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The
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tfrontde
Blink & Quotation Section
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Bankers' Convention Section
VOL. 118.
SATURDAY, MAY 10 1924
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The Financial Situation.
The action of the Senate on the tax revision bill is of
a kind to raise fairly the question whether the coun• try is being governed by responsible representatives
of the States and the people, such as under the Constitution the Senate is supposed to be, or whether
the controlling power is an irresponsible oligarchy.
Take the following record of what has recently been
done. On April 28 the Senate approved the recommendation of its Finance Committee to increase
/
1
2
.from 12 % to 14% the tax on corporation earnings,
with the understanding, to be sure, that the present
tax on capital stock was to be repealed, but with the
admission at the same time that the effect would be
to increase the tax on corporations by another $19,000,000 and make the total annual levy on corporations $979,000,000—that is, only a little short of
one thousand million dollars a year, and this nearly
six years after the conclusion of the armistice! On
May 2, by the overwhelming vote of 46 to 27, the proposal of Senator Norris for the complete publicity
of income tax returns was adopted, and by a substantially similar vote approval was given to an amendment extending the publicity to all claims for the
abatement or refund of income taxes and to the decisions regarding such claims. Three days later an
unexpected coalition of Democrats and Republicans,
voting 43 to 40 in Committee of the Whole, adopted
the Simmons surtax rates grading up to a maximum
of 40% on incomes over $500,000, in place of the
maximum of 25% on amounts above $100,000 recommended by Secretary Mellon and the House rate of
37 % on amounts above $200,000 and by a vote of
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1
2
44 to 37 accepted the Simmons normal rates of 2%
on incomes up to $4,000, 4% from $4,000 to $8,000,
and 6% over $8,000.
A difference of opinion having developed over the
question whether the 14% flat rate on the earnings
0
Electric Railway Seam,
State and City Sectioth:
NO. 3072.
of corporations would mulct the corporations sufficiently, another coalition on May 7 set aside that
proposal and substituted the Jones amendment imposing a flat tax of 9%, supplemented by a graduated tax on undistributed earnings above 10%, beginning with one-quarter of one per cent and rising
to 40% when earnings of 60% were reached. The
author of the amendment agreed to accept latei
amendments exempting from the operation of the
graduated scale the corporations whose earnings
were less than $15,000 or $18,000. On May 7, alsO
the Senate voted in favor of raising the inheritancd
tax to a maximum of 36%, but based on individual
legacies, against the 25% maximum under existing
law based on the value of the estate. The Senate
Finance Committee had rejected the House proposal
for an increase. On May 8 the Senate approved
"without a record vote" a similar tax on gifts—the
provision to that effect in the House bill having been
eliminated by the Senate Finance Committee.
As our readers know, we have never been an advocate of a Federal income tax. We opposed the adop:
tion of the constitutional amendment• which makes
the present tax possible, and we have not ceased to
criticise the various laws which have been enacted
from time to time as the system has grown. Our opposition has been directed against the principle of
the tax, which we regard as unsound, and to the disastrous results which have followed the successive
attempts to ferret out personal or corporate income
on the fallacious pretense, urged much more strongly
on political than on economic grounds, that otherwise wealth could not be made to contribute its just
share to the expenses of government. It has more
than once been pointed out that in a country like
the United States, where the geographical distribution of wealth is inevitably very uneven, the temptation will be so great as to be practically irresistible
to use the income tax as a political device for burdening the regions in which wealthy individuals are
relatvely numerous and corporate wealth is naturally massed, out of all proportion to the burdens
imposed upon other parts of the country. Moreover,
since virtually all persons properly to be classed as
wealthy derive their entire income from corporations, excessive taxes imposed upon,corporations are
not only a blow at the legitimate business of the nation, but they may practically approach near to
confiscation in the case of large numbers of individuals.
What has been predicted has increasingly come
to pass. Although the income tax has become far
and away the most lucrative source of Federal revnue, only about one-sixth of the voting population of
the country pays an income tax and the legitimate
2226
THE CHRONICLE
[voL. 118.
use of undistributed earnings for the development of to confirm him in his seat in the White House, but
businesses has been impeded. It is an open secret that they must give him a Congress that will cothat the demand for rates that shall "get" the "rich operate with him in enacting the needful measures
men" and the "corporations" without discrimination of fiscal relief. His appeal, we are sure, will not go
is most insistent in the States in which, because of unheeded, and, popular response having been acthe relative preponderance of small personal in- corded, the new Congress can be convened in extra
:
comes and the absence of large businesses, the en session on the 4th of next March—which is less than
forcement of the tax upon individuals is notoriously ten months off—to enact without delay the legislalax. The income tax, in other words, has produced a tion which will start the country on a new era of
new species of sectionalism in which a natural dis- prosperity.
parity of wealth has been seized upon to create gross
The German election of May 4 leaves the immeinequality of financial contribution to the Governand to further political programs diate future of the Dawes reparations plan somement elsewhere,
whose underlying idea is very much less that of eco- what in doubt. The race between the Nationalists
nomic justice than that of economic retribution for and the Socialists has been extremely close, and until the counting of the ballots is completed, some
the sin of being well-to-do.
That the action of the Senate is an open challenge days hence, it may not be known which has won the
to the President is clear enough, and as such it con- larger number of seats. Now that the election is over,
stitutes an issue of real• gravity. Whatever the the leading parties are feeling it necessary to qualify
original intent of the Constitution may have been in their previous general approval of the Dawes plan,
regard to the political ascendancy of the President, although not to the point of the rejection of any of
the situation makes him the leader of the people on its main features; and it is further pointed out that
this occasion and he cannot sacrifice this leadership the acceptance of the provisions of the plan that rewithout endangering the success of his Administra- late to the railways, involving as they do a constitution. He is committed, as well by his own declara- tional change which can only be effected by a twotions as by the recommendations of his Secretary of thirds vote of the Reichstag, may prove to be more
the Treasury, to a reduction of taxation, and in this than a coalition Government can carry through. A
position he unquestionably has the country on his coalition Government will be further weakened by
side. Yet in the face of his public declarations, rein- the attitude of the Socialists, who must join'in the
forced by private conferences with members of Con- coalition if a working majority is to be obtained, but
gress, the Senate proposes a continuance of heavy who are themselves divided into Majority and Indetaxes on personal incomes, an increase of taxes on pendent groups, which in the past have not had much
corporations, also an increase in inheritance taxes, in common.
The encouraging feature of the election is that it
with a tax likewise on gifts and a pernicious regime
affairs of private appears to have put an end, for the time being at
of publicity which will open the
and corporate business to the prying scrutiny of least, to the danger of a strong swing to the extreme
anybody who chooses to go after them for any pur- monarchist Right, at the same time that the Compose, good or bad. Unless Mr. Coolidge can defeat munists, who have made important gains, are still
this objectionable program, bristling as it is with numerically far in the minority. As the German
possibilities of mischief from which the whole coun- Socialists are Socialists only in name, German potry will suffer, the actual political leadership of the litical radicalism of the extreme sort is now to be
nation will pass from the President to a coalition looked for only among the Communists, who have
oligarchy in the Senate and its allies in the House. thus far been averse to coalescing with any other
The situation does not admit of compromise. Either party, and the Monarchists, who may probably be
Mr. Coolidge wins, or he loses; to demand a program reckoned more noisy than dangerous. It is worthy
and accept only what a hostile Senate is pleased to of note that while popular sentiment in Germany
hand out would be to accept defeat. The President appears to be as a whole clearly in favor of acceptshowed that he possessed the elements of leadership ing the Dawes proposals, no political party has been
by the declarations in his annual message to Con- able to obtain anything like a majority of seats in
gress last December on the subject of taxation and the Reichstag, and a coalition Government, as in
relative to soldier bonus legislation, and again the Great Britain, France and various other countries,
present week by his courageous veto of the Bursum is the only Government possible. The door of conpension bill which ivould have added $58,000,000 to troversy which the election thus leaves ajar will be
pushed further open if France insists upon interpretthe yearly expenses.
It is time, however, for the country to awaken to ing the election as a virtual rejection of the Dawes
the fact that the radical and insurgent forces, both plan, and continues to demand "sanctions" beyond
in the Senate and in the House are for the moment those which the report of the experts provides. The
in the saddle, that they are doing their best to defeat French election for members of the Chamber of
the President's financial program, and that there Deputies on May 11 should give some indication of
will be no relief from unwise and excessive taxation French policy, although there, too, the results may
if they are allowed to have their way. As President not be definitively known for two weeks because of
Cleveland remarked in his famous message back in the large number of ballottages, or supplementary
1887,it is a condition, not a theory that confronts us, elections in districts in which the regular election is
and the situation demands resolute action on the not decisive, which are expected to occur this year
part of the President. He should countenance noth- under a new electoral law.
ing savoring of compromise. The issues involve
Winter wheat is making fairly good progress. The
principles of vital importance to the country, and it
is his duty to take a firm stand upon them and ap- Government report on the May 1 condition, issued on
peal to the people to support him in his course. He Thursday, shows an improvement during April and
should insist that it is not enough for them merely a higher condition at that date than on the corre-
MAY 10 1924.]
THE CHRONICLE
sponding date for either of the two preceding years.
The abandonment of acreage due to winter killing
was considerable, but much less than for either of
the two preceding years—in fact of the preceding
ten years, there were six years when winter killing
was much more disastrous than it was for the winter
just closed. And yet the outlook for the crop is for a
yield of winter wheat this year considerably under
any year since 1917. The reduced area planted to
winter wheat last fall is still further cut down by the
reduction due to winter killing and also by some revision of its figures of acreage by the Department, so
that the area is now estimated at 36,898,000 acres.
These figures contrast with 40,191,000 acres, the
estimate for this year's crop made in December
1923 and 39,522,000 acres, from which the winter
wheat crop of last year was harvested. In each of
the five preceding years back to 1917, the area harvested to winter wheat was in excess of the area now
indicated for the crop of 1924; in one year, 1919,
there were 50,494,000 acres.
The May 1 condition of winter wheat this year was
84.8% of normal. This contrasts with 83.0% a
month earlier, and 80.1%, the May 1 condition of the
winter wheat crop harvested last year. The area
abandoned, due to winter killing for the current crop
is 3,035,000 acres; for the crop harvested last year
the area abandoned was 6,628,000 acres, and for the
preceding year nearly as great an amount. This year
the area abandoned was 7.6% of the area sown last
fall; for the 1923 crop it was 14.3%, while the tenyear average was 9.6%. A yield of 553,013,000
bushels of winter wheat is now indicated; the harvest last year was 572,340,000 bushels. It is in the
three Central States, Ohio,Indiana and Illinois, that
the winter killing was most disastrous, the abandonment of acreage in those three States ranging from
17% in the latter to 9% for Indiana. The condition,
too, for Illinois, was only 70% on May 1, as against
73% April 1. In all the other winter wheat States
except Nebraska, Texas and the Pacific Coast, the
condition improved during April. In Kansas, where
two or three times as much winter wheat is raised as
in any of the other important States, the area abandoned was only 4.5%, and the condition May 1 was
88%; for Nebraska and Oklahoma, conditions were
better. Washington reports an abandonment of
18% and the condition May 1 of 83%. So far as
abundance goes the outlook for winter wheat might
be improved and it may not be out of place to ask
whether a reduction in yield is in accordance with
the ideas of the Government at Washington in raising the duty on wheat two months ago.
Rye is also in a somewhat better position on May
1, the condition being 88.2% of normal as contrasted
with 83.5% a month earlier and the indicated yield
is now placed at 61,739,000 bushels; the final yield
last year, on a much larger acreage, was 63,023,000
bushels, whereas on May 1 1923 the indicated crop of
rye from that year's harvest was 11,500,000 bushels
more than the final production as shown above. The
May 1 report this year also estimates plowing at
71.5% and planting 58.1%, in both instances 2.6 and
2.7 points above the estimates of May 1 1923.
The results of the German elections last Sunday
apparently were not as favorable as conservative observers, both in and out of the country, had expected
or even hoped for. At first the returns indicated
that the former Coalition had won, in spite of quite
2227
heavy gains by opposing and radical- factions. The
Berlin correspondent of the New York "Times," in.
his first dispatch following the elections, and which
was filed Sunday evening before it was possible to
get anything like complete figures, said: "First returns from to-day's election indicate that, though as
expected the German Nationalist Party standing at
the extreme right registered substantial gains, the
old Coalition from which the present Government
was formed—the German People's Party, the Centrum and the Democratic Party—will form the next
Government, probably in conjunction with the Socialists. This is the group pledged to carrying out
the Dawes plan." The Berlin representative of the
New York "Herald-Tribune" declared in his first
message, which was not filed until after midnight
Sunday, that "control of the new Reichstag by the
moderate parties—the People's Party, the Democrats, the Centrists and the Socialists—appears assured early this morning on the basis of still incomplete returns from the national elections held in Germany yesterday. A clear majority of eighty seats
seems certain for the moderates." He admitted,
however, that "tremendous gains have been made by
the Communists, who appear to have captured about
50 seats previously held by the Socialists. The Nationalists, on the other hand—the extremist group
on the other side, who have been campaigning on a
platform calling for rejection of the Dawes report—
while they have registered considerable gains, have
fallen far short of achieving their pre-election expectations." The Associated Press correspondent in
Berlin indicated in his earlier message that some
time would elapse before the complete returns would
be available. In fact, he stated that "the count of
the ballots at to-clay's general election is proceeding
extremely slowly, owing to the lateness of the incoming returns and the complications arising
through the presence of 23 party tickets on the official ballot. Only 150 out of 2,000 precincts in
Greater Berlin had reported by midnight." He observed, however, that, "despite the delays Government and political leaders are already convinced
that the cross-section survey afforded by incomplete
reports from all sections of Germany, including the
occupied areas, decisively indicates the failure of the
reactionary and radical parties to stampede the voters." In a cablegram Monday evening the Associated Press representative said that on the basis of
returns up to 3 o'clock that afternoon the actual results would not prove to be widely different from
the foregoing rough outline. He stated that "Clericals, Democrats and People's Party number 229 seats,
or ten more than the total of all the seats filled by
the numerous other parties combined." He likewise
observed, and in part reiterated, that "thus the people have apparently placed their seal of approval on
the Dawes reparations report, as the leaders of the
moderates, including Foreign Minister Stresemann,
based their campaign on the adoption and execution
of the report as a sure cure for the country's ailments."
Contrary to expectations, this correspondent dedared that "the balloting was heavy and it is probable that at least 15 new Deputies will be added to
the Reichstag, increasing the membership to 475."
He also stated that "about 75% of the electorate
voted throughout the Reich." According to returns
at that time, "among the notables elected are General Ludendorff, head of the extreme Nationalists;
2228
THE CHRONICLE
Chancellor Marx, former Chancellor Wirth, the
young Prince von Bismarck, grandson of the Iron
Chancellor; Oskar Hergt, Admiral von Tirpitz, the
Minister of the Navy during the World War, and
Otto Weis."
.
The returns made available here Tuesday morning
were not so encouraging on the whole as the earlier
ones, as they disclosed still larger gains by the radical groups. Notwithstanding the latter fact, the
Berlin representative of the New York "Times" cabled Monday evening that"the result of German elections shows that a majority of Germans are for the
'policy of fulfillment' as against a definite break with
the Entente, for qualified acceptance of the Dawes
report as against summary rejection thereof, for continuance of the G rman Republic as against restoration of the German Monarchy." He declared also
that,"despite the sensational Communist and strong
Nationalist gains, the German Government will
probably continue to be based, as now, on a Coalition
composed of the Centrist, German People's and Democratic parties, with the Socialists as a fairly reliable
pro-Government reserve." According to the dispatch, "late this afternoon an official Government
statement was given out declaring that out of the
448 Reichstag delegates elected so far, the Coalition
and Socialists had 229, as against 219 in all other
parties, and that, assuming the Nationalist, Communist and Volkisch parties combined as a regular
opposition, they would muster only 180 votes, as
against the Government's aforesaid 229." The situation growing out of the elections was further outlined as follows: -It was also stated that President Ebert might ask some leading Socialist to form
a Government, since the Socialists represented the
strongest Reichstag faction, but emphasis was laid
on the probability that the present Government
would continue in office and that there would be no
change in the general lines of German foreign policy,
though it was acknowledged that the Government
might find it more difficult than before to get a
Reichstag majority."
The French, according to Paris cable dispatches,
were relieved Over the fact that the Monarchists did
not make greater gains in the elections, and also
apprehensive as to whether the new Reichstag would
adopt the Dawes report. The New York "Times"
representative cabled that "their eyes on the German
election, to see the possible effects on the experts' report, the French at once observe that in the new
Reichstag there may be danger of sufficient opposing voices to defeat the passage of laws necessary
for putting into effect the Dawes plan." The leading Paris newspapers appeared to be fearful also as
to the fate of the plan. The "Journal des Debats"
declared that "it is certain the Allies must present a
united front to Germany if the experts' report is not
doomed to the same fate as the schedule of reparations payments adopted in May 1921." Commenting
upon the probable effects of the German elections on
the French electicrns to-morrow, the New York
"Times" representative observed that "it seems unlikely that the German elections will have much effect on next Sunday's voting in France. Had there
been a great sweep to the Right, had the party of
Ludendorff and the Crown Prince obtained a large
number of Reichstag places, the effect in France
might well have been to strengthen the appeal of the
[void. 11.8.
French Nationalists. As it stands now it seems that
the elections on May 11 will bring small change in
the complexion of the French Chamber, the prediction of a slight movement to the Left still appearing
valid. This forecast means that the next French
Chamber will in all likelihood approve Poincare, who
is almost sure to remain in power,at least until after
the Dawes reparations plan has been put into operation."
With the receipt of more complete returns, disclosing the surprisingly large gains by both the Nationalists and Communists, naturally the French became
still more uneasy. Evidently they were concerned
over the effect cf the victories of the radicals in Germany on similar political groups in France at the
elections to-morrow as well as over the situation in
Germany. That Premier Poincare proposed to stand
firm in every respect was emphasized by the Paris
corresponde t of the New York "Herald-Tribune"
in a cable dispatch Tuesday evening. He declared
',..aat "Premier Poincare to-night defied Communism
and international Socialism, declaring that France
refuses any dictatorship, red or white, and will not
permit her destiny to be settled in international congresses." He explained that "the Premier's remarks
were inspired largely by the big vote polled by the
Communists in the German elections last Sunday,
and at the same time served as notice to the Communists here that their efforts to dictate to his Government with regard to the coming inter-Allied negotiations will not be heeded." In the opinion of the correspondent, "the speech, which was delivered before
the Association of the Chambers of Commerce, may
also be interpreted, even in advance of the French
elections next Sunday, as an indication of the stand
Poincare will take in the negotiations on reparations
and contingent subjects. M. Poincare left no doubt
that he will stress France's complete adhesion to the
Dawes plan. He also made it clear that he will emphasize the danger, as indicated in the Reich elections, of Germany's becoming a new menace to European peace. This means that the question of French
security will be brought sharply to the fore. Simultaneously, M. Poincare will contend that the line-up
of the new German Reichstag puts Germany officially on record against the Treaty of Versailles."
The "Herald-Tribune" representative also said that
"the Premier's speech to-day is regarded as the most
important statement made on behalf of the French
Government since the Dawes plan was announced.
While specifically it was an answer to the French
Socialists—who have placarded Paris with signs
asserting that the French and German Socialists at
the Hamburg conference of the Second International
devised better terms for a settlement of the reparations problem than has the Dawes Committee—it is
an utterance which can scarcely fail to be of the
greatest interest outside France."
Outlining the results of the German elections as
reported up to that time, the Berlin correspondent
of the Philadelphia "Public Ledger," in a cablegram
Tuesday evening, said that, "with 90% of the districts, including all the larger towns, reported, and
with the extreme complication of the counting system of proportional representation establishing
somewhat contradictory figures, certain facts are
apparent." Continuing he said that "the Communist
success was the most sensational, the party's seats
being increased from 16 in the last Reichstag to be.
MAY 10 1924.]
THE CHRONICLE
tween 54 and 60 in the new. The Nationalists have
gained, winning 82 seats, as against 65 in the last
Parliament, and will probably gain more when the
complete returns from the countryside are reported.
It is now the strongest bourgeois party, but falls
far short of pre-election estimates. The Racialists,
or Fascists, who had only 3 seats in the last Parliament, will have approximately 30 in the next." The
"Ledger" correspondent asserted, emphatically, however,"there is no possibility of a purely Nationalistic
Government. The Nationalists and Racialists combined are heavily out-numbered by the moderate
bourgeois parties combined with the majority Socialists, who, though losing heavily, remain the strongest single party." In his judgment,"the middle parties, who form the present coalition, are too weak to
continue alone. They must join with either the Nationalists or majority Socialists. The latter proposal,
hich previous to the presentation of the experts' report seemed impossible, now is by no means out of
the question, and it is significant that ‘Vorwaerts,'
the organ of the majority Socialists, speaks warmly
of its bourgeois neighbors in the Democratic Party,
while the conservative 'Allgemeine Zeitung' discusses favorably a possible union of the middle bourgeois parties with the Socialists." The Berlin representative of "The Sun" added that "official figures
now concede a heavy anti-Republican majority
among the 465 Deputies elected to the new Reichstag.
The impossibility of assembling a two-thirds majority required for the legislative enactment of the program of the Dawes Committee also is admitted at the
Wilhelmstrasse."
As the week progressed the Berlin cable advices
indicated steadily increasing uncertainty in the
minds of the German political leaders and the people as to how the political situation would shape
itself when an attempt is made to form a new Ministry. Under date of May 6 the New York "Times"
representative in the German capital cabled:
"'What will the Nationalist Party do?' That is the
question on everybody's lips here to-day. Confronted
with the possibility that the Nationalists will constitute the strongest party in the new Reichstag, and
with the certainty that at least they will be the second strongest, Germany, strange to say, is also confronted with doubts as to what this sudden transformation of the state of affairs in the Reichstag will
actually mean. On the matter of the Dawes report
alone this doubt is an acute political question." Continuing he said: "As for the Communists, their spectacular victory, which has raised the number of their
Reichstag seats to nearly four times the former total,
really does not mean so very much, so far as the
Reichstag is concerned, since the Communists are
practically sure to play a lone hand there and thus
are not likely to exercise any decisive influence. The
principal importance of the huge Communist victory
is to be found rather in the enormous increase in the
number of Communists, evidenced by the voting,
rather than in the number of Reichstag seats which
have fallen to the Communist Party." According to
an Associated Press dispatch from Berlin, also dated
May 6, "authoritative official returns of Sunday's
Reichstag elections will not be available before May
16, according to the announcement of Herr Jarres,
Minister of the Interior. The Marx-Stresemann
Cabinet will continue in office until that date, or
such time as the new Reichstag is organized." The
2229
New York "Herald-Tribune" representative in Berlin said in a cablegram the same evening that "it is
probable that President Ebert will charge Dr. Oskar
Hergt, Nationalist leader, with the task of forming
the new Government." Commenting on the probability of the next Cabinet being formed by a Nationalist, as just suggested, the Berlin correspondent of "The Sun" cabled Wednesday evening that
"Dr. Stresemann will be ousted from direction of the
Reich's foreign policy, and reparations negotiations
with the Allies will be resumed on the basis of the
Dawes plan only if the Allied Governments accept
certain definite German reservations to that plan, so
Dr. Oskar Hergt, former Imperial Privy Councillor,
former Royal Prussian Finance Minister and present chief of the Nationalist parliamentary group of
105 Deputies, informed 'The Sun' in no uncertain
terms to-day." According to a special cable message
from Berlin to the Philadelphia "Public Ledger" the
same evening, "with voting returns not yet completely known, the German press begins to discuss a
new election. Certainly the vote has not added clarity to the German situation, but, on the contrary,
has increased the tension."
The British did not appear to be specially disturbed over the results of the German elections. A
London correspondent of the Philadelphia "Public
Ledger" said Wednesday evening that "the results in
the German elections got a mixed reception in England, with official quarters not exactly optimistic,.
but certainly not pessimistic, and. with the press almost exactly divided as to whether the outcome portends well for adoption of the Dawes reparations report." It was added that "what is feared here by
those who see gloom ahead is that even should a coalition Government be formed in Berlin there are still
enough members of the Right to prevent any Government from gaining the two-thirds majority in the
Reichstag necessary to pass any measure as important as the reparations plan."
The situation in Germany, and as between that
country and the Allied Powers, apparently became
still more complicated by 300,000 coal miners, according to Berlin dispatches, going on strike on May
7. in the early advices it was stated that the men
struck because of a request of their employers that
they work 8 instead of 7 hours a day. In an Associated Press cablegram Thursday afternoon it was
explained somewhat in detail that "the trouble
started with a lockout by the owners when the demand for additional working hours was resisted, and
the miners replied with a declaration of a general
strike in all the Rhenish Westphalian fields. Similar lockouts have been declared by the mine owners
in Saxony, and strikes have been called by the workers in most of the Upper Silesian mines to enforce
the seven-hour day." The New York "Times" representative in Berlin cabled the night before that "Socialist circles in Berlin to-night received information
that the Communists have been entirely successful
in wresting control of the Ruhr situation from the
hands of the Socialist and Christian trade unions
there. There is no doubt that the Communist election victory made a deep impression on the laboring
element, not only in the Ruhr but also in other mining districts, such as Saxony and Silesia, where
strikes also appear imminent." He also asserted,
"but what the Communist leaders are really after is
to bring about a general strike, not only in mining
2230
118.
TriE CHRONICLE[VOL.
but in ail industries in Germany. There is coal
enough only for a few days, and after that nearly all
the factories in Germany will be compelled to shut
down, which will pave the way for another'Red war.'
It is learned that the Minister of the Interior, Herr
Severing, who suppressed the first Communist uprising in the Ruhr district, received extremely alarming
news late last night which kept him and his staff
busy for many hours."
The Berlin correspondent of the New York "Herald-Tribune" cabled Wednesday evening that "President Ebert will convoke the new Reichstag between
May 23 and 26, it was learned to-day after a conference he held with Chancellor Marx and President
Loebe of the Reichstag. Ebert returned to Berlin
to-day to take charge of the situation resulting from
the Reichstag elections." He stated definitely that
"it also was agreed that Dr. Oskar Hergt, Nationalist, as leader of the,largest single party in the Reichstag, must be the first man called upon to form a
Government upon the resignation of the present Ministry." The correspondent added that "Dr. Hergt
said in this interview that the Nationalists were
ready to head the new Government and were prepared to pursue a policy of treaty fulfillment. He
asserted they were also willing to accept the Dawes
report—but with reservations." Going further, he
.observed that, "leaving aside the question of reservations, it must be emphasized that Dr. Hergt's acceptance of a policy of treaty fulfillment represents a
complete about-face from the attitude of consistently
uncompromising opposition to treaty fulfillment to
which the Nationalists have heretofore so ardently
clung. He will have some difficulty in persuading
the extremist element in his party to accept this
change of attitude."
In spite of all the political uncertainty in Germany,as reflected in the Berlin cable dispatches, the
Paris correspondent of the Associated Press cabled
May 7 that "members of the Reparations Commission who recently sounded out J. P. Morgan, are
planning further meetings with London financial
authorities some time within the next ten days regarding the project for an international loan under
the experts' plan, according to information in the
highest reparations circles to-day." He further.
stated that "efforts are now being concentrated to
make the flotation of the proposed loan as universal
as possible, not relying wholly upon American and
British subscriptions, but endeavoring to get the
highest percentage possible subscribed in France,
Belgium and elsewhere on the Continent. Members
of the Commission are bending all their energies toward realizatkn of the conception that the more people interested in the loan's success the more certain
that success will be."
The news from Germany yesterday morning was
no more encouraging. In fact, it was still more disturbing. The Berlin correspondent of the New York
"Times" cabled Thursday evening that "signs multiply that the German Communists have launched a
movement against the existing order of things in
Germany which they confidently hope will assume
the proportions of a .full-sized revolt." Continuing
to outline the situation, he said that, "while the
strike of miners in the Ruhr over a shorter day and
more pay is spreading hourly and the gravest fears
are felt that a most dangerous situation may arise
there as a result of Communist agitation, news of
further serious strikes pours in from Silesia, Saxony
and other German industrial districts. The Berlin
Communist leaders are openly urging the metal
workers and railway men to join the Ruhr,strikers
in a movement which they declare is the opening gun
in a concerted Communist campaign to prevent 'enslavement' of Germany through acceptance of the
Dawes report." According to a special Berlin cable
dispatch to the Philadelphia "Public Ledger" last
evening, "in the Ruhr not a single coal mine was
operating to-day. Roundly, 500,000 men are out of'
work. The streets are unlighted, as they were during the period of passive resistance. Poverty threatens the workers' families. The serious economic
crisis portends threatening political consequ
As to the purely political situation, the New York
"Herald-Tribune" correspondent said that, "while
Dr. Oskar Hergt, as leader of the single largest
party in the Reichstag—or some other Nationalist
or non-partisan acceptable to the Nationalists—may
first be asked to form a Government, to-day's developments behind the political scenes, if they mature,
will leave the present Government in power, with the
possible adhesion of either the Nationalists or the
Socialists."
It was impossible to decide early in the week how
much importance should be attached to the Conference at Chequers Court a week ago to-day between
Prime Minister MacDonald and representatives of
the Belgian Government. According to a wireless
dispatch from the London correspondent of the New
York "Times," that was filed last Saturday evening,
"MM. Theunis and Hymans, the Belgian Premier
and Foreign Secretary,concluded their conversations
with the British Prime Minister and Sir Eyre Crowe
of the Foreign Office at Chequers to-day. Although
it was arranged that no official announcement
should be issued it was intimated that the exchanges
of views were satisfactory." He added that "this is
taken to mean nothing more than it says, for there
remains a great gulf between the British attitude in
regard to the Dawes report and that of France.
Great Britain accepts the experts' recommendations
as they stand and wants to see them applied in toto.
The French reservations would in British eyes reduce the Dawes report to a dead letter."
Although the London correspondents of American
papers emphasized the fact that a special effort was
made to keep secret the proceedings at the conference of the Premiers, the representative of the New
York "Herald-Tribune" cabled Sunday evening that
"the week-end conference at Chequers Court of Premier Theunis and Foreign Minister Hymans of Belgium, and Premier MacDonald was one of vital importance, J. H.Thomas, Colonial Secretary, declared
to-day at Derby, coincidently with the departure of
the Belgian diplomats for Brussels. The conversations were conducted by men intent upon creating an
atmosphere of good-will, Mr. Thomas emphasized,
instead of one of hatred and bitterness." He stated
emphatically that "this is the first official public
reference that has been made to the conferences,
surrounded with the closest sewhich have been .
Continuing, he said that "the visit of the
crecy."
Belgian Premier is regarded here as having brought
nearer a meeting of Premiers MacDonald and Poincare, although no date will be fixed for this until
after the French elections have been held next Sun.
MAY 10 1924.]
THE CHRONICLE
day. The conference has not, however, bridged the
gap between the French and British points of view
with regard to the economic evacuation of the Ruhr
called for by the Dawes report."
The Paris correspondent of "The Sun" introduced
another feature in the prospective situation when he
cabled Tuesday afternoon that "the Supreme Council will renew its existence during the first fortnignt
of June with the Premiers of England, France, Belgium and Italy and probably with an American 'observer,' in an attempt finally to solve the reparations
differences and possibly taking up the problem of
inter-Allied debts." He added that "'The Sun' was
informed on the highest authority that while no date
has been fixed, *Ramsay MacDonald has assurances
from both Premiers Theunis and Poincare that they
will approve a renewal of the Council as soon as the
elections are over and it is known what elements
Poincare must count on for a majority in the next
Parliament."
According to a London dispatch to the New York
"Herald-Tribune" yesterday morning, "the reparations situation is rapidly shaping itself toward a personal interview between Premiers MacDonald az..1
Poincare at the end of May, followed by a general
Allied conference, possibly at Brussels, early in
Jane." He also said that "all the reports reaching
here indicate that while the French elections on Sunday, like the recent German elections, are likely to
show some gains for the extremists at both ends of
the political scale, a victory for Premier Poincare is
almost certain. The British, therefore, expect that
within a short time after the elections, M. Poincare
will be ready to discuss the question of practical application of the Dawes program."
Although the British Labor Party continues to
encounter opposition from the Liberals as well as
the Conservatives, it has shown again this week that
it does not intend to yield easily, if at all, on what
its leaders regard as.vital questions. According to a
special London wireless dispatch to the New York
"Times," under date of May 2,"the Labor Government
to-day made good its resolve to refuse support to the
Liberal proposals for establishing proportional representation, a system which the Liberal Party thinks
would help it to gain seats. Support of this bill is
said to have been the price asked for Liberal co-operation with the Government. The members, however, voted heavily against the bill and it was rejected by 238 votes to 144. The Duchess of Atholl,
Unionist, who had made a telling speech against it
and moved its rejection, acted with a Labor member
as teller in the division." The Associated Press corespondent in London, in a dispatch Saturday *afternoon, did not take such an optimistic view. He said:
"Members of the Liberal party to-day made no effort
to conceal their mortification and anger over the rejection in the House of Commons yesterday of the
proportional reipresentatiocn cilectoral bill, which
they declared was due to the vindictive action of
about 80 Laborites." According to the dispatch also,
"the Liberal newspapers to-day are bitter in their
comment, implying that when the budget, which the
Liberals will support, is disposed of, it will be war
to the knife between the two parties." The "Westminster Gazette" said that "the Liberals now are
clearly exempt from any obligation to keep the Government in power, and will exert themselves to safeguard their own position and emphasize the points
2231
of difference between their own policy and that of
the Labor Party."
In taking up the budget in the House of Commons
Tuesday evening, the Labor Party received the support of the Liberals, as the latter were desirous that
certain amendments proposed by the Tories should
be defeated. In reporting the incident, the Associated Press correspondent in London stated that
"Labor's first budget remained unchanged to-night
after the House of Commons had voted four times on
amendments to alter its provisions for reduced duties on tea, cocoa, coffee, chicory and sugar. The
bitterest debates were on the sweetest subject—sugar." He • added that "the House supported the
Chancellor of the Exchequer, rejecting an amendment offered by Sir William Mitchell-Thomson to
stabilize the preference on sugar at 4 shillings 31 2
/
pence, by 243 votes to 182. The Government, with
the support of the Liberals, had a slightly larger
majority in defeating the other amendments. One
of them was for a reduction in the duty on empire
tea to 2 pence per pound; another to eliminate all
duty on empire cocoa."
In a cablegram Thursday evening the London representative of the Associated Press declared that
"Tuesday next will be a critical day for the Labor
Government as Prime Minister MacDonald has accepted the gage thrown down by the Conservatives
and will consider Stanley Baldwin's motion for retention of the McKenna duties as a motion of censure." He also said that "the result of the vote is
problematical as the motion will probably result in
a new line-up of members. Most of the Conservatives
are against abandonment of the McKenna duties as
well as a numbers of Liberals and Laborites. Whether
the Government would resign in case of an adverse
vote is not yet clear, although this is the usual procedure." In a London dispatch last evening to the
Associated Press it was asserted that "no party expects the defeat of the Labor Government Tuesday
next when former Premier Baldwin's motion for retention of the McKenna duties, which Premier MacDonald has considered as a motion of censure, -will
come up for consideration. It is thought that the
scattered Liberals who believe that repeal of the duties would be inexpedient will not receive any substantial support from the main body."
Official discount rates at leading European centres continue to be quoted at 10% in Berlin, the rate
fixed on Rentenmarks last December and the basis
on which nearly all transactions are now negotiated; 7% in Norway and Denmark; 6% in Paris;
51 2% in Belgium and Sweden; 5% in Holland and
/
Madrid, and 4% in London and Switzerland. Open
market discounts in London were firmer and short
/
bills closed at 278@3%, against 21 8% a week ago,
/
although three months' bills remain at 3@3 1-16%,
the same as last week. Call money at the British
centre was firm, and the rate advanced to 21 8%, as
/
-Y
against 1r8% the week previous. At Paris and
Switzerland the open market discount rate has not
/
been changed from 514@51 2% and 3/
/
12%, respectively.
:
The Bank of England in its statement for the week
ending May 8 reported a gain in gold stocks of £52,114, while reserve increased £452,000, as a result of
a decrease in note circulation totaling £399,000.
Moreover, the proportion of reserve to liabilities ad-
2232
THE CHRONICLE
vanced from 18.30% last week to 18.51%, which com/
pares with 201 8% at this time a year ago and 18%
in 1922. A reduction of £532,000 was shown in public deposits, but "other" deposits expanded £1,581,000, while the bank's temporary loans to the Government increased £1,395,000. Loans on other securities fell £785,000. Gold holdings now stand at £128,172,646, which compares with £127,521,944 a year
ago and £128,887,939 in 1922. Reserve totals £22,708,000. Last year it was £23,495,814 and in 1922
£25,746,254. Loans aggregate £73,560,000, as against
£68,613,871 and £75,629,571 one and two years ago,
respectively. Outstanding note circulation is £125,217,000. This compares with £123,776,130 in the
corresponding week of 1923 and £121,591,685 the
preceding year. Clearings through the London banks
• for the week were'£745,956,000, as against £940,785,000 last week and £746,489,000 a year ago. Notwith• standing talk of a possible reduction in the Bank of
England rate, the 4% rate now current remains unchanged. We append herewith comparisons, of the
different items of the Bank of England returns for a
series of years:
BANE OF ENGLAND'S COMPARATIVE STATEMENT.
1920.
1921.
1924.
1923.
1922.
May 12,
Main.
Afay 7.
Afao 9.
May10.
Circulation
125,217.000
Public deposits
10,055.000
•Other deposits
112,574,000
Governm't securitles 44,028,000
Other securities_ _ 73,560,000
Reserve notes & coin 22,708.000
Coin and bu111on_128,172,646
Proportion of reserve
to liabIllties
18.51%
Bank rate
4%
123.776.130
14,602,313
102,003,385
42,221,180
68,613,871
23,495,814
127,521,944
121.591,685
12,179,131
130,259,056
58,872,646
75.529,571
25,746,254
128,887,939
128,768,640
14,860,622
113.560,751
49,186,122
78,903,266
18,044,607
128,363,247
111,312,035
21,428,930
99,404.124
38,455,283
80,444,403
19,655,568
112,518,503
205%
3%
18%
4%
14.05%
6%
16.26%
7%
The Bank of France in its weekly statement shows
a contraction of 91,968,000 francs in note circulation,
bringing the total outstanding down to 39,928,860,000
francs. The reduction this week follows an expansion of 196,734,000 francs in that item last week and
contractions in the three successive weeks preceding,
aggregating 389,468,000 francs. Last year at this
time the total of notes in circulation stood at 36,964,007,940 francs, as compared with 36,122,745,350
francs at the corresponding date the year previous.
In 1914, just prior to • the outbreak of war, the
amount was only 6,683,184,785 francs. During the
week a further small increase of 79,775 francs was
registered in the gold item. The Bank's gold holdings, therefore, now aggregate 5,542,528,975 francs,
comparing with 5,536,995,141 francs last year at
this time and with 5,527,262,934 francs the year
before; of the.foregoing amounts 1,864,320,900 francs
were held abroad in 1924, 1,864,344,927 francs in 1923
Silver increased
and 1,948,367056 francs in 1922.
74,000 francs, advances rose 160,590,000 francs and
Treasury deposits were augmented by 2,676,000
francs. On the other hand, bills discounted were
reduced to the extent of no less than 718,628,000
francs, while general deposits fell off 337,370,000
francs. Comparisons of the various items in this
week's return with the statement of last week and
corresponding dates in both 1923 and 1922 are as
&um
A huge increase in note circulation was shown by
the Imperial Bank of Germany in its statement, issued as of April 30. in round numbers this equaled
102,908,365,000,000,000,000 marks, and brought the
total up to the stupendous figure of 776,950,639,761,000,000,000 marks, or a new high record, and compares with 6,545,984,000,000 marks last year and
139,038,000,000 marks in 1922. There was an even
larger expansion in deposits, namely 138,965,460,000,000,000,000 marks. There was a reduction of
89,755,021,000,000,000,000 marks in Rentenbank
notes, of 4,924,909,000,000,000,000 marks in Rentenmark bills and cheques,506,000,000,000,000,000 marks
in Treasury and loan association notes and 1,017,782,000,000,000,000 marks in other liabilities, while bills
of exchange and cheques expanded 15,215,376,000,000,000,000 marks, advances 148,910,000,000,000,000 marks, Rentenmark discounts and advances increased 13,230,270,000,000,000,000 marks, investments 73,806,000,000,000,000 marks, and other assets
30,455,889,000,000,000,000 marks. Silver coin reserve increased 1,013,000 marks, and gold holdings
12,000 marks to 441,827,000 marks, as against 919,909,000 marks in 1923 and 1,000,867,000 marks a
year earlier.
. The Federal Reserve Bank statements, issued at
Thursday,,were featured by
the close of business on ;
continued contraction in rediscounts for the System
and another addition to gold reserves. The combined report showed a gain in gold holdings of $9,000,000. Rediscounting of Government secured pa
per expanded $6,000,000, but rediscounts of "all
other" fell $13,000,000, while bill buying in the open
market was reduced no less than $37,000,000. Total
bills discounted declined $6,900,000, to $440,285,000,
which compares with $695,017,000 last year. Earning assets were reduced $34,800,009 and deposits fel
$11,000,000. The New York Bank, on the othe
hand, lost gold .heavily in its operations with th
Gold Settlement fund—more than $43,000,000.
discounting of 'Government secured paper increase
approximately $20,300,000, but rediscounting o
othmr paper diminished $1,300,000. Open marke
purchases were reduced $16,600,000. The total o
discounted bills is now only $66,943,000, in compari
son with $198,730,000 at this time a year ago.
small increase was reported in earnings assets ($5,
900,000), but deposits fell $32,400,000. Compara
tively slight change was,shown in the amount o
Federal reserve in circulation; for the System the
is an increase of $1,000,000, but at New York a de
cline of $2,200,000. In member bank reserve ac
counts the twelve reporting banks indicated an in
crease of $8,600,000, although locally there was
contraction of $20,600,000, to $743,049,000, agains
$694,445,000 last year. Reserve ratios remain a
close to the levels of the previous week. Nationall
there was a gain of .4%, to 82.4%. Locally the rat
fell 1.1%, to 90.2%, primarily as a result of th
shrinkage in geld holdings, which more than offse
lessened deposits.
OF FRANCE'S COMPARATIVE STATEMENT.
Cna e
for SPee kin May 8 1924. — I
f
A/VA a923 Mae 111922.
ls 07
Francs.
F,a is.
Fre as.
Gold Holdings—
79.775 3.678,203,075 3.672.650.213 :3.578,895.877
Inc.
France
In
No change
1.864.320,900 1.864,344.927 1.9.18,307,050
Abroad
79,775 5,542.528,975
Inc.
Total
74.000
Inc.
298.866.000
Sliver
Dec.718,628,000 4,224,877,060
discounted
Bills
Advances
Inc. 160,590,000 2,695,401,000
Note circulation-Dos. 91.968,000 39,928,860,000
2,676,000
19,396.000
Treasury depoilts_ine
General deposits_ _De; 337,370,000 1,943,178.000
[Vol.. 118.
5,536,995,141
'292,131.748
2,402,176,535
2,173,271,670
36,901,007,940
19,1'38,889
1,983,659.057
5,527,262,931
282,983,949
7,%0
2,339,34'
2,311.290.554
33,122,745. CO:
8
12,262,83
2.964,531,792
Last Saturday's statement of New York Clearin
House banks and trust companies reflected th
strain of meeting month-end payments and reporte
heavy expansion in both loans and deposits, and thi
led to a further small loss in surplus reserve. Th
loan item increased $54,134,000. In net demand d
posits there was an addition of no less than $67,205,
MAY 10 1924.]
THE CHRONICLE
2233
maturities the trend was also downward and liberal
supplies of time money were on offer with few takers.
Towards the close of the week there was a decline to
3%@4% for sixty days,4% for ninety days and four
months and 4@t4j4.% for five and six months, against
i@i41
4Y /% for all periods from sixty days to six
months a week ago. Very little business was transacted even at the lower figures, and no large individual loans were recorded. The above figures are for
mixed collateral and all-industrial funds without differentiation.
4
Mercantile paper rates were lowered to 4@41 %
4
for four to six months' choice names'and 41 @4M%
/
A
for names less well known, against 41 @,431% the
previous week. New England mill paper and the
shorter choice names were dealt in at 4%. A fairly
good demand was noted from country banks, although the aggregate turnover was not large.
Banks' and bankers' acceptances have been moderately active. Prime names were in request by local
It is entirely unnecessary, and, in fact, would be and out-of-town institutions alike. Foreign buying
superfluous, to attempt to go into any detail relative was a feature of the week. Offerings, however, were
to the local money market. It need only be said that light and the market, generally speaking, quiet.
extreme ease characterized both the call and time de- For call loans against bankers 'acceptances the posted
partments. For several days call loans appeared to rate of the American Acceptance Council has been
2
1
/
0
be "pegged" at 3 %, while offerings of most time lowered to 33% from 3%7 last week. The Ac4%. Offerings of 90- ceptance Council makes the diiipount rates on prime
3
/
2
1
/
dropped from 4 to 4
money
day money at 4% were reported yesterday, and it bankers' acceptances eligible for purchase by the
was even claimed that some time money was obtain- Federal Reserve Bank 3N% bid and 3% asked for
able at 3%70. Naturally, bids were reduced to 4%, bills running 30, 60, 90 and 120 days, and 37 % bid
A
except in special cases. The requirements for the and 3% asked for bills running 150 and 180 days.
1%
,
speculative stock market continued smallt while Open market quotations follow:
those for the flotation of new securities were relaSPOT DELIVERY.
60 Dab's.
90 Days.
30 Days.
tively larger, as was true last week. Probably there
3%53%
34031'2
35i0103',
eligible bills
Prime
was not much change in the commercial demand. It
FOR DELIVERY WITHIN THIRTY DAYS.
would seem that it must have been smaller, if there Eligible member banks
314 bid
34 bid
were any material change. The Government with- Eligible non-member banks
drew $3,300,000 from local depositories on Thursday,
There have been no changes this week in Federal
the first noted for several weeks. It is expected that
there will be rather extensive Government financing Reserve Bank rates. The following is the schedule
next month in order to take care of short-term secu- of rates now in effect for the various classes of paper
rities that will mature. As the middle of this month at the different Reserve banks:
closely approaches a moderate recovery in call
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
MAY 9 1924.
money quotations would be regarded as quite natural, in spite of the pronounced ease in the money
Paper Maturing—
market as a whole. Paris and London bankers, acAfter 90 After 6
bid
Days. but
cording to cable dispatches from the former centre,
Within 90 Days.
Within 6 Within 9
RESERVE
Months. Months.
an international loan to Germany, FEDERAL
BANK.
are discussing
Com'rcial Recur. by
Actricul.. Apricul.
notwithstanding the uncertainty resulting from the
Aoricul. U. S. Bankers' Trade
and
anti
et:Lives:1 Govt.
AccepAccep- Livestock Livestock
Paper. Oblige- lances, lances. Paper. Paper.
elections in that country a week ago. Local bankers
n.e.s.
lions.
are said to be doing the same. Apparently there is Boston
44
a
44
44
414
4
4
4
New York
4
4
4
nothing imminent as to an actual loan. Moderate- Philadelphia
44
5
44
414
44
44
434
44
44
44
Cleveland
44
44
sized loans for various foreign countries are being Richmond
414
44
44
44
44
414
414
414
414
Atlanta
414
44
414
placed in the American market. Only yesterday an- Chicago
44
414
414
414
414
414
414
44
4%
St. Louis
44
44
414
nouncement was made of the placing privately by the Minneapolis
44
44
44
44
414
414
414
44
44
44
44
414
International Acceptance Bank, Inc., and Dillon, Kansas City
44
414
Dallas
44
414
414
414
414
44
44
414
San Francisco
414
434
Read & Co., of $10,000,000 Swedish Government
•Including bankers' acceptances drawn for an WIcultural purpose and secured
Treasury bills, and also negotiations for a $9,000,000 by warehouse receipts. /ec.
loan to the Argentine Republic were reported.
The market for sterling exchange during the
rates for money, the call mar- greater part of the week was a dull, narrow affair,
Dealing with specific
ket has ruled easy and exceptionally quiet. Through- with the volume of trading unusually small and
out the entire week, that is, on all trading days from with rates, most of the week, though displaying
Monday to Friday, call loans were negotiated at an inclination to sag, at very close to the levels
which was the only figure named, prevailing at the close on Friday last. This was
a flat rate of 3
high, the low and the renewal basis on each due primarily to hesitancy on the part of dealers
being the
of the five days. The unusual plethora of call funds over the outcome of the German elections. Prewas explained.by the slowing down in business and liminary returns were favorably interpreted as indiconsequent slackening in demand. Last week the cating a victory for the Coalition Government and
2 /
range of,quotations was 33/@41 2%. For fixed date early settlement of reparations problems, and the
000, to $3,956,573,000. This total is exclusive of Government deposits amounting to $44,264,000. On the
other hand, time deposits were reduced $12,528,000,
to $487,567,000, while cash in own vaults of members of the Federal Reserve Bank fell $1,562,000, to
$44,072,000, which is not counted as reserve. Reserves of State banks and trust companies in own
vaults declined $223,000. A nominal increase of
$7,000 was shown in the reserves of these institutions
kept in other depositories. Member banks increased
their reserve credits at the Reserve Bank *7,008,000,
and this served to partly counteract the enlargement
of deposits and reduce the decrease in surplus reserve to $1,592,280. Excess reserve now is $17,015,020, as against $18,607,300 a. week earlier. The
above figures for surplus are on the basis of reserves
of 13% for member banks of the Federal Reserve
System, but do not include $44,072,000 held by these
institutions in their own vaults on Saturday last.
2234
THE CHRONICLE
result was a slight upward movement in values
which, after a weak opening, carried demand up
about %c., to 4 38 8 Later despatches from Berlin
.
took on a more somber tone, and it began to be
intimated that the hoped-for majority needed to
insure immediate and satisfactory action on reparation payments had not materialized. By Thursday
growing fears over the strike situation in the Ruhr,
prospects that the Communist Party in Germany
would be much stronger than expected, together
with the possibility of delay of a week or more before
the results of the German vote could be ascertained,
all led to a sharp attack on the Continental exchanges, and this in turn was responsible for a
lowering of sterling values by more than three cents
in the pound, to 4 35% for demand. From a state
of pronounced inertia, the market became active
and excited, with wide, irregular fluctuations, and
protracted selling for account of nervous foreign
interests. French holders were said to be sellers
of sterling on an important scale. It was reported
that for a time trading was more active than has
been the case for weeks, while considerable quantities of exchange changed hands. This, however,
applies chiefly to London, from which most of the
activity emanated. Local dealers at the first sign
of weakening, instead of the long-predicted upturn,
withdrew precipitately to await the outcome of the
impending struggle. The results of the French elections, scheduled for Sunday, are now awaited with
considerable anxiety. While it remains true that
reparations difficulties should have less effect on
sterling values than on the Continental currencies, it
would seem that in the absence of an active trading
demand, sterling is apt to suffer, sentimentally at
least, in sympathy with francs. At the extreme close
the market quieted down and prices rallied Mc.from
the low,point of the week.
Referring to the more detailed quotations, sterling
exchange on Saturday last was dull and a shade
easier with demand ruling at a flat rate of 4 383's,
cable transfers at 4 383/ and sixty days at 4 36; the
market at times was practically at a standstill. On
Monday very little increase in activity was noted,
but the undertone remained firm and the range was
4 383@4 383' for demand,4 383/2@4 38% for cable
transfers and 4 36@4 36M for sixty days. Further
small gains were made on Tuesday, on better buying,
and demand bills sold up to 4 38%@4 38%, cable
transfers to 4 38%@4 391s, and sixty days at
/
4 363/@4 369'. On Wednesday less favorable for;
eign news induced recessions in rates, which declined
to 4 37 15-16@4 38% for demand, 4 38 13-16@4 39
for cable transfers and 4 35 11-16@4 363/ for sixty
days. A heavy selling movement, growing out of
uneasiness over the Ruhr strike and unfavorable election returns in Germany, developed on Thursday and
caused a break of nearly 3c., to 4 359/8@4 363 for
demand, to 4 35%@4 373/ for cable transfers and to
4 33N@4 34 for sixty days. Friday's market was
irregular but steadier, with demand up Mc. to 4 353/2
@4 36%, cable transfers at 4 35%@4 37, and sixty
days at 4 333@4 343/2. Closing quotations were
4 343/b for sixty days, 4 36% for demand and 4 37 for
cable transfers. Commercial sight bills finished at
4
4 36%, sixty days at 4 343', ninety days at 4 327 ,
documents for payment (sixty days) at 4 349', and
%
seven-day grain bills at 4 361 . Cotton and grain for
payment clOsed at 4 36%.
Wm.. 118.
The gold import movement was resumed this week,
a consignment of £728,200 having arrived on the
Aquitania from England, while the International
Acceptance Bank received $1,850,000 in gold on the
Albert Ballin from Germany. The SS. Homeric is
said to be bringing £200,800 of the precious metal.
In the Continental exchanges trading was listless
and of distinctly limited proportions, up till Thursday, when an outburst of panicky selling precipitated
a heavy slump in values. In the early part of the
week the market waited almost wholly on reparations
developments and values were swayed by reports
concerning the progress of the German elections. At
one time these encouraged belief in a return to power
of the conservative elements with a majority sufficient to guarantee full acceptance of the terms of the
Dawes plan. Subsequently, it became known that
the returns were not turning out as hoped. This,
coupled with labor troubles in the Ruhr, aroused
alarm and the result was a break in French francs,
which after a steady opening and an advance to 6.62,
broke sharply to 5.87, a loss of 75 points. Spectacular fluctuations accompanied the huge selling movement which developed on Thursday. Many claimed
that the volume of business passing in this currency
was larger for a time than in many weeks. The activity, in fact, was so marked that rates were widely
apart and traders much confused. As was true of sterling, the bulk of the selling was of foreign origin, the
unfavorable developments in the reparations situation being used as an excuse for speculative operations
of large dimensions. Although fairly good buying was
noted on the part of local institutions earlier in the
week,there was no evidence later on of interference by
the Bank of France, which was apparently not unwilling to see some decline in franc quotations. Belgian
francs also suffered severely. Selling for speculative
account was apparently a factor and the price was
forced down from 5.39 to 4.81. In the final dealings
less excitement prevailed and trading was less active,
but prices were close to the lowest for the week.
Among the reasons assigned were disappointment over
failure to announce the expected Belgian loan, heavy
importations into Belgium of iron and coal, also a disposition on the part of operators abroad to use Antwerp francs as a speculative medium in preference to
Paris checks, since the French authorities are understood to be still in control of France's currency values.
The outlook for the approaching French elections is
said to be good and the primary cause for uneasiness
appears to be the German political situation. Reichsmarks were unaffected by the events of the week and
remained practically unchanged. at the levels of last
week. This is likewise true of Austrian krOnen, while
Italian exchange ruled quiet but firm at close to 4.49.
Exchanges on the minor Central European countries
were steady and unchanged. Greek currency, however, was strong and higher, advancing at one time
to 2.223/, presumably on reports that Greece was
2
negotiating for permission to obtain the unused portion of the Tri-Partite credit of some six years ago,
amounting to $33,000,000. Trading in all the minor
currencies was narrow, with attention centring chiefly
on the movements in francs. Russian chervonetz are
being dealt in to a limited extent at a new high level
of 5.18.
The London check rate on Paris closed at 73.70,
which compares with 67.75 a week ago. In New
York sight bills on the French centre finished at
MAY 10 1924.]
5.98, against 6.46; cable transfers at 5.99, against
6.47; commercial sight bills at 5.97, against 6.45, and
commercial sixty days at 5.91%, against 6.39% last
week. Antwerp francs closed the week at 4.94 for
checks and 4.95 for cable transfers. A week earlier
the close was 5.373/b and 5.383/2. Final quotations
for Berlin marks were 0.0000000000233/, against
2
0.000000000023. Austrian kronen have not been
changed from 0.00143s. Lire closed at 4.453 for
bankers' sight bills and 4.46% for cable transfers, in
comparison with 4.48 and 4.49 a week ago. Exchange
on Czechoslovakia finished at 2.933, against 2.943/;
2
on Bucharest at 0.513/2, against 0.51%; on Poland at
0.000012 (unchanged), and on Finland at 2.52 (unchanged). Greek exchange turned weak and closed
at 2.053 for checks and 2.06 for cable remittances,
in comparison with 2.08 and 2.083/ the previous week.
As to the neutral exchanges, formerly so-called,
there is very little of moment to report. In the main
rates followed the course of the larger Continental
currencies, but changes were confined to a few points
in either direction and trading throughout was inactive. Guilders were firm and higher, gaining some
8 points, though losing some of the advance before the
close. Swiss francs ruled steady. The Scandinavian currencies showed substantial gains, even
Norwegian krone, which have been under pressure
for some time, rallying to higher levels, but Spanish
pesetas were inactive and a shade easier.
Bankers' sight on Amsterdam finished at 37.34,
against 37.42; cable transfers at 37.38, against 37.46;
commercial sight bills at 37.22, against 37.36, and
commercial sixty days at 36.92, against 37.00 a week
ago. Closing rates on Swiss francs were 17.76 for
bankers' sight bills and 17.77 for cable transfers,
in comparison with 17.82 and 17.83 last week. Copenhagen checks finished at 17.01 and cable transfers
at 17.05, against 16.88 and 16.92. Checks on Sweden closed at 26.44 and cable transfers at 26.48,
against 26.38 and 26.42, while checks on Norway
finished at 13.95 and cable transfers at 13.99, against
13.81 and 13.85 a week earlier. Closing quotations
on Spanish pesetas were 13.80 for checks and 13.82
for cable transfers. This compares with 13.86 and
13.88 last week.
As to South American quotations, the trend was
slightly lower, although changes were restricted to
fractions. Argentine check rates closed at 32% and
cable transfers at 33, against 33% and 331 , while
%
Brazilian milreis finished at 11.30 for checks and
11.35 for cable transfers, in comparison with 11.35
and 11.50 a week ago. Chilean exchange was firm
at 11% against 1134, while Peru, on rumors of an impending loan, rose more than 15 points to 4.15 during
the week, with the close 4.12, which compares with
the 4.00 level which has been in effect for many weeks
past.
Far Eastern exchange was dull but slightly higher.
/
Hong Kong finished at 5234@5238,against 51%@52;
Shanghai at 713/@71%, against 70%0
,71; Yokohame at 4034@403/2, against 40.50@40.60; Manila,
/
%
491 2@493 , against 50%@503/; Singapore, 51%@
2
51%, against 5134@513/8; Bombay, 311 8@313 (un/ /
changed),and Calcutta 31@31 ,gaainst31%@315 8.
/
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
2235
THE CHRONICLE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 3 1924 TO MAY 9 1924, INCLUSIVE.
I
Country and Monetary.
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
May 3.
May 5.
May 6.
May 7.
May 8.
May 9.
EUROPES
Austria, krone
000014
Belgium, franc
0536
Bulgaria, lev
.007233
Czechoslovakia, krone .029389
Denmark, krone
1692
England, pouial sterling
43851
Finland, markka
025066
France,franc
0645
a
Germany, reichfimark
Greece, drachma
.021679
Holland, guilder
.3742
Hungary, krone
000012
Italy, lira
0448
Norway, krone
1382
Poland, mark
b
Portugal, escudo
.0308
RumanLs,leu
005171
Spain, peseta
1388
Sweden,krona
12639
Switzerland, franc
.1781
Yugoslavia, dinar_ _ _ .012412
.
ASIAChinaChefoo, tad
7125
Hankow tad
7163
Shanghai tael
6997
Tientsin tad
.7163
Hongkong dollar._ _ .5150
Mexican dollar-----5070
Tientsin or Peiyand
dollar
.5075
Yuan dollar
5100
India,rupee
.3049
Japan, yen
.3984
Singapore (S.S.) dollar .5054
NORTH AMER.Canada, dollar
.984175
Cuba, peso
1.000156
Mexico, peso
482708
Newfoundland, dollar .981563
SOUTH AMER.Argentina. peso (gold) .7476
1141
Brazil, rallreis
.1103
Chile, peso (paper)
Urnanav. mesa
7786
5
.000014
.0529
.007222
.029364
.1695
$
$
.000014 .000014
.0526
.0524
.007222 .007200
.029333 .029361
.1701
.1700
$
.000014
.0490
.007278
.029331
.1701
$
.000014
.0490
.007244
.029305
.1700
4.3846
1.3858
.025108 .025009
.0645
.0650
a
a
.021477 .021387
.3742
.3750
.000012 .000012
.0449
.0448
.1386
.1389
b
b
.0310
.0311
.005152 .005136
.1388
.1384
.2643
.2646
.1781
.1781
.012438 .012479
4.3852
.025087
.0650
a
.021160
.3750
.000015
.0449
.1370
b
.0307
.005146
.1386
.2647
.1780
.012413
4.3625
4.3637
.025078 .025072
.0597
.0593
a
a
.021650 .021238
.3736
.3740
.000012 .000012
.0448
.0444
.1393
.1391
.
b
b
.0307
.0309
.005138 .005076
.1377
.1379
.2646
.2642
.1776
.1778
.012388 .012578
.7150
.7178
.7000
.7208
.5151
.5071
.7167
.7194
.7009
.7225
.5159
.5112
.7163
.7194
.7016
.7221
.5160
.5099
.7175
.7200
.7036
.7225
.5166
.5068
.7221
.7241
.7066
.7288
.5177
.5127
.5167
.5192
.3058
.3990
.5075
.5158
.5183
.3056
.3992
.5067
.5133
.5158
.3070
.4004
.5067
.5092
.5075
.3072
.4008
.5058
.5163
.5192
.3057
.4011
.5050
.983926 .984021 .983350 .982635 .982119
1.000273 1.000273 1.000313 1.000313 1.000313
.482708 .482708 .482917 .481875 .482708
.981188 .980875 .981125 .980500 .980188
.7492
.1139
.1098
.7798
.7501
.1133
.1109
.7813
.7533
.1131.
.1114
.7834
.7480
.1125
.1112
.7829
.7466
.1121
.1112
.7808
a Quotations for German rec hsmarks have been: May 3 .000000000000227;
May 5, .000000000000233; May 6, .000000000000224; May 7, .000000000000228
May 8, .000000000000225; May 9,.000000000000224.
b Quotations for Polish marks have been: May 3,.000000112; May 5, 000000112:
May 6,.000000112; May 7,.000000115; May 8,.000000112; May 9,.000000113.
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,409,195 net in cash as a result of the currency movements for the week ended May 8.
Their receipts from the interior have aggregated
$4,266,695, while the shipments have reached $857,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending May 8.
Banks' Interior movement
Gain or Loss
to Banks.
Out of
Banks.
Into
Banks.
$4,266,695
$857,500 Gain $3.409.195
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
May 3.
Monday,
May 5.
Tuesday, Wednesery, Thursday,
May 7.
May 6.
May 8.
Friday,
May 9.
Aggregate
for Week.
71.000.000 84,000.000 58.000,000 67,000,000 64,000,000 62,000.000 Cr.406.000,000
-The foregoing heavy credits reflect the huge mass of checks which come
Note.
to the New York Reserve Bank rom all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
-louse
however,reflect only a part of the Reserve Bank's operations with the Clearing 1
Institutions, as only the items payable in New York City are represented in the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Dank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
ifay 9 1924.
May 10 1923.
Banks of
Gold.
Total.
Gold.
Silver.
Total.
England .... 128,172,646
127,521,944
128.172,646127.521.944
France a _ _ 147,127,362 11,920,000159,047,362 146,919,054 11,682,000 158,601,054
Germany _ 22,091,350 c114,950.22.206,300 45,995,500 3,475,00 49,470,900
Aus.-Hun_ 62,000,000
132,000,000
62,000,000 1,2,000,000
Spain _ __ 101,207,000 26,367,000127,574,000101,019,000 26,536,000 129,555,000
35,369,000 3,423,000 38,792,00035,479,000 3.033,000 38,512,000
Italy
Netherl'ds 44,284,000
675,000 49,158,000
795,000 45,079,000 48,483.000
Nat. Belg_ 10,819.000 2,757,000 13,576.000 10,757,000 2,463.000 13,220,000
Switzer'' d 21,452,000 3,863,000 25,315,000 21,373,000 4,174,000 25,547,000
Sweden._ _ 14,726,000
15,191,000
14,726,000 15,191,000
Denmark _ 11,643,000
222,000 12,901.000
741,000 12,384,000 12,679,000
Norway _ _ 8,182,000
8,115,000
8,182,000 8,115,000
Total week 547,073,358 49.980,950597.054,108575,532,498 52,260,400627,792,898
Prey. week 548,301.453 49,735,300598,036,753579,629,138 52.128,040631.757.478
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad. b No recent figures. c New official figures.
2236
THE CHRONICLE
[VoL. 118.
self-expression and development. The result would
Value of The Initiative—Government Interfer- be such a loss to Advance that we can hardly attempt
ence and Restrictions,
an estimate. Yet this power to do and to be we see
In the midst of growing rules and regulations by slipping away from us year by year through legislaboards and commissions it is worth while to consider tion and are not sensible of alarm. And we have to
the loss to man of even a part of his right of initia- look back forty or fifty years to the time when cornfive. Take this great city of New York and think of mon things of to-day were undreamed-of to realize
the myriads of ideas born every day in the minds of how one idea begets another in free minds, and how
its millions of men and women. New York City has one endeavor incites another in a competitive life.
We come back to this great hive of industry, New
become the common stock of fiction writers, but its
life will never be told. In the crowded York City, and see the happiness of the millions of
kaleidoscopic
streets, in the tall office buildings, in the homes of workers, as well as the Advance, to depend upon
rich and poor, day by day, the thoughts, aims, ambi- work—upon the millions of tasks done in millions of
tions, aspirations, of millions of beings, intent on ways. To be sure, there is more or less drudgery and
accomplishment! What force or power can ever routine, but our very material comfort as a comhope to order and control these aims and ambitions munity depends upon the countless little tasks into
save the natural law—the original intent of the which countless persons pour something of them
Creator that man shall eat his bread in the sweat of selves, into the ways and benefits to be derived from
his brow? And not even this. For up and out of some occupation which looks like a dull routine.
this material plane springs the spiritual that flowers We often call this an age of the machine and point
in letters and art, that adds higher purpose to toil, to man as the mere tender, directing power that is
outside himself, man the automaton. And as far as
new beauty to life and joy to helpfulness.
True, we sometimes say of these city workers, they it goes the illustration is pertinent and apt. But
are ground between the upper and nether millstones. after all, how few comparatively there are who are
We point to the hard exactions, the drudgery, the tenders of the machine and no more. Even this has
menial tasks and meagre results, of the many. Cogs two sides. Man is becoming more efficient within
in a wheel of a vast machine that devours its own himself even as mere tender of the machine. There
products! Yet try to imagine life for these millions is now,in some places, a new street car in use, a one.
if the day's work, the life endeavor, of each was man car—the operator sits in front—is both motormarked out in advance by the State. Or even try to man and conductor, opens and closes the car door,
imagine all business done with that monotonous watches the deposit of fares, makes change, issues
routine we find in some great factory where man has transfers, examines weekly passes and registers them
no volition, independence or liberty, as he works on by a device upon the fare-box, calls out the streets.
and on—the mere tender of a machine. An example And, in the language of the day, "it is some job"!
by extremes, of course. But it does not suggest, by Only the very best of the employees can be entrusted
a thousandth part, the necessity' and benefit, in the with such a position—and perhaps he ought not to
complex industrial and business relations of life, of be—but it shows the concentration of the use of
having a thinking individual always exercising ini- power in the workman himself, thus increasing his
tiative, choice, decision, will, purpose and love, in own wage and worth.
We speak of the helpfulness of the initiative, each
even the minor duties of the day's work.
The more we countenance in our daily affairs these to each. We deal, of course, in extremes. The Sorule-and-regulatory boards and commissions set up cialist will say no such minute division of labor by
over business, the more they will be compelled to the State is ever contemplated. Yet 10 maintain the
exercise their extra-supervisory powers over minor social and economic equilibrium, as we have often
details in any one department of trade,the more they said, it must be. But even the part we have now lost
will spread into other departments. This is con- by onerous laws is curtailing the right and power of
stantly reducing the worker to automatic labor. The the man to, rise by his own efforts. And, as the
less he is allowed in the way of initiative and choice, growing inheritance taxes show, the taking away of
the less he will think; and the less he thinks for him- the honest results of the initiative not only curtails
self the more he is the prey of the thought of others. the natural expansion of industry but it destroys the
Organization, therefore,'can be carried to the point motive force of human life. No, man cannot grow in
where it destroys itself—where it is disrupted by business stature whose incentive to plan and accomevery new plan and theory presented to the unthink- plish is destroyed by a law which makes life futile.
ing. But we will better appreciate these inroads if The inactive mind never blossoms into good deeds.
we try to perceive the loss to culture and civilization The eternal and rigid repression by stringent reguby rew:on of the abolition of the right and privilege latory laws destroys the mind. Even God made man
of initiative. How could New York City function in a free moral agent. To boast of education at the pubits multiform agencies were there no voluntary lic expense for the general welfare and then take
"turnover" in labor?
away from the educated one the power, right and
could the workers ever advance themselves place to use that education is contradiction.
How
if herded into given occupations at the beginning of Not only the State, but lesser organizations
active life and then kept there by decree of the State? are dwarfing the spirit of man. One who has
And where would invention and experimentation joined a modern labor union to follow its every mancome in under such a social plan? The State could date, what hope has he for self-advancement accordnot become a huge workshop, after the manner of iug to his own will? Thousands have seen this anomchemical and physical laboratories, in which all aly and have left the unions "for good." Are we
workers were invited to develop their ideas. The re- wrong in believing other thousands, when opportusuit of State control would be—millions languishing nity for self-contracted tasks offer, find it conveniin enforced labor, eating their souls in silence, be- ent to temporarily drop out? The initiative reveals
cause nowhere could they turn and have freedom for the inner man.
MAY 10 1924.]
THE CHRONICLE
So great a force in human affairs cannot be destroyed without lowering the level of civilization.
While a complex and growing social and economic
state requires machine manufacture, it is not at all
demonstrated, yet, that hand labor would not provide a close second in securing an equalized advance.
Certainly there would be'more artisans develop into
artists. And there might be more employment for
all. This statement must be taken, however, in connection with the fast appearing question, are many
of these new machines we construct and use really
making society better, or worse? The uppermost
thought is that man cannot really have dominiion
over nature without there be vested in himself the
power of initiative and accomplishment. Work itself is dependent upon this initiative. And without
work man is a jelly fish sticking to the rocks. He is
a caricature, as an image of the Maker whose work is
infinite, eternal.
Politician or Statesman.
A politician follows the people; a statesman follows a principle. The politician always has his ear
to the ground to find out, if he can, what the people
want. Then he wants it, too; and wants it "bad."
He is sometimes thought to be a leader, but he only
follows. After he is elected, the chief desire of the
politician is to be re-elected. Toward this he bends
all his energies. For this he always works. He it
was who coined the words "the dear people." And
they are dear to him as individuals, classes and
masses. A favor done in office is counted worth a
vote back home. A class captured is often an equivalent for holding the balance of power. Endearing
the masses by some subtle stroke of policy is equal
to an election. From the time he goes into office
until the time'he goes out the chief thought of this
type is to be returned. It is the key to his every endeavor; the compass that marks his course. And
since he is the creature of a party he acknowledges it
as lord and master. And he holds it a high virtue to
"vote the ticket straight" that his record may be
blameless in the eyes of his supporters. Therefore,
with a faith in the honor and purity of party platforms only equaled by that of the vestal virgin who
tended the sacred fires he is for his party first, last
and all the time.
The statesman follows a principle, even as a
printer follows copy. It may not always be what
the.people want, but he is convinced it is what the
people ought to want. A statesman studies fundamentals for their benefits to the people; and only
tolerates expedients because they offer help to the
public welfare, the best that can be obtained, modified by time and occasion. He loves his country more
than he hives "the people." He does not cater to a
class. He does not spend his time doing favors for
individuals in the hope of making votes. He would
"rather be right than be President"—though the
phrase may not have been quite sincere in its Origin.
The statesman is a student of government. He
realizes that parties are necesSary to the promulgation of principles, but he knows the line where principle becomes policy and where policy may be called
a principle. He hews to this line in his public work.
And in his official service he rises above his party's
demands when the good of the State requires it.
Very often he is not a "vote-getter"; and seldom is he
a hunter after votes. He regards office as a "sacred
trust." He may not supremely "love" the people, but
2237
he respects them and believes in them. He is not all
things to all men in a campaign, but strives to educate by argument and analysis.
The politician in his laborious career makes as
many "grand-stand plays" as possible. He seeks
notoriety, though at the sacrifice of poise and propriety. He is known seldom to pass by an opportunity to speak to the "galleries"; though when in
doubt as to the most politic course to pursue he has
been known to be as dumb as an oyster. And always
he pursues the policy of watchful waiting to see
which way the cat is going to jump—that he may
jump a little quicker, for he has a penchant for seeming to lead the procession. When the party appears
to have no campaign material he tries to manufacture some. In this, if it is necessary, he stoops to
conquer. In doing so, he becomes the champion mudslinger of the world. And, as often follows, the
poison gas, by some shift of the wind of popular approval at election time, only asphyxiates him, though
he is never quite dead until he is in his earthly
grave. With all his study of the "psychological moment" he seems never to learn the old adage that
"charcoal, however lightly handled, will blacken."
Hence he is "hoisted by his own petard," he is stained
by his own muck-raking. This is all very evident a
few months before an election. It is a time for political fever and ague. Shaking in his boots for fear
he will not pull the right string for re-election, he
is in a fever of uncertainty as to what the people are
going to do. He calls upon all his acumen and ability, and has been charged with riding horses going
in opposite directions. Blinded by his covetousness
for office he sets the prairies on fire and rushing into
the flames with a pop-gun extinguisher calls on all
true patriots, and especially party followers, to follow him. Be is a wrestler for the people, an acrobat
turning somersaults for applause, a contortionist
doubling through a ring for popular support—the
star actor in his own drama!
A statesman is a student of the form and practice
of government. Unlike the politician, he does not
use the Government as an instrument for retaining
office by transforming it into an agency for the
financial and commercial benefit of the people,
thereby hoping to receive the personal favor of votes
in return. He does not listen to the pleadings and
threats of a section or class, making himself the tool
thereof; and degrading the rule of the people into a
benevolent society intended to make all men rich.
He does not preach equality, but opportunity, for
all: does not prate about liberty but profoundly respects the law; does not legislate for the few but for
all; does not seek to have the Constitution amended
for whim or caprice, but looks upon it as a covenant
by all the people to maintain liberty under law, provide protection for natural rights exercised for personal accomplishment, and provide peace, freedom
and happiness to those who work for wage and
profit, interfering with the rights and privileges of
none. He is a servant, not a master; his guide is the
greatest good to the greatest number.
There comes a time in the history of republics
when office-holders become so numerous and dictatorial that the people who have no personal ends to
attain through government turn away from elections
in disgust and the domination of politicians becomes
absolute. Statesmen disappear from the stage of
public life and a ruinous riot of vain theory and
party subterfuge threatens the stability of institu-
•
THE CHRONICLE
tions, The clamor of the crowd and the yawping of
the hustings drown out patriotism and partisanship
rules in life and society. The statesman can make
little headway against the insistence of a mob of
politicians and their minions and the unselfish
among the people grow apathetic because their efforts meet with rebuff and defeat. Spectacles staged
by party leaders dwarf the presentment of principles.
Investigations of asserted malfeasance in office and
mal-administration by the Administration, create
such prejudice and bias, such confusion and despair
in the hearts and minds of those who would vote for
Principles that elections are reduced to mere sound
and fury. This is the striking hour for the politician,
the knell of the statesman. There are few statesmen;
there are many politicians.
The McFadden Banking Bill—Its Scope and
Character.
-The McFadden bill (H. R. 6855) introduced in the
House February 11 is designed to amend the national
banking laws in several particulars by way of clarification of existing statutes and of broadening in
certain respects the charter powers of the national
hanks. The bill, after having been under consideration by the Committee on Banking and Currency for
several weeks, has now been reported to the House
as H. R. 8887, considerable revision having be.Ini
made in the committee, and we give the full text of
the bill, as amended, on a subsequent page.
The most striking features of the bill are those
which deal with the question of branch banking. The
policy of the bill is to outlaw what is known as Statewide or country-wide branch banking in so far as the
power to do so lies in the Federal Government._ This
in accord with the views and desires of Comptroller
Dawes, who last autumn expressed himself so admirably and so ably in opposition to the growth of
branch banking In Section 1 of the bill, State
;
banks are permitted to, consolidate directly with
national banks, but if,such a State,bank has in operation any branches outside of the city in:which it is
located it cannot bring them into the national system but must relinquish them entirely.
Section 7 re-enacts the old amendment of 1865
which permits a State bank, upon converting into a
national bank, to , retain in operation whatever
branches it might have. It has been by virtue of
this amendment that national banks, in the cities
where State banks are permitted to have branches,
have been able to engage in branch banking. This is
what has been called "the back-door method." Under this section of the bill no such converting State
bank could now come into the national system and
elect to retain any branches which it may have in
operation outside of the city in which the parent
bank is located. This provision, it is of interest to
observe, will bar from the national banking system
all of the great branch banking institutions in California, since it is unlikely they would ever make the
sacrifice of dispossessing themselves of their out-oftown branches in order to become national banks.
The corollary of Section 7 in this respect is Section 9. This section would prevent any State bank
from becoming a member of the Federal Reserve System without, as a condition precedent, giving up any
branches which it may have in operation beyond the
limits of the city of the parent bank. While the immediate effect of this provision is definitely to exclude several large.State banks in C-alifornia from
[Vol.. 118.
the Federal Reserve System, its ultimate effect on
future State branch banking legislation will no
doubt be decidedly restrictive. This section would
also stop the further spread of State-wide branch
banking in the Federal Reserve System by making it
unlawful for a member bank to establish, after the
enactment of the bill, any new branches beyond the
corporate limits of the municipality of the parent
bank. The status of existing branches is not affected.
Section 8 of the bill would prohibit a national bank
from having a branch in any State which does not
permit State banks to have branches; it further prohibits a national bank in any State from maintaining a branch outside of the limits of the city of the
parent bank. It permits a national bank, upon approval by the Comptroller of the Currency, to establish branches within the limits of the city in which
the parent bank is located in States where this privilege is granted to the State banks. This is designed
to be a measure of protection to the national banks,
since in a number of cities the branch banking activities of State banks have put them to a serious
disadvantage. In some large cities in States which
permit branch banking, the national banks are no
longer a factor of consequence.
The cumulative effect of the other sections of the
bill is to make an important renovation of the charter powers of the national banks. The granting of
indeterminate charters in place of the present 99year term; legalization of the position of Chairman
of the Board; permitting direct consolidation with a
State bank under national charter; legalizing stock
dividends; clarification of Section 5200 of the Revised Statutes by making clear what paper is exempt
from the 10% loan limit to any one individual; enlarging the powers of the Federal Reserve banks to
rediscount commercial paper; punishment under
Federal law of the robbery of a national bank, the
obtaining of credit through false financial statements with intent to deceive and the circulation of
false reports for the purpose of wrecking the bank—
these provisions should go a long way towards
strengthening the national banking system.
On the other hand, the power of a national bank
to loan money upon the security of improved city
real estate is increased by changing the time limit of
the loan from one to five years. This we regard as
an unwise provision, and it had better be eliminated.
The proportion of time deposits which may be so
loaned remains at one-third as in the present law.
The question of departmental banking for national
banks was considered by the committee. Several
bankers from California urgently recommended that
the committee include in the bill provisions similar
to those in the California Banking Law under which
the State banks are operating in three separate capacities—namely as commercial banks, as trust companies and as savings banks—under a single charter
but with capital segregated to each. The theory of
this plan seems to be that a bank may fail in one department and remain solvent in the others. However,from the bill as reported out it appears that the
Committee was not ready to espouse that kind of
banking. As a matter of fact, outside of the State of
California, departmental banking is almost unknown
and there appears to be no general sentiment in favor
of its adoption as a nation-wide policy. Chairman
McFadden will press for early passage of his bill.
If the bill is to become a law at this session of Congress, there is certainly need for prompt action.
MAY 10 1924.]
THE CHRONICLE
2239
Railroad Gross and Net Earnings for March
Reports current ever since the beginning of March,
and which of late have been steadily growing in volume,of a slackening in trade,with accompanying loss
of traffic to the railroads, find confirmation in the
compilations we present to-day of the gross and net
earnings of United States railroads for the month of
March. In February, it may be recalled, we had a
substantial addition to the total of the gross earnings as compared with the corresponding month of
last year, the increase being $31,939,712, or 7.16%,
and this was accompanied by a diminution of $1,447,658 in the expenses, thus yielding a gain in the net
in the large sum of $33,387,370, or over 47%. This
improvement reflected the revival of trade which
had begun some time last December and, as it now
appears, culminated early in March. The showing
for March is wholly different in character from that
for February. Instead of a gain in gross in comparison with 1923, as was the case in that month, the
March statement registers a loss in gross earnings,
the falling off being $30,628,340, or 5.73%. Of course
trade activity was at the peak in March 1923 and
though the spirit of enterprise thereafter began to
wane, business was maintained at a large volume for
many months thereafter by the vast number and extent of the orders that had previously accumulated
and remained to be filled. The comparison
now, therefore, is with heavy earnings last
year. The present year there was no accumulation of back orders. Accordingly, when
trade was dealt a severe blow by the failure of
Congress to make the reduction in taxation which
had been so confidently counted upon and was dealt
further blows by the passage in the House of Representatives of.the Soldier Bonus measure, calling for
the expenditure of several billion dollars, and the
numerous Congressional investigations so disturbing in their effects and which degenerated by degrees
into muckraking, the shrinkage in business quickly
became marked, and, as our earnings compilations
now so clearly disclose, led to a falling off in traffic
and in revenues. Fortunately, however,it was found
possible to reduce expenditures in almost equal
amount, thereby leaving the loss in net earnings
smaller than would otherwise have been the case.
Our figures show that expenses diminished in the
sum of $27,714,264, or 6.65%, cutting the loss in net
earnings (before the deduction of the taxes) down
to only $2,914,076, or 2.47%. The following are the
comparative figures for the two years:
Month of March— mar UI
-T — 1924.
t ,451
(191 Roads)—
Inc. (+) or Dm (—).
1923
.
235,715
Miles of road
236,520
$804,016,114 1534,644,454
Gross earnings
389,261,600 416,975,864
Operating expenses
(77.23%)
(77.99%)
Ratio of expenses to earnings_
Net earnings
$114,734,514 $117,668,590
—805
—$30,628,340
—27,714,264
0.34%
5.73%
6.65%
—$2,914,076
2.47%
The curtailment of the expenses is commonly attributed to the circumstance that by degrees, as we
are getting further and further away from the period of Government control of the railroads, with its
lavish and extravagant expenditures, railroad managers are once more obtaining ascendancy over expenditures, by the introduction and application of
methods of economy and savings; but while making
full allowance for the part played by this factor in
affecting results, the reduction must also be ascribed,
and perhaps in much larger measure, to the difference in weather conditions in the two years. The
present year the weather was mild,.and there were
hardly any obstructions of a serious nature over
large areas from snow and ice or from extreme cold,
thus holding down to a minimum extra outlays for
keeping tracks clear and roads open. Last year, on
the other hand, weather conditions were extremely
adverse, the precise opposite of those prevailing the
present year. Moreover, last year the winter was
very severe also in January and Febrnary, with
heavy snows, making the adverse effects cumulative
and entailing outlays of great magnitude on that
account. In discussing the severity of the winter
weather in our review of March a year ago we pointed
out that in nearly the whole of the northern half of
the country quite unusual weather conditions had
been experienced. Here in the East in the last week
of the month the Weather Bureau in this city on several days reported the lowest March temperature
records during its existence. And the cold persisted
right up to the close of the month. On the night of
March 31-April 1, the latter being Easter, the official thermometer registered a temperature of as low
as 12 degrees above zero. Previously the temperature in this city on March 31 had never been below
25. Furthermore, dispatches from Washington.
D. C., reported the coldest 1st of April ever experienced at many points east of the Mississippi River.
with the mercury in Washington down to 15 degrees,
7 degrees under the record set April 19 1875, and
lower than ever registered after March 21 in any
year since the establishment of the Washington
Weather Bureau in 1870. On the other hand, in
Oregon and the State of Washington, all heat records were broken the last week of March last year,
with temperatures at 82 in Portland, Ore., and 81
/
1
2
at Vancouver, Wash., etc. But the cold last year
was not so much of a drawback as the snowfalls and
the snow blockades. Added to the numerous snow
storms in February, which so seriously increased operating costs, more particularly in New England and
northern New York, there were, in 1923, other snow
storms during March, some of these in the West attaining the dimensions of blizzards. The result was
that virtually everywhere outside of the South, which
was in enjoyment of unusual prosperity, both by reason of the high price of cotton and the activity in the
iron trade, operating costs were heavily augmented.
That the addition to expenses, because of that circumstance, and also in face of heavy maintenance
outlays, then fell well below the gain in the gross
earnings, was an agreeable surprise. In 1924, on the
other hand, there has been a large saving because of
the almost complete absence of extra outlays of this
description.
Our statement a year ago showed $59,806,190 increase in earnings, or 12.63%, and of this $56,386,866 was eaten up by augmented expenses, leaving
only $3,419,324 increase in the net, or a bare trifle
more than 3%. It deserves to be borne in mind, however, that the gain in the gross last year would have
been larger than this except that the 1923 revenues
were based on lower schedules of freight rates than
those of the previous year. On July 1 of this previous
year (1922), on order of the Inter-State Commerce
Commission, the carriers were obliged to put into effect a horizontal cut in freight rates of 10% applicable to all the railroads of the country and to all commodities except grain, grain., products and .hay iii
2240
THE CHRONICLE[VOL.
118.
Western territory, where a reduction of 161 2% had March 1920 likewise our figures showed a gain in
/
been operative since Jan. 1 1922. This horizontal net. On the other hand, prior to 1920 March net had
cut of 10% continued through the whole of the last been steadily dwindling for a long period past, until
six months of 1922, and, of course, it was still in ef- the amount had got down to very small proportions.
fect in the first half of 1923, and therefore counted For instance,in March 1919 there was a loss in net of
as a factor in the comparisons with the first half of no less than $52,414,969 in face of an increase of $10,1922. Obviously, except for this cut in freight rates, 676,415 in the gross earnings, and furthermore,
the additions to gross revenues would have been March 1919 was the third successive year in which
much larger. Detailed reports to the Bureau of the March expenses had risen to such an extent as to
.
Railway Economics at Washington showed that the wipe out the gains in gross receipts—hence producfreight traffic of United States roads in March 1923 ing a cumulative loss in net. In the following we
approximated 39,000,000,000 net ton miles, the larg- give the March totals back to 1906. For 1911, 1910
est for that month on record, and an increase over and 1909 we .use the Inter-State Commerce figures,
March of the previous year of about 19%. The in- which then were slightly more comprehensive than
crease in gross earnings then was no more than our own (though they are so no longer), but for pre12.63%.
ceding years, before the Commerce Commission had
Andther circumstance served to make the gain in any comparative totals of its own, we give the results
gross earnings smaller last year (by comparison just as registered by our own tables each year—a
with 1922) than it otherwise would have been. We portion of the railroad mileage of the country being
refer to the fact that in March 1922 the coal move- always unrepresented in the totals in these earlier
ment had been swollen by reason of the prospective years; owing to the refusal of some of the roads then
strike at the unionized coal mines throughout the to give out monthly figures for publication.
country which it was known would be a certainty
Gross Earnings.
Net Earnings.
beginning with April 1 of that year: The result was Year.
Year
Year
l Inc. 1+) or
Year
Year
Inc. (-I-) or
that the quantity of coal mined was heavily in(Jived.
Preceding. Dec. (—).
Given.
Preceding. Dec. (—).
creased, as compared with what it would have been March.
$
I
$
$
40,349,748 35,312,906
under normal conditions, considerable stocking up in 1906 - — 129,838,708116,861,229i+12.977.479 40,967,927 40.904.113 +5,036,842
1907 ___ 141,502,502 128,600,1091+12,980,393
+63,814
1908...141,193,81 162,725,500,-21,531,681 39,328,528 45,872,154 —6,543,631
anticipation of the event being done. At the same 1909 —_ 205,700,013 183,509,935;+22,190,078 69,613,713 55,309,871 +14,303,842
1910 ___ 238 725,772205,838,832i+32,887,440 78,322,811
+8,664.106
time business revival was already beginning to make 1911 —.1227,564.915238,829,705 —11,264,790 69.209,357 69,658,705 —9,148,129
61:1
78,357.486
1912 - 237,564,3 21 24,608.654+12,95 .678,
69,038,987
+848,494
.
its influence felt, though not to the extent witnessed 1913.. '249,230,551 238,634,712 +10.595,839 64,893,146 68,190,493 —4,275,145
69,168,291
1914 _ _ 450,174,257249,514,091
+660.186 67,993,951 64.889,423 +3,104,528
1915
later in the year. In reviewing the results for March 1916 — 438,157,881 253,352,099 —15,194,218 68,452,432 67,452,082 +1,000.350
...206,830.406 238,098,843 +58,731,563 97,771,590 68,392,963 +29,378,627
1917
1922 we noted as a new development an increase in 1918 _ -,321,317,5 294,068,345 +50,484,357 88.807,466 96,718,706 —7,911,240
_ _ 462,761,238312,276,881
82.561,336 87,309,806 —4,748,470
__ 375,772,750365,096,335
29,596,482
the gross earnings, being the first improvement in 1919 ...408,582,467347,090,277 +10,676,415 40,872,775 82,011,451-52,414,969
1920
+61,492.190
27,202,867 +13,669,908
1921 __ 456.978.9401458,462,330 —1,483,390 58,533,958 39,882,602 +18.656,316
the gross in any month for a long time. The increase 1922 ---473,43.8614570,
+16,059,426 13,468,843 58,831.644 +54,637,199
1923.- _;533,553,199473,747,009 +59.806,190 17,117,122 113,697,798 +3,419,324
was only moderate, amounting to $16,059,426, .or 1924 _ J504.016.114534,644.454 —30,628,340114.754,514 17.668.590 —2.914.076
for
3.51%, but the 1923 gain in the gross was in addition lallote.—IncludesmilesMarch 96 roads in 1906 94 In 1907; In 1908 the returns were
based on 152,058
of road: In 1909,233.702; in 1910, 239,691; In 1911, 244,081;
In 1912, 238,218; In 1913, 240,510; In 1914.
to that in March 1922, and this year's loss of $30,- 247,363; In 1917, 248.185:10 1918. 230 336; in245,200; in 1915, 246,848; In 1916,
1919, 226,086; In 1920, 206,319; in
628,340 must, of course, be considered in the light of 1921, 234,832; in 1922, 234,986: in 1923, 235.424: In 1924, 235,715. Neither the
Mexican roads nor the coal mining operations of the anthracite coal roads are
ncluded In any of these totals.
these antecedent increases.
The figures of the separate roads partake of the
It should also be added that though the improveas character of. the general results. By this we mean
ment in the net a year ago was small, having been,
already stated, no more than $3,419,324, it derived that decreases predominate in the case of the gross
additional significance by reason of the very large and are numerous also in the case of the net, but in
improvement in the net recorded in March 1922. At this last instance they are exceeded by the gains,
that time in 1922 operating expenses were still being both in number and amount, due to the saving efcontracted in marked degree, and the gain of $16,- fected in expenses. The results, however, are very
059,426 in the gross in that year was attended by a irregular both as between the different groups and
reduction of $38,577,773 in the expenses, the two to- as between different roads in the same group. Gengether consequently yielding an improvement in the erally speaking, the best returns come from the roads
net of $54,637,199; in ratio the increase in the net in the northern half of the country. In the New Engthen reached almost 93%. In view of this large sav- land States, in northern New York, including some
ing in expenses in 1922 the rise in the expenses in of the roads connecting with the anthracite fields,
1923 could hardly be deemed surprising, especially and on the northern transcontinental lines running
considering the extra outlays entailed by adverse to the Pacific Coast, like the Northern Pacific and
weather conditions and bearing in mind also the dis- the Great Northern, comparisons are favorable as a
position then existing to incur heavy maintenance rule, in some instances merely in the case of the net
outlays so as to have roadbed and equipment in but in others in the case of the gross also, the differshape to handle the tremendous traffic counted upon ence in weather conditions accounting for the imlater in the year as a result of the continued growth provement. Oa the other hand, on the great East
in business activity and the further revival of trade. and West trunk lines in the territory bounded by
Expenditures for maintenance of equipment in Chicago, St. Louis and the Atlantic seaboard (where
March 1923 exceeded those for 1922 by nearly 19%. great manufacturing industries are situated which
In these extra outlays last year is seen the basis for have felt the influence of slackening trade) and also
the decrease again in the expenses the present year. in the South and Southwest, losses in either gross
It is worth noting,too, that the 1924 loss in the net earnings alone, or in gross and net alike, are comEastern trunk-line
is not only small (by reason of the reduction in ex- mon. As reflecting conditions in
after four successive years of in- territory we may note that the Baltimore & Ohio repenses) but comes
crease, the 1923 and 1922 gains in net have already ports $3,071,304 loss in gross and $1,611,830 loss in
been mentioned. In 1921 there was also a substan- net. The Pennsylvania System (including all lines
tial gain, due entirely to a reduction in expenses. In owned and controlled) shows $4,511,879 loss in gross
MAY
10 1924.]
2241
TITE CHRONICLE
and $1,033,526 loss in net, while the New York Cen- years played such a large part in affecting results.
tral has $4,017,468 decrease in gross and $1,008,675 Our summary by groups is as follows:
SUMMARY BY GROUPS.
decrease in net. This last is for the New York Cen-Gross Earnings
Inc.(+)or Dec.
(-)
tral itself. Including the various auxiliary and conSection or Group-1924.
, 1923.
.
March.
$
$
%
22,849,733 23,395,084 -545,351 2.33
trolled roads, the result for the New York Central Group 1(9roads) New England
Group 2(33 roads) East Middle
161,420 237 177,882,941 -16,462,704 9.25
46,733,065 48,113,128 -1,380.063 2.87
system is a loss of $5,773,054 in the gross and of Group 3(26 roads) Middle West
+685,864 0.89
Groups 4&5(34 roads) Southern_ _ _ _ 78,153,023 77,467,159
$1,363,845 in the net. In the following we show all Groups6&7(29roads) Northwest- 96,219,439 106,988,274 -10.768,835 10.07
Groups8& 7(48 roads) Southwest .. _ 71,544,844 73.572,224 -2,027,380 2.76
.
changes for the separate roads for amounts in excess Group 10(12roads) Pacific Coast..-- 27,095,773 27,225,644 -129,871 0.48
504,016,114 534,644,454 --30,628,340 5.73
of $100,000, whether increases or decreases, and in Total(191 roads)
Net Earnings
both gross and net:
1923.
Inc.
(+)or Dec.
-Mileage
1924.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR MARCH.
Increase.
Decrease.
$935.312 Pittsburgh & Lake Erie_ _
$639,313
Norfolk & Western
867,084
C C & St Louis
636,520
Chesapeake & Ohio
527,300 Boston & Maine
593,150
Lehigh Valley
476,040 Virginian
493,861
Missouri Pacific
429,105 Missouri
-Kan-Texas (2)_.
492,951
Louisville & Nashville_ _413,442 St Louis-San Fran (3)_ _
460.764
New On Tex & Mex (3).
333,531 Michigan Central
424.147
Wheeling & Lake Erie_ _ _
333,463 Bessemer & Lake Erie_ _ _
406,383
Seaboard Air Line
276,467 St Louis Southwest (2)....
395,699
Florida East Coast
237,844 UnionPacific (4)
364,968
Ann Arbor
237.663 NYNH& Hartford..
333,162
Detroit Toledo & Ironton
234,269 Chicago& Alton
320,359
Wabash
221.839 Chic & Eastern Illinois.._
309,598
Los Angeles dr Salt Lake_
177,411 Central of New Jersey.. _
298.680
International Grt North_
166,034 N Y Chicago & St Louis_
292,822
Bangor & Aroostook_ _ - _
115.161 Western Maryland
259,574
Antonio & Aran Pass
San
102,223 Minn St Paul & S S M....
250.696
Maine Central
Southern Pacific (8)---247.461
Elgin Joliet & Eastern_ _ _
Representing 19 roads
232,108
$6,089.188
Y Ontario & Western..
195,706
in our compilation
Decrease. Minneapolis & St Louts...
179,354
a$4,441,713 Mobile & Ohio
nia
167,339
b4,017,468 Chic Indianap & Louisv_
New York Central
158,805
.071,304 Kansas City Southern....
3
Baltimore & Ohio
157,597
1,976,116 ChIcarro Great Western_ _
Illinois Central
148,087
1,844,488 West Jersey & Sea Shore_
Erie (3)
140,880
Sante Fe (3) 1,761,446 NY Susq & Western_ _ _
Atch Top St
131,470
Chic Milw & St Paul_ - - 1,673,537 Delaw Lack & Western....
131.329
1,639,751 Cinc New Orl & Tex Bac
Great Northern
127.997
Chicago Burl & Quincy.- 1,525,301 New Orleans Northeast..
122,751
1,411,945 Lehigh & New England....
Reading Company
110,202
West
1,101,833 Buffalo & Susquehanna_
Chicago & North
103.627
937.099
Southern
780.993
Representing 64 roads
Northern Pacific
721,790
in our compilation -$36.232,144
Buffalo Roch & Pittsb--All the figures in the above are on the basis of the returns filed
Note.
Inter-State Commerce Commission. Where, however, these
with the
returns do not show the total for any system, we have combined the separate
returns so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company. the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR. reporting $4,441,713
decrease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease in gross of $4,511,879.
b The New York Central proper shows $4.017,468 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central. the
"Big Four." &c., the whole going to form the New York Central System,
the result is a loss of $5,773.054.
PRINCIPAL CHANGES IN NET EARNINGS FOR MARCH.
Increase.
Increase.
$1,217,848 Hocking Valley
Lehigh Valley
$104,116
683,554
Boston & Maine
Representing 40 roads in
641,876
Missouri Pacific
our compilation---$10,396,445
614,711
Chicago RI & PaC (2)_ _
Delaware Lack & Western 595.191
553,252
Decrease.
Chicago & Northwest
Chicago Burl & Quincy.- 470,783 At,ch Topeka & S Fe (3)-32,043,239
444,688 Reading Co
1,690,966
N Y N H & Hartford
Baltimore & Ohio
414.204
Seaboard Air Line
1,611,830
368,809 Southern Pacific (8)
Chesapeake & Ohio
1,238,865
01,077,003
Chicago St P Minn & 0- 318,695 Pennsylvania
New On Texas & Mex (3) 311,725 N Y Central
bl.008,675
209,305 Erie (3)..
Northern Pacific
618,184
282,455 Virginian
Norfolk & Western
492,516
257,940 Bessemer & Lake Erie_ _
Union Pacific (4)
345.880
247,812 Buff Roch & Pittsburgh.._
Mo-Kan-Texas(2)
308,642
223,571 Chicago Milw Sc St Paul.. _
Bangor & Aroostook
308,359
219,507 Pittsburgh & Lake Erie_ _
Ann Arbor
300,368
r214,419 NY Chicago dr St Louis.... 293,692
Detroit Toledo & Ironton_
Yazoo & Miss valley....... 207,740 Chicago dr East Illinois..
269,999
205,572 Atlantic Coast Line
Texas & Pacific
192,245
195,218 Southern
Maine Central
187,376
184.769 Union (Penn)
Central New Jersey
151,117
Denver & Rio Or Western 177.881 Grand Trunk Western_ _ _
160,687
147,176 Louisville & Nashville__ _
N Y Connecting
146.976
Ms Angeles & Salt Lake
146,342 St Louis Southwest (2)_ _ _
142,145
144,313 Cin New Orl & Tex Pm
Minn St Paul & S 8 M
133,715
136,802 N Y Susquehanna & West 128.266
Central New England
132,711
Colorado Southern (2)
Representing 34 roads in
128,455
Central Vermont
our Compilation....-$12,840,745
105,005
Great Northern
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company. the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids Sr Indiana), the Pennsylvania RR. reporting $1,077,003
decrease. For the entire Pennsylvania system, including all roads owned
and controlled, the result is a decrease of $1,033,526.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &C., the result is a decrease of $1,363.845.
When the roads are arranged in groups or geographi al divisions according to their location, we
see the same general situation portrayed. It is particularly significant of the slowing down of trade
that every geographical division without any exception shows a larger or a smaller falling off in the
gross and that even in the net improvement is found
only in Group 1 comprising the New England roads
and Groups 6 and 7, made up of Northwestern roads,
where differences in weather conditions in the two
Section or Group. 1924.
Group 1
7,378
Group 2
34,620
Group 3
15,963
Groups 4 and 5
38,953
Groups 6 and 7.......66,960
54,889
Groups Sand 9_
16,952
Group 10
Total
1923.
7,473
34,527
15,867
39,049
66,556
56,171
16,877
8
5,397,145
32,624,727
12,934.933
20,482,404
22,327,299
14,489,725
6,498,281
3,430,973 +1.966,172 57°31
.
37,462.166 -4.837,439 12.91
-254,077 1.94
13,189,010
-168,798 0.82
20,651,202
21,095,400 +1,231,899 5.84
-102.536 0.71
14,592,261
-749,297 10.34
7,247,578
235,715 236,520 114,754,514 117,668,590 -2.914,076
2.47
NOTE.
-Group I. includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west,
Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland. and
of
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, au of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
Passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada. Utah
and Arizona. and the western part of New Mexico.
It remains to add that Western roads taken as a
whole had a larger grain movement, but a
somewhat smaller live stock movement, and that
Southern roads did not move quite so much cotton as
in 1923. The Western grain movement was smaller
in the items of wheat, oats, barley and rye, but the
losses here were offset by a large gain in the corn
movement, the receipts of which at the Western primary markets for the four weeks ending March 29
in 1924 were 28,211,000 bushels, against 20,156,000
bushels in the corresponding four weeks of 1923.
For the five cereals combined the receipts for the
four weeks this year were 63,901,000 bushels, as
against 61,710,000 bushels in the corresponding four
weeks last year. The details of the Western grain
movement in our usual form are shown in the table
we now present:
WESTERN FLOUR
Wheat
4 Weeks End. Flour
(bush.)
March 29. (bbls.)
Chicago
895.000 1,506,000
1924
1,266,000 1.475,000
1923
Milwaukee
144,000
122,000
1924
212,000
76.000
1923
St. Bowls
409,000 1,497,000
1924
367,000 2,061,000
1923
Toledo
458,000
1924
279,000
1923
Detroit
111.000
1924
146,000
1923
Peoria,
208,000
68,000
1924
108,000
143,000
1923
Duluth
1,305,000
1924
2,013,000
1923
Minneapolis
7,403,000
1924
8.006,000
1923
Kinks ClPj2,541,000
1924
5.000 2,842,000
1923
Omaha and Indianapolis
1,085,000
1924
1,300.000
1923
Sioux CRY-72,000
1924
1923
St. Joseph
513,000
1924
454,000
1923
Total MI
1924
1923
AND GRAIN RECEIPTS.
Barley
Oats
Corn
(bush.)
(bush.)
(bush.)
Rye
(bush.)
8.527.000 5,314,000
9,521,000 5,718,000
756,000
908,000
266.000
304,000
2,678,000 1,092,000
1,242,000 1,562,000
551,000
654,000
173,000
208,000
2,603,000 2,396,000
2,543,000 3,146,000
78.000
45,000
35.000
23,000
456,000
315,000
195,000
160.000
13,000
15,000
332,000
246,000
286,000
523,000
636,000
1.027.000
1,390,000 1.283,000
2,872,000
58,000
251,000
30,000
70,000
14.000
2,145,000 1,783,000 1.049,000
567,000 1,524,000 1.050.000
2,045,000
1,257.000
9,000
513,000
15,000
77,000 1,569,000
420,000
735.000
662,000
780.000
4,058,000 1.832,000
2,616,000 2.087,000
630,000
306,000
968,000
457,000
4,000
2.000
156,000
148.000
1,634,000 16,693,000 28,211.000 15,051,000 2,523,000 1,423,000
1,857,000 18,896,000 20,156,000 17,047.000 2.748.000 2.863,000
Jan, 1 to
Flour
Corn
Wheat
March 29.
(bbls.)
(bush.)
(bush.)
Chicago
1924
2,981,000 4,329,000 33,536,000
1923
3,640,000 5,521,000 42,913,000
Milwaukee
1924
485,000 7,067,000
371,000
1923
198,000
878,000 6,214,000
St. Louis1924
1,322,000 5,690,000.12,702,000
1923
1,087,000 8,127,000 9,800,000
Toledo1924
1,605,000 1,689,000
1923
842,000 1,120,000
Detroit1924
475,000
979.000
1923
584,000
421,000
Peoria1924
247,000 4,398,000
598,000
1923
394,000 6,101,000
484,000
Duluth1924
3,958,000 5,719,000
229,000
10,080,000
1923
Minneapolis
19.423,000 6,957,000
1924
32,050,000 2,689,000
1923
Kansas City9,907,000 8,865,000
1924
5,000 14,640,000 5,316.000
1923
Omaha and Indianapolis
4,137,000 17,143,000
1924
5,478,000 13,128,000
1923
Sioux City399,000 3,239,000
1924
1923
St. Joseph1,329,000 2,825,000
1924
1,152,000 1,733,000
1923
Total ,4/11924
1923
[VoL. 118.
THE CHRONICLE
2242
Oats
(bush.)
Barley
(bush.)
Rye
(bush.)
6,046,000 3,106,000 1,550,000
5,913,000 3,792,000 4,583,000
March 1923; 12,133 carloads against 11,870 at
Omaha, and 23,484 carloads, against 23,821 at Chicago.
As to the cotton movement in the South, the gross
shipments overland were 76,701 bales in March
1924, against 144,181 bales in 1923, 141,845 bales in
1922 and 205,891 bales in 1921. The receipts at the
Southern outports were 227,789 bales in the month
the present year, against 321,706 bales in March
1923, 415,042 bales in March 1922 and 365,955 bales
in March 1921. The receipts at the different ports
for the month and since Jan. 1 for the last three
years are shown in the table which follows:
2,415,000
2,960.000
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND FROM
JAN. 1 TO MARCH 31 1924, 1923 AND 1922.
708,000
17,366,000 2.569,000
18,951,000 2,661,000 2,350,000
3,702,000 2,078,000
510.000
5,857,000 2,251,000 1,157,00o
8,668,000
9,715,000
242,000
230.000
77,000
83.000
1,055,000
578,000
29,000
1,000
35,000
69,000
876,000
1,254,000
4,000
1,000
2,796,000
4,238,000
452,000
79,000
3,000
192,000
1.079,000
104,000
124,000 2,073,000
236,000 6,056,000
6,106,000
6,687,000
1,208,000
March.
Ports.
12,000
1924.
13,000
290,000
426,000
5,272,000 51,984,000105,119,000 51.607,000 8,616,000 4,970,000
5,414,000 79,583,000 89,827,000 56,683,000 9,250,000 14,490,000
The live stock receipts for March 1924 comprised
7,729 carloads at Kansas City, as against 9,223 in
Galveston
Texas City, &e
New Orleans
Mobile
Pensacola, Jrc
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1923.
Since January 1.
1922.
76,376 74,425 176.988
47,183 26,532 29,566
64.359 114,196 82,486
3,752 2,943 9,950
896
763 1,127
18,272 60,816 69,788
214
200
9,879 17,027 14,844
1,761 9,765 6,732
15,311 15,025 23,361
1924.
1923.
467,046
191,152
315,950
15,703
4,486
82,512
373,559
152,276
368,695
11,689
3,232
113,486
2,689
43,353
17,379
60,464
26,731
12,236
65,174
1922.
483,535
105,820
246,590
30,859
5,458
162,050
2,410
26,034
16,784
61,073
237,789 321,706 415,042 1,180,990 1,146,822 1,140,613
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, May 9 1924.
Adverse weather conditions still hurt trade in this country. That is plain enough. The *eather affects retail business more perhaps than anything else. But it is also clear
that wholesale trade has fallen off. What with bad weather
and disturbed politics American business has fallen on unsatisfactory times. Industry shows less life. Iron and
steel if anything are quieter than they were recently. Curtailment of output goes on steadily. Of course in the end it
will have a good effect; it will correct the effects of overproduction. And when buyers re-enter the market as they
are bound to, sooner or later, they will find the statistical
position of iron and steel like that of other commodities not
dissimilarly circumstanced, in stronger shape. Meantime,
however, it seems hard for the country to emerge from the
period of bad weather that has prevailed with but brief
interruptions for months past. It is significant that an advance in the price of corn to-day was partly due to cold, wet
weather at the West. And there was a jump in the price
of cotton of from 60 to 120 points solely because of cold, wet
conditions at the South and the retarding of field work, the
checking of germination, and the certainty that not a little
replanting of early cotton will have to be done. Of course,
replanting is done every year. It is an incident of the season. But this year supplies are so low that the cotton trade
is naturally concerned at ally delay in the development of
the crop. This is the case not only in this country but
abroad, where the need of a crop of say 13,000,000 bales of
American cotton is generally recognized. In recent years
America has produced about 60% of the world's cotton. The
price has been so high that Europe, not to mention Japan,
has used a good deal of non-American cotton. But now supplies of such cotton have dwindled to a low stage; they are
in much the same case as those of American growth. Therefore the anxiety of Europe on the question of the American
cotton crop will be readily understood.
The Government grain report shows a theoretical decrease
In the crop of winter wheat as compared with last year of
about 25,000,000 bushels. This was at first received with a
comparative indifference, but to-day it had a certain effect
in a somewhat oversold market. A drop in foreign exchange
during the week has, of course, been adverse to European
buying of wheat on this Continent. But in any case Europe
takes Manitoba rather than American wheat, although from
time to time there is a little business for foreign account In
American hard wheat and durum. Also, it has been noticed
of late that there was a certain amount of export buying of
American corn. As regards building, there has been a sharp
falling off at New York and there is a noteworthy decrease
from the March peak, but outside of New York there is still
great' activity. At the same time, however, the trade in
building materials is not so brisk as had been generally expected. April sales in the mail order business, as well as
those of chain stores, show a marked increase over those of
a year ago. This is in rather singular contrast with the
sharp falling off in the big Industries during April. Production shows a noteworthy decrease of automobiles, soft coal,
pig iron, steel ingots and automobiles as compared with this
time last year. Wool has remained quiet, and no more than
steady, regardless of the fact that foreign markets are
above the American level. In the cotton manufacturing industry trade is still low and there is more or less mill curtailment both in New England and at the South. Fall
River's sales of print cloths are only about a fifth of what
would be regarded as a fair business. In other words they
are still about 30,000 pieces a week. At a rug auction prices
declined early in the week about 10%. The decreased buying power in the coal and textile sections is apparent in the
falling off in business there. The mere fact, moreover, that
there has been considerable talk about reaction in American
trade as imminent has no doubt of itself had more or less
Influence. And this is the year of a Presidential election
when some people are wont to think that conservative trading is advisable until the election is over, although it is not
always clear that this is a reasonable attitude. But this
year the question of taxes has come to the front as seldom
before in this tax-ridden country.
The antagonism between President Coolidge and Congress
over tax bills is regrettable, but the President is plainly in
the right and will have the support of the people. It seems
an astonishing thing that so-called representatives of the
people at Washington should so openly and so defiantly misrepresent them. Our boasted American institutions have
come to a strange pass if politicians can at will practically
nullify the wishes of the people and set up a Congressional
oligarchy entirely foreign to the genius of our laws. Sooner
or later ways will have to be found to call these mis-named
representatives of the people to a prompt and stern account.
Waiting for a distant election day in order to mete out punishment for such treacherous disservice is not the most effective method conceivable. An incompetent or unfaithful
employee of a business house can ordinarily be dismissed at
once and employees of the nation ought by some means to be
made to feel quickly and severely the just displeasure of
their employers. President Coolidge vetoed the Bursum
Pension Bill and it is hoped will treat the Bonus Bill in the
same way, together with the McNary-Haugen Bill with its
$200,000,000 cost, and all other attempts to exploit the national treasury in projects that disregard at once economic
MAY 10 1924.]
TUE CHRONICLE
2243
taxi operators had agreed to the
law and the interests of the people at large. The McNary- noon because many of the
exploded pa- chauffeur's demand for 40% of the receipts.
Haugen measures revive in new form a long
The nation-wide boom in building is halting. Abnormal
ternalism that can have but one outcome and the farmer
activities are supposed to be near an end with a conservawill be worse than his first.
will find that his last state
records were broken in
As regards the foreign situation the result of the German tive era in prospect. In Chicago
being issued for 3,700
is variously interpreted as to the Dawes plan. It building operations in April, permits
elections
out that apartments and 958 residences, compared with 3,099 apartwould not be surprising, however, if it should turn
year. For the four
Germany recognizes the futility of dilatory tactics and will ments and 707 residences in April last
statesmen and months this year permits have been issued for 10,685 apartfollow the advice of its more enlightened
compared with 9,547 apartments
meet the situation in a business-like way and with reason- ments and 2,648 residences,
owes just so much money. The thing and 1,986 residences last year. Housing operations aggreable promptness. It
increase of 1,800 over •the
to do plainly is to pay it, dismiss the matter and then work gate 13,933 so far this year, an
also reported in other
to bring about normal conditions. The disturbance in same time last year. An increase is
hard
classes of building, although factory construction shows a
the Ruhr is to be regretted with its threatened strike of 300,April aggregated $33,493,000 men and a spread of the trouble to Saxony. It has been decrease. The cost of buildings in
francs. Other Euro- 605, against $26,712,800 in March and $61,614,965 in April
accompanied by a sharp fall in French
last year was due to
pean currencies have also been more or less disturbed. last year. The large aggregate of value
office and
reason, Berlin suspects the influence of permits being taken out for several big hotels,
With or without
bank buildings.
Soviet'Russia. Whether this suspicion is justified or not,
St. Louis dry goods jobbers report business in April about
it is clear that Russia has a lesson to learn. It must adopt
equal to that of April 1923, but collections are slow. Operaa straightforward attitude towards the family of nations or
the Steel
It will remain an Ishmaelite among them until such time as tions of the Universal Portland Cement Co. of
peasantry Corporation are at 100% and shipments are larger than a
its rulers come to their senses or the hard-headed
and Wisconsin
of the old Russian Empire come to the front and help to year ago. The States of Illinois, Indiana
work.
great country back to ways of sanity and progress. have made large additional appropriations for road
lead that
There is an active demand for concrete, reinforcing bars for
New England cotton spinners want a higher tariff on cotton goods, as the present tariff on cotton manufactures per- such work as well as for reinforced concrete buildings.
The weather here has been in the main pleasant until
mits the importation of English cotton goods so that they
can be sold profitably for 23c. lower than the domestic cost within a day or two. It began to rain Wednesday night and
of manufacture. This and Southern competition hits New has continued to rain at intervals up to Friday, closing on
England cotton mills hard. The question of raw material the evening of that day with a steady fall. The temperature
makes matters worse. Fall River mills are said to be run- here on Wednesday was up to 65 degrees. There were modning at 331-3% of their capacity. Twenty-five New Bed- erate rains at the West on Wednesday, with Chicago temford mill stocks are down to a new "low" for 1924 thus far. peratures rather cool, I. e. 46 to 54; Cleveland 56 to 68; CinAt Northbridge, Mass., the Paul Whiting mills announced cinnati 56 to 86; Detroit 50 to 72; St. Paul 34 to 44; Mila three-day week. Some Connecticut mills which have been waukee 40 to 48; Boston 48 to 52, and Philadelphia 54 to 64.
running on short time may curtail further and may be To-day has been rainy and cooler.
joined by other mills in that State. At Thompsonville,
Conn., a wage reduction varying from 10 to 20% and affectMany Factory Workers in New York Laid Off During
ing all departments of the Bigelow-Hartford Co., went into
April.
•
effect on May 5. Some 4,000 operatives are affected. Poor
April reports from the manufacturers of New York State
trade is understood to be the cause for this action. At Putstatement was
nam, Conn., one of the Putnam Manufacturing Co.'s mills show a drop in factory employment. This
Bernard L.
has already shut down and it is reported that the rest will made on May 6 by Industrial Commissioner
Shientag of the State Department of Labor. There his
be idle by the end of the week. Foreign and Southern comCommissioner said.
petition is the reason given. At Brockton, Mass., the plants been very little spring rise this year, the
so that the present movement indicates a real decline in the
of the George E. Keith Co. went on full time last Monday.
for factory labor. The reductions at this time exCurtailed schedules of operations have been general for demand
most of the industries and to all of the important
months past at the shoe factories there. The average at the t,nded to
manufacturing districts in the State. The important group
present time is four days a week and in some instances less.
metal
lustries almost without exception, show d a deThe newest development is expected to be the forerunner of of
cline in employment in April. Brick yards took on a good
more good news. For instance, it is believed manufacturers
many workers during the month and production in these
will make shoes almost wholly of black leather for the complants is almost in full swing. An increase is also evident
ing fall and winter wear and to use more leather.
in the production of interior woodwork, but the cement mills,
At Raleigh, N. C., the Pilot cotton mills closed down this
still active, curtailed production somewhat. Glassweek. Other mills there are running one one-half time ow- although
ware production fell off sharply in April and up-State plants
ing to unsatisfactory trade. Charlotte, N. C., reported little
silk gloves and other textile .products dropped a
change in the textile situation at the South. The mill power making
manufacturers also
load of the Southern Pawer Co. Is running about 15% below number of operatives. Some of the rug
reported reduced working forces. Dulness is the rule in the
normal. At Marion, N. C., the Churchfield mills with 60,000
although
spindles running on print cloths and sheetings, has closed leather industry. Among the paper manufacturers,
most of the mills are taking advantage of favorable water
indefinitely. At Tarboro, N. C., the Hart mills and also the
reductions
Fountain Inn mills have closed for the time being. They conditions, a few of the plants reported sharp
Discussing employmay reopen if the demand for print cloths and sheetings and a net decline in the index resulted.
Industrial ComIncreases. Georgia duck mills in some cases report it hard ment conditions in the different cities, the
to sell the output of a four-day week. At Thomaston, Ga., missioner says:
Employment by Cities.
the Peerless cotton mills, operating 27,000 spindles and 625
Reports from New York City in April indicate that nearly 55,000 faclooms, are running night and day. At Manchester, Ga., the tory employees have been released there since last year. The seasonal
rather
cotton mills have stopped night work and now run only four slackness that develops in the clothing trades at this time wasemploysevere this year, particularly in the men's clothing shops, where an
days a week.
ment decline of over 10% took place. The other apparel trades, including
Woolworth sales showed a gain of 24% in April over those the boot and shoe factories and the fur shops, showed a similar tendency.
decline and condition
April
of last year. Striking iron workers and mechanics em- quite reports from the metal trades showed a small netthe jewelry and brass
irregular. Dulness continued to be the rule in
the Thompson-Starrett Co., who have been out and copper establishments and there were losses in the stamped ware and
ployed by
since May 1, were back to work on Thursday. The iron instrument plants. Inactivity at this time is evident among manufacturers
of pianos, furniture and glassware, in tobacco and cigarette factories and
workers under the agreement will receive $12 a day, while food products plants, in the
printing and paper goods and the drug and chemthe mechanics will receive a $150 a day raise. The strike ical industries. Increases in working forces in April were confined chiefly
affected the $10,000,000 apartment building at 227 park to building supply industries and to minor seasonal movements in other
divisions.
Avenue and the new Equitable building at 33d Street and
With the end of the busy season in the men's clothing plants and the shoe
factories, the decline in employment which took place in Rochester in April
Seventh Avenue.
was to be expected. It is noticeable this year, however, that scarcely any of
Nineteen thousand taxi drivers in the five boroughs of New the clothing
producers are holding so many workers through the dull seaYork went on a technical strike. The men demanded 40% son as they did in 1923 and employment in the shoe factories is likewise
of receipts and improved driving conditions. It was an- below that of a year ago. Some unsteadiness and minor reductions occurred
in the instrument and metal plants, furniture shops and food
nounced on May 6 that more than half of the 5,000 taxi driv- at this time
products establishment& On the other hand, oil products and chemical
ers who went on strike in Manhattan returned to work at plants were busy and had more persons at work than they did in March.
2244
THE CHRONICLE
The April index of employment in the Buffalo District followed the
declining tendency that was general throughout the State. The automobile
producers added a few more workers to their forces, but the heavy production schedules in the brass and copper mills were not so well maintained.
Reductions in some of the sheet metal plants were noticeable and the demand
for metal workers generally was not so large as in March. Employment
also decreased at this time in the chemical factories here, in the food products plants and in the cloth and clothing industry. Railroad equipment
and repair shops here showed some little recovery from the recent dulness.
A larger number of metal workers in Syracuse have lost their employment
since March. Most of these had been engaged in the production of castings
and parts for the automobile manufacturers, but reductions were also reported from other branches of the metal industries. The labor market here
has also been called upon to absorb workers released from furniture, knit
wear, clothing and food products establishments. The chemical plants were
the only group to take on workers at this time, and while the tendency here
was generally upward, the demand was not large enough to materially
affect the general situation.
Factory employment in the Capital District remained at a rather low
level in April. Railroad equipment and repair shops, iron and steel mills
and some other metal working plants curtailed forces. A few more workers
were engaged in the textile plants, but the basic situation in this industry
showed no improvement. Payrolls in the shirt and collar factories showed
a slight improvement over March. A number of workers were released in
these factories, however, to reduce the amount of part time that had prevailed.
In the Utica area April reports indicated that factory employment has
sagged a little. Smaller labor forces appeared to •be the rule in the metal
working factories, leather goods establishments and cotton finishing plants.
Knit wear manufacturers also released a number of operatives at this time.
The seasonal activity in this industry has not brought employment to so
many workers this year as last and the season itself has been shorter.
Reports from the Binghamton area in April are more favorable than those
from the rest of the State. The small decline in employment that occurred
here is due almost entirely to reductions in the shoe factories. The smaller
industries in this district generally reported a net increase in the number
of persons at work.
Decrease in Retail Cost of Food.
The U. S. Department of Labor, through the Bureau of
Labor Statistics, has completed the compilations showing
changes in the retail cost of food in 24 of the 51 cities included
in the Bureau's report. During the month from March 15
1924 to April 15 1924 all of the 24 cities showed decreases as
follows: Fall River, 5%; Bridgeport, Norfolk, Providence
and Scranton,3%;Baltimore, Boston, Columbus, Louisville,
Manchester, Milwaukee, Omaha, Peoria, St. Paul, Springfield, Ill., and Washington, D. C.,2%;Birmingham, Butte,
Houston, Kansas City, Memphis and Portland, Me., 1%;
and Atlanta and Salt Lake City, less than five-tenths Of 1%.
For the year period, April 15 1923 to April 15 1924, 18 of
the 24 cities showed decreases as follows: Fall River, 6%;
Scranton, 4%; Boston, Bridgeport, Manchester and Providence, 3%; Houston, Memphis, Norfolk, Portland, Me.,
St. Paul and Waqlkington, D. C., 2%; Atlanta, Baltimore,
Birmingham, Kansas City and Omaha, 1%, and Louisville,
less than five-tenths of 1%. Six cities increased as follows:
Columbus and Springfield, Ill., 1%, and Butte, Milwaukee,
Peoria and Salt Lake City, less than five-tenths of 1%.
As compared with the average cost in the year 1913 the
retail cost of food on April 15 1924 was 46% higher in
Baltimore, Birmingham and Washington, D. C., 45% in
Milwaukee, 43% in Providence and Scranton, 42% in
Boston, 41% in Manchester, 40% in Atlanta and Omaha,
39% in Kansas City, 37% in Fall River, 35% in Memphis,
33% in Louisville and 22% in Salt Lake City. Prices were
Bridgeport, Butte, Columbus, Houston,
not obtained from .
Norfolk, Peoria, Portland, Me., St. Paul and Springfield,
Ill., in 1913, hence no comparison for the 11-year period
can be given for these cities.
Reduced Tonnage of Railroad Revenue Freight.
Loading of revenue freight for the week which ended on
April 26th totaled 878,892 cars, according to reports filed
on May 6 by the carriers with the Car Service Division of the
American Railway Association. This was an increase of
1,969 cars compared with the preceding week but a decrease
of 83,686 cars compared with the corresponding week last
year. Compared with the corresponding week in 1922, it
was an increase, however, of 127,781 cars. The following
additional facts are furnished:
Grain and grain products loading totaled 38,029 cars, an increase of 1,063
cars over the preceding week and an increase of 1,135 cars over the same
week last year. It also.was an increase of 1,831 cars over the corresponding
week in 1922.
Live stock loading totaled 32,607 cars. This was not only an increase of
4,272 cars over the week before but also was an increase of 1,042 cars over
the same week last year and an increase of2,409 cars over the same week two
Years ago.
Coal loading totaled 117,572 cars, 7,178 cars less than the preceding week
and 61,841 cars below last year. Compared with the same week in 1922,
It was an increase of 42,183 cars.
Forest products loading totaled 76,870 cars. While this was an increase
of 2,107 cars over the week before it was a decrease of 576 cars under last
year. Compared with the same week in 1922, it was an increase of 18,000
cars.
Loading of merchandise and less than carload lot freight totaled 247,952
cars, 1,321 cars less than the preceding week but 6,414 cars above the same
week last year and 5,787 cars above the same week two years ago.
[VOL. 118:
Miscellaneous freight loading amounted to 328.206 cars, a decrease of
7,096 cars compared with the week before and a decrease of 27,781 cars
compared with the same week last year. but an increase of 41,825 cars compared with the same week two years ago.
Coke loading totaled 10,239 cars. This was not only a decrease of 714
cars under the week before, but also was a decrease of 5,337 cars under the
same week last year. Compared with the same week two years ago it was
an increase of 2,219 cars.
Ore loading amounted to 27,417 cars, an increase of 10,836 cars compared
with the week before and an increase of 3,258 cars over the same week in
1923. Compared with the same week in 1922, it was an increase of 13,527
cars:
Compared by districts, increases over the week before in the total loading
of all commodities were reported in the Pocahontas, Northwestern and
Centralwestern districts while the Eastern, Allegheny Southern and Southwestern districts reported decreases. The Northwestern and the Southwestern districts were the only ones to report increases over the corresponding week last year while all reported increases compared with the corresponding week in 1922 except the Pocahontas.
Loading of revenue freight this year compared with the two previous
years follows:
1924.
1923.
1922.
Four weeks of January
3,362,136
3,373,965
2,785,119
Four weeks of February
3,617,432
3,361,599
3.027,686
Five weeks of March
4,607,706
4,581,176
4,088,132
Four weeks of April
3,499,210
3,764.266
2,863,416
Total
15,086.484
15,081,006
12,764,553
F. W. Dodge Corporation Reports Big April Construction in Spite of Downward Trend.
The April building record for the country, although very
large, confirms the impression of gradual decline that was
indicated by the March figures, according to F. W. Dodge
Corporation. April building contracts in the 36 Eastern
States (including about H of the total construction of the
I
country) amounted to $480,097,300. This was an 11%
increase over March and a 19% increase over April of last
year. However, there were only two sections, New York
State and Northern New Jersey and the Southeastern States,
that showed very large increases over April of last year.
Residential and commercial buildings decreased in April
and industrial buildings and public works increased. The
seasonal peak of building operations usually occurs in April.
Last month's volume of construction, measured in new floor
space contracted for, showed a drop of 7% from March.
Total construction started from Jan.1 to May 1 has amounted
to $1,514,968,200. This is declared an unprecedented figure,
being 16% over the corresponding period of last year. However, the increase in New York City has been 115%; and, if
the New York City figures be deducted, the remainder of the
36 States shows a decline of 1% from last year. Analysis of
the April record shows the following important items: residential buildings, $219,139,300, or 46% of the total; public
works and utilities, $88,841,100, or 18%; industrial plants,
$56,360,600, or 12% (this group included a single 35-million
dollar power plant in New York City); commercial buildings
$49,724,300, or 10%; educational buildings, $33,521,500, or
7%. Contemplated new work reported in April amounted
to $607,639,700, a decrease of 10% from the amount reported
in March. Further details follow:
New York State and Northern New Jersey.
April building contracts in New York State and Northern New Jersey
amounted to $168,608,100, only a few thousand dollars less than the record
March figure, and 79% over April 1923. Last month's total included:
$89,228,000, or 53%, for residential buildings; $38,064,500, or 23%, for
Industrial buildings (including one 35
-million dollar project, a power plant
for the New York Edison Co.); $20,762,900, or 12%,for commercial buildings; and $9,334,500, or 6%,for educational buildings. All the important
classes except industrial decreased very considerably in April.
Total construction started during the first four months of this year has
amounted to $553,583,400,an increase of78% over the corresponding Period
of last year.
Contemplated new work reported in April amounted to $163,961,700, a
little less than the amount of contracts awarded, which is unusual. It was
also 33% less than the amount of contemplated work reported in March.
New England.
New England's building contracts in April amounted to $33,648,900, an
increase of 9% over March and a decrease of 9% from April of last year.
Included in last month's total were: $17,741,800. or 53%, for residential
buildings; $4,329,300, or 13%, for commercial buildings; $3,312,400, or
10% for publlc works and utilities; and $3,043,400, or 9%,for educational
buildings.
Construction started in New England during the first four months of this
year has amounted to $104,262,500, an increase of 3% over the corresponding period of last year.
Contemplated new work reported in April amounted to $38,788,200, a
decrease of 20% from the amount reported in March.
Middle Atlantic States.
Contracts awarded during April in the Middle Atlantic States (Eastern
Pennsylvania, Southern New Jersey, Maryland, Delaware, District of
Columbia and Virginia) amounted to $46,285,300, an increase of 27% over
March, and a decrease of 12% from April 1923. Last month's record included: $22,427,800, or 48% for residential buildings;$14,002,800, or 30%,
for public works and utilities; $3,372,700, or 7% for commercial buildings;
$2,418,400, or 5%, for educational buildings: and $2,165.700, or 5%, for
industrial buildings.
Total construction started in this district during the first four months of
this year has amounted to $143,463,100, a decrease of 16% from the corresponding period of last Year.
ALAI 10
19241
THE CHRONICLE
Contemplated new work reported in April amounted to 563,269,500, a
decrease of 22% from the amount reported in March.
Southeastern States.
Construction started in April in the Southeastern States (the Carolinas.
Georgia, Florida, Tennessee, Alabama, Mississippi, Arkansas and Louisiana) amounted to 553,994,000. an increase of 15% over March and of 29%
over the previous April. Last month's record included: 522.364.200, or
41%, for residential buildings; $12,419,400, or 23%. for public works and
utilities; $7,041.000, or 13% for commercial buildings; and $3,523,600. or
7%,for educational buildings.
Total building contracts from the first of the year to date amount to
$182,147,600, a 17% increase over the corresponding period of last year.
Contemplated new work reported in Apri amounted to 5106.456.400. a
25% increase over the amount rprorted in March.
Pittsburgh Distrid.
April building contracts in western Pennsylvania, West Virginia, Ohio and
Kentucky amounted to $58,324.000. This was 15% over March and 5%
over April of last year. The total included: 522.566,000, or 39%,for residential buildings; $19,634,900, or 34%, for public works and utilities; $4.918,300,or 8% for commercial buildings; $3,144,000, or 5%.for educational
buildings; and $3,028,400,or 5% for industrial buildings.
The April figure brought the total of construction started since the first of
the year up to 5169,869,600. which is 10% under the corresponding period
of 1923.
Contemplated new vrork reported in April amounted to 572.884,800. a
2% increase over the amount reported in March.
The Central West.
Contracts awarded during April in the Central West (Illinois, Indiana,
Iowa, Wisconsin, Michigan. Missouri, Kansas, Oklahoma and Nebraska)
amounted to $110,510.500. This was an increase of 21% over March and of
2% over April of last year. Included in the April record were: $42,270.900.
or 38%,for residential buildings; $30,039,600, or 27%.for public works and
utilities; $11,000,600, or 10%. for educational buildings; 58.892.000, or
8%. for industrial buildings; and $8,689,600, or 8%,for commercial buildings.
Construction started in this district from Jan. 1 to May 1 has amounted to
$334,562,500, a decrease of 1% from the corresponding period of last year.
Contemplated new work reported In April amounted to $153.405,400. an
increase of 14% over the amount reported in March.
The Northwest.
April building contracts in Minnesota. the Dakotas and Northern Michigan amounted to 58,726,500. This was a 1% increase over March and a
40% decrease from April of last year. Last month's record included:
$3,424,500, or 39%, for public works and utilities; $2,540.600, or 29% for
residential buildings;51,057,000. or 12% for educational buildings;$670.500.
or 8%,for Industrial buildings; and $610,500, or 7% for commercial buildings.
Total construction started in this district during the first four months of
this year, $27,079,500, has shown a decline of 34% from the corresponding
period of last year.
Contemplated new work reported in April amounted to $8,873,700. a
decrease of 28% from the amount reported in March.
Slight Drop in New York Building Construction.
April building contracts in the five boroughs of New York
City amounted to $129,697,900, according to F. W. Dodge
Corporation. This was a decrease of nearly 2% from the
previous month, although it was nearly two and half times
the amount for April of last year.
Last month's record was swollen by the inclusion of a single 35-million-dollar project, a large power plant to be built
for the New York Edison Co. Residential construction,
which has been the dominant factor in the city's building
program, dropped 22% from the March figure.
Residential building contracts in April amounted to $68,107,800, or 52% of the month's total; industrial plants (including the big power plant project mentioned above), $36,122,500, or 28%; and commercial buildings, $16,674,700,
or 13%.
Total building contracts awarded in New York during the
first four months of this year, it is reported, have amounted
to 1;408,571,400, an increase of.116% over the corresponding
period of last year. The rest of the country registers a slight
decline from last year. This fact should help New York in
some measure in carrying through its abnormally large program, for the reason that a slackening demand for materials
elsewhere tends to make an adequate supply available for
New York.
Slowing Up of Building Activities in United States.
A slowing up of building activities throughout the nation
in the near future is not unlikely, according to investigations
now being made by S. W. Straus, President of S. W.Straus
& Co., and made public yesterday. Even such a slowing
up in construction operations, however, would not necessarily mean permanently lower building costs and cheaper
rents, the financier declared. "The shortage which has
existed in housing conditions for the last five years is being
made up in many towns and cities," Mr. Straus declared.
"In these places it is to be expected that from now on building operations will continue along normal lines. In some
cities the shortage in certain types of construction has been
overcome, and building activities thus will be now diverted
from these types to the ones in which deficits still remain.
Throughout the nation as a whole large shortages still remain, and if good judgment is exercised and a note of proper
2245
conservatism is allowed to prevail, building activities will
still continue in large volume as a sustaining element to the
general prosperity of the country." Mr. Straus continues
as follows:
That a word of caution is now in order can perhaps best be illustrated
by a study of the actual reports of building activities. In 1913 building
permits issued in the 100 leading cities of the country, with a combined
population of 25,000,000, were $840,000,000. In terms of the 1913 dollar,
this volume would mean building permits in these same cities at the present
time of approximately $1.680,000,000. The population increase in these
100 cities since 1913 has been 2,5%. On the 1913 basis, therefore, building
operations should now be at the rate of $2,100,000,000 per year. But in
1923 these 100 cities had building permits of $2,825,000,000, and so far
this year they have shown a further increase of about 12% •
Thus it will be seen that building operations have been proceeding on a
.
basis considerably above normal requirements, due to a great extent to the
shortage created during the war. Other factors have, of course, had their
and
effects on these relative comparisons such as population migrations
economy of space in the planning of building.
In view of all these facts it is the part of good busine.ss judgment to
analyze most carefully each future building project.
In my opinion, the substantial interests of the industry will realize the
wisdom of this viewpoint and will take such steps as shall conserve our
building necessities and keep the industry progressing along normal and
sound lines.
With regard to building costs, there will always be fluctuations due to
temporary or local conditions, and price levels may sag to some extent.
But it must be remembered that these costs are vitally affected by labor,
transportation, taxation and various other economic factors in which
immediate marked reductions are improbable. The advancing standards
of living by the American people also exerts a powerful tendency toward
higher costs, a condition which will not change because it is a fundamental
of human nature.
The Curtailment in Fall River Textile Mills.
The following analysis and comparison of the curtaihnent
of operations in cotton mills of the Fall River district was'
,
given in "Daily News Record," a textile trade paper of
New York on May 6:
Curtailment In this city on the basis of to-day is at the rate of 700,000.000'
yards per year. This figure is reached by a careful survey of the spindleage,
both in operation and idle, and leads to the question of whether orinot
print cloth and fine goods will become scarce as a result. The total number'
of spindles, exclusive of the Globe yarn, Connecticut, Kerr Thread, Steven%
Manufacturing Co. and other individual concerns, is approzdmately 3,591.000. Of this number,2.386,505 spindles are idle to-day. Only 1.204,495
spindles are in operation in both the print cloth and fine goods divisions.
h
spindleage considered is about nine-tenths of all the spindles in
the city
The print cloth division is represented in the grand total of spindles
by 2,730.000, of which number but 848,295 are in operation to-day. The
number ofspindles idle in this division on the day ofthis writing is 1.881.705,
which practically establishes a new record for this city without a general
shutdown of the plants. In this division, it will be noted, curtailment'',
approximately 69% alone.
Fine Goods Division.
The fine goods division is also hard hit, being represented in the total by
861,000 spindles. Of this number, 504,800 are stopped, with curtailment
figured at 58%. While curtailment in the print cloth Yarn mills has been
gradually growing upon the community, fine goods mills have come to the
forefront in this respect quite rapidly in the last month, until they are almost
on a par with mills manufacturing coarser goods.
While estimates in the vicinity of 75% have been made in the past as to
curtailment, this percentage is considered about correct when all corporations in the city are taken into consideration.
Curtailment is figured at 66.5% on the basis of 3,591.000ispindlei.
according to statistics gathered from a very reliable source. In circles
where curtailment affairs are discussed quite freely, it is the general opinion
that goods will continue to be scarce. Students of the cloth market, confronted with the staggering figures of production losses to the extent of
700,000,000 yards for the year agree that a scarcity seems inevitable.
Even at this time certain constructions are not in this market. Without
any question of doubt. Fall River is curtailing more extensively atrthis
time than at any time since its beginning as a textile centre.
The heavy loss in production is due to the fact that manufacturers have
been loath to operate their plants with a sure loss of from 12 to 15 cents per
pound. The print cloth mills were the first to feel the depressionibut
gradually the fine goods mills were drawn into the whirlpool until 504.800
spindles in this division are idle to-day.
Some Plants Idle Throughout.
A number of corporations continue idle throughout, including the Stafford. Seaconnet and certain portions of the Flint, Stevens Mfg. Ce. and
Laurel Lake.
4
The cotton goods division of the American Printing Co. resumed operations this morning under the alternate week schedule announced a fortnight
ago. The print works division continued full time operations te-day, but
beyond this week no plans ate in view. The closing of the cotton goods
division of the American Printing Co. will add considerably to the curtailment figures, if this decision should be made.
so ill
Or 4054
That drastic curtailment is in force is proved by theseauthentic figures.
gathered with the sole purpose of ascertaining the actuaLextent:of curtailment in this textile center.
tad
Wage Reduction in Bigelow-Hartford Carpet PlantsA wage reduction varying from 10 to 20%/and affecting
all department of the Bigelow-Hartford Co. at Thompson
vine, Conn., was put into effect on May15. Some 4,000$
operatives are affected. General conditions]inithelkindustry are understood to be the cause for this action.
Wage Reduction in the Haverhill Shoe Industry.
Wage reductions ranging from 10 to 33 1-3% in shoe
factories were granted in the decision rendered by the Haverhill (Mass.) Shoe Board of Arbitration on May 8. The
cuts become effective in the next working week. The re-
THE CHRONICLE
2246
cluction in the various departments are as follows: Treening,
33 1-3; cutting, 25; finishing, 223/2; weed heeling, 25; stitching, 20; and making, 10%.
The decision was reported by Chairman Edwin Newsick,
a neutral member of the board, who said losses sustained
by the manufacturers necessitated reductions to keep the
• industry in Haverhill in operation. Union members of the
board opposed the reduction, but the decision is final.
Base Milk Price of Dairymen's League Reduced for May.
The Dairymen's League Co-Operation Association, Inc.,
announced on May 2 that the producers' May price for
Class I milk (fluid milk for city distribution) has been reduced from $2 33 to $1 86 per 100 lbs. This reduction
is equivalent to lc. a quart. This is the base price at the
201-210 mile milk freight zone for milk testing 3% butterfat.
April Steel Production Smaller.
Steel production in April showed a large reduction from the
peak output of March. From a statement prepared by the
American Iron St Steel Institute it appears that the production of steel ingots in April 1924 by companies which in 1923
made 94.84% of the output in that year, amounted to
3,211,525 tons, consisting of 2,625,788 tons open hesrth,
573,381 tons Bessemer and 12,356 tons all other grades.
On this basis the calculated production for all companies
during April was 3,386,256 tons, as compared with 4,187,942
tons made during the previous month. Both March and
April had the same number of working days, but while in
March the approximate daily product was no less than
161,075 tons (the largest on record), the daily output in
April amounted to only 130,241 tons. January, February
and March of this year allshowed large gains over the production of the preceding month, but in April there was a decrease of no less than 801,686 tons, to the lowest figure
recorded this year and contrasting with 3,963,736 tons in
April 1923. In the following we show details of production
back to January 1923:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1923 TO
APRIL 1924.
in 1923.
MePorted by companies which made 94.84% of the steel ingot production
Months.
1923.
Jan
Feb
March
April
Openhearth.
Bessemer.
APProziCalculated
Monthly Monthly No. of mate daily
All production production working production
all
days.
all
Other. companies
companies,
reporting. companies.
gross tons.
2,906,892 728,270 9,467 3,644,629 .3,841,095
2,613,564 669,903 10,797 3,294,264 *3,471,843
3,046.309 799,525 12,841 3,858,675 .4,066,680
2,974,579 772,485 13,933 3,760,997 .3.963,736
27
24
27
25
*142,263
*144,660
*150,618
*158,549
1 months 11,541,344 2,970.183 47,038 14,558.565 .15343,354
3,136,558 847.418 16.719 4,000,695 *4,216,355
May
2,821,239 737,845 15,483 3,574,567 *3,767,256
June...
2,658,449 680,884 11,496 3,350.829 *3,531,458
July
2,796,370 701,059 9,326 3,506,755 *3,695,788
Aug Sett
z2,562,771 613.709 8,602 z3,185.082 .3,356,776
x2,735,513 649,452 9,163 z3,394,128 *3,577,091
Oct
z2,348,361 616,335 9,309 z2,974,005 *3,134,321
Nov
z2,135,898 570,004 10,912 z2,716,814 .2,863,266
Dec
103
*148,965
[VOL. 118.
The Steel Corp. has recently reduced its steel output relatively more
than its pig iron output. In the first three months of the year it accumulated
semi-finished steel, and is now using up these stocks. Its steel production
is now at 73% of capacity, whereas the industry as a whole is at 65 to 70%.
With all steel companies new business is less than current shipments, in
some cases as much as 50% less. But as consumption is plainly of much
greater volume than are new orders, the steel companies have a basis for
the expectation that the latter will increase. In fact, some producers have
had better bookings in the past week than in the last week of April.
Finished steel prices have not been severely tested, as few attractive
tonnages have come up. With demand so light, mills are not tempted to
cut deeply; on the other hand, buyers find no signs of price stabilization.
Thus a drifting market is not unlikely for some weeks.
Various manufacturing consumers of steel have reduced operations,
Chicago reporting a number of metal-working plants running four or five
days a week, as against full time in the first quarter.
Structural steel bookings of the week totaled barely 19.000 tons, or onethird under the weekly average so far this year. Fresh inquiries were not
over 12,000 tons, less than one-half the tonnage of recent weeks. Hesitation is apparent chiefly in investment enterprises.
Residential construction is still in full swing, but demand for merchant
pipe, plumbing supplies and sanitary equipment has fallen off, the materials for the work now under way having been placed in the early months of
the year.
The wrought pipe trade shows more activity in some directions, though
considerable mill capacity 'a unemployed. The McCorlde Line Pipe Co.'s
long pending contract is now practically closed. It calls for 25.000 tons of
-in. and 10
-in, pipe for a 400
8
-mile line frcm Aransas Pass to San Antonio,
Tex., and is expected to go to the National Supply Co., the National Tube
Co.'s distributer.'
Sheet mills are running this week at not far from 50% of capacity, and no
new impetus has come as yet from the automobile industry. The American
Sheet & Tin Plate Co. on May 1 reaffirmed existing prices on tin plate and
tin mill black plate prices, at the same time meeting the recent $5 a ton
reduction of independent mills on automobile sheets. The tin plate outlook
is improved to the extent that canners are increasing estimates of their
needs.
Pig iron prices again have been marked down 50c. at Chicago, where the
demand from foundries shows a marked decrease. In eastern Pennsylvania
basic has declined 50c., and there are evidences of concessions on foundry
grades at Buffalo, Philadelphia and other centers.
While cast-iron pipe lettings as well as new municipal prospects are few,
such slackening is to be expected, as pipe buying is generally heaviest in the
first four months of the year. Pipe foundries are booked ahead for 60 to
90 days on 12.in, pipe and smaller and are not in pressing need of business.
Prices are somewhat easier.
Consumers of Lake Superior ore show little interest in the market and few
ales have been made since the 80-cent reduction in prices. Similar conditions prevail as to Eastern ores, but a few sales are reported at figures lower
than the delivered prices of Lake or foreign ores.
The weekly composite price table follows:
Composite Price May 6 1924, Finished Steel, 2.653c. per Pound.
Based on prices of steel bars, beams, tank
April 291924,2.653c.
plates, plain wire, open-hearth rails.
April 8 1924,2.703c.
black pipe and black sheets, constituting
9g
88% of the United States output
May 9 19g38 1..69 .
-year pre-war avera2e;2 7 9.
10
Composite Price May 6 1924, Pig Iron, $21 79 per Gross Ton.
Based on average of basic and foundry)
April 291924. $21 88
irons, the basic being Valley quotation,/
,
April 81924. 22 59
the foundry an average of Chicago I
dr
9 2
15 9
May 8 9
and Birmingham
-year pre-war average 3 7
10
Though the buying of steel remains slack, the swift contraction of output has steadied the market situation, declares the "Iron Trade Review" on May 8. A resume
of the "Review's" observations follows:
-02.1
-NC
-40.4a.
t.
NNNNNNNN
So swift and extensive has been the recent curtailment of iron and steel
production that indications now point to a better balanced condition
of the market. Generally the situation is yet to become thoroughly
*156,161
stabilized but price variations have narrowed and in several quarters
•144,894
sentiment is beginning to brighten again after the recent period of dis*141,258
trust. New buying has not improved and remains comparatively light.
•136,881
*134,271
Yet consumption appears to be keeping to very comfortable proportions
•132,485
and producers continue to count upon strong basic conditions to restore
*120,551
activity.
•114,531
Not since the severe depression of 1921 have so many blast furnaces
---*139,825
z32736,503 8,386,889 138,048 x41261,440 *43435,665 311
gone out of production in so short a period as during April. In that
Total _
-- month the
total net loss was 35 stacks. In March 1921 when production
1924.
was demoralized, it was 52 stacks. Since May 1 the number of furnaces
z134,579
27
x2,766,534 667.032 12,577 z3,446.143 z3,633,639
Jan
2152,367
blown out has been further increased and other furnace and steelworks,
25
z2,902,641 695,905 14,985 x3,612,631 x3,809,185
Feb
z161,075
26
x3,249.783 706,801 z15,260 s3,971,844 z4,187.942
March
suspensions are about to follow. The Carnegie Steel Co. has put out
130,241
26
2,625.788 573,381 12,356 3,211,525 3,386,256
April
six more furnaces and its ingot operations after going down to 52% are
dwoowe
again hi
144.394
%.0hSheot whIl h
icago mi Ic o
ng Valleyt
iof ac v ityt,
t mnr.t1,a 11 544 746 2.643.119 34.278 14 242 145 1s ni 7 022 1114
his week
to 75 and 8
ghe
haatio en the hi M
pers bens in the9h ashilt
•Adjusted. z Revised.
are the lowest since March 1922.
Latest reports of automobile production in Detroit and Michigan territory place the total around 11,500 cars daily, excluding trucks. Detroit
Steady.
Steel Output Sharply Curtailed-Prices
employment in total shows a drop of 6% from the recent top point, but
The output of steel was cut during the week just closed, five-day per week schedules and elimination of night shifts have cut output
with works operating at from 65 to 70%. Pig iron blast considerably more.
Pig iron production in April
not fall as far as the loss in active furfurnaces were also reduced by 40 during the month of April, naces indicates since many ofdid changes came in the latter part of
these
Age" on the month and will show their full effect in May. The total was 3,226.401
according to information furnished by the "Iron
decline of 238,988 tons.
May 8. The week has brought a more marked reduction in tons, compared with 3.465,389 tons in March, a107,546 tons, or 3.28%.
Average daily output fell from 111,787 tons to
than was seen in the final week of The striking fact
steel works operations
of the April record was that while steelworks furnaces
April, the estimated steel ingot output being now at the rate lost 236,155 tons, merchant output declined only 4.912 tons.this week by
is supplied
Evidence of a
of about 36,000,000 tons a year, as compared with 40,000,000 the figure of $41 less erratic condition of prices
iron
58 of "Iron Trade Review" composite of 14 leading
tons a year as May opened, continues the "Age" from which and steel products. Last week the composite was $41 72.
Building steel awards are numerous but not heavy, 46 this week totaling
we take the following:
a net 27,054.
Our pig iron statistics also indicate a pronounced curtailment, with
with
Sheet quotations by independent mills, after varying widely for several
loss of 40 in active blast furnaces in April. This figure compares
coal and weeks, have crystallized at $4 per ton below the schedule of the American
a loss of 28 in August 1922, under the combined influence of the
March Sheet & Tin Plate Co. or at 2.80c., Pittsburgh, for blue annealed, 3.135c.
railroad strikes. For a greater loss than that of April we go back to
furnaces for black and 4.80c. for galvanized. Whether the leading producer will
1921, when in the slump that began late in 1920 no less than 50
meet these prices, as it has the independent figure of 5.10c. on automobile
blew out.
against sheets, is yet to be seen. As expected, tin plate prices for third quarter
April pig iron output was 3,233,428 tons. or 107.781 tons a day,
measure have been reaffirmed at $5 50 Pittsburgh, per base box and t n mill black
tons a day. The figures do not
3,446.086 tons in March,or 111,809
es
the at3 85cmoro omly Pittsburgh territory plat, shapes and bars are
In
I general
ral
fully the curtailment, since many of the furnaces blowing out did so in
holding
to 2.25c. At Chicago 2.35c. on bars ard 24e. on
month.
last 10 days of the
tons a plates and shapes are steadier. The East still shows lower prices. Wire
a
On May 1 the 230 active furnaces represented capacity of 96,365
April 1. and wire products are being shaded $2 a ton in the Middle West.
day, as against 112.240 tons a day for the 270 furnaces active on
Apart from 8,00) cars which it is reported the Baltimore & Ohio may
than wiped
Furnaces in blast on Dec. 31 numbered 231, so that April more
buy soon, there is no life in the railroad equipment market. Car orders
out the total gain of 39 furnaces in the first quarter of the year.
THE CHRONICLE
MAY 10 1924.]
In April totaled 10,253, bringing the awards of the first four months to
72.955 compared with 76,599 for the corresponding period last year. Two
independent producers, one at Chicago and the other in the East, divided
the 80,000 to 100,000 tons of steel for the Chesapeake & Ohio cars. The
American Steel Foundries took 32,000 cast steel wheels for this order.
Spring demand for cast iron pipe is appearing. Municipalities placed
26,000 tons the past week. Cleveland bought 6,000 tons and wants
5,000 tons more. Santa Monica, Calif., took 7,400 tons, partly from a
foreign maker.
A little more stir is shown in the pig iron market where some buyers
Indicate some willingness to cover ahead. An upper New York State
melter sought 6,000 tons of malleable. St. Louis sold 4,000 to 5.000 tons
of basic. Prices are lower at Chicago, Cleveland, Buffalo and in the East.
European iron and steel markets continue to improve though prices
are still being readjusted to fluctuations of exchange. Iron and steel
production in France in March reached the high mark since the war.
Petroleum Production Shows Little Change.
The daily average gross crude oil production of 1,949,050
barrels during the week ended May 3 is a gain of 8,000 barrels
over the preceding week, when 1,941,050 barrels were produced. The output in the corresponding week one year ago
was 1,988,300 barrels per day, or 39,250 barrels per day
greater than the current figure, according to the American
Petroleum Institute. The daily average production east of
the Rocky Mountains for the latest week was 1,300,750 barrels, as compared with 1,294,450 barrels the preceding week.
California production was 648,300 barrels, as compared
with 646,600 barrels; Santa Fe Springs is reported at 74,000
barrels, the same as the previous week; Long Beach, 170,000
barrels, the same as the previous week; Huntington Beach,
51,800 barrels, against 53,000 barrels; Torrance, 60,000 barrels, against 58,000 barrels, and Dominguez, 9,500 barrels,
against 9,600 barrels. The following are estimates of daily
average gross production for the weeks ended May 3, April
26 and April 19 1924, and May 5 1923:
DAILY AVERAGE PRODUCTION.
May 3 '24. Apr. 26 '24. Apr. 19 '24. May 5 '23.
(In Barrels.)
Oklahoma
425,650
430,100
429,950
484,300
69,350
Kansas
69.750
69,650
81,800
North Texas
77,500
74,200
72,900
71.300
Central Texas
197,100
198,850
201.800
127,050
North Louisiana
52.800
53,250
49,650
69,750
Arkansas
147.500
138,200
137,750
111,350
Gulf Coast
101,100
96,600
97,700
96,750
Eastern
103.500
103,000
102.000
109,000
Wyoming and Montana_
126.250
130,500
125,650
127.000
California
648,300
646,600
645.300
710,000
Total
1,949,050
1 ,941,050
1,932.350
1.988.300
2247
daily average of 1,749,370 barrels of both foreign and domestic crude oil, or at the rate of 80.6% of their daily capacity.
Price of Gasoline Reduced One Cent in West.
A reduction of one cent a gallon was made in the price
of gasoline on May 7, the Merchants Oil Co. of Sioux Falls,
S. D., and the Codington County Oil Co. of Watertown,
S. D., announcing the price as 21 cents and 23 cents per
gallon, respectively. The Standard Oil Co. of Indiana has
also reduced its service station price to 20 cents per gallon in
Sioux Falls, but an oil man declares the cut unimportant
and largely due to a political situation there,
Automobile Prices Advance.
Press reports on May 8 state that the Premio Premier
Motors, Inc., has advanced prices from $350 to $590 per
car. The new price list is as follows: Roadster and fivepassenger phaeton, $2,885, an increase of $350 on each type,
seven-passenger phaeton, $2,935, increase, $350; fivepassenger tourist, $2,985, increase, $350; and five-passenger
brougham and seven-passenger sedan, $4,175, increase, $590
each.
April Iron Output Declines.
The monthly compilation of the "Iron Age" shows that
sharp curtailment in the production rate of pig iron occurred
in April. With a net loss of 40 furnaces the increase, which
was registered in the first quarter by the net gain of 39 furnaces, was wiped out. The decrease does not show fully
in the total output for April because many of the furnaces
were shut down late in the month. The industry is virtually
back to the status which prevailed on Jan. 1. Not in many
months have so many furnaces gone out in one month,
declares the "Age," adding:
Production of coke and anthracite pig iron for the 30 days of April
amounted to 3,233,428 gross tons, or 107,781 tons per day, as compared
with 3,466.086 tons, or 111,809 tons per day, for the 31 days in March,
according to revised data. This is a loss of 4,028 tons per day in April
as compared with a gain of 5,783 tons per day in March. There were
44 furnaces blown out or banked in April, with only 4 blown in, or a net
loss of 40. Of the 44 shut down 35 were steel making and 9 were merchant
furnaces, the Steel Corporation being credited with 14. Two merchant
and 2 steel making furnaces were blown in.
The capacity of the 230 furnaces in blast on May 1 is estimated at 96.365
tons per day, as compared with an estimated capacity of 112,240 tons per
day for the 270 furnaces in blast April 1.
Ferromanganese output in April was the largest this year at 23,580
tons, with the spiegeleisen production the smallest at 4,240 tons.
-GROSS TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
Merchant.
Steel Works.
118,324
28,179
90,/45
-April
1923
124,764
28,735
96,029
May
31,641
122.548
90,907
June
118,656
29,858
88,798
July
111,274
24,795
86,479
August
104,184
25,385
78.799
September
24,331
101,586
77,255
October
96.476
24.124
72,352
November
24.304
94.225
69.921
December
24,016
97.884
73,368
1924
-January
22,900
106,026
83,126
February
25,533
111,809
86,276
March
25,680
107,781
82,101
April
-GROSS TONS.
PRODUCTION OF STEEL COMPANIES
-Spiegeletsen and Ferromanganese-TotalProduction- Ferrets. Spiegel. Ferrets. Spiegel.
1923.
1924.
1924.
1923.
1924.
1923.
7.948
2,479,727 2,274,005 19,358 12,056 20.735
January
3,657 22.405
9.870
2,259,154 2,410,658 21,282
February
2,724,305 2,674,565 20,730 13,832 22,351 13,796
March
7,440 23,580
4,240
2,704,360 2,463,027 20,808
April
9,533
2,976,892
19,568
May
19,717 18,289
2.727,208
June
Gasoline Production at New High Level.
The gasoline refiners of the country continue to set new
records in the production of this commodity, the output in
March amounting to 743,248,292 gallons, which surpasses
by 48,000,000 gallons the previous high record established in
January, states the Department of the Interior. Statistics
collected by the Bureau of Mines show also that a new high
record in gasoline stocks was attained on April 1, when
1,571,404,667 gallons were on hand at refineries. The figure
represents an increase of practically 200,000,000 gallons over
the former record of 1,374,000,000 gallons made on March 1.
Production of gasoline in March of this year shows a daily
increase of 3,630,546 gallons, or 17.8%,over the March 1923,
figures, and a daily increase of 605,396 gallons, or 2.6% over
the figures for February 1924. These figures are indicative
of the normal annual trend in the production of gasoline during winter months, the output during this period being
generally in excess of the consumption in order to provide
large storage reservoirs to supply the country during the
summer motoring season. Domestic demand for gasoline
121,564 64,807
15,871,646
Half year
26,493 12,876
2,752,738
during March is reported by the Bureau of Mines as 462,020,- July
22,045
5,586
2,680,851
August
385 gallons, an increase of 3.5% over the figures for March September
4,478
2.363,967
23,206
20,015 15,931
2,394,922
October
of last year, and an increase of 6% over the figures for Feb- November
2.170,567
14.839 16,783
2,167,563
18,069 10,124
ruary 1924. Exports of gasoline decreased 18,455,988 gal- December
246,231 130.585
30,402,254
Ions as compared with the exports for the previous month.
Year
-GROSS TONS.
TOTAL IRON PRODUCTION BY MONTHS
The production of kerosene in March amounted to 200,1923.
1922.
1320.
1921.
038,627 gallons, an increase of 9,337,351 gallons over the Jamul'
3,015,181 2,416,292 1,644,951 3,229,604 3,018,890
2,978,879 1,937,257 1,629,991 2,994,187 3,074,757
corresponding month a year ago. Stocks showed an increase February
3,375,907 1,595,522 2,035.920 3,523.868 3,466,086
March
2,739,797 1,193,041 2,072,114 3,549,736 3,233,428
of 61,668,391 gallons over the previous year's figure, the total April
2,985,682 1,221.221 2,306.679 3,867.694
May
stocks on hand at the refineries April 1 being 345,008,197 June
3,043,540 1,064,833 2,361,028 3,676,445
gallons. This is an increase of 28,257,947 gallons during the
Halt year
18,138,986 9,428,166 12,050,683 20,841,534
3,067,043
July
864,555 2,405,365 3,678,334
month.
August
3,147,402
954,193 1,816,170 3,449,493
3,129,323
The output of gas and fuel oils for March was 1,114,411,725 September
985,529 2,033,720 3,125,512
3,292,597 1,246,676 2,637,844 3.149,158
gallons as compared with 970,891,272 gallons in March 1923, October
November
2,934,908 1,415,481 2,849,703 2,894,295
2,703,855 1,649,086 3,086,898 2,920,982
. an increase of 143,520,453 gallons. Stocks decreased 41,047,- December
Year'
36,414,114 16,543,686 26,880,383 40,059,308
486 gallons during the month. The production of lubricants
*These totals do not include charcoal pig iron. The 1923 production of this iron
during the month was 101,126,865 gallons as compared with was 251,177 tons.
90,745,095 gallons during March a year ago. Stocks decreased 4,401,199 gallons during the month, total stocks on Bituminous Coal Market Remains Depressed-Anthracite Prices Advanced.
hand at the close of March being 251,287,274 gallons.
Measured statistically, the bituminous coal industry at the
During the month of March 258 refineries reported to the
Bureau of Mines as operating, showing an aggregate daily present time is in one of the most depressed conditions in its
crude oil capacity of 2,169,282 barrels, running to stills a history, declares the "Coal Trade Journal" in its market
2248
[VOL. 118.
THE CHRONICLE
review issued May 7. Production the last week in April
dropped below the daily average for the corresponding period in 1921. Although this decline was helped by the observance of the Easter holidays, the preliminary figures for
1 st week do not indicate any marked recovery in output.
While strikes in the Southwest, in a part of the western
Kentucky district and along the Kanawha & Michigan in
West Virginia naturally have a bearing upon these figures,
the major cause of the decline is still the inability of the
mines to market tonnage, says the review, from which we
quote further as follows:
This inability, of course, varies with individual operations and with different producing districts, but the variation is one only of degree, as no
field is escaping the "no market" losses. The low volatile regions of West
Virginia and central Pennsylvania are no better off, comparatively speaking,
than the producing districts in Iowa with a more restricted market and a
lower grade coal. Even the safety valve of lake shipments has stuck so
far as relieving pressure on the Appalachian region is concerned. Shipments
to the Lake Erie ports to date compare favorably with the figures for last
• year, but prices have not reacted to the stimulus.
Despite the low production and unfavorable levels of spot prices-or perhaps because of them-an undercurrent of optimism can be glimpsed in most
of the markets of the country. Central Pennsylvania cities, Philadelphia, to
a lesser degree, Baltimore, Buffalo and Detroit are the chief dissenters to
this view. Hardening quotations at New York, a greater disposition upon
the part of industrial buyers at Chicago to place reluctant signatures upon
contracts and the practical disappearance of distress tonnage at many other
points contribute to this cheering view.
The general level of spot quotations, however, registered a slight decline
last week. Compared with prices for the week ended April 26, the bituaninous quotations below showed changes in 22.9% of the figures. Of
these changes 63.2% represented reductions ranging from 5 to 25c. and
Averaging 9.7c per ton. The advances covered the same range and averaged 10.4c. The straight average minimum for the week was $1 90 per ton,
as compared with $1 92 the preceding week and $2 33 a year ago. The
straight average maximum was $2 18, and compared with $2 22 a week ago
and with $2 83 in 1923. The reductions were largely in Western domestic
coals. Slack, except in the low volatile districts of West Virginia, was
strong; there steady mine-run movement and a rush of lump and egg orders
reversed the usual order. .
Company changes in anthracite domestic prices last week, shown in detail
elsewhere in this issue, were in line with predictions. Most companies increased prices on the major sizes 10c., but some advanced stove 15c. and
in one case egg and stove were raised 20c. and broken 45e. Production is
still hampered by strikes at some of the more important operations and by
suspensions at some of the smaller mines. Weekly output is running 10 to
20% under 1923 figures for this season of the year. As a result, little
difficulty is experienced in disposing of tonnage except pea and No. 1 buckwheat, and the former is relatively weaker than the latter.
Coal Production Continues Small.
The weekly report on the production of bituminous coal,
anthracite coal and beehive coke, issued by the Department
of the Interior, through the Geological Survey, May 3 1924,
estimated the average total production of bituminous coal
during the week ended April 26 to be 192,000 tons less than
during the preceding week, while the output of anthracite
fell 418,000 tons. Extracts from the Survey's report follow:
The only change in the production of soft coal in the week ended April 26
was for the worse, and the total estimated output declined to 6,726,000 net
tons. This decrease of 192,000 tons was due largely to the partial observance of Easter Monday as a holiday. As shown by the number of cars
loaded daily, shipments on Monday were approximately 7,000 cars less than
on the corresponding day of preceding weeks, and the loss was only partially recovered during the remainder of the week.
The average daily rate of output in 1924 is now less than in the corresponding week of 1921. In fact, at no time during the seven years for which
weekly records of production are available, except during the strike periods
of 1919 and 1922 and in March and April 1921, has the rate of output
been as low as it is at present.
Estimated United States Production of Bituminous Coal (Net Tons), Including
Coal Coked.
April
Daily
April
Daily
April
Daily
12
average
19_a
average
26_6
average
924
Cal. Year
Week.
to Date.
6,834,000 148,687,000
1,139,000
1,700,000
6,918.000 155,605,000
1.664,000
1.153,000
6 726,000 162,331,000
1,631,000
1,121,000
1923
Cal. Year
to Date.c
Week.
10,401,000 156.712,000
1,734,000
1,788,000
10,221,000 166,933,000
1,782,000
1,704.000
10,103,000 177,036,000
1,684,000
1,776,000
a Revised since last report. b Subject to revision. c Minus one day's
production in January to equalize number of days in the two years.
Production of soft coal during the first 100 working days of the calendar
year 1924 was 162,331,000 net tons. In the six preceding years it was as
follows:
Years of Depression.
Years of Activity.
138,828,000 net tons
176,258,000 net tons1919
1918
128,226,000 net ton
174,288,000 net tons1921
1920
148,052,000 net tonaj
177,036,000 net tons1922
1923
Thus it is shown that despite the rapid decrease in production during
the last two months the total output for 1924 to date compares favorably
with other recent years. In oomparison with the average for the three
years of activity, 1924 now stands 8% behind. Compared with the three
years of depression, however, it is approximately 18% ahead.
ANTHRACITE.
The production of anthracite in the week ended April 26 was interrupted
by two holidays
-Easter Monday on April 21 and Election Day on April 22.
The total outputincluding mine fuel,sales to the local trade,and the product
dimin- of washeries and river dredges, is now estimated at 1,205.000 net tons, a
"An improvement in undertone is perceptible, the
decrease from production in the preceding week of 418,000 tons, or nearly
ished movement of tonnage having served to stabilize the 26%. In the corresponding week a year ago, which was free of holidays,
markets by eliminating distress coal as a disturbing factor," the output was 2,116,000 tons.
observes the "Coal Age" of New York on May 8, although
"there has been no discernible upturn from the soggy condition prevailing of late throughout the bituminous coal
trade." Reports of shutdowns are less frequent, probably
for the reason that they could not go much further, but the
operations that are working are on low running time. Most
of the business being placed is from railroads, with the usual
scattered emergency buying accounting for a large proportion of the remainder. Placement of contracts is still noticeably backward and the movement of tonnage destined for
shipment up the lakes is far from impressive, continues the
"Age," adding:
Estimated United States Production of Anthracite (Net Tons).
1924
1923
Cal. Year
Cal. Year
Week.
Week.
to Date.
to Date.
Week Ended1,856.000
26,805,000
2,067,000
29,537,000
April 12
28,428,000
2,065,000
31,602,000
April 19
1,623,000
2,116,000
1 205.000
29.633.000
33,718,000
April 26
BEEHIVE COKE.
The slump in the production of beehive coke noted in recent weeks
became more pronounced in the week ended April 26. The total output,
as estimated from reports of the coke carriers, is placed at 225,000 net tons.
This was a decrease of 31,000 tons, or 12%. This decline places the
present rate of output at but little more than half that prevailing a year
ago, and about three times that in the corresponding week of 1921, when
the industry was greatly depressed. The curtailment centred in Pennsylvania, Ohio and West Virginia. In the Connellsville region, according to
the Connellsville "Courier," production declined to 169,180 tons.
A number of close observers profess to see the present as a transition period--a. between-season pause preceding the usual preparations for an
autumn revival of business. Speaking of preparations, the New York CenEstimated Production of Beehive Coke (Net Tons).
tral RR. and allied lines plan enormous additions to rolling stock, the purWeek Ended
chase including 189 locomotives and 15,250 freight cars. The new equipApr. 26 Apr. 19 Apr. 28
1924
1923
ment will involve an outlay of $45,630,000, the roads having applied to the
1924.a 1924.6 1923. to Date. to Date.c
Inter-State Commerce Commission for permission to issue equipment cer- Pennsylvania and Ohio
179,000 206,000 338,000 3,766,000 5,099,000
tificates for that amount. This, taken in conjunction with the recent $28,- West Virginia
10,000 14,000 27,000 255,000 387.000
000,000 order placed by the Chesapeake & Ohio and the reported intention of Ala., Ky., Tenn. and Ga- -- 19.000 19,000 26,000 350,000 389,000
8,000 8,000 18,000 151,000 275,000
Pennsylvania to make a large outlay for the same purpose, is convincing Virginia
the
Colorado and New Mexico
5,000
5,000 9,000
91,000 129,000
proof that the railroads of the country are getting themselves in readiness Washington and Utah
87.000
4,000 4,000 6,000 ' 71.000
for a revivification of industry.
United States total
225.000 256,000 424,000 4,684,000 6,366,000
The wage dispute that caused a shutdown of the union mines of the Southwest was settled May 3 with a victory for the miners, the joint scale com- Daily average
62,000
38,000 43,000 71,000
46,000
mittee of miners and operators having agreed to renew the old scale for
a Subject to revision. b Revised from last report. c Less one day's
three years, the only change in the contract being a provision for submitting
production in New Year's week to equalize the number of days covered for
matters in dispute to an arbitration commission. The operators sought a the two years.
20% reduction in wages.
"Coal Age" index of spot prices of bituminous coal resumed its recent
downward trend during the last week, the May 5 figure being 169 and the Harris Bill Providing
for Bimonthly Reports on Cotton
corresponding price $2 05. This compares with $2 07 on April 28 and $2 86
Crop Condition Signed by President.
at this time last year.
Export trade at Baltimore showed a healthy increase during April as comPresident Coolidge has signed the Harris bill providing
pared with the previous months of this year. Seventeen ships carrying 85,condition of the
320 tons of cargo coal cleared during the month. Italy was the largest for the issuance of bimonthlY reports of the
buyer and France was second. Exports during April a year ago and in 1920 cotton crop by the Agriculture Department. The bill also
were much larger than those of last month.
provides that the Census Bureau shall issue its ginning
Durnpings at Hampton Roads for all accounts during the week ended
326,962 net tons, as compared with dumpings of 284,758 net reports coincidentally with the reports of conditions. AlMay 1 totaled
tons dumped in the preceding week.
though calling for additional reports of cotton information,.
Dumpings of cargo coal at Lake Erie ports during the week ended May
the Harris bill makes no provision for an appropriation to
3, according to the Ore & Coal Exchange, totaled 500,740 net tons; fuel,
that about
20,708 tons. This compares with 341,231 tons of cargo coal and 23,259 defray the added expense. It is estimated
tons of fuel coal dumped during the previous week. Cumulative dumpings $110,000 will be required to compile the information for the
for the season to date are 1,203,987 net tons of cargo coal and 70,937 tons extra reports, $60,000 for the Agriculture Department and
of fuel coal.
Demand for anthracite continues strong, much of the last-minute April $50,000 for the Commerce Department. Negotiations are
business carrying over into May. Consumers are placing orders in such vol- said to be under way with the Budget Bureau looking to
ume that retailers' yard stocks are not accumulating appreciably. All of the submission of supplemental estimates to Congress for'
the companies and most of the independents advanced prices on domestic
the necessary appropriations.
sizes 10c. to 20c. per ton May 1.
MAY 10 1924.]
THE CHRONICLE
2249
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 7, made public by the Federal Reserve
Board and which deals with the results for the twelve
Federal Reserve banks combined, shows a net reduction of
$34,900,000 in earning assets, decreases of $37,200,000 in
holdings of acceptances purchased in open market and of
$6,900,000 in discounted bills being partly offset by an
increase of $9,200,000 in Government securities. Federal
Reserve note circulation increased by $1,000,000 and cash
reserves by $9,500,000, while deposit liabilities declined
by $11,000,000.
The New York Reserve Bank reports an increase of
$19,100,000 in holdings of discounted bills, Chicago an
increase of $9,400,000 and Minneapolis an increase of $900,000. The remaining banks report smaller holdings of discounted bills than the week before, the largest reductions
being as follows: San Francisco $10,400,000, Atlanta
$6,300,000, Boston $5,600,000, St. Louis $4,800,000 and
Philadelphia $4,300,000. Paper secured by U. S. Government obligations increased by $6,400,000 and on May 7
aggregated $167,600,000. Of this amount $99,400,000 was
secured by Liberty and other U. S. bonds, $57,900,000 by
Treasury notes and $10,200,000 by certificates of indebtedness. After noting these facts the Federal Reserve Board
proceeds as follows:
All Federal Reserve banks report smaller holdings of acceptances purchased in open market,except Atlanta. which shows an increase of $200,000.
The New York Reserve Bank reports a reduction of $16,600.000 in its
holdings of acceptances. Government security holdings increased by
$9200,000 during the week, an increase of $10,300.000 in Treasury notes
being partly offset by an aggregate reduction of $1,100,000 in holdings
of bonds and Treasury certificates.
An increase of $6,700,000 In Federal Reserve note circulation is shown
by the Federal Reserve Bank of Dallas of $5,800,000, by Minneapolis,
and of $4,700,000 by San Francisco. The Chicago Bank shows a decline
of $5,600,000 in its Federal Reserve note circulation, and Philadelphia
a decline of $4,800,000. while the system as a whole shows a net increase
of $1.000,000.
Gold reserves increased by $9.200.000 during the week. The San
Francisco Bank shows a net increase of $19.600,000 in gold reserves,
Atlanta a net increase of $10,400,000, and St. Louis of $8,100,000, while
New York reports a decrease of $43,500,000 and Chicago a decrease of
S14,500.000. Reserves other than gold increased by $300,000 during
the week and non-reserve cash by $1,400,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely, pages 2280 and 2281. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
May 7 1924 follows:
Total reserves
"
Gold reserves
Total earning assets
or Bills discounted, total
. Secured by U. S. Govt. obligations
60,
Prw' Other bills discounted
Bills bought in open market
U. S. Government securities. total
117 Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Increase(+)or Decrease(—)
During
Week.
Year.
+$9,500,000 +$50,700,000
+9,200,000
+40,800.000
—34.900.000 —309,400,000
—6.900,000 —254,800,000
+6,400.000 —191,100,000
—13.300,000
—63,700,000
—37.200.000 —179,700.000
+9,200,000 +125,100,000
—900,000
—11,200.000
+10,300.000 +112,700.000
—200,000
+23,600,000
+1,000.000 —314.800,000
—11,000,000
+56.700.000
+8.600.000
+67.100,000
—14,100,000
—4,200,000
—5.500,000
—6,200,000
The Week with the Member Banks of the Federal
Reserve System.
Aggregate increases of $49,000,000 in loans and investments and of $150,000,000 in net demand deposits, together
with a reduction of $34,000,000 in accommodation at the
Federal Reserve banks, are shown in the Federal Reserve
Board's weekly consolidated statement of condition on
April 30 of 755 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 and discounts increased by $67,000,000, an increase
of $91,000,000 in loans secured by corporate stocks and
bonds being partly offset by a decrease of $24,000,000 in
"all other," largely commercial, loans and discounts. Total
investments show a decline of $18,000,000, U. S. bonds and
corporate stocks and bonds showing increases of $13,000,000
and $37,000,000, while Treasury notes and certificates of
indebtedness show declines of $62,000,000 and $5,000,000,
respectively.
Member banks in New York City report a net increase of
$59,000,000 in loans and discounts, increases of $72,000,000
and $2,000,000, respectively, in loans on corporate securities
and on U. S. Government obligations, being offset in part
by a decrease of $15,000,000 in "all other" loans and dis-
counts. Total investments of these banks declined by
$21,000,000, holdings of U. S. Government securities declined by $47,000,000, of which $45,000,000 was in Treasury notes, while holdings of corporate and other securities
increased by $26,000,000. Further comment regarding
the changes shown by these member banks is as follows:
Of the total increase of $150,000,000 in net demand deposits, $105,000,000
is reported for the New York district, $25.000.000 for the Chicago district,
$13.000,000 for the Cleveland district, $12,000,000 for the Boston district.
and $8,000,000 for the Philadelphia district, these increases being partly
offset by small decreases in other districts. Time deposits increased
$23,000,000, of which $19,000,000 in reported by banks in the San Francisco district. Government deposits show an increase of $3,000,000.
Reserve balances of all reporting institutions increased by $17,000,000.
while cash in vault declined by $15,000,000. The New York City banks
report an increase of $18,000,000 in reserve balances and a decrease of
$3,000,000 in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
declined from $238,000,000 to $204,000,000 and borrowings of the New
York City members declined from $20,000,000 to $4,000,000.
On a subsequent page—that is, on page 2281—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items as
compared with a week ago:
Increase (+) or Decrease (—)
During
Year.
Week.
Loans and discounts. total
+$67,000,000 +$135,000,000
Secured by U.S. Government obligations_
—60,000,000
Secured by stocks and bonds
+50,000,000
+91,000,000
otner
—24,000.000 +145,000,000
Investments, total
—47,000,000
—18,000,000
U S. bonds
+33,000,000
+12,000,000
U. S. Treasury notes
—62,000,000 —227,000,000
U. S. certificates of indebtedness
—39,000.000
—5,000,000
Other bonds, stocks and securities
+37,000.000 +186,000,000
Reserve balances with Federal Reserve banks +17,000,000
+43,000,000
Cash in vault
—8,000,000
—15.000,000
Net demand deposits
+150.000.000 +154,000,000
Time deposits
+23,000.000 +292,000.000
Government deposits
—44,000,000
+3,000,000
Total accommodation at Fed. Res. banks... —34,000,000 —283.000.000
J. P. Morgan Home, Just Avoids Mishap—Silent on
German Loan.
J. P. Morgan, who has been abroad for two months,
landed in New York on May 8 after his ship, the White Star
Liner Homeric, had been marooned for nearly twelve hours
off Ambrose Lightship by one of the heaviest fogs of the
spring.'4 The newspapers say that just before the steamship
was passed by the customs authorities, Mr. Morgan narrowly
escaped1whatymight have proved a serious injury. He was
standing on the deck looking over out the harbor when a
gangwaylbridge, made of heavy timbers and weighing several
hundred?pounds, fell directly in front of him, barely missing
his body ad landing only an inch or two from his feet. Both
he and Mrs. Morgan, who was near him, were startled by
the crash. Mr. Morgan declined to discuss questions relating to the international loan to Germany proposed by the
Dawes plan. "I have to be discreet," he said. Mr. Morgan arrived without a passport. He had left it on the Corsair in which he had been yachting among the Grecian Islands, where he had visited several archaeological expeditions.
When asked about cable dispatches saying he was returning
with a contract to handle a proposed $100,000,000 loan to
Germany, to be raised in America, Mr. Morgan laughed and
said: "Well, if I had it in my pocket, obviously I couldn't
tell you about it yet." He averred that he would like to
discuss the matter, but that any usefulness he might have depended upon his silence at this time. "There are so many
issues involved," he added, "so many governmental phases
that have to be settled before we bankers can consider the
matter, that I must discuss it first with members of my firm."
Mr. Morgan explained that as bankers he and his associates
"reserved the right to consider a proposition among themselves before making it public." Then he repeated:
"I have to be discreet."
Questioned concerning dispatches telling of his conference
with Sir John Bradbury, head of the British mission, and
Louis Barthou of the French mission to the Reparation Commission, Mr. Morgan said:
"It must be true if the newspapers say it is true."
$10,000,000 Swedish Treasury Bills Placed in United
States by International Acceptance Bank and
Dillon, Read & Co.
The International Acceptance Bank, Incorporated, and
Dillon, Read & Co. have completed their joint purchase of
$10,000,000 Swedish Government Treasury Bills. These
bills are payable in dollars in New York and mature in about
2250
THE CHRONICLE
[vol.. 118.
afterwith few autos even on
six months. The entire amount has been placed without rather dead city, me folks were too busy atthe Platze of a Saturday busy.
work. Its farmers are all
noon. They told
public issue. It is understood that beyond the amount of too.
Hungary, whose consideration of myself as fiscal administrator I felt
$10,000,000 purchased to date no further issue of similar
obliged to decline—which did not prevent their cordial invitation to go there
notes is contemplated in this market. As in the previous and receive considerable formal attention—is likewise accepting earnestly
instance the negotiations were conducted through the the League program of reconstruction, with such concessions of fiscal auAktiebolaget Svenska Handelsbanken, Stockholm and thority as it demands. Budapest is a handsome and seemingly prosperous
city, and Hungary as a whole is busy in its reduced territories, with its
Messrs. M. M. Warburg dr Co., Hamburg. The entire landed proprietors cheerfully acceding to measures of agrarian reform.
to a public
amount of the loan was placed without recourse
They have a good deal of the same will to work that is the best augury
offering, American institutions which, for the last three to-day for Europe's gradual recovery.
The pactige of the Hungarian reconstruction bills was remonths, have been active buyers of short-term Government
ported in a copyright cablegram to the New York "Times"
paper, being the principal buyers.
from Budapest under date of April 18, which said:
The bills embodying the program of reconstruction prescribed by the
The Proposed LoanitoPeru.
League of Nations passed the Assembly early this morning.
the
was long
The second
Yesterday's
Bankers interested in the reported $6,000,000 loan to bill took placesessionp. m., andand strenuous.an hour after reading of the
midnight,
the third half
at 10
Peru have stated this week that the contemplated financing measures being adopted by a small majority.
Premier Bethlen was obliged to make a few minor concessions to the Social
would probably be for improving certain sanitation works,
regarded as having
Democrats to achieve his purpose, but
a large part of such construction to be self-supporting upon greatly strengthened his Government. his success is
completion. Facts relative to Peru's new central banking
the Hungarian Government
The opposition has lately spread rumors that
for
system, established in 1922, were made public in connection would be entirely in the power of the financial controller out an indefinite
the fact that
period. The Premier contradicted these rumors, pointing
with the reported financing. This central reserve and note a Parliamentary majority would always be necessary to pass laws.
question of other
to be modeled directly after the Federal
issuing bank is said
In a long speech he declared that there could be no
Reserve Banks of the United States, and its adoption has had States Interfering with Hungary's administration of domestic affairs, and
that the nomination of an American controller would serve as a complete
a very favorable effect upon the country's financial condition. guarantee against any interference by foreign powers and would protect
At the beginning of this year, gold reserves against paper Hungary against unjust demands.
Further advices April 20 said:
money in circulation were over 85%. While Peru has only
The reconstruction bills passed by the National Assembly by a large maone small loan outstanding in this country, it is estimated
jority last week provide:
that $200,000,000 of foreign capital has already been inFirst, for ratification of the two protocols of the League of Nations, which
there in various enterprises.
assume force as laws; second, full powers for the present Government and
vested
its successors to apply the measures described in the first protocol, and its
annexes, concerning reduction in expenses and increase in receipts; third.
the establishment of a national bank of issue: fourth, authorization to contract a loan of 250,000,000 gold.crowns to cover budget deficits until 1926,
and fifth, agreements with France, Italy and Czechoslovakia regarding
pre-war debts.
Arrival of M. Jeremiah Smith in Budapest—Return
From Hungary of W. P. G. Harding—Hungarian
Loan Negotiations—Reconstruction, Recuperation and Recovery All Over Europe.
In a London cablegram April 23 (copyright) the "Times"
The arrival in Budapest of M.Jeremiah Smith, of Boston, had the following to say regarding the proposed Hungarian
whose appointment by the League of Nations as High loan:
An international loan to rehabilitate Hungary will be placed on the market
Commissioner of Hungary was referred to by us April 19
next month or at the beginning of June, according to Sir Arthur Salter,
(page 1851) was announced in press cablegrams May 2. Director of the Finance Section of the League of Nations. Sir Arthur told
W/ P. G. Harding, Governor of the Federal Reserve Bank of the New York "Times" representatives that it will amount to 250,000,000
It is calculated that
crowns, or about
Boston, who found it inexpedient to accept the post which goldenable Hungary to$50,000,000. budget in two years. such an advance
will
balance her
Mr. Smith assumes, returned from Europe on April 19 and, Its administration will be in the hands of Jeremiah Smith, of Boston, as
according to the "Wall Street Journal" of April 24, Governor Commissioner General of the League of Nations, and no cash will be paid to
the Hungarian
Government
Harding had the following to say regarding reconstruction the Hungarian have to satisfywithout his approval. Thus
authorities will
him that they are making as much progress as
work abroad:
can reasonably be expected toward making both ends meet before they
From Boulogne to Budapest I found conditions such as to inspire real
confidence in Europe's recovery. It was expressed chiefly in two fundamental things—the progress of agriculture, and the almost universal will
to work, among the various peoples. Given that broad economic base,
financial and political outcomes are usually satisfactory.
It is an equation we are not unfamiliar with in this country. Economic
distress breeds political discontent and friction. When the specific trouble
in cotton or wheat or what not finally disappears, the hard feelings are
forgotten and the political problems diminish. It is largely so to-day in
Europe, in the popular inclination toward work and business rather than
further politics and quarreling.
All over the Continent there is the urge to till every bit of available
soil, even high up on the hill slopes. There is not only hard work by everybody in the fields, including women and young, all day long, but also a
common tendency to toil most of the Sabbath. Farm buildings and herds
and flocks are now well maintained. The spring opened with good harvest
promise in Europe.
On that foundation and the common faith displayed in Europe in suc ess
of the Dawes report are based the strong indication for settling most of
Europe's major troubles, particularlyfiscal. The rapid all-round acceptance
of the Dawes findings as furnishing a scientific working basis that is both
fair and flexible, emphasized this attitude. In fact the prompt German
acceptance in principle was about the only thing that somewhat worried
some of the French as perhaps suggesting some concealed pitfall.
French Busy At Reconstruction.
France on the physical side has worked out very efficiently and almost
completely its reconstruction problem. The bulk of the work has been a
joint enterprise as between the Government and local co-operative committees who attended to the details, as to priority in reconstruction, time
and terms, &c. The Government's contribution virtually amounts to a
gift, on the theory that war sufferers had to that partial extent of loss a
claim against taxpayers elsewhere in France who had not been molested.
Where a few still devastated spots are left, as object lessons, one gets a
vivid contrast and sense of reconstruction achieved, the white streaks of
clay foundations still showing at times through the reclaimed fields. In
the champagne country a good deal of vineyard shifting to the nearby hills
has been accomplished.
France never lost faith in the franc, even at its lowest levels, as its
financiers assured me. The rebound from 334 to 6% cents was taken as
proving that confidence and the potency of the Morgan credit. As the
franc dropped, commodity prices and transportation rates were marked up.
but have not since been revised. To-day except on a few articles. French
prices are distinctly above the world level.
Italy's New Spirit.
In Italy, as I indirectly learned, there is now close to a veritable boom,
national ambition and a complete dominance by the
With a new spirit of
Mussolini regime, now installed under constitutional terms for five years
to come.
A good deal depends on the outcome of the French elections May 11, not
only for France but for Europe generally. A Poincare triumph,as generally
expected, would mean a continuance of recovery and fiscal negotiations.
His defeat, in a victory by the Socialist elements of the "left," might decidedly unsettle things inside and outside France.
Austria is working out its destiny loyally under the League and Dr. Zimmermann. It has lost much of its spirit of careless play. Vienna seems a
receive any advantage from the loan.
"The problem of Hungary is in many ways similar to that of Austria,"
said Sir Arthur. "The great difficulty has been that the taxes have not met
the expenses of the Government. This has been duo largely to the depreciation of the currency. Taxes assessed fairly have shrunk in value before
they could be collected, with the result of more inflation and further depreciation.
"In some ways it will be easier to remedy this condition in Hungary than
in Austria. Hungary is not confronted with the same swollen civil service.
Before the war it was a kingdom, and not the centre of the empire; consequently there were fewer people in its Government employ. Then, its railroads are suffering to some, but not the same, extent from socialistic rule as
Austria's. which has increased greatly their wages bill and decreased the
amount of work performed for them. Consequently it will be easier to cut
down Government expenses than in Austria."
Sir Arthur pointed out, however, that there was one essential difference
between the Austrian and Hungarian loans. The former was guaranteed by
the Governments of other countries; the latter must stand on its own feet in
the markets of the world and be recommended by its inherent merits. HowPPM
ever, he believes that it will be well worth supporting.
Speaking of general conditions in Southeastern Europe, he remarked that
the trouble from hostile tariffs was much less than it had been. The stabilization of currencies, he said, would remove one great reason for nations
setting up tariff walls against one another, and there was a stronger tendency
for neighbors to co-operate in the matter of trade than there was a year or so
ago.
According to a copyright cablegram from Budapest to the
New York "Times" May 7 the first steps toward reconstruction have been taken and Commissioner-General Smith has
had long conferences with the Premier and the Ministers with
a view to deciding on the methods of carrying out the reforms
agreed upon. Rigid economy is planned for every department. The cablegram continued:
The Commissioner-General has also considered the question of restricting
paper currency issues, which has been discussed at length. It has been
decided that after June 1 no further uncovered notes will be printed, so
that the new bank of issue can begin to exercise its functions on Juno 2, as
already planned. The fact that the shares in this bank have been largely
taken abroad has awakened confidence here. The printing of uncovered
notes to the extent of 30,000,000,000 crowns a week was agreed upon with
the League Financial Commission and is intended only to cover arrears and
not to be applied to the present budget.
Tho now tariff bill, which is part of the general reconstruction program,is
now before Parliament and its passage is expected at an early date. Hungary feels that the protection of her industries is necessary for the execution
of her general reforms, but the neighboring States naturally look unfavorably upon this protection.
The departure of the British Minister from Budapest is looked upon as a
significant political move by his Government,especially as the British Labor
Party has already attempted to interfere in Hungarian politics, owing to
what it considers the reactionary tendency of the Government. Nevertheless close observers believe that only the present Government would have
been strong enough to carry the reform bills which have been passed. j„
MAY 10 1924.]
THE CHRONICLE
Baron Koranyi, the new Minister of Finance, in an optimistic statement
says that the Government will not resort to any artificial measures to stabilize the crown and predicts that the currency will be automatically stabilized
when the foreign loan is received, probably on the average level of the last
few days. Baron Koranyi says that the fall of the crown is due to the
Vienna stock market and is in no way influenced by the general reconstruction plan. He attributes this fall to the throwing of Hungarian stocks on the
Vienna market after the recent franc crisis. He says that the international
loan outlook is most favorable and that within the next few days a conference of foreign bankers will be held in London, at which the question of
placing the loan on the market will be settled. Several prominent Hungarian bankers are now in London awaiting this conference.
The police have notified the public that false $50 notes raised from $1
notes are circulating in Budapest.
Hungary Bans Papers as Misleading in News—Government Permits Only Two Editions Daily in
Budapest—Result of Printers' Strike.
The following from Budapest, April 27, appeared in the
New York "Times":
On the ground that they were publishing intentionally news of a misleading character,the Government has forbidden the publication of virtually
all newspapers. Only one morning and one afternoon edition is permitted.
The order of the Government is the outgrowth of a strike of the printers,
which, it holds,is due to political reasons and not because of a wage dispute.
2251
mitted us to paying £30,000.000 a year,rwhich is a very difficult thing to do
across the counter for sixty years, without even having the slightest scrap
of paper to show what is going to happen to the £2,000,000,000 due to us.
And they called themselves a business Government."
Mr. Lloyd George then derided Premier Ramsay MacDonald for his recent statement that labor would form no coalitions, but would remain in
office three or four years and carry out the labor ideas. It was, he said,
humbug, to assert that the Government would ever be able to carry out
typical labor ideas, or that it eschewed coalitions, when its Cabinet included
two Conservatives, Lord Chelmsford and Lord Parmor, and one Liberal,
Lord Haldane.
Liberalism, Mr. Lloyd George concluded, was not dead, nor would it die
while it remained the stabilizing influence that had kept England free from
revolution.
Court Decision Respecting Disposition of Russian
Funds in National City Bank, New York—$1,000,000
Goes to United States.
By a judgment entered on May 1 in an action brought by
the United States against the National City Bank of New
York in the United States District Court for the Southern
District of New York, the respective rights of the United
States and of the All-Russian Central Union of Consumers'
Societies in a fund of approximately $2,900,000 were finally
determined. An announcement regarding the decision says:
The fund which originally amounted to $2,499,500 was deposited in the
National City Bank of New York on June 26 1919 for the account of the
Russian company. The bank, which acted only as depositary, made no
claim to the fund, the litigation being necessary merely to determine who
sas rightfully entitled thereto. A part of the fund was subsequently
assigned by the Russian company to the United States as collateral to secure
obligations incurred in the purchase ofsurplus war supplies. Atthe present
time the fund which with interest amounts to approximately $2,900,000.
and the judgment provides that approximately $1,000,000 of this sum shall
be paid by the National City Bank to the United States, and $1,900,000 to
the All-Russian Central Union.
It is pointed out that the action was in the nature of a
friendly suit. The deposits, which were made several years
ago, have remained dormant, pending the legal determination as to what was to be done with the funds. Last week's
decision settles this point.
Plans for Funding Hungarian Debt to United States.
The World War Foreign Debt Commission completed on
April 25 plans looking to the funding of the Hungarian debt
to the United States, and President Coolidge immediately
sent the report thereon to Congress for ratification. The
Associated Press dispatches from Washington, from which
this is learned, said:
The agreement, which covers the first of the relief loans made by the
United States, provides for repayment of the $1,939,753, principal and interest, over a sixty-two-year period. A cash payment of $753 is arranged
and the remainder will be retired in annual installments with interest at
3% over the first ten years and 3%% thereafter.
Introduced into this funding settlement, the third to be consummated by
the Commission, is a provision designed to clear the way for flotation by
Hungary of a national loan for reconstruction purposes. The agreement
accords the Secretary of the Treasury the authority to release Hungarian
national assets from the priority of a first lien by the United States, provided other nations holding Hungarian obligations agree to co-operate A Loan With the Flag in Reserve—Italian Loan to
.
likewise.
Poland.
The following is from the "Bache Review" of April 26:
Offering of $2,000,000 Bonds of First Trust Joint Stock
A recent evidence of the growing ambition of Italy is its entry into interLand Bank of Chicago.
national financial matters, as shown by a loan to the Polish Republic, of
The bond department of the First Trust & Savings Bank 400,000,000 lire, which the Banca Commerciale Italiana has recently conof Chcago announced on May 1 an offering of $2,000,000 cluded.
The loan is secured by a first lien on all the fiscal revenues arising from
49.j% farm loan bonds of the First-Trust Joint Stock Land the tobacco monopoly in Poland. This is the first public subscription of a
Bank of Chicago. The latter is affiliated with the First foreign loan ever made in Italy. It is also the first loan that Poland has
a substantial footthe obligation
Trust & Savings Bank and the First National Bank of Chi- placed abroad. In order to furnish the holders of withbonds a subsidiary
the
ing, the Italian Government gives
cago. The bonds are dated May 1 1924, will become due guarantee to the effect that if the Polish Government, by reason of some
May 1 1954, and are redeemable at par and interest on armed invasion, is unable to meet interest on the bonds at any time, then
liability.
Government will
May 1 1934 or on any interest date thereafter. The bonds, the Italian of the terms of thesubstitute its own Polish Tobacco Monopoly
agreement that the
It is part
coupon, in denominations of $1,000 and $10,000, are fully will be obliged to purchase annually from Italy a certain quantity of tobacco
registerable and interchangeable. Principal and semi-annual of Italian growth. The tobacco industry in Italy is an important branch
which this arrangement will help to expand. This part of the
interest (May.1 and November 1) are payable at the First of agriculturewill continue in force during the whole duration of the loan,
arrangement
Trust & Savings Bank of Chicago or the First National Bank which will be twenty years.
A curious phase of this loan, certainly unusual, is that pertaining to the
of New York City. The bonds were offered at 100 and inItalian Government guarantee, which becomes operative as stated above.
terest to yield 43 %. They are exempt from all Federal, should the Government of Poland, which is still on the defensive, become
4
State, municipal and local taxes, excepting inheritance involved in protecting its borders against foreign invasion and unable to
taxes. The directors of the First-Trust Joint Stock Land meet interest payment on the bonds. In this event it is provided that the
properties of the Polish Tobacco Monopoly
Italian flag
Bank of Chicago include James B. Forgan, F. 0. Wetmore, in Poland. will be raised on allall the properties of the Polish Tobacco
In other words,
M. A. Traylor, J. P. Oleson, B. C. Hardenbrook, F. M. Monopoly will come immediately under Italian protection. This provision
Continent
Gordon, E. E. Brown and L. K. Boysen, executive officers is a reflection of a still somewhat unsettled outlook on the to arise. of
although evidently
is not expected
of the First Trust & Savings Bank and the First National Europe, per cent of the totalthe contingencyloan was to be handed over to
amount of the
Forty
Bank of Chicago. Regarding the administration of the the Polish Government immediately after the delivery of the bonds—the
remaining 60% to be paid two weeks after the opening of subscription,the
Joint Stock Land Bank, the offering circular says:
at
rate of interest at 7%•
Evidence of the conservative policy followed is emphasized by the facts price of issue being fixedit is87 per 100, and the through, and the loan is
stated, have gone
All these operations,
that no defaults have occurred up to the present time in the payment of
either principal or interest on the $20,000,000 loans outstanding and that reported to have been oversubscribed five times, five days after the subscription opened.
only about 60% of tho loans offered have been accepted.
State Department's Reply to Protest by President of
Lloyd George Assails Debt Settlement With United
Peru Against Guaranty Trust Company of New
States—Says the Conservatives Lost Because of It.
York—No Unusual or Unfair Practices Found.
The following copyright advices from London April 24
A reply to the protest registered with the State Departappeared in the New York "Times":
ment at Washington by President Leguia of Peru alleging
One of the chief reasons why the Liberal Party put the Labor Party in "unwarranted and irregular action by one of the financial inoffice, Mr. Lloyd George told his constituents in a speech to-day, was that
the record of their Conservative predecessors had been marred by "that stitutions of the United States—the Guaranty Trust Co. of
appalling settlement of the American debt which we incurred for our Allies." New York," was made by the State Department on April 15.
The former Premier said that after the general election the Liberals had to As was indicated in our issue of Feb. 23, page 860, the trust
choose between a "die-hard" Government, committed to the destruction
of the country's fiscal system, and a Socialist Government, committed to company, through Vice-President Burnett Walker, issued a
the destruction of its economic system. The Conservatives had, however, statement on Feb. 17 in which the latter said that "any
immensely lowered British prestige in the world, and there was also their suggestion that we have circulated information derogatory
action with regard to the American debt.
"Had it not been that it was necessary to provide the Allies with ammu- to the Peruvian Government is of course untrue, and we
nition and food, the debt need never have been incurred for us," said Mr. assume that If any such impression has arisen, it has been
Lloyd George. "We owed £1,000,000,000, practically borrowed for others.
was
They owed us,in addition to that £2,000,000,000. We always said we would due entirely to a misunderstanding." President Leguia
settle the £1,000,000,000 when we knew what was going to happen to the quoted as having said that "my information is that the
E2,000,000,000 due to us.
Guaranty Trust Co. set to work to warn all possible com"What did these men do? Instead of saying, 'Let us meet around a
table and settle the whole thing,' they said,'We will pay.' They have com- petitors off the field by circularizing the leading financial
2252
TTTF OHRONICLE
institutions of the United States with entirely misleading
statements as to the power and scope of their option clause
in regard to Peru." Inasmuch as the State Department's
reply to President Leguia has not been made public we
Quote the following dispatch from Washington to the New
York "Times" April 15 with regard thereto:
The dispatch of the reply followed a conference between a representative
of the Guaranty company with officials of the department. While the text
of the American reply was not made public, it is understood to convey the
impression that the Guaranty company has been guilty of no unusual or
unfair practices, and that since the Guaranty company is a private institution, this Government has no control over its legitimate operations.
The opinion prevails in informed quarters that the Peruvian protest was
prompted rather by considerations of political effect at home. It is said that
President Leguia made his campaign for office upon a platform of economic
development which pre-supposed loan flotations and the encouragement of
other large foreign investments which did not materialize as expected.
One of President Leguia's charges was that the Guaranty company had
warned a New Orleans corporation against undertaking extensive developments of the pert of Callao. As a matter of fact, it is stated, the exclusive
right to develop this port had previously been acquired by a French concern.
The Guaranty Trust, some time ago, entered into an arrangement with
the Peruvian Government whereby the company undertook to float a loan
to be secured by petroleum revenues and at the same time acquired an option
on future loan flotations for a number of years.
Royal Dutch Air Line Service Now Extends to Copenhagen, Amsterdam, Rotterdam and London.
Wm.H. Muller & Co. of this city have received from their
London office at 66-68 Haymarket the information that
the Royal Dutch Air Service Co. has extended its air service
between London, Rotterdam and Amsterdam, also to
Copenhagen, thus enabling passengers traveling to make the
journey to Stockholm and Christiania in about 37-40 hours.
They add the following details:
[VoL. 118:
As regards India, too much importance has been attached to the political
troubles. India, in the opinion of the bank's Chairman, is sound at heart
and loyal, despite the occasional blasts of hot air which at times cause an
overheated atmosphere in the council chambers of that dependency. The
financial position has been much improved and practically the deficit in
the budget no longer exists. Good crops of tea, wheat, cereals and other
products have been made.
One of the really interesting features of the report sets forth the cotton
position of India, which at present brings into the markets 5,000,000 bales
per year out of a total world production of 17,000,000 bales. America
supplies 10,000,000 to 11,000,000 bales; India comes next with 5,000,000;
China supplies about 1,750,000, and Egypt 1,250,000. East African cotton
is now coming into the market at the rate of 100,000 bales and a very much
larger total is indicated, since strenuous efforts are being made under
British auspices to increase this total.
Speaking generally of affairs in the East,the report says: "Taking everything into consideration, the general position of business in the East is far
healthier than it was twelve months or eighteen months ago. The old
stocks of goods have been gradually worked off, and, when prices of commodities have been leveled between the producer, the exporter and the
consumer, there should be an improvement in business."
The balance sheet of the Chartered Bank of India, Australia and China
showed total figures of £58.765,547 lls. 10d. The Chairman proposed
that a dividend of 14% per annum for the half year ending Dec. 31 should
be declared, together with a bonus of 6s. 3d. per share, making the total
dividend for 1923 2034 %. This resolution was adopted.
Des Moines Joint Stock Land Bank to Absorb the
Central Iowa Joint Stock Land Bank.
After several months of negotiation between the officers
and directors of the two banks, it has been decided that it is
advantageous to the stockholders of both banks that the two
institutions be consolidated, the charter of the Central Iowa
Bank be vacated and the consolidated institution be continued under the name of the Des Moines Joint Stock Land
Bank. The Guy Huston Co., Incorporated, of 208 S. LaSalle Street, Chicago, Ill., on behalf of the Des Moines Joint
Stock Land Bank made an offer to the stockholders of the
Central Iowa Joint Stock Land Bank which has been accepted
and the entire $600,000 of the capital stock of that bank has
been deposited in accordance with the terms of the offer
made. The consolidation of these two banks will bring the
assets of the Des Moines Joint Stock Land Bank up to fifteen
million. The following statement has been issued regarding
the merger:
An aeroplane will leave Rotterdam daily (Sundays excepted) at 9 a. m.,
arriving at Bremen 11.30 a. m., Hamburg 12.50 p. m. and Copenhagen
3.30 p. m. From Copenhagen there is an excellent night train service
to and from Stockholm and Christiania.
The return journey from Copenhagen is made by aeroplane leaving that
city at 9.15 a. m. and arriving at Rotterdam at 5.5 p. m. From Rotterdam passengers are able to make the connection by the Batavier Line
steamers at 7 p. m., arriving at Gravesend about 8 a. in. the next day and
London (Victoria Station) about 10 a. m.
Passengers desirous of making the outward Journey should travel by the
Batavier Line, the boat train leaving London (Victoria Station) at 5.45
The officers and directors see the tremendous saving of expense and the
p. in. and arriving at Rotterdam about 8 o'clock the next morning;or by the
Harwich route, leaving Liverpool St. at 8.30 p. in. via the Hook of Holland many other advantages to be gained through a consolidation of the banks,
which would mean the elimination of one set of executive officers, field men,
to Rotterdam.
appraisers, offices, etc., while gaining the tremendous advantage of marketTime tables will be circulated in the course of a few days.
ing their securities in larger issues and a consequent hgher price warranted
Fares.
by the prestige of a bank with large assets as against the offerings of two
London or Rotterdam
£4. 0. 0. small banks.
4. 0. 0.
Rotterdam or Amsterdam to Hamburg
A permanent connection has been made with Kidder, Peabody & Co. of
6. 5. 0. Boston and New York, who will handle the bonds of the consolidated bank
Rotterdam or Amsterdam to Copenhagen
Passengers are allowed 30 lbs. luggage free. Excess luggage Rotterdam exclusively.
or Amsterdam to Hamburg, 64. per lb. Excess luggage Rotterdam or
Mr.0. F. Schees, President of the Des Moines Joint Stock Land Bank,is
Amsterdam to Copenhagen, 10d. per lb.
Vice-President of the Chicago Joint Stock Land Bank, much the largest
and their bank in the system,and has successfully loaned for them in excess of thirtyAll fare include free motor car conveyance for passengers
luggage between the centres of the towns and the aerodromes,and vice versa. three million dollars in Iowa during the past six years. The same organization that has so successfully placed loans for the Chicago Bank will be
Goods Tariff.
London to Rotterdam and Amsterdam
84. per lb. min. 3-6 in charge of loaning for the consolidated bank. In this organization are a
London to Hamburg
1-3d. per lb. min. 4-7 number of experienced loan superintendents, who have loaned millions of
London to Copenhagen
1-8d. per lb. min. 5— dollars and are expert appraisers and mortgage men. This organization is
maintained for both the Chicago and the Des Moines Bank,each bank payReduced rates for consignments over 100 lb. weight.
ing only for the services actully performed for them, and are thus enabled
For regular consignments, special rates on application.
to avail themselves of the services of experts that could not be afforded by
smaller banks.
Far Eastern Trade Healthier—Sir Montagu Cornish
Within the loan field covered by the Des Moines Bank lies approximately
one-sixth of all the farm wealth of the United States, and its territory is
Turner, Chairman Chartered Bank of India, Ausconceded to be one of the best loan fields in the country. We consequently
tralia and China, Reviews Year's Business.
feel that the consolidated banks will become one of the largest and most
William Baxter, New York Agent of the Chartered Bank profitable joint stock land banks in the system.
The consolidated banks will constitute a unit
the largest
of India, Australia and China, which maintains numerous and the seventh in sin of the seventy Joint stock much banks in thein Iowa
land
United
branches throughout the Far East and in Europe, has just States.
received the following report from the bank's London office:
At the 70th ordinary general meeting Of the shareholders of the Chartered
Bank of India. Australia and China, held in London, Sir Montagu Cornish
Turner, presiding as Chairman, made an intensely interesting report of
world conditions and particularly conditions throughout India, the Straits,
Java and the Far East, where the bank has branches. After referring to
the Japanese earthquake calamity and the remarkable recovery which
Japan has made since that time, Sir Montagu went on to say that it spoke
volumes for the Japanese nation that the recent loans issued in London and
New.York,issued entirely on the credit of Japan and without any collateral
security, met with such a wonderful response. The bank's own experience
in the earthquake was unfortunate. Its manager, A. H. Tait, was killed
near the bank building, and the bank's Yokohama premises were destroyed,
with local records. The business was transferred temporarily to Kobe, but
has again been reopened at Yokohama and also at Tokio.
The position of China, it was reported with regret, showed no signs of
improvement. Civil war is rife and largo sums are taken from the revenues
of the country to maintain vast bodies of troops who are a danger to all
peaceable citizens and who consume the revenues which are required for the
economic development of the country, after its payment has been made of
interest on foreign and domestic loans. This state of things, it was feared,
will continue until China is blessed with a really powerful Government,
determined to rule.
The bank's interests in Slam are important. An improvement in trade
during 1923 was reported there. The bank in conjunction with the National Provincial Bank, successfully issued to the Royal Siamese Government a 6% loan for £3,000,000.
As regards the Straits, the position has much improved owing to the
worldwide demand for tin and the comparatively improved position of
rubber. This improvement, it was reported, has been due to restriction
in the output, but it is clearly only a matter of time when the rubber industry will come into its own.
Senator Caraway's Bill to Prevent Trading in Futures.
A new drive is being made against the Exchanges of this
country. Senator Caraway has introduced a remarkable
bill, of which Section 2 forbids "the purchase or sale for
future delivery of cotton or grain without intending that such
cotton or grain will be actually delivered or received."
There is nothing new in this. But Section'3 forbids the
"sending of any message relating to a contract, or to the
making of a contract for future delivery" without furnishing
by the person transmitting such message an affidavit stating
that the person sending the message is the owner of such
cotton or grain, or that such cotton or grain is at the time in
actual course of growth on land owned or cultivated by him,
or he is at the time legally entitled to the right of future
possession of cotton or grain under the authority of a contract
for the sale and future delivery thereof, previously made by
the owner of such cotton or grain, giving the name of the
party or names of parties to such contract. Section 5 forbids
any telegraph or telephone line, wireless telegraph, cable or
other means of communication or any agent, officer or employee, knowingly to permit the transmission of any message
relating to contracts. Section 6 states "that every book,
newspaper, pamphlet, letter writing or other publications
MAY
10 1924.]
THE CHRONICLE
containing matter tending to induce or promote the making
of such contracts as are described in Section 2 of this Act, is
hereby declared to be non-mailable matter." Section 8
provides that "all persons may be required to testify and to
produce books and papers, and the claim that such testimony or evidence may tend to incriminate the persons giving
such testimony or producing such evidence, shall not excuse
such person from testifying or from producing such books
and papers."
2253
will be too young,too inexperienced,and too unlearned in my business to
be considered in this connection for a moment.
"Substantially, in my mind, the lines for dividing my estate were to give
to my family the most of my money and to some one else my business.
. . . For over twenty years the executrix named in my will has served
my business unintermittingly and faithfully, early and late, and has received
therefor a mere pittance.
"During the years that I have been in closer personal contact with my
affairs I have tried to give her sums in compensation, but she has refused to
accept, saying that she would take nothing that she did not earn. I relate
this to protect her, in fair minds, from any suspicion of willingness to
profiteer or adventure. She is thoroughly honest, knows the cost complications of My business as well as I do, and in many instances better, and is
the only person who does.
"Be the choice a wise one or not, it is the only one that can save it from
immediate wreck. My only fear is that she will not accept the gift, and I
ask the protection of the Court for her against any attempt to make it difficult for her to do so."
Secretary Wallace Orders Members of Kansas City
Live Stock Exchange to Cease Discrimination.
Under an order signed by Secretary of Agriculture Wallace,
56 commission firms, members of the Kansas City Live Stock
Exchange, and 30 firms of traders operating on the Kansas The McFadden Bill for Regulating Branch Banking
and Amending the National Banking Laws.
City market, are required to cease discriminating against the
Producers'Commission Association in the purchase of cattle.
The following is the full text of the McFadden bill for
The Associated Press dispatches from Washington April 20 regulating branch banking and amending the National
also said:
Banking Laws as reported by the Committee on Banking
The Producers' Association is a co-operative organization. Practically and Currency of the House of Representatives on April 26.
all buying of cattle from the Producers' Association by commission men and
changes proposed will
traders ceased last September,a statement by the Department of Aviculture An editorial article dealing with the
said, and upon complaint Secretary Wallace issued a notice of investigation. be found on a preceding page.
Extensive hearings were held and over 100 witnesses were examined.
The exchange at Kansas City must extend provisions of its clearing
house to the Producers' organization as well as the benefits of "blanket
insurance," the order set forth.
In the original complaint filed by the Producers' Association it asked for
the privilege of the hog dockage services of the exchange, but this question
was reserved by the Secretary for further consideration. The case was also
retained on the docket for such further action as might be necessary with
respect to docking and trading relations of firms not specifically mentioned
in the order.
Secretary Wallace's order was issued under the Packers'
and Stockyards Act.
G. H. Kendall, Late President of New York Bank
Note Co., Leaves Latter to Private Secretary,
George H. Kendall, President of the New York Bank
Note- Co., whose death occurred in this city on April 24,
left his entire business to the Treasurer of the company,
Miss Ethel Graham Allen, and Mr. Kendall's private secretary for twenty years. Regarding the disposition of his
property, we quote the following from the New York "Times"
of May 1:
Although Miss Allen was named as sole executrix, and it was stipulated
that she be not required to file a bond, it was made known that she had
retired in favor of the widow, Mrs. Hattie L. Kendall. who receives $125.000
under the will. Mrs. Muriel Kendall Bellamore, Mr. Kendall's daughter,
gets $100,000, and his grandson, David Kendall Bellamore, $10,000 in
trust. The expenditure of $150,000 for the erection of a mausoleum is
authorized and there are a number of minor bequests. The residue then
goes to Miss Allen.
Although no inventory was filed, it was said that the estate might total
$1,000,000. The value of the New York Bank Note Co., of which Miss
Allen now becomes the solo owner, was said to be "substantial."
The will is dated June 211915. and a codicil, executed Aug. 9 1923, says
In reference to the bequest to Miss Allen: "In making this dieposition of
my residuary estate I do not cast any reflection on any member of my
faintly. but I make it solely to perpetuate my business, both as a monument
to myself and a protection to my customers, and as some recognition of the
loan and faithful services of my executrix."
Statement by Widow's Attorney.
Alexander Pfeiffer, of the law firm of Pfeiffer & Crames, 46 Cedar St.,
attorney for Mrs. Kendall and her daugther, said:
"I can say in behalf of the family of Mr. Kendall that the interest in
Mr. Kendall's estate which Miss Allen eventually will receive is acceptable
to tho family. Miss Allen has been associated in business with Mr. Kendall
for many years and had sho not been remembered in Mr. Kendall's will the
family undoubtedly would have made some provision for her. The will is
being offered for probate by Mrs. Kendall. MISS Allen feels that she
prefers not to act as executrix and is renouncing her appointment as such
In favor of Mrs. Kendall."
In the codicil Mr. Kendall explains the reasons which led him to leave
his business to Miss Allen and refers to the legal fight he carried on for
thirty years with the New York Stock Exchange and the American Bank
Note Co., which resulted in the refusal by the Stock Exchange to deal in
securities printed by Mr. Kendall's company.
"I greatly desire." says Mr. Kendall, "that my business.and my inventions therein, and the processes of my making which it contains, shall survive my decease as a going, self-supporting and profitable concern. That
business has been my life work. To sustain it against the bankrupting
influence of a great monopoly, I made great sacrifices. That business is
my monument and in latter years has been my club. As administered by
me personally, its processes and my inventions are co-ordinated with a result
that is very successful scientifically, mechanically and financially.
"This success is to a considerable degree due to the fact that many large
concerns, my customers, have continued to do business with me in spite of
opposition and because of their friendship for me. As I have plates for
their securities it might prove very distressing to them if the business which
I have built up were to cease with my death, since they cannot well have
their securities made elsewhere. For this reason it has seemed best to me
to so leave that business as both to reward a faithful employee and have it
In the hands of the only person competent to handle it.
Refers to His Family.
"My immediate family consists of my wife and daughter, neither of whom
could or would give it the wise care and attention necessary to effect its
proper continuance. My son-in-law, for whom I have the greatest affection, is so well placed in life that I believe it utterly undesirable that he
should have any connection with my affairs involving the giving to them of
any of his time. My grandson, whom I love dearly, now 10 years of age.
A BILL to amend an Act entitled "An Act to provide for the consolidation
of national banking associations," approved November 7 1918; to
amend Section 5136 as amended, Section 5137, Section 5138 as amended. Section 5142, Section 5150. Section 5155. 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, and for other purposes.
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 November 7 1918. be amended by adding at the end thereof a new section to read
as follows:
"Sec. 3.—That any bank or trust company incorporated under the laws
of any State, or any bank or trust company incorporated in the District
of Columbia, may be consolidated with a national banking association
located in the same county, city, town, or village under the charter of such
national banking assn‘lation on such terms and conditions as may be lawfully agreed upon by a majority of the board of directors of each association,
bank, or trust company proposing to consolidate, and which agreement
shall be ratified and confirmed by the affirmative vote of the shareholders
two-thirds
of each such association, bank, or trust company owning at least
of its capital stock outstanding, or by a greater proportion of such capital
the
stock in the case of such State bank or trust company if the laws of
held on the
State where the same is organized so require, at a meeting to be
the time, place and object
call of the directors after publishing notice of
in
of the meeting for four consecutive weeks in some newspaper published
located, and
the place where the said association, bank, or trust company is
nearest
if no newspaper is published in the place, then in a paper published
stockthereto, unless such notice of meeting is waived in writing by all
sending
holders of any such association, bank, or trust company and after
ten days
such notice to each shareholder of record by registered mail at least
prior to said meeting, but any additional notice shall be given to the shareby the
holders of such State bank or trust company which may be required
capital
laws of the State where the same is organized: Provided, That the
stock of such consolidated association shall not be less than that required
in
under existing law for the organization of a national banking association
the place in which such consolidated association is located; and all the
company so
rights, franchises, and interests of such State bank or trust
consolidated with a national banking association in and to every species
of property, real, personal, and mixed, and chosen in action thereto belonging, shall be deemed to be transferred to and vested in such national banking
association into which it is consolidated without any deed or other transfer,
and the said consolidated national banking association shall held and
enjoy the same and all rights of property, franchises, and Interests in the
same manner and to the same extent as was held and enjoyed by such
State bank or trust company so consolidated with such national banking
association; And provided further, That when such consolidation shall have
been effected and approved by the Comptroller any shareholder of either
the association or of the State bank or trust company so consolidated, who
has not voted for such consolidation, may give notice to the directors of the
consolidated association within twenty days from the date of the certificate
of approval of the Comptroller that he dissents from the plan of consolidation as adopted and approved, whereupon he shall be entitled to receive the
value of the shares so held by him, to be ascertained by an appraisal made
by a committee of throe persons, one to be selected by the shareholder, one
by the directors of the consolidated association, and the third by the two
so chosen; and in case the value so fixed shall not be satisfactory to such
shareholder he may within five days after being notified of the appraisal
appeal to the Comptroller of the Currency, who shall cause a reappraisal
to be made, which shall be final and binding; and the consolidated association shall pay the expenses of reappraisal, and the value as ascertained by
such appraisal or reappraisal shall be doomed to be a debt due and shall be
forthwith paid to said shareholder by said consolidated association, and the
shares so paid for shall be surrendered and, after duo notice, sold at public
auction within thirty days after the final appraisement provided for in this
Act; and if the shares so sold at public auction shall be sold at a price
greater than the final appraised value, the excess in such sale price shall be
paid to the said shareholder; and the consolidated association shall have the
right to purchase such shares at public auction, if it is the highest bidder
therefor, for the purpose of reselling such shares within thirty days thereafter to such person or persons and at such price as its board of directors
by resolution may determine; And provided further. That no such consolidation shall be in contravention of the law of the State under which such
bank or trust company Is Incorporated: And provided further, That, except
as to branches in foreign countries or dependencies or insular possessions
of the United States, it shall be unlawful for any such consolidated association to retain in operation any branches which may have been established
beyond the corporate limits of the city, town, or village in which such
consolidated association is located."
Sec. 2. That Section 5136 of the Revised Statutes of the United States,
Subsection "Second" thereof as amended, be amended to read as follows:
"Second. To have succession from the date of the approval of this Act,
or from the date of Its organization if organized after such date of approval
2254
THE CHRONICLE
until such time as it be dissolved by the act of its shareholders owning twothirds of its stock, or until its franchise becomes forfeited by reason of
violation of law, or until terminated by either a general or a special Act of
Congress or until its affairs be placed in the hands of a receiver and finally
wound up by him."
Sec. 3. That Section 5137 of the Revised Statutes of the United States,
Subsection "First" thereof, be amend3d to read as follows:
"First. Such as shall be necessary for its accommodation in the transaction of its business."
Sec. 4. That Section 5138 of the Revised Statutes of the United States,
as amended, be amended to read as follows:
"Sec. 5138. No association shall be organized with a less capital than
$100,000, except that banks with a capital of not less than $50,000 may,
with the approval of the Secretary of the Treasury, be organized in any
place the population of which deos not exceed 6,000 inhabitants, and except
that banks with a capital of not less than $25,000 may, with the sanction
of the Secretary of the Treasury, be organized in any place the popluation
of which does not exceed 3.000 inhabitants. No association shall be
organized in a city the population of which exceeds 50,000 persons with a
capital of less than $200,000, except that in the outlying districts of such a
city banks now organized or hereafter organized may, with the approval
ofthe Comptroller of the Currency,have a capital of not less than $100,000."
Sec. 5. That Section 5142 of the Revised Statutes of the United States,
as amended, be amended to read as follows:
"Sec. 5142. Any national banking association may, with the approval
of the Comptroller of the Currency, and by a vote of shareholders owning
two-thirds of the stock of such associations, increase its capital stock to any
stun approved by the said Comptroller, but no increase in capital shall be
valid until the whole amount of such increase is paid in and notice thereof,
duly acknowledged before a notary public by tho president, vice-president,
or cashier of said association, has been transmitted to the Comptroller of the
Currency and his certificate obtained specifying the amount of such increase
n capital stock and his approval thereof, and that it has been duly paid in
as part of the capital of such association: Provided, however, That a national
banking association may, with the approval of the Comptroller of the Currency,and by the vote of shareholders owning two-thirds of the stock ofsuch
association, increase its capital stock by the declaration of a stock dividend,
provided that the surplus of said association, after the approval of the
increase, shall be at least equal to 20% 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 of
said association 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."
Sec. 6. That Section 5150 of the Revised Statutes of the United States
+be amended to read as follows:
•
"Sec. 5150. The president of the bank shall be a member of the board
and shall be chairman thereof, but the board may designate a director in
lien of the president to be chairman of the board, who shall perform such
duties as may be designated by the board."
Sec. 7. That Section 5155 of the Revised Statutes of the United States
be amended to read as follows:
"See. 5155. It shall be lawful for any bank or banking association
organized under State laws and having branches to become a national banking asaociation in conformity with existing laws, and to retain and keep in
operation its branches, or such one or more of them as it may elect to
retain: Provided, That no such State bank having branches in operation
outside of the corporate limits or other such boundaries of the city, town, or
village in which such State bank is located, but not including any branch
established in a foreign country or dependency or insular possession of the
United States, shall, upon conversion into a national banking association,
retain or keep in operation such branches: And provided further, That it
shall be lawful for any national banking association having, prior to the
approval of this Act, acquired branches by virtue of having elected to retain
such branches after having been converted from a State bank with branches
into a national banking association, or through consolidation with such an
association having such branches,to continue to operate any such branches."
Sec. 8. That Section 5190 of the Revised Statutes of the United States
be amended to read as follows:
"Sec. 5190. 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, and no such
association shall own, establish, maintain, or operate any branch or branches
in any State which does not by law or regulation authorize banks created
by or existing under the laws of such State to own, establish, maintain.
and operate such branches, and no such association in any State whatsoever shall own, establish, maintain, or operate any branch or branches
beyond the corporate limits of the municipality wherein such association
is located, but any such association in any State which by law or regulation authorizes banks created by or existing under the laws of such State
to own, establish, maintain, and operate such branches may, upon application to the Comptroller of the Currency and upon approval by him, be
permitted to establish and operate a branch or branches within the corporate limits of the municipality wherein such association is located, but
it shall be unlawful for any such association to maintain in operation
more than one such branch within the corporate limits of such a municipality where the population by the last decennial census is not loss than
25,000 and not more than 50,000, and more than two such branches where
such popelation is not less than 50,000 and not more than 100,000;Provided.
however, That all such branches of such 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.
"The term 'branch' or 'branches' as used in this section shall be held
to include any branch bank, branch office, branch agency, additional office,
or any branch place of business located in any State or Territory of the
United States or in the District of Columbia at which deposits are received or checks cashed or money loaned."
"This section shall not be construed to amend or repeal Section 25 of
the Federal Reserve Act, as amended, authorizing the establishment by
national banking associations of branches in foreign countries or dependencies or insular possessions of the United States.
Sec. 9. That the first paragraph of Section 9 of the Federal Reserve
Act be amended by adding at the end thereof two provisions and a new
paragraph to read as follows:
"Provided, That on and after the approval of this Act the board she])
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 in operation 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, and it shall be unlawful for any such member
bank to maintain In operation More than one such branch within the cor-
[VOL. 118.
porate limits of such a municipality where the population by the last
decennial census is not less than 25,000 and not more than 50.000, and
more than two such branches where such population is not less than 50,000
and not more than 100,000.
"The term 'branch or branches' as used in this section shall be held to
include any branch bank, branch office, branch agency, additional office,
or any branch place of business located in any State or Territory of the
United States or in the District of Columbia at which deposits are received or checks cashed or money loaned, but shall not include any branch
established in a foreign country or dependency or insular possession of
the United States."
Sec. 10. 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 person, copartnership, association, or corporation shall at no time
exceed 10% of the amount of the capital stock of such association actually
paid in and unimpaired and 10% of its unimpaired surplus fund. The
term 'obligations' shall mean the direct liability of the maker or acceptor
of paper discounted with or sold to such association and the liability of
the indorser, drawer, or guarantor who obtains a loan from or discounts
paper with or sells paper under his guaranty to such association and shall
include in the case of obligations of a copartnership or association the
obligations of the several members thereof. Such limitation of 10%
shall be subject to the followng exceptions:
"(1) Obligations in the form of drafts or bills of exchange drawn in
good faith against actually existing values shall not be subject under this
section to any limitation based upon such capital and surplus.
"(2) Obligations arising cut of the discount of commercial or business
paper actually owned by the person, co-partnership, association or corporation negotiating the same shall not be subject under this section to
any limitation based upon such capital and surplus.
"(3) Obligations drawn in good faith against actually existing values
and secured by goods or commodities in process of shipment shall not be
subject under this section to any limitation based upon such capital and
surplus.
"(4) Obligations as indorser or guarantor of notes, other than commercial or business paper excepted under (2) hereof, having a maturity of not
more than six months, and owned by the person, corporation, association
or co-partnership indorsing and negotiating the same, shall be subject
under this section to a limitation of 15% of such capital and surplus in addition to such 10% of such capital and surplus.
Obligations in 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 or any pe:son, co-partnership, association or corporation,
in the form of notes or drafts secured by shipping documents, warehouse
receipts or other such documents transferring or securing title covering
readily marketable non-perishable staples when such property is fully
covered by insurance shall be subject under this section to a limitation of
15% of such capital and surplus in addition to such 10% of such capital
and surplus when the market value of such staples securing such obligation
Ic not at any time lees than 115% of the face amount of such obligation.
and to an additional increase of limitation of5% of such capital and surplus
in addition to such 25% of such capital,and surplus when the market value
of such staples securing such additional obligation is not at any time less
than 120% of the face amount ofsuch additional obligation, and to a further
additional increase of limitation of 5% of such capital and surplus in addition to such 30% of such capital and surplus when the market value of such
staples securing such additional obligation is not at any time less than
125% of the face amount of such additional obligation, and to a furtive
additional increase of limitation of 5% of such capital and surplus in addition to such 35% of such capital and surplus when the market value of such
staples securing such additional obligation is not at any timo less than
130% of the face amount of such additional obligation, and to a further
additional increase of limitation of 5% of such capital and surplus in addition to such 40% of such capital and surplus when the market value of such
staples securing such additional obligation is not at any time less than
135% of the face amount of such additional obligaticn, and to a further
additional increase of limitation of 5% of such capital and surplus in addi•
tion to such 45% of such capital and surplu.-, when the market value of such
staples securing such additional obligation is not at any time less than
140% of the face amount of such additional obligation; but this exception
shall not apply to obligations of any one person, co-partnership, association
or corporation arising from the same transactions and secured upon the
identical staples for more than ten months.
"(7) ObAgations of any person, co-partnership, association or corporation
in the form of notes or drafts secured by shipping documents or instrument
transferring or securing title covering live stock or giving a lien on live stock
when the market value of the live stock securing the obligation is not at
any time less than 115% of the face amount of the notes covered by such
documents shall be subject under this section to a limitation of 15% of such
capital and surplus in addition to such 10% of such capital and surplus.
"(8) Obligations of any person, co-partnership, association or corporation in the form of notes secured by not loss 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, shell (except to the extent permitted
by rules and regulations prescribed by the Comptroller of the Currency,
with the approval of the Secretary of the Treasury) be subject under this
section to a limitation of 15% of such capital and surplus in addition to
such 10% of such capital and surplus.
"(9) Obligations.a the kind described in Section 24 (b) of the Federal
Reserve Act as amended shall be subject to a limitation of 15% of suell
capital and surplus in addition to such 10% of such capital and surplus;
except that obligations of the United States or general obligations of any
State or of any political subdivision thereof, or obligations issued under
authority of the Federal Farm Loan Act, shall not be subject under this
section to any limitation based on such capital and surplus: Provided.
That purchases completed before the passage of this Act shall not be subject to the limitation imposed by this subdivision until the 31st day of
December 1925."
Sec. 11. That Section 5202 of the Revised Statutes of the United States
as amended be amended by adding at the end thereof a now paragraph
to read as follows:
"Eighth. Liabilities incurred under the provisions of Section 202 of
fide II of the Federal Farm Loan Act, approved July 16 1916. as amended
by the Agricultural Credits Act of 1923."
Sec. 12. That Section 5208 of the Revised Statutes of the United States
as 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," and in lieu thereof inserting the following: "or who shall certify a check before the amount thereof
shall have been regularly deposited in the bank by the drawer thereof,"
so that the section as amended shall read as follows:
"(5)
MAY 10 1924.]
THE CHRONICLE
"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 Cr
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, or who shall certify a check before
the amount thereof shall have been regularly deposited in the bank by the
drawer 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 mere than five years, or
both', in the discretion of the court."
Sec. 13. 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 less 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, or of the cashier, or of a vice-president, or of an assistant
cashier of the association designated by its board of directors to verify
such reports in the absence of the president and cashier, taken before a
.notary public properly authorized and commissioned by the State in which
such notary resides and the association 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 the statement of
resources and liabilities, together with acknowledgment and attestation 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
proofofpublication shall bo 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 obtain a full and complete knowledge of its condition."
Sec. 14. That the fourth paragraph of Section 13 of the Federal Reserve
Act 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, form, 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 obligations which are excepted under
Section 5200 of the Revised Statutes of the United States as amended,from
the general limitation to 10 per centum of capital and surplus therein
required."
Sec. 15. That Section 13 of the Federal Reserve Act be amended by adding at the end thereof a new paragraph to read as follows:
"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 ofsuch association: Provided,
however, That the amount invested in the capital stock of any such safe
deposit corporation by such association shall not exceed 15 per centum of
the capital stock of such association actually paid in and unimpaired and
15 per centum of its unimpaired surplus."
Sec. 16, That Section 22 of the Federal Reserve Act, Subsection (a).
paragraph 2 Oared, be amended to road as follows:
"(a) No member bank and no officer, director, or employee thereof shall
hereafter make any loan or grant any gratuity to any bank examiner. Any
bank officer, director, or employee violating this provision shall be deemed
guilty of a misdemeanor and shall ho imprisoned not exceeding one year,
or fined not more than $5,000, or both, and may be fined a further sum
equal to the money so loaned or gratuity given.
"Any examiner or assistant examiner who shall accept a loan or gratuity
from any bank examined by him, or from an officer, director, or employee
thereof, or who shall steal, or unlawfully take, or unlawfully conceal 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 doomed guilty of a misdemeanor and
shall, upon conviction thereof in any district court of the United States, be
imprisoned for not exceeding 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 from
holding office as a national bank examiner."
Sec, 17. That Section 22 of the Federal Reserve Act be amended by
adding at the end thereof five now paragraphs to read as follows:
"(g) If two or more persons conspire 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 other member bank of the Federal'Reserve System,
and one or more of such parties do any act to effect the object of such 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.
"(h) Whoever shall assault any person having lawful charge, control, or
custody of any money, securities, funds, or other property in the possession
of any member bank of the Federal Reserve System with intent to rob.
steal, or purloin such money, securities, funds, or other property, or any
part thereof, or whoever shall rob any such person of such money, securities, funds, or property or any part thereof, shall be imprisoned not more
than twenty years; and if, in effecting or attempting to effect such robbery,
he shall wound such person having custody of such money, securities,
funds, or other property, or put his life in jeopardy by the use of a dangerous
weapon, shall be imprisoned for not more than twenty-five years.
2255
"Whoever shall break into and enter any member bank of the Federal
Reserve System with intent to commit a felony therein shall be imprisoned
or not more than twenty years.
"(I) Whoever shall make any statement, knowing it to be false, for the
purpose of obtaining for himself or for any other person, firm, corporation,
or association a loan of money from any member bank of the Federal
Reserve System shall be punished by a fine of not more than $5.000, or
by imprisonment for not more than five years, or both.
"(j) Whoever shall conceal, dissipate, sell, or fraudulently divest himself
of any personal property upon which there is a mortgage executed by him
to any member bank shall be punished by a fine of not more than $5,000, or
by imprisonment for not more than five years, or both."
Sec. 18. That Section 24 of the Federal Reserve Act be amended to read
as follows:
"Soc. 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 mortgage, trust deed.
or other such instrument upon real estate when the entire amount of such
obligation or obligations is made or is sold to such association. The
amount of any such loan shall not exceed 50% of the actual value of the real
estate offered for security, and such loan shall not run for a longer term
than five years., Any such bank may make such loans only when the
aggregate amount ofsuch loans held by it or on which it is liable as endorser
or guarantor or otherwise does not exeeed a sum equal to 25% of the amount
of the capital stock of such association actually paid in and unimpaired and
25% of its unimpaired surplus fund, or to one-third of its time deposits,
subject to the general limitation contained in Section 5200 of the Revised
Statutes of the United States. Such banks may continue hereafter as
heretofore to receive time deposits and to pay interest on the same, but
the rate of interest which such banks may pay upon such time deposits or
upon savings or other deposits shall not exceed the maximum rate authorized to be paid upon such deposits by State banks or trust companies
organized under the laws of the State wherein such national banking association is lomted;
"(b) Any national banking association may. subject to the limitations
contained in Section 5200 (91 of the Revised Statutes of the United States.
engage in the business of purchasing and selling without recourse otligations
evidencing indebtedness of any person, co-partnership, association, or corporation In the form of bonds, notes, debentures and the like commonly
known as investment securities."
Representative McFadden, in submitting the bill from the
Committeo on Banking and Currency, said that "the enactment of this bill into law will put new life into the national
banking system." "The cumulative effect of its provisions"
says the report "will produce a situation in the Federal
Reserve system where the rights of the national banks will
be more nearly on a par with those of the State member
banks." The committee states that it "feels that this
measure is of the greatest importance to the stability of our
banking system and respectfully urges its early passage."
The report follows:
REPORT.
[To accompany H. R. 8887.1
The Committee on Banking and Currency, to whom was referred the
bill (H. R. 8887) 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 5138 as amended.
Section 5142, Section 5150: Section 5155, Section 5190, Section 5200 as
amended. Section 5202, as amended Section 5208 as amended, and 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, and for other purposes, having considered the same, report
it back to the House with the recommendation that the bill do pass without
amendment.
This bill is a reprint of bill H. R. 6855 as amended by your committee
after full and exhaustive hearings and close and comprehensive study
thereof.
The national banking system is facing an emergency which affects
Its very existence and ultimately the existence of the Federal Reserve
System. This situation is due to the fact that the national banks, operating
under the law of 1864 with amendments,lack the necessary charter powers
to give the most complete modern banking service. They are dependent
solely upon Congress for these grants of power. Two kinds of legislation
is urgently needed at this time—the one to permit national banks effectively
to carry on the banking business and the other to protect them in so far
as Congress can do so from the inroads of competition from State member'
banks of the Federal Reserve System which are operating under charter
powers granted by the State Legislatures.
This bill is designed to meet this emergency by amending the national
banking laws in several important particulars for the purpose of meeting
the outstanding need of the national banks for more modern charter powers
and by putting certain restraints on branch banking by State member
banks in the Federal Reserve System. The legislation here recommended
would permit national banks to have more freedom in carrying on the
banking business. The enlarged powers granted in this bill are along
conservative lines and nothing is permitted which has not already been
demonstrated to be sound banking.
Section 1: This section of the bill is an amendment of the Act of Nov.7
1918, which permits two or more national banks to consolidate under a
single charter. This Act is in two sections. The bill adds a new Section
3, which would permit a State bank to consolidate with a national bank
under the national charter upon practically the same conditions as a
national bank consolidating with another national bank. This section.
provides, however, that the vote of the shareholders in adopting the
agreement to consolidate so far as the State bank is concerned must require
quire at least as many votes as is provided by State law for consolidations
and that the notice to such shareholders must be at least as ample as
that provided by State law and that the consolidation shall not be in
contravention of State laws.
Under existing law a State bank may convert into a national bank and
then consolidate with another national bank. This is the usual course
of procedure where a State bank desires to consolidate with a national
bank. This section would simply eliminate this expensive and laborious
step and thereby permit the consolidation directly. Everything which
a national bank may do under this section of the bill they can and are
doing indirectly under existing law.
2256
THE CHRONICLE
This section also provides that no such consolidated association will
be permitted to retain in operation any branches which such State bank
might have beyond the corporate limits of the city, town, or village in
which it may be located. This is in harmony with the other branch banking
provisions of the bill. •
Section 2: This section amends Section 5136 of the Revised Statutes
of the United States by changing the succession of charter powers of
national banks from 99 years to indeterminate succession; that is to saye
a bank would continue in existence at the will of its shareholders owning
two-thirds of its stock. Such a charter would be subject to forfeiture
upon suit brought by the Comptroller of the Currency if at any time the
bank violated any of the national banking laws. The right of Congress
to terminate by general or special legislation all charter powers of national
banks Is expressly reserved in this section.
The purpose of this section is to permit national banks to have more
freedom in developing their trust business. With the charter powers
limited to a term of years, much desired long-term trust business is lost
to
to the national banks. About 21 States grant indeterminate charters
the financial
State banks and trust companies. This includes nearly all of
[VOL. 118.
tionod in subsection (9) of Section 5200 of the Revised Statutes of the
United States as re-enacted by this bill.
The enactment of this bill will put now life into the national banking
system. The cumulative effect of its provision will produce a situation
In the Federal Reserve System where the rights of the national banks will
be more nearly on a par with those of the State member banks. When the
Federal Reserve Act was amended to let State banks come into the Federal
Reserve System with their full charter powers, the national banks, operating
under the old National Bank Act of 1864, found thootselv co, as compulsory
members of the Federal Reserve System, placed at a considerable disadvantage. Many of these State banks are operating under modern banking
codes. The amendments which had heretofore been made to the national
bank Act were not sufficient to enable the national banks to compete on
terms of equality with such State member banks while at tho same time
they were compelled by law to bear the chief burden in supporting the Federal Reserve System.
The bill recognizes the absolute necessity of taking lesislative action with
reference to the branch banking Contrcversy. The present situation Is
intolerable to the national banking system. The bill proposes the only
practicable solution by stopping the further extension of State-wide branch
banking in the Federal Reserve System by State member banks and by
permitting national banks to have branches in those cities where State
banks are allowed to have them under State laws.
Your committee feels that this measure Is of the greatest importance to
the stability of our banking system and respectfully urge Its early passage.
centres of the country.
Section 3: This section re-enacts Subsection "First" of Section 5136
out the word
of the Revised Statutes of the United States by striking
"Immediate."
Statutes
Section 4: This section amends Section 5138 of the Revised
outlying
of the United States by permitting national banks to organize in the
not
districts of cities having population in excess of 50.000: with capital
less than $100,000, upon approval by the Comptroller of the Currency.
Proposed Amendments to Federal Reserve Act.
Statutes
Section 5: This section amends Section 5142 of the Revised
banks to pay dividends in
Amendments to the Federal Reserve Act are proposed in
of the United States by permitting national
stock. This would enact into law the existing ruling of the Comptroller two bills introduced in the Senate by Senator Johnson of
of the Currency.
of Minnesota on April 30. Under one the rediscount rate at
Section 6: This section amends Section 5150 of the Revised Statutes
of Federal Reserve banks would be fixed at 2% while the other
the United States by legalizing the position of Chairman of the board
directors of national banks.
proposes that member banks shall receive back the money
Section 7: This section re-enacts Section 5155 of the Revised Statutes
coming paid for capital stock of Federal Reserve banks when the
of the United States. Under the law as it now stands a State bank
into the national system may elect to retain all of its branches wherever surplus of the latter reaches 200% of the paid-in capital.
to
established. This section of the bill would permit such a State bank
Thereafter all profits of the Federal Reserve banks would go
retain only the branches which it has in operation within the corporate
to the Government.
of the municipality in which it is located,
limits
Section 8: This section re-enacts Section 5190 of the Revised Statutes
proof the United States by adding new language the effect of which Is to does President's Veto of the Pension Bill—"Advantage of a
hibit a national bank from establishing a branch in any State which
which
Class Cannot be Greater Than the Welfare of the
not authorize State banks to have branches, and in those States
permitted.
Nation," He Says in Urging Need of Relief to
permit State banks to have branches the national banks are
only
upon approval by the Comptroller of the Currency, to have branches
Taxpayers—Ex-Service Men Present Arguthey are located:
within the corporate limits of the municipality in which
'Bent Against Soldier Bonus Bill.
50,000 to 100,000 only two such
in cities, however, having population from
population
branches will be allowed national banks, and in cities having
The so-called Bursum Bill, providing for an increase in
,of 25.000 to 50,000 only one such branch is permitted.
countries the annual pension appropriations of about $58,000,000,
Branches established by either State or national banks in foreign
are not was vetoed on May 3 by President Coolidge, when the
or in dependencies or insular possessions of the United States
first veto message. The
-affected by this or by the succeeding section of the bill.
any form of President sent to the Senate his
The term "branch" or "branches" is defined so as to include
receiving deposits, chief opposition to the measure urged by the President was
office established outside of the bank for the purpose of
cashing checks or making loans,
Federal Reserve Act
Section 9: This section amends Section 9 of the
Reserve Sys
by prohibiting any State bank from bringing into the Federal
the corporate
tern any branches which it may have in operation beyond prohibits any
limits of the municipality in which it is located, and further
branch beyond
member of the Federal Reserve System from establishing a
such corporate limits. Such existing branches are not affected. Statutes
Revised
Section 10: This section re-enacts Section 5200 of the
existing law,
of the United States. Very little change is made from the
the language of the
the main purpose of the re-enactment being to clarify
to any one
present Act. Each exception to the 10% limitation on loans
the existing
-person is separately and independently stated, whereas under
law they are intertwined and difficult of interpretation,
Statutes
Section 11: This section amends Section 5202 of the Revised
language was
of the United States by adding an eighth exception. This
through a
enacted by Congress in the agricultural credits Act of 1923, but,
proposed
through a typographical error, it was rendered void. It is here
for re-enactment
Statutes
Section 12: This section amends Section 5208 of the Revised
certification
of the United States by clarifying the language penalizing the
The penalty
of a check before the money has been deposited in the bank.
remains the same,
Revised Statutes
Section 13: This section amends Section 5211 of the
national bank
of the United States by permitting the board of directors of a
verify reports of
to designate an assistant cashier or a vice-President to
the president
the bank to the Comptroller of the Currency in the absence of
and cashier.
Reserve Act
section 14: This section amends Section 13 of the Federal
rediscount notes,
by permitting the Federal Reserve banks to accept for
from the 10% limitation
drafts and bills of exchange of the kind excepted
States in excess
under Section 5200 of the Revised Statutes of the United
other words, this section
of 10% limitation imposed by said Section 13. In
paper and other
broadens the field of eligibility for rediscount of commercial
limit
paper so secured as to be worthy of exemption from the 10% loan
under Section 5200.
Reserve Act
Federal
Section 15: This section amends Section 13 of the
banks to own stock in a corporation for the purpose
by permitting national
safe deposit business located on or adjacent to the premises
of conducting a
national bank may invest more than 15% of its
• of the bank. No such
,
and surplus in such a corporation
capital
amends Section 22 of the Federal Reserve Act
Section 16: This section
punishable under Federal statutes for an examiner
by making it a mime
to steal from a member bank.
or assistant examiner
amends Section 22 of the Federal Reserve Act
Section 17: This section
acts crimes punishable under Federal statute:
iby making the following
blacklist or to cause withdrawal or deposits from
Conspiracy to boycott,
robbery or burglary of a member bank; making intentional
o member bank;
purpose of obtaining credit from a member bank, and
false statements for
selling personal property upon which there is a
fraudulently dissipating or
bank.
mortgage to a member
section re-enacts Section 24 of the Federal Reserve
Section 18: This
made upon the security of real estate by national
Act relating to loans
time limit from one to five years on improved city
hanks. It increases the
a national bank may engage in the business
property. It also provides that
without recourse bonds, notes, debentures and the
buying and selling
of
as investment securities. National banks are
like, commonly known practice, and the purpose of this language 114 to
already engaged in this
of the situation and to bring these operations
clarify the legal aspects
amount which a national bank may take of
control by limiting the
under
of its capital and surplus with the exceptions menany one issue to 25%
that it was opposed to his program of economy. "The need
for economy in public expenditure at the present time cannot be over-estimated. I am for economy," said the
President in his veto argument. "I am against every unnecessary payment of the money of the taxpayers. The
welfare of the whole country must be considered. The
desire to do justice to pensioners, however great their merit,
must be attended by some solicitude to do justice to taxpayers. The advantage of a class cannot be greater than
the welfare of the nation." After the veto message had been
read in the Senate, Senator Bursum moved that it be laid
on the table and served notice that he would call it up next
Tuesday when an attempt will be made to override the veto,
which it is not expected will succeed. President Harding
vetoed a similar bill fathered by Senator Bursum and then
no effort was made to pass it over the veto. The Senate
passed the present bill on April 1 by a vote of 51 to 10 after
a few minutes' debate and the House accepted the bill without
a record vote twenty days later. The text of the President's
message follows:
I am returning herewith Senate Bill 5, "An Act granting pensions and
increases of pensions to certain soldiers and sailors of the Civil and Mexican
wars and to certain widows, former widows, minor children and helpless
children of said soldiers and sailors, and to widows of the War of 1812, and
to certain Indian War veterans and widows, and to certain Spanish War
soldiers, and certain maimed soldiers, and for other purposes," without
my approval.
For the next fiscal year the effect of this Act will be to take an additional
$58000.000 of the money paid by the taxpayers of the nation and add it to
the pension checks of the veterans of the wars from 1812 to 1902 and their
widows and dependents. This is the effect for the first year, but the burden
upon the taxpayers will continue for many years to come. While impossible
proposed
of accurate estimation the Commissioner of Pensions states that the
the
addition to the pension roll will total approximately $242,000,000 for
first five years and $415,000,000 for the first ten years.
burden
No conditions exist which Justify the imposition of this additional
and many
upon the taxpayers of the nation. All our pensions were revised
of the Civil
liberal increases made no longer ago than 1920. Every survivor
War draws $50 per month and those in need of regular aid and attendance,
As others
which already includes 41,000 of them, draw $72 per month.
Act also proposes
come to need this the law already gives it to them. The
29 1866, so
to extend the limits of the war period from April 13 1865 to Aug.
of peace now
that those who enlisted during this year and four months
the
become eligible for the same treatment as those who fought throughout
for the pensioning
war. There are other questionable provisions providing
certain classes of widows.
of civilians and relating to the pensioning of
Increases Pension Bill 25%.
But the main objection to the whole bill is the unwarranted expenditure of
the money of the taxpayers. It proposes to add more than 25% to the cost
penion
of the pension rolls. It is estimated that it would bring the total
dbill of the country to a point higher than ever before reached, notwithstan
the close of the Civil War. A generous
ing it Is now nearly sixty years since
MAY 10 1924.]
T H ill CHRONICLE
nation increased its pensions to well over a quarter of a billion annually,
and has already bestowed nearly 56,250,000,000 in pensions upon the survivors of that conflict and their dependents.
While there has been some decrease in the annual expense, it is now proposed by a horizontal increase to pay all survivors $72 each month, without
regard to age, to their physical condition or financial condition. With the
other proposals a new high record of cost would be established.
The need for economy in public expenditure at the present time cannot
,
be overestimated. I am for economy. I am against every unnecessary payment of the money of the taxpayers. No public requirement at the present
time ranks with the necessity for the reduction of taxation. This result cannot be secured unless those in authority cease to pass laws which increase
the permanent cost of government. The burden on the taxpayers must not
be increased; it must be decreased.
Every proposal for legislation must be considered in the light of this
necessity. The cost of commodities is diminishing. Under such conditions.
the cost of government ought not to be increasing. The welfare of the whole
country must be considered. The desire to do justice to pensioners, however
great their merit, must be attended by some solicitude to do Justice to taxpayers. The advantage of a class cannot be greater than the welfare of the
nation.
The Pension Bill disapproved by the President would place
an approximate burden of $58,000,000 annually on the taxpayers who are now paying $263,000,000 annually in pensions. It grants increases to veterans, widows and dependent children and nurses of the Civil, Mexican, 1812, Spanish,
Philippine and Boxer wars, and to maimed soldiers of all
ward. The increases provided in the bill are:
2257
The Tax Revision Bill in the United States Senate.
The developments the present week in connection with
the Tax Revision Bill in the Senate have been highly important. On May 2 complete publicity of tax returns was
voted in the Senate, 48 to 27. The Senate also on that day
adopted, 47 to 26, an amendment to give the public access
to all claims for abatements or refunds of income tax payments and the subsequent decisicns on such plans. The
Senate rejected the tax of 10% on radio receivers and parts
by a vote of 40 to 13. The Board of Tax Appeals was
retained, but the salaries of its members were cut from
$10,000 annually to $7,500. The attempt by Senator Reed
of Pennsylvania to limit deductions from incomes from taxfree securities was defeated by a vote of 37 to 36, despite
his argument that it would add $35,000,000 a year in taxes
by cutting of the present evasions. Senator Jones of New
Mexico presented his proposed substitute for the pending
scale on corporation taxes. He bases his schedules on the
amount of undistributed net income when it is over 10%.
As framed by Senator Norris, with recommendations
inserted by Senators McKellar and Reed of Missouri, the
section allowing public inspection of tax returns now reads:
Returns upon which the tax has been determined by the Commissioner
Civil War veterans: From $50 to $72 a month.
shall constitute public records and shall be open to examilation and inCivil War widows: From $30 to $35 and $45, dependent on age.
spection as other public records under the same rules and regulations
Civil War children: From $6 to $8 (until married).
Pull pensions to widows are allowed when married prior to March 3 1899. as may govern the execution of public documents generally.
had lived continuously with the veteran—unless deserted
if the widow
without cause. Pensions of $30 would be granted to widows who married
To this Senator MeKellar added a paragraph reading,
veterans prior to June 27 1905, and who subsequently wore re-married only
"All claims for abatement or refund of taxes including
to lose their following husbands by death or desertion.
the decisions shall likewise be subject to inspection under
Civil War nurses: From $30 to $50.
Indian War veterans: From $20 to $30. $40 and $50, dependent on age. similar rules." The Senate adopted this sentence by a
Indian War widows: From $12 to $20. plus $8 for dependent children.
Veterans, widows and nurses of Spanish, Philippine and Boxer wars who vote of 47 to 26 immediately after accepting Senator Norris's
are suffering from mental or physical disabilities: From $12 and $30 to $20 amendment. The debate lasted several hours. Little deand $50.
bate preceded the vote for Board of Tax Appeals, the
Maimed soldiers of all wars: loss of hand or foot. $85: loss of arm or leg,
adopting an amendment by Senator Norris reducing
$90; loss of hand and foot and portion of other hand or foot. $100; loss of Senate
the salaries of the members to $7,500 by a vote of 41 to 26.
sight or both arms or legs, $125.
Before the veto was sent to the Senate, the President received a large delegation of ex-service men who presented a
long argument against the insurance-bonus bill. The five
points in the anti-bonus brief filed with the President are:
1. The demand for a bonus is in disagreement with the announced
principles of the American Legion.
2. The argument that the Government is under continued financial obligation to able-bodied ex-service men because of an implied contract, is
unwarranted by the facts and is debasing to our national service tradition.
3. The demand for a bonus under the guise of adjusted compensation is
based upon a misconception of economic fact.
4. No measure yet proposed actually provides for the equitable adjustment of compensation.
5. Proposed bonus legislation is inconsistent With the ends for which
bonus disbursements aro ostensibly sought.
The conclusion of the argument reads:
The American army was in the field during the World War for only one
year, seven months and four days. It is proposed that the American
public be compelled to continue paying the able-bodied members of that
army for the next fifty years.
All plans for the payment of a bonus or of adjusted compensation involve
expenditures which must be financed in the final analysis by the workers
alongside of whom the able-bodied ex-service man is now employed.
The demand for compensation for the able-bodied has overshadowed and
militated against movements to make adequate provisions for the needs of
the disabled. The demand for a bonus is based upon the supposition that
when the soldier entered the service there was an implied contract to indemnify him against economic loss. The implied contract argument is in effect
a repudiation of the theory upon which military obligations is based. It is
a denial of the traditional principle that every individual capable of bearing
arms is obligated to do so when the need arises. This obligation cannot be
made the basis of contract. It is inherent in our citizenship and is a part
of our birthright. It is an obligation that cannot be bartered or sold.
Warn of More Demands.
Finally, it is well to consider the question, "What is the limit?" when
the problem of adjusted compensation. There are 4,200,000
dealing with
ex-service men and their relatives who could have a selfish interest in legislation granting gratuities for wartime service. If such a host were organized for the purpose of taking as much out of the Government as possible,
the result would well be disastrous.
In dealing with adjusted compensation, bonuses or pensions, we are dealing with a problem in human nature. How serious this problem may become experience teaches us. The growth of the pension expenditures as a
result of the Revolutionary War, the War of 1812, the Black Hawk War,
the Mexican War and the Civil War all indicate that when once the doors
of the Treasury are opened to the gratuity-seeker considerations of patriotism are lost sight of and individuals who in time of war freely offer their
lives for their country, in time of peace conspire to obtain a pittance from
the public till.
When the World War veterans were mustered out of service they received
it is true, but a bonus nevertheless.
.
$215.339.520 Not a largo bonus,
Since then they have received approximately $400,000,000 in the form of
State bonuses. Thus we have the rate of progression established in the
initial stages of the bonus campaign. First, $215.000,000; next, $800,000,000, and next a bonus disguised as adjusted compensation, which is to cost
first and last, approximately $4,000,000,000. And with no assurance
that this is the end; that this last grant would be a barrier against the private pension bill or the old ago disability bill of the future.
The brief was filed by the Ex-Service Men's Anti-Bonus
League, of which Knowlton Durham is President. In addition to the members of the League's National Board and the
representatives of State organizations, a number of League
units were represented at the presentation of the briar.
No other criticism was offered. The board will consist of
seven members for the first two years, but afterward the
number may be increased to 28. Senator McKellar offered
an amendment automatically referring all tax controversies
of more than $10,000 to the board, but on being informed by
Senator Smoot that there were no less than 5,000,000 claims
of this sum he withdrew the amendment until he could
ascertain further facts.
The Jones amendment taxing corporations, which was
approved at the Democratic conference May 1 and introduced May 2, imposes a normal tax of 9% instead of the
14% approved by the Senate and the present 12% tax
on corporation earnings. Then it taxes undsitributed earnings above 10% on a graduated basis, starting with Ys of 1%,
advancing to 40% on undistributed earnings above 60%
of the total surtax income. Senator Jones contended that
his amendment would raise the same revenue derived from
the flat tax of 14%. He also said::
Under it all corporations which distribute in dividends more than 30%
of their net income will pay less taxes than they would pay under the
proposed 14% flat or normal tax.
Of the 48.875 corporations paying any dividends in 1922. 80.4% of them
will pay less taxes under this substitute provision than under the 14% flat
tax proposal. The purpose of the substtiute is both tc reduce and equalize
taxation upon corporate incomes. It reduces taxation upon the shareholders of corporations which are doing business in a reason 1- 1 and ncrmal
:
way, and equalizes taxation by increasirg the tax upon shareholders which
are using the device of corporate organization for the purpose of evading
their just share of the tax burden.
Without warning, a coalition of Democrats and raidcal
Republicans suddenly defeated the Mellon tax program in
the Senate on Monday May 5 by writing in the Democratic
surtax substitute by a vote of 43 to 40 and the Democratic
normal tax substitute by a vote of 44 to 37. Republican
leaders, through Senator Smoot, the Finance Committee
Chairman, announced that they would demand another vote
when the bill comes from the Committee of the Whole, but
there seems little likelihood that the action can be overturned,
even through substitutes of 30 and 32% maximum surtax
with which Senator Smoot will seek to replace the Democratic maximum, which runs up to 40% on incomes of $500,000 and more.
Immediately after the Simmons surtax rates had been
accepted as a substitute for the Mellon rates, which the
Finance Committee had sought to restore to the tax bill, the
Senate inserted the Simmons plan in the bill in lieu of the
Longworth surtax schedules. Republican leaders, taken
unawares, wished to put aside the tax bill until they could
muster a better defence, but Senator Simmons demanded a
vote on the Democratic normal rates, with the result that
the Senate adopted them Aq a substitute for Mr. Mellon's
2258 •
TNT; CHRONICLE
[VOL. 118.
and then put them in the bill instead of the House Long- his belief that differences between the Democrats and Reworth compromise. On the vote of 44 to 37, which ac- publicans could be ironed out in conference.
On May 8 the Senate began the last stages of the Tax
cepted the Democratic normal tax, the following changes
made up the differences between the previous vote of 43 to Revision Bill, disposing of all the committee amendments
40: Republicans—Capper for, Howell absent, Cameron ab- and taking up others submitted by individual members.
sent, Keyes absent. Farmer-Labor—Shipstead for. Demo- Working from 2in the afternoon until 10:30 o'clock to-night,
the Senate disposed of all amendments offered by the Ficrats—Gerry for, Underwood absent.
Fifteen minutes before the roll-call there was no indication nance Committee and began to deal with recommendations
of a vote. Under an agreement the Senate worked to 2 made by the individual members. The principal action
o'clock on other matters, and when discussion of the tax did taken was the adoption of a gift tax presented by Senator
begin, Senator Simmons, ranking Democrat of the Finance Walsh of Massachusetts. The acceptance of a change in
Committee, used thirty minutes in amplifying the arguments postal rates on newspapers sponsored by Senator McKinley
he made against the Mellon plan on Saturday, when he and was also of importance. The Walsh gift tax amendment
Senator McLean of Connecticut made the opening speeches. was framed to conform to the inheritance tax he succeeded
When Mr. Simmons stopped he yielded the floor to Senator in getting through the previous day. Senator Smoot acJones (N. M.), another Democrat, who startled the Senate cepted the gift tax just as he did the inheritance levy on the
by remarking that he saw little use in dealing longer with theory that it might be handled in conference in connection
the subject, and preferred a vote. However, he passed on with the inheritance tax. This tax passed in the House
to a discussion of the bill, and the Senate settled down. bill, but was eliminated by the Senate Finance Committee.
Suddenly Mr. Simmons walked over to Mr. Jones and said Rates in the Walsh proviso parallel those in his inheritance
something in a low voice. Mr. Jones ceased abruptly and schedules, starting at 1% on gifts of $25,000 and running
he (Mr. Simmons) asked for a vote. The Republicans ap- up to 36% on those of more than $5,000,000. Under the
peated to have had some arrangement, for Senator Smoot amendment gifts of $50,000 to members of the immediate
and his lieutenants cried out: "Ayes and nays, Mr. Presi- family and gifts of $10,000 to others are exempted from
dent." "Mr. Adams," called the clerk, reading the name taxation.
The McKinley amendment restored the 1919 rates. There
of the Colorado Senator who heads the roll. The bell summoning Senators from their offices and the cloak-room began had been four raises of rates since 1917, he said, two of these
to ring, and, impossible as it seemed, the hour for the deci- increases being since 1919. Newspaper publishers, through
sion on the income rates was actually at hand after • only the Ameican Newspaper Publishers' Association, claimed
little more than one day's debate, instead of the long period that circulation dropped 15 to 35% as a result of the postal
rates now in effect. In the vote of 55 to 18 by which the
predicted beforehand.
Starting with 1% on $10,000 to $14,000 incomes, the McKinley amendment was adopted, Senators Borah, Colt,
Simmons surtax amendment rises at the rate of 1% on each Curtis, Edge, Fess, Gooding, Jones of Washington, Lodge,
$2,000 until $38,000 is reached, where there is a jump and Norris, Pepper, Phipps, Reed of Pennsylvania, Smoot,
1% additional is taxed on $40,000. Other instances of this Spooner and Sterling, all Republicans, and Senators Gerry,
irregulars progression occurred in the larger incomes—$90,000 Kenrick and Wheeler, Democrats, voted No. Senator
to $100,000 is taxed at 36%, $100,000 to $200,000 at 37%, Carter Glass, a newspaper publisher, declined to vote
$200,000 to $300,000 at 38%, $300,000 to $500,000 at because of his personal interest. The McKinley rates change
39%, and above $500,000 at 40%. The Mellon surtax the charge per pound in the first and second zones from the
rates started at 1% on $10,000 to $12,000, and ran to present 2 cents to 1% cents per pound; third zone, from 3 to
25% on $100,000 and more. The Longworth plan begins 2 cents; fourth zone, from 5 to 3 cents; fifth zone, from 6
to 33/i cents; sixth zone, from 7 to 4 cents; seventh zone,
at 13/2% on $10,000, rising to 3732% on $200,000.
On May 7, by a vote of 43 to 32, the Senate also inserted from 9 to 5 cents; eighth zone,from 10 to 53/i cents. Senator
in the Revenue Bill the Democratic athendment taxing un- Smoot and some other Republicans objected to the McKinley
distributed corporation earnings on a graduating scale amendment, saying that it should be introduced as an inderunning to 40%, a system to which President Coolidge vigor- pendent proposal, and not as a rider to the Revenue bill.
Senator Shipstead submitted an amendment allowing reously objects. The vote, which came at 7.45 o'clock, was
preceded by a long day of speeches, the principal being made funds or abatements to farmers or other mutual hail, cyclone
by Senator Jones of New Mexico, author of the amendment, or fire insurance companies, whether local or not. This, he
and Senator Smoot, its leading opponent. Again the coali- said, would prevent the Commissioner of Internal Revenue
tion between Democrats and Republican radicals won. Six from carrying out his intention to place a retroactive tax for
of the insurgents voted with the minority. None of the eight years on the companies named. After an argument,
regular Republicans voted for the Jones amendment, but for in which Sneator Smoot said that while the Commissioner of
the Finance Committee amendment, which would have Internal Revenue was correct in his ruling under the law, the
replaced the existing 123/2% flat corporation tax and the law should be changed, the Senate approved the amendment.
capital stock tax of $1 per $1,000 with a flat tax of 14%. "The taxpayer should have his day in court," said Senator
The Jones amendment, as already stated, imposes a flat or Reed of Missouri, in alluding to an amendment he presented
normal tax of 9% on corporation earnings, and also taxes which would have thrown certain protections around the
undistributed earnings above 10% on a graduated basis, taxpayers before they could be preceded against for not paystarting with one-quarter of 1% and going upward to 40% ing back taxes. Senator Smoot explained that the taxpayers'
on undistributed earnings above 60%. Just before the vote interests in this direction were thoroughly cared for under
was taken, Senator Jones said that he would later accept changed definitions in the pending bill.
The Senate accepted the Reed amendment, which proamendments suggested by Senator Adams, exempting
corporations with earnings below $15,000 or $18,000 from his vides that in a case where there was a deficiency in taxes, the
graduated levies. The vote for the amendment was 43, taxpayer must be notified before the Government took steps
consisting of 6 Republicans, 35 Democrats and 2 Farm Labor. to collect the tax. If necessary, the taxpayer could take
Before the Senate adjourned on that day the inheritance the matter into the courts, where the Government would
tax proposed by Senator Walsh of Massachusetts, Democrat, have to prove its claim by suit. Amendments by Senator
as a substitute for the estates tax, was accepted on motion of Willis, making the tax of 10 cents on each pack of playing
Senator Smoot. The Walsh tax runs from 1% on $25,000 cards effective as soon as the Act became a law, and limiting
up to 30% above $5,000,000. The present law imposes a the tax on eyeglasses and spectacles to those worth more than
tax of 1% on $50,000, running to 25% above $10,000,000. $30, were approved.
An amendment by Senator Wadsworth, which provoked
The House has approved an estates tax which ran from 1%
$10,000,000, but the Finance Com- lengthy discussion before it was beaten, would have removed
on $50,000 to 40% above
mittee struck out the House provision and reverted to the the legal statute of limitations in tax suits, after a test case
present law. Beginning at 1% on $25,000, the Walsh tax had been decided. Four years would have been allowed from
adds an additional 1% for each $25,000 until $100,000 is the date of the decision in which other taxpayers could have
reached. Between $100,000 and $200,000, there is a tax of brought suit, even though they had already made their pay6%. The other schedules are 9% on $200,000—$500,000; ments. Senator Walsh of Montana opposed it, contending
12% on $500,000—$1,000,000; 18% on $1,000,000— that it violated the principle of limitation in law suits. Sen$2,000,000; 24% on $2,000,000—$3,000,000; 30% on ator Shortridge supported Senator Wadsworth.
During the evening Senator Walsh of Massachusetts tried
$3,000,000—$5,000,000, and 36% above $5,000,000. The
important change made under the Walsh amendment is the unsuccessfully to strike out the taxes of two and one-half
taxation of the beneficiary direct, rather than the estate per cent on automobile parts. The Senate voted him down
itself. The decision of Mr. Smoot to accept it was based on on a 44 to 31 roll-call. Senator Copeland was defeated when
MAY
10 1924.]
THE CHRONICLE
he attempted to get exemptions from gross incomes for all
amounts spent on doctor and hospital bills. Senator
McKellar's amendment forbidding the Treasury Department
to revive closed tax cases was passed.
Further drastic regulations ordering publicity of tax
returns were placed in the bill on that day when the Senate,
by a vote of 35 to 28, adopted an amendment by Senator
Jones of New Mexico, throwing open the proceedings of the
proposed Board of Tax Appeals. It also provides for publication of the Board's detailed action in each case, to be sold
by the Gbvernment Printing Office. Radical Republicans
and the two Farmer-Labor members combined with the
Democrats to pass this amendment over the•protest of the
regular Republicans.
President's Conference with Republican Leaders on
Plans for Speeding Up Legislative Program—
Wants Congress Adjournment Before
Cleveland Convention.
President Coolidge held a series of conferences on May 7
with Republican leaders of the House of Representatives,
during which arrangements were made to speed up the
lagging legislative program, with a view to having Congress
adjourn before the meeting of the Republican National
Convention on June 10 in Cleveland. May 7 began with
a breakfast at the White House, where the President's
guests were the Republican leaders of the House of Representatives and other prominent members. From that time
on throughout the day the President was active, according
to newspaper accounts, in stimulating his followers in
Senate and House to renewed efforts to make a record on
which the party could go to the country in the coming campaign. As a result of the series of conferences these results
were obtained:
2259
branches of the legislative body on the Immigration Bill
made a somewhat unexpected change in the bill on May 7.
The change would postpone Japanese exclusion from July 1
1924 until March 1 1925, and was agreed upon by the Senate
and House conferees upon the insistence of President Coolidge
expressed at a White House conference. Opposition to the
change promptly followed its announcement, Senators
Shortridge of California and Harris of Georgia declaring they
would fight acceptance of the amendment when the bill
reaches the Senate on the ground that the conferees exceeded
their authority. Representative Raker, Democrat, of
California, said he would contest the report every inch of
the way in the House. V. S. McClatchy, of the Sacramento
"Bee," speaking for the California Legion, Grange, Labor
Federation and Native Sons, issued a statement assailing
any treaty to be sought during the year's delay of exclusion
as an invasion of the Congressional prerogative of regulating
immigration and as a discriminating concession to Japan.
The change in the exclusion proposal was accomplished with
swiftness after a short and lively controversy among the
conferees. After a sharp debate, in which Representative
Raker expressed keen disapproval of this step, it was announced that the exclusion section had been amended by
the conferees to add the following proviso:
Provided, that this subdivision shall not take effect as to exclusion until
March 1 1925, before which time the President is requested to negotiate
with the Japanese Government in relation to the abrogation of the present
arrangements on this subject.
The conferees already had announced the previous day
(May 6) completion of the bill and had provided among
other things for acceptance of the House provisions on
exclusion, which would become effective next July 1. On
May 7 Senators Lodge and Reed of Pennsylvania and
Representative Albert Johnson, of Washington, Chairman
House Committee on Immigration and Naturalization,
agreement by which the immigration bill will be amended so as to of the
1. An
postpone until March 1 1925 the time for putting the Asiatic exclusion were called to the White House. After a conference with the
clause into effect, to enable the State Department to negotiate arrange- President they returned to the Capitol, where Senator Reed
ments with Japan that will soften the effect of the exclusion feature. This
hurried call for the other conferees. He informed them
agreement was sanctioned late this afternoon by the members of the sent a
joint conference committee of the Senate and House, which has been the President was disappointed with the provision as it was
engaged in harmonizing the differences between the two houses over the left in the bill and desired a change to allow time for the
immigration measure.
2. The recommendation of President Coolidge, originally advanced by difficulty to be ironed out through the channels of diplomacy.
President Harding and Secretary Hughes, that provision be made for Senator Reed, speaking for the conferees, declared the new
American participation in the International Court of Justide set up by provision had been proposed by the House members at the
the League of Nations at The Hague, will be brought forward in the
Senate without delay in a modified form. The indications are that the request of the President and that the Senate members
proposal will provide that the scope of the present international tribunal accepted it because of the President's insistence. Chairman
of arbitration at The Hague, to which the United States is a party, shall Johnson of the House group suggested the new date of
be amplified to give the tribunal the functions of a Court of Justice. This
would meet the objection by some Senators to having the United States enforcement at the White House conference. The President
affiliate with the League's World Court. The plan calls for supplementary also urged the Republican leaders of the House to make an
action to enable the President to initiate exchanges, with a view to another aggressive effort on the floor for the new date. The prointernational conference on limitation of armament, with the likelihood
vision adopted as the one Senator McKellar, Democrat, of
that economic questions would be included in the agenda.
3. Some of those who conferred with the President came away convinced Tennessee, announced on the Senate floor the day before,
that he would veto the Soldiers' Bonus bill, which has been passed by the
had been circulated as the one that President Coolidge would
Senate and the Hones by large majorities.
like to see adopted that diplomacy might be allowed to
Opposes Radical Farm Bill.
operate.
4. While expressing himself in favor of having Congress enact agricultural
A sharp fight developed in the House on May 9 against
aid legislation at this session, the President made it clear that he was
opposed to the McNary-Haugen bill in its present form, and the impression the conference report on the Immigration Bill, which would
was conveyed that he would be inclined to veto it if it were not considerably
modified. This bill would require the Government to furnish $200,000.000 postpone the effective date of Japanese exclusion to March 1
capital to a Government-controlled corporation, which would organize the 1925. The report was called up by Chairman Johnson of
machinery to sell surplus farm products. The President is said to oppose
the Immigration Committee. Immediately Representative
the measure, not only on the ground of economy but also because he regards
the plan as a direct subsidy to farmers. It Is understood that he would Sabath, Democrat, of Illinois, one of the conferees, who
be inclined to approve a farm-aid measure that would provide for co- declined to sign the report, made a point of order against it.
operation of farmers.
5. The President made it clear to conferees that he does not favor any The House and Senate managers, he said, exceeded their
large appropriation to increase the salaries of postal employees in the present authority in writing the March 1 date into the bill. On
condition of the Treasury. He is against the pending measure for increasing the preceding day, i.e., May 8,
a heated two-hour debate
pay because it does not provide the means of raising the needed revenue.
there was no discussion of the pending tax reduction measure on Japanese exclusion began as soon as the Senate met.
6. While
at the White House conferences it became apparent during the day that the Both Republican and Democratic spokesmen questioned the
President had strong objections to the tax bill as it was amended by the President's motive
in insisting upon the sudden change in
Senate. He objects particularly to the Senate corporation tax and the
the conference report postponing the effective date from
provision for publicity of income tax returns.
The White House breakfast was followed by a general July 1 1924 to March 1 1925, and assailed the adoption of his
conference of Republican Senators in which several members plan to negotiate an understanding to replace the gentleof the La Follette group, who have been shy of participating men's agreement as infringing upon the principle that
in party plans, agreed to take part. The insurgents were immigration is a domestic concern. Attacks upon the
Senators Ladd, Norbeck, Howell and Frazier. The purpose conferees for complying with the President's demands were
of the conference was to agree upon a measure to provide made by Senators Robinson of Arkansas, Ashhurst of
aid for farmers. The exchange of views in the conference Arizona, Borah of Idaho and Johnson and Shortridge of
will be the basis of an effort to get the La Follette group to California. It was charged that subterfuge had been emagree to modifications of pending farm aid bills which it ployed to upset the expressed decision of Congress and that
this was a move toward the surrender of the nation's right to
sponsors.
deal with a "strictly domestic" question.
Japanese Exclusion Provision of Immigration Bill
The report of the conferees was not before the Senate,
Deferred Eight Months by House and Senate
however, and will not come up until the House acts. The
Conferees in Compliance With President's
debate started when Senator King, Democrat of Utah,
Wish.
one of the conferees, arose to explain his attitude as being
The joint conference committee of the House and Senate bound to uphold the hands of the President, regardless of
which has been ironing out differences between the two party. Near the end of the debate, Senator Reed, Re-
2260
THE CHRONICLE
[VOL. 118.
publicanlof/Pennsylvania, who assembled the conferees to
The court would sit at The Hague at least once a year. but
special sessions
take their action after their White House visit, offered an could be held at any time.
The British Empire would have but one vote in the
explanation of President Coolidge's motive in asking postelection of judges.
The dominion would not have individual memberships.
ponement of the exclusion date. He said the President
With regard to the proposed World Court, the Lodge
desired to respond to the appeals of the Christian people of plan provides:
the United States, who fear immediate exclusion will injure
The court would have jurisdiction over all matters
which subscribing
the cause of their missionaries in foreign fields. Senator nations referred to it.
It would have original jurisdiction over questions
Reed said the question had been raised as to the motive arbitration
specifically referred to
by treaties among nations.
behind President Coolidge's action, which some had said
The court would have power to enforce compulsory
arbitration over any
was connected with the California primary of Tuesday, and all disputes wherever the signatory nations designated such authority
to It.
May 6. Senator Reed said:
Exclusively Justiciable issues, such as
interpretation of treaties, questions
It is a matter of lively concern to the Christians of the United States of international
law, and penalties for the breach of international obligathat they carry the cause of Christianity to other lands. We have mis- tions, would
thus become subject to "compulsory arbitration."
sionaries all over the world. The good Christian people of the country
The court could net assume jurisdiction nor render
an "advisory opinion"
are concerned at the rough-shod way in which Congress acted.
on any question affecting the United States until and
unless the President
I take the blame for what I have done because I was partly responsible. obtained the "advice
and consent" of the Senate to grant such jurisdiction.
I offered the amendment favoring the exclusion. In the light of the
Under no circumstances would the court have jurisdiction
or even advisory
conditions prevailing then if I had it to do over I would take the same capacity over
questions regarded by the United States as within its domestic
step. Since that time we have had the apology contained in the Hanihara province, such
as immigration, coastwise commerce, the tariff, control
of
letter. There is a way to accomplish exclusion and to accomplish it alien property.
pleasantly.
The territorial integrity of the United States would not be
subject to conThe President is anxious to do it in such a way that the people in other sideration by the
court nor any question relating to the Monroe Doctrine.
parts of the world shall not make the task of the missionaries any harder.
We ought to stand by this President whether we are Democrats or RePresident Coolidge's Proclamation Declaring Embargo
publicans or hybrids.
Senator Lodge Proposes a New World Court—Would
Have President Call an International Con-
on Arms to Cuba—Will Sell to the Cuban Government.
President Coolidge issued a proclamation on May 2 establishing an embargo against the shipment of arms and war
munitions to Cuba. Secretary Hughes authorized the statement that the action was taken because the Cuban Government, in view of the revolutionary movement in the province
of Santa Clara, had brought "the condition of violence
existing in Cuba formally to the attention of the American
Government," and asked that such a proclamation be issued.
"The revolutionary outbreak in Santa Clara Province," said
the announcement,"was also reported to the department by
the American Ambassador in Havana, and the department
was also advised that certain arms and munitions were being
accumulated in various parts of Florida for possible export to
Cuba, to be used in an insurrection." The proclamation,
which makes an exception in favor of the exportation of such
arms and munitions as are approved by the Government for
shipment to the Government of Cuba, was as follows:
ference to Consider Project.
Senator Lodge, Chairman of the Committee on Foreign Relations of the Senate, introduced on May 8 a resolution
submitting a plan for a new World Court and requesting
President Coolidge to call an international conference for the
consideration of the project. The Lodge resolution was
ordered referred to the Foreign Relations Committee and
will be the subject of hearings. The Lodge plan is embraced in a joint resolution, which will have to pass both
the Senate and House, and be submitted to the President for
signature or disapproval before it can become effective.
For the purposes of the project, Sentor Lodge seeks to
have Congress request the President to call a "third Hague
Conference" and to recommend to that gathering, which
would be attended by all the nations of the world, the Lodge
plan for a World Court, as a substitute for the present interBy the President of the United States of America.
national Court of Justice, set up under the auspices of the
A proclamation:
Whereas Section 1 of a joint resolution of Congress, entitled
League of Nations. The "New York Times" says it is
a "joint
resolution to prohibit the exportation of arms and munitions
of war from
understood to be Senator Lodge's idea that the Court which the United States to certain countries
and for other purposes," approved
he purposes shall also be in addition to the present Hague Jan. 31 1922, provides as follows:
"That whenever the President finds that in any American
Court of Arbitration.
country, or
in any country in
The Lodge resolution embodied a complete plan for the diction, conditions which the United States exercises extra-territorial jurisof domestic violence exist which are or may be promoted
proposed tribunal, which Senator Lodge describes as intended by the use of arms or munitions of war procured from the United States,
and makes
to be a "World Court of Justice," the object of which would under such proclamation thereof, it shall be unlawful to export, except
limitations and exceptions as the President prescribes, any
be to "achieve and preserve peace." His idea is that since or munitions of war from any place in the United States to such arms
country
the United States has" definitely refused to enter the League until otherwise ordered by the President or by Congress."
And whereas it
and it is now too late to expect" the nations which are "whoever exportsis provided by Section 11 of the said joint resolution that
any arms or
of
Section 1
members of the League to join with us in establishing an shall on conviction be punishedmunitionsnot war in violation ofor
by fine
exceeding $10,000
by imadditional Court of Justice to form a part, as originally prisonment not exceeding two years, or both":
Now, therefore, I, Calvin Coolidge, President of the United States
of
projected of the existing organization under the Hague America, acting under and by
virtue of the authority
convention of 1907, in these circumstances the best solution the said joint resolution of Congress, do hereby declare conferred on me by
and proclaim that I
would be to separate the existing Court from the control have found, as has been formally represented to this Government by the
Government of Cuba, that there exist in Cuba such conditions
of domestic
of the League and to establish it independently by a new violence which are or may be promoted by
the use of arms or
international convention without destroying its identity, but of wax procured from the United States as contemplated by the munitions
said joint
making the changes required by its new status. In other resolution: and I do hereby admonish all citizens of the United States and
every person to abstain from every violation of the provisions
of the joint
words, the Lodge plan in reality would call for the trans- resolution above set forth, hereby made
applicable
I do hereby
formation of what he styles the "League Court" into a "World warn them that all violations ofsuch provisions willto Cuba,and prosecuted.
be rigorously
And I do hereby
Court of Justice." The Lodge plan is said to be wholly with the execution enjoin upon all officers of the United States charged
of the laws thereof, the utmost diligence in
preventing
different from the Harding-Hughes plan for American violations of said joint resolution and this my
proclamation, issued thereentry into the existing Court of International Justice which under, and in bringing to trial and punishment any offenders against the
was set up under the auspices of the League. It is also same. I do hereby prescribe,
And
as an exception and limitation to the
different from the Lenroot and several other World Court restrictions, such exportations of arms or munitions of war as are foregoing
approved
the Government of the United States for shipment to
plans before the Senate committee for present consideration. by Cuba,
the Government
which has been recognized by the Government
of the United
prevail, however, that Mr. Coolidge of
The view is said to
States, and such arms and munitions for industrial or commercial
uses as
would accept the Lodge plan if the Senate approved it in mayfrom time to time be exported with the consent of the Secretary of State.
all other proposals. He has not been, it ofIn Witness Whereof, I have hereunto set my hand and caused the seal
preference to
the United States to be affixed.
was pointed out, a pronounced partisan on the World Court
Done at the City of Washington this second day of May in the year of
plan of his predecessor. The Lodge plan makes the fol- our Lord one thousand nine hundred and twenty-four, and of the indeowing provision for the composition of the new Hague pendence of the United States of America the one hundred and forty-eighth.
tribunal:
By the Presiden •
To be organized by a conference of all nations, invited by President
Coolidge and convened at The Hague.
To be composed of twelve judges, with four deputy Judges, elected irrespective of nationality "from among persons of high moral character."
Judges would serve for nine years, eligible to re-election, receiving annnal
salaries of 15,000 Dutch florins (approximately $6.000).
Election of judges through two electoral commissions, resembling in outline the Council and Assembly of the League of Nations.
Judges nominated by an electoral commission composed of all nations
members of the Court, and elected by a special commission on which the
United States, the British Empire, France, Japan and Italy would have
Permanent representation, along with five other nations to be chosen by
election.
CHARLES E. 11170/11111. diXt.LVI
0
•
Union Carbide Co.'s Bid of $120,000,000 for 50-Year
Lease of Muscle Shoals.
Announcement was made on May 4 that the Union Carbide Co., with offices in this city, had made to the Secretary
of War an offer to lease Dam No.2 and the nitrate plants at
Muscle Shoals for a period of 50 years at a minimum guarantee of $120,000,000. In a statement issued by the information department of the company, plans are outlined for
MAY 10 1924.]
THE CHRONICLE
the manufacture of a cheap fertilizer which, the company
says, will make the farmers of this country almost independent of Chilean nitrates. Besides the manufacture of fertilizer, the company offers to develop a manufacturing center
at Muscle Shoals. According to the announcement, the
proriosal is made by E. F.Price, President of the Union Carbide Co., a Virginia corporation, and a subsidiary of the
Union Carbide & Carbon Corporation. The company's
statement further says:
2261
The high nitrogen content of this new fertilizer offers possibilities of large
savings in freight rates. Another big advantage of the new fertilizer is
that it leaves no injurious element in the soil. It gives up its nitrogen completely to the growing plant and leaves nothing in the soil, whereas the fertilizers made of ammonium sulphate and Chilean nitrate leave either an
acid or an alkaline residue which is often injurious.
Our fertilizer proposition in addition contemplates the making of another
20,000 tons of fixed nitrogen annually at Nitrate Plant 1 whenever a suitable process can be developed or acquired. This would make a total manufacture of nitrogen each year of full operation of 40,000 tons, which would
be the equivalent of the nitrogen content of 2,000,000 tons of the ordinary
"2:8:2" fertilizer.
.
A minimum guarantee of $120,000,000 to the United States Government
The Union Carbide Co. is a large concern manufacturing
from Dam 2 and nitrate plants at Muscle Shoals and an agreement to manualloys for making
facture a new cheap fertilizer have been submitted to Secretary of War calcium carbide for acetylene uses, various
Weeks by the Union Carbide Co. of New York. This is the highest return special steels, carbon electrode and various other products.
to the Government guaranteed by any of the bidders to date for the lease It is the intention, Mr. Davis said, to use the manufacturing
of the Federal Government's great war property at Muscle Shoals, and this
capacity of Muscle Shoals for many other purposes besides
profit will be greatly augmented when Dam 3 is complete.
Besides the $120,000,000 guaranteed to the Government, the offer con- making fertilizer, but the supplementary lines of manufacture
templates the development of a manufacturing center at Muscle Shoals
have not been wholly determined upon.
where products other than fertilizer will be manufactured. In addition to
the hydro-electric power needed for the manufacture of fertilizer and other
products, the bidders will make available additional super-power for disStatement Made by F. G. Waldo, Engineer for Henry
tribution throughout the South for industrial, agricultural and home uses.
In addition to reserving 50,000 horse power for the manufacture of fertilFord, to Senate Committee in Connection With
izer at Nitrate Plant 2 at cost plus 5%,the company agrees to spend 2 %.
Muscle Shoals—Says Plant Must Be Rebuilt—
or one-half of the 5%, in research and development work to improve,
Ford Refuses to • Testify—Congressman
cheapen and develop suitable and economical fertilizer processes to be
utilized at Plants 1 and 2. If a commercial process is developed or acquired
Madden's Denial of Aid to Ford.
adaptable to Plant 1 then the company agrees also to manufacture fertilizer
The Senate Committee on Agiiculture and Forestry, of
at that plant likewise at cost plus 5%, and of that profit the company will
spend one-half in further experimental work or in "an amortization fund which Senator Norris is Chairman,received an oral statement
for the amortization of the investment of the United States in Nitrate
from F. G. Waldo, an engineer for Henry Ford, the automoPlants 1 and 2."
"We are convinced that the terms of this proposal are more favorable bile manufacturer, giving a careful analysis of Mr. Ford's
to the Government from financial and other viewpoints than the proposals bid for Muscle Shoals. Among other things Mr. Waldo deof other bidders," Mr. Price wrote Secretary Weeks. "If it does not meet
plants at Muscle Shoals would, if
with favorable consideration, it must be for the reason that the Government clared that the nitrate
prefers some other plan or basis for the disposition or management of these secured by Ford, have to be entirely rebuilt before they could
properties. There is, of course, an advantage to the Government in receiv- make "a pound of acceptable fertilizer." The Government,
ing proposals from more than one bidder on the same general plan in that
worth of property
it will permit direct comparison without the necessity of hypothetical he asserted, "is not selling $85,000;000
assumptions, which is impossible under present proposals that differ widely for $5,000,000." The committee was invited to study maps
in their bases."
which hung upon every wall and from the ceiling. In his
The company will take over and manage the entire property for the Governmentfor fifty years,excepting the navigation facilities, and sell the hydro- testimony Mr. Waldo said:
Under the Ford offer the power at Muscle Shoals will be employed prielectric power as fast as it can be marketed, paying the Government the
entire gross revenue from three-fourths of all the hydro-electric power. In marily in the public interest and primarily under public control.
The record shows that nitrogen fertilizers can be supplied to the farmers
other words, the company will manage the entire properties and operate
and maintain them at its own expense for the use of only one-fourth of the at 5 cents per pound of ammonia instead of 20 cents to 25 cents that they
now pay and that half-price fertilizer is a very reasonable expectation under
hydro-electric energy developed there, and, in addition, lease Nitrate
Plant 1 at a yearly rental of $150,000; Nitrate Plant 1 at $25,000 and pay the Ford offer.
Contrary to the general impression, the useful continuous power available
a royalty on Waco quarry. It also undertakes to make fertilizer in Plant 2.
Muscle Choals is not 850,000 horsepower or 1,000,000 horsepower, but.
Washington dispatches, May 5, said that marked interest at
according to the United States engineers, it is only 241,000 horsepower after
had been shown by members of Congress in the latest offer both dams Nos. 2 and 3 have been completed and fully equipped and supof the Union Carbide Co. for Muscle Shoals, and it was plemented with 120,000 horsepower of steam power plants.
The effect of building storage dams in the upper Tennessee River and
agreed that this would have a highly important bearing on tributaries, according to the United States engineers, will be to add only
the final disposition of that water power. Senator Norris, about 121,000 horsepower to the reliable power of Muscle Shoals through
the regulation of the flow of the river.
Republican, of Nebraska, Chairman of the Senate Committee
on Agriculture and Forestry, which is holding hearings on
Muscle Shoals, said the offer had not been officially transmitted to his committee, but that when it arrived it would
receive careful consideration and its sponsors would have a
chance to present their arguments. The Senator would not
express a view on the likelihood of the offer from the Union
Carbide Co. being accepted. He said: "It looks very interesting, and will be carefully studied."
Following the announcement that the Union Carbide Co.
had made a bid for the Muscle Shoals property, L. H. Davis
of that company, said on May 5 that it was the exclusive
possession of the American Tights on the Lidholm patents
for an improved process of producing fertilizer from nitrogen taken from the air that made it possible for that company
to offer $120,000,000 spread over a fifty-year period for the
lease of Dam 2 and the nitrate plants at Muscle Shoals.
The offer of the Union Carbide Co. and that of Henry Ford
are both very complicated, so that it would require accountants to make a fair comparison. On the face the Union
Carbide Co. appeared to be offering $120,000,000 as against
an offer of approximately $66,000,000 by Henry Ford.
The many differing factors in the two proposals give many
openings for controversy in any attempt to compare their
respective merits.. A report that the development of improved technique for fixing nitrogen had already rendered
the Muscle Shoals plant obsolescent was denied by Mr.
Davis, who said it was based on a misunderstanding of the
technical side of producing fertilizer from the air. Mr.
Davis continued:
Part of our fertilizer proposition involves the use of Nitrate Plant 2 for
the manufacture of a new form of fertilizer, which contains nitrogen in
higher concentration than in any other nitrogenous fertilizer known. It
contains about 42% of nitrogen, compared with 20% nitrogen in ammonium sulphate and 15.65% in Chilean nitrate.
Our proposed use of Nitrate Plant 2 for fertilizer manufacture contemplates the utilization of the Liclholm process for the conversion of calcium
Cyanamide into urea of phosphate, the latter containing phosphoric acid
in addition to urea. This process makes use of the present cyanamide
units at Nitrate Plant 2 and will require the addition of a conversion plant
which will produce in one step the new form of fertilizer at an expense much
less than the old method offirst converting calcium cyanamide into ammonia
and thence into ammonium sulphate.
Power Needed by Ford.
Mr. Ford's obligations to produce fertilizer will require more power than
the entire supply of useful continuous power available St Muscle Shoals, and
will require the improvement of some of the irregular and unreliable power in
order to carry them out.
Mr. Ford's obligations to produce fertilizer are not limited to nitrogen,
but include the other two kinds of fertilizer-phosphoric acid and potash.
The opportunity to produce light metals and alloys of aluminum, magnesium, 'Sze., under the Ford offer is chiefly as a by-product in the production of fertilizer. Estimates of the United States Fixed Nitrogen Research
Laboratory show that by a combination of processes the cost of the raw
materials used in the manufacture of aluminum can be reduced 40% at
Muscle Shoals and the nitrogen for fertilizer can be given away free ofcharge.
The reasonable expectation is that Mr. Ford will not be able to fully
supply the fertilizer demands, but he will be obligated to do so to the extent
of his ability.
Says Ford Must Rebuild Plants.
Mr. Ford does not get a clear title to anything, for the provisions of his
offer are written into his deeds and become a cloud on the title for 100 Years.
The Government is not selling $85,000,000 worth of property for $5,000.000. The property has no such value, for neither of the nitrate plants will
make a pound of acceptable fertilizer until they are completely rebuilt.
Nitrate Plant No. 1 is a small, unsuccessful experimental nitrate plant
requiring a prohibitive expenditure from the standpoint of cheap fertilizer
production in order to make it operative.
Nitrate Plant No.2 is equally a failure as a source of cheap fertilizer that
will meet the present demand ahd it must be practically wiped off the
ground before it can be used for this purpose by any other process.
The Federal Water Power Act, as a means for protecting the public
interest at dams on navigable streams, is an absolute failure, for the provisions cannot be enforced except as to navigation'where no public lands are
concerned.
If the War Department concludes that a private dam in a navigable
stream will not interfere with the navigation, then It is not within the Power
of the department to withhold its expressing such an opinion and granting
such a permit.
The Federal Power Commission is collecting 25 cents per horsepower
annually for administering an act that could better be administered by
the Chief of Engineers without any annual charge.
In general, the restrictions.of the Federal Power Act, however, could be
made to apply to Mr.'tord at Muscle Shoals, not because they are in the
Federal Water Power`Act, but because they would be conditions attached
to a lease of Government property, and would become a discrimination.
against Mr. Ford and in favor of other licensees.
There is no reason for delaying the decision at Muscle Shoals by submitting the entire matter to a "fact-finding commission," for the leading'
expert of the Ordinance Department has already prepared the facts and
submitted a comprehensive brief on the entire matter to the Senate Committee.
On May 6 Henry .Ford 'sent a lett& to Senator Norris
in which he refused to appear personally before the committee
2262
THE CHRONICLE
in connection with his bid for Muscle Shoals. The letter
was a reply to a request from Senator Norris that Mr. Ford
personally explain his offer. The letter reads:
In reply to a letter from your Chairman advising that you desire me or
my representative to appear before your committee and further explain
our offer made nearly three years ago for Muscle Shoals, we beg to advise
that on Jan. 28 1924 we sent to the Hon. Jullus Kahn, Chairman of the
House Committee on Military Affairs, a telegram from which we quote
as follows:
"Invitations for bids for Muscle Shoals were asked for by the Secretary
of War In April 1921 and transmitted to Congress by him in February 1922.
Your committee has, therefore, had our proposal before you for practically
two years. Mr. Mayo, our representative, has appeared before you on
numerous occasions and every phase of our offer has been fully inquired
Into and explained. I know of nothing that we can add that would be helpful to you. Further hearings would only serve to delay action and unnecessarily consume the time of a busy and important committee of Congress
f
already in the possession of the facts."
After a careful consideration of the whole situation, we see no reason for
taking a different attitude toward your request for our representative to
appear before the Senate Committee on Agriculture. Our proposal is in
writing. Its terms are clear, definite and easily understood. It has been
under consideration by your committee for more than two years. We are
further inclined to this course by the recent effort of Chairman Norris of
the Senate Committee on Agriculture to reflect upon the integrity of the
President of the United States in connection with our offer for Muscle
Shoals.
*(Signed) HENRY FORD.
J18.
before the committee, regardless of what the effect may be, either upon
me or upon any one else.
The evidence stands undisputed that the President did have an interview
with Mr. Miller on the twelfth of October 1923, and it is undisputed that
Mr. Miller sent the telegram printed in the record, and that such telegram
was received by Mr. Ford's private secretary. It is also undisputed that
following the telegram, Mr. Miller went to Detroit and talked the matter
over with Mr. Ford's secretary and with Mr. Ford himself.
The President has not denied that the subject of this interview was
Muscle Shoals. He has simply stated that he has not made an attempt
to turn Muscle Shoals over to anybody. I read the President's statement
Into the record, so that all sides of the controversy may be heard. The
committee and the Senate as well as the public can draw their own conclusions.
Ernest G. Liebold, general secretary to Henry Ford for
fourteen years, had told the Senate Committee on May 2
that there was no politics connected with Mr. Ford's effort
to get Muscle Shoals. He said there was never any telegram
from President Coolidge to Mr. Ford, so far as he had been
able to ascertain, and that James Martin Miller, who telegraphed to Liebold that the President "would deliver Muscle
Shoals," was acting on his own initiative. Mr. Liebold said
W. B. Mayo, Mr. Ford's engineer at Washington, had been
recalled to Detroit within the last few days. To members
of the committee who inquired if this indicated any change in
the Ford offer, Mr. Liebold said he did not know. The
committee received on May 2 from Major-General C. C.
Williams, Chief of Ordnance of the Army, a statement of
the comparative size of the various offers for Muscle Shoals.
General Williams said each of them met the Government's
requirements as to national military preparedness.
C. H. Huston, President of the Tennessee River Improvement Association, was quoted in documents read on May 6
before the Senate Agriculture Committee as saying that
Representative Madden, Republican, of Illinois, would take
care to see that members appointed to committees dealing
with the Ford Muscle Shoals offer would be favorable to it.
Representative Madden later denied that he planned to have
placed on any committee members favorable only to Ford's United States Shipping Board Withdraws Application
to Inter-State Commerce Commission for Preferenbid. "There is not a single word of truth in the statement,"
tial Rates Under Section 28.
Mr. Madden said. "I never gave anybody the authority to
make it. I have not the power to make committee designaThe U. S. Shipping Board on May 8 reversed its position
tions." Chairman Norris read into the record what he said on Section 28 of the Merchant Marine Act, which has been
were minutes of a meeting of the association on March 29 the subject of considerable discussion in shipp'ng and other
1923. "He (President Huston), the minutes said, made a circles for many months. By a party vote of 4 to 3, the
short address after his acceptance of the office of President Republicans voting aye and Democrats nay, the Board
in which he stated that the majority of members of Congress, withdrew on May 8 its certification to the Inter-State
and of the Senate, were very decidedly in favor of the accept- Commerce Commission under which Section 28 of the Act
ance of Mr. Ford's offer during the first session if the House had been ordered into effect June 20. Previous to the withrules had allowed it to come to a vote. [He stated that in the drawl of its certification the Board by the same alignment
next session of Congress, Mr. Madden, Chairman of the voted down a resolution offered by Commissioner Thompson
committee, will take care to see that all members a,ppointed to modify the enforcement of Section 28 by excepting grain
on committees, dealing with the Ford offer, will be favorable products, automobiles and meat products from its effect
to it, so that the question may be put to a straight vote but providing for its application to other commodities.
before both Houses of Congress. He had no fear of thl Between the two meetings of the Board during which these
result."] "The paragraph in the brackets was in confi- actions were taken a committee of Board members conferred
dence and he requested the representatives of the press not to with the liaison committee of the Inter-State Commerce
make it public." During testimony on May 6 of W. G. Commission in an effort to have that agency fix a date for
Waldo, representing the improvement association, Chair- the future enforcement of the preferential rail rate provisions
man Norris questioned the witness as to whether he was con- of the law but the Commerce Commissioners refused to effect
nected with Ford. On receiving a negative answer,the Chair- the postponement on the ground that they were governed
man read a letter on Ford Motor Co. stationery to Wilbur entirely by the certifications of the Board.
Those voting for the withdrawal of the certification were
A. Nelson, State geologist, of Nashville, quoting R. T.
Walker of the Ford Motor Co. as saying a process had been Chairman O'Connor, Vice-Chairman Plummer and Commisreferred to Waldo, whom the letter referred to as "one of our sioners Lisner and Hill. Opposing the withdrawal resolution
technical staff." Waldo said the letter was written through a were Commissioners Thompson, Benson and Haney. Exmisunderstanding. He had been studying processes for plaining its action in withdrawing the certification of adeFord, he said, but was in no way connected with the firm.
quate shipping for the enforcement'of the section, the Board
James Martin Miller who, in a telegram, quoted President indicated an intention to revive the preferential rail rate
Coolidge as saying that he (the President) was "trying to question again after the first of the year. However, Comdeliver" Muscle Shoals to Henry Ford, told the Senate Agri- missioner Thompson, who has been pushing the fight for the
culture Committee on May 7 that he had "correctly and enforcement of Section 28, declared that withdrawal of the
truthfully" stated the facts in the message which he sent to certification may stop forever the establishment of American
Mr. Ford's secretary within twenty-five minutes after an flag preferences, and for that reason was to be regretted
:
interview with the President The President, Mr. Miller deeply. The official statement of the Board explaining the
said, did not deny the interview had taken place. Mr. action taken follows:
The Shipping Board to
-day, by a vote of 4 to 3, Commissioner Benson,
Coolidge, he insisted, brought up the subject of Muscle
Commissioner Haney and Commissioner Thompson voting
Shoals. "The branding or the telegram as a lie is a gross adopted a resolution withdrawing its limited certification toin the negative.
the Inter-State
political dissemination," he said. Before the witness took Commerce Commission regarding adequacy of American flag tonnage to
Chairman Norris inserted in the record the letter certain foreign trade ranges upon which the Inter-State Commerce Comthe stand,
mission has ordered the suspension of Section 28 to be lifted as of June 20
sent to the committee by Henry Ford, in which the manu- 1924.
As is well known, the shipping Board, a long time prior to making its
he would not be represented further before the
facturer said
of giving
committee, giving as on,of the reasons "the recent efforts of certification, held hearings throughout the country for the purposeadequacy
those Interested an opportunity to present their views regarding
Norris to reflect upon the integrity of the Presi- of tonnage to meet particular needs and regarding the enforcement of the
Chairman
dent of the United States in connection with our offer for section generally.
After careful consideration in the
of the evidence before it, the ShipMuscle Shoals." -At the same time the Chairman issued the ping Board made its certification tolightInter-State Commerce Commission
the
statement:
following
upon which the Commission acted. Immediately a storm of protest against
I have no ill feelings toward any one in connection with Muscle Shoals. application of the section arose from ports, commercial organizations and
Mr. Ford's statement, published in the papers, that I have been trying to
reflect upon the integrity of the President Is simply an attempt to shift
the attention of the public from the real question at issue.
I am sincerely endeavoring to save for the people of the United States the
valuable inheritance of our national resources and I will continue to do this
regardless of result ,and regardless of who may be involved. I do not want
s
a controversy with theProsident or with any one else. but I will not deviate
from what I believe to be my duty in bringing outithe proper evidence
shippers all over the United States,resulting in hearings by the House Committee on Merchant Marine and Fisheries, which adduced certain facts in
regard to the adequacy of facilities that those presenting such facts had
ample opportunity previously to present to the Shipping Board but had not
done so, and which indicated that as to certain trade ranges and as to certain commodities there was some question of adequacy of American flag
tonnage to meet the needs of the situation. But the principal claims made
by the protestants at the Congressional hearing against the application of
MAY 10 1924.]
THE CHRONICLE
2263
•
Section 28 were that its enforcement on such short notice would disorganize
trade and transportation, unsettle well-established trade practices, interfere with existing contracts, discriminate against some ports of the United
•
States and unduly favor others.
After carefully considering the evidence presented to it the House Committee by a vote of 14 to 2 reported favorably a bill to postpone the effective
date of the enforcement of Section 28 until May 1 1925.
The Board feels that it is proper to take into consideration not alone the
practically unanimous action of the Merchant Marine and Fisheries Committee, but as well the evidence presented at the Congressional hearing
and the statements of representatives of various industries recently made to
the Shipping Board itself.
Under all of the circumstances, therefore, the Board has withdrawn its
certification from the Inter-State Commerce Commission. It is the primary desire of the Shipping Board to secure the co-operation of shippers and
railroads in support of the American merchant marine, and in giving this
concession it expects that shippers will in turn do their part in the building
up of American shipping.
It is the intention of the Board,in conjunction with other departments of
the Government, interested, and with the commercial interests affected, to
continue the intensive study of the subject with the purpose of making
Section 28 effective within a reasonable time.
Commissioner Thompson issued a statement in which he
said:
The resolution offered by me provided that the principle of preference
for American flag ships could be applied without any disturbance to the flow
of imports and exports of commerce. It was not adopted by the board,
although voted by Admiral Benson, Commissioner Haney and myself.
There can be no dispute but that Section 28 is a wise and beneficial Act of
the Congress and would be a vitally effective element for the building of an
American merchant marine, and destroy existing preferential agreements
between certain American railroads and foreign shipping lines, which greatly
harm American flag ship operations.
My modif:ed resolution fully met the complaint of American exporters
both by exclusion of certain commodities and by restriction of the foreign
territory to which it would apply, thus resulting in protection to the American exporter and also keeping in vital form the sole remaining clause of our
merchant law, establishing the principle of preference for ships under the
American flag. Withdrawal of the application by a majority of the Board
may stop forever the establishment of American flag preferences and for
that reason is to be regretted deeply.
Senator Wheeler Testifies Before the Committee
Investigating His Indictment.
The Senate committee investigating the facts and circumstances surrounding the recent indictment of Burton K.
Wheeler, Senator from Montana, continued its hearings
this week. John S. Pratt, Special Assistant AttorneyGeneral, who assisted in obtaining the indictment against
Senator Wheeler in Montana on May 9, laid before the
Senate committee the documentary evidence on which the
indictment was based. The material consisted of photostatic reproductions of correspondence, said to have passed
between Senator Wheeler and Gordon Campbell, Montana
oil promoter,for whom the Senator is alleged to have appeared
unlawfully before the Interior Department. In the face
of documentary evidence relied on by the Department of
Justice to prove the charge brought against him in Montana, Senator Wheeler denied on the witness stand on May 9
that he had been guilty of any wrongdoing in his relations
to Montana oil land permits. Appearing at his own request
before the Senate committee investigating his indictment,
the Montana Senator testified that although his law firm
had handled business in the State courts for Gordon Campbell, he never had performed the services charged in Washington. Regarding Senator Wheeler's testimony and the
correspondence, copies of which were submitted to the committee by Pratt, Associated Press advices said:
One letter, ostensibly from Wheeler to Campbell, dated March 8 1923,
asked Campbell "to have your office send me details of permits in order
that when I take it up I may be able to discuss it intelligently with the
Department of the Interior."
Pratt produced also what purported to be a letter dated May 5 1923, in
which Gordon Campbell offered E. S. Booth, then solicitor of the Interior
Department, forty acres of land out of one oil permit, and suggested that
forty acres additional be assigned to F. M. Goodwin, Assistant Secretary
of the Interior, if the permit could be granted.
Promised Profitable Interest.
The letter said that if Campbell "could get his hooks" on the land, the
two officials assisting, they could make more money than they "would
otherwise make in a long time."
Booth, responding on May 19, according to the records, said he would
take the matter up with Goodwin. though he himself had left the Interior
Department May 1.
Pratt told the committee he had with him all the documentary evidence in
the possession of the Department of Justice concerning the charge against
Senator Wheeler, but added there was other material in his hands "which
had no bearing on the present charge."
Many of the letters he put in were exchanged between Campbell, Booth
and James H. Baldwin. law partner of Senator Wheeler.
Booth, the witness said, entered the Department of Justice after leaving
the Interior, but was "no longer wi.h the Department of Justice."
Proceeding, he read several letters he said were exchanged between
Wheeler and Campbell, in 1923, relating to Campbell's oil projects, and
suggesting methods and persons from whom the oil promoter might obtain
capital for development.
Wheeler Takes Stand.
Senator Wheeler then asked the right to take the stand, and Chairman
Borah granted it.
Senator Borah directed Wheeler to tell of the "scope, terms, and circumstances of his employment as a lawyer by Campbell."
Tom Stout, Wheeler said, a former Congressman from Montana, had
asked him to represent Campbell In State courts and general litigation.
The employment began in January 1923, after.Wheeler's election to:the
Senate, but before his installation in office.
"I told Stout I was coming to Washington and was trying to close out my
law business and wasnl anxious to take any new litigation," Senator Wheeler
said. "I finally told Stout that if I did take it on, Baldwin, my partner,
would have to handle all the business except that if it was imperative inithe
trial of a case, I would come back for it."
okl
, a
Campbell had been "having trouble with his lawyers," Senator Wheeler
and:an
said, and he refused to take work without a cash payment of $2,000
agreement to re,ceive.$10.000 as a retainer for a year.
Denies Promising Permits.
"Campbell controlled property in the Kevin field, which was regarded as
valuable." Senator Wheeler said. "I feel quite confident that Campbell's syndicate could have sold out for $1,000,000 at the time. The big
oil companies were coming in. But he was in litigation with his partner,
and threatened with a receivership."
Senator Wheeler denied that he had given any assurances that when he
got to Washington he would straighten out the Campbell permits.
Describing his legal work for Campbell, the Senator said he wanted the
committee to understand he had met his client in secret on one occasionlas
was testified in the hearing, because process servers had to be avoided. :111
"There wasn't any wrong inference drawn from that," said Senator Sterling, Republican, of South Dakota.
"Oh,there was an inference sought in that testimony," Senator Wheeler
replied.
Senator Sterling asked about the permits to drill for oil on Government
land.
Makes Specific Denial.
"There was nothing said about permits," Senator Wheeler said of his conferences with Campbell.
"Didn't you give some assurances there that when you got to Washington
you would straighten up these permit titles?" asked Senator Sterling. JAzI4
"Positively not, to the best of my recollection, which I think is quite
clear," Senator Wheeler replied.
He added that the idea was "ridiculous." Senator Sterling cited the testimony of members of the Campbell syndicate and of H. C. Gloser to the
effect that Government permits had been discussed in meetings with
Wheeler. The Montana Senator then made his denial specific.
William J. Burns's Resignation as Chief of the Bureau
of Investigation, Department of Justice.
William J. Burns, whose activities have been a storm
center in several Senate investigations, has resigned as
Chief of the Justice Department's Bureau of Investigation.
Mr. Burns's letter of resignation, laid before Attorney-General Stone on May 9, asked that his retirement from office
r
a Fle
be effective immediately. The resignation was— - te
by the Attorney-General on those terms. Selected for the
post three years ago by Attorney-General Daugherty, the
famous detective has lately borne the brunt of much of the
criticism leveled at the administration of the chief henow
follows into retirement. Ever since the resignation of
Mr. Daugherty there had been stories that Burns would
follow his chief out. The bureau chief has come under fire
successively in three of the Senate inquiries, and much of
the recent criticism of the Department of Justice has been
directed against the force of secret agents over which he
presides. Not only before the Daugherty committee, but
in the oil and Wheeler indictment investigations of the Senate
as well, Mr. Burns has been attacked repeatedly. He was
called before the oil committee to explain references to his
activities in the famous Mary Duckstein telegrams relating
to efforts to prevent the appearance of Edward B. McLean
on the witness stand, and was also asked about McLean's
enrollment as ,secret agent of the Justice Department.
Before the Daugherty committee he was questioned several
times about charges made against the secret agents under
his supervision in relation to liquor and other cases, and on
Wednesday, May 7, he was put under fire by the committee
over reports that a large number of department agents were
sent to Montana to "get something on Senator Wheeler."
He was asked, too, about the disappearance of Gaston B.
Means's diaries, but denied that a department detective
who was shadowing Means had anything to do with the incident.
Edward L. Doheny Jr. Refuses to Testify Before Federal
Grand Jury—Justice Hitz Issues Show
Cause Order.
Edward L. Doheny Jr. was ordered on May 9 by Justice
Hitz, in the District of Columbia Supreme Court, to appear
May 16, to show cause why he should-not be compelled to
testify before the Special Oil Grand Jury. When he appeared before the jury on May 6 he refused to testify on the
ground that what he had to say might tend to incriminate
him. This fact was reported to the court by the Grand
Jury with a request that the order be issued. The jury's
report to the court told in detail what had happened in the
Grand Jury room during the eight minutes Doheny was
present. He was asked this question by Owen J. Roberts,
of special Government oil counsel:
Will you tell us about the transaction you had with Albert B. Fall on or
about Nov. 10 1921?
2264
THE CHRONICLE
The reference was to testimony given before the Senate
Oil Committee regarding the delivery by Doheny of $100,000
in cash to the then Secretary of the Interior. This testimony was given by E. L. Doheny Sr., who holds the lease
to the Elk Hill naval reserve in California. The witness
replied to Mr. Roberts's question as follows:
I am sorry, but I came before this committee in answer to a subpoena in
a proceeding in which it is or may be alleged that my father, or myself, or a
company in which we are-interested may be made defendants. Neither
my father or myself, nor the company in which we are interested have been
guilty of any wrongdoing or transgression against the law. My father has
made such statements which have been made the basis of certain charges
against him.
While I assert that nothing which I might say would be evidence of any
wrongdoing on my part, I realize that any evidence that I might give or
any testimony I might give might be used against me. I must, therefore,
decline to answer that question on the advice of my attorney, on the ground
that what I would say might tend to incriminate me. With all due respect
to the jury and to the counsel for the Government, I claim my privilege
against self-incrimination.
[VOL. 118.
the Port Authority. The bill, if enacted, would make these sacrosanct.
The development of our port would be taken out of our hands.
The plans of this hybrid bi-State agency would be riveted upon us. Port
Authority activities could be set up in opposition to municipal enterprises;
and disaster inflicted upon the city.
The railroads, pretending opposition but secretly delighted, would hold
their sides with suppressed laughter.
New Jersey, which has no such iniquitous measure hanging over its head
like a modern sword of Damocles, *would shout with glee at
the prospect
of the wealth to be poured into her lap.
Cohen,the cunning counsel and silent scrivener of the New Port Authority
Grab, would smile shrewdly at the consummation of his plans for
the
creation of a tyrannical power. This measure, if appKoved, sounds
the
death knell of Home Rule. Elected local officials wodld be reduced
to
puppets, loaded with responsibility but stripped of power.
Sees Doom of Streets.
The suprevision, construction or condemnation of railroads goes to
the
Port Authority. What will become of our docks, our bridges, our tunnels,
our subways and all the vast property which the people own and should
control?
And our streets. Well may mothers hug their children to their breasts
for no man can say that the railroads will not send their iron horses roaring
and snorting along the highways and byways of our city.
Talk about robbing the public domain by connivance at Washington.
Why,this new local scheme makes the national scandal look like child's play.
Where were the pseudo-civic organizations that weep and shriek for the
people when this iniquitous measure had its hearing yesterday before the
Governor. Were they present? Certainly not.
Where was the Brooklyn Chamber of Commerce, which must know that
the Jamaica Bay Development will be ruined if the port grab goes through
and New Jersey gets what it has long been aching for—the development of
its flats and its meadows at our expense?
Where was the New York Chamber of Commerce,the Citizens' Union,the
Merchants' Association and all the other mealy-mouthed, self-proclaimed
lovers of the people when this bill had an airing before the Governor yesterday? No human eye could see one of their number. No human ear could
hear the faintest sound from the least of them.
What hypocrisy to shout for the people and then run to cover when the
very lives as well as the property of the people are in danger.
In whose interests were all these holier-than-thou organizations working
when they absented themselves from a hearing where they should have been
the conspicuous and outstanding champions of the public welfare, if they
would have their words comport with their deeds?
They have been wished in the balance and found wanting.
If the Governor of the State of New York signs this new port grab, then
will the people of the world's metropolis have to squat upon the doorstep of
the Port Authority and, robbed of everything except their debts, will have
to wait for miserly doles, if any there be,from their new overlords.
God help the people of the City of New York and the greater part of the
State of New York if this port grab is permitted to block our statute books.
Very truly yours.
JOHN F'. HYLAN, Mayor.
Governor Smith Signs Walker-Adler Bill Giving Port
Authority Power of Subpoena—Mayor Hylan's
Protests.
In spite of the protests made by Mayor Hylan and other
• New York City officials, Governor Smith, on May 6, approved the Walker-Adler bill, which invests in the New York
Port Authority the power of subpoena. The Governor made
no comment in signing the measure, but in an informal discussion he indicated that he gave little consideration to the
arguments made against it at the hearing in the Executive
• Chamber the day before by the Mayor and other officials of
New York City. The only purpose of the bill, as the Governor sees it, is to give the Port Authority the power to subpoena the books and records of two railroads which have
refused to cooperate with the Authority. Ten out of twelve
• railroads agreed to give the Port Authority any information
sought. "There is no danger that the records or the officials
of the City of New York will be subpoenaed by the Port
Authority," the Governor said. "The purpose of the bill is
to give the Port Authority the power to subpoena the records
of the two railroads which have refused to cooperate with
,it."
The Walker-Adler bill was attacked by Mayor Hylan,
on May 5, at a hearing before Governor Smith as "the most President W. J. Harahan of Chesapeake Sc Ohio
in
iniquitous piece of legislation that has ever been passed by the
Opposition to Inter-State Commerce's Orders
Legislature." Mayor Hylan was seconded by Murray
Regarding Automatic Train Control.
Hulbert, President of the Board of Aldermen; Corporation
W. J. Harahan, President of the Chesapeake & Ohio and
Counsel Nicholson, Borough President Connolly of Queens; the Hocking Valley
Railway Companies, in opening on May
William Flynn, Commissioner of Public Works of the Bronx; 7 the hearing
before the Inter-State Commerce Commission
Borough President Lynch of Richmond; Joseph A. Guider, in respect
to the Commission's orders requiring more than
Commissioner of Public Works of Brooklyn, and J. E. ninety railroads
to install a system of automatic train control
Dunningham, representing forty New York City community on
parts of their lines, said in part as follows:
councils. Governor Smith strongly intimated that he would
The railroads feel that if the orders of
approve .the bill despite the objections voiced by the New 1922 and Jan. 14 1924, are insisted upon itthe Commission, issued June 13
will cause them to spend money
York City officials. "Why, Governor," said Mayor Hylan, which will not bring about as much safety in operation as will be the case if
they are allowed to spend this money in other directions, and they also feel
diverting for a moment from his typewritten speech, "I do that much of
the money which would be so spent would be wasted, because
not believe that you knew what was in the bill or what it of the crude state of the art of train control.
In the case of a great many individual roads, they are utterly unable to
would do if you approved it until you read it." "I'll give
in
you the assurance that I did know and I think that Senator determine,howview of their financial needs for safety and other imperative
purposes,
they can obtain the money necessary to carry out these
Walker knew when he passed it," the Governor replied, orders.
Many railroad technical and executive officers feel quite strongly that
rather hotly. Mayor Hylan continued his attack on the Port
control is
Authority bill on May 6. He addressed a letter to the Board automatic train has passedstill in the experimental state. There are none
who feel that it
what may be known as the development stage,
of Estimate in which he called the bill a grab and insisted and this does not mean the development of the smaller niceties or details of
that the board go on record again as opposing the measure. operation, butmeans much development of an importan. nature.
The railroads desire to cooperate in working out a proper system of train
Meanwhile Governor Smith had signed the bill.
control, but they feel most emphatically that it is not necessary to equip
16,000 miles of railroad, as is provided for in the two orders of the CommisThe Mayor's letter follows:
sion, to make the proper development of this art. To equip 16,000 miles of
railroad with train control and automatic blocks will require the expenditure
of perhaps $102,000,000, at least calculation. We submit that this is too
much of an expenditure for the purpose of providing against the occasional
May 6 1924.
accidents that may occur and which are getting less every day as is shown
To the Honorable, the Board of Estimate and Apportionment:
by the Inter-State Commerce Commission's own reports because we feel
Sirs:—There is a vicious measure, now pending before the Governor, that for the same
money a much greater amount of safety can be had and
increasing the powers of the Port of New York authority to such an un- which would also
.
add to
the railroads. It is earnestly sugbelievable extent, that public interest demands its disapproval. A few of gested that train control the capacity ofup to
can be worked
a sufficient stage of developthe reasons for such disapproval are these:
ment if, instead of the colossal trial which has been ordered by the ComIt would increase the cost of living for every man, woman and child in mission, there be
selected a certain number of miles in each region, that is.
the City of New York.
the Eastern, Southern and Western regions, for the purpose of trying out
The Port Authority could take over railroads and docks; operate them these signals under
all conditions of density of traffic, heavy grades, weather
itself; exempt such properties from municipal taxation, thus depriving the and all the other factors
necessary to be overcome in the solution of this
'people of an annual income of many millions of dollars. To make good this subject. It is thought
that 100 miles in each region, located on various
loss, every rent and taxpayer would have to dig down•into their pockets.
railroads and in places where the most severe tests could be made,would be
Public and private property in the City of New York would be subject adequate.
to the dictation of a band of foreigners exercising the terrorism of a Spanish
If the above suggestion is carried out this will mean 300 miles of automatic
Inquisition.
train control, costing the railroads over $2,000,000. It is submitted that
A New Jersey Chairman, dominating the Port Authority, could delegate this amount of mileage of
train control should be enough to insure the
to any Tom, Dick or Harry or to any petty clerk in the office of the Port working out of the problem to a successful conclusion.
Authority, the power to draft any person he pleases into a star chamber
There should be a minimum traffic below which railroads should not be
- proceeding and put that person on the rack.
required to equip their lines with these devices, and experiments should be
The Port Authority would be its own legal tribunal. No rules of evidence had so as to determine whether a simple device can be obtained with
which
would hold. The Port Authority or its agent could catechize whomsoever it such railroads could equip themselves. On many lines of light
traffic it
Pleases, wheresoever it pleases, whensoever it pleases. Jail or submission would cost them a large proportion of the original cost of their lines
'
if they
to the Port Authority is the new ukase. Life, liberty and the pursuit of had to equip them with the devices known to-day.
• happiness would become a meaningless jumble of words.
There are many improvements which the Commission would no doubt
like
Yet no person would have the right to quiz any member or employee of .to have made, and which the railroads like to do, but the
money is not there
• CITY OF NEW YORK.
Office of the Mayor.
MAY 10 1924.]
THE CHRONICLE
2265
operation and tie their hands in trying to further increase
efficiency and economy." In illustration of what has been
accomplished under the method established by the Transportation Act for dealing with labor conditions and controversies on the railways, the "Railway Age"gives statistics
showing that in February 1924 the railways handled 10%
more freight than in February 1920, the last month of
Government operation,.while employing 217,236 less men.
It calls attention to the fact that boards of adjustment
similar to those proposed by the Howell-Barkley bill were
created by the Railroad Administration and were in existence
and functioning in February 1920. "The railways in
February 1924 handled about 10% more freight than in
February 1920, but their operating expenses were $1,390,000
a day less than in February 1920," says the "Railway Age."
"Was this reduction of expenses due to reduction of wages?
On the contrary, the average earnings of each employee
in February 1920 were $127„ while in February 1924 they
were $132. To what, then, was the large reduction of
expenses due? The number of employees in February
1920 averaged 1,970,525, while in February 1924 it averaged
only 1,753,289, a reduction of 217,236. Owing entirely
to the reduction of employees, the total wages paid in
February 1924 were almost $30,000,000 less than in February
1920. This large reduction in the number of men employed
was due to increased efficiency of management and operation
which resulted in more efficient work by the employees and
of
in more traffic being handled per locomotive, per car, per
ton of fuel consumer and per mile of line." The "Age"
Bill Abol- proceeds as follows:
Motion for Consideration of Howell-Barkley
The increase in efficiency of operation which has been secured since
ishing Railroad Labor Board Blocked—Measure
the railways were returned to private operation, has been the main thing
that has rendered possible the reductions of rates that already have been
Likely To Go Over till Next Session.
made; and a continuance of it must be mainly relied upon to make posDevelopments in connection with the Howell-Barkley sible future reductions of rates. The strongest demand for reduction of
rates is coming from the Western farmers. Nevertheless, the real leaders
bill, which would abolish the U. S. Railroad Labor Board
through this legislation
lash
in Congress to
and substitute therefor a method of mediation and con- of the effortthe labor leadersjam Senator La Follette and under the
are
other Western
and spur of
ciliation in adjustment of rail strikes, indicate that no radicals who have been making the most virulent attacks upon present
tryiiig to secure lower rates for the
action is likely to be taken on this measure during the cur- railway rates. They pretend to be with the labor leaders who are doing
farmers, but are working constantly
rent session of Congress.
more to make reductions of rates impossible than all the other persons
A filibuster marked by scenes of disorder and confusion in the United States.
If the Howell-Barkley bill is passed it will be because the representatives
that recalled the revolt against Speaker Cannon in 1910
Senators of agricultural territories vote for it, and if the farmers of
was staged in the House on May 5 incident to the con- and territories cannot then see that they have been betrayed by their
these
sideration of the Howell-Barkley bill. By a vote of 194 to own representatives in Congress they will deserve to be called the biggest
181 the House adopted a motion discharging theCo=m tee aggregation of suckers in any civilized country. Boards of Adjustment
The Railroad Administration created National
on Inter-State Commerce from further consideration of such as are contemplated by the Howell-Barkley bill. They were functhe measure, and then there ensued a fight to delay= tioning in 1919, the last year of Government operation, and yet the record
were 248 strikes upon 153 railroads in this
on the bill. The fight on the bill, which has been in the shows that in that year there causing the loss of 2,000.000 man-days
country at 469 different points,
making for several weeks, was provoked by the action of, of employment. Well, therefore, did Congressman Tincher of Kansas
Representative Barkley, one of its authors, in invoking the say in a recent address that the Howell-Barkley bill should be called the
of Railway Strikes bill."
new rule under which the Speaker is required to entertain a "Resumption
The bill destroys all representation of the public in the settlement of
motion for the discharge of a House committee from further labor controveries, although the public pays annually in freight and pasimmediately paid in
billion dollars
consideration of a bill upon the presentation of a petition senger rates over three which cannot which isstrongly emphasized railway
is that
be too
wages. Another fact
signed by 150 members. Mr. Barkley submitted such a it provides representation in the settlement of wages and working conOnly about 48% of the clerks.
petition and forced its acceptance through a combination ditions only for members of labor unions.
maintenance of way
of the main body of the Democrats with the progressive 25% of the shop employees and 15% of thebasis, the proposed employees
legislation
belong to the national unions. On this
Republicans.
would leave 115,000 clerks, 281,000 maintenance of way employees and
Supporters of the bill to abolish the Railroad Labor 398,000 shop employees without representation in the settlement of wages
Board returned to the attack on May 6, only to lose the and working conditions. These figures total 794.000, or 46% or all railway
employees. Obviously Congress has no right to pass legislation which
advantage which they gained by the long-drawn-out fili- would not give more than 54% of all employees all the representation in
buster the day before. A motion made by Representative negotiations regarding wages and working conditions and 46% no repreBarkley of Kentucky, author of the bill, that the House sentation at all, but that is what under the dictation of the labor leaders
threatening to do."
proceed to its consideration where it left off, was ruled out it is
of order by Speaker Gillett, who held that under the rules
the measure would have to go over for a period of two weeks. Mortimer L. Schiff on the Railroads and the AgriThe daily papers sa'Sr that House leaders are inclined to the
cultural, the Banking and the Foreign Situation.
belief that this delay means the end of the Barkley bill, so
In an address in Omaha, Neb., Wednesday evening, May
far as this session is concerned. Under the rules the bill 7, before a group of bankers and other business men,
can be debated only on the legislative day that it is called Mortimer L. Schiff, of Kuhn, Loeb & Co. of this city, said
up for consideration, and this means that another filibuster that the most difficult fact confronting railroad management
would further delay a vote. The indications are, therefore, to-day is the impossibility of planning for the future on anythat the Barkley bill will not reach a vote at this session, thing like a comprehensive scale, as under existing circumas all signs now point to an adjournment early in June. stances no one can foretell what future conditions of operation
The point of order upon which Speaker Gillett made his will be. Continual tinkering with legislation is one of the
ruling was made by Representative Snell of New York, most disturbing factors the transportation industry and all
Chairman of the Committee on Ryles. Mr. Snell sustained other industries have to face. Reducing rates may be just
the motion of Representative Madden, who asked for the as hurtful to the shipper as to the investor in railroad securiconsideration of the District of Columbia Appropriation ties, Mr. Schiff well said. What the shipper wants and
needs is service, and an assurance of service. That is more
bill.
important than rate reduction. The diversion of transRailway Rates and the Howell-Barkley Bill.
continental freight from the Western roads to the Panama
Passage of the Howell-Barkley bill drafted by the railway Canal steamship lines aggregated last year about six million
labor leaders, and now pending in Congress "would," the tons between the Atlantic and Pacific coasts of the United
"Railway Age" declares, "largely destroy the results of all States.
The railroads can compete for this traffic only by making
the work railway managers and officers have done within the
ast four years to increase the efficiency and economy of their rates between competitive points approximately the
l
to do it, so business discrimination in selecting the purposes for which the
money available is to be spent has to be used in order to properly expend it.
For instance, the railroads would like to eliminate as many grade crossings
as they possibly can. The number of persons killed at grade crossings per
annum is many, many times the number of passengers and employees whose
lives will be saved by train control. The railroads cannot eliminate all of
the grade crossings at once, because they cannot obtain the money to do so.
They can only take the most hazardous ones and eliminate them a few at a
time with the money that is available.
In this question of safety it is the desire of the railroad executives to spend
the money along the lines which will produce the greatest safety and consequently they do not look with favor upon putting vast sums upon a device
which is yet in its infancy so far as the development of the art in connection
with it is concerned. They would much prefer to invest an equivalent
amount of money in automatic block signals rather than in this undeveloped
device.
Automatic train control will not prevent all collisions. On the other hand,
automatic block signals protect against occurrences which are likely to take
place any day, anywhere. Is it not reasonable that the railroad executives
should feel that they should provide as much of this character of protection
as is possible before they depart into realms of conjecture which the automatic train control has presented up to this time?
We. who operate the railroads, are responsible both by the Transportation
Act and at the bar of public opinion for honest, efficient and economical
operation. We are the men who must provide funds for additions to the
nation's transportation machine. We are the men who are actually responsible for proper operation. That responsibility is direct and burdensome. The combined judgment of the railroads of the country, predicated
upon years of study and actual experience, combining the theoretical with
the practical, is and must be the last word in operating perfection.
We are doing all that proper operation permits. We are honest and efficient. We are public spirited and patriotic. Is it conceivable, being responsible for operation, we will not adopt as rapidly as practicable any definitely worth while safety device?
May we suggest that the public interest will be best served by giving us
some reasonable latitude to exercise our informed Judgment in the practical
details operation? We are responsible for operation; we should have the
power to fulfill that responsibility.
2266
THE CHRONICLE
same as the substantially lower ones charged for steamship
transportation; but the so-called long and short haul provision of the Inter-State Commerce Law prohibits the railroads from making lower rates between such competitive
points than are applicable at intermediate points, except by
specific authority of the Inter-State Commerce Commission.
Mr. Schiff also said:
The motor vehicle competition problem is new and it is big. It takes
time to readjust all factors to meet it. 'But in beginning one thing may
safely be set down as the starting point—motor tansportation has come
to
stay. It must henceforth be considered as part of the transportation machinery as a whole.
Motor truck transportation, however, has not only its uses, but very
marked limitations. In 1922 the entire traffic handled by motor trucks,
expressed in ton miles, was only about 1%% of the railroad traffic.
It cannot take the place of the railroads as a wholesale carrier. With an
average capacity for trucks of five tons and an average capacity of forty
tons for freight cars, it would take twenty million trucks to equal the freight
car capacity of the 2,500,000 cars now owned by the railroads.
The railroads themselves are facing these facts and are adopting the
motor truck as an auxiliary service for the special uses to which it is fitted.
But it is a false policy to permit the motor truck to operate as a cutthroat competitor of railroads and to be subsidized by free or practically
free highways, built by taxation, to which the railroads are among the
largest contributions. Such a policy cannot continue without disaster both
to the railroads and the public that needs the railroads.
I favor consolidations to the extent that they are logical and make for
economy; but forced and artificial putting together of different properties,
simply because they happen to have a geographical relationship to each
other will, in my opinion, not accomplish anything of benefit.
It has even been suggested that some governmental agency should have
the power to order such consolidations to be made and to fix the price
at
which one property should be acquired by another. I am old-fashioned
enough to believe that the right of free negotiations between buyer
and
seller should be left unimpaired. If a larger Cr strong railroad considers it
really advantageous to absorb a weaker one,it is almost invariably ready to
pay even more than the other is worth, rather than risk the chance of losing
it.
[VOL. 118.
Yet I believe in branch banking. It makes for a
sounder structure and
one of greater service to the community, than
a multitude of small lode
pendent banks. I believe, however, that a bank,
in establishing branches,
does far better to take over existing smaller
banks in the locality to be
served and to retain, if possible, the officers
who know and are in touch
with that locality.
Recently methods for securing new business
have been injected, to give
numerous "free" services, which often spell departure
from sound traditions
and the best practice.
I know of a bank that maintains a
public service department for the
collection of subscriptions for charitable
purposes and for the payment of
customers' bills for household expense; of a trust
company, which, whenever
a baby is born to one of its depositors,
opens an account in its name and
deposits a dollar to its credit; of another,
which, free of charge, obtains for
customers passage for Europe, hotel
reservations, theatre, and ball game
tickets, etc.; of another, which maintains
an information bureau and supplies, free of charge, complete credit
information on individuals, firms and
corporations in any part of the world; of
a savings bank, that maintains a
community hall and a community real
estate exchange.
There can be no such thing as "free"
be met by someone,if not compensate service, for the operating cost must
d for by him to whom it is rendered.
There appears to be no question that Europe is beginning
to work out her problems, Mr. Schiff thinks, and that
a
different spirit is prevailing in the Chancelleries. The great
difficulty, ever since the armistice, has been that grave
international questions have been considered and judged
not from the standpoint of what was possible of accomplis
hment, but from that of domestic political expediency. He
adds:
The first, clear-cut and authoritativ
e expression of what can and what
cannot be done has come from the Committee
of Experts, appointed by tho
Reparations Commission. We are
gratified that there seems to be a good
prospect for Europe to get on her feet
again, but we must not overlook the
fact this will mean increased competition
for the markets of the world, and
as a result over-production for the time
being of certainly some commodities.
While trade follows the flag, it follows
capital also, and we can do much
to develop our foreign trade by making
available capital for foreign develWith reference to agriculture Mr. Schiff made the following opment. The volume of American exports cannot be Increased or even
maintained unless we are willing to take
remarks:
Imports of commodities or by investing payment, either by increasing our
capital in foreign countries.
•
Any foreign loan, issued In this
country, inevitably increases to that
The farming industry on the whole is in good shape;
it is only in certain extent the purchasing power of the rest
of the world from the United States,
special crops (such as wheat, which after all, is only about 8% of our agriirrespective of whether that purchasing
power is used by the original borcultural products, or livestock) and certain one-crop localities, such as the
rower or is transferred to others. Loans
of this character cannot but
Northwest, where there is serious trouble.
strengthen and stabilize the economic prosperity
Is that so far different from other lines of industry?
of our country.
Is not perhaps some
of the trouble, at least, due to inexperience and to
Foreign Trade.
the lack of recognition
that farming is nowadays a specialized business, which,
Our investors and our producers must
like manufacture,
co-operate in the developmen t o
requires scientific knowledge and financial judgment, as well as reasonable our froeign
a
trade.
amount of capital?
Considerable progress has already been made. In
fact, the volume of
It looks to me as if two of the important contributory causes to such foreign
loans placed in this country during the past
ten years is quite surfarming troubles as exist, are unsound banking and reckless political exploi- prising. I had
some figures prepared recently and found
that during this
tation. Credit has been made too easy and expansion too greatly encour- period, including
only such foreign issues as are now listed
on the New
aged by both private and public agencies.
York Stock Exchange, the total amounted to
82,151,500,000, face value.
And what *.s the remedy? Getting back to sound economics. Artificial Their total
cost to the American investor, that is, their
measures may be palliative, but they will not cure. State aid is all very 82,057,850.
issue Price, was
000 and their then (about two weeks ago) market
price,
well for such things as come properly within the province of governmental 300,000. thus
evidencing that on the whole our public has suffered 82,059,no loss in
enterprise, but the crash is bound to come if used for artificial stimulation such investments
.
along unsound lines.
We must continue to observe the economic
fundamentals. We need
I have the greatest sympathy for the farmer who is in difficulties. But hard work,
not loafing; economy, instead of extravagance;
saving, not
we are rendering him a disservice, if we encourage him in the belief that waste; charity,
instead of Intolerance.
there is any permanent remedy except in sound principles and practices.
We need co-operation and mutual faith, responsible and
wise leadership,
among which are diversification of crops, intensive and not wasteful agri- discipline
and a sense of duty. We need more people who think in terms
culture and cooperative marketing.
of what they owe the world and not of what the world owes them.
The McNary-Haugen Bill.
Strange theories are now being propounded. I refer, in particular, to
the McNary-Haugen bill. Its basic idea is that certain agricultural products Operations of the Industrial Finance Corporation in
are selling out of line with other commodities and that by its operation, a
the Automobile Trade.
"normal" pre-war parity between what the fanner gets for what he sells
Percy M. Hall, Vice-President of the Industrial Finance
and pays for what he buys,can be restored. This is to be done by means of a
government
-owned corporation, which is to buy such products in unlimited Corporation, New York, on May 8, issued the
Automobile
quantities at a price to be fixed by it from time to time
by a mathematical Division report of the organization for 1923.
The report
process.
shows that the corporation, which operates under an exclusive
No valorization scheme or artificial price-fixing plan has ever worked well.
The acquisition by any agency, governmental or otherwise, of any contract with The Studebaker Corporati
on, purchased in
commodity at a fixed price without any control over the quantity produced.
1923 from Studebaker dealers in the United States
Is vicious in principle and is bound to be disastrous.
and
The basic fault with all the current arguments for this bill is that they Canada wholesale acceptances and retail notes covering more
start, in my opinion, from the false notion that the primary cause of the than 54,000 automobiles, or a
volume of paper purchased of
troubles of the farmer is the fact that the price of his product is governed
$43,355,593. The company has just entered the commercial
by the world price for the exportable surplus and then proceed to seek a
way to get around that alone. They appear not to consider more im- paper market with their Gold Notes collateraled by Studeportant causes, such as overproduction, land speculation, lack of training baker dealers' secured paper.
Vice-President Hall says in
and inefficiency of management.
his report:
•
Discussing the banking situation Mr. S •hiff lenta-ketl
Against our total purchases of 843,355,593,
the net charge-off to reserves
to Dec. 311923. totaled only $32,557, or
that thanks to the Federal Reserve Act, our banking system
1-13 of 1% of paper purchased.
Net reserves for credit losses amount to
8372,442, or 87-100 of 1% of total
is in good shape. But the weakest spot in our banking purchases and many times the
normal losses
which
practice to-day is that it makes credit too easy. He then generally conceded to be about 30-100 of 1%. in this business in 1923are
Our experience
as
shown by the foregoing figures Indicates
proceeded as follows:
losses far below normal, and therofore a net reserve of at least ten times the
amount necessary to cover losses.
natural correctives of undue expansion is absent. Ours
One of the great
Our growth in volume during the year
is an Indication of the favorable
Is the only free market for gold, and as a result there is no free movement reception with
which our service has been received by Studebaker dealers.
of gold. Formerly a rapid increase of credit in any country (coupled with These figures also
indicate the effectiveness of our exclusive and unique
a rise in commodity prices, resulting in a falling off of exports and an in- arrangement of inter
crease of imports), caused ultimately an outflow of gold, thus contracting ization, our entire -departmental coordination with the Studebaker organAutomobile Division, other than the Financial Departcredit facilities and putting a brake on an overextended boom.
ment, being located at South Bend, Ind.
Short-term borrowing is always a dangerous expedient when availed of
A large prepayment on underlying collateral by dealers and purchasers
for capital expenditures. Bank loans and other forms of short-time credit made it possible for
the Industrial Finance Corporation to retire before
should be utilized for the financing of operations and transactions, which maturity in excess
of35% of the total amount of Gold Notes issued during
are self-liquidating In character before the maturity of such loans. That the year and left outstanding
and unmatured at the end of the year 815,is the basic theory of the Federal Reserve Act, but it is practically impossible 775,000 secured In trust
as follows:
for the Reserve banks, notwithstanding the strictness of their regulations, Cash _______________ _ ____________________
_______________ 51: 46
7 L49:253
07
to enforce the spirit as well as the letter of the law.
Wholesale acceptances.
In my opinion, we have too many banking institutions in this country, Retail Notes
8,273,747
competition credit facilities are not only extended
and as a result of the
but urged upon customers.
Total ________________________________________________
•
817,217,490
It has been said that most business bank accounts are opened with a
This represents a margin of collateral over Gold Notes outstanding
of
note, and I fear that this is true. But is this sound banking?
$1,482,490, or $752,158 in excess of the margin required by
provisions of
I do not believe new banks or branches should be permitted, where ade- the Indenture of Trust with our Trustee, The National
City Bank of New
quate banking facilities exist.
York.
MAY 10 1924.]
THE CHRONICLE
2267
many years prior to his connection with the Irving National
National City Bank Investing in Cuba—Buys Seven Bank associated with various Pennsylvania banking instituin Larger
Branches of the Banco Nacional
tions, in which he attained high positions.
Cities of the Island.
May 2:
B. Hollander, formerly manager of the Broadway branch
The following is from the New York "Times" of
The National City Bank acquired title yesterday to seven branches of of the Corn Exchange Bank and who before that was identiinstitution has been in the
the Banco Nacional in Cuba. The Cuban
the silk industry for a number of years, has been
process of liquidation and the sale of its seven branches, which were located fied with
in the more important cities of Cuba, was a step in this process. The made chairman of the Fourth Avenue Branch of that bank,
on
price paid was not ascertained, but the National City Bank's offer was
which is located in the center of the silk industry.
original cost of construction
the basis of taking over the branches at their
and furnishing, and this, it was understood, was accepted. By the acquisition, the National City Bank has further strengthened itself in Cuba and
now has twenty-four branches. The new buildings, it was said, are of
excellent construction, and Charles E. Mitchell, President of the American
institution, expressed satisfaction yesterday at what he termed a "good
purchase." The deed given to the National City Bank carries with it
full title with no outside interests associated with the bank in ownership.
The National City Bank was drawn more actively into Cuban business
and commerce than had been intended when, thee to four years ago, a
depression struck that country. The bank, as creditor, stood in danger
of facing losses when sugar prices dropped, but through a policy of placing
whatever sugar interests it had under a skilled sugar company management,
and of standing by with ample reserve funds whenever they might ho
needed, the institution not only saved its various investments, but helped
to rescue the entire Cuban sugar industry from a critical situation. Since
then both the sugar industry and the banking business of Cuba have rounded
the corner and in the last two years there has been an expansion in both.
A cablegram received yesterday by the National City Bank indicated that
the revolt in Santa Clara had been virtually smothered and while sporadic
outbreaks might occur for a few weeks to come,"it is now generally believed
that no general uprising will occur." The message was from Vice-President
Durrell of the National City Bank, who is in Havana.
The Bank of America, New York, is now publishing every
month a compilation of the most important business index
numbers in the form of a "Statistical Data Sheet." This
comprises in convenient form a summary which shows at
a glance the trend in money and banking, prices, production,
&c., and a chart of business barometers. Index numbers
and statistics are 'given for the operations of the Federal
Reserve System and member banks, interest rates and
foreign exchange; security market operations and prices;
commercial failures; production in basic industries; com,modity prices and railroad operation.
Charges for Services Imposed by Northwestern Banks.
From the Northwestern National Bank (Minneapolis)
"Review" of March 15 we take the following regarding action
by Western banks incident to charges for services:
Lamar Hardy, formerly Corporation Counsel of the City
of New York under John Purroy Mitchell's administration,
has been elected trustee of the East River Savings Institution.
On April 29 the Comptroller of the Currency approved the
conversion to the national system of the W. R. Grace & Co.'s
Bank, 7 Hanover Square, this city, under the title of the
Grace National Bank of New York, with capital of $1.000,000.
The adoption sf definite programs of fees for various banking services
rendered is imminent in many Northwestern communities. Numerous
individual banks have not waited for concerted action, but have instituted them without discussion; indeed, many banks have always made
charges for certain of the services that have been enumerated here. The
executive council of the Montana Bankers' Association, on Feb. 2 1924,
endorsed the plan of making a charge for the maintenance of small checking
accounts and recommended it to all banks of the State. In 1920, the
South Dakota Bankers' Association approved a schedule of fees, which
was adopted by some banks, but which is not in general use: interest in
the matter has been revived, however. and It is believed that organized
effort will be welcomed. At the group meetings of North Dakota banks,
soon to be held, it seems likely that action may be taken along this line.
A schedule of fees was instituted in October 1922 by the Grand Forks
County Association for the drawing of papers, and a little later Grand
Forks clearing house banks put into effect a charge for the printing of
customers' names on checks. In Wisconsin there apparently has been
no concerted action, although some years ago the State association put
Into effect a uniform charge for collections and for credit ratings. In
Minnesota there seems to be considerable concerted effort. An officer
of the bankers' association writes: "There are 70 very active county
associations in Minnesota, and believe me they are all at work to figure
out means of cutting expense." Jackson County bankers are apparently
the pioneers in the movement toward making uniform charges on services
rendered, and recently three banks of the town of Jackson (on Feb. 21
1924) put into effect a scale of charges to be made on checking accounts
showing a monthly average balance of $50 or less. Banks of Marshall
County, Minn., instituted a similar schedule in June 1923. The committee on analysis of accounts of the Missouri Bankers' Association has
published, under date of March 8 1924, the results of its country-wide
investigation of the problem of the small checking account; it finds that
in 63 cities having aggregate deposits of ten million dollars or more, monthly
service charges are assassod ranging from 25 cents to $1—with many
variations in the manner of determining the assessment—and the minimum balance on which no charge is made, ranging from $50 to $300.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
At a regular meeting of the board of directors of the Pacific Bank, held on Wednesday, May 7 1924, F. E. Goldmann
was elected a Vice-President and F. L. Kerr was appointed
•
Cashier of the bank.
John H. Davis, for more than 50 years a member of the
New York Stock Exchange, transferred his seat on Thursday of this week to his son, J. E. Davis, who is now associated with the Stock Exchange fiym of Billings, Olcott &
Co., 52 Broadway. Mr. Davis became a member of the Stock
Exchange on Mar. 28 1873 and was head of the old firm of
John H. Davis & Co., which a number of years ago had
offices at 7 Wall Street. The accounts of some of the most
active operators in the Street were handled there a few
decades ago and the office of the firm was one of the landmarks of the financial district. Mr. Davis turned over the
business to his son and former partners upon his retirement
from business some years ago. The firm is now doing business as Billings, Olcott & Cq.
Richard J. Faust Jr., formerly a Vice-President of the
Irving National, Bank before Columbia Trust Co. was
consolidated with that institution, was on Tuesday of this
week elected President of the National Butchers & Drovers
Bank of this city, succeeding M. M. Valentine. Mr. Valentine remains with the institution as a Vice-President and as
a member of the board of directors. Mr. Faust was for
New stock of the Central Mercantile Bank of this city will
be offered to shareholders at substantially $100 less than the
current market price. The directors met en May 8 and announced a plan to increase the bank's capital from $200,000
to $1,500,000, the new stock to be offered stockholders at
$150 a share. A meeting of the stockholders to ratify the
plan will be held on May 21. The bank's statement for
March 27 showed surplus and undivided profits of $87,400
and deposits of $2,729,100. Joseph Brown, formerly VicePresident in charge of,credits of the Chatham & Phenix NaConn' Bank, was elected Vice-President of the Central Mercantile. Frederick Sinclair,'formerly Assistant Manager of
the Chatham & Phenix's Eighteenth Street branch, was appointed Assistant Cashier. Leo L. Doblin, of Leo L. Doblin
& Co.. commission merchants and factors, was elected to the
board. Donald Hearn Cowl, of the dry goods firm of J. A.
Hearn & Son of this city, has also been elected a director.
This is the bank of which C. Stanley Mitchell, until recently
a Vice-President of the Chatham & Phenix National Bank,
was recently elected President and a director. Change of
ownership of the Central Mercantile Bank was noted in the
"Chronicle" of May 3, page 2145.
The Baltic States Bank at 249 Eighth Avenue, this city, on
April 21 changed its name to the Pennsylvania Exchange
Bank. The bank was founded three years ago primarily in
the interest of the people of the Baltic States, with Lithuanians as leaders in the institution. Announcement is made
by Allan J. Cole, a director of the institution, that controlling interest has been acquired by local business men and
women from the founders. While the bank will retain its
Baltic clientele it plans to broaden its scope.
Michael F. Burns, until recently President of Burns Bros.
Coal Co., died on April 28. Mr. Burns was the founder of
Burns Bros., which had its incorporation about 1881. In
1913 a merger of the former Burns Bros. and the CurtisBlaisdell Co. was effected and in 1922 a purchase of the
assets of the Farrell Co. was consummated. Mr. Burns resigned as President last month to take the chairmanship of
a newly created advisory committee, his son, Francis L.
Burns, succeeding to the presidency. He was a director of
the Coal & Iron National Bank, President and director of the
New York & New Jersey Real Estate Improvement Co., and
a director of the United States Distributing Corporation.
As a result of thefts totaling about $50,000 by its Cashier,
Charles M. Vanderoef, the First National Bank of Bellmore,
L. I., was closed on Thursday of this week (May 8) and the
following brief notice, signed by National Bank Examiner
J. B. Funsten, posted on the doors: "This bank is closed
by order of the board of directors. The National Bank
Examiner has taken charge." On April 4 six armed men
raided the institution and obtained $7,936 of the bank's
2268
TITE CHRONICLE
[Vol.. 118.
money. The robbers shot to death Ernest L. Whitman May 1, after several weeks'
illness with pneumonia. Mr.
of Patchogue, a bond salesman, who entered the bank as Cooper's death is a great loss
to the bank which he served
the gunmen were escaping.
so faithfully for 42 years. Mr. Cooper was born in Polo, Ill.,
According to the accounts appearing in the New York on June 16 1863. On March
20 1882 he came to Chicago and
"Times" of May 8 and 9, on Tuesday, May 6, Vanderoef, entered the service of the
Illinois Trust & Savings Bank as
anticipating the result of an examination of the bank's Receiving Teller. Later
he became Assistant Cashier and
books by Federal bank examiners, began on that day, left finally Cashier, and upon
the consolidation of the Illinois
the bank at noon ostensibly for lunch, but instead came Tust & Savings Bank with
the Merchants Loan & Trust Co.
to New York and registered at the Hotel McAlpin. The he was made Cashier of
the consolidated institution, which
following day, after a sleepless night, he telephoned the position he held until
the time of his death. Through his
Burns detective agency, employed by the American Bankers long service in the bank
and his intimate connection with the
Association, saying he knew he was charged with stealing financial development
of Chicago, Mr. Cooper enjoyed a
the bank's funds and wished to surrender. A repre- wide acquaintance
and numbered among his friends and
sentative of the agency met him at the hotel and they close associates many
of the leading business men of the
went before United States Commissioner J. H. McCabe in city.
Brooklyn, where he pleaded "not guilty" to a charge that he
The Capital Trust & Savings Bank of St. Paul,
had misappropriated $4,900 of the bank's funds. Bail was
an institufixed by the Commissioner at $25,000, which Vanderoef was tion with deposits of $5,000,000, was ordered closed on Saturday morning, May 3, by A. J. Veigel, Superint
unable to furnish, and he was locked up. Questioned for
endent of
three hours in the office of Federal Attorney Ralph C. Banks of Minnesota. This action followed two lengthy conGreen in Brooklyn on Thursday night, Vanderoef is said to ferences of the bank's directors with Mr. Veigel. "Frozen
have made a complete confession, giving the details of six assets," consisting in large part of mortgages on farms in
years of stealing, and explaining that "it was a case of a North Dakota and Montana, was given as the cause of the
country boy whose head was turned by Broadway." He bank's embarrassment. The failed institution, which was
denied that he was implicated in the hold-up at the bank organized in December 1890, was capitalized at $500,000 and
on April 4. At the time of the raid, it is said, the Cashier had surplus and undivided profits of $125,000. A.
J. Mitchwas at his home at lunch and later in the day was spokes- ell was President. Following the closing
of the institution
man for the bank in answering questions of detectives and Mr. Mitchell Issued the following statement:
The Capital Trust & Savings Bank has
reporters. John J. Bedell, the President of the closed
operated for many years with a
large portion
bank, issued a formal statement on May 8 on the authority account of theof its funds invested in first mortgages on farm land. On
general depression in land values
it has been impossible to
of the board of directors. This statement, as printed in the make collections on these mortgages and
in a great many instances, with the result foreclosures have been necessary
Brooklyn "Eagle" of that date, read as follows:
that the Capital Trust & Savings
Bank has acquired a large
The First National Bank of Bellmore has suspended business pending
a complete examination of its affairs by the Bank Examiner. The resolution to suspend business was passed by the directors, who deemed their
action for the best interests of all concerned. The true condition of the
bank will be ascertained as soon as possible. In the opinion of the directors
no depositor of the bank will lose a dollar.
amount of land, which is a frozen asset at the
present time.
If normal agricultural conditions return
within a reasonable period of time,
so that this land can be disposed of at
assets of the Capital Trust & Savings anything like its normal value, the
Bank should liquidate for an amount
sufficient to pay its liabilities in full.
The capital of the Oxford Bank & Trust Co. of Philadelphia is to be increased from $250,000 to $500,000, the new
stock to be offered to present stockholders on the basis of
share for share at $75 per share, according to the Philadelphia "Ledger" of May 3. The institution, it is said, plans to
erect a modern banking home shortly in the form of a fivestory bank and office building at the corner of Oxford and
Frankford Avenues.
Upon the closing of the Capital Trust
& Savings Bank on
May 3 the Capital National Bank, an
institution having the
same President and housed in the same
building, but having
no direct financial connection with
the failed institution,
suffered a "run" and when the instituti
on closed for the day
at noon many frightened deposito
rs were still in line before
the windows of the paying tellers.
The following day (Sunday) arrangements were made for
the immediate taking
over of the institution by the
Merchants National Bank of
St. Paul and on Monday morning, May
5, the business of the
Capital National Bank was carried on
at the banking rooms
of that institution. By the taking over
of the Capital National Bank the merchants National
Bank (known as the
"Weyerhaeuser bank") becomes one of
the largest financial
institutions in the Twin Cities. Togethe
r with its affiliated
institution, the Merchants Trust &
Savings Bank, it now has
deposits in excess of $40,000,000, it is
understood. It has a
capital of $2,000,000, with surplus of
$1,500,000. George H.
Prince continues as Chairman of the
Board of the enlarged
bank and R. C. Lilly as President. The
officers and all the
employees of the former Capital National
Bank have been
taken over by the consolidated bank
institution, it is understood. With regard to the merger of
his bank with the Merchants National, former President Mitchell
was quoted in
the St. Paul "Pioneer-Press" of May 5 as
saying:
While
The annual dinner and dance of the Delaware County
(Pa.) Bankers Association was held in the Masonic Temple
at Chester, Pa., on the night of April 23. More than three
hundred men and women were present. C. Russell Arnold,
Vice-President of the First National Bank of Chester, the
President of the Association, acted as toastmaster, while
Dr. S. C. Schmucker of the West Chester State Normal
School Faculty, was the chief speaker of the evening.
The Merchants National Bank of Allentow
n, Pa., announces the death of Thomas F. Diefende
rfer, identified
with the institution since organization and
President since
1909.
The Union Trust Co. of Baltimore has increase
d the capital from $550,000 to $750,000. Action to this end was taken
on April 28 1924, when the stockholders ratified
a proposal
to enlarge the capital to $750,000. Reference thereto was
made in our issue of April 26 1924, page 2006. The
new
stock is to be paid for on or before May 29 1924.
the Capital National Bank was in an
exceptionally strong cash position, at the same time it was the opinion
of the board of directors that it
was in the best interests of our depositors
and shareholders to effect this consolidation with such a strong financial
institution as the Merchants National,
where we are confident that our customers
will receive the same courteous
attention and consideration which we have
attempted to render in the past.
The consolidation in no way involves
David H. Thomas (formerly Secretary Commonwealth
the failed Capital
Trust Co. of Pittsburgh, Pa.) has become associated as Trust & Savings Bank.
Vice-President with the Ohio State Bank & Trust Co. of
The State Bank of Verdi, a small Minnesota bank, with a
Akron, Ohio.
capital of $10,000 and deposits of approximately $105,000
,
C. G. Llewellyn, former Collector of Internal Revenue in was closed recently.
Pittsburgh, was recently elected a director of the Marine
John N. Richardson, the former President and one of the
National Bank of that city.
organizers of the defunct American State Bank of Wichita,
The Cleveland "Plain Dealer" of May 3 stated that Perry Kan., was on May 5 sentenced by Judge Jesse D. Wall in
W. Flicker, former First Vice-President of the Ivanhoe Sav- the District Court to serve from 9 to 45 years in the State
ings Co. of that city, had been elected President of the insti- Penitentiary at Lansing and in addition to pay a fine of
tution to succeed the late Robert H. Yock, while Carl F. $45,000. Judge Wall imposed sentence after denying a moLezius was elected First Vice-President in lieu of Mr. tion for a new trial on the ground of "error in the prosecuFlicker. Mr. Flicker is President and Treasurer of the tion," filed on May 3 by the defendant's counsel. Following
the imposition of sentence, the attorneys for the former
Evarts, Tremaine, Flicker Co., an insurance concern.
President gave notice that they would appeal their case to
Joseph I. Cooper, Cashier of the Illinois Merchants Trust the State Supreme Court, and Judge Wall fixed
the defendCo., died at his home in Flossmoor on Thursday night, ant's appeal bond at $50,000. The convicti
on of the ex-
MAY 10 1924.]
.
THE CHRONICLE
President of the American State Bank of Wichita on nine
counts of accepting deposits when he knew the bank was
insolvent was noted in our issue of May 3, page 2146. The
failed bank is now in the hands of the Kansas Banking Department pending reorganization.
Louis H. Egan, President of the Union Electric Light &
Power Co. of Ste Louis, was on May 1 elected a director of
the Mercantile Trust Co. of that city. Mr. Egan's election,
it is said, brings the number of directors of the bank up to
29 and adds a public utilities representative to the professional and business interests already represented on the
board of the Mercantile Trust Co.
Announcement was made by Hugh G. Whitehead, President of the Virginia National Bank of Norfolk, Va., on April
30 that his institution has assumed the obligations and assets of the American Exchange Bank of that city, and the following morning (May 1) the Virginia National Bank opened
a branch office in the former quarters of the acquired institution at 400 Church Street. Lewis Bress, heretofore Assistant Cashier of the American Exchange Bank, has been made
Manager of the new branch. No other officers of the acquired bank have been added to the staff of the Virginia
National Bank. The American Exchange Bank had deposits
at the time of its acquisition of approximately $215,000, and
Its affairs were in good condition, it is understood. The Virginia National Bank has a capital of $500,000, with surplus
and undivided profits of $284,728 and resources of $6,000,000.
Besides Mr. Whitehead, the President, the other officers
are: George W. Roper, Chairman of the Board; Washington Reed and John R. Kilby, Vice-Presidents, and Mars
Lewis, Cashier.
2269
should suspend business pending the final collection of assessments of stockholders' liability, and to formulate plans looking to a complete reorganiza.
tion of the bank or an early liquidation.
Since approximately $800,000 in undesirable paper has alreadY been re.:
moved from the bank's assets, it can be assumed that even under a liquidation program the depositors can reasonably expect substantial dividends.
The total resources of the City National Bank according
to its last statement were, it is said, $8,384,774.
Further referring to the newly organized Seaboard National Bank of Los Angeles, G. W. Jorres of San Diego, Cal.,
has besen chosen Cashier of the new bank, according to the
Los Angeles "Times" of May 2. Mr. Jorres is well known in
Los Angeles banking circles, having at.one time been National Bank Examiner for that district. Prior to his recent
appointment he was connected with the American National
Bank of San Diego. Other officers chosen f6r the new bank
(as named in our issue of April 12, page 1742) are George L:
Browning, President; 0. C. Williams, Vice-President, and
A. H. Blackmore, Assistant Vice-President. The new bank,
it is expected, will open about June 1 at 612-614 South Spring
Street with a capital of $1,000,000.
According to the San Francisco "Chronicle" of May 4 the
Bank of Italy, with headquarters in that city, on Monday
(May 5) took over three more valley banks on that day.
They were the Hanford National Bank, Hanford, Ca1.7
the People's Savings Bank of Hanford and theFirst National'
Bank of Shafter, Cal.—all of which, it was said, are old and
well established banking institutions of the San Joaquin
Valley region. On the same day the Bank of Italy opened ft
new branch in San Francisco to be known as the Jones-Geary'
branch. -In regard to the acquisition of the banks the'
"Chronicle" said: I
Merging of the three valley banks with the Bank of Italy will add more
than $650,000 in combined resources to the institution, making the total
At a meeting of the board of directors of the Citizens resources of the bank $315,000,000. It also will increase the total of its
Bank of Norfolk, Va., held April 15 1924, Norman Bell was
elected President to succeed Tench F. Tilghman, deceased,
and D. W. Jordan was elected Vice-President and Cashier.
banking offices in California to eighty-four branches operating in fifty-nine
cities.
On May 1 the new banking home of the Atlanta & Lowry
National Bank at the corner of Edgewood Avenue and Prior
St., Atlanta, Ga., was formally opened. Thousands visited
the building throughout the day and flowers in great profusion were sent to the bank for the occasion, the gifts of
friends and customers. The work on the old building, which
has transformed it into one of the most beautiful and commodious banking home in the South, was started in 1922 and
completed without any interruption to the bank business.
All woodwork is in quarter-sawed oak—finished, on the first
floor, in the natural grain finish; in the basement, where the
great vaults are, in silver gray. Georgia marble is the predominant finishing material, more than 25,000 feet of new
marble being used. The tellers' cages of the savings department on the main banking floor are in bronze, while this
metal also features much of the other chaste decorative work.
We are now but $10.000,000 behind the sixth bank in standing in the
nation and aim to pass that before the middle of summer. There are but
two banks outside of New York that have greater resources than ours
Garland D. Sledge, heretofore active Vice-President of
the American National Bank of Bowling Green, Ky., was on
May 1 elected President of the institution, according to a
special press dispatch from Bowling Green on that date to
the Louisville "Courier-Journal." Mr. Sledge, the dispatch
stated, succeeded S. M. Matlock, who retired as chief executive in accordance with an understanding when he accepted
the presidency of the bank upon the death of J. W. Potter in
1923. Mr. Matlock, who has served the bank for many
years, retains his interest in the institution and will act in
an advisory capacity. The new President entered the employ of the American National Bank as a clerk on Jan. 1
1904. In 1915 he was elected Cashier of the institution and
last year, following Mr. Potter's death, was made active
Vice-President. He is 40 years of age and a former student
of the Bowling Green University.
The City National Bank of El Paso, Tex., an institution
with a capital of $500,000 and deposits of approximately
$4,000,000, failed to open for business on May 6. Three
months ago, it is said, the bank was saved from closing by
the local branch of the Federal Reserve Bank transferring
$1,000,000 in gold to the institution. A press dispatch from
El Paso which appeared in the New York "Times" of May 7
gave the following statement issued the day of the closing
by C. Weiss, the President of the City National Bank and
former Manager of the El Paso branch of the Federal Reserve Bank. It reads:
• Due to lack of complete restoration of confidence of depositors of the City
National Bank, thereby causing a gradual withdrawal of deposits, our directors decided that in order to give equal protection to all depositors, the bank
The "Chronicle" also in this regard quoted Frederick R.
Kerman, a Vice-President of the Bank of Italy, as saying:
The "Chronicle" further stated that simultaneouslywith
the announcement of the conversion of the interior banks;
plans were made known for the erection of a large office
building of six or seven stories with a ground floor space of
about 75 to 200 feet in Hanford. Negotiations for the purchase of a site were then underway, it was said,
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been unusually quiet during the present week, the total daily sales on Thursday and Friday
dropping to the lowest point touched in several weeks. Lowpriced railroad shares were frequently in the foreground, and
the copper issues have at various times during the week attracted considerable attention, but aside from these the market has presented few noteworthy features. Oil shares were
unsettled, the entire group at times being under pressure,
due to the publication of the cuts in gasoline prices in the
West. In the two-hour session on Saturday trading was
exceedingly quiet. A feature of the day was the persistent
buying of Colorado Fuel & Iron, which closed at 39%, making a net gain of 35% for the session. Marine preferred also
scored a new high for the year at 363. The market again
opened dull on Monday with little or no change from Saturday's finals. Colorado Fuel & Iron was again in the foreground, advancing to 423j. The railroad shares were the
conspicuous feature of the morning, Pere Marquette making
a new high at 48 and Texas Pacific and Missouri Pacific
recording brisk advances that carried them well toward their
previous highs for the year. Schultes Stores moved up five
points to 106. The trend of the market was uncertain and
the trading remarkably light during the session on Tuesday.
Brooklyn Edison sold up to 116, an advance of nearly 6
points over last week. Copper stocks were in active demand
at advancing prices, several of the group touching new high
levels for the year. F. W. Woolworth recorded a net gain
of 9 points and Fisher Body scored an advance of 77% points
to 192. Price movements were again irregular on Wednesday, sharp advances and declines occurring among the:more
active speculative issues. The feature of the session was the ,
strength of the low-priced railroad issues, several of which
touched new high levels for the year. Colorado Fuel &
Iron, which has been particularly active during_ the. week,
3
receded about 3 points to 39%. Corn Products advanced
more than 3 points to 176. The market was again irregular
2270
[vol. 118.
THE CHRONICLE
on Thursday, the chief interest in the trading centring
around the railroad shares. Del. Lack. & West. RR. was
one of the strong features and recorded an advance of over
two points to 1183,. New Haven was also in steady demand and closed I point higher at 203. The weak feature
of the day was Colorado Fuel & Iron, which receded sharply
to 39. Prices again drifted downward the greater part of
the session on Friday, the only noteworthy movement being
the activity in F. W. Woolworth, which advanced 93i
points to 3393. Yellow Cab drifted downward 33 points
4
to 46%.
moving in such a way as to reduce the price of gold, the Indian Bazaar'
are likely to hold off in the hope of obtaining gold at a still lower figure.
It is reported from Bombay that the slackening of demand for bunions
particularly for gold, that was felt at the beginning of the month was
attributed by bullion dealers in the bazaars to the prevalence of plague
In the Punjaub. Details regarding India's foreign trade during March
1924 have been telegraphed as follows:
Lacs of Rupees.
Imports, private merchandise
19.31
Exports, private merchandise (including re-exports)
- 41,35
•
Net imports of private treasure4,03
The balance of trade, including enfaced rupee paper, &c., is Rs. 17,52
lacs in favor of India, as compared with Rs. 13,61 in favor of India In
February. Gold valued at $4,435,000 has arrived in New York from
London.
,
SILVER.
The market has been quiet and inactive. China and India doing but
little. The former has been a small seller and the latter a very moderate
buyer. Until Monday the price remained steady, but a strong improvement in sterling exchange with America caused freer sales from that quarter and quotations have drooped. Though still better exchange rates
would make purchases easier from the United States, the tone of the market
is fairly steady. It is reported that Senator Pittman will soon place before
the Banking and Currency Committee of the Senate all data pertaining
to his bill recently introduced for the completion of purchases of silver
under the Pittman Act of 1918. The Senator will endeavor to have such
action recommended to Congress as will make it mandatory for the Treasury
to allocate the outstanding fourteen million ounces of silver. Both his
arguments and the arguments of the Treasury officials will be included in
the testimony before the committee.
INDIAN CURRENCY RETURNS.
In Lacs of RupeesApril 15.
Mar. 31.
April 7.
Notes in circulation
18285
18345
18585
Silver coin and bullion in India
7900
7960
800
Silver coin and bullion out of India ----------_
Gold coin and bullion in India
iiH
'i
2232
Gold coin and bullion out of India -----------Securities (Indian Government)
Wi85
5753
Securities (British Government)
1400
1400
1400
Bills of exchange
1000
._- 1200
1000
No silver coinage was reported during the week ending 15th inst. The
stock in Shanghai on the 12th inst. consisted of about 34,200,000 ounces
in sycee. $46,500,000 and 3,390 silver bars. No fresh news has come to
!If
hand.
-Bar Silver p. or. std.- Bar Gold.
QuotationsCas .
p. or. fine
Two Mos.
April 17
94s.11d.
33 5-16d.
33 d.
April 22
331id.
94s. 2d.
33-4d.
April 23
938.10d.
3334d.
33)d.
Average of above 3 days
945.3.6d.
33.187d,
33.166d.
The silver quotations to-day for cash and two months' delivery are each
;id. below those fixed a week ago.
THE CURB MARKET.
Trading in the Curb market this week was extremely dull
and uninteresting. Prices moved in desultory fashion,
changes for the most part being small. Oil shares were very
quiet and showed a declining tendency at the close. Cumberland Pipe Line gained about two points to 135, then declined to 134. Illinois Pipe Line was off from 137 to 1303/2,
with the closing sale to-day at 133. Magnolia Petroleum was
off from 136 to 134 and sold finally at 1343/2. Ohio Oil
dropped from 64 to 623/i and closed to-day at 6332. PennMex Fuel sold down from 39% to 373 and at 38 finally.
4
Prairie Oil & Gas, after an early advance from 224 to 226,
fell to 2163' and finished to-day at 217. Prairie Pipe Line
was off from 1043. to 1023., the final figure to-day being
103. Solar Refining dropped from 194 to 185 and closed
to-day at 188. South Penn Oil, after an improvement of
some three points to 138, sank to 1333/2 and sold back finally
to 135. Standard Oil (Ohio) sold down from 2923/i to 287
and at 290 finally. Swan & Finch gained about four points
to 47. Elsewhere in the oil shares business was practically
at a standstill. There were a few scattered advances in the
industrial list. Otherwise the list was without feature.
Glen Alden Coal advanced from 93 to 100 and closed to-day
at 97. National Tea corn. responded to the declaration of a
150% stock dividend by an advance from 357 to 373, the
close to-day being at 371. American Cyanamid gained
ENGLISH FINANCIAL MARKETS
about nine points to IN and sold finally at 103. Durant
-PER CABLE.
Motor sold down from 183/i to 1534.
The daily closing quotations for securities, &c., at London,
A complete record of Curb market transactions for the as reported by cable, have been as follows the past week:
London,
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
week will be found on page 2294.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 23 1924:
GOLD.
The Bank of England gold reserve against its note issue on the 16th inst.
amounted to 5126,287,835, as compared with £126,286.745 on the previous
Wednesday. Only a small proportion of the fair amount of gold on offer
this week was taken for the Far East. Whilst the American exchange is
Week ending May 9.
May 3. May 5. May 6. May 7. May 8.
Silver, per oz
d 32 13-1633
33
335-16
3334
Gold, per fine ounce
94s. Id. 945. Id. 945. 15. 948. Id. 94s. 3d.
Consols, 234 per cents ______
57%
5734
5734
5734
British,5 per cents
10034
10034
10034
1003-4
British,4% per cents _______
97%
9734
9734
9734
French Rentes(In Parts) fr.
_
54.70
64.15
54.20
63.80
French War Loan (In
Par(s)
fr.
89
69.15 89.75
68.90
May 9.
3311-16
5734
10034
9734
53.10
89
The price of silver in New York on the same day has been:
Shyer in N.Y per oz.(eta.):
Foreign
84
6434
843-(
6434
643(
6534
Course of Bank Clearings
Bank clearings the present week again record a moderate
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, May 10) aggregate bank exchanges for
all the cities of the United States from which it is possible
to obtain weekly returns will register an increase of 4.3%
over the corresponding week last year. The total stands at
$7,809,575,455, against $7,487,234,861 for the same week
in 1923. At this centre there is a gain of 10.3%. Our
comparative summary for the week is as follows:
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended May 3. For
that week there is an increase of 6.7%, the 1924 aggregate
of clearings being $9,354,035,165 and the 1923 aggregate
$8,765,249,601. Outside of New York City, however, there
Clearings-Returns by Telegraph.
Per
is a decrease, the bank exchanges at this centre having made
Week ending May 10.
1924.
Cent.
1923.
a gain of 14.5%. We group the cities now according to
New York
$3,889,000,000 $3,327,448,984 +10.3
Chicago
503,528,544
538,337,875
-6.5 the Federal Reserve districts in which they are located and
Philadelphia
381,000,000
376,000,000
-1-1.3
Boston
333,000,000
330,000,000
+9.9 from this it appears that in the Boston Reserve District
Kansas City
46,500,000
107,297,452 -10.1 there is an
improvement of 8.5%, in the New York Reserve
St. Louis
aa
a
San Francisco
5112,700,000
-8.1 District (including this
122,700,000
city) of 14.2% and in the Atlanta
Los Angeles
104,102,000
-6.0
110,745,000
122,892,028
Pittsburgh
-8.4 Reserve District of 8.8%. In the Philadelphia Reserve
131,230,48.3
107,489,115
Detroit
98,739,743
+8.9
78,905,562
Cleveland
85,849,911 -10.2 District there is a falling off of 8.3%, in the Cleveland
80,918,467
Baltimore
.75,000,000 +7.9 Reserve District of 8.0% and in the Richmond Reserve
51,885,265
New Orleans
49,825,181
+3.7
District of 0.8%. The St. Louis Reserve District suffers
$5,839,718,981 $5,325,974,629
Twelve cities, five days
+5.9
Other cities, five days
868,260,965
913,387,756
-4.9 a loss of 7.4%, the Minneapolis Reserve District of 12.8%
.
Total all cities, five days
+4.3 and the Chicago Reserve District of 3.9%. In the Kansas
56. 07,979.546 $6,239,382,384
5
1,301,595,909
MI cities, one day
+4.3 City Reserve
1,247,872,477
District the totals have been diminished by
Fake,
,...........1,.. e.... tonal,
17 Roo arc AFF
t7 All, o., gat
e
-I- di %
13.5% and in the San Francisco Reserve District by 3.3%.
The Dallas Reserve District enjoys a gain of 11.2%.
Will not report clearings. •Estimated. r Four days.
2271
THE CHRONICLE
MAY 10 19241
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending May 3 1924.
1924.
Inc.or
Dec.
1923.
8
$
Federal Reserve Districts.
11 cities 477,788,385 440,234,458
(190 Boston
10 " 5,772,006,051 5,054,479,926
New York
(2nd)
517,124,635 563,792,707
.
(3rd) Philadelphia_ _ _ 9 "
3 "
351,708,741 382,323,169
(4th) Cleveland
190,108,433 191,611,523
5 "
(5th) Richmond
190,655,383 175,247,217
11 "
(6th) Atlanta
19 "
968,097,547 1,007,372,980
(7th) Chicago
7 "
63,667,886 68,785,068
(8th) St. Louis
105,532,736 121,036,637
(9th) Minneapolis_ _ _ 7 "
214,724,953 248,104,712
11 "
(10th) Kansas City
56,655,970 50,970,263
5 "
(11th) Dallas
445,966,445 451,290,951
16 "
(12th) San Franelsco
1924.
1924.
1923.
74,011,688
8652,688,000
254,410,000
181,866,009
Stock -Number of shares 18,116,828 20.091,986
Railroad & miscell. bonds 8127,719.000 $141,074,900
U. S. Govt. bonds
31,808,000 60,043,075
State, foreign. &c., bonds 87,893,000 42,438,500
1921.
1922.
Four Months.
.3fonth of April.
Description.
$
$
%
+8.5 369,886,140 333,671,593
+14.2 5,200,056,066 4,160,060,423
-8.3 467,153,322 417,530,235
-8.0 303,0E3,224 317,735,702
-0.8 154,997,333 146,558,666
+8.8 145,469,764 146,334,429
-3.9 920,787,633 778,666,875
-7.4 55,329,923 50,695,709
-12.8 106,510,609 105,175,992
-13.5 221,043,758 242,211,761
+11.2 44,786,032 48,686,407
-3.3 381,768,591 322,148,482
119 C1t1038 9,354,035,165 8,765,249,601 +6.7 8,370,872,396 7,059,476,264
Grand total
3,658,464,336 3,791,208,679 -3.5 3,232,972,396 2,965,433,775
Outside New York City
_
.
1923.
88.950,968
8615.661.400
265,549,845
178,473,400
$247,420,000 8243,556,475 51,088,964,000 MO59,884,645'
Total bonds
The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1921 tu
1924 is indicated in the following:
1922.
1923.
1924.
1921.
No. Shares. No. Shorn. No. Shares. No. Shares.
26,857.386 19,914,827 16,472,377 16,144,876
20,721.562 22,979,487 16,175,095 10,169,671
18,315,911 25,964,666 22,820,173 16.321,131
Month of January
February
March
65,894,859 68,8.58,980 .55,467,645 42,635,678
Total first quarter
\tenth nt Anril
18 116 598
pn nni.086 30.634.353 15.529.709
We also furnish to-day a summary by Federal Reserve
The following compilation covers the clearings by monthsdistricts of the clearings for the month of April and the four
since Jan. 1 in 1924 and 1923:
months ending with April. For the month of April there
MONTHLY CLEARINGS.
is an increase of 7.6%, the 1924 aggregate of the clearings
Clearings Outside New York.
Clearings, Total All.
$36,415,480,971 and the 1923 aggregate $33,831,being
Month.
332,398. Outside of New York City, however, the increase
1924.
1924.
1923.
1923.
%
%
is only 1.7%, the bank exchanges at this centre recording Jan... 37,519,792,018 36,411,435,888 +3.0 16,830,663,546 16,633,076,289 +1.2
32,883,744,565 30,514,376,577 +7.8 14,763,634,719 13,730,398,134 +7.5
a gain of 12.9%. In the Boston Reserve District there Feb_ 35,808,562,180 36,269,484,835 -1.3 16,158,335,018 16,501,204,839 -2.1
March
is an improvement of 5%,in the New York Reserve District 1st qr.
106212098,763 103195297,300 +2.9 47,752,633,283 46,864,679,262 +1.9
(including this city) of 12.7% and in the Philadelphia Reserve District of 2%. In the Richmond Reserve District
the totals are larger by 7.5%, in the Atlanta Reserve DisTho course of bank clearings at leading cities of the'
trict by 5.9% and in the Dallas Reserve District by 10.9%. country for the month of April and since Jan. 1 in each
In the St. Louis Reserve District there is a falling off of of the last four years is shown in the subjoined statement:
4.1% in the Minneapolis Reserve District of 10.9% and in
BANK CLEARINGS AT LEADING CITIES.
April
Jan. 1 to April 30
the Kansas City Reserve District of 11.9%. In the Cleve(000.000 omitted.) 1924. 1923. 1922. 1921. 1924.
1923.
1922. 1921.
20,326 18.010 18,759 15,536 78,785 74,341 70,115 65,319
land Reserve District there is a decrease of 2.9%, but the New York
2,675 2.687 2,252 2,174 10,259 10,604
Chicago
8,599 8,850
District and the San Francisco Reserve Boston
Chicago Reserve
1,729 1,647 1,299 1,150 7,056 6,570 4,968
4,704
2,087 2,065 1,746 1,699
8,250 8,158 6,813 6,865
District both show larger totals, the former having an increase Philadelphia
a
a
a
a
a
a
a
St. Louis
a
681
704
512
584
2,703
2.696
2,081
2,562
of 2.1% and the latter of 6.8%. We now add our compara- Pittsburgh
693
657
577
537
2,753
2,630
2,246
2,227
San Francisco
283
294
239
240
1,12-7
1,185
tive figures for April and the four months ending with April: Cincinnati
941
978
AK...
Four Months.
1924.
Inc.or
Dec.
1923.
Fed'I Reserve DIsts.
let Boston. _13 cities 1,960,391,443 1,866,548,961 +5.0
2nd NewYork13 " el,751,773, 18,411,754,
+12.
3rd Philadel _14 " 2,311,586, • I 2,266,402,093 +2.0
-2.
4th Clevel'd _15 " 1,631,489,51 1,680,133,8
816,159,94. 759,310,56 +7
5th Richm'd 10 "
856,718,037 808,681,1
6th Atlanta..17 "
+5
7th Chicago .29 " 3,889,117,591 3,809,830,748 +2.1
298,396,313 311,105,
-4.1
8th St. Louis 9 "
469,141,153 526,488,485 -10.9
9th Minneap 13 "
970,811,651 1,102,180,035 -11.
10th Kan.City15 "
416,786,980 375,754,956 +10.
llth Dallas_ _ _12 "
12th San Fran.27 " 2,043,107,924 1,913,141,53 +6
Total
187 cities36,415,480,971 33,831032,3
Outside N.Y. City_ _ _ 16,089,619,- • 15,621,259,44
1,263,298,
Canada
1924.
1923.
•
7,951,355
80,372,283,
9,076,310,320
6,389,077,851
3,259,487,014
3,495,073,190
15,014,290,
1,238,568,4
1,903,833,504
3,912,357,3
1,800,919,7
8,214,023,26
7,424,921,7
75,855,373,
8,919,166,8
6,443,427,
3,097,758,43
3,348,551,
14,956,824,
1,292,542,761
2,058,901,
4,553,322,77
1,621,675,
7,454,163,
Inc.or
Dec.
+7.1
+6.0
+1.8
-0.8
+5.2
+4.4
+0.3
-4.2
-7.5
-14.1
+11.1
+10.2
+7.6142,627,579,734137,026,629,6
+1.7 63,842,253,13 62,685,938,
1,797,331,011 -0.3 5,098,195,3
4,873,629,3
+4.1
+1.8
+4.6
In AlK AOA/1.71 .,../ On, non nn.
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Nillwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City... _
Total
Other cities
422
508
479
243
264
127
629
155
610
53
159
203
138
77
83
219
82
176
58
65
394
579
479
239
299
130
549
150
559
53
186
199
146
83
88
197
86
168
49
61
.n. 1. nn. ,,,esne. le nne nen 111.1
297
521
368
164
241
104
401
118
400
45
160
158
116
68
115
170
62
137
43
49
337
632
450
171
263
101
364
115
342
44
158
153
137
58
117
155
56
128
39
52
1,671
2,034
1,821
1,024
1,082
524
2,431
634
2,561
208
636
757
558
327
335
902
356
697
225
248
1,562
2,341
1,801
944
1,169
543
2,108
608
2,159
209
751
753
579
334
451
858
395
622
191
240
1 1 q
1,149
2,175
1,370
729
980
418
1,516
491
1,562
180
609
607
474
264
433
672
293
.530
157
191
1,341
2,654
1,815
756
1,072
414
1,434
489
1,386
176
669
615
565
225
367
719
250
495
156
225
33,224 30,758 29,111 25,792 129.964 124,802 110,563 107,335
3,191 3,073 2,409 2,626 12,664 12,225 9,522 10,707
Total all
36,415 33,831 31,520 28,418 142,628 137,027 120.085 118,042
Outside New York_16,090 15,821 12,762 12,882 63,842 62,686 49,970 52,723
--a No longer report clearings.
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
We now add our detailed statement showing the figures
April and the four months of 1924 and 1923 are given for each city separately for April and since Jan. 1 for
below:
two years and for the week ending May 3 for fouo years:
CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING MAY 3.
April.
Since January 1.
Week ending May 3.
Clearings at
1924.
--
S
Inc. or
Dec.
1923.
--
s
%
1924.
1923.
Int. or
Dec.
$
$
%
First Federal Rese rye District- Boston
3,483,362
3,054,758 +14.0
Maine-Bangor
13,379,475
12,075,939
12,442,328 -2.9
Portland
49,198,584
1,729,000,000 1.647,000,000 +5.0 7,056,000,000
-Boston
Mass.
9,032,947
11,300.299 -20.1
Fall River
37,185,845
4,236,875
4,625.410 -8.4
lIolyoke
15,763,687
5,089,000
5,368,000 -5.2
Lowell
19,647,711
a
a
a
Lynn
a
5,983,141
6,132,602 -2.4
23,642,885
New Bedford
24,869,262
21,431,205 +15.7
Springfield
91,250,152
16,354,000
16,188,619 +1.0
59,807,375
Worcester
57,726,536
49,487,000 +16.6
-Hartford
225,413,662
Conn.
30,584,581
26,985,888 +13.3
Haven
116,669.732
New
9,012,100 +2.4
0,232,100
35,382,800
Waterbury
52,723,700
53,460,700 -1.4
-Providence
208.013.400
R. I.
+5.0 7,951,355,308
Total(13 cities).- - - 1,960,391.443 1,866,548,961
1924.
1923.
$
$
12,314,433
51,987,576
6,570.000.000
39,700,446
16,430,628
22,572,580
a
25,667,189
87,629,486
61,683,619
190,906,989
105,702,407
30,978,000
209,348,400
+8.6
-5.4
+7.4
-6.3
-4.1
-13.0
a
-7.9
+4.1
-3.0
+18.1
+10.4
+14.2
-0.6
797,465
3,217,310
427,000,000
2,056,757
a
1,107,900
a
1,218,699
5,406,000
3,698,000
12,498,986
8,182,268
7,424.921,753
+7.1
477.788,385
12,605.000
Inc. or
Dec.
1922.
%
$
1921.
s
+10.6
-26.4
+10.9
-20.8
a
-12.0
a
-19.1
-4.2
-25.8
+1.5
+4.7
882,412
*2,600,000
325,000,000
1,861,104
a
1,024,007
a
1,347,309
4,858,198
3,643,000
10,457,217
5,712,893
14,023,600 -10.1
440,234,458 +8.5
.12,500,000
10.660.900
369,886,140
333,671,583
720,723
4,371,924
385.000,000
2,598,193
a
1,258,728
a
1,507,283
5,640,410
4,982,000
12,315,618
7,815,979
961,306
2,400,000
292,025,455
1,501,939
a
1,113,042
a
1,229,761
4,358,082
3,600,000
9,612,324
6.308,774
.
Second Federal Re serve District -NewYork-,
.
23,903,379 +12.8
27,074,759
4,894,517
5,761,067
86,790,011 +10.7
96,106,791
6,623,993
6,688.734 -1.0
New York-Albany4,887,900 -8.4
4,476,900
1,106,087
1,046,300
18,740,061 -6.0
17,623,500
Binghamton
855,100
1,331,000 -35.8
199,464,745 +1.8
202,988,397
36,939,725
34,671,131
752,597,729 +0.6
47,485,931 -6.7
757.306.881
44,296,549
Buffalo
3,196,772 +17.5
792,613
3,754,681
11.789.033 +18.2
13,932,565
770,199
839,518 .-8.3
Elmira
4,949,820 +5.3
966,104
5,211,094
18,967,044 +4.0
19,725,770
24.8
Jamestown
896,780
1,192.05$
20,325,861,115 18,010,072,951 +12.9 78,785.326,595 74,340.690,989 +6.0 5,695.570,5294,974,040,922 +14.5 5,137,900,000 4,104,042.489
Now York
3,565.613 +26.6
17,330,520 -9.0
4,512.607
15,768,101
Niagara Falls
47,724,640 +8.0
180,365,917 +7.4
10,706,541
51,530,246
9,662.046
193,690,207
Rochester
12,880,653 -5.5
12,167,091
20,488,020 +9.3
77,945,093 +10.1
5,191,902
22,374,518
85.816,794
5,230,889
6,061,687 412.2
6,798,780
Syracuse
12,1195,216 +26.0
15,368,680
48,178,896
51,772,954
+7.5
Conn.-Stamford _
c3,151,701
3,288,458 -4.2
1,996,403 +11,2
692,027
2,219,555
8,626,752
7,421,282 +16.2
513,051
N. 1.-Montelair
875,029
670,968 +30.4
74,704,537
+8.9
277,089,918 +11.2
81,331,905
Newark
308,224.393
4.514,299 +12.3
5,068,979
+5.1
17.466.59
Oranges
18,362,260
. Total(13 citteg) _ _ _ 20,751,773,436 18,411,754,295 +12.7 80,372,283,566 75,8.55,373,090
.
+6.0 5,772,006,051 5,054A79,926 +14.2 5,260,056,066 4.160,060,423
-
THE CHRONICLE
[VOL. 118.
CLEARINGS-(Continued.)
April.
Since January 1.
.Clearings al
1924.
1923.
1924.
s
•
..--
Inc. or
Dec.
%
$
S
Third Federal Res erve District- Philadelphi a
Pa.
-Altoona
6,063,403
6,287,142 --4.6
,
Bethlehem
16,369,512
14,177,535 +15.5
Chester
5.093,275
5,757,6813 -11.5
• .Harrisburg
19,844,714
19,209,741 +3.3
Lancaster
18,585,223
21,243,319 -12.5
Lebanon
3,125,363
3,197,321 -2.3
3,849.503
Norristown
3,967,787 -2.7
Philadelphia
2,086,546,000 2,065,480,000 +1.0
Reading
: 17.903,071
16,741,815 +6.9
25.096.491
Scranton
23,852,926 +5.2
17,758,540
Wilkes-Barre
14,548,783 +22.1
8,174,946
York
7,466,012 +9.5
59,812,606
-Camden
43,096,220 +38.8
N.1.
23.363,983
' Trenton
21,3135,806 +9.2
Del.-WilMington a
a
a
Total(15 citie5)--- - 1,631.489,513 1,680,133.826
816,159,940
1924.
1923.
$
%
$
$
22,664,519
69,727,113
21,821,842
72,477,724
57,791,262
9,701,865
15,645,349
8,249,546,000
60,714,849
97,397,229
64,747,706
27,829,329
212,883,483
93,362,050
a
22,603,356 +0.3
64,727,323 +7.7
20,917,862 +4.3
68,333,700 +6.1
63,764,195 --9.4
9,323,821 +4.1
14,773.076 +5.9
8,158,480,000 +1.1
56,533,580 +7.4
101,624,062 -4.2
55,208,238 +17.3
25,758,487 +8.0
181,343,476 +17.4
75,777,721 +23.2
a
a
+2.0
9,076,310,320
8,919,156,897
-8.7
-15.7
-3.3
-15.9
-15.4
128,963,000
84,018,743
1,127,191,466
1,820,531,713
240.545,200
a
14.759,317
a
6,429,111
31,841,934
a
a
79.402,352
12,747,242
a
5,377,066
24,000,709
2,703440,937
38,385.294
71,443,767
-2.9
6,389,077.851
a
Fifth Federal Rese rve District- Richmond_
W. Va.-Huntington_
8,819.798
8,746,259 +0.8
33,889,558
Va.-Newport News
a
a
•
a
a
Norfolk
- 32,659,685
135,658,547
29,528,289 +10.6
Richmond
219,332,466
196,811,788 +11.4
901,882,356
-Asheville._
a
a
- a
N. C.
a
Raleigh
11,782.387
42,139,523
9,174,374 +28.4
Wilmington
a
a
a
a
-Charleston10,141,870
3. C.
10,724,848 -5.4
43,491,047
Columbia
8,783,127
33.729,765
12,579.663 -30.2
gd.-Baittmore
422,362,653
394.165,555 +7-2 1,670,942.754
Frederick
•2,230,033
7,312,894
2.321.695 -3.9
Hagerstown
3,707.343
12,762,667
4,555,858 -18.6
377,677,903
D. C.-Wash1ng1on-,
96,340.578
90.702.240 +8.2
Total(11 cities) _ _._
1923.
+25.8
-4.6
-4.0
+0.0
-20.7
a
+26.0
a
-3.7
+11.5
a
a
+3.0
-5,3
Total(14 citle8)--- - 2,311,586,990 2,266,402,093
Fourth Federal Re serve District -Cleveland
33,332.000
Ohio--Akron
26,490,000
Canton
22,149,890
23,227,599
Cincinnati
282,593,770
294,313,430
Cleveland
478,965,871
478,800,000
Columbus
61,866,100
77,967,900
a
Dayton
a
Hamilton ------- :
3,864,521
3,067,508
Lima
a
a
Lorain
1,687.364
1,752,330
Mansfield
8,547,894
7,668,665
Springfield
.a
•a
' Toledo _ a
a
Youngstown
21,854.549
21,226.140
-Beaver Co
Pa.
3,355,385
3,541,885
Erie
a
a
Franklin
1,382,621
1,514.820
Greensburg
5,848,103
6,936,751
Pittsburgh
680,793,739
703.725.713
Ky.-Lexington
7,032,164
8,357,158
W. Va.-Wheeling--18,215,542
21,543,927
Week ending May 3.
Inc.or
Dec.
1,578,854
3,616,827
1,405,304
b
489,000.000
3,963,583
5,642,611
d4,120,822
1,698,099
517,124,635
563,792,707
105,122,000
86,104,227
1,184,553,204
1,800,618,673
275,463,900
a
15,575,309
a
5,952,215
30,862.745
a
a
72,455,267
12.524,651
a
5,767,323
25,898.663
2,695,572,348
48,289,271
, 78,667,229
+22.7
-2.4
-4.8
+1.1
-12.7
a
-5.2
a
+8.0
+3.2
a
a
+9.6
+1.8
a
-6.8
-7.3
+0.3
-20.5
-9.2
d6,974,000
4,692,000
61,104,620
100,715,997
13,796,500
a
7,885,000
5,265,522
69.002,972
111,731,232
18,029,200
a
6.443,427.025
-0.8
a
a
t
a
2.109,165
a
a
4,442,513
a
$
1,080,193
3,733,305
1,079,441
b
395,266,106
2,900.060
5.055,827
2,823,075
1,477,386
-0.5
a
4,507,348
4,111,839
a
a
-8.3 467,153,322 417,530,235
-11.6
-10.9
-11.4
-9.9
-23.5
a
-a
5,886,000
8,675,454
57,136,653
84.365,732
16,129,400
a
---6:5
-a
a
-6.5
1,301,024
a
a
4.588,961
a
a
a
7.880,000
3,588.569
52,645,383
101,063.078
12,968,800
a
a
1,288417
a
a
3,028,728
a
163,857,565
125,000,000
135,272,727
351,708,741
--382,323,189 -8.0 303,083,224
317,735,702
35,303.835 -4.0
a
a
130,376,654 +4.1
858,274,318 +5.1
a
a
38.257,236 +10.1
a
a
43,827,411 -0.8
52,535,722 -35.8
1,561,607,164 +7.0
7,208,999 +1.4
13,134.753 -2.8
357,231,346 +5.7
d20,280.000
-L- 3:<
I
_
2,091.519
1,830,383 +14.3
1,505,740
1,898,965
d8,289,791
55,363,001
7,191,351 +15.3
49,568,000 +11.7
7,905,242
41,479,482
7,044,108
36,182,029
b
104,082,127
b
109,552,168
b
-5.0
23,469,621 -13.6
b
83,118,850
b
83,934,087
20.988,019
17,499,477
-0.8
154,977,333
146,558,666
5,580,000
2,691,760
d18,398.000
'56,648;642
b
6,241,255 -10.6
3,287,111 -18.1
21,525,000 -14.5
51,727.139 +9.5
b
b
4,594,264
2,928,838
16,472,819
39,208.470
b
5,088,828
3,548,977
17,234,727
39,578,557
b
1.551,050
a
17.293,855
1,685,072 -8.0
a
a
11,715,647 +47.6
1,245.031
a
11,495,660
1,499.500
a
10,311,993
29,501,507
1,956,790
24,285,213 +21.5
1,840,078 +6.3
20,776,376
1,550,000
17,424,454
1,749,790
1,419,255
1,029,382 +37.9
782,384
727,585
496,283
55,118,241
296,038 +67.6
51.615,282 +6.8
320,073
46,095.851
259,601
48,910,417
146,334,429
3,097,758,438
+5.2
190,106,433
Sixth Federal Rose eve District- Atlanta27,099.794
renp.-Chattanoo8a 28.861.09
0
•
Knoxville
14,080.662
12,325,381
85,751,154
'Nashville
87.026,377
229,092.021
-Atlanta
U.
208.008,984
7.740,615
Augusta-7,842.435
3.881,444
Columbus
3475,746
5.596,132
Macon
5.723,972
Savannah
a
a
-Jacksonville -- ft.
70.626.910
60.543.693
Tampa
16,868.472
15,014.453
aa.-Birmingham-120.497.025
110.634,811
8.093,793
Mobile
8,436,354
Montgomery
7,145,625
.7,500,000
disa.-Hattiesburg
6,804,340
7.000,000
Jackson
5,649,302
3,970,851
Meridian
4,078,046
4,487,475
1,539,652
Vicksburg
1,307.452
-New Orleans
242.811,754
A.
238,283,348
-1.6
+14.2
-1.5
+10.1
-1.3
+5.9
-2.2
a
+16.7
+12.3
+8.9
-4.:
-4.7
-2.:
+42.1
-9.1
+17.1
+1.1
•
111,661,274
55,698,364
335,439,315
935,787,015
32,210,777
14,578,592
22,957,503
a
287,001.769
62,999.302
474,824,394
32,874,200
30,699,396
28,302,991
21,905,780
16,885,313
6,768.627
1,024,478,578
110,775,947
51,374,046
332,025,756
917,855,066
38,107,050
15,559,681
24,901,657
a
230,765,966
54.723,062
492,363,675
34,282,190
31,050,026
28,934,455
17,759,639
17,349,327
6.502,475
944,221,708
+0.8
+8.4
+1.0
+2.0
-15.5
-6.3
-7.8
a
+24.4
+15.1
-3.6
-4.1
-1.1
-2.2
+23.3
-2.7
+4.1
+8.5
+5.1
3,495,073,190
3,348.551,726
+4.4
190,555,353
808,681,129
1,072,249
3.642,071
1,069,274
1921.
158,295,964
3,259,487,014
Seventh Federal R eserve Distric t-Chicago-lich.--Adrian
1.089.991
1,015,415
3,588,303
Ann Arbor
3,185.420
Detroit
628,554,698
549,028,878
10.343,206
Flint
9,040,742
30,005,729
Grand Rapids
28.911,285
7,795,704
Jackson
7,464,940
'10.995,363
Lansing
10,056.590
10,229,368
-Fort Wayne.-Id.
9,960,477
20,295.009
15,862,000
Gars
,
77,071,000
Indianapolis
83,174,000
10.841,700
South Bend
10.126,000
26,083,258
Terre Haute
24.382.626
12,219.148
(Ia.-Madison
12,192,627
155,333,191
Milwaukee
149,707.786
3,170,230
Oshkosh
3,131,946
9,340,688
Watteau
7,567,247
10,731,893
owa-Cedar Rapids
10,719,687
45,554,809
46.324,760
DavenpOrt
47,288,880
40,612,453
Des Moines
2.111,084
2,722,063
Iowa City
2,295,200
2,472,934
Mason City
28,455.608
Sioux City
28.967.559
5,797.326
6,596,135
Waterloo
5,495,760
inola-Aurora
5.178.239
6,958.168
7.024.115
Bloomington.
2,674.983.186 2.687.078.830
Chicago
a
a
Danville
6,174,741
5.303.899
Decatur
19,581.711
18,602,220
Peoria
12.949.492
10.358,914
Rockford
12,123,844
11,628,2
Springfield
b
$
533,000.000 -8.3 445,000,000
4,498,622 -11.9
3,116,959
5,917.422 -4.6
4.783.000
4,033,789 +2.2
2.600,000
1,819,346 -6.7
1.362,421
+1.8
+75
856,718,037
b
6,126,489
a
d1,977,173
a
a
d4,151,837
%
1,644,093 -4.0
5,218,629 -30.7
1,534,317 -8.4
6,098.535
a
759,310,569
Total(17 cities)----
Inc. or
Dec.
1922.
--
191,611,523
175,247,217
+8.8
145,469.769
4,117,574
+7.2
3,790,497 +8.6
259.489
255,012 +1.8
294,457
225,000
14,535.409
+12.4
12,947,386 +12.3
833,158
683,118 -7.6
702,424
698,627
+14.1 2,430,856.255 2,107,774,922 +15.3 140,027,267 134,213,008 +11.0
99,600,00(
90,450,789
+14.9
40,453,881
33,871,037 +19.4
116,375.958
110,297,196 +5.5
+3.a
6,768.613
7,065.930 -4.2
6,893.181
5,561,620
29,274,837 +9.9
+4.9
32.170,453
36,482,961 +22.3
44,631,566
b
+9.3
b
b
b
b
37,408,885 +8.0
+2.7
40,401,942
2,684,497
2,689,445 -0.2
2,036.396
1,781.647
+27.9
56,115,110 +21.8
67,948,596
327,450.000
334,213,000 -2.0
-7.3
17,949,000
21,882,000 -18.0 *16,050,000
15,839,000
+7.1
39,700,833
39,313,612 +1.0
2,471,200
2.392.000 +3.3
2,395.000
2,394,033
101,740,281 -4.1
97,563,418
+7.0
5,025,462
6,025,064 -16.6
+0.2,920,224 +10.4
36
40,769,385
+3.8
634,213,996
608.094.841 +4.3
37,533,616
38,305,221 -2.0
34,547.599
30,154.740
+1.2
12,338,928 -0.4
12.283,112
+23.4 Not included In total
43,761,772 -2.9
+0.1
42.494,336 2.686.238
2,845,774 -5.6
2,308,494
2468.609
181,290,744 +2.5
185,909,492
-1.7
-4.7
184,343.676 +1.4
187,017,219
11,686.061
10,857,252 +7.6
10,027,135
11,768.545
-42.4
10,991.574 -23.1
8,451,202
9,764,518 -8.1
-7.2
8,973,450
110,428,916 -3.4
114.387,814
-1.8
6,486,116
7,082,333 -8.4
6,166,401
7,642,159
25,654,576 -3.6
+3.1
24.731,750
1,415,079
1.762.385 -19.7
1,371,099
1,415,573
+6.1
19,359,635 +7.3
20.778,111
28,407,246 -7.3
-0.9
26,344.8112
1,411.897
1,437.179
1,227,851
1,665,099 -15.2
0.5 10,258,703.777 10.604,244.121 -3.3 710,862,478 757,268,608 -6.1 722,020,509 598,526,389
a
aa
a
a
a
a
a
+16.4
21,491.285 -r2.9
22,119,931
1,335,174
1.099.168
1,090,149
1,527,883 -12.6
76,124,953 +5.5
+5.3
80.327.359
5,030.478
5,586,704
5,735,427
5.387,062 -6.6
+25.0
35,988,888 +25.3
45,094,559
2.222,014
3,259.960
2,335,579
2,922.6543 +11.5
+4.3
44,388,712 +2.5
45.482,938
1.571,734
2,541,130 -38.1
2.619.501
2,781,543
3,889.117.591 3,809,830,748 +2.1 15,014,290,208 14,956,824,333 +0.3 968,097.547
Total(29cities) __-1,007,372,980 -3.9 920.787.633 778,666,875
Ellibth Federal Re serve District -St. Louis
19,612,426
20,874.560 -6.0
-,-Evansville
d.
67.528,887 +20.9
81.632,203
5,006,114 -4.6
3,989,408
4,774,944)
4,447,607
746.894
701,786 +0.7
New AlbanY
2,634,032 +3.9
2,737,569
a
a
a
-St. Louis
•
0.
a
•
a
a
a
•
•
a
a
a
•
a
a
Springfield
129.596,538 -1.8
127,302.539
r.-LoulevIlle
524,331.849
542,569.839 -3.4
29,654.838 -5.2 24,410.531
28,098,954
22,171,524
1.864.289
1.962,575 -5.0 •8.308,759
9.842,069 -15.6
Owensboro
421,381 -2.4
358,008
411,358
453,453
10,978,779
14,498.260 -24.3
43,653,663 -3.3
Paducah
42,193,515
tin._meraptda. _ _ _
81.838.714
85.507.781 -4.3
355,788,514
395.237.302 -10.0
15,217.039
19,780,876 -7.9
16.021,615
13,665,008
49,644,393 _2.8
48,276,128
192.
951.
83e
.
.
198,016,612 -2.6
-Little Rock _
k.
11,434,595 -14.1
8.038.335
9.825,881
8410.909
1,282.499
1.605,943 -20.1
-Jacksonville
6,119,322 -8.9
5,575,573
.
643,310 -14.0
553,046
539,306
536.778
6,536.045
6,713.632 -2.6
Quincy
25.068,818
26,941.035 -7.0
1,843,944 -3.1
1.786,668
1,514,521
1,468.631
311.105,466 -4.1 1,238,568,436 1,292.542,761 -4.2
„ 298,396,313
Total(9 cities)
68,785.058 -7.4
63,667.886
55,329,923
50,695,709
2273
THE CHRONICLE
MAY 10 1924.]
OLSARINGS-(Cancluded.)
1924.
1923.
Week vtding May 3.
Since January 1.
Apra.
Clearings at
Inc.or
Dec.
1923.
1924.
$
Ninth Federal Res erve District -Min neapoll O-27,561,135 -2.4
26.908,530
-Duluth
Minn.
298,853.249 --11.5
264.492.808
Minneapolis
1,784,951 --12.8
1,555.858
Rochester
145.530,433 -5.2
137,991,124
St. Paul
8.532,511 --6.5
7.975.000
No. Dak.-Fargo-4,706,000 +10.5
5,199.000
Grand Forks
1,082,345 --21.2
852,757
Minot
5,488,752
5,238,172
Bo.Dak.-Aberdeen_
13.411,120
5.056,934
Sioux Falls
2,201,840 --11.9
1,939,765
-Billings
Mont.
3,384,079 --35.7
2.176,478
Great Falls
12,759.639 --23.8
9,754,727
Helena
1,192,431
Lewistown
105.316.126
1.082,292.749
6,488,880
558,335,939
29,205.184
20,725,694
3,435,361
19.796,167
20,091,979
7.732,072
8.640,107
41,773,246
95,809.145
1,169.112,598
6,818,354
578,747,589
32,749.082
16,964,300
4,482,965
20.131.741
55.271,667
8,505,862
13,896,162
53,033,630
3,378,511
526,488,485 -10.9
Inc. or
Dec.
Inc. or
Dec.
1923.
1924.
1921.
1922.
+9.9
-7.4
d6,358,184
63,104,901
6,855.443
72,406,648 --12.8
5.363.767
63,670.930
5,571,058
62,335,227
-3.5
-10.8
+22.2
-23.4
-1.7
-63.7
-9.1
-37.8
-21.2
30,704,915
1.522.899
34.986,575 --12.2
1,981.245 --23.1
30.543,000
1,668,348
30,512,281
2,000.000
1,136,677
1,341,832 --15.3
1,239,903
1.298.578
433.026
555.592 --22.1
635.030
958,848
2.272.334
3,109,302 --28.9
3,389.631
2.500,000
105,532,736
121,036,637 --12.8
106,510,609
105.175,992
d398,076
545,108
2,272,421
37,196,575
451,579 --11.8
581.163 --6.2
4,228,246 -46.3
44.562,217 -16.5
410,388
675,237
4,910.466
39.830.665
518,447
589.714
4,082.004
38,812,711
d2,274,130
d6.619,000
3,111,984 -26.9
10,203,000 -35.1
2.607,001
10,793,086
2.774,784
11,292.720
1.903,833,504
2,058,901,606
Tenth Federal Res erre District -Kansas Cit y1.801,372
1,898,837 --5.1
Neb.-Fremont
2.314,026 -11.0
2,058,962
Hastings
18,331,261
16,984,958
Lincoln
185,503,525 -14.5
158,630,671
Omaha
21,674,163 +20.0
25,998,082
-Kansas City
Kan.
a
a
a
Lawrence
a
a
a
Pittsburg
14,664,403 -21.3
11,543,513
Topeka
29,701,676
42,325,107 -29.8
Wichita
6,761,000
6,886,000 -1.8
Mo.-Joplin
507,630,601
579,367,026 -12.4
Kansas City
a
a
St. Joseph
a
a
-Lawton
Okla.
1,544,255 -22.6
1,195,461
McAlester
a
a
a
Muskogee
91,619,385 -6.3
85,868,842
Oklahoma City-- - _
30,929,885
38,607,808 -19.9
Tulsa
4,540,666
5,253,374 -13.6
-Colo. Springs_
Colo.
82.726,514
88,369,118 -6.4
Denver
4,439,408
3,821,747 +16.2
Pueblo
7,005,199
8,462,249
67,899,750
636,208,121
96,558.449
a
a
52,072,697
122.715,867
26.364.000
2,033,628,482
a
a
5,310,225
a
367.737.265
119,478,046
18,263,146
334.643,520
16,010,330
8.335,762 -16.0
9,492.527 -10.9
75.204,220 -9.7
750,638.332 -15.2
88,585,021 +9.0
a
a
a
57,792.097 -9.9
172,823,691 -29.0
26.115,000 +1.0
2,341,196,849 -13.1
a
a
a
a
6,335,393 -16.2
a
a
380,794.753 -3.4
149.244,265 -19.9
20,993,767 -13.0
451,184,333 -25.8
14,586,766 +9.8
124,673,587
a
139,960,510 -10.9
120,368,581
a
139,462,302
a
d20,291,077
a
495,367
18,977,508
982,104
a
a
21,457.061 -5.4
a
a
1,022.994 -51.6
21.607,146 -12.2
918,812 +6.9
a
19,211,699
a
1,035,192
20,412,248
789,195
22,842.477
a
978,651
19.994.437
863,534
970,811.651 1,102,180,035 -11.9
3,912,357,346
4,553.322,778 -14.1
214.724,953
248,104,712 -13.5
221,043,758
242,211,761
469,141,153
Total(13 cities)----
Total(15 cities)- -
•
-Dallas
Eleventh Federal Reserve Dim let
11.301,146
7.515,651
-Austin
Texas
6,829,788
5,464,000
Beaumont
122,106,537
160,002.092
Dallas
19,040.858
24,381.076
El Paso
40,665,459
42,656,076
Fort Worth
28,859,639
27,591,546
Galveston
108,105,384
97,909,198
Houston
2.727.101
2,237,685
Port Arthur
2,650,377
2,370,237
Texarkana
10,017,995
9,707,327
Waco
8.734,538
10,290,350
Wichita Falls
20,495,386
20,802,370
-Shreveport
La.
33.618,130
23,951,695
544,400.211
91,164,28
179,086,552
137,884,770
426.947,385
10,046.305
9,015,496
42,602.518
35,160,487
. 57,797,818
-10.2
+8.4
+24.3
-1.2
+2.6
+5.2
+7.2
-11.1
+15.3
+16.2
+8.7
-3.4
-33.5
+25.0
+31.0
--21.9
--4.7
+4.6
+10.5
-17.9
+11.8
-3.1
+17.8
+1.5
30.190,302
25.951,341
676,481,164
90,100,833
183,689,037
145.064.261
457,530.899
8,929,481
10,392,122
49,516,164
38,230,115
84,853.007
375,754,956 +10.9
1.800,919,726
1.621,875.630 +11.1
Twelfth Federal R eserve Distrie t-San Franci sco3.201,000 +14.1
3,651,000
-Bellingham _ _
Wash.
167,591,253 +5.3
176.420.046
Seattle
45,438.000 +5.9
48,122,000
Spokane
a
a
a
Tacoma
5.450,171 -0.5
5,422,993
Yakima
4,203,338 +0.7
4,234,268
Idaho-Boise
1,649.861 +18.0
1.946,222
Oregon-Eugene
154,214,273 +9.6
158,974,002
Portland
4,907.000 +14.7
5.630,000
Utah-Ogden
60,534.659 +7.0
64.790,339
Salt Lake City
2,814,786 -9.6
2,545,101
Nevada-Reno
7.175,121 +20.5
_
8,649.000
Arizona-Phoenlx
4,573.334 -16.7
3.807,785
Calif-Bakersfield _
*17,000,000 +1.8
17.303,235
Berkeley
16,313,918 -11.4
14,452,999
Fresno
34,699,274 -5.1
32,936,623
Long Beach
558.567,000 +9.2
609.721.000
Los Angeles
2,846,743 -2.9
2,764,063
Modesto
67.435,466 +5.5
71,116,612
Oakland
21,423,592 +21.6
26,052,758
Pasadena
3,010,743 +14.7
3,454.271
Riverside
27.115,755 +24.7
33,817,318
Sacramento
15.671,090 +14.5
17,351,947
San Diego
656,800.000 +5.5
692.900.000
San Francisco
10,543,748 -10.0
9,484,325
San Jose
4,794,528 +10.0
5,271,605
Santa Barbara
2,662,182 -28.1
1,913.412
Santa Rosa
12,505,000 -21.8
9,775,000
Stockton
12,681,000
696.710,294
184.970,000
a
21.531,191
17.429,298
6,663,312
624,496,739
22,693.000
247.600,902
9,758,491
35,992,149
16.047.819
71.978,343
60,657,374
142.225340
2.560,839,000
12,085,359
277,533,699
109,669,643
14.137,479
134,346.643
71,903,249
2,753,400,000
37,393,792
21,104,629
8,073.020
42,101,100
11.601,000 +9.3
822.484.463 +11.9
181.319.000 +2.0
a
21,753.576
14.795.653 +17.8
5,952,266 +11.9
555,943.637 +12.3
20.998.000 +8.1
239,950,490 +3.2
10,812,786 -8.0
28,787,356 +25.0
18.007,061 -10.9
70.925,051 +1.5
70,040.599 -13.4
135,204,824 +5.2
2,159.445,000 +18.6
11,784,484 +2.6
253,442.230 +9.5
88.141,030 +24.4
12.378,295 +14.2
114,240,874 +17.6
62.517,531 +15.0
2,630,361.000 +4.7
40,997,268 -8.8
19,253,392 +9.6
9,555.797 -15.5
43,671,000
+6.8
8.214,023,265
7.454,163.663 +10.2
416,786.980
Total(12 cities)- -
2,043,107,924 1,913,141.835
Total(27 cities)._
Grand total(187 cities) 36.415,480,971 33,831,332,398
16,089,619.856 15,821,259,447
Outside New York
+7.6 142,627,579,734 137,026,629,698
+1.7 63,842,253,139 62.685,938,709
1,288,477
1,622,145 -20.6
1,554,680
1,384,682
36,403.978
28,500,000 +27.7
23,401,589
23,865.550
10,100,028
5,903.132
a
10,266,110
4,819.150
a
12,340,613
7.118,073
a
9,311,012
5,380,495
a
-8.9
a
4,272,008
4,844,958 -11.8
4,744,503
3.977.489
56,655,970
50,970,263 +11.2
44,786,032
48,686.407
36,888.281
9,499,000
35,036,449 +5.3
9,047,000 +5.0
a
a
1.351,071 -20.8
29.463,056
10,706.000
a
1,471,339
27,887,630
9,698,704
a
1.171,900
1,070,123
35,057,296
37,494.609
-6.5
30,542.988
29.044,554
15.891,775
a
a
14,416,479 +10.2
a
a
a
12,017,770
a
a
12.296.029
a
a
3,711,054
7.170.118
138,576,000
4,026,641 --7.8
8.908,156 --19.5
143,845.000 --3.7
3,552,322
4,511,742
105,857,000
3,238,514
3.563.185
78,665,000
17.182,200
5,372.641
17,978,544
5,992,126 -10.3
14.404,178
4,281,102
10,680.351
3,076.055
-5.4
-8.6
-3.6
+1.4
-3.1
6,144,526
3,242,621
151,300.000
1.178,976
1,086,671
4,684,941
2.836.216
128.100,000
1,700,593
903.810
d7.291,753
3,643.763
159.200,000
2.310,780
1,159.581
e1,942,100
445,966,445
7,712,022
3.987,399
165,100.000
2,279,073
1,197.282
2.919,100 -33.5
2,008.300
4.601.000
-3.3
381,768,591
322.148,482
481,290.951
+6.7 8,370.872,396 7.069,476.264
-3.5 3.232,972,396 2,965.433,775
+4.1 9,354,035,165 8,785.249,601
+1.8 3,658.464,336 3.791.208,879
CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING MAY 1.
April.
Clearings al_
Canadian
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster....
MedicineHat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
1924.
$
411,089,943
388,485,754
171.897,133
64,442.883
27,955,123
22,340.318
12,213,631
20.881.374
26,516.574
10,560.900
8,676,104
11,150,063
18,071.411
12,160,400
1.998,722
1,984,579
6,332,095
4,244,497
3,730,912
3,170,283
2,608,120
1,275,198
3.437,345
3,488,010
4,173,650
14.889,522
1,351,728
8,529,133
2.622,620
1,263.298.025 1.267.331.011 -0.3 5.098.195,329 4,873,639,324 +4.6
Total(29 cities)...
a No longer report clearings. b Do not respond to requests tor figures. c Week ending April 30.
(No clearings, all banks closed.
Week Ending May 1.
Since January 1.
Inc.or
Ins.or
Dec.
1923.
Dec.
1923.
1924,
%
$
$
$
%
416,216,362 -1.2 1,641,391,349 1,558.838,129 +5.3
404,279,766 -4.4 1.646.811,045 1,615,446,074 +1.9
617,585.677 +6.5
163,867,517 +4.9
657,909,265
226,249.991 +13.1
255,790,364
59.150.019 +8-9
101,115,727 +0.7
26,227,753 +6.6
101,849,085
84,089,428 +6.4
89,478,036
22,143,601 +0.9
45,250.437 -1.0
12,089,225 +1.2
44.794,206
87,867,085 -8.6
23,086,709 -9.6
50.337,198
75,174,244 +51.9
114,166,544
19,131,837 +38.6
43,823.048 -1.1
11,323,304 -6.7
43,355,952
31.529,567 +2.7
8,126.730 +7.0
32,372.840
45,651,709 -2.7
11.493,880 -3.0
44,411,019
66,212,824 +8.1
16,318,875 +10.7
71,604,887
51,634,568 -0.4
13,864,658 -12.3
51.450,948
8,262,563 -4.6
2.114,056 - -5.5
7,885,802
8.924,851 -2.8
2,360,817 -15.9
8,673,338
+8.3
23,747.99
6,125,282 +3.4
25,718,991
4,885.196 -13.1
17.463.089 +0.3
17.510.375
15.504,294 -5.8
4.157.344 -10.3
14.606.276
11,991.042 +7.8
3,069.440 +3.3
12.925,910
8,522,43 +13.3
2,522,572 +3.4
9.653.301
5.054,514 +3.8
1.312,934 -2.9
5.247.533
11,583,845 +8.0
3,115,060 +10.3
12,511,403
+0.5
13,185,98
3,722.065 -6.3
13,245,549
-1.7
4,375,391 -4.6
16.081,38
15,810,996
50,578.560 -1.0
13,608.711 +9.4
60.089,943
5,576,659 +0.7
1,488,017 -9.2
5.816.170
16,959,557 -23.6
4,612,530 -23.5
12.984,976
9.734.073 +2.9
10.012.428
2.561.360 +2.4
1924.
Inc.or
Dec.
1923.
1922.
1921.
$
$
$
$
%
128.629,085 115,433,373 +11.4 121.666,787 136.511,737
109,705.105 117,220,899 -6.4 118.581.560 102,407,676
51,754,883
47.527,563
83,772,748 -25.5 62,016,512
15,236,427
13,454.808
15.999,469
15.964,575 +0.2
11,533,914
11,576,970
8,278,248 -18.1
6,782,202
5,542,484
6,987.807
7,621,672
+2.7
7.422,103
3,730.611
2,959.921
3,145,149 -20.6
2,497.811
7,172,851
6,358.309
5,004,351
6,276,923 -20.3
7,034,263
5,291.880
6.927,378
4,524,477 +53.1
3,532,206
2.904,939
2,599,673
2,481,520 +4.8
2,530,242
1,883,871
1,981,498
2,164,244 -8.4
4,022,364
3,506,274
2,913,098
4.356.533 -33.1
5.738.591
5.019,173
4,748,851
4,500.776 +5.5
3,926.181
3,501,051
2,882,933
3,675,694 -21.6
744,411
653,318
451.282
605,569 -25.5
745,401
757.081
486,486
570,136 -14.7
1,634,181
1,779.818
1,499,921
1,517.913 -1.2
1.289,534
1,445.932
983,315
1.232.363 -22.6
1.406,86I
1.002.361
798.370
972.888 -17.9
906,481
822.802
881,969
739,909 +11.2
695,661
728.586
757.323
+10.5
685.456
427,511
301,588
280,261
289,070 -3.0
847,681
779.586
800,390
848,449 -5.7
1,165,261
998,158
761.942
969.229 -21.4
1,127,161
1,081,285
890,740
1.068,187 -16.6
3.440.791
3.321.210
3.627.159
3,647,802 -0.6
397,911
387,969
332.338
392,442 -15.3
1.145,021
1.080.072
896,179
987,045 -9.2
751,24
•
633.003
812.061 -22.1
359.812.200 374.356.9111
d Week ending May 1.
-3.8
381.666.042
376.708.331
e Week ending May 2. •Estimated
2274
THE CHRONICLE
[Vol,. 118.
Government Revenue and ExpenditureS.
Preliminary Debt Statement of U. S. April
30 1924.
Through the courtesy of the Secretary of the Treasury we
The preliminary statement of the public
enabled to place before our readers to-day the details of United States for A p.il 30 1924, as Made up debt of* the
are
on the basis
of the daily Treasury statements, is as
Government receipts and disbursements for April
follows:
1924
Bonds
and 1923 and the ten months of the fiscal years 1923-24 Consols of 1930
$599,724,050 00
Loan of 1925
and 1922-23.
118,489,900 00
Panama's of 1916-1936
ReceiptsApril 1924.
Ordinary$
Customs
45,695,809
Internal revenue:
Income and profits tax__ __ 63,545,623
Mind'. internal revenue__ 66,533,462
Miscellaneous receipts:
Proceeds Governm't-owned
securities
Foreign obligations
Principal
76,661
Interest
485,892
Railroad securities
1,130,115
All others
421,931
Trust fund receipts (real ,
propriated for investml) 4,238,001
Proceeds of surplus prop'y_ 6.789,857
Panama Canal tolls, &e..
2,684,629
Receipts from misc,sources
credited direct to appropriations
2,326,680
Other miscellaneous
20,377,563
Total ordinary
April 1923. 10 Mos.1924.• 10 Mos.1923.*
$
53,735,538 457,141,139 459,188,990
63,802,416 1,466,106,144 1.288,662,291
62,991,863 803.451,352 778,190
,608
18,300,000
1,390,000
1.406.029
7,407
61,069,867
91,713,968
42,380,555
8,795,745
19,456.908
131,413,783
95,469,153
43,670,659
2,730,779
11,664.118
1,675,135
26,353,774
42,528,903
22.923,676
22,645,418
67,890,619
12,834,416
8,178,793
15,947,522
24,865,896
174,725,226
62,000,576
203,313,004
214,306,223 241,829,600 3,220,058,245 3,165,036,493
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
Excess of total expenditures
chargeable against ordinary
receipts over ordinary receipts
112,695,600 77,157,937
257,518,616
137,675,973
48,954,180 00
25,947,400 00
49,800,000 00
28,894,500 00
11.803,76000
Panama's of 1918-1938
Panama's 01 1961
Conversion bonds
Postal Savings bonds
First Liberty Loan of 1932-1947
second Liberty Loan of 1927-1042
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds of 1947-1952
Total bonds
NotesCreattury notes
Series A-1924, maturing June 15 1924
Series B-1924. maturing Sept. 15 1924
Series A-1925, maturing Mar. 15
Series B-1925, maturing Dec. 15 1925
Series C-1925, maturing June 15 1925
Series A-1926. maturing Mar. 15 1925
1926
Series B-1926, maturing
15
Series A-1927, maturing Sept.15 1926
Dec.
1927
Series B-1927, maturing Mar. 15 1927
Treasury CertificatesTax
Series'72-1924, maturing June
Series TD-1924. maturing Dec. 16 1024
15
Series TM-1925, maturing Mar. 1924
15 1925
Treasury (War) Savings Securities
War Savings Certificates:
Series 1920 a
Berke 1921 a
Treasury Savings Certificates:
Series 1921, Issue of Dec. 15
Series 1922, Issue of Dec. 15 1921 b
Series 1922, Issue of Sept.30 1921 b
Series 1923. Issue of Sept. 30 1922 b
Series 1923 and 1924, Issue 1922 b_
Thrift and Treasury Savings of Dec. 1 19230.
Stamps, Une.Jaasifled sales, &o
5881.703,79000
51,951,527,750'00
$3,104,775,600 00
3,125,834,050 00
6,324,600,500 00
$14,506.737,100 00
763,952.300 00
516,154,393,990 00
$311,088,600 00
377,681,100 00
597,325,900 00
299,659.900 00
406,031,000 00
615,707,900 00
414.922,300 00
355,779,900 00
668,201,400 00
34,046,398,000 0
3135,128,500 00
214,149,000 00
400,299,000 00
$749,576,500 00
520,751,216 53
12,188,672 70
ExpendituresOrdinary
1,833,077 55
(Checks& warrants paid,&c.)
100,661,178 80
General expenditures
146,704,584 154,656,218 1,534,937,158
16,187,463 30
Interest on public debt
a144,411,730a151,091.600 a776,684,531 1,625,058,180
a861,129,060
142,778,201 10
Refunds of receipts:
104,394,341 36
Customs
1,142,550 1,107,708
17,307,594
25,939,779
Internal revenue
17,456,461 9,900,702
85,437,282 104,135,877
4,200,882 95
Postal denciencY
162,536 515,000,000
12,638,850
32,526,915
Panama Canal
402,994,741 29
Total interest-bearing debt
1,264,274
173,151
7,248,091
3,162,148
Operations in special accounts:
Matured Debt on Which Interest
321,353,363,231 29
Railroads
Old debt matured at various Has Ceased
1.257,633 2,080,373
18,805,521
76,077,906
dates prior to
War Finance Corporation_
April 1 1917
8913,503 83,067,763 549,599,756 895,521
,538
Shipping Board
3,943,779
81.293,10028
385,662
79,107.793
55,751,091 Spanish War Loan of 1908-1918
Alien property funds
83,800,922 52,281,683
Certificates of Indebtedness
268,420 00
65,413,170
64,838 334% Victory
Sugar Equalization Board_
4,842,500 00
Notes of 1922-1923
Loans to railroads
4R % Victory Notes of
1.900,000
156,100 00
71,000
12,971,000
1922-19237,196,587
Investment of trust funds:
Called for redemption Dec.
15 1922
Government Life Insurance
Matured May 20 1923
5,717,400 00
Fund
4,204,573 2,707,758
10,443,100 00
26,160,350
22,484,874
CIVII Service Retirement
Debt Hewing No littera:22.720,68026
Fund
United States notes
7.526,760
8,091,418 Less gold
District of Columbia
$346,681,018 00
reserve
Teachers' Retire% Fund.
33,428
152,979,025 63
23,020
193,424
160,544
Deposits for retirement of
Total ordinary
317,767,123 301,847,746 2,524,005,428
$193,701,99037
national
2,726,257,479
and Federal Reserve bank notes bank notes
Old demand notes and fractIon
Public debt retirels charge42.607,70900
al currency
able against ordinary re2,049,218 33
eelins:
Total gram debt
238,358.917 70
Sinking fund
8,887,450 16,862,300 295,837,350
a Net cash receipts. b Net
283,720,800
$21,614,442,829 25
.
redemption value of certifica
Purchases from foreign retes outstanding.
payments
38,509.150
1,159,300
Received from foreign govTreasury Cash and Current
ernments under debt setLiabilities.
tlements
91,858,200
The cash holdings of the Gover
Received for estate taxes._
339,850
272,850
nment as
8,620,900
4,865,750 April 30 1924
Purchases from franchise
are set out in the following. the items stood
tax receipts (Federal ReThe figures are
taken entirely from the daily
serve banks)
statement of the United States
3,634,550
10,815,300 Treasury for April
Forfeitures, gifts, Ac
7,400
4,641
30 1924.
72,050
541,891
CURRENT ASSETS AND LIABIL
Total
9,234,700 17,139,791 438,532,200
ITIES,
301,103,041
GOLD.
AssetsTotal expenditures chargeable
LiabilitiesGold coin
3
411.679,27794 Gold certifs.
against ordinary receipts_ _327,001,822 318,987,537
outstand'6,1,140,199,279 00
2,962,537,627 3,027,360,519 Gold bullion
3,309,629,405 66 Gold fund, F. R.
Board
(Act of Dec. 23'13, as
•Receipts and expenditures for June reaching the Treasury
In July are included.
amended June 21 '17).2,239,207,2
a The figures for the month include $2,374,648 82 and for
85 12
Gold reserve
date $22,031,931 99 accrued discount on war-savings certifica the fiscal year 1924 to
152,979,025 83
tes of
Gold In generalfund__
and 1919; and for the corresponding periods last year the figures the series of 1918
188,823,093 85
include $12,088,Total
09249 and $83,910,704 12, respectively, for the series of 1918.
3,721,208,683 60
Total
Note.
3,721.208,68360
S Excess of credits (deduct).
-Reserved against
notes of 1890 outstanding. $346,681,016 of 17. S. notes and $1,428,026 of Treasur
Treasury notes of 1890 are also
y
in the Treasury.
secured by silver dollars
TREASURY MONEY HOLDINGS.
SILVER DOLLARS.
-The following . Assets$
Liabilities
Silver dollars
compilation made up from the daily Government state
425,798 725 00 Silver certifs.
ments
outatand'g
Treas, notes of 1890 out_ 406,898,667 00
shows the money holdings of the Treasury at the beginning
1,428,026 00
Silver dollars in gen.fund
17,472,032 00
of business on the first of February, March, April and
Total
425,798,725 00
Total
425,798,725 00
May 1924:
GENERAL FUND.
Assets
Gold (see above)
188,823,093 85 Treasurer's
Feb. 1 1924. Mar. 1 1924. April 1 1924
Holdings in
Sliver dollars (see above)
checks outMay 1 1924. United States
17,472,032 00
standing
U. S. Treanor/.
$
$
notes____
$
1,614,639 77
1,452,315 00 DePos. of Govt.
$
Federal Reserve notes_ _
officers:
695,20600
Post Office Dept
Fed. Res. bank
Net gold coin and bullion_ 343,378.525 333,580,010 334,263,656
17,716,782 53
215,724 00
341.802,120 National bank notes__ _
Board oftrusteosPostal
48,515,756
Net silver coin and bullion
47,819,941
notes_ _
50,953,273
48,986,575 Subsidiary
17,730,783 00
1,589,076
Savings System(5%
Net'United States notes__
1,613,041
1,249,160
8,179,501 73
1,452,315 Minor coinsilver coin_ _
15.764,862
res've lawful money)
Net national bank notes__
15,063.355
6,615,435 90
15,945,595
2,250,990 17
17,730,783 Silver bullion
638,889
Other deposits
Net Fed'i Reserve notes.649.385
2,915,474 47
548,213
31,514,542 76
695,206 Unclasslf I e
231,354
Comptroller of CurNet Fed'l Res. bank notes
184.151
d--conec198,399
215,724
rency, agent for
7,956,341
Lions, &c
Net subsidiary silver
8,134,718
8,048,076
2,843,741 94
8,179 602 Depositsin Federal
10,672,732
creditors of insolvMinor coin,&c
4,950,624
Land
4,694,600
5,094,7 2
3
ent banks
banks
4,136,886 19
1,000,000 00
Postmasters, clerks of
Deposits in Federal ReTotal cash in Treasury. 428,747,535 .411,995,225 415,900,972
courts, disbursing
serve banks
Less gold reserve fund...-. 152,979,026 152,979.026 152,979,026 424,158,957
58,510,901 61
152,979,026 Deposits in
officers, &c
35,714,166 13
special deDeposits for:
positaries account of
Cash balance In Treasury_ 275,788,509 259,016,199 282,921,946
2717177,931
Redemption of Fed'I
sales of certificates of
Dep.In speel depositories:
Reserve notes (5%
169,641,000 152,720,000 291,352
Indebtedness
Acct. etts. of indebt
,000
fund,gold)
55,191,881
Dep. In Fed'i Res. banks_
55,667,591 122,374,200 249,911,000 Deposits in foreign de- 249,911,000 00
174,364,607 20
58,510,902
Redemption of Fed'i
positaries:
Dep. In national banks:
Reserve bank notes
7,894,296
To credit Treas. U.S.
8,319,178
TO credit Treas. U.5.9,103.357
145,316 56
7,864,611
(5% fund, lawful
23.232,375
To credit of other
22,222,733
To credit dlsb. officers_
22,782,237
22,113,215
money)
647,164
Govt.
Cash in Philippine Islands
1,079,794
27,500 00
_
924,762
350,664 34
1,233.902 Deposits inofficers_
Redemption of nati
571,308
Deposits In foreign depts.
513,658
nen banks:
475,172
496,010
bank notes (5%
1,000.000
Dep.In Fed'I Land banks_
To credit Treas. U.S.
7.864,61134
1,000,000
fund,lawful money) 32,838,968 14
To credit of other
Retirement of add'I
Govt. officers_ _
Net cash in Treasury
22,113,214 59
circulating notes,
533,946,533 499,539,153 709,913,674
Deposits in
and in banks
Act May 30 1908
Treasury:
10.04500
Deduct current liabilities_ 293,011.053 271,114,122 265,393,077 612,307,571
280,582,169
Uncollected items, 6:To credit Treas. U.S.,
1,233,902 11
changes, &c
•vellehle. noel. halanm
240.935,448 228,425,031 444,520,597
4,827,864 09
331.725.402
.
*Includes May 1 $31,514,542 76 silver bunion and 82,250,990 17
minor coins,
&c., not Included In statement "Stock of Money."
Net balance
Total
812,307,571 00
Total
280,582,16942.
331,725,401 58
612.307,57100 '
MAY 10 1924.1
THE CHRONICLE
-The amount to the credit of disbursing officers and agencies to-day
Note.
$823,337,966 20. Book credits for which obligations of foreign governments WAR
are
held by the United States amount to $33,236.629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of 'lawful money for
the retirement of outstanding national bunk and Federal Reserve Bank notes are
paid into tho Treasury as miscellaneous receipts, and these obligations are made
tinder the Acts mentioned as part of the public debt. The amount of such obligations to-day was $42,607,709.
5575.525 in Federal Re'erve notes and 317,587,018 In national bank notes are In
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 3, was as follows:
gallIllterdal audalliscellaneousBoalr.
Breadstuffs figures brought from page 2339.
-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 al-
Flour.
WEeat.
Corn.
Oats.
Barley.
Rye.
551s.1961bs. bush.60 lb*. bush.56 lbs. bush. 32lbs. ush.48lbs. btsh.56163
.
ChIcago
224,000
.291.000 1.486.000 1,210,000
167,000
21.000
Minneapolis
._ _ .
711.000
156.000
220.0001
252.000
55,000
Duluth
331.000
30,000
2,000
11,0001 103.000
Milwaukee-.3'.111
' ,
122.000
198.000
170,
5.000
Toledo
44,000
103,000
75,000
-,.-- -1.000
Detroit
15,000
10,000
38,000
Indianapolis
78,000
289,000
303,000
97.1 I
389,000
St. Louis... _
882,000
770.000
8,000
3.000
38,11
21,000
Peoria
200.000
253,000
4.000
3,000
Kansas City
505.000I
554,000
122,000
Omaha
213.000,
456,001
323,000
192,000'
St. Joseph...
313.000
18,000
34,0001
Sioux City192,000
64.000
3,000
Total wk. '24
Same wk. '23
Same wk. '22
2,833,000 4,793.000
4,309.000 3,445.000
5.l39.00
5.770.000
391.'''
406,001
380,i 0
3,628.000
3,407.000
3,574,000
580.000
418,000
411.
194,000
613,000
617,01)0
Since Aug.11923-24 _ _ - 16.519,011 184.174,000,243,245,000 192.090.000 35,284,00023,387,000
.
1922-23_ .._ 19,426 111 362.727.000256.766,000187.998,000 33,170,00045.018,000
.
•nni net
I, 155
901 405 000915 597 000 157 571 11/1119.1 070 000
110 nun MY.
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, May 3 1924, follow:
Receipts at -
Flour. . Inherit.
I
Cora.
Barrels.
Bushels.
New York.240,000 3,151.0
Portland, Me24,1 I
2,0001
Philadelphia 603,00
31.0001
Baltimore._ _ 21,000
384.0
Newp't News.
3,000
New Orleans*
72,000
0.001
Cialveston.
,32,000
Montreal
__
30,000 2,157,111
St. John. N.B
51,000
89,001
Boston
30.
99.0'
i
Oats.
Bushels.
65.000
16,001
20,000
Barley.
Rye.
Bushels.
Bushels. Bushels,
92.0001
19.000
2,000
30,000
33.000
41,000
7,0001
43.000
104,00
8,000
192,000
1.001
54,000
358.000
333,000
16,000
2 .1 I I
94,000
2275
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
GRAIN
Wheat,
bush,
315,000
1,000
92,000
202,000
STOCKS
Corn.
Oats.
bush,
bush,
154,000
353,000
6.000
14.000
151,000
12,000
177,000
45.000
120,000
500,000
106,000
Rye.
bush.
74,000
2,000
80.000
99,000
Barlco.
bush.
15,000
1.000
3,000
267,000
95,000
299,000
42,000
4.188.000
948,000
648.000 1.881.000
209,000
192,000
491.000
936,000
182,000
280,000
10,000
12,000
20,000
18,000
7.000
13,198,000 3.950,000 3,258,000 1,915,000
36,000
189,000
892,000
229.000
874,000
4,483,000 4.917,000 1,154.000 6,889,000
12,684,000 1,258,000 2,623,000 7,772.000
167,000
218,000
162,000
14.000
775,000
701,000
176,000
18,000
8.421,000 1,279,000
214,000
178,000
653,000
300,000
50,000
9.000
6,000
53,000
41.000
178,000
391,000
51,000
2,000
2,176.000 1,017,000
475,000
183,000
2,010,000
633,000
166,000
250,000
9,000
100,000
3,000
172.000
81.000
223,000
162,000
2,000
6,000
46,000
3.000
10,000
Total May 3 1924...51,461.000 17,978,000 10,716,000 20,374,000
836,000
Total Apr1126 1924 _ _52,781,000 19,707,000 11,749,000 20.991.000
_
Total May 5 1923_ _ _ _43,694,000 19,059,000 20,540.000 19.011.000 1.017,000
2.160,000
Nate.
-Bonded grain not included above: Oats, New York, 537,000 bushels
Boston, 48.000: Baltimore. 3,000: Buffalo, 133,000; Duluth, 11,000;
bushels, against 877.000 bushels in 1923. Barley, New York. total, 732,000
67,000
Duluth, 24,000; On Lakes, 58,000; total, 149.000 bushels, against 291,000 bushels:
1923. Wheat, New York, 651,000 bushels; Boston. 53,000; Philadelphia bushels in
, 506,000:
Baltimore, 395.000: Buffalo, 5,360.000; Buffalo afloat. 1.630,000:
Duluth, 63,000:
On Lakes, 2,394,000; total, 11,052,000 bushels, against 4,169,000 bushels
in 1923.
Canadian
Montreal
1.636,000
59.000
929,000
204,000
210.000
Ft. William dr Pt. Arthur_28,912,000
7,904,000 1,716,000 2,050.000
Other Canadian
2,796,000
1,222.000
7.000
305.000
Total May 3 1924-- _ _33,344,000
59,000 10,055,000 1,927.000 2,565,000
Total April 26 1924__ _43,758.000
20.000 8,255.000 1,711,000 2.107,000
Total May 5 1923_ _ _ _41,995,000
206.000 6,838,000
159,000 4.564,000
Summary
American
51,461,000 17,978.000 10,718,000 20,374,000
836,000
Canadian
33,344,000
59,000 10,055.000 1.927,000 2,565.000
Total May 3 1924_ _ _ _84,805,000 18,037.000 20,771,000 22,301.000
3,401,000
Total Apr1126 1924.._ _96,539,000 19.727,000 20.004,000
22.702,000
Total May 5 1923_ __ _85.689.000 19,265.000 27.378.000 19,170,000 3,124.000
2.436,000 •
BANK NOTES
-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Total wk. '24
480,000 6.548,000
406,000
923,000
41.000
180,000
SinceJan.1'24 9.418.000[_55.751,''' 10,566,011 12.231.000
3.528,000 3,058,000
Week 1923
482.0001 2,201,001
399,111
601,000
241,000
420.000
SinceJan.1'23 9.300.00 74,707,611 27,204 111 12,333
3.442,111 14,593.000
* Receipts do not include grain passing through New Orleans
for foreign ports
on through bills of lading.
Amt. Bds. on Deposit to
Secure Circulation for
National
Fed. Res.
Bank Note*. Bank Notes.
National Bank Circulation
Afloat on
Bond.'.
Legal
Tenders.
Total.
$
545,900 745.795,653 31.611,339 777,4013,992
The exports from the several seaboard ports for the week
545,900 745,171,676 31,162,366 776,334,042
ending Saturday, May 3 1924, are shown in the annexed
545,900 743,454,758 30,964,444 774,419,202
545,900 742,670,537 30,126,232 772,796,769
statement:
545,900 740,521,752 31,045,227 771,566.979
545,900 743.984.275 29,450,769 773,435,044
545,900 743,806,385 28,799,884 772,606.269
Reportsfrom
Wheat.
Corn.
Flour. • Oats.
Rye.
Barley. Peas.
545,900 742.184.915 28.137,092 770.322,007
4,543.700 740.323,568 28,621,244 768,944,812
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels Bushels.
New York
4,793.700 740,986.663 28,823,714
1,624,043
151.371 154.071 101.535 25,009
-- 4,993.700 719,103.625 28,336,094 769,810,377
Portland, Me_ _
24,000
2,000
30,000
747.439,719
Boston
5,593.700 742,178,351 27.829,641 770.007,992
92,000
4,000
40,000
Philadelphia
6,148.700 740,099.541 27.868,731 767,968,272
1,562,000
87,000 10.000
65,000
, Baltimore
6,368,700 739,984,523 27,197,981 767.182,504
284.000
77,000 2.000
35,000
Newport News.
6,878,700 738,423,517 28.620,187 767.043,704
3,000
New Orleans. _ _
7,868,700 734,541.173 29.209,789
96,000 137,000 36,000
17,000
763,750,962
St. John, N.B. 89.000
7.968,700 735.281.275 26,846,812 762,128,087
51,000 333,000
81,000 40- 666
.
31.468.700 736.065,365 25,433,762 761.499,127
Total week 1924_ 3,771,043 301,000 259.371 517,071 339.535
46,468.700 734,520,475 26.158,712
760.079.187
_ _
Week 1923
4.825,135 889.731 374.403 415.524 951.022 65.009
56,768,700 734.465.283 26,285,914 760,751.197
305.715
- - -67.518.700 733.623.52 26,082,024. 759.705,549
The destination of these exports for the week and
511,581,170 Federal
since secured by United Reserve bank notes outstanding April 30 (of which $344,000
July 1 1923 is as below:
States bonds and 511,237,170 by lawful
money), against 526,626,000 April 30 1923
.
Flour.
IVheal.
Corn.
The following shows the amount of each class of United
Exports for Week
and Since
Week
Since
Week
Since
States bonds and certificates on deposit to secure Federal
Week
Since
July 1 to
May 3 July 1
May 3
July 1
May 3
July 1
1924.
1923.
1924.
Reserve bank notes and national bank notes on April 30:
1923.
1924.
1923.
---Barrels. Barrels.
Bushels,
Bushels.
Btshels.
United Kingdom_ 56,199 3.918,649 1,252.024 77,635,327
U. S. Bonds Held April 30 to Secure
Continent
168,872 7,753,062 2,380,783 114,218,410 164,000 3,953,228
129,000 4,896,636
So.d: Cent. Amer. 7,000
Bonds on Deposit
237.000
392,000
0n Deposit to
On Deposit 10,
93,000
West lndies
11,000
812.000
April 30 1924.
Secure Federal
7.000
Secure
Total
8.000 1,093.000
Brit.No.Am.Cols.
Reserve Bank National Bank
Held.
75,000
719,682
Other countries. _ 16,300
138.238 2,004,772
Notes.
Notes.
6,000
Total 1924
259,371 13,440,993 3.771,043 194,257,509
301.000
374.403 13.292,253 4.825.135 276,049.857 889.731 10,118.862 2s. 13.5. Consols of 1930
Total 1923
545,900 588,889,950 589,435.850
80,214,682 4s. U.S. Loan of 1925
87.490,650
87.490,650
The world's shipment of wheat and corn, as furnished by 2s, U.S.Panama of 1936
48,591,220
48,591.220 '
25,704,860
Broomhall to the New York Produce Exchange, for the week 2s, U.S. Panama of 1938
25,704.860
ending Friday, May 2, and since July 1 1923 and 1922, Totals
545,900 750,676,680 751,222,580
April 30 1924__
Mar.31 1924__
Feb. 29 1924..
Jan. 31 1924..
Dec. 31 1923-Nov.30 1923..
Oct. 31 1923._
Sept.29 1923..
Aug. 31 1923._
July 31 1923..
June30 1923..
May 31 1923..
April 30 1923._
Mar. 31 1923._
Feb.28 1923._
Jan. 31 1923._
Dec. 30 1922._
Nov.80 1922_
Get. 81 1922._
801.30 1922..
Aug. 81 1922_
are shown in the following:
Wheat.
1923-24.
Week
May 2.
North Amer.
Russ.de Dan.
Argentina__ _
Australia ___
India
0th. counts_
Since
July 1.
Corn,
1922-23.
Since
July 1.
1923-24.
Week
May 2.
Bushels.
Bushels.
Bushels.
Bushels.
376,000
8,825,00 370,136,000382,606,000
42,994,000 6.275,000 1,139,000
728.0
6,868,00 135,871,
115,736,''' 4.488,000
2,984,00' 80,188,000 40,020,000
11:
8,111 12,432,000 10,068.1 1 1
258,00
1.840,
num _ ... 19.669.
u 23.453,000554,703,1 1 1 6,003
Since
July 1.
1922-23.
Since
July 1.
Bushels.
Bushels,
12,102.000 83,715,000
30,214.000 5.096,000
83,710,000 98,888,000
15.234.00
4,751,000
141,260, I 192,450,000
750.676,680
749,974,180
748,875,180
747.256,230
746.577,780
746,778.030
746,562,330
746.780,830
745,685,080
744.848,940
744.654.990
744,034,190
742,823,590
742.879,540
741.077.590
739,329,840
738.257.440
739.018.690
737.660.690
737.501.940
735.460.690
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits April 1 and
May 1, and their increase or decrease during the month
of April:
National Bank Notes
-Total Afloat
Amount afloat April 1 1924
Net increase during April
...
Amount of bank notes afloat May 1 1924
Legal Tender Notes
Amount on deposit to redeem national bank notes April 1 1924
Net amount of bank notes Issued in April
Amount on deposit to redeem national bank notes
May 1 1924
$776,334,042
1,072,950
2777,408,992
$31,162,366
418,973
$31,611,933
THE CHRONICLE
2276
New York City Banks and Trust Companies.
AU prices dollars per sham
Bid Ask Trust Co.'s Bid AO
Banks
Banta-N.Y. Bid Ask
New York
America •____ 215 220 Harriman.___ 355 370
.
•_ 157 162
Amer Exch.... 303 309 Manhattan
-American_Bowery •____ 525 --- Mech & Met_ 375 385 Bank of NY 488 493
& Trust Co
390 415
160 170 Mutual*
BroadwayCen
148 Bankers Trust 358 363
Bronx Boro.- 200 -- Nat American 140
538
Bronx Nat__ 140 150 National City 360 365 Central Union 530 115
105
Bryant Park • 160 ._. New Neth• 150 160 Commercial__ 300 310
Empire
300
Butch & Drov 140 150 Pacific •
418 422 Equitable Tr_ 207 210
Cent Merean. 240 265 Park
343 348 Port Morris- 178 ..... Farm L & Tr_ 620 625
Chase
355 365 Fidelity Inter 205
Chat & Then_ 248 252 Public
290 325
400 410 Fulton
Chelsea Exch. 148 156 Seaboard
95 Guaranty Tr_ 240 245
Chemical __ 547 557 Seventh Ave. 85
245 ..
225 Standard •_ _ 185 200 Hudson
Coal & Iron_ 218
365 375 Irving BankColonial____ 400 ___ State*
Columbia Tr 215 219
145
Commerce _. 315 320 Trade•
Tradesmen's• 200 ___ Law Tit & Tr 210 215
Com'nwealth• 235 250
_ 320 328
Continental_ 175 185 23{1 Ward.-- 265 280 Metropolitan
___ United States* 190 198 Mutual (West 115 130
Corn Each..,. 448
chester) ___
___
Cosmoplan•_ 118 128 Wasn't). Hui._ 200
N Y Trust__ _ 364 369
East River_ _ _ 195 205 Yorkville'_1100 1500 Title Cu & Tr 393 398
Fifth Avenues 1300 -- U 13 Mtg & Tr 295 305
245 255
Fifth
United Sta 1370 1390
Brooklyn
1450 1475
First
Island* 160 170 Westches Tr_ 210
280 290 Coney
Garfield
Brooklyn
395 410
166 175 First
Gotham
Mechanics' •. 147 151 Brooklyn Tr_ 495 510
Greenwich'__ 360 400
1000 .
800 815 Montauk •___ 180 ___ Kings County 285 295
Hanover
250 ___ Manufacturer
Nassau
410 420
260 ___ People's
People's
dividend.
•Banks marked with (*)are State banks. (s) Ex
New York City Realty and Surety Companies.
[VOL. 118.
APPLICATION TO CONVERT APPROVED.
1,000,001
-Grace National Bank of New York, N. Y
Apr.29 1924
Conversion of The W. R. Grace & Co.'s Bank,
New York, N. Y.
CHANGE OF TITLE.
-The Citizens' National Bank of Oneonta, N. Y.. t<
-8920
May 1 1924
"The Citizens' National Bank & Trust Co. of Oneonta."
-The National Bank of Bakersfield, Calif. (May I
-10357
May 1 1924
1924), to "First National Bank in Bakersfield."
.
VOLUNTARY LIQUIDATIONS.
-The Commercial National Bank of Homer,
-11638
Apr.29 1924
250,00C
La
Effective April 12 1924. Liq. Agent, N. J. Kendrick, Homer, La. Absorbed by the Homer Trust
& Savings Bank, Homer, La.
100,00C
-The Security National Bank of Ada. Olda
-12144
Apr.29 1924
Effective Dec. 29 1923. Liq. Agent, H. W. Wells,
Ada, Okla. Absorbed by the Security State Bank,
Ada, Okla.
-The Northern National Bank of Toledo, Ohio-1,000,00‘
-809
May 1 1924
Effective close of business April 30 1924. Liq.
Agent. the Toledo Trust Co., Toledo, Ohio. Absorbed by the Toledo Trust Co., Toledo, Ohio.
50,006
-The Verona National Bank, Verona, N. J--10919
May 2 1924
Effective April 30 1924. Liq. Committee, Ralph
M. North, Charles A. Williams and Roland A.
Jacobus, Verona, N. J.
ADDITIONAL APPLICATION TO ORGANIZE APPROVED.
-The Labor Co-Operative National Bank of PaterMay 3 1924
$200,000
son, N. J
Correspondent, Jos. A. Delaney, 129 Market St..
Paterson, N. J.
AU prices dollars per share.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the cur207
195
rent week. Then we follow with a second table, in which
165
we show the dividends previously announced, but which have
not yet been paid.
-Among other securities, the following,
Auction Sales.
The dividends announced this week are:
not actually dealt in at the Stock Exchange, were sold at auction
Boston and Philadelphia on Wednesday of
in New York,
Books Closed.
Per
When
Days Inclustre.
Cent. Payable.
Name of Company.
this week:
York:
By Messrs. Adrian H. Muller & Sons, New
Railroads (Steam).
Bid
Alliance R'Ity 108
Amer Surety. 94
Bond & M G.s295
City investing 73
98
Preferred
Lawyers Mtge 159
Ask
_ Mtge Bond__
98 Nat Surety300 N Y Title &
Mortgage _ _
81
B Casualty102
8Title Guar
184
Bid
112
157
Bid
Ask
116 Realty Assoc
(Bklyn)com 162
159
80
1st pref _
2d pref. _ 72
210
Westchester
Title & Tr. 228
176
Ask
168
85
77
Percent.
Bonds.
$ per sh.
Shares. Stocks:
-year
10
Packing
69 Kelly Springt. Mot.Trk.Co.,p1.$6 lot 38,000 Douglas 75, 1932Co.
9834
sinking fund
15 Keystone Finance Corp.,prof _ 12525
-year
Co. 20
15 Keystone Finance Corp., com_i lot $11,000 Hudson Nay. of deposit_ 1031
5. 1. 55, reg., certifs.
10
112 H. H.Camp Co
£1,000 Chinese Reorganization 58 of
10
25 H. H. Camp Co
1913. Russian and English.stmod
50J. I. Case Threshing Machine
Jan. 1922 and sub, coupons at- lot
4134
Co., pref
8125
tached, .520 each
750 Southland Citrus Products Co.$18 lot
50c.
850 Interstate Fish Corp.,com
434
2,425 Interstate Fish Corp., Pref
By Messrs. Wise, Hobbs & Arnold, Boston:
$ Per sh.
Shares. Stocks.
9 Exchange Tr. Co., Boston _1874-1874
139
Mills
10 Flint
20 Springfield Gas Light Co., par
47
$25
25 The Proprietors of the Revere
130
House
5 Boston Real Estate Trust, par
88234
$1,000
50 Turners Falls Power & El. Co_ _107
2 Hood Rubber Co., preferred.- 97
$ per sh.
Shares. Stocks.
1 Boston Belting Corp., preferred-- 104
20
65 Bethlehem Electric Co
50 Puget Sound Power & Light Co.,
78
6% preferred
16 Thompson Electric Welding Co..
38
par $20
50 Waldorf System, Inc., preferred,
104
par $10
6-100 State Theatre Co.,preferred _70 eta.
10 Emerson Shoe Co.. let preferred. 27
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
196
1 National Shawmut Bank
3 National Bank of Newbury, Wells
75
River, Vt
2 Waltham Bleseh.& Dye Wks.Co. 75
13734
5 Massachusetts Cotton Mills
46
2 American Linen Co
16 Edison Electric Illuminating
203
Co., Brockton
11034
50 Plymouth Cordage Co
0 United Soda Fountain Co., pref. 10
$ Per sh.
Shares. Stocks.
78 Fall River Electric Light Co.,
324-33
par $25
10 Boston Ground Rent Trust _10645rdiv
90 Puget Sound Power & Light Co..
75
6% preferred
$1 lot
159 Crown 011 Co., par $1
46 Springfield Gas Lt. Co., par $25- 47
5 Edison Electric Illuminating Co..
203
Brockton
$5 lot
3 Norcross Bros. Co., pref
By Messrs. Barnes & Lofland, Philadelphia:
t Per 35.
Shares. Mocks.
4 Plilladel Bourse. com., par $50... 2034
2434
pref., par $25
do
3
5
22 Morris Run Coal Mining Co-10
preferred
do
52
350
Nat. Bank
10 Fourth St.
20031
3 Quaker City Nat. Bank
390
11 Philadelphia Nat. Bank
429
Bank
5 Corn Exchange Nat. Bank
i
glL
5 Corn Exchange Nat.
2 Girard Nat. Bank
513
3 Girard Nat. Bank
50 Producers & Con.Bank, par 210- 1034
Camden_300
2 First Nat.State Bank ofCo
290
10 Bank of N.A.& Trust
4034
50
5 Phoenix Trust Co.. Par 2
404
8 Phoenix Trust Co., par $50
40
Co.. oar 850
3Phoenix Trust
Trust.416
2 Commonvelth Title Ins.&
933
Girard Trust Co
3
932
8 Girard Trust Co 'fr., par $50-100
10 East Falls Bank &
73
Trust Co., par 850
2 Mutual
Insurance on
4Pennsylvania Co.for
600
Lives, &c. (old stock)
Trust
9 Lancaster Ave. Title &
60
Co., par 350
Trust Co., par 350._ 55
5 Community
Trust Co.,
15 Chestnut Hill Title &
60
par $50
$Pensh.
Shares. Stocks.
2 United N. J. RR.et Canal Co- __193
4 Philanel. Bourse, corn., par $50- - 20
,
8 Philadel. Bourse. corn, par 850-- 20
4 Freehold & Jamesburg Agee. RR. 25
50
65 DruedIng Bros. Co., corn
9231
38 Smith, Kline & French, pref.2Second St Third Sts. Pass. Ry____169
10 Boone County Coal Co., pref.- 55
25 Philadelphia & Camden Ferry
118
154.050
39 Hare & Chase, Inc., pref
1 lot
13 Hare & Chase, Inc., corn
100
1 Sylvania Hotel Co
100
60 Victory Ins. Co., par 250
100
5 Victory Ins. Co., par $50
100
5 Reliance Ins. Co.. Par 350
164
13 Ridge Ave. Pass. Ry
3334
21 Northern Liberties Gas Co
10 Penna. Cold Stor.& Market Co- 41
105
22 Phila. City Pass. Ky., corn
S per rt.
Rights.
12 Pennsylvania Co. for Insurance
5034
on Lives, &c., (d) 8550
15 Pennsylvania Co. for Insurance
so
on Lives, &c., till 8550
Per MU.
Bonds.
85.000 Springfield Congo!. Water
85
Co. let 58, 1958
$1,000 Chicago & Eastern 1st 6s_ ...104
-The following information regarding
National Banks.
the
national banks is from the office of the Comptroller of
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED.
-The Merchants' National Bank of Alhambra, Calif_
May 1 1924
a
cogegondent, Charles R. Henderson, AlhaMbra,
APPLICATION TO ORGANIZE APPROVED.
Bank of Chicago, Ill
1,000.000
-The Guardian National
31sY 3 1924 Correspondent, James S. McClellan,7 S. Dearborn
St., Chicago. in.
Capital.
$100,000
334 June 28 Holders of rec. May 24
Alabama Great Southern,ordinary
H June 28 Holders of rec. May 24
Ordinary (extra)
334 Aug. 16 Holders of rec. July 12
Preferred
Si June 28 Holders of rec. May 24
Preferred (extra)
234 June 30 Holders of rec. June 2
Canadian Pacific, common (guar.)
May 126
Catawissa. first and second preferred... $1.25 May 22 Holders of rec. June 46
.134 June 4 *Holders of rec.
Chestnut Hill (guar.)
of rec. June 19
*5
June 25 *Holders
Chicago Burlington & Quincy
May 106
Cleveland & Pittsburgh, guar. (guar.).- .8734c June 2 *Holders of rec. May 106
550e. June 2 *Holders of rec.
Special guaranteed (guar.)
June 30 *Holders of rec. June 19
Colorado & Southern, first preferred,.,,. •2
June 2 Holders of rec. May 150
1
Cripple Creek Central, preferred
May 20 *Holders of rec. May 1
*2
Delaware & Bound Brook (guar.)
rec. May 15
Holders
N.Y.Chic. dr St. L., pref., Ser. A (g11.)- 134 July 1 *May 21 of to June 3
Juno 4
& Norristown (qu.). .3
Phila. Germantown
*Holders of rec. May 15
Mild).Bessemer de Lake Erie, pref.(on.)•$1.50 June 1 14 July 1 Holders of rec. May 316
Southern Pacific (guar.)
2% Juiy 1 Holders of rec. June 26
Union Pacific, common (guar.)
Public Utilities.
106
of
Blackstone Val. Gas& Elec., corn,(gu.)- $1.25 June 2 Holders of rec. May 106
rec. May
June 2 Holders
3
Preferred
He. June 2 Holders of rec. May 156
Brooklyn City RR.(guar.)
Holders of rec. May 15a
Cent. Ark. Ky.& Light. izet. (guar.).- 134 June 2
of rec. May 20
Central Indiana Power,7% Pref.(OIL).- '131 June 1 *Holders
July 1
(gu.) .2
Cons.Gas.El.L.& Pow.,Balt.,com.
.2 July 1
Preferred, Series A (guar.)
*14 July I
Preferred, Series B (quay.)
•14 July 1
Preferred. Series C (guar.)
let pt.. Ser A.(gu.)- - 14 June 16 Holders of rec. May 15
Duquesne Light,
of rec. May 124
Electric Investment, preferred (guar.)- - 14 May 22 Holders of rec. June 146
July 1 Holders
Federal Light &Traction, common (gu.) 81
pref. stock). m75c. July 1 Holders of rec. June 146
Common (payable in 6%
1 H May 31 Holders of rec. May 15a
Preferred (guar.)
575e. June 1 *Holders of rec. May 28
Hackensack Water, common
•8734c June 1 *Holders of rec. May 28
Preferred
- 114 May 15 Holders of rec. Apr. 30
Los Angelic Gft$ & Elec., pref.(guar.)
rec. May 16a
Philadelphia Electric, corn. & pref.(Qui 50e. June 16 Holders of rec.
May 15
Portlana Electric Power,2d pref.(guar.) 134 June 2 Holders of
Miscellaneous.
14
American Beet Sugar., preferred (guar.). 134 July 1 Holders of rec. June 1
Beech-Nut Packing, common (guar.).- *130c. July 10 Holders of rec. July 10
May 15 Holders of rec. May
24
Brookside Mills
June 1 Holders of rec. May 20
01
'
Brown Shoe,common (guar.)
I
May 15 Holders of roc. May la
Cabot Manufacturing (guar.)
20
Petroleum,common (guar.)._ •433(e June 2 5Hoiders of rec. May 20
California
July 1 Holders of rec. June
*14
Preferred (guar.)
May 15 Holders of rec. May 7a
Casein Co. of America (Del.) (qUar.)-- I
May 14 Holders of rec. May 7a
Casein Co.of America(N.J.).Pref.(g11.) 2
June 2 *Holders of rec. May 20
•1
Columbia Sugar
Cigar Corp., pref. (guar.). 14 Juno 1 Holders of rec. May 206
Consolidated
43.50 June 1 *Holders of rec. May 15
Converse Rubber Shoe, preferred
14 June 2 Holders of rec. May 156
Cosden di Co., preferred (guar.)
May 26
Detroit Brass & Mall. Works(monthly) •i34 J une Pt Holders of roc. May 31
Si.25 July 1 Holders of rec.
Eastman Kodak,common (guar.)
75c. July 1 Holders of rec. May 31
Common (extra)
134 July 1 Holders of rec. May 31
Preferred (guar.)
25e. May 20 Holders of rec. May 100
General Development(guar.)
•i31 July 1 •Holders of rec. June 18
Glidden Co., preferred (guar.)
6
'134 May 15 *Holders of rec. May 13
Gosnold Mills(guar.)
July 1 *Holders of rec. June 13
Tap & Die, 8% pref. (guar.) .2
Greenfield
*Holders of rec. June
*134 July I
Six per cent preferred (guar.)
July 1 Holders of roc. June 166
Guantanamo Sugar. preferred (guar.).- 2
of rec. May 19
Hart, Schaffner & Marx,Inc.,com.(gu.) '1 34 May 31 *Holders of rec. May 19
June 1 *Holders
oil
Hartman Corporation(guar.)
31a
021.25 June 16 Holders of rec. May 20
Hayes Wheel, 734% preferred
050c. May 26 *Holders of roe. May 10a
Homestake Mining (monthly)
May 15 Holders of rec. May
5
Hudson Safe Deposit
June 2 Holders of roc May 17
*2
Ingersoll-Rand, common (guar.)
July 1 •Holders of rec. June 17
•3
Preferrec.
50c. June 1 Holders of rec. May 15
International Shoe (monthly)
May 15 May 2 to May 14
2
Lake Shore Mines (guar.)
June 2 Holders of rec. May 7
Ludlow Manufacturing Associates (qu.)- $2
June 1 Holders of rec. May 156
$1
Martin-Parry Corporation (guar.)
5Hoiders of rec. May 15
May Department Stores,common (go.). •$1.25 June 2 •Holders of rec. Aug. 15
.$1.25 Sept. 1
Common (guar.)
July 1 •Holders of rec. June 16
*I%
Preferred (guar.)
'134 Oct. 1 sflolders of rec. Sept.15
Preferred (guar.)
•1234c June 16 5lioider. of rec. May 17
Mutual 011 (guar.)
*134 May 15 Holders of rec. May 1
National Refining, common (quar.)
Holders of
.
National Tea,common (in corn.stock)_ 1150 June 5 Holders of rec. May 20
rec. July 15
14 Aug. 1
Preferred (guar.)
May 15 Holders of rec. May la
3
Neild Manufacturing
May 15 Holders of rec. May 80
2
Newmarket Manufacturing (guar.)
MAY 10 1924.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Niles-Bement
-Pond, preferred (guar.)-- '134 May 20 *Holders of rec. May 7
Ohio 011 (quar.)
0500. June 30 *Holders of rec. May 19
Onyx Hosiery, preferred (quar.)
"131 June 1 *Holders of rec. May 19
Otis Elevator, corn.(pay.In corn. stock) 110
June 21 Holders of rec. June 7
Phoenix Hosiery, 1st dr 2d p1.(quar.)__ .1.1% June 1 'Holders of rec. May 17
Plymouth Cordage (special)
"53
June 12
Pratt dr Whitney Co., preferred (quar.)_ •13.6 May 20 *Holders of rec. May 7
Pressed Steel Car,common (quar.)
1
June 17 Holders of rec. May 27
Preferred (quar.)
131 June 10 Holders of rec. May 20
Standard Oil (Indiana) (quar.)
'6234c June 16 *Holders of rec. May 16
Standard 011(Nebraska)
*5
June 20 *Holders of rec. May 20
Standard 011(N. Y.) (quar.)
*35c. June 16 *Holders of rec. May 19
Timken-Detroit Axle, prof.(quar.)
*131 June 1 *Holders of rec. May 20
Timken Roller Bearing (quar.)
*75c. June 5 *Holders of rec. May 19
Extra
"250. June 5 *Holders of rec. May 19
Underwood Typewriter,common (quar.) 75c. July 1 Holders of rec. June 7
Common (quar.)
750. Oct. I Holders of rec. Sept. 6
Preferred (quar.)
131 July 1 Holders of rec. June 7
Preferred (quar.)
131 Oct. 1 Holders of rec. Sept. 6
Union Sugar (quar.)
50c. June 5 Holders of rec. May 30
Vacuum 011 (quar.)
500. June 20 Holders of rec. May 31
Extra
25c. June 20 Holders of rec. May 31
Wabasso Cotton (quar.)
*31 July 2 *Holders of rec. June 13
Whitman Mills (quar.)
'$2.50 May 15 *Holders of rec. May 6
York Manufacturing
"E4
June 2 *Holders of rec. May 9
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.
Name of.Company.
Per
When
Cent. Payable.
Railroads (Steam).
Atch. Top.& Santa Fe, corn.(quar.)
131 June 2
Atlanta & West Point
354 June 30
Baltimore & Ohio,common
114 June 2
Preferred (guar.)
1
June 2
Central RII. of N. J.(quar.)
2
May 15
Clnc. New On.& Tex.Pee.,Pref.(quar.) 131 June 2
Preferred (quar.)
131 Sept. 2
Delaware & Hudson (quar.)
214 June 20
Georgia Southern & Florida
First and second preferred
234 May 29
Greene RR
3
June 19
Gulf Mobile & Northern, prof
154 May 15
Illinois Central, common (quar.)
151 June 2
Internat. Rys. of Cent. Am., Pf.(qua
134 May 15
N. Y.Chicago & St. Louis,corn.(quar.)
114 July I
Norfolk dr Western, common (quar.)
154 June 19
Norfolk dr Western, adj. pref.(quar.).... 1
May 19
Pennsylvania RR.(quar.)
75c. May 31
Pittsburgh & West Virginia, pref.(quar.) 154 May 31
Preferred (quar.)
154 Aug. 30
Preferred (quar.)
154 Nov.29
Preferred (qaal%)
134
(10)
Reading Company, 1st pref.(quar.)__ _ 50c. June 12
Western Ry.of Alabama
334 June 30
Books Closed.
Days Inclusive.
Holders of rec. May 2a
June 21 to June 30
Holders of rec. Apr. 12a
Holders of rec. Apr. 120
Holders of rec. May 70
Holders of rec. May 170
Holders of rec. Aug. 16a
Holders of rec. May 28a
Holders of rec. May 15
Holders of rec. June 14a
Holders of rec. May la
Holders of rec. May 8a
Holders of rec. Apr. 30a
Holders of rec. May 15a
Holders of rec. May 3I0
Holders of rec. Apr. 30a
Holders of rec. May la
Apr. 16 to May 4
Holders of rec. Aug. 10
Holders of rec. Nov. la
Holders of rec. Feb.2'25a
Holders of rec. May 26a
June 21 to June 30
Public Utilities.
American Electric Power, pref.(quar.)
UM May 15 Holders of rec. May 5a
Amer. Telegraph & Cable (quar.) '131 June 2 *Holders of roc May 31a
Am.Water Wks.& El.7% 1st pt.(qua - 134 May 15 Holders of rec. May
54
Six per cent participating pref.(quar.) 154 May 15 Holders of rec. May ba
Associated Gas & Electric, pref. (extra)_ 250. July 1 Holders of rec. June 15a
Brazilian Trac., Lt. dr Pow.,ord.(guar.) 1
June 2 Holders of rec. Apr. 30
Brooklyn Edison Co. (quar.)
2
June 2 Holders of rec. May 210
Brooklyn-Manhattan Trail., pref.(qu.) $1.50 May 15 Holders of rec. May la
Cedar Rapids Mfg.& Power (guar.).--at May 15 Holders of rec. Arp. 30
Cent. Arizona Light & Pow.,corn.(qu.)
3
May 15 Holders of rec. Apr. 30a
Preferred (quar.)
2
May 15 Holders of rec. Apr. 30a
Cent. Miss. Vail. Elec. Prop., Pref.(qu.) 114 June 2 Holders of rec. May 15a
City Gas of Norfolk, pref.(quar.)
2
July 1 Holders of rec. June 15
Preferred (quar.)
2
Oct. 1 Holders of rec. Sept.15
Preferred (quar.)
2
Jan2'25 Holders of rec. Dec. 15
Columbia Gas & Electric (quar.)
650. May 15 Holders of rec. Apr. 300
Connecticut Ry.& Ltg.. com.&pf.(au.) 154 May 15 May 1 to May 15
Consolidated Gas, New York (guar.)... 151 June 16 Holders of rec. May 80
Consumers Power,6% pref. (quar.)......
134 July 1 Holders of rec. June 15
Seven per cent preferred (quar.)
134 July 1 Holders of rec. June 15
'Continental Gas& El. Corp.,corn.(an.) 750. July I Holders of rec. June 140
Common (payable in common stock)_ _ 175o. July 1 Holders of rec. June I40
Participating preferred (quiz.)
134 July 1 Holders of rec. June 140
Participating preferred (extra)
M July 1 Holders of rec. June 140
Portia. pref.(payable in corn.stock)
154 July I Holders of rec. June 140
Preferred (quar.)
114 July I Holders of rec. June 14a
Prior preferred (quar.)
154 July 1 Holders of rec. June 140
Detroit United Ry.(quar.)
134 June 2 Holders of rec. May la
Eastern Maas. St. Ry., adj. pref
83 1-30 May 15 Holders of rec. Apr. 30
Eastern Shore Gas & Elea.,Prof.(quar.)_ 2
June 2 Holders of rec. may isa
Electrical Utilities Corp., common
4
May 10 Holders of rec. Apr. 30
Havana Elec,Ry.,Lt.& Pow..00m & Pt. 3
May 15 Apr. 17 to May 15
Illuminating & Power Sec.. corn.(qua
45e. May 10 Holders of rec. Apr. 30
Preferred (quar.)
154 May 15 Holders of rec. Apr. 30
Kaminiatiquia Power (quiz.)
2
May 15 Holders of rec. Apr. 30
Keystone Telephone of Phila., pref.(qua 51
June 2 Holders of rec. May 15
Massachusetts Gas Companies, pref _ _ 2
June 2 May 16 to June 1
Montreal Light,Heat& Power (quar.)
._ 2
May 15 Holders of rec. Apr. 30
Montreal L., H.& Pow.Cons.(guar.)._
154 May 15 Holders of rec. Apr. 30
Montreal Water & Power,common
62)4c May 15 Holders of rec. Apr. 305
Preferred
33.4 May 15 Holders of ree. Apr. 30a
Norfolk Ry. & Light
750. June 1 Holders
Pacific Gas& Electric. preferred (quar.)- 134 May 15 Holders of rec. May 150
of rod. Apr. 300
Southern Calif. Edison, common (quiz) 2
May 15 Holders of rec. Apr. 20a
Southern Canada Power,corn
$1
May 15 Holders of rec. Apr. 30
Tampa Electric Co.(quar.)
234 May 15 Holders of rec. Apr. 240
Texas Electric Hy.,common (quar.)__
1
June 1 Holders of
United Gas Improvement, pref.(quara - 8754c June 14 Holders of rec. May lba
United Rys.& Elec.. Bait., corn. (quar.) 50c. May 15 Holders of rec. May 31a
rec. Apr. 25a
Washington Ry. & Elec., common
134 June 1 Holders of rec. May 17
Preferred (quar.)
154 June 1 Holders of rec. May 17
West Penn Co.,6% preferred (quar.)
134 May 15 Holders of rec. May 1
Seven per cent preferred (quar.)
134 May 15 Holders of rec. May la
Wisconsin River Power, prof. (guar.)._
'131 May 20 *Holders of rec. Apr. 30
Miscellaneous.
2
Alaska Packers Association (quer.)_ _ _ _
May 10 Holders of rec. Apr.d30
Atha-Chalmers Mfg.Co.,corn.(quar.).. I
May 15 Holders of rec. Apr. 24a
American Bank Note, corn. (quar.)... 51.25 May 15 Holders of roe. May la
American Beet Sugar, corn. ((Nara
1
July 31 Holders of rec. July 12a
1
Common (qua?.)
Oct. 31 Holders of rec. Oct. lb
1 J an31'25 Holders of rec.Jan.10'25a
Common (quar.)
1)1 May 15 Holders of rec. Apr. 30a
American Can.common(guar.)
Am.La France Fire En.,Inc.,coin.(qu) 250. May 15 Holders of rec. May
la
Amer. Laundry Machinery, corn. (au.) 50e. June 2 Mar.24 to June 2
American Metal, common (quiz.)
750. June 1 Holders of rec. May 19a
1)( June I Holders of rec. May 200
Preferred (quar.)
Amer. Multigraph, common (quiz.)
40e. June 1 Holders of rec. May 15a
Common (extra)
10o. June 1 Holders of rec. May 15a
Amer. Radiator, common (guar.)
11
June 30 Holders of rec. June 14a
151 May 15 Holders of rec. May la
Preferred (quar.)
Amer. Shipbuilding, common (quiz.)
2
Aug. 1 Holders of roe. July 15a
Amer.Smelt.& Refining. pref.(quar.)-151 June I Holders of rec. May 9a
American Soda Fountain (quar.)
1)1 May 15 Holders of rec. Apr. 30
Amer. Tobacco,corn. & cons. B (quar.). 3
June 2 Holders of rec. May 10a
Ampere Mining (quer.)
3c. May 10 May 1 to May 10
Anglo-American Oil, Ltd
550. May 15 Holders of coup. No.27
Associated Dry Goods,it pref. (qua?.). 154 June 2 Holders of
rec. May 3a
Second preferred (quar.)
1)1 June 2 Holders of rec. May 3a
2277
THE CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Babcock & Wilcox Co.(guar.)
154 July 1 Holders of rec. June 20a
Quarterly
15( Oct. 1 Holders of rec. Sept.20a
Quarterly
If( Jan 1'25 Holders of rec. Dec. 20a
Quarterly
154 Aprl'25 Holders ofroc.Mar.20'25a
Beacon Manufacturing, pref. (quer.)
1.5( May 15 May 1 to May 15
Beacon 011 (attar.)
8L8731 May 15 Holders of rec. May 1
Berkey & Gay Furniture-Proferred. class B (quiz.)
June 15
2
Bethlehem Steel, common (quar.)
111 July 1 Holders of rec. June 26
Eight per cent preferred (guar.)
July 1 Holders of rec. June 26
2
Seven per cent preferred (quar.)
134 July I Holders of rec. June 26
Bond & Mortgage Guarantee (quar.)... 414 May 15 Holders of rec. May 8
Borden Company,Preferred (quar.)
134 June 15 Holders of rec June 1
Brunswick-Balke-Collender, corn. (qu.). 134 May 15 Holders of rec. May 5
Buck Creek Oil (No. 1)
*10c. June 1 *Holders of rec. May 20
Buckeye Pipe Line (quar.)
June 14 Holders of rec. Apr. 26
$1
Bucyrus Co.. pref. (guar.)
131 July 1 Holders of rec. June 20
Preferred (acct. accum. diva
July I Holders of rec. June 20
51
Buda Company, common ((Var.)
May 15 Holders of rec. May ba
1
Preferred (guar.)
131 June 1 Holders of rec. May 20a
Burns Bros.,common,Class A (quer.).- 82.50 May 15 Holders of rec. May 10
Common,Class D (qar.)
50c. May 15 Holders of rec. May 16
Butler Bros.(quiz.)
355 May 15 May 1 to May 150
Butler Mills (guar.)
2
May 15 Holders of rec. May ba
California Pack. Corp.(quar.)
$1.50 June 16 Holders of rec. May 310
Campbell Soup, preferred (quar.)
131 June 1 Holders of rec. May 15
Canada Cement, Ltd., pref.(guar.).- 131 May 16 Holders of rec. Apr. 300
Canadian Converters (quar.)
154 May 15 Holders of rec. Apr. 300
Casey-Hedges Co., common (quar.)
254 May 15 Holders of rec. May la
Celluloid Company. preferred (guar.)... 2
May 15 Holders of rec. Apr. 306
Century Ribbon Mills,Inc., prof.(qmar.) 154 June 1 Holders of rec. Stay 156
Chicago Mill & Lumber, common (qu.).
31 May 15 Holders of rec. May 7a
Chicago Yellow Cab (monthly)
33 I-3c June 2 Holders of rec. May 20a
Chill Copper (guar.)
62)4c June 30 Holders of rec. June 2a
Cincinnati Tobacco Warehouse(quer.)- 2
May 15 Holders of rec. May 10a
Cities Service
Common (monthly, pay.in cash scrip) p34 June 1 Holders of rec. May 15
Common (payable in com,stock scrip) /AM June 1 Holders of rec. May 15
Preferred and preferred B (monthly)_
June 1 Holders of rec. May 15
City Ice & Fuel (Cleveland)(guar.).- 2
June 1 Holders of rec. May 20a
Quarterly
2
Sept. 1 Holders of rec. Aug. 200
Quarterly
2
Dec. 1 Holders of rec. Nov.20a
.1 1M June 1 *Holders of rec. May 15
,
Cleveland Stone (quar.)
Colorado Fuel & Iron, pref.(quar.)
2
May 26 Holders of rec. May 100
Commercial Investment Trust, common_ 63c. May 15 Holders of rec. Apr. soa
Continental Can,corn.(quiz.)
$1
May 15 Holders of rec. May 54
Copper Range Co
May 20 Holders of rec. Apr. 180
El
Corn Products Refining
Comm on(payable in common stock).- /25 June 30 Apr. t6 to Apr. 9
Cosgrove Export Brewery, Ltd.(quar.)- 114 May 15 Holders of rec. Apr. 300
Craddock-Terry Co., common (quar.)
3
June 30 June 16 to June 30
Common (qua?.)
3
Sept.30 Sept. 16 to Sept.30
Common (qua?.)
3
Dec. 31 Dec. 16 to Dee. 31
First and second preferred
3
June 30 June 15 to June 30
First and second Preferred
3
Dec. 31 Dec. 15 to Dec. 31
Class C preferred
334 June 30 June 15 to June 30
Class C Preferred
314 Dec. 31 Dec. 15 to Dec. 31
Davis Mills(quar.)
13.4 June 21 Holders of rec. June 70
Decker (Alfred) & Cohn, pref.(quar.)
134 June 1 Holders of rec. May 20a
Deere & Co. prof.(guar.)
75e. June 2 Holders of rec. May 15a
Diamond Match (quiz.)
2
June 16 Holders of rec. May 310
Dominion Bridge(quiz.)
1
May 15 Holders of rec. Apr. 3
Dominion Stores, common
50c. Oct. 1 Holders of rec. Sept.15
May 15 Holders of rec. May 50
Dow Chemical, corn. (guar.)
EI
Preferred (guar.)
154 May 15 Holders of rec. May 50
DubIller Condenser & Radio, pref.(qua_ $2
June 30 Holders of rec. June 254
Preferred (guar.)
$2
Sept.30 Holders of rec. Sept.25a
Preferred (guar.)
$2
Dec. 31 Holders of rec. Dec. 26a
Elsenlohr(Otto)& Bros., corn.(quiz.).. 13.1 May 15 Holders of rec. May 5a
Eisenstadt Mfg.,common (annual)
May 15 Holders of rec. Apr. 10
6
Famous Players Can. Corp.. lst pf.(qu.) 2
May 31 Holders of rec. Apr. 30a
Fleishmann Co., common (quar.)
75c. July 1 Holders of rec. June 15a
Common (quar.)
750. Oct. 1 Holders of rec. SePt.15a
Common (quar.)
750. Jan1'25 Holders of rec. Dee. 15a
Firestone Tire & Rub.,7% pref.(qu.)
la( May 15 Holders of rec. May 1
Frontenac Breweries, Ltd., preferred.-- 10
May 15 Holders of rec. May 1
Preferred (payable In pref. stock).- as25
May 1 Holders of rec. May 1
General Asphalt, preferred (quar.)
134 June 2 Holders of rec. May 15a
General Cigar, Inc., deb. pref.(guar.).- 134 July
Holders of rec. June 24a
Preferred (quar.)
Holders of rec. May 24
154 June
General Fireproofing,preferred ((Mara
Holders of rec. June 20
,
1 3.4 Jul)
Preferred (guar.)
Holders of rec. Sept.20
134 Oct.
Preferred (guar.)
13.4 Jan2'25 Holders of rec. Dec. 20
General Motors, common (guar.)
30c. June 12 Holders of rec. May 196
Seven per cent deb.stock (quar.)
134 Aug. 1 Holders of rec. July 70
Six per cent deb.stock (quiz.)
134 Aug. I Holders of rec. July 7a
Six per cent preferred (quar.)
134 Aug. I Holders of rec. July 70
Gillette Safety Razor (stock dividend)._ e5
June 2 Holders of rec. May 1
Gillette Safety Razor (gmar.)
$3
June 2 Holders of rec. May 1
Golden Cycle Mining & Red. (quar.)_ _ _ a3
Tune 10 *Holders of rec. May 31
Goodrich (B. F.) Co., pref. (quar.)... 131 July I Holders of rec. June 215
Goodwins, Ltd., pref.(on pref. stock)._ m4034
Holders of rec. June 1
Gossard (H. W.) Co., corn.(monthly)_ _ 250. June 2 Holders of rec. May 20
Great Lakes Dredge & Dock (quer.) - - 2
May 15 Holders of rec. May 8a
Gulf States Steel, first preferred (guar.). 13.1 July 1 Holders of rec. June 14a
First preferred (quar.)
Oct. 1 Holders of rec. Sept.15a
First preferred (quar.)
134 Jan 2'25 Holders of rec. Dec. lba
Second preferred (quiz.)
154 July 1 Holders of rec. June 14a
Second preferred (guar.)
134 Oct. 1 Holders of rec. Sept.15a
Second preferred (quar.)
134 Jan2'25 Holders of rec. Dec. 15a
Harbison-Walker Refract., Corn. (an.).. 13.4 June 2 Holders of rec. May 23a
Preferred (qua?.)
134 July 19 Holders of rec. July 9a
Hayes Wheel (quar.)
75c. June 16 Holders of rec. May 31a
Heels Mining (quar.)
•25e. June 15 *Holden of rec. May 15
Hercules Powder, preferred (quar.)
•15.‘ May 15 *Holders of rec. May 5
Hibbard. Spencer, Bartlett Co.(mthly.) 350. May 29 Holders of rec. May 23
Monthly
350. June 27 Holders of rec. June 20
Extra
I5c. June 27 Holders of rec. June 20
Hollinger Consolidated Gold Mines.... 'Sc. May 19 *Holders of rec. May 1
Hood Rubber Products. Prof.(quar.)_
to June 2
131 June I May 21
Cotton Mills, preferred (quer.)-- 81.50 May 15 Holders of rec. May 5
Hoosac
Household Products, Inc. (quar.)
Holders of rec. May 15a
2
May 15
Independent Oil& Gas(guar.)
250. June 30 Holders of rec. June 14
Quarterly
250. Sept.30 Holders of rec. Sept.14
Quarterly
250. Dec. 31 Holders of rec. Dec. 12
Indiana Pipe Line (qua?.)
$2
May 1 Holders of roe. Apr. 16
Inland Steel,common(guar)
62).1c June 1 Holder, of rec. May lba
Preferred (quar.)
151 July 1 Holders of rec. Juned146
International Harvester, prof. (guar.).134 June 2 Holders of rec. May 100
mitertype Corporation,corn.(quar,)
250. May I Holders of rec. May is
Iron Products Corp., preferred (quiz.).. 2
May 1 Holders of rec. May la
Kinney (G. R.) Co.. preferred (guar.).- 2
June 1 Holders of rec. May 21a
Lanston Monotype Machine (quara_ _ _
154 May 3 Holders of rec. May 216
Lehigh Coal & Navigation (quar.)
May 3 Holders of rec. Apr. 30a
$1
Liggett&MyersTob..com.&com
Holders of rec. May 154
.B(qu) 3
June
Common & common B($25 par)(qu.) 750. June
Holders of rec. May 15a
Lima LocomoUve Wks.. Inc., corn.(qu) $I
June 2 Holders of rec. May 15a
Lindsay Light, preferred (quar.)
134 Mayd24 Holders of rec. may 156
Menet,Sugar, common (qua?.)
51.2 June I Holders of roe. May 158
Common (quer.)
$1.2 Sept. 1 Holders of rec. Aug. 150
Manhattan Shirt, corn. (aar.)
75e. June 2 Holders of rec. May 12a
Martin-Parry Corporation (quar.)
June I Holders of rec. May 15a
SI
Massachusetts Cotton Mills (guar.).
Holden) of rec. Apr. 22
- 3 May 10 Holders of roe. July 21a
McCrory Stores Corp., pref.(quar.)... 114 Aug. 1
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 20a
Mercantile Stores, Inc
$3
May 15 Polders of rec. May I
Merrimack Mfg., common (guar.)
134 May 31 Holders of rec. Apr. 28
Mexican Seaboard Oil
50c. May 15 Holders of rec. May 50
Miami Copper (guar.)
50o. May 15 Holders of rec. May la
National Biscuit, common (guar.)
75c. July 15 Holders of rec. June 30a
Preferred (quiz.)
1)4 May 31 Holders of rec. May 176
131
2278
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
•1
National Brick, Ltd. preferred
Aug. 15 *Holders of rec. July 31
National Cloak & Suit, pref.(guar.).- I af June 1 Holders of rec. May 26a
June 1 Holders of rec. May 156
Natl. Department Stores, 2d pref.(qu.)_
1% June 30 Holders of rec. June 10a
Nat. Enamel..4 Slog., pref.(guar.)..
Sent.30 Holders of rec. Sept.10a
Preferred (guar.)
1 a4 Dec. 31 Holders of rec. Dec. lie
Preferred (guar.)
National Fireproofing. pref. (guar.).--1
May 15 Holders of rec. may 1
National Lead, pref.(auar.)
13i June 14 Holders of rec. May 23a
75e. May 15 Holders of rec. May 50
National Supply,common (quar.)
Corn.(payable in common stock) flO June 16 Holders of rec. June 6a
July I Holders of rec. Juno 15
National Tea ,common (quar.)
$5
New Conaella Copper
25c. May 26 Holders of rec. May (la
2
May 10 Holders of rec. Apr. 30a
New Jersey Zinc (quar.)
July 1 Holders of rec. June 10a
New York Air Brake, Class A Mara$1
New York Canners, first pref. (quar.)
3% Aug. 1 Holders of rec. July 21a
May 15 Holders of rec. Apr. 306
Ontario Steel Products, corn. (guar.)._ _
1
May 15 Holders of rec. Apr. 300
1
Preferred (auar.)
12%c June 2 Holders of rec. May 20a
Orpheum Circuit, common (monthly)
12%c July 1 Holders of rec. June 20n
Common (monthly)
*50c. May 20 *Holders of rec. may 5
Parish & Bingham, special
June 4 Holders of rec. May 15
Pathe Exchange,Inc.,cl. A & B (in stk.) v10
May 5 Holders of rec. Apr. 21
Penmetns. Limited, preferred (auar.) _ _ _
May 10 Holders of rec. May ba
$I
Pennsylvania Coal & Coke (guar.)
July 1 Holders of rec. June 16a
Pittsburgh Plate Glass, common Mara 2
Pittsburgh Steel, preferred (quar.)
1 ai June 1 Holders of rec. May 15a
May 15 Holders of rec. Apr. 250
Procter & Gamble, common (quara _ _ 5
May 15 Holders of rec. Apr. 30a
Pullman Company (quar.)
2
Punta Alegre Sugar (guar.)
$1.25 May 15 Holders of rec. May Sc
Pure 011 Co., common (guar.)
3734c June 1 May 11 to June 5
Quaker Oats, preferred (guar.)
1% May 31 Holders of rec. May la
Quissett Mills,common Mara
$2
May 15 Holders of rec. May 5
Renfrew Manufacturing, pref. (guar.)._
July 1 Juned21 to July 1
Reynolds Spring, pref. A dr B (quar.)
151, July I Holders of rec. June 16
Rosenbaum Grain Corp., pref.(guar.)... $I
May 15 Holders of rec. May 7
25e. une 20 June 10 to June 20
St. Joseph Lead Co.(quar.)
Extra
250. June 20 June 10 to June 20
St. Mary's Mineral Land
May 20 Holders of roe. Apr. 22
$3
Savage Arms Corp., 1st preferred (guar.)
July 1 *Holders of rec. June 14
Second preferred (quar.)
*1% Aug. 15 *Holders of rec. Aug. 1
Schulte Retail Stores, common (quar.)_ _ m2
June d2 Holders of rec. May 150
Common (quar.)
m2
Sept. 1 Holders of rec. Aug. 15a
Common (guar.)
m2
Dec. 1 Holders of rec. Nov. 15a
Preferred (guar.)
July I Holders of rec. June 14a
2
Scotten, Dillon Co
May 14 May 7 to May 14
3
Shell Union Oil, pref., Series A (guar.) $1.50 May 15 Holders of rec. Apr. 25a
Sherwin-Williams Co.. common (guar.). 50c. May 15 Holders of rec. Apr. 30a
Common (extra)
12%c May 15 Holders of rec. Apr. 306
First preferred Series A (quar.)
1% June 2 Holders of rec. May 156
Silversmiths Mines, Ltd
lc. May 10 Holders of rec. May I
Sinclair Consol. Oil Corp., corn.(quar.)_ 500. May 31 May 2 to May 21
Preferred (guar.)
2
May 15 Holders of rec. May la
Smith (A. 0.) Corp., common (quar.).._ 25c. May 15 Holders of rec. May 1
Preferred
1
May 15 Holders of rec. May 1
•
Southern Pipe Line (quar.)
June 2 Holders of rec. May 15
2
Spalding(A. G.)& Bro. 1st pref.(auar.) 1 X June 2 Holders of rec. May 170
Second preferred (auar.)
June 2 Holders of rec. May 7
2
Spring (C. G.) & Bumper, common
Sc. May 15 Holders of rec. May 7
Preferred (guar.)
July 1 Holders of rec. June 23
2
Standard 'Hitting, common (guar.)
134 May 31 Holders of rec. May 200
Preferred (guar.)
1% May 31 Holders of rec. May 206
Standard Oil (Calif.) (guar.)
500. June 16 Holders of rec. May 200
Standard Oil (Ohio). pref.(guar.)
1% June 2 Holders of rec. Apr. 250
Standard Plate Glass. common(No.1)._ *75c. July 1
Standard Sanitary Mfg.,common (qu.)_ $1.25 May 15 Holders of rec. May 7
1 X May 15 Holders of rec. May 7
Preferred (quar.)
July 1 Holders of roe. June 200
Stern Brothers, common (quar.)
1
June 2 Holders of rec. May 206
Preferred (guar.)
2
Stewart-Warner Speedometer (guar.)--- $2.50 May 15 Holders of rec. Apr. 300
June 2 Holders of rec. May 100
Studebaker Corp., corn.(no par) (quar.) $I
Common ($100 par) (quar.)
254, June 2 Holders of rec. May 10a
134 June 2 Holders of rec. May 10
Preferred (guar.)
Swift Internacional
*900. Aug. 15 *Holders of rec. July 15
Thompson (John R.) Co., corn.(mthly.) 25e. June 1 Holders of rec. May 23
Tobacco Produet4Corp., Class A (guar.) 131 May 15 Holders of rec. May 16
May 15 Holders of rec. May 8a
Union Buffalo Mills, Brat preferred
Second preferred
234 May 15 Holders of rec. May 86
Union Tank Car. common (quar.)
13. June 2 Holders of rec. May Sc
Preferred (qum.)
131 June 2 Holders of rec. May ba
United Drug,common (guar.)
1.34 June 2 Holders of rec. May 156
Second preferred (qaar-)
1% June 1 Holders of rec. May 150
United Dyewood, Preferred (quar.)_
1% July 1 Holders of rec. June 130
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept.156
Preferred (guar.)
131 Jan2'25 Holders of rec. Dec. 16a
United Fruit(guar I
2% July 1 Holders of rec. June 66
Quarterly
234 Oct. 1 Holders of rec. Sept. Sc
Quarterly __
2% Jan2'25 Holders of rec. Dec. Sc
U.S.Cast Iron Pipe & Fdy . pref.(qua 131 June 16 Holders of rec. June 2a
Preferred (guar.)
134 Sept. 15 Holders of rec. Sept. 2a
Preferred (guar.)
13 Dec. 15 Holders of rec. Dec. la
4
United States Playing Card (quar.)
$1.50 July 1 Holders of rec. June 20a
U.S.Realty & Impt., common Mara_ 2
June 16 Holders of rec. May 29a
Preferred (guar.)
134 Aug. 1 Holders of rec. May 29a
United Stateg Steel Corp.,common(au) 134 June 28 May,29 to June 1
Common (extra)
34 June 28 May 29 to June I
May 6
134 May 29
Preferred (guar.)
Van Raabe Co., Inc., 1st pref.(guar.)-- 131 Juno 1 Holders of rec. May 17a
Vapor Car Heating,Inc., pref.(guar.).- 131 June 10 Juno 2 to June 10
13( Sept. 10 Sept. 2 to Sept. 10
Preferred (guar.)
13 4 Dec. 10 Dec. 2 to Dec. 10
,
Preferred (guar.)
134 July 20 Holders of rec. July 9a
(quar.)_ _
Vulcan Detinning, preferred
July 20 Holders of rec. July 9a
Preferred (aect. accumulated dive.).. hl
1'A July 20 Holders of rec. July 9a
Preferred A (guar.)
June 16 *Holders of rec. June 1
V. Vivaudou.Inc., preferred (genera_ _
300, May 15 May 1 to May 15
Warwick Iron & Steel Mara
laf June 1 Holders of rec. May lba
Weber & Heilbroner, pref.(auar.)
$1.25 June 20 Holders of rec. May 200
Wells Fargo & Co
*75c. May 15
Westfield Mfg., common (guar.)
May 15
*2
Preferred (quar.)
Westinghouse Electric & Mfg.
May 21 Holders of rec. May 2
In common stock). 110
Common (Payable
May 21 Holders of rec. May 2
Preferred (payable In common stock)_ 110
White(J. G.)& Co.,Inc., pref.(quar.). _ 1% June 1 Holders of rec. May 15
White (J.0.) Eng. Corp., pref.(qua -- 131 June 1 Holders of rec. May 15
White (J. G.) Mgt.Corp., pref:(altar.). 131 June 2 Holders of rec. May 15
June 30 Holders of rec. June 206
$1
White Motor Co.(guar.)
134 May 15 May 6 to May 15,
Wolverine Portland Cement (quar.).
June 2 May 3 to May 21
Woolworth (F. W.) Co.(guar.)
Will & Hammer Candle.common (guar.). 25c. May 15 Holders of rec. May ba
250. May 31 Holders of rec. May 15a
Wright Aeronautical Corp. (altar.)
Wrigley (William) Jr.& Co.
250. June 2 Holders of rec. May 200
Monthly
25c. Jute 1 Holders of rec. Juno 200
Monthly
June 1 May 21 to June 2
Wurlitzer (Rudolph) Co.. 8% Pf. (qua - 2
Yellow Cab Manufacturing (monthly).. 411,c. June 2 Holders of rec. May 200
•From unofficial sources. f The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. f The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
O Transfer books not closed for this dividend. d Correction. e Payable in stock.
accumulated
I Payable in common stock. g Payable In scrip. it On account of
dividends. m Payable in preferred stock. n Payable in Canadian funds.
o For the month of April and May.
v Payable in Class A com,stock
fPayable Feb. 28 1925.
Annual dividends for 1924,all payable in equal quarterly installments on April 1,
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: Oh the common stock $3 cash and $3 in common stock; on the Participating preferred the regular
6% and extra dividends of 1% in cash and 1% In common stock; on the Preferred
stook regular 6%; on the prior preferred stock regular 7%
[VoL. 118.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending May 3. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Staled in thousands of dollars
-that is, three ciphers [000] omitted.)
New
Capital.Proftts. Loans,
Reserve
Week Ending
Discount, Cash
with
Time Bank
Net
May 3 1924 Nat'l, Mar..31 Incestin
Legal Demand
De- CircaState, Mar. 20 meals, Vault. Deposi- Deposits. posit*. la(000 omitted.) Tr.Cos.,Mar.20
tke.
tories.
lion.
Members of Fe d. Res. Bank.
Bank of N Y
Trust Co_ _ __ 4,000 12,361
Bk of Manhat'n 10,000 13,943
Mech & Met Sk 10,000 16,589
Bank of America 6,500 5,376
Nat City Bank_ 40,000 52,027
Chem Nat Bank 4,500 16,876
Nat Butch & Dr
500
68
Amer Each Nat 5,000 7,880
Nat Bk of Com. 25,000 39,308
Pacific Bank...1,000 1,725
Chat& Phen Nat 10,500 9,183
Hanover Nat Sk 5,000 22,422
Corn Exchange. 10.000 13,082
National Park_ 10,000 23,756
East River Nat. 1,500 1,371
First National._ 10,000 60,124
IrvingBk-ColTr 17,500 11,477
Continental Bk. 1,000
986
Chase National_ 20,000 24,071
500 2,735
Fifth Ave Bank
Commonwealth.
600 1,005
Garfield Nat.__ 1,000 1,670
Fifth National_ 1,200 1,168
Seaboard Nat._ 4,000 7,462
Coal & Iron Nat 1.500 1,350
Bankers Trust_ 20,000 24,912
13' S Mtge & Tr_ 3,000 4,543
Guaranty Trust 25,000 18,709
Fidel-InterTrust 2,000 2,042
NY Trust Co__ 10,000 18,407
Metropolitan Tr 2,000 4,085
Farm Loan&Tr 5,000 18,785
Equitable Trust 23,000 10,659
Average Average Average
$
$
67,608
697 6,677
162,351 2,286 20,571
155,562 4,288 19,914
83,305 1,441 12,008
544,385 4,149 58,941
114,397 1,10• 13,389
4,841
54
576
98,765
850 12,036
310.115
998 33,914
28,589
859 3,973
157,604 4,091 17,502
628 14,091
114,987
188,53
5,810 23,576
156,546
890 16,277
17,425
431 2,000
275,448
439 24,244
278,923 3,20 35,573
7,515
15
810
331,716 4,034 41,909
22,533
650 2,999
11,339
336 1,280
15,525
433 2,487
18,987
246 2,233
85,121
877 10,682
15,867
288 1,802
281,525
907 31,606
52,069
635 5,851
365,459 1,476 39,273
403 2,497
20,853
152,611
498 17,662
41,381
583 4,808
129,649
418 12,740
236,031 1,460 29,054
Average Average Aege.
$
$
48,685
139,678 21,712
69 9
0
147,734 7,197 55
86,395 3,231
*579,380 65,330 2,55
96,843 8,493 348
3,963
9 23
8
5
87,216 6,405 4,99
255,955 21,348
27,231 2,620
122,493 30,721 6,035
300
100,434
164,748 28,613
122,751 6,915 8,082
50
13.841 3,267
180,850 24,417 7.410
268,644 19,321
373
5,696
314,577 18,0211 1,087
22,137
9,267 2,082
81
15,377
16,790 1,444
81,444 2,382
12,888 1,138
*249,500 30,797
46,233 4,040
*385,120 40,820
18,260 1,925
128,086 17,136
35,770 3,323
*93,905 24,210
*271,976 27,903
Total of averages 90,800448,171 4,547,567 45,619 522.955c3,841,732432,18432,350
Totals, actual co ndition May 34,566,423 44,072529,022c3,842,333425,087 2,390
Totals, actual co edition Apr. 26 4,513,709 45,634 522,014c3,776,462437,773 2,482
Totals, actual co nditlon Apr. 194,500,892 44,420 535,413c3,774,610425,446 2,548
State Banks Not Members of Fed Res've Bank.
'
.
Greenwich Bank 1,000 2,367 20,174 1,878 2,009
9
21,1161
250
902
Bowery Hank -5,622
363
361
2.9961 1,947
State Bank_
3,500 4,661
95,491 3,856 2,196
33,32 58,310
Total of average.
4,750
7,931
121,287
6,097
4,566
57,437 60,352
Totals, actual co maiden May 3 121,238 6,036 4,488
57,236 60,342
Totals, actual co ndition Apr. 26 120,84
6,248 4,614
57,185 60,340
Totals, actual co nditlon Apr. 10 120,281 6,14
4,099
56,489 60,193
Trust Compan es Not Members of Fed oral Reserve Bank
38,877 1,21
Title Guar & Tr 10,000 14,378 58,478 1,520 4,326
27,716
17,273
802
Lawyers Tit & T 6,000 5.701
866 1,737
Total of averages 16,000 20,079
86,194
2,386
6,063
56,150
2,019
Totals, actual condition May 3
Totals, actual co nditIon Apr. 26
Totals, actual condition Apr. 19
86,638
85,611
85,51
2.181 6,394
2,19
6,261
2,109 6,377
57,004
55,721
55,596
2,138
1,982
2,251
Gr'd aggr., aver. 11,550 476,1824,755,048 54,102533,584 3,955,319494,65 32,350
Comparison wit h prey. week. +42,289 -807+1,760 +62,886-1,428 -126
Gr'd aggr., oat ond'n May 34,774,299 52,292539,90413,956,573 487,567 32,390
+67,205-12,528 -92
Comparison wit h prey. week.. +54,134 -1,78 +7,01
Gr'd aggr.,
ond'a
Gr'd aggr., act'l ond'n
Gr'd aggr.,
ond'n
Gr'd agar., nal cond'n
Gr'd aggr.,aa'l ond'n
Gr'd aggr., nal ond'n
Apr. 264,720,165
Apr.19 4,706,488
Apr. 1214,680.302
Apr. 4.699.755
Mar.29 4,714,105
Mar.224,727.310
54,077632,889
52,674 545,889
54,677 494,132
55,383494,418
55,070533,708
55,004537.942
3,889,368 500,09532,482
3,886,695 487,890 32,548
3,806,425 479,757 32,240
3,827,408481,786 32,253
3,847,028 489,292 31,972
3,984,438 464,929 31.693
Note.
-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total May 3, $44,264,000; actual totals, May 3,
$44.264.000; April 26, $44,264,000; April 19, $44,277,000; April 12, $52,044,000:
April 5, $52,044,000. Bills payable, rediscounts, acceptances and other liabilities:
average for week May 3, $371,538,000; April 26, $395,431,000; April 19, $425,538,000; April 12, $449,975,000; April 5, $432,125,000. Actual totals, May 3, $397.058,000; April 26, $397,741,000; April 19, $419,861,000; April 12, $438,911,000:
April 5, 5440.165,000.
•Includes deposits in foreign branches not included in total footings, as follows:
National City Bank,$137,122,000; Bankers Trust Co.,$17,648,000: Guaranty Trust
Co., $92,558,000; Farmers' Loan & Trust Co., $237,000; Equitable Trust Co..
$84,570,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $18,009,000; Bankers Trust Co., $4,878,000;
Guaranty Trust Co., $9,494,000; Farmers' Loan & Trust Co., $237,000: Equitable
Trust Co., $14,171,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual'
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks._
State banks*
Trust companies._
Total May 3....
Total Apr, 26.._
Total Apr. lg.._ _
Total Apr. 12....
6,097,000
2,386,000
Total
Reserve.
a
&UM
Required
Surplus
Reserve.
522,955,000 522,055,000 512,390,680 10,564,320
324,340
4,566,000 10,663,000 10,338,660
26,500
6,063,000 8,449,000 8,422,500
8,483,000 533,584,000 542,067,000 531,151,840 10,915,160
8,410,000 531,824,000 540,225,000 523,004,630 17,220,370
8,388,000 518,067,000 526,455,000 516,483,890 9,971,110
8,470,000 515,414,000 523,890,000 512,553,680 11,3313,320
* Not members of Federal Reserve Bank.
of State
a This is the reserve required on the net demand deposits n the case Reserve banks
and trust companies, but in the case of members of the Federal was as Bank
follows:
Includes also amount in reserve required on net time depos ts, which
May 3,$12,965,520; Apr.26.$13,004,520; Apr.19,$12,734,760; Apr.12,812,558,380
MAY 10 1924.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve banks_ _
State banks*
Trust companies._ _ _
Total
Total
Total
Total
May 3_
Apr. 26._ Apr. lg.._ _
Apr. 12
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
2279
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMIIFIHIL
529,022,000 529,022,000 512,255,900 16,766,100
6,036,000 4,488,000 10,524,000 10,302,480
221.520
2,184,000 6,394,000 8,578,000 8,550,600
27,400
8,220,000 539,904,000 548,124.000 531,108,980
8,443,000 532,889,000 541,332,000 522,724,700
8,254.000 545,889,000554,143,000 521,970,100
8,509,000 494,132,000 502,641,000 511,223.370
17,015,020
18,607,300
32,172.900
x8,582,370
* Not members of Federal Reserve Bank.
b This is the reserve required on not 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:
May 3, 512,752,610: Apr. 26, 513.133,190: Apr. 19, $12,763,380; Apr. 12, 812,520,000. x Deficit.
May 7
1924.
Changesfrom
previous weeks
April 30
1924.
April 23
1924.
$
$
$
$
Capital
57.400.000 Unchanged
57,400,000 57,400,000
Surplus and profits
81,109,000 81,014,000
81,109,000 Unchanged
Loans, disc'ts & Investments. 833,113,000 Inc. 5,735,000 827.378,000831,201,000
Individual deposits.Incl. U.S. 605,879.000 Inc. 1,844,000 604,035,000 605,962,000
Due to banks
128,217,000 Inc. 5,645,000 122,572,000 122,884,000
Time deposits
139,153,000 Inc. 1,551,000 137,602,000 138.265,000
United States deposits
4,000 11.880,000 11,866,000
11,876,000 Dec.
Exchangesfor Clearing House 31.796.000 Inc. 4,157,000 27,639,000 25,323,000
Due from other banks
70,378,000 Inc. 2,081,000 68,297,000 78,231,000
Reserve in Fed. Res. Bank__ 71,983,000 Inc. 1,170,000 70,813,000 70,569,000
Cash in bank and F.R. Bank 8.816,000 Dec. 108,000 8,922,000 8,576,000
Reserve excess in bank and
Federal Reserve Bank
321.000 1.939.000 1.785.000
2.210.000 Inc.
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly •
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending May 3, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by Slate Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Difference Dom
May 3.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and investments
5832,922,500 Dec. $415,700 bers of the Federal Reserve System the reserve required is
Gold
3,930,600 Inc.
10,300 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
20.962,600 Dec. 422,700
Deposits with Federal Reserve Bank of New York
75,255,200 Inc.
562,000 depositaries" and "Cash in vaults."
Total
deposits
880,909,000 Inc. 12,179,300
Deposits, eliminating amounts due from reserve depositories and from other banks and trust comWeek ending May 3 1924.
panies in N.Y.City,exchange and U.S.deposits_ 828,173,000 Inc. 7,765,200
Two Ciphers (00)
April 26
Reserve on deposits
omitted.
Membersof Trust
137,244,700 Inc. 2,178,700
1924.
1924.
Percentage of reserve, 21.6%.
F.R.System Companies Total.
RESERVE.
$39,875,0 $5,000,0 $44,875,0 544,875.0
-State Banks
- -Trust Companies
- Capital
Cash in vault
110,161,0 16,000,0 128,121.0 126,161.0
*531,315,000 16.06%
568,833,400 15.72% Surplus and profits
Deposits in banks and trust cos__ _
9,599,100 4.92%
27.497,200 6.30% Loans, disc'ts & investm•ts 713,554,0 42,888,0 756,442,0 754,987,0
Exchanges for Clear.House 31,826,0
597,0 32,223,0 32,112,0
Total
102,903,0
16,0 102,919,0 99,074.0
840,914,100 20.98%
596,330,600 22.02% Due from banks
120,249,0
Bank deposits
909,0 121,158,0 120,325,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Individual deposits
526,598,0 25,206,0 551,804,0 543,300.0
State banks and trust companies combined on May 3 was $75.255,200.
64,774,0
Time deposits
1,180.0 65,954,0 65,864.0
711,621,0 27,295.0 738,918,0 729.489,0
Total deposits
U.S. deposits (not Incl.) _
22,133,0 20,756,0
3,972,0
3.972,0
Res've with legal deposit's
3,398.0
Reserve with F.R.Bank__ 56,230,0
58,230,0 54,778,0
Banks and Trust Companies in New York City.
-The Cash In vaults
9,483,0
1.170,0 10,653.0 10,950,0
averages of the New York City Clearing House banks and Total reserve and cash held 65,713,0 5,142,0 70,855,0 69,126,0
t..t
trust companies combined with those for the State banks and Reeerve required In vault 55,710,0 3,884,0 59,594,0 58,772,0
10.003.0
1,258,0
res. & cash
.6 ,0 10.364,0
trust companies in Greater New York City outside of the Excess In vault not counted as reserve for Federal Reserve members.
Cash
•
April 19
1924.
$44,875.0
126,129,0
754,658,0
32.954,0
107,488.0
124,734,0
547.851,0
65,751,0
738,136.0
22,522,0
3,300,0
54,858,0
10,793,0
88,958,0
59,022,0
9,9313.0
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week Ended-Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
April 5
April 12
April 19
April 28
Demand
Deposits.
y
5,414,724,400
5,418,393,500
5,393,304,400
5,415,772.300
5,542,356,600
5,432,697,600
5,432,287,500
5,424.841,800
5,432,225,300
5,482,368,300
5,534,279,900
5,557,132,400
5.554,501,000
5.517,615.300
5,530,017.700
5,546,187.200
y
4,847,636,700
4,851,352,800
4.608,974.700
4,665,239,000
4,890,532,700
4,646.580,300
4.853,880.900
4,840,570,200
4,851,853.700
4,682,815,500
4,816,722,400
4.705.886.400
4,694,758,200
4,632.385.000
4,874,348,500
4.712,840.800
*Total Cash
1 serve in
in Vaults. D positaries.
$
89,168,000
81.339.900
80.042,600
79,395.000
79.497.600
81,717,400
78,822.000
82.862,500
80,120,600
80,148,100
79.268.200
80,050.500
78,352.100
81,490,600
79,455,600
80,214,600
8,171,600
3,035.300
5.281,500
9,211,100
1.032.400
3,209.400
8,208,200
15,358.000
14,521.100
24.625.700
04,938,900
21.464,100
31.029,100
27.002.100
33,238.700
41,584,400
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars
-that is, three ciphers 10001 omitted.)
I
Net
CLEARING
Copilot. Profits.
NON-MEMBERS.
Nat. bks. Mar.81
Week Ending State bks. Mar.20
May 3 1924.
Tr. cos. Mar. 20
Members of
Fed'I Res've Bank
W.R. Grace & Co.
Total
State flanks
Not Members of
Fed'I Res've Bank
Bank of Wash. Hts.
olonial Bank
Total
Trust Company
Not Member of
Fed'I Res've Bank
Mech.Tr.,Bayonne
$
500
50
Loans,
Diecounts.
Investultras,
&c.
May . 1924. Apr. 30 1924. May 9 1923.
7
Resources
635,580,000 635,651,000 638,077,000
Gold with Federal Reserve agent
10,328,000
7,357,000
5,604,000
Gold redemP.fund with U.S. Treasury_
Gold held exclusively agst. F.R.notes.. 641,184,000 643.008,000
Gold settlement fund with F.R. Board_ _ 157,993,000 204,027,000
Gold and gold certificates held by bank.. 176,226,000 171,897,000
Average Average Average Average Average
$
$
$
$
$
9,027
16
492
2,201
5,180
1,639
9,027
16
492
2,201
5,180
975,403,000 1,018,932,000 1,056,303,000
14,898,000
24"453,000
24,072,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations
Other bills discounted
999,475,000 1,043,385,000 1,071,201,000
10,683,000
12,889,000
10,912,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
Total U. S. Government securities
20
401
2,275
7,280
24,400
693
2,699
362
1,336
6,033
22,391
1,788
2,544
1,200
2.876
31,680
3,392
1,698
28,424
4,332
110
2.744
2.744
5,888
31,388,000
16,495,000
148,603,000
50,127,000
86,943,000
10,527,000
47,861,000
27.165,000
198,730,000
56,838,000
1,202.000
51,799,000
16,010,000
1,202,000
48,371,000
15,974,000
3,349,000
1,024,000
200,000
69,011,000
85,547,000
4,573,000
140,573,000
137.430,000
14,878,000
4,413,000
260,141,000
124,810,000
11,700,000
1,464,000
1,300,348,000 1,351,391,000 1,480,008,000
LtablitttesFed. Rea. notes In actual circulation..._ 349,757,000
Deposits
-Member bank, reserve acc't
743,049.000
Government
2,226,000
Other deposits
13,218,000
352,005.000
763,689.000
9,169,000
18.107,000
566,318,000
694,445,000
4,792,000
19,872.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
790,965,000
116.494,000
29,799,000
59,929,000
2,199,000
719,109,000
102,043.000
29,043,000
59,800,000
3,695,000
758,493,000
100,153,000
29,909,000
59,929,000
2,107,000
1,300.348,000 1,351,391,000 1,480,008,000
5,886
111
51,738,000
15,205,000
146,481,000
121,593,000
14,696,000
5,214,000
Total earning assets
Uncollected items
Bank premiums
Another resources
Totalliabilities
1.
648,405,000
253,267,000
154,631,000
Total gold reserves
Reserves other than gold
Total resources
Reserve
Nert
NM
Cash
with Demand Time
in
Legal DePatfts DsParBt•
Vault. Depositortes.
$
1,639
500
426
8,897
500
426
8.897
31g
318
3rand aggregate
2,200
:Mmparison with prey, week
4,7421 49,604
+35
3,726
-98
2,300 a33,369
+12
+362
15,378
-54
he'd aggr., April 26
ar'd aggr.. April 19
3r'd aggr., April 12
3r'd emir.. Anril 5
4,7421
4,742
4,742
4.742
3,824
3,837
3,865
3.580
2,288 a33,007
2,491 533.671
2,58, a33,372
2.415 9f19 7121
15,432
15,667
15,410
,a ,vs
Total
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 May 7 1924 in
comparison with the previous week and the corresponding
date last year:
2,200
2,200
2.200
2.000
49,248
49,721
49,454
49.020
a United States deposits deducted, $50,000.
Bills payable, rediscount., acceptances and other liabilities, 8185,000.
Excess reserve, 5144,970 decrease.
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
• Includes Victory notes.
90.2%
91.3%
83.3%
6,133,000
8,210,000
9.518.000
CURRENT NOTICES.
-C. E. Woodside, formerly manager of the bond department of the
Citizens National Bank, Los Angeles, Calif., has opened offices in the
California Bank Building, Los Angeles, where he will conduct a general
bond business, dealing in municipal and high grade corporation bonds.
--Chater & Edey announce that F. V. Z. Dldrichsen having severed his
connection with them, Charles Didrichsen will continue as manager of their
unlisted securities department.
-Greene & Cooke announce that Jerome B. Sellers nas been admitted
to the firm as a general partner.
[VOL 118.
THE CHRONICT,E
2280
Weekly Return of the Federal Reserve Board.
The following is the returnissued by the Federal Reserve Board Thursday afternoon, May 8, 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 returns for the latest
week appears on page 2249, 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
MAY 7 1924.
May 7 1924. Apr. 30 1924.1April 23 1924 Apr. 16 1924. April 9 1924. April 2 1924. Mar.26 1924. Mar.19 1924. May 9 1923.
$
RESOURCES.
2,110,776,000 2,088,317,00012,047,470,000 1,997,364,000 1,984,054,000 1,974,624,000 2,082,659,000 2,098,170,000 2,005,066,000
Gold with Federal Reserve agents
39,755,000
55,971,000
56,715,000
57,223.000
54,474,000
50,801.000
50,533.000
56,945.000
52,764,000
Gold redemption fund with U.S.Treas.
Gold held exclusively eget. F.R.notes 2,150,531,000 2,139,118,000,2,103,441.000 2,054.079,000 2,041,277,000 2,025,157,000 2,139.604,000 2,150.934,000 2,059,540,000
Gold settlement fund with F. R.Board_ 601,766,000 610,570,0001 623,182,000 671,222,000 672,888.000 709,581.000 605,918,000 606,747,000 706,261,000
Gold and gold certificates held by banks 377,309,000 370,701,0001 387,267.000 379.585,000 389,281,000 357.029,000 377,422.000 374,164,000 323,062,000
3,129,606,000 3,120,389,00013,113.890,000 3,104,886,000 3,103,446.000 3,091,767,000 3,122,944,000 3,131,845,000 3,088,863,000
102,502,000 102.220,000 100,937,01)0 100,404,000
97,975.000
92,557,000
99,564,000 100,107.000 101,352,000
Total gold reserves
Reserves other than gold
3,232,108,000 3,222,609,000 3,214,827.000 3,205,290,000 3,201,421,000 3,191,331,000 3,223,051,000 3,233,197,000 3,181,420,000
Total reserves
67,726,000
48,750.000
51,624,000
51,243.000
46.599.000
49,351,000
49,811,000
51,137,000
51,054.000
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations_ 167,556,000 161,164,000 187,914,000 190,419,000 228,280,000 239,063,000 214,656,000 166.826.000 358,637,000
272,729,000 286.021,000 284.929,000 279,151,000 301,279.000 290,597,000 267.659,000 264,425,000 336,380,000
Other bills discounted
695,017,000
266,992,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
440,285,000
87.287,000
447.185,000
124,485,000
472.843,000
140,424.000
469,570,000
176,680.000
529,559,000
197,606,000
529,860,000
213.772,000
482,315,000
202.458,000
431,251,000
194.203.000
18,353,000
232,091,000
60,438,000
19,269,000
221,771,000
60,620,000
18,892,000
201,158,000
54,245,000
18,855,000
193,327,000
54,485,000
18,273.000
187,615,000
63,015,000
18,331,000
184,887,000
61,637.000
18,801,000
176,704,000
61,751,000
29,573,000
18,264,000
174,577,000 *119,387,000
36,854,000
103,836,000
Total U. 81 Govt. securities
All other earning assets
310,882,000
51,000
301,660.000
51,000
274,295,000
51,000
266,667,000
51,000
268,903,000
51,000
284.855,000 257.256,000
51,000
51,000
Total earning assets
6% redemp.fund agst F. R.bank notes
Uncollected Items
Bank premises
All other resources
838,505,000
28,000
566.511,000
56,540,000
23,730,000
873,381,0001 887,613,000
28,000
28,000
586,350,000, 611,729,000
58,494,0001 56,480,000
22,530,000, 22,114,000
912,968.000
28,000
713,559,000
56,164,000
21,802,000
996,119,000 1,008,338,000
28,000
28.000
577,583,000 586,085.000
55,985,000
55,876,000
22,420,000
21,398,000
296,677.000
51,000
185,814,000
40,000
942,080,000 922,182,000 1,147,863,000
1,
28.000
28,000
557,304,000 681,527.000 600,834,000
50,155,000
55,864,000
55,466,000
13,811,000
21,486,000
21,286,000
Total resources
LIABILITIES.
B. R. notes in actual circulation
F. R. bank notes In circulation-net
DepositaMember banks-reserve account
Government
Other deposits
4,768,665,0004,811,203,000 4,844.415,000 4,958,561,000 4,902,907,000 4,909.655,000 4,850,867,000 4,964,823,000 5,062,000,000
1,927,027,000 1,926.013,00011,940,821,000 1,966,349,000 1.981,638,000 1,987.262,000 1.982,706,000 1.989,848,000 2,241,819,000
2,065,000
356,000
350.000
365,000
338,000
389,000
382,000
374.000
343,0001
'Fetal deposits
Deferred availability Kemp
Capital paid in
Surplus
All other liabilities
1,994,352,000 2,005,381,000 2,000,856,000 2,011,585.000 2,055,067.000 2,062.384,0002,007,116.000 2,012,131.000 1,937,670,000
500,211,000 533,466,000 556,051,000 634,333,000 519,305.000 513,463,000 513,762.000 616,683,000 536,222,000
111,231,000 110,927,000 110,865,000 110,869,000 110,837,000 110,859,000 110,831,000 110,828,000 109,029,000
220.915,0001 220,915,000 220,915,000i 220,915,000 220,915,000 220,915,000 220,915.000 220,915,000 218,369,000
16,826,000
14,657,000
14,154,000
14,418,000
14,591,000
14,780,000
14,029,000
14,158,000
15,155,000
1,953.532,000 1,944,952,000 1,935,113,000 1,940,810,000 1,934,999,000 1,933,113.000 1,912,411.000 1,981,042,000 1,886,455,000
22,616,000
98,841,000 109,838,000
49,711,000
44,567,000
75,191,000
18,381.000
32,503,000
8,856,000
28,599,000
21,227,000
21,064,000
21,176,000
22,439,000
22,233,000
19,413,000
27,926.000
19,514.000
4,768,665,000 4,811,203,000 4,844,415,000 4,958,561,000 4.902.907,000 4.909,655.000 4.850.867,000 4,984.823.0005.062.000 000
,
Total liabilities
Ratio of gold reserves to deposit and
78.1%
79.0%
73.9%
76.9%
76.3%
78.5%
78.3%
F. R. note liabilities combined
Ratio of total reserves to deposit and
:1
79.8%179 4
,
81.6%
80.6%
82.4% 1 . 8210
79.3%
76.1%
78.8%
80.8%
80.8%
F. R. note liabilities combined
Contingent liability on bills purchased
17,343,000
33,615,000
14,002,000
11.230.000
21,388,000
20M i 0001 17,276,000
11,033.000
9,769,000
for foreign correspondents
Distribution by Maturities
145 days bills bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market!
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market_
81-60 days bills discounted
81-60 days 13.5. certif. of indebtedness.
51-60 days municipal warrants
61-90 days bills bought In open market..
61-90 days bills discounted
61-90 days 13.I3,. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ _
Over 90 days municipal warrants
8
37,309,000, 63,564.000
240,328,000 245,801.1)0
1
$
69,400,000, 90,964,000
274,219,000 282,473,000
24,895,000
45,882,000
24,120,0001
40,070,110
205,000,
29,108,000
44,666,000
19,685,000,
72,862,0001
12,059.000,
51,000
5,098,000
44,369.001
943,000
29,141,020
79,690,021
11,822.020
7,228,00)
46,979.000
943,000
51,000
432,000
34,641,000
47,650,000
300,000
36,844,000
47,438.000
1
97,253,000
332,846,000
1,125.000
107,651,000 88,089,000
56,490,000
328,040,000 292,787,000 244,358.000
1,040,000
58,000,000
62,389,000
47*,516,000
403,000
40,000
57,365,000
54,385,000
35,261,000
44,925,000
42,871.000
49,386,000
39,321,000
46,807,000
41,161,000
43,014,000
50,077,000
43,227,000
32,750.000
71,919,000
9.339,000
37,859,000
63,410,000
42,177,000
68,009,000
44,359,000
69,120.000
49,817,000
68.572,000
55,839,000
88,251,000
92,420,000
86,544,000
427,000
8,805,000
49,451,000
11,829,000
47,872,000
9,547,000
51,000
767,000
30,890,000
44,938,000
14.570.000
50,652,000
9,265,000
51,000
735,000
28,666,000
52,625,000
20,890,000
58,382,000
9,269,000
51,000
1.551,0
27,311.11
51,328,000
21.884,000
51,597,000
9,136,000
30,031,000
48,726,000
9,216,000
45,541,000
51,337,000
1,507,000
26,345,000
52,615,000
51,000
1,766.000
26,689,000
36,620.000
51,000
9,277,000
31,235,000
36,024,000
51,000
360,000
32,528,000
44,906,000'
1
2,440,306,000 2,444,073,000 2,438.680,000 2,445,344,000 2,467,323,000 2,473,160,000 2,489,943.000 2,507,758,000 2,599,266,000
513,279,0001 518,060,000 497,859.000; 478,995,000 485,685.000 485,898.000 507,237.000 517,910,000 357,447,000
Federal Reserve Notes
Outstanding
Held by banks
1, 7.027.000;1,926,013,000 3,390,352,000:1,986,349,000 1,981,638,000 1,987,262.000 1,982,706.000 1,989,848,000 2,241,819,000
92
In actual circulation
Amount chargeable to Fed. Res. Agent 3,371,658,0003,379,820,000 3,390,352,000 3,409,911,000 3,426,670,000 3,448,762,000 3,452,025,000 3,464,475,000 3,447,299.000
931,352, 001 935,747,000 951,672,0001 964,567,000 959,347,000 975,602,000 962,082,000 956,717,000 848,033,000
0
ID hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How Secured-By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Tote/
2 440,306,00012,444,073,000 2,438,680.00012,445.344.000 2,467,323,000 2,473.160,000 2,489,943,000 2,507,758.000 2,599,266,000
,
335.884,000 335,864,000 331,939.0001 329,729,000 329,729.000 329,729,000 329,729,000 330,939.000 314,899,000
329,530,000 355,756,000 391,210,000. 447,980,000 483,269,000 498,536,000 407,284,000 409,588.000 594,200,000
114,397,000 123,869,000 112,153,0001 116.157.000 124,789,000 113,724,000 119,989,000 117.558.000 125,819,000
1,660,515,000 1,628,584,000 1.603,378,000 1,551,478,000 1,529,558,000 1,531,171,000 1,632,941,000 1,649,673,000 1,564,348,000
2.440,306.000,2,444,073,o90 2.438,680,000 2,445,344,000 2,467,323,000 2,473.160,000 2,489,943,000 2,507.758.000 2,599,266,000
506.229.000 546.031.01)0 soi 605.009 520.784.000 706.1445.000 714.190.000 854,130.000 596.084.000 927,711,00
Eligible paper delivered to F R. Agent
•Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANES AT CLOSE OF BUSINESS MAY 7 1924
Two ciphers(00)°mute.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
TOW.
Federal RUM.Bank of
S
$
s
$
$
RESOURCES.
$
s
s
$
$
$
$
$
agent' 204.302,0 635,580,0 192,971,0 202,767,0 39,404,0 115,264,0 300,153.0 63,940,0 61,460,0 53,875,0 41,437,0 199,623,0 2,110,776.0
Gold with Federal Reserve
5.604,0 2,358,0 .1,802,0 2.192,0 3.324,0 4,720,0 2.784,0 1,939,0 2,415,0 1,938.0 3.617.0
39.755.0
Gold red% fund with U.S.Treas. 7,062,0
Gold held excl. agst.F.R. notes 211,364,0 641,184,0 195.329,0204,589.0 41,596,0 118,588,0 304,873,0
Gold settle't fund with F.R B'rd 57,734,0 157,993.0 35,715,0 88,135,0 31,757,0 16,712.0 84.531,0
Gold & gold certifs. held by banks 18,452,0 176,226,0 37,767,0 12,528,0 6,152.0 7,228.0 62,048,0
287,550,0 975,403,0 268,811,0 305.232,0 79,505,0 142,528.0 451,452,0
Total gold reserves
11,551,0
24,072,0 2,639,0 6,184,0 4,596.0 10,433,0 11,598,0
Reserves other than gold
66,724,0 63,399,0 56,290,0 43,375.0 203,240.0 2,150,531,0
22,181.0 11,078,0 33,248,0 6,068,0 56,614,0 601,766,0
7,652,0 9,629.0 3,732,0 6.570,0 29,325,0 377,309,0
96.557,0 84,106,0 93,270,0 56,013,0 289,179,0 3,129,606,0
15,091,0 1,259.0 4,428,0 6,441,0 4,210,0 102,502,0
299,101,0 999.475,0271.450,0 311,416,0 84,101,0 152,961,0463.050,0 111,648,0 85,385.0
Total reserves
3,841,0
12,889,0 1,684,0 3,286,0 2,858.0 4,940,0 7,580,0 4.278,0
789.0
Non-reserve cash
Bills discounted:
51,738.0 20,658,0 23,734,0 15.427,0 4,405,0 23,460,0 6,680,0 1.202,0
Sec. by 13.8. Govt. obligations 8,803.0
7,889,0
15,205,0 11,052,0 19,658,0 42,090,0 33,111.0 41,746.0 19,427,0 13,367,0
Other bills discounted
-16,692.0
66,943.0 31,710,0 43,392,0 57,517,0 37,516,0 65,206,0 26107.014.569,0
Total bills discounted
7,657,0
10,527,0 4,811.0 12,376,0 1,025,0 7,299,0 17,032,0 3,836.0 3,399,0
BO' bought in open market
3
r,S. Government securities:
542,0
1,202.0
103,0 4,426,0
549,0
917,0 1,191,0
7,155,0
Bonds_
19,117.0
51,799,0 24,675,0 27,726.0 2,962,0
33,026,0 5,136.0 9,669.0
Treasury notes
4,969,0
16,010,0 2,200,0 7,711,0
972.0
9.629,0 1,830,0 4.125,0
Certificates of indebtedness
Total U.S. Govt.securities--
9.1 494
n
AO 1)11
n
97 494 n
IA SEA n
K 19CA
1A9
n
4171121 n
a one n
an Won
97,698,0 62,454,0 293,389,0 3,232,108,0
51,243,0
3,023.0 2,895,0 3,180,0
2,568,0 1,285,0 7,598,0
22,408,0 11,527,0 35,249,0
167,556,0
272.729,0
24,974,0 12,812,0 42,847,0
4,104,0 5,303,0 9,918,0
440.285,0
87,287,0
5,0
483.0 1,780,0
14,589,0 16,751,0 26,641,0
4,313,0 3,285,0 5,394,0
18,353,0
232,091,0
60,438,0
In 94C
n
91 4111
n
s9 min n
sin can n
MAY 10 1924.]
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers(00) emitted.
Boston. New York.
$
All other earning assets
Total earning assets
48,977,0
5% redemption fund-F.11. bank
notes
Uncollected items
49,170.0
Bank premises
4,312,0
All other resources
79,0
Cleveland. Richmond Atlanta. Chicago. St. Louis, Minneap. Kan.City Dallas. San Fran.
Phila.
Ai
51,0
$
2281
$
$
$
$
$
$
$
$
$
Total.
$
51.0
146,481,0 63,996,0 92.122,0 63,667,0 44,918,0 129,313,0 36,909.0 38,917,0 48,463,0 39,931,0 84,805,0
838,505,0
28,0
121,593,0 50,876,0 53,004,0 50,935,0 25.873,0 73,299,0 34.135,0 11,676,0 33,512,0 27,374,0 35,064,0
14,696,0 1,113,0 9,117,0 2,528,0 2,718,0 8,264,0 1,821.0 2,631,0 4,535,0 1,912,0 2,833.0
5,214,0
313,0 1,708,0
430,0
320,0
324,0
139.0 5,592,0 1,040.0 4,455,0 4.110,0
28,0
566,511,0
56,540.0
23,730,0
Total resources
405.480,0 1,300,348,0 389,443,0 469,265,0 204,408,0 233,118,0 681,942,0 188,930,0 144.970,0 188,331,0 139,049,0 423,381,0 4,768,665,0
LIABILITIES.
F.It. notes In actual circulation _ 204,427,0 349,757,0 192,755,0 219,423.0 76,959,0 140,293,0 284,852,0 65,400,0 71.263,0 63,604,0 50,357,0 207,937,0 1,927,027.0
F. R. Bank notes In circulation
net liability
338,0
338.0
Deposits:
Member bank-reserve &col_ _ 26,872.0 743,049,0 119.041,0 163,952.0 60,605.0 57,472.0 286.403,0 74.602.0 47,447,0 75,211,0 49,764,0 149,114.0 1,953,532,0
Government
1,560,0
1,641,0 1,694,0 1.755,0
504.0 1,295.0 1,698,0
2,226,0 1,587,0
841,0
850,0 2,730.0
18.381,0
Other deposits
162,0
121,0 1,170.0
268,0 1,154,0
13,218,0
86,0
441,0
408,0
159.0 4.859,0
22,439,0
393,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
128,594,0
47,682,0
7,975,0
16,390,0
412.0
758,493,0 120,896,0 165,947,0 61,195.0 58,888,0 289,271,0 76,684,0 49,549,0 77,359,0 50,773.0 156.703,0 1,994,352,0
100,153,0 45,058,0 46,410,0 47.681,0 18.867,0 60,667,0 30,892,0 11,989,0 32,710,0 24,183,0 33,919,0 500,211,0
29,909,0 10,156,0 12,512,0 5.842,0 4,567,0 15,163,0 5,071,0 3,427,0 4,432,0 4,176,0 8.001,0 111,231,0
59.929,0 19,927.0 23,691,0 11,672,0 8,950.0 30,426.0 10,072,0 7,434,0 9,496,0 7,577.0 15,301,0 220,915,0
1.563.0
651.0 1,282,0 1,059.0 1,553,0
811,0 1,258,0
14,591,0
2,107,0
1,520,0
730,0 1,645,0
Total liabilities
405,480.0 1,300,348,0 389,443.0 469,265,0 204.408,0 233,118.0 681,942,0 188,930,0 144,970,0 188,331,0 139,049,0 423,381,0 4,768.665,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
89.8
90.2
76.8
60.9
69.3
80.7
61.8
86.5
78.6
80.8
70.7
82.4
80.5
Contingent liability on bills purchased for foreign correspond'ts
6 121 n 9 057 n 9 517 n 12260
947.0 3.206.0 1.054.0
775.0
990.0
818.0 1.635.0
21.388.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MAY 7 1924
Federal Reserve Agent at
-
1
Cleve. Richm'd Atlanta Chicago.
Boston. New York Phila.
Resources
(In Thousands of Dollars)
s
Federal Reserve notes on hand
108,050
Federal Reserve notes outstanding
225,539
Collateral security for Federal Reserve notes outstanding
Geld and gold certificates
35,300
Gold redemption fund
16,002
Gold Fund-Federal Reserve Board
153,000
Eligible paperfAmount required
21,237
'Excess amount held
3,112
St. L. Minn. K.City. Dallas San Fr.
s
$
a
8
Total.
$
3
$
$
3
$
255,060 46,720 40,935 37,820 75,157
654,369 222,179 243,545 88,522 151,887
$
$
197,140 26,500 19,240 28,993 17,477 78,260 931,352
314,460 78,499 77,491 75,699 57.388250,728 2,440,306
2,400
238,531 14,000 8,780
31,049 15,082 11,987 2,109 6.864
366,000 163,889 182.000 37,295 106,000
18.789 29,208 40,778 49,118 36,623
49,620 3,207 14,440 7,953 7,362
9,985 13,052
____ 13,816
_ ___ 335,864
6,509 3.455 1,408 3,515 4,121 12,296 114,397
293,644 50,500 47,000 50,360 23,500 187,327 1,660,515
14,307 14,559 16,031 21,824 15,951 51,105 329.530
67.494 13,465 1,432 6,798 1,805
11 176,699
Total
562,240 1,613,418 494,285 542,465 222.817 386,293
Liabilities
Net amount of Federal Reserve notes received from
Comptroller of the Currency
333,589 909.429 268,899 284,480 126,342227.044
Collateral received from{Gold
204,302 635,580 192,971 202,767 39,404 115,264
Federal Reserve Bank Eligible paper
24,349
68,409 32,415 55,218 57,071 43,985
893,554 196,963 175,654 187,189 134,058 579.727 5,9E41,663
Total
562,240 1,613,418 494,285 542,465 222,817 386,293
Federal Reserve notes outstanding
Federal Reserve notes held by banks
225,539
21,112
904 497
Federal Reserve notes in actual circulation
654,369 222,179 243,545 88,522 151,887
11,563 11,594
304,612
29'424L.2
200 ,S, In,'Mt gin Asql 7A .350 IAA 902
511.600 104,999 96,731 104,692 74,865 328,988 3,371,658
300,153 63,940 61,460 53,875 41,437 199,623 2,110,776
81,801 28,024 17,463 28,622 17.756 51,116 506,229
893,554 196,963 175,654 187,189 134.058 579.727 5,988,663
-
314,460 78,499 77,491 75,699 57.388250,728 27440.306
29,608 13,099 6,228 12,095 7,031 42.791 513,279
254 1152 65400 71 263 63604 50.357207.9371 927027
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 755 member banks from which weekly returns are obtained. These figures are alwaysa 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 2249.
1. Data for all reporting member banks In each Federal Reserve District at close of business April 30 1924. Three ciphers (000) omitted.
Federal Reserve Metrict.
Boston
New York
Phila.
Cleve.
Maim'
NUmber of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discount& _
110
55
$
$
12.559
83,409
245,663 1,708,410
593,780 2.566,809
79
76
$
11.360
271.259
362,137
$
23,022
413,402
719.800
Total loans and discounts
17.8. pre-war bonds
U.S. Liberty bonds
U.S.Treasury bonds
U.S.Treasury notes
U.S. Certificates of Indebtedness._
Other bonds.stocks and securMes
852,032 4,358,628
13,584
50,939
77,735 517,356
4,250
24,583
18,011 325.830
7,024
26,021
176,124 855,452
Total loans & Meets & investnfts 1,148,760 6,158,809
Reserve balance with F. It. bank
84,158 688,093
Cash in vault
18,711
74,295
Net demand deposits
810,208 5,036,492
Time deposits
286,334 962,162
Government deposits
12,508
56,032
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S.Govt. obliga'ne_
3,837
15,310
All other
44S6
7 5A52
43
Atlanta
Chicago
St. Louis
Mnpls. Kan. City
72
Dallas
52
San Fraa.
67
Total
755
104
35
$
9.094
126,555
341,852
26
$
$
32,951
8.051
70,532 604.366
346,225 1,163,861
$
9,093
147,413
306,724
$
3,235
41,976
185,314
6,136
84,741
321.903
3.558
60,572
207,141
644,756 1.156.224
10,679
48,215
45,001 111,883
2,443
2,686
31,345
47,441
6.579
5,882
200,052 311,174
477.501
29,032
28,787
2,021
6,256
933
52,649
424,808 1.801,178
14,726
23.830
13,361 107.717
967
12,237
4,999 116,248
3.129
23,316
41.908 349.145
463,230
14.810
26,984
2,631
12,792
3.298
90,448
230,525
9,044
13,214
580
28,034
3,228
24.948
412,780
12,076
37,308
2,157
15,458
1,566
55,519
271,271 1,028,328 12,121,261
271,915
25,896
19,034
12,981 102,520 1.095,447
69,728
13,734
1,439
660,284
39.466
14,404
5,344
101,037
14,667
13,247 165,800 2,336,466
941.455 1,683,505
70,023 102,836
14,867
28.418
668.126 902,358
133.978 631.194
25,191
27,228
597.229
34.956
12.604
330,057
165,703
7,269
503,8982.433,671
33,479 219.090
53,288
10,535
274,279 1,534,523
182,861 818,079
28,340
7.323
614,193
40.603
7,463
352,597
199,445
4,686
309.573
20,274
5,960
193,595
82,230
5,487
536.864
41,400
12,091
395,853
130,808
3,463
337,770 1,390,411 16,656,138
96,961 1,454,687
22,754
268.509
20.525
9,752
220,774 720,072 11,438.934
87,112 608,418 4,288,324
206,855
21,838
7,490
2,254
496
1,433
...,,nn
36
5,874
12,839
A IS.1
7.137
11 ,.....
6,087
8.073
oA .2e.
1, oo,
IT (Igo
In AA,n.ler
s
$
I
698
...nn
$
s
213,615
11,117
198,011 3,972.900
819,200 7,934.746
16,425
le non
80,463
10.2 'en
3. Data of reporting member banks In Federal
.
Reserve Bank and branch cities and all other reporting banks.
Three ciphers
wow mama.
New York City.
City of Chicago. All F. R. Bank Cities.F. R. Branch Cities. Other Selected Cities.
Apr. 30 Apr. 23 Apr. 30 Apr. 23
qumber of reporting banks
Loans and discounts, grow:
Secured by C.S.Govt.obligatio
Secured by stocks and bends
All other loans and discoUnta
67
67
48
4:
$
3
$
$
76,415
73,914
24,904
26,347
1,493,351 ,421,250 448,866 439.31
2.248,349 .263.787 663,56
670,085
-----3,818,115 .758,9511,137.3391,135.751
39,334
40,084
4,192
4.195
456,478 457,108
50,901
46,804
18,000
16,136
4,706
4,709
300,508 345,947
76,106
79.177
24,059
26.734
13,569
13,873
632,893 606.542 167,771 166,047
Apr. 30
Apr. 23
Apr. 30
Apr. 23 Apr. 30
.
Total.
Apr. 23 Apr. 3024 Apr. 23'24'M5y 2 '23
255
255
201
20f
775
755
300
75
300
$
$
$
$
s
s 1 s
s
$
143.948
142,487
37,688
38,35
273,027
213,052
31.979
213,615
32,210
2,774.508 2.684,984 650.974 65
0.041547,418 546,553 3,972,900 3,882.241 3,923.018
4,904,200 4,929,16: 1,646,1381,647,956 1,384,4081,381,648 7,934,746
7.958.7721 7,790,079
Total loans and discounts
,
02
I
.
7,822.656 7,756 6392 334,80 ,337.0151,963,8051,960,41112,121,26112,054,06511,986,124
I.
[ S. pre-war bonds
90,894
90,49
74,79:
75.100 106,627 106,461
272,464
281,323
271,915
7. 8. Liberty bonds
674,720 244,212 240,748 166,438 167.186 1,095,447 1.082,654 1.022.714
684,797
7.5. Treasury bonds
33,604
35,125
18,41
17,136
17,709
100,116
70,293
69,728
18,032
1, S. Treasury notes
529,234 120.218 126.343 65.320
474,746
66,044 660,284
721,621 "887.660
1.5. Certificates of Indebtedness
66,931
64,515
25.707
28.048
10,815
106,125
101,037
140,092
11,146
)ther bonds. stocks and securities
1,266,681 1,235,651 616,924 611.774 452,861 452,180 2,336,466 2,299,645 2,150,414
- Total loans & dIsc'ts & Invest'ts. 5.289.6875.251,5021,454.584 1.450,56110,437.48910,389.2343.435
,0743,436,1732,783,5752,781,460 16,656,13816.606,86716,568.443
635,690 617,259 152,876 135,747 „ „
Unary° balance with F. R. Bank
233,367 242,394 167.362 169,994 1.454.687 1,437.810 1,411,596
_ash in vault
63,867
60,685
27,078
29,506
58.191
132,5521 140.039
62,223
77,767
276,264
283,254
80,992
268,509
'let demand deposits
4,513.8694.405,0681,028,8661,006,434 7.854.456j 7,711,680 1,927,8731,909,2601,656,6051,668,45811,438.934 11,289,39811,284,983
rimedepoeite
659.426 659.132 374,058 376,199 2,087,584 2,075,9971.285.577
1.275,4471 915,163 913,570 4,288,324 4,265,014 3.996.290
49,707
)overnment deposits
49,707
12,361
12,361
132.1471 130,152
58,141
57.617j 16,567
204,337
251,320
206,855
16,568
31113 payable and rediscounts with
F. R. Bank:
Secured by U.S. Govt.obligations
1.250
10,550
3,56.
8,02
38,236
34.237
24.7511
41,793 21.475
263.279
80,463. 101,658
21,629
All other
9.487
3,083
2.364
2.680
53,046
42.8721
39.33
222,682
136,121
42,3351 41,584
123,790
40,736
Lath) of bills payable & reclisdoun
with F. R. Bank to total loans
and inveetments. Der cent
.4
.1
.4
1
.
.6
2.1
2A1
1 9
92
9 9
1 4
3.9
•Includee Victory notes.
THE CHRONICLE
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
antic
Wall Street, Friday Night, May 9 1924.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2269.
The following sales were made at the Stock Exchange this
week of shares not represented in our detailed list:
Sales
for
Week
Range for Week.
1
1
Lowest.
Lowest.
Total
Highest.
Par. Shares 8 per share. $ per share. $ per share.$ per share.
Railroads.
Jan 434 may
Brunswick Termhaal_100 5,600 234 May til 44 May 9 1
Jan
Apr 114
25010734 May 8110934 May 9 100
Cleve & Pittsburgh__ _50 100 69 May SI 69 May 8 69 May 69 May
Feb
Jan 37
CERPM230
100 500 3352 May 71 3434 May 8 29
70 May 6 683 Apr 7534 Jan
100 100 70 May
Preferred
Jan
45 May 6 45
Jan 46
Colo& Southern 26 pf100 100 45 May
Feb
Jan .53
100 100 53 May 91 53 May 9 50
1st preferred
24 May 3 232 Jan 434 Jan
100 200 234 May
Duluth S S& Atl
Jan
Marla
Illinois Central pref.-100 900 104 32 May s 105 May 6 104
Lehigh Valley rights---27,950 27 May 3 2834 May 9 2554 Apr 1334 Feb
Apr
Jan 57
100 5432 May ci 544 May 6 42
100
Manh Elev gtd
Jan
100 300 3214 May 71 3234May 6 2934 Apr 46
M St P&SS M
50 514 138 May 7 142 May 9 137
Apr 142 May
N Y & Harlem
20 7232 May 71 7214 May 7 7231 May 7214 May
Northern Central_ _50
22,700 1834 May II 1934 May 9 1534 Mar 2234 Jan
Reading rights
Feb 4034 May
Virginia Ry & Pr__100 2,300 39% May 81 4032 May 5 36
Mar 3732 Apr
Wisconsin Cent cds_100 200 3632 May 9 3634 May 9 36
Indus. & Miscall.
Jan
All America Cables_ A00 300 97 May 91 98 May 7 97 May 102
Apr
Amer Beet Sugar pfd_100 200 7614 May 9 77 May 6 70
Mar 77
100 5752 May 5I 5732 May 5 5152 Feb 66
Jan
American Chicle pre: 100
Amer For & Power paid. 2,000 9434 May 6 9532 May 8 9234 Ma 9634 Jan
400 9434 May 5 9634 May 8 9132 Ap 9634 Jan
Full paid
Amer Snuff pref
100 100 3714 May 9 9732 May 9 95
in 9732 MaY
. 1234 Feb
Amer Radiator pref._100 100 12032 May 512034 May 5 12234
Amer Teleg & Cable_100 400 39 May 8 40 May 9 39 M
4332 Jan
AmWholesaleCorppf100 100 9734 May 3 9732 May 3 92
.12i 9934 Feb
Am Rolling Mill pf_ _100 10010234 May 0110234 May 9 98
Feb
I 104
Assoc Dry G let pf _ _100 340 8332 May 9 8334 May 6 8334 Ma 8834 Jan
AR Fruit Col T Co ctf dp 400 134 May 7 13.4 May 8 13.4 Jan 252 Feb
13klyn Edison rights_ _ _ 40,537 3 May 3 3% May 6 24 May 334 May
• 7,800 60 May
Rklyn Union Gas
6334 may 8 56% AP 6334 May
100 994 May 71 9932 May 7 954 Mar 0934 may
Burns Bros pref
100
25 300 144 May
Calumet & Heels
1434 May 5 14 May 1914 Jan
Jan
Case(2 I) Thr Mach pf_• 900 4134 May 6 4432 May 9 4134 May 77
Century Ribbon Mllis__• 100 27 May 61 27 May 6 2534 Apr 3334 Jan
Chicago Yellow Cab.__• 5.300 42 May 8 4332 May 5 41
Ap 6132 Apr
Ciuett Peab'y & Copt 100 100 102 32 May 5110236 May 510034 Jan 1054 Jan
Apr
Corn Invest Trust
• 300 31% May 81 32 May 6 31% May 33
Apr
Preferred
100 200 94 May 5 95 May 5 94 May 98
Commercial Solvents, A* 1,000 5436 May 81 5634 May 3, 4332 Jan 6234 Mar
Feb
Jan 56
100 45 May 61 45 May 6' 33
*
Cent Can Inc pre!_ _ _100
100 106 May 7J106
May 7 10432 Jan 10834 Jan
Cont Insurance
25 200 9134 May 61 9134 May 6 8934 Ap 9734 Jan
Corn Products pref_ _100
100 118 May 8 118 May 8 1154 Apr 1204 Jan
Apr
43r 5 21
Feb 30
Crex Carpet
100 200 294 May 7 30
DanielBoone5VInMills25 22,000 24% May 9 2654 MaY 7 2134 Apr 3234 Mar
Jan
Jan 76
Deere & Co pref
100 300 6234 May ol 6232 May 6 62
32 Apr
34 May
Detroit Edison rights__ 8,864
4 Ma 7
% May 5
Apr
Apr 88
5 85
DuPont debenture 63 100 300 87 May sI 8734 M
Mar 10634 Jan
Duquesne Light lst pf100 400103% May 31104 May 7 102
Jan
Emerson-Brant pref_100 100 7% May 7 734 May 7 732 Apr 15
Jan
Apr 65
Fisk Rubber 1st pref _100 900 46 May Si464 May 6 46
Jan
• 100 5 May 51 5 May 5 4% Apr 7
Ga_rginer Motor
Feb
Jan 110
May 51 9634 May 5 93
General Baking Co_ _ _ _• 200 9634
May
42 May 3 384 Apr 433,1 Apr
General Petroleum_ _25 4,860 41
Jan 10234 Apr
Gimbel Bros pref_ __ _100 300 0934 May 3(10034 May 8 99
May 8 91% May 7 8934 ApIl 9654 Feb
Great West Sugar_ __ _25 700 91
May 3 105
An 1081i Jan
Preferred
100 100 106 May 31106
Mar
Mar 93
25 93 May 8 93 May 8 93
Guantanamo Sug pLies
Feb
Apr 95
Hanna 1st pref Cl A.100 100 8934 May 81 8934 May 9 88
Jan
pref _100 100 3% May 8J 3% May 8 334 May 7
Hydraulic Steel
200 102 May o102 May 510134 Jan 103% Feb
Inland Steel prat w 1_ __*
Apr 9734 Feb
May 8 93 May 5 83
Intemat Business Mach* 2,200 91
Apr 7834 Jan
International Shoe _ _• 300 73 May 61 7334 May 6 73
Mar
2434 May 5 2234 Apr 27
Jordan Motor Car
• 1,000 2334 May
Jan
4 Jan 1
32 May 8
32 May 81
100
Kansas & Gulf
10
Apr
Feb 96
K C Pow & Lt let pref_• 100 55 May 7 95 May 7 02
Apr 7814 Jan
Kelly-Springf 6% pf_100 200 52 May 6 52 May 6 50
Jan
Feb 63
Kinney Co
• 900 57 May 81 58 May 7 56
Apr
Kresge (55) Co pref_100 10011214 May 7111214 May 7 1124 may 113
Apr 77 May
100 77 May 9 77 May 9 73
Laclede Gas pref_ ___100
Mar
Mar 54
Liggett 23 Myers new_25 100 5034 May 6 5034 May 8 50
Feb
May 5 4834 Mar 53
11 new
25 2.500 50 May 5 51
Lorillard new
25 7,000 3414 May .1 35% May 5 2434 Mar 3834 Mar
Ludlum Steel
• 600 1834 May AI 1934 May 3 1834 May 2334 Mar
Feb
MacY(R H)prat_ __ _ 100 200 1114 May 711134 May 7 11 Si May 114
Feb
Mackay Cos pref____100 200 6411 May 7 6432 May 9 6434 Apr 69
Jan
May 92
Mallinson 23 Co pref.
_100 301 83 May 8 85 May 9 81
Apr
Manila Electric
100 93 May 8 93 May 8 8934 Mar 94
100
May54.90% Apr 9352 Mar
Met Edison pref
• 100 91 May 8 91
Apr
Montana Power prat.100 100 166 May 8 106 May 810434 Feb 108
Jan
Nat Cloak & Suit nref100 300 93 May 6 9334 May 6 0134 Mar 97
N. N.& Hamp. Ry.,
Jan
May 85
78
Gas & Elee pref_ _100 100 76 May 6 76 May.6
Apr
Apr 108
Niagara Falls Pr preL.100 200 108 May 6 108 May 6 108
10232 May 610334 May 6 10232 May10232 May
Niag L &0Pr 7% pf _100 100
Jan
100 3214 May 9 3232 May 9 314 Apr 33
Ohio Fuel Supply
25
Jan 9434 Jan
100 9332 May 8 933 May 8 92
Orpheum Circuit pref 100
Jan 4034 Jan
May 8 39 May 8 35
100 39
Panhandle P & R pf _100
Mar 4134 Feb
300 4134 May 3 4f34 May 8 35
P & R Coal & Iron eds..*
23 May 5 23 May 3236 Jan
23 May
5 100
Phoenix Hosiery
50 211 4234 May 6 424 May 9 4234 Jan 4334 Mar
Phila Co6% pref
Jan
Jan 101
100 9634 May ' 9634 May 8 95
Pittsburgh Steel pref_100
Jan
200 100 May 8 100% May 5 9934 Apr 102
P El Corp of N J 8% _100
.
Jan
100 9734 May 6 0734 May 6 964 Mar 99
7%
100
1,150 332 May 5 354 May 7 234 May 334 May
New rights
Jan
May 8 86
May 8 86
Mar 90
100 86
Rawls Insurance Co_ _25
Feb
Schulte Ret St pref..100 300 105 May 8 106 May 7 105 May III
Mar 11034 Apr
100 105 May 6 105 May 6 103
80 port° Rim sug pf _100
Apr
Studebaker new w 1____• 9,100 3234 May 0 3434 May 7 3236 Apr 38
Jan
35 May 8 35 May 43
May
United Dyewood- _100 100 3
9-4 Apr
32 Feb
34 May 7
32 May 7
• 1,800
Union 011
• 600 2136 May 8 23 May 9 2132 May 2434 Apr
U S DRUM Corp
Jan
May 9 66 May 9 6032 Mar 80
100 66
Van Rallte let pref__100
Jan
1.0115
West Elec 7% cum pf 100 200 115 May 7 115 May 7 111% 4
500 89 May 8 90 May 5 8732 Apr 9132 Jan
West Penn Co 7% pf _100
May 3 2534 May 8 21
May 724 Jan
100 1,100 21
Wilson Co pref
Woolworth(F W)new.25 14,400 8032 May 3 8634 May 9 7236 Apr 8614 May
Worthington pref B_ _100 300 6236 May 6 6234 May 5 584 Jan 654 Mar
Yel. Cab Mfg tem cds_10 27.300 4634 May 9 53 May 3 4636 May 8534 Mar
* No par value.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Share,),
Ind.thMis.
OIL
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
21,905
45,471
34,975
51,145
42.835
78,215
63,635
77,000
50,285
92,145
80,370
29,435
Total
274,546
392,870
$840,000
1,440,000
1,110,000
1,232,000
1,477,000
1,032,000
$2,147,000
2,633,000
3,197,000
4,834,000
5,516,000
4,230,000
535.166.000
57.131.000
$22.557.000
Highest.
c c ca St Louts_ _ _ _100
Week ending May 9
.
$2,721,000
4,752,100
6,954,000
6,182,000
6,706,000
7,851,000
2.970.948
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Range Since Jan.1.
I
State,
Municipal &
Foreign Bds.
Stocks,
No Shares,
Alining.
BONDS (Par
vista).
Domestic. Porn Goss.
$371,000
560,000
487,000
518,000
426,000
477,000
$31,000
29,000
72,000
77,000
40,000
66,000
802.160 $2,839,000
$315,000
85,220
237,180
141.120
116,920
117,210
104,510
Sales at
New York Stock
Exchange.
Week ending May 9.
Jan. Ito May 9.
1924.
1923.
1924.
2,970,948
5,401,804
86,543,286
94,645,210
Bonds.
Government bonds... $22,557,000 $35,613,000
State and foreign bonds
7,131,000
6,683,000
Railroad 23 misc. bonds 35,166,000 31,170,000
$371,362,000
137,369,000
620,380,000
$303,569.000
184,582,000
638,174,000
Stocks
Total bonds
1923.
$64,854,000 573.466.000 51,129,131.000 $1,126,325,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
May 9 1924.
Baltimore.
Philadelphia
Shares. Bond Sales, Shares. Bond Sales. Shares. Bond Sales.
I
STOCKS.
Week ending May 9.
United
States
Bonds.
Railroad
tee.
Bonds,
269,000
624,777
516,350
641,496
479,625
439,700
Week ending May 9.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
A..., •••••,••••lrw.mlylepaA
•
a NO,A00.3
...a 4,.....490a,
Vaulters'
[Vol.. 118.
CJGGClia4643
2282
4,891
10,389
7,541
12,217
10.364
6,872
544,000
31,450
40,050
44,750
31,800
37,000
52,274
$229,050
633
$7,200
1,041
51,600
714
33,500
939
39,400
892
33,900
1,260
21,600
5,479
32,770 5187,200
Kno
4.00 .yan
... Inn
A52
$13,200
64,600
63,000
72,700
36,000
23,300
$272,800
•
Daily Record of U. S. Bond Prices.iMay 3. May 5.13fay 6. May 7
.1May 8, May 9.
First Liberty Loan
(High
334% bonds of 7932-47_ _I Low_
(First332s)
(Close
Total sales in $1,000
_
Converted 4% bonds of (High
1932-47 (First 4s)--- 4 LOw(Close
Total sales in 51,000 units__ _
Converted 43-4% bonds (High
of 1932-47 (First 43-4*)!Low_
(Close
Total sales in $1,000 units. _ _
Second Converted 454%(High
bonds of 1932-47 (First( Low_
Second 43423)
(Close
Total sales in $1,000 units_ _ _
Second Liberty Loan
(High
4% bonds of 1927-42_ _ _ 4 Low_
(Second 4s)
(Close
Total sales in $1,000 units.
Converted 434% bonds (High
of 1927-42 (Second (Low.
434*)
(Close
Total sales in 51,000
_
Third Liberty Loan
(High
44% bonds of 1928_ (Low_
(Third 4429
(Close
Total sates in $1,000
_
Fourth Liberty Loan
(High
432% bonds of 1933-38_ Low_
(Close
(Fourth 434e)
_
Total sales in $1,000
Treasury
(High
Low_
434s, 1947-52
(Close
Total sales in $1,000 wigs_ _
992*
173
9922331 992222
9921,
9924n 992432
9922n 99n
"
160
123
9922321 992222
992422i 992433
991.32 992e3
213
54
992032
992232
92
9980
.
_1_01
.
1.10
1;2:
100,1
130
100'n
100's,
503
100us
100",
106",
611
100"n
100"n
100",,
685
101"st
10120w
101",,
270
100.s, 10020,, 100232 100'., 100432
100432
10010;2 1001232
26
20
127
153
47
--- ---100',, 10- -, ; 100232
100",,
0;
100
100 :t 100',, 100 st 100242
,
,
100.1, 100',, 100 n
,
100443
247
332
407
254 1,852
100"n 100",, 100", 100"tt 100"st
100"a, 100203, 100", 100"st 100",,
100"ss 101"1, 100", 100"st
1,158 1,108
282 2.451
185
100"n 1t0'., 100143 1001232 100'',,
100",, 100",, 100112 100232 100ht
100",, 100",, 100123 100232 100",,
712 1,206 3,687 2,554 1,727
101",, 101"ss 10122. 1012ln 101"ss
101",, 101"n 10121. 1012422 101":,
101"st 1012432 111243 1012432 101"n
12
312
270
345
153
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 33-4s
992132 to 992143 3d 434
10011,3 tO 100122
,
6 1st 434s
90 26 4325
100422 to 100422 58 4th 434*.
100232 to 10032 2 U.S. Treas.434.i.
100432 10 100'','
1012023 to 1012o.4
-Sterling exchange moved within
Foreign Exchange.
relatively narrow limits with trading for the most part dull
and the trend toward lower levels. The Continental exchanges after early firmness broke sharply and heavy losses
were reported on French and Belgian francs as a result of
speculative sales.
To-day's (Friday's) actual rates for sterling exchange were 4 33X@
434% for sixty days, 43534@4 3634 for cheques and 4 35%0;4)4 37 for
cables. Commercial on banks, sight, 4 35321g)4 3634, sixty days 4 32%@
4 3434, ninety days 4 31%@4 3234, and documents for payment (sixty
days) 4 333604 3434; cotton for payment 4 35%004 365 and grain for
/s,
payment 4 35%(g4 363-4.
To-day's (Friday's) actual rates for Paris bankers' franc.s were 5 803-4@
5.93% for long and 5.86@5.99 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
36.868836.94 for long and 37.228837.30 for short.
Exchanges at Paris on London, 73.70; week's range, 67.00 high and 73.70
low.
The range for foreign exchange for the week follows:
Sterling, ActualCables.
60 Days. Checks.
High for the week
43036
436%
4 3812
Low for the week
4 3536
4 3334
4 3534
Paris Bankers' Francs
High for the week
6.63%
6.56
6.62%
Low for the week
5.88
5.8034
5.87
Germany Bankers' Marks
High for the week
_ 0.00000000002332 0.000000000023%
0.000000000023
Low for the week
0.000000000023
Amsterdam Bankers' Guilders
37.54
High for the week
•
37.08
37.50
37.32
Low for the week
37.28
36.86
Domestic Exchange.
-Chicago, par. St. Louis, 15 ©25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $14.6875 per
CAW discount. Cincinnati, par.
Quotations for U. S. Treas. Ctrs. of Indebtedness,&c.
-See page 2296.
The Curb Market.
-The review of the Curb Market is
given this week on page 2270.
A complete record of Curb Market transactions for the
week will be found on page 2294.
1
New York Stock Exchange-Stock Record, Dai▪ ly, Weekly and Yearly
2283
OCCUPYING FOUR PAGES
For safer, during the week of stocks usually inactive, see preceding page
111011 AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
May 3.
Monday,
May 5.
Tuesday.
May 6.
Wednesday. Thursday,
May 7.
May S.
Friday,
May 9.
$ per share $ per share $ per share
per share S per share $ per share
30 .2512 30
30 .26
*27
.2512 30
*28
30 .26
30
8
10012 1004 1003 100% 100% 1007 100% 101
1003 1007 1005 101
8
8
4
8
8814 8818 8814 8814 8814 8814 8812 8814 8814
8814 8814 88
17
.134 2
8 2
2
2
*13
4 214
2
.134 2
2
11812 119
•117 11712 11712 119
119% 1204 119 1203 12012 121,
4
4
4
523 5314 525 5318 523 53
8
4
527 5314 53
8
534 534 5314
5714 5714 5714 5714 5714 5714 5714 57 4 5714 5714 *57
,
5714
145 1434 148 1412 44% 1514 154 1512 1412 155
143g 147
8
58313 5812 5812 .5712 5312 57% 5814 583 583* 577 5812
"58
8
4
8
8
148 148% 1474 1487 143 148
8
1473* 1433 1477 1485 1473 14S
8
2 743
741
4 73.8 75ls 73% 743
4 7414 745 7414 753* 747 7512
3
•10313 104 *10312 104
10312 10312 .10312 1037 .10312 1037 .10312 1037
8
8
*312 34 "312 34 *33
8
35, 3%
4 37
334 3 4 .312 33
4
3
94 018
918 918 .
74 8,
3
.918 . 93
4 •
9,
4 914
91s 94
21
21
23
*21
.21
22
2112 217
213 *21
4
8 2134 2134
40 .37
*37
39
38
40
38
40
37
374 373 38
4
418 418 *4
418 418 *418 43*
414 *418
438 *4
438
8 118 117
1112 113
4
4 113 117
8 1112 1134 *1113 117 .114 117
8
14
133 14
14
1414 1412 14
4
133 14,
4
1414 1418 1434
2
8 26
2414 243
8 243 25 2 24% 267
4
,
27
26
2612 2534 2614
52
5112 513
5113 533* 53
4 5112 51% 51
54
5312 544
105 .10012 105 *10012 104 *10214 105 .10013 105
•101 105 .101
2334 2334 233 237
4
8 2312 2414 2438 2514 243 25
4
2434 247
807 807
8
8 8114 8114 .80
.7912 8012 *7912 81
8114 •80
8114
68 68
69
674 674 .1374 6
695,3 8912 6912 69
8
6913
.2834 29% 29% 298 *2934 3018 2933 2934 •283 2933 .294 3014
4
.109 10914 .109 10912 109 109 *10812 10913.109 10913 109 109
115 11512 115 11534 11612 11612 11612 1193 11812 11914
115 115
8
8 2414 24% 25
24% 243
4 244 25,
253
8 2478 25
247 2518
s 32% 3234 323 3314 323 33
4
3218 3214 323 327
4
324 323
4
27% 27% 28
4
273 28
*2612 27
28
28
28
*2713 284
8
564 563 5612 57
57% 573 583
4
5612
8 573 58
4
58
58 14
27% 275 .
8 2714 2712 2714 27 2 2713 275
,
* 2713 2712 2714 2714
.12
8
1214 1214 1214 124 135 *1314 14
13
13
*123 1314
4
*5312 56 .
554 5512 56
5312 56
56
5613 5612 .5312 5612
1033 1033 10312 10312 1033 104
•10212 104
4
4
4
102 102 .10214 10312
213 .21
4
213 .21
.21
213
4
4 2134 2214 2214 2314 221. 2213
19% 19% 1934 2014 2(1
•1912 20
*1912 20
2014 197 20
*52
5212 5212 5;)') 5314 53 4 5213 5213 .523 5312 .52
,
8
5312
4114 40% 4118 41
403 40% 41
4
413
413* 41
s 41
4112
9034 9034 91
•
9012 903
4 9012 91
9112 91
9114 •90
9114
36
3614 *36
36
36
*35
4 36
3613 363 3638 36
8
36
4,7
8
7
7
718
.7
.7
8
8
714 714 *7
21
•23
26
26 .
26
*20
*23
26
•23
26 .23
26
48
48
*47
48
•47
48
*47
471. 4713 *47
473
4
48
.14
22
2212 •I4
*14
22
•13
15
•15
23 .14
22
2
2
2
2
.1% 218
2
2
.17
8 214 *178
218
107 11
107 11
8
11
8
11
11
1118 11
11
11
1118
4
8
.313 313
4 313 3134 3178 32
:32
323
8
4 323 323
4 323* 3234
4 1278 13
8 1234 123
1238 125
• 1278 1314
127 1318 13
8
13
4018 4112 41
404 401, 41
40
4178 413* 4112 41
4134
•112 13
4 *14 13 '
4
112 184 •113 134
158
15
8
15
8
15
8
11412 1104 115 11634 11612 11513 11414 11414 11334 115
1147 11514
8
101 10114 10018 10128 10112 102
101 101
101 10112 101 1013
4
77% 7712 7712 7612 77
77
774 771 s 764 7714 7633 7713
•8412 85
84'3 844
*8412 85
8458
8412
__ 84).
8 1933 19
185s 18%
19% 1918 2018 1938 2012 1978 2034
1612 1612 *1614 17
1658 16% 1634 163
1634 1634 164 167
4
8
*1212 14
•1214 14
•1213 14
•1234 14
•1234 14 .123 14
4
123 12312 12312 12412 1225 123% 123 1233 12214 123
8
4
12314 124
77 •72
*72
.72
77
77
*72
77
•72
73 .72
77
51% 514 515 52
8
515 5212 5213 53
8
5214 527
5218 534
433 4378 43% 43% 4334 44
4
4334 44
43% 433
4 43% 433
4
•1012 12
•1013 12
•1012 12
•1012 12
•1012 12
.1012 12
47
4712 473* 4834 4734 4814 475 48
475 4754 4714 4713
8
•704 7412 .71
7412 .7113 7514 *7112 7512 .
7113 75
.7113 75
62
.61
62
63 .63
64
63
63
63
6318 63 63
4112 4112 4112 42 .41% 42
41% 42
4134 417
8 4113 4133
*93
9312 93 93
11312 .93
93
93
•92
9312 .93
9312
52% 53
5212 53
5234 53
52% 5318 5234 5314 5234 5318
.
35
3512 35
35
"35
353 •:35
8
3512 35
35
.35
3512
.34
3412 34
3413 *34
414 "34
3412 34
34 .34
3412
•3412 46 •
34
36
357 3812 37
3814 *36
37
:39
37
201 4 207 207
20
8
207 21
21
2114 203 211 .2014 21
4
4412 45
.
45 .
44
*44
45
44
4414 44
455
4514 45 4
,
36
3612 3612 3712 367 373* 3712 :37% 3612 371s
363* 37
4 53413 59
,
59
503
4 594 593 •59
4
593 '5914 593 *59
593
4
9 4 1014 10
3
*912 93
4
97 10
1014 10
1014
.93 10
4
2118 2118 2118 215
8 21
221
213
4 21
211. 2214 2158 217
*
883 8914 89
4
89% 887 8912 883 891
8
4
833 8918 883 89%
4
4
*53 4 5
,
5334 52% 5314 5314 53/
34 53
5314 .535
53113 537
72
71
.
71
71
.71
72
7114 717
714 717s
717 717
8
2814 28% 297
27
8 2918 303
8 29% 301
2914 30
293 297
8
11
•10
•10
1013 *93 10
11
.10
4
*94 1012 .93 1013
4
60 •
.52
60
60
•49
52 •_
1307 131
8
1303 13118 1305 131
4
8
130% 131
13012 1307 1307 131
8
707 70% 703 7114 71
8
4
71
71
71
71
71% 71
71%
8
4.84 9
818 .
S
9
.
814 9
9
.8
.84 9
•3012 3213 3012 3012 .30
32
32% 32% :304 313 •3012 32
4
1512 1534 1513 16
1534 1614
16
16% 163 1612 164 1612
8
45
444 45
453
4 4518 453
4 45% 46
45% 4578 45% 4534
3112 3014 30% *3013 3112 3012 3012 •3012 3112 •:3013 3112
•30
8% 83
812 83
834
4
834
4
87
8 9
834 9
9
9
153
16
•1512 1634 . 4 16
1613 1613 1613 1814 167
8 16
1614
171: 18% 18% 1914
174 177
s 1714 1814
19
1938 10
1914
6214 623 .6112 621: 6212 6314 .6212 6314 623 623
61
61
4
4
4
812 87
8
8 8%
87
85
8 9
8
4 83
4
/453 83
4 *83
8 83
4
174 173
8 1714 1713 1712 1713 1754 173 •1714 1712 •1714 1713
4
4354 37 .361 4 37
•361 1 37
.3512 37
•3614 37
.3611 37
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1 1924.
-share lots
On basis of 100
Lowest
Shares.
Railroads.
Par $ per share
Ann Arbor preferred
100 25 Mar 4
9,100 Atch Topeka & Santa Fe..100 9718 Jan 2
2,000
Do pref
100 8612 Jan 2
800 Atlanta Birm dr Atlantic..100
1% Feb 23
4,900 Atlantic Coast Line RR
100 112 Jan 23
5,200 Baltimore dr Ohio
100 524 Apr 22
Do prof
700
100 5614 Apr 16
5.200 Bklyn Manh Tr v t c_ _No par
1313 Jan 4
2,000
Prat vot tr ctfs
No par 4884 Jan 3
5,500 Canadian Pacific
10() 14234Mar 10
19,600 Che•apeake & Ohio
100 674 Feb 26
Do prof
100
100 9912 Jan 3
500 Chicago & Allan
100
314 Apr 15
300
Do pref
100
84 Apr 16
1,100 Chic & East III RR
100 21 May 5
Do pref
800
100 37 May 5
1,000 Chicago Great Western__ _100
4 Apr 30
3,400
Do pref
100 104 Jan 4
5,600 Chicago Milw & St Paul__ _100 135 Jan 8
8
17,800
Do pref
100 22 Mar 1
15,700 Chicago & North Western.100 494 Jan 3
Do pref
100 100 Jan 8
8,500 Chicago Rock Isl dc Pacific.100 2112 Feb 15
200
7% preferred
100 7634 Feb 26
1,100
6% preferred
100 655 Jan 2
8
2 0 Colorado & Southern
5 0
(
1
100 20 Jan 2
Delaware & Hudson
100 10412Mar 5
6,300 Delaware Lack & Western_ 60 1103 Feb 15
4
12,900 Erie
100 203 Jan 3
4
5,400
Do lot preferred
100 285 Feb 19
8
2,500
Do 2d preferred
100 254 Jan 3
9,300 Great Northern pref
100 533451ar 3
1,600
Iron Ore Properties..No pa
27 Apr 21
2,100 Gulf Slob & Nor tr ctfs.....100 1134 Apr30
400
Do pre(
100 50 Jan 3
740 Illinois Central
100 10014141ar 4
3.600 Interboro Rap Tran
100 123 Jan 2
4
3,500 Kansas City Southern._..100 173
4 ar 28
665
Do prof
100 51 14 Mar 31
12,700 Lehigh Valley
50 b3913 Apr 10
1,734 Louisville & Nashville- -100 8733 Jan 16
600 Manh Elevated, mod guar_10
3012 Jan 2
200 Market Street RY
634 Mar 15
10
Do pref
10
22 Feb 20
Do prior pref
200
4312 Mar 17
10
Do 2d pref
14 :Mar 18
10
500 SlInneap & St L (new)
1% Jan 3
10
4,300 Mo-Kan-Texus RR___ _No pa
105
8.Mar 25
3,000
Do pref
100 2934 Feb 18
3,400 Missouri Pacific corn
100
934 Jan 3
12.800
Do pref
100 29 Jan 3
200 Nat Rys of Mex 2d pref...100
112 Apr 2'
3,2011 New 06 Tex & Slex
100 9312 Feb 15
9,200 New York Central
100 9918 Feb 15
2,300 N Y C & St L new co
100 7212 Feb 18
200
Do prof
100 8418 Apr 15
61,000 N Y N II & Hartford
100 141 Jan 2
,
800 N Y Ontario & Western
100 1614 Apr 22
Norfolk Southern
100 1212 Apr 22
17,900 Norfolk & Western
. 100 10212 Jan 3
Do pref
100 723 Feb 26
4
10,300 Northern Pacific
100 477 Mar 3
8
6,600 Pennsylvania
50 4214 Jan 3
Peoria & Eastern
93 Mar 13
100
4
19,800 Pete Marquette
100 404Mar 31
Do prior pref
100 7112Apr 23
900
Do pref
100 60 Jan 4
2,800 Pittsburgh & West Va
100 38 Jan 4
Do pref
200
100 8514 Jan 5
4,200 Reading
50 5214 Apr 15
400
Do 1st preferred
50 35 Apr 15
Do 2d preferred
900
50 83318 Jan 18
1,400 Rutland RR pref
100 32 Jan 3
3,500 St Louis-San Fran
100 1918 Apr 30
1,500
Do pref A
100 425 Jan 3
8
8,800 St Louis Southwestern__ 100 33 Jan
Do pref
600
100 57% Jan
2,500 Seaboard Air Line
100
614 Jan
8,900
Do pre(
100 1414 Jan
17.300 Southern Pacific Co
100 8512Mar 2
12,500 Southern Railway
100 3813 Jan '
1,000
Do pref
663 Jan 3
10
4
26,400 Texas dr Pacific
100 19 Jan 3
Third Avenue
100
95 Jan 3
8
Twin City Rapid Transit_ _100 60 Mar 25
4,300 Union Pacific
8
100 1265 Mar 3
2,200
Do pref
100 70 Mar 20
700 United Itallways Invest-- _100
7% Apr 23
900
2612 Apr 21
17,300 Wabash
100 1034 Jan 4
10,000
Do pref A
10
34 Jan 3
300
Do pref 13
10
2212 Jan 3
3,700 Western Maryland
100
812 Apr 29
2.300
Do 2d preferred
100 1512 Apr 23
13.900 Western Pacific
100 1414 Jan 2
1,500
Do prof
100 58 Jan 7
2,500 Wheeling & Lake Erie Ry_100
7 2 Jan 2
,
700
Do pref
100 144 Jan 2
Wisconsin Central
10
34 Jan 16
•762 78
4
•7613 78 .7634 78
.763 78
4
79
78
•763 78
4
300
7
7%
4
7
.7
*714 7 4 *7
73
3
4 .74 73
7% 7%
300
*3018 32
32
3014 3014 "30
•3014 3214 .31
3112 •30
32
'200
74
7412 7312 7614 76
7712 753 76
73
73
4
75
7513 5,800
512 54
5 4 51.3 .5% 5%
57
,
5% 5%
5% 55
8
57
8 3,200
t2
.12
•18
14
•15
14
14
•18
*4
14
100
13
8
112 112
112 .13
8
11.
Ps 1% .
13
8 13
8
114
113 5,800
725 74% 724 7:312 7212 7318 7112 72% 7113 723 24,400
8
715 73
8
8
114 *114 11412 11413 11413 11434 1143 11413 1144
•114118 11412 114
4
600
*4112 4312 •4213 4:313 •4212 4312 *I:31 4 4312 4314 4312 .4212 4312
900
92 .91
.91
92
92
911 4 9114 .
•91
92
•91
91
92
100
8
8
733 8
•814 914
4 812
74 754
73
734 74 1,700
4 2133 2218 .221 4 2234 225 2258 21 12 2218 1,700
8
.22 . 2314 2134 223
.101 107 *101 107 .104 10612 •104 10612 •104 10612
•101 107
5212 •5112 5212 .5113 5212
a. .52
52
53
*53
53
•52
100
40
40 4 404 •39
,
403
4 4014 4014 1.100
4
313 4012 40
8
•397 40
2512 2512 .
2613 .2512 26
26
2412 2412 26
2313
•24
-1,700
4
•7814 783
797 80
4 784 7813 •783 80
80 .7818 80
•79
600
13,8
7
4 02 1 )
•107 1093 10 12 1 1 0 .107 110 .10812 110 .108 110 .107 110
8
8
s
1017 1033 10234 1043 1023 1035 102% 103% 119,600
8
8
1015 10212
8
8
8
8
•112 11234 .112 11234 1127 1127 1127 1124 •I12 11313 1123 11234
4
350
160 160 •169 181 12 160 160
158 15934 160 160
16014 16014 1,600
121 126 .121 125
.120 12684'121 125 .121 125 .121 125 .
8
8
8
224 227 227 •225 23
•227 234 •223 234 2234
23
8
4
23
500
15
16
16
154 1514 1514
16
18
16
17
16
16
3,100
13 .11
13
13 .11
•10
13 .11
.11
123 .12
4
13
•33
•34
_ ___ .34
_ . . •33
___ , *33
•33
412 4% •
4
44 43
4 0412 43
•412 44 .412 44
413 4%
500
*94
95
95
'003
95
944 943 •94
99 •94
*94
4
95
100
812 •8
812 84 *8
8% 812
812 ,18
81
•1
3
813
500
535 535 .
528 53
8
4
8 5312 5414 2,300
511. 5312 5412 5412 55
53
I3, 211. 213, 23
235
23
2158 2274 227, 241, 23
,
24
20.700
•13Id and &abed prices. •Ex-dlvIdend. 9 Ex•righte.
STOCKS
NEW YORK STOCK
EXCHANGE
Industrial & Miscellaneous
Adams Express
10
Advance Rumely
100
Do Prof
100
Air Reduction. Tao_ __ _No yar
Ajax Rubber, Inc
&O
Alaska Gold Mines
10
Alaska Juneau Gold MM.._ 10
Allled Chemical es Dye_NO Par
Do pref
100
Allis-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chem 100
Do prof
100
American Bank Note
50
Do pre(
50
American Beet Sugar
100
Amer Bosch Magneto.
.No par
Am Brake Shoe & F._ _No par
Do pref
100
American Can
100
Do pref
100
American Car dr Foundry -100
Do pref
100
American Chain, cl A
25
American Chicle
No par
Amer Cot 011 ctfs of dep__100
Do pref ctfs of dep..._100
Amer Druggists Syndicate_.10
American Express
100
American Hide dr Leather.100
Do prof
100
Amer international Corn_ _100
7312 Jan 2
7 May 6
3014May 7
6714 Jan 2
54 Apr 15
4 Jan 3
7 Jan 30
8
85 Mar 18
110 Apr 8
414 April
90 Apr 29
,
7 8 Apr 7
1854 Apr 7
98 Jan 8
52 May 6
36 Star 21
2214 Apr 1
76 Apr 14
10714 Apr 22
95% Apr 21
100 Jan 8
15312 Apr 14
11884 Apr 9
213 Mar 21
8
143 Apr 22
4
1012 Feb 18
3314 Jan 2
414 Mar 24
88 Apr 15
714 Apr 28
504 Jan 3
1738 Mar 19
Highest
PER SHARE
Rance for Previous
Year 1923.
Lowest
I Highest
$ Per share $ per share $ per share
34 Jan 8
21 Sept 45 Feb
10214 Jan 29
94
Oct 10518 Mar
894 Jan 19
85% Dec 905s Mar
234 Jan 11
14 Aug
314 Feb
12184 Apr 5 1097 July 127 Feb
8
8012 Jan 9
4018 Jan 604 Dec
5912 Jan 5
553 May 60% Mar
4
914 Oct 1413 Dee
8
177 Mar 22
6234 Apr 16
3413 Oct 497 Dec
15078 Jan 9 13934 Sept 160 Apr
7712 Feb 5
57 June 768* Jan
103% Mar 15
96 June 1047 Feb
8
2 May
518 Jan 10
43 Dec
8
127 Feb 29
34 Jan 124 Dec
8
19 Aug 383 Feb
4
27 Jan 10
4613 Aug 6214 Mar
5112 Jan 8
7 Feb
23 Oct
4
8
55 Jan 17
1312 Feb 5
6% Oct 17 Feb
8
1114 Oct 263 Mar
1818 Jan 10
3014 Apr 12
20% Dec 4512 Mar
4718 Dec 88 Mar
541 Feb 7
:
10313 Jan 19
9718 Dec 11818 Mar
8
194 Oct 37% Mar
273 Jan 10
83 Jan 10
72 Aug 95 Feb
69% Jan 10
8
607 Aug 85 Mar
31 14 Mar 26
Oct 4513 Feb
17
1124 Feb 25
934 July 12412 Feb
124 M ar 22 1097 Oct 13012 Feb
8
2814 Feb 4
1018 May 2234 Dec
357 Apr 5
Jan 3114 Dec
15
307 Apr 4
8
1O May 275 Dec
59 4 Feb 4
3
5"053 Oct 80 Mar
3112 Feb 4
25 July 36 Mar
912 Aug 20 Mar
1784 Jan 9
8
587 Apr 4
447 Jan 623 Feb
4
8
10.514Slar 24
99% Dec 11712 Feb
25 Mar 21
912 June 227 Mar
8
214 Feb 4
8
155 July 247 Mar
8
535 Feb 5
8
48% July 5734 Mar
723 Jan 25
8
54 June 713 Feb
8
933 Apr 8
843 Oct 155 Feb
4
393 Mar 6
4
2712 Dec 4512 Ap.
1313 Jan 4
713 Oct 22 Ma!
4018 Jan 5
Oct 68/2 Mal
23
7112 Jan 4
5612 Oct 87 Man
30 Jan 4
145 Oct 5614 Mar
8
4 Jan 28
7 Aug
8
91 Feb
:
134 Feb 4
93 Oct 17 Feb
4
3412 Feb 4
24% Oct 4513 Feb
131: Apr 8
814 Oct 193 Feb
8
4212 Apr 8
2214 Oct 49 Feb
214 Feb 6
114 Nov
43 Feb
4
11778 Apr 5
8212 Aug 105 Mar
10612 Feb 4
9012 May 10714 Dec
7912 Jan 9
6713 Aug 8012 Dee
873 Jan 22
4
86 Nov 9512 July
21 Feb 13
9% July 2212 Jan
197 Jan 9
8
1414 June 2182 Feb
1513 Feb 7
9 Sept 1832 Feb
13212 Apr 8 100 July 117% Feb
79 Apr 7
72 Sept 7812 Aug
55 8 Feb 4
5
4934 Oct 8112 Mar
4634 Jan 28
404 Nov 474 Apr
125 Jan 10
8
Oct 17 Mat
8
4834May 5
Jan 4714 June
36
7518 Feb 26
6712 Oct 763 Mar
4
6318May 8
5712 Oct 7012 Jan
45% Jan 18
33% Jan 505 May
8
95 Apr 9
85 Dec 93 Jan
79 Jan 12
6812 June 8118 Feb
5813 Jan 14
44 June 5613 Feb
56 Jan 14
45 June 563 Jan
4
404 Feb 5
'2212 Oct 39 Des
2412 Feb 29
164 Oct 27 Mar
48% Mar 24
3212 Jan 50 Mar
42% Feb 2
2512 Aug 363 Fels
8
6314 Feb 2
54% June 83% Mar
1034 Feb 23
43 Aug
4
712 Feb
814 Aug 154 Dec
2213 Feb 25
934 Apr 3
8414 Aug 954 Feb
5534 Apr 4
243 Jan 394 Dec
4
7314 Mar 22
83 July 70% Mar
3012May 7
14 Au
2912 Mar
1212 Jan 23
812 De
194 Feb
66 Jan 12
5814 Jan 7712 June
1323 Feb 8 12412 Au 144% Feb
4
74 Feb 13
7014 Dec 7612 J8,11
1114 Jan .5
2
7% Oct 217 Mar
4012 Jan 4
Oct 62 Mar
26
173 Mar 20
8
7 Mar 12 De°
4784 Mar 19
2314 Jan 3612 De
324 Apr 4
1612 Jan 2334 Dee
1138 Jan 9
8 Sept 15 Feb
2014 Jan 10
14 Sept 2634 Mar
1913 Apr 12
12 Setp 2014 Mar
6614 Apr 14
53 May 63% Mar
Oct 1012 Feb
10 Apr 7
8
Oct 19 Feb
10
20% Feb 5
374 Jan 29
23 Aug 38% Dec
8212 Feb 11
67 Sept 82 Mar
1212 Jan 2
613 Oct 1912 Mar
24 Nov 54% Jan
4118 Jan 4
8112 Jan 29
56 July 72% Mar
1012 Jan 11
414 Oct 14% Mar
58 Mar
18 Aug
14 Feb 2
112Mar 4
3 Oct
4
178 Oct
5914 Aug 80
745 Jan 8
Jan
8
1143
4May 8 10514 Aug 112 Mar
6012 Jan 22
374 June 5114 Feb
4
89 Nov 974 Jab
963 Jan 17
1018 July 367 Feb
17 Jan 2
8
495 Jan 9
8
2814 Oct 68% Feb
1083 Jan 14
4
Jan 100 Nov
77
55 Mar 13
,
60 3 June 5514 Aug
491: Feb 6
25 Aug 4913 Feb
384 Jan 12
223 Oct 60 Mar
4
82 Feb 8
6918 Sept 834 Feb
110 Mar 26 102 July 110
Jan
12282 Feb I
7313 Jan 107% Dec
1143 Mar 12 106 Sept 115 Feb
4
178 Jan 26 14814 July 189 Mar
12214 Feb 5 117 Sept 1257 Jan
8
20% June 2512 Mar
23% Apr 12
17% Nov
4
2012 Jan 7
53 Jan
334 July 208 Jan
4
123 Jan 11
8
14 Slay 383 Jan
4
378 Jan 11
4
8
44 Sept
75 Feb
814 Jan 30
87 Nov 14313 Mar
10312 Jan 7
618 Aug 133 Mar
4
13% Feb 13
203 Aug 7434 Mar
4
85 Feb 11
18 Sept 3312 Mar
254 Jan 31
2284
New York Stock Record-Continued-Page
For sales during the week of sto%ks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday, • Monday,
May 3.
May 5.
Tuesday,
May 6.
Wednesday. Thursday,
May 7.
May 8.
Friday,
May 9.
Sales
for
the
Week.
per share $ per share $ Per share $ per share $ per share $ per share Shares.
*86
89
8818 8818 88
87
88
88
88
38
87
8712 1,000
*79
81
*79
81
794 7912 *7912 81
*7913 8212 *7912 81
100
*1014 1012 *1014 1012 104 1012 *1014 1012 *1014 1013 *1014 1012
200
*1412 1518 .1413 1434 1412 1412 133 133 *1312 14
4
500
4
*1334 1414
*3014 35
34
*31
3512 *31
*31
33
*31
327 *31
33
8
723 74
4
73
/ 73
1
4
734 73 .73
/
1
/
1
4
7313 74
73
73
7314 5,400
*116 119 *116 120 *117 120 *117 12014 *119 12014 *119 12014
*41
42
*4112 42
43
*4112 42
/ *41
1
4
300
*4113 423
413
8
4 41
9614 9614 98
*96
/ 97
1
4
/ 95
1
4
9712 97
98
9614 *9618 967
8 1,500
*6
618 *6
*6
618
6
6
6
6
500
618 *6
61s
1234 133
4 13
1338 133
14
4 1318 1318 1238 127
8 123 127
4
8 7,100
623 6312 63
644 643 65
/
1
4
8
/ 6414 6434 6234 64
1
4
/ 35,900
1
4
6312 63
*1003 10012 10018 10014 10014 1003 1004 10012 10114 10114 9914 9912 1,000
8
8
/
1
343 35
8
344 35
*35
3518 3413 35
35
35
344 3458 2,300
*102 1023 1023 1023 *102 104 *10214 104 *10214 104 *102 104
4
4
100
4
42
8
4318 4113 433
/ 425 4414 4214 424 427 427 16,800
1
4
8
/
1
4 4218 43
8
*8513 88
8514 88
4
4 863 863
/ 8714 863 863
1
4
863 863
4
4 86
4
4 2,100
14
1234 13
*1312 133
1318 1318 13
4 134 14
1318 13
/ 1,700
1
4
*4214 51
*4214 51
*4214 51
*4214 51
*421 51
*4214 51
126 126
126 12612 128 12614 1254 126
/
1
12513 126
1255 125
8
/ 4,200
1
4
/
1
14334 1433 1437 14412 144 14412 1444 145 *145 14512 13912 13912 1,600
8
4
1025 1024 *102 1023 .102 1023 10234 103 *10212 104 *102 104
8
/
1
4
500
4
140 140
14238 1423 *14113 14212 1387 13 / 1,400
14018 14012 14013 142
4
8 81
4
47
4 4718 4712
4712 4814 4834 483
47
700
4812
*8912 9113 9112 9113 *904 93
*9214 93
90 90
200
*9012 9212
*693 703
71
*713 7212 .70
4
8
300
70
4 70
8 69% 70
695* 693
8518 6534 6512 6614 6514 6614 6512 66141 6514 6618 6512 66
8,000
*96
98
8
8
983
400
4 9818 9818 *973 983
4
4 985 985 *9712 0812 08
*2
212
2
2
.2
214 "218 214 *218 214 *218 214
100
*714 8
8
8
*712 8
200
*712 8
7
/ 74
1
4
*712 8
3
*2713 29
*2712 29
2712 2712 *27
200
28
*27
27
2712 27
/
1
/
1
3218 323
3 3218 324 324 3253 3214 323
4 324 327
8
4 323 3212 7,400
.86
4
86
86
87
*853 8612 8534 8534 8514 8514 *853 8712
500
4
012 012 10
*912 10
10
10
300
10
*95 10
3
"912 10
9414 •94
93
*92
96
933
4 93
9412 *933 9412 *94
9412 1,300
4
*294 30
29
/ 2912 2912 30
1
4
30
30
2913 30
2914 29
/ 1,900
1
4
1812 16 4 1612 1714 163 163
34
4 1614 1634 16
1614 3,600
16
16
2012 211 2112 2218 20
2112 1912 20
/
4
3,600
1912 20
20
20
*107 110
10714 1093 109 10918 110 1103 106 107
4
4
10712 10712 1,800
*114 115 .114 115 *114 115
100
11412 11412 *114 115 .114 115
*20
*2013 22
203
4
21
100
*20
*2014 31
20
20
21
8413
80
*SO
82
82
82
*
100
*80
8412 *80
8412 *80
8412
318
*3
313
600
312
318 *3
312
34 *3
318 34 *3
1115 113
8
/
1
11214 11414 1124 114
11212 11334 11114 1123 1103 11214 103.000
4
4
•112 11513 *114 11512 *114 11513 *114 11512 *114 116 *114 11512
*20
27 .20
27
*20
24
*20
26
24
*20
24 .20
16
.1513 16
1,800
1612 *16
17
16
1613 1612 1612 1612 16
*12
1312 *12
300
1312 *12
1312 1312 1312 1312 1312 1312 1312
4012 4134 4134 4134 413 413 *411* - -- 42 - - -600
4
42%
413
4
4
42
48
48
100
*4713 49
4812
•4712 4812 *4712 4812 •48
4812 *48
4834 4912 494 50
4834 497
8 494 49
s
/ 4878 4938 4814 493 28,600
1
4
*106 109 *105 108 *10512 109 *10512 109 *105 109 *105 109
300
934 9318 9314 9314 .9318 9312 *9314 9312 9314 9314 *9314 9312
*414 412 *414 434 *414 43
100
414 41
*4
44
/
1
*4
41
4
*27
8 4
•278 6
*2 8 6
7
*27
8 4
/ 6
1
4
*27
8 312 *2
*34
3614 *3414 3612 *35
_ _ *35 3612 *35 _ _
200
•813 9
834 83
4
*83
s 9
'.814 9
*812 - 9
8
/ 81
1
4
/
4
7
1134 1133 113 8 11518 11413 116
4
/
4
11514 11514 1141 11514 7,500
11512 116
_
4612 463
*4612 4812
49
48
.- *46
43- 491- 48 lg
-2
4 47
*10612 107
10612 10613 10618 10818 *106 107 *106 10712 *108 10712
.2258 23
*2258 23
*224 23
/
1
*225 23
8
*22
/ 23
1
4
*22
/ 23
1
4
200
*434 5
.43
4
/ 4
1
4
/ *434 5
1
4
*43
4 5
4 5
*43
4 5
200
18
18 .17
/ •17
1
4
4 1718 171s 173* 17
•
171g 173 *1712 173
4
700
1
1614 1614 16
.7 1678
153
11
*1514 16
161s 1534 16
*1514 16
1,300
.134 2
134
134 *13
4 17g
13
4 13
4
13
4
17
8
200
8
4
8113 8112 *813 8278 *8134 82
*8112 82
8
/ *813 821 *813 827
1
4
4
/
4
/
1
/
1
23
/ 23
1
4
2338 2312 2314 2418 231 233
/ 2333 24
1
4
4 234 234 8,300
100
*96 100 .95 100
96
96
*95 100
*95
99
*93
5
% 937
9 8 2,500
4
4
3
/ 4
1
4
44
4
*4
4
4
4
800
4618
*46
.45
4618 4614 4738 463 463
4618 .46
4612 *45
4
4
2
*1
*1
2
*1
2
.1
2
*1
2
*1
2
3
4
*4
/
1
3
4
*3
8
3
4
*5
8
3
4
*4
/
1
3
4
*1
/
4
Si
1,600
*14
1513 1512 *1512 23
*15
17
1'
15
14
16
16
2,300
12
12
12
*111 12
/
4
1214 1212 12
117 12
114 12
*
408 20,700
8
363 385
4
4134 4012 413
40% 40
8 36% 393
8 40
4 39
/ 16,800
1
4
4438 454 45
/
1
8
8 455 453
4
4514 443 4534 4538 463
4 4514 45
7,000
45
45
44
/ 45
1
4
45
457
8 4412 453
4412 4512 4478 45
1,400
*82
*83
8334 82
8212 *8212 84
833* *8212 83
823* 83
4
275 2738 273 2814 27% 28
8
4
8 273 2818 15,600
277 281s 273 277
4
*
161 3,500
/
4
4 16323 1638 1614
1634 163 163
163 164 1614 163* 16
8
/
1
*
300
64
*63
64
63
63
63 6312 "63
64
*63
6314 *63
20,200
/ 65
1
4
6314 64
64
/ 65
1
4
/ 64
1
4
4 6418 6513 8514 66
/ 6314 643
1
4
391 4234 3912 417g 39
3612 397
4014 3918 40 196,600
423
8 39
400
4714 4714 47
*4612 4712 *4612 4713
47
47
47
47
47
351 3518 3513 8,600
/
4
3612 353* 3614 35
/ 3812 36
1
4
35
/ 353
1
4
4 35
--21gg
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Indus. St Miscall.(Con.) Par
American Ice
100
Do pref
100
American La France F E. 10
American Linseed
100
Do prof
100
American Locom, new _No par
Do pref
100
American Metals
No par
American Radiator
25
American Safety Razor
25
Amer Ship & Comm__ _No par
Amer Smelting & Refilling _100
Do pref
100
Am Steel Foundr1es___33 1-3
Do pref
100
American Sugar Refining_ _100
Do prat
100
Amer Sumatra Tobacco__ _100
Do pref
100
Amer Telep & Teleg
100
American Tobacco
100
Do pref
100
Do common Class B 100
Am Wat Wks & El v t c_ _ _100
Do lot pref(7%) v t 0.100
Do panic pf(6%) v t 0.100
American Woolen
100
Do pref
100
Amer Writing Paper pref _ _100
Amer Zinc. Lead & Smelt_ _ _25
Do pref
25
Anaconda Copper Mining_ 50
Armour & Co (Del) pref _ _ _100
Arnold Constle& Co v tc No par
Associated Dry Goods
100
Associated Oil, new
25
Atlantic Fruit
No par
Atl Gulf & W I SS Line--100
Do pref
100
Atlantic Refining
100
Do pref
100
Austin. Nichols de Co__No par
Do pref
100
Auto Knitter Hosiery_ _No par
Baldwin Locomotive Wks_100
Do pref
100
Barnet Leather
No par
Barnsdall Corp, Class A _ _ _ 25
25
Do Class B
Batopilas Mining
20
Bayuk Cigars, Inc_ _ _ _No par
Beech Nut Packing
20
Bethlehem Steel Corp
100
Do cum cony 8% pref _100
Preferred new
100
Booth Fisheries
No Par
British Empire Steel
100
Do 1st preferred
100
Do 2d preferred
100
Brooklyn Edison, Inc
100
Brooklyn Union Gas
100
Brown Shoe Inc
100
Burns Brothers
100
Do new Class B corn..-Butte Copper & Zinc
5
Butterick Co
100
Butte & Superior Mining
10
Caddo Cent Oil & Ref_No par
California Packing____No par
California Petroleum, new. 25
Do pref
100
Callahan Zinc-Lead
10
Calumet Arizona Mining- 10
Carson Hill Gold
1
Case (J 1) Plow
No par
Case Threshing Mach_No par
Central Leather
100
Do prof
100
Cerro de Pasco Copper_No par
Chandler Motor Car_ _-No Car
Chicago Pneumatic Tool I00
Chile Copper
25
Chino Copper
5
Cluett, Peabody & Co__ _100
Coca Cola Co v t c
No par
Colorado Fuel & Iron
100
Columbian Carbon v to No par
Col Gas & Elec, new_ _ _ No par
Computing-Tab-RecordNo par
No par
39
8
2
-3834 I411- 4012 1173- 39 161; -5618 3934 3934 464 41,800 Congoleum Co
7,900 Consolidated Cigar_ __ No Par
1434 15
1412 1412 1478 153
15
*1413 15
15
15
8 15
Do prof
100
68
100
*63
68 .63
65 65
75
*60
*61
71) •131 . 75
45,900 Consolidated Gas(N Y)_ _100
/ 63
1 4
4
3
/ 6414 63
1
4
/ 65
1
4
/ 63
1
4
634 63
/
1
/ 63
1
4
/ 6412 6414 6514 64
1
4
6,500 Consolidated Textile_ _No par
3
8
314
314 33
314 314
*314 312
314 314
100
473 12,100 Continental Can, Inc
s
4714 477
8 467 473
47
473
47
4 47
4718 43
/ 48
1
4
612 61 2,500 Continental Motors__.No par
/
4
/
1
634 634
8
634 634
612 65
638 64
638 63
8
173 1763 1743 17512 17212 17212 3,600 Corn Products Refining_ _ _100
/
1
4
8
4
•172 174 *171 173 *171 173
New when issued
25
4
8
/ 3518 345 343 13.100
1
4
/
4
8 344 3514 34
/
1
3418 3438 3418 3412 341 345
No par
303 313 31,600 Cosden & Co
4
s
8
3114 317
8 303 3214 3012 31
3034 32
3112 32
5138 5218 6,500 Crucible Steel of America__100
5312 5214 53
5212 5338 53
537
.523 5314 53
4
Do pref
400
100
8812
8812 .87
8813 87
8718 *87
8812 *87
*87
8812 *87
No par
123 123
4
1318 1318 13
4 3,700 Cuba Cane Sugar
13
1314 1318 131
13
13
13
Do pre(
100
8
/ 10,800
1
4
57
/ 583
1
4
4 5714 57
/ 573 57
1
4
5714 58
567 5712 563 5
3
4 8
10
3114 3112 3,300 Cuban-American Sugar
32
3214 *3114 32
*
311 3214 317 317
/
4
32 32
Do prat
100
100
98
*97
98
9814 984 9814 *97
9814 *97
.97
9814 *97
6/8 618 *618 614 *612 612
400 Cuban Dominion Sugar No par
5
618 .64 812
64 618
Do pref
100
100
4513 *42
3
45
5641 564:4
*42
4513 *42
4512 4114 43 4
4512 *42
*42
3,800 Cuyamel Fruit
No par
62
/ 63
1
4
64
635* •63
63 63
63 633
4 63
83,400 Davison Chemical v t a_No par
5112 53
54
5138 5213
3 52
/ 533
1
4
4812 5034 50
Be Beers Cons Mines No par
8
8
4
8
8
1003 24 8
*21
2214 *2118 2218 *207 2218 *203 215 "203 215* *235s 1015
100
900 Detroit Edison
1033 10414 *10312 1043
4
4
1033 1033 *10313 104 *10334 104
4
4
1,500 Dome Mines, Ltd__No par
16
16
16
4
*153 157
4
8 1512 153
1618 16
•1618 1614 16
300 Douglas Pectin
*1018 11
8
8 1038 103 *1018 11
*103 1012 •1038 1012 1014 103
8
1,400 Eastman Kodak Co__ No par
1067 107
3
4
107 10714 107 107
10714 10714 10712 10712 1063 107
1,200 Eaton Axle dc Spring._.No par
17
4
4
3
4 173 17 4 1712 1712 17
/ 1814 173 173
1
4
1814 1814 17
8
12012 1213 12112 1215 12012 12112 121 12112 11912 120% 12012 12012 5,000 El du Pont de Nem & Co_100
4
5712 5712 5713 5618 5612 5612 5612 1,200 Elec Storage Battery_ _No par
5612 567
8 57
*567 57
8
400 Elk Horn Coal Corp
*12
13
12
50
13
*12
12
1214 *12
12
12
12
12
112 *1
Emerson-Brantingham Co_100
113 *1
112 •I
*1
112
112
*1
113 *1
800 Endicott-Johnson Corp
8 59
50
*59
5912 5912 597
59
5918
59
60
59 4 5914 *59
,
_ _ 11214 *1113 11214 1111 1111 111 111
Do prof
500
8
100
/
4
/
4
•11113 11212 112 112
Exchange Buffet Corp_No par
*20
22
22
22
*193 20
*20
*20
4
*2012 22
*20
22
10,600 Famous Players-Lasky_No par
8
8 6913 7014 685 6912 6812 70
/
1
697 704 6012 703
3
693 70
4
Do prof (8%)
400
100
9112 *887 9112
8
90
9013 9012 9013 9014 9014 •89
*89
90
Federal Mining & Smelt-g_100
*7
10
*7
10
*7
10
•7
10
*7
10
*7
10
Do Drat
1,400
4
4412 4514 433 4412 *44
100
*4414 45
45
44
44
43
/ 437
1
4
s
1114 1114 1118 1114 107 111s 2,900 Fifth Avenue Bus
No par
11
8
1112 1112 1114 1112 11
No par
1,500 Fisher Body Corp
195 195
190 195 *194 200
1923 198
4
•191 200 •193 195
100 Fisher Body Ohio prat_ _ _ _100
*99
99% •99 100
983 9834 *99
4
*0014 100
99
/
1
4
*99 100
6% 6%
No par
658 6%
6% 6%
6
/ 65
1
4
8 2,200 Fisk Rubber
64 6
/
1
/
1
4
658 6 8
5
No par
501 50 2 MA *5018 504 5018 5014 2,100 Fleischman Co
/
4
/
1
,
5018 50
*4934 5012 50
400 Foundation Co
69
No par
69
6918 6918 *6912 7012
*6912 7012 *6012 7012 6918 69
9% 10 4
9% 9%
9% 9 s 7,100 Freeport Texas Co .No par
3
,
014 014
93 1018
4
938 10
100 Gen Amer Tank Car_ No car
*39
40
•39
40
40
*39
40
*39
40
40
.40
41
•1314 and asked prices; no sales on this day. s Er 300% 10 stook s Ex-dIvIdend.
-381s
PER SHARE
Range Since Jan. 1 1924.
On basis of 100
-share iota
$ Per share
86 Jan 14
7912 Mar 28
1012 Jan 31
133
4May 7
30 Apr 15
7015 Apr 15
11614 Apr 16
4015 Apr 11
9414 Apr 16
57 Apr 22
5
1114 Apr 1
5712 Jan 14
96 Jan 2
3312 Apr 21
10114 Apr 25
3852 Apr 23
8315 Apr 23
10 Mar 25
424 Mar 25
123 Mar 31
13652Mar 25
101 Apr 11
13514 Mar 25
40 Feb 18
8913Mar 21
66 Feb 19
62 Apr 23
963 Apr 30
4
Pr Apr 16
7 Mar 29
2412 Mar 27
3118 Mar 29
8514May 8
814 Mar 20
79 Jan 15
2812 Jan 10
115 Jan 15
105
4Mar 26
1212 Jan 4
10412 Apr 21
114 Apr 26
1812Mar 28
79 Apr 17
212 Apr 22
108 Apr 22
111 Jan 4
26 Jan 9
14 Feb 16
10 Jan 7
Is Jan 2
4012 Apr 28
4434 Apr 15
475 Apr 14
2
10114 Apr 12
9012 Jan 9
4 Apr 15
212 Apr 3
35 Apr 29
4May 8
83
109 Mar 31
11914 Jan 3
42 Mar 18
9712 Feb 26
1952 Feb 26
4Mar 31
45
17 Apr 28
1478 Apr 21
II mar 21
:
80 Apr 30
2214 Apr 21
94 Apr 22
3
/
1
4May 8
4154Mar 31
I Mar 21
h Mar 28
14 Mar 19
9 Mar 25
/
1
4
2914Mar 5
4054 mar 31
4218 Apr 14
8112 Apr 15
2558Mar 29
15 Mar 28
6212 Apr 30
61 Apr 21
2472 Feb 15
47 May 5
33 Mar 21
9058 Feb 15
35 Apr 21.
1138Mar 25
5913 Apr 24
607 Jan 2
8
2 Apr 22
/
1
4
4312 Apr 14
6 Apr 22
15238 Jan 4
3112 Jan 15
29 Apr 21
5014 Apr 15
8614 Apr 11
1134 Apr 22
53 Apr 21
/
1
4
2912 Apr 21
96 Jan 4
4
55 Apr 15
42 Apr 11
6014 Apr 21
41 Apr 14
1814 Jan 21
10114 Jan 30
15 Apr 28
1014May 8
10418 Apr 21
1478 Apr 10
117 Apr21
55 Apr 10
12 Feb 8
1 Feb 29
5718 Apr 10
11014 Apr 19
20 Mar 19
61 Jan 29
87 2 Jan 28
7
515 Ai'21
4112 Jan 2
912 Jan 3
163 Jan 23
98 Jan 29
614 Apr 7
4414 Jan 2
6612 Jan 21
8 Apr 11
38 Apr 22
Highest
PER MARE
Range for Previous
Year 1923.
Lowest
Highest
per share
$ Per share $ per share
96 Feb 7
78
Oct 11112 Apr
773 Oct 89 Feb
4
83 Feb 5
1214 Jan 9
104 July 13 Mar
13
Oct 38 Mar
225* Jan 14
45 Jan 14
284 Oct 59 Feb
7632 Feb 7
4
643 July 7614 Dec
120 Mar 12 11412 Sept 122 Feb
8
457 Feb 14
2
4014 June 557 Mar
Jan 97 Dec
10715Mar 20
76
918 Feb
47 June
2
712Mar 6
1532 Feb 11
9
103 July 218 Jan
8
65 8May 7
3
5114 Oct 694 Mar
93 June 1023 Mar
10114May 8
5
8
40 Feb 7
3152 July 407 Mar
977 Aug 10514 Feb
2
10413Mar 17
48
Oct 85 Feb
613 Feb 7
4
4
92 Dec 1088 Jan
99 5 Feb 14
7
16 July 36h Feb
2812 Jan 9
4
3213 July 653 Feb
69 Jan 16
4
13075 Mar 13 1194 June 1281 Dec
157 Jan 28 14014 July 161h Feb
2
104 Feb 19 10018 Nov 1057 Mar
153 Jan 28 140 May 15954 Feb
5114 Apr 10
2712 Jan 4454 Apr
Jan
923
4May 1
8514 July 93
74 Apr 8
484 Jan 6712 Dec
Oct 10952 Mar
65
787 Jan 11
2
4
1025 Jan 19
5
965s Oct 1118 Jan
118 Dec 34 Mar
4 Jan 7
105 Feb 14
2
618 Oct 1914 Feb
243 Dee 5814 Feb
4
34 2 Jan 14
7
41 Feb 15
32
/ Oct 5312 Mar
1
4
/
1
883 Oct 944 Dec
4
9312 Jan 24
188 Oct
4
1013 Nov
15 Jan 9
10012Mar 11
6214 Jan 89 Mar
3452 Feb 5
247 Oct 2912 Dec
2
34 Feb
25 Feb 20
2
h Nov
94 July 34 Mar
19 Feb 25
2218May 5
65 July 27 Mar
4
9932 Sept 1534 Jan
1404 Jan 31
Jan
118 Feb 7 115 May 120
17 July 354 Jan
30 Jan 9
4
884 Jan 24
788 June 8912 Jan
652 Dee 2814 Apr
84 Jan 2
131 Feb 7 1104 Aug 14414 Mar
Apr 11614 Jan
116 Feb 1 111
2012 Dec 55 Feb
35 Feb 7
972 Aug 35 Mar
18 2 Feb 1
7
Jan
Oct 22
1452 Feb 7
6
1 Aug
8
14 Jan 17
Is July
50 June 6214 Apr
59 Jan 5
4812 Dec 8414 Mar
5881 Jan 31
6212 Feb 5
4184 June 70 Mar
11014 Feb 15 10014 June 11114 Mar
87 July 9712 Mar
983 Mar 18
2
718 Jan
3 4 Oct
5
715 Jan 6
978 Mar
5 Feb 9
3 Dec
5214 Dec 694 Mar
54 Mar 12
1212 Dee 2612 Feb
15 i Jan 11
7
116 Feb 8 10414 May 12112 Jan
1295a Jan 23 10312 May 128 Feb
4132 Oct 657 Apr
5312 Jan 9
8
11112 Apr 15 100 Sept 1441 Mar
4
26 Apr 14
2112 Sept 43 Jan
612 Feb 14
414 Oct 11h Feb
23 Jan 23
52
1314 June 22 Aug
208 Feb 15
2
2
127s Oct 377 Mar
94 Feb
414 Jan 19
114 Nov
874 Feb 1
77 Aug 87 Feb
17is Sept 298 May
2914 Feb 5
9012 Sept 11012 May
107 Jan 31
54 Jan 9
4
33 Oct 12h Feb
42
Oct 66 Mar
4915 Jan 24
918 Feb
3h Jan 22
112 Dec
41 Feb
4
112 Jan 11
14 Oct
17 Dec 42 Mar
2712 Jan 26
95 Nov 4012 Mar
8
177 Feb 13
5
2818 Nov 7984 Mar
447 Feb 13
2
3613 Oct 5012 Mar
4812 Feb 15
43
Oct 76 Mar
6612 Jan 2
7512 June 904 Mar
8412 Apr 2
2418 June 308 Mar
8
288 Feb 15
9
/
1
4
1454 Aug 31. Mar
2012 Feb 16
60 July 7614 Mar
7512 Jan 30
6514 Oct 8332 June
774 Jan 2
423
8
20
Oct 351 May
4May 5
41
Oct 5112 Dec
553 Jan 18
3
3014 June 3734 Apr
38 Feb 5
67 June 9714 Dec
104 Feb 5
8
6614 Feb 18 r4412 Dec 1841 Nov
145 Dec 39h Jan
5
2218 Jan 14
60 Dec 83 Feb
84 Jan 15
5634 July 69h Feb
674 Jan 23
Oct 144 Feb
6
8 Jan 5
427 May 5718 Dee
5
60 Jan 8
5 Oct 1214 Jan
8 Jan 16
5
1871 Jan 28 1143 July 16012 Dec
8
374 Jan 28
223 Sept 62i4 Vitt"?
4
4014 Feb 5
5712 Sept 8412 Mar
718 Feb 7
853 Aug 944 Mar
4
92 Feb 11
812 Aug 20 Feb
18 Feb 6
3312 Aug 6512 Dec
2
717 Feb 11
23 Aug 3732 Feb
38 2 Feb 11
7
92 July 106 Apr
9912 Feb 28
1214 Mar
3 July
84 Feb 5
30 Aug 5812 Mar
52 Feb 6
5413 July 7212 Dec
7412 Jan 3
20 May 8114 Dec
/
1
4
694 Jan 8
1834 Dec 28 Mar
2213 Mar 14
10814 Jan 10 1004 June 111 Mar
303 May 444 Jan
4
2014 Jan 7
het 1414 June
11
4
113 Jan 11
803 Jan 11584 Apr
4
11212 Jan
Oct 27 July
20
2415 Jan 8
14172 Feb 1 10614 Jan 14812 Apr
52 July 6718 Mar
64 Feb 7
1214 Dec 2084 Jan
1312 Apr 3
712 Feb
/ Dec
1
4
312 Jan 0
58
/ Oct 9414 Jan
1
4
6712 Jan 16
Jan
Oct 118
115 Jan 17 110
Jan
194 Dec 31
/
1
221 Jan 12
8
Jan
Oct 93
52
724 Jan 17
Oct 993 Feb
4
82
917 Jan 14
8
5 June 13 Nov
13 Feb 20
3414 June 6012 Feb
4
478 Jan 24
7 Sept 103 Jan
/
1
4
5
1389 Jan 26
22312 Mar 21 140 July 21214 Jan
94 July 102h June
10215 Mar 13
57 Oct 164 Feb
2
105 Jan 16
4
373 Feb 4714 Mar
2
503 Apr 23
4
5812 Oct 781 July
753 Mar 11
4
8
94 July 22
Jan
137 Jan 7
2
3812 Oot 7178 Feb
4614 Jan 2
.
t
New York Stock Record-Continued-Page 3
2285
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
May 3.
Monday.
May 5.
Tuesday.
May 6.
Wednesday. Thursday.
May 7.
May 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Shwa Jan. 1 1924.
On basis of 100-share lots
Friday.
May 9.
Lowest
Highest
per share
$ Per share
per share $ Per share $ per share $ per share Shares. Indus.& Miceli.
(Con.) Par
Per share 8 Per share
354 3512 3514 3514 34% 3612 36
4 6,000 General Asphalt
37
35
35% 3514 3,53
100 31% Apr 21 4834 Feb 5
7512 7512 *7412 76
*7134 7612 *74
76
76
76
*741: 76
200
Do pref
100 7112 Apr 15 81 Feb 8
*84
8414 8418 8418 84
84
834 8312 *82
84
*8112 84
300 General Cigar.Inc
100 8214 Apr 30 9734 Jan 10
*10312 106 *10312 106 *10334 196 *10334 106 *10334 106 *10334 106
Debenture preferred
100 100 Apr 3 107 Jan 11
2174 22014 218 221
217 222 220 22212 2184 22012 218 2194 28,800 General Electric
100 1934 Jan 3 23112mar 20
11
11
107 11
8
11
11
10% 10% 11
11
103 10% 2,900
4
Special
10 1012 Apr 29 1114 Feb 7
13% 1334 1358 13% 1312 13% 13% 133
4 13% 134 1358 133
4
84 •
*82
82 8312 *8112 83 *81% 83 *81% 8312 *8112 8312 14.900 General Motors Corp-No par 1314May 1 16% Feb 1
Do pre
100 8118 Jan 4 844Mar 3
84 *82 83 *814 83
*82
83 83
*8112 8318 *8112 831s
Do Deb stock (6%) 100 81 Jan 14 8314 Jan 11
200
*963 9712 *9834 97
4
96
9634 964 9612 9612 9612 9712 9712
500
Do Deb stock (7%)-...I00 95 Mar 28 19018Mar 17
*4912 5012 *49
5012 50 5014 50
50
5012 *4912 5012 1,100 Gimbel Bros
*50
No par 47% Jan 30 524Mar 8
914 914
912 10
*93 104
4
9% 9% •10
1012 *93 1012
900 Glidden Co
4
No par
8% Apr 23 14 Feb 4
3512 36
36% 37
37 38
3612 3714 36
4.3612 37
36
7,700 Gold Dust Corp
No par 28% Apr 10 38 May 6
*1412 15
1434 1434 144 144 *14
1414 •14
1412 14
1412 1,300 Goldwyn Pictures, new_No par
818 Feb 15 1578 Mar 25
2112 2112 21
21
203 203 *2012 2034 2034 203
4
4
4 2034 21
1,300 Goodrich Co (B P")
No par 19 Mar 22 2634 Jan 10
714 7112 71
71
*7012 71
7312 7512 74
71
72
74
Do pref
800
100 7014May
423 423
4
4 4212 423 *4212 43
4
4214 42% 4214 4214 4212 42% 1,300 Goodyear T & Rub DI v t 0.100 39 Jan 1 80 Jan 17
4 49 Jan 8
*91
92
91
91
91
91
91% 91% 90
90
90
9134
700
Prior preferred
100 8814 Jan 2
Mar12
*1314 14
*1314 14
13% 1318 1312 1312 *1312 133
14
4 14
300 Granby Cons M. Bm & Pow100 1213 Apr 14 17% Feb 15
5
*418 412
44 482
412 412 *418 5
4%
.418 5 '
200 Gray & Davis, Inc___No par
818 Jan 11
4 Apr 23
*1212 1312 *1212 1312 •1212 1312 *1212 1312 *12
1312 •1212 1312
Greene Cananea Copper._ 100 1212 Apr 28 1634 Feb 18
84 812 *734 838 *8
812 *8
912
814
8
9
9
900 Guantanamo Sugar____No par
834 Jan 7 1018 Feb 6
671s 673
4 67% 68% 673 88
4
68
69
6634 673
4 6634 6734 6,400 Gulf States Steel tr °Us_ _ _100 6538 Apr 21 8914 Feb 7
Habirshaw Elec Cable_No par
Is Jan 2
138 Jan
"ii 36 -36 365 iifs" "36" -5E14 163- -3514 16- -51 3514 - 5,200 Hartman Corporation__No par 3414 Mar 25 4484 Feb 8
,
3
-4
4
4
*3512 353
36
4 36
3512 3512 3512 36
35
3514 34% 3512 2,700 Hayes Wheel
100 3212 Apr 29 5278 Feb 4
*4934 49% 49 50
4912 4912 494 494 •4914 4012 494 4914
700 Homestake Mining
100 48% Apr 17 5612 Jan 3
*33
3318 33 3318 3314 333 *3314 33% *3112 3158 3312 33%
4
900 Household Prod,Inc-.No par 31% Apr 19 3412 Jan 2
84% 643
4 6312 65
6318 63% 63% 6534 6314 6512 6412 8612 6,000 Houston 011 of Texaa
100 61 Apr 22 3.212 Feb 5
23% 233
s 2318 23% 23 231s 23 23
2234 23
2213 2213 4.800 Hudson Motor Car--.,..No par 2212May 9 2934Mar 10
1214 12% 1238 123
8 12
1212 1214 1212 1214 1214 12
1218 3,300 Hupp Motor Car Corp.._
10 1112 Apr 15 18 Jan 2
*5
1
*53
3
4
%
%
5
8
*52
52
7
2
400 Hydraulic Steel
3
4
3
4
No par
1% Jan 10
% Jan 2
*734 8
74 74
3
3
7 4 7 8 *73
3
7
4 8
7 4 7%
3
78
4 re 2,000 Independent Ott& Gas_No par
612 Jan 3
914 Jan 18
*3
4
7
2
3
4
7
2
*3
4
7
8
3
4
1
3
4
1
3
4
7
8
1,700 Indiahoma Refining
6
34 Feb 5
2% Jan 17
*1912 2012 •1912 20 •1912 20
19
19
1914 1914 •1912 20
300 Indian Motocycle____No par 19 Mar 20 2514 Feb 4
33
4 33
4 *334 482 *234 412 *3% 4
*3% 412 *334 412
600 Indian Refining
3% Apr 12
10
5% Jan 17
*3312 3418 33 33 *33
3312 *33 333
33
s 33
*33
3312
600 Inland Steel
No par 33 May 5 3814 Jan 30
24% 24% 24% 25
2412 2412 2478 25
8
245 2434 2434 24% 1,900 Inspiration Cone Copper__ 20 22% Feb 28 27% Jan 24
4%
4142 1
.12 I
•12
*h
*12 1
Intermit Agricul Corp
100
23 Feb 6
s
12 Apr 15
•4 8
7
*3
*473 6
4
*4% 6
*4% 6
*478 6
Do pref
434 Apr 1 101s Jan 8
100
4112 4112
414 4112 414 4112 4114 41% *41% 43
4112 4134 1,200 International Cement-No Par 4034 Apr 24 44% Feb 11
2313 2314 2312 234 23% 2312 2314 2312 2234 23% 22% 223
4 2.900 Inter Combus Engine_No Par 22 Mar 31 27% Jan 12
•8434 85 *84
8434 8414 5414 84% 87
85% 86
8512 87
4,400 International Harvester_100 78 Jan 3 8712 Feb 4
'108 110 *108 109 13108 1084 •108 1083 1083 109 *108 109
4
4
Do pref
200
100 106 Feb 28 109 May 8
91 1012 1012 101
9% 10
934 934
914 912
9% 9% 13,200 Int Mercantile Marine
634 Jan 2 1012MaY 3
100
3412 3714 37
3834 36
37 3 3614 3712 35% 36% 3512 3618 55.200
7
Do pre!
100 2612 Mar 28 3838May 5
1173 1173 1178 12
12
4 5,400 International Nickel (The) 25 1112May 9 15 Jan 28
11% 12
1112 112
1214 11% 12
•75
78 *73 7712 *75
78 *75
7712 •
76
7712 76
76
Do prof
100
100 76 May 9 8214 Feb 20
*37 374 3714 38 *371 3814 38
3834 37% 3778 37 37
100 3412 Apr 15 4213 Feb 8
1,500 International Paper
*66
6712 *66
6713 *8813 6712 *6612 6712 6678 6678 *6612 6712
Do stamped preferred_100 6212Mar 25 67% Apr 26
200
*68
6812 *6773 6834 *6814 683 *68 6813 68 6818 67% 68
4
600 Internat Teiep & Teleg_ _ _100 66 Feb 1 7014 Feb 13
•1234 1274 1213 13
121: 12$4 1213 123
1234 13
4 1278 13
6,100 Invincible Oil Corp----No Par 1212May 5 1678 Jan 2
*4734 4813 48
48 *47% 4814 48
4812 45 45 *4514 47
1,000 Iron Products Corp.__ _No par 3912 Apr 2 52% Jan 10
•17
17% *17
171 *17
17% 17
18
18
*17
184 18
8
100 163 Apr 15 2314 Jan 2
7,000 Jewel Tea, Inc
•80 85 *8134 83
8134 8134 827 827 *80
s
85 .80 85
8
Do pre!
100 78 Mar 31 91% Jan 16
200
2014 21
214 2112 217 2212 2234 2314 •
2134 221
21
21
100 1812 Apr 1 27% Jan 3
2,600 Jones Bros Tea, Ino
•213s 22
2112 214 *2214 2334 •22 2312 *2112 231 *2112 2312
500 Kayser (J) Co. v t o___No par 2034 Apr 14 3838 Jan 18
85 85
82 82 *83
90 •85
90 *85
85
90 .
No par 82 May 5 10212 Feb 11
90
Do 1s1 Pref
300
16
16
153 157
4
3 1512 1513 1514 15
25 12% Apr 15 35 Jan 10
53 1412 1518 *1414 15
3,800 Kelly-Springfield lire
*4313 47
4834 4834 4534 453 *4312 46
44
44
4
100 44 Apr 4 88 Jan 10
800 8% preferred
*79 82
79
79 *76
85
76
76
7612 7612 •76 100
100 76 May 7 101 Jan 10
600 Kelsey Wheel. Inc
384 3812 3812 388
s
383 39
39
No par 3418 Jan 21 393
3834 39 27,400 Kennecott Copper
392
8 3834 39
83.1aY 7
134 134
134 134
134 134 *134 173
134 13
134 Apr 22
4
43 Jan 9
3
13
4 13
4 1,500 Keystone Tire dc Rubber- 10
33018 33018 *320 355 *321 340 *330 340 *316
340 *330 340
100 28712 Jan 17 360 Mar 24
100 Kreage(8 S) Co
.92
95 *93 941 *91
9412 *91
9412
Laclede Gas L (St Louis) 100 79 Jan 2 9614 Apr 24
9412 *92 95 *91
10
10
*912 1014 *9% 10
9% 94 *912 10
934May
1718 Jan 11
4
500 Lee Rubber & Tire_ _ _No par
*93 10
Liggett & Myers Tobacco__100 20614 Feb 18 245 Feb 9
*115 118 ▪
ffi" Hi" ffi"•
119 •
100 11538 Mar
119 •
ffi" ---400 Do pref
118 May 6
5812 603
8 604 6011 60 60
60 6014 59l 6014 5914 5914 3.300 Lima Loa Wks tern ctf_No par 57 Apr 15 6834 Feb 9
1638 16% 1614 1612 1818 1614 16
1614 •1618 1614 1618 164 1,500 Loew's Incorporated_ _ No par 1512Mar 2
18 Jan 10
64 618
6
618 *6
512 Apr 2
600 Loft Incorporated
614
No par
614 614 *612 614 4.612 814
834 Jan 11
*54
55 *5234 55 *53
5458 5434 5512 *53
100 50 Mar
543 *53
400 Loose-Wiles Biscuit
55
6212 Jan 26
4
100 14818Mar 1 17534 Jan 5
------ Lorillard(P)
*jar, Ili" 'log" Ili" 'lei" 110"•
ff4 3'108 11412 •108 11412
-1Mackay Companies
100 107 Jan
117 Jan 30
7918 79% 80 80% 80
5014 8012 8112 80
No par 7534 Apr 1
807
8.100 Mack Trucks. Inc
s 794 80
90% Jan 7
*95
97 *96
97
*96
97
*98
97
*9612 97
Do 1st preferred
100 9512 Jan 1
100
97
97
9834Mar 19
*87
89 *8612 90 *87
8912 *87
88 •
8714 8814 *87
Do 2d preferred
100 87 Apr 22 90 Jan 8
8814
.
60 6114 61
61
430
6114 *60 6114 •
60
6114 *60
100 Macy(R H)& Co,Ino_No par 60% Mar 26 6812 Jan 2
6114
32 32
3112 3112 *31
32
3114 3114 *31
No par 3012 Jan 2 3614 Mar 14
3112
700 Magma Copper
*19
20
1912 1912 194 1912 1814 2014 20% 2138 2114 2134 5.600 Manson(H R)& Co_No par 18 Mar 28 8134 Jan 18
*58
65 *58 65 *58 65 *58 65 *58
65
Manati Sugar
*58
85
100 60 Apr 14 6934Mar 24
.83 86 *83 86 *83 86 *83
86
*83 86 •
Do prat
83
86
100 82 Jan 14 87 Mar 14
*4212 44
43 4412 4414 4412 *4314 4414 42% 43
4134 43
2,300 Manhattan Else SupplyNo par 3314 Mar 21 45 May 2
*35
353 *354 3534 354 3518 *35
4
3534 35
3518 35
1,000 Manhattan Shirt
35
25 35 Apr 30 44 Jan 10
27
27
26% 2678 2614 28% 28
29
27% 285s 2734 2814 5,800 Maracaibo 011 Expl___No par 25% Apr 21 3712 Jan 28
3312 343
8 3214 34
324 3314 3214 3314 32
3212 32
No par 32 May 8 42 Feb 5
33 36,200 Marland Oil
•93 12
4
*11
12
1012 11
12
*934 12
*912 12
*94
No par
200 Marlin-Rockwell
8 Jan 8 1734Mar 11
*3434 3514 •
3534 3512 3434 343
4 3434 3514 *354 3512 35
No pa
35
600 Martin-Parry Corp
3234 Feb 26 37% Jan 17
31
31
30
,
307 *31
34
3012 3012 3012 3012 *31
34
1,400 Mathieson Alkali Works-- 50 30 May 5 4112 Jan 8
42 425
424 4314 4212 4318 43
4312 42
423
4 42
5,500 Maxwell Motor Class A.
-.100 38 Apr 14 5534 Jan 9
12
12
12
12
114 1124 •1112 1134 1138 11% *1118 42
10% Apr 30 16 Jan 9
113
4 1,200 Maxwell Motor Class D.No pa
O86
8712 8614 87
864 8812
86% 8012 85
1,500 May Department Stores_..100 8212 Apr 21 95 Jan 25
85
1534 15114 •1534 16
15% 15%
3 4 T4 1534 153
3
32
4 1558 1558
. 1514Mar 28 1814 Jan 7
900 McIntyre Porcupine Mines_
2012 2012 195 204 1958 1934 1978 2078 20
2014 19% 2014 11,000 Mexican Seaboard 011_.No pa
14% Jan 3 2418 Feb 6
197 1972 19
1912 19
1914 19
20% 1912 2014 193 19i2 4,700
Voting trust certificates_
3
12% Jan 3 23 Feb 6
2034 2034 213 212* 2134 213
8
4
4 213 2134 213 217
4
2 2134 22
1,700 Miami Copper
20% Mar 29 24 Jan 28
35g 37
33
4 33
4
3% 33
4
312 33
312 3%
3
Middle States 011 Corp.__ 1
34 312
3 Apr 25
67 Jan 2
8
•27
2812 *28
2812 *2718 2812 *27% 2812 27% 27% 2714 2714 13,900 Midvale Steel &
Ordnance- 50 2714May 9 3414 Feb 7
300
•
62
6212 62
6212 8212 6312 *6214 8312 6218 6218 62
600 Montana Power
100 6112 Jan 10 25 Apr 4
2318 2314 234 23% 2314 23% 233 2333 23% 2312 23% 62
3
233
3 3,900 Mont Ward & Co Ill Corp_ 1
22% Apr 30 2714 Jan 28
1912 2014 2014 2034 20% 20% 1934 20 •1912 20
1978 19% 1,200 Moon Motors
No pa
18% Apr 22 2712 Feb 7
77
8 8
7% 8
8
8
8
8
7% 8
7% 8
7,300 Mother Lode Coalition _No pa
7% Jan 2
914 Feb 15
•10
12 *10
12 *10
12 *11
12 *11
12
*11
12
Mullins Body Corp
No pa
9 Mar 22 1478 Jan 9
*3334 3434 *3418 35 *34
35
34% 34% *34
35 *34
35
100 Munsingwear, Inc
No pa
3312 Apr 28 3914 Jan 16
*99 100 *98 101
101 102
10012 101
101 101
*98 101
1,100 Nash Motors Co
No par 9612 Apr 29 11434 Feb 9
*9734 99 *9812 9914 *9812 994 •9812 0012 *9812 9912 .
98% 9918
Do preferred A
100 99 Feb 23 1003 Jan 16
8
*6
63
4
64 612 *812 7
83
4 83
4 *63
4 7
7
7
600 National Acme
50
57
21,lay 1 1018 Jan 28
5218 517 52 *5218 5214 52% 5212 52
52
52% 52
52
1.300 National Biscuit
25 5014 Mar 28 54% Jan 26
12338 123% *122 124 *122 124 *122 124
*122 124 *122 124
150
Do pref
100 12012 Jan
12414 Feb 20
46
49
46 *45
*4612 49 *46
48• *44% 47
*4414 47
100 National Cloak & Suit---100
33% 3314 3314 33% *323 3314 323 3314 2,400 NatDairy Prod tern ctfa-No par 46 May 6 84 Feb 1
4
4
*323 3312 *323 33
4
4
30% April 37 Feb 15
n512 39
334 3314 33% 331
*3812 39
3812 3813 *3812 39
100 Nat Department Stores No par 38 Apr 14 43 Jan 9
274 2712 27
28
27
*2712 2814 •27
27
27
*2612 2712
400 Nat Enam'g & Stamping-100 2414 Apr 17 4478 Jan 17
131 132
12918 1201s 13012 131
•129 131
1297 131
12912 13014 2,600 National Lead
100 123% Apr 21 1553 Jan 28
8
O1124 113 •11212 113 11212 112% •I12 113
113 113 •113 114
0 pref
,
300
100 112% Apr 21 115 Feb 28
654 6514 *65
8434 6614 65 85
85 65 .
6534 64% 65%
700 National Supply
50 6014 Apr 16 7212 Feb 4
13
13
13
13
13
*13
13
131s 13
13
13
1318 3,400 Nevada Consol Copper____ 5 11% Jan 2 1418 Feb 21
40
41
4014 4114 40% 40% 4012 407
4012 41)12 4012 4012 4,200 NY Air Brake temp etre No par
3618 Apr 22 43% Jan 19
49% 50
4934 494 49% 49% *491g 50
50
50
50
Class A
50
700
No par 4714 Jan 7 50 Jan 19
2414 2414 2518 258, 2512 2612 1,300 New York Dock
25
*2334 25
2334 233 *23
4
100 19 Jan 9 2612May 9
44% •44% 45
443 45
3
•4214 45 *4234 44% *444
46
4718 1,200
Do pref
100 4118 Feb 27 4934 Jan 18
237 2418 24
2314 234 2318 233
2418 24
4 234 24
2414 22,100 North American Co
10 22 Jan
25 Jan 10
45
45
454 45% 4514 45% 45% 4512 454 . 4514 •4514 454 1,100
Do prat
50 43% Jan 2 45% Feb 20
*812 10
*718 912 *814 912 *1212 14
*88 10
*814 10
Nova Scotia Steel & Coal--100
84 Apr 25 1412 Jan 18
8
8
*7
*8
812
712
7% 7 4 *714 812
3
8% 814
600 Nunnally Co (The)
...No par
7 Apr 11
9% Feb 5
•112 173
1% 1%
188 134 *114 13
112 1%
4 •114
134
500 Ohio Body & Blower.-.No par
13
2May 7
Os Jan 14
173 17
*134 2
1% 1% *134 2
14 17 •13
4 1%
800 Okla Prod & Ref of Amer
5
112 Jan 2
214 Jan 22
*55
*54 6
8 614 *55
*Ms 6
8 64 *53
3 6
*53
2 6
Ontario Silver Mining
100
43 Mar 24
4
8 Jan 7
18% 1812 19
19 •1812 19 •1812 19 *1834 19 •1812 19
000 Orpheum Circuit, Inc
1 18 Feb 18 20% Jan 3
147 14714 14634 14678 14514 1463 14712 14712 *144 147
4
148 148
1.100 Otis Elevator
100 13912 Jan 14 15934 Mar 13
*77
8 8
8
8
7 3 77
7% 8
7
8
8
3
734
734
600 Otis Steel
NO par
74 Apr 30 1172 Jan 28
*4314 4312 4234 423
8 43% 433
4 4234 42% 4333 433
4273 427
4
800 Owens Bottle
25 41%Mar 27 47 Jan 10
is
12
3
2
I%
•12
3
8
5
8 1,100 Pacific Development
12
*12
12
3
2
38 Jan 2
114 Jan 11
•92
93 .
9173 93
9214 9312 93 93
*9234 93 *92
9234 1,100 Pacific Gas& Electric
100 904 Jan 4 95 8 Jan 28
7
• Bid and asked prises; no sales this day s 2:2-itivtdend.
r
PER SHARE
Rance for Previous
Year 1923.
Lotoset
Highest
Per share $ per Mars
23 Aug 54 Mar
60 Sept 83 Mar
8018 June 97% Dec
10414 Nov 110 Apr
167% Sept 20214 Dee
1014 Oct 12 Jan
12% June 1712 Apr
79 July 89 Apr
784 July 90 Apr
9334 Oct 105 Apr
39% June 5112 Apr
6 Sept 12% Feb
8 Nov
1738 Oct
67% Oct
35 Oct
88 Oct
12 Oct
634 Dec
13% Dec
5 Sept
66 June
14 Aug
7934 Nov
31 July
54 Dec
28% July
4034 Aug
20 June
1518 Dec
13 Oct
338 Sept
1 Oct
18 Dec
312 Dec
3118 July
2314 Oct
12 Oct
4% Oct
31 Jane
19% June
664 Oct
106 Oct
4% Aug
18% Aug
10% Oct
6934 Jan
27% Oct
60 Oct
64 Oct
7% Nov
3212 Aug
1538 Oct
62 June
2038 Dec
28 July
96 July
2012 Oct
78 Nov
75 Oct
29% Oct
118 Oct
177 Mar
75 July
1138 Oct
19034 May
11134 Apr
5814 June
14 June
6 Sep
36% July
146 June
103 May
58% Jan
87 July
72 Jun
57 Jul
2714 Oct
21 Jun
43 July
72 Oct
35 Oct
40 Oct
16 Sept
1712 Oct
3 Nov
14
26 July
3114 Oct
36 Oct
1014 Oct
67% Jan
15 Sept
534 Aug
6 Aug
2012 Oct
3% Nov
2112 June
5412 June
1814 May
4
173 Jan
7% June
1012 Aug
3112 Oct
7518 Jan
9614 Dec
7 Nov
38 Jan
11812 July
40 June
41%ia;
mar
9212 Mar
62% Apr
99 Feb
33 Mar
153 Mar
3
344 Mar
1412 Feb
104% Mar
2% Jan
94% Feb
44 Apr
79% Jam
39% Mu
78 Feb
323 Mar
4
30% Apr
612 Jan
1114 May
19 Mar
19% Dec
812 Apr
46% Apr
4334 Mar
11 Feb
397 Feb
s
44 Mar
2713 AD,
9212 Feb
11614 Jan
11% Feb
47 Jan
1614 Feb
83 June
583 Mar
3
7512 Jan
7112 Apr
1914 Mar
581 Mar
4
24 Mar
8812 Deo
63 8 Mar
3
45% Feb
104 Mar
6218 Mar
108 Jar,
11714 Mar
45 Mar
Ills Mar
300 Dec
8.1=11
893
31% Mar
240 Dec
11818 Jan
7478 Mar
2114 Feb
1134 Jan
6614 Dec
18234 Dec
121 Feb
93% Apr
994 Mar
92 Mar
71% Jan
3814 Mar
40 Jan
7514 Mar
90 Feb
86 Mar
47 8 Jan
7
283 Dec
2
593 Apr
3
16 Feb
37% Apr
63% Mar
6314 Mar
21 Apr
93 Dec
2012 May
2334 May
2314 May
3012 Feb
1214 Jan
3338 Apr
75 Mar
2614 Nov
2932 Mar
14 Feb
29% Mar
3612 Nov
11412 Jan
10134 Jan
1818 Feb
52% Nov
125 Feb
6714 Feb
282 Apr
3434 June 4
35 Oct 73 Mar
July 148 Dec
108
10712 June 114 Jan
54% Oct 8812 Dee
918 Oct 183 Mar
8
2633 Jan 42% Nov
454 Aug 51% Feb
1514 June 27 Apr
3734 Aug 5112 Mar
14
17% May 24 Apr
4212 July 4812 Feb
13% Dec 29% Mar
778 Oct 1018 Feb
1% Dec 1018 Jan
7 Nov
2
31s Feb
3 July
9% Dee
1614 June 21% Arm
11412 July 153 Feb
7 June 14% Mar
36% Jan 52% Apr
38 Nov
2 Mar
14
73 July 9478 Dec
2286
New York Stock Record-Concluded--Page 4
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
May 3.
Monday.
May 5.
Tuesday,
May 6.
Wednesday., Thursday
May 7.
May 8.
Friday,
May 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Hate Jan. 1 1924.
On basis of 100-share last
Lowest
$ Per share $ per share $ Per share $ per share $ Per share $ per share Shares. Indus.& Miscall.(Con.) Par $ per share
912 912 *312 10
*912 10
914 912
"88
4 914
7 Apr 7
600 Pacific Mall Steamship__ 5
*912 10
484 49
4734 49
49
4734 48% 48
45 Apr 22
19,600 Pacific 011
47 473
4 4712 48
10
10
1013 1052 1014 1034 1034 103
972May 1
10
4 1012 1012 1032 10% 5.800 Packard Motor Car
90
90 *8912 9012 *884 91
Preferred
100 8912 Apr 24
200
*8812 9152
*.8912 91
484 4812 4714 48% 4734 4832 48% 4914 4832 483
4
4 4834 493 13,500 Pan-Amer Petr 62 Trans__ _ 50 444 Feb 14
4614 463
Do Class B
.30 4114 Feb 14
4 45% 4673 4534 4612 4632 4712 465 4732 4634 47% 35.000
2
*23
212 212 '
4 312 *234 312 *2
214 Jan 3
403 Panhandle Prod & Ref..No par
232
232
3
5212 3
1512 1512 *1434 1512 *15
No par 1312 Jan 2
200 Parish & Bingham
1512 15
1513 *15
1513
15 •15
134 2
4,700 Penn-Seaboard St'l v t cNo par
134 172
134 2
134 2
134 2
12
4MaY 1
134 13
4
93 93
93
9412 9414 9412 1.700 People's0 L & C(Chic)_ _.100 9234 Apr 29
94
9314 9312 9312 94
93
4314 433 *434 433
44
3
•4.300 Philadelphia Co (Pittsb)- 50 4272May 1
4452 44
2 4314 4332 4312 4432 44
41
4112 407 4112 4034 41
40% 4218 4112 42% 4272 4334 35,800 Phila & Read C & I w i_No par 3412 Mar 28
3
Phillips-Jones Corp._ __No par 48 Apr 29
*47 5234 *47
*47
51
*47
51
*47
51
*47
51
52
*16
17
1614 1714 1634 17% 1634 1714 1612 16% 1612 1612 7.600 Phillip Morris & Co Ltd ___10 14% Apr 30
3812 38% 3712 3734 3714 3814 3712 383
2
4
2 383 3773 373 3812 26,900 Phillips Petroleum_ _No par 3334 Jan 21
7% 718
638May 9
2.800 Pierce-Arrow Mot Car_No par
712 712
6% 7
7
7
63
2 7
*712 8
100 1834 Apr 29
Do pref
900
1872 19
19
21
1912 *1834 21
*19
21
•19
*1913 21
2
214 17.100 Pierce 011 Corporation
14 Apr 3
25
152 212
172 2
2
2
2
2 14
13
4 2
Do pref
100 20 Mar 4
2312 2513 2412 25
2112 25
2512 *2312 2612 2,700
2472 2472 25
100 57 Apr 22
700 Pittsburgh Coal of Pa
5812 5812
61
584 5812 *5812 59
*59
58 58
5834 59
Do pref
400
99
99
100 98 Jan 14
9812 9812 *9812 99 *9812 99
*983 99 *9812 99
4
9% Jan 22
1,400 Pittsburgh Utilities pref-100
12
12
1134 12
12
12
12
12
1134 12
118 12
*5032 5114 *5012 5112, 507 5114 5114 5132 *5012 5112 *5012 5112
800, Postum Cereal Co Ino_No par 4812 Apr 22
I Do 8% preferred
100 110 Feb 7
•110 112 *110 113 *110 112 *11112 112 *11112 112 *11112 112
600, Pressed Steel Car
49
5012 .48
100 4614 Apr 15
*49
4812 4812 49 49
4858 4852 49 49
Do met
100 8134 Apr 23
100
83 83
*8112 84
*8152 84
84
84 *81
*8112 84 *81
2412 2512 2434 2512 2312 2412 237 2532 16,800 Producers& Refiners Corp 50 2234 Apr 22
25 26
2512 26
4252 2,900 PubServCorp ofNJ new No par 39 Mar 25
*42 4214 42 4234 4214 42321 4214 4212 4214 4212 42
119 119
5,600 Pullman Company
100 11313 Apr 10
11634 119% 11812 120 11852 11914 11852 11914 *11812 119
50 5512 Apr 22
3
5634 5634 5612 5652 55 4 5653 3.200 Punta Alegre Sugar
57
5712 *56 .57
57 57
25 2114 Apr 22
8 2213 2272 2214 2212 2134 2212 8,1001 Pure 011 (The)
23 2312 227 2314 2212 227
100 92 Jan 10
2001 Do 8% preferred
95 95
*95 96
96
96 *95 97 *95
9514 9514 *95
1,2251 Railway Steel Spring
11112 112
100 106 Jan 3
11134 11214 11234 113 *111 11312 11212 11234 111 111
par 30 Jan 17
I Rang Mines, Ltd
2
*31
3214 •3112 3212 *307 3219 *304 3212 *3012 3213 *3012 324
97
97 10
97
3
9 Mar 27
N a
984 978 5,500, Ray Consolidated Copper. lt
934 10
98
97
2 97
97 10
3
100 Remington Typewriter___100 3214 Jan 4
4012
4012 *37
.40
4034 3932 3933 *39
4012 *3714 40 *37
I 1st preferred
100 91 Jan 4
*91
95
95
95 *91
95 *91
95 *91
*91
95 *91
100
2d preferred
100 91 May I
•90 100 *90 100
*90 102 *90 102
9234 9234 *90 102
8 Apr 28
1,000 Replogle Steel
8
8
8812 . 812 812
812 813
*814 812
8
8
1
00
*4512 4534 4534 46
46 4614 4512 484 4514 4534 4,800 Republic Iron & Steel No 1 ar 44 Apr 30
453 457
4
100 86 Apr 15
100j Do prof
.86 88 *86 88 *86 88 *86 88
88
86
86 *86
No par 133 Apr 15
4
14 •133 1414 1372 1373 1,700 Reynolds Spring
1412 14
14
1414 14
*1312 14
4
67 6714 67 67
4 86. 67
67
8714 3,800 Reynolds(R J) Top Class B 25 6152 Mar 31
4
653 653
4
4 653 653
Do 7% preferred
100
100 11514 Mar 28
*11872 120 *119 120
•11878 --_- *11878
119 119 •11872
1.800 Royal Dutch Co(N Y shares). 48 Jan 2
5414 55
*5513 5534 5518 5512 *554 5534 554 5514 548 547
2,000 St Joseph Lead
10 22 Jan 7
24
24
2372 24
2372 237 *2312 24
*2312 24
24
24
114 Mar 6
100 Santa Cecelia Sugar__.No par
112 152 •112 134 *112 134 *112 134
*112 134 *112 134
3,200 Savage Arms Corporation_100 32% Jan 2
4812 4914 4812 49 *4734 4812 4752 48
4712 4834 4818 49
6,500 Schulte Retail Stores-No par 9634 Apr 16
•301 102 10172 108 10412 105
10334 105 10333 1047 *103 104
100 7924 Apr 22
834 2,600 Sears, Roebuck & Co
8372 8414 8332 84
8312 84
83
84
8412 "8314 84
Do pref
100
100 11212 Mar 26
•110 1147 *110 1147s 114 114 *112 114% *112 1147 *112 1147
e
8
7
8 2,200 Seneca Copper
7
8
7
8
7
8
No par
12May 2
53
2
4
12
3
4
2
4
3
4
*52
3
4
4 Apr 11
200 Shattuck Arizona Copper- 10
*54 6
533
533
*512 6
Ps 553 *512 6
53
4
*5
Shell Tramp & Trading... £2 33 Jan 5
_ *3914 4012 *3812 40% *3812 40
1713 1712 17'8 171
No par 1614 Apr 22
173
2 9,000 Shell Union 011
17 1732 174 1712 1718 1714 17
3,700
Preferred
100 914 Jan 4
94
0412 944 *9434 95
95 963
2 9412 9534 9412 9412 94
10 1032 Jan 4
134 13
1314 1312 13
1312 1314 1312 133 1333 1312 144 11,200 Simms Petroleum
s
800 Simmons Co
No par 22 Apr 14
2214 2214 2214 2214 2214 2214 2232 2232 2214 2214 2214 2214
2014 203
2 2012 2052 20 2014 1812 203
2 1818 1914 1812 1912 92,000 Sinclair Cons 011 Corp No par 1818May 8
1,200
Preferred
100 .77 May 8
80 •
7912 78
77
8212 80 81
*8014 82 *8012 83 *80
7,100 Skelly 011 Co
25 2232 Mar 21
2312 2312 2314 2312 234 2358 233 237
2 2234 2314 2212 23
800 Sloss-Sheffield Steel de Iron 100 55 Apr 22
564
56
5612 *5612 5634 56
4
•5412 553
4 56 5612 *543 58
Do pref
100 80 Apr 10
84
84 *82
84 *83
84 *82
8412 *82
*81
84 *82
900 South Porto Rico Sugar... 100 67 Jan 3
7514 7514
76
76
*7514 7712 76
7514 76
753 753
2
76
9 Apr 30
No par
900 Spicer Mfg Co
1034 .1012 11
104 1012 10
10
1014 1032 10
*1013 11
Do pref
100 80 Apr 12
3
85
8612 *80 8512 .80 8512 *80
•80 87 *80 87 *80
Standard Milling
100 40 Apr 8
50
50 •40
50 *40
1140 50 *40
50
*40
50 *40
2 5752 5914 5753 5812 5714 5814 18.600 .Standard 011 of California. 25 554 Apr 21
5734 5852 5714 583
5853 59
3512 36
3553 3612 3514 3534 3434 3514 19,900 Standard Oil of New Jersey 25 3434 Apr 21
354 3612 357 38
4
Do prof non-voting-.100 1153 Mar 1
500
118 11814 11832 118% *11812 11812
*11712 11814 11814 11812 *11712 118
No par 5512 Apr 23
500 Sterling Products
5632 5632 5632 5612 5612
*58 5614 564 5633 5614 5614 *56
6612 6733 6632 6634 6512 6612 11,900 Stewart-Warn Sp Corp_No par 6452 Apr 30
66 6634 6612 6712 6612
6212 2,000 Stromberg Carburetor_No par 57 Apr 15
63 6332 6233 6312 *62 63 •62
62 63
*60 62
2 854 862
2
4 8414 853
82% 8412 833 853
4 8532 8618 8212 8332 106,700 Studebaker Corp (The)..-100 8012 Apr 30
7 Mar 29
No par
91s 953
914 912
914 912
918 933
84 84 3,700 Submarine Boat
932
3
2% Jan 2
No par
4
44 433
412
412 472 12,500 Superior 011
44 453
414 412
43
2 434
347 *2314 34 *2314 34
Superior Steel
100 30 Mar 27
•2632 347 *
*2314 35
*2314 35
2 Mar 15
10
Sweets Coo! America
*21.4 24 *24 212 *212 212 *214 232 *214 212 *214 212
Vo par
8% Mar 31
600 Tenn Copp & C
672 7
7
7
*137
*Vs 7
*672 7
7
7
2 7
4034 4034 4034 4114 4034 41
4 7,700 Texas Company (The)- 25 4014 Apr 22
4034 4112 4012 4034 4012 403
10 5714 Apr 21
700 Texas Gulf Sulphur
5912 5912 5953 5952
593 593 60 60
4
4
*
5812 594 60 60
9 Mar 3
1014 *10
1018
*10
1014 *10
952 952 1,900 Texas Pacific Coal& OIL- 10
93
4 98
7
93 104
4
100 120 Jan 5
100 Tidewater 011
•12.5 128 •126 128 126 126 *124 128 "123 130 *124 130
8 36
3512 397
3512 3513 351 354 345 35
3612 3638 3612 4,000 Timken Roller Bearing_No par 33 Apr 22
58 5932 5812 5912 574 584 524 583 38,300 Tobacco Products Corp-A00 53 Apr 11
5712 59
5712 577
8
100 8314Mar 25
Do Class A
8,400
85 85
843 85 2 853 8651 8612 8712 86
4
7
4
87
8534 86
100 113 Feb 19
Preferred
200
*117 1183 *116 11812 11852 11852 •117 1187 117 11872 1184 11812
4
2
324 Apr 15
- Par
31
NO
4
414
4
4 14
4
418
4
412
37
412
2 41a 20,900 Transcontinental 011
25 38 Apr 11
*3814 383
4 384 . 3812 384 3814 38 3814 3812 3812 3812 3812 1,000 Underwood Typewriter
500 Union Bag & Paper Corp..100 494 Apr 17
494 4912 *4934 50 *4934 50 *4912 50
*4912 50
4912 50
100 94 Jan 7
100 Union Tank Car
101 101 .10012 101 *10012 101
•100 103 •10012 101 *10012 101
Do pref
100 10614 Feb 18
*108 1093 *107 10914 •107 10914 *107 10914 *10714 1093* *107 10914
8
No par 25 Apr 21
*2512 2512 26
200 United Alloy Steel
26
*2513 253
26
*25% 26 *2512 26
2
26
100 74% Apr 15
100 United Drug
77 *76
77 *76
77 *76
77
77 .76
77
77 •76
Do 1st preferred
50 4612May 3
46% *46
200
467 *4614 46% *4614 467 •4614 487
2
2
4612 4613 *46
3
100 182 Jan 4
19012 19214 •190 19212 •190 19212 *190 19212 1,100 United Fruit
•188 193 191 191
8814 904 8814 89
913
2 90 9112 8411 90
83% 88 82,700 TY S Cast Iron Pipe& Fdy._100 64 Feb 27
89
100 She Jan 15
Do pref
500
9212 9213 *9112 9212 9112 9113 9134 9134 9212 9212
94
*92
U S Food Products Corp.
.100
NI Feb 20
165
8
18
U
;ii- 1814 •17 18 *17 6858 ;Fr- -fir *j71 18 ;ii" 18 12,600 U S Hoff'n Mach Corp_No par 6312 Mar 28
Apr 22
S Industrial Alcohol__-100
6812 6412 68 8912 67l 6812
675
8 67% 6812 6734
6T
Do pref
100 98 Jan 3
100
10012 10012 *100 102 *100 10212 *100 103 *100 10212
*10012 103
1,200 US Realty & Improv't___.100 9234 Apr 21
99 99
98 98
*984 99
*9812 99
9733 9914 98% 987
10114 Apr 21
Preferred
100
•10312 105 •103 105 *103 105 101 104 *10334 10412 *103 105
100 25 Apr 15
29% 29
4,100 United States Rubber
29% 2834 29
4 29
2873 29
2934 39% 2914 292
100 69 Apr 15
Do 1st preferred
764 7572 7614 7512 753
4 7612 7612 78
4 1,800
7634 763
7612 7612
3
20 2 20
*21
2112 3.200 US Smelting, Ref & Min- 50 1812 Mar 26
2012 2072 2172 2034 21
•19
2012 20
Do prof
50 374 Mar 22
*40
*3812 41
200
*3914 41
*4014 4114
404 40
40
40
40
9814 9912 98 98% 9734 98% 80,200 United States Steel Corp..100 9513 Apr 10
977 99
98% 9914 9853 9914
100 11828 Feb 1
Do Prof
2
2
8 1,400
12012 12012 1183 1183 •11834 11912 119 119% 119 11912 11872 1187
10 64 Jan 18
6812 6812 6812 2,010 Utah Copper
6732 6712 6712 684 6814 6812 68
*6652 671
100 16% Jan 4
2912 303
4 29% 3014 2912 304 2912 2972 2932 2912 17,800 Utah Securities
294 303
No par 22 Apr 8
2
4 2212 2283 2214 2283 2212 2212 1,100 Vanadium Corp
2
40 232 2234 2212 2234 *223 222
114 Mar 22
18
4 13
4 13
4
4
13
152 133
2
4 17
112 152 2,800 Virginia-Carolina Chem-100
*13
17
2
Do pref
618 65
8
858 65
8 3,200
658 65
414 Mat 20
100
* 65
8
8
65
4
653 63
652 652
No par
714 Apr 28
814 811 5,400 Vlvaudou(V)
814 9
73
4 914
754 8
4
73
4 73
75
8 74
No par 14 Apr 29
200 Waldorf 8312tem
1412 1434 144 1412 •1412 15
*1412 15
15 *144 1.5
*14
3,000 Weber & Hellbroner-No par 1414 Jan 31
17le 173
4 1724 1712 1612 17
1672 167
18
1812 1814 18
50 3514 Jan 19
603 Wells Fargo Express
3632 3612 37
37
37
37
38 *3613 37
*37
38
*36
700 Western Union Telegraph_100 105 May 1
10614 10653
4
4
1053 1052 10512 10512 10534 106 *106 107
•10512 106
9014 8914 89% *89
200 Westinghouse Air Brake...50 84 Jan 2
8938
*8834 9012 8914 8914 *89
90
*89
5632 12.300 Westinghouse Eleo & Mtg. 50 56 May 2
5612 5614 563* 5614 56% 5614 5612 5612 5632 56
56
4M
2,700 White Eagle Oil
No par 233 aY
243 2453 24
8
2412 2334 24
2434 2434 *2412 25 52412 25
900 White Motor
50 594 Apr 11
*5134 5212 5212 525* 523 523
4
4 5212 5212
.52
52
52
52
4 Jan 7
White 011 ctfs
Na par
__
2 May 5
2
2
2
218
218 214 2,800 Wickwire Spencer Steel._ .. 5
214
-21- .2
4
2
21
--Hi - - i
7% Apr 11
812 814 6,100 Willis-Overland (The).
811 81.
- 25
812 812
2
814 83
8
832 85
812 812
Do pref
100 6452 Apr 14
6678 6712 3,600
x 6712 6814 67 6814 67 67
6778 687
687
68
614 61
6 May 5
Wilson & Co Inc
611 612 5,
6
612
614 613
712
6
7i2
7
280 Jan 4
317 317316 320 320 326 325 328 *325 329 330 33914 2,700 Woolworth Co (F W)
Worthington P & M
100 24 Apr 22
27
2612 *23 26% *23
*23
26
*25
27
2812 .25
*25
d
: 9% Apr 3
0
800 Wright Aeronatuleal-N 1:V
NO p1a
972 10
*97 10
2
10
10
4018 *97 10
91g 97
10
35 Apr 22
,
800 Wr111120 (Wm Jr)
3612
364 364 3612 3612 36% 3613 3612 3612 3634 3634 36
N
300 Youngstown Sheet&T.No pa? 62 May 5
6312 63 63
*63 64
63 63 *62
62
62
62
*60
no sales on this day. :Ex-dividend.
-•Bid aneitsked price ;
Highest
$ Per share
1034 Jan 9
5814 Feb 5
1272 Jan 7
9512 Feb 11
6114 Jan 2
5912 Jan 2
44 Jan 23
16 Mar 12
414 Jan 17
984 Jan 2
47 Jan 30
4934 Jan 12
60 Feb 5
2324 Jan 31
4212 Apr 5
124 Jan 17
305 Jan 17
2
472 Jan 22
36 Jan 21
63 4 Mar 12
3
100 Apr 4
1314 Mar 12
5812 Jan 8
114 Apr I
82 Jan 26
90 Feb 6
434 Jan 22
4412 Jan 7
128 Jan 28
6752 Mar 14
263 Feb 6
4
984 Mar 13
118 Mar 22
334 Feb 15
1214 Feb 18
4108 Feb 5
9434 Feb 5
102 Feb 1
153 Jan 28
8
617 Feb 11
2
95 Mar 6
222 Jan 7
4
7478 Jan 2
119 May 8
5913 Feb 6
27% Feb 21
3% Jan 24
54% Feb 4
10934 Jan 4
97% Feb 1
11412Mar 13
614 Jan 11
878 Jan 10
414 Feb 4
204 Feb
9638May '6
14% Mar 24
25% Feb 5
271a Jan 2
90. Jan 21
29 Feb 4
67% Feb 7
8712 Feb 14
9572 Mar 8
18 Jan 12
90 Jan 2
6213 Feb 7
684 Jan 26
4214 Jan 28
119 May 2
63% Jan 2
1007 Jan 12
3
8478 Jan 11
108% Jan 8
1218 Jan 2
514 Apr 8
34% Jan 9
3 Jan 2
5
9 4 Jan 5
45% Jan 30
8514 Jan 11
1514 Feb 1
151 Feb 7
41 Jan 7
7034 Feb 5
91% Feb 11
11852May 6
64 Jan 21
43 Jan 9
64% Feb 9
104 Apr 3
10914May 2
37 Feb 11
88 Feb 4
48% Jan 11
20114 Jan 26
9412 Apr 29
9478 Apr 29
44 Jan 3
204 Mar 5
8352 Jan 31
103% Feb 7
10734 Feb 13
109 Feb 13
427 Jan 12
8
9424 Jan 10
23% Feb 15
4432 Mar 8
109 Feb 7
12012 Jan 14
89 Feb 20
3034.4111Y 5
33% Feb 11
1032 Jan 11
343 Jan 2
4
1512 Jan 10
164 Jan 28
1912 Mar 15
39% Feb 11
113 Jan 30
4
962 Jan 28
65 Jan 22
2932 Feb 6
3
593 Feb 11
112 Jan 22
5 Jan 11
1414 Jan 16
88 Jan 15
28 Jan 9
345 Mar 24
3154 Jan 9
1312 Jan 3
40 Jan 12
704 Jan 7
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
$ per share 8 Per share
7 July 1234 Mar
3114 Sept 52% Dec
9% Oct 15% Mar
904 June 99 Feb
53 Sept g313 Feb
5013 Oct 86 Feb
614 Apr
114 Oct
9 May 1513 Mar
14 Oct
6 Apr
86 Apr 9811 Dee
41 July 5014 Mar
16 Aug
1112 July
1934 Sept
614 July
1312 July
14 July
16 Oct
58 Jan
96 Oct
10 July
47 July
10812 June
4212 Oct
80 Oct
17 Nov
4113 Dec
11012 July
41% July
1614 Sept
824 Aug
994 Oct
2914 July
9% Sept
24 June
89 Dee
80 Jan
8 Oct
404 June
4
843 Oct
14 June
47 Jan
114 July
4012 Aug
17 June
114 Oct
184 Jan
88 May
6524 June
10612 June
4% Oct
5 Oct
2912 Oct
12% Jan
894 Nov
612 July
2234 Dec
16 Sept
8014 Aug
952 Jan
3914 July
88 Jan
3814 Aug
1124 June
88 Oct
6014 Dec
47% July
3072 July
114% Aug
51 June
74 July
5912 July
93% Oct
7 Jan
2 Sep
2312 Oct
1 June
8 June
34% Nov
5314 July
512 Nov
94 July
334 Jan
463 Aug
4
764 July
1043 Feb
4
114 Oct
35% Aug
50 Oct
81 Feb
106 Sep
29 July
7414 Oct
4814 Feb
1524 Jan
20 July
84 June
213 June
13% Oct
40 June
9514 June
8813 July
97% Aug
3052 Oct
763 Oct
4
18% Oct
38% Dee
8512 July
11612 Aug
5512 Oct
14 Oct
2434 Jul
614 Jun
17 Jun
12 Oct
1452 Jun
1214 Jan
33 Dec
10112 July
76 July
5212 Jun
20 Oct
45 Jun
22 Oct
2 De
5 Jun
4212 Jan
19 Jun
19912 Jan
1978 Ott
84 Jan
3754 De
62 Oct
80 Apr
2452 Dec
6952 Apr
1514 Jan
35% Jan
6 Feb
45 Jan
677 Mar
8
Apr
100
1112 Sept
134 Feb
11414 Jan
8112 Jan
993 Jan
4
5812 Mar
5112 Apr
134 Mar
624 Apr
32 Feb
100 Mar
123 Mar
34% Feb
1714 Mar
484 Mar
104 Feb
99 Nov
31% Feb
884 Mar
967 Mar
8
29% Apr
75 Dee
118 Feb
5513.Feb
2318 Dec
5 Feb
3512 Dec
4
1185 Dee
92% Feb
115 Nov
1212 Mar
107 Mar
8
4114 Mar
1914 May
95 May
18 Feb
34% Mar
39% Mar
99% Feb
35 Mar
63 Dee
90 Mar
70 Dec
2714 Feb
97% Feb
9012 Jan
1234 Jan
4414 Mar
11814 July
67% Mar
12413 Apr
9414 Mar
12614 Mar
15 Apr
6% Feb
34 Mar
4 Oct
1234 Feb
527 Mar
8
85 Jan
2414 Feb
144 Mar
45 Mar
782 Dec
4
9278 Dee
11513 Oct
1412 Jan
42 Dec
7713 Mar
993 Mar
4
112 Jan
3913 Mar
8534 Feb
49 July
18713 Dee
6912 Dee
87 Nov
612 mar
25 Jan
734 Mar
101 Mar
106 Mar
3
1083 Mar
64% Mar
105 Jan
43% Mar
484 Jan
10952 Mar
12312 Jan
7612 Mar
24% Feb
4452 Mar
27 Feb
69 Mar
23 Mar
20 May
164 Dec
105 Mar
11912 Feb
120 Feb
6712 Feb
394 Mar
6072 Mar
1 Nov
14 Feb
1114 Dee
83 Dee
423 Mae
4
290 Dee
40% Feb
1313 Nov
4018 Dee
80 Jan
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2287
.ran.1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-exce
pt for income and defaulted bond,
BONDS.
N.Y.STOCK EXCHANGE
Week ending Slay S.
Price
Fridau
May 9,
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending May 9.
t
Price
Friday
:Hay
Week's
Range or
Last Sale
Range
Since
Jan. 1
U. S. Government.
Bid
Ask Low
High
High No, Low
Ask Low
Bid
High
Low
High
First Liberty Loan
All & Blrrn 30-yr 1st g 4s___e1933 Si S
753
8
757
8 22
70
77
34% of 1932-1947
.1 0 9910az Sale 99233, 9920
., 824 981142100.00
Knoxv & Cin Div 4s_ _1955
N 85 Sale 85
5
85
83% 87
Cony 4% of 1932-1947
J 1) 100632
98644 991341 AtI Knoxv & Nor 1st g 5s__ _1946 J D
99201,Apr'24
9912 Mar'24
8
994 9912
Cony 44% of 1932-1947
1 I) 10034, Sale 1003 10013.1 503 9874,1001311 Ati & Charl A L 1st A 4 45_1944 3.5 993
.,
9252 May'24
94
93
91% 924
2d cony 4)4% of 1932-1917_ J D 100.00 101.00 10015
.:May'24
98242100"n
1st 30-year 58 Series IL _1944 .1 .1 100 10018 100
1004 19
96 10018
Second Liberty Loan
All Coast Line let con 4s._711952 Si S 8812 Sale 8818
8612 887
s
8812 23
4% of 1927-1942
MN 100.00
9922100u:2
10011.2Apr'24
I0-year secured 78
1930 MN 1063 Sale 1063
4
4
10714 21 1064 107
/
1
/
1
4
Cony 44% of 1927-1942
MN 1003t2 Sale 1002 100113, 3595 98.221001,22
.,
General unified 43.4s
1064 J 0 883 Sale 883
8914 68
4
4
8613 897
2
Third Liberty Loan
L & N coil gold 45
a1952 Si S 8312 Sale 83
8318 11
4
814 833
44% of 1928
M S 100742 Sale 100.82100042 5793 99332100.82 All & Danv 1st g 45
1948 31 755 764 7518
8
9
753
7314 777
4
2
Fourth Liberty Loan
2d 45
1948 J
5
65
624 69
65
65
6512
A 0 1001022 Sale 100513 10-111.2 10571 98821001031 Atl & Yad 1st g guar 4s
434% of 1933-1938
1949 AO 7418 Sale 7412
75
7214 8015
Treasury 4-45 1947-1952
A 0 1013332 Sale 10125 101201, 1129 991221112.00 A & N W 1st gu g 5s
.,
1941 J J
0612 1)ec'23
,
26 consol registered
d1930 Q J
10312 Mar'24
- 10312 10312
2s consol coupon
d1930 Q J
4
102% 1021 Balt & Ohio prior 334s
10238 Mar'24
9852 154
9812 Sale 9812
9614 98%
48 registered
1925 Q F
104 May'23
Registered
113 1 R -1
1F5
7
98
98
3
96
98
48 coupon
1925 Q F
103 July'23
lot 50
-year gold 48
11948 A 0 8012 Bale 844
8111 8512
8512 253
Panama Canal 10-30-yr 28_11936 Q 1
100 Aug'23
Registered
11948 Q J
81
80
- - -- - 81 Mar'24
Panama Canal 38 gold
1961 Q M 91
93
9412 Apr'23
-year cony 442
10
1933M S 8812 Sale 88
8214 8812
8812 123
State and City Securities.
Refund & gen 58 Series A_1995 J D 8614 Sale 854
83
88
8655 105
N Y City-434a Corp stock _1960 M 8 100 10012 100
984 10012
5
10012
10-year 62
1929.5 .1 102 Sale 1013
8
121 1004 1033
4 102
41.I/ Corporate stock
1984 M S 101
99% 10118
10112 11
1004
P Jet & M Div 1st g 346_1925 M N 9712 9772 97i2 May'24
9514 9712
44s Corporate stock
1966 A 0 101
9934 994
997 Feb'24
2
P L E & W Va Sys ref 45 1941 MN 83 Sale 824
83
31
79
83
Corporate stock
4
1971 J D 105
10412 10112
_
10412 Apr'24
_
Southw Div 1st gold 3348.19252 .1 9814 Sale 98
9612 9812
983 170
8
430 Corporate stock-July 1967.1 J 105
lo2s4 105
____ 105
105
Tol & Cin Div 1st ref 4s A..1959 J .1
6614 69%
673
8
434s Corporate stock
1965.5 D 105
1023 105 Battle Cr & Stur 1st gu 3s_ _1989 J D 67 Sale 6614
4
_ _ _ _ 105 May'24
58
5612 6312 58 Mar'24
60
44s Corporate stock
1963 M
103 10334 Beech Creek 1st gu g 4t)
105
1033 Apr'24
4
1936 J .1 903 91
904 9114
9078 Mar'24
4
4% Corporate stock
1959 M N 9614 963 954 Apr'24
945 9614
8
4
Registered
1936 J J - 86 Feb'24
4% Corporate stock
1958 M N 9614 963 953 Apr'24
9452 961/1
4
2
2d guar gold 55
1936 „I J 9614
104 May'12
4% Corporate stock
1957 M N 1043
4
9614 9614 Beech Cr Ext 1st g 34s
9614 Jan'24
b1951 A 0
-. 60 July'23
4% Corporate stock reg 1956 NI N ____ 96 - 943 Feb'24
943 9514 Big Sandy 1st 4s
8
2
1944 1 D 82
7514- 807
s 821i
844 8112 Apr'24
% Corporate stock
-1957 NI N
10514
10514 32 1034 1054 B & N Y Air Line 1st 4s_ _ _1955 F A 611
66
4
61
4- 6312
6314
44% Corporate stock_ _1957 M N i64i4
1024 104% Bruns & W 1st gu gold 4s_ _1938 .1 J
_ 10438 Apr'24
8812 90
66 89 Apr'24
89 354% Corporate stock
1954 M N 87 - - -12 87 May'24
8514 87
87
Buffalo R & P gen gold 5s 1937 Si 5 100 101 100
101
8 100 101
New York State
-4s
1961 M S
10212 June'23
Consol 4%8
19.57 M N 883 Sale 884
874 90
4
15
Canal Improvement 4s_ 1961
89
J
10212 June'23
Burl C R & Nor 1st 5s
1934 A 0 993 ____ 99 May'24
8
953 994
4
Highway Improv't 445_1963 NI S
110 11214 July2'3
Highway Improv't 448_1965 M S
10412 Apr'24
Canada Sou cons gu A 5s
1962 A 0 994 994 9912
7
9738 100
9912
Virginia 2-30
1991 J .1 6414
- 7114 Oct'23
Canadian North deb s 1 7s-1940 J D 11212 Sale 11212 113
9 111 11418
Foreign G
ment.
-year 5 f deb 610
25
1125
8
4
48 1103 113
Argentine(Govt) 78
1927 F A 10138 Sale 101
4
10112 143 1003 10214 Canadian Pac Ry deb 4s stoc94 j j 8014 Sale 11212 113
1k ..6 J J
.
Sale 797
78 4 8234
3
2
Argentine Treasury 56
804 96
1945 M S 78
7812 78
7812 11
78
84
Carb & Shaw 1st gold 45_ _1932 M S 89
90
913
4
4
- 913 Feb'24
Temporary s f g 6s Ser A 1957 M S 9012 Sale 90
9012 321
1
7
Caro Cent 18t con g 48 64_1 38 1 D
649 3 J
9
704 72%
7072 NIar'24
Austrian(Govt) 79w I
1943 J D 9012 Sale 90
8514
9012 136
Caro Clinch&0 lot 3
9412 Sale 9412
92% 94%
9458 62
Belgium 25-yr ext of 7545 R-1945 J D 1023 Sale 10112 10232 172
8
97 1023
8
Os
1952 J D 973 Sale 9734
4
9934
98
96
30
Jan 1925 J J 9978 Sale 9934 100
5
-year 6% notes
963 100 Cart dr Ad 1st gu g 48
4
159
803 8212 82 Apr'24
2
81
8218
-year 8 f 8s
1941 F A 1023 Sale 10134
20
2
97 103 Cent Branch U P lot g 45
10232 93
1948 1 D 707 ____ 71
1991 4 D
8
Apr'24
72
67
1045 M N 10812 10914 109
Bergen (Norway) 13 1 88
13 108 10912 Cent New Eng let gu 4s
109
J .1 5812 59
1961
5812
59
50 4 65
3
7
1945 51 N 10814 Sale 10814
Berne (City of) a f 8.6
13 10814 111 14 Central Ohio 44s 1930
10914
1030 NI S 953 ____ 933 Dec'23
4
4
Bolivia (Republic of) Ss__ _1947 M N 893 Sale 88%
4
85
9134 Central of Ga 1st gold 58-F1945 F A
9114 494
61"
_ -55" 1Bordeaux (City of) 15-yr 68_1934 MN 8118 Sale 8118
71 12 827
2
8214 47
3 D 97 - - -34 97 2
1VI N
Consol gold 58
9: 97 - 9112
911
9 " 4 41
9514 98
Brazil, U external fis
97
1'234
1941 J D 96 Sale 9434
9278 96
124
96
June 11992495
10-year secur 66
1015-8 Sale 1014
/
1
1014 37 100 1014
1952 J
76 (Central Ry)
8112 Sale 803
7718 82
82
4
97
Chatt Div pur money g 45_1951 1 D 7812 ____ 74
Oct'23
74s (Coffee Security). -l952 A 0 983 Sale 9834
014 20
4
94
9912
9 6 .1 J 98 2 Mac & Nor Div 1st g 5s__ 1847 j J
953 Iffs
4
971g Apr'24
,
Canada(Dominion of) g 5s_ _1926 A
1004 Sale 10014
094 10114
1003
8 95
Mid Gs & Atl Div 55
94 July'23
Is1931 A 0 997 Sale 997
8
9912 100
8
32
100
1846 J J
Mobile Division 55
-156- "9
96
Feb'24
-7"
10
-year 55-48
1929 F A 10132 Sale 10112 102
4
66 1003 10214 Cent RR dr B of Ga coll g 5511987 Q N 93
_1 03 M J
94
93
93
914 96
58
1952 M N 9972 Sale 993
9914 10014 Central of NJ gen gold 59-1987 J J 10518 106
163
8 100
105 Apr'24
1033 10614
4
Chile (Republic) ext I 8s_ _1941 F A 104 Sale 1034
104
30 102 10412
Registered
10312 ____ 104
104
1025 105
8
External 5-year a I 881926 A 0 1023 103 1023
8
4
35 1023 104 Cent Pac 1st ref gu g 49
4 103
1949 F A 8612 Sale 8512
85
87
12
863
4 38
78
1942 NI N 9612 Sale 96
0614 66, 94 100
1)9292 D 923 ____ 9214
Mtge guar gold 34a
8
91
923
4
8s
924 23
25-year
1946 NI N 10414 Sale 10312 1041
102 111412
28'
1954 A 0 833 ____ 835 May'24
Through St L 1st gu 45
4
8
817 863
8
Chinese (Ilukuang Ry) 58_1951 J D 403 Sale 3912
4
4
3914 43 Charleston & Savannah 7s 1936 1 J 116
403
4 12
____ 11538 Feb'24
1154 1154
Christiania (City) s f 88_
1945 A 0 1073 Sale 1073
4
4 1081
. 13 197 10912 Ches & Ohio fund & impt 56_1929 .1 J 9814 987 9818
9838
s
2
97
Colombia (Republic) 645-1927 A 0 9512 Sale 9512
983
8
944 96
96
96
1st consol gold 5s
10118 ____ 101
1015
8
99% 1013
8
2
Copenhagen 25-year 0 f 548_1944 J J 9014 Sale 894
874 9112
9014 68
Registered
98
Apr'24
98
98
Cuba 58
1944 M S 9514 97
933 96
4
9514
2
9514
1932 M NN _8712 Sale 874
99 1 MM S
9391
General gold 448
8414 8712
Exter debt 58 1914 Ser A _ _1949 F A 89
8712 30
91
8913 9214
9014 Apr'24
_
1942 J S
99 M J
0
Registered
835 8358
835 Jan'24
2
8
External loan 44s
1949 F A 80
7914 83
811 81
81
3
-year convertible 4548 1930 F A
20
oiT2
92
8814 924
9212 274
545
1953 J J 934 Sale 9312
9112 944
94
267
30-year cony secured 55__ _1946 A 0 9414 Sale 94
884 9412
Czechoslovak (Repub of) 813_1951 A 0 963 Sale 9612
94 2 153
,
94
4
973
4
65
971
1st g 5s
Craig Valley
935 __-- 933 Apr'24
8
4
4
923 933
4
Danish Con MunIcip 85"A"_1916 F A 10712 108 10712
2 10612 103
10712
1 89 J
,
Potts Creek Branch 1st 48.1946 j:
78
79%
79 Apr'24
814
Series B
1946 F A 107 1073 107
4 10612 108
10714
1989 J J 88,
R & A Div Ist con g 4s
7014
s
_
4
81
Denmark external s f 8s
_1945 A 0 10812 109 10812 109
7934 8112
1014 10914
24
2d consol gold 49
78
76
Jan'24
76
76
20-year 68
1942 J
9318 95 4
3
9412 Sale 9414
95
94
Warm Springs V lst g 5s 1941 151 S 93
95
93 Dec'23
Dominican Rep Con Adm s f 58'58 F A 1014 1021 10134
4 100 10212 Chic & Alton RR ref g 38
10134
1949 A 0 5312 584 584
5882 15
56 -5834
5348
1942M
854 90
863 Sale 863
4
873
35
4
New York Trust Co etfs
-- 53 July'23
Dutch East Indies ext 6s_ _ _1947 J
927 954
8
9312 Sale 9312
94
34
_ ___
Stamped Oct 1922 interest
5612 58
563
i
8
40-year 6s
1 "Lail. -. f"
564
1962 M
9234 96
9314 Sale 9312
933
4 92
Stamped AprIl 1923 Interest_
5614
54
587 Apr'24
8
587
8
548 trust recta
1953 M S 8614 Sale 8614
-8614 904
867 207
8
Railway first lien 348_ _ _ -1950 .1-i
French Repub 25-yr ext 81_1945 NI
303 404
4
3612 52
9212 100 Chic Burl & Q-III Div 3%8_1949 J 1 3512 Sale 34
9912 Sale 9938
994 322
803 81
4
784 8112
803
4
2
20-yr external loan 73.45.1941 J
893
4
90
9612
953 Sale 9512
4
359
96
Illinois Division 45
1949 J I 8818 89
(It Brit & Irel(UK of) 548_1937 F A 10072 Sale 1003
86
8814
893
8
893
8 31
994 1015
8
4 10118 416
: 974 Sale 9712
141
Nebraska Extension 45
IIM
9612 98
10
-year cony 545
973
1929 F A 109 Sale 1084 10914 83 10612 110,
4 42
4
RegLstered
Greater Prague 745
96 Nov'23
1952 M N
7612 86
847 Salo 84
8
85
47
19.58 M 8 86% Sale 8612
General 45
784
Hatt! (Republic) 68
1952 A 0 897 Sale
8714 25
8812 92
8
904 13
A 0 9814 Sale
F A
1St AC ref 55
Italy (Kingd of) Ser A 648_1925 F A 10018 Sale 8912
9S18 9812 232
964 9914
9812 1004 Chic City A; Conn Rys 59.__1921
10012 12
100
19
77
50
Japanese Govt
51
--f loan 442_1925 F A 9714 Sale 9714
5112
3
5112
923 9714 Chicago elc East Ill let 6s_ 1934 A 0
8
9714 57
Second series 454s
4
104114 1053
50 2 5512
1925 J J 9714 971 9714
8
914 974 C &F,Ill RR (new co) gen 53_1951 M N 10538 ___- 1053 Apr'24
973
8
3
Sterling loan 4s
1931 J J 794 Sale 7914
73
7812
7572 124
7814 81% Chic & Erie 1st gold 55_..A982 M N 75 Sale 73
794 43
Temporary s f g
9518 Sale 95
1954 1 A 9118 Sale 91
3
2
917 951s
8
9512
8458 913 Chicago Great West 1st 48..1959 M S
4
911_ 557
Oriental Development 68.1953 M
53 Sale 5214
5312 75
51's
8512 8614
8512 Sale
861
33
With Sept 1924 coupon on. _
Lyons (City of) 15-year 68_1934 51 N 8112 Sale 8512
4805 533
52 Feb'24
5048
1%
4
724 824 Chic Ind & Loult2v----Ref 65_ _19417 , --j
8212 92
1 : i io/
1
Marseilles (City of) 15-yr 68.1934 NI N 8114 Sale 814
1063 Apr'24
4
10514 10912
7218 824
8118
8212 79
1 8
RefundingR fuitd l ng 471d
947
Mexican Irrigation 442_ _1943 Ni N
9612 98
9618 Apr'24
95% 97
274 30
29 Mar'24
erles C_.._ c1948 J j 8212 Sa5
5s
_ 97
8
i
Mexico
-5s of 1899
8
2
1945 Q J 48
8le 8212
43
8212
40
5112
49 May'23
General Is A
1966 M N
Gold debt 45 of 1904
1954 J D 28
811S 1,70803
77122 81 14
89: 4 2
2 5
84
84
10
26
3012 30
30
30
2
General 68 B
Montevideo 72
1952 J D 874 8812 874
9712 Sale 9712
8514 8812
97%
88
10
Ind & Louisville 1st gU 42_1956 1 J 74
Netherlands 68 Olaf prices)
.1972M
7612 76
8212 85
_
Ape2 _ _ _3
8358
903 Sale 9012
4
4
893 007 Chic Ind & Sou 50-year 45_
4
8
9078 90
_1956 - J
1
Norway external s 18a
1940 A 0 111 Sale 11104 1111
3
31 10944 1124 Chic LB dr East 1st 4%s_ _ _1969 J D 834 Sale 835
fis
1952A 0 933 94
4
1
9112
941
20
914 944 C M & Puget Sd Ist gu 48___1949 J J
66 (Interim certificates) __ _1943 F A 94 Sale 94
99 gra- - 91114
5: e 5 2
61
/
1
4
4
493 60
24
513
5318 376
679 44
6
92, 9-152
8
935
8
941, 144
Panama (Rep) 54e tr recta. 1953 J I) 96 Sale
727
9912 9712 Ch M &St P gen g 48 Ser Ase1989 J 1 72
878114 %4
7014 84 5142
8
8
5
8112
954
967
8 23
General gold 348 Ser B._e1989 J 1 6412 6612 727
Porto Alegre (City of) 88._ 1961 J
9612 Sale 95
6412
92
961
974
General 44s Series C
e1989 3 1
Queensland (State) ext 81 78 1041 A 0 10512 Sale 10512
10614 36 1044 107
. 0 85 Sale
I 13 51:: 81s
A
;
Gen AC ref Series A 44sa2
1
-year 68
25
1947 F A 994 Sale 9912
4934
5:
4
9912 10118
994 100
Gen ref cony Ser B 541-612014 F A 583 Sale 911
Rio Grande do Sul 8s
1046 A 0 9612 Sale 9412
3
212s
281
4 (;1,91
92
583
9512 26
9713
8
Convertible 448
Rio de Janeiro 25-yr a I 8s....1946 A 0 9378 Sale 9138
6312 Sale 6272
84
873 9434
2
934 :30
48
88
1947A 0 9172 Sale 914
8212 Sale 8214
58
g111 2
: 72
2!
s4
87
94
94
32
25-year debenture 4s
1934 4 1
El Salvador (Rep) temp 8a_ _1948 J J 101 Sale 10014
4
96 12 90
4938 684
57
10112 108 100 10112
614
5
Chic & Mo Riv Div
_1926 J 1
San Paulo (City) a f 8s
1952 M 8 99
2
9912 99
99
4
9512 99 Chic & N'west Ext 4s_ 58_ _ _ piii F oN 984 99
99
3
51 A
Q r 9732 _ _ _ _ 983
_1886-i
San Paulo(State) ext 8f/33_1936 J J 9912 Sale 994
974
97
9814 100
100
27
Registered
6
1886-1927 ls.1 N
1 98 F A
Seine (France) ext 78
1942 J J 874 Sale 87
9 6 9714
96 50
72
79
9714 May'24
72
8818 176
89
General gold 345
Serbs, Croats & Slovenes 88_1962 M N 814 Sale 7912
71I 72
69
/ 72%
1
4
6314 824
813 627
4
Registered
1936 M N 82
Botasons(City)6s
8212 82
685 803
8 5 714
0
76
2
683 Jan'24
8214 20
8212
M N -81General 45
1939 J
-year 68
Sweden 20
10212 Sale 102
-913;
1021. 38 102 10514
Si N
Stamped 4s
Swiss Confeder'n 20-yr a 18e 1940 J J 112 Sale 11158 11212 42 1114 118
793 813
8
3
8134 Sale 913 A9r1 4
/
1
8 '4
92
8 232
General 5s stamped
Switzerland Govt ext 5125 _ _1946 A 0 9712 Sale 9712
8014 82 1013 Apr'24
8912 1021
9
8
0/
11
42
2
9753 67
Sinking fund fis
1879-1929 A - 1023 103 1023 Mar'24
1912 Ni S 614 62 6118
Tokyo City 53
8
2
613
4 16 -60i4 534
Sinking fund 5s
1879-1929 A 0 983 9912 9812
Uruguay (Republic) ext 88....1946 F A 103 Sale 1023
2
1
964 9812
4
9812
10414
8 102 10412
Registered
I
9
1879-1119333)mmj )
19992,33 A NDN
1045 A 0 10912 110 10912 11012 10 110 112
Zurich (City of) 5 f 88
96
96
n2
Ja'4 _ _
9r 2
9
9
6
8
Sinking fund deb 58
Railroad.
Ioo974 10013
11
100
99
Registered
Ala Gt Sou ist cons A 5s___ _1943 J D 964
- 9712 May'24
9 / 974
5
1
4
10
-year secured 78 g
Ala Mid 1st guar gold 58___ _1928 M N 100 161
- - 994 Apr'24
10714 Sale
,12
,
14
4
40 12
. 44
9
84 994
15
-year secured 6%s g_ _ _1936 MS 10734 Sale 106114 A10814 25 10512 108
Alb & Susq cony 3348
1946 A 0 8018 8014 804
1075
8012
8 10818
12
6
'
3
79
80 3 Chic R I & P-Railway gen 481988
'
Alleg & West 1st g 45 gu__ _ _1998 A 0 803
4
- _ 8012 Apr'24
2
80
80
8012
'.5 803 81
Registered
Alleg Val gen guar g 4e
1942 M
9014 12
904
__
884 9014
_Refunding gold 4s
1934 AO 7778 Sale 793 AP 81 -181
Ann Arbor 1st g 48
11995 Q J 894- - 59
594 593
7% .7 3
773
181 78718
593
4
84
7! 3-2
2
7%
7
57
60 chic st L & N 0 gold 5s_
1951 3D 10014 101 10034 Apr'24 ____
Arch Top & S Fe
-Gen g 4(1_1995 A 0 874 Sale 873
2
99 100 4
3
88
86
111
8834
Registered
.1
Adjustment gold 49
11995 Nov 81'g-82
82
7912 824
9534 May'23
2
Gold 345
1951 ID
Stamped
11995 Nov 8114 8114 81
_ "771 77
Feb'24
8218 19
77
7913 8241
Jolnt 1st ref Is Sertee A__ _1963 J O 77
Cony gold 4a 1909
1955 J D 91% 824 813
4
Apr'24 ____
824
94
94
9512 96
9812
824 8418
9
Do Series B
Cony 46 1005
1963 ▪ D
1955 J D 823 Sale 813
4
8
82
827s
96
11
814 8412
Memphis Div 1st g 4s._ 1951 JO 9512 Sale 944
Cony 4s Imre of 1910
19603 D
83 May'24
2
82
8318 82 May'24
803 82 811 83 C St L & P 1st cons g
/
4
East Ohio Div 1st g 4s _A928 M S 967 9714 9618
551932 A
2
Apr'24
967
994 10018
8 17
9513 964 Chic St P M & 0 cons fle_
Rocky Mtn Div 1st 48
_1930 3D
8312 913 May'24
1965 J J 82
4
10312
80
4
44
824
Cons 65 reduced to 3148 1930 JO 10314 1043 10314 Ma;' 14 _ 6 1018 10
Trans
-Con Short L let 48_1958 J .1 85
867s 8412
2
8478
64
904 ____ 8914
8914 891
/
4
8318 8712
6
Debenture 5s
Cal-Ariz 1st & ref 44s"A"1962 M
1930 MS 943 9532 94
9118 9214 913
4
14
9134
4
934 96
0018 927 Chic T H & So East let
8
55.1960
7712 814
7914 Sale 7918
78
80
oNoorfee Friday;latest bid and asked. $5=33. a Due Jan. 0Due April.
I Due May, 0 Due June, 8 Due July.
t Due Aug. oDueOet. yDue Nov. Due Dec. rOytfon Dale-
..
--
2288
BONDS
N.Y.STOCK EXCHANGE
Week ending May 9.
New York Bond Record-Continued-Page 2
i
Price
Friday
May 9.
Week's
Range or
Last Sate
Ez
4
Chic Un Etta'n let gu 4Ms A_1963 is
5s B
1963 S i
1st Series C 654s
1963 ii
Chic & West Ind gen g 6s_ _91932 QM
Consol 50
-year 45
1952 J J
15-year s f 734s
1935 M S
Choc Okla & Gulf cons 5s_1952 MN
0Find & Ft W 1st gu 4a g1923 MN
Cm H & D 2d gold 4 Ms_ _ _ _1937 S i
CIStL&CIstg 4s
11936 Q F
Registered
11936 Q F
Chi Leb dr Nor gu 4e g
1942 MN
S & CI cons 1st g 5s
1928 is
Clearf& Mah 1st gu g 5s_ _ _ _1943 J
Cleve Chi Ch & St L gen 48_1993 J O
20
-year deb 4s
1931 is
General 55 Series B
1993 J D
Ref & impt 6s Series A
1929 S i
1941 is
138 C
1939 is
Cairo Div let gold 45
CInW&MDiv1stg4s199i S i
St L Div 1st coil tr g g 4s.A990 MN
Spr & Col Div 1st g 4s _ _1940 MS
W W Val Div let g 4s_ _ _ _1940 S i
CCC &I gen consg 6s
1934 is
Clev Lor & W con 1st g 58.1933 AO
1935 MN
Cl & Mar 1st gu g 4145
Cleve AL Mahon Vail g 5s__ _1938 is
CI& P gen gu 4MaSer A__1942 is
Series B
1942 AO
Int reduced to 345s_ __ _1942 AO
1948 MN
Series C 3Ma
1950 FA
Series D 343s
Cleve Sher Line 1st gu 41is-1961 AO
Cleve Union Term 5Ms_ _1972 AO
1973 AG
68(w I)
Coal River Ry 1t gu 4s- _ _1945 J D
Colorado & South 1st g 4$_ _ _1929 FA
Refunding & exten 4Ma_ A935 MN
1948 AO
Col & H V 1st ext g 48
1955 FA
Col & Tol 1st ext 48
Cuba RR 1st 50-year bs g_ _ _1952 S i
1936 S D
let ref 7148
Ask Low
Bid
High No,
905 Sale 904
8
903
4 43
29
99 Sale 9838
99
22
1153 Sale 11512 116
4
10412 105 105 Apr'24 ---75
7412 Sale 7414
89
103 Sale 10212 103
31
9618
2
953 ---- 9618
4
____
88 Nlar'17
885
8
_ 8812 Apr'24 ---8814 ____ 897 Noy'24 --8
87 Der'23 ---87 Apr'24 ---863
4
985 Apr'24 -- -8
964 ____ 53 Mar'22
5
805 Sale 805
8
8
804
5
95
95
9558 9414
99
993 99 Apr'24
4
23
1023 Sale 10238 103
4
-- 10418 May'24
10413
_
8
86'i 89 873 Apr'24
1
4
785
783 80
8
785
8
80
80
803 7914
4
3
8612 Mar'24 ____
8
8312 -___ 925 Sept'23 _ __
1065 -- 10618 Apr'24
8
2
9912 Sale 9912
9912
8434 Apr'24 _ •
9418
95 Apr'24
947
s
953 -- 91 Mar'21
4
953
4
_ 9434 Apr'24
SO 12
- 7614 Feb 12
-- 7018 Dec'12
793
4
Jan'21
80
82 67
3
9314 95
9312
94
10412 Sale 10414 1041 10
/
4
9758 Sale 9718
282
98
Apr'24
81
9618 Sale 9478
964 60
_ 86
863
4 85
2
8312 Sale 8312
8312
8118 8212 817 Apr'24
8
4
84
8312 833 8312
4
101 Sale 101
5
101
Day & Mich let cons 4359_1931 is
Del& Hudson 1st & ref 45_A943 MN
1935 AO
20-year conv 55
15
1937 MN
-year 914s
10
-year secured 79
1930 J D
D RR & Bdge 1st gu 411 g
1936 FA
Den & R Gr-lat cons g 45.1936 .1
1936 J J
Consol gold 4349
Improvement gold 5s1928 J D
1955 FA
1st & refunding 55
do Registered
Farmers L&Tr rcts Aug '55_
Bankers Tr ctfs of dep
do Stamped
Am Ex Nat Bk Feb '22 ctfs_
do Aug 1922 ctfa
Des M & Ft D 1st gu 4s_ __ _1935 is
Dee Plaines Val 1st gu 4A s_ _1947 MS
Det & Mack-lst lien g 49_1995 J D
1995• D
Gold 4s
Dot Itiv Tun 4545
1961 MN
Dul Missabe & Nor gen 59_1941 • J
Dul .ttc Iron Range 1st 5s_ _ _ _1937 AO
1937 AO
Registered
Dul Sou Shore & Atl g 5s..1937 is
94
94% 9212 Jan'24
863 Sale 8634
4
87
943 Sale 94
4
95
1005 Sale 10018
8
10018
10814 Sale 10814
1087
8
89 May'22
913
4
7012 Sale 6978
7012
73
743 7458 May'24
4
86
8612 8538
8538
36
37
3634
37
49
Oct'20
_ _ _ _ 367 35 Apr'24
8
3414 Mar'24
34
35 Apr'24
3418 38
3434 Apr'24
3812 Jan'24
4312 4414 435
8
435s
9314 Sept'23
865
8
6814
6712 -6812 6814
62
62
6018 65
89 8912 89
89 12
10012 Apr'24
1009914 100
997 Apr'24
8
957 July'23
8
82
8118 83
82
25
46
23
10
72
6
16
5
5
1
17
2
AO 843 8612 847
1
8478
It Minn Nor Div 1st g
8
4
96
96
2
98
E Tenn reorg lien g 55
1938 MS 96
_ 9912 May'24
E T Va & Ga Div g 5s
1930 S i 98
9958
00
1956 MN 99 1994
1
Cow 1st gold 53
8
7
9978
997
Elgin Joliet & East 1st g 5a .i941 MN 9912 100
8
8 47
Erie 1st consol gold 75 ext1930 M S 1067 Sale 10618 1067
6612 156
1996 is 6618 Sale 653
8
let cons g 4s prior
61 Mar'24
/ 64
1
4
1996 .1 J 60
Registered
563 137
4
1st consol gen lien g 4s 1996 is 5612 Sale 5512
1996 is ---- -- 53 Mar'24
Registered
Penn coil trust gold 45_1951 FA 8912 9218 9012 Apr'24
35
58
50-year cony 4s Ser A1953 AO 5718 Sale 57
10
58
do Series B
1953 AO 57 Sale 57
647
8 76
Gen cony 49 Series D_ _ _1953 AO 6414 Sale 6414
967
8 61
Erie & Jersey 1st s f 69
g
8
1955 J J 967 Sale 957
Erie & Pitts gu g 3348 B_ _ _ _1940 Si 823
8
_ 8314 Jan'24
Jan'24
83
/
1
4
Series C
1940 S i 82
Evans & T H 1st gen g 5s_ _ _1942 AO
88 Apr'23
6912 Apr'23
Sul Co Branch 1st g 5s_ -1930 AO
994 Oct'23
Fargo & Sou 6s
1924 is
_ 9412 Dec'23
Fla Cent ic Pen 1st ext g 59_1930 is 6538
95
7
6i 95
Consol gold 55
1943 is 94 89
2
89
/
1
Florida E Coast let 4Ms_ _ _1959 J D 884 90
22
68
8
1952 MN 67 Sale 665
Fonda J & Glov 4545
Fort St U D Co 1st g 4545_1941 is 8412 __7 _ 84 Mar'24
Ft W & Den C 1st g 5 Ms_ _ _1961 S D 102 1412 10214 May'24,____
/
1
4
89
88 May'24!____
Ft Worth & Rio Grist g 4s_ _1928 S i 88
10718 10814 10614 Jan'24
Frem Elk & Mo V 1st 6a___ A933
1931 MN
___ 9812 Apr'24 -GH&SAM&P1st59
9712 9912 963 Apr'24
1931 5, 984
2d eaten 5s guar
9218 11
Galv Hoes dc Rend 1st ba- _1933 AO 9012 9114 91
g
94
3
943 923
4
Genesee River 1st 8 f 6s_ __ _1957 S i 94
8
Ga & Ala Ry 1st con 58._ _ _01945 55 8512 867 8512 Apr'24
8
Ga Car & No 1st gu g 5a_ __ _1929 S i 9412 9558 955 Mar'24 _ _ _
6134
1
4
1946 AO 613 63 6l
/
1
4
Ga Midland let 39
MN
100 Feb'24 _
Oils VGA N lst gu g 55- _1924 1 D
9512
1942
983 Feb'24 _ _ _
4
Gou & Oswegatch 55
J J
93
911 Apr'24 _ _ -Or R& fez 1st gu g 4145-1941 AO 9112 113 Sale 11 238 113
37
Grand Trunk of Can deb 79-1940
1936 M S 10334 104 103
/ 10418 45
1
4
15
-year f 6s
10112 Apr'07 _
8618
1947 J
Grays Point Ter bs
243
Great Nor gen 75 Series A 1936 S i 108 Sale 10712 108
1961 J J 88 Sale 88
8914
8
let dc ref 444s Series A
1981 is
90 Jwae'23
Registered
1952 J J 99% Sale 99
995
8 81
&Ms Series B
65 63
63
3
Green Bay & W deb ctfs "A".._ _ Feb 63
Feb
87 Sale
8
8
/
1
4
8 8 18
7
.
'
Debentures ctfs "B
8412 Oct'23
gu g M.._ _1940 MN 8312
Greenbrier Ry let
8312
1
Gulf & S I 1st ref & t g 5s_ _b1952 5, 834 ____ 8312
79
7
Harlem It & Pt Ches 1st 49_ _1954 MN 79 Sale 78
87
6
Hocking Val 1st cons g 4349_19995, 8612 Sale 8612
1999 S i
83 May'24
Registered
S i -56i8 100
99 Apr'24 _ _
H & T C 1st g Mint gu
1937
Houston Belt & Term 1st 59_1937 S i 9214 9412 9212 May'24
MN
8
98
98
2
Hous E & W T 1st g 59
1933 MN 955
__
1933
9318 July'23 _
_
1st guar 55 red
MN 85
903
4
4
__
Housatonic Ry cons g 55_ _ _ _1937 FA 98- - 903 Apr'24
83 Sale 8238
8314 307
Bud & Manhat be Series A_ _1957
/
4
1957 AO 611 Sale 6117
62
/ 166
1
4
Adjust income 59
8912
3
Illinois Central 1st gold 49 1951 is 8818 __-- 8814
83 Sept'23
/
1
4
1951 is
Registered
'
S 79
83
78 Apr'24
/
1
4
1951
1st gold 353/1
'
S
80
1951
Oct'20
Registered
Extended 1st gold 3339-1951 AO -i6- 8012 78% May'24
763 Sept'23 _ _ _ _
4
1951 AO 7812 80
Registered
70
60 May'24
1951 MS 60
let gold 3s sterling
MS
8514
4
Collateral trust gold 49.-1952 AO 8514 Sale 85
93 Sept'19
/
1
4
1952
_Registered
1955 MN 8614 Sale 8614
863
4
5
let refunding 48
•No roue Friday:latest bld and asked this Week.
Due Jan
Range
Since
Jan. 1.
BONDS.
N.Y STOCK EXCHANGE
.
Week ending May 9.
vt
Price
Friday
May 9.
Week's
Range or
Last Sale
El
CC1,
4
Rang.
Since
Jan. 1.
Low
High Illinois Central (Concluded)Bid
Ask Low
High No. Low
His)
8938 92
Purchased lines 33.4s
19525 J 7612 73
77 May'24
7512 781z
97 100
Collateral trust gold 48._ _1953 M N 82
13
82
8214 81%
7975 82%
1144 118
/
1
Registered
1953 MN 8053 8112
1
78
8
80l8
801a
105 105
Refunding 5s
1955 M N 101 10114 10114
1013
4 11
99 102
/
1
4
711 753
4
15
-year secured 534s
1934 J J 1011 Sale 1013
/
4
4 10212 39 10012 10212
10112 1035
4
15
-year secured 6Ms g _ __ _1936 S J 1105 Sale 11058 1105
8
3 10812 1105a
8
94
9618
Cairo Bridge gold 4s
1950 3 0 847 88
8
85
Jan'24
85
85
Litchfield Div let gold 39_1951 J J 7978 71
70 Apr'24
691 70%
/
4
88% 8812
Louisv Div & Term g 3Ms 1953 5 J 764 Sale 761
/
1
2
/
4
761
/
4
74
/ 77
1
4
Omaha Div 1st gold 3s_ .1951 F A 69/4
89
897
7014 Apr'24
683 7014
4
St Louis Div &'Ferm g 3s-1951 5 J 683
4
84 Feb'24
7012 74
ifGold 3548
1951
.1 7658 81
7518 Apr'24
7518 7712
98
/ 998
1
4
Springfield Div 1st g 33.4s_1951 i J 7712
_ 7558 Jan'24
755 7552
8
Western Lines 1st g 48
1951 15 A 8414 8
5
514 8414
4
833 844
8414
-1-78E8 11 2
1951 F A 83
Registered
85
92 Mar'16
92
/ 95 Ind B dc W let pref 4s
1
4
1940 A 0 905a _ _ _ _ 96 Mar'16
98
997 Ind Ill & Iowa 1st g 49
e
1950 J J 833 ---- 833 Apr'24
4
4
-554 - .4
14510012 1037 Ind Union Sty 58 A
1965 J J 9534 973 96 Apr'24
s
8
_
96
971t
1013 104, Int & Great Nor adjust 68_ _1952 J J 4534 Sale 453
8
9
4
4018 56
4614 100
8618 8814
1st mortgage 69 certiticates1952 J J 951 Sale 9518
9512 81
90
/ 96
1
4
77
80 Iowa Central 1st gold 53
1938 J D 65
68 66
2
641 70
/
4
66
1951 M S 1618 18
7812 81
Refunding gold 45
6
1612
1612
1612 26
8512 8612
James Frank dr Clear 1st 45-1959 J D 8312 8412 841.1 Apr'24
/ 84%
1
4
83
-tia-
_-_-
____
--1;
1554 106
10018
97%
Ka A & G R 1st gu g 5s_ _ -1938 J J
4
843 845 Kan &
2
1990A 0
1st gu g 4s
95
95
_ _1927 J .1
-year 58
2d 20
KG Ft S& M cons g fis- _ _1928 M N
VA; - 3 K C Ft S & M Ry ref g 48-1936 A 0
91 4
---- Ke&MF&S 1st gu 59_1929 A 0
--_Kansas City Sou let gold 38-1950 A 0
Apr 1950 J J
Ref & impt 5s
9012 94 Kansas City Term 1st 4s_ _ _1960
J
4
1023 1043 Kentucky Central gold 4s_-1987 J .1
8
9513 9812 Keok ez Des Moines let 5s_ _1923 A 0
80
8218 Knoxv & Ohio let g 65
1925 J J
923 961s
4
8012 863 Lake Erie & West 1st g bs_ _1937 j 5
4
8118 8212
1941 J _I
2d gold 5s
8218 8312 Lake Shore gold 355s
1997 J D
1997 J D
813 8412
4
Registered
101 10212
1928 M S
Debenture gold 43
1931 M N
25-year gold 4s
9212 9212
Registered
1931 M N
835g 874 Leh Val NY 1st gu g 4548_1940 J J
9258 95
Registered
10405 J
9712 10114 Lehigh Val (Pa) cons g 43_2003 M N
IN% 10878
2003 M N
General cons 4448
_ivizt. -7
63; Leh V Term Ry let gu g 5s..-1941 A 0
Registered
1941 A 0
7212 75 Leh Val RR 10-yr coil 6s_ _n1928 M S
7912 86 Leh & N y 1st guar gold 48_1945 M S
341 413 Lox & East 1st 50-yr 5s gu J965 A 0
/
4
4
4
LonleDolatn1 .801 g 64
Llttg M ck e0 5
1962 MN
3414 41
1935 A 0
3414 38 Long Isld let con gold 58_111931 Q .1
/
1
4
33
3714
let comic.' gold 4s
h1931 Q J
General gold 48
1938 J D
44: 48'
3 °3 347.
21
01
i olfied
Gn id 4sgold 44
J
1932 J D
1949 M S
1934 .1 D
Debenture gold 5
5
-66- W - 20-year p m deb 58
1937 M N
60 62
Guar refunding gold 48._ _1949 M 5
87
/ 9012
1
4
Nor Sh B 1st con g gu 59_511932 Q 5
9938 10012 Louisiana & Ark 1st g 58_1927 M 5
997 Lou & Jeff Bdge Co gu g 49_1945 M S
98
Louisville & Nashville 5s
1937 M N
83'4
76
Unified gold 48
1940 5 .1
Registered
1940 j ..i
8412 85
Collateral trust gold 5s... -1931 MM
93
96
10-year secured 75
1930 M N
8003 A 0
983 9913
4
let refunding 53.48
977 995
8
8
5s B (when issued)
2003 A 0
974 10012
1030.1 J
N 0& M 1st gold 65
8
1045 1064
2d gold 6s
1930 .1 J
613 67%
4
Paducah & Mem Div 45.1946 F A
61
61
St 1,9019 Div 2d gold 35-1980 M S
5312 5712
L&N&M &M lstg 4%91945 M S
53
53
L & N South joint M 4s.-1952 J J
8812 9212
Registered
/11952 Q J
54-4 6114 Louisv Gin & Lox gold 430_1931 m N
5412 61
893 66% Mahon Coal RR let 55
4
1934 J J
8912 96% Manila RR(Southern Lines) 1939 10 N
83% 8314 Manitoba Colonization 58---1934 J D
83 Man GB &NW 1st 3Ms
1941 J J
83
Mex Internat'l 1st cons g 49-1977 M S
---- Michigan Central 5s
1931 M S
____
Registered
1931 Q M
48
1940 J J
Registered
-654 15
1940 J J
873 89
8
J L & B lat gold 3Ms
1951 M s
70
65
let gold 3445
1952 MN
8238 84
-year debenture 48
20
1929 A 0
1003 105
4
Mid of N J let ext 53
1940 A 0
8418 88
Mllw L S & West imp g 581929 F A
108% 10812
Ashland Div 1st ads
1925 M S
95% 99
Mich Div 1st gold 68
1924 J J
9612 9654 Milw &Nor 1st ext 4Ms
1934 J D
8918 93
Cons extended 43-4s
1934 J D
96
89
Mil Spar & N W lst gu 48_1947 M S
84% 86
Mil w & S L 1st gu 3Ms_
1941 J J
93% 95
/ Minn & St Louis 1st 75
1
4
1927 J D
603 62
4
let consul gold 55
1934 M N
9812 100
1st & refunding gold 4s_ 1949 m S
98
/
1
4
98
Ref & ext 50-yr 55 Ser A.-1962 Q F
90
/ 9112 MStP&SSMcong4sintgu'38 .1 .1
1
4
/
1
4
/
1
4
110 113
let cons 58
1938 J J
192% 104%
-year coil trust 6Ma___ _1931 M S
10
88 A
1946 J J
4
106- 11811st Chicago Terms f 48-1941 M N
85
/ 8914 MSSM &A lstg 4sintgu_1926 J
1
4
84 Mississippi Central 1st 5s__1949 J J
83
96% 99 9 M K Okla let guar 5s_ _1942 M N
,
595 64
4
Mo Kan Az Tex-1st gold 48_1990 .1 D
/
7
1012 Mo-K-T RR-Pr 1 58 Ser A_1962 J J
40-year 43 Series B
1962 J S
86
81
-year 68 Series C
19
1932 .1 J
7312 79
Cum adjust bs Ser A Jan_1967 A 0
837 8714 Missouri Pacific (reorg Co)
8
84
83
1st & refunding Is Ser A_ _1965 F A
97
99
let & refunding 58 Ser 0 1926 F A
90% 9212
lst ez refunding 6s Ser D_ _1949 F A
95
/ 98
1
4
General 45
1975 M
Missouri Pacific
91 4
-8414 - 1
3d 78 extended at 4%
1938 M N
80
/ 8
1 412 Mob & Bir prior lien g 58_ _ _1945 5 j
4
5814 6314
Mortgage gold 49
1945 J J
92 Mobile & Ohio new gold 8s_1927 J D
88
1st extended gold 68____h1927 Q 5
80
78
General gold 45
1938 M 5
Montgomery Div
A
7 4 - -8
75 187
- St Louis Div 58 1st g 59_1947 F D
19275
Mob & Ohio coil tr g 4s_ _ _1938 M S
1991 MS
60
Mob & Mal 1st gu g 48
8512 Mont C 1st gu g 68
83
1937 J .1
Registered
1937 J J
1
17 4
let guar gold 59
1937 J J
-- 66
96
7911 7978 7812 May'24
987 Sale 9878
8
987
8
1023 103 102
4
1021 1
7818 Sale 7712
784
9312 953 9410 Apr'24
4
6858 Sale 6812
6914
90 Sale 895
8
90
83 Sale 8212
8314
823 83
4
84 Apr'24
6114 67
615 Apr'24
8
10012 ---- 10014 Apr'24
073 sale
8
8
913 Sale
7812 79
745 77
8
9614 Sale
934 9418
9318 _ _ _ _
2414 --913
4
78
79
87
/ 8812
1
4
100 1017
97
973
8
9012
913
8
78
79
75 Feb'24
96
9612
9414
9334
913 Dec'23
4
0334
933
4
9312 Apr'24
78
7814
88
8814
10014 Apr'24
9912 Jan'21
1
1.65- gg- 10258 103
82 2
0 83
83
10012 10112 995
8 101
8012 - - -- 8138 Mar'23
1068 ___ _ 1063
4 1063
4
99
... 100
100
9212 13% 90 Dec'23
Apr'24
86
SO's
8318 Jan'24
3163 87
1s
i
7918 - i- 797 Apr'24
8
9412 92 Mar'24
93
863 87
4
863 May'24
4
Apr'24
7912 81
81
955 -8
9512
96
96
9714 9534 May'24
-8212 833 8212
4
8212
102
_ _ _ _ 102
102
91
9112 91
91
8718 __ __ 9014 May'23
98
967 Apr'24
8
107 ga e- 107
-l1074
1055 106 1057
8
8 1064
101 Sale 1005
8 10114
8
10312 -- -- 10312 1035
1033
4
103 Apr'24
4
863
4
863 Sale 863
4 .
60
605 Apr'24
8
61
95
_
95
Jan'24
80 -81
/
1
4
-- 81
81
Jan'24
77
72%
97 May'24
961 97
/
4
2
13
66
38
50
40
5
19
1
69
53
2
7
26
45
1
6
2
2
4
2
4
16
2
8114 73
47
99
9612 173
575 334
8
84
84 Sale 8312
93
9314 Apr'24
7414
75
7414
74
103
103 104 103
/
1
4
10114 May'24
101
7712
78
7712
77
9612 95 Apr'24
95
9818 May'24
98
783
4
78
_
82
82 May'24
4
10918 1103 10914 Apr'24
108 100% 13614 May'06
100 10114 10012 Apr'24
0 Due Feb. eDue June. 5 Due July. s Due Sept, 0 Due Oct. I Option sale.
10638 1- 64
6
9718 100
87
831g 83
/
1
4
79
8014
914 92
/
1
84
87
81
79
9414 96
9512 98514
79
/ 8312
1
4
1004 102
/
1
/
1
4
89
914
/
1
-664
10
4
28
4
9834 Feb'24
2
60
60
5
97
/
1
4
975
8
82 Feb'24
37 Mar'13
994 Apr'24
88 Apr'24
8912 Apr'24
78 Mar'24
77% Apr'24
8014 8014
8014
80 9512 14
95 2 Sale 95
,
8618 867 87 Apr'24
2
100
2
100
_- 100
10012
100 Dec'23
5
10012 10012
9112 Apr'24
85i2
4
8912 911 8912
/
4
893
.1
8612 10
8618 Sale 8512
80
83
82 Mar'24 10118 10212 102 Apr'24
_
62
6412 27
/ 63% 6312
1
4
1714 18 2 1714
173 129
4
,
1512 Sale 1512
1512 34
8137 Sale 8612
8
8712 22
9812 9912 985
9912 11
8
10254 Sale 10212 1023
4 32
1013
10012 10134 1013
4 10
4
913 94
4
65-- 68 -16
98,
4
8814 May'24
8814 90
911 May'23
/
4
---/
1
4
7812 211
78 2 Sale 77
,
8
83 4 111
,
8314 Sale 825
68% 44
68% Sale 6712
9912 Sale 9938
9934 68
537
54
537 Sale 53
795
8
9814
945
4
565
8
/
1
4
93 8 97
5
92
87
754 80
/
1
75
75
94
/ 9634
1
4
924 94%
/
1
91% 913
4
92
/ 9414
1
4
9112 9118
763 79
3
853 89
4
10014 103
9912 991z
101 103
824 83
/
1
/
4
99 1011
-844
100
5818 -E612
97 Sale
/
1
4
8112 83
__
99
983
4
89% 00
8112 Sale
9912
98
9812 Sale
5712 Sale
8,
77
/ 797
1
4
95
98
/
1
4
10012 103
7312 78
/
1
4
9412 97
87
70
86
90
/
1
4
8114 83
/
1
4
82
84
81% 83%
10014 100
/
1
4
10
4
1
2
99
10614 1081a
104 4 107
3
9712 102
103 104
/
1
4
103 1031z
8512 875
9.
60
615
4
94
9554.
79
811s
77
77
96
97
985
4
55
961s
82
995
4
60
9734.
825
s
98 100
8898
865 8018
4
77% 85
93% 9311
783 8012
4
9214 9512
99's 100
1664 1661- 2
,
.
/
1
4
885 92
8
8712 89
/
1
4
/ 861a
1
4
83
82
82
100 102
6312 681s
17
231s
1512 20
8612 884
9754 103
10112 103114
100 1021s
9112 911s
905 98%
4
88
8814
757
k
78
/
1
4
65
945
s
515
4
781,
8312
687
s
995
4
5674
7518
9414
875
s
51
82
/
1
4
99
964
581s
80
/ 94
1
4
92
/ 9314
1
4
68
741
/
4
10214 103
100 10112
/
1
4
7712
74
92
9514
051 984
4
/
1
76
783
4
82
82
1084 10914
/
1
-664 101
New York Bond Record-Continued-Page 3
BONDS.
N.Y.STOCK EXCHANGE
Week ending May 9.
i3
4k,
Price
Friday
May 9.
Week's
Range or
Last Sale.
Range
Since
Jas. 1.
BONDS,
N.Y.STOCK EXCHANGE
Week ending May 9.
t•
t3
2289
Price
Friday
May 9.
Week's
Range or
Lad Sale.
Range
Since
Jan.!.
Bid
Ask Low
High No, Lore
High
Ask Low
Bid
High No, LOT High
M & E 1st Hu 3318
2000 3 D 7712 Sale 7712
7612 7712 Peoria & East 1st cons 40_1940
2
7712
A 0 2 18 Sale 233.:
8
4
71
8
7
3 14 20
7
0
4
13 67 74 4
Nashv Chatt & St L 1st 5&,_1928 A 0 10018 10012 10018 May'24
3
99% 101
Income 48
1990 Apr.
2911
N Fla & El 1st gu g ba
21
3212
1937 F A 988 ____ 99 Apr'24
99 99 Pere Marquette 1st Ser A 58 1956 J J 9538 Sale
3
805 219
9514
s
7214
9438
914 953
/
1
Nat Ry of Mex pr lien 4Hs-1957 J J --------30 Sept'23
8
1st Series B 48
1956 J J 79% 8212
7618 8014
July coupon on
2314 Apr 24
-i5is If Phila Balt & W let g 48
'
1943 MN 9018 9114 90 May'24
_
89 9934
/
1
4
do off
26 Nov 23
Philippine Ry 1st 30-yr s f 4131937 J J 3738 38 38
38
37 437a
General 48 (Oct on)
1977 A 0
2618 July'23
PCC&StLgu4MA
1940 A 0 93% 94% 93%
93 8
7
April coupon on
9338 9518
20 21 July'23
18
Series B 4148 guar
1942 A 0 94 943 93% Apr'24
4
93$4 9414
do
off
24 Dec'23
Series C 454s guar
1942 MN 9312
9314 Jan'24
Nat RR Mex prior lien 4A s-1926 1 J ____ ____ 3814 June'23
88 9414
Series D 48 guar
1945 MN 8818 93 8812 Apr'24
July coupon on
87 88
12
37 4114 Apr'24
36 lifg
Series F. 3IS() guar gold_1949 F A
24
u:: A 24
n A:
8612 87
do
/
1
4
off
3512 34 Oct'23
Series F guar 45 gold
1953 J D 8812 93 8712 Mar'24
8712 8712
8 89
1st consol 45 (Oct on)____1951 A 0 --------28 Apr'23
Series 045 guar
1957 M N 8818 88%
April coupon on
8814 88
14
19
36 Jan'24
-3636 Series Icons guar 4lis
1963 F A 90 4
9112 Apr'24 25
996
8
3
do
off
1714
1814 Apr'24
10 22
Series J 43•is
1984 M N 911
- 9112 Apr'24
Naugatuck RR 1st 48
90 9112
/
1
4
1954 M N 6912
664 May'23
/
1
General 58 Series A
1970 J D 6814 Safe 97%
98' 98 4
2
9814
New England cons ba
4
1945 J J 873
4
70 Aug'23
Pitts & L Erie 2d g ba
a1928 A 0 98 100
Dec'2324
Feb
Consol 48
Co
1945 3 J 753 773 7014 Apr'24
4
4
75 83 Pitts McK & Y 1st gu 6s__--1932 J J
10 34
96
5
NJ June RR guar 1st 4&,_,1986 F A 8018 ____ 80 Dec'23
2d guaranteed 65
1934 3 J
95 June'23
/
1
4
NO & N E lat ref&imp 4%s A'52 J J 85 Sale 8414
85
33 -ills 85 Pitts Sh aL L E 1st g bs
1940 A 0 100
9914 Apr'24
New Orleans Term 1st 4s
983* 993*
1953 J J 79 Sale 78
79
/
1
4
8
781 79%
/
4
1st consol gold 58
1943
7
9811 Feb94 _2_
99
'8 _3 97 98%
92
3
NO Texas & Mexico let 65,1925 J D 10112 Sale 101
10112 36 10034 101% Pitts Y & Ash 1st cons 58_ _1927 J
MN 9912
Non-cum income Is
99 10014
1935 A 0 865 8714 87
8
8712 22
8518 9112 Providence Scour deb 45--1957 M N 3914 Sale 4174 Apr'24
521e
N & C Ildge gen gu 4ISs_ _ 1945 J J 9138 9278 90 Dec'23
414 4114
/
1
Providence Term 1st 45
1956 51
71347134 Dec'23 ---75%
N Y B dr MB let con g 5e1935 A 0 961 --- _ 9512 Apr'24
/
4
95 951
1997 .1
90% Sale
78 -87 4 - -1
NY Cent RR cony deb 8s-1935 M N 1047 Sale 104% 10514 294 103 105% Reading Co gen gold 45
1 91 4
/
1
4
Certificates of deposit
90%
9018
Consol 48 Series A
90%
3 8714 91%
1998 F A 813 Sale 8158
3
817
93 8018 8314
Jersey Central colt g 48---1951 AO 843 8512 8434
8434 6 83 8614
Ref & lmpt 4%s "A",_,_2013 A 0 88 Sale 871
/
1
4
/
4
8512 8918
888
8 61
Gen & ref 4 yis Ser A
8912
1997 33 90
90 238
Ref & Impt 58
8818 90
14
2013 A 0 9818 Sale 973
4
98 8 280
3
95% 98% Reuss & Saratoga 20-yr68-1941 MN 106 Sale
N Y Central & Hudson River
Rich & Dan bs
1927 AO 9812 -- iii.;
Mortgage 33s
19973 .1 77 Sale 7618
77
40 74
77 Rich & Meek 1st g 55
MN 70%
976278
1948
Registered
1997 J J
75 Apr'24
7214 75 Rich Ter Is
1952
8
Debenture gold 48
1934 MN 92 Sale 915e
921
40 89 92 Rio Grande June 1st gu 158-1939 33 97% 1661- 8612 May'24
/
1
4
/
1
4
J O
3
8612
30
-year debenture 45
3
1942 J J 88
/ 8918 8812 Apr'2
1
4
87 8912 Itio Grande Sou 1st gold 413-1940 33 85 8 89
May'24
Lake Shore coil gold 33ls_1998 F A 741 Sale 741
3
14 7
54 5
1
/
1
4
/
4
7078 74 8
743
6
3
3
Guaranteed
1940 33
5114
:314
Registered
1998 F A 7078 75 7112 Apr'2
697 7212 Rio Grande West 1st gold 4s-1939 .1 .1 76 gide' 7814
8
76
27 -firs - -Mich Cent coil gold 3348_1998 F A 7412 75 744 May'24
78
/
1
73 75
Mtge & coil trust 48 A -1949 AO 6634 Sale 6513
.
6634 31
80 66 4
Registered
3
1998 F A 73
7212 Jan'24
72
/ 7214 R I Ark & Louis 1st 450.--1934 MS 7678 Sale 7612
1
4
N Y Chic & St L 1st g 4a
7678 23
74 77%
/
1
4
1937 A 0 8958 90 8938
8928
5 8918 90 s Rut
7
-Canada 1st gu g 4s
1949 J J 70
75 6978 Mar'24 -Registered
70
68
1937 A 0 8812 8912 8878 May'24
8818 88% Rutland 1st eon g 454s
1941 53 80
81 Apr'24 - Debenture 4s
80 8118
/
1
4
1931 M N 9018 9012 904
/
1
904 13 88 903 St Jos & Grand Isl g 40
/
1
4
1947 3J 74
75 May'24
2d (is A B 0
7112 75
1931 MN
Sale 10078 10115 99 10018 102 St Lawr & Adlr let g bs
' 91
1996
3
N Y Connect let gu 4)4s A_ _1953 F A 10128 Sale 88
9114 Apr'24
9114 96
/
1
4
86% 882
4
8818
8818 19
2d gold 68
1996 A0 975 - 4
8 1R13
,N Y & Erie 1st ext g 4s
1947 M N 8418
2 8812 89 St L & Cairo guar g 4s
8818
8812
1931 33 9238
9 12 May'24
91
1
8d ext gold 4345
-85"
1933 M 5 944
96 May'23
/
1
St L Jr M &B gen con g 511-1931 AO 981* Sale 9818
9812 25
4th ext gold Is
96
9812
1930 A 0 97
97
97
1 OF- If
Unified & ref gold 4s
1939 5, 894 Sale 89
/
1
894 43 8312 8914
5th ext gold 45
19283 D 9314 _
9334 Dec'23
Riv & G Div lat g 48
1933 N 8012 Bale 79
80% 121
/
1
4
N Y & Green L gu g be
72 80%
1946 M N 8512 83 56
86
4 842 87 St L M Bridge Ter gu g 5s_ --1930 A0 9918
N Y & Harlem g 334s
9912 Mar'24
99 9912
2000 M
74 Sept'23
St L Fe San Fran(reorg co)48 1950 3, 683 rita- 683*
4
eNY Lack & Western &8.,, ,1923 F N --------9924 June'23
69
99 65% 701s
A
Prior lien Ser B Ss
' 9818 Sale 8212
1950
3 83
8314 29
let & ref 58
8012 85%
1973 M N
Prior lien Ser C(
/
1
4
' 10038 Sale 100
1928
3
1st & ref 4545
1003* 50
98% 102
1973 M N 9514
96 Mar'24
96
9712
5548
' 9214 Sale 92
1942
3
92% 48
NY L E & W 1st 75 ext_ _1930 M S --------103 June'23
8712 9314
Cum adlutit Ser A 68.-61955 AO 723* Sale 72%
73
152
Dock & Imp Is
72 77
/
1
4
97S 98
1943 3 J 977 2
973 Apr'24
4
Income Series A 68
51960 Oct
Sale 6334
N Y & Jersey 1st 58
643
4
1932 F A 9718 9812 973*
9728
2 9612 99 St Louis & San Fran gen 68-1931 33 10643% 166_ 1035* May'24 259 68% 65%
9,58
N Y & Long Br gen g 4a
997 10334
8
1941 M S 875 ____ 91 July'23
8
General gold Is
1931 53
98% Apr'24
N Y N H & Hartford
9712 99
StL& SF RReoing 4s-1996 J
9018
8212 July'23 -- _ _
Non-cony deben 3349.- _ _1954 A 0 451 Sale 45
/
4
3912 4912
4614
7
Southw Div let g 58---1947 A0 96
9 1 : Mar 24
9 1 A r:
9
7
,
Non-cony deben 48
-offs 17/8
1947 M
5014 52 53 Apr'24 _
4412 53 St L Peo & N W 1st gu 153---1948 S i 1003 101
s
Non-cony deben 330
98 -100
1947 51
45
53 43 Apr'24 _ _
38 46 St Louts Sou tat gu g 4s
1931 MS 894 ____ 88% Dec'23
Non-cony deben 48
1955 J J 5014 5118 5012 May'24 _ _
4418 59 St L S W 1st g 4s bond ctfs 1989 MN 783* Sale 77%
7852 67 "iti 79
Non-cony deben 48
1956 M N 5012 Sale 5014
5013 26
4312 5214
2d g 4s income bond etre-M.989• 3 7134 74
7114 Apr'24 -Cony debenture 3%a
691 73
4
19583 J 4512 Sale 45
45% 11
/
1
4
393 4612
4
Consol gold 48
1932 3D 825 Sale 82
8
101
33
Cony debenture 65
7778 8812
1948 J J 69 Sale 6814
/
1
4
7012
59
69's 113
1st terminal & unifying 58-1952 33 8058 Sale 8014
80% 13
4% debentures
78 82
1957 M N 43 Sale 4212
4412 St Paul& K C Sh L 1st 43413-1941 FA 75
36
43
17
751 75
7
758
75 European Loan
73 751
*
1925 A 0 80% 8118 8014
70% 8212 St Paul E Or Trunk 454s 1947 33 89
81
64
__ 90 Mar'24 Franca
90 90
1925 A 0 7914 Sale 79
7914 34() 69 81 St Paul Minn & Man 48---1933 33 9134 951 915 Mar'24 _
Cons Ry non-cony 4a._ _1930 F A
91% 93
let consol g 68
1933 53 107 105 1067
1073
3 105 108
Non-cony 48
1954 J J 491 50
/
4
Os reduced to gold 4358-1933 33 9614 961 961
- 'Ws 49
,
961
/
4
1
Non-cony deben 48
9512 97
1955 .1 J 4918
48 4912
48 Apr'2 _ __
Mont ext 1st gold 48
1937 D 8912 91
8978 Apr'24 99 99
/ /
1
4
1
4
Non-cony deben 4s
1956 J J 4918 16" 49
4912
49
9 4212
Pacific ext guar 48
1940 3'
8212 Apr'24
N Y & Northern let g bs___ _1927 A 0
8212 82
/
1
4
8 A & A pass 181 gu g 4s__ --1943
993 100 99 Oct'2
_
4
7612 Sale 7614
767
17
N Y 0& W ref 1st g 4a____01992 M
713s 76%
S 6212 Sale 62
60 861, Santa Fe Free & Phen 58- --1942 MS 98
627
20
.
9912 993* Feb'24 -- 99% 99%
General 48
1955 J D 5818 5978 60 Apr'2
58% 6258 San Fran Terml 1st 46
1950 AO 83 Sale 8278
NY Proy & Boston 48
83
8 80 83
/ /
1
4
1
4
1942 A
73 Aug'2
Say Fla & West 68
1934 AO 107
/ _ _ 10712 Apr'24 -- 107 108
1
4
N Y & Pu 1st cons gu g 48_ _1998 A 0 85
/
1
4
0 82 83 81 Apr'2
81 81
58
1934 AO 10014 10112 10018 Mar'24
- N Y&RB latgoldba
10018 100
/
1
4
8912 97% Scioto V & N E 1st gu g 48_1999 MN 86
1927 MS 973 9978 973
8
932 861g May'24 4
973
N Y Sum & W 1st ref 5s
8478 86 4
4
1937 .1 J 58 59 59
69
1 5212 6134 Seaboard Air Line g 48
1950 AO 8514 68 6412 Apr'24
2d gold 4848
61 66
43 50
1937 F A 4718 50 4718 Apr'2
Gold 45stamped
1950 AO 66% Sale 65
/
1
4
667
8 57
General geld ba
5812 66%
1940 F A 50 Sale 4958
4014 523
10
4
Adjustment 58
50
01949 FA 564 Sale 5518
/
1
587 299
8
Terminal let gold Is
4878 59
/
1
4
8812
8818 Apr'24
1943 M
Refunding 48
1959 A0 52 Sale 524
/
1
4
5334 140
/
1
N Y W'chos& 11 1st Ser 1430-'46 J N 47 Sale 47
4758 54
14
140
48
J
let & cons /Series A.......1945 MS 9 7
(
1
4
978842
78 18
9
284
Norfolk Sou let & ref A 58..1961 F A 6614 Sale 66
67% 8012
386914 48712
6634 49 6112 68818 Seaboard & Roan 1st 5s
1926 S i
Apr'24
Norfolk & Sou 1st gold ba._ _1941 111 N 9212 927 924
9734 9914
89 93 Sher Sh & So 1st gu g 513----1943 S D 9878
93
2
/
1
s
987 ____ 3612 June'23
s
Norf & West gen gold 68_ --.1931 M N 10614 1063 10614 10614
1 105% 10644 8& N Ala cons gu g 5s
4
1936• A 102
8003
14
Improvement & extg
106 107
1934 F A 10612
107 Apr'24
Gen cons guar 50-yr 58-1963 A0
10178 M44;
98 A 8 23
24
New River 1st geld
"ii 102
107
1 106 107 So Pac Col 4s(Cent Pac 801)31945
1932 A 0 107
107
82%
82% 23 81% 86
N & W Ry lat cons g 4a_..1996 A 0 8712 Sale 8712
86 8812
87% 27
20
-year cony 48
01929 MS 95 Sale 94
9518 205
Registered
9212 95
1a
Apr'24
8614 864
1996 A 0 868 86% 8614
20
-year cony 55
8
1934 3D 9838 Sale 983*
9838
2 97 99%
DWI lat lien & gen g 48_1944 J J 873* 88 8712
/
1
4
873
6 8814 88 So Pee of Cal
4
-Gus58
1927 MN 10114 103 101 Feb'21
10-25 year cony 4 WI_ _ _1938 M S
101 10112
82 Dec'23
Per Coast 1st gu 45 g.-1937 J J 8938 ____ 1011 Apr'24
SO
/
4
10-year cony 85
91 8 96
1
/
4
173112 So Pee RR 1st ref 4s
1231 70
.1929 M S ii5" Sale 122
1955
875
Pocah C & C joint 4a...1941 3 D 87
8 87 85 8712
7618 8914 Southern-lat cons g 58-1994• J 87 Sale 8654
88 88% Apr'24
3, 994 Sale 99
/
1
North Ohio lst guar g be_ _1945 A 0 84
991
90
8412 Apr'24
95
/ 99%
1
4
8412 85
861
Develop & gen 48 Sec A--1950 A0 72 Sale 718
/
1
4
Nor Pacific) prior lien 45_ _ _1997
226
723
5
82
6911 73
101
80 83
/ 68 (w 1)
1
4
12
Q 3 82 Sale 81%
1956 AO 10018 Sale 9918 100
366
Registered
9612 100
78% 824
80 Apr'24
1997 Q 3
6)4a
1956 AO 10438 Sale 10412 1043 126 1011 105
General lien gold 38
4
55
a2047 Q F 5814 Sale 57%
56% 597
59
s
Mem Div 1st g 454s-511
1996 33 96
98 93% Feb'24
Registered
5618 Dec'23
93% 9614
a2047 Q F
St Louis Div
1951 53 8112 83 8112 May'24
Ref & kept 434018er A
798 83" So Car & Ga 1st1st g 48
7934 82
82%
3
/
1
4
_2047 J J 82 823 82%
ext 5Iis---1929
lis ger B
97% 10118
20473 J 1041 Sale 10312 11414 86 10124 104% Spokane Internet 1st g 58-1955 MN
/
4
33 1815 , 18614 Apr'24
4 6_ 9934
5a 0
1
9
83 8614
92
/
1
4
90% 93 Sunbury & Lew 48
5
2047J J 9214 927 921s
8
ba D
91 ma t 1
9
5 Ocy:2
9514
386
92% 15
20473 J 924 923 9214
8934 9312 Superior Short L 1st 58 g_ _ 1936 S i 86843
_51930 M
St Paul-Duluth Div g 48_1996 J D
89 Feb'24
Term Assn of St L lat g 450-1939 A0 93
St Paul & Duluth 1st 58_1931 Q F 998
__ 94 May'24- 925s 95
9914 Mar'24
1st cons gold 55
1944 FA 98 100 98 Apr'2 -- _ 1st consol gold 4s
/
1
4
/
1
97 99
/
1
4
84 844 Jan'24
1968 J D 81
Gen refund a f g 48
1953 33 81
Nor Pee Term Co 1st g 68._.1933 J J 109% 1093 10934 Feb'24
8114 8112
817
2 7834 82
109 * 10084 Tex & N 0con gold 58
3
No of Cal guar g 56
1943 33 92 ___ 9024 May'23---1004 Apr'24
/
1
9912 10012 Texas & Per 1st gold 58
1938A 0 10014
North Wisconsin 1st (la
955
2000 3D 9678 Sale 9558
967
61 "iti
100 June'23
97% 97%
1930 J J 102
2d gold income Is
Og & L Cham 1st gu 4s L...1948 J J 69
42000 Ma
70
__ 58 Aug'2 ---/ 703 70 Apr'24
1
4
69
73
La Dly B L 1st g 58
1931
Ohio Conn Ry 48
9212 9312 922*
8912 Apr'24
112
11943 M S
93
8912 89% Tol & Ohio Cent 1st gu 5s.17
.1935ii 9814
Ohio River RR 1st g bs
__ 9838
983
8
5 97 9812
19363 D 9814 .- 9714 Feb'24
9714 97
14
Western Div 1st g Is
1935 A0 9513 67% 9612
General gold bs
9612
9472 9612
2
1937 A 0 9534
95114 97%
4
- 953 Apr'24
General gold Is
1935 S D 944 95 93 Apr'24 Ore & Cal 1st guar g fis
/
1
914 93
/
1
4
/ /
1
1
4
19213 J 100 Sale 993
4 100% 47
991 1004 Toledo Peoria & West 4s../
4
/
1
53
Ore RR & Nav con g 48_ _ _1946 J D 863 8714 8634
2414 304 Apr'24 -/
1
3014 3014
.
887
e
4
3 85% 88 Tol St L Few pr lien g 3348-1917 53 22
Ore Short Line-lat cons g 58.'46 J J 1025 10314 10212 Apr'24 •9814 Sale 9814
1225
884.
9814 28
8
101 103
50-year gold 48
1950 AO 795 Sale 78%
Guar cons 5s
3
79 4 65
76. 79
/
1
4
10278 Sale 102% 1027
1946 J
8
9 101% 103 T01WV&Ogu454sA
1931 3' 9514
Guar refund 45
_
9514 95
- 9514 Apr'24
/
1
4
95
1929 J D 95 Sale 9438
65
92
/ 95
1
4
Series B 4SO
1933 33 9514 - 8 9518 Feb'24
Oregon-Wash 1st & ref 4s,1961 J
9578114 Sale 803
4
95 95
1s
81% 101
/
1
4
79% 813
Series C 48
4
1942 M
875
Pacific Coast Co 1st g bs __ -.1946 J D 79 Sale 79
/
1
79
1
7512 8012 Tor Ham & Buff 1st g 4s__...31946 3D 81 8 ___ 864 Mar'23
Pao RR of Moist ext g 46_ 1938 F A 8712 Sale 8738
4 2_
871
92 Feb'24 -_2 -652 82
8
5
3 867 8712 Ulster & Del let cons g
8
58---1928 3D 9758 Sale
2d extended gold 59
1938 3 J 963
95 96
4
-- 97 Feb'24
961 98
/
4
1st refunding g 48
1952 A0 623* 6412 63
Paducah 4111', let a t 45-A955 J
8378 2
91% _- 9134
91%
2
911 01% Union Pacific 1st g 4s
/
4
1947 S i 90% Sale 9014
4 56 -884 11118
F A 745 Sale 7412
903
8
751 141
7512
65
20-year cony 4s
19275, 8714 Sale 54
9
3
,40111215 147 75
971 91
78 9678
/
4
1942 IS S 95
95
95% 95
3 95
95% 97
/
1
4
9612
1st& refunding 45
02008 M
elenneylyanla RR, consg 48 1943 MN
8112 Jan'24
8414
8 81% 85
89 89
/ /
1
4
1st & ref temp bs
1
4
02008 MS 102 Sale 10112 10214 41 100 103
Consol gold is
1948 M N 804 90 8918
8938
/
1
2 87 90
10
-year perm secured 68- _1928 S i 10312 Sale 103
48 stamped
10338 23 10234 104
-- 83 8 Apr'24
May 1 1948 MN
7
87 8912
/
1
4
NJ RR & Can gen 48..- _ _1944 M
Consol 454
8914 ____ 8978 Feb'24
1960 F A 963 Sale 9014
8
8834 89
4
963
.
7
941 9634 Utah & Nor gold Ss
/
4
1926 53 997 ____ 9912 Apr'24
General 454s19653 D 9178 Sale 91%
92
98 8 991
87
5
s
904 92%
/
1
let extended ia
1933 .1 .1
General 58
1988 J D 10012 100% 10018 100% 30
99 110 Vandalia cons g 41) Ser A__ _195b FA 913* _.__ 104 Dec'23
• 10
-year secured 7s
/
1
844 --- 85 Jan'24
1930 A 0 10858 Sale 1081. 1037
85 88
62 1063 1087
4
Consol 4a &cries B
8
15
1957 MN 84_14 :7_ 87 Mar'24
-year secured 6I48
1936 F A 10912 Sale 10912 1097
85 87
76 107% 11014 Vern Crus & Plat gu 4Ha__ -1934 33 .
Pennsylvania Cu
36 June'23
July coupon on
Guar 3Sig coil trust reg A.1937 M S 8434 804 8412 Dec'23
2896381144
40
2528 26's
/
1
VerdiVI&Wlstgba
1926 MS 9812
Guar 3Sit) coll trust Ser 8_1941 A A 82 84 8218 Dec'23
Virginia Mid Series E be_ _ _ _1926 IS S 991 991_ 99
Guar 34a trust etre C
/ _ _ 981 Apr'24
4
-in- 19
:
1942 J D 8112 85 8158 Apr'24
1r
General 55
Guar 3Hs trust ctfs D_ _1944 J D 811
1936
May'24
_
98 9812
/
4
8
- 813 Apr'24
"8114 144 Va & Southw'n 1st gu 58_2003 MN 9718
Guar 15
J J 9234 -25-year gold 48_1931 A 0 9234 Sale 92%
941 92 May'24
/
1
4
92 9358
93
42
90% 93
1st cons 50-year 58
Guar 48 Fier E
AO 8412 Sale
1958
2 761 85
1952 M N 8414 8818 8414 Apr'24
4
93% 8512 Virginian 1st Is Series A__ _1962
M N 9514 Sale 94%
92 9513
951^ 202
/
1
4
•No Price Friday;lateat bla and 88/453. 0 Due Jan. 4 Dtle Mardi. it
Due April. sDue ?day. 0 Due June. IDueJuiy X Due Aug. o
Due Oct. 2, Due Dec. option sale
4
va-1-
-or
--
New York Bond Record—Continued—Page 4
2290
BONDS.
N. Y. STOCK EXCHANEIE
Week ending May 9.
41
11,
o
r,
,.tcr.
Price
Friday
May 9.
Week's
Range or
Last Sale.
"1 •
Range
Since
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE
Week ending May 9.
•-•
Price
Friday
May 0.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
High
Rid
Ask Low
Bid
High No. Low
Aak Low
9
14igh No.
Wabash 1st gold 55
9812 9132 Det United 1st cons g 4158.._1932 J J 88 Sale 88
1039 MN 100 Sale 99
45
100
9
8
2d gold 5e
8718 917 Distill Sec Corp cony 1st g 58 1927 A 0 -------- 467 Mar'24
1939 F A 9214 Sale 9112
9214 26
3
Trust certificates of deposit_._
4
8
lot lien 50-yr g term 4s
713
8
723
68
8
1954 .7 J 975 _7_4_1_ 723 Feb'24 ____
4
14
40 Sale 38
40
Dot & Ch ext lot g 5a
9814 Dominion Iron di Steel 5s__ _1939 j"-i
97
9814 Apr'24 ____
1941
11
Des Moines Div let g 451_1939 .1 J 75
Donner Steel 7s •
78
1942 3 3 g12 Plato g1
79
78
75
1
12
75
1
: 0, 2 22
112
A s 7712
2
Om Div let g 3)-s
4
4
873 713 du Pont (E 1) Powder 0.68_1936 J D
1941 M O 7014 _7_1_1_ 7112 May'24 ____
Feb'24
91
Tol & Ch Div g 48
4
773 79 duPont de Nemours dr Co 734s'31 M N 1073 Sale 10758
1941
Apr'24 ____
79
4
1077
8 97
__
Duquesne Lt 1st & coil 68_ ..1949 J 1 10414 Sale 10414
Warren 1st ref gu g 33.s
1043: 42
2000 F A ____ ____ 7418 May'23
_
--781Wash Cent lot gold 48
80 —4 -7818 - 8 East Cuba Sug 15-yr of g 71,8'37 M 6 1053 Sale 1015
8 10512 51
1948 Q M 8012 ____ 79
8
3
9918 993 Ed El III Ilkn 1st con g 48_ _1939 J J 8914 90
1924 F A
W 0& W 1st cy gu 4s
8
90 Apr'24
993 Jan'24
0
6
A 8
7
4
8112
8918 813 Ed Elec Ill 1st cons g 5s___1995 J J 100 Sale 100
1945 F A 8 58,8 ____ 8112
2
Wash Term lot gu 3As
101
1925 J D 97Ie 98 9812 Feb'24
1st 40
8
-year guar 4s
1945
8
8
857 857 Elk Horn Coal cony Os
857 Apr'24 _
4
Empire Gas & Fuel 75,8._ ._13E 14 N g172 Sale4 9058
9114 110
s
W Min W & N W lst gu 5s_ _1930 F A 8418 90
86 Aug'23
ofi
6234 - -4-2- -Eirs- - - Equit Gas Light 58
953 9512 Mar'24
West Maryland 1st g 48_ _ _1952 A 0 6214 Sale 62
Igg
8
975 99 Federal Light di Trac 68
12
99
1937 J .1 9812 100
5
9912
West N Y & Pa let g 5s
g
m
% 10114 15
78
7812 7814
1943 A 0 7734 Sale 7734
7
Gen gold 45
95 s
7734
,1
1E2 f 8E3 0812 10012 85
843
7912 8518 Fisk Rubber 1st a f 88
1046 M S 8412 85
3
8514 48
4
Western Pan 1st Set A 5a
91 M S
7
Ft Smith Lt & Tr let g Is...1936 M S 7712 80
9258 09
98
1946 M S 97
15
8
775
9714
8
13 Ss
775
0814
4
9012
1 1
1% ;
8
8912
1
2361 J J 8078 Sale 8012
.8078 37
785 8414 FramerIc Ind & Dev 20-yr 75'51% 11 1:
West Shore lot Is guar
2
Francisco Sugar 73.45
103 7(1734 103
2361 J J 7853 80
7714 81
783
4
5
4
Registered
4
1033
783
A 0 9914 Salo 9914
Jan'24
8
9313 100 Gas & El of Berg Co cons g 55 1949 J D 947 _ __ _ 94
8
3
9914
Wheeling & L E 1st g
Apr'24
98 General Baking lot 25-yr 63_1986 J D 10218 ____ 102
9S
93 Apr'24 ____
99
Wheeling Div 1st gold 58.1928 J .1 98
8012 May'24
Gen Electric deb g ”Ia
94
94 Mar'24 ____
94
18014
1 ,1
2F
12; I: ,2
Eaten & Impt gold 55_ _ _ _1930 F A
1013
Debenture 55
01 Sale 10114
4
4
5312 633
4
Refunding 4)4s Series A 1966 M S 6114 613 61
6112
4 20
15
1949 1\1 S 6512 Sale 85
100
4
6512 10
673 Gen Refr 1st a f g 68 Set A 1952 F A 100 Sale 99
60
RR lot consol 4s
28
1942
Sale 933
95
57 Goodrich Co 6 Ms
4
49
8
555 Apr'24 _
Wilk & East 1st gu g 50
:51 il 11 1.1344
2
.
11614
1938
99 100 Goodyear Tire& Rub 1st s 1 8
100 Mar'24
Will & S F 1st gold 52
1167
8 40
10112
48
102
82
82 May'24
81
10-year of deb g 813
Winston-Salem S B lot 48_ _.1960 J J 82
9124
MS & Peon 68 1,l :
70
7758 212 Granby
'H 1i 89 sijti ,,, E 1/1)ic
2
4
Jk
n l;
12
4 ec:11
I
1l
8
Wis Cent 50-yr lot gen 43__ _1949 J J 797 82
7912
8014 31
Sup & Dul div & term lot 45'36 M N 825a Sale 8212
4 28
823
1'3
Cony debenture Is
INDUSTRIALS
_
Apr'24
8012 80
4
803 Gray & Davis 7$
86
80
5
1
7
Adams Express coll tr g 4s_ _1948 M 8 80
80
!Ng M :4 995 100
11 8
1936 J D 80 Sale SO
3
8
99 4 Apr'24
785 95 Great Falls Power 1st s f as—
Ajax Rubber 8s
1t
8112
1952 J J 793
4
_ 793 Apr'24
4
Alaska Gold M deb 65 A__.1925 M S
512 713 Hackensack Water 4s
1
534
4
53
' 53
5
3
83
8
1926
Cony deb Ss series B
4 712 Havana El Ry L& P gen Is A 1954 M 5 8214 827 8213
53
5
4
53
4
53
io
r4 Sale
1952 F A 92
8
92
1928
9312 92
9512 9514
9
98 Havana Elec consol g 513
94
Am Agile Chem let 58
3
2
953
1
54
(
82 101
1941 F A 8514 Sale 8434
10214
4
Hershey Choc lot a g Ss_ 1942 14 N 10224 Sale 1013
lat ref f 73is g
8512 113
1
7512
7512
9112 9818 Holland-Amer Line 68 014_1047 1S1 N 75
1933 A 0 9214 9212 9214
76
American Chain 65
8 15
923
1
9514
,
91114 Hudson Co Gas lot g 55_ _ _ _1949 M N 9518 _ _. 9514
82
Am Cot 011 debenture 58_1931 M N 89 Sale 8818
8912 38
8
J 975 Sale 9738
8
983 116
1936 J 3 107
____ 10714 May'24 __.._ 10612 10714 Humble Oil & Refining 5345_1932
Am Dock & Impt gu 60
91
8
875 9218 Illinois Bell Telephone 5e__Igr 3 I
11
,A i
1937 A 0 91
9114 91
Amer Republics Ss
3 417 f511 , 928
4 13311: )4
0
51
g: 18 11';
14
9314 Illinois Steel deb 45,0
92
4
Am Sm & It let 30-yr 30 set A1947 A 0 923 Sale 92
9314 83
l936;M N 827 ..._ _ 827
2
8272
8
8
4
1947 A 0 1043 Sale 10338
8
8
68 B
10438 57 1013 1045 Ind Nat G & 0 52
1952 MN 102 Sale 10118
102
19
4
3
9133 1028 Indiana Steel 1st 5,1
Amer Sugar Refining 138_ .._ _1937 J J 9912 Sale 987
9912 204
8
y1935 3 J
96 Nov'23
8
9212 947 Ingersoll-Rand lot 5a
159
Am Telep d; Teleg coil tr 40_1929 J J 95 Sale 943
95
4
4
103
4
103
Interboro Metrop coil 4 Ms_ _1956 A 0 1034 14
91
1936 M S 88
87
____ 9058
Convertible 4s
8
4
903
6278 66
9 104 109 Interboro Rap Tran lot tia_ _1966 .1 .1 0112 Sale 61 12
1933 M S 104 Sale 104
-year cony 4 SIB
10412
20
0111 Sale 61 18
62
130
Stamped
9718 9914
1946 3 D 987 Sale 983
-year coil tr 55
172
8
30
8
99
6418 34
637 62
-year 138
10
4
9714 1003
1943 M N 101 Sale 10038
-year f 510
527
20
101
8612 45
8
853
70
1925 F A 1183 Sale 118
-year convertible 60
8
7
8 19 11214 123
1183
5712 5712
5712 14
8418 88 Int Agile Corp 1st 20-yr 5s_ _1932 M N 55
Am Wat Who & Elec 5s_ __ _1934 A 0 8753 Salo 8738
4 21
873
8578 129
8
488ft Inter Mercan Marine of 6s 1941 A 0 85 Salo 845
2
36
Am Writ Paper s f 7-65
1939 J J 451 Sale 40
4512 15
1947 3 J 841 ., Sale4 8358
8 40
843
1
:
!
8
9512 987 International Paper 50
1953 F A 963 Sale 9512
326
8
Anaconda Copper 6s
8
963
1947 J J 83
841 84 Mar'24 ___ _
9512 10114
1st & ref 59 B
1938 F A 9612 Sale 96
7s
.
961 148
fl
7714
8
8338 87 Jurgens \Yorke 6s Wat price) _1947 J 1 7714 Sale 7714
Armour & 001st real eat 4301939 J D 863 Sale 8558
8
863 182
8 88
023
4
4
92, Kansas City Pow & Lt 5a...._1952 M S 913 Sale 9112
85
Armour & Co of Del 5Sis_ 1943 1 3 86 Sale 85
8 90
883
1952 M 8 957 Sale 957
8 49
963
8
8
a
4
963 987 Kan.ea.8 Gas & Electric 68
8 51
Associated 011 temp 62
985
1935 M S 985 Sale 9812
8
1942 F A 10118 10112 101
10118 13
40 Kayser & Co 78
29
35 Mar'24 ___.
Atlantic Fruit cony deb is A.1934 J D
1931 M Is
9612 Sale 96
9684 26
4
283 40 Kelly-Springfield Tire 8s
Trust certificates of deposit _
2712 Sale 2712
2914 15
80 Feb'24
3911 Keystone Telep Co let Se.,1935
20
35 Apr'24 ____
36
25
do
stamped
3
991g
A 5
I 1 1 X8 111
9918
4
J 3 9818 Sale 08
4
8 963 Kings Co El & P g 50
967
1937
4 64
Atlantic Refg deb 55
983
1997 A 0 1125 ____ 11212 May'24
8
8
Purchase money 60
Baldw Loco Works let 5s 1940 M N 100 Sale 100
10012 ' 5 10018 1015
__ 9778 Sept'23
Convertible debenture 60_1928 M 8
8
9514 1003
262
99
Barnsdall Corps f cony 8% A1931 3 3 99 Sale 9712
2
70
70
6912 72
9712 91#15 Kim County El lot g 48_ _1949 F A
8
4
8 88
987
Bell Telephone of Pa 5s_ .....1948 J J 083 Sale 085
!.
7014 _ _ _6
J
A
89
.
,,
52_1r
Stamped guar 411
,
99 100 4
10018 18
1926 .1 J 10018 Sale 9978
Beth Steel let ext f 59
1
._ _ _
8
8 967 Kings County Lighting
935
94
let & ref 5e guar A
8 12
947
1942 M N 9214. 94
1
1
g
618's
4
913
1034 1 3 100 17 34 4( IZI:
89
8914 42
20-yr p m dc imp a f 5a_1936 J J 8914 Sale 8812
2
10214
8
1936 1 0 1025 103 10214
96 100 Kinney Co 71is
1948 F A 9614 Sale 96
88 A
9612 114
1950 M I- 9114 Sale 907
9112 12
8
92 Lackawanna Steel Sc A
88
8814 Sale 88
8814 49
1953 F A
530
8
9474 16
4
833 Lac Gas Lot St L ref & ext Is 1934 A 0 9418 947 9414
80
79 May'24 ____
Booth Fisheries deb a f 8s
1926 A 0 7612 84
5
19,333 jj J
0,
8,158 _._4 09 Feb14 _ _ _4
9118
09
10312 41 10012 10312 Lehigh C & Nay a f 410 A_ A934 .1 JJ 989
Braden Cop M coil tr 816e_ _1931 F A 10312 Sale 10314
98 Lehigh Valley Coal 5a
93
9514 32
Brier Hill Steel lot 51.0_ _ _1942 A 0 95 Sale 95
.
871 Apr'24
8
66
D'way & 7th Av 1st c g 58_1948 J D 655 Sale 64
1993 NI a
3412 Sale
4
3
12 111 12
2 3 4 Lex2Av & P F let gu g 58
__ 8714 May'24 _ _4_
,
9 14
1941 .1 J 8758
_9
Brooklyn City RR 55
8
11 g15/
2
9712 093 Liggett & Myers Tobac 78..1944 A 0 1162 sale 116118
3
1 2 14
4
Bklyn Edison Inc gen 58 A 1949 3 3 99 4 -9-934
,
37
97
97 Sale 981
1951 F A
.58
J J 10318 Sale 0318
8 23 10212 106
1037
1930
19
General (ia Series B
1944 A 0 1153 11612 11534
7
4
4
1153
3 10512 109 1,orillard Co (P) 78
0714
1930 J J 10634 108
10712
General 78 Series C
5e
s
1941) J D 10834 Sale 0812 1083
4 25 108 1093
General 7s Series D
5
1 9 1 N1 A
N314
:
N13
2
3
4
723 773 Louisville Gas & Electric 58_1952 F N
8
Bklyn Man It Tr Sm(tem)136 1968 J J 76 Sale 753
765 437
4
3
113
66 Magma Cop 10-yr cony g 7s-1932 I 0 112 113 113
64
64 Sale 64
6412 11
Bklyn Qu Co & Sub con gtd 55'41
10038 20
A 0 10014 Sale 10014
Menet'Sugar 7552
80
80
1941 J J1942
80
Jan'24...
let 58
5712 78
s
4
7814 835 Manhat Ry(NY)cons 140.1990 A 0 57 Sale 563
8358 Mar'24 ____
Brooklyn Rapid Trans g 55..1945 A 0
2d 45
__
82
Trust certificates
4
733 Nov 23 ____
9
11
10
--Iti
8
8
7418 Jan'24 ____ -847 647 Manila Electric 75
lot refund cony gold 4s...2002 3 J
5
84
4
9712 105 Manila Elec Ry & Lt of 58 1953 M S 8214 843 84
_
Apr'24 _
4
3-yr 71 secured notes ___1921 J J _ _ _ _ . _ _ 102
9612 1073 Market St Ry lot cone 52.._ _1924 M S
4
8 17
8 1063
---- ____ ____ 1063
Certificates of deposit
1924 A 0
-year 6% notes
5
4
923 102
102
Otte of deposit stamped__ _ _
Apr'24 ____
r
55
117
8
4
8102 843 Marland Oil of 8s with waenta'31 A 0 117 Sale 1163
8112
1050 F -A - - -- - --- 81
5
82
aklyn Un El 1st g 4-58
‘
t
t
8412
14
Sale
Without warrant attached..
81
4 17
813
1950 F A 813 Sale 8112
4
Stamped guar 4-5e
2
1110'188 Apr'24
lin
8
965 99
27
7I40 Series B
99
Bklyn Un Gas let cons g 59_1945 MN 9814 9912 9818
do without warrants
100 10014 10018
4
1003 --II
1932 M N 119 121 117
70
107 114 121
120
:
1st lien & ref 63 Series A 1947 M N 10434 Sale 1043
4 1043
7 10312 1051 Merchants & Mfrs Each 78_ _1942 J D
4
04
9 8
07
1929 M N _ _ 120 11512 120
-8
34
, S
00
1v:213
79 114 12012 Metr Ed lot & ref gee Ser B_1952 F A 1000- ite- 1943 N°97 8 --23
75
1932 J D 963 933 9112 Apr'24 ____
4
903 9112 Melt Power 68
8
4
Susq Irons f 5s
Buff &
3
956 M N
4
833 Mexican I'etroleum of 85_193 j D 102 Sale 102
81
1952 A 0 827
10212 22
8
_ 8112 May'24 __
Butth Terminal 1st 4s
1924 F A
89" 8513
4
__ 99 Apr'24
1955 J J 8178 - 8513
833 8518 Mich State Telep lot 5a_
1
Consol 54;
9412 Midvale Steel &0cony s f 5s 1936 M 5 8814 Sale 88
91
8 87
883
Building 5a guar tax ex_ 1960 A 0 93 Sale 93
9412 10
Certificates of deposit__ _1936 . _
.
98
1937 MN 9714 sale 9714
7
s
9714 983
93 Feb'24 _ __-_ -_
Cal G & E Corp 5s
98
- A -56-4 997 11912 Apr 4
95
Milw Elec Ry dr Lt cons g 55 1926 F ,
9
3)913
'2
.
4 7.5
973
Cal Petroleum 83.40 (w I).,_1933 A 0 9712 Sale 9718
Refunding & exten 4;,s_ _1931 J J 92 Salo 112
4
973
95
1
2
9238 - 2
Camaguey Sug 1st f g Is.. _1942 A 0
General 5a A
95
91
Sale 9314
19
1051 3 0 9414 Sale 94
94
0.243.ada SS Linea lot coll if 78'42 M N 033 Sale
9
15
4
8212 Sale 8212
83
9 34
Canada Gen Rice Co 60_ _ _A942 F A 10412
8
o1au n
12
4
%
123 12 MIlw 5 keo Gas Lt lot 48._19 7 M D 9612 97
6
1921 ji N
2
Z
:
Pare 1 4 1 8 3
9612 5r
9612
Cent Dist Tel lot 30-yr 5a 1943 3 D
1931 F A 90
93 Montana Power lot 55 A _ _ _1943'J J 9614 Sale 9512
00
9118 90 Apr'24 ___ .
8 45
063
Cent Foundry lot 5 f 8s
A 0 9613 Salo 953
9212 9612 Montreal Tram 1st & ref 58.1041 .1 J 8918 89i2 89
1
4
9612 1.53
Cent Leather 20-year g 51 -1925
4
194 MN 1073 Sale 10734
8
1939 J 1 7712 Salo 77112
1073
8 1075 10818 Morris & Co lot of 41Is
4
2
Central Steel 88
8
113 Mortgage Bond 48
1966 A 0
1931 d 3 13612 Sale
6412 Dee'23
Cerro de Pasco coo 85
3
93
9314 gat
1932 A 0 93
12
% ?( 1N13 6
1
)
011 L& Coke lot In g 59-1937 3 3 96 Salo 12
Mu Fuel Gus lot Cu g 5s_ _ _ _1947 N1 N 9814 __ 9314
1927 F A 7634 Sale 75
81
74
2
8
9314
765 124
Chicago Rya 1st 55
Slut Un gtd bonds ext 5%..1041 MN 9418 __ 94 May'24
1932 A 0 10034 Sale 10014
99 101
4 82
1003
Chile Copper 68 Ser A
955s 9812 Nassau Rice guar gold 4s__ _1951 J J 5614 Sale 5614
9
9818
5612 27
Gas & Elec 1st & ref 5s'56 A o 9slo _____ 98
Cincln
A
99 National Acme 712's
96
9812 40
53Is Ser B due Jan 1_....1961 F 0 Mt Sale 9753
8
88
90t2 II
9012 Nat Enam & StamPg lot 581931 1 D 88 4 8 _i_ _ 8 12
2
9 9 3 D 9 3 _a e 95
6
9
8712 39
8
14
9
3
Colo 1 & I Co gen s 5s---1943 F A 9012 Salo 895
A 8 4 Sale 793
01
Nat Starch 20-year deb 58_ _1930 J J
81
75
1
4
97
58 gU-- -1934
8014 33
97
Col Indus let & coil
1927 J J 985 Sale 9814
8
8
9614 953 National Tube 101 58
1
8 50
10114
985
10014 10118 10114
Columbia GI & E let 58
1927 .1 J 985g Sale 9814
4
4
9614 983 Newark Con Gas 55
92 M D
1958 J N 947 ____ 943 Apr'23 _ __ _
8 77
985
8
4
Stamped
1993 M S
New England Tel & Tel 55 1952 J D 985 Sale 98
6
7
7
1712 7 Apr'24 ____
8
0834 :15
Col & 9th Av lot gu g 55
J J 95 ___ 94 Apr'24 ____
8
10212
931s 9514 N Y Air Brake 1st cony 60_ _1928 M N 10212 Sale 1013
4
Columbus Gas let gold 55_1932
N Y Dock 51)-yr lot g 43_ _ _ _1951 F A 76 Sale 76
723
73
70
7238 12
7614 10
Commercial Cable 1st g 1a 2397 Q 3 , 8 Sale 7138
117 Sale
9214 NY Edison lot & ref 610 A.1941 A 0
87
127
Commonwealth Power 6s.._ -1947 MN
—8
91%
1937 J J 10214 Sale 102
21
4
2 0
4
1118)
J
i A =
14 100 1033 N Y Gas El Lt & Pow g 56_1948 JF D 1 8 7;j18 IN% 1 14 :1
109221144
Comp Azu Bata nig
Purchase money g 4s
98 10114
100
28
Computing-Tab-Rec f 6s_ _1941 J 3 100 10014 100
17
_ _ N Y Munic Ry 1st s f 5s A 1 946
85
4 - -69
__
_
0
8 18 _a e 8 1 8
8412 8 _i_ _ 84;2 Ape24
Conn Ry & L 1st & ref g 43is 1901 1 J 833 Sale- 7714 Sept'23
84
84
84 - -- 1 -82- - -12 N Y Q El L & P lot g 5a
1930 F A 9918 997 :918 Apr'24 _ _.
01
8 9
_ 19P J J 84
Stamped guar 4555
:1
J D
9012 N Y Rys let R E & ref 15_ _ _1942 1 J
8
86
88
:35
Cons Coal of Md lot & ref os 1900 J J 875 Sale 871s
8
357
4
3614 38
36
94
9412 28
0412
y l ar a i in deLaoalt
95
38;4
gip . 2 rteficatT of e
g 5S-1936
Con G Co of 011182 gu
212 134
8
15
1
1952 '31 N f193 Sale
: . 8
:3
234
, S
37 0
4_19_4_2_ A__ 0_
Consumers Power
M N 99
Certificates of deposit _
_4
8
Prod Refs s g 5s.-1931 M N 99 100 12 Feb'24 _6_
Corn
993 993
4
1
1934
27
584 13118
8
583 5712
4
118 99%
998
1 124 10034 N Y State RY8 lot cons 410 1062 M 4
14 56
lot 25-year a f 55
7
s
897
783 75
4
1943 F A 75
7613 12
Crown Cork dc Seal 68
11
96
412
1
;
5
5
NY Steam lot 25-yr Els Ser A 1947 M N 995 Sale 8 5
e 9 8
8
9414 30
062 H 114 21578
cony 70_ _1930 J 3 9414 Sale 94
Cuba Cane Sugar
8 77
953
8
.1 J 99 Sale
7
99 2 N Y Telep 1st & gen s t 4 tie_1939 MN 9518 Sale 945
96
i'.
,3
Cony deben stamped 8%5-1930 M S 1073 Sale 12
10672 23
10612
, et
, w re u nd „
111-1 iear dTen.
4
1
3
4 12 4
4
)7
0
1( 44 1c41
3
Cuban Am Sugar lot coil 88_1931 .1 J 9434 Sale 941
26
0 1 4 71
1053
i
101
Sale 12: 18
2
I a8 - a b
° it g l- .
8
947
_1117
8
Cumb T & T lot & gen 511 r1V7
8
M N 867 Sale 8612
8414 871s Niagara Falls Power lot 5s._1932 J 3
8 23
867
Den Gas & E L lst&reIO
8 14
10414 10412 111412 1045
,
4
0
1
1942 NI S 78 Sale 78
78
6
7484 82
Ref 43 gen ne
Dery Corp (D G) 75
10214 32
2
8
7
____ 100
J 3 100
18 ale
100
N 10172 Se, 1017
4
993 10012 Niag Lock 3c 0 Pow lot 5.FL/995342
4
Detroit Edison lot coil tr 58..1933 M S 9718 Sale 9718
971. :1:1
40,2
0212 42
Sale 31
No Amer Edison (le
96
1952 M S
k1940
98
95
35
1st & ref 5s Serles A
8
Secured of g 6 148 Ser Is_ _ _1948
k1940 NI 5 1053 Sale 10532 10573 53 104 10614
1
st & ref 60 Series B
and asked. a DueJan. b Due Feb. oDue3une. I Due July. k Due Aug. o Due Oct. D Due Nov. r Due Dee. s Option eale.
'No price Friday: latest bid
ri
12
1 B i8P, 'I:
Tg _
1M it 'I 63
y
N
NZ ,1T),8
MN
13
4 li' V' '4144 V, ma04,
.
1,111) A:23 ::::
81,4
2.
9,4
N's 3
gg
4
'A g Ei le'
Low
If
8432 9012
47e8 5418
3812 5478
70
7014
8414 92
91
91
1067 10811
8
10318 19514
10418 Ill
8012 9014
9812 101
95
9612
9312
90
9334 98
93
95
9934 10712
8
991s 1047
4
4
778 773
2
843 9211
4
10112 1033
94
04
11)1 102
80
92
110 103'
9814 10014
2
933 103:12
11412 118
100 104
90
9012
93
89
8514 98
98
4
993
7914 81/7
2
4
813 86
92
3
93 4
101 103
7512 8412
9,914
9414
9632 99
9312 95%
9114 534
82
a
827
3
100 112 2
211
-1614
583 6634
4
583 6534
5418 7018
8318 8912
5713 7012
7912 8518
85
83
8513 85
7312 80
89
92
93
96 4
3
100121 0532
2
943 10414
731111 80
8
985 100
11035 11212
653 "iC
7014 7334
7714 81
05 1003
4
10112 104
88
93
915 96
8
91
93
0912
01
8712 8712
'
321 t 87
11434 118
8
957 977
a
11412 11712
05
OM
8812 9114
1111211712
4
983 10112
3
60 4
58
53
47
9412 100
86
03
8
915 10012
9712 101
8
1163 140
100 10514
120 136
4
983 102
978k 101'g
9412 9712
10114 10412
9973 9974
853 9012
4
2
893 9512
96 100
9012 923
4
05
02
8018 85
s
4
943 963
0712
95
88118 90
4
8
773 821
94
92
94
92
04
04
2
6384 583
85
94
0815 0912
97
07
9912 10112
8
935 05
8
9714 998
110110 1028
4
77
73
2
10978 1117
,
98 4 109
8218 86
8018 8112
3
99 4
98
8
333 4012
4012
32
Ill 212
112 25s
58
65
85
96
9212 9612
(133 95
8
105 108
104 1063
3
99 10114
104 1054
9912 103
9114 9364
977k
96
MAY 10 1924.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
2291
Quotations of Sundry Securities
All bond prices are "and interest" except where marked 'I"
Par Bid. Ask,
Railroad Equipments Per CI. Baits
Standard 011
t's
Bangs
Week's
BONDS.
Price
5.50 5.25
Anglo-AmerIcan 011 new_ gl *1618 1614 Atlantic Coast Line Os
Bina
1 ,q,
''i
N.Y.STOCK EXCHANGE
Friday
Bands or
.5.30 .5.10
100 107 10778
Equipment aq,is
Atlantic Refining
Jan.1
avn
,8. May 9,
Week ending May 9.
Last Sala
5.55 5.30
100 114 115 Baltimore 5. Ohio Os
Preferred
Equipment 4348 & be__ 5.25 5.05
100 212 215
Borne Scrymser Co
High No. Loto High Buckeye Pipe Line Co__50 *62 63 Buff Roch & Pitts equip 61_ 5.80 5.10
Bid
Ask Lots
2 8818 93
for Ohlo Trao & Light 135. __1947 M 13 90
4
9012 90
913
Chesebrough Mfg new.. 25 *4858 4878 Canadian Pacific 434e & 68_ 5.35 5.10
8914 927k
for States Pow 25-yr 55 A _ _1941 A 0 9212 Sale 917a
924 64
5.45 5.20
100 113 117 Central RR of N J Os
Preferred
10212 27 101 104
let & ref 25-yr 68 Bar B._ 1941 A 0 10212 Sale 102
5.55 5.30
Continental 011 new____ 25 *3912 42 Chesapeake & Ohio 68
forthweat'n Bell T 181 78 A _1941 F A 10734 Sale 10738 10778 80 10712 10812 Crescent Pipe Line Co__ 50 *13
5.35 5.20
Equipment6He
15
92 92
Torth W T let fd g 434e gtd_1934 J J 9318 ____ 92 Feb'24 --- 5.20 5.05
Equipment5s
Cumberland Pipe Line...100 134 13412
3 10378 10512 Eureka Pipe Line Co_ _100 9612 97 Chicago Burl & Quincy Oa
11410 Public Service 730_1946 A 0 10434 1047 10458 10434
5.50 5.25
8
1947 F A 102 10278 10212 1027
8 13 10014 1033 Galena Signal 011 com--_100 59 59 Chicago & Eastern 1115341. 6.00 5.50
7e
4
ale 9612
9
97
9438 9758
Intatio Power N F 18t 5s_ 1943 F A 97 s
100 110 114 Chicago & North West 65__ 5.55 5.25
Preferred old
94 9512
1
Intario Transmission 58__ 1945 MN 95 Sale 95
95
5.45 5.20
100 100 103
Equipment0348
Preferred new
1941 F A 9712 Sale 9712
98 10112 Humble 011 & Ref new.. 25 *3712 38 Chic R I & Pac 4348 &51
Iti8 Steel 1331
9834 27
- 5.40 5.20
/
9212 95
1st 25-yr a f g 734s Ser B_ _1947 F A 9212 Sale 9212
9314 23
5.75 5.40
100 131 134
Illinois Pipe Line
Equipment
92
9034 9314 Imperial 011
92
8
'wine G & El ego & ref 51-1942 3 3 92 Sale 915
25 *10112 10212 Colorado & Southern Os.... 5.60 5.25
'as Pow&Lt Ist&ref 20-yr 55'30 F A 95 Sale 9478
9514 15
9212 957 Indiana Pipe Line Co
8
5.75 5.40
50 *90 93 Delaware & Hudson 85
9334 68 96
9812 International Petroleum-(3 •1778 18 Erie 4345 & 55
1397 J J 9812 sale 9818
1acifIc Tel & Tel 181 55
5.70 5.35
1952 M N 92 Sale 9138
58
9218 103
9053 9215 Magnolia Petroleum____100 134 13412
5.70 5.35
EquIpment6a
99% 10234 National Transit Co__12.50 *2214 223 Great Northern 68
'an-Amer P & T 1st 10-yr 731930 F A 101 Bale 1003
4 1014 68
.5.50 5.25
4
93 97
1935 MN --------9614 Mar'24 --- (1)48(wl)
5.30 5.10
New York Transit Co_100 75 79
Equipment 58
94 100
1953 J .1 04 sale 94
16
96
'ark-Lex (etis) 6348
5.60 5.35
Northern Pipe Line Co-100 9712 99 Hocking Valley 65
9378 9514 Ohio Oil new
'at & Passaic G & El cons881949M B 9514
9514 Mar'24 --- 5.30 5.10
25 *6318 64
Equipment 55
'sop G811 ot C 1st cons g 613_.1943 A 0 105 107 10518 Apr'24 ---- 10414 1063 Penn Mex Fuel Co
4
25 *3712 383
Central 4345 & 58--- 5.20 5.05
1947 M S 9134 Sale 9134
8714 9178 Prairie Oil & Gas new--100 217 218 4 Illinois
53
Refunding gold
4
9134
.5.50 5.25
Equipmentes
1944 F A 10178 Sale 10138 10178 43
9958 10258 Prairie Pipe Line new_--100 102 103
Nilladelphia C 65 A
5.40 5.10
Equipment 78 & 6355
193851 S 9518 Sale 9038
90 94
88
5345
92
Michigan Bs-- 5.70 5.40
100 186 190
Solar Refining
Nilla & Reading C& I ref 58_197 J J 9414 Bale 94
934 9438 Southern Pipe Line Co 100 97 9712 Kanawha & 4348
9438 112
5.30 5.05
Equipment
1943 66 B 72 Sale 7012
52
'force-Arrow 88
82
70
72
100 135 136 Kansas City Southern 11345. 5.50 5.20
South Penn Oil
1931 J D 9514 9.514 94
8478 102
20
lerce Oils 188
95
Southwest Pa Pipet-Wes-100 84 86 Louisville& Nashville Gs... 5.55 5.25
947g 9712
'illsbury Fl Mills 68 (rcts)._11243 A 0 9614 9634 96
9634 21
5.40 5.10
Equipment634
Standard Oil(California) 25 *577 5814
93 93
"leasant Val Coal 1st g.1 58 1928 J J 92
9634 93 Mar'24 ____
3
4
5.45 5.10
Standard 011(Indlana)__ 25 573 577 Michigan Central 58 et 6e
kicah Con Collieries 1ste15s1957 J J 92
9012 94
1
92
93 92
25 *4014 41 Minn StP&SE3M 4145& 55 5.45 5.15
Standard Oil(Kan)
9718
2
'ortland Gen Elea 1st 5a_ 1935.1 J 967 ____ 971
95 9734 Standard 011(Kentucky) 25 *103 104
Equipment 65413 & 75---- 5.60 5.30
1930 MN 8634 8712 8738 Apr'24 ---'ortland Ry 1st & ref 58
86 88
Standard 011(Nebraska)100 233 234 Missouri Kansas & Texas 65 5.85 5.30
"ortland Ry Lt& P lst ref 581942 F A 87 Sale 843
8058 88
7
87
4
Standard 011 of New Jer_ 25 *3478 3514 Missouri Pacific 68 & 634s. 5.75 5.45
1947 M N 9212 Sale 9134
138 B
8934 94
94 368
100 11818 11812 Mobile & Ohio 4345 & 55___
Preferred
A_1946 MN 103 104 103 Apr'24 ---- 103 1045
lst & refund 7343 Set
4 Standard 011of New York 25 *3812 383 New York Central 4345 & 51 5.20 5.05
4
193l MN 105 _
"orto Rican Am Tob 8a
105 Apr'24 __- - 10418 10518 Standard 011(011M)
5.50 5.20
100 288 291
Equipment65
1933 J J 8918 8938 89 4
'ressed Steel Car 58
8918 95
2
8978
3
5.35 5.10
100 118 122
Equipment 78
Preferred.
'rod & Refs f 8s(with waents)'3 3 13 1124 131 115 May'24 ---- 114 11614
5.15 4.95
100 46 47 Norfolk & Western 4345._
Swan & Finch
Without warrants attached__ J D 10914 Sale 109
10934 21 loal, 110
5.35 5.15
20 25 Northern Pacific 75
Preferred
'id)Serv Corp of NJ gen 58.1959 A 0 8912 sale 894
8912 71
77 9118 Union Tank Car Co__--100 100 101 Pacific Fruit Express 75-- 5.30 5.10
19373 J 110 Bale 110
'unta Alegre Sugar 78
11114 16 109 122
100 10714 109 Pennsylvania RR eq 58 & 61 5.50 5.05
Preferred
1937 M N 9334 Sale 9234
temIngion Arms Ihi
9334 23
92
9512
5.45 5.20
011 new
25 *6034 61 Pitts & Lake Erie 630
lepub 1 & S 10-30-yr 5s s f 1940 A 0 95 Bale 95
93 963 Vacuum
9534 22
4
5.65 5.30
011
10 *28 29
Equipment6a
19533 J 90 Bale 8934
6345
8758 91118 Washington011 S
26
90
5.15 5.00
Other
Reading Co 434e & 58
19523 D 80 Sale 80
lobbing dr Myers a f 71)
754 914
6
81
St Louis & San Francisco 5e_ 5.45 5.15
Atlantic Lobos 011
loch & Pitts Coal& Iron 56..194 MN 90 ____ 91 Jan'24 ---91
91
8
3
8 13
3
20
5) *3
(: :12 3614 Seaboard Atr Line 434e & 58 6.10 5.65
Preferred
logers-Brown Iron Co 7s_1942 M N 7234 75 70
7
75
80 90
Oil new
Southern Pacific Co 434e-- 5.25 5.05
It Jos Ry Lt Ht & Pr 58._.1937 M N 8114 82 8114
8114
4
783 8112 Gulf
1
5
5.20 5.05
5 *4
Equipment75
Eagle 011
Mexican
It L Rock Mt & P 58 stmpd_195 J J 7612 7812 7718
77 80
5
77't
1018 Southern Ry 4345 & 55
5.30 5.10
5 *10
Mutual 011
,
8
543
1924 A 0 5414 60
641
4
It Louis Transit 5e
5212 58
5.60 5.35
100 90 92
Equipment68
National Fuel Gas
3
9112 915
1937 3 J 9134 ____ 9112 Mar'24 ..It Paul City Cable 58
8
r
SaltCr k Producers- 10 *2454 247 Toledo & Ohlo Central 6e...._ 5.65 5.35
sapitipi Eennin8
_197 J J 9812 Sale 9778
It Paul Union Depot 5s
9512 98
9812 .51
4
22./ Union PacIlle 78
5
5.25 5.10
1942 M S 104 Sale 104
7 102 1047
lake Co 75
10412
s
S
Tob
96
20 9334 96
Ian Antonio Pub Ser 6e..1952 3 J 95
95
96
Public Utilities
American Cigar common 100 76 78
!faro° Steel Hoop lst8sscrA'4l M S 10014 Sale 10014 10034 37 100 1025
4
100 84 86
Else new---(3) •
Preferred
1942 A 0 10214 103 10238
iheffield Farms 6345
10238
1 1004 10258 Amer Gas &
4611 4
62 6711 Amer Machine & Fdry 100 140 150
3
50 :
Preferred
!terra & San Fran Power 58_1949 P A 845 8514 8414
8
8
85
8378 87
M&N 94 95 British-Amer Tobac ord. El *23 234
Deb fie 2014
01115-year 75_1937 M S 894 Sale 8812
Unclalr Cons
8914 97
133
91
gl *23 2312
Bearer
Light & Trao oom_100 124 126
19383 13 8514 Bale 8514
6345B (WI)
85
8634 63
9014 Amer
100 92 93 Helme (Gee W)Co. new 25 *58 60
Preferred
9912 287
1925 A 0 9912 Sale 9878
Midair Crude 011 5345
97 99
100 111 114
Preferred
Amer Power & Lt oom 100 253 255
65
1926 F A 99 Sale 9838
99 239
9578 985a
100 84 85 Imperial Tob of GB & Irerd *1515 16
Preferred
Midair Pipe Line re
3138 36
67
84
1942 A 0 8234 83 8234
M&S *94 9412 Int Cigar Machinery-100 53 53
Deb 65 2016
South Porto Rico Sugar 7s._1941 3 D 10212 Sale 10212 10312 27 10078 10412
Johnson Tin Foil & Met_100 75
Amer Public Mil com....100 47
4
9812
South Bell Tel & Tel lat5I 551941 J J 9614 962 9614
957
94
19
100 77 80 MacAndrews & Forbes-100 *136 139
7% prior Orel
l'weet Bell Tel let & ref 5.3 1954 V A 9334 Sale 9358
934 94
94 726
100 98 100
100 58 61
Preferred
4% partio Prig
louthern Colo Power 68.-1947 J i 874 Sale 8714
9 874 903 Blackstone Val &Ecom 50
8812
4
317
100 33 35
Mengel Co
Nand Gas & El cony 5 f 613_1928 J 0 1043 105 1047g 1047
6 100 105
4
Porto Rican-Amer Tob-100 50 60
9412 9811 Carolina Pow & Lt com-100 ;77 14
12
Cony deb g 634e Berke-- 1933 M S 9434 9534 95
9534
3 :: 475_1
5
Cities Service Co corn....100 142 7412 Universal Leaf Tob corn-100 34 37
Itandard Milling 181 58
1930 M N 971. Sale 97
9534 98
9712 16
100 83 86
100
Preferred
Preferred
Meet & Tube gee s f 75 Ser C 1951 J 3 10312 Sale 10312 10418 25 103 1043 CitteeServIceBankers'Shares 1414 1434
4
100 112 117
Young (J 8) Co
lugar Estates (Orlentl) 7s_ A942 M 3 96
953 9758 Colorado Power corn.....100 3412 3514
5
9612 96
96
4
100 104 107
Preferred
lyracuse Lighting 1st g 53_ _1951 3 D 95 ____ 95 Apr'24 -- - _
92 9514
100 88 92
Rubber Stecks(Cleselarke prices)
Preferred
Light&Pow Co coil tr s f 5s'543 3 104711 105 10478
8418 105
1
10478
4
Com*w'th Pow Corp com (2) 480% 813 Firestone Tire & Rub corn 10 *6812 70
I eon Coal Iron & RR gen 53 1951,1 .1 9914 101
9912 Apr'24 --- 9914 1021a
100 75 77
100 95 96
Preferred
6% preferred
9834 102
1
rennessee Cop let cony 6s....1925 51 N 100 10034 100113 10018
100 87 88
Consumers Power pre/-100 87 90
7% preferred
9358 97
78
1947 3 13 9534 Bale 9558
Tennessee Elec Power 6s_
96
Bond & Share prof-100 99 9934 General Tire & Rub coin 50 165 175
Third Ave let ref 48
8
5358 567 Elec Ry Securities
1960 J J 5412 Sale 544
5514 22
100 98 100
(3) *1512 1612
Preferred
Elec
4114 4914 Federal Light & Traction(2) •78 80
Adjustment Income 5e a1980 A 0 4214 Sale 42
4212 99
Goodyear Tire & K oom-100 10 1014
['bird Ave Ry 1st g 55
8
927 9312
1937 3 3 923 9312 9278
8
93
4
100 75 77 Goody'r T&R of Can p1,100 073 75
Preferred
ride Water 011 (1)48
1931 F A 10234, Sale 10234 10278 15 102 10312 Lehigh Power Becuritlee_(2) *6012 6112 India The & Rub com__100 70
80
Tobacco Products is f 7a
1931 J D
10778 Dec'23 ---- ---- -- Mississippi Riv Pow corn 100
100 73 30
Preferred
Toledo Edison 73
10734 36 106 108
1941 M S 107 Sale 107
114
100 80 24142 Mason Tire & Rub com_(D •1
23'2 82
Preferred
995 Sale 991
22
Toledo Trac, Lt & Pr 138_ _ _1925 F A
9812 100
100
100 12 15
First mtge 55. 1951.-J&J 9314 9414
Preferred
Trenton G & El 1st g 58--1949 M B 9518 ____ 9234 Nov'23 --- - ---- ---100 65 66
S F g deb 75 1935__M&N 102 103 Miller Rubber
Thderer'd of London 4345_1933 J J 8538 9112 87 Dee'23 ---- ---- ---& Lt oom---(3) *12512 127
100 94 96
Preferred
Income 68
1948 3 3 8214 884 8914 Oct'23 - - ---- ---- Nat Power
6 10
(3) •90 92 Mohawk Rubber
Preferred
100
984
95
6
96
Jnion Bag & Paper 65
1942 NI N _ ___ 9614 96
45 55
9012 92
Income 7s 1972
Preferred
Inion Elec Lt & Pr 1st e 58-1932 M S 99 Sale 9812
9718 99
7
99
4
10 Seiberling The & Rubber(3) *31
Northern Ohio Electric_(7) *9
56
1933 MN 95% Sale 9512
9534 141
92 9712
100 26
Preferred
28
100 42 50
Preferred
7nion Elev (Chicago) 58-1945 A 0 75 Sale 75
70 75
1
75
12
8
North State/ Pow com-100 *98 102 Swinehart The & R com.100
7nion 011 58
1931 J J 9734 ____ 97 Apr'24 ---_
1
95 4 97
14
100 92 94
40
Preferred
100
Preferred
fle
t1942 F A 10054 10114 1003
11
4 101
9913 102
Elea Co corn,lot) 61 64
Sugar Stocks
7nion Tank Car equip 78-1930 A A 104 Sale 104
10434 10 103 1043 Nor Texas
4
100
Preferred
ao •17 19
Caracas Sugar
7nited Drug cony 8s
1941 3 D 11334 Sale 11314 11334 20 11111 11414
81
Gas & El
70 78
7nited Fuel Gas 1st a f Os..-1936 J J 9514 9534 9514
9212 971a Pacific Securities1st pref 100 8734 8312 Cent Aguirre Sugar coin- 20 *79 107
9578 29
com___(2) :3 012 Fajardo Sugar
4 37
1
100 104
MI Power
7n1ted Rya Inv 55 Pitts Issue 1926 MN 96 Sale 9514
91
36
96
(I)
Second preferred
Federal Sugar Ref oom-100 59 62
7nited Rye St List g 45_ _1934 J J 0058 -__ _ 67 May'24 ____
614 67
Coll trust 65 1949_ _J&D 85 89
100 90 99
Preferred
Jalted BS Co int rcts 68_ _ _ _1937 MN 8612 Sale 8612
10
87
86 88
6
*4
June 1949__F&A 48
6 4
1942 A 0 100 Sale 993
7n1ted Stores 68
4 100
47
9814 1011 Puget Bound Pow & Lt--100 158 62 Godchaux Sugar. Ine (3) 38 43
. Incomes
100
Preferred1932 J 3 10614 107 10618 10618 10 103 107
7 S Hoffman Mach 88
100 78 83 Great Western Sugar new 25 •90 94
6% preferred
5k 100
75 Realty & 1 cony deb g 55 1924 J J 997 ____ 997 May'24 ---8
99
100 d1043 105 : Holly Sugar Corp oom--(3) *30 33
10013 1 0
4 9
7% preferred
797 87 8
120
4
113 Rubber 1st & ref Baser A 1947 .1 3 803 Sale 80
81
7
100 82 85
Gen mtge 73431941_ M&N
Preferred
1930 F A 10218 Sale 10158 10212 44 10014 1061a
-year 734s
10
100 25 27 Juncos Central Sugar
Republic Ry & Light
100 110 120
3 13 Smelt Ref & M cony 63_1926 F A 10034 Sale 10038 10118 40
4
993 10118
100
Preferred
54 National Sugar Refining-100 86 88
.
J 13 Steel Corp f coupon _ _ _11963 MN 10338 Sale 10314 10334 383 102 1037
a
South Calif Edison com-100 100 1003 New Niquero Sugar-.100 95 97
3
44
_
103
1 10134 103
a!10-60-yr 551registered _ _d1963 MN
103
3
a
100 115
8% preferrea
- Santa Cecilia Bug Corp pf 100
15
3
7tah Light & Traction 58....1944 A 0 815 Sale 8112
82
80 868
t
75
33 Savannah Sugar corn---(2) .71
904 48
Jtah Power & Lt 1st 58- _ _1944 F A 9038 Sale 9018
5
87 a 9111 Standard Gas & El (Del) 50
50 :214 4812
Preferred
*47 4 3314
100 87 90
33
55 1950.2 3 9612 ____ 9514 Bept'23 -___ Preferred
-___
Rica Elec L & Pow Ist a f
19.57.1 i 9214 94
Sugar Estates Oriente prof._ 85 89
901. 9414 Tennessee Elec Power_(3)
7
Rica Gas & Elec ref 55
4
Second preferred
(I) *6212 6312 West India Bug Fin com_100 12
9834 Nov'23 ____ ____ .. ___
hra-Caro Chem 1st 15-yr 5s_ _1923 3 Is
Power Coro-..100 26 28
100 32 37
1947 3 0 57 Sale 57
6012 8512 Western
Preferred
6138 240
75
100 79 81
Preferred
1937 3 J 3034 Sale 3012
3112 260
30% 7314
-year a f 7348
12
Short Term Securities
Industrisi&Miscell
3 J 3058 33 31
I
31
31
Without warrants attached_
76
Am Cot 011 Os 1924__M&S2 100 10012 American Hardware--100 66 68
91
90
90
17
88 91
Va Iron Coal & Coke 1st g 5a 1949 M 5 89
Anaconda Cop Min68'293&-J 10114 101% Arne-"” nefounders corn 100 97 99
1934 3 3 8934 Sale 8918
90
40
91
88
Ira Ry Pow 1st & ref 5a
100 99 101
Pr,. .ad
8
1942.1 0 945 9514 95
96
8914 9738 Angio-Amer Oil 7)0'25 A&O 1024 102%
19
Vertientee Sugar 78
16
1941 3 0 10212 Sale 102
(3) •14
10212 29 10112 1014 Federal Sue Ref 612'33_M&N 97% 9818 Bliss (E W) Co new
Warner Sugar 75
Hocking Valley 55 1926 MitS 99% 10018
ao *57 60
94 Sale 94
1939 3 3
Preferred
9414 .57
93
Ms
First & ref 76 Her A
1 9934 100 9912 Apr'24 ____
Borden Company com 100 122 125
9958 10158 Interboro R 88 1922.M&$
Wash Wat Power 5 f 58- 193J_
K C Term Ry 81'23 M&N15
100 105 107
98
2
Preferred
9638 98
Westches Ltg It 55 stmpd gtd 1950 3 D 9712 ____ 9818
75
J&J 10314 104 Celluloid Company
8)48 July 1931
100 70
92
72
8912 92
West Penn Power Series A 58 1946 M 5 92 Sale 9118
1926 101 10114
100 107 110
128
6
Preferred
-year 65 Series C.--1958 J D 1023 Sale 10218 10234 12 101 10258
1st 40
Lehigh Pow Bee 613'27_F&A 9978 10018 Childs Company corn newa) *34 35
A 10512 Sale 10512 1054
41946 V
6 10414 10734
1st series 13 78
100 111 11212
873
Preferred
4 10
86 4 8914 Blose-Sheff Sal 138 '29 F&A 9912 101)
1963 M 8 8714 Sale 87
3
58 E
100 92 96
99
s
983 9812
21
967s 9944 U B Rubber 7345 1930 _F&A 10114 102 Hercules Powder
Western Union coll tr our M.1938 J .1 98
Land Bk Bonds
100 10212 104
Joint Stk
9212
4
Preferred
e
903 94
Fund di real estate g 4148_1950 MN 92 Sale 9178
100 7112
11038 16 10858 1113 ChieJtStk Land Bk 61-1951 10014 10112 International Salt
1936 F A 1105s Bale 110
15
4
-year 6148 g
50 1952 opt 1932
International Silver pref 100 104 11WN 10758 Sale 10712 10778 49 10634 108
10014 10112
Westinghouse E & M 75-.1931 M
53 1963 opt 1933
6378 41
10012 10134 Lehigh Valley Coal Sales 50 75 77
Ws 797
Wickwire Spen Steel 1st 731-1935 3 J 6214 Sale 6118
a
117
100
534. 1951 opt 1931
4
843 275
102 103 Phelps Dodge Corp
80
9858
Wilson & Co 1st 25-yr of 68-1941 A 0 8312 Sale 8014
534 190
45(a 1952 opt 1932
1928 7 D 33 Sale 48
99 100 Royal Baking Pow com-109 131 136
48
9258
10-7ear cony 8 f 65
100 98 100
5634 102
Preferred_
4
97
4912 100
1931 F A 553 Sale 4912
434. 1952 opt 1932
734s
10112 Sale 10112 102
44a 1963 opt 1933
09 100 Singer Manufacturing-100 134 136
46 100 4 1023
1941 A 0
3
Winchester Arms 7)45
4
9558 112
9411 97
Younfen Sheet & TO.(w 1)19433 J 9514 Sale 95
also pays accrued dividend
•Per share. 3 NO par value. b Basis. d Purchaser
Ex-liftbst
New stock. f Flat price. k Last sale n Nominal. z Ex-dlvidend.
•No price Friday;latest bid and asked. a Due Jan. d Due Apr. c Due Mar. *Dile
• IvIdend. 8 Sale price. e Canadian quotation.
May. o.Due June. flDueJuiy k Due Aug. o Due Oct. IsDueDec. s Option gale. Ex
2292
BOSTON STOCK EXCHANGE-Stock Record s..Brc eri!age
i
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday. • Monday,
May 3.
May 5.
Tuesday.
May 6.
Wednesday. Thursday,
May 7.
May 8.
Friday,
May 9.
Sales
for
the
Weet.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1 1924.
Lowest
Highest
PER bil Ith
Range for Presto..
Year 1923.
Lowest
Shares
Railroads
15112 15112 15119 *151 1514 *15114 1513 15013 151
4
96 Boston & Albany
100 1454 Mar 27 152 May 1 143 Apr
7514 75
75
7.5
7534 753 76
4
297 Boston Elevated
754 754
100 75 Mar 20 80 Jan 8
75 June
9712 9412 9412 *9412 __ __ *943 _
4
92 Feb 7 96 Apr 7
Do pref
31
9112 Aug
113 5112 114 *11212 114
112 112
113 113
Do 1s1 pref
109
10 111 May 5 11614 Jan 24 1114 Aug
00
(1
98
9712 93
9714 93
9712 98
4
Do 2d pref
22.5
973 98
4
100 953 Jan 2 100 Feb 27
95 Nov
13
1234 123
4 124 13
812 Jan 2 1514 Mar 31
13
13
100
195 Boston & Maine
133 134
8
73 Dec
4
____ *1212 ____ *1212
"1212
Do prof
100 12 Jan 10 15 Feb 4
7 Dec
16
1512 1512 16
1614 16
165
Do Series A 1st pref _ _100 1312 Jan 2 19 Jan 10
----1714
1212 Oct
20
21
115
Do Series 1.5 1st prof.._.100 1712 Jan 2 2412 Mar 1
*2012 22
---1512 Dec
22
20 20
20
30
Do Series C 1st pre: _ _100 16 Feb 27 23 Apr 5
*20
154 Dec
2S '
527
28
16
23
28
23
Do Series D 1st pref _ _100 23 Jun 3 34 Apr 5
28
20 Dec
____ 514612
Boston & Providence
100 143 Jan 4 148 14627 135 July
__ *14612 ____ *14612
2012 518
20 1•___ _ 20(3'
East Mass Street Ry Co- _100 19 Jan 7 24 Feb 9
20
18 Feb
Do 1st prof
624 *
100 5812 Jan 8 6412 Feb 13
6212 *59
60
60 i*
58 Dec
4
51
*5014 51 I *5014 51
100
Do pref B
100 493 Apr 7 58 Jan 25
5014 5014
*5014 51
503 Dec
4
32 *z__ _ _ 3212 *z__ _ _ 3212
21
Do adjustment
100 3112May 2 3912 Feb 14
32
31 Dec
4
East Mass St Ry (tr ctfs)_ _100 313 Apr 23 394 Feb 11
31 Nov
532 -- - *32
31 Apr 25 3712 Apr 9
3
3
Maine Central
33
*32
100
33
•32
33 *
33
2212 Dec
1812 19
1834 1912 19
100 14 Jan 3 204 Jan 10
194 194 2014 1914 2013 204 204 6,235 NYNH dle Hartford
93 July
4
*66
Northern New Hampshire_100 62 Jan 14 68 Apr 29
*86
_
' *66
62 Dec
92 ' _ _ _ 92
5_
Norwich & Worcester pref.100 80 Jan 2 95 Mar 10
92
____
75 Dec
•_ _ _ _ 92
79
79
*79
100 7212 Jan 4 81 Apr 4
80
579
64 Old Colony
80
80
6412 Oct
80
80
80
100 34 Mar 3 4138 Jan 14
53414 364 37
105 Rutland pref
39
2112 Aug
39
39
374 3712
13 Vermont & Massachusetta_100 70 Jan 22 85 Mar 13
*7712 81
•77
80
*77
70 Nov
80
77
77
Miscellaneous
5
.138 134 5138 134 "14 13
2 Jan 18
114 Apr 11
1 Sept
4
14 14 *114
134 --------.8 Amer Pneumatic Service- 25
*13
14
50 12 Jan 3 1412 Feb 26
513
13 Do pref
14
*13
*13
14
12 Dec
14
13
13
1254 128
126 12614 126 12614 12612 12614 1254 126
1,705 Amer Telephone de Teleg_100 12314 Mar 31 13078 Mar 12 119 June
12512 126
565
6512 67
No par 65 Apr 28 83 Jan 14
68
567
95 Amoskeag Mfg
68
6712 Oct
68 68
67
6714
*73
74
713
4May 7 774 Jan 19
*73
74
*7134 73
50 Do pref
72
Oct
7134 73
72
72
*14
17
*14
17
Art Metal Construe,Inc_i pati 16 Feb 15 16 Feb 15
°o r
__l
*14
145 Nov
4
17
*14
*14
17
17
46
712 *6
712 •6
712 *6
7 Mar 3 1014 Jan 8
Atlas Tack Corp
No par
712 5
.6
3 Dec
74
*106 _-__ *106
_ ___ 106 106
5 B• oston Cons Gas Co prat...100 104 Jan 18 107 Jan 8 104
Oct
106 106 *106
__ _ - 112 o 12
•.(17_
_ Boston Mex Pet Trus_No par .07 Mar 29 .20 Jan 10 .05 Dec
'
5.07 _
_
5.07 .10 __
".07 .10 .
264 26
-53 254 26
1,198 Connor (John T)
10 24 Jan 2 281a Mar 5
*2514 i6 4 2514 26
-119 July
253 254 ____ ___
4
26
25 Feb 3 3014 Feb 14
26
•25
26
100 Dominion Stores. Ltd
26
26
525
2512 Dec
26
26
26
-__ _
"85
--------------Preferred A
90
*85
90
100 • 84 Jan 15 85 Jan 5
*85
90
*85
90
*85
90
•214 212 .2
214 Mar 5
24 *214 27
______ East Boston Land
10
3 Feb 25 -s *214 27
i- Dec
8 *214
27
8
6
6
*54 7
5
110 Eastern Manufacturhig
512 512 *512 612 *512 6
812 Feb 6
512 514
5 Dec
512MaY
*50
51
5114 5114 *50
160 Eastern SS Lines, inc
25 38 Jan 3 5514Mar 8
5114 *5012 5114 50
51
31 Nov
50
50
•36
37 •36
37 •3614 3612 3614 3612 *3614 3612 --------20 Preferred
No par 35 Jan 25 40 Feb 7
36
Oct
88
88
*87
1st preferred
8513 Jan 8 93 Mar 8
88
87
56
87
88
88
85 Aug
.586
88
16934 170
1693 170
4
550 Edison Electric Ilium
100 16312 Jan 2 177 Jan 26 1523 Nov
16912 170
16914 170
---- --1
1
16914 16912 169 169 2
*3
---------Eider Corporation
212 Jan 17
414 *3
No par
414 *3
414 *3
14 Dec
414 Apr 8
414 *3
414
.2212 24
*2214 24
60 Galveston-Houston Elec- -100 13 Jan 11 25 May 9
52214 24 1 5223 24 .23
4
24
-2-4- -,
5 July
par
Gardner Motor
5 Jan 2
612 Jan 8
514 Dec
;i5F4 14:- -ii- 50 Greenfield Tap de Die No
123
4Mar 31 154 Jan 7
fi- iiii4 ff-I ;iaT4 Ili
143 Nov
4
- ;iii4 -1i- ---4615 4618 *461s 48
170 Hood Rubber
No par 48 Mar 25 52 Jan 8
484 464 464 4618 4614 4614 -_-_-_-_
50 Dec
.
41
______ Intermit Cement Corp_No par 41 Apr 28 4452 Feb 13
42
*4114 42
*41
42 I *41
42
*41
42
32 July
______ International Products.No par .10 Feb 18 .76 Feb 26 .10 Dec
5
..20 .45 '
5.20 .45 ".20 .45 5.20 .45 '
5.20 .45 --- -..
4114 - --I *114
*0 _ _ __
4
•114
Do pref
*04 ____
100 .25 Feb 14
112 Jan 2 .60 Dec
__....
_
______ K• idder, Peabody Acceptance
*82
_ _ 582
------------------Corp Class A pref
____ *82
_ _ _I *82
100 80 Jan 3 8334Mar 22
___
80 May
.412 47; *44 44
414 Apr 25
412 412 *44 44 412 44 412 412
Libby, McNeill & Libby
10
64 Jan 4
412 Dec
10 Lincoln Fire Insurance_ _ _ 20 70 Jan 9 70 Jan 9
*70_ *70 _ _ __
*210 - 77 Loew's Theatres
1012 *210
9 Mar 21 104 Jan 9 -14 Kul;
1012 10
25
10
10 .5z10
1012 10
11012 *210
.7512 78341 754 7553
127 M• assachusetts Gas CO3-100 7434 Apr 21 81 Feb 20
19
tts
7513 7
512 7512 755
1 755 754 754 76
734 Dec
67
68
68
63
*68 __ _ 68
100 64 Jan 2 70 Jan 31
8814
62 Dec
51554 1564 156 156 *155 15612 156 156 *154 i5613-'154 15812
16 Mergenthaler Linotype_ 100 150 Apr 22 160 Jan 12 147 June
50 Mexican Investment, Inc
513
14
*13
14
10
612 Jan 2 173 Fob 21
"13
2
14
13121 1312 1312
*13
3 Dec
133 '
4 513
---100 Mississippi River Power..--100 19 Feb 18 2412 Apr 25
*231s 24
*2314 233
4 2312 2312 523
24
81
18 Nov
5.2318 237
30
Do stamped pref
*81
82
*81
100 80 Jan 4 8212Mar 24
82
*81
82
Jan
8118 814
80
232 National Leather
2 Apr 24
5212 234 5212 23
10
Os Jan 28
212 212
212 212
1% Dec
4
212 24
212 212
461 New England 011 Corp IT ctfs.
412 44 "44 5
2 Jan 2
*44 5
53 Apr 8
4
414 44
2
Oct
60
Preferred (tr ctfs)
"25
28
100 17 Jan 10 3114 Mar 20
525
28
24
24
1212 Dec
2514 2812 *2512 28
639 New England Telephone 100 10312 Apr 24 11512 Jan 31 110 Dec
1064 10612 106 10612 10612 107
107 10714 107 10714 iiii- I- - 07
4
Orpheum Circuit, Inc
14 Jan 16 204 Jan 2
1
*1814 1914 •1814 19
1634 July
*1814 19
*1814 19
*1812
80 Mar 13 87 Feb 14
455
81
8112 81
8112 81
84 Dec
81
81
81
80
8012 808014 ___--- P• acific Mills
1913---- ---4
111 Reece Button Hole
10 143 Jan 5 1554 Apr 2 21434 Dec
51512 154 5151: 155
8 1514 1514 *154 1514 *154 1614 1512 1512
214 Feb 1
10
3 Jan 2
500 Reece Folding Macbine
2 Jan
5.25
8 27
s '
24 278 *212 234
212 212
23
4 23
4
Simms Magneto
5 .15 Apr 14 .40 Feb 15 .10 Dec
5.15 .50 .5.1.5 .50 5.15 .50 •.I5 .50 5.15 .50 _- -623
100 101 Jan 4 105's Mar 6
10112 102 10112 102 10114 10134 10114 10134 10114 10134 10114 101- ___--- S• wift & Co
9812 June
- 12
4
25 353 Apr 22 4212 Jan 11
190 Torrington
3954 Dec
3912 3912 3
9
40
3
9
3
9
3
9
3912 *383 3914
4
7 Feb 2 10 Feb 18
Union Twist Drill
6
6 Dec
*
8
9
*8
9
*8
9
*8
9
53
.
9
United Shoe Mach Corp__ _ 25 34 Jan 3 3712 Jan 8
3212 Nov
3512 3534 3512 353
4 3513 357
3 354 36
3512 353 :8is --3--i-7-e
4 5- 25 2452 Feb 29 27 Jan 7
Do pref
244 June
2514 253
8 25 2514 2512 2512 2514 2512 2514 25(4 2514 2512 _ -1tii
193 Aug
25
25
2434 26
4
2434 25
25
4 1,120 Ventura Consol 011 Fields_ 5 24 Mar 26 27 Jan 29
2514 25
244 243
25
15 Des
144 1431 14
/
143
8 144 143
8 1412 1412 1414 1412 1414 1414 1,812 Waldorf Sys,Inc,new sb No par 137s Apr 30 1714 Jan 9
.814 9
612 Jan 11 1012 Feb 1
*814 9
5 Feb
814 814 *814 9
15 Walth Watch Ci B com _No par
*814
100 1512 Jan 5 2312 Feb 13
Preferred trust ctfs
15 Dec
•17
480
1712 17
17
17
17
1612 164 1612 1612 16 1-9-_-812
.----------371 Walworth Manufacturing_ 20 1612 Jan 5 2114 Feb 11
1114 Jan
1734 18
18
1814 173 173
4
4 1734 173 "174 174
4
4Mar 12
50 294 Jan 3 383
2513 Jan
380 Warren Bros
35
354 343 354 35
8
35
344 344 345s 3434 3412 347
3
4
439
36
Do 1st prat
50 343 Apr 25 41 Jan 25
357 36
8
116
304 Dec
*35
36
35 35
*3412 36
50 38 Mar 5 42 Jan 18
•
39
Do 2d prof
4012 *39
33 July
4012 "39
4012 539
4012 *39
4012 -- - - -- -- ______
2 May 9
5
51s Jan 14
20 Wickwire Spencer Steel
3 Dec
--2 -- .-2
Mining
Adventure Consolidated._ 25 .20 Apr 8 .20 Apr 8 .10 Nov
'
.20 .50
•
.20 ___ _
•
.20 ---25 .15 Jan 15 .20 Mar 20 .10 July
•
.10 .20 5.10 .20 5.10 .20 *AO .20 •
.10 .20 *AO .20 ______ A• lgomah Mining
1 Apr 11
112 11g
214 Jan 8 .70 July
1% I%
240 Arcadian Consolidated__.. 25
Ds 14
8
114 114 5114
112 '
51% 13
5 8 Jan 2 954 Jan 7
84 812 5812 9
50 Arizona Commercial
7 Dec
5812 9
5812 9
•812 9
.834 9
Bingham Mines
10 15 Jan 10 187 Jan 15
8
1412 Oct
*15
17
*15
17
515
17
*15
17
*15
1612 *15
17
4 143 143
25 1414May 1 197 Jan 7
2
1412 143
4 144 143
17
Oct
4 2,066 Calumet & Heels
4 141z 143
4
4 1412 143
4 1412 143
1 Mar 31
*113 118
118 14 *114 14
1
3 Feb 1
380 Carson Hill Gold
14 Dec
112
13
8 112 *114
112 9.14
25 21 Apr 23 267 Feb 15
920 Copper Range Co
8
21
22
22 22
2218 Oct
2134 224 22
2112
2214 21
21
22
34 Jan 3
10
43 Jan 23
4
_ __ _ 1Davis-Daly Copper
214 June
414 Feb 14
9
, .i5
!4 - - 3 -..:1i - 141i _ 325 East Butte Copper Mining_ 10
- .7
, 17
- 0 f- 4.04
4
4
7
54 Jan 24
...70 -14 -.7.4i4 -16 *.70 .55 -..7 414
432 Nov
3
414 .95 *.70 .95
125 .44 Feb 17
1 Jan 8 .30 May
.
95
111ancoik Consolidated_ - __ 25 1
1 Fraaklcn
Jan 22
2 Jan 28
1
Oct
*1
112 *I
112 *1
112 *1
114 *1
114 *1
111
2151 Hardy Coal Co
1 2212Mar 26 2812 Jan 7
2484 Mar
*2312 2414 *2312 2414 *2312 2414 *2314 24
24
2312 *23
23
25 .40 Jan 2 .75 Jan 8 .10 Sept
200 Helvetia
.41 .55
.
5.41 .55 •
.40 .40 •.40 .55 55.40 .55 .
5.40 .55
96
9614 9534 96
527 Island Creek Coal
1 9414 Apr 2 1003 Jan 8
4
9312 Nov
96
983
8 96
964 95
9614 964 964
Do pref
914 Jan 8 95 Mar 24
1
93
4
94
9014 Nov
93
933 933 •93
4
93
93
93
9312 *93 944
25 1312 Mar 29 20 Jan 3
80 Isle Royal Copper
51412 15
16
Oct
*1412 15
*1412 15
15
4
15
147 144 5143 15
8
112Mar 5
5
24 Feb 13
173 Dec
8 5138 118 *152 Ps *1 8 178Kerr Lake
8 14 *14 17
•15
8 14 •15
,
25 .50 Jan 7
1 Feb 19 .60 Sept
100 Keweenaw Copper
'
5.80
1
.80
I
5.75
1
5.50 1
.90 .90 •
1
5.50
25 .90 Apr 3
30 Lake Copper Co
Oct
1
13 Jan 28
4
8 *114 15
*114
158 *114 13
8
1
114 *1
112 *1
112
25 .75 Apr 23
114 Feb 8 .50 Dec
35 La Salle Copper
1
.75 .75 5..75
'
5.88 1
5.88
1
•
.85
1
•
.88 1
Mason Valley Mine
5
2 Mar 7
14 Nov
112 Mar 11
4
5112 13
4 .113 17
•112 13 '
178 *112 134
•112 13
4
2 *112
Mass Consolidated
25 .50 Jan 8
1 Jan 5 .50 Dec
5.60 .75 5
..60 .75 '
..60 .75 '
.60 .75
".60 .75 5
5.60 .75 •
483 Mayflower-Old Colony__
25 SO Apr 9
112 Oct
2 Jan 11
158 *all
!
112 112
1
14 14
14 158
Oct
333,Mohawk
25 26 Mar 31 3512 Feb 15
27
2813 28
113 10
2
28
29
28
2812 30
158
28
28
28
1% i158 3818
z8
888 New Cornelia Copper
1414 Oct
184 Jan 2 197 Jan 7
8
183
8 1714 1812 1812 184
1812 18
184 184 *18
212 Aug
500 New Dominion Copper
254 Apr 7
214 Feb 6
/
212 212 *214 234
212
212
2% 21 e
212 212
212 212
New River Company
100 37 Apr 8 40 Mar 11
35 Apr
38
537
38
537
38
38
*37
38
537
537
*37
38
72 Nov
Do pref
10
100 65 Feb 5 75 Mar 11
65
69
65
70 *__ _ _ 70 "____ 70
69
4 4 July
8
335 Niptssing Mines
5 534 Jan 10 61118Feb 1
.
5618 63
8
6
63
s
6
6
6
6
6
6
.
56
84
1% Nov
35 North Butte
2 Jan 16
15
312 Jan 24
.212 234 212 212 *212 234 *212 234 *212 234 5.24 234
011bway Mining
25 .50 Feb 11 .90 Jan 3 .50 Nov
5
..60
I
'
5.60
1
1
5
..60 1
'
5.60 1
•
.60
5.80 1
1312 Oct
4
•308 POaldtkDcoimtylnimoineinCgo& smelt. 25 15 Jan 30 193 Apr 28
5
1834 1834 5183 20
4
19
19
19
*19
20
19
19
19
214 Aug
51 Feb 1
6
312 Jan 3
4 414
414 *4
414 *33
4 414 "334 414 *33
*4
414 *4
1214 Dec
Pd Crk Pocahontas Co_No par 11 Apr 21
1212 Jan 11
8
.
5113 12
*1114 12
*11
12
5114 12
5114 12
*1112 12
18
Oct
0
5
235
25 17 May 5 2312 Feb 15
1812 1712 1712 *1714 18
174 174 18
*17
18
17
17
27
Oct
stcymlnary'a Mineral Land _ _ _ 25 28 Mar 28 35 Feb 20
29 4 2912
30
2912 2812 2812 2912 2912 2912 30 *229
•z28
250 Shannon
10 .30 Apr 2 .70 Feb 14 .30 Dec
5.35 .45
.40 .40 '
5.31
A5 ".35 .45
.31 .40 .
5.30 .45
.10 June
South Lake
25
5.15 .75 5.15 .75 •.15 .75 .5.15 .75 •.15 .75 5.15 .75
1 Dec
112 Jan 18
Superior
25 .90 Jan 15
112
.1.
112 *1
112 5
112 *1
14 *1
*1
112 *1
1 Jan 11 .85 Dec
Supety ce, e cn C
po
300 Trinirior & B estoeepopper- 10 .40 Apr 23
5.60 .70
.74 .74 .
•.60 .70 •.60 .70 *.60 .70 *65 .75
Oct
5 .30 Feb 18 .85 Jan 28 .20
____ - --- ---- ---- -__ ____ ____ ____
-- ______ T• uolumne Copper
10 .10 Jan 24 .50 Feb 7 .30 Dec
8
365 Utah-A entermaing
5 23 Mar 5 314 Mar 8 24 Oct
1212 212 212 --- ----- --1- -...1-- ---- -" --1 --ii -/2 ------Utah cpex inted
-------1 .01 Jan 3 .01 Jan 3 .01 Dec
U• tah Metal & Tunnel
1 .30 Feb 21 .45 Jan 4 .25 Dec
7- 0 .
3
.
;. 9 .iii -+. - -- 5
3
;.3
;. 0 .it ;.3i) -- ii - -- -3
3
- -- -;. 0 .58 - -- -- 58 - -- -- - - 3
0 .
Victoria
25 .15 Apr 24 .75 Jan 3 .60 Aug
5.60 .65
.60 .65 .
.65 •
..60
.60 .65 '
5.60 .65 5
'.60 .65 •
Winona
25 .13 Feb 6 .35 Mar 10 .10 Dec
5.15 .30 5.75 .30 .5.15 .30
5.15 .30 '
5.15 .30 •.15 .30 .
Wyandot
25 .20 mar 4 .20 Mar 4 .10 Dec
.25
.25
,
0
and r 11t. iF.i-.1i. Ftv.e.,^ir Ana. a A. ...nrnt .1. 1 e""* nu n.,
sEx-rights.
•Bid gad asked prices; no sales on thls day
151 151
151
75
7512 75
9412 944 9412
*111 113
111
98
9812 9712
'1214 13
1234
*1212
- *1212
1538 -- - 16
153
4
_
*21
*20 22
*20
*27
28
*27
*14612
_ *14612
- 3 5_ _ _ _
201*60
6212 560
*5014 51
*5014
32
32
32
F/fghest
151 June
84
Jan
100 Mar
125 June
106 Mar
2012 Mar
Feb
27
3212 Mar
43 Feb
42 Mar
59 Feb
1604 Jan
35 Mar
Jan
72
65 Mar
46 Mar
45 Mar
43
Jan
224 Jan
84 Fen
Jan
100
81 Feb
384 Dec
98
Jan
312
20
12812
112
88
1612
204
1084
.30
27
2614
Jar,
Jan
Dec
Jan
Jan
Mar
Feb
Feb
Jan
Mar
Dec
4
1418
12712
40
88
172
8
107
291/
154
24
6318
44
3
8
Jan
Mar
Mar
Oct
Oct
Jan
Jan
Feb
Mar
Feb
Mar
Mar
Mar
Mar
8312 Feb
812 Aug
ff Apr
87is Jan
Jan
73
179
Jan
143 Feb
4
2814 Jan
84 Feb
83 Feb
4
44 Sept
18
Oot
122
Jan
2112 Apr
190
Jan
18 Mar
314 Mar
2 Feb
1094 Jan
50 Mar
11 Mar
553 Mar
4
2814 Jan
30
Jan
42212 Mar
13 Mar
294 Mar
18 Dec
3412 Mar
394 Mar
42 Mar
1212 Feb
1
Feb
.50 Mar
414 Mar
1412 Max
19 Feb
49 June
93 Feb
8
4614 Mar
6 Feb
1112 Mar
24 Mar
4 Mar
334 June
114 Feb
11512 Apr
10012 Mar
3314 Mar
34 Jan
214 Mar
514 Mar
314 Mar
25 Mar
8
414 Mar
7 Feb
71 Mar
244 Mar
414 Apr
Apr
40
84 Mar
654 Feb
123 Mar
4
252 Mar
3211 Mar
44 Nov
1814 mar
50 Mar
5312 Mar
112 Mar
1 Aug
314 Mar
33 Feb
4
14 Feb
14 Aug
6 Apr
3 Mar
152 Feb
21 Feb
1
18 Mar
4
1 mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Friday
Last Week's Range Sales
Sale
for
of Prices.
Price. Low. High. Week.
9854 98%
Amer Tel & Tel 5s _ _ _ _1946
AUG &W I SS 4,5s..1959 54% 53% 54%
81
81
Chic June & U S Yds 45'40
55
55
Chic Mil & St P 4%s_ _1024
70% 70%
1949
Copper Range Ss
62
62
E Mass St RR ser A 4555'48
66
6734
1948
Series B 55
9734 9735
1936
Hearst Pub 6545
1936 99% 9934 100
Hood Rubber 7s
IC C Mem & B Inc 5s_ _1934 89% 88% 89%
4929 96)4 96% 97
Mass Gas 4555
95
1931
95%
4555
93% 93%
Miss River Power 55_ _1951
New England Tel 52_ A932 9834 98% 9834
1944 941( 94% 9555
Swift & Co 58
114 116
Warren Bros 7348_ _ 1937 114
9714 97%
Western Tel & Tel 55_1932
Range since Jan. 1.
Low.
$4,000 9834
35,000 42
5,000 80
15,000 55
1.000 70%
4,000 59
4,350 60
3,000 9754
27,000 . 99%
3,500 87
5,000 94%
25,000 91
3,000 92
24.000 97
15,000 9414
19,000 106
18.000 9514
High.
Mar 98% May
Jan 5454 May
Jan 82% Feb
May 55 May
Jan
Jan 73
Mar
Feb 63
Jan 6755 Apr
Apr
May 100
Feb
May 102
Mar
Jan 90
Apr
Jan 97
Jan 95% May
Jan 93% Mar
Apr
Jan 99
May 97% Feb
Jan 124% Mar
Jan 9834 Apr
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange May 3 to May 9, both inclusive, compiled from official lists:
Friday
Sales
Last Week's Range for
Range since Jan. 1.
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Low.
High.
Stocks--- -97
98
Jan
400 97 May 100
Amer Wholesale, pref _ _100
Jan 58 May
263 46
Arundel Sand & Gravel _100 5555 5534 88
flog 11934
7 115
Jan 120
Mar
Atlan Coast L(Conn)_ _100
100
25
25
29 21
Jan 37
Feb
Baltimore Tube
100 56
54
56
345 53
Jan 7354 Feb
Preferred
25
2634 2634
30 26
Jan 2734 Apr
Beneath (I), pref
155 Jan
%
34
100
34 Apr
Gent Teresa Sug,com_ _ _10
19 10934 Jan 112
Feb
Chee & Pot Tel of Balt_100 11034 11034 11055
• 26
26
2635
418 26
'Commercial Credit
Jan 3134 Feb
25
335 2434 Apr 2534 Jan
Preferred
2434 2435
25
2534 2555
131 2434 Feb 2834 Mar
Preferred B
523 z108
Mar 114
Jan
C0111101 Gas, EL & P___100 11234 111 11234
100 107
107 10734
22 x10415 Mar 110
Apt
7% preferred
100 119
119 120
98 11534 Jan 120 Ma)
8% preferred
.
71
7134
Consolidation Coal__ _100 71
116 6934 Apr 8134 Jar
100
104 104
Preferred
2 104 May 104 Ma)
0834 99
235 88
Jan 106
Mai
East Roll Mill,8% Pref.100
25
4754 48
42 46
Equitable Trust. Co
Feb 48
Api
50 7851 7854 78%
159 7855 Apr 82
Jaz
Fidelity & Deposit
40 87
8735 8735
Jan 9334 Fel
H ous 011 prof trust ctfs _100
_25
22% 2254
30 22
Mfrs Finance trust prof
Mar 2234 Mai
25
2434 2434
4 23% Mar 25
let preferred
Fel
25
22)) 22%
30 22
2d preferred
Jan 23
Mai
53 78
Maryland Casualty Co__25
7834 7894
Jan 83
Jai
Maryland Motor Insur_ _50 78
78
78
5 65
Jan 78 Mal
105 105
52 104
Merch & Min Tr Co_ -.100 105
Jan 10634 Ap
New Amster'm Cas Co-100 38% 3814 3834
66 3834 Apr 40
Jai
Northern Central
50
93 72
7234 7234
Apr 74
Fel
Penna Water & Power_100 110
83 9834 Jan 111
10934 110
Fel
Pittsburgh 011, pref
10
4
4
4
100
2
Jan
4
Fel
'Silica Gel Corp V t, COM- •
24
24
15 22
Apr 3034 Fel
Union Trust rights
4
30
335
3
2% May
4 Ma'
United Ity & Electric__ _50 16
16
17
505 16 May 18
Jai
U S Fidelity P Guar__ _50 14614 146% 146%
.
10 145
Apr 15534 Jai
Waits Bait &,Annan, pf_ 50 17
17
107 17 May 28
1734
Ja
Phila Rapid Transit__ _50
Philadelphia Traction_ _ _50
50
Phila & Western
Reading Company
50
Scott Paper Co, pref_..100
Tono-Belmont Devel__ _1
Union Traction
50
50
United Gas Impt
Preferred
50
Warwick Iron & Steel__ _10
Weisbach Co
100
West Jersey & Sea Shore_50
Westmoreland Coal
50
50
York Railways
5955
95
63
55%
35
58%
11
52%
93%
34
3894
63
55%
8
62
36%
64%
42%
3535
59%
11%
5255
95
34
39%
63%
56
8
62
3631
64%
42%
Bonds
88
Amer Gas& Elec 55.. _2007 87)4 86
76% 76%
Atlantic City Gas 5s_ _1960
Atlantic City RR 535s 1929
10055 10054
65
63
Elec & Poop tr ctf 45..1945 65
104 104
Equit Ilium Gas Ss 1928
15
15
Lake Super Corp 55 _1924
84
84
Market St Elev 1st 45_1955
92
9255
Phila Co cons & stpd 551951
Phila Electric 1st 58.._1966 9954 9954 9934
5%8
1947 101% 101% 10134
101% 10135
5555
1953
105% 105%
65
1941
10155 102
Phila & Read term 55_1941 102
94% 94)4
Reading Coal 55
1973
10054 10031
Spanish-Amer Iron 68_1927
,
Unit RY8 gold tr ctf 45_1949 11434 5414' 5411
922
288
150
10
20
2,100
75
986
570
40
22
268
100
100
$6,900
13,500
1.000
11,100
6,000
1,000
1,000
15.000
41,50
30,10
30,00
8,000
3,000
1,000
1.000
,
5 WV
Low.
35
5875
9
52%
9335
7-16
3834
58%
55%
7%
59
36
62)4
32
Mar
84
765( May
100% ma
6235 Jan
Apr
103
13% Mar
84 May
88% Jan
Feb
97
9954 Jan
985( Jan
10335 Jan
101% Apr
93% AP
Apr
100
Rd
1\aa
High.
Jan
39
Jan
64
Jan
12
78% Jan
Feb
97
11-16 Feb
Jan
43
6634 Mar
57)5 Feb
8
Jan
62 May
42
Mar
6614 Feb
4235 may
8934
76%
100%
66
104
19%
84
92%
101
102
102
105%
102
9434
10134
5S
Apr
May
Apr
Mar
May
Feb
May
May
Mar
Mar
Mar
Feb
May
May
Jan
1'1.‘r
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange May 3 to May 9, both inclusive,
compiled from official sales lists:
Stocks-
Friaay
bates
Last 1Veek's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
125
American Shipbuilding_100 5855 5835 5854
95
Armour & Co(Del) pref_100 8455 8431 88
75
995
100 73% 72
Armour dr Co prat
203
15
334
335 3%
Armour Leather
100 6834 6834 70%
210
Preferred
42
760
4355
Balaban & Ktas v t c_ _ _25 42
•
Bassick-Alemite Corp_
2934 3034
355
150
Beaver Board v t c "B" •
134 134
1554 1531
100
100
Pref certifs
22% 2331
245
•
Borg & Beck
..
85
85
195
Cent Ill Pub Seri,/ pref _ _ • 85
220
Chic Motor Coach coin _ _ _5 12355 12335 124
86
115
85
100 85
Preferred
36
25
36
Chic Nipple Mfg"A" _SO
12
12
350
Com Chem of Tenn "B"_ _• 12
Commonwealth EdLson_100 12734 12634 12734 1,901
655
6% 774 1,295
Continental M otors_ _ _ _10
40
40
115
25
Crane Co common
10934 110
80
100
Preferred
57
57%
75
Packing com_ _ 100
Cudahy
Daniel Boone Wool M.25 2451 2454 2654 7,010
255
6255 6334
100
Deere & Co. Prof
118 11854
55
100
Diamond Match
18
285
18
Eddy Paper Corp (The)- •
40
102 102
(The) pref.. A00
Fair corn
•
655 7
120
Gill Mfg Co
25
20
25
Gossard (II W)prat _ _ _100 25
90
82
82
Great Lakes D & D._ ...100 80
102 102
100
Hammermill Par., Pref_100
10
6754 67%
IlIbb Linen Bartlerr dr Co.25
Bonds10 1134 1175 1254 4,975
Hupp Motor
Balt & Spar P & C4%s1953 89
89
89
$1,000 86
Mar 98 Ma
•
49
49
50
Hurley Machine Co
Bernheirner-Leader Stores
100
78
78
100
Illinois Brick
75
1943
10034 10034 1,000 10034 Apr 10154 Fe
84
70
8555
III Nor Utilities prat _ _100
Ch & Pot Tel of Va lst 55'43 9514 9534 9534 1.000 9334 Jan 9555 Ma
2
1
Internat Lamp Corp.__ _25
234 3,331
Cons G,E L & P 4345_1935
9314 9434 7,000 91
Jan 9435 Ma
Kellogg
_ _25
37
38
40
1952
99% 9934 13,000 9734 Jan 9934 At
Series E 534s
Kentucky Hydro EleoCo__
Switchboard_8755 8734
10
Series A 6s
1949
103% 10334 2,500 101% Jan 10374 Fe
92
100
Kup'heimer & Co pref _ _100
92
1931 10634 10655 107 117,000 106
Series C 75
Jan 10834 Fe
455 4%
11
Libby McNeill & Libby_10
Consol Coal ref 5s._ _ _1950
8734 8754 1,000 57
Jan 8834 Ja
McCord Bad Mfg"A" •
32
33
50
'Elkhorn Coal Corp 65_1925 98
4,000 9535 Jan 98 Ma
9751 98
*
McQuay-Norris Mfg
17
17
200
Fair & Clarks Trac 55_1938
91
91
6,000 90
Jan 92
Js
705
Middle West Utile com_ _ _• 5055 SO% 5134
Fairmont Coal 55
1931
9654 9634 2,000 95
Jan 97
Mt
Preferred
IN 86
325
8534 86
Gla Caro & Nor let 55_1929
95
95
1.000 91
Jan 95
Al
100 96% 9634 97%
Prior Lien pref
207
Macon Dub & Say 55_1947
6434 6434 1.000 55
Jan 65
Mt
17
17
100
Murray(1W) mg Co -10
Maryland Elec Ry 1st 55'31
9354 9315 4.000 93
Jan 9535 MI
116 116
20
Nat Carbon prat(new)_100
United Ry & Elea 4s_ _1949 7034 6955 7054 29,000 6814 Mar 7234 Jr
10
National Leather
254
254 334
237
Income 4s
1949 5034 5054 5054 34.000 49
Apr 5234 Js
pifilipsborn's, Inc., tr ctf.1
134 1%
675
Funding 55
134
1936
71
7134 4.500 6234 Jan 75
Jr
10 18
18
Pick (Albert) & Co
1855
190
65
1949 9635 9534 9634 15,000 9534 Apr 9914 Jr
"Wal. TI
anIt A. An nan as 1041 701.4 70
7A lg 90 ono FM
AA.. alt. T.
Pines Winterfront "A"_ _ _5 20
20
2155
585
Pub Serv of No III, corn_ _* 100% 100 10034
398
374
Philadelphia Stock Exchange.
-Record of transactions Pub Serv of No III,com 100 10015 10034 10054
Preferred
100 92
315
at Philadelphia Stock Exchange May 3 to May 9, both Quaker Oats Co. pref _ _100 9954 9134 92
9934 9934
190
Real Silk Hosiery Mills_ _10 2954 29% 3034
750
inclusive, compiled from official sales lists:
Reo Motor
10 1634 16% 1734
375
Standard Gas dr Electric_• 3231 32
520
Friday
3234
Sales
Preferred
50 48
955
47% 48
Last Week's Range for
Range since Jar. 1.
Stewart-Warner Sp, corn_* 65% 6555 6734 10,850
Sale
of Prices.
Week.
100 10154 10135 102
Swift & Co
1,405
Par. Price. Low. High. Shares
StocksLow.
High.
Swift International
15 20
20
2054 1,850
Thompson(J R),com_ _ _25 43
43
43
50
Abbotts Old Dairies, pref
90
90
31 90
Apr 90
Apr Union Carbide & Carbon
10 573.5 57
5854 8,550
Amer Elea Power Co_ _ _ 50 -- I 34 2995 31% 5,726 2234 Apr 3355 Apr
85
234 3
Preferred
100 8355 83
241 77% Mar 84% Apr United Iron Works v t c-50
8355
90
8354 90
American Gas of N
562 7734 Apr 90 May United Light & Power
Common "A" w I a.... _ _* 32
29
32
1,312
• 28% 28% 29
American Stores
1,081 2654 Apr 32
Mar
Common "B" w I a_ __ _• 32% 3114 3251
285
100 91% 90
92
Brill(J G)Co
400 85% Jan 123
Jan
Preferred "A" w i a_ _ _ _• 79% 78% 7934
50%
90
Buff & Susq prat v t o100 5054 50
15 50 May 5255 Mar
Preferred "B" w I a__ _
50
3854 39
44%
60
Cambria Iron
41 38% Apr 41
Mar United Light & Railways _* 4454 44
42
50
42
Catawissa, 1st pref
8 42
Mar 42
Mar
Participating pref._ -100
•
34
3934 4055
•Congoleum Co,Inc
30 37% Apr 66% Feb
.8654 8654
20 82
41% 41%
81
823.4 2,038
Como'Prat, of N J._ -100
10 31
Feb 43
Apr U S GYPsom
Vesta
• 20
44
40
45
20
20
&
400 44 May 52
Cramp(Wm) Sons.-100 44
Feb Wahl Battery Corp, corn..
Co
• 3634 3631 3735
33
100 33
34
275 33 May 6114 Jan
Eisenlohr (OttO)
315
Mall castings- •
85
85
250
100
2154 22
Preferred
10 85
Apr 98
Jan Wanner
56% 5735 1.060 5534 Apr 63% Feb Ward(MonO&Co, w I__ -20 2334 2334 23% 2,100
Klee Storage Battery_ _100
Class "A"
• 105% 105% 106
25
25%
280
•
650 23% Jan 25% Apr
Erie Lighting Co
•
310
35
37
5
5
100
220 33
General Asphalt
Apr 45% Feb Wolff Mfg Corp
36
3654 14,65
285 48% Jan 56
Insurance Co of N A_ _ _ ..10 52% 52;4 53
Feb Wrigley. Jr. common---• 36
63
66
100 46% Jan 66 May Yellow Cab Mfg,CI"B" 10 4734 47
5251 19.635
Kentucky Secur Corp...100 66
634 8
39
135
Keystone Telephone__ _50
615 Jan
4334 12,380
8 May Yellow Cab Co.Inc(Chic)-• 41
Bonds
26
28
95 26
Preferred
50
Apr 30
Jan
3
3
3
600
Lake Superior Corp.._.100
3
Apr
454 Jan Chicago C & C By 55_1927 5054 5031 5034 $25,000
6734
339 6414 Jan 70
7555 7535 5,000
50 67% 67
,'Lehigh Navigation
Jan Chicago Railways 58..l927
55, Series "A"
1927
40% 41%
65 39% Apr 72
61% 6151 5,000
Lehigh valley
50
Jan
45, Series "B"
1927
273( 2835 2,694
6,000
40
40
Warrants
4 Apr 32% Feb
28% 28%
12 2834 Apr 285) May III Bell Tel 1st mtge ref 55,
Lehigh Valley Coal
Series "A"
1956
355 22% Apr 2355 Apr
23
23%
95% 9554 20,00(
Lit Brothers
10
7254 7255
so 7235 May 7335 Jan Metrop W S El 1st 45_1938 67 65 67 13.00C
Northern Central
60
Extension gold 48.._1938 6335 6335 8334 12,005
6 5
5914 59%
Penn Cent Light & Pow_ •
7
Jan 60
Jan Northwest Elev 55_ _ _
. 1941 7534 75
60 82
8235 83
7534 3,00(
Pennsylvania Salt Mfg. 50
Apr 89
Feb
,
4395 44
1,752 42% Jan 46% Jan Pub Ben Co 1st ref g 5s'56
853.4 8574 2,001
Pennsylvania RR
so
South Side Kiev
79 42
11,00(
42
4234
Phila Co. prof(cum 670).50
9774 98
Jan 44
Mar Swift & Co lst 5 f4355_1924 98
g 55_1944
98
Phila Electric of Pa
25 3014 3014 3054 3,839 29% mar 3315 Jan
9534 12,00(
Cab Mfg Co
Warrants
354 3% 2,642
334
3
Mar
335 May Yellow 645 w I
Accept,
a__ _1934 9934 9934 9934 74.001
801 2935 mar 33
Preferred
25 301( 30% 3094
Jan
Phila Germ & Nor
15 11814 Apr 120 May
119)4 120
50
• No par value.
8.3
I
Jan
May
Jan
May
May
Apr
Apr
Jan
Jan
Apr
Feb
Apr
Jan
Feb
i
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange May 3 to May 9, both inclusive:
Range since Jan. 1.
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Outside Stock Exchanges
Bonds
-
2293
THE CHRONICLE
MAY 10 1924.]
2294
THE CHR,CrNICLE
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange May 3 to May 9, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High Shares.
Stocks-
Am Wind Glass Mach_ _100
Preferred
100
Arkansas Nat Gas, com_10
554
Carnegie Lead & Misc.__ _5
251
Consolidated Ice, com-50
Preferred
50
Duquesne Light,7% prcf_ Indep Brewing, corn_ _SO
_ _ 50
Preferred 50
Jones Laugh'n St'l, pf_ _100
Lone Star Gas
25 28
Mfrs Light dr Heat
50 5134
Nat Fireproofing, corn_ SO
Preferred
50 22%
Ohio Fuel Oil
1
Ohio Fuel Supply
25 3251
Oklahoma Natural Gas 25
Peoples Say .5c Trust__ _100
Pfttsburgh Brew,corn_ _ _50
Pittsburgh Coal, pref_ _100
Pitts & Mt Shasta Cop_ _ _1
Pittsburgh Plate Glass_100 235
Salt Creek Consol 011_ _ _10
934
Stand Plate Glass, corn__ _• 3251
Prior preferred
Stand San'y Mfg, com_100
Tidal Osage Oil
10
Union National Bank_ _100
Union Natural Gas
25 2854
West'house Air Brake__ _50
W'house El & Mfg. com_50
%Vest Penn Rys, pref _100
BondsIndep Brewing 6s
1955
Pittsburgh Brew Bs__ _1949
West Penn Rys 55_ _ _1931
Range since Jan. 1.
Low.
High.
89
89
200 8854 Apr
94
94
190 9354 Apr
554 534
365
5
Apr
151 4
14,010
151 May
154
154
100
134 Apr
18
18
45 1734 Feb
103% 10334
30 102
Mar
4
4
50
2
Apr
834 8%
65
634 Apr
110 110
Mar
15 104
27
28
695 2634 Jan
.51
5154
125 51
Apr
854 834
210
714 Jan
22
22%
436 2034 Jan
1254 13
395 1254 Mar
32
3234
872 31% Apr
2231 23
790 22% Jan
325 325
Feb
7 310
234 234
134 Jan
20
99
99
15 9454 Mar
6c
8c
6,000
5c Mar
235 235
20 209
Jan
9
934
754 Apr
980
29
33
13,335 25
Jan
9914 9955
10 9914 Apr
98
98
10 98 May
12
13
200 10
Jan
340 340
15 340 May
28- 2834
615 23% Feb
90 • 90
144 84
Feb
56
5634
272 56
May
8454 8454
10 8334 Apr
8034 8034 $3,000
8214 8234 1,000
93
93
2,000
80
Apr
8234 May
92
Feb
9654 Feb
9634 Mar
Jan
7
Apr
6
131 Feb
Jan
19
10654 Feb
4 May
9 May
11034 Feb
2834 Jan
5414 Jan
034 Feb
2454 Feb
1614 Jan
3314 Feb
2514 Mar
325 May
Jan
8
Apr
100
11c Jan
Mar
285
1054 Jan
Mar
39
9954 Apr
Jan
110
Jan
16
390 May
2934 Jan
9831 Jan
65
Jan
8534 Feb
8234 Jan
8255 May
93 May
St. Louis Stock Exchange.
-Record of transactions.at
St. Louis Stock Exchange May 3 to May 9, both inclusive, compiled from official sales lists:
Frtaal,
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low, High. Shares.
Stocks-
•
First ational Bank
Not B ,nk of Commerce_ _ _
Mississ1.,,,i Valley Trust _ _ _
United Railways preferred_
Brown Shoe common
Certain-teed Prod jet pref.. 74
Emers n Electric pref _ _ 90
Ely&N alkerDryGds.lstpi.
Fulton Iron Works COOL
Hydra dic Press Brick corn_
Intern tional Shoe common
Pref rred '
Lacled . Gas Light pref___ 76
Merm d, Jaccard dr Co pf_
Nationid Candy common__
Southa estern Bell Tel prat 10434
Wagne • Electric common__ __ __
Johnso 1 Stephen Shoe.... 54
Bon Is
United Railways 45
67
48 C D
St Loul3 Sub gen 55 C D__ _____
Miss R v & Bonne T Ry 58_
Lacled nos! 51.4.1
199 199
141 142
260 260
1
115 1151
47
49
74
74
90
91
10234 10254
32
32
454 414
73
7334
1153.4 11534
76
76
9854 100
81
81
104 104%
24% 25
54
54
67
6654
65
9534
02
Range since Jan. 1.
High.
Low.
80
21
15
200
50
25
7
13
25
15
135
152
10
92
5
92
97
10
199
139
256
934
42
74
90
101
32
41.4
73
11514
7014
94
90
103
2431
35
67 314,000
663, 9.000
2,000
66
96
2.000
82
2.960
61
81
6234
9554
92
May
May
May
Mar
Apr
Apr
Mar
May
Jan
200
147
265
1134
5054
80
96
103
3554
6
7055
118
76
10034
92
10551
3454
57
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Feb
May
Mar
Jan
AIM
Jan
Mar
Mar
Mar
Mar
May
May
67
6654
66
96
924
May
May
May
May
Mar
May
Apr
Apr
May
Apr
May
May
Mar
may
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from May 3 to
May 9, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Week ending May 9.
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices
Par. Price. Low. High. Shares
Indus. & Miscellaneous.
Amer Cotton Fab,pref_100
Amer Cyanamid,corn _ _100
100
Preferred
Amer Gas & Elec, com- •
50
Preferred
Amerlcan-Hawallan /38__10
Amer Lt & Tree,corn--100
Amer Power dr Lt,com_100
Appalachian Pow com_100
Armour Leather, pref._100
Borden Co,common___100
100
Preferred
Bridgeport Machine Co- •
Brit
-Amer Tob ord bear_11
Ordinary registered_ _El
10
Brooklyn City RR
Candy Products Corp__-_2
Car Ltg & Power,com_ _25
Centrifugal Cast Iron Me.
Checker Cab Mfg Class A •
Chic Nipple Mfg CI A__50
50
Class B
Childs Co, new stock----•
Cities Service, com_-...100
100
Preferred
10
Preferred B
100
Preferred BB
Stock scrip
•
Cash scrip
•
Bankers' shares
Colorado Power, com--100
Com'wealth Pr Corp.._.*
•
Cuba Company
Davies(Wm)Co.class A.
Doehler Die Casting w 1...•
Dubiller Condenser & Rad•
Dunhill International- •
Du Pont Motors, Inc__ _.•
•
Durant Motors. Inc
Elec Bond At Sh. pref__100
Electric Ry Securities_ _ _ _•
=...._,.._....... 55-- 5. r.. v, r•
• No par value.
97
1134
12434
67
12414
1214
134
14234
87
71
81
13
2034
3254
2
1651
1534
2544
97
600
9734
96 105
170
76
6
76
66,4 67
200
43
100
43
934 1134 1,700
575
12434 12634
251 258
140
68
67
180
69
69
10
118 1263.4
595
106 108
10
854
8
200
233/ 2334 2,110
2334 2334 1,600
1151 1234
900
134 1% 18,400
15i 1%
100
2811 2834
500
20
20
100
37
37
300
1534 1534
300
32
32
200
142 14334
190
7354 7334 1,000
634 651
700
87
67
100
87
87 311,000
71
71
$4,000
1434 1411
600
3434 34%
70
82
80
240
36
3634
300
14
13
200
1954 2234 7,500
3114 3434 9.500
2334 24
400
154 234 3,200
1654 1834 5,800
9834 9951
50
18
345
14
2534 2534
900
Range since Jan. 1.
Low.
High.
Jan
95
Apr
93
76 May
4334 Jan
4134 Apr
Apr
8
11834 Jan
Jan
202
87 May
Apr
69
11714 Mar
Mar
100
731 Apr
2034 Jan
2151 Feb
1054 Jan
Vt. Apr
154 Apr
2534 Apr
17
Apr
35
Apr
1534 May
32
May
141
Apr
6734 Jan
611 Jan
84
Mar
Jan
77
Mar
71
1334 Apr
2234 Feb
56
Feb
Apr
35
13 May
1934 May
1034 Jan
2351 May
1
Mar
1534 May
97
Jan
11
Mar
2511 May
Mar
98
May
105
70 May
6834 Apr
4354 Feb
Jan
14
13534 Mar
258 May
68 May
Feb
76
12834 May
May
106
1234 Mar
2334 May
2334 May
Jan
14
234 Feb
234 Jan
3134 Jan
Jan
90
4054 Jan
2234 Jan
Jan
37
Feb
155
7334 May
634 Mar
6734 May
Fab
98
Jan
74
Jan
16
3434 May
82 May
4034 Feb
Mar
18
2234 Mar
3534 May
2834 Jan
351 Jan
BM Jan
Mar
100
May
16
28
Mar
[VoL. 118.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Federal Light & Tr, com •
Ford Motor of Canada.100
Gillette Safety Razor._ --• 266
Glen Alden Coal
• 97
Goodyear Tire & R,com100
Grand 5-10-25c.Stores- • 55
Havana Tob pf eft dep _100
4
Hazeltine Corp. w 1
•
Hayden Chemical
•
Hudson Cos,pref
100 2751
Hudson & Mauls.corn_ _100 1514
100
Preferred
Imperial Tob of GB&I__f1
Intercontinental Rubb_100
Intemat Concrete Indus-10
Kresge Dept Stores, corn_• 493.4
Preferred
96
Landover Hold Corp el A _1
8
Lehigh Power Securities..
•
Lehigh Val Coal Sales_..50 7334
Leh Vail Coal efts, new. wi
2011
Liggetts International, pref
Lupton(FM)Pub Cl A._•
Mercurbank(Vienna)Am sh
Mesabi Iron Co
•
254
Middle West Utilities_ _100 5134
Midvale Co
_
• 2254
Mississip Ely Pow,corn 100
National Leather
10
Nat Power & Light, corn_•
National Tea corn
• 371
New Fiction Pub Co,com 5
New Sfax & Ariz Land_ _.1
7
N Y Telep 654% pref._100 10074
Otis Eiev new common_50
Paige-Detroit Mot Car__10
Peerless Truck & Motor_ 50
Radio Corp of Amer,com-•
3%
Preferred
Repetti, Inc
5
Republic Ry &0,corn _100
Preferred
100
Republic Ry & L, prof_100
Richmond Radiator com100 1711
Rickenbacker Motor
_10
7%
Rosenb'm Grain Corp,pt 50
Silica Gel Corp corn v t 0-•
Singer Manufacturing--100
Southern Coal & Iron_ __ _5
70
Standard Motor Constr_10
Standard Plate Glass. corn* 333.4
Stutz Motor Car
•
8
Swift & Co
100
Swift International
15
Tenn Elec Pow, 2d prof. 8 6331
.
Tob Prod Exports Corp_.•
414
Union Carbide & Carbon.*
Unit Bakeries Corp, com_• 60
Preferred
100 8934
United Profit Sharing----1
6%
Unit Retail Stores Candy-8
5
United Shoe Mach. corn.25
US Food Prod vtcw I.__
US Light & Heat,com__10
Preferred
10 950
Unit Pipe dr Bad com
,
_•
Preferred
100
Ward Corp Corn el A.
Class B
1736
7% preferred
100
Waring Hat Mfg
•
Warner Bros Pictures
Wayne Coal
5
Western Power,corn _100
Yel Taxi corp. NY,new' 20%
4341
Former Standard Oil
Subsidiaries
Anglo-American 011_ _ _ £1
Borne Serymser Co_ _ _ _100
Buckeye Pipe Line
50
Chesebrough Mfg,new._25
Blair & Co interim rots_
Continental Oil
25
Cumberland Pipe Lime_ 100
Eureka Pipe Line
100
Galena-Signal Oil, com-100
Humble 011 & Refining_ _25
Illinois Pipe Line
100
Imperial 011(Can) coup_25
Magnolia Petroleum_ _100
National Transit._._12.50
Northern Pipe Line__ _100
Ohio 011
25
Penn Mex Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
Southern Pipe Line__ _100
So West Pa Pipe Lines_100
Standard 011(Indiana)
..2i
Standard Oil (Kansa/0_21r
Standard Oil(KY)
25
Standard Oil(Neb) ---100
Standard 011 of N Y__ _25
Stand Olt (Ohio) com-100
Swan & Finch
100
Vacuum 011
25
Range since Jan. 1.
Low.
High.
78
78
Feb 78 May
10 71
452 452
10 423
Jan 482
Apr
265 269
280 285 May 2 9L4 5lay
A pr
82
5
93% 100
19.300 76% Jan
10
10%
800
834 Jan 11% Jan
49% 56
1.700 35
Feb 58 May
4
4
4
100
Mar
454 Mar
1711 18% 1,700 13
Feb
Slay
151 1% 1,000
1% Jan 18342 54 Jan
n
2634 28
1,500 17% Feb 28
15
1514 3,900
934 Mar 15% Ma y
54% 54%
100 4714 Mar 54% May
15% 15%
200 15
Jan 15% Apr
3
3
254 Apr
200
Feb
5
10
10
300
Apr 123.4 Jan
9
49
5014 1,900 41
Jan 5354 Mar
96
96
100 90
Feb 9954 Mar
8
8
200
75/ May 13
Feb
6014 6214 1,700 33
Jan
May
7334 7654
550 7354 Apr 6254 Feb
89M
28
2914 20,800 26% Apr 35% Jan
70
70
40 53
Apr
14
13
20)
534 Jan 14 Ma1'
70
M
ay
11
11
200 11
May 14
Jan
251 434 26,1(10
251 MaY
8% Jan
5134 513.4
13 5154 Apr 51,4 Apr
22
23
2.400 18
Jan 25,4 Mar
23
23
100 19
Feb 25
Apr
23-4 234
100
23.1 Apr
414 Jan
11254 115
20 8314 Mar 115 May
357 373
390 322
Apr 373 May
1
1
1
200
May
4
Feb
7
8
6.500
3% Jan 10
Apr
100% 110
Mar 112
500 109
Jan
73
73
100 7214 Apr 78
Apr
14
14
100 13
Apr 18
Feb
18
1814
400 18 May 2633 Jan
3% 3% 8.800
331 Apr
454 4Ift 5,100
Jan
4
4 4 jn
4 Ja
85e 65c
100 500 Mar
26
26
10 18
Jan 26 M Mall
1
jy
53
53
Jan 53 May
10 44
53
53
44
Jan
14
1734
800 14% May 1714 May
714
7
7 may
300
7% May
48% 4834
Feb 50
8
100
Jan
2334 2434
400 20% Feb 35
Jan
13414 13414
10 125
Jan 148
Jan
5c
Lic 37,000
5e May 170 Jan
2% 254
2% Jan
300
2% Star
32
3354
Apr 38% Feb
500 27
8
8
100
7
Apr 1554 Jan
10155 102
Jan 105
70 101
Feb
2051 2034
100 1851 Mar 22
Jan
8251 6354
b
r
400 49% Jan 6633%4
434 434 2,000
354 Feb
54 Feb
57% 57%
400 56
Apr
Feb
5734 6351 4,000 43
Feb 63% May
8834 8934
600 85
Jan 891 May
71
6
6% 6,100
6
Apr
4% 5% 4,600
Mar
4
53.4 Jan
38
3654
400 34,4 Apr 36% Feb
734 7%
734 Feb 11
100
Feb
70c ?Sc
300 70e mar
1.34 Jae
95c 95c
100 95c May
14% 17
5,800 12
Apr 17
"4 j n
Ja
5634 5834 1,100 56% May 6154 Jan
66
67
2,200 5236 Jan 8174 Feb
17
1714
200 1434 Apr 22% Jan
80% 80%
31)0 7954 Jan 85
Feb
5
4
4 may
200
7
8
500
7
MaY 12
831 Jan
40c 40c
1,000 400 May 930 Jan
27
27
103 26
Mar 30% Apr
2051 22
900 17 . Apr 39% Jan
1634 16% 1634
500 15% Jan 18
Feb
220
220 224
Jan 265
20 155
Mar
63
62
210 60
Apr 951.4 Jan
4834 4854 501,4 2,600 4034 May 5214 Mar
50
50
50
200 50 may 5214 Apr
3951 39% 39%
100 393-4 May 5434 Jan
134
133 135
110 110% Jan 144
Feb
9654 9654
Feb 105
40 95
Jan
59
57
59
Mar 6934 Jan
45 57
38
3854
800 3534 Jan 43% Mar
133
130% 137
Apr 161
70 180
Jan
102
101,4 10314 1,250 99
Apr 119
Jan
134 136
May 162
85 134
Jan
22
300 21
22%
Apr 2731 Feb
99
99
20 94
Jan 10754 Jan
6354 6254 64
1,900 60% Apr 7954 Jan
38
37% 3951 2,600 32
Apr 43
Jan
217
216% 228
4,100 215
Apr 269
Jan
103
10254 10455
895 100
Feb iii
Jan
188
185 194
120 183
Jan 230
Jan
135
13354 138
260 130
Apr 171
Jan
97
97
10 90% Feb 100
Jan
8414
8434
10 80
Feb 89
Jan
57% 57% 59
60,000 55% Apr 68% Jan
4034 40% 41
600 3954 Mar 5034 Jan
10314 103% 10534 3,000 102% Apr 120
Jan
23314 232 235
1,130 199
Jan 2563.4 Jan
38% 3851 4054 8,600 3834 Apr 48
Jan
290
287 292%
150 28014 Apr 335
Jan
47
43
47
280 88
Jan 81
Jan
61
59,4 61
9,400 5634 Jan 6931 Feb
Other 011 Stocks
Arkansas Nat Gas com_ _10
514
Boston-Wyoming Oil__ _I
British Controlled 011 F...
Carib Syndicate
4%
Consolidated Royalties_ _I
Creole Syndicate
5 4%
Derby Olt dr Refg
4
Engineers Petroleum Co..1 11c
Federal 011
5 22c
Gilliland Oil v t c
Gulf Oil Corp of Pa
25 59
Hudson Oil
4c
International Petroleum_.• 1774
Kirby Petroleum
•
Lago Petroleum Corp....*
434
Latin-Amer 011
1
Livingston Petroleum ' 15/
Marland Oil of Mex
1
Mexican Pantie° OIL _ _10
151
Mexico 011 Corporation-10 100
Midwest 011 new
Mountain & Gulf 011
1
1%
Mountain Producers_ _ _10 18%
Mutual 011 Vol trust etft-5 10
Natural Fuel Gas
• 9174
New Bradford 011
5
New England Fuel 011_ _5
New York 011
25
Noble(Chas F)O&G,com _1
Northwest Oil
1
554
750
254
4
151
4%
4
100
200
3%
58%
30
17%
1%
451
100
154
251
1%
100
27%
1911
18%
10
9134
5%
2714
11%
5%
75o
214
414
134
514
5
12c
220
3,4
59
Se
18%
1%
5
30c
134
254
134
13o
2734
1%
1954
1034
9134
5,4
27%
1134
200
1,800
400
1,700
300
11,700
700
77,000
2.000
400
1,300
23,000
14,000
700
78,100
3,000
2,200
100
1,300
6,000
100
2,900
5,200
26,300
35
1,500
100
100
4,000
-3.000
514 Mar
May
76° May
2
23.4
4
May
7
1%
234
6%
114
534
8
13o
60c
534
65
7c
2214
2%
5
llt•
434
1%
300
2714
1%
1934
1354
91%
651
29
14
160
Jan
2
134 j
4 May
Mar
200 Apr
3
e
151 Jan
7 i J pr
3
5 t Aan
May
175 Apr
14
234 Jan
10 May
6054
2
0
70e
10o
2754
1,4
16
Jan
Jan
May
Jan
Feb
Apr
Jan
Apr
Jan
Feb
Jan
Jan
Feb
Jan
May
Jan
Apr
Jan
May
Mar
Feb
134 Apr
AI%
M
Jan
May
May
Jan
Feb
81034 M eb
5
4
F yn
jaa
20
Jan
9,4 Jan
To 'Jan
-
may
Jan
May
Jan
Feb
Feb
Feb
- Jan
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Other Oil Stocks
(Concluded)
Par. Price. Low. High. Shares.
1
Ohio Ranger
10
Omar Oil & Gas
14
Peer 011 Corporation- _•
Pennsylvania Beaver 011.1
10 14%
Pennok 011
25 22
Red Bank 011
494
Royal Can Oil Syndicate.
•
Ryan Consol Petrol
10
9%
Salt Creek Cons 011
Salt Creek Producers-10 24%
2
5
Sapulpa Refining
5
Savoy 011
5 63c
Seaboard Oil& Gas
220
Sunstar 011
Tidal Osage Oil vot stk. •
Western States Oil& 055-1
5%
1
Wilcox 011 & Gas
Woodly Petroleum Co__ -- 11%
1
"Y" 011 & Gas
Kilning Stocks
20
Alvarado M & M
Arizona Globe Copper_ _1
Black Oak Mines Co
Calumet & Jerome CoPP-1
10
Canario Copper
1
Cash Boy Consol
Central Amer Mines,Ino.1
Consol Copper Mines_ -1
Consol Nevada Utah
1
Cortez Silver
Cresson Con Gold M & N-1
Diamond!B1 "Suite (reorg)
1
Divide Extension
1
Emma Silver
Engineer Gold Mines Ltd-6
1
Eureka Crowns
Goldfield Deep Mines .5c
Goldfield Development _
1
Goldfield Florence
Gold Zone Divide
1
Hard Shell Mining
10c
Harmill Divide
Hasbrouck Divide
Hawthorn Mines, Inc
25c
liecla Mining
Hilltop-Nevada Mining._1
Hollinger Cons Gold Min..6
1
Howe Sound Co
.1
Iron Blossom Con Ma..
Jerome Verde Develop't....1
Jib Consol Mining
Jim Butler Tonopah
1
Kay Copper Co
5
Kerr Lake
Knox Divide
Lone Star Consolidated..1
5
Mason Valley Mines
Metals Production Co.._
National Tin Corp
50e
Nevada Hills
New Cornelia
New Dominion Copper---5
New Jersey Zinc
100
New Sutherland Divide...
Nipissing Mines
6
Ohio Copper
1
Parmac Porcupine Min_ _ _1
Plymouth Lead Mines_l
Ray Hercules, Inc
5
Red Hills Florence
Red Warrior
Reorg Div Ann M
Rocky Mt Smelt & Ref _ _
Preferred
San Toy Mining
1
Silver King Divide (reorg) _
Silversmith Mines
South Amer Gold & Plat.1
Spearhead
1
Standard Sliver-Lead. 1
Success Mining
1
Teck-Hughes
1
Tonopah Belmont Devel_ 1
Tonopah Divide
Tonopah Extension
1
Tonopah Mining
1
Trinity Copper
United Eastern Mining_ _1
United Verde Extension 50c
Unity Gold Mines
5
Walker Mining
Wenden Copper MiningWest End Consol
6
West End Extension MM..
Western Utah Copper__..1
White Knob Copper, prof..
Yukon Gold Co
5
68c
9c
37c
345
13c
2c
1554
14c
4c
2c
70
20c
834
950
1
1
80
18%
2%
1334
9c
694
83c
14c
30e
1%
134
43c
4c
500
22c
30e
60c
244
154
30
Bonds
Allied Park cony deb 6s'39
Aluminum Cool Am 78233
7e
1925
Amer Cotton 0116s_ _1924
Amer G & E deb 63_2014
Amer Rolling Mill 60.1938
Am Sumatm Tob 7550 1925
American Thread 0..1928
Anaconda Cop Min 6s..1929
Anglo-Amer Oil 7%0.1925
Antilla Sugar 7%s.._ _1939
Assoc Simmons 1Iardw1933
6He
All Gulf & WISS L 581959
Beaver Board Co 8s..-1933
Beth Steel equip 7s-1936
1948
OsSeriesAwi
Canadian Nat Rye 70_1935
1925
60
Chic Milw & St P RY1925
Franc 48
Chic RI at Pao 645..1920
Cities Service 75, Ser C '66
1960
78 Series D
Cons GEL &P Balt Os'49
1931
7.
1951
64s Series D
1952
54s
1941
Consol Textile 8s
Cont Pap & Bag M 648'44
1941
Cuban Tel 794s
Cudahy Pk. deb. 6451937
5s
1946
Deere & Co 745
1931
Detroit City Gas 65 1947
Detroit Edison 6s.., 1932
DunlopT&R of Am 70 1942
Duquesne Light 5413 _1949
Federal Sugar 85
1933
2295
THE CHRONICLE
MAY 10 1924.]
56
102%
100%
94%
99%
1024
101%
102%
90
544
10344
109%
99%
95
92
103
106%
79
92%
1064
101
914
100%
98
4c
68c
1%
40e
14%
19%
391
434
9
2494
2
3
50c
19c
1194
200
594
10
70
Sc
68c
1%
42c
15
23%
444
9%
26
2
391
60c
22c
11%
20c
12
Te
4.000
1,000
300
5,003
2,800
3.300
9,800
900
3,030
5,600
800
700
21,500
30,000
100
1,000
4,000
14,200
1,000
Range since Jan. 1.
Low.
2c
55c
144
38e
125(
54
254
354
8
194
820
1%
500
15c
8
15c
54
7
7c
Jan
Feb
Apr
Apr
Jan
Jan
Apr
Jan
Feb
Feb
Jan
Jan
May
Apr
Jan
AP
May
Apr
Jan
High.
6c
800
6
62c
15%
2514
44
554
10%
26%
2%
341
2
22c
16
300
854
12
140
Apr
Jan
Jan
Feb
Jan
Apr
Jan
Mar
Jan
May
Mar
Jan
Jan
may
Jan
Jan
Feb
May
Feb
Bonds (Concluded)-
Friday
Last lireek's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
1926
Fisher Body 6s
1927
(35
1928
68
Gale (Robert) Co 7s-1937
Galena-Signal Oil 7e..1930
General Asphalt 85-.1930
General Petroleum 60.1928
Grand Trunk Ry 6445-1936
1937
Gulf 01101 Pa 5s
1926
Serial 5945
1936
Hood Rubber 76
Interboro R T 8s A _1922
Internat Match 814s-1943
Kan City Term Ry 548'26
Kennecott Copper 7s_1930
Lehigh Power Secur 68 1927
LehighValliarbTerm5a*54
Libby,McNelibtLibby7a 31
.
Liggett Winchester 75_1942
1940
Lukens Steel 8s
Manitoba Power 7s__-1941
M StP &SS M 545_1949
1930
Morrb;& Co7As
National Leather 811_1925
Nebraska Power (is A.2022
New Ori Pub Serv 50-.1952
Nor States Pow 6446-1933
1952
Ohio Power 58
1936
Park & Tilford 6s
Penn Pow & Light 5s B252
Phila Electric 510-1953
1947
514s
1941
as
PublicSeryiceCorp7a 1941
1933
Pure 011 Co 634e
Shawsheen Mho 75.-1931
1934
Solvay & Cie 6s
South Calif Edison 58_1944
Stand Oil of N Y 645_1933
7% serial gold deb._1925
7% serial gold deb 1926
7% serial gold deb...1927
7% serial gold deb__1928
7% serial gold deb__1929
7% serial gold deb-1930
7% serial gold deb-1931
1929
Sun Co Os
Superior Oil Corp 75_ _1929
With warrants
Swift & Co 5s__Oct 15 1982
Tidal-Osage 011 7a....1911
Union El L&P of 11154411'54
Union 0116s Ser B._ _ _1926
lJnited 011Produc Ss_ _1931
Unit Rys of HaVana 745'36
1936
Vacuum 01178
WebsterMills694%notes'33
101
105
10534
9534
100
101
10514
100
9834
9934
101 10134 818,000
10011 100% 9.000
1004 100% 24,000
96
10,000
95
104% 105% 19,000
10344 104% 35,000
9894 964 25,000
18,000
105% 106
9544 9544 77,000
10041 100% 4,000
9944 100% 10,000
120 120
1,000
93
9354 79.000
5,000
101 101
105 10544 57,000
14,000
9934 100
9811 9834 46,000
99% 9934 37.000
10491 104% 2,000
99% 9954 2,000
10,000
9654 97
8334 8434 6,000
94
9434 28,000
96
9634 20,000
8634 864 1,000
8454 74% 25,000
9894 99
93,000
16,000
8754 88
94
9434 30,000
89% 9011 16,000
1013.4 10134 15,000
10134 10154 1.000
10534 10534 2,000
10614 10634 63,000
9441 95
46,000
103 103
7,000
99
9934 18,000
8934 9054 13,000
105% 106% 11,000
10134101% 9,000
1024 10394 15,000
10554 105% 10,000
10834 1064 8,000
106% 1064 14,003
106% 10615 9,000
106% 10634 11,000
9934 100
14,000
Range since Jan. 1.
Low.
9941 Jan
984 Jan
9734 Jan
95 May
10441 Jan
10214 Mar
9444 Jan
10544 Jan
94
Jan
100
Mar
9944 Apr
120 May
924 Jan
100% Jan
103
Jan
96
Jan
9554 Jan
984 Jan
1024 Jan
9934 May
9554 Jan
83
Apr
93
Apr
9254 Apr
8644 May
8154 Jan
98
Jan
8434 Jan
Feb
84
8734 Jan
984 Jan
984 Jan
10444 Jan
101
Jan
9234 Jan
102
Jan
99
Apr
89% Jan
10554 Jan
10144 Mar
10244 May
105
Feb
105
Jan
10534 Mar
105
Feb
108
Mar
96
Feb
High.
101% May
100% Apr
100% May
100
Aga
1054 Feb
105% Jan
97
Jan
10754 Aar
Jan
96
10041 May
Jan
102
120 May
94
Jan
10144 Max
10544 May
1004 May
984 May
Feb
101
105
Apr
9911 May
9834 Jae
88
Feb
10034 Feb
Ms:
101
8644 May
8534 Jan
100
Mai
8834 Feb
9431 May
9034 May
10194 May
10154 May
106
Mar
107% Mal
9654 MM
10454 Mal
9934 Am
Mai
91
1073' Jar
Jar
102
Jar
105
Jar
106
1064 Pal
10654 Mal
10734 Mal
Fel
109
100 Mai
8331
9494
134 Mar
96%
12e Jan
864
68c May
844
10c Jan
99
May
2% Mar
Mar
6c May
9434
Jan
1% Mar
90%
Jan
(Pis Feb
Apr
Sc Feb
Apr 700 Mar
44 Jan
May
10644
Jan 15c May
9434
Mar
5c Feb
Jan
lc Jan
9944
Mar 154 May
9034
650 Apr 160 Jan
106
80 Jan
3c Mar
101%
30 May 10c Jan
1e m ar
140 Mar 42e Jan
12c Jan
50 Jan
le Feb
10654
8c May
2c Jan
10614
7c May
7c May
10834
20c May 82c Jan
993.4
854 Jan
9% Mar
c Feb
7e Mar
135 135
135
Mar 150
2,000 124
AP'
1144 Mar 12% Apr
90% 9034 9154 50,000 9034 May 9331 Jai
Jan
2% Jan
3
10394 10344 4,000 101% Jan 104% AAle
27c Apr 32c Jan
9591 95
9594 66,000 9441 Apr 96% Jar
Jan
92c May
2
993,1 10194 10194 4,000 100% Mar 101% Mal
16o Mar 50e Feb
63
58
634 18,000 45
2c AP
Apr 79% Fel
3c Jan
107 107% 16,000 10544 Jan 107% Mar
Apr
1
lire Apr
106% 10634 107% 28,000 106
Jan 10754 Jai1
2% Jan
1% Ma
Jar
100% 10034 101
le May
33,000 10034 Jan 102
lc May
2c Mar
70 Jan
Foreign Government
134 Fe 1% Jan
Apr
1
Feb
2
and Municipalities
1945
7c' Apr 140 Feb Mexican Govt 48
Fel
304 31% 17,000 2836 Jan 34
5e Jan 27c May
Certificates of deposit_
90
9044 14,000
8941 Apr 9634 Jai
15% Jan 184( Feb Netherlands(Kingd)65.1312
141 Jan
3
Mar
Extol 6s of 1924-1954 9894 9654 98% 24,000 984 May 934 Ma:
9894 9914 35,000 9714 Jan 9954 Ap
134% May 151% Jan Peru (Republic of) 68..1932 99
59
3,000 57 May 59 Ma:
57
8e Apr 110 Apr Poland (ilepub of) 60.1940
Jan 2054 Fel
3,000
9
1314 14
544 Jan
6% Mar Russian Govt 6448-1919
Jan 2014 Aral
13
13
13
18,000 10
650 Ma
86e Jan
Certificates
Fel
9% Jan 19
7,000
13
14
1921
20e May 67e Mar
53.4s
944 Jan 18% Ma
14
1494 5,009
80o Jan 48c May
Certificates
Jai
be Ma
380 Feb Switzerland Govt 54s 1929 974 9711 97% 31,000 9734 Apr 100
1926 9954 9834 9854 114,000 974 Jan 98%,Ma:
R:t A %, notes
50 Jan
le Jan
210 Jan 480 Feb
6c Mar 15e Mar
• No par value. k Correction. m Dollars per 1,000 ire flat. I Listed on the
1
Apr
1% Apr Stock Exchange this week, where additional transactions will be found. o New
14 Apr
1
Apr
Option sale. to When Issued. x Ex-dividend. y Ex-rights. g Ex-stock
2c Apr
Sc Feb stock. a
Sc Apr dividend
9c Jan
35c Mar 45c May
Feb
4
244 Jan
8c Feb Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
20 Jan
100 Jan 16c Jan
300 May Mc Feb
I1*.
/M.
14 Apr
1% Jan
Maturity.
Rate. Bid. Aafte4.
Maturity.
Rase. Bid. Asked.
40c Apr 75c Feb
22c May 40c Feb June 15 1924_.
- 434% 10154 101%
,
% 1007ss 100 3: Dee. 15 1927
14 Jan
341e May Sept. 15 1924 _ 54% 10051 100%
Mar.15 1927.
- 44% 1011%. 102114
100%
134 Jan
100
1 uo• Jan liar. 15 1925... 454% 10054 100% June 15,1924...- 4%
30e Apr 80c Jan Mar.15 1928
44% 100% 100%
434% 101 11 101,
,
1i Dec. 16 1924
57e Apr
1418 Feb Dec. 15 1925
10051s 100%
444% 1004 100%
Mar. 15 1925.... 4%
284 Feb 29
Jan Sept.15 1928... 434% 100 1s 100111e.
,
Jan
1
291 Feb June 151925... 434% 100% 100%
84( Jae
4 c ,)
:1
At%y
lti r
1% Jan
860 Jan
CURRENT NOTICES.
3c Jan
80 Jan
20e May 40c Jan
-George W.Lewis & Co., members of the San Francisco Stock and Bond
000 Mar 650 Mar
80o Feb 80c Jan Exchange, have opened offices in the Kohl Building, San Francisco. where
they will conduct a general investment business in bonds and stocks.
Harold D. Padgett, formerly with Strassburger & Co. and Hunter
56
56
654 May 709( Jan
87,00
1064 106% 10,000 105% Mar 107% th111 Dulin & Co., has opened offices at 341 Montgomery St., San Francisco,
102% 10254 23,000 101% Jan 103% Mar where he will do a general investment business in stocks and bonds.
100% 100% 1,00 100
Jan 1004 Mar
94
94% 275,000 94
-Samuel Foster Balentine announces the opening of offices in the Loew's
Feb 95% Jan
994 99% 25,00
98% Apr 100
Feb State Building, Las Angeles, Calif., where he will do a general brokerage
92
4,000 78
93
Ma
99
Feb
1024 1024 1,00 1014 Jan 10214 Jan business in high grade unlisted and listed stocks and bonds.
101% 1024 50,000 101
Feb 10236 Jan
__Arthur S. Frandsen and W. J. Connaughton have joined the firm
102 1024 7,00 10144 Mar 102% Mar
of Bortle & Co.. investment bankers. Both of these men have been with
98
98
30,00
98
Ma
983.1 Mar
the National City Co. for the past five years.
90
74,000 89
90
Mar 9314 Feb
-Corrigan, Hilliker & Corrigan, Grand Rapids, Mich., announce the
54
54% 54,000 42
Jan 5
444 May resignation and withdrawal of Charles F. Bilker and a resumption of the
72
73
10,000 70
Jan 79% Jan
102% 10394 61.000 102% Feb 103% Mar firm name of Corrigan Co.
96% 9691 4,000 96% May 96% May
The Empire Bond & Mortgage Corp., National City Bldg., 42d St.
108% 109% 36,000 108% Jan 10941 May
99% 10014 5,000 9941 Jan 1003.4 Mar and Madison Ave., announce the election of Charles L. Parmelee as
Vice-President.
69% 100,000 64% Apr 69% May
69
-Irving Bank-Columbia Trust Co. has been appointed transfer agent o,
99% 99% 7,000 97% Jan 99% Apr
94% 95
20,000 89
Jan 954 Mar the common stock of the Wolfe Oil Corporation and of the Diamond Match
14,000 87% Jan 92 May Co.
91% 92
103 1034 23,000 101% Jan 104
Feu
-Blodgett. Jones, Burnham & Bingham, attorneys and counsellors at
106 106% 191,000 10554 Jan 1084 Apr
106% 106% 1,000 106% May 106% May law, announce the removal of their offices to the First National Builoing,
Jan 9944 Apr Boston.
9944 99% 11,000 98
82 '22,000 7555 Apr 97
79
Jai
-McDowell, Gibb & Herdling have had installed a private telephone
93 103.000 90 May 95
90
Feb
10694 1064 3,000 1.06% Jan 107
Feb connecting their office with the office of Hale, Waters & Co., Boston, Mass.
814 8254 34,000 8134 May 8844 Jan
-11. W. Warner, formerly associated with the Irving Bank-Columbia
1,000 85 May 85 May
85
85
23,000 99% May 10144 Feb Trust Co., is now connectej with A. M. Lamport & Co.
99% 100
100% 1014 32,000 994 Jan 101% Feb
-E. E. Smith, formerly of Pask & Walbridge, has become associated
103% 103% 10,000 102% Jon 104% Mar
Apr 94
Feb vsith Bainbridge & Ryan in their trading department.
90% 91% 42,000 90
99% 10031 107,000 993( Mar 1004 May
The Seaboatd National Bank has been appointed transfer agent of the
19,000 97% Jan 100% Jao prior preference stock of the Glidden Co. .
97% 98
1
1
300
4c
Sc
4,000
65c 680 11,200
8c
9c
2.000
1% 24 8,100
60
60
7,000
1% 154
400
254 2% 9,700
5e
5c
1,000
35e 38e 96,000
354 31114 2,500
13c 150 43,000
2c
3c 10,000
lc
lc
1.000
14% 1544 3,100
Sc
6c 13,000
3c
3c
7,000
Sc
5c
8,000
14e 18e 10,000
4c
Sc
8,000
2e
2c
6,000
Sc
8c 162.000
7c
7c
3,000
20e 25c
9,000
848%
600
2e
2c 10.000
12% 12%
300
400
244 2%
27c 270
1,003
92c 98c
4,000
15c 18c
5,000
2c
2c
5,000
Pre Die 56,300
144 1%
600
lc
lc
3,000
2c
3c 46,000
1% 1%
300
1%
4,600
80
90 31,000
25e 270 10,000
18% 18%
100
214 23411,900
135 138
260
9c
9c
2,000
634 63
4 2,100
73c 84e 38,200
200 200
1,000
48c 48c
1.000
14e 14e
1,000
lc
lc 12,000
30c 35e 31,000
11c ilc
1,000
Ills 14 9.400
Ills 154 7,500
20
3e
4.000
2c
2c
1,000
43c 45e
4,000
34 354 1,200
4c
6c 19,0013
14e 14c
1.000
30e 32c
3,000
194 Piz 6,500
50c 50c
100
220 220
2.000
231, 21u 2.000
1% 144
500
30e 30c
1,000
57c 60c
3,500
2434 2434
300
200
1% 1i.
311, 3%
500
Ibis 1% 6,400
50c 50c
1.100
4c 18.000
3c
20c 20c
2,000
65c 65e
1.000
62c 65c
200
1
40
370
7e
11/,
4c
870
154
Sc
33e
34
4o
2c
lc
May
AD
Jan
2296
Poiestuutxt mut
gaiircrad intelligence.
.
- Chicago Burlington & Quincy Railroad Co.
Latest Gross Earnings by Weeks.
-In the table which
(70th Annual Report
-Year Ended Dec. 31 1923.)
follows we sum up separately the earnings for the fourth week
The remarks of President Hale Holden, together with a
of April. The table covers 11 roads and shows 2.28% comparative income account and balance sheet, will be found
decrease from the same week last year.
on subsequent pages.
Fourth Week of April.
Buffalo Rochester & PittsburghCanadian National
Canadian Pacific
Duluth South Shore & Atlantic_
Georgia & Florida
Mineral Range
Mobile & Ohio
St. Louis-San Francisco
St. Louis Southwestern
Southern
Western Maryland
1924.
$
361,574
5,957,318
4,271,000
126.671
38,800
19,528
510.226
2.192,802
594,026
4,501,860
473,649
1923.
$
564,947
6,202,601
3,737.000
130,403
37,460
13,655
488.237
2.171,640
690,281
4,821,284
634,093
Increase. Dec ease.
$
$
203.373
246,283
534,000
1,340
5,873
21.989
21,162
_
__
3,732
98,255
319.424
160,444
19,047,454 19,491,601 584,364 1,028,511
Total (11 roads)
hint eine.ranna 102507.1444147
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1923.
1924.
1923.
1924.
1924.
1923.
Fonda Johnstown Se Gloversville
March
127,234
145,405
408.519
From Jan 1_ 365,796
Louisiana Ry & Nay
341,809
March
292,207
985,458
From Jan 1_ 877,874
Missouri & North Arkansas
March
130,011
134,104
From Jan 1_ 369,190
350,896
Nevada Northern
March
86,773
74,016
From Jan 1_ 254,587
183,142
San Antonio Uvalde & Gulf
March
112,834
87,045
From Jan 1_ 358,683
244,309
Western Pacific
March
966,769
909,870
From Jan 1_ 2,758,869 2.567,542
54,020
147,401
65,080
171,630
46,180
123,681
57,240
148,110
-1,408
40,421
.49,088
161,310
-19,408
-13,621
30,737
108,528
14,003
19,048
19,091
46,880
10,856
9,010
14,886
34,524
42,842
123.077
37,768
83,465
35,917
102,30S
31,171
63,666
8,757
60,045
5,883
22,211
5,428
49,661
2,804
12,708
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1920.
1923.
1921.
1922.
9.371
9,393
Average miles oper_ 9,401
9,394
Operatiors24,032,406
19,836,081
Rev. pass. carried__ 18,502,145
18,735,077
999,701,152 1,314,983,923
Rev, pass. can. 1 m_ 967,096,799
941,748,451
2.778 eta.
3.141 cts.
2.954 cts.
3.014 cts.
Rate per pass. perm.
47,233,256
36,116,089
43,483,603
Rev. freight (tons)-39,176,051
Rev.freight 1 mlle_ _12,690,384,346 11,754,595,862 10.554.788,351 14,130,364.374
0.921 cts.
.996 cts.
1.163 cts.
1.033 cts.
Rate per ton per mile
661.36
591.09
611.68
628.82
Av.tons per tr. mile_
32.78
$2.26
32.13
$2.16
Earns. p. pass.tr. m_
$6.09
$6.87
86.09
$6.49
Earns. per fr't tr. m_
319,770
317.961
318,217
317.556
Open rev, per mile__
GENERAL BALANCE SHEET DEC. 31.
1922.
1923.
1922.
1923.
Assets
Road & equip1.552,540,559 535,131.810 Capital stock__ -170,839,100 170,839,100
Funded debt-202.756,000 203,200,000
Inv.in Mtn.cos.:
31,389,083 31,389,083 Traf., &s., bale- 2,525,868 2,921,426
Stocks
1,592,671 1,496,737 Accts. & wages- 9.713,042 11,784,309
Bonds
6,179,165 6,189,965 Matured InterNotes
5,876,535 4,747,990 est. dive., &c- 1,038,494 1,057,122
Advances__
582,788
654,363
141,679 Miami!. accts._
92,088
Spec. dopes.,&c.
Other invest'ts- 1,835,070 4,951.625 Accr'd int., &a- 1.749,840 1,761,217
Accrued taxes._ 6,736.699 8,274,578
938.885
941,796
Misc.phys.propInsur. reserves- 1,415,981 1,563,540
Dep. for mtged.
57,954 Oper. reserves- 1,845,439 4,526,254
prop.sold....24,102
9,777,131 28,419,517 Other curr. Dab_ 1,071,365 1,290,581
Cash
100,549
111,795
84,577 Deferred UWE35,265
Loan.;& bills rev
957,105
8,176
Mat'is & fruppl- 23,402,758 15,503,525 U.S.Govt.liab.
Bal.from agents 2,214,547 3,987,938 Accr'd deprec.- 63,361,259 61,462,295
815,426
940,273 Unadjusted,&c..
Other cur. assets
4,222,316 4,078,126
Traf., &c., Ws_ 1,541,851 2,050,071 accounts
119,774
223,124
Misc. accounts_ 5,882,540 6,011,569 Add'as to prop_
Funded debt reUnexting. disc't
43,162,438 42.867,190
on fund.debt- 3,943,332 4,042,760 tired
202,712
196,873
573,463 Sink. Id. res'ves
377,687
Deferred charges
Profit and loss...141,009,422 148,246,641
Other unadjust.,
&c.,accts..- 4,180,395 19,083,912
U. S. Govt. de41.973
Cr.408
ferred assets_ _
- .652,641,596 665,785.307
652,641,596 665,785,307 Total
Total
--Ir. 118, p.2178,
Southern Pacific Company.
(Report for Fiscal Year Ending Dec. 31 1923.)
On subsequent pages of this issue will be found extended
Electric Railway and Other Public Utility Net extracts from the report of Mr. Julius Kruttschnitt, ChairEarnings.
-The following table gives the returns of man of the Executive Committee, together with the income
ELECTRIC railway and other public utility gross and net account and the balance sheet as of Dec. 31.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
earnings with charges and surplus reported this week:
1923.
x1920.
131,432
372,372
167,452
318,118
48,441
122,730
91,564
90,813
1922.
1921.
- Average miles of road_ __
11,151
-Gross Earnings--NetEarnings
11.106
11,142
Previous
Previous
Current
Passenger TrafficCurrent
Year.
13 158
Year,
Year.
Rail pass. carried, No.. 16,538,453 16,662,282 18.240,774 24,471,622
Companies.
Year.
Rail pass. carried 1 mile-1946415712 1812334,770 1823478,352 2407399.736
$3.58
P.32
966,018 Av. rec. from each pass_
American Power & Light Mar 2,815,714 2,619,101 1,047,539
12 .
$3 8 3.321 eta. 2.87$ as82
.
12 mos ended Mar 31---32,791,404 30,284,901 13,368,595 12.504,394 Av.rec, per pass. per m_ 3.046 cts. 3.106 g
81.
2
$
$2.36
72 48,418 81
58
Recta per rev, train mile
:
137,765
Manila Electric Corp_ ___Apr 288,967
275,795
153,440
Freight Traffic12 mos ended Apr 30---- 3,634,829 3,577,373 1,824,811 1,684,053 Tons carried rev. freight 53.472337 44,070.166 38,206,8
52
.
2 60
.
7,543,918
376,274 Tons carried co.'s freight 10,926,517 8,240.349 7,922.404 14353571391
467,473
Southwestern Pow & Lt_Mar 1,021,713
892,110
Tons carr. 1 m., all
12 mos ended Mar 31----11,502,326 10,290,367 5,404.727 4,572,015 Av. rec'd from each fgt-14792294317 12175370192 11565777342
$3.89
$4.50
ton_$3.84
Balance, Av. p. ton p.m.rev.fgt. 1.437 a8
$3 49 1.563 eta. 1.704 eta. 1.364 cts.
.
Net after
Fixed
Gross
$6.70
Surplus. Recta.per.rev.tram
64
$6.
Taxes.
Charges.
Earnings.
625.55
576.54
60$38..618
mile$ 5
617 0
5..74
Net tons per train, all fgt
25.25
23.18
24.10
23.17
24,546 Tons per loaded car-all
Asheville Power
*30320
80,830
Mar '24
5.974
22,777
& Light
76,649
'23
*27393
5,216
x Water line operations have been deducted, and where necessary the
338,197 computations have been corrected to the bases used for 1921 in order that
12 mos ended Mar 31 '24 1,000.331 *402397
64,800
280,723 the figures for 1920 may be comparable with those for that year. Figures
'23
915.091 *343.238
62.515
Feb. 1920).
31,300 for 1920 include two months of Federal control (Jan. and
Citizens
Mar '24
86,270
42,307
11.007
28,212
Traction Co
'23
80,753
INCOME ACCOUNT FOR CALENDAR YEARS.
38,035
9,823
321,014 iSouthern Pacific Co. and Transportation System Companies, Combined.)
12 mos ended Mar 31 '24
994,731
446,901
125,887
242,205
'23
867,671
360.296
118,091
1921.
1922.
1923.
Consumers
573.254
Mar '24 1,601,032
765,414
192,160
4
$
Operating Income
Power Co
454.821 Freight
'23 1,361,624
633,842 • 179,021
199,591,192 180,438,952 181,489,692
12 mos ended Mar 31 '24 17,680,522 8,128,373 2,250,154 5,878,219 Passenger
62.158 876 59,003,550 63,442,251
'23 14,956,606 7,042,584 2,435,707 4,606,877 Mail
3.864,973 3,581,755 3.u17,146
7.748,345 7,653,473 8,318,458
Eastern Shore
9,661 Express
Mar '24
48,379
18,247
8,586
6,802.889 0,797.645 5.638,563
Gas & Electric
'23
6,008 Al. other transportation
42.690
14,649
8,641
6,921,630 5,878,419 6,958,344
113,809 Incidental
12 mos ended Mar 31 '24
580,260
217,485
103,676
166,169
216,139
175,771
'23
71.713 Joint facility-Credit
512,871
171.135
99,422
56,258
Joint facility-Debit
59,041
50,763
Worth
Mar '24
Fort
106,077
268,153 *124,792
18.715
Power & Light
'23
91.052
247,681 8110 409
19,357
Total railway operating revenues- -287,204,635 262,519,170 269,494,365
12 mos ended Mar 31 '24 3,075,311 *1370,465
223,138 1,147,327
Railway Operating Expenses
'23 2,701.120 *1352559
228.147 1.124.422 Maintenance of way and structures__ 41,235,817 36,806,129 42,198,883
50,451,491 48,264,068 49,188.143
Mar '24 1,180,322 *594331
503,444 Maintenance of equipment
Havana Electric
91,487
4,990,768 4,41T,4094,182,340
'23 1,085,028 *574,191
480,913 Traffic
Ry, Light & Power
93,278
98,559,831 92,454,185 104,i 44,036
3 mos ended Mar 31 '24 3,557,515 *1,804,208
275,030 1,529.178 Transportation
Miseetlaneo.is optrations
4.347,543 3,928,3194.153.651
'23 3,299,279 *1,786,217
279,841 1,506,376 Genral
,8,590,865 8,323,359 8,521,539
Mar '24
241,377
37.051 Transportation for investment-Cred. 1,009,728
Pacific Power
41o,330
*97360
60.509
529,013
'23
37,522
222.005
& Light
54,261
*91,783
855,046
total railway operating expenses_ -207,1o6,088 193,664,456 212,572.263
12 mos ended Mar 31 '24 3,205.922 *1,562,223
707,177
'23 3,003,147 *1,427357
767,614
Net revenue from railway o;oration 80,038,047 68.854,713 56,922,103
660,343
20,365,328 16,859,356 10.039.469
Mar '24
167,534 Railway tax accruals
552.520 *233,785
Texas Power
66,251
124,566
127,50
87.738
'23
92,144 Uncollectible railway revenues
435,870 *150,678
& Light
58,534
5,555,374 3,815,727 5,154.044
1,755,180 Equipment rents-net
ended Mar 31 '24 5,844,973 *2,475.787
720.607
12 mos
150,733
Joint fachity rents
Cr.170,810
-net
Cr.198,4/7
'23 5,077,538 *2,069,135
755,570 1.313,565
Mar'24
456,634
45,703
Net railway operating income
98,707
53,004
Winnipeg
54.22o,023 46,222,846 35.948,791
'23
489.241
Non-Operating Income
67.516
135,534
Co
Electric
68,018
45,436
848,043 Income from lease of road
159,053
734,380
88,144
12 mos ended Mar 31 '24 5,406,375 1.382,423
852,740
'23 5,521,721 1.423,675
1.587
716,228 Standard return
707,447
1.153,023
883,317
Miscellaneous rent income
1.009.653
370.177
Misc, non-operating physical prop- _ _
281,621
300.461
• After allowing for other income.
49,561
30,510
Separately operated properties, profit
16.889
Dividend income
4,443,170 3,174,044 7,996.538
2,557,148
Income from fundet. securities
aillt 1,965,145
Income from unfunded secs. & acc'ts- 8,( 8,fa
3.
4
803,605
848,925
Income from sink., &c., reserve funds
887,573
3.648,602
United States Government guaranty_
FINANCIAL REPORTS
86,396 def91.393
Other miscellaneous income
81,050
-An index to annual reports of steam
Financial Reports.
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
April 26. The next will appear in that of May 31.
Gross income
67,609,807 55,815,379 55.297.377
Deductions
gRa:g99 204,436
Rent for leased roads
239,108
639.525
762.002
Miscellaneous rents
478,234
542.567
680,010
Miscellaneous tax accruals
21,175,721 21.202,672 22,480.147
Interest on funded debt
107.103
97,122
Interest on unfunded debt
159,432
87,419
76.563
Amortization of disc, on funded debt_
100,490
23,390
23.376
Maintenance of investment organiz'n
25,368
421.923
140,665
Miscellaneous income charges
389,189
Total deductions
Net income
23.057,125 23,215,229 24,678,599
44.552,482 32,600,150 30.618.778
MAY 10 1924.]
1921.
1922.
1923.
$
$
Disposition of Net Income$
Income applied to sinking, &c.,funds 1.165.183 1,128,116 1,081,559
22,000
372,348
Income approp.for inv. in phys. prop.
Dividends(6%)
20,662,854 20,662,854 20.639,196
Balance
2297
VTR CHRONICLE
22.352,097 10.809,180
8,876.023
BALANCE SHEET DEC. 31 SOUTHERN PACIFIC CO. AND
PORTATION SYSTEM COMPANIES COMBINED.
TRANS-
1922.
1923.
Assets$
$
Investment in road and equipment
1,116.385,552 1.064,914,308
Improvements on leased railway property.. _ _
4,463.538
369,058
Sinking funds
17.471,158
18,229,257
Deposits in lieu of mortgaged property sold
74.975
18.196,850
Miscellaneous physical property
14,630.728
16,983,459
Investments in affiliated companies
281,342,009
Stocks
288,380,943
143.460,538
Bonds
149,366,436
10,151.702
Other stocks and bonds
9,187,717
29,441,986
Notes
29,994.056
128,900,855
Advances
135,859.994
56,119,173
Other investments •
41.460,919
23.030,463
20,453,478
Cash
4.590,224
Demand loans and deposits
3,013,869
305,042
Special deposits
306,962
127,562
103,332
Loans and bills receivable
2,689,564
2.812,344
Traffic and car service balances receivable__..
4,001,614
Net balance receivable from agents & conduc_
3,613,854
7,177,481
7,822,608
Miscellaneous accounts receivable
29,781.719
35,889,293
Material and supplies
2.777,041
2,540,989
Interest and dividends receivable
237,668
239,580
Rents receivable
493,034
335.719
Other current assets
26,120,156
Deficit in guaranteed income
277.039
142.998
Working fund advances
25,360
25,360
Insurance, &c.,funds
13,505.428
12,022,097
Other deferred assets
179,979
131,541
Rents & insurance premiums paid in advance_
3.988,600
3,988.600
Discount on capital stock
1,793.919
1.870,482
Discount on funded debt
17,102,218
Other unadjusted debits
13,331,048
INCOME ACCOUNT FOR CALENDAR YEARS.
Combined.
Corporate1920. il
1921.
Operating Revenues1922.
1923.
Freight---Coal & coke__ 411,410,424 $7,347,283 $8,543,289 $10,757,951
Miscellaneous
9,059.092 6,948.360 7,063,322
9,620,496
1,235,665
973,058 1,155.707
Passenger
959,474
145,011
92,863
Mail
94,440
88,333
237,322
43,320
Express
90,762
120,501
143,469
172,072
Milk
181,652
176,713
116,832
108.661
129,323
Other revenue
163,399
Total transport. rev_ _622,539,343 $17,875,610 $17,064,272 $19,699,571
306,120
428.985
600,383
Grain elevator
374,742
196.888
123.850
Other incidental rev _ _
98,185
138,681
3.108
2.864
1.172
Joint facil. op. rev.(Cr.)
2,270
Total oper. revenues_ 423,055,036 $18,575,350 $17,619,972 $20,205,687
Maint. a way & struc__ $2.919,972 $2,787,713 $2,297,413 83.561,996
Maintenance of equip__ 5,882,271
4,052,903 3,914,703 6,439,513
454,966
346,597
Traffic expenses
425,051
439,528
9,068,761
Transporta. expenses...... 7.736,945 6,658,125 6,427,701
200,971
221,789
258,761
Miscellaneous operations
193,655
648,586
614,254
General expenses
549,034
546,928
Cr.1,792
Transp. for investment_
Cr.1,430
Cr.2,865
Total
1,934,513,605 1,887,719.875
Liabilities
Capital stock
344,380,906
344,380,906
do Transportation system companies
346,832,900
346,832,400
Premium on capital stock
6,304,440
6,304,440
Funded debt
592,983,056
572,502,166
Non-negotiable debt to affiliated companies
31,750,993
26,237,628
Traffic and car service balances payable_ _ .._
5.587,830
5,433,696
Audited accounts and wages payable
17,829,659
15,206,336
Miscellaneous accounts payable
1,276,375
1,311,645
Interest matured unpaid
4.478.052
4.070,854
Dividends matured unpaid
5,253.499
5,256,730
Funded debt matured unpaid
13,714
24.714
Unmatured interest accrued
4,818,790
4,758.551
Unmatured rents accrued
324,895
310.805
Other current liabilities
2,100,416
1.436,856
Deferred liabilities
338,069
83.144
Tax liability
13,104.531
9,790.760
Insurance and casualty reserves
2.631,702
2,285,782
Operating reserves
6,318,107
3.439,391
Accrued depreciation of road and equipment.. 68.075.554
64,351,595
Other unadjusted credits
120.603,469
132,135,019
Add'ns to prop. through income and surplus_ _
6.179,493
1,671.198
Funded debt retired through income & surplus 25,234.995
24,673,802
Sinking fund reserves
13.218,254
14,182,549
Approp. surplus not specifically invested_ _ _ _
3.818,178
3,818,178
Profit and loss
294,899,110
313,377,346
Total oper. expenses -417,716,434 $14,730,157 $13,820,664 $20,374,792
Net rev. from ry. oper__ $5,338,602 $3,845,193 $3,799,308 def$169,105
620,000
777,462
Tax accruals
605,000
1.004,140
60
1,601
528
Uncollec. railway rev.....
224
Dr.2,501
Cr.940
Miscall. operations
Dr.1,571
Cr.314
Total oper. income.. _ _ $4.334,552 $3,238,094 $3,021,186 deb$791.666
$213,876 51,421,573
Hire of equipment
$43,932
$581,360
110.472
96.803
Joint facil. & oth. rents_
99,048
57,819
26,176
18,917
Dividend income
2.813
19,690
5,940
897
Income front fund. secs
724
Income from unfunded
63,265
85,944
63,163
securities & accounts_
104,358
30.443
408,192
Miscellaneous income.... _
31,153 Dr.17,530
$824,628 $1.657,869
6192,150
Total other income...... $794.380
6866,203
Gross income
55.128,933 $3,430,244 $3,845,814
$282,019
$226,694
Joint facility rents
6232,577
$318.846
65,130
65,130
Rents for leased roads__
65,130
65,130
3,859
3,495
5,142
Miscellaneous rents_ _ _ _
4,876
Int. on funded debt........ 2,642,036 2,602.968 2.500,370 2,412,813
277.814
423,743
413,739
Int. on equip. ctfs
420,532
151.405
122,727
Int. on unfunded debt....
76,239
5,530
36.000
28,500
Federal income taxes_
626
Misc. Income charges.. _ _
1.051
626
814
Settlement of U. S. RR.
Cr.16.348 Dr.53,231
Admin. accounts
$3,457,764 $3.380,498 $3,424.517 $3.229,667
$421,296d32.363,463
$49,745
51,671,169
BALANCE SHEET DEC. 31.
1923.
1922.
1922.
1923.
Liabilities
Assets
Common stock_ 49,426,098 49.426,098
Cost of oropertY
149,670,047 147,994,734 let Pref.stock-- 17,742,050 17,742,050
owned
740,624 2d Pref. stock.. _ 9,999,000 9,999,000
801,656
Cash
Funded debt-- 58,455,091 58,528,791
Time drafts and
1,300,000 2,025,000 Equip.tr. oblig- 7,760,051 7.438,000
deposits
36,675
457,928 L'ns & bills pay_
979,957
Special deposits.
Traffic& car serTraffic & car ser404,304
519,498
142,952 vice bal. pay 147,571
vice bal. rec....
Audited acc'ts &
Net bal.rec.from
wages payable 3,199,902 3,398,798
39.1,700
237,565
Se cond's
agts.
151,036
119,797
727.249 Misc.acc'ts pay.
902,315
Misc. acc'ts rec _
91,692
82,719
Mat'l & supplies 2,925,219 2,727.983 Int. matured....
837,645
849,341
176,436 Unmat.int.accr.
124,665
0th. cur't assets
76,279 Unmatured rents
15,025
Work. fd. advs..
1,349
1,090
accrued
Total
1,934,513.605 1.887,719,875 1nsur. premiums
27,847
13,204 Other curr. nab_
8,136
paid in adv_ _ _
-V. 118, p. 2180.
75,211
67,779
Other def'd nabOther unadlust.
637,036
994,465
28.110 Tax liability....
953,378
debits
103.605
113,150
Oper.reserve......
Western Maryland Railway Co.
Accr'd depree'n
2,849,067 2,528.737
equipment
(15th Annual Report-Year Ended Dec. 31 1923.)
0th.unadi.cred. 1.845,622 1.659.569
Profit & loss_ _ 3,976,349 2,431,276
Chairman Lawrence Greer, Baltimore, March 27, wrote
in brief:
Results.
-Operating revenues for the year amounted to $23,055,036. an
increase of $4,479,686 over the preceding year. Operating expenses
amounted to $17,716,434. an increase of $2,986,277. Net operating revenues amounted to $5,338,602. an increase of $1,493,409. Net income,
after all deductions, amounted to $1.671,169, an increase of $1,637,771 over
the preceding year.
The operating revenues, net operating revenue and net income for the
year were respectively the largest in the history of the property. The
ratio of operating expenses to operating revenue.wa 876.84%, as compared
with 79.03% for the preceding year.
Liberal expenditures were made during the year for both maintenance of
way and maintenance of equipment, the ratio of total maintenance expenditures to total operating revenues being in excess of the preceding year.
The ration of transportation,expense to total operating revenues was 33.55%
for the year 1923 as compared with 35.76% for the preceding year.
Freight 'Tonnage.
-The total freight tonnage handled for the year
amounted to 17,926,196 tons, as compared with 13,529,749 tons for the
previous year, an increase of 4.396,447 tons, or 32.49%.
There was a substantial decrease in the tonnage represented by "products
of agriculture," which for the year 1923 amounted to 815,627 tons as against
1,278.544 tons for the preceding year. On the other hand, products of
mines handled during the year 1923 amounted to 12.668,603 tons, as
against 8,777,074 tons for the preceding year, and manufacturers and
miscellaneous products amounted to 3.343,929 tons during the year 1923,
as compared with 2,590,830 tons in the preceding year.
-45.500,000 Collateral Trust 8% notes and $300,000 6%
Funded Debt.
notes due to the U. S. Government, which matured during the year, were
retired through the issue of $5,800,000 5
-year 7% notes. Equipment
trust obligations of $1,177,949 were retired during the year.
-Equipment trust obligations in the principal amount
Equipment Trusts.
of $1,500,000 were issued during the year for the purpose of providing for
approximately 50% of the cost of rebuilding 2,000 coal cars. Of these
latter obligations, $75,000 are included in the aggregate amount of equipment trust obligations which were retired during the year, leaving a net
increase in principal amount of equipment trust obligations outstanding at
the close a the year of $322,050.
Miscellaneous obligations in the amount of $37.500, issued in connection
with the acquisition of property and facilities, were paid off and retired
during the year.
CRAFFIC STATISTICS FOR CALENDAR YEARS.
1922.
1923.
1921.
1920.
804.44
804.44
801.14
Wort of rd. open (aver.)
779.77
1,445,865
1,680,206
No. pass. car. earn. rev_ 1,412,211
1.946.893
No. pass. card 1 mile__ 35,922,398 34,594.414 40.209,437 47,808,144
No. pass. car. 1 m. per
43,004
44,655
50,190
mile of road
85,604
$975,595 $1,152,428 61.235.665
$959,474
Total passenger rev....
cts. 67.475 eta. 68.588 cts. 63.468 cts.
Av.rev.rec.fr.each pass_ 67.941
Av.rev, per pass. p.m-- 2.671 cts. 2.820 cts. 2.866 cts. 2.585 cts.
No. tons car, of freight
17,926,196 13.529,749 11,578.111 18.335,345
earning revenue
No. of tons card 1 mile_2420133657 1779161128 1691624845 2289370222
No. tons car. 1 m.per in.
3,008,470 2,211,675 2.111.522
of road
2,935.955
Total freight revenue- $21.030,920 $16,454,780 $15,507,930 $17.821,273
Av.rev. rec. for each ton
$1.21619
$1.17319
$1.33942
of freight
$.97196
$.00925
$.00869
g.00778
Av. rev, per ton per mile
$.00917
Total deductions
Net income
158.065,594 155,504,198
Total
-V. 117, p. 1888.
Total
158,065,594 155,504,198
Texas & Pacific Railway Company.
(Annual Report-Year Ended Dec. 31 1923.)
J. L. Lancaster and Charles L. Wallace,receivers, April 15,
report in substance:
Taxes -Taxes accrued in 1923 were $1.430.000. an increase of $199,602.
or 16.22% over the previous year, due principally to increased Federal
income tax. Theyconsumed 18.79% of net revenues.
-Charges for additions and betterments made to
Road and Equipment.
the property during the year aggregated $4,829.992. Expenditures for
improvements to roadway and structures amounted to $2,340,730. New
equipment and improvements to equipment involved charges to capital
account aggregating $3,786,545, of winch $810,000 was provided through
sale of equipment trust certificates, Series "FF.' Equipment retirements
ted 61.297.286.
-No amended or revised reports were received from
et al Valuation.
;
:
the Government during the year. It is expected that the tentative valuation will be served during 1924.
Settlement with U. S. RR. Administration.
-Settlements of accounts growing out of Federal control of the property was made on July 17 1923. by
which the Director-General agreed to fund, until March 1 1930. a balance
of $1,400,000 due the Government, and likewise $3,000,000 in cash to be
advanced by him.
-During the year 31 additional industries were located
New Industries.
on the line, for which an aggregate of 2.62 miles of track were constructed.
28 industry tracks were rearranged and extended an aggregate of 4.51 miles.
$50.776 was received during the year from rents of miscellaneous property.
principally industrial sites, and $3,074 was received in royalties from oil
wells on property of the company.
Litigation.
-A judgment of $251,213 was obtained against the Midland &
Northwestern Ry. on notes taken in payment for rail furnished that company and used in the construction of a line from Midland, a station about
307 miles west of Fort Worth, northwesterly a distance of 65 miles to
Seminole. the county seat of Gaines County, Tex. At a foreclosure sale
the property was purchased in order to protect our debt.
The line has not been operated since July 1920, and application for authority, under the Transportation Act of 1920, to dismantle it is pending
-S. C. Commission. In the meantime citizens of the adjacent
before the I.
territory are endeavoring to arrange for its purchase and operation.
Plan of Readjustment.
-Steps were taken during the year towards terminating the receivership. The charter was amended by an Act of Congress
-S. C.
approved Feb. 9 1923 authorizing, subject to the approval of the I.
Comtnission and with the consent of the holders of a majority of the outstanding stock, the increase of the authorized capital stock from $50,000,000
to $75,000,000, the issue of such additional stock either as Prof. or Common
stock, and the issue of bonds for additions and betterments and general
corporate purposes, free from the limitations in amount fixed by the charter
amendment of 1872. This Act also contains provisions which will restore
to the company, to a large extent, the power to sue in the Federal courts
and to remove suits to the Federal courts on the ground of diversity of citizenship. The charter amendments embodied in this Act of Congress became effective upon its passage and approval by the President. The stockholders, by resolution, adopted and approved the Act conferring these
additional powers.
The stockholders have also approved plan of readjustment (V. 117.
p. 2433) formulated by the readjustment managers, !Kuhn, Loeb & Co..
for readjustment of the financial structure of the company. [The Plan
agget
2298
TUE CHRONICLE
has the approval of the I. C.Commission and has been declared operative
-S.
by the reorganization managers. See "Investment News" below.]
Contract.
-A contract was executed on April 1 1923 with the Louisiana
By. & Navigation Co. of Texas granting to that company joint use of the
Texas & Pacific's line between Waskom, Tex., and Shreveport. La., for
through movement of freight and passenger trains.
TONNAGE OF COMMODITIES CARRIED.
Forest.
Animal. Agricultural. Mfg., &c.
Mines.
1923
1,717,805
244,674
1,613,492
2,018,201
3,298,810
1922
1.298,630
204,439
2,005.578
1,206,427
3,017,828
1921
1,080.870
244,742
2,412,320
1.350,938
2.920,115
1920
320,015
1,518,736
2,288.000
1,609,868
3,931,805
1919
1,658,980
416,745
2,182,959
1,878.521
3,233,945
1918
1,409,155
475,227
2,429,317
1.306,125
2,543,928
1917
504,489
1,297,592
2,091,630
1,500.584
2,220,995
STATISTICS OF OPERATIONS FOR CALENDAR YEARS.
1923.
1922.
1920.
1921.
Miles operated
1,953
1,953
1,947
1,951
Operation
Passengers carried
2.282,478 2,469,382 3,235.159 5,437,291
Pass.carried one mile_ _ _218.098.487 208,716,654 252.043,929 413.431,915
Rate per peas. per mlle
3.47 cts.
2.92 cts.
3.48 cts.
3.44 cts.
Freight (tons)
8,892,982 7,732,902 8.008.985 9.668,424
Tons one mile
1419938241 1379504935 1393434831 1807455000
Av.rate per ton per mile 1.583 cis. 1.576 eta. 1.747 cts.
1.46 cts.
Av. train-load (revenue)
442
437
475
417
OPERATING ACCOUNT FOR CALENDAR YEARS.
Combined.
Corporate
Operating Revenues-.
1923.
1922.
1920.
1921.
Freight
822,482,491 $21,738,482 $24,346,031 $26,439,271
Passenger
7.573.856 7.279,004 8.686,959 12.093.999
Mail
733.475
969.757
645,494
835,984
Express
934,413
945,643
736,776
935,919
Miscellaneous
302,309
331,911
216.987
317,960
Incidental, &c
565,945
1,070.334
556,185
676.763
[Vol.. 118.
Works & Twine MillsUnited States
Canada
Europe
1923.
1922.
35.116,398 $3,143,624
350,833
232,747
207,016
352,263
Total
Steel mills, coke ovens, &c
Railroads
Branch houses and miscellaneous
$5,674,246 $3,728,635
$1,376,839
5735,151
225,629
171,492
139.876
165,421
Grand total
$7,442,136 $4,775,154
Special Maintenance.
-These reserves provide for relining of blast
furnaces, maintenance of docks and harbors, conversion of power systems
and other renewal work, the expenditures for which occur at irregular
intervals. To provide for such renewals when they become necessary, the
future cost of the work is apportioned over current earnings: Balance at
Dec. 31 1922. 82,624,308; Add provision for 1923, 5333.205; total. $2,957,513; Deduct relining, renewal and other charges during 1923, 1195,403;
balance at Dec. 31 1923. $2,762,110.
The annual deductions from earnings to provide for losses which may
ultimately be sustained in the realization of notes and accounts receivable
taken on each season's sales are based on long experience and are adequate
to cover bad debts incurred in the ordinary course of business.
Cash collections on the year's sales, both domestic and foreign, were
good, being 81% in the United States, 73% in Cailada and 82% in the
European and other foreign trade: Balance at Dec. 31 1922, $4,721,721;
Add provision for 1923. 32,163.875: total, $6,885,596. Deduct bad debts
charged off during 1923.12,085.594; balance at Dec.31 1923,$4.800,002.
Collection Expenses.
-In most lines of business the time which elapses
between the date of a sale and the collection of the proceeds in cash is
comparatively short, and the need of a reserve to meet the future cost of
collecting receivables outstanding at the date of the balance sheet would
arise only in the event of liquidation. In the agricultural implement business, where long credits in some lines are extended to the farming community,conservative management has adopted the principle of maintaining
a reserve to meet future collection expenses. Balance at Dec. 31 1923
amounted to 52.000,000.
Contingent Reserve.
-Balance at Dec. 31 1923, $3,250,000.
Fire Insurance Fund.
Total
-Balance at Dec. 311922, $7,747,873; Add credit
$32,592,489 531,381,795 $35,600,474 $41,844,190
Rev. per mile operated
$16,691
$21,496 for 1923 from regular charges to operations, $281,153; total, 38,029.027.
116.071
$18,246
Deduct losses by fire, &c., during 1923, 566,427; balance at Dec. 311923.
Operating Expenses
Maintenance of way. &c $4,571,382 $5,051,050 85,748,559 $7,762,424 37,962.600.
Maintenance of equip't_ 7,273,178 6,544,264 6,712,086 9,137927.
Pension Fund.
-There are now 1,030 former employees on the pension
Traffic expenses
625,094
493.116 roll compared with 908 at the close of 1922. The average annual pension
611,309
586,305
Transportation expenses 11.485,278 11,843,491 13,777,591 18,360,650 is $476. Balance at Dec. 311922. $6,762.613; Add income for 1923,3364,General expenses
1,157,622 1,22.5,780
1.269,503 1,213,306 371; contribution from company's earnings. $135,000; transfer of industrial
Transportation for inv
Cr.443.753 Cr.76,123 Cr.50,975 Cr.16,225 accident reserve, $950,000; total. $8.211,984. Deduct pension payments
Miscellaneous operations
312,857
507,841 during 1923, 5496,766; balance at Dec. 31 1923. $7.715.218.
319,319
356,831
Total oper. expenses_ _$24,981.658 825,494,086 $28,424,905 337.459,040 CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Net earnings
1923.
$7,610,831 $5.887.710 37.175.570 $4,385.150
1920.
1922.
1921.
Tax accruals, &c
1,345,584 Oper.income after taxes.$18,237,837 $11,417,484 511.281,367 $23,160,075
1.457.832 1.239,339
1,448.182
Deductions
-Interest...
642,329
767.194
916.812 2,348,023
Operating income_ _ _ _ $6,152.998 $4,648,370 $5,727,387 $3.039•567
Ore & timber exting__
560.693
428.379
330,021
251,172
Other operating income_
Reservefor deprec'n_ _ 4,138.493 3,455,602 3,403,459 3,474,744
587,721
693,367
621,590
650.432
Special maint. reserve
280,469
333.205
197.310
183,773
Total oper. income_ _ _ $6,846,365 $5,269,960 36,377.819 83,627,288
Res.for losses on rec__ 2,163,875
1,178,800
990.508
931,484
Hire ofequipment
1,320,983
Pension funds
500,000
979,935 1.029,132 1,253,238
Rentals, &c
832.178
628,896
578.892
611,356
Balance, surplus
510,274,376 $5,540,767 $4,149,919 $16,655,353
Net inc. bet% fix.chgs- $5,237,535 13.629,473 $4,545,689 $1,474,127
Previous surplus
52,201,672 59,526,788 68,350,742 71,645,389
Non-operating income_341,322 3,316,283
371.812
316,130
Total
862.476,049 565.067.555 572,500,661 588,300,742
Gross income
$5.609,347 $3,945,603 $4,887,011 $4,790,410 Pref. dividends(7%) _ _ 4,215,673 4,215,673
4.215,673 4,200,000
Int. on funded debt__ - 1,778.841
1,755,683 1.792,166 1,729,870 Com. diva, cash
(5%)4.993,835(5)4,847,920(51)5112786(6U)5750000
Int.on unfund.debt_
299,909
do (in stock)
253,116
235,987
272,785
1,958,368 3.802,290 3,645,414 10,000,000
Misc, rents, taxes,
369,799
Rate ofstock div
101.005
2%
161,407
144,550
4%
4%
123i%
Net income
Profit & loss, surplus_$51,308,173 352,201,672 859,526,788 568,350.742
53,433,111 $1,772,584 $2,740,724 $2,390,832
Inc. appr. for inv. In
CONSOLIDATED BALANCE SHEET DEC. 31.
physical property_ _ _ _ 2,871.610 1,262,025 2,089,447 2485,520,
Misc. approp. of Inc_ _ _ _
504.044
332,650
561,501
510.559
1923.
1922.
1923.
1922.
Assets$
Liabilities
15
Income balance
5318,627 def$598,732 Real est., plant,
'referred stock- 60,223.900 60,223,900
mines,&c _ _ a87.147,249 85,169,817 'ommon stock- 99,876,772 97,918,404
GENERAL BALANCE SHEET DEC. 31.
Deferred charges
303,522
376,609 131115 payable__ - 7,175,000 5.635,000
1922.
1923.
1922.
1923.
Pension fund... 4,251,271 4.410,374 Curent Invoices,
Assets
5
Inventories _ _ _ _ 85,230,552 87.810,484
payels,tax.,5di 11,625,657 12,876,924
Inv.Inroad and
Cap.stk.(Corn.) 38,755,110 38.755,110 Accts. rec., &c_b63.770,088 65,808,323 Pref. thy. pay- 1,053,918 1,053,918
equipment.._.132,597,718 127,767,726 Fd.debt unmat_ 59,432,560 60,059,590 Investments __ _ 3,726,682
Corn. div. pay__ 1,248,459 1,223,980
Dep. In lieu of
L'ns & bills pay.. 2,979,420 3,978,670 Cash
11,772,441 10,892,987 Fire ins. reserve. 7,962,600 7.747,874
mtgd. prop__
12,072
24,072 Traf.& car serv.
Pension fund_ _ _ 7,715,218 6,762,613
Mts. phys. prop.
657,881
70,767
63,739
bale. payable_
553,139
Other reserves__ 8,012,110 8,824,308
Inv.in attn.cos_ 1,945,765 1,951,706 Aud. accts. and
Surplus
51,308,173 52.201,672
Other Investmls
59,597
54,320 wages payable 2,266,381 2,287,731
Cash
2,552,058 3,876,096 Miscel. accounts
Total
256,201,807 254,468,593 Total
256,201,807 254,468,593
Special deposits_
66,489
170,015
996,325 payable
72,730
Traffic and ear
Int. mat'd unp'd 1,609,521 1,444,096
a Includes real estate, plant, property, mines, timber lands, &c., $123,sac',. bats. rec.
320,511
336,454 Fund, debt mat.
017,509, less reserves for plant depreciation of $35.870,261. b Includes
Agts.& con. bal.
125,592
3,870 dealers' and farmers' notes, $47,032,225. and accounts receivable, $21,537.234,309
unpaid
3,870
Misc.accts. rec_ 1,268,748 6,468,543 Unmat.int.accr.
458,669 866; total. $68,570,090; less reserves for losses of $4,800,002.-V. 118.
280,590
Mat'l & supp _ 4,681,830 4,598,070 Unmat'd rents
p. 1672.
Int.& diva. rec_
6,369
32,867
7,189
accrued
31,595
0th. curr. assets
57,560
53,839
69,233 Other curr. liab_
53,434
Anaconda Copper Mining Company.
Work. Id. adv
196,883
210,290 U. S. Gov, open
U.S.Govt.open
16,533,392
accounts
(Annual Report
-Year Ended Dec. 311923.)
accounts
9.549,944 U. S. Govt.
0th. def. assets_
The report, dated New York, May 5, says in substance:
363,047
294,705 agreed settrt_ 1,400,000
Rents and Incur.
27,363
Other del, nab_
32,081
Overproduction of Copper.
-At the beginning of the year 1923
I prams. prep'd
24,639
270,250 every prospect that conditions in the copper industry had become there was
28,954 Tax liability_ __
521,322
stabilized
Disc't on funded
Accrued deprec.,
and that it might look forward to a prosperous and satisfactory year. Surdebt
26,205
5,799,678 5,749,856 plus stocks had been consumed, production was being made at the rate
32,330 equipment _
779,686
0th. unadi. debt
894,702 of about 200.000,000 lbs. of copper per month, and marked activity pre953,449 Oth.unadi.cred. 641,303
Add'ns to prop.
vailed in all lines of consumptive trade. The price reacted favorably,
Or.inc.& sur. 30,272,760 25,691,267 advancing from 1434c. a pound at the beginning of the year to a high
551,811 of more than 17c. per pound in March. After the first quarter there was
P.& L.-cr.bal.
573,567
a notable slackening in industrial activity, followed by a diminished demand
145,259.063 157,517,455 Total
Total
145,259,063 157,517,455 for the metal, notwithstanding which, production continued to iticrease
-(a) The following securities are not included in assets shown: throughout the year, reaching a maximum of more than 240,000,000 lbs.
Note.
Securities issued or assumed-unpledged,in treasury. $1,047,700; securities In December. The result was an inevitable reduction in the price, which
Issued-in sinking funds, $25,000: total, $1.072,700. (b) The following declined gradually as supply exceeded immediate demand, until a low
capital liabilities, held by or for the company, are not included in liabilities of 12.188c. a pound was reached in October. the price closing at 12.65c.
shown: Capital stock. 58.700: funded debt-unpledged, $1,064,000; total, at the end of the year, with an "Engineering & .Mining Journal-Press"
31.072,700.-V. 117, p• 2771.
average of 14.421c. for the year.
The total production of copper for the year is estimated at about
2,700,000,000 lbs., while the apparent consumption was about 2,600.International Harvester Company.
000,000 lbs.. both amounts establishing new records respectively for any
peace-time year. The most striking fact disclosed by an analysis of the
(Report for Year Ended Dec. 31 1923.)
situation is the marked increase in consumption, particularly in the domestic
remarks of President Alexander Legge, together for the demand, apparent consumption amounting to 1,376,000.000 lbs.
iv The
year, as compared with 1,104,000,000 lbs. in 1922. an increase of
with the income and surplus account and balance sheet approximately- 25%.
Low Price of
Affects Earnings.
-While the volume of business
Dec. 31 1923, will be found under "Reports and was the largest Copper company's history, the low price for copper that
as at
Documents" on subsequent pages of this issue. Regarding prevailed duringin the
the latter half of the year made it impossible to realize
earnings commensurate with the business done. Income from sales and
the reserves President Legge says in substance:
royalties amounted to $181,434.448. Operating profit and income from
-The annual appropriations from earnings for plant Investments
Plant Depreciation.
$22,412,863. Net profit for the year, after
depreciation reserves constitute the necessary provision for the impairment deducting all amounted to depreciation, and absorbing discount on bonds
fixed charges,
and consumption of the plant assets utilized in production. Such deprecia- retired, amounted to $8,767,814. Four dividends of 75c. per share, total
established by recognized authorities and confirmed 39.000,000,
tion is based on rates
were declared during the vear.
by past experience in this industry.
Corporate Growth & Transactions.-buring the year the more important
$32,106.018 corporate transactions were:
Balance at Dec. 31 1922
3,460,335
Regular provision for 1923
(1) The purchase of 2.200.000 shares out of a total issue of 4,391,060
678,158 shares of the Chile Copper Co. See details of the financing, &c., in V.
Special provision for Lubertzy Works, Russia
116. p. 289. 406. 939: summarized, they were as follo,vs: (a) Capital stock
Total____________________________ 836.244,511 Increased from 3,000,000 shares (par $50) to 6.000,000 shares (par 350)•
___ isU5
Deduct-liepIa-cemeni charges, &c..
374.250 No additional stock was issued during the year. 851,878 shares were
reserved to meet the conversion privilege of the $50,000,000 of debentures
$35.870.261 Issued. (5) $50,000,000 of 7% Cony. Debentures, maturing Feb. 1
at Dec. 31 1923
Balance
-Expenditures for ordinary repairs 1938, were issued. (c) Outof a total authorized issue of $200,000,000 1st
Repairs, Renewals & Maintenance.
and renewals to maintain the plant properties and manufacturing equipment Oonsol. Mtge. Series "A" Sinking Fund 6% Gold bonds, maturing Feb. 1
at their maximum efficiency, are charged to operating expenses and included 1953. $107.731,000 were issued, of which $750,000 were retired through
in the cost of production. A summary of these expenses for the two sinking fund Oct. 1 1923. leaving net amount outstanding $106,981,000.
(d) There were retired during the year $7,731,000 of Series "A"6% 10
-Year
seasons are:
MAY 10 19241
2299
THE CHRONICLE
Secured Gold bonds, of a total outstanding at the beginning of the year of
-Year
$24,669,000, and $23,080,100. being all of the Series "33- 7% 10
Secured Gold bonds, maturing Jan. 1 1929.
(2) The acquisition by American Brass Co. of the assets and property
of the National Conduit & Cable Co., Inc. (V. 116, p. 2770; V. 117. P.
1558)•
(3) Miscellaneous acquisitions of additional mining claims and lands,
costing $520,193.
-During the year, in addition to renewals, replacements
Construction.
and repairs, the following are the more important items of new construction: A fertilizer plant for the manufacture of superphosphate at Anaconda. $549,895' expansion of the zinc oxide plants at East Chicago, Ind.,
and Akron, Ohio, $231,244; additional manufacturing facilities for the
American Brass Co.. $2,573,835, and other miscellaneous items, bringing
the total to $4,196.816.
-The mines produced during the year
Copper Department.
-(1) Mines.
were produced.
2,814,833 tons of ore. 8,728 tons of
the
& Smelter.
-At the concentrator there were treated
(2) Concentrator
2,892,071 tons of ore, 24,114 tons of slimes from the ponds, 1,147.571
tons of copper tailings and 60,956 tons of zinc-silver tailings.
The Anaconda Reduction Works treated for all companies 3,110,348
tons of ore. Of the total amount. 2.735,534 tons of ore were produced
by the mines of the company; 345,909 tons of ore were either purchased
from or treated for other companies, and 28.905 tons of material were
shipped from the old plants at Anaconda and Butte.
There were produced 215.107,226 lbs. of fine copper. 9,279,770 ozs.
silver and 30,063.534 ozs. gold. Of this production 200,779,688 lbs. fine
8a ,607 ozs. silver and 29.725.994 ozs. gold were produced
i
qiEp:Lip, .
548
RR.and is particularly well situated to handle the large metropolitan trade
as well as export business. This plant manufactures bare and insulated
copper wires, and lead-covered power cable.
The New York & Hastings Steamboat Co. was also acquired as a part of
the transaction. The lighterage department of the Raritan Copper Works
has been merged with it, together providing adequate facilities for handling
all the lighterage work of the company and its subsidiaries in the New York
Harbor.
A copper wire mill, which will have a monthly capacity of 5,000,000 lbs.
of bare wire, is under construction at Kenosha, and will begin operating in
April 1924.
Anaconda Copper Mining Co.'s property at Potrerillos. Chile, has developed 138,890,509 tons of ore assaying 1.498% copper. This tonnage was
developed by 168 churn holes aggregating 17.9 miles in depth, and by
drifts, raises and winzes whose aggregate length is 15.58 miles. The development and mine preparation are now at a point that will insure the necessary ore production on the completion of a metallurgical plant.
The development of the Santiago Mining Co.'s properties was stopped in
1921, the work being sufficiently advanced for production of the tonnage
required by a metallurgical plant. Metallurgical testing of approximately
3,900 tons of Santiago Mining Co. ores was completed by the Andes Copper
satisfactory.
Mining Co. during 1923, with results that were consistent andPresident.]
[Signed John D. Ryan, Chairman; Cornelius F. Kelley,
RESULTS FOR CALENDAR YEARS.
1920.
1921.
1922.
1923.
$
ReceiptsSales of metals and manufactured products_ __171,282,496 123,501,639 31,097.214 x60.944.254
2,016,017 6,814.730
5,973,915
7.232,771
Royalties,&c
Income from investmle,
1,315.087
120.026
46,078
In sundry cos
6,386.346
Sales of mdse. & rev.
2,302,039
from P. S. cos
2,913.180
Metals & mfd. products
In process and on hand 46,402.343 43,672.793 17.817,364 32.536,183
Total receipts
034,223,136 175,496,462 51,050,621 101,610.254
(3) Refineries. The refinery at Great Falls produced during the year
205,807,887 lbs. of cathodes, of which 184,402,584 lbs. were melted into
shapes at that point.
The Raritan Copper Works at Perth Amboy. N. J., refined 398,294,865
lbs. fine copper, 20.643,095 ors. silver and 98,913 ozs. gold.
-The mill at Great Falls rolled into rods 110.058,062
(4) Rod & Wire Mill.
lbs. of copper. 42.861.964 lbs. of rods were drawn into wire, of which
12.083,317 lbs. were made into strand.
Zinc Department.
-The Butte mines of the company pro-(1) Mines.
duced 42,772 wet tons of zinc ore.
Disbursements
-The plants at Anaconda and Great Falls
(2) Zinc Reduction Works.
treated 289,433 tens of ore and other zinciferous material. Of this amount Metals in process and on
47,827 tons were produced by mines of the company, 1.199 tons of material
43.672,792 17,817,364 36.516,880 28,705,375
hand Jan. 1
5,664.682
5,337,189
were from the old plants at Butte, and 240,407 tons of ore and concentrates Cost of mdse. sold, &c
1,584.546
2.433.772
4,963,639
1.250.676
were purchased.
74.662,321 76,280,221
Mfg. exp., incl. selling
The electrolytic plant at Great Falls produced 140.363,645 lbs. zinc, Mining &c., expense_ 143,324,427 31,659,050 1 3,786,077 17,943,878
1 5.119,254 19,248,563
4,011,174 lbs. of zinc in dross, and residue from which there were recovered Reduction expenses_ _ _ _1
16,837,080 lbs. lead, 2,376,217 lbs. copper, 3,750,529 ozs. silver and Ore purchases
46.569,193 34,534.516 3.957,200 13,813,410
1,935,452
1.220,362
1.842,644
6,012 07..9. gold.
1.147.767
Adm.exp. & Fed. taxes_
4,300,349
2,135,401
2,988,044
-The sawmill at Bonner cut Depreciation,&c
Miscellaneous Products.
-(1) Lumber.
3.822,894
100,436,889 ft. of lumber and purchased 9.179,413 ft., of which 53.076,446
ft. were shipped to the departments of the company, 25,325,457 ft. were
215.633,167 167,006.384 59,323,039 96.575.348
Total deductions
5,034.906
8,490,078def8,272.418
sold commercially..678,166 ft. were used at the mill for repairs and con- Balance
18.589.969
2,343,243
3.108.268
4,020,344
struction, and 3,000.123 ft. were supplied to the factory for manufacturing, Int., incl. disc, on bonds 9,830,294
5,680.503
930,494
or a total disposition of 82,080.192 ft.•, increasing the stocks of finished Exp. during shut
-down..
6.993.750
lumber on hand by 27,536,110 ft.; making a stock on hand at Dec. 31 Dividends (6%)
9,000.000
1923 of 64.481,609 ft.
-At Diatnondville, Wyo. 474,090 tons of coal were produced;
(2) Coal.
def.$240,325sur3,539,240df17,061.189 def4,302,089
Bal.,stir,or clef
254,612 tons were shipped to other departments of the company; 184 809
tons were sold commercially, and 34,674 tons weer used at the coal mines.
x In 1920, includes sales of merchandise.
At Washpe, Mont.. 149.894 tons of coal were produced; 65,573 tons
BALANCE SHEET DEC. 31.
were shipped to other departments of the company; 80,553 tons were
sold commercially and 3,788 tons were used at the coal mines.
lIncluding assets and liabilities of subsidiary companies.]
At Sand Coulee. Mont.. 74,715 tons of coal were produced; 57.711 tons
1922.
1923.
1922.
1923.
were shipped to other departments of the company; 16.743 tons were
$
S
Liabilities$
$
sold commercially, and 261 tons were used at the coal mines.
AssetsCapital stock _ 150,000,000 150,000,000
(3) Arscnic.-As a by-product of copper smelting operations, 5,932,428 Mines and minMM.Int.in subs. 2,045,216 3,781,413
lbs. of arsenic were produced, of which 5.574,525 lbs. were refined. During
leg claims,
125,672,944 123,169,505 Secured gold bds. 16,938,000 47,749,100
the year 6,251,308 lbs. were sold and delivered at an average price of
land, 2:c
First Mtge.6s_.106,981,000
8.837c. per pound. Of this amount, 375,253 lbs. were crude and 5,876,055 Buildings, malbs. were refined.
chinery, &c_ _105,422,847 101,689,864 7% debentures_ 50,000,000
Notes payable__ 1,016,998
(4) Sulphuric Acid.
-The sulphuric acid plant at Anaconda produced Invest.In sundry
51,951 tons of sulphuric acid averaging 60 deg. Beaume. This was supplied
.
companies-- 98,831,466 18,553,003 Div. payablI___ 2,250,000
Accts. & wages
to various departments of the company.
Material & supp.
pay'le & taxes,
(5) Fertilizer.
-The mines at Conda,Idaho, produced 31,521 tons ofrock,
& prep'd exp_ 18,742,837 19,258,305
&c., accrued_ 16,598,014 44.051,714
averaging 32.60% P-2 0-5. Of this amount 3,188 tons were sold and Metals in pro46,402,343 43,672,793 Reserve for de24,941 tons were shipped to Anaconda. The phosphate plant at Anaconda
cess, &c
predation_ ___ 30,459,238 27,025,771
produced 7,583 long tons of treble superphosphate averaging approximately Accounts receiv70,051,449 71,284,784
45% P-2 0-5. Capacity of this plant has recently been increased to 120
able and cash_ 37,399,546 33,942,614 Surplus
&c. 13,866,933 3,606,699
tons per day.
Berd chug.,
(6) Metal Roofing.
-Sales during the year amounted to 12,269 squares
446,338,916 343,892,782
Total
446,338,916 343,892,782
copper shingles and 2,991 squares zinc shingles.
Total
Supplementing the manufacture of pure copper shingles, a new coppertax require-In order to comply with the Government income valuation of
Note.
clad shingle has been developed to meet the requirements of moderate-priced
purpose of computing depletion, an additional
dwellings for a high-grade product at a popular price. A manufacturing ments for the
mining property as of March 1 1913 has been recorded on the books of
plant for quantity production is now being constructed and the new product the
but for the sake of uniformity the result of those entries has
should be available for delivery in the summer of 1924. These shingles the company,from the current statements.
-V.118. p. 2044.
have passed the severest tests of the Board of Fire Underwriters, and have been omitted
been awarded a Class A fire rating.
Butte Anaconda ..t Pacific Ry. Co.
-The railway transported 4,803,557
Kennecott Copper Corporation.
tons of ore and other freight, and 104,115 passengers. The gross revenues
were $1,555,164; rental and miscellaneous receipts, $22,810: operating
-Year Ended Dec. 31 1923.)
(9th Annual Report
expenses. $1,415,173; taxes, interest and rental ofleased lines. $247,990; net
loss. 285,189.
Pres. Stephen Birch, N. Y., April 25, wrote in substance:
ore
-The copper plant treated 100,764 tons of
International Smelting Co.
-The income account (see below) includes only cash distribuEarnings.
and concentrates, from which there were produced 31,056,440 lbs. fine
tions received on securities owned by the corporation, and does not include
copper, 1,831,917 ozs. silver and 18,371 ozs. gold.
The lead plant treated 196.549 tons of ore and concentrates,from which g5,700,548 received from the Braden Copper Co. on account of money
there were produced 63,538,501 lbs. lead. 4495,477 ozs. silver and 10,152 advanced to the Braden Co., which company earned $7,209,403 in 1923.
-Ore produced and the copper content of the same:
Operations.
ozs. gold. From the treatment of fume and flue dust there were obtained
Copper Content.
369 tons crude arsenic, averaging 91.11% As-2 0-3.
Tons.
% Copper.
19,874.80 tons
The Tooele Valley Ry. handled during the year 429,062 tons of ore and Kennecott
11.620
171,022
6,385.56 ton.
399,628
1.598
miscellaneous freight.
Latouche
At the Miami smelter there were trated 426,348 tons of concentrates and
for shipment to smelter totaled 74,381.68 tons, containing
copper,
purchased ores, from which there were produced 189,900,983 lbs.
49,906,680 lbs. of copper, divided as follows:
49,906.680
608,503 ozs, silver and 7,506 ozs. gold.
Tons Copper.
Tons.
% Copper.
-The refinery at East Chicago, Ind.,
International Lead Refining Co.
19,49.5.53
38.95
50,047.78
treated 52.096 tons of purchased ore and bullion, from which there were Kennecott
5.457.81
22.42
2-1,339.90
produced 97,118,093 lbs. common lead. 6,376,821 lbs. antimonial lead, Latouche
6,945,450 ozs. silver and 20,328 ozs. gold.
Shipments to the smelter represented 95.02% of the copper content
At East Chicago the Pilot Plant operated from Jan. 23 to May 5, and
mined.
the ore
from Dec. 1 to 311923. The main plant was completed and put in opera- ofDevelopment.
-At Kennecott there were 11,209 feet of development work
tion Jan. 5 and operated satisfactorily throughout the remainder of the done during 1923. At Latouche the development work done totaled
year. Production of merchantable zinc oxide amounted to 6,925,425 lbs.
feet: in addition, 57,762 sq. ft. of stone undercutting was done.
At Akron. 0Jio, a French process oxide furnace was completed and put in 13.515 -Both plants were free from labor disturbances during the year.
Labor.
Operation March 1, operating to capacity throughout the remainder of the but the shortage of all classes oflabor during the spring and summer months
year. A second unit was completed and put in operation Dec. 28 1923. was more acute than usual.
Production of merchantable zinc oxide amounted to 5,961,817 lbs.
Production of Copper, &c.
-Receipts at the smelter amounted to 45,326.-The plant at East Chicago operated satis- 021 lbs. of deliverable refined copper and 378,572.46 ozs. of returnable
Anaconda Lead Products Co.
factorily during the year. There were produced 12,607,270 lbs. barreled silver; 50.945,719 lbs. of copper and 378,572.46 ozs. of silver were sold
white lead and 38,084 lbs. pulp lead. The plant is producing at the rate during the year and taken into profit and loss. The average price realized
of 25 tons white lead daily. 13,505,842 lbs. white lead and 44,735 lbs. during the year from the sale of copper was 14.896c. per lb.
pulp lead were sold.
Cost of producing copper delivered to consumer, after charging in de-Operations at the mine were continued throughout preciation and taxes and crediting silver and mismIlaneous earnings, but
Walker Mining Co.
the year. 166,953 tons of ore were broken. A new concentrator with before depletion, amounted to 8.35c. per lb.
capacity of 750 tons ore per day was completed, and began operating in
Alaska Steamship Co.
-Net earnings after taxes, depreciation and all
November. 87,041 tons of ore, averaging 4.123% copper, were treated, other charges amounted to $292.988. During the year the freight steamers
from which 14,566 tons of concentrates, averaging 22.782% copper, were Santa Ana, Valdez, Juneau and Skagway, having an aggregate carrying
Produced. The mill recovery averaged 95.58%. 14,087 tons of concen- capacity of 8.400 tons, were sold and later replaced by two steamers, since
trates containing 6,634.368 lbs. copper and 7,591 tons crude ore averaging renamed Tanana and Nabesna. The combined carrying capacity of the
9.75% copper were shipped to the smelter.
latter vessels is approximately equal to that of the vessels sold. The comeight
-During the year this company produced 374,640 bbls. pany also purchased in December a combined passenger and freight steamer
Arizona Oil Co.
of oil. A dividend of $16 per share from depletion reserve was paid on for Alaskan service. The company had two total losses during the year.
steamer Lake
Dec. 27. Anaconda company's share amounted to $130,560.
both being freight ships, the motorship Kennecott and the
-The output of manufactured products of the various Gebhardt. Both vessels were well insured. Quarterly dividends of
American Brass Co.
plants of the company equaled 505,518,834 lbs. of copper, brass and nickel 134% each were paid in 1923.
of:
silver. Production consisted
Copper Ricer & Northwestern fly.
-Operating income was $695,692.
41,704,287
Sheet metal213,837,564 Tubes
General -The stockholders on April 9 1923 increased the authorized
Miscellaneous
Rods and wire
206,136,895
43,840,088 stock of the corporation from 3,000,000 to 5,000,000 shares, and an offer
Copper Co. to
Manufactured at: Ansonia, 178,150,189; Buffalo, 60,388,146; Hastings, was made to the holders of outstanding_stock of the Utah
Corp. upon the
22,420.180; Kenosha, 68,113,869; Torrington, 59,019,754; Waterbury, exchange their stock for stock of the Kennecott Copper stock. At the
basis of 1% shares of Kennecott stock for one share of Utah
107.750,087; Toronto, 0,676,609; total, 505,518,834.
On Oct. 8 1923 the assets and property of the National Conduit & Cable end of the year 628.702 additional shares of Utah Copper Co. had been
tcahepKitacialnsecotockttoCfotrphe.
of 1, f tfi2e06e
. making a
Co. Inc., situated at Hastings-on-Hudson, N. Y., were purchased at aolu
2
o45
3
ec.
outsanding
entirees ow ed by
117, p. 1558). This plant is located be- atDired31 192 . or 76.65%
receiver's sale for $3000,000 (V.
6.65%
Co.
tween the Hudson River and the main line tracks of the New York Central Utah Copper
2300
THE CHRONICLE
In the early part of' the year all of the outstanding notes of the Copper
Export Association remaining of the $40,000,000 originally borrowed, and
in which this corporation participated, were taken up and cancelled.
The world's production of copper during the year 1923 was considerably
in excess of that of any year before or since the war. Consumption was also
proportionately greater, deliveries during the year being about in parity
with production. The company had no refined copper on hand at the end
of the year unsold.
Dividends.
-83 per share was disbursed to stockholders during 1923
In equal quarterly payments.
[The consolidated income account of Braden Copper Co. and Braden
Copper Mines Co. is given under "Industrial" items on a subsequent page.
(Loomis, Suffern & Fernald, certiied public accountants, say in part:]
The amount of $4,281,741 received as capital distributions on stock of the
Utah Copper Co. has been credited to the investment account for such stock.
The distributions by the corporation to its stockholders during the year,
which amounted to $9,990,071. were stated as "capital distributions" and
charged against capital surplus account.
The income account includes only the sales and cost of metals which
were sold, whether or not actually delivered to customers during the year
Metals sold for future delivery are carried at sales price and all expenses
incident thereto are charged against the period in which such sales are made.
All metals and ores on hand which were unsold are stated at cost. The
amount stated as operating revenues represents the gross price, and the
delivery expenses are included as an item of cost.]
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1920.
1921.
Copper prod.& sold (lbs.)50,945,719 63,604,194 32,404,985 45,487,855
Avge.selling price per lb. 14.896 cts. 13.605 cts. 12.102 cts. 17.415 cts.
507.726
Silver prod.& sold (oz.)_ 378,572.46
413,093
390,012
Avge.selling price per oz 80.587 cts. 99.515 cts. 99.438 cts. 101.48 cts.
Income Account
Copper revenues
$7,588,723 $8,653,921 $4,245,687 $7,921,928
Silver revenues
515,262
305,081
411,090
387,817
Ins,for ore lost in transit
449,910
Total revenues
$8,343.714 $9.065,011 $4,633,504 $8,437,190
Expenses
Mining and milling
$2,565,595 $2,583,725 $1,545,813 $2,373,425
Treatment,ref. & freight 2,148,947
2,320,535
1.481,603
2,880,738
Selling and delivery
320,163
225,356
327,204
211,937
General expense
171,577
361,607
121,780
119,719
Total expenses
Net earnings
Distributions received on
securities owned
Interest. discount, &c.._
Income from mines
$5,301,506 $5,913,447
$3,042,208 $3.151,564
4.486,786
2,092,443
28,486
Gross income
$9.649.923
DeductionsInt.& comm on notes pay
Accrued taxes
275,510
Bond interest
1.050,000
Depreciation
237,527
Depletion account
4.305,487
yCap. distrib. fr. Utah
Copper Co
4,281,741
Dividends
-See text
Per share divs. paid__ ($3.00)
Amort'n of disc. on bonds
75,000
2,141,604
2,123,494
loss5,908
072
VIR:432
$5,185,700
$3,251,490
x143,125
2,342,534
19,302
1,030.890
2.186,742
7.897
$7,410,755 $3,779,392 $6,477,019
122,885
1,050,000
222,747
5.135,947
131.010
1,050,000
223,178
2,690,062
120.000
151,770
939,167
222,104
3,505,833
1,233,008
above
--(750
75.000
75,000
z2,787,081
($1.00)
68.750
Balance, deficit
$389,858 $1,317,686
$575,340
$428.832
Profit & loss, surplus_ _$14,729,645 $15,304,985 $15,733,818 $16,094,693
x In addition to $1,541,260 capital distributions received from Utah
Copper Co. credited investment account. y Credited to investment
account. a This does not include capital distribution amounting in 1920
to $2,787,081.
KENNECOTT COPPER CORPORATION BALANCE SHEET DEC. 31.
1922.
1923.
1922.
1923.
Assets
Liabilities
a Mining prop'y 10,270,748 14,568,825 Stated capital.-c25,000,000 15,000,000
Constr. & equip.
633,844 1,040.558 Capital surplusd121,360,888 88,341,083
Investments_ _ b150,281,685 99,220,576 Prop.surplus_ _ _e12,883,524 12,883,524
Metals sold for
10-Yr. 7% gold
future delivery 1,445,618 1.797.885
bonds
15,000,000 15,000,000
246,068
Copper on hand
Accts. payable_
327,096
dr in transit,
Accrued Interest
480,053
unsold(atcost)
773,463
615,015
and taxes__
490,915
13,214
Ore & concen14,724
Deferred accts_ _
47,904 Treatment, detrates(at cost)
87,126
Copper warr'nts
601,080
livery & refinManson hand &
ing charges
452.380
intrans.(atcost) 808,761
748,214 (not due)
354.886
Accts. collee'ble
597,032
839,294 Earned surplus
Loans Mill. cos_ 11,755.000 17,455,548 (after deplet.) 14,729.645 15,304,985
Cop. Exp. Asso.
Inc., suspense
145,142
Bond dep. acct _
275,000
Deferred Sects_ _
578,201
644,662
Marketable sec_ 2,525,738 2,722.398
9,803,351 7,600,287
Cash
Total
190,161,678 147,721.307
Total
190,161,678 147,721,307
a Includes organization expense, net book value after depletion deductions. b Includes 1,245,206 shares Utah Copper Co. stock, $92,062,171:
2,566,781 shares Braden Copper Mines Co. stock, $39,489,561; 34,237.725
shares Alaska SS. Co. stock, $3,683,363; 500 shares Alaska Development &
Mineral Co. stock, $62,480: 1 share Copper Export Association, Inc., stock,
$1: 48,174 shares C. R. & N. W. By. Co. stock, $1; $23,020,000 par value
0. It. & N. W. By. Co. bonds (incl. accrued int.), $14,984,108. c Represents 3,863,769 27-52 outstanding shares of no par value; total authorized
issue. 5,000,000 shares. d From conversion of bonds and exchange of
stock and acquisition of mining property (less capital distritutions)•
-V. 118, p. 1019.
e Stated value of discovery ore.
Chile Copper Company.
(Annual Report
-Year Ended Dec. 31 1923.)
(Including Chile Copper Co. and Chile Exploration Co.
RESULTS FOR CALENDAR YEARS.
1923.
1920.
1922.
1921.
produced (lbs.)_204,897,590 134,568,506 54,008,065 111,130,224
Copper
Copper sold & deity.(lbs)203,801,420 144,588,097 67.823,964 96,498,116
Gross price delivered--- 14.677 cts. 13.540 cts. 13.7993 cts. 18.354 cts.
$29,911,105 $19,576,635 $9,359,266 $17,711,021
Operating revenue
12.394,688 10,411.116
Operating costs
6,595,449 8,490,961
1,714,802
1,257,701
Deily., selling, &c., exp
829,068
•
Net operating income_$17,516,417 57.907.818 $1,934,749 $7,505,257
250,000
Dividends Chile SS. Co
100,000
824,903
576.375
Interest& disc. received
678,211
1,108,611
104,156
94.964
68,491
Other income
Profit on undelivered
1,810.637
copper sold
$20.435,665 $8,588,350 $2,781,451 $8,675,124
Total income
1,214.255
433,211
553,384
615,284
Federal taxes, &c
2,384.093
3,157,069
3.148.012
3.150,000
Interest on bonds
2,754,749
2,856,568 2,984,115
plant & equip't 2.116,053
Deprec'n
140,000
140.000
140,000
Amortization
1.904.411
2,852,884
1,338,520
Depletion
Plantsuperseded or aban406,110
133,690
232,474
doned
(10%)10.908.800
Dividends
Balance
sur$3,812.464df$1.368,608df$5,678,942 sur3151.994
[VOL. 118.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1923.
1922.
1923.
1922.
Assets$
Liabilitiess
$
Prop.investm't-123,828,108 120,928,909 Capital stock_.109,776,500 95,200,600
Def. chges.
Coll,trust bonds 35,000,000 49,799,000
disc, on bonds 2,469,820 1,295,000 Res. for renew'Is
Copper Export
& rept., Ins.,
Ass'n, Inc_
1,514,994
&c
746,935
Suppl.on hand &
Chile SS.Co loan
90,000
exp. prepaid_ 6,463,555 5.339,608 Unpaid expenses
Copper in proe.
1,761,073
& drafts
Sc on hand_ __ 1,936,386 2,518,936 Deferred credits
182,137
Accts.receivable 5,660,374 2,381,121 Int. & taxes accr 1,226,708
697,661
Securities
10,571,438 5,755.963 Accts. & wages
737,551
Cash ex call loans 6,050,580 11,463,257 Payable
3,441,311
0th. curr. assets
283,730 Surplus
6,788,807 3,013,596
156,980,261 151,481,519
Total
-V. 117, p. 1466.
Total
156,980,261 151,481,519
Standard Oil Company (California).
(Annual Report
-Year Ending Dec. 31 1923.)
President K. R. Kingsbury says in substance:
Results.
-Net profits for the year after depreciation, depletion, interest
on debentures and estimated income taxes were 524,442,439. or 8.25% on
combined issued capital and book surplus of $296,427,312 as of Dec. 31
1923 and 10.50% on the issued capital. $18,016,273 were paid in dividends at the rate of $2 per share and $21,969,240 were spent for additions
to plant investment (not including increase in inventories).
General business conditions throughout the year were good and the
volume of business handled was the largest in the company's history, but
owing to declines in prices of petroleum products the value of sales did not
reflect this increased volume of business. Keen competition was characteristic of the entire year.
Crude Oil Production in California.
-Due to the intensive development of
the threes large Southern California fields, Santa Fe Springs, Huntington
Beach and Signal Hill, production for California rapidly increased until an
average daily production of 858,700 bbls. was reached for September. At
this time there was a shut-in production estimated at 109,000 bbls. a day,
making a peak potential production for the State of 967,700 bbls. per day
for a month.
The company used every effort to increase facilities to handle the oil
that was offered it. Pipeline capacity from Southern California fields to
tidewater was increased from 130,000 bbls. to 230,000 bbls. per day.
Storage capacity was increased by the construction of 5.897,400 bbis. of
steel tankage and 7.531,400 bbls. of concrete-lined reservoirs. Readjustments were made in refinery operations to permit the running of larger
quantities of crude oil.
Notwithstanding these increases in facilities the company found itself
unable to handle all the oil offered unless it shut in an additional amount of
its own production in order to provide added pipeline and storage capacity.
Company's shut-in production, which on Jan. 1 1923 was 30,000 bbls.
per day. was increased to 50,000 bbls. per day.
During this period the company was making heavy shipments of crude
oil to the East Coast from Its plant at San Pedro. These deliveries reached
their height in June, when they averaged 90,800 bbls. daily. The heavy
receipts of crude oil still continued and the company's runs reached a peak
fur2
of t8
h
for one day in Southern California alone, necessitating
further
f.
The maximum capacity of the pipelines from field to tidewater having
been reached, crude oil was shipped in tank cars from Southern California
fields over the Tehachapi Mountains to the company's refinery at Bakersfield, nearly 200 miles inland, here to be run and stored for final shipment
back to tidewater when needed. During all of this time the company
stored in the San Joaquin Valley fields most of the crude oil which it was
handling in that district and supplied its Richmond refinery with Southern
California crude oil by company's tankers from San Pedro. These deliveries by boat ran as high as 90,700 bbls. per day. The company's pipelines from the valley fields to Richmond refinery were reversed and oil was
gou peleu ack from San Francisco Bay to the valley, a distance of about
ummld b
.
The company held actually less crude oil in storage Dec. 31 than on
Jan. 1 1923, although total oil inventories increased by 8.754,592 bbls.
This is explained by the fact that the company found it more economical to
refine the crude as soon as possible, storing the heavy residuum in concretelined reservoirs and the light products in the more expensive steel tankage,
which is made gas-tight for this purpose. The company built at its El
Segundo refinery what is probably the largest oil reservoir of its kind in
the world. This reservoir is concrete-lined and roofed, has a capacity of'
3,040,000 bbls. and covers an area of 17.81 acres.
-The condition of over-production caused by
Reduction in Oil Prices.
this tremendous volume of new oil caused a great slump in prices of crude
oil and its products. Crude oil price declines extended from 2 cents per
barrel on the heaviest grade of refinable crude to $1 19 per bbl. on the
lightest grade, while gasoline declined 8 to 9 cents per gallon.
After the peak production of September, a rapid decline followed, as
Indicated by the December production, which averaged 706,427 bbls. per
day. which, added to the then shut-in production, made a potential production for December of 813.485 bbls. per day for the State. The company's potential production in California on Dec. 31 was 104,000 bbls.
per day.
Notwithstanding this great overproduction the company continued its
active search for new fields not only in this country but in foreign countries
as well.
Surplus.
-In addition to the net profits of $24.442.439 there were carried
to surplus $2,916,326, premium,from the sale of capital stock, $16,724,173
representing the value of oil discoveries, and $224,334 sundry adjustments.
From surplus account there were deducted 519.931,315, depletion on
appreciated surplus, and cash dividends of 518.016,273, leaving a balance
In surplus account as of Dec. 31 1923 of $63,722,991.
Finances -Total capital stock outstanding on Dec. 31 1923 amounted to
9,308,173 shares. Stockholders of record March 26 1923 were given the
privilege of subscribing to new stock at par, at the rate of one share for each
eight shares held (V. 116, p. 1190). The amount so issued was 1,024,079
shares. There were issued to the trustees of the employees' stock investment and savings plan 109,023 shares at approximately the market price
at time of issue.
Gold•Notes.-The $25,000,000 10-Year 7% gold debentures, due Jan. 1
1931, were called for payment on Aug. 1 1923 at 104 and int. (V. 116. 13.
300). In lieu of these, there were issued $25,000,000 Serial 5% gold notes,
due $2,500,000 annually Aug. 1 1924 to Aug. 11933.incl.(V. 116, p. 2779)•
Plant Investment.-Addidons to plant investment during 1923 were
$21,969,240.
Inrentories.-Inventories at the end of 1923 amounted 10 562.898.360. or
this amount, petroleum products represent $52,282,009 and material and
supplies 510.616.351. Inventories of petroleum products increased
54.651.717 and material and supplies $175,260. a total increase of 54.826,977. The company actually had on hand at the end of the year less crude
oil than on Jan. 1 1923, the increase in inventory values being entirely in
refined products.
The company's petroleum inventories increased in quantity approximately 22%. but total value at the end of the year was only 9.77% higher,
because of lower prices of products.
Total stocks of all products on Dec. 31 1923 amounted 10 48,039,497 bbls
(42-gallon). an increase for the year of 8,754.592 bbls., or 23.985 daily.
Taxes.
-The company paid 55.447,260 in taxes during 1923, as follows:
Federal income tax (1922). $1,284.842; Federal capital stock tax, $269,431:
franchise and licenses. $458,447: property taxes, $3,434,540.
Crude Oil Prices.
-The base price of 60c. per barrel for non-gasoline-bearing
heavy crude remained constant throughout 1923. Prices for lighter gravity
crudes declined between the first and last of the year from 2cents for 20
-deg. •
gravity to $119 for 35
-deg. gravity.
Crude Oil Production.-Production of crude oil from the wells of this company during 1923 was 28,182,315 bbls., a daily average of 77.212 bbls. as
compared with 25,679,746 bbls. produced in 1922, or 70,355 bbls. daily.
Those figures reflect an increase in 1923 over the production for 1922, of
2,502,569 bbls.. or 6.857 bbls. daily, equal to 9.75%•
In July 1923. when the maximum amount of company production was
shut in, 637 wells, having an estimated daily production of 50,079 bbls..
were closed down. On Dec. 311923. 581 of the company's wells on various
properties Were shut in, representing an estimated total production of
47.628 bbls, daily, as against 387 wells with a daily production of about
MAY 10 1924.]
THE CHRONICLE
2301
CONSOLIDATED BALANCE SHEET DECEMBER 31.
30,000 bbls. shut in at the close of 1922. It is estimated that the company's
1922.
1923.
1923,
1922.
shut-in production in 1923, if produced, would have amounted to a total
$
LiabilitiesAssets
bbls.
of 13.478,500
During the year 84 oil wells were completed and seven dry holes were Plant account. 209,534,979 200,910,580 Capital stock__ _232,704,322 204,787,272
5% gold notes__ 25,000,000
drilled and abandoned. At the end of the year 71 strings of tools were in Investments in
25,000,000
securities _ _ _ _a33,246,074 22,812,679 10-yr.7% g.deb_
operation, 52 drilling new wells and 19 redrilling old ones. On Dec. 31
745 oil wells and seven gas wells were producing, with 581 ready to pro- Inventories ____ 62,898,360 58,071,383 Accts. payable_ 10,245,292 7,501,030
6,850,986
Accounts receivFed'I taxes (est.) 6,240,986
duce as soon as opened up.
729,167
520,833
20,972,240 18,312,991 Accr. deb. int__
able
At Santa Fe Springs the company's production was built up from 17.000
535,831
960,207
Notes receivable
465,561
373,615 Insurance res've
bbls. daily to over 63,000 bbls. daily by Aug. 9.
-During the company's development at Santa Fe Deferred charges 2,359,065 1,709,060 Merchandise due
Development, &c.
867,608 1,467,906
on contract__
12,508,316 3,767,545
Springs, a well known as "Brownrigg-Keller No. 2" was drilled to a depth Cash
Suspended earns 1,722,355 1,722,355
of 7,212 feet. No production was secured, but the test resulted in the drill63,722,991 57,363,307
Surplus
ing of what is believed to be the deepest rotary hole in the world.
The company acquired in California 3,664 acres of new leases, bringing
341.084,595 305,957,854
Total
Total
341,984,595 305,957,554
its total holdings of producing and prospective oil property within the
State to a total of 102,258 acres, of which 44,497 acres are held under lease.
a Investment in sectuitles are at cost (substantially less than the market
22,747 acres owned in fee and 35,014 acres in which the company owns
-V. 118. p. 2053. 1148.
value).
the mineral rights.
-The extreme weather conditions encountered in the company's
Alaska.
operations in the Cold Bay District, Alaska Peninsula, delayed
"wild-cat"
Philippine Railway Co.
the starting of the well for several months with the result that by the end
(Annual Report
-Year ended Dec. 31 1923.)
of the year but 1.075 feet of hole had been drilled.
-The Cali(entirely owned by Standard Oil Co.).
California Company
TRAFFIC STATISTICS FOR CALENDAR YEARS.
fornia Co.'s producing operations in Montana were substantially extended.
1920.
1921.
,
1923.
1922.
Eight oil wells and one gas well were successfully completed and 11 dry
2,105,585
1.782,950
1,564,609
holes were drilled and abandoned. At the close of the year four strings of Total no. pass. carried__ 1,597,443
tools were in operation. The gross production of crude oil in Montana No. carried 1 kilometer_ 34,775.182 36,125,197 40,943.818 47,759.312
22.7
23.0
23.1
21.8
was 57,687 bbls., as compared with 3,134 bbls. in 1922. The company's AN.distance carr. p. kra.
80.2205
50.2340
$0.2323
$0.2123
holdings in Montana were increased by the addition of 27,905 acres, bring- Av.receipt per passenger
50.0097
50.0102
$0.0097
$0.0100
.
receiptp pass.p.km.
ing the total to 79,557 acres, of which 74.415 acres are held under lease. Av.
116,356
115.726
132.067
139.065
1,219 acres are held under Government permit and 3,923 acres are owned Total No.tons fght. carr.
4,456.600
4,395.465
No.tons carried 1 km.. 5,252,107
5,052.147
in fee.
38.3
production of the California Co.in Texas was secured on Sept. 14 Av. distance carr. p. km.
38.0
37.8
38.0
The first
81.6886
51.7309
$1.6663
$1.5792
with the bringing in of a well in the Westbrook field, Mitchell County. with AN erage receipt per ton_
$0.0441
50.0454
50.0436
80.0418
an initial daily production of 75 bbls., which later increased to 110 bbls. Av.receipt per ton p.km.
In December the company purchased the Underwriter's Producing & ReINCOME ACCOUNT FOR CALENDAR YEARS.
fining Co., which held leases of 6.800 acres on which there were eight pro1920.
1921.
1922.
-Revenue
ducing wells. There was also acquired in Texas 10.043 acres ofleased land.
5464.237
$417.793
0
Passenger
$363,432
$339. 54
The company's total holdings in Texas on Dec. 31 were 39,408 acres.
196,480
200,305
220,067
-The two wells being drilled by the Freight
219,617
Foreign Produciny.1) Argentina.
26.762
22,744
21,652
18,812
Cali ornia de Petroleos on Dec. 31 had reached depths Mail, express, &c
ths
Sociedad Anoni
62,818
46.167
38.081
41,188
Incidental
of 3,210 ft. and 3,118 t.
-The Latin American Petroleum Corp. of Colombia, a
Colombia.
(2)
5750,297
8687,010
Total revenue
$643,232
$618,672
subsidiary of the Latin America Petroleum Corp., in which this company
Expensesholds a controlling interest, continued drilling well No. 1 on El Carmen
$160,425
5159.556
$139.308
5137,151
was 2,670 ft. deep on Dec. 31. and well No. 1 on the San Maint. of way & struct_
property, which
102.172
80,645
90.310
92.749
Jacinto property, which was 4,016 ft. deep on the same date. Aside from Maint. of equipment_ _ _
2.945
2,934
2,987
3.185
the activities of the Latin America Petroleum Corp. of Colombia. approxi- Traffic
219.591
232,862
Transportation
193,209
208,788
mately 63,700 acres were acquired under contract and approximately 950
46.369
60,514
47,397
47,370
acres were purchased, making a total acreage in Colombia outside of the General
Latin America Petroleum Corp. property, of some 66,000 acres under
$531,502
$536,511
$488.990
Total oper. expenses
$473,465
contract and approximately 2,800 acres owned.
$218,795
$129,682
$150,499
$169,767
-Contracts were acquired by the Richmond Petroleum Co. of Net operating revenue
(3) Mexico.
4,531
4.011
3,509
3,594
Mexico. S. A. (entirely owned by Standare Oil Co.), covering approxi- Railway tax accruals.._
840
331
150
417
mately 2,300 acres, making a total of about 61,500 acres held under con- Uncollectibles
all located in the Tehuantepec section of Southern Mexico. No
tract,
5213.424
Railway oper.income.. $126,023
$165,755
5146,157
drilling has yet been undertaken in Mexico.
3.801
1,738
4.150
3,138
-The holdings of the California Standard Oil Co. (entirely Non-operating income_ _
(4) Ecuador.
owned by Standard Oil Co.) were increased by 980 acres, making a total of
$217,224
5147,895
$129,161
$169,905
Gross income
approximately 25,700 acres under contract. One well is being drilled and
341,960
341.960
341,960
341.960
Interest on funded debt_
a depth of 3,240 ft. was reached on Dec. 31.
3.127
8,363
4,126
4,276
-The Richmond Petroleum Co. (entirely owned by Misc,income charges_ _
(3) Philippine Islands.
43.224
25,487
Cr.680
1,115
Standard Oil Co.) continued drilling during the year, on the two wells on Additions & betterments
the Island of Luzon, one of which was 4,945 ft. deep on Dec. 31. Drilling
$171.086
$227,915
$177,446
$216,245
Def.transf'd to p.&I_
of the second well was suspended in March at a depth of 3,757 ft.
-The company controls through lease and fee
Total Land Holdings.
BALANCE SHEET DEC. 31.
226.223 acres of producing or potential producing lands in the United
1922.
1923.
1923.
1922.
States and 465.0001 acres outside of the United States.
$
Liabilities$
AssetsPipe Lines -Gathering-line extensions were made to 144 new producing
9,231,161 9,231,841 Capital stock,coin. 5,000,000 5,000.000
nv.In road Se eaproperties and the capacity of the trunk pipe line to tide water in Southern
8,549,000
California was increased from 130,000 bbls. daily to 230,000 bbls. daily. Contractual rights 4,999,000 4,999,000 First mtge. bonds_ 8,549,000
11,350 Philip. Govt. adv.
11,350
The cost of these pipeline extensions was $1,395,228. Receipts by gather- Liberty bonds_ _
400 for bond interest 3,509,654 3,293,409
ing lines from producing properties totaled 87,847,277 bbls., an average for Loans & bills recle 114,408
87,150
78,171
78,063 Accts.& wagespay.
Cash
the year of 240,678 bbls. daily, an increase over 1922 of 95,372 bbls. daily. Agts.&conduc.bal.
3,080
2.528
3,641
2,166 Other det'd Habil_
375,490 bbls. were actually handled on one single day. Crude oil amounting
2,970
4,003
152,035
202,992 Tax liabilities__ _
to 57.590,386 bbls., or 157,782 bbls. daily, was purchased from approxi- Materials &
546
546
12,993
13,891 Operating reserves
Misc. accts. recle _
mately 250 producers, representing 396 properties.
13,170 Accrued deprecia16,212
-The principal construction at the refineries was the installa- Prepaid lnsur., Ac.
Refineries.
6,768
4,727
tion, equipment
P.& L., debit bal_ 2,607,828 2,390,049
tion of new processes and methods previously developed by the company.
This resulted in a material increase in the refining capacity of the three
17,148,628 16,942,923
Total
17,148,628 16,942,923
Total
refineries. While the average crude runs for the year were 165,827 bbls. a -F. 117. p. 206.
day, representing an increase of 41.096 bbls. over 1922, the company averaged for the month of July 203,577 bbls. daily.
Virginian Railway Company.
Sales.
-During the year 78 new storage distributing stations were completed and 157 automobile service stations added to the sales plant account.
-Year Ended Dec. 31 1923.)
(14th Annual Report
On Dec. 31 the company was operating a total of 626 storage distributing
stations and 707 automobile service stations.
President Clarence W. Huntington, New York April 15,
-Additions to the company's storage facilities-5,897,400 bbls.
Storage.
- wrote in substance:
of steel tankage and 7,531,400 bbls, of concrete-lined reservoir storage
were constructed at a cost of $5,802,712. On Dec. 31 833,060 bbls. of
New Equipment.
-Contracts were let during the year for the construction
-ton allsteel tankage was under construction.
-ton all-steel flat bottom gondola coal cars, 500 70
of 1,025 120
Marine.
-Company owned at the end of the year an ocean-going fleet of steel hopper bottom coal cars and 15 mallet freight locomotives with
21 tank ships with a total bulk carrying capacity of 1.415.324 bbls., and also superheaters.
a fleet of 18 bay, river and harbor craft having an additional capacity.
To assist in the financing of this equipment, there have been issued and
of 31,371 bbls. The company transported by its fleet during the year sold, under the so-called "Phlladel-hia plan," 55,700,000 5% Equipment
43.352.938 bbls. of oil, an increase of 15.412.174 bbls. over 1922. The trust Series "D" certificates, payable in annual installments of $380,000
company acquired from the U. S. Shipping Board the steamship "Lubrico" beginning May 1 1924.
with a capacity of 88,233 bbls. and built and put into operation the two
All of the locomotives had been received by the end of Sept. 1923. and
Diesel electric-drive tankers Standard Service and Alaska Standard, each 395 of the 120
-ton coal cars by the end of the year. The balance of the
with a carrying capacity of 13,000 bbls.
-ton coal cars were received early in 1924.
-ton coal cars and the 500 70
120
-On Dec. 31 employees numbered 19,117. The payroll for
Employees.
-There were sold in Dec. 1923 55,000,000 1st Mtge. 5%
Funded Debt.
the year amounted to $41,677,643. Payments covering pensions, life 50
-Year Gold bonds, series "A." The proceeds of these bonds, received
insurance, sickness and disability benefits amounted to $1,067,510, or Jan. 28 1924, were used in part to reimburse the treasury for expenditure
2.57% of the pay-roll.
already made upon additions to and improvements of the property, and
Employees' Stock Investment and Savings Plan.
-The employees' stock the balance will be used to supplement available cash on hand and provide
Investment and savings plan on Dec. 31 1923 had been operating 31 months. for disbursements in the early part of 1924 under the several contracts
11.372 employees are participating in the plan. On Dec. 31 there were in for additional equipment, for electrification of a portion of the company's
the hands of the trustees 300,825 shares, represenging credits by employees' line of railway, for advances made to the Virginian Terminal Ry. for
savings, company deposits, dividends. &c., of $14,862.125.
construction of its new electrically equipped coal pier and to the Virginian
Motor Vehicles -The company increased its motor equipment 12%. & Western Ry. and to finance other additions and improvements.
having in operation at the end of 1923 3,286 pieces of equipment. EstiThe total issue of bonds outstanding, amounting to $42,344,000, has
mated mileage during the y•yar of all cars was 32.550.000.
-On March 10 the old office building at 200 Bush St. now been listed on the New York Stock Exchange,
New Home Office.
The 1st Mtge. of the Virginian & Western Ry. to the Central Union
was entirely vacated and the company occupied the new building at 225 Trust Co., New York, as trustee, dated May 11922. to which this company
Bush St.
is a party as guarantor of the bonds to be issued thereunder, was executed
Los Angeles Office Building -For the purpose of centralizing its forces and delivered in Feb. 1923, and this company has guaranteed $1,500,000
in Southern California, the company purchased land at the corner of 10th of such bonds which have been issued.
and Hope Ste., Los Angeles, and is constructing an office building thereon.
The Virginian & Western Ry. delivered the $1,500,000 of its bonds
The new building will be eight stories in height and will have a total floor above mentioned to the company on April 13 1923 to apply on its indebtedarea of 96,000 sq. ft.
company as
-Stockholders of record Dec. 31 1923 numbered 18,025. ness to this -Hearings of March 1 1923.
Stockholders.
Valuation.
upon the company's protest against the tentative
an increase of 7.121, or 65.3% during the year.
valuation of its property were had March 14 to 7. inclusive, May 23 te
INCOME ACCOUNT YEARS ENDING DECEMBER 31.
28, inclusive, and Oct. 8 to 12, inclusive, 1923. There will be at least one
further hearing, probably before July 1 1924. before the company's case
1923.
1922.
1921
1920.
in chief can be closed, and it may be that other hearings will be held which
$
$
$
Earnings after operating
during the year
will extend into the fall of 1924.
& marketing expenses- 38,330.936 42,822,826 50,530.409 59.413,819 572,495 for work in connection with There was expended
valuation, and there has been expended
Deduct-Deprec.& depl_ 11.756,830 12,853,012 14.192,397
9,798.565
up to March 1 1924 $255,391 on this work.
1,750,000
1,670.782
Int. on funded debt-- 1,541.667
Dividends.
-During the year dividends of $3 per share were paid on
1.200.000
590.000
1,079.000
7,960.000
Federal taxes (est.)--1 and Aug. 1 on the 527.955,000 Preferred stock and $4 per share on
24,442,439 27,019,814 33,588,231 41,655,254 Feb. 31 on the $31,271.500 Common stock.
Net profit
Dec.
18,016.273 16,285,660 15,499,546 13.912.264
Cash dividends paid_
Capital Account.
-Capital account was charged during the year with
6,426.166 10,734,154 18,088,684 27,742,991 expenditures amounting to $33,445.961.
Balance, surplus
4.479,040
-The electrically operated coal pier at Sewalls Point, Va..
2,916,326
Coal Pier.
3,361,878
Stock premium
authorized in 1922, should be ready for operation about Sept. 1 1924.
*Discovery apprec., depl
9.711,514Dr.9.074.735 36.443,548 In 1923 there was expended 82,198,646 by Virginian Terminal Ry. Co.
on apprec.sun & adj Dr.2.982,808
Additions to surplus... 6.359.683 24,924.708 12.375.828 64,186,539 upon this work.-In
Electrification.
the spring of 1923 authority was granted by the
57,363,307 134.679.534 122.303,707 58,117,168
Surplus Jan, 1
directors for the electrification of the company's line between Roanoke and
102.240.936
Stock dividend (100%)Mullens for the better and more economical handling of the increasing coal
63,722.990 57.363,307 134.679.534 122.303,707 tonnage. The electrification includes an 11.000 volt trolley line supported
Surplus Dec.31
values due to discoveries of oil on company's1 and on steel structures over 134 miles of main line track and a total including
•Includes enhanced
together with corresponding depletion, and LR set up on books of company double track, yard tracks and sidetracks, of 231 miles: a 50.000 k.w. steam
generating plant at Narrows, Va.; an 88,000 volt transmission line carried
n accordance with rules and rest lation.s of the Internal Revenue Dept.
2302
[Vim. 118.
THE CHRONICLE
on steel towers, largely across country on independent right of way; 7
transformer stations to step-down the transmission line voltage to 11,000
volts for the trolley wire; repair shops and inspection facilities for electric
locomotives, and 12 electric locomotives of 3 units each. Each electric
locomotive will weigh 625 tons. Two locomotives, one at head of train
and one acting as pusher, will take a 6,000 ton coal train up Clarks Gap Hill
at 14 miles per hour, and one locomotive will take a 9,000 ton train from
Clarks Gap yard to Roanoke at 14 and 28 miles per hour, the lower speed
being on the grades. The power plant, transformer stations, transmission
line and distribution system will have a capacity for handling an annual
coal tonnage of 12,500.000 tons. The 12 electric locomotives now contracted for will be sufficient to handle 8,000,000 tons annually. Other
locomotives will be ordered as this tonnage increases.
The first locomotives will be received and put into service early in 1925.
and the electrification should be in complete operation by the autumn
of that year.
-Company's agreement with Pullman Co., covering
Pullman Contract.
the operation of Pullman cars over the railway, was terminated Aug. 1 1923,
and a new contract for a term of 15 years has been made, with the right of
termination by either party upon 6 months' notice to the other.
Strikes.
-The strike of the Federated Shop Crafts July 1 1922 has not
yet been officially called off, but the company's shop conditions became
normal as early as March 1923 and the shops are being operated under an
agreement with an independent organization of employees.
The engineers and firemen on your road struck on Nov. 8 1923, upon a
few hours' notice and in defiance of a telegraphic order from the IT S.
RR. Labor Board, to whom the subject matter of controversy had been
referred by the management and who had taken jurisdiction thereof.
Interference with the company's operations was so slight as to be negligible.
Loyal employees and new men employed to replace the strikers have formed
an independent Virginian organization, with which contract has been made
for rates of pay and conditions of service, effective Jan. 17 1924.
Coal Mines in Operation.
-At the close of the year there were 115 coal
mines, not including wagon mines, in operation on the main line, branches
and connecting lines of the company in Virginia and West Virginia, of which
6 began shipping during the year. 59 of the mines are served jointly by
this railway and the Chesapeake & Ohio By. and one is served jointly by
this railway and the Norfolk & Western By. 22 new industries located
on the line during 1923.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1920.
1923.
1922.
1921.
541
523
Average mileage
530
526
Tons(revenue) carried_ - 8,399,933
7,784,517
7,397,025
6,376,648
1,000 tons carried 1 mile_ 2,984,215 2,531,936
2,848,422
2,308,050
Rate per ton per mile_ _ _ 0.0606 cts. 0.0670 cts. 0.679 cts.
0.553 cts.
Passenger carried
1,293,800
1,226,141
1,255,608
1,117,341
Passengers carried 1 mile 28,202,706 24,424,488 28,099,539 28.627,794
Rate per pass. per mile
3.40 cts.
3.09 cts.
3.39 cts.
3.40 cts.
Oper.revenue per mile
$37,571
$34,683
$35,861
$34,261
The usual income account was published in V.118,p. 1521.
BALANCE SHEET DECEMBER 31.
1923.
1922.
1923.
AssetsLfatifliffes$
Prop'yinvest'tx113,186,456 105.898.412 Common stock- 31,271,500
Inv.In OM.cos_ 14,674.618 9,102,702 Preferred stock_ 27,955,000
Other investm'ts
756,437
520,500 Long term debt_ 47,228,400
Cash
868,747 2,215.436 Traffic, Acc., bal
144,337
Misc. acc'ts rec_
226,462
259,834 Ace'ts dc wages_ 1.914,269
Int.& divs. rec_
98,085
68,561 Misc. acc'ts pay
1,833
Misc.phys.prop.
1,352
1,100 Other curr. nab_
3,283
Deposits
576,250
4,750 Interest accrued
492,771
Special deposit_
208
5 Rents acced4c.
63,408
Traffic, &c., bal
194,868
293,282 U. S. Govt. deBal. from agents
214,768
289,730 ferred Habit's_
Materials,dm_ _ 2,658,088 2,282,058 Other deferred
Other curr.ass'ts
80,047
211,184
liabilities ____
281,776
U. S. Govt. deUnacird credits_ 5,099,056
ferred assets
793
716 Add•ns through
0th. def'd assets
11,712
188,610 surplus
634,094
17nadjus'd debits 1,123,205
898,663 Profit and loss 19,582,370
1922.
$
31,271,500
27,955,000
40,157,100
116,641
1.670,124
6,556
14,456
416,060
38,408
390
15,604
1,110,619
617,691
18,845,394
Androscoggin Electric Co.
-Asks Pare Increase.
-
The company has applied to the Maine P. U. Commission for authority
to increase on May 14 its through-rate of fare from Portland to Lewiston,
Me.,from 93c. to $1.-V. 118, p.201.
Androscoggin & Kennebec Ry.-Fares Increased.
The company recently received permission from the Maine P. U. Commission to file a new schedule of passenger rates in which the cash fare for
a single zone ride will be 10 cents instead of the present 9
-cent charge.
Students'tickets in books of 100 coupons will be sold for $5.-V. 118,p.1134.
Belton & Temple (Tex.) Traction Co.
-Abandonment.
Street car service in Temple, Tex., has been practically abandoned.
Service has been abandoned altogether in the northern part of the city,
and the line serving South Temple has been shortened and several cars
taken off. The City Commissioners of Temple, Tex., have assented to
the abandonment of the service. Tracks of the abandoned lines are being
taken up-"Electric By. Journal")
-V. 90, p. 1295.
Brooklyn City RR.
-New President, &c.
H. Hobart Porter. formerly Vice-President, has been elected Presfdent,
succeeding Frank Lyman, who has been elected Chairman of the Board,
a new office recently created.
The directors have declared a quarterly dividend of 25 cents a share on
the Capital stock, payable June 2 to holders of record May 15.-V. 118,
p. 793, 662.
Canadian Pacific Ry.-New Chairman.
E. W. Beatty, President of the company, has been elected Chairman of
the board of directors. He succeeds the late Lord Shaughnessy.
-V. 118.
p. 1909, 1516.
Carolina Power & Light Co.
-Bonds Offered.-Bonbright
& Co., Inc., and W. C. Langley & Co. are offering at 100M
and int. to yield over 5.95%, 81,300,000 1st & Ref. Mtge.
Gold bonds, 6% Series of 1953, dated June 1 1923 and due
June 1 1953 (see description in V. 118, p. 662).
Data from Letter of Vice-Pyre. Wm.Darbee, Raleigh, No. Caro., May 6.
Company.
-Supplies the entire electric power and light, street railway
and gas service in Raleigh, the gas service in Durham, the electric power
and light service in Goldsboro. Henderson, Oxford, Sanford, Dunn, Franklinton, Clinton, Mt. Olive and Jonesboro, and supplies at wholesale electric
power and light service to 16 other communities in North Carolina. Also
owns the entire Common stock (except directors' shares) of the Asheville
Power & Light Co. and the Yadkin River Power Co.
-Proceeds will be used to reimburse the company, in part, for
Purpose.
expenditures in connection with the construction and acquisition of hightension transmission lines and the new power station (of 15,000 k. w.
present capacity and 15,000 k. w. capacity now under construction) on
the Cape Fear River, near Moncure, No. Caro., and for other corporate
purposes.
Earnings
-Years Ended Dec. 31.
Gross Inc. Net Income. Int. on lids. Balance.
5384,041
51.409,465
1919
5558,099
$174,058
448,134
1,774,539
622,188
174,054
1920
464,953
1,869,187
638,978
174,025
1921
603,325
2,245,168
777.340
1922
174,015
767,492
2,634,493
1,029,017
261,525
1923
2,762,698
833,771
1,140,896
307,125
1924 *
*Twelve months ended March 31.
Capitalization Outstanding with the Public (after Present Financing).
1st & Ref. Mtge. Gold bonds, 6% Series of 1953 (incl.
$4,800,000
this issue)
x3,480,500
let Mtge. 55, 1938
y39,650 shs.
Cumul. Pref. stock, no par value, $7 per share per annum
47,875 sits.
Common stock, no par value
x Authorized, $5,000,000. of which 54.589,000 have been issued, consisting of $356,000 retired through operation of the sinking fund, $752,500
pledged under the 1st & Ref. Mtge. and $3,480.500 outstanding with the
mortgage can be issued unless
x Includes investment in road and equip.: Cost of road, $86,856,327; public. No additional bonds of the 5%satisfy
sinking fund requirements
pledged under the now mortgage or used to
equip., 526,330,128.-V. 118. p. 1521.
of the 5%, mortgage. y As of March 31 1924.
Frandizses.-Company operates under favorable franchises, none of
which, with one unimportant exception, expires prior to 1942, while one
Is unlimited as to time and 22 extend to 1971 or beyond. The transmission
lines are on private right-of-way, held either in fee or through easement.
Supervision.
-Operation of the properties is supervised (under the
direction and control of the respective boards of directors) by the Electric
RAILROADS, INCLUDING ELECTRIC ROADS.
Bond & Share Co.
The following news in brief form touches the high points
Results for Calendar Years.
1921.
1923.
1922.
in the railroad and electric railway world during the week
Gross operating earnings
just past, together with a summary of the items of greatest Operating expenses,including taxes $2,286,050 $1,992,945 $1.681,523
1,230,209
1,605,476
1,467,828
Total
134,672,098 122,235,544
Total
134,672,098 122,235,544
GENERAL INVESTMENT NEWS
interest which were published in full details in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
-Representatives of
Railroads Oppose Elimination of Pullman Surcharge.
the Eastern, Western and Southern roads attack the proposed removal of
the surcharge. claiming that the roads face an actual deficit in Pullman
operation if the surcharge is denied them, and asserting that to relieve
Pullman car travelers from paying the surcharge would place an added
burden upon the day coach passenger for a luxury he does not enjoy. New
York "Times" May 9, p. 2.
-Among
Rail Clerks Demand Five to Six Cents Per Hour Wage Increase.
the Eastern roads which have already received requests for advances ranging
from 5 to 6 cents an hour are the New York Central, New York New Haven
& Hartford. Central New England, Central Vermont, Maine Central and
Boston & Maine. In all of these cases, with the exception of the Boston &
Maine, the demands made are identical. There are special features of the
Boston & Maine notice, it is learned. Executives of the roads have refused
to comment on the move which is sponsored by the Brotherhood of Railway
& Steantship Clerks, Freight Handlers, Express and Station Employees.
New York "Evening Post" May 5, p. 20.
New Jersey Public Utilities Commission Grants Ten-Cent Fare for North
Jersey Rapid Transit Co.
-School children will have special rate of 6c. in
each trolley zone and ticket-books of 50 trips are at the rate of 7c. New
York "Evening Post" May 2. p. 24.
Detroit Street Ry. Officials Refuse to Negotiate With Union Officers Who
Are Not Employees.
-A demand of 14% wage increase has been made.
"Wall Street Journal" May 7 and May 8. p. 14.
-The Car Service Division of the American Railway
Authorized Statistics.
Association reports the following:
Car Surplus.
-The railroads on April 22 had 321.832 surplus freight cars
in good repair, an increase of 15,851 cars over the number reported on
April 14,at which time there were 305,981. Of the total number on April 22
189.600 were surplus coal cars, an increase compared with April 14 of 8,980,
While there also were 98.886 surplus box cars, or an increase of 6,863 within
the same period. Surplus refrigerator cars on April 22 totaled 9,436, an
increase within approximately a week of 1,267. Surplus stock cars totaled
17,465, or a decrease of 1,384 compared with the number on April 14.
Car Shortage -Reports showed virtually no car shortage on April 22.
Matters Covered in "Chronicle" May 3.-(a) Retention of Section 15a of
Transportation Act urged by Milton W. Harrison, Vice-President of the
National Association of Owners of RR. Securities, p. 2142.
-Notes Authorized.
Aberdeen & Rockfish RR.
-
The I.
-S. C. Commission on April 29 authorized the company to issue
not exceeding 550,000 6% coupon notes to be sold at not less than 92
and use the proceeds for the purchase of 56-1b. rail and the necessary
accessories to replace the 40-1b. rail now in use on about 14 miles of road.
-Extra Dividends.
Alabama Great Southern RR.
-
The directors have declared an extra dividend of yi of 1% on both
the Common and Preferred stocks, in addition to the regular semi-annual
dividends of 354% each on both Issues. The extra dividends and the
regular Common dividend are payable June 28 to holders of record May 24.
The regular Preferred dividend is payable Aug. 16 to holders of record
July 12,.-V. 117, p. 2541.
$680.574
348,443
$525,117
252,223
$451,314
187.664
$1,029,017
347,776
192,760
95,750
100,000
$777,340
216,427
153,211
95,750
100,000
$638,978
212,241
140,657
95,750
100,000
Surplus
Income of subsidiary companies
5292,731
418,750
5211,952
245,971
590,330
211,778
Combined income
-V. 118, p. 1267, 662.
5711.481
$457,923
$302,108
Net operating earnings
Other income
Total income_
Interest and discounts
Preferred dividends
Common dividends
Renewal & replacement res. approp
Central RR. of New Jersey.
-Equipment Bonds.
The I.
-S. C. Commission on May 1 authorized the company to issue
$1,370,000 5% Equipment bonds, Series "K," to be sold to First National
Bank, New York, at not less than 98%% and int., and the proceeds used
in the procurement of equipment -V. 118, p. 2041, 310.
-Abandonment.
Central New York Southern RR.
The I.
-S. C. Commission on April 29 issued a certificate authorizing the
abandonment of the company's lino of railroad extending from a connection with the New York Central RR. at Auburn, in a southerly direction
to a connection with the line of the Ithaca Traction Corp. at Ithaca, a distance of about 37 miles.
The applicant has shown that heavy financial losses, recurring annually.
have absorbed available funds and have made it impossible to continue
operation; that there is a possibility of these losses increasing, due to the
extension of improved highways paralleling the line and the influence of
the constantly increasing use of motor vehicles; that a material reduction in
expenses with continued safety in operation is impossible; that there is no
method of stimulating business or effecting operating economies without
costly improvements impossible for it to finance; that there will be a minimum of inconvenience to the public on account of two ample and convenient
alternate routes operated by the Lehigh Valley between Ithaca,and Auburn.
In order to give the communities affected by the proposed abandonment
an opportunity to save the line from being scrapped, an option was given
to a committee representing such communities to purchase the railroad and
equipment for $150,000, which is represented to be $35,000 less than its
net scrap value. It is stated in behalf of the committee that it was unable
to raise that amount. The applicant states that its railroad has also been
offered for sale to the New York Central RR.Co. but that the offer has been
declined.
-V. 117, p. 2432.
-New Directors.
Chicago Burlington & Quincy RR.
Louis W. Hill and E. M. Shelton have been elected directors, succeeding
R. J. Dunham and C. 0. Jenks.
-V. 118, p. 2178, 2034.
Cincinnati Georgetown & Portsmouth (Elec.) RR.
The company has applied to the Ohio P. U. Commission for authority
to issue S17,000 Equip. Trust certificates for the purpose of purchasing two
Interurban cars.
-V.115, p. 2684.
THE CHRONICLE
MAY 10 1924.]
(0.) Ry.-To Operate Buses.
Cleveland
permission
The company has applied to the Ohio P. U. Commission for company
to operate buses. President John J. Stanley announced that the electric
operate a fleet of not less than 50 buses to supplement
proposes to
railway service in Cleveland, 0.-V. 118, p. 1771.
-Annual Report.
Colorado & Southern RR.
Operating income
Other income
1921.
1922.
1923.
312.675,913 313,196,237 $13,223,220
$11,154.293 $10,894,665 $10,523,890
766,616
833,514
782,490
$739,130 $1,468,058 $1,932,714
1.955,241
1 693,016
2,480,132
Gross Income
Interest, rentals, &c
Dividends
$3,219,262 $3,161,074 $3,887.955
$2,383,003 $2,326.315 $2,337,800
680,000
680,000
680.000
Calendar YearsOperating revenues
Expenses
Taxes, &c
5156,259
Surplus
-V. 118. p. 906.
$154.759
$870,155
Columbus New Albany & Johnstown Ry.-Sale.-
The directors on May 5 completed the transfer of all property of the
company to the Columbus Railway Power & Light Co. See also V.
118, p. 663.
Cooper River & Northwestern Ry.-Earnings.-
-V. 106.
See Kennecott Copper Corp. under' Financial Reports" above.
p. 395.
-DisDominion Power & Transmission Co., Ltd.
continues Railway.
President J. R. Moodie March 26 says in brief: "During 1923 the directors decided that it was necessary to discontinue operating the Hamilton
& Dundas Ry., and this decision was given effect on Sept. 5 1923, and as
an operating concern the history of this road may be considered as concluded.
What disposal of the properties of the Dundas Ry. Co. will be made is not
yet known." See also V. 118. p. 1910.
Duluth South Shore & Atlantic Ry.-Annual Report.-Corporate Only-- -Corporate & Federal
1920.
1923.
1921.
1922.
Calendar Years600.42
591.80
591.30
591.30
Avge. mileage operated__
Revenue-
Freight$3,643,543 $2,733.741 $2,722,401 $3,576,909
425.252
468,162
130,189
222.759
Iron ore
1,161,074 1.369,903
1,210,969
1.083,944
Passenger
147.759
77.913
77,789
105,265
Mail
59,871
73.599
85.206
71.774
Express
370,195
375.532
272.335
Miscellaneous
305,679
$5,861,203 $4,495.812 $4,464,863 $5,949,891
Total
Expenses$866.807 $1.153,841
$729,395
Maint. of way & strue__ _ $827,019
1,063,889
970.809
899.411
688.551
Maintenance of equipm't_
65,572
80.128
80.715
79.325
Traffic expenses
3,076,865
2,420,042
Transportation expenses.. 2,679,663
2,264,069
87,457
80,835
65,972
69,953
Miscellaneous operations_
151,077
147,831
141.943
135.079
General expenses
Cr.1.251
Cr.2,387
Cr.1,989
Transp'n for investment
Total
$4,694.925 33.961,793 $4.565,202 $5.598.701
$351,189
3534.019 def$100,339
Net operating revenue__ _$1,166.277
356,028
Taxes accrued
357,084
347,636
383,618
436
128
Uncollec. railway revenue
445
306
Operating ihicome
$818,513
Non-operating income_ _ _
96.166
$150,094 def$457,869
35.189
56,525
Gross income
Interest, rentals, &c
$914,678
1,095.174
$206.619 def$422.679
933.829
1.160.173
$180,496
$727,209 $1,582,852
Net deficit
-V. 118, p. 683.
def$5,275
-Re-incorporated in DelaEasternTexas Electric Co.
ware
-New Financing Program.
-
2303
tary H. T. Graham in a circular April 30 to the stockholders
says in substance:
The company must finance in 1924 a construction program to the extent
of approximately $1,600,000. The principal expenditures consist of the
Installation of an additional 15,000 k.w. unit in the power station at El Paso
estimated to cost $1,030,000, the construction of a new toll bridge across
the Rio Grande River at Stanton St., El Paso. estimated to cost $200.000,
and $275,000 for the purchase of the electric light and ice property at
Las Cruces, N. M.,including provision for a transmission line from El Paso
to Las Cruces as soon as needed.
The present financial structure of the company was established nearly
25 years ago when the substantial growth of the business and the decided
change in money market conditions which has taken place could not be
foreseen. Owing to the fact that the issue of Collateral Trust 5% Gold
bonds, due 1932, was limited to $1.000.000 and that 6% Pref. stock could
not be sold, the growth of the property has been financed during the past
10 years through the sale of short term notes. which have been renewed
from time to time, the issue of additional Common stock and undistributed
earnings.
The 1924 requirements could be so financed and it is planned to use part
of the authorized but unissued $1,450.000 coupon notes, due July 1 1925.
to provide a portion of the money needed. It is felt, however, that rather
than issue additional Common stock at this time, the company should be
enabled to permanently finance the greater part of these requirements
through securities senior to the Common
stock*
As a first step in this direction it is desirable to provide for a Preferred
stock issuable in series which may differ as to dividend rates, redemption
prices, &c., so that it may meet requirements of varying market conditions
In the future. It also seems desirable to provide Common stock without
par value which may be issued at such prices as market conditions may
require.
While this can be accomplished by an amendment to the present charter
there are advantages to be obtained by the organization of a new corporation
In Delaware which will ultimately displace the present New Jersey corporation and hold the securities of the subsidiary operating companies.
To accomplish this, it is proposed that stockholders exchange their stock
certificates of the New Jersey corporation for those of the Delaware corporation. The plan is briefly as follows:
The Delaware corporation (with probably the same name) will have an
authorized capitalization as follows:
Cumul. (par $100) without subPref. stock, series "A,"
-entitled to a div. of 33i% on
-red. at 115
scription rights
July 1511924 & thereafter to quarterly divs.of 1 %(Jan.,&c.)
30,000 shs.
Oct. 15 1924
in each year begiiminx
Pref. stock, series 'B,' 6% Non-Cumul. (par $100) with subscription rights to increases in Com.stock (con. at any time
-red. at
prior to July 1 1927 into series "A," share for share)
-entitled to a div. of 3 on July 15 1924, and thereafter
110
dividends of 1 % (Jan., &c.) in each year begto quarterly
(See x)
ginning Oct. 15 1924
58,282 sbs.
Common stock (without par value)
x Series "A" and "B" have like preferences as to both assets and earnings,
except as to dividend rate and the cumulative provision of series "A."
The amount of series "B" to be initially authorized will be limited to the
number of shares required for issue to holders of the 6% Pref. stock of the
New Jersey corporation who do not elect to take 7% Cumul. Pref, stock,
series "A," of the Delaware corporation as determined by the depositary.)
Holders of the 10.000 outstanding shares of 6% Non-Cumul. Pref. stock
of the New Jersey corporation, including 2,163 shares in its treasury, will
be given the option to take, share for share, in exchange therefor:
Either (1) 7% Pref. stock, series "A." of the Delaware corporation, not
carrying subscription rights. but carrying cumulative dividends, or (2)
6% Non-Cumul. Pref. stock, series "B,' of the Delaware corporation,
carrying subscription rights to Common stock.
Holders of the 29,141 outstanding shares of Common stock of the New
Jersey corporation will be entitled to receive in exchange therefor 58,282
corporation,
shares of Common stock without par value of the Delawarevalue, of the
par
or in other words 2 shares of Common stock, without of the New Jersey
stock
Delaware corporation, for each share of Common
corporation.
Of the 30.000 shares of the Preferred stock, series "A," to be initially
of
authorized, 20,000 shares will be available and issuable in the discretion
construction program
the board of directors for financing part of the 1924
and for future requirements.
Stockholders, both Preferred and Common, are urged to deposit their
-V.116. p. 1388.
stock on or before May 15, with Stone & Webster, Inc.
-Annual Report.
El Paso & Southwestern Company.
1920.
1921.
1922.
1923.
Calendar YearsThe plan to form a Delaware corporation which will acquire and hold all
$11,865,369
the stock of the present Eastern Texas Electric Co. (Texas), and also Operating revenue_ _$12,649.044 $11,389,664 410,868.798
8,826,313
x8,439,019
7,727,063
stocks of companies organized to purchased the Lake Charles or other Operating expenses__ 9,329,826
1,110,156
1,086,695
981,027
1.114,133
properties, has been declared operative. The present Texas corporation Taxes, &c.
4,301
26,186
15,027
will continue to operate its present properties, and Its 5% Mtge bonds Miscellaneous exp.
due Nov. 1 1942 and 7% Cony. notes dueMay 1 1925 will not be disturbed.
$1,924,599
$1,316,898
$2,666.547
Operating income_ __ $2,205,085
The financial structure of the Delaware corporation provides for the
y2,602,695
1,638,396
1,588,112
Issue of Preferred stock in series and of Conunon stock without par value, Non-opering income_ 1,875,974
thereby furnishing a more flexible and economical method of financing
$4,527,294
$2.955,294
$4.254,659
$4,081.059
Gross income
construction requirements.
2,427,499
1,628,059
2,308,793
2,376,964
2,000,000
A letter to the stockholders outlining the plan further, Interest,rents, &c.__ 1,562.500
1.327,235
1,500,000
Dividends
Says:
$99,795
$445,866
$141,595
Surplus
Company has an opportunity to purchase the properties of companies
x Does not include Federal lapover. y Includes $1,002,481 estimated
now doing electric light, power, gas, street railway, ice and coal businesses amount of revenue due from U. S. RR.Administration for guaranty period.
in the City of Lake Charles, La., which is located about 60 miles east of -V.
118, p. 906.
Beaumont, Texas. The population served is approximately 15,000 and
the annual gross earnings are over $500,000. It is believed that these
-Extra Dividend.
Federal Light & Traction Co.
properties can be advantageously operated and financed in conjunction
75e. per share in 6% Cumul. Pref, stock has been
An extra
with the present properties of this company. Their acquisition, however, declared on dividend of stock, in addition to a quarterly cash dividend
the Common
Is contingent upon obtaining satisfactory franchises.
share, both payable July 1 to holders of record June 14. Like
When originally organized and financed in 1922, company was a Maine of $1 perwere paid April 1 last. From April 1923 to Jan. 1924. inclusive,
corporation. In 1918 the four operating companies were consolidated amountsin cash and 75 cents in 6% Pref, stock were paid quarterly on the
75 cents
into the present Texas company and its securities exchanged for those Common shares.
of the Maine corporation. This change has proved to be advantageous
directors have also declared a regular quarterly dividend of 134%
In operating and financing the present properties, but it is now possible onThe Preferred stock, payable May 31 to Preferred stockholders of record
the
and desirable to provide a financial structure which will enable the company May 15.-V. 118, p. 1392.
to more satisfactorily meet additional capital requirements, and at the
same time secure stilarter rights not in the present charter or permitted
-Guaranteed Bonds
Florida Western 8z Northern RR.
under Texas laws whereby it will be possible to acquire desirable properties
which will strengthen and diversify the company's business.
-Dillon, Read & Co., Ladenburg, Thalmann & Co.,
Sold.
Stockholders of the present Texas company will exchange their cer- Kissel, Kinnicutt & Co., New
York, and Citizens & Southern
tificates for stock of the Delaware corporation as follows:
The Delaware corporation will have the same name-Eastern Texas Co., Savannah, Ga., have sold at 100 and int. $7,000,000
-and its authorized capitalization will be initially as follows: 1st Mtge. Sinking Fund 7% gold
Electric Co.
bonds, Series "A," carrying
Pref. stock, Series "A,"7% cumul.(par $100) red. at $110
25,000 shs.
title to Common stock of the Florida Land & Development
Common stock (without par value) upon which it is expected
dividends can be initiated at the rate of $5 per share
78,000 shs. Co., which stock in the amount of 10 shares for each $1,000
Pref. stock, Series "A." of the Delaware corporation authorized initially
without
will enable the company to exchange its 7% Cumul. Pref. stock, share bond will be deposited with the trustee, deliverable
for share, for the 14,000 outstanding shares of 6% Prof. stock of the Texas cost not later than May 15 1929 or on prior redemption
corporation.
Common stock (without par value) of the Delaware corporation author- of the bond.
Dated May 15 1924. Due May 15 1934. Denom. MOM c*. Callable
ized initially will enable the company to exchange 32,894 shares for the
16,447 shares of Common stock of the Texas corporation now outstanding at 104 and int. on any int. date on 60 days' notice up to and incl. May 15
shares without par value for one share of the present 1930, and thereafter prior to maturity at se, of 1% less for each subsequent
on the basis of two
Common stock of the Texas corporation of the par value of $100, and to half year. Int. payable M. & ls.. 15. Chase National Bank of the city
offer to the holders of the 31,255.300 outstanding 7% Cony. notes of the of New York. trustee. The corporation will pay Federal normal income
-mills
Texas corporation due May 1 1925 the privilege of converting their notes tax, deductible at the source, up to 2%,and will refund the Penna. 4
into 25.106 shares of Common stock of the Delaware corporation on the tax and the State tax in Connecticut up to 4 mills and the Massachusetts
par value in lieu of one share of the Common income tax up to 6% annually. Prin. and int, payable at office of Dillon.
basis of two shares without
stock of the Texas corporation of $100 par value-subject to the payment Read & Co., New York.
Listing -It Is expected that application will be made in due course to
of a premium at the rate of $4 for each $100 face value of notes converted
list these bonds on the Now York Stock Exchange.
and all other terms of conversion provided in the notes.
Sinking Fund.
-Annual sinking fund of $210,000 to purchase or redeem
After the exchange and conversion on the basis above mentioned, there
will remain 11,000 shares of Pref. stock and 20.600 shares of Common stock bonds beginning May 15 1926.
Guaranty.-Unconclitionally guaranteed as to principal, interest and
available for financing from time to time construction requirements and
the acquisition of Lake Charles or other properties. To the extent that sinking fund by indorsement by Seaboard Air Line By.
the holders of convertible notes do not take advantage of the conversion Data from Letter of S. Davies Warfield, President Seaboard A. L. Ry.
privilege, there will be available also for such purposes Common stock
-Will form an integral extension of the main line of the SeaCompany.
thus released.
-V. 117, p. 2109.
board Air Line Ry. from Coleman, Fla., south to West Palm Beach, thus
West Palm
giving the
Air Line its
-To Form New Delaware Company Beach (954 Seaboard the east coastown line from Richmond tostrategically
El Paso Electric Co.
miles) On
of Florida, making this line
-Secre- of prime importancefrom the standpoint of bothfreight and passenger traffic.
so as to Provide Fund for 1924 Construction Program.
2304
THE CHRONICLE
In connection with the Tampa line of the Seaboard Air Line the Florida
Western & Northern RR, will form the only line of railroad across the
southern portion of the peninsula of Florida, and will shorten the present
railroad route between West Palm Beach and Tampa by 326 miles, and will
reduce the present passenger train schedule of 24 hours to about 6 hours.
The new line traverses a rich citrus fruit and vegetable producing territory
much of which is now without railroad facilities, the traffic from which in
large part will move the full length of the Seaboard Air Line's main line.
-It is estimated that the aggregate annual earnings
Estimated Earnings.
of the Florida Western & Northern RR. and the Seaboard Air Line Ry.
earnings on traffic interchanged with the Florida Western & Northern will
be $4,407,200 gross revenue and $1.712,900 net revenue. These estimates
are concurred in by Cloverdale & Colpitts, consulting engineers.
-Seaboard Air Line Ry. will lease the Florida "Western & Northern
Lease.
RR.for 999 years at a net rental after maintenance. taxes, &c. of not less
'
than $800,000 a year. Income of the Seaboard Air Line Ry. 1111923, after
payment of all rentals, amounted to $8,367,625 before interest. (See
report in V. 118, p. 2193.)
-Bonds will be the direct obligation of the Florida Western &
Security.
Northern RR. Secured by a direct first mortgage on approximately 238
miles of railroad with low grades and laid with 100-1b. rails and on all railroad property hereafter acquired, and will be further secured by the pledge
of the lease of the railroad to the Seaboard Air Line Ry.and of all the Common stock of Florida Western & Northern RR.
-Will promptly purchase upwards of
Florida Land & Development Co.
150,000 acres of land (having already under option or control an acreage
in excess of that amount), most of it heretofore without railroad facilities.
along the right of way of the Florida Western & Northern RR. This land
is exceptionally well adapted to the growing of citrus fruit and vegetables
and is susceptible of intensive agricultural development. It is proposed
to sell the land when its value has been enhanced by the easy accessibility
afforded it by the new railroad. The Seaboard Air Line Ry. will subscribe
at par for 62.000.000 of the Pref. stock of the land company, as required
to enable it to complete its contemplated land purchases. In connection
with its subscription for Prof. stock, the Seaboard Air Line Ry. will acquire
140,000 shares (the entire authorized issue) of the Common stock of the
land company, of which 70,000 shares, or 10 shares for each bond, will be
set apart, by deposit with the trustee, for the holders of the Series A bonds.
Thus one-half the profit in the land company will accrue to the benefit of
the holders of the Series A bonds through delivery of such stock to the bonholders without cost not later than May 15 1929.
-Subject to the approval of the I.-3. C. Commission.
Issuance.
[vol.. 118.
maintenance and depreciation. These are the percentages fixed for the
first year of operation in each case. Negotiations have been pending
between the company and the Commission ever since the end of the first
year to determine what, if any. changes in these percentages
made for subsequent years. Prior to the commencement of should be
fiscal year the amount expended in excess of 14% upon the the current
Manhattan
was approximately offset by the amount under 17% expended
the
Subway Division. But during the current year there have beenupon will
and
continue to be expenditures upon both divisions considerably in excess
of the tentative percentages provided for the first year. Such excess
expenditures are largely the result of deferred maintenance In recent years.
the changes in the value of the dollar and the uneconomical methods of
doing the work caused by delays on the part of the city to furnish shops,
yards and other facilities required by the agreements with the city. The
expenditures for maintenance in excess of the amounts therefor, included
in 'operating expenses, taxes and rental paid city for the old subway."
are shown hereinabove as "maintenance in excess of contractual provisions."
No accrual has been made for Federal taxes on income. Complete
exemption is claimed because of the profit sharing contracts with New York
City.
President Frank Hedley, in connection with the earnings
statement, said:
The net earnings for March 1924 were $463,009, but the company is
still $832.081 short of earnings to pay its fixed obligations and operating
expenses for the 9 months ended March 31 1924.
The expenditures for maintenance during this period have been
016 in excess of the tentative percentages for maintenance provided1,551,in the
contracts with the city. This excess has been due in part to the high
cost of labor and materials. In the hope of effecting some saving in these
expendittires, I have recently requested the members of our
to consider a reduction of 5% in their pay, commencing JulyBrotherhood
next. It Is
expected that conferences on this subject will be started in the near future.
-V. 118, p. 1910.
Indiana Harbor Belt RR.
-Equip. Trusts.
-
The company has applied to the I. C.Commission for authority to issue
-S.
$375,000 6% Equip. Trusts. While no arrangements have been made for
their sale, the company is negotiating with J. P. Morgan & Co. and expects
to sell them to that firm at 97.56. Proceeds will be used to acquire 10
locomotives.
-V. 117, p. 1461.
Indiana Service Corp.
-Resignation.
-
Street Ry.-Bonds Authorized.
-
Gary (Ind.)
Samuel W. Greenland has
The Indiana P. S. Commission has authorized the company to issue effective May 15.-V. 118. p.resigned as Vice-President and Gen. Mgr,,
84.
$643,000 5% gold bonds and $140,000 Common stock at 75. The proceeds
are to be used to pay for additions and betterments to the property.
Lehigh & Hudson River Ry.-Annual Report.
V. 115, p. 2477.
Calendar Years1923.
1922.
Railway operating
$3,117,709 $2,412,760
-Annual Report. Railway operating revenues
Havana Elec. Ry., Light & Power Co.
expenses
2,193,039
1,947,728
1923.
Calendar Years1922.
1920.
1921.
Railway tax accruals
155,608
163,331
$13,458,064 $12.910,707 $12,882,653 $11.477,937 Uncollectible railway revenues
Gross earnings
22
6,308,968 7,376,344 6,448.452
Oper. expenses & taxes.. _ 6.571.341
Net income
$6,886,723 $6,601,739
Miscellaneousincome--396,270
189,053
$5,506,309 $5,029,485
47.784
122,767
Total net income
$7,282,993 $6,790,792 $5,629,076 85.077,269
$968.759
Fixed charges
$1,117,166 $1,087,008 $1,009,011
1,258,709
Preferred divs. (6%) _ _ 1.258,607 1,258,613 1.258,709
896,900
896,871
Common divs (6%)__
896,619
896.649
1,222,987
Deprec. & conting. res7- 3,350,368 2.900,000 1.923,879
Balance, surplus
-V.116, p. 2248.
$660,233
$648,522
$540,606
$729,914
Hestonville, Mantua & Fairmount Passenger RR.
-Dillon, Read & Co. announce the sale at 100
Bonds Sold.
and int. of $1,250,000 Extended Consolidated (Now First)
Mortgage5% Gold bonds. See offering in V. 118, p.2179
.
-Fares.
Honolulu Rapid Transit Co., Ltd.
Railway operating income
Non-operating income
$769,040
101,704
$301,700
46,939
Gross income
Deduct
-Hire of equipment
Joint facility rents
Interest due and accrued
Miscellaneous charges
$870.745
101,813
143,749
208
32
$348,640
95,414
112,534
143
1,907
Net income
Previous surplus
Profit and loss adjustments
Dividend appropriations
Profit and loss surplus
-V. 115, p. 2159.
$624,942
$138,641
2.073,445 2,044,006
Dr.2,159 Cr.267,357
470,700
376,560
$2,225.527 $2,073.446
Lehigh & New England RR.
-Report.
-
Calendar Years1923.
1922.
1921.
Total railway operating revenues_ ___ $5,843,136 $4,597,073 $4,775,737
Total railway operating expenses_ __ _ 4,468,245 3,664,039 3,795,741
Railway tax accruals
224,979
219,424
226,437
Uncollectible railway revenues
98
26
- Total railway operating income
Hornell (N. Y.) Traction Co.
-To Abandon Line.
$1,149,814
$713,584
8753,560
258,361
It is announced that car operations on the north Hornell line will cease on Non-operating income
171,833
364,610
May 14. Application will be made to the New York P. S. Commission
Gross income
$1.408,175
permission to tear up the tracks.
-V.118. p. 2179. 2042.
for
$885.417 $1,118,169
106,427
96,129
85,340
-Abandonment.
- Joint facility, &c.,rents
Huntington (L. I.) Trac. Co., Inc.
Miscellaneous tax accruals
891
479
611
The New York P.S. Commission has authorized the company to abandon Interest on funded & unfunded debt
301,801
308,740
319,073
that part of its road between Huntington Station and Siding 7, about Amortization of disct. on funded debt
5,374
5,829
6,342
-V. 118. p. 550.
three miles.
Miscellaneous income charges
17,787
90,045
4,396
Income applied to skg., &c., res. fds_
8,910
8,206
6,489
Illinois Power & Light Corp.
-Barns. Cal. Years.
Dividends
(3%)204,000 (10)680,000 (10)680,000
[Of Companies and Properties Now Constituting Ill. Power & Lt. Corp.)
Balance, surplus
1923.
1920.
1922.
1762,984 def$304,013
1921.
$15.916
-V.110, p. 2075.
Gross earns,from oper.:
Electric light & power $12,400,996 $10,442,752 $9.209,945 $7,891,608
Long Island RR.
-Equipment Trusts.
Gas
1.302.671
2,722.5342,195.048, .
The I.
-S. C. Commission has authorized the company to assume obligaInterurban lines
6,676.610 6,939,641
7,161,773 7,175.661
City lines
5,178,391
4,506,913 4,596,797 4,714,117 tion and liability in respect of $1,875,000 5% Equipment Trust certificates,
Heat
620,363
557.247 Series "F," to be issued under an agreement dated April 1 1924 and sold
574,258
527,455
Water
100,191
71,926 to Kuhn, Loeb & Co. at not less than 97.56 and dividends, in connection
90.416
77,873
Mihcellaneous
231,770
381,141 with the procurement of certain equipment.
302,216
315,583
-V. 118, p. 1911, 1905.
Marion & Bluffton Traction Co.
• Total gross earnings- 327,930,855 $25,064,611 $23,499,883 $22,094,371
-Acquisition.
The Indiana P. S. Commission has authorized the company to acquirer
Oper. exp., maint. & tax 18.811,807 17,746,169 17,066.429 16,352,776
the Geneva Light & Power Co., for it is said, $65,000, of which $50,000 is
Netfrom oPerating„,- $9,119,048 $7.318,443 $6,433,455 $5,741,595 payable in cash and the remaining $15,000 in bonds of the Marion Co.
The Geneva properties furnish light and power to Vera Cruz, Cralgville,
118, p. 2042, 1772.
Linn Grove, Berne and Geneva.Ind.,and Chattanooga,0.-V.118.p. 1520.
Interborough Rapid Transit Co.
-Earnings.
Maumee Valley Ry.-Ousted from City.
Net Earnings of the Interborough System Under the Plan.
The City Council of Maumee, 0. recently passed
ousting
Month of 9 Mos.end. the company from operation within the city limits. an ordinance was the.
'
The ouster
Mar. 1924. Mar.31 '24. result of a controversy between the city
and
Total revenue
65,230.743 $43,220,346 ment of the main highway from Toledo to the company over the improveMaumee. The company, it is
Operating expenses, taxes and rentals paid city
said, will appeal to the Ohio P. U. Commission.
-V. 117, p. 1347.
for the old subway
3,338,803 29,330,442
The company has applied to the Territorial P. U. Commission for permission to increase fares in Honolulu from 5 to 63i cents, or 4 tokens for
-V. 118, p. 663.
25 cents.
Mineral Range RR.
-Annual Report.-
$1,891,940 $13,889,904
-Corporate
Corporak ctFedt.rcaMaintenance in excess of contractual provisions,-- Cr.$34,534 $1,551,016
Calendar Years1920.
1923.
1922.
1921.
Avge. mileage operated_
101 11
101.11
98.85
98.36
Income available for all purposes
81.926,475 $12,338,889 Freight
$327,984
8188,970
$255,439
$182,050
Interest on I. R. T. 1st Mtge.5% bonds
672,347 6,049.568 Copper rock
309,696
59,826
178,297
112,240
Interest on Manhattan Ry. bonds
1,356.180 Passenger
150,687
3,938.
4,215
2,891
3.809
7% Secured notes
Interest 8n I. R. T.
1,683,676 Mail
187.578
1,845
2.999
3,600
4,390
-Year notes
Interest on I. R. T.6% 10
174,568 Express
23,007
4,986.
8.188
9,964
8,741
Interest on Equipment Trusts
53,620 Miscellaneous
6,300
21.170
.
14,952
21,943
16,435
Miscellaneous income deductions
425,858
42,555
Earns, without deducting sinking fund on the
Total
$669,619
$279,150
$327,665
$4472,133
I. R. T. 1st Mtge. 5s which, under the plan,
Expenses-does not become operative until July 1 1926, but
Maint. of way & struc_ _ .. $93.655
$183.741
$80,787
$95,192
which must be deducted from earnings of the
254,459.
Maint. of equipment_ _ _ _
87.949
61,085
90,159
system before arriving at the sum available for
Traffic expenses
4,703
4,188
4,120
4,152
dividends on Manhattan stock
$844,001 $2,595,418 Transportation expenses.. 213,192
217,299
408,914
187,239
Dividend rental on $60,000,000 Manhattan stock
General expenses
14.939
15.646
13.533
14,517
at 4% Per annum
1,800,000 Transp'n for investment_
200,000
Cr.28
Cr.16
Cr.242
---- ------------- -- --- ,
Balance
$644,001
$795,418
Total
$405,649
$866,948
$361,154
$415,433
-------------- with Report to Transit Commission.
--Net operating revenue.... _ $.56,700 def$33,489 def$126,499 def$197,329
$718.934 Taxes accrued
Net corp inc. as reported to Transit Conunission_ $428,474
61,782
62,147
67,110
52,013
contractual provisions__
Maintenance in excess of
1,551,016 Uncollec. railway revenue,
def34.534
22
22
56
$463,008 def$832.081
Operating income
$44,631 def$100,599 def$188,303 df$0259,490
1,627.500 Other income
Deferred sinking fund (accrued but not paid)
180,993
24,111
25,989
45,520
$795,418
$644,001
Equals above balance
Gross income
$50,151 def$74,609 def$164,192
87.038
87,747
-From the commencement of operations under Contract No. 3 Interest, rentals, &c
84.392
Note.
and the related certificate respectively, it has been the practice to include
Net deficit
$161,648
$251.939
of operating expenses 14% of the gross operating revenue
$34,240
in all reports
V. 113. p. 417.
upon the Manhattan Division and 17% on the Subway Division, to cover
2305
THE CHRONICLE
MAY 10 1924.]
-Certificates Sold.
Minneapolis & St. Louis RR.
-The entire issue of $750,000 receiver's certificates has been
placed privately by the Minneapolis Trust Co.of Minneapolis.
-Fares Increased.
North Jersey Rapid Transit Co.
The New Jersey P. U. Commission has granted permission to Receiver
H. H. Parmlee to charge a 10
-cent fare in each trolley zone. There will be
-cent fare where tickets are bought in
-cent fare for school children and a 7
a6
books of 50 trips. The new rates become effective May 10.-V.105, p.389.
The certificates bear 5;4% and are dated at various times from April
30 to May 6 1924. Each certificate matures 60 days after its date of issue.
-Wage Agreement.
Northern 0. Traction & Lgt. Co.
Of the total amount of certificates issued, $500,000 were used to pay
between the company and its Akron
A
current bills and $250,000 to make certain specified payments ordered (O.)new wage and working agreement May 5. It runs to May 1 1925, and
street car employees was reached
-V. 118, p. 2179, 2042.
by the Court.
contains practically the same provisions as the contract which expired
-cent-anMay I last. The local car operators withdrew their request for a 22
-To Abandon, Lines.
Mobile Light & RR. Co.
48 cents an hour for
hour wage increase above
The Alabama P. S. Commission on April 19 authorized the company first year men, 50 cents the present standards of cents an hour therefor second year men and 53
to lay tracks
to take up its tracks and to abandon service on certain streets,
-V. 118. p. 2042.
and furnish service on certain other streets and to rearrange and consoli- after.
-V. 118. p. 664.
date its service.
Oklahoma Union Ry.-To Increase Fares.
The Oklahoma Corporation has authorized the company
Monongahela West Penn. Public Service Corporation. over the lines of the Tulsa Street By. between all points into put into effect
Tulsa and West
follows:
The consolidated income account for the year ended Dec.31 1923
for several
$5.204,888 Tulsa within the city limits. The company has been operatingit had been
Gross operating earnings
years on a 5
-cent fare within the city limits and contended that
for deple. & deprec.).
Oper. exp. & maintenance (incl. $51,196
losing money on this fare basis since 1919. On Jan. 15 1924 it filed an ap3.364,242
$3,055,353; taxes (including Federal), $308,889
city
Cr.31,608 plication with the Commission seeidng an increase in its beingfare from 5
Miscellaneous income
the charge
cents to 7 cents, or 4 tickets for 25 cents, the latter rate
that the Tulsa Street By. had been receiving for city passenger fares. The
$1,872.253
Total income
Corporation Commission finds that for the year ended Dec. 31 1923 the net
int. on floating debt. $83,755:
Int. on funded debt, $902,694:
revenue of the Oklahoma Union By. for both city and interurban fares
amort. of discount. $95,357: total, $1,081,806; less interest
1,048,122 was $17,481. Further, that this amount was not sufficient to pay the
charged to improvement accounts, $33.684
12.222 interest on outstanding bonds of the company.
Rentals
The Commission also approved an agreement between the company
$811,910 and the Tulsa Street By.for transfer exchange at specified points. ("ElecNet available for dividends
tric By. Journal.")
-V.104. p.864.
-V. 118. p. 551.
-Wages Increased.
Morris County (N. J.) Traction Co.
The company has granted a wage increase of 5 cents an hour to all plat-V. 117, p. 440.
form men. It is now operating one-man cars.
-Bonds Ready.
National Railways of Mexico.
The International Committee of Bankers on Mexico announces that the
following issues are now ready to be returned to depositors under the readjustment of debt, upon presentation and surrender of the relative certificates of deposit to the issuing depositaries: Institution for Encouragement
-Year
of Irrigation Works and Development of Agriculture (S. A.) 35
4 14% Sinking Fund Gold bonds, due Nov. 1 1943(Cajade Prestamos, &c.):
Vera Cruz & Pacific RR. 1st Mtge. 436s, 1934: National Rys. of Mexico
-Year Sinking Fund Redeemable Gold Bonds due
Prior Lien 436% 50
July 1 1957.
The cash warrants maturing up to and incl. Jan. 1 1924 will be paid upon
presentation and surrender thereof at the office of any one of the paying
agents specified therein. Cash warrants maturing subsequently to Jan. 1
1924 should not be presented for payment until the committee announces
that it has received for the current year ono-half of the minimum fund to
be provided by the Mexican Government under the terms of the plan.
V. 118. p. 1911. 1520. 311.
Nevada-California-Oregon
Calendar YearsOperating revenue
Operating expenses
Railway tax accruals,&c.
1923.
$385,563
342,236
24,394
Operating income- _
Total non-oper. income_
$18,932
1,409
Gross income
Int. on funded debt, &c.
$20,342
59,585
Balance
-V. 117, p. 1236.
-Tenders.
Philadelphia Company.
The Guaranty Trust Co.. trustee. 140 Broadway, New York City, will
until May 13 receive bids for the sale to it of First Ref. de Coll. Trust Mtge.
6% Gold bonds, due Feb. 11944. Series "A," to an amount sufficient to
exhaust $120,015, at a price not exceeding 105 and interest.
The Bank of North America & Trust Co., Philadelphia. trustee, will
until June 4 receive bids for the sale to it of Consol. Mtge. & Coll. Trust
-year 5% Gold bonds, dated Nov. 1 1901, to an amount sufficient to
50
-V. 118.
exhaust $282,132 at a price not exceeding 10234 and interest.
p. 2180.
-Valuation.
Philadelphia Rapid Transit Co.
The Pennsylvania Supreme Court on April 30 refused to allow the city
of Philadelphia to appeal against the decision of the Superior Court in
upholding the finding of the Pennsylvania P. S. Commission in the P.R. T.
Co. valuation case. Denial of the right to appeal was based on the city's
failure to ask for that privilege within 30 days from the date of the Superior
Court's order.
Ry.-Annual Report.
The Philadelphia Rapid Transit property valuation has been found by
1920.
1921.
1922.
the Pennsylvania P. S. Commission to be substantially upwards of $200,$431,299
$418,304 000,000 upon which the company is entitled to a return of 7% per annum.
$338,765
410,606 or at least $14,000,000. This decision was recently affirmed by the
451,210
298,681
19,422 Pennsylvania Superior Court in an appeal taken by the City of Philadelphia.
32.926
32,426
The total capitalization of the property as represented by funded debt
$7,658 def.$52,837 def.$11,724 and paid-in capital of Philadelphia Rapid Transit and leased companies
16.941
30.314 amounts to 3144.807,000 with fixed charges and dividend payments calling
71,791
annual disbursement of 311,635,000, including 6% on Philadelphia
$18,589 for an Transit stock.
$79,450 def.$35.896
-V. 118, p. 2180, 2042.
Rapid
60.051
63,472
60,978
def.$39,243 sur.$18,471 def.$99,367 def.$41,462
-Earns.
Newport News& Hamptcip Ry.,Gas&Elec. Co.
1923.
Cal. Years5530.530
Railway
Gas, ltg. & heating 346,909
Elec.light & power 794,192
Ice, coal and wood 417,671
10,748
Towing
Pennsylvania-Ohio Electric Co.
-To Issue Bonds.
The Ohio P. U.Commission has authorized the company to issue $640,000
634% Refunding bonds at not less than 94 to capitalize treasury expendi-V. 118. p. 2180.
tures and make extensions and improvements.
1923.
Cal. Years1922.
5676.768
$569,852 Net earnings
121,563
360,940 Taxes
747,063
8555,205
Net Income._
408,372
3,199
Non-oper. revenue
1922.
$770.794
103,333
Pittsburgh & West Virginia Ry.-New President.
H. E. Farrell has resigned as President. Frank E. Taplin. Chairman.
will act in the capacity as both President and Chairman of the board.
H. W.Nethken has been elected a director. succeeding E. V. R. Thayer.
-V. 118. p. 1259.
-May Bring Suit-Bonds Exchanged.
Reading Co.
The Philadelphia "News Bureau" says:"Some large holdings of Preferred
stocks are discussing bringing suit to establish an equity between pref. and
$867,461 corn.stocks which they contend should follow the segregation ordered by the
15,757 Supreme Court. These stockholders are represented by Thomas Raeburn
White and Henry P. Brown. Stockholders included in discussions are
5558.404 8683.218 William B. Hurts and the Cooper interest, which combined hold over
Total earnings_ .82.100,048 $2,086,227 Gross income
294.057 10,000 shares of 2d pref. stock. Counsel for these stockholders during
Income deductions 254,188
Experses170,148 hearing on third modified segregation plan, contended that, in segregation.
$472.078 3457,813 Dividends declared 245.000
Railway
215,544 Add'I amtset aside
Gas,Itg.& heating 226,835
new stocks all of one class should be issued and exchanged share for share
172,400 for outstanding stock. Now some of the preferred stockholders are con13,376
311,995 for deprec. ree
Elec.light & power 373,070
330,082
sidering whether the decision of the Supreme Court and existing statutes
Ice, coal and wood 347,154
4,143
Towing
can be interpreted to mean that preferred stock shall share equally with
common in distribution of profits as well as assets.'
146,612
845,840
*Total expenses $1,423,280 $1,315,433 Surplus
To the close of business April 30, it is stated that only 36.958.000 of the
* The 1923 expenses include $886.623 82 depreciation, as compared with Gen. Mtge. bonds remained outstanding, out of a total of 594.627,000 outstanding when the segregation plan became effective. The bonds out, it is
$37,313 25 in 1922.
said, are practically all in small amounts, some being in estates which have
General Balance Sheet December 31.
-V. 118, p. 1774. 432.
not yet been settled.
1922.
1923.
1922.
1923.
14abSlilies$
$
$
AssetsRepublic Railway & Light Co.
-Jitney Competition.
Land, plant & eq_ 9,121,769 9,023,067 Preferred stock_ _ _ 1,500,000 1,500.000
At a referendum election held April 29 the voters of Youngstown, 0.,
40,868 Common stock__ _ 2,800,000 2,800,000
37,906
Investments
the previous action of the City Council prohibiting jitneys from
4.781,000 4,793,000 sustained
206.383 Funded debt
197,567
Mat'l & supplies
28.500
30,000 entering or loading in the congested business district around the Public
218,052 Notes payable__
Acc'ts & notes rec. 203,560
59,924
75,861 Square. The election was initiated by the jitney operators in an attempt
81,808 Accounts payable_
24,116
Cash
53,886
54,557 to annul the effects of the City Council's traffic regulatory ordinance. The
Consumers'depoa_
Cash for Int.,divs.,
164,936
146,938 Bond,&e.,int. madefeat of the 'bus operators' measure relieves the local street railway
&c
tured & accrued- 116,622
117.063 system of considerable competition and obviates the necessity for increasing
7,973
11,666
Prepaid ins.& tax_
848,101 Fed. Income tax40,437
31,819 the rate of fare to which the trolley company would be entitled under the
Deferred charges_ _ 842,165
61,250
Dividends payable
61,250 terms of the service-at-coat franchise. The Youngstown street railways
Deprec'n reserve_ _ 816.792
-V.118, p. 1912.
802,753 constitute part of the Republic Railway & Light system.
665
14
Miscellaneous res.
Appropriated sur_ 211.446
-Report.
173.785
Richmond Fredericksburg & Potomac RR.
Total(each side) 10,599.991 10,571,884 Unapprop. surplus 129,467
131,781
1923.
1922.
1922.
1923.
Cal, YearsCal. Years-V. 116. P. 936
.
384,455
By.over. revs_ _ _812,077,813r 10,975,811 Int,on fund,debt_ 378,833
By.
-New Financing.
-- By.oper. expenses 7,936,776 7,234,904 Other daduc'ns.._ 308,114 1,196,818
New York Chicago & St. Louis RR.
tax accruals__ 674,717
632,490
It is reported that the company will shortly offer 326.000,000 53.4% Uncollec. ry. revs_
227
785
Net income_ __- 2.297.035 2.094,911
Refunding bonds through a banking syndicate headed by Guaranty Co. of Equip. & joint faIncome applied to
-V. 118.
New York, as soon as the I.-8. C. Commission gives its approval.
654,758
clay rots
ink. & other rep. 2174.
692.731
Net ry. op. Inc_ 2,811,335 3,107,632 Cash 'eividndde 3 x968,604
serld fuens-:::
°1"00
300.001)
-Charges.
New York New Haven & Hartford RR.
Non-oper.Income_ 172,646
568,552
Conrad W. Crooker, Boston lawyer, has charged before the Brookhart
Gross Income.. 2,983.982 3.676,184
Balance, surplus$1,028,431 $1.102.180
committee at Washington that former Attorney-General Daugherty rex In May 1923 a 100% stock dividend was paid, amounting to $5,417.stored control of the Boston & Maine RR. to the New York New Haven &
Hartford. The act which he asserted set aside a Federal decree of 1914 was 400.-V. 118, p. 1774.
effected, the witness said, following a "secret" hearing before Federal Judge
-Equipment Trusts.
Rutland RR.
Mayer in New York City in 1922. Crooker is attorney for the Boston &
The company has applied to the I.
-S. C. Commission for authority to
Maine Stockholders' Protective Association, which numbers among it
-V.118. p. 2179, 1911. issue $825,000 5% Equipment Trust Gold notes. The carrier proposes to
than 2.500 share owners of the road.
members more
negotiate with J. P. Morgan & Co. for the sale of the issue at 96.96%
Norfolk & Western Ry.-Baltimore & Ohio Officials and int., and to use the proceeds to purchase 500 box cars.
Results for Calendar Years.
to Paper Submitted on Proposed -Norfolk &
Deny Signatures
1920.
Calendar Years1921.
1923.
1922.
Western Lease.
Gross
$6,695,786 35,803,157 35,811,556
A paper drawn up in the form of a protest against allowing the Pennsyl- Expenses, taxes. &c
5,502,643
5,909,873
5,357.665
vania RR. to take over the operation of the Norfolk & Western under
lease, purporting to bear the signatures of the Baltimore & Ohio RR. and
8308,013
Operating income
$785,913
$445.492
its executives was filed with the L-S. C. Commission early in April. This Equipment rents, &c _ _ -141.998
84,940
82,230
document with its signatures is declared by Baltimore & Ohio officers
to have been prepared and filed without the knowledge
to be a forgery and
$450,911 a$899,977
Net operating income- _ $868,143
$530,432
of any officer of tho company. The text of the pretended protest com- Other income
83,855
135,217
51,597
74,130
pletely misrepresents the attitude of the Baltimore & Ohio directors and
officers as to the proposed lease of the Norfolk & Western by the Pennsyl$983,832
$586,128
Total income
$604,562
$919.740
vania.
-V. 118. p. 2042, 1666.
601.421
572.802
Interest, rentals, &c
455,831
451,526
-Bonds Called.
North Carolina Public Service Co.
All of the outstanding Greensboro Electric Co. Ref. & 'rapt. Gold
Coupon bonds, dated June 1 1905, have been called for redemption June 1
-V. 118, p. 1278. •
at 110 and int, at the Bankers Trust Co., N. Y. City.
Net income
3163,909
3153.036
$13,326
$382.411
a Includes two months' Federal compensation, six months' Government
-V. 118. P. 2043.
guaranty and four months' corporate earnings.
THE MRONICLE
2306
-San Francisco Ry.-Securities Authorized
St. Louis
[Vol,. 118.
-Earns.
West Penn Railways Co. (and Subsidiaries).
1921.
1922.
Calendar Years1923.
-S. C.Commission on April 29 authorized the company (1) to issue,
The I.
818,059.445 $15,029,132 $14.189.777
in temporary or definitive form,$2,984,600 Prior Lien Mtge. bonds,series B. Gross operating earnings
9,512,079
9,571,364
and 85.904,200 Prior Lien Mtge. bonds, series 13, said series B bonds and xOperating expenses and maintenance 11,568,438
656,185
860,567
1,053.262
$500,000 of series D bonds,or any part thereof, to be pledged and repledged Taxes (Including Federal)
Cr1,052,438 Cr636,360 Cr564,031
from time to time until otherwise ordered as collateral security for any note Miscellaneous income
or notes which may be issued:(2) to sell $8,500.000 Prior Lien Mtge. bonds.
Total income
$6,490,183 $5,292.846 $4,526,258
series D,at not less than 88X and int. (See offering in V. 118. p. 1666.)
2,755,604
2,403,379
The Commission also granted authority to subsidiaries of the St. Louis Interest and amortization of discount_ 2,806,935
San Francisco Ry. to issue their promissory notes as follows: St. Louis Div. accr. on Pref. stock of West Penn
Power Co.in hands of public
517.746
359,291
203,253
San Francisco & Texas Ry.,8114,202; Ft. Worth & Rio Grande Ry.,
$125,550: Birmingham Belt RR.,$482.967: Kansas City Ft. Scott & Mem- Income appl. to Com. stock of West
Penn Power Co.owned
278,882
City Memphis & Birmingham RR.,$290,620:
phis Ry.,$1,710,225: Kansas
-San Francisco Ry. in respect of
said notes to be delivered to the St. Louis
Net available for diva, on stock of
expenditures for additions and betterments made by it to the properties
West Penn Rys. Co
$2,886,620 $2,177.951 $1,919,626
of the subsidiaries.
x Including $1.409.717 for depreciation in 1923. $1,075,000 in 1922 and
Action on the recutest of the St. Louis-San Francisco Ry. for authority
Prior Lien Mtge. bonds, series B (herein authorized to $1,000,000 in 1921.-V. 118. P. 1775.
to sell $2,984,600
be issued), and to issue $2,952,100 adjustment mortgage bonds, series A.
West Penn Power Co. (and Subsidiaries).
-Earnings.
was deferred.
-V. 118, p. 1666.
Calendar Years1923.
1922.
1921.
xGross operating earnings
Seaboard Air Line Ry.-Guaranty of $7,000,000 Florida y Operating expenses & maintenance_ $11.978,606 $9,653,904 $8,928,323
7,696,066
5,916,369
6,138.371
-Director.
Western & Northern RR. Bonds
603,550
Taxes (including Federal)
465,400
360,611
Cr972.145 Cr612.747 Cr540,247
Miscellaneous income
See Florida Western & Northern RR. above.
W. W. Miller, of Hornblower, Miller & Garrison, has been elected a
Total income
$4,651,135 $3,662.880 $3,191,590
director, succeeding Pierpont V. Davis, Vice-President of the National
1.807,179
Int. & amortization of discount
1.679,236
1,327,805
-V. 118. p. 2173.
City Co.
182,965
Rentals
182,965
186,009
-Strike Ended, &c.
Stark Electric RR.
Net available for dividends
$2,660,990 $1,800,678 $1,677,776
The strike which began May 1 between Salem and Canton, 0., ended
* Including sales of $1,634,653 to affiliated companies in 1923. $1,455,675
May 6, when cars began to operate again. .The old wage scale was adopted
by the employees and the company. The strike was called when the com- in 1922 and $1,300,204 in 1921. Y Includes $891,217 depreciation in 1923,
2626,227 in 1922 and 8553.608 in 1921.-V. 118. p. 1521.
pany offered a.new wage scale calling for 4 cents an hour decrease.
The company recently applied to the Ohio P. U. Commission for au-Report.
Western Pacific Railroad Co.
thority to abandon a part of its tracks in the city of Alliance, Ohio. A
Combined
Corporate
hearing will be held May 12. The tracks proposed to be abandoned begin
1921.
1920.
1923.
1922.
at the west side of Arch Ave.. running west on Main St. to Union Ave.,
$14,138,269 $12,505,348 $12,104,155 815,612.843
thence north to the right-of-way of the Cleveland and Pittsburgh tracks, Gross earnings
Total income
$44,327.347 $3,150,102 $44,926,486 24.985,848
-V. 118, p. 432.
thence on Vine St.
Interest, rentals, &c--- - 2,507,552
2,067,953
2,855,440
2,044,757
Steubenville East Liverpool & Beaver Valley Trac. Co.
The Ohio P. U. Commission has authorized the Valley Motor Transportation Co., a subsidiary, to estabbsh and operate bus lines in East
-V. 116, p. 2390.
Liverpool and Steubenville, Ohio.
Net income
Preferred dividends_
Sinking funds
$1,819,795 $1,105,345 $2,858,533 $2,130,408
1,925,000
1,650,000
1,650,000
262.900
50,000
50,000
50.000
Tennessee Alabama & Georgia Ry.-Notes.-Balance, surplus__ ___
$205,408
$119,795
$792,445 $1,158,533
-S. C. Commission on April 28 granted authority to issue $21,000 -V. 118. p. 2181, 1521.
The I.
promissory notes in connection with the procurement of a locomotive.
Winona Interurban Ry.-Sale Ordered.
-V. 117, p. 1557.
Judge W. B. Rile, of the Elkhart (Ind.) Superior Court, has granted
--Tenders.
Terre Haute Traction 8c Light Co.
the petition of Clarence J. Minton, receiver., for permission to sell the
The State Street Trust Co., trustee, Boston, Mass., will until May 16 property. The order is that it shall be offered at public sale at the Court
receive bids for the sale to it of 1st Consol, Mtge. 5% gold bonds, dated House door, Elkhart, May 29, for not less than $150,000 for the Geshen
division and the same amount for the Peru division.
-V. 116,p. 177.
May 1 1904,to an amount sufficient to exhaust$30,175.-V. 116,p• 2007.
-Kuhn, Loeb &
Texas & Pacific Ry.-Plan Operative.
Co. readjustment managers, have declared operative the
plan of readjustment dated Nov. 26 1923.
-S. C. Commission on April 25 granted authority to the company
The I.
(a) to issue $24,676,000 5% Non-cum. Pref. stock and $4,440,583 of unsecured coupon serial notes:(b) to issue and pledge $1,826,500 Gen. & Ref.
bonds: and (c) to assume obligation and liability in respect of certain
equipment obligations.
Acquisition by the Missouri Pacific RR. of $23,703,000 5% Non-cum.
Prof. stock of the Texas & Pacific By. Co. was also approved and authorized. (Compare readjustment plan in V. 117. p. 2433, 2430.)-V. 117,
p. 2771.
-Earnings.
Tidewater Power Co.
Calendar YearsGross earnings and other income
Operating expenses
1922.
1923.
$1.634,938 $1,544,071
872,641
918,312
Net earnings from operations
Bond interest
Debenture interest
Other interest
Federal taxes
Preferred dividends
Common dividends
Depreciation
$716,627
$671,430
112:t63
5,340
TR
10,651
33,479
83.503
42.000
134.485
49,647
63.339
42,000
79,024
Balance,surplus
-V. 118, p. 552.
$100,400
$278,517
Toledo & Indiana (El) R.R..-Option on Control.
An option on the controlling interest in the Common stock of the company is reported to have been taken by the Lake Shore Power Co., a new
holding corporation organized in Ohio, with Charles T. DeHore as Presi-V.92, p. 1375.
dent.
-Terminal.
Trenton & Mercer County Traction Corp.
The plan to build a large central terminal in the heart of Trenton, N. J.,
for the suburban lines of the Trenton & Mercer County Traction Corp.,
New Jersey & Pennsylvania Traction Co., and the Public Service Ry. has
been abandoned. The three companies announced that the costs would
be prohibitive. The site selected for the proposed terminal has been purchased oy the Trenton & Mercer County Traction Corp. and a terminal
for that company alone will be built. ("Electric By, Journal.") V. 115.
p41943.
Twin State Gas & Electric Co.
-Report (Incl. Subs.)
1923.
1922.
Calendar YearsGross earnings. incl. mdse. sales- _ -- $1,462,324 $1,340,558
847,964
959,156
Over, expenses, incl. taxes & deprec_
Cr.10,838
Cr.24,383
Miscellaneous income
Depreciation
254,992
265,926
Int., amortized disc. & exp. on bonds
1921.
$1,162,016
724,678
Cr.12,439
36.614
261,508
Net income
Previous surplus
$272,559
69.960
$237,506
75,842
$151,655
64,803
Total surplus
Prior lien dividends
Preferred dividends
Common dividends
do stock
do
$342.519
110,604
77,625
$216,458
37,991
77,625
25.000
77.448
$313,348
73,070
77,625
19,793
72,900
Profit and loss surplus
-V. 117, p. 2891.
*76,842
$69,960
$75,842
-Bonds Ready.
Vera Cruz & Pacific RR. Co.
-V. 117, p. 2655.
See National Rys. of Mexico above.
-.To Discontinue Line.
Virginia Ry. & Power Co.
F The Virginia State Corporation Commission has authorized the company
to discontinue the Edgewater street car line May 15. Request for permissiontto stop the Edgewater service was filed with the Commission over a
year ago.
John C. Easley of Richmond. Va., has been elected a director succeeding
-V.118, p. 2181, 1667.
P.M. Chandler of Philadelphia, Pa.
Washington Ry. & Electric Co.
-Wage Increase.
.
Fr The wages of the motormen and conductors were recently increased
2 cents an hour: The new scale is 52 cents for the first 3 months, 56 cents
-V. 118, p. 665.
for the next 9 months and 58 cents thereafter.
Waterville (Me.) Fairfield & Oakland Ry.-Fares.-
The company has applied to the Maine P. U. Commission for authority
to increase (a) its zone are from 7 to 8 cents, (14 its strip ticket fare from
70 to 80 cents, and (c) Its commutation books of 50 coupons from $3 50 to
$4. The proposed schedule would become effective May 12. An increase
In the zone fare on this line from 5 to 7 cents was granted by the CommissIoniin 1918.-V. 93. p. 1790.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world auring the past week,
together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly given
under this heading appears to-day on a preceding page under "Indications
of Business Activity."
Coal 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, heretofore appearing in this column,
will be found to-day on a preceding page under the heading "Indications
of Business Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the United States.
by the American Petroleum Institute and formerly appearing
compiled
under the above heading, will he found to-day on a preceding page,
Prices, Wages and Other Trade Matters.
Refined Sugar Prices-On May 5 the American, Warner and National
reduced price to 7.70c. per lb., Pennsylvania. Federal and McCahan to
7.60c. and Arbuckle to 7.65c. On May 7 further reductions were made
as follows: American, Pennsylvania, National, Warner and McCahan,
7.50c. each, Federal, 7.40c. and Arbuckle 7.45c.
-The American Smelting & Refining Co. reduced
Lead Price Reduced.
the price oflead from 8 to 7.75c. per lb. May 5. "New York Times" May 6,
p. 28.
A second reduction to 7.50c. per lb. was made by the company on May
7. "New York Evening Post" May 7, p. 20.
Price of Milk Reduced One Cent a Quart for Month of May -The Dairymen's League Cooperative Association, Inc., on May I announced that the
Producers' May price for Class I milk (fluid milk for city distribution) has
been reduced from $2 33 to $1 86 per 100 pounds.
This reduction is equivalent to one (1) cent a quart. This is the base
price at the 201-210 mile milk freight zone for milk testing 3% butter fat.
"New York Times" May 3, p. 19.
Wage Adjustments.
-Lawrence (Mass.) carpenters (800 of whom went on
strike May 5) agree to return to work when all but three builders agree to
pay 10c. an hour wage increase. This brings the wage scale to $1 10 per
hour. "Boston News Bureau" May 7, p. 6.
Scranton (Pa.) bricklayers win wage increase of 15c. per hour bringing
wage scale up to $1 50 per hour. Same rate applies for plasterers and stonemasons. "New York Evening Post" May 6, p. 8.
Keystone Coal & Coke Co. has reduced wages 15 to 20%. "New York
Evening Post" Financial Section. May 3. p. 1.
Shoe workers of Haverhill (Mass.) accept wage reductions ranging from
9% to 37% and averaging about 20%. "Boston News Bureau" May 9,
p. 11.
New York City Taxi Drivers Strike.
-Demand 40% of gross receipts of
taxi corporations. "New York Times" May 6, is. 1.
-Thompson-Starrett Co.(N. Y.) agrees
Iron-Workers Strike Almost Over.
to pay El 50 per day wage increase to men who went out on strike May 1.
President Morrin of the union said that practically 65% of the 7,800 strikers had returned at the now wage scale of $12 per day. "New York Times"
May 8, p. 27.
-Have been reHudson County (N. J.) Painters Strike for $12 Per Day.
ceiving $10 per day and employers refused demand for increase. "New
York Times" May 6.
Detroit (Mich.) Plasterers Strike for Five-Day Week and $14 Per Eight
-Refuse to make concessions. Base their demands on expectaHour Day.
tion of a shortage of plasterers this summer. Contractors estimate about
210,000.000 now construction is held up by this strike. "New York Evening Post" May 7, p. 1.
-Protest
Waterville (Maine) Weavers Strike Against Automatic Looms.
against looms, four of which may be operated by one weaver. Manager of
mill states installation is desired for test, full pay to be guaranteed to weavers in the meantime. "Sun" May 6, p. 3.
Matters Coverea in "Chronicle" May 3.-(a) Factory workers' earnings in
New York State maintain slight gain in March over last year-largest
increases in building supply industries. p. 2116.
(b) Structural steel workers strike for wage increase, p. 2116.
(c) Julius H. Barnes, President of the Chamber of Commerce of the
United States, says McNary-Haugen farm bill would advance flour to
American consumers to $2 a barrel, p. 2128.
(d) American Newspaper Publisners Association condemns proposed
increase in second class mail rates recommended by Postmaster-General
New, p. 2140.
(e) Huston Thompson, Chairman of the Federal Trade Commission, In
testimony before the Senate Committee investigating Department of Justice
says failure to prosecute price-fixing suits has contributed to high building
costs and rents, p. 2141.
MAY 10 1924.]
2307
UTE CHRONICLE
-McLaughAkdar Corp., Tulsa, Okla.
-Bonds Offered.
lin, MacAfee & Co., Pittsburgh, are offering at 100 and int.,
$475,000 First (Closed) Mtge. 63/2% Serial Gold Bonds. A
circular shows:
[A stockholders' suit to enjoin the sale of the capital assets of the Middle.
West Gas & Electric Co. of Maine to the American Gas & Electric Co. wasbegun May 7 in the New York Supreme Court. Stockholders also ask
for an accounting.]
-V. 118, p. 1394.
American Hide & Leather Co.
-Earnings.
--
Dated May 1 1924. Due serially May 1 1926-1934. Interest payable
Quarters ended Mar. 31 1924.
1922.
1923.
1921.
M.& N. without deduction of normal Federal income tax up to 2%. Penn. Net earnings (see note)_
$261,719 loss$49,511
$44,275
$586,845
4 mill tax refundable. Interest payable at Michigan Trust C,o., Grand Depreciation
67.495
68.664
201.585
61.130
Rapids, Mich. trustee, or at the Harris Trust & Savings Bank, Chicago. Extra incomefrom insur.
Denom.$1,00d. $500 and $100 c*. Redeemable, all or part, on any interest
on plants destroyed by
date on 60 days' notice at 105 and interest if redeemed on or before May 1
fire
495.000
495,000.
1925, the premium decreasing 34 of 1% each year thereafter.
-These bonds are secured by a direct first and closed mortgage
Security.
Balance
$471.779
$880.260
$200,589 def3118.175
on Akdar Shrine Temple located in the business section of Tulsa, Okla.
-Results from operations after charging repairs, interest on loans,
Note.
The land and building are appraised at $1,014,000. or over 213% of the and reserves for taxes.
-V. 118, p. 1777.
amount of this issue.
-Organized for the purpose of purchasing property
Akdar Corporation.
American Water Works & Electric Co., Inc.
-Financing
and erecting a building thereon for the use and benefit of the members of of Subsidiary Companies.
Akdar Temple, Ancient Arabic Order Nobles of the Mystic Shrine. Control
Since the beginning of 1924 the subsidiaries have sold approximately
of the Corporation is vested in a board of directors of five members of
Akdar Temple. This obligation in substance is practically that of Akdar $8,000,000 new securities to provide necessary funds for additions and
betterments. Of this amount about $1,837.000 represented Preferred
Temple.
Akdar Temple, A. A.0.N.M.S., has a membership of 4,649. The Tem- stock, which has been sold on a customer ownership basis. Three issues of'
ple has exclusive jurisdiction of an area of 125 miles square, embracing the bonds have been sold amounting to $6,200.00e. This total included
northeastern part of Oklahoma ,one of the richest sections of the State. $1,400,000 Wichita Water Co.1st 6s, $1,300,000 Hungtington Water Corp.
The building is 334 stories in height, of reinforced concrete and fireproof 1st 6s and $3,500,000 notes of the West Penn Rys.
The company is continuing to sell the Preferred stock of its subsidiaries
steel construction and covers an area of 28,000 sq. ft. It contains an auditorium seating 2,000. assembly rooms, club rooms, banquet room, offices. on a customer ownership basis, as this method of financing has proved an
advantageous means of raising capital, besides strengthening public relastores. &c.
tions.
-V. 118. p. 1907. 1914.
Alabama Power Co.
-Stock Increased-10,000 Shares of
Stock Offered to Customers.
The stockholders on April 2 inereased the authorized capital stock by
300.000 shares of Pref. stock, no par value. The authorized capital stock
is now 400,000 shares Common stock, no par value; 10,000 shares Preferred
stock, par $100, and 390,000 shares Preferred stock, no par value.
The company is offering to its customers at 98 and divs., to yield about
7.14%, 10.000 shares of the no par value Preferred stock (entitled to $7
per share per annum). Upon completion of this financing, the company will
have outstanding 100,000 shares of Preferred stock (of which 5,955 shares
are of $100 par and the balance no par value),and 187.510 shares of Common
stock.
-V. 118, p. 2044. 1913.
Alaska Steamship Co.
-Earnings, &c.
-
See Kennecott Copper Corp. under"Financial Reports" above.
-V.106.
p. 1228.
American Beet Sugar Co.
-Annual Report.
Years end. Mar. 31- 1923-24.
1922-23.
1921-22.
1920-21.
$6,418.674 $5,656,794 $9,231,510 $11,549,715
Gross sugar sales
5.196,686 5,077,157 11,389,386 11.135,757
Total expenses
$1,221,988
293,985
$579,637Df$2,157,876
$413,958
309,062 Dr.476,170 Dr.547,466
$1,515,973
Net income
Preferred dive. (6%)_ _ 300.000
Common diva.(4%)__-600,000
$888,699df$2,634.046 def$133.508
300,000
300,000
300,000
Balance, surplus
-V. 118, p. 1522.
$588,699df$2,934,046 d ef$433,508
Net earnings
Other income
$615,973
American Chicle Co.
-Tenders.
The Bankers Trust Co., 16 Wall St., N. Y. City, will until May 20
receive bids for the sale to it of 6% 5
-Year notes. dated Oct. 1 1922, to an
amount sufficient to exhaust 585.500.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
May 9 receive bids for the sale to it of Sen-Sen Chiclet Co. 6% Sinking
Fund Gold bonds, due 1929, to an amount sufficient to exhaust $50,361,
at, a price not exceeding 10734 and interest.
-V. 118, p. 2181.
American Cotton Fabric Corp.
-Restored to List.
-
The stock of the company has been restored to the approved list of
securities, whose sale is permitted by the Mass. Dept. of Public Utilities,
the information required by the Department having been filed by the
corporation. Last week the company was included in the list of companies
the sale of whose securities were banned in Massachusetts.
-V.118, p. 1014,
313.
American & Foreign Power Co., Inc.
-Expands.
-
Amparo Mining Co.
-Annual Report.
Calendar YearsGross earnings
Expenses
1920.
1923.
1921.
1922.
$1.525,737 51,866,513 $1.664.368 51,748,382
1.516,624
1,150,7:s7
1.331,999
1,344.601
Net profit
Misc. charges (net)
Inventory loss
Taxes, &c. (net)
Dividends paid
$231,757
Cr.$11.873
36,949
92,264
26,183
32,1n7
21,615
(12%)240,000 (17)340,000 (12)240,000 (20)400.000
Balance, surplus
-V.116, p. 2133.
$375,000
$11,856
3521,913
$11,986
$96.961
$137.759
5332.369
. 81.332
369.422 def$285,583
Arizona Commercial Mining Co.
-Copper Output.
-
April 1924. Mar. 1924. Feb. 1924. Jan. 1924. Dec. 1923. Nov. 1923.
611,600 lbs. 702,600 los. 643,000 lbs. 577,000 lbs. 614,000 lbs. 590,000 lbs.
-V. 118, p. 2182, 1777.
Arkansas Light & Power Co.
-Acquisition.
-The company recently acquired all of the Electric Distribution System
formerly owned by the Citizens Light & Power Co. of El Dorado, Ark.,
-V. 118. p. 2044.
and adjacent territory.
Arkansas Natural Gas Co.
-Annual Report.Pres. J. R. Munce, in his remarks to shareholders, says:
The board deemed it advisable to separate the oil and gasoline business
of the company, to the extent practicable, from its natural gas business,
for the reason that the natural gas business of the company is strictly a
public utility and subject to commission regulation as to rates. The
separation was accomplished by increasing the capital stock of Arkansas
Fuel Oil Co. (ad of which was owned by this company) from 525,000 to
$8,200,000 and issuing the increa-e up to 38.143,450 for t e oil and gasoline
business and properties of the company. thereby accomplishing a separation
of the two classes of the business into two separate entities, yet preserving
to the stockholders their entire interest in both properties. While the
oil and gasoline business had been conducted as a separate department of
the company previous to this separation, it is now conducted by a separatecorporation whose capital stock is all owned by this company. Thisi
separation was accomplished as of Dec. 31 1923.
Earnings for Calendar Years (Including Arkansas Fuel Oil Co.].
1920.
1922.
1921.
1923.
53.903,421 34.061,114 52.835.518 $7,577,470Gross sales
$979.466 54,598.539
income after taxes
5671,263 31,897,028
Net
27.406
115.101
45,649
Total interest charges_ _
383.721
48,936
Notshownl
226,407
Miscellaneous charges
972.755
See x
I
1.152,665 •
Depreciation charges,&c)
(29 )703588
Preferred dividends_
(4)541.205(8)1.082.406
Common dividends
r
It is announced that during the last few months the company has acquired
Balance, surplus
$671,263 41,802,443 def$968,216 $1,340,968
the securities of companies supplying electric power and ligat service in
15 additional communities in Cuba. Included among the new communities
x Before deducting depreciation and depletion charges.
now served by subsidiary companies are Manzanillo, Palma Soriano,
Balance Sheet December 31.
Bayern°, Colon and Florida. With the acquisition of these adiltional
properties the company, it is said, now controls the commercial electric
1922.
1923.
1923.
1922.
power and light properties in practically all the principal cities in Cuba
$
Assetsoutside of Havana. The largest of the 55 communities served by operating Physical property_18,668,571 14,908,466 Capital stock
16,336,900 16,268,660
subsidiaries in Cuba are Santiago, Camaguey, Cienfuegos, Cardenas, Santa origiani gas rights 5,500,000 6,442,526 Bonds outstanding 1,024,000
,
27,000
Clara and Ciego de Avila. The company also controls companies serving Inv. In other cos__
91,000
158,199 Deprec., dept., &c.
Panama. Colon and 2 other conununities in the Republic of Panama, and Cash
225,403
reserve
5,270,290 4,105,580
101,976
Guatemala City and 5 other communities in Guatemala, making 65 com- Oil inventory
145,157 Accr.accts.(taxes) 414,087
412,903
118,013
munities in all that are served by operating subsidiaries. A total of about Mat'l .Sc supplies
539,695 Bills & accts. pay_ 711,823 1,509,183
801,847
58.000 customers are served with electric power and light.
-V. 118, p. 1271, Gas ledger accts._ 101,449
54,419
60,014
101,358 Dep.from gas cons
205.
758,815 Accts. In course of
Notes & accts. rec. 737,691
34,000
215,394
318,695 adjustment
Accts. ofjoint Ints. 299,730
American Gas & Electric Co.
-Bonds Sold.
Undistrib. operat.
-Bon- Adv. to allied cos_ 271,109
1,438
accounts
bright & Co., Inc., have sold at 943/i and interest, to yield UndIstrib. operat.
52,308 1,325,592 Surplus
1,014,570 2,205,342
accounts
about 6.35%, $4,250,000 6% Gold Debenture Bonds (American series). Dated May 1 1914 and due May 1 2014.
Data from Letter of President Geo. N. Tidd, New York, May 3 1924.
Company.
-Organized in New York Dec. 20 1906. Controls a diversified
group of electric power and light companies operating in eight States and
serving a population in excess of 1,770,000. The principal companies controlled are as follows: Atlantic City (N. J.) Electric Co.: Ohio Power Co.,
Newark, Ohio; Ohio Service Co.. Coshocton. Ohio; Indiana General Service
Co. Muncie, Ind.; Indiana & Michigan Electric Co., South Bend, Ind.;
North Western Ohio Light Co.. Van Wert, Ohio: Kentucky & West Virginia
Power Co., Inc., Charleston, W. Va.: Benton Harbor-St. Joe Ry. & Light
Co.: Rockford (Ill.) Electric Co.; Scranton (Pa.) Electric Co.: Wheeling
(W. Va.) Electric Co.; West Virginia Water & Electric Co., Charleston,
W. Va.
The controlled companies operate in 377 communities located in eight
different States. The communities served have a wide variety of business
interests. The franchises under which the companies operate are satisfactory, and a large proportion of them are unlimited as to time. Public relations of subsidiaries are satisfactory.
Capita/ire/ionOutstanding,
Preferred 6% Cumulative stock, par $50
1150h0°21:4
1,
2
0:
6
Common stock, no par value
g
s
Collateral Trust 5% laonds, due 2007
6% Gold Debentures due 2014
-Proceeds will be used to reimburse the compan'y for the cost
Purpose.
of additions to properties, and for other corporate purposes.
Consolidated Earnings Statement (Company and Subs.) Years Ended March 31.
s)24
1922.
1923.
Gross earns, of all subsidiary cos_ .--$16,793,779 $25,182,092 $35,399,692
Bal. of sub. cos' earnings, after all dd
uctions, incl. deprec'n, appllcable
to American Gas & Electric Co_ _ _ $2,740,995 $3,999,300 $5,410.633
Other income of American Gas & Elec1,005,553
tric Co., less expenses
942,282
1.575,242
Total gross income applicable to
Amer. Gas & Elec. Co.funded debt $3,746,548 $4.941,582 $8,985,875
Annual Int. charges on funded debt of Amer. Gas & Elec. Co.,
upon completion of financing
1.547,340
Balance
$5,438,535
Finances.
-The finances of the company and of its subsidiaries have
always been handled through the Electric Bond & Share Co.
-
24.867,121 24,798,481
Total
-V. 118. p. 1015.
Total
'4,887,121 24,798,481
,
-Balance Sheet.Arnold, Constable & Co. Inc.
Jan. 31 '24. Dec.31 '23.
Liabilities- Jan. 31 '24. Dee. 31 '23.
AssetsCash
$169,753 $415,266 Common stock_ __$2,610,883 13,143,580
Accts. receivable- 687,752
678,746 Loans payable__ __ 607,472
295,688
Inventories
1,207,558 1,008,225 Accounts payable_ 457,677
Prep.rent,Ins.,&c.
87,624
12,878 Accrued pay-roll,
3,987
24,391
taxes, &c
Deposits with Ins.
35,893
companies, &c
30,278
24,646 Res.for contln.,&c. 110,197
Fixtures & equip__ 847,656
339,167
Leasehold, &c____ 1,000,000 1,000,000 Total (each side)33,810,620 $3,478,928
-V. 118. P. 2045.
x Represented by 180,000 shares of no par value.
Atlantic Lobos Oil Co.
-Annual Report.
1920.
1921.
Calendar Years1923.
1922.
Sales
3806,423 $5,462.292 $8.319,990 Not stated
$1,678,629.
aNet earnings
loss$76,049
$659,128 $3,527,348
Depreciation of equipm't 1,704,298
c
1,279.327
1,168.602
Obsolescence of equip__ _
226,786
302,735
486,934
Devel. work. & drill. exp
156.643
,
24.50
Leaseholds abandoned
b130.949
832.363
n4:
,
(11i
Inventory adjustment_ 19.9.52
123.285
53,110
Lease rentals, &c
N7 139
5.
49,892
60,610
Depletion
8.522
34,816
86.670
70.000
Federal taxes (est.)
Preferred dividends...1.052,000
Balance, deficit
Previous deficit
Adjustments
$371,000 31.051.915
$2.476,424 $1.895,175
1,852,521
sur42,654 sur413,654 def264.900
deb373,362
Profit & loss, deficit_ _ 54.328,945 $1,852,520 sur$42,654 surS413.654
a After all charges for operations and depreciation in 1920 and 1921.
b After reserves of $12,973. c Net earnings in 1920 and 1921 are after
depreciation -V. 116. p. 1764.
Auto Knitter Hosiery Co.
-Earnings.
-
The company reports for the quarter ended March 31 1924 a net loss
or $10,884 after depreciation and reserve for bad debts but before Federal
tax, against a net income of $108,614 in the first quarter of 1923.-V. 118..
la• 1272.
2308
THE CHRONICLE
Atlantic Gulf & West Indies Steamship Lines (Incl.
Subsidiary Companies).
-Annual Report.
1922.
Calendar Years1923.
1921.
1920.
$36,467.417 $31,947,883 $40,717,775 $54,983,504
Operating revenue
Total operating expenses 35,410,852 32,570.979 35,650,446 52,541,307
Net operating income_ $1,056,565 def$623,096 85,067,329 $2,442,197
519,238
803,258
492,640
1.204,745
Other income
Gross income
Interest, rentals, &c_
_
$1,575,803
3,204.383
$180,162 $5,559,968 $3,646,943
3,762,898 3,778,631
3,498,712
Net income for year_def$1,628.580df$3,582,736 $1,781,337
-V. 118, p. 2045.
[Vol.. 118.
Boston Halifax & Newfoundland SS. Co.
-Receiver.
-
L. K. Thurlow of Melrose, Mass., has been appointed receiver by Federal
Judge Morton at Boston. On Feb. 29 1924 an involuntary petition in
bankruptcy was filed against the company.
Bush Terminal Co.
-Earnings.
Three Months Ended March 31Total gross earnings
Total operating expenses
Taxes
Interest on bonded debt, &c
Sinking fund
1924.
$2,066,078
1,094,048
323,079
272,137
40,461
$148,231
Balance, surplus
$336,353
-V. 117. P. 897.
-Earnings.
-Barnet Leather Co., Inc.
Calumet & Arizona Mining Co.
-1924 Production.
Results for Three Months Ended March 31.
Month ofApril.
January, _
March.
February.
Copper production (lbs.) 3,330,000 2,084,000 2,824,000 3,764,000
1921.
1924.
1923.
1922.
$17,384 $50,665 $57,580 $83,630 -V. 118, p. 1915, 1669.
x Net earnings from operations
26,2501
Dividends on Preferred stock
Canadian Cottons, Ltd.
-Annual Report.
I 54,750 46.500 47,900
Provision for sinking fund
Years Ended March 311921-22.
1922-23.
1923-24.
$668,572
$703,192
$35,730 xTotal income
8621,379
def$8,866def$4,085 $11,080
Balance, surplus
Bond interest
176,934
162,046
160,167
x After deducting charges for maintenance and repairs of plants, depre- Bad debts, &c
30,491
41,362
15,006
ciation and estimated amount of Federal and State taxes, &c.
219,690
219,690
219,690
-The result is subject to adjustment at the end of the year when Preferred dividends
Note.
217,240
217,240
217.240
- Common dividends
finally audited, and to change incident to income tax rulings.
accounts are
V. 118, P. 1138.
Surplus
$24,217
862,854
$9,276
Previous surplus
2.720,074
2,807.144 2,744,291
-Foreclosure Recommended.
BathIron Works, Ltd.
Foreclosure of the mortgage on the company's property at Bath,
Total surplus
32,816,420 52.807.144 82,744.291
has been recommended by a committee of the bondholders. Tne Merrill *Special loss
136.184
'trust Co., Bangor, Me., the trustee, will proceed in behalf of about 300
holders of the bond issue of $1,210,000, on which interest was defaulted
Profit and loss surplus
82.680,236 $2,807,144 52.744.291
William B. Saelton
Jan. 1 1924. The bondholders' committee consists of
Lewiston; George C. Wing Jr., Auburn, and Leonard A.Pierce of Portland,
*Loss arising from St. Croiz mill Mod. x After expenses of operation,
Me.
-V. 118. p. 1139.
administration expenses, Government taxes, Ste- and depreciation.
V. 117. p. 329.
-Tenders.
Bethlehem Steel Company.
Certain Cornwall, Coleman Estate and Freeman Estate Purchase Money
Carriage Factories, Ltd.
-Offer.
Mtge. bonds, all dated July 11919, have been called for redemption July 1
A number of shareholders, it is reported, are
the
at par and Int. at the Pennsylvania Co. for Insurances on Lives. &c.. 517 purchase of their shares by certain Toronto in receipt of offers forThe
financial interests.
-V.118, p. 1272.
Chestnut St.. Philadelphia, Pa.
price offered is $3 for Common, and $15 for the Prof.
-V. 117, p. 1996.
-Bonds
Binghamton (N. Y.) Light, Heat & Power Co.
-Halsey, Stuart & Co. Inc. are offering at 91 and
Offered.
int., to yield about 53 %, $&1,000 1st Ref. Mtge. 5%
4
Gold bonds of 1916. Due Feb. 1 1946. A circular shows:
Central Maine Power Co.
-7'o Issue Pref. Stock.
-
The Maine P. U. Commission has authorized the company to issue
8231,000 additional 7% Preferred stock at not less than par ($100)•
The proceeds are to be used to reimburse the treasury and discharge
indebtedness incurred by the payment of $231,000 for the retirement of
2,310 shares of Preferred stock of the Androscoggin Electric Co.
-V.
118. p. 88.
Company.
-Has been successfully operated for a period of more than
33 years. Company furnishes electric light and power to the cities and
towns of Binghamton. Johnson City, Port Dickinson, Apalachin, Endicott,
Central Manufacturing District, Inc. of Los Angeles.
Nichols, Kirkwood, Conklin, Fenton, Chenango, Maine, Union, Barker
Barton. Whitney Point and Vestal, N. Y. Population 140.000. In -Bonds Offered.
-An offering of $1,250,000 1st Mtge. Real
addition, power is delivered at wholesale to local companies and munici9
palities by which it is distributed in Sayre, Waverly, Athens, Owego, Estate Improv. bonds, Series "B" 6W/ due serially 1929
Marathon, Lisle, and several other towns and villages.
to 1939, will be made by Hunter, Dulm & Co., Citizens
Earnings
-Years Ended March 31.
National Co., Los Angeles, Blyth, Witter & Co., and Jack1922.
1924.
1923.
$941,947 son & Curtis at slightly under par.
Gross earnings (incl. other income)-- $1,273,332 $1,081,677
The new issue is to enable the district to provide additional facilities and
Oper. exp.. maint. & taxes (excl. of
579,900 will bring appraised value to more than 86.700.000. The company is an
688,370
694,027
depreciation)
industrial organization modeled after the Central Manufacturing District of
$362,047 Chicago.
8396,307
-V. 117, p. 1239.
$579,305
Net earnings
Annual interest requirement on total
-To Increase Stock-Preferred
Central Power Co. (Del.).
funded debt outstanding with public $163,825
Authorized. Outstanding. Stock Decreased.
Capitalizationa$114,000
(Closed)
let Mtge. 5s. 1942
The stockholders will vote May 19 on changing the articles of incorporac2,844,000
b
1st Ref. Mtge. 5s, 1946
227,500 tion to provide for an authorized Capital stock of $5,500,000, increasing
$500,000
5
-Year 7% Secured notes, 1925
1,063.000 the authorized Common stock from 32,000,000 to $3,500,000.
2,936,600
7% Cumul. Partic. Preferred stock
The following changes have taken place in this company: $840,000
63,400
63.400
6% Cumul. Preferred stock
500,000 Common stock has been issued, of which $375,000 was issued in exchange
1.000,000
Common stock
1st Ref. Mtge. for a like amount Of Preferred Capital stock, thus reducing the Preferred
a Not incl. $253,000 pledged as additional security for
current issue to $375,000. The balance of the Common stock was sold for
bonds and $133,000 in sinking fund. b Issuance of additional let Ref. cash and the proceeds used to retire floating indebtedness.
Mtge. bonds limited by provisions of mortgage. c Not incl. $325,000
At the annual meeting the following directors were elected: Martin J.
-Year 7% Secured notes.
pledged as security for the 5
Sharp, Chicago; T. H. Fritts, Wm. Suhr and C. D.
-V. 118. p. 2045. Insull and W. C. Island. Neb.; J. G. Lowe and R. F. Pfeiffer, Kearney.
-Controlled by General Gas & Electric Corp.
Control.
SeCheverell, Grand
Neb.-V. 118, p. 1915, 1523.
-Increase,
Blackstone Valley Gas & Electric Co.
The stockholders will vote May 26 on increasing the authorized Common
-Bonds Called-Earnings.
Cerro de Pasco Copper Corp.
stock from $5,197,500 to 86,496,875. par $50. The 25,987 new shares, if
All of the outstanding 10
-Year Cony. Sinking Fund 8% Gold bonds due
approved, will be offered to stockholders of record May 29 at par in the 1931, have been called for redemption July 1 at 105 and Interest at the
held.
proportion of one new share for each four shares now
office of J. P. Morgan & Co., sinking fund trustees, 23 Wall St., New York
A. petition is now pending before the General Assembly of the State of City. Any of the bonds may be converted into stock upon presentation
Rhode Island asking permission to issue bonds and other obligations to an and surrender of the bonds at the Irving Bank-Columbia Trust Co., 60
exceeding
amount not exceeding $16,000,000. and stock to an amount not
Broadway, New York City, on or before July 1.
516.000,000.-V. 118, P. 1139. 6613•
Income Account for Calenda Years.
lg22
.r
1921.
Borden Co.
-To Increase Capital-Rights.
1920.
85
The stockholders will vote May 28 on increasing the authorized Common Sale ofcopper,silver,&c-$20,9189223,6 $17.805,585 $17,592.080 $11,463,572
577,817
447,007
160,093 2,319,891
stock from $22,500,000 to $35.000,000. Of toe increase it is intended to Divs. and int. receivedMiscellaneous receipts__ 1,197,411
1,181.313
1,173,035
35,175
Issue at present $2,886,800 Common stock to stockholders at par.
5,793.896 3.708,405 4,357,183
1,524,576
The stockholders of record June 7 will nave the right to suoscribe for the Inventory Dec. 31
•
new stock in the proportion of one share for each 10 shares of old Common
Total
$28,551,209 823,142,310 323,282,391 $15,343,214
or Preferred held. The rigot to subscribe will expire July 16. Payment
may be made either in full or in 4 installments of 2.5% on July 16, Sept. 16, Smelt.,refin. & gen. exp.$12.455,014 510,008,010 89,946.053 88,417,195
Nov. 17 and Dec. 16. If desired, payment may be made in full on July 16. Inventory prey. yr._...._ 3.708,405 4,357,183 7,009.177
2,161.262 3,010,688 2,808.739 2.013.288
The present capital consists of $7.500.000 Preferred and $21,368,100 Custom ores
882,328
576.272
477,964
691,577
Common. Theincrease in the Common will bring the outstanding Common U.S. and foreign taxes
Depletion of mines_ _ _.1
See below
I 2,781,664
to $24.254,900.
Common Deprec. of plants, &c__ I
1
791.058
If the stockholders ratify the proposal it is proposed to put the
373,000
595,360
635,570
stock on a quarterly dividend basis subsequent to the payment of the Bond interest
(50c)449,115($4)3592,917
next semi-annual dividend of $4 a share. It is expected it will be paid on Divs. paid (per share)_($3)2,971,686
Aug. 15. The quarterly dividend date will be the first day of March,June,
Balance, surplus
85,999,514 34,594,798 $1.955,774df$2,974,485
Sept. and Dec. It is tberefore expected that the first quarterly dividend
302,607
40,336 5,518,240 10,273,494
of $2 a share on the present Common stock will be paid on Dec. 1 next and Add balance Jan. 1
on the new Common stock which will then be a part of the total Common
Total
$6,302,121 $4,635,134 37,474,014 17,299,009
stock outstanding on March 1 1925.
075,942 See above
President Arthur W. Milburn states that the directors were influenced Deprec'n of plants, &c $2,271,031 $1,026,223
4.000,303 3,295,475 4,120,650 See above
to take this action because the company has done no permanent financing Depletion ofmines, &c
Deb10,830 Deb41.383 Deb5708,168
since the year 1909, while during that period it has expended from its Adjustment
earnings upwards of $17,000.000 in cash for new plants, employment and Surplus of subsidiaries
eliminated by consol'n
2,295,703
betterments and improvements. The pursuit ofsuch a policy has prevented
the company from building up its actual cash working capital in proportion
Bal., p. & 1., Dec. at,,
$40,336 $1.590,843
$30,786
$302,606
greatly increased volume of business and turnover, and the directors
to the
therefore deem it advisable to anticipate the growing needs of the company -V. 117. D. 2774.
-V. 118, p. 1516.
by securing additional working capital.
-Earnings.
Borg & Beck Co. of Illinois.
Quarter Ended March 31Net earnings before Federal taxes
-V. 118, p. 668.
-Annual Report.
-Braden Copper Mines Co.
Consolidated Income Account for Cal. Years (Incl. Braden Copper Co.).
1923.
1922.
1920.
1921.
$20.455,010 $11,485,180 $5.632,686 $10,446,551
Operating revenues
11,219.415 8,828,527 5,496,089 8,354,293
costs
Operating
$9,235.595 52,656,652
$136,597 $2,092,258
Operating profit
43,714
36,995
327.246
75,975
Other income
$9,279,309 $2,693.647
$212,572 $2,419,504
Total income
$2.069,907 $2,699,345 $2,653,682 $1,662,740
Taxes, interest, &c
2,111,036
1,540.834
1,866,196 1,670,028
Depreciation
32,886
abandoned
233.292
142.214
114.478
Loss on plants
3,119.835 1,909,540
1,275.570
915,671
Depletion
128,462
128,461
128,462
128.461
Other charges
4.155
(Cr.)
31,684
150.378
256,028
Disc.on bds. purch.
Balance, deficit
-v. 118. D. 668.
Chicago Pneumatic Tool Co.
-Earnings.-
Quarter Ended March 31
1923.
1924.
Net profit after depreciation, interest and taxes
$107,356 $158,853 -V. 117, p. 2114.
$1,821,338 $4,111,503 $5,013,720 $2,179.938
1923.
1924.
$159,284 $203.863
-Shares Offered.
Cincinnati Combined-Securities Co.
A. J. Frank & Co. and Bank of Commerce & Trust Co.,
Cincinnati, are offering at 314 25, to yield 53,4%, Bearer
shares representing Common stock of ten prominent Ohio cos.
All listedon the incinnati Stock Exchange.
These certificates are issued in bearer share form (payable to bearer), with
80 coupons, covering
ears. Coupons payable quarterly beginning
June 15. Certificates are in denom. of 5. 10. 25, 50. 100 and 500 share
20'
certificates. The ten Ohio companies whose common shares are deposited in
specific amounts with the Bank of Commerce & Trust Co., Cincinnati,
trustee, against which these bearer shares are issued, are: American Rolling
Mill Co., Churngold Corp. Cincinnati & Sub. Bell Tel. Co., Cincinnati
Gas & Elec. Co., Fleischm;nn Co., Gruen Watch Co.Kroger Grocer_v &
Baking Co., Owens Bottle Co., Procter & Gamble Co.,'U. S. Playing Card
Co.
Company owns shares of common stock of the ten Ohio corporations
mentioned above. Under an agreement it has deposited these shares with
the Bank of Commerce & Trust Co., Cincinnati, as trustee, in units of
MAY 10 1924.]
2309
THE CHRONICLE
-Earnings--Outlook,
Commercial Solvents Corp.
150 shares. Against each unit the company has received 750 bearer shares,
each of which, therefore represents a 1-750 interest in each unit of 150 shares
Profits in the first three months were over $350.000. While the managedeposited. The trust agreement provides that these common stocks shall ment does not count on doing quite as well as this throughout the year.
in units, It is confident of making an excellent showing. March output was 2.800,000
be deposited with the Bank of Commerce & Trust Co., as trustee,
and that each unit shall be identical and shall consist of a total of 150 shares. lbs. against 2.300,000 in Feb. and 1.800.000 in Jan. Production is now
The trust agreement also stipulates that there can be no substitution of at annual rate of over 30000,000 lbs.. against only about 10.000.000 prostocks, and that all handling of securities can be done only by the Bank of duced in 1922. The major part of the company's output has been sold
Commerce & Trust Co. and Cincinnati Combined Securities Co. in con- ahead for a year under contract at good prices, which assures a good income
junction.
for 1924. Back dividends totaling $3 a share on the "A"stock will be paid
that in
off some time this year, and
-Rights.
Cincinnati & Suburban Bell Telephone Co. shares of- cash position of the companyit is not unlikelymonths' view of the excellent
successful operation,
following three
its
additional
This company is offering to its stockholders
all or nart of the back dividends will be paid off at the meeting this month.
Capital stock for cash at par $50 per share. Stockholders of record May 24 ("Wall Street Journal").
-V. 118, p. 1273. 912.
subscribe for this new issue of stock in the proportion of
will be entitled to
-New Coone share bf new stock for each 7 shares of stock held. The right to subCommonwealth Hotel Construction Corp.
scribe will expire July 5.
-New Offer for Property.
Subscriptions must be made to R. C. Hall, Treas., 225 E. Fourth St., Receiver
Federal Judge Winslow has appointed Wendell P. Barker co-receiver.
Cincinnati, 0., before July 5.-V. 115, p. 2384.
to succeed Newman Erb, who resigned.
-To Offer Stock.
Announcement has been made to the stockholders by Milton H. Hall,
City Ice & Fuel Co., Cleveland.
Reports from Cleveland state that the company is offering 10,000 shares Chairman of the reorganization committee, that two offers for the property
Stock subscribed and have been received. Each of the offers contemplates the payment of
of Common stock to stockholders at par ($100).
paid for by May 19 will carry the $2 quarterly dividend payable June 1. about 56,100,000, but the offers are not the same in all particulars. Both
Stock not taken by stockholders will be offered to employees -V. 118, contemplate a substantial cash payment and the execution of a second
mortgage, the interest on which would be paid to the stockholders.
p. 1016.
The reorganization committee is having these bids easefully analyzed
and intends to recommend for the approval of the Court the one con-Earnings.
Coca-Cola Co.
1921.
sidered most favorable.
1922.
1924.
1923.
3 Mos. End. March 31-bearing
Much of the consideration will be represented by an interest
$4.730,145 $5,068,561 $3,265,088 $6.034,441
Gross receipts
and held
Mfg. & general expenses_ __ _ 3,807.685 3,573,897 2,258,123 5,189,844 second mortgage, which the committee aims to have assigned towho then
by a responsible trust company in trust for the shareholders,
$922,460 $1,494.664 $1,006,965 $844,597 will receive negotiable participation trust receipts, in accordance with
Operating profits
210.649 their stock holdings and respective interests, which will be entitled to
41,850
507
Interest, discount, &c
share in the interest on the mortgage, payable semi-annually when and
$922,460 $1,494,157 $965.115 $633,948 as received. This second mortgage will be subject to a builder's loan not
Net income
that earnings in the second quarter are expected to be twice exceeding $10.000.000, the cost of the hotel completed and ready for
It is reported
operation.
-V. 118, p. 1670, 1396.
those ai the first 3 months or about $1,800,000.-V. 118, p. 1273. 1016.
-Earns. for Cal. Ys.
-New Control
Colorado Power Co.
See Public Service Co. of Colorado below.
1923.
1922.
$1,239,891 $1,034,347
Gross operating revenue
583,568
555.406
Operating expenses. incl. maintenance and taxes _ _
Net operating revenue
Other income_
$656,323
18,859
5478,941
71,633
• Total income
Deduct-Interest on bonds_x
Reserved for depreciation
Other deductions
$675,182
$218.499
128,140
6,950
5550,574
$218,810
107.470
5.915
Total deductions
Net income_
Surplus Jan. 1
$353,589
$321,594
807,230
$332,194
$218,380
702,705
$1,128.824
$1.995
$921,085
81,996
Cr.13.632
70,175
55,316
Total surplus
Amortization of discount on bonds and stock
Profit and loss adjustments
Dividends on Preferred Stock
Dividends on Common Stock
70,175
221,264
-Engraved Certifs. Ready.
Commonwealth Power Corp.
The engraved certificates for Common shares are now prepared and will
constitute a delivery.
-V. 118. p. 912. 669.
(John T.) Connor Co.
-April Sales.
1924-April
-1923.
81.275.027 81.061.270
-V. 118. p. 1670. 1141.
Increase.
Increase.] 1924-4 Mos.-1923.
8213.757 I $5,546,606 34,457,435 31,089,171
Consolidated Cigar Co.
-Earnings.
Quarter Ended March 31Net profits after exp.. int., &c
-V. 118. p. 1132.
1924.
$191.586
1923.
$154.961
1922.
$112,545
Consolidated Gas, Electric Light & Power Co. of
Baltimore.
-Initial ,Dividend-Preferred Stock Sold.
The directors have declared an initial quarterly dividend of 1 4% on
5
the new 634% series "C" Pref. stock (see offering in V. 118, p. 1915) and
the regular quarterly dividends of 2% on the Common and series "A"
Prof. stocks and of 1 % on the series "B" Prof. stock, all payable July 1
to holders of record June 14.
The 82.000,000 634% Cum. Prof. stock offered last week to customers
has been oversubscribed.
The Baltimore Stock Exchange has authorized the listing of $4.000,000
-V. 118. p. 2184, 2046.
634% Series "C" Cumul. Preferred stock.
Surplus
$835,390
$807,230
x Including interest on bonds of subsidiary corporations.
-Listing.
Consolidation Coal Company.
The Irving Bank-Columbia Trust Co., successor trustee. 60 Broadway,
The Baltimore Stock Exchange has autnorized the listing of $10,000.000
N. Y. City, will until May 20 receive bids for the sale to it of 1st Mtge.51
7% Cumul. Pref. stock, par $100. See also V. 118, p. 1524.
Gold bonds. due May 1 1953, to an amount sufficient to exhaust $23,39
at a price not exceeding 105 and int.-V. 118, p. 2011.
-Earnings.
Corona Typewriter Co., Inc.
1922.
1923.
Calendar YearsColumbia Club Realty Co., Indianapolis, Ind.-Pref. Earnings after Federal taxes
$328,157
$282,719
Stock Offered.
-J. F. Wild & Co., Indianapolis, are offering Depreciation
599,007
$79.538
23.396
23,396
at par and div. $1,000,000 6% First Pref. (a. & d.) stock. Amortization
97.000 (abt)98.210
Preferred dividends paid
The entire issue has practically been sold.
28,598
Common dividends
Dated May 11924; due serially Jan. 1 1927 to 1945. Dividends payable
Q.
-J. Optional at 102 and divs. at any dividend date.
$127,013
Balance
$34.718
Purpose.
-To finance the erection and equipment of a first-class modern -V.116. p. 2519.
nine story club building, on the present site of the Columbia Club, at In-Earnings Year
dianapolis, Ind.
Daniel Boone Woolen Mills, Inc.
Security.-Colurabia Club owns in fee simple land fronting 74 ft. on
Monument Circle and approximately 222 it. deep, conservatively appraised Ended Dec. 311923.
$552,196
at $455.000. The Club has contracted for the erection and equipment of a Gross, $832,024; sell. & admin. exp., $279.828: profit
59,868
new building at a cost of 81.001.325
-making a total valuation of$1,456,325. Other income
comFull title to the land, building and equipment is held by the realty
$612.064
Total income
pany until all of this issue has been paid. Property will be leased by the
$144,871
realty company to the club at a rental sufficient to pay all fixed charges. Interest, &c.. $78,677; Federal taxes. $66,194
Dividends 1
312.358
including the dividend and stock redemption requirements of this issue.
-Resumes Dividends-Earnings.
Columbia Sugar Co.
Surplus
$154,835
The directors have declared a dividend of 1% on the Common stock. -V. 118, p. 1272.
payable June 2 to holders of record May 20. A distribution of 2% was
Dome Mines, Ltd.
made on this issue April 1 1921: none since.
-Gold Production.
The company reports profits for the year ended March 31 1924 of $633.Month ofApr.'24. Mar.'24. Feb. '24. Jan.'24. Dec. '23.
977;depreciation,$195.666; balance, $438,311; previous surplus,$1,067,135; Gold production (value)__$358,811 $355,645 $349.299 3326.420 $372,962
total surplus, $1.505,446; adjustments. $126,839; profit and loss surplus, -V. 118, P. 2017. 1779.
51.378,607.-V. 114, p. 2245.
Durant Motors, Inc.
-To Increase Capital
-To Acquire
Combined Locks Paper Co., Appleton, Wis.-Bonds
Offered.
-Federal Securities Corp., Chicago, are offering at Star Motors, Inc. vote May 23 on increasing the authorized capital
The stockholders will
prices ranging from 100 and int. to 100% and int. to yield stock from 2,000,000 shares to 3,000,000 shares, no par value.
A proposal has been made to Slat Motors, Inc., to acquire all of its assets.
from 53 % to 6%7 according to maturity, $1,400,000 subject to the assumption by Durant
4
0,
Motors, Inc., of all liabilities, for a
First Mtge. 6%% Serial Gold Bonds.
consideration payable in the stock of Durant Motors. Inc., in an amount
Dated May 1 1924. Due serially May 1 1925 to May 11930. Interest
payable M. & N. in Chicago without deduction for any normal Federal
income tax not in excess of 2%. Penn. 4 mills tax refunded. Danom.
$1,000 and $500 and $100 c*. Redeemable, all or part, on any interest
date upon 60 days' notice at 10111 plus M of 1% for each year or part of a
,
year of unexpired term, and interest. First Trust & Savings Bank, Chicago, and Melvin A. Traylor, trustees.
Data from Letter of President Lewis L.Alsted. Appleton. Wis., Apr.30.
Company.-Incorp. in Wisconsin in 1889. Since 1916, when the present
management came into control, the mill has been in operation 24 hours
per day, practically every working day, or approximately 310 days each
year. Company manufactures paper from ground wood pulp and sulphite
pulp, and among its products are high grade news print, catalog paper and
bleached paper. It is the largest manufacturer in the country of catalog
paper. Product is sold largely under contract to customers with whom it
has had successive contracts over periods ranging from 3 to 8 years. Output
for 1924 is sold, and approximately 40% of its output for 1925 is already
contracted for. Main plant located at Combined Locks, near Appleton,
Wis. Company also leases a pulp grinding mill, and an additional water
power at Little Chute, Wis.
-Secured by a mortgage which is a first lien on certain lands
Security.
owned in fee located in Combined Locks. Wis.. and on company's leasehold
interest in sulphite, ground wood and paper mills property located at
Combined Locks. Further secured by deposit with the trustee of valuable
water power leases and contracts, and in addition thereto rights to preferred
stock of the Groat Lakes Paper Co., Ltd., amounting approximately to
$239,000.
Authorized. Outstanding
Capitalization300 0
4 :0
Firm Mortgage 6 % Serial Gold Bonds(this Issue)-$1, 000 0 31, 7 :
0
20 0M
4 8m0
0
% Cumulative Preferred Stock (par $100)
6
2,000,000
1.045.000
Common Stock (par $100)
Net Sales and Net Earnings Available for Interest, after Commissions, Depreciation, At., but Before Income Taxes, Calendar Years.
Net Sales. Net Earns.
Net Sales. Net Earns.
1916
$3,694,709 $836,227
$1,201,331 $359,458 1920
396,929 1921
1917
1.665,741
2,870.642
282,699
341.808 1922
1918
2.153,734
3,291,098
681,312
1923
19R
2.993,450
597,386
purchase certain outstanding securities
Will be used to
wposs.-Proceeds
of the company.
which would enable the stockholders of Star Motors, Inc., to receive one
share of Durant stock for every two shares of stock of Star Motors, Inc.,
now held by them. This proposal is contingent upon the affirmative action
of the stockholders of Durant Motors, Inc., in increasing the capitalization
of the corporation from 2,000.000 to 3,000,000 shares. See also V. 118,
p. 1779.
Durham Hosiery Mills (& Affiliated Cos.).-Report.-
Calindar YearsGross sales
Expenses, &c
1922.
1923.
$6,079,657 85.813.582
5,188.422
5,444.872
Balance
Other income
8634.785
35.769
$625,160
69,256
Total income
Interest & depreciation
Inventory adjustment
$670.554
274,678
66,274
$694,416
372,617
Net profit
Preferred dividends (all companies)
$329,602
233.840
3321.799
233.485
$95,762
388.314
Balance, surplus
-V. 116. p. 2013.
Eastern Montana Light & Power Co.
-New Control.
See Minnesota Electric Light & Power Co. below.
-V.116. P• 1537.
Eastern Shore Gas & Electric Co.
-Listing.
-
The Philadelphia Stock Exchange has authorized the listing of $37.250
additional 8% Cumul. Pref, stock, being part of $363,175 applied for in the
company's application dated Oct. 31 1922, to be listed upon official notice
of issuance full paid, making the total amount of said stock listed. $573,225.
-V. 118. P. 557.
Eastman Kodak Co.
-Extra Dividend of 75 Cents.
An extra dividend of 75 cents per share has been declared on the Common
stock, no par value, in addition to the regular quarterly dividend of SI 25
per share, both payable July 1 to holders of record May 29. Like amounts
were paid April I last, while in January last an extra of $1 25 per share was
paid on the Common stock.
-V. 118. p. 2047.
2310
THE CHRONICLE
[VOL. 118.
Electric Auto-Lite Co.
-Earnings.
-
In addition to its gum turpentine busin&ss, company, through ownership.
of the Acme Products Co.. has a large and up-to-date wood turpentine
plant, engaged in the production of turpentine and rosin through distillation ofresinous wood. This plant also produces the valuable
known as pine oil, the merchandising of which is expected to by-product
bring conFamous Players-Lasky Corporation.
- siderable new income in the near future.
-Earnings, &c.
Results for Quarter Ended Mar.31Security.-BoncLs are a direct obligation of the company and are addi1924.
1922.
1923.
Net earnings
approximately $800,000 $1,018,100 $1,210,251 tionally secured by: (a) Direct closed first mortgage on the entire property
of the Gillican-Chipley Co., now owned or hereafter acquired, including
-V. 118, p. 1260.
land, buildings and machinery, having an appraised value after
Florida Land & Development Co.
-New Cornpany.- of $1.143,053;(b) Pledge(witn trustee) of the entire Issue of 1st depreciation
Mtge.bonds
of the Acme Products Co. in the amount of $810,000:
See Florida Western & Northern RR. under "Railroads."
pledge (with
trustee) of all the stocks and partnership interests owned (c) the company
by
Ford Motor Co. of Canada, Ltd.
in subsidiaries, valued at $4,466,844.
-Shipments.
Ownership in Subsidiaries.
Shipments from Jan. 1 to May 6 totaled 32,537 cars and trucks, against
-Company's stock and partnership in sub29,028 for the same period in 1923. Of the total shipped this year, domestic sidiaries represent the following percentages of ownership: Acme Products
sales accounted for 19,161 cars and trucks and foreign sales 13,376 cars Co.. Inc.. 61.88; Eastman-Gardiner Naval Stores Co. (which owns 50%
of the Wausau Naval Stores Co.), 50: Bentley Naval Stores Co., 50;
and trucks.
-V. 117. p. 2439.
Gulf Turpentine Co., 50; Deerland Turpentine Co., 52; Avers Naval'
Foundation Co., New York.
-Balance Sheet Feb. 29 1924. Stores Co., 52.60; Bay St. Louis Naval Stores Co., 77.31: Blodgett Naval
Stores Co.. 66.80; American Pecan Co. (which owns 99.95% of the G. M.
[After giving effect to sale of 5,000 shares of no par value Pref. stock.]
Bacon pecan groves). 100; Florida Industrial Co. (which owns 100% in
Asset
Liabilities
the Lake Wales Naval Stores Co.
Cash
$1,145,524 Notes payable
$580,000 & Lumber Co.). 50; E. M. Pringle and 100% of the Consolidated Carte
Naval Stores Co.,
Accts. and notes rec. (net) 775.832 Accounts payable
254,625 Naval Stores Co.. 50: Fullerton Naval Stores Co., 3325: Vernon Parish
1-3;
Invest,in uncompl. contr- 452,976 Accrued accounts
4,216 Equipment Co., 41.50; Western Naval Stores Co. (which Naval Stores
owns 40%
a390,626 Reserve for taxes
Material inventories
3.584 the Long-Bell Naval Stores Co.), 50; Lake Charles Naval Stores Co., 50.of
20.588 Mtges. on "Foundation"
Deferred & accrued items_
Comet. Net Earnings (after Fed. Taxes at Present Rates)
-Years end. Dec. 31
424.235
Building
Capital stock, affil. cos_ _ _
422,900
1918.
151.191 Preferred stock
1920.
1919.
Outside stocks & bondsc1,877,800
'1921.
1922.
1923.
296 Common stock
$1,805,807
Cash for liquid. of Pref.stk
$675,656
c1.795,000 $546,333
def.$487.777
$861,848
$130,426
Sinking Fund.
-Indenture provides for an annual sinking fund, comReal estate & buildings__ - 973.013 Surplus
1,769,811
mencing Jan. 11927. to be applied to the purchase or redemption of these
b1,354,728
Plant
bonds at not exceeding 1034 and int., which shall be equal to either of
6.534
Furniture and fixtures .
Total (each side)
Patents and good-will- _ 1,012,395
$6,707,936 the following amounts, whichever shall be the greater: (a) $250,000, or
(b) 75% of the amount received by the company through dividends, in
a After deducting $125,000 reserves. b After deducting $430,136 liquidation, or otherwise upon the company's investment in the capital
stock of the Florida Industrial Co. On the basis of contracts already
reserve. C Stated capital.
Ralph L. Dalton. Secretary and Treasurer, has been elected a director, made for the sale of 1.750,000,000 board feet of timber to the Sherman
Lumber Co., Osceola Cypress Co.. Foshee Lumoer Co., J. M. Griffin,
-V. 118. p. 2185.
succeeding George H. Duggan.
and the St. Andrews Bay Lumber Co., and the turpentine operations
Fuller Brush Co.,Hartford,Conn.-Bal.Sheet Dec.31'23. therefrom, it is estimated that the Gillican-Chiplet Co. will receive through
its half ownership in the Florida Industrial Co. a net cash income or
[Fuller Brush Co. and Fuller Brush Co., Limited.]
$3.429,000 during the next ten years, or $929,000 in excess of the entire
LiabilitiesAssets$1,353,675 Common stock
Planeand equipment
$1,106,200 Issue of 1st Mtge. & Coll. Trust Gold bonds.
The minimum operation of tne sinking fund will retire nearly 70%
30,000 First preferred stock
Goodwill. patents,&c
431,925
1.662,207 Second preferred stock
Inventories
762,900 of the issue prior to maturity.
Purpose.
-Proceeds of the sale of these bonds are to be used to discharge
449,667 Notes payable
Cash
550.000
65,220 Mortgage notes payable
Loans receivable
17,619 outstanding indebtedness and to provide additional working capital.
Stock Purchase Warrants.
-Each bond has attached thereto a stock
519,899 Accounts payable
Accounts receivable
199,214
8,400 Accrued comm., &c., bonuses 275,500 purchase warrant which may at any time be detached and disposed of
Treasury stock
15,726 Accruea wages
Securities owned
9,381 apart from the bond. These warrants entitle the bearer to purchase from
Subscriptions on stock
93,890 Employees' deposits
8,049 the company at 825 per share, at any time within five years from the
128.170 Second pref. div. payable_ _ _ _
Deferred charges
19,934 issue date of the bonds, a specified number of full-paid and non-assessable
Accrued Federal, &c., taxes
82,750 shares of the capital stock. Each $1,000 bond carries a warrant entitling
Reserves
29,884 the holder to the purchase of 20 shares, and each ENO bond a warrant for
$4,326,855 Surplus
Total (each side)
833,417 ten shares. Warrants may be split up as desired when detacned from
the bond, so as to enable the holder to sell any part of his rights if he sees
316.
-V. 118, p.
fit. The holder's option of purchase is good at any time on or before
Jan. 1 1929. unless all bonds of this issue are redeemed prior to that date,
General Electric Co.
-Contract
-New Unit.
One of the largest contracts for electrical apparatus ever closed for a in which case the option must be exercised on or before the redemption
steel mill was that recently entered into by the Jones & Laughlin Steel of the last outstanding bonds. Warrants appertaining to any bonds called
Corp. of Woodiavrn, Pa., and the General Electric Co. of Schenectady, for redemption before Jan. 1 1929, whether detached therefrom or not
-volt will not be affected by such redemption unless all bonds of this issue are
N. Y. The contract calls for ten direct current adjustable speed, 600
motors ranging in size from 200 to 3.000 h. p.: five motor generators with redeemed by that date.
Directors.
-James P. Butler, Rogers Caldwell, Buckner Chipley (Vicean aggregate capacity of 13,500 k. w., and a number of mill-type motors
for mill tables and cranes, together with complete voltage drop controls. Pres.), L. H. Dinkins. W. B. Gillican (Pres.). Charles Green (Vice-Pres.),
This apparatus will be used to equip a 14-inch continuous steel mill which R. A. Hecht, Frank K. Houston. John H. Kirby, J. D. O'Keefe, L. M.
will be added to the Aliquippa Works of the Jones & Laughlin plant at Pool, and A. Vizard (Vice-Pros.).
Woodlawn. Several large switchboards and two 500-h. p. induction-type Consol. Gen. Balance Sheet at Sept. 30 1923 (after Merger & Financing).
pump motors are also included in this order.
AssetsLiabilities
Increased business in the manufacture of switchboards is the reason Cash
$902,999 Accounts payable
$133,580'
given by the company for the construction of a new building at their West Accounts receivable
366,777 Notes payable,
632,023
Philadelphia plant, which will be occupied about July 15 by a force of Notes receivable
149,480 Notes payable, secured_-unsecured
87,478
800 to 1.000 workers. The unit now under construction represents only Inventories
795.942 Accrued interest payable_
45,103
one section of a possible expansion program which was begun a year ago. Sundry investments
91,218 Due Florida Indus. Co_ __
09,151
A million-volt testing set, similar in design to that recently ordered by the Adv. to & inv. in subsids_ 4,597.504 Deferred liabilities
46,573
Commonwealth Edison Co. of Chicago, will be installed in a specially Prepd. & deferred charges 404,484 Due sunsid. & affil. cos
533,378
constructed building in the West Philadelphia extension. This set will Fixed assets_
1.143,054 let M.& Coll. Tr. bonds_ - 2,500,000
be used in connection with the manufacture and testing of high-voltage Trademarks,good-will,&c 100,000 Capital stock. (250.000
oil circuit breakers. The General Electric Co. has announced that no
shares, no par)
4,364,171
removal of switchboard development work from Schenectady, N. Y., is
contemplated, and that the headquarters of the department will remain
Total
$8,551,459
Total
$8.551,459
at Schenectady, where they are located at present.
-V.118. p. 1917. 1907 -V. 118, p. 1671.
Three Months Ended March 311924.
1923.
Net earnings after depreciation and other charges__ _ _x$650,670 8809.921
x Dividends paid,$375.000,leaving balance of 3275,670.-V. 118, p.2185
General Motors Corp.
-Sales of General Motors Cars.
-
The corporation in April sold more than 57.000 cars and trucks, compared
with 73,756 sold in March.
No. Cars Sold1924.
1922.
1923.
January
60,918
16,088
49,162
February
77,996
20.869
55,427
March
73,756
34,082
71,669
April
40,474
*57,000
75,822
* This preliminary figure for April includes Buick. Cadillac, Chevrolet.
Oakland. Oldsmobile passenger and commercial cars and GM° truck sales
by the American and Canadian divisions of General Motors and exports
-V. 118. p. 2186. 2176.
overseas.
General Refractories Co.
-Earnings.
--
The company reports for the quarter ended March 31 1924 net sales of
$2,818,505 with total income of $443,611; interest and taxes, $140.468; depreciation and depletion. $86,716; dividends, $224,550: deficit, 88,133:
previous surplus adjusted, $6,837,360: total surplus, $6,829,227.-V. 118.
p. 1671.
Gillican-Chipley Co., New Orleans La.
-Bonds Offered.
-Caldwell & Co., New York, and Watson, Williams &
Co., New Orleans, are offering at 100 and int. $2,500,000
7% 1st Mtge. & Coll. Trust gold bonds.
Dated Jan. 11924. Due Jan. 1 1934. Int. payable J. & J. at Chemical
National Bank, New York, trustee, without deduction for normal Federal
income tax up to 2%. Denom. $1.000 and $500c*. Callable, all or
part, on any int. date on 30 days' notice at 1034 and int.
Data from Letter of W. B. Gillican, New Orleans, May 1.
Cemipany.-Incorp. in Delaware in January 1924, on the consolidation
principal naval stores producers and distributors of this country which
of
had previously been affiliated under the general direction of the GillicanCnipley interests. The business of the present company was established
in 1902 as a turpentine-producing organization near Bay St. Louis. Miss.
Subsequently several operating units in the same neighborhood were
acquired and merged into one company. In 1906W. B. Gillican organized
from tnis nucleus a new company under the name of the Gillican-Vizard
Co., which in 1917 became the Gillican-Chipley Co., Inc. The principal
companies which consolidated to form the Gillican-Chipley Co. as now
constituted are: Gillican-Chipley Co., Inc.: Sales Department of the
Gillican-Chipley Co. Inc.; Betts Naval Stores Co.; Southwestern Land St
Orleans Naval Stores Co.
Turpentine Co. and
Company owns one-half of the capital stock of the Florida Industrial Co.,
which is tne owner of more than 1,000,000 acres of mature long leaf yellow
00 board feet), the largest tract of such timber
pine (about 2,750,000,0
In the world. Company also owns a very substantial interest in 21 other
subsidiary companies producing turpentine and rosin.
Company is by far the largest producer of turpentine and rosin in the
world. Company combines in its operations every step in the production
and distribution of turpentine and rosin, from gathering of crude gum
to retail marketing of the finished products. In addition to its own immense tract of mature timber, company also owns the turpentine rights
on other extensive tracts belonging to large timber interests in the Southern
pine belt. The operations of the company cover the entire South from
the Carolinas to Texas, tapping the trees, gathering the gum turpentine.
carrying It to the refineries, and distilling the turpentine and rosin from
the crude product.
Glidden Co., Cleveland, Ohio.
-Initial Dividend, &c.
The directors have declared an initial dividend of 1 % on the Prior
Preference stock, payable July 1 to holders of record June 16. The dividend covers the period from April 12 to July I (see V. 118. IL 316)•
It is announced that sales for the six months period to May 1 are ahead
of last year. The net income to April 1. after all charges, including bond
interest, depreciation and reserve for Federal taxes, show an increase overthe same period a year ago.
-V. 118, p. 1671.
Gosnold Mills of New Bedford.
-Dividend Decreased.-
Tho directors have declared a quarterly dividend of 1 4% on the outstanding 81,650.000 Common stock, par $100. payable May 15 to holdersof record ;slay 6. Distributions on the Common stock from Feb. 1921 to.
Feb. 1924. Incl., were at the rate of 8% per annum (2% quarterly).
V. 110, p. 2080.
(B. F.) Goodrich Co.-Sub.Co. Acquires English Plant.
-
The B. F. Goodrich Co., Ltd. (selling organization of the B. F. Goodrich
Co.) and the Ajax Rubber Works, owned by Wood-Milne Tire & Rubber,
Co. of Leyland, Lancashire. England. have merged, and a new company.
known as the British Goodrich Rubber Co.. has been formed, to continue the
business of both. The B. F. Goodrich Co. has control of the new company.
The new British plant will continue to manufacture tires and mechanical
goods of all kinds.
The new company will be financed in England. It is announced that
£200,000 Debentures, £400,000 Preferred stock and E300,000 Ordinary
shares will be sold at El a share. The entire financing of the new company
has been underwritten, it is stated-V. 118. p. 1917.
(F. & W.) Grand 5
-10-25
-Cent Stores, Inc.-Sales.--
1924-Aprii-1923.
$553,106
$360,138
-V. 118, p. 1917, 1780.
Increase.' 1924-4 Mos.-1923.
$192,9681$1.841,564 $1,400,030
Increase.
$441,534
(W. T.) Grant Co.
-A pril Sales1924
-A
31.909,831
81.478.120
-V. 118, p. 1917. 1780.
Increase.I1924-4 Mos.-1923 Increase.
$431.7101$6,459,450 $5,212,344 $1,247,106
(Otto) Grau Piano Co., Cincinnati.-Pref. Stock Offered.
-Van Leunen, Reynolds & Co., Cincinnati, are offermg at
100 and divs. 8200,0007% Partic. Cumul. Prof. (a. & d.)
Stock, par $100.
t
Transfer agent. Provident Savings Bank & Trust Co. Redeemable at
120. Dividends payable Q.
-J. After 74%, amounting to 515.000, has
been paid on the Pref. stock. the Common stock will be entitled to receive
734%. but not more tn a total of $15,000. The Prof. stock shall share
than
equally with the Common, up to 10%.in any further dividend distribution.
Capitalization Authorized and Outstanding.
Preferred stock
Common stock
-Application will be made to list these securities on the CinListing
.
cinnati Stock Exchange.
Company.
-Has been a successful Cincinnati enterprise for 20 years,
dealing in the most complete line of pianos, player pianos, reproducing
pianos and phonographs. Sales have increased from $136,000 in 1909
to nearly $6n0,000.in 1923, and it is expected that 1924 will be by far
the most successful in the company's history. Satisfactory profits have
2311
THE CHRONICLE
MAY 10 19241
been made in all years and dividends have been paid continuously on
both Common and Preferred stocks outstanding since 1909. .
Earninos.-Earnings have averaged 17%% of the then outstanding
capital over a period of 13 years. It is reasonable to expect an early
participation by Preferred stockholders.
-Proceeds will enable the company to reduce interest charges
Purpose.
and earn discounts to an amount which should double its annual net
earnings.
-Sales for Year.
Great Atlantic & Pacific Tea Co., Inc.
Feb. 29 '24. Feb. 28 '23. Feb. 28 '22. F..b. 28 '21.
Years Ended5302.888,369 3246,940,873 $202,433,531 $235,302,887
Sales
13.607,502
19,570.325
Profit & loss surplus 31,181.140
24,562,361
Balance Sheet as of Fai. 28.
1924.
1923.
1924.
1923.
S
LiabilitiesS
$
Assets5
Land & buildings_ 4,505,175 3,879,402 y Com.stk., no par 1,250,000 1,250,000
Plant & equipment 5,513,641 4,055,228 Preferred stock_ _ _12,500,000 12,500,000
1,858,590 1,859,280 Minority stock of
Good-will
651.400
9,887,200 8,331,754
subsidiary cos__ 651,400
Cash
29,861,006 27,255,439 Notes & accept'ces 272,845 1,106,708
Merchandise
556,517 Accounts payable_ 5,735,990 5,572,933
Accts.receivable 1,751,780
Reserve for sinking
United States notes
446,493
x35,476
324,968
30,750
fund
and bonds
Reserve for taxes_ 1,375,000
31,181,140 24,562,361
Total (each sIde)_53,412,868 45,968.370 Surplus
T
ness is handled in connection with the lines of the Illinois Bell * elephone
Co. and the American Telep. & Teleg. Co. through a joint operating
arrangement.
Purpose -Bonds are issued in connection with the consolidation of the
two properties, the proceeds to be used to furnish a portion of the cost
of acquisition, to retire the small outstanding bond issues, and to furnish
additional working capital.
Earnings of Combined Properties Years Ended December 31.
1923.
1922.
3188,074 $177,513
Gross earnings
119,420
120,665
and taxes
Operating expenses
x Stocks and bonds. y Common stock, authorized and outstanding,
-V. 118, p. 2186.
250.000 shares of no par value.
Net income
Interest on $400,000 First Mortgage 630
367,409
26,000
$58,092
541,409
Balance
Sinking Fund.
-Company covenants to provide each year by way of
sinking fund, beginning March 1 1925, either an amount equal to 5% of
the net earnings for the previous year, figured before depreciation, or an
amount sufficient to retire outstanding bonds, equal to 1% of the highest
aggregate principal amount of bonds at any time outstanding, whichever is
the greater,
-Earnings.
Independent Pneumatic Tool Co.
The company reports for the quarter ended March 31, net income of
-V. 118, p. 1275.
$230,018 after taxes.
Indiahoma Refining Conipany.-Listing,
The Baltimore Steck Exchange has authorized the listing of $1,230,500
certificates of deposit representing first mortgage 8% convertible sinking
are issued by the Baltimore
Great Western Power,Co.
-Seeks to Divide Properties of fund bonds, due Jan. 1 1934. Tnese certificates
Trust Co. for the bondholders' protective committee of which I. W. IgleOther members of the committee are: John P. Baer,
hart is Chairman.
-Bonds All Sold.
Universal Electric & Gas Co.
Clyde L. Paul, Clarence K. Pistell, Emory L. Coblenz and Edward W.
See Pacific Gas & Electric Co. below.
-V. 118, p. 673.
E. H. Rollins & Sons, Lee, Higginson & Co.. Bonbright & Co., Inc., Levering, Jr.
and Peirce. Fair & Co. of San Francisco announce that the $2,000,000
-Usual Divs.-New Vice-President.
Ingersoll-Rand Co.
1st & Ref. Mtge. Series "C"6% bonds offered last week have all been sold.
The directors have declared the regular quarterly dividend of $2 a share
See V. 118, p. 2186.
17. and the
on the Common stock, payable June 2 to holders of record May
semi-annual dividend of 3% on the Preferred stock, payable July 1 to hold-Balance Sheet Dec. 31.Gulf Oil Corp.
ers of record June 17.
1922.
1923.
1922.
1923.
L. D. Albin, formerly General Sales Manager, has been elected a Vice$
$
AssetsLiabilities$
$
President.
investm't _255,820,807 210.968,379 Capital stock _ _ _108,720.400 108,718,600
Plant
B3lance Sheet December 31.
7,725,439 4,058,553 5% debentures_ 35,000,000 35.000,000
Cash
1922.
1923.
1922.
1923.
17,990,081 % sIc. Id. debs_
U.S.obligations
35,000.000
Liabilities
Assets
37,362,183 6% serial notes
Depos. with true.
6,000,000 Land, water SUPP
Preferred stock _ _ _ 2,525.500 2,525,500
2,423,462 Lease pur. oblig. 200,000
Notes reacquired
250.000
Common stock_ -24,056,300 21,800,000
buildings, maNotes payable__ 5,200,000 1.500.000
Other securities
chinery, &c__.A1,508,218 11,095,240 1st M.5% bonds- 1.000,000 1,000.000
41,550 Accts. payable_ 8,232,002 8,892,847
reacquired
886,295 Accounts payable_ 1,191,333 1,375,031
&c_ 877.609
681,881 4,070,339 Accr.habil.,&c_
Notes& loans roc
880,625 2.806,705 Pats.,licenses,
283,595
- 792,666
accrued
mfg. co
Accts.receivable 8,403,822 11,308,213 Depl'n & depr'n.103,381,083 90,623.157 Inv. intress. stock 1,222,330 1,987.430 Taxesint. accrued 25.000
25.000
Bond
incl.
Inventory-Oh _y40.380,568 34.673,427 Fed.tax..&c.,res 2,737.439 2,235.168 Inventories
75,759
13,860.498 11,679.993 Pref. stk. div. pay. 75,759
08
Mat'ls &suppl_ _ 10.949,166 10,840,826 Min.Int. in subs
18,1
11,619
2.179,440
Accts.& bills rec. 5,491,230 5,043,706 Corn.stk.div. pay.
Prepaid sects _ _ _ 1,266,897
Surplus
65,135,385 57,333.930 Agts. cash bats_
122,419 Property reserves_ 3,405,536 3.407,439
104,048
Employees'loans
Marketable secs 1,746,204 6,354,548
sec by stock_ 7.454,545 9,827,165
756.000
756,000
reserves
3,144,021 2,723,814
Cash
311,229
383.187
Misc. investm'ts
4,212,143 6.525.727
60,047 Surplus
86,085
Deferred charges 2,504,198 4.431,240 Total(each side)335,498,553 348.378,605 Deferred charges..
38,040,244 39,953.492
38,040,244 39,953.4921 Total
Total
-V.118, p. 1399.
,
3 Carried at cost or market, whichever is lower.
The usual income account was given in V. 118, p. 2187.
-April Sales.
Hartman Corp., Chicago.
-April
-1923
1924
22,124,429
$1,969,715
-V. 118, p. 1780, 1527.
Increase.11924-4 Mos.-1923
$154.7141$7,051,7j3
56,723,235
Increase.
5328,478
Havana Tobacco Co.
-Sale.
James G. Graham, special master,will sell the following property at the
New York County Court House on May 26: (a) 15,000 shares
of the par value of $100 each of the Capital stock of H. de Cabanas y
Carbajal, of New Jersey, and the certificates of such stock; (b) 9,749
Preference shares of the par value of £10 each and 14,689 Ordinary shares
of the par value of 510 each of the Capital stock of Henry Clay and Bock &
Co., Ltd., a corporation of Great Britain, and the certificates of such stock:
(e) 55,562 Preferred shares of the par value of $100 each and 124,718
Common shares of the par value of $100 each of Havana Commercial Co.
of New Jersey, and the certificates of such stock: (d) 7,500 shares of the
par value of $100 each of J. S. Murias y Ca, of New Jersey: (e) 6.774
Ordinary shares of the par value of £10 each a Havana Cigar & Tobacco
Factorief, Ltd. a corporation of Great Britain; (f) 2 paid up life insurance
policies on the life of W. J. Seidenberg in the Mutual Life Insurance Co.
of New York, which policies have a prospective value at the death of Mr.
Seidenberg of $6,344: (y) a claim against the United States Banking Co. of
Mexico for $2,661, which is offset by an item of $1,044 and another item
of $1.821.
The special master will not accept any bid of less than 62,400,000.V. 118, p. 1671, 1275.
Hearst Publications, Inc.
-No Pref. Stock Offering.
Halsey, Stuart & Co. and the Anglo-London-Paris Co. are authorized
to:deny the recent report that Mr. Hearst contemplates offering the public
any Preferred stock of any of his publications.
On April 29 1924 there was admitted to the Boston Stock Exchange list
$12,000,000 First Mtge. & Coll. Trust Serial 63V7 Gold Bonds, due
o
May 1 1936. See offering in V. 118. D. 2187.
Holland-America Line.
-Earnings.
Net earnings for the year ended Dec. 31 1923 were 2,740,705 guilders,
compared with 2.193,868 guilders in 1922. After deducting interest charges
of 1,882,285 guilders, there remained 858,420 guilders, representing cash
gain from operations. The company has set aside 6.369,414 guilders for
depreciation reserves, which resulted in a deficit for the year of 5.515,633
guilders. Over 7,500,000 guilders also were written off from reserves.
-v. 118, p. 1275.
Holly Sugar Corp.
-New Director.
Clark G. Mitchell has been elected a director. succeeding Herman
Phlager.-V. 118, p. 1671.
Hudson Valley Portland Cement Co.
-Foreclosure Suit.
The American Trust Co. as trustee has brought suit in the Federal Court
against the company to foreclose a mortgage against which there are outstanding( 51.243.000 bonds. The mortgage is dated Dec. 15 1921 and covers
real and personal property of the company at Alton, N. Y. Martin Con-V. 118, p. 1527.
boy is receiver tar the company.
Institution for Encouragement of Irrigation 'Works
-Bonds Ready.
and Development of Agriculture (S. A.).
-V.117. p. 2658.
See National Railways of Mexico below.
-ToIssue Stock to Employees.
InternationarHarvester Co.
The stockholders will vote May 29 on adopting a stock ownership and
investment plan for employees. The plan is to be in lieu of the extra compensation and stock ownership plan adopted by the stockholders July 29
1920.
The stockholders will vote on the issuance to employees at not less than
par of such proportion not exceeding 150,000 shares(par value $15,000,000)
of the Pref. stock heretofore authorized, but not yet issued, as may be
required from time to time for said stock ownership and investment plan.
,
,
A•64.aeoi.se ass
-V 118, p. 1672. 1275. ••
-
-Tenders.
International Paper Co.
The Bankers Trust Co.,trustee, 10 Wall St., N.Y. City, will until May 22
receive bids for the sale to it of 1st & Ref. Mtge,5% Sinking Fund Bonds.
Series "A" and "B," dated Jan. 1 1917, to an amount sufficient to exhaust
-V. 118. p. 2049.
$168.100 at a price not exceeding 102i and interest.
International Telep.& Teleg. Corp.-Bal. Sheet Dec. 31,
1922.
1923.
1923.
1922.
3
$
Assets12,672.093 15.072,800
Capital stock
Plant.prop & con24,238,573 27,062,356 Pfd.stock of subs_ 2,257,300 2,257,300
cessions
Minor.stockhold'rs
Adv. to. & invest.
int. in capital &
in MM. interests 1,538,848 1,135,563
608,206 1,156,559
surplus of subs
Expend.in connec.
9.051,960 9,520,282
Funded debt
acq. new prop's_ 1,117,106
123,357 Deferred liabilities 233,927
Special deposits... 115,475
Deferred charges 1,129,829 1,278,461 Accts.& wagesPaY 511,557
.
369,841
164,331
664.588 Notes payable
904,906
Cash
12,794
52,337
1,339,102 Empl. benefit fund
Notes receivable_
' 21,112
23,209
17,065 Pension fund
Empl. wkg.fund_ _
200,024
Marketable secur's
38,700 Subscribers don'ts_
38.700
Accts.receivable_ _ 545,030
403.289 Mat. int. & divs.
443,890
from empl. on
unpaid
Due
5,146 *188.186
47,165 Divs. payable_ _
subsc. to cap.stk
1,317
117.409
476,814 Accrued Interest_ 117,111
Mat'ls & supplies_ 467,821
287,556
Accrued taxes_ __ _ 317,055
Deposits to meet
56,562
9,420
matur. Int. &
.
Other accr. items_
252,599 Res.for deprec'n 3,098,918 2,845,029
diva. payable _ 384,103
626,109
1,140,183
39,166 Surplus
5,327
Accr. int. receiv_ _
8,859
17,667
Sundry curr. assets
30,519,108 32,895.899
30,519,108 32,895,899
Total
aotal
T Includes interest.
The usual income account was given in V. 118, p. 2188.
-Merger.
Interprovincial Brick Co., Ltd.
At a meeting of the shareholders of the Interprovincial Brick Co. of
Canada. Ltd., the Interprovincial Clay Products, Ltd., and Atlas Brick
Co., Ltd., the consolidation of the three companies into the InterproIllinois Bell Telephone Co.
-Expenditures.
vincial Brick Co. was approved. A. 0. Dawson, R. B. Williamson and
The directors have approved an expenditure of $846,960 for new plant A. A. Crombie were appointed a committee to represent the shareholders
11 the city of Chicago and $678,604 for Illinois outside of Chicago, making of the three companies to carry out the merger.
a total of $1.525,564. The total approved for this year is $6,157,060.
The Interprovincial Brick. Co., Ltd. will have a capitalization of
,
-V. 118, p. 1671.
31,000,000 8% Cumul. Pref. and $1,000,000 Common stock, which will
exchanged for stock of the old companies
Illinois Consolidated Telephone Co.
-Bonds Offered.
- be(I) interprovincial Brick Co. of Canada,as follows: $140,700 7% Prof.
-(a)
Ltd.
Chicago (Ill.) Trust Co., Curtis, Stephenson & Co., Inc., will receive new 8% Prof. stock, share for share, or 5140,700, and (b)
the
Boston, and Morris F. Fox & Co., Milwaukee, are offering andold $200,000 Common stock will receive $150.000 new 81 Pref. stock
$370,000 Common stock.
0
at 100 and int. $400,000 1st Mtge. 6%7 gold bonds.
(2) Atlas Brick Co., Ltd.
-(a) The $145.100 old 8% Prof. stock will
Dated March 1 1924. Due March 1 1944. Int. payable M. & S. in receive new 8% Prof. stock share for share, and the $200,000 old Common
or New York City without deduction for normal Federal income stock will receive new Common stock share for share.
Chicago
(3) interprovincial Clay Products, Ltd.
tax not to exceed 2%. Company also agrees to refund Penn., Maryland
-The $147,900 8% Guar. Pref.
and Conn, personal property taxes not to exceed those now in effect, and stock will be exchange for 3147,900 8% Pref. stock and $29,580 Common
the Mass. State income tax not to exceed 6%. Denom. $1,000. $500 and stock.
The total shares of new stock to be issued will be 5583.700 8% Pref.
$100 c*. Red, as a whole on any int. date prior to maturity at 105 and int.
Chicago Trust Co.. trustee.
and $599,580 Common stock.
Data from Letter of President R. A. Lumpkin, April 25 1924.
Iron Cap Copper Co.
-Earnings.
-Owns and operates the telephone properties formerly owned
Company.
The company reports for the first quarter of 1924 production of 1.385,737
by the Christian County Telephone Co. and the Montgomery County lbs. of copper. 17.560 ozs. of silver and 91 ozs. of gold.
served lies in the south central part of
Telep. & Teleg. Co. The territory
Income for the quarter was $138,971, expenses 3134.270, and operating
the State of Illinois. Just east and south of Springfield, and covers Christian profit 34,701.-V. 118, p. 1143.
and.Montgomery counties with the exception of one town in the latter.
-Receiver.
Jewett, Bigelow & Brooks Coal Co.
This Is a rich agricultural section and also ranks as an important manufacReceivers, it is reported, have been appointed in Covington. Ky., for
turing and mineral producing district. Population of the two counties
connected local stations and this company. a $2,000.000 concern with head offices at Cincinnati and 15
approximates 82,000. Company has 8,000
handles an extensive toll business over Be own lines. Long distance busi- subsidiaries located in Kentucky and West Virginia.
2312
THE CHRONICLE
Jenkins Bros. of New Jersey.
-Earnings.
-
Calendar YearsSales
Deductions
1923.
1922.
1921.
84,383.499 $3,141,931 52,666.271
2,686,198
2,019.811
2,066,336
Gross profit
Miscellaneous income
$1,697,301 $1,075,595
33,248
23,329
$646,460
27,232
Total income
Other deductions
Federal taxes reserve
$1,730.549 $1,098.924
890,923
765,145
106,991
21,000
$673.693
782,905
Balance, surplus
-V. 116. P. 622.
$732,635
$312.778 def$109.212
Kay Copper Corp.
-Status, &c.
It was announced last week that negotiations are under way for acquiring
additional mining properties near the company's present properties at Canton, Ariz.
This corporation was organized Jan. 24 1923 in Delaware to purchase
the property of the Kay Copper Co., organized in Arizona in 1915. The
capitalization of the corporation is 5,000,000 shares, par $1 (non-assessable).
The company has no funded debt.
Kay Copper Corp. stock has been listed on the New York Curb. The
stock was offered for public subscription at par ($1 per share) by James J.
Godfrey (President), 29 Broadway, N. Y. City.
The property is located at Canyon, Yavapai County, Ariz., consisting
of 750 acres of lode mining claims and a townsite of 592 acres. It is 40 miles
distant from Phoenix and 30 miles from Mayer on the Santa Fe RR. The
ores at the Kay mine are entirely sulphide, mainly copper pyrites, but with
some gray copper, occurring in sheets or lenses which have maintained their
length, a good width and payable values to the eighth level. Up to date
$500,000 has been expended upon development and equipment of the Kay
property.
-James J. Godfrey (President, Mother Lode Copper Mines Co.
Officers.
of Alaska), President; John G. Neubauer (former President, Solar Refining Co.), of Lima. 0.. Chairman; William J. Schulze (of Virginia, Minn.),
Vice-Free.; Frederick W.De Foe(of New York),Treasurer; Leland G.Gardner (of New York). Secretary. •
-George W. Long, Phoenix, Ariz.; Frank J. Navin, Detroit,
Directors.
Mich.; Cyrus C. Yawkey, Wausau, Wis.; James D. Dyer, Pittsburgh, Pa.:
Francis J. Webb, Duluth, Minn.; S. J. Tribolet, Phoenix, Ariz.
Kelley Island Lime & Transport Co.
-Rights.
-
An offer has been extended stockholders of the company to subscribe
pro rata to combined shares owned by tha company in the Lehigh Portland
Cement Co. and also the Cleveland Builders' Supply & Brick Co.
According to the plan, each holder of Kelley Island stock of record May 1
will have the right to subscribe on or before July 1 to .58282 share of Lehigh
and .45045 share of Cleveland Builders' stock for the combined price of
126 56. On this basis a holder of 100 shares of Kelley Island stock would be
privileged to buy approximately 58 shares of Lehigh and 45 shares of Cleveland Builders' stock.
Stockholders may pay for their additional stock at one time, or 25%,
with notice of acceptance, on or before July 1. and the balance in equal
Payments on Aug. 31. Oct. 31 and Dec. 311924.
This disposition of the securities, some of which are in companies incorporated in other States, will enable the company to reimburse its treasury
for improvements and extensions aggregating upwards of 5200,000 at plants
at Holley Island, 0., Huntington, Ind., and Rockport. Mich., and no doubt
a portion of the proceeds will be used to ilouldate a part of the $2.000.000
67 Debenture bonds put out in April 1923.
The Lehigh Portland Cement Co.. which was incorporated in Pennsylvania in 1897. has an annual production capacity of 12.000,000 barrels of
cement. It has authorized capital of 500.000 shares of $50 par stock, of
which 352,981 shares are outstanding. The Cleveland Bunglers' Supply
& Brick Co. has 240.000 shares of no par value authorized of which 238,006
shares are outstanding.
-V. 116, p. 1185.
Kentucky Utilities Co.
-Capital Increased.
-
The stockholders have increased its authorized capital stock from $10.000,000 to $15.000.000.-V. .18, P. 1019. 209.
(G. R.) Kinney Co., Inc., New York.
-April Sales.-
1924-Apri1-1923.
81.860.682
31.093,444
-V. 118. P. 2188. 1276.
Increase.
Increase. I 1924-4 Mos.-1923.
5767,238 54,781.881 53.775,715 81,006,166
(S. S.) Kresge Co.
-April Sales.
1924
-April
Increase. 1924-.-4 Mos.-1923 Increase.
-----1923
57.369.780 55,861.797 51.507,9831525.720,669 522.756.759 12.963.910
-V 118, P. 2050, 1672.
(S. H.) Kress & Co.
-April Sales.1924-Apri1-1923.
12,495.961
83.012.854
-V. 118. p. 1781. 1144.
Increase.] 1924-4 Mos.-1923.
increase.
1516.8931510.240.949 39.214,342 11,026,607
Laclede Gas Light Co.
-Annual Report.
-
Calendar YearsOperating revenues
Oper. exp., incl. maintenance and taxes
Reserve for replacements
Operating profit__
Non-operating revenues
Total'.
Bond interest
Other non-operating expenses_
Preferred dividends (5%)
Common dividends
1922.
1923.
$7,967,661 $7.858,060
4,535,998
4,102,512
536,282
536,282
-$3.328.867 52,785,779
11.128
16,689
83,345,556 52.796,907
-51.475.625 11.620,000
87,262
109,018
125,000
125,000
- - -- 4%)1,498,000 h')561,750
(5
Balance,surplus
Condensed Balance
1922.
1923.
$
$
AssetsPlant & Inyestet _41,067,473 40.458,888
1.179,266
797.800
Stores
290.379
140.861
Cash
Bilis & acc'ts rec._ 1,261.051 1.417,246
362.034
Deferred charges-- 2.030.568
$137.913
Sheet December 31.
1923.
Liabilities$
Common stock_ .i0,700,000
Preferred stock_
2,500,000
Funded debt
27,500.000
Bills payable
450,000
Accounts payable. 803,218
Liabilities accrued. 883,935
Com.div. res. fd _
529,161
Total(each side)_ _45,673,220 43,326,348 Surplus & reserves. 2.312,905
-V.118, p. 2188.
$402,896
1922.
a
10,700,900
2,500,000
26,000,000
[VOL. 118.
tax up to 2%. Penn. 4 mill tax refunded. Redeemable on any interest
date until and including May 1 1934 at 105 and interest, and thereafter
at
ji of 1% less each year to maturity. Denom.51,000 and $500 c*. Harris
Trust & Savings Bank, Chicago. trustee.
Company.
-Company and Its affiliated companies own and operate, without competition, electric power and light and natural and artificial gas systems serving Louisville and several adjacent communities. Population,
319.000. In this territory company or its predecessors have operated continuously the gas business since 1838, and the electric business since 1885.
Security.
-Secured by a first mortgage on the physical property of the
company, subject only to the lien of 11.195.000 Louisville Lighting Co.
First Mtge. 5s. The First & Ref. Mtge. bonds are additionally secured by
pledge with the trustee of all mortgage obligations and stocks (except directors' qualifying shares) of affiliated companies.
Purpose.
-Proceeds will be used to reimburse the company for
tures on account of extensions and additions to the property. expendiCapitalization Outstanding Upon Completion of Present Financing.
Common stock
$10.324,300
Preferred stock. 7%, cumulative
6,069.400
Sinking Fund 6% 'Debentures, Series A, due 1937
6,000,000
First & Ref. Mtgo. Series A 5s, 1952
18,805,000
do Series B 5 8, 1954 (this issue)
3,000,000
Louisville Lighting Co. First (closed) Mtge. 5s, 1953
1,195.000
Earnings Years Ended March 31 (Including Affiliated Companies).
1924.
1923.
Gross earnings
$6.737,388 $5,865.844
Operating expenses, maintenance and taxes
3.404,4(13
3,071,807
Net earnings available for interest. deprec'n, &c_ _ 3,332,985
$2,794,037
Annual interest requirements on 523.000,000 Mortgage bonds (including this issue)
1,165.000
Balance
82,167,985
Management.
-Properties are under the management of Byliesby Engineering & Management Corp.
-V. 118, p. 1144.
Lowell Electric Light Co.
-To Issue Stock-Earnings,
The Massachusetts Department of Public Utilities has authorized the
company to issue $441.500 additional capital stock (par 5100) at $160 Per
share. The proceeds will be used to pay for improvements, &e.
Earns. Cal. Years1923.
1922.
1920.
1921.
Gross earnings
51.617,113 51.363,077 51.180,510 51.215,878
Oper. Sz maint. exp_
5859,571
$863,987
$703,666
$743,873
Taxes
197.853
152,198
81.227
107.504
Interest charges
9,274
31,359
9,801
16,542
Dividends paid - - - -($15 sh.)397.500
($10)250,133(S10)205,870 0)117,640
(V
Net direct charges to
reserves and surplus_ _
Cr.4,492
16,322
Cr.5,857
12
Retirement reserve
100,000
125,000
100,000
100,000
Balance. surplus
Prior surplus
857.406
905.689
590.751
814,937
552,786
762,151
$16.653
745,498
Current surplus
-V. 118, p. 802.
8963,095
$905,689
$814,937
$762.151
Lukens Steel Co.
-Tenders.
-
The Bankers Trust Co.. trustee, 10 Wall St.. N.Y.City, will until May 28
receive bids for the sale to it of 1st Mtge. 20-Year 87 Gold bonds, dated
Nov. 1 1920. to an amount sufficient to exhaust $100,330 at a price not
exceeding 1071i and interest.
-V. 118, p. 802.
McCord Radiator & Mfg. Co.
-Earnings.
-
The company reports for the quarter ended March 311924: Net earnings
of $294,650. after charges and depreciation but before Federal taxes.
V. 118, p. 559.
McCrory Stores Corp.
-April Sales.
1924
-April
-1923.
Increase.1 1924-4 Mos.-1923.
82.086.310 51,465.481
$620.8291$6.887,822 85,721,629
-V. 118. p. 2050, 1920.
Increase.
51.166,193
Mack Trucks, Inc.
-Earns.for 3 Mos. Ended Mar.31 '23.
1924.
1923.
Net profits after deprec.. maint.,rep'rs
and est. Federal taxes
approx. 51.450,000 $1.514,933
-V. 118. p. 1528. 1277. 1259.
1922.
$255,198
Magma Copper Co.(& Magma Arizona RR.).
-Report.
Calendar Years-1923.
1922.
ralevlar Years1923. . 1022.
Salesofcopper
$413,669 81,022.822 Railway oper. loss__ $6,256 336.72/
Cost of sales, &c_ _ 520.719 1,422.460 Interest on bonds.
Gen, selling, admin.
discount, &c
362,427 177,915
exp., taxes, &c.. _ _ 102,796 161,545
Int.& other income_Cr.58,049 Cr.74,056
Deficit for year._.$514,480 $701.762
-V. 118. p. 1277.
(H. R.) Mallinson & Co., Inc.
-Business Good.
President H. R. Mallinson says in substance: "The business of the
company is very satisfactory. The company has now gone into the menu-
facture of velvets and hopes to become in the velvet field what it has in
the specialized silk field. I think the velvet business will tend to largely
Increase our pronts."-V. 118, P. 788.
Maracaibo Oil Exploration Co.
-New Director.
a director to fill a vacancy.
-V. 118. p
James II. Barr has been elected
2050.
May Department Stores Co.
-Dividends.
-
The directors have declared the two regular dividends of 214% on the
Common and 134% on the Preferred stocks. Common dividends are
payable June 2 and Sept. 1 to holders of record May 15 and Aug. 15.
Preferred dividends are payable July 1 and Oct. 1 to holders of record
June 16 and Sept. 15.-17. 118. p. 1920.
Mayflower-Old Colony Copper Co.
-Annual Report.
Years1923.
1922.
1921.
1920.
Calendar
Receipts
Payments
554.513
97,444
8159,538
92,951
837,458
104,726
$178.783
121.948
Balance, surplus
792,445
142.931
366,587 def$67,268
$56,885
852,239 -V. 118, p. 1781.
391.249
Mexican Seaboard Oil Co.
2,090,415
-Annual Report.
[Including International Petroleum Co.1
Car Co.
-Deposit of Preferred Shares.
Laconia (N. H.)
- Calendar Years1921.
1923,
1922.
A circular to Preferred shareholders states that to receive the 2d Prof. Gross earnings
$4.893,361 $23,781,633 813,256.386
stock in exchange for the $70 in back dividends, certificates must be de- Costs and expenses
8,656.221
4,821,977 14,076,964
posited with the First National Bank on or before July 31. After that
Gross profits
date exchange will be made according to decision of directors. New shares
$71,384 $9,704,679 $4,600,165
Other income
392.602
of 2d pref. will be ready for delivery June 2.-V. 118. p. 2188.
623,055
810,458
Lake Shore Power Co., Toledo Ohio.
-Acquisitions.-
The company has applied to the Ohio P. U. Commission for authority
to :purchase the properties of the Central Light & Power Co. of Edgerton.
Ohio for about $102,000 and also the electric power properties of the
Toledo & Indiana RR. In Wauseon, Ohio, for $145.000.
The company has also asked authority to issue 7% Preferred stock, the
proceeds to be used to acquire the above properties.
See also Toledo & Indiana RR. under "Railroads" above.
-Stock Offered.
Lehigh Portland Cement Co.
-
-V. 116, p. 303.
See Kelley Island Lime & Transport Co.
Louisville (Ky.) Gas & Electric Co.
-Bonds Offered.Harris, Forbes & Co., Guaranty Co. of N. Y., E.
Rollins
& Sons and H. M. Byllesby & Co., Inc., are offering at
yield about 5.80%, $3,000,000 1st & Ref.
953 and int., to
Mtge. 30-Year 53.% gold bonds, Series "B."
Dated May 1 1924. Due May 1 1954. Interest payable M. & N. in
Chicago and New York. without deduction for the normal Federal income
Total income
Interest. depreciation, &c
Depletion reserve (net)
Dividends paid
$881,842 $10,327,734 55.592,767
$866,751
51.589,884 $1,928,320
Cr2,180,697
4,216.403
2.820,556
947.211
Balance,surplus
xdef$1,655,253 15.578.858 $2.690,311
x Before providing depletion reserve.
• Earnings-Quarters Ending March 31.
First Quarter1923.
1924.
Gross operating revenue
52,806,162
5936,002
Operating expenses
1,057,968
771,781
Gross profit ________________________________ $1,748,194
Other income ________________________________
51,734
5164.221
22.696
Total income
Debenture interest
Drill expenditure reserve, &c
8186,917
161.250
267,263
81.799,928
$61,250
310,436
Balance x
surS1.428.242 def$141.597
x Before providing depletion reserve.
-V. 118. p.2051.
2313
THE CHRONICLE
MAY 10 1924.]
-Rate Cut Sought.
Michigan Bell Telephone Co.
-Annual Report.Mother Lode Coalition Mines Co.
1921.
1922.
1923.
Cakndar Years$4.203.193 $3,465,959 $2,788,810
Operating revenue
1,591,103
1,701,532
1,939,802
Operating costs
Cr.16,389
Cr.33,170
Cr.6,095
Other income
33.310
35.704
52,278
Taxes
69,207
Interest, premium, &c., paid
-Suit.
Middle West Gas & Electric Co.
Balance. surplus
Previous deficit
The city of Detroit has filed a petition with the Michigan P. U. Commission for a reduction of telephone rates. There is already a case pending in
June.
the Supreme Court and a decision is expected to be handed down inwill be
If the court sustains the Commission for lower rates the company
compelled to return to Detroit subscribers approximately U.500,000 of
-V. 118. p. 210. .
excess rates collected during the past two years.
-V. 118. p. 91.
See American Gas & Electric Co. above.
Total surplus
-Tenders.
Midvale Steel & Ordnance Co.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City. will until Deprecialon and depletion
-Year 5% Sinking Fund Gold
15 receive bids for the sale to it of 20
May
Debit balance Dec. 31
bonds, due March 1 1936. to an amount sufficient to exhaust $729.468. -V.
117, p. 2659.
-V.117, p. 2001.
at a price not exceeding 105 and interest.
82,217,208 $1,761,892 $1,111,579
92,816
750,082
1,022.332
81.194.876 $1,011,810 81.018.763
1,768.845
2,293,722 2.034.143
$1,098,846 $1,022,332
$750,082
-Stock Offered.
Narragansett Electric Lighting Co.
-Report.
Mining Corporation of Canada, Ltd.
The corporation reports income of 3230.852 for the year 1923, against
$354.746 in 1922. The operating profit at the mine was $35,442 and the
net profit for the year was 846,686.-V. 114. p. 2831.
-New Control.
Electric Light & Power Co.
A limited number of shares(par 830 per share) of this company, purchased
in the open market, is being offered by the company to customers and the
-V. 118, p. 1021.
general public at $65 a share.
National Biscuit Co.
Minnesota
The order of the Federal Trade Commission which directed the National
A syndicate consisting of C. C. Yawkey. Walter Alexander. A. 1'. WeedCo. to allow independent grocers, who
son, Brown Katzenbach and R. M. Heskett, of Wausau. Wis.. together Biscuit Co. and Loose-Wiles Biscuit products, the same discounts as those
with Thompson Ross, Chicago, composing the new directors, has purchased had formed into groups to buy their
opinion of U. S. Circuit
substantially all of the commo nstock of the company with steam and allowed to chain stores, has been set aside in an in by Judges Hough and
hydraulic power plants in Bemidji. Minn., and at Cushing, Okla.. also the Court, written by Judge Manton and concurred
-V. 118, p. 1921, 560.
Cass Water, Light & Power Co. supplying electric power to Cass Lake, Mayer.
Minn., and the Eastern Montana Light & Power Co. serving Giendive,
-Earnings.
National Brick Co. of Laprairie, Ltd.
Mont., and the five principal neighboring towns. The new owners also
Earnings for the year ended Feb. 29 1924 amounted to $225.785; reserve
control the Minnesota Utilities Co. Mr. Yawkey and Mr. Alexander are
of the Wisconsin Valley for renewals. 850,000; provision for income tax, $18,247; balance, surplus,
also President and Vice-President, respectively,
$157,537; profit and loss, surplus, 8231,964.-V. 118. p. 2051.
-V. 114, p. 2021.
Electric Co.
National Cloak & Suit Co.-Pref, Stock Reduced.
-Petition to Sell Bonds Denied.
Mobile (Ala.) Gas Co.
The stockholders on May 6 reduced the authoriezd 7% Cum. Pref, stock
The Alabama P. S. Commission recently issued an order denying the from $7,757,500 to $7,279,700, par $100.-V. 118. 13- 1921.
petition of the company for authority to issue and sell $185,000 of bonds.
The purpose of the issue was to reimburse the Metropolitan Gas & Elec-Accepts Liability.
National Surety Company.
tric Co., the holding companv„ for advance made by it for the purpose of
The company has paid $200,000 to Cuyahoga County, Ohio, the full
making payment of certain bonds Issued by the petitioner on or about
amount of its depositary bonds on the Municipal Savings & Loan Co. of
-V.118. D. 1529.
and other indebtedness.
Jan. 1 1010
Cleveland. The bonds covered Cuyahoga County funds on deposit in the
Municipal Savings & Loan Co. which recently failed. The National Surety
-Sale of Plants.
Moline Plow Co.
Co. is the first surety company to accept liability and pay in this case.
S. Johnson and R. W. Lea, liquidation managers (Room 1922-30. V. 118, p. 1921.
H.
N. Michigan Ave., Chicago). are offering for immediate sale three plants
of the company located at Freeport, Ill.; Rock Island. Ill., and Pough-150% Stock Dividend.
National Tea Co., Chicago.
keepsie. N. Y. The advertisement announcing the sale says:
The directors have declared a 150% stock dividend on the Common stock,
"Business history shows no better opportunity to acquire sites and
of record May 20. The quarterly dividend of
holders
payable June 5
buildings at such savings. Properties must be sold at once. Prices have $5 per share (V.to p. 1921) recently declared on the Common stock, pay118.
been computed on this necessity. They are only a fraction of what it able July 1 to holders of record June 15, will now be at the rata of $2 a share
would cost to reproduce them.
dividend will be distributed before that time.
"Plants are located at railroad centres, with shipping facilities in all as the stock
The directors also declared the regular quarterly dividend of 1 % on
directions. Ideal relation to soerces of raw material and the best marketing
stock, payable Aug. 1 to holders of record July 15.-V. 118.
territories in America. Ample power and loading facilities. In each of the Preferred
the vital points of labor, housing, transportation, power, availability to p.2051.
markets and sources of material, there are no better locations. The
-Tenders.
Nevada-California Power Co.
Poughkeepsie plant, situated on the Hudson River deep waterway, is
The International Trust Co.. trustee. Denver. Colo., will until May 14
adapted for world shipping.
-Year Gold bonds. dated
"Those plants will be sold as complete units or will be divided into receive bids for the sale to it of 1st Mtge. 6% 20
April 1 1907 to an amount sufficient to exhaust 855.592.-V. 117. p.2002.
smaller units to suit requirements."
•
The company has sold its manufacturing plant at Plano, Ill., to the
-Huber Co. of Chicago, according to a
Plano Foundry Co. and Federal
Nevada Consolidated Copper Co.-Bal. Sheet Dec. 31.Chicago dispatch of May 8.-V. 118, D. 802.
1922.
1923.
1922.
1923.
Liabilities-Assets
-Earnings.Moon Motor Car Co.
9,997,285 9,997,285
•
2,702,279 Capital stock
Cost of mines_ _22.708,536
463,471
Accts. payable... 876,020
Income Account for Quar:er Ended March 31 1924.
Mines, equip. &
14,723
56.988
395,968 Deferred accounts
development. _ b356,371
Net sales, $2,607,889; exp. & deprec., $2,410,481: oper. profit.. _ _$197.408
36.544 Mill.& smelt.pits_c4,410,789 3,385.337 Unpaid treatment 610,797
Other income
363,547
on metals
Nor.Ry.stk. 2,000,000 2,000,000
Nev.
58,599 Surplus realized fr.
58,599
$233,952 0th. secs, de rights
Total
cap. stk. & secs.
31,584 Cost of opening up
Federal taxes
sold in excess of
5.905,372 5,691,376
pits, &e
par val. or cost,
Net Income
8202.368 Copper Export
less dirs. paid_ _ 7,071.850 7,071,850
409,867
President Stewart McDonald says:"Reports Indicate that April shipments
ASSOC.,Inc
Surplus from oper. 5,876,492 3,781.815
75,000
have held up well and compare favorable with April 1923. Profits should Bond deposit acct_ 150,000
be just about in line with that month also, especially as Moon prices were Math de supplies_ 1.642,748 1,464,711
321,356
advanced April 1 and all shipments from that date benefited therefrom." Accts. & notes colt 514,007
227,447
-V. 118. D. 1782. 1673
Deferred accounts 122,565
Metal,on hand,&c 5,718,574 2,476,334
Tot.(each side) _24,489,432 21,692,692
901.872 2,484,416
-New Jersey Asks for Cash
Morris Canal & Banking Co.
Tenders of Stock in Final Movement to Wind up Affairs.
less ore extinguished. 83,521,015. b Mines.
a Cost of mines, $6,229,551;
The State of New Jersey through the Morris Canal Commission is asking equipment and development, $791,947. less depreciation, $435,576.
for tenders of Consolidated and Preferred stock of the company. This is c Milling and smelting plants. $11,242,432, less depreciation. $6.831,642.
to be the final move of the State in dissolving the company, lease of the
The income account was given in V. 118, p. 1921.-V. 118. p. 2189.
property having been taken over from the Lehigh Valley RR.
-1924 Output.
Only a few hundred shares of each class of stock, it is said, are outstandNew Cornelia Copper Co.
February. January.
ing, the remainder of the 10,250 shares of Consolidated and 11.750 shares of
March.
April.
Month ofPreferred having been turned over to the State by the railroad company Copper production (lbs.)__ -5,472.542 5,875,334 4,452,402 3.512.831
more than a year ago.
1921. 1782.
The holders of outstanding stock are asked to submit prices at which -V. 118, p.
they will turn over their shares. The final data on which such tenders can
-Rights.
New England Co.
be submitted has not been fixed. Condemnation proceedings will be inThe common stockholders have the right to subscribe to the 6.500 addistituted by the State against any shares not tendered. It is understood
basis of 1-10th
tional common shares (par $100) recently authorized on themade in full, or
some holders are prepared to appeal to the courts if the State Is unwilling to
of a share of new for each share of old. Payments must be
pay for the stock what they consider it to be worth.
-V. 115. p. 2589.
In four equal installments. Right to subscribe will expire May 31.-V. 118.
p. 1145.
Mullins Body Corp.
-Quarterly Report.
Sales
Cost of sales
Three Months Ended March 311924.
1924.
1923.
1924.
1923.
$749,438 $772,388 Surplus Jan.l. _ _ 1,992,022 1,978,808
611,210
691,671 Adj.of ins. writ.off Cr.1.279
Gross profit_ _ _ $138.229
Admin. selling and
61,788
general expense_
8,228
Int.& disc.(net) _ _
$80.717
$68,213
1,248
$34,453
90,098
Net profit
Add: Misc. income
Total
$2,062,761 32,101,358
Deduct adjust.,&e.
17,983
10.322
46,138 Dividends paid_ _ _
19,400
19,400
127
Surplus Mar.31.82,025,378
$69,460 $124,548
Condensed Balance Sheet.
Mar.31'24
LiabilitiesMar. 3124 Dec. 31'23
Assets-Real est.,plant,ke.$2,649,188 $2,748,654 8% Cum. Pref. ale $970,000
4,400 Common stock_ _ x500.000
4,400
Pref stk. sink.fund
85.210 Notes payable.... 445,000
85,210
Patents & goodwill
573,447 Acc'ts payable and
204,913
Cash
accrued
166,978
144,731
Stock subscrip'n_
422.898 Accrued taxes_ _ _ _
12,220
Accounts receivle_ 401,278
Notes payable to
Mdse. Inventory
W.H.Mullins
100,000
book value (loss
645,152 Reserve for disc.on
617,450
reserve)
pref. stk. perch_
3,355
741
Notes receivable..
52,600 Other liabiliti ss_ _
54,966
investments (cost)
15,516 Due employees on
60,052
Deferred charges_ _
Liberty bends..
2,025,378
Total(each side) $4,222,929 $4,547,876 Surplus
Total
$2,071,634
Dee.31'23
8970,000
500,000
1,000,000
77,585
573
3,355
3,109
2
1: 22
1.992 032
-V. 118. P• 674.
x 100,000 shares no par value.
-Earnings.
MotorWheel Corporation.
For the quarter ended March 31 1924, company reports net earnings of
-V. 118, p. 915.
about 8726,000 after taxes.
-Usual Dividend Declared.
Mutual Oil Co.
-Balance Sheet Dec. 31.New York Shipbuilding Corp.
1922.
1923.
1922.
1923.
$
$
Liabilities5
c7.197,650 7,197,650
17,043,916 Capital stock
54,504 1st Mtge. 5s, 1946 5,978,800 6,216,900
224,357
730,041 Vouchers payable- 373,282
13,271
9,838
Freight bills pay.,.
253,237
191898 388 Other accts. pay.- 711,087
51,807
49.823
Accr. int. on bonds
4,058,023
Appraised value of
d1,165,000
plant
2,076,915
Collect, on acct, of
366,779
prod uc. work...12.372.76l 196314 568
36,929 Navy Dept.special
103.889
. 103,689
622
rental account_
66,622 Reserves
Amort, of plant
2,700,015 2,700,015
property
10,962,576
Depreciation_._ 5,088.955 4,210,434
155,422
Prem,on bonds_ 149,470
1.110.811 2.529,000
Claims
Trolley Loop
20,000
20.000
settlement._ _
65,969,544 8,140,905
Tot.(each side)_41.835.726 227298318 Surplus
a Includes acquired bonds of the New York Shipbuilding Corp. (at
cost), $215,115 1923. and $7,415. 1922. b Does not include adjustment
consequent upon Federal tax refunds allowed by revenue agent's audit
for years 1918 to 1921 incl., subject to confirmation by Treasury Department. c 200,000 shares no par value. d Appraised value of plant built
by Emergency Fleet Corp. during the war. Provision made for taking
-year period.
over the plant based on earnings over a 10
Income account was published in V. 118, P. 1673
.
$
AssetsProperty ele plant 15,896.011
55,504
Treasury stock...
2.370,183
InventorIes
Production work In
14,680,811
progress
1,918,574
Cash
Market. secure. &
notes receivable_ 82,962,115
Accounts roc, &
3,034,627
claims
54,178
Accrued interest _ _
270
Sink, fund cash...
30,451
Insur. premiums..
Profit on uncompl.
contracts (est.). 835,000
-Bonds Offered.New Jersey Power & Light Co.
Halsey, Stuart & Co., Inc., are offering at 9134 and int.,
to yield about 6%, $465,000 1st Mtge. 5% Gold bonds of
1916, due Feb. 1 1936. A circular shows:
,
The company has declared the regular quarterly dividend of 23
4%.
-Serves electric light and power, without competition. to
Company.
payable June 16 to holders of record May 17. Duo to the increased number
Jersey, including
of stockholders and the clerical work involved, the stockholders of record 51 communities in north-central and northwestern New
Flemington,
date has been advanced 15 days. The company now has over 20,000 Dover, Wharton, Rockaway, Bernardsville, Lambertville. 110.000.
Newton, Washington and Hackettstown. Population served,
-V. 118. p. 1921.
stockholders.
2314
THE CHRONICLE
-Years Ended March 31.
Earnings
1924.
1923.
1922.
•Gross earnings (incl, other income)__ $1,009.285
$760,860
$546,295
Oper. exp., maint., rentals and taxes
(exclusive of depreciation)
625.286
448,502
340,968
Net earnings
$383,999
$312,358
$205,326
Ann. int. requirements on $2,412,000
1st Mtge. 5s
120,600
CapitalizationAuthorized. Outstanding.
1st Mtge. 5s.1936$2,412,000
-7% Cumul. Partic. Preferred stock
$1.000,000
674,700
Common stock
1,000,000
496,000
x Authorized issue limited by the restrictions of the mortgale.
Control -Controlled by General Gas & Electric Corp.
-V. 1 8, p. 1278.
New York Telephone Co.
-Rate Case.
-
[VOL. 118.
more than sufficient to pay the interest on the entire investment and the
annual rate of amortization of the principal.
Earnings.
-The ability of the Pacific Steamship Co. to pay the rental
under the lease is evidenced by the fact that, without the benefits derived
from this terminal, the net earnings of the company before depreciation
for the five years ending Dec. 31 1923 have averaged $966,382 a year, and
the net earnings for the year 1923, after depreciation, were $917,346, or
nearly nine times maximum annual interest charges on these $1,500.000
bonds,and 43 times the maximum amount of interest and annual maturity.
Packard Motor Car Co.
-Number of Stockholders.
-
The number of holders of Common shares has grown to
since
listing on the New York Stock Exchange a year and a halfabout 4,500 time
ago; at that
there were about 1,500 holders of Common shares. The Preferred stockholders now number about 3.300.-V. 118, P. 1674.
Peerless Motor Car Co.
-Officers-Directors.
-
See Peerless Truck & Motor Corp. below.
-V.117, p. 2332.
Federal Judge John C. Knox has filed a memorandum allowing the City
of New York to intervene as a co-defenadnt with the Attorney-General and
the New York P. S. Commission in the suit brought by the company to
restrain enforcement of old rates. A hearing will be held May 16 on the
motion for a temporary injunction.
-V. 118, P. 2189.
Peerless Truck & Motor Corp.
-Officers.
-
The following officers have been elected: F. R. White, President; D. A.
Burke, Vice-President: G. II. Layng, Vice-President; F. A. Trester, Secretary; John F. Porter, Treasurer.
At a meeting of the directors of the Peerless Motor Car
the operating
subsidiary, the following officers were elected: F. R. White, Chairman;
Co..
D. A. Burke, President and General Manager; G. H. Layng. Vice-President; F. A. Treater, Secretary: John F. Porter, Treasurer. The board of
directors consists of the aforementioned and C. E. Sullivan, G. A. Coulton,
Victor W. Sincere, H. A. Tremaine, H. C. Robinson and L. J. Wolfe.
V. 118,p. 1279.
Niagara Lockport & Ontario Power Co.
-Tenders.
-
The Guaranty Trust Co., 140 Broadway, N. Y. City, as trustee, will,
until May 28, receive bids for the sale to it of First Mtge.5% 50
-year Gold
bonds due Nov. 1 1954. to an amount sufficient to exhaust $50,206, at a
price not exceeding $120 and interest.
-V. 118, p. 2189.
North American Light & Power Co.
-Notes Called.
-
(J. C.) Penney Co., Inc.
-April Sales.-
Thirty-five Serial Secured 7% Gold notes, due April 1 1925, aggregating
$175,000 have been called for payment May 17 at par and hat, at the
Quranty Trust Co., N. Y. City.
'
-V. 118, p. 1401.
Northern States Power Co.
-New President, &c.
-
1924-A pril--1923.
Increase. I 194-4 Mos.-1923. Increase.
85,950,896 $4,457.739 $1,493,157 I $17,882,342 $14,467,320 $3,415.021
-V.118, p. 1923, 1783.
Penn Seaboard Steel Corp.
Arthur S. Huey has been elected Chairman and John J. O'Brien as Presi-Stock Increased.
dent, to succeed the late Col. H. M. Byllesby. Robert J. Graf has been
The stockholders on May 5(a)increased the authorized capital stock from
elected 1st Vice-President and Albert S. Cummins as a Vice-President.
- 1,200,000 shares to 1,500.000 shares, no par value; (b) authorized the sale
118. p. 2189, 2175.
of the additional shares at the discretion of the board; and (c) reduced the
number of directors from 15 to 11.-V. 118, p.2190.
Ohio Body & Blower Co.
-Earnings.-
-Sales
Profit before charges
Profit after charges
-V. 118. p. 1674.
-Month of March- -Quar. Ended Mar. 311924.
1923.
1924.
1923.
$263,174
$117.387
$682.191
$504,647
15,227 loss26,135
loss3,658 loss65,587
3,295 loss37,529 loss39,847 loss99,946
Pennok Oil Co.
-Earnings.
---
-3Albs. Ended Afar. 311024.
1922.
1923.
Gross earnings & other income ----$554.758 $1,005,924
$253,237
Operating and general expenses
91,230
66,851
103,802
Depreciation & depletion reserve (est.)
136,107
173,129
Sundry reserve against deferred digs15,000
16.141
30,009
Dividends paid
(234%)93,750
(1)37,500
(2)75.000
Net before Federal taxes
$217,530
$623,993 x$133,886
Net oil production (bbls.)
193,847
110,860
361,370
x Before provision for depletion, depreciation and Federal taxes.
V.-118, p 1402.
;
Ohio Oil Co.
-Dividend Increased from 1% to 2% Quarter/v.
-The directors have declared a quarterly dividend of
2% on the outstanding $60,000,000 Capital, stock, par $25,
payable June 30 to holders of record May 24. In March
last a quarterly dividend of 1% was paid. (For dividend
Pennsylvania Building.
record from 1915 to 1923, incl., see V. 117, p. 2221.)-Bonds Offered.
-Dillon, Read
& Co. are offering at 98 and int., to yield over 6.20%,
V. 118, p. 2190.
$4,000,000 1st (Closed) Mtge. Fee 6% Sinking Fund 15Old Dominion Co. (Maine).
-Copper Output (Lbs.).Year bonds.
Apr. 1924. Mar. 1924. Feb. 1924. Jan.
.
Dec. 1923. Nov. 1923.
Dated May 11924. Due May 1 1939 (see advertising pages). Interest
2,072,000 2,117,000 2,250,000 2,285,000 2,061,000 2,144,000
1924.
payable M. & N. at American Trust Co., trustee. Denom. $1,000.
-v. 118, p. 1783, 1279.
$500 and $100c5. Redeemable as a whole, or in part by lot, on any interest
date to and including May 11029,at 103 and int.; thereafter to and including
Orpheum Circuit, Inc.
-Retires Preferred Shares.
May 1 1934
The company has retired and canceled 526 shares of Preferred stock.
- poration willat 102 and interest; and thereafter at 101 and interest. Corpay the Federal normal income tax, deductible at
V. 118, p. 2052.
source,
up to 2%,and wilt refund Penn.4 mills tax and the State tax inthe
Connecticut up to 4 mills, and the Mass, income tax up to 6%, annually.
Otis Elevator Co.
-10% Stock Dividend.
The directors have declared a 10% stock dividend on the Common Data from Letter of David Tishman, Pres. of Penn. Operating Corp.
stock, payable in Common stock June 21
Pennsylrania Building.
record June 7. On
holders
-A
of
to
April 28 last the stockholders increased the authorized Common stock from
$15,900.000 to $25.000,000 and reduced the par value from $100 to $50.
At Dec. 31 1923 the company had outstanding $14,227,800 of Common
stock.
-V. 118, p. 2190.
Owens Bottle Co. (and Subsidiaries).
-Earnings.
-
3 Mos.End. Mar.31- 1924.
1923.
1922.
Mfg. profit & royalties__ $1,308,334 $1,328.182
$720,636
Other income
185,455
137,510
329,757
Total income
$1,493,789 $1.465,692 $1,050,393
klen.sell. & con t exp$576,335
$437,531
$315.145
Federal taxes (est.)
115.000
120,800
88.300
Net profit
$802,454
$907,361
$646,948
-1r, 118, p. 2190.
1921.
$649,412
284,457
$933,869
$365,681
65,000
$503,188
Pacific Gas & Electric Co.
-Division of Universal
Properties Sought.
This company and the Great Western Power
asked the California RR. Comm. to sanction an equal division Co. haveof the Universal
by them
Electric & Gas Co.'s properties. On March 1 1922 the Pacific Gas & Electric Co. paid the Great 'Western Power Co. $1.127,303 as half of the purchase price of the Universal properties. The Great Western Co. has been
-operatmg it for the joint account since.
-V. 118, p. 1922.
Pacific Steamship Co.
-New Sub. Co., &c.
Pacific Steamship Terminal Co.
-Peirce,
-Bonds Sold.
Fair & Co. and Blyth, Witter & Co., have sold at 100 and
interest, $1,500,000 First Mtge. 7% Serial Gold Bonds.
See Pacific Steamship Terminal Co. below.
-V. 117, p. 2780.
Dated May 11924. Maturing serially from May 1 1931 to May 1 1944.
inclusive. Interest payable M.& N.in San Francisco and Seattle, without
deduction for any normal Federal income tax not in excess of 2%. Denom.
$1.000. $500, $100. Redeemable as a whole or in part, but not less than
any particular series, by call on any interest date on 30 days notice, at par
and interest and a premium of 3.6% for each unexpired year or fraction
thereof. First National Bank, Seattle, trustee, and Anglo-California Trust
Co., San Francisco, co-trustee.
22
-story office-loft building, is to be °erected
opposite the north entrance to the Long Island RR. Station in the Pennsylvania Terminal in New York City. The building will be of high-grade
design and construction and will occupy a plot of ground having a frontage
of 154 ft. on 34th St. and extending through to 35th St., with a frontage of
75 ft. thereon. It will contain approximately 5,850.000 Cu. ft., with floor
space of approximately .100,000 so. ft. The building will provide to an
unusual extent the combination of large floor units, light and adequate
transportation with consequent convenient accessibility to both employees
and the public-all of major importance in the leasing of office space.
Security.
-Bonds will be secured by a closed first mortgage on the foe
simplertitie to the land and building. The appraised value of the land and
completed building, based on the average of appraisals made by Joseph P.
Day, Inc., and Fenimore C. Goode Co., Inc., is in excess of $6,250,000.
Purpose.
-The proceeds of these bonds are to be deposited with the trustee, and advanced from time to time against the cost of the land and for
construction of the building on certificates of construction, completed to
specified stages, all as certified to the trustee by Dwight P. Robinson &
Co., Inc.. representing the bankers.
Julius Tishman & Sons, Inc., with a net worth, according to recent Medal statements, in excess of average appraised value of land and completed
building, will guarantee completion of the building according to plans and
specifications and to secure such guarantee will deposit with the trustee
mortgages on improved New York City real estate, which mortgages have
been appraised as having a sound market value of $1,500,000. The New
York Title & Mortgage Co. is to insure title of the property, guaranteeing
the mortgage to be a first lien.
Earnings.
-Annual net earnings from the completed building, available
for interest on these bonds, have been estimated at more than $750,000.
equal to over three times maximum annual interest charges on these bonds.
Sinking Fund.
-Mortgage securing these bonds will provide for an annual
sinking fund,beginning May 1 1'926. sufficient to retire $1,500.000 bonds by
maturity by purchase at or below the current redemption price or by call
by lot at that price.
Pictorial Review Co. New York.
-Bonds
Manufacturers Trust Co., Harris, Ayers & Co. and Taylor,
Ewart & Co., Inc. New York, havo sold at 99% and i
,
mt.,
to yield over 63%, $3,250,000 1st Mtge. Convertible
63'% gold bonds (series "A").
Dated April
Data from Letter of H. F. Alexander. President Pacific Steamship Co. New York City1 1924. Due April 1 1939. Interest payable A. & 0. In
without deduction for any Federal income tax not exceedCornpany.-Will be incorporated in
Washington to construct upon 29.52
acres of land centrally located on the waterfront of the city of Seattle
(formerly site of Skinner & Eddy shipbuilding plant No. 1) a modern steel
fireproof steamship terminal, consisting of docks and attendand concrete
ant warehouses for the purpose of handling the business of the Pacific
Steamship Co. and its affiliated companies, and also an office building to
house all departments of these companies. It will lease the balance of the
site to mercantile concerns for warehouse purposes.
-The steamship terminal will be constructed in three units, the
Terminal.
Construction of the first unit and office building to be commenced immediately. A lease of this unit will be made to the Pacific Steamship Co. for a
term of years running longer than the life of the bonds, at a rental which
shall not be less than an amount sufficient to pay taxes, maintenance,insurance,interest on these bonds, and amortization of the principal of this issue
by maturity. The cost of the 29.52 acre site, plus the cost of the first unit
(upon all of which these bonds are an absolute first mortgage) will be materially in excess of $2,100,000.
The Pacific Steamship Co.'s fleet consists of 23
of which there are
4 major passenger and freight steamers with avessels,tonnage of 29.738
gross
tons; 10 combination freight and passenger steamers with a dead-weight
tonnage of 19,376, and 9 freight vessels with a dead-weight tonnage of 15,943. These steamers maintain regular service to all ports from Seattle
south to San Francisco, Los Angeles, San Diego and intermediate ports,
and north from Seattle to Alaskan ports.
The steamship company handled approximately 500,000 tons of freight
and over 50,000 passengers over its present Seattle terminals in 1923.
There is at present no available single terminal in the city of Seattle capable
.of handling this business, and the company, therefore, has had to maintain
-under lease four separate piers.
The value of this terminal to the Pacific Steamship Co. is evidenced by
the fact that, based on 1923 business, the savings in operation would be
ing 2%. Penna., Maryland and Conn. 4-mill tax and Maas. State income
tax not in excess of 6
refundable. Denom. $1.000. $500 and $100 cs.
Manufacturers Trust Co., New York, trustee. Minimum annual sinking
fund amounting to 5% of total outstanding bonds is calculated to retire
70% of this issue by maturity. Additional sinking fund of 10% of net
earnings. Non-callable before April 1 1929, redeemable during next five
years at 105, and at 1% less per annum thereafter to 101 in the last two
years prior to maturity.
Data from Letter of President William Paul Ahnelt, New York, May 6.
Business.
-Publishers of the magazine "Pictorial Review," with the
largest average monthly circulation in 1923 of any monthly magazine DI
the world, in addition to several other publications. Manufacturers of
"Pictorial Review Patterns" distributed by oi,er 8.000 department stores
and agents throughout the United States, England. Canada and Australia.
Security.
-First mortgage on real estate and buildings located in the heart
of ODO of New York's most prosperous and growing business centres, together with equipment and other fixed assets. Assets pledged under this
mortgage, according to independent appraisals. have a net value, plus
recent additions, of $7,191,667. or $2,212 per $1.000 bond.
Conversion.
-At any time after Dec. 31 1924 at option of holder into
9 shares of 7% Pref. stock (callable at 115) and 4 shares of Common stock
(no par value).
Earnings.
-Earnings of company applicable to interest on these bonds,
after depreciation, but before Federal taxes and interest on real estate
mortgages, &c., retired by this issue, for the 4 years ended Doc. 31 1923
have been as follows:
1920---$622,41011921-3905,68511922-$1,321,87811923_81,316,558
The earnings, after depreciation, but before Federal taxes, for the first
3 months of 1924 were $509,488 or at the annual rate of $2,037,951. The
maximum annual interest requirement on this issue is $211,259.
2315
THE CHRONICLE
MAY 10 1924.]
Purpose.
-Proceeds will b3 used to retire outstanding mortgages on the Greeley and Ft. Collins, Colo., and through a subsidiary serves Cheyenne.
Wyo. Company also supplies other forms of utility service, the most
property of the company and to provide additional working capital.
important of which is the manufacture and distribution of gas in the City
General Balance Sheet Dec. 31 1923 (After This Financing).
of Denver. Through acquisition of a majority interest in the Common
Liabilities.
Assets.
stock of Colorado Power Co., to be financed by this issue of notes, company
Land and buildings
$4.145,000 Common stock (244,800
$2,448,000 will be assured of an additional supply of power to meet the constantly
Machinery & equip., &c
3.046,667
shares, no par)
Good-will, patents, copy1st mtge. cony.6 M R
3,250,000 increasing demand for electric energy in its territory. Colorado Power
859,361 Co.owns hydro-electric generating plants at Shoshone and Boulder Canyon,
rights, &c
1 Trade accounts payable__
Investments
339,724 Fed. & N. Y. State taxes- 245,808 Colo., and about 180 miles of high-tension transmission lines which connect
Cash
109,962 Its plants with Denver.
295.357 Accrued wages, int., &c__
Purpose.
-To provide funds for the purchase of a majority of the Common
23,267 Reserves for doubtful acNotes receivable
673,075 stock of Colorado Power Co.
Accounts receivable
1,121,215
counts, &c
Assets.
-The balance sheet of the company and its subsidiary, Cheyenne
1,200,306
Due from empl. & agents_
138.672 Deferred revenue
Due under real est. contr.. 202,780 Surplus
2,078,936 Light, Fuel & Power Co. as of March 31 1924, prior to acquisition of a
majority interest in the Common stock of Colorado Power Co., shows
'
Inventories
1,068,437
Deferred charges
310,865.449 total assets of $51,147,766, of which property and investments amount to
484.329
Total (each side)
$46.951,636; funded debt aggregated $26,811,800. Current and worMng
assets were $2,582,017, against current liabilities of 31.743.257. Capital
Pierce Oil Corp.
-Financing Plan Approved.
The stockholders on May 9 approved the proposal submitted by the and surplus amounted to $20,619,309.
management calling for the transfer of the company's assets to the newly
Earnings
-12 Months Ended March 31 1924.
organized Pierce Petroleum Corp. The new company will have an author- Gross earnings
37.762.066
ized capital of 2,500.000 shares, of which 1,200,000 shares will be issued Operating expenses, maintenance and taxes
4.486,518
to the Pierce Oil Corp. in exchange for present holdings. The remaining
1,300,000 shares will be offered to Pierce Oil stockholders at $.7 a share,
$3,275,548
Net earnings (available for int., Fed, taxes and reserves)
the issue having been underwritten by a banking syndicate including Annual interest requirements on total funded debt (including this
Lehman Bros.; Goldman, Sachs & Co., and Hornblower & Weeks.
$1,613,570
issue of notes) in the hands of the public
Proceeds from the sale of the stock will be used to liquidate current
After deducting from the above net earnings the interest on the total
obligations, including the settlement of the judgment held by the Inter- mortgage indebtedness, the balance is $1,999.478, or nearly six times the
national & Great Northern RR., which can be cleared up for $1,550,000 annual interest requirements of these 53,000,000 of notes and of $2,250,000
1f paid before July 5.
-Year 7% Debentures outstanding.
In connection with the approval given to the plan by stockholders, 10Cash dividends at the rate of $2 per share annually are being paid on
Samuel Untermyer issued an official statement, in which he said:
of the Colorado Power Co. These dividends will
property the Common stock
"The resolutions passed authorized: (1) The transfer of all the
constitute a substantial addition to the net earnings of the Public Service
of the present company to the new company, the Pierce Petroleum Corp., Co.of Colorado, but have not been taken into account in the above earnings
under the terms of the plan.
statement.
"(2) The settlement of the pending litigation with the International
-Company is a subsidiary of Cities Service Co., and its
Management.
& Great Northern Ry.
-V.
are under the supervision of Henry L. Doherty & Co.
creation of a Mexican company as a subsidiary of the new operations 561.
"(3) The
118, p. 676.
corporation.
"(4) The ratification of the acts of the directors at their meeting author-Sale.
Pusey & Jones Co.
izing the plan of reorganization, and
Federal Judge Lynch at Newark on May 5 signed an order appointing
"(5) The decrease of the Preferred and Common capital stock by the Willard Salsbury, Charles B. Evans and Joseph P. Tumulty (formerly
purchase for retirement of any multiple of one share of Preferred stock
as ancillary receivers) as receivers in foreclosure, with directions to
and eight shares of Common stock tendered for purchase July 1 1925, but acting property of the company in New Jersey on or before July 1.
such decrease not to be effective unless a total of 25,000 shares of Preferred sell theorder was signed with the consent of Henry M. Ward, special asThe
and 200,000 shares of Common stock tendered for the effect of which is
the Attorney-General of the United States. The company gave
that for approximately one share of Preferred and eight shares of Common sistant to in 1918 to the United States Shipping Board Emergency Fleet
stock the stockholders electing to make the exchange will be entitled to a mortgagea salt in equity for the satisfaction of the mortgage, it was anCorp. and
seven and a fraction shares of the Common stock of the new company.
follow the carrying out of the sale, with the proceeds of
"The new company has been organized and the property and assets nounced, would
objective.
of the old company have now been transferred to it:" (Compare plan the sale as the sale the proceeds are to go to expenses, to State,county and
Following the
in V. 118. ro• 1875.)
city taxes (the city of Gloucester holds large tax claims), entitled to priority
to the payment
Receivership Sought
-To Be Opposed by Management.
- over a mortgage of Aug. 2 1918, and be considered, it of the mortgage of
was said.
-V. 117.
Suit for a receivership for the corporation was filed in Federal Court at David Baird. Other claims will then
St. Louis May 2 by Mrs. Mabel C. Priest, a stockholder, who charges mis- p• 336.
management of the corporation's affairs. Mrs. Priest asks that a trust
-Par Value of Pref. Stock
Radio Corp. of America.
fund be created to take charge of all assets and that a receiver be named
who shall be directed to institute suits against directors and officers of the Changed-Authorized Common Stock Reduced-To Inaugurate
company "who may have wrongfully appointed or diverted funds."
The petitioner alleges that Samuel and Alvin Untermyer, New York attor- Dividends on "A" Preferred Stock-Outlook.
neys for the corporation, have "dominated" the officers of the company,
The stockholders on May 6 amended the charter of the corporation so
shares of authorized Prof. stock from 5,000,000
among whom she names II: ben Richards, H. B. Thorne, Fred Lowisohn, as to reduce the number of
W. H. Coverdale and Henry Parker. The petition alleges that "to impair (par $5) to 500,000 (par 550) and the authorized no par value Common
the value of the stock it has been stated publicly by the directors that the stock from 7,500,000 to 1,500.000 shares. The Pref, stock will be known
company was in imminent danger of insolvency and that a receivership as "A" Prof. stock, for which tha present Preferred will be exchangeable
would ensue unless the stockholders give their consent to a plan of re- at 10 shares of the present for one share of the new stock, and to exchange
organization."
the present Common stock at the ratio of 5 shares of the present stock for
W. H. Coverdale, Chairman of i he board of directors, when asked one share of thc new or "A" Common stock. The "A" Pref. stock will be
about the suit brought by Mrs. Mabel C. Priest for a receiver of the cor- entitled to receive 7% dividends, payable quarterly, cumulative from Jan. 1
poration in St. Louis, said:
•
1924. the payment for the first two quarters of 1924 to b.) made in July.
"Mrs. Priest is the wife of Henry S. Priest. About two months ago the
Major-General G. Harbord, President, says in substance:
corporation commenced an action in the Supreme Court of the State of
New York against Messrs. Henry S. Priest, Henry L. Doherty, Henry
We consider the outlook for 1924 very encouraging. So far this year
Clay Pierce and others for an accounting of their acts whilst unlawfully we have done more business than the same period last year. We have
In possession of the corporation and its property from Oct. 2 1922 until placed a new line of radio sets on the market which have been very well
about July 11923. In this action the corporation claims to be entitled to received and demand for them is active. Production Is still behind orders
recover from the defendants, including Henry S. Priest, more than $2,600,- but it is now increasing and we hope during the dull summer period to
000. The reason for the institution of this action by Mrs. Priest, the wife increase supplies to fill demand next fall.
of Henry S. Priest, who is a defendant in the action by the corporation in
In 1923 we opened up new circuits to Poland. Italy and Argentina.
New York,is therefore easy to guess. The corporation purposes vigorously A 10-year contract with Japan has replaced the old 6 months' contracts.
to resist the action by Mrs. Priest, and the directors are confident that, The Federal Telegraph Co. of Delaware is still carrying on negotiations
with the assistance of the stockholders, the corporation will be successful." with the Chinese Government regarding stations to be built for us in China.
The De Forest suit just closed will have no effect on the Radio Corp.
-V. 118, p. 2052. 1675, 1661.
-V. 118. p. 1402, 1280.
Pierce Petroleum Corp.
-Stock Increase.
-
This company, organized to acquire the property and assets of the
Pierce Oil Corn. (per clan in V. 118, p. 1675) has increased its authorized
capital stock from 100 shares of no par value to 2,500,000 shares of no
par value. (See also Pierce Oil Corp. above.)
-V. 118, p. 1876, 1530.
Pittsburgh Steel Co.
-Earnings.-
• 9 Mos. to Mar. 311924.
1922.
1923.
1921.
Sales
$18,920,610 $20,587,433 $10,390,957 $20,154.531
Net profits
$1,317,006 $1,155,031
$208,286 a$1,383,766
a After writing down inventory to market price or cost, and other adjustments.
-V. 118, p. 676.
Plymouth Cordage Co.
-Dividend-Amends Charter.
The directors have declared a special centennial dividend of $3 per share,
payable June 12.
The stockholders on May 7 voted to amend the articles of organization
to permit the acquisition of the capital stock of a small corporation which
owns a sisal plantation in Cuba. See also V. 118, p. 2190.
Porcupine-Crown Mines, Ltd.
-Sale.
-
The shareholders have ratified the sale of the company's assets to the
New Rhodesia Mines & Investment Co., Ltd. The consideration, it is said,
Is $50,000 in cash, payable in installments, and 1,500,000 shares of stock
in a new company to ho organized in Ontario, with a Capital stock of
$2,500,000. par 31.-V. 118. p. 2052.
Pond Creek Pocahontas Co.
-Certificates Ready.
-
The Boston Stock Exchange is advised that permanent engraved certificates for capital stock are now ready and these are substituted on the list
-V. 118. p. 1530.
for the temporary certificates.
Price Bros. & Co., Ltd.
-Earnings.
Years Ended Feb.Net profits_
Interest and sinking fund
Depletion and depreciation
Dividends
Surplus
Previous surplus
Total surplus
-V. 116, p. 2139.
1923-24.
1922-23.
1921-22.
$3,408,966 $2,338,934 $1,327,332
551,515
419,976
421.977
1,142.013
700,096
853.664
853,664
1,067,080
$861.774
$365,198 defS161,725
706,544 adj.341,346
651,992
$1,568,318
$706,544
$490,267
-Annual Report.
Rand Mines, Ltd.
Calendar YearsDividends received
Other income
1923.
£599,050
241,316
1922.
£391,923
461,626
1921.
£502,837
103,551
1920.
£785,548
116,887
Total income
Administration expenses
Taxes, deprec., &c
Dividends
£840,366
£25,606
49,707
612,295
£606.388
£853,549
£30,261
£27,166
57.902
37,912
512,537 • 372,049
£902,235
£31.654
7,575
770.673
Balance, surplus
-v.118, P. 1784.
£152,758
£275,933
£146,176
£92,333
-Comparative Balance Sheet.Reynolds Spring Co.
AssetsMar.31'24 Dec.31 23
Prop'y, land, &c_ _$1,506,285 51,467,990
Cash
331,381
423,111
Accounts and notes
286,495
235,016
receivable
445.748
347,596
Inventories
1,231
Accr.Int.,reedy ._
112,852
Work In proc., &c_
Miscell. assets_ _
Pat'ts & goodwill_ 450,000
450,004
20
0
Def'd debit items_
49,581
36,085
Mar.31 24 Dec.3l'23
Liabilities-7% P1."A"stock_ 3140.000 $140,000
19,100
19,100
7% Pt."B"stock_
Common stock_ _ _x2,117.628 2,110,905
12.747
5,562
Acc'ts payable,&c.
5,657
11,190
Accrued accounts_
88,505
88.705
Com.div. parle__
41.020
39,765
Fed'I income tax__
257,6 9
7 :772
97679
2
o
in
Other 'ervps rp_ __ _
Deprec.esof or2
4,486
392,75_5
_3_66,303
Surplus
$3,070,704 $3,072.852
53,070,704 $3,072,853
Total
x Common stock authorized, 200,000 shares without par value; issued.
177,410 shares. See also V. 118. p. 2191. 804.
Total
-Definitive Bonds.
Rochester Gas & Electric Corp.
The Bankers Trust Co. announces that it is prepared to deliver definitive Gen. Mtge, 25
-Year 514% Gold bonds, Series "C," in exchange for
temporary bonds now outstanding, upon surrender of the latter at its
corporate trust department, 10 Wall St., N. Y. City. (For offering of
bonds,see V.117, p. 2661.)--V. 118, p. 1923.
-Bidder,
Rome (N. Y.) Wire Co.-Pref. Stock Offered.
Peabody & Co., New York, and Mohawk Valley Investment
Corp., Utica, N. Y., are offering at 100 and divs., $1,000,000
7% Cumul. Sinking Fund Pref. (a. & d.) stock.
-J. Transfer
Redeemable, all or part, at 110 and diva. Divs. payable Q.
agent, Kidder. Peabody & Co.. New York. Registrar, American Exchange National Bank, New York. Exempt from present normal Federal
income tax.
CapitalizationAuthorized. Outstanding.
53.000,000
83,000,000
3
-Year 6% Sinking Fund Gold notes
3.687,500
Preferred stock, 7% cumulative
4,000,000
2.474,000
5,650,000
Dated May 1 1924; maturing April 30 1925. Auth., $4,000,000; out- Common stock
Data from Letter of Pres. H. T. Dyett, Rome, N. Y., April 22.
standing, $3,000,000. Denom. 31.000, $5000 and 210,000c*. Interest
Payable Q.
Company.
-F. without deduction for normal Federal income tax not to
-Incorporated in New York in 1905. Is one of the largest
exceed 2%. Bankers Trust Co., New York, trustee. Red., all or part, manufacturers in the United States of copper rods, copper wire, bare
en 15 days' notice on or before Dec. 31 1924 at 100% and int.; thereafter and insulated electrical copper wire, and copper cables. Plant, at Rome,
at 100 and int.
N. Y., and that of a subsidiary at Buffalo, N. Y.. are situated on 57 acres
Company.
-Is the largest as and electric company in Colorado. Sup- of land and have 814.000 sq. ft. of floor space. Products comprise pracplies, without competition, electricity for light, heat and power purposes tically every type of copper rod and wire manufactured, including telephone
to a number of substantial communities, including Denver, Boulder, wire, electric power transmission wire, trolley wire, weatherproof wire
-Notes Sold.
Public Service Co. of Colorado.
-Halsey,
Stuart & Co., Inc., A. B. Leach & Co.., Inc., and Federal
Securities Corp. have sold at 100 and int. $3,000,000 6%
Gold notes.
2316
THE CHRONICLE
magnet wire, rubber-covered house wire, automobile wire, deck cables,
and mining machinery cables.
Purpose.
-Proceeds are to be used in part to retire $400.000 notes of
the Buffalo subsdiary and provide for additional working capital.
Sinking Fund.
-At the end of each year, beginning with 1920, there
shall be set aside 10% of the surplus earnings, but not exceeding 21.5%
per annum of the greatest amount of the 7% Cumul. Pref. stock outstanding, to constitute a sinking fund, which shall be used to purchase
Pref. stock in the open market at the lowest price at which the same can
be obtained, but not exceeding 110, or, if such cannot be so obtained,
the balance in said fund shall be used to retire a portion of such Pref.
stock on or before April 1 in each year, commencing with 1921.
Sales.
-Sales prior to 1911 were less than $2,000.000 per year, and
increased gradually up to 1915, since which time they have been as follows
(exclusive of war business in 1916 and 1917):
Wire Sates.1
Wire Sates.
Wire Sales.
1915
83,396,808 1918
$11,795,596 1921
85,288,398
1916
8,685,224 1919
8,336.018 1922
10,311,663
1917
11,984,427 1920
12,827,888 1923
16,244.660
Sales for the first three months of 1924 show a gain over the same three
months of 1923.
Earnings.
-Net earnings after taxes for the period of the last eight years,
1916 to 1923 incl., have averaged 3588.625, or over 2X. times dividend
requirements, including this new issue. For the year 1923 net earnings
after taxes were $1,268,548, or over vi times dividend requi(ements.
Including the new issue.
-V. 118, p. 1785, 1280.
[Vol,. 118.
entire year of 1923, and reflects the improved condition of the oil industry
in the current year and the maintenance by the company of a large production upon the better market obtaining, particularly in the month of
March. With a higher price structure in the second quarter and with the
opening of the season for heavy gasoline consumption, company's earnings
In the second quarter are expected to be materially larger than in the first
quarter.
-V. 118. p. 1785. 1403.
(Howard) Smith Paper Mills, Ltd.
---Acquisition.
A dispatch from Montreal states that negotiations are in progress between
this company and the Kinlelth Paper Mills, Ltd., whereby the former
proposes to acquire the latter's business and property at St. Catharines,
Ont.-V. 118, p. 1677.
South Los Angeles Land & Water Co.
-Bonds Offered.
-
Wm. R. &ants Co., Los Angeles. Calif.. are offering at 99 and int.,
$150,000 1st Mtge. 61.6% Sinking Fund Gold bonds. Date Jan. 11924.
Due Jan. 1 1949. Denom. $500, $1,000. Red. on any int. date at 103
and int. Int. payable J. dc J. without deduction for the normal Federal
Income tax up to 27, at Pacific-Southwest Trust dc Savings Bank, Los
Angeles, trustee, or Crocker National Bank, San Franccisco.
Capitalization.
-Capital stock: Authorized, $300,000: issued, $75,000.
Bonds: Authorized, $250,000: issued (this issue), $150,000.
Company.
-For over 20 years has furnished water for domestic and
other purposes in the territory south of and adjoining the City of Los
Angeles. This now includes the principal portion of the City of Vernon,
Goodyear Park,and a small part of the City of Huntington Park, the entire
Santee Timber Corporation.
territory being served without competition from any other company.
-Listing.
The Baltimore Stock Exchange has authorized the listing of $510,000 Physical properties, consisting of real estate, distributing system, wells.
pumping plants, services, &c., have been appraised at approximately
Collat. Trust & Mtge. 634% serial sinking fund bonds.
-V.115. p. 996.
$421,000 after ample deduction for depreciation.
Earnincs.-Earnings
a steady growth,
Seaboard Oil Co., Inc. (Del.).
-Stock Sales Stopped.
- Increasing from $33,060 have shown 1913 to $80.994 for operating revenues
for the year
1923.
This company, a Delaware corporation with offices in Norfolk, Va.,
and an authorized capital of $5,000,000, has been summoned to appear
Southern California Edison Co.-Pref. Stock Offered.
before the Virginia State Corporation Commission on May 21 to show
cause why its authority to self stock in Virginia should not be cancelled. E. H. Rollins & Sons are offering at 90 and divs. to yield
Meanwhile its permit to sell stock in this State was suspended until the about 6.67%, $10,000,000 6%
Cumul. Prof. (a. & d.) stock.
hearing.
Dividends payable Q.
-M. Entitled to $100 per share and accrued
dividends in the event of liquidation. Red., all or part. at 115 and divs.
Seneca Copper Corp.
-Protective Committees.
Committees have been formed to represent the 7% 1st Mtge. and 8% Has equal voting powers, share for share, with all other stocks of the
Debenture bondholders and about 3,000 stockholders. No call for deposit company. Shares are transferable at the office of the company. Los
Angeles, or at the Bankers Trust Co.. New York. 13. S. Mortgage & Trust
of securities is contemplated at present.
Bondholders Committee.
-W,F. Bartholomew, Chairman: Fred L. Cole, Co.; New York, and Pacific Southwest Trust & Savings Bank, Los Angeles,
.
George A. Tomlins, Edwin A. Carter, J. W. Sparks, F. R. Kennedy, Calif.. registrars.
Issuance.
-Authorized by the California Railroad Commission.
Sec., and M.P Davidson, counsel.,
Stockholders' Committee.
Data from Letter of Pres. John B. Miller, Los Angeles, May 1.
-Thomas F. Cole, Chairman: J. Parke Channing,
W. H. Colvin, Charles A. Morse, Harold Peirce, W. B. Anderson, W. F.
Company.
-Company, one of the most comprehensive light and power
Bartholomew. F. R. Kennedy, Sec., and J. B. Cotton, counsel.
-V. 118, systems in the world, generates.'transmits and distributes electricity in a
. p. 2191.
territory which includes Los Angeles and ten large counties in southern
and central California with a population of over 2.000.000 and an area
Shattuck-Arizona Copper Co., Inc.
-Earnings.
of 55 000 square miles.
The company reports for the quarter ended March 31 1924: Gross In this territory 263.000 This territory includes 360 cities and towns.
consumers are supplied directly, and 175,000
earnings, 8327,938: expenses, $251,936: net earnings before depreciation, Indirectly, with electric light and power service.
depletion and deferred developments, $76,002.
The physical property includes 503,100 h. p. in 24 plants, of which 376.000
h. p. is in'hydro-electric and 127,100 h. p. lain steam capacity. In addition,
Calendar Years1923.
1920.
1922.
1921.
Gross income
3885.242
$37,994
$41.826 81,582,924 55,000 hydro-electric h. p. and 120,000 steam h. p. will be added during
Gen. adm. exp.,tax..,Sec_
$745.547
$46,998 31,609,872 the years 1924 and 1925, bringing the total generating capacity to 678,100
$64,912
Depletion reserve
99,766 h. p. The transmission and distributing systems include 1,500 miles of
139,905
12,006
Depreciation reserve__ _
112,402 high-tension transmission line, 185 substations, and 6.500 miles of dis16,684
2,054
2,006
tribution lines. The connected load aggregates about 950.000 h. p•
Net loss
$239,115
$2.264
$28,925
$33,862
Capitalization (After Giving Effect to Present Financing).
-V. 117, p. 2119.
Total funded debt
8114,629,100
Original Preferred stock (paying 8%, closed)
4,000,000
(John)Shillito Co., Cincinnati.
-Land Trust Certificates Preferred stock 6% and 7% (including this issue)
22.362,300
Offered.
-A syndicate headed by Otis & Co., Cincinnati, Common stock (paying 807)
47,858.072
There is included 31,882,100 Preferred and $6,870.600 Common stock
are offering Shillito Land Trust Certificates, representing sold on partial
payments.
14,000 equal undivided parts of the equitable ownership
Earnings
-12 Months Ended December 31.
in the premises occupied by the John Shillito Co., at $100
1922.
1923.
Gross earnings
$16,982,226 $20,211,160
• per each certificate, to yield 6%.
Operating expenses and taxes
6,663,369
8,886,471
Participants in Shillito Land Trust Certificates are: Otis & Co., A. E.
Aub & Co., Braun, Bosworth & Co., Brunet & Reiter Co.. Cosmopolitan
Net earnings
310.318,857 $11,324,689
Bank & Trust Co., R. E. Field & Co.. Fourth & Central Trust Co.. Gran
charged to operation and
3,355,415
• Todd & Co., the Herrick Co.. N. S. 11111 az Co.. Hunter. Budde & Duble, Interestdiva, on Pref. stocks (incl.amortization_
this issue)
1.785,361
W.E. Hutton & Co., Title Guarantee & Trust Co.. Van Leunen, Reynolds Annual
& Co., Well, Roth & Irving Co., Westerfield & Graf Co. of Cincinnati, 0.;
Balance for depreciation & Common dividends..
$6.183,913
Security Trust Co., Lexington, Ky.: Bond & Mortgage
Athens, O.;
In the above earnings statement the interest, amounting to $2,359,314.
United Securities Co.. Cleveland, 0., and Ohio Savings Bank& Trust Co., on funds invested in construction work in progress is deducted from interest
Co.,
Toledo. 0.
actually paid in accordance
Each part represents one 1-14,000 interest in the equitable ownership in - 118, p. 1924, 1769. with rulings of the California RR. Commission.
V.
33,000 sq. ft. of land located at the corner of Race and Seventh streets in
the retail business district of Cincinnati. This land has been appraised
Spring Valley Water Co.
-Report.
at 31.405.000 by the Cincinnati Real Estate Board. The land is leased
Calendar Years1923.
1922.
for 99 years to John Shillito Co., which conducts a department store in
$5,738,638 $5,233,026
an 8
-story building, occupying the site. The building has been appraised Revenue
Operating expenses
1.178.379
1 ,146,437
at $688.000.
903,323
830,738
The legal title in fee to the above land and building-with the exception Taxes
1,050,491
714,360
of a small portion of land held under a perpetual lease at a flat annual Interest on bonds
-year 6% notes
14,381
150,000
rental of $1,210
-is vested in the Fourth & Central Trust Co. Cincinnati, Interest on 3
134,312
108,518
0.. as trustee. The trustee issues Land Trust Certificates each representing Interest on loans
Interest charged to construction
Cr.24,210
Cr.6,248
one 1-14,000 part of the equitable title, or multiple thereof.
300,000
300,000
The lessee covenants to pay as rental a sum sufficien so that the trustee Depreciation and obsolescence
162,276
131,010
may distribute to certificate holders at the rate of $6 for each Part Per Amortization
5,060
4,398
annum (Q.
-F.). The lessee also agrees to pay all taxes, assessments, public Uncollectible bills and accounts receivable
Miscellaneous
7,195
1,206
charges and current expenses of the trustee.
1.470,000
1,400,000
The lessee has an option to purchase the property at the equivalent of Dividends
$110 for each part during the first 30 years of the lease: at the equivalent
Balance. surplus
$537.432
$452.607
of $107 50 for each part during the ensuing 50 years; at the equivalent of
V.
$105 for each part during the remaining term, and at the equivalent of - 118, p. 93.
$100 for each part at the end of the lease.
Standard Gas & Electric Co.
-New President, &c.
The business of John Shillito Co. was established in Cincinnati, 0., in
Arthur S. Huey has been elected Chairman and John J. O'Brien President
• 1830. The net earnings, plus charges, eliminated by this fInancingf or the
years ending Jan.311924. averaged over 2.6 times the rental requirements to succeed the late Col. H. M. B_yllesby. Robert J. Graf has been elected
8
or this issue of certificates. Company has a net worth of $2,306,083. First Vice-President and Albert S. Cummins as a Vice-President -V. 118.
p. 2191.
-V. 69, p. 229.
Shreveport El Dorado Pipe Line, Inc.
-Earnings.
-
The company reports for the three months, Jan. 1 to March 31 1924,
gross earnings of $269.654, and net earnings of 3174,746.-V. 118,P.561.
Sinclair Consolidated Oil Corp.
-No Financing
.-
Standard Oil Co. of New York.
-Annual Report.
Income Account for Calendar Years.
1923.
1922.
1920.
1921.
x Total earnings
$30,827,578 534,548.542 823,373.821 339,405.631
Deprec'n and insurance_ 12,464.240 11,713,807 10,708,183
(x)
Interest on debentures
3,400,000
3,400,000
2.968.667
H. F. Sinclair, Chairman, denies circulated reports of impending new
financing and additional bank borrowings by the company. He says:
"None of these reports are true. The Sinclair corporation contemplates
Net profits
no new financing and there has been no discussion of any now financing by
514,963,338 $19,434,735 $9,608,971 $39,405,631
either directors or the finance committee. In the normal course of our Previous surplus
103.909,470 167,295,390 170,211.467 142,583,873
operations the accumulation of inventories is usual at this season of the Adjustments
221,962
Dr.243,928 y79,179.346 Dr.615,048
year and in this connection we have used some of our bank lines for reasonTotal surplus
able loans. Those loans have probably passed their peak; as we are already
$118.628,880$265,909,470$179.295,390$182,211,46
7
reducing our inventories because of increasing sales, and from this time on Cash diva. paid
12.601.745 12,000,000 12,000,000 12,000.000
Dividend rate
(18%)
we should reduce bank loans steadily.
(16%) •
(5 3-5%)
(16%)
"The financial budget of the corporation for 1924 was carefully con- Stock dividend
(200%)150,000.000
sidered by the finance committee and board of directors, and unless some
Profit & loss surplus_ $106,027.1343103,909,4703167,295,390$170.211,467
unforeseen development occurs in the petroleum industry no change in
x Total earnings are after deducting expenses incident to operations,
dividend policy need be suggested, as earnings during the first four months
of the year have exceeded the estimates upon which that financial budget including taxes (and in 1920 also after depreciation and sundry reserves).
-V. 118, p. 2037.
y In 1923 net appreciation of capital assets and investments and adjust• was based."
ment of reserves.
-Bonds Called-Earnings.
Skelly Oil Company.
1923.
1922.
1923.
1922.
-Year 714%
One hundred fifty-nine (8159.000) 1st Mtge.& Coll. Trust 10
Assets
MaAlltttesSinking Fund Gold bonds, dated Dec. 1 1921, have been called for pay- Real est.. mach.
Capital stock _ _ _225,324,650 225,000,000
ment June 1 at 105 and int. at the Union Trust Co., trustee, Pittsburgh,
and vessels_ -.132.892.740 126,906,762 7%'tenfold deb. 30,000,000 30,000,000
Pa.
Inv.In other cos.128,638,067 127,653,853 65.4% gold deb. 20,000,000 20,000,000
March
1924.
Quarter Ended Marc 31Inventories - - - 88,003,916 90,389,366 Deferred credits 2,267.843 1,407,676
8,348 Cash
17
9
$4,085,457 $5,3 23
Gross earnings
3,265,561 5.417,677 keels payable_ _ 22,142,355 23,405,948
2,872.213 Acels & notes
1,859,432
Reserves
9,870.451 10,862,269
Expenses, general taxes. &c
163.516
221,891
receivable._ _ _ 29.021.410 23,422,809 Taxes payable
2,988,993 4,161,506
Interest and discount
1,300,222 Not report. U.S. Govt.sees. 33,543,265 42,527,599 Surplus
100.027,134 103,909,470
Depletion and depreciation
Deferred assets. 2,356,468 2,428,803
Federal taxes
$903,912 52,342 619
Net income before
Total
Total
418.621,427 418.746,869
418,621,427 418,746.869
A statement issued by the company says: "The $903,912 net surplus
earnings for the first quarter of 1924 compares with $1,123.731 for the -v. 118. p. 1280, 213.
AIAy 10 1924.]
2317
THE CHRONICLE
-New Directors, &c.
l Oil Co.
Transcontinenta
-Earnings.
Standard Plate Glass Corp.
H. W. Bottomfield, C. F. Ericson and IV. E. Lamb have been elected
very
Earnings for the quarter ending March 31 1924. it is stated, were
the corpora- directors, succeeding W. L. Chrisman. T. A. Neill and E. D. Robinson.
satisfactory. Figured on the basis of the new capitalization,
after T. It. Cowell, formerly Secretary, J. C. Adams and M. W. Bottomfield.
tion not earnings after depreciation and•taxes were $432,425, and stock formerly Asst. Treas., have been elected Vice-Presidents, succeeding T. A.
deducting the quarterly dividend on the 7% Prior Preference Pref. Prior Neill, A. B. Daily Jr. and W. L. Chrigman. E. D. Robinson, formerly
and 7% Cumulative stock and the quarterly sinking fund on the the Treasurer, has been made Secretary and Treasurer.
-V.118. p. 1532.
to
Preference stocic the balance was 8310,425. This Is equivalent200.000
-Howe,Snow &
-Bonds Offered.
annual rate of $6.20 per share earned on the present outstanding effect
(L. W.) Tuller, Detroit.
any
shares of no par Common stock. This quarter does not givethe Watson
Bertles, Inc., Hayden, Van Atter & Co., Nicol, Ford & Co.
to the earnings which will be derived from the acquisition of
Paint & Glass Co.
and Livingstone, Higbie & Co., etroit, are offering at par
Acquires Additional Companies.-
Tha corporation has recently completed negotiations to acquire the Wat& Glass Co.of Youngsson Paint az Glass Co.of Pittsburgh, the Zenn Paint Co. of Buffalo, N. Y.
town, 0., and the Bison Paint & Window Glass
for the year 1923 of
These concerns, it is said, have had total gross salesat present is earning
$2,500,000. The Watson Paint & Glass Co. alone
Estiall
at the annual rate of about 8200,000 net per annum after thecharges.
Bison Paint &
mating the Zenn Paint & Glass Co. of Youngstown and annum each, and
per
Window Glass Co. of Buffalo to earn about 850,000
additional
•the extra efficiency and savings through consolidation, the total the acquiearnings acquired for tho Standard Plate Glass Corp. through
annum.
sition of these companies should exceed $300,000 per corporation by the
These properties will be acquired by the Standard
exchange of its 7% Cum. Pref. stock. The property is being purchased
annual cost
.on better than a 25% estimated earnings basis. The actual the basis of
to the Standard is slightly in excess of $77,000, which, on per annum
$223,000
$300000 earnings acquired, would give a net return of
of the
applicable to the 200,000 shares of no par value Common stock StandStandard Corp. These earnings, added to earningsreported by the
the new capitaliard alone for the quarter ending March 311924. based on 200,000 shares of
zation, will be at the rate of over $7 25 per share on the
no par value Common stock.
All these newly acquired properties, with the exception of the Watson
being
Co.. have been handling paints of other manufacturers. Steps are these
taken immediately to replace the paints of other manufacturers in Co.,
various jobbing houses with paints manufactured by the Watson and
which steps should materially add to the earnings of the Watson Co.
-V. 118, p. 2053, 1924.
therefore to the Standard Corp.
-A syndicate
-Stock Offered.
Stanley Co. of America.
headed by Edward B. Smith & Co. is offering a limited
number of unsubscribed shares at $72 a share.
The stockholders of record April 7 were given the right to subscribe
to one share for each five shares held at $70 a share. This right expired
May 1.
. The company is a consolidation of various representative organizations
engaged in the exhibition, but not in the production of motion pictures,
and in the promotion of vaudeville entertainments principally in and
about the City of Philadelphia.
-To Merge With Durant Motors, Inc.
Star Motors, Inc.
-V.116, p. 833.
See Durant Motors, Inc., above.
and interest $1,150,000 634% Ant (Closed) Mortgage Serial
Sinking Fund Gold bonds. A circular shows:
Dated May 1 1924. Due 1927-1938. Denom.31,000. 3500 and $100 c*.
Security Trust Co., Detroit, Mich., trustee. Interest payable M. & N.,
without deduction of the normal Federalincome tax up to 2%. Redeemable
all or part upon any interest date, or upon 30 days' notice, at 102 and int.
-A direct personal obligation of L. W. Toiler and specifically
Security.
secured by a first mortgage lien upon the real estate and building of Royal
Palm Hotel,located on the northwest corner ofPark Ave. and Montcalm St.,
and the real estate and building of the Eddystone Hotel, located on the
northwest corner of Park Ave. and Sproat St., Detroit. The real estate
and value of the completed buildings have been appraised at $2,312.125.
Exclusive of these properties, Mr. Tuner has a net worth of $4,008.718.
With the exception of directors' qualifying shares, Mr. Tuller owns the
entire capital stock of Tuller Hotel Co.. which has been in successful operation since 1906. The net worth of this stock is $2,716,718, this valuation
being based upon audits by Ernst & Ernst. Other assets included in Mr.
Toiler's statement consist of river-front and down-town, real estatein Detroit. real estate in Palm Beach, Florida, and bank stock.
-To provide funds for the completion of the hotels.
Purpose.
-Estimated earnings, after liberal allowance for possible
Earnings.
vacancies, are: Total gross earnings. 8454.477; net earnings, after allowance
for operating charges, rentals, taxes. insurance and vacancies, $319,897:
bond interest, $74.750.
--Earnings-Dividends.
Underwood Typewriter Co.
1923.
1924.
Three Months Ended March 31$814.691
$810,497
Net earnings
Other net income
95.452
x Net profits
$910,625
68,236
8841.929
Depreciation
95,934
8905,949
64,020
8842.389
OMB
x The above profits are subject to deduction for Federal income tax.
The directors have declared two regular quarterly dividends of 75e.each
0
on the Common and two quarterly dividends of 1%7 each on the Prof.
stock, payable July 1 and Oct. 1 to holders of record June 7 and Sept. 8.
-V. 118. p. 787, 678.
respectively.
Union
Carbide
-Muscle
Company.
Shoals offer.
This company, a subsidiary of Union Carbide & Carbon Corp., offers to
lease for 50 years Dam No.2 and nitrate plants at Muscle Shoals at a mini-Transfer Agent.
Staten Island Edison Corp.
and
to manufacture new
in New York has been appointed mum guaranty of S120.000,000 The company says itscheap fertilizer
The National Bank of Commerce
profit which would
manufacturing center.
•transfer agent for 10.000 shares of Preferred stock, no par value. Sea also develop
be the highest return to the Government so far on any bid would be augp. 2053.
V. 118.
mented by the completion of Dam No. 3. The superpower would be made
available for distribution throughout the South for industrial, agricultural
-Results for First Quarter.
Sweets Co. of America.
uses. The Government would receive the.entire gross revenue
March 31 1924 company reports before [not after] and home of all hydro-electric power. While reserving 50,000 h. p. for the
For the quarter ended
from 75%
depreciation, &c., a profit of $32,278.-V. 118, p. 2191.
manufacture of fertilizer at Nitrate Plant No. 2 at a cost plus 5%, the
company agrees to spend 2%% in development of cheap fertilizer at Plants
-Earnings.
Texas Pacific Coal & Oil Co.
106, p. 714: V. 109. p. 1468.
The company reports for the three months ended March 31 1924: Gross No. 1 and 2.-V.
operating profit, 8599.808;
earnings. $1,491.058: expenses. $891,240:
-Tenders.
Union Oil Co. of California.
other income, $29,800; gross income. $629,688: other deductions, 848.014;
Trust Co. of N. Y.. trustee, will until May 15 receive bids
The
net income before depreciation and depletion, $581,674.-V. 118. p. 1925. for theEquitableof 1st Lien 5% 20-Year Sinking Fund bonds, dated Jan. 2
sale to it
-Balance Sheet. 1011, to an amount sufficient to exhaust 81,122.000.-V. 118, p. 2192.
Tide Water Oil Co.(Incl. Subsidiaries).
31 ',Var. 24 Dec.31 '2
-Notes
Mar.31'24 Dec. 3123
United Power & Light Corp. of Kansas.
LtrnitttlesAssets--Arthur Perry & Co., Boston, are offering at prices
Capital stock_ _ _ _50,002,200 49,926,800 Offered.
Pet. properties &
ranging from 97.94 and int. to 100 and int. to yield from
equipment
18,780,236 18,620,745 61's% 10-Yr. Gold
bonds due 1931_12,000,000 12.000,000
11,134,701 11,097,515
Pipe lines
4
6% to 67 %, according to maturity, $1,750,000 6% and
1,200.000
Oil prod. prcp's. _32,563,832 29,172.895 Bank loans
294,521 634% Serial Debenture gold notes.
Notes payable.. 1,765,146
Gasoline propert's
Dated May 1 1924; due as follows: 8250.000 6s. May 1 1925 and the
& equipment... 0,389,533 9,256,514 Accts. pay..trade- 2,967,072 2,427,503
$125,000 semi-annually from Nov. 1 1925 to May 1 1931. Int. payRR.&lighter.prop. 2,226,966 2,183,256 Accts. pay., wages
6
& miscellaneous_ 749,014 1,212.756 able M. & N. at New York, Boston or Chicago. Denom. $1,000 and
Market. props. &
181,939 $500 c*. Red., all or part, by whole series on any int. date on 30 days'
5,875,619 5.646,369 Due to still. cos. 431,465
equipment
41,028 notice at a premium of % of 1% for each 6 months of unexpired life. First
Timber properties_ 1,523,672 1,516,941 Accrued taxes_ _ _ _ 144,840
National Bank. Boston. trustee. Corporation agrees to pay int. without
Tank steamships._ 4.337,385 4,336.024 Payments on cap.
337,052 deduction for that portion of Federal income taxes not exceeding 2%.
stock subscripts 359,068
Issuance.-Authorized by the Kansas P. U. Commission.
85,831,949 81,830,260 Deferred Habits__ _ 1.699.687 1.305,046
Total
Lees Ilepr. & dep1.24,208,176 22.225,825 Reg. for renting.. 3.979.997 3.726,858
-Harris, Forbes & Co., E. H.
Offering of 1st Mtge. Bonds.
Res. for Federal
Inc.taxes, 1924- 250,000
. Total
61,623,773 59,604.435
Rollins & Sons, New York' Peters Trust Co. Omaha, and
20,840,464 19.172,141
063,410 Surplus
Other investments 965,758
Arthur Perry & Co. are also offering at 97A and int. to
Inv. In MM. cos._ 6,838,126 6,424,694 Min. Int. In subs.:
'
729.900 yield 6.20%, $1,350,000 additional 1st Mtge. 20-Year 6%
706,600
Capital stock_
Cash
1.516,734 1,359.568
Surplus
Dr.82.068 Dr.99,858
U.S. Govt. sees.
2,801,010
gold bonds, Series "A." Dated Jan. 11924. Due Jan. 1
Accts.& notes rec _ 4,569,292 4,743.891
Crude oil & prods_18,121,419 11,890,617
1944. (See description in V. 118, p. 805.)
Mat'ls & supplies_ 1,544,127 1.579,070
Issuance.-Authortzed by the Kansas P. U. Commission.
Due it, atilt. cos_ _ 163,183
54,160
Data from Letter of President C. L. Brown, Dated April 28.
Deterred items... 1.671,074 1,504.826
-A consolidation in Jan. 1924 (V. 118. p. 805). Owns and
Company.
Totals
Totals
97,013.486 91,325.686
97,013,486 91.325,686 operates long established electric light and power properties in central Kanserving without competition 128 cities and towns. including Hutchinson,
sas,
See result for first three months of 1924 in V. 118. p. 2192.
Salina. Manhattan, Abilene and Junction City. The territory served is
one of the richest agricultural sections of the country, and comprises 23
-Extra Dividend.
Timken Roller Bearing Co.
PopuAn extra dividend of 25 cents per share has been declared on the outstand- counties with a population, according to the 1920 Census, of 453,992.
also supplies
ing capital stock, no par value, in addition to the regular quarterly dividend lation directly served is estimated at over 130,000. Company
gas to the cities of Salina. Manhattan, Abilene and Junction City
of 75 cents per share, both payable June 5 to holders of record May 19. artificial
and water to Hutchinson, and operates 3 ice plants. It also operates
Like amounts were paid Sept. .5 and Dec. 5 1923 and also Mar. 5 1024.
approximately 30 miles of street and interurban railway. Nearly 84% of
1924.
Earns. Quarter Ended March 311923.
1922.
sale of electric light
Net, aft, tax., dep. & other charges__ $1.826,778 $2,069,269 $1,348,130 the company's net earnings are derived from the
and power.
-V. 118. p. 1281.
-Proceeds of the issue of notes and bonds will be used to acquire
Purpose.
Gas &
Toledo Edison Co., Toledo, Ohio.
-To Increase 7% the entire property of the United Water,& Gas Electric Co.of Hutchinson.
Co. (which are now being
Kan., the Salina (Kan.) Light, Power
construction of interPreference Stock and Create an Issue of6% Prior Pref. Stock. merged with the United Power & Light Corp) and forpurposes.
stockholders will vote May 29 (a) on increasing the authorized connecting transmission lines and other corporate
The
to retire the notes before maturity through the sale
Company proposes
7% Cumul. Preference stock, Series "A." from 84,000.000 to 810.000,000.
territory served.
par $100, and (b) on changing $3,000,000 of the present authorized and of Prof. and Common stock in the Months Ended Feb. 29 1924.
Combined Earnings 12
unissued 8% Cumul. Prior Prof. stock, Series "A." into 6347 Cumul.
32,506.434
Prior Prof. stock, series "B." The authorized capitalization will then be: Gross earnings_
1,578,100
$15.000.000 Common.810.000.0007% Cumul.Preference stock, Series "A": Operating expenses, maintenance and taxes
421,160
Prof. stock Series "A," and $3.000,000 Annual mortgage bond interest
$3,000,000 8% Cumul. Prior
4% Cumul. Prior Prof. stock, Series "B." all par 8100 per share.
61
$507.174
Balance available for note interest
V. 118, p. 918. 678.
Annual interest charge on $1,750,000 notes (this issue) requires $112.500.
-Earnings.
Capitalization Outstanding with Public (incl. Above Financing).
Tonopah Mining Co.
44.600.000
Dec. 31 '23. June 30'23. Dec. 31 '22. June 30'22. 1st Mtge.6% bonds. due Jan. 1 1944 (Incl. this issue)
6 Mos. EndedUnited Water. Gas & El. Co. 45, 1928-5s, 1941 (closed)._ 1,805,600
8539,839
8829.179
$670.049
8755,806
Gross val. ore milled_ _ - _
950.000
68.261
39.002
66.276 Salina Light, Power & Gas CO. (is, 1943 (closed)
51,942
lo.sses in mill. & ref
Metal
1 1,750.000
,
Serial Debenture gold notes, 1 to 7 years (this Issue)
e cl 3.734,700
8760.917
$689,529 Preferred stock (paying 7% dividends)
3618,107
Gross val. of mill prod $500.837
d2.440.550
Common stock
Min., mill., market. &
a Issuance of additional bonds restricted by provisions of the trust deed.
525,251
428.429
525,119
439,267
general expenses
b Limited to $2,250,000; additional notes may be issued under this inden$500,000 in
8235.665
$72,408
8164.409 ture only under its restrictive provisions. c Not exceedingshares
8178,839
Net profit
148.530
62.422
170.447 treasury of company. d A substantial number of additional stock (exact
101,357
Miscellaneous income- will be
amounts to be determined later) of both Pref. and Common
-V. 118.
$384,195
$134.830
8334.857 issued in part payment for the Salina and Hutchinson properties.
$280.196
Net income
4% of which is owned by the Tonopah Mining p.2053, 805.
• Tonopah Placers Co.. 83,
Co. of Nevada, has a net loss for 6 months, ending Dec. 311923, of 84.897.
-Production.
United Verde Extension Mining Co.
Quick assets and invested funds on Dec. 31 1923 were reported as follows:
Month ofApril 1924. Mar. 1924. Feb. 1924. Jan. 1924.
Cash on hand, $63.182; railroad and public utilities bonds and stock at
3,901,444
3.302.766
3.517.862
purchase price, 31.142.386; U.S.Liberty bonds at purchase price. $411.423, Copper output (lbs.) _3,809.584
-V. 118, p. 2192, 17-8-6..
and due from smelters. 393.295; total,$1,710,286.-V. 118. p. 1404, 1281.
2318
THE CHRONICLE
[Vol.. 118.
To accomplish this purpose a record exchange was arranged to relieve the
U. S. Hoffman Machinery Co.
-Balance Sheet.
trade of the single-faced red seal records in stock, to be replaced with fresh
[Including Canadian Hoffman Machinery Co., Ltd.]
double-faced red seal records so priced as to enable the public to purchase
AssetsMar.31 '24. Dec.31 '23.
Liabilities- Mar.31 '24. Dec. 31 '23. a record containing two selections
Plant prop.less res. $848,095 $851,786 Capitalstock__ y52,766,081 $2,766,081 of a single selection. While thefor a slight advance over the former cost
cost of this innovation has adversely
Patents, less res._ 2,695,949 2,739,967 8% sinking fund
affected the current earnlnas of the
Good-will
gold deb. bonds_ 1,925,000 2,025,000 redound to the future benefit of all company, it is firmly believed it will
1
1
concerned."
Cash
438,493
451,832 Notes payable.___ 875,000
875,000
Balance Sheet Dec. 31.
Notes & accts. res.
Accounts payable_ 217,230
168,405
1923.
1922.
1923.
less reserve
1922.
x2,448,437 2,524,759 Accrued accounts_
85,864
115,537
AMU5
$
Liabilities-•
Inventories
$
$
1,158,852 1,122,903 Def.accts. payable 250,000
275,000 Plants, mach.,&c _13,119,924
11,415,164 Stook:
Spec. dep., leases,
Res.,tax.& royal's
296,625
863,997 Pats. & ter'y rts__
1
1 Preferred (7%)_
6,900
contracts, &c__ _
6,900
1,647 Res.,deb. bd.prem. 63,026
3,192
54,776 Matrices
1
1
Common
Investments
34,993,000 34,993,000
38,022 Deferred credits__
52,951
13,592
20,647 Investments
Sinking fund
815 Disc, drafts rec___
1,014
6.254
8,067 Trust funds (cash 4,367,187 4,568,127 Accts. pay. inel.
prov.for inc.taxa7,222,089 a6,916,644
28,113 Surplus
56,809
Deferred charges
1,210,278 1,105,402
& investments)_
167,110
167,110 Surplus
6,624,967 3,818,348
Drafts rec. dLse'ted
6,254
8,067
Deferred charges
663,230
330,441
Inventory
Total
Total
$7,708,952 $7,777,915
$7,703,952 $7,777,915 Notes& accts. rec.11,661,533 8,086,692
6,055,989 6,270,077
x Includes $1,843,435 customers' notes receivable secured by chattel Marketable secure. 7,270,468 6,261,901
mortgages or equivalent liens, of which $1,176.780 is assigned as collateral Cash
5,541,513 8,635,377
Total (oa. side)_48,846,956 45,734,892
security for notes payable. It does not include interest accrued at March 31
a Includes the remaining amount payable on call on subscription
to
1924 on customers notes receivable. y Represented by 150,000 shares Capital stock of the
Gramophone Co., Ltd. (£637,500, converted at the
of no par value.
prevailing rate of exchange as of Dec. 30 1922.)-V. 118, p. 2206.
Results for quarter ended March 31 1924 were given in V. 118.P.2192.
-Bat. Sheet Dec. 31.
U. S. Smelting, Ref. & Mining Co.
1923.
$
1922.
1923.
1922.
Liabilities
Common stock.
.y17,555,887 17,555,888
Preferred stock..z24,317,775 24,317.775
Cap, stock of sub.
cos. not held_
2,098,354 2.147.397
10
-year 6% notes_12,000,000 12,000.000
Bonds of sub. cos. 211,500
289,500
Acc'ts pay'le, &c__ 1,278,551 1,849.272
Drafts in transit_
557,116
426,760
Reserve for taxes,
interest, &c____ 1.446,920 1,342,415
Dividends declared 425,556
425,556
Total(each side). _77,111,455 77,008,495 Pront& loss acct_ _17,219,795 16.743,931
Property and investment account as at Dec. 31 1922, 377,202,882:
x
additions during year, $1,228,504: total. $78,431.386: deduct reserves for
depreciation, depletion and amortization, $19.037,561. Capital assets at
net book values, $59,393,827. y Including 3138 scrip. z Including $275
scrip.
The usual income account was published in V. 118. p. 1532.
AssetsProperty investm't
z59,393,826 60.070,426
account
Impt. options sad
other def. chges_ 366,404 1,288,432
10,380.715 8,439,575
Inventories
Stocks and bonds. 3,727,283 1,829,947
Notes receivable &
243,189
423,291
loans
1.495,420 2.693.672
Accts.receivable
1,504,619 2,353,152
Cash
Universal Pipe & Radiator Co.
-To List Stocks.
The company has made application to list its Preferred and Common
stock en the New York Stock Exchange. Action on the application is
temporarily withheld until removal of Iron Products Corp. stock from the
stocic list of the Exchange.
-V. 117. p. 2900.
Vacuum Oil Co.
-Extra Dividend of 25 Cents.
The directors have declared an extra dividend of 25 cents a share in
addition to the regular quarterly dividend of 50 cents share on the outstanding capital stock, par $25, both payable June 20 to holders of record
May 31.
During 1923 the company paid the following dividends: On Dec. 20 an
extra dividend of 50.cents and the regular quarterly of 50 cents; on Sept. 20
a quarterly nividend of 50 cents a snare and in June a semi-annual dividend
of $1 a share. [Per record of dividends from 1920 to 1922 inclusive, see
V. 115, p. 1848.I-V. 118, p. 1679.
Waldorf System, Inc.
-Ara Sales.-
1924
-April
-1923.
$1,131,967 $1,132,949
-V. 118. p. 2070. 1787.
Decreer,..! 1924-4 Mos.-1923.
3982134.558,915 $4,467,549
Increase.
391,366
Wells Fargo & Co.
-Earnings.
-
Calendar YearsTotal net income
Expenses and taxes
Other charges
Dividends
1923.
3932.467
49.443
'
23,647
599,185
1922.
31.601.786
82,392
238.107
1.198,370
1921.
31.469,387
62,326
127,354
1,198,370
1920.
3900.300
181.466
265,792
Balance, surplus
-V. 116, p. 2400.
$260.192
382,917
381,337
3453.042
Welsbach Co.
-Bonds Called, &c.
The
Philadelphia Stock Exchange on May 2 reduced the amount of
30
-Year Coll. Trust S. F. 5% bonds, due 1930. on the regular list from
6362,500 to 3291.200-371,300 reported surrendered and cancelled. The
remaining $291,200 outstanding bonds have been called far payment June 2.
(See V. 118, p. 1787.)-V. 118. D. 2070.
Western Canada Flour Mills Co., Ltd.
-New Pres., ikc.
D.B. Hanna,former Vice-President, has been elected President, succeeding Andrew Kelly, who will remain on the advisory board. A. J. Mitchell,
a director, has been elected Vice-President. succeeding Mr. Hanna.
V. 117. p. 1673.
Westinghouse Electric & Mfg. Co.
-Listing.
The Pittsburgh and Boston Stock Exchanges have approved for listing
574,560 additional shares (par $50) of Cons. stk.-V. 118, p. 2207, 2070.
(J. C.) Widman & Co., Detroit.
-Bonds Offered.
-Keane,
Higbie & Co., Detroit, are offering at 100 and int. $275,000
63/2% 1st Mtge. Gold bonds. A circular shows:
Dated May 1 1924; due seriall3r, May 1 1925 to 1934. Int.(M. &
payable at Security Trust Co., Detroit. trustee, without deduction N.)
for
normal Federal income tax up to 2%. Denom. $1,000c*. Redeemable
on any int. date upon 60 days' notice at 103 and int.
Van Sweringen Co.
Capitalitation.-lst (Closed) Mtge. 63
-Notes Called.
,
6% bonds (this issue), $275,000;
The company will redeem and pay on June 1 3265,000 of the outstanding Common stock, $575,000.
Company.
-A Michigan corporation. Manufactures closed automobile
1st Mtge. & Coll. Trust,7% Gold notes, da,ed June 11922. at 101 and int.
at the Guardian Savings & Trust Co., trustee. Cleveland, 0.-V. 116, P. bodies. Originally established as a furniture factory, the company has
manufactured closed automobile bodies exclusively since 1919.
2156.
Purpose.
-Proceeds will be used to retire current debt and to provide
Venice (Calif.) Consumers Water Co.
- additional working capital.
-Bonds Offered.
Earnings.
-Average annual net earnings after depreciation but before
Bank of Italy, Los Angeles, is offering at 100 and int. Federal taxes for the four years ending Dec. 31 1923 were
over
$350,000 1st Mtge. 63/2% Sinking Fund gold bonds, Series the annual interest requirements of these bonds. The balance43i times
sheet as
of Dec. 31 1923, giving effect to present financing, shows net tangible
"A." A circular shows:
assets applicable to these bonds amounting to $1,231,884. or over four
Date April 1 1924. Due April 1 1944. Red. on any int, date at 105 times the amount of the bond issue, and net current assets
alone amounting
and int. Int. payable A. & O. at the office of the Bank of Italy. San to 2400,176.
Francisco, trustee, or through any of its branches in California without
deduction for normal Federal income tax not exceeding 2%. DenoM.
(F. W.) Woolworth Co.
-April Sales.
$1,000 and 3500c*.
1924
-April
-1923.
Increased 1924-4 Mos.-1923.
Increase.
apt a rat onAuthorized. Outstandino. 317.257,409 313.934,851 33,322,5581358.728.648 251,997,825 $6,730,823
Common stock
6153,700
$500.000
The gain in old stores last month was $2,585,379, or 18.55% over April
Preferred stock (77 cumulative)
55,000 1923, while the gain in old stores for the first 4 months of 1924 was $4,447.500,000
1st Mtge. Sinking Fund Gold bonds
350,000
1,000,000
8.55% over the same period last year.
Company.
-Was organized in 1923 to acquire and combine the properties 468. or company's Easter
The
business reached a new record at $5,341,138 of
and rights of three existing public utility water companies engaged in the merchandise
sold in week ended
distribution of water for commercial, domestic and irrigation purposes sales in the same week of April April 20. This compares with $3,343.611
1923, an increase of $1.997.527. or 59.74%.
during the past 26 years. Territory served includes the entire area within
Compared with 34,585.004 sales in Easter week of 1923, which occurred
the city limits of Venice.
late in
Sinking Fund.
-A sinking fund of 2% of the total bonded debt out- Of thisMarch, Easter sales this year showed a gain of $756,134, or 16.49%.
standing will he paid to the trustee beginning April 1 1926 and annually a gain gain, old stores operating over a year were responsible for $523,596,
thereafter, to be applied to the purchase of Series"A" bonds in the open 70% ofof 11.42% in business of. these old stores and representing about
total gain for the chain.
market at not to exceed the redemption price.
The company has arranged to take over the lease which It obtained in
Earnings of Combined Companies- Calendar Years.
1922 on the northwest corner of 5th Ave. and 35th St., N. Y. City, on
Gross &tins. Oper. Exp. Net Earns. May 1,five years earlier than the lease originally provided. The company
1919
$19,143 expects to be ready to open the store here by Aug. 15.
$54,335
$35,192
The company has leased the old Montgomery Ward building on Michigan
1920
61,360
12,294
49,065
1921
76,093
51,542
24,550 Ave., Chicago, Ill.. for a period of 99 years. The annual rental,it is stated.
1922_7
34,110 is stipulated at $175,000.-V. 118. p• 1787.
53,247
1923
104,838
46,392
58,445
Youngstown Sheet & Tube Co.
-The net proceeds derived are to be used in part for the purchase
Purpose.
-Earnings.
Quarter Ended March 31of the plant and properties of the City Water Co. of Ocean Park (the
1924.
1923.
balance of the purchase price being paid in stock), to provide funds for x Net earnings
$7,322,138 $4,383,418
capital expenditures including the installation of additional distributing Other income
519,429 WO 330,841
facilities where needed for domestic or fire service and to construct a new
Total income
1,000.000-gallon reservoir.
37.841,567 34,714,259
Miscellaneous charges
3422.482
Depreciation
Victor Talking Machine Co.
-Annual Report.
2,006,5251
$995,352
President Eldridge R. Johnson says in substance: "While still obliged Depletion
19,0381
sell
to contend with the forced liquidation of competing talking machine mer- Interest
54.183
1,102,888
chandise dumped on the market regardless of cost, the volume of output Federal tax, estimated
454,000
530,000
materially exceeded that of 1922 and the operating results were very Preferred dividends
174,552
249.219
satisfactory when everything is considered. Consequently the financial Common dividends
987.606
1.234.508
condition of the company, in the opinion of the directors warrants the
Surplus
continuation of the extensive program-those in contemplation for 1924
$2,276,907 $2,048,566
being. (a) the demolishing of the obsolete record manufacturing building
x From operations after deducting all expenses including charges for
-story building of reinforced concrete, repairs and maintenance of plants.
and the erection on its site of a 10
containing approximately 120.000 sq. ft. of floor space,
170 ft. by 70 ft.,
Consolidated Balance Sheet Dec. 311923.
to be utilized for additional instrument manufacturing facilities: (h) the
Assets
expansion of the Pan-American Recording Co. plant in South America to
$ WM
Liabilitiesprovide for the complete manufacture and marketing of records there, thus Property accounts
164,264,368 7% Cumul. Pref. stock.. 14.241,100
obviating the necessity of shipping the matrices to Camden and shipping Inv. in and adv. to minx75,000,000
Common stock
ing, &c.. cos
to South America: (c) the acquiring of a conthe finished records back
7,607,782 Min, int, in sub. cos_ -- -w 16121,021
trolling interest in the Capital stock of the Berliner Gramophone Co., Ltd., Bal. due on employees'
Funded debt outstanding 71,240,000
dwelling pur. contracts
of Montreal, Can., this being another step toward the goal of international
.41.....1
734,817 Mtge. notes & purchase
Sink,fund investments..
distribution of the company's product.
money obligations_ _ _ - 1,367,364
842.188
"In brief, the outstanding features of the year were: The completion Inv. in ins. fund (contra)
7,088,456
73.692 Accounts payable
unit ever constructed by the company-the Inventories
of the largest single building
P
53.643.262 Ore received in excess of
-adding to the manufacturing facilities approxi- Accts. & notes rec., less
3,823,792
new record pressing plant
payments
reserve
1,870,179
mately 275,000 so. ft. of floor space, which, with the adjoining and com20 798 082 Accrued interest
municating record material grinding and mixing plant, to which has also Due from officers & empl.
178.899 Accrued taxes, general.. 1,085,308
been added during the year 4 stories, comprising over 60,000 sq. ft. of floor Sundry marketable secs_ 3,264,106 Federal income tax. 1923 1,500.000
Nis
sPece, will provide for the entire process of record manufacture under Cash
2,675,56.5 Reserves forDepletion of minerals_V 5,658,249
practically one roof,resulting,it Is confidently anticipated, in a considerable Deferred charges
2,871.488
Depreciation & renewal W.
saving in cost of production.
-acre site in Oakland, Calif., and the erection
plants
44,245,876
' "The purchase of a 20
Rein.& rebuild. turn's 2,888,089
thereon of a building equipped for the complete manufacture of records to
Contingencies
3,584,246
meet the demands of the Western coast. This branch record manufacturing
Fire insurance
107,049
plant, expected to be in operation before this report reaches your hands.
Total (each side)
will act not only as a relief to the main factory at Camden, but also as a
256,954,240 Surplus
23.127,519
means of rendering better and quicker service to the Western trade.
x Represented by 987,606 shares of no par value.
-V. 118. p. 1533.
"In the early part of the year it was decided to double-taco the entire
For other Investment News, see page 2929.
rod seal catalog in so far as it was possible to make the proper combinations.
2319
THE CHRONICLE
MAY 10 1924.]
feviarts anti Pocuultut5).
PUBLISHED AS ADVERTISEMENTS
CHICAGO BURLINGTON & QUINCY RAILROAD COMPANY
-FOR THE YEAR ENDED DECEMBER 31 1923.
SEVENTIETH ANNUAL REPORT
Chicago, January 2 1924.
To the Stockholders of the
Chicago Burlington & Quincy Railroad Company:
The following is the report of your Board of Directors for
the year ended December 31 1923:
CAPITALIZATION.
CAPITAL STOCK.
1,708,374
Scrip
MILEAGE OF ROAD OPERATED ON DECEMBER 31 1923.
Line Owned.
State.
Main
Zinc.
Colorado
Illinois
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
South Dakota__
Wisconsin
Wyoming
Branches
and spurs.
214.11
946.06
371.68
12.71
23.61
593.58
134.38
1,364.44
48.88
228.46
572.71
4,510.62
Total
Operated
Total
under lease mileage
or contract operated.
Total.
34.97
113.85
73.44
.91
14.84
13.19
49.45
22.37
121.08
394.36
1,691.10
1,365.10
259.26
23.61
1,122.26
134.38
2,861.40
278.62
228.46
693.79
.53
29.64
429.33
1,804.95
1,438.54
260.17
38.45
1,135.45
183.83
2,883.77
278.62
228.99
723.43
4,541.72
9,052.34
353.19
9.405.53
180.25
745.04
993.42
246.55
-1W6i
1,496.96
229.74
8170,837,400 00
1,700 00
Total
MILEAGE.
Number of
Shares.
Total Par Value
Authorized and
Outstanding.
Disidends Declared During Year.
$170,839,100 00
Rate.
Amount.
10%
$17,083,735 00
Scrip totaling $400 00 was exchanged for full shares during the year.
Total par value of stocx remained without change.
FUNDED DEBT.
In Treasury
-
39.873.000
I
$1.416,000
Actually
Outstanding.
Interest Accrued
During Year.
$202,756,000
Actually Issued
and Reacquired.
Nominally
Issued.
$8.256,488 34
Funded debt actually outstanding decreased during the year:
Equipment Notes purchased and cancelled
Bonds purchased and canceled
8404,000
40.090
$444,000
Line Owned.
State.
Miles of
road.
Colorado
Illinois
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska_ _
South Dakota
Wyoming_
Total
Second
track.
394.36
1,691.10
1,365.10
259.26
23.61
1,122.26
134.38
2,861.40
278.62
228.46
693.79
.48
490.32
243.55
Third
track.
42.40
2.25
112.37
32.34
130.69
3.66
9.052.34 1.013.41
44.65
Fourth
track.
ACCRUED TAXES.
York tek
&sidings.
153.93
5.41 1,137.81
355.96
25.44
40.32
446.18
50.75
789.95
61.86
77.24
254.51
Total.
548.77
3,367.04
1,964.61
284.70
66.18
1,680.81
185.13
3,683.69
340.48
436.39
951.96
5.41 3,393.95 13,509.76
COMPARATIVE STATEMENT OF INCOME, YEARS
ENDED DECEMBER 31.
%0
% of
E ? .
ke,
per
1
RAILWAY OPERATING
REVENUES.
Ry.Oper.
Rev.
1923.
1922.
3
$
73.82 126,433.098 13
Freight
121,388,901 62 73.61
16.68 28,569,830 88
Passenger
28,380,103 84 17.21
2.48 4,242,408 35
Mail
4,258,311 92 2.58
2.59 4,442,387 40
Express
2.40
3,948,338
2.58 4,412,431 25 ..All other transportation... 4,059,086 27 2.46
1.63 2,798,801 02
Incidental
2,461,743 16 1.49
.22
Joint facility
.25
371,703 77
419.984 90
100.00 171,270,660 80 Total railway oper. revenues 164,916,470 54 100.00
RAILWAY OPERATING
EXPENSES.
21,984,557 03 _Maint. of way & structures_ 20,769,379 25 12.59
12.84
23.74 40,654,335 51 _Maintenance of equipment_ 35,735.413 56 21.67
1 1.65 2,815,004 27
Traffic
9,267,367 08 1.37
Transportation
137.01 63,395,808 20
62.875.593 06 38.13
_ 1.00
1,716,368 53 __Miscellaneous operations-- 1,693,321 01
1.03
General
Pr 2.524,318,010 52
4,277.202 73 2.59
Transportation for investr
Cr.35 Cr.593,705 50
ment--Credit
Cr.840,573 59 Cr.51
Total railway operating ex78.41 134.290,378 56
penses
126.777.703 10 76.87
Net revenue from railway
21.59 36,980,282 24
operations
38,138,767 44 23.13
owl
9,268,054 87 _ _Railway tax accruals__ 10,890,006 82
57,456 37 Uncollectible railway revenue
31,338 17
27,654,771 00 -Railway operating income_ 27,217,422 45
NON-OPERATING INCOME.
Hire of equipment.,____
593,161 45
454,22660
612,915 71 - _Joint facility rent income_ _
522,937 85
730,307 43 _Miscellaneous rent income_
723,110 39
Dividends and miscellaneous
1,729,257 30
interest
2,366,498 67
5,199 41 --.Miscellaneous income__ _
380,626 11
3,670,841 30 Total non-operating income 4,447,399 62
Gross income
31.325,612 30
31,664,822 07
DEDUCTIONS FROM GROSS
INCOME.
Hire of equipment
1,766,285 34
1,192,169 77
1,728,996 02 ----Joint facility rents_.._ 1,850,243 59
153,810 66 __Miscellaneous rents_
121,296 17
8,256,488 34 --Interest on funded debt
8,119,271 00
29,905 62 _Interest on unfunded debt_
10,904 50
Amortization of discount on
funded debt
99,597 13
95,474 06
Miscellaneous income charges
13,975 07
Total deductions from gross
income
---- 12,035,083 11
11,403,334 16
25,365,566 80 Net railway operating income 25,152,173 54
(See table foot of page 33,
pamphlet report.)
Net income
20,261,487 91
---- 19,290,529 19
DISPOSITION OF NET
INCOME.
Sinking funds
289,409 67
294,25046
Dividends
17,083,735 00
17,083,700 00
Total appropriations of income
-.... 17.373,144 67
17,377,950 46
Income balance transferred
to profit and loss
1,917,384 52
---2,883.537 45
Increase or
Decrease.
816,809
Dec.
Dec.
456,187 69
Dec.
193,472 99
Dec.
16,131 18
Inc.
21,158 19
Inc.
44,635 56
Dec.
2,395 16
Dec.
41,701 56
Inc.
32.915 73
Dec.
368 80
Dec.
16,348 14
Inc.
96 49
Colorado
Illinois
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
South Dakota
Wisconsin
Wyoming
Other States
1923.
8437,874 94
1,868,653 38
1,058.665 71
122,371 64
57,901 68
521.330 37
1471,170 39
2,175,000 00
203.88026
479,837 47
505,482 46
131 64
Total States
67.578,299 94
$8.222.909 36 Dec.
644.609 42
U.S. Government___ _$1,689,754 93
62,667.097 46 Dec.
977,342 53
Grand Total
1922.
$454,684 81
2,324,841 07
1,252,138 70
138,502 82
36,743 49
476.694 81
149,565 55
2,216,701 56
170,964 53
480,206 27
521.830 60
35 15
$9.268,054 87 $10,890,006 82 Dec. 81.621.951 95
INVESTMENT IN ROAD AND EQUIPMENT DURING
THE YEAR.
New lines
and
Accountextensions.
Engineering
Cr.$1,439 02
Land for transportation purposes Cr.50 00
Grading
590 86
Tunnels and subways
Bridges, trestles and culverts.... Cr.174 67
Elevated structures
Ties
1,50541
Rails
3 86
track material
Other
Ballast
135 09
Track laying and surfacing
916 37
Right-of-way fences
118 43
Snow and sand fences and snow
sheds
Crossings and signs
143 16
Station and office buildings
Roadway buildings
Water stations
Fuel stations
Shops and enginehouses
Grain elevators
Wharves and docks
Telegraph and telephone lines
Signals and interlockers
Power plant buildings
Power transmission systems
Power distribution systems
Power line poles and fixtures
Miscellaneous structures
Paving
Roadway machines
Roadway small tools
Assessments for public improvements
Other expenclitures--road
Shop machinery
Power plant machinery
Power sub-station apparatus
Additions
and
betterments.
6237,577 34
864,902 24
1,258,945 91
Cr.1,790 03
1,162,618 56
Cr.3.761 83
320,367 14
482,250 28
671,073 42
122,553 20
239,291 42
26,130 41
Total.
8236,138 32
864,852 24
1.259,536 77
6r.1.790 03
1.162,443 89
Cr.3,761 83
321.872 35
482.254 14
671,073 42
122,688 29
240,207 79
26,248 84
285 58
205,526 67
1.635.707 73
102,373 39
520.28309
61,076 28
1,692,824 94
Cr.341 71
5,40081
66,978 27
822,340 87
200,670 74
22,664 53
50,927 92
18,448 89
154.429 88
Cr.2,238 96
139,410 09
1.29221
285 58
205,669 83
1.635,707 73
102.373 39
520.283 09
61.076 28
1,692,824 94
Cr.341 71
.5,40081
66,978 27
822.340 87
200,670 74
22,664 53
50.927 92
18.448 89
154.429 88
Cr.2,238 96
139.410 09
1,29221
225.143 24
17.628 63
1,079,480 38
285,336 90
66 93
225.143 24
17,628 63
1,079,480 38
285,336 90
66 93
Total expenditures for road_ -- 11,749 49 $12,685,875 36 112.687,624 85
$3,374,556 70 $3.374.556 70
1.249,569 68 1.249.569 68
Cr.16,086 37 Cr.16,086 37
43,846 45
43,846 45
45,558 08
45,558 08
14,504 85
14.504 85
Steam locomotives
Freight-train ears
Passenger-train cars
Floating equipment
Work equipment
Miscellaneous equipment
----
-------
Total expenditures for equipment
Taxes
Interest during construction
Total general expenditures
Grand total
$4,711,949 39 $4.711.949 39
$405 77
8,768 58
1405 77
8.76853
$9,174 35
60.17435
61,749 49 $17.406,999 10 817.408,74859
2320
THE CHRONICLE
EQUIPMENT.
Number
on
Dec. 31
Class of Equipment-- 1922.
Steam locomotives
1,929
Number
added
During
year.
69
Freight-train cars:
Box cars
30,895
Flat cars
1,430
Stock cars
6,562
Coal cars
28,024
Tank cars
337
Refrigerator cars
3,256
Caboose cars
776
Other freight-train cars
85
3,720
All classes offreight71,365
train cars
200
47
Average
tractive
power all
Number Number locomotives
retired
on
& average
During
Dec.31 capacity all
year.
1923.freight cars
20
1,978
36,092
680
48
239
3,927
1
303
6
2
4,370
5,206
70,529
5
3
3
14
1
14
1
706
150
102
53
14
271
53
28
Passinger-train cars:
715
Coathes
Combination pass.cars 148
Other combination cars 113
54
Dining cars
14
Parlor cars
Baggage &expresscars 257
64
Postal cars
28
-train cars
Other pass.
22
33
All classes of passen1,393
ger-train cars
8
11
.49
42.19
143
140
145
187
4.548
5,442
443,607
445.550
-1.943
892,332,271
+126,044,287
1,525,531
+564.089
39,176.051
8,451,008
+4,307,552
+3.180,473
" Total
55,115,084
47,627,059
Ton miles
Revenue freight
12,690,384,346 11,754.595,862
Non-revenue freight_ 2,675,987,454
1,839,884,738
Total
15,366,371.800 13.594.480.600
+7.488,025
Total
2
Total floating equipment
14
3
9
Train-Miles
Freight
-ordinary
' -light
" -total
Passenger*
Mixed
Special
Total transportation service
Work service
Locomotive-MilesFrelFht--principal
-helper
" -light
" -total
Passenger-principal _ _
-helper
" -light
" -total
Mixed train-Erincipal_
-light _ _
" -total
Spesial-principal
-helper
" -light
" -total
Train switching
Yard switching-freight
-passen'
ger 66
-total _
"
Total transportation service
Work service
Car-Miles--Freight train-loaded-' --emptySum of loaded and
empty
Freight train:
Caboose
Exclusive work equipment
Total
Passenger train:
Passenger*
Sleeping, parlor and
observation
Dining
Other
Total
Mixed train:
Freight, loaded-Freight, empty
Caboose
Exclusive work equipment
Passenger
Sleeping, parlor and
observation
Other passenger train
Total
1923.
2
June
25 1923,5% on $170,837,300
December 26 1923, 5% on $170,837,400
15
1922.
$8,541,865,
8,541,870
Total charged to Income for the year
Increase (±) or
Decrease (-)•
9,401.41
9,393.69
+7.72
20,091,220
199,106
20,290,326
18,013,261
641.001
24.494
18,054,018
198,145
18,252;163
17,470.583
639,837
24.857
+2.037,202
+961
+2,038,163
+542,678
+1,164
363
38,969.082
36,387,440
+2,581,642
645,908
447,322
+198.586
20.297,818
820,092
994,169
18,259,374
809,730
958,479
+2,038,444
+10,362
+35,690
22,112,079
17,927.831
253,164
471.126
18,652,121
641,068
5,287
6.851
653,206
24.494
2.357
804
27,6.55
894,498
9,167,747
20,027,583
17,422.441
174,453
411,199
18,008,093
639,869
3,381
6,973
650,223
24.857
2,470
527
27,854
871,880
7,975,738
+2,084,496
+505,390
+78.711
+59.927
+644,028
+1,199
+1,906
122
+2,0
,
3
--363
-113
+277
-199
+22,618
+1,192,009
616.341
9,784.088
589.279
8,565,017
+27.062
+1.219,071
52,123,647
48,150,650
+3,972,997
1,090,289
825,296
+264.993
552,356,649
320,015.342
493,763,213
259,445,860
+58,593,436
+60,569.482
872,371.991
763,209,073
+119.162,918
19,043.446
17.186,852
+1,856,594
2,286,581
893.702.018
1.913.916
772,309:R1
+372,665
+121,392,177
$17,083,735
FUNDED DEBT.
On December 31 1922 the Funded Debt outstanding in the
hands of the public was
$203,200,000
During the year 1923 the following changes were made:
By the purchase of Nebraska Extension Mortgage
Sinking Fund Bonds of 1927
$40,000
By the retirement of Equipment Gold Notes maturing
January 15 1923
404,000
Total Deduction
444,000
On December 31 1923 the Funded Debt outstanding in the
hands of the public was
$202,756,000
•
GENERAL OPERATIONS.
REVENUES.
Total Operating Revenues for 1923
Total Operating Revenues for 1922
3171,270,660 80
164,916,470 54
$6,354,190 26 3.86%
Increase
The increase was made up as follows:
Freight
Passenger
Express
Other Transportation Revenues
Incidental Operating Revenues
Increased 35.044,196 51 4.16%
Increased
189,727 04 .677
Increased
494,048 57 12.51
Increased
:337,441 41 4.06
Increased
288,776 73 10.02%
36.354,190 26 3.85%
Total Increase
The increase in freight revenue reflects a heavier business
than in the preceding year, largely due to an increase of
26.29% in the tonnage of bituminous coal carried and an increase of 13.21% in the tonnage of manufactured products.
Shipments of bituminous coal for the period April to August, inclusive, were greatly curtailed in 1922 as a result of
labor trouble in the bituminous fields, while during 1913
we enjoyed a fair tonnage of this product throughout the
year. The above increases were offset to some extent by a
decrease of 10% in the tonnage of farm products handled
due to the depressed conditions prevailing in agricultural districts during the major portion of the year.
A comparison with 1922 by commodities of tonnage handled shows the following:
Farm Products
Animals and Products
Mine Products_ _,
Forest Products
Manufactured Products
-than-carload tonnage
Less
Total tonnage
Decreased 916,910 tons
Increased 350,470 tons
Increased3,338,921 tons
Increased 573,150 tons
Increased 1,056,575 tons
Decreased 94,654 tons
10.00%
12.29
22.40 0
27.79%
13.21%
4.32%
0
Increased 4,307,552 tons 11.07
A comparison of carloads shows:
44,650,310
44.517.107
+133.203
28,028.474
5,108,812
41.916,650
119,704,246
26,494,703
4,763,278
39,374,525
115,149,613
+1,533,771
+345.534
+2.542.125
+4.554,633
2.295.617
1,066,062
2.068
2.319,431
880,805
3.524
-23,814
+185.257
-1,456
36.942
959,604
45,162
967.822
-8,220
-8,218
2,908
163,486
4,526.687
17,239
193,284
4,427,267
--14,331
--29,798
+99,420
* Includes 85,430 motor-car miles in 1923 and 48.142 motor-car miles
In 1922.
+35,044.196.51
+189,727 04
Dividends paid during the year and charged to Income for
the year were:
STATISTICS OF OPERATIONS.
ITEM
Average mileage of road
operated (miles)
-232,932
+25.348,348
CAPITAL STOCK.
The Capital Stock outstanding remained without change during the year.
Of the total amount outstanding
$170,839,100
$1,700 was represented by fractional stock scrip convertible,
In multiples of $100, into full shares. This scrap is not entitled to vote or to receive dividends until so converted.
10
1
+1.771,8P1,200
18,502,145
967,096,799
CAPITALIZATION.
3
1
+935,788,484
+836,102,716
+710,127 00
Operating revenues_ __ _$171,270,660 80 $164,916,470 54 +36,354.19026
Operating expenses__ _ _ 134,290,378 56 126,777,703 10
+7.512,675 46
Net operating revenues_ $36,980,282 24 $38,138.767 44 -31,158,485 20
76,650
Floating equipment:
Steamboats & tugboats
Barges, car floats and
canal boats
Other floating equipment
43,483.603
11,631,481
18.735.077
941.748,451
Revenues and Expenses
Freight revenue
$126,433,098 13 $121,388,901 62
Passenger revenue
28,569,830 88 28,380,103 84
Passenger service train
revenue
38.810.585 13 38,100.458 13
4,744
All classes of cars in
service
77,544
Increase (+) or
Decrease (-).
+8.833
-15,161
-1,179
+5.309
+255
2,751
All classes of company service cars_ 4,786
2
1922.
280,505
32,411
24,955
107.679
Passenger Service
Passengers carried-rev.
Passenger miles
-rev
31
1,896
27
18
21
47
1923.
289,338
17,250
23.776
112.988
255
Freight Service
Tons
-revenue freight
-re:
1,377
Company service cars:
Officers'and pay cars_
31
1,943
Ballast cars
27
Derrick cars
18
Steam shovels
19
Wrecking cars
Other company service
2,748
cars
ITEM
Special train
Freight, loaded
Freight, empty
Caboose
Passenger
Other passenger train
Total transportation
service
1,018.376.558
Work service
2.089,620
30,415
1,429
6,323
27,817
336
3,353
773
83
400
3
[voL. 118.
Total cars (all commodities) in 1923
Total cars (all commodities) in 1922
Increase in 1923
1,422,035 cars
1,267,228 cars
154,807 cars 12.22%
Passenger revenue shows a very small increase. We carried 232,932 less revenue passengers than in 1922, but we
carried each passenger an average of two miles further than
in 1922. The automobile is steadily cutting into our local
or short haul passenger business but the decrease in this
class of traffic is being offset by a gradual increase in our
long haul and tourist business.
The increase in express revenue was brought about in
part by an increase in express business and in part by a further reduction in the expenses of the Express Company, due
to co-operation of the railroads with the Express Company,
MAY 10 1924.]
2321
THE CHRONICLE
generally in better condition in consequence'of these heavy
expenditures than for many years previous.
A statement of operating expenses is shown in detail on
pages 42 to 46, inclusive [in pamphlet report].
It may be noted further than on December 31 1920 the
Company had 67,460 freight cars with a lading capacity of
2,836,643 tons and an average capacity per car of 42.05 tons.
On December 31 1923 the Company had 69,756 freight cars.
total lading capacity 2,943,011 tons, an average per car of
42.19 tons.
In 1913 the average cost per car for repairs of freight cars
was $5988; in 1917, $6590 and in 1923 $218 13, due prinOPERATING STATISTICS.
cipally to increases in wages and prices of materials.
43,483,603
Tons of revenue freight carried, 1923
39,176.051
At the present time 923 locomotives are equipped with
Tons of revenue freight carried. 1922
4,307,552 11.00% superheaters and 259 with automatic stokers. Out of a total
Increase
12,690.384,346
of 1,978 engines the total tractive power of locomotives on
Revenue tons one mile, 1923
11,754,595,862
Revenue tons one mile. 1922
December 31 1923 was 71,389,600 pounds, an average of 36,935,788.484 7.96% 092 pounds per locomotive. On December 31 1917 the total
Increase
611.68
Revenue tons per train mile, 1923
tractive power was 57,733,360 pounds, an average of 32,362
628.82
Revenue tons per train mile, 1922
pounds.
17.14 2.73%
Dectease
The total payroll for the years 1913. 1917 and 1923 was as
22.88
Revenue tons per loaded car, 1923
23.69
follows:
Revenue tons per loaded car, 1922
resulting in an increased net revenue tor di v:sloe under the
uniform contract with the Express Company.
Other transportation revenues were generally about the
same as in 1922, with the exception of switching revenue,
which'shows an increase of 12.91% due to an increased number of cars handled.
The increase in incidental operating revenues was composed of a number of small increases in the various items
classed under this•heading, the largest of which was an increase of $208,005 91 in demurrage accounts due to the increased volume of busienss:
D..crew e
Average revenue per ton mile (cents), 1923
Average revenue per ton mile (cents), 1922
Decrease
Average distance hauled per rev. ton (miles). 1923
Average distance hauled per rev. ton (miles), 1922
Decrease
Revenue passengers carried, 1923
Revenue passengers carried, 1922
Decrease
Revenue passengers carried one mile, 1923
Revenue passengers carried one mile, 1922
Increase
Average distance carried,revenue passengers, 1923
Average distance carried,revenue passengers, 1922
Increase
.81 3.42%
.996
1.033
.037 3.58%
291.84
300.05
8.21 2.74%
15
18,502,1,
18,735.077
232,932 1.24%
967,096,799
941,748,451
25,348,348 2.69%
52.27
50.27
2.00 3.98%
EXPENDITURES (OPERATING).
5134,290.378 56
Total operating expenses, 1923
12C.777,703 10
Total operating expenses. 1922
Increase
$7,512,675 46 5.93%
1913
7
2
During 1923 increases in wages of certain classes of employees were found necessary and were made effective aggregating on an annual basis the sum of approximately
$1,225,000.
There were no offsetting advances In freight or passenger
rates, but some reductions were made necessary, so that the
average rate per ton per mile °pour freight traffic decreased
3.58% from the average for 1922. Had the same rate per
ton per mile been collected in 1923 as in 1922, the total
freight earnings of the Company would have been $4,658,572
additional.
As compared with the year 1916 there has been an increase in the average revenue per passenger mile of 48.4%;
on freight per ton per mile, 40.7%. The increase in the
average wages paid per hour to employees was, in 1923,
108.5% over 1916; the increase in taxes paid was 92.3%;
the price of engine fuel per ton increased 102% and the increase in prices of other materials generally averaged about
75%. This great disparity as between relative increase in
cost of wages. taxes, fuel and material as compared with
rates would have greatly reduced the net reveadvances
nues of the Company had it not been possible to overcome
the disparity by improvement in methods of operation and
economies resulting from capital expenditures for improved
facilities, such as yards, engine terminals, modern machinery, heavier power and reduction in grades. The results accomplished in this respect are evidenced by the fact that the
number of gross tons moved one mile on the railroad per
hour of labor was 242.60 in 1916 and 295.39 in 1923, an increase of 21.8%.
Increased taxes paid by the Company are well shown by
the following table of comparisons with previous years:
The increase in operating expenses was due to three
major causes:
(1) An increase of 7.90% in net ton miles of revenue
freight handled and 2.69% in revenue passenger miles, rendering necessary additionA train service and increased
transportation expense.
With all increase of $6,354,190 26 in operating revenues
for the year, the increased transportation required was furnished with an increase of only $520,215; stated otherwise,
with an increase of 11% in tons of revenue freight carried.
reflected in an increase of 7.96% ill net ton miles of revenue
freight handled and 2.69% in revenue passenger miles, resulting with miscellaneous operating revenues in a total
Increase of 3.85% in revenues, the transportation cost was
Increased only .83%. The ratio of conducting transportation
cost was 37.01%, which was the lowest transportation ratio
for any year since 1917. The operating ratio was 78.41%, as
compared with 76.87% in 1922, this increase being wholly
attributable to the increased maintenance expenditures for
way and structures and for equipment;
(2) An increase of $1,215,177 88 in expenditures for maintenance of way and structures, principally due to heavy
damage to tracks and bridges on lines west of Missouri River
by storms and floods, during the months of July, August,
September and October. There were three successive destructuve floods on our Wyoming lines, the first occurring
on July 23 and 24, the second on September 27 and 28 and
the third on October 9.
The first of these floods damaged considerable mileage of
track and a number of bridges between Casper and Thermopolis, Wyoming, and substantially destroyed about twenty
miles of line in that territory between Lysite and Bonneville. Later floods not only interfered with reconstruction
work, but destroyed a considerable amount of new work before opportunity had been given to protect it, and in consequence all through service between Casper and Billings was
interrupted between July 23 and November 1. During this
period through business was moved via the Sheridan-Alliance line.
(3) An increase of $4,918,921 95 in the expenditures for
maintenance of equipment. These expenditures were required in part because of delayed repairs resulting from
strike of mechanical employees during the latter part of
the year 1922, but also were due to the continuance of the
program of equipment repairs and rebuilding of a large number of freight cars that had reached a period when that class
of work was required to continue them in service. Approximately 6,000 steel coal ears, acquired about 12 years ago and
which had reached a condition which required substantial
rebuilding, were rebuilt during the year 1923, and it is expected that substantially the same number will require similar work during the next two or three years. In all. 11.638
freight cars of various types were given heavy repairs on
our own ra us, which was an increase over the year 1922 of
25.54%.
General repairs were given 896 locomotives during the
year, or an increase of 59.43% over the preceding year. The
power and cars of the Company at the end of the year were
336.917,360
49,179,625
82,017.006
1913
$33.551,981
8.400.175
9,268.055
917
1913
1923
EXPENDITURES (CAPITAL).
The year 1923 was notable for the great effort made to
increase traffic capacity of the railroads, to handle the peak
load of transportation with a minimum of delay and a maximum of service to the country. This effort was concentrated
largely on improvements to enlarge capacity and in providing additions to equipment, together with improved facilities for maintaining equipment in a high state of repair.
This movement was successful to a very gratifying extent,
and your Company performed its full share in this accomplishment.
The Capital Expenditures of your Company during 1923
were as follows:
$12.687,624 85
4.711,949 39
9,174 35
For Road
For
F Equipment
For General
517.408.748 59
Total
Chicago Union Station.
Very favorable progress was made on the Chicago Union
Station project during the year by the Chicago Union Station Company. This project includes the new Union Depot
with largely increased trackage facilities, hiterlocking plant,
power plant, railway mail building, elevation of Canal
Street and reconstruction of viaducts carrying intersecting
streets. By the adoption of eight floors of office space above
the depot building, a substantial revenue will be earned as a
credit against the increased cost of operating this larger
facility, and provision has been made for further office
floors to be constructed in future years when conditions
justify this further expenditure. It is expected that the new
depot will be ready for service by January 1 1925, thus furnishing a modern passenger terminal in this highly competitive territory.
Chicago Freight Terminals.
In connection with the new Chicago Union Depot project,
extensive reconstruction and enlargement of the ilarrison
Street freight terminals is in progress.
The new inbound freight house and related facilities
(temporarily used as an outbound house) were completed
and put in service on April 9 1923 at a total capital cost of
$1,228,841 05, of which $294,937 44 was expended in 1923.
2322
THE CHRONICLE
Contract was let for construction of new outbound freight
house and work is well advanced, the total estimated capital
cost being $2,547,893, of which $969,383 28 was expended in
1923.
Elevation of Canal Street from Harrison Street to Polk
Street was commenced and work is well advanced, the total
estimated cost being $714,808, of which $640,235 was expended in 1923. Your Company has valuable rights upon
the sub-surface of Canal Street between these points to
to serve the adjacent property with industrial trackage.
Aurora, Ill., Track Elevation.
This project was begun in 1915 and is now substantially
completed. A commodious passenger depot was completed
and placed in service on May 8 1923 and the new freight
depot was eompleted and placed in service on August 1 1923.
The total capital expenditures on this project for the year
were $311,710 43.
Eola, Ill., Improvements.
FoL. 118.
Oswego, Ill., Gravel Pit Tracks.
In connection with a large plant installed by the Illinois
Sand & Gravel Company to supply washed and screened
gravel and sand for ballast and concrete purposes for railroad and commercial use, an extensive yard was constructed
by the railroad Company to handle the products of the plant,
the capital cost being $70,804 46.
Passenger Station Connection, Omaha, Neb.
Revision of track connection at east end of Omaha passenger station to provide double track access to the MI:A.
River bridge, was completed at a capital cost of $8,416 60.
In connection with this project, a concrete subway was completed at Seventh Street, at a capital cost of $36,994 67.
This improvement was much needed to provide better operations at this important station.
Locomotive Terminal Improvements.
A modern power plant was completed at Alliance, Neb.,,t
a capital cost of $59,124 38, a much needed improvement to
economically facilitate prompt repair and turning of locomotives.
A six-stall roundhouse and machine shop at Mendota, Ill.,
was completed and placed in service December 1 1923 at a
capital cost of $55,880 06.
A ten-stall roundhouse to take care of increased business
was constructed at Beardstown, Ill., at a capital cost of
$120,961 90.
A five-stall addition to roundhouse at Casper, Wyo., was
completed at a capital cost of $43,791 29 to provide for inDenver Locomotive Repair Shops.
creased requirements at that point.
Them shops, referred to in'report for last year, were comSix stalls of roundhouse at McCook, Neb., were rebuilt
pleted and placed in service on December 1 1923 at a total and lengthened to accommodate larger locomotives, at a
capital cost of $2,348,905 92, of which $2,009,833 57 was ex- total capital cost of $22,436 93.
pended in 1923.
Locomotive turntables of increased length and capacity
were installed as follows:
Low Grade Line, Frederick to Vermont, Ill.
At
Length 100 Ft.
In order to eliminate a pusher grade against northbound At Beardstown, Ill
Burlington. Iowa
Length 90 Ft.
coal traffic and to increase the operating capacity of the At Lincoln, Neb
Length 100 Ft.
At McCook, Nebr
Length 100 Ft.
line, contract has been let for construction of eighteen miles
of low grade line from Frederick to Vermont, Ill., with maxi- at a capital cost of $70,676 18.
mum grade of 0.25% to handle northbound tonnage trains.
Platte River Bridge, Oreapotis, Net.
This line will serve practically as a northbound second
Replacement of the temporary portion of this bridge, contrack, although all passenger and way freight business will sisting of 1,035 feet of wooden
pile
continue to move over the present line. Work is now well steel and concrete structure, was trestle, with permanent
undertaken and work is
advanced and it is hoped to complete the line in time for well advanced. The total estimated
cost of this project is
heavy coal movement in the fall of 1924.
$326,753, of which $267,641 is chargeable to Capital AcConstruction of the low grade line will not only result in count. Capital expenditures for the
year
material economy of operation by elimination of pusher ser- 866 18. When this work is completed theamounted to $104,vice, but will also greatly increase the capacity of the line have been renewed in permanent form. entire bridge will
and provide for the increasing business with continued inSecond Track Construction, Beardstown Division.
crease in operating economy. The total estimated cost of
In continuation of the program of double-tracking the line
this project is $2,470,760, of which $2,450,269 is a capital
charge. Expenditures for 1923 charged to Capital Account from Galesburg to Herrin, Ill., referred to in report for last
year, additional second track was completed from Reno to
amounted to $719,799 46.
Ayers, 5.23 miles, and from Woodlawn to Waltonville, 8.03
Chalco-Yutan. Line.
New line from Chalco to Yutan, Neb., 11.87 miles in miles, at a total capital cost of $389,754 01.
Miscellaneous Projects.
length, to provide improved service between Omaha, Neb.
,
,
and Sioux City, Iowa, was completed and placed in service
New passenger station at Hardin, Mont., together with
in May 1923 at a total capital cost of $729,507 26, of which remodeling of old depot for use as freight house was com$3,247 44 was expended in 1923. This project was begun in pleted at a capital cost of $33,827 21.
1915, but completion was delayed on account of the World
Passing track 5,000 feet long with interlocking in connecWar.
tion therewith was constructed at Mendota, Ill., in order to
Line Changes in Wyoming.
facilitate movement of important trains, at a capital cost. of
In the summer and fall of 1923, rainfall of unprecedented $71,095 55.
intensity occurred in the Wyoming District, particularly on
Brick store and oil house, together with modern 250-ton
the watershed of Bad Water Creek west of Casper, causing mechanical coaling station, was completed at Ottumwa,
heavy washout damage and continued interruption of traffic Iowa, at a capital cost of $34,799 49.
from July 26 to November 1. The most severe damage ocFreight yard at Pacific Junction, Iowa, was enlarged by
curred between Lysite and Bonneville, a distance of twenty extending five tracks to hold a full 85-car train each, at a
where much of the line was destroyed. After thor- capital cost of $42,389 98.
miles,
ough investigation, it was decided to relocate the line beRevision of freight yard at Lincoln, Neb., for operation as
tween these points on higher ground at a greater distance a flat switching yard, was completed at a capital cost of
from the steam in ode to educe the liability of washout and $65,809 27.
delay to taffic. A desirable location was found that reExtension of Gebo Mine spur at Kirby, Wyo., a distance of
sulted in eliminating eight of the eleven crossings of the 6,500 feet, together with necessary tipple tracks, was understream. Contract was let shortly after the floods occurred taken at the request of the Owl Creek Coal Company, and
and work has been pushed with exceptional vigor. The relo- will be completed early in 1924. The total estimated cost of
cated line was opened to traffic between Bonneville and this project is $101,130, of which $65,469 is to be paid by the
Schoening, eight\ miles, on November 1 1923, and it is ex- Mine Company.
Expenditures for 1923 amounted to $63,106 84.
pected that the line from Schoening to Lysite, twelve miles,
will be completed and in service early in 1924. The total esBridge Replacements.
timated cost of this project, including charges to operation
The usual program of replacement of temporary pile
as well as to capital, is $2,422,504; the total expenditures to
trestle bridges in kind on branch lines, and with permanent
December 31 1923 amounting to $1,087,891 91.
structures on the more important main lines, was carried
Weston, Mo., Re-alignment.
out in 1923. There was expended on this account during
On account of frequent overflows of Mill Creek and Wells the year $418,216 82, charged to capital account.
this point, it became necessary to raise grade
Branch, at
Automatic Block Signals.
twelve feet and reconstruct bridges over these streams to
In continuation of the established practice of extending
provide increased waterway. At the same time the alignment was straightened, involving the construction of a new automatic block signal protection from year to year, 234.30
depot. The total capital expenditures amounted to $205,- road miles of new automatic signals were completed and
placed in service and 62.25 road miles were under construc592 68, of which $200,493 68 was expended in 1923.
tion to be completed early in 1924, the total capital expendiSaluda (Galesburg, Ill.) Reservoir.
tures for the year being $516,896 16.
Construction of 900,000,000-gallon reservoir and complete
Rail Replacement.
electrical pumping plant, with adequate pipe line, referred
There was laid in main track replacement during the year
to in report for last year, was placed in service on June 15
1923, the total capital cost being $425,830 02, of which $188,- 234.19 miles of new 90-lb. and 100-lb. rail and 159.57 miles
of second hand rail, at a capital cost of $308,845 81.
30132 was expended in 1923.
The centralized plant for scrap storage and reclaiming
of.salvage material of all kinds, mentioned in report for last
year, was completed and placed in service on October 1 1923,
the total capital cost being $262,181 25, of which $206,430 34
was expended in 1923.
A five-stall addition to roundhouse at Eola was completed
and placed in service September 1 1923 at a capital cost of
$33,474 20.
Connecting and storage tracks for interchange with the
Elgin Joliet & Eastern Railway at Eola, was completed at a
capital cost of $61,006 09.
PH }41
MAY 10 1924.1
2323
CHRONICLE
growing. Three thousand acres were planted, the first State
corn show was organized and 5,000 ears of corn exhibited.
This is of great importance in stimulating the production of
live stock and diversified farming in a section where it was
thought corn could not be produced successfully for feed. A
poster calling attention to a new pasture grass mixture for
irrigated lands was printed and distributed. An investigation of the market for cetified seed potatoes was made in
Louisiana, Oklahoma and Texas, esulting in the sale of
28,000 pounds for dry land growers of Wyoming and Nebraska, thus opening up a very large market for future production. Several lots of western grown seed potatoes were
introduced for experimental purposes into the Corn Belt. A
33 ft. 2% in. 60M Refrigerator cars large number of articles have been published and meetings
200
Application of superheaters to 25 class R4, R-5, S-1 and held, covering a wide range of subjects, in the interests of
P-3 locomotives in order to modernize old types, was under- better agriculture.
PENSION DEPARTMENT.
taken, and 7 R-5, 2 S-1 and 3 P-3 were completed at the end
of the year.
Reference was made in the report of the previous year to
Application of twenty feed water heaters to M-2 and the inauguration of a
pension system authorized by the
M-2-A locomotives was undertaken to accomplish saving in Board of Directors on December 1 1921.
fuel and increase capacity, and 6 Elesco and 7 Worthington
The plan has been in operation for two years with inHeaters were applied during the year.
creasing indications of appreciation upon the part of forVALUATION.
mer officers and employees.
Aside from the cost of reporting on Additions and BetterDuring the year additional retiring allowances were made
ments as required by Valuation Order No. 3, the monthly to 217 individuals, making a total as of December 31 1923
valuation expense attributable to the Federal Valuation Act of 732.
of March 1913 was reduced to about one-half of what it was
The total amount disbursed during the past year was
at the beginning of the year. The greater part of the ex- $416,155 01.
pense during 1923 was for replacement of information deFollowing herewith is the report of the Comptroller.
stroyed in the 1922 General Office fire, the preparation of
By order of the Board of Directors.
data and exhibits for use in conferences and probable hearHALE HOLDEN, President.
ings on Engineering, Land and Accounting Reports of the
of Valuation. Inter-State Commerce Commission,
Bureau
GENERAL BALANCE SHEET, DECEMBER 31 1923.
and the conducting of conferences with that Bureau for the
purpose of revising these reports. The work during the comASSETS.
ing year will be largely concerned with continued revisions Investments:
Investment in road and equipment:
preparations to meet the tentative valuation
of reports and
Road
5433,983,317 72
Equipment
117,393,733 01
which may be served before the end of the year. The total
General expenditures
1.163.508 07
expenditures charged to Valuation to December 31 1923
$552.540.558 80
Deposits in lieu of mortgaged property sold
were $3,445,175 60, of which $287,017 50 represents the ex24.102 52
Miscellaneous physical property
941.796 25
penditure in 1923.
Investments in affiliated companies:
Improvements and Additions to Equipment.
Particular effort was made during the year to maintain
a proper quota of equipment for maximum operating efficiency. Sixty modern Mikado freight locomotives equipped
with superheaters, stokers and feed water heaters were delivered by the builders during the year, thus adding very
materially to capacity to handle all business offered, and
maintain satisfactory service under maximum demand for
transportation. There was also delivered during the year
the following equipment, completing orders placed and partial deliveries during the preceding year and mentioned in
the report for 1922:
40 ft. 6 in. 80M Automobile cars
97
INDUSTRIAL.
There were constructed and extended during the year
industrial tracks as follows:
New Tracks.
41
23
Extensions.
21
10
64
On Lines East of the Missouri River
On Lines West of the Missouri River
31
Stocks
Bonds
Notes
Advances
$31,389,082 81
1,592.671 07
6.179,165 47
5,876,534 91
Other investments:
Stocks
Bonds
Notes
Miscellaneous
45.037.454 26
$254,010 00
1,300,392 10
280,393 29
275 00
The number of new industrial leases made during the year
1,835,070 39
reflects gradual expansion in business throughout all our
Total investments (capital assets)
5600,378.982 22
territory, there being 478 new industrial leases executed Current assets:
$9.777.131 08
Cash
during the year. One hundred and four important industrial
91,035 98
Time drafts and deposits
plants were located on the railroad during the year and
Special deposits
1.052 89
3525463
Loans and bills receivable
thirty-five existing industries made material additions to
Traffic and car-service balances receivable
1.541.850 64
their plants.
Net balance receivable from agents and
conductors
2,214,546 91
The report for 1922 mentioned the progress being made in
Miscellaneous accounts receivable
5,882,540 52
oil developments and this was continued, one new refinery
Material and supplies
23,402,757 88
being built during the year on the railroad in the Casper
Other current assets
815,425 84
district.
Total current assets
43.761,606 37
Near Keystone, S. D., large deposits of feldspar have been Deferred assets:
Working fund advances
$28,202 22
discovered and it is thought can be worked with profit and
Other deferred assets
349,484 84
should furnish considerable tonnage to the railroad.
Total deferred assets
U. S. Government assets
Unadjusted debits:
There has been a steady improvement in the farmers'
Insurance premium paid In advance
financial condition during the year, but very little land
Discount on funded debt
Other unadjusted debits
changed hands by purchase. As a result of
AGRICULTURAL.
colonization advertising, inquiries for land totaled 3,400—more than double
the number in 1922; 420 individuals filed on Govenment
lands in Wyoming, as compared with 1,330 in 1922 and 1,800
in 1921. The amount of desirable Government land is
steadily and rapidly decreasing. No new Government irrigated homesteads were opened up for settlement, but work
has continued on the Willwood Division of Shoshone project,
and 18,000 acres will probably be opened for settlement in
1924. 988 cars of immigrants' effects were received on the
Alliance, Casper, McCook, Sheridan and Sterling Divisions.
This is 301 more than 1922, and 393 more than 1921, indicating increased settlement. A new booklet, advertising opportunities in Northeast Wyoming, was issued, and assistance
was given in the preparation of new booklets for Logan
County, Colorado, and Thurston County, Nebraska; 25,000
follow-up letters and 26,000 pieces of literature were sent to
inquiries.
Agricultural activities were centred on promoting diversi
fitd farming and live stock production. A twelve- car Pure
Bred Sire special train was operated in Colorado, from
which 58 pure bred sires, donated by Colorado breeders and
valued at $10,000, were traded even for 58 scrubs which were
sold for slaughter at the conclusion of the trip for $589.
Twenty-nine c-mmunities were visited and 25,000 people
saw the demonstrations proving the value of pure bred sires,
and examined the educational exhibits; 90,000 pieces of
literature were distributed, 4,500 column inches of newspaper publicity about this campaign with a total circulation
of over 2,000,000 readers appeared in the press. 83
pure
bred sires, 211 head of dairy cows, 600 head of feeder
cattle
and 7 carloads of feed and seed were purchased for
farmers.
11,000 lbs. of high grade seed corn was furnished free to
740
farmers in the Big Horn Basin, Wyoming, to
encourage corn
Cr.
3157,588 63
3,943,332 58
4,022.806 50
Total unadjusted debits
Grand total
377.687 06
407 72
8.123,72771
$652.641,595 64
LIABILITIES.
Capital stock:
Common stock
*170,839.100 00
Long term debt:
Funded debt unrnatured
5214.045.000 00
Less bonds held in Treasury
11,289,000 00
Total long term debt outstanding
202,756.000 00
Total capital liabilities
Current liabilities:
Traffic and car-service balances payable_
Audited accounts and wages payable___ _
Miscellaneous accounts payable
Interest matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Other current liabilities
Total current liabilities
Deferred liabilities:
Other deferred liabilities
Total deferred liabilities
U. S. Government deferred liabilities
Unadjusted credits:
Tax liability
Insurance reserves
Operating reserves
Accrued depreciation—Equipment
Other unadjusted credits
$373,595,100 00
32,525.868 61
9,713,042 08
654,362 68
1,028.894 50
9,600 00
1,749,840 00
1.071,36490
16.752,97277
$111,79530
111.795 30
8,175 97
$6,736,698 95
1,415,981 24
1.845,439 13
63.361.259 19
4,222,316 02
Total unadjusted credits
77,581,694 53
Corporate surplus:
Additions to property through income
and surplus
$223,124 07
Funded debt retired through income__ -- 43,162,437 94
Sinking fund reserves
196,873 36
Profit and loss
141,009,421 70
Total corporate surplus
Grand total
184.591.857 07
*652.641.59564
2324
THE .1
:11.BC.Vgl(ILL
SOUTHERN PACIFIC COMPANY
AND PROPRIETARY COMPANIES.
-FOR THE YEAR ENDED DECEMBER 31 1923.
FORTIETH ANNUAL REPORT
New York, N. Y., May 8 1924.
To the Stockholders of the Southern Pacific Company:
Year Ended
Per
+ Increase
Dec. 31 1923. -Decrease
Cent.
Non-operating Income (Cond.)
38. Income from funded securities
Investment advances-AffiliYour Board of Directors submits this report of the operaated companies
tions and affairs of the Southern Pacific Company and of 39. Income from unfunded securities 2,261,596 23 +1.878.777 71 490.77
and accounts
509,275 94
-365,759 51 41.80
its Proprietary Companies for the fiscal year ended Decem- 40. Income from sinking and other
reserve funds
887,572 54 •
+38,647 11 4.55
ber 31 1923.
42. Miscellaneous income
81,049 50
-5,346 34 6.19
INCOME ACCOUNT
43.
Total non-operating income 13.381,583 60 +3,789,050 97 39.50
SOUTHERN PACIFIC COMPANY AND TRANSPORTATION
SYSTEM COMPANIES, COMBINED.
Gross income
44.
67,609.607 08 +11.794.228 26 21.13
(Excluding offsetting accounts.)
Per
± Increase
Deductionsfrom Gross Income-.
Year Ended
Cent. 45. Rent for leased roads
Dec. 31 1923. -Decrease
239.107 64
+708 58 .30
Operating Income46. Miscellaneous rents
$
$
762,002 43
Railway Operating Revenues:
+105,914 89 16.14
199,591,192 30 +19,152,24067 10.61 47. Miscellaneous tax accruals
542,567 21
+64,332 94 13.45
1. Freight
-Bonds
62,158,875 82 +3,155,325 96 5.35 48. Interest on funded debt
2. Passenger
and notes
+283,218 32 7.91
3.864.972 83
20,140,613 91
--43,944 39 .22
3. Mail
+94,87201 1.24 49. Interest on funded debt-Non7.748.345 26
4. Express
egotiable debt to affiliated
6,802,888 68 +1,005.243 80 17.34
5. All other transportation
companies
6.921.629 82 +1,043,21038 17.75
1.035,107 74
+16,99342 1.67
6. Incidental
-40,367 60 18.68 50. Interest on funded debt
175.771 46
97,122 75
-9,981 16 9.32
7. Joint facility-Credit
59,041 35
-8,278 22 16.31 51. Amortization of discount on
8. Joint facility-Debit
funded debt
76,562 70
-10,856 03 12.42
52. Maintenance of investment orTotal railway operating rev9.
287,204,634 82 +24.685,465 32 9.40
enues
ganization
-14 12 .06
23,375 81
53. Miscellaneous income charges__ 140.664 62
-281.25807 66.86
Railway Operating Expenses:
54.
Total deductions from gross
10. Maintenance of way and strucIncome
23,057,124 81
-158,103 94 .68
41.235,817 14 +4.429.687 89 12.04
tures
50,451.491 20 +2.187,42294 4.53 55.
11. Maintenance of equipment
Net Income
44,552.482 27 +11,952,332 20 36.66
91,687,308 34 +6,617,11083 7.78
Total maintenance
12.
Disposition of Net Income
+573.359 33 12.98
4,990,768 33
13. Traffic
98,559,831 08 +6,105,646 35 6.60 N. Income applied to sinking and
14. Transportation
other reserve funds
1.165,183 42
+419,224 62 10.67
+37.067 55 3.29
4.347,543 44
Miscellaneous operations
is..
+267,506 00 3.21 57. Income appropriated for invest8,590,864 92
16. General
ment in physical property_ _ _ _
372,348 32
+372.348 32
17. Transportation for investment
-480,715 43 90.87
1,009,728 03
-Credit
Total appropriations
1,537,531 74
58.
+409,415 87 36.29
Total railway operatingex18.
Penses
207,166,588 08 +13,502,131 70 6.97 59. Income balance transferred to
43,014,950 53 +11,542,91633 36.68
credit of profit and loss
19.1 _ , Net revenue from railway
80,038,046 74 +11,183,333 62 16.24 60. Per cent of net income on average
.
Orse•"*" • operations
20,365.327 70 +1,505,971 59 7.99
amount of outstanding capital
20. Railway tax accruals
-39.85487 31.24
87,738 38
stock of Southern Pacific Com21. Uncollectible railway revenues
5,555,374 07 +1.739,646 39 45.59
-Net
pany:
22. Equipment rents
-27,606 78 16.16
*198,416 89
10.21
-Net
)Railroad income
+2.38 30.40
23. Joint facility rents
*4,
2.73
rb) Other income
+1.09 66.46
12.94
c) Total
+3.47 38.64
24. Net railway operating income_ 54,228,023 48 +8,005,177 29 17.32
11111" Non-operating Income
88,14360
31. Income from lease of road
32. Income from lease ofroad
Standard return
1,009,652 54
33. Miscellaneous rent income
34. Miscellaneous non-operating
300.460 71
physical property
as
35. Separately operated properties
16,888 75
Profit
4,443.170 00
38. Dividend income
37. Income from funded securities
Bonds and notes-Affiliated
3.783,773 79
and other companies
-70.909 07 44.58
-1,58698
+126.335 22 14.30
+18,839 76 6.69
TRANSPORTATION OPERATIONS.
Transportation operations for 1923 compare with the pre+914,54848 31.87 vious six years as follows:
-13,621 29 44.65
+1,269,12590 39.98
1 122.
1923.
Operating revenues
Relative to 1917 (100)
Actual 1923 campared with 1917
Operating expenses
Relative to 1917 (100)
Actual 1923 compared with 1917
Operating ratio, per cent
Net revenue from railway operations
Relative to 1917 (100)
Actual 1923 compared with 1917
Railway tax accruals
Relative to 1917 (100)
Actual 1923 compared with 1917
Net railway operating income
Relative to 1917 (100)
Actual 1923 compared with 1917
Traffic units (ton miles plus 3 times passenger miles),
thousands
Relative to 1917 (100)
1921.
1920.
1911.
1918.
1,-17.
$287,204,635 $262,
519,169 $269,494,365 $282,269,504 $239,657,272 8221,611,206 8193,071,490
124
148
146
114
135
139
100
+93.233,145
207,166,588 193,
664,456 212.572,262 242,113,790 188.385.172 163,431.125 120.601,823
156
161
201
136
172
176
100
+86,564,765
72.13
78.88
85.77
78.61
73.75
73.77
62.18
80,038,047 68,854,713 56,922,103 40,155.714 51,272,100 58,180,081 73,369,667
94
70
109
78
55
79
100
+6,668,380
20,365,328 18.859,356 15.539.469 14,792.064 11,911,995 11.105,050 13,792,176
148
137
113
107
86
81
100
+6.573.152
54,228.023 46,222.846 35,946,791 21,312,344 39,677,068 50,871,354 62.253,205
74
87
58
34
64 •82
100
-8,025.182
--------- ---------21.044,120
101
18,D12,411
86
Conditions affecting railway operations were more nearly
normal in 1923 than in any year since 1917, barring the
higher costs of labor and materials and the rising in living
-cost above pre-war standards. A volume of traffic close to
the highest in the company's history was handled expeditiously and without substantial equipment shortage, there
were no major disturbances incident to labor conditions or
other causes, yet the net railway operating income, while
-comparing satisfactorily with recent years, represents the
very modest return of but 4.81% upon the book investment
in road and equipment.
Compared with 1922, average compensation per employee
decreased 2.8%, reducing operating expenses by $4,011,000,
lower fuel prices saved $3,819,000, and lower prices of material caused a reduction of $777,000, the aggregate effect of
changes in labor and material prices being to reduce expenses by $8,607,000. As against this, however, average
revenue per ton mile fell 8.06%, and average revenue per
passenger mile decreased 1.93%, reduced rates thus being
responsible for a decrease of $17,549,000 in operating revenue. Taxes increased $1,505,971.
The volume of freight traffic handled by the railroads of
one
.the country was unprecedented. Revenue tons carried
** In arriving at the figures for per cent of railroad income
* Credit.
and per cent of other income on outstanding capital stock (line No. 60). an
estimated apportionment of net income was made by allocating to railroad
income, as nearly as possible, the items relating solely to that class, and to
other income the items relating solely to that class,the remaining items being
apportioned between the two classes on an estimated basis.
17,451.417
84
22,010,458
105
20,198,015
97
20,836,033
100
20.876,908
100
mile by all Class I railroads in the western group increased
15.7%, and by your lines 20% over the preceding year.
Freight revenue of all Class I railroads in the western group
Increased 10% and of your lines 11% over the preceding
year. Failure of freight revenue to increase correspondingly
with increase in tonnage was principally due to the application during the entire year 1923 of 10% reduction of freight
rates which became effective July 1 1922.
Revenue passengers carried one mile by all Class I railroads in the western group increased 6.11%, and by your
lines 7.4% over the preceding year. Passenger revenue of
all Class I railroads in the western group increased 4.6%
and of your lines 5.4% over the preceding year. Failure of
passenger revenue to increase correspondingly with the
number of passengers carried one mile is due to the ratio of
Increase being greater in long haul excursion travel than in
-the latter being
the number of local short haul passengers
carried in increasing volume by motor vehicles.
A moderate increase in mail and express revenue resulted
from a general improvement of business; and increase in
other transportation and incidental revenue, including revenue from excess baggage, dining cars, restaurants, etc., resuited from increased travel.
MAY 10 1924.]
THE CHRONICLE •
2325
exercised by the Inter-State Commerce Commission that the
transcontinental lines thus far have been excluded from competition for the traffic by being denied the privilege of making low enough rates to participate therein; and a measure
is now before the United States Senate which contemplates
the withdrawal of all authority from the Inter-State Commerce Commission to permit the railroads to meet this competition, notwithstanding the policy declared in the Transportation Act that both rail and water transportation shall
be fostered and preserved in full vigor. The loss of a very
substantial amount of revenue is being and will continue to
be sustained unless this discrimination can be averted and
authority can be obtained from the Inter-State Commerce
Commission to participate in this intercoastal traffic.
Maintenance of Way and Structures increased $4,429,687 89, or 12.04%, the result of increased renewals of rails
and fastenings, ballasting and roadway maintenance, due to
greater weight of train equipment.
Maintenance of Equipment increased $2,187,422 94, or
4.53%, allocated principally to repairs of locomotives and
passenger cars. Transportation service locomotive mileage
increased 12.97%, and total car mileage increased 20.16%.
Despite demands placed upon the equipment by the heavier
traffic moved, the rolling stock was adequately maintained
during the year to the company's standards.
Traffic Expenses increased $573,359 33, or 12.98%, principally in outside agencies and advertising, in order to obtain our fair share of competitive traffic.
Transportation Expenses increased $6,105,646 35, or
6.60%. Total transportation service train miles increased
11.12%, passengers carried one mile increased 7.40%, and
tons of freight moved one mile increased 21.49%. The number of passengers carried per train increased 2.77%, and the
average net tons of freight per train increased 2.34%.
The value of fuel economized in 1923 over 1922 is $805,015.
Close supervision of fuel used by enginemen, and improved
locomotive design (including superheaters and feed water
heaters) have resulted in constant increased efficiency in
use of locomotive fuel. Comparing 1923 with 1913, for example, the quantity consumed per 1,000 gross ton miles in
Southern Pacific
All Class I
Class I Roads in passenger service has been reduced from 20.67 to 162.34
Years—
Company.
Roads in U. S.
Western District. pounds, or 21.5%, and in freight service from 192.83 to 142.56
1921
.38
3.33%
3.59%
1922
4.29%
4.14%
4.03%
pounds, or 26%, the annual value of this saving being
1923
4.81.
5.10%
4.57%
$6,552,415.
In the face of the failure of the carriers to earn even apMiscellaneous Operations increased $419,224 62, or 10.67%,
proximately the fair return contemplated by the law, they allocating to dining cars, hotels and restaurants, offset by
are continuously hampered in their efforts to do so. To illike increases in revenues from these facilities. General Exlustrate: they were forced to submit to a general reduction penses increased $267,506, or 3.21%.
of approximately 10% in freight rates on July 1 1922; they
Railway Tax Accruals increased $1,505,971 59, or 7.99%.
were ordered by the Inter-State Commerce Commission to The taxes for the year consumed one-fourth of the total net
sell interchangeable scrip tickets on and after March 1 1923 revenue from railway operations, and approximated the
at a reduction of 20% below the normal one-way fare, which aggregate amount paid as dividends to the owners of the
would have resulted in $60,000,000 reduction in net revenue
property. The increase in taxes is made up of an increase of
per annum, a result fortunately averted by a permanent in$1,240,900 in Federal income taxes, an increase of $484,200
junction of the Court; a reduction has recently been ordered
in taxes payable to the State of California under the King
in passenger rates to, from, and between points in the States
Tax Law, and a net decrease in charges for other taxes, the
of New Mexico, Arizona and Nevada which will entail a loss
result of including in 1922 eighteen months' accrual of taxes
of approximately $8,000,000 per annum in the net revenue
payable to the State of Arizona in order to place such accrual
of the railroads operating in the States mentioned, includon a calendar year basis.
ing your lines; bills now under consideration by Congress
As mentioned on page 10 of the 1921 report, the King Tax
and a petition now pending before the Inter-State ComLaw, which became effective July 1 1921, increased the rate
merce Commission for the elimination of the higher charge
of taxation on gross earnings in California from 5% to
made to passengers traveling in Pullman cars threaten a loss
7%. As such tax is excessive when compared with the taxes
of the revenue from this surcharge, which in the case of levied upon property in the State generally, your company
class I railroads would amount to about $33,000,000
per and the Atchison Topeka & Santa Fe Railway Company inannum; measures are now under consideration by Congress stituted suits in equity, in the United States District Court
to require a substantial reduction in rates on the products of for the Northern Division of California, against the State
agriculture, which it is evident the railroads cannot afford.
tax officials to restrain the collection of the tax levied under
Furthermore, the western railroads, including your lines, said law upon the ground
that such tax constituted an undue
have suffered the diversion of a very large volume of trans- burden upon inter-State commerce. At the January 1924
continental freight to the steamship lines operating through term of the District Court a decision was rendered denying
the Panama Canal, which carried last year an aggregate of the relief sought, but proceedings are now under way to take
about 6,000,000 tons between the Atlantic and Pacific Coasts the case to the Supreme Court of the United States, where
of the United States. The rates made by the steamship it is hoped the contention of your company will be sustained.
lines between the two coasts are substantially lower than the
Pending adjudication of the matter, the tax has been
railroad rates between intermediate points which are not charged against income at the increased rate of 7%, alaccessible to steamship lines. To retain or recover their though payments have continued at the old rate of
5%%.
share of this traffic requires rates by railroad approximat- The increased tax from
July 1 1921, the effective date of the
ing those obtainable by steamship. The so-called long and King Tax Law, to
December 31 1923, the payment of which
short haul provision of the Inter-State Commerce Law pro- has been thus
withheld, amounts to $4,884,178 25; and penhibits the railroads from making lower rates between these alties on amounts so
withheld, which also have been charged
points than are applicable at intermediate points, unless against income,
amount to $682,700 40. If, as expected, the
the authority of the Inter-State Commerce Commission shall contention of your
company is upheld by the Supreme Court,
have been obtained. This authority has been so sparingly the liability
aggregating $5,566,878 65 now carried in the
The Transportation Act, enacted in 1920, provides that
rates shall be so adjusted that carriers as a whole or in
groups designated by the Inter-State Commerce Commission
shall earn an aggregate annual net railway operating income
equal to a fair return upon the aggregate value of the railway property held for and used in the service of transportation. It provided for an allowance to the carriers for only
six months after their relinquishment by the Government of
a return equivalent to the rental paid by the Government for
the use of the railroads during Federal control. It prescribed as a fair return for the first two years after the
/
1
%
cnactment of the statute, 52 of the aggregate value of
the railway property held for and used in the service of
transportation, and vested discretionary power in the InterState Commerce Commission to add thereto a sum not exceeding one-half of 1%. The Commission did this and
raised the rate to 6%. The Act delegated authority to the
Inter-State Commerce,Commission to prescribe a fair rate of
return thereafter, in pursuance of which the rate was fixed
at 5%% per annum. An impression has been fostered that
the railroads have been guaranteed a fixed or minimum return. That there is no foundation for this impression is
demonstrated by the results since the enactment of the statute. From September 1 1920 to December 31 1923 the Class
railroads of the United States (embracing every railroad
with gross earnings of one million dollars or more per annum) received a return on the value of their property held
for and used in the service of transportation $1,086,600,000
less than the fair return contemplated by the Transportation
Act, and the Class I railroads embraced in the western
group received a return on the value of their property held
for and used in the service of transportation $463,400,000
less than the fair return contemplated by the Transportation Act. If the railroads had been guaranteed a fixed or
minimum return, $1,086,600,000 would now be due them to
make up the deficit, but neither this amount nor any part
of it has been or will be made good.
The rate of annual return upon the readjusted tentative
value, based upon the book value of investment in road and
equipment, was by years as follows:
2326
THE CHRONICLE
accounts will be wiped out and the amount credited to profit
and loss.
Expenses incurred during the year on account of Federal
valuation of railways, amounted to $795,361 73, making the
total disbursements on this account from the beginning to
the close of the year, $4,731,032 56.
The increase of $1,739,646 39 in net equipment rents is accounted for principally by increased car hire payments due
to the larger movement of Pacific Fruit Express cars, in
which this company owns a half interest and indirectly participates in the rental earnings, although they are not included in Southern Pacific operations.
NONOPERATING INCOME.
The decrease in the account Income from Lease of Road is
due, principally, to the inclusion in that account last year
of $66,942 86 representing rental which accrued prior to
January 1 1922.
The increase in the account Miscellaneous Rent Income
is due, principally, to increase in ground rent received from
Industrial concerns; and to the inclusion in such account,
in accordance with requirements of the Inter-State Commerce Commission, of the rent received this year under
temporary sub-lease, effective July 1 1922 for use of Pier
52 at New York, which last year was credited to the account
Miscellaneous Rents as an offset against the rental paid
for such pier.
The increase in the account Income from Funded Securities-Investment Advances is the result, principally, of crediting to income this year past due interest on investment
advances to Affiliated Companies, which was earned during
the year, such interest being taken into the income of the
Southern Pacific Company only when it has been earned by
the Affiliated Companies.
Of the decrease of $365,759 51 in the account Income from
Unfunded Securities and Accounts the sum of $152,028 39
represents a decrease in interest on Company's own funds
used for construction; and the remainder is due, principally,
to a decrease in interest received on short term securities
which were sold during the year, and to a decrease in interest on demand loans.
DEDUCTIONS FROM GROSS INCOMES.
The increase in the account Miscellaneous Rents is the result, principally, of debiting that account, commencing this
[VOL. 118.
year, with an annual charge for amortization of improvements on Oakland Pier terminal property which will revert
to the City of Oakland, California, upon the expiration of
the Oakland Water front franchise in 1960; and to the inclusion in said account last year of the rental received for Pier
52 at New York, which this year was credited to the account
Miscellaneous Rent Income.
The increase in the account Miscellaneous Tax Accruals is
caused, principally, by increases in rates and assessed valuations; and by the tax accruals on additional miscellaneous
physical property acquired during the year.
The net decrease in the account Interest on Funded Debt
-Bonds and Notes is made up of a decrease of $88,861 06,
due to the retirement of $2,619,110 41 par value of funded
debt, less an increase of $44,916 67, representing the interest
accruing during the year on the $23,100,000 of Equipment
Trust Certificates issued during the year.
The decrease in the account Miscellaneous Income Charges
is due, principally, to a decrease in this company's proportion of the annual charge for amortization of investment in
Associated Pipe Line, the said charge being apportioned
among the three owning companies (Associated Oil Company, Pacific Oil Company and Southern Pacific Company)
on basis of use of the pipe line.
The dividends paid for 1923 were appropriated from the
profit and loss surplus and therefore do not appear in the
income account. Payments for 1923 amountedeto $20,663,094 32, as compared with $20,663,139 32 for 1922. The figures for this year include $240 and those for last year $285,
being dividends on stocks of Transportation System Companies held by the public.
The Southern Pacific Company does not take into its income account interest on advances to Affiliated Companies
for the construction and acquisition of new lines until the
principal of such advances, with interest, has been repaid
either in cash, or in stocks and bonds of such companies, the
interest included in the cost of such new lines being the
amount authorized to be charged thereto under the regulations of the Inter-State Commerce Commission. In the case
of all other advances to Affiliated Companies, the interest
thereon is taken into the income account of the Southern
Pacific Company only when it has been earned by the Affiliated Companies.
BALANCE SHEET.
SOUTHERN PACIFIC COMPANY AND TRANSPORTATION SYSTEM COMPANIES COMBINED
EXCLUDING OFFSETTING ACCOUNTS.
ASSETS.
Increase (+) Or
InvestmentsDecrease (-1.
Dec. 311923.
Investment in road and equipment_ __$1.116.385.551 65 +551,471.24322
Improvements on leased railway
property
369,058 17 -4.094,479 86
Sinking funds
-758.099 00
18,229,257 11
Deposits in lieu of mortgaged property
sold
18,196,850 42 +18,121,87500
Miscellaneous physical property
+2,352,730 79
16,983,458 89
Investments In affiliated companies:
Stocks
+7,038,934 96
288,380,943 55
Bonds
+5,905,898 67
149,366,436 25
Stocks'Cost inseparable
-963,984 96
9.187.716 74
Bonds f
Notes
+552,070 14
29,994,056 31
Advances
+6,959.139 18
135,859,994 14
Other investments:
Stocks
-8,501 00
1.667,29201
Bonds
37,948,823 06 -14,535,583 54
Notes
-56,432 85
1.557,304 89
Advances
-42,602 25
180,659 34
Aiiscellaneous
15.134 71
206.839 71
Total
+373,443,271 79
31.824,414.242 24
Current Assets
Cash
$20,453,478 26 -52,576,984 95
Demand loans and deposits
3,013,868 85 -1,576,355 64
Special deposits
+1,920 12
306,961 90
Loans and bills receivable
-24,230 43
103,331 96
Traffic & car-service balances receivable
+J22,780 51
2,812,344 55
Net balance receivable from agents &
conductors
-387.759 56
3.613,854 04
Miscellaneous accounts receivable
+645,12746
7,822,608 31
+6,107,574 39
Material and supplies
35,889.293 56
236.051 90
Interest and dividends receivable
2,540.989 18
+1,911 86
Rents receivable
239,579 88
-157,31505
Other current assets
335,719 16
Total
677.132,02965 +61,920.616 81
U. S. Government
-Deficit in guaranII. S. Government
-626.120.156 10
teed Income
Deferred Assets
-$134,040 67
Working fund advances
5142,998 37
Insurance and other funds
25,360 00
Other deferred assets
13,505,428 38 +61,483,331 86
Total
613,673.786 75 +11.349,201 19
Unadjusted Debits
insurance premiums paid in
Rents &
+$48,438 53
$179,979 49
advance
Discount on capital stock
3,988.600 00
-76,562 70
Discount on funded debt
1,793,91890
Other unadjusted debits
13.331,048 17 -3,771,16964
-750,000 00
2,488,425 00
Securitiesissued or assumed-UnpleIrds
102.750 00
Securities issued or assumed-Pledged*
Total
$19,293,546 56 -$3,799,293 81
V.7034,-3.605 . +146,793,729 g
- -1 - - 0
5Grand total
-2
* Excluded from total assets, and a corresponding amount excluded from
outstanding funded debt, in accordance with regulations of the InterState Commerce Commission.
LIABILITIES.
Increase(÷)or
Stock
Dec. 311923.
Capital stock of Southern Pacific Co__ $344,380,905 64 Decrease (-)•
Capital stock of Transportation System
companies
+3500 00
346,832,900 00
Total stock outstanding
+35WITO
6691.213,80564
Premium on capital stock of Southern
Pacific Co
$6,304,440 00
Total
+5500 00
6697.518,245 64
Long Term Debt
Funded debt unmatured:
Book liability
$595,574,230 76 +519,730,889 59
Less held by or for companies
-750.00000
2.691,17500
Actually outstanding:
Southern Pacific Co
$158,213,760 00 +621,065,400 00
Transportation System companies 434,769,295 76
-584,510 41
Total funded debt
5502,983,055 76 +620,480,889 59
Non-negotiable debt to affiliated cos.:
Open accounts
+5,513,36510
31.750,09326
Total
3624.734,049 02 +625.994,25469
Current Liabilities
Traffic and car-service balances payable
+3154.134 31
65.587,829 98
Audited accounts and wages payable_ +2,9g3g4 p
i
17,829,658 82
Miscellaneous accounts Payable
1,276,375 23
Interest matured unpaid
-407.197 85
4,070,853 78
Dividends matured unpaid
-3.230 68
5,253,499 13
Funded debt matured unpaid
-11,00000
13,713 92
Unmatured interest accrued
+60,239 52
4,818,790 25
Unmatured rents accrued
+14,089 47
324,805 01
Other current liabilities
+663,559 87
2,100,416 25
+33,058,647 09
Total
541.276.032 37
Deferred Liabilities
Other deferred liabilities_ -..
+5254,924 42
6338.068 coy
Unadjusted Credits
Tax liability
313,104,530 93 +53,313,770 62
+345,919 50
Insurance and casualty reserves
2,631,702 05
Operating reserves
3,439,391 10 -2,878.715 56
+262,784 40
Accrued depreciation-Road
2,063,670 40
+3,461,17498
Accrued depreciation-Equipment---66,011,883 79
Other unadjusted credits*
120,603,469 41 - 11,531,549 85
5207.854,647 68 -67,026,615 91
Total
Corporate Surplus
Additions to property through income
and surplus
$6.179,493 59 +54,508,295 97
Funded debt retired through income
25,234,995 49
+561,19375
75
and surplus
14,182,548 62
+964.294 18
Sinkingfund reserves
Appropriated surplus not specifically
3,818,177 83
invested
549,415,215 53 +56,033,783 90
Total apprgoriated surplus
313,377,345 99 +18,478,235 69
Profit audioss- alance
$362,792,561 52 +524.512,01059
Total corporato surplus
11.934,513.605 21:1 +$46,79,729
Grand total
* Represents principally interest on advances to affiliated companies,
which has not been taken into income account. See last paragraph. under
heading "Deductions from Gross Income."
MAY 10 1924.]
T H NA CHRONICLE
2327
As your Company was at that time carrying in its treasury
$30,139,349 53 of bonds and notes of Central Pacific Ry.
Co. and its underlying companies, which had been taken
over against advances for construction of Central Pacific
branches and extensions, and as it would be called upon to
furnish funds to complete the Cut-Off, then estimated at
upwards of $16,000,000, it was deemed advisable to suspend
the work until the outcome of the Government's suit had
been determined.
On July 2 1922, in response to inquiries made by various
commercial organizations in the State of Oregon, your
Executive Committee announced that the Company would
proceed with the work of completing the gap in the Natron
EQUIPMENT.
Cut-Off as soon as its right to hold the Central Pacific
To provide for increased requirements and to replace
vacated equipment, arrangements were made during the had been fully and definitely established. Pursuant to
year for the purchase from outside builders, or for the this promise and in order to avoid delay, your Company
on March 23 1923 (following the favorable decision of the
construction at company shops, of rolling stock as follows:
Built or
Ordered
Inter-State Commerce Commission, but before the final
Building at
from
Builders. Company Shops. Total decree of the Federal Court confirming the right of the
63 Southern Pacific to hold the Central Pacific had been
63
Locomotives—Steam
8
s
Locomotives—Electric
10
10 rendered), applied to the Inter-State Commerce CommiLocomotive tenders
7.044
5,775
1.269
Freight-train cars
_ __
217 sion for authority to proceed with such work.. The Com217
Passenger-train cars
100
109
Electric motor cars
August
35
1
36 mission's order granting such authority was dated
service equipment
Company
$28,646,000 15 1923, and the work of completing the Cut-Off was comTotal estimated cost
In addition to the above rolling stock the Pacific Fruit menced on September 1 1923.
Express Company,(the stock of which is owned one-half
This work involves the construction of 108 miles of main
by Southern Pacific Company and one-half by Union line and. 29 miles of sidings over the Cascade Mountains
Pacific RR. Co., and which furnishes refrigerator cars to, between Kirk and Oakridge, Oregon, including 19 tunnels
and operates icing stations for, the Southern Pacific and having an aggregate length of 16,445 feet, the estimated
Union Pacific Systems), ordered during the year 3,057 cost of which is $15,932,589. Up to March 31 1924, the
refrigerator cars, the estimated cost of which is $10,154,000. line had been relocated, shortening the distance from 118
Three additional passenger ferry steamers (San Mateo, miles to 108 miles, practically all the right-of-way had
Shasta, and Yosemite) have been placed in service be- been acquired, 18.70 miles of track completed, and 18
tween San Francisco and Oakland to accommodate the miles of roadway completed ready for tracklaying. Conincrease in local passenger and automobile traffic; and tracts have been let for the grading and tunneling of an
contracts were made during the year for the construction of additional stretch of 56 miles, of which 6 miles have been
one ocean-going passenger and freight steamer of 11,100 cleared ready for grading.
tons displacement, one tug, one steam lighter, and ten
When completed this Cut-Off as relocated will extend
hoisting lighters for service in the company's New York- from Natron, Oregon, to Weed, California, a distance of
New Orleans and Galveston steamship line. The cost of 269.54 miles, and will cost about $28,700,000. It will
this floating equipment will approximate $4,030,000.
shorten the distance between San Francisco and Portland
Including the Southern Pacific's one-half of the Pacific by approximately 20 miles, will give two lines between
Fruit Express equipment, the total estimated cost of rolling Weed, California, and Springfield Junction, Oregon, one
stock and floating equipment provided for during the year over the Siskiyou Range with grades of 174 feet to the
amounted to $37,752,000.
mile, and one over the Cascade Range withTgrades of 95
feet to the mile, and will open up a new territory which,
THE CONTROL BY THE SOUTHERN PACIFIC OF
it is expected, will furnish your Company withlprofitable
THE CENTRAL PACIFIC THROUGH LEASE
traffic.
AND STOCK OWNERSHIP.
TRACKING CENTRAL PACIFIC BETWEEN OAKLAND
In last year's report it was stated that the Southern DOUBLE
AND OGDEN.
Pacific Company had re-acquired control of the Central
Traffic congestion at the time of the San Francisco Fire
Pacific pursuant to an order of the Inter-State Commerce
in 1906 emphasized the necessity of double tracking certain
Commission and subject to the conditions thereby imposed; portions of the Central Pacific between Oakland and Ogden,
and that it was expected at an early date to bring the Comand it was decided to double track the entire line proceeding
mission's order and the Company's action thereunder to
first, however, with the work in the more congested districts.
the attention of the district Court of Utah, charged with
program was followed, and up to the end of 1914, when
entering a final decree pursuant to the opinion of the Su- This
the work was suspended pending the determination of the
preme Court and the laws of the United States. This has
suit attacking the right of your Company to
been done and the District Court has rendered a final Government's
hold the Central Pacific, there had been completed and
decree recognizing the lawfulness of the control acquired
track between
under authority of the Commission's order. We therefore placed in operation about 197 miles of second
Sacramento and Ogden. Following the favorable decision
have the satisfaction of stating that the question of the
in the Central
Southern Pacific ownership and control of the Central of the Inter-State Commerce Commission
Pacific Case, this work was resumed, and an additional
Pacific has now been settled in a manner which is in the
and placed in operapublic interest and in harmony with latest expression of 37 miles of second track was completed
tion during the year 1923, making a total of 234 miles of
legislative policy, and which, at the same time, avoids the
second track completed and placed in operation between
evil of a separation of the properties.
Sacramento and Ogden to Dec. 31 1923. Including 52.5
NATRON CUT-OFF.
miles of second track now under construction, the 183 miles
The plans completed in 1905 for the construction of the of Western Pacific Railroad between Alazon and Weso,
Natron Cut-Off contemplated the construction of a line Nevada, which your Company is to operate jointly with the
about 280 miles in length extending from Natron, Oregon, Western Pacific, as explained in a separate paragraph, and
the end of a branch line of the Oregon & California Rail- the second track on the line of the Southern Pacific Railroad
road, to Weed, California, on the main line of the Central between Oakland and Sacramento, this will give an aggregate
Pacific, thus providing for an alternate line between Spring- of 553 miles of second track between Oakland and Ogden,
field Junction, Oregon, and Weed, California, shorter in leaving only the following stretches to complete the double
distance, of easier grades, and less curvature than the exist- tracking of the line, viz.:
ing line over the Siskiyou Mountains, via Ashland, Oregon. Hated to Oreana Nevada
104.7 miles
24.2 "
Moor
Work on the Cut-Off was commenced in 1905, and up to Lucin to Valley Pass. Nevada
54.8 "
to Lakeside. Utah
20.3 "
February 11 1914, when the Government instituted suit Saline to West Weber. Utah
attacking the right of your Company to control the Central
Total _________________________________________________ 204.0 miles
Pacific, there had been completed and placed in operation
AGREEMENTS WITH WESTERN PACIFIC RAILROAD COMPANY
160.88 miles as follows:
On March 7 1924 the Southern Pacific Company and the
Natron to Oakridge, Oregon
34.39 mike
Weed. California, to Kirk, Oregon
126.49 "
Western Pacific Railroad Company announced that they had
Total
160.88 miles entered into agreements which, briefly stated, are as follows:
FUNDED DEBT.
On December 1 1923, to provide for the Construction and
acquisition of new rolling stock, an equipment trust, known
as "Southern Pacific Company Equipment Trust, Series F,"
was created, and an issue of 23,100,000, par value, Five
Per Cent. Equipment Trust Certificates authorized, all of
which were issued during the year. The certificates are dated
December 1 1923, and mature serially in lots of $2,100,000
on December 1 of each year from 1928 to 1938, both inclusive.
In accordance with the terms of the trust all certificates were
guaranteed by the Southern Pacific Company.
2328
THE CHRONICLE
[VoL. 118.
1. Southern Pacific and Western Pacific to operate their grade southbound of 98 feet to the mile as against the
tracks between Mason (near Wells) and Weso (near Winne- present grade of 132 feet to the mile on the present operated
mucca), Nevada, a distance of 183 miles, as a double track line.
railroad, for a period of 50 years from Aug. 1 1924, thus
giving each company the benefit of double track service QONTROVERSY ARISING OUT OF THE OREGON
' AND CALIFORNIA RAILROAD'S LAND GRANT.
between such points;
This is an accounting suit brought in 1917 by the United
2. The Western Pacific, as occasion may arise, to handle
traffic for Southern Pacific on the former's line over the gtates seeking to offset against the compensation of 32 50
Sierra Nevada Mountains between Weso, Nevada, and per acre, due the Company for the unsold lands, moneys
Chico, California, as a bridge, the arrangement including received by the Company, in excess of $2 50 per acre by
.
the Sacramento Northern as the section of the bridge be- reason of past sales, leases and otherwise, as well as taxes
tween Oroville and Chico, California. The minimum traffic levied since the forfeiture decision in 1913 and voluntarily
to be moved over the bridge in any year being one-half of paid by the Federal Government to the State
the traffic, other than live-stock and perishables, moving When our last year's report was issued this case was being
to and from Oregon points via Southern Pacific to, from, or heard in the United States District Court of Oregon. Illness
of the trial judge has delayed up to this time the submission
through Ogden;
3. Southern Pacific to handle traffic over its line between of the case; but a decision by the lower court may be exSuisun and Sacramento, California, as a bridge, both for pected in the near future.
Western Pacific and for Sacramento Northern, the Suisun
SOUTHERN PACIFIC RAILROAD COMPANY OF
branch of the latter at the present time being isolated from
MEXICO.
the rest of its property;
In last year's annual report mention was made of the agree4. Pacific 'Fruit Express Company, owned equally by
Southern Pacific and Union Pacific, has acquired the right ment dated March 2 1923 between Southern Pacific Railroad
to operate all Western Pacific refrigerator cars in connection Company of Mexico and the Mexican Government, under
with its own refrigerator cars under conditions which assure which the Railroad Company, in partial settlement of its
an equitable distribution of such equipment to shippers of claims, received notes of the Mexican Government aggreperishable products on Southern Pacific, Union Pacific, and gating 13,600,000 pesos, payable at the rate of 200,000 pesos
Western Pacific Lines. With equipment ordered, this makes per month, or an aggregate of 2,400,000 pesos per annum.
Of the notes so received, notes aggregating 2,400,000 pesos,
a total of 33,606 cars available for the use of the three lines.
The Nevada paired track arrangement gives your company which matured during the last nine months of the year 1923
a needed second track without the necessity of large capital and the first three months of 1924, together with the interest
expenditures therefor, thus conserving capital for other thereon, have been paid off.
Under the said agreement the Government pledges itself
urgent uses.
The bridge arrangement over the Sierra Nevada Moun- to study and settle with a spirit of absolute equity and reatains gives your company a second route over that formidable sonable promptness, the balance of the Railroad Company's
range for the movement of Oregon lumber and other non- claim, amounting to 10,465,000 pesos, the amount to be
perishable traffic over a line 38.6 miles shorter and less con- paid to be based on adequate evidence, and when agreed
gested than the present route. On the other hand, the bridge upon to be covered by notes. During the year a representaarrangement over your company's line between Suisun and tive of the Government completed an investigation of these
Sacramento will link the Suisun branch of the Sacramento accounts and an early adjustment is expected.
The agreement with the Mexican Government provides for
Northern with the parent company's line at Sacramento.
Under the agreement between the Pacific Fruit Express the completion by the Railroad Company of the 100-mile
Company and the Western Pacific (which merely establishes gap in the main line between Topic and LaQuemada; and the
in the form of a definite contract an oral arrangement in rehabilitation by the Railroad Company of the Toniohi
effect during the past season) all the refrigerator cars serving Branch, about 90 miles in length, and of the Alamos Branch,
perishable fruit traffic are placed under the control of the about 40 miles in length, which had been partially destroyed
former company, which deals directly with the shippers, its by revolutionary forces. Work on the main line was begun
plan of distribution being based on a careful and intensive on March 6 1923, and although the work was delayed by unstudy of the needs of each section, as determined by the precedented heavy rains, about 45 miles of right-of-way were
cleared and 20 miles of roadway graded, upon which 9 miles
perishable products produced in such section.
These agreements are in accordance with a memorandum of track were completed during the year. As of March 15
dated January 16 1923, filed with the Inter-State Commerce 1924 a force of 3,363 men were engaged upon this work, at
Commission by the Southern Pacific and the Western Pacific which date an aggregate of 24.8 miles of grading had been
at the time of the Central Pacific hearing before the Commis- completed and 6.51 miles were nearing completion.
The work of rehabilitating the Tonichi and Alamos
sion, which memorandum was referred to by the Commission in its decision of February 6 1923, authorizing the con- Branches was also begun in March, 1923, and 38.9 miles,
tinued control of the Central Pacific by your company. or 43% of the former, and 23.3 miles, or 57% of the latter,
With the establishment of these agreements all the sugges- was completed during the year.
Excluding interest, the investment of the Southern Pacific
tions in said memorandum will have been carried out, that
feature looking to the establishment of through rates between Company and Southern Pacific Railroad Company in the
the East and Southern California points over Western Pacific Southern Pacific Railroad Company of Mexico, as of Decemand Southern Pacific having become operative several ber 31 1923, was $43,095,409. During 1923, the gross income (after deducting operating costs) of Southern Pacific
months ago.
These agreements will result in greatly increased efficiency Railroad Company of Mexico amounted to $1,209,880 79.
in service to the public. The advantages accruing to the Deductions from gross income, excluding interest due the
two companies in employing the facilities of one for the busi- Southern Pacific Company and Southern Pacific Railroad
ness of the other are independent of, and have no relation Company,and the annual charge for amortization of improveto, the solicitation of traffic, each company having to seek month (this iterii being the annual payment into a sinking
fund to retire the investment in the property at the expire.its business as vigorously as before
tion of the life of the concession, under the appropriate provision of the Mexican law) amounted to $120,571 40, which
The above will show the additional facilities afforded for would leave a net income of $1,089,309 39, or the equivalent
handling traffic over the very heavy grades of the Siskiyou of 2.53% on the investment.
Mountains and of the Sierra Nevada, two of the three conThe average miles of road operated during the year was
spicuous obstructions to traffic on the Pacific System. 1,131.31, as compared with 1,106.81 for 1922.
Considerable work has been done on the remaining heavy
STATUS OF ACCOUNTS WITH UNITED STATES
grades over the Tehachapi Mountains, the situation as to
GOVERNMENT.
which at the present time is as follows:
In May,1923,complete and final settlement was made with
Double track has been completed from Mojave to Tehachapi station, a distance of 19.8 miles, and from Bakersfield the Inter-State Commerce Commission of all claims of the
to Sivert, 12.1 miles, a total of 31.9 miles out of the distance Southern Pacific Company and Transportation System Comof 68 miles from Mojave to Bakersfield, leaving 36.1 miles, panies against the Government under the guaranty provision
or all of the heavy grade on the north slope of the range, yet of the Transportation Act of 1920, covering the period from
to complete. Surveys have been completed for a second March 1 to August 31 1920, the companies receiving in such
track on this section, affording a compensated maximum settlement a balance due of $4,738,859 06.
orOregon.
MAY 10 1924.]
2329
TILE CHRONICLE
was a decrease in net income of $10,448,000; in other words.
for every dollar in expenses saved during the year $2 21
were taken by the public through reductions in rates and
increases in taxes.
The most difficult problem confronting railway management to-day is the uncertainty regarding the future of the
transportation industry of the country. Leaving aside all
question of whether the national policy F hall be that of government ownership or of private operation, it is imperative
until and unless a change is made in the present national
policy that there should be a well-defined and consistent program for the supervision and regulation of the railways and
that there should not be constant proposals for new national
and State legislation. Continual tinkering with legislation
on this all-important subject breeds such uncertainty that
it is impossible for railway management to plan for the future
on anything like a comprehensive scale, as under existing
circumstances no one can foretell under what conditions they
may have to operate. Opinions may differ as to the wisdom
and effectiveness of the present Transportation Act, but the
railways, in a measure, have adjusted themselves to its provisions, and a fair trial should be given to it before any
radical changes are proposed or made. Too much emphasis
cannot be laid on the provisions of that Act providing for a
reasonable return upon the railway investment, and unless
this is maintained there can be no inducement to undertake
new or develop existing railway properties along constructive
lines.
The investing public cannot be expected to provide for the
needs of the transportation industry unless it
ever-growing.
is reasonably secure against confiscatorylislatiónd is
assured that the railway property in which it invests will be
permitted, under efficient management, to earn a reasonable
delrable-iir tlie- - interest of both the
return It is most7
,
railways of the country and the public which they, serve
GENERAL.
that a larger portion of the capital they require be provided
The dividends for the year on the capital stocks of the by issuance of stock rather than of bond, but it is hopeless
Southern Pacific Company and its Transportation System to expect the public to inT7griii. the stock of railway comCompanies held by the public amounted to $20,663,094 32, panies if all hope of reasonable returns is withheld friirn
rEZ
as follows:
them. Continued increase in taxation, coupled witl
offset by
,
Dividends on the capital stock of the Southern Pacific operating costs and rate reduction, can only
Company:
efficiency of management; and if it is to be feared that an
134 per cent paid April 2 1923
$5,165,713 58
increased_ return through efficiencyoflfmanagement will
13i per cent paid July 2 1923
5,165,71358
again be absorbed by even greater taxation,further reduction
134 per cent paid October 1 1923
5,165,713 58
15 per cent payable January 2 1924
5.165,713 58
of rates, or oppressive regulatory measures, the situation of
Total Southern Pacific Company
$20.662,854 32 the investor in railway secitrities, and particularly in the
Dividends on Stocks of Transportation System Companies
held by the public
240 00 stock of railway companies, would indeed become discouragTotal dividend payments for the year
$20,663,094 32 ing.
A conspicuous instance of the paralyzing effect of GovernThe total taxes for the year amounted to
$20,365,327 70
ment policy on the railroads is afforded in the litigation,
In the annual report for 1922 attention was directed to lasting for ten years, that sought to terminate the control
a reduction in operating expenses of $16,776,000, sub- of the Central Pacific by the Southern Pacific. Doublestantially all of which, or $16,350,000, was appropriated by trekking, ballasting, and other improvements designed to
* the public through rate reductions. In addition thereto improve service to the public were deferred for a period of
there was an increase in taxes of $3,320,000.
ten years, to be undertaken only after the settlement of this
In 1923 expenses were reduced by (a) $4,011,000 less paid matter in the Federal courts.
in wages, (b) $3,819,000 less cost of fuel and (c) $777,000
The Board gratefully acknowledges its appreciation of the
in lower prices of materials and supplies, a total of $8,607,- loyal and efficient services rendered by officers and employees
000, all of which, and much more, was lost by a fall of $17,- during the year.
549,000 in revenue, due to rate reductions by competent
By order of the Board of Directors.
authority, and an increase of $1,505,971 in taxes, a total of
JULIUS KRUTTSCHNITT,
$19,055,000 due to these two factors. The final result
Chairman of the Executive Committee.
EMPLOYEES' WELFARE.
On January 1 1924 the company placed in effect a plan
through which employees six months or more in the service
may receive the benefit of inexpensive group life insurance
in one of the largest old line life insurance companies, also
insurance against permanent disability resulting from sickness or accident. The company furnishes entirely at its
own expense $250 of such insurance to each employee six
months in the service, increasing the free insurance to $500
at the expiration of the first year of service. Employees
are granted the option of subscribing to additional insurance,
graded according to their salaries, to a maximum of $3,000,
at rates much lower than applicable to any insurance they
might otherwise obtain, which are made possible because
of the inexpensive character of group insurance itself, and
by reason of the fact that the company makes a substantial
contribution to the cost of such additional insurance. The
success of the plan was remarkable, 93% of the eligible
employees having made application for. all additional insurance procurable; the remaining eligible employees are
of course protected by the insurance granted them by the
company without cost. The same .plan was extended to
employees of electric railway lines and other subsidiary
corporations of which the Company owns the entire stock.
The aggregate insurance thus carried provides 71,170 employees with $116,343,250 of insurance, representing the
largest group insurance policy ever written. It is estimated
that the cost of the company's contribution to the plan
will approximate the amount paid out in pensions.
Under the pension system put into effect January 1 1903
there were carried on the pension rolls at the end of the
year 1,333 employees. The payments to pensioners for
the year amounted to $696,921 31, equivalent to six per cent
per annum on an investment of $11,615,355 16.
(J. H.) Williams 8c Co., Brooklyn, N. Y.
-Tenders.
-
Whitman Mills of New Bedford, Mass.
-Div. Decreased.
The Citizens Trust Co., trustee, Buffalo, N. Y. will until May 16 reThe directors have declared a quarterly dividend of $2 50 per share,
ceive bids for the sale to it of 5
-Year Sinking Fluid Gold bonds, dated payablo May 15 to holders of record May 6. Quarterly distributions of
June 15 1920, to an amount sufficient to exhaust $100,000 at a price not $3 per share were made from May 1923 to Feb. 1924. incl.-V. 116, p.2156.
exceeding 101 and interest.
-V. 116, p. 2020.
Wickwire Spencer Steel Corp.-Ext. of Bank Credits.
-
The bank creditors have definitely agreed to extend for an indefinite
period the credit which expire on April 30. thereby assuring the company
sufficient working capital. Operations of the company for the first quarter
of this year resulted in a small surplus after all charges, including deprecia-V.118. p. 1680.
tion. (Boston "News Bureau.")
-Annual Report.Yukon Gold Co.
Production-O erating Gains
f
Calendar Years
1922.
$141,787
$166;639
Dawson-dredges
$19.698 def$16492
.
,
197.824
177.616
63,125
Dawson-hydraulics _
236,101
23.684
California-dredging ...._
4.497
153 6
0481
244,803
124,028
156,73o
Murray-dredge
16,482
272,205
Malay-dredge
def23,796 def56,462
Friendship silver-lead
64,672
22,859
operations
129,801
8,422
8,168
Miscellaneous operations
128.331
Non-operating income
128,331
161 .'615
21 135
$834.185
$1.081,728
Total
$379,622
$289,038
1922.
1921.
Calendar Years1923.
1920.
$289.038
Total operating gains
$379,622
$324,905
$511,079
34.749
Royalties paid
57,025
35,193
15.603
267,2531
Interest charges
320,941
271.665
191,089
53,3835
General exp.& exams_ _ _
42,394
129,837
Depletion
117,151
158,770
206,900
314,978
Depreciation
264,020
206,162
373,923
Written off
116,787
Balance, deficit
$511,162
$421,909
$346,875
$393,223
-V. 116, p. 2409.
CURRENT
NOTICES.
-In the current issue of "Guaranteed Stocks,' published by Adams &
Peck, 20 Exchange Place, New York City, and distributed free on request.
two pages are devoted to brief discussions of the 7% preferred stock of
the Pittsburgn Ft. Wayne & Chicago Ry. Co.. the 4% trust certificates
of the Mobile & Ohio RR., the 11% stock of the Albany & Susquehanna
RR. Co. and the 7% stock of the Rensselaer & Saratoga RR. Co. The
fourth page lists fifteen additional stocks together with the number of shares
offered, as well as the price, diNidend and yield per cent.
-Sir Guy Granet of Higginson & Co., London, and of Lee, Higginson
& Co., Boston, New York and Chicago,arrived on the Berengaria yesterday
(May 9) for a short visit. Sir Guy is Chairman of the London Midland &
Scottish Ry., the largest railway in Great Britain, and is an authority on
railway organization and finance.
-The weekly summary of bank, trust company, insurance and title
stocks issued by Clinton Gilbert contains the latest reports. The figures
Include surplus, undivided profits, earnings per share for the fiscal year
ended March 1924, book value, dividends 1923, current dividends and
the yield on current market prices.
-Frank Shaughnessy, formerly one of the resident partners of A. A.
Housman & Co.'s San Francisco office, has opened offices in the Commercial
Union Building, San Francisco. where he will conduct a general investment
business.
2330
THE CHRONICLE
[Vol,. 118.
INTERNATIONAL HARVESTER COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDING DECEMBER 31 1923.
To the Stockholders:
The Board of Directors submits the following report of the
business and financial condition of the International Harvester Company and affiliated companies for the fiscal year
. ending December 31 1923:
INCOME ACCOUNT FOR 1923.
Income before deducting Interest on Loans. Depreciation,
and Provision for Looses on Receivables
$18,237,836 65
Deduct:
Interest on Loans
$767,193 86
Ore and Timber Depletion
560,693 53
Plant Depreciation
4,138,492 93
Special Maintenance
333,204 91
Provision for Losses on Receivables
2.163,874 89
7,963,460 12
Net Profit of International Harvester Company and
Affiliated Companies
$10.274,376 53
SURPLUS DECEMBER 31 1923.
Balance at December 31 /922
Add:
Net Profit for 1923
$52,201,672 45
10,274.376 53
Deduct:
Cash Dividends:
Preferred Stock. 87 per share_$4,215.673 00
Common Stock. $5 per share_ 4,993.835 00
89,209.508 00
Stock Dividend-2% January 25 1923
1,958.36800
862,476.048 98
11,167,876 00
Surplus of International Harvester Company and Affiliated Companies
$51.308,172 98
COMBINED BALANCE SHEET DEC. 31 1923.
ASSETS.
Property:
Real Estate. Plant Property, Mines, Timber Lands etc
8123,017,509 55
Reserves for Plant Depreciation
35.870.260 67
Deferred Charges
Pension Fund Securities
Current Assets:
Inventories:
Raw Materials. Work in Process, Finished Products, etc
-385,230.552 20
Receivables:
Dealers' and Farmers'
Notes
.847.032.224 80
Accounts Receivable_ _ _ _ 21.537.865 75
Deduct:
Reserves for Losses
Investments
Cash
Common
35.870.260 67
387
— - ,147,248 88
Works and Twine Mills:
At close of manufaLturing season:
United States:
Raw Materials and Supplies
313.540,478 11
Work in Process of Manufacture
10,282.096 43
Firished Machines. Repair Parts and
Twine
9,519,687 23
Car ada:
Raw Materials and Supplies
*1.465.32885
Work in Process of Manufacture
1,496,213 42
Finished Machines and Repair Parts_ 1,555.379 83
Europe:
Raw Materials and Supplies
Work in Process of Manufacture
Finished Machines, Repair Parts ard
Twine
4,800,001 83
S33,342,261 77
4,516,920 10
3690,642 17
270,408 95
361,436 21
1,322.487 33
164.499,764 83
LIABILITIES.
Authorized.
Issued.
$100,000,000
360,223.900 00
130,000,000
99,876.772 0000672
00
Current Liabilities:
Bills Payable:
Foreign Trade Acceptances_
*7,175,00000
.Accounts Payable:
Current Invoices. Payrolls. Taxes. etc
311,625,657 05
Preferred Stock Dividend 1,053,918 25
Common Stock Dividend 1,248.458 75
13.928,031 05
21,103,034 05
Reserves (Appropriated Surplus):
Special Maintenance
32,762,110 03
Collection Expenses
2,000,000 00
Fire Insurance Fund
7.962.59991
Pension Fund
7.715.218 20
Contingent
3.250.000 00
23.689,028 14
Surplus
51,308,172 98
$256,201,807 17
PROPERTY.
Real Estate, Plant Property. Mines, Timber Lands. etc.
at December 31 1922
'*117.275.83541
Capital Additions During 1923.
Works and Twine Mills
3,600,646 26
United States McCormick Works—Second unit Dressler
tunnel annealing kiln; equipment for steel chain manufacture. Tractor Works—Completion of manufacturing
facilities for McCormick-Deering 10-20 tractor. Milwaukee Works—Completion of equipment for McCormick-Deering 15-30 tractor. Fort Wayne Works—Completion offirst unit motor truck plant. Auburn Works—
Gray iron cupola and charging apparatus. Springfield
Works—Equipment for manufacture of motor truck
units. West Pullman Works—Steam turbine; new roller
bearing department. New Orleans Twine Mill—Installation of first system in new twine mill.
Canada Chatham Works—Machine tools. Hamilton
Works—Additional equipment for thrasher manufacture.
Foreign Croix Works. France—Buildings, machinery
and equipment for manufacture of grain binders: warehouse for fiber storage. Norrkoping Works. Sweden—
Machine tools.
$123,017,509 55
Deduct—
Reserves for Plant Depreciation
INVENTORIES.
$87,147,248 88
303,522 38
4.251.271 08
8256.201.807 17
Capital Stock:
Preferred
$125,008,332 04
Deduct—
Property sold, charged off, &c.. during 1923_ _31,430,128 96
Provision for depletion of iron ore, coal and
timber during 1911
360.693 53
---- 1,990,82249
Net Balance at December 31 1923
$68,570.090 55
6.3.770,088 72
3,726,682 53
11.772,441 38
Branch Houses
801,617 58
United States Purchase of warehouses at Spokane.
Wash., and Topeka. Kan. Additional motor truck
service stations at Chicago, Ill.. Evansville, Ind.. St.
Loft. Mo. Purchase of site; at Albany, N. Y., Boston, Mass., Des Moines, Ia., Denver, Colo., Pittsburgh, Pa.
Canada Completion of warehouse at Montreal. Que.;
Improvements at Regina. Sask.
Foreign Purchase of two-story frame warehouse at
Groruci, near Kristiania, Norway. Completion of warehouses at Liverpool, England. and Palmerston North.
New Zealand; storage sheds and switch track at Nancy.
France; purchase of land and warehouse buildings at
Toulouse. France.
Raw Material Facilities
$3,330,232 79
Coal Mines Benham, Ky.: Completion of new buildings
for commissary, theatre, post office, lodge hall, and dispensary, with central heating plant; mine cars and mining
equipment, addition to power plant and extension of electric power lines.
Iron Ore Mines Hawkins Mine. Nashwauk, Minn.: Locomotive, steam shovel, dump cars, air compressor, mine
drills, drainage shaft and pumps; completion of additional unit to ore-washing plant. Scranton Mine: Stripping and development.
Furnaces, Steel Mills and Coke Ovens South Chicago. Ill.:
New open-hearth steel plant, ingot soaking pits, skull
cracker, addition to steam and electric power plants, extension to iron ore docks.
Timber Lands and Sawmills Deering and Rives. Mo.:
Extension of drainage district, logging spurs and hoist
crane.
Fiber Business Improvements on sisal fiber plantation at
•Cardenas, Cuba; manila fiber warehouse, Davao, Philippine Islands.
Net Material Purchases. &c.. after close of manufacturing
season
Branch Houses and Distributing Points:
Urited States
319.183,241 25
Canada
5.698,016 73
Foreign
3.087,749 36
Mines. Furnaces and Steel Mills
Sawmills, Railroads. &c
339,181,669 20
11.169,655 84
27,969,007 34
5,646,636 25
1.263,583 57
385,230,552 20
Raw materials, work in process and finished products have
been valued at cost or market, whichever was lower, and
reasonable provision has been made for depreciated stocks
and for decline in values.
Inventories are taken at the works at the close of the manufacturing season, October 1, and at Branch Houses and
Distributing Points at the close of harvest in the respective
countries. "Net Material Purchases, &o., after close of
manufacturing season," include raw material deliveries and
manufacture at works between inventory-taking and Dedember 31 1923, less the manufacturing cost of goods shipped
from the works during that period.
The character of the Company's business requires that
large stocks of agricultural implements be carried at convenient locations throughout the world in order to meet the
urgent local needs of uncertain crop conditions. The necessity of uninterrupted manufacture at the Company's works
to provide implements in advance for a short selling season
further involves large inventories at the close ot the fiscal
.
year. Therefore a large amount of working capital is continuously invested in inventories. By this investment the
Company aims to give adequate service to the farmer and to
meet the varying demands of a trade which is frequently
unable to forecast its requirements until the crops are assured
and the harvest is at hand.
CAPITAL STOCK.
The Capital Stock of the International Harvester Company
at December 31 1923 was:
MAY
10 1924.]
PLANT EXTENSIONS.
Authorized—
Preferred Stock, 7% Cumulative:
1,000,000 shares, par value $100 each
Common Stock:
1,300,000 shares, par value $100 each
$100,000,000
130,000,000
$230,000,000
Issued—
Preferred Stock, 7% Cumulative:
602.239 shares, par value $100 each
'Common Stock:
998,676 72-100 shares, par value $100 each
$60,223,900
99,876,772
$160,100,672
The outstanding Common Stock of the Company was
increased during the year from $97,918,404 to $99,876,772
by the issue of 19,583 68-100 shares, January 25 1923,
as a 2% stock dividend.
No portion of the Capital Stock has been issued for
Goodwill or Patents. The Company's properties are unencumbered, and it has no bonded indebtedness.
WORKING CAPITAL.
Current Assets—
Inventories
$85,230,552 20
Receivables (Net)
63,770.088 72
Investments
3,726,682 53
Cash _______________________________________________ 11,772,441 38
*164,499,764 83
Deduct—
Current Liabilities
21,103,034 05
Net Working Capital at December 31 1923
$143,396.730 78
CURRENT LIABILITIES.
Bills Payable—
Foreign Trade Acceptances
Accounts Payable—
Current Invoices, Payrolls, etc
56,724,923 02
Tax Provision—Federal, State, Municipal,
and Foreign
3,901,039 57
Employees Savings Plan Subscriptions
999,694 46
Preferred Stock Dividend, payable March 1
1924
1,053,918 25
Common Stock Dividend, payable January
15 1924
1,248,458 75
$7,175,000 00
13,928,034 05
Total Current Liabilities at December 31 1923
$21,103,034 05
FOREIGN CURRENCY ASSETS.
Notes and accounts receivable and cash in bank in foreign
countries have been converted into dollars in the Balance
Sheet as follows:
Argentine
Australasia
Pesos
Pounds
Sterling
Canada
Dollars
Denmark
Kroner
France
Francs
Great Britain Pounds
Sterling
Norway
Kroner
Sweden
Kroner
2331'
THE CHRONICLE
Exchange
Rate.
Receivables.
31%c *6.368.000
$400
973k
,
16c
4c
$400
13. c
1
4
Par
Cash.
Total.
$656.000 *7,024,000
5,055,000
207,000
5,262,000
13,783.000 1.543,000 15.326,000
133,000
123,000
256,000
650,000
463,000
1313,000
462,000
114,000
595.000
790.000
42,000
3,000
1,252,000
156,000
598,000
$27,160,000 $3,827,000 *30.987,000
The only assets included in the Balance Sheet representing
the Company's investment in Russia and Germany are
plant property at Lubertzy Works, (near) Moscow, Russia,
S2,300,000, and at Neuss Works, Germany, $1,250,000.
REMARKS.
The year 1923, while far from normal, showed some improvement over the preceding year. For the first time in
three years the domestic business resulted in a small profit.
It is interesting to note that over one-half the total business
for 1923 represents sales in foreign countries and products
other than farm equipment. The foreign trade prospect for
1924 indicates a further gain.
The volume ef domestic trade in the first half of 1923
showed satisfactory improvement over the corresponding
period of 1922, but conditions during the last half of the year
were not so satisfactory. A further decline in the market
prices of grain and live stock and the closing of a large number
of banks in rural districts, especially in the Northwest, also
restricted trade.
There is still a great disparity between the prices the
American farmer receives for his produce and the prices he
must pay for manufactured articles. Until this spread is
reduced the agricultural implement industry cannot expect
a return to normal conditions.
The supply of sisal fiber for the manufacture of binder
twine was seriously interrupted during recent months by
revolutionary disturbances in Mexico. With much difficulty and financial risk this company succeeded in purchasing sufficient fiber at increased cost to keep its mills
running. We hope that enough fiber will be secured to
meet the requirements for the coming harvest.
FINANCIAL.
The current liabilities on Dec. 31 1923 amounted to
$21,100,000. Current assets at the close of 1923 were
$164,500,000. Inventories and receivables show a combined reduction of $4,600,000. The ratio of current assets
to current liabilities at Dec. 31 1923 was about 8 to 1.
FOREIGN WORKS.
During the year it was found advisable to close the factories at Lubertzy, Russia, and at Neuss, Germany. The
restricted supply of raw materials and other operating difficulties make it impossible at present to operate the plant in
.
Russia. Conditions in Germany show a gradual improvement and operations in that country have lnaen resumed on
a small scale.
The new assembly plant for motor trucks at Fort Wayne,
Indiana, was completed in 1923 and is now in full operation.
During the past year the Company began the manufacture
of binder twine in leased buildings at New Orleans.
The installation of open-hearth furnaces at the Steel
Mills at South Chicago has been completed and production
commenced.
LEGAL.
On July 17 1923 a supplemental petition was filed by the
Government in the U. S. District Court at St. Paul seeking
to reopen the anti-trust suit brought against the Company
eleven years ago. This suit was settled by a consent decree
in 1918 which reserved jurisdiction to review the effect of
the decree within a certain time upon application of the
Government. The supplemental petition asks such review.
The sole charge of wrongful conduct is that the Company
has been selling its harvesting machines at unduly low prices
to the injury of its competitors in contrast to the original
complaint charging the undue raising of prices to the injury
of the farmer. The petition is now awaiting argument, all
the testimony having been taken. At this time it is not
proper to discuss the issues further than to say that we are
confident the Company will be vindicated of all charges of
wrongful conduct on this supplemental hearing as it was on
the original hearing, and are hopeful that the Court will find
no reason or occasion for changing the decree entered in 1918.
On Feb. 6 1924 the Federal Trade Commission filed a
complaint before itself, which it will later on hear and
decide, joining our Company and four other implement
companies as defendants with *all of the associated retail
implement dealers in the Atlantic States and charging that
the manufacturers had co-operated with the retail dealers'
associations in a conspiracy to maintain retail prices and
eliminate farmers' co-operatives from the trade. So far as
our Company is concerned, the charge is wholly unfounded.
We cannot see how this proceeding can seriously affect the
future business of the Company as the only order which
could be entered would be to "cease and desist" from practises
in which the Company has never engaged. However, the
Company will vigorously contest this proceeding for the
purpose of vindicating its good name.
GENERAL.
•
Judge William D. McHugh, General Counsel of this
Company, and a member of the Board of Directors, died at
Chicago,Illinois, on Dec. 26 1923. He had a wide knowledge
of the law, possessed unusual insight and judgment on
problems of the Company, and a high sense of fidelity and
loyalty to the interests of the stockholders. In his death
the Company has suffered a severe loss and the Directors
and Officers have lost a warm personal friend.
Mr. William S. Elliott, for twelve years a member of the
Law Department, was on Jan. 4 1924 elected General
Counsel to succeed Judge McHugh.
The books and accounts for the fiscal year have been
audited by Messrs. Haskins & Sells, Certified Public Accountants, and their certificate is presented herewith.
In view of the world-wide character of this business, difficult and complex problems are constantly presenting themselves to the organization, which has met and handled them
during the past year with the same ability, zeal and energy
displayed in the past. The Directors record their appreciation of the efficiency and loyalty of the entire organization
at home and abroad.
By order of the Board of Directors,
ALEXANDER LEGGE, President.
Chicago, May 2 1924.
HASKINS & SELLS
Certified Public Accountants
Harris Trust Building
Chicago
May 1 1924.
The Board of Directors, International Harvester Company,
Chicago, Illinois:
We have audited the books, accounts and records of the
International Harvester Company and of its affiliated
companies located in the United States, Canada, and certain
European countries, and have examined the annual reports
of all other affiliated companies for the year ended Dec.
31 1923.
We have examined the charges to capital accounts, have
verified the cash and other current assets at Dec. 31 1923,
including the inventories of raw materials and supplies,
work in process, and finished products and have verified
the Income and Profit and Loss accounts.
We find that the Company has valued raw materials and
supplies, work in process of manufacture and finished
products at cost or market, whichever was lower, and has
made reasonable provision for depreciated stocks and
decline in inventory values.
The Company has pursued a conservative policy in its
charges to capital accounts, has valued its foreign current
assets at prevailing exchange rates, or less, has set up
adequate reserves for depreciation and for possible losses,
and has made provision for all known liabilities.
WE HEREBY CERTIFY that, in our opinion, the
Combined Balance Sheet and the Income Account submitted
herewith, reflect the true financial condition at Dec. 31 1923,
and the results from operations for the year.
HASKINS & SELLS.]
THE CHRONICLE
2332
[VOL. 118.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY.1
Friday Night, May 9 1924.
COFFEE on the spot was in gradually increasing demand
at one time and steady. No. 7 Rio 15 to 153/2c.; No. 4
A
Santos 19 to 193 c.; fair to good Cucuta 20 to 21c.; Bogota
24 to 25c.; Medellin 253.4 to 2634c. It is said that Santos
No. 4 and upward is scarce and only to be had by calling
over inferior grades and expensive and tedious work. Some
close observers think this may cause a widening of the differences between grades, the lower grades falling sharply.
The trouble is that the lower grades do not fit into the
standard blends. The next Santos crop, though small,
may prove to be of better quality. The Brazilian Government, however, intends, it is said, to require the shipment of
coffee now stored in the Government warehouses before permitting the new crop to be marketed. Buyers in that case
will have nothing to do but to wait for such coffee and perhaps for some little time.
Meantime world's supplies are beginning to increase for
the deliveries of Brazil coffee during April were disappointing. They were the smallest for some months. They
reached only 455,522 bags, against 698,578 in April a year
ago. The total deliveries of Brazilian coffee in the United
States for the 10 months it is worth recalling, however, were
6,440,234 bags, an increase over last year of 616,081 bags.
The total deliveries of all kinds in the United States for the
10 months were 9,192,952 bags, an increase over the same
last season of 807,373 bags. Stocks in Brazil seaports are
slowly growing. They are 235,000 bags of Rio and 1,037,000
Santos, a total of 1,272,000 against 929,000 bags of Rio,
and 1,494,000 Santos, a total of 2,423,000 last year. The
clearances from Brazil during April decreased to 721,000
bags, including 136,000 bags of Rio, 577,000 Santos, 15,000
Victoria and 3,500 Bahia. Brazilian receipts about keep
within the prescribed limits. Some think this policy of
arbitrary restriction of the marketing of the crop will turn
out to be a boomerang. It is artificial. Production and
consumption are all-powerful factors lying outside of the
domain of political power or of quack nostrums in the shape
of mere paternalism of the futility of which history affords
so many examples. Meanwhile distant months are at big
discounts, despite the imminence of a short Santos crop.
Hedge selling against imports and stocks tells. There is a
curious dislocation of prices and differences. The other day
Brazil quoted No. 4 at about 15c. here, while July here
strangely enough, was only 12.70. Shorts, it is suggested,
may have an interesting experience ahead. Some think the
apathy of the trade about statistics, &c., can have but one
result, namely, the rise of prices which is apt to occur in
July, August and September. This seasonal advance has
come to be regarded by not a few among us the usual annual
price phenomena in this branch of business. The new Santos
crop is said to be only half the last one; possibly even less.
Some say 7,000,000 bags.
Futures advanced sharply early in the week on foreign
buying of May and December for short account spurred by
higher cables. On the 3d inst. May ran up 50 points on
buying by European shorts. Europe sold December, which
held that month back. July and September advanced 10 to
11 points and December 7. The next day Europe bought
December. Local shorts covered in the near months. The
rise was traceable partly to rumors that an international loan
to Brazil had been arranged. Some think that if not yet
granted it will be granted before long, assuming that the
European political situation is getting into better shape.
On the 8th inst. prices broke sharply with cables 525 to 550
reis lower at Rio and 1,175 to 1,275 reis lower at Santos.
Exchange declined 1-32d. to 63,d. and then rallied to
6 9-32d. The dollar rate rose 80 reis net, lifting it to 630.
Europe and Brazil as well as local longs are supposed to have
sold. To-day prices advanced with strong cables and leading interests here buying. Santos advanced 525 to 850 reis,
while Rio was 125 reis lower to 200 reis higher. Europe was
supposed to be buying, possibly on Brazilian orders. The
net change for the week shows a rise of 16 points on May,
with July unchanged and September 9 points lower.
July
Spot (unofficial)14'4l5 Sept
.42
13 @nom.I
May
12.82@
Dec
12.17@ nom. March
--111 8
-11..501nom
SUGAR was dull and weaker early in the week with sales
at 43.to 4 3-16c.for Cuba. Later it was 4c. Early in the
week the revolt in Cuba had not been suppressed. President
surrender.
.
Zayas on Monday gave the rebels 10 days to suender.
Meanwhile it is pointed out that centrals ,Cuba are now
rapidly closing and production falling. The weather conditions throughout the season have been generally good.SA
total yield of the Cuban crop of 3,800,000 tons is expected.
The revolt has been mostly local, i.e., in Santiago and Santa
Clara provinces, though has now spread to Oriente. The
sugar trade has refused to take it very seriously. It is
believed that the Cuban Government will be able to suppress
it. Meanwhile there is the unusual spectacle on the threshhold of the active consuming season of a grouping trade waiting on events and keeping close to shore. Refined has
declined with trade unsatisfactory. Curious as it seems,
this policy of hand to mouth buying is adhered to even
though the stocks of sugar in the hands of the trade are not
/
large. Moreover the price has fallen 11
,c. to 13 0. on
raws and refined from the "high." That it is urged would
discount a good deal even if supplies were big on the eve
of the summer trade, which they are not. If the revolt in
Cuba, it was suggested, should spread further the effect
might be marked. Moreover as regards the foreign trade,
a London correspondent is quoted as saying: "The position
of our market is clear. Nobody has any sugar to speak of
and it is difficult to find any one who could 'bear' the article
or offer a valid reason why it should not be bought. There
is no doubt that the one predominating influence which
prevented our market from following its considered judgment
is the uncertain nature of your market, the explanation of
which it is difficult for us here to find." He looks for a
revival of trade in the United States and thinks it will
coincide with the big trade England is to have with the
lower tariff.
It was reported on Thursday that four more centrals had
finished their crop in Cuba, making a total of 74 shut down
for the season with a final outturn of 8,521,993 bags, against
:
Himeley's estimate of 8,272,000 bags. The revolt in Cuba
is said to have been suppressed. Cuban raw sold at 4 1-32c.
at one time. Refined fell on the 7th inst. to 7.50c., a new
"low." Cuban raw dropped to 4c. on the 7th inst., with
sales of 5,000 bags of Cuba May shipment at that price, and
42,000 bags of Porto Rico at 5.78c. late May shipment.
British cables were dull with Java No. 17 offreed at 22s. 6d.
c. i. f. United Kingdom and Cuba at 22s. equal to 4.05c.
f. o. b. American granulated was offered at 28s. 3d. c. i. f.
Refined here was dull. Some Philadelphia refiners quoted
7.40c. to 7.50c.
Willett & Gray give the receipts at Cuban ports for the
week as 95,500 tons, against 94,472 last week, 105,049 last
year and 196,905 two years ago; exports, 72,739, against
81,483 last week, 107,001 last year and 161,648 two years
ago; stock, 940,715, against 917,954 last week, 753,403 last
year and 1,0322548 two years ago. Centrals grinding numbered 115, against 134 last week, 55 last year and 148 two
years ago. Of the exports, 32,875 went to United States
Atlantic ports, 16,755 to New Orleans, 9,768 to Galveston,
2,043 to Savannah, and 11,298 to Europe. Havana cabled:
"Scattered rains." Sugar sales were reported at Havana on
/
the 5th inst. on a basis of 41sc. c. & f., this comparing with
4Me. quoted there on April 30.
The receipts at United States Atlantic ports for the week
were 72,950 tons, against 57,624 last week, 65,955 last year
and 109,335 two years ago; meltings were 66,000, against
62,000 last week, 72,000 last year and 100,000 last year;
total stock 177,225 tons, against 170,275 last week, 220,260
last year and 237,521 two years ago. Havana cabled May 8:
"Heavy rains were reported to-day through the island.
Sugar was firmer with 43ic. paid. A leading Cuban producer is reported to have been steadily buying sugar futures
to cover. Also that Cuban producers and sellers show
resistance to declines below 4c. Offerings have not been
large. The actual stock of raw and refined is light and the
new reduction in refined prices will probably cause activity
in the purchases of raw, reflecting immediately the demand
for refined. The general belief is that the market has
touched bottom. The situation is reported quiet in Santa
Clara." To-day futures advanced 3 to 5 points. Cuban
raw was offered at 43c.,with, it appears, 43'o. bid. Offerings fell off. To-day there were early sales of 5,000 bags
of Cuba June shipment at 443., but the price was raised
later to 4 Wo. Refiners here, it is said, are averse to a decline below 4 cents. Refined remained quiet at 7.90 to 7.50c.
Futures show a decline for the week of 6 to 11 points.
4.03
.32IDec
Spot unofficial 454 - I July
4.31@ 4
May
4.3840 4.37 March - --- 3.54
4.22@ nom. Sept
LARD on the spot was steadier at times with a fair deinand. Prime Western, 11.30 to 11.40c.; refined Continent,
11.60c.; South America 12.25c.; Brazil, 13.25c. Futures
:
declined with grain despite buying now and then by smaller
packers and cottonseed oil interests, lighter receirits and
steady prices for hogs. For export business was poor,
regardless of firm English cables. Not that the early
decline at Chicago was very marked; it was rather moderate.
But falling grain markets could not be entirely ignored.
Speculation, too, was only moderatly active. To-day
MAY
THE CHRONICLE
10 1924.]
2333
market on future commitments in the light of the present trend of rates;
while the Rio coal charters for the end of May or early June loading possibly
signify a similar state of mind. Transatlantic demand for coal has been
alDAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. small, requirements for French Atlantic and Italian ports being light,are
though the South American trade was fairly busy. One or two orders
Fri.
Wed. Thurs,
Sat.
Mon.
Tues.
reported pending for lumber, Gulf to River Plate. May and June loading.
10.52
10.57
10.60
10.55
10.55
cts _10.57
May delivery
at 160s. to 162s. 6d., regular Pixpinus terms. The time market has not
10.72
10.75
10.82
10.77
10.80
10.82
July delivery
developed anything of much interest. Tonnage is reported available on
10.95
11.02
11.05
11.05 11.00
September delivery_ __ -11.07
easy terms but demand is very quiet.
futures declined slightly. They show a drop for the week
of 13 to 18 points.
PORK dull; mess, $24 75 to $25 25; family, $27; short
clears, $22 to $26. Beef firmer; mess, $16 to $17; packet,
$17 to $18; family, $21 to $23; extra India mess, $33 to
$35 nom.• No. 1 canned corned beef, $2 35; No. 2, $4;
'
6 lbs., $15; pickled tongues, $55 to $65 nom. per barrel.
Cut meats steady; pickled hams, 10 to 24 lbs., 133 to 16c.;
%
pickled bellies, 6 to 12 lbs., 10 to 11c. Butter, creamery,
Lower grades to high scoring, 32 to 393/Ic. Cheese, flats,
19 to 25c. Eggs,fresh gathered, trade to extras, 22 to 283'c.
-Linseed was in better demand and firmer early in
OILS.
the week. Spot oil is scarce and offerings are small. Inquiries on the other hand have been fairly numerous. The
strike situation in Argentina has caused some anxiety over
future shipments of flaxseed from that country. Paint and
linoleum interests are reported to be doing a good business
and this has improved sentiment somewhat. Most crushers
refuse to quote spot carlots. Tanks are quoted at 85c.;
less than carlots, 95c.; less than 5 bbls. 98c. Cocoanut oil,
Ceylon, bbls., 93'o. Corn, crude, tanks, mills, 9c.; edible,
100 lbs., 123e. Olive, $1 25@$1 30. Cod, domestic,61@
63c.; Newfoundland, 63@65c. Lard, prime, 13Xc.; extra
strained, New York, 1254c. Spirits of turpentine, 89@91c.
Rosin, $5 50@$7 70. Cottonseed oil sales to-day, including
switches,4700P.Crude S. E.,8.12Mc.
Coal charters were active later in the week but grain quiet,
with falling exchange naturally restricting business.
CHARTERS included grain from Atlantic range to Genoa, 4s. May
loading; sugar from Cuba to United Kingdom and Continent. 24s. 6d.
May loading; grain from Atlantic range to west Italy, 4s. June loading:
The Framllngton Court and General Milne were fixed at London for MayJune Montreal grain. The Bjornsterne Bjornson was charetered for July
loading, Montreal 37,000 quarters, to one port in Bordeaux-Rotterdam
range. The Whetmore was also chartered for grain to the United Kingdom at 4s. 6d. Nitrate from Chile to the United States, basis $5 50 JulyAugust; 35,000 grain 10% from Montreal to Havre-Rotterdam range, 17c.
one port and 17%c. two ports June 1; grain from New York to Antwerp
or London. 14c. option part oats 17c. May; coal from Hampton Roads
to Marseilles, 33 75 May loading.
COAL.
-Bituminous was quiet. Anthracite has been
steady with a fair demand at the recent advance of 10 to
25c. in domestic sizes. Later in the week prices were
irregular or tending downward. Interior trade was poor
and prices were weak though the output was small. Some
think a turn in the lane is not far off. Later prices at
Hampton Roads were rather firmer, with stocks smaller.
TOBACCO has been quiet. It is for the most part the
old listless affair. A little business has been done in Sumatra
tobacco. But there is no real animation. Features of
genuine interest are totally lacking. Among cigar manufacturers there is a more or less hopeful feeling. But they
are keeping close to shore. They are buying cautiously,
10.03110.041Oct
9.65§ 9.85 taking a leaf out of the book of manufacturers in so many
10 15 Nov
4
9.15
9.20
1 4
S
10.20 10.22 Dec
9.85 10.05 Sept
9.05
9.15 other branches of trade. Prices here are for the most part
June
PETROLEUM has been quiet and tending lower. Bunker nominal. Wisconsin Havana seed B 22c.; binder, Northern,
oil and gas oil are about the only oils meeting with any 45 to 55c.; binder, Southern, 25 to 35c.; flavana seed fillers,
50c.• seconds,
important demand at the present time. Bunker oil has 12c.; medium wrappers, 75c.; dark
2,seconds,
wrappers'
been well maintained at $1 75 to $1 85 per bbl., refinery. 70c.; light wrappers, $1 to $1 25, N. Y. State; No.'
Stocks of this oil are small. Gas oil has been firm at 5c. 40 to 80c.
per gallon at the Gulf, with local refiners asking 6 to 8c.
COPPER has been quiet at 133 3c. for electrolytic. Total
/
for 36-40 at refinery. Gasoline consumption is increasing sales thus far this month were estimated early in the week
but this fact failed to improve sentiment. Rumors of an at 25,000,000 lbs. Predictions of the reduction in surplus
impending cut in Pennsylvania crude oil had a depressing of refined stocks in April range from 30,000,000 to 40,000,000
effect. And jobbers are buying only moderately owing to lbs. This is somewhat larger than was expected at one
the expectation of lower prices. Later in the week gasoline time. Consumption is estimated to have dropped 12%
was cut lo. by the Merchants Oil Co. of Sioux Falls, S. D. last month and 25% in the past 60 days. Brass and copper
The price there is now 21c. The Codington County Oil Co. makers are operating at about 70% capacity. It is stated
lowered the price at Watertown lc. a gallon to 23c. The that shipments of copper,foreign and domestic, by American
cut by the Merchants Oil Co. in South Dakota was said to producers reached 234,000,000 lbs. in April, compared with
have been due to the statement of Gernor McMaster that 271,000,000 in March and the same as in February 1924,
prices in that State were exorbitant. He is reportad to be i. e., 234,000,000, the second highest in the history of
building eight 20,000 gallon tanks throughout the State for the industry. Stocks May 1 were said to be 221,000,000
use by State owned vehicles. The crude output showed a lbs., against 239,000,000 April 1, 311,000,000 Jan. 1 1924
slight gain. New York prices: Gasoline, cases, cargo lots, and 253,000,000 Oct. 1 1923. Domestic shipments for
28.15; U. S. Navy specifications, 14; napthha, cargo lots, April were put at 132,000,000 lbs., with foreign 102,000,000
15.25; 63-66 degrees, 17; 66-68 degrees, 18.50; kerosene, in lbs., as against shipments of 160,000,000 lbs. in March
cargo lots, cases, 16.90; petroleum, refined, tank wagon to and foreign of 111,000,000 lbs. There is said to be adostore, 15; motor gasoline, steel bbls., 20.
crease of 16,000,000 lbs. in production from the peak of the
Oklahoma,Kansas and TexasMid-Continent
year. The Lake districts report a good business. May
Under 28 Magnolia
$1 00
39 and over
$2 25 deliveries, it is said, will not exceed 6,000,000 lbs. and
28-30.9
i 20
33-35.9 deg
175
31-32.9
1 45
30-32.9 below
145 sales during June will be only about one-half of output.
33-35.9
1 75 Caddo
36
-38.9
200
Below 32 deg
1 50
TIN declined early in the week with lower cables and a light
39 and above
2 25
32-34.9
'1 65 demand. Spot 483..c. Depression in other metals also had
Below 30 Humble
1 25
38 and above
1 85
33-35.9
1 75
a weakening effect. Food canners report business very
36-38.9
2 00
quiet with wholesale dealers disinclined to buy freely on con39 and above
2 25
Pennsylvania
$400 Bradford
$450 Bull-Bayou32-34.9$1 50 tract. Singapore of late has declined sharply. On the 6th
Corning
2 15 Ragland
1 10 Illinois
207 inst. prices there declined £6.
Cabell
2 20 Corsicana,light_ _ 200 Crichton
1 65
LEAD was lowered $5 a ton on the 5th inst. by the AmeriSomerset, light
2 50 Lima
2 28 Plymouth
1 45
Wyoming
1 95 Indiana
2 08 Mexia
2 00 can Smelting & Refining Co. It quoted 73 c. New York,
4
Smackover.26 deg.
Princeton
2 07 Calif., 35 & above_ 1 40
1 35 Canadian
2 63 Gulf Coastal
2 00 which was more in line with the outside market. Spot New
RUBBER declined in sympathy with a lower market York 7.50 to 7.75c.; East St. Louis 7.35 to 7.50c. There
abroad, where weekly stocks increased and larger offerings was a fairly good demand for lead ore at $90, but producers
in anticipation of a further slump in foreign markets. On were not inclined to sell at this level. Later in the week the
the 6th inst. prices at first declined, but later in the day American Smelting & Refining Co. reduced its price Xc. per
rallied on a better London market and a favorable report on pound to 73c., the lowest price seen thus far this year.
ZINC, like other metals, has been quiet at about unMalayan shipments. There was a good demand that day
for spot and May from 21 Xc. to 213 0. and for July- changed prices. Ore is reported to have sold at $38 to $39
/
September from 21M to 223 c. British Malaya shipments and in some instances at $37 50. Spot New York was
4
during April were 20,000 against 24,000 last year. For the quoted at 6.15 to 6.20c.; East St. Louis 5.80 to 5.85c.
STEEL has been quiet and tending downward. The
four months ended April 30 they wore 86,000 against 90,000
U. S. Steel Corporation is now operating at 73%; others at
for the same time last year.
-Of frigorifico River Plates, sales have quickened 65 to 70%. This will tell in time. It tends to strengthen
HIDES.
including 4,500 Armour steers at 13Xc., 3,000 La Blanca the statistical position. Now, however, shipments outrun
steers at 133/c., 8,000 Uruguyas at 14Mc. and 3,000 new business sharply. Skeleton steel for delivery to Parkers4
ditto at 147 3. New York has been quiet. Packers' burg fell 50c. per ton to $12, delivered. Cast scrap and
hides sold a little more freely at times in small lots. April- shafting dropped 50c. to $1 per ton. Of wire rods some sales
May extreme light native steers sold at 10Mc. or Mc. ad- have been made, it is stated, at $48 per ton, as compared
vance; spready native steers, January to April production, with the previous price of $51. Wire products are unusually
at 14c.; 2,000 March heavy native steers at lie.; 2,000 quiet for this season of the year. Shipments of tin plate
April at 11 Mc., 4,000 February-March heavy native cows have latterly increased somewhat.
PIG IRON has been dull and rather weak; Buffalo iron
sold at 9Mc. Some offerings of late April and May light
native cows were made at 10c. Independent packers were was reported to have sold at as low as $19 50, but it may not
quiet with offerings at 10c. on all weight native cows and have been of the highest grade. Some quote Buffalo
steers of April with recent busines 93e. and some still $20 50. Eastern Pennsylvania is quoted in some quarters
at $21 to $22. The April output of pig iron decreased 112,obtainable at that price.
OCEAN FREIGHTS have been quiet but firm. There 658 tons, compared with March, a reduction of 4,028 tons
was little business in sugar, coal or lumber. Grain tonnage per day. This is the first monthly decrease since last
December. Some East Indian iron is arriving and is offered
was in the most demand.Funch, Edye & Co. said:
Prompt tonnage appears to have been largely absorbed and considerable at a price that commands attention. British steel and iron
pressure was apparent for May boats for grain from the St. Lawrence and
in lesser degree for range loading; a number of this week's grain fixtures are are dull. Some think the British trade is in worse shape
for June and July loading, indicating shippers preference not to risk the than the American.
318§132rAua
10.10
2334
[VOL. 118.
THE CHRONICLE
WOOL has met with a little more inquiry. Mills are said
to be showing somewhat greater interest. At the West contracting is said to have increased. Some 200,000 pounds of
Utah are reported to have been taken by the American
Woolen Co. at prices not disclosed. It is declared, however,
that Utah wool has been sold at "about" 43c., or something
like $1 2.5 to $1 28 scoured at the East. It is said, too,
that some 20,000,000 pounds of Western clip have been sold
thus far. Foreign wool has been firm, however, at the Liverpool auction sale. Exports from this country last week were
about 800,000 pounds. Here fine Australian wool has met
with a little attention. There has been no real activity in
any kind of wool in this country. New York quotations
(nominal): Ohio and Pennsylvania fine delaine 55 to 56c.;
X_X 52 to 53e.;
blood 55 to 56c.• Y blood 54 to 560.
3
Territory clean basis, fine staple $1 35 to $1 38;fine medium,
'
French combing, 1 30 to $1 32; clothing $1 25 to $1 28;
M blood staples $1 25 to $1 30;
blood $1 10 to $1 12.
Texas, clean basis, fine 12 months,$1 33 to $1 35; 10 months
$1 22 to $1 25. Pulled, scoured basis, A super, $1 17 to
$1 20; B super 95c. to $1. Australia clean basis, in bond
64-70s combing $1 25 to $1 30; 67-70s carding $1 18 to $1 20.
New Zealand grease basis in bond, 56-58s super 52 to 54c.;
48-50s 41 to 48c. Buenos Aires, grease basis in bond III
(quarter) 37 to 39c.; IV 34 to 35c. Montevideo grease
basis in bond 58-60s, 55 to 57c.; I (56s) 52 to 53c. Cape,
clean basis, in bond: best combings $1 20 to $1 23; average
longs $1 14 to $1 16; best sorts $1 03 to $1 05. Imports
of carpet wool for the week ending April 26 totaled 3,470,000
pounds. Aleppo Orfa washed 34 to 35c.; Awassi-Kardi,
washed 31 to 32c.; Kandahar, white 34 to 35c.; Khorassan
22 to 230.; China combing, Ilsining No. 1, 25 to 26c.• willowed, open ball, 24 to 25c.• No. 1 ball 33 to 34c.; No. 2
ball 23 to 24c.; unwillowed' to 25c.
22
In Liverpool on May 2 Colonial sold at prices equal to
those at the last London sale. Attendance and demand good.
Prices: Victorian greasy super comebacks, 354d.;fine crossbreds. 32d.;
fine crossbred clothing scoured, 43d.; combing, 52d.; Tasmanian greasy
comebacks, 35d.; West Australian greasy super combing, 31d.• South Australian fine crossbreds, 27d.; Queensland greasy comeback.4, 30d.: New
South Wales scoured super combings, 48d.: New Zealand fine crossbreds
26%d.; slipe super halfbred lambs combings. 3730. About 1.200 bales
of Plate and Punta Arena wools were offered but withdrawn; bids unsatisfactory. In London on May 6th the wool auctions were resumed with
greasy offerings most prominent. Only small lots of scoured merino were
sold at a small advance compared with the last sales at the end of March.
Much of the greasy crossbred wools were lower than at the last sales, though
not on offerings from Sydney and Melbourne. These were higher. Now
Zealand and Punta Arenas furnished the bulk of wool sold. Total sales
were 9,046 bales. Range of prices: New South Wales. 994 bales: greasy
merino, 19 to 3834d.; crossbred, 14 to 34%d. Queensland. 586 bales;
greasy merino, 20 to 3534d.; crossbred, 17M to 3034d.; Victoria. 265 bales;
scoured merino, 38 to 68d.• crossbred, 24% to 344d.; South Australia,
127 bales: greasy merino, 14 to 3030.: New Zealand, 2:299 bales; scoured
'
merino, 35 to 62d.: crossbred, 18 to 2914d.; greasy merino. 164 to 2834d.;
crossbred. 15 to 233d.; Cape Colony (snow whites), 514 bales; scoured
merino, 39 to 59d.: crossbreds, 20 to 48d.: greasy merino, 15% to 25d.;
crossbreds, 123( to 22d.; River Plate. 60 bales; greasy merino, 16;4 to 22d.;
crossbred, 14 to 18d.; Punta Arenas. 4,006 bles; greasy merino. 154 to
25lid.; crossbreds. 13 to 21c.
In London on May 7 11,773 bales were sold, mostly New Zealand and
South African. Shipments were made of 1,000 bales or more from Sydney
and Melbourne. Prices were steady as a rule, though in some cases lower
Details: New South Wales, 1,073 bales; scoured merino, 35 to 60d.;
crossbred, 21 to 43d.; greasy merino, 144 to 37d.: crossbred, 11% to 27d.
Queensland, 323 bales; scoured merino, 48 to 68d.; crossbred, 39 to 51d.
Victoria, 1,795 bales; scoured merino, 32 to 58%cl.; crossbred, 20 to 43d.
greasy merino, 16 to 41d.; crossbred, 13 to 27d. South Australia, 553
bales; scoured merino, 39 to 59d.• crossbred, 22 to 40d.• greas/ merino.
20 to 28d. West Australia, 911 Vales; scoured merino, 41 to 53c1.: cross.
bred, 29 to 41d.• greasy merino. 19 to 34%d.; cross bred, 12% to 24%d.:
Tasmania, 133 Vales; greasy merino, 223's to 37d.; crossbred. 15 to 27%d.
New Zealand, 5,920 bales; scoured merino, 32 to 62d.: crossbred, 183
to 483d.; greasy merino, 15 to 32%d.• crossbred, 12 to 24%d.• Cape
Colony, 1.065 bales; scoured merino, 37 to 59d.; greasy merino. 171i to
'
.
25%d.
In London May 8, 11.827 bales sold. including much Punta Arenas
greasy wool at slightly lower prices. Prices mostly steady on New Zealand
and Australian shipments. Details: New South Wales, 1,442 bales;
scoured merino, 35 to 69d.; crossbred. 233. to 49d.; greasy merino, 15) to
40d.; crossbred, 12 to 26%d. Queensland, 86 bales; scoured crossbred,
40 to 50%d.; greas crossbred, 18 to 29d.; Victoria, 1301 bales; scoured,
crossbred, 30 to 454d.; greasy merino, 16% to 41%d.• crossbred, 13 to
32%d. South Australia, 402 bales; scoured merino, 32' 57d.; crossbred.
to
23 to 48d. West Australia, 330 bales:scoured crossbred, 27 to 40d.; greasy
merino, 14% to 23d.; crossbred, 11 to 26%d. Tasmania. 563 bales; greasy
merino, 30 to 40.14d.: crossbred, 17 to 35)4(1. New Zealand, 3,244 bales:
scoured merino, 40 to 55d.; crossbred, 20 to 52d.• greasy merino, 14% to
27d.; crossbred, 10% to 24d. Cape Colony, 396 bales; scoured merino,
%
'
35 to 5830.; greasy merino. 17 to 24d. River Plate, 28 bales; scoured
crossbred, 23 to 26d.; greasy crossbred, 15% to 17c. Punta Arenas, 4,035
bales; greasy merino, 16 to 28d.; crossbred, 12% to 22d.
for the same period of 1922-23, showing an increase since
Aug. 1 1923 of 839,034 bales.
Sat.
Receipts at
Mon.
Galveston
Houston
New Orleans_ -Mobile
Savannah
Charleston
Wilmington
Norfolk
Boston
Baltimore
2,313
476
2,430
Totals this week_
Tues.
Wed.
Thurs.
Total.
Fri.
1,566
2,116
1.253
583
222
74
86
221
101
2,216
2,260
1,707
410
53
300
161
3,967
4
521
199
102
122
141
7,204
1,463
1,648
210
143
740
973
2,186
102
959
223
38
5,923
8,673
7,172 13,634
4,180
89
506
8,337
476
1,891 19,894
3,829
1,204 6,261
82 1,198
47
469
779 k,182
1.465
181
181
4,690 44,272
The following table shows the week's total receipts, the
total since Aug. 1 1923 and stocks to-night, compared with
last year.
1923-24.
Receipts to
May 9.
1922-23.
This Since Aug This Since Aug
Week. 1 1923. Week. 11922.
8,337 2,775,505
Galveston
Texas City
18,606
Houston
476 1,031,666
Port Arthur, &c_
New Orleans
19,894 1,222,226
Gulfport
Mobilo
3,829
59,236
Pensacola
11,477
Jacksonville
3,875
Savannah
6.261 376,581
Brunswick
880
Charleston
1,198 181,396
Georgetown
Wilmington
469 119,439
Norfolk
.2,162 396,211
N'port News, &c_
New York
--.9,182
Boston
1,46
36,370
Baltimore
181
24,935
Philadelphia
1,324
Stock.
1924.
1923.
104,963
19
81,070
164
9,427 1,295,886
114,095
100,842
4,285
2,353
5,544
108
4,254
84,706
8.820
9,149
406,843
28,020
114.019
2,533
37,054
37
23,003
3,460
31.331
260
35,383
134
791
89,760
262,706
10,114
54,313
11,580
50,637
26
956
146
6,561
66,652
17,018
4,942
75.48i2
6,403
1,488
3.788
74,532
10,072
2.475
4,219
44.272 6.268,909 35,332 5.429.8751 437.637
Totals
8,1502,258,000
69,790
3,551 706,003
408.378
2,245
In order that comparisoh may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1924.
1923.
1922.
Galveston_..._
Houston.&c._
New Orleans_
Mobile
Savannah
Brunswick
Charleston,&a
Wilmington_
Norfolk
N'port N.,&c_
All others_ -
8,337
476
19,894
3,829
6,261
1,646
1.128
Tot. this week
44.272
35,332
Since Aug.I
1,198
469
2.162
1921.
1920.
1919.
30,058
5,747
3,072
7,402
27
2,162
11,299
2,536
22,987
869
11,278
500
616
386
2,002
38
1,702
29,758
3,959
27.140
747
14,185
5,000
2,574
1,538
3,671
57
1,565
124,013
138.041
54,213
90.194
8.150
3,551
9,427
2,245
5,544
108
4,254
134
791
28,261
1,332
26,486
2,762
13,918
400
8,148
2,624
10,024
69,203
2,234
23,247
2,012
22,935
6.268,909 5,429,875 5,277,984 5,496,245 6,425,498 4,665,178
The exports for the week ending this evening reach a total
of 41,664 bales, of which 5,057 were to Great Britain,
3,412 to France and 33,195 to other destinations. Below
are the exports for the week and since Aug. 1 1923:
Exports
from
-
Week ending May 9 1924.
Exported toGreat
Britain. France. Other.
Galveston_ _
Houston _
Texas City_
New Orleans
Mobile
270
Jacksonville
Pensacola _ _
Savannah
Brunswick
Charleston
Wilmington
Norfolk
-688
New York
3,070
Boston
734
Baltimore_
Philadelphia _
Los Angeles
San Fran... -San Diego_ _
Seattle
Total_
From Aug. 1 1923 to May 9 1924.
Exported to
Great
Britain. France.
Other.
Total.
524,643 299,325 1,137,722 1,961,690
347,414 182,921 496,486 ,026.821
1,754
1,754
500
7 3a 255,228 65,442 403,189 723,859
,
5,657 19,850
1,050
270 13,143
1,919
400
1,519
290
800 11,170
10,080
93,554 15,282 148,802 257,638
50
50
74,237
300 67,650 142,187
9,600 59,650 77,550
8,300
7,297
4,437 94,628 193,623
94,560
10,631
117,030 71,697 229,301 418,028
0,086
6,771
2,315
132
2,569
106
2,463
2,459
1,210
1,183
-66
77,886 77,888
16,513
600 10,186 27,299
1,231
1,231
47,134 47,134
8,269
5,057 3,412 33,19 41,6641,582,860 653,473 ,787,470 5,003,803
At Brisbane, Australia, at the opening offerings were of Total'22-23 2,790 1,522 48,957 51,289 1,232,663 566,044. ,374.6754,173,382
,
fair grade. Prices steady at previous closing rates, i. e., Total'21-'22 35,458 14,737 61,088 111,783 1,384,039 628,540 2,921,8144,934,393
NOTE.
-Exports o Canada.
in the
on the basis of $4 40 for exchange; good 64-70s combing above table exports of cotton -It has never been our practice to include all the
to Canada. the reason
Wernos were costing $1 25 to $1 27, clean basis laid down cotton destined to the Dominion comes overland and Itbeing that virtue ly returns
impossible to get
is
concerning the same
Boston in bond. England and the Continent were the the Canadian borderfrom week to.week, while reports from the customs d grids on
are
very slow in coming to hand. an view, however.
largest buyers. America bought moderately. The sales at of the numerous inquiries always receiving regarding the matter, we will say that for
we are
been
Brisbane closed May 8th with prices firm. Yorkshire was the month of March the exports Co the Dominion the present season have were
exports
13,035
the largest buyer; the Continent following second. America 18,540 bales. In the corresponding month of the preceding season the
bales.
For the eight months ending Mar. 31 1924 there were 120.027 bales exported. as
bought little. Offerings were coarser with a good selection
150,481 bales for
of warp wools, and considerable seeding and yellow wools. against addition to the corresponding eight months In 1922-23.
In
above exports, our telegrams to-night also
Strictly fine was scarce. The offering of scoured was de- give us the
following amounts of cotton on shipboard, not
cidedly inferior. For strictly 64-70s warp as high as 35d cleared, at the
ports named.
was paid for wool estimated to shrink 45%. Good combing
wools of the same quality were figured at $1 25 @ $1 26
On Shipboard, Not Cleared for
and 64s at $1 25 to $1 26. No. 1 lambs, practically free,
Leaving
GerOther CoastGreat
about $1 18 scoured in bond.
were costing
Stock.
May 9 at
- Britain. France. many. Cont'nt. wise. Total.
COTTON
Friday Night, May 9 1924.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
44,272 bales, against 64,783 bales last week and 69,435
bales the previous week, making the total receipts since the
1st of August 1923, 6,268,909 bales, against 5,429,875 bales
-166
-566
2,500
10,500
70,635
78,580
33,754
23,003
3,98¢
54,313
89,424
Total 1924
24,421 10.538 22,640 23,887
Total 1923_ - 8,698 4.207 6,592 8,122
Total 1922_ - 41.832 11.383 14,161 27.968
*Estimated.
3,457 83,943
9,275 36,894
6.405 101,749
353,604
371,484
788,665
Galveston
New Orleans
Savannah
Charleston _ _
Mobile
Norfolk
Other ports*
5,318
13,603
5,500
6,400 9,000 10,610
3.638 10,140 7,677
1,500 1,800
500
2.000
3,000 34,328
457 35,515
3,300
MAY 10 1924.]
THE CHRONICLE
2335
'
Speculation in cotton for future delivery has been small to a new "low" for the present year. Manchester has been
at irregular prices. But in the main there was an upward less active. It may have been partly due to a holiday in
drift, owing partly to cold nights, unfavorable crop reports Calcutta, but this could not fully explain the noticeable falland the conspicuous strength of May and July. There is ing off in business. And on Thursday there was a report
said to be a large short interest in those months, especially that there would be a lockout of 5,000 hands at a Yorkshire
July. Some little time ago May was only 50 points over mill owing to a dispute over wages. Some here think that
July. On Wednesday it reached 192 points at the close. the dulness of cotton goods offsets any strength in the staJuly has been quoted at around 375 points over October. tistical position. They also stress the dulness in the iron
Much replanting, it is said, will have to be done in various and steel trades as barometers of American business; also
parts of the belt, notably in Texas, but some also in the the depression at times in the stock market and the decline
Memphis district. There have been some reports of boll in commodities generally, apart from cotton, including grain,
weevil and grasshoppers in Texas and of weevil in other sugar, coffee, rubber and the minor metals. They take it
States. It is too early to attach serious importance to such as a clear indication of a reaction in American business.
reports, but they do not, for all that, have a reassuring They emphasize the point, too, that the acreage this year
effect, to say the least. The trouble is the crop is late. At will be 5 to 6% larger in cotton than that of last year and
.
any rate that is the general judgment. It is supposed to be that the South will make strenuous effots to raise a big
about two weeks late. And the point is that in fighting the crop. There are big sales of fertilizers for the fields and
weevil it is important to have an early start. It is a develop- also of calcium arsenate. Systematic efforts are being made
ment race between the plant and the weevil. Naturally, the throughout the South to push the sale of arsenate from spedesirable thing is for the plant to develop as early as pos- cial cars on the railroads. The South and Southwest have
sible and get out of harm's way. As the case stands there is been at times noticeable sellers of cotton here. Wall Street
more or less nervousness over the outlook. It is too early to has also sold. There has been a certain amount of trade
dogmatize about the matter, but there is some fear of a late selling even if there has also been more or less calling of
crop. This is supposed to have shown itself in the buying, cotton by mills. And the fact may be stressed in conclusion
not only of July, but of October. Stocks of cotton are down that speculation is dead. It is a trading market for the time
to so low a point that the crop this year will be watched being. People are afraid to buy the old crop at big prewith more than ordinary anxiety. Of course a wet May is miums and they are also disinclined to sell them because
highly undesirable. That is widely known. Occasional they are under the control of powerful interests. A bad
showers and reasonably high temperatures are wanted in weather map has checked selling of the new crop, but the
.May. But of late the night temperatures in Texas, Okla- belief that the weather will soon improve has restricted
homa and Arkansas have been as low as 39 to 40 degrees. buying.
President Coolidge on May 5 signed the Harris bill pro'Only very recently they were even very much lower. There
.are reports of a stunted plant in some parts of the belt. The viding for the issuance of bi-monthly reports of the condition
Government weekly report was not considered generally of the cotton crop by the Agricultural Department; also that
favorable, though it was not one of unrelieved gloom. But the ginning reports shall appear with the reports of condi.rains, it says, have hampered field work in the central and tions. No provision was made for increased expenses in.eastern belt. The crop in Texas has been held back, as al- volved of $110,000.
ready intimated, by cool nights. The stands are irregular
To-day prices advanced 60 to 118 points, the latter on May,
ln the central and northern portions. The temperatures largely owing to reports of bad weather and heavy covering
,have been too low for satisfactory germination there. Ten- at home and abroad. The belt is too cold and wet. Texas
nessee has been delayed by cool weather and rains. Planting needed some rain, but it is feared in some quarters is gethas had to be postponed. Louisiana has had cool nights ting rather too much. And in any case night temperatures
.even though otherwise the conditions in that State have still lathe 40's are believed to be bad. Much replanting, it is
:been on the whole favorable. In Alabama and Mississippi Insisted, must be done. The crop is not getting as good a
they are only fair. Germination has been poor to fair. In start as had been hoped for. Also, the stock here is rapidly
'Georgia the growth has been slow. Much replanting has had decreasing. World's spinners' takings of American cotton
,to be done there. In Arkansas the stands in some cases are for the week were larger than expected. Spot markets ad'poor, though in others very good; they are, in other words, vanced rapidly, New York to-day moving up 120 points.
.irregular. In Oklahoma they are fair to good. Conditions Prices show a rise for the week on futures of 160 points on
•on the other hand in North Carolina are favorable, and of May, 102 on July, 108 on October, 102 on December and 107
late that State has had needed rains. Generally good stands on January. Spot cotton closed at 31.70c. for middling, an
.are reported in South Carolina. But such reports are the advance for the week of 125 points.
•exception which proves the rule. The start of the cotton
The official quotation for middling upland cotton in the
crop this year, to put it mildly, might have been better. It is
not too late to regain lost ground. But it is important that New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
May 3 upland
the weather for a time should be fair and warmer over the Middling to May 930.05 30.05 30.25 30.40 30.50 31.70
greater part of the belt.
FUTURES.
-The highest, lowest and closing prices at
Spot houses have been buying May and selling July, while
others have preferred to buy July and October. Liverpool at New York for the past week have been as follows:
times has been a buyer. Trade interests have been "calling"
Saturday. Motday,
Tuesday, Wednesday, Thursday.
Friday.
to a certain extent. And it may be remarked here that while
May 5.
May3.
May 7.
May 6.
May 8.
May 9.
some mills North and South are said to have recently sold a
portion of their supply of raw cotton, it now seems that in May
Range__ 29.59-29.80 29.25-29.67 29.49-21.95 30.00-30.35 29.90-30.20 20.25-31.35
one case at least this week a mill tried to rebuy the
Closing _ 29.70-29.75 29.65-29.66 29.89-29.95 30.05-30.07 30.1731.30-31.35
cotton June
that it had sold. Spot markets at the South have been
Range..
29.78-30.00 29.60-29.65 29.40-29.40
generally firm, with a fair demand for this time of year.
Closing. 29.0529.00 -- 29.25 -29.70 29.6029.95 -sirable grades in Texas the spot basis is said to have On de- JulyRange._ 27.93-28.20 27.55-28.03 2775-28.25 28.11-28.57 28.03-28.40 28.49-29.25
reached
the highest seen this year, even if on grades not
Closing _ 27.98-28.05 27.95-27.99 28.22-28.23 28.13-28.16 28.36-28.38 29.15-29.20
wanted the Aug.
basis has recently declined very noticeably.
Meanwhile ex26.35-26.35 -- Range _ _- - -26.00-26.00-- -- ports keep piling up. Poland, it is said, has been
26.10 --- 26.35 26.00 - 26.25 -- 26.98. Closing _ 26.10 •cotton from New Orleans recently instead of from getting Sept.
- --24.90-25.05 -- -Range. _ -- --24.50-24.50-- -as at one time this year. The Continent at times Bremen
Closing _ 24.80 -24.93 -25.22 --25.10 --25.20-25.91 -buying futures in Liverpool. Spot sales there the has been Oct.Range_. 24.10-24.34 23.84-24.35 24.19-24.55 24.40-24.72 24.35-24.65 24.75-25.35
were up to 10,000 bales, of which 8,000 bales were other day
Closing _ 24.20-24.2224.30-24.32 24.50-24.53 24.40-24.44 24.62-24.64 25.33-25.35
American.
All eyes have been on May and July of late in this
Nor.market
c .. Range.. 23.-7-9
1 o gng.
tni e _
and in New Orleans. As already stated, there is
24.89- 07 ---- 24.00 -- 24.19 said to be
-- 23.85 -'-- 24.
a very large short interest in May and an even
Dee.
larger
Range _ _ 23.53-23.72 3.28-23.70 23.56-23.95 23.81-24.11 23.75-24.0424.20-24.73
July. Several years ago the premium on July over one in
Closing. 23.60-23.62 23.67-23.68 23.89-23.91 23.81-23.82 24.00-24.04 24.70-24.71
ran up to 1,000 points. And July stood at 43.75c. October Jan.
for about
Range _ _ 23.24-23.35 23.00-23.40 23.29-23.62 23.52-23.77 23.48-23.71 23 95-24.3t
• two weeks.
Closing. 23.25 23.37-23.40 23.60-23.62 23.52 -23.71 -- 24.42On the other hand, speculation, as already
Feb.
Range _ _- ---been quiet. Nobody has been aggressive on remarked, has
23.75 --24.46the bull side
Closing _ 23.8023.56 23.6323.40however bullish some interests may have been.
3larch
Politics
' Range._ -- -23.25-23.25
-- ----have been disturbing. The 40% surtax limit was
24.4923.80Closing _ 23.35 --- 23.45 -23.67 -- 23.60the Senate. The commercial community strongly passed by A priidisapproved
Range- - -- -- - - ----- --of such action. And on Thursday there were
rumors
Closing.
--- --- --- -- - some 300,000 coal miners in the Ruhr had struck and that
-- that
the German Government suspected intrigues by
Range of future prices at New York for week ending
Russian
option.
Bolshevists. On the 8th inst. French francs dropped
sonic May 9 1924 and since trading began on each
47 points, although they recovered later some 30
points. The
Range for Week.
Range SiAce 13egi..niLy of Option.
disturbance in the French currency was taken to mean
Option for
a
certain degree of unsettlement over the Ruhr
1923
Nov.
situation, and May 1924_ 29.25 May 31.35 may 9 20.73 July 30 1923 37.23 Dec. 30 1923
28
reports that the German strike might spread to
Juno 1924._ 29.40 May 9 30.00 May 7 23.10 Aug. 11 1923 45.75
30
36.50
1924__ 27.55
5 29.25 may
22.05 Aug. 4
Moreover, sterling exchange declined over 2 centsSaxony. July 1924.. 26.00 May 5 26.35 May 9 25.25 Mar.27 1923 34.50 Nov.30 1923
1923
Nov.
1924
May
on the Aug.
7
same day. Exports have latterly fallen off
Sept.1924...24.50 May 5 25.05 May 8 24.20 Mar.28 1924 31.00 Nov.30 1923
Nov.
1924
though the total makes a good exhibit as somewhat, al- Oct. 1924_ 23.84 May 5 25.35 May 9 23.45 Mar.27 1924 30.00 Dec. 30 1923
28.60
1 1923
Nov. 1924.
23.84 Mar.27
last year. Cotton goods here and in Fall compared with Dec. 1924.. 23.28 May 5 24.75 May 9 23.15 Mar.27 1924 28.40 Jan. 2 1924
•. quiet. Fall River mills are said to be River have been Jan. 1925._ 23.00 May 5 24.30 May 9 22.47 Apr. 9 1924 27.85 Feb. 4 1024
8 1924
23.85
1925_
- 33 1-3% of capacity. New Bedford mill running at only Feb. 1925.. 23.25 May 5 23.25 May 23.19 Apr. 22 1924 23.85 Apr. 8 1924
25.06 Apr. 5 1924
Apr.
shares have fallen Mar.
5
2336
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
May 9Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
Total Continental stocks
1924.1922.
bales_ 565,000 649,600 903,000
1,000
86.000
59,000
59,000
1921.
990.000
2,000
99,000
651,000
2,000
128.000
115.000
16,000
63,000
43.000
2,000
12,000
709,000
93,000
102,000
10,000
104,000
20,000
2,000
10,000
962,000 1,091,000
28,000
35,000
310,000 175,000
153,000 150.000
11,000
6,000
84,000 123,000
37,000
26,000
2,000
34,000
10,000
3
- -1,000
8
341,000
626,000
558.000
1,032,000 1,050,000 1,588,000 1,649.000
Total European stocks
69,000
India cotton afloat for Europe..... 161,000 103,000 102,000
American cotton afloat for Europe 252,000 125,000 325,000 263,976
81,000
Egypt,BrazilAc.,afloatforEurope 57,000
63,000
66.000
156.000 229,000 290,000 261,000
Stock in Alexandria, Egypt
Stock in Bombay,India
908.000 749,000 1,184,000 1,297,000
Stock in U. S. ports
437.637 408,378 890,414 1,567,603
Stock in U. S. interior towns_ _ _ _ 420.213 540,812 898,218 1.543,406
6,443
27,360
1,200
U.S.exports to-day
[VOL. 118.
NEW YORK QUOTATIONS FOR 32 YEARS.
1199224
3
19 1
22
2
1920
1919
1918
1917
31.70c. 1916
26.55c. 1915
20.00c. 1914
12.95c. 1913
41.30c. 1912
29.10c. 1911
28.15c. 1910
19.60c. 1909
13.05c. 1908
1907
1906
1905
1904
1903
1902
1901
10.65c.
11.90c.
11.95c.
8.05c.
13.80c.
11.164.
9.62c.
8.06c.
13.00c.
12.00c.
11.90c.
15.75c.
15.50c.
10.90c.
1900
1899
1898
1897
1896
1895
1894
1893
9.88c.
6.25c.
6.38c.
7.75c.
8.25c•
6.85c.
7..81c..
25c
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed,
Futures
Market
Closed.
SALES.
Spot. Contr't. Total.
Saturday_ - _ Quiet..10 pts.
_ Barely steady-Monday _ - _ Steady, unchanged_ Very steady..- Tuesday..-- Steady, 20 pts. adv. Steady
Wednesday_ Steady, 15 pts. adv.. Steady
Thursday _ _ Steady, 10 pts. adv_ Steady
Friday
Steady. 120 pts. adv Very steady
Total .....
15,200 15,200
3,000 3,000
500
500
600
600
_ -19,300 19,300
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1923-24Since
Week. Aug. 1.
4,480 557,041
3.120 181,820
20,074
119
25.168
287
3,299 176,887
7,925 382,240
May 9ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, atc
-1922-23Since
Week. Aug. 1.
7,524 664,285
3,600 224.268
53
7,446
53,521
270
3,246 151,747
8,359 386,887
Total visible supply
3,425.050 3,271.196 5.367,992 6.738.428
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 302,000 332,000 516,000 600,000
83,000
Manchester stock
71.000
37,000
42,000
Continental stock
263,000 270,000 343,000 476.000
Total gross overland
American afloat for Europe
23,052 1,488,154
19,230 1,343,230
252,000 125,000 325,000 263,976
437,637 408,378 890,414 567,603 Deduct Shipments
U. S. ports stocks
Overland to N. Y., Boston, &c__. 1,646
U. S. interior stocks
95,593
71,923
1,128
420.213 540,812 898,218 1.543,406
Between interior towns
-day
23,344
721
U. S. exports to
1,200
6,443
22,873
630
27,360
Inland, Arc., from South
4.941 441,342
8.988 583.531
Total American
1,747,050 1,713,190 3.241,992 4,540,428
Total to be deducted
East Indian. Brazil,
11,355 678,327
6,699 .560,279
Liverpool stock
263,000 317,000 387,000 390.000
Leaving total net overland*
2.000
London stock
7,875 664,903
1.000
17,000
16,353 927.875
* Including movement by rail to Canada.
Manchester stock
16,000
15,000
83,000
22,000
82,000
Continental stock
118.000
71.000 102,000
The foregoing shows the week's net overland movement
69,000
India afloat for Europe
63,000
161,000 103,000
81,000 this year has been 7,875 bales, against 16,353 bales for the
Egypt, Brazil, &c., afloat
57.000
66,000 290,000
Stock in Alexandria, Egypt
156.000 229,000 1,184,000 261.000 week last year, and that for the season to date the aggregate
Stock in Bombay. India
908.000 749,000 981,000 1,297,000
Total East India, &c
1,678,000 1,558,000 2.126.000 2,198,000
Total American
1.747.050 1.713,190 3,241,922 4,540,428
•
Total visible supply
3.425.050 3,271.190 5,367,922 6,738,428
7.48d.
Middling uplands, Liverpool__ _ - 17.37d. 14.08d. 11.58d.
12.65c.
Middling uplands, New York_ _ _ _ :31.70c.
25.30c. 20.15c•
Egypt. good Sake!, Liverpool__ _ _ 25.10d. 16.806. 20.256. 18.50c1.
Peruvian, rough good. Liverpool_ 24.00d. 18.25d. 13.00d. 12.00d.
7.55d.
Broach, fine, Liverpool
14.15d. 11.50d. 16.55d.
8.05d.
Tinnevelly, good, Liverpool
15.05d. 12.65d. 11.50d.
net overland exhibits a decrease from a year ago of 262,972
bales.
-23
1922 1923-24
In Sight and Spinners'
Since
Takings.
Week. Aug. 1.
Week. Aug. 1.
Receipts at ports to May 9
44,272 6,268,909 33,332 5,429,875
Net overland to May 9
927.875
7,875
664,903
16,353
South'n consumption to May 9
76.000 3,299,000 98,000 3,361,000
Total marketed
128,147 10,232,812 149,685 9,718.750
Interior stocks in excess
*23,115
160,930 *29,912
179,423
Excess of Southern mill takings
, over consumption to April 1_ _ _ _
326,053
605,068
Came into sight during week_ _ _105.032
119,773
Total in sight May 9
--_ 10.719,795
10,503,241
North. spinn's' takings to May 9_ 24.100 1,649,933 29,083 2,144,309
* Decrease.
Continental imports for past week have been 121,000 bales.
The above figures for 1924 show a decrease from last week
of 95,232 bales, an increase of 153,866 from 1923, a decline
of 1,942,942 bales from 1922 and a falling off of 3,313,378
bales from 1921.
QUOTATIONS FOR MIDDLING COTTON AT
AT THE INTERIOR TOWNS the movement-that is,
-Below are the closing quotations for
the receipts for the week and since Aug. 1, the shipments for OTHER MARKETS.
middling cotton at Southern and other principal cotton
the week and the stocks to-night, and the same items for the markets for each day of the week:
corresponding periods of the previous year-is set out in
Closing Quotations for Middling Cotton on
detail below:
Movement to May 9 1924.
Towns.
I
Movement to May 11 1923.
Receipts.
Ship- Stocks
meats. May
Week. Season. Week. 9.
Skip- Stocks
Receipts.
menu. May
ireek. Season. Week. 11.
Week ending
may 9.
Saturday. Monaay. Tuesday. Wed'day. Thursd'y. Friday.
.
Galveston
30.20
New Orleans_ _ _ 29.75
Mobile
29.50
Savannah
29.30
Norfolk
30.00
Baltimore
Augusta
29.31
Memphis
30.00
Houston
29.90
Little Rock_ _ _ _ 30.00
Dallas
29.25
Fort Worth__ _ _ ____
30.20
29.63
29.50
29.30
30.00
30.25
29.25
29.75
29.90
29.75
29.15
29.25
30.35
29.75
29.50
29.50
30.00
30.25
29.50
29.75
30.15
29.75
29.40
29.35
30.35
29.75
29.50
29.46
30.00
30.50
29.44
29.75
30.05
29.75
29.15
29.35
30.50
29.88
29.50
29.67
30.13
30.50
29.63
29.75
30.20
29.75
29.35
29.35
31.15
30.88
30.00
30.50
30.75
30.75
30.44
30.50
30.85
30.12
30.15
30.10
376 5,182
32,149 1,223 2,456
687 40,8
_ _ _ _ 3,400
9,394
82 3,900
8,307
44
49.691 1,595 8,G75
9 08,78
1,718
33,394
457 3,739
30 54,233
341) 10,294
14,615
407 2,807
47 34,451
541 24.345
118 110,923
968 11,666
207 170,135
1,000 60,391 2,500 16.216 1,408 130.2891 2,268 33,171
2,109
2,073
2,083
169 43,182
498 9,434
6 849
293 44: 6, 1.114 17,914
29
NEW ORLEANS CONTRACT MARKET.
-The closing
2,261 147,090 4.681 15,474
331 270,0201 5.081 42,692
1,052 184,012 1,72 18,994 2,823 282,533 3,583 25,070 quotations for leading contracts in the New Orleans cotton
768 77,083
571 10.015 1,128 122.791 2,027 6,600 market for the past week have been as follows:
681 28,926 1,01
72 11,778
4,678
48 55.112
29,546
2
50 3,756
350 5,162
382 43.871
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday.
9
1.600
112,800
7
72,500
13,100
19,187
2.308
May 3.
May 5.
__ May 6.
1.564
_
24,676
May 7.
May 8.
May 9.
546 14,532
76 78.417
275 127.80' 2,473 28,956
94 97.48
411 26,120 May
29.38-29.40 29.39-29.40 29.45 bid 29.522,514 21,889
11 106.188
29.8230.8227.49-27.50 27.48-27.50 27.72-27.75 27.63-27.67 27.89-27.91 28.78-28.85
111 2,082
43 20,690
312 3,173 July
11 34.025
13 31,13
23.57-23.58 23.60-23.64 23.76-23.80 23.72-23.74 23.90-23.92 24.60-24.62
101 3,152
182 3,945 October
32,418
344 4,9.58 December 23.27-23.30 2.3.32-23.35 23.51-23.54 23.46-23.49 23.85-23.67 24.35-24.40
602 2,479
22 17.158
23,092
5 19.30
579 5,940
184 10,522 January 23.1523.23 bid 23.42 bid 23.36 bid 23.55 bid 24.30 bid
2 28,10
3,655 537,131 4,480 7.763 7.395 667,877 7,524 14,197 February _- -1,770 10,608
561 60,37
273 104,422 2,413 '24,842 llarch
11,26
143
187 April
--- 11,10"
Tor e•4,484
973 15,885
137 119,099
_
102,723
Quiet
19 98,473
133 4,664
-733 1,299 4pot
Steady
Quiet
Steady
Quiet
8 81,365
Steady
349 8,262
Firm
11 62.196
3,735 :lotions _ _ Steady
Steady
Steady
Steady
Steady
78,027 1,37
14,963 1,279 164,37 3.282 44,573
1,500 145,417 5,
10,752
10.291
_ _ 7,260
8,1
WEATHER REPORTS BY TELEGRAPH.
-Reports
1
9,277 880,78 13,295 58,746 .3,167 1.060,880 9,4 4 73,397 to us
by telegraph from the South this evening indicate that
62
-__ __ 63.534 ---186 generally the weather during the week has been favorable
__
208
586
45,791
27
3 5,213
12 3,883 and cotton
27 18.400
40 26,447
planting and cultivation have made fair progress.
848
61 39,796503
20 35,618
118
4,866 As a rule rain has fallen only during the latter part of the
48 83,047
47 122.832 -632 4,095
3,425,708 7,520 98,182 5.331 2,645,222 13,86 74,545 week and in
7,982
most cases precipitation has been light.
500
105
742
166
71,639
505 77.234
Galveston, Texas.
-Excellent progress has been made in
49,416
__ _ _
_
152
513
41,143
143 1,081
-16i 63,116
3,415 planting and cultivation of cotton. Chopping is progressing
227
-2i5 90,286
in the south and squares are forming on early planted
Total, 40 town. 32,671 7,039,386 55,7.58420.213 30,4077,055.50 80.319540.812
Ala.. Birming'm
Eufaula
Montgomery.
Selma
Ark., Helena..
Little Rock_ _
Pine Bluff. _ _
Ga., Albany _ _ _
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss.,Columbu
• Clarksdale _ _
Greenwood _
Meridian_ _ _ _
Natchez
Vicksburg -- Yazoo City- Mo., St. Louis.
N.C.,Gensboro
Raleigh
Okla., Altus_ _ Chickasha_ _ _
Oklahoma _ _ _
S.C.,Greenvill
Greenwood _
Tenn.,Memphi
__
Texas, Abilene_
Brenham- _ -.
Austin
Dallas
Houston _ _ _ Paris
San AntonioFort Worth_ _
801
25
274
51
The above total shows that the interior stocks have decreased during tilt week 23,115 bales and are to-night
120,599 bales less than at the same time last year. The
receipts at all towns have been 2,264 bales more than the
same week last year.
cotton in the lower coast section. Condition of cotton, as
a whole is good.
Ala.
-The weather has been generally favorable
with the exception of cool nights. Planting of cotton is
about complete. Chopping out of early cotton is being
commenced. Poor stands are reported in many localities.
*
Galveston, Texas
'Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria. La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile. Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston. S. C
Greenwood
Columbia
Conway
Charlotte, N. C
.Newbern
Weldon
Memphis. Tenn
Rain. Rainfall.
3 days 0.77 in.
1 day 0.82 in.
3 days 0.18 in.
3 days 0.22 in.
2 days 0.20 in.
_2 days 0.07 in.
1 day 0.15 in.
3 days 1.10 in.
3 days 0.65 in.
1 day 1.00 in.
3 days 0.22 in.
1.84 in.
1 day
2 days 0.05 in.
1 day 0.04 in.
2 days 0.74 in.
3 days 0.56 in.
1 day 0.28 in.
1 day 0.74 in.
dry
1 day 0.47 in.
dry
2 days 0.96 in.
2 days 0.10 in.
2 days 0.22 in.
1 day 0.33 in.
1 day 0.17 in.
2 days 0.67 in.
2 days 0.46 in.
1 day 0.77 in.
2 days 0.83 in.
dry
2 days 0.62 in.
2 days 0.74 in.
2 days 0.41 in.
3 days 0.78 in.
1 day 0.31 in.
1 day 0.64 in.
2 days 0.55 in.
1 day 0.03 in.
1 day 0.01 in.
dry
dry
2 days 0.56 in.
dry
3 days 0.39 in.
2 days 0.32 in.
dry
1 day 0.42 in.
3 days 2.36 in.
3 days 2.57 in.
1 day 0.57 in.
Thermometer
high 78 low 64 mean 71
high 86 low 46 mean 66
high 84 low 56 mean 70
high 94 low 60 mean 77
high 82 low 64 mean 73
high 85 low 50 mean 68
high 89 low 46 mean 68
high 85 low 43 mean 64
high 8.5 low 46 mean 65
high 85 low 46 mean 66
high 88 low 52 mean 70
high 86 low 46 mean 66
high 82 low 52 mean 67
high 91 low 46 mean 69
high 84 low 56 mean 70
high __ low 52 mean _
high 82 low 45 mean 64
high ss low 46 mean 67
high 86 low 48 mean 67
high 89 low 43 mean 66
high 84 low 44 mean 64•
high 88 low 43 mean 66
high 87 low 48 mean 68
high 87 low 50 mean 89
high 91 low 46 mean 69
high 87 low 52 mean 70
high 85 low 45 mean 65
high 83 low 60 mean 73
high 85 low 52 mean 69
high 90 low 46 mean 68
high 89 low 48 mean 69
high 91 low 48 mean 70
high 85 low 53 mean 69
high 82 low 56 mean 69
high 86 low 47 mean 67
high 86 low 54 mean 70
high 86 low 51 mean 71
high 86 low 47 mean 68
high 87 low 55 mean 71
high 87 low 58 mean 72
high 89 low 46 mean 68
high 89 low 50 mean 70
high 89 low 50 mean 70
high 88 low 59 mean 74
high 85 low 49 mean 67
high __ low 50 mean_
high 91 low 48 mean 't0
high 87 low 51 mean 69
high 90 low 53 mean 72
high 90 low 44 mean 67
high 84 low 46 mean 65
Receipts et Ports.
Since
Week. Aug. 1.
Bombay
-24.
1923
1922-23._
1921-22._
Other India
1923-24_ _
1922-23_ _
1921-22._
26,231
10.888
9.640
29,605
835,1754,047.828
800,678 1,261,591
775,51711,230,152
742,9081,203.182
16,194
4.358
22,214
11.540
41.596
47.508
43,543
30,115
690,6251,145.068
665,834 1.096,517
631,7561,043.089
604,3401,008,837
17,887 11,481 56,986
29,902 10.199 65.552
67 48.571
31,427
28,821 10,438 52,521
443,328 572,660 965.883 21.912
420.212 540.812 808.2111 11.157
.543,000
18,11. 179,000
27.4.4 212,000
.784.000
2,641,550
2,030,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
27,000 bales. Exports from all India ports record a decrease
of 36,000 bales during the week, and since Aug. 1 show an
increase of 142,450 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
44,416
65.467
71,259
63.962
586,349
555,542
517,534
486,199
is,000l 119.0001 424.000
9,000 152.000
4,0001
2.000 21,0001 164,000
3,000 12,000
4,000
2,000
Total all
40,000 254,0001,218,0001.312,
5,000 35,
-24
1923
__
22,000 640563 76,000 165,000 766.050 1,710,
1922-23...
15,0001 29.000 44.000 39,000 554,0001.437,
1021-22..
44.484
50.128
49.092
55.483
736,1331
696,682
662.025
623.832
Conti- Japan &
Total.
neat.
China.
2.000 23,000 - -- 25,000 135,0001 794.0001,312,00012,241,000
13,000 64,000 77,000 103,000' 551,500 1.710.500 2,365,000
11,000 29,000 40.000j 30,0001 402,000 1,419,000 1,8.51.000
5l.48
5.420 58.341
1923-24.
Receipts (cantors)
This week
Since Aug. 1
1922-23.
1921-22.
30,000
6,276,615
Alexandria, Egypt,
May 7.
85.000
6,599,865
38,000
4.979.089
Since
Since
Since
1Veek. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Reports (bales)
214,453
7.000 197.463
To Liverpool
155,696
184.226
To Manchester, &c
To Continent & India.. _ _ 7.000 227,774 8.550 279,285
203.251
102,678
To America
142.377
119,166
1.500 184,805.
156,202
14,000 812.141 8,550 853.685 1,500 602.550,
Totalexports
-A cantar is 99 Itas Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending May 7 were
30,000 cantars and the fore gn shipments 14,000 bales.
-Our report receiVed by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Merchants are not willing
to pay present prices. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
1921-22.
1922-23.
12s Cog
Testa.
Feb. d.
16 25%
22 24%
29 2414
Mar.
7 2454
14 25
21 25%
28 24%
April
4 2551
11 27
18 2654
25 2654
May
2 211):i
9 251.i
SC OSCO SOSO 000
57.54
87.972
17.842
34.815
Since
Week. Aug. 1.
Since August 1.
I
Great
Great Conti- Japan&
Rain. cent. China. Total. Britain.
Exports.
Stocks at Interior Towns. ReceiptsfrensPlantattoes
898.1901.089,756 1350,778
884,918 1.017.5651,418,643
823,8361 943,6691,391,466
789.3131 876.94811,360.134
Week.
Since
1.
&3.00013.007.000 80.000 3.075.000 71,000 2.826.000
For the Week.
1923-24 1922-2311921-22 1923-24 1922-23' 1921-22 1923-24 1922-23192122
Feb.
8__104,226 87.381 81.990
15-- 101,244 83,079 82.273
22-- 78,924 83.536 76,269
29-- 69,338 96,326 86.817
Mar.
7.... 69.874 83.369 84.833
14.. 43,809 82.005123,593
21_. 56,871 68.644 102.691
28.. 49,733 62.634 90,932
April
4__ 55,3701 63.854115,100
11_ 60,709 34,990 114,106
18_ 69,435 34.681101,999
25._ 58.548 35,743 86.760
May
2__ 64,783 28,589 94,458
0 44 272 25222124013
1921-22.
1922-23.
1923-24.
Mag 8.
Receipts at
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they Are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
wean
2337
THE CHRONICLE •
MAY 10 1924.]
8)( tbs. Shire- Corn
lees. Commas Mid.
We
Se Finest.
32s Cop
Tatar
s. d. d. d.
8. s. d.
2654 19 0 019 $ 17.74 21M
26 18 4 018 7 17.6522
26 17 7 018 2 17.1822
834 lbs. Shirt- Corn
ing*, Common Mid
s
UM'
to Finest.
s. d.
d.
d. s. ti.
22% 17 0 ®17 4 15.93
22% 17 0 017 4 16.34
22% 16 7 017 3 16.44.
2654 17 7
2634 17 6
27 17 6
2634 17 4
018 2
018 1
018
017 7
16.76 2234 @ 2334 17 1 017 6
16.75 17
@ 1854 15 534(816 3
17.09 2354 @ 2454 171 @176
16.01 2354 @ 244 171 @176
2754 17 6
29% 18 1
2854 18 3
28% 18 4
@180
018 4
018 6
019 0
17.68 234 ® 2454 17 0
18.96 2354 @ 2414 17 0
18.35 2254 @ 2334 17 0
17.70 2254 0 245 17 0
®17 6
017 4
017 9
®17 4
18.60
10.75
16.08
14.80
15.88
15.95
15.18
15.48.
2334 16 6 017 2 14.76
2854 18 3 018 7 17.3512234
The above statement shows: (1) That the total receipts
:1234 16 0 ®16 4 14.08
28% 18 3 018 7 17.37 2154
from the plantations since Aug. 1 1923 are 6,358,129 bales;
-As shown on a previous page theSHIPPING NEWS.
in 1922-23 were 5,499,603 bales,and in 1921-22 were 4,961,830
bales. (2) That although the receipts at the outports the exports of cotton from the United States the past week have
past week were 44,272 bales, the actual movement from reached 41,664 bales. The shipments in detail, as made
plantations was 21,157 bales, stocks at interior towns up from mail and telegraphic returns, are as follows:Bales.
having decreased 23,115 bales during the week. Last year NEW YORK-To Havre-May 2
3
-Andalusia. 927.. May 2,127
receipts from the plantations for the week were 5,420
Independence Hall, 1.200
6,042
-Brazil Marts. 6,042
-May 3
To Kobe
bales and for 1922 they were 56,348 bales.
3,065-May 2-Celtic 3,065
To Liverpool
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1923-24.
Week.
Season.
1922-23.
Week.
Season.
3,520,382
3,427,705
Visible supply May 2
2.024,671
3.760,450
Visible supply Aug. 1
105,032 10,719,795 119,773 10.503,241
American In sight to May 9._
53,000 3.007,000
80,000 3,075,000
Bombay receipts to May 8
15.000
543,000
9,000
276,550
Other India shipm'ts to May 8_
6.000 1,254,600
17.000 1,317.800
Alexandria receipts to May 7....
9.000
339.000
10,000
'
314.000
Other supply to May 7_ 1..6 _ _
Total supply
Deduct
Visible supply May 9
3.708,414 17.888,066 3,663,478 19,247,041
3,425,050 3.425.050 3,271,190 3,271,190
283.364 14.463.016 392,288 15,975,851
Total takings to May 9-a
192,361 9.826.416 219.288 10,754,301
Of which American
°l.000 4.636 600 17 000 5.221.550
'
Of which other
from Brazil, Sm;\ ma. mt Indies. &c
* Embraces receipts in zurope
a This total embraces since Aug. 1 the total estimated er nsumrlon by
09
Southern mills, 3, 9,000 bales in 1923-24 and 3.361.000 oalea in 1 22-23takings nut being available-and the aggregate amounts taken by Northern
and foreign spinners, 11,164.016 bales n 023-24 and 12.614,851 bales in
1922-23. of which 6,527.416 bales and 7,393,301 bales American.
b Estimated.
-Bolivian, 5
-May 2
To Manchester
.May 5To Bremen-May 5--Geo. Washington, 2,600Yorck. 1.500
-May 6-Kolsmaren, 116_
To Gothenburg
-Eastern Dawn, 105
To Rotterdasn-May 6
To Copenhagen-May 7-Hellig Olav, 168
-May 2
-Ala, 100
To Antwerp
-To Rotterdam-May 1-Sapinero, 67
NEW ORLEANS
-May 2-Braziller, 1,125
To Ghent
-May 2-13razilier, 250
To Antwerp
-De la Salle, 500
-May 5
To Havre
-West Totant, 3,865
To Bremen-May 6
-West Totant, 400
To Hamburg-May 6
-Infanta Isabel, 1,159
To Barcelona-May 6
-West Chetala, 2,550-GALVESTON-To Barcelona-May 3
To Japan-May 4-Heffron. 4,169
To China-May 4 Heffron, 325
-Lowther Castle, 950
-May 8
To Ghent
-May 8
-Lowther Castle, 275
To Antwerp
BOSTON-To Liverpool-April 26
-Darien, 559- _April 29West Cohas. 175
To Hamburg-April 26
-West Campgaw, 132
-To Manchester-May 8-Afoundria, 270
MOBILE
NORFOLK-To Bremen-May 5-Hornfels, 6,097
To Manchester
-May 7-Blair, 983
To Murmansk-May 9-Eidshorn, 1.200
SAVANNAH-To Havre
-May 8-Saccarappa, 78.5
Total bales
&
4,100.
116
105
168
100
67
1,125.
250,
500
3.865
400
1.159
2.550
4,169
325
950
275
734
132
270
6.097
983
1.200
785.
41,664
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High
StandStandHigh
StandS
DensItg.
Density. ard.
ard.
Density, ard.
.40c. Stockholm .50c. .65c. Bombay
.50c. .6:..e.
Liverpool .256
Manchester .25c. .40c. Trieste
.450. .60c. Gothenburg
.40c. Flume
.350
.50c
.450. .60c. Bremen
INDIA COTTON MOVEMENT FROM ALL PORTS.- 'LI=
.50c. Lisbon
.50c. .65c. Hamburg .2734c. .4234c.
.
.250. .40c. Oporto
.oUc. .75e.
.750. .90c. Piraeus
The receipts of India cotton at Bombay and the shipments Havre
.40c. Barcelona .30c. .45c. Salonica
en
.50c. .75e
from all India ports for the week and for the season from , ijotram :Lt.. .350, Japan
.4214c. .5754c.,
Christiania .40c. .55c. Shanghai .42340. .57540.'
Aug. 1, as cabled, for three years, have been as follows:
:M .
2338
-
THE CHRONICLE
DroL. 118.
LIVERPOOL.
-By cable from Liverpool we have the fol- 75% of the crop is jointing except in the northwest and exlowing statement of the week's sales, stocks, &c., at that port: treme northeast counties. Fly damage so far has been
light." Minneapolis wired: "Very light receipts in the
April 18. April 25.
May 2.
May 9.
Sales of the week
26,000
28,000
39,000
39,000 Northwest, but even though milling business is light, wheat
Of which American
14.000
15,000
26,000 stocks continue to decrease
21,000
rapidly. Northwest seeding is
Actual export
2,000
5,000
3,000
7,000
Forwarded
38,000
55,000
62,000
54,000 practically completed. Reports are generally favorable, but
Total stock
599,000 588,000 569,000 565,000 there is a lack of subsoil
moisture over the Northwest with
Of which American
342,000 326,000 311,000 302.000
Total imports
22,000
42,000
47,000 the exception of sections in Red River Valley." Winnipeg
36,000
Of which American
9,000
12,000
22,000 wired May 5: "Raining, snowing, sleeting,
15,000
practically genAmount afloat
107,000 115,000 132,000 114,000
Of which American
36,000
44.000
61,000
45.000 eral all over three wheat Provinces to-day. This will set
back seeding for a while again." One thing that tended to
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of cause a decline was a report that the Argentine strike had
been settled. Also, a Washington dispatch said that Presispot cotton have been as follows:
dent Coolidge had made it clear that he wanted no legislation that would increase public expenditures. He said he
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
Friday.
would insist on his opposition to the Bursum Pension Bill,
Market,
which he vetoed, and indicated his opposition to the McNaryQuiet.
Quiet.
Dull.
More
12:15 4
Moderate
Haugen Farm Relief Bill in its present form, as it carried
demand. demand.
P.M.
Quiet.
a $200,000,000 appropriation. This was taken to heart by
17.00
16.96
17.06
Mid.Upl'
17.02
17.12
17.37
some of the bulls and others and they sold. Wheat was also
5,000
Sales
6,000
3,000
10,000
7,000
5,000
affected by the weakness in corn. The contract stock in
Chicago public elevators was 4,547,000 bushels, an increase
Quiet
Futures.
Quiet
Quiet
Steady
Steady
Barely lipts.dec.to 12to 17 tits. st'y 14 to 2 pts. adv. 11 to 16nts. in a week of 115,000. In
Market
Liverpool on the 6th inst. wheat
opened
steady.
1 pt. adv. advance. 25 pts.adv. to2pts.dec. advance.
rallied after a dull opening on a good demand from shorts,
Quiet
Quiet but Barely st'y Steady Very ste'dy Steady
Market.
owing to fears of a protracted labor strike in Argentina;
4
11 to 17pts. steady 6 to 7pts.dec.to 15 to 39pts. unch. to 18to Mts.
also owing to a better millers' demand with shippers' "offers
decline. 22 t.ts. dec. 2 pts. adv. advance. 10 pts.adv. advance.
P.M.
very firm." The Canadian visible supply decreased 10,404,000
Prices of futures at Liverpool for each day are given below: bushels following a decrease of
10,000,000 last week. The
total is now 8,650,000 smaller than last year. Reserves in all
Mon.
Sat.
Tues.
Wed.
Thurs.
Fri.
positions, as some regard it, are ample, but the rate of deMay 3
12K 12Si 12K 4.1 s 123i 4
to
12K 4: 12h 4
12K 4:00 crease suggests a foreign demand larger than was generally
May 9.
p. m.p. m.p. m p. m.p.m.p. m.p. m.p. m.p. m.p. m.p. m.p. m. believed
and the suppression of news in regard to it. Some
d.
New Contract- d.
think it furnishes a substantial foundation for North Amer- .
d.
d.
d.
d.
d.
d.
d. d.
d
d
_ 16.91 16.85j16.69 16.81 16.6216.8717.01 17.02117.11 17.2717.33 lean prices.
May
Minneapolis wired May 6: "Northwestern
June
.
16.71 16.6616.5 16.6316.4 16.6 16.84 16. 16.97 17.0 17.15
_ 16.3516.2916.13 16.26116.14 16.3316.44 16.43 16.4 16.6216.70 wheat markets getting stronger. The undertone is better,
July
August
15.52 15.4 15.54 15.44 15.6 15.74 15.7 15.7715.8 16.00 both in the pit and in the cash
market. Cash wheat conSeptember --------14.8214.80 14.7 14.88114.7 14. 15.01 15. 15.0315.1 15.32
October
.14.1714.16 14.0 14.24 14.1 14.31 14.3514.34 14.3714.4 14.64 tinues to advance in premiums, selling better than 20c. over.
November ---- ----13.84 13.8 13.7 13.91 13.83 13.9 14.01 14. 14.03 14.14 14.31 Receipts are very light and any improvement
in the flour
December
__ __ 13.7313.7 13.6 13.81 13.74 13.8 13.9 13.91 13.93 14.0 14.22
January
- 13.62 13.6 13.5 13.71 13.64 13.7%13.8 13.81 13.83 13.9 14.12 market is bound to be reflected in prices here. We have a
February
__ _ _ 13.5 13.5313.4 13.6 13.5 13.70113.74 13.72 13.7413.86 14.03 long way to go before we get a new crop and supplies
here
March
.13. '13.5 13.4413.61 13.53 13.68 13.71 13.69113.71 13.83114.00
_ _ __ 13.4 13.4 13.3 13.5 13.4 13.6213.63 13.61113.6 13.78113.03 are fairly large, yet they are beginning to decrease at the
April
rate of over 100,000 bushels a day and will disappear rapidly
before we get.a new crop." Broomhall said: "The recent
shipments have had the effect of quieting the grain market
BREADSTUFFS
here. Previously the good Continental and English purFriday Night, May 9 1924.
chases had resulted in general firmness. Now, that quantiFlour has been pretty much the old sfory; trade dull and ties
prices, it is said, now and then giving way. Yet whenever ing afloat and weekly exports are so large, buyers are backaway and are more confident of future supplies. Very
wheat steadied flour did the same within certain limits. latest Investigation
But buyers stuck to the policy of buying only small lots. tinent will require s confirm our contention that the Conliberal supplies of foreign wheat before
That was plain. Some milling centres stressed the high harvest time.
The
premiums on good milling wheat. Also, mill feed fell 50c. ward and the 1924 weather throughout Europe is still backharvests will most probably be later than
to $1 per ton early in the week. That, of course, added to normal. No serious
damage has been reported from winter
the output cost of flour. These things hit the mills both kill and lack of moisture
to give crops a favorable start."
ways. In the popular phrase they get it going and coming. As regards the Chicago
Board of Trade, the Chicago "TribAnd export business has been of only fair size. Recently une" said: "While
the
sales have been made to Hamburg, Danzig and the Near action of Congress on uncertainty exists as regards the
the numerous anti-exchange bills,
East. Greece was said to have bought durum clears mod- there is no disposition on
the part of grain interests to exerately. Greek mills have had to lower prices for their best tend their lines, and
the
grades and raise them for their lower grades in meeting Under such conditions trades are closely evened up daily.
a drastic change in prices in either
Canadian prices. Later in the week millers were firmer ers and the grain
trade alike." The traders on the exthan they seemed to be earlier, though trade remained quiet. direction might come
Wheat declined with Liverpool lower on an increase in changes help to carryunexpectedly. It is costly to the farmthe crop. On the 8th inst. prices fell.
last week's quantity on passage of 4,000,000 bushels, also The Government
report showed a crop of 553,013,000 bushels,
large world's exports and a decrease in the American vis- or 7,000,000
ible supply, smaller than expected, that is 1,320,000 bushels. had little bushels less than the average private report, It
or
To be sure, it was 500,000 bushels larger than in the same strike had no effect as against reports that the Argentine
been
week last year. The total is now 51,461,000 bushels, against due to large officially settled and a decline in Liverpool
offerings from Canada. Winnipeg was de43,694,000 a year ago. The North American available supply pressed
by the liquidation of outstanding accounts by a firm
decreased 7,052,000 bushels, but this fell flat, for export which was
demand was reported small. Winnipeg, which seems to be hampered retiring from business. Export business was
by falling foreign exchange. The Government put
gradually eclipsing Chicago as a big speculative grain centre, the crop on May
1 at 553,013,000 bushels, against 578,387,000
was closed on the 5th inst., and this, significantly enough, last year and
586,204,000 two years ago. The winter was
tended to check trading in the American markets. Poli- less severe on winter
wheat, the abandonment of acreage
ticians will be called to account by the farmers themselves having been 2,624,000
acres, or 6.6%. To-day prices adwhen the pernicious 'effects of their interference with the vanced. Shorts, the
operations of the modern grain trade are brought Government report. more they thought of it, disliked that
normal
They called it in many cases less favorhome to the tiller of the soil. The world's exports last week able than they had expected.
Liverpool, however, was
to
19,413,000 bushels, against 13,545,000 in the previous %d. lower, regardless of
were
the American crop report, for Ausweek and 13,440,000 last year. The amount of wheat on tralia shipped more than last week,
its total being 4,152,000
passage was reported at 71,872,000 bushels, against 67,840,- bushels. Yet prices end for the
week at Chicago at % to
000 in the previous week and 51,776,000 a year ago. Talk 133c. lower.
to the effect that Germany might get credits in the United
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
States following the election tended to steady prices at one
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_1203i nog 121
12034 120.4 121K
time early in the week. Export business on the 6th was esti- No. 2
mated at 300,000 to 500,000 bushels of Manitoba, with ru- DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
mors current of a fair business in durum. Winter wheat May delivery-in elevator
cts_10334 104
1044 1043i 103K 104
crop conditions continued favorable. Winnipeg May at one July delivery in elevator
1063i 106% 106% 1064 105K 106
time was only %c. under Chicago May, the narrowest dis- September delivery in elevator----107h 107K 107% 107K 108K 107
count on the crop, but closed that day at 1%c. under. ChiIndian corn declined sharply with a fall in cash prices.
cago reported a larger milling demand. Bradstreet's figures On the 7th inst. futures fell 1% to 2c. Heavy selling
took
North American visible supply fell off over 10,000,000 place, for receipts were larger, the demand was
on the
sluggish awl
bushels for the week and the world's visible decreased about considerable further planting was expected. A
small de5,000.000. A sharp rise in Liverpool was due to fears of in- mand came from England. Export business
early
terruption with the export movement from Argentina. The week amounted to 110,000 bushels. The American in the
Kansas City "Star" said May 7: "Several lots of light test supply decreased last week only 1,729,000 bushels, visible
weight cash wheat reported sold to Chicago elevators in the 3,280,000 in the same week last year. It brings against
last few days. One lot of 100,000 bushels is known to have down to 17,978,000, against 19,050,000 a year the total
ago. But
been sold." The Kansas weekly report said: "Last week larger marketing and cash dulness were the
was favorable for wheat in all parts of the State. Fifty to tors, with the probability of some increase paramount facin the r.creage.
MAY 10 1924.]
THE CHRONICLE
2339
On May 1 the area of winter wheat to be harvested was about 36,898.000
Deliveries on contracts at Chicago early in the week were
acres, or 3.035,000 acres (7.6%) less than the acreage planted last autumn
very small; the total available supply fell off 1,666,000 and 2.624.000 acres (6.6 7) less than the acreage harvested last
year.
bushels. Chicago sold 125,000 bushels to go to store. In viz., 39,522,000 acres. The average harvested acreage of the past ten
years was
acres.
Kansas planting made good progress. Dayton, Ohio. wired of planted 39,222,00010.6. The ten-year average per cent abandonment
acreage is
The average condition of winter wheat on May 1 was 84.8, compared
corn scarce. World's exports last week were 6,003,000,
with 83.0 on April 1. 80.1
against 4,483,000 the previous week and 2,781,000 last year. past ten years on May 1. on May 1 1923, and 86.3, the average for the
A condition of 84.8% on May 1 is
The closing down of a corn milling concern and the report of a yield per acre of approximately 15 bushels, assuming average indicative
variations
thereafter.
that others would do the same hit the price hard on the 7th to prevail bushels. OnThe ten-year average actual yield per acre has
been 15.2
the estimated area to be harvest, 15 bushels
Inst. The weather has been very favorable for planting. In per acre would produce 553.013,000 bushels. or 3.4% less than in 1923.
Chicago it was said early in the week that cash corn was on 5.8% less than in 1922, 7.9% less than in 1921, and 7% less than the
average of the past ten years. The final out-turn of the crop may be
a delivery basis. Purchases of No. 2 corn to arrive were larger or smaller than the amount given according as conditions during the
made at prices permitting such operations. Contract stocks remainder of the season prove more or less favorable to the crop than in
an average year.
in public elevators in Chicago were 1,626.000 bushels, a deThe average condition of rye on May 1 was 88.2, compared with 83.5
crease of 203,000 in a week. To-day prices advanced, acting on April 1, 85.1 on May 1 1923, and 90, the average for the past ten years
on May 1. The condition on May 1 forecasts a production of about
oversold. May shorts in Chicago were nervous. Mere ex- 61,739.000 bushels, compared with 63,023,000 bushels, last
year's proport demand was reported. It was said that fully 200.000 duction. 103,362,000 bushels, the 1922 production, and 66,370,000 bushels.
bushels had been sold for shipment from Buffalo and Du- the average crop of the past ten years.
luth. Also, the weather was cold and wet at the West. The
WHEAT PRODUCTION IN INDIA.—The United States
cash demand was at least fair. Shorts became alarmed and Department of Agriculture has issued a statement, compiled
covered. The ending for the week, however, still showed a from cable advices from the Indian Department
of Statistics,
Ac.
net decline of VA to 17
•
which shows the estimated wheat production in India.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
The report is as follows:
Sat. Mon. Tues. Wed. Thurs. Fri.
The first official forecast of
production for
No. 2
cts_ 97% 96% 96% 96
95% 95% 387,000 bushels, compared withIndian wheatbushels revised 1924 is 375,369,152,000
final estimate
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. for 1923, according to a cablegram from the Department of Statistics of
Sat. Mon. Tttes. Wed. Thurs. Fri. India to the United States Department of Agriculture. The Indian wheat
May delivery in elevator
cts_ 77% 78
77% 75% 76
7734 harvest is not yet completed, and this forecast is subject to revision. The
July delivery in elevator
7834 78
78% 77
7634 7734 next official estimate will be issued the last of May and the final estimate in
September delivery in elevator_ _ - - 783ii 7834 7831 76% 76% 77% August.
Stocks of
commercially estimated to be only moderte.
Oats declined, though they stood up better for the most Informationgrain on hand are indicates
received to date
that the exports of wheat
last
part than other grains. The visible supply decreased last year's crop will amount to approximately 27,000,000 bushels. Onfrombasis
the
week 1,033,000, against 1,392.000 last year. and the total is of last year's experience, therefore, should the crop turn out to be equal to
the first forecast. India would have
now down to 10,716,000, against 20,540,000 bushels a sear 000 bushels, the Department says. an exportable surplus of about 30,000.Grain exports
ago. Moreover, it was said that 1,000,000 bushels of Cana- exports from any from India are subject to greater fluctuations than are
other large surplus producing country, the exportable surdian oats were sold early in the week to the United King- plus of wheat in any year being affected by the rice crop and by the prosdom and Antwerp. That helped. A certain indiviuuality pects for the next wheat crop.
characterized the Chicago market; it was steady on its own
initiative. With the visible supply only about half as large
as that of a year ago it is not difficult to understand the
refusal of this grain to be pulled down as other grain was.
Public elevators at Chicago have 2.014.000 bushels of contract oats, an increase for the week of 8,000. Moreover, export sales were reported on the 7th inst. of 200,000 bushels.
To clinch the nail the home cash demand was good at times
and offerings were small. New Zealand was at one time
inquiring for Canadian oats, hut the actual business was
with England and Antwerp. Deliveries on contracts were
small and the crop movement light, despite good weather.
The Kansas weekly report said oats were in good shape, although rain would help in the northern part of the State.
To-day prices advanced somewhat. The advance was slight.
There was nothing to give the market any special filip. Last
prices showed May at the same level as a week ago,
with
later deliveries / to %e. lower.
..
1
4
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tu.s. Wed, Thu-s. Fri.
as_ 5834 5834 5831 5831 5831 5831
DAILY CLOSING PRICES OF OATS FUTURES
IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 46
4634 47
4731 47
July delivery in elevator
4431 4434 44!1 4434 44
44
47Y$
September delivery is elevator_ _ _ 40
4034 4034 4034 3934 40
No. 2
DISTRIBUTION OF CANADA'S WHEAT CROP OF
1923.—The Department of Commerce at Washington in its
"World Trade and Crop Notes" has made public a statement
as to the distribution of Canada's wheat crop for 1923,
waich is as follows:
Of Canada's total wheat crop, amounting to 474 million bushels,
455.000,001) bushels were merchantable—that is, 96% of the crop.nearly
The
loss in clearing was 19,000,000 bushels. The carry-over was 11,750,000
bushels: the imports. 675.000 bushels. The net quantity available for distribution was, therefore, 448,000,000 bushels. The domestic requirements
are 160,000,000 bushels. The actual exports for the seven months ended
March 31 1924 were 199.000.000 bushels, leaving a balance of 149,000.000
bushels on April 1 1924. The visible supply on March 31 is 131,738,000
bushels. Estimating that 25,000,000 bushels will be required for food
between now and Aug. 31, will permit the exportation of nearly 137,000.000
bushels, or total exports for the year of 366,000,000 bushels. The amount
In farmers'hands is 70.755,000 bushels,from which seed must be provided.
CROP CONDITIONS IN NORTH CAROLINA.—The
Department of Agriculture at North Carolina, in its summary of crop conditions in North Carolina for the period
April 15-30, made the following comments:
Weather.—The early part of April was cool and wet in North Carolina,
but since the 15th it has been unusually favorable for farm work in most
sections. The lower Piedmont counties report some heavy rains and the
upper l'iedmont section reports the weather as cool and windy, but in
general it has been ideal, with clear, warm days. There have been no
reports of any damaging frosts during the last 15 days, though several
counties in the central coastal areas report several light frosts.
Coteon.—The cotton acreage in North Carolina is being Increased this
year. Some planting has been done: some, earlier than usual; some is
coming up, but, in general, the work is late. A little over 10 or 15%
of the crop has been planted. Farmers all over the State's cotton belt
report prcspects for a good cotton crop.
Tobacco—Most counties report decreased acreage in tobacco. Plants
are plentiful but are small and late. Tobacco planters in the southeastern
counties say that their tobacco acreage will be about the same as last year.
General.—Farmers seem very optimistic of their ability to cope with
the situation this year. They are in good shape financially and many
report that they are paying cash for their fertilizers and other supplle.
Farm labor has not been very plentiful. Good weather, good roads and
better business conditions are encouraging. We are expecting the boll
weevil in full force this year, but, in spite of them. the increased acreage
in cotton is evidence of the farmer's belief in his ability to overcome them.
Many report that the marketing of their produce is made easy by the
help of their county agents. Considerable idle land is reported in the
southern coastal section. In general, the outlook is good in all of the
sections of the State.
Rye declined as other grain prices gradually fell. Also.
the technical position was weaker. Shorts had covered.
The market lacked staying power. The decline in
wheat
had a noticeable effect, especially as trade has
been slow.
The American visible supply decreased last week
617,000
bushels, against 448,000 in the same week last
year. It
leaves the total 20,374,000 bushels, against 19.011,000
a year
ago. Export trade was light, if there was any
ness in wheat affected rye more than did thatat all. Weakday prices advanced with the rest of the grain in corn. Tolist. But the
situation developed no special features of
interest. Final
prices show a loss for the week of 1 to 1%c.
The Government put the crop as 61,739,000 •bushels, which
WEATHER BULLETIN FOR THE WEEK ENDING
is smaller
than last year's by 1,284,000 bushels.
MAY 6.—The general summary of the weather bulletin
•
DAILY CLOSING PRICES OF RYE
FUTURES IN CHICAGO,
issued by the Department of Agriculture, indicating the inSat. Mon. Tues. Wed.
May delivery in elevator
cts, 664 64% 74% 64% Thurs. Fri. fluence of the weather for the week ending May 6, is as
6334 64%
July delivery in elevator
67% 66
67
66% 6634 66% follows:
September delivery in
elevator-
- 69%
68%' 69
The following are closing quotations:
68%
68% 68%
FLOUR.
spring patents
$6 104$6 60 Rye flour, patents
Clears,first spring
2400@2440
5 00 5 50 Seminole No.2 lb
4
Soft winter straights_ _ _ 5 0Ott 5 30 Oats goods
hard winter straights__ 5 66t 6 10 Corn flour
M%233 3
Hard winter patents --- 6 10c 6 60 Barley goods
4
0
-Hard winter clears
4 85 5 73 Nos. 2.3 and 4
4 00
Fancy Minn. patents— 7 45 810 Fancy pearl N
os. 2.3
City mills
7 70l 8 20
and 4
65
0
GRAIN.
Wheat, New York:
Oats:
No. 2 red,f.o.b
121% No. 2 white
58%
No. 1 Northern
138%
No. 3 white
%%
No.2 hard winter. Lo.b—__120% Rye, New York:
o2 c.l.f
76%
Corn:
Chicago. No. 2
No.2 mixed
95% Barley, New York:
No. 2 yellow
96I%Malting
91 096
I Chicago
78 682
For other tables usually given here, sea page 2275.
AGRICULTURAL DEPARTMENT REPORT
CEREALS, &C.—The report of the Department of ON
culture showing the condition of the cereal crops on AgriMay 1
was issued on the 8th inst. and we give below
a
summary for winter wheat and rye. The report in general
full by
States will appear next week.
A storm that was central over the southern plains at the beginning of
week moved northeastward, with increased intensity to New England the
by
the morning of May 1. It was accompanied by precipitation in nearly all
sections from the Mississippi Valley eastward, and by destructive local
windstorms in ,..he South and Southeast, with strong winds and gales along
the north Atlantic coast. Otherwise the weadfer was generally fair during
the week, although there were showers from the Lake region eastward the
latter part. Temperatures were comparatively uniform, though low for
the season in the East during the middle and latter parts of the week.
Chart 1, page 4, shows for the week, as whole, that the temperature
averaged nelow normal from the extremea upper Mississippi and Ohio
valleys eastward, especially in the western upper Lake region where the
weekly means were b degrees to 9 degrees
seasonal average. It
was cool also in the Southwest, while the below the
slightly below
temperature
normal in most other portions of the South. Elsewherewas
it averaged shove
normal, the greatest plus departures tying in the Missouri Valley and
western plateau districts. East of the Rocky Mountains freezing weather
was confined to the more northern sections, and
West the line of
freezing did not extend as far south as during thein the
preceding week.
Chart II shows that rainfall was moderately
Arkansas and
southern Missouri eastward, and also in parts heavy from
of the Florida
elsewhere the totals were generally light to moderate. The Peninsula:
week was
cloudy from the Ohio Valley northeastward, but otherwise the percentage
of sunshine was high, as a rule.
The first part of the week was unfavorable
Missouri and Ohio valleys southward, but the for field work from the lower
latter part was fair. sunshiny
and more favorable. The soil was too wet also in the Northeastern States
north of Maryland and West Virginia, and the
of
spring planting made slow progress in that area. preparation the soil and
weather
was generally favorable for outdoor operations andElsewhere farm
seasonable
work
made good advance.
1111
It continueed too cool for good growth of vegetation in nearly all
sections
east of the Mississippi River, and also in west Gulf districts where
the
nights especially were cool. Good growing weather prevailed,
however, in
2340
THE CHRONICLE
the central Great Plains and in the lower Missouri Valley. and the higher
temperatures were favorable in the Western States. There was sufficient
rain to benefit crops in the northwestern Great Plains, especially in Montana, and the warmer weather following the recent rains in the Southwest
improved conditions in that area.
At the close of the week soil moisture was sufficient for present needs
quite generally east of the Mississippi River, except in parts of Illinois,
locally in the Gulf States, and along the south Atlantic coast. In the transMississippi area from Missouri and Kansas southward there was also
sufficient moisture, but rain was needed in South Dakota and Nebraska,
northern Missouri, and Iowa, especially in the last-named State. Drought
was becoming severe also in most sections west of the Rocky Mountains,
particularly in the more northwestern States.
SMALL GRAINS.—Except in the area west of the Rocky Mountains,
and in a few sections in the North-Central States whore it was too cdry.
winter wheat was favorably affected by the weather of the week quite
generally. Progress was reported as satisfactory in the Ohio Valley States,
though the condition remained poor and spotted in many localities. Good
advance continued in the area between the Mississippi River and the
Rocky Mountains, although growth was slow in Nebraska and only fair in
Iowa because of deficient moisture. The bulk of the wheat crop is jointing
in Kansas and jointing was reported from southern Missouri. Good growing
weather for wheat prevailed in the Atlantic coast area, but it was much too
dry in the producing districts of the far Northwest.
Late sprWg wheat seeding advanced rapidly. This work has been practically completed in the principal producing sections, and weather was
a satisfavorable for the early-sown grain which has come up generally to but the
factory stand. Oats need rain badly in Iowa and parts of Illinois, Great
crop is coming up nicely in Ohio, and is improving steadily in the made
Plains. except in a few sections where it is too dry. All small grains
satisfactory advance in the South. It was too cool for best growth of rice
in Louisiana, but conditions were favorable for this crop in California where
some flooding is being done. Flax seeding was begun in the extreme northwestern Great Plains.
the
CORN.—Planting made good progress in the western portions of was
corn belt, under favorable weather conditions, although moisture well
Valley. In Missouri planting was
needed in the upper Mississippi
advanced northward to the Missouri River and excellent headway was made
but
In the Great Plains States. This work was begun in northern Illinois, less
there was llttle planting done in Indiana and Ohio where conditions were
favorable for field work, and it was too cool for germination. Early corn
west
did fairly well in the Southern States, though growth was slow in
in
Gulf districts because of cool weather. Planting made excellent progress
the Atlantic Coast States from Virginia southward, and early corn is generStates preparations of soil
ally up to a good stand. In the other Atlantic
made slow iprogress.
COTTON'.—it was rather too cool for the best growth of cotton in most of
the South, although temperatures were more favorable in the Atlantic coast
cendistricts. Rain the first part of the week interfered with field work in
tral and eastern portions of the belt, but otherwise conditions were favorable for planting, replanting and cultivation. Cotton made poor progress
central
in Texas because of the cool nights, and stands are irregular inweather and
for
northern portions of the State, due to recent unfavorable
germination; the general condition of the crop is fair. Early cotton shows
was under way in all sections.
fair to good stands in Oklahoma,and planting
early
This work had been completed in most parts of Arkansas where the
crop shows irregular stands, ranging from poor to very good.
except that the nights
It was mostly favorable for cotton in Louisiana,
were rather too cool. More warmth and sunshine are needed in Tennessee
was needed.
where planting was delayed by rain and warmer weather though there
Conditions were fairly favorable in Mississippi and Alabama,
were complaints of poor to only fair germination in Mississippi, with
delayed in
irregular stands in Alabama. In Georgia planting was further
thoguh
the northern portion, but elsewhere the weather was more favorable,
Stands were generally good in
growth was slow with much replanting.
North Carolina,
South Carolina and favorable reports were received from
Planting was
though moisture was needed for germination in some sections.
in Caliwell under way in Virginia and the warmer weather was beneficial seedand
fornia. Chopping was begun in the Salt River Valley of Arizona
Mexico.
ing was well along in New
Planting
Virginia.—Richmond: Week very favorable for farm work. grass imcotton well under way with bulk of crop planted. Grain and
crop
practically finished in interior; local
proved. Planting early potatoes
some
good in southeast. Tobacco plants in good condition, except
Fruit prospects excellent.
damage.
Weather
North Carolina.—Raleigh: Few reports oflocal storm damage. excellent
conditions generally favorable and planting of cotton made
well,
on coastal plain and coining up fairly
progress; nearly completed
tobacco.
but more rain needed for germination and for transplanting
strawberries.
Truck and fruit doing well; shipping lettuce, asparagus, and
by local
South Carolina.—Columbia: Much loss of life and property
storm areas.
storms in central and north with considerable crop loss in south with
corn stands are generally good in east, central and
Cotton and
central
chopping and cultivation becoming general; planting continuesrapidly.
and- north. Tobacco and sweet potato transplanting progressing plain.
needed in many sections of coastal
Minor crops improved, but rain
local storms caused much damage to city
Georgia.—Atlanta:
cotton
property, but little to crops, except locally to orchards. Planting slow
growth
and corn very backward in north, elsewhere better progress;stands someand much replanting and chopping of cotton proceedink, and
what uncertain. Transplanting sweet potatoes beginning. Fruit generally
developing favorably.
Florida.—Jacksonville: Progress and condition of cotton Very good,
some
but some damage in north from storms; chopping progressed and
to
replanting done. Corn, oats, cane, peanuts, and tobacco made fair
except rain needed on uplands. Tomatoes and other
good progress,
damage by
truck doing well. Potato digging continued in north; some
hall and heavy rains. Citrus good condition.
Alabama.—Montgomery: Severe local storms destroyed considerable
backward;
property and damaged crops locally. Vegetation generally well. Satcorn, spring oats, potatoes, truck, and pastures mostly doing
other
suma trees improving, but most trees below average conditions;south;
fruits doing well. Cotton planting finished in some sections of from
Stands in south irregular varying
progressing slowly in north.
up slowly
poor to very good; chopping progressing in south, but coming
north.
made fair progMississippi.—Vicksburg: Cotton and corn planting
account some
ress with germination poor to fair in south and central good to fair:
inferior seed. Progress of gardens, pastures, and truck
needing rain in south.
rains
Louisiana.—NOW Orleans: Week favorable, but previous heavy Cotlocally.
injured stand
prevented much farm work and chopping, but of cotton
most nights too cool for
replanting progressing; some
ton
replanted
best growth. Corn and truck growing fairly well; some corn
and early being worked.
vegeTcxas._tiouston Week favorable for field work, but growth of
winter wheat,
tation rather slow. Condition of ranges, truck, fruits, planting and
corn mostly good; progress only fair. Cotton progressing in
oats, and
cultivating made excellent progress, with chopping out
section. Stands
south and squares forming on early-plant,.d in lower coast
to crusted soil and unfavorable germinairregular in central and north duecrop, as a whole, fair due to cool nights.
of
tion. Condition and progress
Amarillo: Ranges greening rapidly and livestock improved.
Oklahoma.—Oklahoma City: Weather favcraile and crops generally
and condition of winter wheat generally
made good advance. Progress
jointing in extreme north. Plantiag corn progressed
fair to excellent: replanting and early-plahted ban;cultivated. Planting
rapidly with much
under way in all sections; early-planted in Bluth
and replanting cotton
barley, potatoes, alfalfa. aid pastures good.
fair to good stand. Oats, Cotton planting made poor in ogress first
Arkansas.—Little Rock:
wet soil, but very good latter pertion; nearly completed,
of week due to
in many localitias due to cold and wet
except in north. Stands poor
ground, but very good in others and condition
soil, overflows, and packed
Progress and condition of corn very good in nearly
usually very good.
for small grains, meadows, pastures, truck,
all portions. Very favorable
fruit, and berries.
Warmth and sunshine needed. Progress of
Tennessco.—Nashville: cold for satisfactory germination. Corn plantcotton planting slow: too
interrupted, but fairly well advanced; germination
ing and cultivation winter wheat fair to very good; condition poor to
good. Progress of well.
fair. Potatoes doing
and gardening delayed; corn plant•
Kentucky.—Louisville: Plowing winter wheat poor to fair and spotted
Condition of
ing getting behind. becoming weedy; progress very good. Tobacco plants
on fields which are
improving and furnishing fair grazing.
small, but growing fine. Pastures
development.
Early vegetables somewhat slow
[VOL. 118.
THE DRY GOODS TRADE
Friday Night, May 9 1924.
Quiet conditions which have characterized markets ftJF
textiles of late were again in evidence during the past week.
This was particularly true in regard to cotton goods. News
reports showed that some of the best managed mills in the
North and South were being closed as a result of the dull
conditions in the cotton goods trade. Perhaps the most interesting feature of the week in the textile industry was the
unexpected announcement of an auction sale of 85,000 bales
of rugs to begin Monday. This announcement had a tendency to upset market calculations for fall, as most price
lists had been issued. In addition to this, a wage reduction
in large Eastern mills led buyers to express uncertainty
about future values, and as a result, they are expected to
move cautiously. However, when price or distributing conditions are in question, the only sure way to settle doubts, if
there are stocks to be disposed of, is to hold open sales and
thus give buyers an opportunity to express their views by
bidding for the goods offered. While news of the auction
was an unsettling factor in the trade, it is not expected to be
of long duration, as when the distribution is over merchants
will know better where they stand for the new fall season.
Another disturbing development in the trade has been the
steady increase of imports. According to reports, converters
have been quite free buyers of fine poplins, voiles and sateens in England for shipment in the gray to this country.
In order to check or restrict this buying and ensuing importations, cotton manufacturers and New England textile
union leaders have passed resolutions asking for the protectionoof the flexible tariff clause in the last revenue bill.
The matter is scheduled to come before the Tariff Commission, and it is expected that hearings will be requested.
DOMESTIC COTTON GOODS: No activity developed in
markets for domestic cotton goods during the week. Trade
continued quiet and the general undertone was slightly
easier. Business in percales continued In a hand-to-mouth
way, while sales of bleached domestics were usually made
at the expense of hard trading. Wash fabric merchants are
selling goods on repeat orders on a moderate scale, but the
cutters are not scrambling for merchandise to fill urgent
requirements. The demand for towels, bedspreads and miscellaneous cottons continues small. It is quite evident that
so far the curtailment of textile production has not brought
about any improvement in the demand. However, curtailed
output is no doubt having its effect in helping to steady a
weak trading situation on the spot, while it is also encouraging manufacturers to resist further declines when prices are
already below replacement cost. There has been an improved demand in some quarters for overall denims and it
would appear as if curtailment in this line of goods is beginning to tell. Wide sheetings continue in light demand, and
sheets and pillow cases sell best in the finer qualities and in
the better known brands. Brown goods continue to move in
piece lots from jobbing houses. The best business passing in
ginghams is confined to the fine or novelty goods, the new
patterns and colors selling distinctly better than the lower
grades. Some of the sales agents representing fine combed
cotton goods mills have finally taken hold of the problem of
meeting British competition on broadcloths, fine sateens and
other goods that have found an extraordinary place in trade
on their merits. They have offered to accept business on
given constructions where quantity production can be assured and where quality is guaranteed. Print cloths 28-inch,
64 x 64's construction, are quoted at 7c., and 27-inch, 64 x
60's, at 6%c. Gray goods in the 39-inch, 68 x 72's, are quoted
at 10c., and 39-inch, 80 x 80's, at 13%c.
WOOLEN GOODS: Quidtness continued to prevail .in
markets for woolens and worsteds. The reluctance of buyers to place orders more freely is attributed In part to the
impending strike of garment workers scheduled for June 1,
and partly to the fact that cutters-up have fairly liberal
stocks carried over from last season. They are delaying the
placing of new orders in the hope that an opportunity will
present itself to help them dispose of their surplus stocks
which they were unable to sell last fall and winter. Selling
agents appear to be more optimistic in regard to the immediate future of the men's wear division. It is expected that
any improvement will be most noticeable in fall worsted
suitings.
FOREIGN DRY GOODS: Markets for linens have been
slightly more active during the past week. Some importing
houses reported a fairly good volume of business placed, due
to attractive prices. Some of the salesmen returning from
out-of-town trips, however, were reported to be quite discouraged by the receptions accorded them in various sections of the country, although they found a poor assortment
of stocks which were badly In need of replenishment. It is
predicted in some quarters that the low condition of stocks
in many retailers' hands will soon result in a more active
buying movement. At the moment, despite the attractiveness of prices in the domestic market, on the basis of replacement costs, there is no rush on the part of buyers to
cover future needs. Burlaps developed more activity, due to
the entrance of South American buyers in the domestic market for heavy weight goods for use in grain bags. The market was also helped by an improved demand for similar
goods from the domestic fertilizer and automobile trades.
Light weights are quoted at 5.55c., and heavies at 7.55c.
MAY 10 1924.]
THE CHRONICLE
'2341
-
ffitalt anti Chi Peparfment
MUNICIPAL BOND SALES IN APRIL.
During the month of April long-term State and municipal
bonds issued reached a total of $126,987,418, emitted by
389 separate places. This is the largest total of any month
so far this year and its exceptional size is due to heavy,borrowings done by the States of New York and Illinois, and also
by the Chicago Sanitary District, these three together having issued bonds in the amount of $60,000,000, almost half
of the total output. April's figure compares with $99,189,994 for March of this year and with $80,467,586 for the corresponding month of last year.
The marketing of the $45,000,000 43(% serial gold Soldiers' Bonus bonds of New York State was easily the feature
of the month. The bonds went to a syndicate composed of
the Chase Securities Corp., Blair & Co:, Inc., Hallgarten
& Co., the New York Trust Co., Lehman Brothers, Goldman, Sachs & Co., W. A..Harriman & Co., Inc., Hayden,
Stone & Co., Empire Trust Co., Buffalo Trust Co. and the
Manufacturers' Trust Co. at 101.4657, a basis of about
4.09%. The State of Illinois also sold during the month
$10,000,000 bonds for the same purpose, bearing 43.%
interest, to a syndicate composed of Speyer & Co., the Chase
Securities Corp., Blair & Co., Inc., and Barr Bros. & Co.,
all of New York, and the Federal Securities Corp. and the
Central Trust Co., both of Chicago, at 100.197, the money
costing the State at that price about 4.48%. The Chicago
Sanitary District, Ill., after two unsuccessful attempts,
awarded during the first part of the month $5,000,000 4%
bonds to a syndicate composed of the Harris Trust & Savings Bank, National City Co., Continental & Commercial
Trust & Savings Bank, Illinois Merchants Trust & Savings
Bank, and the First Trust & Savings, all of Chicago, at
95.8369, a basis of about 4.48%.
Other prominent issues marketed during last month were:
$3,300.000 43 % Kansas City, Mo., water bonds, awarded to Kean,
Taylor & Co., Roosevelt & Sons, White, Weld & Co. and Keane, Higbie
& Co., all of New York, at 101.584, a basis of about 4.36%.
Two blocks of bonds of the State of North Dakota, $1,000,000 5% real
estate, Series "D," and $1,500,000 531% real estate, Series "E," sold to
Spitzer, Rorick & Co. of Toledo at 100.07.
Four issues of 43i% bonds of Hudson County, N. J., bonds disposed of
as follows: 81,680,000 hospital bonds at 1%.24, a basis of about 4.48%:
$399,00J park bonds at 100.30, a basis of about 4.48%.and $880,000 boulevard reconstruction bonds at 100.04, a basis of about 4.49%, to the First
National Bank of New Jersey, B. J. Van Ingen & Co., Lehman Bros. &
Co. and the First National Bank of New York; and $340,000 Newark
Turnpike bonds to Hoffman & Co. of New York at 100.04, a basis of about
4.49%.
$2,000,000 State of Michigan highway improvement bonds, awarded to
the Bankers Trust Co., Detroit Trust Co., First National Co. of Detroit,
and Keane, Hight°& Co.,at 100.05, taldng $1,110,000 as4sand $890,000
as 4Hs,a basis of about 4.36%.
Fall River, Mass., bonds, $1,382,000 in amount, comprising 6200,000
43s for sewer, $375k00 4s for public improvement, $582.000 4
for
school and $225,000 5s for highway, awarded to the Old Colony Trust Co..
B. H. Rollins & Sons, Edmunds Bros. & Co. and F. S. Mosely & Co., all
of Boston, at 100.016.
$1,200,000 43(% and 4% Springfield, Mass., bonds sold to Kidder & Co.
of Boston at 101.822. a basis of about 3.98%.
?4/ An issue of $1,200,000 44% refunding bonds of New Orleans, La., disposed of to a syndicate composed of Caldwell & Co., Nashville; R. W.
Pressprich & Co. and the First National Bank, both of New York; the
Marine Bank & Trust Co., Interstate Trust & Banking Co.. Sutherlin,
Barry & Co.,Inc,,all of New Orleans,and several local banks,at a discount
of $32,040, equal to 97.33, a basis of about 4.68% •
IX $450,000 % funding bonds and $750,000 5% road bonds of Scott
County, Iowa, sold to the Continental & Commercial Trust & Savings
Bank, Chicago, at 101.25.
State of California awarded $1,044,000 more of its Soldiers' Bonus bonds
at par, $834,000 going to a syndicate headed by the First National Bank of
New York and the other $210,000 to Deane, Witter & Co. of Los Angeles.
Bonds bear interest at 434%. These are part of a block of 64,000,000, of
which $2,350,000 were sold during March.
Denver, Colo.. 434% water bonds, $1,000,600 in amount, awarded to
Newton & Co. of Denver and Wm. R. Compton Co. and Estabreok & Co..
both of New York, at 102.159.
Blocks of bonds offered but not sold during the month
included $5,816,500 5% bonds of the State of Mississippi.
These bonds, however, are reoffered to be sold on June 24.
During April the Territory of Hawaii sold $2,285,000
43% public improvement bonds to Hallgarten & Co.,
Chase Securities Corp. and Blair & Co., all of New York,
and the Bank of Bishop of Honolulu, at 99.07, this being the
only sale of bonds of U. S. Possessions made.
Temporary loans negotiated during April aggregated 379,840,500, in which are included $61,025,000 revenue bonds
and bills, tax notes and corporate stock notes issued by New
York City.
Canadian long-term bonds placed during April totaled
$12,728,508, an increase of neirly $8,000,000 over the
previous month's total. Included in the above amount are
$5,236,000 5% bonds of the City of Toronto.
In the following we furnish a comparison of all the various
forms of obligations put out in April in the last five years:
922.
1924.
1923.
1921.
1920.
$
$
$
s
$
Perm.loans(U.S.)_126,987,418 80,467,586 137,176,703 88,104,218 66,194,759
*Temp.loans (U.S.) 79,840,500 61,954,000 39,540,000 118,774,780 66,311,000
Bds. U. S. Posses'ns 2,285,000
None
250.000 2,750,000
None
Gen.fd.bds.,N.Y.C.
None
None
None 6,000,000 6,500,000
Canadian l'ns (perm.)•
Placed in Canada_ 12,728,508 7,135,863 4,844,901 5,105,224 5,162,835
Placed in U. S___
None 6,000,000 122,436,650 3,000,000 9,705,000
Total
221,841,426 155,557,449 310,248,254 224,234,222 147,373,594
•Includes temporary securities issued by New York City, $51,025,000 in April
1924, 554,276,000 in April 1923, $26,250,000 in April 1922, 3112,474,000 in April
1921,and $57,065,000 in April 1920.
The number of municipalities emitting permanent bonds
and the number of separate issues made during April 1924
were 389 and 468, respectively. This contrasts with 363
and 483 for March 1924 and with 485 and 673 for April 1923.
For comparative purposes we add the following table,
showing the aggregate of long-term issues for April and the
four months for a series of years:
For the
Month of
For the
Month of
April.
Four Months.
April.
Four Months.
1924
5126,987,418 5412,011,058 1908
$21,426,859 5112,196,084
1923
80,467,586 326,277,394 1907
19,909,004 78,235,067
1922
a137,176,703 429,237,993 1906
8,725,437 65,755,686
1921
88,104,218 292,561,134 1905
40,409,428 76,137,234
1920
66,194 759 240,267 877 1904
11,814,584 58,333,230
1919
52,713,484 158,952,753 1903
17,626,820 48,803,588
1918
14,999,882 90,130,471 1902
6,735,283 38,254,819
1917
*68,277,482 169,324,775 1901
9,298,268 33,192,622
1916
x86,899,155 206,902,393 1900
14,157.809 48,650,275
1915
26,402,049 171,261,251 1899
7,477,406 26,098,992
1914
y103,224,074 268,986,826 1898
3,570,963 27,336,696
1913
23,644,915 96,258,461 1897
13,060,323 48,631,385
1912
22,317,243 97,951,422 1898
4,521,850 19,672,118
1911
38,562,686 162,026.305 1895
8,469,464 29,496,406
1910
29,691,260 124,708,581 1894
11,199,392 35,718,205
1909
37,462,552 117,402,998 1893
9,175,788 26,680,211
—
* Includes $25,000,000 bonds sold by New York State and 53,000,000 purchased
by the Sinking Fund of New York City.
a Includes 545,000.000 bonds issued by New York City at public sale.
z Includes 555.000.000 bonds issued by New York City at public sale.
y Including $70,000,000 bonds sold by New York City-565.000,000 at public
sale and 55,000,000 to the Sinking Fund.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
Iowa (State of).—Special Session of Legislature Virtually
Ended.—The special session of the Iowa Legislature, which
began last December and during which the laws of the
State were completely revised and codified virtually ended
on April 29, the Legislature recessing from that date until
July 22, when it will again convene for a few days formally
to adopt the new code before the latter is placed in the
hands of the printers.
New York (State of).—Home Rule Enabling Act Signed
By Governor Smith.—Governor Smith has signed the Home
Rule Enabling Act, carrying into effect the Home Rule
Amendment to the Constitution, carried by the voters last
November. Local legislative bodies will be empowered
under the Act to
1. Adopt and amend local laws not inconsistent with the Constitution
and laws of the State in relation to its property affairs or government.
2. Adopt and amend local laws not inconsistent with the Constitution
and laws of the State relating to the powers, duties. Qualifications, number.
mode of selection and removal, terms of office and compensation of all
officers and employes of the city; the transaction of its business: the incurring of its obligations; the presentation, ascertainment and discharge of
claims against it; the acquisition, care, management and use of its streets
and property; the wages or salaries, the hours of work or labor, and the
protection, welfare and safety of persons employed by any contractor or
sub-contractor performing work,labor or service for It: the government and
regulation of the conduct of its inhabitants and the protection of their
property, safety and health.
New York City, particularly, it is said, is given broad
power of self-government, independent of the State Legislature under the Act.
Another bill signed by Governor Smith provides for the
erection of the Theodore Roosevelt memorial in this city.
It will be erected, it is said, as an addition to the American
Museum of Natural History. The bill appropriated $250,000 to start the project which, when completed, is expected
to cost upward of $2,500,000, all to be paid by the State.
Also enacted into law was the compromise Transit Bill
permitting New York City to build all subways and transit
extensions after July 11924. The Board of Estimate of this
city,the present week requested the Governor to call an extra
session of the Legislature to reconsider the proposal to
authorize the city to issue $275,000,000 in bonds for new
subway construction, under the above new transit law, which
request he took under consideration. Under the plan the
bonds would be exempt from the constitutional debt limit.
A bill carrying out the proposal was killed in the Republican
Assembly during the closing hours of the last session, after
it had been passed by the Senate.
Oregon (State of).—New Bond Law to Be Asked of State
Legislature.—A special dispatch from Salem dated April 30
to the Portland 'Oregonian" said regarding the proposal:
The State Legislature at its next session will be requested to enact a
law providing that all bond is.sues by all political subdivisions of the State
must be serial eonds, and that sinking funds must be created to pay them
as fast as they mature. This was announced here to-day by Jefferson
Myers. State Treasurer. A further provision in the law will make It impossible to issue bonds in excess of 10% of the assessed valuation of the
political subdivision.
2342.
THE CHRONICLE
-Suit Against Soldier Bonus
Pennsylvania (State of).
Amendment Dismissed-To Be Placed on Ballot in November.
[vol.. 118.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
The Dauphin County Court on May 5 dismissed the suit
AGUA DULCE SCHOOL DISTRICT, Los Angeles County, Calif.
-brought against the $35,000,000 Soldier Bonus Amendment
BOND OFFERING.
-Sealed proposals will be received until 2o,
by which it was sought to restrain the Secretary of State from by L. E. Lampton,County Clerk (P.0. Los Angeles) for $1,900 m. May 12
6% school.
placing the amendment on the ballot at the coming Novem- building bonds. Denom. $100. Date May 1 1924. Prin, and send-ann.
int., payable at the County Treasury. Due $100
ber election. In its opinion the Court states that the amend- 1943. Incl. A certified or cashier's check for 5% on May 1 from 1925 to
of bid, payable to the
ment "must be submitted to the people." The Philadelphia Chairman of the Board of Supervisors is required. The assessed valuation
of the taxable property in said school district for the year 1923 Is $38,110
"Record," on May 6, reviewed the decision as follows:
and said school district has no bonded indebtedness.
The $35.000,000 State soldier bonus amendment "must be submitted to
AKRON, Summit County, Ohio.
-BOND OFFERING -Sealed prothe people," the Dauphin County Court held in an opinion to-day (May 5) posals will be received by B. J. Hill. Director of Finance,
dismissing the action brought to restrain Dr. Clyde L. King,Secretary of the June 3 for the following issues of 51i% coupon or registered until 12 m.
special assessCommonwealth,from advertising and certifying the amendment this year. ment improvement bonds:
The Court held that the vote upon the bonus amendment will not have $11.300 Wellesley Ave. Denom.$1,000 and one for $300. Due yearly on
been
the effect of changing the limit of highway indebtedness, it having
Oct. 1 as follows: $1,300, 1925; $1,000, 1926 to 1931, inclusive;
contended that the amendment, which cites the limit of highway bonds at
$2,000, 1932 and 1933.
$50,000,000, would nullify the increase to $100,000,000 authorized by the
15,700 Elma Street. Denom. $1.000 and one for $700. Due yearly on
road bond amendment adopted last November.
Oct. 1 as follows: $1,700, 1925; $1.000, 1926 and 1927, and $2,1000.
The contention that the bonus amendment violates that section of the
1928 to 1933, inclusive.
Constitution which provides that no amendments may be submitted oftener
46,900 Emerling Avenue and Andrus Street. Denom. $1,000 and one
than once in five years, was gone into at length. the Court holding this
for $900. Due yearly on Oct. 1 as follows: $5,900. 1925; $5,000,
section applicable only when an amendment has been submitted and
1926 to 1932. inclusive, and $6,000, 1933.
rejected.
29.400 Duane Avenue, Lucy, Robert, Hart and Hohnstead streets.
The action was brought by certain taxpayers on the grounds that it
Denom.$1,000 and one for $400. Due yearly on Oct. 1 as follows:
Secretary of the
"would be unconstitutional, unlawful and void" for the
$5,400, 1925. and $6,000, 1926 to 1929, inclusive.
Commonwealth to advertise and certify the bonus amendment. The plain3,900 Bye Street. .Denom. $800 and one for $700. Due yearly on
tiffs contended that the amendment if adopted would restore the limit of
Oct. 1 as follows: $700, 1925, and $800, 1926 to 1929, inclusive.
bonded indebtedness for highways to $50,000,000; that it contained two
26,200 South Arlington Street. Denom. $1,000 and one for $200. Due
distinct subjects, which must be voted on separately, and that submitting it
yearly on Oct. 1 as follows:$2,200, 1925, and $3,000, 1926 to 1933.
be unconstitutional in that it would violate the five-year
this year would
inclusive.
provision.
10,300 Springdale Street. Denom. $1,000 and one for $300. Due
After dismissing the first contention, the Court held that in view of its
yearly on Oct. 1 as follows: $2,300, 1925; $2,000, 1926 to 1929.
conclusion that the bonus amendment does not affect the highway amendinclusive.
ment, there are not two amendments to be submitted.
6,800 Big Falls Avenue. Denom.$1 000 and one for $800. Due yearly
The question of submission of amendments within five years, the decision
on Oct. 1 as follows: $1,800, 1925; $1,000. 1926 to 1928, inclusive,
said, "strange as it may seem," has never been passed on before as far as
and $2,000, 1929.
the Court could ascertain. The decision cited a number of instances in
3,500 Moore Street. Denom. $700. Due $700 yearly on Oct. 1 from
and
which the Constitution had been amended within the five years'period
1925 to 1929. inclusive.
said:
9,300 Lexington Avenue. Denom. $1,000 and one for $300. Due
"If we conclude that the Constitution only prohibited amendments for the
yearly on Oct. 1 as follows: $1,300, 1925, and $2,000, 1926 to
same purposes once in five years, it would still follow that this amendment
1929, inclusive.
would not violate such construction. While the general subject would be
19,100 Sawyer Avenue. Denom. $1,000 and one for $100. Due yearly
was to
the increase of the public debt, yet the purpose of the one amendment
on Oct. 1 as follows: $3,100. 1925, and $4,000, 1926 to 1929, incl.
secure revenue for road building and the other to secure revenue for bonus
12,600 Garfield Street. Denom. $1,000 and one for $600. Due 3marly
purposes."
on Oct. 1 as follows: $1,800, 1925; $1,000, 1926 to 1930, inclusive,
and $2,000, 1931 to 1933, inclusive.
32,100 Lexington Avenue. Denom. $1.000 and one for $100. Due
San Antonio Texas.-Fourth Court of Civil Appeals
yearly on Oct. 1 as follows: $3.100. 1925; $3,000, 1926 to 1928,
Bond Election Litigation.
-Affirming the
Favors City in '
inclusive, and $4,000, 1929 to 1R33, inclusive.
3,600 South, Inman and Lumiere streets. Denom. $500 and one for
findings of Judge Terrell in the Seventy-Third District
$800. Due yearly on Oct. 1 as follows: $800, 1925;$500, 1926 and
Court, Chief Justice W. S. Fly of the Fourth Court of Civil
1927. and $1,000, 1928 and 1929.
9.800 Edward Ave. Denom. $1,000 and one for $800. Due yearly on
Appeals handed down two decisions on April 16 upholding
Oct. 1 as follows:$1,800, 1925, and $2,000, 1926 to 1929,inclusive.
the city's contentions in the litigation involving the $4,350,- 350,000 water works (not special assessment). Denom. $1,000. Due
yearly on Oct. 1 as follows: $14,000, 1925 to 1934, inclusive, and
000 bond election of Dec. 4, the result of which was given
$15,000, 1935 to 1948, inclusive.
in V. 118, p. 2680. The Dallas "News" on April 17 said
35,400 Palmer, Hopp and Clover streets. Dcnom. $1,000 and one for
regarding the matter:
$400. Due yearly on Oct. 1 as follows: $3,400, 1925. and $4.000.
1926 to 1933, inclusive.
After what is termed a "most earnest and painstaking investigation,'
8,300 Tyner Street. Denom. $1,000 and one for $300. Due yearly on
two decisions
the Fourth Court of Civil Appeals here April 16 handed down
Oct. 1 as follows: $300. 1925: $1.000, 1926 to 1933. inclusive.
upholding the city's contentions in the $4,350,000 bond election of Dec. 4.
41,500 Big Falls Avenue. Denom. $1,000 ahd one for $500. .Due yearly
Both decisions were by Chief Justice Fly.
on Oct. 1 as follows: $4,500. 1925: $4,000, 1926 to 1928, inclusive,
Decisions of Judge Terrell in Seventy-Third District Court in favor
and $5,000, 1929 to 1933, inclusive.
of the city in both the R. F. Wendover and E. B. Caress cases were af8.200 Chittenden Street. Denom.$1.000 and one for $200. Due yearly
Wendover case
firmed by the Appellate Court. Judge Terrell in the
on Oct. 1 as follows: $1,200, 1925: $1,000, 1928, and $2,000, 1927
held the election valid and the vote to show a majority in favor of each
to 1929, inclusive.
and all of the nine flood prevention and civic improvement propositions
5,800 Stadehnan Avenue. Denom. $1,000 and ode for $800. Due
upon which ballots were cast.
yearly on Oct. 1 as follows:$1,800, 1925, and $1,000, 1926 to 1929.
Wendover and Caress had previously announced an intention, through
inclusive.
their attorney, to carry the fight against the bonds to the Supreme Court
and semi-annual
Date
1924.
(A. & 0. 1)
of Texas. Under the law they have 15 days in which to file a motion for payable April 1NationalPrincipal of New York ininterest money of the
Park Bank
at the
rehearing before the Court of Civil Appeals. Should that motion be United States. All bids are to be for "all" or "none"lawful
and must be accomfor a
overruled, appellants have 30 days in which to make application
panied by a certified check for 2% of the amount of bonds bid for, payable
writ of error to the Supreme Court.
to the Director of Finance. Bids are subject to approval of attorneys as
to the legality of the issue; approving opinion to be paid for by purchaser.
-Explaining the
Case Carried to the State Supreme Court.
ALBUQUERQUE, Bernalillo County, N. Mex.-BOND
-A
further action taken by the contestants in the case, the special telegraphic dispatch from our Western representative SALE. us
advises
Dallas "News" on April 27 said:
that the $50,000 534% coupon library bonds offered on May 7 (V. 118, p.
Two motions for leave to file petitions for mandamus to compel the 1699) were purchased by Bosworth, Chanute & Co. of Denver at 100.08Judges of the Fourth Court of Civil Appeals to certify their disqualifica- a basis of about 5.48% if called at optional date and 5.49% if allowed,to
tions to the Governor to sit in the case involving the validity of the election run full term of years. Date May 1 1924. Due May 1 1954, optional
held in San Antonio Dec. 4 1923, at which $4,800,000 of city improvement May 1 1944.
bonds, including an Issue of $2,800,000 for flood prevention, were voted,
ALLEGHENY UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
were filed Saturday in the Supreme Court. One motion was filed by T. B. Allegheny), Cattaraugus County, N. Y.
-BOND SALE.-Geo. B.
Garess and the other by R. F. Wendover. both relators being represented Gibbons & Co., Inc., of New York have purchased the $170,000 school
by Lewright & Lewright and 0. M. Powell.
bonds offered on May 7-V. 118, p. 2217
-as 4.755 at 101.41. a basis or
In the District Court contestants of the election lost, and they have about 4.64%. Date May I 1924. Due on Nov. 1 as follows: $3,000.
appealed to the Court of Civil Appeals. Allegations are made that the 1925 to 1929, incl.: $4.000, 1930 to 1934, incl.; $5,000, 1935 to 1939, incl.:
members of the appellate court are disqualified from sitting in the case $8,000, 1940 to 1944, incl., and $8,000, 1945 to 1954, incl.
by reason of the fact that they are interested, in that they are property
ALLEN PARISH (P. 0. Oberlin), La.
-BOND ELECTION CALLED
owners and taxpayers. Efforts are being made to require them to certify
-The election to vote on issuing
their disqualifications in order that a special court may be appointed to OFF UNTIL LATTER PART OF JUNE.
$150,000 road bonds, scheduled for April 22 (see V. 118, p. 1946), was
hear the appeal. No action has yet been taken on the motions.
"Every one of the Judges of the Court of Civil Appeals is a property called off until the latter part of June.
owning citizen, resident and taxpayer of San Antonio," says the motions.
ALLOUEZ, Douglas County, Wis.-BONDS VOTED.
-At a recent
"Under Article 5, Section 11 of the Constitution, they are disqualified election the voters authorized the issuance of $75,000 water bonds by a
to sit in the case because of their interest in the subject matter in the vote of 158 for to 136 against.
suit and in the question to be determined."
ARANSAS COUNTY 0. 0. Rockport), Tex.
2
-BOND ELECTION.
The provision of the Constitution cited provides that "no Judge shall
An election will be held on May 31 to vote on the question of issuing $250.000
sit in any cause within which he may be interested."
"Interest" In this regard, the relators contend, has been held to mean road bonds. J. A. Harper, County Judge,
a pecuniary interest, but the extent thereof is immaterial. The slightest
ASHLAND, Aroostook County, Me.
-BOND SALE.
-The $50,000
interest is sufficient to disqualify, it is argued.
-have
% coupon refunding bonds offered on May 3-V. 118, p. 2217
The members of the Fourth Court of Civil Appeals are W. S. Fly, Chief been awarded to the Augusta Savings Bank of Augusta at 100.237-a basis
Cobbs and Edward W. Smith, Associate Justices.
Justice, and T.D.
of about 4.725%. Date May! 1924. Due $2,000 yearly on May 1 from
1925 to 1949 incl.
-Rehearing in Tax Levy Case Denied.Seattle Wash.
ASTORIA SCHOOL DISTRICT NO. 1 P. 0. Astoria), Ciatsop
During March we reported in these columns (V. 118, p. County,Ore.
-BONDS VOTED.
-At the election held on April 29 V. 118,
1303) that as a result of a ruling of the United States Supreme p. 1817) the voters authorized the issuance of $125,000 school sites and
building bonds.
Court on Feb. 18, in which the personal tax levy of about
-A. A.
ATHENS, Marathon County, Wis.-BOND OFFERING.
$400,000 made in 1919 against the old Puget Sound Tracby Kings County was upheld, that Kreutzer, Village Clerk, will receive sealed bids until 7:30 p.m. May 13 for
tion, Light & Power Co.
$28.000 5% municipal water-works bonds. Denom. $1,000. Due 1925
inter- to 1938, inclusive.
county could proceed to collect the tax, together with
total item of about $650,000. It now
,
BALDWIN PARK SCHOOL DISTRICT, Los Angeles County,
est on same, making a
of the case was sought which was Calif.
-BOND OFFERING -Sealed proposals will be received by L. E.
seems that a rehearing
Lampton. County Clerk (P. 0. Los Ane•eles) until 2 p. m. May 12 for
Court, affirming the action taken by the
$23.500 5) % acnool bonds. Denom. WO. Date May 1192-1. Principal
denied by the above
Washington.
and semi-annual Interest payable at the e(11111!1. Treasury. Due on May 1
State Supreme Court of
,
as follows: 81.000, 1925 to 1937,inclusi e. and 1.7/0. 193S to 1944,inclusive.
A certified or cashier's check for 3,; of bid. payable to the Chairman of the
(
,e
, s.A1 valuation of the taxable
Board of Supervisors. is required. The a. ,
Property in said scnoll district for the year 1023 is $1.300,635, and the
amount of bonds previously Issued and now outstanding is $40.000.
BOND CALLS AND REDEMPTIONS
-All
Cheyenne, Laramie County, Wyo.-Bond Call.
bonds numbered from 101 to 250,
water-works extension
and maturing May 11939, with
inclusive, issued May 1 1909
May 1 1924, have been called for
privilege of redemption
Busselle, City Treasurer, and will be
payment by W. W.
at the National Bank of Commerce,
paid upon presentation
which date interest ceases.
ork City, on June 1 on
New
-TEMPORARY LOAN.
-The
BANGOR, Penobscot County, Me.
-has been
temporary loan of 8125,000 offered on May i-v. 118. P. 2217
of Bangor on a 3.47% discount basis
awarded to the Merrill Trust Co.
plus a $5 premium. Date May 1 1924. Due Oct. 1 1924.
-BOND
BAY CITY SCHOOL DISTRICT, Orange County, Calif.
SALE.
-The 822.000 6% school bonds offered on April 29-V. 118, p.
-were purchased by Freeman Smith & Camp Co. of Los Angeles at a
2090
premium of $895 40,equal to 104.07-a basis of about 5.56%. Date June]
1924. Due $1,000 on June 1 from 1927 to 1948 incl.
MAy 10 1924.]
THE CHRONICLE
2343
-BONDS REGISTERED. to 1934 incl.; $13.000, 1935 to 1944 incl. A cert. check for 2% of bid reBAYLOR COUNTY (P. 0. Seymour), Tex.
-year quired.
-The State Comptroller of Texas registered $50,000 5%% 10 to 40
hospital bonds on May 3.
CHARLES CITY COUNTY (P.O. Charles City), Va.-BOND SALE.
-BOND -Prudden & Co., of Toledo, have purchased $100,000 5 % county road
BELL SCHOOL DISTRICT, Los Angeles County, Calif.
OFFERING.
-Sealed proposals will be certified until 2 p. m. May 12 by construction bonds at 100.10. Denom.$1,000. Date June 1 1924. InterL. E. Lampton, County Clerk (P. 0. Los Angeles), for $44,000 5% school est J. & D. Due serially.
bonds. Denom. $1,000. Date May 1 1924. Principal and semi-annual
CHARLOTTE, Mecklenburg County, No.
-BONDS VOTED.
Interest payable at the County Treasury. Due $2,000 on May 1 from -By a vote of nearly 3 to 1 the people authorized Caro.
the
1925 to 1946. inclusive. A certified or cashier's check for 3% of bid, school bonds at a special election held on May 6. issuance of $1,000,000
payable to the Chairman of the Board of Supervisors, is required. Tne
assessed valuation of the taxable property in said school district for the
CHARLOTTESVILLE, Albemarle County, Va.-BOND SALE.
year 1923 is $2387.050. and the amount of bonds previously issued and Redmond & Co. and the Equitable Trust Co. of New York have jointly
now outstanding is $99,000.
purchased $440,000 5% coupon bonds at 100.55. a basis of about 4.97%
is composed
BERNALILLO COUNTY SCHOOL DISTRICT NO. 13 (P. 0. Albu- if allowed to run full term of years. The issue1922. Due of:
Sept. 1
Sept. 1 1962.
-BOND SALE.
querque), N. Max.
-Our Western correspondent advises $125,000 improvement bonds. Dated M. & S.
optional Sept. 1 1942. Int.
us in a special telegraphic dispatch that R. M.Grant Az Co. have purchased
315.000 school and armory bonds. Dated Dec. 1 1923. Due Dec. 1 1963.
$70,000 school bonds at 100.87.
Int. J. dr D.
BLOOMING GROVE, Navarro County, Tex.
-At
-BONDS VOTED.
Denom. $1.000. Prin. and semi-ann. int, payable in New York City.
appeared in last week's issue. page 2218, under
an election held on April 29(V. 118, p. 1946) the voters authorized the Issu- This corrects the item which,
"
ance of $28,000 sewer construction bonds and $442,000 6% water works "Charlottesville. No. Caro.
bonds.
CHESTER, Delaware County, Pa.
-BOND OFFERING.
-Sealed
BOHNSACK TOWNSHIP,Trail! County, No. Dak.-BOND OFFER- bids will be received until 2 p. m. May 13 by E. F. White, Superintendent
-Bids will be received until 11 a. m. May 17 by J .C. Bohnsack, of Accounts and Finance, for $3325,000 4% coupon bonds. Denom.
ING.
District Clerk, at the County Auditor's office in Hillsboro for $5,000 31.000. Int. semi-ann. Payable at the expiration of 30 years from date.
funding bonds. Interest rate not to exceed 7%. Denom. $1,000. Date Certified check for 5% of the par value of the bonds required.
May 1 1924. Due May 1 1934. A certified check for 5% of bid required.
CHEYENNE, Laramie Count , Wyo.-BOND SALE.--Geo. W.
$150.000 407 refunding water
BOISE, Ada County, Idaho.
-BOND ELECTION.
-An election will Vallery & Co. of Denver have pur
be held on June 3 to vote on the question of issuing $300,000 street right of works bonds. Denom. $1,000. Date May 1 1924. Prin. and semi-ann.
way bonds. Denom.31,000. Interest rate not to exceed 6%. Int. J.& J. Int.(M. & N.) payable at the Chase National Bank, N. Y. City. Due
$25,000 yearly on May 1 from 1941 to 1946 inclusive.
BOWIE COUNTY (P. 0. Boston), Texas.
-BONDS VOTED.
-At a
CLARKE COUNTY (P. 0. Berryville), Va.-BOND OFFERING.
recent election the voters authorized the issuance of $130,000 road bonds
Sealed bids will be received until 12 m. May 19 by Eugene Glover, Clerk
by a vote of 662 for to 62 against.
Board of Supervisors, for 330,000 5% coupon bonds. Due in 20 years.
BREITUNG TOWNSHIP SCHOOL DISTRICT (P. 0. Quinnesec),
CLAY COUNTY ROAD DISTRICT NO.2(P.O. Henrietta), Texas.
-BOND SALE.
Dickinson County, Mich.
-An issue of $350,000 5%
-All bids received for the $575.000 53S% road bonds
school bonds has been awarded to the Commercial Bank of Iron Mountain. -BIDS REJECTED.
offered on April 21 (V. 118. p. 1700) were rejected. Date April 10 1924.
BRIARCLIFF MANOR. Westchester County, N. Y.
-BOND OFIffriING.-Until 4 p. m. May 13 sealed bids will be received by Alfred H. Due serially for 30 years.
Clerk, for $35,000 4% registered water supply bonds.
-BOND SALE.
CLEARWATER,Pinellas County,Fla.
-The $150,000
Pearson,
Date May 1 1924. Prin. and semi-ann. int. (M. & N.) payable at the 5)4% municipal coupon gas plant bonds offered on May 5-V. 118. p. 2091
-equal
office of the City Treasurer in New York exchange. Due $1.000 yearly on -were purchased by Bohmer. Reinhart Az Co. at a premium of 3450
May 1 from 1925 to 1959 incl. Legality approved by W. Woodward Bald- to 100.30. Date May 1 1924.
win Esq. of New York. Cert. check for 5% of the amount of bonds bid
CLEARWATER COUNTY (P. 0. Bagley), Minn.
-BOND SALE.
for. required.
Drake, Jones & Co. of Minneapolis have purchased $15,308 ditch bonds
BRIGHTON (P. 0. Rochester), Monroe County, N. Y.
-BOND as 6s.
SALE.
-A syndicate composed of Barr Bros. & Co. of New York, Sage,
CLERMONT INDEPENDENT SCHOOL DISTRICT (P. 0. Cies
,
Wolcott & Steele of Rochester and the Fidelity Trust Co. of Buffalo has
-An election will
been awarded an issue of $814,000 5% coupon sewer system and sewage mont), Fayette County, lowa.-BOND ELECTION.
disposal works in Sewer District No. 2 bonds at 103.807, a basis of about be held on May 24 to vote on the question ofissuing $40,000 school bonds.
4.62%. Denom. $1,000. Date May 1 1924. Prin. and semi-ann. int.
CLEVELAND,Cuyahoga County, Ohio.
-BOND SALE.
-The follow(m.sr N.) payable at the Central Trust Co.of Rochester or at the Seaboard ing issues of 45!,,% coupon bondsoffered on May 7 (V. 118.n. 1947) have
Nat. Bank of New York. Due yearly on May 1 as follows: $40,000, 1929 been sold to a syndicate composed of Eldredge & Co., First National Bank
to 1934, incl., and $41.000. 1935 to 1948, incl. Legality approved by of New York, Halsey, Stuart & Co., Kissel, Kinnicutt & Co. Kountze
Clay & Dillon of New York.
Bros., E. H. Rollins & Sons. A. G .Becker Az CO., Redmond .5z Co., and
,
Financial Statement.
F. E. Calkins & Co. of New York. for 36,713,881-equal to 102.93-a
Actual value (estimated)
$20,000,000 basis of about 4.46%:
Assessed valuation
7,826,625 $500.000 City's Portion Paving. Date April 1 1924. Due $50,000 yearly
Bonded debt (including this issue)
on April 1 from 1926 to 1935 incl.
1,265,216
Water District bonds
$140,716
500,000 City's Portion Sewer. Date April 1 1924. Due $20.000 yearly
Sewer District bonds
on April 1 from 1926 to 1950 incl.
1.101,500
Net bonded debt (less than % of assessed valuation)
23,000 1,500.000 Park. Date April 1 1924. Due $50,000 yearly on April 1 from
Population (1920 Census), 2,911.
1926 to 1955 incl.
Water Works. Date April 1 1924. Due $140,000 yearly on
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.
-A 3.500.000 April 1 from 1926 to 1980 incl.
temporary loan of $200,000 has been sold to the Brockton National Bank of
522.700 Electric Light. Date Nov. 1 1923. Due yearly on May 1 as
Brockton on a 3.845%, discount basis plus a $4 02 premium. Payable
follows: 335,700, 1926; 335.000, 1927 to 193'7 incl.: and $34.000.
$100,000 on Oct. 28 and Nov. 25 1924.
1938 to 1940 incl.
BROOKS COUNTY (P.O. Falfurrias), Tex.
-BONDS REGISTERED.
Other bids
-The State Comptroller of Texas registered $250,000 534% serial special Bankers Trustreceived were: Co.; The Tillotson & Wolcott 0036,700.705 00
Co.: Guaranty
road bonds on May 2.
The Herrick Co.; Equitable Trust Co.; Lehman Bros.; Ames.
Emerich & Co.: W.A. Harriman & Co.; H. L. Allen & Co.;
CALDWELL COUNTY (P. 0. Lenoir), No, Caro.
-BOND SALE.
Keane, Higbie & Co.; Eastman, Dillon & Co.: Clark, WilThe $200,000 5% coupon (registerable as to the principal only) road bonds
offered on May 1 (V. 118. p. 2091) were purchased by Prudden Az Co. for
liam & Co.; J. C. White & Co.; Hemphill, Noyes & Co.;
6.679.571 00
Northern Trust Co.; Phelps. Fenn & Co
$197,325, equal to 98.66-a basis of about 5.11%. Date April 1 1924.
Due $8,000 yearly on April 1 from 1929 to 1953, inclusive.
Estabrook & Co., New York; Hallgarten & Co., New York;
Wm. R. Compton Co., Chicago; Roosevelt & Son. New
CALIFORNIA (State of),
-BOND SALE.
-Another block of the
6,676.700 00
York; Harris, Small & Co., Detroit
$4,000,000 434% Veterans' Welfare Bonds, amounting to $556,000, has Hayden, Miller & Co., Cleveland: Harris, Forbes & Co., New
been sold to the Anglo London Paris Co. and the Bank of Italy. both of
York; The National City Co.. New York; Remick, Hodges
San Francisco. The price paid was 100.04. This portion virtually com6.641.217 46
& Co., New York; Curtiss & Sanger, Boston
pletes the sale of the total $4,000,000 with the exception of $50,000. For
CLEVELAND HEIGHTS (P.- 0. Cleveland), Cuyahoga County,
notice of the sales of $2,350,000 and $1.044.000 bonds see "Chronicles" of
-Sealed bids will be received by Chas. C.
Ohio.
-BOND OFFERING.
April 5 and May 3, respectively. Both of these sales were made at par.
Frazine, Clerk of Council, until 11 a. m. (Eastern standard time) May 24
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN.
- for the following two issues of 5%% coupon special assessment bonds:
The S. N.Bond Co.of Boston has purchased the temporary loan of 3500.000 $233,420 Due yearly on Oct. 1 as follows: 322,420. 1925: 323.000 in 1927,
offered on May 2-V. 118, p. 2218
-on a 3.84% discoanthasis plus a 33 00
1928, 1930, 1931 and 1933, and $24.000 in 1926, 1929. 1932
premium. Date May 6 1924. Due Dec. 5 1924.
and 1934.
33,733 Due yearly on Oct. 1 as follows: 32.773, 1925: 33,000, 1927, 1928.
CAMPBELL COUNTY (P. 0. Jacksboro), Tenn.
-BOND SALE.1930, 1932 and 1934. and $4,000 in 1926, 1929, 1931 and 1934.
The $160,000 road bonds offered on May 3-V. 118, p. 2218
-were purDate April 1 1924. Certified check for 3% of the amount of bonds bid
chased Jointly by Caldwell & Co. and B. Tigrett & Co., both of Nashville. as 51.1s. at a premium of $1,600. equal to 101.00-a basis of about for, payable to the above official. required.
5.19%. Date Feb. 11924. Due Feb. 1 1954.
CLIFTON, Breckenridge County, Ky.-BOND SALE.
-The $15400
CAPE MAY COUNTY (P. 0. Cape May Court House), N. J.
% water extension bonds offered on April 29-V. 118, p. 2091-were
BOND OFFERING.-Unttl 2:30 p. m. May 21 sealed bids will be received purchased by J. C. Mayer & Co. of Cincinnati as 5%8. at a premium of
by W. A. Haffert. Clerk Board of Chosen Freeholders. for an
-equal to 101.33. Due May 1 1925 to 1939.
3200
refunding bridge bonds, not to exceed $69,000, no more bonds toissue of 5%
be awarded
Passaic County., N. J.
-The two issues
-BOND SALE.
than will produce a premium of $1,000 over $.69.000. Denom. $1,000. ofCLIFTON,or registered bonds offered on
5% coupon
May 6-V. 118, p. 2091-have
Date May 15 1924. Interest semi-annual. Due yearly on May 15 as folbeen sold to a syndicate composed of Batchelder, Wack & Co.. Bonbright
lows: $3,000, 1925 to 1933, inclusive. and $2.000, 1934 to 1954, inclusive. & Co. and C. W. Wines & Co. of New York
as follows:
Legality approved by Caldwell & Raymond of New York. Certified check
for 2% of the amount of bonds bid for, payable to the County Treasurer, $236,000 (3239,01110 offered) water at 101.32, a basis of about 4.82%.
Due yearly on April 1 as follows: 35,000, 1925, and $6,000. 1926
required.
to 1963 incl., and 33,000, 1964.
CAROLINE COUNTY (P. 0. Denton), Md.-BOND OFFERING.
186,000 (3185.000 offered) impt. at 101.15, a basis of about 4.88%.
Due yearly on April 1 as follows: $6,000, 1925. and $7,000.
Sealed proposals will be received by Walter S. Rutter, Clerk Board of
1926 to 1950 incl., and $5,000, 1951.
Education, until 1 p.m. May 27 for the following two issues of bonds:
360,000 4 )4% funding bonds. Date July 11924. Due $5,000 yearly on
CLIFTON, Passaic County, N. J.
-An issue of
-BOND SALE.
Jan. 1 from 1929 to 1940 incl.
3280,000 534% gold temporary sewer bonds has been sold to M. M. Free.
21,000 5% road bonds. Date June 1 1924. Due $3,000 yearly on Dec. 1 man & Co. ofPhiladelphia.
Denom. $1.000. Date Jan. 1 1924. Prin.
from 1930 to 1936 incl.
Denom.$1,000. Interest semi-ann. Cert. check for 5% of the amount of and semi-ann. int. (J. & J.) payable at the Clifton Trust Co. of CliftonDue June 1 1928. Legality approved by Hawkins. Delarield & Longbonds bid for, payable at the County Commissioners. required.
fellow of New York.
CASCADE COUNTY SCHOOL DISTRICT NO. 35 (P. 0. Great
CLINTON TOWNSHIP
NO. 1 (P. 0.
-BOND OFFERING.
Falls), Mont.
-Sealed bids will be received until Mount Clemens), Macomb UNION SCHOOL DISTRICT-The Detroit
Mich.
-BOND SALE.
2 p. m. May 14 by T. F. Hogg, Clerk. Board of Trustees. for $3.500 coupon Trust Co.of Detroit has beenCounty, the issue of 390.00059' school bonds
Denom. $100. A certified check for $100, payable to T. F. Hogg, offered on May 1-V. 118. awarded
bonds.
p. 1947
-for $93,303, equal to 103.67-a basis
Is required.
of about 4.665%. Date April 1 1924. Due yearly on April 1 as follows:
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
- $4,000, 1926; 35.000. 1927. and $3,000. 1928 to 1954, Inclusive.
The following bids were submitted:
J. J. McCormick, County Treasurer, will receive bids until 10 a. m. May 27
Bidderei,%.
5%.
for $21,200 5% J. N. Berkshire Road in Boone Township bonds. Denom.
101.504 103.667
Date May 15 1924. Int. semi-ann. Due $1,060 each six months Detroit Trust Co
$530.
Paine, Webber & Co
100.885 103.351
from May 15 1925 to Nov. 15 1934.
A. B. Leach & Co
100.860 103.322
-BOND OFFERING.
CENTRALIA, Lewis County, Wash.
-Sealed Whittlesey, McLean & Co
100.777 103.230
bids will be received until 10:30 a. m. May 20 by L. Mabel Lee. City Clerk, Livingstone, Higbie & Co
100.928 103.100
bonds. Denom. $500. Date June 1 1924. R. M. Grant & Co
for $60,000 general obligation
100.680 103.090
Interest rate net to exceed 5%. Prin. and somi-ann. int. payable at the Prudden & Co. (Toledo)
100.724 103.084
office of the City Treasurer. Bonds will mature commencing with the Keane, Higbie & Co
100.549 102.922
second year and ending with the twentieth year after their date, in such Bank of Detroit; Security Trust Co
102.775
amounts, as nearly as practicable, to be specified by the CityCommission, Harris. Small & Co.; First National Co
102.000
by resolution, as will, together with interest on all outstanding bonds of A. T. Bell & Co. (Toledo)
101.540
the same series, be mot by an equal annual tax levy for the payment of said Otis & Co __________
_____________________
101.530
bonds and interest. A certified check or cash for 5% of bid required.
Fidelity Trust Co
100.614
These bonds were voted at the election held on April 14 (V. 118, p. 1049) Bumpus & Co
100.612
by a vote of 528 for to 158 against.
Halsey, Stuart & Co. (Chicago)
100.140
Benjamin Dansard & Co. of Detroit submitted a bid of 100.510 for 434s,
-BOND OFFERING.
CHANUTE, Neosho County, Kan.
-Sealed this being the successful one, as stated above.
bids will be received until 2 p. m. May 24 by C. G. Wood. City Clerk, for
CODY, Park County, Wyo.-BOND ELECTION.
$190.000 8% City Hall Auditorium and Military Memorial bonds. Denom.
-An election will
$1,000. Date Feb. 11924. Due on Feb. 1 as follows: $12,000 from 1930 be held on May 13 to vote on the question of issuing $15,000 sewer bonds.
2344
T1-1 144 CHRONICLE
[VOL. 118.
COLCHESTER, Chittenden County, Vt.-BOND OFFERING.
- for $446,572 54, equal to 100.15. a basis of about 4.7359. Date May 1
J. M.Wright,Town Treasurer, will receive sealed bids until 2 p. m.(Eastern 1924. Due 31.500 yearly on May 1 from 1925 to 1955 incl.
standard time) May 23 for $25,000 43 1% coupon refunding bonds. Issued
,
f
EAST WHITTER SCHOOL DISTRICT Los Angeles County, Calif.
• in denomination of $1,000 each, dated May 1 1924 and payable $1,000
BOND OFFERING.
-Sealed proposals will be received until 2 p. m.
on May 1 from 1925 o 1943, incl., and $6.000 on May 1 1944. Principal and semi-ann int.(M.St N.) payable at the First National Bank of Boston. May 19 by L. E. Lampton, County Clerk (P.O. Los Angeles), for $30,000
These bonds are engravt d under the supervision of and certified as to gen- 5% school bonds. Denom. 51,000. Date May 1 1924. Prin. and semiuineness by the First National Bank of Boston;their legality will be approved ann. int. payable at the County Treasury. Due $1,000 May . 1925 to
1
by Storey, Thorndike, Palmer & Dodge, whose opinion will be furnished the 1954 incl. A certified or cashier's check for 3% of bid, payable to the
purchaser. All legal papers incident to this issue will be filed with said Chairman of the Board of Supervisors, is required. The assessed valuation
bank, where they may be inspected at any time. Bonds will be delivered to of the taxable property in said school district for the year 1923 is 55,160.495, and the amount of bonds previously issued and now outstanding
the purchaser on or about May 26 at the First National Bank of Boston.
is $52,000.
Financial Statement, March 1 1924.
Last assessed valuation
ECRU, Pontotoc County, Miss.
$855,485 00
-BOND SALE.
-The $10.000 534%
Bonded debt
None street improvement bonds offered on Mar. 25 (V. 118, p. 1306) were purFloating debt*
25.212 80 chased by the Shannon Construction Co. of Pontotoc. Date Feb. 1 1924.
Due 5500 Feb. 1 from 1925 to 1944 incl.
* Proceeds of above issue to be applied against payment offloating debt.
COLLINSVILLE, Tulsa County, Okla.
-BONDS VOTED.
EDGEFIELD, Edgefield County, So. Caro.
-At an
-BOND
election held on April 30 the voters, by a count of 368 "for" to 111 "against." Sealed bids will be received until 2 p. m. May 15 by W.OFFERING.C. Tompkins,
approved the issuance of 330,000 auditorium and gymnasium bonds.
Town Clerk and Treasurer,for $50.0006% street improvement bonds. Due
COLLINSVILLE SCHOOL DISTRICT (P. 0. Collinsville), Tulsa In 40 years. optional after 20 years. A certified check for 31,000, payable
-At the election held April 30 the voters to W. C. Tompkins, is required with bid.
-BONDS VOTED.
County, Okla.
EL CENTRO, Imperial County, Calif.
authorized the issuance of 330.000 5% negotiable coupon building bonds by
-At the
-BONDS VOTED.
a vote of 368 for to 111 against.
election held on April 14-V. 118. la. 1818
-the voters authorized the
Issuance of $200,000 6% water works bonds by a vote of 600 "for" to
CONOVER, Catawba County, No. Caro.
-BOND SALE.
-The 64 "against."
$20.000 6% coupon sewer bonds offered on May 6-V. 118, p. 2092
were purchased by Prudden & Co. of Toledo for $19,707, equal to 98.53,
ELM GROVE SCHOOL DISTRICT NO.16, Mercer County, No. Dak.
a basis of about 6.11%. Date April 1 1924. Due on April 1 as follows: BOND OFFERING.
-Sealed bids will be received until 2 P. in. May 10
by Steve Wieger, District Clerk, at the County Auditor's office in Stanton
3500, 1926 to 1963 inclusit e, and $1,000, 1964.
for $15,000 funding bonds.
CORTLAND,Cortland County, N. Y.
-BOND SALE.
-The following Principal and semi-annual Interest not to exceed 7%. Date May 1 1924.
interest payable at the office of purchaser at
two issues of coupon or registered bonds offered on May 6-V. 118. p. his option.
Due May 1 1934. A certified check for 5% of bid required.
-have been awarded to Geo. B. Gibbons & Co., Inc., of New York
2218
EL PASO COUNTY SCHOOL DISTRICT NO. 11, Colo.
as 4s _at 101.07, a basis of about 4.37%:
-BOND
3130,000 Street Improvement bonds, series "A." maturing 37.000 bonds OFFERING.
-We are advised by wire from our Denver representative that
on March 1 of each of the years 1927 to 1943, inclusive, and bids will be received until May 22 for 3100,000 4 X% school bonds.
$11,000 bonds on March 1 1944.
EMMETT, Gem County, Idaho.
-At the election
-BONDS VOTED.
47,000 Street Improvement bonds. Series "B." maturing $5,000 bonds
-the voters approved the issuance of
on March 1 of each of the years 1925 to 1931,Inclusive, and $4,000 held on April 29-V. 118. p. 1947
510,977 03 water bonds and $17,429 90 paving bonds.
bonds on March 1 of each of the years 1932 to 1934, inclusive.
15,000 Sewer Extension (No. 10) bonds, maturing March 1 1943.
EMPORIA, Lyon County, Kan.
-Sealed bids
-BOND OFFERING.
Denom. $1,000. Date March 1 1924.
will be received until 2
m. May 16 by C. H. Marten, Finance Commissioner, for $107.113 20 5% street paving bonds. Date Feb. 1 1924.
p.
COSHOCTON, Coshocton County, Ohio.
-BOND OFFERING.
- Due serially 1925 to
1934. incl. A certified check for 2% required.
Sealed bids will be received by W. H. Williams, City Auditor, until 12 m.
May 24 for $10.628 40 5%% special assessment paving bonds. Denom.
ESSEX JUNCTION, Chittenden County, Vt.-BOND SALE.
-On
$1,000 and one for $1.628 40. Date June 1 1924. Int. semi-ann. Due May 5 the $50,000 4;•1% coupon sewer bonds offered on that day
-V. 118,
yearly on June 1 as follows: $1,628 40. 1925, and $1,000. 1926 to 1934. p. 2092
-were sold to Merrill, Oldham & Co. of Boston for $49,095. equal
incl. Certified check for 1% of the amount of bonds bid for, required.
to 98.19-a basis of about 4.38%. Date May 1 1924. Due yearly on
CULVER CITY SCHOOL DISTRICT, Los Angeles County, Calif. May 1 as follows: $1,500, 1929 to 1961, incl., and 8500. 1962.
BOND SALE.
-The $100,000 5% school bonds offered on April 14EVERETT. Middlesex County, Mass.
-LOAN OFFERING.-Wifilam
V. 118. p. 1700
-were purchased by the California Securities Co. at a E.Emerton, City Treasurer, will receive proposals until
(Daylight
premium of El 11. equal to 100.11, a basis of about 4.99%. Date April 1 Saving Time) May 12 for the purchase at discount of a 10 a. m. loan of
temporary
1924. Due $5,000 yearly on April 1 from 1925 to 1944 incl.
3200.000. issued in anticipation of revenue for the current year, maturing
$100,000 Nov. 3 and Dec. 11924. This loan will be in the denominations
CUMBERLAND (P. 0. Valley Falls), Providence County, R. I.
- of $25,000.
BOND SALE.
-Harris, Forbes & Co. have been awarded the $105,000 supervision $10.000 and 35,000, and the notes will be engraved under the
of the Old Colony Trust Co., which will also guarantee the
434% school bonds offered on May 2-V. 118. p. 2092
-at 98.89, a basis signatures and will certify that the notes are
issued by virtue and in purof about 4.64%. Date May 1 1924. Due $5,000 yearly on May 1 from suance
of an order of the City Council. the validity of which order has been
1925 to 1945 inclusive.
approved by Ropes, Gray, Boyden & Perkins of Boston. The legal papers
DALHART CONSOLIDATED INDEPENDENT SCHOOL DIS- Incident to this issue will be filed with the Old Colony Trust Co., where
TRICT (P. 0. Dalhart), Dallam County, Texas.
-BOND ELECTION. they may be inspected.
An election will be held on May 23 to vote on the question of issuing
FAIRGROVE TOWNSHIP SCHOOL DISTRICT NO. 8 (P. 0.
$10,000 school equipment bonds. Int. not to exceed 6%.
Fairgrove), Tuscola County, Mich.
-BOND OFFERING.-Willlam PDANVILLE, Pittsylvania County, Va.-BOND SALE.
-The 5100.000 Campbell, Sec. Board of Education, will receive sealed bids until 2 p. in5% coupon electrical improvement bonds offered on May 1 (V. 118. p. 1700) (Eastern standard time) May 12 for 863,000 school bonds (authorized
were purchased by Baker, Watts & Co. and Nelson Cook & Co.. both of by the vote of the qualified voters of the district on April 21
Denom.
Baltimore at a premium of$761 30. equal to 100.761, a basis of about 4.91%• $1.000. Date May 1 1924. Prin. and semi-ann. int. (M.& N.1) payable
1924).
Date May 1 1924. Due $4,000 yearly on May 1 from 1925 to 1949 incl. at a bank or trust company agreeable to the purchaser. Bids should be
The following is a list of the other bids received:
submitted for 4'4s and 5s. Due $2,100 yearly on May 1 from 1925 to
Scott & Stringfellow, Richmond
$100,300 00 1954 inclusive.
N. S.
&Co., Cincinnati
99,602 00
FAIRPORT (P. 0. Fairport Harbor), Lake County, Ohio.
-BOND
Spitzer. Rorick & Co., Toledo
97,818 00 SALE.
-Ryan. Bowman & Co. of Toledo
the $12,000
First National Bank, Danville, Va
100,000 00 514% village hall impt. bonds offered on have been awardedp. 1947
April 23-V. 118,
-for
Seasongood & Mayer, Cincinnati
00 $12,013 20. equal to 100.11. a basis of about 5.48%. Date April 1 1924.
100,200
W. L. Slayton & Co., Toledo, Ohio
100,290 00 Due $500 each six months from April 1 1925 to Oct. 1 1936 incl.
American National Bank, Danville, Va
100,310 00
A. B. Leach & Co., New York
FAIRVIEW INDEPENDENT SCHOOL DISTRICT, Tex.
100,578 00
-BONDS
Strother. Brogden & Co.. Baltimore
-The State Comptroller of Texas registered $60,000 6%
100,187 70 REGISTERED.
Breed, Elliott & Harrison, Cincinnati
100.180 00 10 to 20 year school bonds on May 3.
Frederick E. Nolting & Co.. Richmond, Va
100,210 00
FARIBAULT COUNTY (P. 0. Faribault). Minn.
-BOND SALE.
Well, Roth & Irving Co., Cincinnati
The $68,000 public drainag3 bonds offered on May 6-V. 118. p. 2219
DAYTON, Yamhill County Ore.
1W9CICI were purchased by the Minnesota Loan & Trust Co. of Minneapolis as
-BOND SALE.
Western
2
.
-The
Bond & Mortgage Co. and the lialph Sehneeloch Co., both of Portland. 41,s, a premium of $26. equal to 100.03. Date May 1 1924.
have jointly purchased $18,000
% refunding bonds at 94.50, a basis
FOARD COUNTY COMMON SCHOOL DISTRICT NO. 8 (PAO.
of about 6.82% if called at optional date, and 5.98% if allowed to run
-BONDS REGISTERED.
-The State Comptroller of Texas
full term of years. Denom. $500. Date May 1 1924. Int. M. & N. Crowell), Tex.
registered $40,000 6% serial school bonds on May 2.
Due May 1 1944; optional after May 1 1929.
FONTANA SCHOOL DISTRICT, San Bernardino County, Calif.
DECATUR SCHOOL DISTRICT (P. 0. Decatur), Macon County,
-No bids were received for the $45,000 5%
111.
-BOND OFFERING.
-Sealed bids until 10 a. in. May 12 will be re- -NO BIDS RECEIVED.
ceived by J. J. Richeson, Clerk of Board of Education, for $500,000 454% school bonds offered on April 28-V. 118, p. 2093. These bonds will
4% and 5% school bonds. Denom. not less than $100 or more than be sold at a private sale.
$1.000. Date June 1 1924. Payable in Chicago or at any bank or trust
FOSTORIA, Seneca County, Ohio.
-BOND OFFERING.
-Sealed
company to be agreed upon by purchaser and the Board of Education.
M be received until 12 m. (Eastern
ec
1
Due $25,000 yearly on June 1 from 1925 to 1944, incl. Legality approved J. Lindsay. City Auditor, for the following 5ti%time) May 23 by Myrtle
propessw
i
bonds.
by Wood dr Oakley of Chicago. Certified check for $10,000, payable to $14,000cy's krtion bonds. Denom. 4400 and $100. Due as follows:
the District Treasurer, required.
$400. arch 1 and Sept. 11025 to 1933 incl.; $100. March 1 and
dept. 1 from 1925 to 1928 incl., and $100 on Sept. 1 from 1929
DENTON, Denton County, Tex.
-BONDS VOTED.
-At the election
to 1933 incl.
held on April 5-V. 118, p. 1305
-the voters authorized the issuance of
8,500 property owner? share bonus. Denom. $500. Due 3500 March
325.000 school equipment bonds by a vote of 2 to 1.
1 and Sept. 1 1925 to 1032 incl., and $500 March 11933.
DOVER, Tuscarawas County, Ohio.
-The
-BONDS NOT SOLD.
Date Jan. 1 1924. These bonds are issued un ler authority of Section
two issues of 6% special assessment bonds aggregating $2,589 56 offered 3881. 3914. 3914-1 and 3939 of the General Code of Ohio. A certified
-were not sold.
on May 5-V. 118. p. 1947
check for 2% of amount bid for, payable to the city, required.
DUVAL COUNTY (P. 0. Jacksonville), Fla.
- ' FRAMINGHAM, Middlesex County, Mass.
-BOND OFFERING.
-LOAN OFFERING.
Sealed bids will oe received until 12 m. May 28 ny Frank Brown. Clerk of John V. Dunn, Town Treasurer, will receive sealed proposals until 1 et. m.
the Circuit Court, for 31,500.000 5% coupon (registerable as to principal May 12 for the purchase at discount of a temporary loan of 3150.000.
only) road bonds. Deno.n. 31.000. Date July 1 1923. Prin. and semi- maturing 5100,000 Dec.8 and 350.000 Dec. 16 1924. Denom. $50,000.
ann. int. (J. & J.) payable at the office of Trustees of County Bonds in
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
Jacksonville, or at a bank to be designated as fiscal agent in New York.
-BOND OFFERING.
Due on July 1 as follows: 329.000. 1928: 530.000. 1929; $32,000, 1930: -Until 10 a. m. (eastern standard time) May 21, Opha Moore, Clerk
534,000, 1931; $36,000. 1932: 338,000, 1933; $40.000, 1934; $41,000, 1935; Board of County Commissioners, will receive sealed bids for the following
343,000. 1936: $45.000. $937; 548,000, 1938; 550.000. 1939; 553,000, 1940; Issues of 5h,"% county road improvement bonds:
554.000, 1941; 558,000, 1942: 361,000, 1943: 564,000, 1944: 367.000, 1945: $41,500 Schreyer Place. Denom. 31.000 and one for $500. Due yearly
on Nov. 1 as follows: $5.000, 1925 to 1929, inclusive; $4,500, 1930;
1
572,000. 1946: $75,000, 1947: 378.000, 1948; 382,000, 1949; 386,000, 1950:
and 54.000. 1931 to 1933, inclusive.
$90,000. 1951; $95,000, 1952; 399.000. 1953. Legality approved by
34,300 Dominion Boulevard West Road. Denom. $1.000 and one for
J. C. Thomson of New York. A certified check upon a bank in Duval
5300. Due yearly on Nov. 1 as follows: $4,000, 1925 to 1931,
County for 2% of old, payable to R. H.Carswell, Chairman of the Board of
inclusive; $3,300, 1932, and 33,000, 1933.
County Commissioners. is required.
13.800 Rosemary Parkway. Denom. $1.000 and one for $800. Due
EARLIMART SCHOOL DISTRICT, Tulare County, Calif.
-BOND
Yearly on Nov. 1 as follows: 52.000, 1925 to 1928,inclusive; 31,800.
-Sealed bids will be received until 2 p. m. May 12 by Gladys
OFFERING.
1929, and 31,000. 1930 to 1933, Inclusive.
Stewart. County Clerk P. 0. Visalia), for $1a,000 6% school bonds.
19,000 Zeller Road. Denom. $1,000. Due yearly on Nov. 1 as follows:
Denom. $600 and $100. Prin, and semi-ann. int. (A. dr 0.) payable in
33,000, 1925. and 32.000. 1926 to 1933. inclusive.
gold at the County Treasurer's office. Due on April 23 as follows: $400
10.700 Olentangy Boulevard. Denom. $1,000 and one for $700.‘Due
from 1928 to 1957 incl., and $600 from 1958 to 1962 incl. A certified check
on 7 oo 1033s Inclusiv:.
192N tv. 1 a fol owse $2,000, 1925; $1,700, 1926. and
.
for 5% of bid, payable to the Chairman of the Board of Supervisors, is
51yearly,000,
required.
40,600 Aldrich Road, Denom. $1,000 and one for $600. Due yearly on
& 19 1
.:
9
Nov. 1 as follows: 55.000, 1925 to 1928, inclusive; $4,60O,N 2
-BONDS NOT SOLD.
EASLEY, Pickens County, So. Caro.
-The
and $4,000. 1930 to 1933, inclusive.
5150.000 5% water and sewer extension bonds offered on May 6-V. 118.
Date
-were not sold. Date June 1 1924. Due June 1 1964; optional payable May 1 1924. Principal and semi-annual interest (M.
P. 2092
at tho County Treasurer's office. Certified check for 1% of the
June 1 1944.
amount of bonds bid for,on a solvent bank or trust company,payable to the
EAST CHICAGO SCHOOL CITY (P. 0. East Chicago), Lake Board, required.
-Sealed bids will be received by the
-BOND OFFERING.
County, Ind.
Sealed bids will also
until 10 a. m. May 28 by Opha Moore,
Board of Trustees at its office in the McKinley Bldg. until 8 p. m. May 14 Clerk Board of Countybe received
Commissioners, for $71,965 5)4% I. C. H. No.48
for 5700.0005% school impt. bonds. Denom. $1,000. Date July 1 1924. Sec. "R" road improvement bonds. Denom. $1,000 and one for $965.
Int. semi-ann. Due yearly on July 1 as follows: 520.000, 1930 to 1934 Date May 11924. Principal and semi-annual interest(M.& N. 1) payable
inclusive, and 360.000, 1935 to 1944 inclusive.
at the County Treasurer's office. Due yearly on Nov. 1 as follows: $8,000,
-BOND SALE.
-The 1925 to 1932, inclusive. and 57,965, 1933. Certified check for 1% of the
EAST SYRACUSE, Onondaga County, N. Y.
Union National Corp. of New York has purchased the $46.500 coupon or amount of bonds bid for, drawn upon a solvent national bank or trust com-as 41s pany, payable to the Board, required.
registered water supply bonds offered on May 7-V. 118, p. 2092
THE CHRONICLE
MAY la 1924.]
2345
-BOND OFFERING.
HIGH POINT, Guilford County, No, Caro.
-Sealed
-BOND OFFERING.
GALVESTON, Galveston County, Tex.
until 1 p. m. May 27 by Ed. L. Ragan, City
bids will be received until 10 a. m. June 14 by Anne C. Kelley, City Secre- Sealed bids will be received coupon or registered bonds:
$1,006. Prin. and Secretary, for the following
tary, for 8480,000 5% public school bonds. Denom.
follows: 35.000 1926 to 1936.
semi-ann. int, payable at City of Galveston or New York City, at option $299,006 sewer bonds. Due on April 1 as S10.000 1955 to 1964, incl.;
incl.; $8.000 1937 to 1954, incl., nd
of the holder. 1:Me $12.000 Yearly. Approving opinion of John C. Thom200,000 water bonds. Due on April 1 as follows: 83.000 1927 to 1934,
of bid.
son of N. Y. City will oe furnished. A certified check for 2%
incl.; $5,000 1935 to 1951. Incl., and $7.000 1952 to 1964, incl.
payable to the City Treasurer, at required,
180,000 street improvement bonds. Due on April 1 as follows: $9,000
-BOND ELECTION.COUNTY (P. 0. Enid), Okla.
1925 to 1934, incl.: 810.000 1935 to 1943, incl.
GARFIELD
30,000 electric light bonds. Due $1,000 yearly on April 1 from 1926
An election will be held on May 20 to vote on the question of issuing
to 1955, incl.
$1.000,000 road construction bonds.
Denom.$1.000. Date April! 1924. Prin. and semi-ann. hit.(A.& O.),
-Sealed
-BOND OFFERING.
GARNETT, Anderson County, Kan.
payable in gold in
York City. Bidder to name rate of interest. The
proposals will be received until 7:30 p. m. May 12 by F. S. Mitchell; City approving opinionNew Reed, Dougherty & Hoyt of New York. will be
of
Clerk, for the following 5% bonds:
furnished. A •certified check or cash for 2% of bid, payable to the city
$16,561 04 internal improvement bonds.
is required.
11 734 94 internal improvement bonds.
HILL COUNTY COMMON SCHOOL DISTRICT NO. 15 (P. 0.
Date Jan. 15 1924. Due serially. A certified check for 2% of bid,
-BONDS REGISTERED-The State Comptroller of
Hillsboro), Tex.
payable to the City Treasurer. is required.
Texas registered 2150,000 514% serial school bondsfon May 1.
-The
-BOND SALE.
GENESEE COUNTY (P. 0. Flint), Mich.
-BOND OFFERING.
HOLMES COUNTY (P. 0. Millersburg), Ohio.
$75.000 road bonds offered on May 5(V. 118. p. 2219) have been awarded
-equal to -Sealed proposals will be received until 2 p. m. May 16 at the office of the
as 5s to Braun, Bosworth & Co. of Toledo for $75,843 60
Board of County Commissioners for $21.400 534% Sec. "E" Millersburg
101.12. Date May 1 1924. Due May 1 1926 to 1934. inclusive
bonds. Denom. $2.140. Date May 1
GERMAN TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0. Grundy Massillon special assessment road each six months from March 1 1925 to
-A special elec- 1924. Int. M. & S. Due $2,140
ELECTION.
-BOND
Center), Grundy County Iowa.
solvent bank in Holmes County for
Sept. 1 1929 incl. Cert, check on
tion will be held on May arto vote on the question of issuing $4,500 school 5% of the amount of bonds bid for some
payable to the County Auditor,required.
•
building bonds.
Purchaser to take up and pay for bonds within 10 days from time of award.
GERMANIA SCHOOL DISTRICT NO. 12, Dunn County, No.
-The above official will also receive sealed bids
BOND OFFERING.
Dak.-NO BIDS.
-No bids were received for the $2.000 school building until 1 p. m. May 16 for $27,600 5% road improvement bonds. Denom.
bonds offered on May 3-V. 118, p. 1948. Date May 3 1924. Due 82.760. Date May 1 1924. Interest M. & S. Due 82.760 each six
May 31 1944.
months from March 1 1925 to Sept. 11929, inclusive. Certified check for
-The 5% of the amount bid, payable to T.0. Glasgow,County Auditor,required.
-BOND SALE.
GIBSON COUNTY (P. 0. Trenton), Tenn.
$500,000 5% highway bonds offered on May 3(V. 118, p. 1948) were pur-BOND SALE-The following
HOUSTON. Harris County. Tex.
chased at a premium of $10,444. equal to 102.08, a basis of about 4.82%. serial bonds offered on May 3-V. 118. p. 1819
-wire purchased by ElDate April 1 1924. Due $20,000 on April 1 from 1929 to 1953 incl.
dredge & Co. of New York, the First National Co. of St. Louis and the
-An election San Jacinto Trust Co. of Houston as 5s at a premium of $10,668, equal to
-BOND ELECTION.
GILMER, Upshur County, Texas.
'will be held on May 27 to vote on the question of issuing $50,000 sewer 101.93:
8250,000 street improvement bonds. Due Feb. 1 1924.
extension bonds. Interest not to exceed 6%•
150.000 White Oak Drive improvement bonds. Date Feb. 1 1924.
- 150,000 Buffalo Bayou Drive improt ement bonds. Date Feb. 1 1924.
-TEMPORARY LOAN.
GREENFIELD, Franklin County, Mass.
Grafton & Co. of Boston have purchased the temporary loan of $100.000
-The $200.000 gravel paving bonds and the $100.000
BONDS NOT SOLD.
-dated May 6 1924 and maturing auditorium improvement bonds offered t the sme time were not sold.
offered on May 2-V. 118, p. 2219
Nov. 1924. on a 3.88% discount basis.
BOND ISSUE DEFEATED AT ELECTION ON APRIL 26 TO BE RE-BOND ELECTION.
-An SUBMITTED ON Ji.,NE 3.
-All of the municipal issues defeated at the
GREENWOOD, Leflore County, Miss.
-with the exception of the $100,election will be held on May 26 to vote on the question of issuing $200,660 election held on April 26-V. 118, p. 2220
000 auditorium remodeling issue, will be re-submitted to the voters at an
school bonds.
alection to be held on June 3. The issues to be re-submitved are: $350.000
GRIMES COUNTY ROAD DISTRICT NO. 4 (P. 0. Anderson), for drainage sewers, $150.000 for sanitary sewers. $500,000 for permanent
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. paving. 8200,000 for gravel streets, $300.000 for completion of the first
Texas.
May 12 by R. I. West, County Judge, for $75,000 534% road bonds. two units of the public library.
Denom.$500. Date Jan. 11924. Int. ann.(Jan. 1) payable in Anderson,
-The Farmers
-BOND SALE.
HOWE, Grayson County, Texas.
Texas, or at the First National Bank of Chicago, Ill. Due 87,509 on
Jan. 1 from 1944 to 1953 incl. District has right to redeem bonds any National Bank of Howe was awarded the $17.500 6% water works bonds
on April 19-V. 118, p. 1819. Date Feb.! 1924. Due $500 yearly
time after ten years. A certified check for $500 required. The official offered
notice of offering states; "There is no controversy pending or threatened from 1925 to 1959. incl.
concerning the issuance of these bonds or the boundaries of said district.
HUDSPETH COUNTY CONSERVATION & RECLAMATION
Said district has never defaulted or contested the payment of any obliga- DISTRICT NO. 1 (P. 0. Sierra Blanca), Texas.
-BONDS VOTED.
tion assessed against it."
-the voters authorized
At the election held on April 5-V. 118, p. 1576
-NO BIDS.
HAMILTON COUNTY
-No the issuance of $700,000 bonds.
Noblesville), Ind,
bids were received for the $10,000 4%% coupon C. E. Bauer gravel road
-BOND OFFERHUNTINGTON COUNTY (P.O. Huntington), Ind.
bonds, which were scheduled to be sold on May 3 (V. 118. 13. 2093)•
-Sealed bids will be received by Guilford Morrow, CountyTreasurer,
ING.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-TEMPORARY until 10 a. m. May 14 for the following issues of 5% coupon bonds:
Ewart et al. stone road. Denom. $875. Due each six
LOAN.
-The temporary loan of $100.000 offered on May 7-V. 118. $17,600 Elaska
months from May 15 1925 to Nov. 15 1934. inclusive.
-has been sold to the Chicopee National Bank of Chicopee on a
p. 2219
13.500 Chas. Wischel et al. gravel and stone road. Denom. $675. Due
3.77% discount basis. Due Nov.6 1924.
$675 each six months from May 15 1925 to Nov. 15 1934, inclusive.
HANOVER TOWNSHIP SCHOOL DISTRICT (P.O. Tabor), Morris
Date May 15 1924.
County, N. J.
-BOND OFFERING.
-W. T. Leighton, District Clerk,
-BOND
-BOND ELECTION
HUNTSVILLE, Weber County, Utah.
will receive sealed bids until 7.45 p. m. (standard time) May 23 for an
-Subject to being voted at an election May 12 $27,000 53(%
issue of 435% school bonds not to exceed $29.500, no more bonds to be SALE.
awarded than will produce a premium of $500 over $29,500. Denom. water bonds have been sold to the First National Bank of Ogden and the
$500. Date July 1 1924. Int. J. & J. Due $1,000 1925 and $1,500 1926 Palmer Bond & Mortgage C g ciSalt Lake City,
to 1944, incl. Certified check for 25% of the bonds bid for required.
-BOND SALE.
INDIANAPOLIS SANITARY DISTRICT, Ind.
Bonds, First Issue
-On May 6 The $600,000 414% coupon "Sanitary District Serialsold to the Fletcher
HARRISON, Hudson County, N J.-BOND SALE.
-have been
1924" offered on May 5-V. 118. P. 1948
the two issues of 41(% coupon or registered bonds offered on that day
-V.118.101. 1948
-were sold to Harris. Forbes & Co.of New York as follows: Saving & Trust Co. of Indianapolis and Eldridge & Co. of New York at
$177,000 ($178,000 offered) 'mot. at 100.93, a basis of about 4.63%. 100.004-a basis of about 4.49%. Date May 1 1924. Due $12,000 yearly
Due yearl on May 21 as follows: $10,000, 1925 to 1939 incl.; on July 1 from 1926 to 1975 bid.
$15.000. 1940. and $12.000. 1941.
INDIANOLA INDEPENDENT SCHOOL DISTRICT (P. 0. Indian115,000 4117,000 offered) Passaic Valley sewer at 102.41. a basis of about ola), Warren County,lowa.-BOND SALE.
-Our Western correspondent
4.56%. Due 'yearly on May 1 as follows: 82.000. 1925 to 1927 advises us in a special wire that the $175.000 school bonds offered on April
incl.. and $3,000, 1928 to 1963 incl., and $1,000. 1964.
25 (V. 118, p. 2094) were purchased by Ringheim, Wheelock Co. of Des
Denom. $1,000. Date May 1 1924.
Moines.
HARRISON COUNTY (P. 0. Corydon), Ind.
-BOND OFFERING.
INGLEWOOD UNION HIGH SCHOOL DISTRICT, Los Angeles
Sallie E. Turley. County Treasurer, will receive sealed bids until 2 p. rn. County, Calif.
-BOND SALE.
-The $200,000 5% school bonds offered
May 19 for 88,1905% coupon Wm. L. Conrad et al., road bonds. Denom.
28 (V. 118, p. 1702) were purchased by the Citizens' National
$210. Date May 19 1924. Int. M. & N. 15. Due $210 each six months en April
Co., National City Co. and the California Company on a joint bid of par
from May 15 1925 to May 15 1944. inclusive.
plus a premium of $150. eaual to 100.075. a basis of about 4.99%. Date
HARRISON SCHOOL TOWNSHIP, Vigo County, Ind.
-BOND April 1 1924. Due $10,000 yearly on April 1 from 1925 to 1944 incl.
OFFERING.
-John M. Mnsselink, School Township Trustee. will receive
ISANT1 COUNTY DRAINAGE DISTRICT NO.22(P.O.Cambridge)
sealed bids until 10 a. m. May 26 at 32114 Ohio St. for $30,000 5% school
-BOND SALE.
-The $14.000 6% drainage bonds offered on May 5
bonds. Denom. $500. Date June 1 1924. Prin. and semi-ann. int. Minn.
payable at the Citizens Trust Co. of Terre Haute. Due $2,000 yearly on (V. 118. p. 2094) were , purchased by Wood, Magraw. Kerfoot & Co. of
June 1 from 1925 to 1939. incl.
St. Paul as 43(5 at a premium of $187, equal to 101.34. a baiss of about
Date May 1 1924. Due $1,000 yearly on May 1 from 1931 to
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Highland Park)r 4.61%.
1944 incl.
Wayne County, Mich.
-BOND SALE.
-The following two issues o
public school bonds offered on April 29-V. 118. p. 2093
-The $710,000
JACKSON, Jackson County, Mich.
-have been
-BOND SALE.
awarded to a Detroit syndicate composed of Harris. Small & Co.; Security water plant, paving and sewer bonds offered on May 3-V. 118, p. 2220
Trust Co. and the Bank of Detroit, at 100.36, a basis of 4.55%, taking have been sold to Amos,Emerich & Co. and the Equitable Trust Co. of
$100,000 as 4s and $250,000 as 414s.
New York as 434s at 100.36-a basis of about 4.47%. Date May 11924.
$250,000 dated May 11924, due May 11954.
Legality app_roved by Wood & Oakley ef Chicago. Prin. and semi-ann.
100.000 dated Dec. 15 1923, due Dec. 15 1953.
N. 1) payable in New York City. Payable as follows: $2,000,
Denom. 91.000. Prin. and semi-ann. int. payable at the Highland 1926; 89,000,1927; $14.000, 1928: S20,000. 1929: 334.000, 1930; S35,000.
Park State Bank of Highland Park.
1931 and 1932; 889.000, 1933: 839,500. 1934; 838.500. 1935; $32.000. 1936:
The following is a partial list of the bids received:
$33,500, 1937; $31,000, 1938; $22,500. 1939:$19,000. 1940 to 1946 incl. and
41(s.
414s. Premium.
224,000, 1947 to 1954 incl.
Harris, Small & CO., Security 'Trust
Financial Statement.
Co. Detroit; Bank of Detroit
8100,000 8250,000 11,260 100.36
878.293.800
Assessed valuation, 1923
aFirse National Co., Detroit; Ames,
3.455.092
Total bonded debt_______________________________
Co., Keane. Higbie & Co 125,000
Emerich &
225,000
-_ _ _ 100.00
81i):17g
1.
Less, water debt
E. E. MacCrone & Co., Matthew .
992,438
133,063
Sinking fund
Finn, Hornblower & Weeks, Sidney
2,462,654
Spitzer & Co
250,000
100.000
4,877 101.39 Net bonded debt
Net bonded debtiess than 31-5% ofassessed valuation.
E. E. MacCrone & Co., Matthew
Population (1920 census)
48,375
Finn, Hornblower & Weeks, Sidney,
Population (1924 estimated) 55,000
350,000
Spitzer & Co
8,405 102.40
Whitlessey, McLean & Co.. Otis & Co.,
JEFFERSON COUNTY SCHOOL DISTRICT NO. 8 (P. 0. EdgeNicol-Ford & Co.,Inc.,Livingstone.
Denver have purchased
water), Colo.
-Este
SALE.
150,600
Higbie & Co
200,000
250 100.07 $60,000 school-BOND bonds voted at& Co. of held on May 5.
building
an election
Co.. Otis & Co.,
E. E. MacCrone &
Hornblower & Weeks, Sidney,
JEFFERSON SCHOOL TOWNSHIP (P. 0. Greencastle), Putnam
350,000
Spitzer St Co
*98.87 County, Ind.
-BOND SALE.
-The $37.900 5% school bonds offered
to the Fletcher Savings &
* Discount bid. a This syndicate also submitted a discount bid for the on May 5 (V. 118, p. 1948) have been sold to 102.65-a basis of about
received came from the Highland Park State Bank Trust Co. of Indianapolis for $38,908. equal months as follows: $1,350
bonds. Other bids
4.60%. Date May 5 1924. Due each six
of Highland Park. Detroit Trust Co. and Watling, Lerchen & Co., the last July 15 1925 to July 15
1938, and $1.450 Jan. 15 1939.
two bidding jointly.
JONES COUNTY ROAD DISTRICT NO. 1 (P.O. Stamford), Texas.
HIGHLANDS COUNTY SCHOOL DISTRICT NO. 3 (P. 0, De Soto
-At the election held on May 3 (V. 118, P. 1948) the
-Sealed bids will be received by W. A. -BONDS VOTED.
City), Fla.
-BOND OFFERING.
Marshall, County School Supt., until 11 a. m. May 14 for 817,500 6% voters authorized the issuance of $500,000 5% road bonds.
school bonds. Denom. $500. Date April 1 1924. Int. semi-ann. Due
-A syndi-BOND SALE.
KANSAS CITY, Wyandotte County, Kan.
85.000, 1934: $5,000. 1939: $7.500. 1944. A certified check for $500, cate composed of A. 13.
Leach & Co., Inc., Taylor. Ewart & Co. Inc ,
payable to the Board of Public Instruction, is required.
'
H. L. Allen & Co.. all of New York. and Stevenson, Perry, Stacy_& Co.
HIGHLANDS COUNTY SPECIAL TAX SCHOOL DISTRICT NO,6 Toledo has purchased the following bonds (offered on May 6-V. 118. p.
-Sealed bids will be received 2220) at 101.03, a basis of about 4.72%:
(P. 0. Sebring), Fla.
-BOND OFFERING.
until 11 a. m. May 14 by W. A. Marshall, Superintendent Board of Public $200.000
water works impt. bonds. Due May 1 1944.
Instruction, for $15,000 6% school bonds. Denom. $1,000. Date April 1
% electric light impt. bonds. Due May 1 1944.
500,000
1924. Prin. and int.(A.tc 0.) pa,yable at the American Exchange National
200,000 5% military memorial bonds. Due $20,000 yearly on May 1
Rank, N. Y. City. Due $5,000 April 1 1934. 1939 and 1944. A certified
from 1934 to 1943 incl.
check for $500 is required.
Date May 11924.
(P. o.
e
454%
2346
THE CITTVINTCLE
[Vol.. 118.
ICALISPELL, Flathead County, Mont.
-BOND OFFERING.
LONE ROCK INDEPENDENT SCHOOL DISTRICT (P. 0. Lone
-P. F.
Holzknecht, City Clerk, will sell at public auction at 2 p. m. May 26 $4,500 Rock), Kossuth County, Iowa.
-BOND ELECTION.
-A special election
amortization or serial bonds. A certified check for 5% of bid, payable to will be held on May 29 to vote on the question of issuing $25,000 schoolthe City Clerk, is required.
building bonds. W. T. Fish. Secretary Board of Directors.
KERSEY, Weld County, Colo.
LOS NIETOS SCHOOL DISTRICT. Los Angeles County, Calif.
-BOND SALE.
-The United States
National Co. of Denver has purchased $30,000 refunding bonds. Date BOND OFFERING.
-Sealed proposals will be received until 2 p. m. May 19
April 1 1924. Due 1925 to 1930.
by L. E. Lampton, County Clerk (P.O. Los Angeles), for $100,000 5%
school bonds. Denom. $1,000. Date May 1 1924. Prin. and fut. payKINGSPORT, Sullivan County, Tenn.
-BOND OFFERING.
Sealed bids will be received until 8 p. m. May 15 by F. L. Cloud, City able at the County Treasurer's office. Due on May 1 as follows: $3.000
1925 to 1934, incl., and 47.000 1935 to 1944. Ind. A certified or cashier's
Manager, for the following 6% bonds:
check for 3% of bid, payable to the Chairman of the Board of Supervisors
420,000 public impt. bonds. Denom. $1,000. Date April 1 1924. Due is required. The assessed
valuation of the taxable property in said school
from date. Int. semi-ann.
20 years
district for
67,000 city impt. bonds. Denom. $1,000. Date March 1 1924. Due Issued and the year 1923 is $3.381.155, and the amount of bonds previously
now outstanding is 427.500.
in 20 years. Int. semi-ann.
24,000 Improvement Distriot No. 18 bonds. Denom. 18 for 41.000,
MADISON, Madison County, Fla.
-BOND OFFERING.
-Sealed bids
12 of $500. Date Feb. 15 1924. Due $2,000, 1925 to 1932 incl.; will be received until 2 p. m.June 27 by E.J. Harris, Mayor,for the follow$4,000, 1933. Int. annually.
ing 6% coupon bonds:
8.700 Improvement District No. 23 bonds. Denom. $1,000. one for *60.000 street paving bonds. Due on Jan. 1 as follows: 420,000, 1944.
4700. Date March 11924. Due $1,000 from 1925 to 1932 incl;
1949 and 1954.
$700, 1933. Int. annually.
15,000 water-works bonds. Due on Jan. 1 as follows: $5,000 in 1944,
Prin. and int, payable at the Hanover National Bank. N. Y. City.
1949 and 1954.
Opinion approving the legality of the bonds will be furnished by J. C.
Denom. $1,000. Date Jan. 1 1924. Principal and semi-annual interest
Thomson, New York. and all expenses in connection with the preparation (J. itc J.) payable at the office of the Town Treasurer. Legality approved by
and printing of the bonds will be borne by the City of Kingsport. A Caldwell & Raymond, of New York.
A certified check for 2% of bid,
certified check for $1,200, payable to G. D. Black, City Treasurer, required payable to the Town, is required.
-BONDS DEFEATED.
LA GRANDE, Union County, Ore.
-At a
MADISON COUNTY ROAD DISTRICTS (P. 0. Canton), Miss.
vecial election held on May 1 the people voted down a proposition to issue BOND SALE.
-The Whitney Central Trust & Sayings Bank has purchased
11Z0,000 deep-well water supply bonds by a vote of three to one.
the following road bonds offered on March 4 (V. 118. p. 934):
-BOND SALE-The $40,000 6% $60.000 Road District No. 3 bonds. Due $2,000. 1925 to 1939. inclusive.
LAKE ALFRED,Polk County, Fla.
and $3.000. 1940 to 1949. inclusive.
-were purchased
coupon water bonds offered on May 1-V. 118. p. 1949
35,000 Road District No. 1 bonds. Due 41,000. 1929 to 1929. Inclusive,
by Ed. Pierce of Lake Alfred at a premium of $402, equal to 101. a basis
and $1.500. 1930 to 1949. inclusive.
of about 5.88%. Denom. $1.000. Date Feb. 1 1924. Due $2,000 Feb. 1
Date March 1 1924.
1928 to 1947. inclusive.
MALMO, Saunders County, Neb.-BOND SALE.
-The Ilenningson
LAKE COUNTY (P. 0. Painesville), Ohio.
-BOND SALE.-Geo, H. Engineering Co. purchased
on April 15 49.000 6% transmission line bonds
Burr & Co. and Seasongood & Mayer of New York have been awarded an
issue of $349,000 534% road impt. bonds. Denom. 41.000. Date April 1 at par. Denom. $500. Date April 1 1924. Interest payable quarterly.
issue of $349,000 5;4% road improvement bonds. Denomination $1.000. Due 1944.
Date April 1 1924. Principal and semi-annual interest (A. & 0.) payaMANHATTAN BEACH CITY SCHOOL DISTRICT, Los Angeles
ble at the County Treasurer's office in Painesville. Due each six months County, Calif.
-BOND SALE.
-The $28.000 51, % school bonds offered
4
as follows: 420,000 on April 1 and $21.000 on Oct. 1 from April 1 1925 on April 28 (V 118, p. 1702) were purchased by tile Bank of Italy at a
to Oct. 1 1930 incl.: $21.000 April 1 1931 to Oct. 1 1932 Incl.: COMO, premium of 4310, equal to 101.10-a basis of about 5.33%. Date April 1
April 1 1933. and 49.000. Oct. 1 1933. Legality approved by Squire, 1924. Due on April 1 as follows: $LOW), 1925 and 1926, and 42.000, 1927
Sanders & Dempsey of Cleveland.
to 1939. Inclusive.
Financial Statement.
MARICOPA COUNTY SCHOOL DISTRICT NO. 10 (P.O. Phoenix).
Real valuation
4150.000,000 Ariz.
-BOND OFFERING.
-Sealed bids will be received
Assessed valuation
95,000.000 May 12 by J. R. White. Clerk Board of Supervisors, for until 2 p. m.
$10,000 .51'%
Total bonded deist(Including this issue)
t
school bonds. Denom. 4500. Date May 15 1924. Principal and semiLew sinking fund
104.979
annual interest (M. dr N.) payable at the County Treasurer's office or at
Net debt (less than 334%)
3,024.771 the Bankers Trust Co., New York. Due May 15 1944. A certified check
Population 1920 census, 28,231.
for .5% of bid required.
LAKEVILLE, Dakota County, Minn.
-BONDS DEFEATED.
-The
MARION,
-BOND SALE.
-The 420.000
proposition to issue $20.000 4% %, water works and sewer bonds, submitted 6% refundingMcDowell County. No. Caro.
bonds offered on May 6(V
were purchased by
to a vote of the people at the election held on April 28-V. 181,p. 2094
- Bohmer. Reinhart & Co.. at a premium of118. p. 1949) 100.07-a basis of
$14. equal ot
failed to carry by a vote of 129 for to 139 against.
about 5.9”'. Date April 11924. Due on April 1 as follows: $1.000, 1926
LAS VEGAS, San Miguel County, N. Mex.-BOND OFFERING.
- to 1933. inclusive, and $2.000, 1934 to 1939, inclusive.
Sealed bids will be received by W. G. Benjamin, City Clerk. until 8 0. m.
MAUMEE,Lucas County. Ohio.
-BIDS.
-The following Is a list of the
June 9 for $20,000 6%, coupon fire equipment purchase bonds. Probable
date July 1 1924. Due 30 years: optional 20 years. A certified check bids received for the 423.500 6% village's portion street improvement
bonds awarded to Sidney Spitzer & Co. of Toledo as stated in V. 118, p.2094:
or cash, for 41,000 required with bid.
Conditional BidsPremium.
LEAKSVILLE, Rockingham County. No. Car.
-BOND OFFERING. Seasongood St Mayer. Cincinnati
-Sealed bids will be received until 8 p. m.May 15 by J. W.Norman,Town A. T. Bell & Co., Toledo
571 00
Clerk, for 450.000 street improvement bonds. Denom. $1,000. Date W. K. Terry & Co.. Toledo
(bonds furnished)
61300
59. 10
1
Feb. 1 1924. Bidder to name rate of interest. Prin. and semi-ann. Int. Grau, Td & Co., Cincinnati
Todd
(F.& A. 1) payable in New York In gold. Due on Feb. 1 as follows: $3.000. Durfee. Niles & Co.. Toledo (bonds furnished)
(bonds furnished)
0
78 8
67 8
76 5
1926 to 1935 incl.: 42.000. 1936 to 1945 incl. Certification of bond; by Ryan, Bowman & Co.. Toledo
U.S. Mtge.& Trust Co. Legal opinion of Chester B. Masslich. N.Y.City. W. L. Slayton & Co.. Toledo (bonds
furnished)813 10
A certified check for $1.000 required.
Kinsey McMahon, Toledo •(bonds furnished)
946 35
LEFORE COUNTY (P. 0. Greenwood), Miss.
-The
-BOND SALE.
Unconditional Bids4200,000 road improvement bonds offered on May 6-V. 118. p. 1949
- Campbell & Co., Toledo (bonds furnished)
417 00
were purchased by I. B. Tigrett & Co. of Jackson as 58 at a premium of Spitzer, Rorick & Co.. Toledo.
672 00
$2,051. equal to 101.02.
Sidney Spitzer & Co.. Toledo
760 00
LENOIR, Cumberland County, No. Caro.
-The
-BOND SALE.
MEDINA VILLAGE SCHOOL
coupon with privilege of registration water bonds, offered on May 1 County, °Mo.-BOND SALE. DISTRICT (P. 0. Medina), Medina
$75,000
-Benjamin Dansard & Co. of Detroit
-V. 118. p. 1819
-were purchased by H. D. Fellows & Co. of Chicago,
as 5;4's at a premium of $1,510, equal to 102.01. a basis of about 5.60%. have purchased the 453.000 514% school bonds offered on May 1-V. 118.
p. 1820
-for 454,368, equal to 102.58-a basis of about 5.06%. Date
Date April 1 1924. Due on April 1 as follows: 41,000 1927 and $2.000 Jan. 11024. Due yearly on Oct. 1 as follows:
44.000. 1925 and 1926. and
1928 to 1964, inclusive.
44.500, 1927 to 1936,inci
LEONARDTOWN, Saint Mary's County, Md.-BONDS VOTED.
METHUEN, Essex County, Mass.
-BOND SALE.
-Parkinson & Burr
At an election held on May 6 a proposition to ratify a bond 'Mlle of 435,000
of Boston have purchased the $109.000 43.1% coupon county tuberculosis
for waterworks for the town was carried by a vote of 124 to 85.
hospital loan bonds offered on May 1 (V. 118. p. 2221) at 101.37-a basis
LINDEN, Washington County, Utah.
-BOND
-BOND ELECTION
May 11924. Due
SALE.
-Subject to being voted at an election to be held soon, $40.000 of about 4.084%. Dateand 45.000, 1934 to on May 1 as follows: 46.000,
Inclusive,
1944, inclusive.
water bonds have been sold to the Palmer Bond & Mortgage Co. of Salt 1925 to 1933.
MILAN COUNTY ROAD DISTRICT NO. 10 (P. 0. Cameron),
Lake City. This corrects the item which appeared in the issue of April 26
Texas.
-BONDS VOTED.
-V.118, p. 2094
-At an election held on April 26-V. 118.
-under the caption of Lindon, Colo.
p. 1703
-the voters authorized the issuance of $75,000 building bonds.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND SALE.
-The six
MILTON, Cavalier County, No. Dak.-BOND SALE.
Issues of 5Ji% bonds offered on May 7-V. 118, p. 1949
-The 510.000
-have been
7 7 funding bonds offered on April 22-V. 118. p. 1820
,
awarded as follows:
-were purchased
$39,777 local sanitary sewer No. 100 at 102.48. a basis of about 4.88% • by Drake. Jones & Co. at par and accrued interest. Denom. 41.000.
Denom. $1.000 and one for $777. Due yearly in April as follows: Date April 11024. Due April 1 1943.
$4,777 1925 and $5,000 1926 to 1932. incl.
MISSOURI (State of).-BOAD OFFERING.
-Sealed proposals will be
48,938 water supply line No. 69, at 102.50. a basis of about 4.875% •
Denom. 81.000 and one for $935. Due yearly in April as follows: received until 2 p. m. May 15 by L. D. Thompson, State Treasurer (P. 0.
Jefferson City), for 43.600.000 4
World War Soldier Bonus bonds.
45.935 1925, $6,000 1926 to 1931. Incl., and 47,000 1932.
Denom. $1,000 and $100. Date June 1 1924. Principal and semi-annual
93,530 local sanitary sewer No. 93 at 102.80. a basis of about 4.86% • Interest (J. & D.) payable at
the Chase National Bank, New York City.
Denom. $1,000 and one for $530. Due yearly In April as
follows:
1925. $10,000 1926 to 1929. Ind., and $11,000 1930 to Due on June 1 as follows: $115,000. 1925; $120,000, 1926; $125,000, 1927;
$9.530
4131,000, 1928: 4137.000. 1929: $143.000, 1930: $149.000, 1931: 4156,000,
1933, incl.
1932; 4163,000, 1933: $171.000.
34,947 local sanitary sewer No. 99 at 102.58, a basis of about 4.88%. $195,000, 1937; 4203,000. 1938: 1934; 4178,000, 1935: 4186.000, 1936:
4213,000. 1939: 4222.000, 1940; $232,000.
Denom. $1,000 and one for $947. Due yearly in April as follows: 1941: 4243,000.
1942: $253,000. 1943, and $265,000, 1c144. A certified
43.947 1925.$4,000 1926 to 1929.Ind.,and 115,000 1930 to 1932. incl check on some solvent bank or trust
company for 1% of amount of bonds
supply line No.80 at 102.29, a basis of about 4.88%. Denom. bid for, payable to
21,288 water
the above official,
31.000 and one for $1,288. Due yearly in April as follows: $2,288. form. registerable as to principal only, required. Bonds will be coupon in
or as to both principal and interest,
1925, $3,000 1926 to 1930, id.. and $4,000 1931.
and are exchangeable for fully registered bonds in the denoms. of $5.000.
19,775 water supply line No.81 at 102.35, a basis of about 4.86%. Denom. 410.000. $50.000 or 4100.000. which fully
registered bonds may again be
51.000 and one for $775. Due yearly in April as follows: $1.775 exchanged for coupon bonds In the
denom. of $1,000 on payment of 41
1925 and $3.000 1926 to 1931. Ind
per thousand. Purchasers will be
Date May 15 1924. The first issues given above went to Stranahan. Jesse W. Barrett. Attorney-General, furnished with the legal opinion of
and also the legal opinion of Charles
Harris & Ostia, Inc., of Toledo. the last issue to A. T. Bell & Co. and & Rutherford of St. Louis. Delivery of bonds will
be
Braun. Bosworth & Co. of Toledo, and the remaining were awarded to the July 1 in St. Louis, Chicago or New York, at option made on or before
of purchaser.
Provident Savings Bank of Cincinnati. The following is a list of the bids
MONTCLAIR, Essex County, N. J.
-Harry
-BOND OFFERING.
received:
Trippett, Town Clerk, will receive sealed bids until 3 p. in. (standard time
$93.530 $34.947 839,777
May 27 for the following issues of 4 J(,.% coupon or registered bonds:
Prem. Prem. Prem.
permanent improvement. Denom. 41.000 and one for $690.
Stranahan. Harris & Oatis, Inc.. Toledo, Ohio_2.636.05 900.42
988.53* $177,690 Due
yearly on June 2 as follows: $15,690. 1925: $15.000. 1926 to
Second Ward Securities Co.. Milwaukee, Wis_
_--_
6.535
1930, inclusive; 421.000. 1931; and $22,000. 1932 to 1934. Incl.
Detroit. Mich.: Wm. R.
Detroit Trust Co..
15.470 Assessment Series 2. Denom. $1.000 and one for $470. Due
Compton Co.. Chicago. III
2.328.12 70.39
859330
yearly on June 2 as follows: 42.470. 1925: $3,000. 1926 to 1928.
A. T. Bell & Co., Toledo, Ohio; Braun, Bosinclusive, and 42.000. 1929 and 1933.
918.85
2,503.00 851.21
worth & Co., Toledo, Ohio
Date June 2 1924. Principal and semi-annual interest (.1. & D.) payable
The Provident Savings Bank & Trust Co..
at the Bank of Montclair or at the office of the Town Treasurer, in gold.
2 674.96 905,12
Cincinnati, Ohio
978.51
No more bonds to be sold than will produce a premium of 41,000 over ,each
2,385.07 820.90
W.L. Slayton & Co., Toledo. Ohio
874 51
8..70
of the above issues. Legality approved by John C. Thomson of Now 1 ork.
Cleveland, Ohio
840.00
2,488.00 738.00
Otis & Co.,
Certified cheek for 2% of the amount of bonds bid for. required.
2 210.00 707.00
756.00
R. M.Grant & Co.. ChIrcago. Ill
MONTGOMERY COUNTY(P.O. Rockville), Md.--BOND OFFERING.
448,935 $21,288 419,775
Prem.
Prem. -Benjamin C. Perry. President Board of County Commissioners, until
Prem.
12 m. May 13 will receive sealed bids for 427.500 454% county road bonds.
4.4620
Stranahan, Harris & Oatis, Inc.. Toledo, Ohlo-1,217.61 480.18
Denom. $500. Principal and semi-annual interest (J. & D. 1) payable at
1,062.50
Spitzer, Rorick & Co., Toledo. Ohio
the Farmers Banking & Trust Co. of Montgomery County at Rockville.
Detroit Trust Co.. Detroit. Mich.; Wm. R.
Payable two bonds one year from date thereof and two bonds yearly there1 072.94 426.91
389.60
Compton Co., Chicago. III
after in numerical order until all have matured. Certified check for $200,
A. T. Bell & Co., Toledo. Ohio; Braun. Bospayable to the County Commissioners. required.
worth & Co.. Toledo. Ohio
Savings Bank & Trust Co.,
MORAVIA INDEPENDENT SCHOOL DISTRICT (P. 0. Moravia),
The Provident
1 223.37 487.49
442.96
Appanoose and Monroe Counties, lowa.-BOND OFFERING.
Cincinnati, Ohio
-Cheater
1 076.08 434.06
Brasher, Secretary Board of Directors, will receive bids until 2p. m. May 12
403.21
W.L. Slayton & Co., Toledo, Ohio
1,033.00 375.00
for 415,000 4 e7,- coupon school-building bonds. Denom. $1,000. Date
348.00
Otis & Co., Cleveland, Ohio
946.00 370.00
May 15 1924: Due on May 15 as follows: $1,000, 1926 to 1928, inclusive;
338.00
R. M. Grant & Co., Chicago. Ill
The Second Ward Securities Co. of Chicago offered a poremium of 46.535 42.000. 1929 to 1934. inclusive: 41.000. 1935 to 1944. inclusive. A certified
for the whole five issues, together but this bid was rejected as being Irregular. check for 41,000, payable to the District Treasurer, required.
MAY
10 1924.]
THE CHRONICLE
-BOND SALE.
MORRISON COUNTY (P. 0. Little Falls), Minn.
The $20,848 4, % road bonds offered on May 6 (V. 118. p. 1820). were
4
purchased by the First National Bank of Duluth at a premium of $385.
equal to 101.84. Denom.$1,000. Date April 1 1924. Due 1934 to 1940.
MUHLENBERG TOWNSHIP (P.O. Reading), Berks County, Pa.
BOND SALE.
-M.M. Freeman & Co. of Philadelphia have been awarded
an issue of $235,000 44% coupon or registered school bonds. Denoms.
$1,000 and $500. Date April 11924. Due 1930 to 1954.inclusive. Legalitylapproved by Townsend. Elliott & Munson of Philadelphia.
MULLAN, Shoshone County, Idaho.
-BOND OFFERING.
-Sealed
bids will be received until 7 p. m.(mountain time) May 17 by Joseph L.
Martin, City Clerk, for $6,000 6% negotiable coupon paving bonds.
Denom. $1,000. Date July 1 1924. Prin. and semi-ann. int. payable
(J.& J. 1) in gold at the First National Bank of Mullen. Due July.1 1944,
optional July 11934. A certified check for 10% of bid, payable to Joseph
Martin. City Treasurer, is required.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 33 (P. 0.
Faloma), Ore.
-BOND OFFERING.
-Bids will be received by Guy Lawrence. School Clerk, until 12 an. May 20 for $20.000 school bonds. Denom.
to suit purchaser. Bidder to name rate of interest. Due serially. A
certified check for 10% of amount hid, required. Delivery of bonds will be
at the County Treasurer's office or at any 'bank in Portland. An approving
opinion of Teal, Winfree & Johnson. of Portland. will be furnished the
successful bidder.
MULTNOMAH AND CLACKAMAS COUNTIES JOINT SCHOOL
DISTRICT NO. 6 (P. 0. Gresham), Ore.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. May 20 by A. J. Quay, Clerk, for $25,000
54% school bonds. Denom. $500. Date May 11924. Pen, and semiann. int. (M. & N.) payable at the fiscal agency of the State of Oregon
in New York City. Due on Nov. 1 as follows: $1,000. 1928 to 1933 incl.:
$1,500, 1934 to 1939 incl., and $2,000, 1940 to 1944 ind. The approving
legal opinion of Teal, Winfree. Johnson & McCulloch will be furnished to
the purchaser. A certified check for $500 required.
NEWARK,Licking County, Ohio.
---BOND OFFERING.
-Until 12 m.
May 14 sealed bids will be received by Chas. F. Martin, City Auditor,
for $21,685 .5%% city's portion. street impt. bonds. Denom. $1,000 and
one for $685. Date April 1 1924. Prin. and semi-ann. int. (A. & 0.)
payable at the office of the Sinking Fund Trustees. Due yearly on Oct. 1
as follows: $1,685. 1925; 63.000 1926: 62,000, 1927; 63,000. 1928: 62.000,
1929 and 1930; $3,000. 1931: 42,000. 1932 and $3.000. 1933. Certified
check for 2% of the amount of bonds bid for required.
NEW PHILADELPHIA, Tusrarawas County, Ohio.
-BOND OFFER-Russell It. Seibert, City Auditor, will receive sealed bids until
ING.
12 m. May 23 for $8.600 5% sanitary sewer bonds. Denom. $500 and
one for $600. Date May 1 1924. Int. semi-ann. Due yearly on May 1
as follows: $600, 1926: and $500, 1927 to 1942 incl. Certified check
for $100, payable to the City Treasurer, required.
NEWPORT NEWS, Warwick County, Va.-BOND OFFERING.
Sealed bids will be received until 2 p. m. June 2 by A. M. Hamilton, City
Clerk, for the following 5% coupon bonds:
$110,000 public school bonds. Date June 2 1924. Interest
& D. Due
June 2 1954.
100.000 sewer and street improvement bonds. Date July 1 1924. Interest J. & J. Due July 1 1954.
Denom. $1,000. Principal and semi-annual interest payable at the
National City Bank, New York. Legality to be approved by John C.
Thomson, New York City. A certified check for 2% of bid, payable to the
City Treasurer, is required.
NEWTON, Middlesex County, Mass.
-BOND OFFERING.
-Francis
Newhall, City Treasurer, will receive sealed bids in his office in the city ball
as West Newton until 1 p. m. May 13 for 650.000 4% street improvement
coupon bonds. Denom. $1,000. Date May 11924. Principal and semiannual interest (M. & N.) payable at the First National Bank of Boston.
Due $5,000 yearly on May 1 from 1925 to 1934. inclusive. These bonds are
said to be exempt from taxation in Massachusetts and Federal income taxes,
and will be registered upon their face by the Old Colony Trust Co. of
Boston. A legal opinion by Ropes, Gray. Boyden & Perkins of Boston will
be furnished the purchaser at time of delivery. A copy of this opinion will
be filed with the Old Colony Trust Co. Any of these coupon bonds can be
exchanged for full registered bonds, excepting those within one year of maturity (Massachusetts statute). Interest upon registered bonds will be paid
,
by check from the office of the above Treasurer. Bonds will be ready for
delivery about May 26 1924.
Financial Statement.
Net debt of the city (including this loan)
$3,106,149 85
Assessed valuation for 1923
$102,091,600 00
Excluding the water debt, the net debt is 2.92% of the
assessed valuation.
Borrowing capacity remaining
$678,708 72
-TEMPORARY LOANS.
NEW YORK CITY,
-Short term securities
in the aggregate of $61,025,000, consisting of revenue bills and bonds, tax
notes and corporate stock notes. were issued by this city during the month
of April as follows:
Revenue Bills of 1924.
.1)005,,t. Int.Rate.
D'C. Date issaed.
,
Amount. Int.Rate.
Due. Date issued.
40,000 44% Oct. 14 1924 Mail 14
$3,000,000 44% July 14 1924 April 1
566.000 44% Oct. 15 1924 April 15
2,500,000 44% June 251024 April 11
100.000 444% Oct. 17 1924 April 17
.5,500,000 44% July 9 1924 April 14
900.000 444% Oct. 17 1924 April 17
1.000,000 44%. July 9 1924 April 16
400.000 444% Oct. 24 1924 April 24
500,000 44% June 3 1924 April 17
250,000 444% Oct. 24 1924 April 24
1,000,000 44% July 9 1924 April 21 4,200.000
Sept.15 1924 April 30
1,000,000 44% May 15 1924 April 21
250.000 4%
Sept.15 1924 April 30
1000,000 44% Aug. 25 1924 April 23
For Water Saintly.
1.000,000 4 4% July 25 1924 AprIl 23 5500.000 4 4ca Sept 15 1924 April 7
1,000,000 44%. Aug. 15 1924 AprIl 24
50.000444%Sept.15 1924 April 11
1,000,000 44% July 9 1924 April 25
620.0011 44% Oct. 14 1924 April 14
5,000,000 4(4% June 10 1924 Apr1128
650,000 44% Oct. 15 1924 April 15
1,000,000 4%
Oct. 15 1924 April 29
500.000 444% Oct. 15 1924 April 24
1,500,000 4%
Jcly 19 1924 April 30
250.000 444%. Oct. 24 1924 Apri, 25
5.000,000 4%
May 27 1924 April 30
775.000 4%
Sept.15 1924 April 30
Rapid Trat.sit.
Special Revenue Bonds of 1924.
525.000 4 % Oct. 1411)24 April 14
E1.000,000 44% Mar. 16 1025 April 7
450.000 444% Oct. 14 1924 Arril 14
Tax Notes.
600.000 44% Sept.15 1924 April 14
$250.000 44 4r;, Mar. 16 1925 April 7
9.000 44% Oct. 15 1924 April 15
Corporate Stock Notes.
150.000 444%.Oct. 15 1924 April 15
For Various Municipal Purposes.
300.000 444% Oct. 15 1924 April 24
3500,000 44% Sept.15 1924 April 7
100,000 44% Oct. 24 1924 April 24
1.000,000 44% Sept.15 1924 April 7
300,000 401
Sept.15 1924 April 30
750,001) 44% Sept.15 1924 April 11
50,000 4%
Sept.15 1924 April 30
1.000.00(4 44% Sept.15 1924 April 14
75.000 4%
Sept. 15 1924 April 30
3.400,000 44% Sept. 15 1924 April 14
Dock Purposes.
.
9.000,000 41 4% Sept. 15 1924 April 14 5100,000 44%. Oct. 14 1924 April 14
265,00044% Oct. 14 1924 April 14
350.000 4%
Sept.15 1924 April 30
NIAGARA FALLS. Niagara County, N. Y.
-BOND OFFERING.Sealed bids will be received by W. D. Robbins. City Manager, until 10 a. m.
May 10 for $186,900 4141' bridge bonds. Date May 11924, PrM. and
semi-ann. int, payable at the Hanover National Bank of New York. Due
yearly on May 1 as follows: 820.000. 1944: $25,000. 1946: $50,000, 1947,
and 1948, and $41,900. 1949. Legality approved by Clay & Dillon of
Now York. Certified check for 5.5.000, payable to the City Clerk, required.
NISKAYUNA COMMON SCHOOL DISTRICT NO.5(P.O.Schenec.
-BOND SALE.
tady), Schenectady County, N. Y.
-The Union Nat.
Corp. of New York has purchased the 870.000 .5% coupon or registered
-at 101.79.-a basis of
school bonds offered on April 30-V. 118, 13. 1950
about 4.77%. Date May 1 1924. Due $3,500 yearly on May 1 from
192.5 to 1944, incl.
-BOND OFFERING.
NORTH CAROLINA (State of).
-Sealed bids will
be received until 12 m. May 15 by B. R. Lacy, State Treasurer, at his
office in Raleigh for $10,000,000 highway bonds. Interest rate not to
exceed 44 . Date Jan. 1 1924. Due on Jan. 1 from 1934 to 1963. inclusive. Legality approved by Chester B. Masslich, New York City. A
certified check for 2% of bid required.
2347
ORANGE COUNTY (P. 0. Goshen), N. Y.
-Roose-BOND SALE.
velt & Sons of New York have been awarded the $150,000 44% coupon
road bonds offered on May 7-V. 118. p. 2221-at 103.80, a basis of about
4.185%. Date June 1 1924. Due $10,000 yearly on June 1 from 1934
to 1948 inclusive.
OSCEOLA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
(P. 0. Kissimmee), Fla.
-BOND SALE.
-The 6100,000 54% school
bonds offered on May 1-V. 118, p. 1704
-were purchased by Prudden &
Co. of Toledo at a premium of 62,580, equal to 102.58, a basis of about
5.31%. Date May 1 1924. Due on May 1 as follows: $6,000 1929.
68.000 1934. $10,000 1939, $13,000 1944. 616.000 1949, 620,000 1954.
627.000 1959.
The following is a list of the bids received:
NameAmount of Bid.
Prudden & Co., Toledo.0
6102,580 00
Blanchet, Thornburgh & Vandersall, Toledo, 0
101.750 00
Braun, Bosworth & Co., Toledo,0
101,728 00
C. W. McNear & Co., Chicago, Ill
101,617 00
R. E. Campbell & Co., Los Angeles. Calif
101.587 00
101,575 00
Ryan, Bowman & Co., Toledo,0
101,520 00
R. M. Grant & Co., New-York, N. Y
101,410 10
Well, Roth & Irving, Cincinnati, 0
101,250 00
Seasongood & Mayer, Cincinnati, 0
101.15000
Florida Municipals, Inc., Jacksonville, Fla
101,071 00
A. T. Bell & Co., South Jacksonville, Fla
100,70000
Walter, Woody & Heimerdinger,('.incinnati, C)
100,676 50
W.L. Slayton & Co., Toledo,0
100.617 00
Caldwell & Co., Birmingham, Ala
100,450 00
Wright, Warlow & Co., Orlando. Fla
-Sealed
OFFERING.
OWATONNA. Steele County, Minn.
-BOND
bids will be received until 7.30 p. m. May 19 by Minnie S. Kasper, City
Clerk, for $300.000 5% public utility bonds. Denom. $1,000. Date
May 1 1924. Prin. and semi-ann, int. payable in gold. Due on May 1
as follows: 815,000 from 1928 to 1935, Ind.: $20.000 from 1936 to 1944.
incl. A certified check or cash for 5% of bid required.
-On May 5
OWOSSO, Shiawassee County, Mich.
-BOND SALE.
Keane, Higbie & Co. of Detroit purchased an issue of $32.000 water bonds
at 104.47 for 5s, a basis of about 4.585%. Date May 1 1924. Due May 1
1939. The following bids, all for 5s, were submitted:
Rate Bid.
Rate Bid.
Keane, Higbie & Co
104.47 Whittlosey, MacLean & Co__ _103.07
Security Trust Co
103.05
A.T.Bell & Co
104.29
Detroit Trust Co
102.67
104.07 H. D. Fellows & Co
A. B. Leach & Co
102.33
103.82 E. E. MacCrone & Co
Paine, Webber & Co
102.06
103.23 I David Robinson 8; Co
Otis & Co
101.77
103.12 First National Co
PALMYRA, Wayne County, N Y.
-Louis C.
-BOND OFFERING.
Ziegler, Village Clerk, will receive sealed bids until 8 p. m. (eastern standard time) May 13 for $48,000 coupon water bonds not to exceed 6%.
Denom. $1.000. Date Jan. 1 1924. Interest J. & J. Due $2,000 yearly
on Jan. 1 from 1929 to 1952. inclusive. Legality approved by Clay &
Dillon of New York. Certified check for 61,000, payable to Wm. A.
German. Village Treasurer. required.
PAWTUCKET, Providence County, R. I.
-BOND OFFERING.-'
John B. Edney, City Treasurer, will receive proposals until 7:30 p.
(daylight saving time) May 14 for the purchase of $400,000 44% coupon
school bonds in denomination of $1.000 each. dated May 1 1924 and payable May 1 1954. Prin. and int. tNI. & NT.) payable in gold coin, principal
being payable at the °Me of the City Treasurer. Pawtucket, and interest
coupons at the office of the fiscal agent of the City of Pawtucket in Boston.
nese bonds may be fully registered or registered as to principal only. and
will be engraved under the supervision of and certified as to their genuineness by the Old Colony Trust Co., Boston. The favorable opinion of Storey.
Thorndike, Palmer & Dodge as to the validity of this issue will be furnished
without charge to the purchasers, and all legal papers incident to same will
be filed with the Old Colony Trust Co. where they may be inspected.
All bids should be accompanied by a certified check for 2% of the face value
of bonds. Bonds will be ready for delivery on or about May 28.
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
-The Old
Colony Trust Co. of Boston has purchased $148,000 short term hospital
notes dated May 7 and maturing July 15 1924 on a 3.90% discount bads
plus a $3 25 premium.
PENDLETON COUNTY (P. 0. Franklin), W. Va.-BOND ELECTION.
-An election will be held on May 27 to vote on the question of
issuing 648.000 court house building bonds.
PERRY CONSOLIDATED SCHOOL DISTRICT, Houston County,
Ga.-BOND OFFERING.-Sealed bids will be received until 3 p. m. May
16 by H. P. Houser, Secretary Board of Trustees, for $.60,000 school
district bonds. Denom. 81,000. Semi-ann. int., payable in New York.
A certified check for $3.000 required. A certified copy of validation proceedings furnished for $2.
PIKEVILLE CONSOLIDATED SCHOOL DISTRICT, Wayne
County, No. Caro.
-BOND SALE.-Tha $50,000 6% coupon (repsterable aa to principal only or both principal and interest) school house
bonds offered on May 5-V. 118. p. 2095
-were purchased by R. M.
Grant & Co. of New York at a premium of $3,205, equal to 106.41, a basis
of about 5.43%. Date May 1 1924. Due on May 1 as follows: $1,000.
1927 to 1931 incl.; $1.500. 1932 to 1936 incl.: $2,000, 1937 to 1941 incl.
and $2,500, 1942 to 1952 incl.
PITTSBURG, Crawford County, Kan.
-All
-BIDS REJECTED.
bids received for the $12,340
inapt, bonds offered on April 30-Y. 118,
p. 2095
-were rejected. Date Dec. 1 1923. Due on Dec. 1 as follows:
(
IS2,340. 1924, and $2,000, 1925 to 1929 inclusive.
PLEASANT RIDGE, Oakland County, Mich.
-The
-BOND SALE.
$15,000 Special Assessment District No. 10 sewer bonds offered on May 5
(V. 118, p. 2221) have been awarded to the First State Savings Bank of
Royal Oaks as ee at par. Date Aug. 1 1923. Due $3,000 yearly on
Aug. 1 from 1925 to 1929, inclusive.
PLEASANTVILLE FIRE DISTRICT (P. 0. Pleasantville), Westchester County, N. Y.
-BOND OFFERING.
-Sealed bids will be received
by Chas. J. Laire. Clerk of Board of Fire Commissioners, until 4 P. an.
May 12 for 611.500 5% registered Fire District bonds. Denom.$1,000 and
one for $500. Date June 1 1924. Due yearly on June 1 as follows: $1,000.
1925 to 1932, incl., and $3,500. 1933.
PLYMOUTH, Washington County, No. Caro.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. May 19 by 3.0. Everett, Town
Clerk, for $20,000 6% electric light and power system bonds. Denom.
$1,000. Date May 1 1924. Prin. and semi-ann. int. payable at the Chemical National Bank in New York. Due $1,000 on May 1 from 1927 to 1946.
A certified check for 2% of bid, upon an incorporated bank or trust company,
payable to the Town Treasurer,is required.
POMONA CITY HIGH SCHOOL DISTRICT, Los Angeles, County,
Calif.
-BOND SALE.
-The Harris Trust & Savings Bank of Chicago has
purchased the $125,000 5% school bonds offered on April 28-V. 118. p.
1951-paying par plus a premium of 81.453, equal to 101.13, a basis of
about 4.91%. Date April 1 1924. Due yearly on April 1 as follows:
$4,000, 1925 to 1929 incl., and $3,000. 1930 to 1964 incl. This corrects
the report which appeared in last week's issue, page 2221. The following
bids were received:
Premium.
Harris Trust & Savings Bank
-61,453
R. H. Moulton & Co.. Blyth, Witter & Co., E. H. Rollins & Sons.
California Security Co., Wm,it. Staats & Co., First Security Co.,
Riley &
mas416
Wells-Fa:rim Bank & Union Trust Co., Heller,
1.380
Anglo London Paris Co., M. H. Lewis & Co Bruce & Co
265
Citizens National Co., National City Co., California Co
1,000
Bank of Italy
480
POOLVILLE, Parker County, Tex.
-At a recent
-BONDS VOTED.
election the Issuance of $15,000 school building bonds was authorized by
the voters.
ONIDA, Sully County, So. Dak.-BOND OFFERING.
---A, C. Groth,
PORTAGE TOWNSHIP (P. 0. Ebensburg), Cambria County.
1Pa.
City Auditor, will receive lids until 8 p. m. May 20 for $10,000 water works -BOND OFFERING.-Oeo. M. Diehl. Treasurer Board of Supervisors,
bonds. Int. rate not to exceed 6%. Date April 1 1924. Due $1,000 will receive sealed bids until 11 a. m. (Standard time) May 31 for $50,000
yearly on April 1 from 1934 to 1943 incl., payable at the Midland National 5% road bonds. Denom. $1,000. Date July 1 1924. Int. J. & JAIDue
tank of...linneapolis. A certified check for 5% of amount bid for required. July 1 1926 to 1950. Certified check for $625 required.
a.
THE CHRONICLE
2348
-John
-LOAN OFFERING.
PORTLAND, Cumberland County, Me.
R. Gilmartin, City Treasurer, until 12 m. (daylight saving time) May 9
will receive sealed bids for the purchase on a discount basis of a temporary
loan of $300,000. Date May 151924. Due Oct. 3 1924 at the First Nat.
Bank of Boston. The notes will be in denominations to suit purchasers
and are certified as to genuineness by the First Nat. Bank of Boston.
-Sealed
-BOND OFFERING.
PORTLAND. Multnomah County, Ore.
bids will be received until 10 a. in. May 17 by Geo. R. Funk, City Auditor,
for $45,000 43 % bridge access bonds. Denom. 81,000. Date April 1
4
1924. Int. A. & 0.). Legality approved ty Storey, Thorndike, Palmer
& Dodge of Boston. A certified check for 5% of bid required.
-BOND SALE-The 3600.000 oort
PORT OF SEATTLE, Wash.
bonds offered on April 23 (V. 118, p. 1822) were purchased by Peirce,
Fair & Co. of Seattle at a premium of $6,060. equal to 101.01 for 5s. The
following is a list of other bids received:
Rate.
Price.
Remarks.
BidderBonds to be dated
Well, Roth & Irving Co
Weil, Roth & Irving Co
54% $603,120 May 1 1924. (Call
was for July 11924.)
Seasongood & Mayer
Prov. Say. Bk.& Tr. Co.. Cinc--606,000
15 Yt%
Union Trust Co_
Seattle National Bank,Seattle612.240 Bidder furnish bonds
(a)15 %
R. M.Grant & Co., N.Y
(b)l54%
195,0001 and opinion
405,000f
5%
John E. Price & Co
Carstens & Earles
Lumberman's Trust Co
425,000
Ferris & Hardgrove
154%
175,000
Blyth, Witter & Co15%
Baillergeon, Winslow & Co
Natl. Bank of Commerce. Seattle]
PORT WASHINGTON, Ozaukee County, Wis.-BOND SALE.
The $15.000 community hall and 815,000 water and sewer extension 5%
coupon bonds offered on April 23 (V. 118, p. 2096) were purchased by the
Second Ward Securities Co. at par plus a premium of $316 50, equal to
101.05. Date May 1 1924. Due serially.
PRESIDIO COUNTY (P. 0. Marfa), Texas.
-BOND ELECTION.
An election will be held on May 20 to vote on the question of issuing
3140.000 school building bonds.
RANDOLPH COUNTY (P. 0. Asheboro), No. Caro.
-BOND OFFER-Sealed bids will be received until May 19 by L. M.Kearns, Register
ING.
of Deeds. for $29,000 coupon or registered school bonds. Int. rate not to
exceed 6%. Denom. $1,000. Date May 1 1924. Prin. and semi-ann.
int. (M. & N.) payable in gold at the Seaboard ,..rational Bank of New
York. Due $1,000 on May 1 1926 to 1954 incl. Legality approved by
Reed, Dougherty & Hoyt of New York. A certified check for 2% of
bid, payable to the Board of County Commissioners, required.
ROCKFORD SCHOOL DISTRICT (P. 0. Rockford), Winnebago
County, 111.
-BOND OFFERING.
-Until 4 P. in. May 12 sealed bids will
be received by P. A. Peterson, Chairman Finance Committee Board cf
Education, for $95.000 coupon Series "C"school bonds. Denoms. $1,000
and $500. Date April 11923. Prin. and semi-ann. int.(A.& 0.) payable
at the County Treasurer's office. Due $5,000 yearly on April 1 from 1925
to 1943 incl. Legality approved by Chapman, Cutler & Park of Chicago.
Certified check for 5% of the amount of bonds bid for, payable to the
above official, required.
ROCKFORD, Winnebago County, 111.
-Elmer
-BOND OFFERING.
0. Strand, City Clerk, will receive sealed bids until 2 p. in. May 16 for
$50.000 54% city yard site building and equipment bonds. Date June 1
1924. Interest semi-annual. Certified check for 2% of the amount of
bonds bid for, required.
ROCK HILL SCHOOL DISTRICT NO.12, York County,So. Caro.
-Sealed bids will be received until 11 a. in. May 14
BOND OFFERING.
by R. C. Butts, Secretary and Treasurer of Board of Trustees, for $50,000
5% coupon school improvement bonds. Denom. $1.000. Date Jan. 1
1924. Prin. and semi-ann. Int. iJ. & J.), payable at a bank in New York.
Due on Jan. 1 as follows: $1,000 1925 to 1931, incl.; $2,000 1932 to 1935,
incl.: $3.000 1936 to 1940, incl., and $4.000 1941 to 1945, incl. Legality
approved by Reed, Dougherty & Hoyt of New York. A certified check
for $1,000 required.
ROCK LAKE, Towner County, No. Dak.-BOND OFFERING.
Bids will be received until 3 p. m. May 10 by Alfred Olson, Village Clerk,
at the County Auditor's office in Cando for 37.500 6% building bonds.
Date Dec. 15 1923. Interest J. & D. 15. Due Dec. 15 1943. A certified
check for 5% of bid, payable to the Board of Village Trustees, is required.
ROCKPORT, Essex County, Mass.
-A tem-TEMPORARY LOAN.
porary loan of $30,000 dated May 1 1924 and maturing in seven months,
has been sold to the First National Bank on a 3.98% discount basis.
ROTAN, Fisher County, Tex.
-BOND SALE.-Sutherlin, Barry &
Co. of New Orleans have purchased $50,000 53 % water works bonds at
a discount of $250, equal to 99.50 .
•
RUSKIN,Nuckolls County, Neb.-BONDSDEFEATED.
-The proposition to issue 310,000 water bonds, submitted to a vote of the people at the
election held on April 28 (V. 118, D. 2096) failed to carry.
RUTHERFORDTON,Rutherford County, No. Caro.
-BOND SALE.
-The 574,000 8% water and light bonds offered on April 30-V. 118.
D. 1951-were purchased by Prudden & Co. of Toledo at a premium of
$15, equal to 100.02, a basis of about 5.99%. Date March 15 1924. Due
52.000 1927 to 1963. inclusive.
4
SANDY,Salt Lake County, Utah.
-BONDS VOTED
-BOND SALE.
At the election held on April 26-V. 118. p. 1951-the voters approved the
Issuance of 325,000 5% water bonds. These bonds had been sold subject
to being voted to the Central Trust Co. of Salt Lake City.
SAN FERNANDO, Los Angeles County, Calif.
-BONDS VOTED.
At an election held on April 29-V. 118, p. 2096
-the voters authorized
the issuance of $90,000 trunk line and disposal plant bonds by a vote of
355 "for" to 156 "against."
SARANAC LAKE, Franklin County, N. Y.
-BOND SALE.-Geo. B.
Gibbons & Co., Inc., of New York, have been awarded the $19,050 coupon
or registered paving bonds offered on May 6-V. 118, p. 2222
-as 4.90s
of about 4.85%. Date Sept. 1 1923. Due yearly on
at 100.19. a basis
Sept. 1 as follows: 32,000, 1924 to 1932 incl., and $1,050, 1933.
SCHENECTADY, Schenectady County, N. Y.
-BOND SALE.
Sherwood & Merrifield of New York have purchased the following issues of
coupon bonds as 4.305 at 100.09-a basis of about 4.27%:
$160,000 school bonds, dated July 1 1923. maturing 38.000 on July 1 in
each of the years 1924 to 1943. inclusive.
60,000 sewer bonds, dated Dec. 1 1923. maturing $6,999 on Dec. 1 In
each of the years 1924 to 1933. Inclusive.
-The City Common Council
TEMPORARY LOAN AUTHORIZED.
members on May 7 voted to authorize a temporary loan of $400,000 for
expenses of the city in anticipation of taxes due in May.
the
-BOND SALE.
SEATTLE, King County, Wash.
-The $1,200.000
Series "C" bridge bonds of 1924 and the $600,000 municipal imp. bonds
-were purchased as 4345 at
of 1923 offered on May 6-V. 118, P. 1822
par. Date May 1 1924. Bonds will mature serially in amounts as nearly
as practicable, to be specified by the City Council by resolution, in from 2
to 30 years from date.
-BOND SALE.
-The $500,000
ST. PAUL, Ramsey County, Minn.
coupon or registered water works bonds offered on May 2-V. 118. p.
1951-were purchased by A. M. Lamport & Co. of New York at par,
a basis of about 4.37%. as follows:
$244,000 as 4345 maturing on May 1 as follows: 38.000, 1925 and 1926:
$9.000„ 1927 and 1928: 510,000, 1929 and 1930: $11,000, 1931
and 1932; 812,000, 1933 and 1934: 313,000. 1935 and 1936;
814,000. 1937 and 1938: 515,000, 1939: $16,000, 1940 and 1941:
$17.000. 1942: 318,000. 1943; 88.000. 1944.
258,000 as 434s maturing on May 1 as follows: 311,000, 1944; $20,000,
1945: 321.000, 1946: 522,000, 1947: 823,000. 1948: 324,000, 1949;
825,000, 1950: 526,000. 1951: 327,000, 1952: 328,000, 1953, and
829,000. 1954.
Date May 1 1924.
[VOL. 118.
The following bids were received:
BiddersBankers Trust & Savings Bank
Amount. Rate. Prem.
$244,000 44%)
256,000 44% J
Se,asongood & Mayer and H. L. Allen & Co., both 500,000 44% $5,333
of New York
341,000 447 1
187
159,0004 i
A. C. Allyn & Co., Chicago
500,000 44% 8,356
Graham, Parsons & Co., New York
50
365,000 44%
135,000
A. B. Leach & Co., Chicago
2
390,000 434%t
110,000 4
Geo. B. Gibbons & Co.. Inc
5,850
500,000 4%
Wm. R. Compton Co. and Minneapolis Trust Co_ 365,000 44
10
135,000 411%!
Kean, Taylor & Co.. New York
500,000 44 0 6,645
The Merchants National Bank
365,000 411%). 385
135,000 434%).
Eldredge & Co., New York,and Wells-Dickey Co., 185,000 44
Minneapolis
315,000 434%).
500,000 44% 4,050
150
255,000 411%
C. W. McNear & Co., Chicago
245,000 447
350
341,000 44
159,000 4%
W. A. Harriman & Co., Inc., Chicago. and ICeane, 426,000 4%
20
Higbie & Co., Detroit
74,000 411%
The Minnesota Loan & Trust Co
138
1 365,000 414
135,000 434%
Remick, Hodges & Co., N. Y.; R. L. Day & Co„ 341,000 44%
185
Boston; Northwestern Trust Co., St. Paul, and 159.000 44%
Kalman, Gates, White & Co., St. Paul
Stevenson, Perry, Stacy & Co.: Brown Bros. & Co. 236.000 44%1 321
and Merchants Trust & Savings Bank
264,000 4Si7
Bankers Trust Co., N. Y.; Guaranty Co. of N. Y. 500,000 434 5,700
and Lane, Piper & Jaffray, Inc., Minneapolis
100
255,000 44 _01
245,000 44%1
The National City Co., Chicago
500,000 411% 1,435
Harris Trust & Savings Bank, Chicago
500,000 411% 4,059
The Northern Trust Co., Chicago, and Roosevelt
& Co., New York
4,306
500,000
Paine, Weboer & Co., Chicago
113,000
387.000 r%)
Drake-Jones Co., Minneapllis: Blodgett & Co. an
Phelps. Fenn tlE Co., both of New York
500,000
Metropolitan National Bank and Wood, Magraw,f 285,000 Vt131
65
Kerfoot & Co
1 215.000 44zoi
SEA GIRT, Monmouth County, N. J.
-RESTRAINING ORDER NOT
YET REMOVED.
-Frank Durand Jr., Borough Clerk, informs us under
recent date that no settlement has yet been made in regard to the $250,000
5% coupon or registered funding bonds which were offered but not sold
on Nov. 13. due to a restraining order preventing the sale of same (see
V. 118, P. 232).
SHAKER HEIGHTS, Cuyahoga County, Ohio.
-BOND OFFERING.
-E.P. Rudolph, Village Clerk, until 12 m.(Central standard time) June 5
will receive sealed bids for S82.490 511% coupon special assessment road
impt bonds. Denom. 31.000 and one for $490. Date June 11924. Prin.
and semi-ann. int.(A. & 0.) payable at the Village Treasurer's office. Due
yearly on Oct. 1 as follows: 37.490. 1925; 59.000, 1926; 58.000, 1927 te
1929, incl.: $9,000, 1930; $8.000, 1931 to 1933, incl., and $9,000, 1934.
Certified check for 5% of the amount of bonds bid for, payable to the
Village Treasurer, required. Purchaser to take up and pay for bonds
within 10 days from time of award.
q
SHEBOYGAN, Sheboygan County. Wis.-BOND OFFERING.Sealed bids will be received until 4 p. en. May 12 by J. M. Steimle, City
Clerk, for the following 6% bonds:
$31,600 pavement improvement bonds. Denom. 25 for 51.000. 12 for
$500 and 1 for $600.
3,100 sewer improvement bonds. Denom. 2 for $1,000, 1 for $500 and
1 for $600.
Date May 1 1924. Int. semi-ann. Due in seven years (optional after
five years). A certified check or cash for 15% of bid, payable to the City
Clerk, is required.
SHELBY COUNTY (P. 0. Sidney), Ohio.
-BOND SALE.
-The
$15,000 6% coupon Clayton Joint Ditch construction bonds offered on
May 3-V. 118, p. 1951-have been sold to Grau, Todd & Co. of Cincinnati for $15,435, equal to 102.99-a oasis of about 5.02%. Date March 1
1924. Due $3,000 yearly on Sept. 1 from 1925 to 1929, incl.
SMITH CENTER,Smith County, Kan.
-BOND OFFERING.
-Sealed
5 0y
0 b
C
intiL2 p.
bids will be received0 0 N. J. White, Cgtyd.leris, t
134*g
1:
paving
certified checkchick for
,
a e2% ay bid required.
of
l
grOgri‘ratt l 1125 to 193'k.
r l se r
SMITHTOWN UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Smithtown Branch), Suffolk County, N. Y.
-BOND OFFERING.
Sealed bids will be received by Frank E. Baruch, Clerk Board of Education.
in. (daylight saving time) May 20 for 830,000 434% school
until 2
bonds. Denom. $1,500. Date June 11924. Prin. and ann. int. payable
at the Bank of Smithtown, Smithtown Branch. Due $1,500 yearly on
June 1 from 1925 to 1944 incl. Certified check for 10% of the amount
of bonds bid for required.
SOUTHAMPTON (Town of), Suffolk County, N. Y.
-BOND OFFERING.
-Benjamin G. Halsey, Town Supervisor, NVill receive sealed bids
until 12 m. May 6 at the office of the Town Board in the Village of Southampton for the following issues of 5% bonds for the construction of a town
hall and for rebuilding of the bridge known as Post Bridge:
$65,000 due $5,000 yearly on May 1 from 1925 to 1937 incl.
31,000 due yearly on May 1 as follows: 24,000, 1925, and 33.000, 1926
to 1934 inclusive.
Denom. $1,000. Date May 11924. Prin. and semi-ann. int.(M.& N.)
payable at the First National Bank of Southampton. Certified check for
10% of the total amount of the bid required. Interest will be charged
purchaser from May 1 1924 to date of delivery.
SOUTHAMPTON (P. 0. Sag Harbor), Suffolk County, N. Y.
BOND SALE.
-The following issues of 434% bonds offered on May 2
-V. 118, p. 1951-have been sold to the Suffolk County Trust Co. of
River head at par:
$7,000 fire house site. Due $1,000 yearly on July 1 from 1025 to 1931 incl.
9,000 Railroad bridge. Due $1.000 yrly. on July 1 from 1925 to 1933 incl.
7.000 oil distributor. Due $1,000 yearly on July 1 from 1925 to 1931 incl.
Denom. $1,000. Date July 11924.
SOUTH HAVEN, Sumner County, Kan.
-BONDS AWARDED IN
PART.
-Of $l5,000507 road bonds offered on may 5-V. 118, D. 2097E11.000 were purchased by the Branch-Middlekauff Co. of Wichita at par
and accrued interest for 99.05. Denom. 31.000. Date Jan. 1 1924.
Due serially.
SOUTH ORANGE AND MAPLEWOOD SCHOOL DISTRICT (P. 0.
South Orange), Essex County, N. J.
-Margaret
-BOND OFFERING.
M. Pryor, District Clerk, will receive sealed bids until 8 P. m• (daylight
saving time) May 19 for an issue of 434% and 4%% coupon or registered
school bonds not to exceed 3827.000, no more bonds to be awarded than will
produce a premium of $1,000 over $827,000. Denom. $1,000. Date
April 1 1924. Prin and semi-ann. bit. (A. & 0.) payable at the United
States Mortgage & Trust Co. of New York in lawful money of the United
States. Due yearly on April 1 as follows: $20,000, 1926. and 1927: 329,000,
1928 to 1950 incl., and 530,000, 1951 to 1954 incl. The bonds will be prepared under the supervision of the United States Mortgage & Trust Co. of
New York, which will certify as to genuineness of the officials and the seal
Impressed thereon and the validity of the bonds will be approved by Hawkins, Delafield & Longfellow of New York. Certified check for 2% of
the amount of bonds bid for, payable to the Custodian of School Moneys,
required.
SPRINGBORO, Crawford CountyPa.-BOND OFFERING.
-Until
2 p. m. May 14 sealed proposals will 'be received by Alex McCullough,
Borough Secretary. for 315.000 5% paving bonds. Denom. $500. Date
Jan. 2 1924. Int. J. & J. Due $500 each six months from Jan. 2 192510
July 2 1939, incl. Certified check for $300 required.
STANLEY CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. 0. Stanley), Buchanan Countylowa.-BOND ELECTION.
-A
special election will be held on May 23'to vote on the question of issuing
approximately $100,000 school building bonds. B. D. Stover, Secretary.
p.
MAY 10 1924.]
THE CHRONICLE
SANDUSKY, Sandusky County, Ohio.
-BOND OFFERING.
Joseph Loth, City Treasurer, will receive sealed bids until 12 m. (central
standard time) June 9 for the following issues of 5% bonds:
$40,000 Columbus Ave. impt. Date May 11924. Due yearly as follows:
$4.000, 1926 to 1930 incl., and $5,000, 1931 to 1934 incl.
25,000 Tiffin Ave. impt. - Date May 1 1924. Due yearly as follows:
$1.000 1926 and $3,000 1927 to 1934 incl.
14,000 property portion Shelby Street impt. Date April 1 1924. Due
yearly as follows: 21,000, 1926 to 1929 incl., and $2,000, 1930 to
1934 incl.
Denom. $1.000. Interest semi-ann. Certified chock for 10% of the
amount of bonds bid for, payable to the city, required.
STEARNS COUNTY (P.O. St. Cloud), Minn.
-BOND OFFREING.Nicholas Thomey, County Auditor, will receive bids until 2 p. m. May 28
for $125,000 road bonds. Denom. $1,000. Date May 1 1924. Int. rate
not to exceed 5% A certified check for 2% of amount of issue, payable
to the County Treasurer, required.
STILLWATER, Payne County, Okla.
-Bids
-BOND OFFERING.
will be received until June 10 by the Commissioner of Revenue and Accounts
for $200.000 5% coupon reservoir bonds. Denom. $1,000. Date June 1
1924. Thin, and semi-ann. int. (F. & A.) payable at the Mechanics &
Metals National Bank in New York. Due June 1 1944.
STRATFORD, Hamilton County, la.
-The White
-BOND SALE.
Phillips Co. of Davenport has purchased $11,812 45 5% street improvement bonds. Denom. $500, $112 45 and $100. Date April 1 1924. Prin.
and semi-ann. interest (J. & D.) payable at the State Bank of Stratford or
at the office of the above named firm. Due June 1 as follows: 24,312 45 in
1925; $1,000, 1926: $900, 1927 to 1929 incl.; 81,000. 1930; $900, 1931 am.
1932: $1,000, 1933 (optional at any time). Legality approved by F. C.
Duncan of Davenport.
2349
VAN BUREN COUNTY (P. 0. Paw Paw), Mich.
-BOND SALE.
The Detroit Trust Co. of Detroit has purchased an issue of $18.700 54%
Road Assessment District No. 52 bonds for 218,827. equal to 100.67.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 6
(P. 0. De Land), Fla.
-BIDS.
-The following is a list of' bids received for
tho $125,000 school bonds awarded to W. L. Slayton & Co. of Toledo.
as stated in V. 118. p. 2223:
Campbell & Co
$127,445 00 A. T. Bell & Co
8128,226 00
Blanchet, Thornburgh &
Stevenson, Perry, Stacy
Vandersall
127,250 00
& Co
126,667 50
Sidney Spitzer & Co_ ___ 127.381 00 C.
,W. MeNear & Co
128,346 00
R. M.Grant & Co
127.350 00 W. L. Slayton & Co____ 128,875 00
Seasongood & Mayer
126,662 50 Ryan, Bowman & Co__ _ 127,900 00
Prudden & Co
128,275 00
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 12
(P. 0. De Land), Fla.
-BIDS.
-The following is a list of bids received for
the 8120.0005)4% school bonds awarded to Sidney Spitzer & Co.of Toledo.
as stated in V. 118. p. 2223:
A T Bell & Co
$122,556 Blanchet. Thornburgh &
Stevenson, Perry, Stacy &
Vandersall
$121,5.36
Co
121.912 Sidney Spitzer & Co
124,104
C. W. McNear & Co
122,926 It. M. Grant & Co
122,538
W.L. Slayton & Co
121,728 Ryan, Bowman & Co
123,121
122.604
J. C. Mayer & Co
121,512 Prudden & Co
-BOND ELECTION.
-An election
WACO, McLennan County, Tex.
will betheld on May 31 to vote on the question of issuing $500,000 city hall
bonds.
-BOND OFFERING.
-Sealed
WACONIA, Carver County, Minn.
bids will be received until 8 p. m. May 15 by the Town Clerk for $35,000
5% water work and sewer bonds. Due in 1949.
-The WhiteWALTHILL, Thurston County, Neb.-BOND SALE.
Phillips Co. of Davenport has purchased $15,000 5%% electric light bonds
at par plus a premium of $25, equal to 100.16-a basis of about 5.48% if
called at optional date and 5.49% if allowed to run full term of years.
SUGAR CREEK SCHOOL TOWNSHIP (P. 0. Pickard), Clinton Date Nov. 1 1923. Due Nov. 1 1943, optional Nov. 1 1933.
County, Ind.
-BOND OFFERING.
-John C. Birden, Township Trustee,
-BOND OFFERWAYNE COUNTY (P. 0. Goldsboro), No. Caro.
will receive sealed bids until 2 p. m. May 21 for $45,000 5% coupon school
by G. 11. Grantham,
-Sealed bids will
bonds. Denom. $500. Date April 15 1924. Prin. and semi-ann. int. ING. of the Board ofbe received until 12 m. June 2 $25,000 5% coupon
County Commissioners, for
Clerk
(J. & D. 15) payable at the Farmers Bank of Circleville. Due $3,000 (registerable as to principal only or both prin. and int.) bridge bonds.
yearly on June 15 from 1925 to 1939 inclusive.
Denom. $1,000. Date June 1 1921. Prin. and semi-ann. int. payable
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BIDS.
-On May 6 the at the office of the Bankers Trust Co. in New York, and interest on regiscounty received the following bids for five issues of road improvement bonds tered bonds will, at option of holder be paid in New York exchange.
which were offered for sale on that day:
The purchaser will be furnished with the opinion of Reed, Dougherty &
$152.000 $70,000 854.000 817,460 816,675 Hoyt of New York. A certified check (or cash) for 2% of amount bid for,
The Herrick Co., Cleve_ -44.073 00 $1,904 00 $1,477 20 $190 00 $19000 payable to the county, required. Delivery will be made in Goldsboro or
Seasongood & Mayer and
New York City, at option of purchaser.
The Provident Say. Bk.
-The
WEST ALLIS,. Milwaukee County, Wis.-BOND SALE.
& Trust Co., Cincinnati_ 3.92675 1,837 75 1,391 75 151 75 141 75
Ward Securities Co. of Milwaukee. has purchased the following 5%
W. L. Slayton & Co., Tol_ 2,32560 1,071 00
826 20 171 11 163 42 Secondoffered on May 3-V. 118, p. 1823
-at a premium of' 88,215 74,
Otis & Co., Cleveland- _-_ 3.771 00 1,77800 1,341 00 159 00 152 00 bonds
equal to 101.75-a basis of about 4 78%.
The Milliken & York Co.,
school bonds. Due $13,000 from
1934 incl. and $12,000
Cleveland
3,780 00 1.680 00 1.336 00 120 00 115 00 $250,000 from 1935 to 1944 incl. Payable 1925 toWest Allis State Bank,
at the
Elliott & Harrison of Cincinnati submited a bid of par plus a
Breed,
West Allis.
premium of $1,290 60 for the $54,000 issue only, and Hayden, Miller &
120,000 street improvement bonds. Due $6,000 from 1925 to 1944 incl.
Co. of Cleveland bid par plus a premium of $6,730 for all of the issues
Payable at the First National Bank of West Allis.
together. Notice of the offering of the $17.460 bonds appeared in V. 118.
35,000 bridge bonds. Due $2,000 from 1925 to 1939 incl. and $1,000.
p. 2223.
1940 to 1944 incl. Payable at the First National Bank of West
Allis.
SUMTER COUNTY (P. 0. Sumter), So. Caro.
-BIDS REJECTED.
- 28.000 storm sewer bonds. Due $2,000, 1925 to 1929 incl., and 51.000
All bids received for the 81,500,000 (registerable as to the principal) road
from 1930 to 1944 incl. Payable at the First National Bank of
and bridge bonds offered on May 1-V. 118, p. 1823
-were rejected.
West Allis.
Date Jan. 1 1924. Due on Jan. 1 from 1929 to 1953 incl.
20,000 sewer bonds. Due 51.000 from 1925 to 1944 incl. Payable at
the First National Bank of West Allis.
SYLACAUGA, Talladega County, Ala.
-BOND OFFERING.
-Bids
18,000 water bonds. Due $1,000, 1925 to 1942 ind. Payable at the
were received by F. G. Shinn, City Clerk, until 7 p. m. yesterday (May 9)
First National Bank of West Allis.
for $40,000 6% gold water extension bonds. Denom. $1,000. Date
May 1 1924. Int.(M. & N.) payable at the National Park Bank, N. Y.
-BOND
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
City. Due May 1 1954, optional on May 1 any time.
-Until 12 m.(daylight saving time) May 21 sealed bids will be
OFFERING.
received by Geo. S. Edie, County Comptroller, for the following issues of
TEXAS (State of).
-BONDS REGISTERED.
-The State Comptroller 4'4% coupon or registered bonds:
of Texas has registered the following bonds:
$3.725,000 county park. Due yearly on June 1 as follows: $5,000. 1925:
Amount.
Place.
Due.
Int. Date Reg.
and $93.000, 1926 to 1965 incl.
$2,000 Henderson Co. COM, S. D. No. 20%---20 years
6% Apr. 28
681,000 Bronx Parkway. Due yearly on June 1 as follows: $15.000.
600 Van Zandt Corn. S. D. No. 58
10-20 years 6% Apr. 28
1939 to 1983 incl., and $6,000, 1984.
800 Henderson Co. C. S. D. No. 52
20 years
0% Apr. 28
155.000 County Home and Hospital. Due yearly on June 1 as follows:
1,800 Van Zandt eo. C. S. D. No.72
10-20 years 6% Apr. 28
$5,000, 1925, and $10,000, 1926 to 1940 incl.
1,000 Shemin° I. S. D
Serially
6% May 2
103,000 highway. Due yearly on June 1 as follows: $3,000, 1925, and
210.000, 1925 to 1935 incl.
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
-Walter StewDenom. $1,000. Date June 1 1924. Prin. and semi-ann. int. (J. & D.)
art. Director of Finance, will receive sealed bids until 12 m. May 27 for the
payable at the City Treasurer's office in gold. The bonds will be prepared
following issues of bonds:
of the U. S. Mtge. & Trust Co. of New York, which
6495,000 44% Police station. Date April 1 1924. Due yearly on Oct. 1 under the supervision genuineness of the signatures and the seal impressed
as follows: 823,000, 1925 to 1939, incl., and $25,000, 1940 will certify as to the
thereon and the validity of the issue will be approved by Hawkins, Delato 1945, incl.
amount of
for 2% of
142,000 44% Intercepting sewer. Date April 1 1924. Due yearly on field & Longfellou of New York. Certified checkrequired. the
Oct. 1 as follows: $6,000, 1925 to 1941, incl., and $5,000, bonds bid for, payable to the County Treasurer,
1942 to 1949, incl.
WESTCHESTER TOWNSHIP (P. 0. Chesterton), Porter County,
70.000 431% Bridge repair. Date May 1 1924. Due yearly on Nov. 1 Ind.
-Charles Pearson, School Twp. Trustee, wEl
-BOND OFFERING.
as follows: $3,000. 1925 to 1944, incl., and 82.000, 1945 receive sealed bids until 1:30 p. m. May 24 for $15.000 53-6% coupon school
to 1949, incl.
bonds. Denom. $500. Date May 24 1924. Prin. and semi-ann. bit.
100.000
% Park and boulevard. Date May 1 1924. Due $10,000 payable at the Chesterton Bank at Chesterton. Due $3,000 yearly on
yearly on Nov. 1 from 1925 to 1934, incl.
July 10 from 1926 to 1930, incl. Certified check for 3% of the amount of
85,000 4,4% Municipal Hospital. Date May 1 1924. Due yearly on bonds bid for required.
Nov. 1 as follows: 25,000, 1925 to 1935, incl., and $6,000.
WEST KITTANNING SCHOOL DISTRICT (P. 0. Kittanning),
1936 to 1940, incl.
-The Armstrong County Trust
-BOND SALE.
200,000 4Yi% Street repair. Date May 1 1924. Due on Nov. 1 as Armstrong County, Pa.
% school bonds offered on
Co. of Kittanning has purchased the $25.000
follows: $20,000, 1925 to 1934. incl.
-for 225.201 50, equal to 100.806, a basis of
May 6-V. 118. p. 2097
36,000 4 % Fire Department signal wire and apparatus.
Date May 1 about 4.44%. Date May 1 1923. Due on May 1 as follows: 82.500,
1924. Due on Nov. 1 as follows: $3,000, 1925 to 1928,
1928;$3,000. 1933:$3,500. 1938;$5.000, 1943,and $5,500, 1948 and 1953.
incl., and 84,000. 1929 to 1934. incl.
-BONDS VOTED.
Denom. $1.000. Principal and semi-ann. int.(M.& N.) payable at the
WHARTON COUNTY (P. 0. Wharton), Texas.
U.S. Mtge & Trust Co., N. Y. City. A certified check for 2% of amount - the election held on April 26-V. 118. p. 1952
-the voters authorized
At
bid for (each issue), payable to the Commissioner of the Treasury, required. the issuance of $600,000 reclamation and conservation bonds.
The notice of offering of the last two issues mentioned above has been given
-BONDS VOTED.
WICHITA COUNTY (P.O. Wichita Falls), Texas.
before in these columns, the report being made in last week's issue, on - the election held on April 6-V. 118, p. 1311-the voters authorized
At
page 2223.
the issuance of 2500.000 road bonds by a vote of 765 "for" to 75 "against."
WILLOWBROOK SCHOOL DISTRICT, Los Angeles County,
10 TONAWANDA,Erie County, N. Y.
,
-BOND SALE -The following two
-Sealed proposals will be received until
issues of 4%% coupon bonds offered on May 5(V. 118. p. 2097) have been Calif.
-BOND OFFERING.
sold to Geo. B. Gibbons & Co. of New York at 100.87, a basis of about 2p. m. May 19 by L. E. Lampton, County Clerk (P. 0. Los Angeles), for
4.42%:
% school bonds. Denom. $500. Date May 1 1924.
516,500
$25,000 sewer. Due $1,000 yearly on July 1 from 1925 to 1949 incl.
and semi-ann. hit. payable at the County Treasury. Due on May 1 as
25,000 water. Due $1,000 yearly on July 1 from 1925 to 1949 incl.
follows: 2500. 1928 to 1934 incl.; 21,500, 1936 to 1942 incl.; $1.000, 1943.
Denom. $1,000. Date May 5 1924.
A certified check or Cashier's check for 3% of bid, payable to the Chairman of the Board of Supervisors, is required. The assessed valuation of
TUJUNGA SCHOOL DISTRICT, Los Angeles County, Calif.
district for the year 1923 is $915,295,
OFFERING.
-Sealed proposals will be received until 2 p. m. May- the taxable property in said school issued and now outstanding is 828.000.
BOND
26 and the amount of bonds previously
by L. E. Lampton, County Clerk (P. 0. Los Angeles), for $10,500
-BOND OFFERING.
%
WOOD COUNTY (P. 0. Bowling Green), Ohio.
school bonds. Denom. $1,000 and one for $500. Date May 1 1924.
until 1 p. m.
E. Coriell, County
Prin. and semi-ann. int. payable at the County Treasury. Due on May 1 -E. 12 for the following Auditor, will receive sealed bids
May
issues of 5% coupon bonds:
as follows: $500, 1925; $1,000, 1926 to 1935 incl. A certified or Cashier's 535.000 road. Due $7,000
yearly on Sept. 1 from 1925 to 1929 incl.
bid, payable to the Chairman of the Board of Supervisors,
check for 3% of
40,000 road. Due $8,000 yearly on Sept. 1 from 1925 to 1929 incl.
is required. The assessed valuation of the taxable property in said school
Denom. $1,000. Date June 1 1924. Certified check for $500 required.
district for the year 1923 is $1,405.205, and the amount of bonds previously
-BOND OFFERING.
WOODBURY COUNTY (P. 0. Sioux City), la.
Issued and now outstanding is $59,700.
sealed bids will be received until 2-30 p. m. May 20 by W. L. Sedgwick
TURLEY CREEK TOWNSHIP (P. 0. Naponee), Franklin County, County Treasurer for 8400.000 5% road bonds. Date May 1 1924. Due
.-An election will be held on May 27 to vote on May 1 as follows: $10,000. 1932; $25,000, 1933; $8.000. 1934: 515.000.
Neb.-BOND ELECTION
the question of issuing $15,000 town hall bonds.
1935; $20,000, 1936: 527,000, 1937; $45,000, 1938: 8250,000, 1939. A cert.
-BOND SALE.
UNION (Town of), Union County, N. J.
-The Wee- check for 25,000 required.
BOND SALE.-Geo. M. Bechtel & Co. of Davenport have purchased
hawken Trust Co. of Union has been awarded the two issues of 44%
an issue of $6,800 bonds.
coupon or registered bonds offered on May 5(V. 118. p. 2097) as follows:
-TEMPORARY LOAN.
WORCESTER, Worcester County, Mass.
$600,000 school at 100.10. a basis of about 4.74%. Due $20.000 yearly on
Blake Bros. & Co. of Boston have purchased a temporary loan of $500,000
Feb. 1 from 1926 to 1955 incl.
-6
•.
. 175,000 improvement at 100.0005, a basis of about 4.74%. Due yearly dated May 6 1924 and maturing Nov. 10 1924, on a 3.74% discount basis
on Feb. 1 as follows: 513,000, 1925 to 1931 incl., and $14,000, plus a $7 premium.
" P 1932 to 1937 incl.
r""
WYOMING COUNTY (P. 0. Warsaw), N. Y.
-BOND SALE.
-SherDenom. $1,000. Date Feb. 11924.
wood & Merrifield of New York have purchased an issue of $136,000 43.4%
bonds. Int. payable annually on May 1. Due $8,000 yearly on
-BOND SALE.
UNION COUNTY (P. 0. Elizabeth), N. J.
-The countyfrom
1925 to 1941 incl.
Elizabethport Banking Co. of Elizabeth has been awarded $246,000 of the May 1
-BOND SALE.
,
ZANESVILLE, Muskingum County, Ohio.
2250,000 park bonds offered on May 8 as 4555 at 101.77. a basis of about
-Halsey,
4.37 7. Date May 11924. Due yearly on May 1 as follows: $5,000, 1926 Stuart & Co. of Chicago have yourchased an issue of $148,000 5% dty's
to 1969 incl.; 56.000, 1970 to 1973 incl., and $2,000, 1974.
portion street improvement bonds at 100.61. Int. A. & 0
STROMSBURG, Polk County, Neb.-BOND ELECTION.
-A Proposition to issue $6,000 fire equipment bonds will be submitted to a vote of the
people at an election to be held on May 20 R.L. Anderson, City Clerk.
2350
THE CHRONICLE
-The
-BONDS REGISTERED.
WINTERS, Runnels County, Texas.
State Comptroller of Txeas registered $49,500 6% serial sewer bonds on
April 28.
ZEELAND SCHOOL DISTRICT (P. 0. Zeeland), Ottawa County,
-BOND SALE.
-An issue of $135.000 5% school bonds has been
Mich.
awarded to R. M. Grant & Co. of New York for 3137.942 50, equal to
102.18.
CANADA, its Provinces and Municipalities.
[Vol,. 118.
while $20,000 worth of 30
-year debentures were sold for Suddaby School.
Otherbids were: W.C. Brent & Co.. 100.69; Housser, Wood & Co., 100.385:
Stewart, Scully & Co., 100.364: Dominion Securities Corp., 100.261: A. E.
Ames & Co., 100.19; Murray & Co., 100.19; C. H. Burgess & Co., 100.174;
Nesbitt, Thomson & Co., 100.098; Gairdner, Clarke & Co., 100.074:
Matthews & Co.. 100.05; Wood, Gundy & Co., 99.92: McLeod, Young,
Weir & Co., 99.91: Bell, Gouinlock & Co.. 99.77: and Macneill, Grabam &
Co., 99.57.
LA TUQUE, QUe. BOND OFFERING.
-The School Commission will
receive bids until 2 p. m. May 15 for $65,000 6% bonds. Due 1925 to
1929, inclusive.
-An issue of 590.000 5% 20 inst.
CALEDONIA, Ont.-BOND SALE.
MONCTON,Ont.-BOND SALE.
-It is stated that an issue of $100,000
bonds, guaranteed by the County of Haldimand, has been awarded. it is
-year 5% bonds was sold to J. M. Robinson & Sons at 97.90.
stated. to Nesbitt Thomson & Co. at 97.273-a basis of about 5.32%. 20
The bids were as ollows.
NORTH VANCOUVER, B. C.
-BOND OFFERINO.-Tenders will be
Nesbitt. Thomson & Co.__ _ _97.273 Murray & Co.
received
Municipal Bankers Corp._ .._96 899 6% 10 by F. R. Archibald, City Clerk, until 4 p. m. May 19 for 534,752
97.03
0 9
6..4
R. A. Daly & Co.
-year sinking fund plan and $8,372 7% 5 installment bonds.
Gairdner. Clarke & Co
96.81
96.664
C.H.Burgess & Co
Bird, Harris & Co
96.25
96.30
Bell, Gouniock & Co.
ORILLIA, Ont.-BOND OFFERING.
-0. E.
Wood, Gundy & Co
95.83
McLeod, Young, Weir & 00.96.00
receive bids until 12 m.May 10 for $12.00054% 10 Grant, Treasurer, will
-installment
Stewart, Scully & Co.
95.31
96.60
A.E. Ames & Co.
% 20- installment industrial loan bonds. Interest payable and $50,000
Dominion Securities Corp_ _ -96.7625
semi-annually
at Orillia or Toronto.
-An issue of $1.050,000 54%
-BOND SALE.
CALGARY, Alta.
RENFREW COUNTY (P. 0. Pembroke), Ont.-BOND SALE.
-The
-year refunding bonds has been sold to Spitzer, Rorick dr Co. at 92.78, $100,000 54% 20
20
-year permanent highway work bonds offered on May 5
2,,
a basis of about 5.95, including all commissions. legal and other expenses. -V. 118, p. 2224
It is stated that these bonds are issued to take up $1,000,000 in 6% treasury Other bids were: -have been sold to Nesbitt, Thomson & Co. at 101.52.
notes maturing on July 1 1924.
Dominion Securities Corp__ -101.263 Houser, Wood & Co
100.86
101.21 Ames & Co
-BOND OFFERING. Matthews & Co
CALGARY SCHOOL DISTRICT NO. 19, Alta.
100.71
101.17 Dyment, Anderson & Co_ _ -100.68
-Until May 13. bids will be received for the purchase of $67,500 27 instal- Bell, Goulnlock & Co
MacNeill. Graham & Co--- -101.16 McLeod, Young, Weir & 00_100.57
instalment6% bonds.
ment and $20.000 12
Wood, Gundy & Co
100.89 I
Bidding was fairly keen in this issue, the spread between the highest and
CHICONTIMI SCHOOL DISTRICT, Que.-BOND SALE.
-The
-have been sold lowest bidder being less than a point.
$65,000 5;4% bonds offered on April 22-V. 118. p. 1953
to John Murdock, of Chicontimi, at par. Date May 1 1924. The bonds
ST. JOHN, N. B.
-BOND SALE.
-The Royal Securities Corp. has been
are payable in ten instalments.
awarded an issue of $600,000 53% bonds at 99.378. Due 1934, 1939,
ETOBICOKE TOWNSHIP, Ont.-BONDS AUTHORIZED.
-A by- 1944 and 1954.
law. it is stated, has been passed by the council authorizing the construction
THREE RIVERS, Que.-BOND SALE.
-The $200,000 54% 20
-year
of a sewerage system at an estimated cost of 5232.000.
harbor bonds offered on April 16-V. 118, p. 1824-have been sold to the
Corporation des Obligations Municipals of Quebec at 96.28. Denoms.
GODERICH, Ont.-BOND SALE.
-A.E. Ames & Co. hav3 purchased
and $500. Date Jan. 2 1924. Int. J. & J. 2. Due Jan. 2 1944.
$20.000 5q% 30 inst. hydro-electric bonds at 101.07-a basis of about $100
5.40%. Tenders were as follows:
VANCOUVER, B. C.
-BOND OFFERING.
-A. J.
101.07 A. J. Pattison Jr. & Co
A E Ames & Co
Comptroller, will receive sealed bids until 12 in. May 12 Pilkington, City
98.00
for the_following
Municipal Bankers Corp_ _ _ _100.516 Royal Securities Corp
100.47
issues of 5% bonds:
Macneill. Graham & Co.__
Bank
100.50
Sterling
3120,000 40
99.27
-year bridge. Due Feb. 1 1961.
100.4370. H.Burgess & Co
Bell, Gouinlock & Co.
200.000 15
100.13
-year street and roads. Due Feb. 1 1939.
100.43 Stewart, Scully & Co
R. A. Daly & Co.
Date Feb. 11924. Interest F. & A. 1. Alternative offers on
99.51
McLeod. Young, Weir & Co.100.23 Bain, Snowball & Co
of interest and principal payable in Canada only, and in Canadathe basis
99.27
and the
Gairdner. Clarke & Co
99.73 Nesbitt, Thomson & Co.__ _100.43
United States, are asked for. Parties tendering are required to state the
KENORA, Ont.-BIDS REJECTED.
-All tenders submitted for the net price for Vancouver payment and delivery of the securities. If desired
delivery
purchase of $20.000 6% 20-yr. and $ 1.687 54% 30-yr. consolidated debt check, will be made elsewhere at the purchaser's expense. A certified
payable to the City Treasorer.gfor $5,000 must accompany each
bonds, which were called up to Feb. 25, were rejected.
tender.
KITCHENER, Ont.-BOND SALh.-A block of $258,000 5 c7,, bonds
WINDSOR, Ont.-BONDS AUTIIORIZED.-The Council recently
has been sold to the Dominion Bank at 100.71. Ofthe above bonds $68,000
are for the equipment of the new city hall and $70,000 for the equipment passed a by-law authorizing the Issuance of $210,000 school bonds.
• of the Waterloo Wellington Ry.Co. These both are for 20 years. Another
WOODSTOCK, Ont.-730ND SALE.
-An issue of $8,836 15
block is for 3100,000, being 10
-year debentures for the vocational school, ment and $28,809 10 installment 54% highway bonds has been sold installlocally.
NEW LOANS
NEW LOANS
NEW LOANS
596,000
S500,000
We Specialize in
City of Philadelphia
CITY AND COUNTY OF HONOLULU Town of Southampton, N.Y.
5% BONDS
Territory of Hawaii
3s
31 2
/8
FIVE PER CENT WATER WORKS
BONDS, SERIES "B," 1924.
GOLD, TAX-FREE, 20-30-YEAR
COUPON BONDS.
4s
4 s
/
1
4
41 2
/8
5s
51/
45
51 2
/s
Biddle & Henry
104 South Fifth Street
Philadelphia
Wire to New York
Call Canal g437
Priratt
Adrian H. Muller & Son
AUCTIONEERS
OFFICE No. 55 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
Stocks and
Bonds
EVERY WEDNESDAY
14.1f V•sey Street
NoTicE is
HEREBY GIVEN that sealed
proposals will be received by the Town Board of
the Town of Southampton, Suffolk County, New
York, at the office of the said Town Board in
the Village of Southampton. New York, at
12:00 o'clock noon on the 21st DAY OF MAY,
1924. for the purchase of any or all of two
of bonds of said Town of Southampton,issues
New
York, in the amounts of $65.000 and 531.000,
issued pursuant to resolutions duly adopted at a
Special Town Meeting, held in said Town on the
8th day of April. 1924, for the construction of a
Town /Tall. and for the rebuilding of the bridge
known as Post Bridge, in said Town,respectively;
the bonds of both said issues will bear interest at
the rate of five per centum per annum, and payable semi-annually on the 1st of May and November until retired.
The bonds of the $65.000 first above mentioned
will be dated May 1st, 1924, and those of the
231.000 issue will be dated Mae 1st, 1924.
The bonds of the said 565,000 issue will consist of bonds as follows: 65 bonds for $1.000 each,
numbered one to sixty-five, which will mature in
numerical order: numbers one to five inclusive
on May 1st. 1925, and thereafter five bonds of
said issue on the first of May in each year to and
Including the year 1937.
The bonds of the said 331.0n0 issue will consist
of bonds WI follows: 31 bands of S1,000 each, numbered one to thirty-one, which will mature in
numerical order; numbers one to four inclusive on
May lat. 1925, and thereafter three bonds of said
Issue on the first of May in each year to and including the year 1934.
Said bonds and interest will be payable at the
First National Bank of Southampton, New York.
All bids must be in writing,sealed, and the number of bonds bidder will purchase stated, and must
be accompanied by a certified check for 10% of
the amount of the total amount of the bid. No
bonds will be sold for less than oar. Interest will
be charged purchaser from May let. 1924. to
date of delivery. The right is reserved to reject
any and all bid...
.1
Dated May let. 1024.
BENJAMIN G. HALSEY.
Supervisor of the Town of ".
41
Southampton, New York.'(
SEALED PROPOSALS will be received for all
or any part of $500,000 City and County of
Honolulu, Territory of Hawaii Water Works
"
Bonds, Series B, 1924. of $1,000 denomination,
dated April 15, 1924. payable April 15, 1954.
redeemable on or after April 15, 1944, bonds to
be in coupon form, bearing interest at the rate
of five per centum per annum, payable semiannually April 15 and October 15; principal and
interest payable in Honolulu. Hawaii, or New
York City, at option of holder. The issuance of
these bonds has been approved by the President
of the United States of America. The proceeds
of the sale will be used exclusively for the purpose
of extensions, betterments and replacements to
the water works and water systems of the City
and County of Honolulu.
Each bid should set out clearly the total par
value of the bonds desired and the amount.
together with accrued interest to date of delivery,
the bidder offers to pay therefor. Each bid must
be accompanied by a certified check upon a
solvent bank or trust company to the order of the
Treasurer of the City and County of Honolulu in
the amount of two per cent of the par value of the
bonds for which application is made. Checks of
unsuccessful bidders will be returned by mail
after the opening of the bids. Checks of the
successful bidders will be retained until delivery of
the bonds awarded and payment therefor is made.
The failure to make such payment will forfeit all
right to the bonds and the check accompanying
the bid will bo collected and its proceeds retained
as liquidated damages. Unless otherwise stated
in the bid, each bid will be understood as an offer
for all or any part of the total amount of bonds for
which application is made, and no bid can he
accepted' for less than 98 per cent of the par of
the bonds bid for.
The bonds have been prepared under the supervision of THE UNITED STATES MORTGAGE
AND TRUST COMPANY OF NEW YORK
CITY, which has certified as to the genuineness
of the signatures of the officials and the seal impressed thereon, and the legality of the bonds
will be approved by JOHN C. THOMSON,
Esquire, of New York City, whose approving
opinion will be furnished to the successful bidder.
BIDS WILL BE RECEIVED at the office
of the United States Mortgage & Trust ComSERIAL HIGHWAY BONDS
pany, 55 Cedar Street, New YorkCity, or at the
office of the Treasurer of the City and County of
On MAY 18, 1924, until noon,
my/office in
Honolulu, Hawaii. until 12 o'clock of Thursday, Raleigh, I will receive bids for all or any/of the
May 15th, 1924. Bonds will be delivered as above bonds, dated January 1, 1924, duo in equal
may be mutually agreed upon by the purchaser annual series, January 1, 1934 to 1963
and the Treasurer of the City and County of Bidders will name interest rate not inclusive.
exceeding
Honolulu.
.04%. Legal opinion of Chester B. Masslich.
The right is reserved to reject any and all bids. Esq., furnished. Two per cent good faith deposit
Form of proposal to purchase bonds may be required. Forms for bidding and other inforhad on application to above.
mation will be furnished by me. The right
•
D. L. CONKLING,
reject any or ail bide is reserved.
Treasurer, City Or County of Honolulu.
B. R. LACY, 44S
April 10, 1924.
State Treasurer.
S10,000,000
State of North. Carolina
BALLARD & COMPANY
,
M emhe R New York Stock Exchnnoe
HARTFORD
Connecticut
Securities
@FedFRASER