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r The
tullinurct3i
flank Sr Quotation Section
Railway Earnings Section
VOL. 118.
financial
rcintd
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, MARCH 8 1924.
Electric Railway Sectioa
State and City Sectice
No. 3063.
The Tax Revision measure, as it now stands, is
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such a simple bill should not reach the President in
It is matter for deep regret that the suggestion of the space of 24 hours. But now opposition has dethe Treasury Department to Congress for quick ac- veloped in both Senate and House, and last night
tion on that part of the Tax Revision measure which there was talk in Congress of abandoning the idea.
provides for a reduction of 25% in the taxes pay- This should not be permitted. Why is there objecable in 1924, on the personal incomes of 1923, is tion? The recalcitrant legislators are perfectly
meeting with opposition, and seems not unlikely to frank in their opposition. They are afraid that given
go to defeat. The proposal is to take this provision this tax reduction for the present year the President
out of the pending measure and to pass it as a sep- will be the more ready to veto the hybrid bill which
arate bill, with the idea of making the reduction they are planning to send to him. But why, if they
immediately effective and have it available before are sure of their position and feel that they have popthe first installment of the 1924 taxes becomes pay- ular backing, should they decline to accept the chalable a week from to-day, that is on March 15. The lenge and go to the people on the issue. They are
proposition is simple and has the merit of shooting evidently afraid the contest would go against them,
straight at the mark. Our people are staggering and therefore they want to retain the advantage
under a tax load so burdensome that it threatens which the present situation gives them. This they
general catastrophe unless a part at least of it is should not be allowed to do. Unrelenting pressure
should be brought to bear upon Congress, by men in
lifted, and lifted very speedily.
The aggregate extent of the tax burden is not gen- all walks of life in both parties, to prevent such a
erally appreciated, because these taxes are never result. The bill which has been sent to the Senate
considered in their entirety. We showed last week, is a vicious and detestable measure and might well
as on several previous occasions, that counting the be left there until the people at a popular election
different corporation taxes, which eat up 20% of have had a chance to pass upon it and upon those
corporate incomes at the start, the State and na- who stand sponsors for it. The people are the ultitional Governments combined are taking 73% of all mate arbiters, and they should of right be allowed
incomes in excess of $200,000. That is, if an indi- to express their judgment upon the doctrines invidual has, say, an income of $300,000, he is obliged volved. The creators of the measure should not be
to turn over to the Government $73,000 of the last allowed to escape the consequences of their acts.
s100,000, in addition to the very heavy taxes that
Business failures in the United States during
accrue on the amount of the income up to $200,000,
leaving him for re-investment or employment in his February were somewhat less numerous than in rebusiness only $23,000. Such taxes are oppressive, cent months and the liabilities are considerably reand the taxpayer needs, and now that Secretary Mel- duced, but perhaps in neither case is the reduction
lon has shown that the step is possible, is entitled to greater than is to be expected for the shortest month
relief. The relief should come with the greatest ex- of the year. In one respect there is improvement,
pedition, for it will be no use to an individual if de- the larger failures last month were somewhat less
layed until he has succumbed under the cumulative numerous, and the indicated losses attributable
thereto considerably reduced. There was a decrease
load.
Pie Tim:mute.
1056
THE CHRONICLE
VoL. 118.
of 18% in the number of commercial defaults in the
As to the different departments in trading lines,
United States in February from the preceding there is a large reduction in February this year in
month; a year ago the decrease in the number of liabilities reported for defaults among dealers in
failures from January was 29%. Liabilities in Feb- hardware; also among grocers and allied lines. The
ruary this year show a decline from January of 30%, number of defaults among hardware dealers is 50%
due mainly to the smaller losses reported by trading less in February of this year than it was a year ago,
concerns; for February 1923 the decrease in the de- but the indebtedness is more than 80% less this year,
faulted indebtedness from the preceding month was owing to some large failures in the hardware line a
only 17%. February failures this year were less year ago. Defaults among grocers are about the
• numerous than for any month since October last, same in number as they were a year ago, but the inwhile the indebtedness reported is considerably debtedness shows a reduction of 47% this year.
• smaller than for any month since September. De- There is a marked increase in the number of insolfaults during the closing months of the year and the vencies in February this year among dealers in
first month of the new year, particularly the latter, clothing; also among dealers in furniture and in
are customarily larger in number and amount, and jewelry. In the manufacturing division defaults in
so some reduction in February is to be expected.
lines embracing machinery and tools are fewer in
The records of R. G. Dun & Co., upon which our number in February of this year than they were a
comments are based, show that in February of this year ago, but the amount of indebtedness shows an
year 1,730 commercial failures occurred. This is increase this year. Failures, however, among manuexclusive of banking defaults, which in some of the facturers of lumber and allied lines, also of manufacMiddle Western States have continued. quite numer- turers of clothing are more numerous in February of
ous this year. The liabilities of the business fail- this year than they were for the corresponding month
ures reported for February involved $35,942,037. of 1923.
These figures contrast with 2,108 commercial insolvencies in January of this year, involving $51,272,The approval already shown here, and to be con• 508 of indebtedness, and with 1,508 commercial de- fidently expected in the country, of Mr. Henry
faults in February 1923 for $40,627,939 of indebt- Ford's explanation of how high surtaxes would
edness. The failures reported last month include have, stifled his industrial production but did not
398 manufacturing concerns, with liabilities of $16,- because he had a few years' start of the destructive
478,308; 1,250 engaged in trading lines having total things, is worth a further reference. Mr. Ford was
liabilities of $17,598,487, and 82 agents and brokers, getting down to his single standard model car about
reporting $1,865,242 of indebtedness. For February six years before the war broke, and went on in
1923 there were 348 manufacturing defaults report- swifter and swifter bounds to his probably unparing $16,613,006 of liabilities and 1,115 of trading alleled success, considering its. rapidity as well as its
failures with an indebtedness of $21,001,282, while rate of growth. But the financiers. in .the interior
for agents and brokers the number was 45 and the agricultural States who are credited (or accused,
liabilities $3,013,651. There were more manufac- without any defense except ignorance) with writing
turing defaults in February this year than in Febru- the surtaxes did not get under way for another two
ary 1923, but the indebtedness in both years was years. Not a word need or really can be added to the
practically the same. Trading defaults were more luminous statement of this business man of how the
numerous last month than a year ago, while the lia- high surtaxes would have strangled him in his busibilities reported for the trading class was consider- ness cradlehood if they had been in existence at the
ably less in February this year than it was in the time. Mr. Ford's statement is particularly welcome
corresponding month of last year.
because even the dullest workman (who, of course,
The improvementthat appears in the trading class has his vote and whose vote is eagerly angled for)
is especially noteworthy in the statement of large cannot fail to see that Mr. Ford could not have put
failures. There were 23 of the larger failures in Feb- his profits into more machinery if the Government
ruary of this year reporting total liabilities of $4,- had grabbed them as fast as gathered. He thinks
258,202. In February 1923, with fewer trading fail- he could live simply on 1% of his present income;
ures, there were 31 of the larger failures with a total but if surtaxes had reached him earlier he might not
indebtedness of $7,812,108. The remaining 1.227 now be able to on the full 100%.
trading failures in February this year show liabiliThe common man's estimate of Mr. Ford is probties of $13,340,285, an average for each default of ably that while he has vast wealth he is not of the
$10,872; in February 1923 the remaining 1,084 trad- hated and hateful rich, has simple tastes, is devoted
ing defaults reported a total indebtedness of $13,- to making cars wherewith to encourage people to
189,174, an average of $12,167 to each default. As to lose the use of legs as soon as possible, has nothing
the large manufacturing defaults in February of to do with Wall Street, and does not like it. Comthis year, 26 show liabilities of $10,294,556, leaving ing from him, the testimony will be taken as true;
to the remaining 372 manufacturing insolvencies an from Wall Street, it might be suspected as another
average indebtedness of $16,623 to each default; a trick of the tax-dodgers. The folly of imagining
year ago the average was only $11,535. As to the that such a fleet and fluid thing as capital will stand
total.of all commercial failures in the United States and be clubbed when it can run ought to be so disin February this year, there were 53 of the large pelled that it can never plague us again, and we
failures; in February 1923 the number of large de- gladly echo the hope of the City Bank that Mr. Ford
faults was 67. The indebtedness of the larger fail- has "opened new possibilities for the fight on
behalf
ures in February this year was $15,394,558, leaving of the Mellon plan."
to the remaining 1,677 defaults, which occurred in
that month, an average of $11,984 of liabilities; for
Publication on last Sunday, March 2, in London
February 1923 the average was $12,086, practically and Paris, of letters exchanged by Prime Minister
the same amount.
Macdonald of Great Britain and Premier Poincare
MAR.8 1924.]
TH I
CHRONICLE
of France furnished the chief topic of discussion in
bath capitals for several days. The London correspondent of the New York "Times" said that the letters "show that the British Premier's friendly communication to his French colleague expressed the
British viewpoint with a frankness unprecedented
in any known diplomatic document." He added that
"British suspicion of French action and motives
since the war is set forth without any attempt at
circumlocution. Mr. Macdonald, for instance, tells
M. Poincare that the British people do not understand the reason why France maintains such a great
aerial fleet and view it with distrust." Continuing,
the "Times" correspondent said: "He explains that
he seeks to reach a complete understanding on all
outstanding questions between the two countries
through an unreserved recital of 'the difficulties
with which I am faced and the manner in which I envisage the situation.' Mr. Macdonald also shows
that he hopes by united Anglo-French action so to reestablish the affairs of Europe thatthe United States
can be induced to co-operate in the general reconstruction." Outlining the position of M. Poincare
as shown in his letter, the "Times" correspondent
said: "M. Poincare in his reply, which also is
couched in friendly and sympathetic terms, welcomes the opportunity opened up to reach complete
accord on all issues between Great Britain and
Prance. He disclaims any idea of annexing a particle of German territory or of obtaining for France
anything whatever that she is not entitled to under
the treaty, as Mr. Macdonald had suggested she was
trying to do, and expressed his utter inability to
comprehend how the British people could suspect the
French of any 'fratricidal' intentions toward them.
The French Premier agrees with Mr. Macdonald that
the question of inter-Allied debts is connected with
that of reparations and says it is infinitely to be desired that they should be settled at the same time."
Apparently the London papers did not think at
first that the letters would accomplish very much
toward a comprehensive settlement. The London
correspondent of the, New York "Times," in another
dispatch, said that, "while the new correspondence
between the British and French Premiers is generally accepted by the newspapers as in itself a satisfactory sign, the feeling is manifested that it does
not really carry the two countries much further in
adjustment of their national policies: 'All that the
letters accomplish and all that they are designed to
accomplished,' points out the London 'Times,' is to
create an atmosphere of confidence between France
and Great Britain,' and it then asserts that it would
not have been so necessary 'if the speeches of an irresponsible Opposition had not led the public to suppose that the Labor Ministry would connote a more
anti-French policy.'" He also said that "the 'Westminster Gazette' suggests that 'these letters are less
notes between two Premiers than messages for the
education of public opinion in each country,' and
asks how Macdonald can meet Poincare half way on
such questions as the invasion of the Ruhr and the
treatment of the Rhineland. Speaking of the proposed compact of guarantees between the United
States, Britain and France, which broke down, it
says:'It is not often enough recalled that the pact
was to be expressly limited in duration and was
never intended to cover more than the early period
after the signing of the Versailles Treaty. Further,
1057
the pact was not considered by Clemenceau to be an
"essential guarantee" of safety to France that was
to be found in the occupation of the Rhineland)"
A more hopeful view of the purposes and probable
effects of the letters was taken in Paris. The New
York "Times" representative at the latter centre
cabled that "while on the face of them the letters
exchanged between Premiers Macdonald and Paincare, made public to-day in Paris and London, augur
for a resumption of the Entente.Cordiale, in the two
documents placed side by side the fundamental difference of conceptions between the two statesmen
shows clearly. Mr. Macdonald lays down graciously
that he does not like the French Nationalist program nor the large French military establishment,
and that he believes in broad, general and liberal
international relations as better for security than
the French plan depending on force. M. Poincare
does not, at the bottom of his heart, agree with Mr.
Macdonald because nine-tenths of his letter consists
of the defense and justification of things Mr. Macdonald finds wrong." He added that, "however, it
is regarded here as a hopeful omen that the two
Prime Ministers start their conversations with an
exhibition of frankness which has not always been
characteristic of Franco-British negotiations in the
last three years. One thing certain is that the two
notes will bring a flood of public discussion, and it is
taken for granted that the Nationalist press will
put by the side of Mr. Macdonald's criticism of the
French air farce his recent decision to build five new
cruisers. On the other hand, Mr. Macdonald's letter
is likely to be exceedingly well received by the Liberal opponents of M. Poincare and his Nationalist
policy and to be the leading document in the French
electoral campaign. Nevertheless, his supporters
stress the fact that it was M. Poincare who proposed
publication of the two notes."
As to the German attitude toward the correspondence, the Berlin correspondent of the Philadelphia
"Public Ledger" cabled, under date of March 4, that
"the Macdonald-Poincare correspondence is regarded here as an encouraging, though not a highly
encouraging, indication of bettering prospects for
settlement of the Rhineland-Ruhr problem and improvement of the general European situation. Encouraging, because an acceptable solution of the
problem of occupation, reparations and security for
France and Germany must, in Germany's interests,
be reached by an agreement between Enkland,
France and Germany and not by a military conflict
in which Germany would be the chief sufferer; also
because Premier Macdonald's frank exposition of
Anglo-French differences may open the path to an
equally frank discussion and settlement." On the
other hand, he added that "among the disappointing
features of the published correspondence from a German standpoint, is the prospect of continued occupation until reparations are all paid—recent statements having encouraged the belief that France
would be willing to withdraw her troops if the experts were able to devise and offer acceptable pledges
of payment in exchange—and Premier Poincare's
announcement that occupation of the Rhineland
must be continued, not only until the provisions of
the Versailles Treaty are fulfilled, but until France's
security is assured."
In spite of some criticisms of the notes at the various important European capitals, which was to •
1058
THE CHRONICLE
[Var.. 118.
have been expected, the cable advices from the first sidered before he can decide upon any step forward,
indicated that political leaders of real importance and any prophecies of what he will then propose can
were of the opinion that they would pave the way for only be speculations." He also said, "but despite
conferences, first between the French and British, their inability to announce an immediate move,
Govand later for a conference that might include the ernment circles are confident that publication
of letUnited States and European Powers in addition to ters is of advantage. They have been read throughFrance and Germany. As early as the evening of out France and Great Britain and
they have laid beMarch 2 the Paris correspondent of the New York fore the public at large a comprehens
ive statement
"Herald" cabled that "coincident with publication of the difficulties which must
be overcome if Angloof the latest correspondence between Prime Minister French co-operation is to be preserved.
They will
Ramsay Macdonald ind Premier Poincare, it is ad- have important results when the representat
ives of
mitted by circles close to the Government that a'con- the two Governments come together
again in conferference between the two is now a certainty. It is to ence." Continuing, the "Times" correspond
ent said:
be held soon after the reparations experts have pre- "Although Mr. Macdonald will not at
present consented their report and before the Reparations Com- sider either a conference or personal
interview with
misssion makes its general reply. The unusual M. Poincare, it is evident that his
proposal for takmethod Mr. Macdonald employed to learn the atti- ing a comprehensive view of Europe's
troubles looks
tude of it. Poincare has found the latter responsive, directly toward an international gathering.
If it is
and has created an altogether different feeling to decided to make it a world-wide one,
the United
that engendered by Lord Curzon's notes of the for- States must participate, and it is
fully understood
mal diplomatic kind. It is a fact that the French are here that America cannot consider
that until the
warming up more to the Labor Prime Minister than Presidential elections are over. Even then it
is realthey inclined toward his predecessors, and the heads ized that American public opinion might
not be willof the Governments are likely to meet under aus- ing that Washington should appoint official delepices more favorable than could have been expected gates, and the disposition here would be to consider
a few months ago." He also suggested that "this is the desires of the United States before issuing
a regunot only indicated in their correspondence, but is lar invitation. Of course, the old difficulty remains.
emphasized even in the comments made in official As soon as discussion of German reparations begins
quarters on the letters just exchanged. In the main, the question of inter-Allied debts comes up, and that
it would seem that the problem facing Macdonald involves British and other European debts to the.
is to get Poincare to agree to his League of Nations United States. France shows no sign of departing
idea as the basis for a new agreement or understand- from her position that if Great Britain, in the intering between the two countries. On this point the ests of her commerce, suggests a reduction of reparaFrench Premier gives little encouragement, nor is tions she should also be willing to forego some of the
there much in what is said here by his collaborators." sums she advanced to France. British statesmen
Washington authorities were said to have been would have to consider their electorate and to repleased with the notes, although they refrained from mind France of the £30,000,000 Britain is paying anmaking any definite comment for direct quotation. nually to America."
According to a Washington dispatch Monday evefling,"the exchange of views between the British and
The Paris correspondent of the New York "TribFrench Premiers, contained in correspondence madc une" took the view, in quite a positive way, that had
public yesterday at the European capitals, is taken been expressed in the earliest dispatches from that
as a hopeful sign in American official circles. Offi- centre and London. He asserted that "exchange of
cials here to-day scrupulously avoided any author- views between Prime Minister Macdonald and Preized statement, but they have made no secret of their mier Poincare, disclosed last night, is a prelude to
conviction that a solution of the reparations tangle some of the most important developments in Europe
could be found only through the frankest interchange since the war, persons close to the Government said
of views among the Powers chiefly concerned. ID to-night." He further asserted that "it is likely that
giving informal approval to creation of expert com- within the next 30 days, according to unimpeachable
mittees with Americans as members, the Government information here, the Macdonald-Poincare correhere emphasized that a cure for the evils in the situ- spondence will form the keystone of negotiations for
ation must come from within the Allied group itself, a Franco-British alliance covering the military,
and by mutual agreement among the Allies." It was naval and aerial forces of those Governments for
suggested that "apparently the extreme frankness of maintaining European peace in accordance with the
the British Prime Minister's statement and the tone Versailles Treaty." Continuing he said: "During
of the French answer are viewed here as indicating the present week Poincare, who is greatly impressed
a beginning toward that co-operation which the by British suspicions of French armaments, will
United States long has hoped to see."
publish a 200-page Yellow Book containing revelations of the problem of French security from the
In a special London cablegram to the New York time the Versailles Treaty was signed to the last con"Times" Monday evening the belief was expressed versation between the French Ambassador to Engthat the most important results of the exchange of land and former Foreign Minister Curzon. By the
the notes would not come immediately. The New publication of these documents the Premier hopes to
York "Times" representative at that centre declared prove that France, while accused of seeking Eurothat "the correspondence between Prime Minister pean hegemony and nourishing hostile plans against
Ramsay Macdonald and Premier Poincare is not ex- England,in reality has been attempting every means
pected to lead to any immediate results. Mr. Mac- to restore the defunct past as a guaranty between the
donald meantime feels that he must wait until the two nations. Within a few weeks after the publicareports of the expert committees appointed by the tion of the Yellow Book the French Government is
Reparations Commission have been received and con- prepared to go further than this in order to dissi
MAR.8 1924.]
THE CHRONICLE
1059i
pate the last vestige of Britain's suspicion of French eminent lending for this purpose the whole machinmotives."
ery of the Reichsbank, with its 400 branches throughout Germany. All reparations payments will be hanFurther distinct progress in the work of the com- dled through this bank, and it is expected it will get
mittees of experts of the Reparations Commission the bulk of the German foreign business in banking.•
has been reported. It was stated, for instance, in an fo start with, paper money will be issued on the base
Associated Press dispatch from Paris, dated March of the gold reserve, 40% of which means 3,000,000,3, that "every effort is being made by the experts' 000 gold marks' worth of paper will be put out. This
committees to hand in their report before March 15 paper money will be exchanged against
the rentenand the chances are good, it is considered at repara- mark at its market value and against the old German
tions headquarters, for a final agreement by the ex- marks at a market rate of about 3,000,000,000 paper
perts early next week." It was claimed that "a defi- marks for one gold mark. As the deposits and gold
nite agreement has been arrived at by the experts reserve of the bank increase the issue of its
money
and Dr. Hjalmar Schacht concerning the form of the will increase. But the German Government will
new gold bank which the President of the Reichs- have no power to demand advances from the bank•
bank proposes to set up. This gold bank is to be ab- and the Berlin Government will stand in the
same
sorbed later by the bank of issue which the Experts position as any other borrower. Provision
is made
Committee will recommend to the Reparations Com- for allowing Germany to get complete control
of the
mission." According to the dispatch, "the experts' bank, after reparations have been
paid, by the purcommittee will recommend that the bank of issue be chase of the stock which is now to
be sold to raise
located in a neutral country, probably Holland, The capital. In connection with the bank plan
is a plan
Hague being favored as the seat." The Paris repre- for a loan for the German Government to make
good
sentative of the Philadelphia "Public Ledger" ca. 1,200,000,000 rentenmarks advanced to
it by the
bled that "it is stated Belgium would control 1,250,- Rentenbank. For this purpose the receipts of
one or
000,000 gold marks of the total capital, fixed at more German monopolies, such as tobacco
or alco5,000,000,000 gold marks, and France 2,600,000,000, hol, will be pledged to raise funds to enable
the Gerwhile Great Britain and Italy would control the re- man Government to redeem the rentenmarks
it has
mainder. This means that the total capital sub- put into circulation. The other 1,200,000,000
rentenscribed by German and international banks would marks are secured by real estate and will be rebe controlled by nations which are members of the deemed by the new bank at their face value, 4.22 to
Reparations Commission, pro rata the shares fixed
by treaty and inter-Allied agreements of 1921."
As to the international loan feature of the plan,
A more complete outline and summary of the plan the Paris correspondent of the New York "Herald"'
of the committee for the new bank was given by the Cabled March 4 that "the proposed international loan
Paris correspondent of the New York "Times" in a based on Germany's railroads, one of the principal
cable message dated March 4. He declared, first of features of the plan of the committee of experts for
all, that "General Dawes has been assured that the Germany's rehabilitation, has been scaled down conGerman Government is ready to accept the plan as siderably and will now be devoted entirely
to helpdrafted, which includes sending out of Germany 400,- ing the German Government to retire
1,200,000,000
000,000 gold marks, constituting almost all that is rentenmarks obtained from the
Rentenbank without
left of the gold reserve of the Reichsbank. In addi- any covering security. These
rentenmarks enabled
tion, the experts have been assured that the neces- the German Government
to pass the crisis caused by
sary capital for the bank will be forthcoming if the the complete collapse of the paper
mark, but in orrest of their plan goes through." He added that "the der to stabilize Germany
currency and put it on a
bank plan is now considered entirely finished and gold basis
the Government will have to reimburse
has been put on one side pending the solution of the the Rentenbank."
He added that "hitherto the idea
most difficult question—control, or supervision, or has been that
this international loan feature would
audit of the German budget. It is understood the in part
be used to enable Germany to finance conplan provides that the bank is to be a private insti- tinued payments
in merchandise to the Allies, if not
tution, operated in complete independence of the cash
payments to the Reparations Commission. But'
German Government, and to make that independ- the
committee is not proceeding with the idea of'
ence doubly sure its gold reserve will be kept outside providing for any
specific reparations payments exthe territory of the Reich, and therefore safe from cept those that will
naturally be made possible in
seizure, no matter what happens inside Germany. the situation
that will follow once Germany has balIts capital is to be 400,000,000 gold marks and its anced her budget and stabilized
her currency sysgold reserve 1,200,000,000 gold marks, to be com- tem."
posed as follows: One-third Reichsbank gold, onethird to be subscribed in Germany and one-third to
Relative to the probable date on which the Dawes•
be raised abroad by the sale of stock." Continuing, Committee report would be made
public, the Paris
he outlined the plan for the new institution as fol- correspondent of the New York
"Herald"
cabled on•
lows: "It is to be run by a Board of Directors com- the evening of March 5 that
"simultane
ous
publicaposed of members named by the banks of issue of all tion of the reparations experts'
reports in all world
the large nations, it being expected that the United financial centres will be
recommended by Genera/
States Federal Reserve Bank will name a director Dawes's committee to the
Reparations Commission-'
along with the Bank of England, the Bank of France As these reports will have
to be intertwined in some
and other large institutions of the kind. The chief features they will not go to the Reparations Commis-'
office is to be in Holland or Switzerland, probably sion before March 18. The
present plan is for the
the former, but the real business of the bank is to be joint report to be cabled in advance to each financial
conducted throughout Germany, the German Gov- centre, and then released." The Associated Press
1060
TH 1i
CHRONICLE
correspondent in-the French capital cabled the same
evening that "the reparations experts who have been
examining into Germany's financial position now expect to hand in their report to the Reparations Commission in the early part of the week beginning
March 16. Before that time they will have a meeting with the members of the Reparations Commission, in the course of which the substance of their
report will be explained in order to provide a chance
for questions on any points likely to require elucidation."
The attitude of the British, even of such formerly
prominent political leaders as Lloyd George and
Stanley Baldwin, toward the Labor Ministry, appears to be increasingly friendly. In a cablegram a
week ago to-day the London correspondent of the
New York "Times" declared that "testimony as to
the value of keeping the Labor Party in power has
come this week from two unexpected sources, Stanley Baldwin and David Lloyd George." Continuing,
he observed that "the Burnley election and the
strength the Government displayed at the polls
may have influenced them, but it is none the less remarkable that both of them dwelt on the advantage
to the country of giving labor leaders experience in
office, and Mr. Lloyd George declared it was just
like 'the luck of Britain' that the first experiment in
socialistic administration came under conditions
where it might even do good." The correspondent
made it known that "Mr. Baldwin expressed his
view of the situation in a frank address to the young
hope of the Conservative Party, the Cambridge University Conservative Association. He said that 'it
will be very interesting to see how far the theories
with which the Labor Ministers have come into power
will be modified in the light of experience. My own
belief is that they will be considerably modified, because I will say this of the bulk of them: they are
attempting to judge honestly on evidence which has
hitherto been unknown to them. No one knows how
long they may be in power; my own hope is that they
may be in power long enough for that process to
work out. That must affect them when they come to
another election. It will be difficult for those who
have borne responsibilities and who are beginning to
see the linking together of cause and effect to promulgate some of the doctrines and remedies which
they have done hitherto.'". Outlining what former
Premier Lloyd George said, the "Times" correspondent reported that "Mr. Lloyd George in his picturesque fashion expressed much the same view in his
speech this afternoon at a Liberal meeting in West
Hartlepool. The mistakes of the Government, he dedared, had been largely those to be expected from
inexperienced men. 'You have seen a man learning
to drive a motor car for the first time. He swerves
violently to the left until he nearly drives the car
into the ditch. Then he dashes off to the right until
he almost skids into the ditch on that side. Gradually, if he has got it in him, he will steady down and
drive a straight course. The alarms and crises of the
last few weeks have all been of that character. On
Poplar they dashed furiously to the left until they
nearly upset the coach. Then they swung suddenly
and vehemently to the extreme right over the cruisers. There have been several instances of the same
unnerving character until the House of Commons
has lived in hourly fear of a smash. By and by, when
the Ministers get their hand in and acquire more ex
[Von. 118.
perience and further confidence, they may well drive
a straight course without damage to the valuable
traffic which is on the road.'"
It developed on Tuesday that the House of Lords
became dissatisfied with the air policy of the Labor
Government. The London correspondent of the
New York "Times" cabled that evening that "the
House of Lords to-day registered its disapproval of
the pacific utterances of William Leach, Under Secretary for Air, in outlining the Government's air
policy on Feb. 20 in the House of Commons." The
correspondent added that "the Lords adopted without division a motion presented by the Marquis of
Londonderry reading: 'That the House, while earnestly desiring further limitation of armaments, so
far as consistent with the safety and integrity of the
empire, affirms the principle laid down by the late
Government and accepted by the Imperial Conference, that Great Britain must maintain a home defense air force of sufficient strength to give adequate
protection against air attacks by the strongest air
force within striking distance of her shores.'"
As to the success of the Ministry in carrying
through its measures, the London correspondent of
the New York "Herald" cabled Thursday evening
that "the British Government's reduction of the levy
on imports from Germany, as reparations payments,
from 26 to 5% was made the point of a combined
Tory and Liberal attempt to censure the Government
in the House of Commons to-night. Mr. Macdonald's
Ministry emerged unscathed, the motion of the Conservatives to reduce the civil service vote as a protest being defeated by a vote of 240 to 170. The Government's opponents said Englapid had received
nothing in return for the concession."
The French Senate has had under consideration
this week certain financial reform measures that
were passed upon by the Chamber of Deputies last
week. The Associated Press correspondent in Paris
cabled Thursday afternoon that "the Poincare Cabinet decided to-day to stand out against the radical
change in the pending financial reform measures
proposed in the Senate, which now is considering
the bills after their passage by the Chamber of Deputies." He also made it known that "the Cabinet this
morning considered the situation of the bills before
the Senate, particularly regarding the proposition of
Henri Berenger, reporter of the Senate Finance Committee, that certain definite economies be substituted for the provision giving the Government power
to bring about economies by decree." According to
the cable message, "the Cabinet decision was not to
accept any such procedure."
According to a special Paris cablegram to the New
York "Herald" yesterday morning, "Premier Poincare will either put his finance bills through the Senate with a steam roller or he will resign the Premiership. Faced with the danger of a fiscal collapse just
at the moment when the situation between France
and England is clearing and there is a probability of
a satisfactory solution of the reparations problem,
M. Poincare has decided that the country's credit
must be saved without delay, and he does not intend
to allow the Senate to use the obstructive methods
which held up the vote on the fiscal measures for
nearly a month in the Chamber." The correspondent
added that "this [Thursday] afternoon M. Poincare
bluntly told the Senate's Finance Committee that
the time has come to act quickly if France's credit
MAR.8 1924.]
THE (JHBON[CLE
abroad and the confidence of the French people are
not to be destroyed. `If your report is not delivered
to the Senate Tuesday so as to permit immediate discussion, the Cabinet will give its resignation to President Millerand,' he said at the conclusion of his review of the situation."
The electoral campaign in Italy is under way. In
a wireless, dispatch dated March 2, the Rome correspondent of the New York "Times" made it known
that "the electoral campaign began officially to-day
with a solemn proclamation in the capital of each
province of the names of the candidates running for
election on the Fascist ticket, followed by a parade
of representatives of each Fascist section in every
province. These demonstrations were most imposing, not only because of the numbers of delegates,
which gave some idea of the strength of the Fascist
movement, but also because of their enthusiasm and
martial bearing." Further outlining the political
situation in Italy the correspondent said: "Despite
the large number of parties which are taking part in
the elections, they are all under three heads, so that
the fight will be a three-cornered one, between the
Fascisti, the opposition parties, and the so-called
• 'flanking parties.' The 'flanking parties' are mostly
composed of Liberals and Democrats, who though
they are fighting the elections on their own do so
with a program of frank and open friendship with
Fascismo. The opposition is composed of Socialists,
Communists, Maximalists, Republicans, members of
the Popular Party and the so-called constitutional
opposition, and is staunchly inimical to Fascismo
and all of its ways." He declared likewise that "the
Fascisti in the campaign will cite the record of their
first year of office, and a program of further reforms
which soon will he announced in a speech by Under
Secretary of State Acerbo."
1061
on the evening of.. March 6 the Brussels correspondent of the New York "Times" described the situation
as follows: "Paul Hymans has accepted the portfolio of Foreign Affairs given up by M. Jaspar, who
in view of question of confidence involved in the
Franco-Belgian economic convention desires to retire and return to the bar. M. Poullet, one of the
chiefs of the Catholic Flamingant Right, who is one
of the Belgian delegates to the League of Nations,
refused office of any kind. The leaders of the Catholic Right, both.of the Chamber and of the Senate,
met this afternoon and decided to support• M.
Theunis and the Government program comprising
questions of reparations, retrenchment and measures against the high cost of living."
W. P. G. Harding, Governor of the Federal Reserve Bank of Boston, and former Governor of the
Federal Reserve Board, sailed from New York a
week ago to-day for Europe. It is expected that he
will assume the position of dictator of the finances
of Hungary, which will be under the general supervision of the League of Nations. A detailed account
respecting the happenings as to the proposed Hungarian loan appears elsewhere in this issue in our
department of Current Events and Discussions.
The Russian Soviet Government is always on the
lookout for a loan. This tendency is characteristic
of various other European Governments, for that
matter. In a wireless dispatch dated March 3 the
Berlin correspondent of the Philadelphia "Public
Ledger" said that,"recognized, but unenriched, Russia is about to ask Great Britain as a pendant to recognition, for a big sterling credit to the Soviet Government direct, as a necessary step in the revival of
Anglo-Russian trade and friendly relations, according to Moscow advices." He further stated that "M.
Rakovsky, Russian representative in London, who
Apparently Germany is to have a general election has arrived in Moscow,.stated that the British Govin the near future. The Berlin correspondent of the ernment was prepared to give British business men
New York "Tribune" sent a wireless dispatch Thurs- credit assistance fram the overseas trade fund in
day evening saying that "the Reichstag will be dis- financing their ventures in Russia. That will not
solved next Wednesday. This decision was reached content the Russian Government, which wants a
to-night after a conference of Chancellor Marx and straight loan to itself. Rakovsky said the British
various party leaders. This means national elec- demands for compensation for losses incurred
tions will be held in the near future. Parliamentary through Bolshevism were highly exaggerated."
From Moscow, on March 4, came the definite statecircles put the probable date at April 6." He added
that "few illusions are cherished by the liberal par- ment that "Russia has asked Britain for a loan of
ties as to the probable outcome of the prospective £150,000,000, extended over three years, and has conelections. The leaders of these groups frankly ad- siderable hopes of getting it, an announcement by
mit the probability of big victories for the Extreme Rakovsky says." The dispatch also stated that
Right and the Extreme Left. It is, for instance, ex- "67% of the loan would be in the form of credits for
pected that the Deutsch Voelkische Party—now rep- English goods, textile and other machinery, autoresented in Parliament only by the three Deputies mobiles, etc.; and the remainder in cash for specified
who have recently come into the limelight through purposes, notably rail and maritime transport. The
their issuance of a challenge to a duel to a colleague Russians proposed to buy 200 or 300 merchant veswhose remarks irritated them—will show a gain of sels. Full guarantees would be given that not one
cent would be spent on the Red army or for war ma30 seats."
terials, although there might be some purchases on
The prospects appear to be reasonably bright for behalf of the commercial air fleet." On the other
the formation of a Belgian Cabinet at an early date, hand, word came from London the next"day that'"if
following the resignation of M. Theunis as Premier the Soviet Government believes it will receive a loan
and his associates recently. Brussels cable advices from Great Britain of £150,000,000, the highest offias early as March 5 stated that "the end of the Cabi- cial circles here know nothing whatever about it."
net crisis is in sight." The former Premier had been It was added that "beyond the fact that Russia has
asked by King Albert to form a new Ministry, and it been recognized de jure by the British Government,
was stated that he had undertaken the task. He nothing has been done. It is stated on high authorof
spent several days in conference with leaders of the ity that until a meeting between representatives
whole
the
and
held,
the
has
been
two
Governments
a
In
message
wireless
parties.
Liberal
and
Catholic
1062
THE CHRONICLE
[Voo. 118.
matter gone into, any definite conclusions or deci- Note circulation registered the tremendous
expansion
sions are impossible."
of nearly one billion francs in a single week, the actual
increase in the total of notes outstanding being 921,• No change has been noted in official discount 225,000 francs. This enormous expansion follows an
• rates at leading European centres from 108% in Ber- increase of nearly half a billion francs
recorded the
lin; 7% in Norway and Denmark; 6% in Paris; previous week, and as a
result.note circulation is at
51/
2% in Belgium and Sweden; 5% in Holland and the highest point on record, now
aggregating no less
Madrid, and 4% in London and Switzerland. In than 40,315,994,000 francs.
This contrasts with
London, open market rates again declined fraction- 37,822,818,850 francs on the
corresponding date last
allyi and short bills, as well as three months' bills, year, and with 36,255,851,
615 francs in 1922. Just
are now quoted at 31/
4@35-16 %, comparing with prior to the outbreak of war,in 1914, the amount was
31/
2@39-16% a week ago. Call money at the British only 6,683,184,785 francs. Comparison
s of the varicentre, however, was slightly firmer for a time, ad- ous items in this.week's return
with the statement of
vancing to 214%, but closing at 15
/
8%, against 2% last week and corresponding dates in both 1923 and
last week. In Paris and Switzerland the open mar- 1922 are as follows:
ket rate continues to be quoted at 6% and 3%, reBANK OF FRANCE'S COMPARATIVE STATEMENT.
spectively, the same as heretofore.
Chantes
Status as of
A small decrease in gold, amounting to £4,481, was
shown by the Bank of England in its weekly statement; and this was accompanied by a drop in reserve
of £464,000, the result of expansion in note circulation of no less than £441,000. The proportion of reserve to liabilities suffered a further decline to
17.72%, as contrasted with 18.03% a week ago and
18.70% the week before. In the corresponding week
of 1923 the ratio stood at 1914% and a year earlier
at 18%. Public deposits declined £348,000, but
"other" deposits increased £29,000. The bank's loans
on Government securities decreased £1,790,000, but
loans on other securities were increased £2,024,000.
Gold holdings now stand at £128,101,815. At this
time a year ago they were £127,507,927 and in 1922
£128,763,964.
Reserve aggregates £21,834,000,
against £23,789,817 in 1923 and £24,979,809 the year
previous. Loans amount to £70,245,000, comparing
with £70,394,305 a year ago and £80,919,373 in 1922,
while note circulation stands at £126,020,000, in comparison with £123,468,110 and £122,234,155 one and
two years ago respectively. Clearings through the
London banks for the week were £853,950,000, as
against £735,267,000 a week ago and £740,950,000
last year. At the regular weekly meeting of the
bank Governors the minimum discount rate of 4%
was left unchanged. We append herewith comparisons of the different items of the Bank of England
returns for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1922.
1923.
1921.
1920.
March 6.
March 8.
March 7.
March 9. March 10.
E
Circulation
126.020,000 123,468,110 122,234.155 128.474,515 102,887.370
Public deposits
12,758,000 15,867,866 15,168,535 17,881,125 18.555,097
Other deposits--__ 110,365,000 107,491.128 123,097.057 115.195,686 127,339.300
Governm't securities 49,407.000 47.411.626 50,549.317 39,153,863 40,387.349
Other securities
70,245,000 70.394,305 80,919,373 93,718.828 92,056.616
Reeerve notes & coin 21,834,000 23,789.817 24.979,809 18,299.971 31.551,970
Coin and bullIon
128,101,815 127.507,927 128,763,964 128,324.486 115,980,340
Proportion of reserve
to Ilabilitlee
19g%
17.72%
18%
133(%
214%
Bank rate
43•%
4%
3%
7%
6%
for Week.
March 6 1924. March 8 1923. March 9 1922.
Cold Holdings—
Francs.
Francs.
Fra ,cs.
Francs.
In France
Inc.
105,000 3,677,088,025 3,671,523,108 3,577,179,874
Abroad
No change 1,864,320,900 1,864,344,127 1,948,367,056
Total
Inc.
105,000 5,541,408,925 5,535,868,036 5,525,546,930
Silver
Inc.
102,000
297,629,000
281,341,490
290,827,848
Bills discounted-- _the. 488,805.000 4,377,776.000 2,683,976,866
2,924,847,230
Atharices
Inc. 116,215.000 2,488,239,000 2.137,817,521 2,397,240,741
Note circulation...Inc. 921,225,000 40,315,994,000 37.822.818,850 36,255,851,615
Treasury deposits_Ine. 1.5Y4 lion
3R.fi01.100
89,027,836
32,249,190
General dePoeits Inc. 47,657,000 2,366,826,000 2,140,611,823
2,276,330,886
The Imperial Bank of Germany in its statement,
issued as of Feb.23 was featured by a curtailment in
note circulation. This amounted to 17,317,251,000,000,000,000 marks, and contrasts with the huge increase reported a week earlier. Treasury and loan
association notes increased 180,000,000,000,000,000
marks; bills of exchange and checks 25,370,921,000,000,000,000 marks, and deposits 86,322,527,000,000,000,000 marks. In Rentenbank notes there was an
expansion of 12,206,727,000,000,000,000 marks, while
Rentenbank bills and checks gained 80,512,653,000,000,000,000 marks and Rentenbank loans 50,000,000,000,000,000,000 marks. As for Rentenbank discounts and advances, these were reduced 12,955,590,000,000,000,000. Among the relatively smaller
changes were declines aggregating 3,335,000,000,000,000 marks in notes of other banks, 27,164,000,000,000,000 marks in investments, 514,150,000 marks in
total coin and bullion, which now includes aluminum, nickel and iron coins. There was an increase
in advances of 1,150,511,000,000,000,000 marks. Gold
reserves decreased 2,167,000 marks, to 464,864,000
marks, which compares with 1,004,830,000 marks last
year. Outstanding note circulation now stands at
536,669,347,761,000,000,000 marks, as against 3,123,000,000,00 marks in 1923 and 120,026,000,000 marks
a year earlier.
The statement of the Federal Reserve Bank this
week disclosed losses in gold reserves, locally and
nationally, and further contraction in rediscounting
operations. In the combined report rediscounts of
Government secured paper fell $51,500,000. "All
' The Bank of France continues to report small gains other" discounts increased $8,300,000, but bill buying
in its gold item, the increase this week being 105,000 in the open market was reduced $3,500,000. Total
francs. The Bank's gold holdings, therefore, now bills discounted aggregate $488,308,000, which comaggregate 5,541,408,925 francs, comparing with pares with $571,487,000 a year ago. Earning assets
5,535,868,036 francs at this time last ydar and with decreased $20,500,000, while deposits showed a tri5,525,546,930 francs the year before; the foregoing fling increase. There was a loss in gold amounting
amounts include 1,864,320,900 francs held abroad in to $5,900,000. At the New York Reserve Bank gold
1924, 1,864,344,927 francs in 1923 and 1,948,367,056 holdings fell nearly $14,000,000, owing to gains of
• francs in 1922. During the week increases were the other Reserve banks at its expense. Here redisregistered in all the other items, viz., silver, 102,000 counting of Government secured paper declined $47,francs; bills discounted, 488,805,000 francs; advances, 200,000, while other bills increased $4,400,000 and
116,215,000 francs; Treasury deposits, 1,524,000 'open market purchases were $600,000 larger. The
and general deposits, 47,657,000 francs. total of bills discounted is much smaller than at this
MAR.8 1924.]
THE CHRONICLE
time last year, being only $80,660,000, as against
$200,239,000. A small gain in earning assets ($6,600,000) is shown, but deposits fell $40,100,000.
Changes in the amount of Federal Reserve notes in
circulation were not important. Locally there was
an increase of about $2,000,000, and for the System
a reduction of $2,500,000. Heavy contraction occurred in member bank reserve accounts, totaling
approximately $20,000,000 for the System and $40,000,000 at New York. The scaling down in deposits
served to offset or to overcome losses in gold as far
as reserve ratios are concerned. For the group banks
there was a decline of .1%, to 80.5%, while for the
New York bank the ratio advanced 1.7%, to 87.7%.
1063
the American market could take its share without
disturbing the money market greatly.
Referring to money rates in detail, call loans have
remained almost motionless during the week. On
Monday all loans were negotiated at 432%. Tuesday there was a range of 434.@432%, with renewals
at 43/2%, but for the rest of the week;that is, Wednesday, Thursday and Friday, a flat rate of 414% was
quoted. This compares with a range last week of
4@5%. The figures here given for call funds apply
to mixed and all-industrials collateral without differentiation. Ia time money there has been very little
doing. The market has been dull and narrow. The
trend has been upward, and towards the close of the
Last Saturday's statement of New York Clearing week the range of quotations was 4%@5% for all
House banks and trust companies was in line with maturities from sixty days to six months, as against
general expectations and indicated restoration of a 43
4% last week. The bulk of the business, however,
substantial surplus reserve with the return of funds is still passing at the inside figure.
into normal channels. Loans and discounts exCommercial paper came in for a fairly large turnpanded $19,703,000. Net demand deposits were in- over, and there h'as been a ready market for all choice
creased$48,879,000, to $3,872,425,000, which total is names. Offerings have not been large, and this has
•exclusive of $29,192,000 in Government deposits. In served to somewhat restrict operations. Most of the
time deposits there was an increase of $489,000, to demand is still from country banks. Four to six
$451,357,000. Other changes included a decline of months' names of choice character continue to be
$678,000 in cash in own vaults of members of the quoted at 43'@4%%, unchanged. Names not so
Federal Reserve Bank, to $46,930,000, which amount, well known require 4%@5%. New England mill
however, is not counted as reserve. Reserves of paper and the shorter choice names are usually dealt
State banks and trust companies in own vaults in at 432%.
gained $123,000, although the reserve of these instiBanks' and bankers' acceptances have been modertutions kept in other depositories fell $175,000. Mem- ately active and the turnover larger than in recent
ber banks added to their reserve credits at the Re- weeks. Trading, however, has been confined to a
serve bank the sum of $34,103,000, and this had the comparatively few, as many institutions are awaiting
effect of offsetting the expansion in deposits and the new Government financirg before placing new
bringing about an increase in surplus of $27,660,860. commitments. The undertone has been firm with
After eliminating last week's deficit of $5,603,350, quotations at the levels previously current. For call
this left excess reserves of $22,057,510. The figures loans against bankers' acceptances the posted rate of
here given for surplus are based on reserve require- the American Acceptance Council has been lowered to
ments of 13% for member banks of the Federal Re- 4%, comparing with 434% last week. The Acceptrates on prime
serve System, but not including cash in own vaults ance Council makes the discount
bankers' acceptances eligible for purchase by the
to the amount of $46,930,000 held by such banks on Federal Reserve banks 434% bid and 4% asked for
Saturday last.
bills running 30 days, 43470 bid and 43'% asked for
8% bid and 434%
bills running 60 and 90 days, 4/
The flurry in call money to 5% just prior to the asked for bills running 120 days, and 432% bid and
8%asked for bills running 150 and 180 days. Open
March 1 disbursements was of brief duration. Rates 4/
soon receded and for several days all requirements market quotations were as follows:
SPOT DELIVERY.
have been met at 4Vt@.41
/%. Time money was
60 Days.
30 Days.
90 Days.
4%Q.4
Prime eligible bill.
4545i4
43464
more freely offered and was obtainable at 43
4%,
FOR DELIVERY WITHIN THIRTY DAYS.
until
for
most
periods,
a
5%
few
against
days ago. Eligible member banks
4 hid
421 bid
There have been no new developments of general Eligible non-member banks
scope and importance. The March 1 disbursements
There have been no changes this week in Federal
were returned to the usual channels, while the money Reserve Bank rates. The following is the schedule
paid in payment of subscriptions to the Japanese bonds of rates now in effect for the various classes of paper
was said to have been deposited largely with financial at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
• institutions at this centre pending disbursement in
MARCH 6 1924.
payment of materials to be bought in this country
Paper M aturtny—
for reconstruction work in Japan. Otherwise, money
After 00 After 6
movements have not been unusual. Offerings of new
Days, but
bta
"'Firkin 90 Days.
Blain 6 ll'Uhin 9
securities were on only a moderate scale. Stock mar- FEDERA L RESERVE
Months. Months.
BANK.
. by
Com'retal Secur.
ket operations were only about half what they were
A ortcol.* A gricul.
U. S. Bankers' Trade
A gricut
and
and
vtLivest'k Govt.
A ccePwhen the market was active, not very long since.
Accep- Livestock Livestock
Paper. Oblioa- lances. tances. Paper. Paper.
n.e.s.
Ilona.
Even at that, it was regarded as largely professional.
4%
4%
4%
4%
It is said that the Government may soon announce the Boston
New York
414
4%
4%
4%
4%
Philadelphia
4%
4%
414
4%
5
'offering of some $400,000,000 short-term securities Cleveland
4%
4%
434
Richmond
4%
4%
431
444
4%
to meet March 15 requirements. On the other hand, Atlanta
4%
414
434
434
434
4%
4%
434
there will be large Federal tax payments on that date. Chicago
St. Louts
4%
4%
434
4%
4%
434
434
434
4%
434
434
There is some indefinite talk in local banking circles Minneapolis
Kansas City
4%
4%
434
434
434
Dallas
434
4%
434
434
of a large international loan for Germany within the °an Franetcen
434
434
4%
4%
414
•
Including
smaller
bankers' acceptances drawn for an agricultural purpose and secured
loans to several
next few months, and of much
by warehouse receipts, &c.
other European countries. Under present conditions
1064
THE CHRONICLE
[vox,. 118.
Sterling exchange moved within comparatively narMore gold arrived this week, as already stated,
row limits and trading was again restricted in volume namely a shipment of $9,660,000 on the Berengaria
and devoid of new feature. Practically all of the more from England, consigned partly to Kuhn, Loeb
important operators are either completely out of the & Co., and partly to J. P. Morgan & Co. It is
market or absorbed in the antics of French and understood that a substantial movement of gold
Belgian exchange, so that British currency remains from England is planned during the next few weeks,
in neglect. Speculation is at a low ebb, since for a part ,of which is to be used for British Treasury
the moment the strictly speculative element is purposes incidental to meeting the June 15 debt
concentrating its efforts on the Continental cur- payments. The Thuringia from Hamburg brought
rencies; hence, values have been well sustained. $2,500,000 in gold marks from the German ReichsDemand bills close to 4 29 until Friday, when there bank consigned to the National City Bank.
was a break to 4 27 11-16, mainly in sympathy
with the demoralization in francs. Transactions,
Movements in Continental exchange were largely
however, were light throughout.
a repetition of those noted recently, that is, sporadic
In a general way the local market may be said intervals of feverish activity, with an undertone of
to reflect developments abroad, and the attitude nervous hesitancy and frequent outbreaks of specseems to be that of awaiting action of some sort tacular weakness in French exchange. The latter
in the troublesome reparations wrangle. The ap- again constituted the outstanding feature of the
parently determined stand taken against inflation week. In the early dealings. francs sold at 4.18,
by the British Labor Government was regarded as but it was not long before heavy selling appeared
very encouraging, although labor conditions in and the rate was rapidly forced down first to 4.14,
England continue an element of uncertainty. Other then to 4.08,then to 4.03,anew low; then on Thursfactors which made for firmness in the undertone day to 3.951%, with a drop on Friday to 3.75. For
were light offerings of commercial bills, and a pro- a brief period on Tuesday more reassuring advices
nounced diminution in foreign selling of sterling to from abroad caused a change of sentiment and there
accumulate dollars. In the last two weeks approxi- was a sharp rally to 4.141%. It was rumored that
mately. $20,000,000 gold has been received from the Dawes Committee had evolved a plan paving
abroad, and it is expected that ih the neighborhood the way for the international loan to Germany, upon
of $30,000,000 more will be shipped in the course which it is claimed settlement of the whole reparations
of the next few weeks; ostensibly for use in meeting question now rests. Dealers who had been active
interest obligations on England's debt to the United on the selling side, rushed to cover, and this accelerStates. Usually well-informed observers adhere to ated the advance. The upswing, however, proved
the belief that the European situation is slowly but short-lived, and on Thursday not only were all gains
steadily improving. International trade conditions lost, but prices slumped following publication of an
are gradually returning to normal and it would seem unfavorable Bank of France statement, to below
that once the reparations problem is out of the 4 cents, or 3.951%, and on Friday slumped, as already
way,sterling exchange is likely to show strength;that stated, to 3.75, by far the lowest level for French
is, barring untoward happenings in the labor field. exchange ever recorded. While it was explained
As for the more detailed quotations, sterling that the increase in note circulation was due jointly
exchange on Saturday last was easier and demand to month-end requirements and greater commercial
declined to 4 29 9-16@4 29%, cable transfers to activity, the addition was of extraordinary pro4 29 13-16@4 301
% and sixty day bills to 4 27 5-16 portions, amounting to no less than - 921,225,000
@4 27%; trading was dull and professional. On francs, and the circumstance caused a fresh accession
• Monday the market moved,within narrow limits, with of selling; heavy offerings were thrust upon the
the trend slightly downward; no increase in activity market both for immediate and future delivery.
was noted; the range was 4 29%@,4 295
% for de- The bulk of the business was of foreign origin, though
mand, 4 29%@4 29% for cable transfers and 4 271
% at times the local market was said to be offering franc
• @4 279' for sixty days. After early weakness on exchange. Throughout the greater part of the week
Tuesday, firmness set in and demand bills were the spread between spot and 30-day rates remained
quoted at 4 29@4 29 13-16, cable transfers at 4 293i at about 8 points discount, but in the late dealing it
@,4 30 1-16 and sixty days at 4 26Y1@4 27 9-16; went to as high as 11 points, which illustrates very
better foreign news was responsible for the closing plainly the pessimistic views held of the future of
strength. Wednesday sterling values were well the franc. Other unfavorable factors were the
maintained and there was a fractional advance to Belgian Cabinet crisis and disconcerting possibilities
4 29 9-16@4 30 for demand, 4 29 13-16@4 303' for in Germany's political outlook. Belgian exchange,
cable transfers and 4 27 5-16@4 27% for sixty of course, suffered in sympathy with Paris francs
days. Dulness prevailed on Thursday and the and the range for the week has been 3.63 and 3.29.
volume of transactions was small; demand ranged Substantial quantities of bills changed hands.
between 4 293/
2@4 29%, cable transfers between
Other branches of the market remain rela4 29%@4 301
/
8 and sixty days between 4 2714@ tively quiet. Reichsmarks were unchanged at
%. On Friday weakness set in and this induced 0.000000000021. While this almost infinitesimal fig4 275
a decline to 4 27 11-16@4 29 3-16 for demand, ure is a mere nominal quotation,there are brokers who
4 27 15-16@4 29 7-16 for cable transfers and 4 257-16 claim that occasional orders for mark drafts are being
@4 26 15-16 for sixty days. Closing quotations were put through, usually for small amounts. Such drafts
4 25% for sixty days, 4 281
% for demand and 4 28%
3 are paid in rentenmarks when presented in Germany
for cable transfers. Commercial sight bills finished at the rate of one rentenmark for a trillion paper
at 4 28, sixty days at 4 251%, ninety days at 4 243, marks, which would make the rentenmark at prevaildocuments for payment (sixty days) at 4 253
% and ing rates for paper marks worth about $0.22. Rentenseven-day grain bills at 4 271%. Cotton and grain marks are not dealt in directly in this market, but a
limited amount of speculation is reported from Amfor payment closed at 4 28.
MAR. 8 1924.]
1065
THE CHRONICLE
sterdam and Zurich. Lire exchange was firmly held for cable transfers, against 12.15 and 12.20 2. week
for the first part of the week, but later sagged to 4.25. earlier. Chilian exchange was firmer at 10.30,
Greek drachmae displayed a declining tendency and against 10.25, with Peru at 4 05, against 4 00.
Far Eastern exchange was as follows: Hong Kong,
4on unfavorable internal developments.
broke to 1.583
4,
against 50%@51; Shanghai, 70%@707
50%@51,
The minor Central European countries were about
against
71%@.71%;
.30,
Yokohama,
44.15@44
against
steady. Russian chernoretz are displaying slightly
increased activity, particularly in London, and the 45%@46; Manila, 50%@50% (unchanged); Singa1 s,
trend is upward, the quotation having advanced to pore,503'@50%(unchanged); Bombay,29%@30/
2,
and
303@303/
@30%,
Calcutta,
30
against
s
3
/
previous
the
level.
65,
4
from
4 76
2@30%.
The London check rate on Paris finished at 113.25, against 303/
against 102.70 last week. In New York sight bills on
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
the French centre closed at 3.77, against 4.14; cable
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 1 TO MARCH 7 1924, INCLUSIVE.
transfers at 3.78, against 4.15; commercial sight bills
Noon Buying Bate for Cable Transfers in New York.
3.76, against 4.13, and commercial sixty days at
Value in United States Money.
I a week ago. Antwerp francs Country and Mondani Mar.l. Mar.3. Mar.4. Mar.5. Alar.6. Mar.7.
/
.13.709., against 4.073
Unit.
finished at 3.33 for checks and 3.34 for cable trans- EUROPES
$
$
$
$
$
.000014 .000014 .000014 .000014 .000014 .000014
Austria, krone
fers, in comparison with 3.603/b and 3.613/i the pre- Belgium,
.0332
.0348
.0355
.0355
.0359
.0364
franc
.007433 .007350 .007400 .007488 .007317 .007406
Bulgaria. ley
ceding week. Final quotations on Berlin marks were Czechoslovakia,
kron .028994 .028936 .028922 .028936 .028915 .028929
.1576
.1578
.1575
.1581
.1580
.1580
Denmark, krone
0.000000000021, unchanged. Austrian kronen re-. England,
pound ster4.2829
4.2969
4.3001
.2953
4.2956
4.2989
ling
main motionless, undisturbed by the variations in Finland,
.025087 .025135 .025113 .025179 .025122 .025003
markka
.0382
.0408 • .0399
.0408
.0409
.0418
France,franc
neighboring currencies, at 0.00141
% for both checks Germany.
a
a
a
a
a
relchsmark
1
5985
'
.016932 .016443 .016477 .016421 .016014 .01
Greece,drachma
and cable transfers. Lire closed at 4.25 for bank- Holland. guilder
.3716
.3724
.2727
.3723
.3726
.3728
.000024 .000023 .000021 .000020 .000017 .000018
Hungary, krone
.0425
.0428
ers' sight bills and 4.26 for cable transfers. Last Italy. Bra
.0129
.0429
.0429
0430
.1352
.1355
.1363
.1372
.1333 • .1343
Norway. krone
b
b
b
b
b
week the close was 4.293 and 4.303j. Exchange on Poland.
b
mark
.0312
.0310
.0312
.0319
.0314
Portungal,escudo-- .0317
Czechoslovakia finished at 2.89%, against 2.903; Rumania.lets
005263 .005203 .005223 .005250 .005240 .005242
.1213
.1222
.1218
.1237
.1249
1254
Spain, peseta
.2609
.2611
.2612
.2610
.2610
4,against 0.533.; on Poland at Sweden.krona
.2612
on Bucharest at 0.523
.1726
.1730
.1731
.1731
.1731
Switzerland, franc_ .1732
.012521
.012568
.012573
.012577
.012603
.012609
dinar
0.000012 (unchanged), and on Finland at 2.523, YugoeJavls.
ASIAChina
last
week. Greek exchange closed at Chelan, tael
against 2.533'i
.7158
.7158
.7158
.7167
.7187
7158
.7184
.7188
.7188
.7194
.7197
.7191
Hankow tael
1.58% for checks and 1.593 for cable remittances. Shanghai
.7014
.7009
.7017
.7017
tael
.7027
.7027
.7217
.7217
.7208
.7225
.7225
Tientsein tael
.7217
This compares with 1.69 and 1.70k a week earlier.
.5044
.5049
.5046
.5042
Hongkong dollar-. .5059
.5056
Mexican dollar
Tientsin or Pelyang
dollar
Yuan dollar
India, rupee
Japan. yen
Singapore(S.S.) dol
NORTH AMER
Canada. dollar
Cuba, peso
Mexico, peso
Newfoundland, do
SOUTH AMER.
Argentina. peso (gold)
Brazil. milreis
Chile. peso (paper).Uruguay. nese
.5054
.5041
.5050
.5059
.5048
.5038
.5058
As to the former neutral exchanges, the chief events
.5042
.2991
of the week were a recovery of some 32 points in
.4428
.5030
Norwegian exchange, and a slump in Spanish pesetas
.966180 .9721 .967363 .967402 .986398 .966197
which carried the quotation down to 12.13, another
999594 .99998 1.000438 1.000594 1.000531 1.000531
482031 .481406 .482031 .481250 .480781 .482188
new low record, and a loss for the week of 43 points.
.963813 .965000 .984881 .964750 .964000 .963625
.7715
.7751
.7759
.7755
.7752
.7744
These figures are largely nominal, very little business
.1199
.1206
.1204
.1199
.1199
1195
.1008
.1009
.1012
.1009
.1001
.1000
being done. No really adequate explanation was
.7652
.7708
.7699
.7694
.7897
7897
forthcoming for the. break, other than unsettling re- a Quotations for German marks have been: Mar. I. .0000000000(0220; Mar.3
Mar. 4, .000000000000221; Mar. 5, .000000000000220; Mar.6.
ports concerning Spain's internal conditions and ru- .000000000000223;
.000000000000220; Mar.7..000000000000219.
marks have been: Mar.1,.000000114;Mar.3..000000112
Polish
for
Quotations
b
of
military
reverses in Morocco. Dispatches Mar.4,.000000117; Mar.5,
mors
.000000114; Mar.6,.000000108; Mar.7..000000112.
are strictly censored, and for this reason the sharp
decline is taken to indicate a serious state of affairs.
The New York Clearing House banks in their
Trading was only intermittently active, much of it operations with interior banking institutions have
speculative in character. Guilders and francs re- gained $2,651,236 net in cash as a result of the curmained stable, as also did the Scandinavian curren- rency movements for the week ended Mar. 6.
cies, aside from the Norwegian crown, until Friday, Their receipts from the interior have aggregated
when losses of a few points occurred in sympathy $4,254,836, while the shipments have reached $1,603,with the weakness in French exchange.
600, as per the following table:
Bankers' sight on Amsterdam closed at 37.12, CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
against 37.27; cable transfers at 37.16, against 37.31;
Gain or Lou
Ott of
Into
commercial sight at 37.12, against 37.21, and eomBanks.
to Banks.
Banks.
Week ended March 6.
mercial sixty days at 36.70, against 36.85 last week. Banks'interior movement
81.803,800 Gain 82,651.238
$4,254,836
Swiss francs finished at 17.26 for bankers' sight bills
As the Sub-Treasury was taken over by the Fedand at 17.27 for cable remittances, which compares
Reserve Bank on Dec. 6 1920, it is no longer
eral
with 17.303/2 and 17.313/ the previous week. Copento show the effect of Government operapossible
hagen checks closed at 15.68 and cable transfers at
the
on
tions
Clearing House institutions. The Fed15.72, against 15.81 and 15.85. Checks on Sweden
eral
Bank of New York was creditor at the
Reserve
finished at 26.05 and cable transfers at 26.09, against
House
Clearing
each day as follows:
26.09 and 26.13, while checks on Norway closed at
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
13.50 and cable transfers at 13.54, against 13.29 and
AT CLEARING HOUSE.
13.31 a week ago. Spanish pesetas finished the week Saturday, Monday, Tuesday, Wednescry Thursday Friday, Aggregate
at 12.13 for checks and 12.15 for cable transfers, in Mar. 1. Mar.3. Mar.4. Mar. b. Mar.6. Mar.7. for Week.
8
8
8
$
8
$
$
comparison with 12.56 and 12.58, respectively, the 85,000.000
92.000.000 83.000.000 60,000.000 61,000.000 69,000,000 Cr.410.000.000
week before.
Note.-The foregoing heavy credits reflect the huge mass of checks which come
the New York Reserve Bank from all parts of the country in the operation of
South American exchange ruled quiet but steady, to
the Federal Reserve System's par collection scheme. These large credit balances.
however,reflect only a part of the Reserve Bank's operations with the Clearing House
religious
holiday,
the
unpractically
institutions, as only the items payable in New York City are represented in the
and owing to
daily balances. The large volume of checks on institutions located outside of
changed. Argentine checks finished at 343/g and New York are not accounted for in arriving
at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
cable transfers at 343, the same as last week, while Bank for collection for the account of the local Clearing House banks.
Brazilian milreis closed at 12.10 for checks and 12.15
.5067
.5042
.2966
4480
.5056
.5063
.5063
.2974
.4475
.5050
.5071.5054
iaii .5038
.5046
.2991
.2986
.2987
.4432
.4455
.4467
.5045
.5030
.5043
1066
THE CHRONICLE
[VoL. 118.
The following table indicates the amount of bul- "in restraint of trade."
All these plans have for
lion in the principal European banks:
their watchword "co-operation"—and all ignore the
fact that co-operation cannot exist without units,
March 61924.
March 8 1923.
Banks of—
factors,
individuals, corporations and combinations,
Gold.
Silver.
Total.
Gold.
Silver.
Total.
with original power for a free joining of energies and
England__ 128,101,815
108 101,815 127,507,927
127,507,927 efforts.
France a__ 147,082,560 11,880,000158,962,560 146,860.924 11,600,00015
8,460,924
Germany _ 28.282,850 c3,475,400 31,758,250 50.109,880
3,269,000
53.378,880
In all this welter of thought and plan to better
Aus.-Hun_ b2,000,000
b2,000,000 b2,000,000
62,000,000
Spain ____ 101,123,000 26.269.000127,392,000 101,017.000 26,265.00012
7,282.000
Italy
35,130,000 3,411.000 38,541,000 35.370.000 3,035,000 38,405.000 "living conditions" the tremendous fact stands out
Netiflands 48,476,000
837,000 49,313,000 48,482,000
621,000 49,103,000
Nat. Beig_ 10,819,000 3,035,000 13,854,000 10.757,000
2.496,000 13,253,000 that the creative power working in countless indiSwitzland 21,453,000 3,669.000 25,122,000 21.237,000 4,231.000
25,468.000
Sweden__ _ 15,084,000
15,084,000 15,216,000
15,216,000 viduals free to endeavor according to their several
Denmark _ 11,643,000
468,000 12,111,000 12,680.000
12,934.000
254,000
Norway _ _ 8,182,000
8,182.000 8,115,000
8,115,000 desires and duties cannot be conferred, but is inTotal week 557,377,225 53,044,400 610,421,625 79,352,731
herent. It cannot be cramped, cabined or controlled,
51,771,000631,123,731
Prey. week 557,461.856 53,334.400610.7f6,256 79.336.083 51,480.00063
0,816.083
by
any outside power or influence, without produca Gold holdings of the Bank of France this year are exclusive
of amounts held
abroad, the amount held abroad March 7 this year being £74,573,797.
ing
a standardized, non-progressive and static or
recent
b
No
figures. c it is no longer possible to tell the amount of sliver
held
Bank of
Germany. On March 15 1923 the Reichsbank began including by the
its "Metal declining social order. The moment complete theoReserve" not only gold and silver but aluminum, nickel and iron coinIn
well. The
Bank still gives the gold holdings as a separate item, but as under theas
new practices retical co-operation is established
there is no longer
the remainder of the metal reserve can no longer be considered as being silver, there
Is now no way of arriving at the Bank's stock of silver, and we
therefore carry it room for growth, for combination,
along as the figure computed March 7 1923.
for co-ordination.
Creative advance must be through the individual.
It cannot be delegated. It cannot gestate in governCreation and Co-ordination—Individual
ment It cannot issue out of any of the industries
Effort. the Controlling Factor.
and institutions man has set up save by and through
A writer advances the thought that the first cen- the individual man. And conseque
ntly every age in
tury of our economic existence having been an era of an advancing civilization must
be a creative one.
construction, the one to follow, upon which we are And as long as the creative idea is
born in the mind
now entering, must be devoted to co-operation. We of man, just so long there will be conflict.
And no
prefer, as expressive of the same general idea, the place in time can be found where "co-operation" in
words creation and co-ordination. In a sense, we the sense of harmonizing all the acts and ideas of
have here an arraignment of individualism. The Irian can begin. When creation stops, advance stops
freedom to work and achieve has thrust upon us the —and inevitable decay sets in. And co-ordination,
vast complex of to-day with all its uplift and clash- to use a better term, without creation is impossible.
ing interests—so runs the theorem. The individual Millions are blinded by the light of the civilization
has constructed the machine, the enterprise, the in- individualism has produced. Theorists would unify
dustry, the institution—and has filled his time and and harmonize that which their plans of living could
place with contest and conflict. The sum of his ac- not, and cannot, produce. Man is in life, not out of
complishments is a high state of living, and a grave It.
The conflicts of competition are, however, more
state of unrest. Unless co-operation shall follow, he
will grind himself to dust in the complexities of a apparent than real. Each at work in his own way,
civilization that is, more or less, a huge material creating, producing, combining—and the same goal
enterprise—its motive power toil, its object wealth, for every man, the sustenance, comfort and joy of
human life! All effort blends into a state we call
its product human suffering.
civilizat
In bare outline this is the thesis. It starts in the
ion, culture. We see but part of this "cloth
mind a series of questions that lead into so many of gold" when we view the material side, the toil and
paths that it is difficult to confine consideration to trade which must come first. Every day and month
any definite analysis. It is true that our countless and year some new invention, enterprise, industry.
efforts and occupations, because they have been spon- Labor saving up its surplus in objects and uses, in
taneous in initiative and direction have produced methods and institutions. Each generation heir to
conflict and attendant inequality in ownership and all that have gone before. Each man master—
happiness. But only so could the vast interwoven through physics and chemistry. Society, a product
fabric of our social and economic existence have of human relations; culture the flower
of independcome about. The Socialist, coming upon the scene ent effort of toiling, aspiring, achievin
g men and
after the fact, would now attempt to centre in the women who advance from sustenan
ce to service,
State the directive power which would (but only by from matter to mind, from the
physical life to the
unlimited use of what we have) abolish the contest spiritual life. The processes are continuo
us. The
and set up a complete harmony and equality. The results are abiding. Living for
self that others may
Socialist ignores the truth that without the pre- live; accepting, using, enjoying
, the countless
existing freedom of the individual there could have thoughts and things created; weaving
out of the old
arisen no conflict, no contest, no consequent civili- new patterns and plans;
co-ordination forever softzation.
ens the asperities of competition and insensibly
The Communist would take another method and modifies the conflict until in
itself the advance beby seizure, control and operation of an industry or comes co-operation.
an occupation, annul competition, destroy wealth
But without the freedom of individual effort there
and poverty, and produce uniformify in work and can be no creation, no co-ordin
ation. We cannot stop
wages to the end of universal equal comfort and hap- working, producing, and say—no
w we will give to
piness. And even "labor" would, through combina- each (by order of the State
or by edict of a theory)
tion of the integers of production and the units of his share in kind. We cannot abolish poverty by
toil, by a mode of Governmental control or a coer- destroying wealth. We cannot divide
the indivisible
cive unionization, seek the same goal. Another class, —and say to every man—here is your quota farms,
of
by some system of political interference with the factories, industries, institutions. The inequalities
natural state, would attempt to bring order out of are inherent—they began long ago, and exist in
chaos by the prevention of combinations, as we say character and environment. To standardize, social-
MAR. 8 1924.]
THE CHRONTGLE
ize, communize, that each may be equal in ownership, would destroy opportunity and degrade and
dissipate the only source of energy—the initiative,
motive, control that is in man himself. We must go
on in the old way—there is no better—and any other
will defeat the very end hoped for. There is no resting place where society can attempt this delusive
dream of "co-operation," in the sense in which it is
now so often used. Creation and co-ordination are
cotemporary processes. They are natural to the
laws of being ordained in the constitution and environment of man. Only the superficial view sees
it possible to change these divine ordinances. Selfishness,'short-sightedness, sentimentalism, dog at the
footsteps of the only creator we know in earth, the
individual man, until the unthinking, and mayhap
the suffering and overburdened and overborne, seek
by some magic formula to bring equality of comfort,
happiness, plenty and power. Not politics, not Government, not unionization (co-operation) can unite
the seemingly antagonistic efforts. Individual effort and individual initiative, through the individual
man,in all his beneficent diversity and varied characteristics, makes for the best progress and the best
results.
A Nightmare of Politics and Exaggeration.
Let us pause and consider. The cartoonist has not
failed to make use of the suggested phrase "a tempest
in a teapot!" The time will come very soon when
this whole "scandal" will be dropped by all political
parties concerned. The people are already disgusted
with the meanderings and useless phases of the "investigation." And we may pass it by now to consider the effect of these political movements upon the
people and the Government. For, whether so originally designed or not—it has become a political moiremeat. Oil! we have heard lately that this motive
force will eventually control the world in that it will
settle the next great war. But here is a pitiful handful of acres, comparatively, of oil lands, whether
leased rightfully or wrongfully, throwing the United
States Senate into a passion, disrupting a Cabinet,
reaching its grasp futilely toward the Chief Executive of a nation, and probably making the country
ridiculous in the eyes of the world.
And all to what avail? The papers publish the
news day by day, and a few editors fall into a blue
funk at the terrible depravity of the times and the
awful corruption of a few men in high places, and
some Senators cry out in noble wrath that the foundations of the citadel of liberty are threatened. Now
all this does have an effect. On the people it has an
effect of depression. It.fills the common conversation with despair—for one is apt to make a part do
duty for the whole. Again, the suspicion is aroused
that "all Washington" is corrupt. Men of large
affairs, though in office, come under suspicion, simply by virtue of the fact that they sometimes speculate in stocks—not a crime, or necessarily an evil, in
itself, though nevertheless to be regretted. There is
a still more important effect—this "tempest in a
teapot" diverts the attention of the people from
weightier subjects. At a time when taxation is under consideration this so-called "scandal" rivets the
attention of the masses. Those who read become
interested and pass by the tax question. Even the
daily papers give undue proportion to this form of
"news." Those who read little, or none at all, and
depend upon hearsay, come to believe in a huge
1067
shadowy spectre gripping the nation. And the
truth is it is a very small scandal, however deplorable.
Again, the effect upon Government- is degradink.
If, for instance, this is but a diabolical political attack upon a party in power for electioneering pur- '
poses, then it is an attack, covertly, on the adminie:
tration of government, for ever and always there
will be some weakness in the armor of democracy—
and it may even become the fashion to look for teapot scandals prior to an election. Can it be possible"
that so pitiful an assault upon honesty in office can
condemn the whole structure of government. It
would seem that a stage has been reached where the
whole matter should be remanded to the courts for aproper sifting of the evidence. And the charges
against the War Veterans' Bureau should be treated
in the same way, to the end that every guilty man
may be punished, but that no innocent man should be put under unjust suspicion. Iii a word, politics
should be adjourned. Throwing mud on our own:
Government is not calculated to make us more loyal
and reverent or to increase our leadership in the
world of nations and democracies. Seeing things in
their right proportions is becoming a lost art when
a people can be nauseated by investigation of gossip
and rumor and innuendo. "Good Lord!" have the
forces and powers of orderly government become so
weak a few criminals cannot be punished without•
the whole country, and the Senate in particular,
having a nightmare?
There should be no attempt to belittle any o! the
revelations, where their pernicioha character is .
clearly established. But none of the events should
be given prominence beyond their true significance.
In this oil matter it happens that large royalties are
to be paid the•Government; and it will ever remain a
stion whether or not oil in the ground subjectto
thainage is better than royalty oil without risk in
tanks at strategic points. But it is becoming a serious fact that large numbers of our best citi ns do
not go to the polls. Belittling the administration of
government by political attacks that exaggerate conditions in the public mind will not rnnke tl-em more •
eager to vote. What's the use? "Stock jobbing is
rampan‘, the whole thing is run for personal profit
and preferment." Not long ago there were flaming
headlines concern:ng an alarming cr.-1r-is-ue of war
bonds—fine material, by the way, for an attack on
the "administration." An office force was summarily removed—one, two investigations in the
proper manner we made, and no loss was discovered. Corruption in office? The remrrkable thing
is how little there is of it!
Certainly we cannot afford to admit to the world
that a few schemers, and perh pa here and there a
dishonest official, can ruin the country. In a general way the people are no more honest than those,
they put in office—indeed, the preferred men are .
those of established integrity. And politics that;
stoops to such campaigning will surely lose. Look
how little corruption there has 1-.en! Not a President's name has ever been tainted by ch rges of illgotten gains. How many Governors in the history
of our States? We are an honest people, a loyal
people, a people deserving the regard of the world,'
for sobriety, honor, tolerance, industry, intelligent;
seeking after truth, conscientious support of government and rightful employment .of the ballot. Make
no mistake, this is "a tempest in a teapot."
1068
THE CHRONICLE
[Von. 118.
The Trust Companies in New York and Elsewhere
Continuing the practice begun by us a long time
ago, we last week gave our annual comparative returns of the trust companies in this city (Manhattan
and Brooklyn boroughs) and also those in Boston,
Philadelphia, Baltimore and St. Louis, bringing
down the figures to the close of 1923, and to-day in
the remarks below, furnish our analysis and review
of the results.
For this city the figures, as far as the liabilities
and assets of the different companies are concerned,
are those furnished to the Superintendent of Banking at Albany, under his latest call, namely Nov. 15
1923. As has been many times pointed out by us, it
was the practice of the Banking Department for a
quarter of a century or more to require reports for
the closing day of the year, but this was changed in
December 1911 by the then executive head of the Department, and from that time to 1914 various dates
in December were fixed as the time of the return,
while in December 1915 the last day was again
chosen, but for 1916 the date was dropped back to
Nov. 29, for 1917 to Nov. 14, for 1918 to Nov. 1,
while for 1919 the date was fixed at Nov. 12, and for
1920,for 1921,for 1922 and for 1923 at Nov. 15. The
Superintendent who inaugurated the departure evidently contemplated that there should always be a
return for some date in December, though the date
was not to be known beforehand. Succeeding incumbents of the office have not felt bound by any such
rule, and accordingly have named a day in November, aggravating the effects of the original change.
As was to be expected; in view of the activity of
trade and the general prosperity of the country, the
latest figures of these trust company returns show
further recovery and growth in both deposits and
aggregate resources. We say further "recovery"
' because in 1920 and 1921 the experience of the trust
companies was like that of the commercial banks in
showing a noteworthy shrinkage in both items. And,
as a matter of fact, as we have frequently pointed
out in the past, the fluctuations in the items referred
to in the case of the trust companies always correspond quite closely with the fluctuations in the same
items in the case of the banks. The business of the
two classes of institutions is becoming more or less
similar, at least in. this city. While the New York
trust companies cannot be said to be doing a mercantile business in the ordinary sense, not a few of the
banks are assuming trust company functions, besides which there have been in recent years several
important amalgamations of trust companies with
banks, and in such instances the consolidated institntion of course continues both the former mercantile business and the trust company work. In some
of these amalgamations the result has been to transfer a bank to the trust company list, the charter of
the bank being surrendered and the charter of the
trust company retained, while in other cases the
-effect has been to transfer a trust company to the
bank group, the charter of the trust company being
given up. In the course of our present remarks we
shall have occasion to refer to both types of merger.
The truth is, as'a consequence of such combinations
there has been so much shifting from the trust company list to the bank group, and vice versa, that comparisons between One period and another period over
a series of iears is considerably disturbed thereby.
Nevertheless, the fact which stands out very prominently the present year, as it did last year, amid all
the changes, is that while in 1920 and 1921 the trust
companies, like the mercantile banks, had their deposits drawn down under the influence of business
depression, credit restriction and price deflation, on
the other hand,in 1922 and 1923 the trust companies,
no less than the banks, enjoyed renewed growth in
their deposits with the revival of trade activity and
the change from industrial prostration and paralysis to trade prosperity and normal vigor. For the
Greater New York aggregate deposits between Nov.
12 1919 and Nov. 15 1921 fell from $2,443,087,071 to
$2,001,080,342. By Nov. 15 1922 the amount was
back to $2,208,982,617, and now for Nov. 15 1923 it
is up to $2,486,238,620, or larger than before, and
larger than at any corresponding time of the year,
though not larger than at some other dates, the maximum of the deposits being usually reached during
the summer, after which down to the autumn there is
ordinarily a quite substantial shrinkage in the total. It is well enough to add, as we did last year,
that were it not for certain mergers which have taken
several trust companies out of the trust company
list the recovery and further progress in 1922 and
1923 would have reached still larger proportions.
Not only that, but the disappearance of certain trust
companies from the list served greatly to increase
the loss resulting from business depression in the
two years from 1919 to 1921. Thus the Irving Trust
Company, which on Nov. 12 1919 had reported aggregate deposits of $76,278,940, was on April 19
1920 merged in the Irving National Bank, while on
May' 1 1920 the Franklin Trust Co., which the previous Nov. 12 had reported deposits of $25,278,176,
was merged in the Bank of America and also disappeared from the trust company returns. The
elimination of these two institutions from the trust
company list accounted for over.$101,000,000 of the
$288,000,000 loss in deposits shown in 1920. Then
in 1921 there occurred the absorption of the Hamilton Trust Co. of Brooklyn by the Metropolitan Bank,
while in 1922 there were several other mergers which
operated to take trust companies out of their class.
For instance, in April 1922 the Mercantile Trust Co.
of this city was taken over by the Seaboard National
Bank and in July 1922 the Lincoln Trust Co. was
merged in the Mechanics & Metals National Bank.
On the other hand,in the consolidation in September 1922 of the Bank of New York with the New York
Life Insurance & Trust Co. and the continuance of
the operations of the combined institutions under the
title of Bank of New York & Trust Co., with retention of the trust company charter, the trust company list got the benefit of the additional deposits
of the Bank of New York, which the previous December were reported at $52,946,000. Furthermore, in
1923, through another consolidation, the Irving National Bank once more resumed its place among the
trust companies. In other words, on Feb. 7 1923 the
Columbia Trust Co. was consolidated with the Irving National Bank and the combined institution
became the Irving Bank-Columbia Trust Co. This
last mentioned change disturbs greatly the comparison between November 1923 and November 1922,
tending to make the improvement in the trust company totals for the 12 months very much larger than
MAR.8 1924.]
THE CHRONICLE
it really has been, for while in 1922 the Columbia,
standing by itself, reported deposits of $89,613,080,
the Irving Bank-Columbia Trust Co., in its report
for Nov.15 1923, shows total deposits of no less than
$307,569,734. At the same time, however, the reentry of the Irving into the trust company list evens
up the comparisons with earlier years—the years
prior to 1920. Nevertheless, this still leaves the Mercantile Trust Co. and the Lincoln Trust Co., both of
this city, as also the Franklin Trust Co. of Brooklyn
and the Hamilton Trust Co. of the same borough,formerly appearing among the trust companies, still
outside the fold. On the other hand, the business
and operations of two banks of considerable size
were during the year absorbed by trust companies,
serving thereby to swell the trust company totals.
On June 29 192'1 the Equitable Trust took over the
Importers & Traders National Bank, with deposits
of approximately $30,000,000, and on Aug. 14 the
Manufacturers Trust Co., which in previous years
had absorbed several other banks, took over the Columbia Bank with deposits of about $31,000,000. A
smaller transaction of the same nature was the absorption in April 1923 of the Terminal Exchange
Bank with deposits of about $3,000,000 by the Hudson Trust Co.
A year ago, in discussing the returns for Nov. 15
1922, and noting the elimination of several institutions of large size from the trust company exhibit,
we expressed the opinion that making due allowance
for this, there appeared to be full warrant for the
conclusion that except for the part played by these
changes in affecting the totals, the amount of the
deposits would be found up to the highest figures
ever reached at any corresponding date. Now, with
the further increase in 1923, it is possible, as already
. stated, to go a step further and say that the totals
are positively the largest ever recorded at that period of the year, even after the dropping out of the
companies in question through their absorption by
the banks. Our remarks have reference both to the
trust companies in the Greater New York and those
for the whole State,including the Greater New York,
for the changes under discussion necessarily affect
the State totals as well as those for the Greater City.
For the whole State the deposits of the trust companies, after having fallen from $2,885,355,813 Nov.
12 1919 to $2,672,289,441 Nov. 15 1920 and then to
$2,497,547,429 Nov. 15 1921, on Nov. 15 1922 got back
to $2,770,799,561, and now for Nov.15 1923 are up to
$3,090,947,512.
As indicating the magnitude to which trust company operations in this State have risen (the vast
preponderating portion of the whole being, of course,
contributed by the trust companies of this city), it
should not escape notice that the total of the deposits
has now passed the three billion mark, and on June
3
4 billions, the total at that
30 1923 was close to 3/
date having been $3,227,782,408. In 1923, as in most
other years, a considerable drawing down of the deposits occurred in the summer and autumn, owing
to the increased demand for funds at those seasons
of the year. When capital, surplus and the various
other items that go to make up the balance sheet,
are added, the aggregate of the resources on Nov. 15
1923 is found to have been no less than $3,786,801,853 and on June 30 1923 $3,886,496,450.
Capital stock was found on Nov. 15 1922 to have
been at the highest figure ever recorded, notwithstanding the elimination of so many companies from
1069
the list, and for Nov. 15.1923 a. further large addition to the total is to be noted. As a matter of fact,
the total has been steadily.rising in all recent years.
For the Greater New York it was 4104,700,000 Nov.
12 1919; $116,983,300 Nov. 15 1920; $125,500,000
Nov. 15 1921; $127,600,000 Nov. 15 1922 and is now
$159,000,000 for Nov. 15 1923. , The re-entry of the
Irving Bank-Columbia Trust Co. into the list accounts for $12,500,000, since the Columbia Trust
standing by itself had a capital of $5,000,000, of the,
further increase of $31,400,000 during the last 12
months. In addition to which the following other
changes are to be noted: The Equitable Trust has
increased its capital from $12,000,000 to $23,000,000;
the Title Guarantee & Trust from $7,500,000 to $10,000,000; the Lawyers' Title & Trust from $4,000,000
to $6,000,000; the Fidelity International Trust from
$1,500,000 to $2,000,000; the Hudson Trust from,
$500,000 to $700,000 and the Midwood Trust of
Brooklyn from $500,000 to $700,000.
The item of surplus and profits which in. 1921.
showed some shrinkage (owing, no doubt, to dimin,
ished profits as well as the charging off of heavier
losses than usual), made new high record totals
in 1922, and for 1923 shows a further increase,
though it is relatively slight. Interest rates during
1923 were not unsatisfactory, but security values.
suffered some shrinkage. The inclusion of the Irving.
Bank-Columbia Trust Co. in the list had the effect;
of adding $3,415,608 to the total (since the consolidated institution on Nov. 15 1923 reported surplus
and undivided profits of $11,419,484, whereas the
Columbia Trust alone the previous November showed
surplus and undivided profits of only $8,003,876)
and the total for all trust companies,during the 12
months shows an increase but little more than this..:
Surplus and profits for the trust companies in theGreater New York stood at $202,022,101 Nov. 15192,against $197,338,717 Nov.15 1922;$175,565,266.
Nov. 15 1921; $187,349,468 Nov. 15 1920, and $179,-,
326,098 Nov. 12 1919. For the whole State, including the Greater New York,the surplus account (with
all undivided profits) Nov. 15 1923 was $242,049,428, against $235,322,994 Nov. 15 1922; $209,223,775
Nov. 15 1921; $219,945,439 Nov. 15 1920 and $211,-.
441,830 Nov. 12 1919.
The trust companies have practically stopped bor-,
rowing and have only .relatively small amounts of
bills payable and rediscounts outstanding. During
the war period, when the trust companies, like the
banks, were financing heavy purchases of United
States Government obligations for themselves and
their customers, these institutions had recourse to
the loaning facilities of the Federal Reserve Bank of
New York on quite an extensive scale. For all the
trust companies in the Greater New York the total
of the bills payable outstanding Nov. 15 1923 was
only $9,001,613, with $7,980,000 of rediscounts, or
$16,981,613 together. This compares with $9,281,621 Nov. 15 1922; $35,631,000 Nov. 15 1921; $242,934,456 Nov. 15 1920, and $230,815,610 Nov. 12 1919.
Passing now to a consideration of the assets, the
feature is the further increase in the collateral loans,.
the largest single item among the investments of the
trust companies. Such loans have arways been a,
favorite form of investment with these institutions,
and the further increase in the item appears natural'
in view of the further expansion in the deposits. For
the Greater New York the aggregate of these loans
fell from $1,115,503,148 Nov. 12 1919 to $896,288,916
(1070
THE CHRONICLE
[Vex,. 118.
Nov. 15 1920, and further declined to $744,386,339 1922 and Nov. 15 1923. The comparisons with the
Nov. 15 1921, but recovered to $846,437,293 Nov. 15 year preceding, it will be seen, are decidedly irregu1922 and now for 1923 stands at $859,511,995. It is lar. Several of the prominent companies have sucthe bill holdings, however, that have increased most ceeded in raising the totals of their deposits still
and the inclusion of the Irving Bank-Columbia higher, while others have suffered some loss. AltoTrust, with its large banking business of a strictly gether the gains and losses are pretty nearly evenly
commercial nature, is mainly responsible for this. divided.
The designation of the item in the statement given
Borough of
Nov. 12
Nov. 15
Nov. 15
Nov. 15
Nov. 15
out by the State Banking Department is "Loans, Manhattan
1919.
1920.
1921.
1922.
1923.
Discounts-and Bills Purchased Not Secured by Col$
$
$
$
$
American_m_
lateral" and for Nov. 15 1923 the amount for the Queens Co'y_ 9,082,733 11,948,200 15,448,676 20,967,001 24,097,029
Bankers
317,536,146 283,570,900 280,452,276 283,671,486 288,329,316
• trust companies in Greater New York is reported Bank of N.Y
& Trust Co
83,211,438 76,438.740
as $620,301,146, against $448,204,530 Nov. 15 1922; Central_k_
__ 1
Union Tr__ 1 211,438,f02 199,950,000 193,835,185 217,471,708 190,257.153
$486,467,500 Nov.15 1921;$646,822,007 Nov.15 1920, Commercial. 8,717,627 8,514,200 7,284,656 10,226,154 13,423,949
Empire
50,412,043 49,938,700 47.160,104 47,049,340 46,045,438
and $479,327,753 Nov. 12 1919.
Equitable
234,016,518 206,929,000 206,458,795 224,320,479 277,523,395
FarmersLoan
& Trust_._ 166,688,021 144,918,900 134,064,863 138,433.864 130,179,259
The stock and bond investments,on the other hand, Fidelity-Inter
national_
12.944,106 20,720,400 21,127,153 20,643,042 21,742,909
have decreased during the year, and the aggregate Fulton
9,312,365
9,826,100
8.814,322
10,717.642
10,381,903
Guaranty
725,510,45 626,565,200 430,834,259 468,327,449 449,253,120
for the companies in the Greater New York on Nov. Hudson
8,268,864
7,007,493
7,807,500
6.998,342
10,691,870
—
76.278,940
(q)
1 307,589,734
(q)
(q)
15 1923 was $578,844,933, against $607,744,730 Nov. Irving-b.Columbia - 95,643,900 84,247,600 83,256,238 89,613,080 1
Disc't
15 1922; $480,806,007 Nov. 15 1921; $460,767,809 Italian
& Trust-__
17,372,888
10,898,200 12,044,482
5,917,410
7,286,281
T.I.1
Nov. 15 1920, and $570,213,964 Nov. 12 1919. The Lawyers'
& Trust_ I 19,542,725 17,690,500 17.167,726
19,204,669 20,019,826
Home
1
real estate held does not vary greatly from year to Lincoln
26,622.804 30,980,800 25,773,985
Cu)
Cu)
Mercle Tr.h. 16,249,446
16,303,800 18,437,450
(v)
(T)
year and for the companies in Greater New York was Metropolitan
39,022,670 32.871,800 27,779,992 44,810,582 43,781,796
N.Y.L.I.&T. 23,483,727
22,528,200 24,962,284
(w)
(w)
$51,050,870 Nov. 15 1923, against $48,900,549 Nov. New
York
67,956,267 73,108,900 160,065,302 179,442,860 198,075,848
Title Gu.daT. 33,070,973 33,628,500 34,305,53. 39,818,411
39,977,177
15 1922; $45,975,995 November 1921; $45,052,851 in U.S.Mtg.&T. 61,722,175 70,309,300 52,019,127 58.878,922 52,402,873
United Matte 49,639,976 47,006,700 52,119,108
56,101,587 49,297.663
November 1920 and $44,703,110 in November 1919. Total
2,280,534,271 .010,283,300 1,860,219,0012,025,825,486 2,361,141,532
of
The amount of bonds and mortgages owned has here- Borough
Brooklyn.
Brooklyn____
37,744,021
38,937.700 34,058,891
43,680,418 40,721,552
tofore varied comparatively little from year to year, Franklin_
_. 25,278,176
(r)
(r)
(r)
(r)
Hamilton _
8,500,654
9,409,400
(t)
(t)
(0
but during the latest 12 months period has substan- Kings
County 24,941,377
24,601,000 23,269,374 28,007,74. 29,639,416
tially increased, the total for November 1923 for the .Manufact'rsCitizens_e_
31,784,311
33,897,000 41,800.290 57,325,834 104.383,399
Mlawood.s424,200
1,308,694
2,359,503
3,207,933
trust companies of the Greater New York being $73,- People's
34,304,241
33,661,600 40,415,092
63,783,651
51,528,187
• 340,713, against $55,660,301 in November 1922; $60,- Total
162.552,801 143,930,900 140.881,341 183,157,151 125,097,088
374,001 in November 1921; $58,694,686 in November Total Greater
New York_ 2,443,087.0712.154.214.3002.001.080.34 .208.982.617 .488.238.620
1920, and $60,599,653 in 1919.
b Flatbush Trust of Brooklyn was consolidated with Broadway of New York
March 6 1912. The Broadway changed title to Irving Trust Nov. 30 1917
• The reserve held by the trust companies with the City Market
& Fulton National consolidated with Irving in March 1918. OA
and
April 19 1920 the Irving Trust was merged in the Irving National Bank and disFederal Reserve Bank has increased during the year, appeared
from the trust company list. On Feb. 7 1923 the Columbia Trust Co.
was consolidated with the Irving Bank, the new institution becoming the Irving
as would be expected from the inclusion of the Irving Bank-Columbia
Trust Co.. and accordingly reappeared in the trust company list.
e Citizens Trust Co. took over Manufacturers' National Bank Aug. 12 1914,
Bank-Columbia Trust Co., with its large volume of becoming
Manufacturers' Trust Co., which absorbed the West Side Bank, New
York City, June 15 1918, the Ridgewood National Bank Sept. 1 1921, the North
• deposits. The amount due from the Federal Reserve Side
Bank of Brooklyn April 28 1922,the Industrial Bank of New York City Dee.18
• Bank of New York less offsets, combined with the 1922, and the Columbia Bank Aug. 14 1923.
h Mercantile Trust began business May 1 1917.
and Union consolidated June 18 1918.
'amount due from approved reserve depositories, less kmCentral
American Trust organized Jan.27 1919,absorbed Queens Co. Trust Sept. 1919.
Discount & Trust began business Nov. 111918.
offsets, aggregated for the trust companies of the qp Italian
Merged in Irving National Bank April 19 1920.
Merged in Bank of America May 1 1920.
Greater New York, $260,735,096 Nov. 15 1923, ar Began
business Sept. 1920.
Trust merged in Metropolitan Bank Jan. 29 1921.
• against $243,672,704 Nov. 15 1922; $234,304,212 in tU Hamilton
Lincoln Trust merged In Mechanics & Metals National Bank July 1922.
•
Mercantile
merged in Seaboard National Bank April 1 1922.
November
1920, and w New York Trust
November 1921; $196,965,929 in
Life Insurance & Trust merged with Bank of New York, forming
Bank of New York & Trust Co. Sept. 1922.
trust
The
companies
1919.
November
$2a8,737,114 in
TRUST COMPANIES AT OTHER POINTS.
never hold large &Urns of cash in their own vaults
In the case of the trust companies at Boston,
and the holdings of "specie" in November 1923 were
• only $3,460,696, which compares with *4,000,736 No- Philadelphia, Baltimore and St. Louis, the figures
wember 1922; $5,233,340 in November 1921; $8,877,- as presented on subsequent pages for the different
761 in 1920 and $11,138,921 in 1919. In addition, institutions are all our own, we having in each inthey reported $23,795,804 of "other currency author- stance made direct application for them to the comized by the laws of the United States" in 1923, panies, though in a few instances, where our requests
against $17,851,658 in 1922,$17,704,536 in 1921, $19,- met with no response, we have had to have recourse
419,590 in 1920, and $23,315,808 in 1919. The re- to official statements made in pursuance of calls of
maining cash items, viz. "exchanges and checks for the public authorities. In the nature of things, as
next .day's clearings and other cash items," aggre- we are entirely dependent upon the companies themgated $260,573,825 Nov.15 1923, against $164,352,748 selves for the figures, and no general data of an offiNov. 15 1922; $146,059,871 in 1921; $167,713,628 in cial kind are available, comprehensive totals and
elaborate details, such as are possible for the instituand $105,552,258 in 1919.
1920,
tions
of New York, are out of the question. Our sumdealing
with
the
been
have
foregoing
we
the
In
trust companies as a'whole. As far as the separate maries for these other centres are such as we have
companies are concerned, the elaborate statements been able to prepare ourselves and necessarily are
- on subsequent pages will enable the reader to ascer- limited to a few leading items. Nor are the returns
tain what the experience of each company has been in those instances cast on uniform lines, nearly every
as•between 1923 and 1921. To furnish a sort of gen- company having its own distinct method of classifieral survey we introduce here the following table cation, making general footings out of the question,
comprising all the companies in the Boroughs of except as regards those few common things treated
• Manhattan and Brooklyn, and showing the deposits alike by all, and which have definite, established
oiai Nov. 12 1919, Nov. 15 1920, Nov. 15 1921, Nov. 15 meaning, such as capital, surplus and deposits.
MAR. 8 1924.]
THE CHRONICLE
Due to the many mergers with national banks,
Boston trust'companiesshow quite a falling off in
the various items. The Commonwealth Trust Co.
was merged into the Fourth-Atlantic National Bank,
the Federal Trust Co. became the Federal National
Bank, the International Trust Co. was merged into
the First National Bank and the South Boston Trust
Co. was consolidated with the Federal National
Bank-in all an aggregate capital of $5,200,000.
This item appears as $18,650,000 for Dec. 31 1923,
against $23,850,000 for Dec. 31 1922. Surplus and
profits decreased from $32,900,905 Dec. 31 1922 to
$30,089,158 for Dec. 31 1923. Deposits have fallen
from $446,844,659 to $323,701,085, and aggregate resources from $507,282,285 to $413,589,466. The Hub
Trust Co. changed its name in December 1923 to the
Bank of Commerce & Trust Co. and appears in our
list under the latter name.
The following furnishes a comparison for the various items for the last 24 years:
BOSTON.
Dec. 31 1900 (16 oos.)____
Dee. 31 1901 (16 cos.)____
Dec. 31 1902 (18 oos.)._._
Dec. 31 1903 (19 cos.)._
Dec. 31 1901 (19 coc )____
Dec. 31 1905 (19 cos)--- _
Dec. 311006 (16 cos.)._
Dec. 31 1907 (19 cos.)--Dec. 31 1908 (19 cal.)._
Dec. 31 1909 (19 oos3.....
Dec. 81 1910 (19 cos.)._
Dee. 31 1911 (19 cos.) _ __.
Dec. 31 1912 (21 505.)......
Dec. 31 1918 (23 cos.)._
Dec. 31 1914 (24 woe ).._.
Deo, 31 1915 (26 codaDec. 31 1916 (20 coe.)--Dec. 31 1917 429 cos 1 _ _ _ Deo. 31 1918 (30 coe )...1)eo. 31 1919 (31 eos.)____
Dec. 31 1920 (28 om.)......
Dec. 31 1921 (23 coo.)___
Dec. 31 1922 (21 cos.)._
Dec. 31 1923 (17 cos.)..__
Capital.
Surplus and
Profits.
Deposits.
Aggregare
Resource..
$
8,450.000
9.000.000
11,100,000
12,100.000
12,500,000
12.500.000
11,100,000
11,750.000
11,750,000
12,150,000
12,350,000
14.850,000
16,250,000
17,250,000
17,450,000
18.480.200
19,150,000
21,479.800
21.650,000
26,1177.000
36,329,300
23,450.000
23,850,000
18,650,000
8
10,2135,659
12,294.798
15.779,627
18,629,264
19,702,108
20.841,502
22.551,499
23.899.740
24.610,326
25,002,793
27,349.902
28,234.350
28,108,699
29,358,660
26,143.017
24.261,486
26,174.836
27,419,977
29,107,018
33,973,533
34,573,485
34,983,448
32,900,905
30,089,158
$
89.461,044
107.991,782
116.264,790
112,281,257
139,851.208
148.033,197
158.213.825
125,254,872
173.765.331
186,937,983
189,153,700
216,928,992
207,263,762
213,973,959
225,532.137
293,833.616
337.625,258
383.551.440
415.355,824
503,450,567
429,925.262
392.924.224
448,844,659
323,701,085
8
108.198,703
129,286,680
143.144,411
143,0(0,521
172.053.310
181,397,833
191,885,062
160,704,413
210.125.657
224,090,823
228,70,662
258,248.402
251,622,061
260,582,620
269,125,155
336,704,220
383,460,073
414,809,945
466,298,772
560,096,234
495.145.455
456,840,076
507,282,285
413.589,466
PHILADELPHIA.
Dec. 31
Dec. 31
Dec. 31
Dec. 81
Dec. 31
Dec. 31
Dec. 31
Dee. 31
Dec. 81
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dee. 31
Dec. 31
Dec. 31
Dec. 31
Ice, 31
Dec. 31
Dec. 31
Doc. 31
Dec. 31
1900 (40 coo.)__.
1901 (41 conj.__
1902 (41 cos.).1903 (43 coe.)____
1904 (43 cos.).1905 (44 cos.).1906 (52 cos.)_
1907 (58 cos.).1908 (58 008.).--1909 (59 cos.)._
1910 (59 cos.)._ _.
1911 (58 cos.)--1912 (56 cos.)____
1913 (56 cos.)._
1914 (56 cos.)_ _ _.
1916 (56 coe.).......
1910 (56 cos.)____
1917 (54 cos.)._ _ _
1918 (56 cos.)._
1919 (57 cos.)__.
1920 (64 coe.)---1921 (66 cos.)._
1922 (69 cos.)____
1923 (76 cos.)___
1071
Capital.
Surplus and
Profits.
$
$
28,399,965 27.826.941
31.927,006 33,885,857
33.142,233 37,614,329
34,320.337 39,654,877
34,8011,980 42,344,133
35,312,303 45,594,298
36,931,963 49,590,018
38.727.909 50,840,244
39,068,955 52,000,976
39,897,218 55,374,618
39,931,416 59,187.488
38,511,733 62,262,427
36,797.836 64,847,09
39,162,538 85,535,659
39,069.243 6.3,932,688
3e,870.193 69.298,540
38,879.993 73,775,140
40,579,993 77,779,452
41,307,608 78.408,601
44,142,068 81,841.4B1
45,338,668 87,915.257
46.044.921 91.183.753
47,554.243 88,125,428
53.525.235 110.457.610
Deposits.
Aggregate
Resources.
$
136,496,312
149,137,386
153,151,355
161.231,152
202,865,986
209,213,067
193,283,134
169,669,224
200,983.530
217.196,883
203.837,634
224,225,832
231,712,367
232,941,234
238.256.333
297.235,195
331.108,286
327.597,906
335,093.397
4116,373,276
417.307,021
401.600.404
40,308,038
681.975.275
$
196,498 618
218,660,243
227,460,117
238.817.566
283,503,299
293,177.936
286,232,606
265.150.778
296,761,341
316,892,724
311,640,644
328,196,392
337.179.564
341.764,74
347.588,2142
407,024.321
444,775,178
452.498,281
505.489.011
676,019,96/
591.315.172
561,639.992
635.130,V1
771.778.282
Baltimore trust companies have been increased by
one, namely the Century Trust Co., with capital of
$500,000. The Atlantic Trust Co. was consolidated
with the National Exchange Bank, forming the Atlantic Exchange Bank & Trust Co., the capital of
the new institution being increased to $2,000,000, as
against $1,000,000 for the old Atlantic Trust Co.
Aggregate capital has thus been increased to $13,000,000 for Dec. 31 1923 from $11,500,000 for Dec.
31 1922. Surplus and profit was advanced from $17,361,792 to $19,596,373, though deposits show only
slight increase-from $137,308,934 to $137,383,255.
Aggregate resources, however, have increased from
$169,330,708 on Dec. 31 1922 to $190,993,117 on Dec.
31 1923. In tabular form the comparisons are as
follows:
BALTIMORE.
Dee. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 81
Dec. 31
Dee. 31
r-,... 21
Capital.
8
1913 (10 eue.)-- 8.960,000
1914 (10 coe.)-__ , 8,950,000
1915 (11 oos.)---- 8.650,000
1916 (II cos.).- 8.650,000
1917 (11 cos.)___. 8.650.000
1918 (11 enc1.__
8.650.000
1919 (12 cos.)____
9,150,000
1920 (12 oos.)---- 10,250.000
1921 (13 cos.)._ 10,800,000
1922 (13 cos.)___ 11,500,000
1092 115 Anal
12 nnn non
Surplus and
Profits.
Deputes.
8
12,177,127
11,407,783
11.851.317
12,539,306
12,765,927
13,309,150
14,049,513
14,967.987
15,988.624
17,361.792
$
45,131.061
52.212,492
72,128,718
82.523.300
89.537,806
85,714,838
116,109,400
108.508.855
110.811.291
137,308.934
10 KOR 272
117 222 OSK
Atoreasto
Reantrots.
$
66,058.188
73,170,115
93,230,098
103,712,606
110,986.411
107,773,988
140.749,413
138,393,143
140,781.858
169,330,708
ion no/ In
Philadelphia companies have undergone decided
changes. Many new companies have been formed
and several mergers with banks have taken place,
of which the consolidation of the Bank of North
America and the Commercial Trust Co. under the
Changes in St. Louis companies have been few.
name of the Bank of North America& Trust Co., with
Chouteau Trust Co. increased its capital from
The
$5,000,000 capital, is the most conspicuous. Follow$100,000
to $200,000 and the Farmers & Merchants
ing is a tabulation of the various changes:
Trust
Co.
from $200,000 to $400,000, this accounting
NEW COMPANIES.
Capital.
the
for
increase
in aggregate capital from $12,650,Columbus Title & Trust
$125,000
Community Trust Co
134,615 000 Dec.31 1922 to $12,950,000 on
Jefferson Title & Trust
Dec.31 1923. Sur175,450
Lawndale Bank & Trust Co
125,000 plus and profits have
aLogan Bank & Trust Co
risen
from
$15,662,452
to $16,200,000
Manhelm Trust Co
139,770
bOak Lane Trust Co
147,139. Deposits on the other hand show a falling
125.000
cOxford Bank & Trust Co
250,000
Mons of Italy Bank & Trust Co
off, the total for Dec. 31 1923 being only $170,608,•
a Did not appear In our list last year, as company had no depoelts.
bFormerlY
Oak Lane State Bank. c Formerly the Oxford Bank, 8 Formerly Sons of Italy 193, as compared with $171,019,489 for Dec. 31 1922.
State Bank.
INCREASES IN CAPITAL.
Aggregate resources were $204,152,108 on Dec. 31
Empire Title & Trust Co
from $156,575 to $200,000
Franklin Trust Co
from 1,000,000 to 1,500,000 1922 and $207,629,421 on Dec. 31 1923. Comparison
Integrity Trust Co
from
500,000 to
750,000 for a series
Kensington Trust Co
of years is as follows:
from
200,000 to
500,000
Market Street Title & Trust Co
from
250,000 to
500,000
Mutual Trust Co
from
438,043 to
451,200
Ninth Bank & Trust Co
from
260,000 to
750,000
Northern Central Trust Co
from
334,000 to
400.000
Olney Bank & Trust Co
from
238,275 to
250,000
Peoples Bank & Trust Co
from
634,000 to 1,000,000
Richmond Trust Co
from
125,000 to
132,100
Note.-In the last mentioned list the Ninth Bank & Trust Co. was formed by
the consolidation of the Ninth National Bank and the Ninth Title & Trust Co.
and the Peoples Bank & Trust Co. by the consolidation of the Peoples Bank and
the Peoples Trust Co. We have given In each Instance the old capital of the trust
company.
COMPANIES MERGED OR CONSOLIDATED.
Commercial Trust Co.
Merchants Union Trust Co.
These various changes have resulted in extraordinary increases in the aggregates. The number of
companies now is 76 as against 69. Capital has risen
from $47,554,243 Dec. 31 1922 to $53,525,235 Dec. 31
1923. Surplus and profits from $88,125,428 to $110,457,610, while deposits have advanced from $489,308,036 to $681,975,275. Total resources are now
s771,778,286, as against $635,130,394 for Dec. 31
1922. Following is a comparison of the various
items for a series of years:
ST. LOUIS.
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dee. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec.31
Capital.
Surplus and
Profits.
Deposits.
APOreflat•
Resources.
$
$
8
i
1901( 6 cos.)._ 13,425,660 14,471,934
41,339,273
89,829,307
1902( 9 cos.)____ 20,485,300 24,922.243
62,910,106 109,167,449
1903( 8 cos.)____ 19,000,000 24,915,483
62,563,117 107,454,100
1904( 5 cos.)____ 16,000,000 22,507,930
78,706,702 117,214,632
1905( 6 cos.)____ 16,100.000 23,365,609
71,681,442 111,268,041
1906( 9 cos.)____ 16,350,000 23,684,914
74,512,832 115,189,586
1907( 8 cos.)._ 13,350.000 22,537,837
66,329,782 107,028,169
1908( 9 000.)._ 13.452,400 22.782,021
61,619.831
97,856,192
1909 (13 coe.)__- 14,752,400 19,428,358
73,959,732 108,139,489
1910 (13 coe.)____ 14.752,000 19,505,474
73,015,086 107,272,961
1911 (16 cos.)____ 15,002,400 19,591.743
78.169,009 112,763.152
1912 (15 cos.)____ 14.900,000 19,617,825
84,229,211 118,747.036
1913 (16 eos.)____ 14,950,000 19,600,492
83,329,512 117,880.234
1914 (16 cos.)____ 13,050,000 19,024,203
81.70 1,093 111,765.316
1915 (14 cos.)____ *8.050,000 *12,738.269 *62,012.906
*94,068,994
1916 (15 cos.)___
8,250.000 12.879,829
70,380,425
91,509,254
1917 (15 coe.)---- 8,350,000 12.795.317
79,518,642
98,906,142
1918 (15 006.).- 8,350.000 12,909,504
102.137.663 123,397,182
1919 (15 cos.)._
8,459.000 13,519.789 121,424,904 153,394,692
1920 (17 cos.).9,350,000 14,146,690
1921 (18 cos.)___ 112.450.000 x15,300,040 125,581.165 145,780,858
1922 (17 coo.)_.... 12,650,000 15,662,452 2154.556.540 x188,171.366
171,019.489 204.152,101
1923 (17 ens)
120.60•rinn
111,1.1.9 Ion
Inn ano Inn
mr,., ee,n An.
*Reduction In totals due Lathe elimination of the
Louis Union Trust Co..
whose banking business was taken over by the newlySt.
organised St. Louts Union
Bank. The Trust Co. reported no deposits on Dec.
31
1915
against 825,710.275
on Dec. 31 1914 and $11.244,321 aggregate
resources Dec. 31 1915 against $36.935.227 on Dec. 31 1914
x All Items heavily Increased through the establishment of the Llberty-Centra
Trust Co. by the merger of the Central National Bank and the Liberty Bank.
1072
THE CHRONICLE
[Vol.. 118.
"I shall shortly have prepared for presentation to
Grade Crossing Elimination Still a Serious
to your honorable bodies a constitutidnal amendment
Problem.
to carry out the program above outlined. This
• Automatic train control and elimination of cross- amendment will be so drawn as not to require after
ings at grade are brought to mind anew this week its adoption any subsequent vote of the people for
by a special message from Governor Smith upon the the issuance of grade-crossing bonds, and it will
place the full power of the State behind the grade
latter. He says one-half of the 8,000 of such cross- crossing elimination program."
ings in this State ought to be "eliminated immediBut the Executive and the Speaker of the Assemately," which, of course, means as rapidly as the
bly
are in opposition on this measure, the latter sayphysical work can be done. The situation annually
ing
that he is "strongly in favor of compelling the
grows worse, the number of fatalities in 1923 being
railroads
to go ahead with the elimination of grade
the largest in the transportation records of the State.
crossings,"
under direction of the Public Service
It is plain that the train cannot afford to either
Commission;
the roads must finally pay their pro-,
halt or slow up at a crossing, without imposing an
portion,
but
Legislature should appropriate from
the
intolerable burden upon traffic; trains must "go,"
revenue
current
funds (possibly 10 millions) to do
making their regular stops and such others as the
that
all
can
be
done
in the present fiscal year. He
daily incidents require, and it is the part of the
asks
how
the
roads
could
be made to use the State's
lighter and smaller load and vehicle, no matter how
credit
for
purpose,
the
if
they did not want to, to
propelled, to do the lookout part. Referring back
which
the
answer
is
that
they
doubtless would want
to Forsyth crossing, where a section of the 20th Cento,
being
anxious
to
have
the
work
done. Mr. Smith
tury Limited on the New York Central was wrecked
comes
back
by
pronouncing
his
plan
good business,
on Dec. 9 last, killing nine and injuring thirty, a
and
defective
in
the
Speaker's
eyes
only
because of
preceding section had been stalled by driving upon
its source, while Mr. McAneny stands by Mr. Smith
an automobile. The auto may have had the frequent
and the railroad executives are examining into the
speed maniac at its wheel, but the question of what
suggestion
with interest. But 400 millions! At the
immediately produced the crash is of no great conlast election the unhurt war "veterans" (or a suffisequence against the question why that crossing
stayed unchanged 18 months "after its elimination cient number of them) shoved through the bonus
had been actually ordered by the Public Service amendment, with the aid of relatives and friends.
Commission." So he recites some of the entries The State debt is now past 260 millions, and without
on the Public Service files of this "Elimination Case a tremor of an eyelid we are about to add 45 millions
No. 471." On Jan. 12 1922 a petition was filed "iot- as a largess in sums whose maximum is estimated at
a determination of the manner in which the job $150.
A Government stands on and is limited by deleshould be done." He names 22 other dates, down to
gated
powers, among which is the power to levy
last December, for "hearings" or "notices of heartaxes
for
revenue, whereby to sustain itself and
ings," petitions for rehearing and others on the list
carry
out
certain
strictly public purposes. The quesof dilatory steps; on June 14 1922 elimination "was
tion
whether
the
power to levy taxes and borrow
ordered," but in reply to a question of intentions put
money
(just
one
method
of levying taxes) can be
immediately after the wreck the "attorneys said
stretched
jo
raising
money
to give away, may not
they expected to argue the case in the term beginning
come
again
formally
before
our
high courts; but it
Jan. 2 last. It is the very old case of the law's deis
a
most
interesting
question
and
might well be
lays.
taken
by
up
the
Highest
Court
of
all,
an informed
On whom justly rests the blame? Recent reports
and
thinking
public
opinion.
And
yet,
after voting,
of the Public Service and the Transit commissions
millions
45
in
little
driblets
to
persons
will get
who
say recommendations to determine the crossings to
be eliminated in 1923 were not made until Oct. 25 little value out of it, should we balk at spending the
last and hearings on these are yet to be held. A money necessary, even though large, for a permanent
$500,000 preliminary appropriation for the State's public work in the interest of public safety?
share in eliminations in Greater New York was approved, says the Governor, on May 22 last. No such Federal Reserve Bank of New York on Building Construction and Prices of Building Materials.
thing as a program exists. Within this city he
The following Is from the March 1 number of the Federal
would centre power in the Board of Estimate, hut
Bank of New York:
elsewhere in the Department of Public Works. At Reserve
Contracts for building construction awarded during January in 30 States
present there is no authority to act effectively; and, totaled $302,000,000, according to the F. W. Dodge Corporation, slightly
more than the December figure and about 24% more than in January a
worse still, there is the old problem of the funds. year
ago. This was about the same percentage increase as was shown in
The engineering skill is not lacking, the material October, November and December.
In New York State and northern
Jersey the increase over a year ago
can be obtained, the labor can probably be found, but amounted to 69%, and there were New
large increases also in the southeastern
and northwestern districts. In the Middle Atlantic States, on the other
Governor Smith accepts the estimate that the 4,000 hand, contracts were about the same
as a year ago, while in the Pittsburgh
dangerous crossings which ought to go imediately district, in New England, and the Central West they were slightly lower.
Residential construction continued to lead all other
types of building, and
will require an average of $100,000 each to abolish. in this district was 72% of total construction, compared
with 48% in all
other
reporting
districts.
'Under'existing law the railroad and the locality
Prices of building materials advanced 2% in
January, following a steady
benefited are to pay one-quarter each. The message decline of about 13% since April.
frankly admits—what no careful person can deny—
that the roads are not in condition to take their Savings Bank Deposits in Federal Reserve District
share. The unhappy truth is that the anti-railroad
of New York.
From the March 1 number of the "Monthly Review" of the
fury is not yet over; the roads need more gross reveReserve Bank of New York we take the following:
nue, and that revenue needs to be further replen- Federal
Deposits of representative savings banks in New York City declined
slightly
lowering
ished by a
between Jan. 10 and Feb. 10, due to withdrawals, following the
of taxes find labor costs. So
of semi-annual interest, but were 7% larger than a year ago.
Governor Smith sees only one source to look—the crediting
Deposits of savings banks located elsewhere in the district continued to
increase and on Feb. 10 were 5% higher than a year ago, following a period
State's own credit. Says he:
during 1921 and 1922
when their deposits were practically stationary.
MAR. 8 1924.]
THE CHRONICLE
1073
Indications of Business Activity __11
THE STATE OF TRADE—COMMERCIAL EPITOME. Germany have been buying cotton, it is stated, at Memphis
Friday Night, Mar. 7 1924.
of late, and it is said that the cotton co-operative associa• There is a very general and strict adherence to the polity tions of the South now hold not much over 400,000 bales.
noticeable for many weeks past of buying only for the needs Cotton exports are running some 600,000 bales larger for the
of the present or immediate future. Recent rains and bad season up to this time than during a like period last year.
roads have undoubtedly hurt business at the West. But But of late the English trade has been more or less hamapart from this there is still a disposition to adhere strictly pered by the fear that there may be a lockout in the Lancato a policy of keeping buying within prudent bounds. And shire district of 150,000 men, with the possibility that it may
In the big seaboard cities, particularly New York, there is mean the laying off of 500,000 other workers. Another conregret at the continual decline of the French franc, which ference between the operatives and the master spinners will
to-day fell to a new low of 3.75c. Some Paris dispatches be held Monday, when it is hoped that a settlement may be
insist that this decline has been brought about largely by reached whereby so serious an occurrence as such a strike,
short sales, with the balance of trade in favor of France for with all its far-reaching consequences may be averted.
the last six months, making due allowance for money spent
Wheat has advanced during the week lc. to 11/
2c. and it
by travelers in that country. There was a report to-day that p-as said on Thursday that President Coolidge would to-day
the Bank of France will ask for authority to increase its promulgate an increase in the tariff on wheat from 30e., the
capital owing to the great fall in the value of the franc. If old rate, to a new rate of 45c. per bushel, with increases in
this is true it is an historic event in the financial history of the tariff also on flour and mill feed, all of which, it is conthat country. In any case the great decline in French cur- tended, may inure to the benefit of wheat-growing interests
rency has a distinct effect here. It was cited as one of the in the West. It is to be honed that the exclusion of Canacauses of the decline in cotton to-day of over $5 a bale. It dian wheat, if the new rate does exclude it, may not bring
was noted that while stocks were comparatively steady the about an increase in the acreage sown to wheat in this countrading was light. Sterling exchange also showed more or try and thus establish what may be called a vicious circle.
less weakness and Belgian francs were down to a low rate This would lead to a return of overproduction, no doubt, and
of 3.29c. This is part of the unhappy aftermath of the war. to low prices, which have caused the increase in the tariff.
It is hoped that rumors current that the Dawes Commission If this happens it will mean, of course, the defeat of the
has formulated a plan for the settlement of the reparations campaign for the diversification of crops on which the
question agreeable to Berlin may turn out to be true. It President in a recent message rightly laid so much stress as
would be the signal, no doubt, for a big forward step in the the one thing needful for a permanent relief from existing •
business of Europe and of the United States. Just now Lon- conditions. This, of course, is the remedy which would be
don is admittedly disturbed by the depression in the French suggested by economic law and not an increase in the
franc, although the Paris Bourse to-day was reported firm tariff. Meanwhile flour mills are said to be running at
with active trading. There is no doubt whatever that the about 50%. Provisions have advanced at Chicago and hogs
eyes of the world are on Paris and Berlin.
are at the highest price for some months past, something
Meanwhile, as already stated, business in this country is which of itself will help to a certain extent to relieve any
held in check by considerations of conservatism throughout financial tension at the West. Meanwhile, with cotton devast ramifications of trade and commerce.. It is, of course, clining, raw silk has also been falling. The furniture indusa source of regret to manufacturers and merchants that this try is said to be running at 75%. A big auction sale of rugs
should be so. The vital point is that it is so, and that it is here has resulted in a decline of 10 to 15% in prices. The
likely to continue to be the policy of consumers until the coal trade is less active and prices show a downward drift.
outlook clears up and men can make calculations with Buyers are naturally less anxious about future supplies, now
greater certainty for the future. There is quite a good busi- that the danger of a strike no longer exists. The
wool trade
ness doing in *steel with the railroads and with automobile has been quiet, with prices steady and English auctions showconcerns. Automobile sales and production for this time of ing some advance. There A talk of curtailment
in copper
the year have reached an 'unwonted height. At the same output, after the passing of dividends by three big
companies
time purchases of railroad cars are not on so large a scale recently. Some mines are said to 'have
been closed. Prices
as recently, even though the total for February was second of the copper metal of late have been firmer at
about 1.1c.
only to the best ever known. Pig iron has been dull, and In general manufactured goods in the
main have been, if
rather weak. The demand for lumber does not equal the anything, less active than
recently, and prices have shown
output, and there has been some decline in prices. With a certain downward tendency
coincident with some decline
milder weather recently, building industry has taken on new in the prices of raw materials.
There is only a moderate
life in the East, and wherever else weather conditions have trade in woolens and worsteds for the
next fall season. And
encouraged it. The textile industry does not improve. This yet car loadings for February
continue, according to the
Is one of the most regrettable things in the whole industrial latest statistics, to show a noteworthy
increase as compared
situation. Fall River is running at only 75 to 80% of ca- with the same month
in recent years. Mail order sales in
pacity. There has been some slowing down in Connecticut February are
16% larger than in February last year, with a
and among the thread mills of Massachusetts. Curtailment trifling decrease compared with
January.
al Lawrence, Mass., has brought about some hardship among
Meanwhile the political situation abroad continues to
the idle operatives, but it is the high prices begotten largely claim the attention of
all reflective people. The Labor Minof high wages, which have forced these mills to curtail, see- istry in England
is keeping within moderate bounds and in
ing that the sale of their goods has thereby been greatly re- a recent frank
note to Premier Poineare, Premier Macdonald
duced. Some of the South Carolina mills are running only of England
perhaps laid the foundation for a better underthree to four days a week, or else have reduced their work- standing
between the two countries, to the benefit not only
ing hours from 55 to 50 per week. There has been some of themselves
but of all Europe. It may not be long now
cutting down of production also in Virginia. The mills of before the
report of the Dawes Commission will be prethe United States have taken considerable cotton in the last sented and it
is to be hoped that its recommendations will
six months, but the consumer has not taken the goods on be taken to heart by
all concerned and that they may pave
anything like the scale that could be wished. This is one of the way for
a speedy adjustment of a question on the settlepoints
weakest
of
the
raw cotton situation. It is largely ment of which hinges,
the
it is not too much to say, the prosresponsible for a decline of nearly $50 a bale since Nov. 30. perity and the
well-being of the civilized nations of the
In other words, the dulness of the trade in cotton goods has world.
taken the edge off bullish statistics of raw cotton. MeanThe condition of the American farmer is still of great
while, however, the season for cotton crop preparations in interest and the
likelihood of a tariff of 45c. a bushel on
the more southerly part of the cotton belt is some weeks late. wheat instead of the
present.30c. is changing to a certainty.
It is too early to attach any very serious importance to this Apart from this, the
United States Department of Agricultalk
there
of
is
already
at least the possibility of a ture has been inquiring
fact, but
into the causeiof the present finanlate season in that part of the cotton section of this country. cial difficulties of the
farmer with the following result:
To the northward there is still time to catch up. Russia and Forty-two per cent of the farmers
said the difficulties Were
1074
THE CHRONICLE
due to low prices of farm products, 17% to high taxes, 11%
to high cost of farm labor, 10% to high interest rates, 6%
to reckless expenditures during boom and 4% to excessive
credits.
A Fall River, Mass., report said two mills will resume
work next Monday, the Union mills and the Weetamoe. It
was said that the Chase mills there may also reopen. Sales
there this week are estimated at only 30,000 pieces, owing
to an advance in prices. Buyers balked. Another Fall
River report stated that one mill now closed is to resume
work for a week; another for three days; another has not
yet decided. Curtailment is reported at 75 to 80%. At
Holyoke, Mass., the Hadley division of the American Thread
Co. plant, which has been on a 4-day week for some time,
will, it is stated, curtail further to a 3-day schedule. At
Lawrence, Mass., the continued curtailment in a number of
cotton mills is resulting in hardship among many of the
unemployed. City officials are being stormed with applications from scores who seek work daily, and social workers
claim that present conditions are the worst they have seen
for many years. No marked improvement is expected there
before late summer. It is a grim illustration of the high
wages closing up or partially closing up mills. Maine cotton mills are mostly running full time. The Putnam, Conn.,
cotton mills, which have been running 54 hours a week have
reduced their time to 50, beginning last Monday. At Macon, Ga., four mills slightly increased their working forces
this week. Of nine mills running there, seven are on full
time and two overtime. Augusta, Ga., reports mills doing
a profitable business and buying spot cotton freely. At
Rockhill, S. C., Carhart Mill No. 1, after operating on four
days' schedule for several weeks, has gone back to full time.
At Lando, S. C., the Manetta mills are, it is said, temporarily
running 50 hours weekly instead of 55, not operating now on
Saturday. At Clinton, S. C., the Clinton mills are running
four days a week. At Newberry, S. C., three mills have begun to curtail because of unsatisfactory trade. At Spartanburg, S. C., the mills, according to reports late in the week,
were still operating on full time. Greensboro, N. C., wired
that the Riverside and Dan River mills at Danville, Va.,
will further curtail 75% of the machinery and will cease to
operate on Thursday, Friday and Saturday until further
notice. At Charlotte, N. C., two cotton mills have been idle
this week for the first time, but they will resume full time
next week. Other mills in that section are curtailing somewhat. Garment makers here are to limit output. It is said
that they refuse to manufacture goods unless they have
orders from retailers. They are opposed to piecemeal buying.
At the big rug sale held here by Alexander Smith & Sons
Carpet Co. prices have declined. On Monday the prices fell
10%; on Tuesday they were somewhat steadier than expected, though Wilton velvets dropped nearly 10%. Axminsters and tapestries did rather better than was looked for.
On Wednesday prices held only fairly well. Alpine axminsters were first offered and brought from $1050 to $21 50 on
the Ox 12 size, as compared with $2525 to $26, the range at
the previous auction. The quantity list price on this size is
$26 and the small lot price $31 20. The Ardsley axminster
in the same size brought from $1985 to $23, as compared
with $27 to $30, the range at the last auction. The quantity
list price on this rug is $28 and the small lot price $33 60.
There being no tapestry rugs offered the Katonah velvets
were the only cheap lines, and these again reflected by the
manner in which buyers bid, the scarcity of low-end merchandise in the distribution market. For example, the
9 x 12 Katonah brought from $17 to $18, as compared with
$18 to $19 at the previous auction.
The decline in prices at the big rug auction sale caused a
reduction on the 5th inst. of the spring goods by Stephen
Sanford & Sons, Inc. The new prices are on orders for shipment prior to April 30 and show the following changes on
the standard Ox 12 sizes. DeLuze, from $60 to $5750;
Beauvais axminsters, from $45 to $39 50; Luzerne velvets,
from $3275 to $2975; Brookline tapestries, from $22 50 to
$21 50, and Mayfield tapestries, unchanged at $17. Other
rug sizes and carpet prices are in proportion. The foregoing
prices are on 500-bale lots. Other floor covering manufacturers are to announce new prices to-day. At the rug sale
on Thursday prices again weakened. To-day it is stated
that prices show a decline of 10 to 15%. Other mills, it is
believed, will meet the cut.
The leather industry is quiet. Production exceeds the
demand. It is said that the industry has never quite recov-
EvoL. u8.
ered from the depression of 1920. Six hundred longshoremen have struck at the New York piers of the Southern
Pacific Steamship Co. The reason given for the walkout
was the employment of a new set of men to load trucks at
the piers, supplanting loaders who were said by their employers to be "making undue exactions and attempting to
compel the employment of their services at their own rates."
The weather has been mild here, the temperature on the
6th inst. being up to 50 degrees. It was foggy in the morning, delaying steamers in the lower bay. Big Atlantic
storms prevailed from Southampton westward. At Chicago
it has been of late 30 to 40 degrees; at Cleveland 30 to 34;
at Cincinnati 28 to 48; at Detroit 32 to 40; at Milwaukee 28
to 36; and at St. Paul 20 to 38; at Portland, Me., 32 to 36.
The South Atlantic and Eastern Gulf States have had rains.
To-day there was a light rain, with the temperature even
milder in the morning than earlier in the week. It has been
at times of late more like April than March. At 2 p. m. today it was 38. The forecast here is for fair and colder
weather to-night.
Building Operations in Federal Reserve District
of Philadelphia.
During January 1,754 building permits were issued by
13 cities in the Federal Reserve District of Philadelphia,
representing a proposed expenditure of $11,944,406, says the
Federal Reserve Bank of Philadelphia in its March 1 "Business Review." The "Review" further says:
This is an increase of 58 permits and of $3,182,081 over the figures for the
preceding month, and of 281 permits and of $2,196,387 over the totals for
January of last year. The number of permits issued in most of the reporting
cities, however,is smaller than It was in December, though, with the exception of Trenton. the cost of operations in each of the cities is greater. Most
of the gain In the district was made in Philadelphia, which reported that in
January 884 permits were granted, representing a total cost of $8,642,525.
as compared with 814 permits at a total cost of $5,298,995 during the preceding month.
Retail and Wholesale Trade in Philadelphia Federal
Reserve District.
The following regarding retail and wholesale trade in the
Federal Reserve District of Philadelphia is taken from the
March 1 number of the "Business Review" of the Philadelphia Federal Reserve Bank:
Retail Trade.
Many retail dealers, especially those outside of Philadelphia, have been
awaiting the arrival of cold and stormy weather to help create a demand for
winter staples, but this did not come until about Feb. 10. The time elapsed
since then has been too short for us to receive many reports on the changed
conditions. Preliminary statements, however, indicate that sales during
February will equal those of February 1923. Special sales have in most
cases been successful,and in furniture,floor coverings,and house furnishings
have exceeded those of a year ago. Shoes and women's apparel show a gain,
but furs have been dull, and men's overcoats have sold in less than normal
quantity.
During January, conditions in the individual stores varied considerably,
even in the same city; but total sales in most of the centers in the eastern
part of the district were higher than In January 1923, and in the district as a
whole there was an increase of 6.4%. Altoona and Johnstown, however,
again report a slight loss.
Stocks continue to be larger than they were a year ago, but except In a
few cases are not heavy.
Inolesale Trade.
Wholesale trade during February has, as a whole, improved but little
over that of January, but this is not an unusual condition, especially in
those lines which are affected by a late Easter. During the month few price
changes of note have occurred. Drugs and fine chemicals have risen slightly
and are considerably higher than they were a year ago. On the other hand.
the downward tendency of raw silk and artificial silk has been reflected in
lower quotations for the finished products made from them.
Business Conditions in Boston Federal Reserve District
According to Frederic H. Curtiss, Chairman and Federal
Reserve Agent of the Federal Reserve Bank of Boston, "business activity in New England increased quite noticeably during January, and, while it did not continue to increase during February, neither was there a decline. In other words,
business activity about held its own in February." In further discussing the New England business situation in the
111arch 1 issue of the Bank's "Monthly Review," Mr. Curtiss
says:
Retail trade in this district is probably in relatively larger volume than
manufacturing activity. Department store sales in January were 11%
larger than in the same month last year. The corresponding increase in
December was approximately 534%. The volume of trade is usually the
smallest of any month in the year in February, inasmuch as that Is a short
month, and is between the winter and spring seasons. Iloston department
stores reported that their sales during the first two weeks of the month
were about 9% larger than in the corresponding period of February last year.
Manufacturing activity In New England as a whole was at a higher rate
In January than in December. The cotton industry showed an improvement in January, although it was operating at only approximately 72% of
the estimated normal for that month. A number of cotton centres In New
England reported further curtailment during February. Shoe production
In this district is usually larger during January than at any other time
during the spring run, but this year It was not as large as at the same time
1075
THE CHRONICLE
MAR.8 1924.)
last year. The woolen and worsted industry has been quiet for several
months, but the larger mills, through their price policies, are making a
strong bid for a larger volume oforders for the season which has just opened.
Conditions in the metal trades have improved since the first of the year,
following a long decline in new orders.
Basic commodity prices as a whole advanced sharply in January and the
first two weeks of February, and then reacted slightly. This might have
been expected after an unbroken advance of six weeks, which was so rapid
that,if it were continued throughout the year, basic prices would rise 50%.
One of the brightest spots in the business situation in this district for
several months past has been the building industry. Contracts awarded
for new construction in New England during January amounted to $22,160.000, according to the F. W. Dodge Co., or nearly the same as in the corresponding month last year. Building.costs are now higher than they were
a year ago, so that this year's contracts represent a smaller volume of
construction than in January 1923. Building costs have been tending
slightly,upward for about two months.
There were more commercial failures in New England during January
than in any month last year, and slightly more than the computed normal
for January, based on pre-war experience. There were fewer failures in
February than in January, and the decline was larger than usual.
The banking situation remains favorable for business, although money
rates, following seasonal tendencies, stiffened slightly about the middle of
February. Commercial paper rates in New York were 5,i-5M% last
October, against a 44% rate at the close of February.
Quietness Prevails in Petroleum Markets.
Few changes were made in the prizes of either crude or
refined petroleum during the week just closed, the most
important ones being another reduction of Mo. per gallon
in the price of kerosene quoted by the northwestern Pennsylvania refiners on Feb. 29, and a second reduction of
per gallon on March 4, when gasoline was also reduced Xi,.
per gallon. On March 7 the Magnolia Petroleum Co. advanced the tank wagon price of gasoline 4o., to 17c. a gallon
in Dallas, Tex., and lc. a gallon in Ft. Worth, Tex., the
changes being considered local price adjustments. The
price to consumers in Dallas is 21c: per gallon.
A number of oil companies in Nebraska are being sued by
the State Attorney-General on the charge of restraint of
trade. Regarding this the "Journal of Commerce" on
Feb. 29 said:
Suit was filed in District Court in Omaha, Neb., on Feb. 28 by AttorneyGeneral 0. S. Spillman, of Nebraska, against fifteen oil and refining companies doing business here, asking that some of them be ousted from the
State and that others be dissolved and placed in the hands of trustees.
He alleges a combination exists to fix the price of gasoline and other
petroleum products.
The Attorney-General charges restraint of trade. The companies he
would oust are foreign corporations, the Standard Oil Co. of Indiana.
Sinclair Refining Co., National Refining Co., Manhattna Oil Co., Shaffer
Oil & Refining Co., Texas Co., Tidal Refining Co. and Texaco Co.
Transactions in Grain Futures During January on
Chicago Board of Trade and Other Contract
Markets.
Figures of transactions during January in grain futures on
Reports from Tulsa, Okla., March 3 indicate that Midthe Chicago Board of Trade, and the various other contract
markets, were made public as follows under date of Feb. 18 Continent moline is bringing 10Yic. to 110. per gallon,
by J. W. T. Duvel, Grain Exchange Supervisor at Chicago, Navy specifications.
News from Chicago late on Friday stated that the Standard
whose office is conducted under the Grain Futures AdminisOil Co. of Indiana has set a new scale of gasoline prices to
tration, U. S. Department of Agriculture:
dealerii as follows: 1 to 99 gallons, 18c. a gallon, as heretoTRANSACTIONS(SALES)IN GRAIN FUTURES ON CONTRACT MARKETS
fore; 100 to 249 gallons, at one delivery, 16c.; 250 to 499
LISTED FOR MONTH OF JANUARY, 1924.
[As reported to the Grain Futures Administration. Figures are in thousands of gallons at one delivery, 1534c.;. above 500 gallons at
one
bushels-that Is. three ciphers (000) omitted.]
delivery, 15340. The scale, it was said, went into effect to
Wheat. Corn. Oats.
Rye. Barley. Flax.
meet concessions by small distributors with limited storage
Total.
Chicago Board o[Trade 308,534 416,449 63,156 8,478
795,617 who had more gasoline than they could care for. Price
Chicago Open oard__ 17,657 14,986
948
33,591 to consumers remains 20c. Several large distributors
Minneapolis Ch tmber
of Commerce
23,875
5,308 2,977
33,174 besides the Standard Oil Co. of Indiana made similar con319
695
Kansas City Bd. of Tr_ 13,179 19.131
41
32,351
Duluth Board o'Trade .5,595
2,879
9,525 cessions to their customers, who feel entitled to same prices
1,051
St. Louis Merch. Exch_ 3,088 5.949
9,037
as customers of smaller distributors. Recent snows and
Milwaukee ChanThar of
Commerce
235
832
733 1,395
3,195 severe cold interfered, it is stated, with distribution of
Total
372.661 458.910 70.285 14.559
319 1.746 916.490 gasoline in Chicago district.
•Mostly durum wheat. Duluth being the only market trading in durum wheat.
Monday, Feb. 18 1924.
Grain Futures Administration, Chicago.
Mr. Duvel also issued under date of Feb. 8 the following
revised figures showing the volume of trading in grain futures
on the Board of Trade of the city of Chicago during the month
of January, 1924, as reported by the Grain Futures Administration of the U. S. Department of Agriculture. The figures listed represent the sales or only one side of the transaction, there being an equal number of purchases.
Wheat.
Corn.
aa. 1 (Holiday) ___.
2
13,713,000 6,168,000
3
11,021,000 5,564,000
-s4
17,363,000 30,383,000
5
10,374,000 12,345,000
6 (Sunday)
7
16,234,000 14,339,000
8
12,218,000 11,675,000
9
13,278,000 15,157,000
10
13.305,000 15,968,000
11
9,232,000 12,394,000
12
7,368,000 14,424,000
13 (Sunday)
14
19,942,000 26,637,000
15
10,348,000 21,212,000
16,746,000 23,208,000
16
9,126,000 16,659,000
17
18
9,668.000 15,974,000
to
9,818,000 13,040.000
20 (Sunday)
6,509,000 10,297,000
21
6.691,000 11,682.000
22
23
9,302,000 21,404,000
8,599,000 18,360,000
24
9,117,000 18.824,000
25
4,031,000 12,288,000
26
27 (Sunday)
8,276.000 22,159,000
28
11,558,000 17,234,000
29
24,188,000 16,417,000
30
20,509,000 11,637,000
31
Tratal
Oats.
Rye.
AllGrains.
601,000
1,193,000
2,329,000
1,201,000
147.000
182,000
768,000
322,000
20,629,000
17,960,000
50,843.000
24,242,000
1,276,000
836,000
1,856,000
1,887,000
730,000
2,008,000
740,000
520.000
239,000
395.000
244,000
287,000
32,589,000
25.249,000
30,530,000
31,555.000
22,600,000
24,087,000
4,615,000
3,164,000
3,926,000
2,455,000
2,280,000
2,258,000
392,000
169,000
493,000
168,000
214.000
308,000
51,586.000
34,893,000
44,373,000
28,408,000
28,136,000
25,424,000
1,526,000
1,217,000
3,375,000
4,970,000
3,217,000
2,588,000
262,000
219,000
669.000
219,000
206,000
124,000
18,594.000
19,809,000
34,750,000
32,148.000
31,364,000
19,031,000
3,207,000
2,811,000
4,354,000
3,276,000
241,000
377,000
263,000
310,000
33,883,000
31,980,000
45,222,000
35,732.000
308.511.000 415.449.000 63.156 nen 5 475 nnn 7051117 nnn
Crude Oil Production Further Slightly Reduced.
A further decrease of 3,500 barrels occurred in the daily
average crude oil production during the week ended March 1
according to the advance summary of statistical information
issued March 5 by the American Petroleum Institute. It is
estimated that the daily average gross crude oil production
in the United States for the week was 1,884,900 barrels, as
compared with 1,888,400 barrels for the preceding week.
The daily average production east of the Rocky Mountains,
for the week, was 1,238,800 barrels as compared with 1,237,050 barrels the preceding week. California production was
646,100 barrels, as compared with 651,350 barrels; Santa Fe
Springs is reported at 101,000 barrels, against 104,000 barrels; Long Beach 215,000 barrels, against 218,000 barrels;
Huntington Beach 58,000 barrels, against 60,000 barrels and
Torrance 28,000 barrels, the same as the previous week.
Compared with the corresponding week of 1923, when'
1,795,400 barrels per day were produced, the current production is an increase of 89,500 barrels per day. The following are estimates of daily average gross production for the
weeks indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Mar. 1 '24 Feb. 23 '24
Feb. 16 '24
Oklahoma
402,150
408,100
406,250
Kansas
£9,200
70,350
71,500
North Texas
67,500
65.100
65.700
Central Texas
201.300
195,500
192,650
North Louisiana
50.900
51,650
52.450
Arkansas
121,050
119,450
116,800
Gulf Coast
97.150
94.350
95.600
Eastern
100.000
102,000
103,000
Wyoming and Montana 129,550
130,550
145.000
California
646,100
651,350
669,950
Total
Additional Advances in Prices of Automobiles.
Further advances in price have taken place in the motor
trade the present week, with an announcement from Pittsburgh on March 6 that the list price of Marmon cars will
be advanced $100 to $200 each above the present levels,
effective to-day. The Durant Motor Car Co. will increase
the two open "Star" models $50 each to $545, while the
closed models remain unchanged. It was also announced
by this company that the new "Eagle" car has been renamed the "Flint" light six, but the price and specifications
remain unchanged.
'
1,884,900
1.888,400
1,918,900
Mar. 3 '23
414.400
80,600
51,100
120,550
71,300
105,600
104.450
108.000
109,400
630,000
1,795.400
Sharp Declines Occur in Both Hard and Soft Coal
Production.
During the week ended Feb. 23 a sudden decline took place
in the production of coal, partly owing to the observance of
Washington's Birthday and partly to temporary labor
troubles on Feb. 20 in a section of the anthracite field, according to the weekly report issued by the United States
Geological Survey on March 1. The following data is reprinted from the Survey's summary of conditions in the coal
fields:
1076
THE CHRONICLE
The production of soft coal declined sharply in the week ended Feb. 23,
to 10,3317,000 net tons. This was a decrease of 802.000 tons, or 7.2%.
when compared with the week before, and it was practically the same as the
output in the corresponding week a year ago. The chief factors in the decline were Interruptions in production on Feb. 20 and on Washington's
Birthday. The number of cars loaded daily during the last six weeks and
on the first two days of the present week "indicates a general downward
trend throughout practically the week. There was some improvement on
Monday and Tuesday of the present week, and it seems probable that a
Partial recovery will be shown when all the figures are in.
Bstimated United States Production of Bituminous Coal (Net Tons). Including
Coal Coked.
1922-1923
1923-1924
Coal Year
Coal Year
to Date.(c)
Week.
to Date.
Week.
353.987.000
10,725,000
471,256.000
Feb. 9
11,501:000
1,339,000
1.788,000
1,791,000
1.917,000
Daily average
11.139.000 482,395,000 10.431,000 364,418,000
Feb. 16 (a)
1.348,000
1,739,000
1,792.000
1.856,000
Daly average
10.337.000 492,731,000 10,324,000 374,742,000
Feb. 23 (b)
1,356.000
1.735,000
1.792,000
1,770,000
Daily average
a Revised since last report. b Subject to revision. c Minus one day's
production to equalize number of days covered by the two coal years.
Production of soft coal during the first 275 days of the coal year 1923-24
and of the five preceding coal years has been as follows:
Years of Depression.
Years of Activity.
438,231,000 net tons
512,931,000 net tons 1919-20
1918-19
387,621,000 net tons
499,167,000 net tons 1921-22
1920-21
374.742.000 net tons
1922-23
tons
net
492,731.000
1923-24
Production of Soft Coal in January.
Preliminary estimates place the production of soft coal in January 1924
at 50.801,000 net tons, an increase over the revised figures for December of
10,963,000 tons, or 27%. Comparison with the January figures for the
preceding 11 years shows this to be the maximum tonnage ever recorded in
that month,exceeding the previous high record attained in January 1923 by
623.000 tons.
Cumulative production during the present coal year to Jan. 31 stood at
457.057.000 net tons, a figure that is 35% larger than that in the corresponding period of 1922-23. and which compares favorably with other years of
high production.
Production of Soft Coal in January and First Ten Months of Last Ten Coal
Years (Net Tons).
Coal Year
Coal Year
January. to Jan. 31.
Year.
January. to Jan. 31.
Year.
49,748,000 407.019.000
37,194,000 338,780.000 1919-20
1914-15
41.148,000 471,162,000
46,593,000 390,903,000 1920-21
1915-16
38,928,000 351,124,000
47,960,000 414,882,000 1921-22
1916-17
339.162.000
__50.178,000
a_
1922-23
456,827,000
42,227.1
1917-18
42,193.1:1 487,462,000 1923-24 a _ __50.801,000 457.057,000
1918-19
Preliminary figures subject to revision.
ANTHRACITE.
The production of anthracite was interrupted by the occurrence of Washington's Birthday and by some cause on Feb. 20 that is not yet apparent.
The total output in the week ended Feb. 23 is now estimated at 1,655,000
net tons, a decrease of 245,000 tons. or 13%.from the record of the preceding week.
Estimated United States Production of Anthracite (Net Tons).
1922-1923
1923-1924
Coal Year
Coal Year
to Date.
IWeek.
to Dale.
Week.
, Week ended—
42,472.000
2.023,000
80,070,000
1.906,000
Feb. 9
44,300,000
1,828,000
81.970,000
1,900,000
Feb. 16
46.138,000
1.838,000
83.625.000
1.655,000
Feb. 23
•
a
BEEHIVE COKE.
The production of beehive coke declined somewhat in the week ended
Feb.23. The total output is estimated at 278,000 net tons, against 293,000
tons in the preceding week. The principal decrease occurred in Pennsylvania and Ohio. Production in the Connellsville region, as published in the
Connellsville "Courier,- decreased from 221,890 to 212,790 tons. The
"Courier" ascribed the loss to a severe sleet storm that hampered operations
at many ovens.
Estimated Production of Beehive Coke (Net Tons).
1923
1924
Week Ended
to
to
Feb. 23 Feb. 16 Feb. .14
Date. c
Date.
1924.a 1924.1a 1923.
Pennsylvania and Oblo_ _219.000 233,000 300.000 1.683.000 2,174,000
119,000 166,000
West Virginia
15,000 17,000 22.000
151,000 164,000
Ala., Ky.,Tenn.& Georgia 25,000 22,000 20.000
70.000 112,000
17.000
10,000
Virginia
10.000
54,000
43.000
7.000
Colorado Ar New Mexico_ _ _ 5,000 6,000
38.000
33.000
5.000
5,000
4,000
Washington and Utah
"18.000 293,000 371.000 2.099,000 2,708,000
511,000
44,000
46,000 49.000 62,000
a Subject to revision. b Revised from last report. c Less one day's
production in New Year's week to equalize the number of days covered for
the two years.
The cumulative production of beehive coke during 1924 to Feb. 23 stood
as 2,099,000 net tons. Figures for similar periods in earlier years are as
follows:
979.000 net tons
1920
3.413,000 net tons'1922
2,708.000 net tons
1921
1,951.000 net tons 11923
United States total
Daily average
.
us.
Production, despite holiday interruptions, still remains well over the
10,000,000-ton mark, but the definite downward trend starting in the middle
of January, when the output was nearly 12.000.000 tons, has not been
checked. The general opinion is that there will be no upward swing for
several weeks at least. Coal stocks in the hand of consumers are still •
hem y. although many plants are now drawing upon these reserves in
preference to current purchases. In the meantime, general business, as
revealed in the weekly loadings of revenue freight, is good. If. therefore,
this reliance upon stock piles should be widespread, the time when it would
be necessary to replenish depleted reserves will coincide roughly with the
period when loading for the Lakes will begin to get into full swing.
Spot price levels the past week showed little change. There were a number of minor movements in particular coals, notably a tightening in prices
on Illinois and Indiana screenings, whfle quotations on the larger sizes from
the same fields were weakening under the dull domestic demand, but the
final effect of the changes w;as small. Compared with the preceding week
there were changes in 44.1% of the quotations on the bituminous coals
listed below. Of these changes, 51.7% represented reductions ranging
from 5 to 50 cents and averaging 15.3 cents per ton. The advances ranged
between 5 and 60 cents and averaged 13.8 cents. The straight average
minimum for the week was $1 89,an advance of 2 cents; the straight average
maximum was unchanged at $2 26. A year ago the averages were $2 71
and 5.3 52. respectively.
Conditions in the anthracite trade during the past week were marked by
no noteworthy changes. On the whole independents held their position,
but nothing more. Price uncertainties after April 1 are holding back forward buying by retailers, many of whom are still overstocked with certain
sizes. Consumer buying is on a hand-to-mouth basis. The domestic coke
market is a pale reflection of the conditions in the domestic anthracite
market; the industrial side, however, is showing increasing strength. •
"Caution prevails throughout the coal trade. Producers,
dealers and consumers seem to be playing a waiting game,
the objective not being clearly evident. The Government
report of reserve stocks having revealed a goodly total sufficient for more than immediate needs in most quarters,
and the Jacksonville agreement having given an assurance
of peace in the Central Competitive Field for three years, the
incentive to buy has been removed for most consumers,"
declares the "Coal Age" in its issue of March 6. A summary
follows:
Even the trinuning of prices here and there has failed to quicken the
markets, most consumers being content to rely an their stockpiles whore
possible, making only necessary purchases from time to time, hopeful
perhaps that further cuts will be forthcoming. A spell of mild weather
also has played its part in the prevailing condition of inactivity.
"Coal Age" index dropped one point to 183, as of March 3, the corresponding average price being 3221. This compares with $223 on
Feb. 25.
In the Middle West the market became more disheartened with the
appearance of moderate temperatures, the melting rays of sunshine bringing
to light cancellations and hold-up orders from all directions. Price trimming on coarse coals ensued among some operators, a number of others
shutting down their mines and drawing their firm. Conditions are unusually bad in the Duquoin and Jackson County fields. A slight improvement is observable in the Mt. Olive situation. Mines In the Standard
district are working two and three days a week. Demand for Kentucky
Is rather dull, many of the larger markets being well supplied for immediate
needs. It is considered not unlikely that there will be a strike over renewal
of an (inking wage contract in western Kentucky in April.
Most of the coal moving off the Head-of-the-Lakes docks is going to
utilities and railroads. Some companies in the Northwest are putting
the larger sizes of anthracite through breakers in order to obtain nut
and stove sizes to fill contracts. Stocks cf free bituminous on the DuluthSuperior docks are estimated at between 1,600,000 and 1,700,000 tons.
In the Southwest the surplus of lump is still growing, though screenings
move readily. Few "no bills" on industrial coal have come to light.
Conditions in the Ohio markets are spotty.
Pittsburgh operators, fully tied up by the Jacksonville agreement, evince
considerable interest in the wage situation in non-union Somerset County.
where further cuts are said to be contemplated. Denland throughout
New England continues weak. Similar conditions obtain in Atlantic
seaboard markets.
The anthracite market has become strictly a weather proposition.
consumers showing little disposition to fill their bins with spring just
around the corner. Dealers show a disposition to be cautious also, most
of them trying to so regulate stocks as not to be caught with large tonnages
on hand when April rolls around.
Steel Market Continues Active with Prices Stable—
Pig Iron Output Gains.
Conditions again analyzed point to sustained steel activity
for the next few months. Railroad purchases have provided a large backlog and the continued demand from the
Coal Markets Approach Pre-War Normal Conditions
and automobile industries is leaving just
construction
as Season Nears End.
current fairly high rate of production to
the
of
enough
The average bituminous coal trader in his comments upon
many varied channels of consumption, according
the
satisfy
market conditions at the present time is ready to re-echo the
to the opinion of the "Iron Age," which on March 6 pubcry of the Melancholy Dane, that all things are "stale, flat lished the review appended.
of
5
market
review
and unprofitable," comments the March
Forward buying is still negligible but plans of producers call for further
conditions published by the "Coal Trade Journal," which expansion of operation rather than the reverse. On March 1 there were
264 blast furnaces active, producing at a rate of 108,100 tons a day, against
continues as follows:
repre-
The edge is off production, price stability seems merely a question of find- 248 on Feb. 1, turning out 101,435 tons daily, with the increase
merchant
ing rock bottom,and the spot marketresponds only feebly to the season-end senting only a part of the expansion in steel-making, seeing that
shipments of
changes in current demand. The truth of tho matter is that conditions are production was actually decreased. The average daily
normal for this time of the coal year, but it has been so long since the trade steel in February exceeded those of January.
The balance being maintained between supply and demand is servins
has experienced pre-war normal conditions that it is difficult to effect the
to crystallize prices at the levels maintained now for 50 consecutive weeks,
necessary mental and physical readjustments.
by the
Speculations as to the ultimate result of the Jacksonville compact upon with occasional exceptions, within a variation of 1% as indicated
schedule mills
operations in the bituminous fields is still occupying the attention of both "Iron Age" composite price of steel. The inability to
ahead alone makes for instability, so far as price goes. Output is
buyer and seller in both the union and the non-union districts. This spec- far
apparently still fully 85% of capacity for the whole industry, notwithulation encourages delay in contract negotiations by introducing a new elestanding a much iower rate in some Eastern mids.
ment of uncertainty into the situation in the face of which neither party is
Pig iron production for the 29 days of February was 3,074,757 tons.
anxious to sign on the dotted line lest it prove their judgment on price trends
a
being or 106,026 a day, against 3,018,890 tons for January. or 97,384 tons
•wrong. Of course,- there are old established arrangements that are
day. The daily gain of 8,642 tons was made by an increased output of
renewed almost automatically, but contracts of this character have little
among
decrease
the steel-making furnaces of 9.758 tons against an actual
influence upon the market.
MAR.8 1924.]
1077
THE CHRONICLE
the merchant furnaces of 1,116 tons. The output of steel-making furnaces shows a 14% gain in two months. [Further statistics appear under
another heading in this issue.]
The 16 additional active stacks comprise four for the Steel Corporation,
11 for the independent steel companies, after putting one on the inactive
list, and one for the merchant iron producers after retiring four. There
are now 33 more furnaces in blast than two months ago.
Demand for steel bars is outstanding. Frequently requests are for
deliveries in excess of original specifications. The Steel Corporation has
transferred some bar rollings to its Duluth mill.
Disappointments over the small second quarter bookings extend to
sheets. In Chicago commitments provide for good operation until summer,
but even there they are in large part for specific needs. Automobile
builders continue to take 35% of the output and expectations from Japan
are large.
The Pennsylvania RR.'s orders for 12,000 steel car bodies, requiring
about 100,000 tons of light plate and blue annealed sheets, were distributed among several car builders. Other freight car orders totaled
2.200. The New York Central, whose orders total 15,500, has options
on 3,000 additional cars. Canadian roads ordered 40 locomotives.
Second quarter semi-finished steel business is reported from Cleveland,
covering from 20,000 to 25,000 tons per month. Expectations are that
current prices wit be re-affirmed for that period.
Structural steel awards were only 15.000 tons in the week, while inquiries totaled only 9,000 tons, both low figures as compared with the
weekly records since the first of the year. Structural steel orders attractive to the mills may be placed at 2.40c., Pittsburgh basis.
Pig Iron sellers are having difficulty in their efforts to obtain sontewhat
higher prices and in a few cases, notably in malleable iron at Pittsburgh,
prices have receded slightly. The market shows considerable strength
in resisting pressure of buyers. There is no immediate prospect of important imports from Europe.
Some forward business in hot rolled strip steel has been booked at 2.75c..
the current price of wide strip. Cold rolled strip steel is still being sold
at 4.75e. base, in spite of efforts to establish Sc. The light rail market
also is favorable to buyers. Quoted prices of bolts and nuts find little
basis in sales. An advance will shortly be made in cold rolled steel and
shafting in new cards of extras conforming to those made last summer for
hot rolled bars.
Lake shipyards are figuring on four boats with expectations of one
shortly being placed.
A broadening demand for steel is coming from South America. a fact
taken by American steel makers to indicate that little is to be feared here
from imports if Europe cannot satisfy non-steel-making countries.
A drop in steel beams has placed the "Iron Age" finished steel composite price at 2.760e. per pound, compared with 2.775c. last week.
The "Iron Ago" composite price for pig iron remains at $22 88 per
gross ton.
The usual composite price table for the week is as follows:
Composite Prise March 4.1924. Finished Steel, 2.760e. per Pound.
Feb. 26 1924.2.775c.
Based on prices of steel bars, beams, tank(
Feb.
5 1924,2.789c.
plates. plain wire, open-hearth rails.I
March 6 1923. 2.674c.
black pipe and black sheets. constituting
[10-year pre-war average, 1.689c.
88% of the United States output
Composite Price March 4 1924. Pig Iron. $22 88 per Cross Ton.
Feb. 26 1924, $22 88
Based on average of basic and foundry]
Feb.
5 1924. 22 77
irons, the basic being Valley quotation,
March 6 1923. 28 77
the foundry ae average of Chicago.
10-year pre-war average, 15 72
Philadelphia and Birmingham
In contrast with the report just quoted, the "Iron Trade
Review," in its summary of March 6, declares that the
steel market is quieter, with some conspicuous points of
exception. The "Review's" comment on the situation
follows in full:
uncertain. Some important interests are three-quarters sold against
second quarter production. Heating equipment and radiator manufacturers have been the leading buyers.
Although 1923 iron ore prices have not been re-affirmed by producers.
it is understood unchanged quotations have been made on the inquiry
for 250,000 tons for the Ford Motor Co. Since expected sales are estimated at 6,000,000 tons this year, any purchase by the Ford company of
the amount sought will not necessarily fix the season's market. Pig iron
producers are holding off from buying coke until ore price; are determined.
February Pig Iron Output Increases over January.
The increase in the pig iron production of the country,
which was the feature of the January figures, registered a
marked expansion in February, declares the "Iron Age"
in its monthly record of production. The gain last month
was over 23/ times that of the previous one, or 8,642 tons
per day, compared with 3,159 tons per day in January and
December. It. was the largest gain since November 1922,
when the increase was 9,898 tons per day over October.
Production of coke and anthracite pig iron for the 29 days of
February amounted to 3,074,757 gross tons, or 106,026
tons per day, as compared with 3,108,890 tons, or 97,384
tons per day, for the 31 days in January. The March 6
issue of the 'Age" published the following details:
There were 21 furnaces blown in and five blown out, or a not gain of
16, compared with 17 in January. Of the 21 blown in, 16 were steelmaking and five were merchant furnaces. Only one steel-making furnace
was shut down. There was a loss of 1.116 tons per day in merchant iron
production.
Ferromanganese and speigeleisen production was heavy at 32.275 tons,
one furnace being estimated. The ferromanganese was 22,405 tons, or
the largest since September.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS—
GROSS TONS.
Total.
Steel Works. Merchant.
106,935
26.251
80,684
February 1923
113.673
25,792
87.881
March
24
4:3764
18
12
28,179
90,145
April
28,735
96,029
May
122,548
31.641
90,907
June
29.858118,656
July88,798
111,274
5
86.479
August24,
104,184
25.385
78,799
September
101.586
24.331
77,255
October
96,476
24.124
72,352
November
94,226
24,204
69,921
December
97.384
73.368
January 1924
106,026
1
900
60
4.
22
83.126
February
IRON PRODUCTION BY STREL COMPANIES—GROSS TONS.
ar lf_e—Spiegeleisen and Ferroma t
1923—
—Total Production
Spiegel.
Fe-Mn.
Spiegel.
Fe-Mn.
1924.
1923.
7.048
12. 5, 20.735
19.358
2,274,005
January ___ 2.479.727
9,870
3.657 22.405
21,282
February __ 2.259.154 2.410,658
13,832
20.730
2.721,30.5
March__ _
7.440
20,808
2.704.360
April
9,533
19.568
2.976,892
May
18.289
19,717
June
2,727,208
6 mos___15,R71,646
2,752,738
July
August_ ___ 2,680,851
September _ 2,363,967
October..___ 2,394,922
November _ 2,170.567
December__ 2,167,563
121,564
26.493
22,045
23.206
20,015
14,839
18,069
64.807
12,876
5,586
4,478
15,931
16,783
10.124
246.231 130.585
Year -_ -30.402.254
Discounting of the future with attendant possibilities of speculation
TOTAL IRON PRODUCTION BY MONTHS.
is at a minimum. Since current consumption, to all indications, is running
GROSS TONS.
1924.
at a high gait, the conservative spirit of buyers is regarded as a favorable
1922.
1923.
1921.
1920.
3.018.890
3,229,604
1.644,951
2.416,292
precedent to a prolongation of healthy conditions through the mills are January_ _ _ _ 3.015,181
3,074,757
2,994,187
1629,991
1,937,257
not able to accumulate the backlogs of tonnage they would like. The February_ __ 2,978,879
3,523,898
2,035.920
1.595,522
3,375.907
market.reflects more questioning of possible business effects to result March
3,549.736
2,072,114
1.193.041
2,739,797
April
from disturbed political conditions at Washington, and while this has May
3,867.694
2.306.679
1.221,221
2.985,682
3,676,445
2,361.028
1,064,833
3,043,540
had no bearing on underlying factors. It manifestly is contributing to Juno
the cautious sentiment already present.
9,428,166 12.050.683 20,841,534
Se year.. 18,138.986
Operations still are climbing. The Steel Corporation this week has
94% of steel ingot and 88% of blast furnace capacity active. The Carnegie July
3,678.331
2,405.365
864,555
3,067.043
1,816.170 3.449,493
954.193
3.147.402
Steel Co. Is operating 96% of ingot capacity and is blowing in three more August
3.125,512
2.033,720
985.529
September
3.129.323
blast furnaces. An additional furnace has gone in at Gery and another
3,149.158
1,246.676
2,637.844
October__ _ _ 3,292.597
is scheduled at Wheeling. The Bethlehem Steel Co. is running at 84%.
2.894.295
2,849.703
1,415,481
November
2,934.908
2.920.982
Pig iron production in February for the first time since October rose December __ 2,703.855
3,086,898
1,649,086
above the 100.000-ton daily mark and despite the shorter month showed
40,059,308
26,880,383
16,543.686
-36,414,114
Year*a gross gain of more than 50,000 tons over January. The average daily
production In February was 105,673 tons and the total 3,064,536 tons,
•These totals do not include charcoal pig iron. The 1922 production
compared with 97,273 and 3.015,480 tons, respectively, in January. of this iron was 224.731 tons.
Production in February was at the annual rate of over 38,500,000 tons
annualy, which represents 85% of the historic record established last
May. Furnaces blowing at the end of February numbered 262, a gain Heavy Exports of Petroleum—Coal Exports Falling Off.
of 14 over January and 31 over December.
The Department of Commerce at Washington on Feb. 25
Easiness of prices of pig iron and in ,certain lines of finished steel is
its report showing the exports of domestic coal and
issued
faithfully set forth by "Iron Trade Review" composite of 14 loading iron
and steel products, which again is lower this week. The index shows petroleum for the month of .Tanuary and the seven months
$43 29 against $43 39 last week.
eliding with January. For January the exports of crude
Prospects of a continuance on a large scale of recent selling of French
62,170,064 gallons in 1924., as against only
and Belgian steel on the Atlantic Coast are not viewed as alarming. 'Belgian petroleum were
mills now are withdrawing prices made to American buyers and are advanc- 31,437,002 gallons in 1923, and for the seven months 453,ing because of their filled-up condition. German producers, however, 367,420 gallons in 1923-24, against 258,648,483 gallons in
are more active in the export market. Operations in the Ruhr continue
1922-23. Exports of refilled petroleum in January 1924
to rise and now are above 50%.
Measuring the extent of recent buying of railroad cars, total orders reached 278,201,503 gallons, compared with 271,492,943 galIn February were 41.346, the largest of any single month excepting March lons in 1923, and for the seven months 1,986,080,176 gallons,
1923, since the wholesale purchase by the Government in 1918, during
the period of Federal control. Orders last March totaled 42.500. The as against 1.529,195,020 gallons. The following is the report
Pennsylvania RR's purchase of 11,000 the past week was the main item lu full:
in 16.000 cars placed in that period. The New York Central exercised
DOMESTIC EXPORTS OF COAL.
an option for 3,000 cars additional, making its total recent purchase 17 500
A number of projects involving extra large tonnages have been worked
Month of Jaquory. 'Sector Mos. Ended January.
off but others have been coming forward to fill their place. Negotiations
1
1924.
1923.
1923. 1
have been opened for 18,000 to 20.000 tom of preliminary material for
1024. ,
—
!the new Cleveland union station, the ultimate steel requirements of which
2,444,512
1,717,471
Coal—Anthracite, tons
356,0161
272,0051
is
Co.
Oil
The
tons.
Royal
Shell
Dutch
75,000
to
60,000
at
are placed
Value
14.014,699, 33,112,042. $18,928,141 826.910,992
11,029,892
negotiating for a 715-mile pipe line from Oklahoma to the Gulf, involving
7,875,287
Bituminous, tons
1,092.0841 1.045,587
Value
86,906,6721 35,465,269 650,414.263 855.996,220
50.000 to 85,000 tons. Four hotels at Chicago call for a total of 50,000 tons.
480,346.
367,490
Coke,
tons
77,759
53,117
Pig iron prices still reflect some softness with buying running in quiet
$3,762,654 $4.582.586
ValUe
$923,691
$499,248
channels. Valley malleable is quoted 50c. down. Buffalo prices are
THE CHRONICLE
1078
DOMESTIC EXPORTS OF PETROLEUM AND REFINED PRODUCTS.
Month of January.
1923.
1924.
Seven Mos. Ended January.
1923.
1924.
31.437,002 62,170,064 258,648,483 453,367,420
Petroleum-Crude, gals
$993,663 $1,794,372 $10,110,562 $13,754,424
Value
Total refined petroleum, gals_ 271,492,943 278,201,503 1,529,195,020 1,986,080,176
$29,001,192 $26,353,982 $180,374,917 $179,602,894
Value
Gasoline,naphtha & other light
58,605,435 86,019,479 328,911,095 527,302,243
products, gals
$11,122,875 $10,915,710 $70,433,131 $73,740,723
Value
93.632,588 64,472,203 544.114,998 508,320.456
Oils-Illuminating, gals
Value
$8,640,976 $6,102,932 $50,531,207 $42,570,469
86.976,331 102,750,963 462,734,499 769.859.541
Gas and fuel, gals
$2,532,142 $3,330,684 $15,126,058 $21,945,045
Value
32.278,589 24,958,858 193,434.428 180,597.936
Lubricating, gals
$6,705,199 $6.004,656 $44,284,521 $41,346,657
Value
Paraffin wax, lbs
29,431,573 39.349,383 189,070,653 201,498,307
$7,106,455
$6,290,613
$994,849 $1,496,377
Value
[VOL. 1113.
The monthly consumption of wool (pounds) in grease
equivalent for concerns reporting for 1923 was as follows:
January, 63,348,352; February, 57,916,339; March, 62,859,150; April, 56,410,887; May, 59,682,254; June, 52,648,595;
July, 46,347,256; August, 48,232,955; September, 46,615,997;
October, 51,814,976; November, 50,278,832, and December,
45,451,660. The report also gives the following:
Coneumption by Grades.
Classified according to grade, the total includes 9,690,738 pounds'of fine
wool, which may be compared with 7,677,642 pounds consumed in December
1923, and 10,100,766 pounds consumed in January 1923; 5,837,592 pounds
of % blood, as against 4,617,564 pounds in December 1923, and 6,874,569
pounds in January 1923; 7,235,680 pounds of % blood, as against 6,743,123
pounds in the month preceding and 9,618,578 pounds in January 1923;
9,296,026 pounds of 14 blood, which may be compared with 8,776,698
pounds in December 1923, and 13,095,751 pounds in January 1923; 2,059,Gold and Silver Imported Into and Exported From the
962 pounds of low % blood, common braid and Lincoln, as against 1,473,870 pounds in December 1923, and 1,
9 76,128 pounds nt January 1923, and
United States, by Countries,for January.
11,977,971 pounds of carpet wool, as against 10,685,018 pounds in the preThe Bureau of Foreign and Domestic Commerce of the ceding month and 13,290,369 pounds in January 1923.
Department of Commerce at Washington has made public
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during the month of
its monthly report, showing the imports and exports of gold
January 1924, 20,654,883 pounds, or 44.7%, was domestic wool, and 25,and silver for the United States for the month of January 543,086
pounds, or 55.3%, was foreign wool. The carpet wool was all of
1924. It will be noted that the imports of gold were foreign origin; while 63.5% of the fine wool was produced in this country;
$45,468,618 and the exports only $280,723. The statement 77.7% of the blood, 61.2% of the % blood, and 49.5% of the 14 blood.
Geographic Distribution of Consumption.
follows:
Of the total consumption of wool in January 1924 (amounting to 46,197,GOLD.
SILVER.
969 pounds), 22,808,595 pounds, or 49.4%, were reported from New England States; 42.8% from the Middle Atlantic States; 1.2% from the Pacific
Refined Bullion. ' Total Value.
Total Value.
Countries.
Coast States, and 6.6% from other sections of the country.
Imports. Exports. Imports. Exports. Imports. Exports.
Imports of Tops and Noils.
The consumption of foreign tops and noils constitutes one element which
Dollars. Dollars. Ounces. Ounces. Dollars. Dollars.
10,779
2,119,621
France
it has not been possible to include in the consumption reports since the
Italy
2,700,000
manufacturers would be unable to distinguish between foreign and domestic
Netherlands
5,915,000
and noils. In the long run, though not necessarily month by month,
tops
12,731
Spain
5,910
227
143
700 this element must be equal to the imports. The imports of wool and hair,
41,934
Sweden
958,948 advanced, including tops, for the current month were 18,179 pounds, and
1,519,933
England
22,939,710
96,024 369,446 140,372 for the year 1923 3,900,171; noils for the current
8,466,428 128,278 170,717
Canada
month were 553,660 and
1,000
British Honduras_
for the year 1923 8,503,661. The exports of tops and noils were negligible.
1,113
4,113
34,866
Costa Rica
14
9
775
3.431
Guatemala
Detailed Statement.
189,312
12,058
298,100
Honduras
The following tables show the quantities of wool consumed, classified
12,918
56.852
Nicaragua
156
100,011
43,813
Panama
according to grade, class and condition, with separate figures for foreign and
4,505,555 156,303 domestic wool. Comparative figures, also, are
560,318 137,695 3,507,971
Mexico
given for January 1923;
27
23,689
18
1,295
Trinidad & Tobago
783
5,000 December 1923 and 1922, and totals for the months, January to December.
Other Brit. W.Ind_
2,772
10.006
Cuba
9
6,600 inclusive:
Dominican Republic
17,000
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS, JANUARY 1924.
30,000
Haiti
9,257
202,966
Argentina
Grease
4,324
Bolivia
Section.
Total.
Grease. Scoured. Pulled.
Equiv.
19,047
Brazil
4,441
48,358
Chile
22,808.595 18.083,567 3,846,303 878,725 26,947,806
384,185
15,878
1.800
13,509
1,250 New England
Colombia
Middle Atlantic
19,766,464 16,841,649 1,479,503 1,445,312 21,727,738
92,571
4,408
Ecuador
Coast
Pacific
593,620
222,816 318,548
52,256
929,587
946
BriUgh Guiana_ _ _
3,029,290 1,601,912 1,102,216 325,162 4,239,893
Other sections
6,565
11
'
7
Dutch Guiana
2,076
104,217
572,033 384,000
Peru
Total
46.197,969 36.749.944 6.746.570 2.701.455 53.845.024
6,467
Uruguay
61
33
19,491 ,
Venezuela
COMPARATIVE STATEMENT OF WOOL CONSUMPTION FOR JANUARY'
6,237,403
3,991,653
British India
FOR DECEMBER, AND FOR LAST TWO CALENDAR YEARS.
750
Straits Settlement_ _
(4111 Quantities in Pounds.)
2,633,989
320 1,675,239
512,170
China
24,113
81,127
Dutch East Indies.
197,038
Total
for
January.
Totalfor December. Total Jan. to Me. Incl.
50,183
13,000
32,250
Hongkong
1,347,858
Japan
858,259 Class & Grade.
I
1924.
1923.
1923.
1922.
1923,
1922.
173,568
Palestine & Syria...
2,357
156,888 •
PhilippineIslands_ _
0,197,96
54,950,16038,973.915
Total
50,754,888
550,878,038
560,217,694
Australia
106
4,025
Domestic _ _ - 20.654,88324.217,445 16,747,987 23,655,325 194,906,724 312,262,I63
New Zealand
121
144.687
Foreign
25,543,08630.738,7l5 22,225,928 27,099,563 355.971,314 247,955,531
Egypt
486,456
3,153
Portuguese Africa
4,219
Combing _a_ - 5,719,886 2,080,848 21,366,374 30,619,112 301,830,537 3t8,904,189
Cloth1ng-a-- 8,500,112 9,584,943 6,922,523 8,801,814 99,383,953 113,310.168
Total
45.468.618 280.723 4.020.46311.887.190 5.979.758 8.208.644
Fine, total..
9,690,738 10,100,765 7,677,642 10,059,148 108.834,633110,805,576
CombingWool Consumption Increases in January But Still
Domestic- 4.529,773 4,297,704 3,612,437 4,208,269 35,504,859 66,862,338
Foreign- 3,123,770 3,710,544 2,462,182 3,998,543 51,885,584 18,327,406
Below Last Year.
ClothingDomestic - 1.620.616 1,493,782 1,203,420 1,360,626 14,759,290 20,214.575
The Department of Commerce on Feb. 29 made public its
Foreign- -416,579 598.735 399,603 491,710 6,624.900 5,401,257
report on the consumption of wool, by manufacturers in the 34-blood,total- 5,837,592 6,874,569 4,617,564 7,329,481
62,395,227 76,363,732
CombingUnited States during the month of January, based on reDomestic- 3,711,912 3,552,837 2,891,096 4,164,099 25,579,482 51,175,424
Foreign- 1,134,655 1,867,113 848,510 1,474,650 21,636,363 7,407,048
ports received from 592 manufacturers. This report does
ClothingDomestic - 822,998 1,247,122 745,229 1,427,739 12,321.407 15,865,473
not, however, include data for the American Woolen Co.,
Foreign168,027 207,497 132,729 262,993 2,857,975 2,095,187
Andover, Mass.; Amoskeag Mfg. Co., Manchester, N. H.; 3g-blood, total- 7,235,680 9,618,578 5,743,123
8,044,232 88,490,348 97,024,943
CombingCarolina Cotton & Woolen Mills Co., Spray, N. C.; Columbia
Domestic - 2,636,061 3,918,554 1,789,337 3,459,085 26.549,603 46,740,487
Foreign--- 2,272,191 2,858,690 1,983,202 2,008,953 32,418,910 1,7,936,033
Woolen Mills, Columbia City, Ind.; Crown Mills, Marcellus, Clothing
Domestic - 1,792,961 2,081,009 1,488,870 2,011,607 21,798,077 25,555,242
N. Y.; Daniel Boone Woolen Mills, Chicago, Ill.; Davisville
Foreign534,467 760,325 481,714 564,587 7,729,758 6,793,181
Woolen Co., Davisville, R. I.; W. J. Dickey & Sons, Inc., 1i-blood,total- 9,296,026
13,095,751 8,770,698 12,157,196 118,442,204 129,503.588
CombingOella, Md.; John & James Dobson, Inc., Philadelphia, Pa.;
Domestic - 3,093.420 5,192,636 3,114,810 4,998,758 33,701,587 59,112,580
Foreign
3,549,459 4,923,718 3,648,608 4,717,597 56,054,028 37,125,103
Farnsworth Mills, Inc., Central Village, Conn.; Faulkner &
ClothingColony Mfg. Co., Keene, N. H.; Glastonbury Knitting Co.,
Domestic - 1,507,995 1.776.392 1,184.417 1,412.839 15.824,522 19,611,056
- 1,145,152 1,203,005 828,863 1,028,002 12,862,067 13,654,849
Addison, Conn.; the E. E. Hilliard Co., Buckland, Conn.; Los Foreign-1i-blood -b 723,115 657,409 505,084 612,303 7,438,782 7,304,988
Combing-520,124 491,868 275,075 423,153 4,463,151 4,236,918
Merrill Woolen Mills Co., Merrill, Wis.; Merrimack Woolen
Clothing ---202.991
165,541
230,009 189,150 2,975.631 3,068,070
Common, tot-e
144,537
Corp., Lowell, Mass., or Sheble & Kemp, Philadelnhia, Pa.
159,886
905,532
50,861
Combing-50,951
414,588
Clothing
93,676
108,936
490,944
Total Consumption of Wool.
Braid, total_e.
71,495
53,401
463,583
Combing
47,698
25,226
319,365
The total quantity of wool entering into manufacture durClothing _ 23,797
28,175
144,218
ing January 1924, as reported, was 46,197,969 pounds, as Lincoln,totaLd 1,220,815 1,318,719 755,499 1,218,566 14,238,181 11,211,630
.049.962 1,267.184 664,940 1,166,5
00 13.243,017 9,980,252
compared with 38,973,915 pounds in December 1923; and 54,C
Cloom
thblinngg.:::: 1 170,853
51.535
90,559
995,164 1,231,278
52,561
total-- 1,977,971 13,290,369 10,685,018 11,333,962 149.683,648128.003,337
956,160 pounds in January 1923. The consumption shown Carpet,
Combing, for 5,374,775 6.989,538 5,340,100 6.116,593 76,123.393 67,514,013
Filling, for.... 6,603.196 6,300,831 5,344,918 5.217,369 73,540.15' 60,489.324
for January 1924 included 36,749,944 pounds of wool re-
1
ported as in the grease; 6,746,570 pounds of scoured wool,
and 2,701,455 pounds of pulled wool. Reduced to a grease
equivalent these quantities would amount to 53,845,024
pounds. The grease equivalent for December 1923 was 45,451,660 pounds; and for January 1923 63,348,352 pounds.
rot.,reduced to
grease equiv e 53,845,02463,348,352145,451.66058.366,980 841,607,252 654,125,999
Domestic _ .... 25,324,100 29,437,349 20,820,065 28,590,106 249.919,652 374,665,914
Foreign
8.520,924 33,911,003 34.630,995 29.776,874 391,887.600279.400,085
a Exclusive of carpet wools. 0 Al domestic; figures for date, prey ous to July
1923 include 'Common" and "Braid." e All domestic. d All foreign. em
computing the grease equivalent, 1 lb. of scoured wool is considered equivalent to
lbs. In the grease, and 1 lb. of pulled to 1 1-3 lbs. In the grease.
the years 1923 and 1924. The following is the table complete:
CONSUMPTION OF GREASE. SCOURED AND PULLED WOOL FOR
JANUARY 1924 AND 1923.
(All Quantities in Pounds.)
1923.
1924.
1924.
Month of January.
Pulled.
Scoured.
Grease.
Class & Grade.
1923.
1924.
1923.
1923.
23.996,521 30,272,987 849,384 1,140,656 873,981
1,980,446 2,688,5405,521,391 5,973,894 998,275
667,205
922,509
8,561,9941,119,674 1,260,409 247,800
278,362
112,480 129,323
42,193
143,096
8,323,464
Fine, total
Combing4,316,811
Domestic
Foreign
3,105,740
Clothing825,922
Domestic ---74,991
Foreign
4-blood,total---- 4,744,794
CombingDomestic
3,446,188
Foreign
1,100,615
Clothing150,384
Domestic
Foreign
47,607
4,684,044
54-blood,total
CombingDomestic ---. 2,299,941
Foreign
2,224.493
ClothingDomestic
79,651
Foreign
79,959
5f-blood,total--- 6,641,462
CombingDomestic
2,743,754
Foreign
3,249,229
ClothingDomestic
458,988
Foreign
189,491
463.259
Low 34-blood_b
432,127
Combing
31,132
Clothing
73.852
Common, total-c45,221
Combing
28,631
Clothing
50,716
Braid, total_c_- - Combing
46,195
4,521
Clothing
995,376
Lincoln,total-d
Combing
986,207
9,169
Clothing
Carpet. total
10,772,977
Combing, for'gn 5,227.558
FUling,foreign- 5,545,419
Total,December
4,042,128
3,668,351
83,639
18,030
Grand DivisionsEurope
North America
South America
Asia
Oceania
Africa
36,198
29,565
143,793 229,526
4,475
48,504
368,874 515,354 746,362 157.260
12,994
3,110 107,426 191.136
6,670,297 1,926,228 2,233,304 625,408
3,430,973 120,033
2,751,577 45,907
212,480 216,087
1,791
107,113
351,873 1,359.125 1,358,192 354,185
135,874 401.163 555,519 53,345
10,502,0342,103,838 2.292,592 550,726
4,881,712 175,209
4,684.016 213.606
234,838 174,457
185.587 86.624
483,735 850,805 1,181,957 198,202
452,571
4,218 690,210 91,443
498,965 222,230 125.888 37,626
19,260 29,407
465,108 58,590
8,219
33,857 163,640 106,628
1,200
69,485
5,640
1,200
63.855
20.779
1,503
19,276
5,441
72,562
1,233,626 219,998
2,291
34,408
1,226,495 61.464
3,150
38,154
7,131 158,534
12.070,752 375,795 511,797 829,199
89.222 118,417
8,809,727 28,800
5,461,025 346,995 422,575 710,782
Month of January.
Value.
Seven Months ended January.
1924.
Per
Ct.
Value.
1924.
1923.
Per
Ci.
Value.
1924.
$653,290,858 $633,262,591
517,105.412
499,072,009
235,576,402
243.488.527
555,649,339
547.219.621
20.131,183
30.746.031
38,074.080
48,777,683
$5,986,533 26,879,156
1.023,606
730,439
14,274.956 10.818.325
13,789.017 11.244,819
516,298
3,234.378
5.991.733
8,597,139
5,520,952
5,455,860
1.244,465
1,297.090
1,152,133
56,515
2,671,185
3,402,945
2,049.758
5,463.387
2,840.608
3,108,750
33,579.401 30,834,514
30.597,122 31,948.493
2.851,161
2,958,498
13,168.954 12,301,983
22,447,200 26.263,618
296,833
318,861
11.676,313
4,098,478
11,833,367 13,253,472
8,127,170 11,108.579
2,581,211
4,275,466
692.649
512,408
1,030,351
1.886,730
1.265.186
3,958.040
1,293,122
1.430.453
8,155,224
15.876.547
7,612,877
13,839,740
10.831.682
11,345,74
3.781,451
7,524.094
34.812.210
31,040,85
8,329,188
5,913,70
4,266,930
1,983,96
893.450
669.75
944,519
2,265,29
8,468.292
11,086,74
Month of January.
1924.
$34,572,597
3.686,295
89,390.900
78,917,323
13.026,698
45,282,194
43,144,206
10,328,584
301.131
20,151,080
27,698,229
20,994,559
235.089,737
243,041.336
15,039,776
75,274,537
149,022.688
2,804,307
62,792,883
77.957.009
45.885,531
21.758,125
4,338,633
9,494,285
11.323.220
8,165.003
94,953.253
60,523,833
60.156.512
25,995,056
231,113.713
36,968,588
24,129,276
5,340.484
7.049,907
27.408,491
241,111,437
4,042,137
84.040.022
94,820,022
4,857,941
51,991,414
42,797,380
11,937,284
1.680,351
18,064,251
22,627,418
23,835.404
199,290,476
249,134.115
15,233,430
79,650,915
154.395,779
5,965,979
37,993,500
84,933,489
48,525,092
29,399,743
3,246,943
18.197.223
3,918.472
7,240.520
105,214.694
60.600.795
74.078,254
28,565,952
209,360,709
40,440.723
12,782.685
5,770,416
3,949.111
15,109.103
Seven Months Ended January.
1923.
1924.
Per
Ct.
Imports.
$
- $
$
tide materials
for use in mfg. 139,094,000 42 05,634,000 36 798,130,000 39
&tutIs, crude,
as f'd animals- 28,613,000 9 32,631,000 11 199,085,000 10
&tuffs, Partly
or wholly mfd. 31,269,000 9 38,588,000 13 223,585,000 11
frs.for further
use In mfg.- 64,650,000 20 58,032,000 19 382,582,000 19
frs. ready for
consumption _ 63,935,000 19 58,029,000 20 405,509,000 20
lacellaneous- 1,693.000 1 2,637,000 1
13,702.000 1
Value.
Per
Ct.
$
677,589,000 34
213,575,000 10
253,670,000 13
383,778,000 19
453,539.000 23
17,868.000 1
Principal
8189,712,078 2202,671,378 $1,276,309,042 $1,347,590,222
622,053,051
584,623,486
78.293.220 74.581,387
157,957,605
144,808,349
21.326,076 23,874,212
360.444,053
245.536,122
32,713,029 73,007,402
92,937,492
63,168,577
8,892,982 13,998,448
36,549,037
32,145,118
7,039,302
4,479,123
$335,416,506 $395,170,129 $2,346,590,892 $2,617,531,460
Total
Analysis of Imports and Exports of the United States
for January.
The Department of Commerce at Washington on Feb. 28
issued its analysis of the foreign trade of the United States
for the month of January and the seven months ending with
January, so as to show how much of the merchandise imports and exports for 1924 and 1923 consisted of crude materials, and how much of manufactures and in what state and
how much of foodstuffs, and whether crude or partly or
wholly manufactured. The following is the report in full:
1923.
1923.
1,928.164
Grand DivisionsTotal, Jan. to
Europe
28,665.707 North America
Des., Ind__ _
81,173,979
41.035,352
South America
a Exclusive of carpet woos. b All domestic; 1923 figures Include "common' Asia
and "braid." c All domextk. if AU foreign.
Oceania
Africa
Groups.
2103,574,773 288,018,386
71,444.805 75,197.280
41,455,436 37.967,021
92,245,148 77.245.557
2,804,520
5,434,668
17,728,982 11.686,438
1923.
5,835,693
31,212,068
1924.
$329,253,684 $295,549,330 $2,022,592,729 $1,999,799,007
Total
Principal countriesBelgium
116,303 Denmark
18,963 France
250,163 Germany
Greece in Europe
105.026 Italy
Netherlands
Norway
131,886 Russia in Europe
13,251 Spain
714,977 Sweden
Switzerland
275,101 United Kingdom
Canada
Central America
370.944 Mexico
68,932 Cuba
301,125 Dominican Republic_ _
Argentina
76,086 Brazil
54,115 Chile
Colombia
110,700 Ecuador
80,224 Peru
32,556 Uruguay
7.500 Venezuela
25,058 China
British India
Strait's Settlements
Dutch East Indies
Japan
Philippine Islands
Australia
12,531 New Zealand
6,281 British South Africa_ _
6,250 Egypt
707.820
290.589
417,231
Exports to-
727,464 678,260 650,015 116,434
1,843
124,051 339.745 455.721
5,494.611 688,543 1,129,795 404,255
3,304,01
1,818,609
Seven Months Ended January.
Importsfrom-
rota], January__ 38,749,944 45.032.2796.746,570 7,626,347 :701.455 2,297,634
14,909.466 18,089,7424,131,117 4.766.0051,614.300 1,361.698
Domestic
21,840,478 26,942,5372,615,453 2.860,3421,087,155 935.836
Foreign
C,omb1ng-a
Clothing _a
1079
THE CHRONICLE
MAR.8 1924.]
countries
Belgium
Denmark
France
Germany
Greece in Europe
Italy
Netherlands
Norway
Russia In Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic_
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
China
British India
Straits Settlements
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
$10,349,389
3,878,228
23,285,830
26,085,756
1,502,645
15,489,041
10,098,766
1,387,685
258,384
4,301,489
3,123,122
505,966
83.588,821
48,832,010
3,535,797
8,660,242
13,054,735
880,860
9,217,114
3,647,051 2,556.886
2,226,747
359,031
1,289,490
899,438
723,314
8,578,256
2,078,477
633,704
1.080,442
13,362.431
3,779,882
7,198,738
1,608,119
1,881,579
532,734
$7,446,594
3,634,109
23,137,998
40,965,943
641,883
16,8.57,982
10,948,099
1,521.5.59
233,896
5,602,119
3,224,620
434,558
84,882,719
40,749,531
4,699,040
9,803.551
14,471,235
1,080,933
8,958.888
4,602,628
2,177,095
1,808,386
401.943
2,024,903
1,615.106
1,614.630
11,891,115
1,728.738
550,401
1,221,922
47,636,711
4,493,947
11,700,366
2,106,117
3,807,697
670.900
$65,618,793
20.467,222
172,224,815
175,418,977
7,368.813
112,488,180
71,289.118
16,841.029
8.186,635
40,709,171
21,437,923
3.048,023
528,280,107
377,485.385
26,697,080
63,191.840
82,885,199
6,681.783
59,840,757
27,838,340
15,497,106
14,188,561
2,626,473
8.745.103
6,693,473
5,620,266
55,234,090
15,937,270
3,733,189
5,516.109
115,888,673
25.730,083
49,472,629
12,768,322
13,681,577
5.867,377
$59,849,106
21,590.431
175,172,608
214,004,274
5,703,195
107,932,127
67,800.339
12,535,315
1,352,254
41,782,763
26,945,620
3.841,102
588,598,594
363,214,544
33.648,887
71,045,978
113,241,578
8.501,234
62,936,813
27,779,882
18,405,991
12,272,519
2,231,816
13,081,597
9,002,568
8.152.912
70,206,609
17.916,059
4,219,217
7,770,945
201,408,310
31.630,439
77,054,548
14,760,442
18,400,934
3,595,028
Total imports329,254,000100 95,549,0001002,022,593,000 100 1,999,799,000 100
Exports.
*ode materials
for use In mfg. 102,073,000
dstuffs. crude,
& f'd animals_ 24,218,000
F dstufis partly
or wholly mfd. 50,742,000
frs.for further
use in mfg.__ 43,235,000
Ira. ready for
consumption _ 109,618,000
891,000
iscellaneous - _
31 132,749,000 34 667,805,000 29 882,809,000 34
7 13,792,000
4 282,754,000 12 135,453,000
5
16 59,319,000 15 338.234,000 15 345,849.000 14
13 54.627,000 14 252,352,000 11 340,617,000 13
33 127,928,000 33 765,592,000 33 865,643,000 34
__
639,000 -4,325,000 __
3,631,000p_.-
Total domes__
tic exports_ _ 330,777,000 100389,054,000 1002,311,062,000 1002,573.S02.000100
6,116,000 --12 35,529,000
43,729,000 -reign exports 4,640.000
--
--
Total exports335,417,000 __ 395.170,000 -- .846,591.000 _i .'.817.531.000 --
Total Values of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington on Feb. 29 issued
its report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
January and the seven months ending with January for
Activity of Machinery in Wool Manufacturers During
the Month of Jnauary 1924.
The Department of Commerce on Feb. 29 issued Its report on active and idle wool machinery for January 1924
based on reports received from 918 manufacturers, operating
1,096 mills. These do not include the data for the Glastonbury Knitting Co., Glastonbury, Conn., Farnsworth Mills,
Inc., Central Village, Conn.; Daniel Boone Woolen Mills,
Chicago, Ill.; Merrimack Woolen Corp., Lowell, Mass.; John
and James Dobson, Inc., Philadelphia, Pa.; Faulkner & Colony Manufacturing Co., Keene, N. H.; Sheble & Kemp,Philadelphia, Pa., or Merrill Woolen Mills, Merrill, Wis. Of the
total number of looms wider than 50-inch reed space, 45,576,
or 73.3%, were in operation for some part of the month of
January 1924, and 16,642 were idle throughout the month.
The active machine-hours reported for wide looms for the
month of January formed 72.8% of the single-shift capacity,
as compared with 71.2% for the month of December 1923,
and•86.7% for January 1923. Of the total number of looms
1080
THE CHRONICLE
[VOL. 118.
of 50-inch reed space or less covered by the reports for January 1924, 13,968, or 80.8%, were in operation at some time
during the month, and 3,329 were idle throughout the month.
The active machine-hours for these looms represented 67.3%
of the single-shift capacity, as against 65.9% in the preceding month and 83.7% in January 1923. The number of carpet and rug looms reported for January 1924 was 9,226, of
which 7,581 or 82.2%, were in operation for some part of
the month, and 1,645 were idle throughout the month. The
active machine-hours reported for these looms represented
75% of the single-shift capacity of the looms, as compared
with 71.4% in December 1923 and 86.3% in January 1923.
Further particulars are as follows:
Department of Commerce to Continue Issuance of
Trade Statistics-Statistical Reports of National
Lumber Manufacturers' Association.
The intention of the United States Department of Commerce to continue the issuance of reports on business conditions and industrial production was made known on Feb. 15
in a letter addressed by the Solicitor of the Department, S.
B. Davis, to the National Lumber Manufacturers' Association. As was noted in these columns Jan. 19 (page 263),
Attorney-General Daugherty in a letter to Secretary Hoover
indicated that trade associations might be barred from circulating information and statistics among members, but that
Its dissemination through a responsible Governmen medium,
Spinning Spindles.
Of the total number of woolen spindles reported in January 1924, 1,896,- like the Department, appeared to be sanctioned. The letter
671, or 80.9%, were in operation for some part of the month and 448,741 of Mr. Davis says in part:
were idle throughout the month. The active woolen spindle hour reported
The Department of Commerce will continue to publish its monthly survey
for this month represented 86.4% of the single-shift capacity, as compared
of current business. The information which associations furnish will be
with 80.7% in December 1923 and with 91.6% in January 1923.
The number of worsted spindles in operation during January 1924 was used, within the limits of Department appropriations and facilities, in the
1,878,751, or 75.3% of the total, and the number idle was 684,105. The publications to the extent that it proves suitable.
The Department does not express any views as to the legal status of any
active worsted spindle hours were equal to 72.8% of the single-shift capacity. In December 1923 the active worsted spindle hours represented association from which it receives the information or any approval of any
of
its activities.
74.2% of the capacity, and in January 1923 95.4%.
C?4!N
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Feb. 19 1924.
Mr. R. B. Doris, Solicitor, Department of Commerce Washington, D. C.
Dear Sir: Pursuant to the terms of your letter
'
of Feb. 15 the National
Lumber Manufacturers' Association requests the assistance of the Department of Commerce in giving useful publicity to the statistical unidentified
current trade information which it compiles, distributes to subscribers and
publishers, and broadcasts through such channels as are available for that
purpose.
The association understands the character and limits of the assistance
now offered by the Department of Commerce. It regret. the limits imposed
and still more the circumstances understood to have been responsible for the
imposition of these limits. Desirous, however, of securing the widest possible public use of a lumber trade information, this association will be glad
to have prompt advice from the Department of Commerce of the manner in
which, and extent to which, it will contribute to the further publication of
such information • and of such additional types, if any, of information as the
Department of Commerce may desire to have for its use.
You are familiar with the scope of the present statistical reports compiled,
distributed and published by the National Lumber Manufacturers' Association.
Yours truly,
WILSON COMPTON, Soeretarp-Menager.
,
rt,
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3,613,538
9,151,184
3,696,626
11,865,287
1,814,868
Carpet and
Rug.
LOOMS.
Wider than 50-1 50-4nch Reed
inch Reed Space. Space or Less.
Month to Which Figures Relate.
(See note helm.)
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236
251
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7,677
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210,298
1,303,171
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70,515,084
388,535,151
92,763,428
463,898,355
42,409,524
Worsted.
2,562,866
1.878,751
684,105
2,611,602
2,009,240
602,322
2,553,696
2,284,508
269,188
2,345,412
1,896,671
448,741
2,299,462
1,853,643
445,819
2,291,477
1,945,643
• 348,834
Woolen.
SPINNING SPINDLES.
on.
. ,_..... .i t.1.1•
27.2
25.8
Cards and Combs.
The letter from the Solicitor of the Department of ComOf the total number of sets of cards reported for January 1924 5,775, or merce to the National Lumber
Manufacturers' Association
83%, were in operation at some time during the month, while 1,183 were
idle throughout the month. The active machine hours for cards were equal is a circular one, and is as follows:
to 87.1% of the single-shift capacity in January 1924; 87.4% in December
THE POSITION OF THE DEPARTMENT OF COMMERCE.
1923 and 95.1% in January 1923.
Office of the Solicitor, Deportment of Commerce.
Of the combs reported for January 1924 2,011, or 75.5%, were in operaWashington, Feb. 15 1924.
tion for some part of the month, and 654 were idle during the month. The
National
Lumber
Manufacturers'
Association,
active machine hours for this month were equal to 89.6% of the single-shift
402 Transportation Building, Washington, D. 0.
capacity, as compared with 83.3% in December 1923 and 103% in January
Gentlemen: The recent correspondence between this Department end the
1923.
Attorney-General
relative to the legality of the collection, compilation and
Detailed Report.
distribution by trade associations of statistics of information has caused
The accompanying table gives the total number of machines in operation
widespread discussion, and I have been frequently asked for a statement of
some time during the month of January 10E4, the number idle for the whole
the attitude of the Department upon the subject.
month, the number reported on single shift and on double shift, the active
The Department of Commerce will continue to publish its monthly Survey
and idle machine or spindle hours, the percentages active and idle, and comof Current Business, in connection with which it has been receiving inforparatives figures for December 1923 and January 1923.
mation and statistics from various associations. For the purposes of this
and other publications and the performance of other duties imposed upon it
by law, the Department will, from time to time, request associations to
a .,.i.
2 mr
.",g6
,
furnish it with such statistics as may. be necessary or convenient for its
.7,
N N.. 0 .7.
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purposes. The information which associations furnish will be used, within
the limits of Department appropriations and facilities, in the publications
Nt•.I.
to the extent that it proves suitable.
4
4 qclo 2 0
...el
The Department is not at present in a position to distribute the informai ggm 2 apaS
i
Zi c.t10
1
tion received otherwise than through its publications.
.
1
.-1.-IN
The Department does not express any views as to the legal status of the
•
4
association from which it receives the information, or any approval of any
.-..P.4 12 05010
00. 1 .-0
73
1 .0. of its activities.
Yours very truly,
S. B. DAVIS, Solicitor.
„-,
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4 moos .3 cc..1'1 .
4 .r.r.c
A letter addressed to Mr. Davis by Wilson Compton, Seci M.
i EFE, retary and Treasurer of the Association,
rgt.
follows:
!
._
d
General Tone of Current Business Opinion Noticeably
Hopeful According to Clay Herrick of Cleveland.
The course of events during January and the early days
of February has strengthened the feeling of confidence
growing during the last two months of 1923, and the general
tone of current business opinidn is noticeably hopeful, according to Clay Herrick, Vice-President of the Guardian
Savings & Trust Co., Cleveland. Reports show that business
as a whole has shown a definite, though small, increase,
since November, the end of the decline which began last
May. Mr. Herrick says:
Lack of forward buying, small lot orders and caution as to future commitments, do not indicate an abnormal condition. The general practice of
large forward buying, accompanied by duplication of orders, developed dur‘3t-)
IS'l
,g a, ing the flush period before the depression and was partly resumed at the
04
'col.-...-, time of the upward reaction last spring. But it was the product of an abnormal situation.
1 i '..
toeS02%°0 C)d°,74 tbl.r1;
Viih
It may well be that the really normal thing to do is just what the average
- r8aS1 w a
t'm
8° business man is doing,
SaTIE4Vag41:Pa OVO'ci 20
t g.g
22='.712.20 t
0
namely to buy in relatively mall quantities, for
g
n . k 444 z .14't 4 f:1 4 4. N'aINN quick delivery, to meet needs
that are in sight or are anticipated with reaOvertime was reported sufficient to offset all Idle hours and leave an excess of sonable certainty.
The efficiency of freight service is such that prompt delivery of goods
16,994 hours, or 3.1%.
,1
2
..
..,
°
t. g. -.
.02 co2 R2
3
1
.6
1
1
pl ti,
THE CHRONTCLE
MAR. 8 1924.]
most
may be expected. Production capacity has been so increased that
lines of manufacture can furnish goods. to dealers with dispatch. Necessity
present.
not
is
cases,
for large inventories, in most
It is essential for business men to bear in mind that we have entered a
new era in our industrial and commercial life. Men whose business careers
have been confined to the last decade or so face conditions and problems
which have not been covered in their previous experience. Success now
calls for more than experience. It calls for adequate and correct information, for clear thinking, for a study of conditions and trends and future
1081
possibilities. Production capacity has been developed so that for the time
being it is, in some lines at least, ahead of current demand. Competition is
keen and is destined to become keener. Over the long run, most economists
believe that the trend of prices will be downward, though some believe that
it will be several years before this tendency is distinct. This contrasts
strongly with a period of steadily rising prices for 20 years prior to 1920.
These conditions mean a narrowing of profits and the survival of those concerns which meet the new conditions with efficiency in management, production, selling, quality of product and elimination of waste.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 5 1924, which deals with the results
for the twelve Federal Reserve banks combined, made public
by the Federal Reserve Board, shows a decrease of $43,300,000 in holdings of bills discounted and of $3,600,000 in acceptances purchased in open market, partly offset by an
increase of $26,300,000 in holdings of Government securities.
Federal Reserve note circulation declined by $2,500,000,
cash reserves by $6,900,000, and members' reserve deposits
by $19,800,000, while Government deposits increased by
$21,000,000. After noting these facts the Federal Reserve
Board proceeds as follows:
$3,000,000 in holdings of United States securities s partly offset by an ncrease of $2,000,000 in holdings of other securities.
Of the total decrease of $70,000,000 in net demand deposits. $30,000.000
Is shown for the New York district, $14,000.000 for the San Francisco district and $13,000.000 for the Chicago district. Time deposits of all reporting banks increased by $6,000,000. while Government deposits show practically no change.
Reserve balances of all reporting institutions maintained at the Federal
Reserve banks increased by $21,000,000, the increase of $35,000,000 In
New York City being offset in part by small decreases elsewhere.
Member bank borrowings from the Federal Reserve banks increased from
$270,000,000 to $297,000,000. The New York City banks report an increase of 56,000,000 in accommodation from the local Reserve bank.
On a subsequent page--that is, on page 1112—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared witli a week and a year ago:
A decline of 542.800,000 in noldings of bills discounted is reported by the
Federal Reserve Bank of New York, of $6,100.000 by Cleveland, of $5,000,Increase (4-) or Decrease (—)
000 by St. Louis. of $4,300,000 by Philadelphia. and of 53,500,000 by
During
Boston. The Chicago Bank shows an increase of $9,700.000 in holdings of
Year.
Week.
discounted bills. and San Francisco and Richmond show increases of
+8235.000.000
—$52,000,000
of
Loans and discounts, total
87.600.000 and $3,500,000, respectively. Of the total of $488,300,000
—55.000,000
—2,000,000
Secured by U. S. Govt. obligations_ _ _
discounted bills held on March 5. $211,900.000 represents paper secured by
+4,000,000
—44,000.000
Secured by stocks and bonds
Government obligations, of which amount $138.200.000 was secured by
+286,000.000
—6,000,000
Liberty and other United States bonds. $65,600.000 by Treasury notes.
All other
—195.000.000
+1.000.000
Investments,total
and $8,100,000 by certificates of indebtedness.
—58.000.000
—2.000.000
Holdings of acceptances purchased in open market declined by $3,600.000
U. S. bonds
—127.000.000
—9.000,000
Treasury
security
mostly
Government
holdings,
while
week,
the
during
U. S. Treasury notes
—44.000,000
—1,000.000
notes, increased by $26,300,000, all Federal Reserve banks except PhiladelU. S. certificates of indebtedness
+34,000,000
+13.000,000
pnia participating in this increase.
Other bonds, stocks and securities_ _ _
+11.000.000
+21,000.000
An increase of $4,400.000 in Federal Resets-a note circulation is reported Reserve balances with F. R. banks
+3,000.000
—1.000,009
by the Federal Reserve Bank of San Francisco. and an aggregate increase Cash in vault
—360,000.000
—70,000,000
of $8,200,000 by seven other banks. These increases were, however, more Net demand deposits
+406.000,000
+6,000,000
than offset by a decline of $6,300,000 shown by Chicago, $6.200,000 by Time deposits
+24,000.000
—1,000.000
Cleveland, and $2,400.000 by Philadelphia. Gold reserves decreased by Government deposits
—68,000.000
and
+27,000,000
_
_
banks_
$900.000,
than
gold by
Total accommodation at F. R.
86,000.000 during the week, reserves other
non-reserve cash by $2,900,000.
The statement in full, in comparison with the preceding
J. P. Morgan Leaves for Mediterranean Trip.
week and with the corresponding date last year, will be found
A
1112.
and
J. P. Morgan, accompanied by Mrs. Morgan and a party
on subsequent pages, namely pages 1111
4 fora
summary of changes in the principal assets and liabilities of friends, sailed on the steamer Lapland on March
will
Morgan
Mr.
Naples
At
Mediterranean.
ending
the
to
year
trip
the
and
of the Reserve banks during the week
Februin
early
here
left
which
Corsair,
board his yacht, the
March 5 1924 follows:
Increase(+) or Decrease (—) ary to await Mr. Morgan's arrival at Naples. From the
During
latter point Mr. Morgan will cruise through the Greek IslYear.
Week.
visit Madeira,
Total reserves
—86.900.000 +521,500,000 ands,landing at Candia in Crete. He plans to
Gold reserves
—6,000,000 +33,100,000 Gibraltar, Algiers, Monaco, Athens and Alexandria. ReTotal earning assets
—20.600,000 —205,000.000
his departure, the New York "Times" of March 4
Bills discounted, total
—43,300.000 —83,200,000 ferring to
Secured by U. S. Government obligations —51.600,000 —118,200,000 said:
Other bills discounted
Bills bought in open market
U. S. Government securities. total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
tak+8,300,000 +35,000,000
Mr. Morgan was in his office at Broad and Wall Streets yesterday,
—3.600.000 +40,900,000 ing care of odds and ends of his business, prior to his departure. Asked if
+26.300,000 —162.800.000 he might break a precedent of many years standing by making a public
—10,500.000 statement on the eve of his departure, he said that he did not know of any
+1,100.000 reason why he should. When asked about the financial and business out+24,600,000
+1.700.000 —153.400.000 look of the country, he implied that the outlook was so good that there was
—2.500,000 —236,500.-00 no need for a reassuring statement from himself.
+200.000 +43.200,000
His answers to questions brought out the following points:
not
—19,800,000 +27,000,000
He is not going abroad to attend any conferences on reparations; he is
+21.000.000 +20.700.000 going to attend any conferences about German finances and the possibility
—4,500.000 for arranging an international loan to Germany; he is not planninF to confer
—1,000.000
is sailing
on any kind of business matter whatever, public or private
solely with a view to having a rest and a "good time."
Dwight W. Morrow, partner in J. P. Morgan & Co..
and Seward Prosser of the Bankers Trust Co., were among
the passengers leaving on Feb. 29 on the steamship Munargo
for a month's vacation at Nassau.
George Whitney, a partner in J. P. Morgan & Co., was
at his desk on Feb. 28 following his return from London,
where he participated in the work incident to the simultaneous offering in New York and London of the recent
Japanese Government loan.
Thomas W. Lamont, a partner in J. P. Morgan & Co.,
returned to his office on March 3 following a two weeks'
trip to Palm Beach.
Edward R. Stettinius, a partner in the firm of J. P.
Morgan & Co., had for several days been a patient at Roosevelt Hospital, was well enough to return home on Feb. 27.
He had been admitted to the hospital on Feb. 24. A year
ago Mr. Stettinius was operated on at the same hospital
for an abdominal abscess, and it is understood that his latest
no operation,
loons on united States obligations and reductions of $48,000,000 in loans visit was for the purpose of further treatment;
on corporate securities and of $1,000,000 in all other loans. A decrease of it was said, was necessary upon the present occasion.
The Week With the Member Banks of the Federal
Reserve System.
Aggregate reductions of $70,000,000 in net demand deposits and of $52,000,000 in loans and discounts, together
with an increase of $27,000,000 in accommodation at the
Federal Reserve banks, are shown in the Federal Reserve
Board's weekly consolidated statement of condition on Feb.
27 of 759 member banks in leading cities. It should be noted
that the figures for these member banks are always a week
behind those for the Reserve banks themselves. Loans on
United States securities declined by $2,000,000, loans on
other stocks and bonds by $44,000,000, and all other, largely
commercial, loans by $6,000,000. Holdings of United
States securities decreased by $12,000,000, while holdings of
other bonds and stocks increased by $13,000,000. Further
comment regarding the changes shown by these member
banks is as follows:
Member banks in New York City report an increase of $3,000,000 in
1082
THE CHRONICLE
tiro:4118.
Argentine Syndicate Closed.
The following is from the "Wall Street Journal" of
March 3:
of their supporters, and the hostility any recognition of the legality of
betting would stir up among church-going people.
Betting is one of the features of British life. Every one,from the King to
office boys and street sweepers, likes to have a "bit on" the horse races.
Argentine Government 6s, offered in January at 96%,are selling at 88%.
compared with a closing price on Saturday of 91%. Participants have
received notice of the closing of the syndicate. Ten days ago participants
were asked to take up 50% of their participations. Original offering
amounted to $40,000,000 by Kuhn, Loeb & Co., Blair & Co., Inc., and
Chase Securities Corp. to yield 63 %. Since then the syndicate announced
that $20,000,000 53 % six months notes of the Argentine Government had
been placed privately.
Salvador Customs Collections.
F. J. Lisman & Co. announced on March 4 the receipt
of a cablegram from San Salvador informing them that the
total customs collections for the months of January and
February amounted to:
The New York "Times" of March 4, in referring to the
drop and subsequent rally in the price, said:
January 1924
February 1924
The syndicate agreement under which public offering was made of $40,000,000 of 6% sinking fund bonds Series "A" of the Argentine, expired
yesterday and the bonds broke 43 pointsfrom the closing price of Saturday.
After $90,000 of the bonds had been sold in the New York Curb Market at
that concession the quotation rallied. The day's transactions totaled
$764,000 face amount of the bonds.
Heavy selling started from the opening of the market and continued with
little break in activity to the end. With the expiration of the syndicate
agreement, the various dealers who had taken part in the public offering
were free to liquidate their holdings and these fell on the market in bulky
proportions. Of the entire issue of $40,000,000, it was revealed last week,
$20,000,000 had not then been sold, and yesterday's selling represented
largely the sale of(tome of this balance.
The day marked the first in which the bonds "were put on their own"
without the usual syndicate support. Despite the heavy offerings, the price
rallied from the early low of87 to a high for the day of89%. The quotation
closed at 89 even, off 2% points net from Saturday, and 73 points below
the offering price on which the Issue had been floated in the week ended
Jan. 18. Two reasons were advanced for the slow absorption of the offering:
the relatively high price at which they had been offered to the public, which
was 9634, to yield the investcr 6.25%, and to the subsequent offering of
$150,000,000 of Japanese Government bonds at a price to yield 7.10%.
Total
$541,240
523,966
$1,065,206
It is added that the total interest and sinking fund requirements on the $6,000,000 8% custom first lien bonds
for the year 1924 amount to $734,400, or at the rate of
$61,200 per month.
Philippine Bank Lost $37,000,000.
Associated Press advices from Manila Feb. 21 were reported as follows by the New York "Times":
The losses of the Philippine National Bank since its organization, eight
years ago, are estimated at approximately 137.000.000 by B. F. Wright,
Insular Auditor, in his report issued to-day. Mr. Wright said the losses
absorbed $17,650,000 in capital stock and $17.695,000 of Insular Government deposits.
Berlin Government Buys Silver at Premium.
Special radio advices to the New York "Journal of ComThe $40,000,000 Argentine bond offering was referred to merce" from Frankfort-on-the-Main, March 3, state:
The Reich Government in Berlin is contemplating a resumption of silver
in these columns Jan. 19, page 271, and Jan. 26, page 380;
currency and for this purpose has concluded large silver purchases in thir
the additional issue of $20,000,000 was mentioned in the Berlin metal market.
These purchases, it is understood, have been made at 496 gold marks a
"Chronicle" of Feb. 9, page 606:
pound, this comparing with a quotation for silver on the internationat
market of 480 gold marks a pound.
Tax of 1% Upon Circulation of Canadian Chartered
Banks—Federal Legislation Is Proposed, Says
Brazil to Borrow $168,000,000.
Counsel in Home Bank Case.
The "Wall Street Journal" of March. 6 said that the
The following is from the Toronto "Globe" of March 5:
Brazilian Government is negotiating in London for a loan
A bill is to be introduced in the Federal Parliament to impose a tax of
not exceeding 1,400,000 contos of reis, about $168,000,000
of
1% or 2% on the $250,000,000 circulation of the chartered banks of Canada.
This was the announcement of R. A. Reid, counsel for a number of share- at current rate of exchange. Of this, 400,000 contos will go
holders, during argument yesterday before Charles Garrow, K. C., Master to Bank of Brazil in liquidation of existing obligations. Reof the Supreme Court, on the question of a call for double liability on the
mainder will probably be left on deposit in London for payshareholders of the Home Bank.
This bill may be introduced in a week or ten days. he said. He pointed ment of debt service and material for public works. If
out that a tax of 1% would yield $2,500,000, while a tax of 2% would yield part of this issue is floated in New York proceeds may also
double that amount. On the strength of that tax, he was advised, the
here for similar purposes. British mission has not
Government could borrow from seven to ten million dollars. Mr. Reid remain
understood that the proposal was to continue the tax permanently as an as yet made any statement, but it is generally believed they
insurance fund for bank depositors for all time. From the money so secured have found conditions favorable for new financing.
the Home Bank losses could be met and liquidated at once, and the depositors thus protected, while the shareholders would then be relieved of having
to pay any double liability, declared Mr. Reid.
Chernovetz Reaches Par.
The New York "Evening Post" publishes the following
from Moscow March 4:
The Russian chernovetz gold based ruble has reached the value of the
pre-war ruble. All the Moscow banks are selling the chernovetz ruble at
two to the dollar. They are charging a 5% premium.
Finland Borrows Here.
The following is from the "Wall Street Journal" of Feb.21:
National City Bank is a member of an international syndicate which has
extended a credit of 250,000,000 finmarks, equivalent to $6,325,000, to
Bank of Finland,for purposes of exchange stabilization, by establishment of
balances in New York, London and Stockholm.
Participation of the National City Bank is slightly over $2,000,000.
Other members of the syndicate are Stocksholm Enskilda Bank, Hambros
Bank, Rothschild & Sons and Westminster Bank.
Total balances held abroad by Bank of Finland as reserve to prevent
depreciation of finmarks is about 940,000,000 finmarks.
United States Protests to Britain on Tax Collections—
Washington Seeks Exemption for American
New York Stock Exchange Ruling on Imperial Japanese
Government Employees Abroad.
Government Bonds.
Special advices to the New York "Times" from WashSecretary E. V. D. Cox, of the New York Stook Exchange,
ington Feb. 28 said:
The American Government has protested to the Government of Great issued on the 4th inst. the following notice:
Britain against the collection of taxes from American Government workers
in Great Britain. The representations were made through the American
Embassy in London and are understood to set forth that the United States
collects no taxes from similar representatives of Great Britain in the United
States, and that Germany has but recently made similar concessions to the
United States, and argues that the same courtesy should be shown to Americans by Great Britain.
Under international practice, taxes cannot be collected locally from diplomatic representatives of another country, and this immunity extends even
to attaches of an embassy or legation. There is nothing, however, to prevent collection of taxes from consular representatives or other Government
employes of foreign Governments unless such exemption is provided for by
treaty or by agreement. In the present instance, it is understood that it is
customs officials who are principally involved.
March 4 1924.
The Committee on Securities rules that contracts for Imperial Japanese
Government External Loan of 1924 30-Year Sinking Fund 6%% Gold
Bonds, due Feb. 1 1954, "when issued," must be settled on Tuesday.
March 11 1924, by de very of temporary bonds.
t from Feb. 1 1924 to March 11 1924 (viz.: 1 month
The accrued in
amount to $7.2222 per $1,000 bond.
and 10 days),
Settlemen of contracts may be enforced "under the rule" beginning
March 1 924.
E. V. D. COX, Seer
Secretary.
eague of Nations Plan for Hungary' Financial
Rehabilitation—Proposed
P. G.
Harding Chosen as Financial Dictator.
Following the announcement on Feb. 21 that the Allied
British Cabinet Drops Proposed BettingTaz—GovernReparations Commission had taken final decisions relating
ment Appears Unwilling to Incur Labor and
Religious Opposition.
to the Hungarian loan, and that all the interested countries
The following wireless message (copyright) from London have met the necessary requirements and the League of Nations would proceed at once to float the lohn to put HunMarch 4, appeared in the New York "Times" of March 5:
The Labor Government has decided against the imposition of.a betting garian finances on a sound basis, following the same protax. Philip Snowden. Chancellor of the Exchequer, announced in the House gram as that applied successfully to Austria, the signing, in
of Commons this afternoon that the Cabinet had carefully examined the
of the British Government of the first protocol of the
report of the select committee on betting and had decided that it would not behalf
be in the public interest to make the change in the law that its imposition settlement of the Hungarian loan question was made known
would involve.
at London, March 4, by Lord Cecil, according to a copyright
Behind this official formula lies the unwillingness of the Government to
cablegram to the New York "Times." In our issue of Feb.
tax
on
bets
which
a
would
unpopularity
bring
them
from
the
mass
the
Incur
MAR. 81924.]
THE CHRONICLE
1083
23 (page 859) we referred to the report from Geneva Feb. 18 on the international loan. There is moreover,little doubt that much valuinformation could be gathered.
that W. P. G. Harding, formerly Governor of the Federal able
International forced loan has now been assured on a somewhat reduced
as
High
ComBoard,
had
been
unofficially
selected
Reserve
scale to a former project amounting to about $12,000,000. The Minister of
missioner of the League of Nations to Hungary for control Commerce, who has provisionally taken ever the ministry of finance, states
his opinion that artificial quotations of foreign currency must soon be
of finances under the League's proposed loan plan. It has stopped and intends
to introduce free financial traffic.
since been stated in press advices from Paris (Feb. 21) that
New forced internal loan will be borne chiefly by industry and commerce.
the Commission has voted unanimously to name Mr. Hard- whereas agrarians and landowners who have long enjoyed benefits in the
matter of taxation, but who have formed a Government majority, will bear
ing as financial dictator in Hungary, and the same cable- the least of the burden.
The Minister of Justice states his intention of levying a special tax on the
gram said that it was understood that Mr. Harding had accepted the post, which will be analogous to that held by Herr ten richest men in the country in order to cover the deficit of the State
budget. This plan was supported by the Extreme Rights who declared an
Zimmermann, former Mayor of Amsterdam, for Austria, internal loan to be superfluous. It is probably due to this statement that
the Minister was obliged to tender his resignation which was immediately
under the League of Nations plan.
Mr. Harding, who now holds the position of Governor of accepted yesterday.
Commenting on the situation growing out of the most rethe Federal Reserve Bank of Boston, sailed for Europe last
Saturday (March 1) on the White Star liner "Olympic." cent developments, the Vienna representative of the New
According to the New York "Times" of the 2d inst., Mr. York "Times" in a copyright cablegram dated Feb. 23 said:
The panic which swept over Hungary, causing a precipitate collapse in
Harding, when asked before his departure about the report
the Hungarian crown, has now subsided. It is considered that the crisis is
that he had been selected as High Commissioner to handle past, and although they have not yet recovered from the shock, people are
the financial affairs of Hungary, replied that he could not optimistic about the future, with a loan definitely in sight and an American
make any comment on the subject until he had arrived in financial controller on the way.
But it is admitted on all sides that this was the worst financial crisis ever
Europe and met the men who are most interested in it. The experienced in Hungary. Unlike the German financial collapse, things
"Times" said further:
reached a crisis quickly, and after the news that the loan was definitely
"Will you accept the post if it is tendered to your.he was asked.
"That hinges upon what happens when I am in Europe," Mr. Harding
replied.
The banker said that he had planned his present trip for a vacation long
before there had been any mention of his name in connection with the High
Commissionership to Hungary.
Geneva cablegrams Feb. 25 stated that the Council of the
League of Nations had appointed a delegation to collaborate
with the Hungarian Government in drawing up a plan for
budget reform and other preliminary measures necessary
to put in force schemes for the restoration of Hungarian
finances. The delegation is composed of A. E. Janssen, Belgium, as President; M. Avenol, France; Dr. William Pospisil, Czechoslovakia; Sir Arthur Salter and Sir Henry
Strakosch, Great Britain; Dr. J. Ter-Meulen, Holland;
Marcus Wallenberg, Sweden, and Commandatore Inchiri.
The Paris cablegrams of Feb. 21, referred to above, in
stating that the Reparations Commission had taken final
action in the matter of the proposed loan said:
The amount of the loan is limited to 250,000.000 gold crowns which is to
be repaid over a period of 20 years and also possibly by short term loans
which are to be repaid out of the yield of the principal of the reconstruction
loan as soon as the latter has been issued. In order to facilitate the raising
of the repayment of the loan the Reparation Commission excepts from the
charges created by Article 180 of the Treaty of Trianon for the cost of
reparation by Hungary for a period of 20 years, the gross receipts from customs, the tobacco monopoly: the sugar tax, and the net receipts from the
salt monopoly, also such other revenue receipts of the Hungarian Government, other than the State railways and the revenues thereof, as may be
required under the prescribed conditions.
Ratification of the protocols involved by the Governments concerned are
asked for by March 31,and the League of Nations will be given until Dec.31
to decide whether, in consideration of the figure reached by the subscriptions, it is ready to undertake the responsibility for the completion of the
reconstruction plan.
The commission has in virtue of this proposal agreed to a reduction of the
reparations payments during the next three years to a maximum value of
880 tons of coal for each working day. From the beginning of 1927 Payments will be made to increase from 5,000,000 crowns by an average of
1,000,000 yearly to 14,000,000 in 1942.
On behalf of his Government, Minister Koranyi this evening accepted the
terms.
Cabling under the same date (Feb. 21) relative to the
situation in Hungary at that time and the effects of the
most recent events, the Budapest correspondent of the New
York "Times" had the following to say in copyright advices:
I learn from authoritative sources that decision of the Reparation Com-
decided the reaction set in, although the currency has not recovered to the
level of a week ago.
News of the Reparation Commission's final decision was received with the
greatest enthusiasm in Parliament,for even those opposing the loan felt that
the indecisive situation had become intolerable.
The Foreign Minister, Count Bethien, who is responsible for the whole
international loan negotiations, said to me,speaking of the appointment a
Mr. Harding as financial controller:
"I have no definite information, but I know that Mr. Harding is now on
the way to Europe and I think on the way to Hungary. On landing, Mr.
Harding will first communicate with the Financial Committee, and, although definite appointment could not take place before the recent decision
of the Reparation Commission, Mr. Harding was accepted by the Hungarian
subcommittee some time ago. Detailed arrangements will have to be made
with the League through Lord Cecil when he reaches Paris."
Count Bethien considered that Mr. Harding should arrive in Budapest
with the Financial Commission of the League, but thought it possible the
Financial Commission would arrive a few days before.
Glad to Have an American.
Continuing, Bethien said:
"We are extremely happy to have an American controller, as we know he
has no political aims and enly the interest of reconstruction at heart. Now
that an American financial controller is coming to Hungary, we are convinced that Americans will take a greater interest in Hungarian reconstruotion and economic life and that we shall have better and closer relationship
With the United States."
Count Bethien went on to point out that the League Financial Commission
would in all probability remain here two weeks, that the whole financial
program already was drawn up by the Hungarian Government for the next
two and a half years, but must first have the approval of the above-named
commission, and that it was Mr. Harding's business to see it carried out.
"This program contains our point of view for the period of the loan, which,
in reality, commences with January 1924," said Count Bethien, "The protocols must be ratified by Parliament, which must promulgate a law in
order to give Hungary the right to carry through the loan."
Asked whether the recent collapse of the Hungarian crown would make
repayment of the loan more difficult, Count Bethien replied in the negative,
pointting out that the gold crown was still of exactly the same value. Count
Bethien did not think that the stabilization of the Hungarian crown at a
lower level would be very unfavorable to Hungary in the long run, although
causing temporary dislocation and certain difficulties for social classes and
necessitating readjustment of commerce and industry.
In financial circles the prevailing opinion is that the Hungarian crown will
now have to be stabilized approximately at the level it has now reached.
Many people, moreover, are of opinion that this is not such a disaster for
Hungary as it would appear at first sight, although requiring a certain
amount of readjustment.
The task of Mr. Harding as "Hungary's Comptroller" is
still regarded in Vienna as vastly more difficult than was
Zimmermann's in the case of Austria, says a copyright cablegram from Vienna to the New York "Times" March 2, which
adds.
The particular ground for this belief is the fact that Hungary lacks a
leading statesman having such personal authority as did Seipel at Vienna
in preventing politics from invading economic discussions. But it is also
felt in Austrian financial circles that Hungary has not yet overcome the
Succession States' distrust of the Hapsburg question and that the hoped-for
revision of the Hungarian frontier from what was fixed by the Trianon
Treaty is still much alive in Hungarian politics.
Beyond even these considerations, it is commonly remarked that Austria
had ceased printing new paper currency even before the work of economic
reconstruction began. At the same time it had founded a new note-issue
bank, chiefly equipped with home capital, and it had also in advance
adapted the tax assessments to the deprecitaed currency, thereby raising
the collections nearly to foreign values.
These tasks are all awaiting ex-Governor Harding in Hungary. Fe will
have to take personally in hand much .that Zimmermann found already
accomplished when he began his work in Austria. The increase of the taxes
will certainly be the greatest difficulty. Hungary having no bank organizations spreading to foreign countries and no extensive industries readily
produalve of taxes.
Hungary's wealth is concentrated in agriculture, but every Central European Government knows by experience the difficulty of laying heavy taxes
on landowners or peasants. The balancing of the Hungarian budget wlfl
not, therefore, be so easy; yet, on the other hand, some circumstances are
recognized as being distinctly favorable for Hungary. One is that the country's exports are at present only 90,000,000 gold crowns less than imports—
Would Tax Wealthy Men.
a difference which Mr. Harding will be able soon to overcome. When the
Hungary,
just
as
that
finanprobable
Austria,
will
have
a
trading
deficit is removed economic rehabilitation will occur under better
is
moreover
It
cial dictator under the loan which can now hardly be expected before six auspices.
months, in which case Harding may be expected here quite soon. In
The report of Dr. Zimmermann, Commissioner-General of'
Vienna hope is expressed that Hungary's dictator will stop in Vienna on his
Austria,
covering "the whole fiscal year," has attracted
information
valuable
on
working
sister
States
glean
to
journey in order
mission in the matter of the Hungarian loan, so long awaited, has already
been made and protocols settled favorable for Hungary and that official
communication of this decision may be expected any hour.
Doubtless in anticipation of this news. the Hungarian crown recovered a
few points to-day after suffering another fall yesterday.
Resignation of both Ministers of Finance and Justice, who were considered largely to blame for the present financial situation in Hungary, has
brought certain relief oven to the Government Party, to whom they become
unnecessary ballast.
People have not as yet recovered from the shock of the sudden collapse of
the Hungarian crown, and even in best informed financial circles it came as
a great surprise and still cannot be accounted for, every one here ascribing a
different reason.
As a Hungarian Government official pointed out to-day, in many respects
the situation is much more favorable than that in Austria at the time of the
loan. International credit is good and national fortune is superior, it being
largely agrarian. Added to this there is only one billion in paper notes
circulating in Hungary compared to five billion in paper notes in Austria.
The news that W. G. P. Harding will soon sail for Europe has awakened
great hopes throughout Hungary, for there is no denying the fact that
Hungary would welcome an American dictator above any other. There
seems to be little doubt that official nomination of Mr. Harding is merely
pending the Reparation Commission's decision and ratification of a loan by
the Hungarian Parliament.
1084
THE CHRONICLE
considerable attention. The Vienna correspondent of the
New York "Times" under date of Feb. 21 (copyright) says
"that it is a warning to the Austrian people differing very
greatly from previous reports. Dr. Zimmermann calls the
attention of the League of Nations Council to certain factors
in the situation, particularly to psychological conditions essential to the success of the reform scheme." He added that
"Dr. Zimmermann points out that, to judge by figures alone
of the first year of reconstruction, the efforts required during the second year to balance the budget successfully would,
at first sight, appear to be inconsiderable. As a matter of
fact, he says, they are considerable, since they call for a real
change in the attitude of the Austrian people. 'If their efforts are to be successful,' he says, 'there must first be a
change in the whole atmosphere in which the work of reform
is being pursued, there must be a return to notions of economy and saving, the full significance of which has not yet
been grasped by the public.'" The correspondent further
stated that "Dr. Zimmermann emphasizes that the permanent equilibrium which the Geneva protocols made a condition for eventual withdrawal of control, will never be attained unless a genunine spirit of reform is shown. The
Government must not, and cannot, make increased revenue,
which is perhaps due to the highly favorable, but temporary,
.conditions of readjustment, a pretext for abandoning those
far-reaching reforms which are essential if the administrative machinery of the country is ever to be restored to limits
commensurate with the area of New Austria." According
to the "Times" correspondent also, "as recently indicated,
many Austrian people appear unconcerned in the affairs of
State, which have so long been the concern of many foreign
Powers. Strikes are on, carried out with a recklessness
which makes it apparent that the terrible period which
Austria went through has been entirely forgotten, and that
no further co-operation is necessary for Austria's reconstruction."
The fall in the value of the Hungarian crown 20% below
the Austrian crown was referred to by us Feb. 23, page 860.
Stating on Feb. 29 that the financial panic had come at least
to a temporary standstill, though prices have remained at
the high-water mark, a Budapest cablegram, published in
the New York "Evening Post"-added:
The Government has concentrated on the working out of the loan plan
with the League of Nations. Count Bethlen, the Premier, has appointed
ex-Finance Minister Kelley as mediator between the League and the
Government.
The resignation of Finance Minister Kallay. which was
one of tile incidents of panic, was the subject of the following from Budapest Feb. 21, published by the New York
"Evening Post" and copyright by the Public Ledger Co.:
The financial panic has sharpened the fight against Premier Bethlen's
reconstruction Cabinet, and led to the jettisoning of Minister of Finance
Kelley, whose resignation has been accepted as a concession to the opposition. Kelley was attacked for urging State and bank funds to stabilize the
ourrencY, being criticized as throwing good money after bad.
Vice-Minister Valko. who sprung the breach, continues to fight for the
international loan, and abolition of paper crown credits, which, as earlier
In Germany. provide easy money for canny speuclators repaying loans in the
depreciated money.
In a wireless message from Vienna Feb. 24 (copyright)
the New York "Times" said:
Austrian financial circles ascribed the recent rapid collapse of the Hungarian exchange less to the country's general situation than to the Government's utterly mistaken measures. The Government had, for instance,
prematurely announced its intention to adapt the foreign quotation of the
Hungarian crown to the lower figure at which the crown circulated at home.
On this announcement speculators smuggled enormous quantities of inland
crowns across the frontiers and threw them upon adjacent foreign markets,
thereby wrecking the foreign confidence in the Hungarian currency.
The Finance Minister proved incapable of stopping this procedure. Ile
resigned in consequence. the Government announcing that a financial
expert of the old regime would be appointed—either the Hungarian Minister
at Paris, Baron Karanyi, or ex-Minister Ladislas Lukacs—thereby signifying that the Government was ready to give up politics and rash experiments
in Hungary's finances.
This announcement tranquilized Hungarian financial nerves, especially
when the Minister of Justice. Nagy, also resigned, the Government having
rejected his grotesque proposition of putting the 10.000 richest men in
Hungary on a list and making them produce a loan of 200,000,000 gold
crowns for Hungary's financial reconstruction. Prevailing opinion at the
moment regards it as certain that the Hungarian crown cannot be stabilized
unless arid until an international loan becomes a fact, and until Hungary
itself does what it has heretofore carefully avoided--that is, increases its
taxation in an effective manner.
[Void. 118.
council, but Count Bethlen, Prime Minister of Hungary; Bones, the foremost statesman of Eastern Europe. Representatives of Yugo-Slavia and
Roumania. the whole Reparation Commission, and, indirectly, the banking
world.
Gist of the Plan.
Without going into detail, the scheme provides for the balancing of the
Hungarian budget within two and a half years by means of an international
loan guaranteed by certain Hungarian State revenues, the appointment of a
League of Nations High Commissioner, the cessation of inflation, etc.
Some of the questions which require settlement before the final conclusion
of the whole scheme involve negotiations between Hungary and her neighbors, others between certain of her neighbors and the principal Allies.
In an Information Bulletin just received, issued by the Information Section of the League, the following summary of the situation appears:
.
Protocols Approved by Council.
The council approved the text of two Protocols presented by the Hungarian Committee: the first deallng (like the Austrian Protocol I) with
certain political conditions and particularly containing safeguards against
any use of the scheme to obtain special or exclusive commercial advantages:
and the second embodying, in the form of an engagement to be signed by
Hungary, the main features of control, reform, &c., required by the financial scheme.
While the text of these Protocols was approved, they will not, of course.
be actually signed until the scheme can be accepted as a whole by. the
Governments concerned.
The main outline of the plan is summarized as follows:
1. The stoppage of inflation with a view to the stabilization of the Hungarian crown, this being assisted by:
2. An independent Bank of Issue, enjoying the monopoly of note issue;
3. The balanse of the budget by June 30th 1926. so that thereafter current e tperise3 will be met by taxation without recourse to either inflation or
loans;
4. A reconstruction loan of about £10000000 (250.000,000 gold crowns)
secured by specific Hungarian revenues, to cover the deficit till June 1926,
so that inflation may be stopped without waiting till the budget is balanced
(which could probably never be achieved while inflation was still In progress); revenues to be assigned to the service of the loan include (a) customs
receipts (gross); (b) tobacco monopoly (gross); (c) salt. monopoly (net):
(d) sugar tax.
The Financial Committee estimates these revenues for the year at 50
million gold crowns.
5. A control through a Commissioner-General appointed by, and solely
responsible to, the Council of the League, for the purpose of insuring the
due execution of the whole program.
The success of the scheme go outlined requires:
6. Satisfactory political relations between Hungary and her neighbors.
provided for by a protocol to be signed by governments involved.
7. Suitable arrangements with regard to her external obligations, particularly relief credits and reparations.
Iteparaticms Payments to be Deferred.
In this connection, the Committee considers it is essential that during the
period of reconstruction (i.e., till the middle of June 1926) no payments
whatever in the form of reparations should be made, apart from the continuance of certain coal deliveries already made and provision for which is
included in the present budget.
Secondly, that thereafter the maximum total average of Treaty charge
payments should be absolutely defined for the whole of the next 20 years.
and should not exceed, as a maximum average annual amount during that
period, 10 million gold crowns (1400.000) per annum, the annual payments
in the years immediately succeeding the reconstruction period being substantially less than this amount.
The Financial Committee's scheme is expressly limited to recovering the
budgetary and, therefdre, the financial position. It contemplates a balanced budget after a limited period of reform; and It proposed a loan for the
purpose—and the sole purpose—ofcovering the deficit during this period.
The Committee recognizes that the Hungarian trade balance needs improving; but the necessary economic adaptation must be effected by Finnnary herself.
The essential contribution of the proposed scheme is to give a stable bask.
on which this adaptation can take place. The Committee also recognizes
that the country needs liquid capital for the purpose of developing its
national resources. But this capital must come not by means of a loan to
the Government secured on national revenues, but through natural and
private channels under the attraction of the economic prospects of Hungary.
The contribution the scheme makes is to offer stability and security in the
financial basis of the country, which will allow these prospects of economic
development to have their full attractive force to foreign capital.
Hungary's Case Easier Than Austria's.
Of the economic position of Hungary generally the Committee makes oue
general remark; they state that, in the case of Austria. there were fears—to
all appearance disproved by later events—that Austria, within the frontiers
defined by the Treaty of St. Germain, was essentially not "viable." They
state, however, that in the case of such a country as Hungary, with its rich
natural resources and seltsufficiency in food, the position is entirely different.
Adaptations may be—will be—required. An economic policy adjusted to
her conditions must be adopted. Sonic changes in her economic life may
well develop. Groat improvements in the facilities for foreign trade are
required. But all these things are possible, and all will be facilitated by
financial stability.
The Committee points out that it has constructed a scheme which does
not rely upon Government guarantees. They do not think that such guarantees should be necessary. For Austria they were necessary because by
September 1922 Austria's financial position (combined with her dependence
upon imported food and raw materials) was such as to present a real risk
of social disorder developing to a point at which it would destroy the value
of any securities she could offer.
The position of Hungary to-day Is very different. Her budget is by no
means in so desperate a condition. The disorganization of her economic
life measured by the depreciation of the currency is considerably loss; her
natural resources (particularly her self-suffieleney in food) afford a more
solid basis.
The League of Nations News Bureau, this city, made public, as follows, on Feb. 24 the first complete details of the Statement by Prime Minister Ramsay Macdonald of
British Policy Regarding inflation and the
plan for the financial rehabilitation of Hungary, as formulated by the Financial Committee of the League of Nations:
Capital Levy.
Before the British House of Commons on Feb. 14, the new
The outstanding event of the last council session was the complete elaboration, except for two questions (which are now in negotiation between Prime Minister, Ramsay Macdonald, declared that a capital
Hungary and the nations of the Little Entente), of a plan for the rehabilitalevy could not be enacted in the present Parliament, nor
tion of Hungary on the same lines as succeeded so well in Austria. For this
purpose there came into play not only all the regular members of the until a majority of the country was In favor of it. and that
MAR. 8 1924.]
THE CHRONICLE
1085
whatever scheme might be evolved to save Great Britain
from the crushing effects of Its heavy national debt, inflation, like repudiation, must be regarded as a dishonest
means of dealing with that condition. While the daily newspapers gave an account of Mr. Macdonald's speech, which
we take occasion to quote further below, the British Library
of Information, this city, has favored us with a copy of the
official text of his remarks respecting the capital levy, and
we give the same herewith:
often have to turn around to find what the wheeler (wheel horse) was doing.
Mr. Lloyd George, Mr. Chamberlain said, was a free trader. He did
all he could to look after free trade, and he expected free trade to look after
him. He must not disavow his own child—the safeguarding of the Industries Act.
In this matter Mr. Lloyd George and I are in the same camp,and must
vote in the same lobby if this measure is seriously challenged," said Mr.
Chamberlain.
Wants Preference Pledgrs Honored.
The former Chancellor of the Exchequer then turned to the question of
Imperial preferences promised by the late Government. These were in
two categories, he said; preferences which would lower the existing duties,
and
preferences which would require new duties. Mr. Lloyd George and
The capital levy is in exactly the same position as protection. It cannot be enacted in this Parliament. We shall not deal with the capital many of his colleagues were committed to the support of those in the first
levy. No change of that character can be made until a majority of the categcry, and so was the HOMO Secretary in Mr. Macdonald's Cabinet
country is in favor of it. f have not the least doubt that Mr. Chamberlain (Arthur Henderson), since all had concurred in the imperial conference
will go on propagating his doctrine of protection, but, until he or somebody resolutions of 1917, of which the present resolutions were only an extension.
Preferences requiring new duties were on a different footing, he said.
else produces Some scheme which will save this country from the exceedingly
bad effects. as I think, of a too heavy National Debt, increasing the cost of No one, however, supposed that the Government could dispense with food
production, diminishing the purchasing value of money, oppressing the duties of some kind this year. If the Government were not larelaared
wage earning classes in mass, as I think—until the National Debt is di- simply to add new duties for these preferences, would it not impose such
minished and paid by honest means--f regard two means as dishonest, one duties and take off a corresponding amount in the duties on tea, sugar and
repudiation and the other inflation—until the National Debt is paid off— tobacco, so that there would be no increase in taxation.
"This matter raises grave issues far transcending our party quarrels," he
"paid off" is too long—until the National Debt is diminished, until its
burden becomes of the nature that can be borne by the people, by the whole said. "We have managed, and I hope we shall continue for generations
to
keep foreign politics out of the realm of party recrimination. It is not
body of producers, funct:ons of master and man and so on. I cannot be
happy, because I do not believe the country is going to be free to compete less important in dealing with our dominions. We should have the same
in the markets of the world as soon as we enjoy normal conditions again. kind of security for the continuity of policy of this country, and that
During the course of his speech Prime Minister Macdon- agreements entered into by one Government should be kept by another
Government, and that the hopes raised by one Government shuld not be
ald, in answer to, questions on national defense, expressed disappointed by their successors."
There was only one set of markets in which trade could be extended, he
himself as opposed to further increase in armaments and
indicated it as his belief that all the nations of the world said. Was it not worth while to discard prejudices and 80 adjust the food
duties that without increasing, and even perhaps while diminishing taxation,
would prefer agreements looking to the preventing of war. they should subserve the great interests
of the Empire and help that
development
of the Empire overseas whose results returned to till British
New
York "Times" in a copyright cablegram gave as
The
workshops with orders and British hands with work?
follows an account of his speech:
AfacDonald Opposes Armaments.
Until such agrements were obtained, however, he promised to maintain
adequate defense.
Premier Macdonald, intervening in the debate, replied to questions
The Labor Government's chances of continuing in office, which looked asked by the previous speakers. He said the Government was dealing with
precarious when Mr. Asquith had delivered his ultimatum on the Poplar national defense as they had found it, but in a wider way. Circumstances
order the previous night, brightened as a result of to-day's debate. A mo- favored this. No nation wished to enter war again, and there was a strong
tion has been put down by the Liberal Party reading:
moral and human feeling against any military embarkation which would
"That this House regards the action of the Minister of Health in cancel- ultimately result in war conditions, he asserted. In the minds of the masses
ing the Poplar order (barring excessive expenditures on relief), and in of people in all countries there was a desire to limit armaments to economic
remitting any surcharge that might be made under it, is calculated to en- and political proportions. The Government 1708 considering national
courage ',legality and extravagance, and this House urges that the only defense, therefore, not merely from the viewpoint of the navy, army or
remedy for the difficulties of necessitous areas is to be found in the reform air force, but from the viewpoint of civil, foreign and international policy.
of the London Government."
For some time to come the bargaining power of the British Foreign SecThe resolution reads more formidably than it is intended. It was con- retary, he said, would not depend upon military force, but upon the reasonceived following consultation among the Liberal leaders, after the Prime ableness of the policy he presented.
Minister had unexpectedly intervened in the debate to-night and explained
"I am going to try that, but I want to make it perfectly clear that while
we are trying it we are not going to neglect defense," he said.
the Government's attitude on the Poplar issue and other things.
Explaining the lack of reference to economy in the Government's proUndisturbed Over Poplar.
posals, Mr. Macdonald said it was very awkward for a Government which
Mr. Macdonald did not seem to be unduly perturbed over Poplar. He came into power in
the last week of January to exercise the same authority
warned the House that unles.s it wore careful about the dealings of the over economy as
if it had come in in September of the previous year. The
Minister of Health with that bad borough it might find itself in a mare's estimates. bowel er,
were being rigidly scrutinized by the Chancellor of the
nest. He explained that the order of the late Government, which this Exchequer.
Government had rescinded, imposing surcharges on the Poplar Guardians
The Prima Minister went on to say that he could not answer Austen
for overexpenditure of borough funds on relief work, had never been and Chamberlain's
question as to what form of defeat the Government would
never could be carried into effect. Ile said his Government had not really
regard as a vote of censure. He said:
relieved the Guardians of surcharges, since none had ever been imposed.
"We cannot define these things with a rigid scientific definition which
The Government proposed a general reform of the poor law and meanwould enable the right honorable gentleman later to turn up my speech
while it was the duty of the House to forget party and try to get the Minister
to-day and say 'there is it. the defeat you have suffered in the last few minof Health out of the difficulty which the impossible order made by the late
utes is precisely such a thing as comes within that definition, therefore you
Government had got him into.
The Premier's explanation had its effect. The resolution, as it stands, will must go.' We will just take circumstances as they arise. If it is defeat upon
a principle that will be equivalent to a vote of censure it depends on what
probably be supported by the bulk of the Unionists, but it does not appear
likely that the Prime Minister will regard it or be obliged by the Liberals to form the resolution takes. I can imagine defeat on the Poplar issue that
regard it, as a vote of censure, either on himself or on his Minister of Health. would be a vote of censure, but I can also imagine a vote on Poplar that
His promise to reform the poor law will probably be a way out of his would not bets vote of censure at all.
"That very convenient political phrase, 'wait and see,' was revived yesdifficulty. Neither the Liberals nor the Unionists at heart are eager to
terday. I propose to keep it alive this afternoon, but I can assure the House
defeat the Government at this juncture.
Mr. Macdonald also made it clear to-night that a capital levy, so far as of this, that the Government will not remain in office five minutes after a
division in the House has deprived it of its sense of dignity.
this Government is concerned, is as dead as protection.
"Mr. Chamberlain asked me about the capital levy," continued Mr.
Austen Chamberlain, the principal opposition speaker of the evening, was
facetious at the expense of Mr. Asquith and Mr. Lloyd George, whom he Macdonald. "I might almost say the capital levy is in the same position
compared to the leader and the wheeler in the Liberal gig. He reminded as protection. A capital levy could not be enacted in the present ParliaMr. Lloyd George that some of his associates, and even members of the ment,or until a majority in the country is in favor of it. But Mr.ChamberLabor Cabinet, had committed themselves to the support of imperial prefer- lain will go on propagating his doctrine of protection, and for myself. until
ence which involved no increase of duties, and pointed out that the Govern- some scheme can be produced to save the country from the effects of too
ment, by reducing other food taxes, could impose new duties necessary for heavy a national debt—untilthe national debt is diminished by honest
means—and I regard repudiation and inflation as dishonest, I cannot be
some of the proposed preferences without increasing the total taxation.
happy, since I believe the country will not be free to compete in the world's
Mr. Chamberlain's Criticisms.
markets."
Austen Chamberlain began his speech by accusing Mr. Asquith of "sitting
With regard to coal mining and unemployment, he said the Government
on one side, speaking from the other and voting alternately with each." was pursuing a polls)
,of continuity.
That is a fine art of "wangling," he said.
He regretted that there should so soon be a honeymoon tiff between Mr.
Expects Russian Settlement.
Asquith and the Prime Minister over the Poplar issue. He wished to
Stanley Baldwin here interrupted to ask for information about the Russoknow more clearly what the Premier's attitude would be toward resolutions Italian treaty.
in the House. Mr. Macdonald had appealed tq everybody to "go out with
The Premier replied that he had made it clear to Russia that the British
hope, go out with determination," but Mr. Chamberlain explained that Government expected to get either the same terms as were granted to any
he
did
himself
not
mean to go out.
for
other power recognizing the Soviet Government, or terms of equivalent
It had often been observed how closely revolution and reaction approached value. He thought it would be possible to arrive at a proper settled business
one another. What was the difference, he asked, between the exordium arrangement with Russia.
of the Prime Minister and the Marshal MacMahon's"I am here, I stay"?
Turning to the Poplar matter, Mr. Macdonald then warned the House
Mr. Chamberlain asked whether, if Mr. Asquith's motion regarding to be careful about this quation, lest it should get itself into a mare's nest.
Poplar were accepted, the Minister of Health retired under vote of censure After Mr. Asquith's reference of the previous night, he said, the Governfrom he House, the Prime Minister would accept correction and kiss the ment had considered the matter and would give the House full information.
rod. lie asked whether Mr. Macdonald would collate his various election Mr. Asquith had been wrong, he said, when he had given the House the
pledges and tell Parliament at early date which he meant to keep and which impression that the surcharges on the Poplar Guardians for over-expendihe did not. What had become of that cardinal labor plank, the capital ture of funds on relief, which had been remitted by the Labor Ministry of
levy? Had three weeks in office demonstrated it to be impracticable?
Health, had ever actually been imposed by the late Government. As a
He condoled with Colonel Wedgewood, who instead of being Secretary of matter of fact, he said, no surcharges had been made, as an audit of the
State for India was only Chancellor of the Duchy of Lancaster, where the Poplar Guardians'account for 1922 had not been completed.
The Premier begged the House not to regard Poplar as a party question.
worst he could do was to pack the Bench of Magistrates rather than lose
as not a question of breaking as against keeping the law, but as a question of
an Empire.
Ile asked what would be done about the safeguarding of the Industries whether the order made by the late Government against the Poplar GuarAct. When "we of the Liberal Party," as Mr. Asquith had said, had dians ever was or ever could be effective.
He asked the House not to assist the Government out of its difficulty.
moved a resolution against it last year, where were Mr. Lloyd George, Dr.
MacNamara, Mr. MacPherson and Sir Alfred Mond? Ile could not help but to assist the Minister of Health out of the difficulties imposed on him
went
Liberal
far
down
gig
the
road
the
leader
by
the issue of Sir Alfred Mond's order.
would
before
the
thinking that
1086
THE CHRONICLE
He added that the Government had been long committed to reform of the
poor law, and would do its best to put it on the statute book.
see
"Up to now," he concluded,"the only evidence we have had has been of
the great good-will of the House,and we shall go on working out the program
which I sketchily outlined on Tuesday. We hope to continue only so long
In office as will enable us to do some good work that will remove the many
obstacles that would have hampered any future Government when they
faced the very problems we have to face now."
Sir Esme W. Howard, New British Ambassador to the
United States, Received by President Coolidge.
Sir Esme W. Howard, who succeeds Sir Auckland Geddes,
resigned, as British Ambassador to the United States, was
formally received by President Coolidge on March 5. The
new British Ambassador arrived on the steamer Olympic,
which reached here Feb. 27. In presenting his credentials to
President Coolidge, Sir Esme brought messages of goodwill
and friendship from King George, who he said had stated
that "he sees in the good understanding betwene the two
countries the best guarantee for the future peace of the
world." The President in replying stated that "when two
nations cherish similar ideals growing out of a common
regard for liberty, for truth and love of justice, they seek to
work for essential harmony." Sir Esme's remarks follow:
Mr. President, in handing to you my credentials as Ambassador of his
Majesty King George to replce my distinguished predecessor, Sir Auckland
Geddes, I have the honor to inform you that before leaving England I
was charged both by his Majesty the King and his Prime Minister with
messages of cordial and sincere good will and friendship toward the United
States and toward you, sir, as President of this great republic.
The King further desired me to say that he sees in the good understanding between the two countries the best guarantee for the future peace
of the world. Both his Majesty and the Prime Minister referred with
heartfelt satisfaction te the cordial relations now exalting between the
two countries.
Many ties of personal friendship already bind me to your country and
people. and I wish to assure you, sir, that It will ever be my endeavor to
maintain and promote in every way those cordial relations between the
two countries so much desired, not only by those in high places in England,
but also by every member of the British Empire. I sincerely hope that.
while carrying out the instructions and intentions of his Majesty's Government,I may do so in a manner satisfactory to you and to your Government."
The following is the reply of President Coolidge:
The greeting and expressions of friendship which you bear from his
Majesty the King, and from the Prime Minister of your country, are
cordially reciprocated and, together with your own well-known good will,
give every assurance of the success of your mission in promoting that
good understanding and intimacy of intercourse which both Governments
desire to maintain.
Happily, no clouds shadow the relations between our two countries.
Such slight causes of misunderstandings as arise are promptly removed
and, as is always the case when friends disagree, the necessary explanations incidental to their adjustment make for friendship which is more
enduring because the more candid. When two nations cherish similar
ideals, growing out of a common regard for disciplined liberty, for truth
and love of justice, they seek to work in essential harmony.
It is this common felling, this conscious identity of general aims which.
I believe, will be a mighty force in bringing to the world a just and lasting
peace. In your relations with this Government you may always be
assured of sympathy and understanding.
[Vou 118.
nomination by President Coolidge on Feb. 18, was Ambassador to Belgium. It is stated that his transfer from Brussels
to Rome was endorsed by Senators Pepper and Reed, of
Pennsylvania, and was also recommended by Secretary
Hughes.
William Phillips Resigns as Under-Secretary of State
to Become Ambassador to Belgium.
The United States Senate confirmed on.Feb. 29 the nomination of William Phillips to be Ambassador Extraordinary
and Plenipotentiary to Belgium and Envoy Extraordinary
and Minister Plenipotentiary to Luxemburg. Mr. Phillips,
who resigns as Under-Secretary of State to take up his new
post, was named as Ambassador to Belgium by President
Coolidge on Feb. 25. He succeeds Ambassador Henry P.
Fletcher, recently transferred to Rome.
Absorption of the China Mutual and the Shanghai
Life Insurance Companies by the Sun Life
Assurance Co. of Canada.
Through the courtesy of the United States Department of
State, the Insurance Department of the Chamber of Commerce of the United States has recently received the following information relative to the above-mentioned merger.
This was prepared by Mr. James P. Davis, American Consul at Shanghai, says a statement made public by the Chamber's Insurance Department March 6. The statement adds:
The decision of the British Supreme Court for China on Jan. 8 1924,
approving the agreement dated Dec. 20 1922 between the Sun Life Assurance
Co. of Canada and the China Mutual and the Shanghai Life Insurance companies of Shanghai, makes effective that agreement and results in the
immediate merging of the two principal foreign companies writing life insurance in China and in the Far East. The terms of the agreement provide
for the taking over by the Sun Life of all the assets and liabilities of the
local companies. The stock of the local companies will be paid for at the
rate of Canadian $49 25 per share and all outstanding policies issued by the
local companies will also be taken over by the Sun Life with the agreement
that the benefits to policy holders will be the same as for policy holders of
the Sun Life as soon as the reserves of the local companies are on a parity
with those of the Sun Life.
The principal effect of the amalgamation is to give the Sun Life Assurance Co. of Canada a practical monopoly of life insurance business in Eastern Asia. The business of the China Mutual extended over China, Japan,
Philippine Islands, Straits Settlements, Burma, Ceylon and India. It has
operated since 1920 the business of the Shanghai Life Insurance Co., which
since that date has not undertaken much new business.
The combined assets of the Shanghai companies amounted to about gold
$15,000,000, while those of the Sun Life are stated to exceed gold $200,000,000. Since the Sun Life is so much more powerful and since its business is
based on risks in many different countries, it is evident that the financial
stability of the Shanghai companies has been greatly strengthened by the
merger.
Senate Confirms Nomination of Charles B. Warren
as Ambassador to Mexico.
The
nomination
of Charles B. Warren as Ambassador ExWith his arrival in New York on Fob. 27, Sir Esme gave
traordinary and Plenipotentiary to Mexico, recently sent to
out a statement saying:
It is with the greatest possible pleasure that I again approach the American
soil, where I have always, whether as a diplomatist or as an unofficial
traveler, met with nothing but the greatest cordiality and hospitality.
Although I have looked forward to returning to America and to renewing
many old friendships and making, I hope, many new ones, I feel a certain
diffidence at coming in the capacity of British Ambassador. My position is
rather like that of a young man returning to his university while still a
student after some years' interval.
I feel that, although my master in former years—James Bryce—was certainly the beet that any man could have. I shall have to spend a certain
time here before I can really graduate and take my degree. But I hope
that the American press, who will be my examiners, whether I like it or
not, will not be too hard, and I am encouraged by the fact that never,
believe, in the history of the two countries have their relations been so
friendly and cordial as now. Indeed. it 80011113 to me that my chief duty
will be to reap what my predecessors have sown.
Under the Presidency of Mr. Roosevelt, Mr. Root and Lord Bryce began
what they called the "cleaning of the slate." This work was carried on by
my predecessor and the present Secretary of State and his predecessors, until
I think It may be pretty well said that the slate is practically clean. The
best proof of this is the recent signature of the liquor treaty, which would
probe hly never have been signed if each party had not shown the sincere
good-will and consideration for the point of view of the other which are the
basis for all friendly international relations.
I can only assure you that you will find in me a true friend of your great
country and people and one who has always been a keen student of your
history and institutions.
Reference to the resignation of Sir Auckland Geddes as
British Ambassador, and to the naming of Sir Esme W.
Howard as his suoaessor, was made in our issue of Jan. 12,
page 153, and in the "Chronicle" of Feb. 2, page 500, mention was made of the farewell visit to the United States of
Sir Auckland.
the Senate by President Coolidge, was confirmed by that
body on Feb. 29. Pointing out that another step in the full
resumption of diplomatic relations with Mexico was taken
with the sending of the nomination to the Senate on Feb. 21,
the Associated Press dispatches from Washington that day
added:
The selection of an Ambassador for the post which has been officially vacant for more than five years is regarded here as a further indication of the
desire of the Washington Government to do what it can to aid Mexico in
taking its place among nations having stable and responsible Governments.
Since the Obregon Government was recognized by the United States last
summer, a Charge d'Affaires has represented the Washington Government at
Mexico City.
The selection of Mr. Warren is understood to be especially pleasing to
President Obregon. He with John Barton Payne served as a special American commission sent to Mexico City by President Harding last year which
concluded an agreement with the Obregon Government upon which recognition was accorded after a break in relations since May 1920.
Mr. Warren accepted the appointment as Ambassador reluctantly, having
several times announced that he would not take the poet. President Coolidge, however, told him his services were greatly needed, and he finally consented, although for personal reasons he had preferred to remain a private
citizen.
Mexico City Associated Press dispatches Feb. 21 stated:
Ramon Ross, as President Obregon's choice for Mexican Ambassador
to
Washington, is understood to have been approved at a Cabinet meeting
evening, although no official statement was forthcoming. Senor Ross, last
who
at present is Governor of the Federal District, recently completed a
dential mission for the President at Washington, and served as one confiof the
Mexican commissioners at the pre-recognition conference here last
summer.
It is also learned that the Mexican Government has notified
Washington
that Charles B. Warren, former American Ambassador to Japan and
one of
the representatives of the United States at the pre-recognition
conference, is
persona grata as United States Ambassador to Mexico.
United States Senate Confirms Nomination of
Henry P. Fletcher as Ambassador to Italy.
L. Gallopin Declines to Deposit Bonds with
International Committee of Bankers on Mexico.
. The nomination of Henry P. Fletcher of Pennsylvania to
L. Gallopin, of 160 Broadway, New York, in a
be Ambassador to Italy, succeeding Richard Washburn
notice isChild, who recently retired, was confirmed by the United sued to the bondholders of the 5% consolidated external
gold
States Senate on Feb. 19. Mr. Fletcher, at the time of his loan of 1899 of the United States of Mexico announces
that
MAR. 8 1924.]
THE CHRONICLE
be has not, nor will he deposit his bonds with the International Committee of Bankers on Mexico. He cites as the
reason therefor the failure of the Committee to include in
its call to bondholders for deposit of their bonds of 1899
Articles V and VI of the relative contract, and says:
By making the deposit I lose the rights which articles mentioned above
give me, according to the contract. This would imply an innovation of the
contract.
By depositing I give absolute power to the International Committee to
act according to its uncontrolled discretion, while the Committee assumes
no obligations whatsoever.
I would have to pay a commission on the face value of all bonds deposited
ranging up to 11/2%, whether the Committee should be successful or not in
carrying through the agreement.
I would receive the last payment on the interest in arfears in 1947, without any guaranty, whereas, according to the contract, the loan must be
fully paid by 1945 at the latest.
The Committee has not looked after the interests of the bondholders of
the 1899 issue, although it has been able to obtain from the Mexican Government guaranties for securities which did not carry same before. They
did not, however, obtain anything special in favor of the bond of 1899 loan,
which has preferential rights.
Mr. Gallopin quotes as follows the provisions of the two
Articles:
Contract of the 5% Consolidated External Gold Loan of 1899 of the United
States of Mexico (Maturing in 1945).
1087
"At a meeting Monday, the Agricultural Credit Corporation was organized, officers and directors elected, and now the organization is going to go
ahead and try to do what the plan was for them in the way of furnishing
relief in the four Northwest States," the statement read.
"The original idea of the corporation and the real reason why it was organized was on account of the banking situation in the Northwest. So many
banks were being forced to close their doors on account of the distrusts and
the withdrawal of deposits and these banks were tying up the resources of
the country in such a way as to affect the business situation most seriously.
The amount of money on deposit in these closed banks belonging to careful,
frugal and economical farmers was very large. The way to loosen up these
deposits and get the banks again functioning in the proper way and in some
way stand the tide of hysteria, which had come over the Northwest as far as
country banks were concerned, has been in our minds and Is to be our chief
work. The men behind the corporation feel that to restore banks that are
now closed and to strengthen the banks that are being more or less hard
pushed at the present time is something that will affect the farming community very favorably; that in doing this banks can again do business in the
usual way: that money which is now being carried amuhd in pockets will fall
back into business channels and when the usual spring demand for assistance
comes the banks will be able to help and do business in the way they have in
years before. The organizers and subscribers to this corporation feel that
this is the first and most important thing to take up and efforts are being
made now to organize a field force and get local committees at work to find
out the spots in the territory which require immediate help so that this can
be given without delay.
"There is no doubt that in addition to the situation as far as the banks
are concerned, there are other ways in which the corporation can act and
will act, but these are a matter of experience. I am sure no stone will be
left unturned to enable the corporation, with its vast resources, to help
where it is possible and to bring assistance to worthy farmers either directly
or indirectly so they can again go on doing business and work themselves
out of their present difficulties.
"The officers and field men which the corporation will have are men of
experience, a thorough knowledge of the Northwest and its requirements,
and are in hearty sympathy with any efforts which can be given to help the
farmer. While this help may be slow In coming, time will show the effect of
what the corporation can and will do. The officers, directors and shareholders are most anxious to help, and being in this frame of mind the Northwest surely will profit by the assistance to be given and new courage put into
the residents of the agricultural sections of the four States to feel that
financial and commercial interests of the larger centers are very much
awake to the farmer's difficulties and are willing to go a long way to help."
Article V. As special guaranty for the exact fulfillment of the provisions
of this agreement, in so far as it concerns the payment of interest and refunding of the loans, the Mexican Government hereby assigns and encumbers
in favor of the bondholders, on an equal basis for all and without preference
to any, and until such bonds shall have been totally redeemed, 62% of the
total proceeds of the taxes which the revenue law designates as "import
duty" and "export duty" (tax on imports and exports), whatever the special denomination of such taxes and the place where the goods are dispatched. These taxes, assigned as guaranty, shall exceed in each fiscal year
at least by 10% the amount necessary to cover the service of interest and
refunding. . . . The guaranty which has been established and which constitutes an inalienable security in favor of the bondholders, shall not be
modified in any manner."
Article VI. In order to make effective the guaranty stipulated in Article
The same paper said:
5th, the Mexican Government shall immediately publish a decree ordering
The articles of incorporation for the Agricultural Credit Corporation
the issuance at once, for purposes of this loan, of the special certificates
which it shall be compulsory to cover 62% of the proceeds derived from and the holding company, the Agricultural Securities Corporation, were to
•
import and export duties, which shall be set aside in accordance with Ar- be filed late in the day at Wilmington, Del.
The executive committee of the corporation, with a majority of members
ticle 5th, and which may be imposed in the custom houses of the Republic,
in
the
twin
cities,
has been called to meet at the Soo line building Saturday
under the penalty for the offender to pay double the amount of the certificates not presented. . . . If the amount necessary for the payment of the to perfect procedure and to enable the corporation to begin functioning next
week,
as
soon
as
money
Is available.
Interest, the refund and the commission should not be covered by the sums
Members of the committee indicated the committee would levy an
collected at the custom houses, assigned as guaranty, the Mexican Governassessment of 25% of the $10,000,000 stock subscribed by business men in
ment agrees to remit from the proceeds of its other revenues to
the sum necessary to complete the amount required, either in cash or in the twin cities, Duluth, Chicago, New York, Detroit, Pittsburgh and Cleveland,
and their territory.
letters of exchange, etc. . . .
Advisory committees are being selected in the four Northwest States to
work in close co-operation with the headquarters in Minneapolis. These
committees are to be approved Saturday.
Active officers of the corporation have begun preliminary operations in the
.Agricultural Credit Corporation and Agricultural Soo
line building headquarters, in charge of Arthur P. Kemp, President.
Securities Corporation Formed to Assist in
Financial Relief of Northwest.
It was announced in the Minneapolis "Journal" of March 2
that the farmers of the Northwest S'ates would receive immediate assistance from the new 810,000,000 corporation formed
to relieve the financial emergency in the Northwest wheatgrowing territory. It appears that two separate organizations have been formed—the Agricultural Securities Corporation, which will issue the debentures, and the Agricultural
Credit Corporation, which is to be the operating company.
Following a meeting in Minneapolis, on the 1st inst., of the
officers between members of the Executive Committee and
directors of the Credit Corporation, and business men and
Agriculturalists of Minnesota, North and South Dakota,
C. T. Jaffray, Chairman of the board of directors of the corporation, issued a statement saying:
The organization of the new corporation was referred to in
our issue of a week ago, page 957, stating, in its issue of
March 3, that according to Arthur P. Kemp,President of the
Agricultural Credit Corporation. that applications for loans
from banks in the four Northwest States are being received
and investigations have sbegun, the Minneapolis "Journal"
added:
The plan is to assist solvent banks now operating by increasing their
liquid reserves through purchase of their paper and to aid in reopening solvent banks which have been forced to close by pressure from depositors.
Limited Tax Payment Relief.
Some of the advantages which directors of the corporation said to-day
would accrue to the northwest by the plan to assist farmers to pay their
delinquent taxes are:
Farmers who have not paid taxes upon which penalties already have
attached are to be supplied money for their payment at 6%.in eases where
repayment within a reasonable period is assured. The corporation's facilities
and finances, of course, are limited, but it seeks to extend its work throughout the district.
In many cases, interest ranging from 12% to more than 25%, where
penalties have attached, would be terminated by payments and farmers
would pay only 6%.
Payment of these taxes would enable counties to reduce their debts.
and the benefits would be passed along to teachers and other county employees, to merchants and even to wholesalers.
In some cases where schools are closed they would be reopened by payments of taxes.
Tax payments would reopen natural channels, which in some cases have
been "frozen," extending its effects into all lines of commerce and industry.
Committees which advised with us to-day from North and South Dakota
and Montana agreed to go back home to organize the States into subcommittees to take up the work of the corporation and to make it possible for the
corporation to furnish help wherever necessary.
We outlined our work for the immediate future.
We will endeavor through the corporation to furnish capital for the reopening of good banks which have been forced to close on account of pressure
from depositors.
The corporation will seek to furnish additional help by the purchase of
paper from banks now open and solvent to strengthen their reserves and put
them in position to take care of the usual spring demands. This help is to
be furnished only after examination by competent field men in the employ of
the corporation.
Within six months, three-fourths of the difficulties in many
We will go into the matter of helping the farmer on the question of de- sections
of the Northwest will be overcome if there is a good
The
hope of the corporation is that it can help the
linquent taxes at once.
farmer by reducing the penalties and interest on his unpaid taxes. This is crop, enhanced by the activities of the new credit corporation
to be handled by subcommittees in each county where the necessity exists in and the Coulter plan, if passed, E. W. Decker, President of
Montana, North Dakota, South Dakota and Minnesota. This, we believe, the
Northwestern National Bank and one of the directors of
will he a very direct benefit to the farmer suffering from delinquent taxes,
the new corporation, was reported in the Minneapolis
drawing 12% per annum or more.
The men who attended to-day's meeting expressed optimism regarding the "Journal" of Feb. 26 as saying—the "Journal" continued:
outcome in their States. They feel that a little help properly applied at the
The Coulter plan, now pending in Congress, calls for financial assistance
present time to sections of the Northwest States will bring radical changes to farmers in diversifying
farm activities.
for the better and restore confidence before the end of the year.
"The plowing in preparation for the next crop is done on a better scale in
The committee in charge of the organization has only thanks and appre- North Dakota this year than
ever before," Mr. Decker said. "The moisture
ciation to express to the men who were in attendance, who have co-operated Is excellent. I believe
the prospects for a good crop are better than over
liberally and have given their time freely and readily to push along the plans before. The new credit
corporation, about to begin functioning, and the
which now are being made.
Coulter plan, if it is passed by Congress. should aid materially in the territory.
I
believe
with
all
these things we will have solved three-fourths of our
A previous statement, issued by Mr. Jaffray, given in problems in the
next six months. Things are getting better all the time in
the Minneapolis "Journal" of Feb. 27,said:
the territory."
THE CHRONICLE
1088
[VOL. 118.
cripple the market machinery of the country that it would take years to
Credit Men Want Farmer Relief But Oppose McNary- recover
from the effects and that an economic catastrophe of great proporHaugen Bill.
tions might result.
Mr.
said that he regarded the measure as the first move toward
Gates
Calling for skillful treatment of the problem of relief for nationalization
of industry and the establishment of communism among the
the farmer of the Northwest and reiterating the belief that individualistic farmers of the country. He said that the experience of
Russia
has proved that methods of this character are a failure.
the nation can not be prosperous if its farm lands are not
Watkins, in opposing the McNary-Haugen bill, said that inasmuch
prosperous, the Administrative Committee of the National asMr.
the difficulties in agriculture are of a sectional nature,the relief provided
Association of Credit Men has gone on record in a declaration should be of a sectional character.
From the New York "Journal of Commerce" of March 7
made public here to-day by J. H. Tregoe, executive manager
of the association, in strong opposition to the McNary- we take the following:
"The McNary-Haugen bill now before Congress is the most vicious class
Haugen bill which proposes an elaborate system of fixing the
legislation ever proposed." said A. T. Martin, of the Bartlett-Frazier Co..
prices of farm produce. "It is futile to try to provide credit in
a statement telegraphed yesterday from Chicago.
relief where there is no building up of basic values or deflation
"The plan is a bold attempt to override economic law by creating a food
of inflated values. Such actions prove very injurious in the monopoly." continues the statement, "and would decrease food costs
abroad by increasing them at home.
long run to the farmer and to the public." The declaration
"An effort carried out along these lines would so unsettle economic,industrial and financial conditions as to precipitate a business crash in which
continues:
Natural economic laws must be recognized and respected in the production
and marketing of commodities. New forms of credit relief where the overextension of credit has already proved an injury would be fatal. Every
encouragement to the elevation of the farm as a business enterprise, to
scientific management, to intensh e del elopre ent, to economies in marketing, to beneficial cooperation, will relieve the situation and prove a more
permanent benefit than mere palliatives.
/
Committee Votes to Report McNary-Hau en
Senate
Bill Propos'ng Agricultural Export Corporation—
Views of President Coolidge.
A statement to the effect that a spokesman for President
Coolidge has given qualified endorsement to the McNaryHaugen bill, proposing to create an agricultural export corporation with a capital of $200,000,000—the funds to be
provided by the Government—appeared in a Washington
dispatch to the New York "Times," March 4. On Feb. 26
the Senate Committee on Agriculture, by a vote of 10 to 2,
Authorized ex-Senator McNary to report the bill with its
endorsement following hearings which had been held for
several weeks. The "Times" dispatch of the 4th inst., said:
everybody would be involved, the farmer as well as labor and business.
"Men in every walk of life should at once protest to Congress against any
such wild, paternalistic and dangerous scheme."
The bill was referred to in our issue of Feb. 9, page 609.
Debate in Senate on Norbeck-Burtness Bill for Agricultural Relief.
The Norbeck-Burtness bill', proposing an appropriation of
$75,000,000 "to promote a permanent system of self-supporting agriculture in regions adversely affected by the stimulation of wheat production during the war" was taken up by
the Senate on the 3rd inst., the debate continuing on the
4th and 5th. On the last-named date an agreement was
reached to limit debate beginning Monday next from 3 p. m.
to ten minutes for individual Senators, and an equal time on
amendments proposed or pending. Regarding the debate
on the 3rd inst. Associated Press accounts from Washington
said:
Strenuous opposition to-day greeted the appearance in the Senate of the
first special farm relief measure—the Norbeck-Burtness bill, proposing the
loan of $75,000,000 to finance diversification. Declaring it was "paternalThe White House spokesman said that ever since Mr. Coolidge became ism run rampant." Senator Fletcher. Florida, said it was time to call a halt
upon such measures.
wheat
confronted
President he had been engaged with the problem that
"We are proposing to loan this,money," he said,"for the purpose of enablfarmers of obtaining a profitable price for their crop. The President was of
the opinion, it was stated, that he would favor the bill even if it would cost ing the one-crop farmer to keep livestock on land never adaptable for grazthe Public Treasury something, provided he became convinced that wheat ing or to raise other crops where the land will produce but one. We have
already gone the limit along this line."
growers would benefit by its provisions.
Senator Fletcher's attitude was understood to be that of several other
The purpose of the bill is to establish tariff schedules on agricultural
commodities sufficiently high to bring farm prices into domestic markets to Senators on the Democratic side and of some Republicans. An effort of
the same general price level which they occupied prior to the World War Senator Ladd, North Dakota, to end debate at 3 o'clock to-morrow was
period, increases In the prices of commodities to he taken into consideration blocked by notification from several Senators that they desired to discuss
the measure.
In this connection.
The North Dakota Senator, having reported the bill from the Agriculture
The export corporation would buy the surplus in the domestic market at
this price and sell it abroad at the world price. A portion of the purchase Conunittee, assumed charge of it on the floor. Ho contended the Governprice would be withheld from the seller and after the sales transactions had ment owed special consideration to the spring wheat farmers, because of the
been completed the cost of marketing would be deducted from the amount evils they had suffered through the war-time propaganda, which at once
withheld and the halance and profits,if any, would be distributed among the Increased production and decreased consumption. Every other class in the
United States had been aided, he said, either by the tariff or through direct
sellers.
Unexpected opposition to the bill came to-day from Representative Ander- or indirect subsidy.
Several amendments already have been proposed to the bill, which would
oppoHis
son of Minnesota, leader of the conservative agricultural forces.
sition was expressed in a letter to C. G. Selvig, one of his constituents. He increase the amount carried to 8105,000,000. Among them is a provision
said at the outset that he would favor the bill if he believed it would do what offered by Senator Bursum, New Mexico, which would add $20,000,000 for
its proponents claim for it. He was rot opmzsed, but had studied their loans to banks In the Northwest. Senator Fletcher said the purpose of this
problem, especially marketing and finance, and had come to the conclusion was to "bolster busted banks."
"The whole tendency," he said, 'Is toward further centralization of
that the measure was unsound.
authority in the Federal Government. Can you imagine the Secretary of
According to the "Wall Street Journal" of March 3 the Agriculture supervising this fund without taking some control of the farms
Senate Committee plans to. propose several committee he aids or of the Comptroller passing out this fund without retaining some
Senate. The paper referred control of those banks?"
amendments on the floor of the
to added:
.
On the 4th inst. the same advices said:
Opposition to the Norbeck bill ranged all the way from the position voiced
Chief among them is a clause eliminating the provision in the original bill by
Senator Wadsworth. Reput!lean, New York, who classed it "fruitless
whereby prices would be allowed to sag 10,
/, below proclaimed ratio prices paternalism," to that of
Senator Gooding. Republican, Iowa, who held that
before the Government put Its stabilizing machinery in operation. This it shount be laid
aside in favor of the McNary-Haugen bill. The latter
change was requested by r epresentatIN es of the grain exchanges, for the pro- measure
would aid all agriculture, Senator Gooding insisted, and would
tection of dealers in grain.
accomplish the same purpose, designed to be effected "locally" by the bill
Committee, it is said, will recommend that the export corporation should before the
Senate.
stand ready to buy protected commodities immediately their price sank
Senator Wadsworth, opening the opposition, declared the maximum loan
below the ratio prices. Arother amendment to be recommended by the of $1,000
provided in the bill would be of no value for the purpose outlined,
committee would base ratio prices on yearly pre-war commodity price
and cited statistics from his personal experience as to the cost of diversificaaverages, rather than on monthly average. By this arrangement, monthly
tion. He also decried what, he said, was the continuing tendency toward
changes in ratio prices would be eliminated.
centralizing of power in the Federal Government through "paternalistic
Several changes are proposed to cover handling of meat products. It is
measures." The only outcome to be expected, he declared, would be an
understood the committee favors an amendment under which exporters
enervated, dependent populace.
would be paid a bounty on meat sent abroad. Ratio prices would be deAs to the debate on the 3rd inst. we quote the following
termired for live animals, and equalization fees would be collected on sales
of all animals moving in regular trade channels. Packers would function in from the Philadelphia "Record:"
export trade as agents of the Government. They would be required to get
Opening the third day of debate, Senator Dial, Democrat,South Carolina,
Government approval of prices offered for export shipments. and the dif- denounced the measure as "an attempt to make one taxpayer pay for the
ference between these prices and the cost to them of paying ratio prices to mistakes of another." The bill would appropriate $75.000,000 to finance
producers would be made up by a bounty.
diversification of crops, particularly in the wheat-growing sections.
It is believed the House committee will report out the bill In a few days,
Federal aid for farmers is no more essential than is assistance to the bankthe
Senate ing machinery of the Northwest,Senator Bursum, Republican, New Mexico.
although that committee is more divided on the measure than
declared
are
Senate
the
committee. Chances for passage of the measure in
declared In advocating adoption of his amendment, which would appropriate
good by supporters of the plan. They are uncertain as to its prospects in the 820,000,000 for "stabilizing banks and trust companies in agricultural
House.
districts."
The public has lost faith in banks, Senator Bursum said, alluding to the
During the hearings before the House Committee on Agriof failures reported from the grain belt, which, ho said, amounted
culture, on Feb. 6, the bill was severaly criticised by L. F. succession
to 95% of the banks in North Dakota. Senator Ladd, Republican, of that
Gates, former President of the Chicago Board of Trade. State, said this figure was inaccurate, failures there aggregating only 96
Another witness opposing the bill was F. E. Watkins, of out of a total of 800.
"And those 96% practically all small banks of limited capital and with
Cleveland, President of the National Grain Dealers' Associa- improvident loans,"
said Senator King, Democrat, Utah.
York
New
the
"Commercial"
from
learned
Senator Overman, Democrat, North Carolina, sought to block further
tion. This is
of
consideration
the
by a point of order. He contended the phraseology
bill
which said:
made it a "general.appropriation" measure. Senators McNary, RepubliMr. Gates said that the bill would create a gigantic monopoly and that
the consumer. can, Oregon, and Harrison, Democrat, Mississippi, disagreed with that
while it was in the interest of the producer it would Injure
operations of the corporation would FO view, and the point was overruled.
He said that within six months the
MAR. 81924.]
THE CHRONICLE
Senator Warren, Republican, Wyoming. gave notice of an amendment
which would "authorize" the proposed appropriation, rather than make it
directly. Senator McLean, Republican. Connecticut, read statistics which
he said "indicate plainly that many acres are planted in wheat which are
unsuited for that crop" and added:
"If there is an emergency indicated, it is a permanent emergency which
will not be met by this bill."
Previous reference to the bill appeared in our issue of Feb.
9, page 609.
1089
announced the appointment of the following receivers for
G.F. Redmond & Co. under bonds of $50,000 each. They
are: J. Weston Allen (former Attorney-General of Massachusetts), Bartholomew Brickley and Charles P. Curtis, Jr.
According to press dispatches from cities in which the
failed firm had branches, appearing in the daily papers, the
following offices in addition to those in New York, Springfield and Worcester, have been closed: Chicago, ClevelandHartford, Manchester and Providence. The Bank Commissioner of Rhode Island, it is said, on March 5 issued an
order forbidding the firm to well any securities in that
State. An involuntary petition in bankruptcy was filed
against the firm in Chicago on March 5, it is said. The firm
of G. F. Redmond & Co., Inc., was organized in May 1915
with a capital stock of $100,000 common and $25,000 preferred.
The firm is in no way connected with the old established
house of Redmond & Co., bankers and brokers, at 33 Pine
St., this city.
G. F. Redmond & Co., Inc. (Head Office Boston), in
Bankruptcy Following Federal and New York
State Injunctions Against the Firm.
An involuntary petition in bankruptcy was filed in the
Federal District Court at Boston on Wednesday (March 5)
against the firm of G. F. Redmond & Co., Inc., dealers
in stocks and securities, with head office at 19 Congress St.,
Boston, and branch offices in New York, Philadelphia, Baltimore, Chicago, Cleveland, Detroit, Hartford, Lowell, Lynn,
Providence, Manchester, N. H., Springfield and Worcester.
The petitioning creditors were Max S. Kirschen, Blake &
Rebhan and the Boston Envelope Co., with aggregate
claims of $3,338. James S. Lamont, the President and Representative McFadden's Bill to Modernize National
Bank Laws—Provisions Respecting Branch
Boston Manager of G. F. Redmond & Co., filed a supporting
Banking Endorsed by Comptroller Dawes.
affidavit to the petition as follows:
I, James S. Lamont, President of G. F. Redmond & Co., Inc., the
Endorsing the branch bank provisions of Representative
alleged bankrupt, am familiar with its affairs. I have read the petition McFadden's bill which is designed to modernize the National
for the appointment of a receiver by Messrs. Rirschen and Blake, petitioning creditors, that a receiver be appointed and I know that the bank laws, Henry M. Dawes, Comptroller of the Currency,
facts contained therein are true.
in a letter to Mr. McFadden declares that "branch banking
G. F. Redmond & Co., Inc., is doing an exceedingly large business with carries the principle of centralization into banking.
It means
vast numbers of customers and has assets in the form of cash, bank assets,
accounts receivable and office furniture, and fixtures of very great value. absentee control over local finance, and is in its essence
It is essential for the interests of all that a receiver be appointed forth- monopolistic. It is utterly un-American. The banks of the
with to take charge of the assets and protect them.
United States do not want it, and the people wil' not have it."
The attorneys for G. F. Redmond, the founder and TreasReference to Mr. McFadden's bill was made in these
urer of the failed firm, also gave out a statement, signed columns Feb. 16, page 736. As therein stated, the
net effect
by Mr. Redmond, which said:
would be:
the
bill
of
Inasmuch as the business of any bank, trust company or brokerage con1. To limit branch banking on the part of all members to city limits.
cern Is built principally on the good-will of the public, the deliberate
wrecking of such foundations must result in the injury to the business of
such an organization.
At no time in spite of the repeated attempts to undermine the foundations of the business of G. F. Redmond & Co. has the company failed
to meet any of its obligations.
Those who have beon responsible for the situation now created should
be satisfied. Whenever a man does things differently from the way in
which they have been done by others, originates new ideas, devises new
systems and is otherwise constructive and aggressive, he may expect
persistent attack by the envious, especially if succesful.
The bankruptcy action, it is understood, was the result of
New York State and Federal injunctions against the firm.
On Monday night March 3 a permanent injunction was issued against the company by Supreme Court Justice Gvy,
restraining it from doing business in New York State. The
injunction was obtained by State Attorney-General Carl
Sherman, who had had the firm investigated for a long period
under the Martin law. The following statement in this regard was issued on Monday by the Attorney-General's office at Albany:
2. To definitely forbid the national banks to engage in any form of outside banking beyond the city limits.
3. To definitely forbid the outside activities of the national banks within
the city limits of any municipality to a greater extent than practiced by the
State banks.
4. To allow the national banks within the city limits the same activities
that the State banks may have.
Among other things would provide new legislation enabling
national banks to
Declare stock dividends, as a means of increasing their capitalization.
Obtain charters to handle perpetual trusts.
Engage in the safe deposit business, either by operating safe deposit facilities directly or by owning stock in a company, which carries on this service.
Make the circulation of false reports about banks a Federal offense.
Rediscount notes, when secured by Government bonds, in excess of the
present 10% limitation.
Early enactment of the bill is urged by Comptroller Dawes,
and.it is expected that hearings on the bill, which is now in
committee, will begin shortly. The following.is the full text
of the bill as introduced by Representative McFadden on
Feb. 11, and referred to the House Committee on Banking
and Currency:
A BILL to amend an Act entitled "An Act to provide for the consolidation
of national banking associations," approved Nov. 7 1918: to amend
section 5136 as amended,section 5137, section 5142, section 5150,section
5190, section 5200 as amended, section 5202 as amended, section 5208 as
amended,section 5211 as amended, of the Revised Statutes of the United
States: and to amend section 9, section 13, section 22, and section 24 of
the Federal Reserve Act.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the Act entitled "An Act to provide
for the consolidation of national banking associations," approved Nov. 7
1918, be amended by adding at the end thereof the following language:
"Sec. 3. That upon the same terms and conditions, so far as applicable,
relating to the consolidation of national banking associations, any bank
incorporated by special or general law of any State, having an unimparied
capital sufficient to entitle it to become a national banking association,
may, with the approval of the Comptroller of
Currency, be consolidated
On Tuesday, March 4, the New York office of the firm at with any national banking association locatedthe
within the same county, city,
closed
by
Street
was
order
of
Mr.
Broad
Sherman.
town, or village, under the charter of such national banking association."
25
Sec. 2. That section 5136 of the Revised Statutes of the United States,
On Wednesday, the same day the bankruptcy petition subsection
"second" thereof as amended, be amended to read as follows:
was filed, Judge Morton of the Federal District Court at
"Second, to have succession in perpetuity from the date of the approval
Boston issued a temporary injunction preventing the com- of this Act, or from the date of its orgnalzation if organized after that date.
unless it shall be sooner dissolved by the act of its shareholders owing twopany from doing further business and sent a marshal to take thirds
of its stock, or unless its franchise shall become forfeited by reason
the
firm's
books.
of
The
possession
Court also issued a of violation of law, or unless it shall be terminated
by Act of Congress hererestraining order against the brokerage firm of Withington after enacted."
Sec. 3. That section 5137 of the Revised Statutes of the United States.
& Co., 27 State St., Boston, an affiliated concern, it is subsection
"First" thereof, be amended to read as follows:
supposed, of G. F. Redmond & Co., and sent deputy
"First,such as shall be necessary for its accommodation in the transaction
marshals to Worcester and Springfield to padlock the of its business."
4. That section 5142 of the Revised Statutes of the United States
Redmond offices in those cities. Before the restraining asSec.
amended, be amended to read as follows:
"Sec. 5142. Any national banking association may. with the approval of
order had been issued by the Court the office of Withington
Comptroller of the Currency, and lby a vote of shareholders owning
& Co., it is understood, had already been closed and an un- the
two-thirds of the stock of such association, increase its capital stock to any
signed notice posted on the door, which read:
sum approved by the said comptroller, but no increase in capital shall be
Owing to the suspension of G.F.Redmond & Co.,Inc.,for the protection valid until the whole amount of such increase is paid in and notice thereof,
of customers of Withington & Co. It is necessary that all business be sus- under oath, acknowledged by the President, Vice-President, or Cashier of
pended..
said association, has been transmitted to the Comptroller of the Currency
The following day, March 6, an involuntary petition in and his certificate obtained specifying the amount of such increase in capital
stock
with
approval thereof, and that it has been duly paid in as part of
bankruptcy was filed in the Federal District Court against the capitalhis
of such association: Provided, however, That a national banking
this firm also. On Thursday March 6, Judge Morton association may, with the approval of the Comptroller of the Currency
The preliminary investigation ofthis concern indicates that it lathe largest
bucket shop yet to fall into the net of the Martin law, which has been spread
by the Attorney-General's office. This inquiry, extending over several
months, covers the country-wide operations of the company.
The evidence gathered in the New York and Boston offices, together with
information obtained at Providence, R. I., indicated that the company
engaged in manipulations of the bucketing type, and that thousands of
customers who were impressed by the magnificent office equipment were
mulcted of large sums.
The company, the investigation disclosed, operated to a great extent a
partial-payment plan, to attract the small Investor to place his money in
securities of doubtful character. Whenever it appeared that the customers
had purchased sound securities, persuasive arguments were made to switch
them to questionable and highly speculative stocks promoted by this company.
1090
THE CHRONICLE
[VOL. 118.
,n-
and by the vote of shareholders owning two-thirds of the stock of such
association, increase its capital by the declaration of a stock dividend,
provided that the surplus of said association, after the approval of the
increase, shall be equal to 20 per centum of the capital stock as increased.
Such increase shall not be effective until a certificate certifying to such
declaration of dividend,signed by the President, Vice-President, or Cashier
and duly acknowledged before a notary public, shall have been forwarded
to the Comptroller of the Currency and his certificate obtained specifying
the amount of such increase of capital stock by stock dividend, and his
approval thereof."
See. 5. That section 5150 of the Revised Statutes of the United States
be amended to read as follows:
"Sec. 5150. One of the directors, to be chosen by the board, shall be
chairman of the board and shall perform such duties as may be designated
by the board."
Sec. 6. That section 5190 of the Revised Statutes of the United States
be amended to read as follows:
"Sec. 5190. (a) The general business of each national banking association shall be transacted at only one office or banking house which shall be
located in the place specified in Its organization certificate.
"(b) The Comptroller of the Currency may, in his discretion, upon
application to him, permit any national banking association to establish a
branch or branches within the corporate limits of the municipality wherein
such association is located but he shall not permit the establishment of a
branch or branches by any such association in any State which by law or
regulation prohibits the- establishment of branches by the State banks
therein. All such branches of national banking associations shall be subject
to the general supervisory powers of the Comptroller of the Currency and
shall operate under such regulations as he may prescribe."
Sec. 7. That section 9 of the Federal Reserve Act, paragraph t thereof,
be amended by adding at the end thereof the following language:
"Provided. That on and after the approval of this Act the board shall not
permit any such applying bank to become a stockholder of such Federal
Reserve bank except upon condition that such applying bank relinquish
any branches which it may have established on or after the above-mentioned
date beyond the corporate limits of the municipality in which the parent
bank is located: Provided further. That no member bank shall, after the
approval of this Act, be permitted to establish a branch beyond the corporate
limits of the municipality in which such bank is located. The board may,
Upon violation of this provision by any member bank, exclude such member
bank from the Federal Reserve system.
'The term 'branch or branches' as used in this and the preceding section
shall be held to embrace any additional office maintained by an association
at which deposits are received or checks cashed outside of the parent bank-Sec. S. That section 5200 of the Revised Statutes of the United States,
as amended, be amended to read as follows:
"Sec. 5200. The total obligations to any national banking association
of any obligor shall at no time exceed 10 per centum of the amount of the
capital stock of such association actually paid in and unimpaired and 10 per
centum of its unimpaired surplus fund. The term 'obligations' shall mean
direct obligations for money borrowed and direct obligations discounted or
purchased and shall include in the case of obligations of a copartnership or
association the obligations of the several members thereof. The term 'obligor' shall include a person, copartnership, association, or corporation.
Such limitation of 10 per centum shall be subject to the following exceptions:
"(1) Obligations in the form of drafts resulting from the sale of goods
drawn by the seller in good faith against actually existing values and
accepted by the purchaser shall not be subject under this section to any
limitation based upon such capital and surplus;
-(2) Obligations in the form of drafts resulting from the sale of goods and
drawn in good faith against actually existing values secured by shipping
documents transferring or securing title to goods shipped or in process of
shipment shall not be subject under this section to any limitation based
upon such capital and surplus;
"(3) Demand obligations drawn in good faith against actually existing
values and secured by documents covering readily marketable nonperishable
staple agricultural products in process of shipment shall not be subject
under this section to any limitation based upon such capital and surplus;
but this exception shall cease to apply to such obligations after the process
of shipment has been completed;
than
-(4) Obligations in the form of notes, having a maturity of not more
six months, originally given in payment for commodities and owned by the
person, corporation, association, or copartnership indorsing and negotiating
the same shall be subject under this section to a limitation of 15 per centum
of such capital and surplus in addition to such 10 per centum of such capital
and surplus;
'(5) Obligations ix the form of bankers' acceptances of other banks of the
kind described in section 13 of the Federal Reserve Act shall not be subject
under this section to any limitation based upon such capital and surplus;
"(6) Obligations of any obligor in the form of notes secured by shipping
documents, warehouse receipts, or other such documents transferring or
securing title covering readily marketable nonperishable staples, when the
market value of the staples securing the obligation is not at any time less
than 115 per centum of the face amount of the notes secured by such documents and when such property is fully covered by insurance shall be subject under this section to a limitation of 15 per cent= of such capital and
surplus in addition to such 10 per centum of such capital and surplus, but
this exception shall not apply to obligations in the form of notes of any one
obligor arising from the same transaction or secured upon the same staples
for more than ten months in any consecutive twelve months;
"(7) Obligations of any obligor in the form of notes secured by shipping
documents or instruments transferring or securing title covering livestock,
when the market value of the livestock securing the obligation Is not at any
time less than 115 per centum of the face amount of the notes covered by
such documents, shall be subject under this section to a limitation of 15
per centum of such capital and surplus in addition to such 10 per centum
of such capital and surplus;
'•(8) Obligations of any obligor in the form of notes secured by not less
than a like amount of bonds or notes of the United States issued since April
24 1917. or certificates of indebtedness of the United States. shall (except to
the extent permitted by rules and regulations prescribed 1w the 'Comptroller of the (1urrency, v/Ith the approval of the Secretary of the Treasury)
be subject under this)section to a limitation of 10 per centum of such capital
and surplus in addition to such 10 per centum of such capital and surplus;
"(0) Obligations of any obligor aild of the kind described In section 24 (b)
of the Federal Raseeve Act as amended, shall be subject to a limitation of
15 per centum of such capital and surplus in addition to such 10 per centum
States or
of such capital and surplus; except that obligations of the United
general obligations of any State or of any political subdivision thereof shall
capital
such
on
based
not be subject under this section to any limitation
and surplus."
Soc. 9. That section 5202 of the Revised Statutes of the United States
lanas amended be amended by adding at the end thereof the following
guage:
"Eighth. United States bonds of all denominations deposited with or
procured by the association."
Sec. 10. That section 5208 of the Revised Statutes of the United Statesas amended be amended by striking out the words "or who shall certify a
check before the amount thereof shall have been regularly entered to the
credit of the drawer upon the books of the bank." so that the section as
amended shell read as follows:
"Sec. 5208. It shall be unlawful for any officer, director, agent or employee of any Federal Reserve bank, or any member bank as defined in the
Act of Dec. 23 1913. known as the Federal Reserve Act, to certify any
check drawn upon such Federal Reserve bank or member bank unless the
person, firm, or corporation drawing the check has on deposit with such
Federal Reserve bank or member bank, at the time such check is certified.
an amount of money not less than the amount specified in such check.
Any check so certified by a duly authorized officer, director, agent, Or
employee shall be a good and valid obligation against such Federal Reserve
bank or member bank; but the act of any officer, director, agent, or employee of any such Federal Reserve bank or member bank in violation of
this section shall, in the discretion of the Federal Reserve Board, subject
such Federal Reserve bank to the penalties imposed by section 11, subsection (h) of the Federal Reserve Act,and shall subject such member bank,
if a national bank, to the liabilities and proceedings on the part of the Comptroller of the Currency provided for in section 5234, Revised Statutes, and
shall. in the discretion of the Federal Reserve Board, subject any other
member bank to the penalties imposed by section 9 of said Federal Reserve
Act for the violation of any of the provisions of said Act. Any officer.
director, agent, or employee of any Federal Reserve bank or member bank
who shall willfully violate the provisions of this section, or who shall resort
to any device, or receive any fictitious obligation, directly or collaterally, in
order to evade the provisions thereof, shall be deemed guilty of a misdemeanor and shall, on conviction thereof in any district court of the United
States, be fined not more than $5,000, or shall be imprisoned for not more
than five years, or both, in the discretion of the court."
Sec. 11. That section .5211 of the Revised Statutes of the United States
as amended be amended to read as follows:
"Sec. 5211. Every association shall make to the Comptroller of the
Currency not lass than three reports during each year. according to the form
which may be prescribed by him, verified by the oath or affirmation of the
President, Vice-President, Cashier. or Assistant Cashier of such association
taken before a notary public properly authorized and commissioned by I he
State in which such notary resides and the bank Is located, or any other
officer having an official seal, authorized in such State to administer oaths.
and attested by the signature of at least three of the directors. Each such
report shall exhibit, in detail and under appropriate heads, the resources,
and liabilities of the association at the close of business on any past day by
him specified, and shall be transmitted to the comptroller within five days
after the receipt of a request or requisition therefor from him, and in the
same form in which it is made to the comptroller shall be published in a
newspaper published in the place where such association is established, or
if there is no newspaper in the place then In the one published nearest thereto '
in the same county, at the expense of the association; and such proof of
publication shall be furnished as may be required by the comptroller. The
comptroller shall also have power to call for special reports from any particular association whenever in his judgment the same are necessary in order
to a full and complete knowledge of its condition."
Sec. 12. That section 13 of the Federal Reserve Act, paragraph four
thereof, be amended to read as follows:
"The aggregate of such notes, drafts, and bills bearing the signature or
indorsement of any one borrower, whether a person, company, firm, or
corporation. rediscounted for any one bank shall at no time exceed 10 per centum of the unimpaired capital and surplus of said bank; but this restriction shall not apply to the discount of bills of exchange drawn in good faith
against actually existing values nor to the discount of notes secured by not
less than a like amount of obligations of the United States Issued since
April 24 1917."
Sec. 13. That section 13 of the Federal Reserve Act be amended by
adding after paragraph 10 thereof a new paragraph in the following language:
"That in addition to the powers now vested by law in national banking
associations organized under the laws of the United States any such associations may engage in the business commonly known as safe deposit business either by leasing receptacles on its premises or by owning stock In a
corporation organized under the law of any State to conduct a safe deposit
business located on or adjacent to the premises of such association: Protided, howerer, That the amount invested in the capital stock of any such
safe deposit corporation by such association shall not exceed 25 per centum
of the capital stock of such association actually paid in and unimpaired and
25 per centum of its unimpaired surplus."
Sec. 14. That section 22 of the Federal Reserve Act, subsection (a).
paragraph 2, thereof be amended to read as follows:
"Any national bank examiner who shall acept a loan or gratuity front
any bank examined by him,or from an officer,director, or employee thereof,
or who shall steal, or unlawfully take, or unlawfully conceal or pt-lion any
money, note, draft. bond. or security or any other property of value in the
possession of any member bank, or from any safe deposit box in or adjacent
to the premises of such bank, shall be deemed guilty of a misdemeanor and
shall, upon conviction thereof in any district court of the United States, be
imprisoned for one year or fined not more than $5,000 or both, and may
be fined a further sum equal to the money so loaned, gratuity given, or
property stolen, and shall forever thereafter be disqualified front holding
office as a national bank examiner."
Sec. 15. That section 22 of the Federal Reserve Act he amended by
adding at the end thereof the following language:
"(g) Whoever maliciously, or with intent to deceive, makes, publishes.
utters, repeats, or circulates any false report concerning any national bank.
or any State member bank of the Federal Reserve system. which imputes or
tends to impute insolvency, or unsound financial condition, or financial
embarrassment, or which may tend to cause or provoke, or aid in causing or
provoking, a general withdrawal of deposits from such bank, or which may
otherwise injure, or tend to injure the business or good will of such bank,
shall be deemed guilty of a misdemeanor and shall. upon conviction in any
court ofcompetent jurisdiction.he fined not more than $5,000, or Imprisoned
for not more than five years. or bot h
"(h) If two or, more persons conspire to violate' the above pro‘ isIon, or
to boycott, or to blacklist, or to cause a general withdrawal of deposits
from, or to cause a withdrawal of patronage from, or otherwise to injure
the business or good will of any national bank, or any State member bank of
the Federal Reserve system, and one or more of such parties do any act to
affect the object ofsuch conspiracy, each of the parties to such conspiracy
shall be deemed guilty of a misdemeanor and shall, upon conviction in any
court of competent jurisdiction, be fined not more than $5,000, or imprisoned for not more than five years. or both."
Sec. 16. That section 24 of the Federal Reserve Act be amended to read
as follows:
MAR. 8 1924.]
THE CHRONICLE
'Sec. 24. (a) Any national banking association may make loans secured
by first lien upon improved real estate, including improved farm land,
situated within its Federal Reserve district or within a radius of one hundred
miles of the place in which such bank is located, irrespective of district
lines. A loan secured by real estate within the meaning of this section
shall be in the form of an obligation or obligations secured by one mortgage
or trust deed solely upon real estate when the entire amount of such obligation or obligations is made or is sold to such association. The amount of
such loans shall not exceed 50 per centum of the actual value of the property
offered for security. Any such bank may make such loans only when the
aggregate amount of such loans held by it or on which it is liable as indorser
or guarantor or otherwise does not exceed a sum equal to 25 per centum of
the amount of the capital stock of such association actually paid in and
unimpaired and 25 per centum of its unimpaired surplus fund, or to onehalf of its time deposits, subject to the general limitation contained in sec-.
tion 5200 of the Revised Statutes of the Untied States. Such banks may
continue hereafter as heretofore to receive time deposits and to pay interest
on the same;
"(b) Any national banking association may, subject to the limitations
contained in section 5200 (9) of the Revised Statutes of the United States.
engage in the business of purchasing and selling obligations evidencing
indebtedness of any person, copartnership, association, or corporation in
the form of bonds, notes, debentures, and obligations of whatsoever nature
, commonly known as investment securities."
1091
national banks continue to be harassed, and impeded in their growth, it
will be a national calamity.
I should like to express to you my conception as to the operation of the provisions of your bill, as applied to branch banking.
Branch banking carries the principle of centralization into banking. It
means absentee control over local finance, and is in its essence monopolistic.
It is utterly un-American. The bankers of the United States do not want it.
and the people will not have it. Your proposal to stop its further extension
within the Federal Reserve System will in my opinion remove the danger
of its development to menacing proportions.
The groat system of unit banks which forms the national system has been
the bulwark against monopoly and branch banking, but the time has come
when the national banks cannot carry on much longer against the destructive competition of institutions which are fostered and protected by the
very Federal Reserve System of which the national bank is the foundation.
You do not propose to injure these competitive institutions, but you with
draw the facilities of the Federal Reserve System where they are being
used for the promotion of a branch banking policy. The operation of your
bill would put an end to the further absorption of outlying country banks
into branch systems, and it would at the same time save the national system
by giving it equality of opportunity within city limits for the purpose of
giving its customers such facilities as they are entitled to under their State
law. It SAMS to me that your bill very clearly recognizes the principle
that banking within the limits of a single municipality is distinctly a local
issue, and that the people of a State have a right to determine what facilities
they desire in the way of convenient banking, and they would certainly
Comptroller Dawes' Views Respecting Representative have a right to object to the introduction ofa practice offensive to them in a
strictly local matter.
.
McFadden's Bill to Modernize National Bank
The provision equalizing the rights of State and national bani.s•aithhi
Laws—Explanation by Mr. McFadden.
city limits is an issue rather of local self-goverurnent as opposed to Federal
then it is a branch banking issue. When branch banking
Comptroller of the Currency Henry M. Dawes, in a letter interference,
becomes State-aide it assumes characteristics not only different from, but
to Representative McFadden endorsing the latter's bill to antagonistic to unit banking. Unit banking is community banking,
modernize national bank laws, says that the passage of the and implies service of residents to residents. and the natural and obvious
territory of such a unit is the mun:cipality. Service within a municipality
bill in his view is a matter of the utmost importance and should be determined by local
desires and. local necessities. and should
benefit to the national banking system, the Federal Reserve express itself in the laws of the local authorities.
•
A
national
instrumentality
such
as the Federal Reserve System should
system, and to the banks of the country generally. Compobviously regulate the activities of its members in such a way. as to Pertroller Dawes also says that "with one exception I think mit conformity to local customs where such customs do not run counter
there is nothing which could properly be characterized as in to the general principles and the well be:4ng or ite own, and its members'
This is precisely what your bill would accomplish. It requires
the slightest degree a radical change that would be brought operation.
the operation of both State and national banks on the same basis in each
about by your bill. I am convinced, however, that the municipality. It permits the local authorities to determine that basis.
cumulative effect of all of the suggested changes will have a and it prevents the further extension of the principle of branch banking
bards which are members of the Federal Reserve System beyond
radical influence in emancipating the national banks from the by
municipal limits. It is a principle of local self-government with national
handicaps under which they have been operating." The co-ordination.
So far as its State members are concerned, the Federal Reserve System
Comptroller's letter bears particularly on the provisions of
is a voluntary association. It would be absurd therefore to contend
the bill affecting branch banking, which latter he describes that their
rights to operate in conformity to State laws are destroyed
as "monopolistic" and "utterly un-American" and says by the rules and regulations of a voluntary organization to which they
"Your proposal to stop its further extension within the belong. The limit upon their operations within the System Ls the condition of membership, and if they do not care to conform to these regulaFederal Reserve system will in my opinion remove the tions, they
may withdraw at any time from the System. This is not so
danger of its development to menacing proportions." The with the national banks. It is my opinion that if the Federal Reserve
System continues to lend itself to the extension of State-wide branch
following is Comptroller Dawes' letter:
banking, in certain States it will very quickly result in the prcatical extinction
of the national banks (and also the independent unit haLks)
DEPARTMENT.
TREASURY
in
those States. On the other hand, if the national banks may not meet
Office of Comptroller of the Currency.
the operation of the State banks on terms of equality within the city
Washington.
limits, in many cities they will withdraw from the System to such an
February 27 1924.
extent
as will cause its rapid decline. As illustrating how far this tenMy Dear Mr. McFadden.—In compliance with your request I have given
your bill, H. R. 6855, the most careful study and will submit some sugges- dency has already proceeded, I merely cite the situation of the national
tions as to modification covering the legal and technical aspects of the banks in the following great cities:
New Orleans has one national bank, eight State banks, 39 branches.
application of this law.
Cleveland has three national banks. 22 State banks, 77 branches.
At the present moment I want to avail myself of your request that I
Detroit has three national banks, 15 State banks, 214 branches.
should express myselfon the.more general effect of this bill upon the national
banks. Although my interest is primarily with the national banks, I
Conditions in New York City are developing rapidly along the same
cannot look at the present time on any movement for amelioration of their lines as in these other cities.
position from the narrow standpoint of their relief alone. The situation
It has been my duty as Comptroller of the Currency to discuss this
has developed to such a point that I believe that the Federal Reserve System question frequently and seriously with bankers from all sections, and
itself, and the banking institutions of the United States are vitally con- I think I can interpret their general opinion. It is that the formula procerned in the question as to whether or not the national banks are to be posed by this bill is fair, that it is effective, and will relieve the situation
permitted to meet their competitors in a fair field, with no favors shown. if immediately applied. If this and other remedial action is not taken
The Federal Reserve System to the extent of 83% of its membership, and by this session of Congress, a crisis will be precipitated which will endanger
63% of its resources is a national banking system. Its only permanent and the national banks, the Federal Reserve System, and possibly result in
compulsory membership is that of the national banks. Their extinction a fundamental change in American banking.
would ultimately mean the end of the Federal Reserve System, and to the
Failure to legislate is in effect promotion of the cause of branch banking.
extent that the State banks are interested in the Federal Reserve System, An attempt to cure branch banking by throttling the national banks in
they are interested in the national banking system.
their local activities is worse than futile. It would, I believe, be strictly
The Natonul Bank Act was enacted in 1863, has been frequently amended true, and convey a very accurate picture of the situation if I were to tell
and radically revised as a result of the Federal Reserve Act. The result you that I believe that practically every national bank in large cities
has inevitably been inconsistency and confusion as to its intent and inter- where State banks are engaged in branch banking, has had a survey made
pretation. It was originally intended to cover a rigid commercial banking of exactly what steps are necessary to go into the State system in case
operation. The terms of the Federal Reserve Act have extended the this proposed relief is denied them. The banks in the smaller communities
activities of the banks so that they are doing both a savings bank and a In States where State-wide branch banking is permitted, are not obliged
trust company business, but they are doing so under a crudely modified to make such a survey. The question with them is whether or not they
commercial banking act.
will be absorbed by branch banks, or die out by gradual starvation.
Your bill is to my mind no departure from the previously expressed intenTo repeat, the condition of the national system is not a matter for
tion of Congress as to the kind of banking that it was intended that the academic discussion, it is critical, and a subject for immediate action.
national banks should carry on, but it will have the effect of enabling them
After the most careful study and consultation with bankers who are
to function legally and efficiently in a way consistent with the real spirit operating under the most varied conditions, and in all sections of the
of the National Bank Act, and the Federal Reserve Law. With one excep- country, I have come to the conclusion that the passage of this bill is a
tion I think there is nothing which could properly be characterized as in matter of the utmost importance and benefit to the national banking
the slightest degree a radical change that would be brought about by your system, the Federal Reserve System, and to the banks of the country
bill. I am convinced, however, that the cumulative effect of all of the generally. I cannot too strongly emphasize the desirability of the earliest
suggested changes will have a radical influence in emancipating the national possible action.
banks from the handicaps under which they have been operating, and that
Yours very respectfully,
the net result will be that the system will increase in size and strength in a •
HENRY M. DAWES, Comptroller.
way fully, commensurate with the growth of the country and the require, In his letter to Comptroller Dawes, seeking an expression
ments of the Federal Reserve System
Muchthought and much study has been given at.'tj how to secure an even of opinion regarding its provisions, Representative McFadand complete saturation of the benefits of the Federal Reserve banks in den explained in brief the
purpose of each of its sections.
remote and agricultural districts. Inducements have been made and are
being considered to secure the admission to the system of small State banks We are giving elsewhere in this issue the text of the bill, and
for this purpose. Without in any way questioning the wisdom and the herewith give the explanatory letter of Mr. McFadden.
desirability of such efforts. I should like very much to emphasize the fact
HOUSE OP REPRESENTATIVES.
that it is almost entirely through the small national banks that this saturaCommittee on Banking and Currency.
tion of influence to the more remote communities is now being made. The
Washington, Jan. 15 1924.
national banks furnish the last capillary in the circulatory system of the Hon. Henry M.Dawes,
Comptroller of the Currency, Washington, D. C.
Federal Reserve Banks, as well as the great arteries. If through the
My dear Mr.Comptroller:
have prepared a draft of a bill for the relief of
encroachment of branch banks, prohibition of obviously necessary activi- the national banks, a copy
of which I am enclosing herewith. You will note
ties, and constant irritation and restriction by archaic and obscure laws, the that a number of your suggestions have been embodied in the bill. Ifshould
1092
THE CHRoNfeLE
(voL
be very glad if you could go over this draft and give me the benefit of your is suggested, first, became it is a
safe exemption, as the borrowings ate
criticisms thereon.
usually made in such a way and such amounts that they are covered by 3
A very careful study has been made of conditions of the national banking written or implied contract, and are not subject to sudden
or unexpected
laws in the belief that it will be possible, by modifications of a conservative call for payment. Frequently it is more
desirable and less expensive to
nature, materially to relieve the handicaps under which the national banks borrow Government bonds for security purpcses than
to furnish security
are laboring. These handicaps arise partially from the fact that the Na- bond, and further, the bank assumes
less risk in borrowing bonds than in
tional Bank Act was.written over sixty years ago and has been frequently purchasing them in the open market.
This sort ofan operation is economical
amended in a desire to meet changing conditions, thereby developing a
or the bank, profitable for its customers, and helps the general market for
situation in which there are inconsistencies as between the various amend- Government securities.
Mg clauses and very great difficulty in their interpretation.
Sec. 10. Certified Checks.—To amend Section 5208, U. S. R. S., to perThe bill which I propose is designed to correct this situation, and further mit certification before item has
gone through the books.
to modernize the operation of the Act without departing from the traditional
This means that while the deposit must, of course, be actually received
standards and principles which have prvailed in past years. While no radcal and in the hands of the bank, it Is
not necessary for the paying teller to wait
changes are suggested, the cumulative effect of clarification and moderniza- until the bookkeeper actually posts the
entry. The situation that exists
tion ofso many items will effect a radical improvement in the position of the now is such that the law requires
a record on the books, which requires some
national banks. On questions where the bill seems to suggest any material time, and results in a general
slowing up of business. This will not in any
divergence from the original principles of the Act it might be well to say in way diminish the responsibility
of the certifying officer to ascertain whether
advance that this divergence is one much greater in theory than it is in or not the deposit account of
the customer is sufficient to justify the certifipractice,and that most of the apparent liberalizing provisions are along lines cation of the check. It simply
relieves him from the responsibility of adherunder which the most conservative and successful State institutions have ing to a single method of ascertaining
the facts.
been operating under State laws for years and represent principles which the
Sec. 11. Authority of Officers to Sign Reports.—To amend Section 5211,
national banks have recognized and to a large extent practiced through the U. S. R. S., to permit designation by the board of
directors of the Vicesetting up of cumbersome machinery in the way of collateral and subsidiary President or Assistant Cashier to sign
reports to the Comptroller of the
Institutions and, in some cases, no doubt by more or less direct evasions of Currency in the absence of the
President or Cashier.
the wording but not neeeesarily of the spirit of the Act.
This obviously would be a great convenience to the bank officials and
The bill contains sixteen sections, the substantial effect of each of which would frequently prevent delays
in the transmission of important reports
is briefly noted as follows:
and is thoroughly safe in view of the required authority from the directors
See. 1. Consolidation.—To amend Act of Nov. 7 1918, to permit consoli- for the officers to act in this capacity.
dation of Stete banks with national banks.
Sec. 12. Rediscount.—To amend Section 13, Paragraph 2, Federal
State banks and national banks have, of course, been consolidating under Reserve Act, to permit rediscount with the Federal Reserve banks of notes
he laws as they now exist, but this end has been accomplished by the com- secured by Government bonds in excess of the 10% limitation.
plicated process of requiring the consolidating State banks to first nationalThe principle of this change is already in effect in the permission which
ize. It is proposed to eliminate this lost motion and expense and have the national banks now have to loan in excess of the 10% limitation,and up
the banks consolidate directly under national charter.
to 10% additional on these securities, but It is a technical violation for the
Sec. 2. Charter.—To amend Section 5136, U.S. R. S., to permit national Federal Reserve bank to take this paper.
banks to hold their charters in perpetuity.
Sec. 13. Safe Deposit Business.—Amend Section 13, Federal Reserve
Nearly all banks exercising trust powers have, at times, to handle per- Act, to permit national banks to engage in safe deposit business, either by
)etual trusts. The national banks having charters which expire in various operating safe deposit facilities directly or by owning stock In a company
terms have, in many cases, felt that they could not, on this account, safely which carries on this service
administer a perpetual trust, and in many instances where the national
Under the general theory that a national bank cannot do anything which
banks felt that they could handle these trusts safely the attorneys for the It Is not permitted directly to do. they would seem to be prevented from
perpetual trust felt that there was an element of doubt about the matter rendering this necessary service to their customers. The inability under the
and were not, therefore, willing to use the national banks as trustees. This law of national banks to own stocks prevents them from organizing separate
Is e complicated legal point on which lawyers differ, but it is a fact that companies for this purpose. It Is, in my opinion, very desirable in many
banks have withdrawn from the national system on account of this compli- cases for national banks to conduct safe deposit operations by a separate
cation, and other banks have refused to take out national charters. The company. It frequently affords thorn a convenient method of financing
only opposition which might be offered to this would be from State banks them without unduly adding to the cost of the bank property, and furtherwhich might not want national banks to engage in trust business. / do not more, limits their liability for loss to the assets of the safe deposit company
think that the trust ocmpanies would seriously or generally assume so where they desire such protection.
narrow an attitude.
Sec. 14. Theft by National Bank Examiners.—To amend Section 22.
Sec. 3. Banking House Site.—To amend Section 5137, U. S. R. S., by Federal Reserve Act, by penalising theft from national banks by national
striking out word "immediate."
bank examiners.
This is for the purpose of enabling a national bank to protect itself by
Under present laws a national bank examiner who is guilty of theft must
purchasing a site for a new location that may not be adjacent to its present be prosecuted under the laws of the State in which the theft is committed.
location,and for which it may not have completed its plans; also to cover the
Sec. 15. Circulation of False Reports.—To amend Section 22, Federal
time required for building operations. The word "necessary" still remains Reserve Act, by penalizing circulation offalse and malicious reports relative
In the law, rr v,nting this from being used as a means of indulging in real to member banks.
estate speculation.
This is giving effect to a principle as applied to national banks which Is
Sec. 4. Stock Dividerds.—To amend Section 5142. U. S. R. S., to permit recognized under most State laws as applying to State Acts. This will
national banks to pay stock dividends.
Inure net only to the benefit of the national banks but also to the State
From the standpoint of the creditors of a national bank the only effect of member banks where the State laws do not properly cover this crhne or the
a stock dividend Is to increase the contingent liability on the part of the State administration is lax.
stockholders, and thereby strengthen the bank. Assuming that the conSec. 16 (a). Real Estate Loans.—To amend Section 24, Federal Reserve
dition of the bank will justify it, it is a thing which should be encouraged Act, clarifying the whole section.
rathe- than discouraged. Under the old law the course which is followed is
This removes the one year limitation on real estate loans, and Increases
to declare a cash dividend, and request the stockholders to use the cash divi- the loaning limit from 33 1-3% to 50% of the time deposits. The principle
dend for the purpose of purchasing the increased capitalization. The fear of tying the long term assets with the deferred liabilities of the bank has
that this would make the individual stockholder liable to income taxes has, already been recognized in the Act under the present 33 1-3% provision
in many cases, prevented the declaration of stock dividends and the proper and is very generally recognized by State laws. The increase of the limit to
placing in capital account of money which is now carried in surplus, subject 50% has probably been more generally advocated on the part of banks and
to dividends. Generally speaking, increases in capitalization of national bank examiners than almost any change in the banking laws that has been
banks should be encouraged And not discouraged.
discussed with the office of the Comptroller of the Currency.
Sec. 5. Chairman of the Board.—To amend Section 5150, U. S. R. S., to
Sec. 16 (b). Bond Business,—To amend Section 24, Federal Reserve
permit board of directors to appoint a Chairman of the board.
Act, to permit national banks to engage in buying and selling investment
The terminology "Chairman of the board" has become very widely used bonds.
by the national banks and trust companies of the country, and it is desirable
This will afford very great relief to the small and moderate-sized instituthat the term should have some legal status.
tion. The big institutions in the cities can usually handle their security
Sec. 6 and Sec. 7. Branch Banking.—To amend Section 5190, U. S. R. S., business through subsidiary companies and by other methods. The effect
awl Section 9, parggraph 1 of the Federal Reserve Act by permitting national will be in the case of the smaller and intermediate institutions to permit them
banks to establish branches in States where State banks are permitted this to do legally and directly what they have not felt able to do before, or what
privilege and by prohibiting. after the approval of the Act, the extension they have been doing indirectly, and it will enable the big city banks to
of State-wide branch banking in the Federal Reserve system.
carry on an obvious and necessary function in a simple and direct way.
Legislation to this effect would solve the branch bank question in accord- The position of the banks is amply safeguarded by the provision limiting
ance with the recommendations in your annual report and with the recent their purchases of securities of any one issue to 25% of the capital and
resolution of the Federal Reserve Board. It would prohibit a national ban's surplus of the bank.
from engaging in branch banking in any form in a State which by law or
Awaiting your reply with interest, I beg to remain
regulation denies this power to the State banks. On the other hand in those
Respectfully yours,
States where State banks may engage in branch banking, national banks
L. T. McFADDEN.
would be permitted to meet this form of competition to the fullest extent.
I regard this in fact as the spirit of the regulations promulgated by you Oct.
26 1923, following the opinion of the Attorney General on Oct. 3 1923.
it Governor Crissinger of Federal Reserve Board Says
Is deemed advisable that this principle be enacted into law in order t
Proposal to Pay 2% Interest on Federal Reserve
may be more fully established and recognized.
This legislation would also protect the national banks from competition
Deposits Is Wrong in Principle.
In branch banking from State institutions authorized to engage in StateGovernor Crissinger of the Federal Reserve Board has
wide branch banking by making it unlawful for any member bank to establish a branch beyond the city limits after the approval of the Act, and expressed it as his opinion that an attempt to pay 2%
by prohibiting the Federal Reserve Board from receiving into membership
interest on Federal Reserve deposits "is wrong in principle
in the Federal Reserve system any bank operating a branch which had been
established on or after July 11924. Complete data in support of these two and should not be imposed upon the banks." The Goverrecommendations are found in your annual report and I need not further nor's views are set out
in the following letter to Representadiscuss this question.
Wingo:
Sec. 8. Loans and Intestments.—To amend Section 5200, U. S. R. S., tive
FEDERAL RESERVE BOARD
by redrafting and clarifying.
Washington
The changes in this section require more careful consideration and most
Governor
of
Office
law.
February 13 1924.
old
clarification
While
along
the
the
lines
of
entirely
of
of them are
Dear Mr. Congressman:
the old law was probably as well drawn as circumstances would permit at My
Pursuant to our telephonic conversation, I am enclosing for your inforthe time, practice under it and application of it to somewhat modified concopy ofstatements showing the net earnings of the Federal Reserve
ditions has developed an uncertainty on a number of points which is very mation a
for 1921, 1922 and 1923, and what would happen if 2% interest were
banks
important
that
conI
hope
is
so
to
have
a
special
section
disturbing. This
paid by the banks on realized balances to member banks.
ference with you for its discussion.
You will note In 1923 the Federal Reserve banks of the whole system
Sec. 9. Bank Liability.—To amend Section 5202, U. S. R. S., by exceptwould have lost, to be exact, $24,738,854, and in addition they could hay
deposited with or procured by the bank.
ing Government bonds
no dividend, could have set apart no surplus, nor pay any franchise
paid
borrowed
from
borlimitation
on
the
the
The effect of exempting bonds
as the other exemptions are granted tax; whereas, in 1922, the twelve Federal Reserve banks would have lose
rowings of the bank in the same manner
MAR. 8 1924.]
7117 CHRONICLE
1093
amount to nearly $40,000,000 a year, which is a sum almost
as great as the total gross income of the Federal Reserve
banks from their lending and investing operations. If they
had, therefore, to:pay this interest they would be obliged
very greatly to expand their loans to get the money with
which to pay the interest. Reserve Bank expansion, added
to our very excessive gold holdings, leads to an artificial
excess of money market funds, artificially depresses money
rates and tempts other banks to use money market funds for
capital purposes. "If we should be so foolish as really to
use up the credit facilities made possible by our abnormal
gold stock," he said, "we should find ourselves in a very
embarrassing position indeed when the tide turns and the
outside world is in a position to draw gold from us once more."
Dr. Anderson, whose remarks dealt with misunderstandings of the nature and functions of our Federal Reserve
banks, maintained that while ordinary commercial banks
are
free to shape their policy with primary reference to profits,
Governor
The analysis of the statement referred to by
Federal Reserve Bank policy should be shaped with primary
Crissinger follows:
Average daily reserve balances of member banks with the Federal Reserve reference to the public good, and that the expenses of Fedbanks during 1923 aggregated $1,872.000,000. It is apparent, therefore, eral Reserve banks should be held down to modest amounts,
that to pay interest at 2% per annum on member bank reserve balances so that it would not be necessary for them to carry a large
would have necessitated the Federal Reserve banks earning approximately volume of earning assets merely for the purpose of meeting
37H millions in excess of operating expenses and dividend requirements. expenses. Dr. Anderson said in part:
During 1918. 1919, 1920 and 1921, when borrowings at the Federal Reserve
There is a fundamental difference between a Federal Reserve bank and
banks were at an unprecedented level because of the large demands for
$19,124,765, and only one bank in the system could have paid any part
of its dividend; that was the bank at Philadelphia, which could have paid
$120,976 on its dividend. You will note that none of the banks would
have been able to have paid dividend, surplus or franchise tax. In 1921,
the banks could have paid 2% interest, amounting to $33,457,380; but this
was one of the unusual years that came about by financing the war and
when the banks were imposing a 6% and 7% rediscount rate which,as you
know, was not very popular.
In my opinion, an attempt to pay 2% interest on deposits is wrong In
principle and should not be imposed upon the banks. If it should be
imposed the Federal Reserve banks will have to buy paper in the open
market in competition with member banks and non-member banks in order
to make its dividend, interest and expenses. I think you will agree that
such practice would be detrimental to the individual banks.
It must be borne in mind well that at the time the banks were making
those big profits it was while they were financing the war, and it should
not be used as a pretext for the passage of an Act to provide for 2% interest
on realized balances.
I am also handing you an analysis of the statements which will be selfexplanatory.
Very truly yours,
D. R. CRISSINGER, Governor.
Hon. Otis Wino, House of Representatives, Washington, D. C.
credit due to war conditions, the Federal Reserve banks might have paid
interest on member banks' reserve deposits and at the same time paid a
franchise tax to the Government. During the past two years, however,
when conditions have been more normal, borrowings from Federal Reserve
banks and consequently their net earnings, have been on a greatly reduced
scale. Net earnings of the banks during 1923 amounted to $12.700,000,
while 2% on reserve deposits of member banks would have amounted to
about $37,450,000 or three times the net earnings. Of the net earnings of
$12,700,000. $6,500.000 went to member banks to pay the 6% dividend
on their capital stock and the balance was divided between the surplus
accounts of the Federal Reserve banks and the Government in the form of
a franchise tax. Approximately the same results are shown for 1922 in
which net earnings of the Federal Reserve banks were $16,500,000. while
2% interest on reserve deposits of member banks would have amounted to
$35.600,000.
It is apparent from these figures that in normal times Federal Reserve
banks could not pay 2% interest on reserve balances out of their current
earnings.
It should also be borne in mind that any payment to the member banks
in the form of interest on their reserve balances will affect materially the
amounts paid to the United States Government as a franchise tax. During
1921,for example, the Government was paid a franchise tax of $63,100,000•
If member banks had been paid 2% interest on their reserve balances, the
Government would have received only $33,800,000 as a franchise tax.
In 1922 and 1923, however, *when earnings of the reserve banks were on a
much lower level and comparatively small portions of the 2% interest on
reserve balances of member banks could have been paid by the respective
Federal Reserve banks, the Government would have received no franchise
tax, unless the Federal Reserve Act were so amended as to require the
payment of a franchise tax to the Government before the payment of any
interest to member banks on their reserve balances.
Representative McFadden Believes Untenable Proposal
Calling for Payment of Interest on Federal Reserve
Deposits.
During the past month numerous inquiries have been
received by members of Congress as to the situation presented
in the bill N. B. 3206, "Obligating Federal Reserve banks to
pay all realized balances," introduced by Representative
Fulmer, of South Carolina, and referred to the Committee on
Banking and Currency. Representative Louis T. McFadden,
Chairman of the committee, in reply to verbal inquiries and
letters on this bill, has stated, that this suggestion is by no
means a new one, but no formal action has been taken by the
committee thereon. Representative McFadden says:
I would state, however, that the Committee on Banking and Currency,
and the Joint Committee of Inquiry on Membership in the Federal Reserve
System, of which I am also the Chairman, have given this question considerable thought, and the proposition is believed to be untenable as it
would of necessity bring the Federal Reserve banks into active competition
with all banks in order that the system could realize a profit to enable it to
pay, in addition to legal demands, interest on balances. As you know, it
WM never intended that the Federal Reserve system should engage in
general banking business. If it entered into competition with other banks
and bought the necessary paper to so function, it would tie up the liquid assets
of the banks so that in an emergency the system would not be able to render
full service as required, as its assets would be similar to the assets of the
ether banks and it is most essential that the liquidity of the system's assets
be maintained at all times.
Federal Reserve Policy—Benjamin M. Anderson Jr.
Regards Proposal to Pay Interest on Federal
Reserve Deposits as Dangerous.
The proposal pending in Congress which would require
the Federal Reserve banks to pay 2% interest on deposit
balances carried with them by other banks was criticized
on Feb. 18 by Benjamin M. Anderson Jr., Economist of
the Chase National Bank of New York, in an address before
the City Club of Philadelphia. Dr. Anderson pointed out
that such balances now amount to nearly $2,000,000,000;
that interest at 2% on these balances would consequently
an ordinary bank which the American public does not generally understand.
A Reserve bank ought to be able to shape its policy with primary reference
to the public good and ought not to be obliged to concern itself greatly'
about whether it is making money or not. This means, incidentally, that
the overhead expenses of a Federal Reserve bank should be held to a
modest figure. If a member bank makes a loan, it is ordinarily obliged to
make payments growing out of this loan out of its own liquid assets. When
a Federal Reserve bank, however, makes a loan, It merely gives its own
liability in payment, either in the form of a Federal Reserve note or of a
deposit balance, and this liability will be accepted as final payment by other
banks in the community. If a member bank expands its loans unduly, It
finds its reserves drained away. If a Federal Reserve bank expands its
loans unduly, its reserves remain largely untouched and the increase in its
demand liabilities, growing out of the loans, constitutes an addition to the
reserve money available for other banks. This means an artificial increase
In the money supply of the country, with an artificial lowering of general
discount rates, and tempts the banks of the country to expand their loans
unduly and,in particular, to use money marketfundsfor capital purposes.
There has recently been introduced into Congress an amendment to the
Federal Reserve Act which would require Federal Reserve banks to pay
2% interest on the deposits carried with them by other banks. If such an
Act were passed, the Federal Reserve banks would be obliged very greatly
to increase their lending activities in order to make money with which to
pay the interest, and this would certainly lead to great expansion In the
volume of Federal Reserve notes and Federal Reserve bank deposits with
the unfortunate consequences above mentioned. The present deposit
balances in Federal Reserve banks amount to nearly $2,000,000.000. If
they paid interest on this at 2%,it would cost them nearly $10,000,000 a
year. This would take almost all their entire gross revenue on their present
earning assets, leaving almost nothing to meet their very large overhead
expenses and dividends.
None of the great central banks in Europe has paid interest on bankers'
balances. The policy would be unsound and dangerous in the extreme.
It is particularly undesirable in the present situation that anything should
be done which would lead to an expansion of Federal Reserve bank credits.
We have already a very excessive volume of reserve money in the country
due to our wholly abnormal gold holdings. In April 1917. when we entered
the war, commodity prices were higher than they are to-day, and business
was more generally active. We needed quite as much money in the country
then as now from the standpoint of level of prices and volume of business.
Since then, however, we have gained well over a billion dollars in gold.
Federal Reserve bank earning assets at that time were something under
$200,000,000. During the year just Passed, Federal Reserve bank earning
assets averaged nearly $1,200.000,000. In other words, count'ng both the
Increase in Federal Reserve credit and the new gold as causing additions to
our basic reserve funds, we have something more than two billions to-day in
excess of what we had then. This has made an artificial excess of money
market funds, has made discount rates artificially low, has masked the
underlying shortage of real capital which nine years of war and demoralization have produced, and has tempted us to use bank funds unduly for
capital purposes.
Instead of taking steps which would increase the temptation to employ
Federal Reserve funds, the Federal Reserve banks ought to get and keep
their rediscount rates above the market rates prevailing in the central
money markets. Banks in the great cities would not then be tempted to
borrow in order to relend at a profit. The Bank of England. the Bank of
France, the Reichsbank in Germany, the National Bank of Sweden, the
National Bank of Switzerland, and virtually all the important reserve banks
of Europe have long recognized this as the only sound and normal policy.
The bank rate of the Bank of England has always been above the market
rates on annual averages since 1872.
If we should be so foolish as really to use up the credit facilities made
possible by our abnormal gold stock, we should find ourselves in a very
embarrassing position, indeed, when the tide turns and the outside world is
in a position to draw gold form us once more. We must recognize that we
hold a very large part of our gold in trust as a consequence of the abnormal
world situation, and that our own best interests, no less than our duty to
he rest of the world, require us to protect it /rpm depreciation and tw
in from tying it up in non-liquid credits.
Proposal to Pay Interest on Federal Reserve
Deposits.
In another item we refer to the address delivered in
Philadelphia by Benjamin M. Anderson, Jr., of the Chase
National Bank of New York relative to the proposal
to pay interest on Federal Reserve deposits. In an item regarding this proposal, the "Journal of Commerce" of New
York, in Washington advices Feb. 15 said:
1094
THE CHRONICLE
National banks are favoring the proposal to compel Federal Reserve
banks to pay member banks interest at the rate of 2% per annum on all
realized balances, whether reserve or otherslwe. Members of Congress are
receiving letters from various institutions stating the proposal which is
contained in a bill introduced in the House by Representative Fulmer of
South Carolina has their indorsement.
The Exchange National Bank of Tulsa, Okla., declares that the fact that
the Federal Reserve banks pay no interest whatever to member banks has
always been one of the outstanding inconsistencies of the Federal Reserve
Act.
"From our standpoint, we view this as an economic loss." declared J. J.
McGraw,President of the bank. "We direct your attention to the fact that
in every instance where Government funds are placed on deposit with national banking associations such deposits draw interest at from 2
to 41-6 %.
Indeed, we can think of no case in which depositors ofsuch large sums as are
maintained by the member banks with the Reserve banks do not receive at
least 2% interest.
'
"It is obvious to us that member banks, under the existing plan, scale
down their balances with Federal Reserve banks to the lowest possible figure
required, for the very good reason that they receive no interest on same.
On the other hand, were the Federal Reserve banks paying interest as provided In the Fulmer bill there is no doubt in our minds that a material increase In these deposits would result.
"May we also offer for your consideration the fact that the banks of this
country have, sluice the close of the war, experienced the most difficult
period in their history. They have, as you know,sustained enormous losses
'brought on by the very drastic deflation of property values, affecting as it
did almost every business and industry in this country.
. "It was during this time that member banks were obliged to rediscount so
heavily with the Reserve banks, and through such discount operations the
Reserve banks profited tremendously. You are also well aware that the expense of conducting banking institutions has continually increased, whereas
there has been no material Increase in discount rates or in the income from
other sources.
"We concur in the suggestion of Congressman Fulmer that State banks
Which are not members ofthe Reserve System would be induced through the
enactment of this amendment to take membership, and in our opinion the
More State banks that are induced to enter the system the better it would be
for the entire banking structure of the nation."
Longworth Compromise Tax Bill—Proposal to Put
Through Resolution Providing for Immediate
Reduction of 25% in 1923 Taxes.
Steps were brought under way on March 6 toward the
adop:ion, in advance of the enactment by Congress of the
tax revision bill,, of a joint resolution providing for an immediate reduction of 25% in 1923 Federal income taxes
payable March 15. The proposal for immedia'e action,
however, appears to have encountered opposition in both
the Senate and the House. Stating that at the instance of
officials of the Treasury Department, Chairman Green of
the House Ways and Means Committee discussed with
Chairman Smoot of the Finance Committee on the 6th inst.
the possibilities of the early adopfion of a joint resolution,
independent of the -tax bill, making the proposed reduction
a part of
. existing law. The New York "Journal of Commerce" m its advices from Washington on that day said:
Assurances were given by Chairman Smoot that this proposal could be
put through the Senate without undue debate, and Chairman Green
will bring it before the Ways and Means Committee to-morrow. Before
getting action on the resolntion: arrangements must be made with the
House Rules Committee to bring about a suspension of the rules to permit of Its consideration in the House, It is said. To be of value it must
receive immediate attention, as first payments on the 1923 incomes are
due March 15.
Taxpayers Holding Off.
With the announcement that a 25% reduction is to he made in the
tax assessments, taxpayers began to hold off their payments, and not
only has the Government been deprived of the use of this money but is
losing the Interest that mould accrue to it. Further, If Congress fails to
act in this 'manner many taxpayers heretofore meeting their taxes in a
single payment will make quarterly payments because of a desire to avoid
haring to seek a refund at the end of the year.
There Is also the uncertainty of how the Comptroller-General will
consider the matter, and it is- to obviate possible controversies that the
proposed action LS to be taken. The resolution will be simpler in its
construction than the provisions vont:tined in the bill as it passed the
House.
While this morning it seemed that, in view of the vote by which the
provisions were adopted in the presont bill, there would be nothing to
stop speedy action, a great deal of opposition later developed, and It IN
more than probable that Chairman Green will drop the plan, since he
has stated that If the opposition shows strength the long arguments that
would be made would not make it desirable to urge the adoption of the
resolution.
The Democrats will oppose the resolution. They see in it an opportunity
for tho Republicans to get away from the bill that has been adopted by the
House and .to put ,the matter over until after the forthcoming election.
They - believe that the Republicans if they, have the votes so to do could
simply pass another such resolution to take care of the 1925 pitylcallts on
the basis Of the 1924 incomes,
As to yesterday's developments the Associated Press
advisee from Washington said:
Chairman Green of the House Ways and Means Committoe changed plans
announced yesterday and In view of the opposition decided to delay asking
the Committee to remove the reduction provisions from the Revenue Bill
and incorporate It in a joint remlutIon.
Action was proposed yesterday by the Treasury Department with a view
to making a tax reduction effective for the first installment of taxes due
march ,15. The Senate Finance Conunittee unanimously indicated its
'desire to agree to such a move if passed by the House.
' Representative Oldfield. Arkansas, Democratic whip, declared to-day
. the move was preliminary; to a Presidential veto of the Revenue Bill, and
said he :would oppose It.
-• Democrats indicated they wouldseek to make the Garner Income rate
schedule effective for 1923 taxes payable this year Instead of the flat 25%
[VOL. 118.
reduction. This would open up the entire Income rate schedule fight,
leaders declared, and settlement could not be reached before March 15.
On Feb. 28 Representative E. R. Ackerman (New Jersey),
introduced in the House a joint resolution, which was
referred to the Committee on Ways and Means,"to facilitate
the payment of personal income taxes and to relieve the
Treasury D3partment of unnecessary time, expense and
labor in connection with the collection of 1923 personal
income taxes in 1924." The resolution follows:
•
H. J. RES. 200.
JOINT RESOLUTION to facilitate the payment of personal income
taxes and to relieve the Treasury Department of unnecessary
time.
expense, and labor in connection with the collection of 1923 personal
Income taxes in 1924:
Whereas the President of the United States has been informed
by the
Secretary of the Treasury that the condition of the finances of the country
is such that the lightening of the excessive burdens of taxation
by reason
of our participation in the World War is now possible: and
Whereas the operations of the Fordney-McCumber Tariff Law while
having abolished unemployment Is now producing revenue in excess
of
$200,000,000 annually beyond expectations; and
Whereas the releasing to industry of money not needed by the country
to meet its current expenses is a boon to Industry and a material contribution
to the wealth and prosperity of the country,thereby advancing Its economic
welfare and besides contributing in a marked degree to domestic
tranquillity,
and
Whereas the Budget law having a salutary effect upon the reduction of
appropriations assuring no unnecessary increase over the total estimates
to be made for the fiscal year ending June 30 1925; and
Whereas the personal income taxpayers are looking to Congress for
Immediate relief and any delay thereof militates against the
normal growth
of the country's activities; and
Whereas the greatest corporation in the world, the United States of
America, should be an example in the celerity in which it conserves the
interests of its nationals, especially those liable to personal income taxes; and
Whereas scientific legislation and administration provisions so as to be
reasonably free from error, misinterpretation and at the same time capable
of being easily understood requires the exercise of deliberation; and
Whereas to accomplish the most good, the relief from income tax burdens
should be immediate: Therefore be it
Resolved. That the quarterly personal income tax payment due September
15 1924. from all personal income taxpayers be considered as credited to
the amount of the total due from the taxpayers' income taxes for the year
1923, and payable in 1921, providing said income taxpayer has filed his
return In a full and complete manner as now required by existing law, and
the quarterly payment due March 15 1924, is paid at the time of filing
returns and the second payment of June 15 1924 Is paid when due: Provided.
however, That in the event of permanent tax reduction legislation the
allowance exceeds the amount herein provided for, the omitted payment
granted by this resolution shall be considered as a deductible item from the
total amount of reduction provided for In such law, but not in7addition
thereto.
The adoption by the House on Feb. 29, by a vote of 216
to 199, of the Longworth compromise normal and surtax
proposals, fixing the maximum surtax rate at 37%, was
referred to in our issue of a week ago, page 959; later the
same day the House, by a vote of 408 to 8, passed the
Revenue Bill, with the Longworth provisions embodied
therein. Both the Garner (or Democratic proposals) and
the Mellon tax plans were thus displace.. as far as the normal
and the surtax rates are concerned. The Garner proposals
had previously (Feb. 19) been adopted by the House, sitting
in committee of the whole, as a substitute for those of the
Mellon bill, as was indicated in our issue of Feb. 23 (page
862). Before agreeing to the Longworth proposals, the
House on Feb.'29 rejected, by a vote of 153 to 261,the Mellon
rates, proposing to reduce surtax rates to 25% on incomes
of more than $100,000, as compared with the existing law
of 50% on incomes of more than $200,000. The Garner
plan proposed a maximum rate of 44% on incomes in excess
of $92,000. Seven Republicans and one Democrat voted
against the compromise bill on its final passage on Feb. 29;
these were: Representatives Tilson, Merritt and Fenn, of
Connecticut; Bacharach, of New Jersey; Mills and Wainwright, of New York; and McFadden, of 'Pennsylvania,
Republicans, anti Representative Howard, of Nebraska,
Democrat.
From the Washington dispatch Feb. 29 to the New York
"Journal of Commerce" we take the following:
The bill which passed the House to-day is truly a compromise measure.
It cannot be said that either, of three contesting parties--the Republicans,
Radicals and Deneocrates—obtained all that they wanted,and after it was
all over Republican Leader Longworth declared that the bill was 'lel ,e bad,
and predicted that if it became a law it mould not create a deft -it in the
Treasury.
The Longworth compromise plan provide-s normal rates of 2,, On the
first $4,000 of Income above the exemptions provided by the Mellon plan
bill, 5SI on the next $4,000 and 6% on incomes In (MIMS of $8,000. The
surtaxes begin with 1 % on Incomes between $10,000 and $12,000,
Progressing as In the present existing law to a maximum of 37.1fi on incomes
%
above $2()0.000. The House also approved a flat reduction of 25% on all
personal income taxes payable this year.
Specific rate changes carried in the bill will not become effective until tax
payments are made next year on income and profits of 1924. except those
made in the(MISe levies, which would go Into effect thirty days after enactment of the law.
Garner Net Opposed.
Just before it came time for the final vote to be taken on the bill Representative Garner of Texas, ranking minority member of the committee,
announced that he was not opposed to the bill and therefore could not offer
a motion to recommit. whereupon Representative Mills of New York.
MAR.8 1924.]
THE CHRONICLE
Republican member of the Ways and Means, made the motion to send it
back to the Ways and Means Committee. He moved the previous question.
which would prevent further tampering with the bill. Representative Crisp
of Georgia. Democratic member of the committee, offered as a substitute
motion a proposal to send the bill back to the committee with instructions to
immediately report it back to the House with provisions reducing 1924
payments on the basis of 1923 incomes 25% eliminated. On a roll call this
was defeated by a vote of 348 to 68.
The "previous question" was called for on a vote of 209 to 205, and then
the Mills motion to recommit was literally laughed out of the House.
Before the bill passed through the committee of the whole, the technical
form taken by the House while a bill is in process of creation, Representative Crisp endeavored to strike out these same provisions, but met defeat
with a vote of 181 to 145.
Seeks Separate Vote.
Representative Treadway of Massachusetts, Republican member of
the committee, sought a separate vote on an amendment to an amendment
which removes stock dividends from the term "capital assets," but it
was determined that such a separation as would be required could not
be obtained and stock dividends remain the bill as previously provided for.
There seemed to be considerable opposition to this provision. Mr.
Crisp declared the reduction was unwarranted because the tax had been
passed on by the business men, and this would be rebating them cash.
Representative O'Connor of New York offered a substitute limiting the
"rebate" to $400, claiming that would help the small taxpayer and not
be objectionable on the grounds as set forth by Mr. Crisp. This was
defeated, 153 to 102. Representative Denison of Illinois opposed the
provisions, desiring that money be left in the Treasury with which to
pay a bonus, whereupon Chairman Green of the Ways and Means Committee assured him that there would be plenty of money left in the Treasury
with which to pay adjusted compensation. A proposal by Representative
Simmons of Nebraska to limit the rebate to normal tax payments was
defeated by 140 to 120.
Many separate votes were asked for. Representative Montague, Democrat, of Virginia, called for a separate vote on the Garner amendment.
increasing the tax on cigarettes from $3 to $4 per 1,000, and his proposal
was supported by a vote of 258 to 153.
1095
The revenue obtained from such a tax Mr. Curtis would have used entirely for payment of an adjusted compensation Actfor World War veterans
Senator King, Democrat. of Utah, introduced an amendment proposing
an entire new income tax schedule, with normal rates of 2% on incomes below $4,000, the same as provided by the House, and 3% on incomes above
that amount. He would start the surtax rates at 1% on the amount of
incomes in excess of$5,000 and not in excess of$6,C00 and graduate the scale
upward by two-tenths of 1% for each additional $1,000 to a maximum rate
of 35% on incomes over $175,000. The amendment also would increase
the personal exemptions to $3,000 for single persons and $4,000 for heads of
families.
Senator Shields, Democrat, of Tennessee, in an amendment would allow
deductions from gross incomes of all sums paid for medical purposes, a
proposal which was turned down by the House.
The Senate Finance Committee in taking up the bill yesterday (the 7th inst.) passed over the income rate schedules to
consider the administrative sections. The House amendment opening tax returns to inspection by certain Congressional committees also was passed over for future consideration. That the interest rate of 5% on extended payments,
recommended by Secretary Mellon and approved by the
House, be placed back at 6%,as in the present law, was the
only change decided upon by the• committee yesterday.
President Coolidge reaffirmed on the 4th inst. his adherence to the principles and provisions of the Mellon tax plan,
according to the New York "Tribune," which in a Washington dispatch said:
His position remains exactly as outlined in his message to Congress.
declaring for the Mellon plan. This was made clear at the White House
in answer to inquiries about the compromise bill passed by the House.
A direct inquiry as to whether the President would approve the compromise hill brought the reply that he could not say at this time whether he
would veto or approve a hypothetical measure.
The President hopes the Senate Finance Committee will report the
Inheritance Taxes Retained.
changes as may be considered advisable
The increased inheritance taxes were retained in the bill by a vote of Mellon bill with only such minor
261 to 107 when contested by Representative Mills, and the gift taxes to make the measure more effective.
were approved by a viva voce vote when attacked by Representative
It was stated on the 3d inst. that the bill as passed by the
Treadway.
will produce $446,000,000 less revenue than the exHouse
the
amendon
vote
Collier
separate
a
Representative Green demanded
ment removing the stamp tax on primissory notes, the amendment being isting law, in the opinion of Treasury actuaries. The New
retained by a vote of 232 to 102, and his proposal to remove the restriction York "Tribune" from which we quote further said:
placed on the appointment of members of the proposed Income Board of
It would produce $113,000,000 more. the Treasury figures indicate,
Appeals that they be appointed only by and with the advice and consent
than by the Garner Democratic plan.
of the Senate was defeated, 206 to 159.
The Treasury surplus under the present rates, according to present
Representative 'Pilsen of Connecticut Republican members of the Ways. estimates, will be only $323,000,000. so that the House bill, if finally
and Means, attacked the amendments proposing to give publicity to enacted, would result in a deficit of $123,000,000.
income tax records and was defeated on two votes, the first by 222 to
Losses in revenue under the bill as passed by the House are estimated to
179 on the amendment giving the right of inspection to officers of the be $130,000,000 in normal income taxes, $150.000,000 in surtaxes, $90.000,Senate when designated for that purpose by the Governors of the re- 000 in earned income and $126,000,000 in miscellaneous taxes. These same
spective States, and on the second by 238 to 124 permitting inspection taxes as carried in the Garner plan would have resulted. according to the
of the returns by the Senate Finance and Hong() Ways and Means and Treasury,in lasses front existing amounts of 8227.000,000 in normal income
specially appointed committees of either Senate or House.
taxes, 3171.000,000 in surtaxes, $85,000,000 in earned income, and $126.000,000 in miscellaneous taxes.
Earned Income Precision.
Provisions of both the Garner plan and the bill as passed by the House
Efforts to eliminate the Garner amendment defining earned income, subject to the proposed 25% reduction, as also meaning reasonable compensa- would bring $50,000,000 more into the Treasury than under existing law
from
derived
Is
income
or
tion
allowance for personal service when the
under the capital loss and limited deduction section.
combined personal service and caPital in the prosecution by unincorporated
Chairman Smoot of the Senate Finance Committee said to-day be
persons of agriculture or other business, were defeated, 267 to 144.
expected to take up the revenue bill with the Committee on Thursday.
To-day's outcome was virtually anticipated several months ago. From
Chairman Smoot of the Senate Finance Committee was
the start the prediction of those acquainted with the situation has been
bill would have to be
that the Mellon plan could not possibly prevail in the House. What has reported as saying on March 5 that the
proven true is equally applicable to the Senate, to which body the measure remodeled to provide $100,000,000 more revenue. From
now _goes.
Philadelphia "Record" we take the following Washington
The following, showing the tax schedules as adopted by the the
March 5:
House, compared with rates in existing law, is taken from a advices
Basing his calculations on estimates reported this week by the Treasury
Washington dispatch to the New York "Journal of Com- Department that the House bill would cut off 8446.000,000 in revenue in
the calendar year 1925. Mr. Smoot said this would fail by $100,000,000 to
merce":
exclusive
A comparison of income rate schedules involved in the tax fight in the
House shows that the Longworth compromise, which was adopted on final
passage of the bill, provides:
Normal rates of 2% on net incomes not in excess of $4,000; 5% on net
Incomes over $4,000 and not in excess of $8,000. and 6% above that amount.
Surtax rates:25% less than those in the existing law on the same brackets,
starting at 13.% on the amount of income in excess of $10,000 up to
$12,000. The maximum rate would be 37.1i% on the amount of incomes
in excess of $200,000.
Personal exemptions: The same as in existing law--$1,000 for single
persons, $2,500 for heads of families whose net income is not over $5,000.
and $2,000 for heads of families whose income exceeds that amount.
The existing law provides: Normal rates-4% on incomes not.exceeding
$4.000 and 8% on incomes above that.
Surtax rates: A graduated scale starting at 1% on the amount of income
in excess of $6,000 and not exceeding $10,000, up to 50% of the amount
of income in excess of $200,000.
The Democratic schedule, which was rejected, provided: Normal rates,
on incomes up to 85,000. 4% on incomes between $5,000 and 88.000.
and 6% above that.
Surtax rates: Graduated scale starting at 1% at $12,000 and up to 44%
on the amount of income in excess of $92,000.
Personal exemptions: Two thousand dollars for single persons and $3,000
for heads of families.
on incomes
The Mellon'plan, also rejected.'Provided: Normal rates,
not in excess of $4,000; 6% on incomes above that amount.
Surtax rates: Start at 1% at $10,000 to a maximum of 25% on the ainount
of income in excess of $100,000.
No change in exemptions from the present law.
provide funds for the working expenses of the Government alone,
of a soldier bonus bill or other pending e-tra appropriation measures.
Mr. Smoot declared that undoubtedly some of the tax rates would have
to be changed to meet this expected deficit, but expressed no opinion as to
what taxes would be affected, pending consideration of the bill by the
Senate Committee. The principal tax reductions made by the House were
In the personal income taxes, the miscellaneous or excise taxes and a special
deduction of 25% on earned incomes.
This situation will be presented to the Committee to-morrow by Senator
Smoot when it holds its first session for consideration of the bill.
The following from Washington, March 6, is taken from
the New York "Commercial":
Estimated Losses.
The Finance Committee at to-day's session went over estimates as to
losses in revenue under the tax bill as passed by the House. Under the
Treasury estimate the loss in revenue from the House bill would be $446.000,000. The estimated surplus for the fiscal year 1924 is 8329.000.000 and for the fiscal year 1925, 8395,000,000. The estimate of a loss of $446.000,000 under the House bill Is for the calendar year 1925.
Although the estimated loss appears to be only about $50.000,000 in
excess of the estimated surplus, Senator Smoot and other members of the
Finance Committee seem to feel that the revenue law should raise sufficient
money', to proVide a, comfortable surplus and tliat'tin. this basis the bill '
should be revised'in such a way as to raise °boat $100,000.000 additional.
According to Treasury officials the Finance Coniinlitee can make the bill
raise.suffICient revenue simply,by restoring the normal and surtax rates of
the Mellon plan.
The Finance Committee decided that no general hearings on tax legislation are necessary. Secretary of the Treasury Mellon will appear before
The bill was formally reported on March 1 to the Senate the
committee in executive session early next week.
from the House and referred to the Senate,Finance ComDetailed estimates supplied the Finance Committee by the Treasury show
mittee. It was stated in a Washington dispatch on the 1st losses in revenue under the bill as passed by the House made up of the
inst., published in the New York "Tribune," that three following:
Normal tax, $130,000,000; surtax, $150,000,000; capital gain provision.
amendments to the bill have been introduced in the Senate. $10,000,000; earned income provision, $90,000,000; telegraph and telephone
tax, $34,000,000; beverages, $10,000,000; admissions and dues, $33,000,000;
As to these it said:
.
$21,000,000;smokers'
Senator Curtis, Republican, of Kansas, submitted an amendment to trucks, $4,700,000; automobile accessories, and parts.
dirks, daggers. &c.. $30.000;
increase the admissions tax, making a 20% tax to apply to all theatre articles, $1.000; candy, $13,000,000; knives,
hunting, shooting and riding garments. $180.000;
tickets selling for less than a dollar and more than 25 cents, and a 25% tar. liveries, &c., $140.000:
yachts and motor boats, $319.000; carpets, rugs, trunks. purses. &c..
on tickets above $1 in cost
1096
THE CHRONICLE
$1,800,000: jewelry, &c.. $14,000,000; stamp taxes on produce exchange
transactions, $4,000,000; stamp taxes on drafts, promissory notes, &c.,
$2,150,000; theatres, circuses, shows, &c., $1,600,000: billiard and pool
tables, and bowling alleys, $1,050,000.
Estimated Gains.
Gains offsetting these losses are estimated to include capital loss provision,
$25,000.000; limit on certain deductions. $35,000,000; estate tax. $12,000.000; gift tax, $2,000,000: and playing cards, $700,000.
The net loss is $446,270,000.
The House passed to-day the Fairchild bill providing additional time for
the filing of claims by those who signed waivers of their rights under the
provision of the revenue law that tax adjustments shall be made within five
years.
Democratic
tween
National Committee on Differences
Garner (Democratic) Tax Proposals and
[VOL. 118.
further rates readjustments so adequate revenue under well balanced and
proportioned rates, which, in their effects, would not be unduly burdensome or punitive or oppressive to any class of business or of individuals.
Looking hack at the course of the propagandists for the Mellon plan,
which at no time has had the slightest chance to pass the House, it strongly
appears that a part of the tactics has been to divert attention as fully as
possible from all phases of tariff tax reduction, which is chiefly responsible
for the existing high cost of living and is tremendously oppressive to all of
the 110,000,000 people. During the Mellon tax controversy any person
who dared even to hint at tariff tax relief was branded by Mellon champions
as an enemy of tax reduction, or as playing politics.
The opportunity is Just ahead for comprehensive tax reduction in the
interest of all the people, and this especially includes tariff tax reduction,
which during coming weeks will be pressed in the House
of Representatives.
Be-
The Senate Investigation of the Oil Land Leases—
Longworth Substitute.
Telegrams from President Coolidge to McLean
The Democratic National Committee in a statement issued
Read into Record—Burns and Bennett
at Washington March 1, comparing the Garner or DemoTestify.
cratic tax proposals with the Longworth proposals embodied
The name of President Coolidge W9,3 dragged into the
in the bill passed by the House on Feb. 29, states that there Senate Public Land
Committee's investigation of Naval Reare only two points of substantial difference between the two: serve oil land leases
to private interests this week, but
First, that the Democratic proposal raises exemptions from $1,000 and
$2,500 for single and married persons, rtspectively, to $2,000 and $3,000. without any connection to the subject of inquiry. The
thereby releasing about 800,000 persons, now required to make returns President's name was first mentioned
in the Senate on
without being subject to taxes,from making any returns, and releasing from
March 5, when Senator Heflin charged that a certain
further taxes nearly 1,646.000 persons whose average taxes are under
$12 "principal"
referred to in a telegram of Edward B. McLean,
each. The Longworth-La Follette measure gives no relief to as these
exemptions, although these millions of persons are already paying most the Washington publisher,
who has been conspicuous in
grinding tariff taxes.
The second chief point of difference Is in the higher surtax brackets due the investigation, was President Coolidge. The following
to the flat 25% reduction of each surtax rate under the Longworth-LaFol- day telegrams from the President to McLean were made
lette plan. Under the operation of this flat 25% reduction method, the public.
Longworth plan would affect substantially larger reductions of the taxes
Submission to the Senate Public Lands Committee on
of between 15,000 and 20.000 of the biggest individual income tax payers,
with incomes in excess of $46,000 and upward, than the Garner (Demo- March 6 of two telegrams sent by President Coolidge to
cratic) plan.
Edward B. McLean at Palm Beach led the President to issue
The statement follows:
three formal statements in explanation. After the first of
The action of the House of Representatives on the various proposed
Internal tax reduction measures shows a complete refutation of the policy of the messages had been read into the public record the White
Secretary Mellon and President Coolidge, to the effect that the Secretary of House gave out a statement saying it related to a Governthe Treasury should draft in secret an internal tax reduction measure in ment
appointment in the District of Columbia. The reading
its every detail, coupled with a subsequent demand by the Secretary and
of the second message was followed by a White House statethe President upon Congress to pass the bill without compromise.
On a direct vote in the House the Mellon tax plan was overwhelmingly re- ment saying Mr. Coolidge merely had thanked the publisher
jected by a vote of 261 to 153. the ballot showing that 62 Republicans had
for a message of congratulation on his Lincoln Bithday
voted against It, while many Republicans voted for it only because they knew
in advance that it had no chance to pass. The theory of Secretary Mellon speech. Later it was announced that the second statement
that the largest taxpayers want their surtaxes cut in half so that they can had been in error and that the message really related to a
pay more revenue to the Government in the way of income taxes has been
congratulatory telegram from McLean on the President's
thoroughly exploded.
In the second place, the outcome shows that the Democrats in the House reply to the Senate demand for the resignation of Secretary
pointed the way to tax reduction by offering a bill along the lines of which Denby. One of the President's messages was dated Jan. 12
any measure at all possible to pass must be framed. The Longworth-La
and said:
Follette compromise
measure, finally adopted, is almost identical with the
Prescott is away. Advise Blemp with whom I shall confer.
Democratic proposal as to certain of its principles, while the principle underlying the higher surtax provisions of the Longworth-LaFollette measure are
Within a few minutes after it had been read into the coma repudiation of the principle underlying the Mellon higher turtax proposals,
mittee record this statement was issued at the White House:
and they, at the same time, tend to approach the principle of the DemoThe telegram related to the District Commissionership. Samuel J.
cratic surtax plan.
The only two points of substantial difference between the Democratic and Prescott is Republican City Chairman, and the President desired to confer
She Longworth-LaFollette measures are, first, that the Democratic pro- with him regarding District matters.
posal raises exemptions from $1,000 and $2.500 for single and married perThe second telegram, under date of Feb. 12, was as follows:
sons, respectively. to $2,000 and $3.000. thereby releasing about 800,000
Thank
you for your message. You have always been most considerate.
persons now required to make returns, without being subject to taxes, from
Mrs. Coolidge joins me in sending kindest regards to Mrs. McLean.
making any returns, and releasing from further taxes nearly 1,646,000
persons whose average taxes are under $12 each.
When the attention of White House officials was called
The Longworth-LaFollette measure gives no relief as to these exemptions,
this message they gave out the following statement:
to
although these millions of persons are already paying most grinding tariff
The telegram sent to Mr. McLean on Feb. 12 was In regard to a message
on taxes
The second point of chief differences Is in the higher surtax brackets,due to from Mr. McLean congratulating the President on his Lincoln Birthday
address in New York. The telegrams exchanged wero similar to others
the flat 25% reduction of each surtax rate under the Longworth-LaFol
lette
plan. Under the operation of this flat 25% reduction method, the Long- received and sent out in that connection. It amounted simply to an
exchange of amenities.
worth plan would effect substantially larger reductions of the taxes of
between 15,000 and 20,000 of the biggest individual income tax payers, with
The subsequent statement said:
Incomes in excess of $16,000 and upward, than the Garner
(Democratic)
The telegram sent to Mr. McLean under date of Feb. 12 was in answer
plan.
The application of a flat 25% reduction of all graduated rates is obviously to a telegram received from Mr. McLean congratulating the President on
arbitrary and unscientific, because the chief reduction benefits go to those his statement with respect to the Senate resolution calling for the resignawith the large incomes and subject to the higher rates. The higher the rate, tion of Edwin Denby as Secretary of the Navy.
Owing to the date of the telegram, it was first thought it related to the
'in other words, the greater and the more disproportionate are the reduction
President's Lincoln Day address at New York. An examination of the
benefits as compared with alike 25% reduction of the smaller surtax rates.
This condition could be no more clearly illustrated than by the fact that White Heine files after issuance by the President of his statement disclosed, however, that the McLean message related to the Denby matter.
the Democratic tax proposal affords larger surtax reductions on incomes
up
A number of congratulatory messages were received in connection with
to $446,000 than the Longworth-La Follette proposal, and hence when
these
two proposals are applied to the rates on the higher incomes,the Longworth- both the statements on the Robinson resolution and the New York speech.
La Follette reductions Increase much more rapidly than the Garner (DemoThe committee had put in to the public record previously
cratic) reduction of taxes. The latter scale of rates is based somewhat on a telegram from H.
E. McKenna, chief doorkeeper at the
the usual method of graduation, while the former makes arbitrary deExecutive offices, dated Dec. 22, informing the publisher
partures therefrom.
For illustration, the Longworth-La Follette plan gives a reduction
of of Secretary Slemp's departure for Florida. It consisted
$24,000 on an income of $250,000. but only $75 on an income of
of a single sentence:
$15.000.
The tax outcome in the House has In other essential respects fully conThe Secretary leaves here to-night, 9:40.
firmed and vindicated the attitude and policy of the Democrats, in that the
After the Senate oil lease investigating committee had
first step in successful income taxation involves the immediate reform,
reorganizatiOn and revitalization of the administration of the
law by the examined in exemtive session 300 additional telegrams to
Treasury Department.
This would include the permanent installation of 50 to 75 key men of and from Edward B.'McLean while the Washington pubthe highest qualifications and fitness at such salaries as would justify them lisher and friend of Albert B. Fall was at Palm Beach,
in remaining during good behavior. Such reorganization would remove Senator Heflin of
Alabama'told the Senate that he believed
90% of existing complaints of taxpayers due to unsatisfactory disposition
of cases by tax units, delay, uncertainty expense, numerous.back assess- "the principal" referred to in a message previously made
public was President Coolidge. This telegram, quoted by
ments, re-examinations and consequent irritation to taxpayers.
In the second place, it is now very clear that,in addition to administration Senator Heflin, was
signed "Bennett." Senator Heflin
reform and before rates can be considered with any definiteness. Congress
demanded that when Ira E. Bennett, Editor of the Washmust place upon a relative equality for the purpose of the tax the incomes
ofindividuals, partners and stockholders of corporations. This equalization ington "Post," McLean's paper, went on the witness stand
of income involves the stopping of a number of large holes through which to-morrow, he be examined thoroughly and
minutely as
taxes are either evaded or avoided.
to that particular telegram. The Bennett telegram to
- With these two prerequisites properly dealt with it would then become
no difficult matter to effect further rates readjustments so as to secure McLean was sent Jan. 29 and read:
MAR. 8 1924.]
THE CHRONTCLE
Saw principal. Delivered message. He says greatly appreciates and
sends regards to you and Mrs. McLean. There will be no rocking of boat
and no resignations. He expects reaction from unwarranted political
attacks.
"I think 'the principal' referred to here is the President,"
said Mr. Heflin. When, however, Bennett testified yesterday (March 7), he said the "principal" referred to was
not President Coolidge, as some Democratic Senators have
guessed, but Senator Charles Curtis, Republican, of Kansas.
Bennett declared that Curtis had told him the publisher
should not be disturbed, that it would be "all right." Senator Curtis denied later that he was the "principal." "I
have talked to Mr. Bennett three times and there was
nothing in the conversations that cannat be freely discussed.
I have bad no conversation with any one that would make
it possible for them to refer to me as 'the principal' or in
any other way than in my own name. The first time Bennett and, I believe, Major, came to me and said that Mr.
McLean was sick and did not want to come up to Washington at this time, and that his son had been operated upon
and was not well. They asked me if I would not see Senator
Walsh and get him to excuse McLean coming here. I said
there was no use in my seeing Senator Walsh; that they had
better have a Democrat see him and I suggested that they
See either Senator Underwood or Senator Robinson.
More contributions were added to the records of the committee on March 4. William J. Burns, director of the bureau
of investigation in the Department of Justice, testified that
in order to save possible embarrassment to Attorney-General
Daugherty he had hinted to Edward B. McLean, publisher,
that he resign his commission as a $1 a year secret agent
of the bureau, a position he said McLean had held since 1921.
Correspondence Between Senator Walsh and Edward L.
Doheny on Oil Regarding Montana Oil Lands.
Correspondence in the form of a series of telegrams exchanged between Senator Walsh, of Montana, leading
figure in the Senate Public Land Committee's inquiry into
the leasing of the Naval reserve oil lands, and Edward L.
Doheny,President of the Pan-American Oil & Transportation
Co., regarding the development of oil lands in Montana
was made public on March 4. The telegrams were brought
to the Committee by S. L. Taff, Superintendent of the
Western Union office in Washington, under subp :ena. Mr.
Walsh declared the messages were not related to the oil
investigation and were introduced in an effort to discredit
him. The Senator then read them into the record. The
correspondence resulted from a suggestion by a Montana
constituent to Senator Walsh relative to the development of
Montana oil. Mr. Walsh referred this to Doheny with the
hope that he would embrace it. The latter suggested that
Walsh or his brother go to California to consult with him if
they were willing to take an interest in the project. The
Senator answered that he would be glad to go into the
venture, but must decline because of his connection with the
Government,from which it would be necessary to ask leases.
At the time of the correspondence Mr. Doheny had not
made public his loan to former Secretary Fall.
Senator Lenroot, Chairman of the Senate investigating
committee, made a statement that every telegram, which
even one member of the Committee thought pertinent to
the inquiry, had been read into the record and that only the
telegrams which the Committee agreed unanimously ought
not to be read, were kept out. The Committee decided
unanimously not to read the Walsh messages into the record,
he said. Senator Lenroot concluded by again warning the
members of the Committee to hold in highest confidence
the transactions in executive session of the Committee. It
is known that knowledge of the Walsh messages was given
to newspaper men by a Western Senator. The WalshDoheny correspondence started on Dec. 14, when Walsh
wrote to Doheny in New York inclosing a letter from T. S.
Hogan, of Great Falls, Mont. The Hogan letter suggested
to Walsh that there was good opportunity to invest money
in oil lands in Montana. The Walsh-Doheny correspondence
follows:
From Walsh to Dohenti.
My dear Mr. Doheny:—I am inclosing a letter received from Hon. T. S.
Hogan of Great Falls, Mont., once Secretary of State and later a Senator
from Yellowstone County. Mr. Hogan enjoys the respect and confidence of
our people. If you have not dismissed the idea of entering the Montana
field, and I very sincerely hope you have not, the letter may be of some
interest to you.
Very truly yours,
T. J. WALSH.
lion. T. J. Walsh, United States Senator, Washington. D. C.:
inciosure
from
Mr.
with
Hogan.
If you or your
Received your letter
brother are willing to take interest in his proposition. I would be pleased to
1097
have him come to Los Angeles at his convenience with maps and data.
Merry Christmas from Mrs. Doheny and me to you and yours. We received
a Christmas card from your daughter in the Philippines.
E. L. DOHENY.
The Letter to Doheny.
Dec. 24 1923.
Hon. E. L. Doheny, Los Angeles, Cal.
Dear Mr. Doheny:—Your telegram of the 21st was duly received. The
suggestion you make is to me most alluring. After coming here. I closed out
my interests in Montana ranch enterprises and have since been anxious to
find an opportunity to put a portion of my meager accumulations into some
Montana business. I should further appreciate very much Indeed the
opportunity to be associated with you in some business enterprise. Were it
not for the considerations to which I shall advert, I should gladly take a
chance with you and Senator Hogan. I cannot do so, however, because, in
the et-pansion of the business of a corporaiton such as you would organize.
it would almost of necessity acquire leases from the Government, and,
while I am in the official position I hold, it seems to me unwise for me to
engage in any business dependent in any appreciable degree on Government
favor.
You may recall meeting with me when we were in Los Angeles together
during the winter of 1917-1918. Mr.Lewis Penwell,some years theretofore,
had purchased a sheep outfit on San Clements Island, together with a
twenty-five-year lease from the Government on the place.
He was eager for me to Join in the purchase, we having been associated in
a number of like enterprises in Montana. I was eager to do so and felt
confident that the adventure would be a profitable one, as it has proven to
be. I decided to go into it, however, because of the fact that the business
had a Government lease as its basis.
This may be squeamishness on my part, but I prefer rather to be thought
oversensitive than to be under suspicion of having utilized the position to
which my people have elevated me for my own profit.
John tells me that Mr. Cullinan, for whose companies he is general
counsel, looks with disfavor upon any of their force becoming interested in
companies related to that in which they are engaged.
Present, please, my kind regards to Mrs. Doheny. to whom and to
yourself! send my warmest greetings of the season.
A Merry Christmas and a Happy New Yew.
Sincerely yours,
T. J. WALSH.
President Coolidge Tells Senate He has no Power to
Direct Submission of Iniome Tax Returns by
Treasury Department.
President Coolidge declined on March 6 to turn over to
the Senate Public Lands Committee the tax returns of individuals and corporations prominently mentioned in the
oil investigation. Replying to a Senate resolution making
the request, the President said he had been advised by the
Acting Attorney-General that he was without authority to
comply. The President offered, however, to co-operate
with the Secretary of the Treasury in an effort to secure an
amendment to prevailing regulations which would permit
the oil committee to inspect the returns if it so desired.
President Coolidges' letter to the Senate follows:
The resolution adopted by the Senate on Feb. 29 1924. requesting me
to direct the Secretary of the Treasury to turn over to the Public Lands
and Surveys Committee all income tax returns filed by certain individuals
and corporations, I am advised by the Acting Attorney-General cannot
by complied with by me without violating the rules and regulations prescribed under by virtue of tho Revenue Act of 1921, which have the force
of law.
The President has no power to make the order suggested by the resolution. If, however, the committee desires to inspect those returns, I
am willing to co-operate with the Secretary of the Treasury in so amending
the rules and regulations as to make it possible for representatives of the
committee to inspect them.
Under the language of Section 257 of the Revenue Act of 1921, the
President is only empowered to authorize inspection, but has no authority
to turn over the original documents as requested by the resolution. Attached hereto is a copy of the opinion of the Acting Attorney-General.
Very truly yours,
CALVIN COOLIDGE.
The opinion of the Department of Justice, signed by Acting Attorney-General Seymour, said that an analysis of the
various Revenue Acts showed conclusively that Congress
has never "clothed the President with any authority whatever for the furnishing of income tax returns." "The
question of the possible effect of a compliance with the
resolution to embarrass or impede, by granting immunity
or otherwise, the prosecution of any of the persons or fimrs
whose income tax returns are requested," Mr. Seymour
said, "is one which should be submitted to counsel specially
employed to conduct such proceedings."
The Senate on March 6 adopted without debate a resolution requesting President Coolidge to direct the Treasury to
permit the oil committee to inspect tax returns of individuals
and corporations in connection with the oil investigation.
The resolution was the same as that with which the President
earlier in the day declined to comply, except that it would
authorize "inspection" of the returns instead of turning those
reports over to the committee.
Chairman Doheny of Pan-American Petroleum &
Transport Co. Outlines Advantages Resulting
to Government from Leases.
Chairman E. L. Doheny of the Pan American Petroleum
& Transport Co.issued a written statement Feb. 28 outlining
in detail the advantages resulting to the Government from
1098
THE CHRONICLE
[Vora. 118.
the leasing of the California Naval Reserve No. 1. Mr. tinues, "can render a great service to agriculture in its deDoheny's statement follows:
•
pressed state if they will make substantial reductions in
I have heretofore expressed at some length, in my testimony of Dec. 3, rates on grains and meat products, and do everything they
the advantages resulting to the Government from those leases. At that
possibly can to help farmers enlarge the foreign market for
time I also stated that substantial profits would, I hoped, result to the
their surplus." Secretary Wallace had previously declared
company.
I wish to submit as briefly as possible the basis upon which the state- his opposition to the increase of 10 cents per 100 pounds in
ment is founded that the United States Government has been and would
continue to be greatly benefitted by the carrying out by the Pan-American the eastbound ocean freight rates on certain farm products
Petroleum & Transport Co. of the terms of this lease, notvrithstanidng announced by North Atlantic steamship lines as effective
the fact that I estimated that it would be profitable to said company.
March 1. The North Atlantic and United Kingdom conferThe oil content of Federal Reserve No. 1 had been variously estimated
ence
of steamship lines, in which American lines of the
to be from 80,000,000 to 250,000,000 barrels. Inasmuch as the contract
provides for the division of that oil between lessor and lessee in given Emergency Fleet Corporation are represented, and which
proportions, dependent upon the daily capacity of the wells through which embraces most
of the large British shipping companies, dethe oil is produced, it is obvious that the larger the wells the larger the
proportion of oil the navy would get as royalty from these lands. The termined upon the increase in December. The matter was
royalty from these lands increases fro_n 12M % on small wells of 50 barrels brought to the attention of President Coolidge by Secretary
or more to 35% on wells of 400 barrels or more. It is also quite evident Wallace
last month, and on Feb. 23 the proposed increases
that as the amount of oil in any given oil horizon depends upon the porosity
of the sand strata, the greater the porosity the greater will be the oil were the subject of a report submitted to President Coolidge
content, and under the conditions which are known to prevail in the Elk by the Shipping Board. The President had asked for inforHills, the greater will be the daily production of the well, which means
mation on the new rates, after Secretary Wallace had prothe larger percentage of royalty that the Government will receive.
Whatever the gross content of the oil measures in Reserve No. 1, the tested they would seriously affect farmers' interests. The
minimum amount of drilling which must be done to develop that territory report pointed out that no increase was
proposed on cotton,
Is conceded to be at least one well for every ten acres. In case of a smaller
quantity of oil in the oil sands, because of their greater desnity. and also corn or wheat, rye, oats, barley and other grains. The obbecause of the lower gas pressure and the greater viscosity, the daily jection of Secretary Wallace, however, was that the increase
capacity of the wells may be such as to require much closer drilling, even of 10 cents per 100 pounds
on packer products eventually
to the extent of putting down two wells to every ten acres, or possibly
would have to be borne by the farmer. On Feb. 24 a resoluas much as four or five wells to every ten acres.
Bearing this in mind, let us consider the advantage in money to the tion prepared by Senator King, Democrat, of Utah, asking
United States Government of having a private corporation assume and for further
information regarding the increases was preguarantee the exploration and development of this reserve, drilling all of
the wells that are needed at its own expense. If a well be drilled for every sented to the Senate.
ten acres of that reserve, the 32,000 acres will require 3,200 wells to develop
Alfred G. Smith, President of the American Steamship
It. After many years of continuous experience, we estimate that these
Owners' Association, in a letter addressed to Secretary Walwells will cast at least between $30,000 and $40,000 each. The total cost
of the development would amount to the considerable sum of 1100.000,000 lace on Feb. 25, pointed out that "increases in wages of longto $125.000,000 under the most favorable conditions. if, however, the shoremen have been made on both sides of the Atlantic,"
density of the sands, the viscosity of the oil or the lack of gas pressure, or
any other condition should cause the wells to produce a small quantity of and added that "as the steamers in the trade were losing
oil, the extraction of the content would require probably twice and possibly money before the increases were made it is self-evident that
four times the number of wells above indicated, bring the cost of develop- the traffic carried will
have to bear its portion or Share of
ment up to $200,000,000 to $500,000,000. This great cost la what would
surely result if the development of this reserve Is delayed until the private the cost of such increases." Mr. Smith's letter said:
lands within and surrounding It have been developed.
The enormous expense of drilling wells is the major expense connected
with the production of oil from an area. There are. however, initial expenses which are essential to the utilization of crude oil wherever developed.
Among these are:
First. Storage facilities In the oil district to conserve the oil as it is produced until it can be removed to some other desirable point.
Second. There Is also the necessity of erecting in the fields absorption
plants for the extraction of the gasoline from the gas which may accompany
the oil from the wells.
Third. There is necessary at least one pipe line for the crue oil, and
possibly another for the gasoline extracted from the gas, to be built from
the fields to the most suitable place for refining the same.
Fourth. The refinery is absolutely necessary for the conversion of crude
oil into the various commercial products suitable for use.
Fifth. Storage again at the refinery, or in the case of the navy at the
nearest port, and of very substantial capacity is necessary to take care of
the products of the refinery.
Sixth. In order that the Naval Reserve fuel and other oils may be utilized
by the Government, great reservoirs need to be built at the various naval
bases where their contents can be retained in safety and supplied for bunker
purposes as and when needed.
The initial expenses up to this point in the handling of the oil from the
Naval Reserve are not conjectural, but have been largely realized through
the work of our company. A single pipe line from the Elk Hills to the
harbor at San Pedro we estimate at $4,000,000. A smaller pipe line for
carrying gasoline we estimate at 10,000,000. The initial surface improvements and facilities on the oil reserve are over $1,000,000. The refinery,
storage and terminal facilities near San Pedro have already cost nearly
$8,000,000.
This investment of nearly $14,000.000 is all made either on the Naval
Reserve or between it and the harbor, and is absolutely necessary as a preliminary expense to the development of Naval Reserve No. I and the delivery of its oil in usable form at the seaport.
Considering the above statement, it will be seen that the Pan-American
Petroleum & Export Co. has undertaken an obligation to expend a minimum
of $150,000,000, with a possibility of the amount being twice or even three
times that sum before the development work necessary to drain said reserve
could be accomplished.
.
In addition to the investment of this vast amount for drilling, piping,
refining and storing the oils, there must be added the expense of a great
selling organization, which, through facilities established at enormous costs,
will deliver this oil in retail quantities to the thousands of people who consume it. The profits the company hopes to make can only be realized during the period which it requires to exhaust this oil reserve, which period
may be from 25 to 35 years.
the first place the advance is entirely justified, and in the second place.
as the commodities affected are principally manufactured packing house
products, the price received by the farmers cannot in any way be affected.
That the advances are Justified is demonstrated by the fact that practically every freight ship in the United Kingdom trade during the past
year has shown large operating losses, and to prove this statement I would
urge you to call for the voyage accounts of Government ships operated by
the Shipping Board in the trades affected by the freight advances referred
to, and examine and make public their voyage losses with the view of determining whether the proposed increases in the rates could possibly be
called excessive. I would urge you at the same time to have a comparison
made between those losses and the very profitable earnings of the packers
for the last year.
As you are doubtless aware, Increases in wages of longshoremen have
been made on both sides of the Atlantic and as the steamers in the trade
were losing money before the increases were made, it is self-evident that
the traffic carried will have to bear its portion or share of the cost of such
Increase.
The proposed advance In rates means much to the shipowners, in that It
partially overcomes operating losses, while on the other hand, an analysis
will show that such an advance on packing house products such as lard.
bacon, hams. &c., representing only one-tenth of a cent per pound In the
selling price abroad, will not be reflected In the selling price of the hog on
the hoof. I further suggest that you consider carefully whether any ocean
freight reduction In the past has ever reflected any particular benefit to the
farmer in the sales of his live stock to the packers.
Shortly after the increase in rates was announced the ocean lines received
protests from the packers, to which an immediate reply was sent outlining
In detail the reasons and the necessity for the incraese, but the packers
have failed to answer the communication or even attempted to refute the
arguments given for the increase.
President Coolidge in his Lincoln Day address stated that the American
Industries were all in a very prosperous condition except the farming interests, and rightly asked for patient consideration of their situation. No
one hearing him could fall to be impressed with the sincerity and strength
of his statement: but the President might without fear of contradiction have
made another exception by including the steamship owners in the class deserving consideration. The shipowners and grain growers of our country
are poverty-stricken because of unfavorable world conditions.
I trust you will please bear in mind that no change has been made in the
principal farm product rates and for some time past the ocean freight rates
on wheat, corn, rye, barley, oats and flour have been exceedingly low, the
rate in some cases being less than the actual cost involved.
I feel sure that these facts will appeal to you as being sound and fair and
that you will be convinced that the proposed increases are reasonable and do
not work any hardships on our farmers: and that if the United States Is to
have a merchant marine, facts such as herein outlined must be given due
consideration.
Protest of Secretary of Agriculture Wallace Against
Advance in Ocean Freight Rates on Packers'
The following is the letter of Secretary Wallace replying
Shipments—Position of American Steamto the above:
ship Owners' Association.
Feb. 29 1924.
Dear Mr.Smillr—I have your letter of Feb. 25 with
Opposition to, the advance in ocean freight rates from 40
regard to the advance
of ten cents per hundered pounds on ocean shipments of packing house
50 cents a hundred pounds on shipments of packing house commodities.
commodities has been voiced by Secretary of Agriculture
You say, "In the first place the advance Is entirely justified and ,in
Wallace, who in a letter to Alfred G. Smith, President of the second place, as the commodities affected are principally manufactured
packing house products the prices received by the farmers can not in
the American Ship Owners' Association, under date of Feb. any way be affected."
From the standpoint of the shippers the advance can not be justified.
99, says that "from the standpoint of the shippers the advance cannot be jusified." "At the present time," says and when I speak of the shipper of meat prcducts I am thinking not of
the packer but of the farmers and of stockmen who produce the livestock
Secretary Wallace, "American farmers cannot stand any from which the meat is processed. Your suggestion
that advance on
advance whatsoever in any freight rates on any agricultural packing house products can not in any way affect the farmer is not well
considered. The packer is in a position to take his manufacturing margin
sea."
or
land
"Our shipping lines," he con- whether prices
products on
of livestock are high or low.
His operating expense. in.:
MAR. 8 1924.]
T H 1:
1 CHRONICLE
eluding freight which must be paid, is included in the margin he takes
and must be passed on. Transportation and packing charges are a part
of the farmers' cost of production. Our meat products are competing
In the European market with meat products from other countries. High
freight rates and shipping rates handicap us in meeting that competition,
and it is conceivable that these rates might be advanced to a point which
would drive us entirely out of the market and leave us burdened with a
domestic surplus which would be ruinous to our producers. Hog Prices
are even now below cost of production.
There is another angle to this matter which I wish you would consider.
Your proposed increase in the shipping rate while seemingly not large
is nevertheless substantial. If as a result of this increased cost of getting
our livestock to market (for meat must be considered in terms of livestock) our foreign market is narrowed, shipping lines will suffer because
of decreased shipments. It is quite possible that the decrease in the
amount of freight moved might be much more than enough through reduction in total revenue from this kind of traffic to more than offset any
possible gain from an advance in the rates.
I think a study of the relative prices of American meat products before
the war and at the present time and of shipping rates before the war and
at the present time will show that shipping rates have advanced out of
proportion to the price of products. I am told that in November last
the rate on meat products was advanced from 35 cents to 40 cents.
I am to'd further that while this proposed increase does not affect wheat
or other grains there has been a steady upward trend in freight rates on
wheat and flour since last September.
Permit me to make clear my position by saying that at the present
time American farmers can not stand any advance whatsoever in any
freight rates on any agricultural products on land or sea. American
agriculture has been undergoing a depression, the like of which we have
not seen before in all our history. Prices which the farmers get for their
products are altogether out of lino with prices which they pay for what
they buy. They can not afford to pay one penny more in the way of
freight rates. Indeed they can not afford to pay the rates now in force.
Our shipping lines can render a great service to agriculture in its depressed state if they will make substantial reductions in rates on grains
and meat products, and do everything they possibly can to help farmers
enlarge the foreign market 'for their surn.us. I am convinced that such
a policy would not only be of great benefit to the farmers but would be
decidedly helpful to our shipping lines as well.
The condition of agriculture is such that all who transport, process
and handle farm products ought to reduce their charges to the minimum, and do everything possible to aid in its rehabilitation.
Very sincerely,
HENRY C. WALLACE.
Mr. Alfred Gilbert Smith, President,
American Steamship Owners' Association,
11 Broadway, New York, N. Y.
•
1099
Atlantic freight rates, the American Chamber of Commerce has sent a
symposium of the opinions of its members to the North Atlantic Freight
Rate Conference in New York.
The Chamber asks that the conference give its most serious consideration
to the matter befofe taking a measure which it feels will materially injure
Anglo-American trade.
American business men in England express the greatest concern over the
proposed increase in Atlantic carrying charges, and many of them have
written the American Chamber of Commerce pointing out the difficulties
they will have in selling American merchandise in this country under the
proposed new rate. They predict severe hindrance to the importation of
American goods, and say that the recent drop in sterling exchange has in
Itself caused an increase of about 10% to the consumer of American goods
here. One firm stated to the Chamber that under the proposed schedule it
would have to pay 75 shillings per cubic ton, compared with a pre-war rate
of 16 shillings.
Committee Named by Secretary Hoover to Investigate
Alleged Discrepancy of 600,000 Bales in Census
Bureau Report.
On March 1 Secretary of Commerce Hoover conferred
with the committee of five statisticians appointed, by him
to examine into the Census Bureau's method of rei3orting
cotton statistics. Reference to the appointment of the
committee was made in our issue of Saturday last (page 964).
The committee consists of Dr. Louis I. Dublin, of'Ney,
York, President of the American Statistical Association:
Daniel C. Roper,former Commissioner of Internal Revenue;
B.W.Kilgore, of Raleigh,N.C.; W.S. Rossiter,statistician,
of Concord,N.H.,and W.F. Willcox, economist, of Cornell
University. On Feb.29 Messrs. Roper, Rossiter and Willcox
held a preliminary meeting with William M.Steuart,Director
of the Census, going over the general scope of the prOposed
study of census cotton reporting methods. A Washington
dispatch to the New York "Journal of Commerce" on
March 2 stated that the bringing under way of the investigation by the committee might be deferred for a week or ten
days in order to allow the Bureau to gather information
necessary for checking up the Government reports now
According to. the New York "Tribune" of March 5, the charged with inaccuracies. The dispatch continued:
The committee's first objective is the investigation of the charges of
North Atlantic-United Kingdom Freight Conference, in a error
in the cotton stocks report of Feb. 1, and a great quantity of informastatement made public March 5 declares that the Institute tion will be required before the committee can proceed.
To sift the charges of an excess of 600,000 bales in the Government's
of American Meat Packers should be the last to protest
report the committee, it is understood, will check the Government's figures
against the existence of a similar organization of steamship with private estimates which have been prepared and used as the basis for
lines. The statement, it is said, Is in reply to the attack the attack upon the Census in Congress. This means, it is thought, that
each item going into the various reports can be examined and probed until
launched upon the recent rate advance by Norman Draper, the
roots of the differences are uncovered.
Washington representative of the packers. The shipping
Objection has been taken in some Congressional quarters to the practice
officials reiterated their declaration that the rate Increase of the Census bureau in accepting the statements of the warehouse proprietors as to the amount of cotton housed at a given date. Under the
is not excessive and that it is essential to satisfactory ser- present
law, however, the Government has practically no alternative but
vice. The statement of the Conference is quoted as follows to report the information received.
In the "Tribune":
It is shown by Mr. Draper's statement that the Institute of American
Packers is a well organized body, embracing some three hundred packers: Income Tax—Extension of Time for Filing Information
practically all of the packing interests of the country; therefore, it seems inRelating to Dividend Payments.
conceivable that they should take exception to a similar association of shipThe Bureau of Internal Revenue announced on Feb. 29
ping interests. The statement implies that the methods of the North Atlantic Conference are in restraint of trade and require legal investigation. that the time for filing returns of information relative to the
It only needs a casual review of the financial statement of the operations
payment of dividends and distributions to stockholders durof the last year of the packers and the steamship lines, including the Shipping
Board, to ascertain which association might be considered greater in need ing the calendar year 1923 had been extended from March 15
of official attention, on behalf of the farmers.
to June 15. Reference to the Treasury Department'i call for
The character of the services now being rendered by the conference lines
is essential to the well-being of the packing house interests in carrying on these returns was made in our issue of a week ago, page 968.
their competition with foreign countries, and they should, therefore, be the In reporting the extension of time for the filing of theretunis,
last to complain of an advance in ocean rates that was equally applied to all Washington press dispatches Feb. 29 said:
exports, excepting the principal farm products.
A particular point is made of the control exercised by the Interstate
Commerce Commission over the rail rates, but it Is a matter of record that
since the commission has functioned the rail rates have been greatly advanced to enable the railroads to meet increased operating costs.
The Trans-Atlantic Conference emulates the Interstate Commerce Corn-'
mission in the sense that it endeavors to stabilize rates and it needs no official control to hold them on a basis that is fair in relation to operating costs,
because if at any time rates become unduly high steamers are offered freely
at rates that are controlled only by world regulated competitive rates in
every port, as the shipping lanes are as free as the air.
We desire again to stress the point that the advanced rates made effective
on March 1 are not for any other purpose than to partially overcome the
heavy losses which have occurred for the last year and still continue, so
that the lines may serve the shipping public with frequent and regular sailjugs, which, after all, is most vital to the export interests in marketing
American goods abroad.
The "Tribune" adds:
The Institute of American Meat Packers, in its letter to Secretary Wallace, admitted that under the Shipping Act of 1916 the fixing of rates by the
lines in conference was legal wizen approved by the Shipping Board, but
said that the board, because of its ownership and operation of vessels, was
not qualified to act on the matter hi a judicial manner. The board was
Intended to have the same relation to shipping as the Interstate Commerce
Commission has to railroads, and an analogous situation would prevail if
the latter owned one of the principal trunk lines into New York, the packers declared.
The packers said the increase would make competition with foreign merchants more difficult and might result in a serious loss of trade, which
would react upon the farmers.
Under date of Feb. 27, a London cablegram published in
the New York "Times" said:
As a result of the number of protests it has received from American business men in England against the proposed 30% increase in eastbound North
It Is directed that the returns show the amount of payments of dividends
and distributions to stockholders who are individuals, fiduciaries.or part,
nerships. The return must show the name and address of each stockholder,
the number and class of shares owned by him, the date and amount of each
dividend paid him, and when the surplus out of whiCh it was paid was accumulated. Recommendation that corporations, be required to make returns of information of dividends paid to stockholders was made by the Tax
Simplification Board. Returns of information are also required of resident
foreign corporations, to the extent that dividend payments and distributions are made to citizens or residents of the United States and domestic
partnerships and fiduciaries.
Returns of information must be filed with the Commissioner of Internal
Revenue, Washington. Collectors of Internal Revenue are not authorized
to receive these returns.
Federal Reserve Bank of New York on Employment
and Wages.
In its Ma I•elt 1 "Monthly Review," the Federal Regerve
Bank of New York says:
Factory employment in New York State declined' abont 1% in the month
ended Jan. 13, due principally to decreases in the metal, textile and food
industries, and in railway equipment plants and repair shops. The 'decrease
followed =all declines in November and December and brought the total of
factory employment somewhat lower than in January a year ago and about
6% below the high point of last year. The changes are apprOximately the
same as those shown for the country as a whole by the Federal .Reserat
Board's employment index. Increases in factory employment during. the
month included a substantial seasonal recovery in the clothing industry And
some increase in automobile factories. •
Average weekly earnings of factory operatives in .New York State .declined
slightly in January to $27 81, due largely to reduction in working hours
In New York City, however, earnings increased 19, reflecting larger activity in the clothing industry.
THE CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Three New York Curb Market memberships were reported
sold this week as follows: E. R. Whitehead to L. V. Sterling, consideration stated as $5,700. George N. Carpenter
purchased the seat of J. K. Van Sickle for $6,000 and C. E.
Coleman's membership was bought by B. E. Frey for $6,300.
James S. Alexander, Chairman of the Board of Directors, and David H. G. Penny, Vice-President of the National
Bank of Commerce in New York, sailed on the "Olympic" on
March 1 for a trip of about two months in England and
Continental Europe.
An indication of the banking situation in the Northwest
is furnished in advices which we received yesterday (March
7) from the Lewistown (Mont.) Clearing House. On our
failure to get from the association our usual clearing figures we wired for them and received the following reply:
"No February clearings; banks all closed."
John D. Slayback, formerly well known in Wall Street,
died on March 2. Mr. Slayback was the junior partner in
the brokerage house of John Bloodgood & Co., and as its
Stock Exchange nember handled a large volume of orders
for Commodore Vanderbilt and others. Mr. Slayback was
85 years of age.
Edward G. Arthur, for over 25 years one of the two managers of the Clearing House of the New York Stock Exchange and formerly member of the Stock Exchange, died
on the 3d inst. He was 81 years of age.
L. A. Keidel has resigned as Vice-President of the National Bank of Commerce in New York, to become Vice.
President and a director of Cosden & Co. Mr. Keidel's resignation from the bank will become effective April 1 1924.
The Chatham and Phenix National Bank of New York has
/eased the store and basement at 130-132 Fifth Avenue,
northwest corner of Fifth Avenue and 18th Street, in the
building owned by the 0. B. Potter properties. The new
quarters are to be used for the bank's branch, now located at
Broadway and 18th Street. The lease runs for a term of 18
years and 11 months at a rental of $35,000 a year.
[VOL. 118.
The proposed consolidation of the Atlanta National Bank
and the Lowry Bank & Trust Co. of Georgia, to form the
Atlanta & Lowry National Bank and the Trust Co. of Georgia, to which reference was made in these columns in our
issue of Dec. 22 1923, has been accomplished. The invested
capital of the Atlanta & Lowry National Bank is $7,500,000
and that of the Trust Co. of Georgia $3,500,000 (the latter
is entirely owned by the shareholders of the Atlanta &
Lowry National Bank) making the total invested capital of
the affiliated institutions $11,000,000. The combined resources of the banks is more than $60,000,000. The new
national bank maintains three offices in Atlanta, namely
at Whitehall and Alabama Streets; North Prior Street and
Edgewood Avenue, and at Peachtree and Luckie Streets.
Robert F. Maddox is Chairman of the Board and Thomas K.
Glenn, President. Mr. Maddox and Mr. Glenn are also
Chairman of the Board and President. respectively, of the
Trust Co. of Georgia.
The Merchants Bank of Mobile, Ala., took over the business of the Farmers & Mechanics Bank of Mobile on Jan. 21.
The management of the Merchants Bank remains Unchanged
and the capital of the bank likewise continues as heretofore.
The New York Agency of the Banca Commerciale Italiana
has received cabled advices from the bank's head office in
Milan to the effect that the Board of Directors will recommend to the stockholders at their coming meeting on Mar. 27
the distribution of a 12%.dividend for the year 1923 and
also the increasing of the institution's surplus „fund from
lire 180,000,000 to lire 200,000,000. Furthermore, the
agency is Informed, that net profits for the year will amount
to approximately lire 17,000,000 and that the directors have
decided to open a new branch in Fiume (Italy) and to create and establish new subsidiaries of the institution in
Egypt and Jugoslavia.
The Banco de Descuento Compania Anonima of Guayaquil, has issued a booklet under the title, "Exports to Ecuador."'in which is explained the facilities offered by the bank
to foreign manufacturers and exporters with a view to eliminating all risks in shipments to that country.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
E. W. Beatty has been elected a trustee of the Mutual
Life Insurance Co., succeeding the late Lord Shaughnessy.
Mr. Beatty is President of the Canadian Pacific Railway Co.
and Director of the Bank of Montreal and of the Royal
Trust Co. and Chancellor of Queens University and of McGill University of Canada.
Under the leadership of the railroad and industrial shares,
the stock market this week showed an upward trend, but
price movements at times were decidedly irregular, especially
in the early part of the week. Railroad issues as a group
have been firm, Southern Ry. leading the advance to the
highest point that issue has ever touched. On Saturday
gains were scored by several individual issues, but, on
V. Sydney Rothschild, a member of the New York Stock sharp
other
hand, many active stocks receded a point or more.
the
Exchange s:nce 1905, died on March 2. Mr. Rothschild with
his brother, Clarence G., formed the firm of V. Sydney United States Cast Iron Pipe & Foundry was particularly
Rothschild & Co., 25 Broad Street. He was born in this city active, rising more than six points to 744. On Monday
prices generally moved downward, net de lines of a point
In 1370 and was graduated from Harvard in 1891.
or more being numerous. The copper stocks were stimuA special meeting of the stockholders of the North Phila- lated by the advance in the copper metal market. Inspiration Copper was the feature of this group, being in strong
delphia Trust Co. of Philadelphia will be held May 7 to act.
demand during most of the session. The announcement of
on a proposal to increase the capital from $250,000 to $1,000,the receivership of the Virginia-Carolina Chemical resulted
000. It is proposed to issue new stock to the amount of;
in a break in those issues. The market improved on Tues$250,000 at par as soon as can be conveniently done after
day, the trend of prices being toward higher levels, although
the stockholders' authorization.
considerable irregularity was still apparent in the early part
of the day. The feature of the day was the movement in
Thomas A. Whelan, President of the Fidelity & Deposit:
American Woolen, which advanced three points to 77 and
Baltimore,
of
Maryland,
died on March 4 in his 70th;
at
Co.
after reacting to 753j advanced to 76. In the railroad
year. Mr. Whelan succeeded the late Edwin F. Warfield
group Norfolk & Western was especially prominent, going
when the latter resigned In January 1920 as President on
forward 3 points to 117, followed by Great Northern with
account of ill health.
one point to 55. American Can was prominent in the last
Charles T. Fisher, Vice-President Fisher Body Co., and hour trading, rising 2% points from its low of the preceding
Calvin P. Bently, President of Owosso Mfg. Co., Owosso, day. On Wednesday the market was again irregular for
have been elected directors of the Security Trust Co. of a brief period during the forenoon, but under the stimulating
advance of the oil issues recovered somewhat toward the
Detroit.
end of the session. Railroad stocks were in increased deAt a recent meeting of the stockholders of the Republic mand, and Westinghouse, which was strongly influenced by
National Bank of St. Louis, five new directors were elected the recent stock dividend, was one of the leading features
On Thursday the
as follows: William F. Brinkman, Sr., Campbell Iron Co.: of the session, rallying 3 points to 63%.
E. A. Cowdery, President Cowdery Construction Co.; George market was steady, a vigorous upward movement being
T. Priest, Boyle & Priest, attorneys; Henry S. Priest, Boyle apparent during the greater part of the day. The recovery
& Priest, attorneys; J. R. Van Raalte, Vice-President, Van included practically the entire list. American Can was a
conspicuous feature of the advance in the speculative inRaalte Investment Co.
dustrial issues. The largest gain was recorded by the F. W.
MAR. 8
1924.]
1101
THE CHRONICLE
Woolworth shares, which in the late afternoon sold at an
advance of over 11 points following the announcement of
sales for the month of February. Corn Products was in
active demand, moving up 3 points to 1763', and General
Electric made a gain of over 2 points to 210%. The market was again strong on Friday and the general list continued
to gain in strength. Industrial issues were again in the
foreground, and in many instances advanced to the best
prices of the present recovery. Railroad issues were again
in strong demand, D. L. & W.rising 33/i to 118, and Norfolk
1 to 118%. General Electric was
& Western advanced 14
also a prominent feature in the trading, making an advance
of 33
4 to 214. Woolworth was conspicuous in the after4 points,
noon session, closing the day with a net gain of 113
to 321. Baldwin Locomotive reached new high ground at
1243. The final tone was strong.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Fcb. 13 1924:
GOLD.
The Bank of England gold reserve against its note issue on the 6th inst.
amounted to £126,256,975, as compared with .C126,254,435 on the previous
Wednesday. India has taken a substantial proportion of the rather large
supplies of gold on offer this week.
The Transvaal gold output for January 1924 amounted to 796,768 fine
ounces, as compared with 778,849 fine ounces for December 1923 and
764,469 fine ounces for January 1923.
The following is from the "Times of India" under date of Jan. 26 last:
"The firmness in the sterling rate on London is a favorable feature for
the money market as it will help Government to inflate,if necessary,against
sterling securities lodged in the currency reserve, and relieve in India the
pressure for finance. The bullion markets are steady, mainly owing to
the decline in the sterling dollar exchangef which makes both metals dearer
to import. The weekly shipments are 120,000 of gold and 1205,000 of
silver. The balance of trade in favor of India in December amounted to
12.27 crores, exports having risen in that month to 30.94 crores."
SILVER.
The resumption of business after the Chinese New Year was signalized
on Saturday by a rather keen demand for silver for forward delivery, occasioning a reduction of the difference between prices for cash and forward
delivery and a sharp rise in both quotations. The demand continued and
further advances took place In the prices. On the first day to which we
refer (the 9th inst.) the quotation for forward delivery became the same as
that for cash. This was the first time It had been so fixed since Oct. 13
1922. The upward movement was rather swift-9-16d. and 11-16d. for
cash and forward delivery, respectively, in two days-and it is not surprising that a reaction took place yesterday. We understand that the reason
for the movement was that certain of the less important interests in China
found themselves somewhat unexpectedly short of cash resources, hence
they hedged by operations in London. The Indian bazaars sold here with
freedom, and America was not an unwilling seller, but the Continent did
not operate on any scale of importance. To-day's quotation for forward
delivery-33 15-16d.-is the highest since Oct. 25 1922.
At present the rate for forward delivery is at a discount to that for cash,
but there are indications that the tendency of Far Eastern buying orders
may very easily be such as to drive the price for forward delivery to a premium. Such premium cannot, of course, exceed the amount of interest
necoasary to carry the silver to the specified date.
Reuter's correspondent telegraphed from Ottawa yesterday as follows:
"The Geological Survey reports new discoveries of high-grade silver ore
In the Beaver River district of the Yukon Territory. The report says that
ore has been discovered bearing 1,100 ounces of silver to the ton, and that
there is an excellent chance of further discoveries from time to time. The
district lies 16 miles east of the discoveries of 1919, and a stampede into the
new area is progressing."
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Marl. Mar. 3. Mar. 4. Marl. Mar.6. Mar. 7.
London,
Tues.
Wed. Thurs.
Fri.
• Week ending March 7Sat.
Mon.
d 339-16 337-16 3334
337-18 339-16 3.314
Silver, Per oz
958.11d. 95s.11d. 96s. 26. 958.11d. 958.11d. 968. Id.
Gold. per fine ounce
554
Consols, 255 per cents
563i
5534
5534
5534
101
101
101
101
101
British 5 Per cents
British 434 Per cents
9634
9614
9654
9634
9634
56.50
55.50
56.50
55.50
57
French Rentes(In Paris)_ _fr.
70.10
69.75 66.90
70.25 69.95
FrenchWar Loan(InParis)fr_
The price of silver in New York on the same day has been:
Silver in N.Y.,pores.(cts.):
641.4
Foreign
64
6334
64
6434
64
COURSE OF BANK CLEARINGS.
Bank clearings the present week point to an increase
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, March 8), aggregate bank clearings for all the
cities of the United States from which it is possible to obtain
weekly returns will show an increase of 5.0% as compared
with the corresponding week last year. The total stands
at
,252,594,136, against $7,857,710,736 for the same
waek in 1923. At this centre there is a gain of 7.0%.
Our comparative summary for the week is as follows:
Clearivs--Returns by Telegraph.
Week ending March 8.
Per
Cent.
1924.
1923.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,870,000,000
524,294,776
397.000.000
372,000,000
107,154,803
a
139,500,000
127,439.000
125,439,746
110,318,047
88.326.663
87,997,01,2
• 53,517,823
3,617,678,608
542,867.059
371,000.000
290,000.000
122,615.089
a
123,100,000
108.382,000
121,047,954
107,525.439
81,686,309
*73,000.000
55,357,392
2-tqlo
+ri:n+7
INDIAN CURRENCY RETURNS.
(In lees of rupees.)
Jan.22. Jan.31. Fcb. 7.
Notes in circulation
18471
18340
18402
Silver coin and bullion in India
8288
8218
8155
Gold coin and bullion in India
2232
2232
2232
Securities (Indian Government)
5751
5752
5753
Securities (British Government)
1400
1400
1400
Bills of exchange
800
800
800
The silver coinage during the week ending Feb. 7 amounted to one
The
stock
in
Shanghai
lac of rupees.
consisted of about 25,000,000 ounces
in sycee, 36,500,000 dollars, and 240 silver bars on Feb. 2. No fresh news
has come to hand.
Statistics for the month of January 1924 are appended:
-Bar Silver, per Oz. Std.Bar Gold,
Cash Delirery 2 Mos. Deny. per Fine Oz.
Highest price
34 1-166.
3334d.
98s.
Lowest price
32 15-166.
32 9-16d.
95s. 8d.
33.548d.
Average price
33.0166.
96s. 10.1d.
Quotations Feb.7 to 13Feb. 7
3334d.
333-16th
95s. 4d. .
8
33346.
3334d.
955. 6d.
33 11-16d.
9
33 11-16d.
33 15-16d.
11
'33 15-16d.
956. 10d.
33d.
12
3334d.
96s. Id.
34 1-I6d.
33 15-16d.
13
955. 8d.
33.7186.
33.625d.
Average
95s. 8.2d.
The silver quotations to-day for cash and forward delivery are, respectively, 11-16d. and 13-166. above those fixed a week ago.
Gold valued at $3,500,000 has arrived in New York from London.
Last week the Imperial Bank of India raised its rate of discount from 8%
to 9%.
SILVER.
The market has not been so robust, chiefly owing to easier exchange rates
In China, resulting in sales on account of that quarter. These have not
been much in the way of fresh commitments, but have consisted mostly of
purchases made since the Chinese New Year. Indian inquiry has been
slight: America has been a fair seller, but the movement of the United States
exchange has retarded American selling with freedom and has even rendered
an occasional purchase possible. The Continent is inactive. On the whole,
the tone of the market is not very promising at the time of writing.
Mail advice from Bombay under date of the 2d inst. states as follows:
"The principal feature of the Bombay silver market this week has been
a heavy offtake. This demand has been created by the commencement
of the marriage season and some silver is also held with a view to take a
chance of duty on silver as the oudget is now drawing near. The Jan. 26
settlement has progressed satisfactorily. There was good forward business
doing in the bazaar ou some days as the bulls have commenced buying.
upcountry demand for the metal being very good."
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Jan. 31. Feb. 7. Feb. 15.
Notes in circulation
18402
18340
18644
Silver coin and bullion in India
8218
8155
8059
Silver coin and bullion out of India
Hold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
5753
5753
5752
Securities (British Government)
1400
1400
1400
Bills of exchange
1200
800
800
• The silver coinage during the week ending 15th inst. amounted to 3 lam
of rupees.
The stock in Shanghai on the 16th inst. consisted of about 25,700,000
ounces in sycee, 38,500,000 dollars and 1,260 silver bars, as compared with
about 25.000,000 ounces in sycee, 36,500,000 dollars. and 240 silver bars on
the 2d Inst.
-Bar Silver per Oz. Std.-Bar Gold per
QuotationsCash.
2 Mos,
Oz. Fine.
98‘. 26
Feb. 14
34 1-16d.
33 15-16d.
Feb. 15
33%d.
335(d.
955. Od.
Feb. 16
3330.
33 13-166.
Feb. 18
33346.
33 11-16d.
9t.. A.
33 9-16d.
; 33 7-166.
Feb. 19
96s. 2d.
33 7-16d.
Feb. 20
, 33 5-16d.
96s. 26.
33.760d.
Average
33.6566.
968.1.156.
The silver quotations to-day for cash and forward delivery are each 30.
below those fixed a week ago.
Twelve Ottle8. 5 days
Other cities, 5 days
86,002,987,870
874.173,910
$5,614,259,850
933,832,430
+6.9
-6.4
Total all cities, 5 days
All cities, 1 day
$6,877,161,780
1,375,432,356
26,548,092,280
1,309,618,456
+5.0
+5.0
t4 cc', cod I RC
e, ok,,in .7
,
211
-I- R ni
Total all eltloa for amok
a Will not report clearings. * Estimated.
We have also received this week the circular written under
Complete and exact details for the week covered by the
date of Feb. 20 1924:
foregoing will appear in our issue of next week. We cannot
GOLD.
The Bank of England gold reserve against its note issue on the 13th Inst. furnish them to-day, inasmuch as the week ends to-day
amounted to £126,250,895, as compared with £126,256,975 on the previous (Saturday), and the Saturday figures will not be available
Wednesday.
There has been a moderate demand on Indian account for the fair supplies until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
of gold available this week.
1102
THE CHRONICLE
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended March 1. For
that week there is a decrease of 6.5%, the 1924 aggregate
of the clearings being $8,338,875,379 and the 1923 aggregate $8,919,234,455. Outside of New York City there is
a falling off of 6.1%, the bank exchanges at this centre
recording a loss of 6.8%. 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
the totals are smaller by 5.6% in the New York Reserve
District (including this city) by 6.9%, and in the Philadelphia Reserve District by 8.1%. In the Cleveland Reserve
District the totals have decreased by 8.0%,in the Richmond
Reserve District by 0.9%, and in the Atlanta Reserve District by 2.7%. In the Chicago Reserve District there is a
falling off of 7.5%,in the St. Louis Reserve District of 15.2%
and in the Minneapolis Reserve District of 6.4%. For the
Kansas City Reserve District the loss is 18.9%, but the
Dallas Reserve District has a gain of 8.1% and the San
Francisco Reserve District of 6.3%. It will be noticed
that the Dallas Reserve District and the San Francisco Reserve District are the only ones that have larger totals of
clearings than a year ago.
In the following we furnish a summary by Federal Reserve
districts:
1024.
Inc or
Dec.
1923.
Federal Reserve.Districts.
s
$
(158) Boston
11 cities 4,449,886,117 476,778,766
(2nd) New York
862046,262 5,226,044367
10 "
(3rd) Philadelphia_
10 " 510,792,423 555,657085
(4th) Cleveland
8 "
350,801,046 381,463,867
(5th) Richmond
6 " 155,310,019 186,955,747
(8th) Atlanta
12 "
190,904,002 196,192,943
(7th) Chicago
19 "
860,428,627 930,049,023
(Sth) 85. Louts
7 "
66,652,151 78,568,079
(9th) Minneapolis
7 "
106,093,219 113,355,700
(10th) Kansas City_
11 "
221,501,255 273,153,203
(11th) Dallas
5 62716,712 58,014,145
(12th)SanFrandsco
470,743,546 442671,130
18 "
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
February and the two months of 1924 and 1923 are given
below:
Month of February.
Description.
1924.
Stock, No. of shares_
Railroad & misc. bonds_
U.S. Govt. bonds
State.foreign,&c., bds _
Total bonds
Two Months.
1923.
20,721,562
146.395,000
55,418,000
31,190,000
1924.
1923.
22.979,487
152,799,500
62,953,360
45,608,400
47,578,948
349,882,000
147,506,000
84.342,000
42,894.316
311,078.500
138,193,616
98,881,900
233,003,000 231,381,268
562,530.000
5413.152,016
The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1921 to
1924 is indicated in thefollowing'
1924.
1923.
1822.
1921.
No, Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
26.857,388 19.914.827 10 472,377 16,144,876
20.721.582 22.979.487 18.175.096 10 1891171
The following compilation covers the clearings by months
since Jan. 1 in 1924 and 1923:
MONTHLY CLEARINGS.
Clearings, Total AU.
Clearings Outside New York.
Month.
1924.
1923.
1924.
1923.
Jan__ 37,519,792,018 36,411,435,888 +3.0 18,830,883,546 18,633,076,289 +1.2
Feb___ 32,883,744,56530,514,376,577 +7.8 14,763,834,719 13,730,398,134 +7.5
SUMMARY OF BANK CLEARINGS.
Week ending Mar. 11923.
[VOL. 118.
1922.
1921.
$
3
%
-5.6 318,184,787 314,709,774
-6.9 4,627,888,895 4,267,917,461
-8.1 454,548318 454,198,701
-8.0 266,190,808 353,084,840
,
19 149,982,562 153,876,028
-2.7 146,339,510 145,139,234
-7.5 745,249,257 629,697,492
-15.2 58,393,070 59,513,620
-6.4 100,243,591 118,738,566
-15.9 227,865,351 268,463,705
+6.1 45,001,940 49,808,787
+63 352,056;725 226,8905,055
The course of bank clearings at leading cities of the country
for the month of February and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS* AT LEADING CITIES.
-----Jan. 1 to Feb. 29February
(000,000 mined.)
1924. 1923. 1922. 1921. 1924. 1923. 1922. 1921.
New York
18,120 16,784 15,340 14,529 38,809 36,582 32,837 33,102
Chicago
2,332 2,287 1,896 1,958 5,007 5,085 4,019 3,372
Boston
1,591 1.426 1,105 1,040 3,513 3,181 2,390 2,380
1,893 1,817 1,580 1,548 4,088 4,011 3,261 3,401
Philadelphia
a
a
St. Louis
a
a
a
a
a
a
Pittsburgh
639
621
472
583 1,341 1,310
971 1,303
122 cities 8,338,875,3798,919,234,455 -6.5 7,501,084,814 7,181,822,660 San Francisco
Grand total
664
590
495
482
1,387
1,293
1,076
1,088
Outside New York City
3,537,307,445 3,766,107,421 -6.1 2,933,965,575 2,934,564,283 Cincinnati
258
263
204
205
553
581
439
471
383
340
258
293
816
758
538
658
rlaoada
20 altloa 9,1A 9111.4A9 051/ 51,111 109 -1,n II a In (1,77 III, 1,... en= Baltimore
Kansas City
475
515
493
587 1,010 1,143 1,087 1.312
Cleveland
413
380
377
308
884
883
652
908
253
184
203
545
New Orleans
487
178
375
392
We also add comparative figures for February and the MInneaPOlia
253
241
218
229
528
525
579
469
121
Louisville
120
93
94
280
272
198
202
two months:
Detroit
550
295 1,144
454
317
991
694
884
152
Milwaukee
110
138
308
293
113
227
240
623
476
Angeles
1,307
Los
338
304
1,021
748
670
February,
Two Months.
47
Providence
41
51
39
108
104
90
89
137
147
141
159
Omaha
300
353
277
314
Inc.
ne.or Buffalo
174
183
132
136
372
359
291
309
1924.
Dec.
1923.
1924.
1923.
Dec. St. Paul
128
121
108
122
289
275
226
272
74
Indianapolis
83
78
se 172 187 134 119
Fedl Reserve Dist*.
$
120
77
107
70
188
212
230
181
let Boston_ _13 cities 1,797,011,671 1,517,593,053 +11. 3,968,199,626 3,587,77034 +10.6 Denver
225
181
189
152
466
Richmond
436
328
385
2nd New Y'rk12 " 18,481,820,144 17,109,259,476 +8. 39,589,728,294 37,292,051
+6.2
89
84
se
83
189
205
161
138
3rd Phliadel_14 " 2,079,625,701 1,979,090,553 +5.1 4,479,430,424 4,382,497, • +2.2 Memphis
180
132
116
99
335
285
245
222
4th Clevel'd_16 " 1,479,056,467 1,419,519,445 +4. 3,143,187,88 3,099,214,101 +1.4 Seattle
49
42
33
34
115
98
74
78
6th Itichm'd 10 "
766,739,602 678,395,576 +13.0 1,626,516,185 1,525,925,986 +6.6 Hartford
53
51
41
47
122
119
94
119
6th Atlanta _16 "
834,603,764 736,857,849 +13.3 1,776,814,011 1,633,160,141 +8.8 Salt Lake City
7th Chicago _27 " 3,408,941,775 3,224,592,34 +5.7 7,275,914,1571
+1.3
29,945 27,833 24,388 23,798 84,094 60,981 51,907 52,912
Total
856 St. Louis 9 •'
288,181,980 291,146,1''
624,295,9711 643:130,231 -2.9
2,939 2,881 2,135 2,371 8,310 5,935 4,548 5,289
9th Minneap 13 "
440,289,492 426,775,325 +3.2 927,117,71 1,002,036,037 -7.5 Other elites
10th Kan.CIty15 "
913,371,044 1,015,497,503 -10.1 1,937,093,4531 2,198,181,073 -11.9
32,884 30.514 28,521 20,189 70,404 88,926 56,463 58,181
Total all
11th Dallas __12 "
437,365,853 372,115,631 +17.5
934,135,829
829,441,42 +12.6
14,784 13,730 11,181 11,840 31,594 30,363 23,81825,079
12th Elan Fran 26 '• 1,956,737,072 1,643,533,627 +19.1
113,0291 3,584,568, +15.0 Outside New York
Total
183 cit1 32,883,744,565 .,514,376,5
Outside N.Y.City__ _ 14,763,634,71913,730,398,13
Canada
1,275,971,
+7.8 70,403,536,583 66,925,812,
+7.5 31,594,298
30,3E3,474,4
1,066,608,373 +19.6 2,663,370,6
+5,2
4-4.1
2,407,774,1
+10.6
We now add our detailed statement, showing the figures
for each city separately for February and since Jan. 1 for
two years and for the week ending March 1 for four years:
CLEARINGS FOR FEBRUARY,SINCE JAN. 1, AND FOR WEEK ENDING MARCH 1.
•
February.
Since Jan. 1.
Clearings ca
1924.
1923.
$
$
First Federal Rose rve District- BostonMalne-Bangor
3,134.791
3,057,557
Portland
11,724,089
11,905,696
1,591,000,000 1,426,000,000
Mass.-Boston
9,198.184
Fall River
8,388,343
Holyoke.
3,632,256
3,718,248
Lowell
4,533,853
4,420,682
a
a
Lynn
8,576,482
5,550,539
New Bedford
20,939,661
sprinafleld
18,895,627
13,102,000
Worcester
13,100,000
49,419,913
Conn.-Hartford --42,483,323
28,107,885
24,941,795
New Haven
7,994,400
6,653,700
WaterburY
R. L_pcovIdence
50,678,500
47,451,600
Total(13 cities) __
1,797,011,671 1,017,593,053
Inc.or
Dec.
1924:
%
$
Week ending March 1.
1923.
Inc.or
Dec.
1924.
1923.
Inc.or
Dec.
1922.
$
%
$
$
%
$
+2.5
-1.5
+11.6
+9.8
-2.3
+2.6
a
-15.8
+10.8
+0.0
+16.3
+4.7
+20.1
+6.8
6.874,339
25,807,625
3,513,000,000
19,757,953
7,873,358
9,761,895
a
12,188.483
44,938,277
29,139,000
115,328.908
58,151,590
17,405,200
107,983.000
6,813,976
28,312,894
3,161,000,000
19,829,303
8.052,612
9,992.955
a
13,465,179
44,170,328
30,558.000
98,494,398
52,580,002
14,630,800
103,869,900
+0.9
-1.9
+11.1
-0.4
-2.2
-2.3
a
-9.5
+1.7
-4.6
+19.5
+10.6
+19.0
+3.9
812,402
2,752,229
400,000,000
2,227,151
a
1.163,080
a
1.031,448
5.207,444
3,140,000
12.658,760
7,292,203
13,801,400
12,771,200
+11,1
3,968,189,628
3,537,770,347 +10.13
449,886.117
476.778,768
717,358
3,981,930
425,000,000
1,994,3313
a
1,198.775
a
1,689,384
5,389.255
3.577.000
12,598.857
7,880,671
Second Federal Re serve District -New York.21,365,890
17.844.508 +21.1
39,772,143 +15.0
5,032,855
45.723,377
5 285,402
Sew York-Albany-.
4.378,300
Binghamton
4,089,000 +7.1
1,004,400
9,592.361 -2.8
9,328,300
985,700
173,697.180
182,945,322 +8.6
Buffalo
372,358.288
358,984,284 +3.7 d37,051.474
40,114,002
3,379.794
2,745,522 +23.1
7,062,993
723.918
5,764,085 +22.5
Elmira
503,790
4,691,908
4,139,826 +13.3
Jamestown
c1,032,355
9,802,615
9.173.044 +0.9
888.871
18.120,109,848 18,783,978,443 +8.0 38.809,238,318 38,562,338,043 +6.1 4,801,587,934 5.153,127,034
New York
3,149.055
4,406,428 -28.5
9,531,783 -23.9
7,255,495
Niagara Falls
43,673,234
38,708,447 +12.8
9,891,753
86,518,705 +9.5
Rochester
94,753.630
12,215,381
19,995,774
17.710,270 +12.9
4.220,120
42,872,028
38,218,174 +12.2
4.301,578
Syracuse
11,088,210
9.617,707 +15.3
lionn.-Stamford
25.381,274
c2,398,504
25,903,539 -2.0
2,217.238
1,756,280
1,509,390 +18.4
3,665,653 +12.1
325,151
4,109,839
445,571
4. J.-Montclair.- 70,475.955
58,023.888 +21.5
153,078,502
123,855,083 +23.6
Newark
3,740,747 +8.5
4,058.718
8,765,837
8.755.559 +0.1
Oranges
Total(13 citie9)-
18,481,820,144 17,109,259,476
+8.0 39,589,728.294 37.292.051,856
+6.2 4,883,046,262 5,228,044,387
+13.3
851,707
-30.5
3,080,983
-5.9 274,000,000
+11.7
1,441,983
a
a
-3.0
.950,000
a
a
-38.9
1,401,534
-3.4
4,175,183
-12.2
3,608,000
+0.5
11,381.972
-7.5
6,293,445
+6.5 '11,000,000
-5.6
318,184,787
1921.
3
985,153
2,142,000
271,000,000
1,308,012
a
1,700.717
a
1,291,507
4,739,160
3,084.384
10,963,422
8,491,019
10,122.900
314,709,174
-4.8
4,127,054
4,200,000
+4.0
923,900
987,500
-19.7
37,583,382
36,499,608
+43.7
+18.8
997,711
-6.8 4,567,099,239 4,227,368,377
-20.7
-1.9
+8.1
-27.0
10.218,989
4,436,750
2,273,802
388,262
11,051,085
4,142,880
2.322.378
455,081
-6.9 4,827,028,895 4,287,917,481
TIM CHRONICLE
MAR. 8 1924.}
CLEARINGS-(Continued.)
1924.
1923.
Week ending March 1.
Since Jan. 1.
February.
Clearings at
Inc. or
Dec.
1924.
1923.
Inc.or
Dec.
1924.
1923.
Inc. or
Dec.
1922.
3
$
%
$
1921.
5
a7a
$
$
5
Third Federal Res erve District -Philadelph la10.810,032
4,922.886 +4.6
5,147,977
Pa.-Altoona
36,358.285
15,481,962 +0.2
15,505,757
Bethlehem
11,303,531
4,597.856 +7.7
4,951,814
Chester
34,710.168
+18.3
13,786,963
16,309,990
Harrisburg
25,374,592
11,649,027 +5.6
12,300,834
Lancaster
4,508.157
1.761,153 +17.4
2,067,266
Lebanon
8,134,504
3.094.327 +13.7
3,517.670
Norristown
1,893,000,000 1,817,000.000 +4.2 4,068.000.000
Philadelphia
29,066,017
11,382.007 +11.7
12,712,814
Reading
48,774,635
21,117,396 +6.8
22.560,088
Scranton
31,884,819
12,089.598 +18.7
14.349,565
Wilkes-Barre
12,742,012
+6.6
5,515,890
5,878,469
York
108,281,800
39,348,227 +10.4
43,422,131
1.7.5.-Camden
49,481,871
17,343,261 +60.9
27,901,326
Trenton
a
a
a
a
Del.-Wilmington
4,479,430,424
+5.1
__
cities)
1,979,090,553
2,079,625,701
Total(14
10,760.990
35,074.291
10,018.596
31,773,678
26,567,747
3,983,200
6,879,532
4,011.000,000
26,041,132
47,882,970
26,951,576
11,884.924
96.658,483
37,020,769
a
+0.5
+3.7
+12.5
+9.2
-4.5
+13.2
+18.2
+1.4
+11.6
+1.9
+18.3
+7.2
+12.0
+33.7
a
4,382,497,888
+2.2
510,792,423
Fourth Federal Re serve District -Cleveland 25,124,000 +14.2
28,685.000
Dhlo-Akron
16.822,017 +10.8
18,632,379
Canton
252,574,920 +2.0
257,671,072
Cincinnati
413.070,264
379,875.535 +8.7
Cleveland
57,773,200 -4.4
55,233,600
Columbus
a
a
a
Dayton
3,611,725 -4.4
3,453,738
Hamilton
a
a
a
Lima
1,230,241 +9.7
1,350,041
Lorain
6,309,379 +7.4
6,777.435
Mansfield
a
a
a
Springfield
a
a
a
Toledo
14,165,890 +27.8
18.098,328
Youngstown
2,663,310 +9.0
2,903,071
Pa.-Beaver CountY.
a
a
a
Erie
1,283,235 -0.9
1,271.489
Franklin
5,466,115 -4.9
5,200,526
Greensburg
621,441,729 +2.9
639,246,465
Pittsburgh
14,559,997 -26.5
10,704,793
ECy.-Lexington
16.618,152 +0.8
16,758,268
pJ. Va.-Wheeling
62,767,000
40,883,470
553,178,782
884,304,202
115,902,100
a
7,038,117
a
3,031.910
14,958,785
a
a
41,039,257
6,170.470
a
2,603,332
12.307,010
1.340,971.099
22,189,936
35,842,412
52,129.000 +20.4
40,341.125 +1.3
580,895,290 -1.4
862,718,673 +2.5
128,566,000 -9.8
a
a
7,559,493 -6.9
a
a
2,786,428 +8.8
14,552,863 +2.8
a
a
a
a
35.517,113 +15.5
5,931,344 +4.0
a
a
2,729,480 -4.6
12,323,198 -0.1
1.309.732.341 +2.4
26.478,756 -16.2
36,952,997 -3.0
d6.080.000
5,117,564
86.03 ,372
d85,822,000
14,268,300
a
168,272,014
167,804,408
+0.3 104,000,000
159,834,278
1,479,056,467 1,419,519,445
+4.2
3,143,187,882
3,099,214,101
+1.4
350,801.04C
381,463,887
-8.0 266,190,808
353,084,840
Fifth Federal Rose rye District- Richmond-.
8,532,751
7,996,515
Ar. Va.-Huntington_
a
a
Va.-Newport News_
30,650,703
30,565,085
Norfolk
188,806,734
224,560,000
Richmond
a
a
V. C.-Asheville_5,430,104
9,706,695
Raleigh
a
a
Wilmington
9,825,453
10,625,498
i C,-Charleston
12,178,092
7,786.845
Columbia
339.741.248
382,857,376
Id.-Baltimore
1,336,647
1,555,285
Frederick
2,444,068
2,630.879
Hagerstown
79,749,776
88,455,424
). G.-Washington-
-6.3
a
-0.3
+18.9
a
+78.8
a
+11.5
-36.1
+12.7
+16.4
+7.6
+10.9
17,092,828
a
70,303,844
465,825,566
a
20,183,731
a
22,834,579
16,855,392
816,100.815
3,233,679
5,784,185
188,301,569
21.937,843
20,418,255
+7.4
19,005,422
15,239,305
678,395,576 +13.0
1,626,516,188
1,525,925,986
+6.6
185.310.019
186.955,747
-0.9
149,982,562
153,878,025
-3.0
+10.5
+6.5
+9.4
+2.8
+6.7
-1.4
a
+31.5
+20.1
+2.7
-1.:
+6.1
-6.1
+16.1
-0.1
+24.1
+24.1
58,039,582
28,095,955
161,643,295
476,383,084
17,054,154
7.537.052
11,906,604
a
133,027,273
30,686,921
236.339,972
16,754,807
16,306,272
14.538,596
11,381,773
8,786,289
3,763.796
544,568.586
54,957,083
26,348,615
155,781.779
439,047,663
17,909,319
7,555,931
12,467,842
a
107,578,423
25,146.317
250,478.475
17,176,490
15,281,485
14,682,459
9,519.693
8,126,661
3,804,259
467,297.647
+5.6
+6.6
+3.8
+8.5
-4.8
-0.3
-4.5
a
+23.7
+22.0
-5.6
-2.5
+6.7
-1.0
+19.6
+8.1
-1.1
+16.5
d5,520.734
3.082,800
d17,035,000
53,853,827
1,534,697
6,307,055 -12.5
3,192.047 -3.4
20,650,610 -17.5
56,599.503 -4.9
3,069,390 -50.0
4,294,555
2,828,781
18,850.816
41.114,577
1,647,131
5.690.019
3,204,233
15,144,383
41,724.620
2,047.653
1,230.364
a
16.419.937
1,455,037 -15.4
a
a
14,702.714 +11.7
1,139,152
a
9,398.019
1,500.000
a
8,515,078
29,481,071
1,827,311
31,508,992 -6.4
1,087,408 +68.0
21,433.713
1,326,253
15,390.309
1,833,382
1,177,140
934,273 +26.0
729,36C
729,906
269,218
59,471,903
314,359 -14.4
58,373,555 +5.5
279,042
43.298,11(
307.017
49,252.834
736.857.849 +13.2
1,776,814,011
1,633,160,141
+8.8
190,904,002
190,192,943
146,339,51(
145,139,234
208,883
1,015,702
150,815,562
248,967 -16.2
866,569 +17.2
129,692,085 +16.3
Total(15 cities)-
Total(10 cities)- - - -
766,739,602
Sixth Federal Rase rye District- Atlanta25,976,656
25,190,802
Conn.-Chattaneogn 11,289,229
12,479.684
Knoxville
71,573,021
76,202.635
Nashville
198,504,013
217,228,130
3a.-Atlanta
8,336,976
8,568,724
Augusta
3,258,224
3,477,158
Columbus
5,709,788
5,629,417
Macon
a
a
Savannah
53,150,358
69,894,311
1rla.-Jacksonville
12,268,317
14,737,921
Tampa
114,079,093
kla.-Blrmingbam
111,084.662
7,586.038
7,483.869
Mobile
7.403,982
7,887,808
Montgomery
.11ss.-Hattlesburg
7,682,459
7,224,893
4,688,241
5366,244
Jackson
4,115,843
4,079,140
Meridian
1,373,362
1,704,511
Vicksburg
253,269.444
202,856,707
,a.-New Orleans
Total(17 cities)--
834,603,764
Seventh Federal R eserve Distric[-Chicago810,630
770,458
vItch.-Adrian
2,718,341
3,411,635
Ann Arbor
454.096,822
550,160.370
Detroit
7,441,983
8,649,125
Flint
23.842,377
26,087,821)
Grand Rapids
5,405,879
7,182,757
Jackson.....„,..
6,409,243
11,066,248
Lansing
8,065,836
9.752,845
nd.-Fort Wayne_ _.
11,195,839
15,642,596
Gary
73,811,000
78,419,000
Indianapolis
8,341,135
8.986,081
South Bend
'1 25,000,000
20,034,189 '
Terre Ilaute
2,756,017
3,154,751
Vis.-Macilson
137,826,821
151,798,027
Milwaukee
2,618.211
2,683,439
Oshkosh
8,774,070
9,008,487
owa-Cedar Rapids_
40,695,332
38,372.570
Davenport
36,746,229
41,783,785
Des Moines
2,034,861
1,846.714
Iowa City
2,071,765
1,962,500
Mason City
23,666,472
27.412,276
Sioux City
5.081,235
5,139,477
Waterloo
4,051,570
4,657,328
11.-Aurora
5,319,979
5.521,004
Bloomington
2,331,873.343 2,287,171,890
Chicago
a
a
Danville
4,822,584
4,933.127
Decatur
16,890,487
19,103,082
Peoria
8,340,060
9,732,570
Rockford
8,785,681
9,796,160
Springfield
Total (20 cities)- - - - 3,408,941.775 3,224,592,349
Eighth Federal Re serve District -St.Louis
17,226,888
17,097,420
nd.-Evansville -- - 551,863
602,096
New Albany
a
a
do.-St. Louis
a
a
Springfield
120.542,289
119,912,734
-Louisville
y,
2,610,929
1,863,325
Owensboro
9,488,058
11,780,153
Paducah
89,209.094
84.453.359
7enn...._memphi5_ 44,407.610
45,915,598
Lrk.-Little Rock1,225,467
1.270,950
11.-Jacksonville
5,883.994
5,286,347
Quincy
291,146,190
288,181,980
Total(9 cities)
1,868,093
-5.0
+25.5
7,178,301
+21.2 1,144.363.338
+16.2
19,442,504
+9.4
56,357,892
+32.9
16,194,758
21,925.897
+72.7
+20.9
20,809,815
31,492,598
+39.7
+6.5
'172,297,000
+7.7 •
19,058.533
-19.9
42,798,280
+14.5
15,152.341
307,513,180
+10.1
+2.5
5,745,189
19,375,826
+2.7
-5.7
91,353,864
+13.7
89,431,378
-9.2
3,918.598
-5.3
4,292,572
+15.8
54,537.554
+1.1
11.140.712
9,619,612
+15.0
+3.8
11,498,261
+2.0 5,007,403,800
a
a
-2.3 • 10,297,031
+13.1
39,405,461
+16.7
20,104,457
+115
21,337.534
$
17,871.942 -4.4
a
2
67,280,832 +4.5
436,128,530 +6.8
a
a
17,827.487 +13.2
a
I.5.1
21,727,000
24,089,156 -30.0
758,389.203 +7.6
3,167,771 +2.1
5,467,586 +5.8
173,976,479 +8.2
1,891,239 -1.2
6,678,844 +7.5
990.829.795 +15.5
16,272,295 +19.5
52,490,139 +7.4
14,362,779 +12.8
17,719,347 +23.7
17,539,255 +18.6
25.280,110 +24.6
166.849,000 +3.3
19,059.012 -0.0
52,357,655 -18.3
12,814,798 +18.2
203,465,735 +4.8
6.129,421 -6.3
19.714,543 -1.8
93,280,620 -2.1
81,807,709 +9.3
4,866,022 -19.5
4,403,470 -2.5
50.505,657 +8.0
11.692,363 -4.7
8,561,778 +12.4
11,677.119-1.5
5,084,557,836 -1.5
a
a
10,240,852 +0.6
36,593,518 +7.7
16,326,060 +23.1
19,867,949 +7.4
1,435,692
4,777,682
1,132,668
1,381,923
5,069,298
1,209,754
+3.9
-5.8
-6.4
926,449
3,140.598
854.750
1,004.286
3,436,334
1.200,000
2,996,384
3,003,644
-0.2
i,-13-£1a-,i54
2,451.559
481,000,000
3.085.999
5,958,984
d3,314.606
1,617,017
527,000,000 -8.7 431,000.000 431,765,351
2,302,842
2,310.918
3.056.046 +1.0
4,727,984
4,727,984
5,985,397 -0.4
2,469,254
3,399,120 -2.5
2,494.000
1,374,554 +17.6
1.157.119
1,315,098
5,473,391
a
4,177.749 +31.0
a
a
5,240,396
a
3,525.993
a
555,657,485
-8.1
454,548,318
454,198,701
5,980.000
4,608,712
73,8.52,239
107,645,097
16,213,700
a
+1.7
+11.0
-10.6
-20.3
-12.0
a
4,937,000
3,361,830
57,178.436
79,388,142
12.287,400
a
6,949.000
3.712,591
80.226.825
104,266,003
13,188,300
a
a
a
d1,605.908
a
a
d3,601,888
a
•
a
a
1,483,620
a
a
3,876,091
+8.2
a
•
-7.1
1,158,740
.a
•
3,879.260
•
a
1,278,49
a
a
3,609,346
•
1,999,675
2,301.486 -13.1
1.606.805
1.999.896
d6,444,829
53,454,000
8,830.062 -27.0
51,279,124 +4.2
6,912.190
45,071,802
7,570,189
43,772.481
d2.087,127
2,944,661 -29.1
.._
99,386,545
101,182,159
-1.8
-2.7
77,386,348
294,011
730.861
87.732.001
.
6,107,99 _
85,294,094
206,216
526.386
88,000,000
6.534,516
7,070,238
2,932,572
2,513.512
2,148,059 +36.5
2,713,744 -7.4
1.131,821
2,016,054
1,450,000
2,014.439
22,134,000 -3.8
21,286,000
1,885,290
2,357,029 -20.0
5,733,885 Not included in total
17,881,000
1,737,677
16,565,000
2,000.000
30,609,887
-7.6
5,344,089
-6.3
31,959,115
2,524,778
4,323,623 +41.6
3,046.762
4,191,817
10.784,894
13,976,528 -22.8
13,204.938
15,884.897
6,460.510
1,336,000
7.565.713 -14.6
1,786,333 -25.2
6,320.182
1,472,964
8,313,783
1,722.700
39,014,792
41,646,058
2,153,555
1,246,214
598,603,362 680,351,927
aa
1.398.748
1,653.508
5,609,431
5,578.509
e2,770,412
2,779,548
2,582,308 • 1,910,371
+72.8
2,850,897
2,610.862
-12.0 558,295,489 438.379,958
a
a
a
-15.5
1,462,923
1,464,739
+0.6
5.783,703
5,103.532
2.660,659
-0.3
2,086.054
+85.2
3,930,178
2,053;194
+1.8
860.428,627
930,049,023
-7.5
37,847,208
1,331,450
a
a
259,515,640
4,505,919
20,740.848
189,383,170
96,833,365
2,752,896
11,385.479
29,746.440 +27.2
1,266,334 +5.1
a
a
a
a
272,393,953 -4.7
5,696,200 -20.9
16,378.969 +26.6
205,346.969 -7.8
97,174,020 -0.4
2,805,397 -1.9
12,321,949 -7.6
5,016,515
5,220,235
-3.9
28,224,985
450.061
33,036,916 -14.6
543,598 -17.2
26,720,597
752.514
27,199,112
609.508
20,212,182
10,948,563
338.482
1,461.363
24,621.916 -17.9
12,480,303 -12.3
313,052 +8.1
2,352,049 -37.9
16,439,069
8,344.250
427,924
1,612,472
15,068,627
8,941,561
1,084,383
2,430,759
624,295,975
643,130,231
-2.9
66,652,151
78.568,079 -15.2
58,393,070
59.513.620
+5.7
7,275,914,157
-0.7
+9.1
a
a
-0.5
-28.6
+24.2
-5.3
+3.4
+3.7
-10.2
-1.0
7,147,834.920
a
a
a
745,249,257 629,697,492
. .
4,096,244
a
4,181.670
a
1104
T LIE CHRONICLE
[VoL. 118.
CLEARINGS-(Concluded.)
February.
Since Jan. 1.
Clearings at
1924.
Inc.or
Dec.
1923.
Ninth Federal Res erve District -Minneapol isMinn.-Duluth
24,825,521
20,311,574 +22.2
Minneapolis
25'2.804.195
240.957,634 +4.9
Rochester
1,408.674
1,401,017 +0.5
St. Paul
127,882,062
121.362,531
+5.4
No. Dak.-Fargo_ _ _
6,238.996
6,528,974 -4.4
Grand Forks
4.818,000
3,416,200 +41.0
Minot
797,439
926,000 -13.0
So. Dak.-Aberdeen_
4,195.606
3,992.143 +5.1
Sioux Falls
3,387.522
11,422.696 -70.3
Mont -Fillings
1.893.528
1,807.500 +4.8
Great Falls
2,058,079
3,030,161 -32.1
Helena
9,979,870
11,053,451 -9.7
Lewistown
565,444
Total(13 cities)... _
440,289.492
426,775,325
Tenth Federal Res erve District Kansas City
Neb.-Fremont
1,439.991
1,946,488
Hastings
1.981,867
2.098,472
Lincoln
15.063,930
15.705,701
Omaha
146,562,747
158,752,261
Kan.-Kansas City_ _
21,661.132
18,264,309
Lawrence
a
a
Pittsburgh
a
a
Topeka
11,863.968
13,160,316
Wichita
29.267,325
38.052.593
Mo.-Jop.in
6,378,000
5.778,000
Kansas City
475.626,763
514,266,253
St. Joseph
a
a
Okla.-Lawton
a
a
McAlester
1,289,908
1,510,554
Mu kogee
a
a
Oklahoma C Ity.
...88,916,298
83,177.401
Tulsa
29.360,879
34.792,331
Colo.-Colo. Springs_
4.229.594
4.412,402
Denver
76.771,513
120.049.756
Pueblo
3,657,129,
3,140,676
Total(15 cities).-
L Total(12 cities)-
-
437,365.853
1923.
50,032.820
528.476,642
3,307,259
268,908,928
13.342,877
10.047.694
1.644,516
9.702.920
10.840,578
4,069.814
4,343,091
22,400,576
45,284.991
578,687.672
3,239,122
275,090,552
15,197.954
7.806.300
2.152.213
9,534,043
25,595,691
4,194,462
6,838,567
26,966,641
1,447,829
+3.2
927.117,715
1,002,036.037
--26.0
--5.6
--4.1
--7.7
A-18.6
a
a
--9.9
--23.1
A-10.4
.--7.5
3,188,525
4,045.409
31.826,108
299,669,419
47,010,573
a
a
27,256.301
63,299,068
12,885,000
1.009,549.649
a
a
2,797,523
a
194,962,030
57,856,066
8,756,182
166.315,283
7,676,317
3,787,338
4,424.719
34.344,657
353.309,234
44,030.884
a
a
29.181.542
84.604.170
12,093.000
1.142,922.496
a
a
3,264,531
a
185.983,921
71.481,009
0,419.552
212,296.230
7.097.790
1,937,093.453
a
--14.6
-1116.1
-15.6
-4.1
-36.0
+16.4
913.371,014 1,015,497,503 -19.1
Eleventh Federal Reserve Distr let - Dallas
Tex.-Austin
6,658,733
5,719,000
Beaumont
5.961,323
6,195.366
Dallas
186,206.564
130,400,661
El Paso
21.262.926
19,468,191
Port Worth
47,772,395
40.371.960
Galveston
31.970.877
32,717.534
Houston
110.175,620
97,208.946
Port Arthur
2.204,870
2,289,955
Texarkana
2.492,414
1.879,733
Waco
13,254.268
9.647.033
Wichita Falls
9.235.691
7,639,922
La.-Shreveport
20.170.172
18,576.430
1924.
Week ending March 1.
Inc.or
Dec.
1924.
+10.5
-8.7
+2.1
+2.3
-12.2
+28.7
-23.6
+1.8
-57.6
-36.5
-16.9
Inc. or
Dec.
1923.
1922.
1921.
d4,913,369
64,746.626
5,224,361
66.271.175
-6.0
-2.3
3,681.261
50.778,208
5,950.058
67,352,061
31,000.378
1.768,930
34,046,149 -11.3
2.077.681 -14.9
29.811.856
2,520,622
37.856,252
2,108,029
1,024,671
1,159,472 -11.6
937.782
1,258,371
403,467
500,315 -13.4
598.480
866.159
2,235.778
3,176,547 -29.6
2,915.402
3,347,636
106,093,219
113,355,700
-6.4
100,243,591
118,738,560
288,819
538,869
4,084,020
37,332,002
746,337
776.966
6.274,926
50,849,182
-61.3
-30.6
-34.9
-26.6
370,674
815,305
5.179.086
41,942,833
809,773
900,590
5.416.453
34,721,862
d2,135,508
d5,647,000
3,861.691 -41.7
10,703,000 -47.2
2,698.290
11,105.000
3.104.995
11,298,987
123,257,364
a
a
-14.3
a
+4.8
-19.1
-7.0
-21.7
+8.2
150,740,274 -18.2
a
116.438.580
a
165,000,000
a
d 18,068,998
a
1,042,822
d28.186.000
e919,853
a
23.692.951 -23.7
a
a
664.712 +56.9
24,223,251 +16.4
849,913 +8.2
a
18.982,471
a
732.827
18,864.998
735,287
a
24,351,904
a
968,848
20,960,257
930,056
2,198,181,073 --11.9
221,501,255
273,183,203 -18.9
237,865,351
268,463,705
-15.8
-8.6
-7.3
-15.2
+6.8
a
a
-6.6
-25.2
+6.8
-11.7
+16.4
-3.8
+27.5
+9.2
+18.3
-2.3
+13.3
-3.7
+32 6
+37.4
+20.9
+8.6
14,569,798
13.461.323
341,934.834
43.059,975
101,880,456
83.523.250
236.060,580
4,488.284
5,293,331
27,484,476
18,667,499
43,712.023
13,693,698
13,187,518
281,082.571
41,588,488
91.670.680
72.843,379
221.082,258
4,738.769
4.360.464
22,397,068
17.251.444
45.545,079
+6.4
+2.1
+21.6
+3.5
+11.1
+14.7
+6.8
-5.3
+21.4
+22.7
+8.2
-4.0
+13.5
1,319.506
1,300,000
40.140,633
34,373.547 +16.8
22,999.597
26,424.415
d 10,703.759
5,999,901
a
8,588.622 +24.6
8,394,551 -28.5
a
a
10,211.910
6,205,984
a
11,129,217
7,102,992
a
4.284.943
3.852,163
372,115,631 +17.5
934,135,829
829.441.422 +12.6
62,716,712
58,014,145
+8.1
45.001,940
49,808,787
39,953,401
9,927,000
a
1,213,185
36,991.988
10,507.000
a
1,272,612
+8.0
-5.5
32.391.741
27.482,967
-4.7
1,8
'
03.456
a
1,255,049
34,145,226
31.360,128
+8.9
29.648,185
29,784,661
13,702,910
a
a
15,549.118 --11.9
a
a
a
a
11,387.799
a
a
12,300,000
a
a
3,152,061
8.457,357
158.270,000
3,808,624 -19.2
8,857.878 -4.5
139,819,000 +13.4
3,675.641
4,374,754
95.102,000
4,360,682
3,882,552
84,826,000
16,344,248
6,605.878
14,832,935 +10.2
5,708.575 +15.7
13,580,398
3,887.789
11,801,745
3,336,058
5,170,763
3,016,082
143.000.000
2,118,043
918,674
5,287,576
2,671.206
131,800,000
1,740,762
844,807
Twlefth Federal R eserve Distric t-San Franc iscoWash -Bellinghatu_ _
.000.000
1.859,000 +7.6
5,030.000
4,686.000
Seattle
159.662.545
131,653,687 +21.3
335,401,160
284,890.296
Spokane
43,088.000
38,062,000 +13.2
88.288,000
87.127.000
Tacoma
a
a
a
a
a
Yakima
4,852.740
4,966,850 -2.3
10,422,698
10.176.846
Idaho-Boise
3,795,946
3,859,165 -1.6
9,200.518
6.512,687
Ore.-Eugene
1.593.189
1,266,793 +25.8
3.151.714
2,729,146
Portland
140.729,993
116.186,034 +21.1
299.096,796
255.949,812
Utah-Ogden
5.044,000
4,408,000 +14.4
11,556.000
10,517,000
Salt Lake C ity
53,491,586
51,071,233 +4.7
122,086,328
118,720.658
Nev.-Reno
2,316,670
2.129,000 +8.8
5.010,036
5,280.000
Arlz.-Phoenix
8.884.845
6,451,169 +37.7
18,947.496
14.440,778
Calif.-Bakersfield_ _ _
3,738.902
3.727,646 +0.3
7,980,183
8,897,261
Berkeley
18,293,592
14,881,937 +22.9
37,977,579
36,274,423
Fresno
15,398.644
16.916.217 -9.0
32,626.129
36.325,247
Long Beach
34.747,346
30.095.141 +15.5
74.392.377
63.559.884
Los Angeles
623.473.000
475,974,000 +31.0 1,306.780,000 1,021.108.000
Modesto
2,882.779
2.647,392
+8.9
6.252.020
5,800,437
Oakland
64.071.027
55.885.015 +14.6
137.253.061
124.545.737
Pasadena
26.066.441
18,716,658 +30.3
55,787,673
42.811,061
Riverside
3,358,350
2,815.479 +19.3
7,091.178
6,172,542
Sacramento
32.900,219
30.294.953 +8.9
66,903.528
58,648.333
San Delgo
16.667,852
14,379.037 +15.9
31.367,447
38,500,496
San Francisco
590.400,000 +12.4 1,387.400.000 1,293,461.000
663.500.000
San Jose
8.642.613
8,865,288 -2.5
19,591,123
20,660.404
Santa Barbara
4.596.921
4.955.864 -7.2
10.504,695
9,599,617
Santa Rosa
2,015.872
1,916,569 +5.2
4,286,111
4,254,847
Stockton
10,834.000
9.149.500 +18.4
21,596,100
20,052.000
Total(27 cities)___ _ 1,956,737.072 1,643,533,627 +19.1 4,121,113,029 3.584,568,463
Grand total (187
cities)
32,883,744,565 30.514,376,577 +7.8 70,403,536,583 66,925,812,465
Outside New York... 14,763,634.719 13,730,398.134 +7.5 31,594,298,265 30,363,474.423
+7.3
+17.7
+1.3
a
+2.4
+41.3
+15.5
+18.9
+9.9
+2.8
-5.1
+31.2
-10.3
+4.7
-10.2
+17.0
+28.0
+7.8
+10.2
+30.3
+14.9
+14.1
+16.4
+7.3
-5.2
+9.4
+0.7
+7.7
+15.0
1,588,586
4,283.833
d7,019,142
3,605.891
163.400.000
1,890,778
1,154,162
1.400,001
5.257.424 -18.5
5.856,154
.3,000,000
160,100,000
2,313,220
998,698
+19.9
+20.2
+2.1
-18.3
+15.8
c1,902,300
2,107.200
-9.7
2,172.400
5,221,900
470.743,546
442,971,130
+6.3
352.056,725
326,695,055
+5.2 8,338875,3798.919,234,455
+4.1 3,537.307.4453,766,107.421
_41.5 7,501.081,814 7,161,822,680
-6.1 2,933,985,575 2,934,564,283
CANADIAN CLEARINGS FOR FEBRUARY SINCE JAN. 1 AND FOR
WEEK E
February.
Clearings at1924.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Nfoose Jaw
Brantford
Fort William
New Westminster.._ _
VIedicine Hat
Peterborough
iherbrooke
^Citchener
ffindsor
'rince Albert
doncton
Cingtiton
$
407.276.140
444,067,524
155,331,277
60,586.078
23.329.212
20.482.273
9,924,920
18,615,934
30.050,503
10.587.153
7,886.699
9,796,948
15.924,179
12.181,540
1,810,862
2,133,880
5,786,870
4,076.000
3,278.549
3.036.806
2,155.926
1,266.932
2.787,793
3.005.514
3,926,214
10.121.042
1,393,340
2,921,500
2.230,371
1923.
Since Jan. 1.
Inc. or
Dec.
$
%
354,131,065 +15.0
342,105,177 +29.8
132,594,508 +17.2
51,118,883 +18.5
22.715,833 +2.7
18,546,711 +10.4
9,789,355 +1.4
19,156,066 -2.8
16,043,243 +87.3
10,655,809 -0.6
6.713,434 +17.5
10.170.069 -3.7
14.857,989 +7.2
10.355,096 +17.6
1,727.460 +4.8
2,136,207 -0.1
5,479,325 +5.6
3,549,748 +14.8
3,392,180 -3.3
2,720.533 +11.6
1,908,125 +13.0
1,123.323 +12.8
2,434.555 +14.3
2.796.095 +7.5
3,322,183 +18.2
9,702,840 +4.3
1,236,896 +12.7
3,985,560 -26.7
2.140.105 +4.2
1924.
$
851,876,446
893,627,663
338.225,925
126,949,936
50,321,025
44,503,000
22,134,738
40,137,050
61.522,949
22.306,674
15,898,311
22,984,248
37,037,791
27,110,200
3,986.618
4,619,504
13,284,225
9,131,479
7.495,445
6.669,209
4,500.150
2,795.602
6,135,139
6,533,974
8,081,528
23,185,785
2.873.606
6,458,119
4,984.359
1923.
$
753,892,163
818,266,627
307,686,331
110,822,900
48.789.847
41,015,927
22.318,648
41,952,447
37,727,702
21.234.814
15,985.355
23,011,378
34,154,732
25.629,982
4,117,594
4,590.462
12,080,517
8,406,987
7,653,243
6,078,212
3,782,081
2,446,219
5,371,696
6,014.787
7,502.210
23,439,298
2,692,399
8,171,719
4,847,015
Week ending Feb. 28.
Inc. or
Dec.
%
+13.0
+9.5
+9.3
+14.5
+3.1
+8.5
-0.8
-4.3
+63.1
+5.0
-0.5
-0.1
+8.4
+5.8
-3.2
+0.6
+10.0
+7.5
-2.1
+9.7
+19.0
+14.3
+14.2
+8.6
+7.7
-1.1
+6.7
-21.0
+2.8
1924.
$
76,295,770
82,909,614
31,068,824
14,016.045
4.355.677
3,925,372
1,976,106
4,063.719
7.236,078
2.181,362
1,515,691
2,058,295
',307,178
2,559,494
345,434
467,491
1,215,762
804.858
612,302
632.004
479,763
243.697
636,571
608,322
771,065
2,554,823
278.683
630,946
467,536
1923.
$
97,610,626
93,185,811
34,570,953
13,039,369
5,246,953
4,775,725
2,350,783
4,690.478
4,271.368
2,197.793
1,684.710
2.428,754
3,552,680
2,635.949
435.819
710.770
1.189.299
901,882
783,209
638.463
467.532
285,713
657,167
650,751
910,975
2,967,290
330.085
923,947
482,275
Inc. or
Dec.
%
-21.8
-11.0
-10.1
+7.5
-17.0
-17.8
-15.9
-13.4
+69.4
-0.7
-10.0
-15.3
-6.9
-2.9
-20.7
-35.1
+2.2
-10.8
-21.8
-1.0
+2.6
-14.7
-3.1
-6.5
-15.4
-13.9
-15.6
-31.7
-3.1
1922.
$
114,403,641
101.890,612
40,623,010
12,012,428
5,470.745
4.518,092
2,844,061
4,786,512
5.090.095
2,553,050
1.927.704
2,814,704
4,002,618
2,825,248
502.829
571,657
1,414,052
1,020.232
881,418
639,701
454,896
346,977
595,622
781,708
963,231
2,503.335
319,647
901,784
648,418
1921.
$
128,733,821
95,867,356
38,543.623
13,629.670
8,462,668
6,248,528
4,070,767
5,263.675
6,829,033
2,990,542
2,356,948
3,260,564
5,557.509
3,425,317
748,530
564.158
1,769,998
1,219,432
1,248,303
908,694
698,915
371.894
954,370
1,284.281
951,671
2,726,716
329,013
1.118,909
1.275.971.979 1.066.608,373 +19.6 2,663.370.698 2,407.774,189 +10.6
Total(29 cities)
248.218,482 284,586.129 -12.8 318,317.027 340,134,905
clearings. b Do not respond to requests for figures. c Week ending Feb.
a No longer report
27. d Week ending Feb. 28. e Week ending
Feb. 29. • Estimated.
I No clearings, all banks closed. • Estimated.
MAR. 8 1924.]
1105
THE CHRONTCLE
Corn.
Flour.
Wheat.
THE CURB MARKET.
Exports for Week
Week
and Since
Since
Week
Since
Since
Week
Trading in the Curb Market this week continued on a
July 1
Mar. 1 July 1
July 1 toMar. 1
Mar. 1
July 1
1924.
1923.
1924.
1923.
1923.
1924.
greatly reduced scale, while price changes with few exceptions were hardly deserving of note. Chesebrough Mfg.
Barrels. Barrels.
Bushes.
Brshes. Bushels. Bushels.
United Kingdom_ 115.770 3.197.970 2,223,047 66.077.965 173.000 2,223,561
was conspicuous for an advance from 395 to 424, and Bourn., Continent
315,196 6,055.137 2,111,810 101.663,348 255.906 2.712.296
Cent. Amer_
1.000
178.000
73.000
11.000
349.000
Serymser Co.from 201 reached 236, the latter closing to-day So.&
West Indies
19,000
637,000
7,000
820,000
45,000
68,000
at 235. Magnolia Petroleum was off from 146% to 1433‘, Brit. No. Am.Col.
Other Countries.. 13,430
580.050
14,900 1.705,547
6,000
though it sold to-day at 145. Prairie Oil & Gas fell from 238
Total 1924
464,396 10.657.157 4,360.757 169,802,860 473,906 5,902,857
to 239, recovered to 2393' and closed to-dayat 236. Prairie Total
363.015 10.237.752 2.813 0112 2411.040.043 1.300.946 68.603.973
1923
Pipe Line after loss of two points to 102% rose to 105% and
The world's shipment of wheat and corn, as furnished by
finished to-day at 105. Standard Oil (Indiana) weakened Broomhall to the New York Produce Exchange, for the week
from 623
4 to 61, with the close to-day back to 62%. Swan ending Friday, F b. 29, and since July 1 1923 and 1922,
& Finch dropped seven points to 61. Elsewhere in the oil are shown in the following:
group changes were small and of little importance. Interest
Corn.
Wheat.
in the industrial list was also confined to a few issaes. Du1923-24.
1923-24.
1922-23.
I 1922-23.
bilier Condenser & Radio sold to a new high record, advancWeek I
Since
Si-ce
Si •ce
1Veek
Stare
ing from 223 to 26. Park & Tilford from 253/i sold up to
Fe,. 29.
July I.
Jr/y 1.
Feb. 29.
July 1.
July 1.
1 and at 28 finally. Durant Motors dropped from 28 to
29%
IPrshe's. I Mahe's.
Brshels.
Brshels.
Brshe's.
B,shes.
26, with the final figure to-day 263. Glen Alden Coal lost North Amer_ 8,889.000305,516.000327,811.000 752.000 7,669.000 73,358.000
Russ.4:Dan. 1,248,000 36,226,000 4,583.000 1,018,000 19,552.000 4,006.000
a point to 84 and sold finally at 843. United Bakeries Argentina__ 4.318.000 79,288.000 78,120.000 32,000 72.610.000 93,232,000
Anstralla ___ 4,346,000 42,418,000 28,100,000
common advanced from 45 to 48%, while Ward Corp. Class India
12,416,000 6,724,000
Oth. countr'
"A" dropped from 73 to 603/i and recovered to 66.
1,584,000
14,755,111 4,521,000
A complete reccri of Curb Market transactions for the
Total
118.801.0001477.445.000445.338,000 1.802,000i14,586.000175.117.000
week will be found on page 1125.
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, March 1, was as follows:
graumercial auttIn tscellaneonsnyvol
Breadstuffs figures brought from page 1171.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
I
Flour. I
Wheat. I
Corn.
Oats.
Barley.
Rye.
bbis.1901bs.bush.60 lbs.Ibush. 56 lbs bush. 32 Ms Sush.481bs 5ush.561bs.
Chicago
301,000
385.000 4.043.000 1,890.000 208.000
100.000
Minneapolis_ _
1.981,000
955.000
596,000 213,000
115.000
Duluth
881,000
328,000
123.000
161,000
18.000
Milwaukee. _
59.000 1,260.000
39,000
745.000
191.000
65.000
Toledo
I
169.000
222.000
117,000
3.000
Detroit
51,000
83,000
112,000
Indianapolis_
618.000
139,000
184,000
St. Louis__
455,000 1,035,000
114,000;
678,000
6,000
3,000
Peoria
454,000
23,000
49,000
423,000
51,0
Kansas City._
645,000
1,014,000
255.000
Omaha
'262,000
897,000
282,000
St. Joseph_
256,000
123,000
36,000
Sioux City....
32.000
237,000
2.Ill
78.000
Totalwk.1924
Ramo wk.1923
Same wk.1922
503,000
451,000
440,000
5.074,000 11,533,000
5,715,000 10.286,000
4,407,000 9,544.000
5,249,000
3.612,000
3,890,000
689,000 447.000
801,000 1,012.000
421,000 292,000
Since Aug.11923-24. _ _ _ 3,047.000155.534.000194,025.000 160,986,000 30,087,0
20,926.000
004
3
1922-23_
5.458,000318,598,000 218,297.000 152.346.00027,782,
7.650.000
1921-22._
3,541,000253,432,000272,692,000 141,633.000 19,295.00013.290,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, March 1 1924 follow:
Receipts at- I
Flour. I
Wheat. I
Corn.
Ocits.
Barley.
Rye.
Barrels. I Bushels. I Bushels.
Bushels.
Bushels. Bushels.
New York... 265,000 1,393,004
146.000
189.000
27,000
59.000
Portland, M e_
89.000
80.000
793,000
46,000
Philadelphia
44.004 1,315,004
299,000
149.000
3,
61.000
Baltimore. _ _ _
28,0001
25,000
194,000
319,000
93 000
New port New
1,0001
Norfolk
4.000
13.000
28,000
Mobile
New Orleans.
190,000
33,000
60.0001
33,000
Galveston .
6.000
45,000
Montreal _ 9,000
123.000
20,000!
179.000
5,000
St. John, N.B.
mow' 409.000
335.000
42,000
Boston
1,000
10,000
34,000
38,000
Loclo
Port Arthur_
Total wk.1924 601,004 4,568,0001
901.000
Since Jan.1'24 4,733,000 27,853,000 5,398.000
988.000
123,000
6,802.000 2,260,000
Same wk.1923 529.000 3,627.000 1,258,000
Since Jan.1'23 4.700,000 44,693,000 19.887.000
697,000
199,000 825,000
6,369.000 1,428,00010.163,000
214.000
704,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Match 1 1924, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn. Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
1,410.757
New York
16,906 253,396
30,000
8,643 114,892
Portland, Me-- - - 793,000
89.000
80,000
46,000
150,000
Boston
8.000
15,000
Philadelphia ___. 758.000 189,000 16,000
717,000 164.000 5,000
Baltimore
86.000
Norfolk
28,000
13,000 4,000
Newport News__
1.000
11,000
91.000 32.000
New Orleans_ _._
2,000
84,000
Galveston
409,000
St. John, N. B
56,400 335,000
42,000
Total wk. 1924 4.360.757 473,906 464,396 462,000
94,643 202,892
Same week 1923_ 2,893.062 1,300.947 363,015 194,602 763.225 Ian 405
The destination of these exports for the week and since
July 1 1923 is as below:
GRAIN STOCKS.
Wheat.
Cor %.
Oats.
Barley
Rye.
United States- brsh.
brsh.
brsh.
brsh.
bush.
New York
255.000
33,000
368,000
486,000
136,000
Boston
3.000
2.000
4,000
33.000
Philadelphia
282,000
297,000
112,000
3,000
61.000
499,000
Baltimore
264.000
70.000
4,000
119,000
New Orleans
545,000
156.000
144,000
24.000
2,000
Galveston
460,000
43,000
Buffalo
382,000. 1,065,000 1.264,000
3,362,000
236,000
afloat
2.213,000
"
1,256,000
1,491,000
Toledo
166.000
278,000
24.000
Detroit
44,000
39,000
87,000
23,000
Chicago
15.617,000 4,930,000 4,531.000 1,569,000
208,000
afloat
188.000
Milwaukee
340,000 1,116.000 1.048,000
78.000
677.000
Duluth
5.846,000 3,207,000 1,921,000 7.165,000
209,000
Minneapolis
15,311,000 1,289,000 4,921,000 7,902.000
566.000
Sioux City
320.000
483.000
497,000
6,000
15.000
Bt. Louis
1,305.000 1.283.000
324.000
3,000
19,000
Kansas City
11,966,000 1.804,000
892,000
303,000
196,000
St. Joseph, Mo
894,000
551,000
3,000
116.000
11,000
Peoria
34.000
216,000
110.000
Indianapolis
386,000
492,000
227.000
Omaha
947.000
347.000
35,000
_ 3 Ion 000 1.700000
Total Mar. 1 1924 _ _ _ _t,.......,u00 i,,,t-m.000-1.7341.00-0 21.1,115 000 1.735.000
Total Feb. 23 1924_ _64,454,000 15,246,000 17,588,000 20,714.000 1.854.000
Total Mar. 3 192
47,607,000 27,529.000 27,683,000 14.954.000 2.690.000
Note.-Ponded grain not included above: Oats, New York, 827,000 bushels
Boston. 206,000: Baltimore. 4,000; Buffalo, 751,000: Duluth, 4,000: total. 1,792,000
bushels, against 2,597,000 bushels in 1923 Barley, New York, 161.000 bushels:
Duluth, 11,000: total, 172,000 bushels. against 1,622,000 bushels in 1923. Wheat,
New York, 818,000 bushels; Boston, 234,000; Philadelphia, 1.082.000: Baltimore,
645 000: Buffalo, 5.198,000; Buffalo afloat. 5,102,000: Duluth, 287,000: Duluth
afloat, 4,394,000; Toledo, 148,000: Toledo afloat, 1,925,000: Chicago, 1,231.000; on
Lakes. 119,000: total, 21.233,000 bushels, against 20,062,000 bushels in 1923.
CanadianMontreal
1,882,000
17,000 1,027,000
214.000
233.000
Ft. William dr Pt. Arthur_48,380.000
5.210.000 1,385.000
876,000
"
3,034,000
afloat
298.000
Other Canadian
3.611.000
2.514.000
506,000
690.000
Total Mar. 1 1924_ _ ..5(1.901.U00
17,000 9,049,000 2,105.000 1.799.000
Total Feb. 23 1924..._52,707.000
15,000 8,827,000 2,111,000 1,86,1000
Total Mar. 3 1923_ _ _ _35,402,000
292,000 5,010.000
151,000 3,803,000
SummaryAmerican
64,072,000 18,898.000 17,741,000 21,205,000 1.735,000
Canadian
56.907.000
17.000 9,049,000 2.105.000 1,789.000
Total Mar. 1 1924_120.979,1100 13,915,000 26.790.000 23.310,000 3.534,000
Total Feb. 23 1924_117.161.000 15.261,000 26,415,000 22,825.000 3,670.000
Total Mar. 3 1923_ 83,009,000 27,821,000 32,693.000 15,105.000 6,493.000
New York City Banks and Trust Companies.
All prices dollars per Ma,.
Banks
Bid Ask Trust Co.'s Bid Ask
Harriman_ _ _ _ 340
Manhattan •_ 158 1C8 American..........
Mech & Met_ 387 392
ank of N Y
Mutual.
40
& Trust Co 490 510
Nat American 143
_ - Bankers Trust 362 366
National City 357 561 Central Union 532 538
New Neth •_ _ 145 155 Em
otrpimreercial... 110 120
Pacific •
300
Park
425 435 Equitable Tr_ 2
305
05 2
30
15
7
Port Morris.. 173
Farm L & Tr_ 618 628
Public
335
Fidelity Inter 200 210
Seaboard _ _ 405 416 Fulton
275
Seventh Ave_ 90 105 Guaranty Tr_ 249 9
. 53
Standard
_ 235 250 Hudson
230 -State*
330 340 Irving Bank!Trade•
120 140
Columbia Tr 218 223
Tradesmen's• 200 --- Law Tit & Tr 204 208
238 Ward•
250 -__ Metropolitan_ 320 325
United States* 180 _-- Mutual (West
Vash'n Hts•_ 200 --cheater)
120 130
Yorkville•_ 1200
N Y Trust_ _ _ 364 369
Title Gu & Tr 394 398
U Mtg dr Tr 305 310
Brooklyn
United States 1350 1380
Coney Island* 160 170 Westches Tr_ 210 -First
385 400
Brooklyn
Mechanics'•- 140 150 Brooklyn Tr_ 500 510
Montauk s_ _ _ 170 Kings County 850
Nassau
250
P
Meo
anpu
lef,
aseturer 280 290
People's
250
385 400
• Banks marked w th (*) are State banks. (x) Ex
dividend.
Bunks-N.Y. Bid Ask
America •___ _ 213 216
Amer Exch._ 300 310
460
Bowery •_
Broadway Cen 160
Bronx'Boro•_1 140
Bronx Nat...I 125
Bryant Park 'Pi 170
Butch & Drov 137 150
Cent Mercan_ 225
Chase
348 353
Chat & Phen_ 253 258
Chelsea Exch• 118 128
Chemical
560
Coal & Iron
220 230
Colonial •_
350
Commerce... 320 324
Com'nwealth• 235 250
Continental.. 145
Corn Exch... 430 436
Cosmop'tan•_ 115 125
East River_ _ _ 195 205
Fifth Avenue* 1250 1300
Fifth
230 240
First
1395 1415
Garfield
275 285
Gotham
165 175
Greenwich.. 350 400
Hanover
790 810
New York City Realty and Surety Companies.
Alliance !City
Amer Surety.
Bond& MG.
City Investing
Preferred..
Lawyers Mtge
Bid
110
94
298
77
90
160
Ask
98
303
80
100
165
All prices are dollars
Bid
Mtge Bond _ _ 113
Nat Surety.. 161
N Y Title &
Mortgage.. 208
US Casualty. 170
US Title Guar 147
per share.
Ask
Bid
119 Realty Assoc
(11klyn)com 167
165
1st pref... 86
74
215
2d pref _
180 Westchester
Title dr Tr_ 225
152
Ask
172
88
78
235
1106
THE CHRONICLE
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS To ORGANIZE RECEIVED.
Capital.
$100,000
Feb. 19-The City National Bank of Gadsden, Ala
Correspondent, R. V. Davidson, Gadsden, Ala.
25,000
Feb. 19-The Southern National Bank of Colquitt, Ga
Correspondent, 0. C. Jinks, Colquitt, Ga.
200,000
Feb. 20-The Broadway National Bank of Paterson. N. J
Correspondent, William E. Walter, 120 Broadway.
Paterson. N. J.
25,000
Feb. 20-First National Bank of Hankins, N. Y
Ms my
Correspondent, P. F. Gottschalk. Hankins. N. Y.
25,000
Feb. 26-National Bank of Alaska of Ketchikan. Alaska
*s
Correspondent. J. E. Rivard, Ketchikan, Alaska.
200,000
Mar. 1-The Jamaica National Bank of New York, N.Y
Correspondent. Wm. E. Kennedy, Bank of Manhattan
Bldg., Jamaica, N. Y.
50,000
Mar. 1-The First National Bank of Seabreeze, Fla
Correspondent, F. N. Stengle, Seabreeze, Fla.
APPLICATIONS TO ORGANIZE APPROVED.
Feb. 19-The Brown National Bank of Kenosha. WIR
Correspondent, Charles C. Brown, care First National
Bank, Kenosha, Wis.
Feb. 20-The Borough National Bank of New York, N. Y_ _
Correspondent, D. C. Mangan, 9401 215th St., Bor11$ Ilia,
r ough a Queens, New York. N. Y.
Feb. 21-The First National Bank of Rich]and, Texas
Correspondent, H. A. Swink, Richland, Texas.
Feb. 26-The First National Bank of La Veta, Colo
Correspondent, J. B. Hamilton. La Veta, Colo.
.
Feb. 28-The First National Bank of Lakehurst, N.J
Correspondent, Wm. H. D. Wilbur, Lakehurst, N. J.
APPLICATION TO CONVERT RECEIVED.
Feb. 19-The First National Bank of Vera, Texas
Conversion of The First State Bank of Vera, Texas.
200.000
$25.000
25,000
$25.000
CHANGE OF LOCATION AND TITLE.
N.J., to
Mar. 1-9661-The First National Bank of,East Newark,
"The Kearny National Bank," Kearny, N. J.
VOLUNTARY LIQUIDATIONS.
Feb. 19-9010-The Live Stock Exchange National Bank of
$1,000,000
Chicago, Ill
Effective Feb. 5 1924. Liquidating Agent, S. T.
Kiddoo, Chicago, Ill. Absorbed by The Stockyards
National Bank of Chicago. No. 12493.
100.000
Feb. 21-11904-The Centralia National Bank, Centralia, III
Effective Jan. 8 1924. Liquidating Agent. Merchants
State Bank, Centralia, Ill. Absorbed by the Merchants State Bank, Centralia, Ill.
100,000
Feb. 23-10866-The National Bank of Hopewell. Va
Effective Feb. 21 1924. Absorbed by the Richmond
Trust Co., Richmond, Va.
Feb. 25-4194-The Stockmens National Bank of Fort Benton,
$200.000
Mont
Effective Jan. 21 1924. Liquidating agent. F. E.
Stranahan, Fort Benton, Mont.
Feb. 29-4120-The First National Bank & Trust Co. of Santa
150,000
Paula, Calif
Effective Feb.23 1924. Liquidating agent, A.F.Walden.
Absorbed by Pacific Southwest Trust & Savings Bank
of Los Angeles, Calif.
Feb. 29-12275-The First National Bank of Palm Beach, Fla_ --- 25.000
Effective Feb.5 1924. Liquidating agent,Ira L.Nesmith,
West Palm Beach, Fla. Absorbed by First Bank dc
Trust Co. of Palm Beach, Fla.
25,000
Mar. 1-11612-The First National Bank of Caney. Okla
Effective Feb 25 1924. Liquidating agent, J. E. McKinney, Durant. Okla. Absorbed by Bank of Caney,
Caney, Okla.
Mar. 1-12057-The American National Bank of West Palm Beach,
100,000
Fla
Effective Feb. 5 1924. Liquidating agent, Ralph Payne,
West Palm Beach, Fla. Absorbed by First-American
Bank & Trust Co. of West Palm Beach. Fla.
$50,000
50.000
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were this week sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh •
98
20 Hood Rubber Co., pref
55
15 Emerson Shoe Co., lst pre1
115
5 Washburn Wire Co., pre!
1033.
5 Library Bureau, pref. A
203
1 Lowell Electric Light Co
Per Cent.
Bonds.
$2,000 York Utilities Co. 1st 58,
45
1943,Series A
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per rt.
No. Rights.
1 9-16
60 Haverhill Gas Light Co
114
10 Fall River Electric Co
Per Cent.
Bonds.
$12 Eastern Mass. St. By. Co.,
36
•
ad). scrip stamped
$1,000 New Scollay Building Trust
9131
434s, March 1934
$10 Eastern Mass. St.IV.58, Jan.
70
1948, Series "B"
By Messrs. Barnes & Lofland, Philadelphia:
$ per oh. Shares. Stocks.
$ per oh.
Shares. Stocks.
100 Union Transfer Co., par $25... 26
5 St. Charles Hotel Co.7% mei_ _- 21
10 St. Charles Hotel Co.7% pref-- 20 40 York Harbor & Beach RR.,
$45
common, par $50
5 St. Charles Hotel Co.7% pref.-- 21
32 Smith, Kline & French Co.,com. 85
5131. Charles Hotel Co.7% pret_ _ _ 21
10 St. Charles Hotel Co.7% pref.- 2334 10 Atlas Machine Tool & Weld. Co. 1
100 6 Phila. Bourse, corn., par 550- - 2134
734 Ashland Coal& Coke Co
24
100 6 Phila. Bourse, prat., par $25
26 Majestic Collieries Co
ill
4 Victory Insurance Co., par $50.... 95
9 Bluefield Telephone Co
75 15 Victory Insurance Co.. par $50_ 93
33 Dans Branch Land Co
13 Booth-Bowen Coal dc Coke Co 350
Per Cent.
80
Bonds.
49 Thomas Devlin Mfg.Co
154 Mine Hill & Sehuyl. Hay.RR_ 49 $1,300 Coplay Cement Mfg. Co.
60
10234
1st a. f. 68, 1941
7 Philadelphia Warehouse Co
26
$1,000 Phila. Elec. Co. 1st 58, 1966 9834
53 Coplay Cement Mfg. Co
313 52,000 Lake Sup.Corp.Inc. 5s,'24- 1634
1 Phila. Elec. Co., prat
270 $2,000 Black Mtn.Corp. lat 65,'37 41
10 First National Bank
134
$200 American Gas Co. cony. 78.
14 Kensington National Bank
97
July 15 1928
1 Fourth Street National Bank..._346
$50 American Rye. Co. inc. 78,'40 85
6 Real Estate Title Insurance &
550 $4406.44 Lebanon Steel Co.,2d pref.
Trust Co
510
inc. bond, due March 15 1924 $4
5 Fidelity Trust Co
$20 American Rys. Co. inc. 75,
3 Commonwealth Title, Insurance
92
408
scrip certificates
& Trust Co
11534 $1.000 Southern Indiana Ky. 1st
2 Real Estate Trust Co., prat
70
4s, 1951
3 Jefferson Title de Tr. Co., par $50 60
58
$2,000 Caddo Central 011 de Ref.
2 Glenside Trust Co., par 550
Co. bat consol. 6s, 1930 (Jan.
100 Camden Fire Insurance Asso16
1134
coupon attached)
ciation, par 55
97
$1,000 Havana Tobacco Co. 1st
1 Lehigh Valley RR., prof
41
5s. 1922 carts of dep
9 Stan. Coosa Thatcher Co., com_121
•
30.000
CHANGE OF TITLE.
Feb. 20-7860-The First National Bank of Frackville. Pa., to "The First
National Bank & Trust Co. of Frackville."
per sh.
.Shares. Stocks. Fitch Co.. pref-$90
&
•53 AbercrombieTowel
Co.,
Cabinet
100 Pullclean
$2K
Inc.. Par $10 Club
$2 lot
6 Norwood Golf-Simplex
Co., Inc..
Crane
The
90
$210 lot
COM., V. t. C
par$2.1301ot
5,000 MojaveTungsten Co.,
prof. $9034
Co..
Mortgage
Manhattan
5
Co.. pref.-$90
8 Manhattan Mortgage
In. pref-$13K
.6 Chicago & Alton RR.,pr.
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
1 National Union Bank
19634
20 National Shawmut Bank
202
73
20 Amoskeag Mfg. Co., corn
38
1-3 Hill Manufacturing Co
52 Lawrence Manufacturing Co.__ 59
7034
7 Fairhaven Mills, pref
100 Parker Young Co.,com
3134
9734
2 Hood Rubber Co., prat
114
8 American Glue Co., pref
$ per sh.
Shares. Stocks.
90 National Shawmut Bank._ _200-20034
14434
2 Massachusetts Cotton Mills
149
9 Continental Mills
8031
2 Nashua Mfg.Co.,com
3834
2-3 Dill Manufacturing Co
130 American Glue Co., corn.....44-4434
60
25 Eastern Mfg. Co., prof
10 Springfield GEIS Lt.Co., par 525- 4834
20 Montpelier & Barre Light .4
5534
Power Co.. pref
35 American Brick Co.,corn., par 55 4
$100,000 25 Springfield Gas Lt. Co., par $25_ 48
APPLICATIONS TO CONVERT APPROVED.
$500,000
Feb. 19-The American National Bank of Denver, Colo
Conversion of The American Bank & Trust Co., Denver, Colo.
300.000
Feb. 20-The National Bank & Trust Co. of Red Bank, N.J- _
Conversion of The Red Bank Trust Co.. Red Bank.
N. J.
CHARTERS ISSUED.
Feb. 18-12496--The First National Bank of Narrowsburg.N.Y. $50,000
President. M.P.O'Connor;Cashier, N.G.Persbacker.
11111
50,000
Feb. 20-12497-The Palisade National Bank of Fort Lee. N.JPresident, Harry D. Schall; Cashier. A. J. Hughes.
$25,000
Feb. 25-12498-The First National Bank in Carmen, Okla
President, Charles W. Watson; Cashier, John R. Thomas.
Feb. 27-12499-The National Peoples Savings Bank & Trust Com100.000
pany of Vicksburg. Miss
Conversion of the Peoples Savings Bank & Trust Co. of
Vicksburg, Miss. President. R. P. Jones; Cashier.
T. W. McCoy.
Feb. 27-12500-The Uniontovrn National Bank & Trust
Co..250,000
Uniontown, Pa
President, Howard H. King: Cashier. Isaac Jackson.
Feb. 28-12501-The National City Savings Bank & Trust Co. of
100,000
Vicksburg. Miss
Conversion of the City Savings & Trust Co. of Vicksburg.
Miss. President. C.L.Warner;Cashier.J.G.Hickman.
CONSOLIDATION.
Feb. 21-10050-The First National Bank of Electra, Texas_ _
and 11928-The Security National Bank of Electra. Texas_
Consolidated Feb. 21 1924 under the Act of Nov. 7
1918 and under the charter and corporate title of'The
First National Bank of Electra" (No. 10050) with
capital stock of $100,000.
[VoL. 118.
$ per sh
Shares. Stocks. •
25 Manhattan Mortgage& Developing Corp ,corn
$8
8 Manhattan Mortgage & Developing Corp., pre/
$80
10 Manhattan Mortgage & Develop875
ing Corp., pref
20 Manhattan Mortgage& Develop$75
ing Corp., pref
11 Manhattan Mortgage Co., com_399
The following sales were made last week:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh.
Shares. Stocks.
100 Lehigh Val. Coal Sales, par $50- 8334
81
10 Howe Scale Co.. Prof
15 Austin-Nichols dr Co., Inc..
8434
7% pref
180
450 Gould Paper Co
17934
Co
Paper
Gould
675
126
10 Gloversville Knitting Co
Fulton County National Bank of
230
Gloversville
500 Ohio Electric Co,Common.._100 lot
200 Smith Motor Truck Corp.,corn.
10 lot
par $10
Spersh.
Bonds.
£2,000 Russian Southeastern KY.
Co. 434% bonds, dated 1914:
coup. No. 10 and sub, coupons
attached. English stamped,3of
$500 each and 5 of £100 each_ _510 lot
$3,500 Haynes Automobile Co.7%
Cony. Gold notes, 1924; Nov.
85
1923, coupons attached
31.000 Aiken Tow Boat & Barge Co.
1st 6s, 1927; June 1924 coup. att. 60%
By Messrs. Wise, Hobbs & Arnold, Boston:
$ Per oh.
Shares. Stocks.
319
5 First National Bank
290
Bank
National
8 Merchants
12034
18 Everett Mills
815
1 Nashua Mfg. Co., corn
38%
1-3 Hill Manufacturing Co
104K
3 Arlington Mills
120
18 Hill Manufacturing Co
9534
5 Hamilton Woolen Co
20 Adirondack Power & Light Corp.
2334
corn., par $50
44
3 American Glue Co.,corn
25 Tennessee Elec. Power Co..corn. 25
15 Liggett's Internat., Ltd., pref.,
52%
Par $50
Spec 58.
Shares. Stocks.
10 Puget Sound Pow.& Light,corn. 4434
10134
10 Hood Rubber Co., prof
15 Haverhill Electric Co.. par 825.- 50
141-142
66 Lawrence Gas Co
106%
10 Boston Ground Rent Trust
75 Colorado Power Co., corn..._23-23%
3 Tennessee Elec.Pow.Co..2d Pt 51
10 Tennessee Elec. Pow. Co., corn- 25
2 Railway & Light Sec.Co.,prat- 87
10834
10 Plymouth Cordage Co
5 Scott & Williams, Inc., 2d pret 100
7 New England Power Co., Prof.,
101% & accr. int.
with warrants
By Messrs. R. L. Day & Co., Boston:
$ per oh.
Shares. Stocks.
202
18 National Shawmut Bank
290
10 Merchants National Bank
10434
10 Arlington Mills
26 Massachusetts Cotton Mills._ .._14434
85
5 Dartmouth Mfg. Co., met
180
5 Soule Mills
3834
1-3 Hill Manufacturing Co
10 Saco Lowell Shops, 1st pref._ 95
120
13 Hill Manufacturing Co
112
5 American Glue Co., pref
50 Am. Brick Co., corn., par $5_ _ _3;4-4
33
70 Parker Young Co.,COM
10134
5 Hood Rubber Co., prat
$ per sh•
Shares. Stocks.
57
13 Bedford Trust
7 Kansas City Stock Yards Co.,com 7634
1 Boston Athenaeum, par 8300..._600
700 Beet Growers Sugar Co., corn.,
$25 lot
Par $2.50
8 Business Property Associates-125& div
10 Worcester Electric Light Co_ _333
44
5 American Glue Co., corn
30 rights Boston Ground Rent Trust 76c.
$1 lot
20 Lord Electric Co., pref
Per cent.
Bonds.
$3,000 Dill & Collins 6s, Oct. 1941
8234 & int.
By Messrs. Barnes & Lofland, Philadelphia:
S per sh.
$ Per sh. Shares. Stocks.
Shares. Stocks.
35 3 Manufacturers Casualty Ins. Co- 2434
18 Chester Gas Co., par $25
97
1 Chester St. Ry. Co., par $50_-- 8834 2 Reliance Insurance Co
90
6034 20 Hare & Chase, Inc., Prof
25 Welsbach Co..corn
30
Co
Bank
2
225
Southern
Transportation
National
20 Union
100
165 Cusack Hardware Co
10 Northwestern National Bank...505
834
15 Northwestern National Bank...50434 2 American Theatre Realty Co
John B. Stetson Co.,com.,no par 94
10 Producers & Consumers Bank,
1034 4 John B.Stetson Co..com., no par 94
par $10
10 Quaker city National Bank_.._200 3 Mine Hill & Schuylkill Haven RR. 5034
92
523
75 Horn & Hardart Co. of N. y
5 Northern Trust Co
52134 8 Autocar Co. of Ardmore, pref..- 90
10 NorthemTrust Co
52134 3 Autocar Co., Ardmore,Pa.. mu_ 64
23 Northern Trust Co
5 Commonwealth Title Ina. & Tr_ _408
Per cent.
Bonds.
522
15 Fidelity Trust Co
518 $500 North Springf. Water Co. 1st
5 Fidelity Trust Co
9434
5a, 1928
515
16 Fidelity Trust Co
10 Broad Street Tr. Co., par $50_ _ 7034 51,000 Lukens Steel Co.bet 88,1940.100
701
$5.000 North Pines 68. Co. 1st a. f.
I Land Title & Trust Co
671
7s, 1922,unpaid coup.attached.$20 lot
9 Land Title & Trust Co
49134 1500 Comb Val Telep. Co. (Pa.) 111
13 Provident Trust Co
54
.81,000
lot
S.D.
Surety
gen. 5s. 1968
Co..
Bankers
120
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
MAR.8 1924.]
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Holders of rec. Mar. 17
*Holders of rec. Mar.14
Holders of rec. Mar.15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar.15
*Holders of rec. Mar.14
Holders of rec. Mar.14a
Holders of rec. Apr. 14a
Holders of rec. Apr. 14a
134
SI
131
Fire Insurance.
Rossla (quar.)
*5
3
234
1234
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Mar.31
Apr. 1
•51.50 Apr. 1 *Holders of rec. Mar. 15
Miscellaneous.
Aeolian Company, pref.(guar.)
Mar. 31 Holders of rec. Mar.20
Allis-Chalmers Mfg., pref. (guar.)
"131 Apr. 15 *Holders of rec. Mar. 24
American Bank Note, pref.(guar.)
*75e. Apr. 1 "Holders of rec. Mar. 15
American Car & Foundry, corn.(guar.). 3
Apr. 1 Holders of rec. Mar. 17
1% Apr. 1 Holders of rec. Mar. 17
Preferred (guar.)
American Chain,common
*50e. Mar. 26 *Holders of ree. Mar. 15
*50e. Mar. 31 *Holders of reo. Mar. 21
Class A stock (guar.)
American Cigar, pref.(guar.)
•134 Apr. 1 *Holders of rec. Mar. 15
American Piano, common (guar.)
*2
Apr. 1 *Holders of rec. Mar.28
•ig Apr 1 *Holders of rec. Mar.28
Preferred (guar.)
•131 Mar.31 *Holders of rec. Mar.20
Amer. Pneumatic Service, 1st prof
3
Apr. 1 Holders of rec. Mar. 14c
American Snuff, common (quar.)
134 Apr. 1 Holders of rec. Mar.14c
Preferred (guar.)
American Steel Foundries, corn.(quar.). *750. Apr. 1 'Holders of rec. Apr. 19
Preferred (guar.)
•134 Mar.31 *Holders of rec. Mar.15
American Wholesale Corp., pref. (guar.) *1% Apr. 1 *Holders of rec. Mar. 19
Amer. Window Glass Mach., torn. (qu.) 154 Apr. 1 Holders of rec. Mar.14
1
Apr. 1 Holders of rec. Mar. 14
Common (extra)
Apr. 1 Holders of rec. Mar.14
Preferred (guar.)
American Woolen,corn, and pref.(quar.) 154 Apr. 15 Mar. 15 to Apr. 1
2
Mar.15 Holders of rec. Mar. 56
Autocar Co., preferred (guar.)
*Holders of rec. Mar. 7
Bigelow-Hartford Carpet (in stock)._ 4150
2% Mar.31 Holders of Coup. No.41
British-American Tobacco, preference
»ig Ap. 1 *Holders of rec.
Bucyrus Company, prof.(quar.)
Mar.20
•1
Apr. 1 *Holders of rec. Mar.20
Preferred (extra)
111
Apr. 1 *Holders of rec. Mar.15
Cambria Iron
Conn.
Cot.
2
Mills,
part.
pf.(qu)
Apr. 1 Holders of rec. Mar.15
Canadian
134 Mar.31 Mar. 5 to Mar.25
Celluloid Co., corn.(quar.)
Century Ribbon Mills, Inc„com.(No. 1) 500. Apr. 31 Holders of rec. Apr. 15c
Certain-teed Products Corp.
Apr. 1 Holders of rec. Mar 19
First and second preferred (guar.)_ __ _
*51.50 Apr. 1 *Holders of rec. Mar.20
Chandler Motor Car (guar.)
Apr. 1
ceicago Motor Coach, pref. (quar.)
• 33 1-3c Apr. 1 *Holders of rec. Mar.20
Chicago Yellow Cab (monthly)
'33 1-3e May 1 *Holders of rec. Apr. 20
Monthly
* 33 1-3c June 2 *Holders of rec. May 20
Monthly
Apr. 1 Holders of rec. Mar.21
Cluett. Peabody & Co., Inc., pref. (qu.)
Apr. 1 *Holders of rec. Mar.20
Commercial Solvents, corn., Cl. A WO_ *51
"2
Apr. 1 *Holders of rec. Mar.31
Preferred (quar.)
*500. Apr. 1 *Holders of rec. Mar.20
Conner (John T.) Co., corn. (quar.)
Cooper Corporation, Class A (guar.)... 3733e. Mar.15 Mar. 2 to Mar. 15
51
Mar.28 Holders of rec. Mar. 15
Cuyamel Fruit (quar.)
Apr. 1 Holders of rec. Mar. 15
$1
Detroit & Cleveland Nay.(guar.)
*231 Apr. 1 'Holders of rec. Mar.21
Detroit CreamerY
*83 . Mar.31 *Holders of rec. Mar. 9
Draper Corporation (guar.)
Durham (James H.) & Co., corn.(guar.) "134 Apr. 1 *Holders of rec. Mar. 19
*1)4 Apr. 1 'Holders of rec. Mar. 19
First preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 19
Second preferred (quar.)
Flee. storage Batt., corn. & pref.(guar.) *81
Apr. I *Holders of rec. Mar. 15
131 Apr. 1 Holders of rec. Mar.20
Emerson Electric Mfg., pref. (guar.)_ _ _
Endicott-Johnson Corp., coin. (guar.)._ 51 25 Apr. 1 Holders of rec. Mar. 17
Apr. 1 Holders of rec. Mar. 17
Preferred (guar.)
"2 Apr. 1 *Holders of rec. Mar. 19
Fisher Body,Ohio Corp.. Pref. (quar.)_
(guar.)._
Apr.
1 'Holders of rec. Mar.20
"134
Tank
Car,
pref.
Amer.
General
134 Mar. 10 Holders of rec. Feb. 29
Globe-Wernicke Co., corn. (quay.)
*133 Apr. 1 *Holders of rec. Mar.28
Heath (D. C.) & Co., Pref. (guar.)
Apr. 1 Holders of rec. Mar. 17
Kelme (George W.) Co., cam.(guar.)._ 3
131 Apr. 1 Holders of rec. Mar. 17
Preferred (guar.)
154
Mar.
25 Mar. 16 to Mar.24
(quar.)
common
Powder,
Hercules
134 Apr. 15 Holders of rec. Mar.31
Hillcrest Collieries, corn. (guar.)
134 Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
500. Mar.25 Holders of rec. Mar. 20
Homestake Mining (monthly)
Hydraulic Press Brick, pref. (quar.)_._. 134 Apr. 1 Holders of rec. Mar. 20
Apr. 10 Holders of roe. Mar.250
$2
(guar.)
.
.
Machines
Business
internat.
131
131
131
*131
133
135
Books Closed.
Days Inclusive.
Apr. 1 *Holders of rec. Mar.15
Mar.31 Holders of rec. Mar.21
Mar. 31 Mar.32 to Apr. 1
Apr. 1 Holders of rec. Mar.21a
Books Closed.
Days Inclusive.
Public Utilities.
•131 Apr. 1 *Holders of rec. Mar.15
American Public Service. pref.(quar.)
80. Aix. 1 Holders of rec. Mar.15a
Arkansas Natural Gas
134 Apr. 1 Holders of rec. Mar.15
Brazilian Tr., L.& Pow., pref.(quar.)
Chicago No. Shore & Milw., pref.(qu.)_ *154 Apr. 1 *Holders of rec. Mar. 18
•13.1 Apr. 1 "Holders of rec. Mar. 18
Prior lien stock (guar.)
Mar.31 Mar.26 to Mar.31
Chickasha Gas & Elec., corn. (guar.)... 1
134 Mar.31 Mar.26 to Mar.31
Preferred (quar.)
Apr. 1 "Holders of rec. Mar. 15
*1
Duluth-Superior Tr. pref. (guar.)
23.4 Apr. 1 Holders of rec. Mar.130
'
Co.(guar.)
Eastern Texas Elec.
*500. Apr. 1 *Holders of rec. Mar.15
Erie Lighting, pref. (guar.)
Illinois Power & Lt.,7% pt.(guar.)._ _ _ '131 Apr. 1 *Holders of rec. Mar. 15
*134 Apr. 1 *Holders of rec. Mar. 15
6% cumul. panic. pref. (guar.)
Kansas City Pow.& Lt., 1st pref.(qu.). "31.75 Apr. 1 "Holders of rec. Mar.15
Apr. 1 Holders of rec. Mar.18
2
Manila Elec. Corp.(guar.)
Niagara Locport & Ont. Pr., pref. (an.) "131 Apr. 1 *Holders of rec. Mar.15
North Amer. Light & Pow., pref.(guar.) 134 Apr. 1 Holders of rec. Mar.20
' •50e. Apr. 19 "Holders of rec. Mar.26
Oklahoma Natural Gas (guar.)
2
Apr. 15 Holders of rec. Mar.31
Pacific Gas & Electric, pref. (guard
pacific Teter,. & Teleg., pref. (quar.)
"1.34 Apr. 15 *Holders of rec. Mar.31
Penn Central Light &Pow.,corn.(qy.) *3734o Apr. 1 "Holders of rec. Mar.10
*10c. Apr. 1 "Holders of rec. Mar. 10
Common (extra)
*31 Apr. 1 *Holders of rec. Mar. 10
Preferred (guar.)
*10c. Apr. 1 *Holders of rec. Mar. 10
Preferred (extra)
Pennsylvania Power & Light, pref.(qu.) 134 Apr. 1 Holders of rec. Mar. 15
"32 Apr. 1 "Holders of rec. Mar.10
Philadelphia Traction
Mar.31 Mar.26 to Mar.31
Public Service Co.of Okla., corn.(guar.) 2
134 Mar.31 Mar.26 to Mar.31
Prior lien stock (quay.)
134 Mar.31 Mar.26 to Mar.31
Preferred (guar.)
Publlo Service Corp. of N.J., cone.(qu.) Si Mar.31 Holders of rec. Mar. 14
Mar.31 Holders of rec. Mar. 14
2
Eight per cent pref. (guar.)
Mar.31 Holders of rec. Mar. 14
Seven per cent pref. (guar.)
Apr. 15 Holders of rec. Mar. 20
Puget Sound Pr.& Lt.,common (quar.)_
134 Apr. 15 Holders of ree. Mar.20
Preferred (guar.)
131 Apr. 15 Holders of rec. Mar.20
Prior preference (quar.)
'33 Apr. 1 "Mar. 16 to Mar. 31
Ridge Ave. Pass. Ity„ Phila. (quar.)
"134 Apr. 15 *Holders of rec. Mar. 31
Southern Canada Power, prof.(quar.)
131 Apr. 1 Holders of rec. Mar.15a
Springfield fly.& Lt., pref.(quar.)
Twin City R. T., Minneap.„pref. (qu.) 133 Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
United Gas & Elec. Corp., pref.(quar.)_
4
31
4
4
2
2
4
4
When
Per
Cent. Payable.
Holders of rec. Mar. 18a
Holders of rec. Mar.18a
Mar. 16 to Mar.31
Holders Of ree. Mar.15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar.24
Holders of rec. Mar.24
Railroads (Steam).
131 Apr. 1
Bangor & Aroostook, pref. (quar.)
*50e. Apr. 1
Beech Creek (guar.)
Buffalo & Susquehanna, corn.(guar.)... 131 Mar.31
234 Mar.31
Common (extra)
8734c Apr. 1
Lehigh Valley, common (guar.)
31.25 Apr. 1
Preferred (guar.)
*1% May 1
Northern Pacific (guar.)
Apr. 1
1
Pere Marquette, common (quar.)
131 May 1
Prior preference (guar.)
133 May 1
Preferred (Quar.)
__
Name of Company.
Miscellaneous (Concluded).
International Shoe, common (quar.)_ _ _ _
81 Apr. 1 Holders of re,e. Mar. lo
Preferred (monthly)
1
Apr. 1 Holders of rec. Mar. 15
Iron Products Corp..corn.(quay.)
*31.50 Apr. 15 *Holders of rec. Apr. 1
Jordan Motor,common (guar.)
"75c. Mar.31 *Holders of rec. Mar. 15
Preferred (guar.)
"1% Mar.31 *Holders of rec. Mar.15
Kelly-Springfield Tire, pref. (quar.)---- 134 Apr. 1 Holders of rec. Mar.17
Kelsey Wheel. common (guar.)
$1.50 Apr. 1 Holders of rec. Mar.21
Lehigh & Wilkes-Barre Coal
*35 Mar. 1 *Holders of rec. Feb. 29
Loew's Incorporated (guar.)
500. Mar.31 Holders of rec. Mar.15
•13.i
Lone Star Gas (quar.)
Extra
*34
Lorillard (P.) Co.,corn.,(par $100)(q) 3
Arm. 1 Holders of rec. Mar. 15a
Common (par $25)(quay.)
75c. Apr. 1 Holders of rec. Mar. 15a
134 Apr. 1 Holders of ree. Mar. 15a
Preferred (guar.)
Mack Trucks, Inc., corn.(guar.)
$1.50 Apr. 1 Holders of rec. Mar.20
First and second pref.(quar.)
131 Apr. 1 Holders of rec. Mar.20
MallInson (H.It.) Co., pref.(quar.)___.. 1% Apr. 1 Holders of rec. Mar.20
Menet( Sugar, pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 18
Manhattan Electrical Supply (guar.)-- $1
Apr. I Holders of rec. May.20a
Manhattan Shirt, pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 17
Michigan Sugar, preferred
"z12
Apr. 10 *Holders of rec. Mar.31
Mountain Producers (quay.)
200. Apr. 1 Holders of rec. Mar. 15a
Extra
20c. Apr. 1 Holders of rec. Mar. 154
Nashua Mfg., pref.(guar.)
*131 Apr. 1 'Holders of rec. Mar.22
National Breweries, preferred (quar.)_
Apr. 1 Holders of rec. Mar. 15
81
National Dairy Products (guar.)
"75e. Apr. 1 *Holders of rec. Mar.20
Oil Lease Development(monthly)
10c. Mar. 15 Holders of rec. Feb. 29
Owens Bottle, common (guar.)
75c. Apr. 1 Holders of rec. Mar. 16
Preferred (quay.)
134 Apr. 1 Holders of rec. Mar.16
Penmans, Limited, common (quar.)_ _ 2
May 1 Holders of rec. Apr. 21
Preferred (guar.)
1% May 1 Holders of rec. Apr. 21
Penney (J. C.) Co., pref. (guar.)
*1% Mar.31 "Holders of rec. Mar.20
Pierce-Arrow Motor Car, prior pt.(qu.)_ E2
Apr. 1 Holders of rec. Mar.15
Pittsburgh Generator, common(No. 1)_ 'I
Apr. 1 *Holders of ree. Feb. 15
Preferred (guar.)
*2
Apr. 1 *Holders of rec. Feb. 15
Port Hope Sanitary Mfg.,pref.(quard
131 Mar. 1 Holders of rec. Feb. 27
Price Bros.(guar.)
31 Apr. 1 Holders of rec. Mar. 19
Reo Motor Car (guar.)
*15c: Apr. 1 *Holders of rec. Mar.15
Reynolds(R.J.) Tob.,corn. A dr B (qu.) *75e. Apr. 1 *Holders of rec. Mar. 18
Preferred (guar.)
•131 Apr. 1 *Holders of rec. Mar. 18
St. Joseph Lead Co.(guar.)
250. June 20 June 10 to June 20
Extra
25c. June 20 June 10 to June 20
St. Louis Rocky Mtn.& Pao.Co.,pf.(qu) 131 Mar. 31 Holders of rec. Mar. 15a
Simmons Co., common (guar.)
*25c. Apr. 1 "Holders of rec. Mar.15
Spalding (A. G.) dr Bro., corn.(quar.)_ _ 2
Apr. 15 Holders of rec. Apr. 15
First preferred guar.)
134 June 2 Holders of rec. May 17
Second preferred (guar.)
2
June 2 Holders of rec. May 7
Steel Co. of Canada,corn.& pfd.(qu.)
13.1 May 1 Holders of rec. Apr. 5
Sugar Estates Oriente, pref. (ouar.)_ _ _
2
May 1 Holders of rec. Apr. 15
United Profit Sharing Corp., prof
234 Apr. 30 Holders of roe. Mar.31
U. S. Tobacco, common (guar.)
75c. Apr. 1 Holders of roc. Mar.171
Preferred (quar.)
131 Apr. 1 Holders of rec. Mar.17
Utah Copper (guar.)
$I
Mar.31 Holders of rec. Mar.14
Walworth Mfg., common (guar.)
*35c. Mar. 15 *Holders of rec. Mar. 5
Preferred (quar.)
*131 Mar.31 *Holders of rec. Mar.21
Ward Baking Corp.. preferred (quar.)._
134 Apr. 1 Holders of rec. Mar. 15
Weber Piano. pref.(guar.)
131 Mar. 31 Holders of rec. Mar.20
Western Electric, common (quar.)
'$2.50 Mar.31 *Holders of rec. Mar.29
Preferred (guar.)
"131 Mar.31 *Holders of rec. Mar. 14
Westinghouse Fie°. dr Mfg.,corn.(au.). El
Apr. 30 Holders of rec. Mar.17
Common(Payable In common stock)-- 4110
Preferred (guar.)
$I
Apr. 15 Holders of rec. Mar.17
Wurlitzer(Rudolph) Co.7% pref.(qu.)_
134 Apr. 1 Mar.21 to Apr. 1
Yellow Cab Manufacturing (monthly).... *41 2-3 Apr. 1 *Holders of rec. Mar.20
Monthly
*41 2-3 May 1 'Holders of ret. Apr. 20
Monthly
'41 2-3 June 2 *Holders of rec. May 20
Per
When
Cent. Payable.
Name of Company.
Banks.
Chase National (guar.)
Chase Securities Corp.(guar.)
Chatham de Phenix National (quer.)
National City (quar.)
National City Co.(quar.)
Extra
Public National (guar.)
Seaboard National (quar.)
Trust Companies.
Bankers (guar.)
Guaranty (guar.)
Hudson (quar.)
United States(guar.)
1107
UTE CHRONICLE
Name) Company.
Railroads (Steam).
Boston & Albany (guar.)
Canadian Pacific, common (guar.)
Preferred
Cinc. New Orl.& Tex.Pat.. pref.(qu.)_
Preferred (guar.)
Delaware d: Hudson Co. (guar.)
Erie & Pittsburgh (quar.)
Fonda Johnstown & Glov., pref.(quar.)_
Lackawanna RR. of N. J.(quay.)
Newark & Bloomfield
New York Chicago & St. L., tom.(qu.).
Preferred (guar.)
N. Y. Lackawanna & Western (quar.)
Norfolk & Western,common (quar.)_
Philadelphia dr Trenton (quer.)
Mar. Ft. Wayne & Chic., corn.(Var.)
Preferred (quay.)
Pittsburgh & West Virginia, pref. (qu.)Preferred (quar.)
Preferred (quar.)
Preferred (guar.)
Reading Company, 1st pref.(guar.)_ - 2d Pref. (quar.)
St. Louis Southwestern, pref.(guar.)--Southern Pacific Co. (quar.)
Southern AY.. M.& 0.stk. tr. ctfs
Union Pacific, common (guar.)
Preferred
United N. J. RFC & Canal Cos.(quay.).
Warren
Per
When
Cent. Payable.
Books Closed.
Daps Inclusive.
Mar.31 Holders of rec. Feb. 29a
2
234 Apr. 1 Holders of rec. Feb. 29
Apr. 1 Holders of rec. Feb. 29
2
131 June 2 holders of rec. May 17d
131 Sept 2 Holders of rec. Aug. 16.
2% Mar. 20 Holders of rec. Feb. 260
8734C Mar. 10 Holders of rec. Feb. 290
134 May. 15 Holders of rec. Mar.100
Apr. 1 Holders of rec. Mar. 8a
Apr. 1 Holders of rec. Mar.24a
3
13.1 Apr. 1 Holders of rec. Feb. 15a
134 Apr. 1 Holders of rec. Feb. 15a
1% Apr. 1 Holders of rec. Mar. 140
131 Mar. 19 Holders of rec. Feb. 29a
231 Apr. 10 Apr. 1 to Apr. 11
•114 Apr. I 'Holders of rec. Mar. 10a
el% AM. 8 *Holders of rec. Mar.10a
1% May 31 Apr. 16 to May 4
134 Aug. 30 Holders of rec. Aug. la
1)4 Nov.29 Holders of rec. Nov. la
(4)
1%
Holders of rec. Feb.2'254
50c. May. 13 Holders of rec. Feb. 210
50c. Apr. 10 Holders of rec. Mar.240
1% May. 31 Holders of rec. Mar. 15
131 Apr. 1 Holders of rec. Feb. 290
*2
Apr. 1 *Holders of rec. Mar. 15
234 Apr. 1 Holders of rec. Mar. la
Apr. 1 Holders of rec. Mar. la
254 Apr. 10 Mar. 21 to Mar. 31
*355 Apr. 15 *Holders of reo. Apr. 5a
Public Utilities.
American Telep. & Teleg.(quar.)
25s Apr. 15 May. 15 to Mar.25
Associated Gas & Electric, pref.(guar.). 87540 Apr. 1 Holders of rec. Mar. 15a
Proferred (extra)
250. Apr. 1 Holders of rec. Mar. 154
Preferred (extra)
250. July 1 Holders of rec. June 15a
Bangor fly. dz Elec., pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 10
Bell lelep. of Pennsylvania, pref.(guar.) .15,4 Apr. 15 *Holders of rec. Mar.20
Boston Elevated fly., common (quay.)-. *154 Apr. 1 *Holders of rec. Mar. 17
egyi Apr. 1 *Holders of rec.
Second preferred
Mar.17
Brooklyn Union Gas (guar.)
Apr. 1 'Holders of rec. Mar. 12
"El
Central Ills. Pub. Serv., pref.(attar.)- .- •$1.50 Apr. 15 *Holders of rec. Mar.31
Citizens Passenger Hy., Phila. (qua?.).. $3.50 Apr. 1 Holders of roe.
Mar.20
City Gas of Norfolk, pref.(guar.)
April 1 Hoidens of reo. Mar.15
2
Preferred (guar.)
July 1 Holders of reo. June 15
2
Preferred (qua?)
Oct. 1 Holders of rec. Sept.15
2
Preferred (guar.)
Jan2'25 Holders of rec. Dec. 15
2
Colorado Power, common (Wan)
34 Apr 15 Holders of rec. Mar.31
Preferred(guar.)
131, Mar. 15 Holders of rec. Feb. 29
Commonwealth Pow.Corp.,corn.(No.1) El
May 1 Holders of rec. Apr. 18
Six per cent preferred (guar.)
1% May I Holders of rec. Apr. 18
Consolidated Gas(N. Y.) (quar.)
31.25 May 15 Holders of rec. Feb. 70
Cons. Gas. E. L. dr P., Bait.. tom.(qu.) 2
Apr. 1 Holders of rec. Mar.15a
Eight per cent preferred (guar.)
2
Apr. 1 Holders of rec. Mar.15a
Seven per cent preferred (quar.)
1% Apr. 1 Holders of rec. May. 150
Consumers Power(Mich.),6% Pf•(qu.)- 131 Apr. 1 Holders of rec. Mar. 15
Seven Per cent preferred (guar.)
131 Apr, 1 Holders of rec. Mar. 15
Detroit Edison(guar.)
2
Apr. 15 Holders of rec. Mar.200
Duquesne Light, 1st pref. Series A (qu.) 14
5
Mar. 15 Holders of rec. Feb. 15
El Paso Electric Co., common (guar.).- 231 Mar. 15 Holders of ree. Mar. la
Federal Light & Traction, cons.(quar.)
Apr. 1 Holders of rec. May. 150
$1
Common (payable in 6% pref. stock). m75c. Apr. 1 Holders of rec. Mar. 150
Frankf. & Southw'n Pass.. Phila. (qu.)- $4.50 Apr. 1 Mar. 2 to Apr. 1
1108
THE CHFONTCLE
Per
When
Cent. Payable.
Books Closed.
Days Inciustre.
[VOL. HS.
Per
When
Books Closed.
Name of Company.
Cent. Payable
Days Inclusive.
Public Utilities (Concluded).
Miscellaneous (Co.:linseed).
Galveston-Houston Elec., pref
3
Mar.15 Holders it rec. Mar. la Dubiller Condenser &Radio, pref.(qu.) $2
Mar.3 Holders of ree. Mar.26a
General Gas & El. Corp., pref. A (qu.)
$2
Apr. 1 Holders if rec. Mar. 15
Preferred (guar.)
52
June 3 Holders of rec. June 254
Germantown Passenger ity. (quar.)_ _ $1.31 Apr. 8 Holders of rec. Mar. 170
Preferred (guar.)
$2
Sept.
3 Holders of rec. Sept.25a
Haverhill Gas Light (guar.)
1.1254 Apr. 1 'Holders of MC. Mar.20
Preferred (quar.)
$2
Dec. 3 Holders of rec. Dec. 26a
Illinois Bell Telephone (guar.)
.2
Mar.31 'Holders of rec. Mar.29
duPont(El.) de Nem.& Co. com.(qu.) 2
Mar. 1 Holders of rec. Mar. 5a
Laclede Gas Light, corn. (guar.)
131 Mar. 15 Holders of rec. Mar. la
Debenture stock (guar.)
14
Mackay Companies, corn.(guar.)
154 Apr. 1 Holders of rec. Mar. 15a duPont(E.1.) de Nem.Powd.,com.(qu) •1yi Apr. 2 Holders of rec. Apr. 10a
May
*Holders of rec. Apr. 19
Preferred ((luar.)
1
Apr. 1 Holders of rec. Mar. 150
Preferred (
•151
May
'Holders of rec. Apr. 19
Manufacturers' Light & Heat (guar.)
2
Apr. 15 Holders of rec. Mar. 31,, Eastman Kodak,common (auar.)
51.25 April
Holders of rec. Feb. 290
IVIiddie West Utilities, prior nen (guar.) $1.75 Mar. 15 Holders of rec. Feb. 29
Common (extra)
Mc. Apr.
Holders of rec. Feb. 29a
Mississippi River Power, pref. (guar.)
154 Apr. 1 Holders of rec. Mar. 120
Preferred (quer.)
154
Apr.
Holders
of rec. Feb. 290
Montana Power,common (guar.)
1
Apr. 1 Holders of rec. Mar. 12
Eaton Axle & Spring (guar.)
M35r. Apr.
*Holders of rec. Mar. 15
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 12
Edmund & Jones Corp.,corn.(guar.) _
*50c. Apr.
rec. Mar.20
*Holders
of
New England Telep. & Teleg. (guar.)
2
Mar. 31 Holders of rec. Mar. 100
Common (extra)
•50c. Apr.
*Holders of rec. Mar.20
Newport News & Hampton Ry., Gas &
.
15i Apr.
Preferred (guar.)
*Holders of rec. Mar.20
Electric, pref. (guar.)
Apr.
1
Holders
15a
oi
rec.
Mar.
134
Eisenlohr (Otto) & Bros., pref.(guar.).- 1% Apr.
Holders of rec. Mar. 205
Now York Telephone, pref. (qu.)
$ 1.624 Apr. 15 Holders of rec. Mar. 20
Electric Auto-Lite, corn. (guar.)
$1.50 Apr.
Holders of rec. Mar. 150
Niagara Falls Power, common (guar.)._ *2
Mar. 15 *Holders of rec. Mar. 4
Elgin National Watch (guar.)
.2
May
*Holders of rec. Apr. 15
Preferred (guar.)
*131 Apr. IS *Holders of rec. Mar.31
Famous-Players Lasky Corp., com.(qu.) $2 Apr,
Holders
of rec. Mar. 110
Ohio Bell Telephone, pref.(guar.)
*151 Apr. 1 *Holders of rec. Mar.20
Federal Acceptance Corp., preferred_ _ 54
Apr. 1
Holders of rec. Alm la
Oklahoma Gas & Elec., pref (guar.).- 151 Mar.15 Holders of rec. Feb. 29
Federal Mining & Smelting. pref.(qu.)
151 Mar. 1
Holders
of
rec. Feb. 25a
Pennsylvania NVater & Power (guar.)
2
Apr. 1 Holders of rec. Mar. 14
Federal Motor Truck (guar.)
*3
Apr.
*Holders of rec. Mar.24
Philadelphia Electric, coin. & pref. (gu.) 50c. Mar. 15 Holders of rec. Feb. 1811 • Niehiliniano co.. common ((uar.)
75c. Apr,
Holden, of rec. Mar 150
Portland Ry., Lt.& Power, 1st p1.(qu.). 151 Apr. 1 Holders of rec. Mar. 5
Common (gilar.)
The. July
Holders of rec. June 160
Prior preference (guar.)
I% Apr. 1 Holders of rec. Mar. 5
Common (guar.)
75o
Oct.
Holders of rec. Sept• ISO
Rochester & Syracuse RR., pref. (guar.) *51
Mar. 15 *Holders of rec. Mar. 1
Common (quar.)
75e
an
1'2
Holders
of rec. Dee 15a
San Joaquin Lt.& Pow., prior pref.(qu.) 151 Mar. 15 Holders of rec. Feb. 29
Foundation Co., common (guar.)
$1.50 Mar. 1 Holders of rec. Mar. la
Second & Third St.s.Pass•Ity.,Phil.(gu.) _ $3
Apr. 1 Mar. 2 to Apr. 1
Preferred (guar.)
151 Mar. 1
Holders of rec. Mar. la
Shaw inigan Water& Power (guar.)
154 Apr. 10 Holders of rec. Mar. 2o
Galena-Signal Oil, common (guar.)..... I
Mar. 3 Holders of rec. Feb. 290
Southern Colorado Power, pref. (quar.)_
I% Mar. 15 Holders of rec. Feb. 29
Old and new pref.(guar.)
2
Mar.3 Holders of rec. Feb. 290
Standard Gas & Electric, pref. (guar.)
$1
Mar. IS Holders 01 rec. Feb. 290 General Cigar, deb. pref. (guar.)
1% Apr.
Holders of rec. Mar. 244
United Gas Impt... preferred (guar.).- 874c. Mar. 15 fielders of rec. Feb. 29
General Electric, corn. (guar.)
2
Apr. 1
Ho dere of rec. Mar. 5a
West Penn Co., common (guar.)
51
Mar. 31 Holders of rec. Mar. 15a
Special stock (guar.)
150. Apr.
Holders of rec. Mar. 50
West Penn Rya.,6% pref.(guar.)
154 Mar. 15 Holders or rec. Mar. I
General Motors, common (guar.)
30e. Mar. 1 Holders of rec. Feb. 250
Wisconsin Power, Lt. & Ht., pref.(qu.)_ *I% Apr. 19 *Holders of rec. Mar.31
7% debenture stock (guar.)
14 May
Holders of rec. Apr. 7a
6% debenture stock (guar.)
14 May
Holders of rec. Apr. 70
Banks.
6% preferred dock (guar.)
14 May
Holders of rec. Apr. 7
Commerce, National Bank of (quar.).
4
Apr. 1 Holders of rec. Mar.140 General Petroleum, common (guar.). •50e.
Mar. 1 "Holders of rec. Feb. 29
General Railway Signal, pref.(guar.)
14 Apr.
Holders of rec. Mar.20
Trust Companiea.
Gillette Safety Razor (stock dividend).- e5
June
Polders of rec. May 1
Equitable (guar.)
3
Mar. 31 Holders of rec. Mar ha Goodrich (II. F.) Co., pref.(guar.)---151 Apr.
Holders of rec. Mar 210
Title Guarantee & Trust (extra)
4
Mar.31 Holders of rec. Mar.22., Goodyear Tire & Rubber. prior pt.(qu.). 2
Apr.
Holders of rec. Mar. 15
Great Atlantic & Pacific Tea, corn.(qu.) '75e. Mar. I "Holders of rec. Mar. 10
Miscellaneous.
Great Western Sugar,common (quar.)
$2
Apr.
Holders of rec. Mar. 150
Preferred (guar.)
14 Apr.
Holders of rec. Mar. 16a
Adams Express (guar.)
$1.50 Mar. 31 Holders of rec. Mar. 15a Greenfield Tap & 1)10,
2
8% pref. (guar.)
Apr.
Holders of rec. Mar. 150
Advance-Rumely Co., pref. (guar.)_ _ '
134
Apr. 1 *Holders of rec. Mar. 15
Guantanamo Sugar, pref. (guar.)
2
Apr.
Holders of rec. Mar. 15a
' Allied Chemical & Dye Corp., pref.(qu.) 134 Apr. 1 Holders of rec. Mar. 14
Gulf States Steel, coin.(guar.)
14 AIIm.
Holders of rec. Mar. 15a
American Beet & Sugar, pref. ((luar.)
134 Apr. 1 holders ul rec. Mar.
First preferred (guar.)
1% Apr.
Holders of rec. Mar. 155
American Can, pref. (guar.)
14 Apr. 1 Holders of rec. Mar. 14
First preferred (guar.)
14 July
Holders of rec June 140
American Coal(guar.)
•21 May 1 *Holders of rec. Apr. 10
First preferred (guar.)
1% Oct.
Holders of rec. Sept. 150
American Fork & Hoe,common (quar.)- 14 Mar. 15 Holders of rec. Mar. 5a
First preferred ((uar.)
131 Jan2'2 Holders of rec. Dec. 150
Second preferred (guar.)
Mar. 15 Holders 01 rec. Mar. 5a
2
Second preferred (guar.)
14 Apr.
Holders of rec. Mar. 150
Amer. Laundry Machinery, cons.(a)- 50c. June 2 Mar. 24 to June 2
Second preferred ((uar.)
Holders of rec. June 14a
135 July
131 Apr. 15 Apr. 6 to Apr. 15
Preferred (guar.)
Second preferred (guar.)
154 Oct.
Holders of rec. Sept. 150
American Locomotive, corn. (guar.)._
$1.50 Mar. 31 holders of rec. Mar. 130
Second preferred (quar.)
111 Jan2'2 Holders of rec. Dec. 15a
Preferred (guar.)
151 Mar. 31 Holders of rec. Mar. 13u Hall(C. M.) Lamp
2(35.
Mar.
3
Holders
of rec. Mar.24a
American Radiator. common (guar.)... $1
Mar.51 tiotders of fee. Mar. lau Hanna(M. A.) Co., 1st pref.
(guar.)... *151 Mar.2 *Holders of rec. Mar. 5
Amer. Rolling Mill, common (quar.)._
500. Apr. 15 Holders of rec. Mar. 31.. Harbison-Walker Refract..
pref.(oh)- - 14 Apr. 1 Holders of rec. Apr. 9a
Preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 15a Hayes Wheel
75e. Mar. 1
Holders of rec. Feb. 294
American Safety Razor
25e. Apr. 1 Holders of rec. Mar. lua Hecht Mining(guar.)
250. Mar. 1
Holder, of ree. Feb. 15
Amer. Shipbuilding,common (guar.)
2
May 1 Hoidens of roc. Apr. loa Hibbard. Spencer. Bartlett
Mar.
Co.(mthlr.)
2
•35e.
*H
olders of rec. Mar. 20
Common (guar.)
2
Aug. 1 Holders of rec. Jut), lsa
Extra
•15c. Mar.2 *Holders of rec. Mar. 28
25c. Apr. 1 Mar.22 to
American Stores (guar.)
Apr. 1
4.1
Hollinger Cons. Gold Mines
Mar.2 *Holders of rec. Mar. 6
14 April 2 Holders of roe. Mar. I a Hood Rubber, common
Amer. Sugar Refining, pref. (quar.)
$1 Mar.3 Mar. 21 to Mar. 31
(guar.)
American Tobacco. pref. (guar.)
14 Apr. 1 Holders of rev. Mar. 18
Hudson Motor Car (guar.)
75e. Apr.
[folders of rec. Mar. 200
134 Apr. 1 Holders of rec. Mar. 15
Armour & Co. of Illinois, pref. (guar.)
Independent 011 & Gas
250.
Mar.3 Holders of rec. Mar. I4a
Armour & Co. of Del., pref. (guar.)--- - 151 Apr. 1 Holders of rec. Mar. 15
Inland Steel. pref. (guar.)
1% Apr.
Holders of rec. Mar. 15a
1
Mar.15 Holders Of rec. Feu. 210 Internat. Buttonhole
Atlantic Relining. common (guar.)
Sew. Mach.(qu.). 10c, Apr.
Holders of rec. Mar. 15
1
Mar.15 Holders of rec. Mar. 5
Atlantic Terra Cotta, pref. (guar.)
International Cement. corn. (quar.)._.. $1
Mar.
3
Holders of rec. Mar. 15a
51
Mar,10 Holders of rec. Feb. 29s
Atlas Powder. common (guar.)
Preferred (guar.)
.151 Mar.3 *Holders of ree. Mar. 15
151 Mar.15 Holders of rec. Mar. 1 International
Bekling-Corticelli, Ltd.. prof. (quar.)Salt (guar.)
•151
Apr.
*Holders
of rec. Mar. 15
14
Apr.
1 Mar.
Bethlehem Steel, common (guar.)
to Apr. 1
International Silver, pref. (guar.)
1% Apr.
Holders of rec. Mar. 16.
151 Apr. 1 Mar. 2 to Apr. 1
Seven per cent preferred (guar.)
Pref. (acct, accumulated dividends).Holders of rec. Mar. 150
2
Apr. 1 Holders of rec. Mar. Is Jones & Laugh.in Steel. pref.(quar.)_._ 54 Apr.
8% preferred ((luar.)
151 Apr,
volders of rec. Mar. 15a
Blumenthal (S.) & Co., pref. (guar.).- 14 Apr. 1 Holders of rec. Mar. 15a Keeley Sliver Mines
8
Mar. 15 Mar. I to Mar. 15
154 Mar. 15 Holders of rec. Mar. la
Borden Co.. preferred (quar.)
Bonus
4
Mar.
15
Mar. 1 to Mar. 15
14
June 15 Holders of rec. June l
Preferred (guar.)
Kenneoott Copper corp.(guar.)
75e. Apr. 1 Holders of rec. Mar. 7
*4
Apr. 15 'Holders of rec. Mar.22
Borne Serymser Co
Kresge (S. B.) Co., common (guar.)
•2
Apr. 1 *Holders of rec. Mar.17
.
2
Apr. 15 *Holders of rec. Mar.22
Extra
•134 Apr. I
Preferred (guar.)
*Holders of rec. Mar. 17
Boston Woven Hose & Rub.. corn.(go.) $1.50 Mar,15 Holders of rec. Mar. 1
Lehigh Valley Coal Sales (gust.)
*52 Apr. 1 *Holders of rec. Mar. 15
35c. Apr. 2 Holders ui rec. al.a
Bridgeport Machine,corn.(guar.)
Liggett & Myers Tobacco, pref.(gnat.). 1% Apr. 1 Holders of rec. Mar. 17
5
British-Amer. Tobac., ord. (Interlm)
Mar. 31 Holders of coup.No.100y Ludlum Steel, common (guar.)
50c. Apr. 1 Holders of roe. Mar.20
$1
Mar. 15 Holders of rec. Fell. lb
Buckeye Pipe Line ((uar.)
Lyon & Healy (Chicago), pref.(guar.)
•151 Apr. 1 *Holders of tee. Mar.21
2
Mar.31 Holders of rec. Mar. 20
Burroughs Adding Machine (quar.)
Monett S tear.common (guar.)
51.25 June 1 Holders of rec. May I54
Bush Terminal 131do.(guar.)
*I% Apr. 1 'Holders of rec. Mar. 18
Corn.(guar.)
$1.25 Sept. 1 Holders of rec. Aug. 154
By-Products Coke Corp., pref.(qu.). - *214 Apr. 1
Mathiefon Alkali Works, pref. (guar.)._ •15,i Apr. 1 *Holders of rec.
Mar. 20
51.60
Mar.
15 Hoidens ol rec. Feb. 29a
California Packing Corp.(guar.)
Preferred (acct. serum. dive.)
'5)34 Apr. 1 *Holders of roc. Mar. 20
151 Apr. 1 Holders of rec. Mar. 19a May Department
California Petroleum Corp.. pref. (qu.).
Stores. pref. (guar.)_ _
151 Apr. 1 Holders of rec. Mar. 154
Calumet & Arizona (guar.)
500. Mar.24 Holders of roc. Mar. 7a Mergenthaler Linotype (guar.)
24 Mar. 31 Holders of rec. Mar. 50
Apr. 1 Mar. 17 to Mar.31
Canada Bread, Ltd.,common (special).- 4
Michigan Sugar, pref.(acct.accum. city.) 014 Apr. IP Holders of rec. Apr. la
151 Apr. 1 Mar. 17 to Mar. 31
Preferred (guar.)
Preferred (account accum. dlvidendid . 5114 July 10 Holders of rec. July la
Canadian Car & Foundry, pref. (guar.). 154 Apr. RI Holders of rec. Mar 428a
Preferred (account accum. dividends)
014 Oct. 10 Holden; of rec. Oct. la
hi% Apr. 10 holders of rec. Mar 028a Midway Gas
Preferred (acct. accum. dividends)55
Mar. 15 Holders of rec. Feb. 290
Canadian General Elec., corn. (guar.).51 Apr. 1 Holders of rec. Mar. to
Montgomery Ward & Co., pref.(gust.). '135 Apr. 1 *Holders of rec. Mar. 21
34 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Class A (guar.)
•151 Apr. 1 *Holders of rec. Mar. 21
14 Mar.31 Mar.26 to Apr. 4
Canfield Oil,common (guar.)
Cottons. Ltd., corn. (guar.).- 154 Mar. 15 Holders of rec. Feb. 29
151 Mar.31 Mar.26 to Apr. 4 Montreal
Preferred (guar.)
Preferred (guar.)
151 Mar. IS Holders of rec. Feb. 29
Carter (William) Co., pref.(guar.)
154 Mar.15 Holders of rec. Mar. 5 Motor
Wheel Corp., common (guar.).
*2
Mar.20 *Holder, of rec. Mar. 10
Central Aguirre Sugar (guar.)
$1.50 Apr. 1 holders of rec. Mar. 22
Mutual 011 (guar.)
•I24c
Mar. 15 *Holders of rec. Feb. 29
(guar.)_
Chesebrough Mfg., aommon
*354 Mar.31 'Holders of rec. Mar. 5
Nat10118.1 Biscuit, common (guar.)
76e, Apr. 15 Holders of rec. Mar. 314
*151 Mar.31 *Holders of rec. Mar. 10
Preferred (guar.)
National Candy, common
3
Mar. 12 Feb. 20 to Lob. 26
Chicago Mill & Lumber, pref.(quer.)- - •14 Apr. 1 *Holder, of rec. Mar. 22
First and second preferred
351 Mar. 12 Feb. 20 to Feb. 26
Chicago Nipple Mfg., Cl. A (guar.)._ _ _ •75c. Apr. I *Holders of rec. Mar. 15
Nat. Enamel.& Stpg., pref. (guar.).
151 Mar. 31 Holders of rec. Mar. 10a
•25c. Apr. 1 *Holders of rec. Mar. 15
Class A (extra)
Preferred (guar.)
154 June 30 Holders of rec. June 100
Chicago Ry.Equip.,common (guar.)_
The. Mar.31 Holders of rec. Mar.20
Preferred (guar.)
135 Sept.30 Holders of rec. Sept. 100
14 Mar.31 Holders of rec. Mar.20
Preferred (guar.)
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 110
Childs Co.. Common, par 5100 (quar.)-- 3
Mar. 10 Holders of rec. Feb. 29a National Fireproofing,
pref. (gnat.).... I
May 15 Holders of roe. May I
60c. Mar. 10 Holders of rec. Feb. 29a National Lead,tom.(guar.)
Common,no par value
2
Mar.31 Holders of roe. Mar.14
151 Mar. 10 Holders of rec. Feb. 290
Preferred(guar.)
Preferred (guar.)
154
Mar.
15 Holders of rec. Feb. 210
Chill Copper(guar.)
624c Mar. 29 Holders of ree. Mar la
National Sugar Refining (guar.)
14 Apr. 2 Holders of rec. Mar.10
Cities Service-National Surety (guar.)
24 Apr. 1 Holders of rec. Mar. 200
Common (monthly; pay.In cash scrip) 954 Apr. 1 Holders of rec. Mar. 15
National Transit (guar.)
•25e. Mar. 15 *Holders of rec. Feb. 29
Common (payable in cora,stock scrip) 0151 Apr, 1 Holders of rec. Mar. 15
England & Southern MillsPreferred and pref. B (monthly)
54 Apr. 1 Holders of rec. Mar. 15 New
Prior preference (guar.)
June I Holders of rec. May 200 New York Air Brake, Class A (guar.)... 151 Mar. 15 Holders of rec. Mar. 5
City Ice & Fuel (Cleveland) (quar.)_ _ _ _ 2
Apr. 1 Holders of rec. Mar. 70
$1
Quarterly
2
Sept. 1 Holders of rec. Aug. 20u New York Canners, coin. (guar.)
50c. Mar. 15 Holders of rec. Mar. 50
Quarterly
2
Dec. 1 Holders of rec. Nov. 200
First preferred (guar.)
34 Aug. 1 Holders of rec. July 210
*51.75 Apr. 1 *Holders of rec. Mar. 15
Coca Cola Co.,common (guar.)
Second preferred (guar.)
.4
Aug. 1 *Holders of
July 21
Concentrated Productri Corp , pf. (qu.)_ $2 Mar.15 Holders of rec. Mar. 10
New York Steam Corp., pref. (guar.). _ •14,4 Apr. 1 Holders of rec.
roc. Mar. 15
*75c. Apr. 30 *Holders of rec. Apr. 15
Congoleum Co. common (guar.)
New York Transit (guar.)
50c. Apr. 15 Holders of rec. Mar.21
Continental Can, Inc., pref.(guar.).-- 1 51 Apr. 1 Holders of rec. Mar. 200 North American
Company,corn.(q519x.) (s) Apr. 1 Mar. 6 , to Mar. 12
Continental Oil (guar.)
50e. Mar. 15 Mar. 1 to Mar. 15
Preferred (guar.)
75e. Apr. 1
6 to Mar. 12 •
cramp(Wm.)& Sons S. &H.Bldg.(qu.)_
$1 Mar.31 Mar. 18 to Mar.31
North American Provision,pref.(gust.). 151 Apr. 1 *Mar.
Holders of rec. Mar. 15
Crane Company,common (guar.)
154 Mar. 15 Holders of rec. Mar. la Ohio 011 (guar.)
25c,
Mar.
31
Feb.
26
to Mar. 23
Preferred (guar.)
151 Mar. 15 Holders of rec. Slur. la
Circuit, common (monthly).- 124c. Apr. 1 Holders of roc Mar. 200
155 Mar.31 Holders of rec. Mar. 150 Orpheum
Crucible Steel of America, pref.(guar.)Preferred (guar.)
2
Apr.
1
Holders
of
rec. Mar. 1.50
Sugar,
_
_
The.
corn.
-American
(guar.)
Cuban
1 Holders of rec. Mar. la Packard Motor Car, preferred
151 Mar. 15 Polders of rec. Feb. 290
154 Apr.
Preferred (guar.)
Apr. 1 Holders of rec. Mar. la Paige-Detroit Motor,common (guar.).. •30e
(gnarl-Apr. 1 'Holders ot rec. M ar.20
Cumberland Pipe Line
3
Mar.15 Holders of rec. Feb. 29
Paraffin° Companies, Inc., common_ _
Mar.27 *Holders of rec. Mar.17
Curtiss Aeroplane & Motor, new pref.._ _ 34 Mar. 8 Mar. 9 to Mar. 9
Preferred (guar.)
al% Mar.27 *Holders of rec. Mar. 17
1.4 Mar.22 Holders of rec. Mar. 80 Pennok Oil (guar.)
Davis Mills (guar.)
250. Mar,25 Holders of rec. Mar. 15
(guar.)
2
Mar. 15 Holders of rec. Feb. 290 Pettibone-Mulliken Co.,let&2d Pf.(qu.) '155
Diamond Match
Apr. 1 *Holders of rec. Mar.22
500. Apr. 21 Holders of rec. Mar.26
Dome Mines, Ltd.(guar.)
Petroleum (guar.)
50c. Apr. 1 Holders of rec. Mar. 150
134 Apr. 1 Holders of rec. Mar. 15 Phillips
Dominion Iron & Steel, Pref. (quar.)....Pick (Albert) & Co.. Prof. (guar.)
151
Apr. 1 Mar. 22 to Mar. 21
50e. Apr, 1 Holders of rec. Mar. 15
Dominion Stores, common
Pittsburgh Plate Glass, common (q11.)-- 2
Apr. 1 Holders of tee. Mar. 170
50c. Oct. 1 Holders of rec. Sept. 15
Common
Common ((uar.)
July
I Holden* of rec. June 160
(guar.)
51 Apr. 1 Holders of rec. Mar.15
Dominion Textile,common
Pressed Steel Car, common (guar.)
Mar, 18 Holders of rec. Feb. 260
$1
151 Apr. 15 Holders of roe. Mar.31
Preferred (guar.)
Preferred (guar.)
155 Mar. 11 Holders of rec. Feb. 190
(quar.)
Mar.
Mar.
31
Corporation
Holders
la
Of roe.
25c•
Procter & Gamble, pref. (guar.)
Douglas Pectin
135 Mar. 15 Holders of rec. Feb. 254
Name of Company.
MAR.8 1924.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1109
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
% Apr. 1 Holders of rec. Mar. 15
Pure 011 Co.,5K% pref.(guar.)
The following shows the condition of the New York City
1% Apr. 1 Holders of rec. Mar. 15
Six per cent preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 15
Eight per cent preferred (guar.)
Clearing House members for the week ending March 1. The
Quaker Oats, common (guar.)
*3
Apr. 15 *Holders of rec. Apr. 1
figures for the separate banks are the averages of the daily
Common (extra)
p1634 Apr. 15 *Holders of rec. Apr. 1
*1% May 31 *Holders of rec. May 1
Preferred (guar.)
results. In the case of the grand totals, we also show the
Railway Steel-Spring,common (quar.)
2
Mar.31 Holders of rec. Mar.17a
Preferred Mari
134 Mar.20 Holders of rec. Mar. 10a actual figures of condition at the end of the week.
Realty Associates,common
$2.50 Apr. 15 Holders of rec. Apr. 5
Second preferred
2% Apr. 15 Holders of rec. Apr. 5
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Reece Buttonhole Mach.(guar.)
30c. Apr. 1 Holders of rec. Mar.15
Extra
20e. Apr. 1 Holders of rec. Mar.15
(Stated in thousands of dollars-that is, three ciphers (0001 omitted.)
Folding
Mach.
Reece
10c. Apr. 1 Holders of rec. Mar. 15
(quar.)
Remington Typewriter, lot pref.(qu.)
13.4 Apr. 1 Mar.23 to Apr. 1
New
lot pref. Series A (quar.)
1)4 Apr. 1 Mar. 23 to Apr. 1
Capital.'Profits Loans,
Reserve
2d preferred (quar.)
2
Mar. 28 Mar. 19 to Mar. 28
Week Ending
Republic Iron & Steel, pref. (quar.)_
Discount, Cash
with
1% Apr. I Mar. 11 to Apr. 9
Net
Time Bank
March 1 1924 Nat'l, Dec. 31 InvestPreferred (account aceum.dividends)_ hl
in
Legal Demand
Apr. 1 Mar. 11 to Apr. 9
De- CircaState, Nov. 15 mews, Vault Depost- Deposits. posit*. laSt. Joseph Lead Co.(quar.)
25c. Mar. 20 Mar. 9 to Mar. 20
Extra
(000 omitted.) Tr.Cos.,Nov.15
25c. Mar. 20 Mar. 9 to Mar. 20
ctc.
tortes.
hots
Shawmut Mills, corn.(aunt)
1)4 Mar.31 Holders of rec. Mar.20a
Preferred (quar.)
134 Mar.31 Holders of rec. Mar 20a Members of Fed. Res.i Bank Average Average Average Ammo Averag Av'oe
Bank of N Y &
Shell Union OIL common (guar.)
5
25e. Mar.31 Holders of rec. Mar. 10
I $
$
a
$
$
Trust Co_ _ _ _ 4,00U 12,271
Sherwin-Williams Co., Can.,corn.(qu.)_
787 6,520
65,039
47,826 6.86
134 Mar.30 Holders of rec. Mar. 15
Bk of Manhat'n 10,000 13,676 133.214 2,386 14,720
Preferred (aaar.)
1% Mar.30 Holders of rec. Mar.15
108.449 20,270
Steel
&
Iron,
Mech
&Met
Sloss-Sheffield
corn.(quar.) 13.4 Mar.20 Holders of rec. Mar. 10
Nat 10,000 16,510 158,368 4,659 19,021
145.488 5,889 550
South Porto Rico Sugar, corn. (quar.)
134 Apr. 1 Holders of rec. Mar. 10a Bank of America 6,500, 5,604
77,191 1,525 10,598
79,818 3,025
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 100 Nat City Bank_ 40,000' 51,902 491,9291 4,595 59,454 *552,947 36,470 2:135
South West Pa. Pipe Lines (quar.)
Chem Nat Bank 4,500 16,671 115,809 1,119 12.980
2
Apr. 1 Holders of rec. Mar. 15
95,073 9,385 348
47
Standard Oil(Calif.)(guar.)
500
50e. Mar.15 Holders of rec. Feb. 200 Nat Butch & Dr
4,242
45
533,
3.491
7 297
Standard Oil(Indiana)(quar.)
Amer Exch Nat 5,000 7,848
94,1731
923 11,196,
82,628 5.620 4,948
6234 Mar. It Feb. 17 to Mar. 15
Standard 011 (Kansas)(quar.)
50c. Mar. 15 Holders of rec. Feb. 29a Nat Bk of Corn- 25,000 38,624 295,713
974 32,613 247,624 17,6119 -Standard Oil (Kentucky) (quar.)
Pacific Bank_ _ _ 1,01 1,71
.$1
Apr. 1 *Holders of rec. Mar. 15
27,8331
835 3,743"
25.679 2,475
Standard 011ot N.J., cor1.(325 par)(qu.) 25c. Mar. 15 Holders of rec. Feb. 250 Chat&Phen Nat 10,50
9,114 152,399, 4,738 16,6471 118.727 28,487 5.980
1
114,173!
Common ($100 par) (quar.)
Mar. 15 Holders of rec. Feb. 25a Hanover Nat Bk 5,000 22,15
656 13,479
100,94
100
Preferred (guar.)
134 Mar. 15 Holders of rec. Feb. 25a Corn Exchange_ 9,075 12.92
184,273' 5,972 22,343
161.060 27,52
Standard Oil of New York (quar.)
35e. Mar. 15 Holders of rec. Feb. 210 National Park__ 10,000 23,646 156,6411 1,011 15,975
121,94
6,34 7,553
Standard 011 (Ohio). corn.(quar.)
.234 Apr. 1 *Holders of rec. Feb. 29 East River Nat. 1,5001 1,304 16,043 391 1.6961 12.305 2,967 50
Standard Textile Prod., pref. A & B (qu.) •1% Apr. 1 *Holders of rec. Mar. I50 First National__ 1O.000 59.319 290,793;
887 23,336' 173,857 24.493 7,416
Stromberg Oarburetor (guar.)
*32
Apr. 1 *Holders of rec. Mar. 10
Irving Bk-C31Tr 17.500, 11,419 257,9851 3,534 33,5221 254,121 15,616
Sullivan Machinery (guar.)
$1
Apr. 15 Apr. 1 to Apr. 14
Continental Bk_ 1,0001
980
7,8811
140
827
5,995
365
Swift Sr Co. (quar.)
2
Apr. 1 Holders of rec. Mar. 10
Chase National_ 20,000 23.706 325,613, 4,104 39,181, 299,62 15,797 1.091
Texas Company (guar.)
3
Mar.31 Holders of rec. Mar. 7
Fifth Avenue__
.
21,7341
691 2,844'
21,54
Texas Gulf Sulphur (quar.)
600 1,050
Commonwealth_
294 1,195
$1.50 Mar. 15 Holders of rec. Mar. 3
10,294
8.822 1.508
Extra
25c. Mar. 15 Holders of rec. Mar. 3
Garfield Nat.__ 1.000 1.625
15.676'
42
2,177;
15.088
118 397
Thompson-Starrett Co., preferred
4
Apr. 1 Holders of rec. Mar 20
Fifth National_ 1,200 1,115
227 2,178
17,310
16.193 1,201
246
Tobacco Products Corp., corn. (quar.)
,
,
1
80 10,575
134 Apr. 15 Holders of rec. Apr. la Seattnard Nat__ 4,000
80,155 2,106
67
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 14a Coal & Iron Nat 1.500 1,344
280 1,830
15.969
13.382 1,023 411
Todd Shipyards Corp.(guar.)
Mar.20 *Holders of rec. Mar. 1
Bankers Trust 20.000 24,019 2134,764 1,00 28,838 *222,150 31,94
--__
Tonopah Extension Mining (quer.). _
5e. Apr. 1 Holders of rec. Mar. 11
50.026'
75' 6,156
US Mtge & Tr.., 3.000 4,431
45,397 2.808 -Truscon Steel, common tuner.)
3
Mar. 15 Holders of rec. Mar. 5a Guaranty Trust 25.000 18,406 358,807 1,50 40,829 *382,126 44,692
Tuckett Tobacco, Ltd., common (guar.) 1
Apr. 15 Holders of rec. Mar. 31
Fidel-InterTrust 2,000 1,943
20.790
40
2,530
18,500 1,767 --__
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar. 31
62 17,067, 122,338 19,643 -N Y Trust Co..) 10.000 18,342 146,725
Underwood Typewriter,corn.(guar.)._ 75c. Apr. 1 Holders of rec. Mar. 1
Metropolitan Tr 2.000 4.032
38,525
59
4,48533,899
,
2.798
Preferred (guar.)
19: Apr. 1 Holders of rec. Mar. 1
458 13,012' *95,11 20,667
Farm Loan & Tr 5.000 16,354 124,926
Union Buffalo Mills, Mat preferred
8% May 15 Holders of roe \lay 80 Equitable Trust 23,000 9,986 239,668 1,458 29,2761 *251,802 26,913
Second preferred
234 May 15 Holders of rec IV at,
Union Carbide & Carbon (quar.)
°51.25 Apr. 1 *Holders of rec. Mar. 5
Total of arerages289,875441.956 4,388,165 48,879501,376 c3,712.703 386,402 31.889
United Cigar Stores, pref.(quar.)
1% Mar. 15 Holders of rec. Feb. 29a •
United DYewood, common (quar.)
yi Apr. 1 *Holders of rec. Mar. 11
Totals, actual to ndltion Mar. 14.419.901 46,930 522,740c3,763,189 389.78831,999
Preferred (guar.)
•1% Apr. 1 *Holders of rec. Mar. 14
Totals, actual condition Feb. 234.401,149 47.608488,637c3,715,220389.334 31.856
Preferred (quar.)
*1% July 1 *Holders of roc. Joao 13
Totals, actual co nditIon Feb. 164.383.005 46,644 539,098 c3,727.310375,486 31.981
Preferred (guar.)
State Banks Not Members of Ferri Res've Bank.
*134 Oct. 11 *Holders of roe. Sept. 13
Preferred (quar.)
111% Jan 2'24 *Holders of rec. Dec. 15
Greenwich Bankl 1,000 2,386
19,415 1,790 1,886
20,188
61
United Fruit(guar.)
250
864'
5.501
23.4 Apr. 1 Holders of rec. Mar. 6
3281
Bowery Bank__
350
2,785 2,0641
Quarterly
92,850 3,826 2,115
234 July 1 Holders of roc. June 6
State Bank_ _ _ _ 2,500 5,048
32,242 57,200
Quarterly
234 Oct. I Holders of rec. Sept. 6
Quarterly
Total of averages 3,750 8,299, 117,766 5,9441 4,351
214 Jan2'25 Holders of rec. Dec. 6
55,215 59,270:
United Profit Sharing, coal.(quar.)
15
Apr. 1 Holders of rec. Mar. 4
Common (payable In pref. stock)._ _ m25
55,596 59,288'
Apr. 1 Holders of rec. Mar. 4v Totals, actual to ndition Mar. 11 118,327 5,9061 4,149
U.S. Cast iron Pine & Fdy., Df.(W.)
134 Mar. 15 Holders of rec. Mar. la Totals, actual to ndition Feb. 23 117,981 5,728 4,515
1% June 16 Holders of rec. June 20 Totals, actual co ndition Feb. 16 117,430 5,761 4,414
Prefrrred (guar,)
54,999 59,065
Preferred (quar.)
1)4 Sept. 15 Holders of rec. Sept. 2a Trust Compan es Not Members of Fed Res'ye Bank
35,915 1,526
Preferred (qaar.)
134 Dee. 15 Holden' of rec. Dec. la Title Guar dr Tr 10.0001 13,964 55,904 1,3521 4,046
U. S. Gypsum, common (quar.)
1
Lawyers Tit &T 6,000 5,715 27,770
868 1,905
17,790
829
Mar. 31 Mar. 16 to Mar. 31
Preferred (quar.)
134 Mar. 31 Mar. 16 to Mar. 31
U. S. Playing Card (par $20)(quar.)
83,674 2,2201 5,951
53.7051 2,355
31.50 Apr. 1 Holders of rec. Mar.21a Total ofaverages 16,0001 19,680
U.S.Radiator, pref.(quar.)
*1K Apr. 15 •Holde.--t of rec. Apr. 1
U.S. Realty & !rapt., common
2
53,6401 2,301
Mar. 15 Holders of rec. Feb. 28a Totals,(Latta/ co nditionMar. 1; 83,349 2,163; 6,061
Preferred (guar.)
52,8651 2.366
134 May 1 Holders of rec. Feb. 28a Totals, actual to fulition Feb. 23 82.834 2,21£8, 5,870
U.S. Steel Corp., common (quar.)
Totals, actual to ndition Feb. 16
82,854 2.170, 5,907
52,9971 2,366
134 Mar. 29 Feb. 28 to Feb. 29
Common (extra)
% Mar. 29 Feb. 28 to Feb. 29
U.S. Title Guaranty (quar.)
2
Mar. 15 Holders of rec. Feb. 29
Gr'd aggr., ear 309,625469,935 4,589,605 57.043511,678 f3,821.623448.02731,889
•15.1 Mar. 15
Upson Co..common (guar.)
Comparison with prev.1week _ -10.248+2,365, +751 -16,452+2.002
+2
st
Common (extra)
Mar. 15
Preferred (guar.)
*2
Apr. 1
Gr'd aggr., acel ^ond'n 1Mar. 14,621.067 54.999532,95083,872,425451,35731.999
V. Vivaudou, Inc., common (guar.)._
m 50c. Mar. 15 Holders of rec. Mar. la Comparison with prey. week,_ +19,703 -555 +3392
+48.879, +489, +143
Vacuum 011 (guar.)
50e. Mar.20 Holders of rec. Mar. 5
Extra
25c. Mar. 20 Holders of rec. Mar. 5
Gr'd agar., act' ond'n Feb. 234.601.964 55,554499,022 3,823,546 450.868 31.856
Valvoline Oil, common (guar.)
3
Mar. 15 Holders of roc. Mar. 10
Gr'd aggr., act' ond'n Feb. 16 4,583,290 54,575549,419 3.835.306436,917 31,981
Vulcan Detinning, pref. & pref. A (qu.)_
Apr. 20 *Holders of rec. Apr. 10
Gr'd aggr., act' ond'n 1Feb. 94.579,824 55,667547.689 3,837,498 437.289 31,952
Wabasso Cotton (quar.)
$I
Apr. 2 Holders of rec. Mar. 14
Gr'd aggr., act' ond'n Feb. 24,633.000 52,239519,575 3,919,084432,967 32,066
Wahl Company, common (quar.)
$1 Apr. 1 Holders of rec. Mar. 24
Gr'd aggr., act' cond'n Jan. 264,556,724 65,741484,046 3.788,851 468.25431,907
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 24
Gr'd Rev.. act' cond'n Ian. 194,579.423 54.266520,945 3.806.823 465,473 31.845
Waldorf System, corn. (guar.)
313:c Apr. 1 Holders of rec. Mar.20
First and second pref. (guar.)
20c. Apr. 1 Holders of rec. Mar. 20
Note.-U. S. deposits deducted from net demand deposits In the general totals
Wainsutta Mille(guar.)
134 Mar. 15 Holders of rec. Feb. 12
above were as follows: Average total Mar. 1, $29,192,000: actual totals, Mar. I.
West Coast 011 (guar.)
*51.50 Apr. 5 *Holders of rec. Mar.20
$29,192.000: Feb.23.$29,192,000: Feb. 16.$29,199,000: Feb.9,332,434,000; Feb.2.
Wheeling Steel Corn., Pref. A (guar.)._ *2
Apr. 1 *Holders of rec. Mar. 12
$32,433,000. Bills payable, rediscounts. acceptances and other liabilities, average
*23,4 Apr. 1 *Holders of rec. Mar. 12
Preferred B(guar.)
for week Mar.1,3455.820,000; Feb.23,$456,080,000: Feb. 16, 3489.138.000: Feb.9,
White Motor (gust.)
31
Mar.31 Holders or rec. Mar 210 3466,598,000: Feb. 2, $451.721,000. Actual totals Mar. 1, $433,991.000: Feb. 23,
Worthington Pump & Mach., pr. A (qu.) *134 Apr. 1 *Holders of rec. Mar. 10
5456,420,000: Feb. 16, 3501.881.000: Feb.9, $496,953,000: Feb. 2, $441,684,000.
•13.4 Apr. 1 *Holders of rec. Mar. 10
Preferred B (guar.)
•Includes deposits in foreign branches not included in total footings, as follows:
Wrigley (William) Jr. & Co.National City Bank. $124,854,000: Bankers Trust Co.. $9,237,000: Guaranty Trust
New no par value stock (monthly).- 25e• April 1 Holders of rec. Mar.20a
Co.. $81,172.000: Farmers' Loan & Trust Co., $255,000: Equitable Trust Co..
Monthly
25c. May 1 Holders of rec. Apr. 20s
Monthly
25c. June 2 Holders of rec. May 20a $35,887. Balances carried in banks In foreign countries as reserve for such deposits
Monthly
25c. July 1 Holders of rec. June 200 were: National City Bank, $15,186,000; Bankers Trust Co., $579,000: Guaranty
Trust Co., 312,295.000: Farmers' Loan & Trust Co.,$255,000: Equitable Trust Co..
Yale & Towne Mfg.(guar.)
Si
Apr. 1 Holders of rec. Mar. 1
youngslown Sheet & Tube,corn.(qui
$1.25 Mar. 31 Holders of rec. Mar. 150 $3,251,000. c Deposits in foreign branches not included.
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 150
134
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
•From unofficial sources. t The New 'fork Stock Exchange has ruled that stock condition at the end of the week is shown in the following
will not be quoted ex-dividend on this date and not until further notice. :The
New York Curb Market Association has ruled that stock will not be quoted ex- two tables:
dividend on this date and not until further notice.
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
a Transfer books not closed for thls dividend. d Correction. e Payable in stock.
AND TRUST COMPANIES.
common
In
stock.
g
Payable
Payable
In
scrip.
h
On
account
of accumulated
f
dividends. m Payable In preferred stock. n Payable in Canadian funds.
Averages.
o Also to holaers of coupon No. 30.
Cash
Reserve
a
r Payable to holders of record Feb. 15.
Reserve
In
Total
Surplus
Reserve
in Vault. Depositaries Reserve.
* Optional: payable in common stock at the rate of one-fortiath of a share for
Required
Reserve.
rate
of
50
cents a share held.
each share held or cash at the
Members Federal
$
$
I Ten cents deducted for corporate purposes.
Reserve banks_
501,376,000 501.376,000494,243,450 7,132,550
v N. Y. Curb Market rules United Profit Sharing common be quoted ex-the Pref. State banks*
5,944,000
4,351,000
356,300
10,295.0001
9
,
9
38,700
1924.
Stock dividend on April 3
Trust companies._
2,220.000 5.951,000 8,171,000 8.055,750
115,250
a New no par value stock issued in December 1923 In place of the old $25 par stock.
Total Mar. 1.... 8.164.000511,678.000 519,842,000 512,237,900 7,604,100
She monthly dividends of 50 cents a share and 25 cents a share extra on the old stock
declared for payment in 1924 being all rescinded.
Total Feb. 23_ _ _ _
7,944.000 510,927,000 518,871,000 514,304.000 4,567,000
Total Feb. 16_ _ _
8,196.000 510,913,000 519,109,000 511,670,670 7.438,330
to Payable Feb. 28 1925
Total
Feb.
9....
8,158,000
515,450,000 523,608,000 518,671,350 4.936,650
y N. Y. Curb Market rules British-Amer. Tobacco shall be quoted ex-dividend
received In London on or before March 3 will be in time for
reb. 21. All transfersto
• Not: members of Federal Reserve Bank.
transferees.
payment of dividends
a This is the reserve required on net demand deposits In the case of State banks
I The 6% dividend declared payable In quarterly Installments on Apr. 10, July 10 and trust companies, but in the ease of members of the Federal Reserve Bank
and Oct. 10 on account of accumulated dividends has been rescinded and the above Includes also amount in reserve required on net time deposits, which was as follows:
Mar.1,511,592,060:Feb.23,$11,535,270:Feb.16,311,315,790: Feb.9,$11,231,910.
dividend declared covering all accrued dividends to Mar. 15 1924.
1110
THE CHRONICLE
Boston Clearing House Weekly Returns.-In the
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_ _
State banks*
Trust companles*_ _ _
Total
Total
Total
Total
Mar. 1___ _
Feb. 23__
Feb. 16.. _ _
Feb. 9_ _
Total
Reserve.
Reserve
Required.
[VOL. 118.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
522,740,000 522,740,000 500,908,210 21,831,790
5,906,000 4,149,000 10,055,000 10,007,280
47,720
2,163,000 6,061,000 8.224,000 8,046,000
178.000
8,069,000 532.950,000 541,019,000 518,961,490
7,946,000 499,022,000 508,968,000 512,571,350
7,931,000 549,419,000 557,350,000 513,664,250
8,176,000 547,689,000 555,865,000 513,983,390
22.057.510
x5,603,350
43,685,750
41.881,610
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
Mar.1,311,693,640;Feb.23,$11,680,020;Feb.16.311,264,580; Feb.9,511,279,820.
x Deficit.
March 5
1924.
Changesfrom
previous week.
Feb. 27
1924.
Feb. 20
1924.
$
Capital
57,300,000 Unchanged
57,300,000 57,300,000
Surplus and profits
79,822,000 Dec.
32,000 79,854.000 80,028,000
Loans, awls & investments_ 831,830,000
831,357,000
Individual deposits,incl. U.S.592,003,000 Inc. 2,228,000 589,775.000 839,615,000
607,642,000
Due to banks
124,461,000 Inc. 8,041.000 116,420,000 118,692,000
Time deposits
137,587,000 Inc. 1,239;000 136,348,000 133.100,000
United States deposits
12,211,000 Inc.
2,000 12,209,000 12,213,000
Exchangesfor Clearing House 30,741,000 Inc. 5,817,000 24,924,000 24,684,000
Due from other banks
67,534,000 Inc.
223,000 67,311.000 70,968,000
Reserve in Fed. Res. Bank
68,581,000 Inc.
656,000 67,925,000 69,540,000
Cash In bank and FM.Bank 8,969,000 Inc.
352,000 8,617,000 8,624,004>
Reserve excess in bank and
Federal Reserve Bank_ _
683.000 Inc.
128,000
555,000
543,000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelph'a Clearing House
figures showing the condition of State banks and trust com- return for the week ending March 1, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT CINCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by Slate Banking Department.)
Differences from is not a part of legal reserve. For trust companies not memMarch 1.
Previous SWeek.
bers of the Federal Reserve System the reserve required is
I-oans and investments
5835,236,800 Inc. $2,802,300
Gold
3,487,400 Dec. 104,000 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
22,332,500 Inc. 1,779,900 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New
York
69,589,600 Dec. 2,330,700
Total deposits
867,001,100 Dec. 1,072,400
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchanges and U.S.deposits 818.947,200 Inc. 3,141.300
Reserve on deposits
129,497,900 Dec. 1,927,300
Percentage of reserve, 21.1%.
RESERVE.
State Banks
-Trust CompaniesCash In vault
•830,182,800 16.23%
365,226,700 14.95%
Deposits in banks and trust cos. 9.725.700 05.23%
24,362,700 05.58%
Two Ciphers (00)
omitted.
I
Week endin.g March 1 1924.
Trust
1.1Iembersof Companies
,I'.R.Systan
1924.
Total.
Feb. 23
1924.
Capital
$39,875,0 85,000,0 S44,875,0 844,875,0
Surplus and profits
108,030.0 15,800,0 123,830.0 123.830,0
Loans, diens & investmle 694.350,0 43,222,0 737.572,0 737,029,0
Exchanges for Clear. House 31,802,0
467,0 32,269,0 30,730,0
Due from banks
97,438.0
16,0 97,454,0 98,098,0
120.823,0
865,0 121,688,0 121,474.0
Total
839,908.500 21.46%
389,589,400 20.53% Bank deposits
Individual deposits
517,786,0 25,474.0 543,260,0 547,908,0
64,184,0
1,096,0 65,280,0 64,829,0
* Includes deposits with the Federal Reserve Bank of New York. which for the Time deposits
Total deposits
702.793,0 27,435,0 730,228,0 734,211,0
State banks and trust companies combined on Mar. 1 was $69,589,600.
U.S. deposits (not Incl.)7,529,0
8,621,0
Res've with legal deposit's
3,172.0
3,172,0
3,822,0
Reserve with F.R.Bank_
54,777,0
54,777,0 55,052.0
Cash in vault*
9,311,0
1,131,0 10,442,0 10,715.0
Banks and Trust Companies in New York City.-The Total
reserve and cash held 64,088,0
4.303,0 68,391,0 69,589,0
averages of the New York City Clearing House banks and Reserve required
55,280,0
3,932,0 59.212,0 59,608,0
371,0
9,179,0
9,981.0
trust companies combined with those for the State banks and Excess res. & cash in vault 8,808,0
•Cash in vault not counted as reserve for Federal Reserve members.
trust companies
in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits.
'Total Cash Reserve in
in Vaults. Depositaries.
$
3
5,337,904,700 4.522,471,900
5,336.645,600 4,561,107,300
5,313.324,400 4,553,358,100
5,342,550,200 4.5432.572.400
5,335,770300 4,558,091,100
5,323,809,000 4.555,017,600
5,375,564,900 4.567,845,800
5,390,060,400 4,539,321,800
5,486,657,900 4,687,252.400
5.414.724,400 4,647,636,700
.5,418.393,500 4,651,352,800
5,393.304.400 4.608,974.700 1
5,415,772,300 4,665,239,000
5,542,356,600 4,690,532,700
5,432,697,600 4,646,580,300
5,432,287,500 4,653,880,900
8
84,949,200
85,487,900
81,487,500
83.180.100
85,784,500
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
House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
Total U.S. Government securities- All other earning assets
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [000) omitted.)
Total earning assets
Uncollected items
Bank premiums
All other resources
Loans,
Di,counts,
Invest',tents,
eke,
Members of
Fed'I Res've Bank
W. R. Grace & Co_
Average Average Average Average Average
$
$
$
8
$
7,034
24
449
2,504
2,814
3
50C
$
1,626
50C
1,626
Total
State Banks
Not Members of
Federal Res. Bank
Bank of Wash. Ms_
13olon1al Bank
Total
Trust Company
Not Member of
,ederal Res. Bank
‘Iech.Tr.,BaYonn
7,034
Cash
in
Vault
24
Reserve
Net
Net
with Demand Time
Legal
DeDeDeport- posits
posits
tortes
449
2,504
2.844
389
2,302
6,324
23,484
718
2,632
333
1,370
5,551
21.639
1.636
2.233
1,000
2,6111
29,988
3.350
1.703
27,190
.
3,869
500
407
8,976
282
173
2,876
5,808
500
407
8,976
282
173
2.876
5,808
2,000
4,724
hand aggregate
ompartson with pr vlous week
45,998
+53
,656
2,325 a32.570
+60 . -11,
-81
12,521
+349
It'd aggr., Feb. 23
k'd aglIr., Feb. 16
aggr., Feb. 9
It'd
-..., ......-. xv.b 9
4,724
4.724
4.724
45,945
47,332
47.002
3,596
3,666
3,575
4.724
46 079
2 c;4
Total
2,000
2,000
2,000
2.000
2,336 a32,651 12,172
2,275 )433,367 13,014
2,683 a31,9331. 13,866
9 9441 nql eon
I 1 ,nu
*United States deposits deducted 354.000.
Bills payable, rediscounts, acceptances and other liabilities, $157,000.
Excess reserve. $52,610 Increase.
583,041,000
5,877,000
583,104,000 624,570,000
7,327,000
11,471.000
.588,918,000
150,581.000
185,322,000
590,431,000
168,515,000
179,821,000
924,821,000
29,654,000
938,767,000 1,042,349,000
19,199,000
30,131,000
954,475,000
11,047,000
968,898,000 1,061,548,000
10,055.000
11,772,000
636,041,000
261,805,000
144,503,000
59,601,000
21,059,000
106,840,000
16,576,000
170,341,000
29,898,000
80,660,000
56,862,000
123,416,000
56,284,000
200,239,000
29,480,000
1,202,000
20,940,000
8,313,000
1,202,000
14,687,000
7,963,000
1,149,000
11,687,000
13,220,000
30,455,000
100,000
23,852,000
100,000
26,056,000
1,276,591,000 1,324,282,000 1,458,588,000
LiabilitiesFed. Res, notes in actual circulation_ _ _ 372,537,000
Deposits-Member bank,reserve acc't _ _ 697,335,000
Government
8,4541,000
Other deposits
10,074,000
370,592,000
737,496,000
7,495.000
11,326,090
570,391,000
653,969,000
10,607.000
9.985,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
756,317,000
105,538,000
29,727,000
59,029,000
2,179,000
704,761,000
91,839,000
29,123,000
59,500,000
2,669,000
Total liabilities
200
800
Mar. 5 1924. Feb. 27 1924. Mar 7 1923
8:0
67
43
7:0
000
00 203,632,000255,775.000
16
25
107,000 11178:174912:,:::000
13,982,000
13,980,000
3,367,000
2,893,000
Total resources
I Net
CLEARING
Capital Profits
NON MEMBERS
Nat. bke.Sept. 14
Week Ending State bks. Nov.15
March 1 1924. Tr. cos. Nov. 15
$44.875,0
123,830,0
734,332,0
34,219,0
104,048,0
125,926,0
553,342,0
62,456,0
741,724,0
8,805,0
3,699,0
55,670.0
10,281,0
69,850,0
60,045,0
9,605.0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business March 5 1924 in
comparison with the previous week and the corresponding
date last year:
Resources$
Gold with Federal Reserve agent
612,693,900 Gold redemp.fund with U. S. Treasury616,672,204)
608.185.800
Gold held exclusively eget. P.R.notes612,246.900 Gold settlement fund with F.R. Board. _
609,403,800 Gold and gold certificates held by bank.609,685,200
607,561.200
Total gold reserves
612,227,600 Reserves other than gold
643,539,300
628,171,600
Total reserves
623,035,300 Non-reserve cash
615,261,500 Bills discounted619,211,100
Secured by U. S. Govt. obligations__ _
621,032,400
Other bills discounted
623,209.400
618,208,200
Total bills discounted
r AnA OA1 OAII
A aAn c,
,nonn
co 000 enn
nte nen nnn
Bills bought in open market
U. S. Government securitiesBonds
New York City Non-Member Banks and Trust Corn- Treasury notes
Certificates of indebtedness
panies.-The following are the returns to the Clearing
Week endedNov. 10
Nov. 17
Nov. 24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Jan
5
Jan 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Feb. 16
1924.
715,885,000
96,445,000
29,728,00(1
59,929,000
2,087,000
1,276,591,000 1,324,282,000 1,4513,588,000
Ratio of total reserves to deposit and
Fed. Res, note liabilities combined.__
Contingent liability on bills purchased
for foreign correspondents
* Includes Victory notes.
CURRENT
87.7%
86.0%
83.2%
3,120,000
3,583,000
8,124,000
NOTICES.
-Whitehouse & Co., 111 Broadway, Now York, have admitted to membership in their firm, F. Berton Beckwith and Arthur E. Dehnhorst, who
have been associated with them for the last thirty years, Benjamin P.
Phyfe and Roland Dinning, former managers of their Brooklyn office, who
will now act as resident partners.
-The partnership of Porter. Robjent & Co., 115 Broadway, Now York.
has been dissolved and a partnership under the name of Robjent, Maynard
& Co. has been formed which will continue to transact a general bond business at the same address. This firm will be the correspondent of Porter &
Co., of Boston.
THE CHRONICLE
MAR. 8 1924.]
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,March 6,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 1081, 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 5 1924.
Mar. 5 1924. Feb. 27 1924. Feb. 20 1924. Feb. 13 1924. Feb.6 1924. Jan. 30 1924. Jan. 23 1924. Jan. 16 1924. Mar 7 1923
8
8
5
5
$
$
$
RESOURCES.
5
$
2,050,306,000 2,109,124,000 2,116,662,000 2,139,913,000 2,097,830,000 2,127,175,000 2,103.477,000 2.130,879.000 2,074,043,000
3old With Federal Reserve agents
52,763,000
50,315,000
46.800,000
57,815,000
50,931,000
52,632,000
45,101,000
48,393,000
42,069.000
3old redemption fund with U S. Trees_
2,126,806,000
Gold held exclusively agst. F.R.notm 2,098,699.000 2.151,193,000 2,161,763.000 2,197,728,000 2,148,145,000 2,178,106,000 2,156,109,000 2,177,679,000
3old settlement fund with F. R.. Board_ 644,584,000 600,085,000 589,785,000 553,784,000 610,033,000 573.226,000 587,327,000 573.038,000 645,285,000
bold and gold certificates held by banks 373,480,000 371,469,000 373,949,000 376,750,000 331,115,000 391,385,000 408,220,000 406.402,000 311,550,000
3,116,763,000 3,122,747,000 3,125,497,000 3,128,262,000 3,139,293,000 3,142,717,000 3,151,662.000 3,157,119,000 3.083,641,000
Total gold reserves
106,059,000 106,993,000 111,917,000 117,224,000 119,646,000 120,194,000 119,923,000 113,285.000 117,633.000
Eteeerves other than gold
Total reserves
Non-reserve cash
.
Bills discounted:
Secured by U. S. Govt. obligations
Other bilis discounted
3,222,822,000 3,229,740,000 3,237,414,000 3,245,486,000 3,258,939,000 3,262,911,000 3,271,585,000 3,270.404,000 3,201,274,000
70,144,000
63,331.000
68,926,000
59,661,000
51,160,000
56,240,000
50,502.000
48,116,000
51,091,000
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
259,280,000
263,027.000
272,927,000
267,851,000
259,774,000
274,411,000
330,093,000
241,394,000
Total bills discounted
Bills bought in open market
EL S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
488,308,000
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
522,307,000
271,792,000
540.778,000
275,997.000
534,185,000
292,744,000
571,487,000
218,886,000
18,320,000
130,247,000
33,499,000
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
18,353,000
78,401,000
27,904,000
18,584.000
77,355,000
24,833,000
20,014,000
76,455.000
24,457,000
Total U. S Govt. securities
Municipal warrants
All other earning assets
182,066,000
155,801,000
141,729,000
127,255,000
124,658,000
10,000
120,772.000
10.000
120,926,000
10,000
116,612.000
20,000
100,000
100,000
Total earning asseta
5% redemp.fund agst. F. R. bank notes
Uncollected items
Bank premises
AU other resources
930,211,000
28,000
606,204,000
55,197,000
22,077,000
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
28,000
500,207.000
54,614,000
19.237,000
914,881,000
28,000
531,163,000
54,594,000
19,027.000
937,711,000
28,000
591,436,000
54,578.000
17.120.000
943,561.000 1,135,260,000
311,000
28.000
670,437,000 618,956,000
47,937,000
54.209,000
17,120.000
16.185.000
28,842,000
20,026,000
72,084.000 •129,134,000
24,502.000 186,911,000
344,887,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
F. R. bank notes in circulation-net
DepositsMember banks-reserve account
Government
Other deposits
4,884,655,000 4,889,890.000 4,882,435,000 4,885,899,000 4,784,628,000 4,842,265,000 4,935,789.000 5.023.750,000 5,091,002,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
1,986,026.0013 1,985,831,000 1,951,551,000 1,972,209.000 1,953,603,000 1,991,085,000 2,018,296,000 1.999,638.000 1,942,862,000
532,998,000 535,818,000 561,666,000 529,687.000 469,438,000 484,338,000 523,511,000 595,671.000 549,513,000
110,831,000 110,880,000 110,862,000 110,357.000 110,005,000 110,043,000 110,035,000 110.302.000 108,852,000
220,915,000 220,915,000 220,915,000 220,915,000 220,915,000 220.915.000 220,915,000 220,915,000 218,369,000
12,316,000
12,460,000
12,936,000
12,759.000
13,248,000
13,110.000
12,816,000
13,710,000
13,740,000
2,019,773,0002,022,301,000 2,023,783,000 2,039,203.000 2,017,424,000 2,022,514,000 2,049,834,000 2,084,320.000 2,256,302,000
2,788,000
444,000
418,000
427,000
434.000
439.000
410,000
402,000
405,000
1,906.729.000 1,926,514,000 1,891,258,000 1,915,232.000 1,893,988,000 1,927.714.000 1,934,949,000 1,930.307,000 1,879,697.000
38,773.000
61.184,000
39,436,000
40,941,000
39,467,000
30,960,000
38,250,000
59,463,000
38,441,000
24,392,000
23.895.000
22.430,000
22,163,000
20,017.000
20,826,000
21,365.000
19,834,000
20,876,000
4,884,655,000 4,889,890,000 4,882,435,000 4,885,899,000 4,784,628,000 4,842.265.000 4.935,789.000 5,023,750,000 5,091,002,000
Total liabilities
.
Ratio of gold reserves to deposit and
73.4%
77.3%
77.5%
78.0%
78.3%
79.1%
78.6%
77.8%
77.8%
F. R. note liabilities combined
Ratio of total res.rves to deposit and
76.2%
80.9%
80.1%
81.3%
80.4%
81.4%
82.1%
80.5%
80.6%
F. R.. note liabilities combined
Contingent liability on bills purchased
28,844,000
17.315.000
16,294,000
16,843,000
17,010,000
15,318,000
16,305.000
12,360,000
10,720.000
for foreign correspondents
$
$
$
$
$
S
S
$
$
Distribution by Maturities61,624,0011
95,035,000 100,361,000
1-15 days bills bought in open market. 115,726,000 119,637.000 109,311,000 137,869,000 126,833.000 103,186,000 357.494,000 345,482,000 419,826,000
304.183,000 350,745,000 319,479.000 377,886,000 315,376,000 341.181,000
1-15 days bills discounted
61,405,000
1.000
120,000
1,000
102,000
412,000
75,000
948,000
1-16 days U.S. certif. of Indebtedness.
10,000
10,000
1-15 days municipal warrants.10,000
39,323,000
59,661,000
56,348,000
62,372,000
55,786,000
56,904,000
62,350,000
40,416,000
51,091,000
16-30 days bills bought In open market_
33,993,000
45,280,000
44,481,000
41,702,000
46,390,000
47,027.000
43,825,000
44.941,000
44,538,000
16-30 days bills discounted
1,000
11,010.000
11,001.000
10,304,000
16-30 days U. S. certif. of indebtedness_
10.000
10,000
16-30 days municipal warrants
64,662,000
86,520.000
83,416,000
72,304,000
55,047,000
56,069,000
62,144,000
60,334,000
55,857,000
31-60 days bills bought in open market.
59,752,000
69,510.000
72.735,000
64,879,000
67,922,000
60,632.000
63.459,000
67,120,000
66.751.000
discounted
days
bills
31-60
10,426,000
9,909.000
11,315,000
10,644,000
11,166,000
.
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
44,344,000
36,755,000
42,065,000
31.278,000
31,931,000
25,615,000
30,166,000
34,565,000
42.065,000
61-90 days bills bought in open market_
40.892,000
45,249.000
37,865,000
40,764,000
41,515,000
36,328,000
39,647,000
44,125,000
47,876.000
61-90 days bilis discounted
5.000
288,000
120,000
145,000
157,000
61-90 days U.S.. certif. of Indebtedness_
61-90 days municipal warrants
8,933,000
4.443.000
4,137.000
2,652,000
1.622,000
1,906,000
1,401,000
1,196,000
2,160,000
Over 90 days bills boughtin open market
20,051,000
27,955,000
28,664.000
23,863.000
27,959,000
24,960,000
24,423,000
24,989,000
24,659,000
Over 90 days bills discounted
14.306,000 125,506,000
13,949,000
14,025,000
16,887.000
16,663,000
20,776,000
16,758,000
22,090,000
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
_
Federal Reserve Notes2,537,203,000 2,550,102,000 2,555,412,000 2,570,377.000 2,589,519,000 2.605,244.000 2,646,876,000 2.710,213.000 2,650,183,000
Outstanding
517,430,000 527,801,000 531,629,000 531.174,000 572,095,000 582,730,000 597,012,000 625,93,000 393,881,000
Held by banks
2,019,773,000 2,022.301,000 2,023,783,000 2,039,203,000 2,017,424,000 2,022,514,000 2.049,834.000 2,084,320,000 2,256,302,000
In actual circulation
Amount chargeable to Fed. Res. Agent 3,484,465,000 3,503,419,000 3,513,669,000 3,527,154,000 3.542.276,000 3,548,646,000 3,572,170,000 3.593.087.0003,503,305.000
947.262.000 953,317,000 958,257,000 956,777,000 952,757,000 943,402,000 925,294,000 882,874,000 853,122,000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
2,537,203,000 2,550,102,000 2,555,412,000 2,570,377.000 2,589,519,000 2,605,244,000 2,646,876,000 2,710,213,000 2,650,183.000
328,184,000 328,184,000 328,184,000 327,584.000 327.584,000 327,584,000 327.584.000 326,584,000 322,399.000
486,897,000 445.224,000 441,494,000 430,464,000 491,689,000 478,069,000 543,399,000 579,334,000 576,140,000
116,702,000 122,915,000 121,925,000 117.215.000 124,096,000 114.542,000 119,072,000 120,474,000 124,765,000
1,605,420,000 1,658,025.000 1,666,553,000 1.695.114,000 1,646,150,000 1,685,049,000 1,656.821,000 1,683,821,000 1,626,879,000
2.537,203,000 2.554,348,000 2,558,156,000 2.570.377,9002,589,519,000 2,605,244,000 2,646,876,000 2,710.213,000 2,650,183,000
nimble naner delivered to F.R. Agent
710.106.000 753.317.000 717 005 000 795.238.000 745 1101 nnn 7R4 032.000 784.485.000 798.483.000 756_301.000
• Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FFB. 27 1924
Two ciphers(00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. H. Louis. Minneap. Eon. City Dallas. San Fran,
Total.
Federal Reserve Bank of
RESOURCES.
$
8
$
$
$
It
$
$
$
$
$
$
$
Gold with Federal Reserve agents 172,498,0 583,041,0 181,794,0 203,829.0 59.256,0 94,447,0 343,840,0 67,524.0 58,900,0 52,780,0 18,118,0 214,279,0 2,050,306,0
5.877,0 9,918,0 1,594,0 3,155,0 3,738,0 3,743,0 3.385,0 2,405,0 2.707,0 1,963,0 3,447,0
Gold redo fund with U.S.Trees_ 6,461,0
48,393,0
Gold held excl. agst.F.R. notes 178.959,0
Gold settle't fund with F. R. Wrd 73,396,0
Gold & gold certifs. held by banks 18.278,0
588,918,0 191,712,0 205,423.0 62,411,0 98,185.0 347,583,0 70,909,0 61,305,0 55,487,0 20,081,0 217,726,0 2,098,699.0
150,581,0 22,800,0 94.478,0 25,818,0 17,064,0 136,466,0 21,217,0 19,469,0 37,823,0 7,447,0 38,025,0 644,584,0
185,322,0 39,097,0 12,463.0 6,988,0 7.193,0 51,824,0 4,566,0 9.259,0 3,334,0 12,283,0 22,873,0 373,480,0
Total gold reserves
Reserves other than gold
270,633,0
' 8,680,0
924,821,0 253,609,0 312,364.0 95,217,0 122,442,0 535,873,0 96,692,0 90,033,0 96,644,0 39,811,0 278,624,0 3,116,763,0
29,1354,0 3,649,0 9.399,0 3,555,0 9,531,0 11,893,0 13,441,0 1.105,0 4,721,0 6,447,0 3,984,0 106.059,0
279,313,0
Total reserves
3,797,0
Ness-reserve cash
Bills discounted:
Sec. by U.S. Govt. obligations 18,218,0
13,477,0
Other bills discounted
954,475,0 257,258,0 321,763,0 98,772,0 131,973,0 547.766,0 110,133,0 91,138,0 101.365,0 46,258,0 282,608,0 3,222,822,0
11,047,0 2,089,0 3,740,0 2,582,0 5,539,0 5,859,0 3,796,0
698,0 2.612,0 2,583,0 3,774,0
48,116,0
Total bills discounted
Bills bought in open market
U.S Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. El Govt securities
31,695,0
22,504,0
544,0
9,544,0
2.586,0
10 117.1
n
59,601.0 30,379,0 17,299,0 21.503,0 9,223,0 27,538,0 9,334,0 2,805.0 3,224,0
21,059,0 9.635,0 15,862,0 34,342,0 34,941,0 37.562,0 24.240,0 12.885,0 23,747,0
1,303,0 11,511,0
9,026,0 39,594.0
211,938,0
276,370.0
80,660,0 40,014,0 33,161,0 55,845,0 44.164,0 65,100,0 33,574,0 15,690,0 26.971,0 10,329,0 51,105,0
56,862,0 18,389,0 31,456,0 2,754,0 9,963,0 36,583,0 4,865,0 5,147,0 10,527,0 38,764,0 21,923,0
488,308,0
259,737,0
1,202,0
549,0
919,0
20,940,0 20,321,0 16,613,0
8,313,0 2,066,0 4.334,0
18.320.0
130,247,0
33,499,0
RA ARK A
00 nOn n
nv cna A
1,191,0
'2.703,0
1,231,0
1.
.
n
146,0 4,426,0
3,733,0 16,090,0
1,478,0 5.500,0
2,724,0
1,078,0
c
n nnn n .. nnn n .n
•JE•I /I
nee aln n
7,231,0
3,025,0
843,0
332.0
8,775,0
1,574,0
1,780,0
9,527,0 16,252,0
1.694,0 2.802,0
....7. ..... ,. .. ne A
rs
von nan n
1112
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston. New York.
$
100,0
$
All other earning assets
66,873,0
Total earning assets
6% redemption fund-F.R.bank
notes
52,993,0
Uncollected Items
4,312,0
Bank premises
199,0
All other resources
[VOL. 118.
Cleveland Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan. City Dallas. SanFran.
Phila.
$
$
S
S
$
$
S
$
$
S
Total.
$
100,0
168,077,0 81,339,0 86,483,0 63,724,0 .59,484,0 127,699,0 42.241,0 31,936,0 48,179,0 62,094,0 92,082,0
930,211,0
23,0
125,643,0 50,898.0 56,748.0 51.495,0 25,310,0 90,857,0 32.400,0 13,287,0 38.735,0 28,978,0 38.854,0
13,982,0 1,111,0 9,109,0 2,528,0 2,692,0 8,264,0 1,514,0 2,380,0 4,595,0 1,911,0 2,799,0
406,0
639,0
338,0
388,0
3,367,0
522,0
167,0 5,980,0
740,0 4,948,0 4,403,0
28.0
608,204,0
55,197,0
22,077,0
Total resources
407,493,0 1,276,591,0 393,063,0 478,181,0 219,507,0 225,637,0 780,967,0 190,251,0 145,419,0 196,226,0 146,800,0 424,520,0 4,884,655,0
LIABILITIES.
F.R.notes in actual circulation 204,105,0 372,537.0 199,105,0 223,775,0 86,491,0 132,628,0 343,030,0 69,671,0 67,936,0 65,199,0 45,365,0 209,931,0 2,019,773,0
F. R. Bank notes in circulationnet liability
402,0
402.0
Deposits:
Member bank-reserve acc't 124.669,0 697.335,0 115.731.0 153.740,0 65,185,0 58,594,0 292,795,0 69,249,0 50,414,0 77,004,0 54,963,0 144,050,0 1,906,729,0
Government
5.313,0
8,456,0 2,202.0 5,913,0 1,195,0 4,602,0 20,602.0 3,365.0 1,322,0 1,477,0 1,333,0 3,682,0
59,463,0
Other deposits
144,0
136,0 1,528,0
220,0
10,074,0
319,0 1,145,0
436,0
375,0
19,834,0
336.0
330,0 4,741,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
130,202,0
43,518.0
7,919,0
16,390,0
359,0
715,865,0
96,445,0
29,728,0
59,929.0
2,087.0
165,798,0 66,525,0 61,332,0 314,925,0 73,050,0 52.111,0 78,817.0 56,676,0 152,473,0 1,986,026,0
51,3•7,0 48,159,0 16,961,0 76,043,0 31,767,0 13,245,0 37,504,0 30,473,0 37,373,0 532,998,0
12.482,0 5,835,0 4.465,0 15,065,0 5,067,0 3,490,0 4,545,0 4,202,0 7,900,0 110,831,0
23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 7,577,0 15,301,0 220,915,0
825,0 1,301,0 1,478,0
1,012,0
624,0 1,153,0
665,0 2,105,0 1,542,0
13.710,0
118,252,0
45,123,0
10.127,0
19,927,0
529.0
Total liabilities
407,493,0 1.276.591,0 393,063,0 478,181,0 219,507.0 225,637.0 780,967,0 190,251,0 145,419,0 195,226,0 146,800,0 424,520,0 4,884,655,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com•
83.5
81.1
82.6
64.6
68.0
87.7
83.3
bined, per cent
77.2
75.9
70.4
45.3
80.5
78.0
Contingent liability on bills pur2 190 n
1 ntn n
12.54.0
6110
472 0
1 51170
595 a
,... n
... ..nn e,
'1 ga 11
41,3 n
•rv. r.
rhstapel rm. rnrolon onrrwannnri•ta
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MARCH 5 1924.
Boston. New York Phila.
Federal Reserve Agent at-
Resources
(In Thousands of Dollars)
$
80,700
Federal Reserve notes on hand
224,685
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Geld and gold certificates
14,198
Gold redemption fund
123,000
Gold Fund-Federal Reserve Board
52,187
Eligible paperf Amount required
2,012
!Excess amount held
'
St. L. Minn. K. City. Dallas. San Fr. Total.
--S
3
174,080 27,300 18,385 30,453 30,932 82.720 947,282
375,692 83,699 71,966 76,983 48,740 255,083 2,537,203
Cleve. Richm'd Atlanta Chicago.
$
$
S
S
$
S
282,060 54,160 53,190 38,865 74,417
677,482 230,762 248,651 96,310 147,150
233,531
31,510
316,000
91,411
23,153
14,000
10,905
156,889
48,9°8
1,603
____
8,780
2,400
13,019 1,961 6,047
182,000 57,295 86,000
44,822 37,054 52.703
16,920 19,925
784
____
7.195
336,645
31,852
69,624
5
$
$
s
11,430 13,053
328,184
____
7,691
4,094 1,818 3,420 2,927 19-,548 116,702
52,000 41.000 49,360 7,500 194,731 1,605,420
16.175 13.066 24,203 30.622 40,804 486,897
20,746 6,652 12,882 17.615 31,293 223,209
532,082 1,660,177 517,287 567,412 251,410 369,501
Total
---LiabilitiesNet amount of Federal Reserve notes received from
305,385 959,542 284,922 301,841 135,175 221,567
Comptroller of the Currency
172,498 583,041 181.791 203,829 59,256 94,447
Collateral received from'Gold
54,199 117,591 50,571 61,742 56,979 53,487
Federal Reserve Bank I Eligible paper
995,088 215,444 168,969 197,301 146,127 621,179 0,244,877
----
532,082 1,660,177 517.287 567,412 251,410 369,501
==
224,685, 677,182 230,762 218,651 96,310 147.150
20,580 301,915 31,657 24,876 9,819 14,522
995,088 215,444 168,969 197,301 140.027624,179 6,244,877
204.105
2,1111211
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes In actual circulation
549.772 110,999 90,351 107,436 70.0721337,803 3,484,465
343.840 67,524 58,900 52,780 18,118 214,271 2,050,306
101,476 36,921 19,718 37,085 48,2371 72,097 710,106
375,692 83,699 71.966 76,983 48,740 255,083 2,537,203
32.662 14,028 4,030 11,784 3,375, 45,152 517,430
372.537 199.105 223.775 86.491 .....
+ 2° 62•
nn
C91
119 eiga
an Inn
IS Ian onn ...,1 n nln .y•ro
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 759 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. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of"Current Events and Discussions," on page 1081.
1. Data for all reporting member banks in each Federal Reserve District at close of business Feb. 27 ISM. Three c pliers (000) omitted.
New York
Phila. I
110
55
79
76
S
$
91.327
12,846
229,334 1,579,214
614,400 2,528.560
$
12,348
265,226
346,669
$
24,563
403,704
688,893
856,630 4,199,101
48,900
12,782
73,532 476.235
22.515
4,560
20,917 428,752
25,856
5,272
169,881 781,626
Total loans & dtsc'ts & nvestmls 1,149,574 5,982,985
Reserve balance with F. R. bank__
84,160 666,199
Cash In vault
81,079
19,516
Net demand deposits
795.516 4,794,581
Time deposits
282,199 902.744
Government deposits
12,183
36,943
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obliga'ns.
88,020
6.877
6.402
ii 457
All other
Federal Reserve District.
Number of reporting banks
Loans and discounts. gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds._
All other loans and discounts
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_
Boston
43
Cleve.
Richm'd
Atlanta
Chicago
St. Louis
Mn pis. Kan. City
Dallas
San Fran.
68
Total
759
105
35
26
73
52
$
8,993
126,575
325,624
S
$
9,011' 32,840
66,470 601,251
351,973 1,134,751
$
9,709
146,764
311,475
$
3,798
44,592
187,143
3
6,064
85,594
322,830
$
3,105
64,487
213,755
624,243 1,117,160
10,679
48,275
45,387 110,365
2,675
5,420
40,715
54,760
5,255
6,099
185,073 309.385
461,192
28.472
26.882
2,270
12,902
1,851
52.339
427.454 1,768,842
14,761
24,770
14.617
99,814
1,879
12,608
6.311 117,239
1,793
21.523
39.576 337,566
467,948
14.931
23.543
6,158
16.624
6,983
90,292
235,533
9,076
14,245
680
29,081
1,482
25,445
414,488
11,853
37,691
2.997
15.422
2,984
55,217
231,347 1,020,283 11,874.221
19,780
28,412
272,741
12.748
89,069 1,030,128
2.113
12,887
76,762
14,854
36,337
793,914
7,088
15,579
101,765
14.127 159,673 2,220,200
914,027 1,651,464
68.702 113.298
15,626
29.109
659,672 884,297
130.708 627,521
9,911
17,042
585,908
32,316
12,825
328,793
157,379
4,106
506,391 2,382.362
31,174 199,974
19,782
53,647
280.192 1,492,479
176,520 808,847
5,763
12,831
626,529
42,252
7.365
350,170
201,913
4,186
315,542
18,883
6,486
202.587
84,059
1,325
540,652
47.731
12,437
404,223
131,135
1.461
352,057 1,362,240 16.369.731
26.549
84,661 1.418,899
9,198
22,009
280,079
238,368 734,157 11,185,035
91,719 586,895 4,181,639
5.316
13,021
124,088
4,327
17.704
340
1.610
1,499
10 9.54
11.346
6.680
16,325
6.459
11.423
21.009
37
7.744
19.288
8,691
11.647
290
1 lt,n
s
a
12,797
227,401
190,877 3,804,138
816,609 7,842,682
5,734
c.* a...-•
162,621
..... .5....
3. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
City of Chicago.
All F. R. Bank Cities.F. R. Branch Cities.Other Selected Cities
Three ciphers (000) omitted.
Feb. 27. Feb. 20. Feb. 27. Feb. 20.
Feb. 20.
Total.
Feb. 27. I Feb. 20. Feb. 27.1 Feb. 20. Feb.27'24.Fea.20'24. Feb,28'23.
-Number of reporting banks
67
67
48
254
202
48
255
202
302
302
759
758
777
$
Loans and discounts, gross:
$
$
$
$
$
$
$
$
$
$
$
$
24,700
154,870
38,829
Secured by U.S.Govt.obligati°
80,522
28.803
153.592
40,114
83.741
34,980
34,244
227,401
282,521
229,228
Secured by stocks and bonds
1 334,954 1,432,528 438,868 435,516 2.639.114 2,685.631 642.593 635,214 522,431 527,781 3,804.138 3,848,626 3.799,712
All other loans and discounts_-__ 2,216,620 2,217,575 649,605 636.099 4,861,565 4.844,1151,620,881 ,634.7671,370,2361,369.785 7,842,682 7,848,667 7,557,140
r---Total loans and discounts
,685,3153,730.6251,113,173 1,100,418 7,644.271 7,684,616 2,302.3032.310,0951,927,647 1,931,81011,874,22111,926,521 11,639,373
IL S. pre-war bonds
88,376
75.158
37,946
38,257
4,181
4,232
90,931
74.437 106,652 109.917
272,741
272,730
282,800
42,468
40,924
627.378 236,615 236,220 167,601 167,543 1.030,128 1,031,141 1,042,296
U. S. Liberty bonds
412,508 410,620
625,912
5,092
39,698
18,079
U.S. Treasury bonds
15,162
15,369
5,104
39,310
18.207
19,343
19,633
112,261
76,762
77,538
U. S. Treasury notes
400,197 405,934
78,066
80.851
598,416 135,202 136,486 67,062
591,650
67,804
793,914
802,706 *921,058
14,058
22,993
15,074
64,604
64,139
26,557
22,468
U. S. Certificates of Indebtedness
27,112
10,604
11,261
101,765
146,704
102,512
Other bonds, stocks and securities
565,105 562,561 160,247 156,559 1,173,229 1.165,580 602.185 599,650 444,786 442,410 2,220,200 2,207,640 2,180,296
Total loans & dIsc'ta & investqa. 5.139,2265.185,8341.417,2851,403,162 10,229,93710,268,203 3,396,099 3.402,2072,743,695 ,750,37818.369.73116,420,788 16,329,788
094.650243,413 238,903 166,936 164,477 1,418,899 1,398.030 1,408,310
Reserve balance with F. R. Bank_. 615,867 580,947 137,298 150,723 1.008.550
66,784
68,667
27,961
27.486
141,328
143.220
61.234
Cash In vault
60.309
77,517
77,130
277,480
280.079
280,659
.300,3194,329,927 997,819 1.002.672 7,590.712 7,636,510 1,923.3001,944,8781,651,023 ,654,090 11,165,03511,235,47811,524,612
Net demand deposits
Timedeposits
604,789 610,267
72, 18 372,318 2,027.624 2,026,0651,261,3221,256,403 892,693 893,512 4,181,639 4,175,980 3,775,827
33,974
Government deposits
33,974
6,241
6.241
80,169
34,190
80,172
35,015
9.726
100.109
9,734
12.1.088
124,918
Bills payable and rediscounts with
F. R. Bank:
obligati°
67,825
80,865
48,340
2,100
59,600
800
91,072
36,035
Secured by U.S.Govt.
23,209
19,034
162.11211 135,737
267.180
3,502
969
5,532
601
59,961
62,961
35,660
35.894
All
39,210
118,334
35,500
134.831
134,355
of bills payable &rediscoun
Ratio other__'
with F. R. Bank to total loan
1.4
1.3
0.2
1.4
2.5
0.1
1.5
ant1 investments. per cent
2.1
2.3
20
I gI
1 R
2.4
•Includes
victory notes.
Feb. 27.
MAR. 8 1924.]
THE CHRONICLE
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
iSankers' Oazeitt
Wall Street, Friday Night, March 7 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1100.
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. 7.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares
per share. $ per share.
per share.3 per share.
Railroads.
Bangor & Aroos pref.100
100 89
Mar 5 89
Mar 5 88
Jan 90
Jan
'Brunswick Tenni_ _ _ _100
100 255 Mar 4 255 Mar 4 1
Jan 451 Jan
Buff Koch & Pitts..100
100 5255 Mar 4 52% Mar 4 4955 Jan 55% Jan
Canada Southern____100
225 52% Mar 7 5235 Mar 7 52% Mar 5455 Jan
Central RR of N J_ _ _100
100 208
Mar 7206
Mar 7 06
Feb212
Jan
CERPM&O
100 200 .3135 Mar 1 31% Mar 1 29
Jan 37
Feb
Illinois Central prof._100 200;0455 Mar 6 10434 Mar 5 10454 Mar 110
Jan
Preferred full paid__
1004 0355 Mar 510334 Mar 5 03% Jan 108
Feb
Leased line stock_100
100 7115 Mar
7155 Mar 5 70
Jan 74
Jan
Lehigh Valley rights.... 3,700 31% Mar 4 32% Mar 1 31% Ma 33% Feb
Manhattan Elev guLloo
300 52
Mar 3 52
Mar 3 42
Jan 52
Mar
MSt P&SSM
100 383-4 Mar 5 383-4 Mar 5 38% Mar 46
100
Jan
Preferred
100 400 62
Mar 3 64
Mar 7 81
Feb 67)4 Jan
Morris & Essex
50
12 7434 Mar 5 74)4 Mar 5 74% Mar 7434 Mar
Centro
NY
Reading rte. 6,022 234 Mar 4 23-5 Mar 7 2% Mar 3% Jan
N Y Lack & Western_100
26 97
Mar 5 97
Mar 5 96
Feb 97
Feb
Pacific Coast
900 2855 Mar 7 38
100
Mar 4 16
Jan 40
Feb
First preferred
100 300 46
Mar 7 46
Mar 7 43
Jan 5335 Feb
Pitts Ft W & Chi pf 100
100 139
Mar 8 139
Mar 6 137
Mar
Jan 139
Reading rights
24,700 1534 Mar 5 173-4 Mar 7 1555 Ma 22% Jan
Wisconsin Central ctfs
400 3834 Mar 7 3834 Mar 7 38% Ma 36% Mar
Industrial & Misc.
All America Cables_.100
100 98
Mar 7 98
Mar 7 98
Mar 102
Jan
Amer Beet Sugar prof 100
100 76
Mar 3 76
Mar 3 75
Feb 76
Jan
Am For & Pow 25% paid 1,400 94
Mar 5 95
Mar 1 94
Mar 98% Jan
Ctfs full paid
300 93
Mar 7 93
Mar 7 93
Mar 96% Jan
American Snuff
100 300 137
Mar 1138)4 Mar
13554 Feb 144% Jan
Am Wholesale Corp pf 100 200 99
Mar 7 99)4 Mar 6 92
Jan 99% Feb
Assoc Dry Gds 1st pf.100
100 8835 Mar 4 88% Mar 4 85
Jan 883-4 Jan
Second preferred_ _100
200 9354 Mar 3 94
Mar 7 89
Jan 95
Feb
Atlas Powder
• 300 51
Mar 3 52
Marl 51
M
6454 Feb
Atlas Tack
73 Mar 3 834 Mar 7 734 Fe 1134 Jan
Amer Rolling Mill pf_100
100103)4 Mar 7103)4 Mar 7 98
Jan 104
Feb
Assets Realization__ __10 300
54 Mar 3
% Mar 3
% Jan
% Jan
Atl Fruit Col T Co MIdeP
300 134 Mar 6 2
Mar 5 155 Jan 23-4 Feb
Auto Sales
400 434 Mar 5 4% Mar 5. 3
50
Jan 43.4 Fob
Preferred
50 200 15
Mar 4 15
Mar 4 11% Jan 15% Feb
AtlasPowd8% eumpf KO
100 85
Mar 7 85
Mar 7 82% Feb 85
Feb
Booth Fisheries 1st pf 100 400 3555 Mar 4 38% Mar 6 35H Mar 4234 Jan
Bklyn Union Gas new.
900 58% Mar
Marl 5855 Mar 80
80
Feb
Burns Bros pref
100 96
100
Mar 7 96
Mar 7 9551 Jan 97
Jan
Bush Terminal
100 87% Mar
6754 Mar 5 60
100
Feb 6755 Mar
Calumet & Hecht
25 900 15% Mar 1 16% Mar 5 1555 Feb 1934 Jan
Case(J I)The M ach pf 100 900 50
Mar 6 60
Mar 4 50
Ma 77
Jan
Century Rib Mills
Mar 4 30% Mar 4 2755 Fe' 3334 Jan
• 800 29
Coca-Cola pref
100 92% Mar
100
9255 Mar 7 9155 Jay 93
Feb
Commercial Solvents A • 3,900 54
Mar 4 59% Mar 7 4334 Jan 5951 Mar
900 49
Mar 5 53
Mar 7 33
Jan 58
Feb
Corn Products Ref Pf 10 2,80011834 Mar 3 119
Mar 7 117
Jan 12034 Jan
Dan Boone Woolen Mill. 11,300 30% Mar 7 32% Mar 6 30% Mar 3234 Mar
Deere & Co prof
100
85
Mar
100
Mar 5 62
65
Jan 76
Jan
Devoe & Kayo 1st pf 100
100 93
Mar 3 93
Mar 3 93
Mar 94
Feb
DuPont deb6%
300 86% Mar 4 86% Mar 4 8534 Jan 87
100
Jan
Elk Horn Coal Corp p150
100 22
Feb 4 22 Feb 4 22
Ma 25
Jan
Emerson-Brant pref_100
160 10
Mar 7 11% Mar 3 10
Ma 15
Jan
Fisk Rubber 1st pref.100
500 60
Mar 6 81
Mar 7 5934 Feb 85
Jan
Gardner Motor
• 500 6
Marl 7
Mar 3 6
Jan 7
Jan
Ten Am Tk Car7%pf 100
100 93
Mar 7 93
Mar 7 92
Feb 9434 Jan
Gen Refractories
• 40080
Mar 6 5154 Mar 1 50
Mar 55
Jan
Gimbel Bros pref._ ..i00 50010034 Mar 4 100% Mar 4 99
Jan 101
Jan
Great Western Sugar.25
500 92% Mar 3 93
Mar 3 9234 Feb 9634 Feb
Preferred
100107)4 Mar 3 10755 Mar
100
Jan 10855 Jan
3 107
Hanna tat pref el A_ _100
100 94% Mar 8 94% Mar
6 8955 Jan 95
Feb
Ingersoll Rand
100 293 166
Mar 3 174
Mar 6 159
Jan
Jan
178
Preferred
10 102
100
Mar 4 102
Mar 4 102
Ma 102
Mar
Inland Steel pref w 1_ _ • 1,880 103
Mar 1 10355 Mar 7 10134 Jan 103% Feb
lot Agricultural new_ __•
100 334 Mar 7 3% Mar 7 354 Mar 9% Jan
Int Business Machines_ _ 1,600 94
Mar 3 95
Marl 9155 Feb 9751 Feb
International Shoe_ _ _ _• 600 7755 Mar 4 78
Mar
76
Jan 7834 Jan
Preferred
100 200 1855 Mar 4 116% Mar 4 11534 Jan 11651 Feb
Intortype Corp
• 700 32
Mar 7 3255 Mar 7 2955 Jan
323-4 Mar
Kansas & Gulf
10 900
54 Mar 4
34 Mar 1
% Jan 1
Jan
Kelly Spa Tire6% pf 100
100 725( Mar 6 725( Mar 6 72% Ma
733.4 Jan
• 60059
Kinney Co
Mar 3 5955 Mar 7 56
Feb 63
Jan
Kresge (13 Si Co pref.100
100,114% Mar 6114)4 Mar 6 11434 Mar 11434 Mar
Kress.S H & Co
100
6200
Mar 6
Feb200
Feb
Liggett & Myers new.25 1,700 5034 Mar 4 5134 Mar 1 190
5034 Mar 5351 Feb
B new
25 4.000 4955 Mar 4 50% Mar 3 4955 Mar, 53
Feb
Rights
7,500 2434 Mar 4 2555 Mar 1 2434 Mar, 2934 Feb
Lorillard new
800 38
Mar 5 3855 Mar 7 38
Mar, 38% Mar
Ludlum Steel
2,800 22
Mar 8 23% Mar 3 21% Feb 2355 Mar
Macy (Kit) pref....100 600113)4 Mar 1 11355 Mar 1 11355
Mar 114
Feb
McCrory Stores pref.100 400110
Mar 7101
Mar 3 100
Mar10234 Feb
MacKay Cos pref___100
100 88% Mar 8 6854 Mar 3 85
Jan'
885-4
Fob
Met Edison pref
• 300 9155 Mar 692
Marl 913-4 Mar 9334 Jan
Nat Cloak & Suit pref100
500 95
Mar 7 9534 Mar 7 95
Jan 97
Jan
Nat Enam & Mpg Pi.100
206 85
Mar 386
Mar 5 85
Feb 89
Jan
Nat Supply Prof - -- 100
700 103
Mar 4 104% Mar 4 100
Jan 14)4 Mar
N Y Canners
400
28% Mar 127
•
Mar 3 22% Jan 27
Mar
• 300 25
Onyx Hosiery
Mar 1 25 . Mar 1 25
Jan 30
Jan
Preferred
100 200 8755 Mar 788
Mar 7 8734 Jan 803.4 Feb
Ohio Fuel Supply
100 32% Mar 4 323.4 Mar 4 32
25
Jan 3
Jan
Orpheum Ciro Inc pf _100
106 92
Mar 792
Mar 7 92
Jan 943.4 Jan
100 5.800, 72% Mar
Otis Steel prat
74)4 Mar 6 57
Feb 74% Mar
Owens Bottle prof..,i00
100 11155 Mar 71113.4 Mar 7 11155 Mar 1 11 55 Mar
Pacific Tel & Tel pref 100
200 93
Mar 0 9351 Mar 6 93
Mar 93% Mar
Penn Coal & Coke_ _ .50
100 28
Mar 628
Mar 6 28
Mar 3055 Jan
Phillips-Jones Corp pf100
30082
Mar 3 8234 Mar 4 82
Feb 8934 Jan
Phoenix Hosiery pref 100
200 8854 Mar 7 88)4 Mar 7 8855 Mar 94
Feb
200 4354 Mar 5 4354 Mar 7 4234 Jan
Phlia Co6% prof
50
435-4 Feb
100 70
Pierce-Arrow prior pf _•
Mar 570
Marl 64
Jan 7234 Jan
Pitts!) Util pr ctf _.100
900 1235 Mar 313
Marl 1151 Feb 13
Mar
100 70
Porto R1co-Am Tob_ _100
Mar 770
Mar 7 70
Feb 70
Feb
PSCorporNJ 8%2 pf100
200 101
Mar 4 1013.4 Mar 7 1005-4 Jan 102
Jan
200 97
Pub Ser El Pow prat _100
Mar 597
Marl 97
Feb 98
Feb
By Steel Spring pref 100
100 114% Mar 8 11435 Mar 6 11331 Jan 1 155-4 Feb
200 109% Mar 6 110
_100
Schulte Retail Sto pf.
Mar 5 10955 Jan Ill
Feb
66 115
100
Stern Bros prof
Mar 5 115
Mar 5 115
Mar 15% Jan
100
Studebaker pref
100 110% Mar 3110% Mar 3 110
Feb 15
Jan
21 290
Mar 8315
Tex Par Land Trust 100
Mar 7 270
Feb 15
Mar
100 103
Mar
100
The Fair prof
102H Jan 0351 Jan
Transcontinental 011 rts. 3,100
55 Mar 4
34 Mar 4
24 Mat
% Mar
100 115
Mar 5 115
Mar 5 113
Un Cigar Stores prat _100
Jar 115
Mar
Vs-Carolina Chem B__* 3,500 I% Mar 3 2% Mar 3 13.4 Mal 7
Jan
100 200 23
Mar 4 23
Mar 4 2135 Fat 3354 Jan
Van Raalte
100 8835 Mar
Vulcan DetinningPrel100
8854 Mar 6 68
Feb 6855 Mar
Mar 4 50
• 100 50
Mar 4 4755 Jan 5154 Jan
West Penn Co
100 90% Mar 3 90% Mar 3 8955 Jan 91
100
Preferred 7%
Jan
Westinghouse E&M rts. 12,481 134 NW
1% Mar 6 134 Mar 155 Mar
Mar 5 72
Westing E&Mfg 1st pf 50 900 7451 Mar 7 76
Jan 76
Mar
Mar
100 200 84
64
Mar 5 84
Wilson Co pref
Mar 723.4 Jan
8555 Mar 7. 5834 Jan 6554 Mar
Worthington pref B._100
300 63% Mar
• No par value
1113
Week ending March 7.
Stocks,
No. Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
399,330
752.580
613,128
854,630
742.289
507,500
9 Ran
Prnfol
Sales at
New York Stock
Exchange.
AS7
Stwle.
Municipal &
Foreign Bd..
$3,599,000
6,571,000
5,548,000
6,302,000
7,273.000
5,489,000
$773,000
1,047.000
1,123,000
1,030.000
1,620,000
1,640,000
$1,080,000
4,054,000
1,695,000
2,352,000
2,608,000
4,187,000
:Re vim nnn
i'7 92I2 'Inn
el A 073_000
Week ending March 7.
1924.
Jan. 1 to March 7.
1923.
Stocks-No. shares__
3,669,457
6,688,767
Bonds.
Government bonds___ 315,976,000 $13,903,000
State & foreign bonds_
7,238,000
8,237.000
RR.& inkwell. bonds__ 34,780,000 36,574,000
Total bonds
United
States
Bonds.
Railroad
&c.
Bonds.
$57,994,000 358.714,000
1924.
1923.
51,248,375
52,177,157
$183,472,000
71,580,000
330,452,000
$187,277.000
108,017.000
383,882,000
3585,504.000
$838,978,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
March 7 1924.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
n....... ......s ....taw.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales
*8,718
*14.285
*14.253
*12,260
*16,708
11,585
$8,700
285,250
24,000
47,350
73,700
35,000
6,161
5,328
5,893
3,170
4,938
4.575
Shares. Bond Sates.
359,100
44,300
38,700
9,100
20,500
22,000
1,732
2,247
1,261
832
910
1.113
38.100
33,500
30,000
23,700
37,000
16,000
75,809
$454,000
30,0651 3193,700
8.095
$151,300
20 1A9
5502
Inn
90 90051 l'Aonn
0401
509700
* In addition, as es of rights were: Sat., 259; Mon., 5,999; Tues.. 10,147; Wed.,
4.875; Thurs., 7,018.
Daily Record of U. S. Bond Prices. Mar.1. Mar.3.IMar.4. Mar.5. Mar.6. Mar.7.
First Liberty Loan
I-1 Ig h
354% bonds of 7932'47.. 1.0w.
(First3sill)
Close
Total sales in 31.000 unitsConverted 4% bonds of {High
Close
Total sales in $1,000 unit/L.__
Converted 43.4% bonds IHigh
or 1932-47 (First 4558) 1.0w_
Close
Total sales in $1,000 units__
Second Converted 451,
7•(High
bonds of 1932-47 (First Low_
Second 4lis)
Close
Total sales in $1.000 units._.
Second Liberty Loan
111 igh
4% bonds of 1927-42
Low.
(Second 4s)
Close
Total sales in $1.000 units_
Converted 436 % bonds {High
Low.
of 1927-42 (Second
Close
434,')
Total sales in 31.000 units...
Third Liberty Loan
{High
434% bonds of 1928_ _ _ Low.
(Third 4345)
Close
Total soles in 21.000 units...
Fourth Liberty loan
(High
454% bonds of 1933-38_ _ Low.
(Fourth 451s)
Close
Total sales in $1,000 units...
Treasury
1II igh
4348. 1947-52
1ow.
Close
..._._. __.__ ._ ... ....... _._.._
99.00
98"sr
90.00
149
99ln
98022
9822n
162
982in
98..22
981.22
275
982222
98022
98..22
218
0822n
9812n
98.4n
59
98021
9822n
98nrs
112
____
99.22
99.22
995n
26
____
___ ____
.
.
.
.
982.2
9802
98",
......
99.22
99"
99522
129
98.922
981.22
9922n
____
99.22
99122
99.n
133
____
____
____
____
99.00
985322
985322
35
_-__
____
____
_ _._
98221.2
9835n
98
,
In
118
9822n
98.912
982sit
_ ___
98"15
9812n
980n
723
----------
__--- -----
981.22
980.2
98.122
___-------
99322
99522
99.22
98021
992si
99.00
71
470
100.00 992213
9935; 991522
30
99 2
99"22
170 2,173
99322
995,
99.22
99.22
99722
99.22
383
999
100522 100522
1002n 100322
100.22
.... 100.22
.....
99.00 99.00
98.822 98.422
982*n 98"n
188
480
100.00 992132
99"22 9927n
99.0.1 995722
97
722
99522
993,2
99.00 98".2
99.00 981122
528 1,558
1005.2 100.22
100..22 99"n
100..2
.... 9933st
....
1,G0
---- 9818n
---- • 98"n
___- 98"si
le
981.22 980M
98,122 982.21
98"22 98021
544
733
993322 100.0C
995h; 992,11
990n
9902
319 1,791
99"n 99'n
98.412 98•••
98.752 99.06
1,675
651
99382 100s
991.•
99552
99352
... 100'n
...
404
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
94 1st 45512
18 2d 454s
98.022 to 99.00139 3d 434,
98022 to 98022150 4th 45-4a
9917n to 990n
980n to 99,
11
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4 25 7-160
4 26 15-16 for sixty days, 4 27 11-1604 29 3-10 for cheques and 4 27 15-16
04 29 7-18 for cables. Commercial on banks, sight 4 27 0-1604 29 1-16,
sixty days 4 25 1-16(414 26 9-16, ninety days 4 23 13-1604 25 5-16, and
documents for payment (sixty days) 4 25 5-16864 26 13-16. cotton for
Payment 4 27 9.16004 29 1-16, and grain for payment 4 27 9-1604 29 1-16.
To-day's (Fridays) actual rates for Paris bankers'francs were 3.65%0
3.7814 for long and 3.7403.8334 for short. Gsrmnny bankers' marks are
not yet quoted for long and short bills.' Amsterdam bankers' guilders
were 36.70036.76 for long and 37.06037.12 for short.
Exchanges at Paris on London 113.25 francs: week's ranged 103.75 franca
high and 113.25 francs low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
Cheques.
Cables.
High for the week... 427)4
430
4 3034
Low for the week_ _ _ 4 267-16
4 27 11-16
4 27 15-16
Paris Bankers Francs-Hign tor the week_ - - 4.11%
4.18
4.19
Low for the week_ _ _ 3.68%
3,75
3.76
Germany Bankers' MarksHigh for the week_
0.000000000021 0.000000000021
Low for the week_
0.000000000021 0.000000000021
Amsterdam Bankers' GuildersHigh for the week _ _ _ 36.84
37.26
,
37.30
Low for the week.... 36.70
37.12
37.16
Domestic Exchange.--Chicago, par. St. Louis. 15025c.
per $1,000
discount. Boston, par. San Francisco. par.
Montreal. $34 71 .Per
$1,000 discount. Cincinnati, par.
Quotations for U. S. Treas. Ctfs. of Indebtedness,&c.
-See page 1126.
The Curb Market.-The review of the Curb Market is
given this week on page 1105.
DA TLY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
BONDS (Par Value).
Week ending March 7.
Ind.&M
Saturday
Monday
Tuesday
Weanesday
Thursday
Friday
31,385
41,155
57,300
41,355
48,285
30,670
Total
248,050
Oil.
31,840
77;895
85,405
41,180
75,755
47,085
Mining.
199,600
239,630
195.000
167,335
161,500
105,510
Domestic. For'n
3316,000
449,000
398,000
357,000
498,000
670,000
661,000
830,000
576,000
299,000
776,000
293,000
338,960 -1,088,575 32,688,000 32,836,000
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1114
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.l.
Monday.
Mar.3.
Tuesday.
Mar.4.
Wednesday. Thursday.
Mar.5.
Mar.6.
Friday_
Mar.7.
Sales
for
the
TVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1924.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1923.
Highest
Lowest
Highest
Railroads.
Par
$ per share $ per share $ per share $ per share $ per share I per share Shares.
2513 2512 *25
25
25
27
2514 2514 *25
100
26 .25
300 Ann Arbor preferred
26
99
9913 9834 9834 9834 99
9958 100
9912 9912 994 9912 3,000 Atch Topeka & Santa Fe_ _100
100
8734 8734 87
Do prat
8738 8732 8738 8733 87% 8712 8712 2,000
8734 87
118 178 .153' 178
17
17
158 178
1%
158 .158 1% 1.000 Atlanta Birm & Atlantle_100
11578 11578 11418 11412 *114 116 .114 118
114 11434 115 115
900 Atlantic Coast Line RR-.-100
5578 5612 5638 5813 5814 5634 5658 56% 5638 5653 4,900 Baltimore & Ohio
5613 57
100
100
5813 5812 5812 5812 5818 5818
Do pref
600
*5812 5914 5812 5813 .581. 59
1478 1533 154 18
1514 154 9,600 Bklyn Manh Tr v t c_ _No par
1514 1533 1518 1533 1558 18
No par
55
56
54
55
Prat vot tr Ws
55
5512 58
56
57% 7,300
5613 5713 57
143% 14434 144 144
144 14412 14414 1447 145 14512 14334 14412 4,700 Canadian Pacific
100
7213 7134 7212 7214 7314 7,100 Chesapeake ts Ohio
7212 714 72
7234 73
100
72
71
*10272 104 *102 104 *10278 10373 .10212 1038 .10213 1037 *10212 10378
100
Do pref
45
413 48
4% 434
458 434 3.400 Chicago & Alton
458 478 .44 434
100
48
114 1214 1134 12
100
*1158 1134 1112 1114 1112 1112 .1112 113
Do pref
1,700
.2112 2134 •211. 22
100
22
22
2112 22
2113 2112 2113 2113 .
800 Chic & East III RR
*43
100
*43
.40
*43
45
Do pref
1.200
45
43
43
44
40
41
45
434
434
478 478 *412 4%
4% 4%
628 Chicago Great Western_ _ _100
434 434 *434 5
• *1114 1134 1134 1134 II% 1158 1113 1112 1134 118
100
1112 1112 1.809
Do pref
18
1412 15
1414 1414 1414 15
1514 1618 16
1512 16,4 10,600 Chicago Milw & St Paul-- -100
2278 22
Do pre(
100
22
2514 26,8 29,000
2314 2278 244 2334 2514 2518 26
504 5012 5038 51
50
51
5013 51
4913 51
5014 5114 12,700 Chicago & North Western.100
Do pref
.
1001. 10212 .10013 103 .100 103 *1004 102 .100 103
100
200
1001.1 10014
2338 2312 4,900 Chicago Rock Isl & Pacific-100
2312 2378 23
2314 2314 2373 2233 24
2312 23
100
900
7738 778 7712 7712 7712 7712 *7712 79
77
77
.
7734 79
7% preferred
6% preferred
100
300
87
67
*67
8712 6712 6712 6712 6712
.6734 69
*6712 69
100
*2714 28
28 .
800 Colorado & Southern
2718 28
2734 2734 .27
2778 2778 *2714 28
10612 1074 10512 loa
1041. 107
100
6.700 Delaware & Hudson
108 10912 10734 108
*10912 110
113 113
.11234 11412 11218 11234 113 113
11314 11514 11413 11812 10,500 Delaware Lack & Western_ 50
25
2414 2433 2458 25
2434 2518 2438 2478 2433 247
100
254 14,100 Erie
30
3034 31
Do 1st preferred
100
3012 3034 30
3014 3012 3012 30% 30% 30% 1,900
*2714 2853 *2714 281
Do 2d preferred
100
100
: .2714 281.1 2734 2734 *2712 284 .2713 2914
100
5614 5634 5812 56% 8.900 Great Northern prat
551* 56
5414 5514 5384 55
545 55
.2918 2958 2914 2912 29
Iron Ore Properties.. No par
2918 291. 2918 2912 2,100
29
2833 29
1412 1412 •14
200 Gulf Mob & Nor tr ctfs__ _100
1313 1313
147 *1312 15 .1313 15
1478 .13
100
500
*54
56
55
Do pref
58 .54
56 .54 • 56
5512 .54
5513 *55
101 101
1.900 Illinois Central
10014 10172 10034 100% 10073 101 .10034 101
101 101
100
1958 1812 1914 14,000 Interboro Rap Tran
17% 1834 1812 20
100
1958 2033 1834 1912 19
.1834 19 .1858 19
1814 181: 1812 1812 18% 18% 184 18h 1,400 Kansas City Southern_...100
Do pref
*53
531: .5213 5314 .5278 53 .5213 5314 .524 5312 .5212 5312
100
50
6938 6912 8918 8918 6914 6912 69,4 6912 8918 8933 3.400 Lehigh Valley
6934 71
*8813 90
888 89
600 Louisville & Nashyllie--.100
"8812 90
89% 8978 88
8812 .8812 90
2,800 Manh Elevated, mod guar 100
3812 391
3678 38
: 3833 394 3834 3934 38,8 3914 3714 38
818 ' 838
100
600 Market Street Ry
. 934 *812 93* *81. 9
813 834 *812 912 .81
23
• *2212 34
23
Do pref
1001
100
*231; 28
30
*234 30
*2214 3214 .22
50
5153 4,600
5112 5213 52
Do prior pref
53
52
53
5312 52
51
53
100
154 17
Do 2d wet
100
19
18
700
1818 1714 1714 *1714 1814 *1714 20 •17
212 2.900 11,11nneap & St L (now)__ _ _100
23
213 234
234 234
213 212
278 273
23* 212
, 4,400 Mo-Kan-Texas RR__..No par
1114 1114 118
1114 1113 1138 115
1138 11% 1138 1138 II
Do pref
3113 3112 30% 3114 31
100
3134 3034 3014 314 317k 3112 3158 2,500
1214 1217 1213 1238 6,900 Missouri Pacific corn
1238 11% 1214 1133 1178 1178 121.1
12
100
3812 3838 3912 20.700
361: 3634 377g 38
36
Do prat
100
: 36
36% 3553 361
.18
•134 218 .134 218 .134 2
*134 2
2
*134 2
Nat Rys of Mex 2d pref _ _100
10038 10278 100 101
9858 10214 10112 103
9812 9812 984 99
100
7,900 New Orl Tex & Mex
100
10118 10134 10114 10134 15.700 New York Central
10058 10113 10078 10111 10034 101
10112 102
7534 757
7611 7534 753
748 7514 2,800 N Y C &St I. new co
78
7634 76
7834 77
100
8434
845
8
.8412
8512
85
845
,
*8412 8512
*8453 85
Do pref
100
500
.8413 85
1958 2014 1934 20
100
17,000 N V N H & Hartford
1934 2013 1914 2018 1934 1934 1912 197
18
1634 163* 1714 1714 17
.1713 18
17
1714 1714 .17
600 N Y Ontario & Western__ _100
1434 .13
1434 1434 1434 .13
1434 *13
100
100 Norfolk Southern
1434
.13
1434 .13
11514 11834 11312 11614 11412 11838 117 11838 1168 11734 1163 11852 66.200 Norfolk & Western_ _ _ _ _100
*7313 75
*7312 75
*7312 75
74
74
Do prat
100
100
*73
7513 *7312 75
5112 5212 5178 5212 32,750 Northern Pacific
100
4831 49% 47% 4913 4833 498 4934 .51
. 4338 4334 4313 4353 4312 4334 6,000 Pennsylvania
50
4312 4333 4312 431
4319 44
100
104 104 *1012 1114 •1013 1112 .1013 1113
100 Peoria & Eastern
*1013 11
*1014 11
100
4234 4234 3,700 Pem Marquette
4212 4224 4212 427s 423 43
• 4258 4234 4234 43
74
*69
74
*69
74
100
74 .69
Do prior pre!
7514 •69
73 .89
.69
*6012 62 .8013 62
*6012 62
100
80
82
*6012 62 .6013 62 .
Do pref
424 4278 4.200 Pittsburgh & West Va.- _100
414 414 4112 4218 43
• 4113 4112 4013 4114 41
100
8934 8812 884
8934 .88
• *88
Do pret
100
8934 *88
8934 .88
8934 .88
50
554 5534 5,900 ...eading
5534 6638 5512 5534 5538 5558 5538 5.512 5538 56
3614
*36
50
38
3614 *36
36
38
400
Do 1st preferred
• 3578 3572 .35% 384 36
50
3458 3458 *3414 34% *344 34%
: 35
Do ad preferred
500
3434 3434 3434 3434 .341
100
*32
38
*32
37
38 .32
35
Rutland RR pref
35 .32
• .32
37 .31
100
2338 2313 11,300 St Louis-San Fran
2314 23% 23% 24
2234 2334 227 24
2318 24
100
4812 46% 4712 4634 363
Do pref A
4812 4612 4612 .46
.4612 4713 48
2,500
38% 37% 38
38
3914 384 3834 3712 38
3758 3814 38
5,700 St Louis Southwestern_ _ _100
100
61
81
61
61
61
61
Do pref
61
900
.60
• 6014 6014 *6014 81
100
8% 914
878 94 8,300 Seaboard Air Line
9
912
938 912
913 973
978 10
100
Do pref
2038 193 2014 1958 20% 1933 1912 8.000
2114 2113 1934 2112 20
88% 8714 8634 8712 8,400 Southern Pacific Co
100
: 867
868 867
ST
8738 8614 8834 861
4912 5014 483 491: 98,200 Southern Railway
4812 50
100
• 504 51
4914 5012 487 497
100
72
72
7112 72
7212 7258 7178 714 7172 72
72
72
Do prat
1.300
2434 2414 2514 2473 257j 2558 2633 28
100
2678 25,900 Texas & Pacific
24
2414 24
953 1114 101. 11
100
1012 1,200 Third Avenue
107 10% .10
1034 1058 1053 .10
*60
65 .60
63
200 Twin City Rapid Transit_ _100
61
6112 *61
60
62
8118 .
65
129 129
12717 128
100
128 1284 12812 129
12858 12834 12853 128
6,000 Union Pacific
100
71
71
71
71
Do pref
71
704 71
7034 7034 71
.7012 72
800
*84 9
812 812
81: 812 *812 9
.812 9
200 United Railways Invest-- -100
.84 '9
Do pre'
100
3012 3012 .3014 3112 3112 3112 314 314 2913 3014 1,100
.
304 32
1458 1438 1458I 1438 1413 26,700 Wabash
100
1414 14
1432 14% 1414 141: 14
4414 4334 4418 27,300
433 4412 434 44
Do prat A
100
43% 4334 4312 4414 44
30 •281 30 .2813 30
Do pret 11
100
"2812 30 .29
.29
30 .2834 31
958 958
100
. 10
.934 10
600 Western Maryland
958 9% .91
934 934
. 934 10
1812 .18
1814 1814 18
18
Do 26 preferred
100
18
1813 18
300
.1814 19 •18
*1513 16 .1513 16
1534 1653 1678 1714 2,700 Western Pacific
100
1514 1512 *1513 16
100
61
61
*6013 61
61
.60
61 .
Do pref
200
*oola 61
60
81 .60
812 812
858 833 1,900 Wheeling & Lake Erie Ry..100
8
818
813 834
84 834
814 8%
100
1834 19
: 1814 19 .
Do prat
18% 1858 1,400
181
1813 1834 1734 18 .18
100
38% 381
300 Wisconsin Central
: *3134 3612 .3614 3634 .3614 3634 .3614 3634
.3812 37
$ per share
25 Mar 4
974 Jan 2
8612 Jan 2
Iis Feb 23
112 Jan 23
55118 Feb 21
5813 Mar 7
1313 Jan 4
4834 Jan 3
14358Mar 1
6734 Feb 26
9912 Jan 3
gre Jan 4
954 Jan 3
2113Mar 4
40 Mar 5
4% Jan 3
10•8 Jan 4
1382 Jan 8
22 Mar 1
4914 Jan 3
100 Jan 8
2113 Feb 15
7634 Feb 26
6558 Jan 2
20 Jan 2
1041,Mar 5
1104 Feb 15
2034 Jan 3
2858 Feb 19
25% Jan 3
53341%lar 3
28 Jan 15
1338 Feb 28
50 Jan 3
10014 Mar 4
1234 Jan 2
184 Jan 29
52 Jan 2
61 Jan 2
87% Jan 16
3013 Jan 2
712 Feb 20
22 Feb 20
51 Feb 20
1538 Feb 20
138 Jan 3
1034 Feb 26
2934 Feb 18
934 Jan 3
29 Jan 3
158 Jan 4
9313 Feb 15
99% Feb 15
7213 Feb 18
8413 Feb 28
1418 Jan 2
1634Mar 5
14 Jan 5
1024 Jan 3
7234 Feb 26
4778 Mar 3
424 Jan 3
1014Mar 4
41 Jan 2
704 Jan 9
60 Jan 4
38 Jan 4
8514 Jan 5
54% Feb 18
b3518 Jan 15
3334 Jan 16
32 Jan 3
1914 Jan 4
42•2 Jan 3
33 Jan 2
5778 Jan 3
614 Jan 2
1414 Jan 2
8614 Mar 3
3812 Jan 2
6634 Jan 3
19 Jan 3
958 Jan 3
81 Mar 4
12658111ar 3
7014 Feb 29
734 Feb 20
2813 Feb 20
1034 Jan 4
34 Jan 3
2211 Jan 3
913 Jan 2
17 Jan 2
1484 Jan 2
58 Jan 7
712 Jan 2
144 Jan 2
34 Jan 16
Per share
34 Jan 8
10214 Jan 29
8913 Jan 19
234 Jan 11
11678 Feb 4
6013 Jan 9
5912 Jan 5
1738 Jan 25
5758111ar 7
15078 Jan 9
7712 Feb 5
10312 Feb 28
518 Jan 10
1278 Feb 29
27 Jan 10
5111 Jan 8
558 Jan 17
1312 Feb 5
1818 Jan 10
28 Jan 10
544 Feb 7
10311 Jan 19
2733 Jan 10
83 Jan 10
6978 Jan 10
2911 Feb 7
11234 Feb 25
11813 Mar 7
2818 Feb 4
3478 Feb 4
3012 Fob 4
5934 Feb 4
3112 Feb 4
178 Jan 9
5834 Feb 5
10434 Feb 6
2038 Mar 4
2184 Feb 4
5358 Feb
72% Jan 26
9034 Feb 4
3934 Mar 5
1313 Jan 4
4018 Jan 5
7113 Jan 4
30 Jan 4
4 Jan 28
134 Feb 4
3413 Feb 4
1318 Feb 11
3918 Mar 7
214 Feb 8
103 Mar 5
1084 Feb 4
7912 Jan 9
87114 Jan 22
21 Feb 13
1978 Jan 9
1512 Feb 7
11932 Feb 28
77 Jan 11
55•2 Feb 4
463* Jan 28
1252 Jan 10
4532 Feb 5
7518 Feb 26
6238 Feb 5
45% Jan 18
8934 Feb 26
79 Jan 12
5813 Jan 14
56 Jan 14
4018 Feb 5
2412 Feb 29
484 Feb 29
42% Feb 2
6314 Feb 2
104 Feb 23
2213 Feb 25
9134 Feb 8
51 Mar 1
73 Feb 29
2673 Mar .7
124 Jan 23
66 Jan 12
13284 Feb 8
74 Feb 13
1114 Jan 5
4012 Jan 4
1472 Feb 13
454 Feb 29
29% Feb 13
1138 Jan 9
2014 Jan 10
18 Feb 4
6213 Feb 4
914 Feb 4
2078 Feb 5
3711 Jan 29
Industrial & Miscellaneous
1(81
Adams Express
100
Advance Rumely
100
Do pref
Air Reduction, Inc__ __No par
50
Ajax Rubber. Inc
10
Alaska Gold Mines
Alaska Juneau Gold Min__ 10
Allied Chemical& Dye_No par
Do pref
100
Allis-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chem-100
100
Do pre
American Bank Note
50
Do pre'
50
American Beet Sugar
100
Amer Bosch Magneto_ _No par
Am Brake Shoe gx F___No par
100
Do prof
American Can
100
Do pref
100
American Car & Foundry-100
100
Do Prat
American Chain. el A
25
No par
American Chicle
Amer Cot Oil etfs of dep-100
Do pref etfs of dep--100
Amer Druggists Syndicate. 10
American Express
100
American Hide & Leather-100
100
Do pref
Amer International Corp_ _100
.7313 Jan 2
10 Jan 14
3513 Feb 27
6714 Jan 2
614 Jan 3
13 Jan 3
78 Jan 30
6718 Feb 27
1104 Jan 19
4438 Mar 1
9278 Jan .9
1018Mar
3014 Mar .5
98 Jan. 8
5313 Jan 26
40 Feb 25
3213 Feb 15
77 Jan 3
108 Jan 7
1031s Jan 3
109 Jan 8
161 Jan 3
119 Jan 18
2112 Mar 6
16 Jan 2
1012 Feb 18
33% Jan 2
473 Feb 28
9413 Feb 29
91e Jan 2
5012 Jan 3
208a Feb 19
3212 Feb 11
67 Sept 82 Mar
1212 Jan 2
64 Oct 1913 Mar
4113 Jan 4
24 Nov 5438 Jan
8113 Jan 29
56' July 723e Mar
1012 Jan 11
4,4 Oct • 1478 Mar
4 Feb 2
is Mar
le Aug
112 Mar 4
172 Oct
31 Oct
7458 Jan 8
0914 Aug 80 Jan
11414 Feb 8 10514 Aug 112 Mar
5012 Jan 22 .3734 Jane 5114 Feb
9634 Jan 17
89 Nov 0712 Jan
17 Jan' 2
1018 J(i1S 3678 Feb
2814
a 684 .Feb
4958 Jan: 9
77 Jan 100 Nov
10884 Jan.14
544 Feb 27
5012 Jtine 5514 Aug
494 Feb 6 . 25 Aug 4912 Feb
2234 Oct 60 Mar
3834 Jan 7
82 Feb 8 • 694 Sept 8314 Feb
10813 Feb 29 102 July 110 Jan
12258 Feb 1
7313 Jan 10753 Dec
113121%18r 7 106 Sept 115 Feb
178 Jan 28 1484 July 189 Mar
117 Sept 12578 Jan
12214 Feb
20% June 2512 Mar
2318 Jan 12
17is Nov
534 Jan
2012 Jan 7
1238 Jan 11
334 July 2054 Jan
14 May 38•4 Jan
8734 Jan 11
752 Feb
418 Sept
614 Jan 30
87 Nov 14312 Mar
1034 Jan 7
1334 Mar
135s Feb 13
618 Aug
2934 Aug 7454 Mar
65 Feb 11
2512 Jan 81
18 Sept 3312 Mar
801,
300
8014 *79
8014 .79
8014 *79
80
80 .79
80
80
.9
10
*84 1034 .9 . 1034 .9
.9
10
.812 10
10
374 .30
*30
3412 3412
100
36 .3412 36 .3412 36
36' .30
78
3,600
77
77
77
78
7934 78
7814 78% 774 784 77
8
7% 8
8
*734 814 2,600
7% 7%
734 8
734 8
*18
14
•18
14
100
4
14
*18
14
14
II
*18
•18
D.
1
14 8,900
I
I
I
1
1
1 14
114
14
138
3,900
684 6814 6712 6813 8734 8838 8778 8818 8813 6817 6878 69
112 112
200
*11112 11234 *11114 11213..11117 11213 1 1158112 .11138 112
45
4534 45
3,200
4512 4512 454 451. 4513 451. 46
4438 45
.0313 96 .9313 96 .9312 9512 .94
9512 *94
9512 *94
9512
1178,. 1218 .11h 12 . 12
9,600
1214 101311213 114 1118 1133 12
'3312 34
3413 35/
3433 341. 3413 7,500
33
1
4 3013 35
3314 34
104 105 •103 110 .105. 110- .10233 110 .105 110
200
•I0313 105
55418 ____ .544 ____ .544 __ _
*5413
.544 --- *544
424 42
4214 - 1;960
4112 4013 4114 4058 40% 4112 4112 41
41
3414 3414 3434 3434 3434 3514 1.000
35
*34
35 •_ _ 36 .34
81
1,700
80
801
: 80
80
8078 81
.80
81
8112 81
81
.103
10912 *103 10912 •103 10913
10912
.103
10912
.103
10912
*105
11238 11434 11438 11512 115 118
11613 11712 127,600
11314 11453 11213 114
11318 11318 *113 114
700
11313 11317
11234 11234 11211 11213 113 113
400
168 16914 .164 167
167 187 .168 187 .163 168
*166 170
200
12134 12134 *120 122 .120 12134 .120 12133 12112 12112 *120 1213
22
22
2112
22
*2113
22
22
2214
2.100
223
3
2214
2214 2238
1912 .1812 1912 1.400
.1834 1912 1812 1812 1813 184 188 1834 19
1212 *1112 1212
•1113 1214 •1133 1213 *1113 121: *1113 1212 *1113
*34 ____ 534
37 .34
37
*3412 37 .3412 37
37
*35
•51,
53
8
54 54
47
54 2,100
514 512
54 512
•518 514
500
.95
98
.94
9834
•95
9812
98
95
983
4
.95
.95
98h
1134
700
11114 1112 1112 *1114 1112 1114 1117 .11
1112 1112 .11
527 5434 548 5712 55% 5734 12,500
5312 55
553
55
55% 58
2133 2214 2213 2212 3.240
14 2134 2112 217
.2134 22 *2114 2112 21
dividend. b Ex•rigate
•Bid and asked prices. z Ex
Lowest
$ per share $ per share
21 Sept 45 Feb
94
Oct 1054 Mar
8553 Dec 9058 Mar
314 Feb
114 Aug
10978 July 127 Feb
4012 Jan 6034 Dee
5584 May 60% Mar
914 Oct 1413 Dec
344 Oct 49% Dec
13934 Sept 160 Apr
57 June 761e Jan
96 June 104% Feb
438 Dec
2 May
3% Jan 1238 Dec
19 Aug 3834 Feb
4612 Aug 0214 Mar
7 Feb
234 Oct
6% Oct 17 Feb
1114 Oct 2638 Mar
2053 Dec 4512 Mar
4718 Dec 88 Mar
9718 Dec 1181g Mar
19% Oct 37% Mar
72 Aug 95 Feb
6073 Aug 85 Mar
17
Oct 454 Feb
9314 July 12412 Feb
10978 Oct 13012 Feb
1018 May 2234 Dec
15 Jan 3114 Dec
1034 May 2758 Dec
5058 Oct 80 Mar
25 July 36 Mar ,
912 Aug 20 Mar
4478 Jan 8234 Feb
9958 Dec 1174 Feb
94 June 2278 Mar
1558 July 24% Mar
4858 July 5734 Mar
54 June 71% Feb
804 Oct 155 Feb
2713 Dec 4513 Apr
712 Oct 22 Mar
23 Oct 6812 Mar
5012 Oct 87 Mar
1458 Oct 564 Mar
94 Feb
78 Aug
934 Oct 17 Feb
24% Oot 4513 Feb
814 Oct 1938 Feb
2214 Oct 49 Feb
434 Feb
114 Nov
8213 Aug 105 Mar
9013 May 10714 Dec
6713 Aug 8012 Dec
86 Nov 9512 July
958 July 2212 Jan
1414 June 2158 Feb
9 Sept 18% Feb
100 July 117% Feb
72 Sept 784 Aug
4934 Oct 814 Mar
40% Nov 47% Apr
8
Oct 17 Mar
3.6 Jan 474 June
6712 Oct 7654 Mar
5713 Oct 704 Jan
3378 Jan 5053 May
85 Dec 93 Jan
6811 June 8118 Feb
44 June 5612 Feb
45 June 5834 Jan
2213 Oct 39 Dec
1634 Oct 27 Mar
324 Jan 50 Mar
2512 Aug 3633 Feb
5458 June 63% Mar
713 Feb
434 Aug
814 Aug 1534 Dec
8414 Aug 9514 Feb
244 Jan 3913 Dec
63 July 70% Mar
14 Aug 294 Mar
84 Doc 1914 Feb
5814 Jan 7712 June
1244 Aug 14478 Feb
7014 Dec 7613 Jan '
778 Oct 21% Mar
26
Oct ' 62 Mar
7 Mar 12 Dec
234 Jan 364 Dec
1612 Jan 2334 Dec
8 Sept 15 Feb
14 Sept 2634 Mar
12 Setp 2014 Mar
53 May 6338 mar
6
Oct 1013 Feb
10
Oct 19 Feb
23 Aug 3878 Dec
New York Stock Record-Continued-Page 2
1115
For sales during the week of sto%ks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
3a3)4rday,
Mar 1.
Monday,
Mar.3.
Tuesday,
Mor.4.
Wednesday. Thursday.
Mar.5.
Mar.6.
Friday.
Mar.7.
Sates I
!LW
the
'Peek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1924.
On basis 01 100-share lots
Lowest
I
Highest
PER SHABA
Raneefor Previous
Year 1923.
Lowest
Highest
per share 3 per share $ per share 8 per share Shares. Indus. & Miscall. (Con.) Par $ per share $ Per share $ per share Per share
$ per share $ per share
100 86 Jan 14 96 Feb 7
92
78
Oct 11112 Apr
9212 9312 1.500 American Ice
9134 9134 9134 9144 *gcn2 9134 8134 9134 92
100 81 Jan 3 83 Feb 5
7734 Oct 89 Feb
Do pref
82/
1
4 33
*8214 83
*8214 8.3
*8214 83
.
*8214 83 .82% 83
La
France
F
E
10
1012
Jan
31
July
13 Mar
1214
Jan
9
American
10%
400
11
*1118
1138
11
*11
11%
11
11
11
1138 11
*11
100 18 Feb 21 2238 Jan 14
American Linseed
13 Oct 38 Mar
*18
19
*18
19 •18
19
*18
19
19
.19
1912
45
Jan
4
59
Feb
Jan
14
pref
100
36
2812
Oct
Do
39
*37
39
40
*37
*37
39
*37
40
39%
*38
6434 July 7614 Dec
7434 7512 7514 7514 6,300 American Locom, new_No par 7114 Feb 18 76% Feb 7
7414 7434 7418 74% 7434 75
74% 75
100 11734 Jan 8 11912 Jan 20 11412 Sept 122 Feb
Do pref
100
11914 11914 *11812 120 *11812 12112 *118 120
*118 120 *118 120
Vo par 4218 Feb 27 45% Feb 14
4014 June 557 Mar
44
4234 4314 4312 4312 1,200 American Metals
*4234 4313 42% 42% 4214 4214 *43
25 94/
1
4 Jan 16 105 Feb 4
3934 100
76
Jan 97 Dec
10012 10012 10012 10012 10012 10078 1,300 American Radiator
100 10012 9834 99
47 June
6 Feb 18 7/
918 Feb
1
4 Mar 6
714 734
7
714
714
7
714
7,4
714 12,000 American Safety Razor... 25
7,2
6% 718
1034 July 2138 Jan
14
500 Amer Ship ,Sc Comm___No par 11% Jan 2 1538 Feb 11
1313 13,
1334 1334 *1334 14 .13
4
*1312 14
*1312 14
5114 Oct 6912 Mar
6012 6078 10.100 Amer Smelting & Refining _100 5712 Jan 14 6318 Feb 14
60
6034 6018 6118 6014 6034 6038 6078 6012 61
93 June 10238 Mar
100 96 Jan 2 10014 Jan 21
*98'2 9912 9812 99
•3812 99
Do pref
*981. 9912
700
99
9813 9812 99
315 July 4078 Mar
3814 4.500 Am Steel Foundries-33 1-3 37 Jan 3 40 Feb 7
3712 3712 3734 3814 3812 3834 38
37% 38% 3712 38
,Jan.28
977 Aug 10514 Feb
100 102 Jan 3 1041
Do pref
*103 104 *103 104 *103 104 *103 104 *103 104 *103 104
Feb
7
48
Oct 85 Feb
613
4
American
Sugar
Refining
-100
5414
Jan
3
5614
.5814
5712 58% 9.900
57% 5514 5614 5514 5534 5534 56
57
92 Dec 10834 Jan
100 9613 Jan 7 99% Feb 14
Do pref
400
9734 *9634 9734 9714 9712 9712 9712
9713 9713 *97
.9712 99
16 July 3638 Feb
1
4 Jan 9
1
4 211. 2134 22
2114 2114 211/
2034 21% 1,000 Amer Sumatra Tobacco_ _ _100 2034 Jr* 2 28/
*2112 22
21
21
3212 July 6534 Feb
100 59/
Do pref
1
4 Jan 4 69 Jan 16
*55
65
*55
65
*55
65
65
65 .55, 65 *55
*55
/
4 June 12834 Dec
100 12518 Jan 2 13)18 Mar 7 1191
12878 12914 12938 12934 12934 130
130 13018 13,000 Amer Telep & Teleg
12834 129
12878 129
/
4 Feb 16 157 Jan 28 14014 July 16134 Feb
100 1441
900 American Tobacco
1
4 1473* 150
15034 15034
14518 146 *145 146
145/
1
4 145/
*145 146
100 1013s Jan 2 104 Feb 19 10018 Nov 10578 Mar
Do pref
300
10318 10318 *10212 105
103 103 *10212 104 *103 105
*10213 103
Do common Class 13_100 143 Feb 16 153 Jan 28 140 May 15934 Feb
143 14434 *143 14412 14434 14614 14612 14612 1,900
144% 14478 144 144
/
4 4112 *4118 4113 4113 4113. *4118 42
2712 Jan 4434 Apr .
400 Am Wat Wks & El v t c.-.100 40 Feb 18 4412 Feb 6
*4118 42
4113 4112 411
Jan
8514 July 93
300
Do 1st pref(7%) v t 3.100 90 Feb 5 9113 Jan 21
9012 *90
9034
9012 9012 9034 9088 9014 9014 *90
*90
91
4812 Jan 6712 Dec
500
Do panic pf(6%) v t 0.100 66 Feb 19 68% Jan 7
68 I 6718 6712
*6712 68
6714 67341 *67
*6712 68 *6712 68
713, 7418 72% 7534 7314 77% 7314 7434 7412 7614' 753* 76
Oct 109% Mar
100 691
/
4 Jan 30 78% Jan 11
65
71,500 American Woolen
1.00 100 Jan 4 1025* Jan 19
96% Oct 111% Jan
1007 101 *1003 10114 10114 10138 10138 10138 1,000
Do pref
100% 10034 *10012 101
118 Dec 34 Mar
4 Jan 7
2/
1
4 Feb 13
100 Amer Writing Paper prat-100
/
4 2/
1
4 *214 234 *2,4 212
234 234 *21* 212 *21
*214 278
8 Jan
618 Oct 1914 Feb
10% Feb 14
400 Amer Zinc, Lead & Smelt_ - _25
9
9
*814 9 I *8
*812 912
914 9% *934 95* *8
25 29 Jan 4 34% Jan 14
2434 Dec 5814 Feb
Do pref
34
34
*33
3312 *31)
33 .30
33
300
3334
3334 33
.30
3438 3318 34/
1
4 3434 3418 3434 3418 3412 36,710 Anaconda Copper Mining_ 50 328 Feb 28 41 Feb 15
32% Oct 5312 Mar
33
3334 3334 35
1
4 Jan 24
88,
4 Oct 9414 Dec
800 Armour .5, Co (Del) pref.-100 92 Mar 5 93/
92/
1
4 92
92 I "9214 921:
*9213 92% 9212 9212 9213 9212 92
8% Mar 7 15 Jan 9
1834 Oct
1012 Nov
*912 10
88
10
10
9% 10
034 934
934 1,750 Arnold Const'le&Co v tc No par
034 9841
6214 Jan 89 Mar
*9213 95
94
9638 963* 99
12,900 Associated Dry Goods- _ -100 79 Jan 15 99 Mar 7
93
93
94
94% 93
94
2.3 2813 Jan 10 3438 Feb 5
2478 Oct 2912 Dec
3238 32
31
31
3013 3212 32
31% 32
3218 11,900 Associated Oil. new
31% 30
I. Nov
11* Jan 15
312 Feb
2% Feb 20
No par
17
• 2
2
13
2
*134
2
1%
178 1,000 Atlantic Fruit
2
*I% 2
19 Feb 25
1634 1712 *1612 16% 1,900 AU Gulf & W 1 813 Line._ ..100 1338 Jan
1634 1714 163 17
9/
1
4 July 34 Mar
16% 17
*16% 17
.1618 1712 17
1913 Feb 25
100 1212 Jan
6% July 27 Mar
1611 161. 158 1534 1634 1712. 17
1,000
Do pref
17
17
99% Sept 15312 Jan
14018 Jan 31
100 12334Mar
12334 129
12512 12714 12512 12512 1,200 Atlantic Refining
12512 12512 *1241/ 126 "124 127
Jan
100 117 Jan 23 118 Feb 7 115 May 120
100
Do pref
11712 11712 *116 11712 *116 11712 *116 117 ,*116 117
*11714 118
par
9
Co_
_No
2212
17 July 35% Jan
Jan
&
Mar
3
30
Austin.
Nichols
23
23
2313
1,000
*223
4
24
2312
*2212
24
2212
2312
23
.22
24
100
84
Jan
June
Jan
Feb
26
8912
78%
8814
pref
Do
88
88
*80
*80
88
88
*80
88
*80
8712 .80
*80
484 4%
414 Feb 6
638 Dec 28% Apr
812 Jan 2
438 438
434 438
514 51
: 1,500 Auto Knitter Hosiery...No par
434 412
4% 4%
,Feb 18 131 Feb 7 11012 Aug 14414 Mar
123 12411 43.600 Baldwin Locomotive 1Vks_100 1181
122% 12312 121 12278 12114 12234 12134 123% 12231 124
100 111 Jan 4 12112 Jan 12 111 Apr 11634 Jan
Do prof
1
4 *115 116
*114 116 *115 116 *115 11618 *115 11512 *115 115/
No par 26 Jan 9 35 Feb 7
2012 Dec 55 Feb
Barnet Leather
*25
39
*25
39
*25
39
37
*25
39
37
*25
*25
978 Aug 35 Mar
177
17
17
1634 18
1712 18
9,600 Barnadall Corp. Class A __ _ 25 14 Feb 16 18% Feb 1
17
161/4 1634 1634 17
*133* 137s 1,700
25 10 Jan 7 14% Feb 7
6
Oct 22 Jan
14
Do Class 11
1418 *1334 1378 1312 1334 1388 1338 14
14
1
20
Is
Jan
2
*I
1
4
Jan
17
:Mining
sa Aug
18 July
Batopilas
1,1
14
*ls
•
14
*ls
*15
14
"18
14
*le
*5113 5212 5134 5138 5112 5112
50 June 6214 Apr
*5112 53
*517 53
300 Bayuk Cigars, Inc.__ _No par 5112 Feb 28 59 Jan 5
.5118 53
4818 Dec 8414 Mar
20 511
/
4 Feb 27 58% Jan 31
53
53 .52
*52% 521
*51
*51
53 *52
500 Beech Nut Packing
53
52/
1
4 53
4134 June 70 Mar
100 53 Jan 3 621s Feb 5
5678 ,5714 16.800 Bethlehem Steel Corp
567 571
5612 5674 5614 57
56% 5712 5614 571
Do cum cony 8% pre1.100 10578 Feb 4 1105 Feb 14 10014 June 11114 Mar
108 108 .107 109 *107 109
300
108 108
107 107 *10734 ICS
1
4 Mar
87 July 97/
100 9013 Jan 9 97 Feb 11
Preferred new
9434 948
500
94
94
94
94/
1
4 9414 *9414 95
9414 9414 94
618 5%
718 Jan
334 Oct
7% Jan 6
No par
5/
1
4
Sts Mar6
512 512
400 Booth Fisheries
*5/
1
4 5% •513 534 *518 .31111 *5
418 Jan 31
9% Mar
3 Dec
5 Feb 9
100
*412 534 *44 544
British Empire Steel
1
4 534 *51
/
4 511
*414
*5
534 *5/
534 *54
.5214 Dec 6913 Mar
100 53 Feb 13 53 Feb 13
Do 1st preferred
......
56 .54
1
4 Feb
1218 Dec 26/
100 131 Jan 31 15% Jan 11
Do 2d Preferred
15 •
15
*____ 1412•
•
15
100 11018Mar 5 116 Feb 8 10414 May 12112 Jan
11118 11138 11112 111 nil 11018 11078 11012 11012 11078 1107 2,400 Brooklyn Edison, Inc
100 11914 Jan 3 12934 Jan 23 10313 May 128 Feb
Brooklyn Union Gas
1
4 Feb 27 $312 Jan 9
4134 Oct 6574 Apr
100 47/
-.hi- 16 *4612 49 4784 48 ...400 Brown Shoe Inc
1
4 Feb 26 10734 Jan 18 100 Sept 14434 Mar
100 97/
500 Burns Brothers
10212 10212 10214 10214 10213 10212
102 102
*1011: 102 m01,103
2112 Sept 43 Jan
1988 Feb 26 2512Mar 5
Do new Class B com__
24% 2334 244 2414 25
244 2512 2412 2612 2414 2514 10,600
24
4% Oct 1134 Feb
612 Feb 14
5
5 Jan 3
53
58
*514 51
3,300 Butte Copper & Zinc
5% 5%
538 534
: 51
514 538
/
4 512
1314 June 22 Aug
100 19 Jan 3 23% Jan 23
400 Butteriek Co
*19
1914 19
19
2012 *19
19
1978 *19
191: 19
*19
1278 Oct 37% Mar
10 15% Jan 2 2038 Feb 15
1714 1714 1738 1814 18
18
1712 181
/
4 1712 1778 1712 1713 2,700 Butte 4: Superior Mining
4% Jan 19
9/
1
4 Feb
11
/
4 Nov
2 Jan 2
2% 2% .213 314
27
300 Caddo Cent Oil & Ref _No par
27
.28
27
234 234
.2% 314
77 Aug 87 Feb
1
4 Feb 1
84
84
84
8412 84% *8312 3334 1.000 California Packing_ _ _No par 82 Jan 2 87/
84
84
*8314 8334 84
17% Sept 29% May
2414 2413 2413 2514 2434 25% 2434 25
18,900 California Petroleum, new.. 25 2334 Feb 15 2914 Feb 5
25
2514 2414 25
90/
1
4 Sept 11012 May
100 99 Mar 5 107 Jan 31
Do pref
9912 10014 .99 100
700
• 100 100
99
9912 *9912 10012 •99 100
334 Oct 12% Feb
412Mar 7
5% Jan 9
10
412 438 3,100 Callahan Zinc-Lead
5
5
434 47
5
4% 4%
• 5
434 434
Oct 66 Mar
42
10 4314 Feb 29 4918 Jan 24
Calumet Arizona Mining
4478 *4313 461
*43
:.43/
1
4 4512 *4312 4512 *431: 4434 *4312 4512
9% Feb
112 Dec
3% Jan 22
1
112 Feb 25
.112 178 *112 2
*113 2
I% 134 .112 2
*112 2
1,000 Carson 11111 Gold
•12 1
CI- 1
4,88
4% Feb
% Oct
112 Jan 11
No par
% Jan 8
•%
1
Case (J I) Plow
*38 1
• *34
1
17 Dec 42 Mar
*
_ 24 •_ _ _ 24 •__
*12
18
Case Threshing Nisch _No par 225 Feb 27 2712 Jan 26
•I2
18
23 *
23
97 Mar 5 17% Feu 13
93s Nov 4013 Mat
100
1
4 39-,300 Central Leather
14,8 14% 1414 15% 1213 1411
98 1278 1138 12% 1112 12/
2818 Nov 7934 Mar
100 2614 Mar 5 44% Feb 13
/
4 33 60.800
Do pref
3778 3834 355 3813 3318 3612 2914 335* 3214 3312 311
3612 Oct 3012 Mar
4812 Feb 15
461: 4678 15,000 Cerro de Pasco Copper_No par 44% Jun 21
4638 4812 4618 4711 4638 4718 4612 4678 46% 47
43
Oct 76 Mar
61
6218 6114
21,000 Chandler Motor Car_ _ No par 58 Feb 26 6612 Jan 2
5934 8038 5978 6112 6038 6112 6012 61
7512 June 9034 Mar
83
83
*83
*83
8312 83
83/
1
4 83
83
84
83
400 Chicago Pneumatic Tool_ _100 8134 Feb 18 84 Jan 8
84
24% June 3038 Mar
277, 2712 2734 2711 2778 2714 2738 2714 27% 16,500 Chile Copper
25 265* Feb 26 28% Feb 15
2712 27% 27
/
4 Feb 16
1434 Aug 3178 Mar
1712 1712 1714 17%, 5.900 Chino Copper
1734 18
5 1714 Jan 21 201
1711 1714 1714 1878 1778 18
7112 7088 71
*70
72
60 Jul) 7614 Mar
*70
7112 711: 7112' • 700 Cluett, Peabody & Co.-_ -100 70 mar 5 7512 Jan 30
70
70
470
'
711, 7112 8834 7134 68
65% Oct 83% June
Vo par 68 Mar 7 7712 Jan 2
6938 17.600 Coca Cola Co v to
.
7112 71% 7138 7234 7078 72
2612 2634 27
2712 29
27
27
20
Oct 35% May
100 2478 Feb 15 305a Mar 7
2834 31% 31.000 Colorado Fuel & Iron
27 .26
*26
30/
1
4 5112 508* 50% 5012 505* 508 5118 5138 5212 5218 5218 2.700 Columbian Carbon v to No par 4938 Jan 2 5538 Jan 18
41
Oct 5118 Dec
3411s 347
1
4 3412 347
34% 34% *3412 35
30% Jun
3734 Ayr
34% 34% 3434 35/
2.000 Col Gas & Elec. new__ _No par 3334 Feb 26 38 Feb 5
•
67 June 9714 Dec
ComputIng-Tab-RecordNo par 90% Feb 15 104 Feb 5
-63T8 6312 6234 6338 63% 65
-641
.
2
-637 141-2
No par 45 Jan 12 6634 Feb 18 c4412 Dec 18438 Nov
-6478 -63i46434 10.400 Congoieum Co
17
18 .16
157s 1578 16
17
*16
1434 Dec393 Jan
17
100 Consolidated CigarNo par 1568 Feb 29 2218 Jan 14
*16
17
*64
75
75
70
*64
70
*63
*64
60 Dec 83 Feb
100 86 Feb 1 84 Jan 15
70
Do pre(
.61% 75 .64
631,
6234 6388 633* 6378 6334 6334 12,800 Consolidated Gas(N Y)......100 60% Jan 2 6734 Jan 23
1
4 6234
6318 63
568k July 6934 Feb
,
4 6234 63/
6
618
61
/
4 618
6
611
6
618
8 Jan 5
6
6 Jan 2
61s 6% 4.400 Consolidated Textile.._ No par
6
61
/
4
Oct1412 Feb
50
5078 4912 5014 4938 5014 4934 51
51
1
4 Feb27 60 Jan 8
4278May 573 Dec
100 49/
5038 508
8,200 Continental Can. Inc
51
7/
1
4 8
71
/
4 8
7
7%
71s 71
/
4
8 Jan 16
5 Oct1214 Jan
7 Feb 18
7/
1
4 714
71
/
4 714 48.900 Continental Motors- No Par
17212 174
17214 1738 17413 17814 17634 177
17112 174
12,500 Corn Products Refining.. _100 15238 Jan 4 1877 Jan 28 11438 July 16012 Dec
*174 175
31
8 35
35
34% 3478 34,
3538 3518 3512 25,100
.25 3112 Jan 15 37% Jan 28
35% 3414 35
New when issued
3512 36
3514 3312 3438 3412 3534 3514 36
35% 34
22% Sept -62-14 Mar
No par &2 Feb 15 40% Feb 5
29,700 Cosden & Co
35
64
6434 6312 6334 7.400 Crucible Steel of America_ -100 13114 Feb 18 7134 Feb 7
6334 64 I 64
6312 63
6314 62
63
5712 Sept 84/
1
4 Mar
91% 9034 91
.
9012 9134 .91
*9034 91341 *9034 9134 *9034 91%
8534 Aug 9412 Mar
1)o pref
400
100 89% Jan 9 92 Feb 11
1534 16
1612 1615 1514 1618 "1512 1378 1534 16
1534 1618
812 Aug 20 Feb
1418 Jan 15 18 Feb 6
Vo pa
1.400 Cuba Cane Sugar
4 6814 6734 6834 6888 6914 6838 6938 11,700
93% 6914 6613 6814 67,
Do pref
100 6078 Jan 4 717 Feb 11
3312 Aug 6512 Dec
8 3634 3612 3678 12.000 Cuban-American Sugar
36
3534
36
35
3512
35%
35%
38%
11
23
Feb
Aug 378 Feb
33
Jan
4
10
4
3814
353
97 •97
9734 9734 9734 *97
97
9734 *97
sogi2 100
1
4 Feb 28
92 July 106 Apr
Do pref
100 96 Jan 4 99/
200
9734
71, 7%
7%
713 7% 1.400 Cuban Dominion Sugar No pa
8/
1
4 Feb 5
714
712
714
3 July 1214 Mar •
612 Jan 22
71
: 712 .714 712
50
*48
4938 *48
50 .48
*49
50 .48
100 47 Jan 3 52 Feb 5
Do prof
30 Aug 5812 Mar
*49
51
7012 6934 5934 .7013 72
*701
: 71
70
Vo pa
7012 7012 1.200 Cuyamel Fruit
5412 July 72/
6878 Feb 19 7412 Jan 8
6938 70
1
4 Dec
5118 5314 5112 5418 0312 541
/
4 54
46 Feb 4 6312 .ian 8
53,2 5518 32,100 Davison Chemical v t c_ No pa
203* May 8114 Dec
5234 54
*213
8
22
213
8
211.
,
214
4
213
4
21%
21%
*211$
1814 Jan 21 2134 Mar 6 ;
2112
700 De Beers Cons Mines_ _No pa
Dec 28 Mar
*2118 2112
107 107
1
4 107 *10512 107 •10512 107
10538 10612
100 10114 Jan 30 10814 Jan 10 10014 June 111 Mar
600 Detroit Edison
•10513 107 •105/
1
4 1734 •1718 1712 1.400 Dome 'Mines, , Ltd _ _ _ _No pa
17 Jan 30 2014 Jan 7
3014 May 44% Jan
171 1 1711 1711 1712 17,4 1712 1714 17,4 17/
.1114
42
*1113
1134
113
4
12;
12
•1112
Pectin
*1114
;12
11 Jan' 7 1134 J/01 11
Douglas
100
11
a4ct 1414 June
••11 14 12
•
1A;978 110
10934 11034 10938 119 *10918 11
109% 110
_No par 10818 Jan 14 11212 Jan 8 • 8944 Jan 115% Apr ;
1.5'00 Eastman Kodak
•109 111
, 2218 2231 2238 2258 2211 2214
1,500 Ea(on,Axle & Spring__ _,V0 par 2112 Feb 23 24% Jan 8, 20 'Oct 127: J1lly •
23
2312 2234, 2234 2238 227
129
13112
130
131
128
131 1+ 13114 132 •12.400 E I du Pont de Nem & Co_100 12614 Feb 19 1417s Feb 1 10614 'Jan 14812 Apr
129
130 13013 12934
62% • 61 18 62
62
6214 4,600 Eiec Storage Battery_ ..No par 5912 Jan 15 64 'Feb 7
6178 6218 6188 6212 6114 6178 62
52 July 6718 Mar •
12
12
"12
13 .12
50 12 Feb 8 12% Jan 8
13
12
Elk Horn Coal Corp
*12
13
1214 Dec 2034 Jan
•12
1218 12
11
-112 *1
11
/
4
•1
134 *1
134 •1
712 Feb
Emerson-Brantiugham Co _100
1 Feb 29
318 Jan 9
51{ Dec
*1
1,
4 •1
6212 6134 6214 62
6234 6234 63
62
.50 6138Mar 5 67/
2.300 Endicott-Johnson Corp_
1
4 Jan 16
5878 Oct 94% Jan
*63 - - - 623 63
•113
"113
114
114
100 113 Jan 3 115 Jan 17 110
113 113
Do pre(
100
Jan
Oct 118
*113 114 .113 114 .113 114
2134 2134 *2112 23
*2113 23
100 Exchange Buffet Corp_No par 2138 Mar 5 22% Jan 12
Jan
19% Dec 31
*2112 2212 *2112 2212 *2112 22
6718 6778 6612 6838 0634 677* 67
687 17.900 Famous Players-Lasky_No par 61 Jan 29 72/
1
4 Jan 17
52
Oct 93 Jan
6612 6738 6618 677
*8812 90
*8813 90
*88
8914 .8813 90
Do met (8%)
100 87% Jan 28 9178 Jan 14
90
88
Oct 9934 Feb
82
*88
90 .
1112 •91
/
4 1112 .9
1112 *912 111
/
4
/
4 *91
9/
1
4 Jan 10 13 Feb 20
Federal Mining & Smelt-g_100
5 June 13 Nov
*9
1113 49
453 4534
45
100 4113 Jan 2 47% Jan 24
45 .4414 4514 .4414 45,4 45
50(1
Do prof
45
34/
1
4 June 6012 Feb
*4312 45
1114 108 11
11
9/
Vo par
11
1
4 Jan 3 1338 Jan 26
105* 1014 2.200 Fifth Avenue Bus
1114 1114 1114 1114 11
7,4 Sept 1038 Jan
1
Vo par 163 Jan 23 210 Mar 4 140 July 21214 Jan
20518 20634 20534 20334 20612 210 *206 210 4 *209 210 *209 21014 2.000 Fisher Body Corp
Fisher Body Ohio pref ......I00 98 Jan 29 10012 Feb 29
94 JU137 10235 June
*991
/
4 102 *100 10012 *100 10013 "100 102 *100 102 .100 102
818 3,500 Fisk Rubber
8
818
8
8
8/
1
4
No par
8 Mar 5 1034 Jan IS
814 812
574 Oct 1612 Feb
813 814
812 8,2
Vo par 4414 Jan 2 50% Jan 29
48 .47% 4812 2,300 Fleischman Co
4814 4814 4814 48
3738 Feb 4714 May
4713 48
4712 4712 47
72/
1
4 72/
1
4 7312 7314 7372 *2,400 Foundation Co
No par 8812 Jan 21 74% Feb 28
*72
5812 Oct 78% July
7412 7211 7114 7214 717 72
1018 1012 1014 1014 1014 1014 5,300 Freeport Texas Co.... No par
912 Feb 4 13% Jan 7
97 10 I 10
101
913 July 22 Jan
9% 9%
4212 4212
3812 Oct 71% Fe'
43
*4114 43
200 Gen Amer Tank Car. -No Par 42 Fob 21 46% Jan 2
.42
43
*42
43 .42
41
62 I
• Bid sod asked prim: no Wee on [bid day
a Et 300% in Stook
s Es•dlyidend
New York Stock Record-Continued---Page 3
1116
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Mar.
.1.
Monday,
Mar.3.
Tuesday,
Mar.4.
Wednesday. Thursday,
Mar.5.
Mar.6.
Friday,
Mar.7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
Auld
I"
Range for Previous
Year 1923.
Lowest
Highest
per share
$ per share
per share 8 per share 3 per share
per share Shares. Indus. & Miscall.(Con.) Par $ Per share $ Per share $ per share $ per share
3912 3972 39
3934 3878 4013 40
40/
1
4 4034 4112 4014 4073 6.100 General Asphalt
100 3712 Feb 18 4634 Feb 5
23 Aug 54 Mar
*73
7578 *7212 7573 75
74% .73
75
75/
1
4 75/
1
4 76. 76
Do pref
600
100 7134 Jan 3 Si Feb 8
60 Sept 83 Mar
*91
93
91
91
*9012 92 *90
92
9018 9013 90
90
1
4 Dee
700 General Cigar,inc
100 90 Mar 7 9734 Jan 10
ape 97/
8018
•104 106 *104 106 *104 106 •104 106 *104 106 •104 106
Debenture preferred....100 106 -Jan 3 107 Jan 11 10414 1,13
• 110 Apr
1
4 20812 20612 20712 206 209
207/
207 20312 20812 210/
13,300 General Electric
100 19312 Jan 3 22312 Jan 26 167% Sept 20214 Dee
1
4 210 214
*11
/
4 1118 1118 1118 11
1118 111
11
11
1,200
11
11
Special
11
10 1034 Jan 2 11 14 Feb 7
1014 Oct 12 Jan
1458 1458 1413 1438 141
/
4 1458 1412 1458 1458 1514 15
1514 37.500 General Motors Corp_.No par 14% Feb 26 1814 Feb 1
1234 June 1712 Apr
*8112 8212 8418 8418 *8218 84
84
84
*83
84
*82
*82
Do pref
200
100 811
/
4 Jan 4 84 18Mar 3
79 July 89 Apr
82
8134 8134 811
/
4 8112 8112 8112 82
*8312 8312 82
Do Deb stock (8%)._.100 81 Jan 14 8314 Jan 11
82
1.100
783
4 July 90 Apr
*99
9918 99
9912 99
991
/
4 *99
99
9978 100 100
Do Deb stock (7%)--100 98 Jan 7 100 Mar 7
99
900
9334 Oct 105 Apr
•49
5012 50
5018 *4834 50
*49
50
50
5012 5134 3,400 Gimbel Bros
50
No par 47% Jan 30 511
/
4Mar 7
June 51% Apr
3912
/
4 1214 12
*111
12
*1112 12
*111
/
4 12
*1112 12
12
800 Glidden Co
1214
No par
8% Jan 9 1938 Jan 11
6 Sept 12% Feb
/
4 35/
1
4 3512 36
3612 361
3612 •35
36
35
3614 *354 36
2,700 Gold Dust Corp
No par 3312 Feb 18 37 Feb 26
_
•9
1114 *9
978 10
1014
10
10
10
*912 10
10
600 Goldwyn Pictures. new_No par
8% Feb 15 12 Jan 9
8 Nov 2218 June
2134 2214 2184 2218 2134 2214 2112 2212 22/
1
4 2273 *211
/
4 2178 6,200 Goodrich Co (II F').__ _No par 2112 Mar 5 2634 Jan 10
1738 Oct 41% Mar
7612 7712 76
*7534 79
*75/
76
1
4 7734 *77
7712 7578 76
Do pref
700
100 75 Jan 8 80 Jan 17
6734 Oct 9212 Mar
42
4212 4214 4214 *42
42/
4212 *42
1
4 4212 42/
43
1
4 4212
900 Goodyear T & Rub pf v t 0.100 39 Jan 4 49 Jan 8
Oct 6212 Apr
35
9213 *91
*9233 9318 9238 9238 *91
93
*91
9238 *91
Prior preferred
93
100
100 8814 Jan 2 93 Jan 12
88
Oct 99 Feb
1512 1512 1558 16
1558 15% 1533 15/
*15% 16
1
4 *1558 16
1,200 Granby Cons M,Sm & Pow100 13% Jan 15 1714 Feb 15
12' Oct 33 Mar
*612 68
678 878 *612 7
100 Gray & Davis. Inc._._No par
*612 7
612 Feb 27
*61
/
4 7
•634 7
9/
1
4 Jan 11
634 Dec 1552 Mar
*1538 16
16
16
1518 15% *15
16
*15
16
*15
16
600 Greene Canauea Copper_ __100 14 Feb 28 1634 Feb 18
1358 Dec 34% Mar
9
9
858 834
9/
1
4 *9
9
914 914 *9
94 1,000 Guantanamo Sugar_ No Dar
914
634 Jan 7 101
/
4 Feb 6
5 Sept 14:2 Feb
80
8238 8033 8134 81
8214 83
8153 8153 8314 82
8273 16.900 Gulf States Steel tr ctfs___100 7918 Feb 18 8914 Feb 7
66 June 10452 Mar
Habirshaw Elec Cable_No par
% Jan 2
21
/
4 Jan
138 Jan 8
14 Aug
;451; 161-2 4014 161; -:101; 161-2 -4454 4044 4012 4012 405* 4038 2.100 Hartman Corporation..No Far 391
/
4 Feb 25 4434 Feb 4
1
4 Feb
7934 Nov 94/
4444 45 43/
1
4 4413 44
44
.44
44
4412 4538 4413 458 7.500 Hayes Wheel
100 40 Jan 3 5278 Feb 4
31 July 44 Apr
50
49/
1
4 5114 *50
50
50
51
50
.500 Elomestake Mining
6034 5034 *--- - 50
1
4 Jan
100 4934 Mar 5 5612 Jan 3
54 Dec 79/
'3284 34
32/
1
4 32/
1
4 3234 3234 334 3338 333 333
33% 332
1.100 Household Prod. Inc__ _No par 32 Feb 16 3412 Jan 2
28% July 39% Mar
7012 7012
70
69
70
7112 7034 72/
1
4 7134 7134 9,300 Houston 011 of Texas
100 66 Feb 15 8212 Feb 5
4034 Aug 78 Feb
288 27
26/
1
4 27
26/
1
4 27
2658 2634 2658 27
2714 2818 10,000 Hudson Motor Car____No par 2518 Feb 15 2834 Jan 7
20 June 3234 Mar
1534 16
16
1614 1614 1614 16
16
1578 1614 1614 1614 3,000 Hupp Motor Car Corp..-- 10 1518 Feb 16 18 Jan 2
1518 Dec 3012 Apr
*34 1
*34 1
600 Hydraulic Steel
78
*34
/
1
4
/
1
4
84
34
No par
34
34
gi2 Jan
12 Jan 2
12 Oct
1 12 Jan 10
•738 8/
1
4
733 738 •738 8
*738 8
*712 8
500 Independent Oil& Gas_No par
734 734
612 Jan 3
9/
1
4 Jan 18
3% Sept 1114 May
11
/
4 11
/
4
114
114
1%
118
1
1
118
1
113
1
3,400 Indlahoma Refining
5
ad Feb 5
2% Jan 17
1
Oct 19 Mar
*2012 211
/
4 *2034 2114 *2112 22
/
4 2112 *2112 22
2112 2112 211
200 Indian Motocycle___No par 1912 Jan 2 2512 Feb 4
18 Dec 19% Den
*438 412
414 414
478
414
1
4
418 418
413 4/
5
5
2,300 Indian Refining
41
/
4 Feb 13
10
5/
1
4 Jan 17
812 Apr
312 Dec
*3512 3634 *3512 36
36
36
*3512 3612 3633 3838 36
36
500 Inland Steel
No par 3518 Feb 21 384 Jan 30
311
/
4 July 46% Apr
2334 243* 2412 25/
24
118
4 24
1178
1
4 2514 2534 25
2514 24/
2 12.300 Inspiration Cons Copper-- 20 2218 Feb 28 2738 Jan 24
1
4 2473 .
2314 Oct 4314 Mar
/
4 112 •11
/
4 3.11
11
•1
112 *112 11
*118 11
/
4
Internat Agrlcul Corp
100
1 Jan 3
% Oct 11 Feb
214 Feb 7
1
4 61
/
4 *5/
*57
6
512 553 *5/
1
4 614 *5/
200
Do pref
1
4 6/
1
4
'5'2 6
100
412 Oct 39% Feb
512 Mar 4 10% Jan 8
4212 43
4314 4312 2,100 International Cement_.No par 41114 Feb 18 4434 Feb 11
4234 43
*4234 43
*4234 43
42/
1
4 43
31 June 44 Mar
23
2312 22/
1
4 2334 23
24
24
/
1
4
23
24
/
1
4
2414 2434
11,100 Inter Combus Engine__No par 2278 Feb 19 27/
2313
1
4 Jan 12
1958 June 27% Apr
_•8434 8534 *8313 8412 811
/
4 85
*8312 8434 8434 8534 *8312 8434 1.500 International Harvester-100 78 Jan 3
Feb 4
6634 Oct 98% Feb
'10612 11014 *10612 108 *10714 108 *1061
/
4 10714 *10612 107 *10612 107
Do pref
100 106 Feb 26 108 Feb 2 106
Oct 11614 Jan
734 8
*712 734
800 Int Mercantile Marine
8
8/
1
4 *758 8
100
634 Jan 2
71
/
4 8
*713 8 1
4/
1
4 Aug 11% Feb
914 Feb 1
3012 3012 2918 2912 2914 301
1
4 313* 301
/
4 30/
1
4 3073 30/
/
4 3034 6.700
Do pref
100 28% Feb 18 3484 Feb 1
Jan
1812 Aug 47
13/
1
4 13/
1278 12/
1
4 13
13
13
1318 13
1
4 1314 13
13141 3.300 International Nickel (The) 25 1212 Feb 26 15 Jan 28
1038 Oct 1614 Feb
80
80
79
*79
80
81
80
80 .79
79
*79
Do pref
81
300
100 7834 Jan 7 8214 Feb 20
6934 Jan 83 June
371
/
4 38
3834 3834 3834 1,400 International Paper
39
3714 38
371
39
/
4 3718 37
100 3478 Feb 20 4218 Feb 8
27/
1
4 Oct 58% Mar
*6413 66
*64
6512 *64
*6414 68
65
6438 6438 *64
6512
100
Do stamped preferred-100 64 Jan 3 6634 Feb 7
Oct 7514 Jan
60
*69
6912 69
691 *6812 6912 *69
6912 69/
1
4 8978 6812 6812
400 Internat Telep & Teleg_100 66 Feb 1 7014 Feb 13
Oct 71% Apr
64
1414 14% 1334 1412 1334 14/
1
4 14
1412 143 1434 141
/
4 1458 9.300 Invincible Oil Corp____No par 1234 Feb 16 1678 Jan 2
7/
1
4 Nov 1914 Mar
*47
48
4513 4834' 4712 49
49
49/
1
4 4878 5014 4814 4834 6,400 Iron Products Corp___No par 411
/
4 Feb 19 5234 Jan 10
3212 Aug 5814 Mar
*20
21
*1934 2034 202 2058 2012 20/
1
4 *20/
2112
1
4 21
400 Jewel Tea, Inc
21
100 20 Feb 18 2314 Jan 2
1538 Oct 24 Mar
•87
90
*861
/
4 90
*8612 90
*8612 90 .87
90
90
91 1
400
Do pref
100 87 Jan 5 91% Jan 16
62 June 88/
1
4 Dec
*2212 23
2134 2212 2112 22
21
2112 2114 2112 2114 2178 2,300 Jones Bros Tea, Inc
100 21 Mar 5 2712 Jan 3
20% Dec 8338 Mar
2913 2934 *2918 29/
31
29
31
3012 2712 30
3012 31
1
4 5.700 Kayser (J) Co, v t c___No par 2712Mar 5 383s Jan 18
1
4 Feb
28 July 45/
/
4 •100 102 *100 10212
*10112 104 '3101 103 *101 10212 99 1001
300
pref
Do 1st
99 Jan 30 10212 Feb II
96 July 104 Mar
21
2234 23/
2312 2112 23
2134 223* 22
1
4 2078 23
23 , 39,300 Kelly-Springfield Tire No par
25 2078Mar 5 35 Jan 10
2011 Oct 621s mar
65
65
69/
1
4 70
63
69
63
70
*66
72
6214 6214' 1.671
8% preferred __ _ ___,---100 6214 Mar 7 88 Jan 10
78 Nov 108 Jan
•____ 100 •____ 100 *____ 97 *__ _ 97 •_ 97
Kelsey Wheel, Inc
' 100 97 Jan 4 101 Jan 10
Oct 11714 Mar
75
3614 3714 365 3718 36/
1
4 37/
36/
1
4 37
1
4 3634 37
35/
1
4 364 20,400 Kennecott Copper
No par 3413 Jan 21
3858 Feb 15
29% Oct 45 Mar
2% 3
23
27
23
23
23
27
3
3
*273 3 I 1,900 Keystone Tire & Rubber
2% Feb 1(1
4/
10
1
4 Jan A
138 Oct Ills Mar
*300 320 *300 320 *301 314 303 308 *308 311
311 514
100 28712 Jan 17 314 Mar 7 177 Mar 300 Dec
300 Kresge(S 5) Co
1.700 Laclede Gas L (St Louls).-100 79 Jan 2 91 Mar 7
/
4 874 *8612 8714 *8634 8714 8714 8934 8934 94
*8813 88 *861
75 July 8938 June
13
*1214 13
1
4 1173 1212 *1212 1314 13
123* 12/
1313 131
/
4Mar 3 1718 Jan 11
/
4? 1,200 Lee Rubber & Tire_ __ _No par 111
11% Oct 31% Mar
-.___
I Liggett& Myers Tobacco- _100 20614 Feb 18 245 Feb 9 19034 May 240 Dee
;110-1; Hi% 116-12' ioo; Do pref
*Heft iii - Hof, iiiii pilaf, 116; iii,i2 1164; iiiLf
100 115% Mar 5 11773 Jan 24 11134 Apr 11818 Jan
1
4 66
*6534 8614 6538 6534 6453 6514 6533 6538 65/
6514 66 1 3,100 Lima Loc Wks tern etf.No par 6414 Feb 15 6833 Feb 7
/
4 Mar
5814 June 741
1714 1738 17
1734' 1718 1738 1714 1734 17118 1712 171
/
4 1738' 6.500‘ Loew's Incorporated-No par 164 Feb 19 18 Jan 10
14 June 2114 Feb
*614 658
64 638 *614 6% 3,500; Loft incorporated
613 858
614 65
612 612
No par
6/
1
4 Mar 1
834 Jan 11
6 Sept 1134 Jan
*5212 U
51
50
5114 5114 *5114 5134 51
5014 505* 53/
1
4 1.7001 Loose-Wiles Biscuit
100 50 Mar 6 6212 Jan 26
3614 July 6614 Dec
152 15214 151 153 1 2,100, Lorillard (P)
151 152 1 151 1511
/
4 151 151
15214 153
100 149 Feb 15 175/
1
4 Jan 5 146 June 18234 Dee
1 3108 115 *107 115 *108 115
*108/
1
4 115 *110 115 *110 115 '
I Mackay Companies
100 107 Jan 2 117 Jan 30 103 May 121 Feb
8734 8634 8733 42,200 Mack Trucks. Inc
86
87/
1
4 863* 8714 87
8814 8973 875* 903
1
4 Jan 23 90/
1
4 Apr
No Dar 83/
1
4 Jan 7
5818 Jan 93/
98
98 *9712 98
*9713 9812 *9712 9812 98
98
*97/
1
4 981
/
4'
2001 Do 1st preferred
100 9512 Jun 16 98 Feb 7
87 July 9914 Mar
*87/
1
4 88
*8834 90
88
88 '87
*87
83 *86
8734 88 j
Do 2d preferred
700
100 8714 Jan 15 90 Jan 8
72 June 92 Mar
*6278 64
6212 6212 62/
6273 6278 62
*6212 64
62
1
4 6234
500 Macy (II,11) & Co,Inc_No par 62 Feb 20 6812 Jan 2
/
4 Jan
57 July 711
3212 3212 3212 33
*32
3312 *32
*33
3312 33
33
400 Magma Copper
3213
No par 3012 Jan 2 33/
1
4 Feb 15
274 Oct 3814 Mar
2413 24/
1
4 25
*24
25
24
2434 2334 24
25
2434 2434 2,200 MallInson (II R)53 Co_No par 2334Mar 5 3134 Jan 18
21 June 40 Jan
69
*66
*65
69 .65
*65
69
*85
68
69
66
800 Manati Sugar
69 1
100 62 Jan 5 69 Mar 7
43 July 7514 Mar
*8414 87
*8414 87
*8414 87
8658 8653'
*8414 87 .8414
Do pref
100
100 82 Jan 14 8653Mar. 7
Oct 90 Feb
72
*3812 39
3713 371
3812 3934 *3834 3912 39
/
4 .3634 38
39 j
600 Manhattan Elea SupplyNo par 37 Feb 28 42/
1
4 Jan 9
Oct 66 Mar
35
*39
39% 3913 3912 .39
*383
4
3914
400
38
/
1
4
38
/
1
4
3914 39
Manhattan Shirt
39
25 36 Feb 18 44 Jan 10
Oct 47% Jan
40
3034 3034 30
3112 311
3014 2912 3012 3012 3134 31
/
4 311
/
4 10,700 Maracaibo Oil Expl_--No par 2512 Jan 3 3712 Jan 26
16 Sept 2832 Dec
37% 361
37
3734 37/
1
4 37% 37
1
4 36/
/
4 37141 3534 36/
1
4 373* 27,300 Marland 011
No par 35 Feb 19 42 Feb 5
1712 Oct 5958 Apr
*1112 13
11% 11581 •1112 13 .11
1212 13
13
1234 12/
1
4 1.500 Marlin-Rockwell
No par
8 Jan 8 13% Jan IS
314 Nov 18 Feb
34 *3312 3414 35
*3412 3434 3412 3413 3434 3134
34
35
700 Martin-Parry Corp ...No
_No par 33 Feb 15 373* Jan 17
26 July 37114 Apr
• 35
35
3514 354 3434 3434 3412 3412 34
34
34
3414
800 Mathieson Alkali Works.-- 513 3234 Feb 26 41% Jan 8
1
4 Mar
3114 Oct 63/
5034 51/
1
4 50
5212 5314 5234 53
5114 5078 52
5134 51
10,300 Maxwell Motor Class A...100 47 Feb 18 55% Jan 9
36
Oct 6314 Mar
14
15
1414 1434 1412 1412 14
1412 1414 1434 1412 1434 6,600 Maxwell Motor Class B.No par, 133* Feb 18 .16 Jan 9
Apr
1014 Oct 21
90
90
90
8978 89/
8914 8914 8912 91
1
4 .89
90
91
3,000 May Department Stores_ __100 87 Fah 16 95 Jan 25
6733 Jan 93 Deo
•1614 16/
1
4 *16
1613 *1618 1612 *16
/
4 1618
300 McIntyre Porcupine Mines-- 1818 Mar 6 1814 Jan 7
1612 1618 1618 161
15 Sept 2012 May
2012 19
19
1
4 2014 2114 2012 2118 39,400 Mexican Seaboard 011_No par
1938 20/
19/
1
4 1918 20
1418 Jan 3 24% Feb 6
534 Aug 2334 May
1758 183* 1784 1838 18
1878 18
1
4 1912 2018 17,400
Voting trust certificates-- _
1912 1938 19/
1
4 Jan 3 23 Feb 6
12/
6 Aug 2314 May
2234 2234 2234 2234 2278 2234 2273 *2214 22/
2214 2214 22
1
4 1,300 Miami Copper
5 2133 Feb 27 24 Jan 28
2012 Oct 30% Feb
514 514
5
514
438 513
43* 478
4/
1
4 5
43* 434
36,200 Middle States Oil Corp_ _ _ _ 10.
Mar
4
438
878 Jan 2
1214 Jan
312 Nov
*3113 33 .31
*3113 32 .3112 32 .3213 33
33
*3114 33
' Midvale Steel & Ordnance_ 50 28/
1
4 Apr
1
4 Jan 4 3414 Feb 7
2112 June 33/
6212 6212 6212 6212 *33212 63
*6212 63
6212 6212 *6212 63
500 Montana Power
100 6112 Jan 10 63/
1
4 Jan 28
5412 June 75 Mar
2633 2612 2614 2634 261
2612 2634 2634 2714 271
/
4 27
/
4 2714 24.600 Mont Ward & Co Ill Corp_ 10 245* Feb 14 2714 Jan 28
2614 Nov
1814
may
2514 2512 2514 2514 2514 25% 253* 253s 253* 2584 2512 253
2,700 Moon Motors
No part 2434 Feb 18 2712 Feb 7
1
4 Jan 29% Mar
17/
814 838
814
818 83*
814
814 812
1
814 812, 4,000 Mother Lode Coalltion_No part
7/
1
4 Jan 2
914 Feb 15
71
/
4 June 14 Feb
*12
15 .12
*12
1
*12
15
15
Mullins Body Corp_ _ _ _No par; 12 F eb 20 141
*12
1414 •12
15
/
4 Jan 9
1
4 Mar
1013
Aug 29/
*35/
1
4 3734 36
36
*36
37
*361
/
4 3714 *3614 3714 *361
/
4 3714
200 Munsingwear, Inc
No par: 3514 Feb 26 394 Jan 18
3112 Oct 3612 Nov
108 111 *108 111
111 111
110/
1
4 11084 111 111
108 110
500 Nash Motors Co
No par 100 Jan 4 11434 Feb 9
/
4 Jan
75% Jan 1141
100 100
100 100
0912 100
*95
*95
9934 100 100
Do preferred A
9934
600
100 90 Feb 23 10038 Jan 16
9614 Dec 10134 Jan
*8
9
8/
1
4 8/
1
4
9
*8
813 813 *8
9
300 National Acme
181
8% *8
50
/
4 Feb
8 Feb 27 10'5 Jan 28
7 Nov
52
5214
*5112 5212
52
5214 511
/
4 52
5134 5134 514 511
/
4 1,400 National Biscuit
25 50/
1
4 Jan 14 54% Jan 20
33 Jan 5278 Nov
*121 122 *121 122 '3121 122
122 12334 .121 122
122 122
Do pref
300
100 121112 Jan A 12414 Feb 20 11812 July 125 Feb
5812 5812 *5712 60
*57
*5712 60
59
*5713 60
100 National Cloak & Sult
*5713 60
100 5812 Feb 29 64 Feb 1
40 June 6714 Feb
345* 34
3412 34/
*34
1
4 3412 3334 3414 34
5,500 Nat Dairy Prod tem ctfs_Nopar 33/
34/
1
4 3412 35
1
4Mar 5 37 Feb 15
3/4012 41
40/
1
4 4012 40
4034 40
40
40
4034 40
40% 4,100 Nat Department Stores No par 3912 Feb 16 43 Jan 9
3434 June 4213 Apr
3112
3012 3112 3112 3112 3112 3112 3112 33
313*
3312 3312 2,200 Nat Enam'g & Stamping_ _100 2914 Feb 20 44% Jan 17
35 •Oct 73 Mar
*138 143 *139 142 *139 143 *139 143
142 142
14013 142
500 National Lead
100 13712 Jan 15 15538 Jan 28 108 July 148 Dec
114 114/
1
4 *114 115 *114 115
*114 115
11434 11434 *114 115
',' pre(
300
100 112/
1
4 Jan 19 115 Feb 28 10712 June 114 Jan
68 .87
•6774 6872 68
68
*67
6812 6812 68
68
600 National Supply
68
50 6412 Jan 18 7213 Feb 4
5413 Oct 6812 Dec
1314 13/
1
4 133* 1314 133* 1314 133* 1314 1314 2,900 Nevada Consol Copper_ _ _ _ 5 1178 Jan 2 1412 Feb 21
1318 1318 13
.918 Oct 1838 Mar
4014 4018 4014 40
4014 4034, *4012 41
40
40
40
40
1.200 NY Air Brake temp etre No par 3834 Feb 18 43% Jan 19 '26/
1
4 Jan 42% Nov
14812 48t2 *4712 4814
*4734 4812 4734 4734 *4712 4812 48
200
48
Class A
No par 4714 Jan 7 50 Jan 19
4514 Aug 5112 Feb
•13314 22
*1814 22
*1814 22
*1814 20
20
Dock
700 New York
2 *1814 22
100 19 Jan li 2438 Jan 18
1514 June 27 Apr
*411
/
4 45
*4114 45
*4114 45
*43
• Do pref
*4114 45
45
*4114 45
100 4118 FOP 27 4934 Jan 18
3734 Aug 5112 mar
1
4 23
2388 2334 2353 2334 233* 2334 238 233* 233* 23/
2314 8,000 North American Co
10 22 Jan 2 25 Jan 10
1713 May 244 Apr
45
45/
1
4 4513 45
45
45/
1
4 45
*44
Do prof
45
700
*45
45
45
50 43/
1
4 Jan 2 451
/
4 Feb 20
4212 July 4812 Fob
1612 *14
1534 14
14
*14
20
*14
200 Nova Scotia Steel & Coal 100 14 Mar 5 1412 Jan 18
20
*1414 20 .14
1
4 Mar
1358 Dec 29/
9
*8
*8
9
*8
' Nunnally Co (The).- _ _No par
9
*8/
1
4 913 *812 912 *812 91
7/
1
4 Oct 1013 Feb
8 Feb 2
933 Feb 5
3
*2/
1
4 3
*234 3
25
234 *234 3
200 Ohio Body dc Blower.. No par
•213 3
11
/
4 Dec 101
/
4 Jan
232 Feb 20
4% Jan 14
*134 2
2
2
*134 2
2
3/
2
*I% 2
4.400 Okla Prod & Ref of Amer__ 5
1
4 Feb
2
2
/
1
4 Nov
112 Jan 2
214 Jan 22
/
4
61
/
4 678 *612 718
/
4 *612 71
200 Ontario Silver Mining
Dec
634 634
100
1
4 *612 - 71
*612 7/
6/
1
4Mar 7
3 July
Jan . 7
8
914
191
195 20
193* 1912 151
1934 2014 10,100 Cornball:13 Circuit, Inc
1E02 1812 1853 1834 19
Apr
21%
June
1
18
3
Feb
1614
18
Jan
2014
151 152
/
4 15112 151 151 *150
152 155
1,800 Otis Elevator
100 13912 Jan 14 15938 Feb 13 11412 July 153 Feb
*15112 15378 1511
1114 11
Ilk 118 1188 1114 1132 13.700 Otis Steel
1112 11
No par
1484 Mar
94 Jan 3 .117s Jan 26
7 June
1114 1113 11
4414 4414 4414
43/
1
4 437 •44
600 Owens Bottle
25 43 Feb ID 47 Jan 10
1
4 4312 4334 4312 431
44/
3653 Jan 5234 Apr
*44
*/
1
4
/
1
4
*12
58
•1
I Pacific Development
38
*I
38
5*
*13
52
, 38 Nov
*12
33 Jan 2
114 Jan 11
214 Mar
9412
93
/
1
4
94
93
933
923
4
4
93
1.900
92%
Pacific
92%
Gas
&
/
1
4
92
Electric
1
4 Dec
July 94/
Jan
9018
28
Jan
4
•
100
73
93
953*
/
1
4
92
z
this
day.
sales
Ex-dlvidend
no
•Bid and asked prices,
5712
•
.2.2
New York Stock Record—Concluded—Page 4
1117
For sales during the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICE—PER SH ARE, NOT PER CENT.
Saturday,
Mar. 1.
Monday,
Mar. 3.
Tuesday,
Mar.4.
Wednesday. Thursday.
Mar.6.
Mar.5.
Friday,
Mar.7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
On basis of 100-share lost
Lowest
N3:
1 Vet
100
1001 Do pref
87121 87
87 1
8814 *87
8814 *87
88141 *87
8814 *87
100
200 Standard Milling
61
61
*6012 71 i 6012 60121 4012 71
68 *__ 70
/
4 63/
1
4 6212 6334 6234 6312 38,100 Standard 01102 California_ 25
6238 6234 601s 62141 6012 6134 611
/
4 3812 13.400 Standard Oil of New Jersey 25
3858 39
38
3858 38
3814 3818 3834 3818 3834 381
100
Do pref non-voting
11534 11578 116 116 1 11614 11638 11618 11614 11634 11634 *11614 11634 1,300
A,o par
300 Sterling Products
5978 59781
*5978 60
*5978 60
5978 5978, 5978 5978 *5978 60
Sp
Corp_No
par
Stewart-Warn
8914
8812
8813
8912
13.900
89
9012 8934 911
/
41
89
891
88
89181
7912 7912 80141 1.700 Stromberg Carburetor_No par
*7858 79
7814 7834 *78
7834 7814 7814 79
101 102
100/
1
4 10112 101 102
10078 1021
/
4 1011
/
4 10314 10134 10258 50.175 Studebaker Corp (The).- -100
No par
812 918
858 878
812 834 *834 9
87s 0
1
4 6.100 Submarine Boat
8/
1
4 8/
No par
418 412
4
414
378 418
418 438
4
4/
1
4
3/
1
4 418 26.100 Superior 011
100
*31
34 .31
34
*31
34100 Superior Steel
34
*31
34
*31
34
34
10
214 214
214 214
214 214 *214 212 *214
600 Sweets Co of America
*214 212
212
No par
8/
1
4 838
814 838
814 814
712 8
6,600 Tenn Copp & C
814 8313
838 838
1214 27.700 Texas Company (The)___- 25
423s 43
4234 43
4278 4318 42
4318 432 4233 43
6178 6118 6158 61
10
61
6112 6112 6112 611
/
4 6134 2.400 Texas Gulf Sulphur
6314 633
10
9
101
/
4 10
1012 1014 1014 1014 1138 11
111
/
4 32.300 Texas Pacific Coal & Oil
1034 113
138 13812 139 14178 140 14034 *140 142
100
2.600 Tidewater 011
141 14158 13814 140
39
*38
39
*3812 39
3878 3878 3878 3918 2.300 Timken Roller Bearing_No par
3878 3914 38
6312 6334 6134 6312 6212 6334 63
6338 63/
1
4 66
64/
1
4 6578 43.000 Tobacco Products Corp..100
8978 8878 89/
1
4 8858 89
100
Do Class A
89
8934 8918 8914 6.180
8912 8978 89
1
4 117
11634 11814 *11818 119
Preferred
100
118 1184.400
11534 117 *116 11612 116/
418 4/
1
4
418 438
41
/
4 414
118
41
/
4 4/
1
4
414 16.000 Transcontinental Oil__ _No par
414 4/
1
4
40
3913 40
4014 4014 *3914 4014 40
3912 40
900 Underwood Typewriter__ _ 25
•4038 41
60
59
59
*58
60
*58
60
"58
300 Union Bag & Paper Corp_ ..100
6112 60
60
*60
*913
96
9612 *96
96
9612 07
98
100
08
97
9814
*96
800 Union Tank Car
107 107 *106 108 *106 108100
100
Do pref
•106 108 *106 108 *106 108
53318 3378 *3318 331* 3318 33's *33
34
No par
34
*33
34
34
200 United Alloy Steel
*73
7812 76
7838 76
7712 77
79
7978 7812 79
100
77
1,900 United Drug
4712 4734 *4738 4712 *4738 4712 *4738 4712
*4713 48
50
*4712 48
Do 1st preferred
400
190 19012 "190 194 *191 194 *187 194
100
191 191300 United Fruit
•190 194
7512 7734 7413 7612 76
7718 76
7434 7413 78
77
80.800 U S Cast Iron Pipe & Fdy_ -100
70
*861, 87
8634 8712 *86
8712 8712 8712 87
8712 87/
100
1
4 87/
Do pref
1
4
700
U S Food Products Corp...100
-i 8 -1873 -1.83.4 -1-834 -1.8f2 -1-9-14 -10i8 -2-018 -1.93
.4 -1-63-4 -1
.658 -1-91g - 4,500 U S Mint Mach Corp.No par
1
4 7512 7458 7534 7514 77/
1
4 7658 77/
106
1
4 55,700 U S industrial Alcohol
1
4 7412 7658 74/
7514 76/
Do prof
100
*101 105 *101 105 *101 105 *101 105 *101 105 *101 105
10078 10118 10112 102
101 102
1011
/
4 10178 10012 10138 10014 101
2,700 US Realty & ImProv't- - - -100
103 103 *10212 103
103 103
103 103
10312 10312
Preferred
900
104 104
33
3614 311
/
4 3358 33
3312 3214 3334 3314 34
34
100
3434 19,500 United States Rubber
8334 8314 8314 8312 85
8112 8412 83
83
85
8514 4,000
Do 1st preferred
100
82
22
22
22
2214 2138 2138 *21
22
22
22
22
600 US Smelting, Ref dc Min
50
•21
40
*40
401
/
4 *40
4034 44/
4014 40
1
4 4438 *40
4034
200
Do pre
50
*40
10314
10258
1033
4
10212 10334 10213
10338 10414 10313 104
65,100 United States Steel Corp-100
10338 104
1
4 119/
1
4 119 11938 119 11918 2.400
100
Do pref
11918 1191/4 119 11918 119 11918 119/
657s 67
67 6714 6634 67/
1
4 67/
1
4 6712 6612 6714 3.600 Utah Copper
10
651/4 66
2212
233
8 22
2278 2212 23
2318 2334 21,500 Utah Securities
100
227S 2234 2334
22
30/
1
4 3078 31
3118 31
31
5.300 Vanadium Corp
No par
3014 3012 3018 3013 3034 31
214 212
21s 234
2/
1
4 212
238
3/
1
4
2
238 20,800 Virginia-Carolina Chem__ _100
338 378
918 1078
71s 934
758 8
734 814
818 9/
1
4
8/
1
4 858 42.900
Do pref
100
HI, 117,
834 1112
9/
1
4 10
9/
1
4 934
9/
1
4 101
/
4 10
1014 21.700 Vlvaudou(V)
No par
1512
1512
,
/
4 1534 15/
1
4 1558 *1518
1558 *1518 1512
300 Waldorf System
No par
•1514 1534 *151
Q
1 9t2. .
18
1814 1738 17
1714 17
/
4 1712 17
171
."-.
1 14 1834 20,100, Weber & Heilbroner__ _No par
*37
40
*37
40
*3712 3812 *3712 3812 *37
3812 *3712 3812
1 Wells Fargo Express
10914 10914 10938 11078 109 109 *109 1101* 10938 10934 1,400' Western Union TelegraphAN
•10814 110
*92
93
94
*9312 94
9212 9314 9413 9412
9412 94
700 Westinghouse Air Brake......50
*92
6138
607
8
6014
6338
6134 6238 6218 6213 89.800 Westinghouse Elec & Mfg_ 50
5868 6038 5978 6114
2614 2534 26
261
/
4 2612 26
261
/
4 4,400, White Eagle 011
No par
2634 2634 2614 2614 26
58/
1
4 8.900, 1Vhite Motor
50
5778 5878 5734 5834 5712 5814 5758 5814 5814 5814 58
ii, _ -2_3_4
. _
- - _ _ - _ _ _ _ _ _ _ _ 1 White Oil ctfs
No par
--i5-8
234 -3- 14 13,300 Wickwire Spencer Steel__ 5
3
3
1218
1214
1212
1214
111
/
4 1134 1158 12
111
/
4
12/
1
4 1214 12/
1
4 35,000 , Willys-Overland (The)____ 25
8512 85
8512 8512 86
8413 8412 85
8558 8534 2,0001
Do pref
85
100
85
1812 1612 18
17
17
17
171* 1712 1712 1.500 Wilson &Co Inc
1812 *18
No par
*18
298
29838 299 310
29434 29712 *29712 299
31113 321
100
2,900 Woolworth Co (F W)
294 298
.
*2612 29
2712 2712 28
29
31
30
416
2712 *26
3012 6,800 Worthington P & M
100
200 Wright Aeronatuical__Iro
i.
of
,
ar
•1114 1112 1112 1112 *1114 1112 *1114 1112 111* 1112 *1114 1112
3712 3712 37/
1
4 37/
1
4 3714 371
3712 38
/
4 33,800 Wrigley(Wm Jr)
38
38
37/
1
4 38
800 Youngstown Sheet & T.. Na nay
6718
68. 68, *68 .6812 *6712 6838 '68. 6812 6712 6712 67
•Bia and asked prices; no sales on Ms day. z Ex-dlyldend.
a After.dIstrIbutIon of dividend In shares of United Cigar Stores at the rate of 38.8 shares for 100 shares of United Retell Stores
Lowest
Highest
3 per share 3 per share $ per share
7 July
1234 Mar
1034 Jan 9
5814 Feb 5
3114 Sept 5214 Dec
1278 Jan 7
978 Oct 1512 Mar
9518 Feb 11
9018 June 99 Feb
6114 Jan 2
53 Sept 9312 Feb
5912 Jan 2
5012 Oct 86 Feb
614 Apr
4/
1
4 Jan 23
114 Oct
15 Feb 5
9 May 1512 Mar
414 Jan 17
112 Oct
6 Apr
9813 Jan 2
86
Apr 9812 Dec
47 Jan 30
41 July 5014 Mar
4934 Jan 12
__
60 Feb 5 -5 - Aug -80 - -Air
2334 Jan 31
1112 July 2458 Dec
4214 Jan 30
1934 Sept 6958 Apr
121
/
4 Jan 17
614 July
1514 J8.11
3058 Jan 17
1312 July 3558 Jan
413 Jan 22
113 July
6 Feb
38 Jan 21
16
Oct 45
Jan
Jan 6778 Mar
8313 Jan 2
58
9912 Feb £1
96
Oct 100
Apr
12 Feb 23
10 July 1112 Sept
5812 Jan 8
47 July 134
Feb
11312 Jan 7 10812 June 11414 Jan
62 Jan 26
4212 Oct 8112 Jan
80
Oct 99/
1
4 Jan
90 Feb 6
4312 Jan 22
17 Nov 5818 Mar
4113 Dec 5113 Apr
4412 Jan 7
128 Jan 28 11012 July 134 Mar
1178 July 6914 Apr
6512 Feb 11
16/
1
4 Sept 32 Feb
2634 Feb 6
98 Feb29
8212 Aug 100 Mar
11513 Jan 25
9913 Oct 123 Mar
33/
1
4 Feb 15
2914 July 3438 Feb
1214 Feb 18
974 Sept 1714 Mar
49/
1
4 Feb 5
24 June 4818 Mar
9434 Feb 5
89 Dec 104 Feb
102 Feb 1
80
Jan 99 Nov
1558 Jan 28
8
Oct 3134 Feb
6178 Feb 11
4018 June 6634 Mar
95 Mar 6
8434 Oct 9678 Mar
2234 Jan 7
14 June 2978 Apr
7478 Jan 2
47
Jan 75 Dec
1183
594e
4 tag
1142 July 118 Feb
Feb
27/
1
4 Feb 21
17 June 5
231
51
:Dec
b
238 Feb 13
114 Oct
5 Feb
3512 Dec
5434 Feb 4
1812 Jan
88 May 116/
1
4 Dec
10934 Jan 4
97/
1
4 Feb 1
65/
1
4 June 9238 Feb
11414 Feb 19 10612June 115 Nov
1212 Mar
614 Jan II
478 Oct
678 Jan 10
5 Oct 1078 Mar
4112 Feb 4
2912 Oct 4114 Mar
2018 Feb 6
1238 Jan
1914 May
95 Jan 25
8912 Nov 95 May
1412 Jan 17
612 July 16 Feb
2538 Feb 5
22/
1
4 Dec 3438 Mar
2718 Jan 2
16 Sept39/
1
4 Mar
90 Jan 21
8014 Aug 9918 Feb
29 Feb 4
9/
1
4 Jan 35 Mar
67/
1
4 Feb 7
3914 July 63 Dec
8712 Feb 14
68
Jan 90 Mar
95 Mar 6
3814 Aug 70 Dec
18 Jan 12
1134 Jun
2714 Feb
88 Jan 31
Oct9778 Feb
90 Jan 2
88
55 Jan 10 62/
1
4 Feb 7
6014 Dec 9012 Jan
5858 Feb 19 6812 Jan 28
4718 July 12312 Jan
37/
1
4 Feb 19 4214 Jan 26
3078 July 4414 Mar
11534Mai 1 118/
1
4 Feb 1 11434 Aug11814 July
6758 Mar
51 Jun
5912 Feb IA 6378 Jan 2
74 July 12412 Apr
8734 Feb 27 100/
1
4 Jan 12
76 Feb 25 8478 Jan 11
5912 July 9414 Mar
9878 Feb 18 10814 Jan 8
9334 Oct12614 Mar
734 Feb 27 1218 Jan 2
7 Jan
15 Apr
2/
1
4 Jan 2
412Mat 4
2 Sept634 Feb
3158 Jan 2 3478 Jan 9
2313 Oct34 Mar
214 Feb 28
3 Jan 2
1 June
4
Oct
712Mar 7
9/
1
4 Jan 5
8 June 12/
1
4 Feb
Nov52
47
1 Mar
4112 Feb 15 45/
1
4 Jan 30
3458 Nov2
61 Jan 2 6514 Jan 11
5314 Jul
65
Jan
9 Mar 3 1514 Feb 6
512
Feb
94 July 144 Mar
120 Jun 5 151 Feb 7
3738 Feb 18 41 Jan 7
3318 Jan 45 Mar
6012 Feb 18 7034 Feb 5
46/
1
4 Aug 7834 Dec
88 Feb 19 9178 Feb II
7612 July 9278 Dec
113 Feb 19 11814Mar 5 104/
1
4 Feb 11512 Oct
4 Jan 7
614 Jan 21
114 Oct 1412 Jan
3912 Mar 6 43 Jan 9
35/
1
4 Aug 42 Dec
/
4 Feb 9
59 Feb 26 641
Oct 7713 Mar
50
94 Jan 7 10212 Jan 31
81
Feb 9934 Mar
10614 Feb 18 10878 Feb 2 106 Sept 112
Jan
32 Jan 3 37 Feb 11
29 July 391* Mar
76 Mar 5 86 Feb 4
7414 Oct 8534 Feb
4712 Feb 26 4878 Jan 11
4614 Feb 49 July
182 Jan 4 20114 Jan 26 15212 Jan 18712 Dec
64 Feb 27 8458 Jan 9
20 July 6912 Dec
8178 Jan 15 89 Feb 27
64 June 87 Nov
418 Jan 3
58 Feb 20
21
/
4 June
612 Mar
1712 Jan 24 2018Mad 5
1334 Oct 25
Jan
6734 Jan 14 83/
1
4 Jan 31
40 June 7314 Mar
9514 June 101 Mar
98 Jan 3 10334 Feb 7
881
/
4 July 106 Mar
9918 Jan 14 10734 Feb 13
9712 Aug 108/
103 Mar 3 109 Feb 13
1
4 Mar
3158Mar 3 4278 Jan 12
30/
1
4 Oct 64/
1
4 Mar
8112Mar 3 9434 Jan 10
7634 Oct 105
Jan
1
4 Feb 15
1838 Oct 43/
201s Jan 18 23/
1
4 Mar
1
4Mar 6
3912 Jan 8 44/
38/
1
4 Dec 4813 Jan
8513 July 10952 Mar
9818 Jan 3 109 Feb 7
11838 Feb 1 12013 Jan 14 1161
/
4 Aug 12312 Jan
64 Jan 18 68 Feb 15
5512 Oct 7612 Mar
14
1658 Jan 4 2412 Jan 16
Oct 24/
1
4 Feb
2914 Feb 18 3312 Feb II
2434 July 441
/
4 Mar
2 Mar 3 1038 Jan 11
614 June 27 Feb
718 Mar 3 3434 Jan 2
17 June 69 Mat
834Mar 3 1618 Jan 26
12
Oct 23 Mar
15 Jan 4 1534 Jan 22
1458 June 20 May
1434 Jan 31
181
/
4 Mar 7
1214 Jan
1638 Dec
!
Tit
.
an 19 3934 Feb 11
33 Dec 105 Mar
1N14
3 113 Jan 30 10118 July 11912 Feb
84 Jan 2 9634 Jan 28
76 July 120 Feb
5858Mar 1 65 Jan 22
5213 June 6718 Feb
2518 Feb 19 2938 Feb 6
20
Oct 30/
1
4 Mar
53 Jan 21 5938 Feb 11
45 June 6078 Mar
12 Jan 7
112 Jan 22
38 Oct
1 Nov
2/
1
4 Mar 4
5 Jan 11
2 Dec 14 Feb
10 Jan 10 1414 Jan 16
5 June 1114 Dec
8058 Jan 2 88 Jan 15
4212 Jan 83 Dec
1612Mar 4 28 Jan 9
19 June 4234 Mar
280 Jan 4 321 Mar 7 1991g Jan 290 Dec
25/
1
4 Jan 4 3134 Jan 9
19/
1
4 Oct 4018 Feb
N114
4:
4
'1
12.28 1312 Jan 3
814 Jan 131s Nov
6 40 Jan 12
3734 Dec 4018 Dec
67 'Mar 7 7014 Jan 7
Oct 80 Jan
62
$ per share $ per share S per Share S per share $ Per share $ per share Shares. Indus. & Miscell.(Con.) Par $ per share
Pacific Mall Steamship__ 5
8 Feb 13
evy 858 *712 9
*8
9
*812 9
*8
9
*8
9
4814 Jan 4
52
5314 5218 5278 81,200 Pacific Oil
5012 53
5012 52/
1
4 4914 51
1
4 53
52/
10 111
/
4 Jan 30
/
4 1112 1158 1112 1158 111
/
4 1178 5,900 Packard Motor Car
1158 1158 111
/
4 1134 11.58 111
Preferred
100 92 Jan 3
9518 *9212 93
*91
100
9258 9258
951
/
4 *9112 9518 *9112 93
*91
50 441
/
4 Feb 14
/
4 49
49/
1
4 4914 4934 19,500 Pan-Amer Pete & Trans
47/
1
4 4814 4634 4758 4612 4714 4714 501
50 41 14 Feb 14
Do Class 13
4758 4614 4758 46
53,800
47
1
4 4414 4534 45
4578 4458 45/
45
Panhandle Prod & Ref _No par
214 Jan 3
312 *3
*3
312 *3
312 *3
312 *3
313 *3
312
No par 131s Jan 2
/
4 1478
500 Parish dr Bingham
1458 1458
. 1434 1434 *1414 1412 1414 1434 1412 1412 *141
178 Mar 6
258 3
11
/
4 3
47,400 Penn-Seaboard St'l v t cNo par
258 234
258 278
234 3
278 3
900 People'aG L & C (Chic) _ _ _100 9412 Mar 6
9412 9518 *9512 96
9512 9512 95
95
*9512 96
•9538 96
/
4 4438 4138 4378 4414 4412 4412 1,600 Philadelphia Co (Pittsb)__ 50 43 Jan 2
4412 4412 4412 4413 4413 441
1
4 3734 3978 18,000 Phila & Read c & i wi.No par 3514 Mar 4
/
4 3553 3512 37/
/
4 3514 3534 351
3612 3634 361
/
4 361
Phillips-Jones Corp_ ___No par 51 Feb 28
*53
60
*53
60
*53
60
*53
60
60
*53
60
*53
1858 1918 1812 1914 4,600 Phillip Morris & Co Ltd____10 1712 Feb 27
1
4 1812 19
1834 1918 18
1878 1858 18/
37/
1
4 39
30
3934 3872 3958 43.800 Phillips Petroleum____No Par 3334 Jan 21
3758 3838 371
/
4 3858 3714 38
914 Jan 2
3.700 Pierce-Arrow Mot Car_No par
10
938 9/
1
4
934 9/
1
4 10
952 934
934 978
912 934
100 2234Mar 5
Do pref
1,100
24/
1
4 2478 2334 25
*2334 25
*2312 25
2514 2514 *2414 26
25
214 lan 11
3'8 318
318 314
214 3
234 278
258 2/
1
4
234 2/
1
4 14,500 Pierce 011 Corporation
100 20 Mar 4
24
Do pref
24
24
3.900
20
25
2314 25
24
27
2812 2612 *25
100 6034 Feb 18
6112 *61
62
709 Pittsburgh Coal of Pa
62
*61
6012 6012 *61
*6058 62
61
61
100 98 Jan 14
Do pref
99
*9834 100
100
99
*9834 100
*9834 100
*99 100
*97 100
978 Jan 22
1212 1212 1212 1212 1278 1258 1278 1258 1234 6,000 Pittsburgh Utilities pref....100
1212 1234 12
521
/
4 5212 52
52
5214 5278 5234 5234 2,090 Postum Cereal Co inc_No par 5138Mar 1
5138 5238 52
52
100 110 Feb 7
400
Do 8% preferred
11178 112
11212 11212
•111 11134 *112 11212 *111 112 *111 112
100 5838Mar 1
*5412 56
53
53
53
54
51
5412 5112
700 Pressed Steel Car
53
55
554
Do pref
100 83 Jan 3
*84
87
*84
87
100
87
8634 8634 *84
87
*84
87 .84
4, 3334 31/
/
3413 381
11.900 Producers& Refiners Corp_ 50 3313 Feb 19
1
4 3414 3558 35
3558 3452 35
36
*35
41
4312 44
4358 44
2,300 PubServCorp ofNJ new No par 42 Jan 4
44
44
44
4412 4312 4334 44
100 11818 Feb 27
11912 11912 1,800 Pullman Company
11914 11934 11914 120
120 12012 11912 11912 11812 119
50 56 Jan 4
6358 6412 621
/
4 63/
1
4 63
6314 6213 6312 6358 6414 6334 6538 24.200 Punta Alegre Sugar
'
15 2212 Feb 19
24/
1
4 25
2438 25
12,900 Pure Oil(l'he)
2458 241
/
4 2134 2434 25
2412 2478 24
100 92 Jan 10
Do 8% preferred
9812 *97
9813
100
9812 597
9812 *97
9814 *97
98 .97
98
100 106 Jan 3
HO 114
650 Railway Steel Spring
•111 11212 110 111 I 110 110 1 11112 11112 *110 114
*311
/
4 34
No par 30 Jan 17
*311s 34
100 Rang Mines, Ltd
*311
/
4 32141 311
*3118 34
/
4 311
/
41 *3114 34
1078 107s
10
1012 10.500 Ray Consolidated Copper. 10 10 Mar 7
1038 1058 1012 111
/
4 1078 11141 1058 11
43 I *42
43 I 43
43
4114 4213 *4212 43
800 Remington Typewriter___100 3214 Jan 4
4312 4312 43
100 91 Jan 4
*90
93
*91
1st preferred
93
93
*91
93
91
911001
*8834 93 I *90
49612 101121 *98 10112 *96 10112 *96 10112 *96 10112 *96 10112
100 9512 Jan 9
2d preferred
No par 1012 Feb 29
*1012 11 1 1058 101
/
4 *1058 11 1 1034 1034 1058 1114 1058 1114
1,509 Replogle Steel
100 5014 Jan 3
1
4, 551s 5658 5513 5612 5614 561
10,100 Republic Iron & Steel
/
4 5634 5718 5614 57
5513 56/
100 89 Jan 7
Do pref
95
95
9438 9434
909
•943e 95 1 9412 9412 9412 9412 *9134 95
No par 1538 Feb 18
•1012 1712 1653 1714 1612 1612 1612 1612 1612 1713 *1612 1712 1,300 Reynolds Spring
69111 *6834 69 1 6858 6534 6812 63121 6812 6812 6834 6918 2.800; Reynolds(R J) Top Class B 20 68 Feb 20
69
100 116 Feb 20
100' Do 7% preferred
*116 11712 *11634 11734 *11634 11734 *117 11712 *117 11734 11734 1173
48 Jan 2
1
4 5338 3,100' Royal Dutch Co(N Y shares)
5213 5318 5213 5234 5318 5312 5338 54 I 53/
54
54
1
22 Jan 7
26
26 1 2578 2618 2514 26 1 2534 2614; 26
26
261
4,100 StJoseph Lead
26
114 Mar 6
114 218'
2
2
178 2 .
4.100 Santa Cecelia Sugar__ _No pa
*218 213 *238 212
21
/
4 214
4434 *44
45
44
3258 Jan 2
44 1 *44
1512 *44
45
1.000 Savage Arms Corporation_10
*4414 4434 44
par
Stores__No
10218
10218
Retall
1003
4 Feb 18
102
*102
103
Schulte
10138
10314
10634
8,1001
10612 10512
10112 103
100 87 Jan 2
9034 8914 90
90
9034 901
8914 8912 90
/
4 901
2,400 Sears, Roebuck & Co
90
90
100 113 Jan 2
1
4 1141
100' Do pref
*114 116 *114 116 *114 116 *114 1111 *114 116 I 114/
No par
4/
1
4 Jan 30
51
514 5141 *5
538 *5
538 *5
5
5/
1
4
600 Seneca Copper
514
*4711
4,31, 6
512 Feb 29
*513 6
512 512 *578 6
*512 6
6
6
200 Shattuck Arizona Copper— 10
Tradingw;
p
f
a2
,
ma
Jan
n 5
&
Shell
Transit
600,
8
*3814
3911
1
4 *3878 393
1
4 38
391
/
4 39/
/
4 37/
*3814 3912 *3814 391
7
177 1838 1814
18/
1
4 177 18
3 1:0
8
1381 *tr,
81 g31 22,700! Shell Union 011
1814 1812 18
100 9112 Jan 4
Preferred
500
/
4 9358 *9314 9312 *9314 9312 93
9332 9338 *931
10 1038 Jan 4
1158 12
12
12181 1158 12
12 I 1134 12
3.000 Simms Petroleum
1214 1238 12
No par 2214 Jan 11
2,900 Simmons Co
1
4 2214 2212' 2212 2212 2214 2238 '2232 22121 2238 24
2238 22/
19/
1
4 Feb la
2112 2114 2278 2258 23141 2213 23
46,600 Sinclair Cons 011 Corp_No par
211
/
4 2238 2034 2112 21
Preferred
83 I *83
86
*83
8718 *83
82
83
871
200
82
86
*82
1:12
19
1
4 2434 2412 24781 2412 247
7,300 Skelly 011 Co
24/
1
4 2478 2334 2412 2334 2413 23/
1
4 3,300 Sloss-Sheffield Steel & Iron 100 58 Jan 14
63/
1
4 64
6413 6458 64/
83
63
6312 6318 6378 6312 64
100 84 Feb 18
*82
87 I *82 87Do pref
*82
86
86
*83
87 1 .83
*83
87
91
9212 9258 95
9278 95
13,900 South Porto Rico Sugar... _100 67. Jan 3
91
9134 8758 9158 8912 91
No par 1314 Feb 27
*14
1412 1414 1413 1412 1412 1,500 Spicer Mfg Co
14/
1
4 1378 14
*1334 1438 14
•87
Highest
PER SHARE
Range for Previous
Year 1923.
1118
New York Stock Exchange-Bond Record Friday Weekly and Yearly
1
/
Jan. 1 1909 the Exchange method of rioting bonds was changed and prices are now -and interesr-except for income and defaulted bonds
BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 7.
i
Price
Friday
Mar. 7.
Week's
Range or
Last Sale
U. S. Government.
Bid
Ask Low
High No.
First Liberty Loan3D 982%4 Sale 981344 9913. 938
334% of 1932-1947
98(a„
•D
Cony 4% of 1932-1947
99342 Feb'24
D 983%. Sale 98t144 995 4 1174
Cony 419% of 1932-1947
2d cony 434% of 1932-1947..• D 9826:2991044 81542 932342
Second Llberty LoanMN 982%4 Sale 982344 985344 17
4% of 1927-1942
MN 981045 Sale 983142 998 2 2488
Cony 414% of 1927-1942
Third Liberty LoanSi S 99aa Sale
434% of 1928
992,44100.00 4776
Fourth Liberty LoanAO 99.00 Sale 98',, 99(44 3279
434% of 1933-1938
AO 00,44, Sale
Treasury 440 1947-1952
99742 10083t 1156
.d1930 Q J
23 consol registered
10415 July'23 _ _ _ _
28 consul coupon
d1930 Q
103 July'23
48 registered
1925 Q F
_ 104 May'23
48 coupon
1925 Q F
____ 103 July'23
Panama Canal 10-30-yr 28.41936 Q F
100 Aug'23
Panama Canal 3s gold
1961 Q St 91
9412 Apr'23
93
State and City Securities.
N Y City-4As Corp stock_1960 MS 99
9915 9911 Feb'23
1964 MS 9914 993 9978 Feb'24
410 Corporate stock
1966 AO 9914 993 9978 Feb'24
430 Corporate stock
1971 .1 I) 103 10378 10312 Oct'23
434s Corporate stock
414s Corporatestock _July 1967 J J 10234 Sale 10234
10234
1965 3D 102% 10312 103 Feb'24
4348 Corporate stock
10318
1963•S 10234 Sale 10234
434s Corporate stock
5
1959 MN
. Feb'24
95
9534 951
4% Corporate stock
1958 MN 95
9512 Feb'24
4% Corporate stock
1957 MN 10234 10378 9614 Jan'24
4% Corporate stock
945i Feb'24 _
4% Corporate stock reg_ _1956 M N 938 98
10318
4
434% Corporatestock_ __ _1957 MN 10318 Sale 10318
10278
4
434% Corporatestock __ _1957 MN 10218 1033e 1027s
334% Corporate stock__ -1954 MN 85 ____ 8578 Feb'24
1961 MS
10212 June 23
New York State-48
10212 June'23
Canal Improvement 48.-1961 • J
Highway Improv't 410_ A983 M S - -__ 110 11214 July'23
10412 Apr'22
Highway Improv't 434s_ _1965 MS
1991 J J 641
Virginia 2-38
7114 Oct'20
Range
Since
Jan, 1
Low
BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 7.
1.33
Prize
Friday
Mar. 7.
Ranee
Since
Jan. 1
Week's
Range or
Last Sale
High
Bid
Ask Low
Atl & Blrm 30-yr 1st g 48___e1933 M S 732 7415 7334
98114: 9911” Atl Knoxv & CM Div 4s_ _.1951 M N 84
843 835
98,
n 99,0n AtI Knoxy & Nor 1st g 5s..__1946 J D 9915 Sale 9915
98742 9915s All & Charl A List A 434s.1944 J J 91% 93
9214
Wen 991044
1st 30-year 5s Series B__ _ _1944 J J 98
9812 9814
All Coast Line 1st eon 46_51952 M S 887 Sale 8634
98,
3: 991,31
10-year secured 78
1930 M N 10634 107 10634
98,
:t 9910n
General unified 4I9s
1964 J D 8612 Sale 8614
L & N coll gold 4s
a1952 MS 8118 Sale 8138
99,3,1001n Atl & Deny 1st g 45
1948 J J
7615 777 757
2d is
19483 J 6512 69
75
981:3 991,8: Ati & Yad 1st g guar 48
1949 A 0 78
78% 7814
99,
3110012n A & N W 1st gu g 55
1941 .1 J 94% 973 9615
High
Feb'24
8384
9915
Dee'23
Feb'24
87
10634
864
8212
757
Aug'23
7815
Dee'23
_
5
2
6
32
8
5
_
30
Low
70
83,
8
9914
HOa
7412
85s
9912
99
90
8615 88
1008 1074
8614 894
8138 83%
777
75
•
firs WI;
994 9734
Bait & Ohio prior 340
1925 J J 9712 Sale 975
9734 122
Registered
/1925 Q J
96
9614
96
Feb'23
1st 50-year gold 4s
k1948 A 0 8338 Sale 82
8112 8418
127
83%
Registered
81 •
/1948 Q J
80
1
81
81
' 10-year cony 43
-is
1933 M 8 8614 Sale 85
8214 8812
8614 76
Refund & gen 5$ Series
9AA
19
999
25 .7
3 1:3
3 8514 Sale 8438
83
88
86
47
914 99%
10-year 68
1013s Sale 101
1014 57 10018 1033s
9918100
P Jct & M Div lat g 3145_1925 MN 983 97
9514 97
4
9834
97
PLE&W Va Sys ref 48._1941 MN 8012 Sale 793
9934 9978
817s
.
79
8012 50
Southw Div 1st gold 3348_1925 J .1 9712 Sale 9718
9812 9712
9712 88
10214 1-03.
34
Tol & Cln Div 1st ref 45 A_1959 J J 68 Sale 67%
8634 69711
31
68
10234 10312 Battle Cr Ss Slur 1st gu 38_1989 .1 D 6412 62 60 Feb'24
60
60
10338 10334 Beech Creek 1st gu g 45
19
93
38
6j
J .1
3 8934 907 9012 Jan'24
9012 9012
9515 56,4
Registered
86 Feb'24
9512 9618
2d guar gold 55
1936 J J 91% ____ 104 May'12
9614 9614 Beech Cr Ext 1st g 3148_ _ _8194
1954
1j
A D
O
_
60 July'23
91% 9514 Big Sandy let 45
WO; -Eli
8038
7514-8434
-- 807 Feb'24
10318 104
B & N Y Air lAne 1st 4s.....1955 F A 63
62
61
6512 62
Jan'24
10278 103% Bruns & W 1st gu gold 48_ _ _1938 J J 89
8812 .89
90
8812
4
8878
8512 86 Buffalo R & P gen gold 58.1937 M S
100 100
__ 100
Jan'24
Consul 410
1957 M N 88
874 90
9934-8814
8814 Feb'24
---- Burl C R & Nor 1st 38
1934 A 0 9634 9914 97
0712
9534 971.
.8
7
---- Canada Sou cons gu A 5s_.1962 A 0 9812 Sale 9815
97% 99
98% 19
---- Canadian North deb 8 f
1483
194037s 9
0
3 11214 Sale 112
11234 31 112 11414
2.5-year s f deb 810
11118 Bale 11118
11134 17 11118 112%
Foreign Government
Canadian Pan Ry deb 45 stock__ J J 7934 Sale 7834
7834 8234
80
116
10034 1024 Carb & Shaw 1st gold 45.._ _1932 M S 824 9214 9134 Feb'24
1927 F A 10134 Sale 10118
Argentine(Govt) 75
90
9124
__
7915 84 Caro Cent 1st con g0
19
804
Argentine Treasury 58
1909 NI 8 7914 8014 79'3
184 199
19
1949 J J 7078 Sale 7078
7078 72,4
70%
2
8544
8915
1943 J I) 8918 Sale 88
Austrian (Govt) 7s WI
8915 320
Caro Clinch &0 1st 3-yr 68_ -1938 J D 9314 Sale 92%
9288 9412
9314
4
97 10114
Belgium 25-yr ext s f 730 g_1945 J I) 100% Sale 10078
10114 265
68
19523 D 97
9984
96
9712 97%
9734 16
0814 51
9634 99 Cart & Ad 1st gu g 48
Jan 1925 1 J 9814 Sale 98
5-year 8% notes
19813 D 82
81
81
84
81
Feb'24
97 10214 Cent Branch U Plat g 4e.A948 J D 68
1941 F A 101 Sale 101
10214 119
20-year 5 f 88
71
67
70
69 Feb'24
109
21 10838 109 Cent New Eng 1st gu 4s_ _ _1961 J J 5815 Sale 5812
Bergen (Norway) s f lis___ 1945 MN 109 Sale 109
5034 60
5812 10
111
1945 M N 11018 Sale 1104
21 10812 11114 Central Ohio 40
Berne (City of) a the
1 1930
1930 51 S 934
9334 1)ec'23
85
88% Central of Ga 1st gold 58. _D1995 F A
998 1618
783
Bolivia (Republic of) 88..- -1947 M N 88 Sale 8734
84 3
44
8
9934 Feb'24
7112 7712
Bordeaux (City of) 15-yr 88.1934 MN 75 Sale 75
Consol gold 58
1945 M N 9538 Sale 95%
9514 97
95% 52
93% 96
9338 82
1941 J D 9314 Sale 9314
June 1929 .1 D 101 10114 00% 101
Brazil, US external 88
10-year secur 6s
24 100 10118
771g 7912
1952 J D 781s Sale 7812
Chatt Div pur money g 98.1951
79
56
76 (Central Ry)
D 7712 _
74
Oct'23 _
94
9734
Mae & Nor Div 1st g 53..1946 J J 95% -9915 9712 Feb'24
0714
8
710(Coffee Security).- _1952 A 0 97 Sale 9714
"Hi, if
99% Mpg
Canada(Dominion of) g 55.- 1926 A 0 9978 Sale 9934
Mid Ga & Atl Div 5s
100
19
9215
94 July'23
9915 100
100
1931 A 0 9934 Sale 9934
25
58
Mobile Division 5s
194
846
7 .1
3
96
97
95%
Feb'24 _ _ _ _
96
1003
4
10214
10114
1929 F A 101 Sale 101
54
10-yeas 534e
Cent RR & B of Ga colt g 55.1937 MN 0212
9178 96
9212 Feb'24
9914 10014
10014 176
1952 M N 9978 Sale 9978
56
Central of N J gen gold 5s/
19
987 .Q
1 1
3 104 Sale 03%
104%
4 10334 1064
10415 21 102 10412
(Mile (Republic) ext 8 f 88_ _1941 F A 104 Sale 104
Registered
10812 105
98
_ _ 104
Feb'24
10312 37 10215 10312 Cent Pac lat ref gu g0
External 5-year 8 f 8A_1926 A 0 10278 Sale 10278
1949 F A 8512 Sale 85
85
874
8515 51
94 100
1942 M N 9515 Sale 9514
96
78
Mtge guar gold 3348
/19203 D 9115 92
91
56
9234
91%
91%
5
10415 18 102 10412
1946 M N 1038.t 10434 104
25-year a f 88
Through St L 1st gu 45_ _1954 A 0 8115 -- -- 82
817s 834
Feb'24
414 42% Charleston dr Savannah 76_1936 J J 1h55
42
Chinese (Hukuang Ry) 5s-1951 J 13 42 Sale 4114
50
11514 1153s
115% Feb'24
108
Christiania (City) s f 88_ _ _ _1995 A 0 108 Sale 108
97
983a
8 107 109 Choi]& Ohio fund & impt 53_1929 J
_ _ 97%
97%
3
945 96
1939 M N 97%9512
Colombia (Republic) 810-1927 A 0 954 Sale 9512
993s 10012
8
99% 100
let consol gold 58
9984
6
10018
87l 9111
•
8814 28
Copenhagen 25-year a f 5148_1944 J J 8714 Sale 8714
1939 M N
Registered
99 1)ec'23 _
9334 9534
1944 M S 9512 Sale 9418
1992 M S 85 Sale 85
954 14
Cuba 58
General gold 414s
8634 21
8414 87&
00
9214
90 Feb'24
Exter debt Sa 1914 Ser A 1949 F A
1992 M S
8388 838s
Registered
835* Jan'24
8014 83
1949 F A 7914 8114 8014 Feb'24
8814 921S
External loan 410
90
43
20-year convertible 410_ A930 F A 89% Sale 8915
9112
93
1953
J J 9178 Sale 917
8878 9234
9214 338
30-year cony secured 58_ _ -1946 A 0 9214 Sale 91%
9234 82
5558
94
9632
9234 9284
1940 J J 934 9314 92% Jan'24
9534 44
Czechoslovak (Repub of) 88.1951 A 0 95% Sale 954
Craig Valley 1s1 g 58
46
0j
78
78
J
81
107
Danish Con Munich)Ss"A".1946 F A 10634 10715 10615
79
78
78
2 11(02 108
Potts Creek Branch 1st 48_ 198
10
1946 F A 10654 10715 10612 10612
5 10612 108
Series B
7934 811,
R & A Div 1st con g 48-1989 J J
80%
8015
3
Denmark externals 1 &L.__ _1945 A 0 10738 Sale 10712 10734 28 10714 10914
Jan'24 _ _
76
76
7512 -- -- 76
2d consol gold 43
9318 9534
1942 J 3 9434 Sale 9434
_ 93 Dee'23
953k 57
Warm Springs V let g 58. A941 M S 92%
__
20-year 68o
_ 100 10214 Chic & Alton RR ref g 3s_ -1940 A 0 5712 -584
Feb'24
9978 1003 101
Dominican Rep Con Adru at 53'58 F A
- 5712
5712
1
56
584
8534 90
1942M S 87% Sale 8714
8734 23
______
New York Trust Co
53 July'23 _ _ _
5158
93
95
,
8
53l 53l
94% 142
Dutch East Indies ext 6s_ _..1.947 J J 94 Sale 9384
Stamped Oct 1922 Interest...... 54
56,4 5312 Jan'24
93
96
1962 111 5 9334 Sale 9314
93% 96
Stamped April 1923 interest_
50% 56
54
40-year Ils
54
Feb'24 _ _
54
8788 903s
8814 52
1953 M S 8814 Sale 88
3915 Sale 39%
514s trust recta
Railway first lien 3148._ _1950
3034 4034
4014 202
9212 9812 Chic Burl & Q-411 Div 310_ 19
9815 389
949 3 .1
French Repub 25-yr ext 8s_ A945 M S 9578 Sale 957
3 7912 Sale 7834
78% 8114
7912 17
90
9434
9434 512
20-yr external loan 7148._1941 J D 9214 Sale 92,4
Illinois Division 48
86% Sale 865*
86
8938
8714 28
004 101%
19
927
9918 Sale 99% 10078 693
Gt Brit & Irel(UK of) 510-1937 F A
96l 97
N
Nebraska Extension 48.-1
2
9634
98%
1929 F A 106% Sale 106% 1074 59 1064 11014
10-year cony 510
Registered
95%
96 Nov'23 _
764 84%
847s 66
1952 M N 8478 Sale 8334
1958 M S 85 13Greater Prague 740
General 0
2 -id's" Ifni
34 85
85
8815 92
. 8914 18
1952 A 0 8914 Sale 881
1971 F A
Haiti (Republic) 68
1st & ref 5s
974 Sale 97
974 9914
98
51
8
9812 10018 Chic City & Conn Rys 56_1927 A 0 _-_ 53
Italy(Mud of) Ser A 610_1925 F A 9912 Sale 9912 10018
5512
5514 Feb'24
53
92%
9718
7
974
14
48
2
10418 10414
Japanese Govt-f loan 4155_1925 F A 99 Sale 9634
Chicago & East Ill let 6s .1934 A 0 10418 106 10414 Jan'24
91% 9718 C & E III RR(sew co) gen 55_1951 MN 76% Sale 765*
9
Second series 410
19253 J 97 Sale 97
7812
76
7678 18
7815 81% chic & Erie 1st gold 5s__ --1982 M N 9215 93
79% 50
7815 Sale 7815
Sterling loan 48
1931 .1 J
9212
914 9434
9215 18
854 90 Chicago Great West 1st 48_1959 M S 5112 Sale 511.
88
50
Oriental Development 68_1953 M 8 87 Sale 87
534
50
52
92
7'24 81
77
Lyons (City of) 15-year FA_ _1934 M N 7434 Sale 7434
39
With Sept 1924 coupon on
_ 52 Feb'24
484 5314
7218 7712 Chic Ind & Loulev-Ref 85_19
Marseilles(City of) 15.yr 68_1934 al N 7434 Sale 7434
76% 43
947 .1
J 1
3 jai 107 10618
10618
1 10588 108
30 Dee'23
__
2714 35
Mexican Irrigation 410.... 943 al N
Refunding gold 51(
9334 Jan'24
96
98
9588 9538
61
4812 4915 51
Mexico-5s of 1899
1 "i5- 51,4
1945 Q J
Refunding 4s Series C__ _1947 J J 81
82
8212
85
82 Feb'24
26
29
28
27
Feb'24
Gold debt 48 of 1904
19543 D 25
General 55 A
1966 M N 82% 83
8215
82%
8112 84
3
8514 8815
8514
5
86
5:ontevideo 78
1952 J D 8515 86
General fisll
eI986 J J 9634 9718 9615
13
954
9
714
97%
9118 0634
93
102
Nethirlands ils (fiat prices) 1972 M S 9178 Sale 91%
Ind & Louisville 1st gu 48.1939 J .1 70
74
8238 Dee'23
1104 12 10934 11278 Chic Ind & Sou 50-year 48..1956 J J 8215 Sale 8212
Norway exitrnals f 88
1940 A 0 11014 Sale 10934
8212 10 -Ws
0112 0412 Chic L S & East let 410-1969 J D 8818 Sale
92% 44
1952A 0 9112 Sale 914
68
4
8712 884
8818
88'4
9218 94 C M & Puget Sd 1st gu 48_ -1949 J J 54 Sale 52
98
3% 80
ns (Interim certificates)__ _1943 F A 03 Sale 9215
7
54
4934 5584
30
06
0715 Ch M & St P gen g 4s Ser A -e1989 J .1 71
96
Punurna (Rep) 530 tr rects_1953 J I)
7112 70%
71
7014 7134
36
__
92
974
Feb'24
Porto Alegre(City of)
_1961 .1 D 96
9712 96
68
General gold 3158 Ser B-e1089
61
6312 6218 Feb'24
62
10514 23 10418 107
Queensland (State) ext8s_8178 1941 A 0 10518 Sale 105
81
General 410 Series C
e1989 J j 79 Sale 78%
79
2
78
9912 10118
10014
1947 F A 10014 Sale 100
19
25-year 68
Gen & ref Series A 410-Q014 A 0 5112 Sale 49%
4989 53t3,
5278 132
92
9712
9812
9715
Rio Grande do Sul 83
107
1946 A 0 9638 Sale
5884
Gen ref cony Ser B 58.-1:2014 F A 5838 Sale 5412
5714 24
55
87% 94
94
Rio de Janeiro 25-yr a f 88_1946 A 0 9134 Sale 9134
37
Convertible 410
1932 1 D 5678 Sale 5412
544 5914
57% 328
87
37
93
92
1947A 0 92 Sale 9134
0
48
1023 J D 80 Sale 72
8134 1973
684 8134,
10015 38 100 10015
El Salvador (Rep) temp 8e_.1948 J J 10012 Sale 0014
25-year debenture 48
1934 J .1 5312 Sale 50%
5415 155
4912 56
9515 98%
97% 11
San Paulo (City) a f 8a
1952 M S 97 Sale 9615
97h
Chic & lvio Riv Div 58_ .._ _1926 J J 974 9712 9714
2
96
9714
9914 14
9814 9915 Chic & N'west Ext 48...1886-1926 F A 0634 97,4 97% Feb'24
San Paulo (State) ext s 1 8s-1936 J J 994 9914 99
9688 9714
79
8214
82
7934 Sale 7934
Seine (France) ext 78
96
1942 J J
1886-1926 F A 96
97
Feb'24
96. 9614
97
8314 7512
7512 Sale 74
Serbs, Croats & Slovenes 88_1962 M N
752 308
RegisteredGener gold 330
1987 M N 7018 7015 7114
2
6982 721s
714
76
8114
79
3
Masons(City)68
1936 M N 78 Sale 78
D1987 Q F
Registered
68% Jan'24
6838 688s
10312 29 103 1054
Sweden 20-year 68
1939 J D 103 Sale 103
General 95
1987 M N 80
80% 8018
3
80
8
8034
11514 22 11134 118
Swiss Conktiern 20-yr a f 88 1940 J .1 115 Sale 115
Stamped 48
1987 M N -__ 80
__
8078 Feb'24
7934 808
62
63%
62
70
Tokyo City 58
1912 51 S 62 Sale 62
9912 1004
General 58 stamped
1987 M N 9934 100
00
10012
2
10312
5 102 104
Uruguay (itepublic) ext 88..1946 F A 10212 10315 0215
Sinking fund 6s
1879-1929 A 0 10214 Sale 0214
10214
1
99 10219
11134 10 110 112
Zurich (City of) s f Fa
1945 A 0 11078 Sale 1078
Regtstered
1879.1029 A 0 101%_ 0134 Feb'24
101 10218
Sinking fund 55
9638 9788
1879-1929 A 0 9614 -66 96%
98%
Railroad.
Registered
1879-1920 A 0
_
Jan'24
96 .96
96
953* 9614 , Sinking fund deli 3s
Ala Ot Sou Mt eons A 5s._ _.1943 J D 9434 9634 0614 Feb'24
1933 M N
1
. % 10014 9914
9914
974 9914
9i334 9958
Ala Mid let g nar gold 5s_ ._.i928 M N 9934 1001 1 99% Jan'24
Registered
1933 MN
97 Dec'23 - - .80
7,1
8012
7914
"1946 A 0 79
4
Mb .4 Snag cony 310
10-year secured 75 g
1930 .1 D 10515 Sale 0434
10612 :G 10414 10614
80
80
80
Ming & West 18t g 4* gu_ _ _.1998 A 0 8012 - - - 80
1
• 15-year secured 610 it_ _ _1936 M S 10834 .107
07
107,1
2 10688 1081B
A'leg Val gen guar g 48
1942 M S 89
8914 8834 Feb'24
8534 89% Chic RI & P-Itallwalt gen 481988 J J 794 Sale 7918 • 79% 14
7814 8018
60
67
767g 7674
/1995 Q J 57
581x
4
5915 57
Ann Arbor let g 411
Registered
J J
7678 Jan'24
86
88%
87
104
Refunding gold 48
A tch Top & 8 Fe-Gen g 4s_1905 A 0 86% Sale 86
73% 784
76 Sale 753
7015 90
79
85
Feb'24 _ _ _ _
Registered
1995 A 0
8614 Chic St 1.& 0 gold Is....1951
99 1004
34 J
A0
0 97 102 10012 Jan'24 _ _
794 8138
Adjustment gold 48
7912 Sale 791,
k1995 Nov
7934
2
Registered
.1 D
9538 May'23
799
791: 82
k1995 Nov 79% Sale 7938
Stamped
17
Gold 310
ii 77
1951 J D
Feb'24
_
37
8314 8314
19553 D
82 Feb'24
__
9612
Cony gold 48 1909
94
941
Joint 1st ref 58 Series A_ -1963 J D 94 Sale 94
17
8115 844
1955 .1 I) 83 Sale 8234
83
Memphis Dlv let g 48_ _1951 J D 80
80% 80%
9
Cony 4a 1005
8214 80% Feb'24
1960 1 D 81%
8184 8134 C St L & P Int con,g 58_ _1932 A 0 100
8134 Feb'24 _ _ _
Cone 4514Ser of 1910
Feb'24
994 9978
_ _ _ 100
957 _ _ _ _ 96
96
3 964 wils. Chic St P M & 0 cons 6a_1930 J D 10334 Sale 10334
1 10188 1044
East Ohio Div hit g 48_ _ 191a M
10334
80
8115
8115
3
Cons 6s reduced to 310_1930 .1 D 89% - _- 89% Jan'24Rocky Mtn Div let 4s.-1985 3 J 8138 8234 8112
I
8988 808
834 8712
Debenture Se
93h 96
Trans-Con Short L let 48_1958 J J 833s 8434
1930 M S 944 Sale 94
94141
3
9088 927s Chic T H & So East 1st 1s.l960 J D 79% Sale 78%
771* 7984
Cal-Ariz 1st& ref4ha"A"1982 M
79% 55
99=L
Due
eased.
Jan.
and
bid
gDue
latest
April.
8
Due kfay. gDueie, h Due JUIy. k Due Aug. °Due Oct. pflue Nov. • Due Dec. *Option dale.
•No prlee Friday;
New York Bond Record-Continued-Page 2
i2.
Range
t3
BONDS.
Week's.Range
Week's
Price
Price
Since
1M,
I ,,,-;
N.Y.STOCK EXCHANGE
It
Range or
Friday
Since
Friday
Range or
1
Jan. I.
Mar.7.
Week ending Mar. 7.
tai3
-.0, Mar.7.
Last Sale
t-,13.
Last Side
tO
Jan. 1.
High
High No. Low
High Illinois Central (Concluded)High No. Low
Bid
Ask Low
Ask Low
Bid
7812 7812
Purchased lines 3345
8938 9112
1952 J J
9038 41
75
7812 7714 Feb'24 ___
Chic tin St.a'n lot gu 414s A-1963 .1 J 9038 Sale 8934
797a 8112
3
Collateral trust gold 413.._1953 M N 8018 8038 8018
9978 15
1963 J J 98 ____ 9914
804
9778 100
55 B
78
78
Registered
1953 MN 7818_
Jan'24 ____
11 11418 11534
115
1963 J 1 115 Sale 115
78
1st Series C 8148
Refunding .53
____ 105 Dec.23 ---1955 MN 10014 gale 100
Chic & West Ind gen g 8s_e1932 (t M 105
9934 102
10034 17
1952 1 J 7414 Sale 7334
15-year secured MO ____._ 1934 J J 101 Sale 101
7112 7534
10112 23 10012 10184
7414 18 ____--Cons(/'50-year 45
10312 10 10112 10312
1935 M S 103 sole 103
15-year secured 6148 g__._1936 J J 10938 110 109
10978 12 1081s 110
15r.year s 1 7345
85
85
85 3a3,24 ____
Cairo Bridge gold 45
1950 J D 8434 88
96
94
Feb'24 ____
Choc Okla A Gulf cons 58-1952 M N 953., ____ 96
Litchfield Div 1st gold 3s_1951 J J 7014 Sale 70
3 6972 704
88 Mar'17 -_____ ____
7014
C Find & Ft W 1st gu 4.,g._1923 MN
3
4
75
A937
74
Div
&Term
g
31
,4s
J
J
434s_
_
_
____
J
J
Louis,
1953
gold
7512
88
_
7434
Feb'24
7612
-__
Dec'23
-.
2d
&
D
CM II
k1936 Q F 888712 8934 8978 Jan'24
684 8933
Omaha Div lot gold 3:3__ _1951 F A 69'8 7014 6938 Feb'24 ____
-----89
89
_-_-7a
CI FR L &C 1st g 43
F
1938Qk
7012 7
St Louts Div & Term g 39_1951 .1 1 6912 ----74 Feb'24 ____
87 Dec'23
Registered
19511 .1 7614 ___ 7712 Feb'24 ____
Gold 3Hs
86
8614
774 7713
861.1 Feb'24
1942 MN 8838
Cln Leb A Nor gu 43 g
7518 75/
1
4
Springfield Div iota 31413_1951 J J 76is
9838 9978
19281 J 9812
9838 Feb'24 7533 Jo1 ,24 ____
On S& Cl cons 1st g 55
1943 J J 9538 ___ 53 Mar'22 - -__
Western Lines iota 4s_ _ _1051 F A 8312 -87
8434 Dec'23 -----------Clear( di Mall Ist gu g 58
794
D
12
J
gen
45_1993
Registered
1951 F A 83
8012 7912
7838 81
3 --,_C & Bt L
7912
Cleve CMh
8434 92 Nlar'16 _-_- ---- ---1910 A 0 003* 100
9214 9412 Ind B & W lot prof 48
1931 J 1 9278 Sale 9238
86 Mar'16 --- ------.
9278 43
20-year deb 4140
1993 J D 9712 9978 9914 Feb'24 _ __
1950 J J 83/
8/714 1 4
1
4 _ _ 8434 Feb'24 ____
98
9972, Ind Ill & Iowa 1st g 45
General 55 Series B
1965 J .1 95/
98111 9712
9618
1
4 -97
22 10012 102 Ind Union Ry 58 A
9818 , 3
Ref &Impt(Ss Series A. 1929 J J 102 Sale 10134 102
1941 J J 102 10238 10138 Feb'24 ____ 10138 10234 lot & Great Nor adjust 613 1952 J J 51 Sale 51
40% 5312
5178 159
6o3 C
903* 94
13
93
884 884
1st mortgage 6seertificates1952 J .1 93 Sale 9212
8818 Feb.24 -- __
Cairo Div let gold 48
1939 1 1 8684 89
844 70
6
1938 J D 6612 Sale 6612
77
80 Iowa Central 1st gold 5s
8612
Cin W A M Div iota 45_ _1991 J J 781., 7934 771., Feb.24 _-__
Refunding gold 4s
1951 M 9 1912 2118 214
7938 Si
187a 26
2178 20
7958 Feb'24 ____
St L Div let colt tr g g 4,3 1990 MN 7812 79
8312 8612 •
3
861.
1
4 8613
Spr A Col Div Iota 43_ _ 1940 M S 8512 87/
_1940 J J 834 ____ 9238 Sept.'25 ------------James Frank & Clear let 4s.1959 J D 82
&514 8412
8312 8378 Feb'24
W W Vol Div lst g 4s
1934 J J 10514 . _ 10518
CC C & I gen cons 6138
's 10543
5
10518
9814 9814 Ea A & G R 1st gu g 58_ _ -1938 J J
Cloy Lor & W con 1st g 5s1933 A 0 9734 -99- 9814 Jan'34 -- __
B5i2
---- --- 78
7954
1935 MN 9438
7814 7934 Feb'24 ____
8438 Jan'24 _ __ 8438 8433 Kan dr M 1st gu g 4s__ - -1090 A 0 77
Cl & Mar lot gu g 414s
944
95 . 984
J
J
Vail
g
513-1938
Mahon
19275 J 9778 9812 974 li'el3.24 ___
Cleve &
95 Mar'23 ------------2d 20-year Is
5 10012 102/
1
4
1942 J 3 9414
1928 M N 10212 Stile 10214
01 Mar'21 __ __ ---- ---- K C Ft S & NI cons g6s
CIA P gen gll 4148 Fier A
10212
1942 A 0 9412 ----1(1413 Dec'15 -- __ ---- ---- K C Ft 9 dr M Ry ref g 48-1936 A 0 764 Sale 76
734 7734
7638 41
Series B
98
97
95
Feb'24 ____
--- K C & M 11. & B 1st gU 38-1929 A 0 934 95
784 Fcb.12
Int reduced to 310_ 1912 A 0 7012
1948 MN 70-- _ 7044 Dec.12 - - - _ ---- ---- Kansas City Sou 1st gold 33-1950 A 0 6712 Sale 674
6714 6934
5
Series C 310
6734
1950 F A 774 81- 67 3.41,21 _
Apr 1950 1 .1 8712 8778 8734
Series D 3Hs
86
Ref & impt 58
89
8834 35
82
9012 9212 Kansas City Term 1st 45,. _1960 J J 82 Sale 8114
91 Feb'24 ____
92
Cleve Shor Line let gu 4548-1961 A 0 91
814 8331
29
83
82
21
7 1023s 104 Kentucky Central gold 4s_.1987 J J 8934 8314 82
Cleve Union Term-5140_ _1972 A 0 10212 1037g 10212 10314
82
A
1973
62/
1
4 63%
0 9712 Sale 9638
9512 9734 Keok & Des Moines 1st 53_ _1923 A 0 6118 6478 - 63 Feb'24 _ __
9734 20
58(WI)
10088
i 10034 10034
824 Knox,& 011(0 1st g 65
80
8212 8212 Jan 24 ____
1925 1 J 10078 __ _ 10038
Coal River Ry 1st gU 4s_,.1945 J D 81
9234 937s
COlorfid0 dr South 1st g 413_ _ _1929 F A 9334 Sale 9212
03 4I M
Refunding & exten 1340_ A935 M N 8334 Sale 83
8012 8512 Lake Erie & West 1st g 58-1937 .1 J 9414 Sale 9414
93311 9531
4
9414
11
8334
8914
1948 A -0 8214
87
8118 8214
1941 J J 8618 8812 89 Feb'24 __ __
3
8214
Col& H V 1st ext g 43
2d gold 55
8214
1955 F A 8118 83
751a 80
79/
1
4 Nov.23 --__ -..., _- - Lake Shore gold 3148__.-1997 J D 7678 7712 7878 Feb'24 ____
Col Jr Vol lot ext 413
Registered
19971 D 741, 7612 75 Feb'24 8134
412
Cuba RR lot 50-year 50 g.._1952 5 J 83 Sale 8212
17
83
75
75
19361 D 10218 Sale 1014, 10218
1928 M 6 951 Sale 95
8 101 10212
lot ref 7140
Debenture gold 4s
9538 bi ‘
9
,,1313
, ..
9511
,
1931 M N 93 Sale 9234
9314 37
25-year gold 43
...4 ,..-1
9134 9134
3178 __
1931 M N
9212 9212
11212 Jan'24 ____
Day & Mich 1st cons 4 Hs_ _.1931 J J 104 106
9134 Dec'93 _ ___
Registered .
Del& Hudson let &ref 4s
8512 28
1943 M N 8512 Sale 8434
1940 J J 93 -93383/
1
4 8714 Leh Val N Y lot gu g 434o19401.
921
/
4 94
4 9358 Feb'24 ____
1935 A 0 93 Sale 9234
1940 J .1 9034 ___ _ 9038 Oct'23 _ _ _
9258 9434
20-year cony 55
9338 17
Registered
---- ---7812 79
1937 MN 10012 Sale 100
1
9712 101 Lehigh Vol (Pa) COM g 45 2003 MN 77 Sale 77
8
15-year MO
10038
77
19305
D 10834 Sale 10634
3 854 89
General cons 4340
4 10812 10812
10-year secured 7s
8614
10734
2003 M N 864 Sale 86
____ 89 May'22 ____ ---D RR & Bdge 1st gu 45 g__ _1936 F A 91
7.- Leh V Term Ry let gu g 58.-1941 A 0 10018 ____ 10134 Feb'24 ___ 10134 103
6838 13
1941 A 0an'24
6714 -_ J
_ _,.. ____ 991.
70
Den & R Gr--Ist cons g 48 1936 11 J 68,2 sole 675*
____ 994 994
Registered
19361 J 7312 74
7212 7412 Leh Vol RR 10-yr coil 65_,n1928 M S 10212 Sale 102
Oonsol gold 4145
10212 29 101 103
1
74
74
8214 83
_
7912 8313 Leh& NY 1st guar gold 48- -1945 M $
Improvement gold 53,- - - A928.1 D 8238 831, 8238
83 Feb'24 __
__
8238 13
99 101
1955 F A 39 Sale 38
38
8
9912 993-4 99/
4134 Lox A East 1st 50-yr 58 gu-1965 A 0 821/439
let & refunding 58
1
4 Feb'24 ___
1962 NI N 80 _ __ _ 8138 Nov.23 ____ ---- --- do Registered
4912 Oct'21 ------------Little Miami 4s
1935 A 0 10618 ___ 10638 Feb'24 ____ 1063a 10633
38
41
3612 381g 3812
Long Dock consol g Os
3812
Farmers L&Tr rcts AIM '55. ____
97/
1
4 9811
3738 3814 Long lold let eon gold 53.-01931 Q J 9718 -9812 9812 Feb'24 ____
---- 3612 3934 3718 Feb'24 ___
Bankers Tr ctfs of deP
01931 Q J 901s 9312 90 ITec'23 ___
374 3714
34
do Stamped
3812 3714 Jan'24 .. __
---- ---1st consol gold 4s
8434 86
2
General gold 45
40
40
1938 J D 8434 85
36
Am Ex Nat Bk Feb '22 ate_ ____
8434
8434
10
Jan'24 __
46
19321 D 8814
3812 384
do Aug 1922 Ws
__
36
46
8318 Jan'24 ____ 8310 8.31i
Gold 4s
3812 Jan'24
8014
79
4234 47
1949 M S 791, -84
Unified gold 4s.
Dee M & Ft D lot gu 45_ __1935 .1 1 4414 4612 44
7934 Feb.24 ___
Feb'24 ____
913s 9134
ON Plaines Vol 1st gu 4145_ _1947 M 9 8818 -- _ 931, Sept.'23 ____
ji
1934 J D 911
/
4 9134 9134
9134
Debenture gold 58
7.7851,
84
60
1937 MN 8412 8512 844 Feb'24 ____
----83
71- 60
Det & Mack-let lien g 4s1995 J D 67
Jan'24
20-year pm deb 58
7912 8071
1995 3 D 62
70 62 Feb'24 ____
4
Gold 48
7912
Guar refunding gold 48-1949 M S 7912 Sale 7912
60
02
9434 95
1981 MN 8712 8912 8714
8712 9012
Det Ttiv Tun 434s
Nor Sh B 1st con g gu 5s-a1932 Q J 9418 9434 9434 Feb'24 ___
8812 10
955
* 9831
__. 99
Oct'23 _ -__
Out NIissabe & Nor gen 55_ _1941 J .1 99
7 - Louisiana & Ark lot g 58-1927 M S 9614 9772 97
3
9818
7912 811,
99 Feb'24 _ _ __ --,-98
801, Feb'24 ____
994
._- Lou &Jeff Bdge Co gu g 48-1945 M S 8018 81
Dul A Iron Range 1st 55_ _ -1937 A 0 99 100
10078 1021,
1937 A 0
954 July'23
Louisville & Nashville 58-1937 M N 102 10214 10112 Feb..21 _ _ _
Registered
,,89
91
4
1940 J J 89 Sale 89
8918
Unified gold 48
76 -813
,-5
3
81 ____Dul Sou Shore & Atl g 543_ _.19371 J 801: 8134 81
1940.3 .1 871
___ 9014 May'23 ____ ---- ---Registered
99
99
Jan'24 __
99
8-09
Collateral trust gold &L.-1931 MM 9718
-E Minn Nor Div 1st g 4s-- - -1948 A 0 8412 8018 8412 July'23 ___ ---93 -g438
1938 M A 9414 _
7
10634 24 1064 1084
9138
9414
10-year secured 75
E Tenn reorg lien g 58
1930 M N 10634 Sale 10614
1051, 22 10434 1081,
9834 9834
2003 A 0 10.514 Sale 10434
9812 Feb'24 _ __
19301 J 9818 99
ET Vs & Ga Div g 50
1st refunding 5140
9712 1091,
991.
1956 NI N 9811 984 98
9934 90
Sale
A
2003
99
/
1
4
0
(when
Cons lot gold 53
5sB
Issued)
98
99
7
9834
1
4 104
9712 100
; Feb'24 ___ 103/
193e 1 J 10338___ 1033
Elgin Joliet & ENS,1st g 58 1941 M N 98
NO & NI 1st gold 88
981: Feb'24 ____
99
-------1930 J J 10114 10312 10112 Feb.23 ____
26 10438 10512
Erie lot consol gold 78 ext_1930 M 5 105 Sale 10434
2d gold 68
105
4
613 8512
1998 J J 6414 Sale 634
1
let eons g 45 prlor
87/
1
4 Jan'24 ____
Paducah & Mem Div 4s 1946 F A 8512 88
6412 42
:
801s 813
1
Registered
19961 J 5812 64
6134
St Louis Div 2d gold 38-1980 11,
57 Mar'23 ____ -7-- - •,1 9 81 Sale 61
94
951
3312 5614
Jan'24 __
1st consol gen lien g 4s 1996 J J 5412 Sale 54
LA N & NI & Mist g 4Hs 1945 M S 9518 _ __ 95
544 111
79
8111
Reglatered
19961 J
8012 ie
L & N South Joint M 48-1952 J J 8014 -8012 8014
-7,7
Oct'23 ___
._ _ ____ 48
Registered
Penn coil trust gold 4s_ _1951 F A 0034 92
77
77
Jan'24 _ _ _
h1952 Q J 721s _...- 77
8812 litz
9138 Feb.24 _ __ -_
98
96
50-year cony 48 Sex A _ ..1953 A 0 5634 57
5434 57 Louley CM dr Lea gold 4145-1931 M N 9534 ____ 96 Feb'24 ____
20
5634
57
do Series B
1953 A 0 5634 Sale 5638
5412 57
5678 53
Gen coov 4s Series D__ _1953 A 0 6378 Sale 634
9834 993.
1931 .1 1 98/
9834 Feb'24 ___
5934 65 Mahon Coal RR lot 55
1
4
643* 57
60
89
i
1
95
Erie & Jersey 1st a f 65
8912 954 Manila RR(Southem Lines) 1939 MN 59
1955J J 9412 11312 95
59
59
60
Pzie AI Pitts gu g 3140 B _ _ -1940 J J 8134 ____ 8314 Jan'24 ____
9633 971
8314 834 Manitoba Colonization 5e_ - -1934 .1 T) 9618 97/
1
9818
1
4 9618
821
Series C__
19405 J 814 ___. 83 Jan'24 __ __
82
____
&
NW
1st
3145-1941
.1 1 8112 8212 82 Feb'24
83
83 Man GB
Evans & T II lot gen g 5s.... _1942 A 0 102
77 Nfar.13
____ 88 Apr'23
---- ---- Mex Internat'l let cons g 49-1977 1/1 6
Sul Co Branch Iota 5s_ _ _1930 A 0 96
1931 M El 9814 9914 98 Feb'24 _.__ -iii" iiii,
__-- 6912 Apr'21 ___--- ---- Michigan Central 58
Fargo & Sou (is
1924 J J
1931 Q M --------98
9914 Oct'23 _ __
Registered
98
Jan'24 ____
58
Fla Cent & Pen lot ext g 5,3_1930 J 3 9512 __ _ 944 Dee'23 ------------48
8834 868
1940 .1 J 564
8634 Jan'24 ____
Consol gold 58
1943 J 1 93/
8.5
1
4 944 9334 Feb'24
85
93/
1
4 94/
__
_
1
4
Registered
194C .1 J
85 Feb'24 _
Florida E Coast 1st 434,3_
1959 J D 8712 8738 8738 Feb'24 ____
87/
1
4 88
7612 79
- - 80 Feb.23 ___---J L & S let gold 3145
1951 NI S 84•
1952 MN 67 Sale 67
VI;
67
Fonda J & Gloy 4140
6
79
65
684
1952 MN 80
9
8912 80
lot gold 3148
80
Fort. St U D Co iota 454s_ _1941 J J 8
_ 8312 3401.24 ___
8238 8312
9214 94
6
94
1929 A 0 9334 9378 931.
20-year debenture 48
Ft W & Den C 1st a 534s_ _ -1961 J D 10018 1-62 1011 4 Feb'24
10034 10114 Mid of N Slot ext 55
1940 A 0 88
92 87
Apr'23.__ --- - --•
9912 99:
Ft Worth dr Rio Gr iota 40_ _1928 5 J 87
844 8934 Milw L S & West imp g 58.-1920 F A 9912
8778 88 Feb'24 __ __
994 Feb'24 _.. _
Frem Elk & Mo V lot- 68._ _ _1933 A 0 106
_ _ _ 10612 Jan'24
1054 10612
1925 M 13 10012
Ashland Div 1st g130
100 Det'23 ____ ---- -- - •
1412 9712
G It & 9 A M & P lot Is...- _1931 M N 08
10012 1001
9512 9812
5
984
1924.3 J 1001.1
l(101. Jan'24 ___
Mich Div 1st gold 6s
24 eaten 58 guar
1931 J J 954 0912 98 July'23 __ _ _
Milw A Nor let ext 4 Hs_ - _ -1934 J D 8838_ - 883
88% 923i
i
;
9238
Galv ROM& fiend 1st 5a... _1933 A 0 90
9034 90
3
90
8712 871:
8918 91
__
Cons extended 43-is
1934 J D 8738 -8914 1171
/
4 Feb'24
Genesee River 1st s 1 6s_ _ _ .1957 3 J 9278 Sale 9218
89
96 3111 Spar & NW lot gu 48.-1947 al S 84
6
9278
85
Jan'24 ____
85
834 85
'
Ga & Ala By 1st eon 5,4___ m1945 J J 8418 __ _ _ 8412
8412 86
__
8412
Mil g AS List Ku 3345--.-1'J41 J J 82
6618 Aure23 --------___
.„,
Ga Car & No 1st gu a 58_ _.1929 3 .1 9318 Salo 934
9318 9318 Minn & St Louis 1st 70
1
934
1927 1 I) 1001,
_ 10012 Feb'24 _ ..
155 '
50
1946 A 0 6112 Sale 6l12
Ga Midland 18t 3s
8112
83
12
68
8014 8112
1
:,
lot consol gold 58
1934 M N 6412 6612 6412
644
Gila V (ler N let gu g 513.- -1924 M N 9912 __ _. 101) Feb'24 __
18
3312_
9812 100
1st & refunding gold 4s. _1949 1111 9 22_ _ 22
8
23
1942 .1 D 9512 09
Gou &Oswegotch 58
9834 Feb'24
98
9834
20
Ref & ext. 50-yr Is Ser A_ -1962 Q F
Feb'24 _ _16
18 -21- 20
8
0938 914 NI St P & SS NI con g Wilt gu 38 5 .1 8614 Sale 8618
9112
9112 9112
Or R & 1 ex lot gu g 437;0_1941 .1 J 91
5712
iii
864
353'
Grand Trunk of Can deb 75_1940 A 0 11118 Sale 11118 .1124 31 11118 113/
1
4
99 193
lot cons 53
994 9914 Feb'24 _ _
19355 .1 101
1936 M $ 10338 Sole 1034
10334 54 10212 10435
15-year s f Os
10-year coil trust 6550- _ _1931 M S 10214 10234 1021, 16234 14 101 12 1031
J
A947
D 8534 . _ 1011- Apr'07.
Grays Point Ter 5s
I 109 1923
85 A
10465 J 10218 ____ 102
102
Great Nor gen 70 Series A _ _1936 J .1 10634 Sale 10612
173
107
10814
9112 911
lot Chicago Term a 1 4s_ 1941 SIN 9154 ___ 911^ Feb'24 _
lot & ref 4 14,3 Series A __Mil J J 8512 8634 8614
85/
1
2 8812 M 98 M & A let g 4s Int gu_1926 3 .1 9712 -98
1
8614
973; Feb'24 __ __9614 977a
Registered
1961 J J ._ __ _ __ 90 June.23 ____ -7,- _-_-- Nlississippi Central 1st .58_ _ _1949 1 .1 884 90
Jan'24 ____
88
88
88
'
1952 1 J 9738 Sale 97
5145 Series B ..
97/
1
4 57
964
13 M K A Okla lot guar 58. _1942 M N._
____ 9134 Nla)"23
33.1
deb
etre
A
"A"____
Feb
Bay
58
Green
6112 6018 Feb'24 _.__
5934 601g mo Kan a Tea-lot gold 48_1990 j o 76- sole 7578
15 -i•WI, I8-1
764
Feb
Debentures etre "B"
718 712 7
718 23
7
784 8312.
1012 Mo-K-T RR--Pr I 5s Ser A _1962 J 3 8038 Sale 80
8034 48
Greenbrier Hy let gag 45.. A940 M N 8318 _ __. 8112 Oct'23 ------------40-year 4s Serie) B
88/
6.5
s
67
1962 11 3 0638 Sale 8534
Gulf AS I 1st ref & t a 50_ _01959 J .1 8312 Sale 8312
8312
2
81
84
10-year 80 Series C
'
4
1932 J 1 9734 Sale 9738
30
9453 9
_
8;
9714
Flarlem II, & Pt Che8 lot 45_ _1954 M N 76
7812 77
Feb'24 :__ _
7312 77
Cum adjust 55 Ser A Jan 1967 A 0 55 Sale 5334
53
527
514 00
'
Hocking Vol 1st cons g 448_1999 J .1 8412 Pale 8338
8438 27
834 81134 Missouri Pacific (reorg Co)
19991 .1 8012 55
Registered
8112 July'23 _ ___ -------lst A refunding 58 Ser A. _1965 F A 7812 Sale 7734
754 78
7834 :32
19371 J 9712 100
9718
H & T C lat g 5s (fit gu
2
9718
97
9734 , 1st St refunding Is Ser C 1926 F A
95, 96
954 , 0558 17
9111 IT
7 '9014 9214
921,
' H0193100 Belt & Term 1st 58_1937 J .1 . 9214 Sale 92
1st & refunding 6s Ser 11_ _1940 F A 931
.Sale 9938 , ' 9317 176
811
/
4 I:2:
19.33M N i 1338 . _ 951 1,
lions EA W :I' Ist g .18
3
951,
9514 9714 , General 48
1972M S .541?i,Sale 5312 • .3612 382 .. ,,..
51 .
0,
1933 M N ' z57,8. :66-12 9315 July.23
1st guar .55 red
--,- ---_- Missouri Pacific,
.,
,
,,
Housatonic Itv come 5s. _ _ _1937 MN ' 152!._i 88
it41, .1:171'24
8414 851s
34 78 extended at 4%..._1935 il N 8,34,,8412 8212 Feb'24 _ '_. _
8034 821
8234 138
Hud A Manhat 543 Series A _ _1957 F A ST Sale 82
8034 8412 Mob & 13Ir prior lien g 5s_ 1945 3 J 93 . "__ 9234 Jan'24 ,_ _,
9234 911
1937 A 0 611.Sale 61
Adjust income 58
6138 55
584 6212
Mortgage gold 30
_1945 1 J
7212 75
6871 Feb'24 _ _ _
68
73
90
' 9018
5
8812 92 Mobile dr Ohio new gold 6s_ 1927 J I) 10211 103 10912 10212
Illinois Central 1st gold 48 1951 J .1 90
4 10214 103
1951 J J
'
Registered
8318 Sept'22 _ _ .. -,-- .„-lat extended gold 6a _51927 Q J 101 16114 101
1 10034 10112
101
1951 J J 78
fit
lot gold 3103
80 Feb'24 _•
80
0
771
General gold is
74
1938 M S 7514 7734 76
2
76
1951 J J
Registered
80
021'22 - - _ ---- 95
92
Montgomery Div lots 5,1 1947 F A
1
94
95
94
94
Extended lot gold 3Hs-1951 A 0 771%3 8612 7734 UW24 ._ _ _
S, Lonts Div 5,
774 -773
--4
9514 9(.1
19275 0 98
3
9614
9612 9554
1951 A 0 ____
_ 7634 Sept'23 ____ ---- -___ Mob A 0110 eon ire 41 .. 1938 51 5 77
Registered
78
76
s
7F;
7818 77
1951 M S 5912 -72
- - 8314 NIar'22 ------------Mob & Niel 1st gu it 4s lot gold 38 sterling
1901 NI S 81',... _ 81
0:4'23 ___.,.7
Collateral trust gold 4s_ _1952 M S 8912 8378 8312 Feb.24 ____
8312 8538 Mont C lot Cu g 631
19375 J 108 10912 10812 Jan'24 ____ 10874 LW
1952 A 0 ___ _
_ _ 9338 Sept'19 ------------Registered
Registered
1937 1 .1 100
____ ___
---NI
N
1955
8412 -85-1
/
4 8412
8412 8638
21
85
lot refunding 4s
1 -193* la
lot guar gold 5:3
1937 J J 9812 ----100 Feb'24
_
• No price Friday; latest bid and asked this week. a Due Jan, 8 Due Feb. c Due June. 8 Due July. a Due Sept. o Due Oct. s Option sale.
BONDS
N.Y.STOCK EXCHANGE
Week ending Mar 7.
-_
ia6
1120
BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 7.
New York Bond Record-Continued-Page 3
Price
&May
Mar.7.
Week's
Range or
Last SoJe.
•
da as
Range
Since
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE
Week ending Mar. 1.
Price
Friday
Mar.7.
IVeak'S
Range or
Last Sale.
"34
alq
Range
Since
Jan. 1.
Bid
Ask Low
High No, Low
High
Rid
&eft Late
High
High No. Low
D 781
M & E 1st gu 3358
2000
: 78
7618
77
2
Peoria & East let cons 4s__ _1940 A 0 7118 Sale 71
764 77
67
7434
7112 10
Nash,/ Chatt & St L Ist 58. _1928 A 0 9934 10018 9978
9978
6
9978 10078
Income 4s
1990 Apr. 211
21
:
22
22
2414
Feb'24
N Fla & lst gu g 5s
1937 F A 9712 100
9614 Oct'23 ____ __ ____ Pere Marquette lot Ser A 58 1956 J .1
9112 9334
93 Sale 9218
93
102
Nat Ry of Mex or lien 4 Ms_ _1957 J .1
30 Sept'23 ___1st Series B 4s
1956.1 .1 764 78
7618 7934
7734
7734
3
2214 16; 25 Feb'24
July coupon on
"iii4 li" Phila Bait & W 1st g 45
1943 M N
904 91
91
91
Feb'24
do off
26 Nov'23 ____ ____ ____ Phil'pp'ne Ry 1st 30-yr 814a 1937 .1 J 90
39
39
40
39
4378
39
5
General 48 (Oct on)
1977 A 0
264 July'23 _
PCC&StLgu 4 32sA
1940 A 0 9358 ___ 9384 Jan'24
9353 9334
April coupon on
18
21 July'23 ------------Series B 4318 guar
26
1942 A 0 9334 ____ 9414
9374 94,
4
94141
2
do
off
24 Dec'23 _
Series C 4!4s guar
1942 M N
934 9414
9314 ____ 9314 Jan'24
Nat RR Men prior lien 4348.1926.1 .1
3814 June'23 ____
Series D 45 guar
1045 M N 8718 89
87 87
87 Feb'24,_ _
3114 3414 38
July coupon on
Jan'24 ____ -31 -31Series 1(3(45 guar gold__ _1949 F A 8684 90
864 Feb'241__ _
8612 884
off
do
34
Oct'23 _
Series F guar 45 gold
.
1953.1 0 86
891: 911
:June'23I _
1st consol 4s (Oct on)_--1951 A 0
28 Apr'23 ____
Series 0 45 guar
-3-6--1957
M N 86
89 93 Sept'23
_
April coupon on
36
Jan'24 ____ -51
Series Icons guar 4318_1963 F A
9058 Feb'24'.._ _ -iois 164
do
oft
22 Feb'24 _
1714
10
22
Series .1 4319
1964 MN 9038 ____ 904 Feb'24'__
9058 0112
Naugatuck RR 1st 48
1954 M N 69
664 May'23 _
General 58 Series A
1970.1 D 96 Sale 9558
955a 9712
96 I
4
New England cons 54
1045 J .1 8314
75 Aug'23 _
Pitts & L Erie 2d g 59
a1928 A 0 974 100
964
Feb'24
_
_
Consol 48
1945.1 .1
83
Jan'24 __-75
83 Pitts McK & Y 1st gu 6s__1932 J .1 103
____ 05 Dec'22
N J Juno RR guar 1st
F A
80 Dec'23 ------------25 guaranteed 68
1934.1 .1
9514 June 22 _ -NO& NE lstref & imp 4318 A'52.1 J 8238 8318 824
8314
5
81's 841 Pitts Sh & L E 1st g 56
1940 A 0 90
994 99
Jan'24
932 99
New Orleans Term 1st 48_ _1953 J .1 7738 Sale 764
774 20
784 79
1st consol gold 58
1943 .1 .1 9678 _
97
9834
9834 Feb'24
N0Texas & Mexico 1st 8s_ _1925 J D 1014 Sale 10014
1011
: 37 10034 1014 Pitts Y & Ash 1st cons 5s_1927 MN
994
Sale
984
9912
994
994
4
Non-cum Income 58
1935 A 0 8058 89
8834
89
100
854 891
: Providence Scour deb 48
1957 M N 3914 454 334 Dec'23
N & C Bdge gen gu 430_ _1945 J .1 9134 9278 90 Dec'23 ____
_ Providence Term 1st 43
1956 M S 7458 __-_ 7134 Dec'23
NYB&MB Istcong 58...1935 A 0 95., 9534 95 Feb'24 ____ -iii- 115- Reading Co gen gold 4s
1997
J 8912 Sale 894
9014 107 "Of, WI{
N Y Cent RR cony deb 6s 1935 M N 10414 Sale 104
1044 191 10312 10558
Certificates of deposit
8934
8958 Sale 804
8714 9182
7
Consol 4s Series A
1998 F A 8078 Sale 804
8078 20
8018 8314
Jersey Central colt g 45.......1951 AO 85 Sale 843
8314 8614
4
17
854
Ref & impt 4319 "A"
2013 A 0 8614 Sale 8534
8614 33
854 891s
Gen & ref 434s Ser A
1997 J J 8812 Sale 8818
Ws 8834
884 52
Ref'& lmpt 55
2013 A 0 9578 Sale 9534
9618 189
9538 971: Renss .7z Saratoga 20-yr68_1
10
92
47
1 MN
Y Central & Hudson RiverRich & Dan 55
AO 9838 99
-9815
984
Feb'24
Mortgage 3318
1997.1. J 741e 7414 74
74 . 7612 Rich & Meek 1st g 55
1948 MN 70
____ 72 Mar'23
1997.1 .1 7234 Sale 7234
Registered
7
71312
4
7212 7414 Rich Ter 5s
1952 ii 97 10018 97
06
97
97
1
89% 91
8934 11
Debenture gold 48
1934 M N 8958 Sale 8914
Rio Grande June 1st 99 55,1939
1940 J o 82
854 844
841
. 87
841
: 2
871
: 87 Feb'24 _1942 .1 .7 87
30-year debenture 48
87
8912 Rio Grande Sou 1st gold 48_ _1940 J J
le
We
358 7
518 Jan'24
73
13
Lake Shore coil gold 3315_1998 F A 71 Sale 7034
7114 7414
Guaranteed
J J
35
_
7 Dec'23
79
1998 F A 68
7114 Jan'24 _Registered
71 14 721: Rio Grande West 1st gold 46_1939
75l
731.'
7388
is
74
74
7114 74
73
Mich Cent coil gold 3318..1998 F A
7318
5
Mtge ar coil trust 48 A
73
76
1049 A 01 634 Sale 63
65
60
634
8
74
721
: Jan'24
Registered
1998 F A 73
7214 7214 RI Ark & Louis 1st 431e-_ _1934 M 8 77 Sale 764
744 7784
77
13
8978
2
N Y Chic & St L 1st g 4s_ __ _1937 A 0 894 Sale 894
8914 90713 Itut-Canada 1st gu g 441
1049 ▪ J 69
70
75
68
6978
6978
3
1937 A 0
884 Feb'24
Registered
881s 8818 Rutland 1st con g 4318
1941 J
ao
: 814
4 ___6
.; 801
80,2 Feb'24
90 Sale 894
90 , 21
Debenture 4e
1931 M N
88
90 St Jos & Grand Is] g 48
199
46
7
J. 74 Sale 74
714 7414
2d6sABC
1931M N 10114 Sale 01
10113 32 10018 19134 St Lawr & Adir 1st g 5s
1996 J J 91
911: 914 Feb'24
9118 9658
8634 22
Y Connect let gu 431s A....1953 F A 8638 8678 864
8814 881
: 2d gold 68
98 Nov'23
_
834 _
80 Sept'23
Y & Erle 1st ext g 48
1947M N
St L & Cairo guar g 48
1931
.1 8978 9012 9012 Feb'24
"ii" 16;
_
96 May'23 - - ---- ---- St L Ir el & S gen eon g 5a 1931 ▪
1933 M S 8638
3d ext gold 4315
A Si_ 981
:Sale 0558
98
96
9658 26
4th ext gold 59
1930 A 0 96 19 - 95 Mar'23
Unified & ref gold 45
1939 J
8658 Sale 86
8312 87
87
31
isth ext gold 48
9234 Dec'23 -1928.1 D 92
RR,& G Div 1st g 49
1933 M
7634 Sale 764
72
774
7634 86
1946 M N 834 844 8434 June'24
N Y & Green L gu g 55
844 8534 St 1. M Bridge Ter Cu g 58_..193o A 0 sy724 9912 994 Feb'24
99
9918
_ _
74 Sept'23. _
NY dc Harlem iz 3319
2000 M N 78%
St L dr San Fran (reorg co) 481950
68 Sale 68
8578 704
681: 147
9934 June'23
NY Lack & Western 58_ _ _1923 FA
Prior lien Ser B 5s
8314 28
4!. J., 8258 Sale 8214
801: 85%
_
1st & ref 58
1973 MN
Prior lien Ser c se
192
5°
8
9978 Sale
984 102
Jan'24
954 -0.
638
1st & ref 4(45
1973 MN
97
974
1942
5315
871: 934
9978 100
103 June'23 _
NY LE& W tat 78 ext. _1930 MS
adjust
Ser
A
lis__
_
_
Cum
/A11
10
96
58 A w 7578 sale 7
994
9122
1748
17
9
05
7218
0
15
11
1
774
2
4
5
3
1
1
98 Feb'24 _ _
Dock Jz Imp 5s
.1943 1 J 9678
"iii- iii- Income Series A 68
Oct. 6314 Sale 634
644 151
584 8538
_
964 Feb'24
N Y & Jersey 1st 5s_ _ _ __ _1932 FA 97
961
: 974 St Louts & San Fran gen 80_1
10
931 J J 10338
10312 10312
9978 10334
8
91 July'23 -_-- ---- -_1941 MS 873s
N Y & Long Br gen g
General gold 58
971: 99
774 9834 9818 Feb'24
NYNH& HartfordSt L &SF RR cons 645_1996 ,
8212 July'23 _ _ _ _
47
8934 46 I
8
391: 45
Non-cony deben 331:-1954 A 0 46 Sale 46
Soutbw Div 1st g 541----1947
.1 973498
91
June'23
5014
50
514
Feb'24
45
1941
M
Non-cony deben
444 5178 St L Peo & N W lst gu 58_1948 41.
984
9818 101
98
984
1
99's
53
43
46
2
Non-cony deben 331s_ _ _1947 M S 45
38
46 St Louis Sou 1st gu g 48
1932
1 wr
8858 Dec'23 -50
2
5012 50
1955 J .1 50
Non-cony deben 45
4418 59 St L (3 W 1st g 4s bond cUs_1989 M. 31_ 7618 77
76
79
7612
we
18
51
4884
494 13
1956 M N 49
Non-cony deben 48
431: 52
25 g 45 income bond ctfs_p1989
714 Feb'23
7112 73
6914 7212
4438
4438
1
1956.1 .1 4378 51
Cony debenture 3315
Consol gold 45
3934 45
,
3
▪ 33 804 Sale 8
70318
we 82
4
80
11;
1
5
39
7
69
38
1948.1 .1 6834 Sale 6838
Cony debenture 68
59
6914
1st terminal & unifying 56_1952 3
8
Sale
803
78
82
43
21
1957 M N 43 Sale 4214
4% debentures
36
444 St Paul & K C Sh L let 4318-1941 F A
76
7434 Sale 744
73
754 10
:Sale 77
794 95
1925 A 0 781
78 European Loan
7038 84114 St Paul E Or Trunk 43143_ _1947
90
91
90
90
J.
8918
90
1
764
Sale
754
7618
69
1925 A 0
Francs
69
78 St Paul Minn & Man 48_ _ _1
1933 J
92
92
914 94
92 Feb'24 _
3914 -- -Cons Ry non-cony 4s__ _ _1930 FA
1st consol g 6s
J
106 10712 10
06
834
10
06
84
6
1 105 108
494 io""
1954 .1.1 44
Non-cony 42
---- ---6s reduced to gold 434s_..1933 J.
9512 97
9534 96
494 3878 Oct'23
Non-cony deben 4a__ _ _1955 .1.1 44
Mont ext tot gold 48
10
94
30
7 43 3, 89
90
90
90
8812 9014
8
424 Jan'24
47
Non-cony deben 4s_ _ _1956 ii 44
-iii: -az
pacific ext guar 48
J J _
9414
____
99
Oct'23
_
_1927
A0
N Y & Northern Ist g 58._ _
S A & A Pass lot go g 48._ _ _1943 .1 J
ii24 IA 7484
7134 75l
75
29
844 39 "i6F8 -61;
NY O& W ref 1st g 4s_o1992 MS 64 Sale 64
1 Santa Fe Pres& Phen 58.._ _ _1
10
96
40
2M
A 0
S
9938 Feb'24
9931 woe
60
594
5914
1
1055 ▪ D 58
General 4s
5834 61
S.9...91,_:: 8134
San Fran Term! 1st 45
80
,E 8312
821
:
8
1042 AO 7418 ____ 73 Aug'23
N Y Prey & Boston 4s
1034 A 0 R1918::
Say Fla Jr West 613
108 Feb'24
_ _ 107% 108
81
2
88
gl
81
N Y& Pu let cons gu g 4s_1998 A0 8418 85 81
1934 A 0 1004 101
9918 Dec'23
-9714
-8912
8912
6
1927
MS
NY&RB 1st gold 58
894 894 Scioto V & N E let gu g 40_1989 na N 88
88% 8478 Feb'24
144
5978 604 Feb'24
58
N Y Suaq & W Ist ref 5s___ _1937• J
ar4
d8Ada
rmL3e
ind
e g is
10
980
0A 0
aboold
24 6
50
154 SeG
4
53
68 Feb'24
61
66
53
50 Feb'24
1937 FA 48
2d gold 4149
64
6438
4 S6
8,6
1e2 8418
644 19
5812
65
52
Sale
52
5218
3
1940 FA
General gold Se
o1949 F A
4014 5234
Adjustment 53
52 Sale 5034
5234 117
4378 5314
8814 Jan'24
90
1943 MN 88
Terminal 1st gold 5a
8614 864,
Refunding 4s
1959 A 0 511: Sale 514
524 68
4758 534
47
42
391
: 474
NY W'ches&B istfier 1448.'46 J J 47 Sale 4618
193
4
,
5 M s 7558 Sale 75
1st & cons 6s Series A_ _ _1
76
177
678
4 76
6412
9 83 87 Seaboard & Roan 1st 59.-1926
Norfolk Sou let & ref A 58_ _1961 FA 614 6434 64
./ 9814 9914 984 Feb'24
9784 981
:
92
3 89
Norfolk & Sou 1st gold 5s_ _ _1941 MN 92 Sale92
So
1st
gu
g
Sh
&
Sher
5:3__1943
92
361
:June'23
___
1964
10538
10.11:
10534
7
Nor(& West gen gold 6s_ _ _1931 MN
10538 1061: s & N Ala cons go g 58
.
F
1 AD 109097185
9878 Aug'23 _ _
____ 106
Jan'24
1934 FA 107
Improvement & extg
106 106
Can cons guar 50-yr 58_ _1963 ,4k
1 D
O 8929
102 Feb'24
-55" 112-1932 AO 106 107 198 Dec'23
New River 1st gold
So Par Col 45(Cent Pac col)k1949
Sale 82
82
18
8158 85
21 -iii 111-:
87
N W Ry 1st cons 49_ _ _1996 A0 864 Sale 8612
MS
01929 m
20-year cony 4s
lo
Bal
; 9314
9358 97
9218 944
854 Oct'23
1996 AO
Registered
cony
0
al 5
0
5u 368
1027 JD 98 Sale 98
1934
9714 992e
99
4
864
1
8614
Sale
8614
Divl 1st lien & gen g 48_1944 J .1
8614 88 So2P0-Iceoafr
101
Feb'24
101 1014
82 Dec'23
10-25 year cony 4318_ _ _1938 MS
So Pac Coast lot gu 48 g..--1937 J J 8914 9012 92 Feb'24 _ _
9112 94
1184 912 i4-11i; 1-19-1; So PAC RR 1st ref 49
1929 MS 1181z Sale 11414
10-year cony 65
1955 J J 8514 Sale 8514
8534 105
85
871
:
8/34
8
Petah C & C joint 46_1941 J o 8712 Sale 8712
7618 8818 Southern-Ist cons g 5s____1994 J .1 974 Sale 96
9718 71
9518 974
82 Dec'23
: 86
North Ohio 1st guar g 58._ _ _1945 A 0 821
Develop & gen 4s Ser A_ _ _1956 A o 6934 Sale 6934
7038 140
6914
713
4
81
17
81
Sale
804
1997
Q
4a_
Nor Pacific prior lien
1
7
0
4 ii1;
-8
1956 A 0 9778 Sale 971:
(is (w I)
98
59
9612 9814
81 Feb'24
1997 Q
Registered
82 4
6 qe
1956 A 0 1034 Sale 103
10312 64 10114 104
57
5784 22
a2047 Q F 671s
General lien gold 38
57
594
Mem Div 1st g 431444-58_ _1996 .1 J 9414 954 94 Feb'24 _ _ _
9388 94
a2047 Q F 554 ___ 5618 Dec'2.1
Registered
St Louis Div 1st 3 48
1051 J J 81
8178 81
81
1
7934 82
8114 15
Ref & Impt 4315 ser A_ _2047 .1 .1 8114 Sale 81
7934 83 So Car & Ga 1st ext 5318._ _ _1929 M N 9914 994 9914
9914
1
4 100
98
Sale
4
10212
236
10214
U18
2047j
B
6e ser
19134 10434 Spokane Internet 1st 858...1955.1 .1
83
Feb'24
83
83
91
2.5
2047j .1 90 Sale 90
904 93 Sunbury & Lew 48
5s C
1936.1 .1 8614
91
Oct'23
2047j j
Sep
8934 0312 Superior Short L 1st 58 g
e1930 M S 944 ---- 95 May'18 _
jo984
:
9
06
:
1
8
1
°
9
Feb
9
'
1
24
9
8
3
3
D
St Paul-Duluth Dtv g 46-1996
Torm Amin of St L 1st g 430_1939 A 0 9258 9334 93 Feb'24
984 June.2.3
St Paul & Duluth 1st 58_1931 Q F
tat cons gold 58
1944 F A 9712 99
9738 Feb'24
97.499
8414 Jan'24
_ 84
1st consol gold 45
1968
D
Gen refund s 1 g 4s
1953 .1 .1 81
8114 8038
81
11
7834 82
Feb'24
--__ 13934
Nor Pee Term Co 1st 6a....-1933 J J
10934 10934 Tex & N o con gold 55
1943.1 J 92
95
9084 May'23
_
99 Dec'23
1938 A 0 9912
No of Cal guar g 5a
Texas & Pac let get2 55
2000 J D 9314 94
934
9414
14
-9i-14-12
100
June'23
1013
4
1930.1 J
North Wisconsin 1st 88
2d gold income 513
12000 Mar 60
65
Feb'24
4/1 9-1948
J 6858 -7-0-12 71
Og & L Cham Ist
69
73
La Div B L 1st g 5s
1931 .1 J 8934 92
84, thql
8938 Oct'23
1943 M S 8934
Ohio Conn Ry 48
1935 J .1 9714
- Tol & Ohio Cent 1st gu 5e
971: Feb'24
974 We
1936.1 D 9714 -9-84 974 Feb'24
Ohio River RR 1st 543
-171-4 171; Western Div 1st g 55
1935 A 0 944 96
8478 Feb'24
9478 9478
944 Dec'23
1937 A o 96
General gold 58
General gold 52
1935
D 9212
93 Feb'24
9112 934
994
997
8
21
9913
W34
1927.1
.1
Ore & Cal 1st guar g 58
994 100 Toledo Peoria & West 48_ _ 1917
.1 21
26
3014
Jan'24
___3014 304
2
86
D 8534 864 8584
Ore RR & Nav con g 4s. _ _1946
854 88 Tol St L & W pr lien g 3)48_1925
.3
2 10114103
19114
Ore Short LIne-lat cons g 543-46 J .1 19114 Sale 10114
1950 A 0 E38
50-Year gold M
jt31:
1 Fen
416
)12
:
1914
1911
1013
8
192
1946.1 J
Guar cons 55
tusie Love Tol WV &0 gu 431s A
1931
J
934 46
1929
D 934 Sale 9318
Guar refund 4e
924 94
Series 13 430
1933
.1 9514 954 954 Feb'24
'Ws
-9-5-le
31
803
8
Sale
8018
80
4
4
j
48_1961
ref
Oregon-Wash 1st &
7938 8134
Series C 48
1942 M S
8612 Nov'23
Pacific Coast Co 1st g 59--1948 J D
D
7511 8012 Tor Ham & Buff lot g 4s___k1946
me 834 82 Feb'24
8113 W 794 8034 8012 Jan'24
pac RR of Mo 1st ext g 4s-- -1888
8678 871
&
Del
1st
cons
g
58
_
_
: Ulster
.1928.1D 9418 9578 95 Feb'24
95
96
87
87
8734 87
9614 98
2d extended gold 55
1st refunding g 45
.1 61
10
94
57
2A 0
67
63 Dec'23
_
9634 9812 97 Feb'24
Paducah & Ills tat of 4345.1955
914 9113 Union Pacific 1st g43
IT;
Lo6)3149
aos
914 Feb'24
Paris-Lyons-Med RR 6s_ _ _ _1958 F A 914
65
72
20-year cony 4s
1927J .1
Sale 96l
42
9534
147
6912 Sale 691z
72
1942 AI
Paultsta Ry 78
95
9812
1st& ref temp 55
92008 M S 100 Sale 100
10014 23 100 103
7
9634
Pennsylvania RR-cons g 48 1043 M N 9534 Sale 95
1st & refunding 45
894 8918
824 Sale 821
:
8314
26
815
8 85
Jan'24
8912
1948 M N
Consol gold 48
87
8014
10-year perm secured 68_92
19°
928
9J
M9
J 10234 Sale 10258 1034 29 10234 1037s
8812 8831;
8812 10
May 1 1908
N 88
8714 89
48 stamped
NJ RR & Can gen 4a____1944 M S
894 Feb'24
884
8912
6
874
ewe
874
1960
874
F
A
Consol 430
9414 9534 Utah & Nor gold 58
1926.1 J 9852 100
9852
984
1
9858 984
9512 24
1965J D 9434 98 954
9014 9134
General 431s
1st extended 45
1933 J .1 914 _ _ 104 Dec'23
19682 D 9014 Sale 904
904 95
99 10078 Vandalla cons g 48 Ser A_ _ 1955 F A
General 5.3
85
Jan'24
, 85
85
19034 52 10684 10834
1930 A 0 18014 Sale 00
Consol 4s Series B
1957 M N
10-year secured 78
87 Feb'24
87
1 85
29 10758 10934 Vera Cruz & P lst gu 4319. _ _1934 .1 .1 8518 89
1.936 F A 10734 Sale 0758 108
15-year secured 6313
10834
083g
24
Sale
1083
4
Pennsylvania CoJuly coupon on
"iiTz 16- 2396 j
June:23
---- --__ Verdi V I & W 1st g 59
1926M 8 964 9812 984 Mar'23
Guar 3315 colt trust reg A_1937 MS 8412 8678 8414 Dec'23
8134
8218 Dec'23
---_ --__ Virginia Mid Series E 59_ _1926 M 5 984 ---- 9914
Guar 331s coil trust Ser B_1941 AA 8114
9913
9914
3
97
8114
85
Dec'23
A942
Jo
General 58
1936 MN 9714
Guar 331s trust ctfa C..9718 Dec'23
8118
814 Jan'24
-HT4 -WI; Va & Southw'n 1st gu 5s
2003 .1 .1 9034 9414 9114 Dec'23
Guar 3315 trust ctfs D___ -1944 JO
9112
9112
3
92
4s__1931
AO
9112
gold
905
8
93
1st cons 50-year 58
1958 A 0 804 8158 81
Guar 15-25-year
83
8
7614 83
8334 Sale 8334
5
1952 M
&A
seee ewe Virginian 1st 5s Series A._ _1962 111 N eve Sale 9358
Guar 49 Ser E
94
37 1 9,44 9475
•N0 price FrIday;latess bid and asked, a Due Jan. e Due/dam.. Due Amu. 8Due may. g Due June. 6 Due July. DUeAUff. 0 Due Oct. p Due Des, a Option sale
1121
New York Bond Record-Continued-Page 4
BONDS.
N. Y. STOCK EXCHANGE
Week ending Mar. I.
eft
Price
Friday
Mar. 7.
Week's
Range or
Last Sale.
•
g
CO
Range
Since
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Mar. 1.
!tt
Price
Friday
Mar.7.
Week's
Range or
Last Sale.
4•I
g
ea 33
Range
Since
Jan. 1.
High
High No. Low
Ask Low
Bid
High
Ask Low
High No, Low
Bid
843% 89
4
86
9612 9872 Oct United lot cons g 41441- -1932 3.3 8534 Sale 85
21
1939 M N 9712 Sale 9714
98
Wabasb lot gold Is
4754 5412
11
A0
1927
58
467g
g
1st
48
cony
41
Corp
Sec
4612
Distill
4
1
/
90
8718
22
A
F
Sale
•
8814
1939
8814
58
5
gold
887
2d
5472
48
4634
4538 47
4814 18
7238
Trust certificates of deposit._ _
68
19.54 J J 704
- - 7238 Feb'24
lot lien 50-yr g term 4s
7614 7914
6
7614
98 Dominion Iron is Steel 55._1943 Si 75 Sale 75
97
J 97,4 100
98 Feb'24
Det & Ch ext 1st g 5s._ 1941
92
8612
56
ii
91
4
913
1942
75
914
Steel
Sale
Donner
78
J
78
78
J
79
7478
Jan'24
Des Moines Div let g 4s 1939
91
91
91
Feb'24
8734 6958 du Pont (E i) Powder 4545_1936 3D
6
1941 A 0 68/
4
1
69
4 Sale 68/
1
On, Div 1st g 31.48
10738 112 19672 10812
7734 7812 luPont de Nemours is Co 7146'31 MN laiis 64;1-e- 107
1941 M S 7618 ---- 7812 Feb'24 _
To, & Ch Div g 48
82
105
"3
10314
_1949
_
10378
10418
Ss_
4
coil
1043
Sale
&
lot
Lt
Duquesne
7818 Jan'24
Warren 1st ref gu g 3148..... 2000 F A ____
4 10834 169 l06,4 Ill
1
7 till '37 M
10812 Sale 107/
'78i, 'fits East Cuba Sus 15-yr g 4o_
7812 89
1948 Q M
Wash Cent let gold 48
9938 Jan'24
8934 8934
_1939 .1 .1 89
9014 89 Feb'24
9918 99% Ed El Ill Bkn 1st con
1924 F A
8012 Jan'24
W 0 W 1st cy gu 4s
.1
.1
9812 100
Feb'24
9912
-1995
09_
g
Elm
cons
101
let
Ill
8012 8012
1945 F A 8018 801
4 7934 Feb'24
/
Wash Term let go 31.45
9612
96
1925 J o 9612 -6i 96/
4 Feb'24
1
Elk Horn Coal cony Os
1945 F A 8534
85 Aug'23
181 40-year guar 45
MN
9012 9312
4
/
86
911
4
913
Sale
Furl
9118
7545____1937
is
Gas
Empire
A
W Mln NV & N W 1st gu 58_1930 F
7834 89 63 Feb'24
2
9512
9334 95
1932 MS 9514
9514
03 Equit Gas light .55
58
62
62
west klaryland lot g 48_ -1952 A 0 6034 Sale 6034
96
93
4 Sale 934
1
9412 20
9758 99 Federal Light ft Tree Os__ _1942 MS 93/
9758 Feb'24
won. N V is Pa ist g 5a. _ _1937 .1 J 9734 100
1
9934 10712
1953 MS 10014 102 10112 10112
70
7612 7814
1943 A 0 77
7812 78 Feb'24
Gen sold 4s
10334 21 10234 1047g
10312 Sale 10312
1941 al
7912 8358 Fisk Rubber 1st s f Ss
831/ 35
Western Par let Ser A 513_ _1946 M S 8234 Sale 8212
7734 7734
1
7734
7734
4 97 Ft Smith Lt & Tr lot g Is., _1936 MS ___ 79
1
92/
1946 M (3 9014 95
9512 Feb'24
1468
4 15
1
87/
8438 9212
4 814 Frameric Ind & Dev 20-Yr 7145'42 .1 J 8534 Sale 8534
1
7S/
2561 J J R018 Sale 80
8018
we'd Shore let Is guar
8
10338 27 10112 1035*
1942 MN 10314 Sale 10234
Francisco Sugar 7348
7714 81
79
2361 .1 J
7814
1
7814
Registered
78
94
Jan'24
94
9838 9914 Oasis Riot Berg Co eons g Ea 1949 J O 9334 - - - 94
1
9914
Wheeling & L E lot g 5s__ _ _ 1926 A 0 9914 9954 9914
5 101 102
102
General Baking let 25-yr 68_1936 3D 102 sale 102
9834 96
Oct'23
Wheeling Div 1st gold 58_1928 J J 98
2
80
80
80
82
1942 FA
7958 81
Gen Electric deb g 314)3
94
9112 Oct'23
Exten & imp, gold .5s_._1030 F A 90
10158 11 100 102/
4
1
1952 MS 1014 Sale 101
"us; Debenture Is
5738 Sale 5612
5738 15
Refunding 414s Series A_ _1906 )1
4 10014
1
98/
4 Sale 9912
1
9934
9
65 C.en Ftefr 1st 81 gt3s Ser A._1952 FA 99/
60
1949 M
6378
5
RR tot consol 4s
6312 6414 6312
42
98%
100
98
8
983
J
J
Sale
4
1
/
1947
98
Co
Goodrich
6145
1)
54
49
19423
52
3
Wilk & Ettat 1st gu g
52 Sale 52
4 11712
1
4 11714 46 114/
1
99 Goodyear Tire is Rub lot 0188'41 MN 11614 Sale 116/
99
1938 J D 98,4 - - 99 .Jan'24
Will& S F 1st gold Is
4 10308 52 100 104
1
.Sale 102/
01931 P A 1021
10-years f deb g 85
82
J 82
81
1960
81
Feb'24
Winston-Salem S B 1st 45
_.
Dec'23
89
MN
A'251
__
901
Os
eon
S&P
M
Cons
Granby
J 78 Sale 7758
76% 804
7934 28
wis Cent .50-yr let gen 4s.._1949
8-9412 92 June'23 ---9018
1928 MN
Stamped
83
77
794
8914
Sops, Dui div & term 18t48'36 MN 79/
5
4 SO
1
93
89
10
90
90
MN
9112
4
/
901
11)25
as
debenture
Cony
INDUSTRIALS
5
92
9178 96
9178 92
1932 FA 91
8034 Gray & Davis 78
80
80
Adams Express coil tr It 48 1048 M S 80 Sale 80
2
98
99
4 Feb'24
1
8738 95 Great Falls Power 1st a I 55_1940 M N 9878 9912 98/
1936 J D 90/
ABtx Rubber fis
7
4 93 89
1
4
/
901
7914 8072
7938 Feb'24
1952 ii 7958 81
612
612
612 sale
1923 M S
4 Hackensack Water 45
/
4 61
1
6/
Alaska Gold h1 deb Its A
1
82,4 86
4 84 Feb'24
1
534 6 Havana El Ry LAP gen .5e A 1954 MS 8112 82/
1926 M S
Cony deb 68 series B
534 612 554 Feb'24
9334
931/ 92 Feb'24 -92
93
9618 98 Havana Liee console 513._ _ _1952 F A
1928 A 0 961/ Sale 9612
Am Agri() Chent lot 56
9714 13
4 102/
1
4 54 101 10234
1
Hershey Choc Ist s f g 6s_ _ _1942 51 N 10212 Sale 102/
97 101
1941 F A 951
9812 338
4 Sale 9618
/
lstrefsll1.4sg
7912 8412
9618 Holland-Amer Line (is Ulan _1947 MN 8014 8214 8218 Feb'24
94
9412
1933 A 0 941/ Sale 94
American Chain 68
5
8
9514
9414 9514
9014 Hudson Co Gas lot g 5s_ _1949 M N 95 Sale 95
82
Am Cot 011 debenture hs_ _1931 145 N 8572 87
8612 42
8512
9638 9878
9738 Sale 97
10611 10612 Humble Oil is Refining 510.1932 J
1936 3 J 85/
AM Dock & Impt gu 68
4 87 10612 Feb'24
1
9312 9514
4 Sale
1
4 Illinois Bell Telephone 53_1956 J 13 93/
1
8732 92/
1937 A 0 91 Sale 91
9112 27
Amer Republica 643
N31
92
i
:
0
4
4
1
8
9114 93
9112
16
:
A
1940
Steel deb 4148
9314 Illinois St
92
93
AmSm&14 let 30-yr Se ser A1947 A 0 92 Sale 92
48
79 Jnly'23
1936 M N 7834 85
1947A 0 10212 Sale 10112 10212 16 10134 10311 Ind Nat G & 0 5a
62 B
7
8
1007
,
10014
1017
N
M
Sale
i661;
10014
1052
55
1st
Steel
Indiana
4
1023
101
J 1011
10214 65
193768.
Amer Sugar Refining
4 Sale 10134
/
96 Nov'23 -p1935.3 J 97
9212 9418 Ingersoll-Rand 1st 58
9358 167
Ant Telcp & Teleg roll tr 48.1929 .1 J 9358 Sale 9318
1012 Feb'23'
lb
"idi,
91
Interboro Metrop coil 4145..1956 A 0 1012 1712
87
1936 M S 90 Sale 90
91
7
Convertible 4s
6214
6312 132
5834 6412
1933 M
11 10518 10838 Interbern Rap Trail lot 513_1966 J .1 6212 Sale 6112
10718 10714
20-year cony 41413
4 152
1
62/
5834 6312
6212 Sale
Stamped
4 9914
/
971
1946 J D 97/
30-year coil tr Is
4 Sale 9734
1
4 117
1
98/
4 193
1
63/
4
1
62
63
0
4 63/
/
A
Sale
541
1932
613
MN
-year
10
4
1
/
995
99
4
1
/
14
99
Sale
97
1943
8
387
20-years f 514s
9914
8612
877
180
81
S
4 8834
1
/
Sale
83
8612
M
1932
4
/
7s
122
69 11214 1221
7-year convertible 6s_ ....1925 F A 122 Sale 121
8
6818
66
7012
8418 88 Int Agric Corp lot 20-yr 5s_ _1932 M N 68 Sale 67
4 8614
4 25
1
1
86/
AID Wat Who is Elee 3s___ _1934 A 0 8638 R6/
8114 66
7912 83
4838 Inter Mercan Marine a f fis 1941 A 0 8118 Sale 81
42
44
Am Writ Paper t 7-643„ _1939 J J 42 Sale 42
1
4 23
/
841
83
85
1947 J J 84 Sale 84
9578 9878 International Paper 513
1953 F A 964 Sale 9578
9634 289
knaconda Copper Os
847a 32
Sale 84
8.318 85
84
J
J
1947
B
55
ref
&
97
let
A
10114
F
1938
9812
97
98 Sale
167
78
1
78
4
/
771
Sale
7718
80
.1
J
771a
wit/4_1947
(flat
(is
D 85 Sale 8418
8358 87 Jurgens Works
85
44
Armour & Co 1st real est 4)461939
9014 44
89
9134
8912 9214 Kansas City Pow & Lt 5a_ 1952 M S 90 Sale 905
9014 99
Armour & Co of Del 534a._ _1943 .1 J 8934 Sale 8958
Sale
93
4
1
/
96
79
S
M
9512,
95
96,2
6s_1952
Electric
&
Gas
Kansas
1935 M S 9734 Sale 9758
9634 9814
Associated 011 temp 6s
9814 110
10518, 18 10434 10512
1942 F A 105 Sale 105
40 Kayser & Co 7s
29
36
36 Sale 36
2
Atlantic Frolt eonv deb 78 A.1934 J
10012 Sale 10012 10034' 176 10012 10414
N
M
814_1931
Tire
-Springfield
40
Kelly
4
283
37
34
4
363
4
3412
Trust certificates of deposit_
7512 811 80 Feb'24
4 80
1
73/
3912 Keystone Telep Co 1st 58_1935 J J
29
do
4 3534 37 .
/
351
stamped
100 100
4 100 100
/
1937 A 0 981
4 9812 IMO CO El&Pg 5a
1
96/
19373 J 9812 Sale 98 • 9812 13
Atlantic Refs deb 58
1
11158 inbsi
1115
Sale
1107
8
0
2 112
A
997
1
10014
68
money
1011
Purchase
4
/
10012
Baldw Loen Works 1st 35_1940 M N 10014 10034 10014
4 Sept'23
1
97/
Convertible debenture 624_1925 M S
9514 10032
9914 19
Barnadull Corps t cony 8% A1931 J J 9812 Sale 9812
2
76
76
76
75
73
A
F
724
461949
bats
El
99
County
4
1
/
97
Kings
Sale
78
9712
J
4
1
/
.1
97
1948
Bell Telephone of Pa 5s
9712
4 Feb'24
1
73/
74
7312 7334
1949 F A 73
Stamped guar 4s
4
/
99 1001
.1 99/
5
4 Sale 9978 10018
1
Beth Steel 1st ext s f fts___ _1926
1
7912
4 80
77,
9354 96,2 Kings County Lighting 5.8_1954 J .1 7912 Bale 7912
1942 M N 9354 Sale 9334
9514 10
151 & tel Is guar A
5
100
95 100
.1 9934 1003 100
1954
9134 6 Ms
89
4
1
90/
6
20-yr p m & imp s 1 5a_ _1936 J J 9012 Sale 9014
15 10112 104
103
4 Sale 10278
1
102/
97 100 Kinney Co 73-48
9914 47
1948F A 99 Sale 9858
6s A
22
93
88
93
0 93 Sale 9214
50 M8
36j
9
1
A
Steel
50
92
Lackawanna
884
A
38
90
F
Sale
1953
9012
26
9018
51is
93
9338 9234
9132 94
8334 Lac Gas L of St L ref & ext 5s 1934 A 0 93
80
8334 Feb'24
Booth Fisheries deb s f 6s_ _ _1926 A 0 7812 87
91
9118 Feb'24
93
1954 J J
10212 40 10012 10212 Lehigh C & Nav 81 41411 A 1933.3 J -874.4 Sale 971
Braden Cop Stroll tr 8 I Cs..1031 F A 10212 Sale 10134
3
4
/
9714
91
9912
96 Lehigh Valley Coal 58
93
9558 35
Brier Hill Steel lot 544s_ _1942 A 0 95 Sale 9434
Oct'21
8312
8912
4s
6012 69
'2
4 664
1
6614
11'way & 7th Av 1st e g 58..1943 J D 65,4 66/
2
3258
341- 3258
3'21s 37
M
33 3
99
19
8814 Lex Av 62 P F lot go g Ss1
87
_
1941 J J 8818 - -- 88 Feb'24
Brooklyn City RR 54
4 Sale 11434 11638 18 11434 118
1243%
9712 99 Liggett is Myers Tobac 78..1944•A 0 13
1
9878
liklyn Edison Inc gen be A _1949 .1 .1 9918 ____ 98/
4
1
9678 23
96,2 9772
4 Sale 9618
1
1931 F A 96/
Is
4
/
2 •10212 1041
19303 .1 104/
General Os Series 13
4 1045s
1
4 Sale 104/
1
35, 11434 11715
116
11434 Sale 11434
0
A
1944
(P)
Co
78
109
Lorillard
106
J
1930
General 78 Series C
12' 95
107 10812 10812 Feb'24
961
96
971
9514
9734
50
General 7s Series D
1940.3
6 108 10958
4
1
108/
14
108 10858 108
89
4
1
881g 9114
A 8814 Sale 88/
M• N
1F
52
95
19
7234 7612 Louisville Gas & Electric 55_1
7438 870
Bklyn Man R Tr See(tem)fis 1968.3 .1 7438 Sale 7314
15 1111211712
114
3
115
Sale
115
D
J
76_1932
90
st)
g
cony
10-Yr
Cop
Magma
Bklyn Qu Co & Sub con gtd 55'41 M N
80
Jan'24
43
4 101
1
10078 Sale 100/
9834 101
Maned Sugar 7149
65 66
1941 .1 J 64'2 65t? 65
2
66
let 5s
20' 55
4
1
591
5918 Sale 59/
6012
90 A
942
4 !gantlet Ry(NY)cons g 4s-119
1
7814 83/
Brooklyn Rapid Trans g 56_1945 A 0 8314 85
8358
7
8358
Feb'2
53
4
503
4514
13
47
52
J
2013
2d 4.8
Trust certificates
7334 Nov'23 83,4
4 Feb'24
1
984 983 98/
9412 100
6474 647g Manila Electric 79
7418 Jan'24
let refund cony gold 48_2002 J
5
841
8514
8412
2
8418
85
N
AI
M
9
43
95
9
1
_
5s.
f
a
Lt
&
Ry
Elec
8312
Manila
10414
J
9712
..1921
eeeured notes_
15
103
3-vr
103 Sale 103
35' 9432 100
4 100
1
4 Sale 99/
1
99/
961
4 1044 Market St Ry tot C0119 Ss, 1924 151
/
103
5
Certificates of deposit
103 Sale 103
4 Feb'2
1
100 10018 100/
9712
101
0
A
1
3
24
.
19
003
notes
6%
-year
5
100
4
3
92
Sale
9714
4
973
Cgs of deposit stamped... _
72
4
973
4 123 Feb'24
1
125 134/
12212 140
FA 82
8012 8434 !garland 011018s with war'
1950 .3
4
/
841
liklyn Un El 1st g 4-543
8312 821#
10438 25 103 105
Without warrant attached__ A 0 104 Sale 104
81
8412
83
1950 F A 83 Sale 83
Stamped guttr 4-5s
2
124
132
Feb'24
120
124
136
A
F
1931
B
Series
99
N
M
7%s
4
1
/
1943
96
lot
eons g 5s
slant Un Gas
4
4 9812 97
1
97/
9812
5
10034
100 Sale 100
9834 102
1154# 121
do without warrants
1032 M N 113/
75
4 11634 118 Feb'24
1
0073
0812
4 Nov'23
1
104
10 10312 10412 Merchants is Mfrs Each 78_.1942 3 D 100041/4 Sate 104/
lat lien & ref 68 Series A_1947 M N 10334 /04 104
171
ior
115 12012 Metr Ed let & re( g 6s Ser 6.1952 F A
1929 Al N 113 1164 117
Feb'24
75
9412 97
9634 Sale 9638
9612 12
9034 91,4 Metr Power 65
9034 Feb'24
1932 .1 I) 1371#
Buff is Soso Iron a t Is
2 10114 10412
Sale
10214
10214
N
13
10212
•
M
3
6
3
3
5
9
19
A
Rs__
t
s
Mexican
Petroleum
82
(3
A
81
1952
82
45
84
Jan'24
let
Terminal
Bush
8214
4 Jan'24
1
- 99/
9972 9972
4
/
841
4 Mich State Telep let 58.....1924 F A
1
J 83
13418
4 84/
1
83/
1935
4
84
Cowed 38
4 69
1
89/
8534 9012
9334 Midvale Steel &0cony t 55 1936 M 5 8934 Sale 8914
11
91
4
1
93
Building Is guar tax 08 1960 A 0 93 Sale 92/
Feb'24
93
8912
8
893
4
1
/
67
N
4 9512
1
89/
deposit.
of
_1936
__
9838
Certificates
1937 M
2
9712 Sale 9712
9814
Cal & E Corp fe
1
8
995
4
1
96 100
98 StOw ElseRy & Lt cons g 581926 /7, 9958 Sale 99/
98
95
64
Cal Petroleum 6148 (w I) _1933 A 0 961/ Sale 961s
2
92
9114 9212
J 8978 9112 92
9734
Refunding & eaten 410_1931
96
95
10
4 9512
1
Camaguey Sus 1st s I g 7s_ .1942 A 0 9554 95/
9212 11
4
1
9238 Sale 92/
92
93,4
92
91
General 58 A
5
9134
9134
Canada SS Lines lot roil sf 75'42 M N 9112 92
3
8312
83 Sale 83
80,s 85
1st 544 B
4 104/
1
4
1
2 10258 10512
Canada Con Elm! Co 6s. _1942 F A 104 105 104/
Feb'24
9514
96
9514
30
N
1
3
M
3
9434 9614
99
D
1
7
2
5
96
9
119
43_1
lot
J
974
Lt
9812
Milwaukee Gas
55._1943
1
Cent 1)lat Tel let
9812 Sale 9812
22
4
1
/
95
95
9712
93 Montana Power 1st 58 A
1943 J J 9512 Sale 95
92
92 Feb'24
Cent Foundry lets f Ss__ _1931 F A 9218 93
ills 3? 8658 8915
ml
9544 332
4
1
J 8818 Sale 80122
94,4 9212 Montreal Tram 1st & ref 5s_1941
Cent Leather 20-year g 5s_ _1925 A 0 9314 Sale 92/
8012 Sale
7712 8214
10754
108
Morris & Co lot of 414a_ _1939 J
1941 MN 108
12 10734 108
Central Steel 88
___ 6412 Dec'23 - - -N
mO
6A
47
196
4 Mortgage Bond 4s
1
54_
14114 29 137 144/
11131 .1 .1 136 141 139
Cerro de Pasco Cop Re
10
94
94
94
93
94
02
9312 9514
1932 A 0 74J 9434 95
9434
5s
1
944
Ch G 1- & Coke tot go g 5.4 1937
9318 92 Feb'24____
92
92
81
92
74
Mu Fuel G
7734 29
1927 F A
Gas 1st cu
Chicago Rys 1st 5s
7612 Sale 7612
51g18 Feb'24 -- -(
99 101
101
Mut Un gtd bonds ext 5% _1941 MN
1932 A 0 101 Pale 100
217
Chile Copper 65 Fier A
7
533 5g5
56
9558 0812 Nassau Elec guar gold 4.8_1951 J J
1
9614
Cinch) Gas is Elec let & ref Is'56 A 0 9614 Sale 4)614
22
9312
93 Sale 9234
9012 94
4
/
14
99 National Acme 7148
98
96
4 Sale 971
/
5145 Sec B due Jan 1.._1961 A 0 971
9718 Feb'24
J D
1 3
39
92
90 Nat Enam & Stamps 1st 58_1
90
88
19
5
96,2 9712
Colo F & tCogonnf5s..l943 F A 90 Sale 8812
Oct'23 J 97 ....- 93
7658 Sale 7612
77
75
Nat Starch 20-year deb 544_ _1930
8
7618
Col Indus 1st & coil Is su....1934 F A
100
5 -6.14 11;454
J 9814 Sale 98
964 9812 National Tube lot Is
1952 M N 100 Sale 100
1927
9814 45
Columbia 0& E 1st 155
9614 98/
4 Newark Con Gas 58
1
9358 95
111273 J
91314 Bale 98
98,4 86
Staniped
13
0
8 Dec'23
3
3
New
4 99/
/
071
94
952
1
4
1
55...1
England
is
Tel
Tel
Col & Oth Av 1st Su g 5s...1993 al S
41 1011s 10234
4 36
1:
:
2
8
994
12 10
94
9
0
84%
933k 9514 NY kin Brake 1st cony (is_ _1921 M N 17
2 8
4
9
!
2
993
0
5-4 17
3-9
93-5
7
1-0
4 944 Feb'24 •1
73/
71
Columbus Gas IN gold 53..1932 .1 J
2385
7312 70
73
70
70
N Y Dock 50-yr 1s1 g 4s_ ...195t F A
2
77
73
Commercial Cable lute 4s. _2397 Q 1 71
171051122
9314 37
87
907s N Y Edleon 1st & ret 6 448 A.1941 A 0 11014 Sale 11018
1097s 11154
Commonwealth Power fts_.1947 M N 90 Sale 8934
2
4 102/
/
N Y Gas El I.t & Pow g 56_ .1941 J D 9812 9858 9858
3 100 103
9834
1937 J J 10258 103 1021
9814 100
4
1
Comp Azu Bare 7348
10
Sale
1949 F A
11
100
98 10114
Purchase money a 45
4 8414
1
82/
100 Sale 9934
Computing-Tab-nee of 68 1041 .1
83::
90
8
14 Feb'24
318
9
NY Munk Ry 1st a f 58 A._1960 J J 80
J 8212 ____ 7714 Sept'23
8012 8012
Conn By & L lets, ref g 4101951
99
3
A
99
9834
8413 N Y Q El L & P lat g
8312 10
82
193e F
4
/
8314 831
1051 .1 3 83
9934
98
stamped guar 41.45
8814 30
4 N Y Rys 1st It E & rot 4s_._1942 J J
1
90/
87
2
3332 40,
Cons Coal of MO lot is ref Se 1950 J 0 88 Sale 8734
73
VI
f;:
: 24
7
37'
Is
9312 9514
13
Certificates of deposit
95
4012
32
9514
Con 0 Co of Ch let gu g .38 1936 J J 9312 9412 87
11
4 214 2
/
4
/
901
87
30-year aell Inc 542
01942 A 0
8712 27
1952 M N 8738 Sale
112 212
Consumers Power
4 Feb'24 _
1
10018 10018
Certificates of deposit
112 232
4 . _ _ 100/
/
991
1931 M N
Corn Prod Refs s f g 513
1 Sale 60
1%
Y State Rya 1st cons 4148 1962 M N 6057
234 WI
60
9918 Feb'24
9918 100
9814 10034
1934 M N
5832 65
1st 25-year s 1 5e
Jan'24
72
N
85
M
72
1962
28
76
Sale
A
76
le
8712
634s
1943
96
Its
Seal
&
Cork
Crown
4 N Y Steam 1st 25-yr 6s Ser A 1947 MN
/
911s 941
9212 9612
9312 Sale 9314
9418 58
Cuba Cane Sugar cony 7s _1930 J J
Sale
9714 9912 N Y Telep lst & gen Si 410_1939 M N 8
9914 30
95
5
933
:64e
996471180
Cony deben stamped 31X4.1930 J J 99 Sale 9854
9"
935
94963
10
44 23
-640
- 106 108
28 10714 10814
30-year deben f Os...Feb 194!) F A 106 Sale 106:88
Cuban Am sugar lot roll 8e.1931 M S 108 Sale 10758 108
38 104 10532
4
1105
44 sa
11118
Ba
12 10510
114
1104
11
iollieei2 1004
9434 9512
18
95
211-year refunding gold 68_1941 A 0 100
l9.i7J J 95 Sale 9412
Cumb T & T lst&genl8
4 Feb'24---8512 19
8414 871g Niagara Falls Power lot 513_ _1932
3
.1
99 10012
99 4 9978 993
Den Gas & El. let&ref s f g 55'51 hIM 85 Sale 8414
:1 2104 104 10511
80
7434 82
Ref & gen 6.8
5
01932 AO
1942 M S 80 Sale 80
Dery Corp (1)0) 7s
4 Nies Lock &0 Pow lat 58..1954 M N
1
100
994 100/
9912 10132
1
J 100 Sale 100
Detroit Edison 1st coil tr 158_1933
4' 67
1
92/
98 No Amer Edison (is
9114 9334
4 Sale . 9134
1
95
1952 M S 92/
4 26
1
97/
11940 II S 9718 Sale 9718
1st & ref Is Series A
7
9712 21
96
97 Sale 9612
Secured s f g 1314s Ser B__1948 M
10512 36 104 106%
4 Sale 10474
/
1041
11940 hi
1st & ref fis Series B
2,84
00111
July. 1 Due Aug. o Due Oct. p Due Nov. r Due Dec.
•No price Friday;latest bid and naked a Due Jan. b Due Feb. c Dde June 5 Due
0.g011 sale.
1122
THE CHRONICLE
New York Bond Record-Concluded-Page 5
[VOL. 118.
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked "F*
Standard 011 Stocks Par Bid Ask
Week's"
Range
Railroad Equlonsente Per CL.Basts
Aniglo-American 011 new_ 81 *1714 1712 Atlantic Coast Line Os
Range or
14
Since
5.60 5.30
Atlantic Refining
Last Sale
to,S
100 12522 129
Jan. I
Equipment 6345
5.35 5.15
Preferred
100 116 117 Baltimore & Ohio Bs
5.65 5.40
Bid
Ask Low
Borne
Scrymeer
High No, Low
Co
100 230 235
High
Equipment 43.48 & 55.... 5.30 5.05
Nor Ohio'Trite & Light Cs_ _ _1947 M S 92 Sale 9114
Buckeye Pipe Line Co. 50 *70
92
24
71
8818 93
Buff Koch & Pitts equip 65_ 5.40 5.10
Nor States Pow 25-yr Is A__1941 A 0 9078 Sale 9014
91
59
8914 9212 Chesebrough Mfg oew_100 422 425 Canadian Pacific 434s & 6s.. 5.35 5.10
lot & ref 25-yr Es Ser B 1941 A 0 102 Sale 10112 10214 24
Preferred new
100 110 118 Central RR of NJ Be
101 10234
5.50 5.25
Northwest'n Bell T let 78 A 1941 F A 108 Sale 10758 108
39 10758 10812 Continental 011 new.... 25 *4812 4912 Chesapeake.dz Ohio 68
5.65 5.40
North W T let fd g 4%s gtd_1934 J J 9112 93 92 Feb'24 ___
Crescent Pipe Line Co
50 *1612 18
92
92
Equipment 634/1
5.45 5.25
Ohio Public Service 748_1946 A 0 104 Sale 104
Cumberland Pipe Ltne_100 136 139
10412
4 1034 105
Equipment 58
5.35 5.10
75
1947 F A 10214 Sale 102
100 9912 10012 Chicano Burl & Quincy 66._ 5.60 5.30
10214
7 10014 10258 Eureka Pipe Line Co_
Ontario Power N F let 58-1943 F A 95
9512 95
100 61
9518
63 Chicago dt Eastern 111 bils_ 6.25 5.50
2
9434 9834 Galena Signal 011com
Ontario Transmission 58_.......1945 MN 9484 9514 9458 Feb'24
Preferred old
100 110 117 Chicago & North West 68... 5.55 5.30
--__
94
9512
Otis Steel 85
1941 F A 101 Sale 1004 101
Preferred new
100 103 106
12
9838 101
Equipment6%s
5.55 5.25
lst 25-yr s f g 7%8 Ser B 1947 F A 9478 Sale 9412
Humble Oil & Ref new.. 25 •4214 4234 Chic R I & Pao 43.59 & Sc
95
68
93
95
5.50 5.25
Pacific G & El ego & ref 59_ _1942 .1 .1 9214 Sale 92
100 140 143
9212 38
9034 9314 Illinois Pipe Line
Equipment65
5.75 5.40
Pac Pow&Lt lat&ref 20-yr 58 '30 F A 9334 Sale 9334
Imperial
011
25
9412
1
*10914 10934 Colorado & Southern 65
924 9534
5.70 5.35
Pacific Tel & Tel let 55
1397 .1 .1 974 Sale 9634
50 *9412 95 Delaware & Hudson 65
9712 57
9658 9774 Indiana Pipe Line Co
5.50 .5.30
58
1952 MN 9114 sale 91
9114 35
9058 9213 International Petroleum_(2) *2018 2014 Erie 4%8 & be
5.90 5.50
Pan-Amer P & T let 10-yr 78 1930 F A 10114 Sale 101
10138
6
9958 10234 Magnolia Petroleum___ _100 144 145
Equlpment 88
5.90 5.60
84s(wi)
1935 MN
96 Feb'24 93
9678 National Transit Co _12.50 *2134 2214 Great Northern Bs
5.55 5.35
Park-Lea (ct(s) 6)0
1053.3 J 96 Sale 96
New
York
Transit
9612 28
Co100
81
83
9814
100
Equipment 56
5.40 5.10
Pat de Passaic Cl & El cons 53 1949 M S
_
9478 Feb'24 --__
9378 947s Northern Pipe Line Co-100 101 104 Hocking Valley 139
5.65 5.35
Peon Gas & C let cons g 6s 1943 A 0 10514
94781077-5 108 Feb'24 --__ 10414 10614 Ohio 011 new
25 *6912 71
Equipment be
5.35 5.15
Refunding gold 53
1947 'YI S 8912 9014 8912
9012
8714
11
Fuel
Penn Mex
Co
8934
25 *35
39 Illinois Central 43.48 & Si..., 5.25 5.05
Philadelphia C 68 A
1944 F A 1024 Sale 10184 1024 206
100 235 238
9958 10258 Prairie Oil& Gas new
Equipment65
5.55 5.30
1938 M 8 0112 Sale 91
5348
9112 36
100 10412 10512
90
9234 Prairie Pipe Line new
Equipment 78 & 6345
5.45 5.15
Phlia & Reading C dr 1 ref 53_1973 J .1 9338 Sale 9338
100 204 210 Kanawha & Michigan ea.__ 5.70 5.40
Solar Refining
94
11
9318 94
Pierce-Arrow 83
1943 M El 774 Sale 7818
Southern Pipe Line 0o 100 94
7812 61
9412
7512 82
Equipment4%6
5.35 5.15
Pierce Oils f 88
1931.1 D 9558 98
97
98
14
100 157 15814 Kansas City Southern 53.45_ 5.45 5.15
South Penn 011
8478 102
Pillsbury Fl Mills 6s (rcts)_ _1943 A 0 9638 Sale 9638
9534
86 Louisville & Nashville Bs
3
9478 9712 Southwest Pa Pipe Lines_ 100 85
5.55 5.30
Pleasant Val Coal let g a(53 1928.1 J 91
93 94 Dec'23 --__ __ _
_ _ Standard Oil (California) 25 *627863
Equipment6549
5.40 5.15
Pocah Con Collieries 1sts f 581957 J J 1)2
____ 92 Feb'24 --__
Standard 011 (Indiana).- 25 *6212 6258 Michigan Central .513 & (Ss
92 -94
5.45 5.10
Portland Gen Elec lot 5s
1935 J .2 974 Sale 9618
9714
2
25 *44
95
45
974 Standard 011(Kan)
Minn St P &SS M 43ke & 55 5.60 5.30
Portland Ry let & ref Sc...,.A930 MN 8614 88
19
87
8812
86
8734 Standard 011 (Kentucky) 25 •112 113
Equipment inis & 7s
5.60 5.30
Portland Ry Lt& P 1st ref 591942 F A 8258 Sale 8258
83
12
8038 8334 Standard 011 (Nebraska) 100 229 230 Missouri Kansas & Texas Os 5.85 5.50
es B
1947 M N 9112 Sale 9112
93
11
8934 93711 Standard 011 of New Jet 25 *3818 3838 Missouri Pacific 88 & 634s_ _ 5.75 5.45
let & refund 7145 Ser A 1948 M N 10312 Sale 10312 14014
5 10312 10434
Preferred
100 11658 117 Mobile & Ohio 4345 & 58..... 5.45 5.15
Porto Rican Am Tob 8s
1931 M N 105_ - 105 Feb'24 _--- 10418 105
Standard Oil of New York 25 *43
4314 New York Central 4345 & ils 5.25 5.05
Pressed Steel Car 58
1933.1 i 904 -91-14 9012
9012
4
Standard 011(Ohio)
100 321 323
8918 95
Equipment(is
5.80 5.30
Prod & Refs f 88(with waents)'31 J D 1154 131 114 Feb'24 _-__ 114
100 116 119
Preferred
11814
Equipment 75
5.40 5.20
Without warrants attached... J D 10914 Sale 10914
10912 34 10612 10934 Swan & Finch
100 80 63 Norfolk & Western 4348
5.20 5.05
Pub Serv Corp of N J gen 59_1959 A 0 874 Sale 8734
8858 231
Union
Tank Car Co
77
9812 Northern Pacific 78
100 98
8912
5.45 5.20
Punta Alegre Sugar 73
19373 J 11814 Sale 115
11814 170 109 11834
Preferred
100 106 108 Pacific Fruit Express 78_ 5.40 5.20
Remington Arms 68
1937 M N 9334 Sale 9312
94
29
93
9512 Vacuum Oil new
25 *6334 64 Pennsylvania RR eq be & Bs 5.50 5.05
Repub I & S 10-30-yr 538 f _ _1940 A 0 944 Sale 944
95
14
Washington 011
93
95
32 Pitts A Lake Erie 634/1
10 *29
5.50 5.25
5149
1953.3 J 9118 Sale 90
9118 30
Other Oil Stocks
8758 9158
Equipment6s
5.70 5.35
Robbins & Myers s 1 78
1952.1 D
8712 9018 Jan'24 _
9018 9112 Atlantic Lobos 011
5) *312 378 Reading Co 4148 & 56
5.20
5.00
Roch & Pitts Coal es Iron 58_1948 M N 90
Jan'24 ____ ____
_-- 91
_
Preferred
50 •10
16 St Louis & San Francisco 58. 5.65 5.35
Rogers-Brown Iron Co 7s
1942 M N 8512 -8912 8712
89
5
82 -i0
Gulf 011 new
25 •5812 80 Seaboard AO Line 4.%e & be 6.10 5.75
3t Jos Ry Lt Ht.& Pr 5s
1937 MN 794 Sale 7914
7914
2
5 *312 412 Southern Pacific Co 4348_ 5.30 5.05
7634 7914 Mexican Eagle OU
St L Rock Mt & P be stmpd_1955 J .1 79
81
81
81
1
5 *1214 4238
77
7914 Mutual 011
Equipment 75
5.35 5.10
3t Louis Transit be
1924 A 0 53
60
55 Feb'24 _
National Fuel Gas
55
58
100 8312 85 Southern Ry 4%s & 55
5.30 5.10
St Paul City Cable 58
1937 2 J 911.
9112 Feb'24 _
914 914 Salt Creek Producers__. 10 '
52134
22
Equipment
65
5.60, 5.35
St Paul Union Depot 5s
1972 .1 .1 Ms 9614 9518
963s 32
9512 9734 Sapulpa Refining
2
5
*17
8
Toledo & Ohio Central 55
5.75 5.441
Saks Co 79
1942 M S 10412 Sale 103
1044 17 102 10414
Union Pardfle 7s
6.30 5.15
San Antonio Pub Ser 68
1952 .2 J 95
9514 95 Feb'24 ____ 9334 9534
Public Utilities
Tobacco Stooks
Sharon Steel Hoop 1st 8s ser A '41 M S 101 Sale 10012 10114 17 100 1023
new___
&
(2)
Eleo
Amer
Gas
4
*5554 5812 American Cigar Common 100 774 79
Sheffield Farms 6348
1942 A 0 10112 10134 10112 10112
1 101 10258
Preferred
50 •4212 4312
Preferred
100 84
86
Sierra & San Fran Power 59_1949 F A 8212 86
85 Feb'24 ____
83% 87
Deb 6s 2014
MAN 94
95 Amer Machine dc Fdry.
_ _100 136 142
Sinclair Cons Oil 15-year 78-1937 M S 9214 Sale 9134
9234 98
Amer Light & Trite com_100 129 131
8914 97
British-Amer Tobsc ord. 81 *22
22
1938.3 D 8618 Sale 8514
814s B (WI)
884 74
Preferred
85
100 91
93
9014
Bearer
.81 *22
23
Sinclair Crude Oil 534*
1925 A 0 9814 Sale 974
9814 43
97
Amer Power & Lt com_100 223 225 Heime (Geo W)Co. new 26 *80
99
6112
65
1926 F A 97 Sale 97
9714 75
9578 9855
Preferred
100 85
87
referred
P
Sinclair Pipe Line 58
1942 A 0 834 Bale 8212
8314 33
8138 86
Deb 85 2016 •
Mdc13 9212 934 Imperial Tob of G B & Ire1192 !Nip 11:12
South Porto Rico Sugar 7s1941 J O 10175 Sale 10034 102
31 10078 10214 Amer Public Util corn. 100 46
49 Int Cigar Machinery- _ _100 53
58
South Bell Tel & Tel 1sts f 581941 J J 9578 Sale 9434
9578 38
7% prior pref
94
100 83
9612
85 Johnson Tin Foil & Met-100 70
80
3'west Bell Tel lot & ref 58_1954 F A 934 Bale 9312
9338 301
9312 935
100 58 61
4% Panic pref
MacAndrews & Forbes_ _100 146 148
Southern Colo Power 6s.., 1947 J J 8814 89
884
8812
3
8714 89
Blackstone Val GA Ecom 50 *73
75
100 99 100
Preferred
Rand Gas & El cony 81 139._1926 J O 10312 104 103
1034
6 100 10334 Carolina Pow & Lt com_100 93 96 Mengel Co
100 23
24
1933 M El 9712 Sale 97
Cony deb g 6%8serics
98
39
9834 9812 Cities Service Co com
100 147 149 Porto Rican-Amer Tob_100 65
72
Standard Milling 181 58
1930 M N 9712 Sale 9712
9712
1
9534 98
Preferred
100
73 Universal Leaf Tob com-100 40
Steel ,k Tube gen a 175 Ser C 1951 J J 10312 Sale 10312 10434 16 103 1043 CitiesServioeBankers'Shares 7212
1434
4
1514
Preferred
Sugar Estates (Orlent1) 78-1942 M S 9712 Sale 9634
9712 18
9534 914 Colorado Power corn_ _ _100 26
27 Young (J IS) CO
20
° 111
Syracuse Lighting let g 5s_ _1951 .1 D 9358 ___ 9312 Feb'24 ____
92
Preferred
9312
100 94
96
Preferred
100 104 108
Light & Pow Co coll tr s f 58'54 J .2 104 10412 104
104
8
8418 105
Com'w'th Pow Corp corn.
*83 84
Stocks(Cleveland)
prices)
Rubber
Tenn Coal Iron A RR gen Es 1951 .1 J 99 100
9938
9912
3
9938 10212
Preferred
100 75
77 Firestone Tire & Rub oom 10 *138
70
Tennessee Cop let cony Bs 1925 M N 9834 Sale 9834 101
4
9834 102
Consumers Power pref..100 88
88
6% preferred
100 9212 95
Tennessee Elm Power 681947 2 D 95 Sale 9538
96
224
9358 9614 Eleo Bond & Share pre1-100 99
9934
7%
preferred
100
88
8914
Third Ave let ref 45
1960.3 J 54 Sale 54
55
6
5334 584 Eke Ry Securities
•812 94 General Tire & Rub corn 50 165 180
Adjustment income 58-31960 A 0 45 Sale 4438
4712 71
44
4914 Federal Light & Traction(S) *72
74
Preferred
100 100 101
Third Ave Ry let g 58
1937 J J 92
93 93
93
19
93
Preferred
9314
100
73
78
Tide Water Oil 634*
1931 F A 10278 Sale 10234 103
18 102 1034 Lehigh Power Securities_ a) *4422 4512 Goodyear Tire & R com_100 10
Tobacco Products a 1 78
1931 .1 D --------10738 Dec'23 ____ Hai_
_ Mississippi Ely Pow corn 100 2014 2112 Goody'r TAR of Can rif-100 177912 1672
India Tire & Rubber corn.. 88
Toledo Edison 78
1941 M S 10734 Sale 10738 10734 29
Ilia
Preferred
100 81
83
74
80
Toledo Tree, Lt & Pr Sc..,.1925 F A 994 9934 9934 Feb'24 -Preferred
9812 100
First mtge 55, 1951_ _J&J 9212 9312
212
at
(2)
Trenton G & El let g 5s_ _ _1949 M 2 9338 --- 9234 Nov'23
Mason
Tire
&
Rub
oom
F g deb 7s 1935MAN 101 103
26
Under/W(1 of London 4%8_1933 J J 8518 -90
Preferred
100 24
87 Dec'23 ___ ____ ____ Nat Power & Lt com
(2) *83
84l2 Miller Rubber
69
Income 68
1048.3 J 8218 ---- 8914 Oct'23
Preferred
(t) •8612 8712
Union Bag & Paper Gs
09
Preferred
1942 M N 9634 Sale 96
9634
2
98
Income 7s 1972
984
J&J 9214 9314
12
Union Elec Lt & Pr 1st g 58_1932 M S 9734 Sale 9738
1.E
9734 10
Northern Ohio Electrio.(9) *812 10 Mohawk Rubber
974 98
45
55
158
Preferred
1933 M N 9518 Bale 9518
9534 38
92
Preferred
9712
100 25
•3
27
4
Union Elev (Chicago) 58-1945 A 0 67 ____ 70
Jan'24 -_70
70
North States Pow coM-100 99 102 Selberling Tire & Rubber(S)
40
Union 011 55
Preferred
1931 .1 .1 95 ---- 9512
100 30
97
8
9514 97
Preferred
100 92
94 Swinehart Tire& R corn 100 15
Bs
c1942 F A 10114 Sale 10114 102
5
9912 102
Nor Texas Eleo Co com_100 61
64
Union Tank Car equip 7s _ _ _1930 A A 104 Sale 10312 104
Preferred
100 --- 166 103 1044
Preferred
100 70
73
United Drug cony 88
Sugar Stocks
1041 1 D 11312 Sale 11338 11414 17 11111 1144 Pacific Gas & El 1st
pref 100 8934 9034 Caracas Sugar
21
United Fuel Gas lets f 8s_ _.1936.3 J 96 Sale 954
50 *20
9814
3
9212 9712 Power Securities com
(2) •10
13 Cent Aguirre Sugar cam_ 20 *88
90
United Rye Inv 5s Pitts Issue 1926 M N 9512 96
9512
9618 22
984
91
Second preferred
(9) no
23
120
Fajardo
118
Sugar
United Rye St List g 4s_ _1934 J J 6118 Sale 6112
100
657
4
8118
6112
1
Coll trust (is 1949___J&D 83
88 Federal Sugar Ref corn..100 62
65
United SS Co lot rots 68-1937 M X 8712 Sale 8712
8712 40
86
8712
Incomes
June
1949...F&A
170
74
United Stores 6s
Preferred
100 90 100
1942 A 0 10058 Sale 100
10058
2
984 1014 Puget Sound Pow & Lt_ 100 44
46 Godchaux Sugar, Inc....(3) *4
9
U 8 Hoffman Mach 8/1
1932 1 J 10434 --- - 104 Feb'24 -103 10412
100 78
8% Preferred
81
50
Preferred
78 Realty dc I cony deb g 59 1924.1 .1 100 Sale 100
100 45
100
5
9958 100
7%
preferred
100 310112 10312 Great Western Sugar new 25 .92
94
CIS Rubber 1st & ref loser A 1947 .1 J 8358 Sale 8312
8412 129
8312 8778
Gen mtge 7%s 1941 _MAN 10422 10512 Holly
38
10-year 710
Sugar Corp com_.(2) •34
1930 F A 1034 Sale 103
10334 64 103 1064 Republic Ry & Light_100
22
23
89
Cf S Smelt Ref & M cony 85_1926 F A 10014 Sale 10018
Preferred
9934 10012
10014 20
Preferred
100 47
48 Juncos Central Sugar__ _101 17g 130
II S Steel Corpfcoupon ____d1983 MN 10212 Sale 1024 10334 168 10214 1034 South
Calif Edison com_100 10112 10212 National Sugar Refining
96
sf 10-60-yr 581registered __d1963 MN --------102 Feb'24 .--- 102 10238
100 94
8%
preferreo
100 117
Utah Light & Traction 5s
97 101
1944 A 0 8112 Sale 8114
8178 28
80
8638 Standard Gas & El(Del) 50 *3234 119 New Niquero Sugar
3334 Santa Cecilia Sue Corp pf 100
Utah Power & Lt 1st 58_
1944 F A 8812 Sale 8834
112 2
89
21
8758 90
Preferred
.50 *47
4814 Savannah Sugar corn..,.(5) *70
72
Utica Elec L de Pow lst s 158 1950.3 .1 9712 __-- 9514 Sept'23
Tennessee Elea Power...(I) •25
26
87
Utica Gas & Efec ref 53
Preferred
86
1957.3 J 92 Sale 92
100
9214
a
W. -64
Second preferred
(9) *54
55 Sugar Estates Oriente pref__
88
92
Ira-Caro Chem 1st 15-yr 58_1923 J 0 - --------9834 Nov'23 _
_ Western Power Corp_ --100
27
- - West India Sus Fln com_100 12
7s
1947 J D
14 ie 6912
7334 iaa
air2 08
Preferred
100 80 -8211
Preferred
12-year s f 7%5
101) 40 -ia 1937 J J 374 Sale 3212
4438 306
324 7314
Without warrants attached. J J 33
33
37
37
1
37
76
Short
'Term
Securities
Industrial
&Miscall
ra Iron Coal & Coke 1st g 58 1949 M S 88
9018
91
9018
1
9012 91
Am Cot 011 (is 1924_ _MdtS2 100 10014
71
American Hardware..._UM 59
a Ry Pow let & ref be
1934.1 .11 90 Sale 8912
90
15
88
904 Anaconda Cop Min 68'2924/J 10
0112
1% 1102
01 78 Amee
lertientes Sugar 78
rfTyrp
corn 100 102 104
eedfounders co
1942.1 D 931. 94
94
94
4
8912 95
Anelo-Amer 0117%6'25 A&O
Varner Sugar 79
Preferred
1941 J D 10234 Sale 10212 103
7 1024 1034 Federal SUR Ref eis'33.M&N
9
.3:4
. 99 Bliss (E W) Co new___(
First & ref 78 Ser A
1939.1 J 9638 Sale 961r
1et? !Vi 11g11
9758 29
9638 9655 Hocking Valley 531926 M&S ...1
Wash Wat Power a f 53__ _1939 J .5 994 100
Preferred
9612 Feb'24 ____
9934 10138 Interboro R T 8s 1922_ MAS 9914 9912
--__ Borden Company oom 1(t 113 1
1)
1
Westches Ltg g bs stmpd gtd 1910.3 D 9634 ____ 964 Feb'24 --_
9638 9678 K C Term Ry 89'23 MAN lb
Preferred
Vest Penn Power Series A 58 1946 M S 8912 Sale
2
8934
5
8912 91
634ti July 1931
Jdt.1 10212 10314 ellulold Company
1958 J D 10034 10112 10112 10112 28 101 102
let 40-year As Series C
6188
1926 10058 10078
02
Preferred
.13
00
7. 11130
31946 F A 10534 Sale 10515 10534
lot series D 75
5 10414 10734 Lehigh Pow See 68 127 _FAA
1983 M El 8612 8712 8734
bs E
8734
1
8634 8914 Sloss-Sheff S&1 6s '29.F&A 9712 98 Childs Company corn new( °)
Preferred
9914 9912
Western Union coil tr cur 58_1938 J J
98 Sale 9734
98
4
9678 98
Rubber
734.
U
S
1930_F&A
106 10634 Hercules Powder
108
Fund & real estate g 4%8_1950 M N 914 92
92
924
2
9038 94
Joint Stk Land Bk Bonds
Preferred
100 104 1(4
1936 F A 10934 Sale 10912 110
15-year 6148 g
14 1084 11134 Chic Jt Stk Land Bk 53_1951 10014
10112 International Salt
Westinghouse E & M 78
1931 MN 10734 Sale 10738 10734 62 10634 108
55 1952 opt 1932
10014 10112 International Sliver prat 1()
vickwire Spell Steel let 75..1935 J J 85 Sale 84
)
(1 107 110
87
44
64
7978
58 1963 opt 1933
10012 10134 Lehigh Valley Coal Sales 80 84
88
Wilson & Co let 25-yr sf 85_1941 A 0 9614 Sale 964
9878 42
90
981*
534* 1951 opt 1931
102 104 Phelps Dodge Corp
130 135
100
1928.3 D 9114 Sale 9014
10-year cony s f 63
9134 73
8614 9234
4545 1952 opt 1932
983
4
100
140
Royal
135
com_100
Baking
Pow
1931
F
A
94
Sale
94
96
40
7345
94 100
4%5 1952 opt 1932
100 99 101
Preferred
9712 9812
1941 A 0 10112 Sale 10112 10218 25 100114 1025
Winchester Arms 7%8
4
4%5 1983 opt 1933
9834 100 Singer Manufaeturine too 138 1404
rnone'n Sheet AT Bs(w 1).1943 .1 J 96 Sale 9534
984 128
941* 97
• Per share.
No
par
value.
lt
dividend •
Basis
d
Purchaser
accrued
also
pay.)
bid
0
and
asked.
latest
Due Jan. d Due Apr. e Due Mar. e Due
•No price Friday;
New stock. /Flat price. k Last sale n Nominal. a Ex-dividend. y Ex-r We.
May. g,Due June. la Due July 5 Due Aug. o Due Oct. 2/ Due Dec. s Option sale e Ex-stock dividend. a Sale price. e Canadian quotation.
BONDS.
Price
N.Y.STOCK EXCHANGE ' Endo
Week ending Mar. 7.
...a. Mar.7.
1-fl
.
17
T li '4
14 127
BOSTON STOCK EXCHANGE-Stock Record
Sales
for
the
Week.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Mar.!.
Monday,
Mar. 3.
Tuesday,
Mar.4.
Wednesday, Thursday, •
Mar.6.
Mar.5.
Friday,
Mar.7.
STOCKS
BOSTON STOCK
EXCHANGE
1123
BONDS
Next P39e
Range Since Jan. 11924.
Lowest
Highest
PER SHARE
Range for Precious
Year 1923.
Lowest
Ilighest
Railroads
100 146 Jan 2 150 Jan 23 143 Apr 151 June
Boston & Albany
146 147
148 148
146 147
148 148
148 148
148 149
Jan
75 June 84
100 77 Mar 5 80 Jan 8
Boston Elevated
7814
7712 77
7712 77
7818 77
78
78
7712 7758 *77
9112 Aug 100 Mar
100 92 Feb 7 95 Jan 21
pref
Do
93
93
92
92
_
.92
9212 92
92
92
June
125
5
Feb
Jan
11112
1164
24
Aug
11118
100
pref
1st
Do
11212 11212 11223 112'z
11212 11212 *112
+112 -- .112
95 Nov 106 Mar
100 9534 Jan 2 100 Feb 27
Do 2d pref
9934 9934 9934 9934
9912 100
*992., 100
.9912 -- -- 100 100
812 Jan 2 1314 Feb 4
100
74 Dec 2012 Mar
Boston & Maine
1212
1112 1112 .12
1212 11
11
1214 1214 11
12
12
10
4
Jan
Feb
12
15
7 Dec 27 Feb
100
Do pref
•125s
1238 1258 .12%
.1252 ---- .1258
100 1312 Jan 2 19 Jan 10
Do Series A 1st pref
12,2 Oct 3212 Mar
1538 1512 1514 157g
16
1613 1612 1512 1634 16
1712
Feb
2412Mar
1
Jan
Dec 48
2
1512
100
pref
1st
B
Series
Do
221*
2212
*2212 24
24
*1012
2412 2412 23
1512 Dec 42 Mar
Do Series C 1s1 prof. _100 18 Feb 27 2012 Mar 5
---2012 2012
_
+2012 _ _ *2012
.20
Feb
3 2912 Feb 28
Jan
59
Dec
23
20
_100
__
pref
1st
Series!)
Do
29
---29
29
29
2
*29 ____ 29 29 29 9 - •146
100 143 Jan 4 148 Feb 27 135 July 16012 Jan
Boston & Providence
•146
*146
146 146 *146
18 Feb 35 Mar
East Mass Street Ry Co- A00 19 Jan 7 24 Feb 9
20
•--._ 20 •__ __ 1934 20
•____ 22
Jan
58 Dec 72
100 5812 Jan 8 6412 Feb 13
Do 1st pref
65 •____ 65
•___ 65
5034 Dec 65 Mar
100 52 Jan 3 58 Jan 25
Do pref 13
55 *____ 55
55
Jan 2 3912 Feb 14
Dec 46 Mar
32
31
100
adjustment
Do
30
i6-171
38
36
3614
_
_
•3614
39
39 .36
*35
39
*36
31 Nov 45 Mar
40 East Mass St Ry (tr ctfs) _100 32% Jan 12 3912 Feb 11
3612 3612
37
37
37
*35
36
38
36
.36
Jan
2212 Dec 43
100 2312 Jan 3 2914 Jan 31
100 Maine Central
2712
*25
27
28
27
2733 27
28
3
10
Jan
Jan
2
207
14
9% July 2212 Jan
100
Hartford
&
NFI
201s
Y
N
2,809
1934
1912 204
1912 1934 19 197y
19% 2014 1914 20
Feb
84
13
Feb
Dec
65
62
14
Jan
62
Northern New Hampshire_100
.65
67 •65
*65
Jan
75 Dec 100
12 Norwich & Worcester pref_100 80 Jan 2 91 Feb 11
90
90
90
-ii.
*87
*87
93
.90 _ _- +87
Feb
6412 Oct 81
100 7212 Jan 4 79 Feb 13
Old Colony
128
78
78
78
77
7712 78 .7612 7712 7712 -7-712 77
Dec
8
387
Aug
3
Mar
34
41%
2112
14
Jan
pref
181 Rutland
36
36
34
35
3514
34
35
:15
Jan
70 Nov 98
22 Vermont & Massachusetts_100 70 Jan 22 80 Mar 6
80
80
78
77
79
*77
.77
Miscellaneous
312
Jan
Sept
2
1
14
18
Jan
Jan
112
Amer Pneumatic Service._ 25
.112 2
*113 179 •112 178 *138 178 *13* 173
Jan
12 Dec 20
50 12 Jan 3 1412 Feb 26
Do pref
285
.134 1312 *1318 131 .1318 131 •1318 1312 1314 1318 1312 1312
Dec
12812
June
2
130
119
6
Jan
Mar
125
100
Teleg
&
2,247 Amer Telephone
1297 130
129 12938 12918 12934 12958 130
128% 129
12834 129
Jan
6712 Oct 112
No par 71 Jan 2 83 Jan 14
204 Amoskeag Mfg
75
7412 75
75
7378 74
75
7412 7412 7212 7213 75
Jan
Oct 88
No par 72 Mar 6 7712 Jan 19
72
Do pref
159
74
72
74
72
73
7334 74
73
7372 74
75
*74
Mar
15
1612
Nov
Feb
16
4
16 Feb 15
143
Art Metal Construe, II3C- -- 10
17
•15
17
*15
17
*15
17
17 •15
•15
Dec 2018 Feb
3
Mar
7
8
par
No
1014
8
Jan
Corp
Tack
Atlas
1013
3165
*912
8
8
75
71
7
*912 1012
Oct 10812 Feb
20 Boston Cons Gas Co pref _ _100 104 Jan 18 107 Jan 8 104
10412 1941
.105 1051 •105 10512 *104 105 *____ 105
*105 10512 '105
Jan
Boston Mex Pet Trus_ _No par .10 Jan 7 .20 Jan 10 .05 Dec .30
*AO .25 ..10 .25 ..10 .25
..10 .25 •.10 .2
July
2
27 Mar
5
Jan
Mar
24
2818
19
10
1')
(John
Connor
1,079
28
28
28
2712
284
25
2734 27
27's 274 28
27
25 Feb 3 3014 Feb 14
2512 Dec 2614 Dec
305 Dominion Stores, Ltd
27 1 2612 2634 2614 265*
*2412 26 .25
26
25
.2512 27
100 84 Jan 15 85 Jan 5
Preferred A
.
90
90 .85
*85
90
90 .85
90 .85
*85
-ii;
Dee
214 Mar 5
3 Feb 25 10
50 East Boston Land
24 24 *214 3
.214 3
*214 3
*214 3
1412 Mar
614 Feb 23
812 Feb 6
5 Dec
712
150 Eastern Slanufacturing_.- 5
714 74
722 722
712 7'2!
712 712 .714
714 7,4
1
Mar
55
Mar
3
12712
Jan
Nov
38
31
25
Inc
Lines,
SS
Eastern
54
54
5412.
1.305
354
5434
5332
5312 54
5412 5434
53% 55
Oct
Oct 40
35
No par 35 Jan 25 40 Feb 7
403 Preferred
3712 3778 3712 3722
*3712 38
3712 38
38
38
Oct
85 Aug 88
100 8512 Jan 8 92 Feb 9
preferred
1st
93
.89
I
93
.89
93
*89
93
.89
03
.89
Jan
Nov
177
152%
2
172
26
Jan
Jan
16312
100
Illum
Electric
Edison
414
17112 17i17112 172 1 17112 172
171 172
17112 172
172 172
4
Jan
Jan
Dec
112
8
par
17
107
26
Jan
212
No
Corporation
!Elder
.212 31, *212 312 *212 312 .212 311 *212 3
16 Feb 11
5 July 2912 Feb
100 Galveston-Houston Elec. _100 13 Jan 11
____
•14
14
14
____
____ •14
.14
.14
Mar
Dec
4
/
par
2
153
Jan
Jan
5
612
514
8
No
Motor
Gardner
I
*512 612 *513 612 *512 612
Feb
1434 Nov
24
25 14 Jan 30 1578 Jan 7
301 Greenfield Tap & Die
14341 1434 1478 15
15
1412 1412 1434 •14
1438 1438 14
50 Dec 6314 Mar
No par 49 Mar 6 52 Jan 8
476 Hood Rubber
4912 49
49
4974 4978 4912 4912! 49
50
5012 50
50
Mar
44
Feb
July
44%
par
18
13
Jan
4212
32
Corp.No
Cement
iInternat
+42
43
.424 43 *42
3 Mar
400 International Products_No par .10 Feb 18 .75 Feb 26 .10 Dec
4113
.16
.20
16
.20 .20 ..15 .25 ..I5 .20 *.I5 ---8 Star
112 Jan 2 .60 Dec
100 .25 Feb 14
Do pref
100
1
+.50
1
*.50
1
*.50
1
•.50
'Kidder, Peabody Acceptance
80 May 8312 Feb
100 80 Jan 3 8312 Feb 26
10, Corp Class A pref
-834 83% 8314 8314
.8314 8334 *8314 83% .8314 834 .
812 Aug
44 Dec
5 Feb 27
612 Jan 4
43 Libby, McNeill & Libby.__ 10
514 .5
.5%
.5
5
5
5
5
514 514
53s
*5
20 70 Jan 9 70 Jan 9
35 Lincoln Fire Insurance
70
70
70
70
*70
*70
*70
914 Mar 7 1012 Jan 9
Apr
11
June
8'*
25
Theatres
1
Loew's
*p% 1013 *934 1018 1018. 104 10
24
10
*934 104
9 4 914
7312 Dec 874 Jan
175 Massachusetts Gas CO3.- A00 75% Jan 24 81 Feb 20
78
78
78
78
78
78
78
79
7812 78
78
*78
Jan
62 Dec 73
2
31
Jan
Jan
64
70
100
pref
Do
6512
293,
66
6512
6512
66
6512
6533 6552
67
66
67
65
Jan
38 Mergenthaler Linotype-100 15212 Mar 5 160 Jan 12 147 June 179
153 153
15212 15212 153 153
155 155
156 •150 155
1434 Feb
612 Jan 2 17% Feb 21
3 Dec
10
Investment, Inc
7
Mexican
1,305
8
14
14
16
1512
15
1512
1514
15
1512
15
1512
1514
Jan
Nov
18
18
2814
5
Feb
Jan
8
19
227
_100
Power
River
Mississippi
438
2074 2012 2034 2012 2012
2012 2033 2012 2072 20
.2012 21
Jan 84 Feb
80
100 80 Jan 4 81 Feb 15
60, Do stamped pref
80 I 8012 80131
804 8212 .8012 8212 80
•8012 8212 •8012 824 .
435 Jan 28
Feb
1 °X4 Dec
2
8%
Jan
8
23
10
Leather
National
631.
312
312
3314 334'
312 34
334 4
*334 378
334 334
412 Sept
Oct
412 Feb 1
2
2 Jan 2
412 412 1,626 New England Oil Corp tr ctfs_
412
4
378 34
4
4
37s 378
.373 4
Oct
1212 Dec 16
100 17 Jan 10 30 Feb 4
Preferred (tr ctfs)
*20
25
25
27 .20
25 .20
*20
+20
27
Jan
4
122
Mar
2
Dec
1097
11512
110
31
Jan
Te1eohone_100
England
New
1,379
11158 11158 11032 11112 10973 110% 11014 11033 110 11038 11018 11058
2112
July
Apr
16%
2
Jan
2018
16
Jan
14
1
Inc
Circuit,
12510rp1ieum
•1834 1014 .104 1024 •1914 1934 1912 1978' ---- -•1814 19
Jan
84 Dec 190
8412 Jan 3 87 Feb 14
385 Pacific Mills
85
854 85
*8512 86
8512 8512 85
8513 8514 8512 85
6 21434 Dec 18 Mar
8Mar
5
Jan
4
155
143
10
Hole
Button
Reece
526
1512 1512 1512 1514 1512 1558 1558 1512 155*
15
1514 15
Jan
2
Mar
I
2
Feb
Jan
3
24
34
10
80 Reece Folding Machine_
__
*212 234
24 212 .212 234 •212 234 .212 2%
2 Feb
5 25 Jan 11 .40 Feb15 .10 Dec
Simms Magneto
_
•.20 .50 •.20 .50 ..20 .50 •.20 .50 1..20
9312 June 10912 Jan
100 101 Jan 4 10512Mar 6
815 Swift dr Co
10412 10474 105 1053s 105 10512
10434 1051-2
.50-10412 105
10414 105
3934 Dec 50 Mar
25 40 Mar 5 4212 Jan 11
52 Torrington
41
40
41
4012 41
4014 •40
.40
4012
.40
6 Dec 11 Mar
7 Feb 2 10 Feb 18
5
I Union Twist Drill
*9
11
11
11 I .9
11
•9
812 812 *9
3212 Nov 55% Mar
Jan 3 3712 Jan 8
3514 35% 3514 3512 3514 3578 3534 36581 3614 3634 3658 3678 4,992 United Shoe Mach Corp_ 25 34 Feb 29 27
2458 June 284 Jan
Jan 7
25 245*
197i Do pref
26
26
2578 2578 2573 2578 2578 26
2512 2512 .2512 26
1934 Aug 30
Jan
500 Ventura Congo' Oil Fields_ 5 25 Feb 20 27 Jan 29
25
25
2518 25
*2434 2514 25
2514' 2514 25,2
•24% 25
15 Dec e2218 Mar
365 Waldorf Sys,Inc,new sh No par 15 Jan 10 1714 Jan 9
1512 1512 1514 1512 .154 1514 •15
15121 1518 1518' 1514 1512
Feb
Feb
1012
5
11
1
Jan
612
Star
13
par
_No
*9
coin
B
CI
1012
Watch
Walth
9121
912
84
2
10
914 914
9 2 912
*912
15 De
2912 Mar
100 1512 Jan 5 2312 Feb 13
Preferred trust ctfs
21
2112 *2012 2112 21
292
21
2114 2112 2114 22
1114 Jan
18 Dec
19
1,705 Walworth Manufacturing_ 20 1612 Jan 5 2114 Feb 11
1938 1914 1912 21878 19
1912 1912 -2-0
19% 1934 19
7
Mar
Jan
38
2512
3412 Star
Jan
8
295
50
3
Bros
37
36
3612 38
6,173 Warren
35% 3534 3534 3578 3534 3578 3512 36
3012 Dec 3912 Mar
50 355* Jan 7 41 Jan 25
Do 1st pref
38
38
37
38
37
3812 38
3712 38
357
38% 3838 •38
33 July 42 Mar
50 38 Mar 5 42 Jan 18
Do 2d pref
33
•4012 42
4178 4178
25
38
4112 4112 *4012 42 .4012 42
54 Jan 14
3 Jan 10
3 Dec 1212 Feb
5
Wickwire Spencer Steel _
Mining
.10 Nov
25 ____ ___ _ _
1
Feb
Adventure Consolidated
•.25 .50 ..25 .50 ..25 .50 •.25 .50 +.25 .50 •.25 .50
25 15 Jan 15
.15 Jan15 .10 Jul
.50 Mar
Algomah Mining
•.I0 .20 ..10 .20 •.10 .20 •.10 .20 •.10 .20 •.10 .20
27
Feb
Jul
214
Mar
25
_
414
_
8
Jan
133
.70
Consolidated_
8
8
•15
15
134
8
17
8
15
8
17
8
15
134
158
Arcadian
8
15
145
*152 178
8 Jan 2
934 Jan 7
7 Dec 144 Mar
5
+833 9
9
834 9
834 878
9
.8% 9
290 Arizona Commercial
•812 9
1412 Oct 19
Feb
10 15 Jan 10 18% Jan 15
16
17
1614 *16
*16
17
17
*16
40 Bingham Mines
.16
17
•1614 17
26
7
Feb
Jan
1514
19%
17
25
163
1612
Oct 49 June
*
8
163
1614
1612
16
16
Heels
16%
dr
1614
Calumet
2,074
16,
1614
4'
1534
178 •112 2
.114
1 18 Feb 2C
3 Feb 1
1% Dec
I
9% Feb
*158 2
75 Carson Hill Gold
158
1%! .112
134 104
178
22% Oct 46% Mar
25 22 Feb 27 2678 Feb 15
251
2412 24% 25
2412 2514 24
24
24% 23
968 Copper Range Co
2334 24
414 438 *414 4%
4% Jan 23
214 June
438 438
10
5 Feb
333 Jan 3
44
414 438
660 Davis-Daly Copper
.414 412
4,4
45
412 4581
412 412
412 4% 1,100 East Butte Copper Mining_ 10
438 Nov
412 41
1112 Mar
414 Feb 14
512 Jan 24
43fl
414 414
1 Jan 8 .30 May
.80 .80
25 .75 Feb 13
258 Mar
.85 .9' •.90 .99
.90 .9;0 .95 .95
1
•.80
555 Franklin
2
Jan 22
.112 2
2 Jan 28
I
4 Star
*1
2
Oct
•1
•I12
'Hancock Consolidated- __ 2' 1
112 2
.
2
•1
.2412 25
2412 22
*2412 25
•2412 25
24% Mar 33% June
5
2412 Feb 27 2812 Jan 7
1
*2412 25
•2412 25
110 Hardy Coal Co
14 Feb
•.60 .70
25 .40 Jan 2 .75 Jan 8 .10 sera
. Helvetia
'1..60 .70 •.60 .70 •.60 .70 •.60 .70 •60
9712 981
98
9312 Nov 11512 Apr
•99
9812 9812 9812 100
9514 Jan 31 10034 Jan 8
.99 100
98
1
528 Island Creek Coal
98
•9314
*9314
94
93
94
9014 Nov 10012 Mar
93
94
9112 Jan 8 94 Mar 6
94
1
pre
Do
35
.9312
16
16 .16 -1-6-1; 16
16
16
16
Oct 3314 Mar
16
415 Isle Royal Copper
25 1412 Feb 26 20 Jan 3
1512 1512 1512 16
218 Feb 13
•159 17s
158 158
112Mar 5
178 Dec
5
3% Jan
134
330 Kerr Lake
112 *112 1% .112
112
.1% 2
1
1 Feb 19 .60 Sept
1
•.75
'11.75
.50 .50 1..75
•.75 , 1
15 Keweenaw Copper
25 .50 Jan 7
214 Mar
1
*.60
112 112 .114
118
118
*14 112
11
112
134 Jan 28
1
208 Lake Copper Co
18
Oct
1 Jan 7
*114
25
1%
5,4 Mar
114
114 Feb 8 .50 Dec
112 *114 2
1
114 114 .114
2
.114
350 La Salle Copper
25 85 Jan 21
314 Mar
114
•1
•138
•112 2
2
2 Mar 7
134 *113 2
*112 2
2
114 Nov
25 Mason Valley Mine
5 1 1114 Jan 19
258 Mar
•134 2
.75 .75 •.75
•.75
1 Jan 5 .50 Dec
.75 .75
1
1
1
•.75
20 Mass Consolidated
44 Star
25 .50 Jan 8
..75
112 112
112
112
138
114
1%
2 Jan II
112
14 Feb 8
•138 1%
112 Oct
260 Mayflower-Old Colony_
25
112 1,2
7 Feb
32% 342_ 335 335 .3212 34
3214 34
•3314 34
27
270 Mohawk
Oct 71 Star
25 30 Jan 18 3512 Feb 15
3334 3334
1814 *1734 1812 1814 1814
•17% 1734 1712 1712 18
18
210 New Cornelia Copper
1814
1612 Jan 2 197s Jan 7
1414 Oct 2412 Star
238 23
212
.214 212 .214
212 Feb 23
*238 212 •214 212
212 Aug
218 Feb 5
100 New Dominion Copper
44 Apr
*37
44
44
*37
44
44
*37
*37
New River Company
*37 14.44
*37
35
100
Apr 40
Apr
--- -70
75
70
•70
75
70
pref
70
Do
.65
Jan 4
20
'65
5
75
Feb
75
65
7414
72 Nov 84 Star
100
•65
012
61g
64 614 •64 638
614 614
618 618
270 NipissIng Mines
618 613
5
4% July
5% Jan 10 6",,Feb 1
634 Feb
278 3
2% 278
3
3
3
3
278
2 Jan 16
2%
935 North Butte
1 4 Nov
15
312 Jan 24
1234 Mar
.234 3
•.75 .85 ..75 .85
•,e,o
1
.55 .55 .
1 .75
39 Olibway Mining
1
.60 .60
25 .50 Feb 11 .90 Jan 3 .50 Nov
258 Mar
18
•17
IS
18
•17
1712 1712 1712 1712
*17
300 Old Dominion Co
18
25 15 Jan 30 1734 Feb 15
.17
1312 Oct 3212 Mar
412 412
412 412 •412 434
312 Jan 3
518 Feb 1
74 Park City Mining & Smelt_ 5
+412 434 *412 434 •412 43
412 Nov
214 Aug
*1112
1212
1134 1134
35 Pd Crk Pocahontas Co _No par 1134 Feb 26 1212 Jan 11
1214 •1112 1214 •1112 1214
*1134 1212 .11%
1214 Dec
1614 Mar
2012 21
201
*2012 21
2014 20
•20
220 Quincy
25 19 Feb 5 2312 Feb 15
21
18
Oct 50 Mar
2012 2034 20
3212 32,2 31 12 32
3234 3214 33
31
670 St Mary's Mineral Land __. 25 2912 Jan 16 35 Feb 20
31 12
3112 3214 32
Oct 5312 Star
27
.50 .50 •.40 .50
50 Shannon
10 .35 Feb 4 .70 Feb 14 .30 Dec
•.,50 .60 ..50 .60 ..1 .50 .60 *.50 .60
112 Star
South Lake
25
Aug
.10 June
1
..25 .75 •.25 .75 •.25 .75 .•25 .70 •.25 .75 •.25 .75
134 *114
1
134 *1 14
1
+114 2
10 Superior
134
25 .90 Jan15
112 Jan 18
314 Mar
1 Dec
134 •114
*114
1
•.85
1
1
•.85
.85 .85 •.85
25 Superior & Boston Copper. 10 .75 Feb 13
1
1 Jan I I .65 Dec
•.85
334 Feb
1
•.85
Copper
Trinity
5
.30 Feb 18 .85 Jan 28 .20
Corp
Oct
112 Feb
-ITuolumne Copper
10 .10 Jan 24 .50 Feb 7 .30 Dec
158 Aug
253 174
238 Mar 5
Apr
5
6
233 27* '234 27
3,020 Utah-Apex Mining
312 Feb 15
212 Oct
3
3
_
!Utah Consolidated
1 .01 Jan 3 .01 Jan 3 .01
3 Mar
Dec
.40
:ia
158 Feb
.35 -:& 1,150 Utah Metal dr Tunnel
1 .30 Feb 21 .45 Jan 4 .25 Dec
--.46
'Victoria
25 .65 Feb 19 .75 Jan 3 .60 Aug
2% Feb
1..65 .90
..65 .90 +.65 .90 •.65 .90 '1..65 .90 •.65 .90 '
134 Mar
67 Winona
25 ,13 Feb 6 .26 Jan 4 .10 Dec
.17 .17 •.20 .35 •.20 .40 •.25 .35 •.25 .40
•.20 .35
.25
1 Mar
.20 .20
.25
.25
100 Wyandot
25 .20 Mar 4 .20 Mar 4 .10 Deo
Shares.
83
349
49
7
97
345
11
402
54
29
75
1
37
1
Ex-stock dividend. a Assessment paid.
• 13Id and asked prleee. no sales on tills day. s Ex-rights. 8 Ex-dividend and rights. z Ex-dividend.
Beginning with Thursday, May 24. trading has been In new shares, of which two new shares of no par value were given in exchange for one share of old stock of $110
to make possible comparisons with previous quotations, we have divided all these previous quotations by two
par Value. In order
1124
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Mar. 1 to Mar. 7, both inclusive:
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds-
AtIG&WISSL5s1959 52
Chic Jet Ry & US Y 48240
5s
1940
Chic Milw & St P 4s_ _ 1934
E Mass St RR ser B 5s.1948
Series C 68
1948
Hood Rubber 7s
1936 102
K C Clin & Spv let 58_1925
K C Mem &B Inc 5s_ _1934
Mass Gas 434e
1929
Miss River Power 5s_.1951
New England Tel Ss_ _1932 98
Series A
1952
1944 97
Swift & Cola
Warren Bros 7%e_ _ _ _1937 123
Western Tel 58
1932
51
52
81
81
93
93
54
54
64% 65
99
99
101% 102
89% 89%
88% 88%
9634 96%
92% 93%
98
98%
98
98
96% 97%
117 123
9634 97%
Range since Jan. 1.
Low.
$24,000 42
2,000 80
7,000 92%
10,000 54
3,700 60
100 98%
13,000 100
7,000 85
2,000 87
5,000 9434
9,000 92
10,000 97
2,000 98
7,000 95%
39,000 106
41,000 95%
High.
Jan 53
Jan 8234
Jan 95%
Mar .54
Jan 67
Feb 99
Jan 102
Jan 89%
Jan 88%
Jan 96%
Jan 93%
Jan 98%
Mar 98
Jan 97%
Jan 123
Jan 98%
Feb
Feb
Feb
Mar
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Mar
Jan
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Mar. 1 to Mar. 7, both inclusive, compiled from official lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Stocks-
Alabama Co let pref__ _100
2d preferred
100
Amer Wholesale, prat_.100
Arundel Sand & Gray_ _100
Baltimore Tube, pref_ _100
Benesch (I), common
25
Preferred
Central Fire
10
Cent Teresa Sug, pref 10
Century Trust
50
Chas & Pot Tel of Balt_100
Commercial Credit
Preferred
25
Preferred B
25
Consol Gas E L & Pow 100
100
7% preferred
100
8% Preferred
Consolidation Coal__..100
*
Eastern Rolling Mill
8% preferred
100
Equitable Trust Co_ _25
Fidelity & Deposit
50
Finance Co of America 25
Finance Service A
10
Preferred
10
Houston Oil prat tr etfs_1130
Manufacturers' Finance_25
25
1st preferred
Maryland Casualty Co_ _25
Monon Val Trae,pref_ _100
New Amst'm Cas Co .100
so
Northern Central
Penna Wat & Power_ _ _100
Pittsburgh Oil. prat__ _10
Silica Gel Corp v t com_ •
United Ry & Electric__ _50
US Fidelity & Guar_ _50
Wash Bait & Annan_ _ _ _50
50
Preferred
60
49%
111%
28%
24%
113%
118
73%
89%
100
80%
2634
21
39
73%
109%
16%
80
80
60
60
9934 99%
49
49%
60
60%
3634 36%
26
26%
27
27
4% 4%
100 100
111 111%
29%
28
24% 2434
25% 25%
112% 113%
106% 106%
117% 118
73
73%
83% 90
98 100
47
47
80%
80
26% 26%
18
18
9
9
88
88
53
53
24% 25
80%
80
20% 21
39
39
73
7334
109 109%
4
4
2834 2934
16% 16%
151 152
6
6
254 27
2
75
100
5.56
27
1
102
3
10
1
27
562
1,471
374
116
15
180
235
166
520
60
40
105
4
20
15
Range since Jan. I.
Low.
80
60
9834
46
53
36
26
26
4
100
109%
26
24%
2534
110
105%
115%
72%
66%
88
46
7834
2634
18
87
50
60 24
19 76
20 19%
138 38%
53 72%
108 98%
2
200
1,462 24
282 16%
33 151
20
514
85 25%
High.
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Mar
84
Jan
65
Jan
100
Jan
50
Jan
7334 Feb
3634 Jan
26% Mar
Mar
27
4% Jan
101% Jan
112
Feb
31% Feb
2534 Jan
26
Jan
114
Jan
107% Jan
118% Feb
81% Jan
Mar
90
100
Mar
47
Jan
Jan
82
27
Jan
18% Feb
9
Mar
9334 Feb
53
Jan
25
Feb
83
Jan
21
Mar
40
Jan
74
Feb
111
Feb
4
Feb
30% Feb
18
'Jan
155% Jan
634 Jan
28
Jan
Bonds90% 90%
$100 90% Mar 9034 Mar
At!Coast L(Conn) etfs 5s_
Berheimer-Leader Stores
100% 100% 1.000 100% Mar 101% Feb
1943
7s
9834 98
2,000 9834 Jan 99
Consolidated Gas 58_.1939
Jan
90
1954
89
2,000 8834 Jan 90
General434e
Jan
Como'Gas El L & Pow
1952 9934 9934 99% 9,000 97% Jan 99% Mar
Series E 5%s
1949 103% 10334 10334 3,500 101% Jan 103% Feb
Series A 68
97
97
6,000 95% Jan 97
Elkhorn Coal Corp 6E3_1925
Feb
Fairmont Coal 5s_ _ _1931
10,000 95
Mar
Jan 97
9634 97
94
94
Mar 94
2,000 94
Knoxville Traction 58_1938
Mar
• 96
1,000 96
96
Lake Roland Elea Ss 1942
Mar 96% Jan
87
Mar
5,000 86% Jan 87
87
Lexington (Ky) St 58_1949
7634 76% 1,000 75% Jan
N N & Ramp0& E 581944
1,000 88
88
88
Norfolk & Ports Tr 5e 1936
Mar 8
M ar
76
8
70% 50,000 70
United Ry & El 48_ _ _1949 70
70
Feb 7234 Jan
1949 SO% 5034 51
3,000 50% Jan 52% Jan
Income 4s
73
100 62% Jan 75
73
Funding 5e
1936
Jan
97
97
2,000 96% Jan 97
65
1927 97
Jan
1949 97% 97% 98
6,000 97% Mar
613
Virginia Ry 1st 59_ _ _1962
9334 9334 1,000 93% Mar
69% 15,000 69
69
Wash Bait & Annan Se 1941 69
Mar 939
h;4 M
.J1a
aan
nr
1 34
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Mar. 1 to Mrs. 7, both
inclusive, compiled from official sales lists.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10
American Elea Pow Co_ _ 50
Preferred
100
American Gas of N J__ _100
American Stores
•
Brill (J G)Co
100
Cambria Iron
50
Congoleum Co Inc
•
Como'Traction of N J _100
Eisenlohr (Otto)
100
Preferred
100
Electric Storage Batey_100
•
Erie Lighting Co
100
General Asphalt
Giant Portland Cement _50
Preferred
50
Insurance Co of N A_ _ _ _10
Keystone Telephone- -50
Lake Superior Corp_ _100
50
Lehigh Navigation
50
Lehigh Valley
10
Brothers
Lit
Afinehill & Schuyl Hair- -50
50
qorthern Central
'eon Cent Light & Pow_ •
3ennsylvania Salt Mfg_ _50
50
3ennsylvania RR
'ennsy Seaboard Steel__ •
'hiladelPhla Co (Pitts)Preferred (cumul6%).50
25
of Pa
'hila Electric
ne
Prefer!'
3434 3434 34%
25
2434 25
78
7734 79
83
83
83
3034 2934 30%
118
115% 120
38% 38%
63% 6434
32
3334
50
4934 50
9434 95
6134 61%
24% 25
3934 4034
3
3
28% 28
28%
53
5234 5354
734 754
334 434
67
67%
69
70
24
24 • 2434
4954 49%
7334 7334 7334
593.4 5954
85
85
86
43% 44%
234 2%
30%
42% 43
30% 31%
/1
Qr.,
/1
Range since Jan. 1.
Low.
High.
40
325
77
30
2,883
520
30
110
330
440
47
65
225
20
36
150
580
140
675
124
186
190
44
25
13
70
2,658
100
32
Jan
23% Feb
77% Mar
82
Feb
29% Feb
85% Jan
38% Mar
47
Jan
31
Feb
4934 Mar
94
Jan
60
Jan
23% Jan
3934 Mar
3
Mar
23
Feb
48% Jan
634 Jan
354 Jan
64% Jan
63
Jan
Feb
24
49
Jan
73% Jan
57
Jan
85
Mar
42% Jan
234 Mar
316
4.857
42
Jan
30 A Mar
4334 Jan
33% Jan
Rill,
I/
la,
Vah
35
27%
83
86
3134
123
39%
66%
33%
61%
98
63%
25
4534
3
28%
56
7%
4%
70
72
26
49%
7334
60
89
46%
4
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
l.wm
[VOL. 118.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
'Week.
Stocks (Conclude(I) Par. Price, Low. High. Shares.
Phila Rapid Transit__ .50 35
35
35%
Philadelphia Traction__ .50
62
62
Plana & Western
50 11
10
11
Scott Paper Co pref...100 96% 9534 96%
Union Traction
50
39
39
United Gas Impt
50 66
64% 66%
Preferred
50
56% 56%
Warwick Iron & Steel__ _10
8
8
8%
Welebach Co
100
60
60
West Jersey & Sea Shore_ 50
40
40
York Railways pref
50 35
35
35
BondsAmer Gas& Elee Se__ _2007 88
86
88
Consol Trae NJ 1st 58.1932
67
68
Elee & Peoples tr ctfe 4s'5
64% 66
Harwood Elea 63
1942
104% 104%
Lehigh Vali gen cons 4s2003
77
77
Peoples Pass tr ctfs 45_1943
70
70
Phila Co cons.Ss
1951
89% 89%
Cons & stpd Ss
1951
89% 8934
Phila Elee 1st 5s
1966
9734 98%
1947 100% 100% 101
5348
534s
1953 100% 100% 101
69
1941
10534 105%
Reading general 4s__ _1997 89% 8934 89%
Reading Coal 5s
1973
9334 9334
United Rys gold etf 46_1949
54
54%
United Rys Invest 5E4_1926
96
96
4,070
70
610
20
100
7,391
15
550
10
50
100
Range since Jan. 1.
Low.
35 .
61
9
95
39
58)4
55%
59
38
34
High.
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
39
64
12
97
43
66%
57%
8%
60
40%
35 al
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Mar
Jan
Jan
$7,200 8534 Jan 89 14 Feb
19,000 61% Jan 60
Jan
4,100 62% Jan 66 War
1,000 10434 Mar 10434 Mar
5,000 7634 Jan 78
Jan
2,000 69% Jan 70
Jan
6,000 89
Feb 89% Mar
1,000 88% Jan 90
Feb
24,100 97
Feb 99
Feb
9,000 9934 Jan 101
Feb
31,300 983.4 Jan 101% Feb
3,500 103% Jan 105% Feb
1,000 87% Jan 91% Jan
1,000 93% Feb 94
Jan
9,000 54
Mar 54% Feb
1,000 93
Jan 9600 F.Afar
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Mar. 1 to Mar. 7, both inclusive,
compiled from official sales lists:
Stocks-
rriaay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Amer Pub Service, pref 100
88% 88%
10 85% Jan 90 0 Jan
Amer Shipbuilding, pf _100
87
87
100 87
Mar 8911 Feb
Armour & Co(Del) pref 100 9234 9134 93
526 9134 Mar 9334 Jan
Armour & Co, pref- - - -100 81% 81% 83
2.530 8054 Jan 84* Feb
7
15
Armour Leather
7
447
7
7
Jan
734 Jan
100 77% 77% 7734
Preferred
140 7734 Jan 78 II Jan
Balaban & Katz v t c..25 5154 51% 5134
703 5034 Jan 51341 Jan
100
Preferred
100 100
350 88
Jan 100 .!Mar
Bassick-Alemite Corp_ _ _ -* 34% 3434 35
950 33% Feb 38%i Jan
Beaver Board pfd ctfe_100
1454 1434
85 14
Jan 15 , Jan
Booth Fisheries, new_ ___*
5
5
125
5
7 I Jan
Mar
Borg & Beck
• 28% 2734 28% 1,215 27
Feb 31
Jan
Bridgeport Mach, corn..
25 10
Jan 1134i Feb
10% 1054
10 11
Bunte Bros
1054 11
750
9
Jan 11
Mar
Central 111 Pub SET, pfd_ -• 85
85
81 85
Jan 89 1 Jan
8554
Chic C & Con Ry pt eh pt.*
334 334
3% Feb
200
4
Jan
Chic Mill dr Lum, prat _100
96
25 96
96
Mar 98
Feb
Chicago Mot Coach,corn _ 5
160 160
Feb 195
10 150
Feb
100
Preferred
8834 8834
320 8834 Feb 95
Jan
Chic Nipple Mfg "A"--50 37
37
40
. 745 37
Jan
Mar 40
50 _____
Class "B"
20
100 1934 Jan 22% Jan
20
Series
.
part
etf
I__
___.. 15
Chic Rye
10 15
15
Feb 15
Feb
Chicago Title & Trust 100 330
330 330
25 330
Mar 330
Mar
Com Chem of Tenn "11"_ _•
12% 13
350 1234 Feb 1431 Jan
C•ommonwealth Edison 100 133% 133% 13434
Jan 136
838 129
Jan
:-'onsumers Co, pref_ _100
83
85 61
63
Feb 65 7 Jan
L'ontinental Motors_ _ .. AO
734
7
8
614 Feb
47,025
834 Jan
109 110
rane Co, preferred. _100
50 10834 Feb 11234 Jan
udahy Packing, com_100
30 5834 Mar 60
5834 5834
Jan
Daniel Boone Wool Mills 25 3134 2834 32
27,450 26
Jan 38
Jan
100
31amond Match
11934 11934
15 118
Jan 12034 Jan
Co_
..•
Spring
23% 2334
Eaton Axle &
Feb 2434 Feb
10 22
22
iIddy Paper Corp (The)_ ..*
3434 13,400 22
Mar 35% Jan
103 103
pair Corp (The) pref. _100 103
Jan 103% Jan
250 102
1634 17
;ill Mfg Co
240 1654 Jan 18
* 17
Jan
lodschaux Sugar, corn.. _•
7
7
50
8 ff Jan
53.4 Jan
W.
pref
lossard, H
-100 28
28
2834
385 27
Jan
Jan 30
123 124
fart. Sclurf & M.com_100 124
Mar
Jan 124
160 118
10 1634 15% 1634 2,812 1534 Feb 1734 Jan
Iupp Motor'
*
Iurley Machine Co
50
50
62 50
Feb 5334 Jan
Ilinole Brick
100 82
81
82
Jan
Feb 86
100 81
ilinole Nor Util, pref. _100 85
84% 85
35 84
Jan 8634 Jan
ndepend Pneumatic Tool*
77% 7934
10 79% Feb 8034 Jan
niand Steel, preferred_ _ _ _
10334 103%
575 10334 Mar 10336 Mar
nternat'l Lamp Corp_ _25
334 • 4
9
Jan
3
Feb
100
I•ellogg Switchboard_ ..2.5
43
Feb
44
525 41% Jan 47
Inc
Chp'h'mer & Co(B)
Common
5
Jan
2634 2634 2,175 26
Jan 27
Preferred
100
92
Feb 92% Jan
92
50 91
,ibby, McNeill Sr Libby 10
5
5%
634 Jan
850
5
Mar
•Indsay Light
10
Jan
4
3% 3%
3% Mar
10
Preferred
10
Mar
7
7
Mar
7
7
SO
IcCord Rad Mfg "A"...*
200 34% Jan 3734 Feb
353: 35%
•
leQuay-NorrIs Mfg
Jan 2034 Jan
615 18
1834 19
lid West UM,com _ _ _100 5434 52% 5734 2,500 43
Jan 573.4 Mar
Preferred
100 88
Jan
87
483 8334 Jan 89
88
Prior lien preferred
9854
Jan 9934 Jan
704 94
9834 97
fat Carbon, pf (new)_ _100 125
Jan
125 125
Jan 125
105 124
rat Dairy Prod w I a_ _ _ _*
34
34
100 33
Jan 37% Feb
rational Leather
10
434 Jan
234 4
1,762
234 Jan
334
rpheum Circuit, Inc....! 20
Mar
1834 20
Feb 20
200 18
'hilipsborn's Inc tr etre_ _1
1%
134 2
234 Jan
1,850
134 Feb
lek (Albert) & Co
10 20
20
2054
595 20
Feb 2134 Jan
1lb Serv of No 111 corn_ _ _• 10134 10134 101%
Jan
96 9934 Jan 102
Common
100 10194 101% 10134
Jan
Jan 102
335 100
Preferred
100
9234 93
160 9234 Mar 99% Jan
uaker Gate Co
100
Feb
285 285
Jan 295
97 270
Preferred
100
nog 10034
196 9934 Jan 10134 Jan
cal Silk Hosiery Mills-10
3234 3234
Jan 33% Feb
610 31
10
eo Motor
1734 1834
595 17
Jan 1934 Jan
:andard Ms& Elec Co- - * 33
325
% 3334 2,927 3034 Jan 33% Jan
Preferred
II 4834 48
48% 2,538 47
Jan 4834 Jan
,ewart-Warn Speed em-* 90% 88
Jan
9194 18,405 8734 Feb 101
100 10534 10434 10534 1,190 10154 Jan 10534 Mar
vitt & Co
rift International
15 2054 2034 2034 1,925 19
Jan 2254 Jan
Sompson,J R,corn_ - - -25 4634 46
46%
Feb 5054 Jail
220 44
nion Carbide & Carbon 10 6034 6034 6234 10,200 5754 Jan 63% Fau
sited Iron Wk. v t c..50
3
3
434 Jan
3
Jan
150
sited Lt & Rys corn_ _100 158% 156 160%
Jan 160% Mar
350 135
1s1 preferred
Jan
100 7934 7834 80
Jan 81
131 78
S Gypsum
20 82
Jan
8134 84
Feb 99
600 79
Preferred
100 105
105 10634
108 10234 Jan 10654 Mar
3sta Battery Corp corn.*
Jan
26
26
Jan 28
50 26
ahl Co
Jan
534 3794 5.195 3534 Mar 42
. 5%
anner Malleable Cast'gs•
2134 2234
245 2154 Mar 253.4 Feb
ard, Montgomery & Co
When issued
20 27% 26% 2734 9,145 2434 Feb 2734 Jan
Class "A"
Jan
• 109
445 10754 Jan 112
10834 109
Jan
astern Knitt'g Mille Inc *
1
34
34
34
34 Jan
100
6
s
olff Mfg Corp
8% Jan
6
Feb
820
6
6%
rigley Jr corn
Jan
* 3734 3734 38
Feb 40
3,105 37
how Cab Mfg el "B"_10 86
Jan
8034 86
10.550 77% Feb 96
:Ilow Cab Co Inc(Chic).* 6254 60
6234 9,135 5994 Feb 6434 Jan
Bondsdeago City Ry 5s- _1927
,mmonw Edison 5s_ _1943 9834
•ift. & Co 1st s f g 58_1944 96%
ilow Cab Mfg Cokccent 6%s w I a__ _1934 ______
'
4 No par value.
77
77
$1,000
9834 98% 37,000
9634 9654 3,600
74
95
9534
.nnn
fig ti• 9934 Mono
003‘ Feb
Jan
Jan
Jan
Jan
79
9834 Mar
97% Feb
99
Jan
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Mar. 1 to Mar. 7, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
12
12
140
Am Vitrified Prof com_ _50
82
so
50
82
Preferred
75
Am Wind Glass M ach _100 9454 944 95
35
100
Preferred
9554 9554
195
109 109
Am Wind Glass Co pf_100
651 3,060
6
Arkansas Nat Gas corn_ _10
6
251 356 1,510
5
Carnegie Lead & Zinc_
100
50
Citizens Traction
3834 3834
194 194
100
30
Colonial Trust Co
4
218 218
Dollar Says & Trust_ _ _100
45
Duquesne Light 7% pf _100
10334 10334
30
104 104
Harb-Walf Refrac prof _100
95
104 1104
Jones-Laughlin Steel pt 100
Lone Star Gas
25 27
27
900
2734
275
Mfrs Light & Heat_ _ _ 50 5334 5331 5454
94
9
735
Nat Fireproofing com_ _ _50
9
234 24
125
Preferred
50
1
Ohio Fuel Oil
25
1351 134
Ohio Fuel Supply
1.002
3234
25 3234 32
Oklahoma Natural Gas_25 2534 2434 254 , 2,045
114
100
Pittsburgh Brew com_ _ _50
134
734 756
10
Preferred
50
30
6154 6134
Pittsburgh Coal com _100
20
9454 99
Preferred
100
7c 11,000
Pittsb dr Mt Shasta Cop_ 1
7c
200
5
831 854
Pittsburgh Oil &Gas
84
105
220 220
Pittsburgh Plate Glass _100 220
8
550
Salt Creek Consol 011_ _ _10
854
8
354 39
4,605
Standard Plate Glass corn •
240
*
9234 93
Preferred
155
100 103
Stand San Mfg corn_ _ _ _100 102
124 1336
150
Tidal Osage 011
10
215
2934
Union Natural Gas
25 2954 29
80
6
United-Amer Fire Ins. _ _50
80
244 2451
300
U S Glass
25
9331 9454
139
WesPhouse Mr Brake_ _ _50 94
W'house El & Mfg corn_ _50 6254 584 6256
610
14
134
134
526
Rights
BondsCent Dist Telep let 56_1943
Stand Plate Glass 6s
9834 9831 81,000
104341043-4 6.000
Range since Jan. 1.
Low.
1054
80
90
94
10854
554
24
38
190
218
10334
103
104
264
5254
734
2054
1331
32
2254
154
434
61
9454
7e
8
209
8
25
9256
984
10
2454
80
2334
84
584
154
High.
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Feb
Feb
Mar
Mar
13
82
9654
954
112
7
456
384
195
218
1064
104
11054
2834
5454
954
2454
1534
3354
254
8
734
63
994
11c
954
220
104
39
93
110
16
2931
80
25
9834
65
1 3I3
Jan
Mar
Feb
Mar
Feb
Jan
Jan
Feb
Feb
Mar
Feb
Mar
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Mar
984 Mar 9834 Mar
96% Jun I OSse Val,
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Mar. 1 to M1r. 7 both inclusive, compiled from official sales lists:
notes
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
rimug
Stocks-
1125
THE CHRONICLE
MAR. 8 1924.]
First National Bank
145
Nat'l Bank of Commerce
92
Brown Shoe, preferred
Certain-teed Prod, 2d prof
55
Consolidated Coal
Ely & Walker Dry GoodsCommon
2d preferred
Fulton Iron Wks. corn_
534
Hydraulic Press Belt, com
Preferred
Internat'l Shoe, common_ 784
Preferred
Laclede Gas Lt. preferred_
100
Laclede Steel Co
National Candy, common_
Southwestern Bell Tel, pfd 10454
Wagner Electric, common_ 304
Preferred
Johnson Stephens Shoe_ _ _ 504
Carleton D G, common_ __ ......
BondsEast St Louis & Sub Co 5s_
United Rys 4s
4s ctfs of deposit
784
61
Range since Jan. 1.
Low.
High.
200
145
92
70
55
200
14535
9231
70
55
10 199
Jan 201
30 141
Jan 147
130 9034 Jan 9234
1 70
Mar 7256
8 55
Mar 55
Feb
Feb
Mar
Jan
Mar
2254
8254
34
54
644
7734
117
7051
100
83
10454
3034
8136
4734
8254
224
8294
34
554
65
7834
117
7154
101
83
105
3034
83
504
8234
120 22
Jan 24
15 8234 Mar 83
60 34
Mar 35
100
5
6
Jan
89 6134 Jan 67
Feb 7934
148 77
14 11536 Jan 118
63 7051 Mar 74
59
5 83
Mar 92
140 1034 Jan 105
89 304 Mar 3451
Jan 8454
81 81
155 35
Jan 504
10 8234 Mar 85
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
78
61
61
In,
7851 $4,000
6151 11,000
61
2,900
I nn
Jan
Mar
Jan
Feb
Mar
Feb
7794 Feb 7854 Mar
61
Mar 6534 Jan
61
Mar 6494 Jan
ar 10334 Jan
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Sales
Last Week's Range for
Sale
of Prices
Week.
Par. Price. Low. High, Shares.
Stocks-
Indus. & Miscellaneous.
10
Acme Coat mining
10
Acme Packing
_100
Allied Pack, prior pref.
Amer Gas & Elea;corn_ •
American-Hawan SS--10
Amer Lt ,Ss True, com_100
American MultlgraPh.-.-•
American Thread, pref._ _ 5
Armour dr Co of 111. pre1100
•
'Atlantic Fruit
mu Shoes, Inc, com_ _10
-.100
common.
Co,
Borden
Bradley Firepr Prod com_l
Bridgeport Machine Co_ •
Brit-Amer Tob ord bear_ £1
10
Brooklyn City RR
Candy Products Corp..- -2
Car Lighting & Power_ -.25
centrai Aguirre Sugar_ _ _20
Cent Teresa Sugar. com-10
Centrifugal Cast Iron Pipe*
chockcr Cab Mfg cl A...5
Chic Nipple Mat cl A- -50
Class 13
Childs Co. new stock_ ___•
Cities Service, corn.-.
Preferred
10
Preferred B
100
Preferred B B
Stock scrip
Cash scrip
•
Bankers' shares
Cleve Automobile corn...'
-100
_
com
Power,
Colorado
Commercial Invest Tr___*
r... 0,1rn
-100
100
214
40
11
130
24
60c
22
1234
24
9094
22
3554
14934
7234
90
72
26
an
Range since Jan. 1.
Low,
2
234 2,000
154
4c
Sc
8,000
4c
24
27
300 24
400 434
5434 5534
11
1194
300 1034
125 131
1,415 11834
23
2414
410 21
4
4
300
331
8194 83
30 8134
134 2
134
300
11
1156
914
400
1184 119
60 11854
32c 50c
2,400 32e
10
10
300 10
22
22
500 2034
1234 1234
200 1034
loss 254 55,200
1,as
14 14
100
154
90
9054
320 90
114
800
134
14
2834 2934
800 2634
2134 23
600 214
37
37
100 37
2034 2034
100 1954
3551 3554
700 3551
146 150
1.190 142
72
7234 3,400 6751
654 654
1,900
64
64
66
200 64
90
90
89,000 77
72
72
$7,000 72
14% 1451
600 1454
204 21
200 20
27
23
420 2234
3534 3554
200 3334
net
9051
52
AA
High.
Jan
3
Mar 10c
Mar 30
Jan 5634
Feb 14
Jan 131
Jan 244
Feb
454
Mar 83
Jan
234
Feb 134
Mar 126
Mar 50c
Jan 1234
Jan 224
Jan 14
Feb
24
Mar
254
Mar 9094
Mar
134
Feb 3154
Mar 40
Mar 4034
Jan 2234
Jan 07
Jan 155
Jan 7234
Jan
651
Mar 66
Jan 98
Jan 74
Mar 16
Feb 2334
Feb 27
Jan 3751
m,.... cq
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Star
Mal
Mar
Feb
Jan
Jan
Jan
Mar
Feb
.....
High.
i
26%
404
59
93%
22%
26
28%
351
3651
9931
482
9431
280
88%
11%
44
4
1551
234
22
4
123,
5154
5
12%
314
5334
r92%
13
45
8951
3551
10
Jan
Feb
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Mar
Feb
Mar
Feb
Jan
Mar
Feb
33
854 Jan
22% Feb
Feb
90
Feb
4
Feb
9
Jan
112
Feb
18
2954 Mar
2634 Jan
13% Feb
4% Jan
454 Jan
18% Jan
14 • Jan
Jan
50
1554 Mar
Jan
24
Jan
35
1034 Jan
Jan
17c
384 Feb
Mar
38
11194 Jan
Feb
105
Jan
22
254 Feb
Mar
55
53( Feb
Jan
55
Jan
62
Jan
89
7% Feb
534 Jan
2454 Feb
2934 Mar
1054 Feb
154 Jan
1% Jan
Jan
17
6134 Jan
8134 Feb
2251 Jan
Feb
85
836 Jan
1256 Jan
Jan
930
Mar
27
Mar
60
1031 Jan
39% Jan
Rights.
w
,riaay
1
Low.
•
24
1,400 22% Feb
2451
Continental Tobacco_
• 3954
Cuba Company
3931 39% 3,700 354 Jan
100
Jan
10 58
59
Cudahy Packing
59
Mar
90
25 90
90
Del Lack & West Coal_ _5(1
Doehler Die Casting w i _ _
224 22% 2254
800 2254 Mar
22
26
Dubiller Condenser & Rad* 26
23,700 104 Jan
Feb
2554 2631
Dustbin International_ _ _ _•
900 25
14
Mar
Du Pont Motors, Inc_ _ _*
1
1
24 2,000
• 2654 26
Feb
Durant Motors. Inc
28
2,100 26
Jan
99
80 97
Elea Bond & Sh, pref. _100
9951
445 445
Jan
30 423
Ford Motor of Canada_100
924 9234 924
20 9234 Mar
Foundation Co, prof
26954 2704
610 269% Mar
Gillette Safety Razor____•
• 8454 84
85
2,400 7634 Jan
Glen Alden Coal
4,000
Goodyear Tire dr R,com100 10
851 Jan
4054 43
Feb
2,200 35
Grand 5-10-25c. Stores..-• 42
_100
354
154 Jan
334
1,700
Havana Tobacco, pref.
34
• 14%
14
Feb
15
5,100 13
Hazeltine Corp. w I
•
194 Jan
400
Hayden Chemical
154
100
18
18
100 1754 Feb
Hudson Cos, prof
94 Mar
951 10%
700
Hudson & Manb.coin_ _100
951
100
4831 4854
100 484 Mar
Preferred
33,4 Jan
354 4
300
Intercontinental Rubb _100
34
600 114 Feb
Internat Concrete Indus-10 11% 1151 1251
•
2954
Feb
2951
5,400
Car
31%
Motor
30
Jordan
Jan
Kresge Dept Stores, corn.* 534 49% 5354 6,800 41
100 z9254 z9234 92%
Feb
100 90
Preferred
Mar
11%
300 11
Landover Hold Corp "A" 1 • 114 11
Jan
5,500 33
45
Lehigh Power Securities_ _• 44% 38
505 774 Jan
Lehigh Val Coal Sales .50 844 8434 87
Jan
3354 3354 3354
825 31
Leh Vall Coal ctfs. new, w
10
551 Jan
10
Lupton(FM)Pub d A_ •
200
McCrory StoresMar
30
100 30
Warrants (stock purch)_
30
•
Jan
600
6
Mesabi Iron Co
694 64
• 2234 22
Jan
2254
1,500 18
Midvale Co
75
Motor Products Corp new •
75
100 3854 Jan
134 Mar
151
100
New Fiction Pub,corn- _5
13,4
754 854 27,500
3,1 Jan
New Sfax dr Ariz Land__ _1
894
10951 110
270 109% Jan
N Y Telep 656% DreT-100
1754
17
800 la% .Tan
Palge Detroit Motor Car.10 17
• 28
254 29% 7,600 2434 Feb
Park & Tilford, Inc
Feb
22
22
200 22
Peerless Truck & Motor_ 50
10
12
500 11% Jan
1234
Pyrene Mfg
434 44 13,300
454
34 Feb
Radio Corp of Amer,com _•
it
4
451 411 11,900
Jan
451
Preferred
10 18
17% 184 1.500 1751 Jan
Ileo Motor Car
5
70e 95c
1,000 613c
Feb
Repetti. Inc
Feb
200 48
4831 4951
Rosentem Grain Corp,p1.50
1554 1554 1554
600 1554 Mar
Royal Typewriter
Jan
200 23
23
23
Shelton Looms common_ •
28
30% 5,100 2054 Feb
Silica Gen Corp tom v t c.• 28
60 10951 Feb
10254 103
Southern Cal Ed corn_ _100
10e 13c 30,000
ge Feb
Southern Coal dr Iron._ _ _5 lie
384 1,300 34% Feb
38
88
Standard Plate Glass
133*r
38
38
100 38
Studebaker-Wulf Rubber.' 33
• 10
10
800 10
Feb
1054
Stutz Motor Car
100
105 105
Jan
30 101
Swift & Co
15
100 19% Jan
20% 2054
Swift International
1,300 1751 Jan
25% 2554 25%
Tenn Elec Power, com__•
• 55
52
300 4934 Jan
55
Second preferred
4% 551 5,100
5
5% Feb
Tob Prod Exports Corp.-•
-•
5054 51%
Corp..75 43% Jan
Todd Shipyards
45
Feb
48% 2,000 43
Unit Bakeries Corp, corn.'
100
Jan
874
86
400 85
Preferred
300
75(
751
7% Jan
United Profit Sharing _ _ _1
451 Jan
551 2,000
5
5
Unit Retail Stores Candy.*
244 1,000 1831 Jan
US Cities Corp,Class A.10 2334 23
Jan
2634 2951 6,600 18
US Distrib Corp new corn * 29
100
Jan
115 115
100 90
New preferred
Jan
98c 98c
100 130c
US Light & Heat,com--10
154
154
134 Jan
100
154
Preferred
Feb
500 13
14% 13% 15
Univ Pipe & Had corn_
ioo
Feb
58
58
100 58
Preferred
1,600 52% Jan
60% 73
Ward Corp corn,CIA.w I.• 66
174 4,800 15
Mar
15
Common,Class B,w1__* 16
80
1,800 79% Jan
81
7% preferred, w 1_ _ -.100
•
Feb
100
8% 834
Waring Hat Mfg
854 Mar
200
8% 854
Warner Bros Pictures__ _ _
5 550
55c 65c
2,700 55c Mar
Wayne Coal
Mar
27%
40 26
Western Pr Corp com _ _100 2755 26
2,000 5931 Mar
Wh'se El dr Mfg new w 150 5954 594 60
951 951
100
951
95' Mar
White Mt MInSp new vtc•
324 1.300 30
Feb
Yel Taxi Corp, NY.new.• 31% 31
_
New York Curb Market.-Below is a record of the West'h'se El & Sifg
transactions in the New i ork Curb Market from Mar. 1 to
Former Standard Oil
Subsidiaries
Mar. 7, both inclusive, as compiled from the official lists. Anglo-American
Oil__ ....El
As noted in our issue of July 2 1921 the New York Curb Borne Scrymser Co__..100
50
Pipe Line
Market Association on June 27 1921 transferred its activities Buckeye
100
chesebrough Mfg
25
from the Broad Street curb to its new building on Trinity Continental 011
Pipe Line_100
Place, and the Association is now issuing an official sheet Cumberland
100
Eureka Pipe Line
which forms the basis of the compilations below.
Galena-Signal 011 com.100
week ending March 7.
Range since Jan. 1.
100
New preferred
Humble Oil & Refining-25
100
Illinois Pipe Line
Imperial 011(Can) coup.25
so
Indiana Pipe Line
Magnolia Petroleum__ .100
National Transit... _12.50
New York Transit-- --100
Northern Pipe Line...-100
25
OhIo Oil
25
Penn Mex Fuel
100
Prarie 011 & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
Southern Pipe Line__ _100
So West Pa Pipe Lines_100
Standard Oil (Indlana)-25
Standard 011 (Kansas)-25
25
Standard Oil(KY)
Standard OR (Neb)_ - -100
Standard Oil of N Y._ _ -25
Stand 011 (01110) corn. 100
100
Swan & Finch
25
Vacuum Oil
Other Oil Stocks
10
Allied 011
Arkansas Nat Gas com_ -10
Atlantic Lobos Oil, cora_ _•
Boston-Wyoming Oil... _1
Carib Syndicate
5
Creole Syndicate
Derby Oil & Refin com •
Engineers Petroleum Co_ -1
Gen Petrol'm Corp com.25
10
Gilliland 011 v t 0
10
Glenrock Oil
10
Granada Oil Corp
25
Gulf 011 Corp of Pa
Gulf States Oil& Ref._
• No par value.
1%
136
9,200
151 Mar
1754 1654 1755 5,800 1554
201 236
1,325 155
235
70
70%
160 70
70
420 238
395 424
424
48
49
300 43
200 11051
1364 135 1364
9934 99%
20 95
63
62
205 62
62
104 104
100 104
4251 414 4351 10,700 35%
140 136
14054 14354
1,210 10634
109% 1074 110
9454
9454 93
360 88
14351 14634
140 141
145
2151 224
22
500 21%
83
80
135 78
82
102 102
20 94
714 2,700 6654
7094 68
39
39
100 34
228 23954 4,800 220
236
10251 105
1,295 100
105
207 210
100 183
207
156 159
500 151
92
93
60 90%
85
25 80
85
634 96,200 59
6254 61
1,600 4254
4454 4354 4535
109 112
112
2,900 10654
230 232
230
100 199
4254 4434 8,600 42
43
320 325
322
300 305
61
61
68
990 38
62% 6554 26,000 5654
64
6
3%
1
3
70
551
351
5
274
6%
Sc
41%
434
32c
50e
584
134
7c
2,000
1,600
654
354
600
1
500
551
1.000
34 10,100
634
400
6c 11,000
43
2,900
451
100
40c
3,000
50c
100
604 3,500
2
2,700
Sc
554
236
95e
44
24
634
Se
38%
154
30c
50c
58
13-.4 Mar
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Feb
Feb
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
18
236
854
430
543.4
144
105
69%
104
4354
161
119
100
182
2731
97
10754
79%
43
269
111
230
171
100
89
6851
5054
120
25651
48
335
81
694
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
10e
7
454
1%
6%
3%
8
Sc
46
554
60c
75c
65
2%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
THE CHRONICLE
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Other 011 Stocks.
(Concluded) Par Price. Low. High. Shares.
High.
1
4c
Sc 12,000
70 Jan
Hudson Oil
3c Jan
International Petroleum... 2051 19% 20% 17.100 19% Feb 22% Feb
3% 3% 8,300
334
4% Jan
Lago Petroleum Corp......
2% Jan
1 950
92c 950
Latin-Amer Oil
5,100 78e Jan 111. Feb
• 70c
Livingston Petroleum
65o 750
Feb
1
1,000 650 Jan
27
27
Mar 29% Jan
27
Lone Star Gas
100 27
Mar
Marland Oil of Mexico__ 1
3
3%
3
4% Jan
500
5
Mexican Eagle Oil
4
4
Feb
3% Jan
300
1 930
880 950
Mexican Panueo 011
400 70c Jan 95c Feb
Mexico Oil Corporation.10
16c 200
7,000 160 Mar 300 Jan
Mountain Producers_ _ -10 18% 1834 18% 8,300 16
Feb 19% Jan
Mutual 011 vot trust ctis..5 12% 11% 12% 38,400 11% Jan 13% 'Jan
•
National Fuel & Gas
Jan 87
Jan
85
85
20 86
New Bradford Oil
5
5% 5% 2.600
4% Feb
634 Jan
.New England Fuel Oil--5
27
Jan 29
Feb
27
100 20
25 12
New York 011
11
11% 1,400
Feb
954 Jan 14
Noble(Chas F)0& G corn 1
100 lie
2,000
70 Jan 16c . Feb
1
Ohio Fuel 011
Mar 16
Mar
16
18
20 16
Jan 25
Feb
Oklahoma Natural Gas_25
2434 24%
100 23
10 75c
Omar Oil & Gas
3,900 550 Feb 800 Jan
60e 750
254
2;4 254 1,700
Jan
Peer 011 Corporation_ -__•
6
1% Jan
jan
Pennsylvania Beaver Oil..
450 580
50c
120Feb
574 F
7,300 450 Feb 6
10 1354 13% 13% 2,100 1254 Jan
Pennok 011
25
5% Jan 12% Feb
12
12%
300
Red Bank Oil
Royal Can 011 Syndicate..•
354 Feb
334 3% 2,300
434 Jan
•
434
4% 5% 5,800
Ryan Consol Petrol
3% Jan
534 Mar
Feb 10% Jan
600
8
8% 9%
Salt Creek Cons OIL- _10
Salt Creek Producers-10 21% 21% 22% 3,800 19% Feb 23% Jan
5
2
1% 2% 12.700 82o Jan
2% Mar
Sapulpa Refining
5
1
134 18,400 68o Jan
1311
Seaboard 011 & Gas
•
12
Jan 16
13
Jan
400
Tidal-Osage 011
8
10
4% Jan
6% 6%
100
Turman Oil
18c 180
3.000 160 Feb 30
Western States 011 & Gas..1
8Ci Jan
1
6% Jan
7% 7% 13,300
Wilcox Oh & Gas
7%
8% Feb
1
90 10c 10,000
"Y"011 dr Gas
To Jan 14o Feb
Mining Stocks
74c
710 74e
6,800 690 Feb 71c mar
Alamo Gold Mining
1,000
Amer Corn M & M
60
6e
Sc Feb
913 Jan
Jan
American Exploration_
------500
I
1% Feb
1,600 50e
60
Sc
Jan
Arizona Globe Copper-1
Sc Mar 12o
13c 10,600
Black Hawk Consol
30
4c
2,000
1c Jan
4c Mar
43e 50c 19,000 370 Jan 50c Mar
Black Oak Mines Co
50c
16c 190
Butte & Western Mlning.1
5,000 16•3 Mar 55c Jan
5
Feb
1% 1%
Calaveras Copper
300
1
1% Mar
1
Caledonia Mining
70
7c
4,000
70 Feb
70 Feb
Sc
Jan
Calumet & Jerome Copp-1
8c
6.000
7e Feb 10e
Jan
10
Canario Copper
2% 2% 7.400
2344
2
2% Jan
1
Candalarla Silver
lo Feb
be 1340
5,200
Jan
3e
Central Amer Mines, 1'10_1
134
132 134 1.000 870 Jan
1% Jan
Comstock Tunnel
lik3 2013
3,000 180 Jan 21c Jan
23341 3314 24,000
Congo! Copper Mines_ _ _1 21114
IA Jan
331, Feb
Jan
70
70
Consol Nevada Utah corn
7o
2,000
80 Feb
3
3
Continental Mines Ltd _15
3 Mar
100
3% Feb
650 690 35,200 560 Jan 69c Mar
1 690
Cortez Silver
354 4
4
354 Jan
Cresson Con Gold M & N..1
4,000
4% Jan
400 56c Feb 75c Jan
1
Crown Reserve
580 580
3% Feb
434 434
10
200
Davis-Daly Mining
4% Jan
Diamond( B1 Butte (reorg) 100
8,3 Ilc 145,000
40 Jan 11c Mar
55e 65c
4,300 500 Jan 70e Feb
Dolores Esperanza Corp_2 550
3c 15,04)0
1
lc
Ely Consolidated
lc Jan
20 Feb
1 10
8c 100 19,000
Eureka Croesus
13o Mar 15e Jan
Se
SC
70 47,000
Fortuna Cons Mining
5c Jan 12e Feb
Sc
6c
Goldfield Consol Mining 10
4e Feb
4.000
Se Jan
343
Se 27,000
Goldfield Deep Mines. -5
Sc Mar
843 Jan
So
90
Goldfield Development....
7,000
Sc Mar 100 Jan
1 -- Fri- lie 330 22,000 lie Mar 42e Jan
Goldfield Florence
330 350
1
Goldfield Jackpot
3,000 33o Mar 40o ' Jan
1
20
lc
20 20,000
Hard Shell Mining
le Feb
Sc Jan
10e
30
3c
Harm!!!Di vide
3,000
20 Jan
4o Feb
47e 530 26,300 475 Mar 82c Jan
Hawthorne Mines Inc
5513
25c
934 934
700
934
Heels Mining
8% Jan
9% Jan
2e
3c
2,000
Hilltop-Nevada Mining..1
lo Feb
3c Jan
11% 11%
200 11% Mar 12% Jan
Hollinger Cons Gold Mind
2% 3
1
2,200
Jan
Howe Sound Co
2% Jan
3
130 150 10,000 12e Jan 180 Feb
Independence Lead Min..1 130
154 PH 1,000
Jerome Verde Developm't 1
1% Feb
2
Jan
23e 290
4,000 23e Mar 5013 Feb
Jib Comm' Mining
64e 700 37,800 30e Jan 700 Mar
Kelly Extension Mining- - 700
5 134 1% 1% 2,200 154 Feb 234 Jan
Herr Lake
65e 650
650
1,000 550 Mar 65c Mar
Keystone Mining
20
4c 88,000
40
Lone Star Consolidated...1
20 Mar
70 Jan
Mason Valley Mina'
2,500
1%
1%
1% Jan
134 Feb
5
130 140
McKinley-Darragh-Sav __I
Jan 14c Feb
3,000
So
Metals Production Co---1% 1% 6,200
154
1% Feb
1% Feb
4c
70 19,000
Mizpah Extension 7%..
40 Mar
70 Mar
Mohican Copper
250 40c 44,000 25e Mar 48c Jan
1 310
100 11c 38,000 100 Mar 14o Feb
National Tin Corp
50c 110
140 15c
4,000
Nevada Hills
140
Sc Jan 15c Mar
80
Nevada Ophlr
80
1.000
80 Feb 14c Feb
New Cornelia
17% 18
700 15% Jan 18% Feb
New Dominion Copper_ _ _5
2% 2% 14,700
2314
1% Jan
2% Feb
New Jersey Zinc
50 145% Jan 151% Jan
100 148% 14834 149%
Nipissing Mines
5
5% Jan
6% 6% 5,900
6%
654 Mar
Ohio Copper
72o 80c 12,000 680 Feb 860 Jan
1 780
Pennsylvania Mining
1% 1% 9,000
1% Feb
134
1% Feb
Peterson Lake
Sc
Sc
Sc
1.000
So Mar
Sc Mar
Plymouth Lead Mines.„1 300
30c 370
9,000 3043 Jan 38.3 Feb
Ray Hercules, Inc
5 100
1041 190 16,000 10c Mar 33c Feb
Red Hills Florence
30
3e
4,000
50 Jan
lc Jan
Red Warrior
320
30c 370 14,000 210 Jan 48o Feb
Reorg Div Ann M
80
Se
5,000
So Mar
So Mar
Silver Dale Mining
4c
40
5,000
40
Jan
3c
Sc Jan
Silver Horn M & D
2c
2c 15,000
lo Feb
Se Jan
South Amer Gold & Plat.'
3% 4
Feb
2,400
354
4
2% Jan
Spearhead
1
Sc
70 18,900
80 Feb
2e Jan
Standard Silver & Lead_ _1
15c 15c
2,000 10o Jan 16c Jan
Teck-Hughes
1
1% 1% 11,400
1% Jan
1814 Jan
Tonopah Belmont Devel..1 660
6544 690
900 50o Jan 75e Feb
Tonopah Divide
37c 37c
1,000 370 Feb 400 Jan
1
Tonopah Extension
1
131, 1% 3,300
lris Jan
2314 Feb
Tonopah Mining
1
1% 1%
500
1%, Jan
llsep Feb
Trinity
51c 70c
1,000 50e Feb 80o Jan
51c
United Eastern Mining....1
89c 93c
8,100 730 Jan
1.11, Jan
United Verde Extension 50c 26% 25% 26% 1,300 23% Feb 29
Jan
5
Unity Gold Mines
154 2% 2,500
1
Jan
2% Feb
Walker Mining
3
3
3
600
3% Jan
234 Jan
Wenden Copper Mining
134
1314 1% 7,700
134, Mar
1% Jan
West End Consolidated_ _5 670
670 67c
100 500 Jan 86c Jan
West End Extension Min_ _
50
5c' 1,000
30 Jan
843 Jan
Western Utah Copper.._.1
28c 30c
8,000 28e Mar 40c Jan
Wettlaufer-Lorrain El M _1
200 21c
2,000 120 Jan 25e Feb
White Caps Mining
20
20
5,000
3c
20 Mar
60 Feb
White Knob Copper, pf _ ------ 60e 60c
100 600 Mar 60o Mar
5
Yukon Gold Co
610 67c
400 60o Feb 800 Jan
Bonds
Allied Pack Eis Ser B.-1939 73
7234 76 $40,000 70
Jan 84
Jan
Convertible deb 6s.-1939
62% 64
18,000 62% Mar 70% Jan
Aluminum Co of Am 7s.'33 106% 10634 10654 6,000 105% Jan 107% Jail
1925
102% 102% 12,000 10114 Jan 102% Jae
7s
100 100
Amer Cotton Oil 68_....1924
Jan 10054 Feb
2,000 100
Amer G & E deb 61-2014 94% 9454 95
Feb 9554 Jan
42,000 94
Amer Light & Trac 65-1925
101 101
Without warrants
1,000 100
Jim 10134 Feb
Amer Rolling Mill 65_1938 99% 99% 99% 23.000 98% Jan 100
Feb
Feb
12,000 96% Jan 99
Am Sumatra'Fob 7%s 1925 97% 9754 98
6s-1928
101%
102
American Thread
1,000 101% Jan 102% Jan
101% 102
38,000 101
Anaconda Cop Min 65_1929 102
Feb 102% Jan
101% 102
29,000 101% Jan 102
Angio-Amer 011 7348.1925 102
Jan
98
98
18,000 98
Feb 98
Feb
Antilla Sugar 734a A-1939 98
Assoc Simmons Hardw1933
85
92 127,000 89
91
Mar 93% Feb
634e
.
Range since Jan. 1.
Low.
[Vou 118.
Bonds (Concluded)-
FTSW2V
Last Week's Range Sales
Sale.
ofPrices.
for
Price. Low. High. Week.
Range sitIC4 Jan. I.
Low.
High.
Atl Gulf& W I SS L 581959 5134 51
Feb
52% 27,000 42 • Jan 53
Beaver Board 8s
1933
77% 7734 4,000 70
Jan 7934 Jan
Beth Steel equip 78_ _ _193o 103
102% 103
33,000 102% Feb 10335 Jan
Canadian Nat Rys 76_1935
107% 107% 12.000 10634 Jan 108%• Jan
58
1925
99% 9934 12,000 9934 Jan 10034 Feb
Charcoal Iron of Am 8s.'31
91
9374 11,000 88% Jae 94
Feb
Chic RI & Pac 530-1926 98% 98% 9974 37,000 9754 Jan 99% Jan
Chic Union Station 6813'63
98
98
1,000 9734 Feb 9854 Jan
Cities Service 7s Ser C _1966
92
9334 20,000 89
Jan 9334 Feb
7s Series D
1966 90% 90
90% 42,000 87% Jae 9054 Mar
7s Series E
1966 102% 10234 10254 5,000 102% Feb 102% Feb
Columbia Graphop 8s..1925
N Y Tr Co panic certifs. 17
17
Jan
Feb 19
1734 20,000 15
Cons G E L & P Balt Cis'49
103 103% 9,000 101% Jan 104
Feb
7s
1931 10734 107% 107% 6,000 1053.4 Jan 108
Feb
1952 99% 98% 9934 12,000 93
548
Jan 9934 Jan
Consol Textile 88
1941 87% 86
JIM
Mar 97
89
33.000 86
Cont Pap & Bag M 6%8'44 95
Feb
95
95
12,000 95
Feb 95
Cuban Telephone 734s 1941 10634 108% 106% 8,000 10634 Jab 107
Feb
Cudahy Pack deb 5%01937
87% 88
2,000 85% Jan 8834 Jan
Deere & Co 7348
1931 100% 100% 101% 15,000 100
Jan 101% Feb
Detroit City Gas 6s-1947 100% 100% 101% 15,000 9974 Jan 10134 Feb
Detroit Edison 135-1932 103% 103% 103% 16,000 102% Jan 104% Jan
DunlopT&RotAm75-1942 9354 9334 9334 44,000 9134 Jan 94
Feb
Federal Sugar 65
193
99% 9834 9934 43,000 9734 Jan 10034 Jan
1925
Fisher Body 6s
Feb
- 100% 101
5,000 10034 Jan 101
1926
65
10034 100% 10,000 9934 Jan 101
Feb
1927
lis
10034 10034 4,000 9834 Jan 100% Feb
1928 100
68
9934 10034 33.000 9734 Jan 100% Feb
Gair (Robert) Co 78_1937 98
98
9834 8,000 95% Jan 9954 Jan
Galena-Signal 011 7s-1930
104% 105
9,000 104% Jan 10534 Feb
General Asphalt 8a......1930
103 10434 4,000 103
Mar 105% Jan
General Petroleum 68-1928 9654 9634 96% 22,000 94% Jan 97
Jan
Grand Trunk Ry 6%8_1936 106
106 106% 31,000 10534 Jan 10674 Feb
1937
Gulf 011of Pa 523
95
Feb
9534 19,000 94
Jan 98
Serial deben 5348-1928 100% 993410034 13.000 9934 Mar 100
Mar
1936 1434 10134 102
Hood Rubber Ts
Feb
10,000 100% Jan 102
III Cent RR & Chi St L &
New Orl Jt. 5s Ser A.1963 9434 9454 9434 93,000 9434 Feb 9434 Feb
Internat Match 6348-1943 9334 9334 94
Jan
32,000 92% Jan 94
Kan City Term Ry 5348'26 100% 10034 101
Feb
7,000 10034 Jan 101
Kennecott Copper 78_1930 10434 10434 10434 30,000 103
Jan
Jan 105
Lehigh Power Secur 681927 99
Mar
Jan 99
33,000 96
9874 99
LehighValHarbTerm5s'54 9674 9634 9634 46.000 9554 Jan 9754 Feb
Libby,McNelli&Libby7s•31
Feb
100% 100% 33,000 9834 Jan 101
Liggett Winchester 70_1942 10334 103% 10334 13,000 10234 Jan 10434 Jan
Manitoba Power 73-1941
96% 9834 1,000 9534 Jan 9834 Jan
1925
Maracaibo Oil 71
Jan
301 301 , 2,000 265
Jan 330
Market St Ry 7s
1940
9934 100
Feb 100% Feb
77,000 98
m St p & S S M 5545._1949 86% 86% 8634 10,000 86
Feb
Feb 88
Morris & Co 7%s
1930 9974 9914 10034 22,000 9754 Jan 10034 Feb
National Leather 88_1925 100
Mar
Jan 101
51,000 98
9934 101
New Orl Pub Serv 5s_.1952 8434 8334 8434 24,000 8134 Jan 8574 Jan
Nor States Pow 634s w i'33 9834 9834 99
Jan 99% Feb
36,000 98
Ohio Power 55
1952 86
85% 86
11,000 8434 Jan 8834 Feb
Park & Tilford 6s
1936 88% 85
Feb NU Mar
86% 7,000 84
Penn Pow & Light 5s B 252 8834 8834 Si)
Feb
9,000 8734 Jan 90
Phila Bait & Wash 58_1974 99
Feb 9974 Feb
99
99
84,000 99
Phila Electric 5%a......1953
10074 10034 15,000 9874 Jan 10034 Feb
1947
5345
Feb
100% 10034 2,000 98%- Jan 101
(33
1941
10534 10534 3,000 10434 Jan 105% Feb
Phillips Petrol 734a......193!
Feb
102% 102% 5,000 10274 Feb 103
Without warrants
Mar
Jan 103
12,000 101
102% 102% 103
Feb
Pitts Young & Ash Ry 55'62 99
9874 99 128.000 9834 Feb 99
Public Service Corp 78 1941 105
105 10674 150,000 101
Jan 10634 Feb
1933 9574 94% 9514 93,000 923.4 Jan 95% Mar
Pure Oil Co 6348
Shawsheen Mills 7s-1031 10434 103% 10434 15,000 102
Jan 10434 Jan
Sloss Sheffield S & I tis 1929
Jan 9934 Feb
0934 9934 7,000 97
Jan 10454 Jan
1927 104
Solvay & Cie 8s
104 10434 25,000 104
Jan
South Calif Edison 58.1944 8954 8934 9034 38,000 8934 Jan 91
Stand Oil ot N Y 6%5_1933 108% 10634 10634 35.000 10534 Jan 10754 Jan
10154 10134 16,000 10134 mar 102
7% serial gold deb-1925
Jan
7% serial gold deb-1926 105
21,000 10434 Jan 105
Jan
10434 105
7% serial gold deb.-1927 10534 105 10534 10,000 105
Feb 108
Jan
105% 10534 10,000 105
Jan 10874 Feb
7% serial gold deb.-1928
7% serial gold deb_1929 10531 10534 106% 17,000 105% Mar 10634 Feb
7% serial gold deb-1930 106% 106 106% 12,000 105
Feb 10734 Feb
7% sena!gold deb-1931 107% 10634 107% 10,000 10634 Mar 109
Feb
Swift & Co 5s__Oct 15 1932 9234 9234 93
88,000 91
Jan 9334 Jan
Tidal-Osage Oil 7e.......193!
103% 103% 4,000 10174 Jan 104
Jan
Union El L&P of III 534s'54 9534 95% 9574 67,000 9554 Feb 96% Jan
Union Oil 65 Series B__1925 100% 100% 10034 10.000 100
Jan 10034 Jab
Produc
8s.
_1931 7034 7054 7434 13,000 65
Untted 011
Feb 7954 Feb
Unit Rya of Havana 7%8'36
10634 10734 6,000 10554 Jan 10734 Mar
1936 10654 100% 106% 36.000 108
Vacuum 011 7s
Jan 10734 Jan
Virginian RV 5sSer A-1926 93% 9331 9334 20,000 92
Jan 9434 Feb
WebsterMills1334%notes'33 101% 101 101% 41,000 10034 Jan 102
Jan
Foreign Government
and Municipalities
Argentine NationExter 6s of 1923 Ser A '57 90
Mar 9634 Feb
87
9254 096100 87
French Govt 4s of 1943... 23% 2334 25
Mar
Mar 25
11,000 25
Mexico 4s. 1945Certificates of deposit. 2954 2934 3134 76,000 28% Jan 114
Feb
(13 10-year Ser A etf dep. 5134 50% 51% 22.000 50% Feb 5534 Feb
Netherlands(Kingd)6sB'72
92
93
3.000 92
Mar 9634 Jan
Peru (Republic) 8s_ __1932
9834 9834 2,000 9754 Jan 9854 Feb
Russian Govt 6345-1919
1534 1634 31,000
9
Jan 2034 Feb
Certificates
1534 16
14.000 10
Jan 2014 Feb
5348
1921
Feb
15
15
24,000
934 Jan 19
Certificates
1534 1834 17,000
934 Jan 1834 Mar
Switzerland Govt 5148 1929 9934 9974 100
35,000 98
Jan 100
Jan
Ext 5% notes
1926 98
9734 9834 90,000 9734 Jan 9834 Jan
• 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. to When issued. x Ex-dividend. ii Ex-rights. re Ex-stock
dividend. n Ex-stock dividend of 40%.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Du.
1441.
Maturity.
Rate.
Bid.
Asked.
June 15 1924_
Sept. 15 1924._
Mar. 151925.....
Mar. 15 1928._
Dec. 15 1925.__
Sept. 151926....
June 15 1925 _. _
15%%
64%
434%
434%
4)4%
474%
44%
1007t.
100%
100.11
100%
100%
100
1001a,
100314
10054,
100314"
101
100%
10034
100314
CURRENT
Maturity.
Rate.
Bid.
Dec. 15 1927 _ 04% 100"is
Mar. 15 1924
414% 100
Mar. 151927......
% 101%.
Mar. 15 1924.... 474% 100
4%
100
uc!
5 11
15. 22
924
4..... 454% 10034
Askoil.
10015111
10034.
101144
10011s
100
100%
NOTICES.
•
-T. L. MacDonald, specialists in telephone and telegraph securities.
announce that Mr. Donald M. Aspclen has become associated with them
in charge of their public utility department.
-Warner & Co.. members of the Now York Stock Exchange, announce
that Harry Leopold has been admitted as a general partner in their firm.
-Hornblower & Weeks have issued a circular of March investment suggestions listing a diversified group of bonds.
-Alex J. Disher has become associated with the investment department
of Frederic H. Hatch St Co., New York.
-Stanley & Bissell announce the removal of their Cleveland offices to the
Union Trust Building.
-H.M. Byllesby & Co. announce that John E. Morrihew has joined the
bond department of their New York office.
-James H. Potter, formerly with Biyth, Witter & Co., has become
associated with Austin, Grant & Co., Inc.
Putstment and &ftailroatt gutelligna.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of February. The table covers 12 roads and shows
7.06% increase over the same week last year.
Fourth week of February.
1924.
$
Ann Arbor
122,930
Buffalo Rochester & Pittsburgh
482,004
Canadian National
4.876,639
Canadian Pacific
3,502.000
Duluth South Shore & Atlantic_
146,953
Great Northern
1.968.531
Mineral Range
16,191
Minneapolis & St Louis
264,530
Mobile & Ohio
442,993
1,793.536
St Louis San Francisco
596,220
St Louis Southwest
Southern
3.971,525
Total (12 roads)
-nr.,e inereaRA (7.0607,1
1923.
$
88.758
540.852
4,552.858
3,001,000
115,196
1,775,448
9,919
280,700
414.727
1,814,343
617,168
3,773,758
Increase. Decrease.
$
34,172
$
58,848
323,781
501,000
31,757
193,083
6,272
16,170
28,266
20.807
20,948
197,767
18,184,052 16,984,727 1,316,098
1 100 .195
116.773
In the following we also complete our summary for the
third week of February:
Third week of February.
1924.
1923.
Increase. Decrease.
5
$
Previously reported (11 roads)- - 12,251,529 11,486,374
Georgia & Florida
34.600
40,650
Mobile & Ohio
419.843
419,786
Nevada-California-Oregon
4.724
3.498
Southern
3,693,788 3,686.935
Texas & Pacific
615,515
563,128
$
765,155
Total (16 roads)
wet increase (A 05cZ.1 _
825.678
17,019,999 16,200.371
$
6,050
57
1.226
6,853
52,387
RIO ROR
6,050
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
Net from Balance avail. Surplus
Gross.
Railway. for Interest. aft. Chges.
St Louis-San Fran
Jan'24 7.104.091 1,594.096 1,571,790
347,578
'23 7.070.461 1.562,010 1.559,063
343,463
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1923.
1924.
1923.
1924.
1923.
$
$
$
$
Alabama dk VicksburgJanuary
281,307
318,911
24,801
98,871
8,487
88,727
Ateh Topeka dr Santa FeJanuary _14,520,385 16,448,900 2,840,234 5,204,487 1,693,743 3,841.764
Gulf Col & Santa FeJanuary 2,083,597 2,069,874
332,314
451,724
240,499
370,827
Panhandle & Santa FeJanuary --- 806,664
623,308
290,611
128,258
264,264
103,934
Atlanta Birm & AtlJanuary ___ 374,912
402,926
6,553
1,455
-6,240 -11,290
Belt Sty of ChicagoJanuary ___ 557,441
820,815
138,578
196,781
102,999
163,192
Bingham & GarfieldJanuary ___
38,485
32.189
4,101
4,822
8,467
-5,879
Canadian National RyaAt!& St Lawrence, January _ _ • 239,98
348,930 -34,437 -38,197 -49,587 -53,347
Chi Bet & Can G T JetJanuary ___ 258,953
226,357
139,053
101,186
108,819
130,801
Dt G H & MilwaukeeJanuary __ - 522,443
433,288
137,020
27,329
131,501
21,870
Carolina Clinchneld & OhioJanuary 881.170
727,584
184.157
209,325
134,130
159,294
Central of GeorgiaJanuary 2,090.165 2,159,747
388,438
422,497
288,877
321,637
Central VermontJanuary -__ 653,268
615,794
72,120 -90,305
90,181 -89,742
Charles & W CarolinaJanuary ___ 293,539
311,038
40,222
93,618
22,671
82.560
Chicago Ind & LouisvilleJanuary -- - 1.351.053 1,430,753
267.581
355,557
204,709
290,111
Chic Peoria & St LouisJanuary - _
108,729
160,691
1,199
-49
-2,328
-9,555
Chicago River & IndianaJanuary,.- 621,006
840,207
246,181
238.277
205,558
200,226
Chic R I di PacificChic R I & Gulf515.329
January --478,504
186,238
80,602
123,582
68,305
Chic St Paul Minn &()January -__ 2,238,081 2.420,920
302,062
441,845
175,841
298.089
Colorado & Southern1,114,382 1,108,212
January
219,838
106,774
156,477
41.443
Ft Worth & Denver CityJanuary -- 882.150
732,853
325,490
183,775
288,299
132,193
Trinity & Brazos Valley185,824 -56,027
January --- 177,941
4.104 -83,141
-3.408
Wichita Valley109,103
January --- 179,743
85.832
28,238
78,699
21,095
Columbus & GreenvilleJanuary -- 125,452
9,184
140.565
24,220
7,663
21,762
Denver & Rio GrandeJanuary ___ 2,551,755 2.850,403
348,889
135,772
178,803 -32,240
Denver & Salt Lake184,589
142,959 -41,243 -42,303 -50,243 -51,303
January ___
Detroit & Mackinao127,587
125,131
-794
J11111111ry -__
-7,505 -10,430 -18,221
Detroit Toledo & Ironton789,671
413,417
177,225
January - - 989,229
397,696
164,540
pet & Tol Shore Line370,554
309,757
118,740
January
192,915
93.740
174,615
Dul Missabe & NorthernJanuary--- 119,156
133,003 -387,125 -362,799 -498,842 -438,756
Dui So Shore dr Atlantic452,176
72,671
50,322
January --- 443,210
44.592
20,317
Dul Winnipeg & Pacific213,473
52,908
51,273
January __- 210.259
42,393
42,863
Elgin Joliet dr Eastern474,600
785.740
January ___ 1,985,130 2,279,658
392,817
710,891
Erie Railroad927.284
631.236
January ..-- 8,265,671 9.852,325
578,286
321,521
Chicago & Erie-349.478
156,595
January___ 1,118,191 1,021,472
298,732
106,933
NJ&NYRR124,892
12.220
-278
8,553
-3,633
January - - 125,417
Florida East Coast589,416
585,737
491,581
530,197
January--- 1.804,144 1,498,272
Fonda Johnstown & Gloversville51,233
134,901
43,511
115,857
35.871
43,393
January
-
1127
-Gross from Railway--Netfrom Railway- -Net Ma pares
1924.
1923.
1924.
1923.
1924.
1923.
8
3
3
Ft Smith 1: WesternJanuary _ _ _
130,592
17.859 •
141,796
-5,471
23.676
1.030
Georgia RRJanuary ___ 474,657
52,253
85,559
472,929
58,695
72,402
Grand Trunk WesternJanuary _
213,717
1,415,585 1,399,742
109.139
174.945
273,676
Great NorthernJanuary ___ 6,649,601 8,874,960 1,095,034 1,464.995
758,323
433,847
Gulf & Ship Island-January
239.162
51,311
258,303
87,278
76,145
60.075
International Great NorthernJanuary ___ 1,317,685 1.227,448
194,289
153,050
159,501
186.153
Intemat Sty Co of MaineJanuary ___ 321,371
334,763
101,962
63,006
78,005
90,962
Kansas City Mexico & OrientJanuary ___
147,322
103,367
-8,603 -29,195 -14.659 -36,426
K C Mex & Or of TexasJanuary ___
174.3.32
124,404
28,039 -14,553
24,003 -20,638
Kansas City SouthernJanuary _- 1,502.612 1.785,083
305,765
399,305
417,227
502.463
Texarkana dk Ft Smith98,439
January _ 225,244
98,813
110,193
221.001
114,454
Kansas Okla & GulfJanuary _ _
52.458
192,481
62,326
263,168
9,150
19,628
Lake Superior & IshpemingJanuary _
-45,152
71,585
-34,903
,Lehigh & Hudson River48,489
January.._ _ 253,456
36,223
219,988
58,469
50,648
Los Angeles & Salt LakeJanuary ___ 2,019.692 1.7-0,410
104,734
156,833
285,887
217.930
Louisiana & ArkansasJanuary - - 317,560
100,023
330,343
84,487
124,444
90,789
Louisiana Sty & Nay CoJanuary
297,853
353,985
125
18,143
58.344
70.738
La Sty & Nay Co of TexasJanuary.., 11,821
5,088
9,088
Louisville & NashvilleJanuary _ _ -10,712,529 11,093,127 1,144,715 2,042,794
743,920 1,591,7 6
Louisv Henderson & St LouisJanuary _ 291,752
285,287
88,193
82,282
98.001
79.271
Minn St P & S S MJanuary ___ 1,735,910 2,546,254
102,030
423,305
597,683 -50,487
Wisconsin Central174,250
January ___ 1,432,192 1,555,649
80,832
169,404
288.403
Minn St P4iSSM System271.4:4
3,158.102 4,101,903
597,561
January _
30,345
866,086
Mississippi CentralJanuary ___
33,790
40,290
155,288
50,936
58.980
158,216
Mo-Kansas-Texas489,988
January ___ 2,611,751 2,967,974
486,653
652,418
855,894
Mo-Kan-Tex of Texas73,787
January ___ 1,686.888 1,720,922
336,440
391,528
131.911
Missouri & North Arkansas-515
14,130
115,007
-3.681
18,081
January--- 122,564
Mobile & OhioJanuary,,, 1.618,591 1,907,278
386,792
393,191
307,964
470,830
Nevada Northern13.795
30,341
37,264
79,403
20,397
50,505
January
Newburgh & South Shore1,783
January,,, 153,541
-8,158 -10,121
159,823
5,109
New Or! Tex & Mexico83,108
111,975
90.053
109,786
275,232
January ___ 264,278
Beaumont Sour Lake & Western58,576
50,599
63,816
184,367
January __ - 191,764
55,634
St Louis Brownsv & Mex109,643
171.978
133.768
432.774
January ___ 530,008
190,773
New York CentralIndiana Harbor Belt124,896
232,003
148,317
281,329
997,436
January ___ 830.125
N Y Susquehanna & western--33,43I
-44,134
-10,816
January -4,264
387,374
376,815
Northern Pacific261,151
475,974
January ___ 6,606,148 7,888,013
943,326 1,159,093
Northwestern PacificJanuary
474,637
-7,575
41,520 --53,537
534,304
-7,442
Pennsylvania SystemJanuary __ _54.078.148 59.269,318 8,542,671 8,118,595 6,555,678 8,170.072
Bait Chas & AtlanticJanuary -__
85,441
85,134 -18,068 -18.918 -18,088 -16,926
Md Delaware & VirginiaJanuary
12.277
86,756 -11,375 -40,710 -11,375 -40,711
MonongahelaJanuary ___ 480,272
133,412
440,759
177,869
167,327
123.462
Toledo Peoria & WesternJanuary ___
-5,806 -17,904 -15.806 -28,983
143,053
155,982
Peoria & Pekin UnionJanuary -__
160,875
62,358
163,765
48,069
49,868
33,5039
PerklomenJanuary ___
102.578
54,834
104,648
41,243
46,029
48,501
Port ReadingJanuary ___
177,861
324,820
57,038
180,072
193,608
39,607
Quincy Omaha & Kansas CityJanuary -__
96,163
127,668
7,316
4,890
8,564
3,285
St Louis-San FranciscoJanuary - _.. 6,791,901 6,797,096 1,901,957 1,935,688 1,547,268 1,664,978
St 1.-San Fran of TexasJanuary -__
136,358
41,754
148,700
23,595
25,863
39,685
Ft Worth & Rio GrandeJanuary ___
139,393
119,097
30,888
772
4,557
27,032
St Louis SouthwesternJanuary - 1.550,797 1,946,988
523,143
740,681
447,592
685,383
St Louis Southwestern of TexasJanuary ___ 682.805
715,751 -24,098 -151,755 -49,721 -176,802
San Antonio & Aransas PassJanuary ___ 469,531
413,543
-2,773 -50,218 -20,005 -85,326
San Antonio Uvalde & GulfJanuary _
114,680
81,028
20,710
11,594
17,415
8.264
Southern Pacific SystemJanuary ___14,245,685 14,230,952 2,870,290 3,393,505 1,656,102 2,114,268
Atlantic SS LinesJanuary ___ 975,798 1,123,025
29,290
206,919
17,488
195.339
Arizona EasternJanuary _ _. 303,551
299,564
94,827
126,863
88,042
99,788
Gaiv Harris & San AntonioJanuary ___ 2,060,408 1,891,325
212,306
217,791
148,426
156.963
Houston & Texas CentralJanuary.__ 1,177,603 1,227,387
125,304
220,414
273.809
85,476
Houston E & W TexasJanuary -_- 251,547
244,291 -19,205
16,829
25,496 -27,772
Louisiana WesternJanuary - _ 392,308
433,231
117,818
155,433
89,299
128.564
hforgan's La & TexasJanuary -__ 708,938
895,024
148,441
2,456
195,4313 -45,837
Texas & New OrleansJanuary -__ 751,648
6,38
749,604 -71,659
36,008 -100,740
Fol.. 118.
THE CHRONICLE
1128
-Gross from Railway- -Net from Railway- -Net after Taxes-1923.
1924.
1924.
1924.
1923.
1923.
Southern Ry SystemSouthern By CoJanuary _ _ 11.342,193 12,052,414
Ala Great Southern391,523
January ___ 803,362
anc N 0 & Tex PacificJanuary ___ 1,769,666 1,874,009
Georgia Southern & FloridaJanuary ___ 420,771
437,072
New Orleans & NortheasternJanuary .._. 503,260
608,303
North AlabamaJanuary.._ 132,693
149.777
Spokane InternationalJanuary......88,636
101,289
Spokane Portland & SeattleJanuary
660.403
620.682
Tennessee CentralJanuary ___ 210,885
239,963
Ulster & DelawareJanuary....
78,439
104,655
Union PacificJanuary......7,917,511 8,245,007
Oregon Short LineJanuary ___ 2,816,252 3,078.198
Ore-Wash By & Nay CoJanuary...... 2,319,035 2,379,995
St Jos & Grand Island266,371
January
264,992
Total SystemJanuary A5.072.490 15,433,610
Vicksburg Shreveport & PacificJanuary _ __ 344,631
360,642
WabashJanuary..... 5,002,363 4,871,238
Western PacificJanuary
932,581
862,602
-Gross ITO= Railway1922.
1923.
2,437,696 2,760,084 1,952,117 2,331,270
159,004
285,373
125,078
253,976
453,772
556,203
390,254
493,409
111,948
102,971
91,876
81,778
137,986
164,401
100,808
117,618
75,294
71,268
70,263
67,288
25,453
31,879
19,656
26,050
235,861
214,189
162,741
138,992
32,734
50,997
25,516
45,952
-11,713
-6,720
-17,292
-12.725
2,511,649 2,181.913 1,853,636 1,616,358
748,401
802,195
470,045
550,114
494,398
134,300
325,768
-32,235
47,561
36,590
34,244
23,248
4,040,334 3,336,337 2.806,281 2,238,971
35,173
103,407
13,985
76,581
STATISTICS FOR CALENDAR YEARS.
1920.
1921.
1923.
1922.
Number pass. carried_... 1,732,760
1.913,670 2,232,013
1,704,172
Pass. carried 1 mile__ - _ 54,902.112 50.389,629 53.730,699 65.085,159
Revenue per passenger__ 101.74 cts. 96.96 cts. 93.79 cts. 86.00 eta.
Rev. per pass. per mile__ 3.279 cts. 3.279 cts. 3.341 cts. 2.949 cts.
Revenue tons carried___ 14,066,864
9.715,054 7.503.909 14,941,182
Tons carried 1 mile_ __2,218,411.169 1490400,252 1136943.603 2467398,051
31.2726
Revenue per ton
$1.5941
$1.3727
31.4798
Rev, per ton per mile
0.870 cts. 0.965 cts. 1.052 cts. 0.771 cts.
INCOME STATEMENT FOR CALENDAR YEARS.
Combined.
Corporate
1920.
1921.
1923.
1922.
Freight revenue
$19,310,382 $14,366,438 $11,928,152 $19,014,478
Passenger revenue
1,919,554
1,794,927
1,762,856 1,652,355
Other transportation_ _ _
513,062
504,869
662,233
588,521
Incidental
134,459
286,628
289,176
139,192
Total oper. revenue_ 422,024,651 $16,746,506 $14,362,407 $21,733,723
Maintenance of way_...._ $3,913,515 *2,391.728 $1.974,309 $3,602,903
Maint, of equipment
7,079,622 6,505.106 • 4,908,568 6.749.754
Traffic
223,408
309,011
237,294
215.079
Transportation
9,993,006
8,433,139 6,710,689 6,223,691
37,612
Miscellaneous
31,968
28,214
30,120
General
520.941
408.012
459.629
484,437
Total oper. expenses_ 420,175,269 316.332,659 $13.836,205 $21.127.623
Net operating revenue $1,849,382
$606,099
$526,202
$413.847
Tax accruals and uncoil_
723,721
401,886
371,803
340,523
Operating income_
Hire of freight cars
Other income
- $1,447,496
1,592,104
524,175
Gross income
Rents
Interest
Miscellaneous
$442.043
583,134
586,166
33.563,775 $1,211,343 31,360,609 $2,287,227
740.373
$718,515
$713.810
$760.164
1.708,337
1,713,965
1,681,829 1,579,453
40,034
8,148
6,870
9,239
Balance, surplus
$1,081,498df$1,191,165
Previous surplus
$44,002,448 $6,228,881
Adjustments
Deb.26,526 Deb.255,268
-3,274
57,569
140,831
72,518
Final settlement with U.
S. RR.Administration
-Net from Railway- --Net after TaxesPreferred diva. (651)___
360,000
360.000
1922.
1923.
1922.
1923.
Common divs.(4%)_ .__
420,000
420,000
806,134
784,308
585,072
593,795
z Atlantic & St Lawrence22,175
92,809
December.._ 426,379
32,182
342,390
108,034
From Jan 1_ 3,149,125 2,880,859 -534,721 -34,011 -716,652 -219,135
Colorado SouthernFt Worth & Denver City295,822
December.... 907,512
337,580
913,211
385,204
247,962
From Jan 1 9,625,851 9,717,032 2,968,222 2,991,147 2.501,792 2,552,094
Wichita Valley103.870
101,413
98,821
90,359
December_ _ 188,162
189,900
409,244
585,948
670,913
479,184
From Jan 1 1,558,456 1,415.488
Duluth Winnipeg & Paciflo-6,750
12,254
186,842
20,677
12,5.56
December_ _ 169,745
1,944
160,959
From Jan 1- 2,361.757 1,998,372
279,997
107,302
z Revised figures.
3185,679 def$117,621
1,868,051
682,193
536,797
492,737
def$946,598 def$201,518
$5,434,543
Cr.146,640
Not
Cr2,374,296
360,000 comparable
420,000
Profit & loss surplus-- $44.277,420 $4,002,448 36,228.881
GENERAL BALANCE SHEET DEC. 31.
1922.
1922.
1923.
1923.
Assets5
Liabilities-Invested in road,
Common stoek___10,500,000 10,500,000
equipment, &c_64,910,982 61,703,276 Preferred stock..... 6,000,000 6,000,000
Improvements on
U. B. Govt.loan__ 1,000,000 1,000,000
leased property_ 737,350
338,039 Gen, mtge. bonds.. 4,427.000 4,427,000
Sinking funds_ _ _ _
4,627
19,701 Cons, mtge. bonds 22,578,000 22,578,000
Misc. Phys. prop_
6,821
8,531 1st M. L. P. & C.
350,000
Inv. in afill. cos__ 978,107
350,000
935,108 RR. bonds
Other investments
22,624 1,114,821 Equip. trust oblig. 7,376,200 6,237,800
Cash
321,896 Loans & bills pay_ 1,000,000
685,045
251,652
Material & suppl_ 2,051,028 1,948,757 Traffic, &c., bale. 161,838
Electric Railway and Other Public Utility Net Bal.from agents.. _ 168,672 238,984 Accounts & wages_ 957,974 1,915,991
12,341
10,972
Dem.
loans
&
dep.
457,444
accounts.....
1,430,619
Misc.
Earnings.- The following table gives the returns of Special deposits._ _ 238,966
11,620
10,007
9,340 Int. mat'd unpaid_
ELECTRIC railway and other public utility gross and net Loans & bills rec...
300 '
340 Funded debt ma t'd •
111,000
3,000
Traffic, &c., bale_ 685,067 1,193,503 unpaid
earnings, with charges and surplus reported this week:
380,170
Misc.accts.receiv. 595,757
430,593 Accrued accounts_ 541,100
- Int., diva., rents,
-Gross Earnings--NetEarnings
13,056
14,605
Deferred liabilities
Current
Previous
Previous
Current
125,342
167,655
5,855
16,250 Tax liability
&c., receivable_
Year.
Year,
Year.
Year.
Companies.
39,104 Accrued deprec'n_ 7,716,420 7.092,959
Deferred assets__ _
36,133
362,165
379,424 0th. unadi. credits 284,816
Unadjusted debits 437,759
Corporate surplus_ 4,717,849 4,705,426
American Bloc Pow Go.,Ian 1.822.404 1,846.420 194.224 201,246
4,277,419
4,002,448
loss......
Profit
and
4.855.464
3,289,305
2,269.309
Barcelona Trac Lt & Pr_Jan.. 4.999.096
17,942
14,826
Beaver Valley Trac Co_Jan_
58,790
60.379
72,052,642 70,128,283
72,052,542 70,128,283 Total
Total
920,586 -V.118, p. 862.
EquItGCo&Pitts&WVaGJan 1.626,723 1,736,127
687,942
364,869
437.408
-Georgia By & Pow Co-Tan.. 1,439,486 1.436,566
359,449
393,379
351,334
Philadelphia Co
Jan_ 378,163
California Oregon Power Co.
27,171
38.892
21,958
11,376
Philadelphia 011 Co_ __ _Jan _
(Report for Fiscal Year ending Dec. 31 1923.)
17th St Incl Plane Co Jan_
2,754
2,844
480
13
347,280
358.526
909.439
Virginian Ry & Pr Co.. _Jan_ 925.885
The remarks of Chairman Joseph D. Grant, together with
Gross
Net after
Fixed
Balance,
a comparative statement and chart of the annual gross and
Earnings.
Taxes.
Charges.
Surplus.
from
Citizens Traction Co Jan'24
98,514
50,031
Sr Subsidiaries
87,526
43,584
'23
12 mos ending Jan 31 '24
979,632
438.835
834,900
344.614
'23
Cleve Painesville & Dec'23
31.454
66,728
Eastern RR System '22
15.940
60,796
2 mos ending Dec 31 '23
168,085
710,727
198,357
728.571
'22
East St Louis &
386.169 *105.193
Jan'24
Suburban Cos
'23
419.167 *130.791
2 mos ending Jan 31 '24 4,378,320 *1,156,084
'23 3,992,792 *1.135,829
ke Shore Electric Dec'23
63,845
247,335
54,028
234.486
'22
12 mos ending Dec 31 '23 2,774.481
597.529
588,393
'22 2,519.303
Milwaukee Bloc By Jan'24 2,094,678 *M6,003
& Light Co
'23 1,973,210 *603,569
12 mos ended Jan 31 '24 22,328,269 *6,421,377
'23 19,645,380 *5,760,890
exas Electric Ry
95.792
241,361
Jan'24
'2377,096
2 mos ending Jan 31;24 3,00i,822 1,253,300
2,707,729 1,054,865
nited Gas &
Jan'24 1.361,222 *487,161
ectric Corp
'23 1,241,861 *462,898
2 mos ending Jan 31 '24 14,120,280 *4,838,083
'23 12,651,429 *4,463,009
11,002
9,855
123.527
118.200
8,864
14.270
153.542
166,844
54,858
52,424
645.092
633,335
35,260
34,133
425,068
413,340
197,069
209,047
2.330,531
2,374,902
36,005
37,441
440,214
459.221
157,595
145,283
1,766,722
1,739,253
39,029
33.729
315,308
226,414
22,590
1,670
14,543
31,513
50,335
78,367
510,992
502,494
28,585
19,895
172.467
175,053
448,934
394,522
4.090,846
3,385,988
59,787
39.655
813,086
595.644
329,566
317,615
8,071,361
2,723.756
* After allowing for other income.
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
-on the last Saturday of each month. This index will not
nclude reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Feb. 23. The next will appear in that of Marah 29.
Buffalo Rochester & Pittsburgh Railway.
(39th Annual Report-Year ended Dec. 31 1923.)
The remarks of President William T. Noonan will be found
'under "Reports and Documents" on subsequent pages.
net earnings and operating and maintenance expenses,
1912 to 1923, inclusive, a chart showing the value of physical
properties of the company from 1912 to Dec. 31 1923, and a
condensed balance sheet of Dec. 31 1923, will be found under
"Reports and Documents" on a subsequent page. The
report itself contains a map showing the location of the power
stations and transmission lines. Several interesting views
are also given.
COMPARATIVE INCOME ACCOUNT FOR CAL. YEARS.
1922.
1923.
Gross earnings
$1,370,545 $1,066.190
7
Deduct-Maintenance
274:157
Operation and administration
375.425
109,166
Taxes
138,221
8,217
Reserve for doubtful accounts
10.542
216,868
Bond and other Interest
273.691
155,862
Preferred dividends
194.513
$245,673
125,517
Balance
Previous surplus
$307,738
144,175
Total
Depreciation on plant and equipment__
Amortization of debt discount and expenses
Miscellaneous deductions
$N1:1S3
%AN
35,156
18,523
Profit and loss surplus
CONDENSED
1923.
AssetsPlant
12.879.626
Cash
2 9,724
Notes & acc.ts rec_ 317,115
Subscr. to Pt. stk. 131,068
Stocks and bonds_
21,850
Materials & suppl- 260,226
Due from 0th. cos_ 255,174
Land scrip
1,460
Adv.exp. & suspense items.......35,569
Unamort. stock dr
bond discount _ 292,922
$195,146
BALANCE SHEET DEC. 31.
1922.
1923.
$
Liabilities-$
11,482,396 Common stock.... 4,441.100
195,260 a Preferred stock__ 3,350,965
203,227 1st & Ref. 7115... _ 1,953,500
259,140 1st & Ref. 6s
2,000,000
31,650 Underlying bonds. 787,000
174,619 Notes, vouchers &
156,845
253,524 acc'ts payable
1,460 Consumers'depos..
advances, &c..... 104,753
57,461 Bond interest__ 111,987
69,773
Other expens.,&c.
225,568 Res,for deprec'n__ 1,214,805
48,860
Other reserves_ _ _ _
195,146
Surplus
8,875
3144.175
1922.
$
4,441,100
2,908,084
1,976.500
1,000,000
824,000
252,489
76,150
87,886
56,351
1,064,246
53,324
144,175
Total
14,434,734 12,884,305
14,434,735 12,884,305 Total
a Includes stock subscribed for but not fully paid and issued.
Note.-Federal and Oregon State taxes on income for 1923 are being provided for in 1924 by monthly transfers to special deposits account. together
with sufficient amounts to cover all interest, sinking funds, other taxes.
&c., as they accrue.-V. 117. p. 1351.
4
MAR. 8 1924.]
THE CHRONICLE
1129
CONSOLIDATED BALANCE SHEET DEC.31(INCLUDING SUB. COS.)
Chicago Rock Island & Pacific Ry.
1922.
1923 •
1922.
1923.
(Annual Report-Year Ended Dec. 31 1923.)
AssetsLiabilitiesProperty acc't_ _114,863,068 125,347,106 A. S.& Ref. Co.
President J. E. Gorman, Chicago, March 3, wrote in brief: Investments
___ 4,690,695 3,398,566
pref. stock... 50,000,000 50,000,000
The surplus for the year, after fixed charges and dividends on the Pref.
stocks, amounted to $1 22 per share on the Common stock, as compared
with 96c. per share in 1922. Following the policy which we adopted in
1917. immediately after the reorganization, the year's surplus was put
into improvements to the property.
The increase in operating expenses fo: 1923 was largely due to extensive
floods in Oklahoma and Arkansas, which not only interfered with the
movement of traffic, but caused the expenditure of approximately $1.000,000 to restore the property; also to the increased expenditures for
maintenance of equipment, aggregating about $3.000,000.
The property is now in excellent physical condition. We have kept
maintenance expenditures at as low a point as is consistent with out standard
of maintenance. The large amount appropriated in 1923 for additions
and betterments and for new equipment should produce substantial
economy in transportatipn expenses for 1924.
We were disappointed in the movement of grain in the latter part of
the year, the shipments falling off considerably, practically none moving
for export. The 1923 crops still on the farm, however, will increase the
1924 earnings when they move, and heavy rain and snow fall in our territory make it practically certain that we may expect a large crop this year.
Competition of motor vehicles, both passenger and freight, continues
to make serious inroads upon our revenue. We are giving attention to
the possibility of using motor rail cars on our branch lines where the traffic
is light, and as rapidly as practicable hope to substitute motor rail cars
for steam power.
We again urge your continued interest regarding all Governmental
activities affecting the railroads. You should constantly make known
to your Senators and Representtatives and to other public officers that
you, as stockholders, have an interest in the railroad situation which is
entitled to proper consideration in all legislation and in all regulatory
activities.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues-1923.
1922.
1920.'
1921.
Freight
$93,109,327 887,718,340 899,000,440 894,973,798
27,458,814 27,650,134 30,579,092 35,336.749
Passenger
Mail
2,636,220 2,556,607
4,344.205
2,866,199
Express
3,518,313
3,799,099 3,378,743
3,667.016
Other transportation__ _ 1,710,990
1.461,381
1.515,528
1.692,334
Dining and buffet car.
659,895
860,462
631.391
642.225
Miscellaneous
1,309,527
1,215,135
1,382,541
1.112,991
Total operating rev_ _$130,403,086$125.086.233$139.272,024$142,026.152
Operating Expenses--'
Mafia.of way & struct.315,669.452 $15,701,142 820,790,435 $26,238,501
Maint. of equip
29,153,666 26,103,922 28.582.510 34.646.808
Traffic
2,410,660
1,841,026
2.299.232
2.238,114
Transportation
54,103,307 52,871,908 57,637,630 64,997.585
Miscellaneous operations
833.611
982,046
822,377
802,484
General_
3,371,291
2.984,821
3,452,893
3,095,134
Tramp. for investment_ Cr.551.852 Cr.212,476 deb193,248 deb660,154
Total ry. oper. exp__$104,990.136$100,570,926$112,953,057$131.498.704
Net revenue from oper_ -$25,412,950 $24,515.307 $26.318,967 810,527,448
Tax accruals
$5,600,634 $6.163.176 $5,663,722 $5,660,560
Uncollect
revenue_ _ _
17.002
10,332
21,788
21,235
Total ry. oper Inc_ _ _ 319,795.314 $18.330,344 820,634,009 84,856,556
Other IncomeRent from equip. (other
than freight cars)_
$466,444
$549,329
$549,164
$590,737
it.feat.& misc,rent inc.
717,140
755,806
469,217
734,097
Inc.from lease of road__
34,642
38.737
40,005
37,853
Miscellaneous income__ _
490,243
810,964
142.274
1,033,424
Gross income
$21,590,783 $20.095,884 823,051,831 $6,637,825
Deductions-'
8842,792
Ilire of fr.cars (deb.bal.) $3,317,118 $1.990,280 $2,492,258
Rent for equip. (other
than freight cars)_ _
636,735
865.166
927,585
800,301
it. facil. & mie.cel. rents_ 1,855,778
1.833.098
1.997,800
1,881,170
Rent for leased roads...
377,813
408,554
432,682
422.970
Int. on fund. & unf. debt 10,483,184 10.365,844 10,876.197 10,952,618
Other charges
126,659
223.598
671,389
179,460
Total deductions
$17,109,260 815,810.506 $17,271,572 $14,769,718
Net income
84,481,502 $4.285.379 $5,780,259df$8.131,893
Est. Government guar
$13.028,099
Addl needed to earn ,
standard return
def233.051
Bal. of income (avail.
for dividends)
84,481,502 $4,285,379 $5,780,259 $4,663,155
7% Preferred dividends_ $2,059,547 162,059,547 $2,059,547 $2,059.547
6% Preferred dividends_ 1,506,588
1.507.788
1,508,148
1,507,938
Balance, surplus
8915,367
$718,044 82,212,564 $1,095,670
Per cant on Common stk.
1.22%
0.96%
2.95%
1.46%
Profit & Loss.-Tho profit and loss statement for 1923 is as follows:
Credits-Pal., Dec. 311922, $19,300,121;surplus for year 1923.
$915.367; recovery of portion of losses charged off in previous
years, $21,042; sundry credit adjustments, &c., not affecting
current fiscal year, 831.563; total credits
820.268,093
Less Debits-Depreciation on: (a) Tracks removed, $50,788:
(b) structures sold, removed or destroyed, $90.992; (c) equipment sold, dismantled and destroyed. $162.263; discount
on funded securities sold, 8495,495; expenses in connection
with issuance of funded securities, 812,776; profit and loss on
property and securities sold, $49,857; sundry debit adjustments. &c.. not affecting current fiscal year. 883,150; total
debits
945,319
Credit balance, Dec. 31 1923
$19,322,774
CONDENSED GENERAL BALANCE SHEET DEC. 31.
1923.
.
1922.
1923.
1922.
AssetsLiabilities$
-$
$
$
Investments:
7% Pref. stock_ 29.422,189 '29,422,189
. Road dc 001111).387,514,727 373,328,522 6% Pref. stock_ 25,127,300 25,134,300
Common stock_ 74,482,522 74.482,522
Imp,on leased
ry. prop_ _ _
774,465
699,992 Funded debt__ _251,632,377 239.174.301
Misc.phys.prop 3,836,863 4,523,861 Non-negot. debt
Affiliated cos. 19,136,467 19.127,072
to MM.toe...
113,078
113,178
111,300
351,385 L'ns & bills pay_ 1,000,000
Other investmls
Aud. accts. dt
Cash.time drafts
wages payable 10,557,299 10,238,934
& special dep. 7,539,715 6,518,209
133,273
124,089 Interest & dive.
Lisa & bills rec.
matured,unpd
993,709 1.008.956
Materal & suppl 11,868,765 10,221,775
0th. corr. assets 6,890,429 7,170,817 Unmatured int.
*20,775 & rents accr'd 2,870,928 2,762,696
U.S. Govt
249,865 Misc. accts. pay 2,884.175 2,161,205
131,979
0th. def. assets_
U.S.Govt. nab.
.19,375
Rents & insuece
Other def. liab_
675,271
898,482
premiums pald
193,444 Tax liability... 3.643,547 4,302,754
28,202
In advance...
Oth.enadl.debits 8,418,453 8.390,689 Accr.deprec.,eq 19,328.868 16,742,431
0th. lined). cred 3,893,884 4,824.004
Add'ns to prop.
through inc.&
436,714
surplus
335,037
Total (ea. side)446,384.637 430.920,486 Profit& loss__ _ _ 19,322,774 19,300,121
s Trust fund account.-V. 118, p. 42.
American Smelting & Refining Co.
(Report for Fiscal Year Ending Dec. 31 1923.)
The remarks of President Simon Guggenheim, together
with a comparative income account and balance sheet and
other tables, will be found under "Reports and Documents"
on a subsequent page.
Prepd.tax.& ins 1,856,418 1,562,031
Deferred accts.&
notes reeeivle 4,094,441
109,849
Inter-plant sects
in transit....
22.107
92,851
Cash
3,053,605 3,193,408
Call loans
1,500,000 3.300,000
Liberty bonds
238,757 1,130,500
Treas. notes, &c 16,045,391
Bankers'& trade
acceptances..38,185
Accounts & notes
receivable_ _ _ 12.911.116 7,680,235
Materas& suppl .6,234,651 5,862,714
Metal stocks... 38,511,862 40,740.503
Cash with trustees:
Sinking funds.
180
635
Empl.pen.fd. 1,727,170
884,679
Empl.d. b. Id
478,924
Total
205,749,461 193,820,185
-V. 117, p. 2112, 1888.
A. S. Sec. Co.Pref. stk."A"
Pref. stk."B"
A.S.& Ref. Co.
common stock 60,998,000
Bds.outstanding:
A.S.& R.Co.
1st M."A"__ 41,499,700
lst M "B"
9,829,000
Accounts, notes,
&c.. payable_ 9,990.579
Int.on bonds__ _
733,764
Divs. payable.. 1,718,405
Accr.tax.not due
(Fed, tax. ert) 2,913,881
Empl.pen.res.. 2,546,882
Empl. d. b. res
Res.for metal stk .5,513,326
Misc.cusp.cred.
2,238,197
accounts
Surplus
17,767,786
Total
1,373,900
286.400
60,998,000
42,477,700
10.303.805
572,994
982,929
2,393,263
1.309,862
641,971
5.823.656
1,217,183
15,438,543
205,749.461 193,820,185
American Telephone & Telegraph Company.
(Report for Fiscal Year ending Dec. 31 1923.)
Extended extracts from the remarks of President H. B.
Thayer, together with the comparative income account and
balance sheets for years 1922 and 1923, also several other
important tables, will be found on subsequent pages. President Thayer further says in substance:
Role Regulation.-In the 1922 annual report we referred to the effort the
associated companies had made during the year to bring the rates up to the
point demanded by the prevailing high costs of labor and materials. We
were able to report satisfactory progress at that time. During the past
year this work has been continued in States where rates were still below the
minimum reasonable level, in the conviction that the te'ephone service
must be made self-sustaining in each State. In no other way, in the long
run,can justice be done to the whole body of patrons and to the companies,
and the credit of the companies maintained at a point that will make the
business attractive to investors and enable the companies to secure on reasonable terms the large amounts of new capital for plant to meet the increasing demands for their service.
The results for the year have again been satisfactory. Some new rate
litigation has been unavoidable. In all cases that have come to final decision in the courts during the year, our companies have been successful.
In one case a preliminary decision rendered by the courts has been adverse,
but it was solely upon preliminary technical questions of law, in no way
touching the fairness or legality of the rates proposed by the company.
The Bell System has consistently advocated and supported the public
regulation of public utilities. Our attitude remains unchanged. We have
not hesitated to criticize, but our criticisms have been constructive and never
hostile. We have called attention to the magn'tude of the matters intrusted
to the State Commissions,and to the importance of having men of character
and ability in these positions, and to that end have advocated larger salaries
and longer tenure than now generally obtain, and that these positions should
not be made a football of politics. We believe that conditions in these respects have improved and that there is room for further improvement.
Wireless.
Point-to-Point Communication.-In 1920 radio telephone communication
was established from Catalina Island, about 30 miles out in the Pacific
Ocean, to the mainland near Los Angeles, connecting at that point with the
local and long-distance wires of the Bell System extending throughout the
United States.
Our experience with radio communication, including the practical operation of the Catalina Island installation, still further emphasizes what has
been pointed out in previous reports: that the practical field for radio telephony Iles in general in those situations where it is impracticalbe to employ
wire; and during the latter part of 1923 submarine cable was put into service between Catalina Island and the mainland, superseding the radio installation. This provided increased facilities at lower cost and released
wave lengths which the Federal authorities had requested be released for
broadcasting purposes.
Broadcasting.-Radio telephone broadcasting has been receiving our careful study and consideration and we have actively participated in conferences with Governmental and other agencies interested in this subject. The
Western Electric Co. has sold some 40 broadcasting stations which have been
erected throughout the United States and we have licensed a number of
other stations to operate under our patents.
In order that we might keep in intimate touch with the practical development of radio broadcasting and furnish advice to our associated companies
with respect thereto, we have been operating a broadcasting station in New
York City since Nov. 1922. In connection with the operation of this
station, we have offered the use of its facilities on a toll basis to those who
desire to broadcast, subject to reasonable rules and regulations. While
the operation of this station is still on an experimental basis, experience to
date indicates that there is a demand, on the part of those who desire to
broadcast, for a service of this character on a high plane.
Development and Research.-In previous reports, attention has been called
to the work in making fundamental improvements in transmission and
switching systems and in apparatus and materials, and to the care and study
which have been devoted to improvements in the thousands of diversified
parts which are required for the effective and economical operation of the
Bell System. This branch of the work has been continued with increasing
activity during the year, and has resulted in numerous improvements of
great value to the service.
Operation.-During the past year the volume of telephone traffic, both
local and toll, which the system was called upon to handle has shown a substantial increase over preceding years, and as to both theaccuracy and the
speed of making these connections, for the country as a whole, the high
standards of 1922 were fully maintained, and in the case of tell service somewhat improved.
During the year there have been installed a total of 2.160.000 telephone
stations. and 1.389,000 telephone stations have been disconnected. The
net gain in telephones for the year was 891,342. This has meant a construction program much larger than in any preceding year. While this program,
unprecedented in magnitude, has resulted in some reduction in the number
of telephone orders awaiting installation, a still larger program is planned
for 1924 with a view not only of taking care of the continued large growth
In telephones, but of making very substantial further improvements in
those situations in which stations cannot now be promptly installed.
In 1915 connection was established between the Atlantic and Pacific
coasts of the Country through the opening of the transcontinental telephone
line, whose western terminus was at San Francisco. This line, working
with lines extending north and south along the Pacific Coast; established
connection with all points on the west coast. To take care of the continuous increase in this business, a second line was constructed during 1923 and
placed in service along the route through Pueblo, El Paso, and thence to
Los Angeles, so that at the present time there are two complete transcontinental telephone routes providing not only capacity for the constantly
growing telephone business but insurance against complete interruption
from severe storm damage.
Employees' Stock Plan.-The employees' stock plan which was made
effective on May 1 1921, and which offers to all employees whohave been in the service of the Bell System for six months or more a
continuous opportunity to subscribe for new shares of capital stock of this
company on an installment basis, was continued in operation during the
year without change. Subscriptions for more than 190,000 shares were
received under the plan during 1923,at a price of 8115 per share,and interest
at the rate of 7% per annum compounded quarterly was allowed on all installments paid thereon. On Feb. 1 1924 the price was increased to $118
per share. Nearly 100,000 employees of Bell System companies are now
paying for approximately 400.000 shares of stock on the installment basis
of 83 per share per month. Some of these employees are already stock-
1130
holders of record and many others will become such when the subscriptions
which they have made are paid in full.
In addition to the investment by Bell System employees in stock of this
company, there is a considerable investment by them in the Preferred and
Common stocks of the associated companies. The aggregate investment by
employees in stock of Bell System companies, including both shares fully
paid and installment payments on shares partially paid, is upward of $60,000.000.
Western Electric Co., Inc.-The functions of manufacturing, purchasing
and supplying apparatus and materials for the Bell System have been for
many years conducted through the Western Electric Co.,over 98% of whose
voting stock is owned by the American Telephone & Telegraph Co. The
effect of this arrangement as compared with separate buying by the various
Bell companies is to provide standardized equipment with protection on
quality, prices, continuity of supply and patents. The Bell companies are
not obligated to purchase their supplies through the Western Electric Co..
but it is obviously to their advantage to do so since they thereby get the
benefits of quantity production and combined buying.
The total sales billed by the Western Electric Co.in 1923 were $255,000.000,as compared with $210.900,000 in the previous year. Of the 1923 sales,
$186,000,000 were to the Bell companies, an increase of 17% over 1922.
and 6% over the expected requirements for 1923 as estimated at the beginning of the year.
The prices of telephone equipment, which were substantially reduced in
1921 and 1922, remained practically constant at the lower level during 1923.
They now average about 50% above the pre-war level, although the raw
materials and shop wages entering into such equipment are about double
the pre-war level.
The prospect of immediate and continuing heavy requirements has made
necessary the establishment of auxiliary factories in Chicago, Jersey City
and Newark, pending the completion of the new factories at Kearny, N..1
which are now in process of construction. It is expected that the lead-covered cable factory there will be in operation by the end of 1924 and the telephone apparatus factory by the end of 1925.-V. 118. p. 1014, 910.
American Woolen Company, Boston.
(24th Annual Report-Year Ended Dec. 31 1923.)
The remarks of President William M. Wood, together with
the profit and loss account, and balance sheet for 1923, will
be found under "Reports and Documents" on another page.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
1920.
y1921.
x1923.
y1922.
Net profits, after taxes-- $9,326,623 $9,531,926 $9,192,622
Net profits,"after apply$6,855,259
ing reserves"
Preferred dividend (7%) 3,120,833
2,800,000 2,800,000 2,800,000
Corn, diva. (cash.)(7%) 2.800,000 2,800.000 2.800,000(7)1,983,333
Balance, surplus
,Previous surplus
$3,405,790 $3,931,926 $3,592,622 $2,071,926
32,606,354 31,915,381 31,508.733 34.232,264
Total
$36,012,144 $35.847,307 $35.101,355 $36,304,190
Provision for Fed, tax of
$2,567,053
previous years, &c
Res. restored to surplus_Cr.$250,992 Cr.$36.372
2.228,404
3,277,324 $3,185,973
Depreciation
2,666,411
Profit and loss surplus.$33.596,726 $32,606,354 $31,915,382 $31,508,733
x Shawsheen Mills and Webster Mills omitted. y Shawsheen Mills
omitted.
BALANCE SHEET DECEMBER 31.
z1922.
z1922.
y1023.
y1923.
3
$
$
LiabilitiesAssetsCommon stock _ 40,000,000 40,000,000
Plant and mill
fixtures
x51,966,988 49,751,301 Preferred stock _ 50,000,000 40,000,000
2,527,433 1,027,433 Notes payable_ _ 9,766,500 9,749,700
Investments
Curr.acc'ts,&c. 5,267,231 3,631,012
Wool dz fabrics,
583,333
Accr. Pref. cliv_
729,167
raw, wrought.
583,333
do Common
583,333
and in process,
and supplies 56,007,894 43,367,545 Mtge. on N. Y.
City buildings 2,180,000 2,220,000
7,117,210 9,373,452
Cash
Insurance fund _ 2,500,000 2,500,000
Accounts receiv34,586,087 31,969,994 Pension fund _ _ _ 2,500,000 2,500,000
able (net)__
387,007 Special reserve_ 5,500,000 1,500,000
417,345
Deferred charges
Undiv. profits__ 33,596,726 32,606,354
Total
[VOL. 118.
THE CHRONICLE
152,622,957 135,876.733
Total
152,622,957 135,876,733
x Plants and mill fixtures, office and warehouse buildings. $89,411,603,
less $37,444,615 for depreciation. y Shawsheen Mills and Webster Mills
omitted. x Shawsheen Mills omitted.-V. 117, p. 2325.
and betterments made during the five-year post-war period amounted to
$39,407,979, or 67% of the total gross plant investment, and $4,074,810
was deducted for depreciation during this period. Manufacturing capacity
was increased 260% or from 50,000 to 180,000 cars per annum.
Buildings were constructed, chiefly of reinforced concrete and equipped
with post-war machinery and manufacturing methods which greatly
reduced costs and assured quality work of the highest standard. These
mammoth, modern and efficient plants, paid for out of earnings, fortify
the corporation to most competition, make money, and maintain its
leadership as a quality producer. Large savings will continue to accrue
from these investments and from the mammoth new iron foundry now
being constructed at South Bend with capacity to make all castings for
1.000 cars per day. Most satisfactory results are being obtained from
the two big, new closed body plants with a combined capacity of 300
bodies per day. The new electric power plant at South Bend is now
supplying all electric power and light requirements at 30% less than
previous purchased cost.
Stockholders.-On Dec.31 1923 there were 1,108 Prof. and 7,639 Common
shareholders, as compared with 1,172 and 3,994, respectively% the previous
year. Corporation was holding in its name 5,714 shares of Common and
23 shares of Preferred stock for the account of 2,049, or 11.4% of its
employees, who are paying for it under the stock purchase plan.
Outlook for 1924.-Conditions in the country as a whole are fundamentally
sound, and the automobile industry expects, therefore, a big volume of
business this year. Studebaker feels quite confident a obtaining its full
share of the total volume, whatever it may be. The corporation looks
forward to a big spring business with normal profits. Manufacturing
schedules will be adjusted from time to time as demand warrants. Unfilled orders now in the hands of retail branches and dealers are as numerous
as they were at this time last year. Prices of four open body models
were raised on the 19th inst.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
1923.
1922.
1921.
1920.
Automobiles sold
145,167
110.269
66,643
51.474
Net sales
$166,153,6833133,178.881 $96,690,644 $99,652,363
Mfg.,&c., gen.exp., &c_144,704,833 112,110,183 83,453,241 77,816,474
Res. for depreciation___ 1,141,045
1,024,741
705,106
705,081
Net earnings on Sales-320.307,805 $20.043,957 $12,532,297 $12,130,807
Deduct-Interest. net__-Cr.$606,936 Cr.$615,135 Cr.$138,149 Cr.$120,014
Fed.& Canadian taxes-- 2,572,518
2,572.897
2,260,755
2,428,768
Preferred diva. (7%).._
638.758
673,750
686,000
710,150
Common dividends_(10-%)7,500,000(10)6000,000(7)4,200.000 (7)3.937.500
Balance, surplus
$10,203,473 $11.412,445 $5,523.691 $5,174,404
SURPLUS ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Surplus from above-410,203,473 $11,412,445 $5,523,691 $5,174,404
Previous surplus
10,237.189 14,229,744
9.822.048 20,925,583
Total
$20,440,662 $25,642,189 $15,345,739 $26,099,987
Special surplus account_
$405,000
$405,000
$405,000
$405.000
Stock dividend
15.000,000
15,000,000
Stock div., rate paid_ _ _
(33 1-3%)
(25%)
Surplus adjustment, &c.
361,929
872,940
710,995
Surplus acct. Dec. 31-$19.673,734 $10,237,189 $14,229,744 $9,822,048
Special surplus Dec. 31- $4,860,000 $4,455,000 $4,050,000 $3,645,000
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1923.
1922.
1922.
1923.
Assets$
Liabilities$
$
Real est., buildPreferred stock_ b8,600,000 9,450,000
ings, &c
a52,472,636 43,426,182 Common stock_ 75,000,000 75,000,000
Investments _ 2,857,217 4,017,991 Deposit on sales
Sight drafts_ __ _ 1,685,947 3,509,865
contracts__ _
366,074
392,454
Inventories
26,674,925 21,514,249 Accts. payable_ 5,567,419 6,756,635
Accts. & notes
Reserve for Fed.
rec., less res
6,917,225 4,859,579
taxes
2,584,386 2,690,464
Def'd charges,
Sundry creditors
Insurance,&c.
529,429
761,323
& reserves_ 5,772,667 5,649,046
Cash inbanks,&c 9,955,791 15,174,396 Spec.amp.acct_ 4,860,000 4,455,000
Housing devel__ 1,523,832 1,559,928 Surplus
19,673,734 10,237.190
G'd-will, patent
rights, &c____ 19,807,277 19,807,277
Total
122,424,280 114,630,789
Total
122,424,280 114,630,789
a Plant and property at South Bend,Ind.; Detroit, Mich.; Chicago, Ill.;
Walkerville, Ont., and at branches, Jan. 1 1923, $48,422,179, plus additions
during the year, less realizations, $9,995,342; less total reserve for depreciation, $5.944.884. b Pref, stock, 7% Cumul., authorized, 150,000
shares of $100 each, $15,000,000, whereof issued, $13,500,000; less retired
under provision of charter, $4,900,000.-V. 118, p. 1024.
Pacific Gas & Electric Co.
Studebaker Corp., South Bend, Ind.
(Preliminary Report for Calendar Year 1923.)
(13th Annual Report-Year ended Dec. 311923.)
In connection with the preliminary report, Vice-President
President A. R. Erskine, South Bend,Ind., Feb. 27, wrote A. F. Hockenbeamer calls special attention to the following:
in substance:
The showing made by the company in the report is remarkable in that
.Results.-The total net sales amounted to $166,153,683. an increase of
24.8% over the previous year, and the net profits derived therefrom.
with other net income, after increased depreciation reserves but before
taxes, amounted to $20,914,741, an increase of 1.2% over the previous
year. Reserves for United States and Canadian taxes of $2,572,518
reduced the net malts to $18,342,223, an increase of 1.4% over the
previous year. Cash dividends were paid on toe Preferred (7%) and
Common stock (10%) to the amount of $8,138,750 and the balance of
$10,203.473 was credited to surplus account.
Net profits were at the rate of 11% per dollar of sales, as compared
with 13.6% last year, and 23.6% on $75,000,000 outstanding Common
stock, as against 29% on $60,000,000 in 1922
Sale of Cars.-The post-war record of the corporation shows progressive
Increases in amount of sales and in net profits. in 1919 39,356 cars were
sold, an increase of 65% over 1918; in 1923 145,167 cars were sold, an
increase of 32% over 1922 and 269% over 1919. 412,909 cars were sold
In the five-year post-war period, as against 300,899 in the eight preceding
years of the corporation's history.
Another Feature of Year 1923.-Another fact of interest is that the
public paid more money for Studebaker cars in the single year of 1923
than it paid for Studebaker horse-drawn vehicles and harness in the 68
years during which they were made by the corporation and predecessor
concerns.
1923 Record Year.-The record operations of 1923 and the further large
expansion of plant facilities made it a year of distinct progress and solid
achievement. While it is true that the profits of the last half were smaller
than those of the first, the total for the year was quite large, and profits
alone are not always the measure of business progress or service. The
flare-up in prices last spring and summer increased the cost of materials
and supplies used in the production of the third and fourth quarters by
10%, and casts were further increased by curtailments of production
In the fourth quarter. Additionally, the fourth quarter absorbed charges
for inventory adjustments, certain rebates to dealers, and miscellaneous
reserves which reduced the net profits thereof from $1,863,487 to $115,969.
A substantial amount of these charges related to the business of the third
and part of the second quarters. Happily, these extraordinary matters
no longer apply, and do not carry over Into 1924, from which normal
profits may be expected to accrue.
Prices.-Substantial reductions in manufacturing costs of closed bodies
made in the new plants at South Bend permitted reductions Dec. 1 in
prices of all closed cars, and thereby increased the values now offered
buyers,
Loans.-The operations of last year were comfortably financed
ersliank
without bank loans. Manufacturing inventories at all plants were turned
over better than nine times, figuring sales on a manufactured costs basis.
Gross expenditures amounting to $10,696,413 were made for plant and
property expansion and betterments. Preferred stock to the amount of
$850,000 was purchased and retired. Dividends amounting to $8,138,750
were paid to stockholders, and current liabilities were reduced $1,198.053.
Plants clt Propert.-The investment in plants and property now stands
t $52,472,636, after deducting $6,791,964 depreciation credits and $1.02.553 demolitions in 13 years. Gross expenditures for plant expansion
it was made in the face of $3,470,000 reduction granted to customers in
rates. It required the addition of more than 34,000000 of new business
to overcome this reduction and to bring about the increase of $728,000
In operating gross, as well as a substantial increase in net.
CONSOLIDATED INCOME ACCOUNT-YEAR ENDED DEC. 31.
1923.
1922.
1921.
Gross open rev., incl. other income--$39.971,743 $39,204,605 $37,509,706
Deduct-Oper. & admin. exp.. taxes
(inch Fed.), taxes, maint., uncoil.
23,493,410 23,416,876 24,279,084
accts. and casualties reserves
Net income
Bond int., discount St expenses
Reserve for depreciation
$16,478,332 $15,787,729 $13,230,622
$6,497,281 $5,598,371 $5,192,314
3,224,757
3,602,199
3,069,078
Surplus
$6,756,294 86.587,159- 84,969,230
Dividends paid on Preferred stock- 3,103,847
2,574,167
2,132,283
Balance available for Common diva. $3,652,448 $4,013,002 $2,836,947
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31.
1923.
1922.
1023.
1022.
AssetsLiabilitiesPlants & props_219,020,176 200,250.878 Common ateck
Disct. & exp. on
outstanding - 35,630,885 34,684,034
capital stock_ 8,587,300 8,326,097 Preferred stock
Investments_ -- 1,219,461
1,680,344
outstanding - 54,299.084 51,215,373
Trustees of sinkStock of subsid.
ing funds_
174,021
176,071
cos. not owned
20,584
18,553
Cash
11,386,894 5,300,716 Funded debt_ 129,592,600 111,700,700
0th. curr. assets 9.504,097 9,136,168 Curr. liabilities 8.895,347 7,703,288
Cash for red, of
Res.for renewsIs
notes
18,848
78,780 & replacem'ts 15,310,074 13,049,321
Meet. & exp. on
Other reserves-- 3,982.027 3,809,811
funded debt
6,824,412 5,734,200 Surplus
9,271,605 8,593,388
Unexp.taxes,&e
264,968
93,243
•
Total
257,000,176 230,776,497
-V.118, p. 916.
Total
257,000,176 230,776,497
Willys-Overland Co., Toledo, Ohio (Incl. Sub. Cos.).
(Annual Report-Year ended Dec. 311923.)
President John N. Willys, Toledo, 0., Feb. 15, wrote in
substance:
Results.-The profit from operations for the year, after depreciation
charges, amounted to $13,034,032.
Funded Debt -The First Mortgage & Collateral Trust 7% Gold notes.
which originally amounted to ;17,357,500, maturing Dec. 1 1923, were
entirely paid off in July 1923. In order to insure sufficient working capital
•
of a greatly
for the purpose of securing materials to meet the demandSinking
Fund
6%
increased production program, $10,000,000 1st Mtge. 63,
Gold bonds were issued Sept. 1 1923.
the
which
have
existed
in
conditions
industry
account
of
Inventory.-On
during the past year, and the necessity for a largely increased manufacturing program, the merchandise inventories have been substantially increased
over the amount carried a year ago. The present Inventories have been
carefully taken and priced at cost or market. whicnever was the lower, and,
with increased production, are being rapidly turned over.
Change in Common Stock.-In accordance with consents obtained from the
reduced
majority of stockholders, the par value of the Common stock was
capitalizafrom $25 per share to $5 per share Dec.26 1923. This change in
this
tion in no way affected the actual value of the stock. By making
change the balance sheet shows a surplus instead of a deficit and enables
paydirectors to be in a position to consider the resumption of dividend been
ments. if earnings warrant same, at an earlier date than would have
possible under the old par.
Outlook.-The results of 1923 operations were the best in the history of
the company, both from the standpoint of number of cars marketed and
net earnings. There is every evidence of a continued demand for our
product, which will necessitate the plants operating at MaXiimini capacity.
Cars Sold During the Four Quarters of 1923.
Total.
Knight.
Orerland.
39,030
10,862
28.168
First quarter
64,667
16,382
48,285
Second quarter
50.539
12,850
37,689
Third quarter
41,802
32,490
9,312
Fourth quarter
196.038
49,406
146,632
Net Earnings by Quarters During 1923.
Fourth Quarter.
Third Quarter.
Second Quarter.
First Quarter
$1,320,901
53,780.746
$5,202,917
32.729.469
INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1922.
1921.
1923.
df$8,633,280 $8,822,152
Total income
2,114,243
1,742,653
Interest
2,130,169
2.092,773
Not reported .
Depreciation
1,675,492
733,924
Tool replacements
8,420,038
Adjustment of inventory
759.468
Loss on commitments_ _ _
Total
Net profit after charges413,034,032 $2,779,831 df13.999,494df$5,480,394
1,188,710
Preferred dividends_
1,924,100
Common dividends
$13.034,032 $2,779,831 df13,999.494df$8,593.204
Surplus for year
Cr7,500,000Cr15,260,251
Common stock adjust_Cr.43,199,685
Dr38087,116 Dr9,560.895Dr20427,186
Adjustments
def43,231,300 def7,924,015 Cr8,136,374 21.896.511
Previous surplus
Profit & loss surplus--$13.002.418df43,231.300 def7,924.015 $8.136,374
.•
CONSOLIDATED BALANCE SHEET DEC.31.
1923.
1922.
1922.
1923.
Liabilities$
$
Assets
-$
$
Preferred stock__ 8,878,700 8,878.700
Real est., bldgs.,
mach'y,&c.y _ _27.210,768 29,509,327 Cony. Pref. stock-13,170,800 13,170,800
Common stock_ _ A0,798,805 53,999,606
Good-will. patents,
xl
1 Common serM-1,116
&c
Subs. stk. outst'g_
219,400
Invest'ts in MM.
10,000.000 15,968.900
companies,&c_.. 1,250,922 1.314,075 Funded debt
47,770 Notes payable__ 825,000
Trust fund
33,399,855 24,171,209 Accounts payable_ 6,250,184 2,155,626
Inventories
Dealers'initial pay.
500,192
Notes & accounts
3,481,028 2,798,948 Stk. purch. contr. 916,240 1,069,380
receivable
284,995 Accrued int., &c__ 666,382
261,049
351,120
Misc. assets, &c
272,054 Res. for conting__ 2,433,262 3,611,786
588,095
Cash
238,420 Other reserves_ _- 1,208,560 1,208,560
Deferred charges 1,035,685
13,002,418
43,231,300 Surplus
Deficit
Total
67,326,474 101869,000
Total
67,326,474 101869,000
x Good-will, patents, &c., less reserve provided to reduce book value of
these items to $1. y Land, $1,747,446; buildings. $20,686.104; machinery,
equipment, &c., $19,411,683; less allowance for depreciation. $13,610,480,
and allowance for losses, 51,023,984.-V. 118, Ft• 807, 679•
Armour & Co. of Illinois, Chicago.
(Annual Report-Fiscal Year Ended Dec. 29 1923.)
President F. Edson White, Chicago, Ill., March 1,
says in substance:
Successful Year.-Company in 1923 experienced the most successful year
since the war period. The company conducted its business on a profitable
basis throughout the year. and at the same time was able to render a service
to the public unique alike in volume and in character.
Outstanding Events -Aside from the large volume of business transacted,
the year 1923 was noteworthy in the history of Armour & Co. on account
of three outstanding events:(1) The reorganization of the financial structure
80). (2) The purchase of the
of the company (compare V. 116, p
properties of Morris & Co., thereby largely increasing the company's volume
of business (see V. 116, p. 1415, 2887). (3) Perfection of arrangements
under which some 40,000 employees purchased stock in the company.
Sales.-Tonnage for the year was very satisfactory, the total sales exceeding $800,000,000. Net profit was at the rate of 1U cents on each
dollar of sales.
The volume of business reported includes for only nine months of the
year the business acquired through the purchase of the Morris properties.
It does not include the business done by Morris & Co. the first three months
of 1923, as the business was not acquired until March 31. During the nine
months, however, the increased tonnage handled has enabled the company
to reduce its unit operating costs. This could not have been accomplished
unless Armour & Co. had been able to retain the Morris volume of business,
as well as that previously done by Armour & Co. The fact is that we have
not only retained the Morris and the Armour volumes, but have increased
the total formerly done by the two companies. The Morris products have
held their place in the trade and have actually increased in popularity.
Acquisition of Morris & Co. Being Investigated.-Following the Morris
purchase, the Secretary of Agriculture instituted proceedings to determine
whether such purchase has resulted in conditions within the prohibitions of
The Packers and Stock Yards Act. Exhaustive hearings have been held
In Chicago, Washington, Denver, Omaha; Kansas City. New York and
St. Louis. The management has sought to prove that its purchase of the
Morris properties was entirely in conformity to law and distinctly in the
public interest. Important factors in the business, many of thorn competitors of the company, and others whose welfare might have been adversely affected by illegal or unfair policies on the part of the company, have
testified in unmistakable support of the company's position. It is inconceivable to the management that the Secretary of Agriculture or any other
government authority could, on the record of the sworn testimony in this
case, decide otherwise than that the Morris purchase was warranted in law
The hearings that have been held have made
and In the public interest.picture
of actual conditions in the packing indusavailable a more complete
obtainable, and we feel that the views exbefore
been
over
had
than
try
pressed and the facts elicited at these hearings cannot help but be effective
good will toward the packing industry.
in increasing public
Reduction of Notes Payable.-The wisdom of the revised corporate structure
a year ago, find their justification in the
and the new financing arranged
Improved financial position of the company. In one important item-that
of 353.000,000 was effected since June 30 1923.
of notes payable-a reduction
Outlook.-The new year promises continued improvement in our business.
priced and, notwithstanding the enorOur inventories are conservatively
mous receipts of meat animals during the year. there are no abnormal
accumulations of products hanging over the market. The people of this
country are fully employed at good wages, and when such is the case there is
always active demand for meat and the other products which we sell.
Armour & Co. seeks to conduct its business so as to earn a reasonable
profit upon the money invested. Its best service is performed when the
company is in the healthiest and most prosperous condition, but in addition
to doing a largo volume of business at a fair profit,. this company seeks to
deserve public confidence in its policies and its purposes. We are pleased,
1131
THE CHRONICLE
MAR.8 1924.]
therefore, to record with considerable pride, a feeling of confidence that
during the past year substantial progress has been made in realizing that
ambition.
CONSOL.INCOME & SURPLUS STATEMENT FOR STATED PERIODS.
[Including Armour & Co. of Illinois. Armour & Co.of Delaware, North
American Provision Co., and Their Subsidiaries)
Cal. Year 6 Mos.End.
1923.' June 30'23.
Income
538.583.217 516.712,403
Depreciation (buildings, machinery and cars)
7,971,703 3.852,032
Interest charges
7,660,865
14.920.256
Preferred stock dividends
3,710,930
8.357,625
Balance
Write-offs and reserves against securities
Surplus Dec. 31 1922
Surplus Dec. 29 1923
57.333,632 51.488.575
1,919,232
40,376,402
$45,790.803
CONDENSED BALANCE SHEET (ILLINOIS COMPANY).
[Including Armour & Co. of Illinois, Armour & Co. of Delaware, North
American Provision Co. and Their Subsidiaries]
Dec. 29 '23. June 30'23
Dec. 20 '23. June 30'23.
LiabilitiesAssets7% pref. stock
Land, buildings,
machAfix.eq_207,330,928 208,338,594 Delaware Co__ 64,864,300 64,864,300
do N.A.Pr.Co. 8,600.000 8,600,000
Refr. cars, deity.
eq., tools, &c_ 19,372,898 20,163,216 7% pref. stock
__ _ 59,298,400 59.298,400
Fran.&leaseh'Ids 1,880,680 1,851,373 Illinois
CoC1.A 50,033.700 50.033,700
Cash
26,627,279 57,173,129 Cora. stk.
Class B
50,000,000 50.000.000
Notes&accts.rec. 67,943,925 70,375,021
Inventories ___ A09,425,190 119,704,326 Notes payable.- 58.098,000 114.881.664
Market. securs_ 16,520,140 18,122,928 Accept. payable 3,729,420
Accts. payable- 19,893,610 20.944.252
Invest. stocks,
2.323,347
bonds & adv.. 41,479,287 41,718,289 Pref. div. pay
Deferred charges 18.239,142 19.334,074 Wm. F. Mosser
Co.8% notes
1,900,000 1,900,000
Morris & Co.
73% notes 14,000,000 14,244,000
1st M. 4345,'39 50.000,000 50,000,000
do Del.Co.5345 60,000,000 60,000,000
do Morris & Co.
18,257,000 18,602,000
43-is
Res.for conting. 1,500,000 1,000,000
Minority stoat).
547,656
equityinsub.cos
530,890
45,790,803 41,864,977
Total(each side)508.819,471 556.780.949 Surplus
The company has agreed to sell to employees shares of preferred stock
of the Delaware Co. to the extent of $6,962,040, and has entered into
certain contracts for the acquisition of stock necessary to fulfill these
agreements.
CONSOLIDATED BALANCE SHEET (DELAWARE COMPANY).
[Including North American Provision Co.and Their Subsidiaries.]
Dec.29 '23. June 30'23.
Dec. 29 '23. June 30'23.
LiabilitiesAssets7% pref. stock
Land, buildings,
mach.& equip_127,568,416 129,324,641 Delaware Co 64,864,300 64.864,300
Refrig. cars, &c_ 4,090,839 4,368,736 do N.A.Pr.Co. 8.600,000 8,600,000
Fran.&leasehlds 1,761,901 1,732,538 Common stock- 60,000,000 60,000,000
3,699,23624,978,922 Wm. F. Mosser
Cash
Notes&accts.rec. 36,708,276 38,451,565 Co. 8% notes- 1,900,000 1,900,000
68,536,562 51,932,618 Morris & Co.
Inventories
Market. secure. 15,184,018 16,082,358 73i% notes__ 14,000,000 14,244.000
Del. Co. 534a_ 60,000,000 60,000.000
Invest. stocks,
bonds & adv._ 25.546,833 28,187,644 Morrls&Co.434s 18.257,000 18,602,000
Deferred charges 14,232,568 12,918,122 Notes payable__ 28,089,812 41,529,325
613.300
Accept. payable
Accts. payable_ 12,453.659 12,088,777
Pref. div. pay__ 1,285,625
Minority stockh.
547,656
530,890
equity in subs_
26.734.063 25,601,684
Total(each side)297,328,649 307,977,144 Surplus
-V. 118, p. 1015. 667.
British Empire Steel Corporation, Ltd.
(Report for Fiscal Year Ending Dec. 31 1923.)
CONSOLIDATED INCOME ACCOUNT.
Year ended Year ended 8 Mo.end
Dec. 31 '23. Dec. 31 '22. Dec. 31 '21earnings
$4,444,346 52.917.275 $4,416,451
xTotal
Amts.rec. in settlement of claims agst.
Govt. for cancell'n of contract
, 4,000,000
for ship plates
Total
$4.444.346 56.917.275 $4,416,451
Deduct-Prov. for skg. fds., deprec.
& depl. of minerals (& approp. to
3,627.799
1.501.178
write down value of plate mill in '22) 1,112.515
1,181,682
Int. on bonds & debenture stock
1,978,473
1,676,906
First Preference divs, of corp. & Prof.
stocks of constituent & subsid. cos_ 1,346,524
1,344,298
718.277
259.38$
Preferred dividends accrued
Balance, surplus
Balance brought forward Jan. 1 1922_
$6,834
1,024.198
$268,271
755.927
$755.927
Profit and loss, surplus
$755.927
$1,031,032 $1,024,198
Surplus at date of organization,
balance at Dec. 31
521.784,870 $21,784,870 $21,784,870
x Total earnings of properties after deducting all manufacturing, selling
and administrative expenses.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1922.
1923.
1922.
1923.
AssetsLiabilitiesCost of prop's.:134,201,384 132,920,672 7% Cumul. 1st
Invest. & adv..
790,465
659,904
Prof."B"_ _
7,838,400 7,640,200
Cash with trust_
173,059
1,892 7% Cum.20 Pt- 49,958,575 49,058,575
Sink.fund bonds
134,486
274,926 Common stock_ 21,305,400 21,305,400
Inventories ____ 15,107,160 12,646,893 Preference stock
Trade accts. and
of const.cos _ y11,948,800 12,145,600
bills receivable
Acadia Coal Co.
(less reserves) 4,886,639 6.727,871
stock
113,300
113,300
Other accts. ree_
541,042
518.636 Cap.stk.reeve_ z162,800
164,200
Inv. In war bds_
62.736 Funded & mtge.
39,336
Cash & callloans
578,757 2.693,242
debt
37,800,265 36,645.491
Disc, on secure.,
Deferred pay'ts409.400
328,000
devel.exp.,&c. 1,252,199 1.146,628 Bank loans
1,365,882 1,016,695
Insur., Arc., exp.
Curr.accts.Pay.
prepaid
504.829
471,711
wages,Ste_
2,401,988 3,269,882
Accrued interest
571,752
580,333
Reserves
1,508,312 2,154,948
Coward surplus 22,815,901 22,809,068
'rasa
158,209,356 158.123.111
Total
158,209,356 158.123,111
x Representing the ore and coal properties, plant, buildings, machinery
and equipment, &c., of the constituent companies, the aggregate value of
which is supported by independent appraisals (less reserves for depreciation
and exhaustion of minerals). y Preference stock of constituent companies
Includes: 7% Dominion Coal Co., Ltd., $2.799,400; 7% Dominion Iron &
Steel Co., Ltd., $3,522,800; 6% Dominion Steel Corp., Ltd., $4.705.500;
8% Nova Scotia Steel & Coal Co.. Ltd., 3814,000; 6% Eastern Car Co.,
Ltd., $107,100. z Capital stock reserve: Par value of 7% Cumul. 1st
Pref. stock, Series "B," reserved for exchange of outstanding Preference
stocks of constituent companies, $12,111,600, less par value of Pref. stock
of these companies outstanding, 511,948,800.-V. 118. p. 608.
1132
THE CHRONICLE
Corn Products Refining Co.
(Annual Report Year ended Dec. 31 1922.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1920.
1921.
Profits from operation_ _$13,978,966 $13,826,118 $9,451,410 $18,586,032
Int. on dep.,loans, &c__
688,736
1,304,710
532,227
584,220
Int. & divs, on securities
914,305
864,929
627,450
544,169
Rents, real est. not in op
1,093
1.258
Profit on secur. sold_ _ _ _
122,401
230,644
78.201
Total income.
$15,704,408 $15.453,918 310,742,374 320.436,169
Interest on bonded debt_ $136,190
$113,920
$131,682
$120,694
General, &c., taxes_ - _ _1 1,990,292 J 355,837
249,475
332,409
Federal taxes
11.400,000
4.580,000
825,000
Insurance
199,101
191,450
192,268
247,018
Preferred diva
1,749.582
1.737.890
1,737,890
(7%)1.737,890
Common dividends--(9%)4,480,560(9)4,480,560(6)2,987.040(6)2,987,040
Depredation
2,907,265 2,976,138
2,636,514
2,440,261
Special & extraord.losses
121,854
505,385
Total deductions
311,451,298
Surplus
$4,253,110
Previous surplus
29,321,254
Plant readjustmentxPatents, good-will, &c.,
charged off
16,000,000
311,255,795 39.140.946 312,703,165
$4,198,123 $1,601,428 $7,733,004
45,123,132 43,521,704 35.788,700
20,000,000
Profit & loss, surplus_$17,574,364 $29.321,254 345,123,132 343,521,704
x Patents, processes, trade marks and good-will, &c., charged off, as
authorized by the hoard of directors.
BALANCE SHEET DEC. 31.
1923.
1922.
1922.
1923.
AssetsLiabilities$
$
Real est., bldgs.,
Preferred stock. 24.826,933 24,826,933
mach'y, &c_ _a51,796,797 51,807,916 Common stock 49,784,000 49,784,000
Securities
14,286,852 14.072,049 1st Mtge. 55_ _ _ 1,875,000 1,924,000
Pats..g'd-will,&c.
16,000.000 25-year 5% debs.
19,000
133,000
Inv.la affil. cos_ 13,921,552 7,828,027 N.Y.Glu. 1st 6s
84,160
105,200
Mtges. rec., &c_
74,520
251,653 Nat.Starch 1st58
572,500
644.500
Cash
1,690,707 1,663,060 Vouchers pay_ _ 1,304.215
767,709
Demand loans_ _ 2,344,129 2,744,000 Accts. payable. 1,426,997 1.453,983
Acced Int., &a_
283,813
19,246
266,808 Accr.Int. on bds.
17,458
Notes&accts.reo. 4,439,142 4.918,897 Divs. payable__ 1,554.613 2,674,753
Due fr. affIl.coe. 9,119,850 12,013,634 Outst'g stock of
1%fdse.& supplies 7,472,826 8,389,388
8,506
7,112
merged cos...
Deferred charges
6,748,188 8,468,379
178,032 Reserves
364,350
17,574,364 29,321,254
Surplus
Total
105,794,539 120,131,463
Total
105,794,539 120,131,463
a Includes in 1923 real estate, plants. equipment. &c.. 351.627,068:
additions and betterments in course of construction. $118,247, and office
furniture and fixtures, $51,482.-V. 118. p. 43(1. 207.
Consolidated Cigar Corporation.
(Annual Report-Year Ended Dec. 31 1923.)
INCOME ACCOUNT YEARS ENDED DEC. 31)•
1322.1920.
Calendar Years1923.
Gross profit on sales_ _
$2,754,473 $3.225.653 321
.19
6
28
1.165 33,845,867
Selling,adm.& gen. exp. 1,769,896
1,226,309
1,697.867
1,428,650
Operating profit
Other income
,
3984.577 31,527.786
137,693
146,631
$739,515 $2,619,557
151,917
123,602
Total income
$1,131,209 $1,665,479
Int. on loans, discount &
miscellaneous losses
495.189
605,225
Fed. & State taxes (est.)
154.000
115.000
Inv. depr. written off_
Bal. adv. exp. writ. off_
68,189
Preferred dividends_ _ _ _
272,755
12.201
do "44" Cigar Co
12,005
Common dividends
Stock diva. on Common_
Pref. stock sink. fund_
$863.117 • $2,771,474
597,754
688,273
626.884
707,007
258.023
276.332
12.201
181,071
260.491
631.125
(15)540.000
80.000
Balance. surplus
$974,900loss$1278401
3187.223
$53,831
Prey.sur.or deficit
sur99.390 def879,287 sur379.226 sur514,966
Disc. on Pref. stock repurch. for sink. fund_
Cr.3.776
Cr.19,888
Reserve for conting's_ _ _
99,295
Adj.of Fed.& State tax_
Cr.3,793
Profit and loss surplus 8191.111
899.390 def$879,287
CONSOLIDATED BALANCE SHEET DEC. 31.
1923.
1922.
1923.
.4ssetsLiabilities$
Real estate, bides.,
7% cum.pref.stk. 3,896,500
machinery,&c _ 21,484,461 1,155,481 7% pref. stock,
Good-will, brands,
"44" Cigar Co_ _ 176,500
trade-marks,&c. 3,016,063 3.016,063 Common stock_ _ _y5,241,825
Cash
653,834
668,366 Notes payable..- 2.462,500
U. S. Govt. scour.
5,919 Accept'ace pay'le
19,231
330,000
Notes& accep.rec.
50.182 Accts. payable and
14,703
Accts.rec..less res. 2,076,441 1,959,067
accrued Habil_ _ 542,697
Loans& advances40,780
15,650 Federal & N. Y.
Adv.on mereh'dise
33,449
7,363
State tax (eat.).
67,000
Inventories
0,688,338 6.466,801 Bills payable
1,320,000
Empl.stock subecr
Insurance reserve_
52,660
18,074
Shares in and loans
Res. for conting. _
34,439
to other co's_ _ _ 106,845
106,945 Pref. stock sinking
Prof. Itk.skg.fund
fund
80,000
Deferred charges_ _ 199,929
127,119 Profit & loss carp. 191,112
the unused balance of authorizations remaining available at the beginning
of the year. there were expended $608,215. The several plants and their
equipment are in good physical condition. Depreciation charges for the
year amounted to $536,160.
The inventories were carefully prepared and valued at cost or market.
whichever was lower. The inventories are well balanced and in excellent
condition.
Foreign Subsidiaries.-Investment in securities of foreign affiliated companies has increased by $385,963, due to the payment of the balance of
25% of the increased capital of the French company of 10,000,000 francs.
authorized in 1922. and the adjustment of investment values.
The British subsidiary, Worthington-Simpson, Ltd., had a fair year, and
has paid all interest on debentures and all dividends on Preference shares.
The results of the year justify a continuance of the 5% dividend on the
Ordinary shares, which was initiated in the preceding year.
European Out
business in Continental Europe continues to
be affected by the unsettled conditions still existing there. To most these
conditions, and in order to effect economy, substantial changes in the organization for handling the affairs of the corporation on the Continent were
made during the year. The business for the year shows a material improvement over that of the previous year. Profitable malts cannot be expected
from the Continent of Europe until the political and economic conditions
there reach a more settled state. The volume of business from the Continent is considerable and will largely increase as conditions improve. In
the meantime the interests of the corporation are being looked after as
economically as is practicable.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1920.
1922.
1921.
Billings to customers_ _321,142,264 314,722.916 $17,335,854 $27,924,745
x Cost of sales
19,544.598 14,340,292 15.791,544 25,898.443
Operating profit
$1,597,666
Int. received, &c., net..
$86,187
& clivs. from invest219,998
Profit from sale of plant
equipment,&c
$382,625 $1,544,310 $2,026,302
$106,101
$99,221
$151,480
223.455
213,187
378.847
196,468
Gross income
$1,903.851 $1.057.161 31,908,977 $2,355,858
Int. on notes to U.S.,&c.
33,000
47,476
24,935
68,028
Reserve for Fed. taxes_ _
300,000
200,000
30,000
130,000
Inventory adjustment
1.999,579
Dividends on;
Class "A" pref.(7%).
391,498
391,498
391,498
391,498
Class "B" pref.(6%)619,300
619.300
619,300
619,300
Common stock
(7%)909,450(6%)747,129
Balance
$272,996
$660.052 deft131,114 dfS2,108.878
Tot. p. & I. sur. Dee.31-y34.295,793 $2,385,741 $2,516,855 $4.625,734
x Cost of sales includes all operating and maintenance charges, deprec.
of plants and equipment, selling, general and administrative expenses.
y After adding 31.250.000 released from tax reserves.
BALANCE SHEET DEC. 31 (INCLUDING SUBSIDIARIES).
1923.
1922.
1922.
1923.
Assets$
$
Liabilities,
Real estate, bldgs.,
Capital stock_ ..b20,951,000 50.051.00e
equipment,&c.a11,914,147 11,898,973 Trade accounts._ _ 642,258
398,678
Invest. In foreign
2,300
Minor. stk. at par
2,300
Mill. cos
2,387,591 2,001,627 Accr, int, on notes
27,500
27,500
Treasury stock_ _ _ See note See note Notes pay. to U.S.
U. S. securities... 2,105,771 4,102,764
600,000
Government
000,000
Mimed. securities_ 604,403
127,147
86,038
587,704 Accrued pay-rolls.
Inventories
9,567,872 7,989,376 Res. for cont. nab_ 280,145
188,383
Accts.& notes rec_ 4,437,803 4,339,914 Miscellaneous....
71,889
68,029
Miscellaneous __
29,689
21.021 Res.forFol.,&c..tax 638,280 3,004.830
Cash
1,262,766 1,420.835 General reserve..- 5,000,000 5,000,000
Net curr. assets of
158.987
Liabil. Maur. res.. 172,823
Continen'i br'ch 285,095
364,694 Surplus
4,295,793 2,385,741
Deferred charges__ 167,008
187,526
Total
Total
32,762,146 32,914,435
32,762,140 32,914,436
a Real estate, buildings, machinery, equipment, patterns, drawings,
&c., 820,712.787: deduct $8,798,640 for depreciation. b Capital stock
issued as full-paid and non-assessable under the Virginia statutes includes
Class "A" 75 Cum. Pref., authorized, $10,000,000; Issued, $5,5921133:
Class "B" 6% Cum. Prof., authorizer!, 311,000,000: issued, $10,321.671:
and Common (including balance of $300,000 returned to treasury), authorizsd. $15,000,000: issued, $12,992,149, making a total of 328,906.653.
Note.-Common capital stock in 1923 in treasury, par, $300,000,held for
special purposes subject to the order of the board.-V. 116. p. 282.
Market Street Ry., San Francisco.
(Annual Report-Year Ended Dec. 31 1923.)
174, 00
5,168.550
1.150,000
INCOME ACCOUNT FOR STATED PERIODS.
Year end.
Year end. 9 Mos. end.
PeriodDec. 31 '23. Dec. 31 '22. Dec. 31 '21.
Operating revenue
$9,809,393 $9,583,437 $7,089,944
Maintenance of way and structures
538,223
587,486
550,368
Maintenance of equipment_ _ _ _,_ _ _ _
640,930
649.487
Power (incl. disputed surcharges)- _ _ _ 1,346,159
1,123,284
1,442,410
Transportation and traffic
2,694,256
3.507,318 3,394,868
3
General and miscellaneous
811.7127
754,346
:1s
5 :sge
,
Taxes
617,100
604,200
1,591,139
Net earnings
Other income credits
$2.356,045 $2,130,392 $1,321,151
118,315
74,554
93,600
Gross income
Interest on funded debt
Depreciation
Income tax reserve
Miscellaneous
$2,430,599 $2,223,993 31,439,465
$581,668
$727,456
3745,893
320,000
320,000
320,000
153,578
33,998
48,439
-5-0:57
Net income
Previous surplus
Miscellaneous adjustment credit
31,195,567 $1,109,660
487,521
846.042
286,061
1,196
$568.797
1922.
$
3,896,800
115,000
1,320,006
10,162
80.000
99.390
Total
Total
14,360,647 13.605,042
14,360,647 13,605,042
x Real estate and bldgs.,$838,534; ess reserve for depreciation,$203,582,
and mortgages assumed at time of 'purchase, $182,807, leaving $452,145;
machinery, fixtures and equip.. $678,133; less depreciation reserve, $275..514,leaving $402,618; add premiums paid on leased machines,less amortization, 3629.698; total as above, $1,484.481. y Common stock authorized,
150.000 shares. no par value. Issued. 147.573shares, no par.-V.118, p• 555.
Worthington Pump & Machinery Corporation.
(8th Annual Report-Year Ended Dec. 31 1923.)
President C. Philip Coleman, Feb. 26, wrote in substance:
Volume of Business.-The volume of business was not maintained throughout the year at the high rate attained in the earlier months. Although a
fair volume was booked in the later months, and still continues, it was not
sufficient to take up the full capacity of all the works.
Bookings.-The bookings for 1923 amounted to 322,155.778, an increase
over the previous year of $6,057,046, or about 38%. Billings for 1923
amounted to 321,142.263. an increase over 1932 of $6,419,347, or about
44%•
Unfilled Orders.-At the dose of the year amounted to $5,611,237.
Agreement Reached with U. S. Treasury Dept. re. Tares.-During 1923 a
mutually satisfactory agreement was reached with the U. S. Treasury Department, finally determining the corporation's taxes for the years 1916,
1917 and 1918: the agreed figures being well within the reserves provided for
this purpose. This settlement released a substantial amount of the reserves
heretofore carried. After payment in full of taxes for the years above
named and adjustment of items of foreign investment, the remaining balance, amounting to 31,250,000, was added to surplus. This amount.
together with the addition to surplus from net income, increases surplus to
14,295,792, The general reserve of $5,000.000 remains intact.
Additions, &c.-During the year the directors authorized $609,857 for
additions and betterments to buildings and equipment. Against this, and
[VOL. 118.
$487,521
Gross surplus
$2.327,670 $1,598,377
Federal taxes in prior years
138,682
44,122
Int. on P. G. & E. Co. surcharge
power account
11,193
Prior preferred dividends
697,200
697,020
Refinancing expenses
50,826
Miscellaneous charges
9.466
Profit and loss surplus
31.431,496
3840.042
BALANCE SHEET DECEMBER 31.
1923,
1922,
1923.
Assets3
Railroad's property
Prior pf.6% stock.11,618,500
and franchises_ _47,369,755 47,086,837 Pref. 6% stock-... 4,9813,850
Sinking funds__ _ _ 161,350
181,410 2d pref.6% stork. 4,873,700
Inv, in securities.. 128,248
142,193 Common stock__ _10,647,400
Materials and sup1st M.5% s. 1. bit,. 9.239.550
plies
455.998
418,692 1st 6% s. t. coll.
Cash
1,042,438
894,721
trust bonds... _ 4.269,000
Special deposits... 451,915
308,800 Accts., wages,&c.,
Notes and ac271,004
payable
counts receiv._ _
65.489
39,567 Interest accrued_ _ 218,028
Accrued Interest..
2,380
1.239 Accrued taxes... _ 393,174
Insur. premiums..
17,559
18,434 Prior pref.div. pay. 15,960
Taxes paid in adv.
8,118
7.845 Def,credit items
73,031
Misc. def. items..
8.920
2,307 Depreciation res_ - 960,000
Other reserves__ _ _ 914,476
1,431,496
Surplus
Total
-V. 118,
49,712,170 49.129,845
p. 907.
Total
1922.
11,617,000
4,986.700
4,673.400
10,646,800
9,560.100
4,320.000
235,450
257.050
228,309
14,910
62,091
640,000
1,037,994
846,042
49,712,170 49,129,845
MAL 8 1924.]
1133
THE CHRONICLE
Eastern Massachusetts Street Railway.
(Report of Public Trustees Year ended Dee. 31 1923.)
The report of the trustees says in substance:
The net earnings of the seven stores wholly owned, before making provision for Federal taxes for the year ended Dec. 31 1923. amounted to
53.668,407. as against $3,213,078 for the previous year.
Inventories at the end of 1923 were at replacement costs as nearly as the
values could be ascertained-for the seven wholly owned stores they
amounted to. before deducting reserves, $8,306,812, as against $8,312,015
on Dec. 31 1922. The stocks are well assorted and in good condition.
On March 29 1923 the directors authorized the transfer of 8964.457 from
surplus to capital reserve, thereby making the sum of the capital reserw
and the capital $20,544,200. which equals the par value of the First mkt
Sec9nd Preferred stocks outstanding.
1923 wers
Earnings and Expenses.-Gross receipts from car faresofinthe
previoue
$10,006,151. an increase of $16.422 over similar receipts
by the
taken
was
year. On Sept. 1, however, the Hyde Park Districtlast four *smiths of
City of Boston with a consequent decrease during theat
June
of
end
the
Although
receipts.
gross
in
approximately $17,000
than
there was an increase over the corresponding period of 1922 of more
The usual comparative income account was given in V.
$317,000, this gain was almost entirely wiped out by the end of 1923.
year
present
the
of
revenues
In no month since June did the passenger
118, p. 910.
equal those of the corresponding months of 1922. Industrial depression
automoCONSOLIDATED BALANCE SHEET AS OF DEC. 31.
in the shoe and textile centres, increased use of privately owned
1922.
1922.
1923.
biles, and unseasonable weather conditions during the summer and fall, all
1923.
$
$
Liabilitiescontributed to this result. During the year there have been no material
I
Assets-Stated capital_ __z16,001.000 16,001,000
changes in the rates of fares. The average fare is 6 9-10 cents. installa- Net tangible assets
Capital reserve_ __ 4,543,200 3,578,740
There was a substantial increase in auto bus revenue due to the declined
stores
retail
of
25,500
60,888
tion of a larger number of busses. Interest and other income
:22,566,638 20.893,964 Reserve for exps__
owned
and
over $63,000. due to the application of large portions of reserve funds
Realty Co_ y1,861,799 1,788,838 coming. res. incl.
not show Adrico Coupon
166.993
_
166,993
taxes__
Federal
200,000
the consequent disposal of securities. other revenue items didall
200,000
Co.
sources Surety
28,539
28,592
material changes from the previous year. Total revenues from
Reserve for diva__
Assoc. Dry Goods
for 1923 exceeded those of 1922 by $42 39.
25,000 Amt. depos. with
25,000
Corp. of N. Y__
in 1923.
5,670
1.520
There was an increase of $302,423 in total operating expensesextension
co. by trustees__
Lord &Taylor capand
fuel
used
power,
of
oil
for
price
8,703,865 7,583,536
Higher wages, an advance in
3,674,951 3,518,026 Surplus
ital stock
of taxes
of auto bus operation account for the major portion. The item
Gunthcrs
G.
C.
shows a reduction of about $21,000 due to decrease in net income. A
105,000
Sons corn, stock 105,000
substantial reduction was made in fixed charges.
834,822
1,157,490
Cash
Net income for year after all charges was $878,583, a decrease of $181,259.
24,333
20,180
Treasury stock. _ _
rehabiliin
made
was
progress
Property.
-Further
of
Physical Condition
line was
29,506,057 27,339,900
tating track and roadway. The comparative expense in track and
Total
27,389,900
29,506,057
Total
$1.51.0.182 in 1923 and 51,602,198 in 1922. Track work representing
5301,547 was considered to offset depreciation to that amount and addiowned, the values
wholly
stores
goods
dry
retail
of
securities
Capital
x
tional work costing $190,407 was charged to the "rehabilitation" account. of which are based on the net tangible assets of the respective corporations
The unexpended balance of the "rehabilitation" fund is $270,549.
included):
assets
intangible
other
or
good-will
(no
in
ordered
Net Assets.
Car Equipment -Fifty now double truck passenger cars were
Tangible Assets. Liabilities.
$5,484,926
1923 for delivery in October, but only a few of these were actually received James McCreary & Co
$1,540,591
$7,025,517
6,187.358
in time to be put in service during the year. They will all be in operation Hahne & Co
960,462
7.147.820
2.355.510
early in 1924. These new cars cost approximately 5612.000.
642,948
Co
2,998,457
sgerer
He
The William
2,490,923
Power.-In Lynn the company has under construction a new rotary
634,434
3,125,358
Co
&
N.
J.
Adam
comWhen
1.676,110
converter station, the cost of which will be about $100,000.
739,947
2,416.057
Co
Powers
Mercantile
2,923,154
plete this will permit the use of purchased power and closing of the Lynn
543.226
3.466.3813
Stewart & Co
plant, with a material saving in expenses. This new equipment should be The Stewart Dry Goods Co
1,448,658
241.491
1.690.149
In use about May 1.
Wages.-By an award of a board of arbitration wages of all productive
35.303.099 $22.566.038
527,869,737
Total
hour,
per
cents
employees, numbering about 2,100, were increased 3%
The above tangible assets of retail dry good sstores wholly owned are
effective from May 1 1923 to May 1 1924. This award increases pay-rolls analyzed as follows:
about $200,000 per annum.
and U. S. Treasury notes and certificates, $4,554.374:
Cash
auto
Auto Bus Operation.-This company is now regularly operating 31
accounts receivable, after deducting $314.279 reserves,
buses which serve in a largo degree as feeders to the street railway lines.
notes receivable, $4.004: inventories of mdse., at
$6,371,503;
auxiliary
This
the
for
year
was
$148,502.
Bus equipment investment
cost or less, after deducting $448.939 special res., $7,857,872_518.787,756
service is supplied principally in sparsely settled sections where there are no Prepaid and deferred charges. incl. insur. deposits, $501.516:
heavy peak loads such as street railway cars can better handle. Receipts
loans to affiliated cos., $72,200; land, bldgs. and impots., less
on bus lines naturally are relatively small, and operation for the year shows
res.. $1,548,393; fixtures, delivery equip., &c., less res.,
and bus
a loss of about $40,000. We believe, however, that street railwayinterests
52.174,957; invest, in real estate holding cos. owning store
mutual
one
the
in
ownership
under
co-ordinated
9,081.981
service should be
premises (net of mortgages of $4,170,000), 54.784,915
both of the public and investors and to insure the stability of these types
527,869.737
of transportation in the future. Otherwise a condition bordering upon
Total
of
duplication
chaos, with intermittent jitney competition, its wasteful
The above liabilities of retail dry goods stores wholly owned are
service and consequent injustice to the traveling public and owners of street
analyzed as follows: Accounts payable, $2.715,998; accrued
railway properties appears to be inevitable.
expenses, $625,618: reserve for contingencies, incl. Federal
the
5,303,099
There was convincing evidence that public sentiment throughout
taxes, $1,911,481; mortgages on real estate, $50,000
country during the year crystallized upon the point that it is the public
522,566,638,
duty of a street railway to provide this feeder auto bus service to outlying
Balance
communities where small volume of traffic does not warrant operation of
y Includes interest accrued on income note of 8261.798.
street cars. Even if this feeder system should continue to result In financial
z Capital (amount stated in certificate filed with State Corporation
loss, providing the loss is not too great to be absorbed by the earnings of Commission of Virginia, representing properties as againts which the capital
the street railway district in which the buses are operated, we believe stock hereinbelow was issued as full paid and non-assessable and which is
that the good-will of the public will be an adequate set-off.
the full amount now outstanding). $16,001,000. against which there has
2d Pref. stock, 56.725.500: ComDividends.-The dividends inaugurated in 1922 on the First Prof. and
on been issued 1st Prof. stock, $13,818,700;
Sinking Fund stocks were continued in 1923 by the payment of 3%paid
mon stock. 514.985,000.-V. 118. p. 910. ,
Feb. 1 and Aug. 1 on these issues. In addition a 6% dividend was
15. The
on Pref. B stock Feb. 1 and 3% on the same stock on Aug.each,
paid
Consolidated Textile Corporation.
Adjustment stock received 5% in two installments of 2%%
May 15 and Dec. 1. Total dividend payments for the year were $959.852.
Report--Year Ended December 31 1923.)
Annual
(4th
and
Pref.
1st
the
on
each
3%
of
dividends
declared
The trustees have also
INCOME ACCOUNT FOR CALENDAR YEARS.
Pref. B stocks, payable Feb. 1 and Feb. 15 1924, respectively.
1920.
Readjustment Plan.-During the year considerable amounts of all classes
1923.
of securities came in under the readjustment plan announced in 1922.
1,.513 $2.310.794
23
192
$
1922.9
$335319
xProflts from operation_ 52,591.320
There are, however, a few who have not sent in their securities. It is Depreciation
238,282
150,000
635,000
543,565
highly desirable that this be done.
Interest on bonds and
Securities Retired.-During the year funded obligations of the company
620.091
1.530.572
1,724.988
1.862.288
&c
payable.
bills
to the amount of 51.000,000 were retired and canceled as follows: $300,000 Proportion of bond disSerial bonds due Jan. 1 1923:$90,000 Serial bonds due Feb. 1 1923;$479,000
153,004
131,392
count written off
Lowell Lawrence & Haverhill bonds due June 1 1923; 5131.000 Bay state B. B. & R. K. Prof. div.
200.000 y1.204,367
Equip. Trust notes due Aug. 1 1923.
div.
TextileCorp.
.
Consol
$689.000
The company elected not to exercise its option to extend
Brockton Street By. bonds due Oct. 1 1924, and provision will be made to
sur.$54,074df$2,177.871 dot.5957.058sur.$248,054
Balance
pay them at maturity.
Lease of Hyde Park Dtrision.-During the year the City of Boston took
selling and gen. expenses (and in 1922, also
adm..
z After deducting
by eminent domain that portion of the property of the company known as
-down and strike expenses), and in 1920. after provision for Federal
the Hyde Park Division and leased it to the Boston Elevated Ry. for shut
to market.
inventories
of
down
write
and
taxes
operation. The company was awarded $310.000 for this property, and it
Textile Corp. paid quarterly dividends of 75 cents a
y The
secured about $15,000 additional from salvage for power-house machinery. share ($3Consolidated
to Jan. 1921, both incl., none since.
1920
Jan.
from
ann.)
per
This taking resulted in an investment loss to the company of $326,980.
Quarterly dividends of 2% each on the 52.500.000 8% Cum. 1st Pref. stock
COMBINED FINANCIAL STATEMENT OF 17 OPER. DISTRICTS. of the B. B. & R. Knight Co.. Inc., were begun in Jan. 1290 and continued
thereafter at the same rate to and including Jan. 3 1922: none since.
1921.
1922.
1920.
1923.
Calendar Years510.006,151 $9,989,728 $10,681,350 512,374,410
Passenger revenue
CAPITAL ACCOUNT DEC. 31 1923.
286,404
56,464
36.899
122.424
rev_
other
Freight and
253,908 Capital and capital surplus, less operating deficit Dec. 31 1922_528.617.983
252,892
265.122
233.741
Rentals,advertising, &c.
4.643
280,465 Less-Net surplus adjustments for year
413,578
350,390
334,891
Interest; other income
510,712.706 $10,712,663 $11,318,265 $13,195.276
Total revenue
ExpensesWay and structures.. 51.811,203 31,879,506 81,768,078 51,973.584
1,245,257
1,874.077
1,518.279
1.395,814
Equipment
1,082,151
2,050,120
1.350.996
1,219,870
Power
2,337,344
5,006,125
2,658.888
2,461,328
Car operation
356.701
313,638
362,312
365,093
Injuries and damages_
141,051
153,961
162.588
684,810
Insurance
15,785
9,912
13,546
15,750
Law expense
105,141
79,017
77,258
68,522
Rent of tracks
247,121
246,322
263,910
293.625
General wages & exp
290.502
288,745
356,616
391,802
Misc. expenses
a Operating exp__ _ 58.060,514 57,758,090 88,454.103 512,063.648
204.017
348,750
396,823
375,505
Taxes
927.610
2,515,410
2,557.749
2,276,686
Gross income
1,623,021
1,497,956
1.588,146
1,398,152
Interest and rentals
$892,389 def.$660,536
$878,534 $1,059,792
Net income
a Operating expenses include charges for depreciation amounting to
$848,214 in 1923 and $848,753 in 1922. b 55.500 was added to the fire
insurance fund in 1923, bringing it to a total of $200,000.-V. 118, p. 793.
Associated Dry Goods Corporation.
(Annual Report-Year Ended Dec. 31 1923.)
Pres. Samuel W. Reyburn, Feb. 18, wrote in substance:
The parent
The financial condition of the company is satisfactory. indebtedness
outstanding
company and its subsidiary companies have nowhere
is owned
real
estate
instances
six
the
in
for borrowed money except
The consolidated cash account of the
and partially carried by mortgages.
cash
shows
1923
of
31
as
Dec.
company
parent
the
and
owned
stores wholly
of 85,711,and U. S. Treasury notes and certificates on hand and in banks
311922.
Dec.
for
$4,044.169
against
864, as
profits account in addition to
Lord & Taylor increased their undividedstock
and 36% on the accumupaying regular dividends on the First Prof.
(On Feb. 1 1924 Lord &
1923.
in
stock
Prof.
2d
the
lated dividends of
accumulated dividends on 2d Pref.
Taylor paid an additional 18% of the
stock which covers accumulation to Feb. 1 1921.)
528.613.341
54.074
Add-Net profit for year 1923
528.667,415
Capital and surplus Dec. 31 1923
CONSOLIDATED BALANCE SHEET DEC. 31.
1922.
1523.
1922.
1923.
•
Assets-(no
stock
Capital
33.648,458
&c.a33,741,316
bldgd.,
Land,
par, see Note b) 28,667,415 23,617,983
500,002
Good-will, &c_ _ _ 500,002
Misc. investments 2,105,619 1.716,163 1st M.8% bonds. 4,500,000 4,750.000
' 700.000
6,054,177 9,124,015 2-yr.8% notes.'23
Inventories
B. B.& R.Knight
Adv. to outside
lst pret.8% stk. 2,500,000 2,500,000
185,036
mills as invent'y 145,714
2d pref. 7% stk. 2,325,000 2,325,000
Inv.in stks. of out1st M.7% bonds 7,393,000 7.500.000
475,008
side textile cos
475,008
6,860,000 8,730,000
Accts.& notes rec. 8,323,201 8.180.213 Notes payable_ _
429,921
204,629
Cash
1,547,505 1,587,665 Acceptances
Accounts payable_ 1,815,979 1.700,013
Disc. & premiums
unamortized
1,018,158 1,137,896 Accrued interest._ 181.874
246,437 Reserve for Fedi
Prepd.ins.,int.,&e. 317,873
451,977
Org.exp.& mIscell. 355,182
taxes(1920) _ _ 135,860
Total
54,533,756 57.252,518
Total
54,583.756 57,252,918
a Land, buildings and dwelling houses, machinery and equipment, &c.,
535.496.544; less reserve. 51.755,227 for depreciation.
b Authorized capital, 2,000,000 shares of no par value; outstanding.
1,273.895 shares without nominal or par value, representing capital and
capital surplus (see table above).
Note.-The company has entered into option contract which, if completed, will involve payments in 1924 of 5190.200.-V. 118, p. 207.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
1134
THE CHRONICLE
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
New Wage Agreements.-Wheellng & Lake Erie on March 1, and Reading
RR.on March 7. have granted 5% wage increases engineers
firemen,
In agreements similar to the New York Central'stoin Januaryand
last.
Shopmen Demands Expected by Roads.-Officialsanticipate wage
increase
demand of 4c. per hour from 200,000 members of Shop Craft Union.
Present rate, approximately 73c. per hour. If demand is granted wages will
be
on same level as previous to shopmen's strike July 1 1922. "New York
Times" March 7. p. 23.
Authorized Statistics.-The Car Service Division of the American Railway
Association authorizes the following:
Freight Car Repairs.-Freight cars in need of repair on Feb. 15 totaled
164,895, or 7.2% of the ownership, an increase of 3.326 over the number
in need of repair on Feb. 1, at which time
were 161,569, or 7.1%•
Of the total number on Feb. 15, 118,888. orthere
were in need of heavy
repair,an increase of 3.057 over the number in 5.2%,
need
ofsuch repair on Feb. 1,
while there were 46,007, or 2%,in need of light repair,
an increase of 269
within the same period.
Surplus Cars.-Surplus freight cars in good repair on Feb. 22 totaled
125,177, a decrease of 2,238 cars compared with the number reported on
Feb. 14. Of the total number,51,772 were surplus
box cars in good repair,
a decrease within approximately a week of 3.090.
an increase for the
same period of 1.959 in the number of surplus coal while
cars was reported, which
brought the total for that class of equipment to 48,252. Surplus stock cars
totaled 13,941, a decrease of 89 compared with the number on Fob. 14,
while surplus refrigerator cars totaled 7,105, a decrease of 271 within the
same period.
Car Shortage.-The reported shortage in freight cars on Feb. 22 amounted
to 5,944, a decrease since Feb. 14 of 1,453. Reports showed a shortage of
1.736 in box cars and 3,152 in coal cars.
Matters Covered in "Chronicle" March 1.-(a) New high record for season
In railroad revenue freight, p. 953.
[Vol,. 118.
Carolina Clinchfield & Ohio Ry.-Earnings.-
Calendar YearsOperating revenue
Expenses
Taxes, &c
1923.
1922.
1921.
1920.
$9,257,319 $7,608,602 $7,464.112 x$6,524,754
6.653.392
5,015,787
5,320,171 x4,982,121
601,947
565.779
441,801
x365,765
Operating income_ _
32.001.980 82.027,036 81,702,140 $1,176,868
Equipment rents, &c.. _ _
707,165
837,391
790,157
1,141.848
Net operating income_ $2,709,145 $2,864,427 $2,492,297 $2,318.718
Non-operating income__
171,144
159.935
116.247
y481,275
Total income
$2,880,289 $3,024.362 $2,608,544 $2,799,991
Fixed charges, &c
1,570,411
1.586.995
1,622.117
1,914,787.
Debenture Interest
300,000
300,000
262,820
,
Net income
$1,009,878 31,137.367
8723,607
$885,224
x For ten months.
-V. 118, p. 662.
y Includes two months Government compensation.
Chicago North Shore & Milwaukee RR.-Earnings
(Including Milwaukee City Lines).Calendar YearsOperating revenues
Operating expenses
a1923.
1922.
1921.
1920.
$5,945,272 35,007,951 $4,500,805 $4,193,669
4,464,421
3.777,592
3,440,761
3.229,048
Net rev, railway oper_ 31,480,851 81,230,359 31,060,044
3964.621
Net auxiliary oper.rev.. _
11,444
8.731
6,561
Net revenue from oper $1,492.295 31,239,090 31.066,605
$964,621
Taxes
279.448
248.937
225,844
151,746
Operating income_...... $1,212,847
$990,153
$840,761
$812,875.
Non-operating income.._
26,62614,560
11,972
10,332
Gross income
$1,239,473 $1,004,713
$852,733
Altoona & Logan Valley Ry.-Bonds Offered.-New- Fixed
$823,207
charges
552,608
486,784
463.013
390,196
burger, Henderson & Loeb, Philadelphia, are offering at 72 Dividends
x158,267
y90,000
y70,000
y60,000
and int., $250,000 1st Mtge. 432% gold bonds, due Aug.
Net income
$528,598
$427,927
3319.720
*373,011
15 1933.
Profit and loss,surplus_ _ $350,237 32.390.811 31,962,881 31,643.161
These bonds are guaranteed prin. and int., by endorsement, by the
a The 1923 earnings include operation. x Represents 3% div. on the
American Electric Power Co.
The bonds are the direct obligation of the company, and are secured by 85.000,0006% Non-Cum.Pref,stock and 11,5% on the $571.700 Prior Pref
tat Mtge. on all its property, including the pledge of 97% of the capital stock outstanding. y Represents divs, on the old stock outstanding before
stock of the Home Electric Light az Steam Heating Co., which supplies the financial reorganization accomplished early in 1923.-V. 117. p. 1992.
City of Tyrone, adjoining Altoona, with heat, light and power.
The company makes the following financial exhibit, for the 12 months,
Chicago & North Western Ry.-Balance Sheet Dec. 31.ended Dec. 31 1923: total operating revenue. $1.431.960;
operating ex1923.
1922.
1923.
1922.
penses and taxes, $920.588; interest requirements on the 1st Mtge. bonds,
Assets$
$
Liabilities3
$
$182,150; balance, $329.222.-V. 117, p. 1016.
Investments - __ 501,333,548 473,710,479 Capital stock....169,953,253 169,953,283
Current assets..., 44,571,065 43,114,797 Long term debt.348,093,800 287,906,700
Androscoggin & Kennebec Ry.-Annual Report.Deferred assets_
27,960
Current Habil__ 18,141,474 19,476,588
Calendar Years-1023.
Unadj. debits_ 93,327,994 60,779,085 Deferred liabli__
1922.
1921.
1920.'
228,460
Gross income
$1.165.131 $1,236,027 81.284.674 81.157,530
Unadj. credits_ 42,827,904 39,561,673
Operating expenses
*826.044$813,381 $881,
*904,830 (Tot.(sash 5158)639,261,488 577,804,381 Corporate surp_ 60,018,577 60,706,147
Taxes accrued
54.964
63.794
52,876
31,100 V. 118, p. 1011. 459. •
Depreciation
88,000
88,000
75,000
88,000
Deductions
Chicago Burlington & Quincy RR.-Bonds Authorized.
72.259
87.748
77,279
82,712
1st Preferred dividends_
The I.-S. C. Commission on Feb. 11 authorized the company to procure
88.110
88.110
88.110
2d Preferred dividends
the authentication by the corporate trustee and delivery to the applicant
85,410
42,705
of $39,000,000 1st & Ref. Mtge. bends, and to sell $20.000,000 of said
Surplus
def.$49,655
$52,289
$69,321 bonds. Series "A," at a price or prices to net the appliacnt not less than '
$91.461
95 and int., the proceeds to be used
corporate purposes. See offering of
x Began payment of dividends on 2d Pref. stock in last half of 1922.- $10,000,000 of bonds in V. 118. p.for
905, 1011.
V. 116, p. 1273.
Chicago St. Paul Minn. & Omaha Ry.-Earning8.-
Atchison Topeka & Santa Fe Ry.-Construction.-
The I.-S. C. Commission on Feb. 26 issued a certificate authorizing
company to construct an extension of a line of railroad from a point onthe
its
main line just south of the station of'Worland in a general westerly direction
through Three Sands to a point on the west line of the northeast quarter
Section 9, Township 24 north of Range 1 west of the Indian Meridian.of
a
distance of 9.6 miles, all in Noble County. Okla. The purpose of the
proposed extension is to serve a part of the Tonkawa oil field, which now
lacks rail facilities. The development of this field began more than two
years ago. It has about 600 producing wells, and in April 1923 the total
daily output was approximately 100.000 barrels.-V.118, p. 1011. 905.
Augusta-Aiken Ry. & Elec. Corp.-Annual Report.-
Calendar Years1923.
Gross earns. (all sources)-$1,227,625
Oper. exp., incl. taxes_ _ _
731.655
Net earns, from oper-- $495,969
Int. on Ga.-Caro. Power
Co. 1st Mtge.5s, &c_
$168,850
Int. on Augusta Ry. &
Elec. Co. 1st 54
40,746
Int. on Aug.-Aiken Ry. &
Elec. Corp. S. F. 5.s.- 144.550
Int. on 5% gold notes_ _ _ _
36,138
Other interest
Amort. of debt dis.& exp..
1,860
1922.
1921.
1920.
31,114.333 $1,108,890 31.251,154
678,524
770.358
820,875
$435.808
8338,532
$430,279
$168,850
$168,850
$168,621
41,717
42,758
43,908
x144.550
30,115
2,478
1.860
x144.550
21.683
6.667
1,860
x144.550
21.683
11,703
1.860
Balance
sur$103,826 sur$46.239 def$47,836 sur$37,954
x Although charged against income, these amounts were not actually
paid out, the interest on these bonds for the years 1920 to 1922, inclu.sive,
having been funded into the 6-Year 5% Gold Notes, and the 2-Year
5%
Gold Notes.-V. 118. p. 662.
Calendar Years1923.
1921.
1922.
1920.
Gross
828,363.234 327.801,007 828.137,408 826,489,816
Expenses, taxes. &c___ _ 25,126,853 23.856,074 25,676,220 25,237,303
Operating income_ _ _ $3,236,381 $3,944.933 $2,461,188 $1,252,513
Equipment.rents, &c.,...
207,465
132,263
395,839
Cr.37,717
Net operating income.. $3,028,916 $3,812.670 $2,065,349 $1,290,230
Other income
237,705
247,108
308,629 x3,785.649
Total income
$3,266,621 $4.059,778 82,373,978 $5,075,879
Interest, rents. &c
2,642.448 2.881,849
2,659,655
2,488,209
Net income
3624,173 31.177.929 loss$285,677 $2.587,670
Preferred dividends...... _
3788.151
$788.151
$788.151
3788351
Common dividends
463.917
927,835
927.835
927,835
Deficit
$627,895
$538,057 82,001,663 sur$871,684
x Includes accrued government compensation for lease of road. &c...
V. 118, P. 549.
Colorado Springs & Interurban Ry.-Franchise.-
The company recently announced to the City Council of Colorado Springs,
Colo., that, owing to operating losses caused by the increase
in automobile
traffic, it will not apply for a renewal of its franchise.
The company has
suggested that the City take up the question of buying
company's
the
prorty_, valued at approximately 33,500,000. "Electric Railway Journal."-V. 114, p. 2468.
Connecticut Company.-Fare Increase Sought.-
The company has applied for authority to raise the rate of fare in Bridgeport (Conn.) to 8 1-3 cents. A hearing is scheduled for March 11, at
which
time petitions will be heard from New Haven, Hartford. Waterbury, Meriden, Stamford and New Britain, which seek a reduction of the 8 1-3-cent
charge put into effect on Feb. 10.-V. 118, p. 310.
Boston Elevated Ry.-Bonds Offered.-R.L. Day & Co.,
Harris Forbes & Co., Estabrook & Co. and Merrill, Oldham
Denver & Rio Grande Western RR. System.-Modifidz Co., Boston, are offering at 103 and int., yielding 5.60%, cations
of Reorganization Plan.-The reorganization man$2,098,000 6% 10-Year gold bonds.
agers, Kuhn, Loeb & Co. and Equitable Trust Co., of New
Dated March 11924. Due March 11934. Interest payable M.& S. in
Boston. Denom. $1,000 c*&rs. Legal investment for savings banks in York, announce a modification to the reorganization plan,
Massachusetts.
dated June 15 1923(V. 116, p. 2881), in order to meet some
Capitalization Outstanding upon Completion of Present Financing.
of the objections raised by the State of Colorado. The bondFirst Preferred stock
$6,400.000 holders' committees have already approved the modificaSecond Preferred stock
13,957,700 tions.
Preferred stock
3.000.000
Common stock
23,879,400
Premium on capital stocks
4.939,905
Boston Elevated Ry. bonds. including this issue
31,684,000
West End Street By. bonds
18,135,000
Purpose.-Of the proceeds 51.500.000 will be used to reimburse
the
company for money used to pay at maturity on March 1 1924 a like amount
of Debenture6% bonds. The balance will be used for new shops in Everett.
-v. 118. p. 905.
Buffalo & Susquehanna RR.-23/2% Extra Dividend.-
An extra dividend of 21 % has been declared on the 83.000.000 Common
stock, par $100, in addition to the regular quarterly dividend of
%.
both payable March 31 to holders of record March 15. Like amounts were
paid on the Common stock during the four quarters in 1923.-V. 118, p.310.
California Railway & Power Co.-Earnings.--
Calendar YearsTotal income
Net deficit after expenses, taxes, &c
Previous surplus
Total surplus
Adjustment of claims
Profit and loss surplus
-17, 116, p. 1892.
1923.
$2,486
8,999
15,648
$6,649
Dr.15,000
Def.$8,351
1922.
32.853
9,710
25,358
1921.
34,849
6,636
def67,695
$15,648 Def.374,331
Cr.99,689
$15,648
$25,358
Refunding and Improvement bonds, to the extent of $3.000,000, are to
be issued under the changed plan to provide additional
The
Missouri Pacific RR, and the Western Pacific RR. Corp.capital.
have agreed
upon the consummation of the plan of reorganization to purchase
$2,000,000
of the New Ref.& Imp. bonds provided for by the plan,and at the same time
to purchase an additional 31.000.000 of the bonds if it shall be deemed
necessary for the purposes of the new company, all of the bonds to be purchased at such prices as may be approved by the I. S. C. Commission.
The obligations of the railroad companies shall be
that is to say
each of them shall be under obligation to purchaseseveral,
one-half only of the
bonds. The purchase by one of them of its one-half
bonds shall
of
operate as a discharge of such party from its obligation tothe
advance to the
new company any part of the sum of $740.827, as provided in a letter to the
I. S. C. Commission. dated Dec. 3 1923.
The plan as modified also provides that "Until Feb. 1 1929. the Gen.
Mtge. bonds shall be Income bonds, cumulative from
Feb. 1 1924, to the
full extent of 5% per annum; the payment of the int, accruing
on the Gen.
Mtge. bonds for the period from Feb. 1 1924, until Feb. 11929.
shall not
be mandatory even if the same shall have been earned by the new company:
but if earned and available, whether prior to Feb. 11929. or thereafter, the
int. on the bonds accruing during such 5-year period (including accumulations, if any.) shall be paid to the extent that in the reasonable discretion
of the directors of the new company such payment
is not inconsistent with
due regard for the protection of the property of the new company and the
maintenance of efficient service thereon. Commencing Fob. 1 1929, int.
'Ton the Gen. Mtge. bonds accruing from and after that date shall be_a
fixed charge of the new company.
MAR.8 1924.]
THE CHRONICLE
1135
Dated July 1 1923. Due July 1 1938. Authorized 510,000,000. To be
be applied, at the option
without deduction
"The sinking fund provided for in the planinmay
the purchase of Gen. Mtge. presently outstanding. $2,500,000. Int. payable J. & J.
either
of the directors of the new company,
of
normal Federal income tax up to 2%. Denom. $1.000 and $500c*.
for
property
the
upon
expenditures
at par and
notice,
bonds as above provided, or in capital
days'
60
on
any
on
part,
int.
or
date
Mtge., and to the extent Redeemable, all
the new company subject to the lien of the Gen.
4 of 17, for each year or portion thereof of unex1'
for such capital expenditures the same shall int., plus a premium of ,
trustee.
Calif.,
to which the same shall be usedpayment
Oakland,
at
Bank,
Oakland
payable
new
pired
Int.
term.
the
of
of dividends upon stock
not be made the basis for the
and National City Bank, New York.
company."-V. 118, p. 906.
1923.
1922.
1921.
YearsEarnings Calendar
Gross earnings,incl. earns,of subsids_ $7,016,217 $7,075,537 $7,377,696
Denver Tramway Co.-Bonds Extended.5,324,354
5,052,773
at Denver *Operating exp., maint. & taxes-__ 5,268,771
Judge Robert E. Lewis of the U. S. Circuit Court of Appeals
that
securities
of $2,741,000
has authorized an extension for three years
52,053,342
in
now
plans
$2,022,764
before
$1,747,446
the
reorganization
allow
depreciation-to
earnings
Net
order
in
1,
April
due
become
150,000
Ann. int. on 1st M.bonds (this issue)
progress to be carried out.
611,209
order are $2,000.000 Denver City Ann. int, on additional funded debt..
The securities included in Judge Lewis's
TramDenver
bonds
and
$741,000
extended
6%
Mtge.
1st
Tramway Co.
$1,292,133
bonds. The former Surplus for depreciation and diva_ _
way Power Co. let Improv. Mtge. 6% extended
five years on April 1 1919
were originally 5% bonds, but were extended for
divisional
and
6%
Mtge.
Closed
11923,
let
due
April
on
interest
bonds,
$465,000
5%
annual
originally
Including
*
also
were
at 6%. The others
bonds.
were extended at that time for one year at 6%.-V. 117, p. 1235.
For the 12 months ended Dec. 31 1923 net earnings before depreciation
Detroit Toledo 8c Ironton RR.-Interest Payments.
were $2,053,342, or 13.7 times annual interest on these 1st Mtge. bonds
made on and 2.7 times annual interest on all funded debt to be presently outstanding.
Initial interest payments on investment certificates are beingcertificate
to
mailed
been
have
Checks
return.
annual
During the past eight years the annual net earnings before depreciation
12%
a
the basis ofNovember and December, which covers period from inaugura- and
applicable to bond interest have averaged $1.536.484, or over ten
holders for
will be July 1 times the annual interest requirements on this issue of let Mtge. bonds
tion of plan to Jan. 1. In the future regular interest dates
total funded
deare
but
rate,
a
bear
guaranteed
not
do
and over two times the annual interest requirements on the net
and Jan. 1. The certificates
earnings
annual
pendent on the road's financial condition and earnings. See also V. 117. p. debt to be presently outstanding. The smallest
the annual interest
times
seven
over
were
years
eight
these
during
recorded
2108.
issue
to
company
the
bonds.
authorized
requirements on these 1st Mtge.
The L-S. C. Commission on Feb. 20
or hereafter
at not less
Security -Secured by a first mortgage on all property nowstock
$242,000 1st Mtge. 50-Year 5% bonds; said bonds to be sold
and all
and interurban rolling
than par and int., and the proceeds used for corporate purposes.-V. owned, including all street railway
of this
depreciated
value
marine equipment. The present reproduction
117. p. 2108.
average prices, is about $31,900,000.
1918-1923
on
based
this
property,
equipment
marine
Federal Light & Traction Co.-Earnings.and
stock
rollmg
the
of
value
The present depreciated
1921.
1922.
1923.
Calendar YearsIs over $7,850,000, or over three times this offering of let Mtge.
$5,510.877 $5,012,490 $4,845.123 alone
Gross earnings
bonds.
3.339,972
3,284,150
three sub_
taxes_
3,425,936
and
expenses
admin.
Oper..
These bonds are further secured by pledge of the stocks of
corporations. The 26511 miles of track operated by the company
shore of
$2,084,941 $1,728,340 $1,505,151 sidiary
eastern
the
on
cities
other
Total income
and
Berkeley
662,295 directly serve Oakland,
681.039
802,413
In conInterest and discount
San Francisco Bay. the population of which is about 415,000.and
rapid
operates a frequent
comnay
lines,
the
electric
its
with
nection
$842,856
$1,282,528 31,047,301
passengers
of
number
total
Net income
84.000 trans-bay ferry service. During 1923 the
85,522
87,343
Cent.Ark. Ry.& Lt.Corp.pref. divs.
was
113,654.528.
carried
52,531
54,113
63,695
Springfield Ry.& Lt. Co. pref. diva
Capitalization.-These $2.500,000 let Mtge. bonds now to be issued
250,500
216,211
Federal Light & Traction pref. divs
will be followed by $8,951,11110 outstanding Gen. & Ref. Mtge. 5% and
common diva.,cash($3)143,182
do
do
bonds,55.872.891 outstanding 7% Cumul. Prior Pref. stock,$3.699.691
6%
in 6% pref.stock_ ($3)143,182
do
do
outstanding 7% Cumul. Pref, stock. and 53.262,500 outstanding COMM=
--V. 118, p. 1012. 550.
stock.
$706,325
$657.166
$628,920
Balance
Requests Depos.
Minneapolis & St. Louis RR.-Committee-Year
Condensed Consolidated Balance Sheet Dec. 31.
Gold Bonds
The committee for the First & Ref. Mtge. 4% 50
[Eliminating securities and accounts between companies.]
been made in
having
default
that
state
(James H. Perkins. Chairman),
1922.
1923.
1922.
1923.
1 1923. and such default having conSept.
due
interest
the
of
payment
$
a
Liabilities$
$
assetsfor the foreclosure of the mortgage
6% Preferred stock 3,693,283 3,550,000 tinued for six months, proceedings
Plant, prop., franmortgage, be com- 3,783,700 3,700,000 securing the above bonds can. under the terms of the
27,602,623 25,133,057 Common
alms,&c
time.
any
at
now
menced,
Ry. &
80,003 Cent. Ark.
stock_85,554
preference over
Inv. in other cos
claiming
creditors
proceedings
receivership
In the pending
Lt. Corp., pref_ 1,254,100 1,249,500
Cash (incl. special
the mortgage have filed claims aggregating over 87.000.000. a substantial
590,478 Spring!. Ry.& Lt.
787,251
deposits)
represents
already
committee
the
reasons
foregoing
the
For
825,000
Co. preferred_.- 918,000
505,597
Notes & fleets rec_ 674,799
not already
proportion of those bonds, and requests bondholders who have
37.5,488 Tucson R. T. Co.,
Material & supers 453,880
may be made with the
86,050 deposited their bonds to do so promptly. Deposits
86,050
common
should
Unamort. disct. on
deposited
bonds
all
and
sitaries,
sub-depo
the
cif
945,097 Bonds outstand'g_13,567,100 12,385,400 depositary or any 1923 and subsequent coupons. Depositary, Farmers'
1,104,091
debt
698,012 bear the Sept. 1
73.907 Acc'ts payable__ _ _ 554,661
lInadjust. debits_ . 136,522
& Savings
Trust
First
sitaries.
:Sub-depo
City;
York
New
Co.,
Trust
&
Loan
547,698
Acced int. & taxes 623,826
Trust Co.. Hartford, Conn.
Depr.& sund. res. 3,765,131 2,406,383 Bank. Chicago, and Hartford-Connecticut
2,598,878 2,255,584 V. 118, p. 551.
Tot.(each side).30,844,728 27,703,627 Surplus
Missouri Pacific RR.-Changes in Personnel.-V. 118. p. 1012.
Edward M. Durham Jr., formerly director of the division of liquidation
assistant
Interborough Rapid Transit Co.-Earnings.-of claims of the U. S. RR. Administration, has been appointed
to L. W. Baldwin, President of the 'Missouri Pacific RR. in place of
Net Earnings of the Interborough System under the Plan.
Month of 7 Mos. end. W. H. Fetner, who becomes chief mechanical officer of the road, with
Jan. 1924. Jan. 31 '24. offices at St. Louis.
$5.121.323 $33,204,244
J. M. Egan, recently elected Vice-President of the company, assumed
Total revenue
city
paid
rentals
and
taxes
his new duties March 1.-V. 118, p. 907.
expenses,
Operating
22,766.709
3,370,875
for the old subway
of Inter81,750,448 510,437.535
$101.967 81,541.762
Maintenance in excess of contractual provisions__
4,704,875
672,347
n .on I. It. T. let Mtgo. bonds
1,054.807
150.667
Int. on Manhattan Ry. bonds
1.308.520
187,578
Int. on I. R. T.7% Secured notes
128,554
23,007
notes
I.
R.'I'. 07 10-Year
Int. on
40,320
7.000
Int. on Equipment°Trusts
340.511
47,030
Miscellaneous income deductions
New Orleans Texas & Mexico Ry.-Sale
national-Great Northern RR. Approved by Stockholders.-
See International-Great Northern RR. above.-V. 118. p. 907. 794.
Central RR.-Belt Line Case Remanded for Trial.-
N. Y.
of the lower
The U. S. Supreme Court on March 3 reversed a decision
of the Chicago
court in the case involving control by the New York Centre/
terimportant
two
RR.,
Indiana
Junction Ry. and the Chicago River &
that the
minal lines in the Chicago district. The lower court had held
had
carriers
complainant
other
and
Erie
Baltimore & Ohio, Pennsylvania.
Earns, without deducting sinking fund on the I. R.
no "suable interest" in the question involved, and therefore refused to hear
T. let Mtge. Ss which, under the plan, does not
merits.
its
on
the case
become operative until July 1 1926, but which
to the
The effect of the Supreme Court's decision is to send the case back in
must be deducted from earnings of the system
the
whether,
Federal District Court for determination of the question
before arrving at the sum available for dividends
order
the
preceding
Commission's
Commission
$560,832 81.318.187 hearing before the I.-S. C.
on Manhattan stock
of the terminal lines, facts
allowing the New York Central to acquire control
Dividend rental on $60.000,000 Manhattan stock
1.400.000 had been presented justifying the Commission's order. The Supreme Court
200,000
at 4% per annum
did not pass directly upon the merits of the Commission's order.
51360,832 def$81,812
Balance
The law department of the NeW York Central, in a stateReconciliation with Report to Transit Commission.
$194,435 ment commenting on the decision, says:
$231,807
Net corp.Inc. as reported to Transit Commission
1,541,762
101,967
Maintenance in excess of contractual provisions_ _ _
In the proceeding brought by the competitors of the New York Central in
the Federal Court at Chicago they alleged that there was no evidence in the
$179.839df$1,347,327 record before the Commission to support its order. In the form in which
1,265.514 the case came before the Supremo Court, which was on a motion to dismiss
180,993
Deferred sinking fund (accrued but not paid)- _ _ _
the bill in equity filed by the appellants, this allegation was necessarily
def$81,813
balance
$360,832
above
Equals
admitted for the sale of the hearing. The result of the Supreme Court's
Court at Chicago on
Note.-Prom the commencement of operations under Contract No. 3 decision will be to send the CaSO back to the Federal
record before the Comand the related certificate respectively, it has been the practice to include the point of whether there was any evidence in the aside the order of the
in all reports of operating expenses 14% of the gross operating revenue mission to support its order. The court did not set
upon the Manhattan Division and 17% on the Subway Division, to cover Conamission."-V. 118, p. 794. 664.
maintenance and depreciation. These are the percentages fixed for the
New York Chicago & St. Louis RR.-Equip. Trusts, &cfirst year of operation in each case. Negotiations have been pending
The I.-S. C. Commission on Feb. 19 authorized the company to assume
between the company and the Commission ever since the end of the first
certificates
year to determine what, if any, changes in these percentages should be obligation and liability in respect of $2,865,000 Equip. Trust
under an agreemade for subsequent years. Prior to the commencement of the current to be issued by the Union Trust Co. of Cleveland, Ohio.p.
907).
118,
V.
in
offering
(see
fiscal year the amount expended in excess of 14% upon the Manhattan ment to be dated March 1 1924
The Commission on Feb. 26 authorized the company to pledge and rewas approximately offset 13y the amount under 17% expended upon the
Prior
Subway Division. But during the current year there have been and will pledge all or any part of $125.000 Toledo St. Louis & Western RR.as
colcontinuo to ho expenditures upon both divisions considerably in excess Lien 33i% gold bonds, from time to time, until otherwise ordered,
issue.
may
it
which
for
excess
the
first
year.
Such
provided
notes
certain
percentages
for
tentative
security
lateral
the
of
inthe
in
increase
an
approving
on
4
The stockholders will vote April
expenditures are largely the result of deferred maintenance in recent years
the changes in the value of the dollar and the uneconomical methods of debtedness of the company by the execution and delivery of a new mortgage
trustee.
the
part
as
of
shoes,
city
the
to
Co..
on
furnish
Trust
delays
by
caused
work
Guaranty
to the
doing the
It Is stated that the now mortgage will be a blanket mortgage covering the
yards and other facilities required by the agreements with the city. The
expenditures for maintenance in excess of tho amounts therefor, included former properties of the Old Nickel Plate, Clover Leaf, Lake Erie & Western
paid
city
old
for
the
subway,' and two small subsidiaries. The mortgage, it is said, will be drawn so that
in 'operating expenses, taxes and rental
become legal for the investment
are shown hereinabove as "maintenance in excess of contractual provisions." the bonds issued thereunder may eventually
794.
of savings banks in New York State. The mortgage will also provide for
-V. 118, p. 1012,
the issuance of bonds in series and at different rates of interest, &c., in the
International-Great Northern RR.-Sale Approved.- discretion of the directors to meet fluctuating conditions in the investment
At a meeting of the holders of voting trust certificates representing market.-V. 118. p. 907, 794.
Common stock held March 1 the plan for the sale of the 74,991 shares of
New York New Haven & Hartford RR.-Branch Line.Common stock of the company to the Now Orleans Texas & Mexico R v.
the
The I.-S. C. Conunission on Feb. 25 issued a certificate authorizing
at a price of $31 a share was unanimously approved. Voting trust cerif
of
the
the
at
shares
stock
were
more
voted
than
64,000
to abandon a portion of a branch line of railroad in New Haven
company
representing
rates
point
a
to
East
Waterbury,
Farms
station,
from
extending
Coont v,('onn..
ineeting.-V. 118. p. 1012.
Loon ft. west of West Main St. Bridge No. 2.69, Meriden, a distance of
Key System Transit Co., Oakland, Calif.-Bonds 11.78 miles.-V. 118. p. 551. 203.
Offered.-The bankers named below are offering at 991A
Norfolk & Western Ry.-Preliminary Report for 1923.ml-ry r r. r sin bri,t:
and int. $2,500,000 1st Mtge. Sinking Fund 6% Series "A" A warels 1, quip. Trusts.=-Th
In 1923 railway operating revenues amounted to $95,591,682 (1922, 590,bonds.
$68,052,804); and net railway
expenses were 572.598,871 (1922.
Bankers Making Offering.-E. H. Rollins & Sons. National City Co., 352.887);
operating income, after deducting 53.22.5,000 for taxes and 526.172 for onAmerican Securities Co., Mercantile Securities Co. of Calif., Blyth, Witter collectible railway revenue, and 'including hire of equipment and joint fa& Goodwin & Tucker, Inc.. Peirce.
Bond
Bank.
Oakland
After
the
&
cility rents. $3,267,227. was $20,008.866 (1922. $18.590.689).
CO.'
& Co., Wm.Cavalier & Co., Anglo London Paris Co., Central National adding other income and deducting interest on funded debt and dividend on
Fair
Bank of Oakland.
1136
THE CHRONICLE
Adjustment Preferred stock, an income balance remained of 815,207,334
(1922. $13.635,297). Dividends aggregating 8% and amounting to $10.327,617 were paid on the Common stock.
Funded debt outstanding decreased during the year $1,544,900. Common stock increased during the year $1,167,400.
At Dec. 31 1923 funded debt represented 40.17 of outstanding capital
obligations and capital stock 59.9%. Investment in road and equipment
increased $5,956,658.
The company awarded $12,000,000 43% Equip. Trust Certificates maturing semiannually to 1934. to the following banking group: Kean, Taylor
& Co., Roosevelt & Sons, National Bank of Commerce of New York. and
First National Corp. of Boston. at 96.773. This is a basis of approximately
5.22%. The I.43. 0. Commission authorized the sale of the Equipments
at not less than 95.-V. 118. p. 552.
North Carolina Public Service Co., Inc.-Pref. Stock
Offered.-Pynchon & Co., New York, are offering at $91
per share 15,000 shares (no par value) Cumul. Pref.(a. & d.)
stock. Annual divs., $7 per share. (See advertising pages.)
Seaboard National Bank, New York, transfer agent; Chase National
Bank. New York. registrar. Dividends payable 14.-M. Callable as a
whole only. All of the Pref. shares, hut not a part, may be called for
redemption on any div. date on 30 days' notice at $110 per share and divs.
Whenever at any one time, four quarterly divs. payable on the Prof. stock
shall be in default. Prof. stockholders shall be entitled to vote. Company.
with the consent of the holders of not less than two-thirds of the outstanding
shares of Pref, stock and the consent of the holders of not less than twothirds of the outstanding Corn. stock, but not otherwise, shall have the
power from time to time to increase the authorized stock of any class and
with like consent to create other Pref,stock with such preferences,rights,&c.
as may be determined.
Data from Letter of President W. S. Barstow, Feb. 20.
Company.-Has been incorp. in North Carolina to acquire all of the
properties, rights, franchises and other assets of the North Carolina Public
Service Co. These properties include the plants distribution systems and
business of the former Greensboro Electric Co.:Greensboro Gas Co. and
High Point Electric Power Co.. and the gas plant and distributing mains
and electric railway system in High Point, as well as a lease of the Salisbury
& Spencer Ry.(V. 112, p. 2749). which was formerly that of the Salisbury
Light & Power Co. and the Salisbury Gas & Electric Co. In addition.
company will own 92% of the entire Capital stock of Salisbury & Spencer
By.. whose property it will operate under the lease. Total population
served. about 125.000.
Value of the property made as of Dec. 31 1923 is more than $2,250,000
In excess of the entire outstanding funded debt.
Franchises.-Companies operate under satisfactory long term franchises,
none of which expires before 1936.
Earnings (Including Subsidiary Company).
Calendar Year-'
1921.
1922.
1923.
Gross earnings
31,1351354 $1,233,987 $1,419,148
Operating expenses and taxes
802,594
882.353
967,854
Interest charges
181,775
x200,140
189,886
[VOL. 118.
Add-Proportion for 1923 of charge ler Champaign elevator
resold for $140.000 as per agreement
Deficit for year 1923
20,000
553,811
Balance due C.C.C.& St. L. By.Co.on oper. acct. Dec.31 '23
Accrued depreciation and property replacement account held by 3904.234
C. C. C.& St. L. Ry. Co
$960,596
a Int. on (1) $8,500,000 1st Cons. Mtge. bonds, 4%.
$340,000: (2)
8947.5001. B. & W. By. 1st Prof. Mgte. bonds, 4%.
$37.924;(3) $500.000
0. I. & W. By. 1st Prof. Mtge. bonds. 5%,$25,000:(4)
$50,000 note due
0.0.C.& St. L. Ry. Co., 5...$2,500.
[See also statement covering the 11 months ended Nov.30 in V.
.1
The foregoing statement, it is stated, has been looked over 118,p.664
by a large
number of the income bondholders and stockholders. who, it
is said, have
expressed themselves very much dissatisfied with the operation
of the road
by the "Big Four.
It is likely that some action will be taken
income bondholders and stockholders against the "Big Four," who by the
demand
an equal vote in the corporation's affairs and for a change in
the operating
contract.
Income Account Year ended Dec. 31.
1923.
1922.
1923.
RevenueS
$
Freight
3 413,467 3,086,693 Net rev,from ry. op- 578,178
Passenger
781,929 761,172 Railway tax accruals 177,806
Mail and express__ .._ 205,977 193,377 Uncollectible ry.rev_
493
Other revenue
95,911 Equip.rents(net).._ _ 441,377
92,795
Incidental
44,392
29,075 Joint tacit. rents(net) 63,641
Joint facility
16,342
12,670
Net ry. oper. def.. 105,230
Tot. ry. oper. rev-4,561,564 4,178,898 Non-oper.income... 315,401
ErpensesMaint.of way &Ante. 802,116 640,018
Gross income
210,170
Malin.ofequipment 1,139,942 1,049,956 Rent for leased roads Cr.178
Traffic
66,407 Int.onfund.&unf.dt. x400,832
62,102
Transportation
1 848,676 1,717,970 Other deductions
43,981
Miscellaneous over
809
General
136,611
129,048
Net deficit
234,466
Transp.for inv.-Cr.
6,062
135 Sink.& other res. fds.
5,375
Invest.In phys. prop. 238,363
1922.
$
574,555
206,751
496
390,146
62,264
85,103
297,236
212,134
322
401.086
25,817
215,092
5,425
28,409
Tot.ry. oper.exp _3,983,386 3,604.343
Balance, deficit_ _ _ 478.202 248,926
x Includes 837,924 iM. on I. B. & W. By. 1st Prof. Mtge.
4s: $25,000
int. on I. 0. & W. By. 1st Pref. Mtge. 5s; $335,040 int.
on P. & E. By.
1st Cons. Mtge. 4s; 32.500 int. on C. C. C. & St. L. Ry. Co.5%
note; $345
int. on Cent. Grain Elevator 5% bonds and $31 int, on unfunded
debt.
Balance Sheet Dec. 31.
1922.
1923.
1923.
1922.
AssetsInv.In rd. de equip.19,574,920 19,546,297 Capital stock
9,994,200 9,994,200
Sinking fund Inv__
12,992
9,524 Stk.liab. for conv.
5,000
5,000
Misc. phys. propMortgage bonds
9,823,500 9,825,500
erty investment_
8,127
8,104 Income bonds
4,000,000 4,000,000
Inv.in affil. cos.:
Non-negot.debt to
Stocks
125,000
125.000
affiliated cos.__
964,237
410,423
Balance
8161.749
' .3150,985
$251,154
Bonds
5,050,000 5,056,000 Funded debt maAnnual dlr. requirements at $7 per share on 15.000 shares
Deferred assets.,.
1,334
1,302
tured, unpaid__
1,000
1.000
Cumulative Preferred stock
$105.000 Rethe't & doprec.
Acer.depr.(equip.) 334,942
411,499
x Annual interest charges on the entire funded debt of the new coutpany
of equipment_
960,597
827,405 Add'ns to prop'ty
and its subsidiary, to be outstanding upon completion of this financing, P.& L. deficit_ __ _ 620,823
61,159
through income
will be $217,325.
and surplus..,,1,068,933
830,571
CapitalizationAuthorized. Outstanding.
Total(each side)26,353,792 25,634,792 Sink,fund reserves 161,982
156,608
1st Lien & Ref. Mtge.6)'s,1944$880,000
Directors -Edward P. Glennon and George Hannauer have been elected
1st & Ref. Mtge. 55, 1934
$3.5g0,000 y2,371,500 directors for a period of three years,succeeding themselves-V.
118. p.664
Salisbury & Spencer By. 1st Mtge. 5s, 1945
1.000,000
831,000
Preferred steel( (this issue)
100,000 abs. 15.000 abs.
Philadelphia Baltimore & Washington RR.-Bonds.Common stock
100.000 alas. 30,000 shs.
The I.-S. C. Commission
x Bonds may be issued under this open series mortgage only to refund $10,000,000 Gen. Mtge. 5% on Feb. 21 authorized the Company to issue
bonds, Series B. said bonds to be delivered at
the issues due 1934 and 1945, and for not to exceed 8.0% of the cost of par to the Pennsylvania
additional properties or additions and betterments to the present property. tions and betterments RR.in settlement of certain expenditures for addi
and
in
exchange for certain other bonds.
y An additional $880,000 face amount of these bonds (or cash) are to be
The Commission also authorized the Pennsylvania RR.to assume obligapledged with the trustee under the 1st Lien & Ref. Mtge.
tion and liability, as lessee, in respect of said bonds: said bonds to be sold
Managsment.-Company
will be controlled by General Gas & at not less than 96 and int, for the
Control &
purpose of reimbursing its treasury for
Electric Corp., through ownership of the entire outstanding Common expenditures
made upon the property of the Philadelphia Baltimore & Wash
stock and the properties will be under the management of the W.S. Barstow
RR. See offering in V. 118. p. 665.
ington
Management Association. Inc.. N. Y. City.-V. 118, v. 1012, 795.
Northern Ohio Traction & Light Co.-Ordinance.For full text of ordinance under which the company resumed street car
and auxiliary motor bus service in Akron, Ohio. see "Electric Railway
Journal" of March 1, page 334. See also V. 118, p. 1013.
Ottumwa Railway & Light Co.-Sale.
The Ottumwa Traction Co., incorporated in Delaware on Jan. 7 1924,
was formed to take over the company's street railway properties. The
electric and steam heating properties have been taken over and are being
operated by the Northern Staten Power Co.of New Jersey.-V.117, p.2770
Ottumwa Traction Co.-New Company.See Ottumwa Railway Sr Light Co. above.
Peoria & Eastern Ry.-No Interest on Income BondsEarnings for 1923.-At a meeting of the directors Feb. 29
the following resolution was adopted:
Resolved. That the statement of earnings, expenses and deductions from
income for the 12 months ended Dec. 311923.showing a deficit of$553.811.
to which should be added $20,000 under the agreement relating to the Champaign elevator, making a total deficit for 1923 of $573,811, which, together
with $330,423. the balance due the Cleveland Cincinnati Chicago &
Louis Ry. on operating account as of Jan. 1 1923, makes a total owed that
company of $904,234, be, and the same is hereby, approved; and the directors have ascertained and hereby declared that thtre are no earnings
and income applicable to the payment of interest for the year 1923 upon
the Income bonds of the company.
Statement of Income and Deductionsfrom Income. &e.for Calendar Year 1923.
Statement submitted to Trustee of fncome bonds by C. C. C. & St. L. Ry.1
Railway open revenues__ -$4,561,563 Net railway oper. deficit. _ $105.231
Railway oper. expenses___ 3,983.386 Non-operating income ___
83,763
Net revenue from railGross income (loss) _ _ _ way operations
$578.177 Deductions
Railway tax accruals
$177,897
Uncollectible ry. revenues
Net deficit
493
Equipment rents-net___
and
441,377 Additions
betterJoint facility rents-net__
ments
63,641
Total
Deficit
$683,408
Deduct-Incomefrom open of Springfield Div. due from C. C.C.
& St. L. By.Co.as per agreement, being an amount equivalent to 4% int. on 85.000,000 purchase money lien covering
line. Springfield, Ohio. to Indianapolis. Ind
Interest on P. & P. U. Ry. Co. Debenture bonds
Interest at 6% on $475.796 balance due P. & E. Ry. Co. from
C. C. C.& St. L. By. Co. as ofJan. 1 1923
Balance, deficit
Add interest on bonds and notes
$559,811
6.000
Deficit
$553.810
Balance due C.C.C.& St. L. By.Co.on oper. acct. Jan. 1 1923- $330,423
Pittsburgh Youngstown & Ashtabula Ry.-Bonds.-
The 1.-S. C. Commission on Feb. 21 authorized the company to issue
$690,000 1st Gen. Mtge. 5% bonds. Series B. to be delivered to the Pennsylvania RR.at par In partial settlement of expenditures made for additions
and betterments to its property.
The Commission also authorized the Pennsylvania RR. to assume obligation and liability, as lessee, in respect of said bonds; said bonds, together
with $3.789,000 of such bonds, to be sold at not loss than 96% of par and
accrued interest for the purpose of reimbursing its treasury for expenditures
made upon the property of the Pittsburgh Youngstown & Ashtabula
By.
See offering in V. 118. p. 665.
Poteau & Cavanal Mountain RR.-Stock.-
The I.-S. C. Commission on Feb. 20 authorized the company to issue
$80,000 Common stock, par $100. See also V. 117, p. 1347.
Southern Railway.--Balance Sheet Dec. 31.-
AssetsInvest't in road.3541,2
066%36
do Equip't _107,617,149
Funds for constr 18,589,406
Proceeds ir. sale
of mtged. prop
684,147
Misc. phys.prop 1,010,020
Inv in still.cos.:
Stocks
35,147,262
Bonds
24,935,973
$21.468
4,674,201
44.171
A
Nd6vtes
ances
_ 2,817,504
Other investls:
$65,639
ks
B
Stooncds
93,808
2,429,003
238,384
Notes
120,893
Adv
of fdodripenqr
$304,023
•
Cash
9,975,262
U. S.Treas.notes 9,084,188
Special deposits_ 2,824,975
3200.000 L'ns & bills rec_
34,968
2,675 Traffic & car bal 1,765,847
Bal. due fr. acts.
92,330
28,518 Misc, accts. re& 6,375,646
Material & SUM> 17.194.735
$72,830 Int. & divs. rec_
632,556
a405,424 0th.curr. assets
256,119
Deferred assets_ 1,235,062
$478,224 Unadjust.debits 4,214,445
Deficit
Adjustment for Year.-(a) Debits-Los.s on retired road and
equipment, 888.826; xnaint. expenses disallowed by I.-S. C.
Commission in final settlement for guaranty period, $67.665;
miscellaneous. $809: total debits. $157.301. (b) CreditsProfit from sale of land, $40,732; unretundable overcharges.
$2.174; under maintenance allowed by Director-General of
Railroads for period of Federal control. 1132,145: unclaimed
wages (1917). $617; miscellaneous. 845;total credits, $75.714_ _ dr 81.587
Deficit
Deduct-P.&P. U. Ry. Co. Debenture bonds retired
Philadelphia Co.--Tenders.The Provident Trust Co., Philadelphia, trus:ee, will until April 2 receive
bids for the sale to it of 1st Mtge. & Coll. Trust 5% Gold bonds, dated
March 1 1899. to an amount sufficient to exhaust $113,791 at a price not
exceeding 107,ti and interest -V. 118, p. 1013.
1922.
192 .
LtabtlltLea$
351,338,736 Common stock_ 120,000,000
94,940,840 Preferred stock. 60.000,000
Stock trust ctfs_ 5,650,200
Funded debt__ .259,213.500
456.650 Equip.trusts._ _ 26,049,400
1.005,461 Govt. grants_ __
214,150
Trait. & car. hal 1,850,847
35,224,659 Audited accts. &
25,936,072
wageasecptasy
15:9 96:7 97
4,448,897 Misc.
pay 1,515,220
4,119,201 Int. matured.. 2,794,119
Dlys. matured__
1.625
93,908 Fd. debt mat'd_
29,581
2,643,913 Unmat.clivs.mer
56,602
193,836 TJnmat. int. accr 2,249,561
Unmatrentsseer
311,153
5,921,847 Expenses accr'd
14,158,943
not voucher'd 2,058,379
Other cur.lib. 1,470,944
2,885,449 Deferred liab___ 2,147,183
29,153 Vend'. credits:
1,578,432
Taxes
'2,465,064
155,170
Insurance res. 1,300,658
8,477,471
Oper'g reserve 1,199,542
12,374,603
Deprec.accr.on:
1,052,518
Rail leased
438,665
129,776
other cos.
1,180,510
Eq. owned_ 24,831,995
4,625,367
do Leased
570,736
Sued, items 4,111,933
App'd Surplus_ 3,003,012
Prof.& loss., bal 67,545,555
Total
606,772.436 573,280,3511
-V. 118, p. 1013. 908.
Total
1, 0
20
2..0011
1201°5
60,000,000
5.650,200
239.213,500
22,416,600
214.550
2,137.153
14,956,708
1,545,733
2,816,453
6,193
7,123
1
1,90
6562
323,947
1,736,243
1,348,646
1,614,778
1,899,764
1,279,450
1,339,827
144,145
25,325,089
622,125
4,769,753
1,831,126
60,061,353
606,772,436 573,280,351
St. Louis Southwestern Ry.-Equip. Trusts Offered.Harris, Forbes & Co. are offering at prices ranging from
100.49 and div. to 103.10 and div., to yield from 432% to
5.20%, according to maturity, $1,800,000 Equip: Trust
5% Gold certificates.
MAR. 8 1924.]
THE CHRONICLE
1137
Dated Mar. 1 1924. Maturing in equal semi-annual installments of
Oil Production, Prices, &c.
$60,000 from Sept. 1 1924 to Mar. 1 1939, both incl. Dividend payable
The statistine regarding gross crude oil production in the United States,
M. & S. Denom. $1,000 each c*. National Bank of Commerce, New compiled by the American Petroleum Institute and formerly appearing
York, trustee. Issued under the Philadelphia Plan. Principal and inter- under the above heading, will be found to-day on a preceding page.
est unconditionally guaranteed by endorsement by the company.
Prices, Wages and Other Trade Matters.
Secured on 1,000 steel underframe box cars of 80,000 pounds capacity,
costing not less than $2,400.000. The company will pay 25% in cash. So
American Brass Co. Advances Prices.-All brass products and seamless
that these Equipment Trust certificates will represent only 75% of the cost tubes, Sic. per lb.: copper seamless tubes,
bars and insulated copper
of this equipment.
wire and all other copper products, lee. "Boston News Bureau" March 4,
Issuance.-Approved by the L-S. C. Commission.-V.118, P• 1013. 552. P. 1.
Anaconda Copper Co. Curtails Operations.-See under that company below.
, Salisbury & Spencer (El.) Ry.-IV'ew Control.Box Makers in New York City Demand Increased Wages.-The demands of
See North Carolina Public Service Ca., Inc., above.-V. 112, p. 2749.
the Paper Box Makers' Union include increases of wages from $2 to 37,
according to grade of work, and in addition a reduction in the number of
United Gas & Electric Corp.-Dividend.hours per week. "New York Times" March 3, p. 6.
The directors have declared the regular quarterly dividend of l3.% on
Ironworkers' Association in Pittsburgh Refuse to Grant Higher Wages.the Preferred stock, payable April 1 to holders of record March 15.
Ironworkers receive $10 a day but demand $1 increase on expiration of
Upon presentation and surrender of their respective shares of old 1st Pref, agreement March 1. Master Ironworkers' Assn. (of employers) refused to
stock or scrip certificates issued for fractional shares of Preferred stock, grant increase. "Wall Street Journal" March 4.
after the close of business on March 15. there shall be paid the quarterly
Matters Covered in "Chronicle" March 1.-(a) Four Knight textile mills
dividend upon the full shares of Preferred stock, issuable to them on such to resume-southern mills curtail. p. 956.
surrender and exchange, together with dividends thereon at the rate of 5%
(b) Organization of azriculttral securities corporation to assist in financial
per annum for the period from July 20 1923 to Jan. 1 1924.-V. 118, p.86.
relief of Northwest, p. 957.
(c) N. Y. Stock Exchange expels John Parson of Farson, Son & Co.,
United Light & Railways Co.-Exchange of Securities, &c p.958.
The stockholders are informed that the offer of the United Light &
(d) F. Nash & Co., Montreal, assign, p. 958.
Power Co. (of Maryland) to purchase all of the property and assets of the
Acme Harvesting Machine Co., Peoria, 111.-Sale.
company and to assume all of the mortgage and other indebtedness and to
obligate itself to pay all of the debts when due, principal and interest, has
The plant will be sold by order of the IL S. District Court March 10.been accepted and proper instruments of transfer have been delivered to V. 117. p. 1350.
United Light & Power Co.
All America Cables Co.-Meeting Adjourned.The company has now available for distribution shares of Class "A"
• Pref. stock, Class "B" Pref. stock. Class "A" Common stock and Class
The special stockholders' meeting has again been adjourned until Mar.20.
"B" Cenunon stock of United Light & Power Co.received in !payment -V. 118. p. 796. 666.
for the property and assets of United Light & Railways, and also optional
purchase warrants entitling, Common stockholders of the company to
Alvarado Mining & Milling Co.-7'o Reduce Capital.acquire additional Class "A' Common stock on or before Dec. 31 1925 at
The stockholders will you March 12 on reducing the autnorized Capital
335 per share. The officers are ready to exchange the above mentioned stock from 1,200,000 shares, par $20, to 400,000 shares. par $20. The
stocks and warrants ofthe United Light& Power Co.for the stcck of United company at present has issued 350,000 shares, of which 6.6011 shares are in
Light & Railways.
the treasury and 343,391 shares are outstanding -V.117, p. 1464.
Basis of Erchange.-The United Light & Power Co. securities will be
Issued in exchange for United Light & Rys. Co. stock as follows: (a)
American Agricultural Chemical Co.-Financial Con1 share Class "A" Prof. stock for each share of 1st Pref. stock: (b) 2 shares
Class "B" Pref.. or (at the ontion of stockholder) 1 1-10 shares Class "A" dition..-Chairman R. S. Bradley has issued the following
Pref. for each share of Participating Pref. stock; (c) 3 shares Class "A" statement:
Common and 2 shares Class "B" Common and Purchase Warrant entitling
The financial condition of the company strong, as shown by the stateholder to purchase 1 share Class "A" Common stock at $35 per share for ment of current assets and liabilities as of is
Dec. 311923. which follow:
each share of Common stock.
Current AssetsEarnings (Including Sub. Cos.) Year Ending Dec. 31.
Cash
$1,345,000.
Liberty bonds
43,000
1922.
1923.
890,000
Gross earnings (all sources)
$12,562,877 $11,826,644 Company bonds purchased in anticipation of sinking fund_ _ _ _
19.548,000.
°per. exp. (incl. maint., gen. & Income taxes)_
8,246,233 7,991,506 Accounts & notes receivable, after reserve
Inventories (cost or market, whichever is lower)
18,055,000
Net earnings
$4,316,645 $3,835,138
Total current assets
$39,881.000
Int. & Pref. div. charges, subsidiary cos
593,877
825,477
Current LiabilitiesAccounts payable and accrued taxes
$1.365,001)
Balance
$33,722,768 $3,009,661 Notes
payable (none of these to the company's banks)
697,000
Security charges. United Light & Rys. Co
1,090,360 Acceptances
1,532,236
193.000
Dividends 1st Preferred stock (6%)
606.773
606.481 Accrued interest on bonds
984,000
Dividends Participating Preferred stock
120,050
.271,940
Total current liabilities
$33,239,000
Balance of current assets over current liabilities
$36,642,000
In the annual report of June 30 1923 the board set aside for doubtful
receivables an amount which seemed sufficient for possible losses, but
collections of past due receivables in the South having been disappointing
Virginia Railway & Power Co.-Earnings Statement.board has under consideration setting aside still larger reserves on
Calendar Years
6 mos. end. the
uncollected receivables of 1921 and previous. Even with such additional
1922.
1923.
Dec. 31 '20. reserves
1921.
deducted the ratio of current assets to current liabilities as of Dec.
Gross earnings
$10,508,608 $9,513.096 $10,173,334 $5,314,034
1923 was about 11 to 1.
Operating expenses
5,600,020
5,202,659 6,457,262
3,577,154 31Net
capital assets Gee. 31 1923 (after deducting $9,263,000 as reserves
depreciation and adjustment of property values) were $45,723,000, and
Net earnings
$4,908,588 $4,310,437 $3,716,072 $1,736,880 for
current and capital assets combined were $82.365,000.
Other income
263,122
72,606 net
236,035
235,457
Bonded indebtedness on Dec. 31 1923 was $35,012,500, which through
the retirement of bonds for the sinking fund has since been reduced by
Gross income
$5,171,710 $4,546,472 $3,951,529 $1,809,486 $1,274,000,
leaving net funded debt March 1 1924 $33,738.500.
Taxes and licenses
739,666
328,653
668,589
698,112
Operating results for first half of fiscal year to Dec. 31 1923 showed
Interest on bonds
481.700 improvement
990,522
063,052
963,804
those of corresponding period of previous year. Though
Miscellaneous interest_ _
37,525
45.564 competition isover
51,084
95,894
severe and prices unstable, company is holding its share
Sinking fund payments_
168,785
64,386 of the spring's still
168,785
168,785
business.
Rentals
336,504
183,664
335,828
332,715
Hayden Stone has been elected a director and member of the executive
Direct charges
255,067
38,813
193,343 committee.
92,472
-V. 117, p. 1558.
Surplus for year
$2,643,639 $2,319,568 $1,600,499
$512.176
American Bank Note Co.-Combined Income Account.
Previous surplus
642,767
1,783,437
1.301,071 a1,587.689
Calendar Years1923.
1922.
1921.
1920.
Net profits
02,280,713 $1,992,861 $1.523.496 $3,072,035
Total surplus
$33,286,406 $44,103,005 $2,901.570 $2,099,865 Depreciation
292,024
289,102
189.754
Preferred dividends_
181,826
(z)
(6)537,738 x(6)507,738 x(6)479,952
Depreciation reserve- - _ 1,480.345
1.422,500
318,842
610,400
Balance
$1,988,689 31,703,759 $1,333,742 $2,890.209.
Adjustment reserve_
y1,500,000
Miscellaneous income_ -- y155,370
200,346
451,940
175,079
Balance, surplus
$806,062
$642.767 $1,783,437 $1,301.071
Total
$2,144,059 $1,904,104 $1,785,682 $3,065,288
a $498,914 transferred to surplus of City Gas Co., which co.'s. acct's had Miseint&
sundry deduc.
$37,031
$336,404
$19,036
43,944
previously been consolidated with Virginia By. & Power CO. x Stock
losses & res_
281,609
dividend payable in 6% Preferred stock. y The property account has Exchanges,
& renewals
75,000
been adjusted to Stone & Webster's appriasal as of Jan. 1 1920, less 25% Alterations
40,000
40,000
90,000
40.000
for reduction in unit prices, which adjustment resulted in a reduction in Pension fund
Profit-sharing plan
z210,250
193,233
166,825
288,788
property account of $2,454,661, of which amount $1,500,000 has now Prof.
dividends (6%)
269,739
269,739
269,739
269.739
been charged to surplus. The balance, $945.661, is being carried as a Common
dividends_(19)(%)964.101(30)1348,710 (8)359,656 (7)314,699
suspense charge in property adjustment account to be hereafter charged
Res. for contingencies_
200,000
75,000
to surplus as directors may determine. z The dividends of 6% as shown Divs.pf.stk.for'n
sub.cos
4,476
as having been paid in 1922 were actually paid during 1923, 3% in Jan.
and 3% in July, but were provided for out of surplus previously accumuBalance, surplus
$618.461
$16,019
$855,427 $1,591,509
lated. In Dec. 1923 the directors declared a div. of 1 Yj% on the Prof. Previous
surplus
5,109.211
5.542,763 4,687.336 3,095.827
stock, payable Jan. 24 1924.
Val. of bldgs. & mach Dr.225,289
Balance Sheet Dec. 31.
[Virginia By. & Power Co. only.]
Total surplus
$5,502,385 $5,558,782 $5.542,763 $41.687,336
Coin. div., stock (10%)_
1923.
449,570
1922.
1922.
1923.
AssetsLiabilities3
$
Profit
& low. surplus_ $5,502,385 $5,109.211 $5,542,763 $4,687,336
Prop., plant. &c_ _44,760,359 92,905,729 Common stock ___11,950,500 11,950,500
Investments
1,049,799 1,039,364 Preferred stock_ __ 8,987,090 8,987,090
x Profits of the manufacturing and commercial business, after deducting
Sinking funds_ .__ 2,149,195 1,878,591 Funded debt
20,576,626
repairs, and
for bad debts, and for all taxes accrued. including
Deferred charges_ _ 844,688 1,388,904 Sink,fund, bonds_ 2,142,355 19,976,626
1,837,551 income taxes,provisions
but before providing for special compensation or for depreciaAdvs.to allied cos_
30,488
21;111 Deferred credits
12,904
tion. y Includes dividends on Common stock held for resale to employees
Current assets_ _ 2,447,079 2,529,979 Allied companies
99,194
4,607 z Special compensation
of 15% of combined net profits of American Bank
Current liabilities- 1,897,457 2,578,267
Note Co.and subsidiaries in excess of fixed minimum of $665,359 distributReserves
4,804,463 9.286.020 able under
profit-sharing plan.-V. 118, p. 666.
Total(each side)_51,276.603 99,763.928 Surplus
806,061
642,767
-V. 118, p. 1013, 433.
American Beet Sugar Company.-New Director, &c.Amite Nichols of Spencer Trask & Co. has been elected a director to
Washington Water Power Co.-Tenders.
succeed
the late Charles J. Peabody.
Loan
Farmers'
&
The
Trust Co., trustee, has $28,381 to invest for the
Edwin M.Bulkley. a director, has been elected to the executive committee
quarterly purchase of 1st Ref. Mtge. 5% bonds of 1909, due
1939, for the to succeed Mr. Peabody.-V. 116. p. 2639.
sinking fund, and will receive offers up to March 17.-V. 118.
p. 786.
Surplus earns, avail, for deprec., debt discount
& Common stock dividends
$1,311,818 $1,192,771
-V. 118. p. 665, 204.
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."
American Brake Shoe & Foundry
Cp.-Annual Report.
Calendar Years1923.
1922.
1920.
1921.
*Net profits
$2,727,097 $2,120,540 $1.329,371 $2.042,300
Settlem't with U.S.Govt.
542,293
Interest(net)
deb.9,100 deb.12.745
Net profits
$2,727,097 $2,120,540 $1,320,271 $2,571,848
Loss on Liberty bonds
337,131
Federal taxes(t.)
See note
See note
Sae note
See note
Divs.. New Preferred__(7%)667,605 (7)667.725
(7)664,024(3S4)329,955
Old Preferred
(6)296,292
New Common
($5)792,083 (34)620,496 ($4)594,222 ($4)592,848
Old Common
t3%)155.844
Employees' Common
15,179
Divs, paid by sub. co....
3,835
112
110
216
Balance, surplus
$855.943
$1,267,206
$46,737
$832,103
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly given
under this heading apnears 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, .ieretofore appearing in this column,
*Net. profits from operation of plants are shown after deducting manuwill be found to-day on a preceding page under the heading "Indications facturing, administration
and selling expenses and depreciation of plants.
of Business Activity."
and equipment (and in 1921 and 1920 after reduction of inventories to
TUE CHRONICLE
market value) and including dividends received on stocks of associated
companies whose earnings are not incorporated herein and other income
(net) less estimated Federal taxes.-V. 118, p. 796.
American Chicle Co.-Present Management Upheld.At the annual meeting of the stockholders the present management of the
oompany was upheld. See also V. 118. p. 1014.
American Cigar Co.-Annual Report.Income Account for Calendar Years.
1923.
1922.
1921.
1920.
aNet earnings
51.724.712 51,636268 $1,802,393 52.489,869
Pref. dividends (6%)
600,000
600,000
600.000
600.000
Common dividends--(6%)900,000(6%)975.000(8)1,200.000 (8)800.000
Balance. surplus
Profit and loss,surplu.s
$224,712
$61.268
32.393 51,089,869
b$5.220.835 $9,377,174 $9,310,978 $9.308,584
[VOL. 118.
this country and if such action by the company is upheld by the cotartalt
Is said that all but 50 stations would be closed.
The complaint and summons have been filed against Marcus Loew and
George Schubel, owners of station WHN.
A statement issued by President H. B. Thayer says in
substance:
Directly and by purchase, the telephone company has acquired a large
number of such patents covering inventions useful in rendering wireless
telephone service. The telephone company arraarred so that these Inventions could be available to the public by purchase of apparatus at
reasonable prices.
When it appeared likely that a multitude of broadcasting stations would
destroy the value of the entertainment, the company established a station
and offered its facilities for hire with the hope of doing away with a large
number of stations interfering with each other.
For the same reason, it has refused to license other stations to operate
for hire, as the cost of a broadcasting station for the purchasers' exclusive
use necessarily limits the number installed. Regulations for the entertainment of the public by wireless are under consideration by Congress and
when that body acts, we shall gladly accept its regulations as relieving us
from any obligation to protect the public. We have no desire for a monopoly of the air.
To protect infringed patents, it is necessary for the owners to prosecute
or else the patents lapse, therefore we must either prosecute infringers or
In effect dedicate to the public valuable property. We have brought this
suit because we feel that the defendants have violated our rights.
IThe Philadelphia Stock Exchange has authorized the listing of $9941:00
additional capital stock, issued-38.300 in exchange for
Cony.
4%s due 1933: $96,100 in exchange for $96.100 7-Year 6%$8.300
Cony, bonds
due 1925, and $890,100 being part of 200.000 shares to be issued to
employees, making the total amount of stock listed at March 1, 5745,913,500
and reducing the amount of Cony. 4s listed to $5,026.500, and the
amount of Cony. 6s to $8,738,800.1-V. 118, p. 1014.
a Net earnings of company and those companies whose stock is owned
by American Cigar Co. are after deducting all charges for expenses, management and Federal taxes, &c.
b Balance,surplus, for 1923 was $224,712; add previous surplus at Dec. 31
1922 of $9.377,174, making a total surplus of $9,601.886: deduct surplus
Dec. 31 1922 of subsidiary co. sold during 1923. $4.611. and readjustment
of security values, based on condition at end of year, of Havana Tobacco
Co.. 84.376.440. making total deductions of $1.381,051 and leaving a profit
and loss surplus at Dec. 31 1923 of 55,220.835.
Balance Sheet Dec. 31.
(Consolidated with Companies All of Whose Stock Is Owned.)
1922.
1923.
1922.
1923.
AssetsLiabilitiesReal estate, mach.,
Preferred stock_ _ _10,000,000 10,000,000
&c., less deprec_ 2,765.668 2,930,820 Common stock_ _ _15.000,000 15,000,000
Brands, pats.. &c_ 3,315,685 3,315,685 Prov.for Pref.env. 150.000
150.000
Leaf tobacco,&c.i2,676,574 12,159,745 Acc'ts & bills pay_ 1,032,657 1,147,954
American Window Glass Company.-Extra Dividend.Stocks and bonds- 2,710.874 6,858,985 Tax reserves
232,839
338,321
Tne directors have declared an extra dividend of 1% on tha Common
U.S.Treas. notes. 750.422
Res.for deprec.,&c. 529,053 8.302,696 stock in addition to the
regular quarterly dividend of 1%%, both payable
Cash
2.743,823 2,382,755 Surplus
5.220.835 9,377,174 April 1 to holders of record March
14. Like amounts wore paid on the
xDue from cos_
3,062,067 12,287,094
Common stock on Oct. 1 1923 and Jan. 2 1924.-V. 117, p. 2656.
Bills dr acc'ts rec.- 4,170,087 4.211.639
Prepaid Ins., &c..75,664
63.940 Total (each side).32,270,865 44,210,663
Anaconda Copper
Mining Co.-Earnings for 1923
(Estimated)-Outlook.-In connection with the decision of
the directors to omit the declaration of the dividend (see
American Druggists Syndicate.-Bal. Sheet. Dec. 31.- V. 118, p. 1015), Chairman John D. Ryan and C. F. Kelley,
in a letter to the shareholders on Feb. 27 say in part:
The usual income account table was given in V. 118. p. 910.
x Amounts owing to this company by companies in which it. directly
or indirectly, owns part of the stock.-V. 118, p. 796.
ASSCIS1923.
1922.
Lfabilfaes1922.
1923.
Land, bldgs., maCapital stock
56,783,730 56.783.230
chinery.&c.,less
Subsid. companies'
depreciation_ _ _32,133,210 52.217,373 stock held by miFormulae, trade11,560
11,230
nority interests_
marks & g's-will 559,229
554,273 Installments rec'd
Investments
412,508
377,151
on stock subInventories
1.670.333 1.539,317
5,734
scriptions
Cash
317,796
728,592 Accounts payable_ 251,845
221,623
Govt. dt municipal
Unclaimed diva__
19,532
securities
599,460
599,459 Surplus
3,062
Acceptances dt aocounts receivable 1,141,506
806,953
Advances
39,861
Deferred cluuxes__ 175,966
32,150
Deficit
186,410 Total (each side). _ 37.049.867 37,041,678
x Issued and outstanding. 678,323 shares at $10 each.-V. 118. p.
1014. 910.
American Hardware Corp.-Annual Report.Calendar Years. 1923.
1922.
1921.
1920.'
Net earnings
43.051.977 42,593,547 41,212,628 52,966,205
Depreciation & reserves_
327,624
327.278
1,509.848
360.082
Net profit
Dividends paid
52.724,353 52,266,269
2,480.000
1.438,400
Balance, surplus
Previous surplus
Adjustments. cr
Stock dividend (25%)P.& L.surplus
$244,353
2.351.920
8,000
5827.869
3.625.723
378,328
2.480,000
$852.546 51,456,357
793.600
1.190.400
358.945
3,537,648
29,130
5265,957
3,261.691
10,000
32,604,273 52,351,920 53,625,723 $3.537.648
x In 1923. 1922 and 1921 net earnings are after reserve adjustments.
Balance Sheet January 1.
1924.
1923.
1924.
1923.
AssetsLiabilities$
$
Cash
1,841,669 1,986,480 Capital stock
12,400,000 12,400,000
Bills dr accts. roc 6.356.505 5,501,427 Bills dr acc'ts pay- 577,474
842,934
Real estate, &a... 4,721.807 4,744,356 Dividend payable_ 744,000
992,000
Materials & mdse. 4,153,413 4,606,943 Surplus
2,351.920 2,604,273
Total
16.073,394 16,839,207
-V. 117, p. 2773.
Total
16,073,394 16,839,207
American Hide & Leather Co.-New Management.At the annual meeting held Marcia 5 the following new directors were
elected: Henry E. Cooper, Vice-Pres, of the Equitable Trust Co.; Dedees
Dllworth, of E.F. Hutton & Co.; Claude Douthit; Samuel Haight; William
C. Jackson, of Noyes & Jackson; William W. Laird. of Laird & Co., of
Wilmington, Del.; Scott McLanathan, of Austin. McLanahan & Merritt,
and E. R. Tinker, President of the Chase Securities Corp. They succeed:
T. S. Haight, President of the company; F. L. Roenitz; Aaron Hecht;
Frederick Strauss. of J. & W.81eigman & Co.; M. Robson; C. H. Buswell;
Charles W. Tidd; E. F. Hutton, of E. F. Hutton & Co.; and Charles E.
Danforth, deceased.
J. C. Lilly has been elected President, succeeding T. S. Haight. G. A.
Hill was re-elected Treasurer, while W. A. Zimmerman, Asst. Treas. in
New York, and Andrew June, Asst. Treas. in Chicago, were also re-elected.
No vice-presidents were named to fill the places of those resigning, and it is
stated that the offices will remain open temporarily.-V.118, p.667,433.
American Light & Traction Co.-Notes Called.-
All of the outstanding $3.000,000 6% gold notes due May 1 1925 have
been called for payment May 1 at 101 and int. at the Bankers Trust Co.,
trustee, 16 Wall St. N. Y. City. The amount originally issued was $6.000,000, of which $S,000,000 were retired Nov. 1 1922.-V. 118. p. 792.
American Lithograph Co., N. Y.-Stock Changes.-
The company has filed a certificate at Albany, N. Y., changing its
authorized capital stock from 40,000 shares Common stock, 15,000 shares
First Preferred stock and 25.000 shares Preferred stock, all par $100, to:
5.000 shares Common stock, no par value: 26.110 shares Common stock, par
$100; 22,830 shares Preferred stock, par $100; and 15,000 shares First Preferred stock. par $100. This corrects the item appearing in last week's
"Chronicle."-V. 118, p. 1014.
American Piano Co.-Dividend Increased.-
The directors have declared a quarterly dividend of 2% on the Common
stock and the regular,quarterly of 1%% on the Preferred stock, both payable April 1 to holders of record March 28. An extra dividend of 2W was
paid on the Common stock Jan. I last. Previously the rate had been
13.i% quarterly.-V. 118, p. 434. 205.
American Telephone & Telegraph Co.-Radio Suit.-
During 1923 the company earrel, as nearly as can be estimated pending
the final audit of all closing entries, and the closing of inventories
of metals
in process, and finished and manufactured products,
approximately
500,000 in excess of all fixed charges and costs, including depreciation. $8,There has been some comment that failure to act on the dividend was
caused by the fixed charges incurred in the financing of the purchases of
the stock of the American Brass Co., and a majority of the shares of the
Chile Copper Co. These statements are incorrect. The earnings resuiting from these purchases have not only carried the fixed charges
in their acquisition, but have paid a substantial amount in excessincurred
thereof
to the company proper. Without such earnings It is doubtful if the
company would have' been justified in distributing $9.000,000 in dividends
during the past year.
The directors believe that in omitting the dividend at this time they
are pursuing a conservative policy, in view of the prevailing conditions
of the copper market. During the first half of 1923 earnings were upon
a fairly satisfactory basis, an average price of approximately 14%c. a
pound was realized for all copper sold. Since then, due to the increase of
production to a maximum output, and the forced selling, largely on the
part of custom smelters not directly concerned in either the cost of production or the price realized for the product, the market has been weak,
averaging less than 13c, a pound.
At this level, with increased wages, taxes and transportation costs,
the margin of profit is narrow, and it is believed that it is better policy,
looking to the interest of the shareholders, to maintain the company in
a sound condition, rather than to weaken its current position by paying
dividends that are not wholly earned from current income.
Copper is about the only stable commodity selling In the markets of the
world at below pre-war prices. We do not believe that it can long continue to sell at the present level. Domestic consumption has doubled
since the pre-war period, and any return to normal industrial activity in
Europe will furnish the necessary excess of demand over production to
cause market prices to advance and reach a level more nearly comparative
with that of all other basic commodities.
The current position of the company is excellent. As of Jan. 1, as
nearly as can be estimated, its net current assets amounted to
approximately 572,000.000.
We believe that only a small additional increase in consumption is
necessary to take up the slack caused by the present rate of production,
71 order to place the industry upon such a substantial basis as will
warrant
an early resumption of dividend payments.
. [The regular annual report of the company will not be issued until May.)
Two Mills Suspend Operations.-
It is reported that ore production at two of the largest mines of the company in the Butte district. the Pennsylvania and the Berkeley, has been
suspended. Suspension of production at tame two properties
was forced
by reason of the fact that operations there at the present price of copper
were showing a loss. Value of the ore in these mines was leas than at
other properties of the company in Butte and the cost of mining was greater.
Continuance of operations would have meant the exhaustion of ore bodies
at a loss, it is said.-V. 118. p. 1015. 910.
Anglo-Amer. Corp. of South Africa, Ltd.-Dividend.-
The corporation has declared a dividend of 10%. payable about March 20
to holders of record March 13. This dividend will absorb £366,495 12s. Od
The directors have set aside £200,000 as a reserve fund. The above
dividend is equal to 10 shillings on each American share, each of whim represents five South African shares of fl each.-V. 117. P. 2893.
Atlas Tack Corporation.-Annual Report.-
Calendar YearsNet sales
Net profit
Federal taxes (est.)
Inventory write-off
1923.
1922.
1921.
1920.
$2,235.240 $2,367,237 $1,809,121 $3,044,265
*555
*130,270
104,069
145,853
Not stated Not stated
15,000
403,213
Net profit
"8555 n130,270def.$299.144
*Net profit after all charges.-V. 116, p. 1764.
Autocar Co., Ardmore, Pa.-Tenders.-
The Equitable Trust Co., trustee, 37 Wall St., New York City, will until
March 15receive bids for the sale to it of First Mtge. Sinking Fund 7%Conv.
Gold bonds to an amount sufficient to exhaust the moneys held in the
sinking fund at prices not exceeding 1073 and Interest.-V. 118, p. 796.
Barnet Leather Co., Inc.-Annual Report.-
Calendar Years1923.
1922.
1920.
1921.
Sales-net
$3,330,326 $33,816,150 $4,881,854 $8,893,777
Cost of sales, incl. deprec $2,926,627 $3,187,272 $4,113,800 $7,259,750
Admin. & sell. exp. and
sales discount
341,231
331,968
775.060
448,931
Net Income
$62.469
$858,967
5296,909
$319,123
Miscellaneous income__ _
37.289
7,686
58,568
25,051
Gross income
$866,653
$355,477
$344,174
899.758
Interest paid
$61.936
$5,629
$9,380
$7,980
Deprec. on inventories
851,944
Fed. & State tax res._
23,190
9,140
42,278
72,597
Contingency reserves
58,839
Preferred dividends_ _
119.000
126,000
131,600
197.655
Sinking fund provision
60,000
116.170
91,875
60,000
The company has asked the Federal Court for a temporary injunction
to prevent station WIIN, on top of Loow's State Theatre, from broadcasting. The contention is made that the majority of the radiophone
stations operating in the United States are using both transmitting and
receiving circuits which infringe on the patents -held by the American
Telephone & Telegraph Co., and it is understood that if the case against
Balance, surplus
def$164,232
WHN is successful steps will be taken to stop other independent stations
from broadcasting. Approximately 534 stations are now broadcasting in -V. 118, p. 910. 554.
8130,853
$85,944
813,158 def$314,022
MAR.8 1924.]
Barnsdall Corporation.-Balance Sheet Dec. 31.1922.
1922.
1923.
1923.
$
$
Assets33,258,371 34,205,885
Property x
528,209
Invest.in sub.cos_ 392,926
495,778
Adv. to sub. cos__ 420,547
178,33.3
95,161
Sink.fds.for bonds
127,172
Deferred charges__ 164,825
724,384
731,177
Cash
158,750
Barns.stk.in treas. 353.800
942,412
Bills & accts. rec._ 781,317
Inventories
1,373,900 1,367,670
U.S.& Can.Govt.
69.941
93,410
obligations
1139
THE CHRONICLE
Liabilities$
$
Class A stock
14,000.000 13.000,000
Class B stock
3,713,400 3,713,400
Subs°. to Class A
1,000.000
stock
Bonded debt
7,854,100 9,189.200
Stock of subs. not
owned by Barns. 2,529,332 2,514,753
Bills & accts. pay- 2,107,094 2,154.714
31.056
Accr.int.& exp___ 127,7651
Accrued taxes__
46,6901
Surplus
y7,256,790 7,175.674
Total
37.635,172 38,828,797 Total
37.635,172 33.828.797
x After deducting depreciation and depletion of $13.920,222. y Of which
$377.946 applicable to minority stockholdings in subsidiary companies.
The usual comparative income account was given in V. 118, p. 1015.
Bath (Me.) Iron Works, Ltd.-Protective Committee.A committee, consisting of William J. Skelton. of Lewiston. Me.; George
Wing, Auburn, Me., and Leonard A. Pierce, Portland, Me. has been
31,500,000
appointed to formulate proceedings towards a foreclosure of the'
mortgage bond and the appointment of a receiver.
A letter from ex-Gov. William T. Cobb, of Rockland. Pres, of the comInfiTiasiz.y
ation
"The pres:nntt
pany,
both for
and for
ootitg
i nstringairdingre°
accounts, make is extremely diffictilt, if not Impossible, for the company
to earn its operating expenses. If the business is to be continued, a reorganization of the financial structure, which will relieve its existing fixed
charges, and at the same time supply necessary working funds, is both
necessary and inevitable."
The capitalization consists of $1,500,000 1st mtge.6% bonds, $500,000
7% Pref. stock, and $1,000,000 Common stock.
Bell Telephone Co. of Canada.-Annual Report.Calendar Years1923.
1922.
1921.
1920.
Telephone revenues_ _ _ _$22,225,714 $20,245,823 318,561.829 $16,513,384
Operation expenses
10.293,341
9.495.098
9,545,899
9,106,078
3,569.163
Current maintenance__ _ 3,412,384
3,201,021
3,829,322
Depreciation
3,356,411
2,967,506
2.549.715 2,885,400
Taxes
982.320
821.358
595,000
734,700
Net telephone earnings $4.181.258 33.760,840 $2,041,893
695,876
Sundry net earnings_
208,472
234.528
$218,043
663,480
Sinking Fund.-Indenture provides a minimum sinking fund of 375,000
per annum, payable semi-annually, commencing Aug. 1 1925, and,in addition, an amount equal to 10% of its net earnings.
Purpose.-Proceeds will be used for retiring present indebtedness, for the
acquisition of properties, and for additional working capital.
Sales for Calendar Years.
1918
357.30511920
32.633.324
31.311.85611922
1919
387.55511921
3.626,315
1.644,86611923
Sales for Jan. 1924 show 46.3357 gain over Jan. 1923.
Earnings.-Net earnings available for int..rest and Federal taxes, but
after depreciation, for the calendar year 1923 amounted to 3573,866, or
over 8 times interest charges on these bonds, while such earnings for the
3 years ended Dec. 31 1923 averaged approximately 43. times the interest
charges on these bonds.
(Daniel) Boone Woolen Mills, Inc.-Listing-Earns.The New York Stock Exchange has authorized the listing of $4,687,500
auth. 36,250.000) capital stock, par $25.
Income Account for Stated Periods.
10 Mos. end.-Calendar Years
Or'. 311923.
1922.
1921.
Sales, net
33,318,432 31.588,565
$363,561
CoSt of sales
2,704,927
1,167,488
194.142
Operating expenses
231.886
228.535
172,395
Net profit
Other income
3381.619
42.410
3192.542
12.028
loss $77
3,481
Net profit
Other expense
3424.029
22.534
3204.569
5.230
33.404
3.526
Net income (before Fed. taxes)
Previous surplus
Premium on sale of stock
Capital stock donated to treasury_
Capital structure changes
Adjustments
$401.495
180,635
735.000
def.$122
3199.339
$322,384 def.$56,126
Total surplus
Deduct-Cash dividends paid
Stock dividend paid
Reserve for doubtful accounts_
Miscellaneous charges
Good-will written off
Federal tax reserve
312.500
138.653
40
31,217.129
312,358
612.500
10,000
5521.723
68.313
3395,066
35.181
312.500
25.094
72,682
Surplus
3282.272
$80,635
$322.384
3881,523 -V. 118, p. 435.
913.483
Bristol (Conn.) Brass Co.-New President.1,800.010
Alexander Harper of Bristol, Conn. (Pres. & Gen. Mgr. of the American
Silver Co.), has been elected President, succeeding Albert P. Rockwell.
-V.110, p.1976.
•
Balance to surplus--$474,038
$475.928 def.$776.009df31.831,971
Brompton Pulp & Paper Co. Ltd.-Earnings.Balance Sheet Dec. 31.
Cal.
1
ear
x141ths.end.
-yY.nrs
end.
Oct. 311922.
1922.
1923.
1922.
Results for1923.
Dec. 311922. 1920-21.
1919-20.
Liabilities-Assetsafter expenses.. $1,802,164 31,607,213 31,097.784 31.853.589
5,841,545 5,404,258 Capital stock
39,929,400 32,049,000 Earnings
Realestate
Depreciation
326,418
366,589
244,000
235.122
Teieph. plant, &c_70,549,572 81,606,516 Bonds
16,750,000 16,750.000 Bond interest
303,134
362.783
201,774
137,580
938,233 Claremont Pref.(lir__ _ _
Fern..tools& sup. 3,013,845 2,411,604 Accounts payable. 2.317.726
17,500
17,500
Accrued
654,036 1.208.279
liabilities_ 1,850,638 1,483,022 Preferred dividends_z(16%)320.000
Cash
(73()155,000
(7)140.000
18,854
19,037 Common dividends
Domin. Govt. bds. 3,088,820 1,550,675 Unearned revenue
385.000
665.000
569,250
Bills & accts.reo- 2,184,077 1,269,559 Prep'd stk. subsc.
118.948 Empl. benefit fund 722,752
500,000
Prepayments
148,548
Balance, surplus
$835.111
$860,340
3113,010
3675,886
160,505 Res.for depr., &0.20,614.893 18.988,491
89,169
Unamort. bd.disc.
8,163,069 5,250,569
Investment seem 2,797,718 2,817,257 Surplus
x Includes operations of Brornpton Co. for 14 mos.. Grovebon Paper
Co.. Inc.. for 12 mos. and Claremont Paper Co., Inc., for 12 mos. y ComTotal
88,367,332 76,547,602 pany proper. z Includes 8% on account of accumulations. All arrearagen
Total
88,367, 32 76,547,602
-V. 118, p. 910.
have now been paid.-V.118. a. 206.
Total net earnings_, $4,877,135 $3,969,312 $2,276.421
1,067,176
Deduct interest
1.035.644
1.168,800
Dividends (8%)
3,135.921
2,457.740
1,883.630
Approp.for employees'
benefit fund
200,000
Bigelow-Hartford Carpet Co.-Stock Increased-50%
Stock Dividend-Nets Directors.-
Bucyrus Co.-1% Dividend on Account of Arrears, &c.-
The directors have declared the regular quarterly dividend of IX% and
The stockholders will vote March 3 on increasing the authorized Common a dividend of 1% on account of back dividends on the Preferred stock, both
stock from 161,000 shares, no par value (all outstanding), to 241,500 shares payable April 1 to holders of record March 20. On Jan. 2 last a distribuof no par value. The 80,500 additional shares of Common stock will be tion of7% was made on account of accumulations. (Compare also V. 117.
distributed to Common stockholders of record March 7 as a 50% stock div. p. 2216.)
Walter H. Crittenden and W. B. Given, both of New York, have been
Charles F. Adams and Sewell Fessenden have been elected directors, succeeding T.P. Beal and H.H.Skinner, both deceased.-V.118, p.797.435. elected directors to succeed W. H. Marshall, deceased, and Andrew
Fletcher, resigned.
Income Account for Calendar Years.
Blackstone Valley Gas & Electric Co.-Capital Increase
1921.
1922.
1923.
1920.
Sought.3746.301
$445.905 31.010,984
Net after taxes & deprec_ $1,299,932
The stockholders will vote March 14 on authorizing the company to Preferred dividends__
420,000
300,000
620,000
480,000
application
to
the
make
General Assembly of the State of Rhode Island
Rate, per cent
(15 X %)
(714%) - (12%)
(1014%)
for the passage of an Act in amendment of the charter of the company
so as to authorize the corporation to increase its Capital stock to such an
Balance, surplus
$679,932
$326,301
$145.905
$530,984
amount, not exceeding 316.000,000. as the corporation may from time to Profit and loss surplus
4,265,745
3,585.813
3.259,512
3,113,606
time by vote determine and to issue its bonds and other obligations to an
Balance Sheet Dec. 31.
amount not exceeding $16,000,000.
1923.
1922.
Secretary William T. Crawford says: "The Blackstone Valley District
1923.
1922.
LiabilitiesAssets$
of Rhode Island, which the company and its subsidiary, the Pawtucket
Gas Co.,supply with electricity and gas,is one of the most active industrial Plant account__ 7,885.873 7,490,972 Preferred stock__ 4,000.000 4,000,000
581,620
435,531 Common stock__ 4,000,000 4,000,000
areas in the United States. The demand for gas and electricity has in- Cash
creased greatly in recent years and indications are that the industries and Accts. receivable 2,227,467 1,903,534 Accts. payable_ _ _ 488,594
406,875
territory served will continue to grow rapidly. In order to keep pace with Inventories
2,765,779 2,568,005 Adv. paym'ts rec'd
82,953
84,663
143,611 Pref, diva. pay'le_ 350,000
147,372
this anticipated growth, it will be necessary for the company to secure Securities
210,000
from
time
to
time
funds
through
additional
the sale of securities. A careful
Accrued taxes_ - -- 420.821
274,308
estimate by officers indicates that at least $20,000,000 will be needed within
Total(each side) 13,608,114 12,541,657 Surplus
4,265,744 3,585,813
-V. 117, p. 2216.
tho next few years to meet capital requirements.
le."The charter of the company, which was granted in 1912, limits the
amount of bonds and other obligations which can be issued to $8,000,000
Buffalo Texas Oil Co.-Stock Sale Ended.and the issuance of stock is also limited to a like amount. As a substantial
An Albany dispatch. Feb. 27. says: Attorney-General Carl Sherman has
part of the authorized bonds and stock is already outstanding, the directors brought to an end the activities of this company, and organization
which
are of the opinion that a petition should be filed with the Legislature of built a gigantic organization upon a shoe-string investment.
Rhode Island forthwith asking for an mendment to the charter of the
Mr. Sherman has obtained a stipulation from the promoters of the comcompany permitting the issue of bonds and other obligations from time to pany, Harry C. Albro and Mart B. Shepard, both of Buffalo, under
which
dine as required to all amount not exceeding $16,000,000 and stock to an they agreed to stop the further sale of any stock and to turn over to the
amount not exceeding 316,000.000."-V. 118, a. 435, 668.
Buffalo Trust Co.8,065,066 shares of the capital stock of the company isstexl
them for little or no consideration. This, it is said, would be held by the
Blue Diamond Co. Los Angeles.-Bonds Offered.- to
trust company for the benefit of the stockholders. Steps were taken to
Bond & Goodwin & Tucker, Inc., Hunter, Dulin & Co. and enjoin the company, but upon the appeal of certain stockholders,
one of
whom held 320,000 of the stock, the Attorney-General agreed to accept the
Banks, Huntley & Co. are offering at 99 and int., to ,yield restraining
order in an effort to conserve such assets as the company may
7,10%,$1,000,000 1st Mtge.7% Sinking Fund gold bonas.
have.
Dated Feb. 1 1924. due Feb. 1 1939. Denom. $1,000 and $500 a*.
Calumet & Arizona Mining Company.-Production.Callable at 105 and int. upon 30 days notice up to and incl. Feb. 1 1929:
Month of1924. Jan. 1924. Dec. 1923. Nov. 1923.
at X of 1% less for each year thereafter up to and incl. Feb. 11934. and Copper production (lbs.) _ _ _ _ Feb.
2,824,000 3.764,000 3,876,000 3,688,000
thereafter at 102X and int. Int. payable F. & A. at Security Trust & -V. 118, p. 1016, 668.
Savings Bank, Los Angeles, trustee. Company covenants to pay all California taxes and the normal Federal income tax, not exceeding 2%, which
Canada Dry Ginger Ale, Inc.-Stock Offered.-Walker &
it may be permitted or required to retain or deduct.
CapitalizationAuthorized. Outstanding. Roberts, Inc., New York, are offering in units of 10 shares
Capital stock
35.000,000 32,000,000 of Class "A" stock and 5 shares of Class "B" stock at $320
First Mortgage 7s
1,250.000
1,000,000 per unit, 42,000 shares Class A
stock of no par value.
Data from Letter of William C. Hay, Pres., Los Angeles, Feb. 15.
Class A shares are entitled to cumulative dividends of 33 per share.
largest
of
the
concerns
one
of
its
kind in the United States, Preferred
Company.-Is
as
to
assets
to
$32
per
share.
Guaranty Trust Co.of New York.
• in point of production, manufacture and distribution of a wide variety of transfer agent; New York Trust Co., registrar.
baste fire-proof building materials. Among the principal commodities
CapitalizationIssued.
Authorized.
produced or manufactured by the company are gypsum,limestone, hardwall Class
A
Stock, cumulative, no par value
50,000 shs. x42,000 shs.
plaster, casting plaster, plaster of Paris, finishing plaster, land plaster, Class B Stock,
non-cumulative,
no
par
value
50,000
shs.
sand,
50,000
shs.
stone,
gravel,
crushed
roofing
fertilizer lime,
aggregate, lime putty,
mortar,lime plaster, stucco,finishing lime, &c. Company also conducts a
x 8,000 shares of Class A stock to be held unissued for future requirements.
profitable
wholesale
and
retail
and
extensive
business
in
allied
materials
very
Data from Letter of P. D. Saylor, President of the Company.
such as lathing materials, cement, &c., great quantities of which are sold
Company.-Organized in Virginia. Will acquire all the property, rights,
for use in construction of buildings, highways, curbs, gutters, railways,
other
projects.
title, formulae, goodwill, trade-marks, &c., of Canada Dry Ginger Ale,
sewers, wharves and
Company's principal properties consist of 22 acres at 16th and Alameda Inc., of New York. and all of the capital stock of J. J. McLaughlin, Ltd..
streets, Los Angeles; 1,000 acres near Corona, Calif., which is the base of of Ontario, a new corporation which will take over all the bottled beverage
its crushed stone production: 40 acres near Burbank, Calif., comprising business, manufacturing plants and assets appertaining thereto of another
high-grade sand and gravel deposits; a valuable deposit of gypsum, of Canadian corporation of that name. The Virginia corporation will own
40 acres, near Westmoreland, Calif.; 15 acres are located between Beverly and control the manufacture and sale of "Canada Dry" ginger ale throughout the world.
Boulevard and Third St., to serve as a distributing point.
The business has been in successful operation in Canada since 1890.
having been started under the name of J. J. McLaughlin, Ltd. It was
extended to the United States in 1921, and the product met with imemdiate
success. A new corporation was formed in 1923 under name of Canada
Dry Ginger Ale, Inc., to carry on the business in the United States. Sales
have shown a constant growth, and at no time since the spring of 1923 has
the New York company been able to supply more than a small part of its
orders.
Earnings.-For the month of January 1924 net earnings of the business
were in excess of $15,000. Since then the greatly enlarged facilities afforded
by the new plant at Hudson, N. Y., have been put in operation and current
business is at the rate of more than double last year's output. Net earnings
for the current year are estimated at $450,000.
Dividends.-Class A stock is entitled to receive cumulative dividends at
the rate of 13 per share per annum, payable quarterly, before any dividends
are paid on Class B stock. Class B stock is then entitled to receive noncumulative dividends of $3 per share. In further distribution of dividends
in any one year, each share of Class A stock and each share of Class B stock
will receive the same amount.
Voting Power.-The holders of the Class B stock will have the sole voting
power unless there shall be four consecutive quarterly dividends in arrears
on the Class A stock, in which event the sole voting power will pass to the
holders of the Class A stock until the default shall have been cured.
Management.-P. D. Saylor. Pres.; A. L. Gourley. V.-Pres. & Man..Dir.;
J. M.Mathes, V.-Pres.; P.M.Boggs, V.-Pres.; W.C.Hanson,Sec.& Treas.
Canada Foundries & Forgings, Ltd.-Earnings.Calenear YearsNet profit after depreciation and repairs
Other income
• Total income
Bond interest
Bank interest on loans
Admin. exps., &c
Loss on Victory bonds_
Inc. tax prior years
Inventory reserve
Preferred dividends
Common dividends
1923.
1922.
$93,318
36,339
$74,315
27
1129,657
112.404
19,360
26,241
$74,342
$8,155
19,469
29.406
47.515
1921.
los.s$3,705
12,091
$8,386
$6,757
22,7081
37.133!
18.465
200,000
5,600
1920.
$39.979
77,497
$117,476
110,140
66,062
5.000
8.608
67,200
96,000
Balance, sur. or def_ _ sur$24,137 sur/17,312 def$282,277 def$135.535
-V. 114, p. 2245.
Canadian Car & Foundry Co., Ltd.-Dividend Dates.-
The dividend of 354% recently declared on the Preference stock (V. 118.
p. 435) is payable April 10 to holders of record March 28. Of this distribution, I N % will be on account of arrears and I N % for the quarter ending
March 311924.-V. 118, p. 435.
Carbo-Hydrogen Co.-Receiver Asked.Receiver has been asked for this company, according to a Pittsburgh
dispatch.
(J. I.) Case Threshing Machine Co.-Defers Dividend.-
The directors on March 6 decided to defer payment of the quarterly
dividend of 1'% % usually paid April 1 on the 7% Cumul. Prof. stock.
Dividends on the Preferred shares had been paid regularly at the rate of
c per annum from April 1912 to Jan. 1924 incl.
77
President Warren.!. Davis says: "In the year ended Dec. 311923. profits
from operations were approximately $634.000. as against $321,000 in the
year ended Dec. 31 1922. In neither year. however, has the annual dividend requirement for the Preferred, namely, $910.000, been earned. Despite this fact, the directors continued last year to pay the.dividend out
of accumulated surp.us in the hope that business prospects 'Would take an
early turn for the better. Now, however, while it would appear that conditions in the industry are beginning to improve, the outlook is not as yet
In their judgment so certain as to make it wise to impair the company's surplus accumulated through the operations of previous years.
"The company's cash position continues, as a result of its conservative
policies, to be strong. The balance sheet as of Dec. 31 1923 shows a position even stronger than at the end of the two previous years. Current
assets at the end of last year were a roximately $20,600,000, against cur117, p. 2216.
rent liabilities of less than $5.900,
Central Coal & Coke Co.-Bonds Offered.-A. G. Becker
& Co., Halsey, Stuart & Co., Inc., and Ames,.Emerich &
Co. are offering at 98 and int., to yield over 6.65%, $2,500,000 1st Mtge. (c'osed) 63/2% Sinking Fund gold bonds,
Series "B" and "C." A joint and several obligation of
Central Coal & Coke Co. and Delta Land & Timber Co.
(see advertising pages).
Dated March 1 1924, due March 1 1944. Int. payable M. & S. in Chicago and New Yon:. without deduction for normal Federal income tax not
in excess of 2%. PsanA. 4 mills tax refunded. Denom. $1,000. $500 and
$100 c*. Callable all or part on any int, date on 60 days notice at 105 and
int. to March 11935. tie premium decreasing thereafter N of 1% in each
subsequent year. Firct, Trust & Savings Bank, Chicago. trustee.
Data from Letter of Pres. Charles S. Keith,Kansas City, Mo., Feb.29.
Compang.-Company, with controlled and subsidiary companies, owns
and operates este-sive timber and coal properties. The business, established over 50 years ago, was incorp. in Missouri iq 1893. Timber holdings
total 72,490 acres of virgin timber lands in Oregon, Louisiana and Texas,
carrying ovcr 3,000,000,000 ft. of merchantable timber, and lumber mills
in operation, or in process of completion, have a production capacity of over
300.000.000 ft. annually. Coal properties located in Missouri, Kansas,
Arkansas,Oklahoma and Wyoming cover 65,580 acres estimated to contain
260,000.4)00 tons of unmined and recoverable coal, and coal mines owned
and operated have an annual capacity of approximately 4.000,000 tons of
high grade bituminous coal.
The Southern lumber department is operated as the Delta Land & Timber
Co.. a wholly owned subsidiary. Title to the timber lands in Oregon is
vested in the Oregon-American Lumber Co., 80% of whose stock is owned
by the Central Coal & Coke Co. A modern, thoroughly equipped mill at
Vernonia. Ore., costing $3,500,000, is now under construction to serve this
property, which, upon completion within a few months, will have an annual
capacity of 180,000,000 ft., and in equipment will incorporate the latest
and most efficient methods of lumber manufacture and handling.
Purpose.-Proceeds will be used to defray part of the cost of the new
mill at Vornonia, Ore.
Security.-Bonds will be the joint and several obligations of the Central
Coal & Coke Co. and the Delta Land & Timber Co., and will be secured
by a first closed mortgage on all their timber and coal properties now or
hereafter owned, including the mill at Vernonia, Ore., and by pledge of
80% of the outstanding capital stock of Oregon-American Lumber Co.
The property covered directly by the first mortgage is conservatively
valued at over $23,000,000 and according to recent expert valuations of
the timber standing on the property of Oregon-American Lumber 00. a
value of approximately 18,000,000 is indicated for the pledged stock of
this company.
Earnings.-Net operating earnings, available for interest and Federal
taxes, of the Central Coal & Coke Co. and subsidiaries, not including
Oregon-American Lumber Co., for the 7-year period ended Dec. 31 1923,
averaged 11,033.515, or over 2N times maximum annual interest requirements of 1406.100 on $4,060,000 1st Mtge. 6% bonds and this issue of
$2.500.000 1st Mtge. 6N % bonds.
Sinking Fund.-Mortgage securing these bonds provides for a sinking
fund, into which there will be paid quarterly after March 1 1924 16 per
1,000 ft. of all timber cut or sold from properties in the States of Louisiana
and Texas, and 5 cents per ton of all coal mined and after June 1 1925
ft. of all timber thereafter cut or sold from the properties
$2 50 Per 1.000
paid in shall be used to
of the Oregon-American Lumber Co. The funds sothe
open market at not
retire first mortgage bonds, either by purchase inredemption
price. Comexceeding the redemption price, or by call at the
V.
in
1923
year
calendar
1018.
911,
118,
for
results
Tl•
pare also
Central Indiana Power Co.-Notes Offered.-Halsey,
Stuart & Co., Inc., are offering at 100 and int. $6,500,000
3-Year 7% Collateral Gold notes. (See advertising pages.)
[Ver.. 118.
TITE CHRONICLE
1140
Dated'Marclf1if1924. Due March 1 1927. Int. payable M. & S. at
the office of Halsey. Stuart & Co., Inc.,in Chicago or New York. Denom.
11,000, $500 and $100c*. Int. payable without deduction for normal
Federal income tax not in excess of 2%. Redeemable, all or part at any
time on 30 days' published notice at the following prices and int.: at 101 N
to March 1 1915; on and from March 1 1925 to March 1 1926 at 101:.
on and from March 1 1926 to Sept. 1 1926 at 100 N; and on and after Sept.
1 1926 at 100. Company agrees to reimburse the holders of these notes.
if requested within 60 days after payment, for the Pennsylvania four-mill
tax. and for the Connecticut personal property tax, not exceeding four
mills per dollar per annum, and for the Massachusetts income tax on the
Interest not exceeding 6% of such int. per annum.
Data from Letter of Jos. H. Brewer, President of the Company.
Company.-Incorporated Sept. 17 1912 in Indiana. Owns all the
outstanding bonds and the present outstanding capital stocks, except'
11,564,000 of bonds and directors' qualifying shares, of four public utility
companies operating within the State of Indiana. Subsidiary companies
serve 135 cities and towns located in 27 counties of Indiana, with one or
more classes of public utility service. Estimated total population, 550,000.
Their business is essentially the supplying of' electricity for domestic and
commercial needs, as over 75% of the combined operating revenue Is now
being derived from such service. Company also owns all the outstanding
stock, except directors qualifying shares, of the Indiana Electric Corp.,
which company is constructing on the Wabash River and will place in
operation about April 1 1924 a central-station generating plant with an
Initial electrical equipment installation of 40,000 k. w. capacity.
Security.-A direct obligation of the company and will be secured by a
first lien on $4,000,000 Central Indiana Power Co. 5-Year 7% 1st Mtge.
Coll. & Ref. Gold bonds, Series "B." $3,802,000 Indiana Electric Corp.
Pref. and Common stocks, being all the issued and outstanding capital
stock (except directors' qualifying shares), and 11,000,000 in cash, for
which may be substituted a like principal amount of the Central Indiana
Power Co. Series "B" bonds above mentioned.
Purpose.-Proceeds of these notes will be used to reimburse the treasury
for advances made•or to be made to its subsidiary companies for or on
account of improvements, betterments and extensions to their properties.
Authorized, Outstanding.
Capitalization.Preferred stock, 7% cumulative
$6,250,000
$10,000,000
Common stock
a5,500,000
6,000,000
12,190,500
1st Mtge. Coll. & Ref. 6s, Series "A"
(Closed)
1,564,000
Divisional bonds, not pledged
3-Year 7% Coll. Gold notes (this issue)
8.000,000
6,500,000
(Closed)
3-Year 7% Coll. Gold notes, due Aug. 1 1925_
2,000,000
a American Public Utilities Co. has contracted to purchase at par for
cash prior to June 1 1924 an additional $1,500.000 of Common stock.
b Restricted by the provisions of the mortgage.
Note.-Company has guaranteed the payment of both principal and
interest of the $7,200,000 1st Mtge. Gold bonds,of the Indiana Electric Corp
Consolidated Earnings & Expenses of Subsidiaries-12 Mos. ended Dec. 31.
1923.
1922.'
$6.406,757 15,277,892
Gross revenue (including other income)
Operating expenses, maintenance and taxes
3,525,239
4,209,183
Net earnings
12,197574 $1,752,653
Annual int. on 1st Mtge. Coll. & Ref. Gold bonds, divisional bonds not
pledged, and 3-Year 7% Coll. Gold notes (this issue), to be outstanding
in the hands of the public requires 11,269,280.-V. 118, p. 435.
Central States Electric Corp.-Notes Offered.-Dillon,
Read & Co. are offering at 100 and int. $4,000,000 5-Year
7% Secured Gold notes (with stock purchase warrants).
Dated March 11924, due March 1 1929. Denom. $1,000 c*. Red. as
a whole or in part by lot on 30 days' notice at 101 and int., to and incl.
March 1 1927, and 100N and int. thereafter. Central Union Trust Co.,
New York, trustee. Int. payable M. & S. In New York.
Sinking Fund.-A sinking fund is provided available quarterly to retire
each year by purchase $250,000 par value of these notes if obtainable at or
below 100 and int., any unexpended balance reverting to the corporation.
Data from Letter of President I.. E. Kilman.
Security.-Specifically secured by pledge with the trustee of 400,000
shares of Common stock of North American Co., having a present market
value of more than 19,200,000, or over 230% of the principal amount- of
these notes.
The North American Co. Common stock pledged as security for these
notes may be withdrawn upon payment to the trustee of $10 per share
together with the prevailing redemption premium on an equal principal
amount of these notes (a) in cash to be used exclusively for retirement of
notes of this issue or (b) in notes at their prevailing redemption price,
for cancellation.
Purchase Warrants.-Bach note will bear a warrant entitling the holder
to buy from Central States Electric Corp., at-any time during the life of
the notes. 20 shares of North American Co. Common stock (par 110).at
825 per share. The warrants are non-detachable.while the notes are outstanding, but in the event of the notes with unexercised warrants being
called for redemption prior to maturity, the holder thereof will receive a
detached warrant exercisable at any time to and incl. March 1 1929.
Income. &c.-Dividends are being paid quarterly on the Common stock
of North American Co. at the annual rate of one share of Common stock
for each 10 shares outstanding.
On the 583,200 shares of Common stock of North American Co. owned
by Central States Electric Corp.and to be pledged for its outstanding notes.
such dividends are at the rate of 58,320 shares per annum with a present
market value in excess of $1,300.000, or over 3 times annual interest on
such notes.
Based on the consolidated income statement of North American CO. and
Its subsidiaries for the 12 months ended Dec. 31 1923. the balance before
depreciation reserves of the operating companies and divs. on Common
stock of North American Co. amounted to $15,110,432, or $570 per share
on such Common stock outstanding, which, on the shares pledged as
collateral for these notes in equivalent to more than 8 times interest requirements on the issue. After full reserves for depreciation of all companies
for the 12 months ended Dec. 31 1923, the balance applicable to the pledged
shares was equal to more than 4.4 times such interest charge.
Since 1910, 125.125.708 (incl. stock dividends taken at their par value)
has been distributed to stockholders of Nortn American Co., and reserves
and surplus of the company and its subsidiaries increased $45,821,347.
equivalent to 117 30 per share of $10 par value Common stock outstanding
Dec. 31 1923. Such increase in reserves and surplus for the
@FedFRASER