer let it go at that." A special
Dublin correspondent
to-night are being challenged by her." General of the NewYork "Herald
-Tribune" cabled at that
O'Duffy, Commander-in-Ohief of the ,Army, sent time that "on the basis of slurring
over the affair
members of his headquarters staff from Dublin to the Government has succeeded in
re-establishing its
Queenstown to investigate the affair. President Cos- position with no further loss of
support than that
grave promptly sent a telegram of sympathy to entailed in the resignations of Joseph McGrath, MinPrime Minister MacDonald in which he said, "I ister of Industries and Commerce,
and Dan McCarhasten to assure you this cowardly crime will arouse thy, chief whip." In another
dispatch a few days
same horror and detestation throughout Ireland as later the same correspondent said: "Aside from
it has caused to myself and colleagues." The next such direct factors as the influence of near-Republiday, according to a Dublin Associated Press dis- can opinion, and aside from the generally growing
1452
THE CHRONICLE
unpopularity of the Cosgrave Government,there are,
back of the political troubles of Ireland to-day and
intimately bound up with them, the most serious economic problems."
It has been made quite plain in Berlin cable dispatches this week that various radical or reactionary elements in Germany have been inclined to "stir
things up" somewhat. For instance, in a wireless
dispatch to the New York "Times" under date of
March 23 its Berlin correspondent exclaimed, "one
people, one nation, one Kaiser." He said "that is the
most sensational plank in the most sensational platform any German political party has dared to frame
since the armistice. To-day,exactly six weeks before
the German elections, the German National People's
Party, one of the strongest in Germany, publicly
adopted this platform." He asserted also that "in a
ringing manifesto to the voters it not only declares
the restoration of Kaiserdom a vital necessity for
Germany, but demands that Germans repudiate the
Versailles Treaty, teach their youth to use arms and
obey discipline, tear away,'the tissue of lies about
Germany's war guilt,' rebuild Germany according to
Bismarck's pattern, with Prussia as the foundation,
end the supremacy of the Reichstag and 'fight everywhere against the destructive spirit of the Jews.'"
Continuing he said: "Simultaneously with the publication of this platform the announcement comes
from Munich,• the hotbed of monarchical activities,
that the united committees appointed by various nationalistic parties, have definitely decided that their
candidate for the next President of the German Republic will be that dyed-in-the-wool monarchist, that
incarnation of the old imperial German spirit, Admiral von Tirpitz, creator of the German Navy and
father of Germany's ruthless submarine warfare."
The Berlin representative of the New York "HeraldTribune" cabled under the same date that, "strongly
supporting the idea of restoring the monarchy, powerful industrialists, headed by Voegler, general manager for Stinnes, who have broken away recently
from the People's Party, also have issued a declaration, demanding a return of the Reich to the old BisJuarckian tradition."
[VoL. 118.
unicago "Tribune" on March 26, it was stated that
"King George of Greece decided to-day to broadcast
a manifesto to the Greek people by radio as soon as
he received official notification that the Greek Assembly has abolished the Gluecksburg dynasty. King
George will assert in his manifesto that he will not
abdicate the Greek throne and that he does not recognize the abolition because it was done under military pressure and against the wishes of the Greek
people. He reached his decision to-day after communicating with his family." The Athens correspondent of the New York "Times" cabled under the
same date that "the Monarchist leaders have issued
a strong protest against the dethronement of King
George II and the proclamation of the republic in
Athens."
Official discount rates at leading European centres continue to be quoted at 10% in Berlin (this
being the rate fixed on Rentenmarks last December,
on which basis nearly all transactions are now negotiated);7% in Norway and Denmark;6% in Paris;
2
1
/
5 % in Belgium and Sweden; 5% in Holland and
Madrid, and 4% in London and Switzerland. In
London the open market rate was practically unchanged, being quoted at 215-16%@3%, against
/
278@3% last week. On the other hand, call money
/
at the British centre was higher, closing at 214%,af/
ter having touched 2%%,as compared with 178% a
week ago. At Paris open market rates remained at
6% and at Switzerland 3%, unchanged.
The Bank of England in its statement for the week
ending March 26 reported a further small addition
to gold stocks of £777, although as note circulation
expanded £497,000, there was a contraction in reserve of £497,000, while the proportion of reserve to
liabilities declined to 17.61%, from 17.68% a week
ago, and 18.25% in the week of March 5. Last year
14%.Noteworthy
/
the ratio was 171 8% and in 1922 16/
changes occurred in deposits, public deposits having
increased £2,986,000, and "other" deposits declined
£5,288,000. The bank's temporary loans to the Government fell £190,000. In loans on "other" securities there was a reduction of £1,603,000. Gold holdings stand at £128,105,823, which compares with
£127,505,162 in 1923 and £128,771,201 a year earlier.
Reserve totals £22,460,000, as against £22,818,552
last year and £24,502,261 in 1922. Note circulation
aggregates £125,402,000. A year ago it was £124,436,610 and in 1922 £122,718,940. The loan total
stands at £75,144,000, in comparison with £79,811,607 and £97,930,942 one and two years ago, respectively. No change has been made in the bank's official discount rate from 4%. Clearings through the
London banks for the week were £751,393,000, as contrasted with £802,904,000 last week and £766,701,000
a year ago. We append herewith comparisons of the
different items of the Bank of England returns for
a series of years:
Greece has become a virtual republic. In a special
wireless message from Athens to the New York
"Times" on Mar. 25 it was stated that "King George
II has definitely been deposed and unless the coming
plebiscite springs a surprise on the over-confident
Republicans the familiar title of King of the Hellenes
will be relegated to the past." The correspondent
called attention to the fact that "the proclamation
of the Republic coincided with the celebration of the
103d anniversary of Greek independence, and a Te
Deum was sung at the cathedral in presence of Admiral Konduriotis, the Regent, the Cabinet Ministers, foreign diplomatic representatives and many
high officials." He also said that "the celebrations
will continue for three days, and the plebiscite will
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1924.
1923.
1921.
1920.
be held April 13. All officers serving terms of imMarch 28. March 28. March 29. March 30. March 31.
prisonment in connection with the October insurrecCirculation
125,402.000 124,438,610 122.718,940 129,904,745 105,271.020
tion, including Generals Gargalides and Leonardo- publicdeposits
26,983,000 35,677,769 30.037,437 23,046,991 38,248,159
Other deposits
poulos, have been pardoned, and the Chamber has Govt. securities 100.407,000 97,029,885 120,504,445 114,633,954 100,922,097
48,167.000 48,354.200 46,318,615 20,004,162 20,412,430
Other securities_ _ 75,144,000 70,811,607 97,030,942 112,909,287 100,523,836
been prorogued for 40 days."
Reserve notes & coin 22,460,000 22,818,552 24,502,261 16,803,629 25,351,455
The cable advices have made it plain that there is Coln and bullion_ 128.105,823 127,505,182 128,771,201 128,248,374 112,172,475
strong opposition in Greece to the dethronement of Proportion of reserve 17.61%
to liabilities
1834%
1234%
1734%
1634%
4%
6%.
43.4%
7%
3%
the King. He does not intend to give up easily, I Dank rate
either. In a special Bucharest cablegram to the
THE CHRONTCLE
* MAR. 29 1924.]
The Bank of France in its weekly statement shows
that an expansion of 43,599,000 francs has occurred
in note circulation; this, however, follows reductions
in that item during the two previous weeks aggregating 360,013,000 francs. The total of notes in
circulation :s now 39,949,580,000 francs, which compares with 37,187,839,005 francs at the corresponding
date last year and with 35,528,004,930 francs in
1922. Just prior to the outbreak of war, in 1914,
the amount was only 6,683,184,785 francs. The
Bank's gold holdings during the week were augmented to the extent of 155,975 francs, increasing the
gold reserve to 5,541,795,900 francs, wi ich compares
with 5,536,251,862 francs last year at this time and
with 5,526,054,931 francs the year previous; of the
foregoing amounts 1,864,320,900 francs were held
abroad in 1924, 1,864,344,927 francs in 1923 ard
1,948,367,056 francs in 1922. The statement farther
shows increases in the various other items as follows:
silver, 145,000 francs; bills discounted (there 1-as been
a steady gain in this item since Feb. 20, and of late
the increases have been very pronounced), 288,955,000 francs; advances, 5,352,000 francs; and general
deposits, 326,699,000 francs. On the other hand,
Treasury deposits fell off 38,162,000 francs. Comparisons of the various items in this week's return
with the statement of last week and with corresponding dates in both 1923 and 1922 are as
follows:
BANK OF FRANCE'S
Changes
for Week.
Gold Holdings—
Francs.
15,5,975
Inc.
In France
No change
Abroad
Total
Silver
BillsdIscounted.Advances
Note circulation
Treasury deposits
General daposits
155,975
Inc.
145,000
Inc.
Inc.288,955,000
Inc. 5,352.000
Inc. 43,599,000
Dec.38,182,000
Inc.328,699,000
COMPARATIVE STATEMENT.
Maus as of
Mar. 28 1924. Mar. 29 1923. Mar. 30 1922.
Francs.
Francs.
Francs.
3.677,475,000 3,671.906,935 3,577,687,875
1,864,320,900 1,864,344.927 1,948,367,058
5,541,795,900
297,967,000
5,360,122,000
2,480,195,000
39,949,580,000
18,795,000
3,145,252,000
5,536,251,862 5,526,054,931
281,921,314
291,521,113
2 984,908,028 2,914,198,134
2,072,562,891 2,311,479,175
37,187,839,005 35,528,004,930
28,298,147
25,387,297
2,010,798,084 2,209,647,000
In its statement, issued as of March 15, the Imperial Bank of Germany reported another striking
gain in note circulation, though this time in the quadrillions instead of the quintillions, namely 307,976,000,000,000,000 marks, to 613,178,127,761,000,000,000 marks, which may be compared with 4,272,000,000,000 marks last year and 120,738,000,000 marks
in the year 1922. In bills of exchange and checks
there was an increase of 38,274,009,000,000,000,000.
Rentenbank notes increased 2,656,460,000,000,000,000 marks, and deposits 9,618,779,000,000,000,000
marks. Rentenbank discounts and advances declined 15,623,850,000,000,000,000 marks. Other liabilities increased 10,280,696,000,000,000,000 marks.
Treasury and loan association notes fell 160,000,000,000,000,000 marks, and other assets 38,745,685,000,000,000,000 marks. In notes of other banks there
was an increase of 370,000,000,000,000 marks and in
investments of 76,420,000,000,000,000 marks. Total
coin and bullion, which now includes aluminum,iron
and nickel coins, increased 36,326,000 marks. Gold
holdings were practically unchanged, increasing
4,000 marks, to 464,807,000 marks. At this time a
year ago the total was 1,004,832,000 marks and in
1922 996,378,000 marks.
The Federal Reserve Bank statement issued at the
close of business on Thursday disclosed changes
which contrasted sharply with those of the week
preceding, in that gold holdings were reduced while
there were important additions to bill holdings.
1453
For the system as a whole, gold reserves fell $8,900,000. Rediscounting of Government secured paper
expanded $47,800,000; "all other.," $3,000,000, while
bill buying in the open market increased $18,000,000.
Total bills discounted stand at $482,315,000, an increase for the week of $51,000,000. Earning assets
expanded $19,900,000, but deposits fell $5,000,000.
The New York Bank in its operations with the Gold
Settlement Fund lost gold to the amount of $59,000,000. Here also rediscounts of all classes of
paper mounted upward, increasing approximately
$47,000,000 and open market purchases increased
$26,500,000. Earning assets increased $25,500,000,
although deposits were reduced $37,000,000. Both
locally and nationally, the amount of Federal Rcserve
notes in circulation decreased—in the one case
$5,000,000, in the other $7,000,000. Member bank
.down sharply; for the
reserve accounts were drawn.
group the decline, was $68,600,000, and at
banks as a
New. York 858,000,000. Changes in the ratio of
reserve were not especially significant.. The local institution reported a drop of 2%, to 87.5%, but in
the combined statement the ratio remained at80.8%,
the same as last week.
Further large additions to both loans and deposits
featured last Saturday's statement of the New York
Clearing House member banks and trust companies,
attended this week, however, by a gain in surplus
reserve. Loans and discounts increased $60,745,000.
Net demand deposits were expanded $71,715,000, to
$3,964,438,000, which total is exclusive of Government deposits to the amount of $52,043,000, an increase in the latter item of $22,167,000 for the week.
In time deposits there was an increase of $12,222,000
to $464,929,000. Cash in own vaults of members of
the Federal Reserve Bank gained $459,000 to $47,029,000. This sum, however, is not counted as reserve. Reserves in own vaults of State banks and
trust companies declined $46,000, while reserves of
these same institutions kept in other depositories decreased $314,000. As against these changes, member banks increased their reserves at the Reserve
Bank $18,856,000, so that in spite of the material enlargement of deposits, surplus expanded $8,903,610,
increasing excess reserves to $14,663,530 from $5,759,920 last week. The above figure for surplus
are on the basis of reserve requirements of 13% for
member banks of the Federal Reserve system, but
do not include $47,029,000 cash in own vaults held
by these institutions on Saturday last.
2
1
/
The upturn in call money to 5 % was rather
more rapid and pronounced than had been expected.'
Still, it was assumed a week ago that there would be
/
a rebound soon from the 21 4% quotation that was
reached at that time. Quite probably the recovery
would not have been so rapid except that the end of
the month was close at hand, when preparation had
had to be made for the large April 1 disbursements.
Another important factor in turning call money
rates at this centre upward was the withdrawal of
surplus funds by interior institutions. This is always done when the quotations here are abnormally
2
1
/
low. With the return to the 5 and 5 % levels, it is
quite probable that those institutions have been
transmitting funds to New York again. The low
rates of last week naturally stimulated investment
buying of securities. With these various influences
at work it is perfectly easy to understand the trend
1454
THE C111-RnATTOLE
of the call money market this week. A moderate
recession is expected after the first of the month is
passed. In fact, rates were lower yesterday.
While there has been no change in the quotations for time money, the tone has been somewhat
firmer. Toward the end of the week it was said that
no accommodations were obtainable below 41 2%. A
/
seasonal increase in agricultural borrowing, and
some increase in the commercial demand have been
reported. Otherwise there has been little or no
change in the money market position.
[VOL. 11&
ments in European affairs, and neither the downfall
of the French Cabinet nor a fresh outbreak of labor
troubles in England had more than a passing influence upon values. Demand bills continued to
range it close to 4 29; as a matter of fact the trend
was fractionally upward, and after an opening quotation of 4 283i there was a gradual advance until
/
4 303'1 was reached. Trading, however, was of
distiactly small proportions and dulness proved the
outstanding characteristic most of the time. It was
clearly evident that operators are still marking time
so far as sterling is concerned and far more interested
Dealirg with specific rates for money, loans on call in the movements of francs. In the early part of the
ranged between 3@5%,in comparison with 2@ week moderate selling pressure made itself felt,
4% a week ago. On Monday only one rate was especially following news that British transportation
quoted, namely 3%, this being the high, the low and was again threatened by strike conditions, but as
the ruling figure for the day. On Tuesday firmness fairly good buying developed later on, it was not long
developed amid the call rate advanced to 5%,although before the decline was arrested and rates began to
renewals were made at 31 % and this was the low. improve. Thereafter, quotations moved within exA
On Wednesday increased strength was displayed and ceptionally narrow limits and the close was a trifle
loans on call moved up to 53'%;the renewal basis was easier.
4%, with 33-% the low. Thursday's range was
Uncertainty concerning tl-e reception likely to be
432@53/2%, with 4% the ruling rate. Renewals accorded the Dawes Committee report by the nawere negotiated at 4%% on Friday, which was the tions most directly affected, and likelihood of further
lowest fdr the day; the high was 5%. Heavy calling delay in the event that negotiations are postponed
of loans was responsible for the flurry. For fixed- until after the French and German elections in May,
date maturities also there was a firmer tone, for a tended to produce hesitation, and dealers seemingly
a while, and the longer maturities advanced are in no hurry to enter into new commitments under
to 4M@43 %. On Friday (yesterday) the tension present conditions. The phenomenal recovery in
4
relaxed and sixty. and • ninety day money was franc values of course exercised a reassuring effect
quoted at •4@43'% and four to six months upon market sentiment,although doubt was expressed
at 432%, the same as a week ago. Trading was among the more pessimistically inclined as to whether
quiet with no imPortant trades reported. The it would be possible to maintain the gains achieved.
above figures apply to mixed collateral and all- Anxiety is felt over the fact that franc futures are
industrials alike.
still quoted at a considerable discount. In the
Mercantile paper rates firmed up and four to six opinion of usually well informed bankers, practically
months' names of choice character are now quoted at everything hinges upon the acceptance of the Dawes
43@4%%, against 43'%, while names less well report, since it is claimed that under its constructive
known require 4%@5%, against 43 % last week. provisions, German recuperation is assured, while
4
Out-of-town institutions continue the principal buy- France may eventually get reparations payments.
ers. Dealings were said to be more diversified and a
Comparing with the day-to-day rates, sterling exfair volume of business was reported.
change on Saturday last displayed a sagging tendency
Banks' and bankers': acceptances were moderately and demand declined to 4 28%@4 291 ,cable transA
active in the early dealings, though with the stiffen- fers to 4 28%@4 294 and sixty days to 4 26%@
ing in the call market dulness again set in, with the 4 271 I; selling based on rumors of labor troubles in
/
result that the aggregate turnover was light. Offer- England was responsible for .the weakness. On
ings were light, especially of prime names. Both Monday the market steadied and there was a fraclocal and country bunks were in the market. The tional increase to 4 28%@4 29% for demand,
undertone was steady and rates slightly higher. For 4 28%@4 29% for cable transfers and 4 26%@,
call loans against bankers' acceptances the posted 4 27% for sixty days; short covering figured promirate of the American Acceptance Council has been nently in the rise. Farther improvement took place
advanced to 4%, against 23'% a week ago. The on Tuesday, and demand bills sold up to 4 29@
Acceptance Council makes the discount rates on 4 29 7-16, cable transfers to 4 291 @4 29 11-16 and
4
prime bankers' acceptances eligible for purchase by sixty days to 4 263 @4 27 3-16; trading, however,
4
the Federal Reserve banks 4% bid and 3%% asked was not active. On Wednesday, although the
for bills running 30 days,41
/% bid and 4% asked for volume of trading was light, prices were again adbills running 60 and 90 days, 434% bid and 43/% vanced a fraction to 4 29%@4 29 11-16 for deasked for bills running 120 days, and 4%% bid and mand to 4 29%@4 29 15-16 for cable transfers and
41
4% asked for bills running 150 and 180 days. to 4 26%@4 27 7-16 for sixty days. Dulness marked
Open market quotations follow:
Thursday's dealings, nevertheless prices were firmly
SPOT DELIVERY.
held and the day's range for demand was 4 29%0e
90 Days.
60 Days.
30 Days.
Prime eligible bills
430g4
,
4@3%
4@3% 4 303 1. for cable transfers 4 29%@4 303% and fOr
FOR DELIVERY WITHIN THIRTY DAYS.
sixty days 4 27%@,4 28. Friday irregularity deEligible member banks
bid
Eligible non-member banks
4V8 bid veloped wit'i a slight lowering to 4 29%@4 303' for
demand, 4 29%@4 30% for cable transfers and
There have been no changes this week in Federal 4 27%@4 27% for sixty days. Closing quotations
were 4 27 7-16 for sixty days, 4 29 11-16 for demand
Reserve Bank rates.
and 4 29 15-16 for cable transfers. Commercial sight
The sterling exchange market was apparently not bills finished at 4 29 9-16, sixty days at 4 27 1-1(i,
affected to any material extent by latest develop- ninety days at 4 25 13-16, documents for payment
MAR. 29 1924.]
THE CHRONTCLE
(sixty days) at 4 27 5-16 and seven-day grail!, bills at
4 29 1-16. Cotton and grain for payment closed
at 4 29 9-16.
The week's gold movement was confined to one
shipment on the Belgenland from Antwerp valued
at £882,053. The gold that arrived last week on
the Rochambeau was erroneously reported as coming
from France. This consignment in reality was imported from Switzerland and was destined partly for
the Equitable Trust Co. and partly for the Federal
Reserve Bank, being simply a commercial transaction.
1455
York sight bills on the French centre finished at
/
5.473, against 5.23;cable transfers at 5.481 2,against
/
5.24; commercial sight bills at5.461),against 5.22,
and commercial sixty days at 5.413., against 5.16K
last week. Antwerp francs, which as usual followed
the course of French exchange, closed at 4.29 for
checks and 4.32 for cable transfers, after having
declined to 4.18 and 4.19 in the early dealings.
.
2
A
Last week the close was 4.111 and 4.123/ Reichs
rks finished at 0.000000000022, against
0.000000000021 the previous week. Austrian kronen
s.
have not been changed from 0.00143/ Lire closed
2
at 4.323/ for bankers' sight bills and 4.333/ for cable
transfers, in comparison with 4.35 and 4.36 a week
earlier. Exchange on Czechoslovakia finished at
2.893/2, against 2.89 s; on Bucharest at 0.52, against
0.523; on Poland,at 0.000012 (unchanged), and on
Finland at 2.52, the same as last week. Greek exchange closed at 1.69 for checks and 1.693/2 for cable
transfers, as compared with 1.673', and 1.68 a
week ago.
As to Continental exchange, trading was for the
most part quiet, with irregularity in some of the leading currencies, although the general tendency was
toward slightly higher levels. French francs once
more came to the front and claimed the attention of
bankers and operators alike by a further sharp rise
4
to 5.623, which constitutes an advance of 381
points over the highest point touched last week and
2193 points above the recent low. As the advance,
There is very little of importance to report in the
however, was the immediate result of covering operapart of distressed shorts, recession set in neutral exchanges, formerly so-called. Trading was
tions on the
• just as soon as the movement had culminated. Fol- light and rate variations relatively unimportant.
lowing the brief upward spurt, which lasted only Guilders and Swiss francs were firmly held at close
during the forenoon of Monday, selling recommenced to last week's closing levels. In the Scandinavian
(from official sources it was claimed for the purpose of currencies improvement was noted in Danish and
accumulating sterling and dollars and also by reason Swedish exchanges, the latter attributed to expectaof profit taking sales) and this, supplemented by Von that Sweden is to resume gold redemption of
rumors of disagreement between the members of the bank notes on June 1, instead of Sept. 1. The NorDawes Committee and a possibility of delay in acting wegian krone, on the other band, remained heavy,
upon their report until after the May elections, all while Spanish pesetas showed no material alteration
combined to dampen enthusiasm and the quotation one way or the other, until the close, wl en there was
/
.
dropped back to 5.361 2 During the remainder of a rally to 3.25.
Bankers' sight on Amsterdam finished at 36.89,
was subjected to a flood of
the week the market
of one sort or another, culminating against 36.98; cable transfers at 36.93, against 37.02;
unsettling reports
in the resignation of the Poincare Cabinet and prices commercial sight bills 36.83, against 36.92, and comfluctuated irregularly, declining still further to 5.27, mercial sixty days 36.47, against 36.56 last week.
2
then recovering to 5.49 before the close. Subse- Final quotations for Swiss francs were 17.313/ for
cable remittances,
quently, the latter development was more favorably bankers' sight bills and 17.32% for
regarded, and there were some who gave it as their comparing with 17.29 and 17.30 a week earlier.
opinion that it might be the means of paving the way Copenhagen checks finished at 15.86 and cable
for France's approval of the Dawes report on repara- transfers at 15.90, against 15.61 and 15.65. Checks
tions, while it soon became evident that the pro- on Sweden closed at 26.4434 and cable transfers At
2
gramme for French financial reforms was not to be 26.483, against 26.343/ and 26.383'; but checks on
finished at 13.58 and cable transfers at
by the change in political affiliations.
Norway
affected
As has been the case in recent weeks,the remainder 13.62, against 13.76 and 13.80 the week preceding.
• of the Continental exchanges was neglected and at Spanish pesetas closed at 13.25 for checks and 13.27
times trading was dull to the point of stagnation. for cable transfers, in comparison with 13.01 and
Reichsknarks were a shade firmer, advancing, nomi- 13.03 last week.
nally, to 0.000000000022. Lire moved within narAs to South American quotations, tie situation
row limits on a small volume of transactions. The remains about the same. Argent;ne checks finished
range was 4.34®4.27. Greek drachmae were at 333 and cable transfers at 33%, comparing with
%
4
firmly held and the same is true of the minor Central 335 and 333 last week, with Brazil strong at
European currencies, most of which remain virtually 11.30 for checks and 11.35 for cable transfers,
stationary at levels previously current. Advices against 10.60 and 10.65 last week. Chilean exfrom Moscow indicate that Russian chervonetz have change remains at 10.00, and Peru at 4 00, unthis week been quoted above a parity of $5 146. changed.
The prevailing quotation is $5 20, which is said to
Far Eastern exchange, especially .the Chinese
compare with $4 76 on March 1 and $4 55 at the quotations, were affected somewhat by a lowering
beginning of January. The advance, however, has in the price of silver, although recovering practically
not been brought about by heavier demands for all of the loss before the close. Hong Kong finished
Russian exchange from Abroad, since dealings are at 51@513'4 (unchanged); Shanghai, 703'®70%,
/
as yet restricted to a very few European markets, against 713®711 2; Yokohama, 41.85®41.95
%
/
%
but is claimed to be the result of increasing confidence against 423 ®43; Manila, 491 2®493 , against
among Russian nationals and a general widening 49%®49%; Singapore, 503'®50%, against 50@
%
50%; Bombay, 301 ®303 (unchanged), and Calin its use as legal tender in Russia itself.
check rate on Paris closed at 78.50, cutta. 303 s®30% (unchanged).
/
The London
‘vhieh compares with 82.40 a week ago. In New
1456
THE CHRONICLE
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MARCH 22 TO MARCH 28 1924, INCLUSIVE.
•
Noon Butane Rats for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Unit.
Varch 22,March 24.March 25.March 26.March 27 March 28.
EUROPEB
$
B
$
$
$
Austria, krone
.000014 .000014 .000014 .000014 .000014 000014
Belgium, franc
.0421
.0428
.0427
.0430
.0431
.0431
Bulgaria, ley
007400 .007472 .007430 (007328 .007311
Czechoslovakia. kron 028938 .028976 .029002 .028995 .029076 .007320
.029675.
Denmark, krone
1563
.1571
.1580
.1581
.1582
.1584
England. pound st
ling
2903
4.2917
4.2940
.2941
4.3019
4.2989
Finland, markka
.025013 .025122 .025113 .025028 .025079 .025050
France,franc
.0532
.0539
.0538
.0541
.0546
.0548
Germany, reichsmar.
.
a
a
a
a
a
a
Greece,drachma
.016591 .016875 .017125 .017027 .016631 .016838
Holland, guilder
.3690
.3686
.3695
.3697
.3696
.3b93
Hungary, krone
.000013 .000014 .000015 .000014 .000014 .000015
Italy, lira
.0433
.0433
.0431
.0432
.0434
.0433
Norway. krone
.1372
.1365
.1363
.1365
.1365
.1362
Poland, mark
b
b
b
b
b
b
Portungal, eseudo
.0311
.0308
.0314
.0312
.0319
.0317
Rumania,ten
005179 .005182 .005208 .005170 .005193 .005178
Spain, peseta
1300
.1300
.1298
.1301
.1313
.1323
Sweden,krona
2640
.2644
.2647
.2647
.2647
.2646
Switzerland, franc- .1727
.1726
.1724
.1726
.1731
.1732
Yugoslavia, dinar-----012207 .012252 .012295 .012273 .012264
.012287
ASIAChinaChefoo, tadl
7133
.7133
.7146
.7100
.7125
.7100
Hankow mei
7159
.7163
.7172
.7134
.7156
.7183
Shanghai tad
.7009
.6989
.6986
.6977
.6986
.6984
Tientsein tadl
7183
.7200
.7213
.7158
.7183
.7158
Hongkong dollar__ .5060
.5055
.5050
.5052
.5064
.5061
Mexican dollar-- - .5034
.5034
.5023
.5026
.5029
.5036
Tientsin or Pei
dollar
5042
.5067
.5042
.5058
.5050
.5067
Yuan dollar
.5033
.5092
.5033
.5075
.5033
.5092
India. rupee
.2993
.2992
.2992
.2994
.2993
.2992
Japan, yen
4210
.4203
.4196
.4198
.4197
.4194
Singapore(5.8.)(101
5037
.5025
.5030
.5025
.5030
.5030
NORTH AMER.
Canada, dollar
.971660 .972461 .973055 .975684 .975975 .975916
Cuba, peso
.000531 1.000531 1.000594 1.000594 1.000531 1.000531
Mexico, peso
.482708 .482500 .482292 .482708 .481875 482500
Newfoundland. dot
.969063 .970313 .971000 .973375 .973750 .973063
SOUTH AMER.Argentina, peso (gold) .7629
.7623
.7630
.7585
.7601
.7602
Brazil, milreis
.1138
.1130
.1107
.1094
.1137
.1131
Chile, peso (paper)--. .0949
.0954
.0959
.0956
.0956
.0970
Uruguay. peso
.7688
.7681
.7682
.7674
.7701
.7733
a Quotations for German retchsmarks have been: March 22, .0000000000002
19
March 24, .000000000000221: March 25. .000000000000221; Starch 28.
.000000000000221: March 27. .000000000000221: March 28, .00000000000022
1.
b Polish marks have been: March 22, .000000111: March 24, .000000114;
March 25. .000000116; March 26, .000000119; March 27. .000000115:
March 28,
.000000114.
Banks of
[VoL. 118.
March 28 1924.
Silver.
England_ _ 128,105,823
France a_ 147,098,039
Germany 23.240,350
Aus.-Hun_ b2,060,000
Spain ____ 101,132,000
Italy
35,181.000
Netherl'
48,476,000
Nat. BeIg_ 10,819,000
Switzerl d 21,•52,000
'
Sweden_
15,075,000
Denmark
11,643,000
Norway
8,182,000
March 29 1923.
Total.
Silver,
I
Total.
.£
128,105,82 127,505,162
127,505,162
11,880.000158,978,03 146,876,292 11,640,000 158,516,292
c3,475,040 26,715,390 50,110,030 3,293,190 53,403,220
62,000,000 b2,000,000
62.000,000
26.194.000127,326,001101,018,000 26,231,000 27,249,000
3,417,000 38,598,000 35,399,000 3,033,000 38,432.000
815,000 49,291,000 48,483,000
595,000 49,078,000
2,821,000 13,640,000 10,757,000 2,369,000 13,126,000
3,787,000 25,239,000 21,303,000 4,230,000 25,533,000
15.075,011 15,205,000
15,205.000
609,000 12,252,000 12,681,000
245,000 12,926,000
8,182,000 8,115.000
8,115,000
Total week 552,404,212 52,998,040605,402,252 579,452,484
Prey. week 552,375,929 52,863300605,239,329 579,411,802 51,636,190 31,088.674
51,451,190630,862,992
a Gold holdings of the Bank of France this year are
exclusive of £74,573,797 held
abrcad. b No recent figures. c It is no longer possible
to tell the amount of silver
held by the Bank of Germany. On March 15
1923 the Reichsbank began including
in its "Metal Reserve" not only gold and silver
but
as well. The Bank still gives the go.d holdings as aluminum, nickel and iron coin
a separate item, but as under the
new practice the remainder of the metal reserve can no
longer be considered as being
sliver, there Is now no way of arriving at the Bank's stock
of sliver. and we therefore
carry it along as the figure computed March 7
1923.
Our Boastful Billions-Is the Bonus Only
the Beginning
According to a statement made in the House at the
time of its passage, the new Bonus Bill will cost the
country $2,119,000,000 spread over 20 years. An
estimate of the cost for the first year is $135,000,000.
Is there any assurance that this bill, if it became a
law, would be the end of the appeals on behalf of the
war veterans? It is not to be forgotten that the
present bill is for "adjusted compensation." This
constitutes no bar to a pension of some sort, which
new "drive" may be expected to appear sooner or
later. We recall that Senator Borah offered a tentative total cost to the country of more than $70,000,000,000, on the assumption that these soldier gratuities will follow the course of the Civil War payments.
Memory goes back to the beginning of the war,
when the country was astounded at the estimated
costs that ran into billions. In our benevolent munificence we have long passed that period. Congress
certainly has passed beyond that period. Congress
seems to regard millions as trifles light as air,
The New York Clearing House banks in their hardly to be considered by
statesmen versed in the
operations with interior banking institutions have mathematics of billions.
Economy is a watchword
gained $2,976,500 net in cash as a result of the cur- of good governmen
t
-but a word actually obsolete
rency movements for the week ended Mar. 27. or obsolescent. Taxes
are the heavy hand of liberty
Their receipts from the interior have aggregated and democracy-but we
are the richest nation on the
$3,963,500, while the shipments have reached $987,- globe. We groan at the
tax on incomes, that seems
000, as per the following table:
never to grow lighter, though we have accomplished
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING the budget; we swallow
the billions without revoluINSTITUTIONS.
tion or rebellion because we are patriots all. If the
Into
Ota of
inheritance taxes keep on increasing we will reduce
Gain or Loss
Week ended March 28.
Banks.
Banks.
to Banks.
all estates to, say, $250,000-but for compensations
Banks'interior movement
$3,963,501
987,000 Gain $2,976,500
and charities we boast in billions.
As the Sub-Treasury was taken over by the FedIt is of little use in this saturnalia of Governeral Reserve Bank on Dec. 6 1920, it is no longer mental spending to attempt realitation by
statistical
possible to show the effect of Government opera- comparisons. We have formed the billion
-dollar
tions on the Clearing House institutions. The Fed- habit. When our total national expense
first reached
eral Reserve Bank of New York was creditor at the a billion and there seemed to arise a
protest over the
Clearing House each day as follows:
sum, a sum that then could not be comprehended, the
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK quick retort was: This is a billion
-dollar country.
AT CLEARING HOUSE.
And the strange thing about it all is that the class of
•
Saturday, Monday, 1 Tuesday, Wednud's Thursday, Friday.
disgruntled citizens which rails against the rich, the
Aggregate
Mar. 22. Mar.24. Mar. 25. Mar. 26. Mar. 27. Mar. 28.
for Week.
individuals and corporations that have accumulated
$
$
$
$
$
$
$
78.000,000 74.000,000 75.000.000 75,000.000 67.000.000 70,000.000 Cr.439,000,000 by economy,
thrift and ability, a few millions, are
Note.
-The foregoing heavy credits reflect the huge mass of checks which come silent witnesses of
billion-dollar appropriations,
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These largo credit balances. especially when
these billions are flung promiscuhowever,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 ously in the
paths of those who find inequality a
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 nightmare of
wrong and oppression. Of course, give
pass through the Clearing House but are deposited with the Federal Reserve
not
Bank for collection for the account of the local Clearing House banks.
the soldiers a pension, think these unhappy persons,
it will put more money in circulation, and a billionThe following table indicates the amount of bul- dollar country will never miss the money. Of course!
lion in the principal European banks:
A poverty-stricken Government would have the re
MAR. 29 1924.]
THE CHRONICLE
1451
spect of no one. Billions by Governments but never expenditures by Legislatures and Congress the time
is not far distant when Government scrip will be bea million for an individual or a corporation!
Ex-Senator Beveridge, in a recent article dealing low par.
with the ever-increasing boards and commissions by
The Annual Report of the United States
which we are ruled, brings out strongly the two
Steel Corporation.
points—their regulatory powers which actually beIn the year 1923 the United States Steel Corporacome laws, and the huge increase of officeholders
in the world,
necessary and the crushing costs to business and the tion, the biggest industrial corporation
believe, had a new opportunity to show what it
people. But what would you in a billion-dollar coun- we
and
try? Does it not take billions to administer the af- could do in a period of unqualified prosperity,
the annual report of the company for that calendar
fairs of a billion-dollar country? Confiscation of
to the marthe rich by taxation, but billions for the office-hold- year, now before us, affords testimony
velous results attending operations in such a favorers, the control and regulation of honest business,
had been a period of
and charities in the way of benevolences to the poor. able situation. The year 1921
in the intense business depression—the industrial prostraManual training and vocational education
that
schools to enable the youth of the country the better tion having been so pronounced and so profound
in the commerto make a living, but public utilities owned and oper- few if any parallels to it can be found
the Steel
ated free of cost to the citizens by municipalities! cial history of the country—and, though
gave a satisfactory account of itself in
Work less and have more, seems to be the motto of Corporation
the voters of to-day—and this class never fails to go the extremely unpropitious circumstances then preto the polls when an election is held to issue bonds vailing the company nevertheless fell considerably
for "improvements." Somewhere,in some dim recess :short of meeting the 5% dividends on its common
of a billion-dollar Government, there is a never-fail7 stock and had to draw on its large accumulated cash
In
ing treasure-chest. And those who want to enjoy the reserves in order to make good the deficiency.
1922 earnings again fell short of meeting the 5% divibest of everything without the trouble of old-fashdend requirements, notwithstanding that the year
ioned work appear to hold the key.
lost all sense of comparison. was one of improving results and of improving inWe seem to have
"Poor Richard," with his homely maxims lived in an dustrial conditions from beginning to the end. As
antediluvian time. The flood of World War washed we showed in our review of the report for that year.
away, among countless other things, our knowledge .the explanation was found in the circumstance that,
of proportion. We must continue to have war prices, though indications of revival were noticeable at the
war wages and war appropriations. The farmers very beginning of the year and the improving tengroan over their own fate and grasp at gratuities of dency was never broken (though held in check durclass legislation, extra credits, extra banks, extra ing the summer by the coal miners' strike and the
price-fixing, extra tariffs, etc. The laboring men in railway shopmen's strike) the benefits of the imin the
their estimates boost the valuation of the railroads provement were not strongly felt or portrayed
of the • earnings. The interruptions to operations caused
by a few paltry billions—and lo! the paucity
the higher price
drippings allowed in wages! Government seems to by the strikes mentioned, as well as
settle the differences of coal, together with an increase of about 20% in
have become a clearing house to
between the rich and the poor—billions in taxes for wage rates effective on Sept. 1, resulted in augmentbillions in gratuities; or, baldly, Government an in- ing costs of operation in that year to an extent which.
stitution for taking from the rich and giving to the according to the report, "was not balanced by the
poor. Sometimes the exchange is indirect, it is true, slight advances which took place in selling prices
but nevertheless a fact. Oh, where do the billions during the year." As indicating, however, how comcome from and where do they go? Under•the prin- pletely the situation had been transformed as comciple of "making the rich pay" there is little doubt as pared with the utter collapse that had characterized
to the source, and since the Government is the pa- the previous year, the tonnage of unfilled orders of
ternal guardian of all those who want but have not, the subsidiary companies for the various classes of
steel products stood at 6,745,703 tons at the close of
there is little doubt where they go.
There must be education, continuous, toward reali- 1922, as against 4,268,414 tons at the close of 1921.
This great increase in unfilled orders at the close
zation of these eternal truths: that every dollar
spent by prodigal Congresses is one earned by hard of 1922 made the promise for 1923 exceedingly bright
labor by some citizen, somewhere; that the Govern- and it is this promise we now see fulfilled in the rement, itself, is poor as a church mouse, and has not a sults for that year, as contained in the annual repenny save it be taken from the people by taxation; port. It should not escape notice that 1923 was
that the revenues spent for expenses and "improve- really favorable in a double sense, namely first in
ments" never brings full value received because much affording a large volume of business, and secondly
of administration is waste; that the taking from all in the prevalence of prices for the various products
for the benefit of the few is robbery though the that yielded a satisfactory margin of profit. Plainly,
agency be Government; that economy can never be the second of these conditions is as essential as the
induced until limits are set to the spending power of first. For magnitude of business is of no avail if it
Governments by the peoples, and this before the has to be done at little or no profit. It was a disfact; that to elect men to fill representative positions tinguishing characteristic of the year 1923 that prices
in State or nation who have no sense of values, no of steel products were sharply advanced in the early
personal regard for the hard work and labor of citi- months and that the advance was well maintained
zens who support the Government, is like giving the right to the end of the year, even while unfilled orhousehold purse to a spendthrift to do with as he ders on the books of the steel companies were being
pleases; that the increasing costs of administration greatly reduced and new orders were no longer commust decrease the profits of all business in an exact ing in with great avidity, but purchases were being
ratio; that unless there is some curb put upon the made only cautiously and quite sparingly. As al-
1458
THE CHRONICLE
ready noted, the aggregate of unfilled orders for the
various classes of rolled steel products stood at
6,745,703 tons at the close of 1922. From the monthly
statements issued by the Steel Corporation, with
great regularity on the 10th of each month, it is apparent that this aggregate kept steadily rising until
on March 31 1923 it was 7,403,332 tons. Thereafter,
however, it declined month by month as the result
of the change of conditions in the steel trade and in
trade generally, and by November 30 the amount of
the unfilled orders had fallen to 4,368,584 tons. Some
improvement in December brought the total up to
4,445,339 tons and there has been a further recovery
since then, raising the total to 4,912,901 tons Feb. 29
1924. The price situation, however, did not change
for the worse, even under declining orders, and so
long as that is the case the outlook will remain good,
even though the volume of business in 1924 should
fall off somewhat. It has always been the policy of
the Steel Corporation• to promote price stability
and on this occasion the outside steel companies appear to have been co-operating with it; and though
occasional price concessions have been made by one
producer or another, or in special lines of products,
they have up to the present time been of little consequence as affecting the general price situation.
Another week we expect to review the course of
iron and steel prices during 1923 in connection with
the official statistics of pig iron output for the late
year and reference to that article will show how well
steel prices (though not iron prices) were maintained at the advances established in the early
months of the year. The effect of the better level of
prices, along with the increased business done, on
the earnings of the Steel Corporation is seen in the
company's income statement for the year. Because
Of the huge size of the Steel Corporation, we are accustomed, in speaking of its affairs, to deal with figures of great magnitude, but nevertheless an increase
of nearly half a billion dollars in the total of the
gross sales and earnings in a single year is such as to
arrest attentioia. From the report it appears that
this total for 1923 is, in exact figures, $1,571,414,483,
as against $1,092,697,772 for the calendar year 1922.
We have already indicated that this large increase
is the combined result of an augmentation in the
volume of business done and the improvement in
prices realized. The addition to tonnage was of very
substantial proportions, as follows from what has
already been said above. Of rolled and other finished steel products the output in 1923 was 14,721,469 tons, as against 11,785,331 tons for the calendar
year 1922, being an increase of 2,936,138 tons, or
only a trifle less than 25%. The steel ingot production reached 20,329,950 tons in 1923, against 16,082,385 tons in 1922, an increase of 4,247,565 tons, or
26.4%. The blast furnace production of pig iron,
etc., was 16,729,226 tons, against 12,027,163 tons, an
increase of over 39%. The quantity of coke manufactured was 18,837,631 tons, against 13,237,058 tons,
an increase of 42%. The coal mined was 35,289,901
tons, against 23,293,471 tons, an increase of 51%;
the amount of ore mined 31,015,109 tons, against 21,778,179 tons, an increase of 42%, and the limestone
quarried 6,571,486 tons, against 5,633,186 tons, an
increase of 16.7%.
These figures and comparisons show at once the
extent of the increase and the diversity of the Steel
Corporation's products. In addition there is the
further advantage of the better prices realized to be
[voL. 118.
taken into consideration. On this point the situation, as already indicated, was the precise reverse of
what it was in the previous year. In presenting the
1922 results the report was obliged to note that the
prices received in that year for rolled and other finished steel had netted $13 52 less per ton than in
1921 on domestic business and $19 70 less on export
business. Now, for 1923 the statement is that "the
prices received in 1923 for the 13,196,298 tons of
rolled and other steel products shipped to the domestic trade netted an average of$887 more per ton than
the average price received per ton in 1922 on an
equivalent tonnage of similar products shipped; and
in respect of the 1,177,524 tons of export shipments
the 1923 prices received netted $10 13 more per ton
than the average price obtained in preceding year."
Incidentally, it may be noted at this point that the
advance in prices in 1923 was nothing more than a
recovery of what had been lost the previous year,
and only partial recovery at that.
Under the great improvement in earnings the 5%
dividends on the common stock which, as we have
noted, had been only in part earned in 1922, were
earned three times and over in 1923. That, of course,
is a strikingly good showing. After all, however,
the addition to net earnings was small alongside the
$478,716,711 addition to the total of the gross sales
and earnings, a circumstance which indicates, of
course, the rising costs of operations and also—a fact
which is too apt to be overlooked—the increasing
scale of the taxes. When we come to the final net
result, that is the amount available for dividends
after the deduction of expenses, taxes and charges,
we find that out of the $478,716,711 addition to the
amount of the sales and earnings as compared with
the preceding year, there remained only $69,053,609.
In other words, the amount left over for dividends
and other allotments in 1923 was $108,707,064, as
against $39,653,455 in 1922. Of course, as the volume of business done was larger, a greater number
of employees was necessary to handle it. But that
is not all. An increase of about 11% was made on
April 6 1923 in the wage rates paid employees of the
subsidiary manufacturing and iron ore mining companies. This was on top of the increase of about
20% in wage rates made the previous Sept. 1. A further increase in the labor outlay occurred by reason
of the elimination of the 12-hour day. This last factor can have counted for only a part of the past year,
inasmuch as the decision to inaugurate the revision
did not occur until Aug. 16 1923. Chairman Gary
says that rapid progress was made in effecting the
change and that by Dec. 1 the 12
-hour turn had been,
broadly speaking, totally eliminated by all the subsidiary companies except one, and in this last instance the change was effected by February 1924.
This leaves a considerable part of the effects to be
reflected in the 1924 operations (the wage rates of
employees whose working day was reduced from
twelve hours to eight hours having been so adjusted
as to afford earnings equivalent to an increase of
25% in the hourly and base rates previously paid,
and the wage rates of all employees reduced to or
continued on a ten-hour-per-day basis having been
advanced 10%) but even as it is, the average salary
or wage per employee per day in 1923 was $5 83, as
against $4 91 in 1922. The average number of employees for 1923 was 260,786, as against 214,931 for
1922. The combined increase ef the two resulted in
an increase in the pay-roll of P46,824,504, or 45.5%,
MAR. 29 1924.]
THE CHRONICLE
the amount of the pay-roll for 1923 footing up $469,502,634, as against $322,678,130 for 1922. Of course,
also, prices for materials used were higher, entailing
a further increase in expense of maintenance and
upkeep of the properties.
All this is easy enough to understand. In addition, however, there is the growing burden of the
taxes. We have never seen the nature and extent of
this burden so strikingly illustrated as in the case of
the present report of the Steel Corporation. The report gives the figures without comment, and certainly they speak most eloquently to any one capable
of grasping their significance. But in the mass of
other statistics they are likely to escape general notice, whereas they deserve the widest prominence
and the most conspicuous mention. Especially is
this the case at the present time, when the public is
pleading so vainly for relief at the hands of Congress
and when at the same time the Governor of this State
has sent a special message to the Legislature urging
the necessity of finding new objects of taxation and
throwing out the hint that it might be well to consider the advisability of levying a municipal tax on
incomes in addition to the Federal and State income
taxes. The total taxes of the Steel Corporation and
its subsidiary companies, it appears, jumped from
$35,798,450 in 1922 to $55,082,523 in 1923. Of course,
.the gain in income necessarily involved a large increase in the amount of the Federal income tax and
$13,529,353 out of the $19,284,073 total increase for
the year is accounted for in that way, but in addition there was an increase also of $5,754,720 in the
State and other local taxes.
Most persons no doubt think that the Federal tax
is the heaviest tax the corporations have to bear.
Not so, however. The experience of the Steel Cor.poration furnishes striking evidence to the contrary.
The Federal taxes are heavy enough in all conscience,
• but even after the 13 million dollars increase in
/
1
2
the late year, the Federal Government took no more
than $18,076,558 out of a total of $55,082,523 taxes of
all kinds which the Steel Corporation had to charge
up for that year. The other $37,005,965 was made
up of State and local taxes. During 1923 the taxes
consumed more than the amount paid out in dividends. The Steel Corporation last year paid 114%
/
quarterly dividends, with 14% extra at the time of
/
the October declaration (payable Dec. 29), and Y
2%
extra at the time of the January declaration
payable in March. The 534% charged up in
/
1923 called for $29,227,393 and the 7% dividends on the preferred stock called for $25,219,677,
or $54,447,071 together, while the tax charges were
no less than $55,082,523. It will be interesting to go
a step further and compare the 1923 taxes with the
aggregate of the 1923 net income. We have stated
above that the amount available for dividends and
other allotments after the payment of expenses,
taxes and fixed charges was $108,707,064 in 1923. If
now to this we add the $55,082,523 of tax charges the
total of the profits before the allowances for taxes is
found to have been $163,789,587. Now note the distribution of this $163,789,587. The taxes at $55,082,523 took considerably more than one-third of the
whole amount, the dividend payments took $54,447,071, and there then remained $54,259,994, and out of
this, in pursuance of the conservative policy always
followed by the managers of the Steel Corporation,
$40,000,000 was set aside to be applied on account of
additions, improvements or betterments to plants
1459
and property,leaving a balance to be carried forward
to undivided surplus of $14,259,994. This appropriation of $40,000,000 was with a view to cheapening
costs of production and keeping plants up to date.
In the previous two years it was impossible to make
any appropriation out of income for any such purpose, since the income was not sufficient even to
meet the ordinary dividend requirements and the action of the management in again resuming its previous practice in that respect the moment that income became available for the purpose illustrates
anew the prudence with which it is administered and
also shows that profits in the ;Bain are being used,
not to increase dividend distributions, but primarily
to strengthen the Corporation and enable it to
cheapen production costs, thereby adding to its ability and capacity to serve the public at lower prices.
On the other hand, by just the extent that taxes are
augmented is the ability to set aside profits to be
ploughed back in the property itself diminished. It
is in this last sense that the growing burden of taxation has its most serious aspect. Fifteen or twenty
years ago the railroads also had profits large enough
to enable them to plough considerable amounts of
income back into the properties. To-day all this is
changed and the larger number of the carriers, because of the repressive measures of Government, are
not able even to earn enough to net a fair return on
their investment. To reduce our industrial corporations, through excessive taxes or otherwise, to the
same level would spell disaster and invite destruction and decay.
It seems proper again to refer to the elements of
financial strength possessed by the Steel Corporation. One distinctive feature in all recent periods
has been the way in which new capital expenditures
are continued, year after year, while at the same time
the aggregate indebtedness of the Corporation and
its subsidiaries is being steadily reduced. In the
year under review the record in that respect was carried a step further. In other words, during 1923 the
capital expenditures by all companies for the acquisition of additional property, new plants, extensions
and improvements, including net stripping and development expense at mines, aggregated no less than
$60,762,920. Yet there was a net decrease of $12,580,538 in the bonded, debenture and mortgage debt
of the Steel Corporation and its subsidiaries through
sinking fund operations and other processes for retiring debt. In 1922 with new capital expenditures
of $29,571,662, the net decrease in debt was $1,124,500. In 1921, in face of new capital expenditures of
$70,091,866, net indebtedness was reduced in the sum
of $14,163,865. In 1920, when the capital expenditures amounted to $102,956,133, there was a decrease
in net debt of $13,870,450, and in 1919, when the capital expenditures aggregated $87,091,515, net debt
diminished $13,921,885. The balance sheet shows an
undivided surplus Dec. 31 1923 of $512,751,220 after
the appropriation of no less than $350,494,423 for
payment of capital expenditures and special charges
during the 23 years of the Corporation's existence.
Current liabilities Dec. 31 1923 (including $6,304,919 for the preferred stock dividend payable Feb. 28
1924 and $8,895,294 for the common stock dividend
payable March 29 1924) were no more than $137,403,026, while against this the current assets at the
same date stood at the huge figure of $588,595,473.
In this latter amount is included $143,499,628 of actual cash in hand and on deposit with banks, bank-
[Yoe. 118.
THE CHRONICLE
1460
ers and trust companies subject to check; also time
and other special bank deposits of $7,037,543, besides
$64,086,483 of what are called "sundry marketable
securities" (including part of United States Government securities owned), the use of the word "part"
here having reference to a change made in the balance sheet during 1922 by the transfer of $75,000,000
(par) of United States Liberty Loan bonds from
current assets to the group of assets termed "sinking and reserve fund assets." The inventories included in the $588,595,473 of current assets are $270,757,954; the other items included are accounts receivable, $95,799,459; bills receivable, $5,685,946,
and agents' balances, 5F-1,728,459.
The New Capital Flotations in February and the
Two Months Since January I
The new capital flotations in this country during February proved almost as large as those during January, the
amount for each month being in excess of half a billion dollars, but the February total was swollen by the placing here
of a foreign loan of unusual size, namely the $150,000,000
offering in the United States by the Imperial Japanese Government. Our tabulations, as always, include the stock,
bond and note issues by corporations and by States and
municipalities, foreign and domestic, and also Farm Loan
issues. The grand aggregate of the offerings of new securities under these various heads during February the present
year was $535,532,594. This compares with $536,082,690 in
January, with $397,403,198 in December, with $539,740,990
for November, with $390,106,577 for October, with $249,734,549 for September, with $224,867,650 for August, and with
$197,467,011 for July, when the new offerings were the lightest of any month of any year since March 1919, but with
$536,577,225 for June, $312,635,831 for May, $458,133,469
for April and $392,262,540 for March.
• The aggregate of new issues is also well above the corresponding amounts in February of previous years, the new
flotations in February 1923 having been $384,309,429; in
February 1922, $353,525,619; in February 1921, $320,437,569;
in February 1920, $282,498,365, and in February 1919, $279,478,199. The present February total, however, at $535,532,594 falls well below the record total reached In the month
of January 1923, when the new issues aggregated no less
than $881,211,911. This latter, though, as explained by us
on many previous occasions, stands in a class all by itself,
the total having been swollen to exceptional proportions by
the bringing out of several issues of unusual size-the Ana•conda Copper Mining Co. alone by its financing having then
added $150,000,000 to the total and Armour & Co. $110,000,000, with the result that January of that year broke all
records for new capital flotations in the United States, the
highest previous amount for any month of any year having
been $655,817,946 for April 1922.
In analyzing the corporate offerings made during February, it is worth noting that public utility issues totaled $105,997,700, as compared with $102,479,175, the offerings by industrial corporations and $57,111,200 the new issues by the
railroads. In January, however, the public utility total was
$133,532,000. Railroad offerings were also in smaller volume,
the January total having been $72,432,337. On the other
hand, industrial issues increased nearly 4 millions from the
January total of $98,734,500.
The amount of all corporate securities offered in
February was $265,588,075, and of this over 60%, or
$161,051,700, consisted of long-term offerings, $58,876,375
comprised stock issues, while the remainder, $45,660,000,
was composed of short-term securities. The portion used for
refunding purposes in February amounted to $37,285,000, or
14% of the total, while in January $27,792,400, or only 9% of
a total of $304,698,837, was for refunding operations. In
February new long-term issues were sold which provided
for refunding of $17,870,000 existing long-term issues and
$4,565,000 short-term issues, $14,650,000 of new short-term
issues were sold to refund existing short-term issues, while
a new common stock issue was floated to provide in part for
refunding of $200,000 preferred stock.
The principal issues floated on behalf of public utility
companies were as follows: $9,000,000 Wisconsin Electric
Power Co. 1st mtge. 5s "A" 1954, offered at 91%, to yield
about 5.60%; $8,000,000 Montreal Tramways & Power Co.,
-year coll. trust 6s, 1929, offered at 96%, to yield about
Ltd.. 5
6.80%; $7,000,000 Syracuse Lighting Co., Inc., let & Ref.
intge. 5%s, 1954, offered at 97, yielding about 5.70%, and
$20,000,000 American Telephone & Telegraph Co. capital
stock. offered to employees at $118 per share. The note-
worthy industrial offerings were: $15,000,000 the Lehigh
Valley Coal Co. 1st & ref. mtge. 5s, 1934-74, offered at prices
to yield from 5.30% to 5.40%; $15,000,000 the Pure Oil Co.
Purchase Money 1st mtge. 5%s, due 1924-26, offered at
prices yielding from 5% to 7%; 296,106 shares no par value
capital stock of Phillips Petroleum Co., offered to stockholders at $30 a share and involving a sum of $8,883,180; $8,598,550 par value Liggett & Myers Tobacco Co. common B stock,
offered to stockholders at par, $25. In addition to the foregoing industrial issues, there was a foreign industrial offering made during the month, viz: $10,000,000 Solvay & Co.
(Belgium) secured 6% notes, due 1934, offered at 99%,
yielding 6.05%. The most prominent railroad issues were
as follows: $11,604,000 Illinois Central RR. Co. and Chicago
St. Louis & New Orleans 1112. joint 1st & ref. mtge. 5s, "A,"
1963, offered at 94%, yielding about 5.35%; $10,000,000
Chicago Burlington & Quincy RR. 1st & ref. mtge. 5s, "A,"
1971, offered at 98, yielding about 5.10%; $10,000,000 Philadelphia, Baltimore & Washington RR. gen. mtge. 5s, "B,"
1974, offered at 99, to yield about 5.051o, and $6,000,000
Hocking Valley Ry. Co. 2
-year secured 5% notes, due March
1 1926, offered at 99%, to yield about 5.40%.
Eight small farm loan issues, aggregating $4,700,000, were
offered at prices showing yields ranging from 4.70% to
4.87%. Two important foreign Government loans were
floated during the month. One of these was the $150,000,.
000 Imperial Japanese Government external loan 612 gold
/%
bonds, due Feb. 1 1954, offered at 92%, yielding 7.10%, and
the other, placed privately, consisted of $20,000,000 Argen/
tine Nation six months 512‘70 Treasury gold notes, due Aug.
25 1924.
The following is a complete summary of the new financing
-corporate, State and city, foreign Government, as well as
-for February and the two months endFarm Loan issues
ing with February, of the current calendar year. It will be
observed that in the case of the corporate offerings we subdivide the figures so as to show the long term and the short
term issues separately and we also separate common stock
from preferred stock.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
New Capital.
1924.
MONTH OF FEBRUARYCorporate-Long term bonds and notes..
Short term
Preferred stocks
Common stocks
Foreign
Total
Foreign government
Farm loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions__
Grand total
Clrand tntitl
Total.
$
138,616,700
31,010,000
11,949,750
46,726,625
$
12,435,000
14,650,000
228,303,075
80,000,000
4,700,000
37,285.000
90,000,000
265,588,075
170,000,000
4.700,000
01,807,370
503,500
92,244,519
127,788,500
535,532,594
38,377,400
14,650,000
364,688,800
64,785,000
27,304,750
97,508,362
16,000,000
200,000
10,000,000
3,000,000
407,810,4U
TWO MONTHS ENDED FEB. 29
Corporate-Long term bonds and notes_ 326,311,400
50,135,000
Short term
27,304,750
Preferred stocks
Common stocks
95,458,362
6,000,000
Foreign
Total
Foreign government
Farm Loan issues
War Finance Corporation
Municipal
,_ _
Canadian
United States Possessions_ _ _ _
Refunding.
$
151,051,700
45,660,000
11,949,750
46,926,625
10,000,000
3,000.000
2,050,000
10,000,000
505,209,512
88,490,000
73,700,000
65,077,400
130,000,000
570,286,912
218,490,000
73,700,000
183,587,837
19,816,562
3,050,000
1,324,485
3,000,000
184,845,962
22,816,562
3,050,000
R72 AM 011
100 401 Reit 1 Mfg IRO 42R
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1924 with the corresponding figures for the
four years preceding, thus affording a five-year comparison. We also furnish a detailed analysis for the five years
of the corporate offerings, showing separately the amounts
for all the different classes of corporations.
Corporate
Long term bonds and notes___
Short term
Preferred stocks
Common stocks
Foreign
Total
Foreign Government
Farm Loanissues
War Finance Corporation
Municipal
Canadian
ions
U. S. P
Grand total
New Capital.
Refunding.
Total.
151.051,700
45,660.000
11.949,750
46.926,625
10,000,000
New Capital.
Refunding.
92.244,519
76.740,459
3,000,000
75,000
535.532,594
345.910.134
407,744,094
127.788,500
Refunding.
Total.
S
71.689.000
17,540,000
57,303,500
76.763,504
48,200,625
165.917,950
38,200,000
82.750,000
184.607,500
24,000.000
44.994.500 229,602,000
24,000,000
199,225304
25.000.000
24.070,500
223,296.004
25,000,000
64.467,784
2,189,885
66,657,669
64,625.569
1,000,000
1,210.000
65,835,569
1,000,000
30,943,861
760,500
2,498,000
31.704,361
2,498,000
303,135,109
50,390,510
353.525.619
274.233.069
46.204.500
320.437.569
255.169.365
27.329.000
282,498,365
384,309,429
503,500
New Capital.
16132,000
3,500,000
1.550,000
2,988.500
38,399,295
91,741.019
Total.
S
55,657,000
14,040,000
55,753,500
73,775,004
79,688.459
8,941,679
75.000
230.094.675
25,000.000
14.000.000
Refunding.
S
154346,000
57,800,000
1,832,000
3.174,000
12,650,000
2,948,000
8.941.679
265,588,075
170.000.000
4.700,000
New Capital.
$
44394.500
400,000
117.717.325
38,200.000
82,750,000
37,28.5,000
90.000,000
Total.
S
109351,500
57,400,000
1,832,000
3.174,000
12,650.000
26,509.616 256,604,291
25,000,000
14,000.000
228,303,075
80.000,000
4,700,000
Refunding.
S
128324.200
4.300,000
25,820,000
5,073,750
2,500,000
$
18.624,616
6.770.000
1,115,000
12,435,000
14,650,000
3,000,000
S
149,819.100
28,070,000
24,125,000
54.590.191
New Capital.
S
131394,484
21.300,000
23,010,000
54.590.191
138.616.700
31.010.000
11.949.750
46,726.625
200,000
10,000,000
Total.
1920.
1921.
1922.
1923.
1924.
MONTH OF FEBRUARY.
z6t 67, %NTH
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF FEBRUARY FOR FIVE YEARS.
81149.200
4.000,000
25,820.000
4.798.125
1.250,000
$
46375,000
300,000
275,625
1,250,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF FEBRUARY FOR FIVE YEARS.
Total
Short Term Bonds & Notes
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land. buildings, &c
Rubber
Shipping
Miscellaneous
Total
Stocks
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Total
Railroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing...
Oil
Land. buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
Refunding.
Total.
New Capital.
Refunding.
50.611.200
50,473,000
17.730,000
500.000
6.050.000
1.320.000
51,111,200
56.523.000
19,050,000
4,500
3235
47,081,600
4.800,000
$
9 03,000
2,855,000
700,000
435.000
1.825,000
4,565.000
10.000,000
5,000,000
11,825,000
2,750.000
23,860.384
600,000
15.665,000
5.104,616
13,175,000
13.175,000
Total.
S
New Capital.
.50
42 7
49.936,600
5.500,000
26121,30
17,732,900
11,850,000
0,000
1830
18,575.000
250,000
2.750.000
28,965.000
600,000
15,665,000
17,210,000
900,000
7,635,000
10,000.000
3.883,000
62,000
3,945,000
131.194,484
18,624,616
149,819,100
83,099,200
6,770,000
6.770,000
500.000
22,435,000
161,051,700
12,575.000
400,000
6,000,000
8.000,000
650.000
6,000.000
20.575.000
1.050,000
New Capital.
Refunding.
Total.
2
442 ,
30,307 90
12.100,000
$
350,000
20,312,500
3,227,000
550,000
$
15.495,000
7.376,500
1,500,000
$
45,845,000
27,689,000
4,727,000
550,000
27,210,000
900,000
7,635,000
22.850.000
37,750,000
1,560,000
19,500,000
650,000
22.850.000
57,250,000
2,210,000
New Capital.
$
Refunding.
13,115.500
4,506.000
388,000
394.000
13.503.500
4,900.000
1,300.000
22,020,000
__ .____
15,250.011
1,300.000
37.270,000
10,429,500
10,429.500
3.636,000
650,000
1.750,000
2,227,000
73,000
2,300,000
47.625,000
130.724,200
118.826,500
44,594,500
163,421,000
55.657,000
16.032,000
71,689,000
300,000
800,000
1,250.000
40,000.000
1,250,000
40,000,000
6,700.000
1.760,000
3.500,000
10.200.000
1,760,000
2,000,000
500.000
10,000,000
3,500,000
750,000
720,000
265,000
750,000
720,000
265,000
400,000
150.000
400,000
1.845.000
2.000.000
1,845.000
2.000.000
400.000
57,800,000
14,040,000
3,500,000
17,540,000
9.172,440
5300.030
1,000,000
1,000,000
20,000,000
20,000.000
300.000
17,500.000
535,000
17.500.000
535.000
300,000
3.500,000
28.070,000
4.000,000
300,000
4,300,000
57.400.000
22.000,000
2,070,820
19,280,000
275,625
19.555.625
624,000
250,000
624.000
250,000
8.822,440
5.200.030
350,000
1,375,000
24,942,500
16.199,863
9.103,125
9,103,125
582,000
1,800,000
582,000
1,800,000
--- - ---3.168.500
660.000
660.000
150,000
31,010,000
28,899,700
1.102,000
16.260,850
8,883.180
200,000
21,300,000
22,000.000
2,070,820
1.302,000
16,260.850
8,883.180
1,375.000
23,827,500
16,199,863
6.770,000
1,115,000
3,500.000
1,930.645
1,930.645
200,000
77,600.191
12.127,008
12,127,008
58,876,375
1.115,000
1,575.000
1.575.000
78,715.191
30,618.125
275,625
5.125,000
5.125.000
30,893.750
8,381,000
8,381,000
129,528.504
4.538,500
134,067,004
28.637.940
11,466,030
4,238,000
394,000
32.875,940
11,860,030
8,325,000-- --- 18.418.500
73,354,534
29,898,000
11,694,500
36.313.125
900,000
8.295,000
30,350.000
22,186,500
43,477,000
550,000
2,582,000
25.150,000
47,750,000
5.060.000
15,495.000
7,376.500
1,500.000
19.500,000
650.000
45,845,000
29,563,000
44.977,000
550,000
2,582,000
25.150.000
67.250.000
5.710.000
5
0
(L- - :6456
150,000
7,362,000
- --,_..-473,000
- isi000
7.825.000
13:42S:288
16,440.000
1.0iUMUU
6,121,666
91,773,034
29,698.000
11,604.500
11.750.000
7.659,500
17,460.000
165.917.950
184.607.500
44.994.500 229.602,000
199,225,504
24,070,500
223,296,004
50.611,200
91,947.700
18,130,000
6,500,000
14,050,000
1,970,000
57,111.200
105,997.700
20.100,000
32,554,500
69,081,600
6.870.820
9,903,000
9,625,000
700.000
42.457,500
78.706,600
7,570,820
26.021.300
17,732.900
31.630,000
18,800,000
18,575.000
825.625
44,821,300
36,307,900
32,455,625
1,537,000
18,085,850
26,383,180
13.710,000
1,600.000
4,765.000
10,000,000
6.302,000
28,085.8.50
26,383,180
13,710,000
1,600,000
5,125.000
47.687,884
36.799,863
15.665,000
6.219,616
5,125,000
53.907,500
36,799,863
15.665,000
26.313.125
900,000
8,295,000
10.000,000
6.298,145
228,808.075
6,298,145
16,310,008
62,000
16.372.008
6,825,000
37,285,000 265,588,075
230.094.675
26.509.616
256.604.291
117.717.325
7,025,000
53,753,034
29,178,000
1,000,000
11.750,000
' 2.178.500
-___
14,810.000
1,020.666
7,025,000
50.584.534
29.178.000
1,000,000
11,750,000
2,178,500
13.790.000
1.600,000
1,600,000
58,676,375
45,660.000
28,899,700
14,650.000
Total.
$
$
3,636.000
650,000
1,750,000
138,616.700
1920.
1921.
Total.
2,000.000
500,000
10,000,000
3,500.000
4.367,500
4,367,500
Refunding.
arlOINOZIED RM.
Long Term Bonds & Notes
Railroads
Public Utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing.._
Oil
Land, buildings. &c
Rubber
Shipping
Miscellaneous
New Capital.
1922.
1923.
1924.
MONTH OF FEBRUARY.
48.200.625
.....„,,
F•L
04i%
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE TWO MONTHS ENDED FEBRUARY 28 FOR FIVE YEARS.
TWO MONTHS ENDED
FEBRUARY 29.
1924.
New Capital.
Corporate
Long term bonds and notes__ _
Short term
Preferred stocks
Common stocks
Foreign
Refunding.
326,311,400
50,135.000
27.304,750
95,458.362
6,000,000
505,209,512
88,490,000
73,700,000
183,521,477
19,816,562
3,050,000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
Grand total
38,377,400
14,650,000
873.787,551
1923.
Total.
New Capital.
Refunding.
1922.
Total.
$
610,514,100
54,890,000
135.338.386
77,910,591
364.688.800
64,785,000
27,304,750
97,508,362
16,000,000
461,906.686
38,666,000
98,051,120
75,593,831
148107,414
16,224,000
37,287,266
2,316,760
65.077.400
130,000,000
570,286.912
218,490,000
73,700,000
674,217,637
69,000,000
108.000,000
204,435,440 878,653,077
6,000,000
75,000,000
108,000,000
1,324,485
3,000,000
184,845,962
22.816,562
3,050,000
172,494,084
18,153.000
205,000
2,050,000
10.000,000
199,401,885 1.073,189.436 1.042.069 721
New Capital.
216S03,465
32.851.800
33,215,000
29,336,525
1,250,000
Refunding.
1921.
Total.
$
91,515,835 308,319,300
11,950,000
44,801,800
33,615,000
400,000
29,612,150
275,625
2,500,000
1,250,000
New Capital.
Refunding.
1920.
Total.
New Capital.
$
$
238,839,020 111,911,980
8,500,000
71.953,166
7,197,400.
63,114,000
12,650,000
350.751.000
80,453,166
7,197,400
63,114,000
12,650.000
146142.000
40,568.752
147,803.650
148,484,752
3.760.000
Refunding.
$
28,032,000
56,257,248
19,176.850
9,066,500
Total.
174,874.000
96,826,000
166.980,500
157,551,252
3,760,000
313.456.790
111,700,000
94,140,000
105,391,460
418,848.250
111,700,000
94,140,000
393,753,586
69.000,000
120,411,980
514,165.566
69,000,000
487,459,154
50,000,000
112,532,598
599,991.752
50,000,000
176,574,584
27.091,679
205,000
171,562,446
20,736,000
3,682,422
175,244,868
20,736,000
151,248.224
7,722.000
1,637,895
152,886,119
7,722,000
113.455.252
3.000.000
1,779,000
2,498,000
115,234,252
5.498,000
223.457.619 1.265.527.340
711.505.236
109.073.882
820.660.118
621.723.810
122.040.R75
743.773.685
653.914.4061 116 300 FAR
770 794 nn4
4,080,500
8.941,679
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE TWO MONTHS ENDED FEBRUARY 28 FOR FIVE YEARS.
1924.
New Capital.
Refunding.
1923.
Total.
Long Term Bonds & Notes-lailroads
?ublic Utilities
Iron, steel, coal, copper, &c
Ktiuipment manufacturers
Vlotors and accessories
3ther industrial & manufacturing
Mt
Land, buildings, &c
Rubber
;hipping
Vliscellaneous
2
96.219,800
155,275,500
21,315,000
2
500,000
26,424,500
1,320.000
$
96.719,800
181,700,000
22.635,000
435,000
12,999,600
4.565.000
15,567,900
5,000.000
28,567,500
Total
Short Term Bonds & Notes
Railroads
Public utilities
Iron. steel, coal, copper, &c
ULpipment manufacturers
Minors and accessories
Dther industrial & manufacturing..311
Land, buildings. &c
Rubber
;hipping
Nliscellaneous
332,311,400
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
.Wotors and accessories
3ther industrial & manufacturing
311
Land, buildings, &c
Rubber
;hipping
Vliscellaneous
Total
Total
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Vlotors and accessories
3ther industrial & manufacturing....
311
Land, buildings, &c
Rubber
;hipping
%11scellaneous
Total cornorate securities
•
New Capital.
2
83,356,500
114,021,600
156,483,139
6,000,000
4.890.000
31,186,447
600,000
37,050,000
Refunding.
2
13,903,000
47,688,000
46,566.861
1922.
Total.
2
97,259,500
161,709.600
203,050,000
6,000,000
6,750.000
38.165,000
600,000
37.050,000
New Capital.
Refunding.
1921.
Total.
New Capital.
Refunding.
1920.
Total.
$
110,650,630
28,950,400
13.350,000
$
46.443,270
31.875.000
250,000
$
157,093,900
60,825,400
13,600.000
2
53.196.420
69,034.500
8,727,000
550,000
S
66,304,580
10,448,500
6,500.000
1,750.000
22,835.000
9,400.000
10,785.000
10,000.000
1,250,000
1.750,000
32.835.000
10,650.000
10,785,000
S
119,501,000
79,483.000
15,227,000
550,000
51,254.100
57,850.000
3,275.000
5.435.900
22,500,000
650,000
56.690.000
80,350,000
3,925,000
New Capital. I Refunding.
Total.
$
___---388,800
12,394.000
15,250.000
$
8,340,000
28,578,500
32,500,000
2,625 000
1,5,5.000
41,145.000
750.000
26.674.500
100,000
3,636.000
28.950.000
29,749,000
29.749,000
1,500,000
14,817,500
1.500,000
14,817,500
28,319,000
31,611,000
59,930.000
20,332.435
2.947.565
23.280,000
4,227,000
73,000
4,300.000
$
8,340.000
28,190,500
20,106.000
2,6-5,000
1,575,000
25.895,000
750.000
26;674,500
100.000
3,636,000
28,950,000
48,377,400
380,688.800
461,906,686
148,607,414
610,514.100
218,053,465
92,765,835
310.819.300
248,114.020
111,911.980
360,026,000
146,842,000
28,032,000
174,874,000
6,000,000
8,000.000
650,000
6,000,000
20,575,000
1.175,000
1.000,000
2,570,000
6,770,000
9,340,000
20,951,800
6,550,000
11,950.000
20,951,800
18,500.000
11,486.000
40.000.000
4,000.000
17,888,752
2,910,000
56,257,248
4.000,000
74,146,000
2,910,000
15,046,000
9,454,000
24.500,000
33,500,000
535,000
200,000
200,000
200.000
200,000
20,750,000
1,450,000
1.450,000
2.000,000
500,000
15,000,000
3,500.000
2,000,000
500,000
15,000,000
3.500,000
8,600.000
1,720,000
265,000
8,600.000
1,720.000
265,000
300.000
3,500,000
3.500.000
150.000
7,417,166
400.000
150.000
7,817,166
2,435,000
2,750.000
2,435,000
2.750.000
8,500,000
80,453,166
40,568,752
56.257.248
96.826,000
12,575,000
525,000
1.000,000
33,500,000
535,000
2,000,000
50.135.000
20,750,000
3,386,000
40,000,000
8,100,000
2,000.000
200.000
1,850,000
300,000
64,785.000
38,666.000
16,224,000
54.890,000
32,851,800
11,950,000
44,801,800
26,823,737
37,254,700
840.000
14,650.000
26,823.737
37,254,700
840,000
1.102,000
23.928,850
25,083,180
700,000
1,600,000
1,860,000
6.978,553
71,953,166
.
53,536,286
8,004,060
53,536,286
9,070,820
32,112,150
12,406,250
675,625
1,068,760
32,787.775
12,406,250
4,354.400
z50.000
4,354,400
250,000
10,232,440
15,220.030
350,000
10.582,440
15,220,030
6,415,000
43.020.234
17,199,863
1,335,000
2,602,266
7,750,000
45,622,500
17,199,863
10.023.125
10.023.125
2,582,000
4,500.000
56.250,000
13,480,650
11.792,700
1.835.000
4,000,000
1,835,000
4.000,000
2,582.000
4,500,000
56,250.000
2,620,000
45,435,425
138,921,654
58,053,460
8,273,147
12.750,000
8,178.500
30,877,096
28.243,350
328,291.752
1,302,000
25.778.850
25,083,180
700.000
1,600,000
5,430,645
45,469.508
34,600.000
80,069,508
2,175,000
2.175,000
5,750,000
5,750,000
31,954,775
127.128,954
58,053,460
8.273.147
12,750.000
8,178.500
28.257,096
122.763.112
2,050,000
124,813,112
173.644,951
39,604,026
213,248.977
62,551,525
675,625
63,227,150
73.686,400
73.686.400
300.048,402
123,043.537
205,105.200
22,680,000
1,000,000
1,537,000
36.928,450
58.583,180
30.984,000
1.600.000
1.500,000
22,248.145
6,500.000
34,424,500
1.970.000
129,543,537
239.529.700
24.650,000
1.000.000
6.302.000
54,346,350
58.583.180
30,984,000
1.600,000
1,500,000
22.248,145
83,356,500
170,127,886
164.487.199
6,000,000
26,351,000
74,206,681
38,549,863
37.050,000
13,903,000
54,458,000
47,633.621
97,259.500
224,585.886
212,120,820
6.000.000
39,000.000
83,787,500
38,549,863
37,050,000
131,602,430
67.612.550
25.756.250
46.443,270
44,500.625
250,000
178,045.700
112.113.175
26,006.250
1,950.000
33,058.125
9,400,000
14.070.000
4,000.000
10.000,000
1,250.000
1,950,000
43.058.125
10,650.000
14.070,000
4.000.000
53.196.420
76.774,900
48.977.000
550.000
4,582.000
56.254.100
129.100.000
6,775.000
119,501,000
95,323,400
55,477.000
550.000
4,582,000
61.690.000
151,600.000
7,425.000
74,088.508
66.211,000
140,299.508
26.007.435
2,947,565
28,955,000
505.209.512
65.077.400
570.286.912
674.217.637
004.435.440
879 AAR 077
313 456700
12,340,000
56.311,692
38,236.030
2,625,000
33,529,775
181,623,954
60,523,460
35.212.647
12,850,000
14,249,500
59,957,096
4974.50 154
5,430,645
4,765,000
17,417,900
12,649,000
9,580,819
105_391 Ann 418.849.250
150.000
17,394,166
39.3.75.1.536
66.304,580
18,548,500
6,500.000
5,435.900
22,500,000
650,000
150,000
17,867,166
• 473,000
120 411 03120 514 165 568
56,995,248
12,394.000
13,480,650
27,042,700
2,620,000
119 929 9091
12,340.000
113.306,940
50.630,030
2,625,000
47,010,425
188,666,654
60.523,460
35,212,647
12,850,000
14,249,500
62,577,096
500 001 799
',4q011•1011ELD
TWO MONTHS ENDED
FEBRUARY 29.
MAR. 29 1924.]
THE CHRONTCLE
1463
DETAILS OF NEW CAPITAL FLOTATIONS DURING FEBRUARY 1924.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads
1,518,000 New equipment
5,000,000 Additions and betterments
10,000,000 Additions, betterments,&c
97
98
122,100 New equipment
11,604,000 Additions and betterments
941/
,
2,865.000 New equipment
2,464,000 New equipment
10,000,000 Refunding; capital expenditures...
99
4,479,000 Additions and betterments
99
289,300 New equipment
2,769,800 New equipment
To Yield
About,
Company and Issue and by Whom Offered.
5.30-5.70 Carolina Clinchfield & Ohio Ry. Equip. Trust 65 (Stamped), 1925-35. Offered by Hornbiower
& Weeks.
5.70 Central of Georgia Ry. Co. Ref.& Gen. Mtge.5%s,"B," 1959. Offered by Kuhn, Loeb & Co.
5.10 Chicago Burlington & Quincy RR.Co. 1st dr Ref. Mtge. 5s,"A," 1971. Offered by J. P. Morgan
& Co. First National Bank, New York, and National City Co.
5.38-5.65 Detroit & Toledo Shore Line RR. Equip. Trust 6s (Stamped). 1925-35. Offered by WeillepBruton dr Co., Baltimore.
5.35 Illinois Central RR. Co. and Chicago St. Louis & New Orleans RR. Co. Joint 1st Ref. Mtge.
5s, "A," 1963. Offered by Kuhn, Loeb & Co.
4.80-5.05 New York Chicago & St. Louis Equip, Trust 5s, 1925-39. Offered by Guaranty Co. of New York
and Lee, Higginson & Co.
5.25-5.70 Pere Marquette Ry, Co. Equip. Trust 6s (Stamped), 1925-35. Offered by A. B. Leach & Co.
5.05 Philadelphia Baltimore & Washington RR. Co. Gen. Mtge. 55, "B," 1974. Offered by Kuhn,
Loeb & Co.
5.06 Pittsburgh Youngstown & Ashtabula Ry. Co. 1st Gen. Mtge. 5s,"B," 1962. Offered by Kuhn.
Loeb Sr Co.
5.25-5.75 Toledo St. Louis 3c Western RR, Equip. Trust 68 (Stamped), 1925-35. Offered by Reynolds.
Fish & Co.
5.25-5.75 Wabash Ry. Equip. Trust 65 (Stamped), 1925-35. Offered by Equitable Trust Co. and J. A. Slat°
dr Co., New York.
51,111,200
Public Utilities
2,098,000 Refunding; additions
103
1.000,000 Acquisitions;add'ns,impts., &c_ _ _ 100
2,000,000 Capital expendit's;other corp.purp
94
300.000 Extensions and betterments
934
5,750,000 Capital expenditures
963
5,700,000 Acq.control K.C.Pr,Sec. Corp- - 100
1,000,000 Capital expenditures
97%
3,250,000 Acq.constituent cos.: extensions_ _
95
2,000,000 Additions and improvements
91
2,500,000 Additions, extensions, &c
94
600,000 General corporate purposes
2,000,000 Capital expenditures
943
99
275,000
2,550,000
750,000
7.000,000
3,000,000
100
Additions and betterments
98
New steam station
Construction; other corp. purposes 95%
97
Additions and betterments
96
Additions
1,300,000 Additions
3,250,000 Acq. constituent companies
93%
97%
9,000,000 Refunding; additions
700,000 Capital expenditures
9131
973
98
500,000 Capital expenditures
-Year 65, 1934. Offered by R. L. Day dc Co., Harris, Forbes & Co.,
5.60 Boston Elevated Ry. Co. 10
Estabrook dr Co. and Merrill, Oldham & Co.
6.00 Carolina Pr. & Lt. Co. 1st dr Ref. Mtge. 68, 1953. Offered by Bonbright dr Co., Inc., and W. C.
Langley & Co.
6.55 Central Illinois Public Service Co. 1st Mtge. & Ref. 138, "C," 1944. Offered by Halsey, Stuart
& Co., Inc.
6.00 Commonwealth Water Co. (N. J.) 1st Mtge. 54s, "A," 1947. Offered by P. W. Chapman &
Co.. New York,
5.75 Connecticut Lt. & Pr. Co. 1st dr Ref. Mtge. 536s, "B," 1954. Offered by Lee, Higginson & Co.,
Estabrook dr Co., Putnam & Co., Hincks Bros. & Co. anti Chas. W. Scranton Co.
7.00 Continental Gas & Elec. Corp. Coll. Tr. 7s,"A," 1954. Offered by Howe,Snow dr Bertles, Inc.,
Otis & Co., Peirce, Fair & Co., Pearsons-Taft Co. and R. E. Wilsey & Co.
6.20 Dubuque (Iowa) Electric Co. 1st Mtge.6s, 1942. Offered by Baker, Young & Co., Blodget & Co.
and Arthur Perry & Co.
6.40 Eastern New Jersey Power Co. 1st M.6s, 1949. Offered by Bonbright dr Co.,Inc., W.C. Langley
& Co. and Hoagland, Ailum & Co., Inc.
5% Kansas City Pr. & Lt. Co. 1st Mtge. 55, 1952. Offered by Continental & Commercial Trust &
Savings Bank, Chicago, Guaranty Co. of N. Y., and Halsey, Stuart & Co.
6.65 Louisville (Ky.) Gas & Elec. Co. Debenture 6s, "A," 1937. Offered by H. M. Byllesby & Co.,
Federal Securities Corp., Chicago, and Wakefield dr Co., Louisville, Ky.
6.50 New Hampshire Power Co. 1st Mtge. 6s, 1943. Offered by Coffin & Burr, Inc.
6.00 The Ohio Pr, Co. 1st & Ref. Mtge.6s,"C," 1953. Offered by Dillon, Read & Co., Lee, Higginson
& Co. and Continental & Commercial Trust dr Savings Bank, Chicago.
5.00 Old Colony Gas Co. (Braintree, Mass.) 1st Mtge, 5s, 1931. Blodget & Co., Boston.
6.15 Sioux City Gas & Electric Co. 1st Mtge.65,"B," 1949. Offered by Halsey, Stuart & Co.,Inc.
-Year Debenture 75, 1934. Offered by National City Co.
7.65 Southern Indiana Gas & Electric Co. 10
5.70 The Syracuse Lighting Co.,Inc., 1st dr Ref. Mtge.53s, 1954. Offered by Drexel & Co.,Phila,
6.30 The Tennessee Electric Pr. Co. 1st & Ref. Mtge. 6s, "A," 1947. Offered by National City Co.,
Bonbright & Co., Inc.; Halsey, Stuart & Co., Inc.; Hemphill, Noyes & Co. and Marshall Field,
Clore, Ward & Co.
5.70 Texas Pr.& Lt. Co. 1st Mtge.5s, 1937. Offered by Harris. Forbes & Co.and Coffin & Burr,Inc.
6.20 United Pr. & Lt. Corp. of Kansas 1st Mtge. 6s, "A," 1944. Offered by Harris. Forbes & Co.,
E. H. Rollins & Sons, Arthur Perry & Co. and Peters Trust Co., Omaha, Neb,
5.60 Wisconsin Electric Pr. Co. let M.53,"A," 1954. Offered by Dillon, Read & Co.
6.20 Wisconsin Public Service Co. 1st Lien Sr Ref. Mtge. 65, "A." 1952. Offered by Halsey, Stuart
dr Co., Inc., First Wisconsin Co., Milwaukee, and Blodget & Co.
5.70 Wisconsin Valley Electric Co. let Mtge,534s, 1942. Offered by First Wisconsin Co., Milwaukee.
56,523,000
Iron, Steel, Coal, Copper, &c.
1,000,000 Capital expenditures; wkg.capital_
99
100
350,000 Refunding
15,000,000 Acquire coal properties
1,500,000 Refunding;other corp. purposes__ _
94 3-i
1,200,000 Acquisitions; development, &c_ _
7.10 Columbia Steel Corp.(San Francisco) 1st Mtge. 7s,"B," 1938. Offered by Dillon, Read & Co..
Anglo-London-Paris Co., Mercantile Securities Co. of Calif., Anglo-Calif. Trust Co.. Bond &
Goodwin & Tucker, Inc , San Francisco, and Union Trust Co., Cleveland.
6.00 Kalman Steel Co. 1st (Closed) Mtge. 6s, 1925-39. Offered by Kalman, Gates, White & Co. and
Merchants Trust & Savings Bank, Chicago,
5.30-5.40 The Lehigh Valley Coal Co. 1st & Ref. Mtge, 5s, 1934-74. Offered by Drexel & Co., Phila., and
First National Bank, New York.
7.00 Penelec Coal Co.(Johnstown,Pa.) 1st Mtge.6315, 1944. Offered by Rufus WapleS & Co., Reilly,
Brock & Co. and Welsh Bros.
631-7.00 Sullivan Pocahontas Coal Co. 1st (Closed) Mtge.& Coll. Trust 63s, 1925-44. Offered by Moore,
Leonard & Lynch and Hambleton & Co.
19,050,000
Motors & Accessories
.
5,000,000 Refunding;other corp. purposes._
Other Industrial & Mtg.1,000,000 Acquisitions; working capital
98
-Year Convertible Debenture 7s, 1934. Offered by company to stock7.30 Maxwell Motors Corp. 10
holders; underwritten by Chase Securities Corp. and Blair & Co., Inc.
99
7.10 Blue Diamond Co. 1st Mtge,75, 1939. Offered by Bond & Goodwin & Tucker,Inc., Hunter, Dunn
& Co. and Banks, Huntley & Co.
7.00 Buffalo Weaving & Belting Co. 1st (Closed) Mtge. 7s, 1927-39. Offered by SchoeUkopf, Hutton
& Pomeroy, Inc., Buffalo; A. L. Chambers & Co., Rochester; Second Ward Securities Co. and
Henry C. Quarles dr Co., Milwaukee.
7.00 Layne & Bowler Co.(Houston, Tex.) 1st Mtge. & Coll. Trust 75, 1924-33. Offered by Mortgage
dr Securities Co., New Orleans.
6.05 Solvay & Co.(Belgium) 10
-Year Secured 6s, 1934. Offered by Lee, Mgr/bison & Co., White, Weld
dr Co., Brown Bros. dr Co., Union Trust Co., Pittsburgh,and Illinois Merchants Trust Co., Chic.
700,000 Liquidate debt: other corp. purp_ _
100
125,000 Working capital
100
10,000,000 Refunding
99%
11,825,000
Land, Buildings, &c.
400,000 New building
5,000,000 Real estate mortgage
____
100
450,000 Finance construction of building.. 100
250,000 Finance construction of apartment 100
1,000,000 Finance construction of building.. 100
Finance construction of building..
Finance construction of apartment
Complete building
Finance construction of building..
Finance construction of houses...
100
100
100B
100
-- - -
Miscellaneous
1,500,000 Retire mtge. debt; working capital
983.1
700,000 Acquisitions; other corp. purposes_
240,000 Development of properties
863.j
100
600,000
725,000
3,500,000
750,000
500,000
5%-63 Benevolent Association of Elks. New Orleans Lodge No. 30, B.P.O.E. 1st mtge. 6%s, 1925-44.
Offered by Hibernia Securities Co., New Orleans.
7.00 Biltmore-Commodore Hotels (N. Y. City) let M. Leasehold 75, 1934. Offered by Otis dr Co.,
Hemphill, Noyes & Co.. Peabody, Houghteling dr Co.. Inc., and Howe, Snow & Denies, Inc.
6.50 Buffalo Postal Station Corp. 1st (closed) M. R. E.(Siis, 1934. Offered by Fletcher American
Co., Indianapolis.
7.00 Hilldale Apts. (Chicago) 1st M. 7s, 1926-34. Offered by George M. Forman & Co., Chicago.
6.00 Houston Cotton Exchange Bldg. Co., Inc., 1st M. R. E.6s, 1925-38. Offered by First National
Co., St. Louis.
7.00 Medical Centre Co. 1st M.Leasehold 7s, 1925-33. Offered by Worthington, Murfey & Co.,Clevel'd
6.50 Murray Hills Apts.(N.Y.City) 1st M.
610,1926-34. Offered by American Bond & Mtge.Co.,N.Y
7.00 New York United Hotels,Inc.,7% Convertible Receipts. Offered by Wm.H.Byers & Co.,Pittsb.
6.50 Nineteenth & Spruce Streets Corp. 1st M. 63's, 1927-39. Offered by S. W. Straus & Co.
6.75 Security Housing Corp. 1st M.Coll, Tr.63(s, 1927-34. Offered by Blyth, Witter & Co., Los Ang.
13,175,000
627,500 Development of properties
300.000 New packing house; work. capital.
1,000,000 Acquisitions, extensions, &c
100
4.367,500
7.30-6.65 Bastanchury Ranch Co. (Fullerton, Cal.) 1st (closed) M.63s, 1926-38. Offered by Drake.
Riley dr Thomas, Aronson & Co. and Stevens, Page & Sterling.
6.35 Consolidated Rendering Co. 1st (closed) M.55, 1941. Offered by Bond & Goodwin, Inc., Boston.
7.00 Golden State Orchards 1st (closed) M. 75, 1927-36. Offered by Stephens & Co. and Wm. R.
Staats & Co., San Francisco.
6.50 Limoneira Co.(Santa Paula, Calif.) 1st M.65, 1934-40. Offered by First Securities Co., Los Aug.
7.00 Santa Paula Citrus Fruit Association 1st M. 13%s, 1924-35. Offered by First Securities Co.,
Los Angeles.
7.00 Thomsen & Clark Timber Co., Ltd., 1st (closed),M. Guar. 7s, 1934. Offered by Lacey Securities
Corp., Chicago; Geo. H. Burr & Co., Conrad & Broom, Inc., and Peirce, Fair & Co., San Fran.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About.
Company and Issue and by Whom Offered.
Railroads
6,000,000 Refunding
99%
Public Utilities
725,000 Corporate requirements
8,000,000 Refunding
5.40 Hocking Valley Ry,Co. 2
-Year Secured 5s, March 1 1926. Offered by J. P. Morgan & Co., Kuhn,
Loeb & Co., First National Bank, N. Y.; Guaranty Co. of N. Y.and National City Co.
99
963-1
5.37 Malden & Melrose Gas Light Co. 3
-Year 5s, Feb. 15 1927. Offered by Lee, Higginson & Co.
6.80 Montreal Tramways & Pr. Co., Ltd.,5
-Year Coll. Ti', 6s, March 1 1929. Offered by J. A. Sisto &
Co., N. Y.; Hanson Bros., Greenshields & Co., Rene R. Leclerc, Inc., Greenshields, Wills & Co..
Inc., N. Y., and R. A. Daly dr Co., Inc., Boston.
8.10 New England Pr, Co.6s, Feb. 1 1927. Offered by Baker, Young & Co., Blodget & Co.and Arthur
Perry & Co.
7.00 Oklahoma Gas & Electric Co. 2
-Year 65, Feb. 1 1926. Offered by H. M. Byllesby dr Co., Inc.,
Federal Securities Corp.. Chicago. Spencer Trask & Co. and E. H. Rollins & Sons.
1,800,000 Construction
9991
2,000,000 Working capital
98
Amount.
[VoL. 118.
THE CHRONICLE
1464
Purpose of Issue.
Public Utilities (Concluded)
5,750.000 Capital expenditures
300,000 General corporate purposes
Price.
To Yield
About.
-Year Secured 13s, "A," March 11927. Offered
6.00 The Peoples Gas Light & Coke Co. (Chicago) 3
by Halsey, Stuart & Co., Inc., and Illinois Merchants Trust Co., Chicago.
-Year 5s. March 11927. Offered by F. S. Moseley & Co., Boston, and
5.25 Pittsfield Coal Gas Co. 3
TIM Bros., Springfield, Mars.
-Year Debenture 63s, Feb. 1 1927. Offered by E. H. Rollins & Sons and
6.70 Power Corp. of N. Y. 3
F. L. Carlisle & Co., Inc., New York.
5.60 Washington Water Power Co. 6s, Feb. 2 1926. Offered by White, Weld Jr Co., New York.
100
99.30
1.000,000 Construction
99%
1,000,000 New capital
Company and Issue, and by Whom Offered.
1003i
20,575.000
Iron, Steel, Coal, Copper,&c.
100
650,000 Refunding
400,000 Retire current debt: work, capital_
1,050,000
Oil
15,000,000 Acquisitions
1,000,000 Corporate requirements
1,500,000 Construction: development
-Year Convertible 7s, March 15 1929. Offered by Robert
7.00 The Titusville Iron Works Co. 1st M.5
Garrett & Sons, Baltimore, and B. A. Brennan & Co., Inc., Baltimore.
-Year 610, Dec. 15 1926. Offered by Clark,
7.00 Willamette Iron & Steel Works (Portland, Ore.) 3
Kendall & Co., Inc., Wm.P. Harper & Sons and Ralph Schneelock Co., Portland, Oro.
98.70
95
100
5.00-7.00 The Pure Oil Co.Purchase Money 1st M.516s. 1924-26. Offered by Guaranty Co.of N.Y.,Dillon.
Read & Co., Central Trust Co. of Illinois. Continental St Commercial Trust & Savings Bank
and Halsey, Stuart & Co., Inc.
-Year 7s, 1929. Offered by company to stockholders: underwritten
8.25 Superior Oil Corp. 1st M. 5
one-half by Atlantic Refining Co.and one-half by Brown Bros. & Co., Frazier AL Co. and White,
Weld & Co.
-Year Convertible 7s, 1929. Offered by Aronson & Co., Los Angeles
7.00 The United Oil Co. 1st M.5
17,500.000
Land, Buildings, &c.
535,000 Finance sale of properties
100
7.00 Consolidated Allotments Co.(Cleveland) litt M.& Coll. Tr. 7s, 1924-28. Offered by the Tillotson & Wolcott Co., Cleveland.
STOCKS.
Par or
No.ofShares
Purpose of Issue.
To Yield
a Amount Price
Involved. per Share. About.
Public Utilities
23.600,000 118
20,000,000 General corporate purposes
609,000 10115
abs. Acquisitions; other corp. purposes_
.6,000
1,365.000 91
*15,000shs. Acquire predecessor company
250,000 90
250,000 Capital expenditures
500,000
500,000 New construction
2,575,700 Reduce floating debt:construction_
Company and Issue and by Whom Offered.
American Telephone & Telegraph Co. capital stock. Offered by co. to employees.
nelson
i:85 General Gas & Electric Corp. Pref. "A" Cum. $8 per share. Offered by
& Co. and West & Co.
Public Service Co.,Inc.,7% Cum. Pref. Offered by Pynchon & Co.
7.70 North Carolina
7.78 Northwestern Public Service Co. 7% Cum. Prof. Offered by Curtis. Stephenson Sc
Co., Inc., Boston.
7.14 Portland (Ore.) Ry. Lt. & Pr. Co. 7% Cum. Prior Preference. Offered by National
City Co.
6.75 Puget Sound Pr. & Lt. Co. 7% Cum. Pref. Offered by Stone & Webster, Inc.
Parkinson & Burr and Estabrook & Co.
98
2,575,700 1033.6
28,899,700
Motors and Accessories
•42,000shs. Working capital; refunding
Other Industrial & hug.
2,000.000 Reimburse parent co. for advances
General corporate purposes
•20.000shs
500,000 Liquidate curr. debt; working cap_
1,302,000
2,000,000 98%
960,000 48
500.000 100
300,000
300,000 Additional capital
1,000.000 Additional working capital
•140,000shs Original capital
8,598,550
8,598,550 Working capital
20 (par)
1,000,000 100
1,400.000 10
192.000
.6,000 abs. Additional capital
32
25 (par)
100,000 100
100,000 Working capital
*30,600shs. Working capital
292.300 Fund current debt: improvements-
Jordan Motor Car Co., Inc., Common. Offered by Noyes & Jackson and I.age & Co..
New York.
31
918,000
292.300
30
25 (par)
7.10 Brown Corp.(Portland, Me.)7% Cum.Prof. Offered by Hornblower & Weeks, N.Y.
_ Continental Can Co. Common. Offered by company to employes.
7.00 Edna Mills (Reidsville, No. Caro.) 7% Cum. Preferred. Offered by American Trust
Co., Charlotte. No. Caro.; R. S. Dickson & Co., Gastonia, No. Caro.; J. W. Norwood. Greenville, So. Caro., and Charleston (So. Caro.) Security Co.
Grapico Co., Inc. (New Orleans) 8% Cum. Profit-Sharing Pref. Offered by Irving
014.GI
Gunebel Co., Inc., New Orleans.
7.00 (The) Gruen Watch Co.7% Cum.Pref. Offered by Westheimer & Co., Cincinnati.is
Hazeltine Corp. Common. Offered by Foster, McConnell & Co. and Colgate, Hoyt
MPS" di
& Co., New York.
Johnson, Stephens & Shinkle Shoe Co.(St. Louis) Common. Offered by Lorenzo
E. Anderson & Co. and A. G. Edwards & Sons.
Liggett & Myers Tobacco Co. Common "B." Offered by company to holders of
INIOSSIS• Ws,
Common and Common "B."
7.00 Neutrasol Products Corp. 7% Cum. Prof. Offered by Nehemiah Friedman & Co.,
Inc., New York.
Silica Gel Corp. capital stock. Placed privately.
United States Glass Co. capital stock. Offered by H.S. Edwards & Co., Pittsburgh.
lib .
16,260,850
Oil
8296,106shs Development: retire current debt _ _
8,883,180
30
Rubber
1,600,000 Additions; working capital
1,600,000 100
Miscellaneous
1,150.000 Working capital; expansion
1,150,000 100
780,645
.52,043shs. :Working capital
15
Phillips Petroleum Co. capital stock. Offered by company to stockholders; underwritten by Dillon, Read & Co.; Farnum, Winter & Co. and Dominick & Dominick.
7.00 Hood Rubber Co. 7% Cum. new Pref. stock. Offered by company to holders of new
Preferred: underwritten by Brown Bros. & Co. and Hayden, Stone & Co.
64
7.00 F. & W. Grand 5-10-25 Cent Stores, Inc., 7% Cum.Cony. Prof. Offered by Geo. H.
MM
Burr & Co.
Weber & Heilbroner Common. Offered by company to stockholders: underwritten.
men
i
s
1,930,645
FARM LOAN ISSUES.
Amount.
Issue.
1,000,000 Columbus Joint Stock Land Bank Is.
1934-54
200,000 Equitable Joint Stock Land Bank of Macon
Mo., Is, 1934-54
500,000 First-Trust Joint Stock Land Bank of
Chicago 45s, 1934-54
1,000,000 Fremont (Neb.) Joint Stock Land Bank
5s, 1934-54
500,000 Pacific Coast Joint Stock Land Bank of
Los Angeles 58, 1934-54
500,000 Pacific Coast Joint Stock Land Bank of
Salt Lake City 53, 1934-54
500,000 Pacific Coast Joint Stock Land Bank of
San Francisco Is, 1934-54
500,000 Union Joint Stock Land Bank, Detroit,
58, 1934-54
Price.
101
Yield. I
Offered by.
4.87 A. B. Leach & Co. and Guardian Savings & Trust Co.. Cleveland.
101
4.87 Commerce Trust Co., Kansas City, Mo.
100%
4.70 First Trust & Savings Bank, Chicago.
101X
4.80 Brooke. Stokes & Co.
101
4.87 Harris, Forbes & Co., New York, and Harris Trust & Savings Bank, Chicago.
101
4.87 Harris, Forbes & Co., New York, and Harris Trust & Savings Bank, Chicago.
101
4.87 Harris, Forbes & Co., New York, and Harris Trust & Savings Bank, Chicago.
10I1i
4.80 Keane, Higble & Co., Inc., and Union Trust Co. of Detroit.
EMI
4.700,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
Price,
Yield.
Offered by
20,000,000 Argentine Nation 6 months 5%% Treasury
Placed privately Kuhn, Loeb & Co.; Blair & Co., Inc.. and Chase Securities Corp.
Notes, due Aug. 25 1924
150,000,000 Imperial Japanese Govt. External Loan 30
7.10 J. P. Morgan & Co.; Kuhn, Loeb & Co.; National City CO.; First NationallBank, N.Y.
92%
Year 614% Gold bonds, Feb. 1 1954
Guaranty Co. of N. Y.; Bankers Trust Co., N. Y.; Harris, Forbesl& Co.: Lee.
Higginson de Co.; Dillon, Read & Co.; Kidder, Peabody & Co.; National Bank of
Commerce in New York;Yokohama Specie Bank,Ltd.; Mechanics& Metals National
Bank; Equitable Trust Co. of N. Y.; American Exchange National Bank; Chemical
National Bank; Corn Exchange Bank; Bank of the Manhattan Co.; New York Trust
Co.; Seaboard National Bank; Empire Trust Co.; International Acceptance Bank;
Brown Brothers & Co.;E.H.Rollins & Sons; Halsey,Stuart dc Co.,Inc.:SpencerTrask
& Co.; J.& W.Seligman & Co.: Clark, Dodge & Co.; Hemphill, Noyes & Co.; Blair
& Co., Inc.; Hayden, Stone & Co.: Redmond & Co.; Bonbright & Co., Inc.; .1. G.
White & Co., Inc.; Chas. D.Barney & Co.; Haligarten & Co.; Callaway, Fish & Co.:
Lazard Freres; Ladenburg, Thalmann & Co.; Kissel], Kinnicutt & Co.AW.1A
Ill
Harriman & Co., Inc.
all
170,000,000
•Shares of no par value.
in the case of Common stocks the amount is based on the offering price.
a Preferred stocks are taken at Dar, while
stock accompanies each $1.000 receipt purchased..
0 A bonus of two shares of common
Id&R. 29,1924.]
THE CHRONICLE
1465
Indications of Business Activity_J
THE STATE OF TRADE—COMMERCIAL EPITOME. that branch of business have been disturbed by the oil scandals and the pernicious tax legislation at Washington. Also,
Friday Night, Mar. 28 1924.
It is practically the same story this week as for weeks the momentary mishap to the French Ministry had more or
past, namely business has been restricted to very moderate less effect on the exchanges, although it did not prevent a
limits by storms, bad roads and a disinclination to trade be- steady advance in the franc, which is now something like
yond the needs of the moment. With better weather retail 50% higher than it was at the low point. And Premier
trade increased late in the week. But one cause of buyers' Poincare has undertaken to form a new Ministry, and has
hesitancy in wholesale lines has been the downward drift succeeded. London has been more or less depressed by the
of prices in some branches and uncertainty as to future fear of labor upheavals in the shipbuilding, coal and transPrices in others. Grain has fallen 2 to 4 cents per bushel, portation lines. And how. the recommendations of the
led by wheat, in which the American farmer, if possible, Dawes Commission may fare remains to be seen. The feelfeels foreign competition in the markets of Europe more ing is not unhopeful on this pivotal matter, but of course
than ever. Wheat, it is of interest to notice, has declined there there is no certainty how it will turn out. Germany
Some 10 to 11 cents per bushel since the American tariff on objects to Allied regulation of its military affairs. There
It was raised from 30 cents to 42 cents. All the tariff tink- are intimations that the Dawes Commission will recommend
ering, all the wild schemes of paternalism, have not pre- a noteworthy increase in German taxation; that is to somevented this regrettable occurrence. In most lines declines thing like the taxation levied in other European countries,
in prices have brought the slowness of trade if anything mindful, also, perhaps, of the high levy in the United States.
into clearer relief. Building has been active, regardless of France is firm and uncompromising in its attitude towards
storms, and building materials have been in brisk demand, German reparations, but there is said to be some division
especially paints. Lumber has been less active, but the out- of opinion between the American and British members of
put increases. Some cutting has been done in prices of auto- the Commission as to whether Germany should continue to
Mobiles. The recent curtailment of the automobile output pay in kind or have a respite of a year or two. There is litIs perhaps a significant sign of the times. Whether the tle doubt, however, that if a kind of moratorium is agreed
'auto fad is declining somewhat remains to be seen. Cer- to, and this is by no means certain, France will retain postain it is that the roads are so blocked around New York and session of the Ruhr. Coming back to this side of the water
well back into the country with autos that some people now one of the events of the week was the defeat of President
do not use their cars on Sunday. Another noteworthy thing, Coolidge in the South Dakota presidential primaries. Annoticeable now for several weeks, is the falling off in the other was the resignation of Attorney-General Daugherty
demand for jewelry. In the New England cotton mill towns to-day on the President's request. Finally, taking the
there is considerable unemployment, and it is said that country over, business is not in bad shape. The weather
many are out of work in this city. Pig iron has been dull has been against it for many weeks, but in the nature of the
and prices are rather weak. Steel is being taken by rail- case this cannot last much longer. Consumers' stocks are
roads and construction trades on a considerable scale, but not believed to be heavy. It stands to reason that in many
aside from this, new business is light. In some cases prices lines they must be pretty low after a prolonged period of
have eased. Failures in general business are• more numer- abstention from buying except on a very cautious scale.
bus; those for the week exceed the total of last week and Aside from the weather, mass psychology, or a state of
for this week last year. The production of crude petroleum mind, may have had not a little to do with the sluggishness
of business. Yet agricultural depression, high taxes, the
is smaller and prices as a rule are unchanged.
In New England and some Atlantic States shoe manu- bonus bill, Washington turmoil, disordered European polifacturing is less active, with some reports conflicting. On tics, the reparations question which sticks to the world's
the whole, advices about it are not altogether favorable. body commercial and political like another Nessus tunic,
Coffee has advanced with higher prices in Btazil, where re- have all played their part in slowing down that great modceipts are still artificially restricted and available seaport ern engine which we call business.
supplies are a mere tithe of what they were a year ago.
Meanwhile it is said that foreign countries are conspiring
Sugar has been quiet, but steady. Coal has been dull here to mulct the United States in what amounts to heavy damand in the West and South and prices to all appearances are ages by raising the cost of foreign raw materials -necessary
tending downward. Supplies are large; mining is smaller. to this country. Powerful combinations of foreign producers
Cotton goods have been dull, even noticeably lower prices of raw materials and certain Governments, it is said, are
failing to stimulate trade, though they are the lowest since and have been long planning to put a stop to the unrestricted
August last year. Wool has been quiet but steady. Foreign interchange of raw materials which are absolutely indiswool auctions have generally shown steady or somewhat pensable, for instance, in certain American industries. Sechigher prices. Some distress is reported among New Eng- retary Hoover has recently, as is well known, warned cer
land cotton mill operatives out of employment for some tain American manufacturing industries on the point. It is
months past. Wages stand still. There is no abatement, no light matter. It relates to coffee, sisal, nitrates, iodines,
even in trades where short time really shortens the wages. potash, tin, rubber, quinine, mercury, quebrach (for tanIn the building trades the same fantastic level is rigorously ning purposes) of which commodities the imports in 1923
maintained. In St. Louis, it appears, painters gets $150 per exceeded in value $525,000,000. Senator Capper has introhour except on Saturday and Sunday, when they receive duced a bill dealing with the evil. It will follow the lines
double, or $3. Negro hod carriers get $1 25 per hour by a suggested by Secretary Hoover, who points out that exportsigned agreement, which is, of course, far more than the ers and manufacturers of the United States are already peraverage member of the professions receives. The flour mitted by the Webb-Pomerene Act to undertake joint selling
trade is slow and the mills are not working up to capacity. agencies abroad under certain restrictions. It is suggested
To-day the weather was better for the wheat crop west of that by an extension of this Act our consumers in the United
the Mississippi River. But wet fields have hampered or put States be allowed to set up common purchasing agencies for
a stop to field work in both the grain and the cotton belts. these imported raw materials where there is positive eviAnd stormy conditions are feared in the Southwestern cot- dence of a combination in control. America, he thinks, could
ton country over Sunday. Field and planting work in the then hold its own in dealings with such combinations. The
cotton belt is several weeks late. Spring wheat seeding danger of such common purchasing agencies attempting to
may be somewhat delayed in the Northwest. Bank clear- make improper prices against our buying public could be
ings still keep larger than those of a year ago. The car met by providing that all consumers who wished to particiloadings this year up to date show an increase over the same pate would be allowed to act through such common buying
period last year.
agencies with full equality of treatment; that such agencies
Finally, not only merchandise prices, but those for securi- would not be conducted for profit in themselves, with any
ties, have been declining. It would be ueless to disguise the other necessary restrictions. Legislative suggestion of this
fact that the feeling in business has been more or less un- order could be simplified into amendments of the Webb.
settled. The situation in the iron and steel trade is not all Pomerene Act. It is regrettable that any such measures
that could be desired by any means. Those identified with should be necessary. The schemes of foreign combinations
1466
THE CHRONICLE
rot.118,
reveal "protection" in one of its least creditable phases. It schedule during the past two weeks, went back on full time
is nothing but another kind of war, an industrial war, and on the 24th. The three other textile plants at York continue
against friendly nations—as if the world had not had to operate only part time. The Neelys and Travora mills
enough of war of any sort. We ourselves, however, have are running on full time. A report from Clover, S. C., stated
erected a high tariff barrier around our country and have that local cotton mills are running on part time. At Thrift,
recently even coolly considered the feasibility in the Mc- N. C., the Thrift Manufacturing Co.'s cotton mills have been
Nary-Haugen bill of a United States Government corpora- sold to Harry B. Kendall of Boston, Mass., for $1,500,000.
tion to buy up American farm products, raise their price to The transaction involves 26,238 spindles. In Bessemer City,
the pre-war level, and then dump them on foreign markets N. C., five mills are not curtailing. Georgia cotton mills are
regardless of the rights of the foreign producer. And this said to be running as a rule on full time.
with the certainty of retaliatory measures. Civilization
At Lynn, Mass., the Leonard shoe plant which had been
has yet a long way to go before it puts a stop to industrial idle for some time, supposedly because of high labor costs,
warefare, which more than once in the world's history has has been bought by A. Jacobs & Sons Co., who will enlarge
been the forerunner of armed conflict. It is a long way yet It. In Boston compromise agreements granting the striking
to something perhaps approximating cosmopolitanism in garment workers a working week of 42 hours have been
tariffs which mankind no doubt will in time recognize as the signed by nearly a dozen dress and waist manufacturers
true solution of some of the world's big economic problems. there. Between 600 and 800 men and women employees
Buying of wheat in the United States for Europe during the were to return to work. The agreement shortens the workwar, it is recalled, was put into the hands of a single Ameri- ing week of 44 hours by two hours. The 2,000 strikers who
can Commission. It was effective as a check on cupidity. walked out five weeks ago had demanded a 40
-hour week.
It obviated competition among many buyers. And it is
The Southern Pine Association barometer for last week
pointed out that combined buying is even now being prac- shows orders received increased 0.9% over the previous
ticed by some 18 or more of the big retail department stores week; shipments unchanged and production increased 2.8%.
of this country without central ownership or control and Reports from 139 mills show 68,632,830 feet ordered, 66,with obvious benefit.
336,795 feet shipped and 76,573,64 feet produced. Orders
At Fall River, March 25, the Arkwright mills, which have on hand at the end of last week were 260,610,315 feet. New
been operating on a more or less irregular schedule for sev- Orleans reports that the increase in labor wage rates at reperal months, closed down for an indefinite period. Treas- resentative Southern pine operations in January from 9
to
urer J. Edward Newton believes it poor policy to continue 15% over the same month last year, continued recordwith goods accumulating and trade unsatisfactory. At Fall breaking of commodity car loadings, a further decrease in
River, Mass., yesterday cotton mill curtailment was said to wholesale commodity prices, and unprecedented construcbe increasing. Lawrence, Mass., wired March 25 that the tion activities for February as shown in the report of the
local Dyers and Finishers' Union has sent an open letter to March Economics and Statistics bulletin.
President Coolidge asking that Congress pay some attention
In London 40,000 bus and tram workers went on strike
to the condition of the New England textile industry, add- last Friday night. Subway employees may go out
in syming that thousands of people who depend upon that industry pathy. Negotiations have been resumed in the
wage disfor a livelihood are now out of employment and that many pute between British coal miners and mine owners.
Prefamilies and persons are in dire want.. The outlook is not mier MacDonald is trying to prevent an extension
of British
encouraging. The people in the textile communities look to strikes. If he fails the British Government may
undertake
Congress for help, the letter adds. They are greatly disap- the operation of traffic. At Bremerhaven, Germany, the
pointed and disheartened in view of the fact that this prob- dock strike ended on Wednesday.
lem has been overlooked. So much for the worker. But
Early in the week the temperatures in the Canadian
there is the problem for the mills, too. Wages are too high Northwest were 16 to 26 degrees; in the American Northfor competition with the South, and Europe has cheap west 24 to 30; in Nebraska and Iowa, 28 to 30; In Illinois,
money and cheap labor. It is competing in the United Indiana, Kentucky, Ohio, Kansas and Missouri, 32 to 36; in
States in some lines of textiles against American goods on Texas 44 to 62; in Oklahoma and Arkansas, 36 to 38; In
the American mills' own ground. At Lawrence, Mass., the Louisiana, Mississippi, Alabama, the Carolinas and Georgia,
Everett mills, normally employing 1,800, will be Idle all next 38 to 42. There were scattered rains in Texas, a light snow
week. Recently it has been operating on a four-day sched- in Ohio, Illinois, Nebraska, parts of North Dakota and genule. New 'Bedford, Mass., reported that last week curtail- eral over Montana. On the 26th inst. came a storm of wind,
ment, especially among the fine goods mills, was further rain, sleet and finally snow, with temperatures
averaging
extended, until in some instances it became drastic. At 1 to 4 degrees above freezing. The snow fall and rain fall
Lowell, Mass., some of the mills are said to be curtailing. were light, however; not quite half an inch. Snow
often
At Thorndike, Mass., the Thorndike Co., manufacturers of falls, of course, on March 26. That of the 26th inst. was
cotton tickings, strikes and awning goods, have cut their nothing like the 10 inches of snow which fell on an April
working schedule to three days per week. All cotton mills day in 1915. Thursday was clear, warmer, and the
snow
in this section are on short time. At Winchendon, Mass., soon disappeared from the streets, though a thin film
rethe White Bros. Co., owners of the White Valley Mills, mak- mained for a time in the parks and suburbs, then was
gone.
ing denims, have closed their plant in White Valley for a Vegetation is making progress hereabouts. To-day
it was
week. At North Andover, Mass., Davis & Furber factory clear and springlike in New York, with the
temperature
for the manufacture of textile machinery, have laid off more up to 61.
than 100 machinists and helpers because of business conditions. Rhode Island mills report more short time. At Manchester, N. H., the Amoskeag Manufacturing Co. is install- Increase in Chain Store Sales in Federal Reserve District of New York During February.
ing some new machinery for the manufacture of worsteds of
The April 1 "-Monthly Review of Credit and Business Cona finer grade than has been possible with present equipment.
The machinery was ordered from Europe about a year ago. ditions" by the Federal Reserve Agent at New York will say:
February chain store sales were 18% larger than a year ago, and
At Pawtucket, R. I., most cotton mills are running on part
this
bank's adjusted index of sales
time. Thousands have been idle for 60 days. At Saco, Me.. with 8% below in January. was 1% above the computed trend, compared
Nearly all types of stores showed large inthe York mills are curtailing. They closed on March 26 creases in aggregate sales, while shoe, 10-cent and tobacco stores showed
until April 7, after which they will be run on a schedule of particularly large increases In sales per store.
During the five years since 1919 the average annual increase
three days a week. At Augusta, Me., the Edwards Manufac- chain store sales, exclusive of groceries and after allowance for in the total
price changes,
turing Co. is to increase its wide goods capacity by convert- has been between 13 and 14%. compared with an average increase In department store sales of about 8%. The sales of all these types of
stores,
ing 200 30-inch looms into 40-inch looms. At Putnam, Conn.. with the exception groceries,
of
show a remarkably regular seasonal variaone or two cotton mills have been sold recently. It is said tion.
The following table sho WS the detailed changes in sales during February,
that the tendency is to move to the South.
compared with February of previous years:
At Lando, Chester Co., S. C., the McManetta mill resumed
—Number of— —Dollar sales during Feb.— Per cent change
full time on Tuesday, after having recently been on a fourStores,
(In Percentages.)
in sales per store
Type of
Feb.
Feb.
Feb. Feb. Feb. Feb. Feb.
Feb. 1923 to
day week. At Union, S. C., several big textile manufacturStores.
1923
1924
1920 1921 1922 1923 1924
Feb. 1924.
292
333
plants employing about 2,000 persons, which recently Shoes
Ill 121 115 100 132
ing
+158
Apparel
454
548
55 86 80 100 130
+7.3
curtailed to four days per week, have gone on a full sched- Candy
99
116
83 89 91 100 125
+6.6
Ten-cent
1,783
1,894
72 80 86 100 120
+12.9
ule, eliminating night shifts, except in departments where Grocery
15,473 18,985
80
78 82 100 116
—5.3
2,737
2,699
97 106 100 100 113
+14,49
continuous running is necessary. At York, S. C., the Cannon Tobacco
Drug
300
320
94 94
96 100 109
4-24
Manufacturing Co., which has been operating on a three-day
Total
21,138 24,895
79 81
85 100
118
—0.2
291924.]
M.
1467
THE CHRONTCLE
,Increase in Department Store Sales in February in
Federal Reserve District of New York.
Continued heavy sales of house furnishings and cut-rate
sales of apparel, together with an extra day's business, contributed largely to an increase of 15% in the sales of department stores in this district over February a year ago, according to an item which will appear in the April 1 issue of the
"Monthly Review of Credit and Business Conditions" by
the Federal Reserve Agent at New York. The Reserve
bank's index of sales, which allows for the ordinary seasonal
variation and for price changes, was practically at the 100%
normal line as computed from the trend of sales in previous
years, compared with 4% below this line for the preceding
three months. The "Review" continues:
--not over one-half of 1%. Between July 1920, when the peak of the rise in
the cost of living since 1914 WU reached, and February 1924 the coot of
living decreased 19.9%. The increase Since July 1914 was 63.9%.
The following table shows in detail the changes in the cost of living noted
above:
Item.
Food_a
Shelter
Clothing
Fuel and light
(Fuel)
(Light)
Sundries
Percentage of D crease Percentage ofDecrease
in the Cost of Diving
in the Cost of Living
above Average Prices on Feb. 15 1924 Item
Average Prices in
in July 1914 toa
Jan.
Fancily July
July
Jan,
Feb.
1924.
Budget. 1920, 1924, 1924. 1290.
Relative
Importance
43.1
17.7
13.2
5.6
(3.7)
(1.9)
20.4
119
58
166
66
(92)
(15)
85
49
80
76
75
(92)
(43)
74
47
80
77
75
(91)
(43)
74
32.9
113.9
33.4
05.4
(0.5)
5(24.3)
5.9
1.3
No change
10.2
No change
(0-5)
No change'
No change
19.9
63.9
0.4
64.6
Weighted avge. of all items 100.0 104.5
Sales in all major departments of the stores were larger than last year
a Food price changes are from the United States Bureau of Labor Statistics.
but showed the greatest increases in apparel and in house furnishings other
b Increase.
than furniture. Sales of textile piece goods showed relatively little increase
The purchasing value of the dollar bawd on the cost of living in Feband in some cases a loss, after allowing for the extra day during the month.
ruary 1924 was 61 cents as contrasted with $1 in July 1914.
The following table shows the changes in the different departments:
Per cent of change Per cent of sales in
each dept. to sales
in Sales,
February 1923.
of all departments
Average Earnings Unchanged in Twenty-Three Ameri+23.7
2.7
Hosiery
Women's and misses' ready-to wear
+22.5
8.8
can Industries-Figures of National Industrial
+20.3
16.1
House furnishings
Conference Board Show Small Advance in
+19.4
13.8
Women's ready-to-wear accesso:ies
+19.1
6.6
Men's and boys' wear
"Real" Wages.
3.1
+17.2
Shoes
4.1
+9.7
Cotton goods
A further decline in employment, with average earnings
.
5,1
Silk goods
+8.8
+8.2
9.2
Furniture
practically unchanged between December 1923 and January
2.3
Woolen goods
+16.3
28.2
Miscellaneous
1924 is indicated by the latest compilations in the monthly
Stocks of goods on hand March 1 were 5% higher than a year ago, identi- study of wages, hours and employment in 23 American Incally the same increase as was shown on Feb. 1 but much below the average
Conference Board of 10
increase of 10% shown during preceding months. The average sales check dustries by the National Industrial
East 39th Street, made public March 22. The Board states:
during February was $2.06. unchanged from last year.
-Net Sales During Feb.- -Stork on Hand March 1
Average hourly earnings of all wage earners showed only a slight drop,
(Feb. 1923- 100%.)
(March 1 1923= 100%.)
compared with 56.9 cents in Decem1920 1921 1922 1923 1924 1920 1921 1922 1923 1924 standing at 55.8 cents in January, as
99 101 97 100 115 115 96 97 100 105 ber. Thirteen industries showed lower hourly earnings in January, the
Ail department stores
New York
102 100 97 100 113 116 97 98 100 105 more important declines occurring in lumber and mill work, foundry and
Buffalo
97 110 91 100 110 124 106 100 100 99 machine shop products and the printing industries. Of the ten industries
Newark
93 97 91 100 123 116 88 92 100 103
registered By
Rochester
101 117 115 100 134 141 129 101 100 121 reporting increased hourly earnings, the largest gains were
Syracuse
104 107 95 100 118 141 118 104 100 111 boot and shoe, paper products and rubber. Among the labor groups, male
Bridgeport
113 114 103 100 115 118 95 102 100 105 unskilled remained unchanged, male skilled fell off slightly and women
Elsewhere, 2d District
99 110 112 100 120
98 85 101 100 106 advanced.
90 97 96 100 114
Apparel
96 81 92 100 111
Average weekly earnings of all wage earners were $26 94 in January, the
Mall order houses
147 77 71 100 115
in December. The more noticeable declines occurred in iron and
February sales by mail order houses were 15% larger than in February a same as
steel and lumber and mill work, while boot and shoe, chemicals, furniture
year ago, a slightly larger increase than was shown in January, and this
and paint and varnish reported considerable advances.
bank's index of mall order sales, in which allowance is made for seasonal
Total employment reported for January was lower than December, this
variation and price changes, stood at 95% of the computed trend, compared
reduction probably being partly due to temporary lay-offs for inventory
with 92% in January and 86% in December.
taking and general reorganization for the year.
A slight drop in the cost of living, combined with practically unchanged
hourly earnings, caused a small advance in "real" hourly earnings, or the
Increase in Wholesale Trade in Federal Reserve Dis- purchasing value of money earnings. In January they weie 39% above the
July 1914 level, 1% higher than in December. A gain of 1% was a/so
trict of New York During February.
registered by "real" weekly earnings, which stood 31% higher in January
Wholesale trade in this district during February, as re- than in the base month of July 1914.
ported by 163 dealers, showed more than the usual seasonal
increase over January, according to the April 1 issue of the
"Monthly Review of Credit and Business Conditions" by Average Weekly Earnings of New York State Factory
Workers Slightly Lower in February-Payrolls
the Federal Reserve Agent at New York. The "Review"
Higher Because of Increase in Employment.
says:
This bank's index of sales, after allowing for seasonal variation and price
changes. was 11% above the computed trend, compared with 5% above in
January and 9% below in December. Compared with a year ago, the
increase In sales amounted to 2%, or practically the same increase as was
shown in January.
Sales of hardware continued to show the most consistent increases over a
year ago, but substantial gains occurred also in sales of dry goods, including
cotton goods, which showed losses in the preceding three months. Stationery and grocery sates likewise showed larger increases in February than in
January, while drug sales continued substantially larger than a year ago.
Trade in clothing, on the other hand, showed relatively small increases.
eveept in women's coats and suits, which was considerably under last year.
Sales of shoes, diamonds, and jewelry continued to show losses, and a sharp
decline in machine tools was in contrast with large gains at this time a Year
ago. Detailed figures are shown in the following table:
-Dollar Value of Feb. sale(February 1923= 100%.)
('.),nrnodity1920 1921 1922 1923 1924
'Hardware
128
93
75 100 119
Dry goods
111
84
76 100 109
(a) Cotton
98
76
82 100 106
(5) Silk
124
92
70 100 112
Stationery
111
102
92 100 108
Drugs
92
72
88 100 106
Groceries
113
91
86 100 105
Clothing
92
74
70 100
98
(a) Men's
85
55
48 100 103
(la Women's dresses
96
93
95 100 101
(c) Women's coats and suits
97
81
75 100
89
Jewelry
176
69
67 100
92
Shoes
210 100
89 100
89
Machine tools
159
60
22 100
84
Diamonds
125
42
40 100
78
Weighted average
108
82
77 100 102
Figures of National Industrial Conference Board on
Changes in the Coat of Living Between
July 1914 and February 1924.
The cost of living in the United States on Feb. 15 1924 had
decreased four-tenths of 1% from the level of Jan. 15 1924,
as shown by figures just collected by the National Industrial
Conference Board and made public March 22. The Board
says:
In the month from Jan. 15 1924 to Feb. 15 1924 there was an increase
in the average cost of clothing and decrease for fuel and food. The decrease in food prices was more than 1%, but the other changes noted were
Factory workers' earnings were slightly lower in February than in January in New York State, according to the
monthly statement made public March 25 by Bernard L.
Sheintag, Industrial Commissioner of the New York State
Department of Labor. Continuing, the statement says:
The average weekly earnings were $27 73, a drop of 8 cents, compared
with January. The February earnings usually show a somewhat larger
decrease than this, however, because Lincoln's Birthday is observed as a
holiday in many establishments, especially in New York City. Total payrolls went up because of the increase in employment.
The two significant factors at present are the automobile industry, where
activity is very high, and the clothing and textile industries, which are
following a quite different course. In the automobile factories, the earnings level is higher than in 1923, and the growth of payroll totals in recent
months, while not so large, parallels very closely that which took place at
this time a year ago. In New York State, however, the growth in payrolls in February was by no means so large as the 25% gain shown for the
country as a whole by the United States Bureau of Labor Statistics. This
is partly because the automobile industry in New York State is given over
largely to the manufacture of high-priced cars.
The present expansion in the automobile industry is not quite so important in New York as for the country as a whole, because of the prominence
in this State of the clothing and textile industries as well as of metal industries other than automobiles.
The operatives in the textile mills are in a less favorable position. In
the cotton mills and cotton finishing establishments part time increased in
February, with a drop of over $2 60 in average weekly earnings. For the
woolen group, a change from part to full time operations took place in mills
making rugs, hat felts and worsted fabrics. Of these the pay-rolls in the
rug factories were the only ones to compare favorably with those of last
year. Knitting mills are generally more active this month and pay-rolls
increased 10%, but workers in this industry have recently been through a
period of rather sharp reduction. The season in the clothing
trades is late,
but for several months past the earnings of the workers have not
been so
large as those of the busy season in 1923.
Increased activity brought somewhat higher earnings in the cooking and
heating apparatus plants this month. 1Vage rate changes last month and
this have brought increases to about 7% of the employees in these plants,
which amounted usually to 10% of their previous scales.
The reduction in the cement, brick and other building materials continue small for the dull season and average earnings retain their lead of
almost $5 over last year. Seasonal influences probably account for part
time schedules in the production of such materials as linseed oil and white
lead. In other lines February meant an improvement for employees whose
1468
THE CHRONICLE
•
'earnings fall off at the end of the holiday season. Such recovery is noticeable this month in the manufacture of-precious metals, in the furniture
'plants and some of the leather glove factories up-State. Good increases
also were evident in the average pay at the glass factories, the pottery plants
and the paper board and wrapping paper mills.
likcause Lincoln's Birthday is more widely observed in New York City
,than in other sections, the reduction was slightly greater there than upState. The activity in the clothing trade resulted in an increase in earnings
of over a dollar in the women's wear trade and a gain of almost that amount
in the men's shops. In the shirt factories reduced working time was noticeable, but payrolls in such industries as fur and luggage manufacture showed
some improvement after the seasonal drop in January. The great increase
,in operations in the sugar refineries was reflected in payrolls, which were
20% higher than last month and there was an Increase in the average earnings as well as employment in the bakery products establishments. Average
,earnings in the sheet metal division moved forward about 60 cents because
of considerable gains made by workers in plants which turn out can containers and kitchen utensils.
In the Buffalo district average earnings were 'a little larger than those of
January, with more persons at work. The largest increase was in the automobile and automobile parts factories, where weekly earnings averaged over
;
$2.50 more this month than last. . Earnings were also larger in the brass
mills and 'the sheet metal plants. The effeet of reduced operations in the
railway car aid 'locomotive fantokieS was partly offset in this district by
increased activity in the steel mills.
Pay-roll totals were larger in Syracuse this month, with a gain of 8% in
'those reported by the manufacturers of automobiles and parts. The automobile industry is a very large factor in the industrial situation here and is
almost entirely responsible for the increase recorded.
The seasonal activity in the men's clothing factories in the Rochester district meant larger returns for the workers in that industry and the shoe factories paid higher, wages to more employees. Pay-rolls were larger in the
furniture factories and the machinery plants. These favorable factors were
oitset in the total principally by a drop of 7% in the pay-rolls of the rail',Oily equipment plants, so that the manufacturing industries contributed a
_pet increase of only 1% to the purchasing power of this. vicinity.
, Factory employees did not fare so well in 'the Capital district in Februe
ary: The release of the workers dismissed by the railway equipment plants
:becomes more significant when coupled with reports from the State employment offices that there are not many opportunities for these men to sustain
:their earning power by work in other places. Earnings in the steel mills
were better, however, and pay-rolls were larger in the printing plants. The
ieedhir factories offered somewhat improved opportunities to the workers this
,month, but pay-rolls are still 15% below last year's figures. The activity
,in the knitting mills was quite outweighed in this district by increasing part
Xime in the other textile plants, where the loss in earnings since last month
,averaged almost $4 a week.
Like the Capital district, Utica, with its surrounding industrial area, was
affected by tho reduced earnings in cotton and cotton finishing plants. This
Joss ia,compensated here, however, by the growing 'payrolls in the knitting
•mills, Which employ many workers in this district. Larger pay-rolls in the
brass mills and the heating apparatus plants also helped to sustain prosperity in this community.
An improvement of 90 cents in the week for shoe factory employees about
Measures the average gain in actual earnings in the Binghamton area this
month. Shoe factory pay-rolls had been reduced in January, however. Printers here received a pay which average about $1 50 more than is the previous month and.wood workers also made more money.
[Vox. 118.
the corresponding week last year and an increase of 4,999 cars over the
corresponding week two years ago. Reports showed 23.982 cars loaded in
the western districts, an increase of 1,752 cars over the same period one year
ago.
Forest products loading totaled 79,250 cars, a decrease of 3,638 cars
under the week before when loadings totaled 82,888, tho greatest for any
one week on record. Compared with the same week last year, the total for
the week of March 15 was an Increase of 5,265 and an increase of 25,285
cars over the some week in 1922.
Miscellaneous freight loading amounted to 317,243 cars, 5.941 cars lees
than the week before, and a decrease of 2.866 cars under the same week
last year. Compared with the same week in 1922, it was an increase of
63,369 cars.
Coal loading totaled 170,554 cars, 747 cars above the week before, but
12.823 cars under the corresponding week in 1923 and 20,236 cars below the
corresponding week in 1922. when coal shipments were unusually heavy
owing to the anticipated strike of the miners.
Loading of merchandise and less than carload lot freight totaled 251,101
cars, 514 cars above the week before and 21,909 cars above last year. Compared with the same week in 1922, it was an increase of 14,350 errs.
Coke loading totaled 13,634 cars. 666 cars below the preceding week and
1,689 cars under the same week last year, but 5,150 cars above two years
ago.
Ore loading totaled 10.901 cars, 162 cars less than the previous week and
1917.
cars under last year. Compared with the corresponding week two
years ago, it was an increase of 5,607 cars.
Compared by districts, a slight increase over the week before in the total
loading of all commodities was reported in the northwestern district, while
all other districts reported decreases. Compared with the same week last
year. Increases were reported in the Pocahontas, northwestern, centralwestern and southwestern districts, hut decreases In the eastern. Allegheny
and southern districts. All districts, however, repotted increases over the
corresponding week two years ago.
Loading of revenue freight this year compared with the two previous
years follows:
1922.
1921.
1923.
Four weeks of January
2,785.119
3,362,136
3.373.965
Four weeks of February_
3,027,886
3.361,599
3,617.432
Week ended March 1
793,115
945.049
918.624
Week ended March 8
820,886
905,344
929,505
Week ended March 15
815,082
916,953
904,116
Tett!
9,771,075
9.463,648
8.242,088
Price Changes in the Automobile Industry.
The Willys Overland Co. has announced a reduction of
$40 in the price of the "Champion" model and of $100 in
that of the Willys-Knight sedan, both effective March 22.
An advance in price of $100 on each model was announced
March 24 by the Moon Motor Car Co. to take effect April 1.
Petroleum Markets Quiet With Few Price Changes.
During the week just closed minor changes were made
in prices of the various grades of petroleum. On March 24
the Texas Co. reduced the posted price of lower grade of
Smackover, Ark., crude 15c. a barrel and made reductions
of 10c. per barrel in each of the three higher grades. Under
the new schedule the price of Smackover crude is as follows:
Below 24 gravity, 85c. per barrel; 24 to 24.9, $1 per barrel;
25 to 25.9, 8110, and above $1 25. Oil men familiar with
the Smackover situation were not surprised, it is said, at
the price reduction, as the production of that area has been
selling out of alignment with Mid-Continent oil of similar
quality for some time, particularly the low grade which constitutes the bulk of Smackover's output.
The Tide Water Oil Co. on March 25 advanced its quotation of 28-34 and 36-40 gas oil a Mc. a gallon to 53'- and 6e.
a gallon, respectively.
Jump in Farm Wages in 1923.
Average'farm wages in the United States last year were
$33 18 a month with board, compared with.$29 17 in -1922,
the United States Department of 'Agriculture reports. Increases were shown in all geographic groups of State, with
:,
largest increases in the North Atlantic and East North Contral States, and' the smallest increases in the South Atlantic
States.
The rate per month with board in the North Atlantic
group rose from $37 14 in 1922 to $43 42 in 1923; in the East
North Central group from $33 35 to $39 41; and in the Western States, including the Mountain and Pacific Coast regions, from $45 57 to $51 25. The rate in the West North
Central States increased from $33 63 to $37 54; in the South
Atlantic States from $22 12 to $24 93; and in the South CenCrude Oil Production Slightly Downward.
tral group from $22 23 to $24 13.
Statistics compiled by the American Petroleum Institute
..."The increases are attributed to industrial competition for
labor, which was most pronounced in the Northern States as show a decline of 4,900 barrels in the daily average gross
crude oil production during the week ended March 22. The
reflected in the larger advances.
present output is only 60,250 barrels larger than that during
Loading of Railroad Revenue Freight Continues Heavy. the corresponding period of 1923. The advance summary
in further detail that the estimated daily
' Loading of revenue freight for the week which ended on statescrude oil production in the United States for average
gross
the week
March 15 totaled 916,953 cars, the largest number for any ended March 22 was 1,906,850 barrels, as compared with
corresponding week on record, according to reports filed on 1,911,750 barrels for the preceding week. The daily average
March 25 by the carriers with the Car Service Division of production east of the Rocky Mountains was 1,261,350 barthe American Railway Association. This was an increase of rels, as compared with 1,257,750 barrels, an increase of 3,600
barrels. California production was 645,500 barrels, as com12,837 cars over the corresponding week last year and an pared with 654,000 barrels; Santa Fe Springs is reported at
increase of 101,871 cars over the corresponding week in 1922. 85,000 barrels, against 93,000 barrels; Long Beach, 205,000
It also was an increase of 61,893 cars over the corresponding barrels, against 213,000 barrels; Huntington Beach, 56,000
week in 1920. Compared with the preceding week this, barrels, against 58,000 barrels, and Torrance, 40,000 barrels,
following are estimates of
year, it was a decrease of 12,552 cars due principally to against 37,000 barrels. The for the
daily average gross production
week indicated:
reductions under the preceding week in the number of cars
DAILY AVERAGE PRODUCTION.
loaded with grain and grain products, forest products and
(In Barrels.)
Mar. 22 '24. Mar. 15 '24. Mar.8'24. Mar. 24 '23.
Oklahoma
406.850
400,150
418,450
403,150
miscellaneous freight. Further details are as follows:
Kansas
68,900
69,300
69,700
81,750
"Loading of grain and grain products for the week totaled 42,754 cars,
3.757 cars less than the week before, but 3.472 cars above the same week
last year, and an increase of 3,347 cars above the same week two years ago.
In the western districts alone. 27,949 cars were loaded with grain and grain
products, an increase of 3.147 cars over the corresponding period one year
ago.
Live stock loadings totaled 31.516 cars. This was not only an increase of
351 cars over the week before, but in increase of 1,486 cars compared with
North Texas
Central Texas
North Louisiana
Arkansas
•
Gulf Coast
Eastern
Wyoming and Montana_
California
Total
67.600
224,750
50,000
127,300
95,900
96,500
123,550
645,500
1,906,850
70,70066,000
225,600
229,350
50.550
50,600
122.100
124,250
94,650
95.700
97,000
98,000
127,700
125,350
654,000
654,350
1.911,760
1,916,450
60.700
121,900
72,350
106.550
102,350
107,000
110,550
665,000
1.846,60
o
MAR. 29
1924.]
WEE CHRONICLE
Large Scale Steel Production Is Well Maintained—
Another Decline in Pig Iron Price.
The larger steel mills of the country are the busiest although the smaller producers are competing more actively
than formerly according to the "Iron Age" in its weekly
review which appeared March 27. Railroad track work is
the important factor while at the same time bookings in
structural steel are heavy, adds the "Age" in its report which
follows in full:
of
Large-scale operations are still the rule with the leading producers
consteel, and barring the slight reduction in automobile output, industrial
sumption of rolling mill products is well maintained.
Railroad and structural orders were the main factors in the heavy tonnages
in this
put on the books in February, and relatively few producers shared
business, the Steel Corp. being credited with fully half of it. Thus it comes
the corporation
that in some of the heavy products large runs are assured to
and a few others for most of the second quarter, while on a variety of prodnot
ucts on which 20 to 30 les.s prominent companies compete the future is
so well assured.
the smaller
Under these conditions price concessions are being made by
interests, and in Eastern districts Pittsburgh mills are being underbid to
an increasing extent.
The Steel Corp. holds to its operating rate of 95%, and its chief competitors at Chicago and Pittsburgh are not far behind, but in the Youngstown district ingot output is now around 8.5%. against 90% at the late
peak. In same other districts Independent companies have reduced operations slightly.
In the East new business in plates, shapes and bars is in lessened volume,
and the tendency of buyers to keep just a little ahead of the mills is mere
evident in the Middle West. Chicago, with its heavy railroad demand,
still leads in the rate of new orders.
Plates in the East are obtainable in moderate lots on a 2.25c., Pittsburgh,
basis, and shapes and even bars are quoted frequently at 2.35c.
Weather conditions have been hard on the secondary movement of wire
products, especially to agricultural districts, and mill operations are quite
below par. Competition is keener. Pittsburgh prices being named at some
mills outside the Pittsburgh district.
Railroads are pressing the mills for the rails they will begin to lay in April
and for other steel called for by the largest program of track Improvement
in recent years. New rail orders include 25,000 tons from the Great Northern and 10,000 tons from the Northern Pacific. The Southern Pacific has
come into the market for 130,000 tons.
The slowing down of automobile output at Detroit by about 15% is substantiatzd. Sales of cars from stocks in the next six weeks will decide
whether the February rate of operations can be resumed. The Ford Motor
Co.'s purchase of 28,000,000 rim bolts and nuts is one of the largest ever
made, being divided among three or four manufacturers.
Strip steel manufacturers are now not so well assured of good rolling
schedules in April on the considerable pat t of their product commonly
taken by automobile plants.
Structural steel bookings are again large, two items in the week's total of
47,000 tons being 18,650 tons for another section of the Philadelphia-Camden bridge and 15,000 tons for the steel works of the Ford Motor Co. Fresh
large
inquiries call for no less than 60,500 tons, with public work taking a
share.
and 1,100 steel
Railroad equipment buying includes 31 locomotives
freight
underfram IN for freight cars. To the list of inquiries were added 570
cars.
nished
Demand for bolts and nuts Is not active and prices on semi-fi
castellated and slotted nuts have been reduced about 10%.
limited that prices are
Weakness continues In pig iron, but demand is so
not put to the test. At Cleveland the probability of a 50c. reduction in
ore prices•raises the expectation of lower pig Iron. Silvery irons are Si
lower. German foundry iron has been delivered on the Pacific Coast at lees
than 823 on low ocean freights from Rotterdam. In the East little has been
done in foreign low-phosphorus irons since the February sales at $26, duty
paid, and later offers at $24 50.
A better business with South America is the only now feature in the export
trade. Brazil is about to buy rails, but mills here will not meet the very
low prices named in European bids.
The British Mannesmann Tube Co.. Ltd., London, has just received
from the Tata Power Co., India, the largest pipe order ever placed in the
United Kingdom. British steel markets feel some relief from Continental
competition with the advance of the franc.
*The "Iron Age" composite price for finished steel has dropped from
2.746c. to 2.7ie. per lb. and now stands at 162,calling the ten-year pre-war
average 100.
The "Iron Ago" composite pig iron price, which was $22 77 last week, Is
$22 73 to-day, the lowest in two months and more than $8 below last year's
price.
this slight downturn in independent operations is the strong maintenance
plants.
of their remarkable record of production by Steel Corporation
Last week the leading producer ran at nearly 97% of ingot capacity after
recent high
having approached 98% 'the previous week, which fixed the
point.
are .
Expectations of lower automobile production in the coining months
more general. Steel producers count on shipping less tonnage to the autofirst •
the
motive industry during the second:quarter than they did during
builders appears
three months this year. The recent high production by
cars for the spring market. Most
to be taxing. the facilities for, storing
Ford,.
automobile plants are buying steel only for a short time ahead. The
Motor Co. has been figuring.on 15,000 tons of automobile sheets.
with the. Lower prices on iron ore for next year are strongly indicated,
-ton inquiry from the •
market likely to be opened at any time. The 250,000
Ford Motor Co. is the object of sharp competition and some representative
producers have sought this business with prices under last year's schedule.
Some quotations made in the market are understood to be 50 cents below •
.
the 1923 level.
For the fifth consecutive week "Iron Trade Review" composite of 14
leading iron and steel products has declined. The index now is at $4313
against $43 25 last week.
present con- • .
Railroad requirements still overshadow all others under
are..
ditions. According to high authority,in the industry the railroads
10% higher ,
taking 40% of the output of the mills at present, which is 8 to
week with
than normally. Rail buying has been more prominent this
tons and
new equipment orders few. The Great Northern bought 25,000
orders.
the Missouri Pacific 10,000 tons, which is additional to Previous
TheDetroit Toledo & Ironton took 8,000 tone of old rails.
apparent
demand is
The sharp contrast between buying aud consuming
shipping more
in pig iron. Though production is high, many furnaces are
upon stocks to fill all needs. Yet •
iron than they are making, drawing
in several Pittsburgh and other districts report the market the quietest
been reduced
years. Prices are untested. Jackson County silveries have
below ValSi per ton. Foreign low phosphorus is offered at Pittsburgh
,
ley iron.
several weeks
.
Steel prices are more irregular. Sheets are not as firm as.
In soine
ago, as the mills are looking about for second quarter tonnage.
The more liberal
districts steel bars are selling down to 2.30c.. Pittsburgh.
wire and staples.
discounts on wire fence have been extended to barb
still falling and .con--..
The scrap market appears demoralized with prices
sumers turning back any surplus shipment.
In the week's
Some large tonnages of construction work are included
has tone to
record. The 18,500 tons for the Philadelphia-Camden bridge
jobs are up, including
the American Bridge Co. Other important bridge
at Newark Bay and.
16,000 tons for spans at Crockett. Calif., 8,000 tons
bids on a riveted
5,600 tons at Portland, Ore. Ft. Worth, Tex., is taking
steel awards total , •
pipe line requiring 25,000 tons. The week's building
The usual price table follows:
Composite Price, March 25 1924, Finished Steel, 2.731c. per Lb.
2.746c.
Based on prices of steel bars, beams, tank Mar. 18 1924,
2.775c.
plates, plain wire, open-hearth rails, Feb. 26 1924,
2.789e.
black pipe and black sheets, constituting Mar. 27 1923,
10-year pre-war avge., 1.689e.
88% of the United States output.
Composite Price, March 25 1924, Pig Iron, $22 73 per Gross Ton.
$2277
Based on average of basic and foundry Mar. 181924,
22 88
irons, the basic being Valley quotation,/ Feb. 26 1924,
30 86
the foundry an average of Chicago, Phlla- Mar. 27 1923.
i10
-year pre-war avge., 15 72
delphia and Birmingham.
That actual business in steel as registered by mill production and deliveries apparently is better than the sentiment that surrounds it is the view taken by the "Iron Trade
Review" on March 27 in its weekly market summary. This
anomalous situation seems to arise from a mixture of marked
conservatism in discounting future conditions of trade with
a feeling of uncertainty whether industrial activities can be
sustained at their present high rate, states the "Review,"
adding further:
The market is lacking that vigorous tone that usually is associated with
demands so large. More and more the political situation at Washington
is ascribed as a cause of disturbed confidence. This week has seen now
buying of steel kept even closer under check than has been the case for
some weeks past.
Some of the independent plants have felt obliged to drop active capacity
hero and there, but the net result is small. Several open-hearth furnaces
have been put out at Youngstown. Pittsburgh and elsewhere. Against
1469
41,991 tons.
buyer 1,500 tons
A producer in Normandy. France, has sold an American
country have declined.
of billets at $26 84 works. Other foreign sales to this
Coal Prices Decline Further as Market Remains
Uncertain.
•
of f.
Bituminous spot traders are learning new definitions
acquaintance,
the term "rock-bottom prices" and renewing
, •
tamed on''
with pre-war competitive conditions, when sales
"Coal Trade Journal" in its
the halved nickel; observes the
weekly market review issued Mnr. 26, adding:
undoubtedly '
centres will
A quiet canvass of the market at leading trade
are placed with the •
reveal the fact that a large nuesber of 'contracts that
renewed, although not at the .
same interests year in'and year outinne :being
through channels the regu1923-24 figures. So, too, there is, a, steady flew
rather than by forlarity of which has been established by long eonnections
that at least three of
mal contract. As an example of this it may be cited
York have renewed
the five most important utilities in metropolitan New
haa several weeks to run. The imPertheir contracts, while a fourth .stilf.
that the utilitiee
tance of this can be judged when it is remembered
the city. ' '
question are by far the largest'bitumineei coal consumers in
is largely onp.of
In those fields serving the lake trcle, the situation
.
in fields where the wage
watchful waiting. That is also true to,sonie exteht
latter cases, neither,
question is still the subject of negotiation:. In the
of contracts. -Cell:
buyer nor seller is in a position to settle the 'price phase
up this week;
tral Pennsylvania wage parleys, twice.postpened, will be taken
studying non-union
many of the smaller, union operators in that field are
terms laid ,
wage scales with growing distaste for falling- in line with the
be near in. ,
down by the Jacksonville compact- Agreement'is believed to
Kentucky and in ,
Lorthern West Virginia, but the issue is still:unsettled in
.
the Kanawha field.
lump, and min -run.
Spot prices suffered a further relapse last week, with
the output
coals the hardest hit. The fact that a substantial percentage of
of lump in the Appalachian region will be moving to the lakes within a few:
week; and the further fact that western lump is primarily a domestic propbituosition explain the present weakness. Comparing quotations on the
minous coals listed below with those in effect for the week ended March 15
changes are shown in 34.2% of the figures. Of these changes, however, 84.%
represented reductions ranging from 5 td 35e. and averaging 15e. per 'ton.
a
The advances ranged from 5 to 25c. and - veraged 13.7e. The straight average minimum for the week was $1 79, a decline of 4c.; the straight average
maximum, $2 16, was 3c. less. A' year ago the averages were $2 72 and
$3 29, respectively.
Conditions in the anthracite trade last week were a repetition of those
prevailing for several weeks past. For the most part, retailers follow I a
hand-to-mouth buying policy until definite announcement had been made
on spring prices. Although independent coal gained slightly at Philadelphia, in New York even stove and nut were offered under company circular.
Winter weather In a large section of the Middle West during the last week served to instill some needed vim into the
coal business, said the "Coal Age" on March 27. The improvement was not very broad in character, however, being
confined mostly to domestic business, where consumers havebeen buying from hand to mouth for some time. Large con-.
sumers continue to place dependence to a large extent upon
stock piles, confident that they have nothing to lose—perhaps something to gain—by waiting to see what April 1 will
'bring forth. Continued price adjustments seem to justify
the policy. The "Age" weekly report gives further detailsas follows: •
1470
THE CHRONICLE
[VoL. 118.
The cumulative production of beehive coke during 1924 to March 15
Another cloud in the industrial sky has been cleared away, an agreement
having been reached between the Northern West Virginia Coal Operators' stood at 3.051,000 net tons. Figures for similar periods in earlier years are
Association and the union mine workers after a conference at Baltimore as follows:
lasting ten days. Wyoming also signed up. Union representatives of the 1920
4,664.000 net tons11922
1.425,000 net tons
central Pennsylvania field wound up their meeting at Altoona last week 1921
2,483,000 net tonal 1923
3 886,000 net tons
Thus It is seen that from the viewpoint of beehive cokb production 1924
with the adoption of a recommendation to seek the best scale obtainable for
114% ahead of 1922 and 23% ahead of 1921, years of depression in the
three years at a conference to be held with the operators in Philadelphia this
coke industry. In comparison with the average of the two active years.
week.
"Coal Age" index declined 3 points to 176, as of March 24, the corre- 1920 and 1923, the present year is 29% behind.
sponding average price being $2 13. This compares with $2 16 on March 17.
Domestic coal has been moving rather freely in small lots from Illinois
and Indiana fields as a mull of a parting blast of winter. Steam coals have Analysis of Imports and Exports
of the United States
their own troubles, however. The closing of a number of mines that is exfor February.
pected April 1 probably will have the effect of bolstering up this market
somewhat Mines in the Duquoin, Jackson County, Mt. Olive and Standard
The Department of Commerce at Washington on March 26
fields are working from two to four days a week and some of the mines are
issued its analysis of the foreign trade of the United States
preparing for a long period of suspension.
In western Kentucky the mines are running only about a day and a half for the month of February and the eight months ending with
a week. Prepared sizes are moving better than expected, but in spite of an February, so as to show
how much of the merchandise imeffort to hold prices firm, operators have been forced to accept the low side
of the market range. Even with the light production of screenings in east- ports and exports for 1924 and 1923 consisted of crude maern Kentucky selling has been at low prices, the range being 75c.@$1 15. terials, and how much of manufactures and in what state, and
With a low market reigning there is a hope that there may be some early how much of foodstuffs
and whether crude or partly or
Inuring by lake shippers to load vessels at lower lake docks for early movewholly manufactured. The following is the report in full:
ment, though the normal start of the like shipping is still rather remote.
Ooal markets in the Northwest are absolutely without life, business being
conspicuous by its absence. With about 1,800,000 tons of coal on the docks
Month of February.
Eight Months ended February.
and demand lacking, prices have taken a tumble. Kentucky coal alone
1923.
Groups.
1924.
1924.
1923.
bolds its level-because of the short supply. The Southwest is doing better, as a suspension is looked for, there being insufficient time to reach an
Cr
Per
Per
Per
agreement on wages between March 28, when the parley begins, and April 1.
Value. Ct. Value. Ct.
Value.
Value.
Ct.
Ct.
A deadly dulness has settled over the Ohio markets. Similar conditions
Imports.
$
prevail In the Pittsburgh district and New England, and the situation in
materials
Crude
the Atlantic seaboard markets is little better. The Birmingham market is
for use In mfg. 127,467,000 42 117,322,000 3 925,598,000 40 795,195.000 34
.
more optimistic, an improvement in inquiry and bookings having been F'dstuffs, crude.
& rd animals_ 28,597,000 10 30,540,000 9 227,682,000 10 244,112,000 11
noted.
Fdstuffs, partly
13
or wholly mfd. 38,641,000 13 58,763,000 18 262.225.000 11 312,415,0
Mfrs,for furthe
use In mfg._ _ 55,413,000 18 66,650,000 2' 437,494,000 19 450,438,000 19
Slight Gains Are Made in Production of Both BitumiMfrs. ready for
nous Coal and Anthracite.
consumption. 52,267,000 17 57,881,000 17 457,776,000 19 511,448,000 22
Miscellaneous. _ 1,027.000 -- - 2,344.000 1
1
20,011,00
14,730,000 1
A gain of 23,000 net tons in bituminous coal and of 59,000
tons in anthracite production was reported in the weekly
statistics issued by the Department of the Interior, through
the Geological Survey, March 22 1924. The report in brief
follows:
Total Impo
303,412.000 100333,500,000 1002.326.005,000100 2,333,619,000 100
Exports.
Crude materials
for use In mfg. 77,207,000 26 113,862,000
F'dstuffs,crude,
& f'd animals 27,167.000 9 13,927.000
lodstuffs partly
or wholly mfd. 49.807.000 16 52,287,000
Mfrs.for further
use In mfg._ _ 39,382,000 13 50.374,000
Mfrs, ready for
consumption. 107.760,000 36127,433,11,
Miscellaneous_ _
687,000 - - 693,000
32 745.012,000 29 998,753,000 34
4 309,921.000 12 149,380.000 5
The decline in production of soft coal that has been in progress sine the
'
,
middle o'January was halted, at least temporarily, in the second week of
15 388,040,000 15 397.767,000 14
March. It is now estimated that the total output in the week ended March
14 291,735,000 11 391.092,000 13
15 was 9.640,000 net tons, against a revised figure of 9.617.000 tons In
the preceding week. Of the years for which weekly statistics are avail35 873.352.000 33 992,633,000 34
able. only in 1919 and 1921, when soft coal production was greatly curtailed
4.343.0••
5.011,000 ___
owing to the business depressions then prevailing, was the rate of output
Total domestic
so lo.v at this season or the year.
.613,071,0001002,931,948,000100
exports
302,010.000 100358,576,0001
51,292,01 • --7,559,011
40,477,000 _
Estimated United Stales Production of Bituminous Coal(Na Tons), Including Foreign exports 4.947,000
Coe Coked.
Total exports_ _ 306,957.00 - - 366.135.000_....1.653.548,000
---1923-24-1922 --23
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.
March 1
10.700.000 503,462.000
10.946.000 385,688,000 Report of Committee Named by Secretary Hoover to
Daily average_ . 1.783,000
1.792.000
1.824.000
1.366,000
March 8a
9.617.000 513.079.000
Investigate Alleged Discrepancy in Census
10.628 000 396.316.000
Daily average__ -- 1.603.000
1.788.000
1.771.000
1,374,000
Bureau's Cotton Figures.
March 155
9,640.000 522.719.0,0
10,428,000 406,744,000
Daily average
1,607.000
1,784.000
1.738.000
1,382,000
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 293 days of the coal year 1923-1924
and of the preceding coal years has been as follows:
Years of Activity.
Years of Depression.
1
1918-19
537,528,000 net tonal 1919-20
469,635,000 net tons
1920-21
521.252,000 net tons11921-22
421.251.000..,et tons
1923-24
522.719,000 net toas11922-23
406,744,000 net tons
ANTHRACITE.
The production of anthracite continued to improve slowly in the week
ended March 15. The total output, including mine fuel, local sales and
.
dredge and washery production, is estimated at 1,941,000 net tons, an Increase of 59,000 tons. The rate of anthracite production is somewhat less
than it .vas a year ago, whin the mines wero working close to capacity to
overcome the shortage created by the five
-months' strike. It compares
favoraoly, however, with the rate at this time in other recent years, when
the production was high.
The committee named by Secretary of Commerce Hoover
a month ago to examine into the Census Bureau's Methods
of reporting cotton statistics, following the contention
which had arisen with respect to the accuracy of a statement
last August, made known its findings on March 25. The
committee reports that the aggregate supply of cotton,
exclusive of linters, for the 12 months ending July 31 1923
was 31,180,642 bales, against a reported distribution for
the same period of 13,610,218 bales, less deduction of
73,708 bales, representing corrections, duplications, &c.,
caving an excess of reported distribution over reported
supply of 355,868 bales. In submitting these figures, the
committee states that it "has been able to make material
corrections in the August figures, but that a difference of
355,868 bales, about three-fifths of the original difference
of 579,504 bales, remains unexplained." The committee
continues:
Estimated United States Production of Anthracite (in Net Tons).
1923-24
1922-23
Coal Year
Coal Year
Week endedto Date.
Week.
Week
to Date.
March L.
85,491.000
1.866.000
2.104,000
48,246,000
It is impossible to determine just how much of this may be due to the
March 8
1,882.000 87.373,000
2.049,000
50.295,000
underestimate of stocks and carryover at the beginning of the year or to
March 15
89.314.000
1.941,000
2,057.000
52,352,000
further duplication in mill and warehouse stocks. The important point
BEEHIVE OOKE.
Is not to bring this discrepancy between the figures of supply and disThe production of beehive coke declined in the week ended March /5. tribution into relief. The committee, therefore, recommends that in
It is now estimated that the total output was 307,000 net tons, a decrease future statements of the Census Bureau no attempt be made to balance
of 111.000 tons, or nearly 6%. Decreases in Pennsylvania. Ohio and West the figures of supply and distribution. The Census Bureau should Issue
Virginia, which were only partially offset by the improvement in the group figures which are the result of enumerations, avoiding estimates.
of four Southern States, were responsible for the decrease. The, present
The committee states that it agrees that regarding supply,
marage daily rate of output is 25% less than it was a year ago.
According to the Connellsville "Courier," the production of the Connell's- the Bureau of the Census now has sufficient authority to
ville region increased slightly to 249,250 tons.
secure adequate information, but that "it does
Estimated Production of Beehive Coke (Net Tons)
Week ended1924
1923
Afar.15 Mar.8 Mar. 17
to
to
1924.a
1924.13
Date.
1923.
Date.e
Pennsylvania & Ohio_ -.246.000 269,000 330.000 2.453.000 3,114,000
15,000
25,000
18,000
West Virginia
168,000
237,000
20,000
24,000
226.000
Ala.,'Ky.. Tenn. & Oa_ 27,000
238,000
10,000
10.000
18,000
100,000
Virginia
167,000
5,000
3,000
enlorado & New .01:exico 5.000
58.000
77,000
Washington & Utah..._ 4,000
4.000
5.000
46,000
53,000
• United States total_ _ _307.000 326;000 410,000 3.051.000 3.886,000
51,000
54,000 68.000
46,000
59.000
Daily average
filublect to. revision. b Revised from last report. c Less oneday's
production in Now Year's week to equalize the number of days covered for
tee two years
not believe
that the Bureau has sufficient authority for the collection
of information on distribution." • The present law, it states,
does not give employees of the Bureau the right to examine
books or other papers or to make an actual count of the
cotton in storage places, and the committee voices it as its
opinion that such authority should be given. It further
recommends:
(I) That an additional report to show the quantity of cotton ginned
prior to Aug. I be introduced as provided in a bill now pending.
(2) That, in sections of the country where the entire crop has not been
ginned by March 1, another ginning report be made for April 1 to ascertain
the total amount of the crop.
z
(3) That plans be develepea 'as enumerate the cotton baled from samples
and in piekerles, the so-ca` ea 4.'ItY crepe."
(41 That the Departrro t e'reed to take action to secure an enumeration of the cotton now hie vete in fromMexleo but not appearing in the
Import statistics.
(5) That the Bureau plan to collect statistics of cotton consumption
and of cotton held in storage nt various points in such wanner as to diminish the danger of over-statement or Under-statement of the supply.
The committee believes that this end can be secured only by substituting
collection through paid agents In place of the present methods of collection by correspondence.
(6) Reports on cotton sestistics are now Issued by two bureaus in the
Department of Commerce ADIII by one in the Department of Agriculture.
They are based in part on estimates and in part on enumerations, and
the difference between them sometimes leads to serious confusion. These
resports should, If possible, be co-ordinated under a committe or other
Par
harmonizing agency.
The investigation undertaken at the instance of Secretary
Hoover was referred to in these columns March 1, page
964 and March 8, page 1099. The following is the report
of the committee:
The result of the efforts of the investiention of Mr. Hoover's cotton
committee is to make several important ehanees in the figures of the
report In dispute, nernelv, that of Aug. 18 1923. The leading item of
contention was S79,504 hales which peppered in that report under the
head of "To balance disteitertien." In the revised report of the committee this item shows as 355,868 hales, with the following explanation:
"It Is impossible to determine Met how much of this may be due to
further duplication in mill and warehense stocks or to the under-statement
of stocks and carryover at the beginnine of the year. The committee
recommends that In future statements of the CeOROR Bureau re attempts
be made to balance the figures of glumly and distribution. The C'Eseeus
Bureau should issue figures which are the result of enumerations, avoiding
estimates."
Weshinekm. D. C., Weigh 25 1924.
Hon. Herbert Homer. Sermon, of Commerce, Washinoton, D. C.
Sir —In calling into existenee the committee which signs this report
you outlined its purposes, as follows:
"A contention has arisen over the methods of the Census Bureau In
cotton statistics and also over the accuracy of a cotton statement issued
last August. There Is nlao a minden AR to whether the Blitean has sufficient authority to germee ndeenate Informatten on the subject. With
a view to having indenendent advice on the entire matter. T have arranged
with the Senators from the cotton Statee that a committee should he
appointed of leading statisticians on commerce to examine into the whole
matter."
The work of the committee therefore falls ender these heads:
(I) To study "the methods of the Cereals Bureau in cotton statistics."
(2) To determine"the accuracy of a rotten statement issued last August."
The figurer' of this report are as follows:
Supply.
Aggregate
Roles.
13.810.218
2.831.553
Stocks Aug. 11922, total
1.218,388
In conseming establishments, total
sni,21/
In cetton-erowine States
687.076
In all other States
1,488.165
In public storawe and at compresses, total
1,102.101
In cotton-grewing States
365.084
In all other States
125.000
Elsewhere (estimated)
9,7211,306
Ginninge
460.054
Imported Aug. 1 to .Tuly 31 1923
579,540
To balance distribution
Distribution.
Aggregate
1471
THE OFFRONTOT,F,
MAR. 29,1924.]
13.610.218
permit and have sought to verify these data through conferences with
representative cotton statisticians, holders of cotton stocks, manufacturers, and warehousemen. From then investigations it is Impossible
for the committee to state to what extent duplications entered into the
report of last August, but after analyzing it the committee has agreed
upon the following corrections which later It has entered in this report.
(1) Cotton taken from the original bales as samples by buyers: cotton
picked from balsa damaged by weather or fire, and cotton from press
sweepings, grouped together In the trade as "city crops," are estimated
by the committee as at least 125,000 bales. While this would not increase
the number of pounds It does Increase the number of bales, and should
therefore appear on that side of the statement.
(2) According to the annual report of the New Orleans Cotton Exchange, supported by other data, Mexican cotton to the amount of approximately 45.000 bales entered the country without appearing as imports.
These bales should also be added to the supply.
(3) According to a statement from the Bureau of Foreign and Domenic Commerce, supported by other data. American cotton to the
amount of 33,7(18 bales exported during the year was brought back into
the country. This Was reported In the exports but not in the imports,
and should therefore be deducted from the figures of distribution.
(4) The report of the census was not supposed to include statist/es
of linter cotton: that is, the short fibre 'secured from re-ginning cottonseed. Evidence has been discovered, however, that 15,00e bales of such
linters which had been bleached were exported as lint cotton. These
15.(100 bales should likewise he deducted from the Metres of d Istr button.
(5) Investigation of certain storages showed duplications of mill and
warehouse stocks to a decree which, If anllied to other storages. woud
amount to not less than 25,000 bales. These should be deducted from
the figures of distribution.
(6) ForelFm cotton to the amount of 20,171 hales which had appeared
In the figures of imports was re-exported without appearing in the figures
of exports. This cotton should he subtracted frorr. the supply.
There is one other item of adjustment of which the committee was
cognizant, namely, the gInnings in southern Texas prior to Aug. 1 1922
and 1923, but for various reasons thought it best not to Include it. The
committee has been convinced that the ginning' up to Aug. 1 1923 were
In excess of those to the corresponding date in 1922, but because of the
lack of data for 1922 it is impossible to definitely determine this adjustment. For this reason the committee has preferred not to deal with
this feature, especially as Congress has provided for an additional report
of ginning' In the future prior to Aug. 1. this enabling the treatment of a
statistical compoalte year In the future that will include ginnings for the
-month period ending with July 31.
12
The effect of these additions to and subtractions from supply and subtractions from distribution is shown in the following revision of the figures
of August 1923:
Revised Statement of Simply and Distribution of roam P7cInsire of Linteres;
In the United States for the 12 Months Ending Jule 31 1923.
Supply.
Mies.
2.521,553
Stocks, Aug. 1 109e. total
9,729,308
funniness, crop of 1022
City erop, rebaled samples, pickings, press sweepings, &cc.,
125,000
(estimated)
45.000
Mexican cotton, not Included in innewts
469.954
Imports, Aug. 1 1922 to July 31 1923
13.200,813
Total
Less.
Re-exports of foreign cotton
Aggregate supply
niSt3l i .
Consumption Aug. 1 1922 to July rfinc9r3
Exported
Pureed
Stocks at end of year, total
20,171
13.180.642
6.664.710
4.822.569
35.000
2.087.919
6.864.710
Consumed Aug. 1 1929 to July 31 1923, total
13.610.218
Total
4,948.595
In cotton-growing States
Less.
2.418.185
In all other States:
33.705
4.899.fiRq Re-imports of domestic cotton
Exported Aug. 1 1922 to July 31 1923
15.000
35,000 Correction for bleached linters exported
Burned
25,000
2,087,919 Duplication in reports of mills and warehouses
Stocks July 31 1923. total
1,089,230
In consuming establishments, total
73.708
Total reduction
53-903
In cater-crowing States
557,027
In all other States
13,536.510
Total distribution less reduction
938.889
storage and at. cempresees, total
In public
355,868
7se.eetS
Excess of reported distribution over reported supply
In cottonerrovring States
185,801
In all other States
The foregoing revised statement shows that the committee has been
80,000
Elsewhere (estimated)
able to make material corrections in the August figures. but that a dif(3) To determine "whether the Bureau has sufficient to authority to ference of 355.868 hales, about three-fifths of the original difference of
information on the subiect."
secure adequate
579,504 hales, remains unexplained. It Is Impossible to determine just
(4) To make recommendations for improving the methods of collecting how much of this may he due to the under-estimate of stocks and carryand presenting cotton statistics by the Bureau of the Ceneus.
over At the beginning of the year Or to further duplication in mill and
Your committee has Riven consideration to these matters in the order warehouse stocks. The. Important point is not to bring this discrepancy
thus indicated.
between the figures of supply and distribution into relief. The comI. METHOD.
mittee, therefore, recommends that in future statements of the Cements
under authority of an Act of Congress ap- Bureau no attempt be mede to balance the figures of supply and disThe Bureau of the Cennta
proved July 22 1912, obtains from ginner:, manufacturers, and ware- tributien. The Ceram: Bureau should issue figures which are the result
housemen information on the supply and distribution of cotton. It also of enumerations, avoiding estimates.
obtains through the Bureau of Foreign and Domestic Commerce records
VIII. AUTHORITY.
of Imports and exports. Deere these courees the statement of the enemy
The committee agrees that regarding supply the Bureau of the Census
and distribution is prepared. The various Items under the. hendine rf
"Sunniv" are obtained in part through the agency of employen of the now has sufficient authority to secure adequate infermation. The comBureee and statements by the winners and wnreheusernen. On the other mittee does not believe that the Bureau bre sufficient authority for the
hand, the figures under "Distribution" are eiste'reel theneeb enreeenendence collection of information en distribution. The present law does not give
without the authority either to verify stetiniee furnished to employees employees of the Bureau of the Census the right to examine hooks or
places. "thee papers or to make an actual count of the cotton II, -tome.* places.
of the Bureau or to make actual resents of the oettee In stera
As a result, the opportunities for duplication and ether errors in the sta- The committee La of the opinion that such authority should be given.
tistics of distil/salmi are greater then in the statistics of supply.
IV. RECOMMENDATIONS.
It has been the custom of the Berenu of the Cenths at the close of reels
In eddition to the above, the rommittee submits the fenced:1g recemyear to present In a single statement the Mures of supply and of menclations•
cotton
distribution. In view of the different metheds employed in obtaining
(l) That an additional report to show the quantity or cotton ginned
the two sets of thrums It Is net at all serprisine that. there should be marked prhe• to Aug. I he introdeeed es provided in a bill now pending.
discrepancies between them. Each :veer s diffrrenee has ppnearod and
(2) That in sections of the country where the entire cren has not been
on a few occasions it has been sioniftennt. In these discrepancies we ginned by March 1 another ginning report be made for April 1 to ascertain
found no evidence of any wilifel reie-etetement of fimmes by any the tot .I amount of the crop.
have
,
of the informants or by the employees of the Pureau. It has been the
(3) That plans be developed to enumernte the cotton baled (rem samples
custom of the Bureau of the Census in making its annual statement to and in pickerIes. the so-called "city crops."
attempt, unfortenetely, as we think, to bakinee the figures for ennoly
,
(4) Th t the Department be urged to take action to secure an enumeraand then ter dtntmll‘ntlen by addlott the reel:hot" nemlee: of bales to tha tion of the rotten now brought in from Mexico, but not appearing in
,
'
supply. The committee hag found no Inetructione to this effeet in a"
the tolnert.stat! 11ea.
,
reef, e
'
Act of Congress amti doubts the wisdom ef eertineing the , ' It
(5) That the Tinre,u plan to collect statistics of cotton consumption
is in this way that the disputed figure, 579,4(15 bales. in the repert of and of cotton held in sten:ge at verievs points In such manner as to diminish
Aug. IR 1923 has its origin.
the denger of ever-statement er under-statement of the supply. The
committee believes that this end can be secured only by substituting
II. ACCURACY.
collection
Representatives of the committee have made as exhaustive a study collection through paid agents In place of the present method of
by correspondence.
of the data at the Bureau and In the field as the time available would
1472
THE CHRONICLE
(6) Reports on cotton statisticsTare now issued by two bureaus in the
Department of Commerce, and by one in the Department of Agriculture.
They are based in part on estimates and in part on enumerations, and
the difference between them sometimes leads to serious confusion. These
reports should, if possible, be co-ordinated under a committee or other
harmonizing agency.
Respectifully submitted.
B. W. KILGORE,
L. I. DUBLIN,
W. S. ROSSITER,
W. F. WILCOX.
Committee.
[VOL. 118.
tion cannot exceed the supply when the two sets of figures are entirely
accurate.
The 125,000 bales representing the city crops do not add to the total'
pounds of cotton but do add to the number of bales.
J. S.
Wannamaker Seeks Senate Investigation of
Cotton Statistical Department of Department of
Commerce.
A suggestion "that a full and rigid investigation of the
Commenting on the findings of the committee, Senator cotton statistical department of the Department of Commerce should be promptly made by the Senate" is contained
Smith of South Carolina had the following to say:
in a letter which J. S. Wannamaker, President of the AmeriStatistics of Cotton.
can Cotton Association, has addressed to Senator E. DMr. Smith. Mr. President. attention was called by me some days
ago to an over-estimate of 579,000 bales in the report of the Census Bureau Smith, of South Carolina, and other Southern Senators.
as to the amount of available cotton for spinning purposes for the year Mr. Wannamaker seeks among other things an
explanation
1923-24. That discrepancy has been brought about by the action of the
"why the first report issued this morning [March 25] showed
Census Bureau. This is a matter which I think will interest every Senator
here, because it shows a tondition in one of our bureaus which has worked a reduction of 355,000 bales in the previously reported carrytremendous disaster to the producers of one crop and calling attention over and was reduced thirty minutes to 225,000 bales."'
to the matter may lead to a correction. I Lope, in the other departments.
Mr. Wannamaker's suggestion is made as follows:
if like abuses shall be there discovered.
There was an over-estimate of 579,0110 bales in the census report In
the amount of cotton for di3tribution. From the figures ascertained from
the consuming establishments, over and against the figures obtained
from the ginners, from imports, and what was known as the "city cop,"
was subtracted domestic consumption, exports, and destruction by fire.
then the accurate enumerated checkable figures as to supply were added.
and from those were subtracted the checkable figures as to exports, consumption. burning. The consuming establishments and warehouses
were then asked what stock of cotton they had on hand. The reply
was that the amount was 579.000 bales in excess of what the Bureau
found by subtracting their known figures of distribution from their known
figures of supply.
We called a meeting of Senators representing the cotton-growing States
and protested against the Census Bureau putting in an item under the
heading "to balance distribution" of 579,000 bales.
After numerous meetings with the chief statistician and with Mr. Steuart.
the Chief of the Bureau, we found it impossible to reach any agreement.
Finally Mr. Hoover came before us and suggested that in place of a Senate
investigation of the whole matter, if he were allowed to do so with our
concurrence, he would appoint a committee of five ()Inert statisticians
to consider the matter in all of its phases and bring in a report. That
committee was composed of statisiticians of national reputation, one of
them at least being connected with the department of economics In one
of our leading universities—Cornell University. They went over the
situation and as a result they reported that they deducted 355,860 bales
from the supply as
beyond the possibility of accounting for at all
but they leave in the body of their report a doubt as to the accuracy of
the remaining amount making up the 579.000 bales.
Mr. President, I am very much gratified at the result of the investigation by this committee. They doubtless would have found, had they
had the technical knowledge of the method of ascertaining these statistics,
a larger amount, but they have done remarkably well and their statement
is very clear. The fact remains, however, that on account of more than
a half million bales betng arbitrarily lugged into this account since August
1923 up to date, the cotton market has suffered a decline that has meant
millions of dollars to the producers.
This is but one item. I want the committee of Southern Senators
to join me and ascertain to what extent the report from the Commerce Department is accurate as to the world supply of cotton. There is a question
with reference to that involving in the neighborhood of 2,000,000 bales.
being
As a result of the efforts of the cotton committee appointed
by Secretary of Commerce Hoover,several important changes
in the figures in the report of Aug. 18 are to be made, it was
announced at the Census Bureau on March 25, according to
"Daily Financial America."
We respectfully suggest that a full and rigid investigation of the cotton
statistical department of the Department of Commerce should be promptly
made by Senate resolution to determine the following facts:
1. Why the first report issued this morning showed a reduction of 355,000,
bales in the previously reported carryover and was reduced thirty minutes
later to 225.000 bales.
2. Why was the Feb. 1 report on cotton supplies and distribution prepared and issued which precipated a drive against the cotton market by now
admitted error in the supplies when no such previous annual Feb. 1 statements had been issued by that department.
3. Why should the department include total productions of cotton in
India and China when only a limited supply from those countries enters
the channels of commerce, the balance being consumed locally in those
countries. The Indian crop Is uncommercial and the Chinese crop is used
locally very largely.
4. Who gave orders for issuing the Feb. 1 report and who in the department was responsible for the error now proven by later investigation to
have been made in overestimating the supplies of American cotton.
5. Why the Secretary of Commerce should have adopted the recent unusual procedure of issuing a publicity report on preparation for the 1924
cotton crop over the cotton belt, when such reports are made by the Department of Agriculture.
6. That an order should be issued by proper authorities to secure an immediate recount of the commercial cotton stored in this country,and thereby
determine the exact facts.
I am informed that the officials of the co-operative cotton marketing
associations have wired Secretary Hoover requesting a recount of American
stocks of cotton.
This is a matter of vital importance to the growers and manufacturers,
and we earnestly urge prompt action by Senatorial resolution to determine
the facts. Either Secretary Hoover is wrong in his statistics on carryover
or the Department of Commerce is showing error of 682.000 bales overestimate on the carryover and the differences should be adjusted and the exact
truth made known.
Representative Aswell's Bill to Transfer Cotton Reporting from Department of Commerce to Department
of Agriculture.
The transfer of all raw cotton statistical work from the
Commerce Department to the' Department of Agriculture
wculd be provided by a bill introduced into the House on
March 26 by Representative Aswell of Louisiana, ranking
Democratic member of the Agricultural Committee, according to Washington ad vices to the New York "Journal of
Commerce" which added:
His measure is intended4o prevent duplication of Government statistical
work in connection with raw cotton, and was drafted as a result of the
recent contention over the carryover figures of the Census Bureau, which
was the subject of a report yesterday by a special committee of statisticians
appointed by Secretary Hoover.
"Whether intentional or otherwise," he said, "the Department of Commerce has gravely injured the cotton producers and the cotton holding cooperative organizations of the country by muddling the figures on cotton
production, and especially by the unproven and unfounded report of a
carryover of more than 500,000 bales.
"After causing a disastrous break in cotton prices by this report the
department yielded to the outraged cotton producers and investigated its
own figures. The result was that it was unable to balance its own Mutts
Report of committee unsatisfactory. It makes distribution in excess of and unable to explain its alleged carryover.
By this procedure the Departlast year's supply 355,868 bales after allowing 125,000 for city crops, but ment of Commerce has established
its unreliability and in the future should
does not account for this excess. Where does It come from, if it was not have no part in reporting statistics
on raw cotton.
ginned or imported, it certainly does not exist. The South is entitled to a
"By its recent performances this department of the Government has cost
better explanation of the 355,868, or it should be deducted from the supply the domestic cotton growers
millions of dollars. It is time for the country
left over July 311923. Hope you will insist upon immediate proper public to demand efficiency and
straightforward dealing with reference to Govadjustment of the Census Bureau statement which, as it stands, according ernment reports of cotton
production in the United States."
to the committee, is a rank injustice to the cotton interests.
Col. Hester Declares Cotton Investigating Committees
Report Unsatisfactory—Reply By Committee
Member.
The report of Secretary Hoover's committee, which inquired into the cotton figures of the Census Bureau, is declared to be unsatisfactory by Col. H. G. Hester, Secretary
of the New Orleans Cotton Exchange in the following telegram addressed on March 25 to Senator Ransdell of Louisiana:
According to a Washington dispatch to the New York
"Journal of Commerce," B. W. Kilgore, head of the cotton Bill Calling for Semi-Monthly Cotton Reports Passed
By Congress.
investigating committee, made the following statement on
The House of Representatives, on March 18, passed a bill
March 25 relative to the points raised by Col. Hester:
The figures in the August 1923, census cotton report referred to by Col. which had previously passed the Senate on Jan. 23, authorizHester were 579,000 bales entered in the part of the report containing the ing the Director of the Census to collect and publish statistics
items of supply for cotton under the head "to balance distribution." These of cotton. At
the time the bill passed the Senate, Senator
figures were reduced by the committee to 355,000 bales with the statement
that they might contain further duplications or be subject to other correc- Harris of Georgia, its author, stated that "this bill amends
tions which the committee had not found in the time it had had for the the prefient law authorizing the Director of the Census to
investigation. These 355,000 halo figures were transferred to the distribu- collect
and publish statistics of cotton ginned and manution part of the statement under the beading of "excess of reported distrifactured and cotton on hand, approved July 22 1912, so as
bution over reported supply."
The committee further reported as the result of its investigation that it to include the number of active spindle hours as information
considered the statistics representing the supply of cotton more reliable in the cotton reports.
He added "It calls for semi-monthly
than those for distribution because of the methods used in collecting the
two sets of figures, thus placing somewhat more weight on the reliability reports from Aug. 1 to Jan. 16 of each year, and a report on
of the statistics for supply. The committee fully realizes that the distribu- March 1. It requires the Census Bureau ginning reports to
MAR. 29
1924.]
THE CHRONICLE
'be issued simultaneously with the reports of cotton crop
estimates from the Department of Agriculture, which will
help prevent speculators from manipulating the market."
Senator Harris also stated:
The bill was drafted as a result of conferences between Senators and
Representatives from the cotton growing States meeting with officials of
the Bureau of the Census and Department of Agriculture. Measures
similar to these were introduced in the Senate by me at the last session of
Congress and passed this body, but the House leaders would nct allow
their consideration.
During debate on the bill in the House, Representative
Rankin said:
The Departinent of Agriculture makes the report on cotton crop conditions, and the Bureau of the Census, after it collects statistics as to the
number of bales ginned, turns its information over to the Department of
Agriculture for its use in arriving at its conclusions as to the cotton crop that
is likely to be made. The ginner's report is the only report that can be relied
upon. It is not guesswork. The number of bales ginned by the ginner is
reported to the Census Bureau.
These sinners' reports come out once a month. Since the boll weevil
Invaded the South these radical changes sweep over the country sometimes
In a few days, and the sinners' reports do not register those changes as they
occur. In order to give as nearly as possible exact information to the farmers of the country, to the spinners of the country, to business men of the
country, and to the public generally, we worked out this proposition of
having these sinners' reports made every two weeks during that critical
period of crop development when it was passing through the period of production, being picked and put on the market. We submitted this to the
Director of the Census and he came and went over It with us carefully.
He suggested some changes and we suggested some.
Every business in the country that is interested in the cotton business
,
that I know anything about, every farmer's organization in the country.
.approves it. He submitted it to his legal department, and then sent it back
to the committee; and Senator Harris, who was on this committee with me
and worked on it, introduced the bill in the Senate, and I introduced it in
the House.
receipt of the Post Office Department shall be accepted as evidence of such
demand. Any owner, President, Treasurer, Secretary, director or other
officer or agent of any cotton ginnery, manufacturing establishment, warehouse or other place where cotton is ginned or stored, who, under the conditions hereinbefore stated, or shall refuse or wilfully neglect to furnish any
of the information herein provided for or shall wilfully give answers that are
false shall be guilty of a misdemeanor and, upon conviction thereof, shall
be fined not less than $300 or more than $1,000 or imprisoned for a period
not exceeding one year, or both so fined and imprisoned, at the discretion
of the court.
Sec. 5. That in addition to the information regarding cotton in the
United States hereinbefore provided for, the Director of the Census shall
compile, by correspondence or the use of published reports and documents,
any available Information concerning the production,consumption and stocks
of cotton in foreign countries, and the number of cotton-consuming spindles
in such countries. Each report published by the Bureau of the Census
regarding cotton shall contain an abstract of the latest available information
obtained under the provisions of this section, and the Director of the Census
shall furnish the same to the Department of Agriculture for publication in
connection with the reports of that department concerning cotton in the
same manner as in the case of statistics relating to the United States.
Sec. 6. That the reports of cotton ginned to the dates as of which the
Department of Agriculture is also required to issue cotton crop reports
shall be issued simultaneously with the cotton crop reports of that department, the two reports to be is.sued from the same place at 11 o'clock a. m.
on the eighth day folloi ing that on which the respective reports relate.
When such date of release falls on Sunday or a legal holiday the reports
shall be issued at 11 o'clock a. m. on the next succeeding work day.
Sec. 7. That the Act of Congress authorizing the Director of the Census
all
to collect and publish statistics of cotton, approved July 22 1912. and
other laws and parts of laws inconsistent with the provisions of this Act
are hereby repealed.
At the same time Representative Begg said:
I am in sympathy with the purpose of the bill. It is right in the line of
what the Departments of Agriculture, state and national, are trying to do.
and in fact there is an international organization that undertakes to do the
same thing. But I question the wisdom of building up a duplicate machine
in the Department of the Census for the purpose of collecting and gathering
and collating duplicate statistics.
Representative Crampton contended in the House on
March 18 that the bill did not expressly amend, as its title
indicated, the Act approved July 22 1912, but that, on the
contrary, it repealed Section 7 of the Act of 1912, so that it
constituted a new Act. The House in passing the bill March
18 amended its title so as to read "An Act authorizing the
Director of the Census to collect and publish statistics of
cotton," and the Senate on March 21 concurred in this
amendment. The following is the text of the bill in the form
in which it passed the Senate and House:
(s. 2113)
Be it enacted, etc.. That the Director of the Census be, and he is hereby
authorized and directed to collect and publish statistics concerning the
amount of cotton ginned: the quantity of raw cotton consumed in manufac turing establishments of every character; the quantity of baled cotton on
hand; the number of active consuming cotton spindles, the number of
active spindle hours, and the Quantity of cotton imported and exported,
with the country of origin and destination.
Sec. 2. That the Statistics of the quantity of cotton ginned shall show
the quantity ginned from each crop prior to Aug. 1, Aug. 16, Sept. 1.
Sept. 16, Oct.1, Oct. 18, Nov. 1, Nov. 14, Dec. 1, Dec. 13, Jan. 16, and
March 1,Provided, That the Director of the Census may limit the canvasses
of Aug. 1 and Aug. 16 to those sections of the cotton-growing States in which
cotton has been ginned. The quantity of cotton consumed in manufacturing
establishments, the quantity of baled cotton on hand, the number of active
consuming cotton spindles,the number of active spindle hours,and the statistics of cotton imported and exported shall relate to each calendar month and
shall be published as soon as possible after the close of the month. Each
report published by trio Bureau of the Census of the quantity ginned shall
carry with it the latest available statistics concerning the quantity of cotten
consumed, stocks of baled cotton on hand, the number of cotton-consuming
spindles, and the quantity of cotton imported and exported.
All of these publications containing statistics of cotton shall be mailed
by the Director of the Census to all cotton sinners, cotton manufacturers
and cotton warehousemen,and to all daily newspapers throughoutthe United
States. The Director of the Census shall furnish to the Department of
Agriculture, immediately prior to the publication of each report of that
bureau regarding the cotton crop, the latest available statistics hereinbefore
mentioned, and the said Department of Agriculture shall publish the same
in connection with each of its reports concerning cotton.
Sec. 3. That the information furnished by any individual establishment
under the provisions of this Act shall be considered as strictly confidential
and shall be used only for the statistical purpose for which it is supplied.
Any employee of the Bureau of the Census who, without the written
authority of the Director of the Census, shall publish or communicate any
Information given into his possession by reason of his employment under
the provisions of this Act shall be guilty of a misdemeanor, and shall, upon
conviction thereof, be fined not less than $300 or more than $1,000 or
imprisoned for a period of not exceeding one year. or both so fined and
imprisoned, at the discretion of the court.
Sec. 4. That it shall be the duty of every owner, President, Treasurer.
Secretary, director or other officer or agent of any cotton ginnery, manufacturing establishment, warehouse or other place where cotton is ginned,
manufactured or stored, whether conducted as a corporatIon, firm, limited
partnership or by individuals, when requested by the Director of the
Census or by any special agent or other employee of the Bureau of the
Census acting under the instructions of said director, to furnish completely
and correctly, to the best of his knowledge, all of the information concerning
the quantity of cotton ginned, consumed or on hand, and the number of
cotton-consuming spindles and active spindle hours. The request of the
Director of the Census for information concerning the quantity of cotton
ginned or consumed, stocks of cotton on hand and number of spindles and
spindle hours may be made in writing or by a visiting representative, and
If made in writing shall be forwarded by registered mail, and the registry
1473
With the adoption of the above bill by the Senate, Senator
Harris had inserted in the "Congressional Record" the following resolution adopted at the annual convention of the
American Cotton Association at Columbia, So. Caro., in
October last year:
Cotton Acreage Reports.
Agriculture.
Whereas, On April 20 the United States Department of
and Issued a
through its Crop Reporting Bureau, caused to be compiled
of farmers
pro-planting cotton-acreage report based upon the "Intentions"
over the
to plant. The report estimated an increased acreage of 12%
largest
acreage planted in 1922, forecasting the anticipated planting of the
acreage in the history of the cotton-growing industry.
published,
When this report on "intentions" of farmers to plant was
that such
without previous knowledge to the tarmers and cotton trade
by the Department, it created an
an innovation was to be undertaken
decreased
intensely bearish situation in the market, and prices quickly
upon holders of
about 700 pants, or $35 per bale, entailing heavy losses
previously bought
the staple and merchants and manufacturers who had
supplies and stocks of cotton..
estimate on
On July 1 the Crop Reporting Bureau promulgated its
25, amounting to
cotton acreage planted and in cultivation up to June
practically st38,287.000 acres, or an increase in the acreage of 121.1%.
"intentions" of
all/ling the April 20 pre-planting acreage based upon the
reports is found to be
farmers to plant. The acreage indicated in these
many private agencies
about 1,500,000 acres larger than the estimates of the
issuing reports on the subject. Therefore, be it
convention of the
Resolved, That the delegates attending the annual
16 1923,hereby
American Cotton Association at Columbia. So. Caro., Oct.
issuance of reports on
voice and affirm their distinct disapproval of the
Department of
cotton acreage or any other crops by the United States
to plant.
Agriculture based upon pre-planting "Intentions" of farmers
Secretary of AgriWe hereby very earnestly request the United States
reports by any
culture to issue an order prohibiting the issuance of such
bureau in his Department in the future: be it further
Resolved, That we .eel that the cotton acreage is a matter of too sig
trade generally
nificant and serious concern to the growers and the cotton
.
guesswork, be it further
for estimates on acreage planted to be hazarded by
legislation
Resolved, That the Congress of the United States pass such
Department of
and provide necessary funds to enable the United States
year after the
Commerce to take a correct and dependable census each
acreage planted
cotton crop has been planted. to ascertain the approximate
plants cotton
on returns to be accurately filled out by every grower who
in the United States; be it further
the American
Resolved. That copies of this resolution be transmitted by
and ComCotton Association to the honorable Secretaries of Agriculture
and Congressman
merce, at Washington, D. C., and also to each Senator
to the
of the Cotton States, urging their consideration and co-operation
ends sought.
On Jan. 21, with the introduction in the Senate of the
above bill, and a bill calling upon the Secretary of Agriculture to discontinue acreage reports based upon farmers'
intentions to plant,.Senator Harris said:
Mr. President, there has been a great deal of complaint on the part of
the cotton producers and manufacturers on account oi the crop estimates
issued by the Department of Agriculture as to the amount of cotton planted
and the number of bales to be ginned. There has been a lack of co-ordination between the Department of Agriculture and the Bureau of the Census.
which published statistics at different times as to the number of bales of
cotton ginned. There has been no criticism of the statistics Esued by the
Census Bureau—they get accurate reports from the cotton sinners as to
the number of bales actually ginned. It is utterly impossible for the
Agricultural Department's estimates to be accurate, and while there is no
criticism whatever of those in charge of this work. Doctor Taylor and his
assistants, they agree with Senators and Representatives from the cotton
States, who are specially interested In these reports, that certain changes
we are urging will greatly add to the accuracy of the crop estimates as to
amount of cotton to be planted and ginned. The Nils I have introduced
will, we believe, greatly enhance the value of these reports. It they become a law, the Agricultural Department will issue statements of cottoncrop estimates twice each month, beginning Aug. 1,about twice the number
of reports herretofcre issued, and at the same time the Census Bureau issues
Its reports, which also are to be more frequent. We also prohibit any cropestimate reports based on the intention of the farmers to plant, a.s has been
done in the past.
We have made many other changes which will be helpful to the cotton
producers and those interested in the cotton trade, and we have also tried
to prevent so much speculation by those who gamble in cotton futures on
the Exchanges, which I hope to see prevented by law, as it hurts the man
1474
THE CHRONICLE
who produces the cotton by hard work, and allows the cotton gambler to
so manipulate the market as to run cotton up or down at will. I introduced measures in the Senate, which were passed the last session of Congress,
providing practically for what we are now attempting the remedy, but the
Republican leaders of the House would not allow them to be considered by
that body. When Congress met in December, most of the House members
and several Senators from the cotton-growing States met and recommended certain changes in the law as to cotton acreage reports of the Agricultural Department and the statistics of cotton actually ginned, issued by
the Census Bureau. At this meeting of Southern Senators and Representatives a committee was appointed to draft bills to bring about these changes.
Congressman Rankin of Mississippi, Oliver of Alabama, Wingu of Arkansas
and Swank of Oklahoma were named from the House, and I was named
from the Senate. We unanimously agreed en these measures I have introduced, which I ask to be sent to the Committee on Agriculture. A also
ask unanimous consent that these bills be printed in full in the "Record"
so that others interested may see what we recommend.
Activity in the Cotton Spinning Industry for February
1924,
The Department of Commerce announced on March 26
that, according to preliminary figures compiled by the
Bureau of the Census, there were 37,742,143 cotton spinning
spindles in place in the United States on Feb. 29 1924, of
which 32,683,786 were operated at some time during the
month, compared with 33,339,806 for January, 34,044,870
for December, 34,101,452 for November, 34,378,662 for
October, 33,929,885 for September and 35,304,423 for
February 1923. The aggregate number of active spindle
hours reported for the month was 7,304,102,954. During
February the normal time of operation was 242-3 days
(allowance being made for the observance of Washington's
Birthday in some localities) compared with 263' days for
January, 25 for December, 25% for November, 263 for
%
October and 2434 for September. Based on an activity of
8.74 hours per day, the average number of spindles operated
during February was 33,879,600, or at 89.8% capacity on a
single shift basis. This number compared with an average
of 36,476,177 for January, 32,674,471 for December, 36,316,828 for November, 35,851,435 for October, 34,941,676
for September and 40,848,725 for February 1923. The
average number of active spindle hours per spindle in place
for the month was 194. The total number of cotton spinning
spindles in place, the number actife, the number of active
spindle hours and the average spindle hours per spindle in
place by States, are shown in thelfollowing statement:
Spinning Spindles.
State.
In Place
Feb. 29.
Active
During
February.
Active Spindle Hours Feb.
Total.
Average per
Spindle
in Place.
United States
37,742,143 32,683,786 7,304,102.954
194
Cotton growing States
16,849,641 16,269,204 4,422,887,331
18,871,604 14,714,329 2,583.104,411
2,020,898 1,700,253 318,111,212
262
136
157
1,334,132
1.310.412
2,727,430
1,142.702
11,980,580
1,448.986
446,970
1,031.874
5,723,041
209,310
2,844,116
5,181,266
457,424
691,186
1.212,714
250
180
259
181
122
122
176
151
266
138
163
277
256
213
195
New England States
Another States
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Virginia
All other states
1,275.826 334.152,864
1,200,378 235.451.634
2.820,932 707.063.967
1,096,803 206.901,648
8,708,160 1.459,283,256
1.040,105 176,292.588
428,730
78,701.371
853.562 158,249,901
5,541.311 1,520,824,733
151.747
28,418,993
2,581.195 463,294,567
5,098,398 ,436,663,830
442,188 116.980.155
849,919 146.974,563
1,014.532 238.848.884
Domestic Exports of Principal Grains
-Large Falling
Off in Wheat, Corn, &c.
The Department of Commerce at Washington on March 21
made public its report of domestic exports of principal
grains, and preparations of grains, for the month of February
and the eight months ending with Feb. 29. This shows that
the United States shipped to foreign countries only 3,095,378
bushels of wheat in February 1924, against 5,991,075 bushels
in February 1923, and for the eight months ending with
February no more than 64,302,763 bushels, against 126,491,736 bushels. This loss in exports was to a small extent
offset by a slightly larger outgo of wheat flour, the shipments
of which in February 1924 were 1,538,520 barrels, as compared with 1,379,029 barrels in February 1923, and for the
eight months 12,638,656 barrels, against 10,496,562 barrels.
The exports of corn in February 1924 were only 3,391,041
ubshels, against 8,698,638 bushels in February 1923, and for
the eight months 12,752,712 bushels, against 74,312,024
bushels. Similarly we shipped only 24,179 bushels of oats
abroad in February 1924, against 588,884 bushels in February
1923 and but 1,028,686 bushels for the eight months, against
17,111,434 bushels, only 613,280 bushels of barley, against
1,191,104 bushels for February and 8,573,097 bushels,
against 15,745,977 for the eight months and only 136,646
[VOL. 118.
bushels of rye, against 5,974,431 bushels for the month and
9,695,765 bushels, against 39,343,557 bushels for the eight
months. The following is the report in full:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND
PREPARATIONS OF.
Month of February.
1923.
Eight Mos. End. February.
1924.
1923.
1924.
Total grains and
preparations of- _ - $32,823,159 $16.997,809 $348,316,068
$183,027.165
Barley-Bushels..__ _
1.191,104
613.280 15,745,977
8,573,097
Value
8982.732
3510.614 $11,545,245 $6,530,706
Corn-Bushels
8,698.638
3.391.041 74,312,624 12,752,712
Value
87.396.807 33.085,891 $57,719,759 811.754.185
Oats
-Bushels
588.884
24.179 17,111,434
1,028,686
Value
$320,955
315.643 $8,506,942
8524.095
Rice-Pounds
28.777,644 14,569.845 209,875.979 155.355,512
Value
$1.140,443
645,349 $8.308.340 86,626,975
Rye-Bushels
5,974.431
136.646 39,343,557
9,695,765
Value
$6.087,182
8114,915 $36.352,090 87.776,182
Wheat
-Bushels- _ 5,991,075
3.095.378 126,491.738 64,302,763
Value
$7.594,373 $3,352,173 8156.022,587 $71,682,267
W heatflour-Barrels
1,379,029
1.538,520 10.496,562 12.638,656
Value
$7.983.585 37.699,355 358,890,784 $64,762,255
Domestic Exports of Meats and Fats.
On March 21 the Department of Commerce at Washington
gave out its report for the month of February and the eight
months ending with February, of the domestic exports of
meats and fats. This report shows that although there is
a substantial increase in the quantity of meats and meat
products exported for the eight months ending with February
this year as compared with the corresponding period last
year, there is only a small increase in the value of the
products exported. In quantity the shipments were 738,251,086 lbs. for the eight months of 1923-24, against 600,040,331 lbs. for the eight months of 1922-23, and in value
$102,891,095, against $96,864,551. In addition, the exports of animal oils and fats are running much heavier than
a year ago, having been 899,181,465 lbs. for the eight
months of 1923-24, against 775,322,405 lbs. in 1922-23,
with the values $112,632,533, against $90,897,794. Below
is the report in full.
DOMESTIC R7CPORTS OF MEATS AND FATS.
Month of February.
1923.
8 Months ended February.
1924.
1923.
1924.
Total meats& meat products_lbs. 80,997.929 98,259,129 600.040,331 738.251,086
Value
8 12,506,932 12,890.3'27 96.864,551 102,891.095
Total animal oils & fats
lbs. 106,954,015 121,660,815 775,322,405 899,181,465
Value
$ 12.846.778 15,011,032 90,897,794 112,632,533
Beef, fresh
lbs.
385,311
Value
$
63.801
Beef, pickled, &c,
lbs. 1,928,746
Value
$
203,930
Pork,fresh
lbs. 3,771,888
Value
$
529,734
Wiltshire sides_a
lbs.
Value
$
Cumberland sides_b
lbs.
Value
$
Hams and shoulders
lbs. 28,192,070
Value
3 4.571,524
Bacon
lbs. 36,295.790
Value
3 5.054,322
Pickled pork
lbs. 3,863,040
Value
$
485.547
Oleo oil
lbs. 7,527,518
Value
3
893,736
Lard
lbs. 89.055,311
Value
$ 10,814,209
Neutral lard
lbs. 2,460,616
Value
3
313.033
Lard compounds,animal fats_lbs
899.569
Value
3
115,842
Margarine, animal fats
!be
210,868
Value
8
34.598
Cottonseed oil
lbs. 6,062,229
Value
$
640.797
Lard compounds,veg'ble fats_lbs.
369.168
Velma
a
Al ORO
342,504 2,891,208 2,145,738
58,192
430,965
355,278
1,604.653 16,217,415 14,745.460
170,789 1,457,278 1,452,775
3,831,715 32,778,569 41,703,242
523.327 4,863,282 5,954,847
2,041,197
262,178
2,786,577
370.375
35,295.673 198,776.080 257,724,782
5,091.723 38,406,877 40,342.032
41,004,615 269,777.188 322,023,796
4,705,996 41,249,639 41,029,437
3,001,268 29,425,747 28.419,131
353,888 3.580,413 3,280,536
6,997,408 69,052,030 59.694,200
935,974 7,708,428 7,280,805
99,909,976 600,175,512 718,742,140
12,591,330 73,102,847 93,524,753
2,486,247 17,087,482 14,752,705
340,928 2,247,420 2,049,524
831,389 8,814,875 4,647,853
84,608 1,070,207
843,363
89,729 1,321,939
871,486
15,203
209,152
140,057
3,237,843 50,519,752 28,730,155
331,441 4,924,472 3,005,315
896,789 12.581.355 4,686,756
Inc SIMI 1 457 AR/
552 014
a Included in "Hams and shoulders" prior to Jan. 11924.
b Included in "1.tacon" prior to Jan. 11924.
Domestic Exports of Canned and Dried Foods.
The Department of Commerce at Washington on Mar. 21
issued its monthly report showing the domestic exports of
canned and dried foods for February and the eight months
ending with Feb. 29. The value of canned meats exported
in February 1924 was $559,494, compared with $553,004 in
the corresponding month in 1923. For the eight months
ending with Feb. 29 1924 the canned meat exports were
$3,172,645, as against $3,300,983 for the corresponding
eight months in 1922-23. The exports of dairy products,
however, have been increasing. They were valued at
$2,521,468 in February 1924, against $1,837,959 in February 1923, and for the eight months foot up $20,631,320,
against $13,442,986. Dried fruits exported in February
1924 were valued at $2,954,575, compared with $846,549 in
February 1923. Canned fruits exported in February were
valued at $1,622,739, as against $1,560,600 in February 1923,
The following is the report in full:
1475
TELE CHRONICLE
MAR. 29 1924.]
'
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
Month of February. Eight Months ended Feb.
1923.
1924.
1923.
1924.
lbs. 1,342,450 2.008,924 9.458.394 10,858,581
Total canned meats
559,494 3,300,983 3,172,645
553.004
$
Value
lbs. 13.982.768 22,079,406 103,516,874 167,969.191
Total dairy products
$ 1.837,959 2.521,468 13,442,986 20,631.320
Value
lbs. 2,906,322 3,241.880 30,680,229 34,280.788
Total canned vegetables
298.658 3,052.121 3,594,229
$ 261,357
Value
Total dried at evaporated fruits_lbs. 7.307,469 37,310,825 184,467,093 211,748.698
846,549 2.954.575 20,935,938 18,579,726
$
Value
lbs. 15,305,718 17,822,032 179.701,394 123,367,154
Total canned fruits
$ 1,560,600 1,622.739 19,730,911 12,184.980
Value
lbs.
Beef, canned
$
Value
lbs.
Sausage, canned
$
Value
Milk, condensed, sweetened_ _lbs.
$
Value
Milk, evaporated, unsweetened-lbs.
$
Value
lbs.
Salmon, canned
5
Value
lbs.
Sardines,canned
$
Value
lbs.
Raisins
$
Value
lbs.
Apples, dried
3
Value
lbs.
Apricots, dried
$
Value
lbs.
Peaches, dried
$
Value
lbs.
Prunes,dried
2
Value
lbs.
Apricots,canned
3
Value
lbs.
Peaches, canned
$
Value
lbs
Pears, canned
$
Value
lbs.
Pineapples, canned
s
vzbm
105,811
252.848
93.668
26.543
194,275
410.283
58,820
117.785
3,014,733 5.105,438
432,973
691,859
9,704.475 15,922,421
954,515 1,469.003
8,094,418 8,882,504
1.297.272 1.081,610
2,863.725 6,748,037
556,206
244,943
2,637,275 5,227,925
402.158
297.333
438.936 5,3.27.684
44.225
731,189
379,921 5.923,039
90.605
626,546
119.331 2.269.329
14,900
159.870
3.296.367 16,729,914
863,851
347.548
3,483,444 2,761,668
316.111
191.670
4,413.059 6,627,527
570,275
413,144
3,936,428 4,003,615
443,959
405,531
1,174,712 1,345,946
227_450
125.155
1,681,944 1,128,153
262,785
469.176
1,848.609 2,013.834
573.621
479,331
28.314.178 44,393,991
3.887.037 6,569,657
63,182,297 116,021,677
5.669,386 11,300,146
43,646,940 47,239.121
5,766,927 6,787,519
18,132,680 27,938,461
1,639.013 2,422,033
79,069,139 65,940,821
8,847,425 6.160,681
11.715,773 25.457.778
1,345,469 2,697.552
9,933,163 26,538.557
2,403.493 2,879,243
4,691,382 6,897.804
524,162
611,425
70.210,162 75.755,531
6,665,948 5,233,500
16,974,099
1.305,857
45,337,609 36,302.175
4.619.415 3,193,711
42,661,767 32,528,791
5,307,093 3,517,171
070 16,9211.631
20,791.
2.220.064 9 1146.2211
Gold and Silver Imported into and Exported from the
United States, by Countries, for February.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver for the United States for the month of February
1924. It will be noted that the imports of gold were
$35,111,269 and the exports only $505,135. The statement
follows:
FROM THE
GOLD AND SILVER IMPORTED INTO AND EXPORTED
UNITED STATER BY COUNTRIES.
SILVER.
GOLD.
Countries.
Total Value.
Roma Bullion.
Imports. Exports. Imports.
Exports.
Total Value. 1MPOrts. 'Exports.
Dollars. Dollars. Mutes. Ounces. Dollars. Dollars.
3,21
2,964,069
France
1.221,027
1,923,481
522,498
Germany
2,232
1,068
Italy
2,406
Netherlands
42,422
22,108
Spain
443
Switzerland
16,370
32,037
Turkey in Europe,..
14,179 899,351
1,406,377
19,704,597
England
89,841
55,647 657,736
3,522,442 90,716 445.835
Canada
2.340
1,807
73,446
Costa Rica
500
Guatemala
107,199
109,390
11,966
Honduras
25,091
373
95,327
Nicaragua
295
6
57,936
Panama
2 856,556 142,628
395.135 94,919 2.237,237
Mexico
500
4,520
Jamaica
2,255
2
4
14,043
Trinidad & Tobago
4,520
401
Other Brit. West Ind,
125
a
4
846
Cuba
4,393
60,000
Haiti
12,470
2,534,533
Argentina
26,158
Bolivia
223,454
90,299
Chile
2,253
14,163
1.850
538
94,113
Colombia
3,771
73,848 15,000
Ecuador
1,268
British Guiana
14
22
8,994
Dutch Guiana
2.508,947
9,017
575,190
Peru
4,782
Uruguay
1.866 233,500
65 '
34,556 300.000
Venezuela
,574.633
7,119,561
British India
275
Straits Settlements_
58 2,481,916
3.899.034
118.980
China
126,474
31,712
447.250
Dutch East Indies_ _
32,000
50.697
4,600
Hongkong
417,711
653,320
Janan
802,653
Palestine Oz Syrla._
1.975
133,146
Philippine Islands
75
1,705,453
Australia
114
120,726
New Zealand
128
4,256
British South Africa_
787.865
Egypt
14,343
93,014
Portuguese Africa_
Total
,I1I,XflW OQO,t;s:,.
.
.
.
Current Events and Discussions
Decrease(-)
Increase(+1 or
During
The Week With the Federal Reserve Banks.
yc,or.
Year.
+7.800.000
statement of condition of the Federal U. S. Government securities, total
-39.400.000
The consolidated
+509.000 -19.500,000
Bonds
with the
Reserve banks on March 26 1924 and which deals
+2,100.000 + . .000
33 500
Trcrenry notes
-42.000,000 -15,500,000
Certificates of
results for the twelve Federal Reserve banks combined, Federal Reserve indebtedness
9 1
-7,100.000 - 4, ,S,10,000
notes in circulation
.0^i)
"inn +30.860.0on
-r,
made public by the Federal Reserve Board,shows an increase Total deposits
--68,ene.e00
+41.000.000
Members' reserve deposits
of $51,000,000 in holdings of discounted bills and of $8,+50.900.000
-10,200.000
Government deposits
-2.700,000
Other deposits
300,000 in acceptances purchased in open market, partly
offset by a reduction of $39,400,000 in Government security
holdings. Federal Reserve note circulation declined by The Week With the Member Banks of the Federal
$7,100,000 and cash reserves by $10,100,000. After noting
Reserve System.
these facts the Federal Reserve Board proceeds as follows:
Aggregate increases of $151,000,000 in loans and investIncreases of 547,400,000 and 511.300,000, respectively. in holdings of
discounted bills are reported by the Federal Reserve banks of New York ments, and of $121,000,000 in Government deposits, largely
and Chicago, compared with reductions of $50.500.000 and $10,400,000 in connection with the collection of the March 15 installreported by these banks the week before. Cleveland. Richmond and San
of about $400,000,000
Francisco show a total increase of $4.700.000, while Kansas City reports ment of income taxes and the issuance
a decline of 53,200.000. Minneapolis a decline of 52.800.000 and Atlanta a of certificates of indebtedness, together with a reduction of
decline of $2.300.000. Holdings of bills secured by Government obliga- $53,000,000 in borrowings from the Federal Reserve banks,
tions increased by $47.800.000, aggregating $214.700,000 on March 26.
Of this amount. $127.500,001: were secured by Liberty and other United are shown in the Federal Reserve Board's weekly consolidated
States bonds. $80,100,000 by Treasury notes and 57,100.000 by certificates statement of condition on March 19 of 756 member banks in
of indebtedness.
should be noted that the figures for these
a
All Federal Reserve banks report smaller holdings of * cceptances pur- leading cities. It
chased in open market, except New York and Atlanta, which show increases member banks are always a week behind those for the Reserve
of 526.500,000 and 8500,000. respectively. The Cleveland Bank shows a banks themselves. Total loans and discounts increased by
reduction of $4,900.000. Chicago a reduction of $3.200.000 and San Franwas in loans on corcisco a reduction of 52.800.000 A net reduction of $39,400,000 in Govern- $116,000,000, of which $61,000,000
ment security holdings is shown for the week. purchases in open market porate stocks and bonds and $55,000,000 in "All other,"
being more than offset by the redemption of $58,000,000 of spec:al one-day largely commercial, loans and discounts. Loans on United
certificates held on March 19.
change. Total
.An increase of $6.600,000 in Federal Reserve note circulation is shown by States Government securities show little
the Cleveland 'Bank and a combined increase of $3,000.000 by Boston, investments increased by $35,000,000. Holdings of certifiPhiladelphia and Atlanta, while declines of 55.900.000 and $4,900,000 are cates of indebtedness increased by $38,000,000 and of United
reported by Chicago and New York, respectively, and a combined decrease
of $5.800.000 by the remaining banks. Gold reserves declined by $8.- States bonds by $5,000,000, while holdings of Treasury notes
900,000 during the week, and reserves other than gold by $1.211,000.
decreased by $10,000,000. Other bonds, stocks and securiThe statement in full, comparison with the preceding week ties increased by $2,000,000. Further comment regarding
and with the corresponding date last year, will be found the changes shown by these member banks is as follows:
Member banks in New York City report Increases of $3,000,000 in )oans
on subsequent pages, namely pages 1498 and 1499. A
on corGovernment securities, of
summary of changes in the principal assets and liabilities on United States and of $22,000,000 in "All$63,000,000 in loans
other" loans and diseenmts.
porate securities,
Reserve banks during the week and the year ending Investments of these banks in United States Government securities show a
of the
reduction of $10,000,000, which is offset in part by an increase of 55.000.000
March 26 1924 follows:
Increase(+) or Decrease (-) In their holdings of corporate securities.
During
Net demand deposits of all reporting members show an increase of $71.Year.
Week.
reported by banks in the
-$10,100,000 +549,800,000 000,000, the larger increase of $121.000.000
Total reserves
+59,200.000 New York district being partly offset by decreases in other districts.
-8.900.000
Gold reserves
Reserve balances show an increase of $38,000.000 for all reporting banks
+19,000,000 -261,600,000
Total earning assets
+51,000,000 -217,700,000 and of $42.000.000 for the New York City banks. Cash in vault shows a
Bills discounted, total
Secured by U. S. Govt. obligations_ +47.890.000 -173,600.000 decline of $5,000,000 for all reporting members and a nominal decneasJ
+3,200,000 -44,100,000
Other bills discounted
+8,300.000 -51,800,1100 for the New York City members.
Bills bought in open market
1476
THE CHRONTCLE
norroWings of an reporting institutiens from the•Federal Reserve banks
declined from 8258,000,000 to $29§.0Q0.000. Of,t..1?is, deetine $46,000,000
'is reported by the New York City banks.
'
QB
a.subsequunt page—that is.
,...on pagp J4997
.
- -we give the
figures in full containectln. iliis -IttiCst weekly. return of the
'
member banks of the Reserve System. In the following is
•
..
. .
a sunimary of the: changes in the principal items
as coiripaied with a week anti a•year ago:
. -Increase(+) or Decrease (—)
•
During
Year.
Week.
-Loans and discounts., total
•,
+8116,000.000 +8363,000,000
-- - Secured by IL 8. Govt. obligations
—62 000 000
Secured by stocks and bonds •
+61.000,000 +159.000,009
An other
' +55,000.000 +266.000,000
Investments. total
+35,000,000 —237,000,000
U. S, bonds
_,
+5.000,000
—56,000,000
81.8. Treasury notes
—10,000,000 —172,000,000
U. S. certificates of indebtedness
+38,000.000
—67,000,000
' Other bonds, stocks add securities
_,
+2.000.000
+58.000.000
'Reserve balanceS with Fed. Rtseeve banks- +38,000,000
+95,000,000
Cash in vault •
—5,000.000
—2,000.009
•
,. Net demand deposits
+71,600,000 +234.000,000
Time deposits
.
+3,000.000 +271,000,000
Government deposits
+121.000.000
—81,000.000
Total accommodation at Fed. Res. banks
53.000,000 —211.000,000
Stock of
[VoL. 118.
a Includes United States paper currency in circulation In foreign countries
and
the amount held by the Cuban agencies of the Federal Reserve banks.
b Does not include gold bullion or foreign cells outside of vaults of the Treasury.
Federal Reserve banks and Federal Reserve agents.
c These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is Included under gold
coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining
total money outside of the Treasury to arrive at the stock of money in the it with
United
States.
e This total includes $15,644,799 of notes in process of redemption, 8163,767,716
of gold deposited for redemption of Federal Reserve notes, $17,669,293 deposited
for redemption of national bank notes, 311,920 deposited for retirement of additional
circulation (Act of May 30 1908), and $6,607,436 deposited as a reserve against
Postal savings deposits.
Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Note.—Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard silver
dollars held In the Treasury for their redemption; United States notes are secured
by a gold reserve of 5152.979.02563 held in the Treasury. 'rids reserve fund
may
also be used for the redemption of Treasury notes of 1890, which are also secured
dollar for dollar by standard silver dollars, held in the Treasury. Federal Reserve
notes are obligations of the United States and a first lien on all the assets of the
Issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit
with Federal Reserve agents of a like amount of gold or of gold and such discounted
or purchased paper as Is eligible under the terms of the Federal Reserve Act. Federal
Reserve banks most maintain a ea I reserve of at least 40%, Including the gold redemption fund which must be deposited with the United States Treasurer,
against
Federal Reserve notes in actual circulation. Federal Reserve bank notes and
tional bank notes are secured by United States Government obligations, and a nafund for their redemption is required to be maintained with the Treasurer of 5%
the
United States In gold or lawful money.
Money in the Country.
The Treasury Department at Washington has issued its
First Disbursement of Interest on Mexican Bonds
customary monthly statement showing the stock of money
Deposited under Readjustment Agreement.
in the country and the amount in circulation after deducting
The American Section of the International Committee of
the moneys held in' the United States Treasury and by
Bankers on Mexico -announced yesterday (March 28) that
Federal Reserve banks and ;agents. The figures this time
the first disbursement of interest upon bonds deposited
are for March 1. They show that the money in circulation
under- the agreement of 1922 would be made immediatel
y;
at' that date (including, of course, what is held in bank
'
such disbursement covering all the issues of bonds which
are
-'.vaults) was $4,807,777746, as against $4,681,707,784 Feb. 1
now ready, it was stated, for re-delivery to the depositors.
. 1924 and $4,610,636,668'
March 11923, but comparing with
It is expected that cash disbursement upon the other issues
'$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of bonds dealt with in the agreement can be made in the
of the European war, that is, on July 1 1914, the total was
near future. The notice, issued by T. W. Lamont, of J. P.
only $3,402,015,427. The following is the statement:
Morgan & Co., as Chairman of the American Section of the
,
oo 0 c
Committee, to the holders of bonds, notes and other securi:
t
§
8882
§§
.
ties included in the plan and agreement of June 16 1922, and
6
6M...76
.
q
§11 4
7 1g.U1
.
deposited under the deposit agreement dated July 1 1922,
I
VP V
N
. ,
G 41..MOCR
.
4..0
'
A,
U
lv
.
states:
ei
The following issues are now ready to be returned to depositors upon
7:14g2742 2
F.;5P,32g
presentation and surrenaer of the MatIve eMificates of d, pcsit to the
.
i
71'42!
,
a
Issuing depositaries:
o
State of Vera Cruz 5% bonds. dated Jan. 11907.
EE*41.222.3Li2
i
. .". 9.00 ,4 cg
Pan American RR. Co. first mortgage 5% gold bonds, due
0
.
Pan American RR.Co. general mortgage 5% gold bonds, dueJan. 11934.
Jan. 1 1937.
liWia"'
Mexican Central Railway Co., Ltd.. 5% equipment notes, Series No. 10.
78.2
c
tmg-r 2 V
dated Jan. 11907.
...
07.T4ig8'
National Railways of Mexico 6% three months secured gold notes. dated
'
"4 2 2
't'l ' .; - ...
'
c
,
ct;sc
Dec. 1 1913.
N
yvm4m
,
National Railways of maxim 6% secured gold notes, Series "C." dated
,.
igii 'E282
24
June 1 1914 (dollars and marks).
44:AN ..
.
,4,466 .15
•
S
SV"'
S
Aoymm
e...
...:N..
..— c.i 4
N
4
4
".
.
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t
4.N05NNt•.....I.
'4
muloo.
232,632.984 6,159,201,299
256,338.974 5,820.964,648
350.626.5301 6,616,391",
721
105,219,416!5,053,910,830
186.273,444 3.402,015,427
tig e
i2
1.
1 100
..
onclissc m
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• t 4 g 2 :414; 2 g. =19 2 2
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.
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AA
Other
Money.
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.
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8:12 :'''
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6,800,088,5641 d4,046,797.091 1,405,910,726
8, 89,635,419,d3,730,819,0761 1,062,148.305
4
b.326.33e,287,d2,406.:501,7721 696,554.226
5,312,109,272 d2,942,99o.527 2,684,800,085
1
3,738,288,871.d1,843,452,323 1,507.178,679,
1 M7401 422 .4010 dOrt Ann' 01 Ann awn'
21 . .
a.
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.;
.
.1,446,697,7421
E
.c.;
.s.1 , ,
,
.
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8,797,775,557
Total.
'
..
Amt. Held in Reeve Against
Trust Against United States
Goldand Silver
Notes
Certificates (de (and Treasury
Treat's, Notes
Notes
of 1890).
of 1890).
Held for
Federal
Reserve
Banks
and
AgentS.
MONEY HELD IN THE TREASURY
V
..,
On 217 ',AO' 212 022 701.
4
.0,05V
inn nnn nnn
'
7 Ailm......4 .
10
152,979,026,2,255,275,255
152,979,026,2,2,352,771
n
152,979,026,1.206,341,990
152,979,626:
150,000,000
.
0g4
2gga
c.i.,:.6
. .
.....ss .,..7-,g0
.sq.,.... ‘4'.2.?
iZE
3.tt
atgatzi;
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n
i
1
8
4.807,777,746
MONEY OUTSIDE OF THE TREASURY.
g.:asn
0, ; .0 ...i
.
c
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I 1 . •
SI.r3Ob.V0
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,
The cash warrants maturing up to and Including Jan. 1 1924 will
be paid
upon presentation and surrender thereof at the office of any one
of the
paying agents specified therein. • Cash warrants maturing subsequently
to
Jan. 1 1924 should not be presented for payment until the
committee
announces that It has received for the current year one-half of
the minimum
fund to be provided by the Mexican Government under the
terms of the
plan.
Bonds of the other issues ire luded in the plan and agreement
of June 16
1922 and deposited under the deposit agreement dated July
11922, will be
returned as soon as the warrant sheets have been attached
and the relative
interest in arrears receipts prepared, these operations having
been unavoidably delayed because of the difficulty of handling the
large number
of bonds of small denominations involved. Announcemen will
t
be made
as soon as the depositaries are prepared to return such bonds.
Similar notices were issued in London, Paris, Amsterdam
,
Berlin, Geneva and Mexico City. From the New
York
"Times" of yesterday (March 28) we take the following:
Payment of Interest will bo made In England, France and other European
countries, to resident holders of the securities affected, as well
as in the
United States, it was said. The exact amount of this initial payment
was
not ascertained, but It will cover cash warrant maturities up to and
including
Jan. 1 1924. This will provide for the first year of the debt sonic°
under
the new plan and will make the first year since 1913 that Mexico
has been
able to care for its external debt.
The amount of interest required for the full year 1923 on all classes
of
bonds was 515,000,000 under the terms of the debt agreement. More
than
that amount has been deposited with New York bankers by the Republic
of Mexico, and despite the cost of a rebellion within Mexico, it was
stated
that the Government had been able to live up to the letter of its agreement
with.respect to the 1924 debt service to date.
Only 10% of the thousands of holders of Mexican Government bonds
have failed to take part in the debt readjustment plan. Mr. Lamont
mid
that 90% of the total of all Mexico's 8500,000.000 face amount of bonds
had been deposited to date in all tho countries concerned. This
he described as a "remarkable SUCCMI for the plan." This figure means
that
total deposits approximate 8450.000.000 of bonds.
Japan Extends Temporary Building Time.
The period for construction, without Government permit
or supervision of temporary structures in the area affected
by the earthquake in Japan has been extended for six months
According to an announcement just made by the United
States Department of Commerce, which further states:
Shortly after the disaster the Government prohibited permanent construction for a period of three years pending completion of new city plans
and building regulations and at the same time removed all limitations on
temporary structures for a period of six months. The present decision simply
extends this latter period for another six months because of the urgent necessity for temporary shelters and the inability of the Qovernment to agree
THE CHRONICLE
MAR. 29 1924.]
- on definite relief and construction measures prior to the dissolution of the
Diet.
It is stated that since Sept. 1. 120.000 temporary buildings have been
erected in the devastated area in Tokyo,leaving a shortage of 240,000 houses
since 360,000 were burned.
On Jan. 28 the Japanese Cabinet decided subject to confirmation by the
Diet on an approjri tion of 598,400.0OG yen for Government rehabilitation.
This is in addition to the sum of 468,438,439 yen to be expended by the
Government for reconstruction in the destroyed area. Reconstruction as
here used means removal of debris, construction and widening of canals,
building of streets and bridges and other work of a similar nature while
rehabilitation refers to the reestablishment of the departments and services
of the central Government. Of the sum to be raised for rehabilitation
432,800,01k, yen is to be secured by the sale of Government bonds and the
remainder is to be taken from ordinary revenue. Expenditure is to extend
over a period of eleven years commencing March 31 1924. The sum of
320,000 yen is to be expended during the coming fiscal year and 112,000,000
yen during 1925-1926.
Cffering of Bonds of Atlanta Joint Stock Land Bank.
At 100 and interest, to yield 5%, a $1,000,000 issue of 5%
bonds of the Atlanta Joint Stock Land Bank of Atlanta, Ga.,
was offered on March 24 by Bond & Goodwin, Inc., Paine,
Webber & Co. and Blodget & Co. The bonds are dated Dec. 1
1922, will mature Dec. 1 1952, and are redeemable at 100
and accrued interest on Dec. 1 1932, or on any interest date
thereafter. The bonds, coupon, in denominations of $1,000
and $10,000 are fully registerable and interchangeable. Interest is payable June 1 and Dec. 1 at the Chemical National
Bank, New York, or at Atlanta, Ga. The bonds are issued
under the Federal Farm Loan Act, and are exempt from
Federal, State, municipal and local taxation. It is announced that upon the completion of this financing there
will be outstanding $2,037,000 Atlanta Joint Stock Land
Bank 5% bonds secured by a deposit with the United States
Treasury Department of an equal par value of first mortgages on improved farm lands having an appraised valuation
of approximately $6,500,000. The bank, which was chartered Sept. 23 1922, has, according to President A. B. Simms,
a paid-up capital stock of $250,000, a surplus of $25,000, and
undivided profits, based on the statement of Jan. 31 1924, of
$23,868. The operations of the bank are restricted to Georgia and Alabama.
Offering of Bonds of the Potomac Joint Stock Land
Bank.
An issue of $500,000 5% Farm Loan bonds of the Potomac
Joint Stock Land Bank of Washington, D. C., was offered
this week at 100 and interest, to yield 5% to the callable
and maturity dates, by Brooke, Stokes & Co. of Philadelphia,
Washington and Baltimore. The bonds are dated March 1
1924, are due March 1 1954 and are not callable before March
1 1034. They are coupon bonds, in denominations of $1,000
and $500, interchangeable for fully registered bonds. Interest is payable March 1 and Sept. 1 at the Riggs National
Bank of Washington, D. C. The general balance sheet of
the Potomac Joint Stock Land Bank as of Feb. 29 1924 follows:
Assets—
Mortgage loans
Harm Loan bonds on
hand
Cash on hand and in
banks
Furniture and fixtures..
Accrued interest
Other assets
$913,464 47
43,000 00
214,218 07
2,479 64
12,336 99
1.43780
$1,186,929 67
Liabilities—
Farm Loan bonds
Reserve for interest on
bonds
Capital, surplus and
undivided profits__ _
Other liabilities
$900,000 00
9,506 66
275,984 78
1,438 23
$1,186,929 67
The offering circular also contains the following data on
loans as of Feb. 29 1924:
Number of loans
Acres of real estatesecurity
Amount loaned
Appraised value of land and buildings
Average amount loaned per acre
Percentage of loans to appraised value
Foreclosures
Overdue payments
154
34,724
$914,700
2,326,547
$26 34
39%
None
None
1477
- C. L. Beatty, President, bisO•SticretarY and manager, Union Trust Co:,:
Cheyenne. For the past seventeen Years Mr. Beatty has been engaged •
exclusively in the making and selling'of 1st Mtge. Loans on farms and
ranches in Wyoming and Colorado, and hasthe unique distinetion of having,•
without a single exception remitted on due date, both principal and interest
to the purchasers of his mortgages.
P. J. Quealy, Vice-President, also President First National Bank, Kemmerer: Vice-President First National Bank, Rock Springs. The largest
individual coal mine operator in the United States.
John W. Hay, Vice-President, also President, Rock Springs National
Bank, Rock Springs: American National Bank, Cheyenne, and First National Bank, Laramie.
A. D. Johnston, Secretary. also Cashier, First National Bank,Cheyenne.H. R. Weston, Treasurer, also Vice-President, American Nationar
Bank, Cheyenne.
Oliver H. Shoup, Colorado Springs.
G. E. Abbott, President First National Bank, Cheyenne; President
Union Trust Co., Cheyenne; Vice-President Wyoming National Bank,
Casper: director Federal Reserve Bank, Omaha.
Karl C. Schuyler, Denver.
A. J. Cunningham, President Casper National Bank, Casper.
John T. McDonald, Vice-President Cheyenne State Bank, Cheyenne:
President Wyoming Bankers Association.
0. H. Schee, Vice-President Chicago Joint Stock Land Bank.
W.E. Barkley, President Lincoln Joint Stock Land Bank.
Walter Cravens. President Kansas City Joint Stock Land Bank.
The bank on Feb. 29 reported capital stock paid in of
$420,000, reserve of $2,700, and farm loan bonds of $5,530-,
•
000. Its total resources on that date were 85,924,922.
First Federal Foreign Banking Association to Merge
With Bank of the Manhattan Co.
•
The Board of Directors of the First Federal Foreign Banking Association, 4() Wall Street, this city, at a meeting held
on March 25, formally approved an offer from the Bank of
the Manhattan Co., also at 40 Wall Street, looking toward
the merger of the interests of the •First Federal Foreign
Banking Association with those of the bank, and authorized
the calling of a special meeting of stockholders to be held on
the 7th day of April 1924, for the purpose of taking action
upon the plan. An announcement regarding the proposed,
merger says:
The plan contemplates the transfer and delivery by the First Federal
Foreign Banking Association to the Bank of the Manhattan Co. immediately upon the approval by a two-thirds vote of the stock of the :First
Federal Foreign Banking Association, of all its interests, including its'
assets, contracts, good will, and business, and the Bank of the Manhattan
Co. will also absorb into its organization the personnel of the First Federal
Foreign Banking Association. Arthiu H. Titus, who has been President of
the First Federal Foreign Banking Association since its organization, will
become a Vice-President of the Bank of the Manhattan Co.
The Bank of the Manhattan Co. will proceed at once toward the liquidation of the assets of the association for the benefit of its stockholders', and
will pay the net proceeds over to the stockholders in full, pro rata, according
to their respective holdings. This liquidation will result in the repaymentto
the stockholders of' the entire paid in capital and surplus, together with a.
profit.
The effective date of the plan will be April 14, following the°approval by.
the stockholders, and a committee has been designated by the board of
directors of the association consisting of Messrs. J. E. Aldred, M. N. Buckner, and A. H. Titus, to carry out the details of the proposed merger of
Interests. Assurances have been received that considerably more than
the necnsary amount of stock will be deposited and voted in favor of the%
plan at the coming stockholders' meeting.
The First Federal Foreign Banking Association was the first bank or-.
ganized under the provisions of the so-called "Edge Law," which consisted of an amendment to the Federal Reserve Act authorizing the incorporation,
of banks particularly designed to transact foreign banking business as a
specialty. It was organized and commenced business in June 1920, and has
conducted a successful foreign banking business since that date notwithstanding the unusual conditions abroad.
The Bank ofthe Manhattan Co.is one of the oldest and best known banking associations in New York City, having been originally chartered in 1799,
and is transacting a large and successful business in all classes of both foreign .
,
and domestic banking. Stephen Baker, its President, and Raymond E...
Jones, its First Vice-President, have been familliar wth the affairs of the.
First Federal Foreign Banking Association from its inception, both of them,
having been members of its board of directors and executive committee,
and it is planned that their bank shall continue the business heretofore
conducted by the First Federal Foreign Banking Association in the saute
quarters and with the same personnel, including officers and staff, directly.'
in charge of Mr. Titus.
. .
The Dec. 31 statement of the First Federal Foreign Banking Association showed a capital of $2,100,000, surplus,,
undivided profits and reserves of $389,256, unearned discount of $13,271, acceptances, $7,495,409, commerical
credits, $2,111,959, due to banks, customers, and 'accrued,
interest, $1,639,018.
The Potomac Joint Stock Land Bank was organized and
chartered in May 1923 to operate in the States of Virginia
and Maryland. It is stated that for the purpose of meeting
the convenience of the bank, as well as the farmers of both
the States of Virginia and Maryland, business offices of the
bank are maintained in Washington, D. C. George A. Harris, President and active Manager of the bank, was formerly Loans Promised to Kansas Wheat Pool—Sears-Roebuck'
Agricultural Foundation Assures Needed Backing
Supervising Appraiser and later Treasurer and Director
to Growers.
of the Federal Land Bank of Baltimore.
The following from Dodge City, Kan., March 21, is from
Name of First Colorado-Wyoming Joint Stock Land the Chicago "Journal of Commerce" of March 22:
Organized efforts by the wheat growers of Kansas was given substantial
Bank of Cheyenne Changed to Denver Joint Stock
assurance to-day when Samuel R. Gerard, director of the sears-Roebuck'
Land Bank.
Agricultural Foundation, announced that the foundation stood ready with
moral and financial
The First Colorado-Wyoming Joint Stock Land Bank of W. C. Lansdon, of backing to help the wheat grower get back on his feet.
Salina, Kan., Chairman of the State wheat growers
.
'
Cheyenne announces the change of its name to Denver Joint organization committee, said the loan would insure a sign up of 44,000,000
Stock Land Bank of Denver, and the removal of its offices bushels of wheat in -Kansas Co-operative Wheat pool by May 24.
"Success of the Kansas wheat peel
offinancial
from Cheyenne to Denver. The officers and directors are: • backing," said Mr. Lansdon. "All.is assured, with the promise•KattSes •ark.;
the agricultural groups in
1478
THE CHRONICLE
[VoL. 118.
working in harmony. It is certain that 20.000 Kansas wheat growers will firm for a number of years has enjoyed the privileges of the New York
Clearing House.
sign the marketing agreement before the beginning of harvest.
The firm of Shonnard & Co. has enjoyed a prominence among Stock
"The money to be lent by the foundation is neither a donation nor
Mr. Guard. "It is a straight business loan, amply Exchange houses. F. Clark Thompson and other members of the firm have
charity," continued
secured, to a farmers' organization committee to help the wheat grower get had long experience in this field and the consolidation with Harvey Fisk &
Sons will round out an organization which will be qualified to maintain a
back on his feet.
"Co-operative marketing offers the only sound and permanent solution to leading position in the financial world.
Legislation is futile as a permanent remedy. A sound
the farmer's selling.
national policy is needed which will place the farmer on the same organized
footing which industry and labor now occupy. Then he can produce effi- Brotherhood of Locomotive Engineers Co-operative
ciently and sell at a profit."
National Bank Participates in Offering of InterMr. Guard referred to the organization of the National Wheat Growers'
national-Great Northern Railroad Bonds.
advisory Committee, headed by Frank 0. Lowden, as "the birthday of
An offering yesterday (March 28) of $3,500,000 6% gold
economic liberty for American agriculture."
American Wheat Growers Associated, Inc., Plan, to
Form Selling Agencies in Minneapolis, Kansas
City, &c.
According to the St. Paul "Pioneer Press" of March 18,
William J. Brown, of Thief River Falls, President of the
American Wheat Growers Associated, Inc., disclosed, on
March 17, plans to form zone selling agencies in Minneapolis,
liansas City and on the Pacific coast. The plan, it is said,
has been approved by the officials of the State associations,
and is expected to result in greater efficiency and economy.
Mr. Brown's statement is given as follows;
wheat territory.
bonds of the International-Great Northern RR. Co., jointly
by the National City Co. of New York and the Brotherhood
of Locomotive Engineers Co-operative National Bank of
Cleveland represents the first financing on a large scale to
be participated in by so-called capital and labor banking
institutions. The offering does not involve any new financing by the railroad, or any increase in the amount of bonds
outstanding, the bcnds having been purchased from Speyer
& Co. and J. & W. Seligman & Co., and thus consist of a
block of bonds owned by the bankers. With respect to
this week's joint offering it is pointed out as significant that
the largest bank in the country, representing the biggest
aggregation of commercial, industrial and financial interests
in the United States, is willing to hold out its hand and
join forces with labor in a constructive attempt to create
more harmonious relationships between the two elements.
From the New York "Tribune" of March 27 we take the
following observations relative to the offering:
Officers of the American Wheat Growers Associated, Inc., and the
managing officers of the various State association members have for some
time recognized that the selling agencies of the State wheat co-operative
associations should operate in closer conjunction with the State marketing
associations of producers contributing or furnishing the wheat to be sold by
such an agency. That is, for instance, the marketing problem of the associations in the spring wheat States differ considerably from those of the
This is the first public appearance of the Brotherhood Bank in connection
Central wheat States and the problems and policies of each of these in turn with the flotation of securities by a Wall Street investment house, although
differ from those affecting the Pacific wheat States.
it has handled local issues in Cleveland and it has had a "silent" participaWith this idea in view, and for the purpose of promoting greater effici- tion in many of the recent largo issues. The fact that, in its bow to the
ency and for further economy in operation, the officers of the American Investing public, the Brotherhood Bank was associated with the National
have recommended to the various State association members, in lieu of City Co., the investment branch of the largest financial institution in the
the American policy of one central organization functioning in all markets, United States, was regarded as of particular significance.
the formation of zone selling agencies at Minneapolis, Kansas and on the
The offering will be conducted by the Brotherhood Bank in precisely the
Pacific coast to handle the wheat and to solve the problems of tho State same way as that employed by the non-labor banking firms and institutions,
associations tributary to such locations.
subscriptions being filled in the order received, regardless of their source.
Mr. Brown is said to have stated that the plan probably The bank will, however, circularize the members of the Brotherhood in an
effort to dispose of the bonds, this being the first occasion when it has ever
will be approved formally in time to handle the 1924 crop. offered railroad securities to its members. The officials of the bank are
added, says the "Pioneer Press" that the opposed to part payment plans, on the theory that a man who cannot
In such a case, he
Minneapolis sales agency with its branch at Duluth will only pay in full for a $100 bond should keep his money in the savings bank.
and no arrangement ofthis kind will be adopted to facilitate subscriptions by
represent the State producers' associations in the spring. members.
New Departure for Bank.
In connection with the offering, it became known yesterday that the
Harvey Fisk & Sons to Unite with Shonnard & Co., Brotherhood Bank, the oldest and strongest of the labor banks in this
country, only recently has turned its attention to railroad bonds. It has
Establishing Stock Exchange Connections.
previously purchased these for investment purposes, but to-day will mark
March 26 that under date of April 15 Initial recommendation of such securities to the membership. The public
It was announced on
the partnership of Harvey Fisk & Sons would extend its offering confirms the announcement of plans for expansion made some
ago by the investment
activities by a consolidation with the firm of Shonnard & weeksbanks are linked up. company through which the various Brotherhood
Co., members of the New York Stock Exchange, at 120
Wall Street bankers, while frankly inclined to view the new alliance in
Broadway, New York, N. Y. The Harvey Fisk & Sons the investment banking field with the Brotherhood institution as in the
nature of an experiment, wore ready to admit that, if successful, it would
firm will carry on a general investment business, with facili- open up tremendous possibilities of future development. The enterprise
ties greatly enhanced through consolidation with this New Is regarded as demonstrating that the Brotherhood of Locomotive Engineers
is in the banking business
York Stock Exchange house of high standing. The an- Interests, and that it is on substantially the same basis as other financial
seeking to branch out into all fields where sound
nouncement of the consolidation was made by C.S. Jennison, practice offers a profit.
Aside from that aspect of the operation the new activity of the Brotherwho will be one .of the partners of the consolidated firm.
hood is looked on as pointing to a closer community of interest between
Mr. Jennison says:
Its members and the railroads, possibly capable of development at a latei
.
This consolidation brings together a group of men of broad financial ex- date into a movement toward joint capital and labor ownership.
perience, particularly in the selection of investments. The purpose of the
Further reference to the offering will be found in an item
organization is to perpetuate the traditions of Harvey Fisk & Sons as a conservative investment house through services made thoroughly modern in on page 1520 in our department devoted to "Investment
all respects. There is every reason to believe that in the interest of effi- and Railroad
Intelligence."
ciency ofservice and economy of operations,swell-balanced consolidation of
financial institutions will serve the same useful purposes as industrial or
railway consolidations in their respective fields.
The announcement of the proposed merger says:
The personnel of the new Fisk firm will consist of C.S. Jennaion, F.Clark
Thompson, A. D. Woekes, Jr., Harvey Fisk, Ira A. Kip, Theodore Revillon,
Frederick M. Halsey, Joseph D, Godfrey and Horatio S. Shonard, the
last named being a special partner. Mr. Jennison has been active in the
banking and industrial field for many years. Mr. Revillon was formerly
of Revillon Freres and during the war was Director of Shipping of the French
Government in London. M. Fisk is a grandson of the founder of the firm.
Mr. Halsey was London manager of the National City Company. Messrs.
Thompson, Kip, Woekes and Godfrey and Shonnard are at present members
of the firm of Shonnard & Co. Mr. Woekas is a member of the New York
Stock Exchange, of which institution Ira A. Kip was a member of the Board
of Governors for a number of years.
The firm originated March 1 1863. being then known as Fisk & Hatch,
and early .assumed great prominence bu financing through bond issues a
large part of the United States Government's requirements during the American Civil War and in subsequent years. Later, during the refunding of the
Civil War loans, and during the Spanish-American War, this house played
a most prominent part. Among the enterprises financed through the medium of the Fisk firm were the Central Pacific RR.(1867), which provided
the first rail route across the continent. In the early 86s the fizm became
known as Harvey Fisk & Sons, and following the completion of the Central
Pacific Railroad. tho firm continued to be prominently identified with American railway financing, playing a most prominent part in the development
of many of the principal trunk lines throughout the United States. Numerous important issues of municipal and industrial securities were also floated.
In more recent years some of the great undertakings organized largely or
wholly through the medium of Harvey Fisk & Sons wore the American
Locomotive 0o., the Railway Steel Springs Co., the Bethlehem Steel Co.,
the:General Baking Co., the Hudson & Manhattan RR. Co., &c., &c. The
Sub-Committee of House to Consider Representative
McFadden's Bill to Modernize National Bank
Laws.
Consideration of the bill of Representative McFadden,
which is designed to modernize the national bank laws,
was brought under way by the House Committee on Banking
and Currency on March 26, at which time, it is stated, a
subcommittee was named as follows to undertake a study
of the bill's provisions: Representatives Williams of Michigan, Chairman; M. D. Hull of Illinois, and Black of Texas.
According to the New York "Commercial," the sub-committee will consider all sections of the bill except the branch
banking section and a section relating to obligations of
banking associations. These sections will be considered
by the full committee. Reference to the bill appeared
in these columns Feb. 16, page 736, and March 8, pages
1089-1092.
Senate Committee's Action on Tax Revision Bill—
Mellon Tax Schedules Restored to Bill.
The Senate Finance Committee, in whose hands the tax
revision bill has been since the measure passed the House on
Feb. 29, voted on March 24 to substitute the Mellon income
MAR. 29 1924.]
THE CHRONICLE
tax rate schedule for the Longworth compromise provisions
carried in the bill as adopted by the House. The Mellon
provisions were inserted by the Senate committee by a vote
of 8 to 7. The Associated Press dispatches from Washington on March 24 stated:
No:. all members of the committee were present, but those absent voted
by proxy, except Senators McCormick of Illinois and La Follette of Wisconsin, Republicans, whose proxies, Chairman Smoot said in response to
questions after the meeting, had not been asked for.
The committee is composed of 10 Republicans and 7 Democrats. Senators
Gerry of Rhode Island and Reed of Missouri. both Democrats, were absent
to-night, but were voted by proxy against incorporatmg the Mellon rates in
the bill, so that the seven committee members of that party stood as a unit
n opposition to the proposal.
The Republicans present were Senators Curtis of Kansas, Reed of Pennsylvania, Stanfield of Oregon and Smoot of Utah. Those absent but voted
by proxy were Senators Watson of Indiana. Ernst of Kentucky. McLean
of Connecticut and Elkins of West Virginia, giving a total of eight for the
Mellon plan.
The position of both Senator McCormick. who Is out of the city, and of
Senator La Follette, who is at home here ll, toward the Mellon rates has
been represented by Republican committee members recently as doubtful.
Chairman Smoot, in saying that the proxies of these two Senators had not
been asked for, did not go into tbo reasons.
The Mellon rates provide for a maximum surtax of 25% applicable to
incomes of $100.000 and more, against the maximum of 374% on incomes
In excess of 5200.000 provided by the Longworth compromise, and a 50%
maximum in the present law. The plan proposed by the Treasury Secretary calls for normal rates of 3% on incomes under $4.000 and 6% above
that amount, against rates in the present law of 4 and 8%. The Longworth
normal rates are 2% on incomes under $1,000, 5% on incomes between
$4.000 and $8,000, and 6% above that amount.
Prior to taking up the rate schedule to-night the committee approved
with some modifications the provisions for a 25% reductin on earned
Incomes. The maximum of $29.000 allowed by the House on which such
reduction could be made was cut down by the committee to $10.000.
When the income tax rates were reached, Senator Curtis moved substitution of the Mellon schedule for the Longworth compromise. Democrats
did not offer a counter-proposal and the Republicans immediated voted the
Mellon plan.
Democrats on the committee apparently were taken completely by surprise. Senator Jones, Democrat, New Mexico, announced after the meeting that the Democrats were working up a rate Qchedule of their own which
they would offer later either in committee or on the floor of the Senate.
Chairman Smoot said if a proposal to reopen the income rates for committee
discussion were made he would receive it.
Senator Jones remarked that Senator McCormick would probably be
present when the Democratic plan was advanced. No definite indication
was given by Democrats, however, that they would attempt to bring the
matter before the committee again.
At a night session of the committee on March 27 it was
votedlto:increase fromI25% to 50% the tax on the income of
corporations formed for the purpose of evading the surtaxes.
It was also agreed to exempt heads of families with incomes
of less than $2,500 from filing tax returns. The present law
carries a provision, agreed to by the House, requiring heads
of families with incomes of $2,000 and over to file returns.
On March 19 the committee rejected the first House provision in the bill when it reinserted the Mellon provision for
taxing profits on stock dividends redeemed in liquidation
proceedings. The House had made such profits subject to
the surtax rates rather than the capital gain tax of 123'%,
.
a lower rate than the average surtax. The House provision
was rejected by the committee as unfair to smaller stockholders.
At a conference on March 21 between President Coolidge
and Chairman Smoot and Senator Curtis of the Senate Finance Committee, the President, it is stated, expressed the
hope that the tax bill would be reported out of the Finance
Committee as soon as practicable, taken up for consideration
by the Senate and acted upon. This is learned from Washington advices to the New York "Tribune", from which we
quote further as follows:
The Mellon tax rates had been displaced in the House by
the Garner, or Democratic plan, which had fixed the surtax
maximum at 44% on incomes in excess of $92,000, and the
Garner proposals had been later dropped by the House in
favor of the Longworth compromise rrovisions. Reference
to this appeared in our issues of March 1, page 959; March 8,
page 1094, and March 15, page 1220. Oh the 24th also the
Senate committee, according to a Washington dispatch to the
New York "Journal of Commerce," decided to retain the
language of the existing law with respect to the method of
considering capital gains and losses. The dispatch continues:
The House provided that the amount by which the tax is reduced on
account of a capital loss shall not exceed 12%% of the capital loss. If
the amount by which the tax is to be increased on account of capital gains
Is limited to 12%% of the capital gain, it follows logically, the Ways and
Means Committee and the Treasury representatives held, that the amount
by which the tax is reduced on account of capital losses should be limited
to 12%% of the loss.
This lino of reasoning was not accepted by the Finance Committee and
it was agreed to retain the present law wording, which In effect provides
that where the losses involving capital assets are greater than the gains the
amount of the loss over the gains may be considered in reporting net income, but only in the year In which such losses were sustained.
The committee also decided to disagree to the provisions adopted by the
House whereby there is removed from the term "capital assets" stock
received as a stock dividend by the taxpayer or by the donor if the taxpayer
acquired the stock by gift.
This provision was accepted by the House upon the insistence of Representative Garner, Texas, ranking minority member of the Ways and
Means Committee, who said It was designed to tax stock dividends in the
hands of those who own them for a while and sell them after a few years of
ownership at whatever bracket they may appear in rather than the 12%%
rate. In this way they would be taxable up to the maximum surtax rate
provided In the law.
A schedule of surtax rates which, it is stated, may eventually be adopted as part of the Democratic tax program, was
submitted to the minority members of the Senate Finance
Committee on March 27 by Senator Simmons of North Carolina, ranking Democrat of the committee. A New York
"Times" Washington dispatch on the 27th inst. stated:
The proposed rates were not ratified to-day, action being deferred until
they could consult with other Democratic Senators, but it is expected that
when Senator Simmons returns next week from North Carolina, where he
will go to-morrow, the Democrats of the committee will approve his suggestions.
The surtax schedules were not given, but it is assumed that the maximum
is between 40 and 44%, as previously forecast.
Later, Cordell Hull, Chairman of the Democratic National Committee
and House Ways and Means Committeeman, was invited to the meeting.
Senator Simmons stated that neither the normal rates nor the exemptions
to be applied to earned incomes were discussed at the conference, and that
action on these, too, would be postponed until he comes back. He virtually
confirmed the report that the Democratic plan would not be put forward in
committee, but would be presented on the floor as an amendment.
1479
The conference between the President and two leaders on the Finance
Committee makes it more than ever clear that the Democratic charges
that the Republican leaders are trying to kill tax legislation at this session
are unfounded. On the contrary, the President and the Republican leaders
are united in the purpose to see that tax reduction legislation is put through
at this session.
To-night the President had as dinner guests the Steering Committee and
Republican leaders of the House, to whom he expressed his desire that
appropriation measures and all necessary legislation be expedited so that
Congress could adjourn early.
Expects Some Relief Action.
The President emphasized at this conference that Congress must enact
some immediate tax relief legislation in case the tax reduction bill fails to
pass. He told Republican Leader Longworth and the members of the
Steering Committee that he expects them to be ready, in such °Vent,to put
through on short notice a special resolution embodying the 25% flat reduction in taxes now being paid for 1923.
Longworth informed the Chief Executive of the House's program, and
said that body would have wound up its legislative Schedule by June 1.
There will be no necessity for delaying the adjournment beyond that date,
so far as the House was concerned, he said.
It was announced on March 21 that the Senate Finance
Committee will not give hearings on revenue bill, but invites the filing of briefs by those desiring to present their
views.
Secretary of Treasury Mellon in Explanation of Treasury's Estimate of Receipts Incident to Tax Revision.
Criticism by the Democratic members of the Senate Finance Committee of the Treasury estimates of receipts,
figured, it is stated, in the committee's deliberations on the
pending tax revision bill on the 20th inst., and prompted a
statement by Secretary Mellon on March 21, explaining the
estimates of his Department. From the Associated Press
accounts from Washington March 20 we quote the following
in the matter:
Interest In the Senate Finance Committee's consideration of the revenue
bill turned again to-day to the approaching fight on the income tax rates,
after the committee had agreed to some further Treasury provisions on
technical and administrative details in the bill approved by the House.
Democrats drew up some prospective rates and submitted them to fiscal
exports to determine their probable revenue yield, while Republicans continued apparently to hold to a plan to stand by the Mellon rates adopted by
the House Ways and Means Committee but displaced by the House for the
Longworth compromise.
Meanwhile, attention was centred on estimates as to the probable amount
ofrevenue to be required by the Government next year. A report submitted
to the committee by Under Secretary Winston of the Treasury showed that
the Treasury in its estimate as to the probable revenue which would be
collected next year, and on which it figured the surplus available for tax
reduction, had used the lower figures of two different estimates.
w If the maximum estimates had been used, it indicated, $88,415,000
more would be collected in the fiscal year 1924 and /248,415,000 more
in the fiscal year 1925 than under the figures accepted by the Treasury.
The Treasury had figured, on the basis of the lower estimates, that a
surplus of $329,000,000 would be available in the fiscal year 1924 and
$395,000,000 in the following year, the first in which the new revenue
law would apply.
The higher estimates on prospective receipts for the next two years
were prepared by Joseph McCoy, Government Actuary,the report showed.
The accepted estimates were submitted by the Commissioner of Internal
Revenue. Mr. McCoy's estimates as to probable collections in customs
were accepted for the fiscal year 1925 and were $82,000,000 below the
estimates of the Director of Customs, whose estimates for probable receipts
in 1924 were used.
Discussion of the report with Mr. Winston was planned by the committee for a later date. The report was submitted to the committee
without comment. The revenue bill passed by the House, it was estimated by the Treasury, would result in a loss of $446.000.000 in the fiscal
year 1925.
Actuary McCoy estimated that receipts for the fiscal year would be
$3,422,000,000 and for 1925 $3,387,000,000. He submitted the following
tables:
For 1925.
For 1924.
$493,000.000
Customs
$540,000,000
1.953,000,000
Income and profits tax
1,937,000,000
941.000.0(K)
Miscellaneous taxes
965,000,000
•
1480
THE CHRONICLE
[Vor,. 118.
The Commissioner of Internal Revenue submitted these:
plan," says Secretary Mellon, "If the resolution were passed
For 1924.
For 1925.
Income and profits tax
$1,850,000,000
$1.800,000,000 before June 15, the taxpayer could take on that day a credit
Miscellaneous taxes
933.585.000
927,585,000
of 25% of his March payment plus 25% of his June payment;
The Director of Customs submitted the following:
in September he could take 25% of his September payment
For 1924.
For 1925.
Customs
$570,000,000
$575,000,000 and in December 25% of that payment.
If he had paid in
The final Treasury estimates were:
full in March he would have refunded the 25% credit." SecFor 1924.
For 1925.
Customs
$570,000,000
$493,000,000 retary Mellon's letter follows:
Income and profits tax
1,850,000,000
1,800,000.000
Miscellaneous
933,585.000
927,585,000
March 19 1924.
The Treasury estimates were based on figures prepared by the Internal My dear Congressman:
I have your letter of March 17, enclosing copy of 11. J. Res. 215. This
Revenue Bureau and the Director of Customs, with some contributions
resolution provides in substance that a taxpayer paying personal income
by Mr. McCoy.
taxes in 1923
At the same time it was stated that Representative Garner, and if he has in quarterly installments may omit the Sept. 15 installment,
paid in full on March 15 he is entitled to a refund of oneof Texas, ranking Democrat on the House Ways and Means quarter of the amount paid, after his return is audited by the Treasury.
With the principle that it is advisable to permit the taxpayers to get
Committee, who previously had asked the Treasury for tax
the
benefit of the expected
rate estimates, had de3lared that the report submitted to the payable in the calendar surplus in 1924 by a reduction of 25% of the tax
year 1924 I am thoroughly in accord. There may
Senate committee "shows conclusively the Secretary of the be considerable administrative difficulty in the particular method which is
Treasury has several sets of estimates and uses those which contemplated by the resolution.
You will note it covers
the
will best suit his argument." Representative Garner was quarterly and (2) where thetwo cases: (1) wherefull installment is paid
installment is paid in
on March 15. There
is no provision where the tax is paid in full in March and June, or where
further quoted as saying:
Thesefigures show that if the estimates of Mr. McCoy, who always before in the first two payments more than one-half of the tax is paid. No provihas prepared the estimates, had been used the actual probable surplus in the sion is made for taxpayers paying taxes on other than a calendar year basis.
An audit by the Treasury before any refund is made
fiscal year 1925 would be $561,000,000 instead of $395,000,000. If Mr.
will seriously delay
Mellon had used the maximum estimates submitted to him, Mr. McCoy's the refund. There are some $377,000,000 of Government indebtedness mafor tax collections and the Director of Customs for customs collections, the turing in September and heavy interest payments in September and October.
surplus would amount to $643,000,000, which would be larger even than the Making the entire reduction in one installment will disturb the cash position
of the Treasury in September.
Treasury estimated would be cut off under my income tax plan.
It seems to me
Secretary Mellon's statement in explanation of the Treas- standpoint of the it would be simpler, and certainly preferable from the
Treasury, if the plan incorporated in the Revenue Act of
ury figures said:
1924 in the form it was passed by the House
were adopted in a separate
In order to have the benefit of independent judgment upon the principal resolution.
items of receipts, the Treasury had adopted the practice of requiring inUnder this plan if the resolution were passed before
June 15, the taxdependent figures from the Government actuary on customs, income and payer could take on that day a credit of
25% of his March payment, plus
profits taxes, and miscellaneous internal revenue from the Commissioner 25% of his June payment; in September he
could take 25% of his Septemof Internal Revenue. As originally submitted to the Under Secretary,these ber payment and in December 25% of that
payment. If he had paid in full
in March he would have refunded the 25%
tentative figures were as follows.
credit.
By the Government Actuary-1924.
1925.
Very truly yours,
Customs
$54,000,000 $493,000,000
A. W. MELLON, Secretary of the Treasury.
income and profits taxes
1,937,000,000 1.953.000,000
Miscellaneous internal revenue
965,000,000
941,000,000
By the Commissioner of Internal Revenue—
Governor Smith in Special Message to New York
Income and profits taxes
1,750.000.000 1,700,000,000
Legislature Urges Overhauling of Present Tax
Miscellaneous internal revenue
933,585,000
927,585,000
By the Director of Customs—
System to Provide New Sources of Taxation—
Customs
570,000,000
575,000.000
Suggests Municipal Income Tax.
The Under Secretary thereupon called a conference of those who made
the estimates, and after considerable discussion the actuary's figures for
Governor Alfred E. Smith in a special message sent
to
customs for 1924 of $540,000,000 were raised to the Director of Customs'
the Legislature on Monday night, March 24, strongly
figures of $570,000,000.
The actuary's figures for customs in 1925 wero accepted in place of the declares himself in favor of an overhauling of the
whole
Director of Customs' estimate bemuse the actuary had had more experience tax system of the
State and seeks new sources of local
in determining probable future conditions throughout the world, which
taxation in New York State to offset the present tax burden
would affect customs receipts, and he felt strongly that the high level of
on real estate and better to finance the public school systems.
customs receipts would not continue.
In the estimate that customs receipts would drop off, the Treasury is ap- The Governor
argues that "the taxes on real estate cannot
parently int= Justified, since in the first six months of the fiscal year 1924
customs rem ipts wcre some $21,000,000 in excess of the corresponding six be further increased, and if possible should be reduced. If
months of the previaus year. They are now only some $10,000,000 in the cost of local government is to continue to increase,
other
excess, showing a decrease in receipts for the two and a half months since sources of
local revenue must be found. Various possible
Jan. 1 1924 of about $11,000.000.
It seems likely that the estimate of $570,000,000 for the fiscal year 1924 sources occur to my mind." The Governor says the solution
will not be exceeded and may not be reached. No reason has been shown to may be found in local income taxes,
local business or occupachange the estimate for 1925.
tional taxes, local privilege taxes and local luxury taxes.
In thefigures fcr both income and profits taxes and miscellaneous internal
revenue taxes it was felt that the Commissioner of Internal Revenue had In suggesting a thorough investigation of the whole tax
better means of estimation than the actuary, but that the figures of $1,750,- system the Governor
recommends that the present Legis000,000 for 1924 and $1,700,000,000 for 1925, in view of the actuary's
lature create a State commission consisting of an equal
views of business conditions, might be too low, and the Commissioner of
Internal Revenue was requested to submit new figures in view of what had number of members appointed by him (the Governor), the
been discussed at the confcrence.
temporary president of the Senate, the speaker of
the
The Commissioner of Internal Revenue. after deliberation, raised his
Assembly and the commissioner of education, or an officer
figures for each of the years by 3100,000.000, and these figures were accepted
of the education department to be designated by him,
by the Under Secretary and appear as the official estimates of the Treasury. In past years the figures on internal revenue which had been used by whose duty shall be
to make a thorough investigation of the
the Treasury in its annual reports had always been those submitted by the
Commissioner. Up to to-day the collection ofincome and profit taxes indi- tax system and the raising of money for the support and
cate that the estimate for 1924 will be substantially correct.
maintenance of our public school system, and the apportionIn estimating the probable receipts eight months and a year and a half ment or distribution
of public school moneys appropriated
in advance, as was necessary when these estimates were made in October
1923, for years ending June 30 1924 and June 30 1925. the Treasury has by the State, among the cities and school districts of the
had no ulterior purpose other than an effort to arrive at the probable correct State, and to recommend to the
Legislature, not later than
figures and has used the best intelligence available for that purpose.
the session of 1925, such remedial measures as it may seem
It must be borne in mind that this country is now on a high level of prosperity, and with the adoption of the sound tax structure should so continue. advisable. The Governor's message follows:
Estimates of receipts for internal revenue are principally affected by changes
Albany, March 24, 1924.
in the industrial prosperity of the country. Estimates based on a contin- To the Legislature
uation of prosperous conditions would exceed actual receipts if a change is
The tax problem is inseparable from government.
Taxes are, in fact, the
made in the conditions, since the change must be downward.
very foundation of the structure of government. Without
the power to
In like manner, when estimates were made in 1922, and the country was levy them government could not exist. But,
as has been said by an eminent
not then prosperous, a change in conditions made the estimates fall short of Chief Justice of the United States Supreme
Court, "the power to tax inthe actual receipts. Irrespective of any change in the industrial conditions volves the power to destroy," so If taxes are
unjust, unequal or discriminaof the country, a material factor in Government revenue is that the greater tory, although they may not actually destroy,
nevertheless their effect
part of back taxes has already been collected and less revenue may he ex- becomes far-reaching and disastrous. Recently
I have had occasion to
pected in the future from this source.
examine the reports to the Legislatures of 1922 and
1923 of Your
lative Committee on Taxation in connection with the housing Joint Legisproblem. I
have also considered the close relationship of cause
and effect which the
Secretary Mellon on Representative Ackerman's
problem of taxation bears to the problem of rent.
You have again extended
the rent laws for two years. I have also recommended
•
Proposal for 25% Cut in 1923 Income Tax
for your consideration other measures to relleve the emergency, which
it is hoped will increase
Returns.
the housing facilities in the future,
am convinced, however, that there can be no satisfactory solution
In a letter to Representative Ackerman (Republican) of
of the
so long as the
New Jersey, with respect to the latter's resolution providing rent problem borne almost constantly increasing burden of local taxes and
local debt is
exclusively by real estate. Prior to 1880 pracfor the omission of the 25% quarterly payment due Sept. 15 tically all taxes in the State were raised by direct levies upon real
and
personal property. The cost of government, both
on 1923 income tax returns, Secretary of the Treasury Mel- paratively
State and local, was cominsignificant, and the
opinion that it would be preferable if the new systems of indirect taxation burden was not great. From time to time
lon states it as his
have been devised to meet the increasing
proposal embodied in the revenue bill as it passed the House cost of go%ernment, but practically all the revenue from this source has been
retained
Feb. 29 were adopted in a separate resolution. "Under this has been by the State. The vast increase in the cost of local government
borne by real estate, which, since the enactment of the personal
,
MAR. 29 1924.]
THE CH RONTCLE
1481
by tax in a city of over 100,000 inhabitants, "in addition to
Income tax law exempting practically all personal property from local to be raised
and interest of existing debt," shall not exceed
taxes,remains the only source of local revenue. It is true that the localities providing for the principal
per centum of the assessed valuation of the real and
share in the personal income tax and in the corporation franchise tax and In any one year 2
city.
also derive some revenue from the local tax on bank shares, but the amounts personal estate of such
At the present time the cities of New York. Buffalo, Rochester, Syraof revenue so received are trivial compared with the aggregate of local
cuse, Albany and Yonkers are affected by this constitutional tax limitation.
expenses.
At the next enumeration, to be taken probably in 1925. it will be shown that
Really Taxes Grow Rapidly.
the cities of Schenectady and Utica are also n this class. The courts have
burdens of tax—Federal, State and local—are fully set held that expenditures for public school purposes are to be included in
The comparative
forth in the report of your Joint Committee to the Legislature of 1922. and determining the application of the 2% limitation. In all of the cities to
I refer you to that report for verification of the statistics in this message. which this limitation applies, the total amount expended for city and
The per capita cost of government for residents of the State of New York school purposes is in excess of 2% of the assessed valuation of the real and
In 1920 was about $100. of which about 49% was on account of the Federal personal property in each such city. The Constitution does not include
Government. Of the remaining 51%. the receipts for the purpose of the within the limitation money to be raised to pay the principal and interest
State Government in 1920 represented but slightly more than 11% of the of existing debts. It has become necessary, under present financial condientire tax burden, whereas 42% represented the receipts for local Govern- tions, to borrow money and issue bonds or certificates of indebtedness for
ment. In other words, as stated in the report, if all the functions of the the payment of the excess over the limitation required for the current exState Government were completely abolished, the reduction of the total penses of the city government and the public school system.
per capita tax would be only baout 11%.
New Sources of Income Necessary.
Under our system of taxation, a deficiency in the budget, whether
State or local. is reflected at once by an increase in the taxes on real estate.
It is not a good financial policy to borrow money for current expenses.
This increase had been going on by leaps and bounds during the period from If our public schools in these cities are to be maintained with their present
1910 to 1920. During that period the population increased about 14%. standards and at the same time the city governments be provided with
The full value of taxable real property plus the assessed value of personal what is essential for their support, there must be some method devised to
property increased about 45%. The total direct taxes levied on property furnish adchtional sources of income. It has been suggested with some de(creased 88%. The cost of government has thus been increasing much gree of force that the amounts to be raised by a State tax and apportioned
faster than either the population or the valuation of the ta.c base.
to these cities and other districts in the State should be Increased to the
While the taxes were thus increasing, the funded debts of the cities, coun- extent required to furnish them relief.
in similar proporties, towns, villages and school districts were increasing
it is evident from the information available that the present method of
tion. In 1911 the net debt of the local Government units was approxi- financing our public school system is inadequate and unscientific. Means
$897.000.000. whereas in 1920 it was $1.560.000,000, or an increase should be provided for a careful study of this situation. it is closely conmately
of approximately 74%. So again, if we turn to the average tat rate, based nected with the tax conditions to which reference is herein made, and both
upon the assessment of real property at its full value throughout the State, questions may well be considered at the same time.
we find similar increases. The average tax rate, so based. In 1910 was
I shall not attempt to advise you how this is to be accomplished. The
$17 32 per thousand dollars. whereas in 1920 it was $22 43 per thousand taxes on real estate cannot be further increased. and if possible should be
dollars. It must be borne in mind that the rates above referred to are aver- reduced. If the cost of local government is to continue to increase other
age rates, based upon full assessment. The actual rates in many localities sources of local revenue must be found. Various possible sources occur
are very much higher. I am informed that in several cities of the State the to my mind. The solution may be found in local income taxes, local
rate based on estimated true value is between 3 and 5%. What this means business or occupation taxes, local privilege taxes, local luxury taxes:
when the capital tax is converted into terms of income tax is apparent. but in any event, if there is to be any stability in real estate values or in
Income from real estate does not often exceed 6% of the capital value. A. the rent charged for occupation, either the tax on real estate must be a
3% capital tax, therefore, amounts to 50% when converted Into terms of a fixed or at least a maximum rate or the taxes on all objects of local taxation,
net income tax.
including real estate, must be imposed upon a flexible basis, so that an
The report of your committee to the Legislature of 1922 states that when increase or reduction in expenditure will be reflected, not in the taxes on
apartment buildings are purchased by investors in the hope of profit through real estate alone, but in all kinds of taxes imposed, so that the burden or
operation the real estate taxes commonly amount to approximately 50% benefit may be evenly distributed. Such a system would serve as a baof the net income before deduction for taxes. In the case of office build- rometer ofexpenditures,and would operate as a check upon the extravagance
ings, the increases usually run higher—from 60 to 70%.
of local officers.
What is the effect upon the rent payer of this constantly increasing burThe report of your joint legislative committee also discloses the fact that
den of taxation on real estate? The immediate and inevitable effect is for many other taxes in the State, notably those imposed on public service
to add as much as corporations, are unequal and discriminating. The taxes on financial
the owner of the real estate occupied by the rent payer
possible to the rent. If the real estate is occupied by the butcher or baker corporations, including the tax on moneyed capital, are unsatisfactory and
and his rent is increased, he immediately attempts to add the increase to confusing.
the cost of commodities sold by him. Neither the owner of the real estate
In view of what I deem to be an immediate necessity of a thorough
nor the municipal corporation is particularly interested In maintaining a overhauling of our whole tax system, I recommend the creation of a State
officers are constantly striving to in- commission consisting of an equal number of members appointed by the
lore valuation. Indeed, municipal
crease the assessed value in order either to increase the debt-incurring Governor, the temporary President of the Senate. the Speaker of the
capacity of the city or to increase the amount which may be annually raised Assembly and the Commissioner of Education,or an officer of the Education
for city purposes, or by an increased valuation to reduce or maintain a low Department to be designated by him, whose duty shall be to make a thortax rate. The owner of the building is not interested, and especially if he ough investigation of our tax system and the raising of money for the
holds it speculatively, for the reason that a high assessment enables him to support and maintenance of our public school system, and the apportionexact high rents, and in case of sale to secure a high price for his property.
ment or distribution of public school moneys appropriated by the State.
Municipal tax officers now require a statement of income from the owners among the cities and school districts of the State. and to recommend to
upon the
of real estate and to considerable extent base their valuations
you, not later than the session of 1925, such remedial measures as it may
amount of the income. The taxing officers increase the assessment, the deem advisable.
owner increases the rents, and when the owner increases the rents the
In recommending the creation of such a commission, I do not wish in
taxing officers increase tho assessment. And so it goes on while the un- any wise to reflect upon the splendid work which has been accomplished
pay
fortunate rent payers, who in cities represent 90% of the population,
by your joint legislative committee, but it seems to 'me that instead of
the freight: and yet the rent payers will go to the polls and cheerfully vote all the members of the body being chosen from the Legislature, it is delarge appropriations or funded debts, and constantly demand great and sirable that the Governor shall have an opportunity to include in the
costly public improvements with a notion in their minds that the compara- membership of the commission a certain number of experts, who have
tively small number of real estate owners will bear the burden, whereas the given the subject of taxation years of study and research, and in view
fact is the burden is directly upon themselves.
of the fact that school taxation and finances should be considered, that
What inducement is there to the acquisition of homes, if the taxes im- the State Department of Education should be represented on such composed equal 30, 40 or 50% of the income which might be drived from an mission. Furthermore, the all-important question of finding new sources
investment of equal amount in any good security?
of local taxation for the relief of real estate, I am informed, was not gone
It is apparent to me that in the near future there must be a complete into by your committee.
to prevent this continued inflation in
revision of our system of taxation
Such a commission would, of course, consider the valuable statistics
the value of real estate and the consequential increase in rents.
collected and recommendations made by your joint committee, and also
A large part of the cost of local government is for education, and that the school and financial statistics of the State Education Department.
cost we cannot and should not attempt to get away from. The govern- The appropriation for the commission should be made adequate to employ
mental function of educating our children must be carried on at 100% of needed counsel, statisticians and investigators. This work probably
efficiency even if it carries us to the point of depriving ourselves of some could not be accomplished in a single year, but the commission might
other necessity.
recommend to the Legislature in 1925 a complete and comprehensive
The cost of the support and maintenance of our public school system dur- plan covering every phase of the subject.
ing the school year ended July 31 1923, was approximately $210,000,000.
ALFRED E. SMITH.
Of this amount $37,640,000 was appropriated by the State and apportioned
After the message was read, it was referred to the Senate Finance and
by the Commissioner of Education in the several cities and school districts the Assembly Ways and Means Committees. Two or three years of
.
of the State. Of the amount appropriated by the State, approximately continuous investigation of the State's problems of taxation came to a
$22,000,000 was raised by the levy of a State tax upon the taxable real and close only last year, when the Davenport Legislative Committee made
personal property of the State. It thus appears that of the amount expended Its final report to the Legislature.
for the support of the public schools during the last school year $194,000,000
was raised by levy of a direct tax upon real and personal property.
In considering the financing of the public school system it must be Resignation of Harry M. Daugherty as Attorney-Genremembered that such system is a State system and the State as a whole is
eral of the United States—Correspondence
concerned directly therein. An examination of financial and tax statistics
with President Coolidge.
of the State will indicate that there is great diversity and inequality in the
tax rate levied for public school purposes. In the cities such rate varies
Harry M. Daugherty, who has been the centre of many
from 3 mllls to 28 mills; in union free school districts having a population
in the Senate in recent weeks and whose posiof over 4,500 the rate varies from 4 mills to 25 mills: and in union free school stormy debates
districts having less than 4,500 the rate varies from 4 mills to 60 mills. tion as Attorney-General has become increasingly difficult
Among the 10,000 common school districts in the State there are nearly in view of the investigation now being made of his Depart1,000 which either pay no tax for the support of public schools or the tax
of the Senate, of which Senais so small in amount that it is negligible. Of the 8,800 rural school districts ment by the special committee
maintaining schools in which one or more teachers are employed, the tax tor Brookhart is Chairman, as well as the Senate Public
rate varies from 1 mill to 75 mills. Although the discrepancy.would doubt- Lands Committee investigation of the naval reserve oil land
less be less than herein indicated if the school tax was levied upon the actual
Coolidge's
value of the taxable property, it is apparent nevertheless that there is a leases, resigned from office yesterday at President
great inequality in the burden of the tax upon the several cities and dis- request. The President's decision was based on a convictricts for the support of public schools.
tion that Mr. Daugherty could not give disinterested atIn apportioning the public money to the school districts of the State the
stress of the Senlaw does not recognize the financial resources of the several cities and dis- tention to his official duties while under the
tricts and the obligations which are placed upon them by way of providing ate inquiry into his conduct. The correspondence was made
school facilities and paying the cost of public school maintenance. It is public at the White House without comment, but at the Deprovided in Article VIII, Section 10. of the Constitution that the amount
1482
THE CHRONICLE
partment of Justice Mr. Daugherty immediately prepared a
statement setting forth again his side of the question. Mr.
Daugherty said he twice had offered since Mr. Coolidge became President to retire, but had been requested to remain.
President Coolidge's letter to the Attorney-General requesting his resignation was written under date of March 27.
It follows:
[VOL. 118.
any official position is safe and the most honorable,
upright and efficient
public servant could be swept from office and stable
Government destroyed by clamor.
I have often advised you that my elimination is part
of the program
now being carried out, the origin of the persistent and
vindictive attempt
to discredit me as Attorney-General is well known.
It principally proceeds from two sources: the powerful individuals and
organizations, who
resent my successful action, in conformity with my sworn
duty, to save
this country from violence and anarchy during an industrial
crisis far
My dear Mr. Attorney General:
more serious than the general public has ever known;
second, from those
Since my conference with you. I have examined the proposed reply you equally powerful individuals and organizations, guilty
of graft upon the
suggest making to the demand that you furnish the committee investigatin
Government during the World War, while the youth of
our land was
g
the Department of Justice with film: from that department relating
,
to making the supreme sacrifice for the nation.
litigation and to the Bureau of Investigation. You represent
I have to the best of my ability discharged my sworn duty
to me and
to prosecute
to the committee in your letter that it would not be compatible
with the all such individuals and organizations, but the task has been beset with
public interest to comply with the demand, and conclude
your letter with peculiar difficulty by reason of the fact that the official record in most
a statement that I approve that position.
of these cases was made up by men supposedly representin
g the GovernCertainly i approve the well established principle that department should ment in these transactions, who were either knowingly
or stupidly parties
s
not give out information or documents where such a course
would be detri- to the crime.
mental to the public interest, and this principle is always peculiarly applicThis partnership of the rioter and the war profiteer has ceaselessly
sought
able to your department, which has such an intimate relation
to the admin- to break down the faith of the American people in me and in the Departistration of justice. But you will readily perceive that I am unable
ment of Justice. In the high court of impeachment their
to form
attempt to
an independent judgment in this instance without a long
and intricate inves- fasten guilt upon me collapsed in disgrace to its originators, and they
tigation of voluminous papers, which I cannot personally make,
and so I did not dare appeal again to the Constitutional Court.
should be compelled to follow the usual practice in such cases and rely upon
In the low court of scandal, gossip, rumor and inuendo,
to which appeal
Is now made, it will have no better success w.th the people
Your advice as Attorney-General and head of the Department of Justice.
of this country
But you will see at once that the committee is investigating your personal who read and think and believe in justice and the square
deal, but, coupled
conduct, and hence you have become an interested party, and
the committee with threats of similar treatment of other public men, it has impressed
wants these papers because of a claim that they disclose your personal politicians who think everything of personal and
party expediency, and
conduct of the department.
nothing of the principle involved, with the necessity of
offering me as a
Assuming the., the request of the committee is appropriately limited to sacrifice to propitiate the vengeful interests which
seek my destruction.
designated files, still the question will always be the same. In
I cannot escape the conviction, Mr. President, that your
view of the
request for my
fact that the inquiry relates to your personal conduct,
you are not in a resignation is also most untimely. It comes at a time when the truth is
potion to give to me or the committee what would be disintereste
vanishing falsehood from the public mind, even though
d advice
I have not yet as
as to the public interest.
had an opportunity to place upon the witness stand
before the Senate
You have a personal interest in this investigation which is being made
of committee a single witness in my defense or in explanation or rebuttal of
the conduct of yourself and your office, which may be in conflict with
your the whispered and gossipy charges against me.
official interest, as the Attorney-General. I am not questioning your
No better evidence of the failure to substantiate
faircharges of wrongful
ness or integrity.
action on my part could be offered than the character
of the proceedings by .
I am merely reciting the fact that you are placed in two positions; one, the Senate committee engaged in conducting
the present inquiry. If my
your personal interest, the other, your office of Attorney-General, which accusers had believed me guilty, they would have
been scrupulously careful
may be in conflict.
to select as members of the tribunal men of judicial character,
with open
How can I satisfy a request for action in matters of this nature
winds, in order that an unprejudiced verdict might be
on the
rendered.
ground that you as Attorney-General advise against it, when you as
The choice as majority members of this committee
the
of men, some of whom
individual against whom the Inquiry is directed necessarily have a
personal have openly, bitterly and falsely assailed me under Senatorial immunity,
interest in it? I do not see how you can be acting for yourself in your
own and who had assailed my administration of the Department of Justice;
defense in this matter and at the same time and on the same question the designation of a member of this court as
prosecutor who is the responsible
acting as my adviser as Attorney-General.
author of the resolution against me; the refusal to
apply to the proceedings
These two positions are incompatible and cannot be reconciled. I am any rule of evidence or to grant to me
the customary immediate right of
sure you will see that it is necessary for me to have the advice
of a dis- cross-examination and early opportunity for rebuttal, and, above all, the
interested Attorney-General in order that I may discharge
the duties of character of the witnesses, including blackmailers, bootleggers, confessed
my office in this and other matters. I feel certain that you will
know corruptionists, and discharged and discredited Government employees,
how deeply I regret that this situation has arisen. It
only illustrates the not one of whom has given testimony that would be admitted as evidence
difficulties which are certain to recur with ever-increasing embarrassm
ent in the most loosely conducted court of the land. All this proves to fairand your inability to perform satisfactorily the duties of Attorney-Ge
neral minded men that in the absence of competent and credible testimony, the
under present conditions.
elements in control of this committee seek to convict by immaterial
and
You will readily understand that it is not now my intention to prejudge malicious gossip rota:led by irresponsible witnesses.
In such a tribunal.
the issues which remain to be developed in this investigation. I recognize by such methods, and out of the mouths of such witnesses,
an honest man
that you are entitled to a full and fair hearing, but, as there is no way
by could be convicted of any crime.
which you can divest yourself of the interest you have personally in
I am aware, Mr. President, that the suggestion has been made to
the
you
investigation, I can see no way but for you to retire as Attorney-General, that my retirement from the Cabinet would serve the ends
of party exand I am therefore compelled to request your resignation.
pediency. Had I believed this, I would have retired when this contention
was first raised. Twice since you became President and when
Very truly yours,
I could
have done so without criticism, I have offered to retire from your Cabinet.
CALVIN COOLIDGE.
and you have in each case requested me to remain, because,
as you were
,The Attorney-General's reply, written on March 28, kind enough to say, of your entire
satisfaction with the splendid accomplishfollows:
ments of the Department of Justice under my administration.
After this recent attack and while under fire, I stood my
My Dear Mr. President:
ground because
I believe cowardice and surrender of principle are never
I hereby acknowledge receipt of your letter of March 27. by the hand
expedient and that
of every
your Secretary, requesting my resignation as Attorney-Ge
sacrifice of justice to clamor is followed by demands for
neral of the
still greater
sacrifices. From the beginning this attack upon me has,
United States.
in fact, been an
attack upon the Administration and the Republican
Solely out of deference to your request and in compliance therewith,
Party, which my
I
assailants are seeking to disci edit for partisan purposes.
hereby tender my resignation. While you do not state when you
Since the assault
dseire
upon me began the purpose to attack every Adtninisrati
my resignation to become effective, I most respectfully request
on official of
that it
prominence, including the President himself, has been publicly
become effective forthwith.
revealed.
The American people confront a crisis in national affairs,
Yours very truly,
equal in gravity
H. M. DAUGHERTY, Attorney-General. to any we have faced in our history. Is this to remain a Government of
law and order, of Constitutio
,A second letter from Mr. Daugherty to the President was rights and its safeguards for nal procedure, with its guarantees ofindividual
equal justice to the highest and the humblest,
or is it to become a Government by slander, by terrorism
made public later at the Department of Justice:
and by fear?
In the battle for my rights, as an official and
Under separate cover I have just handed you my formal resignation as
a citizen, the rights of every
citizen of this republic are involved, for who
Attorney-General of the United States to take effect forthwith. Now
of all our millions of people
that knows but that he may
be the next to become the object of unjust accusation
I am no longer a member of your Cabinet, I feel constrained, as a
private maintained by
lawless inquisition?
citizen, in all kindness to call certain matters to your attention.
In conclusion, Mr.President, please accept my thanks
Your request, Mr. President,for my resignation is based on grounds
for your statement
which that you do not
question my fairness or integrity, and believe me,
seem to me untenable. As you will perhaps remember, I did not intend
to
seek your advice with regard to compliance with the demands of the
Yours very truly.
Senate
committee for the indiscriminate delivery of the confidential files of the DeH. M. DAUGHERTY.
partment of Justice or parts thereof. As I explained to you, my duty
Immediately after tendering his resignation as Attorneywas
clear, for I had frequently been called upon to determine the question.
My answer was ready, as I informed you, and furnished you a copy thereof. General, Mr. Daugherty entrained for Atlantic City, where
he will rest for three or four days. Solicitor-General James
My solo purpose in taking the matter up with you was to let you know
the
position I was compelled to take in the interest of the public business
and for M.Beck has assumed control of affairs at the Department of
the protection of the Government, that you might be in position to
advise Justice, pending appointment
of a new Attorney-General.
other departments, if similar requests were made, what course
they should
pursue.
Your suggestion that I cannot function as Attorney-General
and defend Refusal of Harry F. Sinclair
to Testify Further Before
myself against these charges at the same time. I believe is hardly
warranted
by the facts. You know that I have employed counsel,at my own
the Senate Public Lands Committee—Senate
expense,
to take the responsibility of representing me at the hearings before the SenAction on Alleged Contempt Charge.
ate committee, In order that I might devote my time to the public business,
The investigation of the Senate Committee on Public
which I hae been doing continuously.
Those employed in the Department have given no time belonging
to the Lands into the Government oil leases has developed this
Government to this so-called investigation, except to furnish
the data required by the various Congressional committees. The business of the De- week a new phase with the adoption on March 24 of a resopartment is at its peak in efficiency and accomplishment, and I am
lution seeking to hold Harry F. Sinclair, President
prepared
of the
to demonstrate this fact before any tribunal if opportunity is afforded.
Sinclair Consolidated Oil Corporation, for contempt
followYour suggestion that an attack upon a Cabinet officer disqualified
him for further official service is a dangerous doctrine, Mr. President, ing Mr. Sinclair's refusal to testify further before the comall the pretendend charges against me are false. But whether true or mittee. As was noted in these columns last week,
counsel to
false, if a member of the Cabinet is to be incapacitated or disqualified Mr. Sinclair
appeared before the committee on March 21 and
by the preferment of charges against him, no matter how malicious and
grbundless, and he is compelled to give up his responsible position and asked that their client be excused from testifying further
sacrifice his honor for the time being because of such attack, no man in The committee took the matter under advisemen
t, The fol-
MAR. 29 1924.]
THE CHRONICLE
before
lowing day, that is March 22, Mr. Sinclair appeared
refused on the advice of counsel to anthe committee and
swer any questions. As a result of this refusal the Senate,
on
upon recommendation of the committee, took action, and
March 4, by a vote of 72 to 1, it directed its presiding officer
Columto certify to the District Attorney for the District of
action that Harry F. Sinclair had refused
bia for Grand Jury
on
to answer questions put to him by the Senate Committee
which is investigating the leasing of naval oil
Public Lands,
reserves to the Sinclair and Doheny oil interests.
Davis
The only negative vote was cast by Senator
Virginia. Under the law appropriate to the
Elkins of West
Sinclair case the District Attorney for the District of Columbia is authorized to lay the charge of contumacy before
Grand
the local Grand Jury with a view to indictment. The
Jury is now in session, and should it indict Mr. Sinclair he
would be brought to trial in a criminal action. The law provides punishment on conviction as follows:
Section 102, Revised Statutes of the United States:
Every person who, having been summoned as a witness by the authority
upon
of either House of Congress to give testimony or to produce papers
either
any matter under inquiry before either house, or any committee of
or who, having appeared,refuses
house of Congress, wilfully makes default,
shall
to answer any questions pertinent to the question under inquiry,
more than
be deemed guilty of a misdemeanor, punishable by a fine of not
jail for not
$1.000 nor less than 8100. and imprisonment in a common
less than one month nor more than twelve months.
1483
Consolidated stock to Will R. Hays, former Chairman of the
Republican National Committee, to be used in wiping out
the 1920 deficit of that committee. This question Mr. Sinclair refused to answer "on advice of counsel." Other questions related to the testimony given before the committee by
Frederick G. Bonfils and John C. Shaffer, the Denver newspaper publishers, who admitted that they had effected settlements with Mr. Sinclair as to certain rights which they
claimed to have had in the Teapot Dome reserve. Another
question which he declined to answer was a request to identify the "Mr. Hays" referred to by G. D. Wahlberg, an employee of Mr. Sinclair, when Wahlberg was a witness.
Other questions which Mr. Sinclair declined to answer related to the contract by which the Mammoth Oil Co. settled
the claims of the Pioneer and Belgo Oil companies on Teapot Dome, where Sinclair first met Albert B. Fall; the transfer by Mr. Sinclair from a New York bank to a Washington
bank of $100,000, and whether the oil man was ready to
deliver to the committee the books of the Hyra Corporation,
his personal corporation. Mr. Sinclair then presented the
following statement, which was read into the record:
I do not decline to answer any question upon the ground that my answers
may tend to incriminate me, because there is nothing in any of the facts or
circumstances of the lease of Teapot Dome which does or can incriminate
me.
In January of last year I was called before the Manufacturers' Committee
the Senate and produced all books and papers called for and testified fully
asking that Sinclair be excused from testifying fur- of
In
regarding the lease of Teapot Dome and the organization of Mammoth Oil
before the commit- Company, which holds that lease. On Oct.25 last past. I came before your
ther, Martin W. Littleton, who appeared
committee and answered all questions put to me by your committee in retee on March 21, advanced the following arguments:
spect to the lease of Teapot Dome and the organization of Mammoth Oil
committees of
First. That the Constitution does not give Senate
Company and was excused.
will.
this character the right to force citizens to testify against their
In the afternoon of the same day I was recalled and answered all questions
That the committee has completed its work, namely, bring- put to me by your committee, and was again excused.
Second.
ing about legal action to recover the leased lands.
On Dec. 4 last past, I was called again before your conunittee and anThird. That Sinclair has been charged with conspiracy to defraud swered all questions put to me and had my auditor present, who also testiare within the jurisdiction
the Government and that future developments
fied. I was requested to furnish the committee with certain papers and
of the courts only.
memoranda, which was promptly done.
On Dec. 27 last past, I was again called before your committee and anMr. Littleton pointed out that Mr. Sinclair had been beall questions put to me and produced all books and papers asked for
five times, and that at each hear- swered committee. I was then excused until Jan. 4, on which date I aagin
fore the Senate committee
by the
ing he had produced his books and papers, as directed. After appeared and answered all questions put to me by the committee and propapers asked for, and I was finally excused from further
his last appearance, his lawyer pointed out, he was excused duced all books and
after his attendance.
and went to Europe, as he had a right to do, but
Thus it appears that I have been before your committee at five diffeernt
departure the Teapot Dome inquiry flared up, court action sessions and answered all questions and produced all books and papers called ,
and I was finally excused from further attendance. I went abroad en
was demanded and the Senate adopted the Robinson resolu- for,
business which had been delayed owing to the necessity of my attendance on
tion and brought to an end the jurisdiction of the Public your hearings, as I had a perfect right to do, without secrecy and without
evasion.
Lands Committee. Mr. Littleton further said:
Recites Senate's Resolutions.
gentlemen have passed upon the validity of these leases, and so
You
legislated
When I appeared before your committee at these dates and answered
far as the legislative adjudication can be effective you have
with regard your questions and produced all books and papers asked for, your committee
them to be void and have legislatively imposed an injunction
was acting under Senate Resolution 282 of the Sixty-seventh Congress,
to the property.
investigate the entire subject of leases upon naval
You have established a policy of the Government on this subject, and which authorized you to
would not oil reserves, with particular reference to the protection of the rights and
anything you bring out would be only a matter of detail, which
the United States and the preservation of its natural resources.
equities of
warrant the further examination of my client in this matter.
Since the date of my last appearance before your committee and at the '
You have discharged all of the duties placed in your hands. There
complete divestation of the Public Lands Committee of its nstance of your committee, the Senate and House passed Senate Joint
has been a
the President. I make that
authority for further consideration. Then, what right have you to pro- Resolution No. 54, which has been signed by
ceed? What is it your committee is investigating? What is it you resolution a part of this statement.
bring out?
would have my client come here to
Whereas, It appears from evidence taken by the Committee on Public
States that certain leases of Naval Reserve
Have you any jurisdiction which entitles you to take Mr. Sinclair, Lands and Surveys of the United bearing date April 7 1922, made in form by
No.3,in the State of Wyoming,
who has been here time after time with his books and papers, and demand the Government of the United States, through Albert B. Fall, Secretary
that he testify further?
of the Interior, and Edwin Denby, Secretary of the Navy, as lessor, to the
lessee, and that certain contract between the GovernSenator Adams, Democrat, of Colorado, asked Mr. Little- Mammoth Oil Co., as
ment of the United States and the Pan-American Petroleum and Transport
25 1922, signed by Edward C. Finney. Acting Secretary of
Co., dated
ton if the committee did not have the right to call Mr. Sin- the InteriorAprilEdwin Denby,Secretary of the Navy,relating among other
and
Harbor, T. H., and that
at
for information on which to base legislation. The things to the construction of oil tanks the Pearl of California, bearing date
clair
State
certain lease of Naval Reserve No. 1,in
answer was that the Senate, by adopting the Robinson reso- Dec. 111922. made in form by the Government of the United States through
Albert B. Falk Secretary of the Interior, and Edwin Denby. Secretary of
lution providing for court action and the annulment of the the Navy, as lessor to the Pan-American Petroleum Co., as lessee, were
already had legislated and established executed under circumstances indicating fraud and corruption; and
Teapot Dome leases,
Whereas the said leases and contract were entered into 'without authority .
a Government policy. "You not only say that the leases on the part of the officers purporting to act in the execution of the same for
the United States and in violation of the laws of Congress;and
were void, but the language you use is very broad, and the
Whereas, Such leases and contracts were made in defiance of the settled
AdministraLittle- policy of the Government, adhered to through three successive adequate to
policy you have established very definite," said Mr.
tions, to maintain in the ground a great reserve supply of oil
in any emergency threatening the national security:
ton. "You have declared that the policy of the Government the needs of the Navy the said leases and contract are against the public
Resolved, &c., That
Is that the oil should be maintained in the ground as a great interest and that the lands embraced therein should be recovered and held
for the purpose to which they were dedicated: and,
reserve supply to meet an emergency. You have thus disResolved, further, That the President of the United States be, and he
hereby is, authorized and directed immediately to cause suit to be insticharged all of your duties."
tuted and prosecuted for the annulment and cancellation of the said leases •
After Mr. Littleton's statement to the committee, his and contract and all contracts incidental or supplemental thereto, to enjoin
the further extraction of oil from the said reserves under said leases or from
client, as noted above, appeared before the nommittee on the territory covered by the same, to secure any further appropriate inci, civil
dental relief, and to prosecute
counsel, to answer any criminal, as may be warranted such other actions or pr the making ofand
March 22 and refused, on advice of
the
by the facts in relation to
questions. Mr. Sinclair, in a statement which he read to the said leases and contract.
And the President is further authorized and directed to appoint, by and
committee, contended that, owing to the fact that the issue with the advice and consent of the Senate, special counsel who shall have
,
charge and control of the prosecution of such litigation, anything in the
of the Teapot Dome lease is now in the courts, the committee statutes touching the powers of the Attorney-General of the Department
and that if the examination should be of Justice to the contrary notwithstanding.
is without jurisdiction,
directed toward eliciting the facts "concerning fraud or corruption" in connection with the negotiation and conclusion of
the Teapot Dome transaction, the committee would, by such
an act, constitute itself a Grand Jury in a case which both
the Congress and the President have transferred to the control of the judicial arm of the Government. Eight questions
were put to Mr. Sinclair by Senator Walsh, and to all of
them the reply was: "I refuse to answer on advice of counsel." One of the questions was as to the accuracy of the
report that the witness, had given a large block of Sinclair
Points to Government's Claims.
This resolution in effect, denounces the lease between the Government
and the Mammoth Oil Co., of which I am President, as void because of
fraud and corruption and for want of lawful authority on the part of the
Secretary of the Navy and the Secretary of the Interior to execute it.
This is an assertion that under the "rights and equitieis" of the United
States the land covered by the lease of Teapot Dome belongs to the United
States. The resolution further asserts that the lease was made"in defiance
of the settled policy of the Government,adhered to through'three successive
administrations, to maintain in the ground a great reserve supply of oil,
adequate to the needs of the Navy in any emergency threatening the nap.
Lionel security." This Is a definite outline of the policy of the Government
with respect to the "preservation of its natural resources." The resolution
'
,
.
1484
!.!
THE CHIIONTCLE
[Vorm 118.
further declares said lease is "against the public Interest and
the lands represent I have refused further to
submit to an ex parte investigation when
embraced therein should be recovered and held for the purpose to
which Congress has referred to the courtsfor
determination the entire matter under
they were dedicated," This is a further definite declaration of the
policy Investigation by the committee. However,
I feel that I may with full proof tho Government for the "preservation of its natural resources.
" It priety make the following statement. I
further provides:
intend no discourtesy to the com,
mittee when I state that it has become apparent
that the investigation long
• That the President.pf the United States be, and he hereby
is, authorize
and directed immediately to cause suit to he instituted and prosecuted d ago reached the point where rumor,suspicion and hearsay,rather than direct
for evidence as to fact, predominate in what is
the annulment and cancellation of the said leases and contract
brought before the committee.
and all I want the public
contracts incidental or supplemental thereto: to enjoin
to know the facts and not to prejudge the matter
under
of oil from the said reserves under said leases or from the further extraction Investigation on the kind of
the territory
unsupported allegations that have seemed to
by the same, to secure any further appropriate incidental relief covered gain
and to
the widest publicity.
prosecute such other, actions or proceedings, civil and criminal, as
may be
On Jan. 16 1924 I left the United States for
warranted by the facts in relation to the making of said leases and
Europe on business. I
contract. should have
gone forty days before I did, and was prevented
The President was further authorized to employ special counsel
from doing so
to prose- only by my required attendance before your committee
. It was not until
cute such litigation and in a further resolution instituted in
the House, I had appeared before the committee five different
times over a period of
$400.000 was appropriated to cover the expenses Incurred in such litigation. about
five months, and had been finally excused from
further appearance.
• Thereafter the President, by and with the advice and consent
of the that I left to make this business trip.
Senate, did appoint counsel, who were duly sworn and took their
office
as special cotinsel to the Government authorized by said Senate Joint
Testimony of "Evil Intent."
Resolution No. 54, and said counsel by bill of complaint in the District
In the course of my appearances I had given the
Court
committee every fact
Of the United States for the District of Wyoming, sued the Mammoth and circumstance, and had produced every book
nad paper requested of me.
011 Co.; the• holder of the lease, the Sinclair Crude Oil Purchasing
Despite all this, I had not yet reached Europe when
Co.
testimony, consisting
and the Sinclair Pipe Line Co. and applied for relief by temporary
In- almost exclusively of insinuations, conclusions without basis in fact, and the
junction and receivers, which was granted. In said bill of complaint rankest kind of hearsay, was broadcast from
the committee rooms. Eviit is charged in Paragraph 28:
dence, if it is entitled to the dignity of that descriptio
n, was given of a charIn negotiating and concluding said agreement said Albert B. Fall and acter so false and so base, and given with such apparent evil intent, that I
said Harry F. Sinclair. acting for ana on behalfof the defendant Mammoth cannot permit It to go unchallenged.
,
011 Co. did fraudulently and covetously combine, confederate and conOn Jan. 211924, Theodore Roosevelt, Assistant
Secretary of the Navy,
entre, in the manner and in the acts hereinabove set forth and other matters and Archie Roosevelt,
his brother, came before the committee. Theodore
and things, to defraud the United States of America:
Roosevelt testified in substance to a conversati
(a) By granting said lease upon said naval petroleum lands in violation
on he had held with his
brother, and, without attempting to verify in any
of law;
manner certain suspicions
(b) To favor and prefer said defendant Mammoth Oil Co. over and that Archie had communicated to
him, said he deemed It his duty to appear
above other persons desirous of taking lease upon said lands:
(c) To insure to said defendant Mammoth 011 Co. the valuable right before the committee in order to request that his brother be afforded the
to receive and take to exhaustion all of the oil and gas which might be opportunity to testify regarding those suspicions. Archie Roosevelt then
obtained from said lands in said agreement mentioned:
came before the committee and testified in substance
that he had been an
(d) To lease the said lands to said defendant Mammoth 011 Co. by employee of the Sinclair
Consolidated Oil Corporation up to a day or two
said agreement at an Inadequate, improper and fraudulent consideration.
before his appearance before the committee
: that ho was familiar with the
Thereafter the said special counsel, acting for the Government, made foreign business of that corporation, and that
of
an official announcement that application had been made for the organiza- with its foreign business he felt certain that on account no his familiarity
there was
business need
tion of a Special Grand Jury in the District of Columbia for the purpose for my going to Europe on Jan. 16.
of inquiring into offenses and crimes growing out of the circumstances
Assails Both Roosevelts.
attending the execution of this lease.
He further testified that both Mr. Zevely and
' is perfectly clear, therefore, from the language of the resolution
It
Mr. Doheny had also left
the country, and yet, within four days after
that your committee, by reason of any constitutional power which it
Roosevelt's appearance both
of these men appeared before the committee to
may possess or by virtue of the resolution under which It is acting, is
give testimony, thus brandnot now engaged, nor could it be engaged in an investigation "with par- ing as false and ridiculous Roosevelt's testimony that they had gone away.
ticular reference to the protection of the rights and equities of the United He then proceeded to relate an alleged conversation between himself and
States and the preservation of its natural resources"; because the Senate, Mr. Wahlborg, my former private secretary. He testified that in a conversation Wahlberg had said to him that he,
from whom you derive your authority, has unanimously passed upon
Wahlberg, had cancelled
all
questions embraced within that authorization and exhausted whatever cheeks to the amount of $68,000, payable to the foreman of Mr. Fall's
ranch. Then Roosevelt gave evidence as to confused
power or authority it had In the premises.
telephone conversaIt is further perfectly clear that the Congress and the President have tions between the parties. Wahlberg followed with testimony denying
emphatically that he ever said to Archie
made of the whole matter a judicial question, determinable solely
Roosevelt in any conversation
by the that he had cancelled
checks for $68,000, payable to the foreman of
courts of the country, and such question is now actually pending
Mr.
in the Fall's ranch.
District Court of the United States for the District of Wyoming,
and
It is evident, therefore, from the recorded
whatever criminal act is claimed Is about to be investigated by a
testimony of the two ReeseSpecial volts and Wahlberg that there
was a direct, unequivocal conflict between
Grand Jury of the District of Columbia.
With due respect to your committee. I claim that you are without any them about this alleged $68,000 payment. Here was a disputed question
regarding a material fact: a fact which if It could
jurisdiction to question me further regarding the procurement of
be established would be
the interpreted everywhere as
an illicit payment that I had made for some
lease or the validity thereof, or any fact or circumstance pertaining
thereto:
that such an examination of me by your committee would not only be ulterior and improper purpose. The Roosevelts know that it would be so
clearly outside of your jurisdiction, but would be, in effect, an examination interpreted. Nevertheless, they not only refrained from taking any action
before trial In a civil action between the Government and the company to establish the truth or falsity of their conclusions, but they even counseled
I represent, by a body of men wholly unauthorized by law and in a wholly Wahlberg not to speak to Mr. Stanford, my personal attorney, who they
knew would, by reason of his close association with my
unauthorized manner.
affairs, be familiar
Or, if your examination should be directed towards eliciting facts con- with the facts. The Roosevelts evidently conceived it their duty not to
investigate, not to try to ascertain what was true or
cerning fraud or corruption, your committee, in effect, would have conwhat was false, but to
stitued Reif a grand jury as to a matter which Congress and the President, volunteer their suspicions, their rumors and their shady insinuations
by Joint Resolution 54, have directed should be presented to the constitu- without any regard to accuracy or truth.
tional authorities of the country.
Says Archie Failed to Make Good.
I am the President of the Mammoth Oil Co. and as such represent all
S. 0. Hildreth, the manager of my New Jersey
()tilers interested in that company. I negotiated the lease of Teapot Dome
stock farm, was summoned before this committee and testified under
and am responsible for those negotiations. Any pertinent question which
oath that the cheeks in
question, amounting to 1168.000, had been paid to
him for services rendered,
your committee could ask would necessarily relate to the procurement
and that he had deposited the checks in his bank,
and the checks themof that lease and its validity. You and the body from which you derive
selves and Mr. Hildreth's bankbook were
produced for the examination
your authority have already sat in judgment on these questions and re- of the committee
, definitely establishing the accuracy of his
mitted them to courts of proper jurisdiction.
evidence.
Some time later the committee had before it a man
I shall reserve any evidence I may be able to give for those courts to
who had In a public
meeting broadcast a scandal concerning the late
which you and your colleagues have deliberately referred all questions of
President Harding, and
his statements received the public contempt they
which you had any jurisdiction, and shall respectfully decline to answer
deserved when he admitted that he had no foundation upon which to
any questions propounded by your committee.
base them, except rumor
and suspicion. The two Roosevelts had previously
appeared before the
committee and had broadcast their contributions
of suspicion and rumor.
They also were compelled to admit, when under
oath, that they had no
Mr. Sinclair's Statement Regarding Loans to Fall and definite facts to present.
The parallel between the two cases is clear
Zevely and His Recent Trip Abroad—Attacks
and suggestive.
In July 1919 Theodore Roosevelt, the present
Testimony Before Senate Committee
Assistant Secretary of the
Navy, brought his brother, Archie Roosevelt, to me
and requested that I
of the Roosevelts.
give Archie employment. Although the young man
was equipped with no
Harry F. Sinclair on the same day that he appeared before previous business experience of any value to us, I acted on the request and
took him into our organizati
the Senate Committee on Public Lands and refused, on ad- man in our organization has on. I gave him opportunities that no other
had, and was
vice of counsel, to answer any questions in connection with would live up to the expectations I held enthusiastic In the hope that he
regarding him. I tried him in
the oil lease investigation, issued a statement explaining his one after another of the branches of our business, and each time without
success. He wanted to live in New York, so I placed
him In the foreign
recent trip to Europe, his loan of 3,500 shares of stock to department, and there again his
work was a disappoin
J. W. Zevely, his personal attorney, and the loan of $25,000 Russia in May 1923 and at the conclusion of that trip I tment. He went to
was convinced that,
In Liberty bonds to Albert W. Fall, formerly Secretary of the notwithstanding all the opportunities and encouragement that had been
given him, he never would and never could make
good.
Interior. Mr. Sinclair assailed the Roosevelts for their tesSalary Raised. 85.000 to $15,000.
Roosevelt's salary during the period he was employed
timony before the committee and charged that Mr. Wahlby us ranged as
follows:
berg, formerly his private secretary, was "framed" by the
Roosevelts. He also revealed that Archie Roosevelt's salary
while in the employ of the Sinclair Oil Co. rose from $5,000
year on Aug. 1 1919, to $15,000 a year on July 1 1922,
which latter salary he was drawing at the time of his recent
resignation from Sinclair's employ. Archie Roosevelt was
a failure in every line of endeavor in which he was employed, Mr. Sinclair 'asserted. Mr. Sinclair's statement follows:
My position before the Committee on Public Lands and Survey is clear
and cannot be misunderstood. In order properly to protect the interests I
Per Year.
85.000
6,000
10,000
15.000
The salary increases were given to him partly
as encouragement and
evidence of our continuing hope in him and partly
in order to help him to
meet the increased cost of supporting himself and
his family in a manner
appropriate to the work for which we were trying
to train him.
During the last few months of his employment,
in spite of his record of
failures, I did not wish to discharge him, because
it was reported to me that
he was looking for other employment and I was
reluctant to damage his
prospects before he could arrange another
business connection.
This is the man who, as soon as I had left for Europe
on Jan. 16 1924,
attempted to assassinate my character by offering
as testimony before
From Aug. 1 1919 to Jan. 31 1920
From Feb. 1 1920 to April 30 1921
From May 1 1921 to June 30 1922
From July 1 1922 to end of his employment
1
MAR. 29 1924.]
THE CHRONICLE
admitted
the committee suspicions and assumptions which he himself
I have
to be without supporting evidence. I have to state further that
years had
learned that a considerable part of his time during the last two
of our
been spent in intrigue directed against various other members
organization.
"False and Malicious."
in his
I publicly brand as absolutely false and malicious the suggestion
testimony that I had no business occasion to go to Europe on Jan. 16 1924,
to estaband as worse than a lie the conclusion he was apparently so eager
lish that I had given $68,000 to the foreman of Mr. Fall's ranch, when
ever
he knew that his alleged informant denied emphatically that there
the
was such a payment and that it would be easy for him to ascertain
and
facts. Such testimony can have been given for one purpose only,
that purpose.
I think the fair-minded public has already detected
In a statement made public a few days ago Mr. Theodore Roosevelt
el
denied certain allegations made regarding him on the floor of the House
or help
Representatives, and held up to public scorn those who circulate
I am glad to
to circulate misleading insinuations and false charges.
exassure Mr. Roosevelt of my cordial approval of the point of view he
pressed and to congratulate him for the change that has occurred in that
point of view since he appeared before the committee to introdce his
brother.
I have read the testimony of Mr. Wahlberg, and I think the evidence
clearly shows that Wahlberg, to use a common expression, was "framed"
by the Roosevelts. But he defeated their purpose when he denied making
the statement attributed to him by the Roosevelts in reference to the
$68,000 payment. As no such payment was ever made, his testimony
must and will prevail over the false suspicions they sought to establish.
1485
Hints at Suit Against Bonfils.
If it appears that I acted on incorrect legal advice, or that the Mantmoth
011 Co. has been induced to enter into these contracts by fraudulent repreCo. will
sentations, or that it has been blackmailed, the Mammoth Oil
have
seek proper redress in the proper tribunal for any wrong that may
been perpetrated upon it.
In reference to the testimony of Mr.?Maffei':It appears that he was interhas sought
ested in the Pioneer Oil and Refining Co. From time to time he
lands
to impress upon me that he had some valid claim against part of the
to his
in the naval reserve and we have had some negotiations in reference
a conclusion.
alleged claims, but these negotiations have never reached
There is one point in his testimony about which he is absolutely mLstaiseia,
and that is that former Secretary Fall held negotiations with me soon after
Mr. Fall became Secretary of the Interior in March 1921. I understand
that Mr. Shaffer in a signed statement in his paper published in Chicago
mishas admitted that he was mLstaken in reference to this date. It was a
take, for, as I have heretofore testified, I never mentioned the Teapot
Dome lease to former Secretary Fall until Jan. 11922.
In reference to the testimony of Mr. Schuyler, I think it is apparent
legal
that it is the testimony of an astute lawyer endeavoring to defend the
his client
position of his client. It is not true that I conspired to deprive
the Teapot
of any rights he might have had while I was negotiating for
his testiDome contract, and it is not clear that Mr. Schuyler intended in
rather from his evidence that
mony to make that direct charge. It appears
representahe was testifying to conclusions that he could have formed from
sought
tions made to him by his client. Several members of the committee
the suggestion
to elicit from him, in contravention of his direct evidence,
Teapot Dome
that I had conspired with the Pioneer Oil Co. to obtain the
character.
lease, but Mr. Schuyler refused to be led into testimony of this
Loan to ?mtg.
Certain testimony has been given in reference to a loan that I made of
also in
3,500 shares of stock to Mr. J. W. Zevely, one of my attorneys;
reference to a loan of $25,000 face amount of Liberty bonds. The testimony given in reference to these transactions is correct. I did loan 3,500
shares of stock to Mr. Zevely, and he still owes me the 3,500 shares, together with the dividends that have been paid on these shares since the
date of the Joan. I expect him to return the stock, together with the
or
dividends accrued. It is not unusual for me to loan stock, securities
cash to my friends. Mr. Zevely sold the stock and used the proceeds.
on Lond Island.
as he told me, In the purchase of a house
a
In April 1923 there was brought to me a proposition in reference to
foreign concession that Involved the development of certain oil resources
d
In Russia. At this same time a subsidiary of the Sinclair Consolidate
for
Oil Corporation was negotiating with the Russian Soviet Government
modifications of some of the terms of a concession it already held for the
development of oil on part of the Island of Sakhalin. The time seemed
opportune to press these negotiations to a conclusion.
During my negotiations with former Secretary Fall in relation to the
Mammoth Oil contract I had become impressed by his knowledge of international law and of his acquaintance with the world oil situation, so when
this Russian matter was submitted to me during the latter part of April
or the early part of May 1923. I considered It important that we should
and
have with us on our contemplated trip to Russia a man of the ability
experience of the former Secretary.
Senate Committee's Investigation of the Department
of Justice—John Gorini's Charges Against William
A. Orr, David A. L'Esperance, AttorneyGeneral Daugherty, &c.—All Make Denials
—Roxie Stinson Charges $33,000,000
Oil Deal.
The relations of Attorney-General Daugherty with the
late Jess W.Smith were among the most important subjects
covered this week in the investigation by the Senate Committee into the Department of Justice. Roxy Stinson,
divorced wife of Smith, was again among the principal
witnesses. Mr. Daugherty, as noted elsewhere in these
columns to-day, yesterday resigned from office, but the
Committee continued its hearings uninterruptedly. The
resignation of Attorney-General Daugherty, Senator Wheeler.
said yesterday, will not have the effect of stepping the Senate
Committee investigating his record, and the investigation
will be pressed with a view to taking steps for criminal
$25.000 Fall Loan Explained.
on.
about three months after Mr. Fall had retired from President prosecuti
This was
to resume
Former Representative J. Vanvechten Olcott of New York
Harding's Cabinet. As he was then a private citizen and ready
I should not employ
the practice of his profession, I saw no reason why
e yesterday that Wayne Wilson,
were about to told the Senate Committe
him as legal counsel in connection with the negotiations we
Republican Club, two years ago
of the Russian Government. Accordingly. a member of the National
undertake with representatives
York on
secure his appointment as a Federal Judge for
I set about securing his services. As we were to sail from New
to
Zevely, offered
May 26 1923, which date was then close at hand, I instructed Mr.
the offer and felt that
with us or $35,000. Mr. Olcott said he rejected
one of my attorneys, to endeavor to have Mr. Fall either sail
of the incident.
possible moment. Mr. Zevely later it was his duty to inform the Committee
follow us to Europe at the earliest
advised me that if Mr. Fall was to leave on such short notice for an extended So far as he knew, Mr. Olcott said, Wilson did not represent
money
European trip it would be necessary for him to have a sum of
any one in the Department of Justice.
approximating $25.000 to meet certain obligations.
It was more convenient at the moment for me to let him have securities
Further testimony in connecticn with the administration
rather than cash, amounting to $25,000, so I instructed Mr. Zevely in case and enforcement of the prohibition laws was given before
Mr. Fall should make the trip, to get the amount in Liberty bonds from
Committee investigating the Department of
my private secretary. I left for Europe before the matter was arranged. the Senate
Drug Co.
but was, of course, informed about it. I wish to state, however, that there Justice on March 21. John Gorini of the Alps
colwas not the slightest secrecy connected with this transaction. The bonds
of New York testified before the committee that he
were sent by express to the bank designated by Mr. Fall and a letter was
Fall's lected and paid $200,000 as graft in connection with perwritten by Mr. Zevely requesting the bank to place the bonds to Mr.
that
credit. It is obvious that no need was felt to practice concealment or mits for the withdrawal of liquor. He further testified
subterfuge. Testimony has been offered before the committee regarding
knowledge 50,000 to 60,000 cases of whiskey
trip to his own
$10,000, which was advanced to Mr. Fall against the expenses of his
warehouses and distributed
to Europe. This money was paid by the interests concerned in the Russian were withdrawn from bonded
transactions.
rs in New York City. The following,sumpary
to bootlegge
"Nuisance" Value of Bonfils Claim.
of the main features of Gorini's testimony was given in the
In reference to the testimony of Mr. Bennis, I never met Mr. Bonfils
•
Stack and others with their New York "Times":
until some time in July 1922, when he, Mr.
attorney came to my office in New York for a conference. Mr. Bennis
Informed me he had acquired an interest in a contract that Stack had negotiated, under which contract Stack was to have an interest in the lease
Co.
applications and placer mining claims of the Pioneer Oil Sz Refining
the
Prior to the execution of the Mammoth lease by the Government and on
Oil Co. had acquired all the rights (as
advice of legal counsel, the Mammoth
s
we understood) of the Pioneer company under its alleged lease application
3.
and placer mining claims on all lands claimed by it in Naval Reserve No.
but
The applications for leases by the Pioneer company had been denied
appeals were pending. The Pioneer company, however, still retained their
placer mining rights a the Government had returned to it the quit claim
deeds when the applications for leases were denied. This entire transaction
has been explained several times by me, the first time in the hearing conducted by the Committee on Manufactures in January 1923.
any
After hearing their story I told them, in substance, that if they had
against
claim against any one it was against the Pioneer company and not
and
me or the Mammoth 011 Co. Later my attorney went into the matter
and
advised me that in his opinion, based on the facts as given by Bonfils
or equity, and that if a settlement could
Stack, they might have some claim
litigate
be made on a reasonable basis it would probably be better than to
the matter.
Bonfils and
Acting on this advice a meeting was arranged with Messrs.
of
Stack. The result of that meeting was the execution of the contracts
contracts
Sept. 25 1922, which have been introduced in evidence. These
certainly
express fully our agreement based upon the facts as given to us. I
Bonfils's
never felt any occasion to buy or to attempt to buy the influence of
to the claims of
newspaper. As a layman and business man I attributed
value, and since my attorney thought
&mills and Stack some "nuisance"
to us, it seemed
that they might hold in law if the facts were as represented
wise to settle them.
had been
Mr. Gorini said that of the money collected by him $50,000
8. Whitpaid to William A. Orr, former Secretary to ex-Governor Charles
the other
man and a close friend of Attorney-Generat Daugherty. while
who was described as one
$150,000 was paid, he said, to Owen J. Murphy,
of Mr. Orr's partners in the alleged bootlegging venture.
and it is
The price paid per permit was at the rate of $15 a case, he said,
had been
figured that at that rate the 60,000 cases which Mr. Gorini said
of between
fraudulently released from warehouses involved graft payments
$900,000 and $1,000,000.
Names New York Lawyer.
The legal adviser of the ring, according to Mr. Gorini, was a lawyer by
were
the name of L'Esperance, who at the time the alleged operations
Broad.
being carried on. which was in 1921. had space in the offices at 120
of which William Hayward. now United
way, then occupied by the firm
e
States Attorney for the Southern District, was a member. ,Mr. L'Esperanc
is now an assistant to the Attorney-General, Mr. Gorinteadded.
Mr. L'Esperance, he said. received 50 cents on each case ofliquor released
Prohibifrom the warehouses. He also testified that $4 of each $15'we11t to
tion Director Hart of New York, who shared it with another than.
He testified that Howard Mannington, close friend of Attorney-Genera;
it, he
Daugherty. received $2 a case, which he split. three ways, part of
of the
said, going to Jess Smith. Mr..Daugherty's "pal." Ortte remainder
withdrawal eras
$15 a case he said that the druggist in whose nitrate the
to Mr.
made received $1 a case, that he himself got $1, that,$8.50 went
Orr and Mr. Murphy.
whisky which hit
Mr. Gorini further charged that 7.100 cases of Scotch
:
an option leas
claimed to have imported legitimately and on which heluad
Letaken from a New York warehouse, carted Oft io arm trAciss, 4s..i3sfthis
re-exporting
trlbuted to bootleggers. The pretense was made of
1486
THE CHRONICLE
[VoL. 118.
liquor, he said, but bricks had been placed in the boxes, and it
was the
bricks and not the whisky that was returned to Europe.
ir Mr. Gorini testified that the liquor which was obtained on the permits
came fretn mum warehouses. He named several. He was asked
by
• Senator Wheeler if any of the whisky had come from the Overholt
distillery,
and replied that one of the first shipments came from it. Senator Wheeler
asked if he knew who owned the Overholt concern and Mr. Gorini
replied
that he did not.
The Witness said that permits applied for by him were for liquor for
medicinal purposes. Senator Wheeler did not press the matter further.
The Senator has indicated by his questioning of Gaston B.
Means that he
will investigate the alleged interest, or alleged former interest,of
Secretary
Mellon in diversion of liquor withdrawn from bond. It has
been stated
that the Overholt concern was owned by the Mellon interests.
testified further as to the Attorney-General's relations with
Jess Smith. Miss Stinson said that Smith told her on one
occasion that "five men had made $33,000,000" in a Sinclair
oil deal in the fall of 1922. She had asked Smith, she said
"were you and Harry in on it?" "No,that's why we're sore.
They were all our friends," she quoted Smith as replying.
Senator Jones asked Miss Stinson to name the five men, and
she said she "was not sure" of them. "Was Ned McLean
one of them?" "I'm not sure."
Miss Stinson's story was brought out after she had been
Major David A. L'Esperance, Special Assistant Attorney questioned about her opinion of the manner in which
Smith
'General in charge of anti-trust prosecutions in this city, On met his death. She said, unqualifiedly, that she believed
March 21, denied emphatically that he had profited in liquor Mr. Smith had committed suicide, and that there was
no
transactions described before the Senate committee inves- substance to theories that he had been killed. "I also consider
• tigating Attorney General Daugherty by John Gorini, Vice- Harry Daugherty as morally responsible for the
death of
President of the'Alps Drug Co. Gorini, it is pointed out, Jess Smith," she said. Senator Brookhart asked a few more
was one of fourteen defendants, including former Prohibition questions about what the witness knew of the circumstances
Director Harold L. Hart and William A. Orr, former Sec- surrounding the death of Mr. Smith, and that line of inquiry
zetary to Governor Charles S. Whitman, indicted on charges was then dropped. Miss Stinson testified that Smith had
• of defrauding the Government through falsification of liquor told her, in the fall of 1922, that he was continually losing
in
withdrawal permits. Major L'Esperance is a nephew of his stock market operations. It was his discouragementover
• former Senator Chauncey M. Depew. The story of Gorini, this that led him to relate the story of the $33,000,000 deal
in so far as it involved Major L'Esperance, was described as and express disgust because he (Smith) and the Attorney"preposterous" by United States Attorney Colonel William General had not been "let in on it," Miss Stinson said.
Hayward. "I never had business relations with Billy
The cross-examination of Roxy Stinson, on March 27,
(William A.) Orr or Gorini, and I never represented any dis- proved highly spectacular. Miss Stinson, according to
the
tillers or any business directly or indirectly associated with newspapers, turned in her chair to face Paul Howland and
the liquor trade," Major L'Esperance stated. "I know former Senator Chamberlain, counsel for Mr. Daugherty
.
nothing about the liquor law and I would be the last person She answered questions without hesitation, although refusing
whose assistance might be sought in relation to matters to be tied down to dates and facts of which she professed she
affecting liquor or the Volstead Act. I think I met Gorini had no definite recollection. The dramatic climax came
some years ago. I did not know what his business was until when Attorney Howland questioned Miss Stinson about her
he was indicted with Orr and Hart. I have done no private testimony, on March 26, in which she had related that Jess
law business since I have been connected with the Depart- Smith, in the fall of 1922, told her of a deal in Sinclair oil
ment of Justice."
stock by which five men, described as friends of Attorney• Attorney General Daugherty, on March 21, made this General Daugherty, had made $33,000,000 in profits. Miss
comment on the hearing on that date before the Senate Stinson hesitated and Chairman Brookhart announced
that
committee which is investigating the Department of Justice: it was the sense of the committee that the witness need
not
The testimony before the Senate committee investigating
the Department give the names, as she had testified that the Attorneyof Justice failed again to-day to identify or connect the
Attorney-General General did not share in the
deal. There was a sharp exwith any of the matters which were considered by that
committee. Mr.
change between Senator Wheeler and Mr. Chamberlain,
Hayes of Columbus, Ohio, the local agent there of the Samuel
TJngerleider
Co., stock brokers, positively denied the testimony of Roxie
Stinson that during which the latter charged that Mr. Wheeler inferred
he, Hayes, had seen large sums of money in the possession
of the late Jess that he had made a false
answer and that the position taken
W.Smith. He also failed to develop any stock transactions of
the AttorneyGeneral of any kind or character.
by the committee in withholding the names was hampering
The telegrams back and forth between Roxie Stinson and
the late Joss counsel for the Attorney-General in getting at the facts.
Smith were of no possible interest to any one, and had no bearing
upon
Miss Stinson was followed by Captain H. L. Scaife, a
the present inquiry.
The bootlegging situation in New York City and the prosecutions
there- former agent of the Bureau of Investigation of the Departunder were aired by one of the gentlemen who was the principal
witness, and ment of Justice, who testified that he had found evidence
demonstrated beyond question that he was guilty of violations of
the law, that convinced
him that over-payments in excess of $7,000,but his testimony merely showed that the District Attorney's office
in New
York C;ty arrested and prosecuted the whole crowd, although
they were 000 had been made to aircraft concerns; that investigations to
unsuccessful in securing convictions in a few.cases.
punish corruptionists had been blocked and no prosecutions
So far as the liquor transactions were concerned, and the permits that
were of
consequence brought by the department.
traded in by those New York City bootleggers, the whole matter
was before
the Prohibition Division, which operates under the Treasury
The Government had been mulcted of more than $2,000,Department
and is not under the Jurisdiction of the Department of Justice.
In no way 000 in the Standard Aircraft
case, he alleged. This was the
did the testimony produced this morning embarrass or implicate
in any
case in connection with which Gaston B. Means has testified
way the Attorney-General in any matter that could properly be the
subject
of any criticism of his department.
that an agent of Mitsui & Co , Japanese bankers, who con:
It is to be hoped that the committee will, at an early date, look for
testi- trolled the Standard Aircraft Co.,
had turned over $100,000
mony beyond the boundaries of the bootlegging districts of New York
City.
The Department of Justice is,exceptionally proud of its record of
prosecu- to him and which he gave to Jess Smith.
tions of liquor cases after they have been brought under the
Senator Wheeler interrupted the testimony to introduce
Jurisdiction of
the Department of Justice, and has filed with the committee an itemized
statement showing its wonderful record in connection with prosecutions several letters by Department of Justice officials and others
under the Volstead Act. This information is now in the possession
of the recommending Mr. Means in the highest terms as an efficommittee, but is quietly lying in the files of the committee while
self- cient investigator and an honest man. One of these was
confessed bootleggers strut across the stage and occupy the limelight
for a written by W.
J. Burns, Director of the Bureau of Investigaday.
Roxie Stinson, on March 22, gave the committee another tions, to Prohibition Commissioner Roy A. Haynes. In it
long chapter of her story, including a description of a "deal" Mr. Burns referred to the temporary suspension of Mr.
at the 1920 Republican convention to nominate Harding, Means by the Bureau of Investigations, stating that Mr.
and details of more whisky "deals," in which she said At- Means had made many enemies because he had gone after
torney-General Daugherty was an influential factor. She crooks, and that he probably would soon be reinstated.
characterized Mr. Daugherty charges that she had attempted to blackmail him as a price for her silence and had
registered at a Cleveland hotel with a man named A. L Letter of Henry Woodhouse to Senate Public Lands
Committee Regarding Contracts Between
Fink as a "beautiful frame-up." The convention "deal,"
British and Doheny Oil Companies.
she said, was related often to her by the late Jess Smith, her
Henry Woodhouse, of this city, who recently appeared
divorced husband and constant companion of Mr. Daugherty. She said she was told of a "deal" involving the promise before the Senate Committee on Public Lands in connection
of a Cabinet position to Jake Hamon, Oklahoma millionaire with charges which he had made as to contracts entered into
oil operator, and of "strong arm" methods by Daugherty in by the British with the Doheny companies, has sent to
the famous early morning conference of Republican leaders Chairman Ladd, Chairman of the committee, the following
at Chicago when they got behind Mr. Harding for the nom- letter supplementing his testimony before the committee:
ination. No specific whisky "deals" were cited by Miss
March 20 1924.
tinson,,but she said Smith had told her of them and had said Hon. Edwin F. Ladd, Chairman, Committee on Public Lands and Surreys.
U. S. Senate, Washington, D. C.
that Daugherty's "influence" was vital to their success.
My Dear Senator Ladd:—In accordance with the
Miss Stinson appeared before the Senate committee, inves- mittee for information regarding the contract maderequest of your comby the British with
tigating the Department of Justice, again on March 26, and the Doheny companies, and regarding letters written to me by officials
of the Doheny companies in reference to said contract,
and information
MAR. 29 1924.]
T-FrE CHRONICLE
1, located in Calishowing whether oil from the U. S. Naval Reserve No.
contract, I transmit
fornia, has been delivered to the British under said
of March 18:
herewith the following information to supplement my testimony
Mr. Doheny
(1) In my testimony of March 18 I stated that in 1919
Controller-General of
visited England and arranged with Lord Pirrie,
member of the
His Majesty's Merchant Shipbuilding; Sir Thomas Boyden,
Committee on the Manning
Advisory Committee of the British Admiralty
for the formation
of Mercantile Marine, and other British shipping officials
in July 1919,
of the British-Mexican Petroleum Co., which was organized
directors were
in England, with a paid-up capital of r2,000m0, and its
, a Government official
Lord Pirrie, Sir Thomas Royden, Lord Inverforth
Sir Peter
and head of Andrew Weir & Co., shipowners and operators:
James Currie,
McClelland, senior partner of Duncan, Fox & Co.; Sir
and L. E.
director of the United Baltic Corp.; Sir Alexander McGuire
of William
Sheldon of Solomon & Co., London bankers; Ensile Walker
both Mexican
Salomon & Co. of New York, which firm acted as bankers for
Sr. and E. L.
Petroleum and Pan-American companies; E. L. Doheny
entered into
Doheny Jr., and that this British-Mexican Petroleum Co.
first call on
a contract with the Doheny group which gave the British
the output of the Doheny companies.
that the
I also stated that the other purpose for this arrangement was
coerce
British wanted to use this connection and the Doheny group to
1487
contribution to the 1920 campaign fund was. Some of the
more important points in Mr. Hays's testimony were brought
out in the New York "Times" as follows:
in which
Referring to the story in the New York "Times" of yesterday,
committee
it was stated that "it is understood that Mr. Hays will tell the
settlement
that the report that 75,000 shares of Sinclair stock figured in the
of 1920 is
of a deficit in the fund of the Republican National Committee
that he will testify that Mr.
true," and that "there is reason to believe
Walsh if
Sinclair supplied the stock," Mr. Hays was asked by Senator
that statement was true.
as it is libelous
"That story," Mr. Hays replied. "is as false in content
in purpose. Really it isn't true. Well, that is the fact about it."
when
Mr. Hays testified that he did not know the origin of the story and
from
Senator Walsh asked him if It would surprise him if the story came
replied that
Joseph O'Neill, an attache of his office in New York, Mr. Hays
n with any knowledge of
Mr. O'Neill could not have given such informatio
the facts. "Because," he added,"there aren't any such facts."
fund did
Mr. Hays said that Mr. Sinclair's contribution to the deficit
the part
not exceed $75,000 and that money was, he thought, applied to
Committee in the Empire
cancellation of a note held against the National
of the Sinclair
Trust Co. of New York. The complete and accurate story
Fred Upham of
contribution, Mr. Hays suggested, could be had from
Chicago, the Treasurer of the National Committee.
Fred Upham Subpoenaed.
was subpoenaed
The committee acted on the suggestion, and Mr. Upham
all books and papers
to appear on Tuesday, and directed to bring with him
Committee by Mr.
showing contributions to the Republican National
Mexico.
of Doheny
I note that a statement has been made by a representative
of the
that no American oil was sold to the British, but that only part
"Mexican
surplus Mexican oil was sold to the British, and that it was
oil refined almost entirely at the Doheny refinery near New Orleans."
Permit me to suggest that your committee can ascertain whether any
Doheny
American oil was delivered to the British, as asserted by the
Bureau Sinclair.
when Chairman of
representatives by calling upon the Department of the Interior.
Mr. Hays branded as false the statement that he,
m
was separate and
of Mines, to produce the detailed reports from which the "Petroleu
the committee, maintained a fund in New York which
much American
Refinery Statistics" are compiled, which will show how
distinct from the fund held by Mr. Upham.
to the Doheny refinery near
Mr. Hays said he had read the
and how much Mexican oil was delivered
Answering a question by Senator Walsh.
secretary to Mr.
New Orleans and how much of each was delivered to the British ships.
statement made to the committee by G. Wahlberg,
statistics are available and I hope that the committee will clear Sinclair, in which Mr. Wahlberg testified that he thought some Liberty
These
not know whether Mr.
up this point by calling for them.
bonds had been loaned to a Mr. "Hays." He did
latter from
the reference may
(2) I find from my file that on Nov. 3 1921 I received a
Wahlberg meant him or not, he said. He added that
Co..
his brother, and Mr.
an H. C. Boynton of the Pan-American Petroleum & Transport
have been to a transaction between Hinkle Hays,
, the details
enclosing a letterfrom Norman Bridge, Vice-President of the same company. Sinclair, which he declared a "purely personal" transaction
stating in part:
of which the committee was welcome to.
was organized was
committee cares to do so,
"The entire basis Amon which the British company
"I will be very glad," said Mr. Hays, "if the
have anything
as an instrument for the sale of petroleum produced in Mexico by American to have their representative go over all the records that
was last summer, and which
to England and other parts of Europe."
companies
to do with the transaction referred to, which
on
the subject matter of
Reference to the closing part of my testimony before your committee
was purely personal, which has nothing to do with
March 18 will show that I offered to prove to the committee by documents the inquiry at all."
Sullivan, Ind., of which
and evidence capable of legal proof, which I submitted to the committee,
Mr. Hays said the law firm of Hays & Hays of
plans,
attorneys for Mr. Sinclair
that this contract had been entered into as a result of two secret
he is a member, had been for many years the
d
when he became a
one of which provided for the acquisition by British Government-controlle
in Indiana. He disassociated himself from the firm
to withre-entered it a week after
agencies of the world's oil resources and the other to cause Doheny
member of President Harding's Cabinet, and
Governresignation as Postmaster General.
hold payment of the oil taxes to the Mexican Government until the
have his
source
ment accepted a scheme for refunding its national debt, which would
The only definite statement from an authoritative
to a group of foreign bankers of over $200,000,000 and would
given a profit
of financing the Republican campaign
them,among concerning the report
hay e given these foreign bankers and the Governments back of
Hays' testimony
them the British Government, complete control over Mexico's resources. deficit with Sinclair oil stock, before Mr.
as of the Monroe Doctrine.
In violation of Mexican sovereignty as well
March 21, from John T. Adams, Chairman of the
this docu- came, on
I stand ready to again appear before your committee with
in that
to do so.
National Committee, who succeeded Mr. Hays
mentary evidence for further examination any time you wish
Doheny group who
(3) Permit me to urge that the representatives of the
He said:
between the office.
used to pay the deficit of
dispute my statement regarding the nature of the contract
"The story that 75,000 shares of oil stock were
the contract.
ridiculous," Mr. Adams said.
Doheny group and the British interests be called to produce
the Republican National Committee is
.
Union made up
I believe that it will establish the correctness of my statements your com- "About 10.000 contributions from nearly every State of the
the part of our
have attacked
took three long years of strenuous effort on
• (4) I note that agents of the Doheny group
s integrity by an the amount. It
ss, and there was no conmittee and seek to cast a reflection upon the committee'
financial organization to wipe out the indebtedne
and a reference to the fact
easy money of any kind."
assertion to the effect that once I killed a man
those who tribution of oil stock or
statement of
that I have persisted in my effort to bring to the bar of justice
which I
The committee heard on March 24 the sworn
plundered aircraft appropriations in the sum of over $500,000,000
and I beg to Harold A. Vivian. the New York "Times" reporter who wrote
had urged Congress to make for the building of the air forces,
that
"Times" of March 20 last, in which
refer the committee to my telegram of Feb. 18, in which I charged
who are a story printed in the
"back of the looters of aircraft appropriations are the same group
is understood that Mr. Hays will tell
It was stated that "It
Interested in the outcome of the oil prosecution."
I was
of Sinclair
I will not take your time in explaning that when I was twenty and
the committee that the report that 75,000 shares
man who tried to kill
working my way through to complete my studies, a
the settlement of a deficit in the fund of the
reflex of stock figured in
me was himself killed by accident; but since it is sought to have a
enclose Republican National Committee in 1920 is true." Before
this unfair charge reflect upon the integrity of the committee, I
lines to my
n Ladd read a
herewith a copy of "Who's Who," which gives seventy-six
Mr. Vivian took the witness chair, Chairma
achievements and a reprint from The National Magazine for December
J. O'Neill, of Mr. Hays's New York
works, and respectfully suggest that telegram from Joseph
1923, which gives a review of my life's
your staff, in which he denied having given Mr. Vivian the inforthey be entered as part of hearings of your committee; and I hope that
ry
committee may find an opportunity to enable me to present documenta
"Times" story was based. Mr. Vivian
appro- mation on which the
evidence proving my charge that "back of the looters of aircraft
statement to be "false
in the outcome of the oil in his testimony declared Mr. O'Neill's
priations are the same group who are interested
" asserting that it was from Mr. O'Neill
"
prosecution.
almost in its entirety,
Yours very sincerely,
was
he obtained all the information on which the story
HENRY WOODHOUSE.
based. In his statement to the Committee Mr. Vivian, according to the "Times," said:
Others Regarding
Testimony of Will Hays and
-past one, the city editor of the New
On Thursday, at approximately half
Contributions to Republican Campaign Fund.
from WashYork "Times" called my attention to a paragraph in a dispatch
When the Senate Committee on Public Lands resumed ington, mentioning this 75,000 shares of Sinclair stock. lie told me to
was, to see him;if possible, to
if Mr. Hays was in New York;if he
hearings this week it continued to hear testimony on the ascartainif he would say anything with reference to this matter,and to learn
find out
alleged gift of 75,000 shares of Sinclair oil stock made by also when he expected to leave for Washington.
I had known Mr. Joseph O'Neill for a number of years. we had worked
Harry F. Sinclair. the oil operator, to tile National Repubthe New York "World." I knew that he, while not being desiglican Committee to meet a deficit Incurred by the party in together on was really the assistant to Mr. Hays, particularly in matters
nated as such,
1920 during the Presidential campaign. The 1920 Presiden- pertaining to publicity. I therefore sought Mr. O'Neill and found him at
his lunch.
tial convention and campaign had figured in previous testi- the Newspaper Club. He had just finished Ho said, "Yes." I said, "I
I said to him, "Joe, is Hays in town?"
mony, but tile situation was cleared up with the appearance want to see him about his 75,000 shares of Sinclair Oil." He said, "Well.
before the committee on March 22 of Will H. Hays, Chair- I don't think he will make any statement." I said,"h he over at the ofseeing his lawyers." I said, "Wil
man of the Republican National Committee during the cam- fice?" Ile said, "No, he is downtownso."
he be back later?" He said. "I think
of 1920 and subsequently for one year Postmaster-Genpaign
Tells of Talk Willi O'Neill.
eral In the Cabinet of President Harding. Mr. Hays took
I loft the Newspaper Club with Mr. O'Neill and walked east on ForthF. second Street to Fifth Avenue, and then north to the building in which Mr.
the stand on March 22 and declared the story that Harry
We discussed several things as we went along; the sale
• 'Sinclair, President of the Sinclair Consolidated Oil Corpora- Hays has his office. Mr. Munsey. and the fact that I had rejoined the
by
to the of the "Herald"Also
tion, had contributed 75,000 shares of Sinclair stock
discussed these investigations in Washington and the
"Times" staff.
thought of
National Committee, to be used in wiping out the 1920 cam- possible political effect they had. I asked him what Mr. Haysas far as he
ons and he told me that he was not concerned,
paign deficit, was untrue. He declared that, so far as he these investigati
he was concerned bepersonally had anything to do with them, but that
knew, Mr. Sinclair had contributed a maximum of $75,000 cause he felt that the memory of President Harding was being besmirched.
not recall what'Mr. Shiclair's and he had thought very highly of President Harding.
to the'deficit fund.'He could
1488
THE CHRONICLE
I then said something about the position
of the future regarding Mr.
Hays. He told me that Mr. Hays's contrac
t with the motion picture interests had another year to run and he believed
that thereafter it would be
renewed or that Mr. Hays would head a
moving picture concern of his own.
I then said to him,"I am very anxious to
see Mr. Hays about this matter,
Joe, and I have to go downtown on some other
business. I will call you up
later, if you don't mind,and find out if
he has come back." With that arrangement I left him.
At 4:15 in the afternoon I called him by
telephone and asked him whether
Mr. Hays had returned. He said no,
but that he was likely to be in almost
any minute. I said,"Well. I will get up
there as fast as I can. If he comes
in hold him so I can see him." He
said."Come ahead."
I reached Mr. O'Neill's office, I think,
almost on the stroke of 5 o'clock.
I sent in my name to Mr.O'Neill, who
came out into the reception room,and
I said,"Did Hays come bark?"
And he said,"Yes, he came in, but he was
in a great rush and did not stay five
minutes." I said,"Did you see him?"
He said, "Yes." I said, "Well,
what about it? What is he going to testify to?" He said."He is going
to tell them be got the stock."
Then he asked me into his inner office
and we sat down at his desk and I
said: "Whom did he get it from,
Joe?" He said, "I don't know. But I
suppose Harry Sinclair; the two have
been great friends for years." I said.
"What did he do with it?" He said,
"I don't know."
[Vox,. 118.
I do not recall seeing Mr. Gilmore
on the train, and I did not have a
conversation with him upon the subject
referred to by him at any time or
place. Mr. Gilmore must have
been confused in this matter.
Heard No Proposition from Hamon.
I became acquainted with Jake
Ramon after he arrived in Chicago for
the convention I did not hear
him make a proposition of any kind to
Senator Harding or his associates
for the delivery of the Oklahoma delegation. Ile certainly made no such
proposition to me.
As to the oil land that Mr.
Gilmore suggests that I was interested in,
perhaps in Southern California, I
desire to say that I have never owned or
been interested in any real estate
outside of the State of Ohio and the State
of Minnesota. I have not at
any time owned an interest in an oil lease
or lands purporting to contain
oil. I have never bought, either directly
or indirectly, sold or owned a
share of oil stock.
1 was very much Interested in
the nomination of the late President Harding, and was interested in his election
, and did what I could, In an honorable
way, to bring about both events.
Allegations of a sensational character were heard by the
Senate Committee on March 27 regarding the Nation
al
Republican convention of 1920 in Chicago and the nomin
aTalked of Stock's Value.
tion of Warren G. Harding for the Presidency
when there
I said, "Joe, how much was Sinclair
stock worth then in 1921 or there- appeared before the commit
tee as a witness Al. Jennings, a
about?" He said, "I haven't any idea,
but I saw a story in the 'Daily former
train bandit, who is now an evangelist. The witnes
News.' I think, estimating the total
worth at something like $500.000 or
s
thereabouts, and they were guessing or speculat
ing as to where he got the told the committee that the late Jake Hamon, Nations!
balance to make up the deficit."
And I said,"He is net going to make Republican Commi
tteeman of Oklahoma, had spent a milany statement before he goes to Washing
ton." He said,"No, there will be lion
no statement." I said, "When is he
dollars to have Harding nominated, with the undergoing to Washington—on the midnight?""No, he won't go until
standing that Hamon would be named Secret
to-mcrrow morning."
ary of the
Then I asked him about the Hays law
firm in Sullivan. Ind.. and he told Interior. The story
me that Mr. Hays had stipulated
had to do with the political ambitions
in making his cm tract with the movinc
and activities of Eamon, who, according to
picture interests that he should retain
his connection with the law firm, ant'
Mr. Jennings,.
he went on to say that while Hinkle
asserted in a Chicago hotel room during the 1920 Republ
Hays was the active member of tin
ican
firm, who always appeared in
court, Will H. Hays was a -tive in the firm. Convention,
that the nomination of Mr. Harding had cost
and he told me that It was very
lucra,ive. He said that his Income from
the law firm, he believed, was in
him $1,000,000; that $200,000 of this went
the ni i;hborhood of $40.000.
to the late Senator
I am mentioning these things to
indicate to what an extent Mr. O'Neill Boles Penrose of Pennsylvania
and $25,000 each to Will H.
conveyed to me that he was theroug,
hly in the confidence of Mr. Hays ou Hays, then
the occasion of this particular intervie
Chairman of the Republican National Comw.
Then I came away, and he did, as 1
mittee; Harry M. Daugherty, now Attorney-General,
left, say that if Mr. Hays did ism
and a
any statement he would see that
man from Ohio, whose name was "Manning"
I got it, as he says in his statement..
I went to the"
or something.
Times" office, and in about an hour Mr. O'Neill called nw•
like that. Mr. Jennings quoted Mr. Hamon
On the telephone. He sal 1."1
see in the 'Evening Sun' what. purports to he
as saying:
a statement from this office in
which there are quotation marks telling of "Money was used indiscriminately with the Oklahoma deleMr. Hawes law firm and his connecti
on therewith, In whatever you writ. gation and it cost like hell
to get the New York delegation."
I wish you would be cart tut not
to say that any statement comes from this He
said that Mr. Eamon told him on another occasion that
Office."
it
I said. "I understood that,
Joe." He said, "What are you going to cost $500,000 more than the original $1,000,000 to carry
write?" I said,"Well, T am going
to write that he got the stock and that Oklahoma for the
Republican ticket that year. The witness
he will tell the Committee so:
that it will probably transpire that. he get it
said Hannon had called him to Chicag as one
from Mr. Sinclair, but as to that
and as to what he did with it there can be
o
who could be
no real statement until he appears
before the Committee: that his attitude relied upon and had told him that Daugherty, Hays and
Is that he could not make a
statement before testifying before the Com- others had
agreed to drop Fall and make Hamon Secretary
mittee, and then we will go on and tell
about his law firm as we discussed
of the Interior; that Hamon was to take over "what the
It." He said."Don't say anythin
g about the $40.000." I said,"Oh, no.
Joe; I understood I was not to say
anything about that." He said, "All Democrats had left of the public lands," out of which Hamon
right." That was the conversation.
expected to make enough money to get himself elected PresiHad Obtained Two Versions.
dent after Harding.
When I sat down to write the story I was struck
with the fact that, while
Will H. Hays, who stopped at Terre Haute,Ind., on March
Mr. O'Neill had given me one version I also
had obtained from Mr. Hines. 27
on his way to his home in Sullivan, denied the story of an
also a former Chairman of the Republi
can National Committee, a statement
to the effect that he did not believe the story:
he thought it ridiculous, and alleged deal at Chicago with oil men in 1920 to nominate
be had never beard of the stock transact
ion. So I thought for some time Warren G. Hardin
g. He sent this message to Senator Ladd:
over the matter, as to how it would be possible
for those two men hoth to be
"Never, at any time, for any purpose, did I receive from
conveying the correct impression, and I found to
my satisfaction an answer.
It was for that reason that in writing the
story I did not say that the Jake Hamon $25,000 or any other sum, directly or indirectly,
75.000 shares was to make up the deficiency, but
I said that it figured in personally or on behalf
the settlement of the deficit.
of the Republican National ComThat was all L heard about the story.
It appeared on Friday morning, mittee, or otherwise." Mr. Hays said he could not underand nothing was heard from Mr. Hays or Mr. O'Neill
during the whole of stand why a denial should be expected to such an unsupported.
Friday, and on Saturday, bitting here in this room,
I fully expected to hear statement.
The story told by Jennings, he added, would not
Mr. Hays testify that he had received the stock.
be competent evidence in any court.
The Senate Committee also heard on March 24 the
testi- as The story told by Jennings to the committee was branded
"false and preposterous," in a statement by Leighton C.
mony of Carmi Thompson, a supporter of President
Harding 'Taylor, former Secret
ary to the
In 1920, who denied that he had any knowledge of
the activi- Pennsylvania. Declaring he had late Senator Penrose of
been in constant attendties of oil interests at the convention of the Republ
ican Party ance upon the Senator while he was ill in Philadelphia before
In Chicago. Tiffin Gilmore, a Deputy Secretary
and during the Chicago convention, Taylor said Ramon
of State of
Ohio, had recently told the committee of an alleged
conver- had never seen or communicated with Penrose and that the
latter had never mentioned Hamon's name to his Secretary.
sation with Mr. Thompson, in which the latter
was quoted as
referring to oil lands and attempted deals. Mr.
Thompson,
who described himself as a lawyer and busine
ss man en- United States Senate Action Looking to Impeachment
gaged in the ore business and in Iron and
of C. C. Chase, Customs Collector at El Paso,
steel, was the
first witness called and received permission to
and Son-in-Law of A. B. Fall.
read a statement, which follows:
A resolution looking to impeachment In the House of Clarence C. Chase, Customs Collector at El Paso, Texas, and
I have been called before you to tell about a statement
which one. Tiffin
Gilmore, testified before you that I was
alleged to have made to him con- son-in-law of A. B. Fall, was adopted on March 25
by the
cerning political deals and other matters
at the 1920 Republican Nati...nal Senate. Offered by
Senator Walsh of Montana, prosecutor
Convention held in Chicago, at which convent
ion Senator Warren G. Harding was nominated for President of the
of the oil investigating committee, the resolution grew
United States.
out
If Mr. Gilmore was quoted correctly in the newspap
ers, he said that the of the refusal of Chase to answer any questions
conversation he was alleged to have
before the
had with me concerning these matters committee
and from the testimony of Price McKinney of
was upon a Pennsylvania train leaving Chicago about
8 o'clock Sunday
evening, immediately after the convent
Cleveland, that Chase had sought to have him
ion, for Washington.
say he lent
did not go to Washington from the convent
ion. I took the New York Albert B. Fall $100,000, when he had
not done so. The vote
Central train, known as the Twentieth Century
Limited, on Sunday imme- on the resolut
diately following the convention, direct
ion was unanimous, 70 Senators casting their
to Cleveland. The train left
Chicago at 12:40 p. m., Central Standard time. While
on the train from ballots. Senator Bursum, Republican, of New Mexico, one
Chicago to Cleveland,I met several friends, among whom
I recall Mr.0.B. of those who had objected to immediate
consideration of the
Stanley and wife and John Price and wife, all of Clevela
nd.
resolution, was absent when the roll was called.
I engaged in conversation with them most of the time from
The SenChicago to
Cleveland. When I was not with them I was visiting
ate's action followed a stormy debate on the
with a prominent
oil disclosures.
steel manufacturer, who discussed with me the outlook for business
engaged in the ore and pig iron business myself, this was a matter . Being First Senator Spencer of Missouri and then Senator Bursum,
of much both Republican
Interest to both of us, as we were at that time passing
members of the oil committee, objected to
through a very
inflated period.
immediate consideration of the resolution, but
both later
MAR. 29
1924.]
THE CHRONICLE
commitwithdrew their objections. Chase was called by the
as had been expected, refused to testee on March 24 and,
of Albert
tify. "How, if at all, are you related to the family
asked Senator Walsh. "Son-in-law," said Mr.
B. Fall?"
month
Chase. "Did you, at his request, come East during the
to
November or December last?" "I respectfully decline
of
the ground that any answer I
answer the question upon
Mr.
might make thereto might tend to incriminate me,"
"And do you take the same attitude with
Chase replied.
you
reference to any question that might be addressed to
ng what transpired on that trip?" "Yes, sir." Mr.
concerni
Chase was excused.
In presenting the impeachment resolution, Senator Walsh
the compointed out that Mr. Chase refused to testify before
him.
mittee on the ground that it might tend to incriminate
Mr. Fall approached Edward B. McLean through the
Before
agency of Mr. Chase, the Senator said, he asked Price McKinney to assume falsely before the country responsibility
for the $100,000 loan which, at that time, was the big puzzle
before the oil committee. The resolution as presented and
adopted reads as follows:
1489
Refusal of Mal Daugherty to Produce Bank Records
Before Senate Committee.
by
Following his refusal to permit a bank examiner sent
e investigating the Department of Justhe Senate Committe
National
tice to further continue his work at the Midland
Washington Court House, Ohio, announcement was
Bank of
of the
made on March 22 by Mal S. Daugherty, President
y, that
bank, and brother of the Attorney-General Daughert
he would refuse to comply with a summons from the commitbefore
tee investigating the Attorney-General to produce
e records of the Midland National Bank, of
the committe
which he is President. He made this statement:
of the comFrom advice of counsel, I refuse to comply with the order
bank to Washmittee. It would be impossible to send the books of the
rs, depositors, the
ington. It was decided in the interest of the stockholde
reason. There is
bank and the community that the request is beyond
testified to before
nothing in the bank to confirm the outrageous falsehoods
customers and the
the committee. For the protection of the individual
test the question.
will
stockholders and upon advice of counsel, the bank
week.
I expect to be in Washington, D. C., within a
head
A few days previously a similar summons for the
the combookkeeper to appear with the bank records before
interfere
mittee was not obeyed on the ground that it would
has
the
Whereas, one Clarence C. Chase is, and for more than a year past
with the normal transaction of bank business while
been, a civil officer of the United States, to wit, the Collector of Customs
ing the
books were in the capital. John L. Phelan, represent
at the Port of El Paso, Texas; and,
Public
Whereas, in the prosecution of an inquiry by the Committee on
committee, was sent t.1 obtain information from the records
became
Lands and Surveys of the Senate, under Senate Resolution 147, it
that might bear on the Senate inquiry into Attorney-Gennecessary to inquire into the source from which one A. B.Fall,late Secretary
time, or shortly eral Daugherty's administration, but the examiner was
of the Interior, secured large sums of money at or about the
leases or
after, he entered upon negotiations resulting in the execution of
halted when, according to M. S. Daugherty, he was preparof bank patcontracts relating to the naval oil reserves; and,
s had ing to make examination of private accounts
Whereas, It appears from the testimony taken and proceeding
into a rons. Mr. Daugherty on March 20 said that Mr. Phelan
before the said committee that the said Clarence C. Chase entered
comconspiracy with the said A. B. Fall to mislead and deceive the said
the bank on March 19, with authority to examto such appeared at
mittee concerning the source of such moneys, and that pursuant
1 1920, also
Novem- ine the deposit ledgers of the bank since Nov.
conspiracy the said Clarence C. Chase, on or about the 29th day of
testify notes, files and transcripts of owners of every safety deposit
ber, endeavored to induce one Price McKinney to represent to and
or about
before the said committee that he had loaned to the said Fall at
drafts and records of individual
the said box and records of income
the time hereinbefore mentioned the suns of 8100,000. whereas
no accounts showing withdrawals of amounts of $25,000 or over
Chase well know that the said Price McKinney had made
Clarence C.
such loan to the said Fall; and,
since that period. Mr. Daugherty said he permitted Mr.
Whereas, the said Clarence C. Chase being, on the 24th day of March Phelom to start his work and furnished everything he rethe
1924, called before the said committee and interrogated concerning to
refused
quested. Mr. Daugherty said, he obse-ved that Mr. Phelan
matters herein referred to by the said committee, declined and
any questions in relation to the same on the ground that his answers was preparing to make an examination of the bank's stateanswer
might tend to incriminate him; now, therefore, be it
Daugherty said
proceedings had ments and„ patrons' private accounts. Mr.
Resolved, That a copy of the testimony adduced and
of fairPublic Lands and Surveys under Senate he then informed Mr. Phelan that he could not out
before the said Committee on
d to the House
as
Resolution 147 be, with a copy of this resolution, transmitte
ness to his patrons, whose affairs he said he regarded
said Clarence C. Chase
of Representatives for such proceedings against the
being outside the scope of the Washington investigation,
as may be appropriate.
.
by continue along the lines he was following
Following the adoption of the impeachment resolution
Following this incident, Frank A. Vanderlip, now in WashWhite
the Senate on March 25 it was made known at the
assisting the Daugherty
immediately ington for the announced purpose of
House that Chase had submitted his resignation
on March 20 a teleoil Investigating committee, made public
after his refusal to answer any questions before the
from John Phelan denying that he had exgram received
committee, but that it had not yet been accepted, although
ceeded his authority. Mr. Phelan's wire said:
Chase said he tendered it to relieve the Treasury DepartI made no effort whatever to examine individual depositors' accounts, as
ment of embarrassment. Senators said the development the statement given to the afternoon papers said.
deposit which
ment proceedwould have no effect on the proposed impeach
I spent my time listing a large number of certificates of
This was all I had done when Mr.
ings. Secretary Mellon on March 26 accepted the resigna- showed huge sums of money carried. had been no unfriendly discussion of
Daugherty stopped my work. There
tion of Chase. Secretary Mellon delayed accepting it until any kind until then. So the only mason he could have for stopping my work
he had sought the advice of Senator Walsh of Montana. would be to gain a few days' valuable time.
-Arms signed
Sergeant-at
The statement issued about me said the Senate
senator Walsh read the Secretary's letter into the record in
false. My authorization was signed by Senator
informed my authority. This wasthe Senate committee which is investigating Mr.
the Senate on March 26 and announced that he had
Hrookhart. Chairman of
origMr. Mellon there was no reason why Mr. Chase should not Daugherty and the Department of Justice. The Senate committee
n for inspecof the Government. The inally demanded that the bank records be brought to Washingto
be permitted to leave the service
be sent to them instead,
tion. The bank asked as a favor that an examiner
mere resignation and its acceptance, Senator Walsh told so the committee sent me to Washington Court House and now I find myself
Washington
the Secretary, would not be a bar to impeachment proceed- the victim of a hostile welcome and unable to do anything until
ings. Mr. Walsh declared he was unable to understand can enforce its wishes.
why President Coolidge had permitted Mr. Chase to remain
in office after the testimony given to the committee on President Coolidge Signs Bill for Refund of 1917 and
March 11 by Price McKinney of Cleveland. Mr. McKinney
1918 Taxes Erroneously Collected.
testified that Mr. Chase went to his home in Cleveland and,
On March 13 President Coolidge signed a bill to amend
on behalf of Mr. Fall, asked him to permit the latter to anand
the Revenue Act of 1921 with respect to refunds of 1917
nounce that McKinney had loaned him the $100,000 which,
. The bill, which extends
1918 taxes erroneously collected
as subsequent developments proved, was loaned to him by
to April 1 1925, the time for taxpayers who have given waivEdward L. Doheny. The President, Senator Walsh deers to file claims for refunds of these taxes, had been passed
clared, should have "ignominiously dismissed" Mr. Chase
by the House on March 6 and by.the Senate on March 10.
from the public service. The letter from Secretary Mellon
Its text is as follows:
was as follows:
Be it Enacted, Etc., That the second proviso of Subdivision (a) of SecTHE SECRETARY OF THE TREASURYWashington, D. C.
March 25 1924.
My Dear Senator —Yesterday Mr. C. C. Chase, Collector of Customs
for Collection District 24, headquarters at El Paso, Texas, presented to
me his resignation from the service, a copy of which I enclose. As a
matter of course, this resignation would have been accepted, but I notiee
in the afternoon papers that some action has been taken in the Senate
looking toward impeachment proceedings. I do not desire to take any
action which might embarrass any proceeding desired to be taken by
the Senate. It will be necessary, however, to find a successor for Mr.
Chase to take charge of this district.
In view of the foregoing, will you be kind enough to advise me whether
it will be satisfactory formally to accept his resignation?
A. W. MELLON,
Very truly yours,
aecrelarif of the Treasury.
"An
tion 252 of the Revenue Act of 1921, as amended by the Act entitled
Act to Amend the Revenue Act of 1921 in Respect to Credits and Refunds,"
approved March 4 1923, is amended to read as follows: "Provided further,
the
That if the taxpayer has, within five years from the time the return for
due
taxable year 1917 was due, filed a waiver of his right to have the taxes
after the
for such taxable year determined and assessed within five years
return was filed, or if he has, on or before June 15 1924 filed such a waiver
credit or
in respect of the taxes due for the taxable year 1918, then such
was
refund relating to the taxes for the year in respect of which the waiver
filed shall be allowed or made if claim therefor is filed either on or before
paid."
April 1 1925, or within two years from the time the tax was
In a Washington dispatch March 13 the New York
"Times" stated:
This bill was sponsored by the Taxation Committee of the American Bar
Association, of which Charles Henry Butler is Chairman. In sneaking of
immimommomimmilmih.
1490
THE CHRONICLE
[VOL. 118.
the Act, Mr. Butler said it would relieve both the taxpayers
and the Treas- to succeed
ury Department
him. Mr. Merritt remained active head of the
There are many thousand cases of 1917 and 1918 taxes
still under adjust- company until Jan. 1 1918, when it consolidated with the
ment In many of them the taxpayers have given waivers
of the statute of Essex County National Bank to form the
limitation, extending the time for the Government
present National
to make additional Newark
assessments in case the taxpayers had underpaid. But
& Essex Banking Co. Because of his advancing
the time to file a
claim for refund for the taxpayers who had overpaid
would expire on March age, Mr. Merrill sought lesser responsibilities and for that
15 if this Act had not passed.
reason
he was made Vice-President of the consolidated institution. Mr. Merritt was a director of the Howard Saving
s
Letter to Equitable Trust Co. Which Made Banki
ng Institution and was the first President of the Essex County
History.
Bankers' Association in 1914.
Several inaccuracies crept into our item of a
week ago
(March 22, page 1355) with reference to the letter receive
The stockholders of the Oxford Bank & Trust Co. of Philad
by the Equitable Trust Co. of New York which was
charac- delphia will hold a special meeting on June 4 to vote on a
terized as making banking history. The article
relative to proposal to increase the capital stock from $250,000 to $500,the interest which the letter had created
was written by 000. The stock, in shares of $50, will be disposed of at $75
A. M. DeBebian, Manager of the advertising depart
ment of per share. The increased capital will become effective apthe Equitable Trust Co. Through a blunde
r of the type- proximately July 1 1924.
setters, the author's name was unfortunately
incorrectly
given. Two other misprints also occurred, but
Frederick A. Carroll has been elected a Vice-President of
these were
palpable errors and must have been so recogni
zed by every the National Shawmut Bank of Boston. He will have
one.
charge of the Trust Department. Mr. Carroll was
graduated from Dartmouth College in 1909 with the degree
of
ITEMS ABOUT BANKS, TRUST COMPANIES,
Bachelor of Arts and from Harvard Law School in
ETC.
1912
The New York Stock Exch.nge membership of
John with the degree of Bachelor of Laws. He was admitted to
Farson was reported posted for transfer this week to
Theodore the Massachusetts Bar that year and practiced law for a
A. Lightner, the corsideration being stated
as $8r,000. year in the office of the Hon. Webster Thayer, now Judge
The last previous sale was for $87,000.
of the Superior Court. In 1913 he went to the Americ
an
Steel & Wire Corporation, as attorney. His work
there
Two New York Cotton Exchange memberships
were brought him in close touch with Frank F. Dresser, General
reported sold this week, each for $30,000. That
of H. L. Counsel for that corporation, with whom he was associated
Goss to Clement More for another, and that of the
estate of in trial and Legislature activities pertaining to Workmen's
Henry L. Wardwell to Phillip G. McFadden for
another. Compensation in Massachusetts and Connecticut. In 1916
The last previous sale was for $31,000.
he became associated with the Liberty Mutual Insura
nce
Co. of Boston as Assistant General Attorney, and in Januar
y
The condensed statement of condition of the Guaran
ty 1923 was made General Attorney of the company.
Trust Co. of New York as of March 20 1924,
published
yesterday, March 28, shows total resources of
The Cosmopolitan Bank & Trust Co. of Cincinn
$567,994,ati, hat
776. The company has deposits of $463,201,653,and
surplus increased the capital from $250,000 to $350,000. Action
to
and undivided profits totaling $18,709,881.
this end was taken a year ago, March 28 1923,
when the
stockholders ratified a proposal to enlarge the
capital to
The Bankers Forum of New York Chapter,
American In- $350,000. Reference thereto was made in our issue of May
stitute of Banking, held its regular monthly
meeting on 5 1923, page 1972. The increased capital became effective
March 26 at the Building Trades Club. Following
the din- Feb. 20 1924. The additional stock (par $100) was disposed
ner, which began at 7 p. m., William E. Knox,
President of of at $110 per share.
the Bowery Savings Bank and First Vice-Presid
ent of the
American Bankers Association, addressed the
meeting on
A consolidation of two important St. Paul banks—namely
"Savings Banks and the Community." After his
address the Central-Metropolitan Bank (capital $400,000) and
the
the meeting was thrown open to general discussion.
National Exchange Bank (capital $300,000)—wa
s effected
last Saturday, March 22, according to the St. Paul
"Pioneerl
A meeting of the stockholders of the Trade
Bank of New Press" of March 20. The institutions which result from the
York will be held on April 4 to vote on the proposi
tion to in- union are the National Exchange Bank and the Central
crease the capital stock from $200,000 to $700,00
0. The bank, Trust & Savings Bank (heretofore the affiliated institution
which is located at 249 W. 34th Street, began
business on of the Central-Metropolitan Bank). The latter will handle
Dec. 18 1922. The stock (par $100) will be
disposed of at the trust and savings business of the new organization. The
$150 per share in order to provide for a surplus
fund of 50% enlarged National Exchange Bank occupies the former
of the capital. The enlarged capital will
become effective banking quarters of the Centtal-Metropolitan Bank at Fifth
as soon as approved by the State Superintendent
and Cedar streets and is headed by Eric Thornt
of Banks.
on, the former President of that institution. Other officer
s of the new
National Bank are: Frederick A. Nienhauser
John J. Cooney, President of Cooney-Eckstein
and A. L.
& Co., and
a director of the First National Bank of Brookl
Roth (formerly Vice-Presidents of the old Nationa
yn and the
l ExDime Savings Bank of Williamsburgh,
died on March 21. change Bank), Vice-Presidents, and A. 0. Jensen (heretoHe was 73 years of age.
fore Cashier of the Central-Metropolitan Bank),
Cashier.
In the case of the new Central Trust & Savings Bank,
_4_..
John
A. Wright remains as President; W. W. Dunn
The financial statement just made public
and C. T.
by the Equitable
Deton remain as Vice-Presidents, and E. M. Pettibo
Trust Co. of New York, showing its conditi
ne conon at the close
tinues as Secretary, while Carl S. Diether, formerly
of business on March 20,reveals the largest
Cashier
total of resources
of the National Exchange Bank, is Treasurer.
yet reported by this institution, $405,00
8,991, compared to
$394,022,606, carried in the previous statem
ent issued at
The following press dispatch from St. Paul under
the close of the year 1923. Deposits stand
date of
at $336,884,603, March 12,
which appeared in the New York "Times
as against $325,924,539, while surplut and undivid
" of
ed rrofits March 13, reporte
d the failure on March 11 of the State
have advanced from $9,798,393 to $10,659,487.
Bank of Lamberton, Minn. The dispatch read:
The State Bank of Lamberbm, which was closed yesterday
(March 11)
David H. Merritt, a Vice-President of the Nationa
l New- because of "bad paper," had deposits of approximately $500,000, A. J.
Veigel, Superintendent of Banks, announced to-day.
ark dr Essex Banking Company of Newark, died on
The bank had a capthe 21st ital of $75,000.
inst. Mr. Merritt, who was seventy-two years
of age, entered the employ of the National Bank of New
Jersey in
The Arkansas National Bank of Hot Springs
New Brunswick at the age of 15 years; four years
, Ark., has
later he increased its capital from
$100,000 to $200,000. The inresigned to become a paying teller in the Newark
City Na- crease was effected throug
h the declaration of a stock divitional Bank. He subsequently, by successive steps,
became dend of 100% and the new
capital became operative Feb. 25.
Assistant Cashier, Cashier and Vice-President of the
Newark The plans to enlarge the
capital were approved by the stockbank, and was elected to a Vice-Presidency following
the holders Feb. 21. The capital
is now $200,000; surplus, .
consolidation of the City National with the Nationa
l Newark $200,000 and undivid
ed profits, $25,000. The book value
Banking Company in 1902. In 1905 Edward S. Campbe
of
ll, the stock (par $100) at $245
per share.
President of the company, died and Mr. Merritt was
elected
4_
MAR. 29 1924.]
T H ll
CHRONICLE
Plans to increase the capital of the First National Bank
of Denver, Colo., will be acted upon at a meeting of the
stockholders on April 10. The par value is $100 per share
and the new stock will be distributed to the present stockholders at $200 per share. It will result in the increase of
capital from $1,250,000 to $1,500,000 and the increase of
surplus from $1,000,000 to $1,250,000.
1491
years later and Inspector in 1879. In 1880 he returned to
Hamilton as Manager of the Hamilton branch. After
spending some time as the bank's Agent in New York, he
assumed the General Managership of the institution in 1886.
During his career Sir Edmund was President of the Canadian
Bankers' Association, a fellow of the Institute of Bankers of
England and a director of many corporations. He was the
author of important books on the banking systems of Canada
and the United States, and also on "Early Italian Art," a
subject on which he was an expert. Sir Edmund was prominently connected with practically every important public
institution in Toronto. He was knighted in 1910.
The Lafayette-South Side Bank of St. Louis, which has a
record of 48 years of banking service, is distributing literature, in the shape of folders and cards, relative to its service,
and picturing various buildings which have been occupied
at different periods. These show the quarters of the LafayA. A. Wilson, Vice-Preside-nt of the Bank of Italy, San
ette Bank in 1876, that of the South Side Bank in 1891, the
building erected for the consolidated institution in Francisco, has been selected to take charge of the bank's
new
1916 and the present building as enlarged in 1921. From Sacramento branch, according to announcement recently
made by A. P. Giannini, President of the institution. Mr.
the folder we take the following:
inseparably linked with the growth and Wilson formerly was associated with the Canadian Bank of
Since 1876 this bank has been
development of South St. Louis—first as the Lafayette Bank, later as the Commerce in its New York and London offices, later going
South Side Bank and still later as a combination of these two in the Lafay- to San Francisco to supervise its activities on the Pacific
ette-South Side Bank of St. Louis as it is now known.
Among our active patrons to-day are many who were with us during the Coast. In 1919 he joined the Park Union Foreign Banking
early stages of our career. Many industries that were small then are now Corporation, establishing its San Francisco branch, of which
"grown up" and are selling their products in every corner of the globe;
he was Manager. During several years spent in Canada, Mr.
many individual depositors, who started in a small way, have built up snug
balances that are still in our keeping. Together we have worked, prospered Wilson became active in Board of Trade circles. He was
and grown—we have kept pace with the growth of South St. Louis.
President of the Board at Fort Williams, the principal great
That the Lafayette-South Side Bank has grown with its community is
served in similar capacity
shown by the growth of its depositsfrom $10,393,344 81 on April 10 1916 distributing centre, and also
to $21,855,126 83 on December 28 1923—an increase of more than $11,- with the Canadian Club.
000,000 in 7% years.
of 46 Ce- dar Street, New York, repre-
Maurice Silvester,
The Citizens Bank of Norfo- lk, Va., announces the death
sentative of the Comptoir National d'Escompte de Paris for
of its President, Tench Francis Tilghman, on March 21.
and Canada, announces under date of
the United States
Two additional Vice-Presid- ents have been elected to the March 22 that according to advices received from the head
roster of the Federal Trust Co. of Richmond, Va., viz. T. T. office of the bank at Paris, France, payment of a dividend ef
Adams, senior member of the firm of T. T. Adams & Co., and 11% for the year 1923 will be proposed at the coming annual
meeting of stockholders. This compares with a dividend of
Rutherford Fleet, a member of the firm of Nolting & Co.
10% paid in preceding years. The net profits for 1923
The New Bern Banking & Trust Co., New Bern, N. C., has amount to fcs. 34,339,576.88, against fcs. 31,658,383.14 for
changed its title to Eastern Bank & Trust Co., New Bern, 1922. Profits of fcs. 13,279,074 04 are carried forward to
N. C., according to the Federal Reserve Board.
new account.
The Federal Reserve Board in its weekly bulletin announces that the Ballinger State Bank & Trust Co., Ballin- THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market the present week suffered another bad
ger, Texas, has changed its title to Ballinger State Bank.
break, due to a number of contributing causes. The depression in the cotton market, the sagging prices of wheat,
Gov. Smith's suggestion of a municipal income tax and the
failure of the American Can Co. to declare an extra dividend
were conspicuous factors in the general depression on Monday and Tuesday. In the brief session on Saturday the market was again irregular, many issues being under strong
pressure and selling at the lowest prices of the year. Railroad shares were the centre of speculative interest during the
'
greater part of the session. In the closing hour oil stocks
came into the foreground, substantial gains being recorded
by Phillips and Pacific Oil. Stocks again moved irregularly
during the greater part of the day on Monday, the main
movements being by groups rather than by individual issues.
The oil shares were in active demand during the greater part
So far as the bank itself is concerned, it is amply protected by a bond of of the day. Specialties were also in strong demand, S. S.
$25,000 made by the American Surety Co. upon all the former employees
Kresge advancing 20 points to new high ground at 360 and
against whom charges have been made and none of the parties are now
officially connected in any manner with the bank. The bank is assured of F. W. Woolworth touching a new high level at 343. In
reimbursement for all things properly arising under its bond.
the railroad group Del. & Hudson and D. L. & W. were in
At the regular annual meeting of the stockholders of the bank, held Tuesstrong demand at substantially higher prices. Tuesday was
day night, March 11 1924, the following directors were elected: E. Worth
Jones Judge H. L. Morris, L. 0. Donald, Joe H. Smith. J. H. Bullock, L. S. a day of declining prices in several of the important groups,
Brotherton, J. T. McMillin, and at a subsequent meeting of the newly elected and a number of the more active issues closed the day with
board of directors the following officers of the bank were elected: E. Worth
the
Jones, President; Judge H. L. Morris, L. 0. Donald, L. S. Brotherton, Vice- a loss of two to five points. In fact the market suffered
Presidents; J. T. McMillin, Vice-President and Cashier; Mike F. Reed and sharpest downward reaction it had experienced in several
Robert 0. Barnes, Assistant Cashiers.
weeks, due to Gov. Smith's message. American Can
The bank has a fine business and is a member of the depositors guaranty
dropped more than five points following the announcement
fund of the State of Texas.
---.--by the board of directors that no extra dividend on the ComSir Edmund Walker, President of the Canadian Bank of mon stock would be paid. General Electric fell 7 points to
Commerce and one of the Dominion's internationally known 221, and Baldwin Locomotive dropped over 3 points to 1173's.
bankers, died at his residence, "Longgarth," in Troonto American Tobacco fell off 7 points to a new low level for the
on March 27 at the age of 76. Death was due to pneumonia year. On Wednesday stock movements were again uneven.
superinduced by a heavy cold and was unexpected until American Can was again weak, declining further. The deshortly before the end. Byron Edmund Walker was born in cline in prices was resumed on Thursday, but affected the
Seneca Township, Ont., and began his banking career in his high-priced speculative issues and the industrial shares to a
uncle's private bank in Hamilton, Ont., when not quite greater extent than other groups. Corn Products declined
13 years of age. In 1868 he entered the service of the over 7 points to 171 and General Electric yielded 12 points
Canadian Bank of Commerce in the Hamilton branch of the to 2113/2. The market had another bad day on Friday.
institution. Two years later he became accountant. In Trading opened fairly firm but around noon prices in the gen1872 he was made accountant at the head office (Toronto). eral list tumbled and some bad breaks took place during midWhen only 25 years old he was sent to New York as Third session. The decline extended to practically all groups.
Agent of the institution. In 1875 he went to Windsor, In the closing hour the market recovered somewhat, Corn
Ont., as Manager, was Manager at London, Ont., three Products rebounding 7 points to 168k.
According to the Dallas "News" of March 18, complaints
were filed on the preceding day in Justice F. H. Alexander's
Court in Dallas by the District Attorney's office on request
of the Dallas County Grand Jury, against W. N. Fullwood,
former President, and Miss Mary Cooke, former Cashier, of
the Oak Cliff State Bank & Trust Co. of Dallas, for making
an alleged false entry of $25,000 in the books of the institution. The entry, it is alleged, was made Jan. 7 1922. Miss
Cooke was released on a bond of $1,500 and Mr. Fullwood's
attorneys informed the District Attorney they were ready
to make bond for their client, Mr. Fullwood being out of the
city. Subsequently J. T. McMillin, Vice-President and
Cashier of the Oak Cliff State Bank & Trust Co., gave out
the fosllowing statement:
1492
THE CHRONICLE
THE CURB MARKET.
Except for some slight animationlron Thursday, Curb
Market trading this week was exceedingly dull. Prices
moved to lower levels early in the week in sympathy with
weakness shown on the Stock Exchange, but losses were
not heavy. For the most part, however, movements were
erratic. Oil stocks, as usual, show the most pronounced
changes. Cumberland Pipe Line sold down from 129 to
125. Galena-Signal Oil common lost two points to 59.
Humble Oil & Ref. eased off from 413 to
4 4034 and closed
to-day at 4078 Magnolia Petroleum, after an advance
/
.
from 140 to 142, fell to 13534. Ohio Oil advanced from
68% to 7034 and reacted finrily to 69. Prairie Oil & Gas
was erratic. After advancing from 236 to 242, it sank to
233, recovered all the loss and again moved downward,
resting finally at 235. Prairie Pipe Line declined from 105
to 10334, recovered to 107 and sold finally at 106. South
Penn Oil was off from 159 to 15434. Standard Oil (Kentucky) receded from 11034 to 10834 and closed to-day at
1083 . Standard Oil (Nebraska) dropped from 241 to 235
%
and Standard Oil of N. Y. from 433 to 4134. In the
A
industrial lists Grand 5-10-25c. Stores was conspicuous for
an advance from 42 to 51, the close to-day being at
5034.
American Gas & Elec. corn. advanced sharply from 60 to
65, reacted to 6234 and ends the week at 63. Dubilier
Condenser & Radio, after an early advance of over a point
to 28, broke to 26, recovered to 30 and finished to-day at
29/s. Durant Motors gained about three points to 24,
3
but dropped finally to 2034. Glen Alden Coal sold up from
85% to 8734 and at 863 finally. Hazeltine Corp. was off
%
from 17 to 143 and ends the week at 153 . Park & Tilford
%
%
gained three points to 303 , but sold finally at 2934. In
%
bonds, Amer. Sumatra Tobacco 734s, after early loss from
85 to 78, recovered to 8834, the final transaction to-day
being at 88.
A complete record of Curb Market transactions for the
week will be found on page 1512.
[Vox., 118.
a toy locomotive that is said to hay contained a swprising
number of working parts.
Except for one commercial enterprise, the importing of an
Enblish bicycle, his life work was literary and journalistic. During the Civil War he was field correspondent for
the "Tribune" in the Peninsular campaign, and while
there got a sunstroke that nearly ended his life. Thirty
years ago he wrote an extended work, a comparison of
the Four Gospels, which received high praise from publishing houses, but was not considered likely to be salable if printed. As a writer he was painstaking in research, compact in style, happy in illustration and, above
all, earnest in speaking the truth. An older brother, still
living, sends us these fugitive lines written by him many
years ago:
Dear God, if I am part of Thee
If some small broken lights of Thine
Merged in the life which I call mine
Then Thou in love regardest me.
Thou art Father and from Thee
Proceed the impulses which move
Thy father heart to father love,
Then for Thyself Thou keepest me.
If past and future are as one,
And in Thine all-embracing thought
The smallest atom Thou hast wrought
Is held until Thy work is done,
Then nought is little before Thee;
Though seeming distant, Thou art near,
Though answering nothing, Thou dost hear,
Thy loving care suffices me.
Though faltering faith beseeches sight,
And prayer the answer which delays,
And Reason, knowing not Thy ways,
Sees only clouds and doubts the light,
Draw me to trust myself to Thee,
Impatience calmed and fears allayed,
For Thou wilt waste nought Thou hut made
And Thou does keep my place for me.
Help me Thy repining hour to bide,
Till Thy revealing morning break,
And I in Thy clear likeness wake
And at the last am satisfied.
FOREIGN EXCHANGE.
COURSE OF BANK CLEARINGS.
Sterling exchange ruled quiet and firm at close to the
Bank clearings the present week again show a
levels of a week ago. The Continental exchanges were
satisfactory
steadier, with gains in nearly all currencies. French francs increase over a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief
made further progress upward, with an additional increase
cities of the
country, indicate that for the week ending to-day
of 38 points.
(Saturday, March 29), aggregate bank clearings for all the
To-day's(Friday's) actual rates for sterling exchange were 4
27%
cities of
for sixty days, 4 29% ®4 303i for cheques and 4 293'g (4)4 30% ®4 27% the United States from
which it is possible to obtain weekly
for cables.
Commercial on banks sight 4 293i ®4 30, sixty days 4 27(4)4
27%,
returns will show an increase of 10.4% as compare
days 4 25% ®4 26% and documents for payment (sixty days) 4 ninety
d with the
4 27%. Cotton for payment 4 29%(414 30 and grain for payment 27% ® corresponding week last year. The total stands
4 29% ®
at $7,780,4 30.
287,256, against $7,046,074,638 for the same week
in 1923.
To-day's (Friday's) actual rates for Paris bankers' francs were
5.40. C) At this centre there is a gain
3
4
of 9.4%. Our comparative
5.42% for long and 5.46@5.48 for snort. Germany bankers' marks
are summar
not yet quoted for long and short bills. Amsterdam bankers'
y for the week is as follows:
guilders
were 36.47 for long and 36.83 for short.
Excnange at Paris on London, 78.50 francs; week's range, 78.
0 francs
high and 79.90 francs low.
The range for foreign excnange for the week follows
Sterling. ActualSixty Days.
Cheques.
Cables.
High for the week
.ea 4 28
50%
4 30%
Low for the week
126%
428%
428%
Paris Bankers' Francs
-High for tne week
5.56
5.62%
5.63%
Low for the week
5.20%
5.28
5
.27
Germany Bankers' Mark High for the week
0.000000000022 0.000000000022
Low for the week
0.000000000022 0.000000000022
Amsterdam Bankers' Guilders
High for the week
36.56%
37.02%
36.98%
Low for the week
36.38
36.80
36.84
Domestic Exchange.
-Chicago, par. St. Louis. 15®25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal,
$22.25 per $1.000
discount. Cincinnati, par.
Clearings-Relurns by Telegraph.
Week ending March 29.
1923.
Per
Cent.
33.743,000.000
473.123,643
398,000,000
330,000,000
•110.000,000
a
114,800,000
110,870,000
135,565,552
125,281,226
79,892.235
77,819,058
51,016,729
Twelve cities, 5 days
Other cities, 5 days
35,749,368,443
919,449,205
83.422,780,211
+9.4
498,447,179
-5.1
:299,000.000 +33.1
284,000,000 +16.2
107,220,431
+2.6
a
a
114,400.000
+0.3
102,237,000 , +8.5
197,131,964 +39.6
95,763,063 +30.8
77,188,666
+3.5
:53,257,028 +46.1
:43,307,090 +17.8
85,194,732.632 +10.7
844,759,915
+8.8
Total all cities, 5 days
All cities, 1 day
$6,668,817,648
1,111,469,608
$6,039.492,547
1,006,582,091
+10.4
+10.4
$7 750 957 955
57 MIA !MI a..
_Lin A
Tntsal nil MI,n, few vrftek
DEATH OF JULIUS WILCOX.-Julius Wilcox, for over
forty years a member of the editorial staff of this paper,
died of pneumonia on March 18 at 9 a. m. Had he lived one
month longer he would have been eighty-seven, having been
born April 17 1837. He was graduated from Middlebury
College, Middlebury, Vt., and was, with one exception, the
oldest graduate of his college then living. A shy, supersensitive boy, the child was the father of the man. He made but
few friends, their circle the narrower because of his extreme
near-sightedness. Within this circle he was greatly beloved
because of his originality, faith and humor, / his absolute
truthfulness, candor and honesty. He never ;ceased using
his pen for the public good and greatly deplored the multiplying evidences of moral laxitude and the groWing disposition on the part of Government to disregard const!tutional
limitations. A born mechanic, machinery fascinated him as
an illustration of the applied power he saw around him in
nature. ;When a boy of twelve or thirteen, he whittled out
1924.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Four days. a Will not report clearings. • Estimated.
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 availabl
e
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
resultsfor the week previous
-the week ended March 22. For
that week there is an increase of 7.7%, the 1924 aggrega
te of
the clearings being $8,385,751,611 and the 1923 aggrega
te
$7,788,719,977. Outside of New York City, however
, the
increase is only 5.0%, the bank exchanges at this centre
having recorded a gain of 9.9%. We group the cities now according to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is an improvement of 13.9%,in the New York Reserve
District (includirg this city) of 9.9%, and in the Philadel-
1493
THE CHRONICLE
MAR. 29 1924.1
phia Reserve District of 7.2%. The Cleveland Reserve District shows a gain of 3.4%, the Richmond Reserve District
of 8.1%, and the Atlanta Reserve District of 3.3%. In the
Chicago Reserve District there is a loss, but it is trifling, being only 0.02%. In the St. Louis Reserve District there is
a falling off of 1.8%,and in the Kansas City Reserve District
of 7.3%. The Minneapolis Reserve District shows an increase of 3.5%, the Dallas Reserve District of 18.5%, and
.
the San Francisco Reserve District of 10.5%.
" In the following we furnish a summary by Federal Reserve
districts:
week Ending March 22.
Clearings at
1924.
1923.
Inc.or
Dec.
1322.
1921.
++ + i
-i
g
3
•1 •
Seventh Feder al Reserve D strict-CSI cage
150.759
250.000• 224,985 +33.8
300,999
-Adrian .._
Mich.
519,286
443.814 ,
896,581
673,140 +33.2
AIM Arbor_ _ _ _
96,418.163
82.000.000
176,825.497 148,400,846 +19.2
Detroit
6.272.527
4.769,064
6,827.507
6383.725 +5.3
Grand Rapids_
1,541,922
1.450.000
2,470.053
2,165.839 +14.0
Lansing
1,591.703
1,484.391
1,962,592
2.229.594 -12.0
-Ft. Wayne
Ind.
14,609,000
18.502.000 -8.8
12.634.000
17,242.000
Indianapolis
2,350.6''
1,726,488
2,158.000
1,500.000'
South Bend
5.299,905
5.299.905 +4.3
5,525.885
Terre Haute_
31.838.773
35,209.311 +4.9
28,451.447'
Wis.-Milwaukee
36,945,048
1.788.471
2.047,494 +10.7
2.266,321
2,101.333
Ia.-Ced. Rapids
8,282,371
9,864,689 +4.4
8,937.069
10,294.078
Des Moines
SUMMARY OF BANK CLEARINGS.
6,863,553
4.952.859
6,115,843 +12.2
5.787.285'
Sioux City.-1.376,883 +28
1.481.637
1,416.062
1.518.571
Waterloo
1,219.206
1.745,304 -5.5
1,650.288
1.473,843
111.-13loom'tonInc.or
611,074,573 643,338,101 -5.0 497.637,963 458,120303
Chicago
1921.
1922.
Dec.
1923.
1924.
a
a
Week ending Mar.22 1924.
a
a
a
Danville
929,165
1,324.212 -14.4
1,132.941
994,901
Decatur
S
$
$
$
Federal Reserve Districts.
3.209.458
3.973.598 +13.8
4,522,663
3,102.775
Peoria
330,137,856 269,714,181
10 cities 484,419,565 425,170,227
1.722.588
(1st) Boston
1,920,040 +32.7
1,713,681
2,547.532
Rockford
,197,471,036 7,220057,376
400,248
10 " 4,726,546,992 4.300,
(2nd) New York
2,040,211
2,375,887 +4.7
2,513,486
2,486,958
Springfield404,909,935 351,388,707
552,355,925 615,456,030
(3rd) Philadelphia----10 "
265,480,663 324,344,370
385,552,552 372,702,743
8 "
(4th) Cleveland
Total(20 cities) 895,409,131 895.621,996 -0.02 677.910,520 619,245,763
12..3,627,502 133,932,057
185,630,633 171,695,217
6 "
(5th) Riehmond
135,173,124 127,959,532
193,730,735 187,518,296
12 "
(6th) Atlanta
Eighth Federa I Reserve Dis riet-St. Lo Ws
677,910,520 619,245,763
895,409,131 895,621,996
20 "
(70) Chicago
3,972,585
4,878,582 +2.6
-Evansville
5,004.769
4.079,609
57,980,732 50,454,499 Ind.
71,084,131 72,411,194
7 "
(8th) St. Louis
a
a
a
a
a
Mo.-St. Louis__
94,092,979 92,346,048
116,741,568 112,810,697
7 "
(9th) Minneapolis_
28,983.791
29,520.719 +10.6
24,041.016
32.654,497
220,454,629 237,935,311
220,277,160 237,741,782
Kansas City.. 11 "
(10th)
350,520
381.429 4-9.0
393.406
415.677
Owensboro.-- _
46,266,982 46,651,239
67,872,100 57,284,684
5 "
(11th) Dallas
15,020.326
24.412.252 -17.7
11,482,016
-Memphis 20.079.846
314,170,956 331,849,905 Tenn.
486,131,122 439,906,763
(12th) San Francisco _16 "
11,435,449 --43.8
8348.330
8,843,791
Ark.-LittleRock
11.345,360
353.972 -20.6
278,601
-Jacksonville
333,647
280,897
M.
122 cities 8,385,761,611 7,788,719,977 +7.7 6,957,676,914 5,806,308,968
Grand total
1,428.791
1.226.57(
1,281,014
Quincy
1,303,085
3 735,214,282 3,558,822.411 +5.0 2,725,020,511 2,636,971,711
New York City
Outside
72.411,194 -1.8
57,980,731
50.454,499
71.084.131
Total(7 cities)- -- - .
„
-!.4 OU,0WOJL, Ninth Federal Reserve Dis triet-M inn esipolls
5,520,440 +9.1
4,795.666
4.597,270
-Duluth
d6,024,936
Minn.
55,937.13!
64.707,258 +4.9
51,075,012
67,879.271
Minneapolis._ _
We now add our detailed statement, showing last week's
27.896,251
36,185,975 +3.5
27,239,078
37,467,820
St. Paul
1,667,694
1,827.357 -3.5
figures for each city separately, for the four years:
1,986.307
1,763,425
No. Dak.-Fargo
841,396
1,095,868 +1.9
1,087.598
1,116.770
-Aberdeen
So.D.
463.359
432,232 -16.6
715.805
360,576
Mont.
-Billings Week Ending March 22.
2,491,475
3,041,767 -30.0
2,644,978
Helena
2,128,770
Clearings al
Inc. or
94,092.979
92,346,048
Total(7cities). 116,741,568 112,810,897 4-3.5
Dec.
1922.
1923.
1921.
1924.
Tenth Federal R eserve Distrl et-Kansas City-315,117
407.721 i-2.5
457.737
Neb.-Fremont _
d417.908
-10.7
489,656
471,823 386,072
421.102
Hastings
First Federal Reserve Dist iCt- Bost° 113,911,404
3,764,915 --2.3
3,322,626
Lincoln
3,678,862
729,388
630,146
545,786
562.737 +12.0
-Bangor___.
Me.
37;683.084
40,928,392 --0.4
38,833,290
Omaha
40,750.854
Portland
2,576,357
3,084,925 --11.7
2.430,243
-Topeka
d2,725,594
Kan.
-Boston _ 442,000,000 383.000.000 +15.4 296.000.000 240,466.277
Mass.
10.312,566
9,691,269 --29.1
10,426,824
Wichita
d6,872,079
1,911,110 +2.6
1,184,952
1,960,465
1,368,777
Fall River-133.816,116 --8.4 125,874.013 138.361,778
Mo.-Kans City 122.536,149
a
a
a
a
Holyoke
a
a
a
a
a
St. Joseph_ _ _
3,014,202 -60.8
835,476
1,092,389
Lowell
1.180.337
a
a
a
a
Okla.-Muskogee
a
a
a
a
a
Lynn
-10.1
20.811,399
23,933,477 24,861,744
Oklahoma City d21,518,535
1,209,751 +13.4
1,372.321
1.214,107
1337,160
New Bedford_ _
a
a
a
a
Tulsa
3.764.882
4.817,209 +7.0
4,145.134
5,153,698
Springfield __ _
849,884
1,345,078 --29.1
41,800
95.3.821
-Col.Spgs.
3,356,654 +6.8
2,968.271 Colo.
3,259.018
3,585.000
Worcester
16,886,280
19,529,098
17,072,413
19,523,745
Denver
6,038.069
10,457.985 +7.5
11,239.843
7.782.263
-Hartford.
Conn.
744.869
768.968 4-14.2
e878,511
887,784
Pueblo
5,110.634
5,497,879 +12.4
4.218.554
6,179.455
New Haven_ _
11.342,700 -2.0 *10,000.000
7,990,900
11,118,300
R.I.-Providence
Total(11 cities) 220,277,160 237,741,782 -7.3 220,454,629 237,935,311
Eleventh Federa Reserve DIs triet-Dalla 6Total(10 cities) 484.419,565 425.170,227 +13.9 330.137.856 269,714,181 Texas
1.601,213
1,615,837 +2.6
1,604,362
-Austin __
1.657,462
24,603,657
32,069,534 +39.6
25.705,549
44,773,007
Dallas
-New York
Second Feder al Reserve D ballet
10.196.000
9,700,698 -2.8
10,907,916
d9,425,330
Fort Worth
4,415.890
4,953,842 +51.1
4,000.000
7,484,892
-Albany-.
N. Y.
5,844.969
8.657,536 -14.9
5,212,106
_
Galveston _
7,368,143
719,700
772.800
897,300 -6.4
839,800
Binghanutoa. __
a
a
a
a
a
Houston
35,165,554 ,32.696.847
47,425.013 +0.9
d47,830,092
Buffalo
4,021,143
5,240,979 -11.3
3,221,306
-Shreveport_
4,648,158
La.
623.920 +9.4
682,657
Elmira
972.824
989,925 +9.2
. e1,080.767
Jamestown_ _
46,266,982
46,651.239
57.284,584 +18.5
Total(5 cities)67.872,100
New York__ - _ 4,650,537,329 4,229.897.566 +9.9 4.142.656.403 3,169.337.277
Twelfth Feder al Reserve D Istriet-San Fraud sea-7,970,992
7,626,640
8.841.844 +16.4
10,288,085
Rochester
30,638,490
32,157,068
40,701.710 +16.7
47.501,439
3,213,824
3301.372 Wash -Seattle..
3,671,991 +15.4
4,238,374
Syracuse
12,350.000 +4.2
Spokane
12,869,000
1,954,707
2,694.621
c3,156.610
2,750.233 +14.8
-Stamford
Conn.
a
a
a
Tacoma
348.042
310,919
348,614 +17.1
408.386
-Montclair
N. J.
1,245,396
1.159.741
1,343,296 4%1
Yakima
1,398.784
26,691,778
45,168,042 -14.4
28,920,917
38,670,624
Total(10 cities) 4.726,546,992 4,300,400,248 +9.9 4.197,471.036 3,220,487.376 Ore -Portland..
10.370,460
13,269,327 +7.4
21,800.000
14.245,708
Utah-S.L.City.
a
a
•
a
a
Nev.-Reno
Third Federal Reserve Dist let- Phila delphl a-a
a
a
a
a
1.407,046
1.010,287
1,269.727 +10.8
734,236 Aria -Phoenix..
-Altoona.__
Ps.
3,151,507
3,482.440
3,955,868 -19.9
3.170,24
119
.
2.913,475
4,285.743 -12.8
Bethlehem_ _ _
2.339,741 Calif.-Fresno
3,858.777
3,139,425
8,295.380 +1.2
8,394,35
Long Beach...
1,147.484 +9.1
1,251,929
855,918
Chester
1.200.000
87.339,000
83,162,000
Los Angeles... 157,940.000 122.757,000 +28.7
2,781.147
3,571.462 -22.1
2,806.869
Lancaster
2,415,367
11,792,160
12.968.264 +22.7
9,976,401
15,911.76
Oakland
Philadelphia__ _ 524.000,000 488,000,000 +7.4 384,000,000 331.693,874
3,614,872
3,095,415
4,999,006 +28.1
Pasadena
6.403,79
3,061,632
2,787,869 +9.8
2,104.927
Reading
1,954.013
5,050,049
5.797,710
6,684,930 +20.5
c113.056,06
Sacramento
5.573,926
5,795,342 -3.8
4,304,701
Seranton
4,371.010
2,704,643
2,337,514
3,251,152 +16.3
3,782,27
San Diego_ _ _ _
3,362,218 +5.6
d3,550,568
2,598.000
Wilkes-Barre_ 2.474.584
San Francisco
162,500,000 158,300.000 +2.7 122,500,000 130,000,000
1,590.954
1,448,282 +9.9
1,145,458
York
1,141.963
li583,150
1,356.368
2,187.620 -18.0
1,794.286
San Jose
5,399,601
3,787,903 +42.5
renton...
3,170,300
N.J.3,063.919
827,874
694.606
968,468 4-19.5
1,156,98
Santa Barbara_
a
a
a
a
DeL-Wilming'n.
a
2,702,800
4,770,300
2,706.700 -13.7
Stockton
e2,335,800
Total(10 cities) 552.355,922 515.456,030 +7.2 404,909,935 351,388.707
Total(16 cities) 486,131,122 439,906.763 +10.5 314,170.956 331.849,905
-Cleo eland
Grand total (122
Fourth Feder al Reserve 13 strict
cities)
8 385,751,611 7,788,719,977 +7.76,867.676.914 5,806.308,i88
d7,522,000
5,674.000 +32.6
5,201,000
Ohio-Akron__ _ _
5,776.000
5,015,674
4,523,035 +10.9
Canton
4,708.920
4.462,702 Outside New York 3,735,214,282 3,558,822,411 +5.0 2.725.020,511 2,636.971.711
74,911,434
73,908,861 +1.4
Cincinnati __ _
59.337.468
56,316,179
113,583,416 101,768.378 +11.6
76,829,147
Cleveland
94,886.665
Week ending March 20.
12.170,500
13,691,600 -11.1
Columbus
11,805,800
14,003,200
Clearings at
a
a
a
a
Dayton
a
Inc. or
a
a
a
a
Lima
a
1922.
Dec.
1923.
1921.
1924.
d2,454.474
2,543,687 -3.5
Mansfield
1.431,633
1,236.058
a
a
a
a
Springfield_
a
Canada$
$
S.
$
%
a
a
a
Toledo
a
82,748,538
88,308,687 100,802,152
98,106.039 -15.7
Montreal
d3,393,770
4,366,695
2,992.182 +13.4
Youngstown
6.284.864 Toronto
94,309,284
90,579.522
88.376.461 -7.4
81,830,431
a
a
a
a
Pa. Erie
a
38,790.447
36.674.955
37,993,247
35,102,606 +8.2
1613,501.278 167,601,000 -0.7 *101,800,000 141,398.682 Winnipeg
Pittsburgh- 12,621.492
Vancouver
13.466,723
17,767,153 -14.1
15,262,358
6.621,687
5,875,361
5.822.456
5,986,094 -1.8
(8 cities). 385,552,552 372.702.743 +3.4 265.480,663 324,344,370 Ottawa
Total
5,927.410
5,011.235
4,847.128
Quebec
4.748,333 +2.1
3,865.241
Halifax
2,294.079
2.704.473
2,364.520 -3.0
Fifth Federal Reserve Dist rict-Mehra ond5,486,086
Hamilton
4,758,502
4,365,411
5,029,563 -13.2
1,943,691
1,751.986 +10.9
W.Va.-Huntlan
1,318,057
1,856,725 Calgary
4,661,146
6321.426
8,153,291
4,145.446 +48.4
7,059,714 +14.1
d8,056,805
Va.-Norfolk
5.903,184
6,465.785 Bt. John
2.496,228
2,673,129 -7.4
2,687.790
2.475,755
50,383,000
53,434.000 -5.7
__
39.052,773
39,398,835 Victoria
2.697,380
2,512,725
2.014.174
1,774,821 +11.6
2,295,132
2,768,707 -17.1
C.-Charles
2.199,456
S.Richmond-ton
2,500,000 London
2,496,324
2,398,685 -4.7
2,809,283
2,285,319
85.376,546 +18.4
Md.-Baltimore _ 101,081,226
57,880,313
68,843,397 Edmonton
4,294.657
3,849,330
3,875,883
3,475,493 +11.5
21,304,264 +2.7
21.870,779
17.273.719
D. C.-Wash'ton
14,867,315 Regina
3,316,556
2,690,931
2,870,314
2,798.418 +2.6
648.457
467,277
475.738
435,807 +7.2
Total(6 cities). 185,630,633 171.695,217 +8.1 123,627.502 133,932,057 Brandon
421,173
Lethbridge
465,001 . 526,186
424,184 -0.7
Saskatoon
1,816,925
1,446.719
1,485,830
1,260,370 +17.9
Sixth Federal Reserve Dist act-Atlant a
Moose Jaw
1,284,878
1,010,077
1,049.982
929.952 +8.6
d6,695,746
7,250.444 -7.7
Tenn.-Chatt'ga
5.423,506
6,167.972 Brantford
1,136,456
786,771
947.113
888,349 -11.4
3.121,565
2,479,094 +25.9
Knoxville
2.520,422
2,600.000 Fort William_ _ _
723,216
884,980
619.512
647,320 +11.7
21,754,584
16,486,292
20,320,570 +7.1
Nashville
14,200,040 New Westminster
484.598
660,786
491,059
482,813 +36.9
57,688,602
53,414,161 +8.0
Ga.-Atlanta___ _
38,909,088
39,827,009 Medicine hat...
360,987
282,688
381,179
310,217 -8.9
1,595,071
2,457,813 -35.1
1,427,120
1,627.799 Peterborough__
Augusta
821.970
708,965
631.624
905,456 -21.7
1,222,522
1,038.447
1,384,409 -11.7
Macon
1,100,366 Sherbrooke
1,035,454
698,140
726,470
963.763 -27.6
a
a
a
a
Savannah
a
928453
Kitchener
894.494
1.031,035 -13.2
1,027.097
14,785,199 +11.6
16,502,373
10,735,099
Fla.-Jacks'nville
9,964,471 Windsor
2,735.048
2,478,415
3.123.122
3,156,564 -21.5
28,063,215
29,476.691 -4.8
16.895,172
13,917,244 Prince Albert _ _ _ _
Ala.-Birm'ham
306,087
367,480
316,317 +16.2
287.223
1,761,734 -0.8
1,747,068
1,547.250
Mobile
1.686,365 Moncton
1,178,264
995,347
651,010
901.967 -27.8
1,220,652
750,132
1,156.210 +5.6
Mlso.-Jackson_ _
650,000 Kingston
592,837
515,604
545,839 -6.5
288,243
315,427
279.449 +2.4
236.268
Vicksburg
53,833.094
39,125.169
52,752,522 +2.0
La.-NewOrleans
35,981,998 l'AmtaltlAnftslx(291 OA? cal ,Aft 92? OAR .714
.1 'Ton Oldlont %no .21,1A 9.19
•
Total(12 cities)
193.730,735
•
187,518,296
-F 3.3
135.173324
127,959,532
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Mar. 19. d Week ending Mar. 20. e Week ending Mar.21. * Estimated.
1494
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu Sr Co. of London, written under date
of
March 12 1924:
[Vol,. 118.
VOLUNTARY LIQUIDATIONS.
Mar. 17- 8082 The Citizens National Bank
of Antlers,
$50,000
Effective March 6 1924. Liq. Agent. M. 1,201rla
D. Jordan,
Antlers, Okla. Absorbed by the First
of Antlers, Okla.. No. 7667. LiabilityNational Bank
for
assumed under Section 5223, U. S. R. S. circulation
Mar. 18-10170 The Latimer County Nationa
1Bank of Wilburton,
Okla
_ 25,000
Effective Feb. 20 1924. Lig. Committee. W.H.
R. Howard. P. S: Jones, J. McConnell, Jno. Powers,
Ti. D. Mahan, Wilburton, Okla. Absorbed Howard,
by First
State Bank of Wilburton, Okla.
Mar. 19- 9515 The First National Bank
of Wilmington, Los
Angeles, Calif
100,000
Effective Feb. 23 1924. Liq. Agent, Don
C. Fohl,
Wilmington. Calif. It is understood
national hank has been absorbed by the business of the
Pacific-Southwest
Trust & Savings Bank, Los Angeles, Calif.
Mar. 19-11391 The First National Bank of Winnett.
25,000
Effective Feb. 21 1924. Lig. Agents, H.Mont
B.
Elmer Eagann and T. Ti. Hegna, Winnett.Greene.
Mont.
Absorbed by the First State Bank, Winnett, Mont.
Mar.20-11986 The First National Bank of Bruce,
Wig
95,000
Effective March 11 1924. Lie. Agent. A. C.
Schultz,
Bruce, Wis. Succeeded by the Farmers and
Merchants
Bank of Bruce, Wis.
Mar.21-12245 The First National Bank of Cheyenn
Effective March 14 1924. TAq. Agent, J. e, Okla__ _ 25.000
H.
Strong City. Okla. Absorbed by First State Kendall,
Bank of
Cheyenne. Okla.
Mar.22-12113 The Clarks National Bank of Aline,
Okla
25,000
Effective March 141924. Liq. Agent. Clarks State
Aline, Okla. Succeeded by Clarks State Bank. Bank,
Aline,
Okla.
GOLD.
The Bank of England gold reserve against its note
issue on the 5th inst.
amounted to £126,274,745, as compared with .C126,27
2,360 on the previous
Wednesday.
A moderate amount of gold came on offer of
which India took a fair proportion.
The Transvaal gold output for February
1924 amounted to 760,617 fine
ounces, as compared with 796,768 fine ounces
for January 1924 and 704,970
fine ounces for February 1923.
Commenting on the Canadian gold outlook for
1924, Mr. W. B. Timms,
of the Dominion Department of Mines at
Ottawa, in a recent article states
that the activity in gold mining and the
exploration and development
carried on during the past three years has
brought many mines to the stage
of production. Northern Ontario is now
producing at the rate of $2,100.000
a month. With an ample supply of power,
and with new producers, the
Ontario production should be approxim
ately $30,000,000 for the year 1924.
Developments in the Stewart district, the
opening up of the Rossland mines,
increased activity in placer mining and
with improvement in the copper
situation, a greater production should be
recorded from British Columbia.
SILVER.
The tendency of the market has kept fairly good.
There has been some
China selling, but not of a persistent character,
and supplies from other
quarters have been intermittent, though America
has been disposed to close
with favorable offers. The buying has been
composed of bear covering
and a few orders from the Indian Bazaars.
Breadstuffs figures brought from page 1569.
-The
According to the "General Bulletin of the America
n Mining Congress,"' statements below are prepared
the U. S. Commission on Gold and Silver says
by us from figures collected by
that the effect of the decline
the New York Produce Exchange. The receipts at Wester
In the price of silver, due to the expiration of the
Pittman Act, cannot be
n
determined until the industry has adjusted itself
to these conditions for an- lake and river ports for the week ending last Saturd
ay and
other year, and adds that "a great wastage,
which will probably continue since Aug. 1 for
each of the last three years have been:
under present unfavorable conditions, has taken
place in silver ore reserves,
mine equipment and capital invested in the
industry." The Commission
Receipts at- Flour. I Wheat.
further states that many of the problems confront
Corn.
Oats.
Barley.
Rye.
ing the silver industry
are not subject to legislative solution and suggests
co-operation of producers
bls.1981bs. bush.80 lbs.bush. 56 lbs. bush. 32 lbs. bush.481bs.buyh.S6lb
to meet the situation, although the solution of some
s.
Chicago
213,000
323,000 2,015,000
problems may require Minneapol
910,000 165.000
80.000
amendment to present laws or new legislation.
1.983,000
464,000
391,000
The Comm ssion refers to Duluth is_
325,000
78,000
proposed investigations by the Bureau of Mines
304,000
470,000
57.000
4,000 130,000
as to developing new uses Milwaukee.-34,000
39,000 377,000
for silver, and suggests a voluntary contribution
209,000 107,000
21,000
by producers and fabri- Toledo
83,000
87,000
53,000
cators of silver of $10000 to conduct the work until
6,000
Detroit
21,000
July 1. Congress has
40,000
60,000
Indianapolis.
been asked to appropriate $15,000 for these investiga
43,000
179,000
144.000
tions for the year be- St. Louie._ - _
102,000
ginning July 1 and the Commission suggests that
388,000
644,000
416,000
21,000
20,000
a llke amount be con- Peoria
53,000
8,000
192,000
tributed by silver producers and fabricators.
184,000
28,000
Kansas City
541,000
486,000
134,000
Omaha
206,000
697,000
INDIAN CURRENCY RETURNS.
210,000
St. Joseph_
94.000
174.000
44,00
(In Lacs of Rupees.)
Feb. 22. Feb. 29. March 7. Sioux City-17,000
189,000
42,000
Notes in circulation
2,000
18606
18619
18555 Total wk.'24_
Silver coin and bullion in India
402,000 4,028,000 6,014,000 2,854,000 650,000
8021
8034
7970 Same wk.'23_
Silver cqln and bullion out of India
404,000 4,072,000 3,832.000 4.240,000 507,000 337,000
Gold cofil and bullion in India
Same wk.'22_
428,000 4,279,000 4,589,000 3,120,000 746,000 582,000
2232
22§
2232
Gold coin and bullion out of India
757,000
Securities (Indian Government)
3Ince Aug.15753
85
8885 1923-24._ .. 14,258,000 168,912,000 218,130,0
Securities (British Government)
.
1400
1400
00173,189,000 2,082,00022,074,000
1400
Bills of exchange
1922-23._.. 18,784,000 333,242,000234,726,000 164,550,0
1200
1200
1200
0029.871,00039,928.000
No coinage of silver is reported during the
1921-22_ _ 14.864.000 267.722.000 293.748.000 152.205.801121
week ending 7th inst.
515.000 16.208.000
The stock in Shanghai on the 8th inst.
consisted of about 27,500,000
Total receipts of flour and grain at the seaboard ports for
ounces in sycee. 42,500.000 dollars and 925
silver bars, as compared with
about 27.200,000 ounces in sycee, 41.500,000 dollars
and 920 silver bars on the week ended Saturday, Mar. 22 1924, follow:
the 1st inst.
-Bar Silver per Or. Std.Receipts atFlour.
Bar Gold
Wheat.
QuotationsCorn,
Oats.
Barley.
Cash.
Bye.
2 Mos.
per Oz. Fine,
March 6
33 9-164.
33 7-16d.
Barrels.
95s. 11d.
Bushels.
March 7
Bushels.
Bushels. Bushels. Bushels.
33%cl.
33 5-16d.
96s. Id. New York--- 250,000 1,435.000
March 8
206,000
222,000
87,000
33%d.
50,000
33 7-16d
Portland, Me.
56,000
387.000
March 10
11,000
50,000
33 13-16d
33 9-16d.
96s. 84. Philadelphia__
55,000
543,000
March 11
78,000
27,000
9,000
33%d.
33%cl.
.
96s. 94. Baltimore_ _ _
21,000
March 12
504,000
235.000
45,000
3351d.
102,000
33 7-16d.
95s, 11d, N'port News.
6,000
Average
33.6454.
33.447d.
96s.3.2d. Norfolk
1.000
8,000
77,000
The silver quotations to-day for cash and forward
Now Orleans
66,000
9,000
86,000.
delivery are respectively Galveston__ •
26,000
3-16d. and hd. above those fixed a week ago.
42,000
Montreal _ _
42,000
74,000
6,000
88,000
11,000
St. John, N.B.
14,000
64,000
95,000
17,000
Boston
24,000
40,000
2,000
19,000
ENGLISH FINANCIAL MARKETS
-PER CABLE.
Total wk.'24.. 535,000 3,108,000
690,000
The daily closing quotations for securities, Sm., at London, Since Jan.1'24 6,424,000 36,305,000 8,315,000 533,000 165,011 161,000
8,425,000 2,793,000 1,184,000
as reported by cable, have been as follows the past week:
3ame week'23 503,000 4,354,000
457,000 329,000 511,000
41nm, inn 1'22 fl 277 Ann 56 055 nnn 01 984,000
London,
. 9515 Ann 5 naa ma I 015 0/10 12 n22 non
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
Week ending March 28.
Mar.22. Mar.24. Mar.25.Mar.26. Mar.27.Mar.
* Receipts do not Include grain passing through
28
New Orleans for foreign ports
Silver, per oz
d 333
on through bills of lading.
3334
335-16 337-16 3334
3334
Gold, per fine ounce
95s. lid. 96s. 2d. 96e. 26. 965. Id. 96.1
95e, lid.
The exports from the several seaboard ports for the week
Consols. 234 per cents______
55%
5534
553i
5531
555i
British, 5 per cents
ending Saturday, Mar. 22 1924, are shown in the annexed
10134
10134
10134 10134 10134
British, 434 per cents _______
96%
statement:
9634
9634
9634
9634
French Rentes(in Paris) _fr_ _ _
55.20
55.20
55.20 55.32
55.15
French War Loan (in
Paris)
Exportsfromfr_
66.90
Wheat.
Corn. Flour.
66.70
67.40 67.65
Oats.
Rye.
67.50
Barley, Peas.
The price of silver in New York on the same day has been:
Sliver in N.Y., per oz.(ets.):
Foreign
64
6334
6334
64
6434
6334
ourmercial andrAtsc.ellatuonsBenz
National Banks.
-The following information regardi
national banks is from the office of the Comptroller of ng
the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.,
Capita/.
-The First National Bank of Ropesville, Tex
Mar. 18
5
95,000
Correspondent, M. L. Williams, Ropesville.
Tex.
-The Citizens National Bank of Elmira Heights, N.
Mar. 19
50,000
Correspondent, H. C. Cloos, Lawrenceville, Pa. Y-The First National Bank of Cutchogue, New York
Mar.22
25.000
Correspondent, LLmeaus Allen, Cutchogue, N. Y.
APPLICATION TO ORGANIZE APPROVED.
'
-First National Bank of Hankins. New York
Mar. 18
25,000
Correspondent, P. F. Gottschalk, Hankins, N.
Y. •
CHARTERS ISSUED.
Mar. 17-12509 The First National Bank of Cosmopolls, Wash_ $25,000
President, Neil Cooney: Cashier, H. F. Sprague.,
Mar 18-12510 ThePleasantvllIeNationalBank,PleasantvMe,N.J. 100,000
President, Bertram Ti. Whitman:Cashier; Paul H.Powers,
Mar 18-12511 The National Bank of Martinez, Calif
50,000
President, Robt. R. Borland: Cashier, A. J. Heald.
Mar:20-12512 The Little Neck National Bank, .iAle Neck, N.
Y. 25,000
President, George 0. Linkletter.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
New York
753,220
42,822159,775 60,000 106,691 147,289
Portland, Me---- 387,000
56,000
11,000
50,000
Boston
64.000
1,000
Philadelphia
980,000 111,000 6,000
Baltimore
279,000 180,000 9,000
Norfolk
8,000
77,000 1,000
Newport News
6.000
New Orleans.
4,000 182,000 31,000
7,000
St. John, N.B.-64,000
14,000
95,000
17,000
Total week 1924.
592,822
173.000
....... ...-,.. 1002- 2,539,220 "MO ffAA 283,775 000 SAC 106,691 214,289
2•10e •
200
2.10 0120
WM u'll
•
•
•
•
ono nnn
•
The destination of these exports for the week and since
July 1 1923 is as below:
Flour. •
Exports for Week
and Since
Since
I Week
July 1 toMar.22 July 1
1924.
1923.
Wheat.
Week
Mar. 22
1924.
Sines
July 1
1923.
Corn.
Week
Mar. 22
1924.
Since
July I
1923.
Barrels, Barrels. Bushels.
Bushels. Bushels, Bushels.
United, KIngdom-I 52,060 3,422,257
988,183 70,081,170 239,822 3,081,236
Continent
110
0,365 8,630,171 1,547,037 105,449,724 283,000 3,631,296
So.&Cent.Aiaer.1 11,000
195.000
4,000
353,000
11,000
87,000
West Indies '
30.000 702,000
7,000
59,000 947,000
Brit.N0.Am,COl8.I
68,000
OtherCountrle8_..J
350 672,097
1,797,530
6.000
Total 1924
283,775 11,621,525 2,539,220 177,688,424
Total 1923
1342.989 11.333.382 3.125,388250.851.026 592.822 7,820,532
768.866 72.120.281
By Messrs. R. L. Day & Co., Boston:
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid
America *___ _ 212
Amer Exch._ 303
Bowery •___. 500
Broadway Cen 160
Bronx Bono*. 140
Bronx Nat_ _ _ _-Bryant Park • 170
Butch & Drov 142
Cent Mercan_ 225
345
Chase
Chat & Phen_ 250
Chelsea Exch. 118
562
Chemical
220
Coal di Iron
Colonial'.... 350
Commerce... 314
Com'nwealth• 230
Continental_ _ 145
Corn Exch.._ 444
Cosmoplan._ 115
195
East River
Fifth Avenue.1300
246
Fifth
1440
First
280
Garfield
165
Gotham
Greenwich.- 360
795
Hanover
Ask
218
310
----___
-_
152
___
350
254
128
570
230
--319
250
__ _
450
125
205
--___
1460
-175
___
815
Bid Ask Trust Co.'s Bid Ask
Banks
New York
Harriman _ __ _ 345 ___
Manhattan'. 160 164 American-. __-.
& Met_ 382 387 Bank of N Y
Meat
& Trust Co 491 500
340 Mutual*
Nat American 143 --_ Bankers Trust 360 365
355 Central Union 534 540
National City 352
150 160 Commercial-. 110 120
New Neth •
295 305
Empire
300
Pacific *
420 428 Equitable Tr. 201 205
Park
Port Morris._ 178 ___ Farm L & Tr_ 625 635
350 ___ Fidelity Inter 205 Public
280
410 420 Fulton
Seaboard
95 Guaranty Tr_ 243 248
Seventh Ave_ 85
230
Standard'... 240 250 Hudson
355 365 Irving BankState*
Columbia Tr 214 219
143 150
Trade•
Tradesmen's• 200 -- - Law Tit & Tr 204 208
23d Ward.-- 260 290 Metropolitan_ 320 325
United States. 192 ___ Mutual (West
120 130
cheater)
Wash'n Hts._ 200 --1200 ___ N Y Trust... 358 363
Yorkville•
Title Gu & Tr 393 400
US Mtg & Tr 300 310
United States 1350 --Brooklyn
Coney Island* 160 170 Weetches Tr_ 210 - -Brooklyn
400 408
First
Mechanics •_ 148 152 Brooklyn Tr_ 500 -180 ___ Kings County 950 --Montauk•
250 ___ Manufacturer 280 290
Nassau
385 400
250 275 PwrtnIren
Ppnntiva
per sh.
Shares. Stocks.
290
25 Merchants National Bank
10 Beverly Tr.Co.,Beverly. Mass--115
3 Thorndike Co., par 51,000-54034-550
100
6 Cabot Manufacturing Co
14234
7 Lyman Mills
6 West Point Manufacturing Co_ z132
5 Charlestown Gas& Elec.,par $50.158K
8 Odd Fellows Hall Assn.(Boston),
6
Par $20
1 Phoenix Ins. Co.,Hartford.Conn. 4.50
0 Railway dc Light Secur. Co., pr. 87
Companies.
AU prices dollars per share.
Bid
110
92
297
79
90
158
Ask
___
95
303
84
100
164
Mtge Bond__
Nat Surety-NY Title &
MortgageUS CasualtyU S Title Guar
Ask
119 Realty Assoc
(Bklyn)com
164
1st pref.__
2d pref.-215
-- Westchester
Title & T.
152
Bid
113
160
210
180
147
Bid
Ask
157
82
70
167
87
77
220
230
-„ I
$ per sh.
Shares. Stocks.
10 Nor. Boston Ltg. Prop., pref.-- 8634
10734
4 Plymouth Cordage Co
:70
3 State Theatre Co., pref
2
100 Pollock Pen Co
$ per siohl.
No. Rights.
19 Edison Elec. Co.of Brockton.-- 854
134
40 Haverhill Gas Light Co
288 Edison Elec. Co.of Brockton... 834
• Ex-dividend.
DIVIDENDS.
On account of the pressure on our columns we are compelled to omit, this week, the dividends previously declared
and not yet paid. We report only the dividends announced
this week. The previous declarations will be found in last
week's "Chronicle" pages 1365 to 1367.
Name of Company.
New York City Realty and Surety
8 per sh.
Shares. Stocks.
100
28 Hood Rubber Co., prof
5 Champion Internat. Co..Pref....29734
10 Jones,McDuffee &Stratton Co.,
4634
corn., Class A
139 Lincoln Co. Pow. co.,Inc.. Pf-1
28 F.L.Horton Corp.. pref.__
80 Peerless Oil Cloth,corn.tr. ctf l
450
125 Lincoln County Trust Co
$3,000 Lincoln County Power Co.,I lot
attached'
Inc. 78, 1922. June 1922 coupon
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
z31234
1 First National Bank
61 Great Falls Manufacturing Co__ 2734
10 Connecticut Mills, let pref. cert.
69
of deposit
x94
10 Wm.Whitman_ Inc., pref
12834
10 Lowell BleacherY
15 Springfleld By.Cos.,4% pref.__ 52
10234
10 Spray Engineering Co
25-100 State Theatre Co., pref._ __ 77c.
•Banks marked with (*) are State banks. (z) Ex dividend.
Alliance R'Ity
Amer Surety_
Bond & MG.
City Investing
Preferred...
Lftwvera Mtrza
1495
THE CHRONICLE
MAK. 29 1924.]
When
Per
Cent. Payable.
Railroads (Steam).
Ashland Coal & Iron Ry.(guar.)
• 134
Baltimore & Ohio, common
1
Preferred (guar.)
Belt RR.& Stock Yds.,Ind., corn.(qu.) 2
1%
Preferred (guar.)
3
Delaware Lack. & Western (guar.)
1;4
Joliet & Chicago (guar.)
Meadville Conneaut Lake & Linesville_ 2
Norfolk & Western, ad). pref.(guar.)._ _ *I
Norwich & Worcester, Preferred (quar.). 2
Books Closed.
Days Inclusive.
Mar.25 Holders of rec. Mar. la
June 2 Holders of rec. Apr. 12a
June 2 Holders of rec. Apr. 12a
Apr. 1 Mar.22 to Mar.31
Apr. 1 Mar.22 to Mar.31
Apr. 21 Holders cf rec. Apr. 5
Apr. 1 Holders of rec. Mar.20a
Apr. 1 Holders of rec. Mar.22
May 19 *Holders of rec. Apr. 30
Apr. 1 Holders of rec. Mar.15
Public Utilities.
Adirondack Power & Light,7% Pf.(gu.)- 134 Apr. 1 Mar.22 to Mar.31
Apr. 1 Mar.22 to Mar.31
2
Eight Per cent preferred (guar.)
Mar.31 *Holders of rec. Mar.29
Bell Telephone of Pa., corn. (quar.).... .2
Binghamton L., H.& Pr.,6% p1.(qu.). 134 Apr. 1 Holders of rec. Mar.20
1% Apr. 1 Holders of rec. Mar.20
Seven per cent preferred (guar.)
Customs Receipts
Merchandise Movement at New York.
Mar.31 *Holders of rec. Mar.27
*2
Boston Consolidated Gas (guar.)
at New York.
Brooklyn Borough Gas, common (guar.) 50c. Apr. 10 Holders of rec. Mar.31a
Exports.
Imports.
Monet.
134 Apr. 10 Holders of rec. Mar.31a
(quar.)
Preferred
California Elec. Generating, pref. (qu.). 1% Apr. 1 Holders of rec. Mar.153
1922-23.
1923-24.
1923-24. I 1922-23.
1923-24. I 1922-23.
Central Illinois Light,8% pref. (qu.)... 1% Apr. 1 Holders of rec. Mau. 15a
1,4 Apr. 1 Holders of rec. Mar. 15a
Sevenper cent pref. (guar.)
$
$
$
5 •
Apr. 15 *Holders of rec. Mar.31
24.680.863 21.433,808 Central Power, pref.(guar.)
130,629.533 117.118.076 122,714,293 115,488.1
July
Telep. of Bait.(au).. 134 Apr. 15 Holders of rec. Mar.31
& Potomac
August _ 129,706,3451123,124,817 125,059,77 112,281,501 25,936,476 24,206,605 Ches.
134 Apr. 1 Mar. 15 to Mar.21
127,967.562 108,291,707 26.350.449 33.110.469 Cincinnati Gas& Elects Ic(guar) (qu.)_ 1% Apr. 15 Apr. 1 to Apr. 15
September 119,639,728 110,716,286
NeWP. Cov.L.& Tr.,corn.
22,085,528
October... 149,561,943 161,418,649 133.087.943 108,234.884 30,468,923 24,148,678
1% Apr. 15 Apr. 1 to Apr. 15
Preferred (guar.)
November. 136,763,9651135,057,82 133,197.081 112,652,804 27.253,543 21,594.980 Chic. & Suburban Bell Te.ep.(guar.)
Apr. 1 Mar.21 to Mar.31
2
23,605.874
December. 137,719,255 133,407.596 125,679.538
Mar.31 *Holders of rec. Mar.27
Light of Quincy (quar.)... *2
15,926,692 24,779.787 26,583,026 Citizens Gas
, ,
January _ 130,402,242 152,885,893
pref.(guar.) 1% Apr. 1 Mar.26 to Mar.31
Columbus By.,Gas OZ
134 Apr. 15 Holders of rec. Mar.31
East Bay Water,class A pref.(quar.)173,162,892
Total_ -.1934,423,011 933,729.145914.500,081 794.437.832183,076.915
134 Apr. 15 Holders of rec. Mar.31
Class B pref. (guar.)
Elmira Wat., L.& RR.,7% 1st pf.(qu.) 1% Mar.31 Holders of rec. Mar 20
134 Mar.31 Holders of rec. Mar.20
cent second pref.(quar.)
Movement of gold and silver for the seven months:
Five per
500. Apr. 1 Holders of rec. Mar.253
Fall River Elec. Co.(guar.)
134 Apr. 1 Holders of rec. Mar.20
Meer-New York.
Florida Public Service, pref.(guar.)._
York.
Gold Movement at New
Georgia Light, Power & Rys., pf.(qu.)_ 1% Apr. 1 Holders of rec. Mar.24a
Mar.31 Holders of rec. Mar. 18
Exports.
Imports.
Greenfield Elec. Light & Pow..com.(qu.) $2
Exports.
Imports.
Month.
206. Mar.31 Holders of rec. Mar 18
Employees'stock (guar.)
38c. Mar.31 Holders of rec. Mar. 18
1922-23.
1923-24.
Preferred (quar.)
1922-23.
1923-24.
1922-23.
1923-24.
(qu.). 50e. Mar.31 Mar. 18 to Mar.31
Hartford City Gas Lt., corn.
Interstate Public Serv., prior lien (guar.) 134 Apr. 15 Holders of rec. Mar.31a
11,000 5,859.635 2,886.600 Jersey Central Power & Light, pref.(qu.) 134 Apr. 1 Holders of rec. Mar.17a
47.86
24.412.M 41,477.048
July
Apr. 15 Holders of rec. Apr. 1a
19,109 1,444.6121 2.725,649 Manchester Trac., Light & Power(Var.) 2
737,477
August._26,481,9T7 17.242,484
40,117 3,423.5111 3,649,583 Massachusetts Gas, common (guar.)._ _ '$1.25 May 1 *Holders of rec. Apr. 15
458,016
September 24,352,110 27,359.677
24.718 2,717,520 3,941.273 Michigan Gas& Elec., prior lien (quar.). .134 Apr. 21 *Holders of rec. Mar.31
599.935
24,119,994 19,191,637
October
•134 Apr. 21 *Holders of rm. Mar.31
641,5591 4,104,280
550,796
253,912
Preferred (quar.)
November 35,348.491 15.554,118
35,609 2,593,955 3.476,730 Missouri Gas& Elec.,prior Hen stk.(qu.)'$1.75 Apr. 15 *Holders of rec. Mar.31
66,000
December_ 29.055,994 23,874.16
*40e. Apr. 2 *Holders of rec. Apr. 10
2,027,1231 5,339,346 Municipal Service, common (quar.)_
750 7,715,837
January - _ 35,558,071 12,834,516
*Holders of rec. Apr. 15
'134 May
Preferred (guar.)
of rec. Mar.20
Apr.
Total... 99.329,002157,533.64812,163,955 8,397,1861 18,707.9151 26,123,461 New Jersey Power & Light, pref.(guar.) 134 Apr. 1 Holders of rec. Mar.31
Holders
2
Pacific Gas & Electric, corn.(guar.) - Holders of rec. Apr. 15
May
$1
Pittsburgh Utilities, corn
Holders of me. Apr. 15
(0) May
Common (extra)
-Among other securities, the following,
Auction Sales.
Holders of rec. Apr. 15
35e. May
Preferred
Holders of rec. Apr. 15
25e. May
(extra)
actually dealt in at the Stock Exchange2 were sold at auction
not
Preferred
Apr. 1 Holders of rec. Mar.20
Rutland By.,
in New York, Boston and Philadelphia on Wednesday of Sandusky GasLight & Power. pref.(qu.) 134 Apr. 1 Holders of rec. Mar.20
154
de Electric, pref. (quar.)_
154 Apr. 1 Holders of rec. Mar.20
this week:
Sayre Electric, preferred (guar.)
Southern Wisconsin Electric. pref. MO- I% Apr. 1 Holders of rec. Mar.21a
By Messrs. Adrian H. Muller & Sons, New York:
1
Apr. 10 Apr. 1 to Apr. 10
Electric Co., Ltd.(guar.)
$ per eh. Trinidad
$ per sh. Shares. Stocks.
Shares. Stocks.
154 Apr. 1 Holders of rec. Mar.21a
United Utilities, preferred (guar.)
360 Tyson & Co., Preferred__ 4250 lot 250 Brightwood Mfg. Co., 1st
Vermont Hydro-Electric Corp., pf.(qu.) 154 Apr. 1 Holders of rm. Mar.20
5
preferred
$20 lot
800 Seneca Falls Mfg. Co
Apr. 15 Holders of rec. Mar.25
Washington Water Power,Spokane (q11.) 2
_ 534 2,708 Consolidated Progressive 011
300 Sargent de Greenleaf, Inc
Apr. 1 Holders of rec. Mar.27
$1 lot West Kootenay Pow.& Light, pref.(au.) 134 Apr. 15 Holders of rec. mar.314
Corp., par $I
10 Colorado Springs Lt., Ht. &
154
pref. (guar.)_
Western Power Corp.,
53 Equitable 011 & Refining Co.
Power Co.6% non-cum. preof rec. Mar.31
$1 lot Western States Gas & Elec., pref.(guar.) 134 Apr. 15 Holders of rec. Apr. Se
of Texas, par $5
22%
ferred
50c. Apr. 15 Holders
Per cog. York Railways, common (guar.)
Bonds.
500 Marysville Gold Mining Co..
8234c. Apr. 30 Holders of roe. Apr. 19a
Preferred (guar.)
$2 lot $1,500 The Durland Trust Co. of
par
Norfolk, Neb., 6% real estate
100 Interborough Consolidated
Banks.
coupon bond & mtge., due Nov.
$2 lot
Corp., preferred
Apr. 1 Holders of roe. Mar.21
3
First National (Brooklyn)(guar.)
1 1920, extended to Nov. 1 1925.
100 Southwestern Mice Electric
Apr. 1 Holders of rec. Mar.28
3
Gotham National (guar.)
$1,100 lot
registered
1434
Co. 7% cum. preferred
Apr. 10 Holders of rec. Mar.313
2
Municipal (Brooklyn) (quar.)
Apr. 1 Holders of rec. Mar.286
3
Nassau National (Brooklyn)(guar.)
Lofland, Philadelphia:
FOREIGN
TRADE OF NEW YORK-MONTHLY
STATEMENT.
I
I
1
1
By Messrs. Barnes &
$ per sh.
$ Per sh. Shares. Stocks.
Shares. Stocks.
25 Standard Coosa Thatcher, com_120
488,783 Bully Boy Mines Corp.,
$0251ot 5 American Academy of Muslc(wIth
$1
Par
875
ticket)
4 Phila. Bourse, cont.. par $50___ 223
7434 113 Pennsylvania Cold Storage &
10 Darby Bank, par $50
3631
Market Co., par $50
pref.
400 Equitable Loan Society,
80c. 32 Phila. Bourse, corn., par $50.__ 2234
(with 100 shares common)
100 John B.Stetson Co., prf.,par
58
Trust Co., Par $50
35 Glenskle
3434
$25
241
10 Franklin Trust Co
15 Phila.& Cam.FerrY,Par $50-124
236
11 Franklin Trust Co
3
8 Octavio Hill Association
235
2 Franklin Trust Co
75
33 Thomas Devlin Mfg. Co
225
32 Union National Bank
9834
Northeast Tacony Bank, par $50 6534 9 Phila. Sub.Gas & Elec. Co.,pref.. 90
15
6 Hare & Clime, inc.. Pref
566
5 Franklin National Bank
7534
5 Thomas Devlin Mfg. Co
22 First National State Bank of
30034 1 Phila. Sub.Gas & Elm. Co.,pref. 9834
Camden. N.J
33 Hillside Cemetery Co.,par $25- 20
5 Guarantee Trust & S. D. Co.--156
100
16 Batley, Banks & Biddle
10 Continental-Equitable Title &
188 6 Producers & Consumers Bank_ 1034
Trust Co., par $50
65
1 Jefferson Title & Trust
671
1 Land Title & Trust Co
Percent.
66534 Bonds.
9 Land Title & Trust Co
Phila. RM. Si,
10 Dank of North Amer.& Tr.Co--295% $100 Psi Upsilon of
60
1929, reg
10 Commonwealth Title Ins. & Tr-40834
$8,000 American Gas Co. El. F.sec.
3 Commonwealth Title Ins. & Tr._408
9731
75, 1934
Community Trust Co., par 350._ 60
5
58
810,000 The Miner Edgar Co. Of
5 Glenside Trust Co., par $50
•100
N.J. 1st 7s, 1941
59
.5 GlensIde Trust Co
90
fflare di Chase,Inc.. pref
Trust Companies.
American (guar.)
Corporation (guar.)
United States Mortgage & Trust (guar.)
134 Mar. 31 Holders of rec. Mar.24a
2% Mar.31 Holders of rec. Mar. 31a
Apr. 1 Holders of rec. Mar.29a
4
Fire Insurance.
Hanover Fire (guar.)
2
Apr.
Mar. 21
to
Apr. 1
Miscellaneous.
Mar.20 to Mar.31
Apr.
2
Alabama Fuel & Iron (guar.)
Holders of rec. Apr. 15
May
Allied Chem.& Dye Corp., corn.(guar.) $1
.55
May
*Holders of rec. Apr. 16
Amalgamated Sugar, 1st pref
.$1.25 May 15 *Holders of rec. May 1
Amer.Bank Note,corn.(guar.)
Apr. 30 Holders of me. Apr. 12
1
Amer.Beet Sugar,corn.(guar.)
July 31 Holders of rec. July 12
1
Common (guar.)
1
Oct. 31 Holders of rec. Oct. 11
Common (quar.)
1 J an3I'25 Holders of rec. Jan 10'25
Common (quar.)
American Bond & Mortgage, pref (au.). 134 Apr. 1 Holders of rec. Mar.20
134 May 15 Holders of rec. Apr. 30
American Can, coin.(guar.)
1% Apr. 25 Holders of rec. Apr. 82
American Ice, corn.(guar.)
1% Apr. 25 Holders of rec. Apr. 82
Preferred (guar.)
134 May 1 Holders of rec. Apr. 15
Amer. Shipbuilding, pref. (quar.)
$1
Apr. 1 Holders of rec. Mar.273
Arundel Corp.,corn.(guar.)
- •13‘ May 1 *Holders of rec. AV. 12
Associated Dry Goods,cam.(guar.).
June 3 *Holders of rec. May 3
First preferred (guar.)
,
0154 June 3 *Holders of rec. M69 3
Second preferred (guar.)
1;4 May 1 Holders of rec. Apr. 196
Atlas Powder,prof.(guar.)
1496
Name of Company.
THE CFRONICLE
Per
When
Cent. Payable.
Books Closed.
Days 11,clusive.
[VOL. 118.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Ault & %Viborg Co., pref.(quar.)
131 Apr. 1 Holders of rec. Mar. 15a
The following shows the condition of the New York City
Automobile Banking Corp.. corn
50c. Apr. 4
Preferred (quar.)
Clearing House members for the week ending M: 22. The
2
Apr. 1 Holders of rec. Mar. 31
r.
Beacon 011 (quar.)
•$1.87% May 15 *Holders of rec. May 1
figures for the separate banks are the averages of the daily
Bon Ami Co., pref.(quar.)
1% Apr. 1
Brunswick Site Co
25c. Apr, 1 Mar. 29 to Mar. 31
results. In the case of the grand totals, we also show the
Buckeye Pipe Line (guar.)
June 14 Holders of rec. Apr. 26
$1
Butterick Publishing, pref. (quar.)
2
Apr. 1 Holders of rec. Mar. 310 actual figures of condition at the end of the
week.
Canadian Industrial Alcohol (guar.)
_
131 Apr, 7 Holders of rec. Mar. 31a
Canadian Oil, preferred (quar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
2
Apr. I Holders of rec. Mar. 240
Casey-Hedges Co., common (quar.)- May 15 *Holders of rec. May 1
(Stated fa thousands or dollars-that is, three ciphers (0001 omitted.)
Cass & Daly Shoe. preferred (quar.)
131 Apr. 1 Holders of rec. Mar. 200
Cement Securities (guar.)
3
Mar. 31 Holders of rec. Mar. 15a
New
Chicago Pneumatic Tool (quar.)
131 Apr. 25 Holders of rec. Apr. 15a
Capital]Profits. Loans,
Coastwise Transportation (quar.)
Reserve
*2
Apr. 1 *Holders of rec. Mar.27
Week Ending
Discount, Cash
Cohn-Hail-Marx Co., preferred (quar.)_
with
Net
Time Batik
131 Apr. 1 Holders of rec. Mar. 26
March 22 1924 Nat'l, Dec. 31 InvestCornell Mills (quar.)
in
Legal Demand
De1% Apr. 1 Holders of rec. Mar. 25a
State, Nov. 15 menu, Vault Deposi- Deposits. posits. laCorn Products Refining, corn. (quar.)
'231 Apr. 19 *Holders of rec. Apr. 5
(000 omitted.) Tr.Coa..Nov.15
Common (payable in common stock).- 125 June
tories.
tios
30 *Holders of rec. Apr. 5
Preferred (qua:.)
seN Apr, 15 *Holders of rec. Apr. 5
Members of Fed. Res. Bank. Average Average Average
Cresson Cons. Gold Min.& Mill.(quar.) 10c. Apr.
Average Average A y'y
10 Holders of rec. Mar.3I6 Bank of N Y
Delaware Lack.& Western Coal(guar.)_ *31.25 Apr. 15 *Holders
$
$
$
8
Trust Co.,.... 4,000 12,271
66,642
Detroit Steel Products, preferred (guar.) 131 Apr. 1 Holders of rec. Apr. 1
792 6.357
46,753 7,733 . _
.
of rec. Mar.206 Bk of Manhaten 10,000 13,676 135,262
Diamond Match ((Plan)
2.257 18.516
*2
June 16 *Holders of rec. May 31
Mech& Met Nat 10,000 16,510 158,403 4,484 20,430 111,437 20,647
Dictograph Products Corp.. pref. (qu.)- 2
150,459 6,630
55
Apr. 15 Holders of rec. Mar.310 Bank of America 6,500 5,604
77,521 1,420 11,679
Eagle-Picher Lead, preferred (guar.).
79.617 3,069
135 Apr. 15 Apr. 6
Nat City Bank. 40,000 51,902 522,092 4,61 85,195
Edwards(Wm.)Co., preferred (quar.)- - 1% Apr. 1 Holders of to Apr. 14
*591:608 43.574 2.iii
30
3 8
rec. Mar.20
Chem Nat Bank 4,500 16,671 118.858
Fairbanks,Morse & Co.,com.(In pfetk.) *325
999 13,426
99.276 8,568
347
Nat Butch & Dr
500
47
4,448
Florence Stove, common
43
546
7 297
52
Apr.
Holders of rec. Mar.20
Amer Exch Nat 5.000 7,848 93,623
Preferred (quar.)
834 11,544
81,336 5,928 4,945
Holders of rec. Mar.20
$1.8731 Apr.
Nat Bk of Com_ 25,000 38,624 330,713
Foote Bros. Gear & Mach., corn.(quar.) 200. Apr.
908 42,042 289,196 20,660 ---Pacific Bank... 1,000 1,713 28,306
Common (extra)
843 3,885
126 416 298
180 3 2 466
:5
:8 3
20c. Apr.
Chat& Phen Nat 10,500
153,083 4,346 17.136
Preferred (quar.)
5;iiii
1% Apr.
Hanover Nat Bk 6.000 22:151 118,051
Foulds Milling, preferred (quar.)
678 16,216 105,283100
2
Apr. 1
Holders of rec. Apr. la Corn Exchange. zltJ.000zl 2,380 184,688
General Refractories(guar.)
5,559 26,089
164,622 28,i i 1.;a.i_i
SI
Apr. 1 Holders of rec. Apr. 70 National Park__ 10,000 23,646
--i_
160,895
Gotham Safe Deposit (guar.)
858 16,657
125,890 8,039 7.708
1
Apr.
Holders of rec. Mar.28
East River Nat. 1,500 1,304
Hail Baking, preferred (guar.)
16,448
392 1,803
13,101 3.035 _ 5_ 0__
ly, Apr.
Mar. 26 to Mar. 31
First National_ 10,000 59,319 269,448
Halle Bros., 1st re 2d pref.(quar.)
470 25,750
180,025 25,114 7336
1% %pr. 3 Apr. 25 to Apr. 30
IrvIngBk-ColTr 17,500 11,419 271,86
Hazel-Atlas Glass (quar.)
3,300 34,706
261,559 17,012 ---50c.
pr.
Holders of rec. Mar. 250 Continental Bk. 1,000
980
7,630
Hooven,Owens,Rentschler Co.,Pf.(qu.) 1%
142
889
6,119
365
pr.
Mar. 22 to Mar.30
Chase National. 20,000 23,706 319,221 3,904 56.633
Hupp Motor Car, common (quar.)
3 2 457 14,534
21:0 9
6
25c.
lay
Holders of rec. Apr. 15
Fifth Avenue_
500 2,549 21,744
Hurley Machine, common (quar.)
656 3,086
*31
pr. 1 *Holders of rec. Apr. 4
Commonwealth.
600 1,050
10,498
Illinois Brick (quar.)
297 1,222
9,061 1,639
131 .pr. I Apr. 4 to Apr. 15
Garfield Nat.__ 1,000 1,625
15,671
Imperial Oil, preferred (quar.)
418 2,151
15,00e117 ass
2
.0.r.
Holders of rec. Mar.
1,11
18,454
International Paper, preferred (quar.)-- 1% .pr. 1 Apr. 8 to Apr. 100 Fifth National_ 1,201
191 2,291
16,581 1,337
249
23
Seaboard Nat__ 4,001
7,315 86,710
Interprovincial Brick,common (quar.)-- 13.5 ,pr. 1 Holders of rec. Apr. 20
803 11,221
84.969 2,351
65
Coal & Iron Nat 1,501
1,344
16,064
Preferred (quar.)
279 2,245
13,700 1,112
131 .pr.
413
Holders of rec. Apr. 20 Bankers Trust. 20,001 24,010
Interprovincial Clay Products. Pi.(qu.). 2
971 31,122 *240,079 31,285 --.pr.
Holders of rec. Apr. 20 US Mtge & Tr_ 3,001 4,431 280.669
51,024
K.C.Clay Co.& St. Jos. Co.. pref.(qu.) 131 t pr.
644 6,465
46,194 2,882 ---Holders of rec. Mar.20
Guaranty Trust 25,001 18,406 366,155 1,445 37,204
Kendall Manufacturing, pref.(quar-)*380,616 41,065 ---.
1% tpr.
Holders of rec. Mar.22
Fidel-InterTrust 2,001
1,943
21.160
Kelley Island Lime & Transport (quar.). 2
394 2,487
18.505 1,843 -ter.
Holders of rec. Mar.20
N Y Trust Co._ 10,001 18,342 151,859
Laclede-Christy Clay Prod., pref.(qu.). 131 tpr.
586 16,851
123.814 20,643 --Mar.22 to Mar.31
Metropolitan Tr 2,001 4,032
39,070
Laclede Steel (guar.)
593 4,456
33,349 3.035 --- 2
tpr.
Holders of rec. Mar.27
Farm Loan & Tr 5,001
Magee Furnace, first preferred (quar.)
453 12,828
*93,915 20,634
131 tpr. 1 Holders of rec. Apr. 14a Equitable Trust 23,001 16,354 124,827
9,986 240,807 1,462 35,790 *272,356 23,766 ---Second preferred (qua:.)
2
Mr. 1 Holders of rec. Apr. 14a
---Manchester Cotton Milli (quar.)
3
tor.
Mar. 13 to Mar.31
Total of average. :90,800 142,412 ,481.910 46.036
,
Manischewits Co., preferred Omani--78,918c3,872,305,397,097,31.699
131 Mir.
Mar.21 to Apr. 1
Maple Leaf Milling, Preferred (quar.) _ _
1% tpr. 1
Heiders of rec. Apr. 3
Totals, actual c, edition War.22 .525,069 47,029527,525
McIntyre Porcupine Mines, Ltd.(quar.) 25c. tlay
c3,856,713402,852 31,693
Holders of rec. Apr. la Totals, actual e. tdition
Mar.154,462,722 46.570 508,669 c3,782.5521390,84831,810
Medart (Fred) Mfg., preferred (quar.).,. 2
kpr.
Holders of rec. Mar.28
Totals, actual c, edition star.
MexicanCrude Rubber (quar.)
814,367.330 45.771 513,186 c3,697,362 385,43031.879
2
Apr.
Mar. 27 to Apr. 1
State Bank/ 'tot Ms nbers
Motor Products Corp. ((quar.)
Res've Bank,
•31
May
*Holders of rec. Apr. 19
Greenwich Bane
1,00C 2,3861 19,556 1,677 2,048
Nat. Automatic Fire Alarm of Ctn.
20,402
) 231 Apr.
4
Holders of rec.
25C
8641
5,443
New Bedford Cotton Mills Corp..111'.(qu.) 1% War.2 Holders of rec. Mar.31a Bowery Bank.
336
467
2,717 2,030
Mar. lila State Bank__ -2,50C 5,048 93,709 3,715 2.291
New England Coal & Coke (quar.).-31,838 57,659
Mar.3 *Holders of rec. Mar.27
-New England Fuel Oil& Transp.(quar.) •15i Mar.3 *Holders of rec.
Mar.27
Total of average
3,750 8,299 118,708 5,728 4,806
New England Guaranty Corp.,pref.(qu.) 13/ Apr.
54.957 59,603
Holders of rec. Mar.15a
New Jersey Zinc (guar.)
*2
May 1 *Holders of rec. Apr. 30
Totals, actual c. edition Mar.22 118,654 5,775
New York Mortgage Co.,corn.(guar.)-- me. Apr. 1
4,517
54.549 59,777
Holders of rec. Mar. 15
Totals,actual c. edition Mar.I
119,500 5.800 4,674
Preferred (quar.)
55,941 59.562
131 Apr. 1 Holders of rec. Mar. 15
Totals, actual
4e. edition Mar. 8
Norton Company, preferred ((Man)--- - 131 Apr.
54,769.
59,474
Holders of rec. Mar. 15a Trust Cornea• es Not Members117,057 6,064 4,236
of Fed 1 Rev's e Bank.
Page
-Hershey Tubes, Ltd., cora. (quar.) gl.75 Apr.
Mar.26 to Mar.31
Title Guar &
10,000 13,964
57,28' 1,394 4,234
Preferred (guar.)
37,077 1,472
131 Apr.
Mar. 26 to Mar.31
Lawyers Tit &'1 6,000 5,715
27,06'
Park City Mining & Smelting (qua:.)913 1,720
16.841
820
15c. Apr.
Holders of rec. Mar. 15
Park-Utah Mining (quar.)
21 150. Apr.
'
*Holders of rec. Mar.15
Total of average: 16,000 19,6801 84.350 2,307 5,954
Pennsylvania Salt Mfg.(quar.)
53.9181 2,292
S1.25 Apr. 1 Holders of rec. Mar.31
Phillips-Jones corp.. Pref.(guar.)
•1% May
*Holders of rec. Apr. 21
Totals,actual cc, edition
Pilgrim Mills (guar.)
53,176 2,300
2
Mar.3 Holders of rec. Mer.270 Totals, actual c. iditlon Mar.22 83,577 2,200 5.900
Mar.1
84,343 2,221 6,057
Pittsburgh Coal, common (quar.)
54,230 2,297
I
Apr. 2 Holders of rec. Apr. 100 Totals, actual
c( edition Mar. 8 83,783 2,283 5,842
Preferred (guar)
53,558 2,314
13.5 Apr. 2 Holders of rec. Apr. 10a
Pittsburgh Steel, common (mar.)
1
Apr.
Holders of rec. Mar.26a Gr'd aggr., aver ;10,550 470.3914,884,
9118
Pittsburgh Term. Whse.& Trans.(qu.)- 'Si
3,980.180
31,609
Apr.
*Holders of rec.
Comparison wit 11 prey week +71,673 54,071 589.678 +135,147 459,082-2,000
Plymouth Cordage,common (quar.)---- 135 Apr. 2 Holders of rec. Mar.31
-724,+7543l
+9,297
Apr. la
Employees special stock (guar.)
1% Apr. 2 Holders of rec. Apr. la Gr'd aggr., act',
cond'n Mar.224,727,310 50,001537.942 3,004,438454,
Poe (F. W.) Mfg.(guar.)
2
Apr.
929 31,693
Holders of rec. Mar.31a Comparison wit ti prey.
week_. +60,745 -1-413 +18542 +71,715 +12222 -117
Premier Geld Mining, Ltd
8
Apr,
Holders of rec. Mar.28
Richardson Co., pref.(quar.)
1% Apr.
Mar. 16 to Mar.31
Gr'd aggr.. ace/ cond'n Mar.154,666,565 54.591519,49
Richman Bros.(qunn)
51.50 Apr.
Holders of rec. Mar.26
Gr'd aggr., act'l cond'n Mar. 84.888,780 54,118823.26 0 3,892,723k52,707 31.810
St. Joseph Stock Yards (quar.)
4 3,805,6891447,21F 31,879
131 Mar.3 Mar. 21 to Mar.31
Gr'd aggr., au'? cond'n Mar.
Sayers & Scoville Co.,common((Man)-- 131 Apr.
Holders of rec. Mar.200 Gr'd aggr., act'? cond'n Feb. 14,621,1367 54.1109532,950 3.872,4251451,357 31.999
Common (extra)
1
Apr.
Holders of rec. Mar.20a Geed agar., ace/ cond'o Feb. 234.601,064 55,554 499,022 3,823.5461480,868 31,856
Preferred (guar.)
131 Apr.
Holders of rec. Mar.20a Gr'd agar., ne l,enrsi'n Feb 1114,883.290 54,57536,91731,981
,
04 5 554 .5 at 547 PQO 1.17 400
.7.1
,
Scovill Manufacturing Co. (guar.)
.
437.28931.952
4
Apr.
Mar.23 to Mar.31
Shredded Wheat Co., COM.(quar.)
Note.-il S. deposits deducted
2
Apr.
.
Mar.22 to Mar.31
Smith (Howard) Paper Mills, corn. (qu.) 1% Apr. 2 Holders of rec. Apr. 10a above were as follows: Average from net demand deposits in the general totals
total Mar. 22, $553,330,000; actual totals, Mar. 22.
Preferred (guar.)
2
Apr. 2 Holders of rec. Apr. 10a $52,043,000; Mar, 16,529,878,000: Mar. 8, 329,192,000;
Standard Safe Deposit (quar.)
3
Mar.2 Holders of rec. Mar.27a 23,829,192,000. Bills payable, rediscounts,acceptances Mar. 1, $29,192,000: Feb.
and other liablities, average
Standard Screw, common (quar.)
for week Mar. 22, $388,604.000; Mar. 15,
3
Apr.
Holders of rec. Mar.26
$424.054,000: Mar. 8, 3421,529.000:
Stearns(F. B.) Co.((Man)
50c. Apr. 2 Holders of rec. Mar.31a Mar. 1, 3455.820.000; Feb. 23, 3456,080,000. Actual
totals Mar. 22, 8339.032,000:
Stedman Products Co., pref.(guar.).- - - 131 Apr.
Mar. IL $433,555,000: Mar. 8, $435,287,000:
Mar.23 to Mar.31
Mar. 1, $433,991,000: Feb. 23.
Sterling Coal (mar.)
1
Apr.
Holders of rec. Mar.200 $456,420,000.
Sterling Salt (quar.)
Includes deposits in foreign branches not included In total
Apr.
2
Mar.27 to Apr. 1
footings, as follows:
Tecopa Consolidated Mining (quar.)_
National City Bank,$124,780,000; Bankers Trust
lc, Apr. 1
Holders of rec. Mar.
Transue & Williams Steel Fore.(quar.)_ - *75c. Apr. 1 *Holders of rec. Apr. 31
Co., 586,175,000; Farmers' Loan & Trust Co.,Co.,$10,316.000; Guaranty Trust
1
5244,000; Equitable Trust Co..
Traylor Engineering & Mfg.. pref.(qu.). 2
Apr,
Holders of rec. Mar.25a $52,906,000. Balances carried in banks in foreign countries as reserve
for such
Union Natural Gas Corp.(quar.)
deposits were: National City Bank, $17,088,000; Bankers
50c. Apr. 1 Holders of rec. Mar.
Trust Co., $1,763,000;
Union Twist Drill, preferred (quar.)__. 1% Mar.3 Holders of rec. Mar.31a Guaranty Trust Co., 56,787,000;
220
Farmers' Loan & Trust Co.. 8244,000: Equitable
U. S. Can, common (qua:.)
Trust Co.. 310,768,000. c Deposits in foreign branches
750. Apr. 1 Holders of rec. Mar.31
not included. z As of
Preferred (quar.)
March 8 1924.
1% Apr. 1 Holders of rec. Mar.31
U.S. Finishing,common (quar.)
*2
Apr.
*Holders of rec. Mar.2 7
The reserve position of the different groups of institutions
Preferred (guar.)
21131 Apr,
*Holders of rec. Mar.27
U. S. Paper Goods, preferred (quar.)_
on the basis of both the averages for the week and the actual
1% Apr.
Mar.26 to Mar.31
U.S.Smelt.Ref.& Min., pref.(quar.)- - 4
.873-5c Apr. 1 *Holders of rec. Apr. 7
condition at the end of the week is shown in the following
Universal Pipe dc Radiator, pref.(guar.) 1% May
Holders of rec. Ann 15a
Utah Idaho Sugar, common
6c. Mar.3 Holders of rec. Mar. 19a two tables:
Preferred (quar.)
1731c. Mar.3 Holders of rec. Mar. 190
STATEMENT OF RESERVE POSITION OF CLEARING
Van Dorn Iron Works, corn
50c. Apr.
Holders of rec. Mar.22a
HOUSE BANKS
Ventura Consol. 011 Fields (qua:.)
500. May
AND TRUST COMPANIES.
Holders of rec. Apr. 15
Victor-Monaghan Co., Pref.(quar.)._.- 131 Apr.
Holders of rec. Mar.20a
Warner (Chas.) Co.of Del.,COM.(qua:.) 50c. Apr. 1 Holders of rec. Mar.
31a
First and second preferred (quar.)Averages.
131 Apr. 2 Holders of ree. Mar. 310
Washburn Wire, common ((Man)
1;5 Mar.3 Holders of rec. Mar.200
Cash
Preferred (qua:.)
Reserve
131 Mar.3 Holders of rec. Mar.20a
Reserve
Wells Fargo & Co_
in
Total
Reserve
'$1 .26 June 20 *Holders of rec. May 20
Surplus
in Vault. Depositaries Reserve.
Wilson Body. preferred (guar.)
Required
1% Apr. 1 Mar.21 to Mar.31
Reserve.
Winchester
-Hayden, Inc., pref. (qua:.). 1% Apr. 25 Holders of rec. Apr. 25a
Members Federal
Winnsboro Mills, common (quay.)
$
I
2
Apr. 1 Holders of rec. Mar.26
Reserve bunks_
578,918,000 578,018,000 515,182,560
Preferred (qilan)
131 Apr. 1 Holders of rec. Mar.26
State banks*
5,728,000 4,806,0001 10,534,000 9,892,260 63,735340
Worcester salt (guar.)
1% Mar.31 Mar. 27 to Mar.31
641,740
2,307,000 5,954,000 8,261,000 8,087.700
Young (J. S.) Co., common (quar.)- -- 2% Apr. 1 Holders of rec. Mar.210 Trust companies'.
173,300
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar.21a
Total Mar,22
8,035.000 689,678.000597.713,000
Total Mar. 15...., 8,054,000 514,247,000 522,301,000 533,162,520 64,550,480
515,311,380
•From unofficial sourcee. f The New York Stock Exchange has ruled that
Total Mar. 8_ _ _
stock
8,259.000 507,669,000 515,928,000 512,778,680 6,989,620
will not be quoted ex-dividend on this date and not until further notice.
Total Mar. 1_ _
8,164,000 511,678,000 519,842,000 512,237,900 3,149,320
New York Curb Market Association has ruled that stock will not be quotedThe
7,604,100
ex• Not members of Federal Reserve Bank.
dividend on this date and not until further notice.
a This is the reserve required on the net demand deposits in
a Transfer books not closed for this dividend. d Correction. a Payable in stock.
the ease of State banks
Payable In common stock. g Payable in scrip. h On account of accumulated and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits,
dividends. m Payable in preferred stock. n Payable In Canadian funds.
which
Mar. 22, 511,912,910; Mar. 15, 811,638,320; Mar. 8, 511,594,370;was as follows:
Mar. 1, 911,
o Extra dividend on Pittsburgh Utilities common stock Is $96,250.
592,060.
0
I
MAR. 29 1924.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks.
State banks*
Trust companies*_ _ _
Total
Total
Total
Total
Total
Mar. 22....
Mar. 15._
Mar. 8...Mar. 1
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
1497
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
527.525,000 527,525,000 513,458,250 14,066,750
5,775,000 4.517.000 10,292.000 9,818,820
473.180
2,200,000 5,900,000 8,104000 7,976,400
123,600
7,975,000 537,942,000 545,917,000 531.253.470 14,663.530
8,021.000 519.400,000 527,421,000 521,661,080 5,759,920
8,347,000 523,264.000 531,611,000 510,112,080 21.498,920
8,069,000 532.950,000 541,019,000 518,961,490 22,057.510
• Not members of Federal Reserve Bank.
I,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
Mar.22,512,085.560: Mar. 15. 211.725,440; Mar.8,511,562.900; Mar. 1,511.693,640.
March 26
1924.
Changesfrom
previous week.
March 19
1924.
March 12
1924.
$
$
$
$
Capital
57,300,000
Unchanged 57,300,000 57,300.000
Surplus and profits
80,003.000 Inc.
48,000 79,955,000 79.910.000
Loans, disc'ts & investments. 830,216,000 Dec. 8,255,000 838,471,000
830.697,000
Individual deposits,incl. U.S.594,067.000 Dec. 8,938,000 603.677,000 590.168,000
Due to banks
121,255,000 Dec. 3,517,000 124.772,000 118,627.000
Time deposits
139,642,000 Inc.
286,000 139.356,000 138.097.00C
United States deposits
15,117,000 Inc.
312,000 14.805.000
Exchanges for Clearing House 24,748,000 Dec. 3.252,000 28.000.000 12.218,001
22,950,001
Due from other banks
68,731,00(1 Dec. 3,145,000 71,876,000 66,844.001
Reserve in Fed. Res, Bank
68,480,000 Dec. 791,000 69.271.000 67,978.000
Cash In bank and F.R. Bank 8,824,000 Inc.
64,000 8,760,000 8,718,00(
Reserve excess In bank and
Federal Reserve Bank
832.000 Inc.
172.000
Ran nen
91705w
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as folk,ws: return for the week ending Mar.22, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve
System
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished bg State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from is not a part of legal reserve.
For trust companies not memMarch 22.
Previous Week.
Loans and investments
$849,311,900 Inc. $240,600 bers of the Federal Reserve System the reserve required is
Gold
3,441.700 Inc.
32,300 10% on demand deposits and includes
"Reserve with legal
Currency and bank notes
21,755,500 Dec.
188,200
Deposits with Federal Reserve Bank of New York
76,671,800 Inc. 1,896,000 depositaries" and "Cash in vaults."
Total deposits
892.790,800 Inc. 5,935,000
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comWeek ending March 22 1924.
panies InN.Y. City, exchange and U.S.deposits 838,542,400 Dec. 1,240,100
Two Ciphers (00)
March 15
Reserve on deposits
omitted.
Mentbersof
Trust
140,458,100 Inc. 4,728,300
1924.
1924.
Percentage of reserve, 21.8%.
F.R.Systen,Compantes Total.
RESERVE.
Capital
1.39,875,0 55,000,0 544,875,0 844,875.0
—state Banks— —Trust Companies
and profits
108.030,0 15.800.0 123.830,0 123.830.0
Cash in vault
*230,382,400 16.04%
571.488.600 15.71% Surplus
Deposits in banks and trust cos.._ 10,644,400 0561%
27,944,700 06.14% Loans. disels & Investm'ts 698,150,0 42,124,0 740,274,0 741,791.0
Exchanges for Clear.House 30,000.0
472,0 30,472,0 31.053,0
106,331.0
Total
15,0 106,346,0 97,886.0
241,026.800 21.65%
299.431,300 21.85% Due from .banks
Bank deposits
122,306.6
926,0 123.232,0 121.922.0
•
513,938,0 24,403.0 538,341,0 546,341.0
•Includes deposits with the Federal Reserve Bank of New York, which for the Individual deposits
Time deposits
61.840,0
State banks and trust companies combined on March 22 was $76,671,800.
1,128.0 62,968.0 63,668,0
Total deposits
698,084,0 26,457.0 724,541,0 731.931.0
U.S. deposits (not Incl.).
24.573,0 20,108.0
Reeve with legal deposit's
3,248.0
3,248,0
3,346.0
Reserve with F.R.Bank.. 54.163.0
54,163.0 56.282.0
Banks and Trust Companies in New York City.—The ( ash in vault*
9,151,0
1,092,0 10.243,0 10,304.0
averages of the New York City Clearing House banks and Total reserve and cash held 63,314,0 4.340,0 67,654,0 69.932,0
Reserve required
trust companies combined with those for the State banks and Excess res. & cash In vault 54,370,0 3,782.0 58,152.0 59,258.0
8,944,0
558.0
9,502,0 10,674,0
trust companies in Greater New York City outside of the •Cash In vault not counted as reserve for Federal Reserve members.
March
1924.
244,875.4
123,830.0
738.798.4
29.642,0.
90.648:4
121.384.0
537.646.0
64.287.0,
723,317.0
8.630.4
8.010.0
54,064.0
10.127.4
68,101,0
59,105.0
8.996.0.
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
•
Week ended—
Dec. 1
Dec. 8
Dec. 13
Dec. 22
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 1
Mar. 8
Mar. 15
"--•
"
Loans and
Investments.
8
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
5.418,393.300
5.393.304.400
5.415.772.300
5.542.3511,600
5.432,697,600
• 5.432.287.500
5,424,841.800
5.432,225.300
3.442.366.300
r en4 fl.,11 nnn
Demand
Deposits.
•Total Colt
in Vaults.
$
4.562.572.400
4,558.1191.100
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
4.646.380.300
4.653.880,900
4,640.570.200
4.651.833.700
4.682.815,500
A
n In own n Ann
,
Reserve in
Depositaries.
$
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
78,822.000
82.862.500
80.120 600
80,148.100
•..... ....n nn..
tu.zoo,- uu
c
i
612.246,900
609,403,800
609,685.200
607.561.200
612,227.600
643.539.300
628,171.600
623.035.300
615.261.500
619,211.10€
621.032,400
623,209.401
618,208,215
615.356,001
614.521.101
624,625,7W
...... --- -...
m1,938,9110
New York City Non-Member Banks and Trust Cornpanies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Stated in thousands of dollars—that is, three ciphers
omitted.)
(0001
1
Net
CLEARING
capital Profits
NON-MEM BERS
Nat. hks.Sept. 14
Week Ending State bks. Nov.15
March 221924. Tr. MIR. Nov. lb
Members of
Fedi Reteve Bank
W.It. Grace & Co.
Cash
in
Vault
Reserve
Net
Net
with Demand Time
Legal
DeDeboost- posits
posits
tortes
Average Average Average Average Average
$
$
$
$
$
9,001
29
544
2,5571
4,852
$
1,628
ii
1,626
9,001
29
544
2.557
4,c 52
200
800
389
2.302
6,826
24,186
731
2,655
349
1,399
5,816
22,190
1,684
2,381
1,000
2.691
31.012
3,386
1,748
28,006
4.065
500
407
8,858
317
110
2.757
500
407
8,858
3171
1101
2,757
5,835
Omnd aggregate__
2.000
Comparison with prey, week
4,724
48,871
+57
3,7321
+1
2,402 533,320
—130
—40
14,752
+507
Gr'd atm., Mar.15
(lr'd seer.. Mar.
Gr'd mum.. Mar. 1
(led "calm.. Feb. 23
4,724
4,724
4.724
4.724
48.814
47,927
45,998
43.94.5
3.722
3,581
3.656
3 .505
2.532 a33,35Q1 14,245
2,489 a32,4051 13.402
2,325 a32,57
12.521
Total
Trust Company
Not Member of
Federal Res. Bank
Mech.Tr .Bayonne
Total
Mar.26 1924. Mar.19 1924. Mar 28 1923
Gold with Federal Reserve agent
635.878,000
Gold redemp. fund with U. S. Treasury.
5,922,000
635,928.000
7,582,000
Gold held exclusively agst. F.R. notes_ 041,200.000
Gold settlement fund with F.R. 13oard
129,935,000
Gold and gold certificates held by bank.. 183,270,000
643,510,000 644,791,000
188,210.000 265,428,000
182,516.000 156,594,000
Total gold reserves
Reserves other than gold
Total bills discounted
Bills bought In open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
2.000
2.000
2.0)10
2.000
9
245 079 Art
.
a United States deposits deducted, $64,000
Bills payable, redivcounts, aceeptances and other liabilities. $134.000.
Excess reserve. $138,660 decrease.
5,835
955,005,000 1,014,236.000 1,066,813,000
28,180,000
14,748,000
29,069.000
93,862,000
39,245,000
46.476.000
12,703,000
228,901,000
34,309,000
1.202,000
35,246,000
15,397,000
1,202.000
34.575.000
64,441,000
1,149,000
20,876,000
2.7/3 0
, 00
Total U.S. Government securities.- 51,845,000
--184,952,000
118,425,000
14,373,0110
2,959,000
100.218.000
24,738,000
159,397.000
147,821.000
13,990.000
3.160,000
287.948,000
119,886,000
11,368,000
1,437,000,
Total earning assets
Uncollected items
Bank premiums
All other resources
1.315,677,000 1.378.703,000 1,510,606,000
Liabilities—
Fed. Res. notes in actual circulation_ _
Deposits—Member bank, reser% e acct
Government
Other deposits
363,857,000
725,981.000
22,282.000
10,958,000
368,790,000
783.964,000
667.000
11,797,000
565,691.000
707,865.000
38,341,000
9,966,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
759,221,000
100,203,000
29,733,000
59.929,000
2,734,000
796,428,000
121,753.000
29,728,000
59,929.090
2.075.000
756,1.72,000
96,816,000
28,901.000
59,800,000
3.224,000
Totalliabllitles
—
639,068,000
5,723,000
Total reserves
983,185,000 1,043.305.000 1,081,561,000
Non-reserve cash
11,783,000
8,406,000
11,030.000
Bills discounted—
77,637,000
Bemired by U. S. Govt. obligations—
31.284,000 176,967,000
Other bills discounted
16,225,000
15.192.000
51,934,000
Total resources
Loans.
Diacounts,
forestmegts.
&c.
5
'II
Total
State Banks
Not Members of
Federal Res. Bunk
Flank ,4 Wash.'ItsColonial Bank
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal ReserveBank of New York at the close of business MI h.26 1924 in
comparison with the previous week and the corresponding
date last year:
1.315477,000 1.378,703,000 1,510,606,000
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined
_
Contingent liability on bills purchased
for foreign eorrespondents
•Includes Victory notes.
CURRENT
87.5%
89.5%
81.8%
2,900,000
2,904.000
15,152.000
NOTICES.
—Chas.C. Conover,formerly with A. NI. Kidder & Co., and Howard E
Philips. formerly resident manager of H.C. Spiller & Co..
New York office,
haw formed a co-partnership under the name of Conover & Philips at
141 Broadway,New York,to transact a general investment business,specializing particularly in water securities.
—Harvey J. Drake, counsel to the New York State Insurance Department for the past six years, has tendered his resignation, to take effect
shortly after the close of the present session of the Legislature, when he
•
will become associated with the firth of House. Grossman & Vorhaux, one of the oldest ban firms in New York City, with offices at 115 Broadway.
1498
[VoL. 118.
T H 14 CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the returnissued by the Federal Reserve Board Thursday afternoon,March 27,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 1475, 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 MARCH 26 1924.
Mar.261924. liar. 191924. Mar.121924. Mar. 5 1924. Feb. 27 1924. Feb. 20 1924. Feb. 13 1924. Feb. 6 1924. Mar 28 1923
RESOURCES.
4
Gold with Federal Reserve agents
2,082,659,000 2,098,170,000 2,046,696,000 2,050.306,000 2,109,124,000 2,116,662,000 2,139,913,000 2,097,830,000 2.034,099,000
Gold redemption fund with U. S. Tress_
48,393,000
56,945,000
49,101,000
42,069,000
52.764,000
57,815.000
45,101,000
50,315,000
55,586,000
Gold held exclusively agst. F.R.notes 2,139,604,000 2,150,934,000 2,095,797.000 2,098.699,000 2,151,193.000 2,161,763,000 2.197,728.000 2,148,145,000 2,089,685,000
Gold settlement fund with F. R. Board_ 605,918,000 606,747,000 657,175,000 644,584,000 600,085,000 589,785,000 553,784,000 610,033.000 653,708,000
Gold and gold certificates held by banks 377,422,000 374,164,000 377,110,000 373,480,000 371.469,000 373,949,000 376.750,000 381,115,000 320,401,000
Total gold reserves
Reserves other than gold
3,122,944,000 3,131,845,000 3,130,082,000 3,116,763,000 3,122,747,000 3,125,497,000 3,128,262,000 3,139,293,000 3,063,794,000
100,107,000 101,352,000 105,758,000 106,059,000 106,993,000 111,917,000 117,224,000 119,646,000 112,494,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,223,051.000 3,233,197,000 3,235,840,000 3,222,822,000 3,229,740.000 3,237,414.000 3,245,486,000 3,258,939,000 3,176,288,000
48,116,000
51,054,000
50,282.000
51,091,000
51,137.000
50,502,000
51,160,000
56,240,000
65,815,000
214,650,000
267,659,000
166,826,000
264,425,000
214.557,000
268,842,000
211,938,000
276,370,000
263,512,000
268,078,000
233.045,000
263,081,000
297.561,000
248,785,000
242,085,000
245,211,000
388,238,000
311,781,000
Total bills discounted
Bills bought In open market
U.S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
482,315,000
202,458,000
431,251,000
194,203,000
483,399,000 488,308,000
242,616.000 259,737,000
531.590,000
263,310,000
496,126,000
253,476,000
546,346,000
278,079,000
487,296,000
283,399,000
700,019,000
254,251,000
18,801,000
176,704,000
61,751,000
18,264,000
174,577,000
103,836.000
18,320,000
18,282,000
155.311,000 130,247.000
33,499,000
38,7711,000
18,337.000
105,687,000
31,777,000
18,260.000
95,599,000
27,870,000
18,234.000
80,261.000
28.760,000
Total U. S Govt. securities
Municipal warrants
All other earning assets
257,256,000
296,677,000
212,369.000
182,066.000
155.801.000
141,729,000
127,255.000
51,000
51,000
100.000
100,000
124,658,000
10,000
100,000
Total earning assets
5% redemp.fund agst. F. R. bank notes
Uncollected items
Bank premises
All other resources
942,080,000
28,000
557,304.000
55,864,000
21,486,000
922.182,000
28,000
681,527.000
55,466,000
21,286,000
938,484,000 930,211,000
28,000
28,000
638,715.000 606,204,000
55,197,000
55.254.000
22,077,000
23,282.000
950,801,000
28,000
581,438.000
55,169,000
21,623.000
891.331,000
28,000
627,100.000
55,153,000
20,907.000
951,680,000
28,000
562,725,000
54,732.000
20,088,000
895.363.000 1,203,720,000
191,000
28,000
500.207,000 559,481,000
48,847,000
54.614,000
13,588,000
19,237,000
29,303,000
18,353,000
78,401,000 5142,905,000
77,201,000
27.904.000
249,409,000
41,000
Total resources
LIABILITIES.
F. R. notes In actual circulation
F. R. bank notes in circulation-net_
Deposits
Member banks-roserve account
Government
Other deposits
4,850,867,000 4,964,823,000 4,941,885,000 4,884,655,000 4,889,890,000 4,882,435,000 4,885,899,000 4,784.628,000 5,067,930,000
Total deposits
Deterred availability items
Capital paid In
Surplus
All other liabilities
2,007,116,000 2,012,131,000 2,018.850,000 1,986,026.000 1,985.831,000 1.951,551,000 1,972,209,000 1,953,603,000 1,976,270,000
513,762,000 616,683,000 566,026,000, 532.998,000 535,818.000 561,666.0001 529,687,000 469.438,000 515,298,000
110,831,000 110,828.000 110,836,000, 110.831,000 110,880,000 110,862 000 110,357.000 110,005,000 108,623,000
220,915,000 220,915,000 220,915,000, 220,915,000 220,915,000 220,915.000 220,915,000 220,915.000 218,369,000
15,155,000
14,029,000
14,269,000' 13,710,000
13,740,000
13,248,0001 13,110,000
14,453,000
12,816,000
1,982,706,000 1,989,848.000 2,010,595,0002,010.773,000 2,022.301,000 2,023,783,000 2,039,203.000 2,017,424.000 2,232,482,000
382,000
402,000
389,000
394,000
405,000
410,000
418,000
2,435,000
427,000
1,912,411,000 1,981,042.000 1,944,699,000 1,906,729,000 1,926,514,000 1,891,258,000 1,915.232,000 1,893,988,000 1,871,373,000
75,191,000
54,222,000
59,463,000
38,441.000
8,856,000
39,467,000
36,960,000
85,432,000
38,250,000
19,514,000
19,834,000
22,233,000
10,929,000
20,876,000
20,826,000
20,017,000
19,465,000
21,365,000
4,850,867,000 4,964,823,000 4,941,885.000 4,884,655,000 4,889,890,000 4,882,435,000 4,885.899,000 4,784.628,000 5,067,930,000
Total liabilities
Ratio of gold reserves to deposit and
78.5%
77.8%
78.3%
77.7%
77.8%
F. R. note liabilities combined
78.6%
78.0%
72.8%
79.1%
Ratio of total restrves to deposit and
80.8%
80.5%
80.8%
80.3%
80.6%
81.4%
80.9%
F. R. note liabilities combined
75.5%
82.1%
Contingent liability on bills purchased
11,033.000
10,720,000
9,769,000
9,785,000
12,368.000
15,818,000
16,294,000 16,305,000
35,832.000
for foreign correspondents
Distribution by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought In open market.
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market.
61-90 days bills discounted
61-90 days U.S.. certif. of Indebtedness.
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
Federal Reserve Notes
Outstanding
Held by banks
$
88,089,000
292,787.000
$
56,490,000
244.358,000
58,000,000
92.878.000
302,284,000
11.187,000
115.726.000
304,183,000
948.000
119,637.000
350,745,000
109,311,000
319,479,000
102.000
137,869,000
377,886,000
412,000
41,161,000
43,014,000
50,077.000
43.227,000
49,880,000
44,715,000
40,416.000
44,538.000
10.304.000
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
49,817,000
68,572,000
55,839,000
68,251,000
61,957,000
65,702,000
60,334,000
66,751,000
55,857,000
67.120,000
55,047.000
64,879.000
56,069,000
80,682,000
11,315.000
62,144,000
63,459,000
11,166,000
21,884,000
51,597,000
9,136,000
30,031,000
48.726,000
9,216,000
35,064,000
45.636,000
3,000
42,065,000
47,876.000
157,000
34.565,000
44,125.000
31,931,000
41.515.000
25,615,000
36,328,000
145,000
30.166,000
39.647,000
41,000
63,829,000
51,772,000
1,507,000
26,315,000
52,615,000
51,000
• 1,766,000
26,689,000
36.620,000
51,000
2,837,000
25.002,000
27,586,000
1,196,000
24,960,000
22,090.000
2.160,000
24,659.000
20,776.000
1,401,000
23,863.000
16.758,000
1,622.000
24,423,000
16,887,000
1.906.000
24,989.000
16,663.000
14,203,000
20,836,000
74,382,000
126,833 0
. 00
315,376.000
75.000
10,000
62,350,000
43,825.000
$
68,201,000
513,267,000
2,819,000
50,121,000
42,899,000
57,897,000
71,245,000
2,489,943,000 2,507,758.000 2,521.424.000 2,537,203,000 2,550,102,000 2.555,412,000 2,570,377.000 2,589,519.000 2,601,079,000
507,237.000 517,910.000 510,829,000 517.430,000 527,801,000 531,629,000 531,174.000 572,095,000 368,597,000
1,982,706,000 1,989,818,000 2.010,595,000 2.019,773,000 2,022.301,000 2,023,783,000 2,039.203,000 2,017.424,000 2,232,482,000
In actual circulation
Amount chargeable to Fed. Res. Agent 3,452,025,000 3,464.475.000 3,480,281.000 3,484,465.000 3.503,419.000 3.513,669.000 3,527,154,000 3.542.276.000 3,463,617,000
952,082,000 956.717,000 958.857,000 947.262.000 953,317,000 958,257,000 956,777.000 952,757.000 862,538,000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
2,489,943,000 2,507,758.000 2,521,424.000 2.537,203.000 2,550,102,000 2,555,412,000 2.570,377.000 2,589.519,000 2,601,079,000
329,729,000 330,939.000 328.184.000 328,184,000 328,184.000 328,184,000 327,584,000 327.584.000 314,899,000
407,284,000 409,588.000 474.728,000 486,897,000 445,224,000 441,494,000 430,464,000 491.689.000 566,980,000
119,989,000 117,558,000 115,728,000 116,702.000 122,915,000 121,925,000 117,215,000 124,090,000 129,141,000
1,632,941,000 1,649,673,000 1,602.784,000 1.605.420,000 1.858,025.000 1.666,553,000 1,695,114,000 1,648,150.000 1,590,059,000
2,489,913.000 2,507,758,000 2,521,424,000 2,537.203.000 2.554,348,000 2,558.158,000 2,570.377,000 2,589,519,000 2,601,079,000
Eligible paper delivered to F. R. Agent._ 654.130.000 598,084,000 693,236.000 710.106.000 753,317,000 717.005.000 795.238.000 745,891.000 907,169,003
• Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESF.RVE RANKS AT CLOSE OF BUSINESS MARCH 26 1924
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. touts. lIfinneay. Kern. City Dallas. San Fran
Total.
Federal Reserve Bank of
RESOURCES.
4
4
$
4
s
$
4
$
4
$
$
$
$
Gold with Federal Reserve agents 187,852,0 635,878,0 179,609,0 203,340,0 44.781,0 101,778,0 320,560.0 65,089,0 58,851,0 55,840,0 18,776,0 209,105,0 2,082.659,0
8,659,0
5,922.0 12,375,0 3,892,0 4,157,0 3,057,0 6,141.0 1,947,0 2,551,0 3,237,0 1,830,0 3,177,0
Gold red'n fund with U.S. Tress_
56,945,0
Gold held excl. agst.F.R. notes 196,511,0
Gold settle't fund with F.R B'rd 69,105,0
Gold & gold certifs. held by banks 18,177,0
641,800,0 192,184,0 207,232,0 48,938,0 104,835,0 326,701,0 68,036,0 61,402.0 59,077.0 20,006,0 212,282,0 2,139,604,0
129,935.0 30,907,0 98,682,0 36,406,0 10,002.0 121,639,0 15,386,0 10,986,0 38,650,0 9,956,0 41,264,0 605,918,0
183,270,0 40,475,0 12,401,0 6,744,0 7,662,0 53,562.0 6,294,0 9,384,0 3,555,0 12,446,0 23,452,0 377,422,0
Total gold reserves
Reserves other than gold
276,793,0
8,081,0
955,005,0 263,566,0 318,315,0 92,088,0 122,499,0 501,902,0 89,716,0 81,772,0 101,282,0 43,008,0 276,908,0 3,122,944,0
28,180,0 2,777,0 8,152,0 2,679,0 10,781,0 10.380.0 13,085,0 1,021,0 4,478,0 6,616,0 3,877,0 100,107,0
281,871,0
Total reserves
4,047,0
Non-reserve cash
diSCOUDted:
Bills
Bee. by U.S. Govt. obligations 12,887.0
9,625,0
Other bills discounted
983,185,0 266,343,0 326,467,0 94,767,0 133,280,0 512,282,0 102,801,0 82,793,0 105.760,0 49,624,0 280,875,0 3,223,051,0
11,783,0 2,098,0 3,124,0 2,848,0 7,288.0 5,224,0 4,201,0
745,0 3,097,0 3,273,0 3,328,0
51,054,0
Total bills discounted
Bills bought In open market
securities:
U.S Government
Bonds
notes
Treasury
Certificates of indebtedness
Total U S Govt.securities_ _ _
22,512,0
19,154,0
.542,0'
13,975,0
4,780,0
10 207
n
77,637,0 26,937,0 22,362.0 18.427,0 7,874,0 21,618,0 11,785,0
671,0 2,478,0
16,225,0 11,777,0 18,981,0 37,348,0 37,199,0 38,209,0 22,240,0 12,153,0 18,422,0
•
572,0 11,408,0
8,282.0 37,198,0
214,656,0
267,659,0
93,862.0 38,714.0 41.343,0 55,775,0 45,073.0 59,827,0 34,025,0 12,824,0 20,900,0 8,854,0 48,606.0
39,245,0 14,163,0 20,614,0 2,395,0 9,581,0 30,056,0 6,245,0 8,087,0 8,449,0 28,077,0 16,392,0
482,315,0
202,458,0
1,202,0
35,246,0
15,397,0
18,801,0
176,704,0
61,751,0
Al RIA
A
549.0
918,0
2,321,0 21,767,0
2,112,0 7,483,0
99 022 A
nn 111Rn
1,191,0
2,703,0
1,231,0
154,0 4,426,0
3,726,0 23,353,0
1,478,0 11,501,0
r.iaeA
A /AR
n
20 9cm n
4,603,0
2,008,0
0011
n
7,651,0
382,0 1,785,0
1,0
4,434,0 10,586,0 14,921,0 21,069,0
4.170,0 3,344,0 3,059,0 5,188,0
lA °Ann
IA glin n
in ,nn n
000500
nx, OKA
MAR. 29 1924.]
RESOURCES (Concluded)
Two ciphers(00) omUlag•
THE CHRONTCLE
Boston. New York.
$
All other earning assets
Total earning assets
60,963,0
5% redemption fund-F.R.bank
notes
Uncollected Items
48,545,0
Bank premises
4,312,0
AU other resources
95.0
S
Phila.
$
51,0
1499
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kari. City Dallas.
SanFran.
3
$
3
$
3
$
$
$
• S
Total.
3
51,0
184,952.0 75,910,0 92,125,0 63.295,0 60,012.0 129,163,0 46,881,0 37,166,0
43,661,0 56,696,0 91,256,0
942,080,0
28,0
28,0
118,425,0 51,879,0 56,071,0 51,455,0 25.698,0 74,771,0 29,485,0 11,748,0
31,142.0 20,127.0 37,958,0 557,304,0
14,373,0 1,113,0 9,117,0 2,528,0 2,702,0 8,264,0 1,660,0
2,484,0 4,595,0 1,911,0 2,805,0
55,864,0
2,959,0
262,0
291,0
402,0
981,0
598,0
157,0 5,882,0
846,0 4,810,0 4.203,0
21,486.0
Total resources
402,836,0 1,315,677,0 397,603.0 487,195,0 215,295,0 229,961,0 730,302,0 185,185,0
140,818,0 189,101,0 136,469.0 420,425,0 4,850,867,0
LIABILITIES.
F.P.. notes in actual circulation- 204,265,0 363,857,0 201,292,0 227,315,0
83,330.0 134,194,0 324,084,0 67.789.0 66,729,0 63,872,0 43.270,0 202,709,0
F.R.Bank notes in circulation
1,982,706,0
net liability
382.0
Deposits:
382,0
Member bank-reserve ace't 118,153,0 725,981,0 113,063,0 161,526,0 61,812,0 56,229.0281,
601.0 69,858,0
Government
8,297,0
22,282,0 4,349,0 8,097,0 3,661.0 5,712,0 9,176,0 2,400,0 48.142,0 75,196,0 53,833,0 147,017,0 1,912,411,0
1,505,0 2,295,0 3,181,0 4,236,0
Other deposits
75,191.0
247,0
10,958,0
231,0
998.0
159,0
108.0 1,229,0
397.0
345,0
547,0
219.0 4,076,0
19,514,0
Total deposits
126,697,0 759,221,0 117,643,0 170,621,0 65.632,0 62.049.0292.006,0
72,655,0 49,992,0 78,038,0 57,233,0 155,329,0 2,007.116,0
Deferred availability Items
47,147,0 100,203,0 47.993,0 51,939,0 47,879,0 18,849.0 67,086,0 28,910,0
Capital paid In
7,915,0
29,733,0 10,138,0 12,482,0 5,845,0 4,509,0 15,080,0 5,070,0 11,981,0 32,509,0 21,670,0 37,596,0 513.762,0
3,455,0
Surplus
16,390,0
59,929,0 19,927,0 23.691,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484,0 4,519,0 4,194,0 7,891,0 110,831,0
9,498.0 7,577,0 15,301,0 220,915,0
All other liabilities
422,0
2,734,0
610,0 1,147,0
937,0 1,410.0 1,620,0
689,0 1,177,0
667,0 2,143,0 1,599,0
15,155,0
Total liabilities
402,838,0 1,315,677,0 397,603,0 487,195,0 215,295,0 229,961,0 730,302.0 185,185,0
140,818,0 189,101,0 136,469,0 420,425,0 4,850,867,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
86.1
87.5
83.5
82.0
63.6
67.9
83.2
73.2
70.9
Contingent liability on bills pur74.5
49.4
78.4
80.8
chased for((wean corresoond'te
2.960.0 1.1011.1) 1.333.0
11511.0
501.0 1.698.0
551.0
410.n
524.0
413.0
6611.0
11.033 _
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT
CLOSE OF BUSINESS MARCH 26 1924.
Federal Reserve Agent at
Boston. New York Phila. Cleve. Richm'd Atlanta
Resources
(In Thousands of Dollars)
$
$
$
8
$
$
Federal Reserve notes on hand
101,300 282,050 49,320 51,090 39,190 75,497
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding 223,039 660,226 225,116 244.863 92,010 149,301
Gold and gold certificates
35,300 238,531 14,000 8,780
2,400
Gold redemption fund
14,552
31,347 14,420 12,560 3,486 8,378
Gold Fund-Federal Reserve Board
138,000 366,000 151,389 182,000 41.295 91,000
Eligible paper'Amount required
35,187
24,348 45,307 41,523 47,229 47,523
'Excess amount held
6,479
93,252
625 20,426 9,871 6,109
Total
553,857 1,695,764 500,177 561,242 213,081 380,203
Liabilities
Net amount of Federal Reserve notes received from
Comptroller of the Currency
324,339 942,286 274,436 295,953 131,200 224,798
Collateral received from'Gold
187,852 635,878 179.809 203,340 44,781 101,778
Federal Reserve BanklEllgIble paper
41,666 117,600 45,932 61,949 57,100 53,632
Total
553,857 1,695,764 500,177 561,242 233,081 380,208
Federal Reserve notes outstanding
223,039 660,226 225,116 244,863 92.010 149,301
Federal Reserve notes held by banks
18,774 296,369 23,824 17,548 8,680 15,107
Federal Reserve notes In actual circulation
2042611
262 247 901 909 997 214 82 230 124 104
Chicago. St. L. Minn. K.City. Dallas. San Fr.
Total.
$
$
$
$
8
I $
$
177,180 27.300 17,405 30,093 30,127 81,520 962.082
360,336 83.349 71,397 75,804 48.213 256,289 2,489,943
9,985 13,052
7.681
329.729
6,915 4,104 1,799 3,480 3,595 15,353 119,989
313,645 52.000 44,000 52,360 7,500 193,752 1,632,941
39,776 17.260 12,546 19,964 29,437 47,184 407,284
49,845 20.838 7,339 8,807 6,522 16,733 246,846
947,697 214,836 167,538 190,508 133,075610.831 6,188,814
537,516 110,649 88,802 105.597 78,340 337,809 3,452,025
320,560 66,089 58.851 55,840 18,776 209,105;2,082,659
89,621 38,098 19,885 28,771 35.959 63,917 654,130
947.697 214,836 167.538 190.508 133,075 610,831 6,188.814
360,336 83,349 71,397 75.804 48.213 256,289 2,489,943
36,252 15.560 4,668 11,932 4,943 53,580 507,237
324 024 67780 66 720 62872 42 97(1 909 700 1 029
7101
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 756 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 2523.
for the latest week appears in our Department of "Current Events and DiscussioThe comment of the Reserve Board upon the figures
ns," on page 1475.
1. Data for all reporting member banks In each Federal Reserve District at close of business
March 19 1924. Three ciphers (000) omitted.
Federal Reserve District.
Boston
New York
Phila.
Cleve.
Richm'd
Atlanta
Chicago
St. Louis
Mnpls. Kan. City
Dallas
San Fran
Total
Number of reporting banks
Loam and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts_
43
110
$
8
11,362
74,849
226,071 1,683,485
621,412 9,614,244
55
$
12,034
262,603
357,982
24,426
409,323
703.740
8,918
129,005
331,529
8.892
33,322
68,459 604,028
347,066 1,155,117
9,428
148,440
311,771
3.902
43,592
196,495
6.008
86,760
324,556
Total loans and discounts
U.S. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U.S. Certificates of Indebtedness
Other bonds.stocks and securities
3,068
63,096
213.400
858,845 4,372,578
12,944
50.556
80,883 488,719
4,321
21,198
20.571 398,178
6,597
31,168
188,264 782,482
632,619 1,137,489
10.679
48,258
46,452 108,791
2,702
4,800
37,183
54,010
12,139
11,358
186,762 306,693
469,452
28,972
27,154
2,200
9,650
4,179
53,514
424,417 1,792,467
14,761
23,809
14,455 108.532
1,437
12.619
7,268 119,940
4,938
28,341
38,907 337.814
467,639
14,981
23,598
5,353
16,872
7,792
89,546
243,989
9,081
14,782
780
29,939
4,614
23,940
417.324
11,828
37,789
2,929
16,005
2,166
55,998
279,564 1,017,098 12,113,479
19.266
25,241
270,376
12,512
96,409 1,017.876
1,439
13,266
73,044
15,081
44,187
768,884
7,693
19,630
138,615
13,781 160,408 2,218,109
928.536 1,671.399
70,833 105,323
14,988
29,755
665,499 892,570
129,368 622,640
28,482
33,046
595,121
35,675
13.403
328,244
160,310
8,642
506.1832,419,522 625,781
36,097 199,147
42,832
10,656
53,160
7,413
275,532 1,523,303 351,977
178,938 808,718 202,472
8,435
32,595
6.080
327.125 544,039
23,440
45,642
5,628
12,174
210,091 410,316
83,768 131,137
5,920
3.951
349.336 1,376,237 16,620,383
24,750 102,731 1.482.880
9.217
20,930
273,777
233,632 735,898 11,418,104
89,825 586,963 4.194,133
9,261
24,083
245,451
Total loans & dise'ts & Investm•ts 1,152,225 6,124,879
Reserve balance with F. R.. bank
84,257 712,153
Cash in vault
19,154
77,299
Net demand deposits
796,541 4,994,591
Time deposits
285,376 914,618
Government deposits
16,614
68,342
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S.Govt. obliga'ns_
2,798
15,210
All other
4,967
7.220
10,541
3.945
s
79
4,842
14.423
$
76
$
37
$
104
$
35
s
26
s
72
10,231
7,351
9.2622
3,876
101193
6.191
11 124
2,715
19 •147
1,131
220
2 1/9
$
52
150
/ °Ad
s
67
$
756
11,032
207,241
190,039 3,912,901
816,025 7,993,337
9,986
92 119
75.022
1/2 fa:1A
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.
Three ciphers (000) omitted.
Branch Cities Other Selected Cities.
Total.
Mar. 19. Mar. 12. Mar. 19.1 Mar. 12.
Mar. 19.1 Mar. 12. Mar. 19. Mar. 12 Mar. 19. Mar,
12. Mar.19'24 Mar. 1224 Mar.21'23
Number of reporting banks
67
67
48
48
255
255
Loans and discounts, gross:
201
201
$
300
301
$
756
$
757
$
777
s
s
Secured by U.S. Govt.obligati°
$
s
$
67,361
$
64,744
$
24,749 25,810
$
8
134,508
133,151
39,125
Secured by stocks and bonds
38.438
33,608
1,482,491 1,418,986 446,317 446,513 2,730,113
35.912
207,499
289,540
2,674,532 845.064 643,553 537,724 533,553 207,241
All other loans and discounts__ 2,299,3852,277.608 655,182
3.912.901 3,851.638 3,753,368
652,029 4,962,430 4.923.089 1.641,6751.632,0081,389,
232 1,383.187 7,993,337 7,938,284 7,727,170
Total loans and discounts
3,849,237 3,761,318 1,126,2481,124,152 7,827,051
7,730,7722,325,864 2,313,9971,960.564 1.952,65212,
U.S. pre-war bonds
39,502 39,210
113,47011,997,421 11,750.078
4,198
4.198
89,450
89,264 74,645 74,846
17. S. Liberty bonds
404,780 407,569 49,966
270,376 270,604
43,949 633,580 628,308 236,342 235.739 106.281 106.494
283,196
U. S. Treasury bonds
167.954 187,667 1,037,876 1,031,714 1,045,279
13,720
14,229
5,025
5,093
35,565
37,740
IL B. Treasury notes
17,527
17,559
19,952
371,778 381.694
18,538
73,044
79,048 81,275 566,931
73.837
109,617
576,423 132,248 133,429 69,705 68.865
U. S. Certificates of Indebtedness
28,528
25,414
768,884
15,933
778,717 *940,837
14,202
84,899
84,806
Other bonds, stocks and securities
38,848 24,971
14,868
566,501 561,623 158,796 159,894 1,188.818 1,169,080
11,020
138,615
100,797 205,344
604,824 602,932 444,467 443,816
2,218.109 2,215,828 2,159,979
Total loans & cilsola & Invest'ts- 5,274,046 5,191,0571,4
39,214 1,432,763 10,406,294
Reserve balance with F. R. Bank
661,611 619,709 135,993 149.648 1,067,332 10,296,3933,430.298 3,403,473 2,783,791 ,769,052 16,620,383 16.468,91816,494,330
1,039.311 240.913 238,080 174,635 167.723
Cash in vault
83,161
63,991
1,482.880 1,445,094
27,891
27,923 136,474
138,354 59,368 61,565
Net demand deposits
77,935 78,697 273,777 278,616 1,388,286
,492,074 4,370,6251,010,1791,022,434 7,807.005
276,145
7,712.677
Time deposits
618.185 608,389 371,501 371,453 2,032,645 2,028.901 1,935.376 1,950,4901.675,813 ,684,412 11,418,19411,347.57911,183,938
Government deposits
1,261,542 1,267.843 899.946 894,361
61.021
33,974
4,194,133 4,191,105 3,923,152
14,431
6,191
156,970
80.152 88,629 35,015
payable and rediscounts with
Bills
19,852
9,492 245.451
124,659 326,468
F. R. Bank:
Secured by U.S.Govt.obligations
2,650 41,375
1,185
4.174
32,653
64,522 24.033 35.596
All other
18,336
4,126
20.008
11,499
75,022
120,126 259.534
2,600
2,342
56,514
65,478 34.428 29,374 39,622 43,281
Ratio of bills payable & redIscoun
130,564
156.763
138,133
with F. R.. Dank to total loans
and Investments, per cent
0.1
1.0
0.3
0.5
0.9
1.3
1.7
1.9
2.1
2_3
19
1 R
24
*Includes Victory notes.
THE CHRONICLE
II:tankers' gJ aztiteWall Street, Friday Night, March 28 1924.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1491.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Mar. 28.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest. I Highest.
. Railroads.
Par. Shares 3 per share. 3 per share. $ her share.IS per share.
Buff Koch & Pitt b..106
Mar 28 51 Mar 28 4934 Jan( 5534 Jan
100 51
Preferred
100
50 8034 Mat 28 80% Mar 28 8034 Mar 8631 Feb
Buff & Sustuehanna_10G
200 95 Afar 28 11131 Mar 28 95
Mar 125
Jan
Preferred v t e__ _ _100
100 50 Afar 28 50 Mar 28 50
Jan 5234 Mar
Canada Southern__ _ _100
100 5234 Mar 26 52% Mar 26 5231 Mar 5434 Jan
Central RR of N J_ _100
100 0031 Mar 25 20014 Mar 25 199
Mar212
Jan
C CC & St Louis_ _ _ _100
200 0431 Afar 27 105 Mar 26 10431 Mar 114
Jan
CStPM&O
Mar 22 31% Mar 22 29
400 31
Jan 37
100
Feb
Preferred
100
100 70 Mar 27 70 Mar 27 70
Mar 7514 Jan
Colo & South 2d pref_100
100 46 Mar 22 46 Mar 22 45
Jan 46
Jan
200 53 Mar 27 53 - Mar 27 50
1st preferred
Jan 53
100
Feb
Detroit & Mackinac_100
100 20 Mar 28 20 Mar 28 20
Mar 20
Mar
Illinois Central pref_ _100
700 10431 Mar 25 10531 Mar 24 04
Jan
Mar 110
10 64 Mar 24 64 Mar 24 64
RR See Series A.._100
Jan 6514 Feb
Int&Gt No Ry(w1)_100
100 2634 Mar 26 2634 Mar 26 22
Jan 2814 Jan
Int Rys of Cen Am prat
100 45 Mar 27 45 Mar 27 45
Mar 45
Mar
Lehigh Valley rights__ _ _ 7,900 2931 Mar 22 3014 Mar 24 2931 Mar 333.4 Feb
MStP&SSM
200 3334 Mar 27 3334 Mar 27 3334 Ma. 46
100
Jan
100 58 Mar 27 58 Mar 27 58
Lemed line (Ifs__ _100
Mar 60
Feb
200 5731 Mar 28 60 Mar 28 579.1 Ma 6794 Jan
Preferred
100
N Y Cent Reading Ns_ _ 27,409 294 Mar 25 234 Mar 22 234 Mar 33.4 Jan
N Y State Rys
100 22 Mar 28 22 Mar 28 22
Mar 32
100
Mar
Reading rts
18,600 1531 Mar 28 1631 Mar 22 1534 Mar 2231 Jan
Wisconsin Central ale_ 2,000, 36 Mar 26 3e34 Mar 28 36
mar 3634 Mar
Industrial & Miscel
1
Mar 102
All America Cables_ _100
100, 98 Mar 27 98 Mar 27 98
Jan
Am Beet Sugar pref _ _100
Mar 76
100' 70 Mar 24 70 Mar 24 70
Jan
100; 57 Mar 27 57 Afar 27 5134 Fe 66
Amer Chicle pref_ _ _ _10C
Jan
Am For & Pr 25% paid_ _ 2,1001 93 Afar 27 93% Mar 24 9234 Mar 9614 Jan
300' 9234 Mar 25 93 Mar 25 9234 Ma 9634 Jan
Full paid
Mar 14434 Jan
300 135 Mar 25 13534 Mar 25 35
American Snuff
100
1001 9534 Mar 22 95% Mar 22 9534 Ma 97
Jan
Preferred
100
Ma 4314 Jan
Am Teleg Si Cable.. _100
1001 40 Mar 26 40 Mar 26 40
400 85 Mar 24 86 Mar 28 84
Assoc Dry Gds 1st pf _100
Ma 8814 Jan
1 92 Mar 28 9234 Mar 26 89
Jan 95
. 2d preferred
Feb
100 200
Ma 5431 Feb
Atlas Powder
3001 50 Mar 25 51 Mar 28 50
10C
100 8534 Mar 26 8514 Afar 26 8214 Feb 8574 Mar
6% cum pref
Am Metal tern ctf p1.100
100109 Mar 24 109 Mar 24 0831 Jan 11334 Feb
Mar 22 98
Jan 104
Feb
Amer Roll Mill pref_ _100
30010034 Afar 28 101
31 Mar
14 Mar 22
% Jan
91 Mar 22
Assets Realization__
100
AtI Fri Col T Co ctf dep _ 2,400 134 Mar 28 134 Mar 22 134 Jan 234 Feb
Atlas Tack
• 500 634 Mar 25 7 Mar 24 634 Mar 1134 Jan
Auto Sales prat'
100 1434 Mar 22 14% Mar 22 1134 Jan 1534 Feb
50
100 96 Mar 26 96 Mar 26 96
Feb 96
Bayuk Bros 1st prof-IOC
Feb
400 92 Mar 27 92 Mar 27 92
Mar 93
Blumenthal pref_ _..100
Jan
Mar 4234 Jan
Booth Fish 1st pref_ 100
300 35 Mar 27 35 Mar 27 35
Bklyn Union Gas
400 5834 Mar 24 5831 Mar 25 5834 Mar 60
Feb
Brown Shoe Inc pref_100
300 90 Mar 22 9034 Mar 22 8931 Mar 92
Feb
100 9031 Mar 28 9031 Mar 28 8831 Jan 913-5 Jan
Bush Term Bldg Pref_100
800 1531 Mar 25 1534 Mar 24 1534 Mar 1934 Jan
Calumet SC Hecht
25
Mar 77
200 49 Mar 27 5035 Mar 22 49
Case(J I)Thr M 91_100
Jan
100 2831 Mar 25 2891 Mar 25 2734 Feb 3331 Jan
Century Rib Mills
•
Mar 3634 Jan
100 28 Mar 27 28 Mar 27 28
Cert-Teed Prod
100
10010335 Mar 25 10331 Mar 21 10034 Jan 10534 Jan
Cluett Peabody pref AOC
Commercial Solvents A.5 2,900 50% Mar 28 5531 Mar 24 4334 Jan 6234 Mar
• 500 43 Mar 28 47 Mar 25 33
Jan 56
Feb
% Mar 27
% Jan
% Afar 27
Consolidated Distrib._ -• 100
34 Jan
Cont Can,Inc, prer_ _100
10010034 Mar 28 10631 Mar 25 10434 Jan 10831 Jan
92 Mar 28 9134 Jan 95
100 92 mar 28
Cosden & Co, prof_ _ _100
Feb
Jan 12034 Jan
10011834 Mar 28 11814 Mar 25 117
Corn Prod Ref, pref_100
Daniel Boone Wool M.25 2,200 2834 Mar 25 31 Mar 24 2891 Mar 3231 Mar
Jan 76
200 65 Mar 25 65 34Mar 27 62
Deere d; Co, pref _ _100
Jan
Du Pont deb 6 _ _ _ _100 1,000 86% Mar 24 86% Mar 25 8534 Jan 87
Jan
Mar 10614 Jan
Duquesne Lt, 1st 91_100
20010234 Mar 25 10234 Afar 27 102
Emerson-Brant, pref_100 1,000 834 Mar 24 10 Mar 27 831 Mar 15
Jan
100 3h Mar 28 3% Mar 28 434 Feb 434 Jan
Fairbanks Co (The)_ _25
Fisk Rubber, let p1.100
200 5334 Mar 24 5434 Mar 2e 5334 Mar 65
Jan
Feb 96
400 94% Mar 25 9431 Mar 24 92
Mar
GenAmTkCar 7% pf.100
Jan 110
Feb
General Baking Co__ _• 600 98 Mar 24 99 Mar 25 93
Gen Cigar, Inc, pref _10C
10010131 Mar 28 10134 Mar 25 10134 Mar 10114 Mar
Mar 55
Jan
Gen Refractorie•___ _100 1,300 47 Mar 25 49 Mar 24 47
Jan 10114 Mar
30010134 Mar 28 10131 Afar 24 99
Gimbel Bros. prat__ _100
Mar 9634 Feb
Great Western Sugar_25 1,000 91% Mar 24 94% Mar 24 91
Preferred
100 300 10531 Mar 25 10634 Mar 27 10534 Mar 10834 Jan
Feb
Hanna, 1st pf, CI A 100 300 9331 Mar 26 94% Mar 26 8934 Jan 95
Mar
105 60 Mar 28 60 Mar 25 5
734 Jan 62
Reline(G W)
25
Mar 67
Jan
Indian Refit', put__ _100
100 60 Mar 28 60 Mar 25 60
Jan 200
74 18414 Mar 25 19034 Mar 26 159
Mar
Ingersoll Rand
100
Inland Steel, prof, w I__• 600 102 Mar 24 10214 Mar 27 10131 Jan 10314 Feb
Mar 9731 Feb
Int Business Mach....
• 000 90 Mar 26 9434 Mar 24 90
Mar
Intern/AI Shoe,pref_ _100 2,500 11574 Mar 2511514 Mar 25 11534 Jan 117
Intertype Corporation_* 800 30 Mar 26 31 Mar 24 2934 Jan 3234 Mar
Jan 110
Jan
Jones de L Steel, pref.
_100 200 110 Mar 24 110 Mar 24 109
Mar
800 2634 Mar 28 27 Afar 25 2634 Mar 27
Jordan Motor Car
Feb 9514 Jan
Kan City Lt, let prat_ • 300 94 Mar 28 95 Mar 25 92
34 Jan 1
94 Mar 24
34 Mar 24
Jan
Kansas de Gulf
300
200 54 Mar 24 55 Mar 24 5234 Mar 7834 Jan
Kelly-Spring!,6% 91.10
Feb 63
Jan
100 59% Mar 24 59% Mar 24 1 56
Kinney Co
Mar 9734 Jan
100 88 Mar 28 88 Mar 25 88
Preferred
100
Feb 225
Mar
Kress,S H,Si Co__ _ _100 300 20031 Mar 22225 Mar 25 190
Mar 54
Mar
Ligg & Myers, new.._25 3,300 50 Mar 26 52 Mar 24 50
Feb
B,new
25 2,400 4834 Mar 28 51 34 Mar 24 4834 Mar 53
Jan 117
100 11634 Mar 25 116% Mar 25 115
Feb
Lorillard, pref
100
New
2 9,700 3434 Mar 28 3031 Mar 22 3414 Mar 3834 Mar
Ludlum Steel
• 700 21h Mar 22 22 Mar 24 2131 Feb 2334 Mar
Mar 10234 Feb
McCrory Stores, pf._ 100
10010034 Mar 27 10034 Mar 27 100
Met Edison, pref
• 100 9131 Mar 24 9131 Mar 24 9134 Mar 9314 Mar
Jan
Nat Cloak de Suit, p1.100 1,100 9114 Mar 28 9594 Mar 24 9134 Mar 97
Feb
Nat Dept Stores pfd _100
100 9434 Mar 26 04% Mar 26 9334 Jan 98
N N ec Ramp Ry 0 de
Maid 85
Jan
100 SO Mar 27 80 Mar 27 80
Elee, preferred....100
Jan 9434 Jan
Orpheum Circuit, pfd100 300 92 Mar 26 92 Mar 26 92
Feb 74% Mar
Otis Steel. pref
100 400 64 Mar 26 66 Mar 24 57
Owens Bottle pref._ _100 300 10831 Mar 26 10931 Mar 24 10831 Mail111% Mar
Penn Coal & Coke..._50 700 1914 Mar 28 2414 Mar 26 19% Mall 30% Jan
Feb 8934 Jan
Phillips Jones Corp 9110
400 82 Mar 27 82 Mar 27, 82
Mar 41% Feb
100 35 Mar 28 35 Mar 281 35
& R Coal & Iron etfs_•
Mar 32% Jan
Phoenix Hosiery200 2614 Mar 25 2614 Mar 25 26
Feb
1011 100 8734 Mar 28 8734 Mar 28 8794 Mar 94
Preferred
Phila Co 6% pref._..50i 400 4331 Mar 24 4394 Mar 28 4231 Jan 43% Mar
Jan 72% Jan
Pierce Arrow pr pref..ci 300 65 Mar 27 6534 Mar 281 64
Jan 101
Jan
Pittsburgh Steel pref.1001 100 97 Mar 27 97 Mar 27 95
Mar 98
Feb
200 96 Mar 25 96 Mar 25 96
_10
PS Elec Power, prof.
Mar 102
Jan
Pub Ser of N J 8% pf 1001 100 100 Mar 24 100 Mar 24 100
Jan
200 0614 Mar 22 98 Mar 22 9634 Mari 99
10
7% preferred
Mar
Ry Steel Spring pref.l00 101118 Mar 26118 Mar 25 11331 Jan 118
Mar 1634 Jan
• 600 14 Mar 241 14 Mar 24 14
Reis(Robt)&Co
Mar 111
Feb
100 107 Mar 25107 Mar 26 107
Schulte Retail St, p1.100
10010234 Mar 24110214 Mar 241 10234 Mar102% Mar
100
Sherwin-Wms let
,
Mar 10914 Mar
200 106% Mar 22 10714 Mar 22 103
So Porto Rico Sug pf 10
Mar 26 111 Mar 26 110
Feb 115
Jan
100 111
Studebaker, pref._ _.100
Feb 325
Mar
5275 Mar 27 275 Mar 27 270
Tex Pae Land Trust_100
2001103 Mar 27(10334 Mar 26 10231 Jan 10314 Jan
1Ot
, pref
The Fair
31 Mar
Transcontinental 011 rts_ 432384 1-32 Mar 22 - 31 Mar 26, 1-32 Mar
700 1714 Mar 2 19 Mar 271 1714 Jan 2134 Jan
United Paperboard_ _1
10
[VOL. 118.
STOCKS.
(Cohcluded)
Week ending Mar.28.
Sales
for
Week.
Range for Week.
Lowest.
Range since Jan. 1.
Highest.
Lowest.
Highest.
Indus.Si Miscell. Per. Share. $ per share.
per share. $ Per share. $ per share.
IT S Tobacco
• 100 53 Mar 27 53 Mar 27 53
Mar 60
Feb
Van Raalte
• 209 18 Afar 27 19 Mar 27 18
Mar 33% Jan
1st preferred
100 309 70 Mar 22 70 Mar 22 70
Mar 80
Jan
Va Iron Coal &Coke_100 300 48 Afar 26 48 Mar 26 48
Mar 53
Jan
West Elec 7% cum pf 100 500 11231 Afar 27 11491 Mar 24 112% Mar 115
Jan
West Penn Co
• 2,000 50 Mar 22 5434 Mar 28 4734 Jan 5134 Jan
Preferred 7%
100 300 9034 Mar 24 90% Mar 24 8034 Jan 91
Jan
West'h'se E Si M rights. 18,925 134 Mar 28 134 Mar 22 154 Mar 131 Mar
Worthington pref B_ 100
100 61 Mar25
5834 Jan (15h Mar,
Yellow Cab temp Ms__ 3,600 81 Mar 28 8554 Mar 27
8534 Mar
'
* No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending Mara 28.
Stocks.
No. Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stale,
Municipal &
Foreign Bds.
Railroad
8c.
Bonds.
United
States
Bonds.
482,360
769,610
984,644
761,310
724,205
941,400
$1,303,000
1,485,000
1,413.000
1,199,000
1,267,000
891,000
$2,756,000
11,078,000
5,508,000
1,922,000
3,156,000
1,837,000
4.663.529
Total
58,082,000
7,108,000
9,828,000
7,502,000
7,522,000
8,286,000
548.825.000
57 mg Ann
sonar, nnn
Week ending March 28.
Sales at
New York Stock
Exchange.
1924.
Jan.) to March 28.
1923.
1924.
Stocks
-No. shares...
4,663,529
4,613,516
Bonds.
Government bonds.... 828,257,000 $20,014,000
State Si foreign bonds.
7,508,600
8,780,000
KR.& miscall. bonds__
48,328,000 32,857,000
Total bonds
$82,093,000 561,651,000
1923.
64,874,206
68,615,882
$248,840,000
93,899,000
431,367,000
$213,474,000
135,058,000
471,078,000
$774,106,000
$819,610,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Philadelphia
Baltimore.
Week ending
March 28 1924. Shares. Bond Sales. Shares. Bond Sales. Shares. 'Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
*7,929
*11,739
*13,633
p12.835
*10,586
11,987
$23,700
3,425
23,650
4,910
41,850
6,653
31,40014,482
19,550
9,822
12,000
6,571
68,709
5152,150
45,863
$49,200
1,5201
55.000
33,700
1,8861
31,000
67,500 Maryland Day
43,100
3,002
31,000
25,200
832
3,000
17,500
1,908
29,000
$236,200
9,148
599,000
Prey. wk. revised_
83,545 $180,200
43,164 8156,750
8,495 5118,300
•In addit'ol, sa es of rights were: Eat., 3,773; Mon., 2,941; Tues.,6,331; Wed.
3,244; Thurs., 2,959.
Daily Record of U. S. Bond Prices. Mar.22 Mar.24 Mar.25 Mar.26 Ifar.27 Mar.28
1111gb
First Liberty Loan
3340 bonds of 7932-47_ Low_
1
Close
(First 334s)
Total sales in 81.000 units__2
Converted 4% bonds of 1Iligli
1932-47 (First 4s)____ I.ow-
9811n
98 ,,
,,
98..a,
4
997522
997732
Total sales in 51.000 units_ _ _
Converted 4 31% bonds (High
of 1932-47 (First opo Low.
Close
Total sales in 51,000 anat..,
Second Converted 434% Big°
bonds of 1932-47 (Firstl Low_
Second 434s)
Total sales in 51.000 units.High
Second Liberty Loan
4% bonds of 1927-42
Low(Second 4s)
4*)
Total sales in $1,000 units_ __
Converted 4 h % bonds (High
Low_
01 1927-42 (Second
4g8)
Cloee
Total sales in 51.000 unint. _ _
Third Liberty LoanHigh
434% bonds of 19251-4Low
(Third 434s)
Close
Total sales in $1,000 units...
1111gb
Fourth Liberty Loan
491% bonds of 1933-38
Low.
(Fourth 4318)
Close
Total sale: in $1.000 units_
Treasury
{High
1ow.
435s, 1947-52
Close
Total sales in SLOW Want .
15
99,,
,,
9977te
9977.1
131
----
98,,
,,
9825,2
98,1s,
61
9822n
98nn
Nun
165
98 h,
,
98,1
:,
982112
126
9877n
98nst
9811,1
388
99 ,,9 -1ist
,,
9
9921st 99,1n
9917n 991722
76
68
-------
9 1in fl- -,ist
9
9
9928, 9915:s
9977n 997
%
262
170
-------
98 s,
,,
981,
,,
981,
s,
114
9 Wst
9
99,1n
991712
42
----
____
____
____
__________
____
------ ____
991
%
992%
9977n
723
10011n
100722
100 n
,
465
992*a,
9977n
99 s,
,,
1,258
1007722
100",,
1002,32
93
_
99
-1in
9912
9977es
1.560
1001192
100712
100 s,
,
1,024
99.
032
9975n
9921n
4,353
100778
1001%
100"st
487
____
9911si
991%
991732
1,417
1007et
100 n
,
100 st
,
1,093
99,131
991,
11
99,1n
2,363
100",,
10072A
1001s,
207
____
99,1s2
991%
991712
261
100722
1001,1
100 11
,
412
992282
99,1n
99,12,
705
100142
100722
1001,1
260
____
99%
__-
1
99
,1st
ggito
99nn
233
100712
100.00
100,
:s
317
991,
st
99,4 ,
99,,n
1,078
100",,
100722
1001st
AA
____
99,,
st
995
99,411
244
1001:1
99nst
100.00
332
9911n
Wit
99 ht
,
521
10017st
1007
.2
100,1st
I&7
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
130
2
3,309
7
18t 394s
tat 45
1st 434,
2d 40
9877n to 987712 1,198 26 4348
991st to 9911,5
99,1:1 to
482 3d 431s
Nun to 1001st
99 ss to 9922,/
,
53 4th 431s
991022 to 99ns
9911, to 991%
3 U.S.Tram.431s.100',, to 100 31
,
Foreign Exchange.
-See page 1492.
Quotations for U. S. Treas Ctfs. of Indebtedness. &c.
Du.
inf.
Maturity.
Rate.
Bid.
Asked.
mammy.
June 15 1924...
Sept. 15 1024...
Mar. 15 1925...
Mar. 15 1926_
Dec. 151925...
Sept.16 1926...
June 15197$...
595%
534%
455%
434%
494%
434%
434%
10051
10031
10035
1011n
100%
100 14
,
10036
100%
10074
100%
101 71i
100%
100712
10034
Dec. 16 1927___
Mar. 16 3027...
tune 16, 1924.-Dee. 151924...
Mar. 16 1925.__
Rate.
Bid.
431% 100111
435% 101%
4%
100%
10071s
4%
100
Asked.
100712.
101%
10031
100714
100%
The Curb Market.
-The review of the Curb Market is
given this week on page 1492.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
BONDS (Par Value).
Week ending March 28.
Ind.dbMis.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Mining.
24,010
36,310
33,945
45,425
47,445
38,300
62,045
82,270
76,580
72,060
74,635
98.770
225,435
466,360
172,200
222,035
178,440
145,600
148,300
110,300
Domestic. For'n
275,000
424,000
441,000
405,000
647,000
406,000
46,000
63,000
128,000
84,000
52,000
71,000
976,875 2,598,000
444,000
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
1501
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE
-PER SHARE. NOT PER CENT.
Saturday.
Mar. 22.
Monday.
Mar. 24.
Tuesday.
Mar. 25.
Wednesday. Thursday.
Mar. 26.
Mar .27.
Friday.
Mar. 28.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-shars tots
Lowest
$ per share $ per share
per share $ per share 3 per share
Per share Shares.
Par
Railroads.
*25
30
*25
30
*25
29 .25
30 •25
25
25
30
100 Ann Arbor preferred
100
994 9913 994 9912 99
994 9813 99
98 98 4
3
4,200 Atch Topeka & Santa Fe .300
*88
8812 884 834 884 8812 *8814 89
/
1
8814 88 4
Do pref
600
,
100
2
/ 213
1
4
2
/ 212
1
4
24 212
233 238
24 214
4,000 Atlanta Birm & Atlantic 1110
1194 121
/
1
119 12018 1173 1197 11733 11834 118 11912 129;18 189128 % 5,500 Atlantic Coast Line RR. 100
/
1
4
3
8
128 1 !
4 8
55% 5514 55 553
8 5 / 5514 533 .54h 543 5512 5433 55
31
4
4
11,100 Baltimore Oz Ohio
100
4
*5812 58 4 5812 5834 5814 5814 *58 594 *58
1
59
58
Do pref
58
400
100
177
17
/ 177
1
4
17
1612 17% 1653 1634 163 163
2
1513 1653 24,000 Bklyn Math Tr v t o__No par
594 604 5912 6014 58 59
/
1
57
/ 5814 57
1
4
/ 5814 57% 57
1
4
Prof vot tr ctfs
/ 8.500
1
4
No par
14412 1444i 144 14412 14314 144
14314 144
143 1444 14334 14418 3,200 Canadian Pacific
/
1
4
100
755 76
3
7513 76
73
/ 75
1
4
734 7432 724 734 7118 7314 34,700 Chesapeake & Oislo
/
1
100
•10273 104 *103 104 *1033 1033 *10312 104 *10313 1033 1031: 10312
/
1
4
3
Do pref
200
4
100
/
1
4
44 4
4% 418
4
/ 438
1
4
4% 44
413 4 8 *44 414
100
500 Chicago de Alton
,
*104 1114 *103 1114 1034 103 *104 1112 *1034 1112 105 103
/
1
/
1
4
4
Do pref
8
100
400
4
•23 25 *25
2114 25
2512 25 25
22 22
2214 221. 2,700 Chic & East III RR
100
*43
45
45
45
44
45
45
44
44
*43
44
Do pref
45
400
100
8
434 434 *458 47
412 4
*4
/ 473
1
4
/
1
4
414 414 •414 4
/ 1.100 Chicago Great Western. 100
1
4
*1134 12
1134 118 111 111 114 1112 1114 1112 1112 1112 2,200
/ /
4
4
Do pref
100
1478 15
143 1434 1453 1512 15
1518 154 16
1512 16% 12,000 Chicago Milw dz St Paul_-100
2534 26
25 257
/
1
4
/ 2633 2612 2712 2634 28 48,500
1
4
2514 2614 25
Do prof
100
4933 493
4933 49's 4933 4912 *50
503
3 50
5,400 Chicago & North Western 100
5012 5012 53
•100 102
10012 10012 *100 102 •100 102 *100 102
102 102
Do pref
300
100
23 23
/ 2312 2311 23 234 2253 22
1
4
/ 22
1
4
/ 2314 2314 2413 9,900 Chicago Rock Isl & Pacific_100
1
4
•78
791
79
79
79 79
79
79
*78
400
7912 •78
7% preferred
7912
100
*0 671 •674 6734 6714 671 •6614 67
/
1
4
*66
67
671 6712
/
4
600 6% preferred
100
*3114 33 *304 33
31
31
3014 3114 30
2913 3012 1,700 Colorado & Southern
30
100
/
4
1101 10813 10912 1083 10913 10753 108 2 4,400 Delaware & Hudson
10713 1101 11034 1124 109
4
100
,
12014 124 121 12314 1174 121
117 11913 11514 11914 11434 11638 41.300 Delaware Lack dz Western_ 50
/
1
4
2453 25
2473 25
2438 247
243 244 244 2413 23
3
/
1
/ 2412 9,600 Erie
1
4
100
323 33
32
/ 33
1
4
3134 321
317 317
8
3 3158 32
324 5,800
31
Do 1st preferred
100
*2714 291 *274 2913 *2612 291 *264 29 *2612 29 *264 29
/
1
/
1
Do 2d preferred
100
544 541
544 55
54
55
53
/ 544 55
1
4
5538 55 4 5673 7,800 Great Northern pre:
,
100
2912 2953 29
/ 301
1
4
/ 3014 29
1
4
30
3038 30
/ 3014 6,400
1
4
30 4 29
,
Iron Ore Properties_ _No par
14t
*1312 141 *1313 1413 *13
14
14 *13
1413
1412 •13
100 Gulf Mob lc Nor tr ctfs---100
5613 57
/ *55
1
4
57 *55 57
5612 561
5612 564 56
/
1
56
1,300
Do pref
100
10314 104 104 8 10514 102 102
/ / 102 102 *102 10213 10212 103
1
4
1
4
1
1,900 Illinois Central
100
2412 25
24 247
23 231
23 231: •234 24
2234 2313 4.700 Interboro Rap Tran
100
1811 1834 *1814 19
18
181
1734 1814 1813 1814 184 1812 4,000 Kansas City Southern--100
53 *51
53 *51
*51
53 *51
52
*51
52 *51
52
Do pref
100
68 69
69
704 6812 697
/
1
6812 6914 6913 69
/ 684 694 14.400. Lehigh Valley
1
4
50
92 9211 9212 92
/ 914 927
1
4
92 92
9113 9212 914 9114 3.50CI Louisville & Nashville
100
/ 39
1
4
/ 387 39
1
4
383 3838 384 38
3
3914 *39
3912 39% 394 2.100 Manh Elevated. mod guar 100
8
/
1
9
/ 834 •813 8
1
4
914 *84 9
'814 914
/
1
4
73
4 8
800 Market Street Ry
100
24
24 *2614 30
26
26 •25 26 *25
26
25
25
Do pref
300
/ 100
52
53
534 54
53
5312 52 52
52
52
49
50
Do prior pref
' 10
2,600
16% 164 2013 21
17
18
*1712 18 •1712 18
183
4 18
Do 2d prat
700
100
212 212
212 212 212 2
/ *24 2
1
4
/ / *233 2
1
1
4
/
1
4
24 214
700 Minneap dr St L (new)---.100
*11
1114 11
1118 1053 11
104 10
/ / 1053 105s •105 103
1
1
4
2
5,300 klo-Kan-Texas RR_ _-_No pa
317 32
311 32
/
4
3114 3153 3014 31
3014 317
/
4
3 3113 311 4,400
Do prat
.,-100
12% 1214 1134 1218 111 12
111 12
/
4
/
4
1134 114 1158 121
3,600 Missouri Pacific cons
/
1
100
3812 367 3812 36
38 384 38
/
1
/ 374 3714 377
1
4
3
Do pre
11,000
3 3673 38
100
13
*11 2
/
4
11 17s
/
4
134 14 *134 2
/
1
11/4
134 17
1,100 Nat Ilya of Mex 2d prat---100
10912 11034 1027 110
8
10812 1094 1084 10914 108 10812 1084 1081
/
1
5,900 New On Tex dz Mex
100
10014 1007 10012 1011 10012 10118 10013 100
8
/
4
/ 10011 10113 10012 1011 23300 New York Central
1
4
100
74
74 *744 7413 7314 74
73 7312 7314 7314 *7313 741
1,400 N Y C & St L new co
100
843 84
/ *8412 843
1
4
/ 8434 843 *8412 84
1
4
4 84 4 84 *8412 8434
3
/
1
4
Do pref
700
100
1833 1738 18
175 1813 18
3
171: 1773 17
/ 18
1
4
1753 1858 23,300 14 Y N H & Hartford
100
167 167 *1653 17
*164 17
/
1
1653 164 164 163
/
1
/
1
16
/ 167
1
4
500 N Y Ontario & Western.. 100
14
14 *13
•1314 14
/ 1414 •13
1
4
4
/ 1418 •133 1414 •13
1
4
/ 141
1
4
100 Norfolk Southern
100
1254 12612 12512 1284 12512 1274 1271 12913 12534 1291 122 127 100.600 Norfolk & Western
/
1
/
4
-100
76
76
•75
*74
77
77 *76
77
77
771 *76
300
Do pref
7712
100
4814 494 485 4913 48
3
/ 4912 4814 494 4833 493
1
4
49
/ 511 23,300 Northern Pacific
1
4
/
4
100
4358 435
3 4312 4334 4312 43
/ 4312 43
1
4
/ 4334 437
1
4
43.3 4334 6,300 Pennsylvania
iso
*812 101
10
*9
10
10
*9
10
11
113
3 1178 1213 2.200 Peoria & Eastern
100
411 411 4138 411
41% 4184 4112 4178 414 42
/
4
41
4112 5,800 Pe.'e Marquette
100
*73 754 *73 754 *73
754 *7314 751 '731s 75
7514 *73
Do prior pre:
100
6012 601
•60
601
61
604 6014 •130
6012 6012 61
61
Do pre
900
100
434 44
444 441
433* 447
4312 437
42
434 417$ 43
/
1
6,800 Pittsburgh & West Va
100
*8312 90
.8813 90
89
89 *89
90
89
400
Do pref
394 89 89
100
5433 541 5433 54
5434 551
54
544 553
/
4
5414 534 5414 15,600 ..eading
50
36
*3038 3613 36
36
36
364 381
3578 357
Do 1st preferred
36
800
3 36
50
/
1
/
1
344 34'2 344 344 34
34
*34
3438 34
34 *34
3412
Do 2(3 preferred
700
50
36
36 *32
•32
*32 36 •32
36 *31
35 *31
35
Rutland RR pre
100
23 23'3 23 233
3 22
2333 224 2233 22
2212 2153 2214 9,900 St Louis
-San Fran
100
4734 4614 4612 4534 46
484 4884 48
487
4712 477
47
Do pref A
4,700
100
39
383 39
4
39
3712 391
37
/ 383
1
4
3714 3814 37
3833 9,800 St Louis Southwestern_._ _100
60 60
5978 597
60 60
5912 59
/ 59
1
4
59
800
59 8 59
*94 91
*913 933
9
93
3
9
913
8
/ 9
1
4
83
4 94 3,800 Seaboard Air Line
100
1914 193
*19
/ 201
1
4
18
/ 191
1
4
19
1912 1813 1914 1812 1933 7,100
Do pref
100
86 861 85% 861
/
4
85% 86
8512 8814 8.512 8614 8512 8614 14,700 Southern Pacific Co
100
3
3 544 55
555
8 547 553
55
54
543
3 M4 54
/ 5318 544 71,200 Southern RallwaY
1
4
/
1
100
7334 73
721
73
72
73
711 72
/
4
7212 73
704 72
/
1
4,500
Do pref
100
28
27
2612 271
264 27
25
/ 2612 25
1
4
/ 21378 254 264 12.4,0 Texas & Pacific
1
4
/
1
/
1
100
11
1053 11
1113 113 *1114 1112 II
*1012 11 •1614 11
1,000 Third Avenue
100
6014 6014 60 60
60
*6014 64
60
60 60
*5913 60
700 Twin City Rapid Transit_ _100
4
/
1
12812 1294 129 1293 1284 12914 128 1293 12834 129 1284 1304 5,400 Union Pacific
/
1
4
3
100
71
71 .71
71
71
*703 71
4
7114 71
71
7084 714
Do pref
100
8
9
9
914
91: 913
9
9
9
9
•813
1.800 United Railways Invest
100
33
29
3178 324 3313 31
30
31
30
30 •2912 301
Do pref
4.500
100
1738 16
1714 17
/ 1614 15
1
4
17
1714 15
/
1
/ 1613 154 1633 46,900 Wabash
1
4
100
4458 45
4613 474 4514 47
47
441 454 444 45 47.300
4653
/
1
4
/
4
/
1
4
/
1
Do pref A
100
32
*30
32
32
32
*30
*31
32
*30
32 *30
32
Do pref B
100
100
/
1
4
9 4 93
3
94 953 *912 93
4
91: 912
94 9
3
4
93
4 9
/ 1.500 Western Maryland
1
4
100
8 16
/
4
1678 187
174 1714 161 17 •17
*17
18
18
/ 1713 1,000
1
4
Do 2d preferred
100
•1673 17
1614 167 *1614 1612 1614 163
1614 167
1613 1,800 Western Pacific
3 16
100
62
614 6153 *80
/
1
60% 607
8 6012 6012 *80
6012 60
60
500
Do pref
100
*834 9
933
8
/ 9
1
4
9
94 9 3
3
812 014 8.100 Wheeling & Lake Erie Ry_100
9
94
1812 184 19
18 *18
1813 18
/ 18
1
4
18
1712 18
18
4,800
Do pref
100
nil 301 3814 3614 36 36
/
4
36
30 *3534 3613 36
3614 1.300 Wisconsin Central
100
7713 7712 *7614 78 .7614 78 •7614 78
*7712 78
*7712 78
100
7
/ 8
1
4
9
914
74 74
3
3
914
94 914 •8
94 91
1,400
39 *33
33
38
33
33
33
371 35
/
4
35 *33
26
1.100
4
/
1
754 754 7612 7658 743 75 *744 763 *743 76
4
7312 753
4
4 2.500
612 67
8
68
8 64
612 612
4 *61 714 •614 71 2.400
612 03
/
4
/
1
4
14
•
/
1
4
*13
4
14
14
*13
14 •
"3
100
11 13
/
4
8
133 13
113 114
132 112
3
11 11
/
4
/
4
114 11
7.60C
6553 667
6614 6714 6673 67
6513 66
3 6518 66
65 653
8,800
11012 1101 •I09 111 •109 111 •11013 111
11013 1101 11013 11012
400
42
/ 423
1
4
4258 424 4253 43
431
43
/
1
43
43
4212 43
1.900
9914 NI •9058 9212 •90
•90
9232
937 937 •904 951
3
9212
200
1012 101
8
/ 10
1
4
1014 1014 1012 111
,
8
/ 9
1
4
84 8
/
1
4
10.000
2913 30
26
291
301 3038 3018 303
/
4
2514 27
/
4
/ 251 2613 9,600
1
4
•105 103 *105 108 *105 108 *105 108 •105 108 •105 108
54 54
54
54
54
5514 54
__
•54
*531: __ _- *531*
400
411 4334 4213 43
/
4
42
3813 4112 4113 433
4134 4238 11.500
43
29
2834 2814 26
29
29
29
277
26
27
27
2712 2,400
80
79
7912 791 .79
80
80
7913
•75
/
1
79
79 •784
41a,
*10712 109 *10712 110 *10734 1091 110 110 *104 112 •I0713 10912
/
1
4
100
1151 11612 11338 116*4 10838 1143 10338 1081 103 10512 102 105 401,100
1
1133 *113 1131 11313 1131 113 113
/
4
113 1131 •113
112 112
/
1
4
/
1
4
/
1
4
400
160 16012 160 1601 15914 1591 15814 1591 156 15914 154 156
3,600
12213 1221 12113 12112 •121 126
•12013 126 *12013 126 •121 126
200
*214 2184 2134 2212 224 2212 2214 23
/ 23
1
4
2254 223
2,700
4 22
16
8
16 •I5
/
4
*151: 161 *1512 163 •15'1 161
16
16
3C0
16
1112 1112 *1112 12 .1012 12
12
12 *1012 12
.10
*10
200
351
*34
353 *3412 38
*33 , 354 35
4
34 . 34 *34
36
400
44 4
438 418
/
1
4
*4
/ 514
1
4
412 412
/
1
4
458 453 2,900
41
4 4
921 .92
/
1
95
92
/
4
*921:944 *921/4 9312 9212 9212 •92
500
92
/
1
2
*10
/ 104 •103 1012 1018 104 104 101
1
4
400
4
*93 1014 .913 1012
5412 5513 5412 551
/
1
5413 544 544 5514 9,100
4 5413 55
544 553
/
1
18
/ 174 1812 184 1813 1814 183
1
4
/
1
3
18
/ 1834 183 1933 18
1
4
2 6.900
•lild and asked ^ric(r. z Ex-dividend. b atilobts.
Industrial & Miscellaneous
Adams Express
100
Advance Rumely
100
Do pref
100
Air Reduction, Inc____No par
Ajax Rubber, Inc
50
Alaska Gold Mines
10
Alaska Juneau Gold Mln
10
Allied Chemical & Dye_No par
Do pre!
100
Allis-Chalmers Mfg
100
Do pref
101
Amer Agricultural Chem--100
Do prof
100
American Bank Note
50
Do pref
5
American Beet Sugar
100
Amer Bosch Magneto_ _No pa
Am Brake Shoe le F_ _.No pa
Do pref
100
American Can
100
Do pref
100
American Car & Foundry-100
Do pref
100
American Chain, ci A
2'
American Chicle
No pa
Amer Cot 011 ctfs of dep__100
Do prof ctfs of dep_ _..100
Amer Druggists Syndicate- -10
American Express
100
American Hide & Leather 100
Do pref
100
Amer International Corp_ _100
$ Per share
25 Mar 4
971 Jan 2
8612 Jan 2
14 Feb 23
/
1
112 Jan 23
53
/
1
4Mar 25
58 Mar 28
1313 Jan 4
4834 Jan 3
14234Mar 10
6714 Feb 26
9912 Jan 3
3 Jan 4
/
1
4
014 Jan 3
2112Mar 4
40 Mar 5
413 Jan 3
105 Jan 4
3
1353 Jan 8
22 Mar 1
4914 Jan 3
100 Jan 8
214 Feb 15
7634 Feb 26
/
1
654 Jan 2
20 Jan 2
10412Mar 5
1103 Feb 15
4
2034 Jan 3
2853 Feb 19
254 Jan 3
53 Mar 3
/
1
4
28 Jan 15
1332 Feb 28
50 Jan 3
10014Mar 4
1234 Jan 2
4
171 Mar 26
52 Jan 2
61 Jan 2
87 Jan 16
/
1
4
3012 Jan 2
634Mar 15
22 Feb 20
4312Mar 17
14 Mar 18
133 Jan 3
1053Mar 25
2934 Feb 18
9 Jan 3
/
1
4
29 Jan 3
153 Jan 4
9312 Feb 15
991 Feb 15
/
4
7213 Feb 18
8412 Feb 26
1413 Jan 2
1653Mar 10
13 Mar 11
10212 Jan 3
723 Feb 26
4
47
/
1
4Mar 3
4214 Jan 3
/
1
4Mar 13
9
41 Jan 2
7134 Jan 9
60 Jan 4
38 Jan 4
8514 Jan 5
531233ar 28
53518 Jan 15
53313 Jan 16
32 Jan 3
1914 Jan 4
4253 Jan 3
33 Jan 2
57 Jan 3
/
1
4
614 Jan 2
1414 Jan 2
8512Mar 26
38 Jan 2
/
1
4
6634 Jan 3
19 Jan 3
9 Jan 3
/
1
4
60 mar 25
12658 Mar 3
70 Mar 20
7 Feb20
/
1
4
2812 Feb 20
1034 Jan 4
34 Jan 3
2213 Jan 3
94 Jan 2
1634 Mar 28
1434 Jan 2
58 Jan 7
713 Jan 2
1414 Jan 2
34 Jan 16
Highest
Per share
34 Jan 8
1024 Jan 29
/
1
4
89 Jan 19
214 Jan 11
121 Mar 20
6013 Jan 9
5913 Jan 5
17
/
1
4Mar 22
60 Mar 22
/
1
4
150% Jan 9
7712 Feb 5
2Mar 15
1037
5 Jan 10
/
1
4
1273 Feb 29
27 Jan 10
5113 Jan 8
5 2 Jan 17
5
1312 Feb 5
184 Jan 10
28 Jan 10
54 Feb 7
/
1
4
103 Jan 19
/
1
4
2732 Jan 10
83 Jan 10
6972 Jan 10
3114 Mar 26
4
1123 Feb 25
124 Mar 22
28% Feb 4
34 Feb 4
/
1
4
304 Feb 4
59 Feb 4
/
1
4
3111 Feb 4
/
1
4
17 Jan 9
583 Feb 5
4
10514Mar 24
25 Mar 21
214 Feb 4
/
1
5353 Feb 5
72 Jan 25
/
1
4
924Mar 25,
/
1
3934 Mar 5
134 Jan 4
/
1
401s Jan 5
7112 Jan 4
30 Jan 4
4 Jan 28
134 Feb 4
341: Feb 4
1313 Feb11
3918 Mar 7
24 Feb 6
1111 Mar 20
/
4
10612 Feb 4
7912 Jan 9
87 Jan 22
/
1
4
21 Feb 13
19 Jan 9
/
1
4
1512 Feb 7
132 Mar 20
7712Mar 27
55 Feb 4
/
1
4
/
1
4
46 Jan 28
12 Jan 10
/
1
4
4532 Feb 5
754 Feb 26
6213 Feb 5
4512 Jan 18
89 4 Feb 26
3
79 Jan 12
5612 Jan 14
56 Jan 14
4013 Feb 5
2412 Feb 29
4873 Mar 24
42 Feb 2
/
1
4
6314 Feb 2
4
103 Feb 23
221: Feb 25
9012 Feb 6
5553 Mar 22
7314 Mar 22
2818 Mar 14
1212 Jan 23
66 Jan 12
132 Feb 8
/
1
4
74 Feb 13
1114 Jan 5
/
1
404 Jan 4
1733 Mar 20
4734Mar 19
324 Mar 19
1133 Jan 9
2014 Jan 10
18 Feb 4
6212 Feb 4
9 Mar 25
/
1
4
2073 Feb 5
3712 Jan 29
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
per share $ per share
21 Sept 45 Feb
94 Oct 10512 Mar
855 Dec 9053 Mar
,
34 Feb
14 Aug
1094 July 127 Feb
/
1
4018 Jan 60 4 Dee
3
5514 May 607 Mar
3
/
1
914 Oct 144 Dee
/
1
4
3413 Oct 49 Dec
13934 Sept 160 Apr
/
1
57 June 764 Jan
96 June 1044 Feb
/
1
2 May
4 Dec
/
1
4
3 Jan 1233 Dec
/
1
4
19 Aug 3834 Feb
4613 Aug 6214 Mar
7 Feb
2 Oct
/
1
4
6 Oct 17 Feb
/
1
4
1114 Oct 26 3 Mar
1
2053 Dec 454 Mar
47% Dec 88 Mar
9713 Dec 11813 Mar
19% Oct 3772 Mar
72 Aug 95 Feb
60 Aug 85 Mir
/
1
4
17 Oct 45 Feb
/
1
4
9314 July 12412 Feb
1097 Oct 13013 Feb
2
104 May 22 Dec
/
1
4
15 Jan 3114 Der
4May 27 Dee
/
1
4
103
59 Oct80 Mar
/
1
4
25 July 36 Mat
912 Aug 20 Mar
44 Jan 6214 Feb
/
1
4
9953 Dec 1174 Feb
9':June 2272 Mar
/
1
4
1553 July 24 Mar
4853 July 57 Mar
/
1
4
/
4
54 June 711 Feb
8434 Oct.155 Feb
2711 Dec 4513 Apt
74 Oct 22 Mar
/
1
23 Oct 6813 Mar
5612 Oct 87 Mar
1453 Oct 5614 Mar
91: Feb
/ Aug
1
4
9 Oct 17 Feb
/
1
4
2478 Oct 4512 Feb
84 Oct 191 Feb
2
2214 Oct 49 Feb
114 Nov
4 Feb
/
1
4
8212 Aug 105 Mu
9013 May 10714 Dee
6712 Aug 8012 Dee
86 Nov 9512 July
9 July 2212 Jan
/
1
4
1414 June 2153 Feb
9 Sept 1884 Feb
100 July 11758 Feb
72 Sent 7812 Aug
4914 Oct 8112 Mar
40 Nov 4772 Apr
/
1
4
8 Oct 17 Mar
36 Jan 4714June
67 Oct 7614 Mar
/
1
4
5712 Oct 701: Jan
33 Jan 50 May
/
1
4
/
1
4
85 Dec 93 Jan
6812 June 8113 Feb
44 June 5612 Feb
/
1
45 June 564 Jan
2212 Oct 39 Dee
1634 Oct 27 Mar
3212 Jan 50 Mar
2512 Aug 361 Feb
3
5433 June 63 Mar
/
1
4
434 Aug
74 Feb
84 Aug 1534 Dee
8414 Aug 9514 Feb
2434 Jan 39% Dee
63 July 70 Mar
/
1
4
14 Aug 2912 Mar
812 Dec 194 Feb
584 Jan 7712 June
12412 Aug 14473 Feb
7014 Dec 7812 Jan
/
4
7 Oct 211 Mar
/
1
4
26 Oct 62 Mar
7 Mar 12 Dee
2314 Jan 3612 Dee
/
1
4
1612 Jan 23 Dec
8 Sept 15 Feb
/
1
14 Sept 264 Mar
12 Setp 2014 Mar
/
1
4
53 May 63 Mar
6 Oct 104 Feb
10 Oct 19 Feb
3
23 Aug 387 Dec
67 Sept 82 Mar
734 Jan 2 8213 Feb 11
734 Mar 22 1212 Jan 2
612 Oct 104 Mar
301:Mar 10 414 Jan 4
/
1
4
24 Nov 54 Jan
56 July 723 Mar
6714 Jan 2 8111 Jan 29
3
64 Jan 3 1012 Jan 11
44 Oct 1473 Mar
58 Mar
4 Jan4Aug
Oct1 Oct
/
1
4
6578 Mar 3
jan 1° 7453 Mearb 4
594 Aug 80 Jan
Jan 2
11 F
148 Ja 8
11018 Jan 19 11414 Feb 8 10514 Aug 112 Mar
4213 Mar 28 5013 Jan 22
3734 June 5114 Feb
904 Mar 26 9634 Jan 17
89 Nov 9712 Jan
84 Mar 27 17 Jan 2
1018 July 3673 Feb
254 Mar 27 494 Jan 9
/
1
284 Ott 68 Feb
/
1
4
98 Jan 8 1083 Jan 14
4
77 Jan 100 Nov
5313 Jan 20 55 Mar 13
504 June 5514 Aug
36 Mar 21 4012 Feb 6
25 Aug 4912 Feb
26 Mar 26 38 Jan 7
/
1
4
2214 Oct 60 Mar
77 Jan 3 82 Feb 8 694 Sept 834 Feb
108 Jan 7 110 Mar 26 102 July 110 Jan
102 Mar 28 12253 Feb 1
734 Jan 10753 Dec
109 Jan 8 11434 Mar 12 106 Sept 115 Feb
154 Mar 28 178 Jan 26 1484 July 189 Mar
119 Jan 18 12214 Feb 5 117 Sept 125 Jan
/
1
4
211Mar 21 23% Jan 12
/
4
204 June 2512 Mar
/
1
16 Jan 2 2012 Jan 7
/
1
4
5 Jan 17 Noy
/
1
4
1012 Feb 18 1233 Jan 11
/
1
4
334 July 20 Jan
334 Jan 2 37 4 Jan 11
14 May 383 Jan
8
4
44 Mar 24
7 Feb
/
1
4
84 Jan 30
412 Sent
92 Mar 28 10313 Jan 7
87 Nov 14312 Mar
912 Jan 2 134 Feb 13
/
1
64 Aug 133 Mar
4
501: Jan 3 65 Feb 11
29 AUK 743 Mar
/
1
4
17 Mar 19 2512 Jan 31
/
1
4
16 Sept 334 Mar
1502
New York Stock Record-Continued-Page 2
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,
Mar. 22.
MondaY,
Mar. 24.
Tuesi
Mar. 25.
Wednesday. Thursday,
Mar. 26.
Mar. 27.
Friday,
Mar. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
• Range Since Jan. 1 1924.
On basis of 100
-share tots
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Lowest
Highest
$ Per share $ Per share $ Per share $ per share $ per share $ per share Shares. Indus. Ac Miscall. (Con.)
Par
Per share
Per share $ per share $ per share
8812 88 2 8812 88
88
,
8812 873* 8812 8713 8712 87
8712 2,300 American Ice
100 86 Jan 14 96 Feb 7
78
Oct 11112 Apr
*80
83
82
*80
*80
83
80
7912 7912
80
7912 83
209
Do prof
100
773 Oct 89 Feb
4
1052 1052 *1012 11
'1033 108 1012 1012 "1012 1012 1012 1012 1,800 American La France FE... 10 7912Mar 28 83 Feb 5
1012 Jan 31 1214 Jan 9
1018 July 13 Mar
15
15 8 1514 1514 15
3
15
"1412 15
143 143
4
4 1412 15
1,400 American Linseed
100 14 Mar 21 22% Jan 14
13 Oct 38 Mar
312 32
4
31
31
3212 3212 323 323 *3112 34
2
2
*3114 34
700
Do pref
100 31 Mar 22 45 Jan 14
2812 Oct 59 Feb
7212 72% 713 7233 713 7212 72
72% 73
4
4
7212 7112 7214 8,700 American Locom, new_No par 7114 Feb 18 7632 Feb 7
643 July 7614 Dec
4
'116 118
117 117 *117 118 *117 118
117 118 *117 118
100
Do pref
100 117 Mar 21 120 Mar 12 11412 Sept 122 Feb
443 .433 443 *433 443
*44
4
4
4
4
4 4312 433
4 4313 4312 43
4314 1,500 American Metals
No par 42% Feb 27 45% Feb 14
4014 June 557 Mar
10212 10412 105 105
2
10314 105
10312 104
10312 105
10314 10314 3.900 American Radiator
25 94% Jan 16 10718 Mar 20
Jan 97 Dec
76
614 614 .614 6%
63
2 638
2 612
633 6% .63
63
2 6% 1,000 American Safety Razor_ 25
6 Feb 18 712 Mar 6
4% June
13
9% Feb
1314 13
1212 1312 1212 1212 123 123
13
8
2 1214 123
2 5,100 Amer Ship & Comm__ _No par 11% Jan 2 1538 Feb 11
103 July 21% Jan
8
6012 6012 6012 603
4 59
603* 5814 5933 59
59
57% 5912 5,300 Amer Smelting ,k Refining _100 5712 Jan 14 63% Feb 14
5114 Oct 6912 Mar
98
98
9812 9812 98
98
*9734 9834 973 977
4
97% 983
4
900
Do prat
100 96 Jan 2 10014 Jan 24
93 June 1023 Mar
37
37
2
37
37
3612 37
3614 363
4 3612 37
36
3617 4,100 Am Steel Foundries__..33 1-3 36 Mar 28 40 Feb 7
31% July 4072 Mar
104 104 '103 104
103 104 *102 104 *102 104 .102 104
Do pref
100
100 102 Jan 3 10412 Mar 17
97% Aug 10514 Feb
51
517
2 51
5112 50
51
4914 5112 Si
517
5012 51
7,400 American Sugar Refining_ _100 4914 Mar 26 6014 Mar 14
Oct 85 Feb
48
*93
*93
95
95
*93
95
*93
95
*94
*93
95
95
Do pref
100 94 Mar 21 99% Feb 14
92 Dec 1083 Jan
14
4
14
123 1312 10
2
1212 11
123
2 1113 117
113 12% 12,900 Amer Sumatra Tobacco_ 100 10 Mar 25 2812 Jan 9
4
16 July 363 Feb
042
2
46
45
42% 43 •42
45
46
*4112 45
600
Do prof
100 4212 Mar 25 89 Jan 18
3212 July 653 Feb
4
129 12912 12812 129
12833 128% 128 12838 12612 1277 12512 1268 10.600 Amer Telep & Teleg
s
4
100 12512 Jan 2 1307 Mar 13 1194 June 12834 Dec
2
14212 14352 144 144
13633 1428 13712 13912 13734 141
13834 1397 15,700 Anaerlcan Tobacco
8
100 1365 Mar 25 157 Jan 28 14014 July 1613 Feb
2
*10112 102
4
102% 102% 102 10233 10133 1015 *102 1023 1023 10233
4
Do prat'
900
100 10132 Jan 2 104 Feb 19 10012 Nov 1057 Mar
8
1403 1417 •140 14112 13514 140
4
2
13612 13712 13614 136141 13614 13612 5,700
Do common Class B.
13514 Mar 25 153 Jan 28 140 May 1593 Feb
4
42
44
44
45% 45
46
45 45
4512 4512. 44
45
5,100 Am Wat Wks & El v t c__ _100 40 Feb 18 46 Afar 25
2712 Jan 4434 Apr
*8914 91
91
.89
*89
91
"89
*89
91
91
*89
91
Do 1st prof(7%) v t c_100 8912 Mar 21 9112 Jan 26
8514 July 93
Jan
6812 6914 6912 7012 70
7018 691 6912 71
71
70
1900,
70
Do partic pf(6%) vi0.100 66 Feb 19 71 Afar 26
4812 Jan 6712 Dec
7114 7214 6912 72
683 7012 6914 7012 693 703
4
4
2 6812 7012 48.600 American Woolen
100 68% Mar 28 787 Jan 11
8
65
Oct 10952 Mar
1004 1003 101 101
14
4
1003 1003
4
4'10014 101
1007 1007 1003 1003
*
Do pref
600
2
100 100 Jan 4 10255 Jan 19
96% Oct 1113 Jan
4
•13
4 212
13
4 13
13
4 134 .134 212 *13
4
4 212 . 4 213'
200 Amer Writing Paper prof._100
13
13
4Mar 24
4 Jan 7
l's Dec 34 Mar
4 *7
8
4 734 *718 73
*7
8
*7
8
*7
8
200 Amer Zinc. Lead & Smelt_ __25
4Mar 22 10% Feb 14
73
612 Oct 19% Feb
25
26
2514 2514 2518 2514 25
2413 25
25
25
25
1.700
Do pref
25 2412 Mar 27 34% Jan 14
243 Dec 5814 Feb
4
32
32 2 3212 323
,
2 3218 32% 317 3214 317 32
313 3212 16.700 Anaconda Copper Mining_ 50 3138 Mar 28 41 Feb 15
2
323 Oct 5312 Mar
2
8814 8814 87% 873 '8712 90
4
*87
88
"87
88
*87
88 I
400 Armour & Co (Del) pref._.100 87% Mar 24 931s Jan 24
883 Oct 9414 Dec
4
83
4 83
4 *834 934
834 9
834
834 •83
4 912
83
4 83
4
600 Arnold Constle& Coy tcNopar
84 Mar 20 15 Jan
1012 Nov
1834 Oct
95
95
953 9717 9434 951
4
943 9412 917 94
2
9014 9213' 8,600 Associated Dry Goods_ _ _ _100 79 Jan 15 10012Mar 9
11
6214 Jan 89 Mar
3114 317
32 8 303 3214 31
,
2 32
4
317s 30 4 3115 303 31 1 12.800 Associated Oil, new
3
2
25 2812 Jan 10 34% Feb 5
24% Oct 2912 Dec
.114 214 .114 214 •114
134 *114 214
114
114 *114 214
100 Atlantic Fruit
No par
1% Jan 15
2% Feb 20
12 Nov
312 Feb
14% 14% 141* 15
14
1412 103 143
4
8 11
1133 13
13
10,000 Atl Gulf & W I SS Line_ _ _100 1034 Mar 26 19 Feb 25
9% July 34 Mar
"17
1712 17
16
17
17
g
1514 1612 1514 157
157 16
3,2110
Do pref
100 1212 Jan 4 1912 Feb 25
634 July 27 Mar
11912 120
120 12014 120 12012 '115 118 .115 117
115 11512 1,800 Atlantic Refining
100 115 Mar 28 14012 Jan 31
9932 Sept 13312 Jan
.1163 118 •1163 118 *1163 118 '11634 118 *11612 118 *11612 118 I
4
4
4
Do pref
100 1163
4Mar 12 118 Feb 7 115 May 120
Jan
.22
2212 22 22
21
2112 2014 2014 20
2014 1812 197
4,600 Austin. Nichols & Co_.No par 1812 Mar 28 30 Jan 9
17 July 3512 Jan
1182
.82
86
88 '82
84
*82
86
•80
•82
88
88
Do pref
100 84 Feb 26 88% Jan 24
783 June 8912 Jan
4
.a
51
, *5
513
5
5 12
5
5
*412 512
*4% 514
Auto Knitter Hosiery_ _No par
414 Feb 6
813 Jan 2
6% Dec 2814 Apr
120 12112 12014 1213 1163 121
4
116% 11814 1153 1173 115 117 4 123,900 Baldwin Locomotive Wks_100 115 Mar 28
4
4
,
131 Feb 7 11012 Aug 1444 Mar
•115 11612 "115 11513 *115 11512 115 115 •115 11512 "115 11512
Do prat
100
100 111 Jan 4 12112 Jan 12 111
Apr 1163 Jan
4
*23
27 .23
27 .23
*23
27
"23
27
37 .23
37
Barnet Leather
No par 26 Jan 9 35 Feb 7
2012 Dec 55 Feb
16
1612 1612 1714 1714 177
2 1732 1712 17
1714 153 17
4
9.100 Barnsdall Corp, Class A._ _ 25 14 Feb 16 187 Feb 1
2
9% Aug 35 Mar
*1312 13% .1333 13% 1312 1312 1313 1312 1312 1312 13% 13%
Do Class B
700
25 10 Jan 7 14% Feb 7
Oct 22
6
Jan
14
%
*18
14
*12
•18
14
14
14
*12
.%
200 Batopilas Mining
20
12 Jan 2
% Jan 17
la July
52 Aug
51
51
.51
52
5172 50 50
5014 51
.46
49
49
800 Bayuk Cigars, Inc_ _ _ _No par 49 Mar 28 59 Jan 5
50 June 6214 Apr
513 513
5112 511. 51
52
4
4 52
5112 *50
51
483 50
2
3,100 Beech Nut Packing
20 483 Mar 28 5812 Jan 31
2
4812 Dec 8414 Mar
52% 5212 5212 5312 5112 52 2 5112 52% 513 52% 5012 523
7
4
2
100 5012Mar 20 62% Feb 5
413 June 70 Mar
4
*10712 10812 •10712 10812 *107 10832 •10712 10812 "10712 10814 *10712 10814 33,000 Bethlehem Steel Corp
Do cum conv 8% pret_100 105% Feb 4 1105$ Feb 14 10014 June 11114 Mar
4 943 94 4 *94
9412 943
*94
3
95
*94
9412 94
94%
94
Preferred new
400
100 90% Jan 9 983 Mar 18
2
87 July 9712 Mar
51
*512 5% •5% 533
512 512
512
512 513
513 513 2,300 Booth Fisheries
No par
512Mar 6
7% Jan 6
712 Jan
5
4
33 Oct
British Empire Steel
4% Jan 31
100
5 Feb 9
3 Dec
*____ 5212
9 Mar
7g
•__
5212
52
Do 1st preferred
100 53 Feb 13 54 Mar 12
5214 Dec 6912 Mar
•12
_ _ 13 2
1314
,
•____ 13 •__ __ 13 *__ _ _ 13
Do 2d preferred
100 1314 Jan 31
15% Jan 11
1218 Dec 2612 Feb
110% 11114 *1103 11152 110 2 111
4
3
11012 1103 11014 1103 110 110% 1,700 Brooklyn Edison, Inc
4
4
100 110 mar 28 116 Feb 6 10414 May 12112 Jan
Brooklyn Union
100 11914 Jan 3 12915 Jan 23 10312 May 128 Feb
4514 4514 '43
*45
47
48
-ii- 411; ;ii" 45 431s 4314 ---865 Brown Shoe Inc Gas
100 42 Mar 18 5312 Jan 9
413 Oct 657 Apr
2
8
10114 10114 "101 1013 1003 101
4
10012 10083'100 101
4
100 10012
800 Burns Brothers
100 9717 Feb 26 1073 Jan 18 100 Sept 14434 Mar
4
*2212 225 .2214 2213 22
5
2212 .22
2232 2218 2218 22
22
700
Do new Class B corn.,,. 19% Feb 26 2512Mar 5
2112 Sept 43 Jan
6
47
5
2 5
4% 4%
5
5
.438 512 '4% 512 1.600 Butte Copper di Zinc
5
4% Mar 24
414 Oct 113 Feb
611 Feb 14
4
185 1833 '18
8
19
1812 183
4 1812 1817 .183 19
4
1834 183
900 Butterick Co
4
100 1812Mar 18 23 Jan 23
/
1
4
1314 June 22 Aug
1612 1612 1614 1614 1512 16
1512 15
1512 153
4 1513 1513 1,800 Butte & Superior Mining
10 151s Jan 2 208 Feb 15
8
1272 Oct 37% Mar
.1% 1%
I%
1%
13
4 •
134
112 13
134
134
13
4
4 2,000 Caddo Cent Oil & Ref _No par
13
4
112 Mar 21
114 Nov
414 Jan 19
94 Feb
85
85
84% 8412 81
8312 *8213 8312 82
83 2 83
,
83
4,400 California Packing_ _ __No par 81 Mar 25 8714 Feb 1
77 Aug 87 Feb
24% 25
55 2512 2414 2514 31.200 California Petroleum, new.
25
2514 2414 25
243 2434
8
25 2312 Mar 17 2914 Feb 5
174 Sept 293 May
8
*98 101
4
9812 99
*973 100 "993 9912 *973 99
.4
4
98
98
5i 0
Do pref
100 9712 Mar 19 107 Jan 31
9012 Sept 11012 May
4% 4%
414 414
414 412
4% 434
414 43
2
412 2.800 Callahan Zinc-Lead
10
414 Mar 24
5 3 Jan 9
7
33 Oct 12% Feb
4
*4212 43
"4212 427
s 4212 4212 *4212 42% .42% 4258 424 42 2
,
300 Calumet Arizona Mining
10 4212 Afar 28 4918 Jan 24
42
Oct 66 Mar
13
4 Oils 13
.114 13
4 .118 13
4 .114
134 *114
4 •1,
2 13
Carson Hill Gold
4
1
113 Feb 25
338 Jan 22
112 Dec
Os Feb
*12
•
%
7
8
%
7
8
, 17
12
7
8
34,
*17
2
8
34
500 Case (J I) Plow
No par
12 Afar 26
112 Jan 11
14 Oct
434 Feb
•14
10
•14
19
19 .14
17
41313 18 .14
*14
19
Case Threshing Afach_No par 14 Mar 19 2712 Jan 26
17 Dec 42 Mar
1412 13% 14
1314 14
14
14% 1312
14
13
13
1312 5,200 Central Leather
972 Mar 25 177 P0913
100
2
0% Nov 4012 Mar
4018 4318 41
4212 4212 44
41
4312 39% 42
3812 4012 41,400
Do prof
100 29% Mar 5 447 Feb 13
8
2812 Nov 793 Mar
4
4434 45
443 453
4
4434 43% 4334 407 43
2 4434 4518 44
2
10,000 Cerro de Pasco Copper_No par 4078 Mar 28 4812 Feb 15
3612 Oct 5012 Mar
49% 5114 4914 50% 4812 5014 47
49% 4734 49
493
4 48
28,300 Chandler Motor Car..
.No par 47 Mar 26 6612 Jan 2
43
Oct 76 Mar
8314 8314 .83
8312 83
83
8314 *83
83
83
83
83
800 Chicago Pneumatic Tool..100 8134 Feb 18 84 Jan 8
7512 June 90% Mar
2658 27
2612 26
263 267
4
2612 2614 2612 2572 2614 0,100 Chile Copper
8 26
25 25% Mar 28 283 Feb 15
8
2418 June 303 Mar
2
1512 15% 1552 1552 1512 1512 1518 15% 1518 1518 15
15
2,900 Chino Copper
5 15 Mar 28 2012 Feb 16
143 Aug 317 Mar
4
2
69
69
*6812 70
67
68
6812 .67
67
67
66
663
2
Cluett, Peabody & Co..
..100 66 Mar 28 7512 Jan 30
60 July 7614 Mar
65
6434 6414 643
65% 6514 6534 63% 6514 64
4 6414 64% 15,700 Coca Cola Co v t c
No par 623 Mar 17 7712 Jan 2
4
65% Oct 83% June
4
313 3212 3112 3212 3014 3134 3012 32
2914 3112 14,100 Colorado Fuel & Ron
3012 32
100 24% Feb 15
14
20
Oct 353 May
8
50
40
4912 50
50
4512 4912 49
•48l2 4912 *4812 4912 1.200 Columbian Carbon v t c No par 4812 Mar 17 3512 Mar
55% Jan 18
41
Oct 51% Dee
3312 3313 3313 333
4 33% 3412 33% 33 s 33% 34
7
3312 33% 3.600 Col Gas & Elec. new..
.No par 33 Mar 21 38 Feb 5
30% June 373 Apr
4
Co_ mputing-Tab-RecordNo par 90% Feb 15 104 Feb 5
67 June 9714 De°
6114 "
ifis 6114 1114
114 59'2 6O'z -LA 161; 57's 5914 -- -200 Congoleum Co
53:
,
No par 45 Jan 12 663 Feb 18 24412 Dec 18432 Nov
4
1334 14
1312 133
4 1132 1312 1178 1212 12
14
1312 1352 4.600 Consolidated Cigar
No par 1132 Mar 25 221s Jan 14
1452 Dec 39% Jan
60 .60
60
65
60
60
65
65
*57
65
•58
65
Do pref
300
100 60 Mar 22 84 Jan 15
60 Dec 83 Feb
615 617
8
8 613 625
8 6112 6252 6114 6218 6112 617
4
2 61
61% 14,600 Consolidated Gas(N Y).._100 607 Jan 2 873 Jan 23
8
4
4
563 July 69% Feb
6
618
6
6
6
6
6
6
6
6
6
6
12,600 Consolidated Textile_ _ _No par
6 Jan 2
8 Jan 5
Oct 1412 Feb
6
43 8 4614 48
5
4914 47% 483
4 4714 4784 4672 473 12,800 Continental Can, Inc
2 4714 473
4
100 41378 Mar 28 BO Jan 8
42% May 573 Dec
8
7
714 714
7 14
7
672 7
7
7
7 12
7
7
3.100 Continental Motors__.No par
67 Mar 27
2
8 Jan 16
Oct 1214 Jan
5
17814 17912 17814 18012 17634 17914 178 17814 169 176
16114 17012 57,100 Corn Products Refining-100 1523 Jan 4 187 3 Jan 28 1143 July
2
7
8
16012 Dec
35% 35% 3512 36
3512 35% 35
35% 3338 353
31% 33% 68.900
Now when issued
25 3112 Jan 15 37% Jan 28
3514 35% 355 36% 34% 35% 3412 347o 317 358 34% 35% 54,800 Cosden
8
2
& Co
No par 32 Feb 15 4014 Feb 5 - 1 Sept 62' Mar
224
55% 57
563 58
8
55% 5714 56
57% 5612 57
5512 5713 25.100 Crucible Steel of America_ _100 55% Mar 28 713 Feb 7
4
5712 Sept 8412 Mar
'8814 89
8814 8814 88
88 '873 90 .8734 91
4
.873 91
4
Do prof
200
100 88 Mar 25 92 Feb 11
853 Aug 9412 Mar
4
•147 15
2
1512 143 14% 1483 143
15
4
14
4
1433 13% 14% 6,500 Cuba Cane Sugar
No par 137 Mar 28 18 Feb 6
2
812 Aug 20 Feb
2
663 6612 6614 67% 6412 66
65
653* 633 6514 633 6412 14.700
4
2
Do prof
100 607 Jan 4 71% Feb 11
2
3312 Aug 6513 Dec
34% 34% 34% 34% 34
3414 3414 3414 3312 337
3314 33% 5,800 Cuban-American Sugar_ 10 33 Jan 4 387 Feb 11
s
23 Aug 37% Feb
.98
9814 98
9814 •97
*97
98
9814 •97
9814 *97
9814
Do pref
100
100 96 Jan 4 99I Feb 28
92 July 106 Apr
65
8 63
"612 634
4
63
4 7
612 612 .612 67
612 612
2 2,500 Cuban Dominion Sugar No par
64 Jan 22
84 Feb 5
3 July 1214 Mar
43
43
*43
*44
47
47
46% .44
•44
47 .44
47
100
Do prof
100 43 Mar 22 52 Feb 5
30 Aug 5812 Mar
6912 66
.6952 7012 6914 70
69
6914 683 68 4 68
4
3
7,500 Cuyamel Fruit
68
No par 66 Mar 28 744 Jan 3
5412 July 7213 Dec
5312 55
52% 5378 52% 54 2 528 543
2
2 513 54
3
5012 5212 55,600 Davison Chemical v t c_No par 46 Feb 4 694 Jan 8
203 May 8114 Dec
8
*2012 21% '203 2214 •2034 21
4
*2012 2112 '1933 2012 2014 2014
100 De Beers Cons Mines_.No par 1814 Jan 21 2218 Mar 14
1834 Dec 28 Mar
*1033 1013 "104 104 4 1047 10472 .10414 10412 104 104
4
4
2
3
104 104
100 10114 Jan 30 10814 Jan 10 100% June 111 Mar
300 Detroit Edison
4
173 173
4 1734 1838 1614 164 175 173
2
4
4 173 173
4 1712 173
4 3,300 Dome Mines, Ltd-No par 17 Jan 30 2014 Jan 7
303 May 4418 Jan
4
11
1114 1112 *1112 12
1112 1112 •11
11
12
•11
12
400 Douglas Pectin
11 Jan 7 113 Jan 11
4
11
%ct 1414 June
17
10814 109
10712 108:2 107% 10812 108% 109
*108 109
178
108% 10812 3,800 Eastman Kodak Co..
.No par 10712 Mar 25 1124 Jan 8
893 Jan 1153 Apr
4
4
1714 173
1712 18
1712 164 17
17
4
1718 3.600 Eaton Axle & Spring _ _ _No par
17
1612 Mar 21 244 Jan 8
20
Oct 27
128 12914 128 12914 12612 12814 127 129
127 129
123 1275 27.900 El du Pont de Nem & Co_100 123 Mar 28 14171 Feb 1 10614 Jan 14812 July
8
Apr
5732 5813 5714 5734 57% 5812 57% 5812 5,000 Elea Storage Battery.
5813 5 % 58 58
8
.No par 5714 Afar 26 64 Feb 7
52 July 674 Mar
•12
12
12% 12
12
12
12
12
12
12
12
12
800 Elk Horn Coal Corp
50 12 Feb 8 123 Jan 8
4
1214 Dec 203 Jan
4
112 "1
112 .1
*1
1% *1
112
112
112 '1
112
100 Emerson-Brantingham Co_100
1 Feb 29
34 Jan 9
52 Dec
74
6112 6012 6012 60
61
61
58
2
6014 583 5932 5914 59% 4,800 Endicott-Johnson Corp_- 50 58 Mar 26 674 Jan 16' 587 Oct 9414 Feb
2
Jan
0
•11114 11314 •11114 11312 1212 _.- _ 11114 11214 *11114 11314 •11212
22
Do prof
300
100 11114 Mar 26 115 Jan 17 110
Oct 118
Jan
20
2018 20
*20
*20
20
22
22 .20
Exchange Buffet Corp_No par 20 Mar 19 22% Jan 12
22
300
19% Dec 31
Jan
67
4
66
6514 6612 65
66% 653
6412 66
66
6512 6652 14,900 Famous Players-Laaky_No par 61 Jan 29 724 Jan 17
52
Oct 93
Jan
89% 8912 8912 8912 .8812 8912 89
•8812 90
80 '883 90
4
Do pref (8%)
300
100 87% Jan 28 91% Jan 14
82
Oct 9934 Feb
*9
1112 •9
10
•9
1112 *9
1112 "9
1112 '9
1112
Federal Mining & Smelt
-g-100
918 Jan 10 13 Feb 20
5 June 13 Nov
4352 433
4 43% 43% 4312 4313 43
43 '4212 43
4212 4212 1,000
Do prof
100 414 Jan 2 473 Jan 24
3414 Juno 6012 Feb
4
1112 1232 12
1232 1214 123
1112 113
4 1214 12% 26,700 Fifth Avenue Bus
8 1112 12
No par
912 Jan 3 133 Jan 26
s
714 Sept 10% Jan
21434 218% 205 214
'200 223 "216 220 *210 215 "214 216
1.701 Fisher Body Corp
No par 163 Jan 23 22312 Mar 21 140 July 21214 Jan
9912 .99
•99
9912 99
9912 •99
9912 .99
99
*99
9912
300 Fisher Body Ohio pref __ _100 98 Jan 29 10214 Mar 13
94 July 1023 June
8
7% 712
714 8
712 7%
7% 73
4
712 712
7% 712 2.700 Fisk Rubber
No par
714 M 24 1034 Jan 16
57 Oct 1612 Feb
8
483 48 3 48
2
7
4812 48
4812 47% 47% 3.400 Fleischman Co
*4752 48% 4813 49
Vo par 4.414 Jan 2 50% Jan 29
37% Feb 4714 Mar
2 73% 7312 *7314 7312 73
73% 743
7314 7212 7212 1,200 Foundation Co
733 7 4
4 33
No par 6612 Jan 21 753 Mar 11
4
5812 Oct 78% July
912 9%
9% 9%
934 9%
912 9% 6.100 Freeport Texas Co_ _ _.No par
9% 9%
10 2
3
10
93 Mar 27 13% Jan 7
8
912 July 22 Jan
*41
43
43 '41
4012 4012 39% 40
*41
43
44
*41
400 Gen Amer Tank Car_ No par 39% Mar 28 4614 Jan 2
3812 Oct 717 Fe1i
8
'12
• Bid and asked videos: no sales on tins day. c Ex 300% In stook
Es-dividend.
New York Stock Record-Continued-Page 3
1503
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW BALE PRICE
-PER SHARE, NOT PER CENT.
Monday,
Tuesday, Wednesday. Thursday.
Friday,
Mar. 24.
Mar. 25.
Mar.26.
Mar. 27.
Mar. 28.
$ per share $ per share
per share $ per share goer share $ per share
38% 39% 3914 403
8 3734 39% 37% 3878 3818 3938 3612 39
*7212 77 *7418 77 *7412 77 *7412 77
74
7412 .7412 77
85
8578 85
86
8.511 *8514 86
85
86
86
85%
85
*10312 106 •10134 106 .10214 106 .10214 106 *10214 106
10214
227 22912 225 2283 221 228 221 22614 22112 22412 21014 10214
4
21612
1078 10% 1078 11
11
11
1078 11
1078 1078 •1078 11
1412 14% 1412 1448 1414 14% 1414 14
% 1412 143
8 1414 14%
*82
83 .82 83 *82 83 *82
83
83
*8212 83 •82
*8134 82
81% 8178 813 813
4
4 82 82 .81
82
8134 815
4
*99 100 *96
9912 *98 9612 '96
99 *96
99
95
96
•50
50
50
49
50
4812 49
*48 .50
*49
50
*103 10% 1012 1012 *1038 1078 10
8
1014 •10
103 •10
4
10%
.3418 3512 3512 35% 354 3518 35
3538 34
343
34
4 32
1034 1034 12
1512 1412 15% 15 15%
1312 1512 1312 1414
19
1914 1914 1938 20
20
2018 2014 2018 2012 2014 2012
7012 72 *7012 75 *7218 75
7214 7212 '7118 75 *71
75
*4312 45
44
4414 4334 433
4 433 433
4 44
4
44
4312 433
4
913 913 903 904 90
4
4
4
90 *9012 91
*90
91 '90
91
1412 1412 •1334 1412 14
1414 1334 14
14
1334 14
14
5
51/4
5
512
414 5
5
54
. 518 514 454 514
•14
15
1434 1434 14 14
*1385 15
*1333 1412 •13% 15
*912 10
812 838 *838 812
812 8 4
*8 4 9
3
3
838
838
7534 7612 7534 7712 74% 7712 75
n I 7514 7612 73 783
8
Saturday,
Mar.22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
On bags of 100-share lots
PER SHARE
Rangefor Previous
Year 1923.
Lowest
Highest
Lowest
Highest
Indus. & Miscall.(Con.) Par
Per share
per share
per share $ per share
General Asphalt
100 37% Mar 26 4654 Feb 5
23 Aug 54 Mar
Do pref
100 7134 Jan 3 81 Feb 8 60 Sept 83 Mar
General Cigar,Inc
100 85 Mar 22 9734 Jan 10
80Is June 9712 Dec
Debenture preferred_ _ _ _100 1024 Mar 28 107 Jan 11 10414 Nov 110 Apr
General Electric
100 19312 Jan 3 23112 Mar 20 167% Sept 20214 Dec
Special
10 1034 Jan 2 114 Feb 7
10 Oct 12 Jan
/
1
4
General Motors Corp__No par 1414 Mar 25 1614 Feb 1
1234 June 1712 Apr
Do pref
•
100 8118 Jan 4 8418Mar 3
79 July 89 Apr
Do Deb stock (6%)- _100 81 Jan 14 8314 Jan 11
500
7834 July 90 Apr
Do Deb stock (7%)
200
-100 95 Mar 28 1001s Mar 17 933 Oct 105 Apr
4
1.500 Gimbel Bros
No par 47 2 Jan 30 5234 Mar 8
7
3912 June 5112 Apr
2,200 Glidden Co
No par
8% Jan 9 19% Jan 11
6 Sept 1238 Feb
Gold Dust Corp
5,300
No par 32 Mar 28 37 Feb 26
--14.000 Goldwyn Pictures, new_No par
818 Feb 15 15% Mar 25
8 Nov 2218 June
4.300 Goodrich Co (B F)__ _ No par 19 Mar 22 26% Jan 10
1738 Oct 4118 Mar
Do prof
500
100 7012Mar 22 80 Jan 17
6734 Oct 9212 Mar
1,000 Goodyear T & Rub ply t c_100 39 Jan 4 49 Jan 8
35 Oct 624 Apr
Prior preferred
300
100 8814 Jan 2 933 Mar 12
2
88 Oct 99 Feb
1.700 Granby Cons M,Sm & Pow100 1312Mar 20 17 Feb 15
14
12 Oct 33 Mar
2,600 Gray & Davis, Inc.
414 Mar 25
-No par
918 Jan 11
634 Dec 154 Mar
500 Greene Cananea Copper__ _100 14 Feb 28 163 Feb 18
4
1358 Dec 3418 Mar
600 Gintntanamo Sugar.-- No Par
634 Jan 7 10% Feb 6
5 Sept 1412 Feb
17,700 Gulf States Steel tr ctfs_...100 73 Mar 28 8914 Feb 7 66 June 10458 Mar
Habil-shim Elec Cable_No par
82 Jan 2
138 Jan
14 Aug
212 Jan
38
38
3718 38
341g 37
IC' -56 3714 36 37 16.800 Hartman Corporation_ _No par 3414 Mar 25 4434 Feb 8 7954 Nov 9478 Feb
8
4
4012 4034 4034 4118 40
40
41
40
40
40% 381s 40
8,300 Hayes Wheel
100 3818 Mar 28 52% Feb 4
31 July 44 Apr
4912 4912 •4912 50
*4912 50
*491z 493 *4912 493
4
4 4912 493
400 Homestake Mining
4
100 4912Mar 10 5612 Jan
54 Dec 79% Jan
32% 32% 3212 321
3212 321
32 323 .3218 3214 3218 3218 2.100 Household Prod,lno___No par 32 Feb 16 3412 Jan 3
8
2
8
285 July 39% Mar
69
7014 7014 721
68
70
69 697
70
717
6834 7134 23.800 Houston Oil of Texas
100 66 Feb 15 821 Feb 5
403 Aug 78 Feb
4
263 263
4
4 2612 263
26% 27
2614 2612 2614 263
4 2614 273
8 8.300 Hudson Motor Car____No par 254 Feb 15 2934 Mar 10
20 June 325 Mar
4
1334 1378 14
14
1312 137
1334 1334 137 1378 1312 13% 3,400 Hupp Motor Car Corp-8
10 1312 Mar 25 18 Jan 2
4.2
8
1512 Dec 3012 Apr
34 1
2,
7
3
4
*3
4 1
34
600 Hydraulic Steel
*3
4 1
No par
112 Jan 10
4 Jan 2
12 Oct
612 Jan
712 7%
75
74 7
3
3 •71/1 73
71
714
4 8
74 8
3
2.600 Independent Oil & Gas_No par
612 Jan 3
914 Jan 18
3% Sept 1114 May
*1
118
1
•1
1
11
*1
118
1
1
1
1
400 Indiaboma Refining
5
24 Jan 17
3 Feb 5
4
1
Oct 19 Mar
1934 1934 •1912 21
1934 103 *1934 21
20
2018 1954 194
600 Indian Motocycle----No par 19 Mar 20 2512 Feb 4
18 Dec 1934 Dee
*4
412 *4
41
*4
4
41
418
4
4
*4
412 1,800 Indian Refining
4 Mar 20
10
57 Jan 17
8
311 Dec
812 Apr
*3414 34% *34
35
341 *34
34
3418 *34
344 3312 3418 1,200 Inland Steel
No par 3312 Mar 28 3814 Jan 30
31% July 4638 Apr
*2312 233
4 2312 24
2318 231
2314 2312 23
234 23
2314 4,100 Inspiration Cons Copper-- 20 224 Feb 28 2738 Jan 24
82
8 1
2314 Oct 4334 Mar
.1
112
41
4 1
7
2 1
1
1
.42
8 1
300 Internal Agricul Corp
100
72 Mar 17
214 Feb 7
Oct 11 Feb
*438 514 *Os 51
*438 51
*458 5
*5
514 •5
514
100
Do pref
5 Mar 21 1018 Jan 8
41e Oct 397 Feb
42 42
8
4218 421
42
42
42
42
417 417
s 41
4112 1.800 International Cement__No
41 Mar
31 June 44 Mar
23 2314 23% 231
22% 23% 2234 234 2278 2314 2212 2234 8.300 Inter Combus Engine_ _No par 2212Mar 28 4434 Feb 11
par
28 273 Jan 12
8
19% Jun
274 Apr
*823, 8312 81
831
8014 84
8212 8212 81
8214 80
8314
6634 Oct 9812 Feb
*
10812 107 *10612 107 *10612 107 *10612 10714 *1064 107 •10612 1071 12,100 International Harvester_ _.100 78 Jan 3 8712 Feb 4
Do pref
100 106 Feb 26 108 Feb 2 108 Oct 11614 Jan
71. 712
714 71
714 714
718 718
7
7
7
1,200 lot Mercantile Marine__ -100
7
634 Jan 2
914 Feb 1
4% Aug 1158 Feb
2814 29
2838 2914 283 28% 2612 27
8
2612 27
2612 27
8,100
Do pref
100 2612 Mar 26 3434 Feb 1
1812 Aug 47 Jan
1314 1314 1318 131, 13
1318 13
13
13
13
12% 131
4,700 International Nickel (The) 25 1212 Feb 26 15 Jan 28
103 Oct 1614 Feb
8
*79 81
*79
80 *79
80
80
*78
80
80
79
80
100
Do pref
100 784 Jan 7 824 Feb 20
6934 Jan 83 June
36% 36% 37
381
37
36
35 4 3
37 *3612 371
3
37
6
2,400 International Paper
100 3478 Feb 20 4218 Feb 8
2778 Oct 585s
6412 64 64
*64
6212 63i2 631s 6318 6334 633
64 65
stamped preferred_100 624 Mar 25 661 Feb 7 60 Oct 7518 Mar
Do
SOO
Jan
6812 683 *6812 69
4
6812 6812 *88
6812 *6712 68
6612 671
800 Internat Telco & Teleg
100 66 Feb 1
7
1412 1434 1434 15
1412 15% 1434 1514 1518 l53
g 143 153 28,400 Invincible 011 Corp_ _..No par 1234 Feb 16 7014 Feb 13 64 Oct 714 Apr
4
167s Jan 2
718 Nov 194 Mar
4312 427s 4434 *42
*43
43
4514 .42
4212 423
4212 421
700 Iron Products Corp.__ _No par 414 Feb 19 5234 Jan 10
3212 Aug 5814 Mar
*15
19 •15
19
1712 18
1712 1712 18
1834 •15
18
2,100 Jewel Tea, Inc
100 1712Mar 2
2314 Jan 2
1538 Oct 24 Mar
8734 873
4 8614 8614 •82 86 *85 90
*82
89
82
85
Do pref ,
800
100 82 Mar 28 9158 Jan 16
62 June 8812 Dec
•2312 24
24
24
2312 2312 •2312 24
2318 237
8
* 233 231
1,000 Jones Bros Tea, Inc
100 21 Mar o 2712 Jan 3
2038 Dec 63 8 Mar
3
2614 •26
26
27
25
25 s 2412 25
7
23
2414 23
23
3,200 Kayser (J) Co, v t c_ _ _No par 23 Mar 27 38% Jan 18
28 July 4578 Feb
*9712 9878 9712 9712•____ 9712
9915 •_ _ _ _ 9734
971
Do 1st pref
100
No par 9712 Mar 1 10212 Feb 11
96 July 104 Mar
16
1714 1612 17% 1614 167
4 1612 16% 16% 17
s 1614 163
11,800 Kelly-Springfteld Tire
25 1514 Mar 2
35 Jan 10
2012 Oct 624 Mar
473 473 •45
4
4
53 •46
49
48
48 •45
4812 •45
481
200
8% Preferred
100 4734Nfat 2
88 Jan 10
78 Nov 108 Jan
*88 89 •88
89
88 88
*85
89 *85 87
400 Kelsey Wheel, inc
803 83
4
100 80% Mar 2 101 Jan 10
75 Oct 11714 Mar
3513 3538 35
3512 35 3514 35
35% 34% 3518 3412 35% 15.200 Kennecott Copper
No par 344 Jan 2
383 Feb 15
8
29% Oct 45 Mar
218 2%
212 2%
2% 218
214 2 8
3
2
218
2
2
3.600 Keystone Tire & Rubber__ 10
2 Mar 18
438 Jan 9
1% Oct Ills Mar
*320 360 35912 360 *340 360 *350 360 *350 360 •350 360
100 Kresge (S 5) Co
100 2874 Jan 17 360 Mar 24 177 Ma 300 Dec
94
*92
9314 9312 93
9312 9234 923
4 9318 9315 9312 9334 1,50 Laclede Gas L (St Louis)
..100 79 Jan
944 Mar 8
75 July 893 June
8
1212 *12
*12
1212 12
1212 11% 11% 11381 11% 11% 1134 1,000 Lee Rubber & Tire_ _..No par 1114 Mar 17 17% Jan 11
1138 Oct 31% Mar
Liggett& Myers Tobacco-100 20614 Feb 18 245 Feb 9 19034 May 240 Dec
11512 117 1168 1167 '115I if/ •iiU4 fir •1.15T4 ifir
8
.
.'11514 Ili- ---100 Do pref
100 1153sMar 5 1177, Jan 24 111h Apr 11818 Jan
*64% 65 *64
64% 63 6312 621s 63% 6218 83
603 02
8
3,300 Lima Loc Wks tern ett_No par 60% Mar 28 6858 Feb 7
5814 June 74% Mar
16
1614 16
1632 16
1614 16
16
16
16
16
2,700 Loew'a Incorporated__ _No par 15% Mar 17 18 Jan 10
16
14 June 2114 Feb
633 6's
614
614 *6
6
614
8
6
6
6
6% 4.300 Loft Incorporated
No par
8 Mar 24
854 Jan 11
6 Sept 11% Jan
5812 6012 58 61
*5512 573 *55
4
57
*55 .57
5612 5612 5.090 Loose-Wiles Biscuit
100 50 Mar 6 8212 Jan 26
3614 July 6614 Dec
100 14818Mar 14 17554 Jan 5 146 June 18234 Dec
*ii1518 113
*Holz 112 *iii- 112 iii: 1117- 112Ili' ---200 Lorillard (P)
88
Mackay Companies
100 107 Jan 2 117 Jan 30 103 May 121 Feb
834 8378 8314 83% 83 84 81 83 8 58
80
82
18.000 Mack Trucks, Inc
No par 80 Mar 28 90% Jan 7
58% Jan 9312 Apr
*96
963
4 9634 9634
9614 9614 •9618 9612 *9614 9612 '964 9612
200
Do 1st preferred
100 9512 Jan 16 9834 Mar 19
87 July 9914 Mar
•88
90 •88
90
88 88 *8712 90 '8712 90
*8712 90
100
Do 2d preferred
100 871 Jan 15 90 Jan 8
72 June 92 Mar
*6212 6412 •62 83
6112 63
60% 6114 56014 6212 6014 6014 2,300 Macy(R II)& Co,Inc_No par 6018 Mar 26 6812 Jan 2
57 July 7112 Jan
3312 34
3312 337
33
3212 33
33
32N 3314 33N 3314 1,600 Magma CoPPer
parpar 30% Jan 2 3614 Mar 14
2714 Oct 3814 Mar
20
2014 2014 2012 20
20Is 1938 1978 1814 1938 18
1814 6,500 Mattison (H R)& Co_No
No
18 Mar 23 313 Jan 18
4
21 June 40 Jan
"62 69
6818 6934 68 68
*64 68 '64
68 *64
68
Manatiprat ar
Da Sug
800
100 62 Jan 5 6934 Mar 24
43 July 7514 Mar
*843 90 *85
4
90 •85 90 *85 90 '85
87 "85
90
100 82 Jan 14 87 Mar 14
72 Oct 90 Feb
34% 3534 36 3712 3732 3734 37
3712 *3738 377
11 37% 38
2.500 Manhattan Elea SupplyNo par 3314 Mar 21 4234 Jan 9
35 Oct 66 Mar
*3618 3712 37
3738 *37
3712 3712 3712 *3714 3734 377g 38
1,100 Manhattan Shirt
25 36 Feb 18 44 Jan 10
40 Oct 474 Jan
2814 29
30
3012 2834 3014 2834 2074 2712 2934 2738 28
9,300 Maracaibo 011 Expl___No par 254 Jan 3 3712 Jan 26
16 Sept 283 Dec
361s 3738 373* 3818 3612 373
11
4 3618 3714 37
385
8 3612 38% 69,800 Marland OD
No par 35 Feb 19 42 Feb 5
1712 Oct 5952 Apr
•1212 1234 12
1218 12
12
12
12
1218 1214 1214 1214 1,300 Marlin-Rockwell
No par
8 Jan 8 1734Mar 11
34 Nov 16 Feb
35
353
8 3514 3512 35
3513 353 354 35
353
4 35
3513 5.000. Martin-Parry Corp_ _ _ _No par 33 Feb 15 37% Jan 17
6
26 July 3754 Apr
*3212 3312 *32
34
3214 3214 *3112 33
*3214 3212 317 32
5
300 Mathieson Alkali Works__ _ 50 3141%lar 18 4112 Jan
.
31% Oct 63h Mar
46 4778 45% 4638 435 46
4312 4412 447 46
4312 4512 20,600 Maxwell Motor Class A---100 4338Mar 25 5534 Jan 8
8
9
36 Oct 6314 Mar
1212 13
1212 1212 12
1218 1134 12
12
1138 12
12
9,600 Maxwell Motor Class B.No par 1138 Mar 28 16 Jan 9
1014 Oct 21 Apr
•89 91
8934 91
91
89
89
8912 37
8012 8512 87
8,100 May Department Stores_ _ -100 8512 Mar 28 95 Jan 25
67% Jan 93 Dec
1578 1578 1534 16
157 16
7 16
15
157 16
1514 153
4 6,900 McIntyre Porcupine Mines..
1514 Mar 28 iv. Jan 7
15 Sept 2012 May
18% 1834 187 19
18
187* 1812 1912 1834 20
18% 1934 11,200 Mexican Seaboard 011_ _No par 1418 Jan 3 2414 Feb 6
534 Aug 2334 May
1712 1712 *1738 18
1714 1712 1714 18
177 181
18
183
8 4,000
Voting trust certificates-- - 1278 Jan 3 23 Feb 6 6
Aug 23% May
2114 2114 21% 2112 21
211
21
21
203 203
4 20% 203
4 1,500, Miami Copper
5 2058 Mar 28 24 Jan 28
44 414
37
2012 Oct 3012 Feb
37
414
418
418
4
4
41,
4
418 33,100 Middle States 011 Corp.... 10
378 Mar 24
678 Jan 2
•29
31 .28
312 Nov 1214 Jan
32 •28
32 *28
30
*20
30 •28
30
I Midvale Steel & Ordnance- 50 21 Mar 21 3414 Feb 7
63 63
2112 June 3338 Apr
63 631* 83 83
*63 64
63 83
63 63
900, Montana Power
100 61% Jan in 6312 Jan 26
25
5412 June 75 Mar
6
2514 2514 257
* 24 * 2514 2412 2518 247 2533 24% 25
s
18,600 Mont Ward & Co Ill Corp_ 10 2412 Mar 26 2714 Jan 28
23% 24
1814 May 2614 Nov
24
24
2312 2418 2312 233
2312 231
2314 2312 2,300 Moon Motors
Vs par 23 Mar 18 274 Feb 7
77
8
1754 Jan 2938 Mar
8
8
77
73* 8
8
8
818
77
s 8
6,000 Mother Lode Coalition_No pa
7% Jan 2
914 Feb 15
9
7% June 14 Feb
1114 12
10
12
1214 *10
13
10
10 •10
13
2,100 Mullins Body Corp_ __ _No par
9 Mar 22 1478 Jan 9
1018 Aug 2978 Mar
*347 37
8
*347 37 *35
397 341
37
35
35
35
35
300 Munsingwear, Inc
No par 34% Mar 27 3914 Jan 16
10312 104 10314 104
31% Oct 3612 Nov
10214 10414 101 102
10112 ley 100% 10112 3,100 Nash Motors Co
No par 100 Jan 4 11434 Feb 9
.9912 9934 9912 9912 994 9912 1100 10014 100 100 •100
75% Jan 11412 Jan
10012
300
Do preferred A
100 99 Feb 23 10038 Jan 16
•818 83
*814 87
96% Dec 10134 Jan
838 83
8 *814 9
8% 814 *812 812
300 National Acme
50
8 Feb 27 104 Jan 28
5312 53% 53
7 Nov 1818 Feb
5314 5212 5212 5214 5212 5133 521
504 52
9.500 National Biscuit
25 5014 Mar 28 5438 Jan 26
*122 124 •122 124
38 Jan 5278 Nov
12314 12314 •122 124 *122 124 •122 124
100
Do pref
100 12012 Jan 8 12414 Feb 20 11812 July 125 Feb
56
56
*5312 57 .53
56
5412 52
53
52 •5112 5234
400 National Cloak & Suit_ _ _ _100 52 Mar 27 64 Feb 1
33 33% 33 33% 3214 3318 3214 3234 3214 323 *3212 3312
40 June 6714 Feb
8
7,400 Nat Dairy Prod tem Ws_No par, 3214 Mar 25 37 Feb 15
3912 39 39
*39
*39
40
39
39
3912 403* 40
40
1,600 Nat Department Stores No par 39 Mar 20 43 Jan 9
3212 3212 32% 32% 3112 3112 3114 311
3434 June 4212 Apr
30% 313* 29% 3014 5,200 Nat Enam'g & Stamping_ _100 2914 Feb
20 4478 Jan 17
*142 14312 *14112 144
35 Oct 73 Mar
140 141
140 141
13738 1401 134 13912
100 134 Mar 28 15538 Jan 28 108 July 148 Dec
.113 115 *113 11478 *113 11478 *113 1144 *11212 1141 *113 11478 4,700 National Lead
I21 pref
100 11234 Jan 19 115 Feb 28 i071 June 114 Jan
*6534 6618 6514 6514 6534 66
64 6512 65
64
65
64
50 64 Mar 26 7212 Feb 4
1278 1278 1234 12% 1212 1234 1235 1253 1212 1233 1212 1238 2.000 National Supply
sce Oct 6812 Dec
6,600 Nevada Consol Copper__ _ _ 5 1178 Jan 2 141s Feb 21
39
3934 40
ale Oct 1838 Mar
3912 3914 3978 39 39
39
3914 1.800 NY Air Brake temp ctIs No par 3834 Feb 18 4338 Jan 19
394 39
4812 4714 48
26% Jan 4278 Nov
*47
4814 4814
4712 4712 475s 4785 4734 47% 1,000
Class A
No par 4714 Jan 7 50 Jan 19
22
4514 Aug 5112 Feb
23
23
23
23
2314 2234 24
*22
2212 2212 3,300 New York Dock
23
100 19 Jan 9 2512 Mar 13
*4114 45
•41% 45
1514 June 27 Apr
4414 4434 45 45 •42
*42
45
45
Do pref
200
100 4118 Feb 27 4934 Jan 18
23 2318 23
3734 Aug 5112 Mar
2314 23
2314 2234 23
2278 23
223 23
4
11,100 North American Co
10 22 Jan 2 25 Jan 10
*4412 45
447 447
443 4478 44
17% May 2414 Apr
44% 45
443
44
4
Do prof
e 1,200
so 4378 Jan 2 4512
.41218 13 •1212 13% •1212 1334 1212 1212 *1212 131 •12le 443
4212 July 4812 Feb
1234
loo Nova Scotia Steel & Coal 100 12 Mar 20 1412 Feb 20
Jan 18
*8
13% Dec 297 Mar
*8
9
77
9
77
8
*73
4 812
*73
4 81
*73
4 812
200 Nunnally Co (The).. .No par
778 Mar 10
938 Feb 5
313
0134 2
4 2
7% Oct 1018 Feb
1114 134 *134 2
154 2
•134 2
100 Ohio Body & Blower_ _ _No par
124Mar 19
Pa Jan 14
2
2
2
*2
212
2
4
2
13 Dec 104 Jan
2
2
2
2
2
1,500 Okla Prod & Ref of Amer.- 5
112 Jan 2
214 Jan 22
7/ Nov
318 Feb
43
*43
4 5
4 63
s
*512 6
"512 64 '512 63
200 Ontario Silver Mixing
*512 ON
434 Mar 24
100
8 Jan 7
3 July
1912 *1914 1912 1914 1934 '19
914 Dec
*19
1912 1918 191
19
19
1,500 Orpheum Circuit, Inc
1 18 Feb 18 2014 Jan 3
1614 June 2158 Apr
15633 1563 154% 158
4
15312 15412 1547s 1557 153 155
8
150 152
4,500 Otis Elevator
100 13912 Jan 14 15924Mar 13 1144 July 153 Feb
912 934
98s 10
93
4 93
93 10
4
4
93
4 93
953 94 8,400 Otis Steel
No par
914 Jan 3 1178 Jan 26
7 June 1444 Mar
4312 4312 43% 4312 43
4318 4134 4233 4112 42
4214 4212 2,400 Owens Bottle
25 4112Mar 27 47 Jan 10
1,
s
88
*12
365 Jan 5234 Apr
52
*lz
%
Is
12
*12
%
*12
3
s 1,000 Pacific Development
28 Jan 2
114 Jan 11
14 Nov
214 Mar
9413 9412 9418 944 933 9412 94 94
94
4
92
94
93
1,300 Pacific Gas& Electric
100 9018 Jan 4 957a Jan 28
73 July 947a Dee
•Sid and asked prices; no sales this day. s Ex-d171dend
Shares.
14,800
400
4,200
100
86,100
1.600
72.800
1504
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,
Mar. 22.
Monday.
Mar. 24.
Tuesday,
Mar. 25.
per share $ per share
*818 914
*8
9
507 5214 52
8
527
3
4
2
107 107
2
2 103 107
9313 93 4 934 93 4
,
,
4734 473
4 4753 4812
463
3 4614 4678
46
.3
313 .3
312
15
15
*147 15
3
2 8 212
213 213
3
*9513 96
95
95
45
45
45
45
367 373
8
4 3714 3713
5
52
53
*52
5212
173 173
4
8
4 175 1752
3913 407
3 4053 413
8
853 83
4
85
2 83
4
23
23
2132 2212
212 212
232 213
•26
27
2614 27 4
,
603 603 *61
4
4
63
.984 100
*9812 100
4
*1258 1234 123 13
5013 5013 5012 5013
*112 114 *113 114
*5113 5313 *52
544
*85
87
*84
87
313 3214 3213 3313
4
41
417
3 4013 41
117 117
117 11714
647
8 6453 8578
64
2318 233* 2312 237
g
*9212 98
*94
97
11112 11112 *11112 114
3313
*313 3318 .31
4
938 95
8
913 912
*41
44
*41
44
*91
95
*91
95
•93
9813 *93
9812
912 912
912 10
48
4912 49
493
4
88
88
*8814 90
1414 1514 1412 1434
Wednesday. Thursday
Mar. 26.
Mar. 27.
Friday.
Mar. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
3 Per share $ Per share $ per share $ per share Shares. Indus. 8c Miscall.(Con.) Par
*814 9
•8
812 *8
Pacific Mall Steamship__ 5
*814 9
50 3 527
3
2 503 513
3
4 5053 517
2 5012 5152 85,200 Pacific Oil
1052 107
8 103 1072 103 103
2
4
4 1012 105
2 3,000 Packard Motor Car
10
*934 9412 *9314 9412 *9314 9418 *9314 944
300
100
Preferred
4714 4814 473 48
8
9,700 Pan-Amer Petr & Trans— 50
4712 483
s
8 473 48
4552 465
8 4512 462 4552 464 455 4612 25,950
2
Do Class B
50
*3 - 312 *3
3
Panhandle Prod & Ref _No par
313 *3
313
*3
147 147 *143 15
3
2
2
2
500 Parish & Bingham
147 1478 *1412 15
No par
24 213
214 23
8
214
23 17.200 Penn-Seaboard St'l v t eNo par
2
2,4 232
9512 9514 *9514 96
*954 96
600 People's0 L & C (Chic)....100
9412 954
4434 4533 4434 4434 4453 45
4413 4434 2.700 Philadelphia Co (Pittsb)— 50
3615 3713 3614 3613 35
363
3 3412 353 11.900 Phila & Read C & 1w I_No par
4
52 52
*52
5213 52
400 Phillips-Jones Corp___ _No par
52
*52
53
1614 174 16
17
4,000 Phillip Morris & Co 1td---10
163 163
3
2 1513 16
3912 407
3
4012 8,900 Phillips Petroleum__ _No par
4012 39
2 393 404 40
832 853
812 834 *83
4 87
2
853 87
2 3,000 Pierce-Arrow Mot Car _No par
2213 2213 2114 22
2212 223
Do pref
2213 3,500
4 22
100
214 23
2
214 24
212 212 7,000 Pierce 011 Corporation
23
8 212
25
27
27
1,9001 Do pref
2813 297
8 263 29
*2612 30
4
100
61
61
6052 61
6053 6052 61
61
1,000 Pittsburgh Coal of Pa
100
*9813 100
*99 100
*99 100
Do pref
*9813 100
100
.1258 1234 1234 1234 1253 1234 *1252 1234 1,000 Pittsburgh Utilities pref....100
5012 5014 *50
5012 50
50
50
5018 1.800 Postum Cereal Co Inc.
.No par
113 113 *112 114 *112 114 *112 114
100
Do 8% preferred
100
513 52
4
*5113 52
5114 5114 507 507
3
3
400 Pressed Steel Car
100
*84
87
*84
87
*84
87
Do pref
*84
87
100
3114 3214 30
3134 30
3112 3018 313 20,300 Producers & Refiners Corp- 50
8
41
39
2
4234 6.300 PubServCorp ofNJ new No par
4012 403 42
4012 39
11413 11512 11414 11512 8,900 Pullman Company
11512 1163 114 116
4
100
62 4 643
3
4 6213 6412 623 6312 19.000 Punta Alegre Sugar
2
4 6312 633
50
05
2314 237
3 233 2312 7,200 Pure 011 (The)
2 2314 2312 2314 233
2
*9213 93
*9212 97
*9212 97
96
96
100
Do 8% preferred
100
110 110 5103 110 *108 111 *108 111
400 Railway Steel Spring
100
*3152 3214 •313 3214 *307 324 *31
2
4
Rang Mines, Ltd
No par
3214
93
8 913
93
8
0
93
8 9,400 Ray Consolidated Copper_ 10
,
9
913 9 4
3818 3832 397 40
38
8
40
3813 3914 1,400 Remington Typewriter_ ---100
*91
*91
*91
95
95
*91
95
95
1st preferred
100
*92 100
*9212 100 •91 100
*91 100
2d preferred
100
913
9
93
8
9
10
4,500 Replogle Steel
No par
912 913 •9
4752 4878 4734 4812 4734 4852 483 4812 15,100 Republic Iron Jr Steel
4
100
8912 83
*88
88
90 .88
873 873
4
4
500
Do pref
100
1412 1513 1452 1514 5.700 Reynolds Spring
1412 1614 1513 16
No par
67 67
637 6432 18,800, Reynolds(R J) Top Class B 25
8
67 6714 6513 674 6434 65$41 6452 65
*11412 11712 *11412 11712 *11412 11712 11514 11514 117 117 •1144 1171
2001 Do 7% preferred
100
547 5518 5513 5614 5452 5.532 547 55
2
2
54
543
4 54
541
6,400 Royal Dutch Co(N Y shares).
2413 2413 2418 2418 2418 243
2512 2512 25
25
2 24
2438 2,200 St Joseph Lead
10
*17
2 2
2
2
173
178
17
8 •172 2
178 •173 2
600 Santa Cecelia Sugar__.No pa
40
*3912 4012 *3812 40 I 39
393
8 384 38 4 1.300 Savage Arms Corporation_100
37 4 3812 40
3
,
10112 102
102 10212 9912 102
100 10013 99 100
9918 100
10,100, Schulte Retail Stores_ _No pa
*87
87
87 4 87
,
85
8553 8212 85
82
8312 14.000 Sears, Roebuck & Co
8713 86
100
*11214 1123 *11212 1123 •11212 11234 11212 11212'11212 115 *11212 115
4
1001 Do prat
4
100
4 33
4 1,900 Seneca Copper
3
4
33
3 s 34
5
No pa
312 33
312 37
3 4 33
3
3 *33
4
4 414
4
534 6
*53
4 6
*53
4 6
513 53
300 Shattuck Arizona Copper— 10
53
4 6
53
4 6
•3913 4014 •3852 3978 3812 3813 *3812 397 .38
3
3912 *3812 3913
300' Shell Transp & Trading... 22
18
1812 1818 1834 1773 1814 177 184 18
Ms 1734 1818 28,800 Shell Union 011
8
No pa
*93
94
*93
94
94
93
*93
9318 •93
94
93 93
300
Preferred
100
14
1413 1414 147
144 1453 133 144 29,600 Simms Petroleum
3
2 1334 1412 1334 14
10
223 223
2
8 224 223
2 4.100 Simmons Co
2 2214 2214 2214 2214 2233 2238 2214 223
No pa
2212 2232 2212 2278 2112 2214 2112 22
2153 22
21
22
23.100 Sinclair Cons 011 Corp_No pa
*82
86
•8213 8312 *8153 853 *82
8534 *82
853
4 83 83
4
Preferred
100
100
22 8 2352 2312 2412 23
7
24
2234 233
3 2253 2312 2252 227 13.700 Skelly On Co
8
2.
5912 5912 5913 5912 57
59
57
5712 5714 5714 563 5714 1,800 Sloss-Sheffield Steel dr Iron 100
4
85 .75
*78
85
85
*75
*75
35
*76
83
*75
85
Do pref
100
89
4
90
88
8812 8913 89
8912 903
88
3 893 92
..100
834 4.800 South Porto Rico Sugar.
127 127
4
3
8 123 123
13
4
13
4 123 13
4
4 123 123
13
13
1,400 Spicer Mfg Co
No pa
8712 8712 8712 85 85
88
*80
90
*80
90
200
Do pref
100
*50
70
*50
*50
70
70
*50
.50
70 .50
70
70
Standard Stilling
100
8 6214 6313 6012 8253 61
613
4 614 6218 603 6153 28,800 Standard 011 of California_ 25
6153 623
4
8 374 373
37
3712 3712 377
4 367 37141 367 373
2
2
3 3653 3714 20.600 Standard Oil of New Jersey 25
4
11614 1163 11612 11612 •118 11812 11614 11613 11614 11832 11614 1163
Do pref non-voting
100
4 1,500
59
5852 587
.58
53 59
3 5812 5812 598 583
59
No par
8 5814 5814
700 Sterling Products
8012 813
2 79 3 8l14 7614 8013 77
3
78 4 7714 783
3
4 76
79
-Warn Sp Corp_No par
39.90( Stewart
64
64
6814 6712 6714 6714 643 863 43,600 Stromberg Carburetor_No par
*68
69
6813 69
4
8
93
9612 917 933
3
3
4 9153 9312 923 94
9252 9412 9114 9412 135.600 Studebaker Corp (The)---100
773 813
753 8
8
8
8
83
4
8
No par
8
73
8 77/1 9.900 Submarine Boat
434 5
434 47
2
412 5
43
4 5
453 54
453 47 32.400 Superior 011
No par
8
3113 30
3112 .30
*30
34
30
3112 *30
30
30
300 Superior Steel
100
24 213 *218 214
24 214 *2
214
24 212
2
2
1.100 Sweets Co of America
10
718 738
712 7 4
,
718 718
714 714
714 732
No par
7
7
3,400 Tenn Copp & C
4152 42
4138 4153 4113 413
417 4238 4112 42
8
4 414 413 16,400 Texas Company (Tha)-- 25
4
3
8
59
593 59 4 597 80 4 5812 5978 5412 59
59
4
5812 59
,
3,600 Texas Gulf Sulphur
10
10t2 3,600 Texas Pacific Coal & Oil— 10
104 1013 103 107
4 1018 1012 1012 1012 10
3
8 1014 103
132 13212 1293 130
*13213 13313 *13213 13312 130 131 .13113 133
4
800 Tidewater 011
100
3 357 3613 3513 357
8
2
3512 353
3613 363
4 35
2 357 36
3512 8.000 Timken Roller Bearinst_No par
4, 545* 5614 5514 557
5618 58
5512 563
5712 58
2 5514 56
40.000 Tobacco Products Corp-100
8 84
8414 8412 843
8552 86
Do Class A
85
8814 8314 85 I 8314 817
2 9.400
100
114 11812 *11413 11813 *11412 11812 •1141F 118,
11613 11612 *114 119
200
Preferred
100
2
413
412
4
4
414
418 414
4
4
4 12
4
4
93,400 Transcontinental Oil__.No par
v-40
41
40
4 1,200 Underwood Typewriter_ 25
40
3913 397
8 3834 3913 *3813 39
383, 383
52
52
52
52
52
52
52
*52
52
54
*51
600 Union Bag & Paper Corp..100
5212
101 101
102 102 .103 110
103 110
103 103
400 Union Tank Car
101 101
100
*108 10314 •103 10014 103 10914 1034 10812 10714 10814 108 108
Do pre(
200
100
277 277
*27
3
27
28
8 27
27
27
27
2714 27
27
1,000 United Alloy Steel
No par
7652 7653 7614 7614 7634 763 *7612 763
4 7552 76
4
4 763 763
1,200 United Drug
4
100
4714 4714 473 473
4714 *45
4712
2
4712 *47
Do 1st preferred
3 4714 4714 •45
300
50
102 194
185 193
103 193
•192 195
195 195
185 190
4,300 United Fruit
100
7
3 72
7
4 75 3 7813 75 s 7714 7514 777
75 4 35.300 U S Can Iron Pipe & Fdy 100
,
7812 793
4 7814 793
*8714 88
89
*8714 88
*8714 88
88 4 *88
,
500, Do pref
873 873
4
4 88
100
__ U S Food Products Corp-100
-iifz 18*2 1812 1812 18 18 17s 177i ;iifs
I71- 1,900 US Horns Mach Corp_No par
2
683 6934 693 7012 673 7012 65 4 633* 66
6714 6518 67
4
,
4
43.500 U S Industrial Alcohol...AO°
4
•99 105 .99 105
102 102
103 103 *100 105
100 100
300, Do pref
100
8
2
*963 9652 963 974 95 2 957
3
2
4 9514 954 1,800 U S Realty & Improv't
2 9518 9512 953 953
100
-10212 10212 *10212 103
10212 10213 *10212 103 *10112 103 *10112 103
4001 Preferred
293 30,
3058 314 3013 313 21,200 United States Rubber
29
31
3
31
3 2934 304 30
100
2
7712 8012 7412 8013 793 813
4
82
2 8012 8112 81
100
Do 1st preferred
81
81 14 11,9001
19
2012 2012 2012 2012 20
2012 1812 1913 19
19
1914 1,700 US Smelting, Ref dr Mln— 50
38 12 3412 .37
403 *38
2
3712 38
40
403 *33
2
400
Do prof
*28
40
50
9812 9914 934 1002 983 100
:2
8
2 97
9812 903
4 985 993
9914 198.700 United States Steel Corp..100
14
119 1194 11912 1193* 11918 11914 11914 1194 11914 11914 119 11915 1.4001 Do pref
100
,
6512 653
653 857
4
4 6512 6553 4,700 Utah Copper
65 4 66
3
653 66
4
2 65 4 66
10
8
2414 2412 243 2412 235g 24%, 24
24
23 3 237
7
8 2312 24
3,0001 Utah Securities
100
25 4 26 4 2.53 26
2514 253
8
254 2553 2553 2618 2512 257 11,000 Vanadium Corp
, ,
No par
4
2
114
114
138 13
2
114
13
3 133
13
2
13
2 13
114
4 3,900 Virginia-Carolina Chem-100
114
518 6
*5
512
DO pref
518 5 2
100
513 514
514 57
8
,
512 512 1,700
812 8 8
,
878 87
834 87
g
No par
83
3 83
814 83
3
3
4
134 83
4 4,500 Vivaudou(V)
*1432 15
par
•143 143
3
4 143 1434 *143 143
100 Waldorf System
4
•143 15 •1432 15
4
8
4
1712 18
17
1713 18
4.200 Weber & Hellbroner.—No par
163 17
4
163 17
4
8
No
1712 167 17
39
*36
*36
$6
Wells Fargo Express
30
39
*36
*38
39
37
'38- 39
50
10613 10718 •1064 107
1083 107
2
10614 10612 1,000 Western Union Telegraph-100
*10852 1094 109 109
94
92
91
91
*90
92
1,000 Westinghouse Air Brake. 50
*92
4 91
9114 *90
9114 913
2 6014 607
2
605s 604 6052 607
4
4 8.900 Westinghouse Elec & Mfg- 50
2 604 605s 597 6012 593 60,
255 2572 25 4 26
2553 26
2
4 253 26
4
3
26
2512 253
2,400 White Eagle Oil
No par
26
5458 55
55
5412 5514 55
543 5412 5414 5412 5312 5414 3.200 White Motor
8
50
White 011 ctrs
_
No par
234 234 -2f2 -22 1,000 Wickwire Spencer Steel... 5
2 4 23 —23 -- -33
34
4 24
3
3
10 2 1114 1052 11
,
103 11
4
103 107 39,700 Willys-Overland (The).... 25
1052 11
2
103 11
4
8
4 79
Do pref
807
2 804 82
813
4 80
793 813 10.000
4
4
100
79
52 813
4 7812 803
15
15
15
*143 15
600, Wilson & Co Inc
4
1513 *1434 15
*143 15
4
No par
15
15
4
4,400' Woolworth Co (F W)
3393 34134 31012 34234 32614 311
32434 326
100
4
33313 3333 335 345
267 267
8
3 26
1.300 Worthington P & M
26
28
•27
2812 27 .26
28
100
28
*27
*1018 11
1018 10 4 *1018 11
•1014 11
11
400 Wright Aeronatilical..—No par
,
*1018 11
11
2
6,800 Wrigley(Wm Jr)
3612 3714 3652 37
No par
3614 3.573 3614 357 37
36
3614 36
*6512 67
100 Youngstown Sheet & T_No par
8
*66
4
67
2
6613 *6512 6612 657 657 *653 67
1368
We pay.
Ex-dividend
ista acid wiled price : no ales
PER 511.46E
Range Since Jan. 1 1924.
Ors basis of 100-share lost
Lowest
$ per share
8 Feb 18
484 Jan 4
1012 Mar 17
92 Jan 3
4414 Feb 14
4114 Feb 14
214 Jan 3
1312 Jan 2
178 Mar 6
9 2Mar 6
41
43 Jan 2
3413 Mar 28
62 Mar 16
1513Mar 28
33 4 Jan 21
3
83 Mar 25
2
2114 Mar 26
214 Jan 11
20 Mar 4
603 Feb 18
3
98 Jan 14
972 Jan 22
50 Mar 27
110 Feb 7
507 Mar 28
2
83 Jan 3
30 Mar 26
39 Mar 25
114 Mar 26
56 Jan 4
224 Feb 19
92 Jan 10
106 Jan 3
30 Jan 17
9 Mar 27
324 Jan 4
91 Jan 4
9513 Jan 9
9 Mar 27
4634 Mar 28
873 Star 28
4
1414 Mar 22
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
63 8 Mar 28
7
11514 Mar 26
48 Jan 2
22 Jan 7
114 Mar 6
325 Jan 2
2
90 Mar 28
82 Mar 28
11212Mar 26
312 Mar 25
612 Feb 29
33 Jan 5
1653 Jan 7
9112 Jan 4
103 Jan 4
3
224 Jan 11
1953 Feb V)
8014 Feb 19
223 Mar 21
2
563
41',tar 28
84 Feb 18
67 Jan 3
123 Mar 25
4
$ per share $ per share $ Per share
1034 Jan 9
7 July
1234 Mar
5814 Feb 5
3114 Sept 5214 Dee
124 Jan 7
97 Oct 1513 Mar
3
9518 Feb 11
9013 June 99 Feb
53 Sept 93 2 Feb
6114 Jan 2
,
5912 Jan 2
5012 Oct 86 Feb
114 Oct
413 Jan 23
614 Apr
9 May 1512 Mar
16 Mar 12
414 Jan 17
112 Oct
6
Apr
9813 Jan 2
86
Apr 9812 Dec
47 Jan 30
41 July 504 Mar
493 Jan 12
4
60 Feb 5
55 Aug Ili" Apr
233 Jan 31
4
1112 July 2453 Dee
193 Sept 6952 Apr
4
4214 Jan 30
124 Jan 17
614 July
1514 Jan
1313 July 3553 Jan
305 Jan 17
3
6 Feb
112 July
412 Jan 22
16
Oct 45
36 Jan 21
Jan
633 Mar 12
7
4
58 Jan 67 8 Mar
9912 Feb 8
Apr
96
Oct 100
10 July
1113 Sept
1314 Mar 12
5812 Jan 8
47 July 134 Feb
1134 Jan 7 10812June 11414 Jan
62 Jan 26
4212 Oct 8112 Jan
80
Oct 993 Jan
90 Feb 6
4
17 Nov 5818 Mar
4313 Jan 22
4412 Jan 7
4112 Dec 5113 Apr
128 Jan 28 11012 July 134 Mar
875
2Mar 14
4172 July 6914 Apr
263 Feb 6
4
164 seat 32 Feb
9812 Mar 13
8212 Aug 100 Mar
9912 Oct123 Mar
11512 Jan 25
3318 Feb 15
3
2914 July 343 Feb
973 Sept 1714 Mar
1214 Feb 18
4953 Feb 5
24 June 4813 Mar
943 Feb 5
4
89 Dec 104 Feb
102 Feb I
80 Jan 99 Nov
8
Oct 313 Feb
1552 Jan 28
4
6172 Feb 11
4
4018 June 663 Mar
95 Mar 6
8
843 Oct 967 Mar
4
223 Jan 7
2
4
14 June 297 Apr
Jan 75 Dee
747 Jan 2
2
47
1183 Jan 8 114 July 118 Feb
4
594 Feb 6
4012 Aug 554 Feb
2312 Dee
17 Jun
273 Feb 21
2
23 Feb 13
3
114 Oct5 Feb
4
184 Jan 354 Dee
543 Feb 4
88 May 11634 Dee
1093 Jan 4
4
9712 Feb 1
653 J,ine 9233 Feb
4
11412Mar 13 106'3June 115 Nov
64 Jan II
47 Oct1213 Mar
2
678 Jan 10
3
5 Oct 107 Mar
4113 Feb 4
2918 Oct 4114 Mar
2018 Feb 6
123 Jan
8
1914 May
8913 Nov 95 May
95 Jan 25
613 July
16 Feb
147 Mar 24
2
4
253 Feb 5
3
223 Dec 3453 Mar
2712 Jan 2
16 Sept 394 Mar
8014 Aug 9918 Feb
90 Jan 21
953 Jan 35 Mar
29 Feb 4
3914 July 63 Deo
4
673 Feb 7
68
Jan 90 Mar
8713 Feb 14
957 Mar 8
8
3814 Aug 70 Dee
1134 June 274 Feb
18 Jan 12
85 Mar 26
55 Jan 10
5853 Feb 19
3612 St ar 17
1153 Mar 1
4
5814 Mar 24
76 Mar 28
643 Mar 28
4
9114 Mar 28
73 Mar 28
3
23 Jan 2
2
30 Mar 27
2 Mar 15
7 Mar 28
4112 Mar 28
5813 Mar 25
9 Mar 3
120 Jan 5
35 Mar 28
515
2Slar 26
8314 MOT 25
113 Feb 19
4 Jan 7
383 Mar 213
4
52 Mar 24
94 Jan 7
10614 Feb 18
27 Mar 21
755 Mar 28
2
4714 Mar 22
182 Jan 4
64 Feb 27
817 Jan IS
8
52 Feb 20
1653 Mar 28
6513 Mar 28
98 Jan 3
9518Mar 26
10214 Mar 17
29 Mar 22
76137VIar 21
1812 Mar 26
3712 Mar 22
97 Star 28
118 2 Feb I
3
64 Jan 18
103 Jan 4
2518 Mar 26
1 14 Mar 22
44 Mat 20
814 Star 22
1434 Mar 27
143 Jan 31
4
3514 Jan 19
10314 Mar 28
84 Jan 2
583
3Mar 1
2518 Feb 19
53 Jan 21
13 Jan 7
213 Mar 28
10 Jan 10
78 Mar 19
1112Mar 14
280 Jan 4
257 Jan 4
2
1012 Mar 25
3578 Mar 25
6514 Mar 20
Oct
88
90 Jan 2
624 Feb 7
6014 Dec
6812 Jan 26
4713 July
2
4214 Jan 26
307 July
4
11853 Feb 1 1143 Aug
6378 Jan 2
51 June
74 July
1007 Jan 12
8
594 July
847 Jan 11
8
10814 Jan 8
933 Oct
4
7
Jan
124 Jan 2
518 Mar 24
2 Sept
234 Oct
347 Jan 9
s
3 Jan 2
1 June
93 Jan 5
4
8 June
453 Jan 30
3
345 Nov
8
6514 Jan 11
5314 July
513 Nov
1514 Feb 6
94 July
151 Feb 7
334 Jan
41 Jan 7
4634 Aug
70 4 Feb 5
3
9172 Feb II
7612 July
4
11814 Mar 5 1043 Feb
114 Oct
614 Jan 21
8
43 Jan 9
357 Aug
6452 Feb 9
60
Oct
103 Mar 24
81
Feb
10918Mar 21 106 Sept
37 Feb II
29 July
86 Feb 4
744 Oct
4614 Feb
487 Jan 11
2
201 14 Jan 26 15213 Jan
845 Jan 9
8
20 July
89 Feb 27
64 June
418 Jan 3
24: June
2018Mar 5
133 Oct
4
40 June
83 Jan 31
53
9514 June
1033 Feb 7
4
1073 Feb 13
4
8314 July
109 Feb 13
0712 Aug
305 Oct
8
427 Jan 12
2
7634 Oct
943 Jan 10
4
237 Feb 15
2
183 Oct
2
413
2Mar 6
383 Dec
2
109 Feb 7
8513 July
12013 Jan 14 11612 Aug
5513 Oct
68 Feb 15
3
25 4 Jan 10
14
Oct
3312 Feb II
2434 July
103 Jan It
2
614 June
343 Jan 2
4
17 June
11312 Jan 26
12
Oct
153 Jan 22
4
143 June
3
1912Mar 15
1214 Jan
33 Dec
393 Feb 11
4
113 Jan 30 101 18 July
963 Jan 28
4
78 July
5212 June
65 Jan 22
Oct
293 Feb 6
8
20
45 June
5912 Feb 11
112 Jan 22
3 Oct
2
5 Jan II
2 Dec
5 June
1414 Jan 18
4213 Jan
88 Jan IS
19 June
28 Jan 9
345 Mar 24 19913 Jan
4
197 Oct
2
313 Jan 9
1313 Jan 3
84 Jan
40 Jan 12
373 Dee
4
Oct
62
7014 Jan 7
97 2 Fe!
7
9012 Ja"
12313 Jan
4414 Mar
11814 July
675 Mar
8
12413 Apr
9414 Mar
12614 Mar
15 Apr
63 Feb
4
34 Mar
4
Oct
123 Feb
4
527 Mar
8
Jan
65
2414 Feb
144 Mar
45 Mar
783 Dee
4
92 3 Deo
7
11512 Oct
1413 Jan
42 Des
7713 Mar
993 Mar
4
112
Jan
394 Mar
8534 Feb
49 July
18712 Dee
6912 Dee
87 Nov
612 Mar
25
Jan
7314 Mar
101 Mar
106 Mar
1083 Mar
8
647 Mar
2
105
Jan
433 Mar
3
484 Jan
1095 Mar
8
12312 Jan
7612 Mar
243 Feb
3
445g Mar
27 Feb
69 Mae
23 Mar
20 May
1633 Deo
105 Mar
11912 Feb
120 Feb
8712 Feb
3032 Mar
607 Mar
8
1 Nov
14 Feb
114 Dee
83 Dee
423 Mar
4
290 Dee
4013 Feb
1318 Nov
4013 Dee
Jan
80
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1505
1 1909 the Exchange method of quoting Olinda was Changed and priest ars now -and interest'
-new*for OICOM and delaidted bond*
BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 28.
Pries
Friday
Mar. 28.
Week's
Range or
Last Sale
U S G
Bid
monk.
Ask Low
High No,
First Liberty Loan
314% of 1932-1947
in 981122 Sale 931122 9811,2 796
Cony 4% of 1932-1947
JD eon.,
9911s2 99111, 15
Cony 4%% of 1932-1947
JO 9917::Sale 991122 99141 749
2d cony 4% of 1932-1947-D 98"ss 100 99 Mar'24
_
Second Liberty Loan
MN 9912s
4% of 1927-1942
99144 991n
Cony 44% of 1927-1942
MN 99111:Sale 991n 991142 4438
Third Liberty Loan
4%% of 1928
MS 100.00 Sale 9911n 100142 3843
Fourth Liberty Loan
AC 991142 Sale 9915., }Ann 0178
4)4% of 1933-1938
AC 1001442 Sale 100142 10011.2 1279
Treasury 4%s 1947-1952
28 consol registered
d1930 Q J
10312 1031: 25
213 consol coupon
dl930 Q J
1023$ Mar'24
48 registered
1925 Q F
104 May'23
48 coupon
1925 Q F
103 July'23
Panama Canal 10-30-yr 2s.k1936 Q F
100 Aug'23
Panama Canal 3s gold
1961 QM 91
93 9412 Apr'23
State and City Securities.
N Y City
-4%a Corp stock 196(1 MS 99
99% 99
99 2 26
3
4115 Corporate stock
1964 M
9914 993 997 Feb'24 -4
2
1966 AO 9914 993 9978 Feb'24 --434s Corporate stock
4
Corporate stock
D 103% 104 10312 Oct'23 -414.
1971
4116 Corporate stock _July 1987 J J 10314 1033 10314 Mar'24
4
44e Corporate stork
1965 JD 10314 1033 1034 Mar'24 --4
44e Corporate stock
S 10314 10334 103 Mar'24'1963
4% Corporate stock
1951 MN 944 9512 go
947
8
1
4% Corporate stock
195h MN 94% 9511 94% Mar'24
, 4% Corporatestork
1957 MN 9434 9512 964 Jan'24 , 4% Corporate stock tog..1956 M N 944 9514 943 Feb'24 1957 MN 10318 10312 1034 Mar'24 -4)4% Corporate 9tock
434% Coritom te stock_ _ 1957 MN 1034 10312 10318 Mar'24 -334% Corporate stock _ _1954 MN 8.534 8612 857
8
85 81 12
7
New York State-4s
1961 M
10212 June'23!Canal Improvement 48_ _1961
J
10212 June'23 -Highway improv't 4145. _ 1967 M S ---- 110 11214 July'23 ---_
Highway 'more)" 4148_1985 MS
104% Apr'22
Virginia 2-3s
1991 J J
714 Oct'20
Range
Since
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 28.
.g
Price
Friday
Mar. 28.
Week's
Range or
Last Sale
eQQ
Range
Since
Jan. 1
Low
High
Low
High
Ask Low
Nigh
Bid
Atl & Blrm 30-yr ling 4s__..e1933 MS 745 784 7414
30 70 77
8
77
98244 99"n All Knoxv Cin Div 4s____1955 MN 8412
8338 85%
8412Mar'24
98%, 991122 All Knoxv & Nor 1st g 58.....1946 J o 8412 ___ 991 Mar'24
994 9918
981,2 991122 All & Chart AL 1st A 410_1944ii 9134 Sale 9134
9134 91%
9134
98"ss 9944i
let 31)
-years,Series ...11144 2J , 987 Sale 98%
96 99
984 29
All Coast Line 1st con 48__h1952 MS 8718 87% 87l4
16
884 88
98 ss 99"st
,
10-year secured 78
1930 MN 107 10734 107
1074 14 10858 1074
98121 99%2
General unified 414s
1964 in 873 Sale 87%
8614 89%
881
: 25
L& N coil gold 413
al952 MS 8314 Sale 8314
833
52 81% 834
9911n100"n All & Deny let g 48
734 777
1948 ii 7318 Sale 72
s
7614 19
2d 45
1948 J J 6112 8713 65% Mar'24
6518 6518
9841 99".2 All & Yad isle guar 48
1949 AO 744 764 7618
724 804
76% 15
91114.410(1,212 A & N W let gu g 5s
1941 J J 95 ____ 961: DaY23
10312 10312
102% 102% Halt & Ohio prior 3145
1925 J J 98 Sale 97%
/
1
4
9614 98
98% 141
Ftegistered
k1925
• J 9578 98 98
5 96 98
98
1s1 50
-year gold 43
k1948 AO 8434 Sale 8412
85 219 814 8512
Registered
k1948 Q J
80
81
_
81 Mar'24
10
-year cony 4%s
1933 MS 88 Sale 87
8214 8815
8814 425
Refund & gen 58 Series A-1995 Jo 8812 Bale 1934
8712 99 88 88
9878 9978
10
-year 68
1929 J J 10138 Sale 101
1021s 74 1004 103%
99% 100
P Jet & M Div 1st g 3148.1925 MN 9878 9738 97
4
954
977
1
99 4 997
3
PL E&W Va Sys ref 48..1941 MN 81% 82 87.2
8
8 11 91
22
79
21
9 118
8214
Southw Div 1st gold 3145.1925 J J 9778 Sale
9612 9812
203
1(4234 1111f3
4
& CM Div let ref 45 A.1959 J J 6814 Sale 674
69
62 66% 69%
102% 10312 Battle Cr & Slur let gu 38_ _1989 Jo 58
62 58
1
58 60
58
iths 1.0344 Beech Creek 1st gu g 48
1936 J J 88 4 90% 9012 Jan'24
904 90
/
1
4
3
94% 9614
Registered
1938 J J
88 Feb'24
944 964
2d guar gold re
1936 J J 9138
104 May'12
9614 984 Beech Cr Ext Isle 3%a___01951 AO 7514
- 60 July'23
94% 9514 Big Sandy 151 48
1944 J D 8114 8434 8112
81121
1 tkii; 821.
10218 1114 B & N Y Air Line 1st 48._ 1955 FA 6414 Sale 6414
6511
65131
7 61
10274 1037 Bruns & W 1st gu gold 48...1938 J J 89
8
9014 8912 Mar'24
88
12 89
/
1
4
854 88 Buffalo R & P gen gold 5s 1937 MS
100 100
100 Jan'24
Consol 414s
1957 MN 90 Sale 8912
8718 90
90
52
1934 AO 97% Sale 973
Burl C R & Nor 1st 5s
95% 98
4
98
15
97.8
----
----
Canada Sou cons gu A 58_ 1962 AC loo 101
99
99
1
973499
Canadian North deb s 7s 1940 J 0 112 Sale 112
118122144
14
11213 47
4
1946 I .,1 112 Sale 112
25-years deb 8148
I:11 34
0
234
Foreign Government
Canadian Par Fty deb 4s stock.. J J 7934 Sale 7948
804 138
/ 10
1
Argentine(lovt) 75
1927 WA 10134 Sale 10138 102 167 10034 10214 Carb & Shaw 1st gold 4s
1932 M 8 8912 --__' 913 Feb'24 _ _
9134
90
4
Argentine Treasury 58
1945 MS 79
5 794 84 Caro Cent In con g 4s
79 4 79
79%
3
1949 .1 I 71
____ 707 Mar'24 ____
707 72%
8
Austrian (Govt) 78w I
D 89% Sale 894
1943
904 295 864 904 Caro Clinch &0 ist 3-yr 5s..1938 J 13 9312 Sale . 9312
9412 42 9234 94 2
,
Belgium 25-yr ext a I 7345 6.1945
D 10112 Bale 10012 102 287
97 10112
138
1952 .1 D 9814 Sale 971
993
4
: 9814 83 96
Jan 1925
5-year 6% notes
.1 9918 Sale 99
9634 100 Cart & Ad 1st gu g 48
994 130
821$
1981 JO 82
82
84 I 82
3 81
-year s f 88
20
1941 WA 10012 Sale 109
97 10214 Cent Branch II P let g 4s_ _1948 JO 70
10112 86
7078 89
5 67 71
70
Bergen (Norway) a 1 85
1945 MN 1084 103 109
10912
1 108% 1002 Cent New Eng let gu 4s
1981 J J 5818 Sale 5318 Dec 813 __1! 50 4 60
5 2s
3
Berne (City of) s f h's
1945 N1 N 10912 Sale 10912 11034 14 188.: 11114 Central Ohio 4(4,
1930
1930 M S 9312 ___I 9334
Bolivia (Republic or) 83N 8712 Sale 871:
85
84.34 Central of Ga let gold 53-P1945 F A 991s ____ 99 Mar'24 ____ -RI- 101
8874' 150
1947
---Bordeaux (City of) 15-yr 68.1934 MN 7812 Sale 773
7112 79
79
4
82
Consol gold 58
1945 M N 9618 9834 9534
42 954 97
12
Brasil, US external fie
1941 in 934 Sale 93
9412 165 92% 95
June 1929 J I) 1113 Sale ill
8
10-year secur 88
100 101%
11 1141
0.
3
78 (Central RY)
D 7978 Sale 79
1952
774 80
80 I 62
Chatt Div pur money g 49.1951 1 D 7712
74 Oct'23 ____
74e (Coffee Security)__ _1952 AO 9914 Sale 91)
94 9914
9914 18
Mae & Nor Div ist g 58.. 1946 1 J 9734
iii4 If"
9712 Feb'24____ "
Canada(Dominion of) g 59_1926 AO 10014 Sale 10014 10014 56
99% 10114
1947 3 t
Mid Cla & All Div 5s
i 92% ___ 94 July'23 ___ _
dis
1931 ho 99% Sale 9934 1m) I 88
992 100
1848 1 I
Mobile Division 58
96
.
Feb'24 in -ii if"
10
-year 5)4.
1929 WA 101% Sale 10114 1014' 47 10044 102.4 Cent RR & B of Ga coil g 55_1937
907 931: 9614
917$ 96
M N 964 -92
58
1952 MN 9912 Sale
99.4 10014
22159
58_1987 J J 106 Sale 1043
1(18
15 l0314 1064
Chlle (Republic) ext s f 191_194 I WA 10438 Sale 104
102 104.2 Gentral of NJ gen gold
9914 1094%4
k1987 Q J 104 Sale 104
Registered
/
1
4
104
12 102 105
External 5-years f 88._ 1926 AC 10312 Sale 103
104
44 102% 104 Gent Pee tat ref gu g 48
1949 F A 8512 Sale I 8434
85
8712
86% 88
7s
94 100
1942 M N 9512 Sale 95
9534 50
Mtge guar gold 31.48
*1920 .1 D 92
9238 92
92%
9212 25 91
102 10412
25
-year ef8e
1946 MN 104 Sale 10312 104
25
Through St L lat gu 4.._1951
821s 8374 83
811 83%
/
4
Chinese (Hukuang Ity) 5s._1051 JD 4112 421 4112
414 43 Charieston.& Savannah 78..1938
4212 29
1154 115%
J J 11512 -___ 11534
Chrietlania (City) 8 f &L....1945 AC 107% Bale 1071: 108
6 107 109 Ches & Ohio fund & impt 58.1929
97
912%
Colombia (Republic) 6145..1927 AC 10712 1081 954
9484 98
96
48
1939 M N 100 Sale 9712 187
let consol gold 58
973814
/
1
4
141 29
/
1
9 4
2 99 101
9
Copenhagen 25-year of 510.1944 J J 884 Sale 884
8714 911:
8812 35
1939 MN ---- ---- 99 Dec713 _ 13_
Registered
'4 _ 2
22 .
Cuba 58
9344 96
1944 MS 943
9434
4
9434 13
1992 m 8 8812 Sale 88
General gold 410
"air. 174
90
Ester debt 58 1914 Ser A 1949 WA
924
90 Mar'24
1992 rn a ____ ...... _ 8338 Jan'24 ____
Registered
8334 '83
/
1
4
7914 83
External loan 4145
1949 WA 8018 Sale 804
804 10
-year convertible 4)4s_.1930 F A 92 Bale 9112
20
92 I 144
MN 924
9111 93%
5148
1953
J 9312 Sale 9234
9334 1200
-year cony secured 58....1946 A 0 9312 Sale 9314
30
887 944
9414 217
94
Czechoslovak (Repub of) 85_1951 AC 9612 Sale 951:
961: Craig Valley let
931: 73
1940 J .1 9318 9412 9234 Jan'24 ____1 92
5 9238
If
Danish Con Municip 88"A".1946 WA 107% Sale 107
108 I 27 10812 lot
Potts Creek Branch 181 48.1946 J J 7612 8014 78 Mar'24 ____
78 78
Series B
1946 FA 107 108 10712 10718, 19 1084 108
R & A Div 1st con g 48.-1989 J J
7938 814
80% Mar'24 ____
Denmark external a f 8s
1945 AC 10778 Sale 1071: 108 I 35 1074 1094
2d corm! gold 48
1989 J J 76
78 76 Jan'24 _ _ _1 76
76
934 95'.
20
-year 68
1942 J J 9418 Sale 94
94345
Warm Springs V ist g 56..1941 M 9 9214 95 93 Dec*23
Dominican Rep Con Adm 8159'58 WA 102 Sale 102
102 I 13 100 10212 Chic & Alton RR ref If 3.s.__1949 AO 58 Sale 58
593
66
59 4' 26
3
549
8534 90
1942 MS 87
88 87
8714 15
New York Trust Co ctN ______ ___
53 July'23
Dutch Mutt Indies ext 65_1947
'3 9312 Sale 93
933
4 92 92% 95%
Stamped Oct 1922 Interest_ ___. -W1- -------- 56
1 -iii5 11
66 1
40
9234 96
-year Be
1962 MS 9234 Sale 9234
9314' 101
Stamped April 1923 Interest__
64
E4 Feb'24
64
54s trust recta
8615 9014
1953 MS 87 Sale 8612
8734 58
Rail way first lien 314s..__l950
3014 40
/
1
4
38 I 173
French Repub 25-yr ext 85..1945 MS 9734 Sale 974
92.2 9812 Chle Burl & Q-Ill Div 345.1949 33 37 Sale 37
98 I 412
811,
7978
J J 7912 80
80121
9 78%
20-yr external loan 749_1941 JD 9414 Sale 94
9434
9434 417, 911
Illinois Division 4s
1949 J J 88 883 884
86
89%
4
881:1 35
Gt Brit & Ire!(UK of) 5148.1937 FA 100% Sale 100
9918 101%
10034 440
Nebraska Extension 4e-1927 M N 963 9712 9714
964 98
973
4 20
10
-year cony 5148
1929 WA 10811 Sale 10612 107 I 215' 1061: 11014
Registered
1927 M N 96 ---_ 96 Nov'23'____
Greater Prague 7%e
N 8412 Sale 8412
7613 86
1952
8534 104'
General 48
1958 M 8 85% Sale 85%
ifiti
863 102
4
Haiti (Republic) 65
881: 92
1952 AC 89 Sale 887
891
: 26
1st & ref 55
1971 F A 9714 Sale 9714
98141 70
967 991
s
4
Italy (Kingd of) Ser A 6148-1925 FA 9934 10018 100
1004; 21' Wit: 1004 Chic City & Conn Rye 5s_ -1927 A 0 5212 531 5312
5312
53 55%
1
Japanese Govt
-1 loan 4145-1025 WA 9718 Sale 9712
924 974 Chicago & East Ill let 6s...1934
97141 69
A 0 10512 107 105
105 1
5 19414 10
5
Second series 4145
'3 974 Sale 97
1925
913 974 & 13
4
9714 178
RR(am co) gen 56_1951 M N 7832 Sale 7812
7734 135
76
7812
Sterling loan 48
7814 904
1931 J
80 Sale 793
4
80 I 394
1982 M N 9314 95 9314
917 95
8
95 I 16
Oriental Development 68_1053 MS 8718 Sale 87
8515 90 Chic & Erie 1st gold 5a
88
36
Lyons (City of) 15-year 6s. _1934 M N 7812 Sale 78
72.8 81 Chicago Great West 1st 48.-1959 M S 54 Sale 53
79% 82
With Sept 1924 coupon on.._
52 Feb'24 __41
__
Vile 1t.2
Marseilles(City of) 15-yr 69.1934 MN
7848 Sale 773
724 79
4
79 I 94
106 I
5 10538 108
37
Mexican Irrigation 4%a
1943 MN 29 Sale 29
274 29 Chic Ind & Loulsv-Ref 69..194 .ri ii5is" -_-_-_-_ 106
29 I
1
Refunding gold fte
1947 J J 96
,
9612 96
Mexico
96 I
-5s of 1899
1
955 96
43 514
1945 Q J 49
50 4812
50
29
Refunding 48 Series C
1947 .1 J 813 Sale 815
8
814' 10
813 824
5
Gold debt 4s of 1904
1954 Jo 283 Sale 28
26
29
4
28% 13
General 58 A
1966 M N 8314 847 8234
8
Montevideo is
84 I 46
D 867 Sale 86
1952
814 -"8
867
8
4 854 8812
General (38 B
81966 .1 J 98 Bale 9718
Netherlands Os WO prices) 1972 MS 9112 Sale 914
9838 19
91 ta 94338
9512 11 3
_94
91% 99
Ind & Louisville let gu 45_1956 J J
Norway external s f 8s
73
2 71
1940 AC 111 Sale 111
7
4
1118s 1001 109% 112% Chic Ind & Sou 50-year 45..1956 J J 73 .73% 73
8238 85 8212 Mar'24'____
821: 84 s
3
6e
1952 AC 9314 Sale 927k
9113 944 Chic LB & East let
9312 30
4148-1969 J D 883 89% 884 Mar'24
4
68 (interim certificates) _1943 FA 931: Sale 9234
8715 8R14
92.4 94
94
148
CM & Puget 8d lat gu 45...1949 J .1 58 Bale 5612
5812
Panama (Rep) 5%s it rects.1953 it)
581: 90
4938
954 971:
9512 Mar'24
7014 74
Porto Alegre(City of) 8s_ _1961 J
74 I 149
92
96 Sale 96
971: Ch M & St Peon If 4s Ser A.41989 J .1 73 Sale 711$
96
2
General goid 3148 Ser B-e1989 J J 63
Queensland (State) ext.17.1941 A0 105 103 10512 106
6415 63 Mar'24
6134 68
40 10414 1u7
General 4%s Series C
81989 J J 81 Sale 794
81141 108
25
78
-year 13a
811
4
1947 FA 10014 100% 10014 1004 48
9915 1014,
Gen & ref Series A 410_412014 A 0 5434 Sale 52 4
Rio Grande do Sul 88
,
553 693
1946 AO 95 Sale 95
92
4
9712
96
16
Gen ref cony Ser B 5s-a2014 F A 5912 Sale 5618
Rio de Janeiro 25-yr. f 8e-1946 AO 93% Sale 92
6041 562 1
4
87% 94%
9412 27
Convertible 44e
1932 J D 64 Sale 574
Se
65 I 562
1947 AC 91
87
83
544 6
5
92 9112
92
10
04
1925 J D 85 Bale 811:
El Salvador (Rep) temp Se. _1948 J J 10012 Sale 10038 1003
837 2177
684 86%
8
8
4 28 100 1007
25-year debenture 48
1934 J J 56 Sale 54
San Paulo (City) a f 88
574 37
1952 M
494 5714
9712 Sale 9712
9515 98 4
3
9712
7
Chic & Mo Riv Div 5s.___1926 J J 9714 98
Ban Paulo (State) ext a f 8s-1936
9712
'3 99 Sale 9812
9738
5 96
984 994
99
37
Seine (France) ext 713
974 974
97%
6 961 98
8
79
1942 J J 8212 Sale 817
8312 Chic & N'west Ext 45_1886-1926 F A 97
8312 136
Registered
1886-1928 F A --------87 Mar'24
Serbs. Croats & Slovenes 88-1962 MN 7478 Sale 7412
634 751.2
754 244
General gold 310
1987 MN 70% Sale 7014
Solasone(City) fie
1930 MN 79 Sale 7812
704
3 69 7218
9 % 9714
6
76
8114
79
9
Registered
91987 Q F ... Sweden 20
68 Jan'24
/
1
4
-year Be
1939 JD 10234 Sale 10238 103
68 e 70
3
/
1
4
28 192 ' 1054
General 4.5
1987 M N -794 - - 7934
Swim Confeder'n 20-yr 61 8. 1941) J J 11512 Sale 114
814
797
1
80
814
/
1
11512 41 111% 118
Stamped 48
1957 M N _--- 8212 80 Mar'24 ____
Tokyo City 58
1912 MS 614 6112 61
7914 81%
81
63%
61% 12
General 5s stamped
1987 M N 100 10034 993 Mar'24
Uruguay (Republic) ext 88_1946 WA 104 Sale 1034 10414 29 1U2 104%
4
991: 101
Sinking fund 621
1879-1929 A 0 10238 ____ 1023 Mar'24 __
Zurich (City of) a f 88
8
99 10211
1945 AO 110% Bale 11014 11028 16 110 112
1879-1929 A 0 1017 ____ 10134 Feb'24 ____ 101 10215
$
Sintegis fu nd 58
fkingtered
1879-1929 A 0 974 99 I 983$ Mar'24
Railroad.
988 9742
2
Registered
1879-1929 A 0 95 981: 98 Jan'24 ____
Ala at Sou 1st eons A 55.- 1943 Jo
96 96
95 4 961
3
9612
8
9834 12
Sinking fund deb 5s
1933 M N 983 1001: 1004 10012
Ala Mid let guar gold 5eL
4
1928 MN 993 100 99% Jan'24
9844 9948
4
8 971: 10012
Registered
1933 M N 97 100 1 97 Dec'23 ____ .-Alb & Snag cony 31.4.
79
1946 AG 7912 --__ 79 Mar'24
801$
-10-year secured 73 5
1930 1 D 1057 Bale 1057
8
Alleg & West let R 48 IN--1998 AC 8012 ---- 801: Mar'24
80 8015
1063
4
7 1044 10 s
-63
15-year secured 6%s fr.._.1936 M 5 10534 Sale 10512 106
Alleg Val gen guar g 48
1942 MS
8 10515 108%
8" 4 89 Chic RI & P-Ratioxtg
3
89
/
1
4
89
2
gen 481988 J J 8012 Bale 8014
Ann Arbor 1st g 4e
11995 Q J 5712 59 58%
81
7814 81
29
57 60
59
6
Registered
1 J --------7634 Jan'24 ___
atoll Top & it Fe
-Gong 48_1995 A0 8714 Sale 867
767 767
s
s
6 883
4
873 195 8
4
Refunding gold
1934 A 0 763 Sale 783
AO
4
4
777 193
8
79
7334 78%
8814 Chic St L & NO 4s
8515
86
32
gold 51
1951 1 D 10018 102 10012 Jan'24 ____
Adjustment gold 4e
51995 Nov "ili IF: 8012
99 1004
a
79% 811:
811: 11
J D --------953 May'23 ____
Stamped
8
11995 Nov 81 Sale 803
791: 94
4
813
4 75
Gold 334,
1951 J D
Cony gold 4s 1909
"ii"
77
1955 in 83% 8418 844,
.
844
1
824 84
Joint 1st ref 5s Series A_-.1963 J D 944 Sale 944 Feb'24 _ _ _ "ii 9634
Cony 48 1905
1955 in 82 83% 8414
814 84t$
94
9434 53
844
5
Memphis Div Isle 45.....1951
Cony 48 issue of 1910
80% 80%
1960 JD 7812
_ 8134 Feb'24
813 8134 C St L & P 1st cons g 55.--1932 J D 80 ---- 8018 Feb'24 ____
4
A
100
East Ohio Div 181 If 4e____1928 MS 953 9
91172 997
8
4 512 98 Mar'24
95% 96% Chic SIP M & 0 cons 68___1930 J 0 103% 10234 100 Feb'24 ____
D
____ 103 Mar'24 __ 10131 1041.
J 813 823 81%
Rocky Mtn Div let 4e_ _1965
2
4
8234
8234
3 80
Cons 135 reduced to 3%6_1930 J D 893 _-__. 8914
8
Trans-Con Short L let 48_1958 J
6
8914
8914 89%
83% 8434 841:
8412
1
834 8712
Debenture 55
1930 M S 9418 9434 944
Cal-Ariz let & ref 445-A"1982 MS 90
9312 98
944 19
9018 997 Chic T H & So East
2
914 9118 Mar'24
let 5a_.1980
D 797 80% 79
8114 156
77, 8114
'
*No price Friday; latest bid and asked. 95=8. a Due Jan. dDue April •Due May. g
Due June. lb Due July. k Due Aug. oDtie Oct. PDue Nov. • Due D.C. /Option sale.
____
.
__-_
--
Li
1506
BONDS
N.Y.STOCK EXCHANGE
Week ending Mar 28.
New York Bond Record-Continued-Page 2
Price
Friday
Mar.28.
Week's
Range or
Last Sale
et%
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 28,
v‘,
Price
Friday
Mar.28.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High
High No. Low
Bid
Ask Low
High Illinois Central (Concluded)
High No. Low
Ask Low
Bid
7612 784
7811 78 Mar'24
1952 .1 J 75
Purchased lines 3345
75
89% 92
92
9112 913 90
4
Chic Un Elta'n let an 4359 A.1963 J J
79% 81%
813
4 77
1953 MN 8112 Sale 8118
trust gold 48
Collateral
97% 100
8
5
99 4 73
1963.1, 9812 9912 977
5B B
78
78
Jan'24
1953 MN 79'e---. 78
Registered
4
11512 31 114% 1153
1963 J J 11512 Sale 11514
1st Series C 6345
9934 102
1955 MN 10118 10112 10012 10114 42
Refunding 58
Chic & West Ind gen g 65._61932 Q M 105 ____ 105 Dec'23
1024 18 10012 10212
Sale 102
4
1934 .9.1 101
71I 753
-year secured 55.55
15
J 7414 Sale 7414
3
75 4 89
1952
Consul 50
-year 4s
7 10812 110
15
-year secured 8348g.--1936 S i 10912 110 10912 110
4
5 10112 1033
4
8
1935 MS 1035 Sale 1038o 1033
-year a f 73.49
15
85 85
Jan'24
85
1950 J. D 84% 88
Cairo Bridge gold 49
96
94
3
1952 MN 95 4 ____ 96 • Feb'24
Choc Okla & Gulf cons 5s
69% 704
Litchfield Div 1st gold 38-1951 .9.7 6912 705s 7014 Mar'24
88 Mar'17
1923 MN
C Find de Ft W 1st gu 49 g
4
743 75
4
8214 743 Feb'24
Loulav Div de Term g 330 1953.7' 75
ii
88 Dec'23
Cln H & D 2d gold 4318..„-1937
68% 69 8
9
897s Omaha Div 1st gold 39-1951 FA 6914 7014 6933 Feb'24
89
8
8
R1936 Q F 873 ____ 897 Jan'24
CIStL&Clatg4s
7012 74
St Louis Div &Term g 39-1951 Si 683 -- 84 Feb'24
R1936 Q F 88% __ 87 Dec'23
Registered
774 7712
47712 Feb'24
1951 Si 7612 83
Gold 334s
"ii"
8814 Feb'24
1942 MN 8614
Cln Leb & Nor gu 49 g
75% 75%
4 8
883 997 Springfield Div 1st g 3358-1951 .9.7 764--- 7553 Jan'24 1 8334 8354
8
7
1920 J j 98 ____ 983 Feb'24
Cin S & CI cons lat g58
8354
3
83 4
Western Linea let g 4s- --1951 FA 8312 87
_
53 Mar'22
Cleanf & Mali 1st gu g Is _ _ _1943 ii
84% 92 Mar'16
P A 83
1951
Registered
as
7858 8hz
81
5
4
Cleve Chi Ch & St L gen 45.1993 J o 803 Sale 80 5
86 Mar'16
1940 A '0
9
9214 94 s Ind B & W lst pref 48
8
5
94 3 32
1931 .1.1 9412 Sale 945
-year deb 4 1-48
20
848e 84'g
- 84% Feb'24
1950 Ji
98
7
99 8 Ind III & Iowa 1st g 48
4
5
92 4 10
1993 J D 9854 Sale 989
General 55 Series B
9712
98
3
97
83%- - 96%
8
957 97
1965
3 10212 44 1004 102% Ind Union fly 58 A
Ref & impt 68 Series A_ 1929 J J 10212 Sale 1025
4018 56
686
56
101% 103% lot dr Great Nor adiMit 68-1952 Ji 56 Sale 52
J J 10312 ____ 102 Mar'24
1941
68 C
8
901 96
96 1071
864 884
8
.1' 95% Sale 937
J 863 8812 884 Feb'24
1st mortgage 68 certificates1952
4
1939 j
Cairo Div 1st gold 45
644 70
33
69
80 Iowa Central 1st gold 58-1938 J D 69 Sale 6612
77
8
80
3
7812 83 79 4
Clii W & M Div 1st g 49..1991 .7
in 28
42
23
1951 MS 20 Sale 20
78% 81
Refunding gold 4!
2
79
7
St L Div 1st coil tr g g 48-1990 MN 7853 7913 78 8
861, 8612
8612 Mar'24
Spr & Col Div 1st g 48_..194O M S
8314 8419
15
84
8412 831z
James Frank & Clear 1st 48-1959 J D 84
JJ 831z ____ 92 8 Sept'23
9
W W Val Div lat g 48_-_1940
0
loais 1 8
4
____ 1053 Mar'24
1934 ii 106
C & I gen cons g 68
-951
9814 99 KaA&GRIstgug5s---.1938.1
99 Mar'24
Cloy Lor & W con 1st g 5s 1933 AO
78
7137/11: 3 95 - 74
.
4
s- 1
1990 A 0 773 79 4
84% 84s Kan & M 1st gu g 48
Jan'24
MN 9412 97
94%
9,34
1935
CI & Mar 1st gu g 43-68
98 8
98% Mar'24
1927 J J 9854 100
-year 55
2d 20
Mar'24
Cleve & Mahon Vail g 58_ _1938 iJ 9413
1 1004 103
10214
KC Ft SAM cons g 68-1928 M N 10112 10214 10214
91 Mar'21
Ser A._1942 ii
CI & P gen gu 434s
734 7814
7814 132
K C Ft S dr M Ry ret g 48-1936 A 0 7753 Sale 7718
1044 Sept'15
1942 AO
est2 97
Series B
3
95
KC&MR&B lat gu lis-1929 A 0 95 Sale 944
7612 Feb'12
Int reduced to 334a. _ _1942 AO 7912 _ _
67
70
92
70
8
6814
Kansas City Sou let gold 38-1950 A 0 683 69
MN
7018 Dec'12
1948
Series C 33is
802
86
Apr 1950 .7 J 8812 Sale 8812
8912 41
Ref & impt res
Jan'21
82 67
1950 FA 80
Series D 3Ms
3
8114 83 4
55
83
3
4
904 923 Kansas City Term let 4s-..1960.9 .1 825 Sale 8212
5
4
8
4
923
Cleve Sher Line 1st gu -148-1961 *0 923 Sale 915
82
8314
8314 21
3
3
4
4 27 102 8 1043 Kentucky Central gold 45_1937 J .1 82% Sale 823
1045
1972 *0 10314 Sale 10314
Cleve lJnion Term 535s
8118 6315
2
6118
6113
9812 Keok & Des Moines 1st 58.-1923 A 0 6118 67
954
9812 30
1973 * 0 97 Sale 97
3
3
58(WO
100 5 100 4
8
8218 Knoxv & Ohio let e 68
80
J 10012 ---- 1005 Mar'24
1925
ii) 81
83 8112 Mar'24
Coal River Ry 1st gu 45 _
3
92 4 94%
4
A
' 94 Sale 94
8
943
Colored()& South 1st g 46_ _.1929
93% 9534
9534 Mar'24
97
8012 8612 Lake Erie & West 1st g 58..1937J .1 96
861t 82
.1935 MN 88 Sale 8514
90
Refunding & eaten 4345.
87
8
90
89
1941 J J 8912 90
814 821
4
2d gold 58
0 8212 _
8214 Mar'24
1948
Col & if V 1st ext 4s
7515 80
7812 11
1997 .1 D 774 77% 76%
824 83 Lake216tere gold 33i8
2
Re Shorod
8218
8213
75
Col dr Tol 1st ext 49 _____ - _1955 v A 8112
75
75 Feb'24
1997 1 D 7514 77
81% 84)2
j 8412 Sale 83
8412 22
4
/
94% 981
Cubs. RR 1st 50-year Is g..1952
4
9618 77
1928 M S 96 Sale 953
Debenture gold 48
9 101 10212
101
1936 1 D 101 10112 101
4
1
/ 94
92
1st ref 7348
75
94
Sale 9312
1931 M N 9312
25-year gold 48
9154 9154
9134 Dee22
924 924
1931 M N 9118 _
Registered
____ 9212 Jan'24
3
925 94
Day & hitch 1st cons 4 49_._193I J J 94
114
1
83% 87% Leh Val N Y bit gu g 4548. 1940 1 J 04 Sale 94
864 Sale 8612
8 35
877
1943 MN
Del& Hudson 1st & ref 49
- 90% 026'23
4
4
1040 .1 J 903
5
92 8 945
Registered
9418 16
193g. 0 94 Sale 94
cony 59
-year
784 -7"i"
20
53
78
9712 101
Lehigh Val (Pa) cons g 45- 2903 M N 7714 31113 767s
31
100
MN 9813 99
9814
1937
-year 530
15
85% 81)
881,
4
2003 M N 808 27ss 8614
2 Kepi low:
General cons 4349
4 1073
4
bias 103
-year secured 76 _____ _ _1931 j i) 10734 110 1073
10
- 10154 Feh'24
Leh V Term Ry 1st gu g 59 .194i et 0 10J18
89 May'22
0911 9814
D RR Se Bdge 15t go 4s a__ _1936 F A
9912 Jai'24
16" Registered
1941 A 0
4 83
693
-1st eons g 45 1936"3 6818 Sale 6814
Den dr It Or
1 n3i. 32 101 1034
.
7213 75
3
74
Leh Val RR 10-yr coil as .81928 51 S 10314 Sale 102'8
75
J 7314 75
1936
Consul gold 4349
4(214 83
7912 83 , Leh & NY 1st guar gold 45 .1945 M S 824- 8212 Mar'24 _ _
9
4
4
8
827
Improvement gold 59___1928 J D 823 Sale 813
99 101
13
10018
.12 9912
35
8
414. Lex & East 1st 50-yr 55 all -1965 A 0 099 11
4
37
37
35 Sale 35
1953 8' A
1st & refunding 5.3
8158 Nov'23 _ _ _ _
4
1962 NI N 803 -Little Miami 49
492
Oct'20
do Registered_
1008 106%
34*4 41
1935 A 0 10658 - -- 10698 Feb'24
5
Long Dock consol g Cs
3414
3414
-3358
Farmers 1,AtTr rcts Aug '55.
974 9812
__
3414 3414 Long bid 1st con gold 5a. _6, Q 3 9713 9812 9813 Feb'24
51 931
1 3
.1
11
3414 Sale 3414
35
Bankers Tr obi of dep......
374 37,4
9018 9312 90 Dec'23 -- _
3714 Jan'24
1st consul gold 4s
3353 37
do Stamped
We 87
15
87
Sale 8518
40
40
87
5
3413
General gold Is
3418
40
34
Am Ex Nat Ilk Feb '22 ctN_
834 834
3418 38.2
8
3
9 2 11 D
19 8 .1 D 863
- - 8318 Jan'24 - - _ _
8
8
335 ____ 3813 Jan'24
do Aug 1922 ens
804
79
797
1949 M S 79 - - 8 7934 Feb'24 - _ _
4
423 47
Dni dledsgold 45
6
4578 461* 4378
Itol f 4
4512
1935
DeeM & Ft I) lot gu is
91% 92
8
14134 J D 915 9412 92 Mar'24 - _ _
-8653 __-_ 9314 Sept'23
Debenture gold 59
5s _1947
Des Plaines Val lot gu 4 3
8812
84
!
gal 141
69
60
1937 M N 86 Sale 84
-year p m deb 50
71
67
69 Mar'24
20
48..1995
Del & Mack-lot lien g
79
9
807
3
80
60
62
6214 70
62 Feb'24
Guar refunding gold 48.. _1949 M S 79% 8014 7918
.1995
4
Gold 4s
943 95
__
4
4
01932 Q J 943 - - - 943 Mar'24
88
Nor Eth B 1st con g go 58.
4
883 8818
4 20 • 8712 11012
883
1961
Del lily Tun 434s
3
957 985
5
__
9714 Mar'24
Oct'23
9918 ____
Louisiana A Ark 1st g Is -.1927 M S 96
Dul Missabe de Nor gen .59_ .1941
7912 8113
813
- - 4 8114
1
9345 M
8114
98 ii812 Lon & Jeff Bdae Co gu g 49 199400 Ri2 N 81
9913 48
9913 Sale 9918
..1037
3
Dul & Iron Range 1st Is.
3 1007 10213
101
Louisville & Nashville 551937 M N 10014 10214 101
3
957 July'23
1937
91
Registered
89
68
91
8
904 Sale 897
12 -ii" 8314
81
8
807 82 8018
Unified gold 48
Dul Sou Shore & All g 58.-1937
19403 J 8718 -- - 9014 May'23 -Registered
-55 99
8
- 989 Mar'24 - - _ _ 10614 1084
85 85
85
3
4
843 8918 85
Collateral trust gold 59...1931 MM 971
1918 k 0
E Minn Nor Div lot g 4s_
19
107
10612 107 10634
82
93
8
955
2
10-year secured 78
95
9558
1938M S 9414 98
E Tenn reorg Hen g 56
10614 28 104% 1064
2603 A 0 1043, 107 105
9854 985
4
9812 Feb'24 _
let refunding 5358
11130J J 9818 99
E T Va & Ga Div g 55
974 102
121
102
7
97 8 99
2003 A 0 100 • Sale 100
99
34
5913 (when issued)
1956 M N 99 Sale 9812
Cons 1st gold Is
103% 104
10338 Feb'24 1930.9 .1
9712 10012
10012 14
4
983 997 99
N 0 5-. M bit gold 69
1034 10312
Elgin Joliet & East 1st g 5s_ _1941 MN
1930 J J 10114 10313 1034 Mar'24 - - _ _
19 104% 106
105 106 10512 106
21 gold 65
Erie let consul gold 7s ext_ .1930 NI
854 87%
4
- 8512 Mar'24 - _
613 6512
6458 Sale 643
8
6512 69
Paducah & Mem Div 40.1046 F A 8834
1996 .1
jet cons g 4s prior
61%
60
5
8
635
61
61
60 Sale 60
1
4
61
61
1996 .1 J 5812 64
Registered
94
3
95 4
Jan'24 - -. _
95
n1
951
5512 Sale 55
5614 393
614
5
5312
1st consul gen lien g 48-1996 .1 J
8112
79
8013
8 39
805
2
8 MM 88
53
53
3 14.1 1 8014 81
8- 2
53
53
"&i ll
8LtAL N sI‘D M2 :1%4 440
L de °N Souti J oi g 1'4d 49
1996
J
Registered
77
77
Jan'24
7218 -- 77
8812 9212
913
5
90 4 9213 91
3
6
Registered
gold 9s_ _1951 F A
Penn coil trust
96
96
96 Feb'24
4 97
3
544 603 Loolsv On & Let gold 43-i8-1931 M N 953 603
3
3 81
-year cony 49 Ser A _ _1953 A 0 60 Sale 5912
60
5413 6012
6012 80
1953 A 0 59 Sale 59
do Series 13
4
983 99%
1934 J .1 985
59% 65
3- 98% Feb'24
4 92
Mahon Coal RR let 58
643
Sale 63 8
5
Gen cony 46 Series D_ _1953 A 0 6353
611
58
58
iff 58
8911 387 Manila R R(Southern Lines) 1939 MN 56 8
3 57
957
1955
961, 975,
.1 95 Sale 95
Crte & Jersey lets f es
s
D 9612 9714 963 Mar'24
4
3
91
8314 Jan'24
8314 8314 Manitoba Colonization 55_ 1934
1940 .1 J 82
Erie & Pitts gu g 335s IL
82 82%
83 82 Feb'24
W 1st 330-1941 11
83
83 Man LIB&N
8112
Jan'24
83
1940.1 J 82
Series C
-- 37 Mar'13
Met internat'l let cons g 49.1977 M S
88 Apr'23 _
EvansATli ist gen g 5s _1942 A 0 102
71:7 9014
9914
9814 9912 9914
Michigan Central 58
6912 Apr'21 _ _ _ _
Sul Co Branch lot g 53.-1930 A 0 96
98
98
Jan'24
4
993 98
1931 Q M 98
9914 O3t'23
Registered
1924
.1 _
Fargo de Sou as
8834 804
4
863 Jan'24
45
9512 ___
9412 Dec'23
Fla Cent & Pen 1st ext g 58_1930 J
85
85
933 9468
85 Feb'24
Registrd
_
jJ
84
4
1943 J J 933 9412 94 Mar'24
Consul gold 53
1951 M S 763 80 Feb'23
, 8
8
67% 6 14
4 79
8
1 t 3: 6 33-i
J81..60113 19t rid 3A5
8
Florida E Coast let 4355_ __ _1959 J D 8712 877 8712 Mar'24
613
79 - 4
4
794
7918
80
79
66 7
8
8
6512 6812 66
1912 MN
Fond.'J A Gloy 4 35s
9214 9434
2
9412
94
9312 95
20-year debenture 45
8258 84
84 Mar'24 _ _
Fort St U D Co 1st g 4!-69_ _1941 J .1
92 87 Apr'23
10034 10114 Mid of N J 1st ext 5s
920 A A
1949 F O 88
_
W & Den C 1st g I%9_ _1961 J D 101 102 10114 Feb'24
99% Mar'24
8418 84 hIllw L S & West imp g 589914 - 87 Mar'24 _ _
Ft Worth & Rio Gr 1st g 48_.1928 J J 874 89
10514 1012
1925 M S 10012 -- 100 Dec'23
Ashland Div 1st g 68
Frem Elk & NI° V lot as.__ _1933 A 0 106 108 10612 Jan'24 _ _ _ _
1004 - -- 10012 Jan'24
1924
Mich Div let gold 68
54 9812
9
6
9814
9814
99
98
1931 MN
0
. II & SAM&PlstAs
_ _ _ 88% Mar'24
91
9612 Mar'24
Wit 9812 Milw & Nor 1st ext 4348- -1934
98
19313 J 96
874 8912
2d eaten 5s guar
8
894
1934.9 1-1 8912 Sale 894
1
Cons extended 43-48
3
8918 91
89 4
3
83% 8512
Galv Hous & Rend lst 5s_ _ _1933 A 0 897 9012 89 4
854 23
89
96 Mil Spar & N W 1st gu 4.9_1947 M S 85 Sale 85
7
9412 18
9412 93 3
Geneses River 1st 8 f 6s_ __ .1957 J J 94
82 82
82 82 Mar'24
412 86 Mils de S L lot gu 334s..19413 i 7E1
8
J J 8412 ____ 8412 Mar'24 _
100 10012
Oa & Ala Ry 1st con 58_
10012 Feb'24
1927 3 D 1001
1
3
955
8
5
9315 955 Minn & St Louis let 78
9312 9553 95 3
tla Car & No 1st gu g 58._ _ _1929
6312 68
;
2- 7
603 6112
4
1934 M N 6614 6i 68 Mar'24
5
1st consol gold 58
6112
1948 A 0 6112 62 6112
2312
Ga Midland 1st 3s
18
12
21
9812 100
1st de refunding gold 48-.1949 M S 20 Sale 20
N 9912 --- 100 Feb'24
1st gu g 5s. _ _ 1924
113
Gila V G & N
20
2
18
18
98
4
983
Feb'24
& ext 50-yr 56 Ser A 1962 Q F 16% 19
Ref
4
983
1942 J D 954 99
8614 884
Gott & Oswegatch 5s
63
4
873
is4 con g 45 int gu'38
J 864 Sale 8612
9058 914 m st
_
91 Mar'24
93
99
4213 R & I ex 1st gu g 4359. _ _1941 J J 91
9912 9912
99
93
9 4 12 1014 103 4
4
1123
4 30 1103 1135s
1st cons 59
1033
Grand Trunk of Can deb 75_1940 A 0 11214 Sale 112
21
19 6 M
1024 Sale 102% 103
3
941 _
8
8
115 1024 1045
10-year coll trust 6Hs_
104
1936 M S 103% Sale 10314
1.5-years f 69
100 10212
10111 102 10112 10213 14
68A
3
1947 J D 85 4 .. 10112 Apr'07
9112 9112
Grays Point Ter 58
9112 Feb'24
4
^ 913 94
301 Eli" 10814
107
Term a f 45_ _.1941
108
1st Chicago
Great Nor gen 75 Series A 1936 J J 10712 Sale
4
963 97%
851s 8812 M SSM & A lstg 48 int gu.-1926
-.- 9712 Mar'24
973
's
88
35
8814
1st & ref 43.s Series A...1961 .1 J 8734 Sale 871
88
Jan'24
4_
_
Mississippi Central let 5s_ -1949J J 8814 00 88
90 June'23
1961 J J
Registered
_ 91% May'23
3
"ipais -81ai M & Okla 1st guar 531--.1942 m
52
98
4
1952i .1 9814 Sale 973
5349 Series 13_
fit;
-fife 5934 6015 Mo Kan & Tex-1st gold 48.1990
7814 132
1962
7714 Bale 77%
3
647 6018 Feb'24 _ _
Green Bay & W deb Ors"A"._ .. Feb 63
7834 834
(
82% 283
1012 mo-K-T
7
13
3
9
1 55 Ser A _ 19 2
J
.: 824 Sale 82 4
8
6
753
8 Sale
Feb
Debentures et% "13"
65
BR
44
8
4
885
8
685 Sale
40-year 4s Series B
Greenbrier Ry 1st gu g 4a _ _ _1940 M N 831a -___ 8412 Oct'23 _ _
5
94ss 99 8
8
993 175
"ii 86
9812 Sale 9812
-year 138 Series C
86 Mar'24
10
Gulf & 1 1st ref & t g 58_81952 J J 8318 86
514 587
s
564 1150
5
76%
8
Corn adjust 55 Ser A Jan-1967 A 0 5578 Sale 5512
734 77
8
• Harlem R & Pt Ches 1st 4s_ .1954 M N 767 Sale 767
7
83 3 86 4 Missouri Pacific (reorg Co)
3
8
86
Val 1st cons g 430_1999 J J 85 Sale 85
Hocking
7518 814
3
8114 66
loser A.-1965 F A 80 Bale 797
8112 July'23 -let & refunding
1999 J J 7112 ____
Registered
11414 98
44
98
4
98
2 -67
98
98
1st & refunding Is Ser C..1926 F A 98 Sale 965
1937.1 .1 9712 100
H & T C 1st g 5s int gu
8758 9612
944 298
3
947, 924 913 Mar'24
9014 9214
5
4
lilt de refunding (is Ser D 1949 F A 93 9 Sale 947
Houston Belt & Term 1st 56.1937 J J
5712
51
5712 535
Sale 6614
1975 M 8 564
14 98
95
98 Mar'24
General 48
1933 M N
•Hous E & W T 1st g 5t3
9318 July'23
Missouri Pacific1933 M N
1st guar 58 red
80% 8212
"844 ids; 3d 78 extended at 4% _ _ _1938 MN 824 844 8212 Feb'24
Jan'24
8414
1937 MN 8313 95
Housatonic Ry cons g Es
923 929
4
4
4
803 8412 Mob & Bir prior lien g 58-.1945 J J 9314 -- 923 Jan'24
4
83% 132
Bud & Manhat 59 Series A...1957 F A 8218 Sale 8218
73
68
584 63%
6314 276
8
1945 J J 7212 75 68% Feb'24
Mortgage gold 4s
8
1957 A 0 617 Sale 615
Adjust income Is
10214 103
4
O 10212 103 1023 Mar'24
8812 92 mobile & Ohio new gold 681927 J
1
90
4.... 90
Illinois Central 1st gold 49_1951 J J 873
100% 1014
8318 Sept'22
1st extended gold 88____61927 J J 101 10114 101 Mar'24
1951 ./ J
Registered
7718
74
2 "ia" 1678
7712 7512 Mar'24
1938 MS 76
General gold 45
1951 J J 78 Sale 78
1st gold 3355
95
92
97% 94 Mar'24
Oct'23
1922
80
Montgomery Div 1st g 5(3_1947 F A 94
1951 J J
Registered
9514 9613
J D 964
-- 9612 Mar'24
4
Vi34 St Louis Div 511
8
_1951 A 0 775 8612 773 Jan'24
Extended 1st gold 3348-784
76
10
77
784
4
1938 MS 781s Sale
763 Sept'23
Mob & Ohio coil tr g 4e
1951 A 0
Registered
Oct'23
Mob & Mal 1st an e se
1951 M S 5913 72 8314 Mar'22
1991 MS 81% 83 81
let gold 38 sterling
108'4 1081,
J J 1089 11014 1084 Jan'24
85
8
8
83
13
85 Mont C 1st
g 68
Collateral trust gold 48._19.52 M 13 8312 8474 8314
9358 Sept'19
13614 May'06
19 7
93
Registered1 87 J J
1952 A 0
Registered
9954 101
3
844 86 4
8614 16
1937 J j 99 101 101 Mar'24
lIt CM gold 58
1955 MN 8538 little 8558
1st refunding 45
Due Juno. A Due July. a Due Sept 0 Due Oct. e Option esle.
•No price Friday;latest bld and sated tble week. a Due Jan o Due Fel)
INg I
Mt'X .7)
1507
New York Bond Record-Continued-Page 3
•Xl
.
Tl'
:..'''
BONDS.
BONDS.
h3
Price
Week's
,„7, .Range
.
3
h
;it_ t
Eriday
N. Y. STOCK EXCHANGE
N. Y.STOCK EXCHANGE
Range or
Since
:4,7
Week ending Mar. 28
Week ending Mar. 28.
Last Sale. al
Jan. 1.
,
.,a. Mar. 28.
Ezt
Price
Friday
Mar. 28,
I
Week's
Range or
Last Sale.
..4. •
E.:2
r4tZ
Range
Sifted
Jan. 1.
High
High No. Low
Bid
Ask Low
High
High No. Low
Bid
Ask Low
67
743
4
7438 28
/
1
M & E lot gu 33513
2000 J D 7634 Sale 763
7612 7712 Peoria & East 1st cons 45... _1940 A 0 744 Sale 73
4
1
763
4
3212
21
3212 301
1990 Apr. 3018 Sale 23
Income 451
Nashv Chatt & St List 55..1928 A 0 10014 1023 997 Mar'24 ____
997 1007
8
8
4
8
9112 9412
9412 289
N Fla & S 1st gu e 5s
1937 F A 973 ____ 9614 Oct'23 ____ ___ ____ Pere Marquette let Ser Ass 1956J J 94 Sale 9312
4
7618 7 4
7818 24
1956 J J
1st Series B 45
773 783 7718
4
4
____
__
9
.
Nat Ry of Mex pr lien 4SO_ _1957 J J --------30 Sept 23 ____
90
9934 127
1943 MN 9912 Sale 9914
993
4
23 4 3 37 Phila Balt & W 1st g 4s
July coupon on
25 Feb'24 _
2214 25
43
/
1
4
37
5
38
26 Nov'23 ____ ____ ____ Philippine Ry 1st 30-yr 8 f 48 1937.3 J 38 Sale 37
do off
93
/ 941r
1
4
1940 A 0 933
9412 Mar'24 _
4
PCC&StLgu4JisA
General 4a (Oct on)
2618 July'23 _
1977 A 0
1942 A 0 93 4 943 9414 Mar'24 ---3
4
93
/ 9414
1
4
21 July'23 ------------Series B 44s guar
18
26
April coupon on
1942 MN 933
4
_ 9314 Jan'24 ___934 9414
24 Dec'23 ------------Series C 4s guar
do
off
87
88
1
8
Series D 4s guar
1945 M N 873 9138 88
___
88
Nat RR Mex prior lien 4s1926.2 J --------3814 June'23 ____
86
/ 8714
1
4
1
8718 Sale 8718
8718
36
Series E 334s guar gold_ _ _1949 F A
36
Jan'24 ____ ____3414 4114 36
July coupon on
1953 J D 86
8712 8712
1
8712
8912 8712
34
Oct'23 ------------Series F guar 45 gold
do
off
1957 MN 86
Series G 4s guar
9314 93 Sept'23 ---- _--- - let consol 48 (Oct on)_ _ _ _1951 A 0 --------28 Apr'23
8
90 - / 9112
1
4
Series Icons guar 4s....1963 F A 905 9178 9112 Mar'24 ---36
36
Jan'24 ____
19 ____ 36
April coupon on
905 914
91 Mar'24 ____
1964 MN 91
8
Series J 43.is
22
10
22 Feb'24
off
1714
do
1970.3 D 963 9714 17
4 9818 9612
General 55 Series A
9513 974
1954 MN 6918
6618 May'23
Naugatuck RR 1st 4s
9634 Feb'24 --__ ____ ____
4
a1928 A 0 963 100
Pitts & L Erie 2d g 55
1945 J J 8312
75 Aug'23 _
New England cons 58
83 Pitts McK & Y let gu 6s_ _1932 J J --------105 Dec'23 ---____ ____
19453 .1 74
75
83
Jan'24
Consol Is
19343 J ____ ____ 9514 June'23 ---- __ _
_
80 Dec'23 ------------2d guaranteed 68
N J June RR guar 1st 4s_ _ _1986 F A 80
Jan'24 ____
9812 -9
9
1940 A 0 994 _-- 99
8118 8412 Pitts Sh & LE 1st g 58
834 18
NO & NE 1st ref &Imp 43ia A'52 J J 8314 Sale 8314
97
1943 J J --------9884 Feb'24 ____
1st consol gold 55
7614 79
983
4
1
79
Term 1st 43._ _1953 J 1 785 7912 79
8
New Orleans
99
9911
99
991 66
/
4
/
4
4
1 1003 1011 Pitts Y & Ash 1st cons 5s_1927 MN 9914
10114
N 0Texas & Mexico 1st 68._1925 J D 10114 Sale 101
_ 3314 Dec'23 -- __ ____ ____
1935 A 0 9012 Sale 891
8518 9112 Providence Secur deb 4a_ _ _ _1957 M N 3914
Non-cum income 55
/
4
9012 28
4
___ 713 Dec'23
1956 M S 75
___ Providence Term 1st 45
4
/ 90 Dec'23 _ ___ ____
1
4
N & C Bdge gen gu 4 68_ __ _1945 J J 903 92
156
91
8714 - -41997.3 J 9014 Sale 9014
Reading Co gen gold 45
91 4
95 95
N Y B & MB 1st con g 5s 1935 A 0 9514 -- - - 95 Feb'24 _
8714 913
8
4
9012
903
8
843 85
4
Certificates of deposit
5
NY Cent RR cony deb 6s 1935 M N 10412 Sale 10412 10514 397 10312 105 8
8478
8314 8614
8
4
Jersey Central colt g 4s_ _ _1951 A 0 843 Sale 8434
8018 8314
1998 F A 803 811 81
813
4 33
4
Consul 45 Series A
/
4
4
8818 894
295
90
19973 J 8914 Sale 8914
Gen & ref 4345 Ser A
8512 8918
/
1
4
Ref & impt 43'4s "A"_ _2013 A 0 87 Sale 8714
20
88
95
/ 98 Renss & Saratoga 20-yr 6s_ _ _1941 M N 109
1
4
2013 A 0 9714 Sale 97
387
98
Ref & impt 52;
Rich & Dan 58
1927 A 0 9814 ____ 9814 Feb'24 ---984 981
4
NY Central & Hudson River_
_
_
72 Mar'24 --1948 MN 70
7612 Rich & Meek 1st g 5a
74
1997 3 J 7512 Sale 7514
/
1
Mortgage 3345
754 71
58 if
8
97
97 Sale 97
1952 J
7212 744 Rich Ter 55
Registered
1997 J J
7234 Mar'24
5 8412 87
85 8
3
85
/
1
4
Rio Grande June let gu 5s_2939 J D 83
8918 91
1934 MN 9012 Sale 9014
40
91
Debenture gold 48
518 54
54 Jan'24 ____
314 -7
8912 Rio Grande Sou 1st gold 48.1940 J .1
87
18
1942 .1 J ____ 8714 87
87
30-year debenture 45
314 ____ 7 Dec'23
1940 J .1
Guaranteed
70
/ 7414
1
4
3
7212
Lake Shore colt gold 3345_1998 F A 7218 7314 7214
7414 26
734 7312
697 7212 Rio Grande West 1st gold 45_1939 J .1 74 Sale 74
5
1998 F A 7012 75
7
7018
704
Registered
/
1
4
6514 20
60
6514
75
Mtge & coll trust 45 A _ _ _ _1949 A 0 6514 Sale 64
73
735
8 12
/ 74
1
4
735
8
Mich Cent coil gold 33.4s..,,1998 F A 73
7714 45
7412 774
763 Sale 7618
8
/
1
1998 F A
7114 __ __ 7212 Jan'24 ___7214 7214 RI Ark & Louis 1st 4)48_ _ _1934 M
Registered
68
70
6978 Mar'24 - -- 1949.3 J 6134 72
8918 907 Rut-Canada 1st gu g 4s
8
N Y Chic & St L 1st g 45,.. _1937 A 0 8912 Sale 893
893
4 28
8
8018 8118
8
___ 805 Mar'24 --__
1941 1
1937 A 0 8814 90
8818 881s Rutland 1st con g 434e
/
1
Registered
884 Feb'24
7112 7414
74 Mar'24 ---8073
75
1947 J
90 St Jos & Grand Isl g 48
88
1931 M N 8914 90
5
8934
894
Debenture 48
/
1
4
911 96
/
4
911 Feb'24 - -- /
4
91
92
1996 J
4
10112 32 10018 1013 St Lawr & Adir 1st g 55
1931 M N 10114 Sale 10114
2d 6s A B C
1996 A 0 9734__ 98 Mar'23
2d gold lis
8618 8812
31
88
N Y Connect 1st gu 4 s A...1953 F A 8712 8812 8712
/
1
4
90
ee I0T
90 Sale oci
1931 .1
i
St L & Cairo guar g 48
89
89
5
89
89
1947 M N 8412 _
N Y St Erie 1st ext g 45
9758 13
96
98
/ 9712
1
4
__
- St L Ir M & S gen con g 513....1931 A 0 9712 97
96 May'23 ____
1933 M S 864
3d ext gold 4155
/
1
887 179
8
96
834 887
887 Sale 8734
8
1939 J
8
Unified & ref gold 4s
--96
1 96
96
1430 A 0 go
99
4th ext gold is
72
783 176
4
8
1933 M N 783 Sale 7734
Riv & G Div 1st g 45
784
9234 Dec'23
1928 1 D 93
5th ext gold 41; ......
99
9912
2
98
99
4
4
1916 M N 833
4
8412 853 St L M Bridge Ter gu g 58_ _1930 A 0 973
8434 June'23
N Y & Green L gu 1158
65
/ 7018
1
4
7018 504
4
______ St L & San Fran (reorg co) 4131950 J 3 69 Sale 683
2000 M N 7518
74 Sept•23 ____
NY & Harlem g 3 AEI
833 106
4
4
804 85
/
1
4
823 Sale 8212
4
1950 J
Prim' lien Ser B 55
___- ---N Y Lack & Western 58_ _ _ _1923 F A --------993 June'23 __ __
9858 102
1005
8 63
10012 Sale 10014
1928 J
Prior lien Ser C Os
1973 MN
let & ref 58
8712 931a
42
93
/ 9214
1
4
1942 J J 9214 92
9712
96
1973 MN
9614 96 Mar'24
5345
1st & ref 414s
A1955 A 0 7612 Sale 7612
7212 77%
77
/ 234
1
4
Cum adjust Ser A 6s_
___
N Y L E & W 1st 78 eat__ _ _1930 151 5 --------103 June'23 ____ ____
6514 400
583 65 8
8
5
81960 Oct. 6414 Sale 6414
Income Series A 68
98
98 98 Feb'24
1943 J 1 9718 _
Dock & Imp 58
997 10314
8
1
8
9612 974 St Louis & San Fran gen 65_ _1931 J J 1035 ____ 10312 Mar'24 __- 1932 F A 9714 __ __ 973 Mar'24 ____
8
N Y & Jersey 1st 55
9712 99
9812 17
8
1931 J J 985 ____ 9812
General gold 55
N Y & Long Br gen g 45. _.1941 M S 8758 ____ 91 July'23
_„
__
4_ 8212 July'23 _-_
St L & S F RR cons g 4s_ _ _1996 J .1 893
NY N II & Hartforde
9712 - 2
9717
9
9
974
Southw Div 1st g 5s_ _ _ _1947 A 0 9738 - - - 9712
3912 46
2
45
5
Non-cony deben 31, 5. _ _ _1954 A 0 45 Sale 45
98
9918
9818 Mar'23 --- 8
•50
/
1
4
1947 M S 5018 5112 503
4412 511 St L Peo & N W 1st Cu 5s_._1948 J J 100 101
/
4
3
Non-cony deben 45
/
1
4
1931 M 5 8934 ____ 88 Dec'23
38
46 St Louis Sou 1st gu g 45
____
33.4s.....1947 M S 42
43 Mar'24
48
Non-cony deben
7812 66 -76 1 9
/
/
1
4
4418 59 St L SW 1st g 45 bond etts_ _1989 M N 77 Sale 7712
1955 J J 4912 Sale 4912
6
493
4
Non-cony deben 45
gm, 73
10
73
73
74
2d g 45 income bond ctfs_p1989 J J 72
4312 52
1056 M N 4914 Sale 44
4914 50
Non-cony deben 45
774 8318
/
1
8318 140
1932 J D 8212 Sale 8134
Consol gold 48
1956 J J 44
393 45
4
10
44
45
45
Cony debenture 3 JO
78
82
813
4 31
8
6914
1st terminal & unifying 55_1952 J J 815 Sale 81
59
6914 142
4
1948 .1 .1 683 Sale 684
Cony debenture 65
7614 21
73
7 12
/
1
6
36
4412 St Paul & K C Sh L 1st 4)0_1941 F A 75 Sale 744
4212 15
1957 MN 4112 Sale 4112
4% debentures
90
90
704 81 St Paul E Or Trunk 4 Jiii..._ _1947 J J 89 ____ 90 Mar'24 ---,
/
1
179
/
1
4
81
1925 A 0 81 Sale 79
7s European Loan
913 93
4
3
913
4
9134 Sale 913
4
89
7818 St Paul Minn & Man 48_ _ _ _1933 J J
7818 1038
1925 A 0 7813 Sale 77
Francs
1 105 108
106
19333 .1 106 10712 106
lat consol g 6s
_ _-- --__ -.-- ---_
__ _ ___
Cons Ry non-cony 4s__ _ _1930 F A
9512 97
9614 15
68 reduced to gold 434s-1933 J .1 9614 Sale 96
40
Oct'23 ____ ____ ____
4412 48
1954 J J 3912- Non-cony 4s
8812 904
8914 Mar'24 -- -90
1937 .1 D 89
Mont ext 1st gold 45
___
3878 Oct'23 ____ ___Non-cony deben 4s- _1955 J J 4412 48
.
85 July'23 ____ ____
1940 J .1
Pacific ext guar 4s
4212 45
Non-cony deben 4s_ _ _ _1956 J J --------45 Mar'24 ____
713 - 5
s 71 4
753
4 25
_1943 J J 7512 Sale 75
_ S A & A Pass 1st gu g 48
Oct'23 ___-___
NY & Northern 1st g 5s_ _ _1927 A 0 9914 _ - -- 99
9988 9934
/
1
4
9912 99 Feb'24 ---_1942 M 5 98
6018 --- Santa Fe Pres & Phen 58_6614
643
8 68
8
NY 0 & W ref 1st g 4s_ _ _ _01992 Si S 637 Sale 6358
8312 12
1950 A 0 8218 Sale 8218
6
801 8312
/
4
58
/ 62 San Fran Terml 1st 45
1
4
7
60
60
1955 J D 5818 60
General 48
/
1
4
/
4
_ 98 Feb'24 ---- 107 108
1934 A 0 1071 _
Say Fla & West 68
1942 A 0 7912
73 Aug'23
NY Prov & Boston 49
-1934 A 0 10012 10112 10018 Mar'24 --7 10018 1001$
81
58
81
81 Mar'24 __ _ _
/
1
NY & Pu 1st cons go g 4s_ _1998 A 0 804 85
84
/ 861
1
4
2
8614
8912 8912 Scioto V & N E 1st gu g 4s_ _1989 M N 8514 8614 8614
/
4
1927 M 6 9714
_ 8912 Mar'24 _-_ _
N 'Y & R B 1st gold 55
66
65
654 65
1950 A 0 64
61
1
5212 613 Seaboard Air Line 548
4
I
59
__- 8 59
595
NY Susq & W 1st ref 55_1937 J J 58
4
6514 27
5812 6514
1950 A 0 65 Sale 643
43
50
Gold 4s stamped
2
4818
2d gold 414s
1937 F A 48
48
50
/
1
4
01949 F A 53 Sale 5218
43
/ 545
1
4
8
5
54
/ 33
1
4
4014 524
Adjustment 5.5
5
52
3
1940 1 A 51 Sale 50
General gold 55
/ 5414
1
4
47
544 321
4
1959 A 0 533 Sale 5114
1943 M N 8712
Refunding 48
8614 8614
Terminal 1st gold 58
8614 Jan'24
/
1
4
804 541
1st & cons Os Series A.... _ _1945 M 5 78 Sale 76
N Y W'ches & B 1st Ser I 4 &VI_'46 J J 431 Sale 46
674 804
/
1
4
3912 47
463
4 53
9914 Mar'24 --973 9914
4
6112 67 Seaboard & Roan 1st 5s__1926 J .1 9814 100
645
8 17
Norfolk Sou let & ref A 5s 1961 F A 6458 Sale 6312
89
92 Sher Sh & So let gu g 55_ _ _ _1943 J D 9878 ____ 3612 June'23 ---- ____ ____
Norfolk & Sou let gold 5s...1941 M N 92_ _ 9112 Mar'24 ____
8_ 5_ _ _
984 Aug'23 --_
/
1
1936 F A 1001
/
1
4
/
1
/
1
Norf & West gen gold 6s.__ _1931 M N 1054 10617 1054 Mar'24 __ __ 105 10612 S & N Ala cons gu g 55
102
102
i 6 1di
1934 F A 107
.
Jan'24 ____ 106 106
__ _ _ 106
Improvement & extg
Gen cons guar 50-yr 5s_ _ _1963 A 0 10034 102
83
/ 24
1
4
811 85
/
1
/
4
1932 A 0 10614 - --- 106 Mar'24 --__ 106 106 SO Pac Col 49(Cent Pac col)k1949 1 13 8212 Sale 824
New River 1st gold
9412 119
/
1
4
9212 9458
01929 M S 93 Sale 9312
86
42
20-year cony 41
8812
88
N & W Ry let eons 548.._ _1996 A 0 8718 Sale 87
70
99
9714 99
/
1
4
8
8
1934.3 D 983 Sale 983
1996 A 0 86
20-year cony 5s
85
/ Oct'23
1
4
Registered
Feb'24 - --- 101 1011.1
8
1927 M N 100 1027 101
864 88 So Pac of Cal-Gu g 5s
8
87
/
1
4
Dly'l 1st lien & gen g 4s-1944 J 3 8714 Sale 8714
92 Feb'24 --- / 91
1
4
9112 94
10-25 year cony 4348_ _ _1938 M S --------82 Dec'23 -,- - --- - -r - So Pac Coast 1st gu 4s g----1937 J J 89
8718 169
1929 M S 1223 Sale 1224 12812 759 10612 129 So Pac RR 1st ref 45
85
1955 J .1 8618 Sale 8618
4
10-year cony 65
87
4
9518 gg
107
98
7618 88 Southern-lst cons g 5s.._ _1994 J J 97 Sale 97
/
1
4
885
8
3
88
/
1
4
Pocah C & C joint 45._ _1941 J D 8812 90
386
73
6918 73
8
92 Dec'23 -_
Develop & gen 45 Ser A _1956 A 0 7214 Sale 717
_
North Ohto lst guar g 5s_ _ _1945 A 0 8258 86
329
964 100
4 100
/
1
813
4 8:1
1956 A 0 994 Sale 983
815i2 8114
Nor Pacific prior lien 4s___ _1997 Q J 81 Sale 81
68 (w 1)
221 10114 105
/ 105
1
4
1997 Q J
7834 8214
80 Mar'24 __
1956 A 0 10414 Sale 103
6148
Registered
5818 60
/
1
4
93 8 94
3
94 Mar'24 ---7
a2047 Q F 57 Sale 5718
567 59
8
/
1
4
General lien gold 35
Mem Div let g 4545-5/5.-1996 .1 J 9518 98
82
82
a2047 Q F
79
/ 82
1
4
2
5618 Dec'23 1951 J J 8112 82
St Louis Div 1st g 48
Registered
4
8
8112
977 100
8
4
793 83 So Car & Ga 1st ext 5JO_ -1929 M N I 00 1003 993 Mar'24 ---4
Ref & impt 4JO ser A._ _ _2047 J .1 81 Sale 81
10414 178 1013 104 4 Spokane Internat let g 58_ _ _1955 J J 84
8
2047 J J 1033 Sale 10314
____ 83 Feb'24 ---83
83
4
3
65 ser B
20473 J 9214 Sale 9114
Oct'23 ---- ____ ____
9212 20
9058 93 Sunbury dt Lew 4s
1936 J J 864 ____ 91
55 C
92
2047 J J 9114 Sale 9114
95 May'18
83
893 9312 Superior Short L 1st 5s g- - -41930 M S 9414
4
58 D
1
8
92
/
1
4
/
1
4
925 15
8
_ Term Assn of St L 1st g 4345_1939 A 0 92 Sale 925
St Paul-Duluth Div g 4s...1996 J D 8412 ____ 89 Feb'24 - -_ _ ___,
971 gg
4
2
9712
/
1
994
9812 974
9914 _9914
1
1st cons gold 58
1944 F A 97
St Paul & Duluth lot 55_ _1931 Q F 9914 ___ 9914
8414 Jan'24 -84
1968 J D 79 8112
1st consol gold 48
Gen refund s f g 4s
1953 J J 80 Sale 80
784 82
8
8
Nor Pac Term Co 1st g as__ A933 J .7 1087 ___ 10934 Feb'24 -_ _ 1093 109 4 Tex & NO con gold 55
9084 May'23 ---- __ _
95
4
3
1943 J J 92
9912 Mar'24 1938 A 0 10014
28
95
9912 9912 Texas & Pac let gold 58
No of Cal guar g 5.5
9i 1512
944
/
1
8
2000 .1 D 947 96
-_
100 June'23 -/
4
19303 .7 1011
58 Aug'23 --__ _
85
North Wisconsin 1st 65
Mar 60
2d gold income 55
42000
97
/ 97
1
4
/
1
4
70
7012 70
Os & L Cham tat gu 48 8_1948 1 .7 70
92
1
27
911
/
4
4
69
73
el 134
La Div B L 1st g 55
1931 J J 913 92
/ ___ 893 Oct'23 - -__ ..
1
4
1943 M 5 89
8
Ohio Conn Ry 45
_ Tol & Ohio Cent 1st gu 58-1935 J J 97
___ 9712 Feb'24 ---973 984
4
9714 Feb'24 -4 1936 J D 973 100
/
1
4
9714 -9714
Ohio River RR 1st g 58
9473 947a
Western Div let g 58
1935 A 0 9412 9614 94 Feb'24 ---/
1
4
1937 A 0 97 Sale 97
97
2
/
1
4
971
/
4
General gold Gs__ _.
9312 Mar'24 ---/ 97
1
4
/
1
4
95
General gold 58
1935 J D 93
9111 931
4
/
1
4
99
/ 61
1
4
1927 J 1 9912 9934 99
9914 100 Toledo Peoria & West 45_ _ _ _1917 J .1
Ore & Cal lot guar g 5s
304 Jan'24 ---,
21
26
3014 3014
_ _1946 J 13 863 87
8612
8
8612
9838 25
4
Ore RR & Nay con g
85
9612 98
9814 98
/ 88 Ted St L & W pr liens 3Jis_ _1925 J J 98
1
4
/
1
4
4
7 101 103
4s..Ore Short Line-lst eons g 5s_'46 J .1 933 __ __ 10212 10212
43
79
8
50-year gold 45
1950 A 0 7818 Sale 777
76
7912
103
1946 .1 J 10212 Sale 10178
45 1011 103 Tol WV &0 gu 4348 A
Guar eons 55
95 Dec'23
/
4
8
1931 J J 953 96
9414 68
0518 951.
8
192 1 ID 934 Sale 9358
Guar refund 4s
1933 J J 9538 95
924 9414
/ 954 Feb'24 -___
1
4
Series B 435s
/
1
4
815
8 35
79
Oregon-Wash let Sr ref 4s_.1961 J J 8012 Sale 80
_
/ 813
1
4
.
4
/ ___ 8612 Nov 23 ---1
4
Series C 4s
1942 M 5 87
79 Mar'24 -- -_
7512 8012 Tor Ham & Buff 1st g 45_ _ _k1946 J 13 81
Pacific Coast Co 1st g 5s_ _ .. _1946 J D 7818 80
8314 82 Feb'24 --7 ____- _8112 8
2
97 Feb'24 -- -Pao RR of Mo Iiit ext g 4s_ _ _1938 F A 8714 88
861 8712 Mater & Del Ist cons g 5s._ _1928 .1 D 96 Sale 96
/
4
98
3 95
96
4
4
1938 J J 963 9812 963
9614 98
4
9714
20 extended gold 5s
1st refunding g 48
63 Dec'23 - --67
1952 A 0 61
___.
9112 9118 Union Pacific let g4a
Paducah & Ills 1st 81 430_1955 J .1 9118 ____ 91 Mar'24 - -__
91
120
885 921s
1947.8 J 9014 Sale 8912
8
72
2
Paris-Lyons-Med RR 6s_ __ _1958 F A 7118 Sale 71
01
65
20-year cony 4s
72
9538 97
58
97
19273 J 9612 Bale 9612
95
1942 M 5 95 Sale 95
3
Paulista Ry 75
95
1st & ref temp 55
9612
/
1
4
02008 M S 1003 Sale 1004 10114 75 100 103
. 8913 8918
Pennsylvania RR
-cons g 48 1943 MN 8834 ___ 8912 Jan'24 -- _
lat & refunding 43
8312 46
4
811 85
/
4
02008 M S 823 Sale 8212
4
8912 88
1948 M N 8818 9012 883
87
Consol gold 4a
8912
/ 103
1
4
10
35 102 1037
J 103 Sale 102
-year perm secured 6s_ 1928J_
/
1
4
8
___ 89
May 1 1908 MN 88
45 stamped
NJ RR & Can gen 4s_ _ _1944 M 5 90-- 89
8714 89
6
89
885 897
4
/ Feb'24 ---1
4
4
96
11
95
9414 96 Utah & Nor gold 58
1960 F A 95 96
Consol 43.4s
985 994
99 Mar'24 ---/
1
4
1926 J J 9912 109
8
92
19653 D 92 Sale 91
155
General 4348
1st extended 45
9014 92
__/
4
19333 .1 911 ____ 104 Dec'23 ---- ____
99 10078 Vandalla ealla g 4 Ser A_ _ _ _1955 F A 85
10012 81
1968 J D 10018 Sale 100
8
General 5s
85 85
Jan'24 -_ _
_ _ _ _ 85
4
1930 A 0 1073 Sale 10712 10812 77 1063 1083
-year secured 78
Consol 4s Series B
10
87
4
4
-6 I 85
87
1957 M N 8518 _ _ _ 87
s
1930 F A 10g7 gale 10812 10914 101 107 109
I5
-year secured 6348
/ / Vera Cruz & P lat gu 4J-4s_ _1934 .1 J__ .... ___ _ 36 June'23 ---- ____ _1
4
1
4
.
Pennsylvania CoJuly coupon on
253 26%
8
8
263
4 12
264 Sale 253
/
1
8414 Dec'23 - - _ - ___ ____ Verdi VI& W let g58
Guar 374e coil trust reg A_1937 151 S 8412 86
1926 MS 9812 9912 9814 Mar'23 -----------8218 Dec'23 ____ ____ ____ virglnia Mid Series E
84
Guar 314s coil trust Ser B_1941 A A 82
M S 99
__
_ _ 994
97
1
9918
99
4
____ _ _
_ _
/
4
General
Guar 3 Sis trust etre C_ __ _1942 J D 811 __- - 8114 Dec'23 ------------General 5i;
1936 M N 971 99" 9718 Dec'23 -----------/
4
58.192614 8114 Va & Southw'n 1st gu 58_ _ _2003 J J 90
1
8114
8114
_1944 J D 8214
Guar 3 JO trust Mrs D
9213 92
18
/ 9318 9212 Mar'24 --7
1
4
93 92 Mar'24 - -- 1st eons 50
1958 A 0 83 Sale 83
905 93
8
-25-year gold 4a 1931 A 0 92 9 i 7614 84
84
-year is
Guar 15
8414
1952 M N 8414 Sale 8414
8344 854 Virginian 1st 55 Series A _ _ _ _1962 M N
4
Guar 4s Ser E
9512 97 1 924 9512
943 Sale 94
4
•2goarlee grlday;lateet hld aro aeguti. a Due Jan. o Due March. 4 Due April. .Due May. 0 Due June. Is Due July k Due Aug. 0 Due OM V Due Dee. e OVUOU YAP.
New York Bond Record—Continued—Page 4
1508
BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 28
1939 MN
Wabash 1st gold 59
2d gold 55
1939 FA
let lien 50-yr g term 45
1954 J J
Det & Cb ext 1st g 55_
1941 J J
J
Des Moines Div 1st g 48_1939
Om Div lst g 3Ms
1941 A0
Tol Ch Div g 49
1941 MS
2000 FA
Warren 1st ref gu g 3 t6s
Wash Cent 1st gold 46
1948 QM
WO&W Istcygu 4s
1924 FA
Wash Term 1st gu 35s
1945 FA
1st 40
-year guar 45
1945 FA
W Min W & N W 1st gu 55 1930 FA
West Maryland 1st g 4s___ A952 AO
'I
West NY & Pa 1st g 55__1937
Gen gold 4s
1943 AO
Western Pac 1st Ser A 58
I 946 M
B 65
1946 MS
West Shore 1st 45 guar
2361 J
Registered
2361 J J
Wheeling & L E 1st g 58
1926 A0
Wheeling Div 181 gold 55_1928 J J
Exten & linpt gold 58_ _ 1930 FA
Refunding 4145 Series A 1966 51 S
RR 1st consol 48
1949 /vI S
Wilk & East 1st go g 59
1942 3D
Will & S F 1st gold 55
1938
Winston-Salem S B 1st 45... _1960 1 J
Wis Cent 50-yr 1st gen 49_ _ _1949 I
Sup & Dui dlv & term 1st 45'36 MN
INDUSTRIALS
Adams Express coil tr g 45 1948 MS
Ajax Rubber Ss
1936 JO
Alaska Gold M deb 68 A.._1925 MS
Cony deb Os series B
1926 MS
Am Agrie Chem 151 58
1928 A0
1941 FA
PO ref f 7tie g
193: AO
,
American Chain 68
N
Am Cot 011 debenture 68_1931
J
1934
Am Dock & I m pt gu as
1937 A 0
Amer Republics Os
Am &II & 11 1st 30-yr 569er A1847 A 0
194; A 0
69 B
Amer Sugar Refining 68. _ _ _1937 1J
,
Am Telep & Teleg coil tr 49_192 1 J
1931 M S
Convertible 4s
193: M S
20
-year cony 43Is
,
1944 I D
30
-year coil tr 58
N
194:
20
-years 1510
192! F A
7
-year convertible 68
1934 A 0
Am Wat Wks & Elec 59
Am Writ Paper s f 7-69
1931 J J
1963 F A
Anaconda Copper 69
1931- F A
78
Armour & Co 1st real eat 41491931 J D
Armour & Coot Del 514s..1943 J J
193! 51 S
Associated 011 temp Os
Atlantic Fruit cony deb 79 A _1934 J D
--Trust certificates of deposit_ _
do
stamped
J
1937
Atlantic Refg deb 58
Baldw Loco Works 1st 58_ _1940 MN
Barnsdall Corps f cony 8% A1931
.
1941 .1 J
Bell Telephone of Pa 55
1926 1
Beth Steel 1st ext a f 58
1942 M N
1st & ref 5s guar A
2 -Yr P m & imp s f 5s1936 J .1
0
1944.1 A
65A
1963 F A
Booth Fisheries deb s 08. 1926 A 0
Braden Cop Al coil tr 6 f 68.1931 F A
Brier Hill Steel 1st 534s_ _1042 A 0
B'way & 7th Av lst c g 5s_ _1943
1941 1
Brooklyn City RR 55
Bklyn Edison Inc gen 55 A 1949 J J
General 65 Series B
1930
General 76 Series C
:4041
General 7s Series D
Bklyn 51an R Tr See(tem)68 1968 1 1
Bklyn Qu Co & Sub con gtd .58 '41 M N
1941
1st 59
Brooklyn Rapid Trans g 55 1945 A 0
Trust certificates
1st refund cony gold 49_2002 Ji
3-yr 7, secured notes.. 1921 J J
14.
Certificates of deposit
Ctrs of deposit stamped___
Bklyn Un El 181 g 4-59_____ 1950 FA
1950 FA
Stamped guar 4-58
Bklyn Un Gas 1st cow g 55_1945 MN
1932 MN
7s
1st lien Se ref 65 Series A 1947 MN
1929 51 N
75
1932 ID
Buff & Susq Iron 6 1 58
1052 AO
Bush Terminal 1st 45
J
1955
Consol 55
Building 58 guar tax ex 19(30 AO
1937 MN
Cal G & E Corp 58
Cal Petroleum 6145 (w 1)._ _1933 AO
Camaguey Sus 1st sf g 79_ _1942 AO
Canada SS Lines 1st roll sf78'42 Ni N
Canada Gen Elec Co 66_ _ _ _1942 FA
Cent Dist Tel 1st 30-yr 55_ _1943 JO
Cent Foundry 1st s f
_1931 FA
Cent Leather 20-year g 58 I925 AO
1941 MN
Central Steel 89
1931 J J
Cerro de Pasco Cop 8s
Ch G LA Coke 1st gu g 58..1937 J J
Chicago Rys 1st 58
1927 FA
Chile Copper 13s Ser A
1932 AO
Cinch) Gas & Elec 1st & ref 56'56 AO
5145 Ser B due Jan 1__ 1961 AO
Colo F & I Co gen s 5s
1943 FA
Col Indus 1st & coll 56 gu. 1934 FA
Columbia G & E let 56
1927 J J
Stamped
1927 J
Col & 9th Av 1st gu g 58_1993 MS
C,olumbus Gas 1st gold 59..1932 I I
Commercial Cable 1st g 414_2397 Q J
Commonwealth Power 68_1947 MN
1937 J J
Comp Azu Bars 7345
Computing-Tab-Ree 5 f 6s..1941 J J
Conn Ity & L. 1st di ref g 410 1951 .1
I
Stamped guar 434s
1951
Cons Coal of Md Ist & ref 5s 1950 JO
Con G Co of Ch 1st gu g 58_1936 JJ
1952 M N
Consumers Power
1931 MN
Corn Prod Refg 8 1 g 59
1934 MN
1st 25
-year s 1 56
1943 FA
Crown Cork & Seal 68
I
Cuba Cane Sugar cony 79_1930
Cony deben stamped 834_1930 J
Cuban Am Sugar 1st coll 88_1931 MS
1937 II
Cnmb T & T 1st & gen 58
Den Gas & E L Ist&ref 81 g 55'51 MN
1942 NI S
(D G) 75
Dery Corp
Detroit Edison 1st coll tr 5s.1933 J
k1940 MS
& ref 55 Series A
3.1940 MS
1st & ref Rs gars.. A
Frfla y
Pe ec
Mar. 28.
TVeet's
Range or
Last Sale.
.3 .
g1
Range
Since
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Mar. 28.
11
.
t
Price
Friday
Mar. 28.
Week's
Range of
Last Sale.
2tA
High No,
ask Low
Bid
75
90
Det United 1st cons g 4565__1932 J J 90 Sale 8712
,
4678 Mar'24 _
Distill Sec Corp cony 1st g 561927 A0
44
_ ____ 5512 42
8
42
Trust certificates of deposit...
4
Dominion Iron & Steel 58._ _1939 J J 7112 Sale 7112
7112
4
90
J J 8912 Sale 8912
Donner Steel 7s
Feb'24
du Pont (E 1) Powder 4345_1936 ID 9018 ____ 91
4
8 1073 123
duPont de Nemours dr Co 7 As'31 MN 1075 Sale 1073
8
1043 128
4
1949 11 10412 Sale 104
Duquesne Li 1st & coll 6s
10714 152
7818 Feb'24 ---- Ws Vili East Cuba Sug 15-yr s f g 7)0'37 MS 106 Sale 106
7712 W
s
9918 993 Ed El Ill Bkn 1st con g 45...1939 J J 8912 9014 8912 Mar'24
80
8112 9938 Jan'24 ____
9918 Mar'24
8012 8112 Ed Flee Iii 1st cons e 59— _1995 Ii
3
8112
8112 Sale 8112
Elk Horn Coal cony 68
1925 ID 9612 98
9612 Feb'24
85% June'23
853
4
107
92
86 Aug'23 ------------ Empire Gas & Fuel 734s.__1937 MN 9114 Sale 91%
79
90
9512 Mar'24 1932 MS
Enult Gas Light 59
6
6112 Sale 6112
623
s 79
14
95
9334
1942 MS 8314 84
975 99 Federal Light & Trac 65
8
9734 Mar'24 ____
9812 100
5
10112
1953 MS 10112 Sale 101
75
7612 78 4
,
7714 27
77% Sale 7718
34
102
1941 MS 10118 Sale 01 18
7912 8518 Fisk Rubber 1st s 1 88
8518 109
85 Sale 8414
773 Mar'24
4
Ft Smith Lt & Tr 1st g 5s
1936 MS
9238 97
23
97
98 Sale 9614
.1
88% Sale 88%
7
883
4
50
7838 8414 Frameric Ind & Dev 20-y
81
803 Sale 80
8
r7 68 42 MN 10319 Sale 10234 10318 11
19
Francisco Sugar 714s
'4
7714 81
4
79
7884 Sale 78%
Jan'24
9838 100 Gas& El of Berg Co cons g 58 1949 ID 933 ____ 94
23
4
4
99 4 993 9912 100
,
2
D 1013 102 102
102
98 General Baking 1st 25-yr 65_ 193
952
,6
4
98
3
98
98 Sale 98
50
81
1942 FA 8014 81
8012
94 Gen Electric deb g 3tis
94
9212 ____ 94 Mar'24 ____
MS 10084 Sale 10014 102
61
Debenture 58
5312 633
4
593
4 63
593 Sale 58%
4
14
1 94 2
5
4 100
65 Gen Refr 1st s f g 65 Ser A 19 7 FA 100 Sale 993
60
4
6412 24
64 Sale 633
J J 9714 Sale 967
9814 85
8
49
5614 Goodrich Co 6149
5614 42
5614 Sale 53
50
117
9 1
99 100 Goodyear Tire& Rub 1st s f:111 MN 11618 Sale 116l8
1
100
99 100 100
FA 101 14 Sale 10114
102
102
10-years f deb g 85
82
81
5
82
82
8012 _
A 8
'5
762 8112 Granby Cons MS& Peon 65 192 MN 90% ____ 89 Dec'23
8112 15
81
8012 - -- 7914
1928 MN 9018 9412 92 June'23 Stamped
77
83
8112 23
8012 Sale 8012
MN 9014 Sale 9014
3
91
Cony debenture 88
7
1932 FA 87 Sale 87
87
80
803 Gray & Davis 7s
4
4
8014
80
803 80
4
N 913 Sale 9184
6
9934
40
873 95 Great Falls Power 1st s f 58_1952
8
3
17
90
8812 893 88
4
5
3
793
19 J J 79% 8038 793
614 712 Hackensack Water 48
534
712 34
5 4 Sale
3
8434 15
53
4 712 Havana El By L14 P gen 5s A 1934 M S 84 Sale 8312
3
712
534 -- -2
98
9314
Havana F:lec comic)! g 5s ___ _1952 F A
95
923 9312 93
4
9512 526
9512 Sale 95
9318 101
478
flersheY Choc 181 51 g 05.1942 M N 1024 Sale 10112 10234 44
96
9338 Sale 9212
9112 9618 Holland-Amer Line 6s(BA _1947 MN
1
7812
7812 Sale 7812
937
8
9512 20
9414 95
901 1 Hudson Co Gas 1st g 58___ _1949 M N 95
9514 95 Mar'24
87, 82
89
8812 Sale 8784
9812 60
9838 Sale 98
106 2 10612 Humble Oil & Refining 5345_1932 J J
,
10612 __-- 10612 Feb'24
209
1956 J D 947 Sale 943
924 Illinois Bell Telephone 5s
95
4
91 Sale 91
41
8
9312 30
, 1 m N 927 Sale 923
1936 A O
8
97'8 93,, Illinois Steel deb 4 Sis
82
2114 28
.
2
93 Sale
79 July'23 ___ _
7818 85
. 10134 104% Ind Nat GA 05s
5
104 Sale 10312 10484 2
35
10033 67
p1, 2.4J 10018 Sale 100
195 M N
,
80 11.012 102 1 Indiana Steel 1st 58
10012 Sale 10012 101
8
96 Nov'23
9212 943 Ingersoll-Rand 1st 58
9418 Sale 94
9438 183
1
1012
Interboro Metrop roll 414s_ .19561A 0 103 1712 1012
91
87
4
3
88
90
88
88
6614 303
8
3 105, 169 Interboro Rap Tran 1st 58_1966,1 .1 61 Sale 94
10584 10814 10612 108
,
654 318
Stamped
9718 9 14
6312 Sale 6312
91
983 Sale 9814
8
99
I
7018 215
8
10-year 6s
10014 Sale 100
6918 Sale 66%
97 4 1003
,
10038 544
14
79
5s..19521932 M
89,4 313
31 112123
11938 Sale 119% 123
88,4 Sale 8814
M N
08 Ws Sale 583
5
53418 88
6712
863
4 19
lot Agile Corp 1st 20-yr
868 Sale 86
4
114
4
82
,1
483 Inter Mercer' Marines f 6s._ 1947 1 0 81 12 Sale 81
40 Sale 38
30
8
40
833
34
84
7
833 84
8
9512 98 8 International Paper 58
9612 279
9612 Sale 96
97 101 14
1947 1 1 833 84
84 Mar'24 _ _ _ _
1st & ref 59 B
8
239
98
9712 Sale 9712
7
7518
8538 56
8518 Sale 847
7518- Sale 7518
833 87 Jurgens Works 6s Olaf Price)-1947
8
25
92
8912 921. Kansas City Pow & Lt 58-1952 M S 9134 Sale 91
9118 174
90 Sale 8978
4
9612 65
98% Sale 9818
963 94.3 Kansas Gas & Electric 68...1952 M S 9612 Sale 95
4
9884 178
RI N 1033 Sale 1043
F A
8
4 10514
40
Kayser & Co 78
29
4
35 Mar'24
3014 33
10018 168
Kelly-Springfield Tire Rs__ _119931
•42
284 40
9912 Sale 994
1
31
30
3214 30
3912 Keystone Telep Co 1st 5s__ _1935 J .
80 Feb'24
1 7512 80
29
1
30
30 Sale 30
1937 A 0 9914 997 100 Feb'24 _ _ _
967 9812 Kings Co El & P g 59
97 Sale 97
9814 10
1997 A 0 112 11212 11138 112
3
8
Purchase money 6s
21 101114 1015
1003 1003 10014 101
8
8
1003
8
Convertible debenture 65_1925 M S
Sale 0712
9738 Sept'23
95,
4
12
973
4
98
1
73
Kings County El 1st g 4s__ _1949 F A
9712 99
73 Sale 73
9812 Sale 98
98 12 79
1
99 10018
73
98_1954 ..i A
1 49 F j 7134 73
,
73
Stamped guar 45
1
991
997 100
997
3
8012
80
81
93 4 9612 Kings County Lighting
3
79
19
96
9514 Sale 947
91d4
1954 1 ti 100% Sale 10012 1003
9
1
4
6 s
9012 55
8914 Sale 8914
19301 D 10112 103 1013
4 102% 11
Kinney Co 7549
97 100
4
9918 55
987 Sale 983
8
8 16
1950 M S 923 Sale 92
927
8
Lackawanna Steel 55 A
883 92
907 Sale 90
8
9012 46
40
95
80
833 Lac Oas Lot St L ref & ext 5s 1934 A 0 95 Sale 93
4
4
8012 8312 833 Feb'24
_
9118 Feb'24
Lehigh C & Nay 8 f 410 A._1954 I 1
10012 103
10218 10212 10218 Mar'24
9812 10
9814
1933 J1 I 9818 100
96 Lehigh Valley Coal 59
93
9518 Sale 933
4
953
8 33
1 8912
48
1933 1 ..
8312 Oct'21
6012 69
4
6513 667 66
8
6612
3414 Mar'24
1993 51 S 3238 35
87
8812 Lex Av & P F 1st gu g 59
87
8812 8812 Mar'24
15
4
9712 993 Liggett & Myers Tobac 7s 1944 A 0 116 Sale 11578 116
8 13
993
9884 9918 987
19,61 F A 9612 Sale 96
4 53
963
68
10 10212 106
105
10412 Sale 10412
0 11514 116 11534 1153
1914 A
3
4
Lorillard Co (P) 75
15 106 1119
3
10614 Sale 105 4 107
1951 F A
963
8 27
5s
953,3 9614 9538
22 108 10958
10812 Sale 10812 109
75
90
72% 77 Louisville Gas dr Electric 5s_1952 M N 8138 Sale 8014
7812 2355
7612 Sale 76
Sul
811
30
magma Cop 10-yr cony g 75_1932 1 D 114 11512 11458 115
Jan'24 ____
87
80
1942 A 0 101 Sale 101
1013
8 60
66
Manati Sugar 7)4s
65
8
8
65
647
65
6014 129
8
7814 835 Manhat Ry (N Y) cons g 48_1990 A 0 6018 Sale 5912
8338 Mar'24
2(113 1 D 473 53
53 Mar'24 _
2(14s
7334 Nov'23
4
87
1942 M N 99 Sale 98
3
99
648 64% Manila Electric 75
74% Jan'24
8312 Mar'24
84
97 2 105 Manila Elec By & Lt s I 58_1963 M S 82
,
4
10684
10684
1924 M S 100 Sale 997
10014 105
9612 1043 Market St By 1st cons 55
4
7
108
106 Sale 106
4
1924 A 0 100 10018 100 Mar'24
923 1018
4
5
-year 6% notes
10312 28
1013 Sale 10114
4
5
125
8012 843 Marland 011)1 88 with war'nts'3I A 0 122 125 122
4
8414 22
84
8412 84
10518
Without warrant attached_ _ _ _ A 0 105 Sale 10434
8412
3 81
8414
8384 8484 84
1931 F A 120 130 124
Feb'24
7;0 Series B
975 Sale 9738
9812
965 99
8
2
1005
8 25
do without warrants
3 11518 121
116
115 117 115
10012 Sale 100
_
37 10312 195 Merchants & Mfrs Each 75.1423 D 1047 ____ 1047o Nov'23
8
1043 105 10434 105
4
21
21:1
15
_ _ 11512 115 11512 9 19024 194 Metr Ed 1st dr ref g 6s Ser B_1962 F A 9912 Sale 993 100 16
7
Mctr Power 6s
1
9084 Feb'24
96
1953 1 D 96 Sale 96
2
65
82
81
2
10312
Mexican Petroleum s 1 8s....1930 M N 10312 Sale 103
8212
8214 84
_
834 84% Mich State Teter) 1st 58_ _ _ _1924 F A
8
997 Mar'24
16
84
84 Sale 8314
94
Midvale Steel &0cony s f 591936 NI S 89 Sale 883
91
897 137
8
4
9355 21
9314 Sale 93
93 Feb'24
Certificates of deposit__ 1936 -9714 9838
8
9712
9714 Sale 9714
98
95
Mllw Elec By & Lt cons g 55 1926 F A -66i2 -667 993
8 8 997 5
9614 801
90 Sale 9512
95
2
9112
Refunding & exten 430_1031 1 J 9014 9112 90
973
4
9712 28
963 Sale 96
4
93
91
17
8
93
General 59 A
1951 J 0 9212 Sale 9212
93
Sale 9238
93
1961 J D 834 Sale 8312
1st 58 13
15 10284 10512
848 41
104
104 Sale 104
4
2
1' 973 99
06
Milwaukee Gas Lt 1st 45_ _1927 M N 96 Sale 96
98%
9818 9912 9818
9614 61
4
3, 903 93 Montana Power 1st 55 A _ 1943 I 1 96 Sale 9512
92
903
4
903 92
4
4
8912 12
1111 9212 9812 Montreal Tram I st St ref 5s_1941 1 1 89 Sale 863
95
95 Sale 9412
39
81
4
,
4 1073
4 18 1073 108 8 Morris & Co 1st 81 4Iis._1939 I 1 8012 Sale 8012
1073 Sale 1073
4
1966 A 0
6412 Dec'23
26 12812 14484 Mortgage Bond 49
12512 Sale 12812 136
5s
1932 A 0 923 9312 9312 Mar'24
4' 9332 96
4
96
943 9514 9514
4
81
10
Mu Fuel Gas 1st cu g 5s
74
93
1947 51 N 93 Sale 93
4 68
4
773
774 Sale 763
Slut Un gtd bonds ext 5% 1941 M N 993
99 101
04
9618 Feb'24 _ _ _
101
4
10014 Sale 10014
28
57
18
8
9538 9812 Nassau Flee guar gold 48
565 Sale 565
4
973
9714 Sale 063
1 J
1951 . ,_,
99 National Acme 7 tis
35
1931
96
9212
93
.t. 923 93
13
98
4
9755 Sale 975
5
90
973
8
Nat Enatn & Stampg 1st 55_1929 J D 9714 ____ 9738
88
2
8912
89% 8912
87
80
Oct'23
Nat Starch 20-year deb 56..1930 I 1
93
75
137
80
7918 Sale 77%
1952 M N 100 Sale 991.2
21
100
9614 9812 National Tube 1st 58
9812 55
9884 9812 98113
_
1948 J D 943 ____ 943 Feb'24
9614 9812 Newark Con Gas 55
4
9812 69
983 Sale 9818
8
9812 183
1712 8 Dec'23 ------------ New England Tel dr Tel 59..1962 J D 9812 Sale 9814
8
931k 9514 N Y Air Brake 1st cony 69_1928 M N 1013 103 10118 Mar'24
9314 - __ 93113
2
4
9414
Ifi51 F A
73
2
N Y Dock 50-yr 1st g 48
70
76
76 12
5
71
77
7312 71
76
71
1117
8 35
87
9 8 NY Edison 1st & ref 6348 A_1941 A 0 11118 Sale 111
07
90 12 108
9014 Sale 90
9914 25
N Y Gee El Lt & Pow g 513_1948 . 0 985 9914 9812
8 100 103
1
10212
*
10212 Sale 102
1949 F A
28
86
Purchase money g 45
98 101 14
18
100
4
993
4
853 Sale 84
9912 100
NY Munic Ity 1st s f 59 A 1966 1 I 8812 8712 8018 Feb'24
823
_-- 771 Sept'23
1411 N Y Q El L & P 1st g 58.--1930 F A 99
.
5
99
993 99
4
2
8234
823
4
823 8314
44
5
3814
87
1942 1 I 3812 3912 3814
27
9012 N Y Rys 1st R E & ref 48
89
4
88 Sale 873
12
3814
Certificates of deposit
3755
9312 9514
95 Mar'24
3714 39
95
93
30
-year ad.' Inc 58
al942 A 0
9012
2
214 67
87
81
214 Sale
89
883 Sale 8718
4
12
2
D4
10018 100%
214 Sale
Certificates of deposit
99__ 10018 Feb'24
59
603
4 19
9814 100% NY State Rye 1st cons 45.48 1962 M N 605 61
8
8
9
914 9914
9818 - 9955
__
Jan'24
72
85
893 94
4
1962 M N 87
6549
7612
7612 24
7612 77
k
3
9112 947 N Y Steam 1st 25-yr asSer A 1947 M N 9558 957 96 Mar'24 _ _ _
8
85
93
925 Sale 921 s
8
'
9412 61
9714 9912 N Y Tele') let & gen s f.048_1939 MN 9412 Sale 94
71
99
9812 98
98
30
-year deben 6168_ _Feb 1949 F A 10612 Sale 1063
8 10712 53
4 25 1074 10814
1073 Sale 10738 1073
4
-year refunding gold 621_1941 A 0 10514 Sale 10518 10512 58
20
943 9512
8
4
943
4,
4
943 947 943
4
8
1
8414 8718 Niagara Falls Power 1st 511_1932 1 . 100 Sale 99% 10014 15
8612 35
8614 Sale 853
2
10438
al932 A 0 10312 10438 104
Ref d gen 69
743 82
4
6
80
77 Sale 77
5
102
/1
993 10011 Niag Lock &0 Pow 1st 5 _1954 M N 101 102 10114
4
4
10014
10014 Sale 10014
67
93
No Amer Edison 68
4
1952 M S 923 Sale 9214
95
98
9738 42
9715 Sale 97
9714
973
4 34
Secured s f g 649Ser B
1948 M 8 9712 98
97 104 10 ,
64
106
105 Sale 105
Bid
9814
907
8
7114
973
8
7418
683
4
76%
Ask
Sale
Sale
75
100
78
703
4
----
Low
975
8
9038
7238
98
78
7012
7812
High No. Low
9612
984 23
8718
913
8 25
68
Feb'24 ____
97
Feb'24 ____
78
Jan'24._._
67
5
4
703
4
77114
Feb'24._._
High
987
8
8
918
72%
98
78
713
4
7812
-
•NO yrioe lerYlay;lateot bld and asked. a DueJan. b Due Feb. o DueJune. kDueiuly. k Due Aug. o Due Oct. y Due Nov. r Due Deo. a Option sale.
Ranee
Since
Jan. 1.
Low
High
8482 9012
4784 6412
42
5472
7914
70
8612 92
91
91
1067 10812
2
10314 105
10614 111
89% 893
4
9812 100
96
9612
9012 9312
9334 96
93
98
9984 10712
8
102 1047
778 778
4
4
2
843 9212
10112 1033
8
94
94
101 102
80
82
100 10314
9814 10014
98 100
11412 118
100 104
"tici"
93
87
96
993
4
98
7914 8078.
8214 86
9384
92
101 103
7812 8412
9414 9514
963 Ws
8
9312 9514
9114 93%
1007" 1017;
2
-161 11
O84 0014
583 653
4
4
54% 7018
8318 8913
583 7012
8
7012 83
83
85
8318 85
7718 80
89
92
93
963
4
1043 10512
4
9914 10414
7318 80
100 100
1107s 112
7214
73
7714
95
10112
88
911
8
91
91
70
73 4
8
8012
1003
4
104
93
93
93
99%
3238 37
11434 118
, ,
12
14 1874
% 17
5
7
1
171
19818 1011
81341 9 1
18
56
47
9412
8312
945
8
6012
53
100
86
10114
122
9712
103
124
98%
141
100
10514
136
102
973 RIO"
4
9412 97
10114 10412
99% 99%
8.53 9012
4
89% 9512
96 100
0012 9212
92
9314
8018 85
9434 9614
95
9712
863 89%
8
7712 8214
"fii
92
94
9214
5384 58¼
9012 94
9618 9712
-661- 10s51
2 4
93% 95
9714 993
8
10118 102%
73
77
1097 1117
2
2
9814 100
8218 86
8014 Kos
99 4
8
98
333 4012
2
4012
32
112 212
112 2 2
8
583 65
2
8712 96
9212 9612
93% 95
108 108
104 106%
99 10012
104 10512
9912 103
914 93%
4
978
96
MAR. 29 1924.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
1509
Quotations of Sundry Securities
All bond prices are "and interest" except where marked '1”
BONDS.
Standard 011 Stocks Pus Ind. Ask.
Price
Week's
Range
Railroad Equipments PerCt. Basis
N.Y.STOCK EXCHANGE
Anglo-American Oil new, £1 8161z 16341 Atlantic Coast Line 65
Enda,'
Range or
Since
5.55 5.25
Week ending Mar. 28.
Atlantic Refining
100 110 115 I
a. Mar. 28
Last Sale
Jan. I
5.35 5.15
Equipment 6148
Preferred
100 1163 1173 Baltimore & Ohio Os
4
5.60 5.40
Borne Scrymser Co
Bid
100 230 235
.456 Low
High No. Low
High
Equipment 414s & bs____ 5.30 5.10
Nor Ohio Trac & Light 6s___1947 M
Buckeye Pipe Line Co.
8818 93
9114 Sale 907
.50 *70
5
7012 Buff Roch & Pitts equip 88. 5.40 5.10
9114 47
Nor States Pow 25-yr he A1941 A0 9218 Sale 913
4
8914 92% Chemebrough Mfg new. 100 403 406 Canadian Pacific 410 & Os- 5.35 5.10
9278 89
1st & ref 25-yr 68 Ser IL _1941 AO 103 Sale 1021: 103% 69 101 10378
Preferred new
100 110 117 Central RR of NJ 66
5.50 5.25
Northwest'n Bell T 1st 75 A _11141 P A 108 Sale 108
108% 89 111758 108% Continental 011 new... 25 4312 45 Chesapeake & Ohio Os
5.65 5.40
North W T 1st Id g 4 As gtd_1934 33 923
Crescent Pipe Line Co__ 50 81612 17
92 Feb'24
8
92
92
5.50 5.15
Equipment 61511
Ohio Public Service 7 As_ _ _1946 AO 104 Sale 104
Cumberland Pipe LIne__100 12312 125
3 1037 105
104
8
5.35 5.10
Equipment 58
7s
1947 FA 102 Sale 102
98 Chicago Burl & Quincy 65_ 5.55 530
102% 30 110014 1023 Eureka Pipe Line Co____100 97
4
Ontario Power N F 1st 58. _1043 FA 957 961 9512
:
6
8
61
96
Chicago & Eastern 111 510_ 6.25 5.50
94% 963 Galena Signal 011com-100 59
4
Ontario Transmission 5s
1945 MN 94
Preferred old
947 9454
8
100 109 113 Chicago & North West 68__ 5.60 5 30
5
94
94%
9512
'
Otis Steel'8s
1941 FA 10012 Sale 10012 100% 11
Preferred new
100 100 104
983 10112
8
Equipment 6148
5.50 III
1st 25-yr a f g 7145 Ser B..1947 FA 9418 Sale 9414
Flumble 011 & Ref new.. 25 *4012 40% Chic RI & Pac 414s & 55_ 5.10 5.45
04% 42
93
95
Pacific G & El egn & ref 5s_ .1942 .3.3 9214 Sale 92
93
86
100 140 142
9084 93 4 [moots Pipe Line
Equipment6s
5 75 5.43
,
Pac Pow&Lt IstAref 20-yr be '30 I.' A 94
943 9414
8
25 .10412 105 Colorado & Southern ills
921: 953 Imperial 011
9412 11
4
1 70 5 3,
6 0 .
Pacific Tel dc Tel 1st 58
1397 .1 .1 0712 Sale 9718
50 *93
94 Delaware & Hudson 65
96
973
5 35
•
977 Indiana Pipe Line Co.
8
50 3 3
1952 MN
ba
International Petroleum-(I) .183 19 Erie 4148 & 55
92 Sale 911:
24
92
90% 9212
1
Pan-Amer P &'I' 1st 10-yr 751930 F A 101 Sale 101
8
995 1023 Magnolia Petroleum__ _10C 135 137
8
10114
4
Equipment 65
5 50 .
6 Sis(w I)
1935 M
National Transit Co..12.50 .2014 22 Great Northern (is
97
9614 Mar'24
93
Park-Lee (Mrs) 6.155
1953 J J 96% Sale 9614
New York Transit Co_ _100 80
977
8 44
9614 19.1
82
Equipment 50
Pat & Passaic G & El cons 58 1049 MS 9514 Sale 9514
1
93% 9514 Northern Pipe Line CO..101' 99 101
95 4
Hocking Valley 65
,
5.65 5.35
Peop Gas & C 1st cons g 68_ _1943 AO 10514 107 105
4 10414 1063 Ohio 011 new
106
25 *63 6912
5.35 5.15
Equipment 5a
4
Refunding gold Os
1947 NI
Penn Mex Fuel Co
9(17 Sale 9018
8
32
01
25 *33 . 35 Illinois Central 4145 & 55_ 5. 5 52
8714 91
.
5 5.10
2
0
Philadelphia C 65 A
1944 P A 10114 Sale 10114
55
102
8
995 1025 Prairie 011 & Gas new_ _101. 23512 23612
8
Equipment6s
5145
1935 MS 91% Sale 90%
out 49
90
923 Prairie Pipe Line new_..10(1 102 1031
4
: Equipment 78 & 610
5.41 5.15
Phila & Reading C &I ref 58_1973 J J 9318 Sale 9318
Solar Refining
258
100 195 .199
94
9318 94
Kanawha & Michigan 65___ 2 1, Mfi
. 1
.;
Pierce-Arrow 85
1943 M
78 Sale 75
Southern Pipe Line Co_100 93 I 94
7712 43
7512 82
,4a
Equipment41
Pierce 011 s f 88
1931 J D 0718 Sale 93
South Penn 011
23
100 153 155
98
847 102
8
Kansas City Southern 514s_ 5.50 5.20
Pillsbury Fl Mills es (rets) _1943 AO 9612 97
9612
36
f147 9712 Sotunwerit Pa Pipe Lines_ 1011 82
97
8
85
Louisville & Nashville 65_ 5.55 5.25
Pleasant Val Coal 1st g s I 58 1928 J J 93 Sale 93
Standard 011 (California) 25 .6114 6112
93
1
93 93
Equipment 6145
Pocah Con Collieries 181.51531957 J J 92
93
Standard 011 (Indiana)._ 25 .607 61
93
92
93
94
3
8
5.45 5.15
Michigan Central be & Os__ 54(1 5.10
Portland Gen Elec ist 5s__ _1935 J J 9714 9712 97
Standard 011 (Kan)
973
4
95
25 .4114 42 Minn SIP ASS M 4149 & 55 5.45 5.15
6
973
4
Portland fly 1st 8, ref 58------330 SIN 875 88
8714
8
86
8712
2
87% Standard 011 (Kentucky) 21 •10414 109
Equipment 014e & 75_ __ 5.60 5.30
.
Portland fly Lt & P 1st ref 581942 P A 83% 84
8318
83%
6
803 8114 Standard 011 (Nebraska) 100 230 235
8
Missouri Kansas & Texas Os 5.85 5.50
68 13
1917 MN 91 18 Sale 91
91: 36
1
89% 93% Standard 011 of New Jet._ 25 *363 367 Missouri Pacific Os & 6145_ 5.75 5.45
4
8
1st & refund 714s Ser A._1946 MN 10312 Sale 10312 10312
Preferred
,
3 10318 11143
100 11612 117
45 A 55_ __ 5.45 5.15
Mobile & Ohio 41
Porto Rican Am Tub 8s
1931 MN
105
10518
1044 10518 Standard 01101 New York 25 .4114 413 New York Central 434s & 55 5.25 lg
5
g
Pressed Steel Car 55
1933 J J 1059012 90
90
OH (01110)
100 318 328 4 Equipment 65
90% 13
89.8 05
Standr
Prod & Ref s f 8s(with waents)'31 ii) 1155 131 114 Feb'24
8
Preferred
114 11614
100 116 118
5.40 5.15
Equipment 7s
31) 10954 Sale 10914
Without warrants attached_
1093
4 65 10612 10:93 Swan & Finch
4
5.40 5.05
5 2 5 20
0 .
Pub Serv Corp of N J gee 58 1959 AO 87% Sale 87
8712 78
10
77
° 53
891
0
: Union Tank Car Co____10 100 102 N orfol k &Pacificrn .°46
54
No thern W es le 7s
Punta Alegre Sugar 73
1937 J J 118% Sale 11512 1181: 122 109 122
Preferred
,ifsylvruiiaExR e0 75& is 5.1
. an nic Fan t R pre5554 __ _ 52
Pec
Remington Arms 65
1937 M N 94 Sale 9314
94
93
12 42 1 161141
' 1 7'3
.
9512 Vacuum 011 new
16
Repub 1 at S 10-30-yr 58 I._ 1940 A 0 9514 95% 96
963
4 15
93
10 *27
933 Washington 011
4
29 Pitts & Lake Erie 6145
1953 J J 89% Sale 8912
5155
90
Other 011 Stocks
87% 91%
21
Equipment as
Robbins & Myers a f 78
1932 J D
827 85 Mar'24
8
85
911
: Atlantic Lobos Oil
5
*3
31 Reading Co 414s & 55
5.20 5.00
:
Roch & Pitts Coal & Iron 58_1946 M N 90
Jan'24
- - - 91
Preferred
50 5012 16 i St Louis & Flan Francisco 58_
Rogers
-Brown Iron Co 7s.._ 1942 M N 8512 sale 851
! 85%
Golf 011 new
82
25 *59
99
4
5. 5 575
60 I Seaboard Alt Line 445 & 6e 6 10 5..3
St Joe fly Lt lit dt Pr M
1937 M N 7914 81
763 7914 Mexican Eagle 011
4
2
79 4
,
5 *33
79,
4
4 43 Southern Pacifle Co 414s_
4
St L Rock Mt & F sst,n1eL IU55 J J 79 Sale 79
80
Mutual 011
77
2
80
100 *81
5 18
83
14
Equipment
St Louis Transit Se
1924 A 0 53
83 53%
52% 68
55
National Fuel Gas
13
513 55 10
.3°05 5...0155
3
79
1 Southern Ry4148 & 55
St Paul City Cable 5s
1937 J J 91%
911: Feb'24
MI: 915 Salt Creek Producere_
8
10 *22
2214
5.60 5.35
Equipment 65
St Paul Union Depot 5s_1072 J J 973 Sale 9
8
9512 973 Sapulpa Refining
175
6%
4
5 *17
2 Toledo 8, Ohio Central 135___ ng 2 12
:
._1942M S 10412 Sale 104
Sake Co 7s
10412
6 102 1014
nbe
Unionerrei aeCadci
r itl
AP
San Antonio Pub Ser
J 953 Sale 95
Public Utilities
953
4
4 33 933
4 95 4
3
ilrS eki 100 2212 79
t o9
7
Sharon Steel Hoop 1st Miser A '41 M S 10012 Sale 10012 101
27 1110 102% Amer Gas A Elec new_....(2) *6214 63
common
Sheffield Farms 614s
1942 A 0 10018 101 1003
8 13 1001: 1025
Preferred
4 1015
50 *42
8
43
86
100 84
Preferred
Sierra & San Fran Power 55_1949 F A 85 Sale 85
85%
6
Deb 65 2014
83% 87
MAN
94
95
Amer Machine & Fdry__100 140
Sinclair Cons 011 I5-year 78.1037 M S 0214 Sale 917
8
9212 61
Amer Light & Trac com_100
8914 97
Bruear-A mer Tobae old. Cl .21 iiltleher
19383 D 8612 Sale 85%
634813(w I)
Preferred
85
100 193 19334
8612 76
9014
31
£1 .2112 2212
Sinclair Crude 0115345
1925 A 0 9812 Sale 9818
Amer Power & Lt com_100 235 237 Reline (Geo W) Co. new 25 *60
984 83
97
99
62
Os
977 Sale 97%
1926 F A
8
Preferred
957 98%
98
73
8
100 84
100 112 114
86
Preferred
Sinclair Pipe Line 55
1942 A 0 8334 Sale 833
8
84
Deb Os 2016
81% 86
46
MJ,1
3 9312 9412 Imperial Tob of GB & Irel'd •14
15
South Porto Rico Sugar 7s _ _1941 J D 103 Sale 103
10414 3) 1097 10312 Amer Public Utli corn..100 42
8
45 Tor Cigar Machinery _ __100 53
58
South Bell Tel & Tel lets f 581941 J J 95 Sale 95
7% prior pref
94
9612 27
9612
100 82
85 Johnson Tin Foil & Met_100 80
90
S'weet Bell Tel 1st A ref 58_1954 F A
9378 Sale 933
8
9312 93%
93% 496
100
4% panic pref
MacA ndrews & Forbes_100 146 148
Southern Colo Power 68 _ _1947 J J 88% Sale 881:
8812
2
Blackstone Val GA E cam 50 *77
6708
8714 89
53
100 90 101
Preferred
Stand G'as & El cony f 6s_ _1926 J D 10412 105 104
10412 27 100 104
Carolina Pow & Lt com_100 112 116 Mengel Co
100 22
24
Cony deb g 6 YiseerIca_.1933 M
973 Sale 973
4
4
96% 9812 Cities Service Co corn.,,100 144 146 Porto Rican-Amer Tob 100 60
9812 96
70
Standard Milling 1st 58
19311 NI N 97
9834 9712
9534 98
1
Preferred
9712
100 7214 723 Universal Leaf Tob com_100 35
40
4
Steel & Tube gen a 17s Ser C 1951 J J 104 Sale 104
10412 14 103 1013 CitiesServiceBankers'Shares :1414 31.43
4
100 84
Preferred
86
Sugar Estates (Orlentl) 71). _1942 M
96
4
953 9 12 Colorado Power com____100 333 343 Young (J S) Co
965 97
97
4
4
4
100 115 _ -4
Syracuse Lighting let g 58._1951 J D 033
8
92
4-- 945
94% Ill
Preferred
945
8
100 94
16
100 106
Preferred
Light & Pow Co coil tr s f 5s 54 J J 1047 105 105
105
8
23
8418 105
Com'w'th Pow Corp corp.__ *681 76 2 Rubber Stocks(Cieseland) Prices)
701
100 75
Tenn Coal iron A RR can 5811)51 J
99% Mar'24
9914 101
99% 10212
Preferred
70%
F170 ol orreeTiili Rub corn 10 .68
restopp e ffeerr
Tennessee Cop 1st cony 88_1925 M N 9814 101 12 9914
3
9834 102
9914
Consumers Power pref. 100 8512 98,73142
100 96 100
Tennessee Elec Power 6s._ _1947 .1 D 96 Sale 9534
Flee Bond & Share pref _100 9812
93% 97
90 4 115
,
Third Ave 1st ref 45
19110 J J 56, Sale 54%
4
5614
53% 567 Elec fly Securities
5
•11
12 General Tire & Rub corn 50 1t; 172
Adjustment Income 58_41960 A 0 4512 sale 4514
47
44
211
49 4 Federal Light & Traction(S) *73
,
76
Pr femed
100 97 100
Third Ave fly 1st g 55
1937 J J 9234 9312 93 Mar'24
93
Preferred
9314
100 73
76 Goodyear Tire & R com_100 10
101t
Tide Water 011 6145
1931 F A 103 Sale 1021: 103
69 102 10312 Lehigh Power Securities.
(I) .4812 491 Goody'r TAR of Can pf.
:
.100 v __ 77
Tobacco Products s f 7s
1931 J
1077s Dee'23
Miselsalppi Illy Pow corn 100 21
22 India ' & Rubber corn_
Ire
74
80
Toledo Edison 7s
1941 M
10734 Bale 10738 1077
8 16 ioi" 108
Preferred
100 81
83
Preferred._._
75
85
Toledo Tree. Lt & Pr 6s
1925 F A 9912 9934 9914
0912 10
9812 100
First mtge 55, 1951__J&J 93
94 Mason Tire & Rub 00m_(2) •1
112
Trenton 0 & El 1st g 58_ _ _1949 M S 9332
9254 Nov'23
B F g deb 75 1935_ _MAN
_
100 20
Preferred
22
Underged of London 4148_10:13 .1 J 85
91
87 Dec'23
_-__
Nat Power & Lt corn_ -(2) .94
101- -- Miller Rubber
96
68
Income 65
1948 .1 J 75
8812 8914 Oct'23
Preferred
(I) *89
92
Preferred
Union Bag A Paper 68
1942 M N 96 Sale 96
963
4 12
98
Income 7s1972
9814
Jda 95
96 Mohawk Rubber
Union Elea Lt & Pr 1st g 58_1932 M
98%
9734 Mar'24
9718 98
Northern Ohio Electric.(2) .812 10
112 45
97
Preferred
525
915
1933 M N 9512 -. 5- 95,
Os
9 5
i
2
9512 29
92
971
:
Preferred
31
100 90
Belberling Tire & Rubber(S) 533
4 435
Union Elev (Chicago) 55_1945 A 0 74
_ 70
Jan'24
70
70
North States Pow Com-100 99 102
Preferred
100 38
45
Union 011 be
1931 J J 96
97
97 Mar'24
9514 97
Preferred
100 93
95 fiwinehart Tire & R com_100 ---- 12
68
c1942 F A 10012 Sale 10012 10012 11
99% 102
64
Preferred
100
40
Union Tank Car equip 78_1930 A A 1031 10412 10312 1041: 35 103 10412 Nor Texas Elec Co com_100 61
:
Preferred
100 70
73
Sugar St
United Drug cony 85
1941 J 13 11314 11334 11314
1133
4 18 11112 11414 Pacific Gas & El 1st pref 100 891: 903 Caracas Sugar50
4
:19
881 90
1 21
United Fuel Gas 1st s f Os..11)36 J .1 953 Sale 954
4
954 49
9212 974 Power Seeuritte5 com___(I) •11
13 Cent Aguirre Sugar corn_ 20
United Rys Inv 5a Pitts Issue 1926 M N 9614 Sale 9514
9612 37
91
9612
Second preferred
(5) .32
35 Fajardo Sugar
121
United Rya St I. 1st g 4s
1934 J J 654 Sale 65
61% 68%
6514 23
Coil trust Os 1949_ „J&D 85
88 Federal Sugar Ref oom_1
1
100 1131% 16312
°° 20
United SS Co int rcts 6s
ROI Sale 8612
!
1937 M N
864 10
86
88
Incomes June 1949 __FAA 174
77
Preferred
100
97
United Stores Os
1942 A 0 10012 100% 100
1003
4
3
9814 101 18 Puget Sound Pow & Lt_ _100 46
48 Godchaux Sugar, Inc_ -(I)
7
U S Hoffman Mach 85._._ _ 1932 J J 1054 -- 1043 Mar'24
4
103 105
8% preferred
100 78
83
Preferred
48
100 44
U S Realty & I cony deb _ 55 1924 J J 997 -- 99%
8
997
8
1
995 1110
8
7% prtge
0 m efer;
",
100 .110112 10312 Great Western Sugar new 25 *91
93
US Rubber 1st & ref baser A 1917.3 J 8212 Sale 8214
83
8214 87%
145
14 1941.M&N 10412 10512 Holly Sugar Corp eom_(2) *34
eds
35
1930 F A 1011 Sale 101
10
-year 714s
:
10214 87 10014 10612 Republic fly & Light_100 24
25
Preferred
100 86
89
US Smelt Ref dr M cony 69_1926 F A 100% Sale 10014
10012 19
993 10012
4
Preferred
100 49
5012 Juncos Central Sugar_100 115 130
US Steel Corp(coupon ___d1063 MN 10212 Sale 10212 103
113 10214 10312 South Calif Edison corn.1091
101 102 National Sugar Refining-100 N 1s
f 10-60-yr MI registered..41963 MN ---- -- 102 Feb'24
t
102 102%
preferred
100 116 118 New Niquero Sugar
8%
Utah Light & Traction 55_1944 A 0 817 Sale 811:
8
82
21
80
863 Standard Gas & El (Del) 50 *33
5
3312 Santa Cecilia Bug Corp pf 100
4
8
Utah Power & Lt 1st 58. _ _1944 F A 90 Sale 885
8
914 42
2
875 9112
Preferred
50 .47% 4814 Savannah Sugar cord-_(i) •
Utica Elec L & Pow 1st 5 f 58 1950
J 96 2 -- 9514 Sept'23
70
73
,
Tennessee Elec Power,.,
(I) *27
2712
Preferred
89
Utica Gas & Elec ref 5s
100 87
1957 .1 J 923 Sale 9234
4
93
5
90i 94
Second preferred
(5) *564 573 Sugar Estates Oriente pref._
4
85
89
Va-Caro Chem 1st 15-yr 55_ _1923 J D
98% Nov'23
Western Power Corp
100 27
28 West India Sug Fln com_100 12
19473 D 64 Sale 635
75
8
7012 208 -61
Preferred
100 80
821:
Preferred
100 35
12
1937 J J 3212 Sale 32
40
-year a f 7148
3412 85
32
7314
Without warrants attached_ J .1 32 Sale 32
3414 31
32
76
Short Term Securities
Industrial&Miscill
Vs Iron Coal & Coke 1st g 581949 M S 88
91
90 Mar'24
_
90
91
Am Cot Oil Os 1924. _ M&S2 100 10014 American Hardware_
Va Ry Pow 1st & ref bs
1934 3 J 90 Sale 90
___100 69
71
91
17
88
9014 Anaconda Cop M in68'29 Jar..1
1942 J 0 954 Sale 943
Vertientee Sugar 741
4
95% 34
8914 9512 Ang10-Amer011 7148'25 A&O 101% 102 Amer Typefounders cam 100 98 100
102 10214
Preferred
1941 J D
Warner Sugar 75
100 102 104
_ 1023
4 103
9 102% 103 4 Federal Bug Ref 68.33 _ m&N
,
9912 100 Bliss (E W) Co new
1939 J J 0612 Sale 9612
First & ref 7s Ser A
(:) •16
18
96%
96% 965 Hooking Valley be 1926 M&S 9912
8
Preferred
993
4
Wash Wat Power a f 5s_ _ _1939 .1 .1 994 100
50 •58 61
9912
2
993 1013 Interboro R T Ss 1922 _ M&S
994
8
s
Borden Company com_100 119 121
Weatches Ltg g 5s stmpd gtd 1950 J D
_ _ 967 Mar'24
5
96% 9678 K C Term Ry 65'23 MAN15
Preferred
West Penn Power Series A 5a 1046 M S 97- - 90%
100 103 104
9012 91
91
16
89% 91
63-4s July 1931
J&J 10212 1031: Celluloid Company
1st 413
100 77
-year Os Series C_ _1958 J D 101 Sale 101
80
102
12 101 102
512e
1926
4
Preferred
c1946 F A 10618 10612 105%
1st series D 73
100 108 110
10614 14 10414 107% Lehigh Pow Sec Os '27_F&A 1003 10154
9914 99% Childs Company corn new(I) *3512 36
1963 M 8 8818 Sale 873
be E
884 19
4
86% 8914 Sloes-Shelf SAT 65 '29.F&A 100 10012
Preferred
Western Union coil tr cur 58.1938 J
100 111 11212
0612 - -- 97%
9918 11
96% 993 U S Rubber 7145 1930.F&A 102 103
4
Hercules Powder
Fund & real estate g 4145_1950 M N 913 Sale 91%
100 101 104
4
92
8
90% 94
Joint 5th Land Bk Bonds
Preferred
1936 F A 1101: Sale 110
100 103 105
15
-year 6148 g
11012 22 108%
18 Chic it 8th Land Bk 58_1951 10014 10114 International Salt
4
80
Westinghouse E & M 75_ _1931 M N 1073 Sale 10712 107% 57 10634 108
100 75
4
IN 1952 opt 1932
10014 10112 International Silver pref 100 106 110
Wickwire Spen Steel 1st 78_ _1935 J
61 Sale 61
6214 62
61
79%
55 1963 opt 1933
10012 10154 Lehigh Valley Coal Sales 50 78
79
Wilson & Co 1st 25-yr at 65.1941 A 0 94 Sale 03
9414 123
90
985
5
5148 1951 opt 1931
102 103 Phelps Dodge Corp
19283 D 82% Sale 8155
100 120 135
-year cony f 65
10
8212 42
82
923
4
41is 1952 opt 1932
99 100 Royal Baking Pow com_100 135 140
19:31 F A 8818 Sale 884
745
8912 56
86 100
414s 1952 opt 1932
96
97
Preferred
100 98 100
1941 A 0 101 Sale 101
Winchester Arms 714s
10112 79 1003 102%
4
4fis 1963 opt 1933
100 Singer Manufacturbig 100 132 135
Young'n Sheet & T 68 (w I) 1943 J .1 953 Sale 953
4
161
4
96
9412 97
• Per share. I No par value. 0 Basis. 4 Purchaser also pays accrued dlvidend.
•No price Friday:latest bid and asked. a Due Jan. d Due Apr. c Due Mar. e Due I New stock. /Flat price. k Last
sale n Nominal. x Ex-dividend. V Ex-rights.
May. 17,Due June. h Dna July k Due Aug. o Due Oct. pDueDeC. sOptioussla, 5 Ex-stock dividend. 5 Sale price. sCanadlan
quotation.
50
gt tr
--
5.:23i
5.20
BOSTON STOCK EXCHANGE-Stock Record s..7.7:ag
.
1510
HIGH AND LOW SALE PRICE
-PER SHARE. NOT PER CENT.
Saturday.
Mar. 22.
Monday,
.Mar. 24.
Tuesday,
Mar. 25.
Wednesday. Thursday, . Friday.
Mar. 26.
Mar. 27.
Mar. 28.
1
146 14612 1457 146
4
8
14712 1473 147 1473 14614 147
4
76
76
76
763
7.512 76
7612 7612
8 7512 76
9212 93
9212 9212 *9212
93
93
*93
__ _ _
113 113 *113 114 *112 114
114 114
114 114
97 97 9612 96 2 97
9712
97
*297
9712 97
,
1312 1314 1312 13
1312 1314 1312 13 2 134
13
,
*1212 ____ *1212
*1212
*124 _ _ _ _
1512 1512 1.512 1612 16
16
16
15
16
16
2212 2212 22
22
22
*20
22
21
2312 21
*18
20
1812 1812 *18
20
_
*28 _ _ _ _ *2712 _ _ _ *2712
2712 2712
*2712
4.214412 -- .214312 ---- *214412 ____ 14412 14412 *214412 _
1912 1612 1914 2012 *20
21
*20
21
*19
21
60 60
*60
60
60
'
3
__
52
52
*50
5018. 5018 *50
52
54
*50
60- 54
*____ 35 *_ _ _ _ 35
•
35
3512 *_ _ 35
35
34
34
274 29
3012 31
31
31
3112 32
*30
32
1734 18
17 8 1812 1712 1818 1712 18
7
1734 1814
•
▪
67 *2
65 *x____ 65
92 *z____ 92 *x____ 92 *x__ 92 *287
90
79
79
79
.278
7914 784 7812 79
7914 79
78
•112 178
1318
*12
12834 129
+7212
_
*74
*15
17
*7
9
106 106
4..10 .25
263 263
4
4
*225
2612
*85
90
'212 3
.7
714
*5012 51
37
*30
*88
90
1693 17012
4
*212 31,,
17
17
78
*112 17
8 *112 134 *14 134 *112 13
4
12
*12
4.12
1318 1212 1212 12
13 8
,
12818 12812 1273 12812 126 128
12814 129
4
7212 7212 7212 73
*7212 74
*7212 _ _
74
74
74
*74
75
74
*15
*15
17
*15
17
17
*15
17
*7
9
*6
7
*7
9
*7
9
10512 10512 10512 10512 10512 106 *10512
-4..10 .25 *.10 .25 *.10 .25 *.10 .25
2614 26
2615
2634 263 *22612 2634 26
4
26
26 *22512 253 *22514 25 4 '22512 253
3
4
4
00
*85
90
*85
90 "85
*85
90
*212 3
*212 3
*212 3
*212 3
"614 7
*614
7
7
7
*7
714
50
5014 4912 50
51
51
503
4 50
*3612 37 • *3612 37
*3512 3612 3612 3612
___
*290 ____ 4.289
171 17112 171 172
171 172
171 171
312
212 212
*212 3'2 *212 312
*212
•15
18
*15
17
17
17
*15
18
1334 14
15
145 145 *14
8
8
*14
.;1412 15
15
46
47 *24612 49
46
46
48
48
48 *246
4214 4214 *24112 4212
43
*242
43 *242
43 .242
..25 .50 *.25 .50
..25 .50 4
'20 .50 44.25 .50 4
*1
112
112 *1
112 *1
112 *1
112 *1
4
4
833 83 4 *833 8114 *333 8414 *833 8414 +2833 8414
4
4
4
3
4
48
4 43
434 5
458 44
4 53
,
*454 51s *43
*70
*70
*70
•
70
1018 1018
*70-10
10
*912 1018
10
912 912 10
774 78
78
78
7712 7712
7713 7712 7712 78
6512 65
6512 66
65
65
6512 66
6512 65
1544 15412 15434 155
153 153 *215412155
153 153
14
4
1212 1212 1214 1312 1212 1212 123 14
144
22
223 223
4 2214 2212 2112 2214 22
8
4 2212 223
8212 4
.281
8212 *281
8212
*28012 8212 8212 82 2 "281
,
27
8 34
23
4 314
3
3 14
3
1, 312
,
34 34
,
,
43
*43
4
4 43
*412 5
*412 5
4
43
4 5
*26
*26
*26
31
30
30
*26
31
*28
31
10818 1033
4
10838 10812
8
108 1083 10814 1087 10812 109
4
.19
20
187 187 *219
8
4
*21812 1912 z1812 1902 4
1912
824 82
82
823
4 82
8.3
823
83
83
83
4
415
15
1512 1512 "215
15
*215
153
153
s 15
.3
312
*212 3 "2234 3
*2212 3
3
3
'
.15 .50 *.15 .50 *.15 .50
.15 .50
*.15 .50'
4
4
8
1033 1033 10314 1033 103 10312 1023 1033 102 103
4
4
39
39
39
3914 3812 383
4
40
40
*239
40
"10
11
*10
11
10
10
11
*10
'10
11
3512
8 35
353
3514 35
3512 351s 3512 35
35
253 *22518 2512
s
2514 353
4 2518 2518 2518 2514 25
24
2412 24
243
4
3
2412 243
4 2412 24 8 2412 20
1412 1412 143 143
4
4
21412 15 *21412 15
*21412 15
84
8
8
8
8
*8
812 "8
812 *8
18
18
18
18
173 173
4
4
18
17
1712 *17
184 18
183
8 1818 1838
1838 18313 18
*21814 19
3412 343
4
353
4 35
353* 3412 35
35
357
s 35
3712 3712 *23614 38 *23614 38 *23614 38
*23614 38
42 *238
42
42 "238
42 *238
42 *238
*238
4..25
4
..10
14
*834
*15
1512
*114
223
8
*438
434
.3.80
*1
*2412
*.50
99
94
•15
*134
".90
•114
•114
.
3158
.75
*114
3112
*1714
+214
4
.38
*268
(314
23
4
*.50
+16
*243
8
*1114
19
303
8
.40
•
*.10
.5
.75
s28
•.65
•.25
.50 '.20 .50 *.20
.20 • 10 .20 '.10
514
jl
"114 112
83
4 83
4 *834
9
*15
*15. 17
17
8
4 1512
153
4 155 153
112 •114 112 *114
2214
223
8 2212 23
4 4 4% 4% *423.4
3
4
43
43
4
43
4 43
4
.00 '.80 .95 *.80
•1
*1
2
2
2434 243
25
4 2412
.60 ".50 .60 *.50
987
8
9912 99 100
94
947 95
8
94
1413
15
1534 15
•134
*134 2
2
".90
•.90
1
1
8 *114
15
8 *114 15
114
112
112 *114
8
17
8 *14 14 *15
.75
1
.
.75 •.75
112
118
114
114
314 3118 3118
32
173
4 1714 174 1818
4 *214
.214 23
23
4
*38 _ _ _ _ "38
70
73
- 7
614 *64 64 .618
23
4
23
4 23
4
23
4
*.50
*.50
1
1
"1712
17
17
17
8
43 *2414 45 "2414
4
1112 *1114 1112 *1114
*19
20
1914 *19
30
3012 2814
31
.40
3.40 .45
.45 .
.50 •.10 .50 *15
1
112 4
.1
112 .
'
.80
.75 •.80 .85
3
:io
.90 *.65
3.25
.35 '
.50
.'N)
112
312
834
9
1512
17
153
4 1512
114
112
2212 2214
43
4 4%
412
47s
.90 *.80
2
*1
2412 2212
.60 ".50
100
296
94 *292
1412 14
178
2
1
".90
158 *114
114 *I
8 *15
8
17
*.75
1
1
118
311s 3012
1818 1714
23
4 *24
*38
70 4.270
614
63
s
2
23
4
1
4..50
1712
18
43 *2414
8
1112 •1114
19
20
2812 29
.35
.40'
%15
.50 4
112 •1
.90 *.80
234 - 2 4
-3
.90 '.65
.35 •.25
__
.25
".20
*.10
*23
4
.35
.90 '.65
.35 '.25
.25 +____
•Bid and asked prices; no sales on this day
Sales
for
the
Weelc.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Shares.
100
519 Boston & Albany
14734 148
100
76
217 Boston Elevated
76
100
25 Do pref
Do 1st pref
100
114 114
31
Do 2d pref
100
147
100
134 1414 3,050 Boston & Maine
Do pref
100
--409 Do Series A let pref._ _100
Do Series 13 1st pref _100
85
Do Series C let pref---100
11
35 Do Series D 1st pref _ -100
100
2 Boston & Providence
1.284 East Mass Street By Co__ _100
Do 1st pre!
100
4
Do pref B
100
55
Do adjustment
100
45 East Mass St By (tr ctfs)_ _100
32
100
355 Maine Central
100
1712 1834 2,752 NY NH & Hartford
Northern New Hampshire_100
Norwich & Worcester prat _100
100
100 Old Colony
i Rutland pref
100
Vermont dc Massachusetts _100
Miscellaneous
5 Amer Pneumatic Service._ 25
50
20 Do pref
1,992 Amer Telephone & Teleg_ -100
No par
205 Amoskeag Mfg
No par
4! Do pref
Art Metal Construe,Inc _ _ _ 10
Atlas Tack Corp
No par
61 Boston Cons Gas Co pref. _100
Boston Malt Pet Trus_ _No par
10
240 Connor (John T)
26" 28
5_0_ Dominion Stores, Ltd
100
Preferred A
10
100 East Boston Land
3
3
614 67
8
.
50,Eastern Manufacturing_ _ 5
25
484 4914
685 Eastern SS Lines, Inc
0
pa
No 10r
10 Preferred
_
1st preferred
100
617 Edison Electric Ilium
171 17114
No par
200 Elder Corporation
60 Galveston-Houston Elec. _100
No par
Gardner Motor
25
14
14
155 Greenfield Tap & Die
No par
168 Hood Rubber
48
48
30 Internat Cement Corp_No par
International Products_No par
100
Do pref
-Kidder, Peabody Acceptance
10
Corp Class A pref
100
10
168 Libby, McNeill & Libby_
412 43
4
Lincoln Fire Insurance
20
25
84 Loew's Theatres
10's lO's
307 Massachusetts Gas Cos-100
77
7712
100
367
Do pref
65
65
153 156
41 Morgenthaler Linotype_ _100
1414 143
4 1,535 Mexican Investment,Inc_ 10
2114 2114
179 Mississippi River Power_ 100
100
37
Do stamped pref
10
--24 31 '6 1,559 National Leather
4
550 New England Oil Corp tr cgs_
100
Preferred (tr Ws)
ioiis 1083* _ 16 New England Telephone-100
.11
1
50 Orpheum Circuit, Inc
370 Pacific Mills
8112 82
10
213 Reece Button Hole
144 15
65 Reece Folding Machine-- 10
5
Simms Magneto
100
102 10212
429 Swift & Co
25
160 Torrington
5
10
130 Union Twist Drill
10
25
35
353
8 2,235 United Shoe Mach Corp
25
442
Do pref
2514 2514
24
24
1,779 Ventura Consol 011 Fields- 5
1412 15
235 WaldorfSys,Inc,new sh No par
136 Walth Watch C113 com _No par
-100
150
Preferred trust Ws
--620 Walworth Manufacturing_ 20
-- -50
34
3412 3,040 Warren Bros
50
25
Do 1st prat
Do 2d pref
50
Wickwire Spencer Steel... 5
.20 .50
Adventure Consolidated... 25
25
*.10 .20
Algomah Mining
25
*114
360 Arcadian Consolidated
112
550 Arizona Commercial
5
812 83
84 *834 9
4
17
34 13ingham Mines
*15
17
1812 *15
10
25
153
4 1512 1612 1518 1512 1,447 Calumet & Ilecla
118
118
120 Carson Hill Gold
1
112
114 *11s
2214 2214 2212 22
589 Copper Range Co
25
2214
-Daly Copper
10
550 Davis
4% 4% 43
4
765 East Butte Copper Mining_ 10
412 -- 2
43
4
44 412
4125
.85 .85 '.80 .95
50 Franklin
.90
1
1
2
"1
2
50 Hancock Consolidated _ _ _ _ 25
*2412 25
25
1,315 Hardy Coal Co
1
"2412 25
Helvetia
25
.60 *.50 .60 *.50 .60
1
95
9512
97
95
96
664 Island Creek Coal
4 92
94
.
94
94 *292
80
Do pref
1
25
1412
*14
1412 •14
110 Isle Royal Copper
14
*134
50 Kerr Lake
5
2
17
s "134 2
15 Keweenaw Copper
25
.55 .55
".90
1
1
114
114
25
125 Lake Copper Co
15
8
114
114
114
25
50 La Salle Copper
112 *1
1,
8 *1
47
8
5
17
8 *15
8 178 *112
Mason Valley Mine
25
".75
1
20 Mass Consolidated
.75 .75
1
820 Mayflower-Old Colony.... 25
1
1
1
*1
114
30
2712 2812
749 Mohawk
25
31
30
790 New Cornelia Copper
173
8 1718 1714 1612 1718
28 ;ii_ _ .
4
238 *214
4
New Dominion Copper
6_
40
*38
40
100
New River Company
.270
73 4
Do pref
100
73 *270
73
38
120 Nipissing Mines
5
614
6 14 *6
614 *6
8 27
8 .25
637; North Butte
15
8 23
4
23
4 *23
25
.3.50
1
.50 .50
50 Ojibway Mining
I
25
18
1612 1612 17
1712
531 Old Dominion Co
8
45 .2414 45
Park City Mining & Smelt- 5
8
8 *44 45
575 pd Ork Pocahontas Co_No par
1112 1114 1112 1114 114
19
1858 19
25
19
19
165 Quincy
28
28
260 St Mary's Mineral Land... 25
29
*2812 29
10
.35 .35 +.30 .35
800 Shannon
.40
25
.50 *.15 .50 '.15 .50South Lake
134
Superior
25
13
4 *1
112 *1
.75 .801
695 Superior & Boston Copper- 10
.90
.80 .80
5
Trinity Copper Corp
Tuolumne Copper
10
5
'23
1 3
220 Utah-Apex Mining
21 -4 iUtah Consolidated
1
.6
3
:iL -47 -. -:io
1
"Ti8 ▪
ioti Utah Metal & Tunnel
25
3.65 .90
.65 .90
.90 .
Victoria
25
.35
.
.
.25 .25
120 Winona
25
.25
.25 •____
Wyandot
.25
.25
.20
112
".20
*.10
*114
.50
.20
14
Range Since Jan. I 1924.
Lowest
Highest
PER SHARE
Range /or Previous
Year 1923.
Lowest
Highest
14578 Mar 27 150 Jan 23
75 Mar 20 80 Jan 8
92 Feb 7 95 Jan 21
11112 Feb 5 11614 Jan 24
953 Jan 2 100 Feb 27
4
812 Jan 2 1414 Mar 28
12 Jan 10 15 Feb 4
1312 Jan 2 19 Jan 10
1712 Jan 2 2412Mar 1
16 Feb 27 21 Mar 10
23 Jan 3 2912 Feb 28
143 Jan 4 148 Feb 27
19 Jan 7 24 Feb 9
5812 Jan 8 644 Feb 13
5018 Mar 25 58 Jan 25
32 Jan 2 3912 Feb 14
32 Mar 28 3913 Feb 11
2312 Jan 3 32 Mar 26
14 Jan 3 207 Jan 10
8
62 Jan 14 67 Mar 10
80 Jan 2 95 Mar 10
7212 Jan 4 7914 Mar 25
34 Mar 3 413 Jan 14
2
70 Jan 22 85 Mar 13
143 Apr
75 June
9112 Aug
11118 Aug
95 Nov
734 Dec
7 Dec
1212 Oct
1512 Dec
1512 Dec
20 Dec
135 July
18 Feb
58 Dec
5034 Dec
31 Dec
31 Nov
2212 Dec
93 July
4
62 Dec
75 Dec
6412 Oct
2112 Aug
70 Nov
151 June
84
Jan
100 Mar
125 June
106 Mat
2012 Mar
27 Feb
3212 Mar
48 Feb
42 Mar
59 Feb
16012 Jan
35 Mar
Jan
72
65 Mar
46 Mar
45 Mar
43 Jan
2212 Jan
84 Feb
100 Jan
81 Feb
387 Dec
8
98
Jan
112 Jan 14
12 Jan 3
125 Jan 2
71 Jan 2
72 Mar 6
16 Feb 15
7 Mar 3
104 Jan 18
.10 Jan 7
24 Jan 2
25 Feb 3
84 Jan 15
214 Mar 5
614 Feb 23
38 Jan 3
35 Jan 25
8512 Jan 8
16312 Jan 2
212 Jan 17
13 Jan 11
5 Jan 2
1334Mar 27
46 Mar 25
4214 Mar 26
.10 Feb 18
.25 Feb 14
2 Jan 18
1412 Feb 26
1307 Mar 12
8
83 Jan 14
7712 Jan 19
16 Feb 15
1014 Jan 8
107 Jan 8
.20 Jan 10
2818 Mar 5
3014 Feb 14
85 Jan 5
3 Feb 25
812 Feb 6
5514 Mar 8
40 Feb 7
93 Mar 8
177 Jan 26
4 Jan 26
1712 Mar 21
612 Jan 8
1578 Jan 7
52 Jan 8
445 Feb 13
8
.75 Feb 26
14 Jan 2
1 Sept
12 Dec
119 June
6712 Oct
72
Oct
143 Nov
4
8 Dec
104
Oct
.05 Dec
19 July
2512 Dec
312 Jan
20
Jan
12812 Dee
112
Jan
88
Jan
1612 Mar
2018 Feb
10812 Feb
Jan
.30
27 Mar
2614 Dee
80 Jan 3
412Mar 11
70 Jan 9
9 Mat 21
755 Jan 24
8
84 Jan 2
15212Mar 5
612 Jan 2
19 Feb 18
80 Jan 4
23 Jan 2
8
2 Jan 2
17 Jan 10
107 Mar 11
14 Jan 16
80 Mar 13
1434 Jan 5
214 Feb 1
.25 Jan 11
101 Jan 4
3812 Mar 27
7 Feb 2
34 Jan 3
245 Feb 29
8
24 Mar 26
1412 Mar 21
612 Jan 11
1512 Jan 5
1612 Jan 5
295 Jan 3
8
355 Jan 7
8
38 Mar 5
3 Jan 10
83 4Mar 22
3
812 Jan 4
70 Jan 9
1012 Jan 9
81 Feb 20
70 Jan 31
160 Jan 12
1738 Feb 21
23 Mar 20
8212 Mar 24
43 Jan 28
8
5 Mar 10
314 Mat 20
11512 Jan 31
2018 Jan 2
87 Feb 14
155
8Mar 6
3 Jan 2
.40 Feb 15
10512Mar 6
424 Jan 11
10 Feb 18
3712 Jan 8
27 Jan 7
27 Jan 29
1714 Jan 9
1012 Feb 1
234 Feb 13
2114 Feb 11
3834 Mar 12
41 Jan 25
42 Jan 18
54 Jan 14
2 Dec
4
Jam
5 Dec 1418 Mar
31 Nov 1274 Mar
35
Oct
Oct 40
85 Aug 88
Oct
1524 Nov 172
Jan
112 Dec 1078 Jan
5 July 2912 Feb
514 Dec 155 Mar
8
1434 Nov 24 Feb
50 Dec 6318 Mar
32 July 44 Mar
.10 Dec
3 Mar
.60 Dec
8 Mar
80 May
418 Dec
8312 Feb.
812 Aug
84 itie;
7312 Dec
62 Dec
147 June
3 Dec
18 Nov
80 Jan
1 4,4 Dec
2
Oct
124 Dec
110 Dec
163 July
4
84 Dec
2143 Dec
4
2
Jan
.10 Dec
9812 June
394 Dec
6 Dec
3212 Nov
245 June
8
1954 Aug
15 Dec
5 Feb
15 Dec
1114 Jan
2512 Jan
3012 Dec
33 July
3 Dec
Apr
11
8712 Jab
73 Jan
Jan
179
143 Feb
4
2814 Jan
84 Feb
834 Feb.
412 Sept
16
Oct
Jan,
122
214 Apr
190 Jan
18 Mar*
314 Mar
2 Feb
10912 Jan
50 Mar
11 Mar
553 Mar
4
2814 Jan
30
Jan
32218 Mar
13 Mar
2912 Mar
18 Dec
3412 Mar
3912 Mar
42 Mar
1212 Feb,
.10 Nov
.10 July
.70 July
Dec
7
1412 Oct
17
Oct
Ps Dec
224 Oct
214 June
438 Nov
.30 May
1
Oct
2434 Mar
.10 Sept
934 Nov
9014 Nov
16 toot
178 Dec
.60 Sept
1
Oct
.50 Dec
118 Nov
.50 Dec
112 Oct
27
Oct
1414 Oct
212 Aug
35 Apr
72 Nov
43 July
4
1 ifs Nov
.50 Nov
1312 Oct
214 Aug
1214 Dee
18
Oct
27
Oct
.30 Dec
.10 June
1 Dec
112 Jan 18
1 Jan 11 .65 Dec
Oct
.85 Jan 28 .20
.50 Feb 7 .30 Dec
314 Mar 8
212 Oct
.01 Jan 3 .01 Dec
.45 Jan 4. .25 Dec
.75 Jan 3 .60 Aug
.35 Mar 10 .10 Dec
.20 Mar 4 .10 Dec
1 Feb.
.50 Mar
44 Mar
1412 Mar
19 Feb49 JW20
93 Feb,
8
463 Mar
4
5 Feb
1112 Mar
24 Mar
4 Mar
335 Anse •
8
14 Feb•
11512 Apr
10012 Mar
3314 Mar
3 8 Jan
5
214 Mar •
514 Mar
314 Mar
24 Mar
414 Mar
7 Feb.
' 71 Mar
2412 Mar
44 Apr
40 Apr
84 Mar
63 Feb
4
123 Mar
4
258 Mar
3212 Mar
412 Nov
1614 Mar
50 Mar
5312 Mar
112 Mar
1 Aug
34 Mar
334 Feb
Ill Feb
15 Aug
8
6 Apr
3 Mar
13 Feb.
8
8
25 Feb.
154 Mar*
1 Mar
_
15 Jan 15 -"id Mar20
114 Mar 22
214 Jan 8
934 Jan 7
8 Jan 2
15 Jan 10 1878 Jan 15
154 Mar 28 197 Jan 7
8
118 Feb 26
3 Feb 1
22 Feb 27 2678 Feb 15
358 Jan 3
43 Jan 23
4
012 Jan 24
414 Feb 14
.75 Feb 13
1 Jan 8
1
Jan 22
2 Jan 28
2212 Mar 26 2812 Jan 7
.40 Jan 2 .75 Jan 8
95 Mar 27 10034 Jan 8
9112 Jan 8 95 Mar 24
14 Mar 26 20 Jan 3
iia mar 5
212 Feb 13
1 Feb 19
.50 Jan 7
1 Jan 7
154 Jan 28
85 Jan 21
114 Feb 8
2 Mar 7
112 Mar 11
.50 Jan 8
1 Jan 5
2 Jan 11
1 Mar 26
2712 Mar 28 3512 Feb 15
8
164 Jan 2 197 Jan 7
212 Feb 23
215 Feb 5
39 Mar 11 40 Mar 11
65 Feb 5 75 Mar 11
53 Jan 10 6,118Feb 1
4
2 Jan 16
3 Jan 24
12
.50 Feb 11 .90 Jan 3
15 Jan 30 18 Mar 26
518 Feb 1
312 Jan 3
1114 Mar 12 1212 Jan 11
185 Mar 28 234 Feb 15
8
28 Mar 28 35 Feb 20
.35 Feb 4 .70 Feb 14
.90 Jan 15
.75 Feb 13
.30 Feb 18
.10 Jan 24
23
8Mar 5
.01 Jan 3
.30 Feb 21
.65 Feb 19
.13 Feb 6
.20 Mar 4
sEx-rights. b Ex- dist. and rights. z Ex-div. Ex-stock div. a Assessment paid
e Price on new basis.
MAR. 29 1924.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Mar. 22 to Mar. 28, both inclusive:
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Bonds
Amer Tel ar Tel 55_ _1948
Atl G & W I SS L 5s_ _1959
Chic Jet fly & U S Y 55'40
Current River 55
1927
E MassSt RR ser B 5s 1948
Florida Pub Serv 8548_1949
Hood Rubber 75
1936
Houston Lt & Pr 5s_ _ _1953
K C Clin & Spgfid 1st 5825
K C Mem & Brine 58_1934
K C Mem fly Br 55_1929
Mass Gas 43113
1929
435s
1931
Miss River Power 5s_ _1951
New England Tel 5s..1932
Swift & Co 55
1944
Warren Bros 731s_ _ _ _1937
Western Tel 5s
1932
osH
so
9831
50
95
97
97
68
9731
101%
88%
92%
89%
8935
95%
93
93
93
9735
96% 9635
118
9735 9635
98%
51
95
97
67
97%
102
88%
92%
90
89%
9535
93
9335
98%
9631
117
9731
Range since Jan. 1.
Low.
83,000 9831
24,000 42
8,000 92%
1,000 95
3,500 60
6,000 9731
11,000 100
1,000 8835
2,000 85
3,000 87
3,000 8931
1,000 9435
3,000 91
9,000 92
6,000 97
18,500 95%
10,000 106
31,000 95%
High.
Mar 98%
Jan 53
Jan 95%
Jan 97
Jan 67
Mar 9731
Jan 102
Mar 88%
Jan 92%
Jan
9
2
Mar 9
Jan 96%
Jan 9331
Jan 9331
Jan 9835
Jan 9731
Jan 12431
Jan 9834
Mar
Feb
Feb
Mar
Feb
Mar
Feb
Mar
Mar
Mar
Feb
Mar
Feb
Mar
Jan
Feb
Mar
Jan
Baltimore Stock Exchange.-Tecord of transactions at
Baltimore Stock Exchange Mar. 22 to Mar. 28, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sate
of Prices.
Week.
Par. Price. Low. High. Shares.
Low.
High.
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
84
89
50
403.1
7334
39
283.4
43.4
101%
112
3131
2531
21131
114
10734
119
8134
.25
95
108
82
4634
27
2331
9331
25
2231
83
70
Jan
Mar
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Max
Jan
Mar
Feb
Feb
Jan
Jar
Jan
5335 54
39
39
7231 73
10831 109
331
331 334
26
26
2034
1734 1834 1734
152 152
531 534
24
24
150 50
95 3834
19 7234
203 9834
100
2
600 24
1,221 1635
50 151
110
554
15 24
Feb 6034
Jan 40
Feb 74
Jan 111
Jan
4
Feb 3034
Jan 18
Feb 15531
Feb
631
Mar 28
Jan
Jar
Feb
Feb
Feb
Feb
54
39
7231
BondsBerheimer-Leader Stores
7s
1943
10034 10034 81,000 10035 Mar 10134
ConsolGas As
1939
99
99
Mar 99
4,000 98
General 43.45
1954
9034 9034 1,000 8834 Jan 9034
ConsolGELdrP 431s 1953
9334 9335 7,000 91
Jan 9334
Ser E 531s
1952
9935 9931 2,000 9735 Jan 9931
Ser A 65
102 10335 3,000 10131 Jan 10331
1949 103
Consol Coal ref 4%a_ _1934 92
9134 92
3,000 8931 Jan 92
Davison Sulph & Phos68'27
9734 gni 2,000 9734 Jan 973.4
Georgla & Ala cons 5s_1945
85
85
1,000 84
Jan 85
Locke Insul Corp 7s_ _1942
10031 10031 2,000 100
Feb 101
Macon Dub & Say 55_1947
65
65
2,000 55
Jan 65
Petersburg A te
1926
9834 9834 1,000 9834 Mar 993(
United E L & P 4%5..1929 9534 9534 9531 1,000 94
Jan 9531
United Ry & El 4s_ _ _ _1949 6834 6831 6954 23,000 6835 Mar 723,4
Income 4s
1949 50
50
5035 4.000 60
Mar 5234
Funding 158
7231 7231 6,000 6231 Jan 75
1936
68
1927 9631 9631 97
12,000 9631 Jan 97
65
1949 9834 9834 97
9,000 983.4 Mar 9935
tVnah 1/910 .6 An as
1041
RAU
RR
RRA4
anon
as
5I,,r /lee
Jar
Jar
Jar
Jar
Pet
Jar
Mat
Mat
Mai
Fel
Mal
Mal
Jar
Fel
Mal
Fel
Mal
Jar
Jar
Jai
JR!
Jar
r..
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
34
2335
29%
113
47
54
6631
23%
5931
85
* No par value.
34
2431
80
80
30%
116
40
54
6035
33
48
9035
58%
2434
38%
49
931
54
3%
67
6831
30
40
23%
59%
78
8535
43%
111
1,325
15
10
3,641
195
100
100
217
10
364
36
349
145
40
150
450
551
705
285
500
10
775
222
16
47
3.940
Low.
32
2334
77%
80
2935
8535
38%
31
47
31
40
90
57%
23%
38
4731
3
48%
334
6435
63
30
40
23
57
78
85
4235
Jan 35
Feb 27%
Mar 83
Mar 86
Feb 32
Jan 123
Mar 41
Mar
35
Jan 66%
Feb 34%
Mar 61%
Mar 98
Mar 63%
Jan 25
Mar 45%
Mar 5331
Mar
9%
Jan 56
Jan
434
Jan 70
Jan 72
Mar 32%
Jan 40
Mar 26
Jan 60
Mar 7935
Mar 89
Jan 46%
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
40
ooy,
Bonds
88
89
Amer Gas& Elec 55_ _ _2008 88
68
Consol Trac N J let 55 1932
67
6334 65
Elee & Peep tr ads 4s 1945
4431 44%
Inter-State RI's coil 4s 1943
1335 13%
Lake Superior Corp 55_1924
100% 10034
1968
Penna RR gen 53
92
92
Phila. Co cons & stpd 58'51 92
Phila Elect 1st 58__ _ _1966 99% 9831 100
10034 102
1947
5315
1953 10031 10031 101%
5315
1941 10535 104 10535
6s
105 105
Reading Traction 6s_ _1933
54
54
United Rya g tr ctis 45_1949
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
High.
3335 Jan
331 Mar
33
Jan
39
Jan
64
Jan
12
Jan
35
Jan
78% Jan
44% Jan
Feb
97
Ilia Feb
131 Feb
43
Jan
6631 Mar
5731 Feb
834 Jan
42
Mar
6635 Feb
84,000 84
Mar 89%
24,000 6134 Jan 69
18,500 62% Jan 66
6,000 44
Feb 45
40,000 13% Mar 19%
1.000 100% Mar 100%
17,000 8835 Jan 92
Feb 100
49,600 97
12,600 9931 Jan 102
28,000 9831 Jan 102
135,00 103% Jan 105%
3,000 105
Jan 108
4,000 54
Mar 55
Feb
Jan
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Mar
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Mar.22 to Mar.28, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
1Veek.
of Prices.
Sale
Par. Price. Low. High. Shares.
Amer Pub Serv, pref _ _100
American Shipbuilding_100
Armour & Co (Del), pf_100
Armour & Co. pref__ _100
15
Armour Leather
100
Preferred
Balaban & Katz v t c_ _ _25
100
Preferred
Bassick-Alemite Corp_ _ _ _•
Beaver Board v t a"B" •
Preferred certificates_100
100
Booth Fish, pref
8
Borg & Beck
*
Bridgeport Mach,com
Bunte Bros
10
Cent Ill Pub Serv, prat...*
Chic Cy&ConRY Pt sh Pf-•
Chic Motor Coad). corn..5
Preferred
100
Chic Nipple Mfg,"A"_.50
50
Class "B"
Chicago Rys part ctf Ser 2.
Commonwealth Edison.100
Rights
Continental Motors_ _ _ _10
100
Crane Co, pref
Cudahy Pack Co, com_100
Daniel Boone WoolM ills 25
100
Deere & Co, pref
Diamond Match
100
Eddy PaPer Corp(The) •
Fair Corp (The), pref__11111
*
Gill Mfg Co
Godchaux Sugar,com
•
Gossard (II W),pref_ _100
Great Lakes D & D . _100
_
Hibb,Spen.13art & Co_ _25
Holland-Amer Sugar_ _ _10
10
Hupp Motor
•
Hurley Machine Co
Illinois Brick
100
Illinois Nor Util, pref._100
Inland Steel
25
Internatl Lamp Corp
25
Kellogg Switchboard_ _ _ 25
Kuppenheimer & Co,com.5
Preferred
100
Libby,McNeill& Libby_10
Lindsay Light
10
Lyon & Healy,Ira. Pref100
McCord Rad Mfg,"A"_ _•
meQuay-Norris Mfg
•
Middle West Mil,com _100
Preferred
100
Prior lien preferred
Natl Carbon,pref(new)100
Natl Dairy Prod, w I a-_.•
National Leather
10
People's Gas Lt& Coke.100
Philipsborn's,Inc.tr etf..1
Pick (Albert) & Co
10
Pines Winterfront "A" _5
Pub Serv of N m,corn_ _ _•
Pub Serv of N 111. com_100
Preferred
100
Quaker Oats Co
100
Preferred
100
Real Silk Hosiery Mills__10
Reo Motor
10
Standard Gas& Elec Co_.•
Preferred
50
Stewart
-Warn Speed,com.•
Swift le Co
100
Swift International
15
Thompson,J R.com_ __ _25
Union Carbide & Carl,.-10
United Iron Works v t c.50
Unit L&P,corn"A" w I -a•
Class "B" w 1 a
•
Prof Class"A" w I a_ •
Prof Class"B" WI a.. 8
United Lt dr Rys,com_ _ 100
First preferred
100
Participating pref.. _100
U S Gypsum
20
Preferred
100
Wahl Co
•
Wanner Malleable Cast_ _•
Ward, Montg & Co, p1-100
When issued
20
Class "A"
•
*
Wolff Mfg Corp
Wrigley, Jr, cm
•
Yellow Cab Mfg,
"B"---10
•e•-.e....., n.e. Ton ',LAM •
58
8834
7834
6
7731
5135
90
3254
25
10
1035
85
87
13431
59-4
635
108
2935
6634
11831
0
535
6734
4
1331
4934
34
I%
5
98
3254
5234
8831
9831
32
3
1931
213.4
102
102
93
290
3031
16%
3334
4831
7754
103
1934
45
5735
335
31
4554
78
82
3854
2254
112%
25
108
6
3634
82
Al
8731
87
58
5834
86
8934
7731 7831
8
73.4
77
7754
5031 5131
90
90
3135 33
135 13-5
15
16
37
37
25
2535
12
10
1035 1035
85
85
3
3
160 165
87
85
3731 38
1731 19
if
%
13434 13531
534 554
634 735
108 110
59
59
2831 3034
87
86
11734 11934
21
21
103 10331
634 9%
534 6
26
2635
83
82
6731 6735
4
4
1334 1531
4831 4931
81
81
8531 8634
34
34
131 2
41
43
25
25
91
91
5
594
33,4 334
973.4 9834
3231 3331
1531 1731
52
53
8831 8834
98
99
122 122
32
3331
231 334
9534 953.4
13.4 134
1934
19
2131 2131
10131 102
10154102
9231 93
285 290
100 10031
3035 3135
1634 1674
3335
33
48
4834
7631 8131
10231 103%
19
1931
4435 45
5631 5831
335 33-1
3254
31
3231 33
80
80
4531 46
155 155
78
79
90
90
82
85
10431 105
3631 37
2134 2231
11231 11231
2431 26%
10734 109
63(
6
3535 37
80
85
'MIL
AO I"
Range sine elan. 1.
Low.
80
195
327
1,130
243
10
1,787
460
1,515
780
320
3
690
750
140
60
25
205
140
50
200
25
2,287
6,704
5,175
225
190
3,820
260
150
250
115
1,446
460
106
135
50
30
12.505
155
25
31
25
5,125
440
6
5
700
25
83
240
705
1,455
795
814
125
335
2,975
10
750
595
5,955
152
150
195
90
135
555
1,310
1,680
1,050
37,560
982
3,100
645
12.080
70
715
470
115
160
10
25
40
290
90
1,235
150
58
2,565
500
830
23,120
11.280
8574
58
86
7731
6
77
5031
88
3135
13i
14
36
25
10
9
85
3
150
85
37
1754
35
129
534
634
108
5831
28
65
11734
1834
102
531
26
8034
6531
4
1331
4834
81
84
34
1
41
25
91
435
3
0735
3231
1531
43
S335
94
122
32
234
95
I%
19
2134
9931
100
9234
270
9934
3031
1635
3031
47
7631
10131
19
44
565
%
3
31
3254
80
4531
135
78
87
79
10254
3531
2035
11031
2494
10731
6
3535
7735
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Feb
Jan
Mar
Mar
Mar
Ma
Feb
Ma
Mar
Jan
Ma
Ma
Jan
Ma
Jan
Mar
Ma
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Ma
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Feb
Mar
Feb
Mar
Feb
IA OAA
•
KAI,
'Dash
634
High.
, , 1. .
;
1
,
RX I.,.1.).
,
4731
34
2331
80
80
29%
113
40
34
5954
33
44
90
57%
24%
38
4734
831
53
331
0631
6831
30
40
23
5934
78
85
43%
39
64%
55%
8
39%
66%
Low.
29%
3
29%
35
60
9
33
53%
32
95
31
1%
39
58%
55%
8
38
62%
,,
Alliance Insurance
10
American Elec Pow Co_ _50
100
Preferred
American Gas of NJ.. _100
•
American Stores
100
Brill (J G) Co
Cambria Iron
50
50
Catawlssa
•
Congoleum Co Inc
Consol Traction of N J-100
100
Eisenlohr (Otto)
Preferred
100
Electric Storage Batt'y_100
•
Erie Lighting Co
100
General Asphalt
8
General Refractories
Giant Portland Cement_50
Insurance Co of N A- _ -10
.
Lake Superior Corp--.100
50
Lehigh Navigation
50
Lehigh Valley
Warrants w 1
Lehigh Val Transit prof _50
10
Lit Brothers
Penn Cent Light dr Pow_ •
North Pennsylvania-- -.50
Pennsylvania Salt Mfg_ _50
50
Pennsylvania RR
Range since Jan. 1.
39
64%
5535
3031 7.509
331 13,943
30%
752
35%
927
60%
255
1031
50
3335
200
5535
40
32
187
95
30
lii
1,540
1%
22
3935
983
65% 1,482
5631 1,475
8
370
40
387
6635
6
{.0,N.,,11.4.'W.
,
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange Mar. 22 to Mar. 28, both
inclusive, compiled from official sales lists:
29%
3
29%
35
60
10%
3335
53%
32
95
34
229.8m13450124.2:25gg25g55NggIgggg5tu:5,1NtNtVe4raZU 2=lagls2a22aNzilisaaFsreitxxiiaau 2;
P.X.sm.v.,N.,Wm.Ammn
37 80
70 88
436 46
50 3934
90 53
10 36
20 26
450
4
20 99
18 10934
444 26
167 2434
508 2431
346 2108
49 z10431
74 11554
347 7134
4,884
.02
843 8634
855 88
10 7834
2 4534
40 . 2634
168 18
135 87
130 2334
110 22
8 76
49 65
2931
335
30%
35%
60
10%
.1...,WX...,2m4,X.D.240-1.,X
80
80
80
88
z88
88
4831 4835 4935
403.4 4031
6035 6035
39
39
2634 2635 2634
4
431
4
100
99 100
111 11154
26
26
2734
2431 2431
2531 2531 253.4
11235 11334
113
107 10734
117
117 117
7131 7131 72
.02 .20
92
93
106
104 106
79
79
7931
4835 4635
2834 2634
22
2234
89
87
2431 2431 2434
22
2234
7974 80
65
65
Phila Electric of Pa
25
Warrants w
•
Preferred
25
Phila. Rapid Transit_ _ _ _50
Philadelphia Traction. _ 50
Phila & Western
50
Preferred
50
Reading Company
50
Warrants w
Scott Paper Co pref
_100
Tono-Belmont Devel__ _1
1
Tonopah Mining
50
Union Traction
United Gas lmpt
so
Preferred
so
Warwick Iron & Steel_ _ _10
West Jersey & Sea Shore.50
Westmoreland Coal
50
Range since Jan. 1.
allx x:vxx.s.r
X X M XX
XX
XXX
_,..XXX
XXX X XX x=e
X XXX X
x x x :1
XX
x
-?-',7,1g-4==4"2241v:rongggrAr.cogn""42282,1*=""ng.MgVVIATEMST824,482,22.4=10WSV384n22:!° .
$221, .
1
.
. .. M
.
. - .. ". 1 ".
. .
Alabama Co, 1st pref_ _100
Armstrong-Cator, pref _ _ _•
Arundel Sand & Gravel 100
Bali Electric, pre
so
Baltimore Tube, pref..100
Benesch (I), comm on_ _ _.•
Preferred
25
Central Teresa Bug, pfd_10
Century Trust Co
50
Ches & Pot Tel of Balt _160
Commercial Credit
•
Preferred
25
Preferred 13
25
Consol Gas EL & Pow_100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _100
Rights w 1
Eastern Rolling Mill
•
100
8% Preferred
Fidelity & Deposit
50
Finance Co of America _ 25
.
Preferred
25
Finance & Guar, prat_ _25
Houston Oil old tr etfs_100
Mfrs Finance, 1st pref_ _25
2d preferred
25
Maryland Casualty Co_25
Maryland Motor Insur_ _50
Mt V-W'dberry Mills
Preferred v t r
100
New Amst'd'm Cas Co_100
Northern Central
50
Penn Wat & Power_ _...100
Pitts 011 preferred
10
Silica Of I Corp v t com_•
United fly & Electric_ _ _50
U S Fidelity & Guar_ _50
.
Wash Bali & Annap_
50
Preferred
50
Range since Jan. 1.
Friday
Sales
Last Week's Range for
ofPrices.
Sala
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
1512
Friday
Last Week's Range Sales
Sale
of Prizes.
for
Price. Low. High. Week.
Bonds
Armour & Co of Delaware
20
-year gold 535s_..1943
Chicago City Ry 5s_ _1927
Chic Cy& Con Rys 55_1927
Chicago Railways 55..1927
1927
4s,Series"B"
Commonw Edison 55_ _1943
III Bell Tel 1st mtge ref 55,
Series "A"
1956
Jrsey Cent P & L 6301926
Metr W Side El 1st 45_1938
Extension gold 4s_..1938
Northwestern Elev 5t.1941
Swift & Co 1st s f g 5s 1944
Yellow Cab Mfg Co
Accept 6%s, WI a_ A934
Range since Jan. 1.
Low.
High.
77%
9933
90
76
52
77
42
98%
90
$1,000
76% 14,000
53
5,000
77% 8,000
42
.3,0)0
1,000
98%
89% Feb
Jan
74
51% Jan
74% Jan
Jan
42
Jan
95
94%
9833
63
6333
74
9635
90
94%
5.000
9834. 3,000
65% 28,000
63% 12,000
74
1,000
97
15,000
94%
98%
61
58
71
95%
993( 99% 78,000
92
Jan
Jan
79
55% Jan
79% Jan
Jan
45
Mar
99
Mar
Mar
Mar
Jan
Jan
Jan
94%
98%
65%
63%
75
9731
Mar
Mar
Mar
Mar
Jan
Feb
994 Feb
9934
Jan
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Mar. 22 to Mar. 28, both inclusive, compiled from official sales lists:
Stocks--
Friday
Sales
Last Week's Range for
Week.
Sate
of Prices.
Par. Price. Low. High. Shares.
Am Vitrified Prod, com_50
Am Wind Glass Mach_ _100
100 95
Preferred
Am Wind Glass Co, p1.100
533
Arkansas Nat Gas. com_10
24
Carnegie Lead & Zinc_._ _5
100
Colonial Trust Co
Com'wealth Trust Co_ _100
Duquesne I light 7% pref.
Indep Brewing, pref. .50
__
Jones
-Laughlin Steel, pf100 "
25
Lone Star Gas
50 53
Mfrs Light & Feat
933
Nat Fireproofing. corn 50
50 23%
Preferred
1
Ohio Fuel Oil
25 324
Ohio Fuel Supply
Oklahoma Natural Gas_ _25 24
Pittsburgh Brew, pref _ _50
Pittsburgh Coal, com_ _100
100
Preferred
Pittsburgh Malleable Iron_
Pittsb & Mt Shasta Cop..]
5
Pittsburg/IOU& Gas
Pittsburgh Plate 0%55_100 250
8
Salt Creek Consol OIL _ _10
3tandard Plate Glass- •
•
Preferred
Itandard San Mfg,corn 100
25 2835
Union Natural Gas
Piest'house Air Brake_ _50
59%
Vhouse El & Mfg,corn_ I
1l.‘
Range since Jan. 1.
Low.
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Feb
Mar
Mar
10
100 10
10
92
250 90
91
20 94
95
95
21 108
108 108
54
5% 5% 1,170
233 2%
325
23.3
5 190
194 194
10 175
175% 17533
102 10233
20 102
7
7
50
7
45 104
nog 1104
27
160 26%
27
435 52%
52% 534
150
735
94 934
23
23% 1,155 20%
100 1235
12% 13%
32% 32% 1,611 3133
1,215 22%
24
25
94
433
633 633
61
61
10 61
99%
204 94%
99
43 90
93
93
Sc
Sc
70 11,500
8
8
25
8
410 209
250 255
8
992
8
8%
334
640 25
33
91
90
35 90
994 nog
203 984
640 24%
28% 29
740 84
914 92%
55 58%
59% 60%
114 154
1 104
154
High.
13
96%
96%
112
7
433
195
175%
106%
8
110%
28%
84%
9%
2435
1533
33%
2533
7%
63
994
93
lie
94
265
10%
39
93
110
294
96%
65
15%
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Mar
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Feb
Mar
Jan
Feb
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Mar
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Mar. 22 to Mar. 28, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Nat Bank of Commerce_ - 141
TJnIted Railways preferred.
Brown Shoe preferred
Certain-teed Prod 1st pref.
Second preferred
Chicago Ry Equip common
Emerson Electric preferred
Ely ar Walker Dry Gds corn 22
First preferred
Second preferred
Fred Medart Mfg preferred
Fulton Iron Works common
Hydraulic Press Brick corn.
6734
Preferred
Indiahoma Refining Co_ _ -----International Shoe common
Preferred
Laclede Gas Light prof.. -----Laclede Steel Co
16
McQuay-Norris
Missouri Portland Cement_
National Candy 1st pref.-- -----Southwestern Bell Tel pref.
Wagner Electric common.. -----Wagner Electric Corp prof.
Johnson Stephen Shoe.... 5133
Bonds
Alton Granite & St L Tr 58_ 63
80
Cass Ave & F G Ry 65_
65
United Railways 45
Certificates of deposit...
Independent Breweries 68_
Wagner Electric Mfg 75-- -----Laclede Gas 55
9234
5145
141 141
11
11
9135 91%
7533
75
70
70
45
45
94
9533
22
22
101 101
82
82
102 1024
35%
35
433 433
67% 6733
1
1
76% 76%
11634 1164
7235 7233
102% 102%
16
16
1094 110
10634 10634
103 104
31
30
82
82
51% 5735
63
80
64311
64%
40
99%
93
9233
Range since Jan. 1.
Low.
High.
2 141
935
40
5 90%
15 75
10 69
6 35
200 92
210 22
2 101
82
40 100
50 34
1
435
280 6133
1
100
225 7635
15 115%
6 704
35 100
100 16
101 99
33 105
93 103
215 2935
60 81
255 35
Mar
Mar
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Feb
Feb
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Jan
147
11
92%
80
72%
45%
9535
24
103
83
102%
35%
6
6933
2
7934
118
74
125
16
11035
10833
105
34%
84
5733
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Mar
Feb
Mar
Jan
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Mar
Jan
Mar
Mar
61
7733
61
61
40
98%
93
9214
Jan
Feb
Mar
Mar
Mar
Jan
Mar
Mar
63
81%
65%
64%
45
994
93
92%
Mar
Mar
Jan
Mar
Feb
Feb
Mar
Mar
$5,000
63
804 13,000
65% 17.000
6433 4,000
2,000
40
9933 5.000
5,000
93
9235 2,000
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Mar. 22 to
Mar. 28, 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.
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices
Par. Price. Low. High. Shares.
Week ending March 28.
Stocks-
Indus. & Miscellaneous.
2% 3
Acme Coal Mining
_100
50% 504
Amalgam Leather pref.
97
97%
Amer Cotton Fab. pref-100
65
63
60
Amer Gas & Elec. corn...
9% 10
American
-Hawn SS_ _10 10
131 135%
Amer Lt & Trac, eom__100 132
92
100
92
Preferred
2414 2433
American Multigraph_ ___•
4
4
American Thread, pref.-A
21
22%
Areher-DanieLs-Md CO__ -• 21
•
1%
I% 1%
Atlantic Fruit
•No par value.
Range since Jan. 1.
Low.
[VoL. 118..
ITRON I C1,14
:
T TE
High.
Jan
1% Jan
800
100 5033 Mar 6033 Jan
Jan 98
Mar
1,100 95
Mar
1,800 43% Jan 65
Mar 14
Jan
200
3,070 11834 Jan 1354 Mar
35 91
Mar 93
Jan
Mar
Jan 25
100 21
34 Feb
433 Jan
100
Mar 26% Feb
200 21
1.600
1% Jan
233 Feb
Friday
Sales
Last Week's Range for
of Prices
Sate
Week.
Stocks (Concluded) Par. Price. Low, High. Shares.
Range since Jan. 1.
- Low.
Bassick-AlemIte Corp
32% 32% 3233
100 3234 Mar 3234 Mar
Blyn Shoes,Inc., corn_ _10
933 Feb 1335 Feb
10% 11
200
Borden & Co,common_100
Jan
120 117% Mar 126
11835 120%
Bridgeport Machine Co..
•
8% Mar 1233 Mar
8% 124 3,100
935
Brit-Amer Tob ord hear.fl 21% 21% 2134
400 2034 Jan 224 Feb
Ordinary registered__ _£1
2133 2133
300 214 Feb 2233 Feb
Brooklyn city RR
10
Jan
200 1033 Jan 14
11% 12
115,
Candy Products Corp_ .2
1 114 Feb
37.420
234 Feb .
134 2
Car Ltg &,Power
25
133 Mar
233 Jan
1% 1%
200
4
Cent Teresa Sug prof... _10
Jan
44 Mar
4
4
100
Centrifugal Cast Iron Pipe 28% 284 29% 1,100 2
634 Feb 314 Jan
Charcoal Iron of Amer_ _10
2
Jan
70c 70c
200 70c Mar
Jan
Childs Co. new stock__ • 35
Mar 37
35
36
600 35
Mits. Service, coin_...100 144
Jan 155
144 146
Feb
1,140 142
100 72% 72% 72% 5.900 6734 Jan 73 1 Mar
Preferred
4
10
64 Jan
Preferred B
6% Mar
6% 6% 1,120
Stock scrip
Jan 98
Feb
88
88
90
23.000 77
('ash scrip
Mar 74
Jan
71
71
71
6,000 71
• 1433 144 1433 1,500 1434 Mar 16
Bankers' shares
Jan
Cleve Automobile, com •
1934 1933
100 1933 Mar 234 Jan
Colorado Power, com_ -100 33% 32% 3411
825 2234 Feb 344 Mar
Commercial Invest Tr__ .* 33
3233 33
400 324 Mar 3734 Feb
Com'wealth Pr Corp, corn
Feb 72
Mar
704 72
195 56
Com'w'th Pr Ry & G pf 100
Feb 75
Mar
75
75
20 73
Continental Tobacco.- _• 234 2334 2335 1.100 22% Feb 2634 Jan
Cuba Company
3733 3733 40
2,100 3534 Jan 4033 Feb
Mar 93% Jan
Del Lack & West Coal_ _50
92
125 90
93
Doehler Die Casting w
Mar 224 Mar
22
22
22% 3.300 22
Dubiller Condenser & Rad• 29% 26
Mar
30
22.600 1034 Jan 32
Dunhill International... •
Feb 28% Jan
25
25% 1,500 25
•
Du Pont Motors, Inc
1
Mar
3% Jan
1% 2,500
1
I
• 20% • 204 24
Durant Motors. Inc
6,800 184 Mar 3634 Jan
Eastern Steel Cast, com • 14
Mar 1535 Jan
14
100 14
14
Jan 100
Mar
Elec Bond & Sh,• pref _100 99
99
99%
190 97
mar 1234 Mar
Electric Ry Securities
1235 1233
10 11
Fairbanks Mores & Cow I. 27% 274 28
Mar
700 2733 Mar 28
Machine.•
6
Mar
64 Jan
Film Inspection
6
6
100
6
Jan 482' Feb
Ford Motor of Canada_100
460 4e0
10 423
Gillette Safety Razor--• 273
Jan
2704 273%
500 269% Mar 280
• 86% 8533 874 2,900 7633 Jan 8836 Jan
Glen Alden Coal
Goodyear Tire & R,com100 10
833 Jan 11% Jan
10
1033 4,100
Stores- • sox 42
mar
Feb 51
Grand 5-10-25c.
51
3,000 35
14 Jan
Griffith(D W)Class A. _•
2% Mar
100
235 235
4
Mar
433 Mar
Havana Tob pf cris of dep.
200
435 4%
• 15% 14% 17
Feb 174 Mar
Hazeltine Corp. w I
7,700 13
•
134 Jan
214 Jan
Hayden Chemical
500
133 I%
100 21% 2034 224 4,500 1734 Feb 22% Mar
Hudson Cos, prof
94 Mar 13% Mar
Hudson & Manh.com_ -100 1233 12
13% 7,600
100
Mar
Preferred
49
400 4733 Mar 52
52
-•
5
Mar
Industrial Fibre Corp
5
5
Mar
5
5
100
Jan 154 Jan
Imperial Tob of GB & I_ £1
15
100 15
15
3
Intercontinental Rubb_100
Mar
5
Feb
300
334
3
Internat Concrete Indus-10 11% 1133 11%
700 1134 Mar 124 Jan
Jordan Motor Car
26% 274 1.200 26% Mar 3134 Mar
• 52% 52
Jan 53% Mar
Kresge Dept Stores, com.
2.200 41
53
100
Feb 9934 Mar
Preferred
973( 99% 1,200 90
Landover Hold Corp "A" 1
Feb
Mar 13
10
250 10
1034
Jan 494 Mar
Lehigh Power Securities-.• 48% 47
4933 3,500 33
Lehigh Val Coal Sales_ _50 7633 7613 79
200 7633 Mar 8916 Feb
Leh Vail Coal Ws, new, w I 3013 3033 314 1,f00 3033 Mar 35% ran
4% Mar
6
Libby McNeill & LIbby_10
Jan
43( 44
100
Mar 7234 Feb
McCrory Stores class B..*
100 68
68
68
Mar 68
Mar
Merck de Co pref
68
68
100 68
Jan
Mercurbank(Vienna)Amsh
124 124
200 1231 Mar 14
•
533 mar
834 Jan
Mesabi Iron Co
6
6
6
1.100
Jan 2534 Mar
Midvale Co
2213 2413 1,100 18
Feb 2234 Mar
30 19
2233 2213
Miss River Pow com_..100
10
2% Mar
433 Jan
National Leather
2% 34 1.700
Mar ,
470 8334 Mar 97
Nat Power & Light corn- •
96% 97
3% Jan
og Mar
13,900
8%
New Mex & Ariz Land--.1
8% 9
Mar 112
Jan
350 109
N Y Telep 64% prof..100 109% 10934 1094
Feb
15% 1533
Paige Detroit Motor Car.10
200 1534 Mar 18
• 2933 274 30% 7,600 2434 Feb 304 Mar
Park & Tliford. Inc
Mar 2634 Jan
19
100 19
Peerless Truck & Motor-50
19
10 1135 10% 11%
900 10% Mar 13% Feb
Pyrene Mfg
314 Feb
433 Jan
433
•
4
433 10.100
Radio Corp of Amer.e0m5
4
Jan
434 Jan
433
4Itt 433 12.600
Preferred
• 2033 2033 21
300 2034 Mar 2134 Mar
New A common
10 164 1634 16% 2,500 1634 Mar 1834 Jan
Reo Motor Car
5
14 Jan
650 65c
400 65o Mar
Repaid, Inc
Feb 50
Jan
4815 4833
100 48
Rosenb Grain Corp pref _50
Typewriter
400 1533 Mar 154 Mar
Royal
1534 15% 15%
•
Mar 24
Jan
22
Shelton Looms, corn
200 22
22
Jan
26
Silica Gel Corp corn v t c_• 26
2,600 2033 Feb 35
27
Jan 148
Jan '
132 132
Singer Manufacturing-100 132
10 125
8e Mar 170
Jan
8c 10c 25,000
Southern Coal & Iron_ _5 be
233 Jan
2% Mar
Standard Motor Constr_10
23( 233
500
Mar 3834 Feb
33
Standard Plate Glass- 200 33
33%
834 Mar 1534 Jan
8% 94 1,500
9
Stutz Motor Car
100
Jan 105
Feb
60 101
103 103
Swift & Co
15 18% 184 19
Jan
Swift International
200 18% Mar 22
2934 Mar
Tenn Elm. Power. com--* 274 27
500 1734 Jan
283(
• 56% 56% 58
Mar
Second preferred
200 4933 Jan 58
394 Feb
54 Feb
4
4
413 3,200
Tob Prod Exports Corp--•
• 50
Jan
325 4316 Jan 55
48
Todd Shipyards Corp-- 5034
58
Union Carbide & Carbon.*
400 5733 Mar 6333 Feb
5835
Feb 62
Jan
300 43
464 464
Unit Bakeries Corp, com-•
100
Jan 89
Jan
Preferred
200 85
86
86
635 Mar
733 Feb
300
United Profit Sharing...-I
6% 634
54 Jan
Mar
4
431
44 433 1,000
Unit Retail Stores Candy.
Feb 36% Feb
300 35
United Shoe Mach,com _25 35% 35
353(
900 184 Jan 2434 Feb
22%
US Cities Corp, Class A _10 22% 21
Jan 2934 Mar
25
200 18
US DIstrib Corn corn'....
2534
733 Feb
11
Feb
100
8
8
U S Food Prod v t c WI.. _
600 700 Mar
82c 85c
134 Jan
US Light & Heat,com_10 82c
10
134 Mar
160
Preferred
13'( Jan
14 14
Mar 23
Jan
500 21
Wanner Mall Cast el A_ - -• 2233 21
22%
1,900 1433 Mar 224 Jan
Ward Corp Corn el B w1.5 1433 1433 15%
Feb
100 7934 Jan 85
7% preferred, w --10
0 804 80
804
5
Jan
300 50c Mar 930
52c 52e
Wayne Coal
Mar 61
Mar
59
500 69
W'house El & M,new,w150 59
59%
Mar 3933 Jan
32% 3,500 29
Vol Taxi Corp. N Y,new _• 323( 29
Former Standard Oil
Subsidiaries
Anglo-American OIL._ -£1
Borne Scrymser Co__ - _100 230
50 70
Buckeye Pipe Line
100
Chesebrough Mfg
25 52
New stock
25 44
Continental Oil
Cumberland Plpe Line_100 125
100 98
Eureka Pipe Line
Galena-Signal Oil com-100 59
Humble Oil& Refining-25 40%
100
Illinois Pipe Line
Imperial Oil (Can) coup-25 104%
50
Indiana Pipe Line
.100 13531
Magnolia Petroleum..
National Transit___12.50
New York Transit---100 80
Northern Pipe Line--.100 100
25 69
Ohio oil
25
Penn Mex Fuel
100 z235
Prarie 011 & Gas
100
Prairie Pine Line
100 19533
Solar Refining
100 15433
South Penn 011
Southern Pipe Line__ .100
So West Pa Pipe Line6-100
1,500 154
16% 17
20 155
230 231
275 70
70
70%
405 410
'50 238
51
52% 3,200 51
44
46
500 43
315 1104
125 129
30 1)5
98
98
59
75 59
61
404 414 6,700 35%
30 136
14034 143
10433 111
1,990 10433
90 88
93
94
250 13534
1354 14233
200 21%
223( 2233
ao 78
80
8433
70 94
100 101
6833 704 3,400 6633
200 34
36
36
233 242
11,170 220
1,320 100
1034 107
60 183
19514 200
465 151
15.434 159
92% 93%
150 9034
84
10 80
84
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jun
Mar
Feb
Mar
Mar
Feb
Jan
Fen
Feb
Fen
Feb
Jan
Feb
Feb
Feb
18
265
85%
430
5233
54%
144
105
6934
43%
161
119
WO
162
2734
97
10733
71fr3
43
269
ill
230
171
100
89
Feb
Mar
Jan
Feb
Mar
Jan
Feb
Jan
.1an
Mar
Jan
Jan
„
Jp n
r""
Jan
Jell
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1513
THE CHRONICLE
MAR. 29 1924.)
Sales
Friday
Last Week's Range for
Former Standard 011
ofPrices.
Week.
Sale
Subsidiaries.
(Concluded) Par. Price. Low. High Shares.
Range since Jan. 1.
Low.
High.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Mining (Concluded) Par. Price. Low. High. Shares.
Feb 6834 Jan
Standard Oil (Indiana)_.25 61
6034 62% 70,900 59
5,230 41% Mar 503.4 Jan
Standard Oil (Kansas)_ _25 4134 4134 43
Jan
25 108% Ng% 11034 3,500 106% Feb 120
Standard 011(Ky)
Jan 256% Jae
235 241
Standard (MI (Neb)_ _ _ _100 235
335 199
Jan
Standard 011 of N Y.....25 4134 41% 43% 9,800 42% Mar 48
Feb 335
Jan
322 325
70 305
Stand Oil (Ohio) corn._100 322
Jan
Jan 81
100 53% 5334 59
270 36
Swan & Finch
2
Vacuum Oil
6334 6234 6434 21.300 fig% Jan acim Feb
Jan 29
Feb
10
28
20 25
28
Washington Oil
Unity Gold Mines
Walker Mining
Wenden Copper Mining_ _ _
Western Utah Copper..
Wettlaufer-Lorraine Sll MI
White Caps Mining Cc__ _ _
Wilbert Mining
1
5
Yukon Gold Co
Other Oil Stocks
Arkansas Nat Gas corn_ _10
Atlantic Lobos Oil, pref.
Carib Syndicate
Creole Syndicate
5
Relic corn--•
Derby 011
Engineers Petroleum Co 1
6
Federal 011
Gen Petrol'm Corp com_25
10
Granada 011 Corp
25
Gulf Oil Corp of Pa
Gulf States 011 & Ref__ _5
Hudson 011
1
International Petroleum •
•
Kirby Petroleum
Logo Petroleum Corp_ _ _•
Latin-Amer 011
Livingston Petroleum_
Ivlarland Oil of Mexico...1
1
Mexican Pantie° Oil
Mexico 011 Corporation_ 10
Mountain Producers__ -10
Mutual Oil vet trust cilis.5
•
National Fuel Gas
5
New Bradford 011
25
New York Oil
Noble(Chas F)O&G.com_l
Northwest 011
1
1
Ohio Ranger
10
Omar Oil if Gas
Peer Oh Corporation__ •
Pennsylvania Beaver 011_1
10
Pennok 011
25
Red Bank 011
Royal Can 011 Syndicate_•
Ryan Comm'Petrol
_10
Salt Creek Cons Oil
Salt Creek Producers__ _10
5
Sapulpa Refining
5
Savoy Oil
5
Seaboard Oil& Gas
-Osage 011
•
Tidal
Non-voting stock
Western States Oil& Gas_l
Wilcox Oil di Gas
•
Woodburn 011 Corp
"Y"011 & Gas
Bonds
Allied Pack 85 Ser B..1939
Convertible deb 6s._1939
Aluminum Co of Am 75.'33
1925
7s
Amer Cotton 011 65 _ _1924
Amer G & E deb 6s_ _ _2014
Amer light & Trac 65_1925
Amer Rolling Mill 68_1938
Am Sumatra Tob 7345 1925
American Thread 65_ _1928
Anaconda Cop Min 65_1929
Anglo-Amer 011 794s.1925
Antilla Sugar 73.4s A _ _1939
Assoc Simmons Hardw1933
6345
Atlantic Fruit 8s w I
AU Gulf & WISS L 55 1959
Beaver Board Co 8e_ _1933
Beige Can'n Paper 6E3_1943
Beth Steel equip 75_..1935
Boston & Maine RR 651933
Canadian Nat Rys 75_1935
1925
55
Charcoal Iron of Am 85-'31
Chic Milw & St Paul Ry1925
Franc 4s
Chic R I & Pac 53411_ -1926
Cities Service 75 Ser B 1966
1966
7s Series C
1966
75 Series D
1966
7s Series E
Clev Un Term 55 B w 1.1973
Columbia Grapnel)88_1928
NY Tr Co panic certifs.
Cons GE L&P Balt Os'49
1931
75
1952
594s
1941
Consol Textile 8s
Cont Pap & Bag M 634a'44
Cuban Telephone 7%s 1941
Cudahy Pack deb 5%s 1937
1931
Deere & Co 7348
Detroit City Gas 66_1947
Detroit Edison 135_ ..1932
DunlopT&R of Am 75_1942
Duquesne Light 5345 _1949
1933
Federal Sugar 68
1925
FmsherBOdYOR
1926
65
1927
65
1928
6s
Galr (Robert) Co 75-1937
Galena-Signal Oil 75-1930
General Asphalt 8*.. -1930
General Petroleum 65_1928
Grand Trunk Ry 630_1936
1937
Gulf 011of Pa 50
1926
Serial deb 5345
1936
Hood Rubber 7s
1 nternat Match 6%s_ -1943
Kan City Term Ry 5345'26
Kennecott Copper 75_1930
Lehigh Power Secur (is 1927
Lehigh Val HarbTerm 5554
Libby,McNelll&Libby75
'31
Liggett Winchester 7s 1942
Manitoba Power 75_ _1941
1940
Market St ItY 78
M St P & S M 5%s._1949
Morris & Co 7%5_. _ _ _1930
New Orl Pub Fiery 55..1952
Nor States Pow 6%s w I 33
1952
Ohio Power 55
1936
Park & Tilford 65
Penn Pow & Light 55 B_'52
Phlla Electric 5345- -1953
1947
534s
1941
68
Phillips Petrol 7 345._ _1931
Without warrants
Public Service Corp 75 1941
Pure OD Co 6945
1933
Shaamheen Mills 78_ ..193b
Sloss Sheffield 9& 1 65 1929
1927
Solvay & Cie 81
South Calif Edison 55_1944
Stand Oil of NY 6345_1933
7% serial gold deb_ -1925
7% serial gold deb-1926
7% serial gold deb_ _1928
7% serial gold deb _1929
7% serial gold deb_ -1930
7% aerial gold deb_ _1931
Sun Co 75,.,1931
Superior 011 Corp 75_ _1929
With warrants
Swift & Co 55__Oct 15 1932
Tidal-Osage Oil 7s_ _1931
Union El L&Pof 1115%5'54
Union 011 65, Ser B _ _1925
United 011 Produc 8s_ _1931
Unit Rya of Havana 7 345'36
US Food Products 75_1930
1938
Vacuum 011 7s
Valvoline 011 Os
1937
Virginian Ry 55 Ser A 1962
websterfvf111564.4,notes'33
Western Electric 13*.. _1944
400
100
2,000
52.600
200
39,000
5,000
414
1,500
100
59%
2,100
400
4e
24,000
1834
17.700
700
3%
31,200
80c
2,800
85c
5,900
334
700
2,100
15c
10,000
1734
4,800
32,000
11%
110
5
1,100
12
400
1,000
.
7c
1,000
14,000
60e
3,200
1.000
47e '45c
13,000
14
14
4.500
1831
1834
5,200
3,100
609
8%
600
22% 22
6,800
1%
134
600
1%
200
1
lila
21,000
12%
12
200
10% 11
200
220 24c 19,000
6% 734 8,000
50e 50c
800
lie
be
10c 12,000
5%
931
4%
334
6%
3c
534
931
4%
3%
6%
3e
25e
4134
50c
5834
1
40
1834
134
2%
80e
81c
, 334
86c
15e
17%
11
8714
5
12
10c
7c
20
58c
534
934
434
4%
7
50
27c
4231
50c
60%
14
Sc
19%
134
331
850
13.4
334
940
150
1834
11%
8734
53.4
1234
10e
7c
2c
72c
234
48c
14%
20
3%
434
834
22%
134
2
5%
9%
454
2%
034
3c
25c
3834
50e
58
80c
Sc
1834
14
234
780
60c
3
700
120
16
11
85
434
9%
7c
6c
lc
55c
1%
45c
12%
5%
3%
3%
8
1954
82e
134
68e
8
934
160
5%
50c
7rt
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Mar
Jan
.lan
Jan
Mar
Mar
Jan
Mar
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Jan
7
15
6%
434
8
Sc
600
46
75e
65
254
7c
2234
2%
434
III.
14
4%
95c
300
1934
13%
87%
6%
14
160
9c
2e
80c
6
62c
1534
20
434
5%
1034
23%
2%
334
2
16
14
30c
8%
50c
14c
Jan
Jan
Jan
Mar
Jan
'Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Mining Stocks
Feb 77c Mar
Alamo Gold Mining
76c
730 77c
6.200 69e
Feb
Alaska-Brit Col Metals Co_
25c
25c 300
3,000 20c Mar 40c
134 Feb
American Exploration_
70c 80e
700 250 Mar
12e
Jan
Sc
Arizona Globe Cornier---1
Sc
Sc
Sc Mar
9,000
Jan 55c Mar
55e
50c 55c
Black Oak Mines Co
7,500 37c
Jan
10c 17c 10,000 10c Mar 55e
Butte & Western Mhaing _1
Feb
I% 1%
134 Mar
5
1
Calaveras Copper
200
Jan
Sc
80
1,000
Calumet & Jerome Copp_l
7c Feb 10c
Jan
234 Mar
10
211. 234 6,300
2
Canario Copper
231
Jan
Feb
le
Sc
1
lc
lc
le
18,000
Candalarla Silver
134 Mar
Central Amer Mines, Ine.1
100 870 Jan
134 11
Jan 210
Jan
190 200
Comstock Tunnel
2,000 18c
3314 Feb
2114 2% 2,700
134 Jan
Consol Copper Mines... 1
234
Feb
8c
Sc Mar
60
6e
Consol Nevada-Utah Corp.
Sc
2,003
3% Feb
234 234
Continental Mines, Ltd..15
200
1% Mar
1 460
44e 47c 79,000 40c Mar 70e Mar
Cortez Silver
434 Jan
4
411. 4,300
4
Cresson Con Gold M & N
3% Jan
Feb ?Sc
Jan
1
Crown Reserve
60c 60e
100 56c
Jell
12e Mar
4e
lie
be 12c 103,500
Diamondf 131 Butte (reorg)
50 Feb
1
Divide Extension
2c
2e Ma
3e
7,000
Jan 70c
Feb
50c 55e
1,400 50c
Dolores Esperanza Corp..2 50c
Ma
1134 Mar
Engineer Gold Mines Ltd.. 1134
7% 113.4 8.800
6
1
Jan
Eureka Croesus
8c
60 Mar 15c
Or 33,000
6c
Goldfield Canso' Mines_10
fic
4c Feb
Jan
Sc
2,000
Se
fan
4e
Goldfield Deep Mines. -50
4c
30 Mar
1.000
7e
10e
Jan
Goldfield Development
7c
Sc Ma
3,000
Jan
1
20c 2Ic
42c
Goldfield Florence
3,000 Ilc Ma
Sc
Jan
Gold Zone Divide
Sc
5,000
Sc Star 12c
1
lc ' lc
Feb
2e 24,000
IC
Jan
5c
Hard Shell Mining
4c
Jan
10e
Sc 11,000
Sc Mar
Harmill Divide
2c
45c 55e
Jan
Hawthorne Mines Inc
82e
5,500 45c Ma
25e
874
834 934 1,600
934 mar
Hecht Mining
8% Jan
40
7c 36,900
le Feb
7c Mar
Hilltop-Nevada Mining_ _1
Hollinger Cons Gold Min-6 11% 1134 12
6,500 114 Mar 1234 Jan
1
234 Ma
Jan
Howe Sound Co
2% 2%
700
3
100 10c
Independence Lead Min..)
9,000 100 Mar 18n Feb
30e 30e
Iron Blossom Con Mining 1
1,000 30c Ma
32c
Jan
Ma
134
134
100
1
2
Jan
Jerome Verde Developm't 1
200 28c 25,000 15e Mar 50c Feb
20e
Jib Consol Mining
Jai
38e 74c 5
75c Mar
Kelly Extension Mining... 42c
4,700 30e
5
134
134
1,000
14 Ma
2% Jan
Kerr Lake
134
17c 170
5
1,000 17c Ma
220
Jan
La Rose Mines
4c
Sc 53,000
4c
2c Ma
7c
Jan
Lone Star Consoildated--1
Sc
7c
Sc Ma
3,000
I le Mar
Mammoth Divide
5
1% 194
700
1% Fe
Mason Valley Mines
1%
134 Jan
14c 15c
Jan
5,300
6c
160 Mar
McKhaley-Darragh-Sav --I 15c
134
134 6,900
134 Mar
134 Feb
Metals Production Co....
7c
7c
2,000
Mizpah Ext of Tenopah _
4c Mar
7c Mar
37c 42c 14,000 25c Mar 450
Jan
Mohican Copper
Sc lbc 14.000
90 Mar 14c
50c
Sc
Feb
National Tin Corp
14e
17c
5,000
Jan
17c
Sc
17c Mar
Nevada Hills
lc
be 20,000
to
lc Feb
1c
Feb
Nevada Silver Horn
600 1534 Jan
1834 Feb
1674
1634 1734
New Cornelia
254 2% 19,000
134 Jan
231
New Dominion Copper__ _5
148 148
40 145% Jan 151% M
100
3
Jan
New Jersey 'line
5
634 3,400
6
634
534 Jun
Nipissing Mines
65c 70e
65
1 67c
9,500 65c Mar si1.3 M ar
Jan
Ohio Copper
65c 67c
5.300 60c Mar 67c Mar
Parmac Porcupine Mlningl 66c
.5 42c
38c 43c 18,000 30e
Jan 43c Mar
Plymouth Lead Mines..
2
Mar
234
900
2
2% Jan
Premier Gold
5 15c
15c 150
3 000 10c Mar 33c Feb
Ray Hercules. Inc
20
20
3,000
lc
Jan
5c
Red Hills Florence
Jan
Jan 48e Feb
31e 350 50,200 21c
36c
Red Warrior
10c 15c 45,000
15c
6c Mar 15e Mar
Reorg Divide Ann Mining_
lc
Sc
1.000
Jan
1
lc
be
2c
Jan
Rex Consol Mining
4c
Sc 25 000
Jan
3c
6c
Jan
Silver Dale Mining
lc
lc
2.000
to
Feb
8e
Jan
Silver Horn M & D
30
3e 15,000
Jan
20
3c Mar
Silver King Div (reorg)--- -----35e 40c
350 Mar 40c Mar
39c
3,00
Silversmith mines
500
Jan
4
334
354 3%
Feb
South Amer Gold & Plat_l
Sc
Sc 25,000
Jan
I. Sc
2c
8c
Feb
Spearhead
140 14c
1,000 10e
Jan
16e
14c
Jan
Standard Sliver & Lead_ _1
1
40e 40c
1.000 40c Mar 51e
Feb
Success Mining
be
be
5,000
lc Mar
2e
Superstition Cons
Jan
1316 154 6,400
1
181. Jan
Jan
Teck-Hughes
Jan
56e 56c
200 50e
175e% Feb
Tonopah Belmont DeveL 1
290 31e
4,100 29c Mar 40c
1
Feb
Tonopah Divide
l Ili
,
2,200
111‘• 134
1% Jan
1
2i. Ian
Tonopah Extension
Me 1,100
113 Feb
‘.
1
134
134 Jan
Tonopah Mining
1,100 50c Feb 80c
50c 56c
Jan
TrinitY
7,100 73e
Jan
84e 88c
.Jan
13
United Eastern Mining-1 87c
Jan
24
2454
700 23% Feb 29
United Verde Extension 50c
Foreign Government
and Municipalities
French 4s 01 1943
Mexican Govt 48
1945
Certificate5 of deposit.
.1s certizs Os deposit
65 10
-year Ser A ctf dep_
Netherlands(Kingd)65B*72
Peru (Republic of) 813_1932
Russian Govt 630-1919
Certificates
1921
5348
Certideates
Switzerland Govt 5Sis 1929
Ext 5% notes
1926
174
liii
30c
21c
2c
65c
1% 2
600
600
3
334
Fp 13,4 4,700
30e 34c 11.000
21e 210
3,000
20
2c 18,000
Sc
Sc
2,000
62c 65c
1,100
723.4 72 34
6234 62%
10634 106%
102%
10034 10034
94
94
105%
9934 9934
78
88
10234 102%
10134 101%
1023.4 10134
98
74 319,000
7,000
63
12,000
107
103% 11,000
1.000
10034
9434 49,000
10534 ' 5.000
5,000
100
884 98,000
10294 1.000
34,000
102
10234 27,000
2,000
98
9134
9134 9134
33
33
Si
50
74
73
92% 93
10334 103% 103%
75
75
75
10794 107% 10734
100 100%
9134 9134 92%
50
73
Range Mee Jan. 1.
Low.
High.
1
2%
1'i.
213c
12e
2c
3e
60o
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Feb
70
6234
105%
10134
100
94
103%
98%
78
101%
101
101%
98
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Mar
Mar
84
70%
10754
10334
100%
95%
106
100
99
10234
10254
10234
9833
Feb
Jan
Jan
Jan
Feb
Feb
Jan.
Jan
'2%
33.4
134
40c
25c
6c
Sc
80e
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Jan
Jan
Mar
Mar
Mar 93% Feb
37,000 89
Mar
Mar 38
1.000 33
Feb
Jan 53
87.000 42
Jan 79% Jan
12.000 70
6,000 9234 Feb 9334 Jan
52.000 102% Feb 103% Mar
Mar
Jan 75
3,000 72
31.000 10634 Jan 10834 Jan
3,000 9934 Jan 1003.4 Mar
Feb
5,000 88% Mar 94
68% 362,000 67
67
9934 99% 12.000 9734
7,000 11834
122 124
954 9534 9534 53,000 89
91
9034 91% 12,000 8734
102% 10234 10231 5.000 102%
97% 9734 9734 5,000 9734
Mar 6834 Mar
Jan 9934 Jan
ar
Feb 10 u Mar
22
4
Jan 9534 Mar
Jan 913.4 Mar
Mar
Mar 9754 Mar
10.000
10,000
9,000
8,000
28,000
79.000
1,000
46,000
8.000
26,000
18.000
25,000
23.000
54.000
8,000
16,000
1.000
18,000
11,000
3,000
1,00.1
30,000
13,000
26,000
7,000
17.000
57,000
11,000
29,000
15,000
47,000
29.000
7,000
22,000
34,000
76,000
9,000
42,000
14,000
3,000
3,000
11,000
5.000
5.00(I
1,000
15
1013.4
10534
93
86
9334
10634
8594
100
9934
10234
9134
9994
9734
100
9954
98%
9734
9534
10434
10254
94%
10534
94
100
10094
923.4
10034
103
96
9534
9834
10254
9594
98
)534
9794
8134
98
8434
84
8734
9834
984
10434
Feb 19
Jan 104
Jan 108
Jan 9934
Mar 97
Mar 95
Jan 107
Jan 884
Jan 10134
Jan 101%
Jan 104 34
Jan 94
Mar . 9934
Jan 10034
Mar 101
Jan 101
Jan 10034
Jan 10034
Jan 9934
Jae 10554
Mar 10534
Jan 97
Jan 1063.4
Jan 96
Mar 100%
Jan 102
Jan 94
Jan 10134
Jan 105
Jan 9934
Jan 9834
Jan 101
Jan 10434
Jan 9894
Feb 10094
Mar 88
Jan 10054
Jan 8534
Jan 100
Jan 8854
Feb 8634
Jan 90
Jan 101
Jan 101
Jan 106
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Mar
Feb
Mar
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Feb
Jan
Mar
Jan
Mar
Mar
Feb
Mar
Jan
Feb
Feb
Fat
Jan
Mar
Feb
Mar
Feb
Mar
Feb
Mar
1024 10234 21.000
10534 105% 106% 69,000
9634 9534 9634 144,000
104 104% 34,000
104
99% 100;4 21,000
1,000
104 104
9031 9094 4,000
31,000
10654 10634 107
10134 1013.4 102
11,000
10434 10434 7,000
10534 10534 3.000
106
5,000
106 106 34
106% 107% 4.000
106 107
10.000
102 10231 3,000
101
101
9234
102
97
1054
105
106
10134
Jan 103
Jan 1074
Jan 9634
Jan 10494
1044
0094
JJan
10an4
Jan 91
Jan 10734
Mar 102
05
1064
Jan
Mar 10694
Feb 10754
Mar 109
Jan 10254
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
*Jan
Jan
Feb
Mar
Mar
Feb
Jan
135 136
136
92% '9234 9334
103% 10334
9534 95% 9574
10034 100%
684 69%
107 107 34
8834 88%
10654 106 34 10634
10234 1023.4
94
9434
101% 10154 102
96% 9634
124
91
1013.4
9534
100
65
10534
88
106
10234
92
10(14
953
4
Mar
Jan
Jan
Mar
Jan
Feb
Jun
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Feb
Mar
Jan
Mar
16
17
103% 103% 10354
107% 107%
9934 9934 99%
87
86
87
9334 9334 95
1063.4 100 34
87
8634 86
10054 100 10094
101
10034 10154
10434 10434
9234 9234 93
9954 9934 9934
100
9934 100 34
100 10054
100% 10034 10034
100% 1004 10054
100 100 34
98
9834
10434 104% 105
103
103 103
9634 9631
106
106 10634
9534 9534
1003.4 10054
10154 10134 10134
94
9394 94
10034 10034 101%
10434 104% 10434
9934 9934
98
9734 9834
100% 10094 10054
10434 10434
9754 98
994 9934 100
8534 8534 8634
9974 100
100
85
8494 8594
100
99% 100
87
87
87
86
86
89
89
89
10034 101
10034 10034 101
106 106
6,00
42,000
10,000
20,000
1,000
14,000
14,000
1,000
12,000
10,000
26.000
42,000
15,000
8954
10574
10134
104108%
136
9334
104
9634
10034
7954
107%
89
10734
103
9454
102
96 34
3034 3034 10,000
3234
1154
54
98
1834
15
15%
1534
993.4
953.4
2334 Ma
31
11%
52%
91
98
18
15
1534
1534
9954
9834
2834 Jan 34
Feb
11
55
18
50% Mar 81 31
91 Ma
97% Jan 984
9
Jan 20%
10
Jan 2n%
1198
934 Jan
9% Jan
54
98
Jan 100
97% Jan I 98%
32%
1134
54
91%
98
1834
1634
1534
15%
100
98%
96,000
10.000
14,000
35,000
5,000
24,000
38,000
65,000
2,000
32.000
74,000
3034 Mar
Feb
MarFJ
Jan
Feb
Feb
Feb
Mar
Jan
M2
• No par value. k Correction. m Dollars per 1,000 ire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. a Option sale. w When issued. x Ex-dividend. It Ex-rights. s Ex-stock.
dividend. n Ex stock dividend of 40%.
1514
Xnutstuteut
anti gallium" guttiliffente.
--Grossfrom Railway- -Net from Railway- -Net after Than
1924.
1923.
1923.
1924.
1924.
1923.
$
Erie Railroad
February _ _ 8,719,269 9,316,309 1,459,605
879.596
985,545 1,107,316
From Jan 1_16,984,940 18,968,634 2,386,889 1,616,781 1,685,602 1,001,117
Chicago & Erie
February __ 1.307,611
946,194
538.238
180,248
485,518
110,420
Increase. Decrease.
Third Week of March.
1924.
1923.
From Jan 1_ 2,425,802 1,967,666
217,353
782,250
887,716
316,843
NJ&NYR11$
$
$
$
February _ _
120,028
117,438
16,605
11.245
12.902
7,889
Buffalo Rochester & Pittsburgh
351,115
179,623
530,738
From Jan 1.. 245,445
242,330
28,825
10,907
21,455
4,256 ,
Canadian National
4.671,198 4,167,999 503,199
Canadian Pacific
3,401.000 2,886,000 515,000
Evans Ind & Terre Haute
Duluth South Shore & Atlantic_
125,313
86,442
38,871
February __
31,387
170.201
137,179
67,216
35,620
60.672
Mineral Range
9.872
7,911
1,961
From Jan 1_ 353,403
83,226
113,493
74,760
298,858
124,287
Minneapolis & St Louts
35,665
296.855
332,520
Mobile & Ohio
22,351 Ft Smith & Western
388,015
410,366
February _
118.293
4,246
13,589
-1,798
7.649
119,065
St Louis
-San Francisco
9,960
1,615.206 1,625,166
From Jan 1_ 254,885
-7,269
25,505
5,278
37,265
St Louis Southwestern
98,550
260,861
466.245
564,795
Southern
304,212 Galveston Wharf
3,605,642 3.909,854
96,119
1,297
12,869
February __
106,263
18,272
29,870
Total (10 roads)
14,930.461 14.521,791 1,059,031 650,361
23,559
39,412
From Jan 1_ 224,218
73,422
232,597
57,534
Net increase(2.81%)
408,670
Grand Trunk Western
261,257
179,586
February __ 1,671,042 1,291,600
239,400
330.945
In the following table we also complete our summary for
393,283
From Jan 1_ 3,086,627 2,691,342
513.076
370,396
505,890
the second week of March:
Gulf Mobile & Northern
92,468
67,715
February _ _ 481,192
441,306
176,542
165,058
From Jan 1_ 969,174
948,197
Increase. Decrease.
1923.
Second Week of March.
1924.
Lake Terminal
--7,329
--478
February _ _
79,571
75,379
--981
--7.385
$
13
$
$
--5,253
From Jan 1_
8,448 --32,342
151,009
157,818 --19,533
Previously reported (12 roads).. 15.669,713 15,345,214 324,499
Georgia & Florida
41,900
37,900
4,000
Lehigh Valley
-389,611
Great Northern
1,850,956 2,240,567
757,047 -846.044
February __ 5,839,731 4,708,230
987,285 -636,154
302
Nevada-California-Oregon
4.191
4,493
From Jan 1_11,810,851 9,831,317 1,592,093 -1,263,959 1,127,037 -1,683,051
79,317
Western Maryland
384,029
463,346
Maine Central
231,634 --233,838
February _ 1,801,721 1,406,849
Total (16 roads)
17,950,789 18,091,520 328,499 469,230
Net dfrrease f 7RM)
140.731
282.713 -418,028
From Jan 1_ 3,409,840 2,923,398
Minn St P & S S M
February __ 1,744.997 1,883.602
123,062
109,226 -16.210 -44,907
-The table
Net Earnings Month y to Latest Dates.
378,397
225,092
706,909 -88,898
From Jan 1_ 3,480,907 4,429,856
Wisconsin Central
following shows the gross and net earnings for STEAM
210,989
132,082
217,639
294,986
February _ _ 1,556,527 1.407.432
railroads reported this week:
306,339
486,042
291,821
464,389
From Jan 1_ 2.988,719 2,963,081
_Grossfrom Railway- -Net from Railway- -Net after Taxes
- Mobile & Ohio
1924.
1924.
1923.
1923.
1923.
1924.
268,354
380,810
424,512
505.609
February __ 1,745,652 1,598,272
$
661,545
732,476
831,840
From Jan 1_ 3,364,243 3,505,550
892,401
Akron Canton & Youngstown
70,126 Montour
104,394
83,790
203,917
89,766
February _ 240.119
9.476
21,345
5,965
116,474
12,538
February _ _ 125.508
125,257
151,671
158,523
393.460
185,557
From Jan. 1 446.536
38,570
13,923
54,308
From Jan 1_ 258,725
260,791
26.723
Alabama & Vicksburg
40,825
18,887 Newburgh dr South Shore
42,167
249,308
64,882
February __ 282.834
18,571
10,427
162,020
31,483
February _
171,602
23,807
87,614
47.312
89,483
139,038
564.141
568,217
From Jan 1
8,450
33,266
2,269
From Jan 1_ 325,143
321,843
28,716
Ann Arbor
68,523 -56.826 New York Central
89,899 -34,361
327,322
February _448,632
4,267,823 2,999,505
February _29,920,312 29,294,708
85,633 -42,096
128,319
2,811
773,781
From Jan IT 844,772
8,413.381 7,734,645
From Jan 1_59,655,908 63,890,591
Atlanta & West Point
Central
Michigan
45,217
58,980
68,576
59,545
250,580
223,255
February _
February _ - 7,560.150 6.747,799 2,247,051 1,633.742 1,792,973 1,291,548
72,079
98,599
93.890
118,586
463,931
498,350
From Jan 1
From Jan 1_14.652,819 14,622,371 4,040,660 4,290,384 3,190,843 3,407,900
Atlantic City
-C C C St Louts
&
225,343 -89.215 -36,999 -109.170 -56,574
February __ 227,607
February _ 7,402.398 7,091.158 1.770.727 1.519,398 1,364,185 1,147,087
468,729 -185,930 -112,268 -225.845 -151,428
454.195
From Jan 1
From Jan 1_14,522,547 15,460,970 3,005,514 3,663,029 2,269,420 2,838,288
Baltimore & Ohio
Cincinnati Northern
February _18,497,990 18,692,393 3.165,926 3,757,355 2,301,918 2,931,434
97.082
155,964
118,747
464.375
411.629
183,098
February _ _
From Jan 1 36,947.728 39,249,363 5,736,388 8,696,024 3,994.758 7,043,781
208,435
228,726
251,662
846,801
273,076
From Jan 1. 820,433
B & 0 Chic Terminal
2,327
20,323 --38,151 --23,902 NY NH& Hartfotd262,787
286,127
February _
618,272
February _ _ 9,690,100 9.278,493 1,999,317 1,086,068 1,582,304
75,502 --87,508 --13.145
556,518
-6,552
567,416
From Jan 1
793,082
• From Jan 1_19,711.274 19,190.049 3,852,034 1.646,006 3,019,348
Bangor & Aroostook
Western
225,906
66,691 N Y Susq &
490,118
February __ 706.808
921 -15,196 -28,888
372.994
19.525
February __ 379,054
114.436
366,097
987,067
From Jan 1_ 1,344,732
-9,894 -48,627 -73,002
15,261
From Jan 1_ 755,869
760,368
Bessemer & Lake Erie
Norfolk Southern28,286
57.500 -145,889
920.607 -103,333
February __ 765.901
155,942
106.885
145,302
696,851
198,777
February..765,726
289,840
348,254 -294,625
From Jan 1 1,561,665 2,101,927 -209,562
173,764
254,645
250,710
340,818
From Jan 1_ 1,500,398 1,380,288
Pennsylvania System
Boston & Maine
6,196,325 3,263,976
555,971-1,281.805
February ..52,778,147 49,476,813
February - 6,301.900 5,931,039
11,311,071 8,222,246
647,999-2,780,895
From Jan L12,617,574 12,244,158
From Jan 1103,445,540 105125,743
Peoria & Pekin Union
Brooklyn E D Terminal
20,992
48,364
33,492
135,281
60,854
February _ _ 172,579
58,469
45,488
52.654
51.890
129,770
February.... 121,684
70,850
81,923
299,048
106,923
95,850
From Jan L. 333,454
112,185
124,212
83.368
96,172
268,023
234,550
From Jan 1
Pere Marquette
Buffalo Rochester & Pittsburgh
169,820
621,317
February _ _ 3,532.951 2,998,522
169,580
204,763
58,276
93,504
February __ 1,510,727 1,995,600
715,094
848,092
From Jan 1_ 6.629,731 6,509,104
436,525
111,632
366,336
181.998
From Jan 1 2,949,406 4,128,175
Perkiomen-31.453
27,175
Buffalo & Susquehanna
27,111
37,588
92,059
83.858
February _ _
27,477
2,656
41,377
11,280
79,954
237.179
68,418
92,220
February.. 206,266
73,140
194,637
188,304
From Jan 1_
57,792
9.469
85,293
28.573
509,413
424,909
From Jan 1
Pittsburgh Er Shawmut2,507
2,619 -11.703
19.679
120,005 -10.992
February __
Canadian National Rys15,780
16.053 --16,107
188,171
270,775 -15,257
From Jan 1_
Atlantic & St Lawrence
277,746 -33,326 -100,848 --48,476 --116,051 Port Reading
February _ _ 217,801
99,094
626.676 -67,763 -139,045 --98.083 --169,398
457,739
33,852
112,706
From Jan 1
36,635
255.063
February __ 157.047
279.166
73,459
308,314
93,674
579,883
From Jan 1_ 334,908
Chic Det & Can T Jet
122,144 Reading Company
107,114
129,752
115,371
252,035
February __ 241,487
237,915
223.330
238,571
254,424
478,392
500,420
From Jan 1
February __ 7,789,064 8.244.951 1,848,154 2,379,870 1,443,665 2,039,752
From Jan 1_15.421,683 17,562,171 3,177,633 5,209,400 2,405,411 4,529,588
Det G H & Milwaukee
123,615
54,162 Rutland
59,303
127,143
429.374
February __ 509,313
255,116
76,031
86.632
264,163
862,662
30,856
11.390
20,195
From Jan 1 1,031,756
54,194
457,884
February __ 500,172
55,348
18,851
101,640 • 54,340
956,082
From Jan 1_ 1,002,834
Central Vermont
-22,564 St Louis Southwestern
60,077 .
79,764. -2,012
603,328
February _ _ 657,777
529,103
595,181
454,870
511,354
132,197 -112,869
169,925 -71,754
February _ 1,526,866 1,689,562
From Jan 1 1.311,045 1,219,122
902,462 1,194,486
From Jan 1_ 3,077,663 3.616,550 1,034,497 1,335.862
Chicago & Alton
Total System
256,753
206,780
288,609
350.919
February _ _ 2,309,523 2,420,878
308,815
468,705
550,716
400,073
February __ 2,164,754 2,227,933
792,675
801,167
964,307
971.592
From Jan 1 5,031,961 5.363,020
797,397
989,001
866,575
From Jan 1_ 4,378,356 4,390,673 1,049,760
Chicago & East Illinois
St Louis Transfer
184,206
226,632
February _ _ 2,400,183 2,230,408
8,740
27,579
27,847
9,010
72,238
76,074
February __
450,131
660,402
From Jan 1_ 4,971,815 4,876,546
46,427
22,292
22,972
46,973
From Jan 1_ 159,307 *148,288
Chicago Great Western
Seaboard Air Line
300,536
186,082
269,208
383,793
851,964
February -_ 1,960,981 1,882,970
February __ 4,826,800 4,542,476 1,243,197 1,027,395 1,052,387
391,292
436,453
605,318
552,416
From Jan 1 3,803,016 4,006,188
From Jan 1 9,578.697 9,030,207 2,214,587 1,996,951 1,833,123 1,644,854
System
Southern Railway
Chicago Milw & St Paul
February _ _12,932,916 12.346,682 2.587,102 1,839,070 1,773,188 1,048,420
Southern Railway Co
From Jan 125,327,749 26,816,921 4,323,824 4,761,904 2,752,416 3.181.224
February ..11,413,351 11,116,966 2,825,615 2,482,291 2,274,831 2,003,512
From Jan 122,755,544 23,169,380 5,283,311 5,242,375 4,226,948 4,334,782
Chicago & North Western
1,298,354
358,723
Ala Great Southern
February -12,005,444 11,448,293
133,076
129,596
200,996
819,191
163,787
1,905,221 1,115,684
February _ _ 808,247
From Jan E23,521,736 23,978.873
387,052
254,674
486,369
322,791
From Jan 1 1,611,609 1,710,714
Hudson
Delaware &
Cinc N 0 & T P
444,941 -280,417
548,811 -195,529
February __ 3,747,617 2,954,654
386,685
442,717
500,540
502,781
February _ _ 1,796,276 1,741,934
441,271 -670,807
647,842 -500,513
From Jan 1 7,217,495 6,204,170
832,971
880.094
950,553 1,056,743
From Jan 1 3,565,942 3,615,943
dr Western
Delaware Lack
Grorgla So & Florida
857,788 -21,843
390,180
February __ 6,769,333 6,233,585 1,348.015
63,132
78,074
84,287
390,093
97.031
February _ _ 403,075
125,254
948,628 1,756,071
From Jan 113,762,317 12.905,042 2,733,817
144,910
169,950
208,979
187,258
823,846
827,165
From Jan 1
Connecting
New Orleans & Northeast
East St Louis
71,278
90,114
81,924
113,265
205,448
123,836
205,586
106,310
145.305
123,236
February __ 487,088
537,848
February
188,896
172,036
199,305
408,413
190,917
220,463
430,919
207,118
283,291
287,037
From Jan 1_ 990,348 1,146.151
From Jan 1
North Alabama
Southwestern
El Paso Sr
30,102
56,042
34,139
February _ _
140,041
117,926
62,091
233,401
939,120
196.312
150.898
120,613
February _ _ 1.002.696
97,450
126.305
137,385
105,407
267,703
From Jan 1_ 272,734
456,296
480,461
291,292
329,468
From Jan 1. 2,033,224 1.975.737
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third week
of March. The table covers 10 roads and shows 2.81%
increase over the same week last year.
—Grossfrom Raflway- —Net from Railway— —Net after
1924.
1923.
1924.
1923.
1924.
8
8
Staten Island It T—
—9.559
7,059 —21,543
152,889
199,711
February __
9,406 —46,415 —24.818
330,623
397,724
From Jan 1
Term By Assn of St Louis—
364,416
February __ • 400,624
767,112
From Jan 1. 827,283
Louis Mer Br Term—
St
410,297
411,547
February __
864,571
861,891
From Jan 1_
1515
TH E CHRONICLE
MAR. 29 1924.]
Tares
1923.
—39,123
—81,557
82,474
163,257
95.981
218,922
22,748
39,846
26,785
88,134
100,171
210,432
140.038
260,639
77,480
159,600
113,261
207,029
FINANCIAL REPORTS
Reports.—The following is an index to all
Annual,
railways
annual and other reports of steam railroads, streetincluding
and miscellaneou§ companies published since and
Feb. 23 1924.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length. Page.
Industrials (Coruinued)—
Page.
Steam Roads—
1015
Inc
Union Pacific—
Buffalo Rochester & Pittsburgh Ry_1160 Bayuk Cigars,
1015
Total System—
1259 Beechnut Packing Co
3,188,148 1.889,652 Canadian Pacific By
February _15,287,714 13,596,085 4,423,687 2,985,214 5,994.429 4,128,623 Carolina Clinchfield & Ohio By
1134 Bell Telephone Co. of Canada-910, 1189
1387, 1420
Corp
L30,360,204 29.029.695 8,464,021 6,321,551
1267 Bethlehem Steel
From Jan
• Chicago & Alton RR
905 (Sydney) Blumenthal & Co., Inc_ __1395
Burlington & Quincy RR
Union RR (Penn)—
93,556 Chicago Indianapolis& Louisville Ry1386 (Daniel) Boone Woolen Mills, Inc_1139
44,774
104,556
55,774
770,825
814,532
Chicago
February __
310,883
Co., New Bedford,Mass.911
95.182
332,883
117,182
Chicago & North Western Ry_1011, 1134 Booth Mfg.
Jan 1 1,640,046 1,716,075
From
1015
Corp., Ltd
Chicago Rock Island & Pacific By._1129 Borne Scryraser
1389
Utah —
26,973 Chicago St Paul Minn.& Omaha Ry.1134
7,180
34,116
14,371
127,621
1131
114,273
February _
62.131
60,916 Delaware Lackawanna & Western_ _1009 British Empire Steel Corp
75,203
79,513
277.948
1139
299,572
From Jan 1
1385 Brompton Pulp & Paper Co
Hudson & Manhattan RR
911. 1015
1135 Buckeye Pipe Line Co
Co
VIcks Shreve & Pacific—
55,814 Interborough Rapid Transit
1139
44,275
80,024
62,093
1259 Bucyrus Co
325,531
340,513
RR
__
February
133,395 New York Central & St. Louis RR_1268 Buffalo Weaving & Belting Co
1015
58,260
183,431
97,266
636,173
685,144
From Jan I_
New York Chicago
911
Copper & Zinc Co
Norfolk & Western By. Co_ _1385, 1405 Butte & Superior Mining Co
1016
Wabash—
1138, 1393 Butte
25,434 Peoria & Eastern By
314,551
911
__ 5,476,157 4,610,494
ucts Coke Corp
February
1258 By-Prod
63,593 Pere Marquette Ry. Co
338.380
011 & Refining Corp.,
From Jan LI0,478,520 9,481,732
Pittsburgh & West Virginia Ry. 1259 Caddo Central
1388, 1428
1136
Western Maryland—
279,902 Southern By
345,122
349,902
1260 California Oregon Power Co--1128. 1155
435,122
Western By
February __ 1,646,116 1,70S,617
1396
565.585 Toledo Peoria &
697,995
696,585
1270 California Petroleum Corp
877,995
From Jan 1_ 3,326,326 3,436,039
Western Pacific RR. Co
Canada Foundries & Forgings, Ltd_1140
1272
Canada Steamship Lines
Electric Roads—
Deficit.
—
1266 (J. I.) Case Threshing Machine Co_ _1263
Albany Southern RR
Note.—Reading Co. successor to Philadelphia & Reading.
911, 1016
Central Coal & Coke Co
American Electric Power Co_905,
1259, 1282 Central Leather Co
1265
1134
1396
& Light Co
Kennebec Ry
Electric Railway and Other Public Utility Net Androscoggin &By. & Elec. Corp-_ _1134 Central Power
Certain-teed Products Corp_1140. 1273
Augusta-Aiken
901 Chandler Motor Car Co
1016, 1396
table gives the returns of Boston Elevated By
Earnings.—The following
1134 Cliesebrough Mfg. Co
1140, 1273
California Ry.& Power Co
1016
ELECTRIC railway and other public utility gross and net Capital Traction Co., Washington,1391 Chicago By.Equipment Co
1267,
1396
Chicago Yellow Cab Co
D. C
1273
earnings with charges and surplus reported this week:
Central Illinois Public Service Co_1011 Childs (Restaurant) Co
1386 Chino Copper Co
1016, 1141
—NetEarnings— Chicago City By. Co
—Gross Earnings—
1016
City Ice & Fuel Co.. Cleveland
Previous
Current
Chicago North Shore & Milwaukee
Previous
Current
1134, 1267 Clinchfield Coal Corp
1141
Year.
Year.
RR
Year.
Year.
Companies.
1016. 1273
Power & Light Co—_ 906 Coca-Cola Co
Consolidated
1392 Colorado Fuel & Iron Co
904
220,289 Detroit United By
353.955
512,354
741.242
Feb
1012 Columbia Steel Corp., San Francisco 912
Alabama Power Co
2,763.879 Dubuque (la.) Electric Co
1133 Columbia Gas & Electric Co. (of
12 mos ending Feb 29-- 8.316.569 5.966.941 3,820.729
Massachusetts St. By
1.267.309 Eastern Light & Traction Co_ _1012, 1135
1026
West Virginia)
Brazil'n Tr,L&PCo Ltd_ Jan 2,128,185 2,025.480 1,315,070
Federal
1259. 1284 Columbian Carbon Co
79.101 Georgia By.& Power Co
1387, 1424
69.746
204.476
229.247
Staten Isl Edison Corp_ _Feb
1012 Commercial Chemical Co.of Tenn.
.1273
746,191 Illinois Northern Utilities Co
813,739
12 mos ending Feb 29-- 2,546,092 2,341.744
907 Commerdal Credit Co
1396, 1424
Indianapolis Street By
Balance,
Fixed
1392 Commercial Solvents Corp
912
Net after
Gross
Jamaica Public Service Co
Sures.
Charges.
Taxes.
Earnings.
Kansas City Power Securities Corp_1267 Commonwealth Edison Co., Chicago 1017
1396
Companla Cabana
System Transit Co., Oakland,
Key
1135 Commonwealth Water Co.(N. J.) 912
148.162
43.409
191.571
Calif
926.652
Bklyn City RR Co Feb '24
1392 Congoleurn Co
1273, 1396
138.258 Lehigh'Valley Transit Co
53.248
191,506
888,870
'23
1268 Consolidated Gas, El. Lt. & Power
397.826 1,292.033 Louisville Ry
8 mos ending Feb 29'24 8,073,798 1,689,859
1132
1009, 1031
417.106 1.318,667 Market St. Ry.. San Francisco_
Co. of Baltimore
8 mos end Feb 28 '23 7.977.741 1.735.773
2,218 Montreal Tramways & Power Co.._.1012 Consolidation Coal Co. (Balti8.458
10,676
55,182
Jan '24
Cleve Painesv &
1392
1387, 1417
more, Md.)
--5.357 Municipal Service Co
13,675
8.318
57,663
'23
East RR System
907 Consumers Co
91
175.221 New York State Bye
214.613
389,834
632,467
912, 1017
Service Co.,
Great Western Pow Feb '24
Co.. Chicago
Public
Consumers
195,385 North Carolina
211.830
407.215
1136 Consolidated Cigar Corp
626.129
'23
1132
System
Inc
364,247
429.268
793.515
1390 Consolidated Textile Corp
1133
Corp
2 mos ending Feb 29 '24 1.283.207
379.122 Northern Ohio Electric
423,693
802.815
1264 Corn Products Refining Co
1132
2 mos ending Feb 28 '23 1.270.678
Philadelphia Rapid Transit Co
908 Crown Cork & Seal Co., Baltimore_ _1273
15,201 Philadelphia & Western Ry
35.521
50.722
242.594
Shore Electric Jan '24
Lake
6.543 Poughkeepsie & Wappingers Falls RYI268 Cumberland Tel. & Tel. Co
1141
35.528
42.071
215.721
'23
By System
41.198 Southern Indiana Gas & Elec. Co 008 Curtiss Aeroplane & Motor Co.,Inc_1274
z107,680
148,878
254.933
Feb '24
N Y Dock Co
1397
39.894 Tennessee Electric Power Co_ _1013, 1393 Dennison Mfg. Co
z107.918
147.812
273.067
'23
1141
80.385 Terre Haute Ind.& Eastern Traction 908 Devoe & Raynolds Co
z213.546
293.931
517.595
2 mos ending Feb 29'24
1390 Doehler Die Casting Co
1141
81,773 Twin City Rapid Transit CO
z215.498
297,271
550,123
2 mos ending Feb 28 '23
913, 1017
Hallways of
Co
Donner Steel
266,534 Underground Electric
180.734
*447,268
818.953
Jan' 24
1269 Douglas-Pectin Corp
Utah Pow & Lt Co
1141
London
226,104
163.101
*389,205
705,708
'23
1269 Duquesne Light Co
1017, 1397
2.067,098 2.464.747 Union Traction Co. of Indiana
1017
12 mos end Jan 31 '24 8,686.650 *4.531,815
Providence_ _1393 Eastern New Jersey Power Co
*3,780.668 1.881.166 1.899,502 United Electric By,.. Corp
'23 7,223,537
1393 Eastern Rolling Mill Co
1274
United Gas & Electric
1137 Eaton Axle & Spring Co
1397
United Light & Rye. Co
s Includes taxes. * After allowing for other income
1269 Edison Elec. Ilium. Co. of Boston1142
United Rys. Co. of St. Louis
1137 Edmunds & Jones Corp
1018
Virginia By. & Power
New York Street Railways.
909 Electric Storage Battery Co .1274, 1397
Wisconsin Valley Electric Co
1142
—GrossEarnings— —NetEarnings—
Emerson-Brantingham Co
Industrials—
Precious
Current
Stores). Chicago_1398
Previous
Current
Abitibi Power & Paper Co., Ltd.._.1394 Fair (Department & Co.. Chleago_1398
Year.
Year.
Year.
Year.
1394 Fairbanks, Morse
Companies..
Co
Acme Steel Goods
X
$
$
S
1014, 1265 Famous Players-Lasky Corp .1260, 1288
1398
202.947 Air Reduction Co
181.710
996,218
986,010
Nov
909 Federal Electric Co
Brooklyn City RR
Co
913, 1018
11.004,939 10,872,146 2.428,556 2,320,526 Alabama
1394 Federal Motor Truck Co
From Jan 1
All America Cables, Inc
1018
Corp
2,200
1,102 Allied Packers, Inc
909 Fisher Body
7.453
7,315
Brooklyn Heights (Rec).Nov
1018
8.387
5.338 Amalgamated Leather Cos
1271 Fisher Body Ohio Co
81,366
78,657
From Jan 1
1018
Fleischmann Co
36.799
7.544 American Agricultural Chemical Co-1137
214,170
218,209
Bichi Q Co & Sub (Rec) _Nov
1398
1137 Florida Public Service Co
514.549
436.268 American Bank Note Co
2,343.801 2.357,952
From Jan 1
1394 Foundation Co., New York.. 913, 1018
44.250
49,614 American Bosch Magneto Co
222,037
218.959
1142, 1398
Coney Isi & Bkln (Rec)_Nov
1137 Freeport Texas Co
592,642
727.185 American Brake Shoe & Fdy.Co_ _ 1390 (Robert) Gait' Co
2,692,119 3,665.291
1398
From Jan 1
Co
1264
—1,394
—1.132 American Chicle Co
5.664
5.576
1138 Galena Signal 011 Co
Coney Isl & Gravesend-Nov
Cigar
38.306
46,350 American
130.048
143,011
Car Co., Inc., St.
From Jan 1
American Cotton Fabric Corp.__ _1014 Gardner Motor
913, 1398
Louis
66,740
433.211
57,355 American Druggists Syndicate.1138, 910
455.683
Nov
Nassau Electric
1399
5.086.706 4,735.062 1,141,828 1,134,653 American Gas Co., Philadelphia_ - _1271 Giant Portland Cement Co
From Jan 1
1399
1138 Gimbel Bros
662.080
561.764 American Hardware Corp
NY Rap Tran Corp_ — _Nov 2.209,032 1.981.321
1018
Corp
1264 Gold Dust
23,677,699 21,566,265 6.610,428 5.516.613 American Hide & Leather Co
From Jan 1
1264
American International Corp_1387, 1422 (B. F.) Goodrich Co& Dock Co
18,367
25,598
92.126
95.060
Nov
913
South Brooklyn
Great Lakes Dredge
360,511
427,223 American La France Fire Engine Co..
1,150,584 1.084,048
1275
From Jan 1
1014 Greenfield Tap & Die Corp
•
Inc
1142
273
732.098
762,563
11,040
1010 Gruen Watch Co
N Y Railways (Rec)-___Nov
Co
Locomotive
1399
183.071
326.508 American Metal Co
8.346,963 8.637.079
1014 Gulf 011 Corp
From Jan 1
American
1019, 1142
—6.894 American Milling Co
—21,541
1271 Gulf States Steel Co
97.344
100,985
Eighth Avenue RR_ Nov
913
83.115
30,216 American Multigraph Co
910 Hamilton Woolen Co
1,114,225
1,076,214
From Jan 1
913
1388 Hartford City Gas Light Co
—4,830
—1,970 American Radiator Co
42,563
43,431
Nov
Ninth Avenue
1394 Hayes Wheel Co., Jackson, Mich_ _ _1275
10.598
39,015 American Republics Corp
462.331
469,997
From Jan 1
1271 Hermos-Redondo Water Co., Ban
American Safety Razor Corp
System—
1399
Interboro R T
Francisco
1394
Nov 3,259,125 3,129.154 1.471.355 1,247.756 American Sales Book Co
Subway Division
1143
Corp .1394 Hill Mfg.Co
33,789.936 39,849,516 13,893,769 12,414,032 American Ship & Commerce
From Jan 1
Hollinger Consolidated Gold Mines,
American Smelting & Refining Co.,
914, 1019
Ltd
Elevated Division____Nov 1.664,076 1,604.920
1129, 1158
1143
17,773,403 17,237.686 5.226,801 4,059.774 American Snuff Co
From Jan 1
1014 Hood Rubber Co
. 913, 1275
2,043
1263 Household Products (Inc.)_
23.572
2,697 American Steel Foundries
24.380
Manhat Beige 3c Line.___Nov
1143
3.464
1394 Houston Oil Co.(of Texas)
.16.433 American Stores Co
254,208
261,558
From an 1
914
1260 Hydraulic Steel Co
5.452
223 American Sugar Refining Co
86,200
82.613
Second Avenue (Rec)__ _Nov
1019
1271 (George P.) Ide & Co., Inc
Tobacco Co
58,777 --24,327 American Sumatra
939,802
917,430
From Jan 1
1389
Illinois Bell Telephone Co
—1,508
--8.875 American Telephone & Telegraph1150 Illinois Pipe Line Co
.237
,
1275
NY & Queens Co (Rec)_Nov
1129,
Co
21,994
613,205
892,954
13,877
From Jan 1
1263 Imperial Tobacco Co. (of Great
American Tobacco Co
914
28,747
--730 American Woolen Co.,Boston.1130, 1162
26,656 --11,905
Britain & Ireland)
Long Island Electric-- __Nov
1275
50,288 Ames Holden Tire & Rubber Co.,
363,462
358,108
Indiana Coke dr Gas Co
.
From Jan 1
35 188
914
1395 Indiana Pipe Line Co
--1,729
270
16.400
Nov
15,600
Ltd
Ocean Electric
1143, 1400
1131 International Silver Co
118,225
101.373 Armour & Co. of Illinois
317,491
329,894
From Jan 1
1143
_1272 Interstate Iron & Steel Co
6.844
32,338
8,285 Art Metal Construction Co ______
33.043
Math & Queens (Rec)--Nov
1143
80.805
78,207 Associated Dry Goods Corp_910, 1133 Interstate Water Co
364.071
354,424
From Jan 1
914. 1019
Gas & Electric Co_910, 1272 Intertype Corp
18,737 Associated
129.225
13,040
Nov
135.145
1143
& Harlem
NY
1395 Iron CRP Copper Co
162,843 Associated 011 Co
84.717
1,356,753 1.420.530
From Jan 1
1138 Jersey Central Power & Light Corp 1276
Atlas Tack Corp
1276
—19,658 --11.624 Auto Knitter Hosiery Co
40,247
Nov
1272 Jewel Tea Co
40,864
N Y & Long Island
1144
46,858 Balaban & Katz Corp., Chicago_...139$ Jones & Laughlin Steel Corn
225.675
455.380
524,335
From Jan 1
902 Kansas City Pr. & Light Co__1286. 1260
—2.627 -723.974 Baldwin Locomotive Works
61,834
62.354
Richmond Lt & RR_ _ _ -Nov
1010
Tire CO
910 Kelly-Springfield
47.832 --21,658 Baltimore Tube Co
745.925
734,355
From Jan 1
1400
1138 Kelsey Wheel Co
Barnet Leather Co
1144
1015, 1139 Keystone Watch Case Co
Hamadan Corp
— Deficit.
914
1395 Lake Torpedo Boat Co
Musick Alemite Corp
Note.—Abovo net earnings are after the deduction of taxes.
1516
T1 T
C1-11;OVI 01,E
(Vol,. 118.
Industrials (Concluded)-
Page. Industrials (Concluded)
Page
SPECIAL INCOME ACCOUNT FOR CALENDAR YEARS.
Laurentide Power Co
1144 (Robert) Reis & Co
1023 [From this special
income is derived the 3% in special diva, referred to above]
Lee Rubber & Tire Corp
1276 Replogle Steel Co
1280
Lehigh Coal & Navigation Co
904 Rogers
-Brown Iron Co
1923.
1023
1922.
1921.
1920.
Lima Locomotive Works
1144 St. Joseph Lead Co
1023, 1280 Net rev, from invest. &
Loft, Inc
avail. res. (see below). $2,158.178 $2,694,979
1020, 1144 Schulte Retail Stores Corp
1403
$2,307.332 $2.436,717
Loose Wiles Biscuit Co
1266 Seneca Copper Corp
1023 Int. on dep. & int. and
Lord & Taylor(N.Y.City)
divs. on oth. securities
914 Shawinigan Water & Power Co_917.
(P.) Lorillard Co
less exchange
914
1010, 1034, 1280
1,545,355 1,957,190 1,840,886
2,057,328
Ludlum Steel Co., Watervliet, N.
Shredded Wheat Co
918 Net earns. Ocean &
Coastal SS. Lines---- 4,292,141
1020, 1144 Sioux City Gas & Electric Co
1023
3.448,293 2,785,615 2,741,146
Lyon & Healy, Inc
1400 Skelly Oil Co
1403 Net earns. Commercial
Tel. & news dept.,
McCall Corp
914 Sloss-Sheffield Steel & Iron Co---1403
McCrory Stores
hotels, rentals & misc. 3,395.378 2,991.892 4,053,386
1020 (Howard) Smith Paper Mills, Ltd.-1147
L731.257
Mack Trucks,Inc
1235. 1291 Solar Refining Co
1280
Mackay Companies
Total special income_ 311,391.052 $11,092,354 $10,987,199
914, 1389 Southern Bell Telephone & Teleg Co.1147
810,966,448
Manhattan Electrical Supply Co-1400 Southern California Edison Co
1403 Less Payments to shareManning, Maxwell & Moore
holders in dive.- - _ _(3%)7.800.000(3%)7.800.000(3)7.800.000(3)7.
1277 Southern Cities Utilities Co_ _ _1023, 1280
800.000
Manufacturers Lt.& Heat Co
915 (A. G.) Spalding & Bros
1280
Massachusetts Lighting Cos
Balance Dec. 31
1020 (C. G.) Spring Co
$3,591.052 $3,292,354 $3,187,199 $3.166,448
1147
Mathieson Alkali Works
1144 Springfield (Ohio) Light, Heat &
Maxwell Motor Corp
1010, 1036
Power Co
1024 MISCELLANEOUS INVESTMENTS.Par $49,108,227 (Cost $23,649,946)•
Merck & Co
1400 Standard Gas & Electric Co
1148 [From these investments were derived the first item in foregoing
Metropolitan 5 to 50 Cent Stores.-.1400 Standard Oil Co. of Indiana_ _1148, 1280 Coeur d'Alene &
table.1
Pend d'Oreille By.1st M.bonds
$47,000
Middle West Utilities Co
1262 Standard Oil Co. (Kansas)
1403 Consolidated Mining stock
4,425.625
Minneapolis Gas Light Co
915 Standard 011 Co. (Kentucky)
1403 Smelting Co. Convertible bonds
2,698,400
Mississippi River Power Co
915 Standard 011 Co.(Nebraska)
1024 Cambridge Collieries Co. 1st M.Ref. bonds
250,000
Moon Motor Car Co
1277 Standard Plate Glass Corn
1404 Dominion Express Co.stock
5.000,000
Mohawk Valley Co
915 Standard Sanitary Mfg. Co_ _1024, 1148 Duluth South Shore Ordinary stock
6.100,000
Montana Power Co
1401 Starr Rubber Co
918 Atlantic Railway Preferred stock
5,100,000
Motor Wheel Corp
915 Stern Bros.(Dry Goods), N.Y.City 1404 Hull Electric Co.
1.067,602
Mountain States Telco.& Teleg. Co-1021 Stewart-Warner Speedometer Corp- 918 Minneapolis St. Paul & Sault Ste.
Marie Ry. Ordinary stock
12,723,500
Narragansett Electric Lighting Co- - 915 Stover Mfg.& Engine Co
1404 Minneapolis St. Paul & Sault Ste. Marie Ry. Preferred stock-- - 6,361.800
National Candy Co
915 Studebaker Corp
1024. 1130 Pennsylvania-Ontario Transportation Co. stock
187,500
National Enameling & Stamping Co-1277 Submarine Boat Corp
1404 Quebec Salvage & Wrecking Co.stock
150,000
National Fireproofing Co
915 Sullivan Machinery Co
1024 Spokane International Railway Co.stock
3.941,800
National Lead Co. & Subs
1275 Sullivan Pocahontas Coal Co
1024 Toronto Hamilton & Buffalo Railway Co. Consol. Mtge. bonds
1,000,000
National Transit Co
1401 Superior Oil Corp
1148 West Kootenay Power & Light Co.Preferred stock
55,000
Nebraska Power Co
1145 Superior Steel Corp
1281
Nevada Consolidated Copper Co
915 Swan & Finch Co
BALANCE SHEET DECEMBER 31.
1281
New Hampshire Power Co
1145 Symington Co
918
Assets1923.
New Idea Quicksilver Mines
1922.
1278 Taylor-Wharton Iron & Steel Co---1281
New York Air Brake Co
1278 Tennessee Eastern Electric Co
1024 Property invest
$627,754.957
$605.989,406
Ocean and coast. SS
N. Y. Canners, Inc._ __1145, 1260. 1289 Texas Co
59,960,333
1263
59,787,250
New York Transit Co
916 Thomsen & Clark Timber Co., Ltd-1025 Acquired securities
130.343,286
128.172,168
Adv. to control property. &c.
Niagara Falls Power Co
1009, 1037 Tidal Osage 011 Co
10.065.286
10.705,763
North American Co
1146, 1414 Tide Water Oil Co
61,865,083
1281 Deferred payments
65,681,509
North American Edison Co
1401 Timken Roller Bearing Co
1281 Imp.and Dominion Government securities
20,681,588
Prov.and mun.securities
Northern Ontario Light & Pr. CO-1146 Titusville Iron Works Co
792.721
1025
792,721
Oklahoma Eastern Oil Co
1279 Tobacco Products Corp
1404 Debenture stock loaned
5.000,000
Oklahoma Gas & Electric Co
23,649.945
918 Miscellaneous investments
1021 Toledo Edison Co
42,924,970
Lands and property assets
Oklahoma Prod. & Ref. Corp
96.767,346
916 Truseon Steel Co
919
94.056,450
"Onyx" Hosiery.Inc
1279 Union Bag & Paper Corp
1404 Cash investments
9,452,381
Old Colony Woolen Mills Co
29,483.632
916 Union Natural Gas Corp
1025 Materials and supplies
28,723.731
Agents and conductors' balances
Otis Steel Co.. Cleveland
1401 Union Oil Co. of Calif
2.768.793
902
3,442.369
Pacific Coast Co
1270 Union Tank Car Co
1.593.583
1281 Traffic balances
1.558,528
Pacific Gas & Electric Co
1130 United Cigar Stores Co
1.219,834
1149 Accounts due for transportation
1,898,428
Pacific Lighting Corp., San Fran7.399.692
904 Miscellaneous accounts receivable
United Drug Co.. Boston
7,429.997
Cash (work.asset)
cisco
916. 1021 United 011 Co.of Los Angeles
27,303,369
1149
41,143,893
Pacific Mail Steamship Co
1270 United Profit Sharibg Corp
919
Total
916, 1021. 1146 U.S. Cast Iron Pipe & Foundry CoPacific Mills _ _ _
$1.080.947.664 $1.127,441,150
Pacific Telep. & Teleg. Co
Liabilities1281. 1.413
916
1923.
1922.
Peerless Truck St Motor Corp
1022 United States Distributing Corp-- -1413 Ordinar stock
8260,000,000
3260,000.000
Penn Seaboard Steel Corp
1279 United States Envelope Co
1025 47 preferred stock
93,335.254
80.681,921
(J. C.) Penney Co
1025 4 c consol. deb. stock
1146 United States Glass Co
254,244,882
253,229.886
Penrrans, Ltd., Montretd
1266 Mortgage bonds
1146 United States Gypsum Co
3.650,000
3.650.000Pennock Oil Co
1402 United States Rubber Co
1261 Note certif. 6%
52.000.000
Phoenix Hosiery Co
Aud. vouchers
916 United Verde Extension Mining Co.
9,818,018
8,249,901
Phillips-Jones Corp
1279
919. 1025 Pay-rolls
3,902,812
3,679,338
Phillips Petroleum Co
919 Miscellaneous accounts payable
1402 Utah Copper Co
13,049,261
10.798,802
Pick (Albert) & Co
1149 Accruals
10
22 Utilities Coal Corp
683.830
688.447
Pierce Arrow Motor Car Co
Equipment obligations
13
90 Van Raalte Co., Inc.. N. Y. City-1039
12,730.000
14,670,000
Pierce Butter & Pierce Mfg. Corp_
Virginia Iron Coal & Coke Co
903 Equipment replacement
6,421,218
14,325,082
1022, 1270 (V.) Vivaudou, Inc
1292 SS. replacement
15.925,378
16.564.795
Pigsty Wiggly Stores, Inc
917 Vesta Battery Corp
1039 Res.for contin,and cont. war tax
33.048,957
37,168.922.
Pines Winterfront Co. (of Del.)
....1402 Waldorf System,Inc
919, 1292 Premium on ordinary stock sold
45.000,000
45.000,000
Pittsburgh Coal Co
Lands and townsites
1261 Warren Bros.(Asphalt) Co..Boston-1039
82,450,021
88.356,526
Pittsburgh Plate Glass Co
1270 Washington 011 Co
1039 Surp. rev,from operations
131.393,042
129,506,620
Pittsburgh Terre inal Warehouse Co-1022 Western Electric Co
1387, 1410 Spec. res. for tax
2.550.682
2,482,922
Pittsburgh Utilities Corp
917. 1280 Western Grocer Co
1149 Surplus
112.714,305
106.408,203
Pittsfield Coal Gas Co
1402 Westinghouse Air Brake Co
1413
Porto Rican American Tobacco Co_
Total
White Eagle Oil & Ref. Co
919
$1,080,947,864 81,127,441.150.
1022, 1280 White Motor Co., Cleveland, 0.
-V.118, p. 1259.
Postum Cereal Co
1260. 1290
917
Potomac Edison Co
1402 Whitman Co., Inc
919
The Borden Company and all Subsidiaries.
Pressed Steel Car Co
1022 WIllys Overland Co., Toledo, 0._ _ _1135
Prudential Oil Corp
1146 Wilson & Co., Inc., Chicago
1388
(5th Annual Report-Year Ended Dec. 31 1923.)
Public Service Co. of Northern
Worcester (Mass.) Gas Light Co__ _ _ 919
Illinois
917. 1022 Worthington Pump & Machinery
The remarks of President Arthur W. Milburn, together
Quaker Oats Co
Corporation
1788
1132 with the
income account and balance sheet, will be found
Radio cern. or America
1402 Wurlitzer (Rudolph) Co
1039
Railway Steel Spring Co
1023. 1147 Yale & Towne Mfg. Co
1427 under "Reports and Documents" on subsequent pages:.
Ray Consolidated Copper Co_917,
(P. B.) Yates Machine Co
1163 of this issue. President
Milburn, in his remarks, calls
1022. 1147
attention to the fact that sales for the year were substantially
larger than in 1922, both in volume and value.
Canadian Pacific Railway Co.
CONSOLIDATED INCOME AND PROFIT AND LOSS STATEMENT
(Report for Fiscal Year Ended Dec. 31 1923.)
FOR YEARS ENDING DEC. 31.
The remarks of President E. W. Beatty, along with the
1923.
1922.
1921.
1920.
Gross sales
$100,245,160 $92,058,760 899,879,887E120,293,573
income account, balance sheet and other tables for 1923, Net oper. profit (after
clod. all oper. charges.
will be found under "Reports and Documents" on subsequent
incl. deprec , ins. &
pages.
property taxes)
5.372.876 5.676,974 3,367,275
Interest(net)
Cr.256,305 Cr.132,620 Dr.346,604
INCOME ACCOUNT FOR CALENDAR YEARS.
Federal tax (eat,.)
605,885
635,844
95,925
1923.
1921.
1922.
1920.
Net income _ __ _
_ $5.023.297 85.173,750 82,924,747
Earnings$
$
$
3
8450,000
Passengers
$450,000
36,315,818 35.331,525 41,565.885 49,125,739 Dividends-Pref. (6%). $450,000
Common (8%)
1,709.440. 1,709,440
Freight
134.299,556 128,918,137 128,849.446 145,303,400 Borden's Fm. Prod. Co.. 1,709,440
Malls
3.572.372 3,594,895 2,939,259
1.498.231
Inc., 1st Prof.(7%)
35,330
29,239
Sleeping cars,misc.& exp. 21,649.344 18.830.479 19.667.265 20,713,979
Balance,
82.863,857 $2,978,980
Total gross earnings- -195.837,090 186,675,036 193,021.854 216,641,349 Previous surplus
$736,088
surplus
7,817.632 5.720.874 6,604,777
Operating Expenses
Total
$10,681.389 88.699,854 $7,340,845
Transportation expenses 72,730,571 70.994.919 73.557.749 86.608,611 Appropr. for reserve...81.917,510
8730,871 81,506,010
Maintenance of way,&c. 30,776,423 27.405,339 29.038,641 32,573,927 Loss on prop. & sec. sol
113,106
151,449
113.361
do equipment
34,124,839 32,009,461 36,746,816 46,350.793
Traffic
8.180,042 7,381,373 6,289,622 4,999,345
P.& L. surp. Dec.31- $8,650,773 $7,817,532 85,720,874
Parlor car, &c
2,005,970 2,128,381
2.271.391
2,492,641
Lake and river steamers- 1,386.816
GENERAL BALANCE SHEET DEC. 31.
1.414,513 1.455,213 1.492,991
General (incl. all taxes). 9,153,418
9,039.358 9,460,681
8,969,996
1923.
1922.
1923.
.4ssets-8
Liabilities-Total oper. expenses_ _158.358,079 150,373,345 158,820.114 183,488,305
$
Property
Net earnings
Fixed charges
Pension fund
37.479,011 36.301,691 34.201.740
13.470,653 13.348,906 11,519.072
500.000
500.000
500,000
Balance. surplus
Special income
23.508,357 22.452,785 22,182,668
11.391,052 11,092.355 10,987,199
Total income
34,899,409 33,545.140 33.169.867
Preferred div. (4%)....3,421.943 3.227,276
3,227,276
xCom. divs.(10%)
26,000.000 26,000,000 26.000.000
Balance, surplus
5,477.466 4,317,864 3,942,591
acct._ _a28,289,724
Cash
3,614,224
33.153,044 Receivables
4,389,440
10,775,409 Marketable secur_ 1,001,310
500.000 Finished goods... 5,381,896
Raw mat'is, supplies, &c
21,877,635
5,030,573
10,966,447 Invest. In capital
stk.of other cos_ 6,523,444
32,844.082 Deferred assets... 145,583
3,227.276 Trade-marks. patents & good-will 5,942,876
26,000,000
3,616,806
x Of this 10% in dividends paid on Ordinary stock 7% is from railway
earnings and 3% Is paid out of special income(which account is given below).
Total
•
3,503.002'
Dr.540,082
144,060'
82.818.860
,
$450,000
1,709,440
29,239,
$630,181
6,856,051
87.486,232
8605,921
275,534
36,804.777
26,519,261 Preferred stock .... _ 7,500,000
4,605,663 Common stock_ _ _21,368,100
4,539,531 Mortgages
52,000
775,533Accts. payable
5,156,270
2,831,738 Accra. accts., taxes
(est.). &c
2,035,677
4,955,333 Deferred & susp.
liabilities
6,720
6,513,511 Deprec. reserve.-- 7,744.698
155,288 Ins., contin., &c.,
reserve
7,804,834
5,942,876 Surplus
8,650,773
60,319.071 58,838,734
Total
1922.
$
7,500,000
21,368,100
134,700
4,995,942
2,014,415
192,258
6,224,551,
6,591,234,
7,817,532
60,319,071 56,838.734
a Property, plant and equipment (incl. Madison Ave. office building,
829.974.724. leas mtge. on aforesa d. building of 81,685,000).-V. 116
p. 1764.
MAR. 29 1924.]
Public Service Corporation of New Jersey.
(15th Annual Report
-Year Ending Dec. 31 1923.)
The remarks of President Thomas N. McCarter will be
• found at length on subsequent pages, together with the
income account and balance sheets of the company and its
• subsidiaries, and numerous interesting statistical tables
covering a number of years.
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
1923.
1922.
1920.
1921.
Gross earnings of leased
$
and controlled cos_ _ _ - 79.107,882 78,356,963 75,311,508 72,318,087
Oper. expenses & taxes.. 53,037,094 52,581,870 51,769,628 52.360,894
3.237,522
5,425.292
4.893,957
Amortization charges__ _ 5,949.666
20,121,122 20,349.801
Net earnings
314.758
292.466
Non-operative income
P. S. Corp. of N. J.
Income from securities
pledged excl. divs, on
stocks of oper. cos.) &
• from miscell. sources_ *1,953,115 *1.957,326
22,366,703
Total
DeductBond,&c.,int.of sub.cos- 12,838,264
Fixed charges of Public
Service Corp. of N.J_ 4,182,564
18,647,923
238,258
16,719.664
241,255
*1,859,057
*1,859,106
22,621,885
20,745,238
18,820,025
12,914,110
12,856,151
12,324.889
4,137,535
4,294,458
4,276.728
5,345,875
Not income
5,570,239
3,594,629
2.218,408
Cr.321.460 Deb.282.774 Deb.107,986
Adjustments
Cr.18,657
Common diva, paid_ _
x2,400,000(64)1950000(4)1.200.000(4)1,199.984
Preferred dividends_ __ _ y1,930,156(8)1,316,839 (8)835,739 (8)681,758
Balance, surplus
1517
THR CHRONICLE
1,337,179
2,020,626
1,450,904
355,321
United States Steel Corporation.
(22d Annual Report-Year Ended Dec. 31 1923.)
The annual report, signed by Elbert H. Gary, Chairman
of the Board, will be found at length on subsequent pages
of to-day's "Chronicle" under "Reports and Documents,"
together with many important tables of operations, balance
sheet, &c.
INCOME ACCOUNT, INCLUDING SUBSIDIARY COMPANIES, CAL. YEARS.
1920.
1923.
1921.
1922.
Grosssales and earnings_ _1,571,414,483 1,092,697,772
Mfg.cost and oper. exp_ _1,285,932,446 926,591,343
Administration, selling dc
general expenses, excl.
gen.exp.of trans.cot.. 35,129,043
30.331,296
Taxes(ordinary')
1 55,082,523
35.798,450
Estimated Federal taxes)
Commercial disc'ts & int _
9,207,388
6,854,030
986,749,719 1,755,477,025
837.664,039 1.402,488,960
Total expenses
1,385.351,399
Balance
206,083,083
Misc,net mtg. gains
4,258,532
Adjustment inven'y value
Rentals received
1.463,842
Compensation accrued_
999,575.119
93.122,654
3,232,606
911.814,904 1,525.508,666
74,934,815 229,968.359
5,726.483
3.109,371
5e114,385.649
991,570
1,196,190
2.179,000
Total net income
211,785,258
Net profits of prop,owned
whose oper.are not Incl.
403,282
Int., &c., on investments
and on deposits,
_
13,841,989
Prey,reserve from&c_- profits
of subsidiary railroadsDeprec. on book value of
U.S. bonds & securities
97,276,824
79,240,976
198,570
175,554
321,348
13,493,163
12,392,439
16,199.187
921,565
30,710,764
37,683,727
5,756.375
35,945,537
538,724,289
137,500,000
10,849,880
224,479,742
deb.459,078
Dr.9,780,770
x Quarterly dividends at the rate of $2 per share on the 300,000 shares
91,349,891 231,219,507
Total income
226,030,529 110.968,557
of $100 par value Common stock for the first quarter and at the rate of
$1 per share on the 600,000 shares of no par value Common stock for the
Deduct
last throe quarters were paid during the year. y During the year regular Net bal. prof sub.cos__ _deb.21.859,586 deb1.179,841 Cr9.441,380 deb9,824,147
.
quarterly divs, were paid on the 89 and the 7% Cum. Pref. stock.
State occupation taxes pre* After deducting in 1923 $653.817, in 1922 $431,662, in 1921 $320,136
4,340,500
vious years
and in 1920 $278,045 for expenses and taxes.
1,750,000
Res've for conting. exp..
Est.sum due U.S.by subPUBLIC SERVICE CORPORATION BALANCE SHEET DEC. 31.
4,500,000
9,050.000
sidiary railroads
1922.
1923.
1923.
1922.
5,000.000
1,076,775
Res. for inven. depletion.
Liabilities
Assets$
Propor'n of extraordinary
Common stock. 30,000,000 30,000,000
Perpet. Interest27,000,000
installed_
cost
870,995 Preferred stock_ 28,442,600 18,414.500 Int.onof facil's
888,995
bearing certifs.
bonds& mortgages
Gen. Mtge. 5%
Securs.of subsid.
8,408,461
8,065,222
8.259,608
8,306,993
subsidiary companies_ _
bonds
tO 000,000 .50,000,000
& leased cos_ _126,566.055 113,633,751
196,515 20-year secured
20-yr.sec.7%bds.
98,801
92,728,058 178,686,899
179,646,674 101,529,310
Net earnings
7% bonds_ _ _ 9,598.000 9,798,000
61,988
Other securities82,387
Deduct Charaes, &c.Perpet. interestGen. Mtge.5s in
Depr.& extraor. replac't,
bearing certifs. 20,109.060 20.091.060
treasury
12.500,000 12,500.000
also sinking funds on
Subscrip. to and
Gen. M. 55, s. f.
38,245,602
27,905,045
33,382,624
bonds of subsidiary cos_ 41.745.434
sale of pr.stk. 1,881,400
1,413.800 Chargesoff for adjustml_ Cr.235.189
(par 61.525,Cr.632.586
Cr.920,038 Cr.1,088,230
1.295,750 1.295,750 Depositsfor issue
000)
20.105,560
19,679,582
19,232,305
Int.on U.S.SCI Corp.bds. 18,764,568
of pref. stock
.
Advances to cos. 1.787,506
370.000
fund.
and notes_ _ _ _
3,793.574 Sinking Corp &c.. U. S. 10,499,185
Real estate, &et_
82,965
181,224
9,155.990
9,582,807
10,030,758
Steel
2,596,281
210,200 Bills payable__ _ 11,419,600
358,800 Prem,on bonds redeemed
Cash
27,161
32,758
Accts.& bills reo
546.055
25,239 Accts. payable_
118.104
27.836
185.612
150.206
subsidiary cos
801.555
741,470 Approp.for add'l property
1,025,036 Accrued interest
Subsc.to pf.stk. 1,263,314
126.728
27,752
127,023
Prepayments__ _
20,057 Other accr.Items
30,000.000
40,000,000
and construction
Int. & diva. reo_
158,467
158,851 Prem. on stocks
25,219,677
25.219,677
25,219,677
dividend (7%). 25.219,677
3,325 Preferreddividend...
1,750
reserve
Sinking fund_ _. 3,227,614 2,830,217
(55 %)29,227.394 (5)25,415,125 (5)25,415.125 (5)25.415,127
96,936
169,501 Common
Other spec. ids_
362,014
443,952 Contractual res.
Profit and loss_ _ 2,994,172 2,982,428
Unamort'd debt
165,386,681 112.510,657 108,743,842 147.627,472
Total deductions
dint. & exp... 4,035,300 4,100,173
sur14,259,993 def10,981,347 def14,017,784 sur29,059,427
Balance
Total
155,499,258 137,923,944
155,499,258 137,923,944
Total
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31.
-V. 118, p. 1268.
1920.
1921.
1922.
1923.
$
$
Assets$
International Business Machines Corp. (Formerly the Prop, owned and oper, by
the several companies-1.839.158.642 1.631,579,206 1,644,795,075 1.606.758.546
Computing-Tabulating-Recording Co.)
22,821,049
24,673,016
25,579,830
Advanced mining royalties 26.344,365
(Twelfth Annual Report-Year Ended Dec. 31 1923.)
Deferred charges, future
3,007,805
3.198.380
3,125,509
3,236.436
operations, &c
The remarks of President Thomas J. Watson, along with Mining royalties
31.196,919
31,234.352
31.612,507
30,519,450
the consolidated income and surplus accounts for the calendar Cash held by trustees on
account of bond sinking
year 1923 and balance sheet as of Dec. 31 1923, will be found
funds (in 1922, $159,on subsequent pages.
222,000 par value of redeemed bonds held by
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
trustees not treated as
1923.
1,407.010
1.208,653
1922.
1921.
1920.
1,233,298
2,950,752
an asset)
xNet profit
53.659.537 53,121,709 $1,852,021 52.704.758 Inv. outside real estate &
14,059.825
Bond, &c., interest
$387,255
14,172,688
$464,852
$553.409
$544.777
13,731,332
other property owned.. 13,379,235
Depreciation
813,372
777,701
See x
See x
Depr.& insur. fund assets
Develop. & patent exp
297,535
247.339
252,099
278,101
& purch, bonds availDivs. on C.'1'. R.stock..($6)874,573($5%)720616 (54)524,084 ($4)497,875
able for future bond
38,393,240
34,008,247
sink, fund requirem'ts_ 106,816,362 108,347,461
Balance, surplus
$1,286.802
$911.203
$522,430 $1,384,005 Inventories
270,757,954 220,707,251 241,504.370 258.363,497
Previous capital & Burp_ 18,249,713 17,635,928 17,828,539
5,871,298 Accounts receivable
63,643.028 138.724,743
87,230,932
95,799,459
10.887,974
7,588.968
5,685,948
6,978,010
Bills receivable
Total surplus
$19,536.515 518.547,131 $18,350,969 $7,255,303 Agents' balances
1.750,563
1,452,967
1,475,433
1,728,459
Federal taxes (est.)
200,000
200,000
429.517
460,641 Sundry marketable securiSale of stock
0%1,427,386
ties (inel. U. S. Liberty
Amt. rec'd in lawsuit
Cr.513,818
59,605,058 131,462,691 150,350.817
bonds& treasury ctfs.) _ 64,088,482
Res, for contingencies
500,000
Time bank deposits and
Invent.adj.ofprev.year _
159,516
869,807
6,924,463
7,037.543
9,505.739
secured demand moans..
Investment written off
17,962,307
374,745 Duefrom U.S.IIR.Adm
.
Loss in liquid'n of Det.
143,499,628 126,700,132 118,858,843 123,660,955
Cash
Auto Scale Co
21,130
216,189
10,730,461
16,189,212
13,241,518
.
9,881.987
Contingent fund & misc.
Amortization of patents_
76.289
76,289
69,334
224,861
2,339.105.310 2,430,546.982
Total assets
2,420,882,704 2,340,653,216
Balance
520,701,430 $18,249,713 $17,635,928 56,035,539
Liabilities
-Common stock
508.302,500 508,302,500 508,302,500 508.302,500
x Net profit of subsidiary companies after writing down inventories of Preferred stock
360,281.100 360.281.100 360,281,100 360,281,100
raw materials to cost or market, whichever was lower, and deducting Bonds held by public_ __ _ 527,159,730 539,582,061 540,706,581 554,828,231
maintenance repairs, and in 1921, 1920 and 1919 depreciation of plants and Stock sub. cos. not held
equipment, provision for doubtful accounts, the proportion of net profit
by U. S. Steel Corp.
applicable to unacquired shares, and expenses of International Business
421,442
405.643
(Par value)
403,243
306,142
Machines Corp. (formerly Computing-Tabulating-Recording Co.) is as Non-int.-bearIng notes of
shown.
31,196,919
31,234,352
subsidiary companies.. 30,519,450
31,812.507
CONSOLIDATED BALANCE SHEET DEC. 31.
200,402
158.207
Mtge& of subsidiary cos_
158,207
1922.
1923.
1923.
1922.
Purchase money obligat'ns
LiabilitiesAssets
37.768
of sub. cos
10,000
Cap. stk. equity _620,701,430 18,249,713 Mining royalty notes
Plants, good-will,
127,282
patents, &c _ .19,106,006 18,761,034 Can. stock & surp.
Current accounts payable
of subsid. cos__ _ c260,874
Securities acquired
248,717
73.541.882
and pay-rolls
69,231 509
:
39,894.094
52,481,184
5,682,000 5,798,000 Accr. taxes not due (incl.
(held for sale)..244,700 Bonded debt
73,549 Notes and accounts
43,010
63,063,930
Prep'd insur., &c.
reserves for Fed'i taxes) 45,191,463
24,446.945
26,077,843
812,199
903,055
Payable,accrued
Cash
Accrued interest and unItems, &e
770,960 2,288,311
7380,702
U.S. Treas. W&,. 300,000
7,535,857
presented coupons. &c7,448,818
7,779.841
Accrued bond int_
171,210
8,304.919
Sinking fund
11,035
173,880 Preferred stock dividend.
6,304,919
6,304,919
6,304,919
Res. for conting
500,000
6.353.781
Notes & accts. rec.
Common stock dividend.
8,895,294
6.353.781
6,353,781
3,399,221 3,184,761 Fed. taxes (eat).. 326,632
290,984 Appr.for add'ns & constr. 180,898,914 140,898.914 140.898,914 140,898.914
(less reserve)
552,981 Div. due Jan. 10_ _ 228.014
525,853
Commies. advan
196,532 Insurance funds
31,053,860
26,580,280
22,310.268
28,184,229
3,706,750 3,212,524
Inventories
Contingent, raise. & other
291,533
735,045
Investments
reserve funds
132.206,761 133,337,457 137,352,240 131,742.049
Undiv.surp.of U.S.Steel
Total
28,639,120 27,224,138
28,639,120 27,224,136
Total
Corp. dr subsidiary cos.. .512,751,220 499.139,415 508.928.958 523,454,891
•
•
a Plant, property, equipment, mach., patents & good-will after deducting
surplus of subsidiary companies acquired at organization. $25.674,387; leas
.568,381 reserve for depreciation and amortization. b Declared capital
13,784,425) and surplus represented by 150,688 shares of International
•
Business Machine Corp., capital stock without par value. c Capital stock
-V. 118, p. 1019.
of subsidiaries not owned by I. B. M. Corp.
Total liabilities
2,420.882,704 2.340,653.216 2,339,105,310 2,430,546,960
Noie.-That part of the surplus of subsidiary companies representing profits
accrUed on sales of materials and products to other subsidiary companies and on
hand in tatters' inventories is in the above balance sheets deducted from the amount
-V.118.p. 1281.
of inventories included under current assets.
1518
THE CHRONICLE
General Motors Corporation.
(Report for Fiscal Year ended Dec. 31 1923.)
The joint remarks of Chairman Pierre S. du Pont and
President Alfred P. Sloan, Jr., together with a comparative
income account and balance sheet, and other tables, will be
found under "Reports and Documents" on subsequent pages.
The report also contains the balance sheet of General Motors
Acceptance Corporation as of Dec. 31 1923.-V. 118, p. 1399.
Western Union Telegraph Co., Inc.
(Report for Fiscal Year Ended Dec. 31 1923.)
The remarks of President Newcomb Carlton, together
with income account and comparative balance sheet, will be
found under "Reports and Documents" on a subsequent
page.
[Vol,. 118.
Michigan Central RR.
(Preliminary Report-Year Ended Dec. 31 1923.)
SUMMARY OF OPERATIONS CALENDAR YEARS.
1923.
1922. Inc.+orDec.1,862.67
1,862.06
+.61
394,798.042 883,426.407 +611.371,635
67,639.532
59,676,357 +8,063,175
Net rev,from railway open.... 827,158.510 $23,850,050 +83,308,460
Percentage of expenses to revs_ (71.35)
(71.41)
-(.06)
Railway tax accruals
$5,616,543
$4,571,702 +81,043,841
Uncollectible railway revenues..
Cr.24,700
13.498
-38.198
Miles operated
Railway operating revenues_
Railway operating expenses_ --
Railway operating income_ _ _ 821,567.667
Equipment rents. net debit_ _ $1,619,002
Joint facility rents, net debit......
560.489
819.264.850 +82,302,817
8716,353
+8902,649
482,387
+78.101
Net railway operating income $19,388,175
Miscellaneous revenues
Cr.$374,814
Miscell. expenses and taxes_ _ _ _ Dr.310.004
818.066,109 +81.322,066
Cr.$320,796
+354,019
Dr.179.713
+130.291
COMPARATIVE INCOME t% SURPLUS ACCOUNT FOR CAL. YEARS.
1920.
1923.
1921.
1922.
Total operating income
$19,452,985 $18,207,191
Non-Operating Income
Income from lease of road
deb.$75,086
Gross open. revenues_ _ _111,733,560 105,447,748 104.155,113 119.991,825 Miscellaneous rent income
163,125
$360,963
Open. exp. (Incl. repairs,
Miscall. non-open. phys. prop'ty
71,961
4,515
res. for deprec., rent
Dividend income
598,955
498,877
for lease of plants,
Income from funded securities
taxes, 8tc.)
97.712,714 91,651,275 93,959.084 106,838,713
and accounts
143,475
110,566
Incomefrom unfunded securities
14,020,846 13,796,473 10,196,029 13,153.112
and accounts
552,454
279,964
Income from divs. Riot.. 1.894,910
1,668.557
1,072,962 1,481,860 Miscellaneous income
deb.156,856 deb.102,609
15.915,756 15.465.030 11,268,992 14.634,972
Gross income
$20,751,012 819,359,468
Deprec. of securities..
517,400
Deductions
Appropriated for ocean
Rent for leased roads
32,730.021
82.736.451
cable development_ _ _ 2,000,000
2,000,000
Miscellaneous rents
2,700
4,257
Interest on bonds
1,331.850 Miscellaneous tax accruals
1,635,183
2,306,850 2,306,850
14.015
15,104
Interest on funded debt
3,320,967
3,201,121
Balance, surplus
11,608,906 11,158,180 9,633,808 12,785,722 Interest on unfunded debt
440.062
408,136
Previous surplus
46,854.538 43,063,693 40,685,211 34,715,470 Amort. of disc. on funded debt_
104,754
155,565
Maint. ofinvest. organization..1,782
1,633
Total surplus
58.463,444 54,221,873 50,319,019 47,501.192 Miscellaneous income charges-Cr.47,031
20,222
DeductDivs. paid and declared_ 6,982,797 6,982,694 6,982,623 6,982.539
Net Income
$14,176,448 812,818.271
Adjust. ofsurp.(net)
Cr.334,060 Deb.384,641 Deb.272,704 Cr.166,557 Dividends declared
.747.280(14)32.623,096
(20%)$3
Profit & loss surplus 51,814,706 46.854,538 43,063,693 40.685,211
Surplus carried to P.& L__-_ 810.429,168 810,195,175
-V.118, p. 321.
-V. 117, p. 2653.
Owens Bottle Co., Toledo, Ohio.
(Report for Year Ended Dec. 31 1923.)
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
1923.
1922.
1921.
1920.
Mfg.profit & royalties__ $5,064.738 84,644,031 $1,938,490 $6,469,104
Other income
1,037,236 1,576,609 1.356,073 1,319,698
Total income
$6,101,974 $6,220.640 83,294,563 $7.788,802
Z
,&a.,charges
2,161,411
1,989.978 1,802,467 2,143,198
F oral taxes & conting1.423,400
380.000
123.000
675,800
Net profit
$3.560.563 83,554,862 $1.369,096 $4,222,205
Preferred divs. (7%)
x629,706
668,070
656,395
637,760
Common dividends__(12)x1.983,190(8)1,323,158(9)1,326,794(12)1289.207
Balance, surplus
Profit & loss surplus
8947.667 81,593,945 def$614,093 $2,264,928
$5,970,391 $4,923,282 $4,548,639 $9,941,025
x Approximate; inserted by Editor.
A stock dividend of 50% ($5,536,582) was paid on Common stock in
1921 and a 5% ($525,925) stock dividend on Common in 1920.
CONSOLIDATED BALANCE SHEET DEC. 31.
1923.
1922.
1923.
1922.
Assets
Land, bides., dre.,
Pref.7% cum.stk. 8.822,600 9,053.500
less deprecia'n_ _11,415,832 9,893,186 Common stock__ A6,512,750 16,531,200
Gas prop., plant,
Interest of minor&c
3,197,467 1,617,942 ity stockholders
Pat, rights, goodIn sub. cos
984
930
will,&c
3,877,371 4.093,515 Acc'ts payable,not
Cash dr Govt. see_ 2,145,064 4,965,790 due
1,034,040
753,332
Govt. obligations- 2,150,815 1,616,223 Customers' credit
Notes. accept's &
bal. & advance
accounts receiv_ 1,764,368 1,488,297
payments
475,725
825,994
Merch. Inventory_ 6,337,317 5,239,951 Accrued taxes. Re- 155,294
137,107
Due fr. control.cos
. 37,714
183,926 Res've for repairs,
Inv. In contr. cos_ 1,874,456 1,759,350 Federal taxes &
Inv. In licensed &
contingencies__ _ 3,970,081 3,109,353
other companies 2,778,799 2,852.149 Surplus
5,970,391 4,923,282
Notes rec. for stk.
sold to empLeee. 579,563
751.132
Other assets
811,750
743,389
Prepaid expenses,
supplies, drc
129,848 Total(each side)38,941,885 35,134,698
171,349
-V. 118. p. 1279.
+81.245,794
-$75,087
-197,837
+67,446
+100,078
+32.909
+272.490
-54,247
+81.391.544
+$430
+1.557
+1,089
-119,846
+31,926
+50,811
+149
-67.253
$+1.358.177
+81,124.184
+8233.993
Cleveland Cincinnati Chicago & St. Louis Ry.
(Preliminary Report-Year Ended Dec. 311923.)
SUMMARY OF OPERATIONS CALENDAR YEARS.
Inc.+ Dec.
1922.
1923.
Mlles operated
-1.53
2,409.43
2,407.90
Railway operating revenues_
894,941.444 $84,665,690 +810,275,754
Railway operating expenses...._ 72,114,741
64,858,314 +7,256,427
Net rev, from railway oper
822,826,703 $19,807,377 +83,019,327
Percentage of expanses to revs_
-(.65)
(76.61)
(75.96)
Railway tax accruals
+8897.413
$5,124,227
$4,226,815
Uncollectible railway revenues_
+2.243
10.963
13.206
Railway operating income__ _ 817.689,270
Equipment rents, net debit_ _
$269,866
Joint facility rents, net debit_ _ _
727,503
Net railway operating income $16,691,901
Miscellaneous revenues
Cr.$29,513
Miscellaneous expenses & taxes.: Dr.22,175
Total operating income
816,699,239
Non-Operating Income
Income from lease of road
8220,769
Miscellaneous rent income
168,616
Miscell. non-oper. phys. prop'ty
196,433
Dividend income
484.554
Income from funded securities
403,758
Incomefrom unfunded securities
and accounts
319,702
Release of prem. on fund. debt..
1,100
Miscellaneous income
805,429
815,569,599 +32.119,671
-8960,863
81,230,729
+135,862
591,641
313,747,229 +$2,944,672
+81,558
Cr.$27,955
+2.472
Dr.19,703
813,755.480 +32,943,759
3321.843
223,894
194,042
74,106
447,176
-3101,074
-55,278
+2.390
+410,448
-43,419
397.032
1,165
deb.26,328
-77,330
-65
+831,758
Gross income
$19,299,598 $15,388,410 +83,911,188
Deductions
Rent for leased roads
+823,488
$110,990
8134,458
Miscellaneous rents
--8,654
271,664
262.779
Miscellaneous tax accruals
+3,095
15,208
18,303
Separately oiper. properties
-loss
-25,443
65.317
39.868
Interest on funded debt
+329,149
6.400,595
6,729.744
Interest on unfunded debt
-540.052
807,865
267,813
Amort. of disc, on funded debt..
+47,569
158,982
206,551
Maint. of invest. organization
+260
51
311
Miscellaneous income charges...
28,908
-6.492
22,417
Net income
$7.528,837 +$4,088,518
$11.617,354
Divs, on pref. stock (5%)
Pittsburgh & Lake Erie RR.
$499,925
$499,925
Divs.on common stock
(4%)1.881,148 (5)2,351,435
-3470.287
(Preliminary Report-Year Ended Dec. 31 1923.)
Sinking funds
39,175
41,169
+51.993
55,899
-55,898
SUMMARY OF FINANCIAL OPERATIONS CALENDAR YEARS. Investment in physical prop'ty1922.
1923.
Increase.
Surplus carried to P.& L____ $9,195,112
$4,582,4031 +34,612.709
Mlles operated
234.31
231.21
3.10
Railway operating revenues_
$44,666,690 829.570,983 $15,095,707 -V. 118, p. 1391. 793.
Railway operating expenses_ _-- 30.677,899
25,080,013
5,597,886
Net rev, from railway oper
$13,988,791
$4,490,970
$9,497.821
Percentage of expenses to revs
(68.68)
(84.81) dec.
(16.13)
Railway tax accruals
$1,096,446
$2,753,881
$1,657,435
Uncollectible railway revenues1,261
1,658
dec.397
RAILROADS, INCLUDING ELECTRIC ROADS.
GENERAL INVESTMENT NEWS
Railway operating income__ _ 811,233,649
Equipmentrents, net credit- --$4,503,194
Joint facility rents, net debit__ 162,249
Net railway operating income $15,574,595
Nan-Operating Income
Incomefrom lease of road
$73,908
Miscellaneous rent income
46,360
Dividend income
299.682
Income from funded securities_ _
340,639
Incomefrom unfunded securities
and accounts
448,958
Miscellaneous income
10,475
Gross income
$16,794,617
Deductions
Rents for leased roads
$854.822
Miscellaneous rents
8,444
Miscellaneous tax accruals
2,138
Interest on funded debt
577,966
Interest on unfunded debt
130.115
Amort. of disc. on funded debt..
26,791
Maint. of invest. organization
487
Income transf. to other cos_ _ _ _
2,018,318
Miscellaneous income charges_ _
5,429
83.392,865
$1,966,636
79,758
$7,840,784
$2,536,559
82,490
85,279.742
310.294,852
S34,141
121,857
297,551
$73,908
12,219
177,825
43.088
384,568
deb.99,556
86,018,304
1779,7
3,47
1,751
519,589
119,311
20,314
325
80,505
161,262
Net income
Dividends declared (10%)
$13,170,106
3,598,560
$4,332,011
3.598,560
Surplus carried to P.& L..
-V. 117, P• 1993-
89.571.546
8733.451
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full details in last week's
"Chronicle" eithr under "Editorial Comment" or "Current
Events and Discussions."
Further Wage Settlements.
-Lehigh Valley RR. signs agreement on basis
of N. Y. Central giving 5% increase to engineers and firemen. New York
64,390 "Times" March 22.
Possible Strike on Scranton (Pa.) Railway -Employees voted to strike
110,031
April 1 if 17c. per hour wage increase demand Is refused. Change in working
810,776,313 conditions is also asked. New York News Bureau March 27.
I. C. C. Suspends New Haven RR. Rate Increase.
-Operation of commuta$75.063 tion rates averaging 40% higher to go into effect April 4 has been suspended
4,968 pending hearings called for April 7 when road will attempt to justify such
Increase. "Wall Street Journal" March 26. p. 10.
387
RN
Bill to Give Power to Port of New York Authority Bitterly Opposed bylTwelve
58,376
10,804 Carriers -Railroads obIectIon to (1) ball penalty for refusal to submit
6,478 Information deemed proper by the courts. (2) judicial powers ceded the
163 P. A. when like powers were already ceded the(N. Y.State) Public Service
1,937.813 Commission and the (Federal) Inter-State Commerce Commission, (3)
dec.155,832 provision that the P. A. might order service by an owner carrier to a user
carrier in co-ordinating traffic at New York.
RUM
The Port Authority contended that inasmuch as the States of New Jersey
88,838,095
and New York had spent $800,000 in an attempt to unify rail service at the
port. the P. A. ought to be granted power enough to bring the minority of
88,883,095 the carriers, who are now successfully blocking the efforts of the P. A.,
into line with the majority who have agreed to co-operate.
M.
29
1924.]
THE CHRONICLE
Hearings before the (N. Y.) Assembly Judiciary Committee took place
in Albany on March 26. New York "Times" March 27, P. 21.
Authorized Statistics.
-The following is authorized by the Car Service
Division of the American Railway Association:
Equipment Orders.
-The railroads on March 1 had 45,074 freight cars on
order, an increase of 19,684 cars compared with the number on order on
Feb. 1. Freight cars on order on March 1 included box cars totaling
16,994; coal cars. 15,632, and refrigerator cars, 7,502. During the month
of February 11,537 freight cars were placed In service, making a total
of 27,729 installed during the first two months this year. Box cars installed during the month of February numbered 5,270; coal cars, 4.841,
and refrigerator cars, 287. The railroads also had on order on March 1
457 locomotives compared with 439 on Feb. 1. Locomotives installed
in service during the month of February totaled 214, making a total of
485 installed during January and February. These figures include new,
rebult and leased equipment.
Car Surplus.
-Class I railroads on March 14 had 175,002 surplus freight
cars in good repair and immediately available for service if necessary. An
increase of 30,576 cars over the number reported on March 7. Surplus coal
cars in good repair totaled 88,479, an increase of 24.364 within a week,
while there also was an increase of 5,907 in the number of surplus box cars.
which brought the total for that class of equipment on March 14 to 59.485.
Surplus stock cars totaled 15.750, an increase since March 7 of 488. while
sur rus refrigerator cars totaled 7,042, a decrease of 143 within the same
er
d.
Car Shortage.
-The reported car shortage on March 14 amounted only to
604 cars, a decrease within a week of 1,397 cars.
Matters Covered in "Chronicle" March 22.-(a) Continued record loading
for the season of railroad revenue freight, p. 1328.
(b) Inter-State Commerce Commission's order directing sale of bonds of
Chicago Union Station Co. through competitive bids, p. 1345.
Alabama Northern Ry.-Receivership.--
R. L. Schuessler, Treas., has been appointed receiver on the petition of
the Southern Iron & Equipment Co. of Atlanta, Ga. The company
operates between Pyriton and Ashland, Ga., 7 miles.
Birmingham Ry., Light & Power Co.
-Bonds.
-
Plans, it is stated, are under way for offering about $8,000,000 Refunding
6% bonds. Harris. Forbes & Co. are reported to have underwritten the
issue. The company is under the direct supervision of the Electric
Bond & Share Corp.
The holders of certificates of deposit for Ref. & Ext. Mtge. 6% bonds,
deposited under deposit agreement of Sept. 24 1923, should present their
certificates for payment on or after March 20 1924, as they have been
called for payment on that date.
-V. 118, p. 1266, 1011.
Boston & Maine RR.
-Contest for Proxies.
-
1519
New York Chicago & St. Louis RR. Dated April 1 1923.
Due April 1 1973(see description in V.117, p. 207,and advertising pages above).
Company was organized to construct in the center of Cleveland a new
union passenger station and terminal facilities, made necessary by the continuous growth in the great volume of railroad traffic moving to,from and
through that city. The station will be used by the railroad companies
named above; these companies have entered into an operating agreement
with the Terminals Company under which they are obligated to pay to the
Terminals Co., each in proportion to its use, sums covering in the aggregate all operating expenses, taxes, interest and sinking fund charges of the
Terminals Co., but with the reserved right in the Terminals Co. to admit
other railroads to the use of the terminal property, as tenants, upon terms
and conditions to be agreed upon and approved by the railroad companies.
Sinking Fund.
-Series B bonds are to be redeemable by means of semiannual sinking fund payments to a trustee, beginning June 1 1928, in
amounts sufficient, when added to the interest on bonds in the sinking fund,
to redeem at 105 and int. all of the Series B bonds by maturity.
fund moneys are to be applied to the purchase of Series B bonds ifSinking
obtainable at not exceeding 105 and int., otherwise to semi-annual redemption by
lot at 105 and int., the first date for redemption by lot being Oct. 1 1928.
Authorization.
-Issuance has been authorized by the I.
-S. C.Commission
and by the Ohio P. U. Commission,
Listing-Balance Sheet.
The New York Stock Exchange has authorized the listing of $12,000,000
Series "A" 1st Mtge. 55§% Sinking Fund gold bonds, due April 1 1972,
and of 35.000,000 Series "B" 1st Mtge. 5% Sinking Fund gold bonds,
due April 1 1973.
As the company is engaged in the acquisition of the necessary land and
the construction of its passenger station and facilities, and is not at present
an operating company, and has no income other than the proceeds of the
sale of bonds, and rentals from the temporary occupation of portions of
its property, no income account is furnished.
General Balance Sheet Dec. 31 1923.
Assets.
Liabilities.
Invest. In road St equipment$15,885,774 Capital stock
$10,000
Current assets
689,402 Long term debt
17,000,000
Deterred assets
25 Current liabilities
288,921
Unadjusted debits
965,507 Interest matured unpaid__ __
14,288
Unmatured Interest accrued_
227,500
Total
$17,540,709 Total
$17,540,709
-V. 117, p. 1346.
Colorado Wyoming & Eastern RR.
-Sale.
The stockholders' protective association has sent a circular letter to the
The sale of this road, which was to have taken place on March 4, has been
stockholders stating: "Some confusion has arisen by reason of the fact that
you arc in receipt of requests for proxies from three sources, the manage- postponed until April 2 by order of the U. S. District Court at Cheyenne,
ment, trustees of so-called voting trust, and from this association. The Wyo.-V. 118. D. 84.
vital issue is New Haven control. The trustees of voting trust include
Cuba Northern Railways.
-Equipment Trusts Sold.
Baynes and Liggett in their list of directors. Baylies and Liggett are the
The issue of $1,680,000 6 % Equipment Trust certificates offered by
picked sentinels of the New Haven. which that company is attempting to
place upon our board. We shall challenge the legal right of the New Haven the National City Co. has all been sold. See offering in V. 118. p. 1392.
to vote any of its Boston & Maine stock at the coming annual meeting."
v. 118. P. 1391, 1266.
Detroit United Ry.-Decision.The Michigan State Supreme Court has affirmed the decision of Circuit
Calumet 8c South Chicago Ry. Co.-Earnings.Judge Joseph A. Moynihan allocating bonds of the old Detroit United Ry.
Yrs. end. *Int. on
Other
Total
Bond
Dividends
Balance, to the city lines and to the interurban lines of the present Detroit United Ry.
Jan. 31. Capital. Income. Income. Interest.
The total of bond issues held by the Guaranty Trust Co. New York,
Paid.
Surplus.
1923-24---$572.579
$196 $572,775 8302.120
3270.655 against the old Detroit United Ry.system is 320,000.000. Oethis amount.
1922-23_-- 571,558 def2,042 569,516 307,409 (1%)100.000 162.107 the bonds against the city, under the decision totals $15,850,000. and those
1921-22--- 570,812 def4.101 566,711 317.299 (1 )175,000
74,411 allocated to the Detroit United Ry.interurban system amounts to $4,455,1920-21.-- 568,912
def241 568,671 316.904 (21 )225.000
,
26,768 000. Most of the bonds mature in 1932.-V. 118, p. 1392.
* Representing company's proportion of 40% of Chicago Surface Lines'
residue receipts pursuant to unification ordinance effective Feb. 1 1914.
East Penn Electric Co.
-Earnings.
-Nr, 116, p. 1274.
Calendar
Operating Oyer. Exp., Interest Other Replace. & Net
•
YearsRevenue. Tax.&Rent on Bonds.Deduc's. Renew.Res.Income.
.
Central Indiana Ry.-No Foreclosure.
1919
1,745,971 1,216,373 260,794 27,749 76,250 164,805
It Is understood that the Cleveland Cincinnati Chicago & St. Louis RR. 1920
2,074,361 1,397,880 263,625 29,477 207,788 175,592
and the Pennsylvania RR. will take over the above road for operation as 1921
2.446.203 1,517.929 267,187 32,491 225,250 403.346
of April 1 next. The road was to be sold at foreclosure sale on March 17 1922
2,414.320 1.491,161 270,595 17,208 235.365 399,991
last but representatives of the Central Union Trust Co., New York,trustee, 1923
2.943.988 1.775.812 295,855 23,270 245,568 603,482
under the mortgage, appeared in Court March 14 and stated that the decree -V. 117.
D. 2542.
of foreclosure had been satisfied, and asked the Court to enter an order
returning the road to its former managers for operation. The road has
Gainesville (Ga.) Ry.-To Issue Bonds, &c.-Acguisition.
been operated by William P. Herod, as receiver.
The Georgia
Judge A. B. Anderson directed that proper entry be made in each county 000 bonds and P.S. Commission has authorized the company to issue $100,$15,000 additional capital stock, following the recent purof Indiana where the mortgage has been recorded to show that it has been chase by it of the railway
properties in Gainesville, Ga.,from the Georgia
satisfied.
R.& Power Co.
The road was formerly operated Jointly by the Pennsylvania RR. and
the "Big Four." This was done at a loss and the "Big Four" tried to abanGardner-Templeton Street Ry.-New Company.
don its interest in the property but was not permitted to do so by the
See Northern Massachusetts Street Ry. below.
L-S. C. Commission.
-V,117,p. 2888.
Georgia & Florida Ry.-Receivers' Certificates.
-
Chesapeake & Ohio Ry.-Buys Branch-Bonds Auth.The receivers have asked the
C. Commission for authority to issue
The purchase of the Long Fork branch of the Baltimore & Ohio RR.and and sell $1,600,000 8% certificates of indebtedness. The certificates will
the Millers Creek line, both connecting with the Big Sandy division of the be sold at par and the proceeds used to retire a like amount of outstanding
Chesapeake & Ohio Ry., has been announced. Both lines tap some of certificates.
-V. 117, p. 2212.
the highest coal fields of Kentucky. The Long Fork line is about 25 miles
long and in its operation the Baltimore & Ohio was obliged to make use of
Georgia R.& Power Co.
-Sale of Gainesville Ry. Prop.
Chesapeake & Ohio's tracks from Martin to its own main line. The
the
See Gainesville Railway above.
-V.118. p. 1259.
Millers Creek road is little more than 4 miles in length, but it opened into
fields which on account of their geographical location were regarded as
Grand Rapids (Mich.) Ry.-Fares Increased.
belonging to Chesapeake & Ohio territory. The purchase price was not
The company on Feb. 1 last increased ticket fares from 7 tickets for 50
made public.
cents to 6 tickets for 50 cents. Cash fares remain at 10 cents.
-V.117.p.1017.
The I.
-S. C. Commission on March 19 authorized the company (1) to
sell 3142.000 1st Consol. Mtge, 5% 50
-Year Gold bonds at any time.
Gulf Mobile & Northern RR.
-Dividend Increased.
but not later than Jan. 1 1925, at not lees than 96 and int., and (2) to
The directors have declared a dividend
previously
pledge and repledge all or any part of the bonds from time to time, until reported) on the Pref. stock (voting trustof 1)4% (not 1%,as May 15 to
certificates) payable
otherwise ordered, as collateral security for certain notes which may be holders of record May I. An initial dividend of 1% was paid on the Pref.
issued.
-V. 117, p. 2768, 1555.
stock on Nov. 15 last, and a like amount on Feb. 15last. . 118, p. 1392.
V.
Chicago Great Western RR.
-Bonds Authorized.
-
The I. . C. Commission on March 17 authorized the company to
-S.
procure authentication and delivery to It by the trustee of not exceeding
$880,000 let Mtge. bonds, said bonds to be held by it until further order
-V. 118. p. 793.
of the Commission.
Hestonville Mantua & Fairmount Passenger RR.
-To
Extend Bonds.
-
Chicago 8c Illinois Western RR.
-New Interests.
-
The stockholders will vote March 24 on granting authority to the officers
and directors to arrange for the extension of an issue of 81.250.000 Consolidated Mortgage bonds for a period of 10 years from May 1 1924.-V. 108,
p. 784.
Cleveland Union Terminals Co.
-Guaranteed Bonds
-J. P. Morgan & Co., First National Bank and NaSold.
tional City Co. have sold at 97 and int., to yield about
5.15%,$10,000,000 1st Mtge.5% Sinking Fund Gold bonds,
Series B. Unconditionally guaranteed principal and interest,
jointly and severally, by endorsement, by New York Central
RR., Cleveland Cincinnati Chicago & St. Louis Ry. and
*Div. on Pref. stock of Springfield Gas & Electric Co., a predecessor co.
Operating Statistics for Calendar Years.
Electric Sales in Gas Sales in Steam Sales in Rev. Pass.
Kilowatt Hrs.
Cubic Peet,
Carried.
1,000 Lbs.
1919
14,757,069
298,813,100
11,050,058
494,805.0
1920
17.897.441
338,056,800
12,349,615
539,891.6
1921
18.077,016
345.091.100
473,815.3
12,165,400
1922
19,548,266
367.895,000
509,482.6
11,431,799
1923
23,235.546
381,020,800
11.150.971
511,545.1
-V. 116, p. 1275.
The Commonwealth Edison Co. and the Peoples Gas Light Sz Coke Co.
Hornell (N. Y.) Traction Co.
-Trolley Line May Go.
of Chicago have arranged to purchase this road, which operates about 12
The company has decided not to keep the line in operation more than
miles of road on the outskirts of the city. The purchase, it is said, was
two months longer. In the meantime, a plan is to be submitted to the
made for the purpose of assuring an adequate coal supply to these utilities.
The purchasers, it is understood, will pay $204.500 cash for the outstanding stockholders to sell the equipment and put in operation a fleet of bu.ses
stock, $516.000 for demand notes having a face value of $650,000 and will under a franchise from the city. "Electric Ry. Journal."
-V.111, p. 294
assume $959,000 Gen. Mtge.6% bonds, due in 1947, heretofore guaranteed
Illinois Power Co., Springfield, Ill.
-Earns. Cal. Years.
by Dolese & Shepherd Co. Application is now before the Illinois ComGross Earnings1923.
1922.
1921.
merce Commission.-V. 114, p. 1764.
1920.
Electric
$749,240
8668.316
8782,536
8771.669
Railway
Chicago Rock Island & Pacific Ry.-Bonds.711,270
735,647
784,642
755.562
523,159
521,577
The L-S. C. Commission on March 15 authorized the company to issue Gas
485,205
404.479
282,690
272,273
261.318
(1) 81,000,000 Gen. Mtge. Gold bonds; said bonds to be delivered to the Heating
245.885
trustee under the first and refunding mortgage; and (2) $1,000,000 of 1st &
Total
,$2,266,358 32.197.812 $2,313,701 $2,177,595
Ref. Mtge. Gold bonds; said bonds to be pledged and repledged from
1.580,642
1.593,050
1.627,951
time to time, until otnerwise ordered, as collateral security for any note Oper. expenses & taxes_ _ 1,602,691
or notes which may be issued, without authorization therefor having first
Gross income
$663.667
$617,170
$720.651
-V. 118, p. 84, 1129.
been obtained from the Commission.
$549,644
Int.. &c., fixed charges.
357,262
342,304
295,662
272,241
Divs, on pref. stock_
154,994
Cincinnati Street Ry.-New Director.
133,750
*90,000
*90,000
0. II. Rembold was recently elected a director to:succeed the late Judge
Balance
$151,411
$141,116
$334,989
3187,403
Rufus B. Smith.
-V. 118, p. 1011.
1520
THE CHRONICLE
Indiana Columbus & Eastern Traction Co.
-Sale.
Default having been made by the company in the payment of principal
and interest of its Gen. & Ref. Mtge. 5% 20-Year Gold bonds date,' May 1
1906, maturing May 1 1926. the Penn. Co. for Ins. on Lives & Granting
Annuities, Phila., trustee, will sell at public auction at the Cincinnati Stock
Exchange, First Nat. Bank Bldg., Cincinnati, $1,000,000 1st Mtge. 5°7,
20
-Year Sinking Fund Gold bonds of the Columbus London & Springreld
By. dated Oct. 11900, due Oct. 1 1920, with the overdue interest thereon
from Oct. 1 1920.-V. 116, p. 1992.
International-Great Northern RR.
-Bonds Offered.
The National City Co. of New York and the Brotherhood of
Locomotive Engineers Co-operative National Bank of Cleveland, 0., are jointly offering $3,500,000 1st Mtge. 30-Year
'6% gold bonds, Series "A," at 9534, to yield about 6.35%.
The bonds, part of an issue dated July 1 1922 and due
July 1 1952, were purchased from Speyer & Co. and J. & W.
Seligman & Co. This offering does not involve any new
financing by the railroad company or any increase in the
amount of bonds outstanding, but represents a block of
bonds owned by the bankers.
[Vet/. 118.
owned or held. Unless the warrants with the subscription price be returned
on or before June 15, the rights will be lost.
Shareholders of the Railroad Co. who buy shares of interest in the Coal
Co. will be obliged to dierpose ofeither their Railroad Co.stock or their shares
of interest in the Coal Co. stock on or before Dec. 311927. Until an owner
of shares of interest files an affidavit that he is not the owner of any Lehigh
Valley RR.stock, he shall not be entitled to receive any Coal Co. dividends.
Dividends declared by the Coal Co. but withheld on any shares with respect to which an affidavit has not been filed, will be accumulated without
interest and paid to the lawful holder upon filing of such affidavit.
-V.118.
p. 664.
Marion (Ind.) & Bluffton Traction Co.
-Acquisition.
The company recently acquired the property of the Linn Grove Light
& Power Co. consisting of about 50 miles of line and city equipment.
-V. 117, p. 2542.
'
Mauch Chunk & Lehighton Transit Co.
-New Officers.
Following the retirement of Ives & Davidson, New York City, as operating managers, a reorganization took place on March 10. A new board of
directors was elected by the stockholders. The officers chosen are: President, Verne M. Wolff: Vice-President & Gen. Mgr.. H. T. Ely; Treasurer,
George H. Mayer; and Secretary, H. O. Probst.
-V. 115, p. 436.
Michigan (Electric) RR.
-May Extend Bonds.
-
Holders of the 6% 5-year bonds, due on May.1 next, according to reports.
Graham Adams, who is supervising the investment and bond distributing will probably receive an offer shortly for an extension of maturity date on
7
activities for the affiliated labor banks, is representing in New York the the bonds in exchange for a bonus of 25 and 250 in preerred stock. The
'Brotherhood of Locomotive Engineers Co-operative National Bank of bankers who had been considering plans for refunding the loan of $4,050,000.
it is said, deemed it inadvisable to make a new offering under present
'Cleveland in the joint offering.
-V. 113, p. 1471.
It was pointed out as significant that the largest bank in the country, conditions.
representing the biggest aggregation of commercial, industrial and financial
Missouri-Kansas-Texas RR.
-Lease, &c. of Roads.interests in the United States, is willing to hold out its hand and join
At the annual meeting April 11 the stockholders will vote (1) on au• forces with labor in a constructive attempt to create more harmonious
thorizing, subject to any necessary authorization by any public authority
relationships between the two elements.
having jurisdiction in the premises, the lease to Oklahoma City-Ada-Atoka
To Pay Interest.- .
Ry. of the line of railroad, with the appurtenances thereof, owned by the
resident T A. Hamilton announces that the company will pay to holders core pa ey and extendiag from Atoka to Coalgate, Okla.; (2) on authorizing
of Adiustnient Mortgage 6% Gold oonds, series ".A ,' on April 1 next an the acquisition by purchase by the company of the property and assets
in.stallment of 4° interest for the year ended Dec. 31 1923. Payment of with the appurtenance: of the Boonville RR. Bridge Co. and the Missouri
7
such interest will be made at the Irving Bank-Columbia Trust CO. upon Kansas & Texas Terminal Co. of St. Louis, all or substantially all of whose
presentation and surrender of the proper coupons for such interest and capital stock is owned ty the company.
The full semi-annual interest of 2t4% on the 5% Adjustment Mtge.
appropriate ownership certificates.-- V. 118, p. 1135. 1012.
Gold bonds, Series "A," due
of
April 1 on
-Americans coupon No. 3 at the office of1967, will be paid Broadway,presentationInternational Rye. of Central America.
the company, 61
N. Y. City.
V. 118, p. 1392.
Acquire Control
-New Financing Expected.
Control of the road, it is understood, has been acquired by an American
Muscle Shoals Birmingham & Pensacola RR.
-No Sale.
group of bankers and business men from British interests. The construcThis property had been
a tax lien on March 3
tion of 100 miles of new road from Zacapa to Santa Ana, Guatemala. and at Pensacola, Fla., but an scheduled for sale underbefore the sale started.
agreement was reached
the gradual extension of the lines to connect with the properties of American The appointment of a receiver was urged.
-V. 117. p. 1992.
corporations, including the United Fruit Co.. which is interested in the
undertaking, are already under consideration, it is said.
National Railways of Mexico.
-Interest Payments.
F. Lisman & Co. expect soon to offer an issue of 1st Mtge.5% Sinking
The international committee of bankers of Mexico in connection with the
Fund Gold bonds of the road. The capitalization of the railroad now con- readjustment of debt announces that the following issues are now ready to
sists of $1.000.000 5% 60
-Year Gold bonds and 5999.420 bonds of the same be returned to depositors upon presentation and surrender of the relative
class, both due in 1972: 52.261.000 or 1st Mtge.5% Central Division bonds certificates of deposit to the
American RR. Co.
of 1972: $2.319.000 of Guatemala Central 6% bonds of 1931: 51,216,300 of 1st Mtge. 5% Gold Bonds,issuing depositaries: (1) PanAmerican RR. Co.
due Jan. 1 1934: (2) Pan
6% notes due in 1927; 52.931.100 of 69' notes due in 1936; 530,000,000 of Gen, Mtge. 5% Gold Bonds, due Jan. 1 1937; (3) Mexican Central Ry..
Common stock and $10,000,000 of 5% Preferred stock. According to the Ltd.,5% Equip. Notes, Series No. 10. dated Jan. 11907:(4) National Rys.
bankers, the corporation's outstanding mortgage bonds per mile of main of Mexico 6%,3
-Months Secured Gold Notes dated Dec. 11913'(5) National
line amount to 517,500.-V. 118, p. 664.
Railways of Mexico 6% Secured Gold Noets, Series "C," dated June 1 1914
(dollars and marks).
Kansas City Mexico & Orient RR.
-Sale.
The cash warrants maturing up to and including Jan. 1 1924 will be paid
This road was sold at public auction at Wichita. Kan., on Mar. 27 to upon presentation and
at the office of any one of the
Clifford listed. General Attorney for the road, for 53,000,000. Only two paying agents specified.surrender thereof maturing subsequently to Jan. 1
Cash warrants
bids, according to dispatches, were made, the other being 52,764.000. 1924 should not be presented for payment until the committee announces
offered by E. E.Mullaney, director of the Federal Reserve Bank at Kansas that it has received for the current year one-half of the minimum fund to be
City. Mo.
provided by the Mexican Government under the terms of the plan.
Upon conclusion of bidding Mr.listed is quoted as saying:"The bid made V. 118, p. 311, 85.
was a preliminary step toward reorganization of the Orient RR. Very
New York Central RR.
-May Lease Virginian Ry.shortly a reorganization plan will be put out, in which all of the noteholders
According to reports the company is negotiating for the lease of the
will be invited to participate. While it would be premature to indicate
the details at this time. I can say the plan will be a comprehensive one and Virginian Ry.-V. 118, p. 1392. 1268.
will provide for additional capital, equipment and extension of the road.
-Abandons Service.
N. Y. & Long Island Traction Co.
"Under the terms of the decree, the bid is subject to the acceptance of
the Court: in the meanwhile, of course, Mr. Kemper, as receiver, will conIn accordance with an order of Gen. Lincoln C. Andrews, confirmed by
tinue in the operation and management of the property."
the courts, service from the Brooklyn city lino at Grant Ave. to Lynbrook.
A petition in behalf of the English investors in the Orient, asking post- L. I., was recently suspended. Gen. Andrews in referring to the abandonponement of the sale, was denied March 26 by Federal Judge John C. Pol- n ent said that the matter had been considered from every angle and that
lock, who ordered the sale to satisfy a Government lien for $2,500,000 with the operation of the line was impracticalbe and impossible under existing
Interest, advanced in 1923 to enable the road to continue in operation. conditions.
-V. 117. p. 2890.
The Orient road runs from Wichita. Kan.,to Alpine, Tex., and the Mexican
N. Y. New Haven & Hartford RR.
-Annual Meeting.
section runs from Falomir through Chihuahua, Sanchez and Fuerte, the
At the annual meeting April 16 stockholders will "consider and act upon
Pacific terminal being at the port of Topolobampo. There is a gap of unit ie gposntiontt iss,de ni onir:aa
ln r
o ro .i ttkis ls t o nationsds or txteosiotser evi ences ?
,o
ie
i
.
bon tc; noees nr onh or hege en s
f
finished road between Alpine and Falornir and between Sanchez and
ess
Fuerte.-V. 118, p. 1392, 907.
of this companyp property, and for refunding or otherwise discharging its
s
existing obligations before, at or after the maturity thereof."
Kansas Power & Light Co.
-Merger Approved.
Relative to the above notice Vice-Pres. Buckland makes the following
The Kansas P. U. Commission has approved the merger and reorganization plans of the various McKinley public service corporations in the State. explanation:
"The notice in the call for the stockholders' meeting of a proposed issue
See also V. 118, IL 1267
.
of bonds, notes or other evidences of indebtedness is merely a routine notice
' Keokuk & Des Moines Ry.-Time Extended.
-The com- issued every year, preliminary to the consideration of such votes as may be
the
of additions and betterments, including
mittee for the 1st Mtge. 5s (F. J. Lisman, Chairman) offered covering and financing indebtedness during the current year, and
equipment trusts
maturing
announces that the time for depositing the bonds has been so comply with the requirements oflaw, which make necessary a stockholders'
extended to April 30. A large majority of the bonds have fromvote for issuance of any obligations maturing in more than one year
date.
"Last year the stockholders voted in substance to authorize the company
already been deposited. The committee in an announceto issue its obligations for an amount not exceeding $5,000,000 for addiment (see advertising pages) says:
tions and betterments, and for whatever additional sum might be needed
• The committee hopes to be able to obtain from the receivers out of rentals to refund maturing indebtedness.
•
under the existing temporary lease payment of 2% on the face value of the
"This year votes of a similar character will be offered for their consideradeposited bonds as representing interest at the rate of 4% per annum for tion. This gives authority to the directors to issue the company's obligathe 6 months ending April 1 1924, but this cannot be accomplished in the tions, if necessary, to amount not exceeding that authorized by the stockimmediate future. Meanwhile the committee will loan to such depositors holders."
-V. 118, p. 1268.
as request it, on the security of the bonds deposited by them respectively,
New York & North Shore Trac. Co.
-Wants Action.
an amount equal to 2% of the face value of such bonds, by presenting their
Federal Judge Robert A.Inch has sent a letter to William Bowne Parsons,
certificates of deposit for stamping at the Farmers' Loan & Trust Co..
whom he appointed a special master last August to arrange an agreement
22 William St.. N. Y. City, on or after April 11924.-V. 118, p. 1392.
between the bondholders of the company and the New York City officials.
The object of the appointment was to restore operation of the lines from
Louisville & Nashville RR.
-Listing-Earnings.
The New York Stock Exchange has authorized the Hating of $14,000,000 Flushing to Whitestone and from Flushing to Little Neck. In a letter
Judge Inch says: "This Court has no authority to do more than it has
1st & Ref. Mtge. 5%,Series B bonds, due April 1 2003.
done, and I dislike to have you continue as master unless something is going
Income Account for 11 Months Ended Nov. 30 1923.
to be done. The purpose of my writing this letter to you is to suggest that
Railway operating revenues
5125,132,836 you find out
just what the situation is, and if you find that there is no
Railway operating expenses
101.072,039
prospect of a reasonably speedy operation of the road, which was the sole
reason for your appointment,
Net revenue from railway operations
$24.060,797 to the other parties, so that that you will report that fact to me on notice
I can ISM) the proper order discharging you."
Railway tax accruals
5,378,324
Uncollectible railway revenues
12,299 -V. 117, p. 1018.
Total operating income
Total non-operating income
$18,670,174
4,046,593
Gross income
Total deductions
Income applied to sinking funds
522.716,767
9,972,649
101.785
Balance
-V. 118. p. 1268.
$12,642,332
Norfolk & Western Ry.-Equip. Trusts Authorized.
-
The I.
-S. C. Commission, on March 19, authorized the company to
assume obligation and liability, as guarantor, in respect of $12,000.000
Equip. Trust Cert., series of 1924, to be issued by the Dank of North America & Trust Co. to be dated April 11924. and to be sold so as to net not less
than 96.773 and div., in connection with the procurement of certain equipment.
The report of the commission says in part:
The Virginia Holding Corp. has sold the certificates to a group of banking
houses composed of Kean. Taylor & Co., Roosevelt & Son,and the National
Lehigh Valley RR.
-Subscriptions to Certificates of Int.- Bank of Commerce, Now York City, and the First National Corp., Boston.
In accordance with the terms of resolution adopted by the directors on Mass., at 96.773. On such basis the annual cost to the applicant will be
Feb. 6 last, stockholders who at the close of business on March 15 were approximately 5.2%. The sale was arranged as a result of advertising for
registered on the books of the company as the holders of capital stock of the competitive bids. We commend the carrier and hope its example may be
Lehigh Valley RR. Co.. either Common stock or Preferred stock or both, followed by others. (See offering in V. 118. p. 1268, 1385.)
A. J. County. Vice-President of the Pennsylvania RR., has been elected
will be entitled to subscribe to certificates of interest in the stock of Lehigh
Valley Coal Co. in accordance with the terms and provisions of the final a director to succeed the late John P. Green. Theodore W. Reath, General
Counsel of the Norfolk & Western Ry.. has been elected a director,succeeddecree of the U. S. District Court, dated Nov. 7 1923.
Warrants mailed by the trustees after Mar. 15 1924. covering the right ing Childs Frick, resigned.
-V. 118, p. 1385.
to subscribe to the certificates of interest for each share of Railroad Co.
Northern Massachusetts Street Ry.-Sale of Property.
stock owned or held as shown on the books of the company at the close of
Charles Mulhado and associates recently formed the Gardner-Templeton
business Mar. 15. must be returned to the Girard Trust Co., Philadelphia,
°Ow before June 15 1924, with $1 per share for each share of railroad stock Street Ry., and have purchased at a receiver's sale that portion of the
MAR. 29 1924.]
THE CHRONICLE
Northern Mass. St. By. property which extends from Greenwood's shop
in South Gardner to Riley s switch in Templeton, Mass. The Mass. Dept.
of Public Utilities on Jan. 29 authorized the new company to issue $90,000
of stock. The property was appraised at $143,871.
Officers of the new Gardner-Templeton Street By.are asfollows: Charles
Mulhado. President; Edgar A. Shepardson, Vice-Pres., and Ralph Kelly.
Secretary and Treasurer.
The voters of Athol. Mass.,on Feb. 4 ratified the plan for municipal purchase of the Athol & Orange section of the Northern Massachusetts Street
Ry. This section of road is 6.76 miles long. Approval of the sale of a
parcel of the railway with equipment for $18,484 to the town of Athol was
given recently by Justice Braley of the Massachusetts Supreme Court;
also of 500 tons of rails to Henry Lewis & Co., Philadelphia, for $10.000.
and 110,000 lbs. of copper wire to the Snyder Corp., Rochester, N. Y.,
for $30.000.-V. 117. p. 2323.
1521
Southern Ry.-Did Not Challenge Commission.
The company announces that there was no foundation in fact for the
-S. C. Commission
published gossip that the Southern had challenged the I.
In disposing of a proposed new issue of equipment trust securities subject
to the approval of the Commission. Not only was the sale conditioned
upon the Commission's approval but as a matter of fact before any arrangement whatever was made the entire matter was laid before the appropriate
division of the Commission. In this particular case it was necessary
Immediately to perfect the legal details in order to avoid complication of
the title to 2,000 box cars which it was desired to cover by the trust. The
car plant was on the verge of delivery of these cars at the rate of 50 per day.
The alternative to a quick settlement of the legal details would have been
suspension of operations at the car plant and the consequent throwing out
-V. 118. P. 1393.
of employment of several thousand men.
-Equipment Trusts.
UnionPacific RR.
-Fares.
-Northern Ohio Traction & Light Co.
-S. C. Commission for authority to
The company has applied to the I.
Under an agreement between the company and the city of Kenmore. issue $3,000,000
% Equip. Trust Certificates. It proposes to sell them
0., a 5
-cent fare with 1-cent transfers will become effective in that city. at 93.94 or better and use the proceeds in acquisition of 35 locomotives and
Since Feb. 1 the fare between Kenmore and Akron has been 7 cents. The 500 tank cars.
-V. 118, p. 909.
new rate will be effective as soon as permission is received from the Ohio
Union Traction Co., Santa Cruz, Calif.
P. U. Commission.
-V. 118, p. 1136.
The company has applied to the California RR. Commission for authority to abandon operations upon Sequel (formerly Minnesota) Avenue from
-Sale.
Pennsylvania & Ohio Traction Co.
The property will again be offered at a receiver's sale April 7 at Jefferson, Front Street to Pacific Avenue, and those portions of its system extending
-V. respectively to La Veaga Park, Seabright and Capitola.-V. 111, p. 75.
Ohio. A sale was advertised for Jan. 28 last but no bids were made.
118, p. 1013, 312.
-Reorganization Soon.
United Rys. Co. of St. Louis.
-Year
The committee for the holders of St. Louis Transit Co. 5% 20
Pennsylvania RR.
-Number of Stockholders
states: (see adv.page.)
The number of stockholders on March 1 1924 totaled 145,050. an increase Improvementbonds(Edwin M.Bulkley, Chairman)
"Recent developments indicate that a reorganization of the United Rya.
of 6,152 compared with March 1 1923. The average holdings on March 1
and that
1924 were 68.84 shares, a decrease of 3.05 shares. The foreign holdings on Co. of St. Louis is not far distant holders ofadequate recognition of the
such bonds are represented
March 1 last were 3.78% of the outstanding stock, an increase of 0.11% Transit bonds will be insured if all
by one committee. To this end your committee considers it advisable to
compared with March 1 1923.-V. 118, p. 1393.
combine with the committee constituted under agreement dated April 22
•
1919 and representing a large number of bonds. It is intended that the
Philadelphia Company.
-Annual Report.
members of your committee will become members of that committee, which
Calendar Years1922.
1920.
*1923.
1921.
Chairman;
Gross earnings
$37,122,622 $14,566.026 $11,308,595 $16,566.669 will then consist of Edwin M. Bulkley, Fenley, F. William P. Gest, ViceJ. Liman, Charles S.
Chairman; LeRoy W. Baldwin, Oscar
Exp., deprec. & taxes
7,298,222
8,749,564
8,030.500
24,427,588
Ludlam, Harrison Nesbit, D. Sommers and George W. Wilson, and that
thereafter the combined committee will proceed under the terms of the
• Net earnings
$12.695,034 $5,816.462 $3,278,095 $9,268,447
Other income
1,353.297
2.085.237
2,315,317
2.280.506 agreement of that committee, dated April 22 1919.
"Accordingly, your committee, considering it expedient to terminate the
has adopted
Totalincome
$14.048,331 $7,901.699 $5,593.412 $11,548,953 agreement of July 10 1917, by which it was constituted,recommends resothat
Interest and charges__ _ _ 5,302,204
2.621.158 6,133,989 lutions terminating said agreement. Your committee
2,404,208
you forthwith deposit your bonds with the combined committee under the
Preferred dividends_...
946,659
946,231
945,590
776,164
deposit agreement dated April 22 1919. It is also contemplated that the
Duquesne Light divs_ _ _
862,497
Common dividends
3,166,718
2,576,364 combined committee will be able to arrange to advance to such depositors
2,576,364
2,576,364
as so desire the interest due April 1 should the same be defaulted as now
Surplus
$3,770.253 $1,974,896 def$549,700 $2,062,436 seems certain.
"The combined committee expects to assume the expenses and obliga* The report for 1923 is the company's first annual report as a holding
deposit with the combined comdate of your committee.
company. For 1922 figures comprised Philadlphia Co. proper and sub- tions to no payment on account ofIf you
expenses will be required at this time.
mittee,
sidiary natural gas companies but did not include Duquesne Light Co.
If, however, you do not desire to deposit your bonds with the combined
The report of the Philadelphia Co. only for 1923 follows: Gross income,
now withdraw them upon paying your pro rata share
$9,012,894: not after depreciation and taxes. $7.548,073: interest, amortiza- committee, you may expenses to date, amounting to $10 for each $1.000
of your committee's
tion, &c., $2,533,046: net income. $5,015,027.-V. 118, p. 1136.
bond."
W.Lorne Scovil,25 Broad St., N.Y. City,is Secretary ofthe committee;
Pittsburgh Cin. Chic. & St. Louis RR.
-Tenders.
Mercantile Trust Co., St. Louis, and Bankers Trust Co., New York.
The Farmers' Loan & Trust Co., N. Y. City, will until March 29 receive depositaries.
-V. 118, p. 1393, 1269.
bids for the sale to it of Consol. Mtge. bonds, to an amount sufficient to
-To Receive Divs.United Railways Investment Co.
exhaust $155,180 at a price not exceeding par and interest.
-V.117. p. 1886.
-V. 118.
See Pittsburgh Utilities Corp. under "Industrials" below.
Portland Terminal Company.
-Notes Authorized.
- p. 312.
The I.
-S. C. Commission. on March 17. authorized the company to issue
-Bonds Authorized.
Valley Railroad.
not exceeding $1,800,009 1-Year 5 % coupon notes: notes to be sold at not
-S. C. Commission, on March 15, authorized the company to issue
The I.
less than 99.25% and int.
The co nmission also authorized the Maine Central RR. to assume obli- not exceeding $443,000, 1st & Ref. Mtge. 5% Gold bonds to be delivered
gation and liability, as guarantor, in respect of the notes. (See offering in at par to the Delaware Lackawanna & 'Western RR.,lessee, in refundment
of certain obligations. The latter company has been authorized to assume
V. 118, p. 1393).
-V. 118. p.
obligation and liability as guarantor in respect of the bonds.
Public Service Ry. (N. J.).
- 1013.
-May Discontinue Line.
The company has applied to the New Jersey P. U. Commission for au-Listing-Earnings.
Virginian Railway.
thority to discontinue railway service from Gloucester to Fairview, N. J.
The New York Stock Exchange has authorized the listing of $9,500.000
If the application is granted the company will remove the tracks and in- additional 1st Mtge. 50-Year 5% gold bonds. Series "A," due May 1 1962.
crease bus service between the two towns.
making the total amount listed $42,344,000. Of the above bonds. $4,500.See Public Service Corp. of New Jersey under "Reports and Documents" 000 have been duly authenticated and delivered to the company and debolow.-V. 118. p. 1269.
posited as collateral security for loans made to the company by the U. S.
Government and $5.000,000 have been sold and are outstanding in the
Puget Sound Power & Light Co.
-Annual Report.
hands of the public.
Income Account Years Ended Dec. 31.
1922.
1923.
1921.
1920.
1921.
Gross earnings
1922.
1923.
$12.424,707 $10,477,609 $10,038,544
Operating expenses and taxes
$18,093,633 $16.956,023 $15,681.361 $15,737.818
7,555,294 6,099.025
5,883,294 Freight revenues
Passenger,mail & express 1,112,541
1,089,195 1,045,056
970,592
Net earnings
1,253,801
1,375,979
1.082.829
$4.1369,413 $4,378,584 $4,155,250 Other transportation_ _ - 1.122,174
Other income
673,642
715.291
750,000
Railway open revenue$20,328,348 $19,009,444 $18.024,357 $18.158,853
Total income
$5,543,055 $5,093.875 $4.905,250 Maint. of way & struct_ $2,219.868 $2,193,206 $2,547,898 $2,229,597
Interest and amortization
2,555,653 2,451.924 2.546,359 Maint. of equipment_ _ _ 5,344,302 4,838.605 3,902,349 3,710,211
Transportation, rail line 5,536,112 4,902,969 5,540,613 6,513,536
Balance. surplus
455.639
414,868
504,610
511,139
$2.987,402 $2,641,951 $2,358,891 Other expenses
-V. 118. p. 1269.
Net railway oper.rev_ $6,716,927 $6.570,052 $5,618,629 $5,249,871
647.674
649.885
817,627
Rapid Transit in N. Y. City.
720,100
-Amendment to Rapid Railway tax accruals__ _
211
371
291
Uncollectible ry.revs.._
2,426
Transit Act
Proposed.
-
An amendment to the Rapid Transit Act was introduced on March 24 at
Railway oper.income_ $5,994,401 $5,752,135 $4,968,453 $4,601.986
Albany. A brief summary of the important points are these:
623.511
118,396
303.278
Equipment rents, &c_
293.359
(I) In the original subways there is no prohibition of newspaper and Joint facility rents. net.
• 20,207
33,459
29,420
46.022
periodical stands, vending or weighing machines and advertising signs.
These are prohibited, however, on the new subways. In other words,
Net railway oper.Inc_ $6.333.782 $5,084.833 $5.120,309 $5.245,704
what is permitted on parts of the lines is prohibited on other parts
879,531
-an Other income credits_ _ _
495,312 2.925,562
578,633
anomalous and illogical situation.
(2) This loss of revenue serves directly to increase the city budget and
Gross income
$6,912,415 $6,580,145 $8,045,871 $6,125,235
tax rate. This is because of insufficient revenue; which the companies, Int. on funded debt_ _ _ _ $2,1.56.153 $2,096,618 $2,120,167 $1,699,543
under their contracts with the city, are earning-not sufficient to give a Other income debits_ _
286.507
321,354
364.204
623,127
return to the city on its investment as contemplated by the contracts.
468,818
393,369
Federal taxes
711,289
461,690
(3) While the increase of earnings which would be made possible under
the amendment would not be sufficient to make the subways self-supporting
Net income
$3,671,444 $3,408,033 $5,245.827 $3,635,519
(and thus release the city's investment of approximately $250,000,000 Preferred dividends_ _(6%)1.677,300 RI)23060£E(6)1,677,300
(8
from the debt limit, making it available for new subways), it would be a Common clividend.s_ _ _ ($4)1,250.860
practicable step in that direction.
These matters are entirely under the regulatory power of the public
Total
$743.284 $1.101.745 $3,368,527 $3,635,519
authorities, which is full protection against abuse or of lessening the transNote.
-Net income for year 1920 includes Federal operations for Jan. &
portation efficiency of the systems.
-V. 118. p. 307.
Feb. 1920:"other income credits" for year 1921,incl. $2,308,095 additional
rental allowed by U. S. RR. Administration for 26 months of Federal conRichmond Light & RR.
-To Offer Equip. Trusts.
trol: also dividend income of $300,000 from Virginian Terminal By. stock
See Staten Island Edison Corp. under 'Industrials" below.
-V. 118, p. 522.
-V. 117. owned.
P. 1018.
St. Louis
-San Francisco Ry.-Lease--Application.At the annual meeting May 13, stockholders will vote on authorizing,
subject to the approval of the 1.-S. C. Commission, the lease by the company of the railroads and property of Kansas City Clinton & Springfield Ry.,
and the acquisition by the Kansas City Fort Scott & Memphis Ity. of the
entire outstanding capital stock of said Kansas City Clinton & Springfield
Ry.
The company has applied to the I.
-S. C. Commission for authority to
sell $5,904,200 534 Prior Lien Mortgage gold bonds,$2.984,600.5% Prior
Lien gold bonds and$2.952,100 6% Adjust. Mtge. gold bonds. It proposes
to use all the bonds or the proceeds from the sale to reimburse its treasury
for expenditures made between Sept. 1 1922 and Dec. 31 1923 for additions
and betterments.
-V. 118, p. 665.
-Receivership.
San Luis Southern R.
Upon petition of the International Trust Co. of Denver, Colo., acting as
trustee for the bondholders, the road has been placed in the hands of a
receiver by Judge Jesse C. Wiley of tho Twelfth Judicial District of Colorade. A. C. Robinson, Manager for the Costilla Estates Co. of San
Acacia, has been appointed receiver. The road is 32 miles in length, extending from Blanca to Jarosa.
Virginia Railway & Power Co.
-Listing.
-
The Phila. Stock Exchange has authorized the listing of $100.000 additional 1st & Ref. Mtge.5% bonds. due July 1 1934, being part of $1,000,000
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
March 22 $12,518,000.-V. 118, p. 1393. 1137.
Western Pacific RR. Co.
-New Director.
R. R. Pardow has been elected a director, succeeding Thomas S. Montgomery.
-V. 118, p. 1270.
West Penn Power Co.
-Permanent Bonds Ready.
Halsey. Stuart & Co., as syndicate managers, announce that permanent
1st Mtge.
% gold bonds, Series "F," due Oct. 1 1953, are now available
in exchange for the temporary certificates originally issued. See also
offering in V. 117, p. 2772.
Wisconsin Central Ry.-Deposits Urged.
-
William J. Wellman, Chairman of the minority holders of Common
stock committee, in a notice issued states that the offer of the Minneapolis
St. Paul & Sault Ste. Marie By. (Soo Line) to buy the minority stock of
the Wisconsin Central expires March 31. The agreement of the committee
with the Soo Line provides that 95% of the outstanding Wisconsin Central
Shreveport (La.) Rys.-Pares Reduced.
stock must be deposited, although the Soo Line has the option of taking leas.
There are outstanding 80,263 shares of minority stock in the hands;
Fares in Shreveport, La., were recently reduced from 7 to 6 cents.
of the public and at the close of business on March 25 1924 the following
V. 117. p. 209.
1522
THE CHRONICLE
(VOL. 118.
had been deposited. With the Bankers Trust Co.. New York, 45,355
Earnings, Years Ended December 31.
shares; with Minneapolis Trust Co., Minneapolis, 16,220 shares; total,
1922.
1923.
61.575 shares.
Gross earnings
$947,035 $1,070,651
The committee has been given the assurance that certain stock will be
594,479
deposited on or before the expiration of the time limited estimated at 9,500 Oper. exps., incl. maint.& taxes (except Fed. taxes) 564,345
shares, making a total of 71,075 shares. In order that the plan shall surely
Net earnings
$382.690
$476,172
become operative, it is imperative that 4,000 to 5,000 additional shares Annual Int. on funded debt
outstanding upon combe deposited.
pletion of present financing
137.500
The committee wishes, therefore, to impress upon the minority stockholders in the protection of their own interest, the urgent necessity of ' Balance
depositing their stock immediately to insure the completion of the deal.
Sinking Fund.
-The mortgage will provide for the payment by thecom338M72
Under the agreement between this committee and the Soo Line, the Soo pany
Line is under no obligation to set aside notes to be exchanged for Wisconsin to .14 as a semi-annual sinking fund,commencing Jan. 1 1925, of a sum equal
of 1% of the total amount of bonds of this series outstanding, the
Central Common stock which is not deposited on or before March 31 1924. moneys to be ained by the
trustee to the purchase and cancellation of
-V. 118, P. 1013, 909.
bonds of this series at or below the redemption price existing at the next
ensuing interest date, or, if not so purchasable, to their call by lot at such
Wisconsin-Minnesota Light & Power Co.
-V. 107, D. 403.
The stockholders will vote April 2 (a) on changing the name of the redemption price on such interest date.
company to the Northern States Power Co. of Wisconsin; (b) on increasing
American Beet Sugar Co.
-Resumes Dividends.
the number of directors from 11 to 17, and (c) on changing the location of
The directors have declared (from accumulated profits) four quarterly
the headquarters of the company from La Crosse to Eau Claire, Wis. dividends
of 1% each on the outstanding $15,000,000 Common stock, par
-V. 117. P. 1779.
$100. payable April 30, July 31, Oct. 31 1924 and Jan. 31 1925 to holders
record April 12. July 12, Oct. 11 1924 and Jan. 10 1925, respectively.
Worcester Consolidated Street Ry.-Back Dividends.
- ofquarterly distribution of 2% was made on the Common stock on Jan. 31
The directors have declared a dividend of $2 50 a share to apply on divi- A
dends in arrears on the 5% Cum. Pref. stock. The dividend is payable 1921; none since. Dividend record on Common stock follows:
1911. 1912. 1913-15. 1916. 1917. 1918-20. 1921. 1922-23.
April 1 to holders of record'March 20.-V. 116, D. 517.
Regular
14% 5%
Nil.
Nil. 43i% 73.5% 8% p.a. 2%
Extra
York (Pa.) Railways Co.
-New Vice-President.• Lewis B. Harvey of Baker, Young & Co. has been elected Vice-President -V. 118, p. 1394, 1137.
with general supervision over finance, a new office.
-V. 118, p. 433.
American Can Co.
-The
-No Extra Dividend Declared.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past week,
together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade Journals formerly given
tinder this heading apeears to-day on a preceding page under "Indications
of Business Activity."
Coal Production, Prices, &c.
The United States Geological Survey's report on coal production, together
with the detailed statements by the "Coal Trade Journal" and the "Coal
Age," regarding market conditions, aeretotore appearing in this column,
will be found to-day on a preceding page under the heading "Indications
of Business Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the United States,
complied by the American Petroleum Institute and formerly aepearing
tinder the above heading, will be found to-day on a preceding page.
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.
-On March 27 the American. Arbuckle, National
and Warner companies reduced the price 10 pts. to 8.50c. per lb.; Federal
10 Ms. to 8.40e. and Revere 10 pts. to 8.45c.
Crompton (R. I.) Textile Plant Crippled by Unauthorized Strike.
-Velvet
and corduroy workers in dye department quit because of discharge of six
Jiggers thus holding up the entire plant. The discharged men demanded
3"runs- (instead of4) as a day's work with no wage reduction. New York
"Times" March 25, p. 36.
Rates Increased by Pennsylvania Telephone (Jo.
-The Bell Telephone Co.
of Pennsylvania will file a new schedule of rates April 1 to become effective
May 1. with increases in many cases. New York "Times"M arch 22. p.23.
Matters Covered in "Chronicle" March 22.-(a) Employment and wages in
Pennsylvania and .4
-ew Jersey-Increases general except in car construction
and repair plants. p. 1331.
(b) President Coolidge asks Agricultural Credit Corp. to assist in diversification of Northwest wheat crops following defeat of Norbeck-Burtness
bill
-War Finance Corp. to help. p. 1336.
(c) U. S. Supreme Court denies power of Federal Trade Commission to
direct "fishing expeditions" into tobacco companies; papers to determine
violation of anti-trust laws, D. 1344.
Alabama Water Co., Birmingham, Ala.
-Acquisition.
-
The Alabama P. S. Commission has authorized the Union Water Co. to
transfer all its properties to the Alabama Water Co. The holdings involved
comprise waterworks plants and system at Albertville. Russellville and
Boaz. Ala., and certain franchises, rights and contracts to operate water
plants at Hartselle. Leeds and Irondale. Ala.
The Commission also authorized the Alabama Water Co.to issue $300,000
of 7% Preferred stock, of which $75,000 is to be paid for the Union Water
Co. properties.
-V. 117. p. 2656.
All America Cables, Inc.
-Meeting Postponed.
-
The special stockholders' meeting called for March 27 has been postponed until April 10.-V. 118, p. 1394.
directors on March 25 declared the regular quarterly.dividend
of 15i% on the Common stock, payable May 15 to holders
of record April 30. On Feb. 15 last an extra dividend of
1% was paid on the Common stock in addition to the usual
quarterly distribution of 134%.-V. 118, p. 796, 786.
American Canadian Properties Corp.
-Liquidating Co.
See Columbia Graphophone Mfg. Co. below.
American Car & Foundry Co.
-Acquisition.
-
It is announced that the company has acquired the plants of the Pacific
Car & Foundry Co. which are situated at Portland. Ore., and Seattle,
Wash., and will take over the properties on April 1. A new subsidiary of
'
the American company will be organized to take over the plants.
-V. 118,
p. 1014.
American Chain Co.
-Report.
The company for the year ended Dec. 31 1923 reports net income of
3,098,684 after depreciation,interest and Federal taxes, as compared with
61,000.375 in 1922.-V. 118, p. 1271.
-Listing.
American-La France Fire Engine Co., Inc.
The New York Stock Excnange has authorized the listing of $46,000
additional Common stock, par $10, on official notice of issuance and
payment In full; making the total amount applied for $3,450,000.-V.
118, p. 1014, 667.
-Sells Gas Holdings.
American Light & Traction Co.
The company has disposed of its holdings of capital stock of the Conseilcated Gas Co. of New Jersey to the Jersey Central Power & Light Corp.
- 118, p. 1138. 792.
V.
-New Director.
American Ship & Commerce Corp.
James P. Warburg, Vice-President of the International Acceptance
-V. 118, p. 1394.
Bank. New York, has been elected a director.
-Listing.
American Telephone & Telegraph Co.
The New York Stock Exchange has authorized the listing of $1130,000,000
-Year Sinking Fund 834% Gold Debenture bonds, due Nov. 1 1943.
20
- 118, p. 1394, 1271.
V.
-Coupons.
American Water Works & Electric Co., Inc.
The company announces that, beginning with the coupon due April 1
-year 5% Gold bonds, such coupons will be paid
from its Collateral Trust 20
-V.118. p. 1395.
at its office. 50 Broad St., N. Y. City.
-Annual Report.
American Zinc, Lead & Smelting Co.
-1923.
Calendar Years
$432,208
Operating profit
Interest on bonds,&c...
$59,291
Preferred dividends__
1920.
1921.
1922.
$516,313 loss$188.433 loss$92,409
$39,625
$73.075
$71,668
482,037
$372,917
Balance, surplus
Previous surplus
2.032,035
-Depreciation
Deduct
and depletion reserves
413.144
$443.238 def$260,101 def$614,071
3.695,152
x2,010,135 x2,655,021
421,338
379,563
403,885
Total surplus Dec.31_ $1.991,808 $2,032,035 $2,015.357 $2,677,195
Amalgamated Sugar Co.
-5% Preferred Dividend.
x Adjusted.-V. 117. p. 1889.
The directors have declared a dividend of 5% on the Preferred stock,
payable May 1 to holders of record April 16.
-Stock Increased.
Arcade Malleable Iron Co.
This represents a dividend of 3% on account of accumulations and a
The stockholders have increased the authorized Common stock (no par
regular quarterly dividend of 2%. This payment will leave 3% still unpaid value) from 10.000 shares (all outstanding) to 30,000 shares. It is said
on the Preferred stock.
-V. 117. D. 1888.
that part of the new stock will be placed privately to provide additional
working capital.
-V. 117. p. 2215, 1351.
Allentown-Bethlehem Gas Co.
-Bonds Sold.
-Drexel &
Co., Philadelphia, have sold at 97 and int., to yield over
5.70%, $2,500,000 1st Mtge. gold bonds, 53% Series, due
1954 (see advertising pages).
Dated April 1 1924. Due April 1 1954. Interest payable A. & 0. at
Fidelity Trust Co., Philadelphia, trustee, without deduction for Federal
Income taxes not exceeding 2%. Penna. 4-mills tax refunded. Red. all
or part and for the sinking fund on any int. date on not less than 30 days'
notice, at a premium of6% on or before April 1 1934:thereafter at a premium
of 5% on or before April 1 1944. said premium to be reduced by Si of 1%
commencing Oct. 1 1944. with a like additional reduction commencing on
Oct. 1 of each year thereafter, the ponds being redeemable at par on Oct. 1
1953: in each case with interest. Denom. $1.000 and $500 cs.
Data from Letter of--V.-Pres. Lewis Lillie, Philadelphia, March 22.
Company.
-Formed Dec. 15 1913 in Pennsylvania by merger and consolidation of existing companies. Company supplies artificial gas without
competition in Allentown and Bethlehem. Pa., and surrounding districts.
Population (est.), 160,000. In addition to Allentown and Bethlehem, the
communities served include Catasauqua, Fullerton. Fountain Hill, Hokendengue. Copley, Hanover Township, Northampton Borough. Lower
Saucon Township and the Borough of Hellertown. Company also owns
all the capital stock of the Highland Gas Co., which supplies Quakertown.
Perkasie, Sellersville and adjacent territory.
Company owns and operates a modern and efficient water gas plant located in Allentown, with a manufacturing capacity of 4,000,000 Cu. ft. per
day. It also purchases coke oven gas from the Bethlehem Steel Co. under
a contract expiring Jan. 11933. The coke oven gas is received and purified
at the company's gas handling plant at Bethlehem, which has a capacity of
400,000 Cu. ft. per hour. with a storage holder of 2,500,000 Cu. ft. capacity.
It also owns five additional holders with an aggregate capacity of 1.110,000
Cu. ft. Company's gas mains aggregate 207 miles in length and the total
number of customers served is over 28.600.
Purpose.
-Proceeds will be used to redeem and retire all of the company's
funded debt now outstanding. aggregating 32.050.000, and to reimburse
the company for expenditures for additions and betterments to its property.
['rho entire outstanding Gen. Mtge. 54, due Dec. 11943, have been called
for payment at 105 and int. on June 1 next at Fidelity Trust Co., Phila.]
Capitalization Outstanding upon Completion of Present Financing.
Common stock, now paying dividends of8% Per annum
$1 2® 550
;18, 0
3"
7% Cumulative Preferred stock
First Mortgage Gold bonds.5Ji% series, due 1954 (this issue) _ _ 2.500,000
' x The company contemplates the sale in 1924 and 1925 of $1,100,000 of
7% Preferred stock, 6318,550 of which has already been sold to customers
and issued or subscribed for on the installment plan.
-Earnings.
Asbestos Corp. of Canada, Ltd.
Calendar YearsProfits after taxes
Other income
1923.
$368,936
183,394
1922
$727.09
3
152,192
1921.
$756,644
136.414
Net income
Bond- interest
Depreciation
Dividends
$552.330
$150,000
380.000
$879,285
$150,000
194,299
460,000
$893.058
$150,000
199,800
460,000
622.330
2,211,076
674,986
2,136,090
2,g118!
8
Surplus
Previous surplus
Total surplus
-V. 117, p. 2774.
$2,233,406 $2,211,076 $2.136.089
-Jan. Earns.
Atlantic Gulf & West Indies SS. Lines.
The company, having decided to issue regular monthly earnings statements, reports for January 1P24 as follows:
62,137,817 Interest, taxes, &c
$211,768
Operating revenue
Net rev, from operations_ 434,573 Surplus before deprec'n_- 249.047
Gross
Gro income
460.815 -V. 118. p. 313.
Atlantic Oil Producing Co.
-To Underwrite Bonds.
See Gilliland 011 Co. below.
-V. 115, p. 1636.
-Annual Report.
Babcock & Wilcox Co.
Calendar YearsGross profits
Other income
1922.
1923.
1921.
1920.
$2,513,867 $1,621,157 $2,101,061 $4,281,866
734,209
926,183
660,617
640,902
Total income
63.440,050 $2,355,366 $2.761,678 $4.922,768
Depreciation,&c
$411,394
$691,028
$392,242
6413,461
Federal taxes
150.000
485,000
458,000 '211,765
Inventory adj. & res1,538.936
803,259
Dividends
(83 %)1.749.990(6)1,200,000(10)1500.000(10)1500,000
Surplus
$707,803
$532,207 loss$105,042
$839,819
Profit & loss surplus--5,063.400 x5,025,718 10,993.511 11.096,553
x After deducting $5,000,000 paid as a stock dividend.
-V. 117. P.
2657, 2113.
Baldwin Chain & Mfg. Co.
-Bond Redemption.
All of the outstanding $300,000 leit Mtge.8% Sinking Fund Gold bonds,
dated May 14 1921, have been called for payment May 15 at 10334 and lot
MAR. 291924.]
1523
THE CHRONICLE
- Empire Trust Co. as trustee, and will be drawn down as erection progresses
at the Merchants National Bank, 446 Main St., Worcester, Mass.
against architects' certificates, Construction of the building will be apV. 112, p. 2416.
proved on behalf of the bankerel by McKim, Mead & White, Architects.
McKim. Mead & White estimate the cost of construction at $1,750,000'
-Stock Dividend.
Beaver Mills, New York.
Corp.. the general contractors, estimate this
The company has filed a certificate with the Massachusetts Commissionet The Bethlehem Engineeringcharges during construction, at about $2.000,of Corporations showing a stock dividend consisting of 8.000 shares of cost, together with carrying
Preferred stock to be issued to the Common stockholders in the ratio of 000.
-Mortgage will provide for the deposit of a semi-annual
Sinking Fund.
8 shares of Preferred stock for each 25 shares of Common stock owned.
the trustee in an amount calculated to retire the entire
There are at present 25,000 shares of Common stock of no par value out- sinking fund withor redemption by maturity. The sinking fund will comloan by purchase
standing.
-V. 118, P. 668. 554.
mence Mar. 1 1926 at the rate of $30.000 per annum and payments will be
requirements decrease.
-Statement of Earnings, made each year in increasing amounts as interestproperty are as follows:
BeIgo Canadian Paper Co., Ltd.
-Estimated annual earnings of this
Earnings.
Period July 1 1923 to Dec. 31 1923.
$585,000
$1,275.270 Gross earnings (after allowance for vacancies)
Gross earnings
•235,000
Operation, ground rent, maintenance, insurance and taxes
Deduct-Depreciation, $162,267; bond int.. 6240,000: sinking
482,267
fund, $80,000
$350,000
Net available for interest, depreciation and sinking fund
140,000
Preferred dividend
$115.000
Maximum interest and sinking fund charges on this loan
The net income as shown above is five times the maximum interest charges
$653,003
Net earnings for Common stock
according to and over three times the greatest interest and sinking fund charge on this
The above figures do not provide for income tax, which,
loan.
the company's estimate, should be about $80.000.-V. 117. p. 1465.
-Entire capital stock of the 1556 Broadway Corp.. the borOwnership.
-Bonds Sold.
rower, is owned by the Bethlehem Engineering Corp. and affiliated interBotany Consolidated Mills, Inc.
ests. The Bethlehem Engineering Corp. has been identified with the sucat 96
Blair & Co., Inc., and Cassatt & Co. have sold
cessful management and operation of similar structures in this section.
-Year Secured
and int. to yield about 7%, $8,000,000 10
634% Sinking Fund Gold bonds (see advertising pages).
Dated April 11924; due April 1 1934. Denom.$1,0,$500 and $100c*.
Int. payable A. & 0. without deduction for any normal Federal income
tax not exceeding 2%. Pennsylvania four mills tax. Maryland State
tax of 4H mills, Connecticut tax up to four mills, and Massachusetts
income tax on interest not exceeding 6% of such income, refundable.
Red. in wnole at any time, or in part on any int, date, on 30 days' notice
at 103% and int. on or before April 1 1925: the premium during the next
for each 12 months or part thereof elapsed,
four years decreasingH
1
,
until April 1 1929; thereafter the premium to decrease 4 % for each 12
months or part thereof elapsed after April 11929. Chase National Bank,
New York, trustee.
Data from Letter of President Max W. Stoehr dated March 25.
-Organized in Delaware March 21 1924 for the purpose of
Company.
acquiring the business and property of Garfield Worsted Mills of Garfield,
N. J., and the control of Botany Worsted Mills of Passaic, N. J. The
latter company, incorporated in 1889, comprises a complete manufacturing
enterprise starting with the raw wool and is to-day probably the largest
single unit in this country manufacturing high-grade dress goods and
French-spun worsted yarns. Tne weaving department consists of about
-ant appraisal of the real estate, plant and.equipment
2.200 looms. BP.
of this company all )ws a sound value of $15,722,698.
Garfield 1Vor. te 1 Mills, organized in 1902, manufactures a standard
line of dress goods. Its manufacturing faculties comprise weaving, dyeing.
and finishing departments. The equipment includes about 1,000 looms.
Recent appraisal of the real estate, plant and equipment of this company
shows a sound value of $3,445,903.
Security.
-Secured in the opinion of counsel by (a) first mortgage on
all real estate, plants and fixed assets owned by Garfield Worsted Mills.
(b) First lien on 21.000 shares (par $100 each) of the capital stock of
Botany Worsted Mills, being 7-12ths of the capital stock of the latter
company.
-Net profits of Garfield Worsted Mills after depreciation,
Earnings.
available for interest and Federal taxes, combined with the net profits of
Botany Worsted Mills, after all deductions (including Federal taxes computed at 1923 rates) available for 7-12ths of its capital stock, as prepared
from the records of the companies and the auditors, have been as follows:
Annual average for seven fiscal years ended Dec. 31 1923. $2.982,149.
being 73 years to Dec. 31 1923 for Garfield, after eliminating certain
non-recurring special charges, and seven years to Nov. 30 1923 for Botany.
For the fiscal year ended Dec. 31 1923, $2,461,697; being 12 months
to Dec. 31 1923 for Garfield and 12 months to Nov. 30 1923 for Botany.
These combined net profits for the above seven fiscal years averaged
5.73 times the annual interest charges on the new bonds and for the last
fiscal year (1923) were over 4.73 times such interest charges.
-Payable semi-annually on Feb. 1 and Aug. 1 each year,
Sinking Fund.
commencing Aug. 1 1924, sufficient to retire by purchase or redemption
the following percentages of the maximum amount of bonds issued: 1 H%
per annum in first year; 2 % per annum in second year; 3H % Per annum
next two years; 43 % per annum next two years; 5% per annum next
four PMI'S.
Outstanding.
Authorized.
Capitalization$8,000,000
-Year Secured 6H % B. F. Gold bonds_210,000,000
10
300,000 shs.
300,000 shs.
*Capital stock, no par value
-Dividend of 2%.
Buckeye Pipe Line Co.
The directors have declared a quarterly dividend of 2% on the outstanding $10,000,000 Capital stock, par $50. payable June 14 to holders of record
April 26. A like amount was paid March 15 last. [For dividend record
from 1912 to March 1923 incl., see V. 118, p. 555.1-V. 118. p. 1015.
-Earnings.
Bunte Brothers, Chicago.
Calendar YearsNet sales
Other income
1922.
1923.
$6,284.263 35.347.062
8.854
3,540
Totalincome
Cost of goods sold and expenses
Federal taxes
Preferred dividends
$6.287.803 $5,355,916
4.856.442
5.739,859
62.184
68.086
66,500
66,500
$413,359
1,893,906
Deb.6,434
Surplus for year
Previous surplus
Adjustments
$2,300,831 81.893,906
Profit and loss surplus
-V. 112, p. 1870.
-Earnings.
Butterick Company, New York.
Calendar YearsNet profit
Prof. dividend (8%)_ _ _ _
$370,790
1,530,141
Deb.7,025
1923.
$629.262
58,000
1922.
$566,913
66,000
1921.
$840,094
74,000
1920.
$307,713
73,410
8234.303
8766.094
8500.913
$571,262
Balance. surplus
Profit & loss surplus_ _ _ _ 33.766,539 83,195.278 $2,842,999 82.198.485
-V. 118, p. 87.
-New Director, &c.
California Petroleum Corp.
E. F. Hayes of New York has been elected a director, succeeding L. P.
St. Clair.
The corporation has made application to list its stock on the Los Angeles
-V. 118. P. 1396.
Stock Exchange.
-Annual Report.
Callahan Zinc-Lead Co.
Calendar YearsTotal income
Expenditures
1923.
$980,983
988,917
1922.
8168,194
318.455
.
.
$10 118 51.424 530
1.158,282
166.396
Operating deficit
-V. 117. p. 2326.
$7,934
$150,261
$156,279prof$266.248
-Annual Report.
Canadian General Electric Co., Ltd.
1921
eha 1922.
1923
$532.791 $1,707.340
$1,482,234
599.417
400.000
401,831
428.227
404,151
140,000
140.000
x175,000
787.038
701.879
647,985
Calendar YearsOperating income
Depreciation
Interest
Preferred dividends
Common dividends
def$144,902 def$737.31% def$220,946
Surplus
5.778.672
6,820.411 y7,657.726
Previous surplus
by voting trust certificates.
•May be represented
86.675.509 86,820.411 $5,557,726
Total surplus
The controlled company has no mortgage debt; its funded debt con45,740
sisting of $1,000,000 6% Debentures due serially Oct. 1 1927-31 and Investment written off
$848.000 7% Debentures due Jan. 1 1925.
36,629.769 $6,820.411 85.557.726
Profit and loss, surplus
Balance Sheet (Botany Consolidated Mills, Inc.), After Present Financing).
x Includes special dividend of$35.000. y Adjusted to include $2.000.000.
Liabilities
Assets
depreciation charges deducted in previous years.
being $33,800.000 of
-Year Secured 63s--- $8.000.000 less Common stock excess
$3,441,720 10
Fixed assets
dividend of $1,800.000.-V. 118. p. 1272.
500.000
16,934,378 Notes payable
Invest, in sub. co
122,845
357,099 Accounts payable
Clash
-Annual Report.
Canadian Westinghouse Co., Ltd.
192,910
868,303 Accrued items
Accounts rec.. less res__ 1920.
1921.
1922.
1923.
Years end. Dec. 31507,588 Earns,from mfg. oper_ _ $2,208,883 $1,776.154 82,236.936 $2,020,516
2,657,637 Deposit accounts
Inventories
Net worth (300,000 shs.
Prepaid expenses and
Common stock)
14,973.568 Adm., selling & general
37,773
advances
821.194
769,389
818.795
884,569
expenses, taxes. &c_ _ _
Cr.51.758
Cr.33.833
Cr.69,836
Cr.69,159
Total
$24,296,911 Other income
$24,296,911
Total
225.000
253.000
200,000
212,000
Depreciation
110,000
157,000
85,000
Dominion taxes
- Donation to pension fund 120,000
-Control &c.
Botany Worsted Mills, Passaic, N. J.
40.000
-V. 117. p. 2893.
See Botany Consolidated Mills, Inc., above.
615,525
741,790
593,932
742,790
Dividends paid
-Bonds
Broadway 46th Street Building, N. Y. City.
-Edmund Seymour & Co., New York, and F. R.
Offered.
Sawyer & Co., Inc., Boston, are offering at 100 and int.
$1,000,000 1st (closed) Mtge. Leasehold 7% Sinking Fund
Gold bonds (see advertising pages).
Dated March 11924. Due March 1 1939. Int. payable M.& S. Empire Trust Co.. New York, trustee. Denom. $1,000. $500 and $100 c*.
Red. as a whole at any time up to Mar. 1 1936 at 102 and int.: thereafter at
101 and int. Red. in part at any time at the following prices and int.:
105 to and incl. Mar. 11927; 104 to and incl. Mar. 11930; 103 to and incl.
Mar. 11933; 102 to and intl. Mar. 11938; 101 thereafter to date of maturity. Interest payable without deduction of normal Federal income tax
not in excess of 4%. Payment of the I'enn. and Conn. 4-mill tax and the
Mass. income tax not to exceed 6 3-5% will be refunded.
-The property is located at the northerly end of Times Square,
Location.
40 ft. on Broadway and 100 ft. on 46th St. This location is extremely
valuable for store and office purposes, ranking among the first in pedestrian
traffic in New York.
The building, consisting of 16 stories and basement, will be a modern,
fireproof office and store structure, designed to make use of the north light
to meet the requirements of the jewelry trade, which is taking up the suitable space in this neighborhood. When completed the building will have a
total rentable store area of 12,000 sq. ft. and office area of 150.000 sq. ft.
The building will be the largest office building on Broadway between 43d
and 56th Sts.
-year leasehold
-Secured by a closed first mortgage lien on the 63
Security.
estate, comprising about 13.200 sq. ft. of land, and the Broadway 46th St.
Building being erected thereon, appraised upon completion by Joseph P.
Day. Inc.. at $1,800.000.
The lease is made between the 1.556 Broadway Corp. and the trustees of
Columbia UM t entity, the owners of the land, and extends with two 21-year
renewals to 1987. The consent of the trustees of Columbia University
has been given to this mortgage and no mortgage or lien now exists or can
be created during the term of this loan on the land or buildings ranking prior
to or ratably with this mortgage.
Title to the mortgaged property is guaranteed by the Title Guarantee &
Trust Co. Insurance for the full insurable value of the property will be
carried for the benefit of the trustee.
lop Bond guaranteeing completion,free and clear of all liens, will be furnished
to the trustee, by the Fidelity & Deposit Co. of Maryland. The schedule
ofconstruction calls for completion of the building on or before Dec.311924.
During construction the total proceeds of these bonds will be held by the
Balance, surplus
-V. 117. p. 2657.
8278.683
$143,263
2349,590
$300.556
.
Candy Products Corp.-Convermon of Shares.
It is stated that approximately 70% of the Prof. stockholders have voluntarily taken advantage of the clause in the corporation indenture which
gives them the right to convert ono share of Preferred for 4 shares of Common stock.
-V. 118, p. 797.
-Production.
Central Aguirre Sugar Co.
The company, it is stated, has produced approximately 158.000 bags of
sugar this season to date, the Central Aguirre mill accounting for 116.000
bags and the Central Machette 42,000 bags. To the corresponding date
last season production totaled 102,000 bags, operations at that time being
-V. 118, p. 435.
affected by the strike of employees.
-To Issue Stock.
Central Counties Gas Co.
The California RR. Commission has authorized the company to issue
not exceeding $100.000 of Common stock, or 8100.000 of Preferred stock.
or such portion of either as it may elect to sell, in an aver gate amount not
exceeding $100.000. The proceeds are to be used to refund a $20,000 note,
to pay indebtedness and finance in part the cost of extensions and betterments already made or to be made.
-V. 115. p. 78.
-Earnings Cal. Years.-.
Central Illinois Light Co.
Gross Earnings-Electric department
Gas department
Heating department
1921.
1922.
1923. .
82,451,017 $2.042,542 $1.776,653
730,057
757.954
808,005
207.206
237.459
261,514
Total
Operating expenses
Taxes
Interest, &c., fixed charges
Dividends on Preferred stock
Depreciation
$3.520,535 $3,037,955 $2,713,916
1.498.012
1,625.636
1.782.432
166.000
240,000
275,043
414.554
480,154
470,983
170.268
208,554
266.754
210,000
210,000
210,000
Balance
-V. 116, p. 1182.
8515.323
$273,612
8255,080
-Stock Application.
Central Power Co. (Delaware).
The company has applied to the Nebraska Ry. Commission for authori
-V. 109. p. 1369.
to issue $1,025.000 additional ComMon stock.
1524
THE CHRONICLE
(H.) Channon Co., Chicago.
-Resumes 2nd Preferred
Dividends
-Results for Year Ended Dec. 31 1923.
The directors have declared a dividend of 2% on the 8% 2d Preferred
stock, payable April 1 to holders of record March 20. Accumulations on
the $311,300 2d Preferred stock, it is stated. aggregate 18
Regular quarterly dividends of7% and two deferred dividends were paid
during 1923 on the $650,000 Pref. stock. This left only one back dividend
due on this stock, which was paid Feb. 11924.
Earnings Calendar Years1922.
1923.
Net earnings before Federal taxes
$103.215
$195.497
Balance Sheet Dec. 31.
Assets
1923.
1922.
Liabilities-1922.
1923.
Real est. dr equip_ $88,254 $102,976 Capital stock
81,081,800 81,117.600
Bills& accts. rec. _ 411.585
467.095 Bills and accounts
Inventories
661,894
603,742
137,061
payable
88,600
Cash
190,086
104.806 Reserves
10.610
22,748
Deferred charges
12,061
33.188 Surplus
170,735
46,536
o•
Total
-V. 110,
31,363.884 81,311,808
Total
81,363,884 81,311,808
p. 662, 264.
Charcoal Iron Co. of America.
-Bonds Called.
-
Certain 1st Mtge. 10-Year 8% Gold bonds dated Nov. 1 1921. aggregating $100.000. have been called for redemption May 1 at 111.9379%
,
of par and int., at the Bankers Trust Co., trustee, 16 Wall St., N. Y.
City.
-V. 117. p. 2546.
Chemical Foundation, Inc.
-Appeal Filed.
-
The formal appeal of the Government from a decision of Judge Morris
of Delaware dismissing the suit against the Chemical Foundation for return
of German dye patents was filed in U. S. Circuit Court of Appeals at Philadelphia March 26. The case will probably not be heard until October.
-V. 118, p. 911. 435.
Cities Service Co.
-Guaranty.
-
[vol.. 118.
Connections on this system are also made with the Keokuk hydro-electric
station in Iowa, and by a series of inter-connections in Indiana, with the
small waterpower plants on the Tippecanoe River. These plants are
operated by the Interstate Public Service Co. and the Kentucky Utilities.
which serve the Kentucky coal fields.
At the present time a line of 132,000 volts around Chicago is proposed,
connecting all of the industrial districts from the Wisconsin State iine on
down around the edge of the Lake to the steel mill district in and around
Gary, Ind. The operation of this line will require extremely high voltage
tests on apparatus and equipment.
The Commonwealth Edison Co. is now supplying current to a population
of about 3.000,000 in the city of Chicago, and has a power load of more
than 600.000 k.w., apart from the outlying areas and manufacturing districts
which in many cases are supplied by utilities allied and associated with
this company.
The new 1,000.000-volt laboratory will be available for all companies
under the management of Samuel Insull and his associates. The apparatus
of the laboratory, which will be furnished by the General Electric Co..
Includes transformers, a special generating set, regulators, sphere gaps,
and measuring instruments.
The stockholders of record April 1 are given the right to subscribe on
or before May 1. at par ($100), for additional capital stock in the ratio of
20% of their holdings. The present outstanding capital stock is $72.000,000.
Subscriptions are payable at the office of the Treasurer, 72 West Monroe
St., Chicago,
either (1) in one payment of $100 per share on or before
May 11924, or (2) in four installments, each of $25 per share, on or before
May 1, Aug. 1 and Nov. 1 1924. and Feb. 2 1925, respectively, or (3) in
ten installments, each of $10 per share, the first on or before May 11924.
and $10 monthly thereafter.
Fractional warrants may be purchased or sold upon application to
brokers or to the Utility Securities Co.,72 West Adams St., Chicago, 111.V. 118. p. 1396.
Conanicut (Cotton) Mills.
-New Treasurer.
Clarence A. Brown has been elected Treasurer, succeeding Walter A.
Lowry.
-V. 111, p. 2142.
Consolidated Gas Co. (of N. J.).
-New Control.
See Empire Tank Line Co. below.
-V. 118. 13. 1396.
A. E. Fitkin & Co. March 27 consummated the transaction for the
purchase of the Consolidated Gas Co.of New Jersey and was duly appointed
fiscal agent for the company. Con •.ns on the Consolidated Gas Co.'s
$1,000,000 1st 5s of 1936 and the 11.111.000 Ref. 5s of 1965 will hereafter
be paid at the office of A. E. Fitkin & Co., 165 Broadway, New York.
Dated Feb. 29 1924. Due March 1 1925. Denom. $1,000. $5,000. instead of at the office of the American Light & Traction Co. Fitkin &
110.000, 125,000 and $100,000 c*. Int. payable M. & S. by presentation Co. were also appointed registrar for the Consolidated Gas Co.'s bonds
in the case of bearer notes and to holders of record in the case of registered and transfer agent for its stock.
[The New Jersey P. U. Commission has approved the application of the
notes. Red. at the option of the company at any time on 15 days' notice,
company to issue $300,000 1st Ref.5% bonds to be sold at not less than 851
as stated in the notes, at par and int.
Purpose.
-These notes were issued in connection with its recent acqui- See also V..118, p. 1273.
sition of practically all the capital stocks of Columbus Gas dc Fuel Co..
Consolidation Coal Co.
Federal Gas & Fuel Co., Springfield Gas Co. and Dayton Gas Co., which
-To Offer $10,000,000 7%
distribute natural gas in the cities of Columbus, Springfield and Dayton, O. Cumulative Preferred Stock to Common Stockholders.
serving a population estimated to exceed 515,000.
The stockholders have approved an issue of $10,000,000 7% Cumnl.
Earnings -Consolidated earnings of the company and its wholly controlled and leased subsidiaries (including for the full period the earning Pref. (a. & d.) stock. The stockholders of record March 29 will be given
of the four recently acquired companies mentioned above)for the 12 months the right to subscribe, pro rata, on or before April 19 at par ($100) for the
new Pref.stock. Red.on any dividend date at 112,54 and diva. Dividends
ended Feb. 29 1924 were reported as follows:
shall be payable quarterly on March 1. June 1, Sept. 1 and Dec. I of each
Gross earnings. $27.696,315: operating expenses and taxes. $15,year. The proceeds
996,151: net earnings
$11,700.164 the purchase price ofof the new issue will be used to pay the balance of
Other income*
2,106.885 the treasury for other the Sandy Valley & Elkhorn RR. and to reimburse
-V. 118, p. 1273, 1397.
capital expenditures.
Total gross income
$13,807,049
Continental Can Co.
-Resignation.
Rentals, $5,173,052; fixed charges. $1,085,024
6,258.076
Frank A. Vanderlip has resigned as a director.
-V. 118, p. 1017.
Surplus for depreciation, dividends. &c
$7,548,973
Continental Motors Corp.
-Bonds Offered.
-Halsey,
Columbia Gas & Electric Co.
-Guaranty
-Notes Sold.
Co. of Now York has sold at 100 and int. $11,500,000 OneYear 5% notes. (See advertising pages.)
Stuart & Co., Inc., New York; Continental & Commercial
Trust & Savings Bank, Chicago; First National Co., Detroit;
and Blyth, Witter & Co., San Francisco, are offering, at
Columbia Graphophone Mfg. Co.
-Certificates Ready.
- 953 and interest, to yield about 7%,$7,500,000 First Mtge.
The reorganization committee (Mortimer N. Buckner. Chairman) has
sent out notices to holders of participation certificates and others advising Sinking Fund 63% Gold Bonds. (Sic 0.(1V43 tis;11g pages.)
* Includes dividend on stock owned of United Fuel Gas Co. and Virginian Gasoline & Oil Co. Compare also annual report for 1923 in V. 118,
p. 1010, 1016.
them that the assets of the company having been vested in either Columbia
Phonograph Co. Inc. (the new operating company) or the AmericanCanadian Properties Corp. (the new liquidating company) and that the
voting trust certificates for stock in the new companies are now ready
for distribution.
Holders of Participation certificates, series "A," will be entitled, upon
the surrender of their Participation certificates to receive voting trust
certificates and fractional voting trust certificates, all as provided in the
plan.
The new certificates will be delivered by New.York Trust Co., 100
Broadway, New York City, upon the surrender of the Participation certifi
Cates, duly endorsed in blank.
-V. 118. p. 1017.
Columbia Phonograph Co., Inc.
-Operating Co.
-
See Columbia Graphophone Mfg. Co. above.
_ The New York Trust Co. has been appointed depositary of the Columbia
Phonograph Co.. Inc., Capital stock under a voting trust agreement dated
Feb. 29 1924. See also V. 118, p. 1017. 911, 436.
Columbia Steel Corp., San Francisco.
-Annual Report
Year Ended Dec. 311923.
Net sales
16.915,121
Cost of sales, $5,813,312: depreciation and depletion. $140,389 5,953,700
• Net operating profit
$961,421
Non-operating income
70.877
Gross income
$1,032.298
Deduct-Int.on funded debt,$256,667; Federal tax.$99,199---- 355,866
Net profits for year
$676,432
Adjustment of Federalincome tax for prior years
161,026
. Total surplus
$837,459
Consolidated Balance Sheet Dec. 31 1923.
Assets.
Coal properties
$6.000,000 7% Preferred stock
38,922.800
iron properties
2,110,000 Common (636,332 all., no par) 6,864,949
Real estate and water rights
250,000 1st mortgage bonds
4,000,000
Plant and equip., leas deprec_ 4,176.119 Accounts payable
554,224
New construction
5,575,622 Notes payable
387,812
ftef, stock subscriptions
167,825 Int. on bonds accrued
116,667
Inventories
1.164,967 Other accrued expense
77,047
Accts. & bills rec., less reserve 1,024.568 Provision for Federal taxes__ _ 102,699
Securities
83,600 Plant reserves
48,587
Cash
1,238.543 Surplus
837,459
Deferred charges
118,801
Total
321,910,045 Total
321,910,045
-V. 118, p. 912, 207.
Date March 11924. Duo March 11939. Interest payable M.& S. at
office of Halsey, Stuart & Co., Inc., in New York or Chicago, without
deduction for the normal Federal income tax not in excess of 2%. Denom.
$1,000. $500 and $100c*. Redeemable, all or part, at any time on not
less than 30 days' notice at the following prices and interest: to and incl.
March 1 1925 at 103
thereafter at )4 of 1% less for each succeeding
year or part thereof to and incl. March 1 1938 and thereafter at 100.
Corporation agrees to reimburse the holders of these bonds, if requested
within 60 days after payment, for the Pennsylvania four-mill tax. Connecticut personal property tax not exceeding four mills per dollar per
annum. Maryland security tax not exceeding 43[i mills and for the Massa,
chusetts income tax on the interest not exceeding 6% of such interest
per annum.
Data from Letter of Pres. R. W. Judson, Detroit. March 20.
Company.
-Is the largest concern in the United States engaged exelusively in the manufacture of gasoline motors and is the outgrowth of a
partnership organized in Chicago in 1902, with a capital of approximately
86.000 invested principally in machinery, designs and patterns.
Production has increased from 360 motors in 1906 to 237,000 in 1923
and annual capacity now exceeds 300,000 motors. Corporation's manuacturing facilities are in every respect modern and thoroughly adapted
to economical and efficient production. It manufactures and aseembles
practically all parts of the well-known Continental Red Seal Motor, more
than 1,500,000 of which have been manufactured and sold.
Among the customers whose requirements are supplied, in whole or
in part with Continental motors are: Jordan. Moon, Paige Detroit,
Yellow Cab. Federal Motor, Durant. Auburn, Columbia. Massey-Harris,
J. I. Case Threshing Machine. Moreland Motor. Acme Motor, Brockway
Motor. and Anderson Motor,
CapitalizationAuthorized.
Outstanding.
1st Mtge. Sinking Fund 6Sis
$10,000,000
$7.500,000
Common stock (no par value)
3.000,000 abs. 1,760,845 du.
Purpose.
-Proceeds will be used for the retirement of $3,750,000 7%
Serial Gold notes, other note indebtedness and for other corporate purposes.
Sinking Fund.
-Mortgage provides for an annual sinking fund operative
through Halsey. Stuart & Co., Inc., fiscal agent, commencing June 11925,sufficient to retire 3 2-3% of the greatest principal amount of bonds which
may have been outstanding at any time on or before May 1 1925. and
on June 1 1926, and annually thereafter during the life of the bonds in an
amount sufficient to retire 4 1-3% of the greatest principal amount of
bonds which may have been outstanding at any time on or before the
first day of May immediately preceding each payment date.
Earninqs.-Net earnings for the fiscal year ended Oct. 31 1923 (V.
118, p. 82) before depreciation, interest and Federal taxes amounted to
$3,886.195, and after depreciation and Federal taxes, to $2.435,000, as
compared with annual interest on the 1st Mtge. bonds of $487,500.
The average annual earnings, before depreciation, interest and Federal
taxes, for the six years ended Oct. 31 1923 were $3,694,306, and such
average annual earnings after depreciation, Federal taxes, and inventory
adjustment in 1921 were 82.193,974.-V. 118, p. 436, 1273.
Corn Products Refining Co.
-Authorized Pref. Stock
Commonwealth Edison Co., Chicago.
--Construction Reduced-Common Stock Increased-25% Stock Dividend.
The stockholders on March 25(1)reduced the authorized Pref,stock from
-Rights to Stockholders, &c.
630.000,000
Construction of a super-power system in Illinois. with Chicago as the
hub,is announced by the company in connection with its order of a million
volt testing set which will be built by the General Electric Co. This is
the first 1,000,000-volt set ever installed by a public utility operating
company.
Under present plans, Chicago will be the centre of a super-power system
which will tie in Iowa, Wisconsin, Illinois and Kentucky. The Commonwealth Edison Co. is now operating one of the highest voltage underground
lines in America at a pressure of 33.000 volts. Leading into Chicago at the
present time is a steel tower transmission line from Waukegan, owned by
the Public Service Co. of Northern Illinois. A line is projected which will
run from the Calumet plant of the Commonwealth Edison to another
132,000 volt line, also projected, connecting the Indiana Gas & Electric
Co. plants and these of the Public Service, Blue Island and Joliet. The
Public Service Co. interconnects with the Central Illinois Public Service,
Illinois Northern Utilities, and with others the total area served being equal
to three-quarters of the State of Illinois.
to 625.000.000, thus formally completing the retirement of
50,000 shares which were purchased by the company and cancelled in 1921.
and (2) increased the authorized Common stock from 850.000.000 to $75,000.000 and changed the par value of the Common shares from $100 each
to $25 each.
The directors have declared a 25% stock ells on the Com, stock, pay,
able on or about Apr. 10 to holders of record Apr.5. The stockholders will
receive 5 shares of the new stock, par $25, in exchange for each share of the
present Com, stock. par $100. The balance of the new Com, stock will
be held in the treasury, from which sales may be made to the employees,
both here and abroad, thereby enlarging their interest in the company.
Quarterly Div. of 23' % Declared on Present Common Stock.- .
The directors have declared a quarterly dividend of 23i% on the Common
stock, Par $100. payable April 19 to holders of record April 5. In the two
previous quarters, the company paid quarterly dividends of 1%% each.
together with extras of 34' of 1%. (See also V. 117. p. 2894.)-V. 118.
,
P. 1132.
THE CHRONICLE
M.29 1924.]
-Annual Report.
1525
-Earnings.
East Bay Water Co., Oakland, Calif.
Crane Co., Chicago.
1922.
1923.
Cal, Years1922.
1923.
Cal. YearsPresident R. T. Crane Jr. wrote in brief:
The financial condition of the company is strong, with no indebtedness Gross over revs._ _53,202.440 $2,887,160 Int, chargeable to 919,354
894,220
operations
Other than current bills, not yet passed through for discount, and a net Oper. exp., taxes,
387,015
depreciation.. 1,597,059 1,453,590 Divs.,CI.A Pref._ 404,515
worth, after the deduction of taxes and heavy reserves for contingencies.
112,020
B Pref_. 149,360
Divs., Cl.
of 172.076.515.
50,035
52,184
Net oper.rev_ __$1,605,381 $1,433,571 Fed. Income tax
book value of the Common stock ($25 par) is $33 68 per share.
The
25,786
9.776
reaction in business, Non-oper. rev, net
Directors thought it advisable, in view of a possible
to increase the reserve for contingencies, and, consequently, there has been
516,067
Balance, surplus $89,743
Net revenue_ _ _ _51,615,157 $1,459,357
deducted from the profits of the year and added to the reserve fund the
Theodore A. Maas has been elected a director, succeeding Henry F.
further Rum of $1.819,620. bringing total contingent reserve to 66.143,910.
the year company expended for new machinery, &c., the sum of Bothin.-V. 118, p. 1141, 1017.
During
$1,449.712 and charged off for depreciation 8960,986.
-Earnings.
1922.
1923.
Eastern Mfg. Co. (of Mass.).
Calendar Years1922.
Hal.to sum.after deprec. taxes & Pref.& Corn.divs.89.712,631 $546.568
1923.
Cat. Years1922.
1923.
Cal. YearsDr.1.819.620
5106,061
Contingent reserve
$10,543,337 $9,312,198 Dividends
7,125,454 8,638,211 Salesof goods sold_ 8,752,670 7,749,204 Balance, surplus__ 674.845
45,927
Previous surplus
Cost
468,242 Previous surplus__ 1.828,463 1,782,536
481,374
Adm.
815,018,465 $9,184,779 Other & sell. exp. Cr 7 167 dt5223 810,Surplusadjustm'taDr.147,496
Total surplus
Items
2,059.325
Stock dividend( %)
370.279 IP. & L. surplus__ 2,355,812 1,828,463
289,131
Interest
348,675 I-T. 117. p. 2438.
352,485
815.018.465 37,125,454 Depreciation
Profit and loss surplus
-Dividend Deferred. &c.'
Elk Horn Coal Corr'.
Balance Sheet Dec. 31.
1922.
The directors have issued the following statement: "After going over the
1923.
1922.
1923.
earnings statement for the past three months, and considering the present
Liabilities-$
$
Assetsnot
Preferred stock___13,799,100 13.811,000 conditions in the coal trade, the directors decided that the earnings do NoReal estate, mach.
at this time. In the latter part of
& equipment___25,401,042y24,438,390 Common stock. .43.258.950 43,258,950 warrant the payment of a dividend 850.000 for drilling of oil and gas wells
In assoc. cos_15.485,046 14,803,978 Accounts payable_ 3,820,468 3,698.917 vember the company appropriatedThe drilling for gas has been quite satisInv.
on their Middle Creek territory.
975.743 Reserve for insur.,
Pref.stk. sub3crip. 381,181
z3,349,042 1,875,821 factory. The first well was brought in Dec. 30, the second well Feb. 1
taxes, &c
24.021.956 20,324,044
Inventories
2,986,021 Contingencies res.'6,143,910 4.324.290 and the third well March 12. The average depth of the three wells was
4,824,609
Cash
15,018,465 7.125,454 770 feet deep." [The last dividend on the Preferred stock was paid in
Notes&accts.rec_x11,776,011 10,244,067 Surplus
June 1923.1
322,190
U.S. Govt. secur_ 3,500,000
W. S. Dudley of Lexington. Hy., and H. B. Clark of Fairmont, W. Va.,
85,389,935 74,094,433 have been elected directors to succeed A. E. Norman and the late Walton
Total
Total
85,389,935 74.094.433
Miller. J. N. Camden has been elected a member of the executive committee to succeed Edward Cornell.
x After deducting 8227,937 reserve for doubtful accounts. y After de
Includes Federal tax
Income Account for Calendar Years.
ducting 613,051.327 for depreciation reserve.
1920.
-V. 118, p. 913.
reserve.
1921.
1922.
1923.
Calendar Years(all sources).. - $4,689,375 83,443.877 82.195,158 85.374,050
- Earnings taxes, &c_ _- 3,795.500 2,815.872 1,881,02.5 3,234,263
-Annual Report-New Director.
Diamond Match Co.
Oper. exp.,
1920.
1921.
1922.
1923.
Calendar Years324,000
287.928
323,219
323.265
Depreciation,&c
Net profits, all sources.. $4,693,286 $4.732,787 $4,603,498 $4,026,603
1,429.302
2,672,089
2,733,310
Deprec.. repairs, roe., &c 2,640.966
826.205 81.815.787
8304.786
8570.610
Net earnings
450.000
260,000
350,000
300,000
411,033
Federal taxes
407.195
404.692
402.309
1,357,208 Fixed charges
1.357.2Q
1.357.208
1.357.208
Dividends (8%)
Preferred diva
(1% %)98,988 (6)395.952 (6)395.952 (6)395,589
$790,093
8314,201
$342.2
8345,112
• Surplus
3,370,081 33,055.881
84,057,462 $3.712.350
Profit and loss surplus
E. M. Stevens, Vice-President of Illinois Mercha .4 Trust Co., has been
p. 1560.
-V. 1
elected a director, succeeding E. A. Potter.
-Dividend of 2%.
Dictograph Products Corp.
Balance, surplus
Profit & loss surplus_ _-V. 117, p. 2327.
869,313 def$495.858 def$776.942 81.009.165
$909,640 $1,686,582
$495,331
$879.204
-Buys Two Tracts.
Empire Gas & Fuel Co.
At the annual auction of Osage oil leases this week there was purchased
for the company two tracts of 160 acres each, adjoining some producing
leases in the Burbank ...1, Okla. The company, through the Midland
Oil Co., a subsidiary, ..ught tract No. 308 for 81.580.000. while tract
No. 626 was bought for $1,990,000, the highest price ever paid for similar
acreage in the pool. The territory adjoining the first tract, which was
-Seeking Proxies.
Dome Mines, Ltd.
sold in March 1923. has produced since then 1,211.002 bbls. of oil from
Two committees, one headed by E. C. Whitbeck and the other by A. C. 14 wells. An intensive drilling campaign is under way on the new properties.
-V. 118, p. 1141.
McMaster, are seeking proxies for the annual meeting.
-V. 118. p. 1398.
rho directors have declared a quarterly dividend of 2% on the outstanding 87, Cumul. Preferred stock for the quarter ending Mar. 31. payable
April 15 to holders of record Mar. 31. A like amount was paid Feb. 1
last for the quarter ended Dec. 31 1923.-V. 117, p. 2438.
-Listing.
Dunlop Tire & Rubber Corp. of America.
-Guaranteed Equip!.Notes Offered.
Empire Tank Line Co.
-Halsey, Stuart & Co., Inc., are offering at prices ranging
from 100 and div. to 100.48 and div., to yield from 5% to
-Har- 6%, according to maturity, $795,000 Equip, Trust Notes,
-Bonds Sold.
Duquesne Light Co., Pittsburgh.
ris, Forbes & Co., First National Bank, Lee, Higginson &- Series 1924, 6%. Guaranteed by indorsement on each
Co., Ladenburg, Thalmann & Co., Hayden, Stone & Co., note by Cities Service Co.
Dated April 15 1924: due quarterly. July 15 1924 to April 15 1931. Int.
:
New York and the Union Trust Co. of Pittsburgh have sold
of the trustee, New York, without deduction
payable Q.
at 99 and int.., to yield about 5.57%, $10,000,000 1st Mtge. for normal -J. at the officetaxes now or hereafter deductible at the source
Federal income
maturity
Red., all
'.
& Coll. Trust 5% Gold bonds, Series B, due July 1 1949 not in excess of 27. Denom. $1.000. int, to andor part, on any1925, and
incl. April 15
date upon 3 weekg notice at 105 and
(see advertising pages).
thereafter decreasing yi of 1% in each subsequent year to maturity. Com-
The London Stock Exchange has granted an official quotation to .C1.000.000 1st Mtge. Collat. Trust S. F. 7% Cony. Gold bonds (Series "B"), of
-V. 117, p. 1020.
£100 each.
Interest payable .1. & J. in New York without deduction for any normal pany will agree to refund the Penna. 4 mills tax.
Federal income tax not exceeding 2%. Penn. 4-mill tax refunded. Calla-Secured by a direct lien on 370 new standard steel tank cars.
Security.
Denom.: c* $1,000 and $500. and the title to which will be vested in a trustee for the benefit of the noteholders.
ble on any int. date at 105 and in
r* 81,000 and authorized multiples. Bankers Trust Co., New York, The cars will be leased by the trustee to the company at a rental sufficient
trustee.
to pay the face amount of these notes and interest thereon and other charges
Ltsting.-Application will be made to list bonds on the New York Stock as they become due. Under the terms of the lease company will covenant
Exchange.
keep the equipment in good order and repair and to replace
-Owns in fee or controls through stock ownership or long-term to maintain and
Company.
-Y.118, p.1018.
that may be worn,lost or destroyed.
lease and directly operates properties conducting substantially the entire any of said equipment
commercial electric light and power business in the City of Pittsburgh
-Clark,
-Common Stock Sold.
Fairbanks, Morse & Co.
the major parts of Allegheny and Beaver counties, Pa.
and throughout
Properties operated form a single interconnecting system which serves a Dodge & Co. and Dominick & Dominick, New York, have
s
sq mil timated to exceed 1,300,000. within an area of approximately sold at $27 50 per share 75,000 shares Common stock, no
yogidatlon ees
Company at Dec. 31 1923 had in service 187,654 customers' meters and
current was being supplied to 185.364 customers, including 12 electric furnaces. The present connected load is about 496.362 k. w. and the electrical output of the system in 1923 was 1,046,618,770 k. w. hours. An
additional industrial load in excess of 40.000 k. w. is ready or in process of
being connected.
-To reimburse the treasury to the extent of over 87,000,000,
Purposes.
representing 80% of capital expenditures made up to Dec. 31 1923 for additions, improvements and extensions to the property on which the mortgage
Is a first lien or which are physically connected by transmission or service
lines or otherwise with some plant or system which is subject to the first
lien of the mortgage; and to provide additional funds to be deposited with
the trustee and presently used, also to the extent of80% of additional capital
expenditures, for improvements and extensions planned.
Authorized. Outstanding.
Capitalization1st Mtge. & Coll. Trust bonds Series A 6s
t$100,000,000 1831.718.500
Series B 5Ms!
do
do
do
I 10,000.000
(Closed)
Bonds ofleased co.outstanding with public
x1,700,000
Real estate (purchase money) mortgages
10.250
First Prof. stock (Series A,7% cumulative)- --$150,000.000 $15,000,000
125,000.000
Partic. Pref. stock (Ser. A,8% cum.& partic.)
10.000,000
25,000,000
Common stock
18,226,000
x Additional bonds of subsidiary companies amounting to $295,000 are
pledged under the mortgage securing the 1st Mtge. & Coll. Trust bonds,
and $1,000,000 are pledged under the respective indentures securing the
1st Mtge. due 1949 and Consol. Mtge. due 1951. As the Duquesne Light
Co. has purchased the last mentioned $1,000,000 bonds subject to their delivery from under the liens of the Philadelphia Co. mortgages, none of these
-bearing from the standpoint of
bonds, aggregating 81.295.000, is interest
the Duquesne Light Co.
Earnings Years Ended Dec. 31 (See 1923 in V. 118, P. 1379).
1923.
1922.
1921.
1920.
Gross earns,from oper_ 319,383,622 $16.928,746 $16,092,270 $15,005,173
$7,586,955 $6,922,360 $6,339.882 84,810,231
x Gross income
2,516.034
Fixed int. & rental chgs- y3,070.780
2,081.532
1,357.576
$4,516,175 84,406.326 $4,258,350 33.452.655
Balance
x After operating expenses, taxes and reserve for renewals and replacey After adding 8550,000 for interest on the bonds now offered
ments.
and not then outstanding.
-The properties constituting the company's system
Physical Property.
include power plants of 356.200 h p. aggregate installed present rated generating capacity, 180 substations and 11.893 miles of distribution lines,
including 059 miles of high-tension transmission lines. The main power
plants of the company's system are: (a) Brunot Island generating station of
160,000 h. p. capacity, on the Ohio River within the City of Pittsburgh:
(b) Colfax generating station of 160,000 h. p. present capacity, 80,000 additional horsepower under construction and to be ready for commercial operation this year, and an ultimate capacity of 400,000 h. p., on the Allegheny
River 13 miles from the business centre of Pittsburgh. These constitute
two of the largest and most important steam electric power plants in the
-V. 118. p. 1397. 1017
United States.
par value.
-M.,free of normal Federal income tax. Tax free
Dividends payable Q.
in Illinois. Transfer agents: Guaranty Trust Co. of New York. Central
Trust Co.of Illinois, Chicago. Registrars: First National Bank,New York:
First Trust & Savings Bank, Chicago.
Earnings -For the year to Dec. 31 1923 net profits after liberal charges
for depreciation and other reserves. Federal taxes and the full requirements
on the new Preferred stock, %era $1,955.087. equal to $530 per share of
Common stock to be presently outstanding. For eight years to Dec. 31
1923. after deducting Federal taxes at present rates, such net profits were
$10.973.122, an average of 31.371.640 per annum, equal to $3 72 per share.
-Cash dividends have been paid on the Common stock in
Dividends.
every year of the last 25 except one. In addition,the total profits reinvested
in the combined business since incorporation in 1891 amount to approxi=deb'$17,418.000. The management feels Justified in establishing dividends at the regular rate of $2 50 per share annually on the Common stock.
beginning with a quarterly payment on June 30 1924. On the basis of 1923
earnings, this rate of dividend could be paid and a margin of more than
81.000.000 a year reinvested in the business.
-Application will be made to list this Common stock on the New
Listing.
York and Chicago Stock Exchanges
Balance Sheet Dec. 31 1923 After Capital Readjustment).
Liabilities
Assets87,349,425
7% Preferred stock
Real estate, plants and
equip., less reserves_ __ $9.169.356 Common (368,977 abs.,
7.565,896
no par value)
by.in E.& T.Fairbanks
1.443.549
1.500,000 Accounts payable
& Co
925.000
Notes payable
Cash
725,185
705.325
Ace ts rec., less reserves_ 5,312,054 Accrued expenses
144,369
Notes rec., less reserves_ 2,359,724 Res. for Federal taxes
Inventories
S 713,204 Res. for contingencies_ _ _ 1,289,196
9.871,041
Surplus
Duo from foreign branch
houses, less reserve_ __
474,945
Sundry Investments. _ _
107.152
Deferred charges
102.174
$29,293.795
1
Total (each side)
Pats., tr. mks.dtg'd-will_
For details regarding history, capitalization, table of
earnings, &c., compare V. 118, p. 1398.
Issue of $12,500,000 7% Cumul. Pref. Stock Approved
Stock Dividend of $25 Per Share in New Pref. Stock Payable
on the Common Shares.
The stockholders on March 25 (a) authorized an issue of $12,500,000
new 7% Cum. Prof. stock. par $100, and (b) increased the authorized
Common stock from 325,000 shares of no par value to 375,000 shares
of no par value.
The directors have declared a stock dividend of 825 per share, payable
in Preferred stock to holders of the outstanding 293,977 shares of Common
stock of record May 26.
The stockholders also approved the retirement of the present outstanding
-V. 118. n• 1398.
81.700,000 6% Preferred stock.
1526
THE CHRONICLE
Federal Mining & Smelting Ca.
-Annual.Report.
-
Calendar YearsOperating earnings
Operating expenses
1923.
1922.
1921.
1920.
$6.662.327 $4,653,023 $3,848.687 $4,259,370
5,127,048 3,655,424 3,316,527 2,188,356
Balance
Taxes
$1,535,279
$997,599
$532,160 $2,071,014
51,442
Balance
Other income
$1,535,279
262,239
$997,599
208,214
$532,160 $2,019,572
183,588
Total income
$1,797,517 81,205.813
$715,748 $2.019,572
Gen.exp..deprec.& depl $1,183,045
$994.840 $1,075,524
$505,737
Dividends
(7%)839,034(4%)569,345 (4)479,448 (6)719.167
Deficit
$224,562
$358,372
$839.224 surS794.676
[you 118.
General Motors Acceptance Corporation.
-Report.
The balance sheet as of Dec. 31 1923, together with other
financial data, will be found in the report of the General
Motors Corporation under "Reports and Documents" on
subsequent pages.
The corporation announces that it has completed arrangements
for the
sale of an additional 14.000 shares of its Capital stock to the
General Motors
Corp. at 3125 per share, thus acquiring an additional
$1,750,000 of
funds. With this increase the General Motors Acceptance Corp. capital
now has
capital, surplus and undivided profits aggregating
$12,800,f100. All the
stock is owned by the General Motors Corp.
-V. 118, p. 670.
Gibson Art Co., Cincinnati.
-Dividend Increased,
&c.
The directors have declared a quarterly dividend of 55
the Common stock, no par value, payable April 1 to holderscents a share on
of record March
The company reports for the quarter ended Jan. 31 1924 operating profit 20. This is at the rate of $2 20 per
annum and compares with $1 75 paid
of $467,649, but before deducting $32,277 for construction and equipment. during the past year.
This compares with $310,392 in the preceding quarter and $448,194 in
The net income for the fiscal year ended Feb. 28 1924 amounted
to $705,the corresponding quarter of 1923.-V. 117, p. 2776.
863. The total dividends paid during the year amounted to $315,488,
leaving a balance of $390,375 carried to surplus.
Florida Public Service Co.
-V. 116. p. 1901.
-Listing.
The Boston Stock Exchange has authorized for the list temporary bonds
Gilliland Oil Co.
-Contract with Atlantic Refining
for $1,350,000 let Mtge. 25-Year 133i% Gold bonds. Series A. dated Feb. 1
The Atlantic Refining Co. has placed on record at Camden, Co.
Ark.,
1924, due Feb. 1 1949. See offering in V. 118, p. 1398.
contract between its sunsidiary. the Atlantic Oil Producing Co., and a
the
Gilliland Oil Co., under
Foote Bros. Gear & Machine Co., Chicago.
-Stock of the Gilliland Oil Co.'swhich the former arrees to underwrite $4,600.000
1st
and in retarn obtains an option
Offered.
-F. H. Brewer at Co., Chicago, are offering a to purchase for 10 years from Mtge. beadsn11 crade oil. casinehead gas and
Fe,,. 1 1924
products from
substantial amount of the 7% Cumul. Sinking Fund Pref. other - 1184, 17674 the Gilliland properties. (See also plan in V. 116.
p. 727,
-V. 118, p. 90.
(a. & d.) stock (par $100) at 96 and div., to yield 7.29%.
For a limited time, with each share of Preferred stock purchased, the
Goodyear Tire & Rubber Co.
-Bonds Called.
bahkers extend the option to purchase 5 shares of the Common stock at
Six hundred ninety-five 1st Mtge. 20
-Year 8% S. F. Gold
May 1 1921, of 81.000 each, 96 bonds of $500 each, and 70 bonds, dated
$10 per share.
of $100 each
Preferred stock is red, all or part at 107.14 at any div. date. Sinking (total $750,000) have been called for payment May 1 at
fund, beginning with the year 1925, consisting of 10% of the net profits for Central Union Trust Co. of New York, or at the Union 120 and int. at the
Trust Co. of Clevethe purpose of purchasing and retiring Preferred stock at not exceeding land, Ohio.
-V. 118. p. 661.
107 Si. No mortgage or deed of trust can be placed on any of the company's
Goodyear Tire & Rubber Co. of Calif. & Subs.
property without the consent of 75% of outstanding Preferred stock.
-Earns.
Tax exempt in Illinois. Free from normal Federal income tax. Divs.
Year Ended Dec. 311923.
1922.
1921.
payable Q.
-J. Registrars, Continental & Commercial Trust & Savings Net sales
314,444,091 $12,392,616 $14,069.733
'Mirk; transfer agents, Peoples Trust & Savings Bank.
Manufacturing cost of sales
13.078.762 8,849,390 10.672.672
Capitalization Issued and Outstanding.
Operating income
31.365,329 $33,543,227 $3,397,061
7% Cumulative Sinking Fund Preferred stock
$800,000 Other income, including sub. cos__
Cr.105,622 Cr.152,726
Common stock (no par value)
Cr.18,089
.00 shs. Profit on sale of land_
Cr.951,032
Data from Letter of John Kerwin,Pres., Chicago Feb.82060
Selling, admin. & genepexpenses..o
see x
2,057,981
2,687,947
Corepany.-Has a business history covering 28 years. having been
originally established in 1895. Business is to manufacture and sell the wellTotal earnings
J
$727,203
known line of Foote Brothers' gears, transmissions, speed reducers and Provision to cover ad,jtfor inventories $2,421.983 $1,637,972
1,121,861
allied products, nationally known and advertised under the trade-mark Interest on notes to Allron company_
332,921
446,706
473,209
"I
-X-L." Some 3,590 customers, representing practically all industries, Federal taxes
215.663
are regularly and repeatedly served.
Factory expense written off
329,698
185.100
Earnings.
-During its 28 years of business history the company has Miscellaneous
130,177
24,249
40,543
never failed to show an operating profit. Giving effect to the 1923 tax
rate and adjusted to reflect present administrative salaries, for the 5 Years
Net profits
31,743,221
$837,317 y$1,093.511
ending Dec. 311923,company earned, after all charges, including depreciax Included in manufacturing cost of sales. y Loss.
-V. 118, p. 1399.
tion, a cote] of $807,592, or a yearly average of $179,518, or over 3 times
the Preferred stock dividend requirement. For the year 1923, company
Gray & Davis, Inc.
-Report.
earned $216.588, leaving a balance after Preferred stock dividend requireCalendar Years1923.
1922.
1921.
ments of$2 per share applicable to surplus or dividends on the 80,000 shares Total net sales
$3.788,910 $2,947,874 31,852,836
of Common stock or 20% on the present offering price. Business thus far Factory cost of sales
3,391,340
2,424,640
1,738,151
in 1924 is substr ntially in excess of the same period for the previous year. Commerc. & adm. overhead exp
103,233
233,212 • 204,279
current earnings ueing at the rate of about $25,000 per month.
Interest on bonds
70,000
Assets.
-Company's net worth is $1.551,747. Company has no funded Preferred dividends
65,000
21,689
debt. Current arses are $686,192. Liabilities of all character other than Special reserve
109,184
capital,including reserves for taxes, are $105,063. Current assets therefore
are over 6 times all liabilities other than capital.
Balance, surplus
$50,152
$268,333 def$179,594
Dividends.
-On the Preferred stock dividends are paid quarterly and -V. 118, p. 671.
have been declared for the current year. Common stock is also on a
Great Western Power Co.
regular dividend basis, same being at the rate of 80 cents per share per
-Tenders.
The Bankers Trust Co., trustee, 10 Wall St., N. Y. City, will until
annum, payable quarterly, which regular dividend has been declared for
the year 1924.
April 4 receive bids for the.
sale to it of 1st & Ref. Mtge. Sinking Fund
Gold bonds, series "A," "B' and "C" to an amount sufficient to exhaust
(H. H.) Franklin Mfg. Co. (Syracuse).
-Earnings.
893.869 at not exceeding the following prices and accrued interest: Series
The company for the year ended Dec. 31 1923 reports net profits of "A," 103: series "B. 110. and sores 'C," 106.-V.
'
117, 13• 1783.
31.174,539 after depreciation. Preferred dividends for the year were
$465.317.-V. 118, p. 913.
Greenfield (Mass.) Elec. Lt. & Power Co.
-Stock.
The company has applied to the Massachusetts Dept. of Public Utilities
(Robert) Gair Co., Brooklyn, N. Y.
-Earnings.
for authority to sell to customers any unsubscribed portion of their authorCalendar Years
-1923.
ized issue of 4,250 shares of Common stock, par $100. and 2,000 shares of
1922.
1921.
1920.
Profit on production__ _ _ $3,634,480 $2,512,070 los.s$177,712 $4,974,585 Preferred stock, par $25, which were offered at
par to stockholders of
Expenses
x2,038
.768 x1,945,499
1,514.895 2.223,886 record Feb. 25. The proceeds are to be used to cancel $377,500 promissory
MiscellaneousIncome_ Cr
38.629
26,208
162.838
388.280 notes outstanding Dec. 31 1923. and the remainder for the payment of
obligations incurred since Dec.31 for capital expenditures.
-V.118, p. 1019.
Net profits
$1,634,341
$592,779 $1,529,769 $3,138,979
Depreciation
Habirshaw Electric Cable Co.
707,638
269.499
871,028
560.957
-Reorganization Put Off
Taxes, interest, &c
123,200
161,039
181,515
120,000 Earnings Profitable.
The
committee
Balance, surplus
$803.503
$162,241loss32582312 $2,458,022 March creditors' Habirshaw (Randolph Whitman, Chairman) in a letter
24 to the
creditors states in part:
Res, for contingencies_
500,000
It has just been decided that there
sale
Dividends
5.635
536,377
399,525 organization before the middle of thewill be no and of the properties for resummer,
possibly not until some
time
Balance, surplus
$797,868
3162.241 df$3,118,689 $1,558,497 help later than that. The profitable operations of the ensuing months will
greatly to unmask any unfair reorganization plans which have been
Profit & loss, deffelt_ _ $600.081 $1.397.951 $1 560.192 sill,558,497
proposed, and will make it much easier to work out a plan which is fair to
x Interest on 1st Mtge bonds included $273.009 in 1923 and 3277,151 all
the creditors.
In 1922. See also V. 118, p. 1398.
In the meantime,the company keeps on making money and putting itself
in a position to pay off the creditors. Although the first quarter of the year
Garfield (N. J.) Worsted Mills.
-Consolidated.
is ordinarily the least profitable one, the operating profits for the first two
See Botany Consolidated Mills, Inc., above.
-V. 115. p. 550.
months of 1924 were $133,816. This compares favorably with the profits
General Motors Corp.
-Listing-Report.
for the first two months of 1923, the record year for profits. On the basis
The New York Stock Exchange has authorized the listing of $750,000 of the business already done in March, the operating profits for this month
additional 7% Cumulative Debenture stock, par $100, on official notice of will be very large.
Issuance in part payment for substantially all the assets of Armstrong Spring
Unfilled orders on the books and additional business which is virtually
Co. of Flint. Mich. making the total amount applied for $32,931,600.
assured establish the fact that 1924 will be a highly prosperous year for the
Corporation has acquired as of Dec. 31 1923 the real estate, plants and Habirshaw companies. The new orders received in the last three months
equipment, inventories, cash and accounts receivable-substantially all the exceed those for the similar period a year ago. The new orders received in
assets
-and assumed certain liabilities of Armstrong Spring Co. of Flint. Feb. 1924 are in excess of those for Feb. 1923.
Mich., at the net price of $1,623,186. Of this amount $871,000 was agreed
The new business from the 3rd to the 19th of the current month was apto be paid in General Motors Corp. 7% Cumulative Debenture stock, proximately $660,000, which is at the annual rate of almost $15,000,000.
and the balance by the transfer to Armstrong Spring Co. of a certain in- or close to 50% in excess of the rate of business done in 1923.
debtednes held by General Motors Corp. Of the amount to be paid in stock
We should not be surprised if the available cash on hand by the middle
$121,000 is to be taken from the 7% Cumulative Debenture stock hereto- of the summer were increased to 31.000,000. which would be adequate for
fore issued and subsequently purchased by General Motors Corp., and now a substantial payment on account to creditors.
held in its treasury,and the balance, amounting to $750,000. is to be original
The assets available for the creditors are as follows as of March 1 1924:
issue stock.
Current assets. $2,053.096: plant properties (less depreciation), $3,213,318:
balance, $4,970,550.
The annual report for 1923 is given under "Reports and total. $5,266,413; less receivers' liabilities, $295,863: are well over
Including the profits to date, the net tangible assets
$5,000,Documents" on subsequent pages.
-V. 118, p. 1399, 1275. 000. This amount does not include the value of the intangible assets-a
large item, constantly growing as the company increases its already great
General Refractories Co.
earning power.
-V. 118. p. 799.
-Report Cal. Year 1923.
Sales, net of returns and allowances,$9,785,376:operating cost of
(M. A.) Hanna Co.
-Annual Report.
sales, $7,807.214: gross earnings from operations
$1,978,161
calendar YearsSelling, administrative and general expenses
1923.
360,226
1922.
Net income
43,761.961 31.608,424
Net earnings from operations
1,382,039
$1,617,934 Depreciation and depletion
.571,369
Miscellaneous income
52,080
76,665 Federal taxes
129,632
Quarterly Earnings.
-
Total income
$1.694,600
Extraord. exp. of reorg., &c., $112,244: taxes, $87,276
199,520
Int. on bonded debt, $237.522: int, on floating debt, $129,834- - 367,356
Depreciation and depletion reserved from earnings
311,850
Divs. paid from earnings (net of treasury stock)
628,350
Transferred to earned surplus
$187,522
Earned surplus Jan. 1 1923
99.301
Paid-in surplus Dec.31 1923
6,551.370
Net income
$2,327,842
$907,423
Application to minority stockholders
265.579
Company's proportion of undistributed loss of partially owned companies applicable to dividends
on shares owned. less Federal taxes at 12 Si% _
1,375,104
Preferred dividends
1,027,964
Surplus
31,034,299 def$467,681
After charges and interest.
-V. 117, p. 2000.
Total surplus
Capital stock (224,550 shares, no par value)
Harrisburg Light & Power Co.
-Bonds Offered.
-Riley,
Brock & Co. and Coffin dr Burr, Inc. are offering at 95 and
int., to net about 5.35%, $1,000,000 1st & Ref. (now let)
Mtge. Gold 5s. Dated Aug. 1 1912, due Aug. 1 1952.
Value of capital stock Dec. 31 1923
-V. 118, p. 2658. 2547.
$6.838,193
8,054,195
$14,892.389
29
M.
THE CHRONICLE
1924.]
Data from Letter of Pres. E. G. Connette, Harrisburg, Pa., March 25•
Company.
-Serves. without competition, the city of Harrisburg with
electricity and steam heat, and supplies electricity in 14 adjacent municipalities. The territory served embraces a population of approximately 140,000,
covering an area of approximately 162 sq. m. The ordinances and franchises under Which the company operates are, in the opinion of counsel,
perpetual and contain no burdensome restrictions.
-These bonds are being issued in the amount of 8710,000 to
Purpose.
refund a like amount of 1st Mtge. 5s, due July 1 1924. the balance of the
issue being for corporate purposes.
present
Authorized. Outstanding.
•
Capitalization After This Financing$10.000,000 x$5,173.000
1st & Ref.(now 1st) Mtge. 5s, 1952
1.250,000
1,250,000
6% Cumulative Preferred stock
2,050,000
2.000,000
Common stock
x Including present issue of 81,000.000 bonds, of which $115,000 bonds
will not be delivered until July 1 1924.
Earnings 12 Months Ended Feb. 29.
1923.
1924.
$1.880.657 $1,614,706
earnings
Gross
961,034
1,123.600
Operating expenses, maintenance and taxes
Net earnings
Bond interest (including present issue)
$757,057
258,650
Balance
-V. 117. p. 2658. 2328.
$653,672
3498.407
-Annual Report.
Harbison-Walker Refractories Co.
1922.
1920.
1921.
1923.
Cal. Years
44.358,708 $3,037,333 82.117.309 83,719,786
Net earnings
849,791
557,794
365,865
Deprec., deple'n, &c_ _ - Y707,126
495.538
167,832
196,494
160,723
Pref. dividends (6%) _
1.242.050
1.508.136
1,494.411
1.522.761
Common divs.(6%)
Balance, surplus
Previous surplus
Total surplus
Common dividend
$803,571
860,539 81.132,409
$1,968,098
85.747.028 84,943,457 $4,882,918 $12,750,509
87.715,126 85,747.028 $4,943,457 13,882,918
_(50%)9,000.000
Earnings 12 Months Ended Jan. 31 1924.
Gross earnings (including other income)
Operating expenses, maintenance and taxes
1527
$2.655.225
1,675,364
$979,861
Net earnings
Int. on bonds and other interest and deductions for the above
268.168
period were
Property.
-The present generating plant of the company has an installed
capacity of 32,500 k. w., including a 10,000k. w. unit placed in operation
in 1922. Its rapidly growing business has required an increase in capacity
of this plant of more than 150% in the last 5 years. An extensive system
of transmission and distribution lines, aggregating 596 miles, radiates from
the centre of the city and extends into the surrounding territory.
Company has under construction at present Its Deepwater station, designed for an ultimate Installation of 180,000 k. w. The initial installation
will consist of two 20,000k. w.turbo-generators with the necessary auxiliary
machinery. The first of these units will, according to the present schedule,
be completed May 1 1924 and the second July 1 1924.
-Year 51. % Gold
[Temporary bonds for $2,000,000 1st Lien Sz Ref. 30
bonds, Series "C." dated March 1 1924 and due March 1 1954, were placed
on the Boston Stock Exchange list on March 21 1924.1
Definitive Bonds Ready.
The Guaranty Trust Co. of N. Y. is :iow prepared to make delivery
of the definitive let Lien & Ref. Mtge. Gold bonds, series "R." 6%, due
March 1 1963 at its trust department, 140 Broadway, New York, in exchange for the outstanding temporary minds. (For offering see V. 117.
p. 1893.)-V. 117, p. 2090.
Houston Oil Co.-Earninqs.-
Net earnings for Jan. and Feb., after depreciation and depletion but before taxes. it is said, exceeded $750,000.-V. 118. p. 1143.
-Annual Report.
Howe Sound Co.
1920.
1921.
1422.
1923.
Calendar YearsTotal income
86,427,957 $3,278,450 52,752 443 $7,024,330
1,575,832 4,847,372
4.846.299
2,145,496
Oper. expenses, &c
329,795
136.394
69,671
164,414
Taxes, &c
1.532.292
639,834
857,545
609,922
Depreciation & depletion
205.117
160,575
179,560
192.441
Interest
396,830
297,623
Dividends
Profit & loss surplus__ $7,715,126 85.747,028 $4,943.457 $4,882,918
$226,063
$288,044 def$287,076
Surplus
$69,635
x After deducting $1,347,712 expenditures for ordinary repairs, also -V. 117. p. 1468.
Federal taxes. Y $550,000 charged off for depreciation of plants and equipment; 5116.701 charged off for depreciation of mining and tram outfits:
-Receiver.
Hudson Valley Portland Cement Corp.
$40,424 charged off for depletion of clay, coal and ganister properties.
In an equity action, brought by the J. P. Burton Coal Co. against the
Balance Sheet Dec. 31.
corporation on Dec. 10 last. Federal Judge John C. Knox has appointed
1923.
1922.
1922.
1923.
Martin Cemboy receiver. The company has an authorized capital stock
Liabilities-$
$
$
i
ASSel3 of 125,000 shares of no par value, and there are outstanding approximately
27,991,022 27,991,018 6% Preferred stock 3,000.000 3,000,000 81.243,000 of 8% gold bonds secured by mortgage on plant and property.
Property
Common stock_ _27,000,000 27.000,000 -V. 117, p. 2658.
Betterments com4,378,816 3,754,588
3,146,072 3,094,879 Reserves
pleted
-Quarterly Div. of $1.
48,026 Acc'ts payable__ ... 611,844
595,165
Hurley Machine Co., Chicago.
Bet'ts uncomplet. 267,563
257,611
204,165
735.940 Pay-rolls
Deferred charges_ _ 855,530
The directors have declared a quarterly dividend of $1 per share on the
7,715,126 5.747,028 Common stock, no par value, payable April 10 to holders of record April 4.
2,332.153 1,951,849 Surplus
Inventories
.
Acets receivable_ 2,724,516 2,830,403
In Jan. last the company paid a cash dividend of $1 per share and a 23i%
98,751
91,343
Notes receivable,stock dividend on the Common shares. Compare V. 117. p. 2777, 2896.
1,435,159 1,696,674
Cash
-Capital Changes.
Total(each side) 42,963,397 40,300,947
Illinois Electric Power Co.
Invest. securities_ 4,120,038 1,853,406
-V.116, p. 1282.
The company recently field a certificate at Springfield. Ill., increasing
Its authorized 'Preferred stock from 81.000.000 to $1.200,500. par $100,
-Earnings.
Hartman Corporation, Chicago.
and changing the par value of its 25.000 shares of Common stock from
-V. 116, p. 1282.
no par shares to $10 par.
1922.
1920.
Calendar Years1923.
1921.
$455,783 $1.975,209
Total profits & income_ _*$1,979.549 $1,670,448
-Bonds and Stock Authorized.
Indiana Electric Corp.
203,150
65,072
82.209
116,006
Interest charges
The Indiana P. S. Commission has authorized the company to ISSUE) $1.Dividends paid
(71.1 %)870,000 (7)840.000 (7)840,000 (7)840,000
330.000 bonds. $360.000 Preferred stock and $369,000 Common stock at
$765,376 def$466,426 $1,019,203 not less than 90, to provide about $1,853,380 to pay for transformers, subBalance, surplus
$906.399
Total surplus Dec.31_.. $5,317,110 $5.062.059 $4,296,683 $4.763,109 stations and other improvements for transmission of electric power from
-V.118.
the Wabash River power plant near Terre Haute to Indianapolis.
*After depreciation, doubtful accounts receivable, taxes, commissions p. 438.
and collection and other expenses.
-Quarterly Report.
International Cement Corp.
Chairman David May states: "Several inquiries as to the 1923 income
Dec. 31 '23. Sept. 30'23. June 30'23. Mar. 31 '23
Quarter Endingccount of the company, just Issued, have been referred to me. These
$3.352,530 $4.001,543 $3.820,469 $2,641,314
Gross sales
Inquiries are evidently based on a superficial comparison of results per
$724,777
8734.488
$456,541
$599,352
share for 1923, as against the smaller share capitalization in 1922, without Less pkgs.. disc. & allow. 1,305,793
1,589,555
1,050,846
1.583,649
taking into account that the new capitalization took place as of Nov.2 1923. Manufacturing Costs....
275.396
244,669
179.633
254,208
Depreciation
The income from the American Furniture Co. of Denver acquired on
532.428
521,949
400.501
490,317
Oct. 1 1923, n: essarily appears in our income account only from that Ship., sell. & adm. exp
date, and the income from our new capital only from Nov. 2.
8885,292
8729.807
5553.792
$702,860
Net profit
"Actual earnings for 1923 were of course greater than for 1922, and sales
3,939
9.817
158,883
6.771
thus far in 1924 are continuing at a most gratifying rate. There never Miscellaneous income_ _ _
has been any doubt and as far as we can see at this time there is no doubt
5889,232
8739,625
$861,743
$560,563
Total income
about the continuance of the present $4 dividend rate on the new capitalizeCr.4,479
Dr.1,691 Dr.19,002
Cr.9,992
Int. chgs. & finan. exp..
tion."-V. 118, p. 1142, 672.
Reserve for Federal taxes
101,224
138.088
301,701
81,351
and contingencies_
Hayes Wheel Co., Jackson, Mich.
-Acquisitions.
The stockholders on March 25 approved the plan for the acquisition of
8755.623
8636,710
8460.299
5570,034
Net to surplus
the Hayes Motor Truck Wheel Co., the Albion Bolt Co. and the Morrison
The net surplus for the fourth quarter is $570,034, which makes a total
Metal Stampings Co.. as outlined in V. 118, P• 1019.-V. 118, p. 1275.
for the year of $2,422,577 after Federal income taxes, reserves and all
other charges, as compared with 1922 total of 81,425.047. After allowing
Hershey Chocolate Co.
-Bonds Called.
Certain 1st Mtge. Sinking Fund 6% Gold bonds dated Nov. 1 1922 (ag- for dividends on the Pref. stock, these earnings are equivalent to approxigregating $1,442,000) have been called for payment May 1 at 104 and int. mately $6 37 per share on the Common shares outstanding at Dec. 31
at the Natioal City Bank of New York, 55 Wall Street, N. Y. City.
- 1923.-V. 118, p. 209.
V. 118, p. 209.
International Mercantile Marine Co.-Int. Payment.
from the 1st
Hibbard, Spencer, Bartlett & Co.
-Extra Dividend.
- Coupons due April 1 1924and after that Mtge. & Coll. Trust S. F.6%
date upon presentation at the
on
The directors have declared three monthly dividends of 35 cents per share gold bonds will be paid
-V. 116, p. 2990.
each, payable April 25, May 29 and June 27 to holders of record April 18. office of the company, 1 Broadway, N. Y. City.
May 23 and June 20, respectively. In addition, an extra dividend of 15
-Annual Report.
International Salt Co.
cents has been declared payable June 27 to holders of record June 20. An
1921.
1923.
1922.
Calendar Yearsextra dividend of 15 cents per share was also paid March 28 last. Com51,088,548 $1,381.420 $1,285,475
Total income
pare V. 118. p• 558.
$47,939
$37,545
$68,057
Admin. & legal expenses, taxes, &c
383,895
407,279
393,634
Horne Telephone & Telegraph Co.
-To Increase Stock.
- Bonds,interest, &c
364,628
425,399
364,628
Dividends(6%)
The stockholders will vote May 12 on increasing the authorized capital
stock from $1,000,000 to $5,000,000, par $100.-V. 85, p. 1405.
$489,013
Balance. surplus
$231.970
$541.457
-V. 118, p. 538.
(Texas) Lighting &
Power Co.
Houston
-Bonds Offered.
-Halsey, Stuart & Co., Inc. are offering at 96 and int.,
yielding about 54%, $2,000,000 1st Lien & Ref. Mtge.
•Gold bonds, Series `C," 5% (see avdertising pages).
Invincible Oil Corporation.
-7'o Increase Capital.
The corporation has notified the New York Stock Exchange of a proposed
Increase in authorized issue of capital stock from 1,000,000 to 1,100,000
shares.
-V. 118, p. 800, 673.
Dated Mar. 11924. Due Mar. 11954. Int. payable M. & S. In New
Iron Products Corp.
-Acquisition.
York without deduction for Federal income taxes not in excess of 2%.
have taken
plant and business
Denom. c* $1,000, $500 and $100, and r* $1,000 and authorized multiples. ofThe corporation is reported to manufactureover the anchors. The mathe Crouse-Hinds Co.
of guy
Red. all or part upon four weeks' notice at any time at the following prices, chinery is being moved to in the
La Crosse.
On or before Feb. 28 1929, at 105; thereafter at 1% less addition two new forging hammers are Wisc., from Syracuse, N. Y., and in
together with int.:
now being installed.
-V .118.p. 1143
for each five-year _period to and Incl. Feb. 28 1949; thereafter to and incl.
Feb. 28 1951 at 100Ji; and tnereafter at the principal amount. PennsylIsland Creek Coal Co.
-Annual Report.- '
vania 4-mill tax refundable.
Calendar Years1923.
1922.
1920.
1921.
Data from Letter of Pres. Edwin B. Parker, Houston, Tex., Mar. 24. Coal prod..tons 2,0001bs. 3,152.919
1,795,077
3,144,423
3.240,993
Company -Supplies Houston, Texas, and the vicinity with electric Net earnings
53.602,624 $4.357,508 $4,063.101 $3.875.346
Power and light. Population of territory served, (est.) 190,000.
Net profits
3,338,866
3,706,592
4,117,173
3,843,749
Capitalization.Authorized. Outstand'g. Other income
335,703
384,850
190.833
195.229
First Lien & Refunding Mtge. Gold bonds
(a)
d$6,000,000
First Mortgage 5s, 1931
(closed)
Total net income
62,403,000
$3,674,569 $4.502,023 $4,038,978 $3.897,425
Preferred stock
$2,000,000 c2,000,000 Preferred dividends(6%)
299.196
299.196
299.196
299,196
Common stock
2,500,000 2,500,000 Common dividends
772.187
2.019,566
2,613,556
890,985
Rate pershare on Com.
($17)
(86)41
($22)
(s7
a Issuance of further bonds limited by restrictions of mortgage. b In Depreen & depletion_ _ _
552,024
575.407
561,673
598,272
addition, there are pledged under the 1st Lien & Ref. Mtge. $2,100.000 Inc. & excess profits tax_
400,000
675,000
700.000
500.000
of these bonds, exclusive of $497,000 bonds that have been retired and can- Losses
164.305
celled through the sinking fund. c All sold in territory served under customer and employee ownership Plan. d Includes $2,000,000 Series "A"
Balance. surplus
8403,783
5527,600 $1.550.525 51.411,330
The profit and loss surplus Dec. 31 1923 amounted to $5,779,925.5s, due 1953; $2,000,000 Series "B" 6s. due 1953, and $2,000,000 Series
..c" 616s. due 1954.
V. 118, p. 1400.
-Proceeds will be used to reimburse the company in part for
Purpose.
Jewel Tea Co., Inc.
expenditures in connection with the enlargement and extension of its prop-To Decrease Stock.
erty, in order to meet the greatly increased demand for electric power and
The stockholders will vote April 14 on reducing the authorized Pref.
stock by $360.000.-V. 118, p. 1276.
light and for corporate purposes, &c.
1528
THE CHRONICLE
Jones Bros. Tea Co., Inc.
-New President, &c.
Harry L. Jones, formerly President, has been elected Chairman of the
board and J. Spencer Weed, formerly Vice-President, has been elected
President.
-V. 118. p. 1276. 801.
Jordan Motor Car Co., Inc.
-Listing-Earnings.
The New York Stock Exchange has authorized the listing
shares of Common stock, no par value.
Income Account for Calendar Years.
1922.
1923.
Sales of passenger cars, parts, Stc- -- _313,253,829 $11,535,863
Cost of sales
11,553,614 10,194,577
Selling, administrative & gen. exps
664.841
878,396
Interest paid
50,635
29.577
Rents paid
7,062
Sundry losses
51.362
27,573
Miscellaneous Items
Cr.4,584
Cr.353
Provision for Federal taxes (est.)
89,000
78,000
of 126,000
[vol.. 118.
Management.-PresIdent Kresge owns and controls a large amount of
the Common stock and the management and business is under his supervision and control.
Directors are: Sebastian S. Kresge (Pres.), Louis Kamm (V.-Pres.)
Charles B. Van Dusen (V.-Pres.), L. Simon Plant (Treas.), P. T. Evans,
R. It. Williams, Charles E. Merrill (Merrill, Lynch & Co.. New York)
.V. 118, p. 1276.
Kellogg Switchboard & Supply Co.
-Earnings.
-
The company reports a net income of $733,656 for the slender year 1923.
(
1921.
-V. 116, p. 3003, 1903. •
$6,492,494
Lee Tire & Rubber Corp.
5,897,914
-New Director-Bat. Sheet.
486.491
F. A. Small and C. H. Booth have been added to the board.
66,334
Consolidated Balance Sheet Dec. 31.
[Including Lee Tire & Rubber Co. (Penn.), Lee Tire & Rubber Co..
44.096 New
Cr.10,099 New York, Inc.. Republic Rubber Co. of Ohio, Republic Rubber Co. of
York.]
1,700
1923.
1922.
1923.
1922.
AssetsNet income
$
$6,059
$501,032
$668.958
LiabilitiesPrevious surplus
193,235 Plant & equipm3.. 7,347,119 1,634,654 Declared capital__x1,500,000
116.800
535,064
750,000
Federal taxes credited back
Cr.1.506 Pats.,tr.-mks.,&c.
74,511
Cr.1,095
Cr.4,586
98,039 Working capital._y4,418,591 3,413,591
Cash
Excess provision for loss on glass_ __ _
1,075,651
125
618,465 Notes payable__
2,800,000 '
Trade acceptances. 154,131
32 389 Accounts payable
Total surplus
$200,800 Notes receivable-.
$619,052
$1.208,5'19
42,228
12,887
and accruals___ 970.798
448,747
Accts rec.,less res. 1,724,519
Balance in motor devel. acct. writ. off
51,694
948,780 Mortgage
10,000
Preferred dividends(7%)
at 4,567,687 2,138,084 Reserve for adjust.
84,000 Inventories
84.000
84.000
Working
Common dlvs. ($10 per sh. on 12.000
of tire clalms___
81,392
40.250
shares issued)
gches
40,458
120.000
23,302 Deprec'n reserve__ 2,319,676
529,230
Adv.to employees.
24,148
7,622 Coming.,&c.,res_ 1,004,602
Total surplus
$116.800 Sees, of non-affil.
$952,904
$535.053
2,873 Surplus
431,089
2,256.445
cos
103013
The company reports gross sales of $1,589,233 for the first two months
4,528
of 1924, with net profits after depreciation and taxes for the same period Reacquired stock_
of $43,355. The estimated production for the calendar year 1924 is placed Empl.stock option
deposits
57,015
78,255
at 10,000 cars, which compares with previous years as follows: 1923. 8.840:
Deferred charges
146,496
19,576 Total(each side)..15,361,504 5,612,907
1922,7.802; 1921,3.526: 1920. 3.811: 1919,2,765.-V. 118. p. 1400. 1276.
Contingent Liabilities.
-Letters of credit. $235,673. For depreciation in
Kansas City Telephone Co.
-New Control.
exchange on foreign exchange contracts, $9.025.
See Southwestern Bell Telephone Co. below.
-V. 118. p. 438.
x Represented by 214,837 shares of no par value. y Being cash and
Kansas Gas & Electric Co.
-Listing-Earnings.
The New York Stock Exchange has authorized the listing of $4,000.000 book value of assets acquired in excess of declared value.
additional 1st Mtge. Sinking Fund 6% Gold bonds, Series A, due Mar. 1
The income account was given in V. 118, p. 1276.
1952.
-For the 11 months ended Nov. 30 1923 company reIncome Account.
Lehigh & Wilkes-Barre Coal Co.
-200% Stock Div.
ports gross earnings of $5.026.580; operating expenses. incl. taxes, $3,604,The directors have authorized the distribution of
share of Common
959; net earnings from operation, $1,421.620: other income, $175,244; stock and one share of Preferred stock to each holderonethe present capital
of
total net earnings, $1,596,864; interest funded debt, $830,500; int. floating stock, payable April 1 to holders of record March
26.
debt. $14.794: diseount, commission and expense, $51,941; dividends on
The conversion of the present
Pref. stock. $198.239; dive. on Common stock, $180.000; transferred to made on or after April 1 followingcapiMI stock into Common stock will be
the deposit of the
reserve for renewals and replacements, $50,000; net addition to surplus. 11 conversion and distribution of the stock dividend, old certificates. After
shareholders
months ended Nov.30 1923, $271,390;surplus balance Nov.30 1923,$674,- two shares of Common and one share of Preferred in lieu of eachwill have
share of
020.-V. 117. p. 332.
capital stock now held.
President C. F. Huber in a letter to the stockholders says: "The par
-Annual Report.
Kelsey Wheel Co.
value of the company's capital stock as heretofore outstanding has not
1923.
reflected the actual investment of the company in the business nor the
Calendar Years1921.
1922.
1920.
Sales, less returns, &c_ _$20,078,435 $16,938,924 $17,487,598 $25,200.913 amount of the investment of the holders of a large majority of the company's stock. From the organization of the company in 1874 to 1909, no
Cost of sales,administration. &c., expenses__ _ 18,287.705 15.065.786 14.057,142 21,875,109 dividends were paid to the stockholders, the company retaining the entire
current earnings in the development and growth of its business. 'At
$1,790,730 $1,873,138 33.430.456 $3,325,804 Dec.31 1923 the company's surplus exceeded $17,000,000, the major portion
Balance
Miscellaneousincome_ _ _ • 216,427
173,208
124,475
154,988 of which was accumulated prior to March 1 1913 and is invested permanently
in the company's business. To bring the company's capital more in line
Total
$2,007,157 $2,046,345 $3,554,931 $3.480,792 with such permanent investment, the directors have declared this dividend."
Reserved for depreciation
The stockholders on March 20 last increased the authorized capital stock
$1,130,997
$663,867
Prov.for Fed.& Can.tax. 249.133
527,614
244.833
700,000 from $10,000.000 to 330.000,000, to consist of $20.000,000 Common and
Int. on borrowed money
103.458
200,917 $10.000,000 7% Cum. Pref. stock, par 350.-V. 118, p. 1400.
173,089
Prefereed dividend (7%)
178,211
186,753
191.902
-Common dividends--- -(6%)600,000 (6)600,000(1 SD 150,000
Liggett's International, Ltd., Inc.
-Earnings.
Calendar Years1923.
Balance, surplus
1922.
$984,934 31.023.301 31,456,109 $1.724,10
Income from dividends
31.659,385 $1,581,989
Consolidated Balance Sheet Dec. 31.
Exchange adjustment
Cr. 2.140 Cr. 129,738
1922.
1923.
1923.
Operating expenses
1922.
173,738
317./13
Liabilities-$
Assets
-5
Property account_ 4,698,323 5,907,873 7% Pref. stock.._ 2,453,700 2,485.200
Operating profit
$1,483.507 31,394.514
Common stock_ _ _10,000,000 10,000,000 Other income
Trade name,good1,699.889
3,603
will & pat.rights 9.543,236 9,543,238 Accounts payable. 393,957
187.877
280,276 Accr. pay-rolls. &c. 74,552
275,222
Investments
Total
62,277
•$3.183,306 $1,398,117
3.299,131 2,396,184 U. S.& Can. taxes 291,768
Inventories
275,000 ikoum
75,871
85,988
Notes& accts.reo_ 3,408,123 1,524,849 Res.for workmen's
22,759
25,151
comp. Ins., &c. 234,659
Life Ins. policies..
Net profit
274,660
•$3,107,525 $1,312,129
851,975 1.063,119 Surplus
Cash
8,795,538 7,811,151 -V.116, p.2890.
200,000
IL S. Treas. ctfs_
:Deferred charges_ _ 145,012
137,869
Long-Bell Lumber Co.
-Earnings.
In 1923 the company, it is announced, did a ousiness of more than
Total
• Total
22,244,173 21,076,184
22,244,173 21,076,164 541.000,000: earnings available for bond interest were $7,017,416; interest
-V. 118, p. 1400.
requirements on the First Mortgage bonds are only $1,150,626. For ten
years net earnings have averaged 33,986.883.
Kresge Department Stores, Inc.
-Stock Sold.
-Merrill,
The company's financial statement of Jan. 1 1924 shows total assets of
Lynch Sr Co., New York, have sold in units of ten shares of about $112,000,000 and net tangible assets of over $1,500 for each $1,000
bond outstanding.
-V. 117, p. 2659.
Pref. stock and five shares of Common stock, at $1,250 per
unit, $1,250,000 8% Cumul. Pref. stock and 6,250 shares of
Common stock of no par value (see description of Pref.
stock in V. 117, p. 787, and advertising pages above).
Data from Letter of Pres. S. S. Kresge, Newark, N. J., March 14.
-Corporation commenced operations by acquiring the departCompany.
ment store for many years conducted by L. S. Plant dc Co. at Newark,
N. J. (see V. 117, p. 787). This store has present floor space of 55.000
sq. ft., on which a volume of business exceeding $5.000,000 per annum is
being done. Company is now completing plans for increasing the floor
•space to 155,000 sq. ft. by the construction of a new building, at the rear
,of the present site, and the remodeling of the present building. It is
expected that work on the new building will be started in the near future
-and that the same will be ready for occupancy this fall.
Since the acquisition of the Plant store in Newark. the corporation also
'has acquired the Palais Royal in Washington, D. C. This business was
.established some 45 years ago by Abram Lisner. From a small beginning
the business developed to one of the largest department stores in Washington, now located at 11th and 0 Sts., N. W., with 125.000 sq. ft. of floor
space. The volume of business in 1923 amounted to approximately
$5.000,000.
CapitalisationAuthorized.
Outstanding.
Preferred stock. 8% cumulative, nonvoting. par $100
325.000.000
33,000,000
Common stock, no par value
00.000 abs.
2
110,000 sits.
Note.
-The stockholders will vote April 2 on changinr the dividend
rate on the Pref. stock from 7% to 8% and on postponing the commencement of the operation of the Pref. sinking fund from Dec. 31 1925 to
Dec..111927. •
Earnings.
-Both the Plant store and the Palais Royal have had a long
record of profitable operations. The combined accounts of the two stores
for the past five fiscal years show net profits, after giving effect to Federal
income taxes at the present rate, averaging $560,479. It is estimated
that after the completion ofimprovements now in progress or being planned,
-now averaging $10,000.000
the gross bpsinms of both stores
-should
' amount to $15,000,000 per year, with a corresponding increase in net
profits.
-Corporation expects in (Inc course to make application to
Listing.
list the Prof. stock on the New York Stock Exchange.
Consolidated Balance Sheet Jan. 31 1924, after Citing Effat to Acpasition
of Patois Royal.
Liabilities
AssetsReal estate & buildings_ _ _$2,078.500 8% Preferred stock
33.000.000
540,008 Common shares
Furn., mach'y & equip__ _
956,376
Advances on acct. of mtge. 110,735 1st Purchase money 6s
Mortgages receivable__ _ _
45,000
(1926-1934)
1,385,000
1.460,051 Accounts pava'ile
Inventories
252,694
610,316 Contingent reserve
Accounts receivable
94.077
360,372
Cash
87.424
Deferred charges
Total (each side)
395,741
Good-will dc leaseholds_ -$5,688,147
Mack Trucks, Inc.
-Common Stock Increased.
-
The stockholders on March 26 increased the authorized Common stock
from 320.000 shares to 500,000 shares, no par value. It is proposed not
to issue the additional shares at present.
-V, 118, p. 1277, 1259.
(R. H.) Macy & Co., Inc.
-Annual Report (Incl. Sub.Cos.)
Years endedFeb. 2 1924. Feb. 3 1923. Jan.281922.
Net sales
851,232,360 549,615,229 $46,671,763
Cost of goods sold, selling, oper.
adm. exp., less miscell. earnings_ _ _ 47,494,473 46,068,287 44.043.401
Provision for Federal income tax.. _
400,000
410,000
328.545
Preferred dividends(7%)
683,914
577.928
514,500
Balance. surplus_ _
X2,653.973 $2,559,014 $1785.316
Profit and losssurplus
•$6.679.499 $5.448,231 33.549,868
-V. 118. p. 91.
•
Magnolia Petroleum Corp.
-Board of Trustees Increased.
The Board of Trustees has been increased from 5 to 11 members. The
new board consists of John Sealy, R. Waverly Smith, E.Plumly, Courtenay
Marshall, E. R. Brown, W.C. Proctor, Frank V. Faulkner, D. C. Stewart..
A. C. Ebie, B. II. Stephens and W. H. Francis.
Earnings for Czlendar
1923.
1922.
1921.
1920.
Gross earnings
352,013.916 346,577.128 555,139,890 372,643,640
Exp.. depl'n & denreen_ 43.903,256 40,105,118 44.913,430 49.486,452
*Net earnings
58.110,660 56.472,010 310,226.460 523,157.188
* Before Federal taxes.
-V. 118. p. 1277.
Marland Oil Co. (Del.).
-Annual Report.
-
Calendar Years1923.
1922. •
1921.
1920.
Gross income
437,937.409 317,511,343 $8,883,608 $9,326,943
Operating expenses, &c.y31,039.270
9.643.359
5,997.085
3,864,709
Not income
$6,898,139 $7,867.984 $2,886,523 $5,462,234
Other income
139.642
224.140
119,036
156,514
Total income
$7,037,782 58,092.124 $3,005.559 $5,618,748
Interest, &c
1,418,582
896,883
618,434
276,133
Inventory adjustment_
823,701
Cancelled leases and
abandoned wells
1,545,690
Deprec. & depl. res.. &c_ 2,350,509
3.065,611
Dividends
(32)1822.938
•
Balance, surplus
$1,723,000 82.306,692 $1,563,424 $5.342,615
x Gross earnings include 35.000.000 in dividends received from Comer
011 Co. y Includes purchase by Marland Oft Co.'s subsidiaries of Comar
011 Co.'s production at market price.
-V. 118.p. 1400.
-Plan Ratified-Earnings.
Marlin-Rockwell Corp.
of the Gurney
The stockholders have ratified the plan for the acquisition
Pref. stock and
Ball Bearing Co.. for a consideration of $2,722.800 7%
133.683 shares of no par value Common stock. 7% Preferred stock and
The stockholders also authorized $2,722,800
also V. 118, p. 1277.
133,554 shares of no par value Common stock. See
1922.
1923.
Barns. Calendar YearsNot
I $4,124,610
1
Net sales
J stated. 1 2,687.520
of sales
Cost
$487.838 $1,437,090
Gross profits
58,635
17.601
Other income
$505,439 $1,495,725
Total income
780,309
523.856
Deduct-Administration and general expenses---282.630
Depreciation
165,660
118.609
paid
Interest
412,729
293,566
Inventory adjustment
1.014,967
384.757
Idle plant expense, &c
188.707
Moving expense
122,548
349,468
Loss on sale of securities, &c
23,786 Cr.10,588
Miscellaneous adjustments, &c
Loss for year
Profit and loss, surplus
-V. 118, p. 1277.
1529
THE CHRONICLE
MAR. 29 1924.]
-Earnings.
Mohawk Mining Co.
1922.
1923.
Calendar Years$2.126,797
$1,223,772
Receipts
1.133,142 1,964,863
Working expenses, &c
Cr.59,668 Cr.49,546
Other income
Loss on Govt.bds.&copp.
1920. •
1921.
1.299,776 $1,627.150
1,046,340
1.057.926
Cr.64.045 Cr.5I.952
35,623
$632,762
$270,272
$211.480
$150,298
Balance, surplus
11,609,589 $1,867,572 $1.859,936 $2.611,940
Previous surplus
279.286
382.203
304,838
166,436
dur'g yr..
Apprec. realiz.
2,692
17,765
Prof. on prop. dispos. of_
52.737
Transfer from conting res
582.819
Excess of val. pd on shs
$2.561.879 $2,401,655 $2,515.103 $3,523,988
Total surplus
600,000
51.936
Contingency reserve_
58.553
10,950
Federal taxes, &c
114.449
117,918
119,813
90.302
Depreciation
341,051
466.727
372,253
204,244
Depletion
M30550000
(13)315.000 ($3)300,000
Dividends
$989,900
$1,659,938
def$336.388 $1.323,962
Profit & loss, surplus_ $1,952,333 $1,609,589 $1,867,572 11.859.936
V. 117. p. 1135.
-Annual Report.
Montana Power Co.
1920.
1921.
1922.
1923.
Calendar YearsTotal gross earnings...- - $8.169,210 $7,356,239 $6.106,384 $7.928,087
2.811,738
2,830,866 2,494,168
Oper. expenses and taxes 3,094,571
-Annual Report.
124,319
123,388
125,111
Martin-Parry Corporation. 1922.
124,138
Bond discount
1920.
1921.
1923.
Calendar YearsInterest on bonds. &c--- 1,617,749 1,643,530 1.624.834 1.634,306
15,951,166 $4,327,685 12,424.879 $3,725,434 Losses, &c., written off_
119.864
Net sales
1.898.359 2,984.171
300,000
300,000
200,000
1 5,183,842 3,881,911
265,000
Cost of goods sold
415,508 Depreciation
461,810
a677,684 (7)677.026 (7)677,026
2
Selling,adm. & gen. exp I
Cr.63,353 Cr.77,120 Preferred dividends_ _ _ _(7%)684,92 (3)1,488,999(33ft)1451499(331)1354724
Cr.53,356
Disc,on purch.&°thine Cr.72,842
25,886 Common dividends(3% %)1,861.249
12,350
39,417
94,830
Miscellaneous charges
65,635
10,791
57,464
92,071
$270,185 der$564,531 11,025.972
$521,581
Federal taxes
Balance. surplus
104,102
Inventory adjustment..
200,000
200,000
200,000
275,000
Dividends
a 7 7-12%.
Consolidated Balance Sheet Dec. 31.
$111,354
$202,248 def$199,180
$378,065
1922.
1923.
Balance, surplus
1922.
1923.
$367,661
$160,016
$350,217
- $718.723
Profit and loss,surplus_
Liabilities
$
Assets--V. 118, p. 318.
94,164,176 Preferred stock__ _ 9,784,600 9,784.600
94,047,532
Property. etc
Common stock _ _ _49,633.300 49,633,300
May Department Stores Co. & Subsid.-Annual Report. Secur. of 0th. cos_ 1,237,420 448,426 Funded debt
34,059,400 32,991.100
1920-21.
Materials dr mop_ 457,667
1921-22.
1922-23.
594,006
Years end. Jan.31- 1923-24.
1,101,371 Accounts payable_ 1,109,960
Accts.receivable
190,997,655 $61,685,253 $58,981,639 $68,254,715 Bills receivable._ _ 1,054,2491
676,813
Net sales
Accrued interest__ 707,999
10,0271
53,997,148 62,272.273
83.132,241 55,602,059
542,164
Cost of goods sold
Dividends payable 667,564
.
312,354 City, county and
166.253
414.078
441,726
Deprec. & amortizationDepreciation res.- 2,274,628 2,096,415
State warrants_ 146,833
126,053
2.059,976 1,935,325 AccIdentatmisc.res. 138,743 3,989,139
15,670,088 Cash
17,423,687 $5,669,116 $4,618,238
4,538,311
Net profits
137,433 Surplus
359,587 Corn.stk.for empl. 802,535
489,546
610,116
431,855
Other income
5,830
11.324
Skg. fund deposits
$7,855,542 $6.279,233 15,107,784 $6,029,675 Deferred charges__ 3,086,943 2,641,030
Total
$775,0.0 $1,100,000 $1,400,000
$1,175,000
102,914,506100,433.590
Federal taxes (est.)
102,914,506100,433,5901 Total
Total
Res,for shrink,in val. of
-V. 118, p. 1401.
Cr1.250,000
accts. receiv_
inven. &
437.500
424,375
406,875
389,375
--Earnings.
Preferred dividends(7%)
Morgan Engineering Co.
6
Common dividends---(10)2,599,825(8)1,599.748(8)1,599.648(730136216
1922.
1923.
Calendar Years$6,745.774 $1.305,875
13,233,761 $2,830,009 Net sales
$3,691,542 $3,497,610
Balance, surplus
$1,075,536 def$99,698
5,831.292 8,572,674 5,557,990 7,956,003 Net profits before interest. &c
surplus
Previous
177.959
188,281
37.991 Bond interest, &c
31.213
19,488
9,338
Divs. on Pf.stk.reacq'd_
$887.255 def$277.657
Surplus
$9.532,172 112,089,772 $8,822,964 $10,824,003
Total surplus
250,000 -V. 113, p. 2086.
250,000
250.000
250.000
To special surplus
16,013
290
8,480
26,255
Prem.on Pref. stock_ _ _ _
-Stock Increased-Acquisition.
b5,000,000
Nashua (N. H.) Mfg. Co.
a6.000,000
Stock dividend
The stockholders on March 21 (a) increased the authorized Common
outstanding) to 16,200,000, par $100: and (b)
Profit & loss surplus__ 19,255,917 $5.831,292 $8,572,674 $5,557,990 stock from 15,000,000 (allof the capital stock of the Indian Head Mills of
authorized the acquisition
Common
Alabama by issuing in exchange therefor the newly authorized Common
a30%. b 33 1-3%.Co. on the basis of two shares of the
The company has notified the New York Stock Exchange of a proposed stock of the Nashua Mfg. for one share of stock of Indian Head Mills.
stock of the Nashua Co.
reduction in the l'ref. stock by 1750,000.-V. 116, p. 1539.
Compare V. 118, p. 560, 1277.
-Annual Report.
State Telephone Co.
-Earnings.
Michigan
National Acme Co., Cleveland, Ohio.
1920.
1921.
1922.
1923.
Calendar Years1920.
1921.
1922.
1923.
Calendar YearTelephone oper. revs_ _ _$21,128,906 $18,113,277 $16,788,184 $14,344,106
$9,586,306 $5,618,237 $3.879,072 $15,758,921
Telephone oper. exp.. _ _ _ 14.890,797 12,638.794 12,416,968 13,276,080 Net sales
5,043,202 3,971,020 11,460,903
7,888,011
of goods sold, &c
Cost
828.140 1,053,573
745.208
903,332
Net telep. oper. revs__ $6.238,109 $5,474.483 14.371,216 $1,068,026 Admin., sales, &c., exp..
280,831
554,806
705,058
148,223 Other deductions
636,205
1126.833
$174.718
Uncollectible oper. revs_ $119,044
$632,491
1.016,946
1,341,190
1,555,967
Taxes
$158,758 x$875,231 41,474,894 12,963,614
Net profit
36,723
62,533
70,221
$387,312 Other income
81,959
Operating income_ _ _ $4,563,098 13,958.574 $3,227,436
147,165
89,789
143,456
107,207
Net non-oper. revenues_
1240,717 4805,011 41,412,360 13.000,337
Net profit
2.315,138
$534,477 Adjust't of inventories_
Total gross income-. 14.670,305 14,102,030 13.317,225
545,000
$119,376 Estimated war taxes
$185,221
$186.872
Rent & misc. deductions $199,670
None(7)1,744,697
None
1,645,586 Dividends
None
1,813,089
1,620,442 1,961.270
Interest deductions
780.000
1,322,000
Dividends
1240,717 x$805,011 43,727.498 sur$710,640
629,329
Balance
Other appropriations__ _ 1,337,219
1731,764 11,536.775 $5.265.596
Profit and loss,surplus.. _ $521.062
8544,559 $1,318,915df$1,230.486
$190,974
Balance, surplus
-V. 11T. p. 1895.
Loss.
-V. 118, p. 560.
-New Directors.
-Annual Report.
Middle States Oil Corp.
Natomas Co. of California.
1920.
1921.
At the annual meeting March 25, the following (recommended by the
1922.
1923.
Calendar Yearsmanagement) were elected directors: W. R. Willcox, John H. Brown, Returns fr. gold dredging $1,576,591 $1,644,527 81,548,328 11,680,675
John F.Casey, C. B. Peters and N.G.Pearsall. The first three named are Oper. exp., incl. taxes,
1,361,850
-V. 118, p. 1277, 1020.
1.261,929
new members.
1,187,126
insurance & rentals...... 1,101,929
-Report Cal. Year 1923.
Midland Steel Products Co.
$318,826
$286,399
1457.401
Operating income........1474,662
$14.711,025
583,821
Net sales
235.282
622,521
623,392
1.429.244 Other income
Profit after depreciation
54.978
$902,647
Other income
1521.681
11.098.054 $1.079.922
Gross income
1798.404
1641,204
$850,484
$856.832
$1,484,222 Bond interest. &c
Total income
231,4661 Not stated
274.731
115,717
397.827 Depreciation
Int., amortization, &c., $297,827: Federal taxes. $110.000-......
544.4761
570,113
470,550
Eaust, of mineral area
$1,086,395
Net profit
1895,465 surS104,243
$615,406
$345,045
Net loss for year
-V. 118, p. 1277.
-V.116. p. 1540.
-Larger Dividend.
Midwest Oil Co., Denver, Colo.
-Stock Authorized.
Nebraska Power Co.
,
The company has declared a quarterly dividend of 735c. a share on the
The Nebraska Railway Commission has authorized the company to issue
a
Common stock par El, and of 75c.ofshare on the Common stock, par $10. 11,200.000 additional Preferred stock at not less than 90. See also offering
record March 31. On Jan. 15 last
both payable April 15 to holders
previous quarters In V. 118, p. 1145. 915.
634c. and 65c., respectively, were paid, while in the two 117, p. 2897.
-V.
the payments were 63(c. and 62 Ac., respectively.
-New Director, &c.
Nevada Wonder Mining Co.
Charles R. Alexander has been elected a director, succeeding Henry
-Stock Offered.
Milwaukee Gas Light Co.
The company is offering to its customers and employees $1,000,000 Austin.
President Charles Miller stated that the company had not been functionl'ayment
($100)
7% Cumul. l'ref. stock, Series "A," at parpaymentand divs. per share ing for the last 21 years due to a large assessment levied by the Internal
,
plan-$10
may be made either in full or on the partial
contested
Revenue Department amounting to $226,000. The companyin addition
-V. 117, p. 788.
monthly thereafter.
with subscription and $10
this claim and two weeks ago was exonerated from payment and
-To Increase Gas Rates,
received the return of 11,500. as the overpayment of past taxes. Waen
Minneapolis Gas Light Co.
is paid President Miller said, the company would have $8,000
this
The receivers announce that gas rates in Minneapolis will go up 1 cent cash$1,500 treasury and invested assets having a present market value of
in its
per 1,000 Cu. ft. beginning May 1. The new rate will be $1 01 for a period $279,151, which is $12,000 over what the company paid for them. These
915.
of four months-V. 118, p.
assets include 500 snares of Norfolk & Western Ry. and $150,000 in United
-V. 108, p. 1825.
States securities.
-7'o Appeal Gas Case.Mobile (Ala.) Gas Co.
U. S. District Judge Henry B. Clayton,
Tho decision handed down by
Newburyport (Mass.) Gas & ElectricCo.-Dividends.fixing the valuation of the company's properties at 12.007,521. and which
have declared a quarterly dividend of $1 50 Per share
The
held further that the valuation constituted a contract, will be appealed from and an directors
of 50c. per share (from special reserve fund), both
by the Alabama P. S. Commission and the legal fight will be carried to the payableextra dividend
April 15 to holders of record March 31.-V. 118, p. 92.
Supreme Court. See also V. 117, p. 2331.
U. S.
-Production.
Moon Motor Car Co.
The company announces that it is now producing Moon cars at the rate
of 100 per day, and that this schedule will be continued indefinitely to keep
up with tho demand for Moon cars, especially the new popular-priced six,
known as "Series A," which at present makes up more than 50% of Moon
production.
Moon's production schedule calls for 25,000 cars in 1924,as compared with
-V. 118. p. 1277. 802.
12,000 produced last year.
-To Change Par of Preferred.
York Steam Corp.
New
The stockholders will 'vote April 17 on changing the Preferred stock of
the par value of $100 each into shares without par value. without altering
liquidation price, dividend or preference over other stock: increasing the
number of shares of Preferred stock from 50,000 to 100,000. creating a
reserve fund and providing for the reimbursement of the Pennsylvania
4 mills tax and the Massachusetts income tax up to 6% to holders resident
in the respective States.
1530
THE CHRONICLE
Statement of Earnings Twelve Months Ended Month of February.
1924.
1923.
Gross earnings
$3,662,829 $3,509,245
Operating expenses and taxes
2.754,584
2,731.230
Interest on funded. &c., debt
319,072
318,719
Dividends on Preferred stock
79,821
45.063
Sur. avail,for deprec., Common stock diva.. &c- $509,352
$,414,233
-V. 118, p. 1401.
New England Southern Mills.
-Report Cal. Year 1923.
-
The company during 1923 changed its name from International Cotton
Mills, It now owns or controls 9 mills containing 362,000 spindles manufacturing a wide variety of cotton fabrics, including print cloths, sheetings,
shirtings, drills, bedspreads, crash, wide sheeting, carded and combed
yarns and cotton duck.
Consolidated Statement of Profit and Loss Year Ended Dec. 31 1923.
Gross sales, $12,280,776;less selling expenses, $779,633;income
from sales
$11.501,143
Cost of goods sold
10,537,919
Reserves
-Income taxes,Sic
51,722
Reserve for depreciation of plant, machinery and equipment
270,565
Interest
-Stark Mills 6% purchase money obligation. $40,438;
10
-year 7% gold notes, 1929, $292.798; 10
-year 7% secured
notes, 1933.$26,667
359,903
Proportion of oper. profit accrued on minority stock not owned
68.144
1:VoL. 118.
Pierce-Arrow Motor Car Co.
-Renewal of
President Myron E. Forbes says: "Recent published Notes, &c.
reports referring
to the possibility of new financial arrangements
being made by PierceArrow were not authorized. Arrangements have
been concluded with
company's bankers for the renewal of the $1,750,000
one-year 6% notes
maturing April 16 1924. and arrangements have
also been made witn
the banks to increase, if necessary, the company's
loans in connection
with a plan to broaden their market through introduction
of a moderatelypriced car as an addition to the present line of
cars, trucks and motor
buses. Tine company to-day has a cash balance of more
than $1,400,000
and no new financing is necessary.'-V. 118.
p. 804, 1390.
Pierce Oil Corp.
-New Company Formed-Syndicate Has
Underwritten Offer of 1,300,000 Shares.
It is announced that a banking syndicate, composed of Lehman Bros.,
Goldman, Sacns & Co.o.• and Hornblower & Weeks, have
an offering of 1,300,000 snares of Common stock without underwritten
par value of
the new Pierce Petroleum Corp. The company will have
2,500,000 shares
outstanding, constituting its entire capital stock.
Toe new company. it is stated, will begin business by
assets and business of the present Pierce 011 Corp. in exchangeacquiring the
for 1,100.000
snares of its capital stock. The stock underwritten by bankers will
be
for the purpose of raising funds with which to start operations.
The financing, it is said, is not a reorganization of the existing Pierce
Oil Corp., which remains intact as a holding company owning the
of the Pierce Petroleum Corp. received in exchange for its assets.shares
The
transaction is surdect to ratification by stockholders of the present Pierce
Oil Corp. at meeting called for May 5.-V. 118. p. 1279, 1146.
Consolidated net operating profit
$212,890
Consolidated Balance Sheet Dec. 311923.
Assets.
Pierce Petroleum Corp.
Liabilities.
-To Form New Corporation.
Plantaccount.
821,396.107 Prior Preference stock
$4,000,000
See Pierre Oil Corp. above.
Cash
2,828.913 Preferred stock
5,000,000
Notes de accts. receivable_ _ _ 1,586,856 Stark Mills Pref. stock
Pillsbury Flour Mills Co.
2,460,000
-Listing-Earnings.
Inventories
4.928,112 Canadian Cos. stocks
517.939
The New York Stock Exchange has authorized the listing of $6,000.000
Miscellaneous investments
236,356 10-year 7% notes
3,994.500 1st Mtge. 20
-Year 6% Gold bonds due Oct. 1 1943.
Prepaid int. and Insurance._ _
193,156 10-year 7% secured notes
4,000,000
Income Statement for Stated Periods.
Mt.V.
-W.Mills, Inc.,stock
500,000 Cosmos Cotton Co., Ltd.,
Preferred note discount
-Years ended Aug. 31- 10 mos. end. 6 mos. end.
396,667 6% debentures
108,000
Good-will, brands, tradeStark Mills6% per. mon.obl. 2,689,250
1921.
1922.
June 30'23. Dec. 31 '23.
Sales
marks.&c
6,487,732 Notes payable
564,287,267 848,401,545 $44,449,796 328,281,971
4,503,702 Cost
ofsales,sell. & ad
-m.
Accounts payable
624,453
exp., plant depr., bad
Reserve for Fed. taxes, Ace
1,509,664
debts, local taxes and
Total (each side)
$38,553.898 x Surplus
9,146,391
miscellaneous exp-363,290.480 346,976,771 543,167,546 $27,562,988
Note -There is a contingent liabi ity for carried cotton amounting to
Interest paid
51.001,563.
954,469
692,902
650,262
186,839
Federal taxes
31,172
64,942
141,531
91,386
x Representing 203,172 shares of no par value Common stock.
-V. 118,
Net income
p. 802.
$11,146
$666,929
$490.457
5440.758
The income statement includes the profits of Pillsbury Flour Mills 00.
North American Co.
-Listing.
and Pillsbury-Washburn Flour
The New York Stock Exchange has authorized the listing on and after Island Warehouse Corp., the Mills Co., Ltd., but excludes the profits of
capital stock of which was not acquired
April 1 of $678,370 additional Common stock, par $10 each, on official by Pillsbury Flour Mills Co. until during the fiscal
year ended Aug. 31
notice of issuance as a 2X% stock dividend, payable April 1 to holders of 1922, and also excludes the profits of
record March 5, making the total amount applied for to date $27,829,160. Falls Water Power Co. formerly Minneapolis Mill Co. and St. Anthony
subsidiary companies of Pillsbury-V. 118, p. 1387. 1278.
Washburn Flour Mills Co., Ltd.
-V. 117, p. 2333.
North Atlantic & Western Steamship Co.
-Receiver.
-
Pittsburgh Utilities Corp.
-Extra Dividends.
-
The directors have declared a semi-annual dividend of $1 per share on
Federal Judge Morton has appointed Ralph C. Piper (Ow Warren,
Garfield, Whiteside & Lamson) receiver for tins company. Pres. Charles the 240,000 shares of Common stock, of no par value. An extra disburseE. Ware Jr. says: "Failure of the company is directly traceable to the ment calling for the distribution of an aggregate of $96,250 on the outviolent and disastrous rate war among inter-coastal water lines and to standing Common stock has also been declared.
There was also declared a semi-annual dividend of
the uncertainty regarding this company being permitted to continue
, and an extra
operation of Snipping Board ships over strenuous objection of various of 2% %.on the 7% Cumul. Preferred stock.
All dividends are payable May 1 to holders of record April 15. Initial
other steam.snip companies.'-V. 115, p. 2486.
dividends of like amount were paid Nov. 11923.
All of the Common stock is owned by the United Railways Investment
Ohio Copper Co.
-Annual Report.
-V. 118, p. 1280. 917.
The company for year ended Dec. 31 1923 reports total income of $264,- Co.
317. After deducting interest, taxes, kc.. of 5137,416 and $49,536 reserve
Pleasant Valley Coal Co.
-Tenders.
for 1923 depletion, surplus was 377,365.-V. 118, p. 916, 440.
The Guaranty Trust Co.. 140 Broadway, N. Y. City, will until April 7
receive bids for the sale to it of 1st Mtge. 5% bonds, due July 11928, to
Ohio Oil Co.
-To Resume Operations.
an amount sufficient to exhaust $15,019 at a price not exceeding 115 and
The company has announced that on April 1 it will resume full operations
-V. 78, p. 1548.
In the Kevin Sunburst field in Montana and also will resume purchases of interest.
oil for transfer through the Illinois Pipe Line in the Mule Creek and Osage
Pond Creek Pocahontas Co.
-Earnings.
fields in Wyoming. This follows the completion of additions to the
The company reports for the calendar year 1923: Earnings from coal
Imperial 011 Co.'s refinery at Regina, which calls for an additional supply operation
and miscellaneous, $18,125; interest, $28,013; total earnings.
of crude.
-V. 118, p. 561.
$46,138; administrative & general expenses, 813,467; reserve for depletion
& depreciation, 313,316; total deduttions, $26,784; net profits, 319.353.
Oklahoma Natural Gas Co.
-Income Statement Year -V. 117. p. 448.
Ended Dec. 31 1923.
-
Gross sales of gas (cu.ft.)
14,814,929,000
-Gas, $4,088,704; /nisei:41., 831.822; total
Gross earnings
$5,020,526
Operating expenses
-Gas purchased, 51,228,630; oper. exp.,
$2,093.209; taxes, $280,474; total
Interest on funded debt, $39.785; interest on notes payable. 3,602,313
$15,645; total
55,430
Dividends paid
642,875
Net to surplus (before depreciation and depletion)
-V. 118, p. 1146.
$719,909
Ontario Silver Mining Co. (Del.).
-Listing, &c.
The
New York Stock Exchange has authorized the listing of 150,000
shares of Common stock without par value on official notice of issuance
In exchange for outstanding capital stock of Ontario Silver Mining Co. of
California. share for share.
Earnings for Calendar Years.
1923.
1922.
1921.
1920.
Receipts
8239.76.5
$340,567
8252.784
8585,180
Disbursements
290,182
347,614
341,445
426,854
Federal taxes
23,818
Depletion
59,509
118,172
94,401
130,132
Depreciation
7.526
7,526
Net loss
$109,925
3149,038
5190,588 sur.$20,668
-V. 118. p. 211.
Otis Elevator Co.
-To Increase Common Stock, &c.
-
The stockholders will vote April 28 (a) on increasing the authorized
Common stock from 315.000.000 to 525.000.000 and (b) on changing the
par value of the Common shares from $100 to 350.-V. 117, p. 1786.
Pacific Mail Steamship Co.
-New Director.
-
Harry A. Arthur has been elected a director succeeding Davis H. McA.
Pyle.
-V. 118, p. 1279. 561.
Pacific Portland Cement Co.
-To Increase Stock,
The stockholders will vote May 23(a) on increasing the authorized capital
stock from $6,000,000 to 510,000.000, par $100, and (b) on changing the
par value of the shares from $100 to shares of no par value. If the increase
Is authorized, the additional stock will be offered to present stockholders
at $50 per share to the extent of66 2-3% of their holdings.
-V.111, p. 2431.
Paraffin Companies, Inc.
-New Financing.
-
The company, it is reported, is preparing an offering of $750,000 1st
Mtge. bonds. to be sold shortly through Mercantile Securities Co., San
Francisco.
-V. 117, p. 1563.
Park & Tilford, Inc.
-Report.
The report for the 4 months ended Dec. 31 1923, showing net profits
for the period et $429.333. Surplus on Dec. 31 stood at 31,123,866.
The consolidated balance sheet as of the end of 1923 shows cash on hand
and in bank of $503.964. accounts receivable $1,303,646. inventories
$1.378,501. with total current assets aggregating $4.599,382, compared
with total current liabilities of 5775,425.-V. 118, p. 1146.
Pilgrim Mills, Fall River.
-Dividend Increased.
-
The directors have declared a quarterly dividend of 2% on the Common
stock, payable March 31 to holders of record Mrach 27. In the previous
two quarters, regular dividends of 1%% and extras of 1% were paid.
-V. 118, P. 504. 561-
(The) Poole Engineering & Machine Co.
-Tenders.
-
The Equitable Trust Co.. trustee, Baltimore. Md., will until April 1
receive bids for the sale to It of 1st Ref. Gold bonds, dated July 1 1916.
to an amount sufficient to exhaust $31,290, at a price not exceeding 105
and interest.
-V. 117, p. 2551.
Postum Building, N. Y. City(Park & 46th St. Corp.)
Bonds Sold.
-Dillon, Read & Co. have sold (see advertising pages) at 99 and int. to net over 6%%, $3,000,000
1st (Closed) Mtge. 6M%'
Sinking Fund gold bonds (on
leasehold).
Dated Oct. 25 1923; due Nov. 11943. Int. payable M. & N. without
deduction for Federal income tax up to 2%. Present Penna. 4-mill tax
refunded. New York Trust Co.. trustee. Denom. c• $1,000, 8500 and
$100. and r* $1,000 or multiples thereof. Red. as a whole, and in part by
lot for sinking fund, on 30 days notice at the following prices and int.:
105 to and incl. Nov. 11933: 104 to and inel. Nov. 1 1938: 103 thereafter to
(but not including) the date of maturity.
Security.
-Secured by a closed first mortgage lien on the leasehold with
Improvements thereon of the block extending 200 ft. along Park Ave. and
an extension of Vanderbilt Ave. and 120 ft. along 46th and 47th streets,
N.Y.City, this block being a part of the Grand Central Terminal property.
The site. with unobstructed light on four sides. Is being improved with a
20
-story store and office building to be known as the Postum Building.
The value of the leasehold property after completion of the building has
been appraised both by Douglas L. Elliman & Co.,Inc., and by Cushman &
Wakefield, Inc.. at more than 55,600,000. The building, plans of which
have been approved by the Chief Engineer of the New York Central
is being constructed by Todd. Robertson, Todd Engineering Corp. RR.,
Earnings.
-Annual gross rentals of the building, on the basis of existing
1 lases and allowing for a vacancy of 15%, are estimated as 51,025.000.
L;mos aggregating $294,000 have already been signed or have been negotiated and await signature pending the preparation of contracts. Negotiations are now in progress with applicants seeking an aggregate in excess
of all the remaining space. Among those who have already signed leases
are the Postum Cereal Co., Mathieson Alkali Works and ThompsonStarrett Co.
Eituilit.-The proceeds of these bonds will be trusteed with New York
Trust Co. to be applied by it toward construction of the building. The
stockholders and their associates will provide $1,500,000 in addition, which
will be represented by notes of the corporation redeemable by a sinking
fund of $100,000 per annum.
Lease.
-The New York Central RR. has granted the land for a term of
years to its subsidiary, the New York State Realty & Terminal Co. The
latter has leased the land to the Park & 46th Street Corp. for approximately
21 years to April 1 1944. with provision for two renewal terms of 21 years
each. The first lease period terminates, therefore, after the maturity of
these bonds. The annual ground rental during the first lease period is
3110.000, except in each of the first two years, when it is $55,000. After
the first lease period it Is to be 5% per annum of the agreed or appraised
valuation of the land but not less than $110,000 per annum.
Half of the taxes on the land unimproved will be paid by the New York
State Realty & Terminal Co., the lessee paying the other half, as well as all
of the taxes upon the building.
The ground is leased free of lien of New York Central bond issues and
mortgage or lien can be created on the land or buildings ranking prior to no
or
ratably with this mortgage during the operation of the lease.
Monthly Sinking Fund.
-A sinking fund, calculated to retire the entire
issue by maturity through purchase at or below the current redemption
price, or if not so obtainable, by call by lot at that price, is provided in the
mortgage securing these bonds. The first payment is to be made June 1
1926 and thereafter monthly.
Jersey.
Public Service Electric Co., New "Reports-Report.
and Documents"
under
See Public Service Corp. of New Jersey
-V. 118, p. 1280.
below.
-Report.
Public Service Electric Power Co. of N. J.
Documents"
See Public Service Corp. of Now Jersey under "Reports and
-V. 118, p. 804.
below.
-Report.
Public Service Gas Co., New Jersey.
Documents"
See Public Service Corp. of New Jersey under "Reports and
-V. 118, p. 1280.
below.
--Report.
Public Service Production Co., N. J.
Documents"
See Public Service Corp. of New Jersey under "Reports and
-V. 117. p. 2443.
below.
-Obituary.
Co. (Publishers).
Rand, McNally
Calif.
Vice-President James McNally died March 24 in Pasadena,
-V. 102, p. 2259.
-Annual Report.
Typewriter Co.
Remington
1920.
1921.
1922.
1923.
Calendar Years$1.674.985
Net after taxes & deprec_ $1,678,657 11,166.272 y$2,657,920
96.526
192,226
124,412
75.840
Interest
31.041.860 y$2,850,146 $1.578,459
$1,602.817
Net income
$364,182
191,221
$182,441
1st Preferred dividends_ $810,099
400,000
100,000
99,798
2d Preferred dividends
$814.277
$859.419 y$3.041.367
$692,920
Surplus
6,884,818 6,070.541
3.843,451
4.702,870
Previous surplus
U.395.790 14,702,870 13,843,451 $6,884,818
Total surplus
484,265
Loss Flushing plant_ _ _ _
P. & L. surplus
1531
THE CHRONICLE
31An. 29 1924.]
14,911,525 $4,702,870 $3.843,451
$6,884,818
x Including dividends paid on account of accumulations.
V. 118, p. 804.
y Loss.
nor
exchanges at 14 points in Texas. Neither the Kansas City company
any of its controlled companies own or operate any long-distance toll lines.
The Kansas City company has an authorized capital stock of 115.000.000.
of which 12.225.000 Common stock and 12.775.000 Prof. stock is outstanding. Its funded debt amounts to 115,000.000. The Southwestern company owns all of the Pref. stock and $225,000 of the Common stock. It
Teleformerly owned all of the outstanding bonds, but sold them to the under
phone Securities Co.. a subsidiary of the American Tel. & Tel. Co..
them on demand. The Kansas City company
an agreement to repurchase
owes the Southwestern company 15.592,720, evidenced by demand notes.
for funds advanced for capital purposes.
On Nov. 16 1923 the Missouri P. S. Commission authorized the Kansas
Common
City comany_to issue and sell, at not less than par, $6.000,000 ofdividends
stock. The Kansas City company has'never earned or paid any it to sell
is impossible for
on its Common stock, and it is claimed that it
the stock on the market at the price fixed. The Southwestern company
_proposes to purchase 13,000.000 of the Common stock and to pay par
therefor, provided the proceeds are used to pay and retire an equal amount
of the demand notes owned by it. By a supplemental order entered Jan. 24
1924 the Missouri Commission authorized the Kansas City company to
Issue $3,000.000 Common stock, to be sold to the Southwestern company
upon the terms above specified. The Southwestern company, by the
acquisition of such additional stock, would acquire control of the Kansas City company.
The income account of the Kansas City company for the year ended
Dec. 31 1923 showed operating revenues, 16.290.144: operating expenses.
$4,286,683: operating income. 11,634.342.-V. 118. p. 804. 562.
-Annual Report.
Spicer Manufacturing Corp.
1920.
1921.
1922.
1923.
Calendar YearsNet sales, incl. oth. inc_$12,675,785 19,829.176 $5.040.980 117.953,078
Cost of sales, adm., sell8,853.836 5,028.306 16.072.308
ing. &c.. expenses__ 11,329.665
$12.674 11,880.770
$975,340
$1,346.120
Balance, profit
432,018
447,931
343,668
270,446
Deduct-Int. & discount
120,000
Prov. for Fed. taxes
682.731
Reduction of invent'y
-Final Dividend.
Rio Tinto (Mines) Co., Ltd.
1923 of 25s. per
The company has declared a final dividend for the year
-V. 117, p. 1672.
share on the ordinary shares.
-Interest Unpaid.
Rolph Navigation & Coal Co.
outstanding) have
11,075,674
Net profit
$1.017,863
Surplus Jan. 1
Deduct-Prov. for reduc.
of inv., &c
Sundry adjust. (net).,
33,295
Loss on sale of cap.assets
(8
Divs. paid on Pf.stk. %) 240,000
Com.stk.
do
do
Prem.on Pt.stk.red.,&c.
$646,022
1631,672 loss$435.257
1745.118 32.007,846 82.088.446
118,928
570.000
17.471
210,960
240,000
240,000
(50c)156,875
Holders of the 7% bonds (approximately $480,300
358,787
not yet received the semi-annual interest payment due March 15, and
according to dispatches from San Francisco, tilers are no definite indica$745.118 $2,007,846
tions as to when funds will be available for this purpose. The Anglo- Total P.& L.sur. Dec.31 11.820,241 11,017.863
California Trust Co., trustee under the mortgage securing the bonds, -v. 117, p. 2119.
has advised holders that funds for tile interest payment now due have
not been deposited and that the company has notified them of trier inability
-Stock Offered.
Standard Gas & Electric Co.
-V. 116, p. 1541.
to meet the obligation at present.
In order to further strengthen the financial position of the company and
- to eliminate a substantial part of its present funded debt, H. M.Byllesby &
-Annual Report.
Co.
Safety Car Heating & Lighting
Convertible
Co. and associates purchased in the open market 11,000,000
1920.
1921.
1922.
1923.
Calendar Years1933. These have been converted into 30.000 shares
$1.954,761 $1.579,388 $1.349,992 11.453,488 6%% debentures dueH. M. Byllesby & Co. are now offering the 30.000
Net profits
Common stock.
$390,769 of
$631,753
$642,945
$709,530
conversion to their
Depreciation,&c
200,000 shares of Common stock (no par value) acquired by
137,600
190,000
Federal taxes
591,720 clients at $33 per share flat.
591,720
591.720
641,030
Dividends
on March 19 increased the dividend rate on the Common
The directors
yields 9.09%
$270,999 stock to $3 per share annually. The Common stock now
1126,519
$207,123
$414,201
Surplus
income.
Consolidated Balance Shea as of Dm 31.
to list the Common stock on the New York
Application will be made
1922.
1923.
1922.
1923.
Stock Exchange before April 15.
$
$
Liabilities-Assets
Capitalization Outstanding.
9,862,000 9,862,000
Capital stock
_ _246,128 abs.
Real estate- mach.,
351,670 Common stock, without par value (including above amount) $16,324,900
x11.269,994 14,694,785 Accounts payable_ 337,290
3,165,289 Preferred stock, 87c cumulative
for depree.
1,966,300 1,824,179 Reserve
Inventory
Sink. Fund Gold bonds, due 1926 (closed issue) _ _ x4,670.000
Convert.6%
15.000.000
Accounts receivle. 1,208,660 1,098,580 Reserve for taxes&
-Year 6% Gold notes, due 1935
295,565 20
contingencies_ ._ 300,467
y4.612,400
Marketable securi4,955,682 4,541,481 Convertible Gold debentures: 6 s. 1933
12,500 Surplus
26,312
y10,500.000
ties
due 1954
do
6%.
do
565,557
964,599
Cash
(each side)_ _15.455,439 18,216,006
20,402 Total
stock.
19,573
Prepaid Items_ _ _ _
x Convertible into Preferred stock. y Convertible into Common
Refining Co.
x After deducting depreciation of 13,487,651.-V. 118. p. 1280.
The company owns a controlling interest in Shaffer Oil & June 1 1929.
due
and guarantees $8.295,000 of its 1st Mtge. 6% bonds,
---Listing.
largely
Seneca Copper Co.
which are a first lien on the entire property of that company, valued
The Boston Stock Exchange has authorized for the list 100,000 additional in excess of its funded debt.
-V. 118, p. 1403.
shares Capital stock.
Ended Dec. al 1923.
Earnings 12 Months
15.196,190
-Annual Report.
Gross revenue
Simms Petroleum Co.
92.765
x1020.
1921.
1922.
Expenses and taxes
1923.
Calendar Years2,162,596
1,167,225 111)1,376 Interest charges
2,678,114
3,959.057
Production (bbls.)
1,297,711
$4,050,342 13,850,263 $1,855,646 13..46,902 Preferred dividends
Production revenue_
397,501
$883,811 $1,463,997 Common dividends paid
$1,620,539 11,192,302
Operating expenses
1,112,120
500,765
1,194,710
784,754
Development expense_ _
11.245.617
Balance
$471,071 11.320,786
118, p. 1403, 1148.
Net profitfrom oper'ns $1,645,049 $1,463,251
331,714
288,038
286,729
276,057
Tank car earns., int., &c
31.Standard Oil Co. of Kentucky.-Bal. Sheet Dec.
$759,108 $1.652,500
1922.
$1.921,106 $1.749,980
1923.
Gross income
1922.
1923.
$225,349
$249,814
$177,093
Rentals, taxes, int., &c- $208,131
$
$
Assets228.970
594,837
189,165
252,347
16.784,047 16,715,221
Miscell. adjustments_ _ _
Capital stock
403,880
305,028 Plant & eouip't _16,541,036 13,901,127 Accounts payable_ 3,506,334 1,452.445
541,972
670,768
Depreciation
5,881,955 6,037,496
1,791,742 Merchandise
1,811,371
641,874
448,452
Depletion
deprec'n_ 4,977,715 3,973,074
Accrued
Cash, investments
349,825
372,562
dc acc'ts receiv _ _ 8,533,389 4,970,122 Insurance fund_ _ 1.105,122 1,044.966
$199.877df$2,300,704 def$898,589
1341.408
Surplus for year
Federal tax reserve
6,688,292
1,063.098
and loss charges
4.210,599 1,373,213
Profit
Surplus
$199.876df$8,989,086df$1,961,687
$541,285
Final surplus
30,956,381 24,908.745
Total
30,956,381 24.908.745
Total _
p. 1403.
The usual comparative income account was published in V. 118.
-V. 118, p. 212.
x Figures do not include Rowe Oil Corp.
-Earnings.
Plate Glass Corp.
-Bonds Called.
Solvay & Cie.
-Year 8% Secured gold bonds dated Oct. 1 1920
All of the outstanding 7
have been called for payment April 1 at 104 and int. at the National City
-V. 118. p. 677.
Bank of New York, 55 Wall St., N. Y. City.
-Earnings.
Southern Phosphate Corp.
1923.
$141,776
61,843
1922.
1147.330
55,768
Other income
$79,933
7,451
$91,562
48,542
Interest, capital stock tax, &c,.
Shutdown expense
Deprec., depl., obsol. & surp. adj-
187.384
29.365
29,733
195,147
1140.105
19,593
38,475
198,966
$166,861
$116,930
Calendar YearsGross profit
General and administrative expense
Balance, deficit
-V. 117, p. 2661.
Standard
charges, apNet earnings for January amounted to 1110.000 after all
plicable to the new plan of capitalization, fixed charges, unusually heavy
See also V. 118. D. 1404.
writeoffs and Preferred dividends.
-Annual Report.
Standard Screw Co.
1920.
1921.
1922.
1923.
Calendar YearsNet profit after deprec.
1125.614 $1,744,331
$236,465
$434.504
and Federal taxes__
49,548
49.548
49,548
49,548
Pref. div."A"(6%)_ -- )1.125,000
$246,410 Common dividend_ _(12%)714,000 (20)700.000(20)700.000(43
41,132
1569.783
def$329.044 def$513,083 def$623.934
Balance. surplu7.336,852 7,767,069
6.712.918
3,749,835
1287.543 Previou. surplus
60,730
$3,420,791 $6.199,835 $6,712,918 88,336,852
Total
54,074
(40%)1.000,000
(70%)2,450,000
144,770 Stock dividend
13,749,835 $6,712,918 17,336,852
Profit & loss surplus__ 13,420,791
sur$27,967
-V. 116, p. 1660.
1921.
$314,750
68,339
-Acquisition of
Southwestern Bell Telephone Co.
Stock of Kansas City Telephone Co. Authorized.
-Annual Report.
Steel Co. of Canada, Ltd.
1921.
1922.
1923.
12,996.580 11,962,169 $1,778,661
374.704
333,028
287,887
C. Commission on March 15 authorized the company to acquire
-S.
The I.
control of the Kansas City Telephone Co. by purchase of capital stock.
12,295,197 82.153.366
$3.284,467
Total
The report of the Commission says in part:
212,803
237,423
277,651
The Kansas City company was organized in 1919 and acquired the prop- Sinking fund
621,800
677,558
677,236
Depreciation
erties of the Kansas City Home Telephone Co. and the properties of the Bond interest
501,470
476,619
441,962
Southwestern company within the Kansas City area, which includes Kansas
454.741
454,741
454.741
smaller towns adjacent thereto. Preferred dividends (7%)
City Mo.. Kansas City, Kan., and certain
805,000
805,000
805,000
Prior to its incorporation competing exchanges and facilities were operated Common dividends(7%)
by the Southwestern company and the Horne company, each company
$627,875 def$356,144 def$442,448
Surplus
serving approximately 45,000 subscriber stations.
7,942,372 8,298.516 8.740,195
The Kansas City company maintains 26 central offices and serves more Previous surplus
than 110,000 subscriber stations. It controls, through stock ownership,
$8.570,247 $7,942,372 $8,298,516
surplus
Profit and loss,
the Home Telephone Co., which operates 7 exchanges, serving Joplin.
Carthage and Webb City, Mo.,and 4 smaller towns: the Liberty Telephone -V. 117, p. 336.
City; the Kansas
Co., with 2 exchanges in suburban towns near Kansas Ottawa and Gar-To Offer Stock, &c.
Staten Island (N. Y.) Edison Co.
Telephone Ce., which operates exchanges at Lawrence,
The company will offer shortly 3,706 snares of Preferred stock (total
Co..
nett, Kan., and which controls the Cherryvale Telephone and serving auth.. 10,000 shares), tne proceeds of which will be used to pay for exoperates
Cherryvale, Kan., and the Texas Telephone Co., which owns
Calendar YearsManufacturing profit
Invent. income
1532
THE CHRONICLE
tension of the company's transmission line and distribution system, including the purchase of new eouipment.
At the same time tt ere will be offered $250 000 Equip. Trust certificates
on behalf of the Ricnmond Lignt & RR. wtich is owned by the Staten
Island Edison Co. The proceeds of these certificates will enable the
company to purchase about 20 new combination safety cars whicr will
be supplied by the Osgood-Bradley Car Co.
Tne Pref. stock offering has been approved by the Public Service Commission and the Transit Commission has approved the issuance of the
railway certificates.
-V. 118. p. 213.
Superior Steel Corporation.
-Listing, &c.
The New York Stock Exchange has authorized the listing of 34,000.000
additional Common stock, par $100. on official notice of issuance, making
the total amount applied for $10,000,000. The 40,000 additional shares
of Common stock were sold to a syndicate composed exclusively of persons
connected with the management at a price of $30 per share, the proceeds of
which sale were used to assist in the retirement of the 1st and 2d Pref.
stocks at $115 and dividends. the Preferred stocks being called for redemption as at Feb. 15 1924. Additional proceeds to pay for the retirement of
the outstanding Preferred stocks were secured from the sale of an issue of
$32,750,000 1st Mtge.6% Sinking Fund gold bonds, these bonds being dated
Dec. 15 1923 and maturing Dec. 15 1938.
Comparative Balance Sheet Dec. 31.
Assets1923.
Liabilities-1922.
1922.
1923.
Plants and bldgs.,
let Pref.stock_ - _ _$1.957,800 82,065.000
less res.for depr.e4,736,443 2,225,662 2d Pref. stock_ _ _ _ 1,307,800 1,382,000
Goodwill
See (a)
2,500,000 Common stock ___ 1,250,515 1,250,514
Cash
1,018,506
288,017 Pref.stock ret d by
Certifs. of deposit_
208,312
sink. fd., par vat 2,234.400 2,053,000
Notes & acc'ts rec. 518,981
720,059 Accounts payable- 157,675
428,379
Inventories
1,127,695 1,605,386 Dividends payable
66,726
U.S.Govt.obllg'n 408,088
1,000 Federal tax reserve 171,378
31,780
W. H. Shinn Coal
42,175
Res.for Fed. taxes
Co. 1st Mtge. 135
5,000 Prof. sink. fd. res_
11.292
Treasury stock, Scc
57.919
176,043 Surplus
398,548
803,011
Deferred charges__
26,239
8,641
Total
Total
$7,893,871 $7,716,120
$7,893.871 87,716,120
-a Good-will account of $2,500,000 has been eliminated. Plant values
have been increased a corresponding amount based on appraisal made
Dec. 8 1923. The above amount, $4,736,443, is after deducting depreciation of $1,541,750.
The income account was given in V. 118, p. 1281, 1404.
Syracuse Light & Power Co.
-Bond Redemption.
-
AU of the outstanding 5% Collat. Trust Sinking Fund gold bonds, due
July 11954. have been called for redemption July 1 at 105 and int., at the
Equitable Trust Co. of N. Y.,27 Wall St., N. Y. City.
-V.118, p.213.
Toronto Carpet Manufacturing Co., Ltd.
-Bonds Of-Hanson Bros., Montreal, are offering at 98 and int.,
fered.
to yield about 6.20%, $1,000,000 1st Mtge. 6% 20
-Year
Sinking Fund Gold bonds, Series A. A circular shows:
Dated Mar. 11924. due Mar. 1 1944. Int. payable M.& S. at Molson's
Hank, Montreal or Toronto. Denom. $1,000 and $500 c*. Red. all or
part on any int. date on 60 days' notice at the following prices and int.:
Mar.
I
tlance to Mar. A903;11;1104;
Trtis
to Mar.
Y913943
3e 291914035;
rt
.
Trust
CapitalizationAuthorized.
Issued.
Common stock
31.000,000 31,000.000
8% non-cumulative Preferred stock
1,000,000
730,300
First Mtge. Sinking Fund Gold bonds (this issue) _ _ 5.000.000
1,000,000
Company.
-Founded in 1891 and incorporated in 1917. Is now the largest
manufacturer of carpets and rugs in the Dominion. Main plant occupies
an entire city block in Toronto and contains 360.000 sq. ft. of manufacturing floor space. Company owns or controls various subsidiaries manufacturing woolen cloths, flannels, yarns, &c., together with a subsidiary
company in Philadelphia. Pa., for the manufacture of carpets for the
United States market.
Sinking Fund.
-A cumulative sinking fund of3% of all bonds at the time
outstanding, plus6% interest on those which may have been retired through
the action of this fund, will retire the entire issue of Series A bonds by maturity.
Ectrnings Years ended Sept. 30.
[After providing for all operating expenses and maintenance charges but
before deducting depreciation or bond interest.]
1920.
1919.
1918.
1921.
1922.
1923.
$320.447
$350.001
$368,511
$284.557
$469,028
$832,202
Transcontinental Oil Co.
-Listing-Earnings, &c.
-
The New York Stock Exchange has authorized the listing of 2.000,000
shares of Common stock of no par value, on notice of issuance in exchange
for a like amount of outstanding capital stock, with authority to add
2,000,000 shares of Common stock, on official notice of issuance and payment in full, making the total amount applied for 4,000,000 shares.
The stockholders on Feb. 28 authorized an increase in the authorized
capital stock from 2,000,000 shares of capital stock of no par value to
4,000,000 shares of Common stock of no par value and 250,000 shares of
7% Cumulative Pref. stock, par $100. of which there has been issued
157,000 shares of Preferred stock and the 2,000,000 additional shares of
Common stock are to be issued.
The purpose of the new issues of Preferred and Common stock is to apply
part of the Preferred stock and the proceeds of the sale of Common stock
toward the payment and retirement of all of the present indebtedness,
except $2,000,000 1st Mtge. & Coll. Trust Sinking Fund 10
-Year 8%
gold bonds. and to furnish working capital.
The 2.000.000 shares of the new Common stock was offered to the stockholders for subscription, share for share, at $4 per share. Subscription
rights expired March 27. 500,000 shares of this stock have been underwritten at the same price.
Of the new issue of Preferred stock 157.000 shares are to be used in cancellation and retirement of $6,657,000 1st Mtge. & Coll. Trust bonds
and $44,343.000 of bills and accounts payable, and the proceeds of the additional 2,000,000 shares of Common stock are to be applied to the further
payment and retirement of bills and accounts payable, and to furnish
working capital.
Consolidated Earnings for Calendar Years.
1922.
1923.
1921.
1920.
Grossearns.fr.allsources$14,218.657 $13.593,947 $12,079,986 $22,190,397
Mat. cost & oper. exp__ 13,476,573 11,528,727 12,785,362 20,053,499
[VoL. 118.
United Bakeries Corp.
-Earns. Cal. Year 1923.
-
Total sales, $31,802,676; cost of sales, $28,345,699; net profits- -33,456,977
Other income
181,549
Total income
$33,638,526
Interest 'add
$4497,244
Charges for depreciation and maintenance of property
1,506,835
Net income
$1,634.447
-V. 117, p. 2662.
United States Carbon Co.
-Corporate Trustee.
-
The American Trust Co. has been appointed corporate trustee for an
issue of $500,000 1st Mtge. 7% demand gold bonds.
U. S. Industrial Alcohol.
-Annual Report.
Calendar Years1923.
1922.
1921.
1920.
Net earnings
$3,892,923 $1.686,643 $1,486,042 $5,102.832
Bond interest (sub. cos.)
1,531
3.779
3,826
9,333
Interest on notes, &c__ _
188,852
250,790
217,385
181,451
Reserved for Fed. taxes_
448,418
617,072
Loss on sale of
.
115,229
87,987
DividendsPref.U.S.Ind.A.Co.(7%) 420,000
420,000
420.000
420,000
Common do do_
(5)1,200,000(8)1,920.000
Pref.CubaDis.Co.(7%)
128.562
128,562
128.562
128,562
Depreciation
152,968
867,488
Balance, surplus
x$2,705,560
$883,511ydf.$751,928
$870,939
x After adding previous surplus as of Dec. 31 1922, 311.142.487, total
profit and loss surplus of 313,848.047 results. y This deficit is before deducting additional depreciation of $648,263 and inventory adjustments of
31.568.679.-V. 118. p. 320.
United States Public Service Co.
-Tenders.
-
The Guaranty Trust Co., 140 Broadway, N. Y. City, will until April 8
receive bids for the sale to it of 1st Lien 6% Gold bonds, 1st Series, due
Feb. 1 1927 and 2d Series, due Oct. 1 1947. to an amount sufficient to
exhaust $81,250, at a price not exceeding 105 and int.-V. 115. P. 1953.
UnitedStates Realty & Improvement Co.
-Earnings.
Consolidated Income Account for Nine Months Ended Jan. 31 1924.
Income-Real estate net oper. income, $1.885.646; all other investments, $611.105; building contract profits, $1.067,841;
profit on sale of real estate, 346.756; total income
$33,611,348
Interest on mortgages
451,951
Gen. & corp. exp. Fed, taxes and deprec. on buildings
791,858
Interest on 5% debentures
82,657
Net income
$2.284,882
Condensed Consolidated Balance Sheet.
Jan.31 '24. Apr.30'23.
Jan.31 '24. Apr.30'23.
Assets.$
8
Liabilities$
$
Real estate & bldg.17,319,809 17,317,689 Preferred stock.. _ 8,081,400 8,081,400
Real estate sees. &
Common stock__ _16,162,800 16,162,800
other investm'ts 12,385.019 12,441,985 5% deben. bonds_ 1,924,000 2,848,000
Cash
2,164,388 2.973,386 Accounts payable_ 697,597
411,869
Accts.rec.,less res. 4,081,291 3,321,808 Taxes & int. acced 525,503
016,343
Bldg. pl.,storesofic 403,057
328,848 Dividends declared 606.105
Def. over, charges 106,109
47,525 Rents received in
advance,
51,945
Res, for possible
&c_losses & depr. in
val.of cap.ass'ts 4,726,859 4,794,760
Total (each slde) 36,419,651 313,431,041 Surplus
3,695,387 3,164,123
-V. 118, p. 442.
United States Smelting, Ref. & Mining Co.
-Earnings.
Calendar Years1923.
1922.
1920.
1921.
Net earns., after renairs_ 34,726,864 $5,112,584 $2,803,451 $6,777,000
Other income
626,330
Total income
$4,726,864 $5,738,914 $2,903,451 36.777,000
Deprec.& reserve funds_ 1.711.483
1,610,447
1,114.431
1,865.223
Federal taxes & reserves_
337,291
617.249
333,448
(x)
Res. for reduc. of inv'y_
2,002,502
Additional reserves
500,000
1,600,000
Pref. dividends (7%)- -- 1,702,225
1.702.225
1,702,225 1.702,225
Common dividends
(10)1.755,575
Balance, surplus
3475.865
3208.993 def$246,653 def$548,526
x Nb reserve was set up for Federal taxes in 1920. as the reserve provided in 1919 was considered sufficient to cover all taxes accrued to the
end of 1920.-V. 117, p. 2900.
Utah-Idaho Sugar Co.
-Common Dividend.
-
The directors have declared a dividend of 107 on the Common stock,
par 36, and the usual quarterly dividend of 1%% on the Prof. stock. payable April 1 to holders of record March 19.
The directors also approved the payment of the regular bond installment.
due in July. totaling 3500.000, and the prior redemption of the $500.000
installment due in 1925. The bonds are callable at 101.-V. 118. p. 1413.
Virginia-Carolina Chemical Co.
-Deposits, &c.
-
The protective committee headed by George W.1Davidson, Chairman,
ins notice to holders of the 1st Mtge. 25-Yeer 707 Sinking Fund gold bonds,
Series "A," states that a large amo_nt of bonds has already been deposited
and urges that further deposits be made to facilitate the work of the committee, as the larger the amount of bonds deposited the stronger will be the
committee's position. The statement says:
"The committee believes that it is unlikely that the installment of interest
due June 1 1924 on the bonds of this issue will be paid by the receivers and
has accordingly effected arrangements whereby, in case of default in the
payment of such interest, the amount of the interest due June 1 1924 on
deposited bonds will be advanced on and after that date upon the security
of the bonds in respect of which such advance is made to all depositors
desiring to receive the same upon presentation of the certificates of deposit
held by them for appropriate notation. The prompt deposit of bonds is
therefore most desirable and all bondholders are requested to deposit their
holdings without delay.
"Bonds may be deposited in New York with the Central Union Trust Co.,
80 Broadway, and in Richmond. Va., with the First National Bank of
Richmond. .All bonds deposited must be accompanied by the coupon
due June 1 1924 and all subsequent coupons."
-V. 118, p. 1413, 1292.
Wabash Valley Electric Co.
-Bonds, &c., Authorized.
-
Operating income_ _ _ _
3742,084 $2,065,220 loss$705,376 $2.136,898
Adm. exp., int.. &c_
1,888,734
1.617,139
1,381,895
1,085,453
Loss on drilling nonproducing wells
1,216,571
916.055
717.990
541,301
Loss on sale of cap. assets
97,113
The Indiana P. S. Commission has authorized the company to issue
$110,000 bonds, $40,000 Preferred and $25.000 Common stock at not leas
than 90. The proceeds will be used to pay for additions and betterments
to be made in 1924.-V. 118, p. 94.
Net deficit
$2,363,221
$467,973 $2,902,374sur.S510,144
Profit & loss, deficit___$5,632,636 $3,269,415 $2,208,166sur.$694,208
-V. 118, p. 1148, 1025.
Calendar Yearsx Gross profit on sales
General selling and administration expenses
Wagner Electric Corporation.
-Annual Report.
1923.
1922.
$1,436,596 $1,230,032
876.615
741.452
Union Electric Light & Power Co.(of Mo.).-Listing.Operating profit
$559,981
$488.580
The New York Stock Exchange has authorized the listing of $654,000 Reserve for Federal taxes restored
19,562
additional Ref. & Ext. Mtge. 25
-Year gold bonds, due May 1 1933, of the Miscellaneous income
8,372
6,396
predecessor company, the payment of
and
has been assumed, which are Issued and the principal with interest of which
outstanding,
Totalincome
authority to have
$587,915
$494,975
listed $346.000 additional of bonds upon official notice that they have been Deduct-Interest (net)
165,389
229,042
sold, making the total amount applied for to date $11,500,000.
Reserve for State taxes
4,180
Other deductions
Income Account for 12 Months Ended Dec. 31 1923.
162,455
Preferred dividends
(7%)105,000 (3)4)52.500
Gross earnings
$14,424,713
Operating expenses and taxes
7,981,082
Balance,surplus
$313,345
$50,980
Interest charges
1,094,990
x After deducting all costs of manufacture, maintenance charges and
Preferred dividends
606,049 depreciation of plant and equipment.
-V. 117, p. 902.
Common dividends
1,560,000
Depreciation
1,509,048
(Charles) Warner Co., .Wilmington, Del.
-Bonds OfBalance
-Nr. 118, p. 442.
$1,673,544
fered.
-J. S. Wilson Jr. & Co., Baltimore; Laird, Bissell &
D./leads, Wilmington, Del., and Janney & Co., Philadelphia,
THE CHRONICLE
MAR. 29 1924.]
-Year 7% Cony.
are offering at 100 and int: $700,000 5
Sinking Fund Gold bonds, Series "A."
Interest payable A. & 0.
Dated April 1 1924. Due April 1 1929.
Callable at 105 and int. up to and incl. April 1 1925 and at 1% less each
Wilmington
succeeding year to maturity. Denom. $1,000 and $500. pay normal
Trust Co., 'Wilmington. Del., trustee. Company agrees to
Federal income tax not exceeding 2% and to refund Penna. and Maryland
taxes up to 4% mills. Application will be made to list this issue on the
Baltimore Stock Exchange.
Data from Letter of Pres. Charles Warner, Wilmington, March 20.
-Company, as a partnership and from 1885 as a corporation,
Company.
has been in continuous and successful operation since 1794, or 130 years.
Business consists in the manufacture and sale of high magnesium lime and
and
limestone products used in agriculture, certain chemical industries conbuilding construction. In addition to their lime business and in
with its uses in the building trades, the company has developed
junction
a large and profitable sand and gravel business. The lime plants are situated in the famous magnesium lime belt of the Chester and Plymouth
Valleys of eastern Pennsylvania and the gravel properties on the Delaware
River are convenient to the large consuming markets of Philadelphia and
Wilmington and the surrounding territory of Penna., N. J. and Dela.
Company also has a management contract and option to acquire a controlling interest in the American Lime & Stone Co.
-Constructing on the Delaware River a large modern plant for
Purpose.
inland dredging, screening, crushing and washing sand and gravel.
-Charles Warner Co. for 15 years has not had an unprofitable
Earnings.
year. The net annual profits available for interest, after depreciation and
taxes, other than Federal, but before depletion, have averaged for the last
15 years $201,000, or over 4 times, and the average net yearly profits for
the past 6 years were $251.000. or over 5 times, and the net profits for 1923
were $327,000, or over 6% times the interest requirements of 849,000
for the present bond issue.
-A sinking fund of 3c. a ton on sand and gravel and Sc.
Sinking Fund.
a ton on limestone produced will be paid semi-annually to the trustee commencing May 15 1925. Such sinking fund payments must, at a minimum,
amount to $50,000 a year.
-Convertible into Common stock on the basis of 50 shares
Convertible.
for each $1,000 bond up to and incl. April 11925; 45 shares up to and incl.
April 11926, and 40 shares thereafter until maturity.
Balance Sheet Dec. 31 1923 (Before This Financing).
Liabilities.
Assets.
$67,490
$37.405 Accounts payable
Cash
83,070
332,845 Accrued accounts, &c
Accounts receivable
566,900
Preferred stock
198,528 First
Merchandise
203,794 Second Preferred stock_ _ _ _ 177,100
Securities
x2.089.884
Real estate, bldgs., &c_ __ _2,830.440 Common stock
631.293
12,925 Surplus reserves, &c
Miscellaneous
Total
$3.615.737
Total
$3,615,737
x Represented by 58.773 shares of no par value and 6 shares of $100 par.
-V. 115, p. 1642.
-J. P. Mor-Bonds Sold.
Western Electric Co., Inc.
gan & Co., Kuhn, Loeb & Co., Kidder, Peabody & Co.,
First National Bank, the National City co., Bankers Trust
Co., Guaranty Co. of New York, Harris, Forbes & Co. and
Lee, Higginson & Co. have sold at 963/i and int., to yield
over 53.%, $35,000,000 20-Year 5% Gold Debenture bonds
(see advertising pages).
1533
been paid at
Predecessor company, as outstanding from time to time, haveat the rate of
the rate of not less than 88 per share annually since 1886, and
$10 per share annually since 1917.
the New York
Ltsting.-Application for the listing of these debentures on
Stock Exchange will be made in due course.
Balance Sheet March 1 1924 (After Present Financing).
of Del..
'Including the owned subsidiaries, Western Electric Co., Inc.,
Western Electric Co., Inc., of Calif.]
and
Liabilities
Assets5.000.000
Bills payable
Real estate, buildings.
18.684.000
machinery & equip_ __x24,180,000 Accounts payable
11,742,000 Trade accept. & bills
Cash
655.000
receivable discounted..
77,808,000
Merchandise, &c
3,032,000
Bills & accts. receivable_ 40.459,000 Accruals of int. & taxes
288,000
2,583,000 Accr. div. on Prof. stock_ 35.000.000
Prepaid charges
108,000 5% Gold debens., 1944Marketable securities__ _
Res.for empl. benefit fd_ 2,000,000
Invest. in and advances
4,807,000
13.851.000 Res. for contingencies
to International Co
24,680,000
2,238.000 7% Prof. stock
Other investments '
Common stock (500.000
78,823,000
shares)
172,969,000
Total (each side)
and equipment.
x Real estate and buildings, 824,235.000; machinery $35,087.000.-V•
of
835,032.000: total. $59,267,000; less depreciation
118, p. 1387. 564.
-Listing.
Westinghouse Electric & Manufacturing Co.
of 817,955.000
The New York Stock Exchange has authorized the listing
issuance upon payadditional Common stock, par 450. on official notice of
on official notice ofissument in full in cash, and $10.773.000 of said stockthe total amount applied
ance as a stock dividend payable May 2, making
for $114,690.530.
and Common stock
The privilege is given to the holders of the Preferred
50 per share for an amount
to subscribe on or before April 18 1924 at $52each five shares held) of the
of Common stock equal to 20% (one share for 1924. Kuhn, Loeb & Co.
par value of their respective holdings Mar. 17 a syndicate which is to take
and Chase Securities Corp. have agreed to form
any of said stock not subscribed for by the stockholders.
Proprietary Companies).
Consolidated Results for Stated Periods (Incl. March 31 Years
11 Mes.end.
1920-21.
1921-22.
Jan. 31 '24. 1922-23.
99,722,026 150,980,106
127,351,096 125,166.115
Sales billed
112.775.614 111.648,077 93.461.846 138.774.084
a Cost of sales
12,206,021
14.575,482 13,518,039 6,260,180 a3,078.735
Net mfg. profit
1,831.079
599,181
Interest and discount......670,541
600.728
842.730
650.665
453,649
Int. and div. received
8,933.989 15.885,486
15.699,672 14,767,884
Total income
Deductionsfrom Inc.2,504,390 3.096,600 3,277.950
2,159,826
Int. on bonds, &c
48.529
Miscellaneous (net)
(8)319.896
_ _(6%)239.922 (8)319,896 (8)319,896(8)5.684,998
Preferred dividends_
Common dividends_ -(6%)5.118,278(8)5,665.003(8)5.664.999
9.252,844
8,537,827 9,081,495
7,518,026
Total deductions
6.632.642
8,181,646 6,230,058 def147.506 43,435,763
Balance. surplus
42.324,085 42,265,280
48,554,143
Previous surplus
2,803.125
Exp.re-issue of 10-yr.bds.
5.000.000
Contingency reserve_
Cr.206,311
Cr.20,972
Adjustments, &c
48,554,143 42,324,085 42.265.280
Profit & loss surplus.... 56.756.760
patterns, dies.
a Includes factory cost, embracing all expenditures for
depreciations of
new small tools and other betterments and extensions,
and all selling
and plant. inventory adjustments and depreciation
property
taxes.
administration, general and development expenses, and all
Dated April 1 1924; due April 1 1944. Int. payable A.& 0.in New York
City. Denom.c*:$1.000,$500 and $100,and r* $1,000,35,000 and $10,000.
Redeemable in whole but not in part upon 60 days notice on April 1 1934.
or on any int. date thereafter, at the following prices with accrued int.:
To Enlarge Plant.
if on or prior to Oct. 1 1940 at 105, and if on or subsequent to April 11941.
Sharon. Pa., by the
The company is about to enlarge their plant at
at par. Seaboard National Bank, New York. trustee.
floor space. The Sharon plant at present
March 26. addition of some six acres of new Kva. and less in all their parts. The new
Data from Letter of Chairman Charles G. DuBois,
manufactures transformers of 500
than 500 Kva..
-Proceeds are to be used to provide funds for the construction of buildings will be used for transformers of greater capacity The additions
Purpose.
a new factory for the manufacture of telephone apparatus and lead-covered so that transformers of any size can be built in this unit.
and a four-story
N. J.. and to provide additional working capital for the will include two one-story steel frame shop buildingsthe existing power
cable at Kearny,
company's increasing volume of business.
reinforced concrete factory, together with extensions to with 75
-ton cranes
Company.-13usiness was established in 1869 and since 1882 the company house. The work will be of very heavy constructionready about Nov. 1,
with the Bell Telephone equipped for 55
-ft. lifts. The buildings, which will be work being erected
and Its predecessor have been closely connected
System. The American Telephone & Telegraph Co. owns about 98% of will be constructed by Stone & Webster, Inc., the steel
-V. 118, p. 1413.
the Common (voting) stock. The business is conducted by three main by the American Bridge Co.
-the telephone department, the supply department
operating departments
-Bond Redemption.and the foreign department. The telephone department serves the Bell
Wisconsin Electric Power Co.
, dated
Telephone Companies in the development and manufacture of their equipAll of the outstanding 1st Mtge. gold bonds, Series "A.'"
int. at the
ment and in the warehousing and distribution of their supplies throughout Oct. 15 1920, have been called for payment April 15 at 110 and p. 679.
-V. 118,
80 Broadway, N. Y. City.
the country.
Central Union Trust Co..
The supply department is engaged in the merchandising of electrical
-Listing.
supplies of every kind throughout the United States and it operates for that
Yellow Cab Manufacturing Co.
of 36.000.000
in the principal cities. These houses carry
purpose 47 distributing houses
The New York Stock Exchange has authorized the listing
stocks of all the materials used in electrical construction work, such as Class B stock, par 310.-V. 118, p. 564.
wires, cables, conduits, poles, cross-arms, insulators, line hardware and
-Annual Report.
tools; electrical apparatus and supplies, such as motors, batteries, lamps,
Youngstown Sheet & Tube Co.
Hill Steel Co. were
cords,switches and electric fittings, and a complete line of electric household
The plants and properties formerly owned by Brier 1923. These propmachines.
on March 1
such
appliances,
and taken over
bonds
Sma- purchased early in the year
ilitimtr
dw
cgeatinWdekeand vacuum cleaners. This hunrghlycom- erties were paid for in stock and by the assumption of First Mortgage Steel
ptitive but the company has steadily maintained and strengthened its to the amount of $10.000,000, and all other obligations of Brier Hill
as to lines of merchandise Co. and its subsidiaries.
position in it by striving to give a service complete
formerly owned
and national as to territory, publicity and organization.
On July 1 1923 possession of the plants and properties
The export and foreign business of the company is conducted through by Steel & Tube Co. of America was secured. These properties were
the International Western Electric Co. Inc.. the entire issued capital stock bought in Jan. 1923 but delivery was delayed by injunction proceedings
the
of which is owned by Western Electric Co.. Inc. The International com- Instituted by minority stockholders of the selling company. Part ofThe
pany and the numerous affiliated companies in which it owns interests or purchase price, viz.: approximately 833,000.000. was paid in cash.
with which it has contractual relationships, conduct in foreign countries iyalance was paid by assuming approximately $22,500,000 in bonds of
a business generally similar to that done by Western Electric Co., Inc.. Steel & Tube Co. of America, and all other obligations of that company
and also
in the United States.
and its subsidiaries. To provide cash necessary for this purpose,
The sales of the International company and its principal foreign affiliated for additional working capital. 840.000,000 in debenture bonds were issued
in the business of Western Electric Co., Inc., by the Youngstown Sheet & Tube Co.
companies arc not included
but taking into consideration these sales in 1923-which, at the rates of
Results for Calendar Years.
1921.
exchange current at the end of the year, amounted to approximately
1922.
1923.
$36,500,000, exclusive of inter-company sales-over 35% of the gross busi- Gross profits from operation
'
$27.597.194 $7.606.915 83,845,551
ness of Western Electric Co., Inc.. and its affiliated companies was obtained Other miscellaneous income
1.772.817
1.546.314
1.884.508
from sources other than the Bell Telephone companies.
829.481.702 89,153.229 $5,618.368
Gross income
The company's chief manufacturing plant is the Hawthorne plant at
3,369,418 3.174,336
7.555,260
Chicago, which comprises nearly 200 acres of ground, on which are located Depreciation and depletion
2,611,433
1.666,841
908.838
modern fire-proof factory buildings having an aggregate floor space of Other miscellaneous charges
3,528,500 sq. ft., or about 81 acres. Well equipped engineering labora821.017.603 84.116.969 loss$167,400
earnings
Net
are conducted the greater part of the research and develop- Interest and discount on bonds
tories, in which
3.796,527
47.325
ment work for the entire Bell Telephone System, are located in New York Profit accr. to minority subs
410.000
City. By the recent purchase of about 60 acres of land on the Passaic Federal tax
1,500,000
has made provision for an auxiliary Preferred dividends(7%)
695,401
695,401
River at Kearny, N. J., the company
922,209
1.998.728
2.198.320
manufacturing plant located on the Eastern seaboard. The first part of Common dividends
4.691.198
82 50
82 75
this plant is now in the course of construction, namely a factory for the
$475
Dividends per share
manufacture of lead-covered cable. the demand for which exceeds the
1813.247 82.861.529
capacity at Hawthorne. The International Western Electric Co., Inc..
310,060.343
Surplus balance for year
and the affiliated companies in which it holds interests, own a number of
-The consolidated statement of surplus for the year
Surplus Account.
factories located in various foreign countries.
ending Dec. 31 1923 shows: Balance on Jan. 11923,849.014,000. Deduct:
Sales Billed and Net Income Available for Interest Charges (Before Federal Surplus transferred to increase stated Common capital to $75,000,000.
Taxes) but After Depreciation, .!cc.. Calendar Years.
$29,463,751: adjustment in respect of Federal taxes of prior years. $1.518.Sales Billed. Net Income, 015; reserved for general contingencies and for doubtful accounts. 8800,000;
Sales Billed. Net Income.
8206,111.680 $8.728,864 to write down the investment in the Consolidated Steel Corp., $330,000:
$3,302,298 1920
3106.986,677
1916
189,764,814 10,436,855 balance, $16.902,243. Add: Surplus of Brier Hill Steel Co.'s sub. cos. at
4,592,887 1921
150,340,359
1917
9,854,258 Feb. 28 1923, 8497,693: surplus of Nemacolin Supply Co. on Dec. 31 1922.
210,941.004
5,681,047 1922
145,228,119
1918
255.177.122 11,208.385 $6,456; total. $17,406.393.
1923
135.722.489 6,119.210
1919
Add net profits and income of combined companies (as above), $10,060.available for interest charges during the past eight years, as
Net income
loss profits of Steel & Tube Co. of America and Brier Hill Steel & Tube
stated above, averaged over 4.25 times the annual interest requirements of 343;prior to dates of acquisition of properties (after deduction of minority
funded debt. Co.
$1.750,000 on these debentures, which will constitute its sold in V. lig, p. equity of zinc companies. 84.339,215). $5.721,128; total p. & 1. surplus
in 1923 (see annual report
Net income available for interest
as per balance sheet, 823,127,519.-V. 118, 0. 807.
1410) amounted to more than 6.40 times such interest requirements. Ade- Dec. 31 1923,
-Bonds Offered.-Anglo London
quate charges have been made annually against earnings for depreciation,
Yuba River Power Co.
equipment added to
and the excess over the normal cost of buildings andDepreciation
reserves Paris Co., San Francisco, and First Securities Co., Los
plant during the war years has been written off.
the
have increased from 811,988,392 at the end of 1915 to $34,404.141 at Dec. Angeles, are offering $1,650,000 6% bonds, due serially
31 1923.
to 1948, on 63'% basis.
-The outstanding junior securities consist of 824,679.600 7% 1924
Stock.
Cumulative Preferred stock and 500.000 shares of Common stock without
For other Investment News, see page 1549.
Dividends on the Conunon stock of the company and of its
par value.
1534
THE CHRONICLE
[Vox,. 118.
gepiorts anti gio'cunxents.
UNITED STATES STEEL CORPORATION
TWENTY-SECOND ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1923.
Office
of the United States Steel Corporation,
51 Newark Street, Hoboken, New Jersey, March 18 1924.
To the Stockholders:
The Board of Directors submits herewith a combined report of the operations and affairs of the United States Steel
Corporation and SubsidiarY Companies for the fiscal year
which ended December 31 1923, together with a statement
of the condition of the finances and property at the close of
that year.
INCOME ACCOUNT FOR THE YEAR 1923.
The total earnings were, after deducting all expenses incident to operations, Including ordinary repairs and maintenance (approximately $131,000,000), allowance for
- -employes' profit-sharing fund, and taxes (including reserve for Federal income taxes), per General Profit and
Loss Account
$187,953,667 85
Less, Interest on outstanding bonds and mortgages of the
subsidiary companies
8,306,993 48
Balance of Earnings in the year 1923
6179,646,674 37
Less, Charges and Allowances for Depletion
and Depreciation applied as follows, viz.:
To Depreciation and Replacement Reserves and Sinking Funds on Bonds of
Subsidiary Companies
$41,745,434 23
To Sinking Funds on Bonds of U. S. Steel
Corporation
9,724,720 38
51,470,154 61
Net Income in the year 1923
$128.176,519 76
Deduct:
Interest on U. S. Steel Corporation Bonds
outstanding, viz.:
Fifty Year 5 per cent. Gold Bonds_ - _ _$10,343,500 96
Ten-Sixty Year 5 per cent. Gold Bonds_ 8,421,066 66
$18.764,567 62
Premium on Bonds redeemed
and acquired for Sinking
Fund, viz.:
On Subsidiary Companies'
Bonds
$165,611 86
On U. S. Steel Corporation
Bonds
774,464 84
940,076 70
19,704,644 32
Balance
$108.471,875 44
Add—Net balance ofsundry receipts and charges,including
adjustments of various accounts
235,188 82
COMPARATIVE INCOME ACCOUNT FOR THE FISCAL YEARS
ENDING DECEMBER 31 1923 AND 1922.
+ Increase
1923.
— Decrease.
1922.
$
Earnings—Before charging
interest on Bonds and
Mortgages of Subsidiary Companies:
First Quarter
36,874,674 77 21,303,631 59 +15,571.043 18
Second Quarter
49,940,029 97 29,330,255 01 +20,609,774 96
Third Quarter
49,112,517 68 29,596,455 29 +19.516,06239
Fourth Quarter
52,026.445 43 29,558.574 43 +22,467,871 00
Total for year
*187,953,667 85*109,788.916 32 +78,164,751 53
Less, Interest on outstanding Bonds and Mortgages of the Subsidiary
Companies
8,306,993 48 8,259,605 93
+47,387 55
Balance of Earnings_ _179,646,674 37 101,529,310 39 +78;117,363 98
Less, Charges and Allowances for Depletion and
Depreciation applied as
follows, viz.:
To Depreciation and Replacement Reserves
and Sinking Funds on
Bonds of Subsidiary
Companies
41,745,434 23 33,382,624 09 +8,362,810 14
To Sinking Funds on
U.S.Steel Corporation
Bonds
9,724,720 38 9,305,884 70
+418,835 66
Net Income in the year128,176,519 76 58,840,801 60 +69.335.71816
Deduct:
Interest on U. S. Steel
Corporation Bonds
outstanding
18.764,567 62 19.232,304 87
—407,737 25
Premium on Bonds redeemed and acquired
for Sinking Fund,viz.:
On Subsidiary Companies' Bonds
165,611 86
150,205 98
+15,40588
On U.S. Steel Corpora774,464 84
tion Bonds
724,873 04
+49,591 80
Balance
108.471.875 44 38.733,41771 +69.73845773
Add:Net Balance ofsundry
receipts and charges, including adjustments of
various accounts
235,188 82
920,037 52
—684,848 70
108.707.064 26 39,653,455 23 +69,053.60903
Dividends on U. S. Steel
Corporation Stocks, viz.:
Preferred, 7%
25,219.677 00 25,219,677 00
1923, Regularl
15%. Extra I
Common
f. 29,227,393 75 25,415,125 00 +3,812.26875
54%
1922. Regular]
5%
Balance
$10870706426
Dividends for the year 1923 on U .S. Steel
Corporation Stocks, viz.:
Preferred, 7 per cent
$25,219,677 00
Common:
Regular, 5 per cent
$25,415,125 00
Surplus Net Income__ 54,259,993 51 x10,981,346 77 +65,241,340 28
Extra, 54 of 1 per cent
3,812,268 75
Less,
appropriated
29,227,393 75
54.447.070 75
and expended or to be
expended account of addiSurplus Net Income in the year 1923
$54,259,993 51
tions, improvements or
Less, Sums appropriated and expended or to be expended
betterments to plants and
account of additions, improvements or betterments to
property
40,000,000 00
+40,000,000 00
plants and property
40,000.000 00
Balance carried forBalance carried forward to Undivided Surplus
$14,259,993 51
ward to Undivided
UNDIVIDED SURPLUS OF U. S. STEEL CORPORATION AND
14.259.993 51 x10,981,346 77 +25,241,340 28
Surplus
SUBSIDIARY COMPANIES.
* Balance of Earnings after making allowances for estimated amount of
(Since April 11901).
Federal income taxes.
Surplus or Working Capital provided in organization
x Deficit provided from Undivided surplus.
625,000,000 00
Balance of Surplus accumulated by all comMAINTENANCE, RENEWALS AND EXTRAORDINARY
panies from April 1 1901 to December 31
1922. exclusive of subsidiary companies'
REPLACEMENTS.
inter-company profits in inventories, per
The expenditures made during the year 1923, for current
Annual Report for year 1922
$474,139.414 86
Less, Adjustment of previous years' allowmaintenance and renewals of the properties of the subances for depreciation and of miscellasidiary companies, for blast furnace relinings and for exneous accounts not applicable to 1923
traordinary replacements, in comparison with expenditures
operations
648.188 50
SIMIR
$473.491,226 36
Add, Balance of Surplus Net Income in the
year 1923, as above
14,259,993 51
487.751,21987
Total Undivided Surplus, December 311923. exclusive of
Profits earned by subsidiary companies on inter-company sales of products on hand in Inventories at that
date (see note below)
$512,751,219 87
Note.—Surplus of Subsidiary Companies amounting to 855,154.004 38,
and representing Profits accrued on sales of materials and products to
other subsidiary companies whicb are on hand in latter's Inventories
December 31 1923, is deducted from the amount of Inventories included
under Current Assets in Consolidated General Balance Sheet.
for the same purposes in 1922, were as follows:
1923.
1922.
Increase.
$
Ordinary Repairs &
Maintenance_ __ -125.590,011 76 84,056.163 37 41,533,84839
Blast Furnace Relinings
1,563,992 85 1,926,837 34 Dec.357,864 49
Extraordinary Replacements
3,753.059 37 4,295.186 77 Dec.542,127 40
Total
130,912,063 98 90,278.207 48 40,633,856 50
Per Cent
+49.41
—18.57
—12.62
+45.01
The foregoing expenditures were charged to current operating expenses and to depreciation and replacement reserves
provided from earnings.
1535
THE CHRONICLE
MAR. 29 1924.]
The following table shows a classification of the amount of the expenditures made during the year for above purposes
on the respective groups of operating properties:
EXPENDITURES DURING THE YEAR 1923.
Ordinary Maintenance and Repairs, including Extraordinary
Blast Furnace Replacements.*
Relinings.
EXPENDED ON
Manufacturing Properties:
Total, except Blast Furnace Relining and Renewals
Blast Furnace Relining and Renewals
Coal and Coke Properties
Iron Ore Properties
Transportation Properties:
Railroads
Steamships and Docks
Miscellaneous Properties
$79,667,222 73
1,568.992 85
12,355.608 68
2,856.875 59
27,644,804 50
1,287,518 55
1,777,981 71
Total.
Total
Expenditures
in
1922.
Increase
in
1923.
$3,084.566 71 $82,751,782 44 $54,584,241 22 $28,167,548 22
1,926.857 34 Dec.357,864 49
1.568.99285
4,664,710 30
8,084,895 73
393,997 35 12,749.606 03
1.122,467 14
1.796.141 99
2.918.609 13
61.733 54
69,510 93
75.345 38
67,905 46
27,714.315 43
1,362.863 93
1,845.887 17
8.481.158 13
19.233,157 30
3.312,31984 Dec.1,949,45591
505,293 11
1,340,594 06
$127,159,004 61 $3,753.059 37 $130.912,063 98 $90.278,207 48 $40,633,856 50
Total
*These expenditures were charged to reserves provided from earnings to cover requirements of the character included herein, as see report:
DEPLETION, DEPRECIATION AND REPLACEMENT RESERVES.
Summary of allowances made during the year 1923, from Earnings and through charges to current operating expenses,
for these reserves and the credits to the same from other sources; also charges made thereto and the application thereof and
adjustments therein during the Year, together with balances to credit of the reserves at December 31 1923.
(Balances shown at close of year do not include depreciation allowances reserved from Income, which have been transferred to Trustees of Bond Sinking Funds
and used or to be used in retiring bonds.)
CREDITS TO RESERVES
DURING THE
YEAR.
RESERVES.
Balances
December 31
1922.
Set Aside during
1923from
Income and by
Charges to Current Expenses.
Depletion and Depreciation other than amounts specifically applied to Bond Sinking Funds
$287,682,19749 $41,745,434 23
Blast Furnace Relining
15,385,15128
5,415,117 70
Reserve applicable for Sinking Fund on U. S. Steel
Corporation Bonds
9,724,720 38
4,123.955 11
Other Credits
during 1923
including
Salvage.
CHARGES TO, APPLICATION
OF AND ADJUSTMENT
OF RESERVES.
Expenditures
and Charges
to Reserves
in 1923.
Transfers
and
Adjustments
of Reserves
in 1923.
Balances
to Credit of
Reserves
December 31
1923.
$2,957,813 56 a$21.741,432 97 b$2,467,679 83 $308,176,332 48
19,231,276 13
1,568,992 85
c9,589,593 55
4,259,081 94
Total
$307.191,303 88 $56,885,272 31 $2,957.813 56 $23,310,425 82 $12,057.273 38 $331.666,69055
a Includes the following: Expenditures made in 1923 for extraordinary replacements, $3,753,059 37; charged off and credited Property Account
(see page 17, pamphlet report) for investment in improvements and equipment dismantled and retired. $6,091,750 15; charged off and credited Property Account in reduction of investment value of improvements and facilities rebuilt. $5,459,373 80; charged off and applied to credit of Property
Account to amortize part of excess construction cost arising from war conditions. $6,436,793 69; mineral depletion written off to Property Account,
$455 96.
b Covers transfer of this amount to Depletion and Depreciation Reserves invested in Bond Sinking Funds of subsidiary companies.
c Covers transfer of this amount to Depletion and Depreciation Reserves invested in Bond Sinking Fund for U. S. Steel Corporation Bondi.
A detailed schedule of the various issues of bonds outstanding on December 31 1923, also of bonds held by TrusThe amount of outstanding capital stock of the United
be found on page 38 [pamphlet
States Steel Corporation on December 31 1923 was the same tees of Sinking Funds, will
report]: The following is a summary by general classes of
as at the close of the preceding fiscal year, viz.:
Common Stock
$508,302,500 00 the total bonded, debenture and mortgage debt:
CAPITAL STOCK.
Preferred Stock
360.281,10000
BONDED, DEBENTURE AND MORTGAGE DEBT.
The total bonded, debenture and mortgage debt of the
United States Steel Corporation and Subsidiary Companies outstanding on January 1 1923 was
$539,740,267 74
Issues were made during the year as follows:
Bessemer & Lake Erie RR. Co. Osgood
Equipment Trust Bonds
$310,000 00
Duluth Missabe & Northern Ry. Co. General Mortgage Bonds (sold to sinking
fund trustees)
496,000 00
806,000 00
$540,546,267 74
Bonds were retired during the year asfollows.
viz.:
Clairton Steel Co.issues, viz.:
St. Clair Furnace Co. First Mortgage
Bonds
$100,000 00
St. Clair Steel Co.First Mortgage Bonds
100,000 00
American Sheet & Tin Plate Co.—W. Dewoes Wood Co. First Mtge. Bonds
100.000 00
II. C. Frick Coke Co.—Pittsburgh-Monongahela First Lien Purchase Money
Mortgage Bonds
591,000 00
Union RR.Co. issues, viz.:
Duquesne Equipment Trust Bonds__ _ _
115,000 00
Mifflin Equipment Trust Bonds
120,000 00
MunhallEquipment Trust Bonds
75,000 00
Bessemer & Lake Erie RR.Co.issues, viz.:
Bessemer Equipment Trust Bonds
110,000 00
Girard Equipment Trust Bonds
240,000 00
Albion Equipment Trust Bonds
75.000 00
Meadville Equipment Trust Bonds_ _ _ _
55,000 00
Illinois Steel Co. Debenture Bonds and
Scrip cancelled
15,661 24
Sundry Real Estate Mortgages of various
Subsidiary Companies
33,376 51
• Bonds were redeemed by trustees of sinking
funds, viz.:
U. S. Steel Corporation 50Year 5% Bonds
$7,233,000 00
U. S. Steel Corporation 102,320,000 00
60-Year 5% Bonds
Sundry Bonds of Subsidiary
Companies
2,084,000 00
11,637,000 00
Less
Redeemed and
Total
Held by
Including
Balance
Bonds in
Trustees of
Sinking Funds. Sinking Funds. Outstanding.
U. S. Steel Corporation 50Year 5% Bonds
304,000,000 00 100,371,000 00 203,629.000 00
U.S.Steel Corporation 10-60
Year 5% Bonds
200,000,000 00 32,275,000 00 167.723,00000
Total U.S. Steel Corporation Bonds
504,000,000 00 132,646,00000 371.354.00000
SubsidiaryCompanies'Bonds
—Guaranteed by U. S.
Stei 1 Corporation
134,451.00000 32.093,00000 102,358.000 00
SubsidiaryCompanies'Bonds
—Not Guaranteed by
U.S. Steel Corporation_ _ 59,139,900 00 5,817,000 00 *53,322.900 00
Total Subsidiary Companies' Bonds
193,590,900 00 37,910,000 00 155,680,900 00
Total Bonded and Debenture Debt
697,590,900 00 170,556,000 00 527,034.9001)0
Sundry Real Estate Mort124,829 99
gages
124,829 99
Grand Total Bonded, Debenture and Mortgage
Debt
697,715,729 99 170,556,000 00 527,159,729 99
* Includes only 52.179% of the outstanding bonds of P. B.& L. E. RR.
Co.. being the same proportion of the total bonds as the stock of P. B. &
L.E. RR.Co. owned by U. S. Steel Corporation bears to the total issue of
stock.
PRODUCTION OF RAW, SEMI
-FINISHED AND FINISHED
PRODUCTS BY SUBSIDIARY COMPANIES IN THE
YEARS 1923 AND 1922.
Products—
1923.
1922. —1923 Increase—
Tons.
Ores Mined:
Tons.
Tons.
In the Lake Superior Region
(Iron Ore):
Missabe
and
Vermilion
Ranges
24,658.317 16,549,h88 8,108.729 49.0
$13,367,037 75
Gogebic. Menominee and
Potter Ore Co. First Mortgage Bonds retired by that company (T. C.,I. & RR.
Marquette Ranges
3.005,181 2.477,672
527,509 21.3
Co.'s proportion)
19,50000
In the Southern Region—Ala13,386.537 75
bama (Iron Ore)
694.128 27.3
3,239,370 2,545,242
Total Bonded, Debentuie and Mortgage Debt. Dec. 31
*93,436 *454
In Brazil, S. A.(Manganese Ore) 112,241
205.677
$527,159,729 99
1923
Total
31.015,109 21.778,179 9,236,930 42.4
$12,580,53775
Net Decrease during the year 1923
938,300 16.7
Limestone quarried
6.571.486 5,633,189
1536
THE CHRONICLE
[VoL. 118.
1922. -1923 Increase
Products (Continued)1923.
EMPLOYEES AND PAY ROLLS.
Tons.
%
Tons.
Tons.
Coal Mined:
For use in the manufacture of
The average number of employees in the service of all
coke
28,234,030 16,778,413 11,455,617 68.3
companies during the year, and the total salaries and wages
For steam, gas and all other
540,813 8.3 paid in comparison with corresponding results for the prepurposes
7,055,871 6,515.058
35,289,901 23,293.471 11,996,430 51.5
ceding year, were as follows:
7,142,901 3,431,846 3,711,055 108.1
11,694,730 9,805,212 1,889,518 19.3
Total
Coke Manufactured:
In Bee-Hive Ovens
In By-Product Ovens
Employees of
Manufacturing Properties
Coal and Coke Properties
Iron Ore Properties
Transportation Properties
Miscellaneous Properties
18,837,631 13,237,058 5,600.573 42.3
Total
Blast Furnace Production:
Pig Iron
16,527,830 11,885,179 4,642,651 39.1
Spiegel, Ferromanganese and
Ferrosilicon
59,412 41.8
201,396
141,984
Total
16,729.226 12,027,163 4,702,063 39.1
Steel Ingot Production:
Bessemer Ingots
Open Hearth Ingots
5,451,390 4,068,578 1,382.812 34.0
14,878,560 12,013.807 2,864,753 23.8
20.329.950 16,082,385 4,247,565 26.4
Total
Rolled and Other Finished Steel
Products for Sale:
Steel Rails (Heavy and Light
Tee and Girder)
1.649,906
Blooms,Billets,Slabs, Sheet and
Tinplate Bars
715,244
Plates
1,783,846
Heavy Structural Shapes
1.204,395
Merchant Bars, Hoops. Skelp.
Light Shapes, &c
3.007,662
Tubing and Pipe
1.563,982
Wire Rods
213,518
Wire and Wire Products
1,636.580
Sheets (Black and Galvanized)
and Tinplates
1.774,467
Finished Structural Work
458,595
Angle Splice Bars and all Other
Rail Joints
288,118
Spikes, Bolts, Nuts and Rivets
84.456
, Axles
154,876
Steel Car Wheels
104,271
81,553
Sundry Steel and Iron Products
Total
1,225,999
423,907 34.6
673,099
1.410,414
936,733
42,145 6.3
373,432 26.5
267,662 28.6
2,456.915
1,178.611
158,495
1,404,663
550,747
385,371
55,023
231,917
1.504,121
301,248
270,346 18.0
157,347 52.2
218,538
72,531
96,403
78,247
69.314
69.580
11,925
58,473
26,024
12,239
22.4
32.7
34.7
16.5
31.8
16.4
60.7
33.3
17.7
14,721.469 11,785,331 2,936,138 24.9
Miscellaneous Products:
Zinc
Sulphate of Iron
Fertilizer--"Duplex Basic Phosphate"
Fertilizer-Sulphate of Aminonia
Ammonia (as Liquor)
Benzol Products
64,205
36.079
59,818
32,389
4.387 7.3
3,690 11.4
15,748
16,513
*765 *4.6
150,000
123,118
26.882 21.8
3,816
*1,288 *33.8
2,528
23,939 20.1
143.312
119,373
Bbls.
Bbls.
Bbls.
13,168,000 1,272,000 9.7
Universal Portland Cement- -.A4,440.000
1923
Number
180,727
33.354
15,311
27,135
4,259
1922
Number
150,847
26,856
11,906
21,523
3,799
Total
260.786
214,931
Total salaries and wages paid
$469,502,634 $322,678,130
Average Earnings per Employee per Dayfor Year:
All employees, exclusive of General Administrative and Selling force
$5 73
34 78
Total employees, including General Administrative and Selling force
$5 83
$4 91
GENERAL.
The improvement in the demand for iron and steel products which developed in the early fall of 1922, after nearly
two years of depression in the industry, continued in very
satisfactory volume until June 1923, following which there
was for several months a decided diminution' in the amount
of new business offered. In the closing months of the year,
however, there was a noticeable improvement in tonnage entered and this has continued to the date of writing this report. At the close of 1923, the tonnage of unfilled orders for
various classes of rolled steel products was 4,445,339, compared with 6,745,703 tons at close of the preceding year. At
February 29 1924 the unfilled orders equaled 4,912,901 tons.
Entering the year 1923 with a large tonnage of unfilled
orders on the books, which was increised by liberal buying
during the first five months, the subsidiary companies were
enabled to operate on an average during the entire year at
88.3% of capacity, the output during the first half of the
year reaching 92.6%. In point of total tonnage output of
materials produced for sale, the year 1923 has been exceeded
In only two previous years, 1916 and 1917. As a result of
these larger operations, together with improved selling
prices, the earnings for the year show a substantial increase
over those of the preceding two years.
PRODUCTION.
The production of the several principal departments dur* Decrease•
ing the year 1923, in comparison with results for the precedINVENTORIES OF MANUFACTURING AND OPERATING MAing year, was as follows:
TERIALS AND SUPPLIES AND SEMI-FINISHED AND
FINISHED PRODUCTS.INCLUDING NET ADVANCES
ON CONTRACT WORK. ETC.
, The net book valuation of the inventories of the above
classes of assets for all the subsidiary companies equalled
at December 31 1923 the sum of $270,757,955, an increase of
$50,050,704 in comparison with the total at the close of preceding year. The valuation as stated is the net after allowing credit for a reserve of $51,220,055 which has been set
aside from earnings to absorb deflation in value which may
from time to time develop in respect of inventory items.
1923
1922
Tons
Tons
Iron and Manganese Ore M ined_ -31.015,109 21.778,179
Limestone Quarried
6,571,486 5,633.186
Coal Mined
35.289,901 23,293,471
Coke Manufactured
18.837.631 13.237,058
Pig Iron, Ferro and Spiegel
16,729.226 12,027,163
Steel Ingots (Bessemer and Open
Hearth)
20,329,950 16,082,385
Rolled and Other Finished Steel
Products for Sale
14,721,469 11.785,331
(For classification see above.)
l3b1s.
Bbls.
Universal Portland Cement
14,440,000 13,168,000
Increase
Tons
Per Cent.
9,236,930 42.4
938,300 16.7
11.996,430 51.5
5,600,573 42.3
4.702,063 39.1
4,247.565 26.4
2,936.138 24.9
Bbls.
1,272,000
9.7
CAPITAL EXPENDITURES.
The expenditures by the Corporation and the subsidiary companies during the year for the acquisition of additional
property, for ,
d riditions and extensions to the plants and
ren
caysi
l
rfor
strimin-- nd development
p y
sold,:C=
. =It
1
Work
mines, outess
360,762,920
net sum of
Less, amount written off to Depreciation and Replacement
Reserves for investment cost of improvements and equipment
dismantled and retired
6,091,751
Net addition to CapitalInvestment account during the year$54,671.169
At the car plants of the subsidiary companies there were
built during the year 4,466 freight cars and 2,537 mines and
industrial cars; and at the shipbuilding plants 4 ocean and
coastwise steamers and 88 barges and car floats. The steel
entering into the construction of this equipment Is included
in above statistics of tonnage produced.
The following is a classification of the total expenditures by
property groups, viz.:
Manufacturing Properties
$35,416,609
Coal and Coke Properties
8,079.269
Iron Ore and Fluorspar Properties
5,313,516
Transportation Properties:
Railroads and docks
$9,670,447
Great Lakes and ocean-going
steamers
1,458,338
11,128,785
Limestone Properties
471,819
Natural Gas, Water and Public Service Properties
298.803
Land Companies
832.705
Supply Companies
336,602
The shipments of all classes of products in comparison
with shipments during the preceding year were as follows:
Stripping and development work at mines and
for additional logging and structural erection
equipment
$5,938.162
Less, credit for expenditures absorbed in 1923
In operating expenses
7,053,350
1923
1922 Inc.( -I-) or Dec.(
-)
Tons.
Domestic ShipmentsTons.
Tons.
Rolled Steel and Other Finished
Products
13,196,298 10,708,022 +2.488,276 23.24
Pig Iron,Ingots, Ferro and Scrap 308,475
273,963
+34.512 12.60
Iron Ore,Coal and Coke
405.875
740.380 -334,505 45.18
Sundry Materials & By-Products_ 108.965
109,082
-117 .11
61,878,108
Net credit for the year
1,115,188
Total expenditures
$60,762,920
Less, written off to Depreciation and Replacement Reserves to
cover investment cost ofimprovements and equipment retired 6,091,751
Net addition to Capital Investment account in year
SHIPMENTS.
$54,671,169
Total tons all kinds of materials
except Cement
14,019,613 11,831,447 +2,188,166 18.49
Universal Portland Cement(bbls.)14,329,295 13,548,544
+780,751 5.76
Export Shipments
Rolled Steel and Other Finished
Products
1,177,524 1,203,882
-26,358 2.19
Pig Iron, Ferro and Scrap
2,691
3,377
-686 20.31
Sundry Materials& By-Products. 106,049
90,894
+15,155 16.67
Total tons all kinds of materials 1,286.264 1.298,153
-11,889 .92
Aggregate tonnage of Rolled
Steel and Other Finished
Products shipped to both
Domestic and Export Trade-14.373.822 11.911.904 +2,461.918 20.67
MAR. 29 1924.]
TUE CHRONICLE
1537
Reference is made to pages 18 to 22 of this [pamphlet]
TOTAL VALUE OF BUSINESS (Covering all of above
report for a statement in considerable detail of the purposes
shipments,including cement,
for which above capital expenditures were made. Some of
completed cars and steam%
Amount.
1922.
ships delivered and other 1923.
the more important of these are as follows:
$
business not measured by the
By Carnegie Steel Co. At Edgar Thomson works the conton unit.)
Domestic (not including interstruction of 2 additional open hearth furnaces at Plant No.
905,744,282 646,592 293 259.151.989 40.08
company sales)
87.171,880 75,311.489 11.860,391 15.75 1 was commenced and substantial progress made towards
Export
of blast fur992,916,162 721,903,782 271,012,380 37.54 completion. At Duquesne Works the rebuilding
Total
nace No. 1 and stock yard was completed. At Homestead
-inch
Works new boilers and auxiliary equipment for the 140
-inch mill were under
plate mill with steam line to the 48
construction. On the Monongahela River, between Homestead and Duquesne Works, a central dock for use in transshipment of materials and products by river was constructed. At New Castle, Pa., and Mingo, Ohio, Works the
installation of new boiler plants was commenced.
By Clairton Byproduct Coke Co. Substantial progress
was made during the year in the construction at Clairton,
Pa., of a second battery of 366 by-product coke ovens with
by-product recovery departments. The expenditures during
the year totaled $7,569,019.
By Illinois and Indiana Steel Cos. At South Chicago
Works the installation of, an electric motor drive for the
90-inch and 132-inch plate mills was completed; at Joliet
Works considerable progress was made in construction of
new boiler equipment at the rod mills; at Gary Works the
Inc.(+)or Dec.(—)
Per
Amount.
construction of 3,514 feet of concrete dock wall was com1922.
1923.
Cent.
$
Expended for—
pleted.
Ordinary repairs and mainteNational Tube Co. and Subsidiaries. At Lorain Works
127,159,005 85,983,020 +41.175,985 47.9
nance
—542,128 12.6
Extraordinary replacements_ _ 3.753,059 4,295,187
there was completed the installation of 6 1,500 h.p. gas fired
130.912,064 90.278,207 +40,633,857 45.0
Totalexpended
boilers, also an additional gas engine electric unit and an
Net allowances made from
extension to the galvanizing plant. At the new Gary Tube
excess of
earnings(being the
Plant, work was continued in the construction of this plant,
same over amount expended
and included in above) for
the expenditures during the year equaling $4,402,178. It isexhaustion of minerals and
expected a part of the total capacity of this new plant will
depreciation of plants and
51.563.220 40,866,835 +10,696.385 26.17 be ready for operation about January 1 1925.
properties
American Steel & "Wire Co. At Cuyahoga By-Product
Total expended and appropriated for maintenance, deCoke Plant the installation of a water cooling tower with
pletion and depreciation_ —182.475.284 131,145,042 +51,330.242 39.1
recirculation system was completed; at Anderson, Ind.,
The total of payments and allowances by the Corporation Works progress was made in the construction of a new boiler
and subsidiary companies for Taxes for the year compared plant, and at Worcester Works, in the electrification of mawith similar charges for 1922 were as follows:
chinery in the finishing departments. At Donora, Pa.,
Increase.
1922.
1923.
Works the electric welded fabric department was enlarged.
$37,005,965 331.251.245 15,754.720
State and other local Taxes
Tennessee Coal, Iron & Railroad Co. and Subsidiaries. At
Federal Income, Capital Stock and
18.076.558 4,547.205 13,529.353 Ensley Works there was completed the construction of a
Excise Taxes
$55,082,523 135.798.450 $19,284,073 new boiler plant with coal pulverizing equipment, and at
Total
were also paid during the year $4,340,500 for Occu- Fairfield Works the construction of a new 11-inch merchant
There
pation Tax to the State of Minnesota for account of previous bar mill, a new steel foundry and wooden car fabricating and
years, the payment of which had been in litigation.
repair shop. There was commenced by this company during
Bonds and mortgages of the Corporation and the sub- the year the construction of a high line railroad from Red
sidiary companies to the amount of $13,367,037 were paid Mountain across the valley to a connection with its present
off during the year. Of this total $11,637,000 were retired industrial railroad tracks near Fairfield. This line will
through the sinking funds for respective issues of bonds. permit the company to transport on its own tracks from its
Issues were made during the year of $806,000 of subsidiary ore mines on Red Mountain the large supply of iron ore recompanies' bonds. Of these $496,000 were sold to the trus- quired at its blast furnaces. At various ore mines of the
tee of the bond sinking fund. During the year the sub- company there were installed during the year 70 mechanical
sidiary companies issued $441,600 of non-interest bearing ore loaders.
mining royalty notes in substitution of previously existing
Universal Portland Cement Co. At the several plants of
obligations under mining leases, and there were paid this company a wide range of additions and betterments
royalty
off in the year $1,534,657 of such notes issued in previous were made, of sundry character, for the purpose of modernyears which matured, leaving $30,519,450 of this class of izing facilities, increasing capacity and economizing cost of
obligations outstanding at December 31 1923, a net decrease operation. The total expended in the year for the foregoing
was $1,702,240.
of $1,093,057 during the year.
Coal Companies. In the Western Pennsylvania Fields,
CAPITAL EXPENDITURES.
by the Corporation and the subsidiary $4,989,776 was expended in the opening and developing of
The expenditures
companies during the year for the acquisition of additional new coal operations. At Gary No. 3 Works, in the Pocahonproperty, extensions and improvements to plants and facili- tas Field, a new 300 k.w. turbo generator with auxiliary
in the
ties, less credits for property disposed of and for net strip- boiler and power plant was installed. At Bunsenville
Illinois-Indiana Field additional equipment was installed to
ping and development expense at mines, equaled the sum of
increase capacity of plant.
$60,762,920, classified generally as follows:
Lake Superior Iron Ore Properties. Substantial progress
Manufacturing Properties
135.416,609
Coal Properties
8,079,269 was made during the year in constructing new ore crushing
5,313,516 and screening plants in each the Virginia and Hibbing DisOre Properties
Railroads and Lake Docks
9,670,447
1,458,338 tricts, Minnesota; also large outlays were made for opening
Great Lakes and Ocean Steamers
1,939,929 new shafts and extending facilities at various mines, includLimestone. Gas and Water Properties, Land Companies,&c
$81,878,108 ing additional equipment.
Less, Credit for cost of mine stripping and development expense
There was purchased by the Lafayette Fluorspar Co., a
absorbed in operations in excess of expenditures during year
1,115,188 subsidiary company, a fluorspar property in Crittenden
for that purpose
160,762,920 County, Ky. This property has an area of 818 acres conNet expenditures
The prices received in 1923 for the 13,196,298 tons of
rolled and other steel products shipped to the domestic trade,
netted an average of $887 more per ton than the average
price received per ton in 1922 on an equivalent tonnage of
similar products shipped; and in respect of the 1,177,524 tons
of export shipments, the 1923 prices received netted $1003
more per ton than the average price obtained in preceding
year.
The increased operations during the year, together with
higher rates for labor and prices for materials used, entailed
a very much greater outlay for expense of general maintenance and upkeep of the properties. The expenditures for
these purposes, and the further provisional allowances for
depletion of minerals and accruing depreciation and obsolescence of improvements, equipment and facilities, in cornparson with similar expenditures and charges in 1922, were
as follows:
1538
THE CHRONICLE
[vat,. 118.
taming a large deposit of spar which will be supplied for use until in February 1924. The number of additional employees
of the subsidiary companies in manufacture of open hearth required by those companies in which the plan had become
steel. The property is being rapidly developmed, shipments effective and on basis of operating conditions then prevailing,
was 17,117, an increase of over 10%. Of the increase in total
of spar having been made in the early fall of 1923.
The several subsidiary companies purchased or con- pay roll resulting from this change approximately 60%
structed for their own uses during the year, 42 standard arises from employment of additional men, and 40% from
gauge locomotives, 1,592 freight cars, and 20 road and work increased wage allowances to employees whose hours of sercars, at a total cost for all of $7,157,346. Final payments vice were not changed, being those who already were workwere made during the year for balance purchase price of two ing ten hours or less per day.
The total number of employees in the service of the Cor12,000-ton capacity lake cargo steamers delivered and put in
operation. There were added two steel motor-ships of 2,100 poration and the subsidiary companies during the entire
D. W. tonnage each, for use in transporting general freight year, the total pay roll and average wages paid, in comparicargo on the Great Lakes, St. Lawrence River and in coast- son with similar data for the preceding year, were as folwise service. Expenditures totaling $597,096 were made in lows:
-Increase
rebuilding and rehabilitating Sundry lake cargo steamers,
Number. Per CL.
1922.
1923.
thus materially extending their serviceable life. To the Average number of employees during entire year
214,931
45,855 21.3
260,786
complement of river vessels, there were added 41 barges for
(Oct.)
(Nov.)
service on the Monongahela and Ohio Rivers, and 9 on the Largest number in any one
month
235,360
42,419 --277.779
Warrior River, Alabama.
Smallest number in any one (Feb.)
(Feb.)
The Elgin, Joliet & Eastern Ry. Co. expended for the con- . month
186,542
54,044
240.586
struction of a new car shop at Joliet, Illinois, $423,460, and Total pay roll for year
$469,502.634 $322,678,130 $146,824,504 45.5
$368,203 in filling four spans of bridge over the Des Plaines Average salary or wage per
employee per day
$491
$.92 18.7
$5 83
River and for revision of grade and new second track beIn January 1924 the employees of the Corporation and the
tween this bridge and Coynes. The Bessemer & Lake Erie
subsidiary companies were offered the privilege of subscribRR. Co. expended $219,740 in construction of new dock front
ing for 100,000 shares of Common Stock of the United States
and widening channel between Docks 14 at Conneaut HarSteel Corporation at the price of $100 per share, under subbor, Ohio, and $282,201 for filling for new south-bound
stantially the same conditions as those under which offerfreight line between Pardoe and Coolspring, Pa.
offer was
At the close of 1923 the unexpended balances on appro- ings have been made in previous years. The
largely over-subscribed, applications having been received
priations then authorized for additions, construction and
improvements totaled about, *77,000,000. These authoriza- from 61,292 employees for a total of 154,363 shares. Allottions, aside from the new tube plant being constructed at ments were made as follows: Each subscription for two
Gary, which is exclusively added capacity, cover very largely shares or less was allotted the same, and all others were
work of reconstruction with modern type of old and obsolete allotted 50% of their subscriptions. The total number of
mills, the building of by-product coke plants to substitute shares allotted on this basis was 113,588: At December 31
for bee-hive ovens, the development of new operations for 1923 there were 50,020 employees who were registered stockthe production of coal from the Corporation's reserves and holders, holding an aggregate of 151,530 shares of Preferred
the,installation of improved and more economically operated Stock and 689,703 shares of Common Stock; also, there were
equipment. The unexpended balances for authorized work 7,066 additional employees who had in force open subscripat clOse of 1923, together with important authorizations tion accounts covering purchase of stock, but were not regismade since January 1 1924 will call for an outlay on capital tered holders of shares.
Appropriation was made from the earnings for 1923 of a
account during 1924 of an estimated sum of $90,000,000.
On April 6 1923 an increase was made of about 11% in fund for distribution under and in accordance with the
the wage rates paid emplOyees of the subsidiary manufactur- Profit Sharing Plan adopted by the stockholders in 1921.
ing and iron ore mining companies. A further increase in The allotment and distribution was made in February 1924
the total outlay for labor was occasioned by the subsidiary by the Profit Sharing Committee of stockholders elected at
companies revising the conditions of employment at the sev- the annual stockholders' meeting in April 1923. Of the
eral mills and departments looking towards the total elim- awards made by the Committee, one-half was paid in cash
ination of the twelve-hour turn or day. This revision fol- and the remainder covered by Certificates of Conditional
lowed a conference called by and correspondence conducted Interest in shares of Common Stock of the Corporation in
between the late President Harding and the representatives which the Committee invested such part of the appropriaof the iron and steel industry of the country. After a most tion. The stock covered by the certificates is deliverable to
painstaking investigation it was concluded that the change holders in January 1929, provided they are then in the serwould be feasible when and as an increased supply of labor vice of the Corporation or its subsidiaries, or is deliverable
would be available and selling prices were at a level which prior to that date if they die while in the service or are rewould permit absorption of the increased expense which it tired under the Corporation's pension plan.
Pensions. Pensions were paid during the year by the
was recognized by all would necessarily result. Prior to
the midsummer of 1923 there was a marked shortage in the trustees of the United States Steel and Carnegie Pension
labor supply required to fully serve the mills on the plan un- Fund to retired employees to the amount of $1,448,113, comder which they were then operating. But it appearing about pared with $1,266,661 disbursed in the preceding year. PenJuly 1 that this condition would very likely improve mate- sions were granted during the year to 576 retiring employees.
rially, it was decided to inaugurate the revision on August At the close of the year there were 4,054 names on the pension rolls, a net increase of 168 during the year. Since the
16.
inauguration of the plan in 1911, an aggregate of $9,543,235
The revised plan adopted established the hours for employees connected with continuous processes on an eight- has been paid in pensions.
Accident Prevention. The total amount expended by the
hour-per-day basis, and all other employees on a ten-hour
Corporation and the subsidiary companies during 1923 for
day. The wage rates of employees whose working day was
reduced from twelve to eight hours were so adjusted as to accident prevention and safety work was $1,763,417, comafford earnings equivalent to an increase of 25% in the pared with an outlay of $1,175,171 in the preceding year.
hourly and base rates previously paid, and the wage rates of The materially increased operating activity of the plants in
all employees reduced to or continued on a ten-hour-per-day 1923, compared with 1922, together with the abandonment of
basis were advanced 10% to equalize unbalanced conditions the twelve-hour-per-day turn, necessitated the employment
in rates brought about by the adjustments in the wage scale of a large number of additional men, many of whom were
for employees reduced from twelve to eight hours. Rapid comparatively inexperienced with steel mill operations and
progress was made in effecting the change. By December not fully educated in accident prevention measures. These
1, in all the subsidiary companies except one, the twelve-hour conditions precluded a further reduction in 1923 in the ratio
turn had been, broadly speaking, totally eliminated. In the of accidents per 100 employees compared with previous
remaining subsidiary company the change was not, owing to year's result. Compared with the year 1906, however, when
shortage, particularly in skilled labor, completely effected accident prevention work was systematically inaugurated,
1539
THE CHRONICLE
MAR. 29 1924.]
the total number of disabling accidents in 1923 per 100 employees was 55.4% less than in the first named year.
Accident Relief. The disbursements made by the subsidiary companies during the year for work accidents (including accruals not yet actually payable under State compensation laws) was $4,843,172, compared with an outlay of
$4,170,945 in 1922. Of the total disbursed in 1923, 90% was
paid or is payable directly to the injured employees or their
families.
sanitation. The expenditures made during 1923, in providing modern sanitary facilities throughout the plants,
mines and departments, for the health and comfort of the
employees, totaled $3,019,363, compared with an outlay of
$2,252,975 in the previous year. At the close of the year
there were in and about the plants and works 2,118 comfort
stations with adequate toilet facilities, including 24,434
washing faucets and basins, 5,722 showers, 161,096 lockers
and 4,437 sanitary drinking fountains.
Housing and Welfare. At the close of 1923 the subsidiary
companies had advanced or loaned employees the net sum of
$7,975,091 on contracts or mortgages, carrying interest at
5% and payable in installments over a period of years, to
assist them in acquiring homes under the Corporation's
Home-Owning Plan. The activities of the subsidiary companies in conducting work and efforts for the general welfare of employees and their families, to which references
have been made in previous reports, have been consistently
continued.
The Board takes pleasure in expressing its grateful appreciation to the officers and employees of the Corporation and
the several subsidiary companies for the loyal and efficient
services rendered by them during the past year.
By order of the Board of Directors.
ELBERT H. GARY, Chairman.
81,407,096,833 45
Brought forward
Less, Amount included in above charges
for allowances for depletion and depreciation here deducted for purpose
of showing same in separate item of
41.745.434 23
charge, as see below
1,365.351.399 22
Balance
Sundry Net Manufacturing and Operating Gains and Losses, including
royalties received,idle plant expenses,
etc
Rentals Received
5206,063,083 62
$4,258,531 64
1,463.642 47
5,722,174 11
Total Net Manufacturing, Producing and Operating
Income before deducting provisional charges for
8211,785,257 73
depletion and depreciation
Other Income and Charges—
Net Profits of properties owned, but
whose operations (gross revenue, cost
of product, expenses, eta.) are not
8403.281 85
classified in this statement
Income from sundry investments and
13.841,988 79
interest on deposits, etc
14.245.27064
8226,030.528 37
Balance
Less, the following Charges and Adjustments, viz.:
For State Occupation Taxes for previous years, payment of which had
54.340.499 96
been in litigation
Reserve for account estimated payment by subsidiary railroads to
United States under Transportation
9,050.000 00
Act
Reserve for contingent expenses upon
determination of actual liability
1.750,000 00
therefor
Reserve for accottat deflation in in1,076,775 00
ventory values which may develop
Net balance of Profits earned by subsidiary companies on sales made
and service rendered account of.
materials on hand at close of.yearin .
purchasing companies' inventories
UNITED STATES STEEL CORPORATION AND SUBSIDIARY
and which profits have not yet been
COMPANIES CONDENSED GENERAL PROFIT AND LOSS
realized in cash from thestandpoint
ACCOUNT FOR THE YEAR ENDING DECEMBER 311923.
of a combined statement of the
.
21.859,585 56,
Gross Receipts—Gross Sales and Earnings (see page 24.
business of all companies
38,076,860 52
pamphlet report)
81,571.414,482 84
Operating Charges, Hz.:
Total Earnings in the Year 1923 per Income Account
Manufacturing and Producing Cost and
8187.953,667 85
(page 35, pamphlet report)
Operating Expenses, including ordiLess, Interest Charges on Subsidiary Companies' Bonds
nary maintenance and repairs and
8,306,993 48
'
' •
and Mortgages
s
provisional charges by subsidiary
companies for depletion and deprecia,
Balance of Earnings for the year before deducting proion
51,307,677,879 61
8179.646.674 37
visional charges for depletion and depreciation
Administrative, Selling and General ExLess. Charges and Allowances for Depletion and Deprepenses(not including general expenses
ciation, viz.:
of transportation companies)
35,129,043 11
$41,745,434 23
By Subsidiary Companies
Taxes (including reseve for Federal
9,724,720 38
By U. S. Steel Corporation
income taxes)
55,082,523 05
51,470.154 61
Commercial Discounts and Interest_ _ _
9,207,387 68
51.407.096,833 45
5128.176,519 76
Net Income in the year 1923
PROPERTY INVESTMENT ACCOUNTS DECEMBER 31 1923.
Gross Fixed Property Investment Account December 31 1922, exclusive of Stripping and Mine Development, Structural Erection and
82,061.030.66455
Logging Plants, per Annual Report
Less, the following:
Write-off to credit of Property Investment of—
85,459,373 80
Accrued Depreciation reserves specifically applied to reduce investment cost of property items rebuilt
Accrued Depreciation reserves on specific property items applied to amortize part of their excess construction
6,436.793 69
cost arising from war-time conditions
183.105 39
Sundry adjustments during 1923
312.079.272 88
82,048.951.391 67
861,878,107 48
Capital Expenditures on Property Account in 1923
Less, Amount written off to Depreciation and Replacement Reserves for investment cost of improvements and
6,091.750 15
equipment dismantled and retired
55.786.357 33
Less, Property values written off to Depletion Reserves
Gross Fixed Property Investment Account December 31 1923
Deduct, Depletion and Depreciation Reserves December 31 1923:
Balances in various Reserve Accounts, per table on page 10 (pamphlet report)
Specifically applied for redemption of bonds through Bond Sinking Funds
$2,104,737,749 00
34,322 33
$2,104,703,426 67
331.666.690 55
164.909.182 07
496,575.872 62
81,608,127,554 05
Not Fixed Property Investment Account December 31 1923
Investment in Stripping and Development at Mines and in Structural Erection and Logging Plants, viz.:
832,146,276 36
Balance at December 31 1922
85,938.161 90
Expended during the year 1923
7,053.349 92
Less, Charged off in 1923 to operating expenses
Net Decrease in the year 1923
1,115,188 02
31.031.08834
Total of Property Investment Account December 311923, per Consolidated General Balance Sheet
81,639,158,64239
1540
118.
THE CHRONICLE
APPROPRIATED SURPLUS TO COVER CAPITAL EXPENDITURES DECEMBER 31 1923.
Amount of appropriations made from Surplus Net Income prior to January 1 1908, applied in payment of capital expenditures,and in the
Consolidated General Balance Sheet formally written off to credit of the Property Investment Account
$162.795,509 45
Amount of appropriations made from Surplus Net Income since January 1 1908, applied in payment of same class of expenditures, but in
180,898,914 10
the Consolidated General Balance Sheet carried in the account "Appropriated Surplus to cover Capital Expenditures"
Total
$343,694.423 55
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31 1923.
ASSETS.
Property Accounts—
Properties Owned and Operated by the Several Companies—
Balance of this account as of December 311923. less Depletion and Depreciation Reserves, per details above
81.639,158,642 29
Advanced Mining Royalties—
Payments for Advanced Mining Royalties
Less, Reserved from Surplus to cover possible failure to realize all of the foregoing
$33,344,364 78
7,000,000 00
26,344,364.78
30,619,450 26
Mining Royalties—In respect of which non-interest bearing notes of the subsidiary companies have been issued—See Contra
Deferred Charges (Applying to future operations of the properties)—
Mine exploration expenses and other charges
Discount on subsidiary companies' bonds sold (Net)
$2,152,647 17
1,083,788 86
3,236,436 03
Investments—
Outside Real Estate and Investments in sundry securities, including Real Estate Mortgages
Employes' Land Sales Contracts and Mortgages under Home-Owning Plan
$5,404,143 85
7,975,091 66
13,379,235 51
Sinking and Reserve Fund Assets—
•
$2,950,752 55
Cash resources held by Trustees account of Bond Sinking Funds
(In addition Trustees hold $170,556,000 of redeemed bonds, which are not treated as an asset.)
9.881,987 37
Contingent Fund and Miscellaneous Assets
Insurance and, Depreciation Fund Assets and purchased bonds available for future bond sinking fund requirements, viz.:
Securities
3125,207,499 16
Cash
3,444,836 29
$128,652,335 45
Less, Amount of foregoing investment represented by capital obligations of Subsidiary Companies not Included as liabilities in this Consolidated Balance Sheet
21,835,973 00
106,816,362 45
119.649.102 37
Current Assets—
Inventories, less credit for Reserve and for amount of inventory values representing Profits earned by subsidiary
companies on Inter-Company sales of products on hand in Inventories December 31 1923. (See note below)-$270,757,954 46
Accounts Receivable
95,70,459 30
Bills Receivable
5,685,94592
Agents'Balances
1,728,459 01
Sundry Marketable Securities (including part of U. 8. Gov't Securities owned)
64,086.482 80
Time and other special Bank Deposits
7,037.543 42
Cash (in hand and on deposit with Banks, Bankers and Trust Companies, subject to cheque)
143,499,628 06
588,595.472 97
59.420.692,704 21
LIABILITIES.
Capital Stock of United States Steel Corporation—
Common..
Preferred
6508,302,500 00
360.281.100 00
6868,583.600 00
306,142 50
Capital Stocks of Subsidiary Companies not Held by United States Steel Corporation (Par Paine)
Bonded, Mortgage and Debenture Debt Outstanding—
United States Steel Corporation 50 Year 5% Bonds
United States Steel Corporation 10-60 Year 5% Bonds
Subsidiary Companies' Bonds, guaranteed by U. S. Steel Corporation
Subsidiary Companies' Bonds, not guaranteed by U. S. Steel Corporation
Subsidiary Companies' Real Estate Mortgages
$203,629,000 00
167,725,000 00
5371,354,000 00
102,358,000 00
53,322,90000
124,829 99
527,159,729 99
Subsidiary Companies' Non-Interest Bearing Notes—Maturing over a period of 35 years, substituted for previously existing
•
mining royalty obligations—Guaranteed by United States Steel Corporation (See Contra)
Current Liabilities—
Current Accounts Payable and Pay Rolls
Accrued Taxes, not yet due, including reserve for Federal Income Tax
Accrued Interest, Unpresented Coupons and Unclaimed Dividends
Preferred Stock Dividend No. 91, payable February 28 1924
•
Common Stock Dividend No. 78, payable March 29 1924
30,519,450 25
$69,231,509 46
45,191,463 29
7,779,840 76
6,304,919 25
8,895,293 75
137,403,026 51
Total Capital and Current Liabilities
Sundry Reserves—
Contingent, Miscellaneous Operating and Other Reserves
Insurance Reserves
21.558,971,949 26
3132,200.760 98
31.053,860 10
163,260,621 08
Appropriated Surplus to Cover Capital Expenditures—
Invested in Property Account—Additions and Construction
Undivided Surplus of United States Steel Corporation and Subsidiary Companies—
Capital Surplus provided in organization
Balance of Surplus accumulated by all companies from April 1 1901 to December 31 1923
180,898,914 10
525,000,000 00
487,751,219 87
Total, exclusive of Profits earned by Subsidiary Companies on Inter-Company sales of products on hand in Inventories
December 31 1923 (see note below)
512,751,219 87
$9,420,882,704 81
Note.—That part of the Surplus of Subsidiary Companies representing Profits accrued on sales of materials and products to other subsidiary companies and on hand in letters' Inventories is. in this Balance Sheet, deducted from the amount of Inventories included under Current Assets.
We have auditied the above Balance Sheet, and certify that in our opinion it is properly drawn up so as to show the
financial position of the United States Steel Corporation and Subsidiary Companies on December 31 1923.
PRICE, WATERHOUSE & CO., Auditors.
New York, March 12 1924.
1541
THE CHRONICLE
MAR. 29 1924.]
Y
PUBLIC SERVICE CORPORATION OF NEW JERSE
-FOR YEAR ENDING DECEMBER 31 1923.
FIFTEENTH ANNUAL REPORT
operated
Kearny Station. This station, when built, will be The CorTo the Shareholders:
under lease by Public Service Electric Company.
Service Cor- poration also increased its holdings of United Electric ComThe combined results of operations of Public
subsidiary utility companies for pany stock by the purchase of 2,237 shares.
poration of New Jersey and
MortPublic Service Corporation of New Jersey General
were as follows:
the twelve months ending December 31 1923
Bonds of a par value of $464,000, Public Service
gage 5%
$79.107.882 48
-year 7% Gold Bonds of a par
Corporation of New Jersey 20
Operating Revenue of Subsidiary Companies
$53.037.094 27
Operating Expenses and Taxes
value of $200,000, Public Service Newark Terminal Railway
5.949.666 04
Amortization Charges
58.986,760 31 Company 5% First Mortgage Bonds of a par value of $42,Railway Company 810 First Mort$20,121,122 17 000, Rapid Transit Street
Street
Operating Income
gage Bonds of a par value of $24,000, and Plainfield
value
Non-Operating Income
Railway Company 6% First Mortgage Bonds of a parFunds
to Public Service CorInterest on advances
$48,591 78
of $3,000 were acquired during the year by the Sinking
of New Jersey
poration
243,873 99
the mortgages.
Other Non-Operating Income
292,465 77 provided for by
Equipment Trust Series "A" Certificates of Public Service
$20,413,587 94 Electric Company to the amount of $130,000 were retired
Interest,
agreement and $90,000 of that
Income Deductions of Subsidiary Companies(Bond
12,838,2637& under the equipment trust
Rentals and Miscellaneous Interest Charges)
company's car equipment bonds were also retired. Likewise
$7.575,324 19
of
Net Income of Subsidiary Companies
8% notes of Public Service Gas Company to the amount
Public Service Corporation of New Jersey In$432,000 were retired, and Public Service Railway Company
come from Securities Pledged (exclusive of
retired $388,000 equipment trust certificates of series "I),"
dividends on stocks of operating companies)
"E" and "F," in accordance with the equipment trust agree$2,606.932 63
from Miscellaneous Sources
and
653.817 27
Less Expenses and Taxes
1,953,115 36 ments.
Public Service Gas Company issued under date of August
$9,528,439 55 1 1923 $650,000 6% notes for the construction of a new
PUblic Service Corporation of New Jersey Inboiler plant at the Camden Coke works and of these $90,000
come Deductions
were paid during the year.
$3.977,382 34
Interest Charges
The Customer Ownership plan of selling the Corporation's
159,319 30
Amortization of Debt Discount and Expense
cumulative preferred stock has continued to be popular with
45,862 80
from Income
Other Contractual Deductions
4.182,564 44
our customers, affording them, as it does, an opportunity to
in
Invest advantageously small sums on the installment plan
of New Jersey and
Net Income of Public Service Corporation
$5,345,875 11 a utility property which they are familiar with and with
Subsidiary Companies
they have business dealings. There have been sold to
Appropriation Accounts of Subsidiary Companies
245,944 60 which
Adjustments of Surplus Account (credit)
customers and paid for in full to date in this way a total of
$5,591.819 71 128,808 shares to 24,068 subscribers.
of
Appropriation Accounts of Public Service Corporation
New Jersey (exclusive of dividends)(Credit)
75,515 66
THE ELECTRIC COMPANY.
The same rapid increase in demand and production which
has characterized the operations of Public Service Electric
on Preferred Stock of Public Service Corporation
Dividends
1,930,156 19
Company during the past years was continued during 1923.
of New Jersey
Production for the first time in the Company's history
Stock
Net Increase in Surplus before payment of Common
$3.737,179 18 reached the billion mark, 1,053,906,064 kilowatt hours, an
Dividends
of 12% over 1922, having been generated. On Depaid on increase
During the year regular quarterly dividends were
cember 31 there were 426,606 meters in service, a gain of
in 1922.
:the 8% Cumulative Preferred Stock and on the 7% Cumula- 82,297 in the year, or 18,396 more than were added
rate of $2 This large increase is largely due to the wiring of more than
.tive Preferred Stock. Quarterly dividends at the
common 35,000 houses hitherto without electric service and the un_per share on the 300,000 shares of $100 par value
served_
$1 per share usual building activity in the territory
stock for the first quarter, and at the rate of
During the year there were sold through our commercial
the
.on the 60,000 shares of no par value common stock for
offices electric appliances to the value of $1,854,942 94, or
last three quarters were paid during the year. The total more than $650,000 in excess of the sales made in 1922.
The increase in the use of both electricity and gas may be
_amount of such common stock dividends was $2,400,000.
giving users and prospective
In anticipation of future capital requirements, the Certifi- traced in part to the policy of problems of lighting, heatusers assistance in solving their
of Incorporation of the Company was amended by ac•cate
ing and power installations. The service organization under
tion of the Stockholders on April 2, to provide for a total the New Business department has been strengthened and en-authorized capital stock of the Corporation of $100,000,000 larged with good results.
Owing to the voluntary reduction made in the Company's
.of Preferred stock, divided into 1,000,000 shares of $100
price re.
each, and 2,000,000 shares of common stock of no par value. rates, effective in December 1922, the average
of that supstock, 250,000 shares, amounting to $25,000,- ceived per kilowatt hour for current, exclusive
Of the preferred
plied to affiliated companies, was 4.5578 cents, as against an
000, is .8% Cumulative Preferred Stock, 500,000 shares, average of 5.0685 cents in 1922, the greater volume of sales,
_amounting to $50,000,000, being 7% Cumulative Preferred however, increasing the total of the Company's revenue.
.Stock and .250,000 shares, amounting to $25,000,000, being
The Company's program of expansion made satisfactory
6%
. Cumulative Preferred Stock. Pursuant to this amend- progress during the year. On July 12 work began on the
to elsement, 600,000 shares of no par value common stock were first section of the Kearny power plant, referred
in exchange for the 300,000 shares of outstanding where in this report.
Issued
The enlargement of Essex Station to a total capacity of
• common stock of the par value of $100 per share.
195,900 K.V.A. is on its way to completion. Two of the three
During the year an additional 30,941 shares of 8% Cumu- new 35,300 K.V.A. units were put into service during 1923
lative Preferred stock, amounting to $3,094,100, and 69,340 and the third will be ready early in 1924. Four 1,890-horseshares of 7% Cumulative Preferred Stock, amounting to $6,- power boilers were installed during the year, and with four
to be ready in 1924,
934,000, were issued and sold at par. The Company pur- additional boilers of the same capacity
will complete the boiler equipment.
• chased during the year at par an additional issue of 60,000
At Marion, work on a new switch house, similar to that
shares of Public Service Electric Company stock, amounting at Essex Station, and the reconstruction of the bus and
.to $6,000,000, an additional issue at par of 30,000 shares of switch arrangements was begun and will be completed in
,Public Service Gas Company stock, amounting to $3,000,000, 1924.
In March, an arrangement which insures for a period of
an additional issue at ten dollars a share of 50,000 shares of
no par value stock of Public Service Production Company, ten years, from the same source that has proven satisfactory
. and an additional issue at $10 per share of 13,400 shares of In the past, and at a stabilized price, a minimum of 1,000,000
no par value capital stock of Public Service Transportation tons of coal a year, was entered into.
No new substations were put in service, but work is now
Company. The Corporation also purchased at $10 per share
• 299,992 shares of the no par value common stock of Public under way on large and important substations on Miller
Service Electric'Power Company. Public Service Electric Street and on Norfolk Street, Newark; Race Street, BloomPower Company sold during the year $14,000,000 of 6% First field; Culver Avenue, Jersey City, and at Bound Brook,
Mortgage Sinking Fund Gold Bonds, and $6,000,000 par while extensive rehabilitation work was done on those at
value of 7% Preferred Stock. The proceeds of these issues Irvington; Seventh Street, West New York; Hackensack;
. and of the common stock were deposited with the Trustee Plainfield; Atlantic Avenue, Camden, and Mt. Holly, and
under the mortgage to be used for the construction of the progress was made on the rehabilitation of the City Dock,
$5,667,335 37
1542
T FrE CHRONICLE
[Vol.. 118.
Newark, Substation, the largest in the system. New installa- vice early in the year at the
Camden Gas plant. Substantions at seventeen substations have added 26,780 K.V.A. to tial and attractive combined
distribution shops and storetransformer capacity.
rooms have been erected at Somerville and Englewood.
Distribution line capacity has been materially increased and three acres of land
have been purchased at Sumby further work in connection with the Company's policy of mit upon which a holder and a
distribution shop will be
changing the distribution system from two to three phase. erected.
During the year the change was made in three substations
In the larger plants, betterments have been completed and
and work was started in seven others.
are under way, designed to increase efficiency and effect
Nine important transmission lines, further tying together economies in production. Changes
made and in the making
generation stations and substations and materially increas- affect West End, Market Street,
Camden Gas, Camden Coke,
ing available capacity, were made during the year, while a Paterson and Consumers
works. A new dock for the accomnumber of important 13,000 and 26,000-volt circuits were in- modation of barges has been
built at West End and a bulkstalled for the accommodation of large customer utilizations, head at Camden. The purifiers
at both West End and Maramong which was the construction operations in the vehicu- ket Street have been
remodeled, while at the Camden Coke
lar tunnel under the Hudson River.
works, extensive alterations in
In July, the tie-in with the Philadelphia Electric Com- making equipment, including the coal handling and steam
a new boiler house and a batpany was completed, permitting the utilization of purchased tery of four new boilers
to supply both Camden Coke and
current in the Camden territory.
Camden Gas, were begun and will be completed in 1924. The
PUBLIC SERVICE ELECTRIC POWER COMPANY.
Ridgewood gas supply has been further improved by the
The breaking of ground, on July 12 1923, for the Kearny Installation of an additional compressor at the
Paterson
electric generation station, being constructed by Public Ser- works.
vice Electric Power Company for lease to Public Service
THE RAILWAY COMPANY.
Electric Company, was the initial step in a program of first
Serious problems were encountered during the year in the
importance, both to northern New Jersey and Public Service. operation
of the Railway Company. Attention has been
The remarkable growth industrially and in the matter of called in
previous reports to the crippling effect of competipopulation of this section of the State has created a demand tive
jitneys, and during the year the Governmental policy
for electric facilities that can be met only by wide expan- which
encouraged their operation bore its fruit in a transsion of Public Service plant and equipment. The construc- portation
tion of the Kearny station and the accompanying extension company crisis which worked injury to both public and
interests.
and improvement of the transmission and distribution sysThe expiration on August 1 of the wage agreement with
tem provides such expansion.
the Company's employees and their demand for an increase
The Kearny plant will occupy a tract of approximately In pay
amounting to 30% precipitated the trouble. The
110 acres on the Hackensack River, in the Town of Kearny. financial
The station is to be erected in two sections, the first of possible condition of the Company was such that it was imto grant the men's demand.
which, now under construction, will have a capacity of
Following the favorable trend, called to the attention of
205,100 K.V.A., the second section being designed to at least
stockholders in the annual report for 1922, operation for the
double this capacity.
first six months of 1923 showed a margin of some $202,000
Three General Electric Company 39,200 K.V.A. and two after
Westinghouse 43,750 K.V.A. generators constitute the gene- for, operating expenses and fixed charges were provided
but this amount and more was needed to meet the deficit
rating equipment for the first section, the main buildings of
accumulated since 1917.
which, boiler room, turbine room, switch house and adminThe Company made every endeavor to secure a renewal
of
istration buildings, will have 225,000 square feet of floor the
agreement with the men at the old rate of pay and as
space. A large outdoor substation adjoining the generation
a
compromise offered to apply to wage increases the estimated
station will be a feature of the plant.
surplus for the year, but without success. On August
1 its
Practically all of the station site not occupied by buildings
trainmen quit work and for a period of fifty-one
days,
and for substation purposes will be used for coal storage, the
cars were operated. The decision of the Company not no
to
ultimate storage capacity to be approximately 375,000 tons.
attempt operation with new employees was based on
This new project has been successfully and economically
the
impossibility of securing a sufficient number of competent
financed and upon completion will permit the efficient generation of current to meet the requirements of our Northern men, and upon its belief that any attempt to run cars would
lead to disorder and the destruction of property.
territory. It is not too much to say, that it is one of the
After careful consideration, there was presented to
greatest contributions to the prosperity of the State that has
the
State and Municipal authorities and to the public generally
yet been made.
a "Plan of Settlement," providing for the co-ordination
of
THE GAS COMPANY.
both trolley and bus operation under the Company's
manGas sold by Public Service Gas Company in 1923 amouned
agement. It was stipulated that the Company would
purto 15,558,279,000 cubic feet, an increase of 10.27% over the chase
competing buses, give employment to competent bus
sales of 1922, and 1,821,000,000 cubic feet more than has ever
operators, grant a 20% increase in wages to employees
before been sold by the Company in a single year. On De- put
and
into effect a universal fare of seven cents with transfers
cember 31 there were in service 609,140 meters, an increase
between trolleys and buses. The Muncipal and
State aufor the year of 25,298, while the sales of gas appliances
thorities were asked to co-operate.
through the commercial offices amounted to $2,515,169.
The plan was endorsed by commercial organizati
ons all
This gratifying growth in business is the result of both
over
domestic and industrial use. The application of gas to in- and the State, was accepted by a number of municipalities
petitions favoring its acceptance were signed by nearly
dustrial processes, which a comparatively few years ago
400,000 citizens.
was a negligible quantity, now represents more than 13%
Owing to the mixed jurisdiction of the State and
of gas consumption, is rapidly developing, and has widened
the Municipalities, however, the plan was not accepted.
extensively the field of service of gas utilities. Combined page
The stopof street car service and the inability of the
with the popularity of gas for domestic use, it has largely
buses to
Increased demand and made necessary the extension and adequately supply the demand for transportation, was in
the meantime causing such loss and inconvenie
nce to the
improvement of generation and distribution facilities.
public and especially to business men, their
employees
The Company is satisfactorily meeting the requirement
patrons, that the Governor of the State, acting through and
for additional plant and equipment. During the year 135
the
Attorney-General, and on the plea that public interest
miles of new main were laid, bringing the total up to 3,467 quired
rethe immediate resumption of street car service.
miles, while in the same period 21,654 services were in- brought
an action in equity before the Chancellor, for an
stalled.
Injunction to compel the Company to
resume service.
In keeping with its policy of preparedness for future reIn
quirements, substantial progress was achieved in extending the granting the injunction, the Chancellor pointed out that
way was open for a just settlement of the
supply mains. Nearly one-half of the line designed to contransportation
difficulty, saying as to the effect of the Court's
nect the Harrison and Passaic holders, and so make avail- think
action: "I
. . . that the effect will be to stimulate
able in the Passaic district, the resources of the Market
negotiations to settle the many difficulties with which
Street, West End, and ultimately the contemplated Harrison Is
the Company
confronted."
works, was laid. A considerable part of the new line beThe injunction was accepted without appeal
tween Burlington and Mt. Holly was constructed; installaby the Company, which granted a 20% increase in
wages, and resumed
tion of pumping and high pressure mains in the Essex divioperation on September 21.
sion, insuring adequate supply to Orange, South Orange,
Shortly afterward the Company adopted,
Maplewood, Summit and Morristown was completed; the
tion of the Board of Public Utility Commissio at the suggeslaying of large sized main in Southard Street, Trenton, inners, for a trial
creased the surety of the supply in the Hillside section of period of four months beginning October 1, a rate schedule
which provided within the limits of the
Trenton; service in the Bergen division was further imlarger cities served
a five-cent fare with an additional five
proved by the laying of an additional main under the Hack-cent charge in the
suburbs, no transfers. The rate of eight cents,
ensack River to connect the Hackensack works with Bogota, for
four tokens
thirty cents, one-cent transfer, in effect before
and the 16-inch main between Leonia and Englewood has was
the strike,
continued in all other parts of the territory. This
been laid, while right-of-way has been secured for an 8
-inch schedule as applied to the traffic
of the Railway Company
main extending from the Bergen Turnpike into the Union Is
substantially equivalent to the fare in effect before the
Hill District.
cessation of service.
Additions to plant have kept satisfactory pace with reThe
quirements. A 5,000,000 cubic foot holder was put in ser- for thenew rates have not so far produced adequate revenue
operation of the system. They have, however, quite
1543
THE'CHRONICLE
MAR. 29 1924.]
satisfaclargely increased riding, and revenue is.much more
tory than at first.
perfectThe Company has made considerable progress in
and
ing its plan for co-ordinating street car and bus service
economies
has been able to put into effect some important
coIn operation, which permit the hope that, with public
operation in the carrying out of its co-ordination program,
It will within a reasonable time, be operating on a satisfactory and stable basis.
The business of both The Riverside and Fort Lee Ferry
Ferry
Company and the Port Richmond and Bergen Point
year.
Company showed a satisfactory increase during the
In the case of the former an increase of nearly one quarter
called
in the number of vehicles, mostly automobiles, carried
steps
attention to the -necessity of increasing facilities, and
New
were taken to provide an additional ferry slip on the
York side and to provide a double gangway for vehicles on
the "Hackensack" and "Tenafly," the two largest boats in
the fleet.
ground
To this report the Company filed exceptions on the
if inthat several items had been improperly omitted whichvalue,
cluded would have given the property an increased value
while the defendants excepted on the grounds that the
was too high.
Court,
The exceptions have been argued before the District
which reserved decision.
and which
On October 1 the fare schedule now in effect,
was
calls for a five-cent fare within the larger city areas,
Utilities
applied for at the suggestion of the Board of Public
DisCommissioners, and was accepted by the United States
Court, without prejudice to the proceedings before that
trict
Court.
THE PRODUCTION COMPANY.
The organization of Public Service Production Company
was announced in the report for 1922. Since that time this
new Public Service enterprise has been expanded as to personnel in both its engineering and construction division and
has accomplished a large amount of work.
Construction work at Essex and Kearny electric stations
has been in the hands of the Production Company, which in
addities has under way a considerable volume of engineering morconstruction work for the Electric Company, a large
part of which consists of the expansion and improvement
of transmission, substation and distribution facilities necessary to make the Electric Company's increased capacity
available to customers.
The engineering designs which will give Kearny station a
capacity of 250,000 horsepower have been practically completed, and construction work is progressing satisfactorily.
With the exception of one job, when a subcontract was let to
avoid the necessity of a large investment in equipment, the
work done has been carried on by the Company's own organization and under the supervision of its own engineers.
During the year, the services of Mr. Thomas J. Wasser,
formerly State Highway Engineer of New Jersey, were secured as Civil Engineer in charge of highway construction
contracts. During the year thirty-five miles of concrete
highway were completed, seven miles in New Jersey and
twenty-eight miles in North Carolina.
There was also Completed in 1923 the sewer system for the
Fisk Street drainage area in Jersey City, while the sewage
disposal plant for Hackensack was brought to practical
completion.
A number of contracts for the installation of electric substations for industrial plants, a class of business which it is
believed will show a steady growth, were secured.
The Company is equipped in both personnel and plant, to
handle construction and engineering work of various kinds.
and an expansion of its activities may be confidently looked
for.
WELFARE WORK.
y
An expenditure during the year of $180,801 76, voluntaril
and penmade in connection with insurance, sick benefits
obligasions, as against $143,556 33, made in meeting the of the
tions imposed by the Workmen's Compensation law in the
s
State, is indicative of the attitude of the Companie further
be
matter of relations with their employees. It may workmen's
of
noted that of the sum expended on account
by the
Compensation, $11,129 31 consists of payments made
Companies in excess of legal demands,
the rolls of
On December 31 there were 160 pensioners on
thirty-two having been added during the year,
the Company,
while death removed fourteen.
1,078 in
Sick benefits were paid in 1,036 cases as against
recorded
1922, while seventy-nine deaths of employees were
Expenditures unas against eighty-four the previous year.
der the Welfare plan were:
1922.
$28,202 00
32,165 44
82,054 02
18,425 64
8180.801 76
8160,847 10
and
Increase in the amounts expended for both insurance
paid to benesick benefits is due to the increase in rates
September
ficiaries, which the Companies put into effect on
was normal.
1 1922. Increase in money paid out in pensions
ion
Payments made on account of Workmen's Compensat
show an increase of $29,756, as follows:
1923.
8114,200 94
11.129 31
18,226 08
1922.
888,966 40
9,575 45
15,258 44
$143,556 33
Payments required by law
Payments not required by law
Expenses of department
8113,800 29
ts
More than $25,000 of this increase is due to amendmen
which
law, which became effective July 1 1923, and
to the
It is bematerially increased the obligations of employers.
when fully effective the increased payments relieved that
Compensation
quired will advance the cost of Workmen's
about 30%.
PROPERTY ACQUIRED.
In addition to the purchase of approximately 110 acres of
land on the west bank of the Hackensack River, some 2,000
feet north of the Lincoln Highway, as a site for the Kearny
power station, real estate for substation sites was acquired
In nine different municipalities, where the rapidly increasing demand for electric light and power service, now requires, or will in the near future require, expansion of facilities. The land purchased is situate in Newark, Bloomfield, Montclair, Orange, Jersey City, Chester Township,
Hamilton Township, Middlesex Borough and Stratford. A
right-of-way through Burlington City for a transmission line
leading from Burlington Generation Station was also acquired, as was an 187-foot tract of river front property, with
riparian rights in Edgewater, adjoining the property of The
Riverside and Fort Lee Ferry Company to permit extension
of ferry facilities.
THE NEWARK TERMINAL.
Work on a much-needed extension to the Terminal in
Newark was begun during the year and is being rapidly
pushed to completion. The southern wing of the building
Is being carried out for a distance of eighty-six feet to Pine
Street, upon which it will have a frontage of 98.6 feet.
The seven stories of the structure will provide an additional 45,000 square feet of floor space and will permit a
rearrangement of offices which will provide accommodations badly needed by the rapidly growing organizations of
the operating Companies.
It is planned to further extend this addition by carrying
it out to Canal Street.
RATE CASES.
On June 9 1923 former Judge Thomas G. Haight, the Special Master appointed by the United States District Court to
take evidence in the proceedings instituted by Public Service Railway Company in 1921, handed down a report, fixing the value of ,the Company's property used and useful in
the operation of the Company at $110,000,000, and continuing the rate of eight cents, four tokens for thirty cents, one
cent transfer.
1923.
$34,700 00
39,059 83
85.595 77
21.446 16
Insurance
Sick Benefits
Pensions
Expenses
TAXES.
on
The contributions to government made by the Corporati
subsidiaries in the form of taxes continues to inand its
was
crease. In 1923 it amounted to $8.555,92485, which ce
$275,698 57 more than accrued in 1922, and in consequen
of the
the largest payment for taxes made in the history
Corporation.
Oft the total, $57,190 24 was levied against the Corporawhich
tion, leaving $8,498,734 61 to be paid by subsidiaries,
10.7% of
for the operating utility companies amounted to
gross revenues and 29.7% of net earnings.
As was pointed out in the last annual report, the question
the
of public utility taxation is one which seriously affects
of the users of public utility service, by adding sub- .
interest
This
stantially to the amount collected from them in rates.
not
Is particularly true of imposts, such as paving charges,
Included in taxes, levied against the Railway Company.
The car rider, as such, receives very little, if any, benefit
from paving, yet he is called upon to pay, through his fare,
a substantial amount of the total cost.
The entire tax situation, including Federal, State and
Municipal taxation, is one that stands in need of correction.
It is to be hoped that the movement for reform of taxing
methods, which is gaining headway in this and other States,
will lead to a thorough study of existing practices as they
apply to public utilities and the consequent adoption of tax
laws more compatible with fairness and justice to the users
of utility service.
INSURANCE.
The property of subsidiary companies is amply covered by
fire insurance. On December 31 1923 insurance to the
amount of $54,489,062 75, involving the payment of premiums to the amount of $161,063 35, was in force. The
average rate per $100 was 29.56 cents, as against 30.17 paid
in 1922, a reduction of .61 cents. Insurance in force December 31 1923 was $4,668,428 75 more than on December 31
1922.
FINANCIAL STATEMENT AND STATISTICAL INFORMATION.
Attention is called to the balance sheets and statements of
earnings and expenses of the Corporation and its subsidiary
companies, which have been verified by Niles and Niles,
Certified Public Accountants of New York, and to the usual
statistical information and other statements herein submitted.
THOMAS N. McCARTER, President.
1544
THE • CHRONICLE
[Vol,. 118.
COMBINED RESULTS OF OPERATIONS, PUBLIC SERVICE CORPUBLIC SERVICE CORPORATION OF NEW JERSEY AND
PORATION OF NEW JERSEY AND SUBSIDIARY UTILITY
SUBSIDIARY UTILITY COMPANIES.
COMPANIES.
CONSOLIDATED liALANCE SHEET DECEMBER 31 1923.
FOR THE TWELVE MONTHS ENDING DECEMBER 31 1923.
ASSETS.
Operating Revenue of Subsidiary Companies
579,107.882 48 Fixed Capital
Operating Expenses and Taxes
$347,660,067 15
$53.037,094 27
Investments
Amortization Charges
4,408.207 49
5,949,666 04
Sinking Funds and Other Special Funds
58 986.760 31
Sinking Funds
$1,215 37
Operating Income
Other Special Funds
$20,121,122 17
868,097 83- 869.313 00
Non-Operating Income
Special Deposits
99.724 73
Interest on advances to Public Service CorCurrent Assets
poration of New Jersey
Materials and Supplies
$48,591 78
$5.982,254 60
Other Non-Operating Income
Cash
243,873 99
4,616.054 31
Bills Receivable
292,465 77
17.147 69
Accounts Receivable
8,240.714 07
$20,413,587 94
income Deductions of Subsidiary Companies(Bond Interest,
Interest and Dividends Receivable
5,908
Rentals and Miscellaneous Interest Charges)
Other Current Assets
197,538 01-19.059.614 79
12.838.263 75 Subscribers
to and Purchasers of Cumulative Preferred
Net Income of Subsidiary Companies
$7,575,324 19
Stock of Public Service Corporation of New Jersey under
-Public Service Corporation of New Jersey InDeferred Payment Plan
come from Securities Pledged (exclusive of
1.263,31374
Deferred Charges
dividends on Stocks ofoperating companies)
Prepayments
and from Miscellaneous Sources
5704,400 66
$2.606,932 63
Unamortized Debt Discount and Expense. 3.710.355 50
Less Expenses and Taxes
653,817 27
Other Suspense
104,356 32- 4,519.112 48
1.953.115 36
$9.528.439 55
$377.879.353 38
Public Service Corporation of New Jersey InAM{
come Deductions
LIABILITIES. CAPITAL STOCK AND SURPLUS.
Interest on Perpetual Interest Bearing CerFunded Debt
tificates
51.205,643 60
Interest on Public Service General Mortgage
Funded Debt of Public Service Corpora5% Bonds
tion of New Jersey
1.800.000 00
Interest on 20
Funded Debt of Operating Subsidiaries360,673,065 00
-Year Secured 7% Gold Bonds
681,158 33
Interest on Miscellaneous Obligations
Controlled through Stock Ownership_ _ _ 44,503.952 89
290,580 41
Amortization of Debt Discount and Expense
Funded Debt of Lessor Companies Con159.319 30
Other Contractual Deductions from Income
trolled through Stock Ownership
45.862 80
Funded Debt of Lessor Companies not 25.659.000 00
4.182.564 44
Net Income of Public Service Corporation of New Jersey and
Controlled through Stock Ownership_
69.979.109 37
Subsidiary Companies
$5.345,875 11 Bills
$200,815.127 26
Appropriation Accounts of Subsidiary Companies
Payable
.12,539.893 32
Current Liabilities
Adjustment of Surplus Accounts (credit)
245,944 60
Federal Income and Excess Profits Taxes
Accrued
Appropriation Accounts of Public Service Corporation of $5.591.819 71
$1,564,350 09
Other Taxes Accrued
New Jersey (exclusive of dividends) (credit)
4,162,161
75.515 66
Interest Accrued
2,400,921 58
Other Accrued Liabilities
$5,667,335 37
361,469 98
Dividends on Preferred Stock of Public Service Corporation
Consumers' Deposits
3,082,128 88
of New Jersey
Other Accounts Payable
1 930,156 19
4.059,565 11
Other Unfunded Debt
Net Increase in Surplus before payment of Common Stock
399,171 33-18.029.768 14
dividends
$3,737,179 18 Reserves
Premiums on Stocks
51,75000
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Other Permanent Reserves
594,834 67
Contractual Reserves
96,135 81
BALANCE SHEET DECEMBER 31 1923.
Accrued Amortization of Capital
19,625.114 11
Unamortized Premium on Debt
ASSETS.
8.020 39
Investments
Casualty and Insurance Reserve
1,059,223 74
Securities of eubsidiary and leased comReserve for Bad Debts
247,579 66
panies
Other Optional Reserves
5126.566.054 96
1,201,198 20-22.833,856 58
Perpetual Interest-bearing Certificates
Capital Stock
(par $888,995 00)
Capital Stock of Public Service Corpora888,995 00
General Mortgage 5% Sinking Fund 50
tion of New Jersey:
Year Gold Bonds (par $1,525,000)___ - 1,295,75000
Common Capital Stock-$30,000,000 00
_
20
-Year Secured 7% Gold Bonds (par
8% Cumulative Preferred
$98,000)
Stock
98,800 75
21,508.600 00
Other securities
7% Cumulative Preferred
62,387 60
Advances to
Stock
6.934,000 00
Public Service Railroad Company__ _ _
Capital Stock of Operating
300.000 00
Public Service Production Company
Subsidiaries Controlled
200,000 00
Public Service Transportation Co_ _
through Stock Ownership
1,287,506 84
24.680 00
Real estate
82,964 79
$58.467.280 00
Capital Stock of Lessor
$130.782,459 94
Treasury Bonds
Companies Controlled
General Mortgage 5% Sinking Fund 50
through Stock Ownership $867,596 67
Year Gold Bonds
Capital Stock of Lessor
12,500,000 00
Sinking Funds and Other Special Funds
Companies not ConSinking Fund of General Mortgage 5%
trolled through Stock
Sinking Fund 50
Ownership
-Year Gold Bonds__
55.439.605 33
$3.227,470 61
Sinking Fund of 20
-Year Secured 7%
56.307.202 00
Gold Bonds
143 75
Subscriptions to and Sales of Cumulative Preferred Stock 114.774.482 00
Other special funds
362,014 45
of Public Service Corporation of New Jersey under
3.589.628 81
current Assets
Deferred Payment Plan
1,881.400 00
Cash
Corporate Surplus
$2,596,280 75
Bills receivable
Balance Dec. 31 1922
11,250 00
$7.667,988 90
Accounts receivable
Net Income year ending
534.805 50
Interest and dividends receivable
Dec.31 1923
55.667,335 37
158,467 01
Less dividends to unaffili3.300,803 26
Subscribers to and 'Purchasers of Cumulaated interest on Cumulative Preferred Capital Stock under Detive Preferrl Stock of
ferred Payment Plan
Public Service Corpora857 Cumulative Preferred
tion of New Jersey:
$244,768 74
7% Cumulative Preferred
8% Cum.
1.018,54500
Pfd. Stk. $1,642,282 38
1,263,313 74
Deferred Charges
7% Cum.
Prepayments
Pfd. Stk.
287,873 81
$27.752 50
Unamortized debt discount and expense_
1.930,156 19
4,035,299 58- 4,063.052 08
$3,737.179 18
Dividends on Common Cap$155,499,257 83
ital Stock of Public Service Corporation of New
LIABILITIES, CAPITAL STOCK AND SURPLUS,
Jersey
2.400.000 00
Funded Debt
General Mortgage 5% Sinking Fund 50
$1,337,179 18
Dividends to minority inYear Gold Bonds
$50,000.000 00
terest on stocks of operPerpetual Interest
-bearing Certificates
20.109,060 00
ating subsidiaries
-Year Secured 7% Gold Bonds
20
342 00-1,336.837 18
9,598,00000
Balance Dec. 31 1923
$79,707,060 00
9,004.826 08
Bills Payable
11.419,80000
Current Liabilities
$377,879,353 38
Interest accrued
$801,555 36
Other accrued liabilities
127,023 09
The assets and liabilities of Public Service Production Company and
Accounts payable
27,161 59- 955,740 04 Public Service Electric Power Company are not included in this
ConsoliReserves
dated Balance Sheet.
Premiums on stocks
$1,750 00
Contractual reserves
96,935 8198,685 81
PUBLIC SERVICE ELECTRIC COMPANY.
Capital Stock
Common capital stock
INCOME ACCOUNT.
$30.000,000 00
857 Cumulative preferred capital stock
21.508,600 00
For the Twelve Months Ending December 31 1923.
7% Cumulative preferred capital stock
6,934,000 00-58,442,600 00 Operating Revenue
Subscriptions to and Sales of Cumulative
531,188.595 Si
Operating Expenses and Taxes
Preferred Capital Stock under De517.769.810 56
Amortization Charges
ferred Payment Plan
3,662.021 74
8% Cumulative Preferred
$558,900 00
Operating Revenue Deductions
7% Cumulative Preferred
21,431,832 30
1,322,500 00- 1,881.400 00
,Corporate Surplus
Operating Income
59,756,763 21
Balance Dec. 31 1922
Non-Operating Revenue
$2,982,427 59
$149,815 15
Net income year ending Dec.31 1923Non-Operating Revenue Deductions
4,266.38492
20,122 59
Total
Non-Operating Income
$7,248,812 51
129,692 56
Additions to surplus
75,515 66
Gross Income
Income Deductions (Bond Interest, Rentals and Miscel- $9,886,455 77
$7,324,328 17
laneous Interest Charges)
Less dividends paid during year
3,143,485 76
Net Income
Common capital stock_ _52,400,000 00
56.742.970 01
Appropriation AccountsAccounts
8% Cumulative Preferred
Adjustment of Surplus Account (exclusive of dividends)
us
Capital Stock
1,642.282 38
(credit)
757 Cumulative Preferred
54,049 80
Capital Stock
287,873 81
$6,797,010 81
Dividends on Outstanding Stocks
4.330,156 19
Paid to Publlc Service Corporation of New
Balance ofsurplus December 31 1923
Jersey
2,994,171 98
00
Paid to Unaffiliated Interests (Directors)-- $4,589,904 00
96
$155,499,25783
4,590,000 00
Net Increase In Surplus
52,207,019 81
MAR. 29
PUBLIC SERVICE ELECTRIC COMPANY.
BALANCE SHEET DECEMBER 31 1923.
ASSETS.
Capital
Fixed
547,586.293 55
Balance December 31 1922
Construction-Year Ending Dec. 31 1923- 15,399.926 94
Total
Less property written off during year
Balance December 31 1923
Investments
Sinking Funds and other Special Funds
Current Assets
Materials and Supplies
Cash
Accounts receivable
Other current assets
1545
THE CHRONICLE
1924.]
$62,986,220 49
799.909 38
562,186.311 11
854,775 33
23,340 49
$3,152,211 61
661,240 32
7.600,16537
116,000 00
Deferred Charges
Prepayments
Unamortized debt discount and expense_
Other suspense
11,529.617 30
5496,974 80
47,515 30
52.330 75
596,82085
575,190.865 08
LIABILITIES, CAPITAL STOCK AND SURPLUS.
Funded Debt
$283,166 67
Realestate mortgages
Public Service Gas Company's notes
632,00000
8% notes
560.000 00
6% notes
454,434 08
Advances for construction
51.929.600 73
191.00000
Bills Payable
Current Liabilities
31.195,682 06
Taxes accrued
172.927 42
Interest accrued
468,938 09
Other accrued liabilities
1,565.227 30
Consumers' deposits
1,493.931 18
Other accounts payable
271,146 96
Other unfunded debt
5,167.853 01
Reserves$890,848 27
Permanenrreserves
2,931,735 81
Accrued amortization of capital
27 45
Unamortized premium on debt
183.985 96
Casualty and insurance reserve
109,026 45
Other optional reserves
4,115.623 94
Capital Stock
520,660,000 00
Public Service Gas Company
100,000 00
Camden Coke Company
20,760.000 00
Surplus
Corporate
$1,169,953 98
Balance December 31 1922
Net income year ending December 31 1923 2,698.928 61
LIABILITIES, CAPITAL STOCK AND SURPLUS.
Funded Debt
81.090.00000
Equipment obligations
1.014,158 33
Real estate mortgages
1.039.020 71
Advances for construction
53,143.179 04
539.000 00
Bills Payable
Current Liabilities
$1,913,542 21
Taxes accrued
445,633 83
Interest accrued
246,220 24
Other accrued liabilities
1,516,901 58
Consumers' deposits
1.308.362 86
Other accounts payable
128,024 37
Other unfunded debt
5,558,685 09
Reserves
$1,202,218 11
Permanent reserves
15,161,137 30
Accrued amortization of capital
21 35
Unamortized premium on debt
282,090 80
Casualty and insurance reserve
•
373,322 05
Other optional reserves
17.018,789 61
42.250.000 00
Capital Stock
Corporate Surplus
53
$4,474,191
Balance December 31 1922
Net income year ending December 31 1923 6.742.970 01
Total
Additions to Surplus
$3,868,882 59
679 20
Less dividends paid during year
53.869.561 79
1.906,00000
1.963.561 79
Balance of surplus December 31 1923
534.127.639 49
PUBLIC SERVICE RAILWAY COMPANY AND AFFILIATED
COMPANIES.
Public Service Transportation Co.
Public Service Railroad Co.
Port Richmond & Bergen Point Ferry Co.The Riverside & Fort Lee Ferry
Co.
Col
Highland Improvement
New York Harbor RealEstate Co.
Peoples Elevating Col
CONSOLIDATED BALANCE SHEET DECEMBER 31,1923.
ASSETS.
-Fixed Capital
Road and Equipment
*5106,291,797 94
Balance Dec. 31 1922
Additions to Property-Year ending Dec.
2,651,089 28
31 1923
5108,942.887 22
Total
603,359 48
Less Property Written Off During Year
$108,339,527774
Balance Dec. 31 1923
686.755'79
Investments
34.569140
Sinking Funds
Current Assets
$743.079 99
and Supplies
Materials
$11,217,161 54
Total
678.638 78
Cash
54,049 80
Additions to surplus
1,67289
Loans and Notes Receivable
242,047 09
Miscellaneous Accounts Receivable
511,271,211 34
4.417 14
interest, Dividends and Rents Receivable
99.724 73
4.590.000 00
Special Deposits
Less dividends paid during year
66,588 01
Other Current Assets
43
1,836,1686,681,211 34
Balance of surplus December 31 1923
12.74545
Deferred Assets
$75,190.865 08 Deferred Charges
Rents and Insurance Premiums Paid in
$136,211 29
Advance
1.18500
Interest Paid in Advance
PUBLIC SERVICE GAS COMPANY.
607,470 47
Discount on Funded Debt
22,052 32
INCOME ACCOUNT.
Other Unadjusted Debits
766,919108
For the Twelve Months Ending December 31 1923.
Corporate Deficit
4992.044 11
$24,814,283 34
Balance Dec. 31 1922
Operating Revenue
1,866.574 43
$16,669,660 39
Net Loss Year ending Dec. 31 1923
Operating Expenses and Taxes
*1,204.891 61
Amortization Charges
52.858,618 54
Total
191,215 60
17,874,552 00
Operating Revenue Deductions
Profit and Loss Adjustments (credit).
Operating Income
Non-Operating Revenue
Non-Operating Revenue Deductions
$6,939.731 34
$49,850 17
7,38544
•
42,464 73
Non-Operating Income
$6,982,196 07
Gross Income
Income Deductions (Bond Interest, Rentals and Miscel4.283.267 46
laneous Interest Charges)
52,698,928 61
Net Income
n o
Appropriation Accounts
Adjustments of Surplus Accounts (exclusive of dividends)
679 20
(credit)
$2.699,607 81
Dividends on Outstanding Stocks
Paid to Public Service Corporation of
51.905,93000
New Jersey
•
70 00
r Paid to Unaffiliated Interests (Directors)_ _
1.906,00000
$793,607 81
Net Increase in Surplus
* Includes $226,977 65 Camden Coke Company Amortization.
PUBLIC SERVICE GAS COMPANY AND CAMDEN COKE COMPANY
CONSOLIDATED BALANCE SHEET DECEMBER 31 1923.
ASSETS.
Fixed Capital522.895,211 64
.'Balance December 31 1922
L Construction-Year ending Dec. 31 1923-- 4.896,807 22
Total
Less property written off during year
Balance December 31 1923
Investments
Sinking Funds and other Special Funds
Current Assets
Materials and supplies
Cash
Bills receivable
Accounts receivable
Interest and dividends receivable
Other current assets
Deferred Charges'', Prepayments
Unamortized debt discount and expense.._ _
Other suspense
$27,792,018 86
467,390 17
527,324,628 69
151,626 51
574,210 61
$2.086,963 00
679,894 46
4.22500
3,133,121 01
3,339 72
14,950 00
5,922.493 19
$30,951 09
93.756 15
29,973 25
52,667.49294
Dividends Paid Unaffiliated Interests by
The Riverside & Fort Lee Ferry Company and Port Richmond & Bergen
Point Ferry Company
176 00
2,667.578194
Balance-Deficit Dec. 31 1923
$114,344.264 83
LIABILITIES AND CAPITAL STOCK.
Funded Debt Unmatured$46,623,016 00
Mortgage Bonds
1,668,000 00
Equipment Obligations
Miscellaneous Obligations
409.435 00
Real Estate Mortgages
348,738 10
Advances for Construction
Bills Payable
Advances from Other Corporations
Public Service Corporation of New Jersey
Non-Negotiable Debt to Lessor Companies
Bonds of Lessor Companies issued for Construction Expenditures
Current Liabilities
$2.605.711 01
Tax Liability
Accrued Interest, Dividends and Rents
721,185 56
Payable
4,497.369 55
Accounts Payable
86,585 72
Other Accrued Liabilities
Deferred Liabilities
Reserves
Accrued Depreciation-Plant and Equip$1,532,241 00
ment
7,971 59
Premium on Funded Debt
591,646 98
Casualty and Insurance Reserve
966,429 36
Other Unadjusted Credits
Capital Stock
$48,750,000 00
Public Service Railway Company
285,000 00
Public Service Railroad Company
150.000 00
Public Service Transportation Company
40.000 00
Port Richmond & Bergen Point Ferry Co.
1,000,000 00
The Riverside & Fort Lee Ferry Co
19.100 00
Highland Improvement Company
800 00
People's Elevating Company
549,049.10
392432
I
1.605.000 00
1,643,000100
7.910,851184
402.741 64
3,098.288193
50,244.900 00
$114,344,264 83
154.680 49
534.127,63949
* Includes $283 25 Public Service Transportation Company Fixed Capital
4
December 31 1922.
x Includes 533.459 91 Public Service Transportation Company deficit
December 311922. which has been charged off on books of Public Service
Corporation of New Jersey,
1546
[vol. 118.
THE CHRONICLE
PUBLIC SERVICE RAILWAY COMPANY AND AFFILIATED
Henry A. Niles, C.P.A.
53 STATE STREET
Norman E. Webster, C.P.A.
COMPANIES.
BOSTON
Public Service Railroad Company,Public Service Transportation Company, Henry A. Horne. C.P.A.
Port Richmond & Bergen Point Ferry Company, The Riverside Rs
NILES & NILES
Fort Lee Ferry Company, Highland Improvement Company, New
Certified Public Accountants
York Harbor Real Estate Company.
111 Broadway, New York
INCOME ACCOUNT FOR THE TWELVE MONTHS ENDING
CERTIFICATE OF ACCOUNTANTS
DECEMBER 31 1923.
New York, March 8 1924.
Public ServicePublic Service
Other
We have examined the books, accounts and records of the
Railway
Railroad
Affiliated
Comgany.
Company. Companies.
Total.
Public Service Corporation of New Jersey and of its subOperating Revenues_21,524,601 38 265.533 68 1,314,868 57 23.105,003 63
Operating Expenses
and Taxes
17.407,25978 212,534 43
AmortizationCharges 945,552 69
977,829 11 18,597,623 32
137,20000 -1.082,752 69
Operating Revenue
• Deductions
18.352,81247 212.534 43 1.115.029 11 19,680,376 01
Operating Income_-_ 3,171,788 91 52,999 25 199,83346 3,424,627 62
Non - Operating Income (Exclusive of
Dividends of Affiliated Companies)-120,308 48
93,374 21
808 27
26,126 00
Gross Income
3,265,163 12 5.3,807 52
Income Deductions
(Bond Interest,
Rentals and Miscellaneous Interest
Charges)
5,244,217 79 114,576 88
225,965,
16 3.544,936 10
Net Income or Loss_*1.979,054 87 *60.769 36
Profit and Loss Accounts (Excluding
x176,697 13 x3,6$860
Dividends)
173249 60 *1,866574 43
x10,829 87
Surplus (before Dividends)
*1,802,357 54 *57,080 76
Intercompany Dividends
x284,624 00
284,624 00
52,71586 5,411,51053
x191,21560
184,079 47 *167535383
*1.517,733 54 *57,080 76 *100,544 53 *1675,358 83
Dividends Paid Unaffiliated Interests
• (Directors)
176 00
176 00
Net Increase or Decrease in Surplus *1,517,733 54 *57,080 76 *100.720 53 '1675534 83
* Deficit.
sidiary companies for the year ending December 31 1923.
We certify that the combined Income and profit and loss
of the Public Service Corporation of New Jersey and its subsidiary utility companies for the year ending December 31
1923 is correctly shown by the statement above; that the income and profit and loss for the year ending December 31
1923 of the companies, which operate, respectively, the electric, gas and railway utilities is correctly shown by the statements above and that the balance sheets as of December 31
1923 of
Public Service Corporation of New Jersey and its subsidiary utility companies (consolidated),
Public Service Corporation of New Jersey,
Public Service Electric Company,
Public Service Gas Company and Camden Coke Company
(consolidated),
Public Service Ratlway Company,
Public Service Railroad Company,
Public Service Transportation Company,
The Riverside & Fort Lee Ferry Company,
Port Richmond & Bergen Point Ferry Company,
Highland Improvement Company,
New York Harbor Real Estate Company, and
Peoples Elevating Company (consolidated),
shown above, are in accordance with the books, and correctly
show the financial condition of those companies at that date.
NILES & NILES.
Certified Public Accountants.
x Credit.
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES.
STATEMENT OF FUNDED DEBT DECEMBER 31 1922.
•
Authorized.
Outstanding.
Amount
Owned by the
Corporation.
Amount
in the Handl
of Public.
-
Public Service Corporation of New JerseyPublic Service Corporation of New Jersey 5% General Mortgage. Due October 1 1959.
Fidelity Union Trust Company,Trustee. Interest Payable April and October
550.000.000 00 550.000.000 00 314.025,000 00 *535.975.000 00
Perpetual Interest Bearing Certificates of Public Service Corporation of New Jersey.
Fidelity Union Trust Company. Trustee. Rate 8%. Interest Payable May
and November
20.200.000 00 20.109.060 00
t888.995 03 19,220.065 00
Public Service Corporation of New Jersey Twenty-Year Secured 7% Gold Bonds.
Due pea. 1 1941. Fidelity Trust Co. (Philadelphia), Trustee. Interest Payable
10.000.00000 "9.598,00000
June and December
9 500.000 00
98.000 03
'
Public Service Gas Company.
579,707.060 00 515,011,995 00 $64.695,065 00
Public Service Gas Co.8% Notes. $36,000 due each month. Feb. 1 1922 to June 1
1925, inclusive. $20.000 due July 11925. Interest payable April and October at
Union Trust Company. Pittsburgh Pa
51.496.00000
$632,000 00
$632.000 00
,
Public Service Gas Co. 6'" Notes. $18,000 due each month. Sept. 1 1923 to July 1
°
000 due Aug. 1 1926. Interest Payable February and
1926; inclusive. $20,
August at Union Trust Company, Pittsbugrh, Pa
650,000 00
560,000 00
560,000 00
•
Companies Leased by Public Service Gas Company- •
Newark Consolidated Gas Company 5% Consolidated Mortgage. Due December l
1948. Fidelity Union Trust no..Trustee. Interest Payable June and December 510.600.00000 56.000.000 00
56.000.000 00
Newark Gas Company 6% First Mortgage. Due April 11944. National Newark and Essex Banking Co., Trustee. Interest Payable July, October, January
April
4.000.00000
3.999.700 00
8150 00
3,999.550 00
Hudson County Gas Company 5% First Mortgage. Due November 1 1949. New
Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable May and No10.500.000 00 10.500,000 0010.500.00000
vember
_
.
New Brunswick Light, Heat & Power Company 4% First Mortgage. Due Decem500.00000
ber 15 1939. Fidelity Union Trust Co.. Trustee. Interest Payable June and Dec.
500.000 00
500,000 00
Ridgewood Gas Company 5% First Mortgage. Due June 1 1925. Equitable Trust
100.000 00
Co., Trustee. Interest Payable June and December
100.000 00
100.000 00
Ridgewood Gas Company .5% Second Mortgage. Due April 11925. Fidelity Union
100,000 00
Trust Co., Trustee. Interest Payable April and October
85,000 00
85.000 00
Public Service Electric Company.
1Public Service Electric Company Equipment Trust Series "A" 8% Certificates.
565,000 due each February 1st and August 1st. Philadelphia Trust Company,
Trustee. Interest Payable February and August
Public Service Electric Co. Car Equipment Bonds. $45,000 due each March 1 and
Sept. 1. Bankers' Trust Co., Trustee. Interest Payable March and September._
Companies Leased by Public Service Electric Co.Jnited Electric Company of New Jersey 4% First Mortgage. Due June 1 1949.
New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable June and
December
Jonsumers' Light, Heat & Power Company 5% First Mortgage. Due June 11938.
New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable June and
December
North Hudson Light. Heat & Power Company 5% First Mortgage. Due October 1
1938. New Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable
April and October
7_
iliddiesex Electric Light & Power Company 560 First Mortgage. Due January I
1955. Fidelity Union Trust Co., Trustee. Interest Payable July and January
1Veehawken Contracting Company 6% First Mortgage. Due February 20 1928.
Weehawken Trust Co.. Trustee, Interest Payable August and February
Companies Leased by Public Service Gas Co.and Public Service Electric Co.aterson & Passaic Gas & Electric Company 5% Consolidated Mortgage. Due
,
March 1 1949. The Paterson National Bank. Trustee. Interest Payable September and March_
:Olson Electric Illuminating Company of Paterson 5% First Mortgage. Due July I
1925. The Paterson National Bank. Trustee, Interest Payable January and July
'amain Lighting Company 5% Consolidated Mortgage. Due May 1 1925. Guaranty Trust Co.. Trustee. Interest Payable May and November
outh Jersey Gas. Electric & Traction Company 5% First Mortgage. Due March 1
1953. Fidelity Union Trust Co.Trustee. Interest Payable September and March
'renton Gas & Electric Company 517. First Mortgage. Due March 11949. Equitable Trust Co., Trustee, Interest Payable March and September
omerset Union k Middlesex Lighting Company 4% First Mortgage. Due December 11943. Fidelity Union Trust CO., Trustee. Interest Payable June and Dec.
!entre! Electric Company 5% Consolidated Mortgage. Due July 11940. Fidelity
Union Trust Co.. Trustee. Interest Payable January and July
lainfield Gas & Electric Light Company 5% General Mortgage. Due April 1 1940.
Guaranty Trust Co., Trustee. Interest Payable April and October
omerset Lighting Company 5% First Mortgage. Due February 1 1939. Fidelity
Union Trust Co.. Trustee. Interest Payable February and August
' Gas & Electric Company of Bergen County 5% General Mortgage No. 2. Due
be
November 1 1954. Fidelity Union Trust Co.. Trustee. Interest Payable May
5,,,i November
'
1,300,000 00
910,000 00
910,000 00
450.00000
180,000 00
180,000 00
20,000.00000
18.617.500 00
1.000,00000
308,000 00
2,000.000 00
367,000 00
200.00000
181,000 00
30.000 00
30,000 00
30.000 00
5,000.000 00
4,099.000 00
4,099,000 00
600.000 00
585.000 00
585,000 00
450.000 00
316.000 00
316.000 00
15,000,000 00
12,994,000 00
2,000.000 00
1,998.000 00
2,7,50.00000
1.974,80937
5573,700 00
750.000 00
750,000 00
.c20,700 00
500,000 00
500.000 00
150.00090
150.000 00
a21,000 00
129.000 00
limo 00000
3.271.000 00
01.655.000 00
1.818.000 00
fr383,000 00
17,934.500 00
308,000 00
367.000 00
;21.000 00
113.507.000 00
160.000 00
9.487.000 00
1,998,000 00
1,401,109 37
729.300 00
500,000 00
MAR. 29
1924.]
1547
THE CHRONTGLE
Authorized.
Brought forward
The Gas & Electric Company of Bergen County 5% General Mortgage No.1. Due
November 1 1954. Equitable Trust Co.. Trustee. Interest Payable May and
November
The Gas & Electric Company of Bergen County 5% Consolidated Mortgage. Due
June 1 1949. Fidelity Union Trust Co., Trustee. Interest Payable June and Dec.
Hackensack Gas Light Company .5% First Mortgage. Due July 1 1934. G. W.
Conklin, D. W. Chamberlain, Trustees. Interest Payable July and January at
Fidelity Union Trust Co
Hackensack Gas & Electric Company 5% Gen'i Mortgage. Due July 1 1935. G. W.
Conklin, E. A. Pearce. Trustees. Interest Payable January and July at Fidelity
Union Trust Co.
Englewood Gas & Electric Copapany 5% First Mortgage. Due January 1 1939.
Geo. W.Conklin, Trustee. Interest Payable January and July
-year Sinking Fund Mortgage. Due
Princeton Light, Heat & Power Company 5% 30
February 1 1939. Equitable Trust Co.. Trustee. Interest Payable February and
August
Shore Lighting Company 5% First Mortgage. Due April 1 1951. Fidelity Union
Trust Co.. Trustee. Interest Payable April and October
Outstanding.
Amount
Owned by the
Corporation.
$69.608,009 37
Amount
in the Hands
of Public.
$6,481,550 00 $63,126,459 37
6.000.000 00
38,000 00
38.000 CO
1.600.000 00
1.443.000 00
1.443.000 00
42.000 00
24.000 00
24.000 00
40.000 00
10.000 00
10,000 00
200,000 00
23,000 00
23.000 00
250.000 00
141.500 00
400.000 00
400.000 00
400.000 00
$71.687.509 37
$6.488.550 00 265.198,959 37
Total Public Service Gas Company and Public Service Electric Company
7.00000
134.500 00
Public Service Railway Company-North Jersey Street Railway Company 4% First Mortgage. Due May 1 1948.
Bankers Trust Co., Trustee. Interest Payable May and November
$15.000,000 00 $15.000,000 00 d$7.230.000 00 $7.770.000 00
Jersey City Hoboken & Paterson Street Railway Company 4% First Mortgage. Du
November 1 1949. New Jersey Title Guarantee & Trust Co., Trustee. Interest
Payable May and November
20,000.000 00 14.081.000 00 d1.498,000 00 12,563,000 00
North Hudson County Railway Company 5% Consolidated Mortgage. Due July 1
1928. S. B. Dod, Trustee. Interest Payable January and July at First Na3.000.000 00
2.998.000 00
2.998.000 00
tional Bank, Hoboken
North Hudson County Railway Company .5% Improvement Mortgage. Due May
1.291.000 00
.
1.291.000 00
1.292.000 00
1924. Fidelity Union Trust Co.. Trustee. Interest Payable May and November
North Hudson County Railway Company 5% Weehawken Extension Mortgage
Due February 1 1945. Fidelity Union Trust Co.. Trustee. Interest Payable
100.000 00
100.000 00
February and August
100,000 00
Paterson Railway Company 8% Consolidated Mortgage. Due June 1 1931. Irving
1.250.000 00
1.250.000 00
Bank-Columbia Trust Co.Trustee. Interest Payable June and December 1.250.000 00
Patersbn Railway CornnanY 5% 2nd General Mortgage. Due October 1 1944. Fi300,000 00
300.000 00
$300,000 00
delity Union Trust Company. Trustee. Interest Payable April and October
Elizabeth Plainfield & Central Jersey Railway Company 5% First Mortgage. Du.
December 1 1950. Fidelity Union Trust Co., Trustee. Interest Payable JUDI
2.246.000 00
2.400,000 00
f 154.000 00
2.500,000 00
and December
Plainfield Street Railway Company 6% First Mortgage. Due July 11942. MOP
*400.000 PO
100,000 00
100.000 00
Union Trust Co., Trustee. Interest Payable January and July
Elizabeth & Raritan River Street Railway Company 5% General Mortgage. Du.
May 1 1954. Fidelity Union Trust Co., Trustee. Interest Payable May are
1.226.000 00
1.500,000 00
1274.000 Of
3.500.000 00
November
Brunswick 'Fraction Company 5% First Mortgage. Due July 11926. Fidelity Unto
500.000 00
500.000 00
500.000 00
Trust Co., Trustee. Interest Payable January and July
East Jersey Street Railway Company 5% First Mortgage. Due May 1 1944. Pertl
500.000 00
500,000 00
500.000 00
Amboy Trust Co., Trustee. Interest Payable May and November
Middlesex & Somerset Traction Company 5% First Mortgage. Due January 1 1950
1,000,000 00
1.000,00000
1,500.000 00
Fidelity Union Trust Co. Trustee. Interest Payable January and
Public Service Newark Terminal Railway Co. 5% First Mortgage. Due June 1 1955
q5,000.000 00
5.000.000 00
5,000.000 00
Fidelity Union Trust Co.. Trustee. Interest Payable June and December
,
Public Service Series "D" Equipment Trust 5% Certificates. $44.000 due earl
November 30th and May 31. Inalladelphia Trust Co.. Trustee. Interest Payabl
308.000 00
308.000 00
880.000 00
November 30th and May 31
,
Public Service Series "E" Equipment Trust 73ig % Certificates. $140,000 due ear
Feb. 1st and Aug. 1st for first five years and $42.000 due each Feb. 1st and Aug. Is 1
980,000 00
980.000 00
1.820,060 00
for the second five years. Bankers Trust Co.. Trustee. Interest Payable Feb. k Aug
Public Service Railway Company Equipment Trust, Series "F' 6% Certificates•
$20,000 due each November let and May lat. Fidelity Union Trust Co.,Trustee
__
380.000 00
380,000 00
400,000 00
Interest Payable November and May
•
$47,668.000 00 $9.158.000 00 538.512.000 00'
Total Public Service Railway Company
Companies Controlled by Public Service Railway ComPanY
Consolidated Traction Company 5% First Mortgage. Due June 1 1933. flankeris
$15.000.0P0 00 $15.000.000 00
Trust Co., Trustee. Interest Payable December and June
Jersey City & Bergen Railroad Company 4ti 7. First Mortgage. Due January 1 1923
Edmund Smith, Trustee. Interest Payable January and July at Rankers Truei
258,000 00
1.000,000 00
Co. or First National Bank, Jersey City
Newark Passenger Railway Company 5% First Mortgage. Due July I 1930. Ne
6.000,00000
6.000,00000
Jersey Title Guarantee & Trust Co., Trustee. Interest Payable January and Jul
Passaic & Newark Electric Traction Company 5% First Mortgage. Due June 1 1937
New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable June an i
550,000 00
1.000.000 00
December
Rapid Tran.it Street Railway Co.87 First Mortgage. Due April 11941-. Mechanic
0
500,000 00
National Bank of Trenton, N. J., Trustee. Interest Payable April and October
500.000 00
Orange & Passaic Valley Railway Company 5% First Mortgage. Due December i
1938. New Jersey Title Guarantee & Trust Co., Trustee. Interest Payabl
833.000 00
June and December
1,000,000 00
e
Camden & Suburban Railway Company 5% First Mortgage. Due July 31946. The
1,940.00000
First National State Bank of Camden,Trustee. Interest Payable Jan. & July
3.000.000 00
Bergen Turnpike Company 5% First Mortg.age. Due July 1 1951. New Jersef
1.000.000 00
Title Guarantee & Tistst Co., Trustee. Interest Payable January and July
1.000.000 00
_
People's Elevating Company 5% First Mortgage. Due October 1 1939. New Jerse9
175.000 00
Title Guarantee & Trust Co., Trustee. Interest PaYable April and October
250,000 00
Paterson & State Line Traction Company 5% First Mortgage. Due June 1 1964
,.
Fidelity Union Trust Co., Trustee. Interest Payable June and December
150.000 00
300,000 00
_
New Jersey & Hudson River Railway & Ferry Company 4% 50
-year Mortgage. Due
March 1 1950. United States Mortgage & Trust Co.. Trustee, Interest Pa,
4.011,00000
able March and September
5,000,000 00
_
Hudson River Traction Company 5% First Mortgage. Due March I 1950. Unit d
631,000 00
States Mortgage & Trust Co., Trustee. Interest1.000,000 00
Payable March and September_
Riverside Traction Company 5% First Mortgage, Due June I 1960. West En ci
1.500.000 00
Trust Co., Philadelphia, Trustee. Interest Payable December and June
1,500.000 00
_
8,000.000 00
550,000 00
6500,000 00
i 83.000 00
750,000 00
1.940,00000
1,000,000 00
,
175,000 00
150.000 00
4.011,00000
.i564.000 00
1.500,00000
$32.548,000 00
$1.200,000 00
Total Companies Controlled by Public Service Railroad Co
Public Service Electric Power Company
Public Service Electric Power Company First Mortgage Sinking Fund Gold Bon Is
8% Series of 1923. Due April 1 1948. 'Fidelity Union Trust Company, Trust D.
Interest Payable April and October
15,000,000 00
$341,000 00 $32,140.000 00
$9,497,000 00 $70,652.000 00
$990,000 00
5990,000 00
2990,000 00
_
Companies Controlled by Public Service Railroad Co.
Elizabeth & Trenton Railroad Co. 57. First Mortgage. Due April 1 1962. Fidell 9
Trust Co.. Philadelphia, Trustee. Interest Payable April and October
TOTAL FUNDED DEBT
$258,000 00
$80.216,000 00
Total Companies Controlled by Public Service Railway Co
Total Public Service Railway Co. and Subsidiary Companies
--
$15.000,000 00
3990,000 00
14.000,000 00
14.000,000 00
5246,600.569 37 $30,997,545 00 $215,536,024 37
-
* Includes 54.022,000 purchased by the Sinking Fund.
t $867.485 pledged under Public Service Corporation of New Jersey General Mortgage.
8* $402.000 retired by Sinking Fund.
$14.000,000 pledged under agreements securing Public Service Corporation of New Jersey 20
-Year Secured
77 Gold Bonds.
I Pledged under Public service corporation of New Jersey General Mortgage.
11 Pledged under Public Service Corporation
a Pledged under Public Service Corporation of New Jersey General Mortgage.
-of New Jersey General Mortgage.
'
b $573,000 pledged under
Public Service Corporation of New .Tersey General Mortgage.
c $20,000 pledged under Public Service Corporation of New Jerrey General
d Pledged under Public Service Corporation of New Jersey General Mortgage.
Mortgage.
e Includes $3,000 purchased by the Sinking Fund.
.
f Pledged under Public Service Cornoration of New Jersey General Mortgage.
h Includes
g Includes $161,000 purchased by the Sinking Fund.
i Pledged under Public Service Corporation of New Jersey General Mortgage.
$34,000 Purchased by the Sinking Fund.
j $67,000 Hudson River
Tractio.Company Bonds owned by the New Jersey & Hudson River Railway & Ferry Company.
REAL ESTATE MORTGAGES
Authorized.
Outstanding.
,
Public Service Railway Company Real Estate Mortgages
Public Service Gas Company Real Estate Mortgages
Public Service Electric Company Real Estate Mortgages
Total
•
Amount
Owned by the
Corporation.
Amount
in the Hands
of Public.
$309.435 00
283,186 67
1.014,158 33
$309.435 00
283.168 67
1,014,158 33
31.606.780 00
51.608.780 00
1548
T H H. CHRONICLE
[VOL. 118.
LIST OF STOOKS OF COMPANIES OPERATED UNDER LEASE BY SUBSIDIARY OPERATING COMPANIES OF PUBLIC SERV/03
CORPORATION OF NEW JERSEY. WITH THE RATES OF DIVIDEND PAYMENTS GUARANTEED FROM RENTALS.
Amount
Amount
RENTALS
Owned by in Hands of Equivalent Per Cent on
Capital Corporation Public.
Capital Stock.
Date
Stock
and Pledge0 Including
of
Outstanding Under Gen. Directors Ann. Rate 12-31-'23 Lease.
Shares,
Mortgage.
and thereafter.
COMPANY
.
Bordentown Electric Co
Burlington Electric Light & Power Co
The Camden Horse Railroad Co
The Camden & Suburban Railway Co
Cinnaminson Electric Light, Power & Heating Co
Citizens' Electric Light, Heat & Power Co
Consolidated Traction Co
The East Newark Gas Light Co
Elizabeth & Trenton Railroad Co.. Preferred
Elizabeth & Trenton Railroad Co., Common
Essex & Hudson Gas Co
The Gas Light Co. of the City of New Brunswick
The Gas & Electric Company of Bergen County
Hudson County Gas Co
Middlesex Electric Light & Power Co
The Morristown Gas Light Company
Newark Consolidated Gas Co
New Jersey & Hudson River R.& Ferry Co.. Preferred
New Jersey & Hudson River Ry. & Ferry Co., Common
The Nichols Electric Light & Power Co. of Nutley. N. J
Drange & Passaic Valley Railway Co
The Paterson & Passaic Gas & Electric Co
Princeton Light. Heat & Power Co
Rapid Transit Street Ry. Co. of the City of Newark
The Ridgewood Gas Company
Riverside Traction Co., Preferred
Riverside Traction Co.. Common
;bore Lighting Co
lomerset Union & Middlesex Lighting Co
louth Jersey Gas. Electric & Traction Co
The South Orange & Maplewood Traction Co
Inited Electric Company of New Jersey
Weehawken Contracting Co.. Preferred
Weehawken Contracting Co.. Common
250.000
*250.000
17.550
1617.050500
250.000
250.000
3.000.000
x3.000,000
20.000
*20.000
41.400
41.175
225
15,000.000
15,000.000
60.000
2
159.975
180.300
180.300
811.350
811,350
6.500.000
6.500.000
400.060
400.00#
2.000.000
2.000.000
10.500.000
10.500.000
175.000
174.51
500
367.500
350
367.15
6,000.000
6.000.000
750.000
4.633
§743.867
2.500.000 2,446.35.
53.650
25.000
24.751
250
1.000.000 **985.. i i
14.500
5,000.000
269.701 4.730.300
122.500
6.650
115.851
504.000
504.000
100.000
100.000
266.500
266.500
747.150
747.150
104.981
112.000
7.100
1.050.000
422.401
627,600
6,000.000
6.000.000
225.000
225.000
20.000.000 t19,960 806
39,200
41.050
41.051
70,000
69.4..
550
• 1-57
12.82
24
4
it.
49
6
5%)
4%f
81,
5
5/
8e
5
57
6}
6?;
5
4- 1-14
5- 1-11
4- 1-96
5- 1-04
4- 1-14
6-15-10
6- 1-98
9- 1-09
Term
of
Lease.
Years.
46
900
999
999
46
999
999
999
461185712-
1-12
1-03
2-05
1-05
1-03
1-08
1-10
1-98
SS
900
999
999
999
.
10%
1 4-5%
57
2e
11#$:
.
55116567-
1-11
1-08
1-03
1-03
1-11
1-93
1-10
900
999
900
900
900
999
999
2. f
7 1
5
5_
,
.
47
89
9
2 2-37
6
549
4- 1-12
999
900
5- 1-11
12-31-03
900
6- 1-03
900
10- 1-03 Per lmal
.
A
7- 1-07
1- 1-10
ig
79,
999
$83.8S6.30(1225 045 28, 158.839 517
5* Pledged under agreement seeming Public Service Corporation of New Jersey Perpetual Interest Bearing Certificates.
t $19.736.800 pledged under agreement securing public service corporation of New Jersey Perpetual Interest Bearing Certificates,$224,000 unpledged.
All of this stock except directors' shares is owned by Essex & Hudson Gas Company and Newark Consolidated Gas Company.
I 31.500 reserved to retire stock of consolidated companies. * Owned by Riverside Traction Company. x $600.000 paid in.
LIST OF STOCKS OF SUBSIDIARY OPERATING COMPANIES OF
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Capital
Stock
Outstanding.
Amount
Owned by
P. S. C.
of N. J.
Public Service Electric Co____ $42,250,000 *$42,249,000
Public Service Gas Co
20,660,000 t20.659,000
148,750.000 118,729.000
Public Service Railway Co_
Public Service Railroad Co__ _
285,000
b284.200
Public Service Transportation
Co.(No Par Value)
150.000
149,920
Public Service Production Co
1,000,000
999,920
(No Par Value)
Public Service Electric Power
6.000,000
Co.Preferred
Public Service Electric Power
3.000,000 c2.999.920
Co.Common(No Par Value)
A192 mg Ann mill trrn um
Amount in Hands
of the Public
(Incl. Directors'
Shares).
21,000
1.000
a21.000
800
80
80
6.000,000
80
18 094 114(1
*324,999,000 pledged under Public Service Corporation of New Jersey
General Mortgage; $5,000,000 pledged as security to Public Service Corporation of New Jersey 20-Year Secured 7% Gold Bonds; $10,000.000
collateral to $7,500,000 Notes Payable.
t $15,158,900 pledged under Public Service Corporation of New Jersey
General Mortgage.
Of this amount $18,400 is reserved to retire outstanding stock of
consolidated companies.
347.479.000 pledged under agreement securing Public Service Corporation of New Jersey Perpetual Interest Bearing Certificates; 21.250,000
pledged under Public Service Corporation of New Jersey General Mortgage.
a Includes stock of merged companies.
b Pledged under Public Service Corporation of New Jersey General
Mortgage.
c Pledged as collateral to 12.770,000 Notes Payable. 49014111611111 4
11 4
'SUMMARY OF SECURITIES OWNED BY THE CORPORATION'.
Bonds
230,997,545 00
Stocks of Leased Companies
25,045.283 00
Stocks of Subsidiary Operating Companies
116.070,96000
Total
2172,113,788 00
OPERATING REVENUE AND NON-OPERATING INCOME 014' SUBSIDIARY COMPANIES AND MISCELLANEOUS INCOME OF PUBLIC
SERVICE CORPORATION OF NEW JERSEY.
YEAR.
1903 (Seven Months)
1904..
1905
1906
1907
1908
1909
1910
1911
1912
1913*
1914
(
915*
816.
917
918
1919
1920
1921
192
?
Electric
Properties.
Gas
Properties.
83.026.993 50
*1.776.55765
5.378.440 63
3,502.811 92
6.059.446 56
3.721.631 68
6,526.31601
4.161.917 81
7,251.480 50
4.647.219 18
7.349,930 23
4.584.682 27
7,870.878 58
5.117.728 04
8.491,88246
5.872.237 86
8.985.688 42
6.689.731 57
9.809,669 83
7.582.373 58
10,222.668 39
8,545.845 06
10.555.556 53
9.340.749 47
10.764.877 94
10.487.281 33
11.911,62583
12.898.064 75
15.240.114 06
12.954.256 69
17.745.869 50
14,823.424 01
20.190.376 12
15,078.590 46
20.908.069 25
23.660.57830
23,560,674 38
24,470,842 03
gl.INE9PIFA•211,912R?
Railway
Properties.
P. 8. C. Miscellaneous Income.
Total.
84.471,244 37
8.416,27879
9.488,35845
10,086,933 92
10,705.392 77
11.086,353 43
12.114,412 19
13.290,43199
14.450,08844
• 15.262.426 49
16,201,93256
16.379.309 53
16.638.141 73
18.255.613 80
19.494.677 70
20.901.063 24
24.212.024 66
27,990.69565
27,518,249 59
27.,
30
8187.403 74
463.249 75
640.405 91
723.658 34
1,023.951 44
1.246.721 36
1,457.432 29
1.532.347 57
1.890.512 55
1.939.338 57
2.308.873 59
2.484.644 82
2.437.874 08
1.965.421 58
1.953.097 19
2.040,242 71
2.160.851 32
2,137.151 28
2.179,192 26
2,388.0871§K ti
$9.462.199 26
17.759,781 09
19.909,84260
21,498,82608
23.628.04389
24.267.68729
26.560.451 10
29.186.899 88
32.016.020 98
34.593.808 47
37.279.319 60
38.760.260 35
40.328.175 08
45.030,72590
49.642,14564
55.510.599 4
61.641.84256
74.696,494 4
77.728 958 28
§1 ,%1$721 E
.
,
T
*Change in classification of accounts effective Jan. 1
M'ought forward
1115,390,636 94
EXPENDITURES CHARGED TO FIXED CAPITAL ACCOUNTS Less
Property written off during Year
799,909 38
BY SUBSIDIARY COMPANIES OF PUBLIC SERVICE
Net Increase in Fixed Capital
-YEAR 1923.
$14.600,017 56
CORPORATION OF NEW JERSEY
Kearny Plant, Public Service Electric Power
Electric
Company
$554,211 86
•
Land Devoted to Electric Operations
50.466 68
816.167,910 50
General Structures
Gas
15.980 18
General Office Equipment
Land Devoted to Gas Operations
$325,143 20
4,157 91
General Shop Equipment
General Structures
67.647 04
2,183 27
General Store Equipment (credit)
General Office Equipment
10,106 99
147,353 70
General Automobile Equipment
General Shop Equipment
1,592,361 45
150 50
Power Plant Buildings
375 00
1,635,854 91
General Store Equipment
Furnaces. Boilers and Accessories
1,171,243 12
General Automobile Equipment
77,882 77
Steam Englhes
General Motorcycle Equipment
519,291 60
126 00
Electric Generators
General Stable Equipment
662671 66
1,13901
Accessory Electric Power Equipment
Works and Station Structures
33,903 51
125,203 94
Miscellaneous Power Plant Equipment
Holders
372,249 80
370,679 20
Substation Buildings
Furnaces, Boilers and Accessories
2,229,117 80
67,165 74
Substation Equipment
1,013,007 99
Steam Engines
24.120 48
Poles and Fixtures
482.684 35
Miscellaneous Power Plant Equipment
1,668 40
Underground Conduits
Water Gas Sets and Accessories
1,036,433 32
56,996 78
Transmission System
Purification Apparatus
811,088 18
43.747 27
Overhead Distribution System
Accessory Equipment at Works
234,870 74
204,828 17
Other Underground Distribution System
Trunk Lines and Mains
758,86438
2,135,368 42
Lint Transformers and Devices
770,435 51
Gas Services
796,811 42
Services
Electric
Gas Meters
748.415 76
271.458 59
Electric Meters
67,684 94
Gas Meter Installation
65,076 75
Electric Meter Installation
296.503 64
Municipal Street Lighting Fixtures
7,578 11
Municipal Street Lighting System
322 54
Gas Tools and Implements
4,935.24
Electric Tools and Implements
24,873 58
Gas Laboratory Equipment,
907 86
Electric Laboratory Equ!pment
4.137 50
Other Tangible Gas Capital
4,137 50
Other Tangible Electric capital
136,707 22
Fixed Capital in Other Departments
233.552 84
Spare and Emergency Apparatus
Apparatus withdrawn from Service Awaiting
Fixed Capital Installed during year
114,69i),807 22
27.216 38
Reinstallation
Less Property written off during year
467.390 17
Net Increase in Fixed Capital
14,429,417 05
*15,399.93694
Flied Capital Installed during Year
MAR. 29 1924.]
1549
THE CHRONICLE
Brought forward
$4,429,417 05
Transportation
Engineering and Superintendence (credit).82.508 91
Right of Way
16.148 08
Other Land used in Electric Railway Operations
1,214 21
Grading (credit)
15.845 74
Ballast
7,189 97
Ties
32,994 76
Rails, Rail Fastenings and Joints
126,830 92
Special Work (credit)
583 57
Track and Roadway Labor
282,576 38
Paving
85,805 46
Roadway Machinery and Tools
6,208 18
Bridges, 'Frestles and Culverts
1,22479
Crossings, Fences and Signs
2.363 93
Signals and Interlocking Apparatus
4,980 98
Telephone and Telegraph Lines
123 91
Distribution Poles and Fixtures
2,745 61
Underground Conduits
15,512 44
Distribution System
28.514 15
General Office Buildings (credit)
585 81
Shops and Car Houses
1,806 26
Stations, Miscellaneous Buildings and Structures (credit)
1.438 22
Passenger and Combination Cars
174,491 98
Service Equipment (credit)
2.171 20
Electric Equipment of Cars
5,497 50
Shop Equipment
6,095 98
Furniture and Fixtures
12,077
°26
Miscellaneous Equipment
29.741 24
Organization
995 00
Miscellaneous Construction Expenditures
(credit)
2 19
Ferry Slips, Buildings and Piers
314,001 32
Ferry Boats
50,420 00
Real Estate used in Operation
175,653 40
Motor Buses
1.289,011 21
Fixed Capital installed during year
Less Property written off during year
$2,651,089 28
603,359 48
Net Increase in Fixed Capital
$2,047,729 80
Total Net Increase in Fixed Capital
$22,645,057 35
ELECTRIC CONDUITS AND TRANSMISSION LINES.
(Railway and Lighting Combined.)
Length of Transmission Lines (in miles)
47
1,029
Length of Conduits (in street miles)
'25
177
ELECTRIC STATIONS.
Railway and Lighting.
June'1903. Dec. 31 1923.
Number of Generating Stations
14
14
Capacity of Generators in K. V. A
361,500
40,075
Number of Substations
9
70
Capacity of Rotaries in Kilowatts
69,300
5,400
Capacity of Motor Generator Sets in Kilowatts_
21.092
Kilowatt Hours Produced (years 1903 and 1923)-129,614.180 1,053.906.064
Kilowatt Hours Purchased (year 1923)
30.800.884
ELECTRIC DISTRIBUTION SYSTEM STATISTICS.
Number of Poles
210,982
45,059
Miles of Wire
24.866
4,244
Number of Transformers
33,255
5.336
Number of Meters
426.606
16.000
Total Commercial Load Connected (in 50 W.
equivalent)
.,_
15,650,828
710,000
ELECTRIC LIGHTING AND POWER STATISTIOS.
Year.
190319041905._
1906-1907-1908....
1909-1910-1911..-1912....
1913-...
1914--_
1915-1916--1917--1918...
1919.1920--1921 .... _
1922-1923 _ _ _
Kilowatt
Hours
Sold.
No.of Street Arc No.of Street In- Total Connected
Lamps Supplied candeset Lamps Load in K. W.
December 31. Supplied Dec.31
December 31
48.894.308
56.666.749
65.472.661
69.274.132
78.911.840
89.742.689
103.144.595
122.543.747
141.936.243
159.044.648
197.079,581
280.871.843
371.509.459
440.676.475
442.641,630
505.813,937
432.073.405
534.465.033
666.838.087
7.745
8.121
8.681
9.150
9,671
10.397
10.863
11.441
11.726
12.297
12.787
13.187
12.619
10.954
10.073
9.367
9.353
8,559
8.219
7.257
6.069
5.733
8.538
12.351
13.168
13.821
12.352
15.175
16.640
18.906
20.347
22.339
24.214
26.062
29.033
31.376
32.080
33.415
35.523
38.771
43.251
47.743
45.380
55.748
68.331
81.873
92.143
102.104
118.138
137.058
156.202
180.942
209.835
239.719
277.652
326.019
367.021
430.485
464.605
525.258
676.410
669.954
790,780
The increases shown above are somewhat, but not very
materially, affected by properties acquired between June 1
1903 and January 1 1924.
GAS STATISTICS.
1914.
Gas Sold-M.Cubic Feet
Miles of Mains in use Dec.31
Meters in Service Dec. 31
Services Run
Ranges Sold
Water Heaters Sold
Hot Plates Sold
Heating Stoves Sold
Gas Arcs Installed
Welsbach Lamps Sold
Mantles Sold
Domestic Appliances Installed
Manufacturing Appliances Installed
G1L9 Fixtures Installed
No. of Gas Engines Installed
Horse Power of Gas Engine's
1915.
1916.
I
1917.
1918.
1919.
I
1920.
1921.
1922-
1923.
10.907,541 11.231.828 12,399.852h13,610.865 14,783.231 14.900,704 16,493.276h6.544,298 17.736.689 19,558,279
2,906
2.977
3.089
3.126
3.041
3,096
3,467
3,223,
454.389
473.644
516.745
583.842
496.885
565,711
526.213
609,140
553,343J
538.574
10,787
11,452
7.6293.227
11,037
12.335
21,654
tamp
7.166
7,59
23.296
23.071
23,875
27,613
17.018
12,209
27.901
11,838
9.524
15.57Z
9.587
9.963
11,342
5,317
11.468
12.007
11.768
6,020
9.831,1
7.496
2.421
1.945
486
532
1.608
473
707
499
2.221
547
7.477
8.383
19.442
6.355
4.276
6,119
5,929
6,7314
7,059
11,094
4.921
5.222
4.918
855
1,556
1,290
570
353
1.563
5.405
33.634
68.908
14,962
9.496
17.018
10.296
59,277
18.835
41.828
14.622
121.254
185.285
77.360
150,502
327.868
87.882
314.303
157.468
213,832
111.998
16.731
15.335
20,970
16.859
22,795
26,8,
42.737
34,190
14,514
24,854
1.175
1.134
949
734
820
73l
2.444
1.205
1.778
824
20,008
15.817
3.421
5,221
2.751
5.901
12.883
5.780
15.769
5.854
40
29
1
47
1
48
5
9
1511514
292 VI
774Lc
5l4(
5141.
Sc
iRa
3
7
36
3,170J
RAILWAY TRAFFIC STATISTICS.
YEAR.
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919f
1920
1921
1922
1923
Revenue
Passengers.
Transfers
and
Passes.
Total
Passengers
Percentage of Average
Fare
Passengers
i
Using
Per
Car
Transfers. Passenger Mileage.
165.400.000
180.000.197
198.326.457
211.025.346
219.421.974
238.171.257
258.748.130
277.730.238
293.045.287
50.000,000 215,400.000
55.079.789 235.079.986
62.986.021 261.312.488
71.638.588 282.663.974
74.688.628 294.110.602
81.548.978 319.720,235
82.652.558 341.398.688
84.820,167369.550,396
90,018,960383.104,247
mq.9a5.aan 95.425.465 404,411,105
310 308.660 96.969.254 407.277.914
313.923.363 100.498.677 414.422.040
342.205.993 109.492.019 451.698.012
341,147.782 116.747.201 476.974.983
•353.190.897 98.029.909 461.220.806
•327.619.606 89.009,628396.689,234
•363.757,587 89,777,107 453.534,694
• R042/14,21? 87.305,549 135.679.401
•325,265.180 44.947,634 410,212.814
•300.319.928
. . .
. . ..
21.8
21.2
22.1
23.2
23.0
23.0
22.1
21.4
21.2
21.1
21.2
21.5
21.8
21.9
20.0
15.4
17.7
17.3
17.6
12.4
3.83c.
3.83c.
3.76c.
3.70c.
3.70c.
3.72c.
3.78c.
3.830.
3.82c.
3.82c.
3.83c.
3.82c.
3.82c.
3.82c.
4 31c.
5.71c.
5.79c.
5.90c.
6.27c.
Asig,
,
Car
Hours.
Passengers Per
Day.
32.168,888 4.003.614 588.525
35.068.223 4.228.344 644.055
137.462.804 4.464.162 716.925
139,178.277 4.671.246 774.422
139.519.972 4.598.714 803.581
110.890.360 4.747.729 875.946
12.632.760 4.961.608 951.721
114.561,141 5.159.073 993,289
17.355.292 5.465,926 1.046.733
19.853.408 5.696.066 1.107,976
50.792.849 5.665.119 1.115.830
51.873.640 5.573.670 1.135.403
154.964.708 5,911.131 1.234.147
56.087.403 6.021.225 1.306.781
54.039.150 5.698.089 1.236.221
57.644.927 6.039.453 1.086.820
60.798.743 6,539,207 1,239,166
54.309.843 6.212.276 1.193.613
56,419,982 5,983.122 1,123.871
49 979 ma s 9116092 QM R07
Passenger
Receipts
Per Car
Mile.
Passenger
Receipts
Per Car
Hour.
25.59c.
25.73e.
26.29c.
26.75c.
27.56c.
29.08c.
30.290.
31.07c.
36.87c.
30.97c.
30.72c.
30.490.
31.370.
32.44e.
36.00c.
39290.
43.21c.
44.11c.
45.594.
42.75e.
$2.06
2.13
2.21
2.24
2.37
2.50
2.60
2.68
2.07
2.71
2.75
2.84
2.92
3.02
3.41
3,75
4.02
4 14
4.30
4.0.5
•Excluding revenue transfer passengers.
1 Mlle sone system in effect from September 14 to December 7.
Wheeling (W. Va.) Sanitary Mfg. Co.
-Stock Increased.
CURRENT NOTICES.
The stockholders recently increased the authorized Capital stock from
$750,000 (all Common) to $1,000.000, par $100. by creating an issue of
-Metzler & Co. of California, Los Angeles, have recently organized
6250,000 10% Cumul. Prof. stock. Of the latter. $150,000 will be issued
within the present month,the balance(8100.000) will be held in the treasury. "The True Tested Bond Club" for the purpose of selling bonds on the
The dividend rate maintained on the Common stock (all of which is partial payment plan. This plan, according to Irving S. Metzler.Presidei2t
outstanding) for the past 5 years has been at the rate of 8% per annum.
of the company, which has been copyrighted, is the first fully developed
The company has at the present time outstanding, $121,000 of 1st Mtge. and
workable system for popularizing $100 bonds on small weekly payments
6% bonds. J. E. Wright is President.
Payments made toward the purchase of the bonds are entered in a passWolverine Tube Co., Detroit, Mich.
-Bonds Offered.
- book and are credited with interest at 6% per annum, compounded semiWatling, Lerchen & Co., Detroit, are offering at par and annually. The plan is for an initial payment of $10, to be followed by
int., $200,000 1st Mtge. Serial 734% Sinking Fund Gold 45 weekly payments of $2 each.
bonds dated March 11924; due serially March 1 1926 to 1934. -The Citizens National Bank and the Citizens Trust & Savings Bank
Security Trust Co., Detroit, trustee.
of Los Angeles, Calif., announce the formation of the Citizens National
CapitalizationAuthorized. Outstand'g. Co., which will transact the business heretofore conducted by their bond
First Mortgage Serial Sinking Fund Gold bonds_ _ _ _ $200,000
$200,000 departments. The Citizens National Co. will be managed by the officers
Notes due after March 1 1934
50,000 of loath institutions, but run under the active management of John Burbaw,
Common stock, par $10
500,000
220,500 Executive Vice-President, and Henry M. Bateman, Secretary-Treasurer.
Company.
-Organized in 1916. Manufactures small and special size
Williams & Prehn. 66 Beaver St.. New York,
a branch
brass and copper tubing for a widely diversified list of industries, among office in the Cotton Exchange Building. Houston, have opeaed a foreign
Tex., where
which the most important are the following: Automobiles, electric household exchange and general investment securities business will be conducted
devices, adding machines, cash registers, not water heaters and plumbing under the management of Andrew L. O'Leary. The firm will represent
supplies.
Watson, Williams & Co. of New Orleans in Texas.
Sales have grown from $126,000 In 1917 to well over $1.000.000 in 1923.
Guaranty Co. of New York has been appointed transfer agent for
Purpose.
-Of the proceeds of the present financing. 3100.000 is appro600,000 shares of Class "B" stock, par value $10 per share, of the Yellow
priated and will be impounded with the trustee for plant additions and exCab Mfg. Co., a Maine corporation, and also for 400,000 shares of capital
tensions now under construction.
-Earnings for the 5
Earnings.
-year period ending Dec. 311923. after de- stock of the Chicago Yellow Cab Co., Inc., a New York corporation.
preciation but before interest and Federal taxes, have averaged approxi- a special meeting of the board7r
At
dires of -American Car
mately 31.6 times the maximum interest charges on this issue and for the Foundry Co.. John Sherman Hoyt was elected a member of there:menthe
two years ending Dec. 31 1923 over 5 times the maximum interest require- committee to succeed Col. H. Rieman Duval, deceased. The vacancy in
ments oh this issue.
the board has not yet been filled.
1550
THE CHRONICLE
[vole. 118.
GENERAL MOTORS CORPORATION
ANNUAL REPORT—FOR THE YEiAR ENDED DECEMBER 81 1923.
March 24 1924.
To the Stockholders:
A consolidated balance sheet and income account of General Motors Corporation and its Subsidiary Companies engaged in the manufacture of motor cars; accessories and
parts, are submitted herewith.
The net income for the year 1923 available for dividends
was $62,067,526. There is included only such proportion of
the profits of Maher Body Corporation and the General
Motors Acceptance Corporation as was received in the form
of cash dividends. The Corporation's share in the undistributed earnings of these two subsidiaries was $9,941,429,
which if added to the above net income would represent a
total of $72,008,955.
After paying regular quarterly dividends on the debenture
and preferred stocks requiring $6,887,371 for the year, there
remained for the common stock, $55,180,155 or $2.67 per
share. Four quarterly dividends of thirty cents per share
each were paid on the common stock, aggregating $24,772,026, leaving a balance of $30,408,129, which was carried to
surplus. The undistributed proportion of the earnings of
Fisher Body Corporation and General Motors Acceptance
Corporation was equivalent to forty-eight cents per share
on the common stock of General Motors Corporation.
There were manufactured and sold during the year 798,555
cars and trucks, compared with 456,763 in 1922. The net
sales were $698,038,947, compared with $463,706,733 in 1922.
The Corporation is in excellent financial condition. Cash
In banks at the close of the year was $47,069,805; sight
drafts $13,283,707; inventories $138,678,131. Current liabilities amounted to $79,150,705, leaving an excess of current assets over current liabilities of $140,750,582. This
compares with $126,476,237 as of December 31 1922, an increase of $14,274,345.
OPERATIONS OF THE YEAR 1923;
A discussion of progress during the year should be preceded by a statement as to certain policies. In the Annual
Report covering 1922 operations, attention was called to the
passing of the motor car as a luxury and its recognition as
an effective medium of transportation for both passengers
and goods—an economic necessity in the daily life of every
civilized community.
The problem from the operating standpoint has become
one of increased efficiency in management and greater refinement in product. Any manufacturing institution must
necessarily be built around certain products. The determination of all the factors entering into their selection is an
Important consideration in the success of the institution.
In the earlier history of the Corporation demand so far
exceeded supply that very little consideration was needed
on that point. In 1921 a definite policy was adopted. The
Corporation should establish a complete line of motor cars
from the lowest to the highest price that would justify quantity production. Its endeavors at all times should be to develop the best value in each price class which large volume,
effective manufacturing methods, aggressive engineering
and efficient means of distribution, all supported by large
,resources, make possible.
Limitations already dealt with in previous reports necessarily added to the time when this policy could be made effective. During the year substantial progress has been
made. The products of the Corporation have been realigned
and adjusted and competition which heretofore existed
within the car manufacturing Divisions has been largely
eliminated. Such a policy makes possible co-ordination, not
otherwise practical, in engineering, manufacturing and particularly in distribution.
The absolute necessity of realigning the products, all of
which was effected during the second half of the year 1923,
- manifestly resulted in a considerable loss in profits. The
'development and 'bringing into production on a quantity
'basis of an entire line of new models by each of the Motor
Car Divisions, with the exception of Chevrolet, was an important undertaking. A considerable interval of time exists
between the introduction of a new article into manufacture
before a competitive cost can be obtained. This is particularly true with a complicated and highly technical product
such as the modern motor car. Moreover, in changing models, production must largely cease for a considerable interval which in turn means reduced sales. It is the policy of
the Corporation to maintain the present alignment of products, refining and improving in detail. With the posssible
exception, however, and then only in degree, of the lower
price models, recognition of new technical developments affecting performance, cost of manufacture and improvement
in appearance, must be given proper weight and be recognized from time to time by changes of more or less major
character. On the other hand, it is not believed that it will
be essential in any one year to make as complete a realignment of products as was required during the year 1923.
VOLUME OF SALES.
volume of business transacted during the year was
The
the largest in the history of the Corporation. Practically
every Operating Division was taxed to the utmost to keep
up with the demand and sales were limited by production
during practically the entire selling season. A complete
record of sales and earnings for a period of fifteen years is
shown as addenda in this report.
In the preceding Annual Report it was stated that the
Corporation had been brought to a manufacturing capacity
of 750,000 passenger cars and trucks per year. The number
actually manufactured and sold was 798,555, and represents
an increase over the previous year of 75%.
It is essential that growth keep pace with the develop.
meat of the industry. With the completion of certain unfinished construction projects, a manufacturing capacity of
approximately 1,300,000 cars per year will be available.
This large increase in plant capacity compared with the
relatively small increase in the necessary plant and equipment, is due primarily to the more effective employment of
capital already invested.
The volume of business through the Accessory and Parts
Groups was the largest in the Corporation's history. These
Divisions naturally reflect the operations of the Motor Car
Divisions, as well as the prosperity of the industry as a
whole. Resulting profits from these Divisions were entirely
satisfactory.
EXPORT ACTIVITIES.
Notwithstanding that it is recognized that business overseas, especially for the motor car industry, is necessarily of
slow growth, the volume of export operations, excluding
Canadian business, was $39,193,869. This is about 6% of the
total business of the Motor Car Divisions and was an increase of 92% over the previous year. The outlook for continued growth in the export field is most encouraging.
GENERAL MOTORS ACCEPTANCE CORPORATION.
The General Motors Acceptance Corporation organized
under the banking law of the State of New York to assist
dealers in financing their wholesale commitments and users
in the purchase of cars on the deferred payment plan, has
now been in operation about five years., Its financial statement is not consolidated with that of General Motors Corporation. A complete statement of the financial position of
the Acceptance Corporation as of December 31 1923 is included as a part of this report.
During the existence of the General Motors Acceptance
Corporation it has assisted in the financing of 771,831 cars
and trucks and has bought the obligations of dealers in and
purchasers of General Motors products amounting to $556,313,465. The Acceptance Corporation has financed itself by
direct and open market discounts of its own secured obligations with banking institutions throughout the entire country. In Canada and abroad. Attention is called to the fact
MAR. 29
1924.]
1551
THE CHRONICLE
that in this great volume of business the percentage of loss
has been less than two-tenths of one per cent. General Motors Corporation Awns the entire capital stock of General
Motors Acceptance Corporation; representing a par value of
$6,000,000 and surplus and undivided profits of $2,545,045,
as of Deceniber 31 1923.
ARMSTRONG SrRING COMPANY.
The Corporation assisted some years ago in the financing
Of this Company. It was considered desirable during the
year to purchase the outstanding equity and transfer its
status to that,of.an,Operathig Division. This necessitated
additional investment Of $871,050. Of this $750,000 was represented by 7% Debenture- stock at par issued for the purpose.
CAPITAL POSITION.
• The Corporation at the• close of the year was employing
$438,526,676 net capital, an increase of $32,566,951 as cornpared with the corresponding period of the previous year.
Current liabilities increased $25,387,782, reflecting increased volume of business. This includes $10,000,000 in
notes payable account of Seasonal needs for working capital,
to maintain production during the off selling season. This
Indebtedness will be liquidated during the active business
of March, April and May. Reserves for various purposes
have increased $13,895,646 during the year, of which $12,420,896 is the net increase in reserve for depreciation and obsolescence of plant and equipment. Capitalization has been
affected by only two transactions—the Armstrong Spring
acquisition and the issuance of stock for employee's bonus
for the year 1922. Surplus hasincreased in the total amount
of $30,762,437, of which $30,408,129 is due to the undistributed profits resulting from-the year's operations, and $354,308 results from excess over $10 per share of no par value
common stock issued on acdount of employees' bonus for
1922.
The position of the Corporation with regard to expansion
and increased investment in plant and equipment deserves
some explanation. Increases in various working capital
Items are of less moment, as they are in the nature of a
liquid investment and fluctuate with the volume of business.
During the year there have necessarily been changes in
the plant and equipment accounts, and in investments in
affiliated companies. The total increase was $27294,000
and was distributed as follows:
Expansion of production facilities
$13,103,000
Manufacture of additional essential component
2,293,000
Assembly plant operations required for more economical distribution
5.973,000
Increased investments in affiliated companies (Fisher Body
Corporation and General Motors Acceptance (lorporation)- - 5.926.000
Total
$27.294.000
The first named results directly in increased capacity;
the balance in general, results in more effective handling
of capacity already created.
The net increase in reserve for plant depreciation and
obsolescence was $12,420,896. The difference between the
total ($27,294,000) and the increase in depreciation reserves
($12,420,896), or $14,873,104, represents the additional
amount of capital permanently invested.
400 represented dividends received and $9,125,640 was reinvested in-the business of Fisher Body Corporation.
HOUSING FOR EMPLOYEES
.•As stated in a previous report, the demand for houses for
employees has been such as to cause the Corporation to create four housing subsidiaries at different points and to make
Investments in two additional companies for the purpose of
meeting the demand for homes. During the year the investment in these properties has not materially altered except
that through arrangements made with the Prudential Insurance Company,$2,750,000 was borrowed and used to repay in
part the General Motors Corporation for advances made.
Housing activities are conducted through the following corporations:
Modern Housing Corporation
Bristol Realty Company
Modern Dwellings, Ltd.
New Departure Realty Company
The balance sheets of these Subsidiary Corporations are
not included in the balance sheet of General Motors Corporation, but the Corporation's equity is represented as an
investment. A list of the above with the equity represented
in each, is shown as addenda in this report.
BONUS PLAN.
Employees of exceptional merit are each year awarded a
bonus under certain conditions, which amounts are invested
in the stock of the Corporation to be distributed to the beneficiaries over a period of four years. The Bonus Plan was
adopted in 1918 and was amended in the year 1922. The
Corporation purchased in the market and has reserved 127,861 shares of no par value common stock for bonus awards
to 647 employees for conspicuous service rendered during
the year 1923, the cost of this stock appearing on the income
account as a charge against earnings for the year 1923.
Since the inception of the plan, and including the foregoing.
there have been set aside the following shares of stock:
Common stock (no par value)
7% Debenture stock
The aggregate number of bonus awards is
784,803 shares
18,934 shares
18,112
EMPLOYEES' SAVINGS AND INVESTMENT FUND.
This Plan inaugurated in 1919 continues to have the
support of the Corporation's organization. The net amount
paid in by the employees during the year 1923 aggregated
$3,620,465. A summary of the results of the Savings Fund
from inception to date is shown elsewhere in this report.
GOOD-WILL, PATENTS, ETC.
Emphasis may very properly be placed upon a previoas
statement as to the relatively small amount at which this
important item is being carried on the balance sheet.
PROGRESSIVE GROWTH.
The growth of the Corporation during recent years is
shown in statements included in this report as addenda, as
follows:
Number of Employees
Number of Stockholders
Total Amount of Payrolls
Sales of Cars and Trucks
Volume of Business
Record of Dividends
The net volume of sales does not give a very accurate
measure of increased business due to the readjustment of
prices during the past two or three years. There is also
included, with other information, a list of the investments
MANAGERS SECURITIES COMPANY.
The plan of the Managers Securities Company, adopted by in affiliated and miscellaneous companies in explanation of
the Directors, was approved at a special meeting of the the corresponding item in the balance sheet.
stockholders held November 26 1923. The Corporation had
As already pointed out, the developments of the year
to call upon E. I. du Pont de Nemours & Company, under its
have brought practically the whole of the property of the
agreement, to supply the equivalent of practically all of the
2,250,000 shares of common stock of General Motors Cor- Corporation into more efficient operating condition for the
poration 'required. It is believed that this plan will result future. The amount of idle capital, practically all.in real
In greater effectiveness and stability to the Corporation's estate, although relatively small, is being continually reduced. The effective control maintained on inventories and
activities.
capital investments referred to in previous reports still conFISHER BODY CORPORATION.
tinues,as evidenced by a material increase in inventory turnThe Corporation's investment in the Fisher Body Corpora- over and the ability of the
Corporation to increase its voltion is $32,151,825, represented by 360,480 shares, being a ume with a small proportionate
increase of both working
60% interest in the common stock of that Corporation. This capital and investment in plant
and equipment. As to the
includes $4,506,000 already referred to as invested during future, any forecast must be
uncertain. However, it may
the year,to take up the Corporation's pro rata allotment of very properly be stated that at the time of the writing of
additional common stock. The pro rata amount of earnings this report, the business of the
Corporation is progressing
'of Fisher Body. Corporation =ruing to the• Corporation Satisfactorily and the outlook for the year is encouraging:
'during the year amounted to $12,430,010, of which $3,304,
THE CHRONICLE
1552
[VOL. 118.
HASKINS & SELLS
In the year 1923 the Corporation met a severe loss in the
Certified Public Accountants
and Director and
NEW YORK.
death of J. Amory Haskell, Vice-President
New York, F. Y., February 19 1924.
a member of the Executive and Finance Committees. Mr.
Haskell had been connected with the Corporation during the General Motors Corporation,
224 W. 57th St., New York, N. Y.
entire period of Its major development. His interest in its
We have audited your general accounts and those of your
affairs was unfailing, his loyalty unswerving. His loss is subsidiary manufacturing companies for the year • ended
regretted by all.
December 31 1923 and, subject to our not having examined
the minutes of your governing bodies,
We Hereby Certify that, in our opinion, the accompanyIn addition to the financial gains reflected by the year's
ing Condensed Consolidated Balance Sheet, December 31
operations, it is Important to point out that the morale of 1923 and related Summaries of Income and Surplus for the
the organization and Its loyalty to the institution was never year ended that date, are correct.
HASKINS & SELLS.
at as high a state as at present. The ability of the organization and its ambition to do bigger and better things, is unGENERAL MOTORS CORPORATION.
questioned and is bound to be an important factor in the
CONDENSED CONSOLIDATED BALANCE SHEET AS OF
Corporation's future activities. Much has been accomDECEMBER 31 1923 AND 1922.
plished; still more remains to be accomplished, and to this
ASSETS.
Dec. 31 1923.
Dec. 311922.
Current and Working Assets-end the entire organization is bending its best efforts.
Cash in banks and on hand
$47,069,804 57 327,872,722 92
United States Government Bonds
3,950 00
By Order of the Board of Directors,
Marketable securities
29.618 10
9,817 55
Sight drafts with bills of lading attached.
PIERRE S. DU PONT, Chairman of the Board.
and 0.0. D.items
13,283,706 86
13,179,664 05
ALFRED P. SLOAN, JR., President.
GENERAL MOTORS CORPORATION.
4,455,042 33
Notes receivable
3,452,273 91
Accounts receivable and trade acceptances,
less reserve for doubtful accounts (in
1923. $1,663,274 73; in 1922, 81,431,-*
15,820.019 31: 15,921,934 93
143 55)
Inventories at cost or market, whichever is
138,678,131 38 117,417,823 05
lower
1,358,404 98
Prepaid expenses
1.587,532 94
CONDENSED CONSOLIDATED INCOME ACCOUNT.
Year Ended
Year Ended
Total Current and Working Assets
8219,991,286 53 $180,239,160 36
Dec. 311922.
Dec. 311923.
Fixed Assets—
Profit from operations and investments,
Investment in affiliated and miscellaneous
after all expenses incident thereto, but
companies not consolidated
860,796,034 98 $57,293,864 72
General Motors Corporation stocks held in
before depreciation of real estate,
3,275,432 65
5.046,322 62
treasury
280,366.402 47
891,698.666 21
plants and equipment
276.576.055 68 255.307.970 82
Real estate, plants and equipment
Provision for depreciation of real estate,
3,947.794 49
8.363.207 59
Deferred expenses
13,584.788 95 Goodwill, patents, &c
15.065,70280
plants and equipment
22.440.811 06 22,370,811 06
Net profitfrom operations and investments $76,642.963 41 $66,781,613 52
8373,222.431 93 8342,095.873 74
Total Fixed* Assets
Less: Provision for:
$1.906,494 72
Employees' bonus
1,876,11900
Amount due Managers Securities Co.._ _
1.980,583 15
Employees'savings and investmentfund
357.867 44
Interest on notes payable
26.121,064 31
Total Assets
1,477.216 28
1.351,15540
$4,170,369 20
870.521.899 10 862.611.244 32
Less: Adjustments and losses in excess of
reserves established therefor
4.553,796 10
Less: Provision for Federal income taxes
$70,521,899 10 $58,057,448 22
6.250,000 00
8.135.000 00
Net Income
862.386.899 10 251.807.448 22
General Motors Corporation proportion
262,067.525 69 851.496.13.565
of net income
Debenture dividends at rate of 7%-22,268,161 56
3,648.092 55
Debenture dividends at rate of 6% _
971,117 00
Preferred dividends at rate of 6%
81.860,93641
3.597,57005
970,721 50
26,887.371 11
86,429,227 96
Amount Earned on Common Stock
$593.123,718 46 3522,335,034 10
$1,341.997 52
*255,180,154 58 *$45,066,907 69
*Note—The earnings of General Motors
Corporation reflect earnings of Fisher
Body Corporation and General Motors Acceptance Corporation only to the extent of
dividends received. General Motors Corporation's proportion (60%) of undivided
profits of Fisher Body Corporation, and
(100%) of General Motors Acceptance
Corporation, amounts to: 1923. $9,041.429 28:1922.$2,978,357 36;so that the net
amount earned on common stock of
General Motors Corporation, including
amount accrued within these two Com865,121,583 86 848.045,265 05
panies is
LIABILITIES, RESERVES AND CAPITAL.
Dec. 311923. Dec. 311922.:
Current Liabilities-840.299.518 04 $34,812.441 20
Accounts payable
Notes payable
10.000.00000
Taxes, payrolls and sundries accrued not
16,166,563
19,430,546 06
due
1.650,821 93
..
43.272,586 05
Federal taxes
Accrued dividends on debenture and pre1.133,096 23
1,148,054 71
ferred stock
Total Current Liabilities
879,150,704 86 $53,762.923 06
$1,279,750 12
$1,218,055 20
Purchase money mortgages
Purchase money notes. account Fisher
Body Corporation stock purchase
31,218,055 20
1.000.000 00
$2.279.750 12
Reserves—
Depreciation of real estate, plants and
equipment363.248,80325 850,827,907 11
1,143,962 50
1.516,337 50
Employees' investment fund
7,016,667 35
7.538,435 54
Sundry contingencies
1,344,098 70
1,914,705 69
Bonus to employees
Total Reserves
274,228.281 98 $60,332,635 66
Capital Stock—
$32,931.600 00 832,181,600 00
Debenture Stock 77
60,801.00000 60,801.000 00
Debenture Stock 6%
16 183 400 00 16 183,400 00
Preferred stock 6%
Common stock, no par value (at $10 per
206,463,270 00 205,577,500 00
share)
700 00
700 00
Common stock ($100 par value)
$316,379,970 00 $314.744,200 00
Total Capital Stook
Interest of minority stockholders in subsidiary companies with respect to capital
1,278,662 18
1,447,406 76
and surplus
Surplus over and above $10 per share of no
120,699,299 66 89,936,863 08
Par value common stock
Total Capital Stock and Surplus
$438,526,676 42 $405,959,725 26
Total Liabilities *Reserves and Capital-$593,123.718 46 $522.335.034 10
DETAIL OF INVESTMENT IN AFFILIATED AND
MISCELLANEOUS COMPANIES.
SURPLUS ACCOUNT.
In the condensed consolidated balance sheet of General
Year Ended
Year Ended
Dec. 311922.
Motors Corporation, there is an item, investment in affiliDec. 31 1923.
ated and miscellaneous companies not consolidated, carried
Surplus over and above $10 per share of no
par value common stock outstanding
at $60,796,034 98 as of December 31 1923. This consists Of
289,936,863 08 855,814,160 46 securities of companies, not consolidated in the accounts of
at the beginning of the year
• Additions through acquisition of prop117,111 93 the Corporation. • A schedule of, these investments and the
erties
value at which they are carried on the books of the CorporaAddition arising from excess over $10 per
tion follows:
share of no par value common stock
Dec. 311923.
Shares.
354.30800
issued for employees' bonus
$32,151,825 00
Fisher Body Corporation_ _ _Common 360,480
Deduction account of cancellation of de884,20000 General Motors Acceptance
linquent common stock subscriptions _
7,500,000 00
Common 60,000
Corporation
7.929.834 36
Amount earned on common stock,as per
General Motors Bldg,Corp_
55,180,154 58 45,066,907 69 Investments in Housing
income account
Facilities:
Bristol Realty Co
8145,471.325 66 8100,113,98008
Common 5,673 8.567,30000
House Financing Corp_ Common 2,000 200,00000
Lansing Home Bldg, Co_Common 2,020 202,000 00
Less: Cash dividends paid on common stock:
161.389 48
Modern Dwellings. Ltd
$6,192,962 10
Mar. 15. $0.30 share
6.999,168 51
Modern Housing Corp_ _ _
6392,998 70
June 12, 30.30 share
New Departure Realty CoCommon 2,500 167.451 72
8,297,309 71
6,193,020 30
Sept.12, $0.30 share
1.377.50000
Managers Securities Co. _ _ _
6.193,044 90
Dec. 12, $0.30 share
1,250,000.00
Common
General
$10,177,11700 Doehler Leather Co Co_ _ giommon 10,000 8800,000 00
Dec. 20, 80.50 share (special)
4,000
Die-Casting
l Preferred 40® 200,000 00
824.772.02600 $10,177,117 00
1,000.000 00
1,289,565 VI
Miscellaneous
Surplus over and above $10 per share of no
Total Investment in Affiliated and Miscellaneous ComPar value common stock outstanding
860.796.034 93
panies not consolidated
8120,699.299 66 $89,936,86308
Dec. 31
1553
THE CHRONICLE
MAR. 29 1924.]
GENERAL MOTORS ACCEPTANCE CORPORATION.
BALANCE SHEET AS OF DECEMBER 31 1923.
ASSETS.
Cash in banks and on hand
receivable: Notes and acceptances
Notes
Cash in trust
$6,729.780 83
$67,319,443 73
2,951,416 76
70,270,860 49
Foreign bills ofexchange: Documentary
53,654,058 51
Acceptances
3,397,429 71-7.051,488 22
Accounts receivable:
Due from banks by discounts of notes and
• acceptances
5809,650 01
Affiliated corporations
23,262 70
Others
200,171 31-1,033.08402
Interest earned not received
5,335 95
Furniture and equipment(less depreciation)
331,360 71
Investments
6,00000
Cash and securities pledged by foreign customers (contra)--80,506 55
Deferred Charges: Prepaid discount
$579,398 62
Other
25,370 54- 604.769 16
Total Assets
$86,113,185 93
LIABILITIES.
56,000.000 00
Capital stock
Surplus
1,600.000 00
Undivided profits:
Balance as of Dec.31 1922
$229,256 72
Net profit for year ended Dec. 31 1923_ - 1,296,788 63
Less dividends
$1,525,045 35
480,000 00
Notes payable:
Collateral gold notes
557,577,00000
Demand notes secured (Canadian and London banks)
2,971,21200
Wholesale notes and acceptances rediscounted
3,318,47527
Secured notes (Delco-Light Products)
1,250,000 00
1,045,045 35
$8,545.045 35
65.116,687 27
Foreign bills of exchange discounted
6.896.183 46
Accounts payable: Affiliated corporations- -- $1,683,519 95
Others
126,291 05
1,809,811 00
Cash and securities pledged by foreign customers(contra)_
80,506 55
Interest and charges received in advance
2.361,87295
Reserves
1,303,079 35
Total Liabilities
$86.113,185 93
RECORD OF EARNINGS.
Net sales, net earnings, amount paid in dividends and the amount re-invested in the business since the beginning of
General Motors is shown in the following table:
Year1909x
1910x
1911y
1912v
1913v
1914v
1915v
1916v
1917v
1917c
1918
1919
1920
1921
1922
1923
Net Sales.
$29.029,875
49,430.179
42,733,303
64,744,496
85.603,920
85,373,303
94.424.841
156,900,296
172,677,499
96.295,741
269,796,829
509,676,694
567.320.603
304,487,243
463.706,733
698,038.947
Net Earnings
After
Federal Taxes.
$9,114,498
10.225,367
3,316,251
3.896,293
7,459,471
7,249,734
14,457,803
28,789,560
24,780,916
14.294,482
14,825,530
60,005,484
37.750,375
'38,680,770
'
1
51,496,135
62,067,526
Preferred
Dividends.
6417,621
642,947
842,074
1.040,211
1,048,534
1,048,679
1,048,964
1,048,964
1.048,964
491,890
1,920,467
4,212,513
5,620.426
6,310.010
6.429,228
6,887,371
Balance for
Common Stock.
$8,696,877
9,582,420
2.474,177
2.856,082
6,410.937
6,201,055
13.408,839
27,740,596
23,731,952
13.802,592
12,905,063
55.792,971
32,129,949
*44.990,780
45,066,907
55,180.155
Per Cent.Cash Dirt- Earnings
Cash Dividends dends Paid to
Be-invested
Paid on
Amount Available
in the
Cmnmon Stock. Common Stock.
Business.
$8,696,877
9,582.420
2.474,177
2,856,082
6.410,937
6,201,055
13,408,839
510.730.159
38.68%
17,010,437
7,430.302
31.31%
16,301,650
2,294,199
16.62%
11,508,393
11,237,310
87.08%
1.667.753
17,324.541
31.05%
38,468,430
17,893,289
55.69%
14,236,660
20,468,276*65.459.056
10,177,117
22.- E1%
5
34,889,790
24,772,026
44.89%
30,408,129
Total
$3.690,240,502
$311,048,655
$40,058,863
3270,989.792
6122,327,219
45.14%
$148,662,573
Note.
--General Motors Corporation was incorporated October 13 1916,succeeding General Motors Company,organized September 16
1908. x Fisca
years ended October 1. y10 months ended July 31 1911. v Years 1912-1917, inclusive, are fiscal years ended July 31st. c 5 months
-August 1 to
December 31 1917. • Deficit.
Year Ended
RECORD OF DIVIDEND PAYMENTS.
Dec. 311917
A detailed record of the dividend payments by quarters
1918
during the year ended December 31 1923 is as follows:
1919
7%
6% 6%
Date
Stock
Deben. Deben. Pref.
of
of
Periods. Stock. Stock. Stock. Payment. Record.
1st Quar. $1.75 $1.50 $1.50 Feb. 1 Jan. 18
2nd Quar. 1.75 1.50 1.50 May 1 April 21
3rd Quar. 1.75 1.50 1.50 Aug. 1 July 9
4th Quar. 1.75 1.50
1.50 Nov. 1 Oct. 8
Total
$7.00 $6.00 $6.00
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
1,927
2,525
2,669
2,920
3,737
3.918
3,615
4.739
8,012
12,523
12,358
18,214
1920
24,148
*26,136
31,029
36,894
Date
1921
Stock
49,035
59,059,
66,837
Common
of
of
1922
70,504
72,668
71,331
65.665
Payment. Record. 1923
Stock.
67,115
67.417
68,281
68.063
50.30 Mar. 15 Mar. 3
* In January 1920 stockholders
the exchange of one share of
0.30 June 12 May 21 common stock, par value 8100, forauthorized of common
10 shares
stock without par
0.30 Sept.12 Aug. 20 value, the first exchange having been made March 1 1920.
0.30 Dec. 12 Nov. 19
NUMBER OF EMPLOYEES.
$1.20
The payments by years since the organization of General
During 1923 the payrolls of General Motors Corporation.
Motors Corporation of Delaware, the. present Corporation, not including certain affiliated companies, such as Fisher
Body, totaled $138,290,734, compared with $95,128,435 in
follows:
1922 and $66,020,481 in 1921.
7%
6%
Common
6%
Common
The average number of employees for the year 1923 was
Debenture Debenture Preferred
No Par
$100 Par
91,265, while at the end of the year the number was 97,747.
1917
---(1)56.00
---(4)610.00
___
1918
6.00
- --12.00 If the employees of the Fisher Body and other affiliated
(2)66.00
1919
6.00
____
12.00 companies were added, the total would exceed 135,000 at the
1920
(3)55.25
6.00
6.00
(6) 6.75
(5) 5.50 end of the year.
1921
$7.00
6.00
6.00
(7) 1.00
The number of employees of the Corporation, not includ1922
7.00
6.00
6.00
(8) .50
---- ing certain affiliated
companies, for 1923, and prior years,
1923
7.00
6.00
6.00
(9) 1.20
---- has
been as follows:
(1) Initial $1 50 quarterly paid Feb. 1 1917. (2) Initial SI 50 quarterly 1909
14,250 1914
14,141 1919
85,980
paid Feb. 11919. (3) Initial $1 75 quarterly paid May 11920. (4) Initial 1910
10,000 1915
21.599 *1920
70.612
$1 00 quarterly paid Feb. 1 1917, and thereafter $3 00 quarterly to and 1911
11,474 1916
25,666 1921
46,965
1912
16.584 1917
25,427 1922
Including Feb. 1 1920. (5) Final $2 50 cash and common stock dividend
65.345
1913
20,042 1918
49,118 1923
91,265
of 3i shares common no par value paid May 11920. On and after March
•Beginning with the year 1920, figures shown in this table are averages
1 1920 ten shares no par value common exchanged for each one share $100 for the year.
par value. (6) Initial 25 cents quarterly cash and stock dividend of 1-40th
EMPLOYEES' SAVINGS AND INVESTMENT FUND.
share common paid May 1 1920, which rate was paid Aug. 2 1920 and
Nov. 1 1920. (7) During 1921 on February, May, August and November
A summary of the results of the Savings and Investment
business day, each quarterly dividend of 25 cents cash. Quarterly
first
Fund since its establishment in 1919 follows:
dividend duo Feb. 1 1922 was passed at meeting held Jan.4 1922. (8)"Special" dividend of 50 cents a share paid Dec. 20 1922,stock of record Nov. 27
Accumula1922. (9) During 1923, on March 15, June 12, Sept. 12 and Dec. 12, a
tion of lodividend of 30 cents cash was paid.
Year
Amount
Amount lerest et InWithNet
Ended Paid in by Paid in by come from
drawals by
Amount
Dec. 31. Employees. Corporation. Investment. Aggregate Employees. in Fund.
NUMBER OF STOCKHOLDERS.
Receipts.
1923 ___
At the end of 1923 there were 68,063 stockholders. Of the 1922 ___ $3,620,465 $1,531,098 /1,079,594 $6,231,157 $1,812.702 $4.418,455
2,598,090 1,143,977
644,576 4,386,643
849,898 3,536.747
46,587 common stockholders 31,812 owned 100 shares or less 1921 ___ 2,603,090 2,162,565
603,801 5.369.456 2,376.157 2,993,29t
1920 ... 4,502.185 4,502,185 .382,476 9,386,846 2,758,781 6,628,064
and 13,896 owned 10 shares or less. Of the common stock- 1919 ___ 2.249.065 2.249,065
22,907 4,521,037
179,382 4,341,654
holders, 10,017 are women.
SIA.572 R45411 Mac= 19 722 'Ind *90 005 Ion eTnIA none, 0129141
The total number of stockholders, all four classes, by • In addition to th s amount, which was received In cash,there was also received
as a stock dividend 12,604 39
-40th shares of General Motors Corporation Common
quarters, follows:
Stock.
1554
THE CHRONICLE
[VOL. 118.
New Departure Manufacturing Co.(3)
SALES OF CARS AND TRUCKS.
Ball bearings, coaster brakes, bells and bicycle hubs.
The total sales of cars and trucks by months by the Car Northway Motor & Mfg. Division (I)
and Truck Divisions of General Motors during 1923 comMotorsfor passenger cars and heavy-duty trucks.
Remy Electric Division (1)
pare with previous years as follows:
1923.
49.162
55,427
71,669
75.822
75,393
69,708
51,634
65,999
69,081
86,936
66,256
61.468
January
February
March
April
May
June
July
August
September
October
November
December
Grand Total
1922.
16,088
20,869
34,082
40,474
46,736
48,541
33.772
42,840
35,443
40,815
50.232
46,871
1921.
6,151
8,912
13,686
17.900
17,793
27,474
18,859
23,049
24,315
23,876
17,594
15,190
1920.
34,313
33,864
42.504
42,183
42,653
46,852
45,479
32,899
28,796
18.302
12,798
12,432
1919.
25,038
25,936
29,844
32,991
39,130
34,710
31,720
31,986
33,437
41,847
36,329
28,770
798,555 456,763 214,799 393,075 391,738
The sales by makes of cars for the year ended December
31 1923, compared with the Fales of preceding years, follow:
, Passenger CarsBuick
Cadillac
Chevrolet
Oakland
Oldsmobile
Commercial Cars- j
Chevrolet
GMC Trucks
Oldsmobile
1923.
1922.
218,286 138,501
22.201
22,021
464,800 240,390
35,974 20,853
33,356 21,216
15,326
6.968
1.497
2,932
5,277
1,218
1920.
1919.
1921.
83,888 116,213 119,853
11,130 19,790 19,851
75.667 144,502 132,710
12,661 37,244 54,451
33,345
20.245 26,241
1,489
2.760
466
4,938
5,137
8.383
2,682
7,730
7,782
Totals
Passenger Cars
Commercial Cars
Miscellaneous*
774,617 442,981 203,591 343,990 360.210
18,458
18,194
23,791
9,427
4,715
4.355
6,493 30,627 13,334
147
Grand Total
798,555 456,763 214,799 393,075 391.738
* Includes tractors; and also cars and trucks not now manufactured.
DIVISIONS, AFFILIATED AND MISCELLANEOUS
COMPANIES.
PASENGER AND COMMERCIAL CAR GROUP.
Flint, Mich.
Cadillac Motor Car Division (1)
Cadillac passenger cars.
Detroit, Mich.
Detroit, Mich.
Chevrolet Manufacturing Companies (1 or 2)
Chevrolet passenger and commercial cars produced in the
manufacturing and assembly plants located as follows:
Flint, Mich., motors and assembly; Detroit, Mich.,
forgings, gears and axles; Bay City. Mich.,small parts;
Toledo, Ohio,transmissions and differentials; assembly
plants in these cities: St. Louis, Tarrytown, Janesville,
Oakland, Buffalo and Cincinnati.
General Motors Truck Division (1)
GMC trucks.
Pontiac, Mich.
Oakland Motor Car Division (1)
Oakland passenger cars.
Pontiac, Mich.
Olds Motor Works Division (1)
Oldsmobile passenger cars.
Lansing, Mich.
ACCESSORY AND PARTS GROUP.
Armstrong Spring Division (1)
Springs for passenger cars and trucks.
Brown-Lipe-Chapin Division (1)
Differential gears for passenger cars and trucks.
Flint, Mich.
Syracuse, N.Y
Dayton, Ohio
Dayton Engineering Laboratories Co (2)
Delco starting, lighting and ignition systems for cars
and trucks.
Delco-Light Company (2)
Dayton, Ohio
Farm lighting and power plants; washing machines;
water pumps; Frigidaire electrically-operated refrigerators.
General Motors Chemical Co.(2)
Dayton, Ohio
Distributor of Ethyl Gas, a new and improved motor fuel.
Harrison Radiator Corporation (2)
Radiators for passenger cars and trucks.
Hyatt Bearings Division (1)
Hyatt anti-friction bearings.
Inland Manufacturing Company (2)
Steering wheels and wood parts.
Jaxon Steel Products Division (1)
Wheels, rims, tire carriers and rim parts.
Klaxon company (2)
Klaxon horns.
Lancaster Steel Products Corporation (2)
Cold drawn steels.
Muncie Products Division (1)
Transmissions, steering gears and chassis parts.
Lockport, N. Y.
Newark, N.J.
Dayton,Ohio
Jackson, Mich.
Newark, N.J.
Lancaster, Pa.
Muncie, Ind.
Detroit, Mich.
Anderson,Ind.
Starting,lighting and ignition systemsfor cars and trucks.
Saginaw Malleable Iron Company (3)
Saginaw, Mich.
Malleable castings.
Saginaw Products Division (1)
Saginaw, Mich.
Motors; Jacoz steering gears for passenger cars and
trucks; machining and grinding crank shafts; grey
iron castings.
United Motors Service, Inc.(2) •
Detroit, Mich.
Provides authorized national service for Delco, Remy,
Klaxon, Javm, Harrison Radiator, New Departure
Ball Bearings,Hyatt Roller Bearings,A C Speedometers.
EXPORT AND OVERSEAS GROUP.
Delco-Remy, Limited (2)
London, EngSales and service of Delco and Remy products in Great
Britain and Ireland.
General Motors of Canada, Limited (2)
Oshawa, Ont.
Factories at Oshawa and Walkerville where are made the
Cadillac, Chevrolet, Oakland, Oldsmobile and McLaughlin-Buick passenger and commercial cars and
GMC trucks sold in the Dominion of Canada; also cars
marketed in Great Britain, Ireland and other overseas
markets.
Canadian Products Division (6)
Walkerville, Ont.
Axles and motors for passenger cars.
General Motors Export Company (2)
New York, N. Y.
Overseas distribution of General Motors cars and trucks,
except in Great Britain and Ireland.
General Motors International A_S (2)
Copenhagen, Den.
Assembly and sale of Chevrolet cars.
General Motors. Limited (2)
London, Eng•
Wholesale distribution of General Motors cars and trucks
in Great Britain and Ireland.
Hyatt, Limited (3)
London, Eng.
Sales and service of Hyatt Bearings in Great Britain and
Ireland and Continental Europe.
Overseas Motor Service Corporation (9)
New York, N. Y.
Sales and service, overseas, of A C Spark Plugs; Klaxon;
Delco; New Departure bearings; Jason; Remy; Hyatt;
and other accessories.
General Motors has manufacturing plants in 38 cities of
AFFILIATED GROUP.
the United States, Dominion of Canada and overseas. There
are 28 major manufacturing operations, 27 sales organiza- A C Spark Plug Company (4)
A C Spark Plugs and A C Speedometers.
tions and 8 miscellaneous companies; a total of 63 members
Doehler Die-Casting Company (5)
in the General Motors family.
Buick Motor Division (1)
Buick passenger cars.
Bristol, Conn.
Flint, Mich.
Brooklyn, N. Y.
Die castings.
Detroit, Mich.
Fisher Body Corporation (4)
Owns and controls through stock ownership, Fisher Body
Ohio Company;Fisher Body St. Louis Company;Fisher
Body Company of Canada, National Plate Glass Company; Ternstedt Manufacturing Company and other
companies; plants in Detroit, Pontiac, Flint and
Saginaw, Mich.; Cleveland and Cincinnati, Ohio;
Buffalo, N. Y.; Blairsville, Pa.; Ottawa, Ill.; St. Louis,
Mo.;Oakland, Cal.; Janesville, Wis.; Memphis, Tenn.,
Walkerville, Ontario, Canada.
Newark, N. J.
General Leather Company (5)
Upholstery leather for passenger cars.
MISCELLANEOUS GROUP.
New York, N. Y.
General Motors Acceptance Corporation (2)
Finances distribution of General Motors products.
New York, N. Y.
General Exchange Corporation (8)
Insurance service for General Motors dealers and
purchasers of General Motors cars.
General Motors Building Corporation (2)
Detroit, Mich.
Owns and operates central office building in Detroit.
General Motors Research Corporation (2)
Dayton, Ohio
Laboratories for experimental and development work.
Modern Dwellings. Limited (7)
Oshawa, Ont.
Housing for employees at Oshawa.
Modern Housing Corporation (2)
Detroit, Mich.
Housing for employees in Flint, Pontiac and Janesville.
Bristol Realty Company (11)
Bristol, Conn.
Housing for employees in Bristol.
New Departure Realty Company (10)
Bristol, Conn.
Housing for employees in Bristol.
Note.
-GENERAL MOTORS CORPORATION is primarily an operating concern owning the plants, properties
and other assets of its manufacturing operations which are
designated in this list of companies as Divisions. It is also
a holding company owning part or all of the capital stock of
other companies connected with its activities and designated
as subsidiary or affiliated companies. These relations are
indicated by numerals appended after the name of the companies:
(1) Physical assets owned by General Motors Corporation.
(2) All stock owned by General Motors Corporation.
(3) All common stock owned by General Motors Corporation.
(4) Majority of stock owned by General Motors Corporation.
(5) Large stock interest owned by General Motors Corporation.
(6) Physical assets owned by General Motors of Canada, Limited.
(7) All stock owned by General Motors of Canada, Limited.
(8) All stock owned by General Motors Acceptance Corporation.
(9) All stock owned by General Motors Export Company.
(10) All stock owned by New Departure Manufacturing Company.
ity of stock owned by New Departure Manufacturing Co.
1555
THE CHRONICLE
MA.R. 29 1924.]
INTERNATIONAL BUSINESS MACHINES CORPORATION
Formerly the COMPUTING-TABULATING-RECORDING CO.
TWELFTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1923.
To the Stockholders:
Your directors submit herewith income and surplus account for the year 1923, together with consolidated balance
sheet as of December 31 1923, with auditors' certificate
attached.
The net income for the year before Federal Taxes, but after
providing for full depreciation, interest, development and
patent expenses, was $2,161,375 17, compared with $1,631,818 09 for the year 1922, being an increase of $529,557 08.
The net income is exclusive of $513,818 18 received in settlement of patent infringement.
The Company retired during the year all of its notes payable except $100,000 of unmatured notes, all of which have
since been paid off.
In addition to paying off our notes, we redeemed or purchased bonds of a par value of $114,000, of which $25,000
are held in the Treasury. At the end of the year the Trustees
of the sinking fund had in hand cash for the redemption uf
$10,000 par value of additional bonds, called for payment
January 1 1924.
Net current assets totaled $6,723,354 97, compared with
$4,615,333 29 at the close of 1922, an increase of $2,108,021 68, the current assets being over five times the current
liabilities.
During the first half of the year the Company sold 19,655
shares of additional capital stock.
The Company added to its line of business machines several additional models which were being developed at the
time of our last report. The business so far obtained from
these has been satisfactory. Other new models and further
improvements to the present line are being developed in accordance with the Company's policy.
Our business in South America shows a healthy growth and
in order to more conveniently conduct the business, we
formed the International Business Machines Company of
Delaware, all of the outstanding stock of which is owned by
this Company. All of our Subsidiaries and associated companies operated at a profit during the year.
Effective February 14 1924, the name of the Company
was changed from Computing-Tabulating-Recording Co.
to International Business Machines Corporation, the new
name being more descriptive of the business of the Company
than the old, more truly interpreting the broad scope of our
present lines, and additions to the line now being developed.
By order of the Board of Directors,
THOMAS J. WATSON,
President.
International Business Machines Corporation
(formerly Computing•Tabulating-Recording Co.)
.
and Subsidiary Companies.
LIABILITIES.
Current Liabilities:
Notes and accounts payable,accrued items.
arc
International Business Machines Corporation, Dividend due Jan. 10 1924
Accrued interest on bonds
Federal Taxes (Estimated)
1770.959 98
226,014 00
171,210 00
326,631 95
11,494.815 93
Bonded Indebtedness:
Computing-Tabulating-Recording Co. collateral trust sinking fend bonds,due 1941 17,000,000 00
Less Redeemed and cancelled
$1,293,000 00
Held in Treasury
25,000 00
1,318.000 00
5,682,000 00
500,000 00
Reserve for Contingencies
Capital Stock and Surplus of Subsidiary Companies not
260,874 14
owned by International Business Machines Corporation_ _ _
Declared Capital (913,784,425) and Surplus, represented by
150.688 shares of International Business Machines Cor20,701,430 44
poration Capital Stock without par value
Total
$28,639,120 51
SUMMARY OF CONSOLIDATED INCOME, SURPLUS AND DECLARED CAPITAL FOR THE YEAR ENDED DEC. 31 1923.
Net Profit of subsidiary companies after writing down inventories ofraw materials to cost or market, whichever was
lower,and deducting maintenance and repairs of plants and
equipment, provision for doubtful accounts, the proportion of net profit applicable to unacquired shares, and expenses of International Business Machines Corporation__ 93.659,537 03
Less:
Depredation of plants.equipment and rental
9813,372 23
machines
Development and patent expenses
297,535 00
1,110,907 23
Less:
$2.548.62980
Interest on bonded indebtedness and borrowed money_ _ _ _
387.254 63
S2,161,375 17
Net Income for Year 1923
Deduct: Dividends as follows:
Paid April 10 1923 $196,531 50
No. 32—$1 50
Paid July 10 1923 226,014 00
No. 33-91 50
Paid Oct. 10 1923 226,014 00
No. 34-91 50
Due Jan. 10 1924 226.014 00
No. 35-91 50
874.573 50
Balance Before Deductions
Deductions:
Amortization of patents
Federal Income Taxes 1923 (Estimated)
$1,286.801 67
576.288 54
200,000 00
276,288 54
11,010,513 13
Surplus for Year 1923
Add:
Amount received in settlement of lawsuit for infringement
513.818 18
of patent
$1,524,331 31
Deduct:
Reserve for Contingencies
500,000 00
31.024,331 31
Add:
Amount received from sale of 19,655 shares of
International Business Machines Corpora$1,474,125 00
tion Capital Stock without par value
Less: Cost of underwriting, listing and issu46,738 58
ing above shares
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31 1923.
1.427,38642
18,249,712 71
Declared Capital and Surplus, Jan. 1 1923
ASSETS.
Declared Capital ($13,784,425) and Surplus, represented by
Current Assets:
150,688 shares of International Business Machines CorCash
$812,199 47
$20,701.430 44
poration Capital Stock without par value
United States Short Term
Treasury Certificates
300,000 00
11.112,199 47
THE AUDIT COMPANY OF NEW YORK
Notes and accounts receivable
Chicago
93.782.218 22
New York
Less Reserve for doubtful
New York Life Building
Audit Company Building
accounts
382,996 77
39 South La Salle St.
72-74 Pine Street
3,399,221 45
To the Stockholders of the
Inventories
3,706,749 98
International Business Machines Corporation:
98,218,170 90
We have made a general audit of the books and accounts of
Sinking Fund:
the International Business Machines Corporation, formerly
Cash in hands of Trustee for redemption of Bonds called
for payment Jan. 1 1924
11.035 19 Computing-Tabulating-Recording Co., and its Subsidiary
Companies for the year ending December 31 1923.
Deferred Assets:
Commissions advanced salesmen on unfilled
We certify that the Consolidated Balance Sheet and Reorders. Ac., less reserve
$525,853 92
lated Summary of Consolidated Income, Surplus and DePrepaid insurance, taxes, dm
43,009 70
clared Capital presented herewith are true Exhibits of the
568,863 62 accounts and that, in our opinion, they correctly set forth
Investments (Book Values)
735,044 99 the financial condition of the International Business MaPlant Property, Equipment, Machines, Patchines Corporation and Subsidiary Companies as of Decements and Good-will, per Books, after deber 31 1923, and the results from operations for the period
ducting surplus of Subsidiary Companies
stated.
acquired at organization
825.674,386 76
Very truly yours,
Less—Reserves for depreciation and
amortization
6.568,380 95
THE AUDIT COMPANY OF NEW YORK.
19,106,005 81
A. W. DUNNING,
H. J. LUNDQUIST.
Sal
Total
128,639.120 51
President.
New York, March 21st, 1924.
Secretary.
1556
TETE CHRONICLE
{VOL. 118.
CANADIAN PACIFIC RAILWAY COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1923.
To the Shareholders:
Directors approved the alteration of outstanding land conThe accounts of the Company for the year ended Decem- tracts to include an amortization system of payments someber 31 1923 show the following results:
what similar to that adopted by the Federal Farm Loan
Gross Earnings
$195,837,089 61 Board in the United States. Under the plan adopted payWorking Expenses(including all taxes)
158.358.07954 ments are spread over a period of 34
years and the contract
Net Earnings
$37,479,010 07 provides for yearly payments of interest and a proportion of
Deduct Fixed Charge;
13,470,653 14
principal until the whole amount is retired at the end of the
Surplus
$24,008,356 93 period. Under this system
the Company's equity in the
Contribution to Pension Fund_,,
500,000 00
lands will be fully protected and the annual payments by
$23,508,356 93
the farmers lessened by being spread over a longer period.
From this there has been charged a half-yearly
dividend on Preference Stock of 2 per cent,
The same form of contract was approved for adoption in the
paid October lst 1923
$1,808.305 09
sale of the Company's remaining unsold lands with a view
And three quarterly dividends on Ordinary
Stock of 18% per cent each, paid June 30th
to their becoming more rapidly colonized.
1923. October 1st 1923 and December
5. During the year your Directors sold in London £208,565
31st 1923
13,650.000 00
15,458,305 09 and in New York $5,000,000 of Four Per Cent Consolidated
$8,050.051 84 Debenture Stock, and in London £2,600,000 of Four Per Cent
From this there has been declared a second
Preference Stock, the issuance of which you had previously
half-yearly dividend on Preference Stock
authorized.
of 2 per cent payable April 1st 1924
$1,866,705.09
And a fourth quarterly dividend on Ordinary
Owing to the magnitude of your System, continuous exStock of 1 per cent, payable April 1st 1924 4.550.000 00
penditures on capital account will always be necessary if it
6,416.70509 Is to keep pace
with the growing transportation requireLeaving net surplus for the year
$1,633,346 75 ments of the country, but your Directors have
adhered to
In addition to the above dividends on Ordinary Stock, three per cent
the policy of restricting the issuance of securities to the lowwas paid from Special Income.
est amount consistent with the maintenance of the property.
SPECIAL INCOME FOR YEAR ENDED DECEMBER 31st 1923.
During the year under review the fixed charges were inNet Revenuefrom Investments and Available Resources,
creased only by the modest amount of $121,747 and dividends
Exhibit"C"
$2,158,177 63
Interest on Deposits, and Interest and Dividends on Other
payable on Preference Stock by the sum of $447,732.
Securities
1,545,355 05
6. As intimated in the last annual report, the Note CerNet Earnings Ocean and Coastal Steamship Linos
4,292.140 52
tificates of the Company to the amount of $52,000,000, issued
Net Earnings Commercial Telegraph and News Department,
Hotels, Rentals and Miscellaneous
3,395,378 56 in 1914 and which would have fallen due on March 2 1924,
$11,391,051 76 were called for redemption on July 10 1923. Note CertifiLess: Payments to Shareholders in dividends: June 30th 1923,
cates to the amount of $51,288,180 have been redeemed,
October 1st 1923,and December 31st 1923
5,850,000 00
leaving Certificates of a par value of $711,820 still unpre$5.541,051 76 sented
at March 1 1924. Under the terms of the Trust Deed
From this a dividend has been declared payable April lost 1924 $1,950,000 00
these latter do not bear interest after the date fixed for reexpenses for the year, including all taxes,
2. The working
demption. The full amount of the outstanding certificates
amount to 80.86% of the gross earnings, and the net earnings
with the accrued interest thereon has been set aside for the
to 19.14%, as compared with 80.55% and 19.45%, respecpurpose of redeeming them as presented.
tively, in 1922.
7. The balance sheet at the end of the fiscal year shows
3. The gross earnings were greater by $9,162,000 than considerable change, due
to the payment of the $52,000,000
those of the previous year. The working expenses, however, of Note Certificates
which necessitated the utilization of
Increased by $7,984,000, leaving an increase in net operating cash and the disposal of
Government and other securities
revenue of $1,177,000. The increase in expenses is accounted which were in the hands of the Trustee
or reserved by the
for largely by the increased cost of conducting transporta- Company for the payment of the Note Certificates on
mation and of maintenance of way and equipment, the latter in turity. The Deferred Payments on Lands and Townsites,
pursuance of the policy of your Directors that the property amounting to $61,865,000, are now released for the general
should be maintained in the highest possible state of effi- purposes of the Company as collections are made.
8. In the annual report for the year 1921 a reference is
ciency. The inspection made in September of last year by
members of the Board enables them to assure you that never made to the proposed construction of a new pier at VanIn the history of the Company has the physical condition of couver, to be known as "Pier B.C.," and an appropriation of
the property been so excellent as it is now. It was largely $1,550,000 was approved by you as the first portion of the
cost. By reason of the very high costs of labor and material
due to this circumstance that your Company was able to
which then prevailed, only the dredging and filling were
handle expeditiously a large proportion of the exceptionally
undertaken, the balance of the work being deferred. In
heavy grain crop moved during the latter part of the year.
view of the great development of traffic to and through the
High water conditions during the spring added substantially
port of Vancouver, your Directors have decided that the conto maintenance costs. The operations of the Company were
struction of the pier should now be proceeded with. The
conducted throughout the year successfully and in the total
estimated cost is approximately $4,000,000, which will
opinion of your Directors the results must be regarded as be spread over a
period of eighteen months to two years.
highly satisfactory.
Your approval of the necessary expenditure will be asked.
4. The sales of agricultural land in the year were 53,122
9. In anticipation of your confirmation your. Directors
acres for $938,175 04, being an average of $17 66 per acre. authorized capital appropriations, in addition
to those apIncluded in this area were 1,429 acres of irrigated land, proved at the last annual meeting, aggregating
for the year
which brought $5881 per acre, so that the average price for 1923, $3,543,017, and ask your approval of expenditures
on
the balance was $1652 per acre.
capital account during the present year, as and when the
The land sales, as the figures will indicate, were very conditions warrant such expenditures, of $6,769,066. Of this
moderate, due primarily to the continuance of the depression amount the principal items are:
which has prevailed in the Prairie Provinces during the last Replacement and enlargement of structures in permanent form__ $508,115
Additional stations, round houses, freight sheds and shops, and
three years and to the fact that few of the new settlers were
extensions to existing buildings
901.576
in a financial position to acquire land holdings immediately Tie plates, rail anchors. ballasting, ditching and miscellaneous
roadway betterments
1 124,230
upon their arrival.
Replacement of rail in main and branch line tracks with heavier
section
In order to afford relief to the farmers located on the
1.286,857
Additional terminal and side track accommodation
• 719,916
Company's lands in the Western Provinces, many of whom Improving coaling and watering facilities
211,746
front various causes had become financially embarrassed Additional lining, Connaught Tunnel
5711.000
Mechanical Department, machinery at various points
303,020
and in arrears in payment -of principal and interest, your Improvements in connection wtih Telegraph service
243.678.
MAR. 29 1924,]
TH 14, CHRONICLE
The balance of the amount is required for miscellaneous
works to improve facilities and effect economies over the
whole System.
10. During the past year a moderate program of branch
line construction in the Western Provinces was proceeded
with, 231 miles of line being graded and 347 miles of track
laid on lines the construction of which you had previously
authorized. Your Directors are of the opinion that some
further extensions should be built during the present year
in order to supply much needed railway facilities to farmers
in the Provinces of Alberta and Saskatchewan. All the
branches have been carefully located in good territory and
should develop considerable additional traffic. Your authority will be asked for proceeding with the construction of the
following lines and for the issue and sale of a sufficient
amount of Consolidated Debenture Stock to meet the expenditure, namely:
Leader Southerly Branch. Mileage 50 to 75.
Lomond Northwesterly extension of the Suffield Southwesterly Branch,
Mileage 30 to 40.
An extension of the Archive-Wymark Branch to Coderre, 12 Miles.
An extension of the Moose Jaw Southwesterly Branch from Consul Easterly,
Mileage 60 to Mileage 97.
Amulet-Dunlcirk Branch, 25 Miles.
The requisite applications to Parliament are being made
for the necessary statutory authority to construct such of
the above lines, the charter authorities for which have expired or are expiring.
11. Arrangements have been made for the construction of
an extension of the Tuffnell-Prince Albert Branch of the
Manitoba and North Western Railway from Mileage 50 to
Mileage 129. The Manitoba and North Western Railway
Company has statutory authority to issue bonds not exceeding $40,000 per mile in respect of this Branch, which bonds
will in the usual course be acquired by this Company with
the proceeds of the sale of Consolidated Debenture Stock to
be issued for the purpose.
12. The results of the year's operations of your British
Columbia Coast Steamship service were the best of any year
since this service was inaugurated many years ago. Your
Directors feel gratified that the policy of development of the
Coast business has more than justified itself, notwithstanding the discouragements of earlier years. In view of the
proportions to which the business has grown and its probable future development your Directors decided to add two
new vessels to the fleet, and contracts have been entered into
for their construction and delivery early in 1925. The vessels will be 350 feet in length by 60 feet in breadth, will be
oil burners and will have a sea speed of 21 knots. Their
construction is rendered necessary by the fact that the
"Princess Irene" and the "Princess Margaret," built in 1914,
were never delivered to the Company owing to their being
taken over by the British Admiralty.
13. The Canadian Pacific Steamships, Limited, have in
1923 continued to show improvement in service and in revenues although many factors which militate against satisfactory operating results yet prevail. The world's ocean tonnage still exceeds trade requirements and financial conditions in Europe and labor unrest in Great Britain have had
an adverse effect on steamship traffic. The various steamship companies, including those operating ships of Government ownership, have worked in greater harmony, with the
result that rates have been on a more stable basis though
still unsatisfactory from an earnings point of view, being
less than in 1922 and on some commodities below the cost of
transportation. This situation, however, is undergoing a
gradual improvement.
The steamships of the Atlantic service show in comparison with the previous year an increase in gross earnings of
$400,000 and a decrease in operating expenses of $320,000.
The vessels of your fleet operated on the Pacific by the
Canadian Pacific Steamships, Limited, show an increase in
gross earnings of $158,000 and a decrease in operating expenses of $425,000.
In common with the Atlantic fleet the operations of your
Pacific steamers have suffered through excessive competition, and unfortunately there has been but little change for
the better in the political and commercial conditions existing in China.
While the prospects of a considerable improvement in
1557
business with Japan were encouraging during the first part
of the year, these were in a measure dispelled—temporarily,
it is hoped—by the earthquake which occurred on September 1 and resulted in great loss of life and damage to property.
Your Company's steamer "Empress of Australia" was in
Yokohama during the earthquake and resulting fire and
rendered valuable aid and assistance in saving life, taking
care of the wounded and feeding and clothing the refugees.
The conspicuous gallantry and sacrifice of the officers and
crew of the "Empress of Australia" have been recognized by
the British and American Governments and by the Company.
14. The position of the holdings of the Common Stock of
the Company as of February 1 of this year was as follows:
United Kingdom
Canada
United States
France
Other holdings
50.73%
21.14%
20.69%
2.95%
4.49%
15. The shareholders have been apprised of the loss sus
tained by the Company through the death of its Chairman,
the Right Honorable Lord Shaughnessy, K.C.V.O., on the
10th of December 1923.
The Directors feel it only fitting that the annual report
should contain the resolution passed at the meeting of the
Board on the 14th of January 1924 in the following words:
"On the motion of the President, seconded by Mr. C. R.
Hosmer and by a standing vote, it was ordered that the following be placed upon the minutes of the Company:
"It is with the profoundest sorrow that the Directors of
the Canadian Pacific Railway Company find themselves
called upon to record the death, on the 10th day of December
1923, of the Chairman of the Company, the Rt. Hon. Lord
Shaughnessy, K.C.V.O., in the seventy-first year of his age.
"Thomas G. Shaughnessy came to the service of the Canadian Pacific Railway Company in October 1882 ,as General
Purchasing Agent, and thereafter received successive appointments as follows:
January
September
September
June
June
October
October
1884—Assistant to the General Manager
1885—Assistant General Manager
1889—Assistant to the President
1891—Vice-President and Director
1899—President
1911—President and Chairman
1918—Chairman
"Thus for a period of forty-one years he was in the very
forefront of the Company's activities and for nineteen years
of that period the Chief Executive officer of the Company,
and the record of his service is one of extraordinary devotion to duty, unflagging zeal, tireless energy ant brilliant
achievement.
"To his remarkable faculties of organization and administration, his prescience, his resourceful initiative, and his
indomitable courage are in large measure to be attributed
the high state of efficiency in which the property of the
Company has been maintained, as also the wonderful expansion and development of its operations until it has become
with its manifold and widely diversified interests the greatest transportation enterprise in the world.
"His death has caused in the ranks of the Company a loss
which seems well-nigh irreparable. The Directors especially
deplore the loss of his counsel at the Board and the severance of the intimate personal relations which it has been
their privilege to enjoy for so long a period. At the same
time the country at large has lost one of the foremost of its
leaders in thought and action, for while the affairs of the
Company Were naturally the late Lord Shaughnessy's chief
concern, coupled therewith was a staunch loyalty to the
Dominion of Canada and to the British Empire, in the interests of which he was ever ready to render any possible service, and in recognition of which service he was created a
Knight in 1901, a Knight Commander of the Victorian Order
in 1907, and raised to the Peerage in 1916. It is therefore
resolved:
"That the members of this Board deeply deplore the lose
by death of their highly esteemed Chairman and colleague,
the Rt. Hon. Lord Shaughnessy, K.C.V.O., and they desire
to convey to the family an expression of their deep sympathy and condolence."
Your Directors appreciate that it is almost impossible to
express in any adequate way the debt which they and the
1558
[VOL. 118.
THE CHRONICLE
shareholders of the Company owe to the late Chairman,
whose great abilities and untiring energy were devoted for
so many years to the Company and its interests. They feel,
too, that in the sorrow consequent upon his death there is
this measure of solace that up to the very day of his passing
there had been no diminution of those high qualities of mind
and heart through which he had been enabled to accomplish
so much and which were most deeply appreciated not only by
his associates on the Board but by all Canadians.
16. As in former years, and with equal force, your Directors desire to express their appreciation of the loyal and
efficient services of the officers and men of the Company.
During the last few years, and none the less in the year
just closed, the operations of railway companies throughout
Canada have been conducted under conditions which were,
to say the least, not normal, and during the last winter all
companies were subjected to physical interruptions and extreme weather conditions which made the conduct of their
operations difficult and at times hazardous. The work of
the officers and the men which has contributed so largely
to the gratifying results of the year's operations was in
every respect consistent with the high reputation for efficiency and courtesy which they have earned.
17. The undermentioned Directors will retire from office
at the approaching annual meeting. They are eligible for
re-election:
Sir Vincent Meredith, Bart.,
Sir Augustus M. Nanton,
Mr. Grant Hall,
Mr. W. N. Tilley, K.C.
For the Directors,
E. W. BEATTY, President.
Montreal, March 10 1924.
AUDITOR'S CERTIFICATE.
We have examined the Books and Records of the Canadian Pacific Railway Co. for the year ending December 31st 1923, and having compared
the annexed Balance Sheet and Income Account therewith, we certify
that, in our opinion, the Balance Sheet is properly drawn up so as to show
the true financial position of the Company at that date, and that the relative Income Account for the year is correct.
PRICE, WATERHOUSE & CO.,
Chartered Accountants (England).
Montreal, March 8th 1924.
GENERAL BALANCE SHEET DECEMBER 31st 1923.
ASSETS.
Property Investment:
Railway, Rolling Stock Equipment and Lake and River
Steamers
$627,754,957 50
Ocean and Coastal Steamships, Exhibit "A"
59,960,332 89
Acquired Securities (Cost), Exhibit "B"
130,343,286 78
Advances to Controlled Properties and Insurance Premiums 10,065,286 34
Investments and Available Resources:
Deferred Payments on Lands and Townsites
$61,865,083 18
Provincial and Municipal Securities
792,721 29
Miscellaneous Investments, Exhibit "C,"
Cost
23,649,945 76
Assets in Lands and Properties, Exhibit
96,767.345 83
183,075,096 06
Working Assets:
Material and Supplies on Hand
429,463.631 93
Agents' and Conductors' Balances
2,768,793 07
Net Traffic Balances
1,593,583 53
Imperial, Dominion and United States
Governments, Accounts due for Transportation, etc
1,219,634 79
Miscellaneous Accounts Receivable
7,399,691 94
Cash in Hand
27,303,369 25
69,748,704 51
$1.080,947,664 08
LIABILITIES.
Capital Stock:
Ordinary Stock
Four Per Cent Preference Stock
$260,000,000 00
93,335,254 46
$353,335,254 45
Four Per Cent Consolidated Debenture Stock
254,244,882 08
Mortgage Bonds:
Algoma Branch 1st Mortgage 5 per cent
3,650,000 00
,
Current:
Audited Vouchers
$9,848,018 18
Pay Rolls
3,902,812 19
Miscellaneous Accounts Payable
13,049,261 59
26.800.091 96
Accrued:
Rentals of Leased Lines and Coupons on Mortgage Bonds
683,830 87
Equipment Obligations
12,730,000 00
Reserves and Appropriations:
Equipment Replacement
$6,421.218 53
Steamship Replacement
15,925,378 29
Reserve Fund for Contingencies and for
Contingent Taxes
33,048,957 19
55,395,554 01
Premium on Ordinary Capital Stock Sold
45,000,000 00
Net Proceeds Lands and Tovrnsites
82.450,021 20
Surplus Revenue from Operation
131,393,041 78
Special Reserve to meet Taxes imposed by Dominion Government
2,550,682 61
Surplus in other Assets
112.714,305 12
$1,080,947,664 08
J. LESLIE, Comptroller.
THE BORDEN COMPANY
AND ALL SUBSIDIARY COMPANIES
FIFTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1923.
DIRECTORS.
Arthur W. Milburn
Union N. Bethel!
George L. Nichols
Lewis M. Borden
Shepard Rareshide
Albert T. Johnston
Henry C. Sherman
Albert G. Milbank
Robert Struthers, Jr.
OFFICERS.
Albert G. Milbank, Chairman Board of Directors
Arthur W. Milburn, President
Albert T. Johnston, Vice-President
Shepard Rareshide, Vice-President and Treasurer
Charles C. Lobeck, Vice-President
Wallace D. Strack, Vice-President
William P. Marsh, Secretary and Assistant Treasurer
George M. Waugh, Jr., Controller and Assistant Secretary
Stephen J. DeBaun, Assistant Treasurer
GENERAL OFFICES
,
The Borden Company
The Borden Company
350 Madison Avenue, New York City
180 St. Paul Street West, Montreal, Canada
Borden's Farm Products Company, Inc.
110 Hudson Street, New York City
120 Murray Street, Montreal, Canada
Transfer Agent, Seaboard National Bank, 115 Broadway,
New York City
Registrar, Bankers Trust Company, 16 Wall Street, New
York City
Counsel, Masten & Nichols, 49 Wall Street, New York City
The manufacturing operations are conducted by The Borden Company (which dates back to 1857 in the production
of Eagle Brand Condensed Milk), and its following manufacturing subsidiaries:
Corporate Name—
Percentage of Stock Owned
100
The Borden Sales Co., Inc
Borden's Premium Co., Inc
100
100 o
The Borden Company of California
100%
The Borden Company of Utah
100%
The Borden Company, Ltd. (Canada)
Borden Realty Corporation
100%
The fresh milk and dairy products distribution in the socalled Metropolitan District of New York City and adjacent
territory, in Chicago, Ill., and its suburbs, and in Montreal,
Canada, is conducted by subsidiaries as follows:
Percentage of Stock Owned.
Corporate Name—
100%
Borden's Farm Products Co., Inc
Borden's Farm Products Co. of Illinois
100
100
Borden's Farm Products Co., Ltd.(Canada)
COMMENT.
While the financial statements appended correctly reflect
I he results of 1923 operations and the cOndition of the Corn
puny at the close of that year, your attention is directed, by
way of comment, to some of the more important features.
Sales.
Sales for the year were substantially larger than in 1922.
both in volume and value.
Net Income.
Net Income derived was $5,023,297 40, being 5.01% on
sales, and $2140 per share of Common Stock outstanding
after charges of every nature and Preferred Dividends.
Capital Expenditures.
CORPORATE ORGANIZATION AND SCOPE
• During the year $97,700 of Mortgage installments were
The business of your Company may be divided into two paid which, together with the net increased investment in
Property, Plant and Equipment of $1,755,463 01, made a
parts:
(1) The manufacture and sale of milk products compris- total expenditure for capital account of $1,853,163 01.
Inventories.
ing:
Condensed Coffee and Milk
Condensed Milk
Inventories increased during the year, amounting on DeEvaporated Milk
Condensed Cocoa and Milk
cember 31 1923 to $10,412,469 42, as compared with $7,787,Milk Chocolates
Dried Milk
Caramels
07023 on December 31 1922. This increase is principally In
Malted Milk
(2) The purchase, preparation and distribution of fresh Finished Goods and reflects the unusual production condimilk,cream and other dairy products by a system of wagon tions of 1923 and the effect of those conditions on sales of
the last quarter of that year.
deliveries.
MAR. 29 1924.]
THE CHRONICLE
Net Working Capital and Ratio of Current Assets.
Net Working Capital amounted on December 31 1923 to
$12,225,496 51, as compared with $10,697,440 99 as of December 311922.
Current Assets as of December 31 1923 amounted to $2 70
for every $1 of Current Liabilities, which compares with a
ratio of $253 for every $1 of Current Liabilities as of December 31 1922 and a ratio of $186 as of December 31 1921.
Indebtedness.
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Dallas
Denver
Detroit
1559
HASKINS & SELLS
Certified Public Accountants
37 West 39th Street
New York
Kansas City
Los Angeles
Minneapolis
Newark
Philadelphia
New Orleans Pittsburgh
New York
Portland
Saint Louis
Salt Lake City
San Francisco
Seattle
Tulsa
Watertown
Havana
London
Paris
Shanghai
THE BORDEN COMPANY AND ALL SUBSIDIARY COMPANIES.
CERTIFICATE OF AUDIT.
There were no outstanding bank loans at the close of the
We have audited the books and accounts of The Borden
year and no floating indebtedness of any form other than
the normal amount of accounts payable and accrued of a Company and its Subsidiary Companies for the year ended
December 31 1923.
current nature.
We have verified the accounts representing cash and seCollections, Credits and Discounts.
Collections were good, credit losses very small, and advan- curities either by examination of such assets or by obtaining certifications of depositaries.
tage was taken of all cash discounts.
The charges to property accounts have been controlled by
Stockholders.
The stock records of the Company show a total of 1,541 a conservative policy. Adequate reserves have been proholders of Preferred Stock and 3,847 holders of Common vided for depreciation of property and for possible losses,
Stock, or a grand total of 5,388 holding both classes, with an and full provision has been made for all known liabilities.
average holding of about 53% shares. Employees hold an
The inventories of finished goods and raw materials and
aggregate of 22,289 shares of the Company's stock.
supplies represent book balances as shown by the inventory
Prospects.
records, which are adjusted from time to time to agree with
The volume of business since the beginning of the current physical inventories, and which were examined and appear
year has been very satisfactory, with the result of a sub- to be correct, all inventory valuations being based upon cost
stantial reduction of inventories, and all indications point or market, whichever was lower.
at this time to a good business year.
We hereby certify that, in our opinion, the accompanying
The Organization.
Consolidated General Balance Sheet and Statement of ConIt is a pleasure to report and acknowledge the continuance solidated Income and Profit and Loss correctly exhibit,
rethroughout the year of co-operation and loyalty of high de- spectively, the financial condition of the Companies at Degree on the part of our organization.
cember 31 1923 and the results of their operations for the
Respectfully submitted,
year ended that date.
HASKINS & SELLS.
ARTHUR W. MILBURN,Preaident.
New York, March 15 1924.
THE BORDEN COMPANY AND ALL SUBSIDIARY COMPANIES.
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31 1923.
ASSETS.
Property, Plant and Equipment, including Madison Ave. Office Building
Less: Mortgages on Madison Ave. Office Building
$29,974,724 25
1,685,000 00
—$28,289,72425:
Current Assets:
Cash__ ______________________________________________________________________ $3,614,223 61
Receivables_ _ ________________________________________________________________ 4,389,440 20
Marketable Securities
1,001,310 12
Finished Goods
5,381,896 20
Raw Materials, Supplies, &c
5,030,573 22
19,417,493 35
6,523,443 97
145,583 01
5,942,876 36
$60,319,070 94
Investment in Capital Stock of Other Companies
Deferred and Suspended Assets
Trade Marks, Patents and Good Will
Total
Mortgages
Current Liabilities:
Notes Payable—Bank Loans
Accounts Payable
Accrued Accounts, Taxes (estimated), &e
Deferred and Suspended Liabilities
Total Liabilities to Other than Stockholders
Capital Stock—The Borden Company:
Preferred 6%
Common
Reserves:
Depreciation
Insurance, Contingencies, ecc
LIABILITIES.
$52,00009
None
$5,156,269 71
2,035,677 13
7,191,946 84
6,720 11
$7,250,666 9.5
$7,500,000 00
21,368,10000
$28,868,100 00
$7,744,697 62
7,809,833 70
15,549,531 32
8,650,772 67
Surplus
Total Capital Stock, Reserves and Surplus
Total
$53,068,40399
$60,319,070 94
STATEMENT OF CONSOLIDATED INCOME AND PROFIT AND LOSS
FOR THE YEAR ENDED DEC.311923.
Gross Sales
$100,245,160 31
Net Operating Profit:
(Aft( leducting all operating charges, including Depreciation, Insurance and
Property Taxes)
$5,372,876 44
Other In ame—Interest Received, Net
256,305 63
Gross Income
$5,629,182 07
Other Deductions—Income and Profits Taxes (estimated)
605,884 67
Net Income
$5,023,297 40
Surplus, January 1 1923
7,817,532 06
Total
$12,840,829 46
Less:
Dividends:
Preferred 6%
$450,000 00
Common 8%
1,709,440 00
Total Dividends
$2,159,440 00
Additional Depreciation and other Reserves
1,917,510 49
Loss on Property and Securities Sold
113,106 30
4,190,056 79
Surplus, December 31 1923
$8,650,77267
1560
THE CHRONICLE
[Val,111.
THE WESTERN UNION TELEGRAPH COMPANY
Incorporated
ANNUAL REPORT FOR FISCAL YEAR 1923.
To the Stockholders:
Herewith is presented a report of the Company's operations for the year 1923. A comparative Balance Sheet and
the Income and Surplus Accounts appear as appendices.
Improvements and additions to the property during 1923
increased its book value by $13,416,407, the largest amount
ever added in any one year. Noteworthy improvements
were made by the replacement of heavily loaded aerial
lines in congested centres with underground conduits and
cables; the substitution of copper wire for iron wire; and
the installation and extension of pneumatic tube systems
for conveying messages between main and branch offices.
The new buildings at Philadelphia and Harrisburg were
completed and occupied. Land was purchased in New
Orleans and St. Louis for new main office buildings and
construction begun at New Orleans. New central operating
offices, equipped with modern apparatus, were established
in Philadelphia, Albany and Indianapolis. A modern fireproof repair shop building, replacing several inadequate
structures, was constructed at Chattanooga, Tenn.
The Inter-State Commerce Commission's valuation of the
Company's land line system is still in progress. The controversy growing out of the Commission's decisions in the
valuations of the Texas Midland Railroad and the Kansas
City Southern Railway, wherein property, admittedly owned
by the Western Union, was partially inventoried to these
railroads, has, on reconsideration by the full Commission,
been decided in the Company's favor.
At the close of the year the Western Union System consisted of 214,318 miles of poles; 1,528,5g3 miles of wire,
about equally distributed between iron and copper; 2,843
miles of land line cables; 23,282 nautical miles of ocean
cables; and 24,678 telegraph offices.
Marketable securities, costing about $6,000,000, were
sold to provide needed funds for extensions and additions
to ' the property. The difference between the present
market value and the cost of securities now held is small,
and is amply covered by a reserve.
The bank balances and cash on hand were audited and
verified, and the Treasurer's accounts examined and found
In order.
Incident to the purchase, in 1923, Of real estate at New
Orleans, a mortgage of $87,500, maturing in 1927, was
assumed. Federal income taxes for the years 1917, 1918
and 1919, in dispute for over two years, were finally settled
in 1923. British taxes since 1914 are still in dispute, although
substantial payments on account have been made.
Important land line reconstruction projects, initiated in
1923, are still in progress and the cost of the property displaced will be charged against the depreciation reserve
during 1924. The reserve of $2,000,000, set aside in 1922
for ocean cable development, was augmented in 1923 by
an appropriation of like amount.
The gross revenues for 1923 were exceeded only by those
of 1920, a year of unprecedented general prosperity.
The net operating return from land line operations was,
for the year 1923, 6.7% of the book value of the land line
property; the average for the past ten years was 5.9%.
Transatlantic cable rates were reduced about 20% in
April 1923, in spite of which, cable system revenues for
1923 declined less than 10%, as compared with 1922.
Taxes continue to grow and bear heavily on the Company.
Were it not for the amount now set aside annually for
taxes, net income would be about 35% greater.
Western Union average wages are to-day higher than
they were in 1920, although tho cost of living has declined
20%. Nearly 60% of the gross revenues of the Company
are disbursed for employees' wages and benefits.
The Employees' Income Participation Plan, inaugurated
in 1920, and in effect during subsequent years, has paid
about $6,700,000 to employees.
Expenditures for employees' pensions, disability benefits
and death benefits amounted to $1,388,600 during 1923,
and since the inception of the Plan in 1913, have aggregated
nearly $10,000,000. The cost of vacations with pay in
1923 was nearly $1,900,000. The practice of observing
Saturday half holidays with pay was extended during 1923
to the operating forces, so far as consistent with the requirements of the service.
The three Associations representing the Company's
employees, i.e., Land Line System, Cable System in North
America, and Cable System abroad, have diligently worked
for the common welfare of the employees and the Company.
Negotiations between the employees' representatives and
your officers have been governed by a spirit of co-operation
and good will.
Land line and cable messages were handled for the Government by the Company in 1923 at $749,000 less than the
cost of operation and $924,000 less than the corresponding
business would have yielded at commercial rates. This
burden still bears heavily upon the Company's earnings.
Renewed efforts to obtain an increase in the Government
rate were made in 1923, and the matter is now before the
Postmaster-General.
At the close of 1923, there were 26,276 shareholders, an
increase of 457 over last year; of the total number, 24,654
held 100 shares or less and of these 18,960 held 25 shares
or less.
All seven Western Union transatlantic cables have now
been equipped with the recently developed apparatus for
direct working between American and European termini.
A two-conductor cable was laid between Valentia, Ireland,
and Sennen Cove, near Penzance, England. The cable
stations at Canso, N. S., and Duxbury, Mass., were refitted
and modernized. Twelve dwellings were erected at Canso,
N. S., for the accommodation of employees. A new cable
ship, "Cyrus Field," is being built by the Societe des Chantier
et Ateliers de St. Nazaire (Penhoet), France, and will be in
commission in the spring of 1924.
The Development by the Western Electric Company of a
new type of ocean cable, loaded with "permalloy," has been
mentioned in previous reports. Extensive tests on a trial
length, laid in deep water, indicate the commercial value
of this type of cable, and verify the estimated increase in
speed over that of all other types of deep sea cable. Since
the first transatlantic cable of 1858, all cables have been of
practically the same type, differing only in size and weight.
It is gratifying to record that your Company now initiates
the first important change in cable laying in over fifty years.
Under an arrangement with La Compagnia Italians dei
Cavi Telegrafici Sottomarini, the Western Union will lay a
cable, of the new type referred to above, from Now York
City to Herta, in the Azores, and the Italian Company will
provide a cable from the Azores to Spain and Italy, establishing for the first time direct cable connection between the
United States and these two important countries, and
thus affording a much needed direct route for traffic with
Southern Europe and countries beyond. This u le will
probably be ready for operation by the fall of 1924.
Reference was made in last year's report to the restrictions
imposed upon the Company's operations in France by
Governmental regulations. In consideration of the preservation of the rate differential in favor of the French Radio
System, which operates under the auspices of the French
Government, American cable companies were granted, in
1923, facilities equivalent to those enjoyed by the Radio
System. Following this an enlarged Western Union office
was opened on the Boulevard des Italiens, Paris.
In April last, the transatlantic radio rates were generally
raised and the corresponding cable rates reduced, resulting
in approximate equality. The elimination of the rate
differential, on the basis of which_radio traffic had been
MAR. 29 1924.]
THE CHRONICLE
1561
developed, resulted in immediate and sustained additions to as for example, in Great Britain, France, Italy, Germany,
Western Union cable business. The effect of wireless the Netherlands, and Belgium, the cables will hold the
competition upon ocean cable traffic has been closely business as against wireless competition.
observed for several years. It is our experience that,
Respectfully submitted,
where cables can be assured efficient land line connections,
NEWCOMB CARLTON, President.
THE WESTERN UNION TELEGRAPH COMPANY
COMPARATIVE BALANCE SHEET DECEMBER 31 1923 AND 1922.
ASSETS.
Dec. 31 1923. Dec. 31 1922. Inc. or Dec.
Property Account—
$
$
$
Plant, Equipment and Real Estate,
Including properties controlled by
stock ownership or held under perpetual lessee and merged in the
Western Union System
213,586,721 94 200,170,315 25 13,416.406 69
Amount recoverable on the expiration
of long term lease in respect of
obligations assumed thereunder__ _ _ 1,180,000 00 1,180,000 00
214,766,721 94 201,350,315 25 13,416,406 69
Other Securities Owned—
Stocks of Telegraph, Cable and Other
Allied Companies operated under
term leases (not including securities
held as Lessee)
5,845,471 09
Stocks If Telegraph, Cable and Other
Companies
5,969,429 46
5.882.33833
'36,86724
30 00
11,814,900 55 11,851,737 79
Inventories of Material and i3upplles
5,969,399 46
*36.83724
6,933,725 23
5,685,979 54 1,247.745 69
Dec. 31 1923. Dec. 31 1922. Inc. or Dec.
LIABILITIES.
Capital Stock Issued_ _ _99,817.100 00
Leas—Held In Treasury30,373 34
99,786.726 66 99,786,726 66
Capital Stock of Subsidiary Cos. not owned by
The Western Union
Tel. Co.(par value):
Companies controlled:
By perpetual leasea__ 1,341,875 00
By stack ownership_ 429,800 00
i,771,675 00
1,771,72000
'5006
Funded Debt—
Bonds of The W.U.T.Ca.
444% Funding 6,Real
Estate Mtge. 50
-year
Gold Bonds. 1950_ _ _ _20,000,000 00
Collateral 5% Trust
Bonds, 193838,745,000 00
Less—Held in
Treasury108,000 00
8,637,000 00
Fifteen-year 644% Gold
Bonds, 1936
15,000,000 00
Bonds of Sub. Cos. assumed or guaranteed
by The Western Union
Tel. Co_ _ _16.500,000 00
Less--Held in
Treasury__ 3,143,000 00
3,357,000 00
Real Estate Mtge.,1927.
87,500 00
87,500 00
47,081,500 00 46,994,000 00
Total Capital Liabilities
Current Assets-Accounts Receivable, Including Managers'and Superintendents' balances,
dtc.(less Reserve for Doubtful Accts.) 15,040,005 90 14,951,804 22
88,201 68
Marketable Securities at Cost
11,913.348 88 17,896,479 96 *5,983,131 08
Treasurer's balances, Including Cash
at Banks at New York and outside
depositories and In transit
4,409,145 11 5,544,981 70 *1.135,836 59
31,362,499 89 38,393,265 88 *7.030,765 99
Sinking and Insuranse Funds (Cash
and Securities)
Deferred Clutrges to Operations
148,639,901 66 148,552,451 66
87,450 00
Current Liabilities—
Audited Vouchers and Miscellaneous
Accounts Payable
483,514 74
11.058,56237 10,575,047 63
Accrued Taxes(Estimated)
9,745,588 15 11,297,674 49 '1,552.08634
Interest and Guaranteed Dividends
accrued on Bonds and Stocks
631,661 30
631,661 30
Unpaid Dividends(including Dividend
of 81,745,705 50 Payable January
1,764,19946 1,763.859 91
339 55
15 1924)
Employees' Income Participation_ _
841,455 78 1,777,126 09 '935,67081
24,041,467 06 26,045,369 42 '2,003,90286
697.754 24
1,189,973 26
609,541 87
88,21237
1,401,499 25
'211.52599
Deferred Non-Interest Bearing Liabilities, in respect of proceeds of sales of
securities and other properties held
under leases for terms expiring in
1981 and 2010 from companies In
which The W.U.T. Co. has,for the
most part,a controlling interest, Payable only on the termination of
12,987,941 42 12.987.929 42
the leases
RUCITES for
-Depredation of Land Lines
Maintenance of Cables
Development of Ocean Cables
Employees' Benefit Fund
Depreciation of Securities
Other Purposes
12 00
13,811,488 59 11.707.145 16 2,104,323 43
285,944 71
8,796,288 72 8,510,344 01
3,716,784 06 2,000,000 00 1,718,784 06
*16,071 67
1,290,146 28
1,274,074 71
693,674 35 *138,326 61
555.347 74
476.8.5340
1,127,595 08
650,741 68
29,281,558 90 24.852.051 48 4,429,607 42
Surplus(as per Annexed Account)._
Total
266,765,575 11 259,292,339 58 7,473,235 53
51,814,706 07 46,8,54,53760 4,960,16847
266,765,576 11 259,292,339 58 7,473.235 53
Total
*Decrease.
INCOME AND SURPLUS ACCOUNTS—YEAR ENDED DECEMBER 31 1923.
INCOME ACCOUNT.
Gross Operating Revenues
Deduct—Operating Expenses, including Repairs, Reserved for8111.733.560 28
Depreciation, Rent for Lease of Plants, Taxes, Employees' Income Participation, &o
97,712,71407
Add—Income from Dividends and Interest
Dedua—Interest on Bonds of The Western Union Telegraph
Deduct—Appropriation for Development of Ocean Cables
Balance transferred to Surplus Account
CURRENT
Co__
$14,020,846 21
1.894.910 05
$15,915,756 26
2.306,850 00
$13,608,906 26
2,000,000 00
$11.608,906 26
NOTICES.
—Carden, Green & Co. in their weekly market review have
prepared
an analytical study of the two leading can companies,
American Can and
Continental Can, giving a statistical record of earnings, capital
structure,
book value of stocks, &c.
—The Citizens Savings Bank of Pasadena. Calif., has
established a
bond department under the management of R. S. Higginbotham,
who has
been in the bond business in Pasadena, operating under his
own name
for several years.
—George C. Steele, for sixteen years Cashier of the Herkimer National
Bank, Herkimer, N. Y., has resigned to act as representative of
Frederick
l'eirce & Co.of New York and Philadelphia in the central New York
district.
—Mark C. Steinberg & Co., St. Louis, Mo., have prepared for distribution a circular on the East St. Louis & Suburban Co., with particular reference to the 5% Collateral Trust gold bonds due 1932.
—The Seaboard National Bank has been appointed registrar of the
Class B stock of the Yellow Cab Mfg. Co. and the no par value capital
stock of the Chicago Yellow Cab Co., Inc.
Mt—Charles E. Doyle & Co., Bank of America Building,' have issued an
analysis of the Richmond Radiator Co., including a financial statement
of the company as of Dec. 31 1923.
—Edward Umber Stokes & Co., of Philadelphia and Boston, have
Wall St., New York. under the management of
opened an office at
William Cornell Fleming.
7
SURPLUS ACCOUNT.
848,8.54.537 80
Surplus at December 31 1922
Add—Balance from Income Account for year ended
December 31 1923
311,608,906 26
Adjustments of Surplus (Net)
334,059 71
11.942,96591
$58.797,503 57
Deduct—Dividends paid and declared
Surplus at December 31 1923, as per Balance Sheet
6,982,797 50
851,814,706 07
—Joseph J. Bennis and J. R. Essig, formerly with Riley, Brock & Co.,
Philadelphia, are now associated with the New York bond department of
Frazier & Co.
—The New York Trust Co. has been appointed depositary of Columbia
Phonograph Co., Inc., capital stock under voting trust agreement dated
Feb. 29 1924.
—J. Edward Atkins,formerly of the firm of Colyer & Atkins, has become
associated with Clokey & Miller as manager of their insurance stock department.
—The Empire Trust Co. has been appointed Transfer Agent for the
Preferred and Common stock of Fred'k Southack & Alwyn Ball, Jr., Inc.
—The Equitable Trust Co. of New York has been appointed registrar
of the voting trust certificates of the American-Canadian Properties Corp.
—Elwell, Bliss & Yarnell announce the removal of their offices to the
sixteenth floor of the Liggett Building, 41 East 42d St., Now York City.
—Nehemiah Friedman & Co., Inc.. have just issued their monthly
quotation list of Joint Stock Land banks. Copies may be had on request.
—Halle & Stieglitz, members of the New York Stock Exchange,announce
the removal of their main office to 25 Broad St., New York.
—An analysis of Safety Car Heating & Lighting Co. has been prepared
In pamphlet form by Tneodore
Bronson & Co., Inc.
—Wade, Templeton & Co. have prepared for distribution a circular on
thelNevr Dominion Copper Co.
L.
THE CHRONICLE
1562
[Vor.. 118.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-DRY GOODS-WOOL-ETC.
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed 'INDICATIONS OF
BUSINESS ACTIVITY."1
Friday Night, March 28 1924.
COFFEE on the spot has been at times in rather better
demand. Rio No. 7, 153. to 15%c.• Santos No. 4, 19% to
20c.• fair to good Cucuta, 21% to 22%c.; Medellin, 27% to
2834c. Futures advanced with London exchange of late
Nicl. higher and the dollar rate 50 reis lower. Term prices
at Rio have been 225.reis lower latterly, while May has advanced 100 reis. Some are more cautious on the short side,
especially with discounts on the distant months so large.
There has been considerable covering. It was stimulated
partly by reports of a better demand at times for spot coffee.
Some of the buying of futures here was attributed to Brazil.
Some of the old bull party also appeared to be taking hold
again early in the week. At that time contracts were in
small supply. The bullish fundamentals of coffee are declared to be still operative. They have been there for three
months: they have been the motor force; they have lifted the
price with resistless power. It is all comprehended in the
-supply and demand. Rebasic principle of economics
cently vague talk about Brazil's financial condition neutralized it for the time being. It is still a mystery what caused
the fall in Brazilian exchange. Coffee for a time did not rise
as exchange fell. That, of course, was an anomaly. One
reason given for the fall in exchange was that it was connected
with reported purchases of francs by the Brazilian Government; another was heavy selling of long March coffee for
Brazilian interests. But coffee has risen this week. Consumers of the world are not believed to be well supplied. A
lull in buying merely makes their position, it is urged, all the
more precarious. Brazilian receipts are still restricted.
Brazilian seaport stocks are still very small. Rio has only
190,000 bags, strange as that sounds against no less than
1,683,000 a year ago; Santos has 808,000 bags, against
1,801,000 last year, a decrease of about a million bags there
and 1,500,000 at Rio compared with a year ago. And
No.7 Rio coffee here is only 3 cents higher than at this time
in 1923. To make matters worse, the quality of the seaport
stooks is Laid to be seriously oper to question. A large percentage is openly declared to be unsuitable for export. If
poor* suggest a reaction after a recent great advance, the
fact is cited that there was a reaction a short time ago of
100 points, and even more than that at one period. Meanwhile, the outlook for the Brazilian crop of 1924-25 is still
said to be unpromising. Limiting the Brazilian port receipts, too, has been found practicable despite the scepticism
which greeted the project when it was first proposed. The
discounts on distant months are considered illogical in the
light of small receipts, small available supplies and the poor
crop outlook. Another factor is the deficient supply of
mild coffee. Of course it makes bad worse. Mild coffee
is wanted. Securing it for prompt delivery is another matter, though forward shipments have at times recently been
offered at easier quotations. Larger receipts of mild would
be natural with navigation in producing countries improved
by seasonal rains. Bogota has neon quoted at 26 to 27o.
That looks high by comparison with Santos at 18 to 203/20.,
and the Bogota premium may be reduced as mild receipts
increase. But this is regarded as a side issue. The important thing is the smallness of coffee supplies in general, the
so-called unwarrantable discount of some 2 to 23/ao. on the
far-off months, and tho fact, as it is asserted, that consumers
are but moderately if not meagerly supplied with reserve
..upplies of coffee. To-day futures declined, especially on
September. Foreign exchange was lower. Santos advanced
125 reis on March, but other months were down 100 to 125
reis. Rio was up 325 reis. Exchange on London was lower;
now 6 15-32d.; the dollar rate was 120 reis higher at 520.
For the week prices show a net advance of 28 to 35 points.
Prices closed as follows:
12.850nom.
'December _11.850 -Spot (unofficial)-15
May
13.55013.58 I September.12.17012.37
-Cuban raws have sold at 5c. for April shipment
SUGAR.
on a moderate scale. Some business has been done,it seems,
at 4.85 to 4.86o. f.o.b. for April shipment. But in general
bids were in the forepart of the week not much, if any,
above 438c. 0. & f. and on Wednesday 25,000 bags of Cuba
due next week sold at that price. Also a lot of 5,000 bags
of Porto Rico afloat sold at 6.55c. delivered. London
dropped is. on British refined, with raw quiet but steady.
Peru was offered at 26s. 6d. The demand across the
water for refined was said to be somewhat better. British
cables said on the 25th inst. that Cuba was offered to the
United Kingdom at 26s. 6d. c.i.f. April shipment, equal
to about 4.80o. f.o.b. Java browns were offered MayJune shipment at 25s. 3d. c.i.f. The cables suggested that
it might be possible to sell Cubas at 26s. 6d. c.i.f. in a very
limited way for very nearby sugars. A Cuba cable said
early in the week: "Strike situation unchanged on Cuban
Northern Ry. Santiago Branch of Cuba Ry. will go on
strike Saturday night in sympathy with Santiago Street
Ry. Employees of Cuban United Rys. will present demands
for higher wages on April 1, probably leading to general
railway strike.
On Monday it was stated the Cuban strike situation had
improved greatly. That on the Cuban Northern has been
settled; also one of the harbor strikes. In other sections
where trouble was brewing things look better. Havana
cabled March 24 that the strike of union employees of the
Northern Railways of Cuba which had tied up the road for
four days was settled, enabling the line to resume. The
terms of settlement were not made public. Receipts at
U. S. Atlantic ports for the week were 122,127 tons, against
63,491 last week, 113,886 last year and 120,659 two years
ago; meltings were 78,000 tons, against 76,000 last week,
82,000 last year and 88,000 two years ago; total stcck, 194,701, against 150,574 last week, 209,355 last year and 222,431
two years ago. Receipts at Cuban ports for the week ended
March 24 were 191,253 tons, against 195,532 in the previous
week, 203,791 in the same week last year and 183,044 two
years ago; exports, 128,694 tons, against 136,815 in the previous week, 141,845 in the same week last year and 112,911
two years ago; stock, 614,920 tons, against 552,361 in the
previous week, 599,669 in the same week last year and
737,174 two years ago; centrals grinding numbered 176,the
same as in the previous week. In the same week last year
they were 177, and in 1922, 180. Of the exports U. S. Atlantic ports received 75,112 tons; New Orleans, 11,220;
Savannah, 8,874; Galveston, 4,722; Canada, 4,914, and
Europe, 23,852 tons. Havana cabled "Weather fine."
Futures advanced early in the week, but later on reacted.
There was a good deal of switching froth May to later
months, from May to July, from May to December, the
latter at 45 to 46 points. Daily sales have been stated at
some 38,000 to 43,000 tons. To-day Cuban raws were
quoted at 43 to 50. bid and asked, with the tone somewhat
better but with no large business. Everybody has his eye
on the English market. Some 2,000 tons prompt shipment
sold at 26s. 3d. or about 4.78c. f.o.b. Cuba. New York
prices for export granulated have latterly been falling.
Some 150 tons sold to-day, it is said, at 5.95o. prompt shipment f.a.s., equal to about 8c. on the domestic basis. The
wind up on Cuban raw sugar was considered to be very close
to 5o. Futures were a shade higher, i.e., about four points.
For the week there is a decline of three points on May and
an advance of two points on September.
5.130 _ _ _ [December _ _4.600nom.
Spot(unofficial)4 15-16c I July
May
5.040 _ I September_ - _5.100
LARD on the spot was quiet and lower; Prime Western,
11.55c.; refined Continent, 11.90c.; South America, 12.25c.;
Brazil, 13.25c. To-day there was a fair demand. Futures
declined slightly. Business was light. "Wire" houses bought
now and then, steadying prices. Liverpool early in the week
was unchanged to 3d. higher. Last week New York exported
24,000,000 lbs. of lard. But hog receipts were heavy and
packers sold a little for hedge account. On Tuesday hogs
fell 10c. to 15c. The break in wheat tended to sober the
provision markets. Fluctuaticns however were very narrow.
There may yet be some buying for relief in Germany. Professionals covered on every little dip. To-day prices declined
like pretty much everything else. For the week there is a net
drop of 5 to 8 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Wed. Thurs. Fri.
Mon. Tues.
Sat.
10.90 10.82
10.85 10.90
March delivery--- -cts_10.87
May delivery
11.02 11.00 10.97 11.02 11.02 10.92
11.25 11.17
11.27 11.25 11.22 11.25
July delivery
PORK quiet; mess, $24 75 to $25 75; family, $27 to $28;
short clears, $26 to $28. Beef dull; mess, $15 to $16;
packet, $16 to $17; family, $19 to $21; extra India mess,
$30 to $32 nom. No. 1 canned corned beef, $2 35; No. 2,
84; 6 lbs., 815; pickled tongues, $55 to $65 nom. per bbl.
Cut meats have been steady; pickled hams, 10 to 24 lbs.,
4
123 to 160.; pickled bellies, 6 to 12 lbs., 10c. Butter,
creamery, fresh, seconds to high scoring. 39 to 453/20.
Cheese, flats, 19 to 25c. Eggs, fresh gathered, trade to
extras, 22 to 27c.
-Linseed continues quiet but prices do not show
OILS.
much change. Yet the belief is general that prices would be
shaded on a firm bid for a fair sized quantity. The visible
supply of flaxseed in the Argentine is reported very large.
Receipts at New York from Buenos Aires have been quite
large and stocks of oil are increasing. Spot, carloads, 90c.;
tanks, 84c.; less than carloads, 92c.; less than five barrels,
94c. Cocoanut oil, Ceylon, barrels, 9%c. Corn, crude,
tanks, mills, 8%c.; edible, 100 barrels, 123 @12%c. Olive,
$1 30@$1 40. Cod, domestic, 61@63c.; Newfoundland,
M.
29
1924.)
THE CHRONICLE
1563
63@65c. Lard, prime, 14c.; extrained, New York, 123jc.
Spirits of turpentine, $1 03@$1 04. Rosin, $5 75@ 7 50.
Cottonseed oil sales to-day, including switches, 11,000. P.
Crude, S.E., 825 bid. Prices closed as follows:
9.85‘10.00 September_ 10.27@10.25
Spot
9.50§ 9.80 June
10.10t10.11 October __ - 9.800 9.99
oarvil
9.50
9.80 July
9%c. with branded 2c. less for February-March. Other local
small packers asked Vic. more. Skins quiet with packers
asking 22c. for calfskins and 18c. on kip. Domestic tanners'
bid much less as first salted city calfskins last selling at 18c.
and kipskins at 15c. Export business in country hides was
stock 60
9.70 9.72 August----10.15 10.23 November_ 9.00@ 9.50 fairly active with sales of both butt weights and
lbs.
lopPETROLEUM has been rather quiet with export business free at 8%c. selected f. o. b. shipping points for practically
of grub merchandise. Domestic tanners asked 73 to
somewhat lighter. Export prices for gasoline were easier,
Wic• for partly grubby buff
but the domestic market was steady, with most of the big of all weight hides averaging weights. Sales to local buyers
46 lbs. at
refiners quoting 153c. in tank cars delivered to the trade. freight basis for 10% grubby stock. 83jc. selected Chicago
However, some business is said to have been done at 143 0. selected. Extreme weight country Poorer lots 73/i to 8c.
/
some cases
in some directions. Kerosene has been dull and weaker. at 11c, on fancy lots but bids nothides held in and partly
over 103.c.
Bunker oil was steady at $1 60 per bbl. f.o.b. New York grubby stock 10c. with
tanners
harbor refinery, but business is quiet. Gas oil early in the for quality merchandise. Later bidding 9%c: selected basis
4,000 La Blanca frigorifico
week was advanced Mc. a gallon for 23-24 and 36-40 by the steers sold at $41% or 154c. c. & f. to Canada, 4,000 SmithTide Water Oil Co. to 5% to 6c., respectively. Lubricating field steers at $14 50 or 153/2c. c. & f. and 4,000 La Plata
oils have been quiet and slightly easier. Early in the week.
were rather
the Texas and Gulf Line companies met the advance made Swift steers at $41 50. Common dry hides heresteadier. A
more active later
bit
by the Humble Pipe Line Co. in Gulf Coast crudes. The sale was reported in the week and perhaps a 193.c. Central
of 1,600 Bucaramangas at
new increase was 15e. a bbl. on grade A oil and 10c. on Americans
nominal at 16c. City packer dull. Buyers are
grade B. An interesting feature early in the week was the bidding around
2
103'2c. to Colorados and 113/c. for butt
cut made in Smackover, Ark., crude oil of 10 to 15c. by the
Texas Co. This was a surprise to the trade, as the Texas brands. Country hides are neglected.
OCEAN FREIGHTS have been in fair demand and
Co. is a comparatively small buyer of Smackover oil, and
the general tendency of crude since the beginning of the steady. Tankers and coal tonnage has been wanted. Grain
tonnage was slow. Cotton people talk of big cotton shipyear has been upward.
Advices from Tulsa on March 24 stated that due to de- ments to be made and big engagements for Europe. Coal
pressed marketing conditions in the Mississippi Valley tonnage was in some demand. Later there was a fair demand
recently Empire refiners reduced premium payments over for grain tonnage. Bremen advices on Monday to the
the posted price in parts of Oklahoma. The new premiums International Marine Co. said: "The dock strike which had
are 10c., as against 25c. recently. Wilcox Oil & Gas Co.'s tied up shipping in Bremen and Hamburg for a week had
No. 1 Smullan in northwest section 2-13-16 made a showing been settled at the latter port. The longshoremen and
of 3,000,000 gas and eight barrels of oil. This is a rank cargo handlers, it was stated, would return to work on
under a new
wildcat six miles from production. Lewis Oil Co.'s No. 1 Tuesday last included crude working agreement." of Hatteras.
CHARTERS
oil from California to north
Crouch in southwest section 31-36-6 East Cowley County, 84c., three or four trips. May loadi:g;sugar from Cuba to United Kingdomfrom Hampton Roads to Barbados. $1 90.
Kan., a wildcat test, is making 40 barrels and 25,000,000 Continent, 23s. 6d.. April: coalCanadian
Virginia to
port, 32,
gas. Boston wired March 24: "The jump of 32% from 17c. March; coal fromNorth Atlantic, $15, April; linseedprompt; lumber from
from Rosario to New
Grays Harbor to
to 223c. per gallon in the price of gasoline at retail and York, $5 75, May; zinc ore from Port Pine to Antwerp. 46s. 3d., Aprilwest Italy, 19c.. May; sugar from
May
corresponding advances in the nominal tank wagon price Cubaloading: grain from Montreal to 23s. 6d. April; coal from Atlantic
to United Kingdom-Continent.
during the month of January was the subject of investiga- range to Venice.$4. April:coal 10% from Atlantic range to French Atlantic.
coal
to Rouen or Nantes. $3 25,
U.
tion to-day by the commission on the necessaries of life. ing;April;crudefrom Atlantic range New England, 40s., prompt;April loadcrude,two
from Port Lobos to
light
Gasoline recently has been declared by the general court to trips from California to New York,85c., May;grain from North Pacific to
United Kingdom or Continent, 38s. 9d., with
be a necessity of life, enabling the commission to make the grain from Atlantic range to west Italy, basis options April 15 cancelling:
183ic., April: linseed from
investigation. It developed on the testimony of the repre- Rosario to New York. $6 75. April 5 cancelling; coal from Atlantic range
to Rio de Janeiro. $3 50, May loading; coal from Atlantic range to Genoa,
sentatives of the larger companies that while the nominal
bags of sugar from Ceinfuegos to
tank-wagon price to retail filling stations is 20c., there are $3 60, April 1-15 cancelling; 20,000Cuba to United Kingdom-Continent,
Savannah, 188.. prompt; sugar from
sales being made fairly generally at 18c. as a matter of whole- 248.. April: from North Pacific to United Kingdom-Continent. 388. 9d..
$4, April; petroleum.
March: coal from Atlantic
sale competition and so, according to witnesses, the retail two trips from Tampico torange to Rio de Janeiro. loading; fuel oil from
Philadelphia. 40c., spot
station is receiving about double its fair margin of profit." Gulf to United Kingdom-Continent, 42s. 6d., March; one round trip in
coal from Hampton
-South America trade. $1 05,
States
New York prices: Gasoline, cases, cargo lots, 28.40c.; United to Havana, 31 60. April; sugar from April; to United KingdomCuba
Roads
U. S. Navy specifications, 14.25c.; naphtha, cargo lots, Continent. 24s., April loading; sugar from Java to Mediterranean-United
388. two ports, May
16e.; 63-66 deg., 18c.; 66-68 deg., 19.50c.; kerosene in cargo Kingdom-Continent, 33s. 6d., one port, 6d., May:from Gulf toloading:
French
oil
'
47s.
lots, cases, 17.40c.; petroleum, refined, tank wagons to clean from Batourn to Hamburg,two ports, May-June; lumber from
Atlantic. 50s., one Port, 52s. 6d.,
British Columbia to United Kingdom. 70s., May; one round trip in United
store, 15e.; motor gasoline, garages, steel barrels, 20c.
States
-Canadian trade. $2 per month. April delivery: two round trips in
Melanoma. Kansas and 'texasMid-Continent
United States-Canadian trade, $2 25, prompt delivery; coke from Grange
Under 28 Magnolia
39 and over
$1.00
$2.25 mouth to Chile, 16s. 6d., March-April loading; coal from Baltimore to
28-30.9
1.20
33-35.0 deg.
1.75 west Italy. $3 65, April; coal from Atlantic range to Rio de Janeiro. $C
3139.9
1.45
30-32.9 below
145 spot loading; coal from U. S. Atlantic to Genoa, $3 60, April; sugar from
33.35 9
1.75 Caddo
36-38.9
2.00
Below 32 deg
1 50 Cuba to New Orleans, 13c., prompt; lumber from British Columbia to
39 and above.
2.25
32.-34.9
1.65 north of Hatteras.
Below 30 Humble
1.25 38 & above_
1.85
COAL prices have been drifting downward with a burden33-35.4
1.75
some supply at Hampton Roads. A new "low" has been
36-35.9
2.00
39 and above_
2.25
reached on prices. New England demand lent no real aid,
Pennsylvania
_ $4.00iliradford
$4.50 I Bull-Bayou32-34.531.50 though it was somewhat larger. Western prices have been
Corning......_ _ 2.15 I Ragland _ _
.
.
1.1011innois
2.07
Cabell
2.20ICorslcana, light
2.00 Crichton
1.65 falling.
Bituminous f.o.b. prices, piers: Pool No. 1. Navy standard $5 70 to
Somerset. light... 2.50 Lima
2.28 Plymouth
1.45
Wyoming
... _ 1.95 Indiana
2.081M exia
2.00 3590: No. 71, Navy supplementary. $525 to $5 50: No. 9 Superior, low
Smackover.
dew
Princeton .
2.07 Calif..35 & above_ 1.40 vol., 35 to $5 15; No. 10, high-grade low vol., $475 to $5; No. 11,ordinary
1.25 & 1.35 Canadian
2.68 Gulf Coastal
1.80 low vol. *440 to $4 75; No. 15, high-grade medium vol.. $4 40 to 3465:
$5 to
No. 34, high
No.
RUBBER advanced early in the week in sympathy with $525. ' vol.. steam. $440 to $4 65;f.o.b.61. low sulphur gas, Navy
piers: Pool No. 1.
Southern coals. Hampton Roads.
London. Spot smoked,ribbed sheets was quoted at 2234c., standard, 34 35 to $4 55; No. 2, high-grade, $4 20 to $4 35; No. 5, high
vol.
No. 15.
to *440: No.
but buyers found it difficult to buy at that price. April was high gas, $4 15$4 15 to 3430:6. high vol. steam, $4 25 to 3450;$4 50.
vol. gas.
No. 16, high vol. steam. $4 25 to
more freely offered at 223.c. The feature was the demand
for March, supposedly to cover shorts. Another bullish
feature was the decrease of 75C tons in the London stock to
.54,530 tons, a shrinkage of over 2,000 in a month. It is
now down to the lowest point seen for several years. Stocks
in the Far East cre also reported to be small. Later on spot
advanced to 223.c. for smoked ribbed sheets on a fairly
good demand, steady cables and delayed shipments. Much
of the rubber destined for American ports has been held up
by storms, particularly in the Indian Ocean. Smoked ribbed
sheets, spot, 223.-ge.; April, 22c.; May, 223c.; June, 2238c.;
/
July-Sept. 233c.; Oct.
4
-Dec. 233c. First latex crepe,
spot, 2238c.; April, 223c.; Slay, 223.c.; June, 225 o.;
/
%
July-Sept., 23c.; Oct.
-Dec., 2334c.
•
HIDES have been quiet here for most kinds. River Plate
has been rather firmer. Early in the week 9,000 frigorifico
steers sold to European and United States tanners at 1534
to 16c. e. & f. Later 4,000 Swift La Plata sold at $41 or
15% c. & f. Wet salted here met with a somewhat better
demand later in the week but were not at all active. Common
dry hides attracted a little more attention but no large sales
were reported. Orinoco are said to have sold at 16%c. or a
rise of %c. from the previous sale. At Chicago native bulls
were in sharp demand in the big packer market with sales of
January to March at 9c. Some report bids of 13c. for heavy
native steers but still asking 14c. Renewed bids of 1134c.
for Colorado steers were also made with 12c. asked for moderate quantities. Light native cows offered at 10c. with
some bidding 93 c. Independent packer hides were active
4
with sales locally of all-weight native cows and steers at
TOBACCO.
-The feature recently was the opening of the
Amsterdam sale, which had been eagerly awaited. American buyers took about 2,500 bales of Sumatra wrappers.
To be sure that was some 1,500less than a year ago. Whether
that is significant or not, opinions may differ. It looks as
though the decreased buying might be partly traceable to
the fact that prices at the sale are reported to have been very
high. The second sale was on the 21st inst., when 3,700
bales were sold. Tlis was 1,900 less than at the same sale
last year. Evidently buyers are a bit daunted by the high
level of prices. And so far as trade in New York is concerned,
it has recently been small. It may wake up when samples
of the new-crop Sumatra are received. They are not expected to arrive, however, for nearly or quite a month..
Meanwhile there is only a routine business here, with prices
generally reported steady.
COPPER.
-Though there was some inquiry early in the
week, actual business was very small owing to the unsettled
condition of the London market, where prices declined
sharply. The fall was attributed to the decline in tin
abroad. Electrolytic here, 13U to 13%c. There was a
report on the 25th inst. that 3,000,000 pounds of copper were
sold at 133 c. This was not confirmed, however. Later
4
prices fell to 133- to 135
,c. Some small quantities were
reported sold at 130. delivered in Connecticut Valley.
Copper shipments are said to be very heavy.
TIN has been quiet and lower, both here and in London.
Spot, 51 Nc.
LEAD has been quiet and lower; spot New York, 8.90 to
9c.; East St. Louis, 8.673-4 to 8.75c.
1564
THE CHRONICLE
For. 118.
ZINC has declined in sympathy with a lower London mar- 6034(1.; crossbred, 24 to 44d.: greasy merino, 12 to 27d.; crcssbred, 7% to
168. New Zealand, 2,423 bales;
to
ket. Demand is small. Spot New York, 6.65 to 6.70c.; 19 to 4034d.: greasy merino, 1234scoured merino, 2934 93445d.•, crossbred,
to 3634d.; crossbred.
to 30d. Punta
East St. Louis, 6.30 to 6.35e.
Arenas 3,305 'bales; greasy merino. 1634d. to 33d.; greasy crossbred,1434
to 27d.
STEEL production is proceeding on a large scale among
In London on March 25 prices were higher and demand good. Some
the leading mills, although there is some falling off in the Brisbane shipments of scoured merino brought 68d. per pound, while
some few bales of the best-grade scoured merino from Melbourne sold
automobile production. The output of rolling mill products at 66d. New Zealand offering heaviest. More than 5,000 bales sold.
is still of notable size. The chief demand comes from rail- Details: New South Wales, 1,624 bales; scoured merino, 30 to 6034 d.;
road and structural concerns. Building, in other words, crossbred, 2234 to 55d.• greasy merino. 1234 to 3734d.; crossbred. 934
to 34d. Queensland, 1:320 bales; scoured merino. 45
is still active and is absorbing a large tonnage in the aggre- bred, 32 to 54d.; greasy merino, 20 to 3434d.: crossbred,to 6834d.; cross15 to 30d. Victoria, 1,601 bales; scoured merino, 40 to 66d.; crossbred, 1634 to 5735d.:
gate. Some say steel business is rather better than it was greasy merino, 1334 to 40d.; crossbred, 1034
to 2934d. South Australia.
recently, and that there is rather too much pessimism as 357 bales; scoured merino, 26 to 53(1.; crossbred, 19 to 47d.; greasy merino,
12 to 33d.• crossbred, 9M to 29d. West Australia. 1,539 bales; scoured
contrasted with the actual Eituation in the trade. But crossbred, 2034 to
'
4234d.; greasy merino, 11%
crossbreds. 934
new buying, as a rule, it must be confessed, is not active. to 285'd. Tasmania, 45 bales; greasy merino,to 35d.:45d.; crossbred,
30 to
The automobile output, moreover, has fallen off 15%. 20 to 39d. New Zealand, 5,117 bales; scoured merino, 29 to 53d.; cross19 to 4634d.; greasy merino. 1334 to 36d.; crossbred, 10 to 2734d.
Pittsburgh reports rather better buying of semi-finished bred.London on March 26 12,093 bales were sold. Prices generally steady
In
or higher. Queensland scoured merino sold best Quality at a new high of
steel, however, for the second quarter.
69d. River 'Plate slipes were included in offerings. Details: New South
PIG IRON has been quiet and rather weak and it was Wales, 3,173 bales; scoured merino, 30 to 63d.; crossbred, 2034 to 5734d.;
merino, 14 to
to 3034d. Queensland, 839
rumored that four furnaces will go out of blast east of Pitts- greasyscoured merino. 3934d.: crossbred, 10 34 to 6:334d.; greasy merino,
bales;
45
crossbred,
burgh in the next few weeks, though these reports are not 1634 to 37d.; crossbred,to 69d.:3034d. Victoria, 1,533 bales; scoured
14 to
merino, 29 to 60d.: crossbred,
greasy merino,
entirely confirmed. Consumers hold aloof hoping for lower crossbred, 10.34 to 31d. South 17 to 40d.;198 bales: greasy 1536 to 40d.;
Australia.
merino, 1434
prices. Some call. Eastern Penn., $22 to $22 50, and to 2934d.: crossbred. 12 to 2434d. West Australia, 607 bales; greasy
merino, 1534 to 3434d.; crossbred, 13 to 2734d. Tasmania, 136 bales;
Buffalo, $21 50 to $22. The outside prices are the more greasy merino, 1634 to 45d.; greasy crossbred, 14 to 29d. New Zealand.
general. Buffalo, according to some, is $22 to $3. Bir- 4,865 bales; scoured merino, 29 to 56d.: crossbred, 1734 to 39d.• greasy
mingham reports a rather better inquiry for small lots. merino, 1334 to 3614d.•, crossbred, 11 to 32d. Cape Colony, 1.047 bales:
merino, 14 to
The nominal price for No. ¶ foundry is $23, but it seems that scoured merino. 37 to 57d.•, crossbred, 30 to 46d.•, greasy Punta Arenas.
3134d. River Plate.445 bales; greasy crossbred, 15 to 22d.
sales have been made in some cases at $22 50. "It is an 60 bales; greasy merino, 19 to 34d.; crossbred, 15 to 27d.
In London on March 27
bales were sold. Falkland Islands crossill wind that blows nobody good." Reeeltly,prices of foreign bred wool in the grease sold11.726I. e.,some lots at 31 Md. Select shipment
high.
iron have risen to a point that practically shut it out of of scoured merino from Queensland sold at a new high of 6934d. Prices
generally steady. Details: New
American markets. The foreign iron equivalent to domestic 32 to 5034d.; crossbred, 20 to South Wales, 490 bales; scoured merino,
crossbred,
No. 2X, but high in phosphorous, has been offered, ti is 934 to 26d. Queensland, 36548d.; greasy merino, 1234 to 37d.; scoured
bales: scoured merino, 46 to 6934d.;
27d.
said, at $93 50 seaboard, duty unpaid, i. e., at retail $ 4 50 crossbred, 34 to 5934d.; greasy merino, 18 to 34d.; crossbred, 15 to14 to
9
Victoria, 1,068 bales: scoured crossbred, 25 to 5034d.; greasy merino,
to $25 seaboard. This is about $2 per ton higher than it was 30d.; crossbred, 1034 to 2434d. South Australia, 11 bales;scoured merino,
35 to 53d.
a few weeks ago. The rise in the French franc, of course, crossbred, 25West Australia, 1,183 bales; scoured merino, 30 to 56#d.;
to 5334d.; greasy merino, 12% to 38d.: crossbred, 10 to
easy
militates against imports of French iron.
2834d. New Zealand, 4.448 bales; scoured merino, 32 to 59d.; cross red,
20 to 44d.: greasy merino, 14 to 3434.:14 crossbred, 11 to 2530. Cape
WOOL has been very quiet but steady. Mills hold aloof. Colony,875 bales: scoured merino,37 to 63d.: crossbred,20 to 51d.; greasy
Less contracting in the West was reported. Prices are only merino, 15 to 2834(1.: crossbred, 1034 to 22d. River Plate, 15 bales:
greasy crossbred, 13 to 22d. Punta Arenas. 2.642 bales: scoured crosssteady, despite the recent rise abroad. Ohio and Penn- bred. 3634 to 4434d.; greasy merino, 18 to 3434d.: crossbred, 15 to 2934d.
sylvania fine delaine unwashed, 57 to 58c.• XX, 52 to 54c.; Falkland Islands, 634 bales; scoured crossbred, 26 to 2834d.: greasy crossblood, 56 to 57c.; % blood, 55 to 57e.; blood, 52 to 54c. bred. 1534 to 3134d.stated March 21
Adelaide reports
bales wool offered
Territory, clean basis, fine medium French combing, $1 35 on that day. 20,200 bales were sold.that of 21,000
Selection good. Demand brisk.
Yorkshire was the largest buyer. Super
were firm, as
to $1 38; fine medium clothing, $1 28 to $1 30; M blood also good pieces and bellies. Inferior andand good woolswere irregular.
fleeces
staples, $1 30 to $1 33; % blood, $1 12 to $1 14; 3 blood, Crossbred advanced 5 to 15%. The highestfaulty was 38 Md. for Pewsey
price
Vale. Numerous lines sold
94 to 98c. Texas, clean basis, fine 12 months, $1 34 to 4,000 bales were offered, from 36d. to 37d. At Auckland March 21
sold. Compared to
$1 38; 10 months, $1 25 to $1 28; 6 to 8 months, $1 06 to crossbreds advanced id toof which 90% and fine wools firm. the last sales,
At Auckland
334d.: Iambs
$1 10. In Boston prices were said early in the week to be on March 22 3,800 bales or wool were offered, of which 3,450 bales were
sold. Demand brisk. Prices unchanged a scompared with the Wanganui
rather steadier with sales somewhat larger. A little wool was sale of the 30th. At Brisbane on March 25 at the sale average descriptions
bought in Arizona early in the week. It included some were firm. But inferior were irregular, generally about 5% lower. At
Christchurch March 25 1,800 bales
and 1,770
Phoenix wool of the fine and medium quality. There has Demand good. Prices ruled about were offeredas comparedbales sold.
with the
unchanged
been some buying in the Far Western States at unchanged last Auckland sales. At Brisbane on the 27th at the last sale of the season.
prices were firm. Japan and
prices. Some sak s of Australian merinos took place at England bought moderately. Germany were the chief buyers at the close.
At Sydney there will be a sale of three
about $1 20 to $1 25, it was said in Boston, for good 64s to days commencing Monday, when 19.000 bales will be offered.
choice 64-70s combing wools. Fine and medium territory
•
wools sold at $1 30, clean basis. Some Montevideo 58-60s
combing at $1 25 clean basis in bond, and some 58s about
COTTON
$1 17. Fair weights of medium to low crossbreds were reFriday Night, March 28 1924.
ported sold, especially 44s to 50s Australian and New ZeaTHE MOVEMENT OF THE CROP, as indicated by our
lands, the higher quality said to have been nearly $1 clean
basis, duty paid. Pulled and scoured wools have been in telegrams from the South to-night, is given below. For the
only moderate demand and it is said prices have changed week ending this evening the total receipts have reached
little. Noils and wastes very firm.
49,733 bales, against 56,871 bales last week and 43,809 bales
New England has recently been steadier, but only moderiince-ATF 1
ately active. Ohio and Pennsylvania fleeces delaine, un- the previous week7iTaliinithe fiitalTeceiptiwashed nominally 56 to 57e., %-blood combing, 56 to 57c.; 1923 5,909,342 bales, against 5,198,931 bales for the same
3%-blood combing, 56 to 57c.. 3' -blood combing, 53 to 54e.; period of 1922-23, showing an increase since Aug. 1 1923 of
fine unwashed, 50 to 51e. Michigan and New York fleeces. 710,411 bales.
Delaine unwashed, 54 to 55c.; fine unwashed, 48 to 49c.;
Mon. Tues. Wed. Thurs. Fri.
Total.
Receipts atSat.
3' -blood unwashed, 54 to 55c.; 3 -blood unwashed, 55 to
A
938 2,366 2,223 16,398
Galveston
2,585 1,007 7,279
56c.; W
I-blood unwashed, 53 to Mc. Wisconsin, Missouri Houston
3.400 3,579 6,979
and average New England 3 -blood, 53 to 54c.; 3%-blood, New Orleans
887 2,255 1.165 3,310 4,477 1,525 13,619
Mobile
541
793
248
4
54 to 55c.; 3d-blood, 52 to 530. Scoured basis: Texas, fine Jacksonville
94
94
12 months,-31 30 to 31 35; fine 8 months, $1 15 to $1 20; Savannah
553
799
382
791
95
428 3,048
573
462
110
210
255 2.639
Charleston
1,029
California northern, $1 30 to $1 35; middle county, $1 15 Wilmington
281
22
20
72
48
68
51
to $1 20; southern, $1 05 to $1 10; Oregon Eastern No. 1 Norfolk
878
311 4,467
946
248 1.831
253
1,230
65
190
704
248
23
staple, $1 35 to $1 40; fine and fine medium combing, Boston
142
142
Baltimore
$1 30 to $1 35; Eastern clothing, $1 15 to $1 20; Valley No. Philadelphia
43
43
1, $1 20 to $1 25. Territory Montana, fine staple, choice, Tntaln fMa lownit AMR 5_140 11 .R7R 5.713 11.521 0.146 40.733
$1 40 to $1 42; %-blood combing, $1 28 to $1 32; 3%-blood
The following table shows the week's total receipts, the
combing, $1 10 to $1 15; 5 -blood combing, 95 to 97c.
Pulled delaine, $1 35 to $1 40; AA,$1 25 to $1 30; A supers, total since Aug. 1 1923 and stocks to-night compared with
$1 15 to $1 20. Mohairs, best combing, 78 to 8304 best last year.
carding, 70 to 75c. In London on March 21 9,699 bales,
1922-23.
Stock.
1923-24.
of which about 50% were New Zealand, sold. Prices about
Receipts to
steady. With some advances the better grades of crossbred
This Since Aug This Since Aug
Mar. 28.
Week. 1 1923. Week. 11922.
1924.
1923.
in grease; also in Brisbane scoured merinos. Details:
New South Wales. 2.507 bales; scoured merino, 30 to 60d.: crossbred,
19 to 58d.; greasy merino, 14 to 42d.; crossbred, 1034 to 3034d. Queens- Galveston
land, 1,325 bales: scoured merino, 45 Co 6834d.: crossbred. 32 to 55d.; Texas City
greasy merino, 1634 to 33d. Victoria. 828 bales; scoured merino. 34 to Houston
61d.; crossbred, 2134 to 51d.; greasy merino, 1534 to 40d.: crossbred. Port Arthur, &c
1234 to 2934d. West Australia, 646 bales; scoured crossbred, 20 to 45d.: New Orleans
greasy merino, 14 to
crossbred, 1134 to 24d. New Zealand, Gulfport
4,393 bales; scoured merino, 35 to 65d.; crossbred. 22 to 40d.; greasy Mobile
3534(1.•'
Pensacola
merino, 15 to 28d.; crossbred, 1234 to 2634d.
In London on March 24 10.062 bales sold, including as a leading feature Jacksonville
Savannah
3.000 bales of merino and cresstred wools in the grease from Punta Arenas.
Prices about steady. Bidding brisk for the better grades of greasy wools. Brunswick
The range of prices: New South Wales, 353 bales; scoured merino, 28 to Charleston
5834d.; crossbred, 13 to 32d.; greasy merino. 14 to 32d.; crossbred, 934 Georgetown
Wilmington
to 2434d. Queensland, 632 bales: scoured merino, 3634 to 5634d.; cross- Norfolk
bred, 25 to 52d.; greasy merino, 1634 to 37d.: crossbred, 1134 to 2834d.
Victoria, 1,770 bales;,clured merino,3034 to 5434d.;crossbred, 15 to 51d.; N'port News, &c
greasy merino, 13 to 3634d.• crossbred, 10 to 2934d. South Australia, NewYork
619 bales; scoured merino. 30'to 54d.: crossbred. 1034d. to 4434d.; greasy Boston
merino, 1234 to 2834d.; crossbred, 95' to 26d. West Australia. 413 bales; Baltimore
scoured merino, 32 to 54d.: crossbred, 20 to 45d.; greasy merino, 1134 to Philadelphia
9
33d.: crossbred. C to 2 Md. Tasmania, 216 bales; greasy merino, 25 to
Tntalo
41d.;crossbred, 20 to 30d. Cape Colony. 331 bales; scoured merino, 35 to
16,398 2,686,562
18,606
6.979 991,557
9,995 2,209,355
42
69,568
985 673,098
178,709
41
173,682
1,907
13,619 1,090,308 26,922 1,226,059
•
130,943
170,000
793
80,359
8,780
9,105
372,983
27,762
102,581
8,575
6,683
2,639
50,186
820
11.227
3,872
1
337,493 15,274
880
56
168.729 2,979
2,533
41,445
37
25,473
6,967
61,534
152
44,467
281
4.467
113,152
375,597
225
2,102
88,383
256,142
13,587
70,653
31,855
74,279
1,230
142
43
8,488
28.732
22.719
1.234
ono •24,
1
34
2,855
344
5,794
49,766
14,325
4,871
146,883
. 5,473
1,770
3,268
54,392
13,744
2.625
4,778
rem aon
547 065
94
3.048
40 721
g
AO 52.1 a 104 Ci'll
Men. 29 1924.)
THE CHRONICLE
1565
In order that comparison may be made with other years, made of the unsettled labor situation in Great Britain. It
was said that some 300,000 shipbuilding workers would be
we give below the totals at leading ports for six seasons:
locked out by their employers. A threatened strike of elecReceipts at1921.
1920.
1919.
1924.
1923.
1922.
tricians on the underground railroads of London menaced
26,809 that city with a transportation chaos. And there was the
Galveston___16 398
9,995
37,775
30,961
39,321
Houston, &c_
406
6 979
985
1.050
21,661
4,719
New Orleans_
24,407 fear of a big British coal strike. London was evidently dis13,619
26,922
17.233
14,185
32,211
Mobile
1,704 turbed. Liverpool accounted for its weakness partly by the
793
820
2.548
1,140
2,382
Savannah_
25,034
15,505 fear of labor troubles. And the temporary downfall of the
3,048
15,274
15,180
8,183
Brunswick
1,000
500
56
1,000
1,000
Charleston_
2.525 French Ministry had a certain effect, even if some regarded
2,639
2,979
5,618
1,164
2,787
Wilmington.._
225
1.680 It as the precursor, perhaps, of a more speedy unraveling
281
2,006
1,574
2,034
Norfolk
4,029
2,102
5,975
4,156
4,051
4,467
N'port N.,&c.
of the reparations tangle. Francs advanced despite M.
38
460 Poincare's resignation. But that was stressed by some as an
All others_ __ _
1,509
3,276
2,497
1,546
4,774
Total this wk..
78,025 evidence of political unrest in Europe coinciding, at least,
49,733
62,634
90,932
92.968 109,953
with labor disturbance in England. Latterly the spot busiSince Aug. 1_ _ 5,909.342 5.198.031 4.601.982 4,808.445 5.934.1804,145,689
ness in Liverpool has fallen off. On Thursday the spot
'The exports for the week ending this evening reach a total sales there were only 6,000 bales. The tone of cotton futures
-of 60,620 bales, of which 8,547 were to Great Britain, there was disturbed. Manchester, it is true, reported that
6,459 to France and 45,614 to other destinations. Bikw yarns were firmer and cloths in good demand. But a good
are Ih9 exports for the week and since Aug. 1 1923.
demand is not always synonymous with a good business in
Manchester. Bids are often unsatisfactory. At any rate,
Week ending Mar. 28 1924.
From Aug. 1 1923 to Mar.28 1924.
Exported to
Exported to
nobody emphasized this particular bit of news. And on this
Exports
side of the water Worth Street has. been distinctly pessifromGreet
Great
Totat.
Britain. France Other. Total. Britain. France. Other.
mistic. Merchants there say that sharp curtailment, and
Galveston-____ 3,070 16,588 19.658 496,092 278,736 1,081,771 1,836,599 at once, of output at the mills is absolutely indispensable to
Houston
6,979 6,979 333,894 172,881 475,848 987,623 anything like a rectifying of the present unhappy state of
1,754
Texas City_
1,754
New Orleans 3: 15
3
14,552 17,867 227.216 50.994 323,376 601,586 things in the cotton goods industry of this country. MeanMobile
936
3,700 16,330 while new curtailment on a certain scale is actually in prog936
11,580
1,050
Jacksonville
1,919
400
1,519
Pensacola _ _
800 10,920 ress. That is to say, a further shortening of output is re9,830
290
Savannah __213
213 91,465
12,079 117,251 220,795 ported in Fall River, Lowell and some other points in New
__
Brunswick _
50
50
Charleston _
2.831 2,831
58,584 130,676 England, including Saco, Me. Until the spinner can sell his
72,092
Wilmington.
8,300
9,600 52,750 70,650 goods, the contention is that it is idle to expect any marked
Norfolk__ __ 1466
1;666 2- 6.45 90,286 2,415 74,489 167,190
.6
New York__ 2,62
3;56 2,464 8,477 105,086 61,659 160,846 327,591 or lasting advance in the raw material, no matter how
Boston
1
18
6.501 strong the statistical position may be.
5,011
1,490
Baltimore _ _
1,669
106
1,563
Yet cotton at times showed a better tone. Mills and mer1,154
Philadelph
2,387
1,183
50
441
Los Angeles
7,736 23,849 chants abroad, it is said, have latterly taken 50,000 to 70,000
1.200 1.641
15,513
600
San Fran _
77.506 77.506 bales
-if not more. That would mean buying of a solid
San Diego...
1,231
1,231
Seattle
47,134 47,134 character. Liverpool at first, it is true, weakened on PreTotal __ _ _
6,459 45,614 60,620 1.473,687 591,9172,468.35614,533.980 mier Poincare's resignation. But New York, if anything,
was hopeful. For instance, the Cabinet crisis in France
Tot.1922-23 1,546 1,525 35,822 38,893 1,213,068 528,167 2.110,82513.852,060
Tot.1921-22 7,393 12,353 32,983 52,729 1,075.697 531,434 2.542,93714.150.068 might mean new hope for an early settlement of the reparaNOTE.
-Exports o Canada.
-It has never been our practice to include In the tions question. Germany textile reports, by the way, have
above table exports of cotton to Canada, the reason being that virtua ly all the recently been more favorable. If Germany, France and
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs d striate on Italy have latterly been large buyers of New York's cotton,
the Canadian border are always very slow in coming to hand. In view, however, I. e. 50,000 to 70,000 bales, as the evidence seems to show
of the numerous inquiries we are receiving regarding the matter, we will say that tor
the month of February the exports to the Dominion the present season have been they have been, it may be the signal for better things in
12,600 bales. In the corresponding month of the preceding season the exports were the American cotton trade. At any rate, what with reported
21,287 bales.
For the seven months ending Feb. 29 1924 there were 106,992 bales exports, as large buying of the actual cotton conjoined with a rather
against 131,941 bales for the corresponding seven months in 1922-23.
threatening map and certainly a none too encouraging
In addition to above exports, our telegrams to-night also weekly weather report, cotton at one time rallied.
give us the following amounts of cotton on shipboard, not
It has now come to this: that the technical position is
cleared, at the ports named.
considered the strongest feature right in front of the market. The statistics are in the background for the time beOn Shipboard, Not Cleared for
ing. Some shrewd members of the trade think the short
Great
Leaving
GerOther Coastside is being overdone. Sooner or later they believe there
Mar. 28 at
- Britain. France. many. Cont'nt. wise. Total.
Stock.
will be a day of reckoning. They think that short selling
Galveston
4,600 5.700 5,000 10,434 3,500 29,234 149,475 shows some signs of running quite as wild as long buying
New Orleans.._
2,643 4,596 7,420 9,900
398 24,957 105.986 did some
months ago. They think that the decline, now
Savannah
700
40,745
500
200
Charleston
25.473 1,125 points since Nov. 30 1923, is swinging to the opposite
Mobile
121
1,967
6,187
300 2,388
Norfolk
70,653 extreme. In this belief some are holding aloof awaiting deOther ports *
2,000 2,000 1,000 1,000
100 6,100 167,492 velopments. They refuse to touch the short side. They
Total 1924
9,364 12,296 13,920 23,301 4,498 63.379 566,011 revert in some cases to reports of late of sales, or at any
Total 1923.... 7,831 11,341 10,288 27,097 11,300 67,857 579,208 rate shipments, to Europe of some 75,000 bales. Some, it is
Total 1922
50,980 16.533 34,944 38.907 3.960 145.324 916.825
true, scout the reports. They intimate that some of this
* Estimated.
cotton, at least, is being sent on consignment. But others
Speculation in cotton for future delivery has at times believe that "where there is so much smoke there must
be
been active at lower prices under the stress of extreme dul- some fire." After some days of good weather, moreover,
ness of cotton goods and very heavy selling, largely, it is the
forecast of late has pointed to rather unsettled condiassumed, for short account. Much of it has been done by tions in the
Southwest. The weekly Government report
Wall Street, uptown, the West and Florida. Some South- was not favorable. It showed a noteworthy delay, namely
western selling was also reported. New Orleans selling at some two or three weeks east of the Mississippi, in the preptimes has been a noticeable factor. Liverpool from time to arations for
the crop. That there is a delay in the Southtime has sold the new crop. Mills, it is supposed, sold west is well known. Of late little or no farm work
has been
against goods supplies. In general cotton seems to be al- possible in Oklahoma and spring
work is much behindhand.
most friendless. The great decline recently has discouraged Texas's work
is well in arrears, although it is a fact that
the bulls and heartened their opponents. The man in the the soil in that State is in fair
condition.
street has not been trading in cotton. He is apt to take the
To-day prices advanced owing to better cables, a fear of
bull side or let the market alone. He has been letting it rain over Sunday in the
Southwest, and finally, and more
.alone. The only buying much of the time has been to cover
than all, because of the strength of the May delivery. That
On some days, to be sure, there has been a certain was
shorts.
pushed up to a premium of 85 points over July, as
amount of trade buying; there has been enough now and against 56 a
week ago and 50 at one time. May improved
then to excite some comment. But for the most part buying on the reports
that some 40,000 to 50,000 bales, if not more
has been by those who have been taking profits on the short are
going out in April from the New York stock to Europe.
side. On Thursday Liverpool bought May to some extent The stock here is
believed to be of good quality and rela.and buying by the trade was again noticeable. But power- tively cheap. Also,
the spinners' takings for the week
ful blows from bear operators were too much for the market showed some increase,
though they were well below those of
in the end and it fell some 60 to 75 points from the early high a year ago.
Spot markets were higher. A temporary reacof that day. Stocks were quiet and more or less weak and tion in sympathy with a decline in
stocks and grain and
Irregular. That of itself had more or less effect on cotton. also because of Wall
Street and uptown selling was folAnother thing has excited comment. That is, commodity lowed
by another rally. But closing prices, however, show
markets as a whole have been going against the bull specu- a decline for the
week of 90 to 165 points, the latter on May.
lator for some little time. Not only has cotton fallen to a Spot cotton
•
closed at 27.40c., ir decline of 150 points for the
new "low" on this drop, but so has wheat. The fluctuations week.
In coffee and sugar, too, more particularly coffee, have been
The following averages of the differences between grades;
sharp. The markets have had a certain inter-action on each
other. The decline in wheat on a given day would be accom- as figures from the Mar. 27 quotations of the ten markets,
panied by heavy selling of cotton by Chicago operators. A designated by the Secretary of Agriculture, are the differences
'decline in wheat would be attributed in part to a bad break from middling established for deliveries in the New York
In cotton. And so on. Of course, too, a good deal has been market on April 3 1924.
1566
THE CHRONICLE
[VOL. 118.
2.68 off
*Middling "yellow" stained
Movement to Mar. 28 1924.
Movement to Mar. 30 1923.
*Good middling "blue" stained_1.25 off
*Strict middling "blue" stained_1.74 off
Towns.
Receipts.
Ship- Stocks
Ship- Stocks
Receipts.
*Middling "blue" stained
471 ofl
6
2.
ments. Mar.
ments Mar.
Good middling spotted
on
Week. Season. Week. 28.
Week. Season. Week. 30.
Strict middling spotted
.08 off
Middling spotted
22 29,848
366 6,034
358 39,369
139 5,514
*Strict low middling spotted
1.'94 oil Ala.,Birming'
8
8
Eufaula_ _ -9,319
___- 3,957
____
8,437
100 3,800
*Low middling spotted
3.15 off
Montgomery
215 48,417
308 12,933
517 55,805 1,337 8,263
Good mid, light yellow stained .84 off
Selma
21
33,098
764 5,116
64 53,084
469 2,467
*Strict mid,light yellow stained_1.43 off
92 14,386
248 5,628
30 34,489
367 12,028
*Middling yellow stained
2 15 off Ark., Helena_ .
Little Rock _ .
409 108,847 1,199 20,753
239 168,259 1,690 33.307
Good middling "gray"
.
500 79,581 2,405 24,591 2,073 126,225 4,187 41,603
o84 ' Pine
l
*Strict middling "gray"
: 3 i Go., Bluff.
3
.
____
Albany....
2,070
___ 2,099
____
6,244
45 2,113
*Middling "gray"
1 46 off
Athens
.
424 40,514 1,369 12,928 1,000 42,913 1,520 22,033
* These grades are not deliverable.
Atlanta_ _
921 134,471 3,605 25,417 1,844 263,389 4,602 64,943
Augusta
.
632 176,387 1,932 25,904 3,031 272,254 5,130 43,093
The official quotation for middling upland cotton in the
Columbus..-.
445 72,871
950 9,361 1,640 114,087
616 6,076
New York market each day for the past week has been:
Macon
.
379 25,447
345 6,852
806 40,247
607 12,754
Rome
•
29,272
March 22 to March 28____ 5,624
Sat. Mon. Tues. Wed. Thurs. Fri.
382 41,698
450 5,439
111,000
Middling upland
---- 16,000
100 72,400 1,700 3,100
28.85 27.35 27.35 27.05 26.80 27.40 La., Shrevepo
Miss.,Columb
____
18,558
328 2,597
8 24,784
61 2,546
Clarksdale 148 77,777 1,200 20,267
202 125,978
760 37.351
NEW YORK QUOTATIONS FOR 32 YEARS.
Greenwood _ .
128 97,051
517 30,986
399 106,865 2,614 32,388
The quotations for middling upland at New York on
Meridian_ _ _ .
170 20,466
270 3,786
112 33,361
871 5,199
Natchez
•
1 30,363
401 4,495
35 32,355
Mar 28 for each of the past 32 years have been as follows:
175 4,101
Vicksburg_ 110 17,106
256 5,217
2 22,961 • 435 5,879
12.10c. 1908
10.40c. 1900
9.880.
1924
27.40c. 1916
Yazoo
6 19,236
182 8,267
21
28,325
824 14,612
6.31c. Mo., St. City- • 12,308 508,270
29.20c, 1915
10.95c. 1899
1923
9.65c. 1907
Louis
10,653 9,414 7,394 619,497 7,391 16.157
6.12c. N.C.,Gr'nsborc
1922
17.90c. 1914
13.50c. 1906.
11.80c. 1898
230 56,407 1,844 15,093 2,287 95,150 1,406 30,895
31c
7. c
788 :
.
1921
12.45c. 1913
12.70c. 1905
8.05c. 1897
Raleigh
•
19 10,457
50
161
72 10,790
100
209
10.85c. 1904
14.90c. 1896
1920
41.50c. 1912
641 117,694 1,329 22,804
56 61,054
363 5,120
6.31c. Okla., Altus- •
28.250. 1911
14.350. 1903
10.05c. 1895
1919
Chickasha_ _
541 97,876 1,710 8,025
14 81,247
72 2,576
7.56c.
15.350. 1902
8.94c. 1894
1918
34.250. 1910
Oklahoma....
45 61,911
839 12,901
52 78,028
60 6,559
8.62c. S.C.,Groenvill
8.19c. 1893
19.300. 1909
9.75c. 1901
1917
2,647 130,927 4,622 24,160 3,156 156,378 5,787 57,332
Greenwood _
10,752
___ 10,291
___
8,017 1,109 7,391
MARKET AND SALES AT NEW YORK.
Tenn. Memphis 10,381 817,870 16,021 89,579 7,676 1,016,654 13,681 91,551
Nashville_
287
The total sales of cotton on the spot each day during the Texas. Abilene
38
88
_--- 63,534
262
208
____
45,759
---- 1.003
week at New York are indicated in the following statement. Brenham
21
26,159
25 5,281
184
19,592
222 4,014
39,642
For the convenience of the reader we also add columns Austin
138
364
173 36,234
171
831
690 119,461
503 7,802
420 58,485
which show at a glance how the market for spot and futures Dallas -- 14,8943,344,227 29,898155,700 7,4142,618,271 698 6.110
Houston_
13,287138,959
Paris
closed on same days.
32 76,584
731
700
53 71,610
52 1,050
San Antonio_
---_
49,416
____
513
107 58,029
--__
320
Fort Worth
586 87,760
785 1,724
394 61,894
744 4,101
Futures
SALES.
Spot
Market
Market
Total, 40 towns 48.1586.815.032 SRAM 622.822 42 218ft Rln MR 72 550749 CM
Closed.
Closed.
Spot. Contr't. Total
1.81 on
Middling fair
1.48 on
Strict good middling
1 16 on
Good middling
.70 on
Strict middling
93 off
Strictlow middling
2.13 off
Low middling
3.45 off
*Strict good ordinarY
4.70 off
*Good ordinary
Strict good mid."yellow" tinged_ .19 on
Good middling "yellow" tinged__ .24 off
Strict middling "yellow" tinged__ .74 off
1.70 oft
*Middling "yellow" tinged
*Strict low mid."yellow" tinged_2.87 off
*Low middling "yellow" tinged_4.07 off
Good middling "yellow" stained. 1.38 off
Strict mid. yellow stained----1.98 off
Saturday_ Quiet, 5 pts. dec___ Steady
Monday -- _ Quiet 150 pts. dec_ _ Weak
Quiet,unchanged _ _ Verysteady
Tuesday
Wednesday_ Quiet,30 pts.dec_ -- Easy
Thursday -- Quiet,25 pts. dec_ Steady
Friday
Steady, 60 pts. adv. Firm
------
10,800 10,800
4,800 4,800
100
100
500
500
The above total shows that the interior stocks have decreased during the week 38,193 bales and are to-night
119,166 bales less than at the same time last year. The
receipts at all towns have been 45,803 bales more than the
same week last year.
16.200 16,200
Total.--
FUTURES.
-The highest, lowest and closing prices at
THE VISIBLE SUPPLY OF COTTON to-night, as made New York for the past week have been as follows:
up by cable and telegraph, is as follows. Foreign stocks, as
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
well as the afloat, are this week's returns, and consequently
Mar. 22. Mar. 24. Mar. 25. Mar. 26. Mar. 27. Mar. 28.
all foreign figures are brought down to Thursday evening
But to make the total the complete figures for to-night March28.44-28.59 27.05-28.25 26.44-26.95- - (Friday), we add the item of exports from the United States, Range__ 28.54-28.5627.05- - -- - - _ - - _ .____
- ClosingApril
including in it the exports of Friday only.
Mar. 28Stock at Liverpool
Stock at London
Stock at Manchester
1924.
bales_ 671,000
1.000
116,000
1923.
808,000
5,000
68,000
1922.
1921.
917,000 1,006,000
2,000
1,000
65,000 102,000
Closing _ 28.67 -27.14 -27.10 -26.85 -20.6027.15Slay
Range _ _ 28.72-28.85 27.23-28.52 26.60-27.28 26.90-27.62 26.45-27.15 26.70-27.30
Closing- 28.80-28.83 27.23-27.28 27.20-27.24 26.95-26.99 26.70-26.73 27.23-27.30
788.000 881,000 983,000 1,110,000 June
Total Great Britain
Range.. - - -27.38-27.38- - - - - - -- - 5,000
46,000
27,000
Stock at Hamburg
Closing.. 28.4226.90 -26.98 -26.62 -26.37 -26.80199,000
69,000 272,000 180,600
Stock at Bremen
132.000 125,000 127,000 184,000 July
Stock at Havre
Range _ 28.10-28.29 26.70-27.80 26.05-26.85 26.39-27.08 25.85-26.59 25.90-26.50
19.000
11,000
7.000
12,000
Stock at Rotterdam
Closing_ 28.20-28.2320.70-26.76 26.75-26.78 26.39-26.45 26.01-26.05 26.38-26.43
57,000 103,000 147,000 113,000
Stock at Barcelona
25,000
8,000
20,000
39,000 August
Stock at Genoa
Range..- - -26.00-26.00- - 25.49-25.49 25.35-25.35- - 1,000
3,000
Stock at Antwerp
Closing_ 27.00 --25.70 -25.60 -25.30 --24.92 -25.3012,000
15,000
16.000
27,000
Stock at Ghent
Sept.
Range.. _ - - - - - 24.88-25.00 24.80-25.10- - - 24.20-24.35
450,000 334,000 635,000 582.000
Total Continental stocks
Closing_ 26.40 --25.25 -25.0524.80-24.85 24.25 -24.501,238,000 1,215.000 1,618,000 1,692,000 OctoberTotal European stocks
Range - 25.60-25.74 24.63-25.47 24.05-24.65 24.05-24.60 23.45-24.20 23.50-23.96
222,000 161,000
41,000
India cotton afloat for Europe
96,000
24.63-26.70 24.45Closing_ 25.7224.05-24.1223.60-23.62 23.85-23.88
American cotton afloat for Europe 243,000 174,000 257,000 220,747
Egypt,Brazil,Sze.,afloatforEurope 49,000
95,000
83,000
73,000 Wm
Range__ ------------23.84-23.84- - 201,000 261,000 303,000 245,900
Stock in Alexandria,Egypt
Closing_ 25.52 -24.40 -24.25 -23.94 -23.41 -23.65921,000 907,000 1,129,000 1,280,000
Stock in Bombay,India
629,390 647,065 1,062,149 1,389,552 Dec.
Stock in U. S. ports
Range.._ 25.22-25.37 24.40-25.02 23.70-24.20 23.50-24.20 23.15-23.76 23.17-23.59
Stock in U. S. interior towns
623,832 742,998 1,203,182 1,663,794
Closing_ 25.33 -24.30 --24.07 -23.80 -23.22 -23.485,201
1,515
U. S. exports to-day
Jan.
Range _ _ 24.87-25.03 24.00-24.70 23.45-23.85 23.40-23.90 22.85-23.42 22.85-23.25
4,127,222 4,203,063 5.756,532 6,606,608
Total visible supply
24.09-24.0523.74 -23.40 -- 22.95 -- 23.15Closing_ 24.98Of the above, totals of American and other descriptions are as follows:
American
Range__ - - - - -- - - - -- - -- - -
bales_
Liverpoolstock
Manchester stock
Continental stock
American afloat for Europe
U. S. ports stocks
U. S. interior stocks
U. S. exports to
-day
Total American
406.000
94,000
369,000
243,000
629,390
623,832
449,000 505,000 613,000
46,000
43,000
89,000
276,000 517,000 495,000
174,000 257,000 220,747
647.065 1,062,149 1,389,552
742,998 1,203,182 1,663,794
5,201
1,515
2,365,222 2,335,063 3,592,532 4,472.608
East Indian, Brazil.
Liverpool stock
stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, Szc
Total American
265,000
1,000
22,000
81,000
222.000
49.990
201,000
921,000
359,000 412,000 393,000
5,000
1,000
2,000
22,000 , 22,000
13,000
58,000 118.000
87.000
161,000
96,000
41,000
73,000
95,000
83,000
261,000 303.000 245,000
907,000 1,129,000 1,280,000
1,762,000 1,868,000 2,164,000 2,134,000
.2.365,222 2.335,063 3,592,532 4,472,608
RANGE OF FUTURE PRICES AT NEW YORK FOR WEEK ENDING
March 28 1924.
March_ _26.44-28.5 June __ _27.38-27.381Sept _ __24.20-25.101Dec _ _ _ _23.15-25.37
April ___- - July_ -__25.85-28.29 October 23.45-25.74 January 22.85-25.03
May _.26.45-28.85 August _25.35-26.00 Nov_ _ _ _23.84-23.84 Feb.._.- - -
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1923-24-Mar. 28Since
Week. Aug. 1.
ShippedVia St. Louis.10,653 518,918
Via Mounds, &c2,220 164,300
Via Rock Island
74
18,920
Total visible supply
4,127.222 4,203,063 5,756,532 6,606,608
Via Louisville
425
23,523
Middling uplands, Liver000l__- 16.01d. 14.80d. 10.69d.
7.21d.
Via Virginia points
4,125 155,131
Middling uplands, New York__ -- 27.40c. 28.85c.
18.10c.
12.00c.
Via other routes, &c
9,833 328,008
Egypt,good Sokol, Liverpool_
21.60d. 18.80d. 20.75d. 19.00d.
Peruvian,rough good, Liverpool_ 23.500. 18.75-1. 13.00d. 13.00d.
Total gross overland
27,330 1,208,800
Broach, fine, Liverpool
14.00d. 13.000.
9.65d.
7.15d. Deduct Shipments
Tinnevelly. good, Liverpool
14.90d. 14.15-I. 10.55d.
7.658.
Overland to N. Y., Boston, &c
1,415
61,007
Between interior towns
450
19,500
Continental imports for past week have been 115,000 bales.
Inland, &c.,from South
7,273 524,532
The above figures for 1924 show a decrease from last week
of 93,393 bales, a loss of 75,841 from 1923, a decline of
1,629,310 bales from 1922,-and a falling off of 2,479,386
bales from 1921.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
-1923 24
Week,
Since
Aug. 1.
7,391
2,100
51
320
3,642
9,546
623,823
210,968
7,338
51,185
130,699
334,056
23,050 1,358,069
3,233
498
5,784
75,176
20,144
409,891
Total to be deducted
9,138
605,039
9.515
505,211
Leaving total net overland *
18,192
603,761
13,535
852,858
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 18,192 bales, against 13,535 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 249,097
bales.
MAR. 29 1924.]
-1922-23
-1923-24
Since
In Sight and Spinners'
Takings.
Receipts at ports to Mar.
Net overland to Mar.
Southern consumption to Mar.
Week.
Week.
Aug. 1.
TRADE DESCRIPTIONS.
Since
Aug. 1.
49,733 5,909,342 62,634 5,198,931
18,192 603,761 13,535 852.858
28- 85,000 2,825,000 75,000 2,813,000
Total marketed
152,925 9,338,103 151,169 8,864,789
Interior stocks in excess
*38,193 362,941 *32,519 227,067
Excess of Southern mill takings
735.155
over consumption to March 1_ _
___412,077
118,650
Came into sight during week_ - -114,732
9,827,011
Total in sight March 28
---_ 10,113,121
Nor,spinners' takings to Mar.28- 25,783 1,521,619
51,667 1.926,832
28
28
* Decrease.
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week ending
March
28.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
29.45
Galveston
New Orleans_ _ _ 29.13
29.00
Mobile
28.82
Savannah
Norfolk
28.88
Baltimore
29.31
Augusta
29.25
Memphis
29.25
Houston
29.25
Little Rock28.55
Dallas
Fort Worth----
1567
THE CHRONICLE
28.00
28.13
27.50
27.25
27.25
28.75
27.69
28.25
27.75
28.25
26.95
27.00
28.00
28.00
27.50
27.25
27.38
27.75
27.75
27.75
28.00
26.95
27.00
27.50
27.13
26.75
26.75
27.00
27.25
27.25
27.25
27.50
27.50
26.45
26.25
27.75
27.50
27.00
27.00
27.13
27.50
27.50
27.75
27.50
28.00
26.70
26.75
28.00
27.50
27.25
27.35
27.50
27.25
27.75
27.50
27.75
27.50
27.05
27.00
Descriptions of
Cotton.
Acres.
400 Lbs.
Bales 0/
Yield per Acre,
Lbs.
1
1922-23.923-24. 1922-23.
94
1,394,000 1,410,000 284,000 332,000 81
72
1,448,000 1,412,000 222,000 255,000 61
1,974,000 2,180,000 578,000 628,000 117 115
1,400,000 1,439,000 500,000 451,000 143 125
3,320,000 3,356,000 11,020,000 j 695,000 1 83 1 83
1,581,000 1.501,0001
1 345,000 f
92
sa
Total
11,117,000 11,298,000 2,604,000 2,706,600 94
97
Dholleras
1,965,000 2,014,000 288,000 489,000 59
Bengal-Sind
United Provinces_
652,000 652,000 215,000 182,000 132 112
Rajputana
406,000 396,000 92,000 102,000 91 103
1,647,000 1,295,000 526,000 395.000 128 122
Sind-Punjab
75
Others
85,000 85,000 17,000 16,000 80
Total
2,790,000 2,428,000 850,000 695,000 122 114
American
156 123
599,000 382,000 234,000 117,000 240 229
Punjab
4,000
5,000 7,000 3,000 281,000
Sind
99
1,176,000 1,130,000 203,000 189,000 69
Broach
59
67
221,000
Coompta-Dharwars - 1,501,000 1,130,000
Westerns and North35
40
1,958,000 1,657,000 170,000 167,000 79
erne
79
254,000 279,000 50,000 55,000
Cocanadas
635,000175,000 141,000 110 1J 112
Tinnevellys
23,000 50
176,000 11,048,000 0 22,0 0 130,000 168 J
1
Salems
138,000
329,000
Cambodlas
Comillas, Burmas dr
74
436,000 419,000 84,000 78,000 77
Other Sorts
93
nrAnd total
22.941.000 21.792.000 5.042.0005.075.000 88
1923-24. 1922-23. 1923-24.
OomrasKhandesh_
Central India
Barsi and Nagar
Hyderabad-Gaorani
Berar
Central Provinces_
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
-Reports
WEATHER REPORTS BY TELEGRAPH.
market for the past week have been as follows:
to us by telegraph from the South this evening indicate that
the weather in most sections has continued unseasonably
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
cool and unfavorable for farm work. Rainfall has been
Mar. 22. Mar.24. Mar.25. Mar.26. Mar. 27. Mar.28.
moderate, but generally the soil remains too wet. In the
March._.__ 29.17-29.18 27.75-27.77-- - - - - - May
29.92-28.96 27.51-27.54 27.44-27.46 27.22-27.26 26.80-26.85 27.34-27.38 southern portion of Texas the soil is in fair condition, but
July
28.08-28.11 26.67-26.70 26.63-26.65 26.35-26.38 25.88-25.93 26.30-2632 cotton planting is backward there also.
October
25.16-25.19 24.11-24.16 23.90-23.92 23.62-23.69 23.02-23.04 23.20-23.25
-The weather has been favorable in the uplands,
Mobile.
December_ 24.88 -23.8923.74 23.45 ---- 22.84-22.90 23.00-23.04
January
24.64 bid 23.74 bid 23.59 bid 23.30 bid 22.69 bid 22.85 bid but preparation and farm work is behind former years.
Tone
-The weather has been too cool for planting. Shipments
Spot
Quiet
Steady
Steady
Steady
Steady
Steady
Options_ Steady
Easy
Steady Barely st'y. Steady Very ste'dy of fertilizer continue brisk.
Thermometer
Rath. Rainfall.
REPORT OF COMMITTEE INVESTIGATING DIS- Galveston, Texas
dry
high 75 low 52 mean 64
1 day 0.12 in. high 86 low 36 mean 61
Abilene
CREPANCY IN COTTON CENSUS FIGURES.
-We Brownsville
1 day 0.06 in. high 80 low 56 mean 68
print this report in full on another page of the present issue Corpus Christi
dry
high 76 low 56 mean 66
dry
high 86 low 42 mean 64
in our department headed "Indications of Business Activity." Dallas
low 52
dry
Del Rio
high 80 low 42 mean 62
dry
CENSUS REPORT ON COTTON SPINNING IN Palestine
48
2 days 0.07 in. high 88 low 44 mean 68
FEBRUARY.
-This report, complete, will be found in an San Antonio
low
0.02
Taylor
2 daysdry in
mean 63
earlier part of our paper, in the department headed "Indi- New Orleans
37 mean 58
0.02
2 daysdry in. high 76 low 39 mean 57
Shreveport
cations of Business Activity."
high 70 low
Mobile,Ala
high
2 days 0.05 in. high 79 low 29 mean 53
AGRICULTURAL DEPARTMENT'S COMMENT RE Selma
mean
0.01
2 daysdry in. high 77 low 38 mean 58
Savannah,Ga
GARDING COTTON ACREAGE.
-The United States Charleston,S.(3
53
67 low 38
7 days 0.05 in. high 72 low 33 mean 50
Department of Agriculture in its "Mid-Month Crop Notes Charlotte, N. C
for March" makes the following comments on the early
The following statement we have also received by teleplanting of cotton:
graph, showing the height of rivers at the points named at
Growers of cotton did well in Virginia last year and there will be a large
acreage planted in the old belt and many will grow cotton in other counties. 8 a. m. of the dates given:
75%
About
of the intended acreage has been broken in the southwestern,
southern and eastern counties of South Carolina and not over
in the
rest of the State. Preparation of the ground has been much delayed in
Georgia by bad weather. More calcium arsenate will be used than last
year in Georgia, Oklahoma, Mississippi and Alabama. Growers are reported as discouraged in Florida and in bad shape financially in Tennessee.
In Texas most of the land in the south has been planted or fully prepared.
There has been some replanting due to bad weather. Work is progressing
slowly in Louisiana where half the acreage has been plowed and some has
been planted in the south. There will be a big increase in acreage in southern and eastern counties of New Mexico. Preparation of the land is progressing in Arizona and most of it has had a first plowing. California
expects a bigger acreage than last year.
25%
281924.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Mar.
Feet.
11.7
20.5
15.4
20.6
32.9
Above zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero of gauge..
Above zero of gauge-
30 1923.
Mar.
Feet.
15.1
36.4
26.5
16.0
44.8
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a stateINDIAN COTTON CROP OF 1923-24.
-The final ment of the weekly movement from the plantations of that
general memorandum on the Indian Cotton Crop of 1923-24 part of the crop which finally reaches the market through
the outports.
has come to hand and is as follows:
1923-24.
Final General Memorandum on the Cotton Crop of
This memorandum is based on reports received from Provinces and
States and refers to the entire cotton area of India. It deals with the
final reports on both the early and late crops of the season for all the
tracts except Madras. A supplementary report containing the final
figures for Madras will, as usual, issue in April.
The total area now reported is
acres, or
above the revised
figure of last year. The total estimated yield is
bales of
lbs. each, which is 1% below the revised estimate of yield for last year.
The detailed figures for each Province are stated below:
Week
ending
Receipts at Ports.
Stocks at Interior Towns.
ceiptsfrom Plantation)
•-•
W
,-,
.....-,
w...1.4.-03.
w.coo.w.c.,$-.W
..,
.w.s...0
•-.........,Pwww.$
4.0,40.0.w:4r.0
LI
w
1923-241922-231921-22 1923-24 1922-23 1921-22 923-241922-231921-22
Dec.
22.941,000
5%
28-199,767113,035122,0361,119,1131.391,8721,672,819 185.963120,777135,312
5.042,000
400 Jan. 94.390 94,39076,5811,067,0131,355,8941,614.007 82,124 58,412 87,789
4_
11__ 136,603123,952 93,5151,043,9741.300,2851,595,588123.564 68.343 75.096
996,3561,265,828 1,555,078121,830 59.71054,149
18--169,448 92,238103,607 977,2631,224,0591,518.756 91,258 57.781 63,097
25_ 101,851101.479 92,471
Yield per Acre
Feb.
Acres.
Bales 01 400 Lbs.
(Lbs.).
L.116.104138,820 66,553 944.8681,150,9061,488.284 83,709 65,667 38,081
Provinces and States.
8--104,226 87,381 81,990 898,1901.089,7561,450,778 57,548 10,888 50.128
1923-24. 1922-23. 1923-24. 1922-23. 1923-24. 1922-23. 15--101,244 83,079 82,273 884,9181,017,5651,418.643 87,972 26.231 44,484
9,640
22_ 78,924 83,536 76.269 823,836 940.6691,391,466 17,842 29,605 49,092
Bombay _ a
6,291,000 5,817,000 1,127,000
72
91
55,485
29_.. 69,338 96,326 86,817 789,313 876,9481,360,134 34,815
Central Provinces and
Berar
4,901,000 4,857,000,020,000
1
83
86 Mar. 69,374 83,369 84,833 736,133 835,1751,047,828 16,194 41.596 44,416
7._
Madras_ b
2,615,000 2,348,000 472,000
72
73
14__
800,6781,261,591 4,358 47,508 65,467
Punjab_b
1,914,000 1,394,000 628,000
131
21__ 43,809 82.005123,693 696,682 775,5171,230,152 22.214 43,543 71,259
United Provinces_b
652,000 652,000 215,000
132 114
112
28_ 56,871 62.634 90.032 662.025 742.9951.203.18 11.540 30.115 63.962
49.733 68,644102,691 022.832
Burma
297,000 284,000 46,000
62
63
Bihar and Orissa
81,000 80,000 16,000
79
75
The above statement shows: (1) That the total receipts
Bengal _b
71,000 72,000 21,000
118
94
Ajmer-Merwara
41,000 36,000 13,000
127 167 from the plantations since Aug. 1 1923 are 6,200,442 bales;
Assam
39,000 40,000 14,000
144 140 in 1922-23 were5,462,000 bales,and in 1921-22 were 4,695,913
North-West Frontier
Province
23,000 15,000 4,000
the
(2) That although the
70
80
Delhi
3,000 3-000 1,000
133 200 bales.week were 149,733 bales, receipts at the outports
the actual movement from
Hyderabad
3,500,000 3,813,000 1,079,000
123 117 past
Central India _c
948,000
68
81 plantations was 11,540 bales, stocks at interior towns
EJaroda
657,000 889,000 162,000
585,000 76,000
46
79
Gwalior
500,000 523.000 60,000
48
57 having decreased 38,193 bales during the week. Last year
IhOputana
324.000 302,000 73,000
90 101 receipts from the plantations for the week were 30,115
Mysore
84,000 83,000 15,000
71 116 bales and for 1922 they were 63,962 bales.
Total
22.941.000 21.792.000 5.042 000 n075 non 55
cm
WORLD'S SUPPLY AND TAKINGS OF COTTON.
a Including Sind and Indian States. b Including Indian States. c Excluding
Gwallor which has been shown separately.
A statement showing the present estimates of area and yield according
to the recognized trade descriptions of cotton, as compared with the preceding year, is given below. Of the total debt, Oomras represent
Bengal-Sind
Dholleras
American
Broach and CoomptaDharwars
each and Tinnevellys and Westerns and Northerns
each.
17%,
4%
6%,
5%,
52%,
3%
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1568
THE CHRONICLE
Cotton Takings.
Week and Season.
1922-23.
1923-24.
Week.
Season.
Season.
Week.
Visible supply March 21
4,220,615
4,302,973
Visible supply Aug. 1
2,024.671
American in sight to March 28__ 114,732 10,113,121 118,650
Bombay receipts to March 27.._
72,000 2,603,000 109,000
Other India shills to Mar. 27__
25,000
12,000
441.000
Alexandria receipts to Mar.26__
16.000
9,000 1.206,800
Other supply to Mar. 26_a
18,000
16.000
276,000
Total supply
Deduct
Visible supply Mar. 28
3,760,450
9,827.011
2,522,000
236,550
1,232.800
254,000
4,459.347 16,664,592 4,574,623 17.832,811
4,127,222 4,127,222 4.203,063 4.203,063
Total takings to Mar. 28_a_
Of which American
Of which other
371,560 13.629.748
239,560 9,456,198
132.000 4.173,550
33,125 12.537,370
203,125 8,601,570
129.000 3,935,800
•Embraces receipts in Europe from Brazil. Smyrna, West Indies, Sm.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2.825.000 bales in 1923-24 and 2,813,000 bales in 1922-23
takings not being available-and the aggre zate amounts taken by Northern
,
and foreign spinners, 9.712.370 bales in 1923-24 and 10,816,748 bales in
1922-23, of which 5,776,570 bales and 6,643.198 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1923
-24.
March 27.
Receipts at
-
1921-22.
1922-23.
SinceSince
Aug. 1. Week. Aug. 1.
Since
Week. Aug. 1.
Week.
72,000 2,603,000 109,000 2.522.000 92,000 2,321,000
Bombay
For the Week.
Since August 1.
Great Conti- Japan&
Great
Britain. eel. China. Total. Britain.
'exports.
Bombay
-24_
1923
1922-23._
1921-22._
Other Indl
1923-24_
.
1922-23 _ _
1921-22._
Continew.
Japan &
China.
Total.
2,000 34,00 61.001 97,000 115,000 671,0001,111,00' 1,897,000
4,000 3,0
56,00. 83,000
91,000 437,5011,283,500l,792,000
1,000 10,
____ 11,000
23,000 314,001
337,000
____ 25,
4,000 8,0
1,000 1,0
____ 25,001
__ 12,001
____ 2,000
95,01. 346.00
58,000 178,550
6.000 114,001
441,000
236,550
8,000 128,000
Total all
-24_ 2,000 59,110 61,000122,000 210,0001,017,''' 1,111.0002,338,000
1923
1922-23._ 8,000 11,110 58,00. 75,000 149,000 618,0 I 1,263,50012,028.5
60
1921-22... 2.000 11.001
......_ 13.000 29.000 428.0001.184.0001.641.000
[vol.. 118.
Bales.
GALVESTON-To Havre
-Mar. 24
-Lafayette, 3,070
3,070
To Bremen
-Mar.22
-Cody,5,037
5.037
To Hamburg
-Mar.22
-Cody,250
250
To Genoa
-Mar. 22
-West Modus, 2,088
2.088
To Trieste
-Mar.22
-West Modus, 1.350
1,350
To Venice
-Mar.22
-West Modus. 1.447
1.447
To China
-Mar. 22
-Dryden, 2,100_-_Mar. 24
-Knoxville
City, 425
2,525
To Antwerp
-Mar.25-Penrith Castle, 100
100
To Ghent.
-Mar.25-Penrith Castle. 1,050
1,050
To Japan-Mar.24
-Knoxville City. 2,741
2,741
HOUSTON-To Copenhagen-Mar.26
-Tampa,525
525
To Gothenburg-Mar. 26
-Tampa,600
600
To Genoa
-Mar.27
-Son,2,275
2,275
To Bremen-Mar.27-Toznalva,3,329
3,329
To Rotterdam-Mar. 27-Tomalva, 250
250
BOSTON-To Liverpool
-Mar.13-Winifredian,18
18
CHARLESTON-To Bremen-Mar.26-Magmeric. 711
711
To Hamburg Mar.26-Magmeric1 2.120
2,120
MOBILE-To Liverpool
-Mar.22
-Steadfast.936
936
NORFOLK
-To Manchester-Mar. 24-Conehatta, 1,000
1,000
To Japan-Mar.25
-City of Melbourne, 1,000
1,000
SAN PEDRO-To Liverpool
-Mar.19-Narenta. 441
441
To Japan-Mar.18
-West Paralon, 1,200
1.200
SAVANNAH-To Liverpool
-Mar.22-Ophis,213
213
Total
60,620
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
IRO
Density.
Liverpool .30c.
Manchester .25c.
Antwerp
.250.
Ghent
.35c.
Itavre
.25c.
Rotterdam .250.
Genoa
.300.
Christiania .450.
StandHigh
StandHigh
Stanekant.
Density. and.
Density. and.
.40c. Stockholm .50e. .650. Bombay
.50e.
.656.
.40c. Trieste
.45e.
.60c. Gothenburg.500. .40e.
.40e. Flume
.45e.
.600. firemen
.2734.. .4214c
.40c. Lisbon
.A0e.
.650. Ramburg .27310. . 2340.
4
.40c. Oporto
.60c.
.75e. .90c. Piraeus
.75c.
.40e. Barcelona .30c. .45e. &Ionics
.50e.
.75e.
.4740. .62340
.40e. Japan
.80c. Shanghai .47340. •
62346
LIVERPOOL.
-By Cable from Liverpool we have the following statement of the week's sales, stocks, &e., at that port:
Mar. 7. Mar. 14. Mar. 21. Mar. 28.
35,000
50.000
33.000
40,000
20,000
19,000
33,000
27,000
6,000
4,000
13.000
4.000
52,000
52;00
1
50,000
53,000
751.000 718,000 698.P00 671.000
481.000 455,000 425.000 406,000
35,000
52.000
87.000
15.000
29,000
7,000
21,000
12.000
142,000 136.000 104,000
97,000
38.000,29,000
51,000
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total Imports
Of which American
Amount afloat
Of which American
According to the foregoing, Bombay appears to show a The tone of thd Liverpool market for spots and futures
decrease compared with last year in the week's receipts of each day of the past week and the daily closing prices of
37,000 bales. Exports from all India ports record an increase spot cotton have been as follows:
(447,000 bales during the week, and since Aug. 1 show an
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
increase of 309,450 bales.
Market, (
A fair
A fair
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
Dull.
12:15 4
Dull.
Good
Good
business
business
now receive a weekly cable of the movements of cotton at
P.M. i
demand.
doing.
Inquiry.
doing.
Alexandria, Egypt. The following are the receipts and Mld.tJpl'd
18.94
16.01
16.82
16.10
18.22
16.28
shipments for the past week and for the corresponding week
Bales
3,000
3,000
8,000
8,000
6.000
8,000
of the previous two years.
Alexandria, Rapt,
March 26.
1923-24.
80,000
6,171.439
70,000
4.615.526
Since
Week. Aug. 1.
Exports (bales)-
1921-22.
45.000
6.036.734
Receipts (cantars)This week
Since Aug. 1_ ---.
1922-23.
Since
Week. Aug. 1.
Sin.cM
Week. Aug. 1.
Futures.
Market 1
opened
5
Quiet,
11 to 14
pts. dec.
Quiet.
Market, ( Quiet but
4
4 st'dy, 5 to
0 tef
10 'no
nAn
Total extorts
5 000 728.758 18.900 767.693 13.500 549.276
Note.
-A eantar is 99 lbs. Egyptian ha es weigh about 750 lbs.
This statement shows that the receipts for the week end!ig Mar. 26 were
45.000 cantars and the foreign shipments .5,000 hales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
3
both cloths and yarns is steady. 1 ,oducti 3n is being
curtailed suddenly. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
1922-23.
82s Cop
Twist.
Jan. d.
4 27
11 2634
18 28
25 26
Tab.
1 26
8 26
15 2534
22 2434
29 2434
Mar
7 2434
d. e. d.
..d.
32. Cop
Twin'
0 2834
is 28
US 2734
0 2734
19 5 020 0
192 @19S
19 2 019 5
d. d.
19.93 2054
19.32 20%
18.83 213(
19.31 22%
d.
0 22
is 22
0 2234
0 2334
0
0
0
0
0
19 6
19 2
19 0
184
17 7
19.1722
18.8922
17.7421%
17.6522
17.1822
0
is
0
0
0
2734
2734
2654
26
26
197 84202
019 5
019 5
@198
(4187
018 2
0 2634 17 7 018 2
14 25
6 2634 17 6 018 1
21 2534 0 27 17 5 018
28 2434 0 2634 17 4 017 7
834 the. Shirt- Cot's
lass, Common Mid
to Finest.
Upri
a. d.
s. d.
d
16 3 010 7 15.96
16 4 017 0
15.60
18 5 017 0
17 2 017 5
16.20
16.32
23 17 2 017 5
23 17 0 017 4
2234 17 0 o.17 4
15.74
15 93
15.2s
2234 170 017 4
1634
22% 16 7 017 3
1641
16.762234 0 2334 17 1 017 6
0 1834 15 534016 3
17.09 23% is 2434 17 1 017 6
18.01 2334 is 2434 17 1 017 6
16.80
10.75
16.08
16.7517
14.80
SHIPPING NEWS.
-Shipments in detail:
Bales.
-To Havre
-Mar.21-Rochambeau, 1,300_ _ _Mar.26
NEW YORK
-West Eldora, 2.089
3,389
-Mar. 21-Anaconda. 250
To Antwerp
250
To Genoa
-Mar. 21-Sinsinawa, 450
450
To Liverpool
-Mar. 21-Ansonia, 1,814_ _ _Mar. 20-Winifredian, 810
2,624
To Bremen-Mar. 21-President Roosevelt, 756_ - _Mar. 25
Bremen. 950
1.706
To Rotterdam-Mar. 25-Bilderdijk, 58
58
-To China-Mar.20
-Dryden,550_ -_Mar. 21
NEW ORLEANS
Knoxville City, 1,075___Mar. 22
-Invincible,450
2,075
To Japan-Mar.21-Knoxville City, 4,600_ _ _Mar. 22-Invinle, 4.500
9,100
-Mar. 22-Kamesit, 2,577
To Liverpool
2,577
. To Manchester-Mar.22-Kamesit. 738
738
-Mar. 26-Lodovica, 2,197
To Venice
2.197
.
To The6te-Mar 26-Lodovica, 1,152
1.152
-Cartago.28
Colombia
-Mat'. 26
28
Aen
Steady.
11 toll
nta
afie
Barely, Steady
st'y,
25 to 28 6 to 18 pts.
nta
drn
ndynnoa
Mon. •
Tues.
Wed.
Thurs. I
Fri.
March 22
to
March 28.
12% 12% 12% 4:00 12% 4:00 12s, 4:00 12%1 4:00 12%1 4:00
p. m p. m.p. m.p. m.p. m.p. m.p. in. p. m p. m.p. m.p. m..m•
1)
d. I it.
it.
d.
it.
d.
d.
d.
it.
it. I it.
:17.0416.87 16.09116.22 18.05 16.2616.25 6.10115.99116.01 16.17
March
April
____,16.93118.79 16.5
0116.13 15.96 16.18116.18 6.03115.92 15.9416.08
116.93 16.79 16.49 16.12 15.94 16.15 16.15 16.0015.89 15.91 18.04
May
16.8 16 72 18.43 10.05 15.87 16.0616.07 35.905.82 15.82,15.93
June
,
16.56 16.43 16.14 15.76 15.58 5.7815.78 15.63'15.51 15.51115.63
July
August
16.0015.8 15.0215.25 15.08 15.2615.25 15.09 14.97,14.9715.09
15.4616.3 15.14 14.82 14.65 14.79 14.78 14.58 14.5414.47,14.56
September
October_...... _14.95'14.84 14.63 14.32 14.15 14.29 14.28 14.08 14.00,13.97,14.06
4
14.6214.51 14.33 14.02 13.8r 3.99 13.96 13.76 13.6913.6613.76
November
;14.53 14.42 14.25 13.95 13.70 3.91113.91, . 13.63.
.
December_____
January ______ _
.
.
'. 13A1113.80113.59 13.52,13.48 13.58
.
.14.3614.2 14.08 13.79 13.62 13.74113.7343.52 13.4613.41,13.51
February
BREADSTUFFS
1921-22.
834 lbs. Shirt- Corn
lays. Common Mid.
to Finest.
Opl's
Steady,
46 to 56
nta
Prices of futures at Liverpool for each day are given below:
Sat.
To Liverpool
1,000 176,403 4.000 195,501 4.500 129,650
To Manchester. &a
165,491 7,000 141,041 5,500 106,628
To Continent and India- 4.000 291,661 7,500 240,379 2,250 161,493
To America
95,203
400 190,772 1,250 151,505
Easy,
28 to 41
a...
nta
Quiet, Q't but st'y
Steady, Quiet but
29 to 38 st'dy, 1200 13 toll 4pts.dee.to
pts. dee. pts. adv. pts. dec. 2 Pts• adv.
Friday Night, Afar. 28 1924.
Flour has been quiet and more or less irregular owing to
the decline in wheat. As usual, on such occasions buyers
have become, if anything, more hesitant than ever. Naturally, they do not care to be caught loaded up on a falling
market. That is a mere truism. Some, it is true, think
that the decline in prices is approaching its culmination.
They argue that the risks of purchasing are, after all, diminishing as the price nears a certain level. Many of the bids,
to be sure, have been 10 to 25 cents below mill quotations.
It was taken as'a matter of course, too, that they might be
withdrawn if wheat should fall further. Moreover, mill
feed has been dull and tending downward. Some mills say
they are not getting good milling wheat on future contracts.
Taken all together it must be confessed that the flour situation Is more or less mixed. Yet the fact is stressed as a
hopeful feature that bids at a certain level have latterly
been more numerous. Mills in some cases, it is true, do not
care to quote further ahead than for May shipment, with
mill feed so depressed as it has been of late. Meanwhile, too,
export trade is light so far as actual business is concerned,
though here, also, there were intimations that bidding had
reached at least a fair volume. Certainly there were more
inquiries. The trouble is that the foreign demand is still
confined for the most part to Canadian flour. Boston reported a little demand for bran and "mids" at $28 Boston,
April, lake and rail. Chicago wired: "Chinese flouring
mills are grinding American wheat and selling it in 15-lb.
MAR. 29 1924.]
THE CHRONICLE
1569
American bags at less than mills working on native wheat
Oats gave way, as a matter of course, with other grain.
On the 24th inst. they dropped 7
/
fie. to lc. on May and July. .
and have a good trade."
Wheat declined 2% to 2%c. early in the week. May went The visible oats supply in the United States, to be sure, fell
to a new "low." A break in cotton hurt wheat. American off last week 731,000 bushels, against 1,091,000 last year.
markets, too, felt foreign competition increasingly. They And the total is now off to 12,332,000, against 24,284,000 a
are drifting towards something like a competitive basis. year ago. That looks on the surface like a strong statistical
"Overproduction" is the trouble in the United States and exhibit. But Winnipeg broke badly. That hurt without
the lack of a normal pre-war, let alone war-time, European counting the sharp decline in the rest of the grain list. Chimarket. The tariff increase was futile. Since it was cago wired on the 27th inst.: "Canadian oats in cargo lots
adopted May wheat in Chicago has broken about 9c. and are offered at 5c. over Chicago May, f.o.b. Chicago or BufWinnipeg fell 5c., making a reduction in the Chicago pre- falo. This does not make them a menace here; then, too,
mium over Winnipeg of 4c. A great many stop-loss orders they are not offering freely and outside of a couple of lots,
have been reached. The world's exports are large. Europe the balance of their stock is strongly held for higher prices.
can play one producer against another. American wheat is The talk of foreign oats will most likely subside, and it will
10c. above the export basis. Meanwhile the weather over take a large advance to revive it." Boston reported the dethe winter wheat belt has been in the main highly favorable. mand slow. Winnipeg wired: "About 40,000 bushels No. 3
The big liquidation is not surprising. The speculative pub- Canadian Western oats sold duty paid for United States
lic has been hit hard-often whip-sawed-in the big com- consumption. Looks like New England will get her supplies
modity markets like grain, cotton, coffee, etc. Eastern from Canada instead of West." St. Louis wired: "We are
operators have been selling out wheat in disgust. Some getting a number of reports of delayed seeding of oats."
export business is being done in wheat, but it is as a rule in The Armour Grain Co. wired from Chicago: "We underManitoba wheat, not American. It has been at the rate of stand No. 3 Canadian Western oats just sold equal to 58c.
200,000 to 300,000 bushels daily. On the 25th inst., it is duty paid, Boston, freight basis. United States oats of
true, 250,000 bushels of durum sold to Europe. Cleveland equal quality cost 2
/ per bushel more in the same posi1
4c.
wired: "Navigation opened up this morning on Lake Erie; tion. This is worthy of careful deliberation in connection
steamer 'Progress' left for Detroit with a cargo." Fargo, with prevailing oats and corn prices." To-day prices deN. D., wired: "All early seeding records in the Red River clined with other grain. Offerings were pretty liberal at
Valley may be broken this spring, as seeding is now general times. There was no aggressive demand. For the week
in the valley south of here and through Cass County. there is a decline of 2% to 3%c., the latter on May.
Around Campbell, Minn., near Breckinridge, most of the
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
seeding has been finished." The "Price Current" said: "The
cts_ 683's 581 57% 57% 57
5634
outlook for new winter wheat crop in the Southwest is favor- No. 2 white
OATS FUTURES IN CHICAGO.
able, with heavy snows reported in Kansas and Oklahoma DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 47% 47
46% 45% 45% 44%
the past week. Aside from Hessian fly damage in sections May delivery in elevator
45% 45
44% 44 •43% 42%
of Kansas, present predictions are for large yields. It is July delivery in elevator
September delivery in elevator_ _ - 423i 41% 41% 411.1 4034 39'/
expected that the loss in acreage in States west of the Missympathy with a decline in other grain, fell 2c.
Rye, in
souri from winter killing will be somewhat below normal, early in the week. Most of this came on Monday, when
while in the States east of the Mississippi River it may be wheat fell 2% to 2%c. New York No. 2 was 13c. over Chilarger than usual. Freezing and thawing weather have un- cago May f.o.b. The American visible supply increased last
doubtedly caused some damage in the latter sections." The week 68,000 bushels, against 650.000 last year. The total is
Rotterdam port strike was partially relieved by outside now 21,709,000 bushels, against 18,168,000 last year. To-day
workers. Hamburg and Bremen port strikes continued for prices declined a fraction. They stood up better than those
a time. Employers and men both refused Government pro- for other grain. Small sales were reported for export.
posal of increase in wages and maintenance of an eight-hour Since last Friday there has been a net decline of 1%c.
day. Broomhall's international wheat review said: "The
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
European markets are affected by the slump in values in
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 671. 65
651. 65% 66
651.4
May delivery in elevator
North America during the past week. Arrivals of quanti6034 671.1 6734 6734 6734 67%
July delivery in elevator
ties afloat are very heavy. Buyers acting cautiously on this September delivery in elevator.. _ _ _ 7034 6834 68
6934
6834
account and sellers are pressing nearby wheat at concesThe following are closing quotations:
sions. Distant supplies are steady and the weekly world's
GRAIN.
requirements are large and new crop prospects are uncer- Wheat, New York:
Oats:
tain. Australian shippers refuse to follow the decline, with
5634
No. 2 red,f.o.b
1161.6 No. 2 white
No. 1 Northern
554
14034 No. 3 white
the result that they are asking 47s. per quarter for prompt
No. 2 hard winter, f.o.b----117% Rye, New York:
shipment, but are selling very little. India is not selling
No 2 c.i.f
7634
Chicago. No. 2
much new crop so far, although their offers are on a parity Corn:
9434 Barley, New York:
No. 2 mixed
with other exporting countries. Russia is not offering any
No. 2 yellow
9534 Malting
Chicago
wheat at the present time and these influences hitherto
FLOUR.
partly offset the very heavy quantities on passage and ar$4 00©$4 25
Patents
$6 00‘0$6 50 Rye flour. patents
riving, and also the stocks of wheat available for export in Spring first spring
33
Clears,
5 000 5 50 Seminola No.2,lb
2 800 290
the Argentine and Canada. European crop prospects are Soft winter straights_ _ _5 000 530 Oats goods
225© 235
Hard winter straights _ _ 5 500 600 Corn flour
generally about normal." The American visible supply de- Hard winter patents _ _ - 600@ 650 Barley goods
360
creased last week 1,032,000 bushels, against an increase last Hard winter clears
4 850 5 15 Nos. 2, 3 and 4
Fancy Minn.patents..- _ 740a 800 Fancy pearl, Nos. 2.3
year of 76,000. But the total is still 60,624,000 bushels, City mills
600
d4
5599 805
against 46,545,000 a year ago. To-day prices declined with
For other tables usually given here, see page 1494.
renewed liquidation and a noticeable break in May corn.
The world's shipment of wheat and corn, as furnished by
Prices wound up 4 to 4%c. lower than last Friday. Good
crop reports were received from west of the Mississippi Broomhall to the New York Produce Exchange, for the week
ending Friday, Mar. 21, and since July 11923 and 1922,
River.
are shown in the following:
M DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_119% 119 118% 117% 117% 116%
Corn.
Wheat.
DAILY CLOSING1PRICES OF WHEAT FUTURES IN CHICAGO.
1923-24.
1923-24.
1922-23.
I 1922-23.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_105% 102% 101% 101% 101% 10064
Since
State
Week
Since
Since
Week
106% 104% 1033/ 1031 103% 102%
July delivery in elevator
Mar. 21.
July 1.
July 1.
Mar.21.
July 1.
July 1.
September delivery in elevator_ _ _ _107% 105% 104 103% 104% 103%
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
Indian corn at times showed, so to speak, individuality, North Amer_ 7,284,000329,369,000343,033,000 Bushels. 10,052,000 76,861,000
723,000
or in other words, individual steadiness. But on Monday its Russ.& Dan. 480,000 39.402.0001 4,831.000 527,000 21,149,000 4,559,000
evil genius was wheat, with its break of 2% to 2%c. It Argentine__ __ 6,485,000 96.896.0001 91,121,000 492,000 74,122.000 94,720,000
Australia. 3,296,000 49.578.0001 34,028,000
_
pulled down corn 1% to 2c. In that one day practically all India
12,416,0001 7,100.000
14,755,0001 4,521,000
1,584,0001
of last week's advance was lost. A small export business 0th. countr's
was done on that day, too small to count as a factor. BosTotal
17,545.000529,245.000480.113,0001 1,742,000i2o.o7s,0001iieei,000
ton wired: "The corn in New England shows no improveThe visible supply of grain, comprising the stocks in
ment. Resellers still have corn in transit 1%c. under ship- granary at principal points of accumulation at lake and
visible supply increased last week seaboard ports Saturday, Mar. 22, was as follows:
pers." The American
1,924,000 bushels, against a decrease last year of 674,000, a
GRAIN STOCKS.
difference of 2,600,000, and this was not wholly disregarded.
Barley.
Wheat.
Corn.
Oats.
Rye.
bush.
bush,
bush,
bush.
bush,
United StatesOn the contrary, many keep the supply situation in the back
423,000 . 232,000
84,000
152,000
290,000
New York
of their minds. They consider it a strong feature. The Boston
1,000
3,000
3,000
9,000
22,000
63,000
551,000
451,000
67,000
30,000
total is now 26,976,000 bushels. against 29,874.000 a year Philadelphia
4,000
173,000
573.000
86,000
456,000
ago. To-day prices declined. May liquidation was a fea- Baltimore
36,000
Newport News
3,000
24,000
156,000
780,000
53.000
ture. The drop at one time was 1 to 2%c. The decline for Now Orleans
42,000
501,000
Galveston
the week is 3 to 3%c.
163,000
836,000 1,261,000
3,384,000 1.013.000
Buffalo
1,256.000
afloat
335,000
"
DAILY CLOSING PRICES OF CORN IN NEW YORK.
3,000
1,487,000
217.000
37 0 0
:
080
l:
g sgg
Sat. Mon. Tues. Wed. Thurs. Fri. Toledo
18,000
22.000
cts_ 965.x 96% 96% 953 93( 94 X Detroit
No.2 mixed
194,000
4,903,000 1,790,000
15.379.000 6,756,000
Chicago
afloat
284,000
"
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
99,000
836,000
891,000
328,000 1,529,000
Sat. Mon. Tues. Wed. Thurs. Fri. Milwaukee
990,000
May delivery in elevator
cts_ 79% 775 77% 77
" afloat
75% 754
221.00,,
6,021,000 5,539,000 2,114,000 7,592,000
July FRASER elevator
delivery in
80% 78% 78% 77
77% 763 Duluth
Digitized for
559,00'
14,688,000 1,597.000 4,826,000 7,972,000
September delivery in elevator
80% 79% 79% 79
773 7634 Minneapolis
'
,
.13 SO
1570
THE CHRONICLE
Wheat,
Corn,
bush,
bush.
271.000
479,000
1,272,000 1,057,000
11,408,000 2,112,000
720,000
535,000
29,000
245,000
302,000
549,000
2,879,000 2,233,000
Oats,
Rye,
bush.
bush.
424.000
14,000
384,000
24,000
686,000
198,000
101,000
10,000
111,000
154,000
836,000
184,000
Barley,
bush.
5,000
3,000
232.000
2,000
[VoL. 118.
profits have held up. Therefore it would seem as if the
weight of the present dull trade is falling upon the producers, such as the cloak and suit manufacturers, fabric
mills and agencies that supply money for the financing of
production. Selling agents for mills state that retailers are
14,000 not exerting themselves to sell any goods for which the conTotal Mar.22 1924_ _ _60,824,000 26,976,000 17,332,000 21,709,000 1,617.000 sumer does not ask. If there are requests for certain lines
Total Mar. 15 1924....61,656,000 25,052,000 18,063,000 21,641,000 1,531,000 they will be shown, but if there is no call for them, the jobTotal Mar.24 1923.-46,545,000 29,874,000 24,234,000 18,168,000 2,646,000
bers claim that retailers do not press the goods, preferring
Note-Bonded grain not included above: Oats, New York. 400,000 bushels:
Boston, 206,000; Baltimore, 3,000: Buffalo, 574,000; Duluth, 7,000; total, 1,190,000 instead to devote their time to the active fabrics. Consebushels, against 2,232,000 bushels in 1923. Barley, New York, 131,000 bushels quently, retailers continue to buy goods in small
lots freDuluth, 11,000; total, 142,000 bushels, against 2,232,000 bushels in 1923. Wheat,
New York, 1.186,000 bushels; Boston. 134,000: Philadelphia, 506,000; Baltimore, quently and give no indication of a desire to anticipate their
932.000; Buffalo. 4,446,000; Buffalo afloat, 2,418,000: Duluth, 235,000; Erie, wants on staple goods. However, primary merchants are
2,154.000: Toledo afloat, 1,222,000; Fairport. 1,121.000; On Lakes, 119,000; total,
not altogether convinced that there has been any great re14,473,000 bushels, against 13,195,000 bushels in 1923.
Canadian
sistance in consuming channels to current prices. They are
Montreal
502,000
28,000
225,000 of the opinion
214,000
974,000
that people are purchasing goods as they
Ft. William & Pt. Arthur_48,923,000
7,019,000 1,402,000 1,297,000
" afloat
3,034,000
need them, paying what is asked as a rule and not discrim298,000
Other Canadian
2,553,000
206,000
1,551,000
522.000 inating against cottons
because they appear a little dearer
Total Mar.22 1924._ _ _55,012,000
28.000 9,842,000 1,822,000 2,044.000 than woolen or silk goods. They attribute the slackened
Total Mar. 15 1924_ _ __55,483,000
18,000 9.690,000 1,981,000 1,982,000 trade to an
unsatisfactory demand from distributers
Total mar.24 1923- --36,202,000
258,000 5,053,000
153,000 4,070.000
Summary
throughout the country, the latter having reached the conAmerican
60,624,000 26,976,000 17,332,000 21,709,000 1,617,000 clusion
that for their own welfare they must cast the burden
Canadian
55,012,000
28,000 9,842,000 1,822,000 2,044,000
of financing production and distribution on the producers.
Total Mar.22 1924_115,636,000 27.004,000 27,174,000 23,531.000 3,661,000
DOMESTIC COTTON GOODS: In keeping with other
Total Mar.15 1924_ _117,139.000 25,070,000 27,753,000 23,622,000 3,513,000
Total Mar.24 1923_ 82,747,000 30,132,000 29,287,000 18,321,000 6,716,000 markets for textiles, domestic cotton goods
failed to develop
WEATHER BULLETIN FOR THE WEEK ENDING any activity during the past week. In fact, the quietness
MARCH 25.
-The general summary of the weather bulletin appeared to be more noticeable in this division. The slack
issued by the Department of Agriculture, indicating the demand for the finished products has been attributed largely
influence of the weather for the week ending March 25, is to the weakness of raw material, which has encouraged
buyers to hold off in the hope of obtaining lower prices. As
as follows:
As in the preceding two weeks, cold, cloudy, and stormy weather pre- a result of the dulness, further curtailment is being considvailed during that just closed in most sections of the country. Early in ered
among the leading cotton producers who deem it necesthe week a storm of marked energy moved from the west Gulf region northeastward to the Middle Atlantic States, and precipitation was general in all sary to avert any added demoralization to the industry.
central and southern districts east of the Rocky Mountains with heavy
snow for the season in parts of the middle Atlantic coast area. In the mean- They claim that as long as Jobbers and retailers continue to
time another storm appeared over the western Plateau districts and moved limit their purchases to small parcels, goods will accumuthence southeastward to the west Gulf area, accompanied by snows over late
and through necessity will have to be sold at a loss. A
the Rocky Mountain and Plains States.
Persistently cool weather prevailed in all sections of the country, except number of price reductions have been noted during the past
In the North-Central and Northeastern States, though it was generally week.
When raw cotton was selling from 22c. to 23c. a
somewhat warmer near the close of the week, when storms were becoming
less active. The temperature for the week as a whole, as shown on Chart I. pound, about the first of last August, certain cloths were
page 4,averaged much below normal in nearly all western districts, and also selling at about
the same prices they are to-day, with cotton
from the lower Missouri and Ohio Valleys southward. The week was
especially cool for the season in the northern Rocky Mountain and southern around 27.00c. Mills claim that they are losing money on
Great Plains areas: and in the lower Mississippi Valley and west Gulf dis- each
sale. It would seem as if there was a common cause
tricts, where the weekly mean temperatures were from 9 to 15 degrees below
normal. Seasonable weather prevailed in the Northeastern States, and it affecting all textile sales adversely, and that it is not the
was rather warm in the more central-northern districts, where locally the price nor the
scarcity of the raw material. Many are inweek was as much as 10 degrees warmer than normal. Freezing did not
extend as far south as during the preceding week, though in the Atlantic clined to blame politics for the unsatisfactory trade condicoast area it occurred as far south as central South Carolina on the 22d. tion in
the textile industry, but the traders who look beyond
In the interior valleys the line offreezing temperature did not extend farther
the acts of retailers or Jobbers in trying to find an explanasouth than extreme southern Illinois.
Precipitation, as a rule, was only moderate in most sections, as shown
on Chart II. It was heavy to excessive, however, in northern Florida and tion for the dulness attribute it largely to enforced economy
at points along the middle Atlantic coast, while rather heavy falls were in the purchase of cloths. Women continue to buy very exreported in the extreme lower Great Plains, parts of the Ohio Valley, and
in some upper Rocky Mountain sections. There was very little sunshine pensive clothing in silk, fine combed cottons for lingerie,
in the interior of the eastern half of the country, especially in the Ohio costly furs and fabrics for cloakings. Hence the slackened
Valley and some Appalachian Mountain sections whore some stations
reported 10% or less of the possible amount ofsunshine for the week. There demand for staple cotton goods, such as bleached cottons,
was much less cloudiness, however, in the Northeast, locally in the South- percales, ginghams and simple wash fabrics, a situation
east, and in some southwestern districts, though sunshine, as a rule, was which is expected to reverse
itself within the near future, as
below normal in the Western States.
Another unseasonably cool and unfavorable week for farm work was there are indications that extravagance has about reached
experienced in the Southern States. Rainfall was only moderate in many its limit in many homes.
Print cloths, 28-inch, 04 x 64's
districts, but it was mostly cloudy, and the soil continued too wet for work,
except in a few central and west Gulf sections. The soil was in fair con- construction, are quoted at 6%c. and 27-inch, 64 x 60's, at
dition in the southern portion of Texas, but, in general, corn and cotton 6%c. Gray goods in the 39
-inch, 68 x 729s, are quoted at
planting is backward in that State, while little or no farm work was possible
4c., and 39-inch, 80 x 80's, at 131
in Oklahoma and Arkansas where spring activities are much behind. Heavy 10Y
4c.
rains were damaging in northern Florida, and the cool, wet weather was
WOOLEN GOODS: Conditions surrounding the markets
very unfavorable in other east Gulf and South Atlantic States. No cotton
has yet been planted in Georgia, though planting is usually in progress in for woolens and worsteds remained practically unchanged
the southern portion of this State at this time of year, while the season is
generally from two to three weeks late in the eastern portions of the Cotton during the past week. Trade continued quiet. Much disBelt.
cussion was created by the impending difficulties between
But little field work could be done in the central valley States and central
Plains area, because of continued wet soil. Conditions were more season- the Garment Workers' Union and the garment manufacturable, however, in the more northeastern States, while favorable weather ers. Leading factors displayed little faith in an amicable
prevailed for outdoor operations in central-northern localities where spring
work is ahead of the season in some places. Heavy snows and cold weather settlement of the differences, and many expect a general
were rather unfavorable for stock interests in the Western States, though tie-up on May 1, when the,present agreement expires. With
the supply of irrigation water was increased by snowfall in the mountains this
possibility in view, many manufacturers are disinclined
in many sections. There was some slight frost damage to early fruit bloom
and tender vegetation in the central and northern Pacific coast area, and to place orders for goods except for immediate delivery. In
rainfall was beneficial in California.
SMALL GRAINS.
-Considerable snow fell over the Winter Wheat Belt the men's wear division there has been a fair demand on the
during the week, which was beneficial, in general, to that crop. It was part of men's wear clothing manufacturers for light spring
generally cold, however, and wheat made very little growth. Much wheat
land will be plowed up in Kentucky where the crop is poor to only fair, fabrics for prompt delivery. There is said to be a percepand complaints of heavy winter injury continue in central and southern tible shortage of these fabrics, and should the consuming
Indiana. Wheat remained in apparently fair to good condition in Missouri, demand
reach normal proportions, there is a possibility of
but needs more sunshine and warmth. Heavy snows occurred during the
week over wheat fields in the central and southern Plains, and while there there being a dearth of spring garments in retail channels.
was little growth, the crop continued generally in satisfactory condition, The
demand for top coats has subsided, due to the advanced
with the soil unusually well supplied with moisture. There was sufficient
rainfall in the far northwestern districts to benefit wheat, while snowfall season.
was helpful in Rocky Mountain sections, including Montana. Considerable
FOREIGN DRY GOODS: With the exception of handpreparation for spring wheat seeding was accomplished and there was some
wheat seeded in both of the Dakotas. The seeding in North Dakota is kerchiefs for which the demand was good, the
markets for
somewhat in advance of the average date.
per The seeding of spring oats has been further delayed in central valley linens were comparatively quiet during the past week. OrStates by continued cold, wet weather. Little or none was seeded, and ders for handkerchiefs were said to be arriving in
good volseeding is now generally late, in fact practically. no field work has yet been
done in some central valley districts. Oat seeding has usually begun at ume. Colors are said to be in greatest demand, with no parthis season to the central portions of Ohio and Illinois, and to southeastern ticular shades standing out. Household
lines remained
Nebraska. Early-seeded oats in the southern Great Plains have been
dull. Although mills continued to make a few deliveries on
damaged, and the late-seeded are showing a poor stand.
old orders, and a few new orders were received from salesmen on the road, the situation in general gave the appearTHE DRY GOODS TRADE
ance of a waiting market. Buyers who personally visited
Friday Night, Mar. 28 1924.
the market confined their orders to filling in quantities.
With the exception of a steady business transacted in As a result, importers found no incentive to ask higher
artificial silk and silk mixtures, markets for textiles con- prices. They considered it better policy to
give buyers no
tinued to rule quiet during the past week. While the store- cause for complaint that linen values were moving upward
keeper can bolster up and maintain a fair volume of sales by while prices for other textiles were descending. Burlaps
featuring fancies, novelties and the newer styled fabrics remained comparatively quiet, as consumers for the most
for which there is more demand, the high cost of distribu- part considered prices too high. On the other hand, sellers
tion continues to restrict consumption of certain staple lines. were firm in their views. Consequently business was of limIt appears, however, that Jobbers are not losing money, ited proportions. Light weights are quoted at 6.10c. and
while recent financial statements show that retail stores' heavies at 8.05c. to 8.10c.
Sioux City
St. Louis
Kansas City
St.Joseph, Mo
Peoria
Indianapolis
Omaha
31z.R. 29 1924.)
THE CHRONICLE
1571
Amount. Price. Basis.
Rate.
6.00
p
*Wn .
5.925 100
1.19friu-lial
crit _Elk Runi "e .S.D.,Ohio 6
1050__El Paso Co. S. D. No. 8,
5 d15
-30-years 55,000
Colo
50,000 103.574 4.71
1942
1306_ _Emmet County. Mich- _ _5
4.75
47,000 100
4% 1924-1943
1174__Emporia, Kan
36,000 104.46 4.63
5
933Fairfield, N. Y
1926-1954
6,000
MUNICIPAL BOND SALES IN FEBRUARY.
819--Fairmont, Minn
4.87
5
1925-1954 150.000 101.51
819--Fairmont, W. Va
5.39
1944
445.000
We present herewith our detailed list of the municipal 1050-Fort Myers,Fla.(5issues)515 1929-1964 1.250,000 101.32 4.79
5
103.17
697--Fort Worth, Tex
1934
42,000 100.50 4.69
697- _Freeborn County, M1nn_43
bond issues put out during February, which the crowded con819-Fremont Co. Sch. Dist.
dition of our columns prevented our publishing at the usual
4%
No. 1, Colo
190.0001100
819-Fremont Co. Sch. Dist.
on page
.
time. The review of the months' sales was given
.
434
No. 1, Colo
60,000)
40.000 100.50
1172 of the "Chronicle" of March 8. Since then several 1175__Frisco, Texas
5.72
35.000 loom
1925-1929
933... FultonCounty, Ohio____6
received, changing the
13.000 106.87 3.88
1925-1929
933__Fulton County, Ohio__-6
belated February returns have been
1925-1937
24,000 101.47
819-Georgetown Sch.Twp.,Ind5
total for the month to $92,244,519. The number of munici4.50
11,000 100
933--German Flatts, N. Y..---4% 1928-1938
1925-1954
50.000 101.95
6
819--Gibsland, La
palities issuing bonds in February was 334 and the number
933_Glen Ridge S. D., N. J..-4% 1926-1953 186,000 102.22 4.55
1939
50.000 101.42 4.85
1175-Glenwood Springs, Colo 5
of separate issues 466.
• 5
1925-1929
58,000 100.985 4.65
033__Gloversville,
Rate. Maturity. Amount. Price. Basis. 1175__Gordo, Ala N. Y
Name.
Page.
11.500 93.80 5.52
5
931_ _Adams Co. Consol. S. D.
65.000
5.25 1306__Goshen Rural S. D., Ohio535 1925-1939
$30,000 100
53,
No. 106. Wash
.
933-Green.sboro, No. Caro.
17.000 100.60r ____
5
931- _Adel, Iowa
5
1925-1964 1.400.000 100.308 4.97
(3 issues)
7.000
1942
6
_Agency, Mo
1173_
7,000 101.07 4.78
1924-1933
1925-1948 900,0001 101.173 5.07 1175__Greene County,Ind5
1048_ _Akron, Ohio (2 issues) 5
,
1050-..Greenfield Twp. S. D.
1048_ -Akron, Ohio (21 issues)--515 1925-1933 893,4301
4.68
.100.03
1954
140,0001
4%
No.3. Mich
67,590 100.278
d10-20 yrs.
5
93L _Albany, Oro
1050-Greenfield Twp. S. D.
931_ _Alhambra City II. S. D.,
415
1954
No.3, Mich
55,0001
1925-1949 250,000 101.79 4.80
5
Calif
1175.. Green Lake County, Wis.
696 _ -Alhambra City S. D.,
1932-1934 128,000 102.78 4.54
5
(3 issues)
1925-1949 350,000 101.60 4.81
5
Calif
1050-Greenville, No. Caro. (2
415 Every 5 yrs. 400.000 103
818_ _Allentown S. D Pa
5.32
6
Issues)
1926-1963 100,000 107.48
818-Alton Community Consol.
5
d1943-1963 300.000 101.69
1050 Greenville, So. Caro
1925-1944 250,000
H.S. D.No.151,Ills_ _5
45.000 100.02
6%
1175_ Greenville, Tenn
20,000 100
931--Alvin, Texas
100,000 98.63
4.75 1050- _Greenville, Tex
20,000 100
1573__Anderson County, Kan__4X serially
535 serially
475,000
819--Hall County. Texas
4.90
76.000 100
4.90 1924-1942
1173_ _Andes, N. Y
325,000 102.25
5.00 1175__Hamtramck S. 0., Mich-5
1927-1963 105,000 100
5
818_ _Asheboro, No. Caro
1925-1947 120.000 100.98 5.88 1175_11amtramck Twp. S. D.
1173_ _Ashland City S. D.. Ohio_5
5
1953
No.8, Mich
25,000
90,500 101.44 4.70
1926-1933
1048- _Atlanta, Ga.(13 issues) 5
5,000 102.13
105(L.ltancock County, Ohlo--6
86,000 101.36
818_ -Atlantic Ind. S. D.,Iowa 5
6:65
1,860 100
1925-1930
_Auburn, N. Y
43.4 1925-1934 181,811 100.09 4.23 1306__Hancock County, Ohio6
818_
6
1928-1957 850,000 103.55 5.72
819- _Hardee County, Fla
80,000
1173_ _ Bainbridge, Ga.(3 iss.)
6,650 100.19 5.44
1306__Hardin County, Ohio.._515 1925-1929
696--Baltimore County, Md..-43.4 1937-1944 750,000 101.864 4.34
819-Harper-Fairview Un.Sch.
90,000 101.77
1048__ Barnstable County,Mass.4X 1925-1944
5
Dist., Calif
yearly
20,000 100.37
42,000 102.04 4.72
1925-1938
5
932_ -Barr School Twp.,Ind
414
105.500 100.85
1050 -Harrison. N. Y
40,000
53 d 5-20 yrs.
818_ -Bayard. Nebr
18,653 100.10 5.47
819__Hebron Sch. Dist., Ohlo_535 1924-1931
yearly
30,000 101.41
1048_ -Bayfield County,Wisc5
1307__Henry County, Tenn__ _5% 1926-1934
50,000
50,000
696_ _Baylor County, Texas_
Y_415 1927-1954 462,000 102.35 4.30
35.000 102.32 5.80 033__Herkimer County, N.D.,
1925-1959
N.J
6
696- _Beach Haven
a
1050__Hipl nd Park Ind.S.
5.00
27.000 100
5
1439-Beatrice, Net
100,000
xas
5.50
6,930 100
535 d1933-1943
1439-Bellevue, Nab
535
68,000
933--Holdredge, Nab
70,000 100.15
5X
818_ _Benewah County, Ida
300,000 100.20 _
4
80,000 99.26 6.13 1176_ -Holyoke, Mass
1925-1939
1304__Bennettsv1lle, So. Caro--6
§ 1945-1964 200,000 100.08 4.24
t
698-Hornell, N. Y
96,000 100.64 4.94
1934-1939
5
818_ _Benton County,Ore
43,000
_
033_Hotchkiss, Colo
696_ _Bethesda Spec.Tax S.D.,
30,000 100.02 5.49 1.050-Huntington Ind. S. 13.,
535 1926-1954
No. Caro
200,000 101.78
5
W. Va
1173__Big Horn Co. S. 13. No.
5.40
5.800 100.31
6.00 1051- _Huron County, Ohio_- -5% 1925-1929
3.952 100
6
16, Mont
5.00
iss.)_5
1925-1934 107.500 100
_Hutchinson,
514 1925-1934 150,000 106.73 5.13 1576_ _Indianapolis Kan.(3Dist.,
696-Birmingham, Ala
Park
117615.000
1304 _ _Blakeley Sch. Dist., Pa _ _5
105,000 103.84
5
Ind
932__ Blanchard Twp. S. D.,
1176- _Indianapolis Park 1)1st..
13,983 100.03
Ohio
400.000 103.93
5
Ind
50,000 95
696_ -Blountstown, Fla.(3 iss.) _ r
18.000
5
33-Iron County, Utah
.
6.00 9
26,000 100
1925-1934
6
932 BooneCounty,Ind
1928-1944 925,000
5,000 100.63 5.35 1176__Ironwood S. D.. Mich__ -5
1048-Bowling Green, Ohio_ ---515 1925-1932
250,000
53.4
5.32 1051- _Jackson, Miss
11,500 100.81
1048__Bow1ing Green, Ohio_ _ _ _515 1925-1933
1307_ _Jackson Twp.Rural S. D.,
29,500
515 1925-1933
1048_ _Bowling Green, Ohio_
5,479 100.04 5.99
1924-1932
6
Ohio
65,000 96.55 5.60
1173_ _Bradentown,Fla.(3 iss.)_5 Every 5 yrs.
5.66
6 1924-1926 20,409 100.63 -15,000 100.54 5.39 1176-Jay County, Ind Tenn_ -5
515 1925-1933
1049.. _Brecksville, Ohio
75,000 100.50
934--Jefferson County,
696-Brownsville Twp. S. D.,
50.000
698-Jefferson County, Texas_ 4.49
25.000 100.11
Pa
415 1929-1939
40,000
698--Jerome County,Idaho_
1173_ _Burlington, No. Caro.
40.000 102.30 5.27
1924-1943
819 ..JeromeCounty,Idaho__ -5
5.61
53j 1926-1959 250,000 101.41
(2 issues)
4.57
1927
3,005,0001 100
934-Jersey City. N..1
1925-1949 100,000 102.43 4.79
932_ _Burbank S. D., Calif___ _5
1,245,0001
1927
4
934__Jersey City, N. J
5.00
Serially
45,966 100
5
1440_ _Caldwell. Kan
60,000 100
1051-Jim Hogg County,Texas_
1049Cameron Graded B. D.,
43% 1925-1931
65,000 100.59 5.45
819--Johnson City, N. Y
6
1927-1954
50,000 106.77 5.39
No, Caro
4X 1935-1943 250,000 103.01 4.47
819-Joilet Twp. S. D., Ili_
696..-Callahan County Road
5.50
73.000 100
1307--Kearney, Neb.(2 issues)-5
201,000
Dist. No. 1, Tex
20.000 100.15 4.485
1926-1927
4
698--Keene, N. H
90,000
1925-1944
932.. _Cameron Sch. Dist., Mo_ 5
35,000
1576__Kirkland Ind.S. D.,Tex_434
932_ -Campbell Co. High S. D.,
80,000
1925-1934
1933-1942
50,000 100.30 5.97 1051--Knox County, Ind
6
Wyo
1929-1930 175.000 100.26 4.94
698_ _Kossuth County, Iowa-5
29.000 100.65
697-Carlton County, Minn- 5
64,000 101.04 ---1924-1933
5
819_ -Lake County,Ind
50,000 99
1174__Cass County. Texas
ors 1176_ _Larimer Co. S. D. No. 5,
1049--Cedar Rapids Ind. S. D.,
1954
130,0001
435
Colo
4.57
100,000 102.34
1944
434
Iowa
1400.128
1176_ _Larimer Co. S. D. No. 5,
-Champaign Co. S. D. No.
1174_
4% 1934-1953 200,000)
Colo
14,000
5
1934-1942
44, Ills
819-Larimer Co. Sch. Dist.
6.00
75,000 100
818-Cherokee Co., No. Caro_6
15.000 y100 57 -5 d10-20 yrs.
No. 60, Colo
43.4 Every 5 yrs. 500,000 100.82 4.19
1049.-Chester County, Pa
8.000
6
698_ _La Vote, Colo
1928-1929 200,000
8181 Chicago South Park' 4
95.000 99.10 5.69
534 1925-1934
819-Leesbury, Fla
1 4
1925-1944 3,040,000 95.938 4.52
Dist., 111
9321
534 1929-1943 120.000 100.06 5.49
934-Leland, Miss
5.21
1944
35,000 103.61
514
932- _Chickasha, Okla
42,000 103.286 4.48 1307_ _Le Sueur County,Minn_ _4. 1927-1939 100,000 100.45
5
1925-1938
1049--Clinton County, N. Y
6.00
7,477 100
1176_ _Lima, Ohio (6 issues)_ _ _6
21.000 106
1932-1942
1049- _Clinton County, N. Y_.._5
934-Lincoln Co. S. D. No.40,
1944
23,000
932- _Clarke County, Iowa- -4%
13,800
6 d15-30 yrs.
Colo
932_ -Clarke Co. S. D. No. 24.
50.000
1176__Lindenhurst, N.Y.(2 is.) 4%
1,500
6
Wash
100.000 101.50 4.87
1944
5
1051--Logan, Utah
135,000
1049_ _Clawson Sch. Dist.,Mich.
4.92
43.4 1925-1963 2.500,0001 100
699--Los Angeles, Calif
45,000 101.33 4.38
-Coatesville, Pa.(2 iss.)._415 1926-1954
9325
1925-1964 8,475,0001
699_ -Los Angeles, Calif
4.64
26,800 103.41
1925-1951
5
932-4jolumbia, N. Y
32.281 102.35 5.00
934....Lucas County, Ohio
534 1925-1932
818..-Corpus Christi, Texas-----2,000,000 100
7,831 101.54 5.07
5% 1925-1929
934--Lucas County, Ohio
30,000 100.25 4.97
1954
6
1049--Coal Creek. Tenn
30,951 102.26 4.98
515 1925-1932
934--Lucas County, Ohio
1939-1954 300,000
932--Columbus S. D., Nebr.- _5
10,089 101.45 5.10
934-- Alms County, Ohio
515 1925-1929
1924-1944 605,000
932__Colusa County, Calif_ _ 5
41,815 102.27 4.98
534 1925-1932
934-_Lucas County, Ohio
697--Corry Sch. Dist., Pa.... _ _434 1929-1953 175,000 101.43 4.39
534 1925-1930
11,872 101.47 5.09
934-_Lucas County, Ohio
1927-1944 200,000 103.23 4.64
932_ -Council Bluffs, Iowa _ __ _5
6,741 101.08 5.15
534 1925-1928
934__Lucas County, Ohio
100.65
40,000
415
1049_ -Cresson, Pa
5.50
934__Lucas County, Ohio
535 1925-1931
23,983 102.03 5.02
17.400 100
515
1174Dannebrog, Nebr
514 1925-1931
29,572 102.04 5.03
934 _ _Lucas County, Ohio
1928-1940
13.000 102.29 4.78
5
--Danube, N.Y
932
934__Lucas County, Ohio
534 1925-1933
4.61
58,009 102.65 4.90
1174_ .Davenport Ind.S. D.,Ia_415 1936-1937 186,0001 100
699__Lykens Consol. Rural S.
1174_ _Davenport Ind. S. D.,la_4% 1937-1938 164.0001
D., Ohio
6
8,123
1924-1931
120,000 100
, Ohio
1049- _Dayton
75,000 Imo
1051--Lyndhurst Twp., N.J-- _4% 1926-1961
50,000 102.17
d1934-1944
032.. Deaf Smith County, Tex_6
4.34
415 1929-1953 233,000 101.91
934-McKeesport, Pa
27,500 96.67
6
818-Deertrail, Colo
934_ Madison Sch. Twp.,Ind_5
Madison
1925-1939
39,000 101.92 4.74
415 1934-1938 500,000 100.817 4.42
1049-Denver, Colo
934 __Mamaroneck (Town) Un.
1925-1937
37,500 97.125 5.69
1049-De Soto County, Fla__ -6
Fr. S. D. No.1, N.Y 4% 1925-1950 475.000 100.86 4.41
1305__Deschutes Co. Un. High
Manor.
5
1051_ Manor, Pa
209,000 103.495
12.000 101.20
Sch. Dist. No. 2, Ore_ _515
1177_ _Maple Heights,O.(5iss.) 53.4 1925-1933 184,276 100.61 "Ka
234,000 98
697- _Dimmit County, Tex5
5.00
4,000 100
1925-1944
55,000 101.12 1:39 1177_ _Marion, Kan
932- _Divide County, No. Dak-535 1934-1944
1051_ _Marshall, Tex
410,000 98.20
431
1174_ _ Douglas Co. S. D. No.6.
935__M.arshall S. D. No. 1,
25.000
5
Nebr
Mich
4%
50,000 101.002
95,000 98.21r
4(
819--Durango, Cob
534 1925-1961 150,000 100.76 5.44
1925
600,000 100.199 4.98 1051__Mart Tex
1050-Durham, No. Caro.(2iss)5
100,000 101.42 4.90 1177„Martin S. 13. No. 1, No.
1929-1964
697--Edgecombe Co., No. Caro5
Dak
5%
18.000 y100
40,000 100.93 4.92
1929-1938
607__Edgecombe Co.. No. Carob
.
935_ _Massachusetts (State of)_4
1925-1964 1,000,0001 101.268 3:91
30,000
1050-_Edgewater, Cob.(2 iss.)_6
assachusetts
935_ Massachusetts (State of)_4
96,0001
1925-1974
5.00
85,000 100
1440--Edmond S. 13., Okla- _ _ _5
30.000 100.89
5.00 1051_ _Massillon S. D.. Ohio- --5
16,000 100
1925-1940
5
-Egg Harbor, N. J
697
4:4g
1177_ _Minneapolis, Minn
25,000 100.18 434 1925-1949
1306_ _Eigenheim Sch. Dist. No.
1,500.000 100.19 4.49
935_ _Minneapolis,Minn.(2 is.)434
1925
4.00
3,000 100
*1944
4
28, No.Dak
4.64
4X
699__Minnesota (State of)
4,508.0001 100
1944
-Elbert Co. S. D. No. 23,
1174
699__Minnesota (State of)_-4X
5,492,0001
1944
_43(
15,000
5%
Colo
100,000 101.97 4.82
5
820__Mitchell County. Ga
1939
64,000 102.30 4.70
1924-1943
1174_ _Elkhart County, Ind_ ___5
246.000 102.48
935_ _Monrovia. Calif. (3 Lss.)-5
145,000 103.60
1934-1936
1050-Elkhart Sch. City,Ind---5
11,000 100.98 5.30
820- _Montezuma S. D., Calif_534 1925-1935
1306-Elkhorn Sch. Dist. No.8,
431 1926-1962 1,154,000 104.06 4.46
4.00 1051_ Montclair, N.J
3,500 100
*1944
4
No. Dak
935--Montezuma County S. D.
Digitized 11697-Ellsworth Rural S. D.,
for FRASER
No. 1, Colo
8,000
534
30,000 101.35 5.32
5% 1925-1939
Ohio
ffitate anti Tit gepartnunt
1572
[voL. 118.
THE CHRONICLE
Name.
Page.
Rate. Maturity. Amount. Price. Basis. Page.
Name..
Rate. Maturity. Amount. Price. Basis.
935__Montrose Co. S. D. No.
1180_ _Watertown, Mass
4
1925-1942 537.0001 100
15, Colo
5 4-20-30 yrs.
35,000 1/101.57
1180_ _Watertown, Mass
83,0001
43% 1942-1944
820..
..Morley, Mo
10,000
6
1180_ _Watervliet, N. Y
434 1925-1944
40,000 100.436 4.45
820_ _Mt. Gilead, Ohio (2 iss.) _6
5.90 1311_ _Wayne County, Ohio_ _ _ _5% 1925-1933
67.000 100.76
1926-1943
63,000 102.51
4.97
1443_ _Mt. Vernon S. D.No. 80,
1180_ _Weehawken Twp., N.J--4% 1925-1940
86,000 100
4.75
Ill
5
60,000 100.61
937_ _Wellington, Kan
1925-1935
1,000 y100
43% Serially
1052_ _Mower County, Minn-,-43% 1935-1944
4.53
35,000 102.42
937__Wellington, Kan
43% 1925-1934
12,500
98.25
1177_ _Musselshell Co. S. D.
1054 ...West Alexandria,051o_ 534 1924-1936
13,500 100.55
4.41
No. 4, Mont
1,735
6
1180_ _Wichita Falls, Tex
6
Serially
50.000 100
6.00
935_ _Nampa,Ida
5.00
5 41934-1944
822- _Wichlta, Kan
20,000 100
454 Serially
192.216 100.17
699_ _Nankin Twp.S. D.No.9,
1054_ _Westwood Sch. Dist.,Pa_ 5% 1936-1940
5,000
Mich
1928-1952 155,000 100.04
702_ Willett, N.Y
5
1925-1949
30,000 102.19 4.80
1174-..Natrona Co. S. D. No. 2.
702_ _Worcester, Mass.(2 iss.)_4
1924-1943 600,000 100.141 3.98
Wyo
4.96
1925-1944 300,000 100.31
822_ _Wyandotte S. D., Mich_ _4%
5
50,000 100.02 4.49
1952
1177_ _Newark, N. J
4.32 1054Yakima County, Wash
975.000 102.57
434 1945-1964
44.000 99.30 -1052.. _Newberry, No. Caro_ _ _ _5
99.061 5.08
1930-1954 125,000
937_ _Youngstown, Ohio (5 iss.)5
1925-1929 190,607 100.51
4.84
699_ _New Brunswick, N.J---4% 1926-1944 191,000 101.64 4.57
1178_ _Newbury Twp.,Ohio----5% 1924-1933
5.42
4,266 100.11
Total bond sales for February (334 munici935 Newton Iowa
53,000
434
palities, covering 466 separate issues)_ _ __k$92,244,519
935_ _New Washington, Ohio_ _6
101.03
5.76
16,
1924-1933
d Subject to call in and during the earlier year and
1178_ _Northampton Co. Pa_ _ _4 34, Ev'y 5 yrs. 1,000,000 100.4177 4.22 Year. k Notincluding $60,804.500 temporary loans to mature in the later
and $3,000,000 bonds of
1178_ _North Hempstead Union
'
the Government of Porto Rico. r Refunding bonds. y And other conFree S. D. No.3.N.Y434 1929-1953 250,000 100.075 4.49 siderations. * But may be redeemed after two
years from date.
1052_ _North Fayette Twp. Sch.
4.65
Dist., Pa
1925-1938
40,000 102.17
5
1178Norwal1c Second Taxing
The following items, included in our totals for previous
Dist., Conn
78,000 100.08 4.24 months,
434 Ev'y 3 yrs.
should be eliminated from the same. We give the
935_ _NorwaY. N. Y
1925-1945
20,900 102.42 4.74
5
1052_ _Ocean County, N. J
42,000 103.05 4.725 page number of the issue of our paper in which the reasons
1926-1954
5
700 ..OlmstedCounty, Minn- 4%
130,000 102.48 for these eliminations may be found.
935- _Omaha New
1936
500,000
5
Name.
935_ _Omaha, Nebr
Amount.
1929
100,000 100.689 4.73 Page.
5
225Bervryn Park Dist., Ill.
935-Omaha, Nebr
1939
400,000
434
(December list)
6.00
1052_ _Orange Tvrp. S. D.,Ohio_6
$47,000
1924-1931
6.724 100
5.21 1053_ _South River Sch. Dist.,
700__Orlando, Fla
534 1934-1964 525.000 103.70
N. J.(Jan. 1924 list)
1178_ _Ortonville, Minn
111,000
1934
20,000
935 Ossining, N. I
35,0001 100.396 4.58
4( 1925-1931
BONDS OF UNITED STATES POSSESSIONS.
935_ _Ossining, N. Y
17,000J
4% 1925-1941
5.93 Pave.
1052_ _Ottawa,Ohio
Name.
Rate. Maturity. Amount. Price.
Basis.
6
1925-1934
4,000 100.37
701_ _Porto Rico (Govt.of)_ _5
820_ _Oxnard S. D., Calif
5
1925-1944 120,000 102.12 4.76
3,000,000 104.689
820_ _Palisade, Colo
20,000
53. 410-15 yrs.
We have also learned of the following additional sales for
820_ _Palmetto, Fla
-6 41944-1954
12,000 101.50
820_ _Park Ridge S. 13., N..1_ _5
1925-1962
80,000 100.30 4.975 previous months:
700_ _Passaic County, N. J__ _ _4% 1925-1945 678,000 100.136 4.4S
Name.
Rate.
Maturity. Amount. Price. Basis.
1178_ _Patcrson. N.J
4% 1925-1940 325,000 100.13 4.48 Page.
4.50
434 1924-1933
30,240 100
935_ _ Pelham Manor, N. Y.._ _ _434 1925-1945
4.50 1173_ _Adams County, Ind
10,500 100
1439_ _Anchorage Graded S. D.,
1052_ _Pennington Co., Minn---5
50,000 y100
Ky
5
45,000 100
5.00
102.04 4"J7
1052_ _Perth Amboy,N.J
5
1926-1945
20,000
4.21 1304_ _Ashley S. D. No. 9,
700_ _ PhiladelPhia, Pa.(2 iss.).4 X 41944-1974 12000,000 100.81
53%
No. Dak.(Aug.)
1933
12,000
1052_ _Pittsylvania Co., Va_---5
1935-1954 200,000 100.92 4.93
818_ _Bathgate Spec. S. D. No.
5.61
935_ _Plant City. Fla
6
1943
45,000 104.81
25, No.Dak
6.00
6
1934
3,000 100
820__Pleasant Rim Sch. Twp.,
4.50 1439_ _Berwyn Park Dist., I11.
Ind
5
1925-1937
21,500 103.40
(Nov.)
5
1943
47,000 100.58 4.95
701_ _Plum Twp. S. D.,Pa_ _ _4% 1934-1954
70,000 101.32 4.40
1304_ _Boone, No.Caro
6
1927-1941
15,000
820-Plymouth & Northville
1173_ _Bryson City, No.Caro_..534
100,000
S. D. No. 1.
-5%
4.73 1174_ _Cadiz Twp.S. D., Ohio_ _6
1,414 100.64
5.79
1924-1931
5
1925-1954
95.000 103.31
932_ _Caldwell, O.(4 iss.)(Dec)6
1925-1934
22,964 102.24
5.61
1052__Port Austin Twp., Mich_514 1926-1935
10,000
1049_ _Cass County, Ind
5
36,700 100.81 . 4.84
1925-1934
820__Pottsville, Pa
26,300
43%
5.58
932 __Champaign,Ill.(July)_
Yearly
150,000 100.64
1178_ _Put-in-Bay, Ohio
6
1928-1945
18,000 103.63
932_ _Chautauqua County Cons
936_ _Ramapo & Haverstraw
S. D.No.2. Kan
5
35,000
4.88
Corn. S. D.No.12.N.Y5
18,000 100.89
1925-1942
1440-Clarksville, Va.
6.00
6
1952
14.500 100
701_ _Red Hook Un. Free S. D.
818_ _Colfax, Calif. (Dec.)_ __5
Serially
25,000 103.20 --- No.4, N.Y
10,000 106.186 4.18
43% 1964-1973
818_ _Concrete S. D. No.
1052_ _Ramsey County, Minn_ _5
4.77
1925-1937 547,0001 100
6.00
No. Dak
6
1934
1,200 100
1052__Ramsey County, Minn_ _4% 1938-1944 453.000f
4.00 1305_ _Cumberland Co. S. D.
701_ _Rhode Island (State of)_ _4
110,000 100
1973
6.000
No. 24, Ill
6
1936-1938
701_ _Rhode Island (State of)_ _4
4.00
25,000 100
1973
819_ _Denison, Kan. (April)_ _5
99.99
10,000
701_ _Rice County. Minn
43i 1927-1939 500,000 100.005 --- 62.500 11100
936-Riverhead, /sT. Y
80,000 101.11
4.38 1305_ _Dexter S. D., Mo.(July)_5
43% 1925-1944
6:66
1925-1954
15,000 100
701__Robersonville, No. Caro_ __ 1934-1953 100,000 102.23 ---- 1440_ _Dillsboro, N. C. (July)--6
2,800 100
6.00
6
1925-1926
1444_ _Rock Lake, No. Dak- --6
6.00 1174_ _Dover, Ohio
1943
7.500 100
1306_ _Dubuque County, Iowa
1309_ _Roosevelt Sch. Dist. iTo.
Serially
75,000 101.06
5
(Nov.)
17, No.Dak
4.00
4
4,000 100
*1943
5.33
933_ _East Youngstown, Ohio_ _5% 1925-1932
8,000 100.75
1053_ _ Royal Oak, Mich
53% 1925-1929 163,100 100.013 5.245
1050__Fair Plain S. D., Mich.
1309_ _Rural School District No.
4.99
(Dec.)
5
75,000 100.15
1930-1954
4.00
2,No. Dak
2,800 100
4
*1944
1306_ _Fairview Sch. Dist. No.
1053--Russia, N. Y
9,500 100.66
5
6.00
1934
2,800 100
50, No. Dak
6
1444_ -St.Joseph, Mich
- :66
5
1925-1954 118.000 100
5
1440__Fort Pierce Spec. Tax S.
936_ _St. Joseph Twp. S. D.,
D. No.2, Fla.(Dec.)
5.40
-6
1928-1961 130,000 108.33
Ohio
6.00
1925-1931
11,633 100
6
1175_ _Frederickstown, Ohio__ _ _6
5.85
2,719 100.73
1925-1934
1310_ _Salem Sch. Dist. No. 8,
697- _Gering, Neb
25,000
--- 4.00
53%
No. Dak
1,500 100
4
*1944
4,75 1441,_Hampton Ind. S.D.,Iowa.5
Serially
50,000 101.77r
701_ _Salina, Kan
10,000 100
43%
1307_ _Harrison Sch. Twp.,Ind_5
83,000 101.89 --- 1925-1938
1053_ _St. Cloud, Mimi
r20,000
43% 41934-1944
43% 41934-1944
933_ _Harvey Co. S. D. No.68,
r15,000 100.50
1053_ _St. Cloud, Minn
5.00
Kan. (Nov.)
5
88,500 100
1053_ _St. Louis Co. Ind. S. D.
1575_ _Hemphill Co. Rd. Dist.
400,000 100.29
No.27,Minn
53%
5.50
No. 1, Texas (Dec.)---5%
13,000 100
1178_ -Saguache Co. S,. D. No.
1575_ _Hillsborough Co. Special
13,000
19. Colo
53%
6.00
Tax S. D.No.44, Fla __6
12,000 100
29,500 102.10 4.70
1925-1941
1925-1939
936_ _Salisbury, N.Y
-5
933_ _Huntington Twp. Rural
25.000 100.52 4.94
1925-1949
936_ _San Antonio S. D., Calif_ 5
8,919 100.67
S. D., Ohio
1924-1031
6
7.00
62,113 100
7
936- _San Bruno.Calif
.
5
1051_ _Huron County Ohio_ _5% 1925-1929
15,700 100.89 -- 24
1178_ _San Diego High S. D.,
534
5.66
4.81
933_ _Jay County, bid
1924-1926
20,409 100.63
6
Calif
1930-1964 850,000 102.58
5
934_ _Jay County,Ind.(Sept.)_4% 1924-1933
16.000
4.81
1930-1964 400,000 102.57
1178_ _San Dir go S. D., Calif_ _ _5
30,000
934__Jay County, Ind. (July)_4% 1924-1933
80,000 100
--- 1179_ _Sarpy County,Nebr
1307_ _Jefferson, Ore.(Jan. 1923)6
6,000 100.66
1928-1933
17,000
1053_ _Scottsville, N.Y
'
4.80 1928-1944
1441-Johnson City, Tenn. (2
472,530
1444_ Seattle. Wash.(21 issues).6
.
534
160,000 y100
5.24
45,000 105.87
issues) (Aug.)
1925-1942
936_ _Secaucus,N.J
6
4:16
40,000 100.125 60
00
1943
4.84 1307__Laddonia, Mo.(May).--5
36,000 105
936_ _Secaucus, N.J
53% 1925-1942
40,000
5.40 1307_ _Lamesa, Tex
6
21.000 101.60
1179_ _Shelby, Ohio
1926-1928
6
11,240 101.43 4.72 1307_ _Lathrop, Mo. (2 issues)
1053_ _Shelby County, Ind
1925-1034
5
5.00
82,000 100
5
5.67
(June)
821_ _Salem Twp.S. D.,Ohio_ _6
1925-1929
3.000 101.06
5.50 1442--Latta, So. Caro. (June)
27,300 100
1179_ _South Euclid, Ohio
53% 1926-1934
96.49 .6.28
(2 issues)
60,000
1953
6
821_ _South Lake Worth Inlet
98.68 6.125 1031_ _Leonardsville S. D.No.5,
District, Fla
1929-1949 125.000
6
Ran.(May)
35,000
50,000
97r
434
1053- -Springfield, Ore
6
1944
5:51 1307_ _Leroy Spec. Sch. Dist.
821_ _Sterling City I.S.D.,Tex _5
1924-1943
50.000
96
6.00
3,500 100
1934
No. Dak
y100.10r
46,500
6
1053_ _Sterling, Colo
43% 1925-1948
6.00
50,000 100
1051_ Lone Oak, Tex
6
1444_ -Sterling, Kan
5
66,360
5.50
12,459 100
1442--Lyons S. D., Ohio
1053_ _Stonebeck Consol. Rural
534 1924-1931
5.50
2,080 100
934_ _Madison Twp.S. D.,Ohio534 1924-1931
5.76
S. D., Ohio
15.470 100.80
6
1924-1931
4.92
93,000 104.05
820_ _Mahoning County, 011113_534 1925-1939
4.25
10.000 100
936--Sumner County, Kan_ - --4%
4.74
820_ _Mahoning County, 01110_5% 1925-1939 110,000 105.26
4.43
1053--Sussex County, N. J_ _4 j.j 1926-1950 197,000 100.72
.
25,1300 100
5.35 1442 _ _Mebane, N. C.(Dec.)
__ 1925-1943
821_ _ Swain County, No. Caro_5% 1925-1049
25.000 101.31
820_ Milford, Kan. (June).. ..5
6,500
6.00
1310_ _Tacoma, Wash.(7 issues)6
40,598 100
5.50
6,000 100
935_ _Minerva, Ohio
1179_ _Talent IrrIg. Dist., Ore.. _6
19311-1954 440.600 90
53-4 1925-1933
10,322 100.75
4
6
702...Taylor County, Wis
5
1925-1934 100.000 100.715 - :85 1051_ Monmouth, Ore
4.42
30,000 101.05
1177_ _Monongahela S. D.. Pa_ _4% 1ll38-1952
936_ _Texas (State of)(15 iss.)_55;6
136.900 100
-- -18,000 100.75
_ 1443_ _Monticello, Iowa (June).. __ 1929-1937
827_ _Tiro Cons. S. D., Ohio_ _ _ 6
13,884 101.57
1924-1931
4.
1928-1951 120,000 105.39 - -415
4.65 1308_ _Mooresville S. D..Pa__,_5
702_ _Toledo City S. D.,Ohio_ _5
1924-1948 1,000,000 103.28 5.00
434 Yearly
35.000 100
Serially
821_ _Troy, N. Y
46,000 101.16r 4.26 1443_ _Moran, Kan. (Sept.)-- _ _5
5.00
935_ _Newcomerstown S. D,
37,000 100
0.5
1925-1949
821_ _Turlock Irrig. Dist., Callf.5
1927-1936 500,000
935_ _Newport Twp. Rural Sch.
_Uintah Co. S. D., Utah_ _5
120,000 99.40
1179_
415 -years
-20
Dist., Ohio (October)_ _-.. 1924-1931
5,475 100
- 1179_ _University City S. D.,
1052_ _New Richmond Vii. S. D.
Mo
1927-1944 115,000
5.97
4,469 100.09
Ohio
1024-1931
4.24
'
6
1053_ _Utica,N.Y.(3 issues)_ _ _4 34: 1925-1944 711,236 100.01
53% 1925-1929
5.49
5,000 100.70
5.63 1052_ _Niles, Ohio
19,064 101.30
1924-1931
821_ _Valley Trip. S. D., Ohio_6
1309Orange City Ind. S. D.,
Vernon, Calif
5
1024-1963 400.000
1179_ _
Serially
60,000 101.10
Iowa (May)
5
5
1925-1934
49,000 100.93 4.82
1053_ _Vigo County, Ind
99.05
10,000
5.81 1309_ _Phillips, Wis.(July)
1926-1944 275,000 101.20
1310_ _Wadesborough, No. Caro6
5
40,000 101.17
5.00 1443_ _Phillips, Wis.(July)
5
1930-1959
90,000
Yearly
5
1054_ _Walsenburg, Cob
820_ _Pine Grove Irrig. Dist.,
5.76
5
1925-1953
14,500 102.56
936_ _Warren, N. Y
8,600
90
Ore. (Nov.)
1931-1943
4.87
5
1925-1949 150,600 101.26
6
821_ _Warren, Ohio
4.80 1309_ _Pleasant Run Sch. Twp.,
1925-1934
44,000 101.05
936_ _Warrick County, Ind_ - _ _5
4.50
Ind
1925-1937
21.500 103.38
5
702_ _Washoe County S. D.
1309_ _Pocahontas County,Iowa
5
125,000
98.21
No.9. Nev
74.000 101.08 4.59
Suburban
(April)
43% 1928-1933
936_ _Washington
1443_ _Polk Co. Special Tax Sch.
Sanitary Dist.Me.,Md434 41954-1974 500,000
1.200
Dist. No.6,Fla.(Oct.)_6
822_ _Watertown Fire Dist.,
4.704 Rialfr KO
120,000 104.05 4.20
821_ _Rawson S.
Ohio
6
1924-1931
434 1925-1961
Conn
7.00
1.200 100
D.,
1934
4.22
821_ _Red Lake Twp., No. Dak 7
434 1925-1964 400,000 100.43
1054_ _Waterbury, Conn
6.00
10,000 100r
Serially
45,000
821_ _Reedsport, Ore
6
936_ _Waterloo Ind. S. D.,Iowa4 X 1937-1938
for FRASER
4.00
75,000 100
1973
4.68
27,000 100.19
701_ _Rhode Island(State of)_ _4
4.70 1926-1952
1054_ _Waterloo, N.Y
Tlw.
Digitized
46.
THE CHRONICLE
MAR. 29 1924.]
Rate. Maturity. Amount.
Name.
Page.
.5% 1952-1959 156,000
1053- _Rockwa110o.,Tex.(Dec.)
1444-8and Hill Consol. 8. D.,
60,000
5% 1927-1953
No. Caro. (Dec.)
142.855
821--Seattle, Wash.(5 issues)_6&7
19.299
1924-1933
5
1179_ _Shelby, Ohio
11,440
1925-1934
5
1053_ _Shelby County. Ind
16,000
43i
936_ _Shelton S. D.,'Wash
13108heridan Co. S. D. No.
4.100
d1929-1934
6
2. Mont
5,846
1925-1934
1053_ _Shreve,Ohio(2issues) _ _ _6
9368now Creek Irrig. Dist.,
40,000
6
Ore.(May)
60,000
1925-1944
53
1053_ _South Euclid, Ohio
15,700
51.
1179_ _South Eudid, Ohio
1053-South Ridge Spec. S. D.,
2,667
1924-1931
6
Ohio
1925-1951 109,000
1053_ _South River S. D.,N.J_ _5
1310_ _Stanton Ind. S. D., Tex.
10,000
(Nov.)
29.165
821_ _Tacoma, Wash.(10 iss.) _6
936__The Plains Rural S. D..
2,659
1924-1931
6
Ohio (Dec.)
821_ _Umatilla Co. Un. High S.
12,000
_- 1926-1937
D.No.1,Ore.(May)
3,445
1924-1931
936_ _Union Twp.S. D.,Ohio_ _6
1445__Vance Co. S. Ds., N. C.,
65,000
1926-1952
iss.)(March 1923)_6
(2
9,000
(Nov.)
821_ _ Waldo,Kan.
MI 1925-1933
18,000
1926-1943
1310_ _Walnut, Iowa (April)_ _ _ _5
3.000
5% 1925-1934
1054__Washington. Ohio
10,000
1924-1933
1446-Whitakers, N. C.(June)_6
Price. Basis.
101.40 ---101.55
5.37
100
101.08
100
5.00
4.79
4.75
100
100
6.00
6.00
100.10
100.89
5.49
100
102.03
6.00
4.80
100
6.00
100
6.00
100.15
r.._..
100
102.13
5.25
100
6.00
:45
2
1
loo.ozr /
d Subject to call in and during the earlier year and to mature in the later
year. r Refunding bonds. y And other considerations.
All of the above sales (except as indicated) are for January.
These additional January issues will make the total sales
(not including temporary loans and bonds of the municipality of Juan Diaz, Porto Rico)for that month $92,601,443.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
FEBRUARY.
Rate. Maturity. Amount. Price. Basis.
Page.
Name.
1940 $2,000,000
822--Alberta (Province of) _ _5
98
335.000
1963
5
822__Brantford, Ont
102
1924-1953 126,000
822_ _Brantford. Ont
Koo
21,000 100
_5
1180_ _Brussels, Ont
4.40
28,800 101.52
822_ _Campbellford S. D., Ont_5%
1311__Cape De La Madeline,
98.365 5.85
5% yearly
75.000
QUO
99.77 ---12.000
822- _Cayuga, Ont
5% yearly
10,0001 99.44
yearly
5
1180_ _Dunnville, Ont
5ti
yearly
1180_ _Dunnville, Ont
5% 1934& 1944 1,016:000
822__Edmonton, Alta
186,002 101.07
1054-Galt,Ont
53 &6
90,000 101.85
5% yearly
1054-Hamilton, Ont
96.467
yearly
565,000
1054-Hamilton, Ont
5
19,043 102
6
1311_ _Hawkesburar, Ont
2,516
__
yearly
179,000
937_ _Leamingion, Ont.(3 iss.)_6
8,000 107.70
937_ _Lincoln County, Ont_ _ _-6
99.56
5
673,000
822__London, Ont
5ji
yearly
6
63,338 105.49 -822--Mersea Twp., Ont
90,000 97.50
1180_ _Middlesex County, Ont_ _5
yearly
19.000 102.50
5%
1943
872--Peterborough, Ont
96.03
115,000
yearly
6
1054--Prince Rupert, D.0
99.04
265.999
yearly
822-_St. Catherines, Ont_-5 & 53
311,200 1/96
1054_8t. Boniface, Man
40,000
1311_ -Sandwich East Twp-Ont.
937-Saskatchewan Sch. Dists.
12.150
Sask.(3 issues)___ _6% &8
1446_ _Saskatchewan Sch. Dists.,
25,000
Sask.(3 issues)
631&7
5
9i5:85160,000
1180_ _Timmins. Ont
yearly
i;
822-Tisdale Twt S. D., Ont.
83,000 104.417
yearly
(2 issues
6
2,000,000
1053--Winnipeg, an
1944
5
Total amount of debentures sold during Feb.
y And other considerations.
A bill carrying out Governor Smith's recommendations in
his message Monday for creation of a commission to inve,stigate the sources of taxation was introduced March 28 by
Assemblyman Patterson.
Bill Appropriating 812,500,000 for State Hospitals Signed
-Governor Smith on March 26 signed the
by Governor Smith.
Downing bill appropriating $12,500,000 of the $50,000,000
bond issue approved by the voters Nov. 6 last (V. 117, p.
2457) for the improvement of State hospitals. Most of this
money will be expended in providing additional beds in the
metropolitan district, where, according to the State Hospital
Commission, the crowding is the greatest.
Under the provisions of the referendum proposing the
bond issue, not more than 812,500,000 can be made available
for any single year.
Rahway, N. J.
-Proposal to Return to Former Councilmanic
-A proposal to abolish the present Commission
Rule Carried.
form of government, adopted Dec. 10 1917, and return to
the former Councilmanic rule, was carried at an election held
on March 25. The vote was 2,922 "for" to 981 "against."
-Friendly Suit
Ramsey County (P. 0. St. Paul), Minn.
to Test Validity of Hospital Bond Issue Taken to the State
-The friendly suit brought by August
Supreme Court.
Kempier against the Ramsey County Board of Commissioners and county and city officials to test the validity of
the law providing for issuance of $400,000 in bonds to make
improvements at Ancker Hospital will be argued, according
to the St. Paul "Free Press" of recent date, before the State
Supreme Court April 17 on appeal from District Court
where the law was held constitutional. The "Free Press"
also says: "The date for the hearing was set by the Supreme
Court Friday. The case will be argued by R. A. MacDonald, Assistant County Attorney, and George L. Siegel.
attorney for Mr. Kempier."
-State Supreme
Towns of West Hoboken & Union Hill.
-The Newark
Court Upholds Legality of Town Merger Election.
"News" on March 25 said:
4
Regularity of proceedings leading up to the special election March of
Act
in seven North Hudson municipalities under the ConsolidationThe de(March 25).
1923 was affirmed by the Supreme Court to-day
cision has a bearing upon the proceedings up to Feb. 16, when Justice
Minturn allowed writs of certiorari applied for by Mayor Daniel Hermann
and Councilmen Paul Schnyder and Hugo Jackisch of Guttenberg.
Three questions were raised by the applicants for the writs of certiorari.
order
These were that Justice Minturn lacked jurisdiction to make hisAct of
of Dec. 26 last calling the special election on March 4: that the
was unconstitutional because the
1923 authorizing the consolidation
to the
object was not expressed in the title, and that legal prerequisites points
All of these
election, including proper notice, had been omitted. complainants.
the
were decided by the Supreme Court adversely to Hoboken and Town of
The actual result of the election was that West
against
Union voted to consolidate. The other five municipalities voted caption
consolidation. (See V. 118. pages 1303 and 1438. under the
Jersey (State of)."
"New
8,558.048
NEWS ITEMS
-The State Su
-State Law Upheld.
Arizona (State of).
preme Court in a decision handed down recently upheld the
State law providing for the creation of electrical districts in
this State.
Carbon County (P. 0. Red Lodge), Mont.
-Abolition
of County Unit System to Be Voted Upon at Special Election.
At a special election to be held on April 22 the voters will
decide whether or not they are in favor of abolishing the
county unit system of this county adopted under authority
of an Act passed at 1919 session of the Legislature (Chapter 211, Laws of 1919), which provides for the creation of a
rural school district in each county of the State, composed
of all.third class districts and parts thereof as a unit for the
purpose of taxation and issuance of bonds, and for the creation of sub-districts of rural districts for the purpose of
local administration and control. The "Montana RecordHerald" on March 17 said regarding the election:
The election was ordered by the Board of County Commissioners at a
special session held in Red Lodge. at which the Board approved the petitions
bearing the signatures of 900 voters filed with County Clerk and Recorder
C. E. Thompson last week asking that the issue be submitted to a vote of
the people.
The plan has been in operation in this county four years.
If the present unit system is abolished in favor of the former district
system, a special levy will be fixed for the retirement of unit indebtedness,
which totals $203,270 27. Of this amount $110,210 was bonded indebtedness of the several districts at the time the unit system superseded the district system; the remainding $93.059 27 is bonded indebtedness of the unit,
contracted since its establishment.
-Special Message by Governor
New York (State of).
Smith to Legislature Recommends Overhauling of Tax System to
Find New Sources of Taxation-Suggests Municipal Income
-Governor Smith in a special message sent to the
Taxes.
Legislature on Monday night of this week recommends an
overhauling of the tax system to find new sources of local
taxation in New York State to offsen the present tax burden
on real estate and better to finance the public school system.
He suggests that the present Legislature create a commission for this purpose. Among the solutions offered by the
Governor is municipal income taxes.
For text of message see our "Department of Current
Events and Discussions" on a previous page of this issue.
1573
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-The
-BOND SALE.
ADAMS COUNTY (P. 0. West Union), Ohio.
First National Bank of West Union has been awarded the $57.500 5%%
bonds
I. C. H. No. 7, Secs. A, B, 0, 13 and E road-improvement coupon
-equal to 101.05-a
offered on March 22 (V. 118. p. 1304) for $58.107 50
Sept. 1 as follows:
basis of about 5.27%. Date Feb. 11924. Due yearly on
1933. inclus8500. 1924: 86,000 1925 to 1930. inclusive; and $1,000. 1931 to
ive. The following is a list of bids a,nd bidders:
Premium..
$20500
A. E. Aub & Co., Cincinnati
607 50
First National Bank, West Union, Ohio
868 25
Elliott & Harrison, Cincinnati
Breed,
1.16800
Prudden & Co., Toledo
1.161 00
David Robinson & Co.. Toledo
660 10
Ryan, Bowman & Co., Toledo
317 00
A. T. Bell & Co., Toledo
632 50
Otis & Co., Cleveland
874 00
Sidney Spitzer & Co., Toledo
N. S. Hill & Co., Cincinnati
828 00
86500
Providence Bank & Savings Co
All bids included accrued interest.
Sinking
-BOND SALE-The
AKRON, Summit County, Ohio.
Fund Commission has purchased the following 5;4% bonds at par:
I $3,000 signal apparatus.
$26,000 fire engine,
4,000 training tower erection and I 7,000 fire alarm.
equipment.
-BOND ELECTION.
ALAMEDA COUNTY (P. 0. Oakland), Calif.
on issuing
On May 6 an election will be hold for the purpose of votingbonds.
construction and $2,000,000 hospital
$4.500,000 court-house
ALAMO, Williams County, No. Dak.-CERTIFICATE OFFERING.
Bids will be received by Fred Falstad, Cl3rk, at the County Auditor's office.
2 p.m. April 5 for 81.000 certificates of indebtedness at not
Williston, until
to exceed 7% interest. Denom. $500. Due in 18 months from date of
issue. Certified check for 5% of bid required.
ALLEGANY UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
-BOND OFFERING POSTAllegany), Cattaraugus County, N. Y.
-John Laubenthal, Clerk Board of Education, advises us that
PONED.
which was scheduled for March 19
the offering of the $170.000 school bonds,
-has been "indefinitely postponed."
-V. 118, p. 1304
-BOND OFFERING.
ALLEN COUNTY (P. 0. Ft. Wayne), Ind.
a. m.
T. J. Connelly, County Treasurer, will receive sealed bids until 10bonds:
March 31 for the purchase of the following issues of 5% coupon road
812.000 Maumee and Jackson Twps. Denom. 20 of $290 for Jackson
Twp. and 20 of $310 for Maumee Twp.
10,500 Maumee and Jackson Twps. Denom. 20 of $260 for Jackson
Twp. and 20 of $265 for Maumee Twp.
23,000 Jackson Twp. Denom. $575.
Date March 15 1924. Int. M. & N. 15. Due 2 bonds of each issue
from May 15 1925 to Nov. 15 1934 incl.
-O'Neal,
-BOND SALE.
ALVARADO, Johnson County, Texas.
Sharp & Co., of Dallas, have purchased $10,000 paving and $50,000 sewer
6% bonds at a premium of $200, qeual to 100.33. Denom.$1,000. Interest M.& S. Due serially.
-BONDS AWARDED
ANDERSON COUNTY (P.O. Garnett), Kan.
road impt. bonds offered on Feb. 26IN PART.
-Of the $50,000 4% %
were purchased at par and accrued interest by local
V. 118, p. 931-820,000
investors. Denom. $1,000. Date Feb. 1 1924. Int. (F. & A.). Due
serially.
ANNA-JONESBORO COMMUNITY HIGH SCHOOL DISTRICT
-Sealed proposals
-BOND OFFERING.
(P.0. Anna), Union County, III.
will be received by the Board of Education until 2 p. m. April 3 for $100,000
5% school bonds. Denom. $1,000. Date March 1 1924. Prin. and semiann. Int. (J. & J.) payable in lawful money of the United States at the
Northern Trust Co. of Chicago. Due yearly on July 1 as follows: $4.000.
1574
THE CHRONICLE
[VOL. 118.
1926 to 1930 incl.; $5,000. 1931 to 1934 incl.; $6,000. 1935 to 1938 incl.;
CHICOPEE, Hampden County, Mass.
-TEMPORARY LOAN.
-The
$7.000, 1939 to 1942 incl., and $8,000, 1943. The district will furnish, Commercial
free of all expense to the bidder, the approving opinion of Chapman. of $200.000, Trust Co., of Springfield, has been awarded a temporary loan
maturing Nov. 17 1924. on a 4.08% discount basis.
Cutler & Parker of Chicago and will also furnish the printed bonds. CreCHILDRESS COUNTY(P.O.Childress),Tex.
titled check for 3% of the par value of the bonds required. These bonds
-BONDSDEFEATED.
were voted at an election held on March 1-V. 118, p. 1304.
-The proposition to issue $760.000 road bonds submitted at the election
held
Estimated actual valuation of the district
-failed to carry by a vote of 758 "for'
15,000.000 to on March 11-V. 118. p. 578
909 "against.'
Assessed valuation. 1923
2,337,517
Total bonded debt
This issue only
CLAREMONT, Los Angeles County, Calif.
-BOND ELECTION.
Estimated population
7,500 An election will be held on April 14 to vote on the question of issuing $82,000
ARKANSAS AND MISSOURI HIGHWAY DISTRICT (P. 0. Little paving,$16,000 fire hall and $63,000 sewer bonds.
Rock), Pulaski County, Ark.
-BOND SALE.
-Whitaker & Co. of St.
CLEAR CREEK SCHOOL TOWNSHIP (P. 0. Clear Creek), HuntLouis have purchased $6.00.000 5% road bonds. Denom. $1,000. Date baton County,
Ind.
-BOND OFFERING.
-Sealed bids will be received
Sept. 1 1923. Principal and semi-annual interest (M. & S.) payable at until 1 p.
the Boatmen's Bank of St. Louis. Due on Sept. 1 as follows: $6,000, 5% schoolm. April 2 by Harvey E. Craig, Township Trustee, for $70,000
bonds. Denom. $500. Date April 17 1924. The bonds will
1924 to 1926; 17.000, 1927; 58,000. 1928: 59,000, 1929 and 1930: 512.000, run for a period
of not over 15 years. Certified check for $1,000, payable
1931: $.3.000, 1932; $14,000, 1933: $15.000, 1934: 516,000. 1935 and.1936;
118.000. 1937; $20,000, 1938; $23,000, 1939; $50,000, 1940 to 1946, inclus- to the above Trustee. required.
ive, and $52,000, 1947.
CLYDE, Cloud County, Kan.
-BOND SALE.
-The following two
issues of 5% internal impt. bonds offered on March 19-V. 118, p. 1305
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
A $50,000 temporary loan maturing Nov. 5 1924 has been sold to the were purchased by local investors.
National Shawmut Bank of Boston on a 4% discount basis plus a $4 80 $6,668 52 bonds. Date Oct. 11923. Due on July 1 as follows: $668 52,
1925; $500 in all the even years from 1926 to 1932, incl., and
premium. Other bidders were: Curtis & Sanger, 4.04% plus 50 cents
$1,000 in all odd years from 1927 to 1933 incl.
prem.; Estabrook & Co., 4% plus $1.25: F. S. Moseley & Co., 4.03%;
4,305 95 bonds. Date Dec. 11923. Due on July 1 as follows: $305 95,
Commonwealth Atlantic National Bank, 4%; Menotomy Trust Co., Ar1925, and $500, 1926 to 1933 incl.
lington. 4% plus $3: Old Colony Trust Co., 4.20% plus $3.75 and Grafton
Co., 4.09%
COLFAX COUNTY SCHOOL DISTRICT (P.O. Schuyler), Neb.BOND ELECTION
.-An election will be held April 4 to vote on the question
AVENUE SCHOOL DISTRICT Ventura County, Calif.
-BOND
OFFERING.
-Sealed bids will be received by L.E. Hallowell, County Clerk of issuing $37,000 school building bonds. B. F. Farrell, Secretary of Board
of Education.
0. Ventura), until 11 a. m. April 2 for $40,000 5% school bonds.
COLFAX COUNTY RURAL SCHOOL DISTRICT NO. 27 (P. 0.
Denom. $1,000. Date April 1 1924. Principal and semi-annual interest
payable at the County Treasurer's office. Due $1,000 yearly on April 1 Van Houten), N. Mex.-BOND ELECTION.
-An election will be held
from 1925 to 1964. inclusive. A certified or cashier's check for I.% of on April 8 for the purpose of voting on the question of issuing $6,000 school
bid, payable to the above official. required. It is stated that there has bonds. Mildred Chandler, Secretary.
, been no default in the payment of any of the district's obligations, and that
CONNOLLY SCHOOL DISTRICT NO.3, Dunn County, No. Dak.there is no controversy or litigation pending concerning the validity of the
-All bids received for the 56,000 7% funding bonds
bonds. Bonded debt, none; assessed valuation, $1,529,290: tax rate, BIDS REJECTED.
offered on March 10(V. 118, p. 1049) were rejected. Date Jan. 1 1924.
$2 87 per $100; population (estimated), 600.
Due Jan. 11944.
BATH, Sagadahoc County, Me.
-TEMPORARY LOAN.
-The United
CORFU, Genesee County, N. Y.
-BOND SALE.
-The $20,000 bonds
States Trust Co. of Portland has purchased a temporary loan of $40,000,
offered on March 27-V. 118, p. 1440
-were awarded as 6s to the Fidelity
due Aug. 25 1924, on a 4.13% discount basis.
Trust Co. of Buffalo at 107.65, a basis of about 5.02%. Denom. $1,000.
BAY CITY, Matagordo County, Tex.
Date April 1 1924. Due $1,000 July 1 1924 to 1943.
-BOND ELECTION.
-An
tion will be held on March 20 to vote on issuing $685,000 6% 25 elec-year
CRANDALL INDEPENDENT SCHOOL DISTRICT(P.O.Crandall),
flood-control bonds.
Kaufman County, Tex.
-BONDS DEFEATED.-Tho proposition to
BEACON, Dutchess County, N. Y.
-BOND OFFERING.
-Until issue $40,000 school building bonds submitted to a vote of the people at
8 p. m. March 31 sealed bids will be received by H. E. Emery, Com- the election held on March 1-V. 118, P. 932
-failed to carry.
missioner of Finance, for the following issues of bonds not to exceed 5%:
CROCK,ETT INDEPENDENT SCHOOL DISTRICT(P.O.Crockett),
$60,000 memorial building. Due $3,000 yearly on April 1 1925 to Houston
County, Texas.
-BOND SALE.
-An issue of $16,500 school
1944 inclusive.
190,000 Melzingah Dam. Due yearly on Oct. 1 as follows: $1,000, building bonds has been purchased by the Maccabes Fraternal Benefit
1925; $2.000, 1926: $3.000, 1927; $4,000, 1928; 15.000, 1929; Society of Crockett.
$6,000, 1930', $7,000. 1931: $8,000. 1932: 59.000, 1933; $10,000,
CUSHING, Payne County, Okla.
-BONDS VOTED.
-At the election
1934; $12.000. 1936: $13,000. 1937: 114,000, 1938; $15,000, held on March 18-V. 118, p 1174
-the proposition to issue $505,000 water
1939; $16,000. 1940; $17,000, 1941; 118.000, 1942, and $19,000, and sewer bonds carried. 'hie votes given "for" and "against" the three
1943.
issues that make up this total follows:
60.000 school addition. Due yearly on Oct. 1 as follows: $1,000,
"For." "Against."
1925 to 1929 incl.; $2,000, 1930 to 1934 incl., and 35,000, 1935 $310,000 dam bonds
588
280
to 1943 incl.
98,000 sower bonds
582
268
Denom. $1,000. Date April 1 1924. Int. A. & 0. Legality approved
pumping station bonds
97,000
497
338
by Clay & Dillon of New York. The Mayor and Commissioner of Finance
DALLAS, Polk County, Ore.
-BOND ELECTION.
reserve the right to sell said bonds at public auction. Certified check
-An election will
for be hold on May 16 for the purpose of voting on the question of issuing $8,000
56.200, payable to the city. required.
fire bonds.
BELPRE RURAL SCHOOL DISTRICT (P. 0. Belpre R. D. No. 1),
DALY CITY, San Mateo County,Calif.
-BOND SALE.
Washington County, Ohio.
-The 515,000
-BOND SALE.
-The $4,500
bonds offered unsuccessfully on Sept. 4-V. 118. p. 1263 6% school 5% water system bonds offered on March 10-V. 118, p. 1049
-were pur-have been
awarded to the Teachers' Retirement Fund of Ohio for $4,551 54, equal chased by the Daly City Bank at a premium of $60 equal to 100.40.
to 101.14, a basis of about 5.74%. Due $500 yearly on June 1 from 1925
DAYTON, Campbell County, Ky.-BONDS VOTED.
-The voters by
to 1933 inclusive.
a count of 963 to 126 approved the issuance of $25,000 school bonds recently.
BERLIN,Green Lake County, Wis.-BIDS REJECTED
DECATUR, Morgan County, Ala.
-BONDS SOLD AT PRIVATE
-BONDS REOFFERED.
-The $100,000 5% school bonds offered on March 21-V.
SALE.
-The $300,000 6% public impt. street paving bonds offered unsucp. 1173
-were not sold as all bids received were rejected. The bonds118, cessfully on March 12-V. 118, p. 1440
-have since been purchased by
will
here-offered on May 22. W.H. Wells, City Clerk.
Caldwell & Co., of Nashville, at par. Date April 1 1924. Due April 1
1934,
BESSEMER CITY, Gaston County, Na. Caro.
-BOND OFFERING.
-Sealed bids will be received by M. L. Rhyne, Town Secretary, until
DEERFIELD, Dane County, Wisc.-BOND ELECTION.
10
-A specia
a. m. March 29 for $40,000 coupon, with privilege of
water,
sewer and municipal bldg. bonds bearing interest at aregistration, exceed election will be held on April 1 to vote on the question of issuing 510,0(X)
rate not to
Community hall bldg. and equipping bonds to bear interest at a rate not to
6%. Denom. $1,000. Date March 1 1924. Prin. and semi-ann. int. exceed
6%.
(M.& 8.) payable in gold in New York City. Due on March 1 as follows:
$1,000. 1927 to 1952 incl., and $2,000. 1953 to 1959 incl. A cert. check.
DEFIANCE,Defiance County,
-BOND
-The two issues
payable to the Town (or cash), for 2% of amount bid for required. Pur- of6% street impt. bonds offered on Ohio. 22-V. SALE.
March
118, p. 1305
-have been
chasers will be furnished with the approving opinion of Reed, Dougherty sold to David Robison & Co., of Toledo, as follows:
• & Hoyt of New York. Bonds prepared and certified as to signatures and $17,981 06 Nicholas St. Impt. at 104.04 a
basis of about 5.24%. Due
seal by the U. S. Mtge. & Trust Co., New York City.
yearly on Sept. I as follows: .
$981 06, 1925: $1.500. 1E126 and
1927; and 52.000, 1928 to 1934 incl.
BOULDER COUNTY SCHOOL DISTRICT NO.52(P.O. Lafayette),
17.902 90 Downs St. Impt. at 104.08, a basis of about 5.23%. Due
Colo.
-BONDS PURCHASED SUBJECT TO BEING VOTED.
-Subject to
yearly on Sept. 1 as follows: $902 90. 1925: $1,500, 1926 and
being voted at an election to be held soon $63.000 535% 20-40-yaar (opt.)
1927; and 12,000, 1928 to 1934 incl.
school building bonds have been purchased by Van Riper, Day & Co. of
Date Sept. 1 1923.
Denver.
DULUTH, St. Louis County, Minn.
-BOND SALE.
-The two issues
BRIDGEVILLE SCHOOL DISTRICT, Allegheny County, Pa.
BOND ELECTION.
-On April 22, the residents of this district will vote of bonds, aggregating $325,000, offered on March 24-V. 118, p. 1306
on a bond issue of $134,000 to acquire a site and grounds for erecting were awarded as follows:
$200,000 4X% permanent improvement bonds, awarded jointly to Minnea new school structure.
sota Loan & Trust Co. of Minneapolis. and Estabrook /t
BROCKTON, Plymouth County, Mass.
Co. of New York, at a premium of $3,311, equal to 101.65,
-TEMPORARY LOAN.The National Shawmut Bank has purchased a temporary loan of $200.000
a basis of about 4.55%. Due $10,000 yearly on April 1
on a 3.95% discount basis, plus a $3 54 premium. Date March 28 1924.
from 1925 to 1944, inclusive.
Due Nov. 18 1924.
125,000 4Si% park bonds, awarded jointly to the Bankers Trust &
Savings Bank of Minneapolis. and A. M.Lampert & Co. of
BYESVILLE, Guernsey County, Ohlo.-BIDS REJECTED.
New York, at a premium of $163 75, equal to 100.13. a
-The
11.869 06 6% street impt. bonds offered on March 21-V. 118, p. 1049
basis of about 4.48%. Due $5,000 yearly on April 1 from
-were not sold, as all bids were rejected.
1925 to 1949, inclusive.
Date April 1 1924.
CAMERON, Milan County, Tex.
-BOND OFFERING.
-Our Western
The following bids were received:
representative advises us in a special telegraphic dispatch that bids will
Park
Perm.
be received until April 1 for 5125.000 53 % schoql bonds.
BidderBonds.
Impt.
Minnesota Loan & Tr. Co.and Estabrook & CO.. Minn _$125,043 $203,311
CANNON COUNTY (P. 0. Woodbury), Tenn.
-BOND SALE.
-The Bankers Trust & Savings Bank and A. M. Lampert &
575.000 67 highway bonds offered on March 22-V. 118, p. 1174
0
-were
125,163 203,126
purchased by Caldwell & Co.. of Nashville, at a premium of $3,750, equal J.Co., Minneapolis
S. Bache & Co., New York
125,700 201.120
- to 105. Date April 11924. Due in 20 equal annual instalments.
Barr Bros. & Co., New York
125,098 202,030
E. H. Rollins & Son. Chicago
CASS COUNTY (P. 0. Linden), Tex.
123,925
202,180
-BONDS VOTED -By a large
majority the voters at an election held on March 14 authorized the issuance Rutter & Co., New York
124,427
202,184
Gibson & Leefe, New York
of $250,000 Linden Road Precinct road bonds.
124,737
202,678
L. F. Rothschild & Co., New York
124,835 202,836
CATALOOCHEE TOWNSHIP, Haywood County, No. Caro.
124,438 202,523
- A. B. Leach & Co., New York
PRICE.
-BIDS.
-The price paid by Spitzer, Rorick & Co.,of Toledo,for Halsey, Stuart & Co., Chicago
200,560
the 130.0006% road bonds awarded to them as stated in V. 118, p. 1440, Emery,Peck & Rockwood; Merrill, Oldham & Co.,and
was par plus a premium of $387. equal to 101.29, a basis of about 5.89%.
Bonbright & Co., Chicago
123,250 200,385
Date March 11924. Due 31.000 yearly on March 1 from 1927 to 1956 incl. Harris Trust St Savings Bank, Chicago
123.838 201,313
The following bids were received.
National City Co., Chicago
124,092 201,353
Title, Guarantee & Trust CO.. Cincinnati
125,000 200,000
$29,250 00 Stevenson-Perry-Stacy Co., Chicago
Spitzer, Rorick & Co.,Toledo
124,561
202,078
30,387 50 W.A. Harriman, New York
Sidney Spitzer & Co.,and Prudden & Co.,Toledo
29,101.00 R.L.Day and Kalman, Gates White & Co., St. Paul_ 123,840 201,602
The Hanchett Bond Co.,Inc., New York
124,425
202,620
28,840.00 Kean, Taylor & Co., New York
First National Bank and Northern
CENTRAL IDAHO IRRIGATION DISTRICT, Bannock County, Austin, Grant & Co.. New York Trust Co., Duluth- 123,796 201,874
124,349
202,649
-BOND OFFERING.
Idaho.
-Proposals will be received by the District Lane, Piper & Jaffray and Old Colony Trust Co
124,587
202.820
Secretary-Treasurer at his office, 205 Carlson bldg., Pocatello. until May American Exchange National
Bank and P. F. Cusick
15 for $900.000 6% irrigation bonds. Denom. to suit purchaser. Due
& Co., Duluth
123,812
202,152
serially 10 to 20 years.
Duluth National Bank, Detroit Trust Co., and Ames,
Emerich & Co., Duluth
CHARLESTON INDEPENDENT SCHOOL DISTRICT (P. 0.
124,105
201,380
Charleston), Kanawha County, W. Va.-BOND OFFERING -Bids H. C. Helier & Co
125,000 200,705
will be received by H. G. Young, Secretary of State Sinking Fund, until Minneapolis Trust Co. and Wm. R. Compton Co..
Minneapolis
2 p. m. March 31 for $200,000 5% school coupon bonds. Denom. 51,000.
201,785
124,337
-Dickey Co. and Eldredge & Co.. Duluth
Date July 1 1923. Principal and interest (J.
-J.) payable in gold at the Wells
124,487 202,920
State Treasurer's office or at the National City Bank. New•York City. J. A. De Camp & Co. and Hoffman & Co., New York
(both issues)
$327,847
A certified check for 2% of bid, payable to the State, required.
Seasongood & Mayer, Cincinnati (both issues)
327,885
CHARLOTTE, Eaton County, Mich.
-BOND ELECTION.
-On April Paine-Webber St Co., Chicago (both issues)
328,398
7 the taxpayers will vote on a $30,000 bond issue for street paving.
The cents in each case are omitted.
MAR. 29 1924.]
THE CFPONICLE
1575
Financial Statement.
-BOND SALE.
-W. L. Slayton &
DELPHOS, Allen County, Ohio.
825,953,543
'Co. of Toledo have purchased the following issues of 6% amassment paving Valuation for year 1923 less abatements
1,658,800
-for Total debt (present loans not included)
bonds aggregating $57.955 48, offered on March 11-V. 118. p. 1174
472,000
Water debt
$58,930 48. equal to 101.68, a basis of about 5.635%•
131,795
$24.018 90 South Main Street. Denom. $500 and one for $518 19. Due Sinking funds (water)
Population (estimated), 20,000.
yearly on Feb. 1 as follows: $1,518 90, 1925, and $2,500 from
1926 to 1934. inclusive.
-BOND SALE.FRANKLIN COUNTY (P. 0. Columbus), Ohio.
3,85575 Cleveland Street. Denom. 8400 and one for $255 75. Due Seasongood & Mayer of Cincinnati have been awarded the following issues
yearly on Feb. 1 as follows: $255 75, 1925, and $400, 1926 to of
5349' sewer district bonds offered on March 18-V. 118, p. 1175-fc:
1934, inclusive.
18,051 25 South Pierce Street paving. Due yearly on Feb. 1 as follows: $138,448. equal to 102.54, a basis of about 4.97%: one for $100. Due
$27,100 Clinton No. 2 sewer. Denom. $1,000 and
$1,851 25, 1925. and $1,800. 1926 to 1934, inclusive.
yearly on Sept. 1 as follows: 83,000, 1925 to 1931, incl.; 52,100.
12,029 58 East Fourth Street. Denom. $1,200 and one for $1,229 58.
1932, and $2,000, 1933 to 1934, incl.
Due yearly on Feb. 1 as follows: $1,229.58, 1925, and $1,200,
26,300 Clinton No. 2 water mains. Denom. $1,000 and one for $300.
1926 to 1934, inclusive.
Due yearly on Sept. 1 as follows: 83,000, 1925 to 1930, incl.;
Date Feb. 1 1924. Principal and annual interest payable at the office
82,300, 1933, and $2,000 1932 to 1934, incl.
DENISON, Grayson County, Tex.
-CORRECTION IN PRICE.
-In
53.200 Clinton No. 2 water mains. Denom. $1,000 and one for $200.
Due yearly on Sept. 1 as follows: $6,000, 1925 to 1928, incl.;
V. 118, p. 1440 we stated that the price paid for the four issues of 5%
coupon bonds, aggregating $175,000. was par less $2,380 equal to 101.36,
$5,000. 1929 to 1933, incl., and $4,200, 1934.
when it should have been par less $2,380 equal to 98.64.
19,800 Clinton No. 2 water mains. Denom. $1,000 and one for $800.
Due yearly on Sept. 1 as follows: $2,000. 1925 to 1933. incl., and
EASTCHESTER UNION FREE SCHOOL DISTRICT No. 1 (P. 0.
$1,800, 1934.
Tuckahoe), Westchester County, N. Y.
-BOND SALE.
-The $96.000
8,600 Prairie No. 1 water mains. Denom. $1,000 and one for $600.
coupon school bonds offered on March 24-V. 118. p. 1306
-were awarded
Due yearly on Sept. 1 as follows: 51.000. 1925 to 1932, incl..
as 4.60s to Batchelder, Wack & Co.of New York at 100.139,a basis ofabout
and $600, 1933. Date Mar. 1 1924.
4.58%. Date Jan. 1 1924. Due yearly on Jan. 1 as follows: 56.00,0
19,800 58.600 All Issues
$27,100 826.300 $53,200
1929. and $9,000, 1930 to 1939 inclusive.
Guardian Savings &
ELLIS COUNTY LEVEE DISTRICT NO. 3, Tex.
-BOND SALE.
$2,565 00
Trust Co
The 865.000 6% serial levee bonds registered by the State Comptroller of A. E. Aub & Co_
2,31100
Texas on March 7 (V. 118, p. 1306) were purchased on March 24 by the Harris,Forbes & Co.,
Farm Loan Bank at par.
National City Co.;
3.242 00
Hayden-Miller Co..
ELLIS AND WOODWARD COUNTIES CONSOLIDATED SCHOOL
DISTRICT NO. 2 (P. 0. Fargo), Okla.
-BONDS DEFEATED.
-A Provident Say. Bank
& Trust Co
$672 00 $644 35 $1,372 56 5485 105176 30 3,350 31
$35,000 bond issue for the erection of a high school building, submitted to
____ 2,639 80
_
_
Sidney Spitzer & Co_
a vote of the people at a recent election, failed to carry by nine votes.
-00 116 50 1,06900
3821*
_-_771714 305
Spitzer, Rorick &Co_
2,74000
EL PASO COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Fountain), R. M. Grant & Co_
Colo.
-BONDS VOTED.
-At an election held on March 20 $55,000 5% Otis & Co
2.53800
15 -year (opt.) school bonds were voted. These bonds had been sold, Prudden & Co
-30
656 00 628 00 1,31100 517 CO 151 00 3,26300
subject to being voted at said election, to the United States National Seasongood & Mayer 681 00 645 00 1.385 00 539 00 198 00 3.448 00
Co.of Denver. Notice of the election and sale was given in V.118, p. 1306. A. S. Hill & Co
565 50 53550 1,12400 403 00 143 50 2,771 50
ENOSBURG FALLS, Franklin County, Vt.-BOND SALE.
-The Blanchet, Thornburgh
2,315 00
& Vandersall
People's Trust Co. of St. Albans has been awarded the $75,000 4%%
coupon water bonds offered on March 24 (V. 118, p. 1306) at 101.92-a
GLENDALE, Los Angeles County, Calif.
-BOND OFFERING.
basis of about 4.30%. Date Feb. 1 1924. Due $1,500 each six months A. J. Van Wie, City Clerk, will receive sealed bids until 10 a. m. April 3
from Aug. 1 1924 to Feb. 1 1949. inclusive. Other bidders were:
for $652,000 5% outfall sewer system bonds. Denom. $1,000. Date
Rate Bid.
Rate Bid. March 1 1924. Prin. and semi-ann. int. (M.
-S.) payable at the City
Merrill, Oldham & Co
100.349!First Nat. Bank of Boston_ __ _98.813 Treasurer's office. Due on March 1 as follows: 540.000, 1925. and $17.Harris. Forbes & Co
100.17 I
000. 1926 to 1961 incl. Legality approved by O'Meiveny, Millikin, Tuner
payable to the
ERIE COUNTY (P. 0. Sandusky), Ohio.
-BOND SALE.
-We were & MacNeil of Los Angeles. A certified check for $10,000,
unofficially informed the first part of this week that the following two City Treasurer, required. These bonds are a part of the $1,600,000 recently voted, notice of which was given iv V. 118, p. 333.
Issues of 535% road bonds, reported by us as scheduled to be sold on
-The
March 27
-see V. 118, p. 1174 and 1306
-were awarded to W. L. Slayton
-NO BIDS RECEIVED.
GLOUCESTER, Essex County, Mass.
& Co. of Toledo at 101.83. a basis of about 5.14%:
city received no bids when it recently offered $50.000 4% water bends.
$81,000 road. Denom. $1,000. Due $9,000 yearly on March 1 from dated April 1 1924 and maturing from 1925 to 1954.
1926 to 1934.
-Van
-BOND SALE.
GRAND JUNCTION, Mesa County, Colo.
18,900 highway. Denom. $1,000 and one for $900. Due yearly on
Riper. Day & Co. of Denver have purchased $29,500 54% Paving District
March 1 as follows: $2,000, 1926 to 1933, and $2,900. 1934.
No. 11 bonds at 100.26.
Date March 1 1924.
-BOND ELECTION.-lt is
GRAND RAPIDS, Kent County, Mich.
ESSEX COUNTY (P. 0. Lawrence), Mass.
-TEMPORARY LOAN.
The Cape Ann National Bank of Gloucester has been awarded a temporary reported that the city commission voted to submit to the electors of the
loan of $200,000 on a 3.85% discount basis plus a $1 premium. Due city questions of bonding to the sum of $500,000 for water service extensions
Nov. 10 1924. Other bidders and bids (all submitted on a discount basis) and $40,000 for wholesale and retail market buildings. Both questions will
were: Manchester Trust Co., 3.89% plus $2; Merchants National Bank. be placed on the April 7 election ballot.
Salem, 3.95% plus $3 25; Salem Trust Co., 3.875% plus $5 25: Curtis &
--BOND SALE.
GRAYS HARBOR COUNTY(P.O.Aberdeen), Wash.
Sanger. 4.07%; Gloucester National Bank, 3.88%; NaumIceag Trust Co., -Smith & Stroud of Seattle have purchased 8125.0006% diking and drainSalem, 3.92% plus $1 25; Sagamore Trust Co., Lynn. 3.90% plus $3: age district No. 4 bonds at 94.53.
Beverly National Bank,4% plus $2: Manufacturers' National Bank, Lynn.
-TEMPORARY
GREAT BARRINGTON, Berkshire County, Mass.
3.95% plus $3; Warren National Bank. Peabody. 4%; Central National
-A temporary loan of $30,000. maturing Oct. 1 1924. has been
Bank, Lynn, 3.905% plus $2 75; Estabrook & Co.. 4% plus $1 75; and LOAN.
awarded to F. S. Moseley & Co. of Boston on a 4.04% discount basis.
Gloucester Safe Deposit & Trust Co., 3.89% plus $2.
GREENFIELD TOWNSHIP SCHOOL DISTRICT NO. 4, Wayne
ESTES SCHOOL DISTRICT NO. 17, McKenzie County, No. Dak.
-The Detroit Trust Co. and Harris, Small
-BOND SALE.
-NO BIDS.
-No bids were received for the 82.000 certificates of hr County, Mich.
& Co.a Detroit jointly purchased an issue of $125,000 4%% school bonds
debtedness offered on March 3-V. 118, p. 1050. Due in 18 months.
on March 7 at par. Denom.$1,000. Date March 15 1924. Int. M.& S. 15
FAITH, Meade County, So. Dak.-BOND SALE.
-The $15,500 water
and $9,000 sewer 6% bonds maturing in 1 to 9 years offered on March 18 Due March 15 1954.
-V. 118, p. 1306
-were purchased at par by the Mobridge P. & H. Co.
GRIFFITH SCHOOL TOWN (P. 0. Griffith), Lake County, Ind.
of Mobridge.
-Sealed bids will be received by Blaine Hutchins,
BOND OFFERING.
FARELLY LAKE LEVEE DISTRICT (P. 0. Gillett), Arkansas and District Treasurer, until 3:30 p. m. April 2 for 558.000 5% school bonds.
Jefferson Counties, Ark.
-BOND OFFERING.
-Sealed bids will be Date Feb. 15 1924. Prin. and semi-ann. int. payable at the Griffith State
received by J. B. Quinn, Secretary of the Board of Commissioners, at Bank. Due yearly on Feb. 15 beginning 1925.
the office of A. W.Dobyns,315W. Markham St., Little Rock. until 2 p m.
HAMBURG INDEPENDENT SCHOOL DISTRICT (P.O.Hamburg),
April 4 for 3170,000 6% bonds. The Board will furnish the approving
-A special telegraphic
-BOND OFFERING.
Fremont County, Iowa.
opinion of Rose, Hemingway, Cantrell & Loughborough.
dispatch from our Western correspondent advises us that bids will be reFINDLAY, Hancock County, Ohio.
-BOND SALE.
-On March 26 ceived until April 3 for $114,000 5% school bonds.
the follwoing issues of 53. 7r_ special assessment street impt. bonds offered
-Bids
-BOND OFFERING.
HAMPDEN, New Haven County, Conn.
on that day-V. 118, p. 1175
-were awarded to W. L. Slayton & Co. of
%
will be received until 11 a. m. April 1 for the purchase of $110,000
Toledo at 100.95, a basis of about 4.11%:
*10,00000 West Sandusky St. Donor. 51,000. Due $1,000 yearly on school bonds, dated April 1 1924 and maturing 1927 to 1948 incl. •
Oct. 2 from 1924 to 1933 incl.
HARDEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 5
7,800 00 Beech Ave. Denoms. $300 and $500 and one for $600. Due. (P. 0. Wauchula), Fla.
-The $20,000 6% school bonds
-BOND SALE.
yearly on Oct.2 as follows:5600, 1924 and $800. 1925 to 1933 incl.
-were purchased by the Hanchett
March
p. 1050
7,425 00 Cherry St. Denoms. $500, $240 and one for $765. Due yearly offered on Inc., of18-V. 118. a premium of $111 equal to 100.55, a basis
Bond Co.,
Chicago, at
on Oct. 2 as follows: $765, 1924, and 8740. 1925 to 1933 incl.
Due $2,000 yearly on Feb. 1 from 1925
4,000 00 Greenlawn Ave. Denom. $400. Due $400 yearly on Oct. 2 of about 5.87%. Date Feb. 11924. printing bonds.
to 1934 incl. Purchaser paid cost of
from 1924 to 1933 incl.
-At
-BONDS VOTED.
9.84833 Trenton Ave. Denom. $1,000 and one for 8848 33. Due
HARDIN COUNTY (P. 0. Sour Lake), Tex.
yearly on Oct. 2 as follows: $84833 1924 and 81.000 1925 to an election held on March 15 (V. 118, p. 1050), the voters authorized the
1933 incl.
issuance of $125,000 road bonds.
8,100 00 East Sandusky St. Denom. $500 and one for $700. Due
HARDIN COUNTY ROAD DISTRICT NO. 1 (P. 0. Kountze),
yearly on Oct. 2 as follows: $700 1924 and $600 1925 to 1933 incl.
-At an election held on March 15-V.118, p. 1050
-BONDS VOTED.
3,220 00 Taylor St. Denom. $350 and one for $70. Due yearly on Tex.
-the voters authorized the issuance of $125,000 road bonds by a large
Oct. 2 as follows: $70 1924 and $350 1925 to 1933 incl.
majority.
259,500 00 various streets. Denora. 81.000 and one for $1.500. Due
yearly on Oct. 2 as follows: $25,500 1925 and 526,000 1926 to
HEMPHILL COUNTY ROAD DISTRICT NO. 1 (P. 0. Canadian),
1934 incl.
Tex.
-BOND SALE.
-The $13.000 534% serial road bonds registered on
$59,500 paving (not special assessment). Denom. $1.000 and one for Feb. 27-V. 118. p. I307
-by the State Comptroller of Texas were pur$1,500. Due yearly on Sept. 1 as follows: $6,000, 1924 to 1932, chased during December by the Southwestern Securities Co. at par.
incl., and $5,500, 1933.
HEMPSTEAD, Nassau County, N. Y.
-BONDS DEFEATED.
85,050 paving (not special assessment). Denom. $1,000 and one for
$1.050. Due yearly on Oct. 1 as follows: $9,050, 1925; $9.000, Eugene P. Parsons, Village Clerk. informs us that a $12,000 bond issue
was defeated on March 18.
1926 to 1929, incl., and $8.000, 1930 to 1934, incl.
HETTINGER, Adams County, No. Dak.-BONDS NOT SOLD
FLOYDADA, Floyd County, Texas.
-TO
-BONDS VOTED.
-By a count
-ADVERTISED.
-The $24,000 6% coupon funding bonds offered
of 184 "for" to 72 "against," the voters at the election held on March 18 BE RE
-authorized the issuance of $60,000 sewer and water on March 12-V. 118, p. 1176
-were not sold. The bonds are to be re-V. 118, p. 1050
advertised. Date Jan. 21924. Due Jan. 1 1934.
works bonds.
FRAMINGHAM, Middlesex County, Mass.
HILL COUNTY (P. 0. Hillsboro), Tex.
-BONDS VOTED
-SALE.-CORRECTION IN
-The town of Framingham has awarded the temporary The proposition to issue $150,000 Malone road district No. 15 bonds,
PURCHASER.
loan of $100,000 maturing Nov. 10 1924 to the Framingham National submitted to a vote of the people at the election held on Feb. 19-V. 118.
Bank of Framingham on a 4.14% discount basis, and not to the Old Colony p. 579
-carried. The bonds have since been sold as 5s to Bonbright &
Co. of Chicago at par.
Trust Co. of Boston, as incorrectly reported in V. 118, p. 1440.
BONDS DEFEATED.
-The proposition to issue 5200.000 Penelope
BOND OFFERING.
-John P. Dunn,Town Treasurer, will receive sealed
road district bonds, submitted at the same time, was turned down.
bids until 1 p. m. April 1 for the following issues of 4 ti% coupon bonds:
$25,000 Water Loan Act of 1906 dated April 1 1924, maturing $1,000
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
April 1 from 1929 to 1953. inclusive.
-BOND SALE.
NO. 44 (P. 0. Tampa), Fla.
-The $12,000 6% school
75,000 Apple Street School, dated April 1 1923. maturing $4,000 April 1 bonds offered on Jan. 24-V. 118, p. 333
-were purchased at par by the
from 1924 to 1938,inclusive. and $3,000 April 1 from 1939 to 1943, Board of Public Instruction. Date Jan. 1 1924. Due yearly on Jan. 1 as
Inclusive.
follows: $400. 1925 to 1930 incl.; $800. 1931 to 1938 incl.: $1,200, 1939
65,000 School Act 1917, dated April 1 1924, maturing 54.000 April 1 from and 1940, and $800. 1941.
1925 to 1929. inclusive, and $3,000 April 1 from 1930 to 1944,incl.
HOLLYWOOD, Los Angeles County, Calif.
-BOND ELECTION.30,500 Fay Road School,dated April 11924. maturing $2,500(one at $500,
two at $1,000) April 1 1925. $2,000 April 1 from 1926 to 1934, At the primary election to be'held on May 6 a proposition to issue $2,000.000
park purchase and $500.000 equipment of parks bonds will be submitted
51.000 April 1 from 1935 to 1944, inclusive.
Principal and semi-annual interest(A.& 0.) payable at Old Colony Trust to a vote of the people.
HOUSTON, Harris County, Tex.
-At an elec-BOND ELECTION.
Co., Boston. These bonds will be engraved under the supervision of and
certified as to their genuineness by the Old Colony Trust Co., Boston. tion to be held on April 26 the following propositions, according to the
The favorable opinion of Ropes, Gray, Boyden & Perkins as to the validity Houston "Post" of March 25 will be submitted to a vote of the people:
of these issues will be furnished without charge to the purchasers. All 5350,000 for drainage sewers, $150,000 for sanitary sewers, $500,000 for
legal pagers incident to these issues will be filed with the above trust com- permanent paving. $200,000 for gravel streets, $300.000 for completion of
pany w ere they may be inspected at any time. These bonds are said to the first two units of the public library, and $100,000 for repairs and improvements to the city auditorium.
be exempt from taxation in Massachusetts.
1576.
THE CHRONICLE
[VOL. 118.
HUDSPETH COUNTY CONSERVATION AND RECLAMATION
LONDONBERRY TOWNSHIP SCHOOL DISTRICT (P. 0. FreeDISTRICT NO. 1 (P.0. Sierra Blanca), Texas.
-BOND ELECTION.
- port R. D. No. 4), Guernsey County, Ohlo.-BOND SALE.
-The
An election will be held on April 5 for the purpose of voting on the question $2,128 806% school refunding bonds
ofissuing $700.000 bond interest not to exceed 6%. C.J. Mapel, Secretary have been awarded to the Piedmont offered on Jan. 26-V. 118, p. 334
State Bank of Piedmont at 100.23,
of Board of Directors.
a basis of about 5.94%. Date Jan. 15 1924. Due yearly on Jan. 15 as
HUGHES SPRINGS INDEPENDENT SCHOOL DISTRICT (P. 0. follows: $308 80 1925 and $260 1926 to 1932. inclusive.
Hughes Springs), Cass County, Tex.
-BONDS VOTED.
-At an election
LONG BEACH, Los Angeles County, Calif.
-BOND SALE.
-The
held recently the voters authorized the issuance of $27.000 school bonds.
Bank of Italy and the Anglo-California Trust Co., both of San Francisco,
HUTCHINSON, Reno County, Kan.
-BOND SALE.
-The $92,000 have purchased, jointly, $100,000 5% park bonds.
5% paving bonds registered by the State Auditor of Kansas on Feb. 20. the
LONG BEACH CITY SCHOOL DISTRICT, Los Angeles County,
$5,500 5% sewer bonds on Feb. 26, and the $15,000 5% street impt. bonds Calif.
-BOND SALE.
on Feb. 27 (see V. 118. p. 1176). were all turned over to the contractor at 17-V. 118. p. 1176 -The $600,000 5% school bonds offered on March
-were purchased jointly by the Bank of Italy and the
par. Denom. $1,000, $500 and $200. Date Feb. 1 1924. Int. (F. & A.). Anglo-California Trust Co.,
both of San Francisco. Date March 1 1924.
Due 1 to 10 years.
Due $20,000 yearly on March 1 from 1925 to 1964 incl.
INDIANAPOLIS, Park County, Ind.
-BOND SALE.
LONG BEACH CITY HIGH SCHOOL DISTRICT, Los Angeles
-The $560.000
5% "Park District Bonds, 1924 Issue, No.3," offered on March 21-V. 118, County, Calif.
-BOND SALE.
-The Bank of Italy and the Anglo-Calip. 1176
-have been sold to a syndicate composed of the Fletcher
fornia Trust
Bank & Trust Co.. Union Trust Co. Meyer-Kiser Bank, Breed.Savings 5% school Co., both of San Francisco, have jointly purchased the $500,000
Elliott
on March 17-V. 118. p. 1176. Date March 1
& Harrison and Eldredge & Co of Indianapolis for $581,118, equal to 1924. Due bonds offered follows:
on March 1 as
$17,000, 1925 to 1944 incl., and $16,000,
103.77, a basis of about 4.5759'. Date March 21 1924. Due $14,000 1945 to 1954 incl.
each six months from Jan. 1 1926 to July 1 1945 incl. The bids subLOVELAND, Larimer County, Colo.
mitted were:
-BOND SALE.
-Hendrix &
Balthoff.
Brown Brothers & Co., New York
102.456 light and contractors, of Denver, have been awarded $125,000 municipal
Fletcher Savings Bank & Trust Co., Union Trust Co., Meyer$300,000 revenue 6% bonds at par.
Kiser Bank, Breed, Elliott & Harrison and Eldredge & Co.,
LOVELAND
0.
New York
103.781 Ccr.nty, Ohio. SCHOOL DISTRICT (P. M. Loveland), Clermont
-BOND OFFERING.
-Alice
Donnelly, Clerk Board
Fletcher American Co., Northern Trust Co. and Ames, Emerich
of Education,
& Co
103.782 school bonds. will receive sealed bids until April 11 for $6,144 51 6%
Denom. $385 and one for $369 51. Due each six months
All bids included accrued interest.
as follows: $385 Feb. 1 1924 to Feb. 11931.incl., and $35951 Aug. 11931.
INDIANOLA INDEPENDENT SCHOOL -DISTRICT (P. 0. Indianola), Warren County. lowa.-BONDS VOTED.
LOWELL, Middlesex County, Mass.
-BOND SALE-F. S. Moseley
-At an election held on
March 10-V. 118. p. 933
-the voters authorized the issuance of $175,000 & Co. of Boston have purchased $35,000 4'4% high school bonds at 101.16.
Date April 1 1924. Due 1925 to 1941, inclusive.
school building bonds by a vote of 888 "for" to 789 "against."
LYDONVILLE, Orleans County, N. Y.
-BOND SALE.-Geo. B.
INGLEWOOD, Los Angeles County, Calif.
-BOND ELECTION.
At the municipal election to be held on April 15 a bond issue of $35,000 - Gibbons & Co. of New York have been awarded the $90,000 5% coupon
for water-works bonds offered
on March 26 (V. 118, P. 1307) at 103.197-a
various improvements will be submitted to a vote of the people.
basis of about 4.69%. Date March 31 1923. Due $3,600 yearly on July 15
INGLEWOOD UNION HIGH SCHOOL DISTRICT (P. 0. Ingle- from 1927 to 1951, inclusive.
wood), Los Angeles County, Calif.
-BONDS VOTED.
-By a majority
McCOOK JUNCTION, Redwillow County, Neb.-BOND ELECTION
of approximately 8 to 1 the voters at a recent election approved the issuance
-On April 1 an election will be held to vote on the question of issuing
of $200,000 school bunding addition bonds.
1112,400 water-works and $3,000 water extension bonds. J. J. Nahrgany,
JACKSON, Jackson County, Mich.
-BOND ELECTION.
-A special Village Clerk.
election will be held on April 7 to vote on $1,012,000 general sewerage disMANAWA (VILLAGE) AND LITTLE WOLF (TOWN) JOINT
posal bonds.
SCHOOL DISTRICT NO.2(P.0. Manawa), Waupaca County, Wis.JACKSON PARISH (P. 0. Jonesboro), La.
-BOND SALE.
-By a vote of 116
-On BONDS VOTED.
the voters authorized the issuance
March 15 M. W. Elkins & Co. of Little Rock and Caldwell & Co. of Nash- of $25,000 school building bonds. to 6
ville jointly purchased $250,000 6V, road bonds at par. Denom. $1,000.
MANCHESTER, Essex County, Mass.
Date April 1 1924. Int. J. & J. Due 1 to 20 years.
-BOND SALE.
-The Old
Colony Trust Co. of Boston has been awarded
JONESVILLE SCHOOL DISTRICT (P. 0. Jonesville), Hillsdale bonds, dated April 1 1924, and maturing 1925 an issue of $72,000 4
to 1042, incl., at 100.90,
County, Mich.
-BOND SALE.
-The Grosvenor Savings Bank of Jones- a basis of about 4.13%. Other bidders were: Old
ville has purchased an issue of $110,000 5% coupon tax exempt school 4 4%. 100.1287; Estabrook & Co., 100.1258 for 4 Colony Trust Co. for
R. L. Day & Co.,
bonds for $112,926, equal to 102.56, a basis of aoout 4.799. Denom. 100.158 for 414s, and Manchester Trust Co.,
100.1281 for 4145.
$1,000. Date March 15 1924. Prin. and semi-an,. int. (M. & S. 15),
MANSFIELD CITY SCHOOL DISTRICT (P. 0. Mansfield), Richpayable at the office of the District Treasurer. Due yearly on March 15
as follows: $2,000 1926 to 1934, i ncl.• $3,000 1035 to 1940, incl.; $4,000 land County, Ohio.
-BOND SALE.
-The $80,000 5149'Senior High
1941 to 1944. incl.: $5.000 1945 to 1948, incl.; $6,000 1049 to 1952, incl., School building erection bonds, offered on MIrch 25-V. 118, p. 1051
'
and $7,000 1953 and 1954. These bonds are now being offered to investors have been sold to the Detroit Trust Co. of Detroit at 105.50, a basis of
by the Harris Trust & Savings Bank of Chicago at prices to yield from about 4.929'. Due each six months as follows: $2.000 March 15 1925 to
Sept. 15 1935, incl., and $1,000 March 15 1936 to Sept. 15 1953. Other
4.60% to 4.70%•
bidders were:
Financial Statement (As Officially Reported).
Assessed valuation for taxation
Premium.
$1,175,275 Spitzer, Rorick & Co.,
Total dent (this issue included)
To133,320 00 Seasongood & Mayer,Cinc.ik,
P 111i"2.
45355
110,000 Prudden & Co.,Toledo_
_
Population, estimated
1 600.. W.L. Slayton & Co.. Tol__ 4,312 00 Prov.Sav.Bk.& Tr.Co.,Cin. 2,872 00
4,104 00 Title Guar.& Tr. Co.. Cln_ 3.08400
KALAMAZOO, Kalamazoo County, Mich.
-BOND SALE.
-The W.K. Terry & Co., Toledo 3,95600 Gran, Todd & Co., Cincin_ 2,88200
$205,000 4 % special assessment paving bonds offered on March 24- Sidney Spitzer & Co., Tol_ 2.840 00 Breed, Elliott & Harrison,
V. 118, p. 1442
-have been awarded to the Detroit Trust Co. of Detroit The Herrick Co., Cleveland 3,361 00
Cincinnati
2,950 00
at par. Due $20.500 yearly from 1925 to 1934, inclusive.
Benj. Dansard & Co.,
N.S. Hill & Co., Cincinnati 2,892 60
Detroit
3.986 00 Mansfield Savings Bank &
KANSAS CITY, Wyandotte County, Kans.-BOND OFFERING.
I Trust Co., Mansfield_ _ _
Sealed proposals will be received by A. H. Strickland, Finance Commis500 00
sioner, until 10 a. m. April 3for $100,000 44% fire station bonds. Denom.
MARINE CITY, St. Clair County, Mich.
-BOND ELECTION.
-A
$1.000. Date Jan. 11924. Prin. and semi-ann. int. (J. & J.) payable at sp3cial election will be held on April 16 to decide whether the citizens are in
the office of the State Treasurer. Due Jan. 11944. Legal opinion of Wood favor of a bond issue of $215.000.
& Oakley,
A certified check (or cash) for 2% of amount of bid,
MARION, Marion County, Ohio.
-BOND OFFERING.
payable to Chicago' Treasurer, required.
the City
-Sealed bids
BOND OFFERINO.-V. H. Greene. Deputy City Comptroller, will re- will be received by J. L. Landes. City Auditor, until 12 m. April 24 for
$125,000 5% improvement bonds. Denom. $1,000. Date day of sale.
ceive sealed bids until April 3 for $3,300,000 44% 20
-year water bonds.
Int. M.& S. Due yearly on Sept. 1 OA follows: $7,000 1925. $6,000 1926
KENNETT, Dunklin County, Mo.-BOND SALE.
-The Liberty to 1928, incl., and $5.000 1929 to 1948, incl. Certified check for $3,000,
National Bank of St. Louis purchased on March 26 the following 5% im- payable to the City Treasurer required.
provement bonds:
MARLAND SCHOOL DISTRICT (P. 0. Marland), Noble County,
$17.000 water works bonds. Due $2,000 1936 to 1943 incl. and $1,000 1944 Okla.
-BONDS VOTED.
-An overwhelming majority carried a proposition
18,000 sewerage bonds. Due $2,000 1934 to 1942 incl.
to issue $44,000 high school building bonds at a recent election.
KENT COUNTY (P. 0. Dover), Del.
-BONDS AWARDED IN
MARSHALL, Harrison County, Texas.
-BOND SALE.-Geo. H.
PART.
-The Farmers Bank of Dover took $200,000 and A. B. Magee of
Dover $5,000 of the $600,000 44% coupon gold State aid road bonds Walker & Co.. of St. Louis, have purchased $380,000 5% bonds. Denom.
offered on March 25-V. 118. p. 1051-at 98.50 and 99, respectively. $1,000 and $500. Date Jan. 1 1924. Principal and semi-annual interest
(J. & J.) payable at the Hanover National Bank. New York City. Due
Date April 1 1924. Other bidders were:
serially on Jan. 1 from 1925 to 1964, inclusive; optional Jan. 1 1934.
Rate Bid.
Rate Bid.
MARTIN
Estabrook & Co
-BOND OFFERING.
-Sealed
96.35 1Laird. Bissell & Meeds
97.216 bids will be COUNTY (P.O. Shoals), Ind.
received until 2 p. m. April 3 by William Dustin, County
Barr Bros. & Co
97.135 National City Co
97.679 Treasurer, for
$64,320 44% coupon Peter Fularman et al., road bonds.
KERN COUNTY UNION HIGH SCHOOL DISTRICT (P.O. Bakers- Denom. $804. Date April 3 1924. Int. M. & N. 15. Due $1,608 each
field), Calif.
-BONDS DEFEATED.
-At a recent election the voters six months from May 15 1925 to Nov. 15 1944, inclusive.
defeated a proposal to issue $100,000 general school building Improvement
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Mason
and $50,000 stadium completion bonds.
City),Cerro County,Iowa.
-BOND OFFERING.-R.L.James,Secretary
KINGSVILLE, Kleberg County, Tex.
-BOND ELECTION.
-An Board of Education, will receive sealed bids until 3 p. m. April 7 (auction
election will be held on April 8 for the purpose of voting on the question of bids will be received immediately thereafter) for $90,000 4 % school
issuing $40,000 5% school building bonds. Carrie B.Sims, City Secretary. bonds. Date May 11924. Int. semi-ann. Due May 1 1944. .A certified
KIRKLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Kirk- check for $1,000, payable to the District Treasurer required.
land), Childress County, Texas.
-BOND SALE.
MASSILLON,Stark County,Ohio.
-The $35,000 school
-BOND SALE.
-The $300,000 5%
building bonds voted at the election held on Feb. 23-V. 118, p. 1307
- sanitary trunk sewer construction bonds offered on March 24 (V. 118, p.
have been purchased by the Brown-Crummer Co. of Wichita.
1177) have been sold to the Milliken & York Co.of Cleveland for $304:1e.
t3
ICLEBERG COMMON SCHOOL DISTRICT (P. 0. Kleberg), Dallas equal to 101.504-a basis of about 4.85%. Date April 1 1924. Due
County, Tex.
-BONDS VOTED.
-At an election held on March 15- 812,000 yearly on Oct. 1 from 1925 to 1949, inclusive. Other bidders were
Rate.
V. 118, p. 1051-the voters authorized the issuance of $15,000 school
The Herrick Co.,Cleveland- _101.275 W.K.Terry & Co., Toledo_ -100.585
building bonds by a vote of 44 "for" to 29 "against."
Detroit Trust Co.,Detroit-- _101.269 Provident Say.& Tr.Co..Cin.100.585
KOOCHICHING COUNTY INDEPENDENT SCHOOL DISTRICT Prudden & Co.. Toledo
101.238 Guardian Say.& Tr.Co.,Clev.100.480
NO.4(P.O.International Falls), Minn.
101.080W.L.Slayton & Co.,Toledo.100.450
-BOND SALE.
-The $150,000 Otis & Co., Cleveland
funding bonds offered on March 22-V. 118. p. 1442
-were purchased by Canton Bond & Inv. Co.,Can.100.821 H. M. Byllesby & Co., Chic_100.409
Ballard & Co. of Minneapolis at par, plus a premium of $1,000, equal to Benj.Dansard & Co.,Detroit.100.777 Bongright & Co., Chicago---100.391
Braun, Bosworth & Co., T0l_100.723 Taylor, Ewart & Co., Chic_ -100.311
100.66. Date Jan. 2 1924. Interest rate not stated.
MATAGORDA COUNTY (P. 0. Bay City), Tex.
LA MARR SCHOOL DISTRICT, Richland County, No. Dak.- -A proposition to issue $685,000 6% road bonds -BOND ELECTION.
will be
BOND SALE.
-The $5,000 54% bldg. bonds offered on March 17-V. 118, vote of the people on April 19. W. E. McNable, County submitted to a
Judge.
p. 1176- were purchased by the Minneapolis Trust Co. of Minneapoolls.
MAXTON CONSOLIDATED SCHOOL DISTRICT, Robeson County
Due July 11933.
No. Caro.
-BOND SALE-The $100.000 534% coupon school bonds
LANSDOWNE, Delaware County, Pa.
-BOND SALE.
-The Lans- offered on March 22-V. 118,
1443
-were purchased by John Nuveen
downe National Bank of Lansdowne has purchased the $60.000 4 4% & Co. of Chicago at a premium p. $2,595, equal
of
coupon bonds offered unsuccessfully on Jan. 25(V. 118, p. 1051) at 104.16. 5.27%. Date April 11924. Due on April 1 to 102.59, a basis of about
as follows: $2,000 1927 to
Bonds are payable in thirty years.
1936, incl.: $3,000 1937 to 1039, incl.; $4,000 1940 to 1943, and $5,000
1944 to 1954, incl.
LAREDO, Webb County, Tex.
-BONDS VOTED.
-A bond issue of
MAYWOOD SCHOOL DISTRICT, Los Angeles County, Calif.$80,000 for the purpose of street paving was carried at a recent election by
BOND OFFERING POSTPONED
an overwhelming majority.
-AMOUNT CHANGED.
-L. E. Lampton, County Clerk (P. 0. Los Angeles) will receive sealed proposals until
LIMA, Allen County, Ohio.
-BOND OFFERING.
-Sealed bids were 11 a. m. April 7 (postponed from March 17-V. 118. p. 1177) for $100,000
received until 12 m. March 28 by C.IL Churchill, City Auditor,for $60,000 54% school bonds. Denom. $1,000. Date March 1 1924. Prin. and
53% series "L" water main bonds. Denom. $1,000. Date March 15 semi-ann. int. payable at the County Treasury. Duo on March 1 as
1924. Prin. and semi-ann. int.(M. & N. 15). payable at the depository follows: $3,000 in all odd years from 1925 to 1963 incl.. and $2,000 in
office of the Sinking Fund Trustees in Lima. Due $1,000 on March 15 all even years from 1926 to 1964 incl. A certified or cashier's check for
and $2,000 on Sept. 15 from March 15 1925 to Sept. 15 1944,incl. Approv- 3% of issue, payable to the Chairman of Board of Supervirors, required.
The assessed valuation of the taxable property In said school district for
ing opinion of Peck, Shafer & Williams will be furnished the purchaser.
the year 1923 was $7,417.445 and the amount of bonds previously issued
LOCKPORT, Niagara County, N. Y.
-BOND SALE.-Geo. B. and now outstanding is $153,000.
Gibbons & Co. of New York have purchased the $300,000 5% school bonds
MEDFORD, Middlesex County, Mass.
-A
-TEMPORARY LOAN.
offered unsuccessfully on March 3 (V. 118. p. 1176) at 100.10-a basis of temporary loan of
about 4.99%. Date March 1 1924. Due $15,000 yearly on March 1 respectively, has $150,000, maturing $75,000 on Nov.26 and Dec.26 1924.
been sold to Estabrook & Co. of Boston on a 3.94%
from 1926 to 1944, inclusive.
discount basis.
1
4
MAR. 29
1924.1
THE CHRONICLE
1577
114.000 in 1927 and 1928.
MICHIGAN SCHOOL TOWNSHIP (P. 0. Michigan City), Clinton on May 1 as follows: $13,000 in 1925 and 1926, 1932, *17,000 in 1933 and
and
-F. N. Thorpe. Township Trustee, $15,000 in 1929 and 1930, $16,000 in 1931 1937 and 1938, $20,000 in 1939
-BOND OFFERING.
County, Ind.
will receive sealed bids until 10 a.in. April 26 for 138.0005% school bonds. 1934. $18,000 in 1935 and 1936, 119,000 in
and 1944. 123.000 in
Denom. $500. Date April 1 1924. Interest J. & J. Due yearly on and 1940, $21,000 in 1941 and 1942. 122.000 in 1943
1945 and 1946.$24,000 in 1947 and 1948,$25.000 in 1949 and 1950,$26.000
July 15 as follows: $3,000, 1925, and $5,000. 1926 to 1932, inclusive.
in 1951 and 1952, $27,000 in 1953 and 1954, $28.000 in 1955 and 1956.
-The $29.000 in 1957 and 1958. $30.000 in 1959 and 1960. $31,000 in 1961 and
-BOND SALE.
MICHIGAN CITY, La Porte County, Ind.
Savings & Trust Co. of Indianapolis purchased the $34,000 5% 1962, 132,000 in 1963 and 1964.
Fletcher
"Second Street Bridge Approach" bonds, offered on March 24 (V. 118. 13.
In g.iving notice of the offering the amount was incorrectly reported as
1051) at 103.34-a basis of about 4.50%. Date April 1 1924. Payable $90,000. The following bids were received:
Bid.
Int.Rate,
1 to 15 years from date.
Bidder4 % $889.200
-BOND American National Co. and Caldwell & Co
MILL SCHOOL DISTRICT, Los Angeles County, Calif.
917.551
5
Redmond & Co
-Sealed proposals will be received by L. E. Lampton, County Keene, Higbee & Co. and
OFFERING.
912.951
5
Clerk(P.O. Los Angeles), until 11 a. m. March 31 for $42,000 53.' % school Nashville Trust Co. and Bankers Trust Co
918,918
5
Co
bonds. Denom. $1,000. Date March 1 1924. Prin. and semi-ann. int. Joe B. Palmer &Savines Bank
919,530
5
payable at the County Treasury. Due yearly on March 1 as follows: Harris Trust & The st $494.000 at
incl. A certified Harris Trust &
$1,000 from 1925 to 1942 incl., and $2,000, 1943 to 1954
4 %1 900,273
Savings Ban0Remainder,$406,000. at
or cashier's check for 3% of issue, payable to the Chairman of Board of
and A. G. Becker
Supervisors. required. Assessed valuation of the taxable property, 1923, A. B. Leach & o., Halsey, Stuart & Co.
909,693
5%
& Co
$843,590. Bonded debt, none.
5%
922.955
Seasongood & Mayer
-The $658,901 50 special street
-BOND SALE.
MINNEAPOLIS, Minn.
-An issue of
SALE.
-BOND
NEW BEDFORD,Bristol County, Mass.
improvement bonds offered on March 30 (V. 118, p. 1303) were purchased
1925 to 1954 incl., has
as 4s by Paine, Webber & Co. of Minneapolis at a premium of $9,350. $955,000 bonds dated March 1 1924 and maturing at 100.16 as 41is. The
Boston,
Forbes & Co.,
equal to 101.41. Date April 1 1924 and payable one-tenth and one-twen- been awarded to Harris,bids received: of
case may be, the last one being payable following is a list of the
tieth each year thereafter, as the
Harris. Forbes & Co.. 100.16 414:%: E. H. Rollins & Sons. Old Colony
April 11944. The following bids were received:
Premium. Trust Co., and White Weld & Co. jointly, 100.017 for $225.000 4%. 1 to
Int. Rote.
Bidderyears.
30 years. $100,000 41.4 %,1 to 5 years. and $600.000 414% 1 to 10 Sanger.
4(°7
$9,350
Paine, Webber & Co., Minneapolis
National Citjr Co.. Blake Bros., Eldridge & Co.. and Curtis &
9,300
4
3
4. %
Lane, Piper & Jaffrey, Inc., Minneapolis
to 5
8,650 Jointly, 100.001 for $255.000 4%, 1 to 30 years, $100,000 43%. 1
Bank, Minneapolis
%
494:
Metropolitan National
6,050 years. and $600,000 4%%,1 to 10 years.
0
4M 7
Ballard & Co., Minneapolis
100.01 for $255,000
F. S. Moseley & Co.. and Edmunds Bros., jointly,
5,600
4 7
Minnesota Loan & Trust Co. Minneapolis
43%
4,650 4%,1 to 30 years, and $700,000 41tJ %,1 to 10 years.
-Dickey Co., Minneapolis
Wells
R. L. Day & Co.. and Merrill. Oldham & Co.. jointly,
Estabrook &
3,600
491%
Stevenson, Perry, Stacy & Co., Minneapolis
100.069 for $105.000 4%, 1 to 20 years, and $850,000 414%,1 to 30 years.
Co..
All bids included accrued int. from date of bonds to date of delivery.
to be made this evening.
Award
-Dickey Co. and Eldredge & Co. have jointly
-Wells
BOND SALE.
-Eldredge
-BOND SALE.
NEW BRITAIN, Hartford County,Conn.
purchased the following coupon special park and parkway improvement
bonds offered on Mar. 20 (V. 118, p. 1308), paying a premium of $400, & Co. of Boston have purchased the $150.000 43% coupon sewer fund
(12th series) bonds offered on March 25 (V. 118, p. 14435 at 101.341-a
100.05. a basis of about 4.65%:
equal to
$5,000 yearly on Aug. 1
$199,700 4N% bonds. Date Aug. 1 1923. Due $19,970 yearly on basis of about 4.38%. Date Aug. 1 1923. Due
from 1924 to 1953, inclusive. Other bidders were:
May 1 from 1924 to 1933 inclusive.
Rate.
50.000 43i% bonds. Date May 1 1923. Due $5.000 yearly on May 1
Estabrook & Co., Boston_ _ _ _101.27 E.H.Rollins & Sons,Boston_100.30
from 1924 to 1933 inclusive.
Grant & Co.. Boston__101.117 Harris, Forbes & Co., N. Y_ _100.33
200,000 4%% bonds. Date Oct. 1 1922. Due $20,000 yearly on F.M..
Co., BridgeOct. 1 from 1923 to 1932 incl. The bonds which matured R. L. Day & Co., Boston_ _101.079 Hincks Bros. &
100.32
Eddy Bros. & Co., Hartford_101.039 port
Oct. 1 1923 will be paid by the city at time of delivery.
National City Co., N. V___ _100.278
200.000 bonds as 4Ms. Date April I 19?4. Due $20,000 yearly on Putnam & Storer, Boston_ _ _ _100.88 Fuller, Richter, Aldrich &
Francis R. Cooley & Co.,
April 1 from 1925 to 1934 inclusive.
100.1793
Co.,Hartford
100.76
Hartford
37,000 bonds as 4 Xs. Date April 11924. Due $7,400 yearly on April 1
Thomson,Fenn & Co., Hartf.100.571
from 1925 to 1929 inclusive.
,
$570- 000 to Finance
a bond issueof-On March 20
BONDS VOTED.
MISSION TOWNSHIP, Benson County, No. Dak.-BOND SALE.
the Common Council.
The $1,350 funding bonds offered on March 15 (V. 118, p. 1308) wore Building Program was voted by
-BOND SALE.
purchased by John W.Maher,of Devils Lake. at a premium of $67 50,equal
NEWCOMERSTOWN, Tuscarawas County, Ohio.
105. Date Sept. 1 1923. Due Sept. 1 1933.
Cleveland have purchased the 3100.000 5 % waterto
The Herrick Co. of
p. 1052) at
-plant purchase bonds offered on March 24 (V. 118, Due $4.000
-The works
MITCHELL COUNTY (P. 0. Camilla), Ga.-BOND SALE.
of about 5.06%. Date March 1 1924.
Citizens and Southern Co. of Atlanta has purchased $100,000 5% road 101.943-a basis 1 from 1926 to 1950. inclusive. Other bidders were:
bonds. Denom. $1,000. Date Aug. 1 1919. Prin. and semi-ann. int. Yearly on March
Premium.
(F.
-A.), payable in New York. Due Aug. 1 1939.
$1,031 00
$1,536 00 Detroit Trust Co
Halsey, Stuart & Co
822 00
Financial Statement.
1.52000 Otis St Co
$25.000,000 Sidney Spitzer & Co
Actual values
818 00
1.433 55 Spitzer & Roriek Co
Seasongood & Mayer
6.400,324
Assessed values 1923
771 00
Reinhart & Co_ _ _
100,000 Title Guar. & Trust Co_ ___ 1.376 00 Bohmer,Bosworth
658 00
Total bonded debt (this issue only)
1,340 00 Braun &
25.588 Ryan,Bowman & Co
575 00
Population (1920 Census)
& York
1,130 00
W.L. Slayton .Sz Co
434 00
& Co
-The $280.000 .5% A. T. Bell & Co
1,086 00 David Robinson
-BOND SALE.
MOBILE, Mobile County, Ala.
coupon public improvement bonds offered on March 25-V. 118. p. 1308
County, N. Y.NEW HARTFORD (P. 0. New Hartford), Oneida 0.Padley,Town
were purchased by Caldwell & Co. of Nashville at a premium of $700. equal
bids will be received by Chas.
to 100.25. Date April 1 1924. Due April 1 1934, subject to be retired BOND OFFERING.-Sealed for 36,500 5% registered bridge bonds. Date
order at the expiration Clerk, until 7 p. m. April 3 semi-annual interest payable at the First
and paid offat a premium of 1 y,% in their numerical
1 1924. Principal and
of each yearly period from the date of bonds, provided that not more than Feb.
$1,625 yearly on Feb. 1 from 1925
28 of said bonds shall be so retired at the expiration of each yearly period. National Bank of New Hartford. Duo $700, payable to John A. Gamey.
to 1928. inclusive. Certified chock for
The following bids were received:
-Par and accrued int., provided 214% Supervisor, required.
I. B. Tigrett & Co.. Jackson, Tenn.
-The
SALE.
commission is paid of the par amount of the bonds issued.
NEW HOLSTEIN, Calumet County, Wis.-BOND
5%
-Par and accrued int., provided pay- Second Ward Securities Co. of Milwaukee has purchased $41.000 and
Seasongood & Mayer. Cincinnati, 0.
incl.,
ment of $924 is made in cash upon delivery of bonds to cover expenses water works bonds, maturing on Jan. 2 from 1926 to 1944,1944, incl.
1929 to
in obtaining attorneys' opinion and for other items of expense.
$25.000 sewerage bonds, maturing on Jan. 2 from
J. C. Mayer & Co., Cincinnati, 0.
-Par and accrued int., provided pay- Date Jan. 2 1924.
ment of $2,000 is made as commission,expenses, attorneys'fees and costs
-J. Her-BOND OFFERING.
NOBLE COUNTY (P. 0. Alion), Ind.
of printing bonds.
until 2 p. m.Apr.2
-Par and accrued bert Cockley, County Treasurer, will receive sealed bids
The Central-State National Bank. Memphis, Tenn.
following issues of 5% coupon road bonds:
for the
interest and premium of $25.
-Ward, Sterne & Co., Birmingham, Ala.
-Par, accrued $30,560 Joseph McCoy et al. Denom. $764. $468.
Steiner Brothers
9,360 Clarence Buffenbarger et al. Denom.
Interest and premium of $168.
10,240 Samuel Haller et al. Denom. $512.
-Par,accrued int. and premium of 8366 66.
Marx & Co.. Birmingham,Ala.
14.800 John C. Veazey et al. Denom. $740.
-Par. accrued int. and premium of $700,
Caldwell & Co., Nashville, Tenn.
35.680 Otto F. Riddle et al. Denom. $892. one bond of each issue each
and their attorneys to pass upon validity of issue.
Date Mar. 15 1924. Int. M.& N.15. Due
- six months beginning May 15 1925.
MONROVIA CITY SCHOOL DIST., Los-Angeles County, Calif.
-The $126,000 5% school bonds offered on March 17(V. 118,
BOND SALE.
-NOTE SALE -Kidder.
NORTH ANDOVER, Essex County, Mass.
p. 1177) were purchased by the First Securities Company of Los Angeles.
of $50.000 41i%
Date Mar. 1 1924. Due on Mar. 1 as follows: $5.000 1925 to 1930 and Peabody & Co. of Boston have been awarded an issue
April 1 1924.
Essex County Tuberculosis Hospital notes at 100.623. Date
$4.000 1931 to 1954 incl.
to 1934. inclusive.
MONTEZUMA COUNTY SCHOOL DISTRICT NO.1 (P.O. Cortez), Due 1925
-Caldwell & Co. of
NORTON, Wise County, Va.-BOND SALE.
-At an election held on March 18(V. 118, p.935)
Colo.
-BONDS VOTED.
Feb. 21 at 96.
the voters authorized the issuance of $8.000 school-building bonds by a Nashville purchased $110,000 5% street and sewer bonds on
-S. Due March 1 1954:
March 1 1924. Int. M.
Denom. $500. Date
vote of 47 "for" to 14 "against."
after March 1 1934.
-BOND OFFER- 5% optional yearly
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
Nunda),
NUNDA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.March 31
ING.-17ntil 10 a. m. April 3 sealed bids will be received by F. A. Kilmer,
-BOND OFFERING.-Until 8 p.m.
of County Commissioners, for the following issues of bonds:
Livingston County, N. Y.
Clerk Board
Clerk Board of Education,
$17,500 5Si% Tray St. Improvement. Due yearly on April 1 as follows: sealed bids will be received by Albert A. Conrad,
$1,000.
for $110,000 coupon school bonds not to exceed 5%. Denom. payable
$1,500 1926 and $2,000 1927 to 1934 incl.
4,500 6% Angel Road. Due yearly on April 1 as follows: $1,500 1926 Date April 15 1924. Principal and semi-annual interest (A. & 0.) $3,000,
15 as follows:
and $1,000 1927 to 1929 incl.
at the Nunda Bank of Nunda. Due yearly on Oct.$5,000, 1934 to 1949.
Denom. $1,000 and $500. Date April 11924. Prin. and semi-ann. int. 1926 and 1927: $4,000, 1928 to 1933, inclusive, and
(A. & 0.) payable at the County Treasurer's office. Legality approved by inclusive. Legality approved by Clay & Dillon of New York. Certified
I). W.& A. S. Iddings of Dayton and Peck, Shafer & Williams of Cincin- check for $5,000, payable to Fred G. Olp, Treasurer, required.
nati. Certified checks for $2,000 and $500 are required for the two issues
O'DONNELL SCHOOL DISTRICT (P.O. O'Donnell), Lynn County,
named above, respectively.
-At an election held recently the voters authorized
-BONDS VOTED.
Tex.
MONTROSE COUNTY SCHOOL DISTRICT NO.1(P.O.Montrose), the issuance of $25,000 high school bonds.
=-.„„
-The $50.000
--BONDS SOLD SUBJECT TO BEING VOTED.
Colo.
.
-On March 24 the
-BOND SALE.
-have been purchased
school bonds offered on March 24-V. 118, p. 1443
OTSEGO, Allegan County, Mich.
-were
-V. 118, p. 1443
Chanute & Co. of Denver as 5s at 100.67. These bonds had $60,000 5% paving bonds offered on that day
by Bosworth,
been offered and now sold subject to being voted at an election to be held sold too. W. McNear & Co. of Chicago at 100.13, a basis of about 4.97%•
soon.
Date April 1 1924. Due yearly on April 1 as follows: $8.000 1925 to
were:
MONTROSE COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Olathe) 1931, and $4,000 1932. Other bidders
Premium.
Premium.
-At a recent election $25,000 5% 20 -year
-BONDS VOTED.
-30
Colo.
001Howe,Snow & Bertels,Detroit*$99 70
Detroit Trust
(opt.) school bldg. bonds were voted. These bonds had been sold subject Sidney SpitzerCo., Detroit_ _-513 00 First State Says. Bk., Otsego 47 00
& Co., Toledo_ 1
to being voted at said election, to Sidle, Simons, Fels & Co. of Denver at
101.57 plus cost of bonds and legal proceedings. Notice of the election
* Discount bid.
and sale was given in V. 118, 1)• 935.
OVERBROOK SCHOOL DISTRICT, Allegheny County, Pa.
-BOND SALE.
-The follow
MUS KEGON, Muskegon County, Mich.
BOND ELECTION.
-The voters on April 22 will be asked to approve a bond
tog two issues of 4%% special assessment bonds offered on March 24 (V. Issue
of 370,000 for the reection of a new school building.
118. p• 1308) have been awarded to the Wm. R. Compton Co. of Chicago
-SALE POSTPONED INat 98.16-a basis of about 4.725%:
PAHOKEE, Palm Beach County, Fla.
$267,000 improvement bonds of 1924. Denoms. $1,000 and $500. Due DEFINITELY
.-The offering of $50.000 6% coupon paving bonds which
on April 1 as follows:$21,500, 1925:127.500, 1926;$24.500, was to have taken place on Dec. 1 (V. 117. p. 2351) was postponed indefiyearly
1927: 129,500, 1928; $24,500, 1929; $27,000, 1930; $24,000. 1931: nitely. Date Dec. 1 1923. Due as follows: $1,000 1924 to 1929 incl.:
$29,500. 1932: 125.500, 1933, and $33,500, 1934.
$2,000. 1930 and 1931:31.000, 1932:$2,000. 1933 to 1939 incl.: 33,000, 1940
sm. b.
215,000 storm sewer improvement bonds. Denom. $1,000. Due yearly
o 1944 incl.: $4,000, 1945 and 1946, and $2,000. 1947. J
on Nov. 1 as follows: $25,000, 1932 and 1933, and $15,000, 1937
-BOND ELECPALO ALTO COUNTY (P. 0. Emmitsburg), Iowa.
to 1947,inclusive.
-An election will be held on April 8 to vote on issuing drainage
TION.
-A bonds in an amount not to exceed $800,000. W. T. Krueger. County
-TEMPORARY LOAN.
NASHUA, Hillsborough County, N. H.
temporary loan of $100,000, maturing Dec. 2 1924. has been awarded to Auditor.
Trust Co. of Boston on a 4% discount basis plus a *2 25
the Old Colony
-An elecPENDER, Thurston County, Neb.-BOND ELECTION.
premium.
tion will be held on April 1 to vote on the question of issuing 120.000 water
-The$900,000 works system construction and installing impt. bonds.
-BOND SALE.
NASHVILLE,Davidson County,Tenn.
al
WM,
Tennessee Central RR. Co. coupon funding bonds offered on March 25
-BOND OFFERING.
PERRY COUNTY (P. 0. Cannelton), Ind.
-were purchased by Seasongood & Mayer, J. G. White
-V. 118, p. 1308
bids until 2 p. m
& Co. and Geo. H. Burr & Co., all of New York, as 5s at a premium of William C. Vogel, County Treasurer, will receive waled
to 102.55, a basis of about 4.82%. Date May 11924. Due April 15 for $12,200 Andrew Hempfling et al., road construction bonds.
$22,955, equal
1578
THE CHRONICLE
[VoL. 118.
PHARR-SAN JUAN INDEPENDENT SCHOOL DISTRICT, Hidalgo Chicago, which is now offering the bonds to
investors at
County, Texas.
-BOND SALE.
-On March 20 J. E. W.Thomas of Dallas
.65%. Denom. $1,000. Date June 1 1923. Prin and prices to yield
send-ann int.
purchased 980,000 school bonds at a private sale.
.. & Da), payable at the First National Bank of Ridge Farm..Due
•
4,000 yearly on June 1 from 1925 to 1943, inclusive.
PILLITO IRRIGATION DISTRICT (P.(). Tucson), Pima County,
Financial Statement (As Officially &vaned).
Ariz.
-BOND ELECTION.
-On April 3 an election will be held to vote
on the question of issuing $55.000 7% irrigation bonds. A. (). Kimball. Red value of taxable property, estimated
$4,518.692
Amused valuation for taxation
Secretary.
2,259,346
Total debt (this issue included)
76,000'
PIQUA
SCHOOL DISTRICT (P. (). Piqua), Miami County, Population, estimated
2,000
Ohio.
-BOND SALE.
-The School Board, an unofficial report states.
ROCHESTER, N. Y.
-NOTE SALE.
-The $250,000 subway railroad
has m)ki $100,000 junior high imamed building bonds to the State Industrial
notes offered on March 21-17. 118, p. 1444
Cmnankodon.
--have been awarded to the
Traders National Bank of Rochester on a 4.07% interest basis. Due
PLAINVILLE, Hartford Cwunty, Conn.
-BOND OFFERING.
-The 8 =edits from March 25 1924. Other bidders were:
Board of Selectmen will receive sealed bids until8 p. m.April 10 for $70,000
Interest.
Premium
4% coupon school bonds. Denom. 31,000. Date April 15 1924. Salomon Bros. & Hutzler, New York
4.08%
$7 00
Prin. and semi-ann. int. (EL. & 0.), payable at the Plainville Trust Co. of S. N. Bond .5; Co., New York
.4.10
12.00
Plainville. Due $3.000 In all of the odd years and $4,000 in all of the even Winslow, Lanier & Co., New York
4.20
10 00
years on April 15 from 1925 to 1944, incl. The bonds will be certified Goldman, Sachs & Co., New York
4.22%
'
as to genuineness by the Old Colony Trust Co. of Boston. legality Genesee Valley Trust Co.. Rochester, N. Y
165
4.25%
approved by Storey, Thorndike, Palmer & Dodge of Boston. Bids to
NOTES APPROVED.
---The Council on March 25 approved the sale of
be on forms furnished by the Selectmen or by the above trust company.
$1.050.000 in municipal notes to defray the expenses of the city pending
POMONA, Los Angeles County, Calif.
-BOND SALE.
-The First the collection of taxes on May 1.
National Bank of Pomona purchased during the latter part of February
ROCKPORT, Essex County, Mass.
-TEMPORARY LOAN.
-A tem$25.000 fire bonds.
porary loan of $30,000. maturing Nov. 10 1924, has been awarded to this
POMONA HIGH SCHOOL DISTRICT, Los Angeles County, Calif. Merchants National Bank on a 4.14% discount basis.
-BONDS VOTED.
-At a recent election the voters authorized the issuance
ROLFE, Pocahontas County, Ia.-BOND ELECTION.
-An election
of $125,000 school bonds by a majority of 5 to 1.
will be held on March 31 to vote on the question of issuing bonds for the
purpose of constructing and equipping a now well, in an amount not to
1'1)111)1E3U
(P. C). Colored), Monte--B01)71) SALE.
-The
Union Trust Co. of Spokane purchased an issue of $95,000 534% refunding exceed $5.000.
bonds. Denom. 31.000. Date April 1 1924. Prin. and semi-ann. int.
ROSEBURG. Douglas County, Ore.
-BOND ELECTION.
-An elecpayable in New York.
tion will be held on May 6 to vote on the question of issuing 918,000 fire
bonds.
PORTAGE COUNTY (P. O. Ravenna), Ohio.
-BOND SALE.
-The
BONDS VOTED.
-At a recent election $18,000 library bonds were
Provident Savings Bank & Trust Co. of Cincinnati has been awarded the
337,750 534% assessed property owners share road bonds offered on March voted by a count of 446 to 181.
24-V. 118. p. 1444
ST. JOSEPH COUNTY (P.0. Sturgis), Mich.
-for $38,614 47, equal to 102.29, a basis of about
-BOND ELECTION.
5.04%. Date April 1 1924. Due yearly on Oct. 1 as follows: $3,750 The taxpayers will vote at a special election on April 7, on the questionof
1925, 34.000 1926 to 1931, incl., and 35,000 1932 and 1933.
issuing $250,000 bonds for road construction.
PORTER COUNTY (P. 0. Valparaiso), Ind.
ST. LOUIS PARK INDEPENDENT SCHOOL DISTRICT (P. 0. St.
-BOND OFFERING.
W.0. M'Ginley,_County,
Treasurer, will receive sealed bids until 10 a. m. Louis Park), Hennepin County, Minn.
-BOND SALE.
-The $40.000
Mar. 31 for $50.000 5% Nelson E. Pinkerton et al. road bonds. Denom. school bonds offered on March 21-V. 118. p. 1309
-were purchased by
$2,500. Date Mar. 15 1924. Int. M. & N. 15. Due $2,500 each six the Wells-Dickey Co., of Minneapolis, as 5s. at a premium of 9676. equal to
months from May 15 1925 to Nov. 15 1934 incl.
101.69. a basis of about 4.80%. Date Jan. 2 1924. Due on Jan. 2 as
follows: 31.000, 1925 to 1932 incl.: $2,000, 1933; 33,000, 1934; 34,000.
PORTLAND, Cumberland County, Me.
-BOND
H. Rollins & Sons of Boston have purchased the 3115.000 43
"Refund- 1935 to 1937 incl.; and 315,000, 1938.
1% MUM]
ing Bonds of 1924," offered on Mar. 24 (V. 118, p 1444) at 100.14. Date
SAGINAW COUNTY (P. 0. Saginaw), Mich.
-.BOND ISSUE UPApril 11924. Due 1925 to 1947 incl. Other bidders were: R. L. Day & HELD.
-It is reported that
Co., 99.539; National City Co., 99.69: Merrill. Oldham & Co., 99.67: decision upholding the right Circuit Judges Snow and Browne have filed a
of the Saginaw County supervisors to place a
Brandon. Gordon & Waddell, N. Y., 98.92: C. W. Whitis & Co.. N. Ir.. $100,000 bond issue for construction of
river road on the ballot at the April
98.073; City of Portland Sinking Fund, 100.10: Jones, Gould. Bartlett & 7 election.
Clark Co., Portland. 100.126 plus $5; Maynard S. Bird Sr, Co., Portland,
99.07; Fidelity Trust Co.. Portland. 99.1667; Harris, Forbes & Co.. 99.59;
SAGUACHE COUNTY SCHOOL DISTRICT NO. 19, Colo.
-BONDS
Estabrook & Co.. 99.68; and H. M.Payson & Co., Portland, 100 plus $5.
VOTED.
-At a recent election $13,000 5j-% school bonds were voted.
LOAN OFFERING.
-Under the direction of the Committee on Finance of These bonds had been sold to
of Denver, subject
the City, bids will be received at the office of John B. Gilmartin, City being voted at said election. Benwell, Phillips & Co.and sale was given to
Notice of said election
in
Treasurer, until 12 m.March 28 for the purchase at discount of a temporary V. 118, p. 1178.
loan of $300.000 in anticipation of taxes for the year 1924. Notes will be
SALEM TOWNSHIP SCHOOL DISTRICT (P. 0. Sonora), Musdated April 1 1924. payable Oct. 3 1924 at First National Bank of Boston,
-BOND SALE.
and will be in denominations to suit the purchaser. Bidders in submitting kingum County, Ohio.
-The 321,000534% school bonds
bids should designate the denominations desired. Delivery April 1 at the offered on March 22 (V. 118. p. 1178) have been sold to Otis & Co. of
First National Bank of Boston. The notes will be certified as to genuine-. Cleveland at 100.13. Date March 1 1924. Due $2,100 annually.
ness and validity by the above bank under advice of Ropes, Gray, Boyden
SAN FRANCISCO (City and County of), Calif.
-BOND SALE.
& Perkins, and all legal papers incident to the loan will be filed with said
A syndicate composed of the First National Bank of Now York, Kissel,
bank, where they may be Inspected at any time.
Kinnicutt & Co., Redmond & Co., Halsey, Stuart & Co., Inc., Eldredge
PORTLAND, Ore.
-BOND. SALE.
-The $1.000.000 4% water bonds & Co. and the Detroit Co..
Inc., all of New York: Stevenson. Perry, Stacy
offered on March 26-V. 118. p. 1309
-were purcha.sed by a syndicate
composed of the Ladd & Tilton Bank of Portland , the Bankers Trust Co.. & Co. and the Northern Trust Co., both of Chicago, and the Anglo London
Ames, Emerich & Co. and Hannahs, Bailin & lee, all of New York. at Paris Co. and the Bank of Italy. both of San Francisco, has purchased the
92.10,a basis of about 4.60%. Date April 1 1924. Due $50,000 yearly on two issues of bonds (offered on
March 24-V. 118, p. 1053) as follows:
April 1 from 1935 to 1954, inclusive.
BONDS VOTED.
-Compilation of the votes cast for and against the bond 55,281.000 434% water bonds at 98.451, a basis of about 4.62%. Date
issue of $1.250,000 for the construction of bridge approaches, submitted
July 1 1910. Due on July 1 as follows: 3147,000. 1929 to
at the election held on March 4-V.118, p. 582
-show that the issue carried
1953 incl., and $146,000, 1954 to 1964 incl.
by a large majority, the count being 14.732 to 9.168.
5.000.0005% school bonds at 103.921, a basis of about 4.73%. Date
PORTSMOUTH, Norfolk County, line-BONI) OFFERING.
-Sealed
March 1 1923. Due 8125,000 yearly on March 1 from 1928
proposals will be received by L. C. Brinson, City Clerk, until 12 m. April 8
to 1967 incl.
for $360,000 5% coupon, with privilege of registration as to both principal
interest, sewer and paving bonds. Denom. $1,000. Date April 1
and
The above syndicate is now offering these bonds to investors, in an
1924. Prin. and semi-ann. int. (A. & O.) payable in gold in New York advertisement appearing on a preceding page of this issue, at a price to
City. Due $12,000 yearly on April 1 from 1925 to 1954. incl. A certified
yield 4.50% for the water bonds and 4.60% for the school bonds.
check for 2%. payable to H. L. Hudgins. City Treasurer, required. The
favorable opinion of John C. Thomson of New York. certifying as to the
SAN JOAQUIN COUNTY RECLAMATION DISTRICT NO. 2064,
legality of this issue, will be furnished the purchaser, and signatures and seal Calif.
-BOND SALE.
-Shingle, Brown & Co. and the Anglo-California
certified to by the U. S. Mortgage & Trust Co. of New York.
Trust Co. both of San Francisco, have jointly purchased $347,000 6%
coupon reclamation bonds. Denom. 91,000 and $500. Date Jan. 1 1924.
PROVIDENCE, Providence County, R. 1.
-BOND SALE.
-The Prin. and semi-ann. Int. (J. & J.) payable at the County Treasurer's office.
following two issues of 431% coupon or registered bonds offered on March Due
on Jan. 1
21--17. 118, p. 1309
--have been sold to Putnam & Storer of Boston at 1933: 511,500,as follows: 35,000. 1930: $6.000, 1931: 3.7000. 1932:38,000.
1934: 333,500. 1935 to 1943, incl., and 38,000, 1944*
98.856, a basis of about 4.315%.
$500.000 school.
SAN JUAN COUNTY (P. 0. Gallup), New Mex.-BONDS VOTED.
500,000 sewer.
At an election held on March 12 the voters by a count of 4 to 1 authorized
I)enern. (coupon) $1,000 or (registered) $1,000, $5.000. $10,000 or the issuance of 3100.000 road bonds.
$20.000, as desired. Date April 1 1924. Prin. and semi-ann. int. (k. &
SANTA ANA SCHOOL DISTRICT (P. 0. Santa Ana), Orange
0.) payable at the office of the city fiscal agency. Due April 1 1954.
County, Calif.
-BOND OFFERING.
-Sealed bids will be received until
The following bids were received:
11 a. m. April 1 by J. M. Backs, County Clerk, for 3150,000 5% school
Putnam & Storer, Inc
*98.856
bonds. Denom. $1,000. Date May 1 1924. Prin. and semi-ann. hat.
Kidder, Peabody & Co
*98.42
payable at the County Treasurer's office. Duo $6,000 yearly on May 1
Wm. R. Compton Co.: /Chisel, Kinnicut dc Co.: R. I. Hospital
from 1925 to 1949 incl. A cert. check for 3% payable to the Chairman
Trust Co.: C. A. Kilvert & Co
*98.819
Board of Supervisors, required.
C. W. Whitis & Co
96.573
Harris, Forbes & Co
*98.65
SANTA CRUZ, Santa Cruz County, Calif.
-BOND SALE.
-The
R. L. Day & Co.: Estabrook & Co
Anglo-London-Paris Co. of San Francisco has been awarded $200,000 water
98.80
E. H. Rollins & Sons: Eldredge & Co
works and $132,000 municipal improvement 5% bonds.
*97.95
Curtis & Sanger; Blodget & Co.; Roosevelt & Son: White. Weld
SANTA ROSA, Sonoma County, Calif.
-BOND OFFERING.
-Vida
&Co•
*98.30
McL. Doggett, City Clerk, will receive sealed bids until 8 p. m. April 1
H. L. Allen & Co
98.149
for $165000 5% sewer bonds. Denom. $500. Date April 11924. Prin.
The Equitable Trust Co. of N. lr., Guaranty Co. of New York_*98.537
and semi-ann. int. payable in gold at the City Treasury. Due on April 1
The National City Co.; Old Colony Trust Co
*98.437
as follows:
Industrial Trust Co., $250,000
97.514724 for 3% of 34.500. 1925 to 1959 incl., and 37,500. 1960. A certified check
bid, payable to Newton B. Kinley, Mayor, required.
* Whole or none,
SAUGAUS, Essex County, Mass.
-BOND OFFERING.-Oranville A.
RAMSEY COUNTY (P.O. St. Paul), Minn.
-BOND SALE HELD UP
DIM TO FRIENDLY SUIT.
-In answer to our inquiry regarding the Clark. Town Treasurer, will receive sealed bids until 8 p. m. March 31 for
8266,000 hospital bonds offered on March 17-V. 118. p. 231---Oeo. J. 330.000 41% coupon Essex County Tuberculosis Hospital bonds. Due
Rico, County Auditor, says "Friendly suit was held on this issue, which is $6,000 yearly on April 1 from 1925 to 1929, inclusive.
being reviewed by State Supreme Court. Decision to be rendered after
SEASIDE, Clatsop County, Ore.
-BONDS VOTED.
-The voters at a
April 18."
recent election expressed their desire that the city own its own
For further details of this friendly suit see item appearing on page 1573 by piling up a sweeping majority in favor ofa $100,000 water water system
bond issue.
of this issue.
SEWICKLEY SCHOOL DISTRICT, Allegheny County, Pa.RANDOLPH COUNTY (P. O. Winchester), Ind.
-BOND SALE.
- BOND ELECTION.
-An election will be held on April 22 to vote on 9150.000
The Farmers & Merchants Bank of Winchester has purchased the following bonds to supplement a previous issue of
$250,000 for a high-school building,
two issues of 5% coupon road construction bonds offered on March 24-SHERIDAN COUNTY SCHOOL DISTRICT NO.7(P.O.Sheridan)•
Ir. 118. p. 1444--for $137,740 07, equal to 101.20:
-The 3409.000 school bonds offreed on Mar. 26
367.500 Daniel W. Barley et al. Denom. $1,000 and $375. Due each Wyo.-BOND SALE.
(V. 118. p. 1179) were purchased jointly by Taylor- Ewart & Co. and A.13.
six months for a period of ten years.
68,600 Harry G. Kemp et al. Denom. 31.000 and $430. Due each Leach & Co.. both of Chicago. and Bosworth, Chanute & Co. of Denver as
53.1s at 101.16. Date Jan. 11924. Due 10 to 25 years.
six months for a period of ten years. Other bidders were:
-PremiumsSIOUX CITY (P. 0. Fort
367,500 $68,600 Bids will be received until 2 p. Yates), No. Dak.-BOND OFFERING.
m.April2 by J. R. Harmon,County Auditor.
Meyer-Easer Bank
$432 25 $440 25 for $8,000 certificates of
City Trust Co
613 00 623 00 1925. Interest not to indebtedness. Date April 2 1924. Due April 2
exceed 7%, payable semi-annually. A certified
Fletcher Savings & Trust Co
378 00 386 00
Fletcher American Co
627 75 651 03 check for 5% of bid required.
•
J. F. Wild & Co
742 50 720 31
SLINGER SCHOOL DISTRICT (P. 0. Slinger), Washington
Merchants National Bank
708 75 558 80 County, Wisc.-BOND SALE.
-The Second Ward Securities Co. of/MilPeoples Investment & Guaranty Co
425 50 432 50 waukee has purchased 335.000 5% school bonds.
Date Feb. 1 1924. Due
REEDSBURG, Sauk County, Wisc.-BONDS VOTED.
---The voters serially on Feb. 1 from 1925 to 1939 incl.
at a recent election authorized the issuance of $20,000 bridge bonds.
SODUS UNION FREE SCHOOL DISTRICT NO. 4 (P. 0. Sodus),
RIDGE FARM HIGH SCHOOL DISTRICT (P. (). Ridge Farm), Wayne County, N. Y.
-NO BIDS RECEIVED.
received on
-No
-BOND SALE.
Vermillion
-An issue of 376.000 5% coupon March 21 for the $190.000 434% coupon school bondsbids were that date
offered on
FRASER County, III.
school bonds has been awarded to the Harris Trust & Savings Bank of -V. 118, p. 1310. W.J. Toor, Clerk-Treasurer, says: The whole matter of
i?
CITY
COUNTY
Digitized for
MAR. 29 1924.]
THE CHRONICLE
1579
re-advertising, furnishing bonds, advising when market is right. &c., has 1946 to 1950 incl.; $10.000, 1951 to 1955 incl. A cert. check upon anicorporated bank or trust company payable to the above board for $1,500
been placed in the hands of Sherwood & Merrifield of New York."
required. The approving opinion of John C. Thomson, New York, will be
SONORA SCHOOL DISTRICT (P.O.Sonora),Muskingum County, furnished the successful bidder.
Ohio.
-BOND SALE.
-On March 22 Otis & Co. of Cleveland purchased
WACO, McLennan County, Tex.
-Bids will be
-BOND OFFERING.
321.000 5 % school bonds for $21,028, equal to 100.13. Other bidders
received by Ben C. Richards, Mayor,until 10 a. m.April 7for the following
were:
Price Bid. two issues of 5% bonds,$18,000 public school gymnasium and athletic field
Price Bid. I
Ohio National Bank
$21,007 bonds. Due 32.000 yearly on March 1 from 1946 to 1954 1ncl. $20,000
$21,011 Sidney Spitzer & Co
Spitzer. Rorick & Co
21,008IDavid Robinson & Co
21,002 sanitary sewer bonds. Due $2,500 yearly on March 1 from 1947 to 1975
Denom.$1,000 and $500. Date March 1 1923. Prin. and semi-ann.
SOMERS (P. 0. Lincolndale), Westchester County, N. Y.
-BOND incl.
National
hit.(M.& S.) payable at the office of the City Treasurer or
SALE.
-The 3116,000 coupon or registered bonds offered on March 28- Park Bank, New York City. A cert. check for 2% of bid at the
on some Waco
V. 118, p. 1310
-have been sold as 4%'s to C. W. Whitis & Co. of New
York at 101.70, a basis of about 4.36%. Date Nov. 1 1923. Due yearly bank, required.
WALTHAM, Middlesex County, Mass.
on Nov. 1 as follows: $4,000, 1927 to 1945 incl.. and $5,000, 1946 to
-TEMPORARY LOAN.
-A
temporary loan of $200,000 has been sold to the Old Colony Trust Co. of
1953 incl.
Boston on a 3.92% discount basis plus a $5 premium. Due Dec. 1 1924.
SOUTH PORTLAND, Cumberland County, Me.
-TEMPORARY
WARREN, Trumbull County, Ohio.
LOAN.
--A temporary loan of $225,000 in anticipation of taxes has been
-BOND OFFERING.
-Frank
.
awarded to the Casco Mercantile Trust Co., of Portland on a 4.05% dis- S. Watters, City Auditor, will receive sealed bids until 12 m. (Central
standard time) for the purchase of the following issues of 534% coupon
count basis Plus a $3 7 Premium.
5
bonds:
SPIRIT LAKE INDEPENDENT SCHOOL DISTRICT (P. 0. Spirit $3,100 Leah Ave. water line property share. Denom. $500 and one for
Lake), Dickinson County, Iowa.
-BOND SALE.-Geo. M. Bechtel &
$600. Date April 1 1924. Due yearly on Oct. 1 as follows:
Co. of Davenport have purchased $75,000 5% school bonds at a premium
31,500, 1925, and $1,600, 1926.
of $450, equal to 100.60.
9,000 Kinsman St. paving, city's share. Denom. 31.000. Date April
1 1924. Due $1,000 yearly on Oct. 1 from 1925 to 1933 incl.
STAUNTON, Augusta County, Va.-BONDS VOTED.
-At the elecCedar St., &c., property share. Denom. $1,000.
tion held on Feb. 19 (V. 118, p. 583) the voters authorized the issuance of 37,000 Trumbull
Date March 25 1924. Due March 25 1926.
$700,000 water system bonds.
Ave..
3.200 Riverview Ave. water line property share. Denom. $500 and one
STOCKTON SCHOOL DISTRICT, Cedar County, Mo.-BOND
for $200. Date April 1 1924. Due yearly on Oct. 1 as follows
SALE.
-The Commerce Trust Co. of Kansas City has purchased 350,000
$1,500. 1925 and $1,700. 1926.
school bonds.
3.100 Florencedale Ave. water line, property share. Denom. $500 and
one for $600. Date April 1 1924. Due yearly on Oct. 1 as follows:
STURGIS SCHOOL DISTRICT (P.O. Sturgis), St. Joseph County,
$1,500, 1925, and 31,600. 1926.
Mich.
-BOND ELECTION.
-An election will be held on April 14 to vote
1,700 Liberty Ave. sewer, city's share. Denom. $900 and $800. Date
on $40,000 now grade school bonds.
April 11924. Due on Oct.1 as follows: $900.1925,and $800,1926.
SUFFOLK, Nonsemond County, Va.-BOND OFFERING.
-Sealed
3,200 public toilet station, additional portion, city share. Denom.
bids will be received until 7:3e m.April 3 by R. H. Brinkley, City Manra
0
$500 and one for $700. Due yearly on Oct. 1 as follows: $500.
ager,for $200,000 coupon or registered public improvement bonds. Denom.
1925 to 1927 incl.: $700, 1928, and 3500. 1929 and 1930.
$1,000. Date May 1 1924.
and semi-ann. int. payable at the U. S.
Prin. and semi-ann. int.(M. & S. 25) payable at the City Treasurer's
Mtge. & Trust Co., New York City. Due $8,000 yearly on May 1 from office. Certified check for $500, payable to the City Treasurer, is re
1925 to 1949 incl. A cert. check for $4,000 payable to H. S. Eley, City quired for each issue. Purchaser to take up and pay for bonds within
Treasurer. required.. The bonds will be _prepared under the supervision
of the U. S. Mtge. & Trust Co., of New York, which will certify as to the five days from time of award.
-BOND
WASCO COUNTY SCHOOL DISTRICT NO. 12, Ore.
genuineness of the signatures and the seal impressed thereon and the validity of the bonds will be approved by Reed, Dougherty & Hoyt, New York. OFFERING.
-Sealed bids will be received by Prudence M. Patterson.
District Clerk (P. 0. The Dalles) until 7.30 p. m. April 1 for $55,000 5%
SULLIVAN, Sullivan County, Ind.
-BOND OFFERING-Until
7:30 p. m. April 8 sealed bids will be received by Myrtle Macy, City Clerk, school bonds. Denom. $500. Date April 15 1924. Int. A. & 0. 15.
Incl. A certified check
Due $5,000 yearly
for 39,000 5% fire apparatus bonds. Denom. $500. Int. semi-ann. or draft for 5% of on April 15 from 1934 to 1944. required. Purchaser
official
Due $500 each six months from Jan. 1 1925 to July 1 1933 incl. Certified to pay for printing bid, payable to the above $195.000; assessed valuation,
of bonds. Bonded debt,
check for $100 required.
$5,891,442 48: tax rate (per $1,000), $18.70.
SULLIVAN COUNTY (P. 0. Monticello), N. Y.
-BOND OFFERING.
WATERTOWN, Middlesex County, Mass.
-TEMPORARY LOAN.
-Verbal bids will be received by K. D. L. Niven, Clerk Board of Super- Grafton & Co., of Boston, have purchased a temporary loan of $150,000,
visors, until 2 p.m. April 7 for $80,000 43 % coupon county's share highway bonds. Denom. $1,000. Date March 1 1924. Prin. and semi-ann. maturing Dec. 26 1924 on a 3.967% discount basis.
int. (M. & S.) payable at the National Bank of Monticello. Due $4,000 • Other bidders were:
Rate.
Prem.
yearly on March 1 from 1925 to 1944 incl. Cert. check for 5% of the par Union Market National Bank, Watertown
$4 75
3 68%
value of bonds, required.
First National Bank,Boston
4.00
3 00
4.00
SURPRISE, Butler County, Neb.-BOND ELECTION.
-An election S. N. Bond & Co.
4.02
_ _ __
will be held on April 1 to vote on the question ofissuing $2,600 water exten- Estabrook & Co
Kidder, Peabody & Co.
4.07
sion and $10,000 water works bonds. R. P. Ross, Village Clerk.
4.08
1.66
Salomon Brothers & Hutzler
SUTTER COUNTY RECLAMATION DISTRICT NO. 1001 (P. 0.
WATTS CITY SCHOOL DISTRICT, Los Angeles County, Calif.
Nicolaus), Calif.
-BOND SALE.
-Freeman. Smith & Camp Co. of PortBOND OFFERING.
-L. E. Lampton, County Clerk (P. 0. Los Angeles),
land have purchased $61,000 6% reclamation bonds.
will receive sealed proposals until 2 p. in. April 7 for $37,500 534% school
SYRACUSE, Onondaga County, N. Y.
-BONDS AUTHORIZED.- bonds. Denom.$1,000 and $500. Date April 1 1924. Prin. and semi-ann.
Bond issues totaling $540,000 were authorized on March 17 by the Commen int. payable at the county treasury. Due on April 1 as follows: $1,000,
Council. The issues are as follows: 3420,000 for intercepting sewer board 1925 and 1926 incl.: $2,000. 1927 to 1943 incl.: and $1,500. 1938. A cert.
work; $60,000 for removal of four bridges; $29,000 for a new fire station in or cashier's check for 3% of issue payable to the Chairman of the Board o
Harold St.; $6,000 for acquiring a site and preparing preliminary plans for Supervisors, required. The assessed valuation of the taxable property in
a new fire station in the Seventeenth Ward; and $25,000 for the North said school district for the year 1923 was 33,146,075 and the amount of bonds
Side public market.
previously issued and now outstanding is $118,500.
TEXARKANA, Bowie County, Texas.
-BOND SALE.
-Dunn &
WAYLAND INDEPENDENT SCHOOL DISTRICT NO. 8 (P. 0.
Carr of Houston have purchased the $50,000 5% street improvement bonds Wayland),
-BOND ELECTION.
-A special election
County, la.
offered on March 25(V. 118, p. 1445) at a discount of $1,215.equal to 97.57, will be held Henry 12 to vote on issuing $3,500 construction and equipa basis of about 5.31%. Date June 1 1923. Due on June 1 as follows: ment bonds.on April
Hugo Alvine, Secretary.
33,500. 1928 to 1941 incl., 35.000, 1942 and 1943.
-J. TI. ITilsman
WAYNESBORO, Burke County, Ga.-BOND SALE.
TEXAS (State of).
-BONDS PURCHASED BY BOARD OF EDUCA- & Co.,
$45,000 5% paving bonds. Denom.
TION.
-The following is a list of the bonds aggregating $165,425 purchased $500. Inc.,of Atlanta, have purchased
Date Jan. 1 1924. Prin. and semi-ann. int. (J. & J.) payable at the
by the State Board of Education on March 10:
Hanover National Bank. New York City. Due $7,500 on Jan. 1 in each of
I.
311.000 the years, 1929, 1934, 1939. 1944, 1949, and $7,500 Dec. 31 1953.
Eagle 'l
25,0ake
-On
-BOND ELECTION.
WAYNESBURG, Greene County, Pa.
Darrouzett I. S. D.,6
14,625
Herring-Hightower County Line!. S. D.,5%
April 22 an election will be held to vote on the question of issuing $163,000
Merkel I. S. D..5%
40
3..801 municipal bonds for the purpose of funding the present floating Indebtedness
Pasadena I. S.D„5%
40,000 of the borough. The present bonded indebtedness of the borough, it is
Castro Co.C.S. D.No.4,5}i
said, is $79,200. which Includes $9,200 assumed when East Waynesburg
Childress Co.0.8. D. No.4 6%
4:288 became a part of the borough of Waynesburg. The floating indebtedness is
1
Wilson Co. C. S. D.No.4,5%
20,000 $84.100. The borough authorities deem it advisable to make a new bond
Van Zandt Co. C.S. D. No.14.6%
1,800 Issue for $163,000, from the proceeds of which the old bonds of all classes
Mirando I. S. D.,6%
4,500 will be redeemed.
THOMAS COUNTY (P. 0. Thomasville), Ga.-BOND SALE.
WAYNESVILLE TOWNSHIP SPECIAL SCHOOL TAXING DIS-The
$50,000 coupon road bonds offered on March 20-V. 118, p. 1179
-PRICE.
-BIDS.
-The price paid
-were TRICT,Haywood County, No.Caro.
purchased by the Atlanta Lowry National Bank & Trust Co. of Atlanta by Spitzer, Rorick & Co.. of Toledo, for the $177,000 5% school bonds
at a premium of 32.011, equal to 104.05. Due $5,000 yearly on June 1 awarded to them as stated in V. 118, p. 1446. was par plus a premium of
from 1939 to 1948 incl.
$3,703 .50, equal to 102.09, a basis of about 4.80%. Thd following bids
••
soMfai
• ie.
TIPTON CONSOLIDATED SCHOOL DISTRICT (P. 0. Tipton), were received.
3179,761 20
Slayton & Co., Toledo
Cedar County, la.
-BOND SALE.
-On March 18 Geo. M. Bechtel & W.L.Guarantee & Trust Co., Cincinnati
178,777 77
Co., of Davenport, purchased $265,000
% school bldg. bonds at a prem- Title,
178,805 40
ium of $1,625, equal to 100.61. Denom. $1.000. Date March 1 1924. Emmet C. Willis. Trinity
C. W.McNear & Co., Chicago
179,001 88
Int.(M. &. N.). Due 1925 to 1944 ind.
Stevenson, Perry, Stacy & Co., Chicago
177,902 70
178,821 00
TULSA SCHOOL DISTRICT NO. 22 (P. 0. Tulsa), Tulsa County, John Nuveen & Co., Chicago
180.703 50
Okla.
-NO BIDS.
-No bids were received for the 32,000.000 5% school Spitzer, Rorick & Co.,Toledo
178,530 00
bonds offered on March 24-V. 118, p. 1310. Date April 1 19'4. Due in Kauffman-Smith & Co., St. Louis
Sidney Spitzer & Co.. and Prudden & Co., Toledo
177.886 00
25 years
The Hanchett Bond Co., Inc.. New York
177,919 00
UNION SCHOOL TOWNSHIP NO. 5, Adams Count'', Ia.-BONDS
WELD COUNTY SCHOOL DISTRICT NO.87 (P. 0. Gill), Colo.
VOTED -At the election held on March 10-V. 118, jo. 937
-the people
-BOND SALE.
-Este & Co., of Denver, have purby a unanimous vote authorized the issuance of $2,600 school building BOND ELECTION
chased $15,000 53.i% school bldg. bonds subject to their being voted at an
bonds.
election to be held on May 5.
UNIVERSITY PLACE, Lancaster County, Neb.-BOND SALE.
WELLS COUNTY(P.O. Bluffton),Ind.
-BOND SALE.
-The $10,600
The $30,000 impt. bonds recently voted-V. 118, P. 583
-have been dis- highway bonds offered on March 22-V. 118, p. 1311-have been awarded
posed at par as 5s.
to the City Trust Co. of Indianapolis for 310,711, equal to 101. Date
VALPARAISO SCHOOL CITY (P. 0. Valparaiso), Porter County, Feb. 151024. Due $530 each six months from May 15 1925 to Nov. 15
-Sealed bids will be received by the Board of 1934. inclusive.
Ind.
-BOND OFFERING.
Education until 213. in. April 1 at the office of the Superintendent of Schools
WEST ALLIS, Milwaukee County, Wis.-BOND ELECTION.
-An
in the Central Bldg. for 340.000 5% school coupon bonds. Denom. $500 election will be held on April 1 to vote on the question of issuing $500,000
and $1.000. Date April 1 1924. Int. (J. & J.). Due each six months as impt. bonds.
follows: $6,000, Jan. 1 and July 1 1925; and 37,000, Jan. 1 1926 to July 1
WICHITA, Sedgwick County, Kan.
-Sealed
-BOND OFFERING.
1927 incl.
bids will be received by E. S. Worrell, City Clerk, until 3 p. in. March 31
for $70.000 4 11% coupon park improvement bonds. Date March 1 1924.
-BOND SALE.
VENUS, Johnson County, Texas.
-The 320.000 6% Due $7,000 yearly beginning in
ten years from date. A certified check
street Improvement bonds offered on Fob.25(V.118, p.821) were purchased for 2% of bid required.
by Mathony,Dixon & Co. of Springfield at a premium of $160, equal to
100.80.
WILLIAMS, Coconino County, Ariz.-730ND ELECTION.
-An
election will
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8 water bonds.be held on April 7 to vote on the question of issuing $50,000
-BOND OFFERING.-Blds will be received until
(P. 0. De Land), Fla.
•
April 24 by Geo. W. Marks. Secretary Board of Public Instruction, for
-Sealed
WINFIELD, Cowley_ County, Kan.
-BOND - OFFERING.
% school bonds. Denom. 31.000. Date Jan. 1 1924. Int. bids will be received by H. H. Hanlen, City Clerk, until 7:30 p. m. April 1
$125,000
(J. & J.). Due on July 1 as follows: 35,000, 1940, and $10,000. 1941 to for $22,697 77 5% paving bonds. Date April 1 1924. Due:serially in 10
upon an incorporated bank or trust company years. A cert. check for 2% of bid, required.
1952 incl. A cert. check
payable to the above board for $1,500 required. The approving opinion of
WINTHROP, Suffolk County, Mass.
-The
-TEMPORARY LOAN.
John C. Thomson. Now York. will be furnished the successful bidder.
First National Bank of Boston has purchased a temporary loan of $30,000
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 12 on a 4.085% discount basis. Due March 27 1925.
-BOND OFFERING.-Oeo. W. Marks, Secretary
(P. 0. DeLand), Fla.
a. m.
WOODBURN, Marion County, Ore.
-BOND SALE.
-The Ralph
Board of Public Instruction, will receive bids until 10 Jan. April 24 for
1 124. Tnt. Schneeloch Co., of Portland, bidding 102.09 was awarded 316,000 6%
school bonds. Denom. 31.000. Date
%
$120,000
for (J. & J.). Due on July 1 as follows: 313.000. 1941 to 1945 incl.; $8,000, Bancroft impt. bonds recently.
FRASER
Digitized
1580
[Young,
THE CHRONICLE
"Such favorable terms were offered for the Province of Ontario $3,000,000
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
The Merchants National Bank of Worcester has purchased a 11700,000 5% 7 months treasury bills by the first and second tenderers that the
temporary loan dated March 28 1924 and maturing Nov. 6 1924, on a Provincial Treasurer announced last night that Treasury. notes to the
amount of $6,000,000 will be sold. The bid of the Continental & Com3.89% discount basis.
mercial Trust & Savings Bank of Chicago, at 100.29403. was placed second
to the Bank of Montreal's tender of 100.29, because of the fact that the
Canadian institution was willing to accept bills in denomination of $1,000,000, while the Chicago bank requested them in denomination of
$10.000. Taking into consideration the extra cost of printing, &c., the
DRUMMONDVILLE, Que.-BOND OFFERING.
-C. H. Lolonde, Provincial Treasurer decided to award the issue to the Bank of Montreal.
Town Clerk, will receive bids until 8 p. m. April 1 for $35,000 51.4% bonds.
"Later Provincial Treasurer Price made the announcement that the
Due April 1 1934. Payable at Drummondville and Montreal.
Chicago bank's bid was a'
being accepted because of the extremely
Province has additional obligations maturing
ESSEX BORDER UTILITIES COMMISSION, Ont.-BOND SALE.
- attractive terms offered. '1
A. E. Ames & Co. of Toronto have been awarded an issue of $382,500 5 A.% in New York, and it was decided to sell the total of $6,000,000 at the
coupon filtration plant bonds at 97.35. Denoms. $1,000, $500 and various present time. There was only $12. difference between the two bids, and
other odd amounts. Date Feb. 11924. Principal and semi-annual interest the Provincial Treasurer had decided in the first instance that the Bank of
(Feb. 1) payable at the Canadian Bank of Commerce, Windsor, or Toronto. Montreal would be given the award.
"The price figures out at approximately 4.49% and the net cost to the
Due Feb. 1 1925 to 1954, inclusive. Legality approved by E. G. Long,
Esq. It is said that the bonds of the Commission are a direct charge Province is somewhat higher benause both interest and principal are payable
in American funds. The biddi g was extremely keen and the price obtained
upon the municipal corporations of the city of Windsor and towns of
Walkerville, Sandwich, Ford City, Ojibway, Riverside, and part of the town is regarded in Government circles as extremely good financing.
The list of tenders is as follows:
ship of Sandwich West, where the improvements are made.
First Tr. & Savs. Co., Chk100.076
100.29
-J. A. Sisto & Co. of New York, Bank of Montreal
FORD CITY, Ont.-BOND SALE.
Housser, Wood & Co
99.94
bonds. Date Continental Trust & Says.
have been awarded $431,000 6% sewer, sidewalk and paving
Co.,
100.29403 Jarvis & Co
99.9617
Dec. 15 1923. Due 1924 to 1943, incl. Prin. and semi-ann. int. (J. & Wood, Chicago
Gundy & Co
100.24512 Equitable Tr. Co. of N. Y. 99.934
D. 15), payable at the Bank of Montreal of New York in United States McDonagh, Somers &
Doherty-Easson Co
Co_100.14
99.925
funds.
Ames & Co
Dominion Securities Co--- 99.906
100.11
Financial Statement as of March 1 1924.
99.90
$9,145,839 Imperial Bank of Canada.100.11355 R. A. Daly & Co
Assessed valuation
99.83
22,864,600 Macneill, Graham & Co--100.0676 Stimson & Co
Estimated true value of taxable property
100.0556 0. H. Burgess & Co
99.83
1,115,638 Miller & Co
General debenture debt
National City Co
100.048
Harris, Forbes & Co
99.78
$87,287
Less electric light
Nesbitt, Thompson & Co_100.041
456,049
Less housing bonds
Bank of Commerce
100.02416
$543.336
PEEL COUNTY, Ont.-BONDS AUTHORIZED
-BOND OFFERING.
-The council has passed a by-law authorizing the issuance of $167.500 5%
$572,302 20
Net debt
-year highway bonds. Bids will be received by L. H. Willis, County
1,475,156 Clerk, until 12 m. April 8 for the bonds.
Local improvement
3,000,000
Value of municipalities' assets
ST. LAMBERT, Que.-BIDS REJECTED.
-All bids were rejected on
9,000
Estimated population about
,
-Several bylaws. aggre- March 10 for the purchase of $350,000 515% bonds, maturing Nov. 1 1952.
NEW TORONTO, Ont.-BONDS VOTED.
Versailles Vidricaire & Boulais. Ltd., submitted a bid of $9.785.
gating $8,606, have been passed for the issuance of local impt. bonds.
-R. A. Daly & Co.
NORFOLK COUNTY, Ont.-BOND SALE.
-The following
SASKATCHEWAN (Province
-BOND SALES.
-ins, bonds at 101.277, a basis bonds are reported as having been of). by the Local Government Board
% 15
have purchased an issue of $50,000
sold
of about 5.31%. Following is a list of the bids received: R. A. Daly & from March 6 to March 13:
Co., 101.277; Housser. Wood & Co., 101.095; Bain, Snowball & Co..
School Districts: Wallasey, $3,500, 7%,15
-years to C. C. Cross & Co.
101.081; Aemilius Jarvis ,is Co., 101.07; Matthews & Co., 101.05; A. E.
Town of Nokomis, $6,000, 8%,5-years, sold locally.
Ames & Co., 100.98: Nesbitt,Thomson & Co., 100.78;Zimmerman. Malloch
100.78; Dominion Securities Corp., 100.719; Bird, Harris & Co., 100.69;
SCARBOROUGH TOWNSHIP, Ont.-BONDS AUTHORIZED.
Campbell, Thompson dc Co., 100.546: Bell Gouinlock & Co., 100.51; The council has passed a by-law authorizing the issuance of $30,000 waterGoss, Fergie & Co., 100.50; Dyment, Anderson & Co., 100.50; McDonagh, works bonds.
Somers & Co., 100.45; Municipal Bankers, 100.405: McLeod, Young,
SUDBURY, Ont.-BOND SALE.
-C. II. Burgess & Co. have purWeir & Co., 100.37; Wood, Gundy & Co., 100.35; W. C. Brent & Co.,
-year bonds at 97.16, a basis of about
100.32; 0. H. Burgess & Co., 100.26; Gairdner, Clarke Sr Co., 100.25; chased an issue of $16,593 53.% 5
Stewart, McNair & Co., 100.23; W.A. Mackenzie & Co., 100.17; MacNeil,
BOND SALE.
-Another block of bonds to the amount of $6,496 has
Graham & Co., 100.07.
-Goss, Fergie & been sold locally as 53s. at 99, a basis of about 5.62%.
NORTH YORK TOWNSHIP, Ont.-BOND SALE.
TORONTO, Ont.-BOND OFFERING.
-Sealed tenders will be received
Co. have purchased an issue of $45.000 54% 20 ins, bonds at 101.15,a
by Geo. H. Ross, Commissioner of Finance, until 12 m. April 3 for $5,363,basis of about 5.35%. 'lenders were as follows:
000 5% coupon bonds to be issued for various purposes. Denom. $1,000.
101.15 Gairdner, Clarke & Co.
Goss, Forgie & Co.
100.57
Prin. and semi-ann. int. payable in Toronto or at the option of holder, in
Nesbitt, Thomson & Co._ __ _101.11 McDonagh, Somers & Co._ _ _100.56
101.06 Sterling Bank
100.455 London, England, at the fixed rate of 4.86 2-3 to the pound sterling.Due
Wood,Gundy & Co.
101.04 Dyment, Anderson & Co._ _ _100.34
1924-1954 (approximate average maturity of the whole, 15 years. The
Bain, Snowball & Co.
legality of the several issues has been approved by J. B. Clarke, K. C. of
100.68 Stewart, Scully & Co.
A. E. Ames & Co.
100.26
Municipal Bankers Corp._ _100.63 W.A. Mackenzie Sc Co
100.145 Toronto, and his favorable opinion will be engraved upon each bond. Cert.
check for 2% of the par value of the bonds, required.
100.591 G.A.Stimson & Cd
C. H.II g
100.08
-BOND SALE.
-The Canadian Bank
NOVA SCOTIA (Province of).
VERNON, B. C.
-BOND SALE.
-An issue of $31,000 514 15-year local
of Halifax has purchased $2,100,000 highway and $400.000 power 5% impt. bonds has been sold to the Royal Financial Corp. at 96.091, a basis of
-Canadian funds. Date April 1 1924. about 5.90%.
coupon 20
-year bonds at 98.82
payable in Halifax, Montreal or Toronto.
Prin. and semi-ann.
WATERLOO, Ont.-BOND SALE.-McDonaugh. Somers & Co. have
int.'
The list of bids received was as follows:
Canadian Bank of Commerce, 98.82; Bank of Nova Scotia, Royal Se- purchased $159,877 30 5I6 5, 10 and 15 annual ins, bonds at 100.04. Comctwities Corp., Matthews & Co., R. A. Daly & Co., 98.11; Gairdner, Clarke plete list of tenders received follows: McDonagh, Somers & Co., 100.04;
97.91; Nesbitt, Thomson Nesbitt, Thompson & Co., 99.819; Aird, McLeod & Co., 99.67; D yment,
& Co. and syndicate, 97.932; A. E. Ames &
Co.'
& Co., G. A. Stimson & Co., J. M. Robinson & Sons, 97.78; MacNeill, Anderson & Co., 99.65; lain, Snowball & Co., 99.56; McLeod, Young,
C. Matthews & Co.,99.48; A. E. Ames & Co.,99.43;
Graham & Co., Dougherty, Easson & Co., C. H. Burgess & Co., 97.77: Weir dr Co., 99.48;
Wood, Gundy & Co., 97.72; Aemilius Jarvis & Co., McLeod, Young, Weir Municipal Bankers Corporation, 99.38; Wood, Gundy & Co., 99.358;
& Co., 97.64; Dossixion Securities Corp., 97.15; Harris, Forbes & Co., Macneill, Graham & Co., 99.17.
97.15.
WESTON,Ont.-BONDS AUTHORIZED.
-The council authorized the
-TREASURY NOTES SOLD.
ONTARIO (Province of).
-The Bank expenditure of $25,000 for hydro-electric purposes.
of Montreal, Montreal, and the Commercial Trust & Savings Bank of
WINNIPEG, Man.
-BONDS VOTED.
-The council has passed by-laws
-months' treasury bill notes,
Chicago have purchased $6,000,000 5% 7
each bank taking $3,000,000 at 100.29 and 100.29403, respectively, New totalling $343,536 for local improvements.
York funds, a basis of about 4.49%. It was originally planned by this
YORK TOWNSHIP, Ont.-BONDS AUTHORIZED.
-A by-law auProvince to sell only $3,000.000. Explaining the additional sale of $3,000.- thorizing the issuing of $40,000 school bonds, has been passed iby the
000, the Toronto "Globe" of March 26 said.
council of the township.
CANADA, its Provinces and Municipalities.
It.
NEW LOANS
FINANCIAL
NEW rOANS
$750,000
We Specialize in
City of Philadelphia
3s
31/
2s
4s
/
41 49
s
42
/
1
55
51/
4s
52s
/
1
Biddle & Henry
Adrian H. Muller & Son
CITY OF MEMPHIS
AUCTIONEERS
REVENUE NOTES
OFFICE No, 55 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
OF
Stooks and Bonds
EVERY WEDNESDAY
Exchange Sales Rooms
14-16 Vesey Street
104 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8437
F. WM. KRAFT, Lawyer
Specializing in
Examination and Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
AMERICAN MFG.CO.
ROPE & TWINE
MANILLA, SISAL, JUTE
Series 1924
Sealed bids will be received by 0. 0. Pashby.
City Clerk of Memphis. Tennessee. at tho City
Hall until 2:80 O'CLOCK, TUESDAY, APRIL
1ST, 1924, for Seven Hundred and Fifty Thousand ($750,000.00) Dollars of Revenue Notes.
These notes are issued in anticipation of the
taxes for 1924. They will bear date January 1.
1924, and mature September 1, 1924. Interest
six per cent (6%) per annum, evidenced by
coupon for six months interest due September 1, 1924. Full faith and credit of the City of
Memphis pledged to pay principal and interest.
Principal and Interest paid in Memphis or
New York at option of holder.
Notes printed and delivered by the City of
Memphis in New York or equivalent.
Legal opinion John 0.Thomson,Esq.,attorneyat
-law, New York City, as to validity of notes
furnished by City.
Certified check $5,000.00 as good faith deposit
required with bid.
Price may be named by premium or by basis
rate and may be mailed or wired.
Right reserved to reject any and all bids.
Done at Memphis, Tennessee, this 18th day
of March, 1924.
ROWLETT PAINE, Mayor.
Attest: C. 0. Pashby, City Clerk.
BALLARD & COMPANY
Members New York Stock Exchange
Noble and West Streets, Brooklyn, N.Y.CIty
Rooms 517.520, 111 W. Monroe St.
Harris Trust Building
CHICAGO, ILLINOIS
HARTFORD
Connecticut Securities
@FedFRASER