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financial
fonimerriztl
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 118.
tont&
Railway'Sc Industrial Section
Bankers' Convention Section
SATURDAY, MAY 24 1924
ght Thronicle.,
Electric Railway Sectim
State and City Secticre
NO. 3074.
extension and developing of the properties, instead
of distributing such earnings in dividends to their
shareho
lders. The proceedings of the conferees were
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In Dominion of Canada
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Other foreign countries and U.S. Possestdons
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President and Editor. Jacob Seibert; Business
each InterWilliam D.Riggs,Treasurer,
William Dana Seibert; Secretary. Herbert D.Manager,
Seibert. Addresses of all. Office of CO. nal Revenue District and such other
places as he
may select, lists containing the names and post
The Financial Situation.
office addresses of all individuals making returns
The radical element in Congress has had its
way and the amount of tax paid by each." This proviso
in the final stages of the tax revision legislat
ion, as alone would be sufficient to condemn the whole work
it had in the earlier stages, and as a consequence
the of the conferees, since in failing to respect personal
bill as agreed upon by the conference commit
tees of privacy in such a matter the law would be violating
the two Houses is in the highest degree
objectionable every propriety and ever sense of decency. Where
and disturbing. The occasion is not one for
mincing privacy is not respected, the primary right of the
words, or being mealy-mouthed, since so much
is at individual is sacrificed.
stake and such serious consequences are involve
But observe the other provisions of this conference
d.
Hence, we will be frank and say that in our estima- bill submitt
ed for approval. Mr. Mellon had asked
tion no more disgraceful measure has ever emanat
ed for a maximum surtax of 25%, a rate higher than
from the precincts of a legislative body. As the
bill that being no longer productive of revenue. Instead
now stands it bears hardly a trace of resemblance
to of that the maximum is fixed at 40%,or only slightly
the.original proposal of Mr. Mellon, the
country's lower than under existing law. Note, too, that these
very able and very courageous Secretary of
the surtaxes are in addition to all the other taxes. It is
Treasury. It is as different from the Mellon
scheme customary in speaking of the surtax to consider it
as night is from day.
in connection with the normal personal tax, which
The bill is the work of an irresponsible oligarc
hy under the conference report would reach its maxioperating in conjunction with the Democr
ats and mum at 6%, making 46% altogether. But wealthy
which has cowed the conservative element
in both men in nearly all cases derive the bulk of their inparties into abject subjection. The object of
these come from corporations, and these corporations are
people has not been to devise a revenue bill yieldin subject
to an income tax very much higher than the
g
the largest income with the least annoyance and
in- normal personal tax. The Federal tax on the income
convenience to the taxpayers, which ought to
be the of corporations is 121/
2% and this, unlike the perfundamental principle governing the framin
g of sonal income tax, is not to be reduced. In addition,
every tax bill, but to put into effect certain radical there is the
Federal capital stock tax on corporaand revolutionary theories of social reconstruction tions, which
is the equivalent of 1 to 3% more. Then,
and social reform. We call the bill in the shape it in this State,
corporations are subject also to a State
now appears for adoption in the two Houses of Con- income tax
of 41/
2%. Altogether, therefore, corpora
gress and for the President's approval, dangerous, tions in New
York State must bear a tax levy on
because it embodies so many of the features referred their income of
roughly 20% by the State and Fedto. It should be distinctly understood that the coneral Governments combined. Add now the surtax
ferees have eliminated none of these features, but maximum of
40% and the total is raised to 60%.
have acquiesced in them and indeed have improved But even
that is not all. In New York there is also a
the bill as it originally emerged from the Senate
in State personal income tax which runs to a maximum
only a single particular, namely in expunging
the of 3%, making a grand aggregate of 63% collected
provision by which it was sought to penalize corin income taxes. And this six years after the armisporations where they employ surplus earnings in
the tice! Of course the object is to mulct the rich.
PUBLISHED WEEKLY
2484
THE CHRONICLE
Then, consider the other provisions of this conference measure. Inheritance taxes are to be increased,
not decreased. They run now, under Federal law,
to a maximum of 25%. Under this new measure the
maximum is to be 40%. In addition an entirely new
provision is inserted, by which taxes are imposed
-also on gifts. This is done so as to prevent a person
from distributing his property and possessions during his lifetime, thereby escaping the payment of an
inheritance tax. This gift tax is also to run to a
maximum of 40%. The way all this would work out
will be readily comprehended. If through the course
of years some taxpayer, after paying over to the
Federal and State Governments 60 to 70% of his income every year, should nevertheless at the end of a
long life succed in accumulating property running
up into the millions the Federal Government once
more steps in and demands 40% of everything over
a certain fixed amount and lesser percentages of the
amounts below the maximum. Or, in case he wants
to make a distribution among his heirs before death,
the Government also steps in and imposes like penalties. By this leveling process it is expected in the
end to reduce the rich and the poor to a common
basis. In other words, we are attempting in this
country to do what Lenin and Trotzky have been doing in Soviet Russia, and succeeded only too well, as
the whole world will bear witness. But do the people of this country want to see the experiment repeated here? The future hinges on the answer to
this question.
Developments in the European situation, early in
the week at least, continued quite largely indefinite.
This was necessarily so because no one, either in
Germany or France, had been requested to form a
new Ministry, following the overthrow of the political groups that were in power in the respective countries when the general elections were held recently.
Naturally considerable speculation was indulged in
as to the probable new Chancellor in Germany and
Premier in France. Several men in each country
politically prominent gave interviews in which they
were quoted by American correspondents as expressing definite opinions as to Governmental policy,
both domestic and foreign. The correspondents gave
considerable space to these interviews, as they believed they indicated pretty clearly what the new
groups in each country would attempt to do if they
actually got into power. The correspondents themselves gave their own opinions as to how they believed the political situation would shape itself in
both Germany and France. For instance, the Paris
correspondent of the New York "Times" cabled that
"while the change of complexion of the French ChamFrench
ber will bring small immediate change of
of reppayment
for
demand
the
since
foreign policy,
nevkeynote,
the
will
continue
Germany
arations by
bloc
ertheless it is true the defeat of the National
five
and accession to power of the French Left for
polithe
years cannot but have a profound effect on
the
tics of the Continent." This may prove to be
largely
and
fact, but in view of the greatly mixed
imunstable political conditions in practically every
from
gained
be
little
can
Europe,
portant country of
attempting to predict, or guess even, far in advance
as to what is likely to happen.
DroL. 118.
executive committee of the Republican-Socialist
Party, a body of 40 members, including Aristide
Briand, former Premier, met and resolved to refuse
to participate in any Government which did not
promise a program the first point of which is the
resignation of President Millerand." The Paris representative of the Associated Press cabled the same
day that "Internationalism will be the one principal
feature of the new Government program, it appears
from a joint statement of the principles of the new
Parliamentary majority,issued by M.Herriot,leader
of the radicals; former Premier Painleve, leader of
the Republican Socialists, and Leon Blum, head of
the Socialists." According to their statement also,
"the program of the future majority is a program of
conciliation and of international understanding."
He also said that "separate declarations by the leaders of the different factions in the new majority support the idea that the future Government will endeavor to reach a complete understanding with Germany. M. Herriot, in one remark, characterizes the
foreign policy of the forthcoming Cabinet as 'more
humane.'" These statements must have been largely
an expression of ideas, but they were interesting as
reflecting what ambitious political leaders not yet
in power had in mind to do if they got the chance.
Another change that it was claimed might result
from one or more of the political parties in France
that were strikingly successful at the recent elections being able to unite in an attempt to run the
Government, was a reduction in the term of military
service. The Paris correspondent of the New York
"Times" declared that "it is the intention of the leaders of the victorious Left to reduce the term of military service in France. The leaders say they would
cut it to nine months,it now being eighteen months."
The correspondent explained that,"inasmuch as the
French army is composed two-thirds of ordinary service units and one-third of Colonial and other units
not affected by a change in the length of service term,
cutting to nine months would mean a reduction by
about one-third of French military strength. The
army being now about 680,000, this would mean a
reduction to about 450,000. It is estimated that the
saving would be 1,000,000,000 francs annually, or
about a sixth of the military budget." Going further into the possibilities of the situation, he observed that, "while such a change would not come
before the Chamber until next fall perhaps the Left
will start sooner to prepare public opinion. Success
of the effort to reduce the army depends largely on
Germany. If the Reich puts into operation the
Dawes plan of reparations and joins the League of
Nations, accepting that organization's military inspection, sentiment among the French populace
would be more favorable than if France still faced a
Germany refusing to pay reparations and balking at
military control.
Paul Painleve, former Premier, and President of
the Republican Socialist Party,in an interview with
a Paris representative of the New York "Times" was
quoted as saying that "he was opposed to immediate
recognition of the Soviet Russian Government by
France." The correspondent suggested that "this
stand by the former Premier without whose 40 votes
Herriot would have no Chamber majority, promises
effort by the Radical Socialist
Several political parties and groups in France is- to complicate any
election pledge to recognize at
his
out
sued statements of their principles. On May 17 "the chief to carry
MAY 241924.]
THE CHRONICLE
2485
once the Moscow regime." Relative to the question changing sentiment among the French electors.
of inter-Allied debts,M.Painleve was reported to have There was the slight movement to the Left generally
said, "I would very much like to see a settlement of predicted, but the vagaries of the complicated
French
inter-Allied debts. But on that issue we are depend- proportional representation election law
enabled the
ont on the United Statese. However willing the skillfully planned campaign of the Left to win,
with
British may be to cancel our debts to them they can the result that Premier Poincare, for whom
a larger
scarcely do so if the United States does not redu,a? number of votes
was cast, will resign June 1 to make
the British debt to America. As for the Russian way for M. Herriot, whose combinatio
n did not get
debt, I do not see how it can be involved in that set- as many votes
as M. Poincare's parties." On the
tlement. Would the United States, which has con- other hand, he
said, "it is true that if the votes obsistently turned down all Russian efforts at negotia- tained by the
Communists be added to those obtained
tion, agree that we should turn over to it concessions by the Left bloc parties there
was a majority popular
which insolvent Russia might offer us in oil fields in vote against the
National bloc; but the Communists
the Caucasus and silver mines in the Urals for pay- ran entirely separate
tickets and, furthermore, the
ment?"
Left bloc does not count on the Communists to help
Edouard Herriot's statement "regarding the pro- it govern any more than
the National bloc depended
gram he intends to follow if he accepts the leader- on the Royalists.
Leaving out, then, the Royalists
ship of the new Government," included "the suppres- on the one side and the
Communists on the other,
sion of the measure providing for laws by decree, there are two large groups,
the National bloc and the
secondary education, the re-establishment of the Left bloc."
State match monopoly and the granting of wide
amnesty." His outline of his foreign policy as "effiThe opinion has been expressed frequently in
cacious collaboration among the great Powers for Paris cable dispatches
that, with the passing of the
the settlement of big problems" was characterized Poincare Government, a
new French policy with reas "rather theatrical and vague." In an Associated spect to the Ruhr would
be put into effect. Under
Press dispatch dated May 18 it was stated that "M. date of May 20 the Paris
correspondent of the New
Ilerriot is still non-committal as to possible Cabinet York "Times" said that
"the new Government which
selections, because he does not know whether the will take power in
France the first of next month
Socialists' present reluctance to accept portfolios will, it is intimated by
Left bloc leaders, abandon
will be maintained." In a dispatch the same day the Poincare policy of military
occupation of the
from Lyons, a special representative of the New York Ruhr until France has received
the total reparations
"Herald-Tribune" apparently gave a more accurate, due her. It will not, however, order
immediate evacat least more comprehensive, outline of this leader's uation of the Ruhr, but will probably evolve
some
ideas and policies. He said in part: "Acceptance of formula saying the troops will be
taken out when
the Dawes reparations program without reserva- Germany has convinced France that
she will carry
tions; the clogest co-operation with England, Bel- out the provisions of the experts' plan."
Continuing,
gium and America in working out a solution of Eu- he suggested that "even though
this will postpone
rope's problems; a deeper realization of the political evacuation of the Ruhr, perhaps for many
months,
composition of present-day Germany, coupled with it will, if pursued, represent a radical departure
a sincere desire to strengthen those elements within from the Ruhr policy of the past. It was
M. Point
the Reich which are desirous of peace in Europe; care's policy that tro'ops would remain in the
Ruhr
and finally, a broader policy for the entire realm of as a permanent guarantee of German
payments.
international affairs which should be based firmly The attitude of the leaders of the
Left is that the
upon a mutual understanding among the nations— troops are in the Ruhr to
insure Franco-Belgian
such is to be the program of the Radical Socialist direct exploitation of the
industrial basin and that
Ministry if it is called to power on June 1." Con- if that direct
exploitation gives way to another systinuing, he said: "Edouard Herriot, the likeliest tem of collecting
reparations, namely the Dawes syscandidate to succeed Poincare, outlined this policy tem, there will be
no further need for troops, proto-day in the library of his unpretentious apartment vided, first of all, that
the Allies agree to stand with
on the top floor of a building looking out upon the France in advising
Germany to pay and, secondly, if
Rhone. He was seated in a room almost classic in Germany shall
have given a good first performance."
its atmosphere. Rows of shelves lined with books, The correspond
ent declared that "this view of the
the classics in red and blue calfskin bindings, and situation represents
the attitude of MM.Herriot and
the objects of art which were scattered about, showed Painleve."
the owner to be a person of culture and taste."
Still another interesting report was that Premier
In going over the results of the French elections Poincare would not
retire from politics as it had
carefully, the Paris correspondent of the New York been stated he would
do. The Paris correspondent
"Times" brought to light the interesting fact that of the New York
"Herald-Tribune," in a dispatch on
Premier Poincare and his political group, although May 20, declared that
"Premier Poincare will not redefeated, got more votes than any other group. The tire from politics on
June 1, as the announcement
"Times" representative said in part: "Analysis of made immediately
after the recent elections declared
the figures of the election of May 11 reveals that he would.
Instead, he will occupy his seat in the
more votes were cast for the defeated National bloc Senate and lead the
Parliamentary opposition to the
parties than for successful Left bloc parties. The prospective Left Wing
Government." The correreason for the success of the Left parties was their spondent added
that "this decision was reached by
union on single lists, whereas in a great number of the Premier to-day.
It follows the repeated expresdistricts there were several lists of parties of the sion by his friends
of the opinion that he is needed to
Right." He observed also that "the importance of head the patriotic
Parliamentary ranks of the Right
this revelation is that there was no tidal wave of and maintain
discipline therein." It developed that
2486
THE CHRONICLE
[vox,. 118.
Left Wing elein the course of a long interview with President Herriot is conferring with the various
the Premierof
Millerand the same day, M. Poincare "offered to re- ments, and his definite acceptance
make-up of
the
of
an
with
indication
sign the Premiership at once, instead of waiting ship, together
According
shortly."
be
may
expected
until the assembly of the new Parliament, June 1, if his Ministry,
of this
Sun"
"The
to
last
evening
dispatch
Paris
a
the President felt that such a step would aid in to
othand
Briand
with
M.
his
ons
"from
conversati
city,
clearing up the muddled political situation. The
of his
the
nucleus
has
formed
Herriot
already
M.
ers,
offer was rejected."
who is a
It became known in Paris on Wednesday that Cabinet, which will not include Painleve,
a good
of
the
Chamber,
for
President
candidate
conwere
President Millerand and Premier Poincare
Republic
the
y
of
for
the
rd
Presidenc
springboa
The
franc.
in
the
decline
cerned over the renewed
It was suggested
Associated Press correspondent cabled that it was should that office become vacant."
to
take care of the
will
be
able
Herriot
"M.
that
also
resorted
they
that
extent
an
such
worrying them "to
of
that
post,
Minister of Finance,
to-day to the extraordinary course of calling in most important
enabled him to
which
gifts
the
business
of
Edouard Herriot and Paul Painleve, leaders of the by reason
ty. New
e
municipali
a
model
progressiv
Lyons
new majority in the Parliament, to confer with them make
The
to
elaborate.
will
time
take
measures
fiscal
on the subject, as if the men consulted had already
end
the
about
come
new
men
will
the
of
test
big
first
become members of the Government." The dispatch
to
nal
conference
discuss
an
internatio
when
June
of
-Maralso stated that "M. Poincare and M. Francois
seems certain."
sal, the Minister of Finance, explained the credit of the application of the Dawes report
what
to
as
by
doubt
France was being impaired
Well-defined plans are under way for the formacourse the new Government would follow on finanof a new Government in Germany. The Berlin
tion
that
judgment
their
as
it
gave
cial questions. They
York "Evening Post" cathe leaders of the incoming parties should make correspondent of the New
"party
meetings have begun
that
21
clear what their financial policy would be. It is bled on May
a new Government
of
the
formation
understood the visiting leaders were informed the looking toward
Tuesday.
opens
Confusion still
Reichstag
banking groups in New York and London, which when the
the
outlined
in part
situation
further
He
have been assisting the Bank of France in maintain- reigns."
German
ts
invited
have
Nationalis
"The
follows:
a
as
ing the franc, considered it necessary that such
the
Demoof
with
exception
the
parties
the
had
middle
statement be issued. Premier Poincare said he
to-day
for
of
sitting
the
purpose
common
a
to
crats
that
and
consulted the leading financiers of Paris
It
is
the
coalition.
new
understood
a
proposing
dispatch
the
this was their conclusion also." In
including the Democrats,form
"MM. Herriot and Painleve were described as hav- middle parties which,
t, will refuse to enter a coaliGovernmen
of
present
the
nature
the
in
be
ing said such an assurance would
The Government parparties.
all
including
was
not
tion
ministry
the
before
n
a Ministerial declaratio
of
a
formed and without its having had the approval of ties yesterday appointed committee consisting
n,
Streseman
Herren
and
Erkelenz
Parliament. They were willing, however, to go to Foreign Minister
Chancellor Wirth to work out the
the extent of saying they regarded the balancing of Scholz and former
Government." These statements
new
a
of
of
program
France's budget as the imperative responsibility
dispatch stating that on May 16
a
by
preceded
were
statement
any Government." Later a brief formal
an overwhelming majority, apby
Reichsrat,
to
"the
record
was issued in which they put themselves on
t's acceptance of the
Governmen
Marx
the
proved
that effect.
it urged the Govtime
same
At
the
report.
Dawes
conference
It was assumed in Paris that this
bills necessary
of
the
n
repreparatio
rush
to
ernment
formally
would
meant that President Millerand
effect."
into
plan
the
Dawes
for
Paris
putting
The
a
form
new
Ministry.
to
quest M. Herriot
On the contrary, the Berlin representative of the
correspondent of the New York "Times" cabled that
"President Millerand's action in sending for M. Her- New York "Evening Post" sent word on May 20 that
riot to discuss without going to the Cabinet the "400 industrialists, who, with the exception of Herr
situation of the franc is taken by every one as a def- Lentz, President of the Rentenbank, and representainite indication that when on the first of June M. tives of the Siemens-Schuckert works, are delegates
Poincare resigns the President will ask the Mayor of of the less important German firms met yesterday
Lyons (M. Herriot) to form the new Government. at the call of the German Industrial Union formed
To-night it is even stated that M. Herriot's first in- ten days ago chiefly to oppose the Dawes report."
quiry when he entered the Elysee conference was He declared that "the intense feeling among the inwhether he himself could interpret the President's dustrialists against the Dawes report arises from
action in such manner. President Millerand gave the extremely critical credit situation. The Becker
kind in
him formal assurance that it was his intention to ask Steel Co., one of the first concerns of the
bankruptcy by
him to form a Government from the majority in the Europe, took the first steps toward
Chamber." The correspondent also explained that declaring its inability to meet debts or continue probulk of in"Painleve was invited to the interview because, duction because of lack of credits. The
the exfears
frankly
though not of M. Herriot's group, his group, the dustry under similar pressure
yet
against
them,
use
of
to
perts have a strong weapon
Republican Socialists, constitute the Right wing
credit
h
re-establis
abroad
the
to
in
see the plan a chance
the Radical Socialists and M.Painleve has, since
elections, repeatedly declared that he considered M. and introduce stability."
As illustrative of much the same spirit, the Berlin
Herriot was the man designated for the Premiership
representa
In
country."
fact, the
correspondent of "The Sun" stated in a cablegram,
by the vote of the
asserted
also dated May 20, that "Count von Roedern, Presi"Herald
even
York
-Tribune"
tive of the New
leader,
dent of the Mercantile Marine League, speaking for
Herriot,
Radical
Socialist
that "Edouard
new
of
that
task
body, protests to the Government against acFrance's
the
forming
accepted
virtually
Committee report prior to the
Left Wing Government at a conference with Presi- ceptance of the Dawes
In shipping circles there is
dent Millerand to-day." He added that "to-night M. sitting of the Reichstag.
MAY 24 1924.]
THE CHRONICLE
a recurrence of the rumor that the Marx Cabinet has
authorized Foreign Minister Stresemann to sign an
agreement pledging the Reich to fulfillment of the
recommendations of the experts forthwith. It is
believed, however, that the Nationalists would not
feel themselves bound by any such undertaking.
Hamburg shippers generally oppose the Dawes program on the ground that it imposes too heavy a burden on German merchant shipping."
Reverting to the purely political situation in Germany, it was interesting to read in a special Berlin
dispatch to the New York "Times" on May 19 that
"signs are multiplying that the parties forming the
present Government are so encouraged by the outcome of the elections and the discord among the Nationalists that they will makea strong bid not only to
continue in control of the Government, but to do so
without Nationalist co-operation. The Governmental
parties—the Centrum, German People's Party and
Democratic Party—having sounded the Socialists,
feel confident of Socialist support provided they
defy the Nationalists. So they are going ahead with
plans to defy them." According to a cablegram from
the same correspondent two days later this attitude
on the part of the present Government parties already had lessened greatly the probability of a coalition with the political groups that were successful at
the recent elections. He said that "the Nationalist
Party decided to-night to give up attempts to form a
new Government in co-operation with the parties
represented in the present Cabinet." Continuing he
said: "This decision followed a conference to-day of
leaders of the middle parties—German Nationalists,
Clericals, People's Party, Democrats and Bavarian
People's Party—held with the view of forming a
straight bourgeois coalition group. The Nationalists had drawn up a list of names for the new Cabinet, with Admiral von Tirpitz as Chancellor, the
present Chancellor, Dr. Marx, as Vice-Chancellor,
and retaining several other members of the present
Cabinet, but eliminating Dr. Stresemann. The Government parties, however, refused absolutely to consider von Tirpitz." It was thought at that time that
"matters will now probably remain in status quo until the first meeting of the Reichstag next Tuesday,
when the Government will go before that body and
ask its authority for continuing in power."
Premier Mussolini of Italy appears to have put
forth special efforts to assure friendly international
relations. The Rome correspondent of the New York
"Times" cabled on May 17 that "before leaving to
discuss reparations with the Belgian Ministers
Theunis and Hymans in Milan Premier Mussolini
reached an agreement with Foreign Minister Benes
of Czechoslovakia on a treaty of friendship between
Czechoslovakia and Italy." The correspondent
added that "the treaty is very short, as it consists
only of a preamble and four articles." He also
stated that"the treaty contains no economic clauses,
though economic questions were also discussed by
M. Benes and Signor Mussolini. It is understood
that these will be the object of separate negotiations
and will take the form of additions to the existing
commercial treaties between Italy and Czechoslovakia. They will deal largely with special conventions to increase the traffic of the port of Trieste."
According to a cablegram from the same correspondent two days later "the foundation of an Italo-
2487
Belgian united- front on the subject of reparations
with a good prospect of England standing in later
on, was laid in Milan at to-day's meeting between
Premier Mussolini and the Belgian Prime Minister
and Foreign Minister, MM. Theunis and Hymans."
He admitted that "perfect identity of views did not
at first exist between Mussolini and the Belgian Ministers, but in the end they worked out a common program which conciliates the interests of both countries. The greatest difficulty, of course, was represented by the impossibility of gauging what the opinion of the French Government will be, but the British stand on reparations being sufficiently well
known, it was found reasonable to conduct the discussion taking into account the wishes of three of the
four chiefly interested parties." Continuing, the
correspondent said "the feeling is very widespread not only among the general public but also in
official circles that never have there been such favorable conditions for a settlement of reparations as at
the present moment and the belief is general that a
resolute effort by all the Allied Governments to get
together and argue the thing out will be made in the
near future."
In a cable message from Brussels on Max 21 announcement was made there of the return of Premier
Theunis and Foreign Minister Hymans.• The message stated that "it is understood that Signor Mussolini has rallied to the idea of taking penalties in
the event of deliberate and serious evasion by Germany of obligations resulting from her adoption of
the plan of the experts." The further assertion was
made that "Signor Mussolini does not link the question of inter-Allied debts to those of reparations and
penalties. The Italian Prime Minister would not
delay application of the experts' plan by complicat.
ing it with the debts question. Like the Belgian Ministers, however, he considers the solution of the reparations problem will not be complete and final until
the question of inter-Allied debts has been settled."
It was claimed, furthermore, that "the three Ministers are now convinced of the possibility of reaching
inter-Allied agreement on the reparations question.
Progress is being made toward the assembly of the
inter-Allied conference, but it is held to be important that the conference should be presented with a
complete plan and not act as a sort of Parliament
that would improvise solutions. The conference, it
is felt, should serve the purpose of solemn ratification of a complete agreement."
Apparently the Russian Soviet leaders have not
modified the radical ideas with which they set out,
to the extent that has been claimed from time to
time in Moscow cable dispatches. The.advices this
week have told of renewed efforts on the part of Leon
Trotzky, War Minister, to stir up the people afresh
with a desire for war. Under date of May 16 a special correspondent of the New York "Times" at Riga
cabled that "Trotzky is at present trying with great
energy to instil a martial spirit into the Red army
by almost daily speeches in which he unfolds vistas
of great and glorious revolutionary wars. One of
the most striking of his recent addresses was delivered at the Moscow Military Academy on May 5
when he explained Soviet plans for promoting domestic strife in other countries. At a certain stage,
class struggle has, he said, developed into civil war
and in order to carry on dais struggle they of the
Red army must study the art of civil war. Hitherto
2488
THE CHRONICLE
their experience had been quite 'inadequate for the
big problems ahead,' and they were working out for
c3-ordination with their existing military teaching
'a manual of civil war in three stages'—a period of
technical preparation, a period of open warfare for
power and a period of consolidation after victory."
Continuing, he was quoted as saying that "our Ambassadors, Consuls, military attaches and so on must
supply machinery for new material. Our Eastern
workers must be first of all soldiers and in the second place Orientalists. They must study the map of
a country, study all as the arena of future revolutions and wars and adapt their tactics to Oriental
conditions." The "Times" representative added
that "this was a great task. Trotzky then unfolded
the plan to organize all Russia's peace-time industries from the standpoint of their utility and convertability in time of peace. 'But we must regard
the whole of our economic life, especially our industry,' he said, 'from the military standpoint. This
applies particularly to the chemical industry, which
we must systematically organize for chemical warfare, using it meanwhile for combating the destruction of all pests, producing dyes, manures and so
on.'"
The Radicals in Germany have been no less active
than their associates in Russia in stirring things up
in the former country. The Berlin correspondent of
the New York "Herald-Tribune" cabled on May 18
the following was the policy of the German Communists: "Under no circumstances must Germany be
permitted to come to an understanding with France.
The Communist delegation in the Reichstag-62
strong—must throw all its strength against the
Reichstag's approval of the Dawes report, and while
thus trying to forestall an international settlement,
the Communists must at the same time foment all
the internal disturbance and trouble possible." The
correspondent added that "these are Moscow's orders to the German Communist Party, for, says Moscow, a Franco-German settlement would mean the
beginning of the final tranquillization of Europe and
therefore the deathblow to Bolshevist hopes for a
world revolution. Hence the violent campaign by
Communist agitators."
According to a special wireless London dispatch
to the New York "Evening Poet" on May 21 the
Soviet delegation was still experiencing serious difficulties in its negotiations with the British in London. It was stated in the message that "an official
communique issued last [Tuesday] night by the Foreign Office after an all-day conference between the
British and Soviet delegations said that although
the British. delegation would examine the Soviet
proposals with the utmost care before finally pronouncing on them, 'it should be understood at once
that any assistance which the British Government
could give toward floating a loan would of necessity
be very much limited and that there could be no
question of any Government guarantee.'" The correspondent suggested that "the British delegation, it
would seem, made clear, moreover, in thus withholding all hope of a guaranteed loan, that it believed settlement by the conference of outstanding
political questions would 'restore world confidence
in Russia. In British opinion this favorable disposition of the world toward Russia will be enhanced if
the economic revival 'which the Soviet representatives predicted should come to pass." He also stated
[VOL. 118.
that "it is altogether too early to indulge in "optimistic predictions regarding the final outcome of the
conversations now in progress, but t woad seem
that the British have served plain notice to the Soviet that it would be a mere waste of time to undertake the serious consideration of the treaty proposals which have been put forward one way and another as representative of what Russia expected to
achieve from her parleys here."
Official discount rates at leading European centres continue to be quoted at 10% in Berlin; 7% in
in Paris; 51/2% in BelNorway and Denmark;
gium and Sweden; 5% in Holland and Madrid and
4% in London and Switzerland. The open market
8%
discount rate in London has been advanced to 31/
8(§3% last week, and to
/
for short bills, against 27
4% for three months' bills, comparing
3346@31/
with 3@3 3-16% a week ago. Call money at the
British centre was also firmer, and the rate. moved
8% last week. At Paris
/
4%, as against 15
up to 23
2%
1
the open market discount rate was reduced to 4/
2% last week, while the Swiss rate is
1
4@5/
from 51/
2%.
still 31/
Thee Bank of England lost a trifling amount of
gold this week, a decline of £1,381 being reported,
but reserve increased £22,000, owing to a reduction
of £23,000 in note circulation. In public deposits
there was an increase of £1,008,000. "Other" deposits, however, declined £918,000. Loans on Government securities were expanded £548,000, while loans
on other securities declined £403,000. The bank's
proportion of reserve to liabilities advanced 1 point,
to 19.53%, against 19.52% a week ago, 2014% last
year and 20% in 1922. This constitutes the highest
reserve ratio thus far this year. The lowest is
12.24% in the week of Jan. 3. Gold holdings total
£128,181,411, which compares with £127,526,547 in
1923 and £128,880,842 a year earlier. Reserve aggregates £23,416,000, as against £23,996,197 last year
and £26,440,867 the year before that. Loans amount
to £72,185,000, in comparison with £69,604,314 and
£74,593,141 one and two years ago, respectively.
Note circulation is now £124,519,000. A year ago it
was £123,280,350 and £120,889,975 in 1922. Clearings through the London banks for the week were
£757,446,000, as against £744,949,000 last week and
£577,909,000 a year ago. The bank's minimum discount rate remains at 4%, unchanged. We append
herewith comparisons of the different items of the
Bank of England returns for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1920.
1921.
1922.
1923.
1924.
May 26.
May 25.
May 24.
May 23.
May 21.
L
124,519,000 123.280,350 120,889,975 127,807,660 111,464,320
Circulation
18,367,000 12,577,058 18,562,305 16,419,417 16,603,572
Publiedepoedte
101,523,000 105,805,770 113,873,788 112,060,283 101,179,034
Other deposits
34,356,283
Governin'tsecurities 42,071,000 42,576,180 49.187,646 38,100,122
72,185,000 69.604,314 74,593,141 89,139,884 81,716.098
Other securities
19,440,984
18,901,887
Reservenotes& coin 23,416,000 23,906,197 26,440,867
128,349,547 112,455,304
Coin and bull1on_128,181,411 127,526,547 128,880,842
Proportion of reserve
16.50%
14.75%
20%
20II%
to liabilities
10.53%
7%
654%
4%
3%
4%
Bank rate
The Bank of France for the third successive week
reports a contraction in note circulation, the reduction this week being 336,297,000 francs. Last week
a contraction of 189,654,000 francs occurred in that
item, while the week previous the amount outstanding had been reduced to the extent of 91,968,000
francs. The total of notes in circulation is thus
brought down to 39,402,909,000 francs. The amount,
MAY 24 1924.]
THE CHRONICLE
however, compares with 36,386,138,475 francs at
this time last year and with 35,674,179,970 francs
the year before. In 1914, just prior to the outbreak
of war, the amount was only 6,683,184,785 francs,
which is in striking contrast with the highest point of
40,265,994,000 francs touched by this item on
March 7 of the present year. During the week a
further small increase of 157,175 francs was registered
in the gold item. The Bank's aggregate gold holdings, therefore, now stand at 5,542,770,375 francs,
as compared with 5,537,242,485 francs at the corresponding date last year and with 5,527,645,053
francs the year previous; of the foregoing amounts
1,864,320,900 francs were held abroad in 1-924,
1,864,344,927 francs in 1923 and 1,948,367,056 francs
in 1922. Increases in the various other items were
recorded as follows: Silver, 86,000 francs; advances,
931,000 francs; Treasury deposits, 5,526,000 francs,
and general deposits, 78,400,000 francs. On the
other hand, bills discounted showed a falling off of
313,425,000 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 follows:
DANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Maras as of—
for Week.
May 22 1924. May 24 1923. May 25 1922.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
in France
Inc.
157,175 3,678,449,475 3,672,897,557 3,579,277,997
Abroad
No change
1,864,320,900 1,864,344,927 1,948,367,056
Total
Inc.
157,175
Silver
Inc.
86,000
Bills discounted _ _Dec.313,425,000
Advances
Inc.
931,000
Note circulation_ _Dec.336,297,000
Treasury denoelts_Inc. 5,526,000
General deposIta.-Inc. 78,400,000
5,542,770,375
299,108,000
4,053,718,000
2,611,015,000
39,402,909,000
18,755,000
1,995,023,000
5,537,242,485
292,255,536
2,409,994,257
2,122,380,781
36,386,138,475
33,553,785
2,172,885,207
5,527,645,053
283,622,122
2,318,901,281
2,223,652,057
35,674,179,970
42,603,722
2,304,917,993
The Federal Reserve Bank's weekly report, issued
at the close of business on Thursday, disclosed a
trifling loss in gold for the banks as a whole, with
an increase in rediscounting, although at New York
the reverse is true, as there was a substantial gain
in the bank's stock of the precious metal and a small
decrease in lending operations. For the System
gold reserves fell $310,000. Rediscounts of Government secured paper declined $5,900,000. In "all
other" there was an increase of $9,300,000 and the
net result of the week's operations was a contraction in total bill holdings of $3,500,000, to $414,615.000, as compared with $700,313,000 at this time a
year ago. Bill buying in the open market during the
week fell $16,600,000. Earning assets decreased
$14,700,000 and deposits $9,600,000. In New York
transactions through the Golid Settlement Fund
were the means of bringing about an increase in
gold of $17,700,000. Rediscounting of Government
secured paper showed a small decline, approximately $600,000, while rediscounts of "all other"
increased $400,000 and total bills discounted declined $200,000, to $55,534,000, which compares with
$163,317,000 the preceding year. Bill purchases in
the open market were diminished still further by
$2,000,000. Earning assets fell $2,000,000, but deposits expanded $7,900,000. The amount of Federal
Reserve notes in circulation was again sharply reduced, $25,000,000 nationally and $3,000,000 locally.
Member bank reserve accounts increased $1,700,000
in the combined statement and $9,900,000 at New
York. Slightly higher reserve ratios were noted, the
group banks showing an increase of .7%, to 83.7%,
and at New York 1.2%, to 91.5%.
2489
Last Saturday's statement of New York Clearing
House banks and trust companies was noteworthy
chiefly by reason of increases in loans as well as deposits, accompanied by a sharp decrease in surplus.
The loan item expanded $28,307,000. Net demand
deposits recorded a gain of $19,531,000, to $3,939,353,000. This total is exclusive of Government deposits amounting to $32,067,000, a decline in the latter item of $9,983,000 for the week. In time deposits
there was a reduction of $13,173,000 to $490,735,000.
A decrease in cash in own vaults of members of the
Federal Reserve Bank, namely $4,009,000, to $44,002,000 occurred, but this is not counted as reserve.
Other changes included a decline of $177,000 of reserves in own vaults of State banks and trust companies and an increase of $556,000 in the reserve of
these same institutions kept in other depositories.
Member banks drew down their reserves at the Reserve institution to the extent of $10,271,000, and
this togther with the additions to deposits served to
reduce surplus reserves $12,004,870, to $23,310,520,
as compared with $35,315,390 a week ago. The above
figures are on the basis of legal,reserves of 13% for
member banks of the Reserve System, but do not include cash in own vaults amounting to $44,002,000
held by these institutions on Saturday last.
The trend of the local money market has been
toward still greater ease. Call money has renewed
and'loaned freely at 3%. Loans of short period
time money at 33
/
4% were reported, but the prevailing range was 4@434%, according. to maturities.
The changes in the character and volume of transactions in both stocks and bonds were not sufficient to
affect the money market specially one way or the
other. Brokers' loans were estimated at $1,300,000,000, against $1,320,000,000 a month ago. The commercial demand for funds cannot have changed materially, either. The passage of the bonus bill over
the President's veto and the reaching of an agreement by the Conference Committee on a tax reduction bill that it is estimated will reduce taxes $472,000,000 naturally gave rise to discussion of the probability of extensive short term financing this year
by the Government, in addition to what might have
been done except for these two measures. It is now
roughly estimated that the bonus and tax reduction
bills together would cause a deficit of $100,000,000.
Foreign financing this week has included the offering of $9,250,000 8% secured external sinking fund
bonds of the Republic of. Czechoslovakia and the arranging of a revolving credit of $25,000,000 for one
year to the Kingdom of Sweden. Nothing very definite about an international loan to Germany can be
done until a new Ministry in both that country and
France is established.
Dealing with specific rates for money, loans on
call have shown a relaxing tendency, and during the
entire week a flat figure of 3% has been quoted;
which is to say, that on Monday, Tuesday, Wednesday, Thursday and Friday, call funds opened and
renewed at 3%, and this was the high and low
quotation on each of these days. Last week the
range was 3@33.-2%. In time money, also, funds
were in liberal supply and sixty-day money continues to be quoted at 3Y
4e4,4%, with ninety days
at 4% and four, five and six months' at 4@i43i.%,
unchanged. The demand for funds continues light,
owing to the degression in business; hence no im-
THE CHRONICLE
2490
portant trades were put through. The above figures
are for regular mixed collateral and all-industrial
•
funds without differentiation.
not . been changed
have
Mercantile paper rates
choice names,
six
months'
to
four
from 4@431% for
with 43'1.(@).43/2% for names not so well known.
New England mill paper and the shorter choice
names are usually negotiated at 4%. A fair inquiry has been noted, especially for high grades
which have a ready market, with country banks
the principal buyers.
Banks' and bankers' acceptances have been reduced another WI. of 1%. Prime acceptances have
been in active demand, but transactions have been
restricted by a scarcity of offerings, so that the
aggregate turnover has not been large. Most of
the inquiry is on the part of interior institutions.
Present quotations are reported the lowest since
May 1922.. For call loans against bankers' acceptances the posted rate of the American Acceptance
Council has been lowered to 2%%, from 3% a
week ago. The Acceptance Council makes the discount rates on prime bankers' acceptances eligible
for purchase by the Federal Reserve banks 33/%
bid and 3% asked for bills running 30, 60 90 and
120 days, and 3%% bid and 33% asked for bills
running 150 and 180 days. Open market quotations
follow:
SPOT DELIVERY.
90 Days.
..834@3
PtiIII0 eligible Ms
30 Days
33403
60 Days.
33403
FOR DELIVERY WITHIN THIRTY DAYS.
3g bid
3% bid
Eligible member haulm
Eligible non-member banks
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
MAY 23 1924.
Payer Maturing—
After 90 After 8
but
Days, bta
Within 0 Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Agricul.• A gricul.
Con'reial Secur. by
and
and
U. 3. Bankers' Trade
Accep- ACC4P- Livestock Livestock
&Livesil Govt.
Payer. Paper.
Paper. Obliga- tances.
lions.
n.e.s.
4
4%
4%
434
434
434
4%
4%
434
434
434
4
4%
4%
434
434
4%
4%
434
434
434
4
434
4%
434
434
4%
434
431
434
434
434
4%
4
434
434
414
434
434
434
434
434
4%
434
434
4
434
434
434
434
4%
4%
4%
434
4%
434
4
434
434
414
434
434
4%
4%
414
434
• Including bankers' acceptances drawn for an agricultural purpcse and secured
by warehouse receipts.
The sterling exchange market is apparently., still
marking time and trading in the week under review
was quiet and devoid of new feature. Irregularity
was in evidence practically throughout and the
trend of prices downward, although actual changes
were confined to fractions. Almost from the start,
London sent lower cable rates and the local market
responded by a decline from 4 36%@4 363'. Later
on there was a further recession to 4 33H, all on
As
an exceptionally small volume of transactions.
are
ts
l
already pointed out, commercia requirdmen
which
light at this season of the year, in addition *to
position
a
to
take
of
operators
is the disinclination
in the market under present conditions. Uncertainty regarding the political status in France,
[Vor„ 118.
involving the possibility of further delay in arriving
at a settlement of the troublesome German reparations matter, was of course the dominating influence:
although bankers generally seem to be taking an
optimistic view of European affairs. To sonic extent
the week's developments were favorably regarded
and in many respects the internal political situation
is in a fair way of being satisfactorily adjusted.
In Germany improvement has been noted, while
in France reports that a practical agreement had
been reached between M. Poincare and M. Herriot
over the financial policies of the new Government,
as well as assurances of a rigid adherence to previously announced budgetary and .tax reforms, also
a determination to maintain stable values for francs,
exercised a beneficent effect on market sentiment.
Taken all in all,the outlook is thought to be brighter.
On the other hand, the passing of the long-contested
bonus bill in this country caused a certain amount
of uneasiness,on the ground that it may be expected
to render more difficult debt settlements with the
Allies and hence occasion further delay in the effective workings of the Dawes plan. In the final dealings
dulness became so pronounced that the market was
almost at a standstill and prices after having moved
aimlessly first in one direction, then in another,
sagged off to the lowest level of the week.
Referring to quotations in detail, sterling exchange
on Saturday last was a trifle firmer and there was an
advance to 4 36%@4 36% for demand, to 4 36%@
4 37 for cable transfers and to 4 34%@4 3432 for
sixty days; trading was dull and lifeless. On Monday
freer offerings and a lack of buying power induced
1 2,
s@4 36/
weakness and demand declined to 4 363/
to
and
36%
days
sixty
36%@4
4
cable transfers to
on
ease
Tuesdeveloped
Increased
4 33%@4 343.
day and the range was lowered to 4 35H3@4 36 for
5
364 for cable transfers and to
demand, to 4 35/@4
4 33%@4 33% for sixty days. Wednesday a steadier undertone was noted, although quotations moved
within narrow limits, at close to the levels of the day
preceding, with demand at 4 35 9-16@4 35 8, cable
transfers at 4 35 13-16@4 363' and sixty days at
4 33 5-16@4 33%. Dulness characterized dealings
on Thursday, in keeping with which a sagging tendency developed and the range for demand was
lowered to 4 33%@4 35 13-16, for cable transfers
2@4 33 9-16.
4 34@4 36 1-16 and for sixty days 4 313/
and the
occurred
ns
On Friday irregular fluctuatio
between
moved
bills
demand
undertone was weak;
11-16
34
33%@4
4
transfers
cable
33%@4 34 7-16,
and sixty days 4 31304 32 3-16. Closing quotations were 4 32 for sixty days, 4 343. for demand
and 4 343 for cable transfers. Commercial sight
s, sixty days at 4 31H3, ninety days
finished at 4 343/
at 4 30%, documents for. payment (sixty days) at
4 31% and seven-day grain bills at 4 33%. Cotton
and grain for payment closed at 4 34%.
A small amount of gold was received this week, 73
boxes valued at £649,700, on the Olympic from England, consigned to local bankers. It is reported that
the Argentine National Bank has shipped $3,950,000
gold on the Pan America, now on its way to New
York.
As to the Continental exchanges, there is very
little of importance to report. The same general
factors which have governed the market in recent
weeks continue operative. Business most of the
time has been of minimum proportions, save in
MAY 24 19241
French francs, which continue to be the target for
speculative attack. So far as the local market is
concerned, brokers are displaying extreme caution
in the making of new or extensive commitments,
and trading has been lifeless. For foreign account,
however, selling pressure developed, which eventually forced Paris checks down from 5.73 to 5.23, a
loss for the week of 50 points and far below the high
record level achieved a short while ago. Large quantities of French exchange (also, to a lesser extent,
Belgian) were offered for sale, both in London and
Paris. Blocks of from 250,000 to 500,000 francs
changed hands and a few sales of as much as 2,000,000
francs were recorded. Much of this was said to be
selling on the short side of the market. A more or
less general belief that at prevailing figures francs
were cheap and would probably not go much lower,
appeared to act as a powerful incentive for the putting out of short lines, and it is rumored that another
short interest of considerable dimensions is being
built up. Market observers are keenly interested
in the approaching May settlement on future contracts, since it is reported that a substantial proportion of franc contracts for delivery the end of May,
also at the end of June, remain to be provided for.
It is believed that operators are holding off to await
definite establishment of the new French Government. The discount on franc futures has risen from
3 to 4 points per month. Toward the latter part of
the week tentative announcement of the policies to
be followed by the newly elected French leader, also
a statement that franc values were to be supported,
resulted in a rally, that carried Paris checks back to
5.66, but before the close quotations dropped back to
5.31. Buying by the Bank of France aroused attention, it being the first in over a week and there were
some who regarded it as an indication that the franc
would not be allowed to decline much further. Bankers usually well informed are of the opinion that the
$100,000,000 French credit recently established in
the United States is still available and may be utilized
to uphold values against further speculative attaoks.
Belgian francs followed the course of French exchange, but trading was far less active and rate variations were sentimental in response to the movement
of French exchange. Lire continued inactive, but
firm and practically unchanged. Reichsmarks advanced a small fraction, though Austrian kronen
remain unchanged. Greek exchange exhibited a
slightly easier tendency, while tire minor Central
European currencies were firmly held.
The London check rate on Paris closed at 81.00,
comparing with 76.00 last week. In New York sight
bills on the French centre finished at 5.3732, against
3 2, against 5.7532;
5.7432; cable transfers at 5.38/
commercial sight bills at 5.363/2, against 5.7332 and
commercial sixty days at 5.313., against 5.68% a
week ago. Antwerp francs closed at 4.62 for checks
and 4.63 for cable transfers, in comparison with
4.85 @ 4.86 a week earlier. Final quotations on
Berlin marks were 0.0000000000233/2, the same as the
previous week. Austrian kronen remained at
0.O0143, unchanged. Lire finished the week at
4.411A for bankers' sight bills and 4.423'2 for cable
transfers. This compares with 4.43 and 4.44 last
week. Exchange on Czechoslovakia closed at 2.95%,
against 2.953/2; on Bucharest at 0.483/2, against
0.493/
2; on Poland at 1975. (zloty), (unchanged);
and on Finland at 2.513/
2 (unchanged). Greek
drachmae finished at 1.92 for checks and 1.923/i
2491
THE CHRONICLE
for cable transfers, in comparison with 2.043/ and
2.05 a week earlier.
Movements in the neutral exchanges, formerly
so-called, were dull and narrow. In most instances
quotations were steady, at close to the levels of the
preceding week, With trading exceptionally light.
In a word, all of the minor currencies were in neglect,
attention for the time being centred upon francs
developments.
Bankers' sight on Amsterdam finished at 37.343.',
against 37.37; cable transfers at 37.383/2, against
37.41; commercial sight at 37.283/2, against 37.31,
and commercial sixty days at 36.911A, against 36.95
a week ago. Final quotations for Swiss francs were
17.68%
'
2 for bankers' sight bills and 17.693' for cable
remittances. This compares with 17.71 and 17.72
the previous week. Copenhagen checks closed at
16.85 and cable transfers at 16.89, against 16.88 and
16.92. Checks on Sweden finished at 26.52 and cable.
transfers at 26.56, against 26.513' and 26.553',
while checks on Norway closed at 13.88 and cable
transfers at 13.92, against 13.86 and 13.90 last week.
Spanish pesetas finished at 13.683.' for checks and at
13.703 for cable transfers. The close was 13.85 and
13.87 a week ago.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 17 1924 TO MAY 23 1924, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United Slates Money.
May 17. May 19. May 20. May 21. May 22. May 23.
EUROPE8
.000014
Austria, krone
.0483
Belgium, franc
007270
Bulgaria. ley
Czechoslovakia, kron .020461
1693
Denmark, krone
England, pouhd ster4.3692
ling
025074
Finland, markka
0573
France,franc
a
Germany, reichsmark
020096
Greece,drachma
3740
Holland, guilder
000012
Hungary, krone
0444
Italy, Ilra
1390
Norway, krone
b
Poland, mark
0303
Portugal, escudo
.004924
Rumania,leu
1386
Spain, Peseta
2655
Sweden,krona
Switzerland, franc-- _ .1773
Yugoslavia, dinar.... .012304
ASIAChina.7242
Chefoo, tadl
.7253
Hankow tael
7077
Shanghai tael
.7292
Tientsin tael
.5181
Hongkong dollar
.5131
Mexican dollar_
Tientsin or Pciyand
dollar
5158
.5158
Yuan dollar
3055
India,rupee
4034
Japan, yen
Singapore (S.S.) dolls .5075
NORTH AMER.Canada. dollar
981048
1.000469
Cuba, peso
482083
Mexico, peso
Newfoundland. dolls .979594
SOUTH AMER.Argentina, peso (gold) .7464
1090
Brazil, milrels
Chile, peso (paper).._ 1107
thIlln139. DC80
7807
$
.000014
.0472
.007178
.029472
.1694
4.3657
.025070
.0553
a
.019404
.3741
.000012
.0444
.1393
b
.0302
.004910
.1387
.2655
.1774
.012310
S
$
8
$
.000014
.0461
.007250
.029576
.1693
.000014
.0467
.007190
.029536
.1693
.000014
.0468
.007200
.029509
.1692
.000014
.0462
.007200
.029463
.1687
4.3600
.3594
4.3557
.025066 .025059 -025065
.0535
.0551
.0553
a
a
a
.019365 .019430 .019400
.3739
.3740
.3740
.000012 .000011 .000012
.0443
.0444
.0444
.1391
.1392
.1392
b
b
b
.0303
.0302
.0301
.004893 .004864 .004839
.1386
.1385
.1383
.2654
.2653
.2654
.1771
.1770
.1772'
.012338 .012336 .012341
4.3420
.025064
.0539
a
.010330
.3736
.000012
.0442
.1389
b
.2098
.004783
.1371
.2664
.1768
.012321
.7238
.7267
.7127
.7296
.5199
.5188
.7300
.7325
.7168
.7358
.5224
.5196
.7283
.7313
.7192
.7342
.5236
.5178
.7283
.7316
.7183
.7342
.5227
.5196
.7283
.7319
.7172
.7350
.5204
.5186
.5188
.5229
.3062
.4024
.5053
.5208
.5258
.3060
.4022
.5047
.5171
.5171
.3067
.4024
.5053
5204
.5250
.3067
.4025
.5050
.5192
.5242
.3056
.4031
.5044
.982852 .982258 .982207
1.000438 1000375 1.000313
.482292 .482292 .482292
.981375 .980188 .980063
:7467
.1082
.1107
.7809
.7464
.1076
.1092
.7798
.7461
.1072
.1002
.7802
.982613
1.000391
.482083
.979938
.7460
.1049
.1095
.7812
.982520
1.000438
.481563
.980125
.7439
.1059
.1095
.7757
a Quotations for German relchsmarks have been: May 17. 000000000000229;
May 19, .000000000000228; May 20, .000000000000229; Slay 21, .000000000000230;
May 22, .000000000000230; May 23. .000000000000229.
.0(1
1 0au0olt1a3 is
ayfg
.000000112.
00
5
ish
001=
1
1
,12v
1e 0 een:011FM1
a;
722 08800 11:71g,
41:
As to South American exchange, the tendency is
slightly downward, though actual changes in rates
have not been important. Argentine checks closed
the week at 32.67 and cable transfers at 32.78 unchanged; but for Brazilian milreis final quotations
were 10.70 for checks and 10.75 for cable transfers,
against 11.00 and 11.05 last week. Chilean exchange
was steady at 11.20, against 11.30, while Peru advanced to 4 18, but eased off and closed at 4 16,
unchanged.
•
Far Eastern exchange was not materially changed,
with the exception of Japanese yen, which were firm
2492
THE CHRONICLE
and higher. Hong Kong closed at 52M®524,
against 52X@523
8; Shanghai, 72U@73, against
/
2@72; Yokohama, 414@413/
713/
2 (unchanged); Manila, 493(4)49% (unchanged); Singapore, 50%@
51, against 513.@)5134; Bombay, 30%@)31, against
31@,3131, and Calcutta, 31/g@313
/(unchanged).
The New York Clearing House banks in their
operations with interior banking institutions have
gained $917,400 net in cash as a result of the currency • movements for the week ended May 22.
Their receipts from the interior have aggregated
$1,765,400, while the shipments have reached $848,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending May 22.
Banks'interior movement
Into
Banks.
$1,765,400
Out of
Banks.
Gain or Loss
to Banks.
3848,000 Gain
$917,400
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1020, 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 BANS
AT CLEARING HOUSE.
Saturday,
May 17.
Monday,
May 19.
Tuesday, Wednead'y, Thursday, Friday,
May 20. May 21. May 22. May 23.
Aggregate
for Week.
$
76,000,000 86,000.000 63,000.000 66,000,000 64.000,000 67.000,000 Cr.422,000.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing House
Institutions, as only the items payable in New York City are represented in the
daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of theilocal Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
May 24 1923.
May 23 1924.
Banks of
Gold.
England..,128,181,411
France a__ 147,137,018
Germany .. 22,091,500
Aus.-Hun_ 62,000,000
Spain ____ 101,264,000
Italy_____ 35,369.000
Nethlands 44,284,000
Nat. Belli_ 10,819,000
Switzeri'd_ 21,240,000
Sweden_ __ 13,757,000
Denmark _ 11,642,000
Norway __ 8.182,000
Total.
128,181,411 127,526,547
11,920,000159.057,018146,915,902
c5,752,850 27,844,350 42,095,600
b2,000,000 b2,000,000
26,216,000 127,480,000 101,024,000
3,423,000 38.792,000 35,489,000
809,000 45,093,000 48,483.000
2,734,000 13,553,000 10,577,000
3,891,000 25,131,000 21,383,000
13,757.000 15,189,000
796,000 12,438,000 12.679,000
8,182,000 8,115,000
Silver.
Total.
127,526,547
11,680,000 158,595,902
3,475,400 45,571,000
02.000,000
26,284,000 127,308,000
3,024,000 38,513,000
661,000 49,144,000
2,453,000 13,210,000
4,139,000 25,522,000
15,189,000
210,000 12,889,000
8,115,000
Total week 545,966,929 55,541,850601,508,779571,657.049 51,926,400623.583.449
Prey.week 546,760,023 55,648,850602.408,142575,206,985 52,048,400627.255.385
a Gold holdings of the Bank of France this year are exclusive of £71,573,977 held
abroad. b No recent figures. c Now official figures.
Friendship Without Alliances—The Way to a
New French Policy.
It is greatly to be hoped that M. Herriot and his
supporters, upon whom the responsibility of governr
ing France is shortly to devolve, may find it possible
to cut loose from the policy of foreign alliances and
political subsidies which the Poincare Government
devoted itself to elaborating with the smaller nations of Europe, and will look to other and better
means of insuring the national security and enhancing the national prestige of France. .Although the
support of the Poincare Government, when the issue
was presented in the Chambers, came from the Left
as well as from the Right, the policy of alliances has
never been popular with the French radical parties,
and Socialists of all shades have generally regarded
it as objectionable in principle. The time would
now seem to be propitious for abandoning it.
M. Herriot has been quoted as saying some encouring things in that direction; M. Painleve, who has
[VoL. 118.
been speaking out strongly in favor of a close rapprochement with Germany,is in no position to champion agreements whose main inspiration was dread
of German recovery; and M. Briand, while inclined
in the past to maintain the entente cordiale with
Great Britain, has shown a strong inclination to
avoid political commitments which would not leave
France a free hand. Even if, in the uncertain balance of French parties at the moment, a clear-cut
program of independence at this point is impracticable, any step that France may take to undo what has
been done and to discourage the continuance of the
old policy elsewhere will go a long way towards ridding Europe of a dangerous situation and heightening the prospect of continued peace.
A frank move of this kind on the part of France
would be the more impressive because of the part
which France itself played in creating the political
conditions which have made alliances easy, and the
eagerness which the Poincare Government showed
in taking advantage of them. At the root of the situation are the peace treaties of 1919-20, with their
vague theories of nationality, minority rights and
self-determination of peoples, and their multiplication of small States where large States existed before. The dismemberment of Austria-Hungary, not.
withstanding that it destroyed an Empire which had
little homogeneity, doubled the number of separate
States in the partitioned area, at the same time that
other States were being created out of former German
or Russian territory and historical boundary lines
were being extensively changed. Between the pres.
ent Germany and Russia on the west and east, and
the Baltic and Mcditerranean on the north and
south, one finds to-day more than twice as many
Governments as existed in the same area before the
war, and the territorial changes which took place in
Europe as a whole added some 4,000 miles of national boundaries, to be guarded by troops in time
of war and dotted with customs stations in time of
peace.
It is this multiplication of small States differing
widely in culture, natural resources and ecoriomic
development, and deeply stirred in national feeling
either by the elation of victory or the chagrin of defeat, that France in particular has for several years
sought to turn to its advantage. Forgetting, apparently, that France and Germany, notwithstanding
their disparities of population and industrial organi.
zation, are nevertheless neighbors that must live
side by side and trade with one another, it has been
the policy of France to cultivate alliances or other
relations of obligation with such of the new States
of eastern Europe as it thought might be counted
upon to help in holding Germany in check. The formation of the Little Entente, created primarily to
bar the possible extension of German influence towards the east and insure the permanent separation
of Germany and Austria, was aided and applauded.
One by one Poland, Rumania and Jugoslavia have
been drawn to France by formal or informal agreements, or loans of money for military equipment, or
the employment of French officers to organize and
train their needlessly large armies. As always happens when a ball of this kind starts to roll, alliances
beget alliances, and only within a few days, for example, the conclusion of a political alliance of some
sort between Czechoslovakia and Italy has been announced. Instead of friendly co-operation with independence we now have wheels within wheels, agree-
MAY 24 1924.]
THE CHRONICLE
ments and understandings overlaying and enlacing
each other, and always with the uncomfortable suspicion that the published documents do not tell the
whole story, and that secret provisions of a disturbing character form a part of the bargain. For all
that the world in general knows, there may be in
existence to-day agreements as mischievous in their
political possibilities as the secret treaty of London
in which Italy named its price for entering the war
on the Allied side.
We cannot agree with those who believe such a
policy is to be commended or that it makes for peace.
We think that it is a very unwise policy, and that
even if it does not directly invite war, it will be
found to be of small value in maintaining peace. The
variegated racial and political material of eastern
Europe, a perennial tinder-box beyond the memory
of any person at present living, is no less inflammable now that the map shows two States in that region for every one that appeared before. To the
extent to which alliances or secret understandings
erect discriminating privileges in commerce or other
economic matters, they either impede international
intercourse and irritate the States that are excluded,
or incite to other alliances to balance or offset those
already concluded; while to the extent to which they
look forward, however generally or vaguely, to joint
offense or defense, they keep the thought of war to
the fore. National loans in time of peace for the
purpose of building up another nation's armaments,
conditioned upon the expenditure of the loan within
the country that makes it, are a transparent device
for securing Parliamentary approval of an otherwise
very debatable transaction, and the condition gives
no sanctity that the policy would not have without
it. After all is said and done, a political alliance is
either a confession of national weakness or a declaration of predatory national temper, and no such
confession or declaration ever really strengthens the
Government that makes it.
There is additional reason for turning away from
the policy of alliances now because of the situation
which has been created by the Dawes report. It is
obvious that the reparations settlement which the
Dawes report proposes can be carried through only
with the cordial and disinterested co-operation of
Europe and the United States. There are huge loans
to be floated, fluctuations of exchange to regulate,
and world markets to be opened to the German goods
from whose sale the reparations demanded are in
considerable part to be paid. No one of these operations will have a clear field, but on the contrary, will
be viewed with misgivings, especially in this country,
if some of the parties to the undertaking are known
to be bound by discriminating commercial understandings, or if political motives connected with certain ulterior hopes or fears of certain Allied Powers
shall control the choice of the international boards
for which the Dawes report provides, or if offensive
or defensive agreements whose full purport is not
known are kept ready for use on the theory that Germany may default. Within France in particular the
attitude of Parliament and the public towards reparations cannot be kept entirely separate from the
pressing problems of the budget and the franc, and
the treatment of these domestic questions is certain
to be more complicated if the policy of foreign loans
for military purposes is to be in any way continued.
What Europe needs, in the face of the great undertaking upon which it is entering, is international
2493
good feeling and a spirit of co-operation, unincumbered by more or less secret commitments of any
kind. It needs to get rid of its nationalistic suspicions and nightmares, and the surest method of getting rid of them is to cease encouraging them by
devising alliances which tend fatally to keep them
active and disturbing. The persistence with which
the Government of France has for several years
moved in the other direction would seem to make it
peculiarly the province of France to take the lead in
breaking away from the course that has been followed, and with the change of government that has
now occurred the desired step ought not to be hard
to take.
Congressional Orders to the Inter-State
Commerce Commission.
Declaring agriculture to be the "basic industry"
and instructing the Inter-State Commerce Commission to lower freight rates in the interest of farmem
is the "last straw" in Congressional legislation lo-)king to the control of business. What does it mean?
Is it not ordering one industry to work for another
without consideration of conditions affecting the
second party to the contract? But even this does
not express the principle involved. For, since we
have a Governmental rate-making power, neither
agriculture nor transportation can make a contract.
You say this has been the case ever since we have
had an Inter-State Commerce Commission. And it
is true. But there have been investigations by.the
Commission prior to the ordering of a rate, investigations designed to elicit information which would
justify a rate to the carrier and to the shipper. Now
—Congress suggests arbitrarily a new and lower
rate.
Can anyone imagine the present Congress ordering a rate increased as a favor to the common carriers of the country? And if Congress is to pass
upon the rate-making why not abolish the InterState Commerce Commission and turn the work over
to the Inter-State Commerce Committees of the
House and Senate? Really, it is "interference"
gone mad. Look squarely at the whole question for
a moment. Admit unfortunate conditions in the
wheat-growing Northwest; admit certain heavy
losses in land and stock prices; admit, also, in the
interest of truth, that the productive power of the
farms is unimpaired and the working, intelligent
farmer has his plant in as good a condition as is
normally the case. Then, look at the legislation offering him many new credit facilities; look at the
slow and inconstant readjustment, undoubtedly in
his favor, through the aftermath of the war; look at
so-called "purchasing power" of.organized labor and
protected manufacture, a power to buy and pay for
the commodities the farmer alone can produce; and
then say, if you can, there is justification for arbitrarily lowering freight rates in the interest of this
"basic industry."
As far as agriculture being the basic industry, in
a strict economic sense, there is no doubt about it.
This pronouncement on that point is nothing new.
But because it is "basic" is the very reason why it
must stand on a foundation established "in the nature of things." It cannot be said that an industry
so fundamentally necessary to all others should be
granted a gratuity wrung from the whole body of
industry by artificial, legislative means. Yet this
is just the position it is now made to occupy by po-
2494
THE CHRONICLE
[VOL. 118.
litical intrigue and design. Suppose we continue dramatic. And they are
beginning to tell us the rethe process of lowering rates until the railroads are volt is not a rebellion—having
succeeded, it is a revobankrupt. What then? Will this "basic industry" lution! In a minority, men are
non-conformists—in
prosper without transportation and markets? We a majority, they are
perforce regulars. Take the conare not attempting for a moment to pass upon fair duct of youth in the social
world—say the optimistic
rates to either of these parties. We do not know analysts—it is but a passing
phrase—they are not
what they are. We very much doubt the ability of really disrespectful to their elders;
they do not turn
the Inter-State Commerce Commission to ascertain away from the past,are merely
forward-looking; they
what they are. We do know, as we have repeatedly are not really wicked and
prematurely wise, it is
said, that commodities compete with each other merely the spirit of a new
independence that, a huncompelling the establishment of mean rates, and this dred years from now, will
be regarded as very, very
outside the will of shipper or carrier. We do know prosaic and old—youth will
blossom into a new and
that there is a certain normal total production to better world! And then
there is letters and art—
haul—that cannot be increased by the attraction of free verse, the realistic
novel, the impressionistic
cut rates as may sometimes be done with passenger school, and futurism in
pictures—merely a startling
traffic. We do know roads can never work out their form of symbolism; really
old instead of new, desown salvation while they are hampered by constant tined to stir the placid
pools where only the faint relegislative restrictions and inhibitions. And we do flections of life are to
be observed—these but reveal
know that the consumer "pays the freight." These the new life to come
in the Great Advance!
being primal elements in the equation why seek to
And in economics—yes—America must yet meet
favor agriculture simply because it is the "basic in- and vanquish
communism—but, we are insensibly
dustry"?
adopting its philosophy, grafting it into our thought
The grave thing about all this pother and bother and onto our forms under
the appealing names of cois that we have become so accustomed to Congres- operation and
collectivism. In politics—nothing
sional interference that nothing startles us. It is really wrong—look
how they lambasted Washington,
said one Senator ventured to express the opinion Jefferson, and even
Lincoln—these investigations
that Congress had no right to single out one indus- are not official
muck-raking—they merely broadcast
try for favor. He might have asserted that Congress true conditions the
voters should know! In religion
has no right to single out any industry for favor—or, —when was there
a time, when will there be a time,
further, all industries for favor. Congress is not a when fundamentalists
and modernists will not be at
benevolent institution, nor is government. We say war over the non
-essentials, the outworn creeds, the
this so often, apology is required for repetition. But outgrown shells of the
non-essentials? And society
the evil of Congressional interference grows. The —not run mad after pleasure,
position, pride, merely
evil of political effort to use the Government for self-expressive in an era of
marvelous invention;
party purposes grows. Legacies of the Great War merely the flower, a little exotic
it may be, of an age
are sinister enough in themselves—onerous taxes, of great physical endowment in
wealth, cities, ideas
depressed business, even social extravagance. But and ideals—not necessarily poetic
life nor yet the
this continuous tinkering with business by a Gov- old prosaic, but liberal in a time of
true liberty—
ernment instituted to protect men in their own enter- absorbing the old and giving it color,
recrudescence,
prises, their own individual freedom of effort, threat- real vitality.
ens slowly, but none the less surely, to change the
There is not much left to explain. Being part of
form of that government. Yet we view with appar- the unfolding we do not see the
panorama. And,
ent complacency an order from Congress to its crea- who knows? In the maelstrom, in the
turmoil, in
ture Commission to lower freight rates in the inter- the whirl and swirl of the eddies,few
are able to get
est of a "basic industry"—and declaring agriculture their bearings, and still fewer are able
to swim out
to be that—as if all the laws of all the lands could into calm waters. The old philosophies
must change
make men work in the fields for sustenance, or re- a little also. And about all that is
certain, all that
lieve them of this form of toil!
the many can cling to, is the inescapable belief that
We conceive it to be a duty to press home economic the dross will perish and the refined gold remain.
truth to the citizen—not because it is not fully unBut—is this revolt a revolution, or is it a riot?
derstood, but because there is not a proper response. Are there none who keep their poise L. this
rushing
Are we to continue indefinitely these Congresses mob of excited disputants, this moiling mass of those
that conceive it the duty of law-makers.to help those eager to live all that any age has experienced in a
in trouble by favoring laws? Is such a Congress the few short years? Are we to try out communism?
one intended by the.Constitution to legislate for all Are we to solve the ricIdle of all religions? Are we to
the people, and not for classes, sections, occupa- put politics to a new and sublime use—the making of
tions? When will this orgy of investigation, legis- immaculate men and corporations by the use of the
lation, resolution, cease, unless the people take up power to legislate? Are we to make over the Constitheir own cause and elect a Congress that will re- tution, rewrite it in purple, or red, indelible ink, that
main within its constitutional privileges, powers future generations may turn from our liberal interand duties? There is a sort of glamor over the pretation with contempt and proceed to rewrite it
word Progress! But in critical times the words again to really liberalize the poor old document?
"Steady," "Steady," alone will save from disaster!
What a fiery filibuster this revolt-riot is! It suggests the arrival and use of the toy-wagons "children
The Last Revolt—Chasing Illusions.
older grown" on our streets in such numbers they
"Whither are we tending?" Like a bright, well- get in each other's way and crowd pedestrians off the
worn key in the stubborn lock of knowledge the earth. A very useful invention, turned into an inquestion turns completely round but does not open fluence compelling hundreds of millions of debt for
the door. Our critics and commentators are busy, "hard roads," wasting time and fortune for countless
benign, sometimes industrious, excited and melo- individuals, even, as some have no hesitancy in at.
MAY 24 1924.]
VETE CHRONICLE
firming, corrupting the morals of youth! Is this
mighty atom, creative man, to become his own undoing.? Suppose there was a war from which millions
returned with sickening disgust, who makes this
war, the next, and every war, save man himself.
Will another war to stop all war, stop it? Will trying to live a hundred centuries in one, to experience
and enjoy all of life that is now, or ever has been
known, really bring content; must it not ever and
always bring disillusionment and despair? Just a
riot—nothing less, nothing more. Ideas and•ideals
tumbling over each other by their own dynamic force,
and human beings torn and distracted by their own
power and greatness. And riots soon run themselves
out!
What makes the people go round and round? Suppose we take out all interferences with the natural
order; all this lust after pleasure, consuming like a
fever because it cannot be supplied; all this passion
for sudden or swift wealth in millions, straining
energies, filled with financial pitfalls, leading away
from success through service to speculation and even
chicanery; what is left? What but the serious "oldfashioned" things of life—the work that wins, the
slow growth that is certain of production, the simple
sane pleasure that does not cloy nor enervate, the
quiet social order that has time for rest, worship,
star-like aspiration! We are our own saviors, our
own destroyers. We need time for worship of the
high things of human study, consecration and intercourse. The young man or woman needs an
evening at home, an hour for communing with the
inner self, an hour for concentration upon the
social whirl, that he or she may see the poor figures
that strut their little day upon the stage. The family needs to gather under the evening lamp, to talk,
it may be, of that highest form of true collectivism,
their common interests and common contributions to
their own common welfare. To such a gathering
may be brought all the best and most helpful knowledge of economics, politics and business. Man, or
woman, there is individual need for -that form of
worship which has no pew or place, but is found in
contemplation of the fine and favor-giving benignity
of nature, and reflection upon those powers of mind
and soul that lift above the wants and needs of the
social environ.
There are social slaves and business slaves who
are straining "to arrive" so hard they forget the nobility of their calling, and, blind to the worth of their
work, gamble with fate for money or place, and
making mistakes in judgment are plunged into irretrievable ruin. Who are these people forever declaiming against "the times"? Seek them out. analyze their mental complexes, and say if they are not
the victims of their own idleness, folly, or "frenzied
finance"? Try to put your finger on a single cause
for distrust and decadence, for we are not free from
the latter, and you soon prick a bubble. Have we not
now the things we most need—power to think and
work, right to initiate, earn, increase and hold the
results thereof? Not wealth for everyone but work
for all who will. But too often now work only for
the wage set by desire to shine in the "better living"
conditions set by those who do not work but live by
suggesting life to others. The real abundance of life
is from within, not without. Not all the powers of a
rushing, roiling world can destroy the quiet joy of
him who looks on from the height of a serene spirit
and a conscious, contented soul. This revolt, this
• 2495
riot—what but the many moiling round in ideals
they cannot compass, ideas they cannot understand,
and desires they cannot attain. Talk of going back
to the pine-knot for light and heat—never, there is a
glorious privilege in pressing a button and filling a
room,with the soft glow of a restrained light—and
just this is what should save the soul—namely flooding it with the culture of to-day without destroying
its quietude of contemplation and content. Life
passes very quickly and he who pauses long enough
to look about him gathers its loftiest attainments and
its sweetest savor. He who does not is but a particle
of dust in the whirlwind of self-seeking, the madness
of the riot.
Harvard's Contribution to Business
Education — The Cash Register
Company.
It is some years since the founding of the Tuck
School in connection with Dartmouth College as the
gift of Mr. Edward Tuck, the American banker in
Paris.
Up to that time a crude form of apprenticeship,
namely entering at the bottom and working one's
way up, single-handed and untaught, was considered
the only and the best way for any youth, collegebred or not, to learn business. The "Business College," teaching a few rudiments, book-keeping, a good
handwriting, arithmetic, and, more recently, stenography and typewriting, had long been known. The
Wharton School of Philadelphia stood for something
more adequate, and there were possibly a few like
it; but we had nothing to correspond to the advanced
schools for business education existing in the chief
commercial cities of Germany and France to provide
for the sons of business men an educ tion that
would fit them efficiently for business, and which
would give them at the same time standing as educated men.
Our professional schools had not restricted their
entrants to college graduates, but, in common with
the scientific and technical schools, had opened their
doors to all who desired and proved competent to
take their courses.
The Tuck School marked a distinct advance, in
that it takes the college student at the close of his
Junior year and joins with the college in making his
Senior year such as to count both for his Academic
degree and for one of the years of special business
training in the Tuck School; a method now in vogue
in some of the professional schools.
The "Harvard University Graduate School of
Business Administration" is of later organization.
It has been eminently successful from the start, is
heartily adopted as a department of the university,
is acquiring permanent funds, and will soon have
ample accommodations. It is distinctively a graduate school, and has this year 585 students. It has
developed rapidly not only in having received students from 180 universities and almost every State,
but in the scope of its instruction. Its special contribution to-day is what is known as the "Case System."
This was introduced as a new feature in the Harvard Law School in 1872, and is now employed in
practically every important law school throughout
the country. Its place in the new department of
Business Administration was soon recognized and it
has been successfully applied. It consists in teaching
chiefly by the study of problems found in actual busi.
2496
THE CHRONICLE
ness. Principles are brought to light and emphasized in connection with their application. Sound
business rests on deeply-rooted respect for facts.
Good judgment is the paramount requirement. The
cases, or problems, chosen for study are obtained
from successful business houses, banks and corporations, and are such as have confronted business executives and industrial managers. These cases require the collection of data pertaining to the particular problem, and also a group of well-trained men
capable of separating relevant from irrelevant facts.
Graduates of the school are used for this purpose,
which becomes adva wed work for them. The method
is to Select all the !acts governing the product in
hand from the raw I iaterial to the market, its handling, sale, transport ;don and use, with the cost of
each step, and the fixing of value and the selling
price, together with All elements in the solving of the
particular problem that bear upon business in general.
The success of the method is proved in that, new
as is its introduction, the cases and problems it has
developed have been taken up by some 106 different
colleges and universities in the country; and the demands for the graduates of the Harvard school were
far more than could be supplied. Of the 174 men
who graduated last June, 61 had already secured positions. For the remaining 113 there were 319 applications from business houses and 59 from other
universities for men to join their teaching staff.
They give a single illustrative case. The Royal
Chocolate Company was organized recently to manufacture and market a new product, "Milkolate."
Lacking capital, they proposed to begin by selling
at first to a large metropolitan company and later
through various agencies. The character of the product, the costs of the materials and of the packing, the
factory management, the overhead, etc., were given
in detail, with the company's estimate of the proper
percentage to be required by both wholesalers and
retailers; and the problem prescribed was the price
to be charged the dealers and what retail price
should the company attempt to fix.
This is only one of a great variety of "cases" made
the basis of instruction. The more important of the
fields of study are Accounting; Banking, commercial and investment; Business Statistics; Foreign
Trade; Industrial Management; Marketing; Public
Utility Management, and Transportation. These
are broad groups, but the purpose of the school is
to train men in principles rather than for specific
tasks, supplying also much general instruction. The
success of the method as a whole may be recognized
in the rapid growth of the school and the large demand for its graduates.
An interesting illustration of the possibilities of
the new method is to be found in the story of the
developing of the National Cash Register Company
as told by its late President, Mr. John H. Patterson,
just published.* It is the history of a business which
40 years ago consisted simply of the right to manufacture a little machine, crude and imperfect, but
which represented an idea, acquired by a man in
middle life who had little other capital than much
hard experience, and the possession of two or three
ideas—driven by his experience deeply into him; a
business of which it can be said that of the thousands
of men who after two years of work have left it, 95%
have made good, and which has grown steadily until
"John H. Patterson. By Samuel Crowther. Doubleday, Page & Co.
[VOL. 118.
it is the largest of its kind in the land. It certainly
presents material for profitable study.
Ideas rule in its conduct. They break out constantly; and when recognized and accepted they
dominate. But two principles apply everywhere;
good judgment must be exercised, and there is always room for improvement. Tracing the application of the various governing ideas, two lines of instruction appear, one philosophical and the other
psychical, both to an unusual extent.
These are suggested in questions that arise, such
as: How far is it wise or honest to incur financial
obligations for a business with slight visible assets;
or to continue one that is really insolvent? How
far should the whole truth be told either to the
banker or the prospective customer? To what extent can one's strength of conviction, clearness of
vision, earnestness of purpose and power of work be
viewed as a substitute for capital, or as a basis for
credit? Shall one man absolutely control the business, or should others be joined in the headship?
When an employee begins to appear indispensable
ought he to be "fired," kindly but promptly? How
far should obedience to orders, or absolute accuracy
in workmanship, be demanded? Should commissions, and no salary, be the rule with outside salesmen? Can the amount of their earnings be made
the measure of their value, and the fear of reduced
commission be absolutely removed from the mind of
the more successful men, and, on the contrary, large
earnings be made a guaranty of permanence? Can a
definite code of procedure be taught for approach to
possible customers? Are there any human traits
common to all men that have to be regarded in approach; and if so, what are they? Can all business
drawn from a given territory be wisely credited to a
salesman; and can his sales be increased by greatly
reducing the area of his territory?
These are merely samples of the questions raised
by the problems which confronted, or were created
at one time or another, by the alert intelligence of
the master of this great business. They concern the
value of sound character and intelligent judgment
as well as methods of practice which apply to all
business.
There is constant room here for question with regard to what is approved, as well as what to be
avoided, which makes the account even more exceptionally fit to be a "case" used for instruction. The
head of the business was far too intense and his energy too consuming for himself, and, possibly, too
masterful for general acceptance to-day; but, arbitrary as was his method, his heart was set on estab•
lishing both welfare and happiness for all about
him; and the result is to be seen in the great enterprise he has established, in which the turn-over of
employees is "so small as to be ridiculous" and
careless work is practically unknown."
The new Schools of Business Administration seek
to gather all that is valuable in the work of such men,
and pointing out mistakes as well as success, use it
in the education of the new generation of American
business men.
A. C. Miller Reappointed toif Membership—on Federal
Reserve Board.
President Coolidge sent to the Senate on May 17 the nomination of A. C. Miller as a member of the Federal Reserve
Board for a term of ten years. This is a reappointment;
Mr. Miller is already a member of the Board; his present
term, however, will expire Aug. 8 1924.
THE CHRONICLE
MAY 24 1924.]
2497
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. weather. The nights especially have been too cold. FreFriday Night, May 23 1924.
The weather has still been too cold for the best results in
the retail trade. At most trade is only fair and very generally it is quiet. In the Northwest the temperatures have
been below the freezing point. Rains have prevailed in
parts of the West and especially the Southwest. The spring
has been backward all over the country. That is a fact beyond dispute. Its effect on trade is palpable. One of the
effects is the increase in the number of failures through
the slowness of the turnover. That was unavoidable. Bad
weather has retarded the growth of the grain and cotton
crops, which is certainly unfortunate. Two cotton crop reports to-day put the condition at 66.4 to 67%, against 71 the
Government report of a year ago and a 10-year average of
72.8%. What the South needs now is several weeks of clear
hot weather and that would be beneficial also in the grain
belt. Meanwhile retail prices are too high. Consumers are
not benefitting from the big decline in wholesale prices. It
Is one of the anomalies of the situation that consumers'
goods have not fallen anything like as much as producers'
goods. In fact, the decline is hardly discernible. It is a
notorious fact that retailers have been playing a waiting
game, that is buying only from hand to mouth, pushing
wholesale prices down and at the same time maintaining
retail prices at an unreasonably high level. Not unnaturally, this has given rise to caustic comments in a number of
the big industries, especially the textiles. Fall River's business, though slightly larger than last week, is still small.
Everywhere throughout the country, in fact, the cotton
goods mills complain of the dulness of trade. And there is
more or less further curtailment of output both at the South
and in New England. Within a day or two, to be sure, there
have been signs of some slight increase in the sale of cotton
goods. It remains to be seen whether it will last.
Meanwhile the wool market is dull and more or less depressed at the East and the trade in woolen goods leaves
much to be desired. The wool trade at the West is said to
be larger, but this has as yet had no effect in Eastern markets. The flour trade has been slow. As a rule shoe manufacturing business has been unsatisfactory, although in
parts of New England there are signs of improvement. Iron
and steel have remained dull and prices have declined further. Output has also fallen off. Other metals have also
declined. In time this will tell, but the corrective of decreased production has not yet made itself felt. As the case
stands, the output of steel mills is variously estimated at
55 to 62%, as against 90 at the high point in March. Prices
of carpets have recently declined. The bad weather this
spring has also reacted on the petroleum trade, especially
on gasoline, because of the restriction on travel. The lumber trade is less active, and the same is true of the demand
for furniture. Building, though still on a large scale, is not
so active as recently. Prices for building materials have
declined somewhat, although there has been a slight increase in sales of lumber here and there. The fact remains,
however, that lumber business is not so active as it was.
One indication of the dulness in the big industries of the
country is the fact that the output of bituminous coal is the
smallest for some years past. It is a kind of barometer.
There has been some advance in broad silks. Grain markets
have risen. And at one time a noteworthy increase in the
export demand for rye, broke the monotony of rather prolonged dulness. Wheat and corn have advanced, especially
corn, as cold weather has delayed field work and some of
the early planted corn has not germinated. Corn planting
Is practically completed in the Southwest, and also in Kansas and Is making good progress in Missouri and the Central
West. Warmer weather, however, is needed all over the
grain belt. There has been too much rain in some sections
and too little in others. In the Pacific Northwest it is too
dry, especially in Washington and Oregon. In the spring
wheat States of the Northwest, on the other hand, there has
been too much rain. In Michigan, Wisconsin and Minnesota
there has been a light snowfall. Kansas, Nebraska and Utah
are too dry. In parts of Texas the harvesting of wheat,
oats and alfalfa has begun. As already stated, however, the
cotton crop needs a period of high temperatures and fair
quently temperatures have been down in the 40's again, although at one time they were higher. Replanting in both the
corn and cotton belts has been frequently reported. Cotton
advanced this week sharply, especially on the May delivery,
which ran up to 32.23c., or a premium over the July delivery of nearly $14 a bale. Sugar on the other hand has
dropped to a new "low" of 3%c. for Cuban raw for prompt
shipment, the lowest price since Jan. 31 last year. Refined
has fallen to 7c. The decline is due largely to bad weather
and increased Cuban crop estimates. Refiners have been
hit hard by the prolonged cold wet spring, and now the
Cuban crop is estimated at close to 4,100,000 tons, the largest
on record. The result is a decline in the price of raw sugar
on the spot during the past week of fully %c. per pound,
which, needless to say, is a very sharp fall. Coffee has also
fallen to a new low price on this movement, the May delivery dropping at one time to-day fully 120 points. Brazil
shows an anxiety to sell. That is not surprising. Coffee
prices have been maintained at an artificial level for a long
period with the aid of Government restriction on the amount
of coffee that could be received daily at Rio de Janeiro and
Santos. Live stock has declined. Yet it is a fact that bank
clearings show an increase over those for the same period
last year. This is significant in. view of the downward trend
of prices for some time past, and of the constant reports of
the refusal of buyers to purchase except to supply immediate wants.
The bad weather, political uncertainty and high taxes
have all militated against business. It is said that under
the stress of such conditions the textile mills in many cases
are running at only 50% of capacity. Coal mining has decreased. Steel output has fallen off about 30% in 60 days.
There is a lack of snap in the business of the country.
Wages are too high, and a readjustment is imperatively
needed. There was an intimation at one time this week that
an attempt would be made to reduce wages in the cotton
mills of the Fall River district by some 20%. But it was
announced at once that labor would fight such a decrease.
Yet wages have already been reduced in a sense by shortening the working week. European observers seem to think
that the tendency is towards a wage reduction in this country, and that would be the logical move. Some of the railroads have reduced wages. Recently they were reduced in
the shoe manufacturing industry. Carpet mills have tried
to reduce 10 to 20%, but the operatives seem disposed to
contest the reduction. But sooner or later the price of labor,
It is believed, must decline as the price of products in general has declined. The country still suffers from the effects of the war in overproduction, overextended industries
in some directions, the big public expenditures, the enormous taxes, and constant political agitation at home and
abroad. Small wonder that recently declines in prices have
exceeded advances. Yet on the other hand money is plentiful and reasonably cheap. There is no reason to doubt that
there will be a continuance of a fair export trade. Building is still being pursued on an energetic scale. Railroad
facilities are being extended. The automobile output is still
large, despite some decrease, and this fact must react favorably on cognate industries. At bottom the country is not in
bad shape. What it needs quite as much as anything is a
restoration of confidence, although it is useless to disguise
the fact that another imperative prerequisite is a lowering
of taxes and of wages. And yet, amazing as it seems, the
bonus bill has been passsed this week over the President's
veto. Secretary of the Treasury Mellon is very properly
making a vigorous fight against an acceptance by the President of the compromise tax bill. Some take the ground that
the bonus Act is merely a prelude to other raids on the
Treasury. It is to be feared that there may be some ground
for this belief. It is hoped, however, that the McNaryHaugen bill will receive its quietus during the coming week.
Meanwhile across the water there is also more or less political agitation. It is hoped that the new Premier of France
will take measures to carry out the Dawes plan. It will be
of signal benefit to France and also to Germany, where
financial depression has become very noticeable. Berlin
advices take the ground that the Dawes plan is the only way
2498
THE CHRONICLE
to avoid inflation in Germany, where bankruptcies have latterly been strikingly numerous. The adoption of the plan
it is not unnaturally believed will give fresh impetus to
business throughout the world.
At Fall River, Mass., on May 21 the Secretary of the
Weavers' Union announced that a mill in the eastern section
of the city had posted a wage cut for weavers of 26 to 25%.
At North Bridge, Mass., the Paul Whitin Manufacturing
Co. mill will shut down all next week. The mill has been
running on a three-day-a-week schedule for some time.
At Lowell, Mass., the Massachusetts mills will shut down for
the rest of the month owing to dullness of trade. At Pawtucket, R. I., and generally through Rhode Island, mills
work only Mondays owing to the unsatisfactory trade.
At Manchester, N. H., the Amoskeag Manufacturing Co.
is understood to be running well up to full time in the worsted
division and about two-thirds full time this week on cotton.
Some of the departments, closed down last week because of
high water, have been opened this week as the water receded.
At Biddeford, Me., the Pepperill Cotton Mills, and at Saco,
Me., the York Mills will close for the week beginning May
26. This affects 7,000 workers. In Charlotte, N. C., it is
said that night work has practically ceased, owing not only
to trade depression but to the scarcity of good cotton. It
wired that mill curtailment averages 20%,though 30 to 40%
in some cases. At Durham, N. C., the Morver Cotton
Mills have closed indefinitely. In Georgia, the Graniteville,
Bath, Clearwater, Langley, Warrenville and Van Cluse
mills, it is stated, will shut down indefinitely on May 26,
on account of big stocks and high prices of raw cotton and
unsatisfactory margin between raw and manufactured goods
prices. At Sand Spring, Okla., the Sand Springs Cotton
Mill has put on a night shift due to the heavy orders for sheetings. Approximately 85,000 yards of sheetings are being
shipped weekly by the mill.
Russian cotton mills have recently, it is stated, received
large cloth orders from Persia, the business being placed
through the All-Russian Textile Syndicate. At Manchester, England, some looms, it is said, have stopped. A
wage dispute in Oldham, it was feared, might cause a general
lockout if not adjusted. The Master Spinners' Federation
was considering the matter to-day. Trade with Germany is
more difficult owing to financial stringency there. Bombay
mills, it is said, would do a good business in piece goods but
for epidemics of country high prices and tight money.
At Thompsonville, Conn. the Bigelow-Hartford Carpet
Co. plant employing about 4,000 workers closed for an indefinite period owing to lack of orders and unsettled labor
conditions. At Amsterdam, N. Y., on May 21st, although
the Sanford Carpet Mills in this city opened only Monday
after an extended shutdown, setters, spinners and weavers
quit work in protest against a reduction in wages. The company in announcing resumption of operations said wages of
skilled labor would be cut 10%, but union leaders declared
the wages of the setters had been cut 2732% and wages of
the weavers 20%. It was not known how many quit work,
but it is believed production will be seriously curtailed. The
company has announced also that a reduction of 15% will
be made in the rent of dwelling houses owned by the company
and occupied by its employees. It was explained that the
company some time ago erected a number of homes in the
neighborhood of the mills for occupancy by its employees
only. The reduction is the first made in rents in Amsterdam
in some time
At Paterson, N.J., on May 19 two shops which have been
idle for some time opened up last week employing approximately 200 workers. In New York City 50,000 garment
workers threaten to strike on June 1, complainiitg of working
conditions. At Haverhill, Mass., on May 21 a net wage
reduction of 20%, effective in all McKay shoe factories,
was granted in decisions released by the Haverhill Shoe Board
of Arbitration. The decisions are the second important
group rendered by the Board in a general wage readjustment. The McKay business in the local shoe district represents about 25% of the total business. At Marlboro,
Mass., the improving situation in the New England shoe
manufacturing industry is shown by the reopening of the
Middlesex factory of the Rice & Hutchins Co. It had been
idle for two months and has opened on a schedule of 48 hours
a week with a part of the regular force, normal capacity
being 2,000 pairs a day. The force will be increased as trade
further improves.
Boston wired May 21: "A prominent New England
manufacturer of woolen goods is authority for the statement
that the huge surplus of manufactured goods, worsted more
especially, which has been piled up during the past year or
two has not even yet been sufficiently reduced. Operations
among the mills as a whole have been reduced to about 60%
of normal. Wages in the textile mills, he averred, must
be reduced, although the present does not seem to be a
propitious time for that event."
Contrary to expectation a settlement of the Dutch textile
lockout has not yet been reached on the basis previously
reported which provided for a wage reduction of 73'% and
a 49-hour week with 100 hours overtime per year, according
to a cable received by the Commerce Department.
At Birmingham the Republic Iron & Steel Co. has cut
wages 10 to 15%. This makes five iron companies in Alabama which have cut wages this year, while several independent coal companies, including De Hardeben and Pratt
Consolidated, the largest coal producers, did likewise.
The weather throughout the country has been in the
main cool. It rained for four days here. Thursday was
cool and cloudy. To-day it has been clear and warmer
with the temperature at 2 p. m. at 66 degrees, as against 54
at 8 a. m. Yesterday it was 50 to 62 here. There were
heavy rains in Texas and also to the eastward in the cotton
belt, and some rain at the west. Yesterday it was 56 to
62 at Chicago, 50 to 68 at Cincinnati, 42 to 56 at Detroit,
58 to 75 at Kansas City, 46 to 58 at Milwaukee, 48 to 62 at
St. Paul, 46 to 52 at Buffalo and 44 to 54 at Boston. The
forecast here to-night is for increasing cloudiness and warmer
weather with showers to-morrow. The persistent rains are
the subject of general remark together with the backwardness
of the spring. It is below the freezing point to-night in
Canada and the Dakotas. Frosts last night were reported
in portions of New York, Ohio and New England. Rains
prevailed over the Missouri and upper Mississippi valleys,
and are extending eastward over the Lake region and Ohio
Valley.
Judge Gary on Business Conditions—Conditions in
Washington Not Satisfactory.
Discussing business, wages, &c., before the American Iron
and Steel Institute, at its annual meeting in New York
yesterday (May 23), Judge Elbert H. Gary stated that
"to say that business is entirely satisfactory would be offending my sense of truth and prosperity." "To say that we are
not producing as much as we would like or more than threefifths of what we were producing when we were at the
heighth," he added, "is only stating what you know to be
an obvious fact." In referring to reports of wage reductions
Judge Gary urged that it be remembered that the costs of
living are high and, he said, "so far as we can let us keep the
wages high enough to give the man a good and reasonable
support." During the course of his remarks Judge Gary
also said:
I would not be exaggerating if I should say to you that conditions in
Washington have not been satisfactory. I have on more than one occasion
hinted at conditions there and have deplored some of the action which has
been taken. I have nothing to say against any individual Congressman. I
fear that some of them have not been inspired by motives which are conducive to the best interests of the people of this country. I suspect politics
have entered into the discussions to a degree that Is unjustified from the
standpoint of good reason or good morals. But those who have been guilty
of any impropriety or of the exercise of their rights tom bad or unworthy
motives—as for them,they must take the responsibility., Some of them talk
as though they would like to secure votes by leading a portion, perhaps a
substantial portion, of the people of this country who have less in resources
than others to believe that they have been unjustly treated, to believe that
they have not received their due proportion of the results of commerce
and industry, and that if the speaker shall be elected or shall be retained in
his present position, he will bring about something that will secure to these
people who are possessed of less resources a position where they will be on a
par and on an equality with others who have by economy and industry and
good management been able to save something for themselves. But he
does not say in the same breath what goes with it, from the stand point of
good logic or common decency, that if property or money or proceeds of
activity are taken from a man who has saved what he has earned, that
which he has, I mean without justice and without reason, they will soon get
to a point where all the people including those who have little will have less,
because prosperity will cease to exist and we shall be driven or shall drift
Into a position of industrial decay.
They do not say that. They overlook, purposely or otherwise, the fact
that the people ofthis country,taken as a whole, must stand or fall togather:
that if the country prospers, every one shall have the opportunity to prosper:
If it does not prosper, that no one will have any chance for success. Sooner
or later people will find out by the stern facts that such as if the case.
Now gentlemen, in connection with that idea may I be bold enough or
frank enough to call your attention to the fact that in our organization, in
our Institute are represented both sides, those who produce and sell and
those who produce and consume. This is at a time, as always, when there
is such agitation as will likely bring about a depression in business and the
purchasers, if they have the right, are inclined to bring about a decrease in
prices if they possibly can. The purchaser has the right in every honest
way to secure low prices if he can, as the producer has the right in every
honest way and up to a reasonable and fair point to secure larger prices.
But I want to say,to the consumer and to the producer alike that if by
selfishness either side assists in bringing about conditions which benefit
one and prejudice the other, the final result will be disastrous to both.
There can be no escape from that conclusion. And to you producers who
MAY 24 1924.]
THE CHRONICLE
are asked to sell for lower prices than you are justly entitled to, you have a
perfect answer when you say to the consumer, you are just as mch interested
in your business, in what you do with the steel which you purchase, in the
maintenance of fair and reasonable prices as the other side, the man or the
institution from which you purchase. They must both go together. I do
not object to fair prices, reduction of prices when they are too high; I
do not object to any kind of Governmental control or supervision which
prevents imposition, which prevents a condition calculated to secure a
monopoly or to enable the producer to impose upon the consumer. But
when that is done it must be done by an impartial competent authority,
unprejudiced, unselfish and representing the Government itself. I do not
object to the consumer arguing to the best of his ability for lower prices if
he thinks it is for his interest and tho interest of the country to have them
lowered, if he thinks they are unreasonably high, when the high costs of
production are taken into account. But I beg of him to remember, as I do
both sides to remember, that there are others who are involved in the
consideration of this question.
First of all, the wage earner himself. Just now there is some talk of reducing wage rates. Some reductions have been made. The air is filled with
suggestions that others will be made. I have nothing to say to another man
In regard to that. He knows his own business and own ability better than I
do. But I do say this,let all of us remember that the costs ofliving are high.
In that respect the public not engaged in certain lines has been imposed
upon by the cupidity and the greed of some who on account of particular
circumstances have an opportunity to oppress. Some rates are entirely
out of line and fully unjustified. The costs of living are high, and so far as
we can,lotus keep the wages high enough to give the man a good and reasonable support. (Applause.)
I am glad you loudly and vociferously applaud that sentiment. I know
you believe it as we all do. Lot us so far as the steel industry Is concerned,
always do about the right thing. Let us be just to everyone, even though
we are not treated fairly from Governmental authorities,from Congressional
representatives or even from some parts of labor. Let us maintain a record
and a reputation for intending to do about the fair thing, because thereby
in the long run we do the very best thing for ourselves.
Now this country is not going Into the hands of a receiver. There is a
bright future for us. We are too rich, too strong,the necessity, the necessary
demand for our products, is too great to permit the country for long to
go
without buying liberally of what we produce. We will get our fair share of
business. Let us do what we can to contniue prosperity. Let us do what
we
can to hold up the hand of that great and good man who at the present time
honors us by being President of the United States.
The long-continued applause indicates how you feel toward President
Coolidge, not because he is a Republican, not because a Republican is any
better than a Democrat, for after all, it is a question of what the man is,
not what party he belongs to; but because he stands on the moral principles
which alone make a country strong and vigorous and worthy of the high
opinions of the people of this country and of all other countries.
What a
remarkable thing it is that during the last few weeks whenever
there has
been a primary election, even in the States of some who
have heretofore
been supposed to be remarkably and uninterruptedly popular and
successful, the name of President Coolidge going before the people has
secured the
almost unanimous approval of those who voted. That means
more than
party, that means more than the occupancy of a high position by a candidate at the present time. It means that at this time in the history
of the
world, in the history of this country, we happen to have
a man who never
regards himself or his own interests when deciding or acting
upon any material question that is presented. He looks to the best interests of
this country. He would sacrifice himself and his chances if
by so doing he believed
be benefited the people as a whole. It is because he stands
for moral principles, for honesty and integrity and frankness, and
entertaining those sentiments, naturally he can afford to be couragssou
and outspoken and bold
and invincible. And with him he has associates
in his Cabinet who are of
the very highest order of intelligence and morals.
And so, gentlemen of this industry, this great
industry, let us take advantage of the disposition shown in Washington by those who
have proved their
integrity and their fairness by being liberally fair on our part.
Let us never
intentionally do or say anything that is opposed to the public
interest. Let
us never fail to respond to any invitation on the part of the
people in Washington to furnish information and to guide our footsteps
or to direct our
thoughts and our language in favor of justice and propriety,
the observance
of the laws, and above everything else, the observance
of the principles of
right and justice.
And so, gentlemen, with the opportunities of this
country, with the surroundings which we are fortunate enough to have, let us
be patient and at
the same time courageous and hopeful and confident
that ahead of us prosperity is surely presenting itself, and it is up to us to
take advantage of it.
Cost of Living Shows Slight Decrease According
to
Figures of National Industrial Conference
Board.
The cost of living in the United States, according to
the
latest survey, has decreased nine-tenths of 1% from
the
level of March 15 1924, as shown by the National Industrial
Conference Board of 247 Park Ave., New York.
Regarding
its figures the Board on May 21 said:
The most Important changes within the month from
March to April
were decreases of approximately 2% in food prices and 3% in
fuel prices.
Between July 1920, when the peak of the rise in the cost
of living since
1914 was reached, and April 1924, the cost of living
decreased
20.9%•
The increase in the cost of living since July 1914 was 61.8%.
The purchasing value of the dollar, based on the cost of living
in April
1924 was 61.8 cents as contrasted with El in July 1914.
The following table shows in detail the changes in the cost of living
noted
above:
2499
Falling Off in Employment is Revealed by National
Industrial Conference Board's Latest Researches.
American industry has begun to experience a falling-off
in its activity in a noticeable way for the first time this year,
according to the latest survey into employment, working
hours and wages by the research staff of the National
Industrial Conference Board of 247 Park Ave., made public.
on May 21. The Board says:
The "real" earnings of the average American worker-that Is, his pay
measured by what it will buy-still show little change over the preceding:
two months, however, for the decline in the cost of living has about kept.
pace with the decline in money earned, the board's study shows.
Average hourly earnings of all wage-earners were 56.1 cents in March,.
as compared with 56.2 cents in February. In eight industries hourly
earnings increased, in 13 they declined and in two there was no change.
The more notable declines were in the Southern cotton and iron and steel
industries. Both skilled and unskilled male labor showed lower hourly
earnings in March but women registered a small advance.
Average weekly earnings of all wage-earners dropped from 327 20 in
February to $2689 in March. Eleven industries reported lower weekly
earnings in March, the larger declines occurring in automobiles, the cotton
manufacturing industry, especially in the South; iron and steel, paper and
pulp, and silk. Among the classified labor groups weekly earnings of
nnskilled male labor and women increased slightly, but skilled male labor
registered the lowest weekly earnings for a year.
"Real" hourly earnings remained 40% higher than in
July 1914, but
due to the drop in actual weekly earnings in March, the "real" weekly
earnings declined slightly to a point 31% above the July 1914 level.
Following a small recovery in February, total employment fell off
again in March. In 11 industries employment dropped, particularly in
textiles, iron and steel and printing. Of particular significance is the
decline in the average hours of work per wage earner from
48.3 hours a
week in February to 47.8 hours in March. indicating increased curtailment
of manufacturing activity.
There is nothing in the data received by the National Industrial Conference Board during recent months to indicate any general movement
either to increase or reduce wage levels in the industries covered. Such
fluctuations as have occurred in average earnings have resulted
largely
from changes in employment and in hours of work available to wage
earners.
Continued Decline in Wholesale Prices in April.
The trend of wholesale prices continued downward in
April, according to information collected in representative
markets by the United States Department of Labor through
the Bureau of Labor Statistics. The Bureau's weighted
index number, which includes 404 commodities or price
series, declined to 148 for April, compared with 150 for the
month before and 159 for April 1923. The Bureau, under
date of May 16, said:
Decreases in foodstuffs and metals were chiefly responsible for the drop
in the general price level. Among foods butter, cheese, milk, eggs, flour,
lard and sugar averaged lower than in March. In metals practically
all raw materials and semi-manufactured products, as well as certain
finished 'products, were lower. Smaller decreases took place also in the
groups of cloths and clothing, fuel and lighting, and chemicals and drugs.
Farm products, on the other hand, showed an increase over the price
level in March, due to advances in cattle, hogs, sheep, poultry, cotton,
hay, potatoes, and peanuts. No change in the general price level was
reported for the groups of building materials, house-furnishing goods, and
miscellaneous commodities.
Of the 404 commodities or price series for which comparable data for
March and April were collected, decreases were shown in 157 instances
and increases in 67 instances. In 180 instances no change in price was
reported.
•
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
COMMODITIES (1913=100.)
March
April
Apra
Group1923.
1924.
1924.
Farm products
141
139
137
Foods
144
137
141
Cloths and clothing
189
205
191
Fuel and lighting
179
181
200
Metals and metal products
139
144
154
Building materials
182
182
204
Chemicals and drugs
128
130
136
House furnishing goods
175
175
187
Miscellaneous
113
113
126
All commodities
148
150
159
Comparing prices in April with those of a year ago, as measured by
changes in the index number, it is seen that the general level has declined
almost 7%. In all groups prices averaged lower than in April 1923,
ranging from 134% in the case of farm products to NM% in the case of
fuel and lighting and 103 % in the case of
building materials*
Continued Decrease in Retail Food Prices in the
United States During April.
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics shows
that there was a decrease of 2% in the retail cost of food in
April 1924 as compared with March 1924. In March the
index number was 144, in April 141. The Department's
announcement of May 16 continues:
Relative
Percentage of Increase in the
ofDecrease
Import- Cost of Living Above Average Percentage
in Cost of Living on
ante
Prices in July 1914 toApril 15 1924 from
In
Average Prices inFamily
During the month from March 15 1924 to April
Budget.
July
March
15 1924, 14 articles on
April
July
March
which monthly prices are secured decreased as follows: Butter,
1920.
1924.
1924.'
14%;
1020.
1924.
strictly fresh eggs. 8%; bananas, 7%;
43.1
119
Food*
44
41
35.6
cheese,
3%; evaporated
sugar.
5%;
2.1
17.7
Shelter
58
85
85
x17.1 No cha'ge milk, lard and prunes, 2%;fresh milk, oleomargarine, nut margarine, navy
13.2
Clothing
166
76
77
33.7
beans, and raisins, 1%; and bacon, less than five-tenths
x0.7
5.6
of 1%•
Fuel and light
68
66
72
x1.2
2.3
Thirteen articles increased in price as follows:
3.7
Fuel
92
87
81
Cabbage, 15%; pork chops,
5.7
3.2
1.9
Light
15
42
42
x23.4 No cha'ge 7%;lamb and oranges, 5%; sirloin steak, round steak and coffee. 2%;rib
Sundries
20.4
85
74
74
5.9 No cha'ge roast, chuck roast, ham, hens, macaroni, and rice,
1%•
Weighted average of
Sixteen articles showed no change in
100.0
price in the month. They are as
104.5
63.2
61.8
all items
20.9
0.9
follows: Plate beef, salmon, vegetable
lard substitute, bread, flour, corn
•Food price changes are from the United States Bureau of Labor Statistics.
meal, rolled oats, corn flakes, wheat cereal, potatoes, onions,
baked beans,
a Increase.
canned corn, canned peas, canned tomatoes,
and tea.
Item.
For the year period. April 15 1923 to April 15 1924. the decrease in all
articles of food combined was I%•
For the eleven-year period, April 15 1913 to April 15 1924, the increase
in all articles of food combined was 44%•
Changes in Retail Prices of Food, by Cities.
During the month from March 15 1924 to April 15 1924 the average family
expenditure for food decreased in 50 cities as follows: Fall River, 5%;
Bridgeport, Buffalo, Minneapolis, New Haven, New Orleans, Norfolk,
Providence. Richmond and Scranton, 3%; Baltimore, Boston, Charleston,
Chicago, Cincinnati, Columbus, Dallas, Detroit. Jacksonville, Louisville,
Manchester,Milwaukee,Newark,Omaha.Peoria,Philadelphia,Pittsburgh,
St. Louis, St. Paul, Springfield (Ill.), and Washington, D. 0.. 2%; Birmingham, Butte, Cleveland, Denver, Houston, Indianapolis, Kansas City,
Memphis, Mobile, New York, Portland (Me.), Rochester, San Francisco,
Savannah and Seattle. 1%;and Atlanta, Los Angeles, Portland (Ore.) and
Salt Lake City, less than five-tenths of 1%. In Little Rock the average
family expenditure increased less than five-tenths of 1%.
For the year period. April 1923 to April 1924. 39 of the 51 cities showed
a decrease: Fall River, 6%; Richmond and Scranton, 4%; Boston, Bridgeport, Buffalo, Denver, Little Rock, Manchester, Minneapolis, New York,
Providence and Savannah,3%;Cleveland, Detroit, Houston, Indianapolis,
Memphis, New Orleans, Norfolk, Philadelphia. Portland (Me.), Rochester,
St. Paul and Washington. D. 0., 2%; Atlanta, Baltimore, Birmingham,
Charleston. Kansas City, Mobile. Newark, New Haven, Omaha,Pittsburgh
and St. Louis, 1%; and Cincinnati, Dallas and Louisville, less than fivetenths of 1%. Twelve cities showed an increase: Los Angeles and San
Francisco, 2%; Chicago, Columbus, Portland (Ore.), Seattle and Springfield (Ill.), 1%;and Butte, Jacksonville, Milwaukee, Peoria and Salt Lake
City, less than five-tenths of 1%.
As compared with the average cost In the year 1913, food in April 1924
was 50% higher in Chicago, 48% in Richmond, 46% in Baltimore, Birmingham, Charleston, Detroit, New York and Washington, D. C.; 45% in
Milwaukee; 43% in Pittsburgh, Providence, St. Louis and Scranton; 42%
in Boston, Buffalo and Philadelphia;41% in Cincinnati, Dallas, Manchester
and New Haven; 40% in Atlanta, Cleveland, Los Angeles, New Orleans,
Omaha and San Francisco; 39% in Kansas City, Minneapolis and Newark;
37% in Fall River and Seattle; 36% in Indianapolis and Jacksonville: 35%
in Little Rock and Memphis; 33% in Louisville; 30% In Portland (Ore.);
29% In Denver; and 22% In Salt Lake City. Prices were not obtained from
Bridgeport, Butte. Columbus, Houston, Mobile, Norfolk, Peoria, Portland (Me.). Rochester, St. Paul, Savannah and Springfield (III.) in 1913%
hence no comparison for the eleven-year period can be given for those cities.
The following tables are also furnished by the Bureau:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
ButSirrn
Rib Chuck Plat Pork
Year
and Month Steak Steak Roast Roast Beer ChopsBacon Ham Lar Hens Eggs ter
1922
January __
February __
March
April
May
June
July
August __
September _
October
November
December
Avg. tor yr_
1923
January --February _March
April
May
June
July
August
September _
October
November _
December
Avg.for yr_
1924
January
February
March__
April
136
135
138
141
146
150
153
153
151
148
144
141
135 119
134 118
136 121
138 122
141 124
142 126
144 127
142 125
142 125
141 124
139 123
138 121
147
145
139
146
146
147
149
152
158
161
162
162
152
153
152
142
141
142
145
148
155
159
159
159
154
148
148
139 123
139 122
139 123
140 123
142 124
145 128
148 130
147 130
148 131
146 130
143 128
143 128
154
150
143
126
154
152
153
156
149
148
148
151
144
143
144
146
129
128
129
131
139
139
141
143
148
151
154
154
152
151
147
145
123
106 137
106 140
107 149
107 157
107 164
107 161
106 164
104 167
104 173
106 174
105 157
105 140
139
140
144
147
147
150
150
150
150
151
151
149
164
173
185
188
191
193
194
189
180
177
172
169
97
101
109
107
108
109
109
109
109
111
111
111
173 145
173 140
92
177
177 92
177 97
99
173
168 104
164 108
164 130
163 157
159 187
158 193
118
120
120
118
117
117
119
115
122
133
143
157
108
169
I 157
147
181
107 140
106 137
106 135
105 135
106 143
104 142
106 149
105 153
108 175
108 163
107 138
107 126
147
146
145
145
145
144
145
145
146
146
143
139
168 110
167 110
167 110
168 111
169 109
171 109
171 108
172 108
173 113
172 118
169 120
166 120
107
145
145
169
112
110
110
110
110
130
127
128
137
138
136
134
134
166
165
164
165
118
114
111
109
106
129
125
162 161
167 134
168 112
169 100
170 102
166 103
163 108
162 120
164 141
163 158
158 192
157 188
154
151
150
150
156
131
128
135
144
147
154
157
164
135
145
162
165
169
169
158
144
101
93
160
157
151
131
AllArtiels
ColPolo
CornYear
Tea Combined
and Month Cheese Milk Bread Flour meal Rice toes Sugar fee
1922
January --FebruarY -March
April
May
June
July
_
August
September October
November _
December_.
125
126
124
124
125
125
125
125
125
125
126
126
142
142
139
139
139
141
142
139
140
143
145
147
133
121
125
142
151
158
185
193
204
202
191
175
175
193
187
189
124 126
126 127
127 127
128 127
128 127
127 128
127 128
126 128
126 128
127 129
127 129
127 129
144
142
142
143
143
144
147
146
149
150
151
150
127
128
146
128
130
137
140
131
130
130
130
149
147
144
141
194
194
182
171
176
206
212
153
135
129
124
124
130
109
165
133
133
133
133
133
133
137
137
140
143
147
147
109 124
108 124
108 129
108 147
108 159
108 188
108 247
108 218
109 200
110 171
111 153
111 153
142
137
109
168
184
136
139
139
139
147
147
147
147
113
113
ill
113
165
165
165
165
185
187
189
181
153
148
146
143
140
140
144
145
147
149
151
154
157 148
154 155
155 161
155 161
157 161
157 161
157 158
155 155
155 148
155 145
155 145
154 148
149
147
155
155
169
170
168
164
161
163
164
164
September _ 167
174
October
November - 171
December.- 171
154
154
153
153
152
152
153
154
157
158
161
161
155 148
155 148
155 145
155 148
155 145
155 145
157 142
155 136
155 136
155 139
155 139
155 136
167
155
155
169
168
166
161
160
157
156
155
155
155
155
155
Avg.for yr.
1924
January --February -March
April
120
119
119
120
120
121
121
121
121
122
122
123
113
116
118
122
120
129
138
147
144
144
147
151
130 107
130 107
130 107
130 108
127 109
130 110
130 110
130 110
130 110
130 110
130 110
133 109
149
149
149
145
139
141
143
144
145
154
161
166
Avg.for yr1923
January
February
March
April
May
June
July
Loading of Railroad Revenue Freight Again Declines.
Loading of revenue freight for the week which ended on
May 10 totaled 909,187 cars, according to reports filed on
[VOL. 118.
THE CHRONICLE
2500
May 20 by the carriers with the Car Service Division of the
American Railway Association. This was a decrease of
4,853 cars under the week before and a decrease of 65,554
cars under the corresponding week last year, but an increase
of 142,093 cars over the corresponding week in 1922. A more
detailed analysis shows the following:
Grain and grain products loading totaled 41,485 cars, 2.106 cars under
the preceding week but 9,506 cars over the same week last year. Compared
with the same week in 1922, it was a decrease of 452 cars. In the Western
districts alone. 23,391 cars were loaded with grain and grain products, an
increase of 3,548 cars over the same week last year.
Live stock loading totaled 32.354 cars, 107 cars above the previous week
and 3,309 cars above the corresponding week in 1923. Comparisons also
showed it to be an increase of 2,657 cars over the corresponding week in
1922. Live stock loading in the Western districts alone for the week of
May 10 totaled 24,694 cars, an increase of 2,971 cars over the same week
last year.
Coal loading totaled 136.046 cars. While this was an increase of 8,881
cars over the preceding week, it was a decrease of 39,042 cars under the
same week last year. Due to the miners' strike in effect at this time two
years ago, the total for the week of May 10 was an increase of 57,257 cars
over the corresponding week in 1922.
Loading of merchandise and less than carload lot freight amounted to
249,423 cars, a decrease of 440 compared with the preceding week. but 5,809
cars above the same week last year and 8,754 cars above the same week two
years ago.
Miscellaneous freight loading amounted to 322.163 cars. 10,462 cars under the week before and 23,493 cars below the same week one year ago, but
29.347 cars above the same week in 1922.
Forest products loading totaled 73,483 cars, 1,806 cars below the previous
week and 945 cars below the same week last year. Compared with the same
week in 1922, it was an increase of 13,159 cars.
Ore loading totaled 45,223 cars, an increase of 1,984 cars over the week
before, but 14,393 cars under last year. The total for the week of May 10
was an increase, however, of 31.126 cars over the same week in 1922.
Coke loading totaled 9,010 cars. 1.011 cars under the preceding week
and 6,305 cars under the same week last year. Compared with the same
week two years ago, It was an increase of 245 cars.
Compared by districts, increases over the week before in the total loading
of all commodities were reported in the Eastern, Allegheny and Pocahontas
districts, while the Southern, Northwestern. Central Western and South
Western districts reported decreases. All districts, however, reported decreasmi compared with the same week last year except the Southwestern,
but all except the Pocahontas reported increases'over the corresponding period in 1922.
Loading of revenue freight this year compared with the two previous years
fellows:
1924.
1922.
1923.
3,362,136
3,373,965
2,785,119
4 weeks of January
3,361,599
3.617,432
3,027,886
4 weeks of February
4,607.706
4,581,176
4,088.132
5 weeks of March
3,499,210
3.764,266
2.863,416
4 weeks of April
914,040
961,617
747,200
Week ended May 3
909,187
974,741
767,094
Week ended May 10
16.909.711
Total
17,017,364
14,278,847
Slowing Up of Automobile Production.
The figures of automobile production for April have been
published the present week and the output is seen to have
been large, notwithstanding the talk of general curtailment
so prevalent during that month. The make of passenger
cars was only slightly less than in March, the number being
337,037 for April (with returns of a few minor concerns
missing), and 348,350 for March. The number, however, is
also somewhat below that of last year, when 344,661 cars
were turned out, and evidence of a slowing up in the industry
is found in that fact and in the further fact that ordinarily
more cars are usually produced in April than in March, while
the present year the reverse is the case. The number of
trucks produced in April 1924 was 36,102, which is larger
than the 34,106 for March, but not up to the 38,085 for
April last year. For the four months to April 30 the output
of passenger cars has been no less than 1,309,062, against
1,143,054 in the four months of last year and but 541,053 in
the four months of 1922. Of trucks the production in the
four months of 1924 has been 130,281, against 115,274 in
1923 and 65,657 in 1922.
These data are furnished by the Department of Commerce
and are based on figures received from 202 manufacturers,
97 making passenger cars and 134 making trucks (29 making
both passenger cars and trucks). Data for earlier months
include 14 additional manufacturers now out of business,
while April data for 13 small firms were not received in time
for inclusion in this report. Figures on truck production
also include fire apparatus and street sweepers.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
Passenger Cars.
1922.
January
February
March
April
Total 4 months_ _
May
June
July
August
September
October
November
December
Revised.
81,696
103.171
152,962
197,224
Trucks.
1922.
1924.
1923.
--- ---"9,596
"223,822 287,302
*254.782 336,373 "13,360
*319,789 "348,350 '20.036
'344,661 337,037 '22.665
541,053 1.143,054 1,309,062
232,462
00
331:462
*3
*
3,1533 "297,371
2250
*26
"249,498 *314,399
'187,711 *298,928
582 335,023
7:3
21562
:2
284,923
*208,016 275.439
1923.
1924.
•19,732 "28,922
*22,173 '31,151
*35,284 "34,106
*38,085
36,102
65,657 115,274
*24,120 *43,730
*26,354 *41,173
*22,083 *30,692
*24,711 '30,872
*19,495 *28,578
"21,824 "30.139
•21,967 *28,073
•20.394 *27,762
130,281
11{Ar 24 1924.]
THE CHRONICLE
Automobile Price Changes and New Models.
The Moon Motor Co. on May 17 introduced a new model
roadster, the price to be $1,350 at the factory.
Reports from Cleveland on May 20 stated that the F. B.
Stearns Co. plans to bring out a light 6-cylinder car about
the first of June. The new model will sell for about $1,800
for the open and $2,400 for the closed cars. The new cars,
which, it.is said, are the lowest-priced that the company has
ever made, will be equipped with the Knight motor. The
present 4- and 6-cylinder cars will be continued. At the
same time the price of the Stearns-Knight Co. 4-cylinder
models were reduced from $155 to $300, effective May 18.
The new prices are: Touring, $1,595, coupe and roadster,
$1,795; coupe brougham, $1,895; five-passenger sedan and
brougham, $2,905.
On May 21 the Chevrolet Motor Co. increased prices
from $5 to $20 on its various open models, to become effective immediately. The increases were as follows: Roadster,
from $490 to $495; touring, from $495 to $510; special
touring, from $625 to $640; chassis, from $390 to $410. No
price changes were announced for closed cars.
The Rickenbacker Motor Co. announced that a "substantial increase will be made effective June 1," according
to press reports dated May 21. It is expected that the
Willy's-Overland Co. will shortly announce increases in the
prices of its open models.
A report on May 21 indicated that effective May 22
the H. H. Franklin Mfg. Co. of Syracuse will temporarily
suspend production of Franklin cars, due to general conditions in the automobile industry. Inventory will be taken
during the idle period.
Steel Production Still Falling-Pig Iron Prices Are
Weaker.
The decrease in steel mill operations continues at about
the same pace as in the second week in May, and new
business is in smaller volume, declares the May 22 market
review issued by the "Iron Age." There are some variations
in reports as to prices of the heavier forms of steel. One is
that they are holding at substantially the level of the two
preceding weeks, seeing that no orders are in sight of a size
that would start serious cutting. At the same time it appears
that sharper competition between Chicago and Pittsburgh
mills has developed in intermediate territory, observes the
"Age" summary, from which we also quote the following:
Mills east of Chicago have come into that territory with delivered prices
representing fresh concessions from the Pittsburgh base. These have
caused Chicago mills to quote from $1 to $2 a ton lower on plates, shapes
and bars.
Producers of steel find further indications that consumers will limit
their buying for some time in the strictest way, this feature being rather
accentuated in the past week.
Bars, structural shapes and plates rank in the order named, in their
resistance to pressure on prices. The larger producers of bars are generally
holding to 2.25c. Pittsburgh. Shapes are from $1 to $3 a ton below this,
While plates are the weakest of the three.
Estimates of steel ingot output for the week put it at about 60% of
capacity, for the whole industry, againsi 65% in the preceding week.
Pig iron output of steel companies has gone off in proportion. Four
steel company blast furnaces in the Pittsburgh or nearby districts have
stopped, as well as two merchant furnaces. In the Chicago district three
blast furnaces, including two at Gary, have gone out and one merchant
furnace Is soon to follow. While production and consumption are considered to be close to equilibrium, no marked change in the situation is
expected in the weeks just ahead.
At Pittsburgh efforts of the larger independent sheet mills to maintain
their prices at $4 a ton under the Steel Corporation level have not been
fully successful, some makers going $1 to $3 a ton further below. In
wire the action of larger producers in meeting competitive prices has
seemed to check demand and wire mill operations have dropped off rather
sharply. Some curtailment of tin plate mill operations may come soon
also, unless there is a decided increase in specifications.
Structural steel awards during the week total more than 24,000 tons
and inquiries amount to more than 20,000 tons, indicating that building
needs are still the best feature of steel demand. In spite of the setback
due to the continuance of the steel erectors' strike, new building work
In New York constitutes more than half of the total for the country. A
public market for the City of New York takes 11,000 tons. New low
prices are appearing on fabricating work.
The average monthly bookings of structural steel so far this year at
181,000 tons are 14,000 tons greater than the 1923 average, but compare
with 209,000 tons, the average for the first four months of last year.
Railroads are buying very little new equipment, but an order has come
to a Philadelphia locomotive works for 50 engines from the Mexican
Government.
Pittsburgh steel companies see advantage to that district in case the
Commerce Commission confirms the finding of its examiner that iron
and steel freight rates from Pittsburgh to Indiana and Illinois points and
St. Louis are 20% too high. The case may bring a marked readjustment in the competitive situation In territory between Pittsburgh and
Chicago.
Important buyers of pig iron, including a radiator company which is
inquiring for 25,000 tons, continue to sound the market in the East, where
sales have been of fair volume; but with stocks in the yards of merchant
furnaces of the country aggregating about 1,000,000 tons and melt decreasing, prices continue to show weakness. In the South, sales are now
being made at a concession of $1 below the recent price, and at Chicago
prices are down 50c. to a basis of $22 50, while Chicago iron is selling
2501
in St. Louis on a basis of $22 furnace. At Pittsburgh and other centers.
reductions of from 50c. to $1 are made and sales are not large.
Shapr recessions in pig iron prices have reduced the "Iron Age" composite to $21 04, from $21 79 last week. One year ago it was $29 04.
Finished steel remains unchanged, the "Iron Age" composite price
being 2.639c. per nound, the lowest figures in nearly 15 months. One
year ago it was 2:7nc.
The weekly composite price table is appended:
Composite Price, May 20 1924, Finished Steel, 2.639c. per Pound.
Based on prices of steel bars, beams, tank
May 13 1924,2.639c.
plates, plain wire, open-hearth rails,
April 22 1924,2.696c.
black pipe and black sheets,constituting
May 22 1923,2.789c.
88% of the United States output
10-year pre-war average. 1.689c
Composite Price, Mau 20 1924, Pig Iron. $21 04 per Gross Ton.
Based on average of basic and foundry
May 13 1924. $21 79
irons, the basic being Valley quotation,
April 221924, 21 96
the foundry an average of Chicago, PhilMay 22 1923. 29 04
adelphia and Birmingham
10-year prevar average, 15 72
Some traces of better sentiment and of renewed buying
are cropping out in the steel market but these are not sufficiently pronounced to materially alter a sluggish situation,
states the "Iron Trade Review" of Cleveland in its review
of market conditions dated May 22. The slight revival of
demand is ascribed to the low stocks, especially in the hands
of manufacturing consumers and jobbers, which are forcing
some constant replenishment. Contracting for new buildings,for railroad equipment and for other construction undertakings for future use is under check and this is depriving the
market of much-needed tonnage, continues the "Review,"
adding further details as follows:
Production having been severely curtailed, shows but a slight recession
this week,indicating that the point of equilibrium has about been reached.
The industry now is producing steel at an average rate of 61 to 62% ofingot
capacity, which is made up of 68% operations of the Steel Corporation and
54% of the independents. The Steel Corporation's finished steel production and shipments are ahead of its steelmaking activity, because it is working up the 300,000 to 400,000 tons of crude steel which it had held in reserve.
Some further contraction of the automobile industry has been necessitated, the Ford Motor Co. having dropped from a schedule of 7,200 to 6,000
cars daily. Automobile interests, however, express the belief that the low
point is near at hand. Independent sheet and tin plate manufacturers
have decided definitely to resist the demands made by the Amalgamated
Association of Iron, Steel and Tin Workers for wage advances averaging
25%,effective with the expiration of the present agreement June 30. They
will not consider any change in the present basic arrangements but may agree
to some modifications to correct inequalities in certain classifications of
labor. The likelihood of any general reduction of iron and steel wages appears remote.
Softness in pig iron and semi-finished steel has forced down "Iron Trade
Review" composite of 14 leading iron and steel products this week to $41 22.
as against $41 56 last week.
Finished steel prices show resistance to further cuts. However, semifinished material, including sheet bars, billets, slabs and wire rods, now has
more definitely readjusted itself to finished steel at a $1 to $2 lower level.
With more buying now being done, pig iron is showing the further concessions of price which usually attend a reviving market after a period of
Inactivity. Buffalo iron has been sold at $20 and lower. Chicago again
is down 50 cents, and further declines have appeared with southern Ohio.
Cleveland and Southern furnaces. Sales at New York total 15,000 tons
and inquiries at Buffalo, 35,000 tons. A Kentucky steelworks bought 11,500
tons of resale basic from the Government ordnance plant at Charleston.
Sales of 10,000 tons of pig iron have been made to the San Francisco district and of 5,000 tons at Philadelphia by a new blast furnace in Holland,
recently completed. These are the first sales of their kind ever made to
this country. British galvanized sheets are selling at a price making it
Possible to lay them down at New York $20 per ton under the domestic
price. The Nippon Oil Co. is inquiring of American producers for 67.000
boxes of tin plate. One German steelworks is bankrupt and several others
are in difficulty.
For the first time in weeks some important consumers have come into the
iron and steel scrap market and several lots of 10,000 to 15,000 tons have
been placed. Some prices have stiffened.
Pending business in structural steel is backing up through the slower
action on awards. Forty new inquiries are reported this week, including
9,000 tons for a municipal building in Brooklyn. Awards were 23,169 tons.
the principal item being 10,000 tons for the New York municipal market
house. The Pennsylvania RR.has taken bids 00 4.000 tons for grade crossing eliminations at Cleveland.
April records of sheet sales by independent mills and of structural awards
show that period to have been the lightest in new business since November.
The steel castings total made a better showing.
Sales of Mechanical Stokers in April.
The Department of Commerce announces the following
statistics on mechanical stokers for April 1924, also for
earlier months in 1924 and the whole of 1923:
Year and
Month.
1924.
January
February
March
April
1923.
January
February
March
April
May
June
July
August
September
October
November
December
Total,1923_ -
No. of
Establushments
Beyonino.
Installed UnderStokers Sold.
No.
H. P.
Fire Tube
Boilers.
No.
H.P.
Water Tube
Beefs.
NO.
H.P.
15
15
15
15
91
110
89
89
66,492
62,113
34,597
47,939
7
11
12
15
1,044
1.525
1,625
1,970
84
99
77
74
65,448
60,588
32,972
45,969
15
15
15
15
15
15
15
15
15
15
15
15
145
129
120
167
194
135
129
135
99
88
50
73
83,270
66,619
68,955
85,339
100,513
59,719
52,518
71,693
60,486
32,576
16,241
32,517
29
9
14
14
6
21
18
18
14
10
17
3,400
1,172
1,259
2,000
1,915
804
3,454
2,624
2,754
2,330
1,300
2,820
116
120
111
153
180
129
108
117
83
74
40
56
79,870
65,447
67,696
83,339
98,598
58,915
49,064
69,069
57,732
30,246
14,941
29,697
1,464
730,446
177
25,832
1,287
704,614
9
2502
THE CHRONICLE
Structural-Steel Bookings Fall Off-Shipments Heavy.
The Department of Commerce announces sales of fabricated structural steel for April, based on figures received from
the principal fabricators, as 65% of capacity, with total sales
of 151,156 tons reported by firms with a capacity of 232,295
tons per month. Shipments of firms reporting this item
represented 72% of capacity as against 65% in March.
The computed tonnage of the bookings was 169,000 tons in
April, against 182,000 tons in March, and 189,800 tons in
February. The table below lists the statistics reported by
184 identical firms (including data in earlier months for
seven firms out of business), with a present capacity of
240,945 tons per month, comparing with 244,345 in 1923
and 237,415 in 1922. For comparative purposes, the percentage figures are prorated to obtain an estimated total for
the United States, based on a capacity of 250,000 tons per
month for 1922 and 260,000 tons per month in 1923 and 1924.
Bookings.
Shipments.
Actual
Per Cent of Computed Per Cent of Computed
Tonnage. Capacity. Tonnage. Capacity. Tonnage.
1922.
April
May
June
July
August
September
October
November
December
1923.
January
February
March
April
May
June
July
August
September
October
November
December
1924.
January
February
March
April
204,332
189,791
173,768
162,546
162,124
151.799
137,202
116.460
143,229
86
80
73
68
68
64
58
49
60
215,000
200,000
182,500
170,000
170.000
160,000
145,000
122,500
150,000
[VOL. 118.
In an address before the National Editorial Association in
Oklahoma May 19, E. W. Marland, President of the Marland
Oil Co., said:
The consumer has come to look upon distress prices of over-production
periods as the prices at which petroleum products should be sold at all times.
As a matter of fact, data collected from the United States Bureau of Labor
and from the Commerce Department disclose that prices of petroleum and
petroleum products has e not kept pace with the advancing price of necessaries of life.
On May 20 the price of Smackover crude oil of 24 degrees
gravity and lower was reduced 15 cents a barrel to 85 cents
by the Atlantic Oil Producing Co.
It was reported on May 22 that independent refineries
near Wellville are paying 25 cents a barrel premium for crude
oil produced in New York State, according to press dispatches from Oil City, Pa.
The price of gasoline in Omaha, Neb., was reduced 33icents
to 17 cents per gallon on May 21 by the Standard Oil Co. of
Nebraska and the Nicholas Oil Corp. "to meet existing
competition." City Commissioner John Hopkins has been
selling gasoline at a municipal station for 17 cents and
announced that he could sell for 15 cents a gallon.
On May 23 the Standard Oil Co. of Indiana reduced the
price of gasoline 1 cent a gallon in Chicago, to 19 cents,
tank wagon 18 cents, effective at once.
Crude Oil Production Gains.
The American Petroleum Institute, on May 21, estimated
that the daily average gross crude oil production in the
73
177,346
189,800
•
United States for the week ended May 17 was 1,972,650
190,262
78
202,800
227,114
93
241,800
barrels,
as compared with 1,959,350 barrels for the preceding
191.742
78
202.800
• 138,576
57
week, an increase of 13,300 barrels. The current figure is
148,200
123,351
50
130,000
also an increase of 20,800 barrels per day over the output
123,266
50
130,000
140,768
58
150,800
during the corresponding week of 1923. The current daily
127,612
52
135,200
118,989
49
208,000 average production east of the Rocky Mountains was
127,400
80
184,600
130,218
54
140,400
71
171,600 1,347,200 barrels, as compared with 1,315,450 barrels the
192,762
80
208,000
66
California
166,400 previous week, an increase of 31,750 barrels.
170,354
71
64
184,600
a175,813
156,000 production was 639,700
73
189,800
60
barrels, as compared with 643,900
8168,144
169,000
70
65
182,000
187,200 barrels; Santa Fe Springs is reported at 72,000 barrels, the
c151.156
85
169.000
72
a Reported by 181 firms with a capacity of 240 045 tons. b Reported by 179 firms same as the previous week; Long Beach 169,000 barrels,
with a capacity of 239,495 tons. c Reported by 64 firms with a capacity of 232,295
against 170,000 barrels; Huntington Beach 50,000 barrels,
tons.
the same as the previous week; Torrance, 56,000 barrels,
against 59,000 barrels and Dominguez 8,900 barrels, against
Bookings of Steel Castings Fall Off.
9,200 barrels. The following are estimates of daily average
The Department of Commerce, on May 22d, announced gross
production for the weeks indicated:
April bookings of steel castings, based on reports from prinDAILY AVERAGE PRODUCTION.
cipal manufacturers. The bookings in April by companies
(In Barrels.)
May 17 '24. May 10 '24. May 3'24. May 19'23.
Oklahoma
444,450
430:400
425,650
45
81:6
500
50
representing over two-thirds of the commercial-castings Kansas
69,350
77,750
77.250
capacity of the United States amounted to 76,176 tons, as North Texas
77,500
71,050
Central Texas
192,250
197,100
196,850129,45
0
against 98,420 tons in March. The following table shows the
orth Louisiana
54,400
54,650
52,800
N900
10
66
5:9
Arkansas
153,000
147,500
148,300
bookings of commercial steel castings for the past sixteen Gulf Coast
109,300
106,300
101,100
astern
103.500
103,500
103,500
10
99
5,0
E188
months by 67 identical companies, with a monthly capacity Wyoming
and Montana 127,350
128,250
126,250
126,300
of 97,191 tons of which 38,383 tons are usually devoted to California
639,700
643,900
648,300
685,000
railway specialties and 58,808 tons to miscellaneous castings.
Total
1,972,650
1,959,350
1,949.050
1.951,850
BOOKINGS OF COMMERCIAL STEEL CASTINGS.
Total.
.11onth.
1923.
January
February
March
April
May
June
July d
August
September
October
November
December
1924.
January
February
March
Aprils
Railway Specialties. Miscell. Castings.
Net
Tons.
Per Cl. of
Capacity.
Net
Tons.
Per CI. of
Capacity.
Net
Tons.
101,117
88.668
144,087
91,464
90,092
86.381
52,616
51,047
47.976
37,826
40,029
41,424
104.0
91.2
148.3
94.1
92.7
88.9
54.1
52.5
49.4
38.9
40.9
41.2
47,987
37,939
76,521
39,720
38,877
42,870
16,834,
18,449
21.805
9,982
13,003
15,229
125.0
98.8
199.3
103.4
101.2
111.6
43.8
48.0
56.8
26.0
33.9
39.7
53,130
50,729
67,566
51,744
51,215
43,511
35,782
32,598
26,171
27,844
27,020
26,195
• 90.3
86.3
114.9
88.0
87.1
74.0
60.8
55.4
44.5
47.3
46.0
44.5
49,454
71,219
98,420
76,176
50.9
73.3
101.3
82.1
18,991
34,944
59,171
30,150
49.5
91.0
154.1
85.3
30,463
36,275
29,249
46.026
51.8
61.7
66.7
80.1
PerCt.of
Calve.
Bituminous Coal Market Begins to Show Slight
Improvement-Anthracite Demand Steady.
Faint improvement in the demand for bituminous coal is
indicated in the latest available production reports, declares
the May 21 "Coal Trade Journal." Preliminary estimates
of output for the week ended May 10 put the total above the
7,000,000-ton mark for the first time since the last of March,
bearing out the extremely spotty reports of quickening demand coming from different sections of the Middle West.
In Eastern markets demand still drags, although there has
been a slightly larger movement the past few days at New
York and Philadelphia, according to the "Journal's" weekly
market review which is quoted in part herewith:
In Buffalo-Pittsburgh territory the trading situation is sluggish, and this
is reflected back to Toronto and Detroit. Central Pennsylvaina producers
d Two companies with a capacity of 785 tons per month on miscellaneous castings, see dim rays of light as early production reports show a slight gain over
now out of business. e Reports for April were not received from 6 companies: April figures. In the Southeast, low volatile operations
seem to bo harder
reporting capacity for this month totaled 92,820 tons, with 35,332 tons devoted to
hit for the time being than the high volatile fields, although strikes still
railway specialties.
continue in the Kanawha and western Kentucky sectors of the latter.
Despite these drawbacks and the poor market, production in the high
volatile areas of southern West Virginia is ahead of the cumulative total for
Crude Oil Price Reduction Rescinded in One Case- the same period in 1923.
Gasoline Price Cuts Evident.
Lake shipments met a setback during the week ended at 7 a. m. May 12
when total dumpings dropped
480,035 tons, as compared with 531,014
Early in the present week the price of Mid-Continent crude tons the week preceding. The to
total dumpings on cargo account to May 12
was restored to that in effect May 10 by the action of one were 1,652,934 net tons, as compared with 2,409,140 tons last year, 1,350,of the large operators in that field. The Humble Oil dr 735 tons in the strike year preceding, and 2,605,193 tons in 1921. Stocks
of free bituminous on the docks at the Head of the Lakes
May 1 were
Refining Co. on May 19 ordered restoration of old prices on estimated at 1,700,000 tons. In addition, railroads and on
other contract
Mid-Continent crude oil. The change is said to be retro- customers had 1,200,000 tons in storage and spot demand was slow.
Export trade has shown no real activity for several months. Of course,
active to May 10 and apparently eliminates the reduction there
has been some business month by month, overseas shipments for the
announced of 25 cents a barrel. The Magnolia Petroleum first quarter of the year aggregating 908,754 gross tons, but
this has moved
Co. cut prices 25 cents on May 10 (see our item in the May through regular channels and has had no influence upon the spot market.
The
terms
now
British
labor
proposed
the
to
end
controversy
are too fresh
17 issue on page 2372) and Humble followed, but other to permit analysis
or speculation as to their effect upon the American trade.
companies continued to quote prices on the old basis.
Anthracite production has been increasing the past fortnight, but
April
MAY 24 1924.]
THE CHRONICLE
output was over 1,100,000 tons under that made a year ago. Demand is
steady for all the major domestic sizesst this time, and rice and barley are
also able to maintain a comfortable position. Special efforts have to be
put forth to support the market for pea and No. 1 buckwheat. Although
combination ordering has boosted the general level of independent quotations, the spot market shows no tendency to get out of bounds. Lake
shipments from Buffalo were resumed last week when 91,800 tons cleared
for the Northwest and Lake Michigan ports.
Coke production last month declined in sympathy with the easier situation in the iron and steel market and the estimated output was 4,089,000
net tons. The existing market conditions point to further declines this
month and spot prices at Connellsville are steadily weakening.
' The New York "Coal Age" on May 22 issued its review of
conditions affecting the coal trade, reading as follows:
The seeming anomaly of production at a level far below consumption
and with demand and prices practically at rock bottom continues to
prevail in the soft-coal markets of the country. Nevertheless, the long
deferred but inevitable upturn is slowly but surely approaching. A number
of prophets in industrial affairs say that the present slowdown is only a
breathing spell preparatory to a business revival in the autumn. Some
optimists profess even now to see the first faint gleams of sunlight through
the dark clouds that have enshrouded the trade for many weeks. There
Is no question, however, that the trade is steadily settling toward a more
stable basis, that a firm foundation is being laid for a revival-regardless
of the forebodings of the pessimists. Meanwhile, buying, such as it is,
is largely of a hand-to-mouth character, even those whose stockpiles
are no longer big showing no alacrity about entering into fuel contracts
while there is the remotest possibility of prices going lower.
The surplus of empty cars, lacking the initiation of the reported Government scheme to set a summer coal-buying plan in motion, continues to
grow. Shipments to tidewater as well as inland are at a low ebb and the
demand for lake tonnage is markedly weak. Much light is thrown on
market conditions by the bids submitted May 16 to the U. S. Shipping
Board for supplying and delivering alongside vessels in New York Harbor
1,430 gross tons of bituminous coal running not less than 14,500 B. t. U.
Four bids were received, the prices ranging from about $1 92 to $2 19
per net ton f.o.b. mine, compared with $1 92 to $2 17 in the bids submitted May 12 on 216,000 tons.
"Coal Age" index of spit prices of bituminous coal again failed to register
any change during the last week, standing at 169 on May 19, the corresponding price being $2 05. This compares with $2 68 at this time a
year ago.
Dumpings at Hampton Roads for all accounts during the week ended
May 15 amounted to 261,372 net tons, as compared with 293,849 tons
dumped the preceding week. Coal dumped at Lake Erie ports during
the week ended May 17, according to the Ore & Coal Exchange, were
as follows: Cargo, 523,499 net tons; fuel, 35,697 tons. The totals for
the previous week were 450,570 tons of cargo coal and 32,726 tons of
fuel coal.
Despite the upturn in anthracite production, due largely to the settlement of local labor disturbances, the hard-coal market shows no diminution
In strength. Demand for the most-wanted sizes, particularly stove, is
still greater than the supply, but the most pressing demands are being
taken care of when the consumer is willing to take some of the less-wanted
sizes along with the popular favorites.
Production of Coal Continues to Increase.
The production of both hard and soft coal continued to
gain and during the week ended May 10 an increase of 308,000
net tons of anthracite and of 289,000 net tons of bituminous
coal over the respective figures for the preceding week is reported by the U. S. Geological Survey. The following statistics are quoted from the Survey's weekly report on bituminous coal, anthracite and beehive coke:
The production of soft coal continued to improve slowly in the week ended
May 10 and passed the 7,000,000-ton mark. The estimated total output
is placed at 7,121,000 net tons, an increase of 289.000 tons, or 4.2%. The
Improvement appears to have been due to somewhat better demand and to
the resumption of work in the Southwest. The rate of production is still
extremely low, however, being below that for each of the years since 1919
except 1922, when a general strike was in progress.
Estimated United States Production of Bituminous Coal (Net Tons). Including
Coal Coked.
1924
1923
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.c
April 26
6,724,000 162,329,000
10,103.000 177,036,000
Daily average_
1,121,000
1.631.000
1,684.000
1.776,000
May 3 a
6,832,000 169,161,000
10,061.000 187,097,000
Daily average..._.. 1,139,000
1,603,000
1.677,000
1.771,000
May 10 b
7,121,000 176,281,000
10,175,000 197.272,000
Daily average
1,187,000
1,581,000
1,696,000
1,767,000
a Revised since last report. b Subject to revision. c Minus one day's
production to equalize number of working days covered by the two years.
Production of soft coal during the first 112 working days of the calendar
year 1924 was 176,281,000 net tons. In the six preceding years it was as
follows:
I
Years of Activity.
Years of Depression.
198,912,000 net tons 1919
155,543,000 net tons
1918
192,798,000 net tons 1921
143,964,000 net tons
1920
197,272,000 net tons 11922
156,952,000 net tons
1923
ANTHRACITE.
The production of anthracite was marked by decided improvement in
the week ended May 10. The total output is estimated at 1,924,000 net
tons, an increase of 308,000 tons, or 19%. The increase was largely due to
the settlement of local labor difficulties and the more complete operation of
some mines where work had been hampered by floods.
Estimated United States Production of Anthacite (Net Tons).
1924
1923Cal. Year
Cal. Year
to Date.
Week.
Week.
to Date.
Week ended1.205,000 29,633,0002.116,000 33.718,000
April 28
2.021.000 35,615,000
1,616,000 31,249.000
May 3
1.903.000 37.518,000
1,924,000 33.173.000
May 10
BEEHIVE COKE.
The production of beehive coke continued to plunge steadily downward.
The total output in the week ended May 10 is estimated at 177.000 net
tons, a decrease of 28,000 tons, or 14%. This is the lowest weekly total
recorded since September 1922, when production was curtailed by the strike
"j •1 'i P1117....1.'1.1. 1-1 I "n'i. S"-; t
-.P l''''''''I''' 1
.
2503
increases in theStates of the Southern Appalachian group. Washington and
Utah were offset by decreases in Virginia and West Virginia.
Production in the Connellsville region, according to the "Connellsville
Courier," decreased from 138,120 tons to 121.920 tons. The "Courier"
states further that 884 additional ovens were placed on the idle list.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1924
1923
May 10 May 3 May 12
to
to
Date.
1924.a 1924.b 1923.
Date.c
Pennsylvania and Ohio_ ---132.000 160,000 317,000 4,058.000 5,744,000
West Virginia
9,000 10,000 24.000
274.000 434,000
Ala., Ky., Tenn. & Georgia 19,000 18,000 28,000
387,000 441,000
Virginia
7,000 8,000 17,000
166,000 308,000
Colorado & New Mexico
5,000 5,000 9.000
101,000 148,000
Washington and Utah
79.000
98,000
5,000 4,000 6,000
United States total
177,000 205,000 401,000 5,065.000 7.173.000
Daily average
30,000 34,000 67.000
44.000
63.000
a Subject to revision. b Revised from last report. c Less one day's
production in New Year's week to equalize the number of days covered for
the two years.
Cumulative production of beehive coke during 1924 to May 10 stood at
5,065.000 net tons. Figures for similar periods in earlier years are as follows:
1920
7,882,000 net tons J1922
2,478.000 net tons
1921
3,146,000 net tonsI1923
7,173,000 net tons
PRODUCTION OF COKE IN APRIL.
In company with the manufacture of pig iron and steel, the production of
by-product coke declined in April. The total output for the month was
3,010,000 net tons, a decrease of 211.000 tons, or more than 6%. when compared with the March production. Part of the decrease, however, was due
to the smaller number of working days in April, and in terms of average
daily output the
was 3.4%. The ratio of production to capacity
was 83.2%. One new plant was operated in April for the first time. Of
the 71 plants now in existence,66 were active and 5 were idle throughout the
month.
Despite this decline the production of by-product coke was at a high rate,
and the April output exceeded the average monthly production in any year
on record except 1923, when the maximum quantity was made. In comparison with April 1923 there was a decrease of 196,000 tons, or 6%. The
cumulative output during the first four months of 1924 was 12,306,000 net
tons, a decrease of 66.000 tons when compared with the same months o
1923.
Curtailment of activity at blast furnaces was responsible for a sharp do'
cline in the production of beehive coke in April. The total for the month
Is now estimated at 1.079,000, a decrease of 20% when compared with
March.
Monthly Output of By-Product and Beehive Coke in the United States (Ne
Tons).a
By-product Coke. Beehive Coke.
Total.
4.634,000
1,870,000
2,764,000
1917 monthly average
4,706,000
2.540,000
2,166,000
"
1918
3,733,000
1,638,000
2,095,000
"
1919
4.313,000
1.748.000
2,565,000
1920
"
2.108.000
462.000
1,646,000
"
1921
714.000
3,093,000
2,379,000
•"
1922
4,824,000
1,497,000
3,127,000
1923
"
4,192,000
1.211,000
2,981,000
February, 1924
b4,564,000
1,343,000
b3,221,000
March 1924
4,089,000
1,079,000
3,010,000
April 1924
ecrease
a Excludes screenings and breeze. b Revised from last report.
To manufacture the April coke output required the carbonization of apdroximately 6,026,000 net tons of coal, of which 72% was charged into byproduct ovens, and 28% into beehive ovens. The rate of consumption of
coal by the coke industry is now appreciably less than the average monthly
rate of each of the active years preceding, and exceeds the rate of only those
years when the manufacture of coke was greatly curtailed by strikes and
general business depressions.
Estimated Monthly Consumption of Coal for Manufacture of Coke (a) (Net
Tons).
Total Coal
Consumed in Consumed in
By-product Ovens. Beehive Ovens, Consumed.
6,979,000
4,354,000
2,625,000
1917 monthly average
7,086.000
4,014,000
3,072,000
1918
5,466,000
2,478,000
2,988,000
1919
6,349.000
"
2,665.000
1920
3.684,000
3,107,000
2,401,000
706,000
1921
..
4,528.000
"
1,107,000
1922
3,421,000
..
6,816,000
"
2,358,000
1923
4.458,000
6.194,000
1,910,000
February 1924
4.284,000
6.745.000
2,118.000
March 1924
4.627,000
6,026.000
1,702.000
April 1924
4,324,000
a Assuming a yield in merchantable coke of 69.6% of the coal charged in
by-product ovens and 63.4% in beehive ovens.
PRELIMINARY PRODUCTION STATISTICS FOR APRIL.
The following table shows the preliminary estimates of the production
of coal in April. These estimates are based on reports from the carriers
of the number of cars loaded, and they include allowances for mine fuel,
sales to the local trade, coal coked at the mines, and in the case of anthracite the output of dredges and washeries. They are subject to revision upon
receipt of additional information.
The production of both anthracite and bituminous coal declined sharply
in April to the lowest levels yet recorded for 1924. Excluding April 1922,
when production was curtailed by the general miners' strike, it is necessary
to go back to 1914 to find a lower record of bituminous output for that
month. In the case of anthracite. April 1916 IS the only corresponding
month on record with a lower output.
PRODUCTION OF COAL IN APRIL AND DURING THE FIRST FOUR
MONTHS OF THE LAST TWELVE YEARS.
Year.
Bituminous (Net Tow)•
April.
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
........
1923 a1924 a
Frt!trt Ic
34,169,000
23,609,000
29,968,000
33,628,000
41,854,000
46,041,000
32,712,000
38,764,000
28.154,000
16,000,000
42,564,000
29.517,000
Total to
April 30.
151,036,000
144,727.000
128,284,000
169,236,000
179,045,000
180,158,000
141,301,000
177,417,000
131,880,000
149,626,000
181,704,000
165.953,000
Anthracite (Net Tons).
Apra.
Total to
April 30.
7,906,000
8,069,000
8,725,000
5,887,000
7,222,000
8,211,000
6,884,000
6,285,000
7,985,000
27,000
8,063,000
6,811.000
30,326,000
27,287,000
27,419,000
28,904,000
30,608,000
32,357.000
24,995,000
28,094,000
31,326,000
22,870,000
33,931.000
80,470.000
Exports of Principal Grains-Large Falling
Off in Wheat, Corn, &c.
The Department of Commerce at Washington on May 21
made public its report of domestic exports of principal
grains, and preparations of grains, for the month of April
and the ten months ending with April 30. This shows that
the United States shipped to foreign countries only 3,746,537
bushels of wheat in April 1924, against 4,943,162 bushels
in April 1923, and for the ten months ending with April
no more than 71,007,010 bushels, against 135,725,844
bushels. The exports of wheat flour during the month
were also slightly smaller than in the same month last
year, the shipments in April 1924 having been 1,037,996
barrels, as compared with 1,167,074 barrels in April 1923;
for the ten months, however, the flour exports were considerably larger, having been 15,102,561 barrels in 1923-24
against 13,093,354 barrels in 1922-23. The exports of corn
in April 1924 were only 1,976,518 bushels, against 5,270,152
bushels in April 1923, and for the ten months 18,598,781
bushels, against 87,081,864 bushels. Similarly, we shipped
only 13,844 bushels of oats abroad in April 1924, against
484,222 bushels in April 1923 and but 1,075,657 bushels
for the ten months, against 17,964,936 bushels; only 706,217
bushels of barley, against 708,316 bushels for April, and
10,248,324 bushels, against 17,466,284 for the ten months,
and only 2,077,456 bushels of rye, against 2,218,638 bushels
for the month and 12,072,657 bushels, against 42,922,648
bushels for the ten months. The following is the report in
full:
Domestic
Month of April.
1923.
1924.
10 Months Ended April.
1923.
1924.
Totalgrains and preparations of 623,803,469 $15,103,584 $397,421,032 $215,473,182
Barley, bushels
Value
Corn, bushels
Value
Oats, bushels
Value
Rice, lbs
Value
Rye, bushels
Value
Wheat, bushels
Value
Wheat flour, barrels
Value
708,316
$801,323
5,270,152
$4,590,342
484,222
6283.983
28,832,434
$1,041,046
2,218,636
$2,238,787
4,943,162
$6,550,991
1,167,074
$6,724,349
706,217 17,468,284
$636,814 612,987,381
1,978,518 87.081,864
$1,815.119 $68,654,584
13.844 17,064,936
$9,222 68,957,267
10,813.512 267,529,514
$549,211 $10,388,339
2,077,456 42,922,648
$1,703,531 $39,901,342
3,748,537 135.725,844
64,032,611 $168,146,959
1.037.996 13,093,354
85,327,782 $73,790,661
10,248,324
$7.988,434
18,598,781
$17,198,547
1,075,657
$553,718
183,298.585
$7,969,176
12,072,857
69,724,515
71,007,010
$78,841,085
15,102,561
$77,390,163
Activity in the Cotton Spinning Industry for Apri11924.
The Department of Commerce announced on May 21
that according to preliminary figures compiled by the
Bureau of the Census, 37,745,967 cotton spinning spindles
were in place in the United States on April 30 1924, of
which 31,871,665 had been operated at some time during
the month, compared with 32,392,171 for March, 32,683,786
for February, 33,339,806 for January, 34,044,870 for
December, 34,101,452 for November and 35,512,737 for
April 1923. The aggregate number of active spindle hours
reported for the month was 6,769,711,331. During April
the normal time of operation was 25 2-3 days (allowance
being made for the observance of Patriot's Day in some
localities) compared with 26 days for March, 24 2-3 for
February, 263/3 for January, 25 for December and 253i for
November. Based on an activity of 8.74 hours per day, the
average number of spindles operated during April was
30,177,468, or at 79.9% capacity on a single shift basis.
This number compared with an average of 31,125,530 for
March, 33,879,600 for February, 36,476,177 for January,
32,674,471 for December, 36,316,828 for November and
40,727,208 for April 1923. The average number of active
spindle hours per spindle in place for the month was 179.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average spindle hours per spindle in place, by States, are
shown in the following statement:
Spinning Spindles.
Active Spindle Hrs.for Apr,
Avor. Per
Spindle
in Place.
Total.
_
37,745,967 31,871,665 6,769,711,331
179
16,900,049 16,113,421 4,128,987,028
243
18,739,136 14,109,569 2,348,411,202
125
2,007,782
1,648,675
146
292,313,101
1.381,555
1,262.124
231
319,203,687
1.284.888
1,172,396
170
218,002,594
2,743,476
2,590,290
254
697,154,823
1,146,720
1,087,435
159
182,765.958
11,886,172
8,747,067 1,363,686,411
115
1.448,446
915,811
115
166,926,531
442,146
419,159
173
76,313,242
1,023,138
835,832
137
139,861,328
5.786.732
5,424,038 1,405.328,976
243
209,802
148.541
130
27.225,847
2,828,122
2,085,508
140
396,963,360
5,194,248
5,097,303 1.326,220,544
255
434,226
456,204
259
118,182,096
672,742
165
697,186
114,822,444
175
917 nvx Ann
979.105
1.217.152
In Place
April 30.
--United States
Cotton-growing States
New England States
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Virginia
All other States
[VOL. 118.
THE CHRONICLE
2504
Active
During
April.
Domestic Exports of Meats and Fats.
On May 21 the Department of Commerce at Washington
gave out its report for the month of April and the ten months
ending with April of the domestic exports of meats and fats.
This report shows that although there is a substantial increase in the quantity of meats and meat products exported
for the ten months ending with April this year as compared
with the corresponding period last year, there is only a small
increase in the value of the products exported. In quantity
the shipments were 893,526,739 lbs. for the ten months of
1923-24, against 765,333,083 lbs. for the ten months of 192223, and in value, $123,684,737, against $121,751,279. In
addition, the exports of animal oils and fats are running much
heavier than a year ago, having been 1,121,552,323 lbs. for
the ten months of 1923-24, against 1,015,644,847 lbs. in
1922-23, with the values $138,943,479, against $120,568,455.
Below is the report in full.
Month of April.
1923.
1924.
10 Months ended April.
1923.
1924.
Total nuvits and meat products, lbs
84,518,213 73,212,563 765,333,083 893,526,739
Value
812,793.444 69,907,184 8121,751,279 3123,684.737
Total animal oils & fats, lbs_ _ 105,850,545 96,965,182 1,015,644,847 1,121,552,323
Value
$13,140,738 811,349.815 $120,568,455 $138,943,479
- -2,520,078
Beef, fresh, lbs
3,416,365
160,141
202,130
$428,174
$517,018
$38,674
Value
$27,229
18.223.982
20,466,186
Beet, pickled, Scc., lbs
1.936,646 1,848,137
$1,808,999
61,931,004
Value
$213,451
$184,084
46,334,962
Pork,fresh,lbs
38,077,173
4,177,404 1,982,721
$6,520,529
Value
$634,499
$5,968,610
$235,764
Wiltshire sides, lbs.*
2,164,237
Value
$282,612
Cumberland sides, lbs. x
3.142,817
Value
$432,554
Hams and shoulders. lbs
33.738,072 25,848,619 258,405,848 313,743,710
Value
$35,356,120 83.729,281 845,926,361 $48,450,562
B500n, lbs
34,790,325 26,390,228 345,116,406 380,126,727
Value
$4,693,342 83.007,355 351.178.686 $47,766,207
33,511,561
Pickled pork, lbs
2,763,011 2231.978
35,513,704
$3,861,560
Value
6343,123
$4,350,469
$268,095
Oleo oil, lbs
76,463,587
8,319,156 8,680,686
88,019,821
89.387,134
Value
81,031,234 $1,033,424
$9,997,395
Lard, lbs
86,474,841 73.307.102 794,837.476 892.775,532
Value
$10,727.009 88,869,755 597,498,867 8114.697,496
19,022.437
Neutral lard,lbs
23,167.836
3,128.453 2,041,018
82.589,683
Value
$2,996,024
$253,711
11385.113
Lard compounds,animal fats,
5,874,354
lbs
671,060
624,761
10,158,397
2799,871
Value
$1,259,012
276,524
295,190
995,857
Margarine,animal fats, lbs._ _
247,466
72,601
1,846,280
$159,607
Value
342,414
311,219
3299,023
35,588,103
Cottonseed oil, lbs
5.064,797 2.858,128
59,984,014
Value
3546,870
2278,437
$5,970,412
23,677318
ito
Lard compounds, vegetable
fats, lbs
439,412
405,094
16.906,702
5,826,110
2512(19M
290RA ARA
WILMA
271.520
Value
* Included in"Hamsand shoulders" prior to Jan. 1 1924.
x Included in "Bacon" prior to Jan. 1 1924.
Britain Promoting Cotton Culture-Statement
of President Bartlett of the New York Cotton
Exchange.
"England is enthusiastic at the prospect of making the
British Empire independent of American raw cotton and is
using every resource at her command to stimulate its cultivation in her colonies," declared Edward E. Bartlett Jr.,
President of the New York Cotton Exchange, who returned
on Wednesday of this week on the steamship Olympic after
spending several weeks abroad. Mr. Bartlett, who has
repeatedly called attention to the danger which the cotton
industry here faces, made an intensive study of the conditions in the industry in England. He found that the spinners
there are making preparations for the ultimate replacement
of American raw cotton by foreign growths. "The cotton
trade of England is fully awake to the opportunity which
exists, and is talking of the time when Australian and South
African cotton will be used entirely in English mills in place
of the American growth," continued Mr. Bartlett. "Our
short crops and high prices, due in large part to the ravages
of the boll weevil, have given England the needed inspiration
to spur her colonies to go in for the cultivation of cotton on a
big scale, and the farmers in the colonies have needed little
urging. Business men from South Africa, whom I met at
Liverpool and at the British Empire Exposition, told me that
cotton was taking the place of gold as the opportunity for
making money there. They talk of it in the clubs and chambers of commerce and wherever businessmen get together,'
was informed. Big interests in Johannesburg and other
places are securing options on enormous tracts of land suitable for the cultivation of cotton." Continuing, Mr. Bartlett said:
Great
A large part of the space In the Australian building at the British exposition Is devoted to a cotton exhibit, showing the great strides which have
been made in that country within the past three or four years. The cotton
exhibit was thronged daily and I hoard the comment frequently that "The
Empire would soon be free from the monopoly of American-grown cotton."
England is stimulating the cultivation of cotton in the colonies, not only
as a matter of patriotism, but as a sound business proposition-the spinners
In Liverpool and Manchester will buy raw cotton from the colonie6 and sell
them finished cotton goods in return. The Liverpool Cotton Exchange al-
MAY 24 1924.]
THE CHRONTCLE
2505
ready is talking of making another contract to cover other growths than COTTONSEED PRODUCTS MANUFACTURED, SHIPpED OUT, AND
ON
American.
HAND.
The cotton trade in the United States and our own Government are not
alive to the extent which England is pushing the cultivation of the staple in
Produced
Shipped Ors
IteM.
Season. On Hand
Avg. 110
Aug. 1 to
her colonies. I was amazed at it. Cotton men in Liverpool are talking toOn Hand
Aug. 1.
April 30.
April 30.
April 30.
day as if America's supremacy as a cotton growing nation already was a
thing of the past.
Crude oil(pounds). 1923-29 *5,103,348 921,698,715 864,834,783
*73,111,861
1922-23
The only way in which this menace to the cotton industry here can be
6,905,409 962,181,590 942,470,776 36.962.220
checked is by America getting back into production on the same scale that Refined oil(pounds) 1923-24 al38,112,489 6748,018,357
a216,427,193
1922-23
835,584,067
237,216,179
existed before the boll weevil began to take its toll of millions of bales an- Cake & meal (tons) 1023-24 163,851,360
49,791
1.430,696
1,343.286
137,401
nually. Normal production will mean normal prices and discourage foreign
1922-23
66,915
1,436,913
1.363,046
140,782
(tons)
Hulls
1923-24
competition in growing cotton.
15.654
886,441
826,949
75,146
1922-23
28,617
906,960
864.490
71,087
It is up to the American Government to recognize the seriousness of the Linters (500-1b.
1924-24
27,569
630.870
513,350
145,089
situation and appropriate sufficient money to master the weevil and evenbales)
1922-23
38,929
583,199
565,957
56,141
tually eliminate it. The economic loss from this pest annually is staggering. Hull fibre (500-1b. 1923-24
30.926
7,265
37,850
341
bales)
1622-23
34,342
65.669
80,530
Can the American Government afford to sit idly by and witness the demoral19,481
Grabbota,motes,&e, 1923-241,605
16.854
22,703
7,454
ization of one of the nation's greatest basic industries-cotton?
(500-1b. bales)
1922-23
1,4217,189
16.283
2,334
Mr. Bartlett said he found business conditions improved •Includes 1,032,229 and 5,757.211 lbs. held by refining and manufacturing
establishments
and
1,170,910
in England. The people were recovering from industrial
and 7.590,515 lbs. in transit to refiners and conAug. 1 1923 and April 30 1924, respectively.
wounds and were forgetting them, just as the soldiers had sumers
a Includes 3,783,784 and 8,640,165 lbs. held by refiners, brokers, agents, and
forgotten the wounds of war. There was more optimism warehousemen at places other than refineries and manufacturing establishments
there, the people were getting back their confidence in to-day and 8,670,531 and 4,831,543 lbs. in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1 1923 and April 30 1924. respectively.
and in the future, he declared.
S Produced from 827,179,020 lbs. crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR NINE MONTHS ENDING
APRIL 30.
Large Exports of Cotton, but Declining Exports
of
Cotton Manufactures.
On May 22 the Department of Commerce at Washington
gave out its report for the month of April and the ten months
ending with April, of the exports of cotton, cotton cloths,
yarns, thread and hosiery. The exports of raw cotton have
increased, both in quantity and in value, as compared with
the preceding year, but proportionately more in the latter
than in the former because of the high prices prevailing.
Thus, for the ten months the exports in quantity increased
from 4,690,581 bales in 1922-23 to 5,174,600 bales in 1923-24,
or about 10%, while in values there has been a jump from
$604,939,177 to $820,907,997, or over 26%. The exports
of cotton manufactures have quite generally declined, both
in quantity and in value. Below is the report in full:
DOMESTIC EXPORTS OF COTTON, COTTON CLOTHS,
YARN. THREAD
AND HOSIERY.
Month of April.
1923.
1924.
Ten Months Ended April
1923.
Raw cotton, incl. linters_ _ bales
259,984
320,774
1,690,581
Value
$39,664,234 $48,590,718 $604,939,177
1024.
5,174,6
$820,907,99
Cotton manufactures,total_ _ _ _ $12,843,109 $10,288,778 $122,101,842
$104,842,08
Cotton cloths, total. sq. yds_ _ _ 44,741,430 32,590,366 469,754,170
344,318,88
Value
87,820.030 $5,649,853 $73,531,037 $ 59,366,69
Cotton duck, sq. yds
752,931
666,359
8,067,048
6,863,2
Value
$309,810
$342,202 $3,452,450 53,231,81
Other cotton clothsUnbleached,sq. yds
9,266,388 7,153,055 123,951,304 77,496,43
Value
$1,248,051
$932,040 $14,673,486 $10,530,52
Bleached, sq. yds
6,406,130 6,065.730 74,713,571 64.018,771
Value
51,079,367
$967,441 511,184,754 59,826,92
Printed, sq. yds
10,706,685 7,111,239 93.678,285 72,542,42
Value
$1,698,871 81,019,123 513,119,340 $10,731,04.
Piece dyed,sq. yds
11,024,768 6,723,000 96,622,266 68,181,73 ;
Value
$2,136,157 51,410,624 $17,784,768 $13,937,68
Yarn dyed,sq. yds
6,584,528 4,870,983 72,721,696 55.216,2511,
Value
31,347,774
$978,423 $13,316,239 $11,108,69
Cotton yarn, thread, &c..
Carded yarn, lbs
668,974
542.862
7,706,074
4,277,38
Value
5326,582
8233,365 53,219,810 $1,920,91
Combed yarn, lbs
458,183
438.294
4,303,157
3,982,29.
Value
5321,693
5307.801 $2,845,144 $2,726,56
Sewing, crochet, darning and
1
embroidery, cotton, lbs
160,689
138,723
1,646,276
1,458,70
Value
$173,803
$154,294 $1,747,294 $1,696,18 ;I
Cotton hosiery, doz. pairs
527,103
423.261
4,564,980
3,545.28's
Value
51.094.300
5760,618 58.974,605 56.950,74:
Cottonseed Production During April.
On May 19 the Bureau of the Census issued the followin
statement, showing cottonseed received, crushed and o l
hand and cottonseed products manufactured, shipped out,
on hand and exported, covering the nine months perio I
ending April 30 1924 and 1923:
Item.
1924.
Oil,crude
Refined
Cake and meal
Linters
'
pounds
pounds
tons
running bales
22,049,413
11,735.503
102,961
74.602
1223.
24.643,522
33.715,722
215.491
52,457
Final Estimates Regarding the India Cotton CropAcreage Larger, Crop the Same.
Under date of Calcutta, April 24 1924, a supplementary
memorandum on the cotton crop of 1923-24 has been issued
by the India Government. This memorandum deals with
the final estimates of the cotton crop in the Madras Presidency and supplements the final general memorandum on
the crop issued on Feb. 21 1924.
Madras.
The area is now estimated at 2,669,000 acre.s, which is 11% above the
area of last year. The yield is estimated at 480,000 bales, as compared
with 431,000 bales last year, or an increase of 11%. The absence of any
showers till the middle of March reduced the prospects of the crop still
further in several districts. Recent rains were generally beneficial except
in Madura and Ramnad, where they synchronized with the season pickings
and affected the quality of the lint to some extent. These rains will, however, improve the prospects of the summer pickings. The seasonal factor
for the Presidency works out to 89% as against 91% in the preceding year.
The area and yield by trade descriptions are:
Acres.
Bales.
Acres.
Bales.
Tinnevellys
617.000 167,000
Western & Nortlins.1,227,000 89,000
Sale=
201,000 26,000
Cocanadas
239,000 45,000
Cambodlas
359,000 151,000
Others
26,000
2,000
Consequent on the revised figures noted above and the
receipt of later information from certain States in Central
India which was not forthcoming at the time of the final
(February) forecast, the estimates in the table appended
to the final general memorandum issued in February last
require modification, and the revised totals for all-India
for the year 1923-24 now stands at 23,088,000 acres and
5,075,000 bales, as compared with 21,792,000 acres and
5,075,000 bales last year. The area thus shows an increase
of 6% while the yield remains the same as in the preceding
year. The detailed figures by Provinces are given in the
appended table:
FINAL LSTINIATE OF T111.. COTTON CROP OF INDIA.
Prorcleeass.and
1923-24
(Provisional Est.).
Area
(Acres).
Yield
(Bales).
1922-23
(Final F gures).•
Arec
(Acres).
Yield
(Bales).
1921-22
(Final F guru).'
Area
(Acres).
Yield
(Bales).
Bombay _a
6,291,000 1,127,000 5,617,000 1,328,000 4,676,000 1,137,000
Central Provinces
and Berar
4,901,000 1.020,000 4,857,000 1,040,000 4,414,000 1,127,000
Madra5_ b
2,669,000 480,000 2,348,000 431,000 1,803,000 341,000
DEPARTMENT OF COMMERCE.
puniab _b
1,914,000 628,000 1,394,000 397,000 1,230,000 296,000
Bureau of the Census.
United Provinces_ b
652,000 215,000
828,000 244,000
652,000 182,000
(Preliminary Report.)
Washington, 10 a. to.,May 19 1924.
Burma
297,000
325,000
46,000
45,000
40,000
284,000
received,
crashed
on
hand,
and
and
Cottonseed
cottonseed products manufactured
Bihar and Orissa
81,000
79,000
16,000
15,000
15,000
80,000
shipped out, on hand, and exported covering the nine-months period ending Aprli Bengal _ b
71,000
21,000
17,000
65,000
15,000
72,000
1923.
and
Ajmer-Merwara
30 1924
41,000
13,000
26,000
15,000
12,000
36,000
Assam
39,000
40,000
14,000
14,000
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
13,000
40,000
N.W.Frontier Pr_
23,000
4.000
15,000
3,000
3,000
15,000
- Delhi
3,000
,
2,000
d
1000
2000,
1,000
Received at Mills*
Crushed
3,500,000 1,079,000 3,813,000 1,116,000 2,914.000 870.000
On Hand atM . Hyderabad
Central
India_c
30.
Aug. 1 to April
Aug. 1 to April 30.
1,041,000 187,000
714,000 158,000
April 30. '
889,000 181,000
Baroda
657,000
State.
76,000
600.000
85,000
585,000 116,000
1923.
1924.
1924.
1923.
500,000
1924. 1923.- Gwallor
60,000
74,000
355,000
46,000
523,000
324.000
- Haltaitana
73,000
76,000
297,000
68,000
302,000
123,734 201,509 120,752 202,023 3,434 1.50 y Mysore
84,000
Alabama
15,000
24,000
59,000
15,000
83,000
169,308 258.673 165,936 255,403 3,818 1,76)
Arkansas
Total
220,623 251,250 212,798 244,074 8,745 8,85 1
Georgia
23.088,0005.075,000 21,792,000 5,075,000 18.451.0004,485,000
102,512
110,096
112,614
101,261 2,522
Louisiana
72
•These are revised estimates as finally adjusted by proof= al authorities. a In248,668 368,305 239,695 358.834 9,471 9,765
Mississippi
320,740 286,620 311,215 280,926 9,821 6,380 cluding Sind and Indian Stains. b Including Indian States. c Excluding Gwallor.
North Carolina
219,267 586,113 218,187 187,290 1,279
Oklahoma
448 d 300 bales.
195,898 150,493 192,104 149,970 4,433 1,731
South Carolina
Note.--A bale contains 400 lbs. of
268,093 1,297 16,029
cleaned cotton.
168.084 283,970 164,84
Tennessee
1,310,114 950,237 1,241,86
944,911 76,379 8,470
Texas
All other
159,451 143,529 145,396 137,434 9,754 5,853
Exports.
United States
3,248,501 3,183.211 3.122.888 3.130.219 130,953 61.529
•Includes seed destroyed at mills but not 12,786 tons and 13.168 tons on hand
Aug. 1, nor 113,904 tons and 179,649 tons reshipped for 1924 and 1923, respectively,
The exports of raw cotton from India by sea to foreign
countries in the last five cotton years (September to August)
were as follows (in bales of 400 pounds each):
THE CHRONICLE
2506
CountriesUnited Kingdom
Germany
Belgium
France
Spain
Italy
China
Japan
Other countries
Total
1918-19.
1919-20.
1920-21.
1921-22.
1922-23.
Bales.
111,000
21,000
26,000
23,000
84.000
18,000
939,000
31,000
Bales.
149,000
95,000
222,000
65,000
68,000
231,000
148,000
1,648,000
76,000
Bales.
38.000
238,000
194,000
27,000
39,000
148,000
316,000
1,149.000
77,000
Bales.
67,000
270,000
232,000
89,000
38,000
198,000
534,000
300
1,6%0
00
Bales.
223,000
245,000
234,030
130,000
62,000
309,000
378,000
1,709,000
135,000
I 952 min
2702.000
2.226.000
3.170.000
3.473.000
The exports for the seven months of the season 1923-24,
i. e., from September 1923 to March 1924, amounted to
2,313,300 bales as compared with 2,026,800 bales in the
corresponding period of the previous year.
Domestic Exports of Canned and Dried Foods.
The Department of Commerce at Washington on May 21
issued its monthly report showing the domestic exports of
canned and dried foods for April and the ten months ending
with April 30. The value of canned meats exported in April
1924 was $483,643, compared with $447,591 in the corresponding month in 1923. For the ten months ending with
April 30 1924 the canned meat exports were $4,219,592, as
against $4,229,786 for the corresponding ten months in
1922-23. The exports of dairy products were valued at
only $2,012,313 in April 1924, against $2,764,045 in April
1923, but for the ten months foot up $24,457,980, against
$19,397,849. Dried fruits exported in April 1924 were valued
at $2,592,354, compared with but $747,829 in April 1923.
Canned fruits exported in April were valued at $1,177,458,
as against only $555,713 in April 1923. The following is the
report in full:
The most noteworthy increase in export trade in canned and dried foods
during the past month was prunes. Decreases occurred in the other dried
fruit products, but compared with the corresponding month of the two preceding years, very large increases appear. During the last ten months,
261 million pounds of dried and evaporated fruits were exported, an increase
The
of almost 100 million pounds over the same period endkag April 1923.
demand from Germany and Central Europe was the cause of this activity.
An improvement was shown in the exports of canned fruits during April.
are
as compared with last April, but the exports during the past ten months
dull
decidedly below those of the same period a year ago. Since April is a
be
can
significance
month in the export trade in canned fruits, not much
attached to this condition.
exports,
Canned vegetable exports show a large gain over the March
Aprils.
and are larger than the amounts exported during the two previous
of
January
since
There has been a marked decrease in canned milk exports
1923
of
months
closing
the
during
this year, but this was to be expected, as
canned
and in January 1924 the exports were unusually large. Exports of
comparameats show a fair increase during April, and the rate of increase is
ble to that during the past ten months.
April
The fact that, taking these products separately, compared with
indi1923, increases of exports appear in all items but canned salmon, is an
foods.
cation of a healthy condition in the export trade in canned and dried
April
A detailed statement of the exports for April 1924 compared with
1923, together with ten months periods ending April, follows:
Month of April.
10 Months ended April.
1924.
1923.
----1,316,615 1,754,971 12,182.193 14,650,202
Total canned meats,lbs
$447,591 $483,643 $4,229,786 $4,219,592
Value
20.791.922 16,415.608 148,409,849 107,953.584
Total dairy products.lbs
$2,764,045 $2,012,313 $19,397,849 $24,457,980
Value
2.044.926 3,228,201 35,829,312 40,607,651
Total canned vegetables,lbs
$205,812 $288,446 53.538,839 $4,124,681
Value
6,803,613
37,015,403 197,536,486 291,457,284
lbs
fruits,
evap.
Total dried.4
$747,829 $2,592,354 $22,414,218 $24,412,970
Value
5,312,016
11,879,149 193,024,388 155,342,965
lbs
fruits,
canned
Total
$555,713 $1,177,458 $21,088,669 $15.248,390
Value
--118.949
114,536 1,903,331 1,367,069
Beef,canned,lbs
$320.458
$27.550
838.913
$530,349
Value
220,233
215,019
2.267,466 2.568,431
lbs
Sausage,canned.
$725,744
$59,962
855,404
$601.253
Value
_ 4.743.444 5,926,442 37,742,658 55,436,149
Milk,condensed,sweetened,lbs._
$8,180,902
8665,342
$5,234,620
$852,590
Value
Ms_ 13,432,971 9,378,791 91,974,176 132,796,763
Milk,evaporated,unsweetened,
1,286,076
792,534 8,406,175 12.769,391
Value
3,517,574 2,515,172 50.831.488 53,643,428
Salmon, canned. lbs
551,791
408,927
6.868,844 7.601.390
Value
4,708,026 4.853,979 26,684.956 37,440,514
Sardines, canned, Ms
$372,183 $380,857 $2,347,923 53,188,495
Value
3.474.025 3.838.829 88,268,723 75,009,664
Raisins, lbs
$357,194 $297,101 39,504.236 $6.888,666
Value
270,684 1.184,746 12,062,918 29,701,198
lbs
dried,
Apples,
828.383 $155,018 $1,384,024 $3,251,045
Value
328,094 4,489,435 10,480,185 38,755,080
Apricots, deed.lbs
$72,366 $589,538 $2,518,989 $4,166,757
Value
237.843 1.858,264 5,097,061 12,442,763
Peaches, dried, lbs
$048,088
$29,628 $117,766
8664,006
Value
2,245,014 25,404.582 74,835,650 123.921.471
Prunes, dried, lbs
$232,458 81,382,823 57,181,476 87,849,143
Value
24.338.054
1.205.518 2.872.610
Apricots, canned. lbs
31,904,453
$104,125 $208,351
ba Value
1.509.036 3.603,398 50,228,705 47,318,485
lbs
canned,
Peaches,
$145,119 $333,092 85,008,080 $4,156,222
Value
1,155.442 1,786,586 45,967.818 37,701,352
Pears,canned,lbs
$143,526 $185,420 35,705,598 34.063,061
Value
398,408 2,860,258 21,387,503 23,317,350
Pineapples. canned'lbs
342.318 3354.907 E2.291.643 S2.824.387
1923.
1924.
Conditions with Fur Manufacturers.
month
While sales of fur manufacturers decreased in the
those of 1922, the total sales for the
from
12.74%
March
of
quarfirst quarter of 1924 were 9.25% higher than the first
&
ter of 1923, according to statistics compiled by Seidman
increased
accountants.
public
Purchases
certified
Seidman,
in
for the first quarter only 2.46%, although they decreased
[VoL. 118.
the month of March 47%, indicating a liquidation of inventories. The falling off in sales in the last month of the
quarter increased the percentage of labor to sales to 23.39%,
as against 16.79% in 1923. Likewise, percentage of expenses has increased from 10.69% to 20.84%. The percentage of bad debts has also increased from 8-100% to %%.
On April 1 1924 customers'accounts and notes were 89.51%
of the sales for the quarter. Last year at the same time they
were 92.29%, evidencing slightly better collections. Creditors' accounts, however, were 92.17% of the purchases for
the quarter, whereas last year they were 90.67%, indicating
slower payments by the manufacturers. This condition is
further reflected in the relation between the cash and accounts to liabilities. On April 1 1923 there was 59 cents of
cash and accounts for every $1 of liability. On April 1 1924
there was 52 cents of cash and accounts for every $1 of liability. It is apparent, therefore, that the decline in sale
volume towards the end of the quarter has made the condition of the manufacturer a bif less favorable, it is declared.
Size of Retail Business.
Retail business in the United States amounts to about
$25,000,000,000 annually, according to an estimate given by
Alvin E. Dodd, Manager of the Domestic Distribution Department of the Chamber of Commerce of the United States,
in a recent address before the Merchant's Bureau of the
Albany Chamber of Commerce. Mr. Dodd explained that
the estimate made by•the Chamber's department was based
upon retail sales made in 1922, and included food, clothing,
furniture and furnishings and a multitude of unclassified
commodities. Of the total amount expended, Mr. Dodd, estimated that 48% went for food, 24% for clothing, 8% for
furniture and furnishings, 10% for fuel and light and 10%
for miscellaneous commodities.
Mr. Dodd brought these figures down closer to the community by pointing out that in the average community of
50,000 inhabitants, the annual food bill would amount to
about $5,151,170 71; clothing, $2,571,085 40; furniture, $916,10195; fuel and light, $1,119,766 58, and miscellaneous commodities, $1,130,210 92.
In explanation of these figures, Mr. Dodd said that "quite
obviously these figures are not adaptable to any particular
commodity. For example, they would not represent the purchasing power of New Orleans as compared with Duluth in
the distribution of fur coats; neither would they serve as a
guide to any effort in the sales of gasoline power boats in
Fort Wayne as compared with Charleston, S. C. "But they
will serve as a starting point for the study of market possibilities in the ordinary commodities of necessity; and by the
application of factors such as bank deposits, illiteracy, climate, expenditures for good roads, will help to solve almost
any marketing problem."
Clothing Prices Rise Steadily-14% Higher Than in
1922 and 76% Above 10 Years Ago.
The average American working man and woman have
been paying steadily increasing clothing bills for the last
two years, according to a nation-wide study of apparel prices
just concluded by the National Industrial Conference Board
of 247 Park Avenue, the results of which were made public
on May 10. Even since last November, with food and some
other items in the family budget showing decreases, the
average increase in clothing prices has been 1%. Taking
the prices of two years ago as a basis for comparison, It is
found that the cost of a year's supply of things to wear in
the average American family, considering the latest data
available, is more than 14% higher than it was then.
"Average clothing prices last March," says the Board, "had
increased 76% over 1914 prices, but were slightly more than
36% lower than they were at the peak, which was reached
in March 1920."
Figures on which the Board's study was based were supplied by 194 dealers in 80 cities. Prices were obtained for
29 articles of yard goods and wearing apparel which were
afterward combined into a clothing budget. The prices of
26 items had increased in the year between March 1923 and
March 1924 and three of the cotton yard goods items, which
had been lower at some time during the year, had
returned
to the level of March 1923. Since November 1923
changes
were noted in the average prices of all the 29 clothing and
yard goods items; 21 of these were increases and eight
were
decreases. The largess increases within the year were
as
follows: Women's velvet hats, 16%; women's knit
vests,
MAY 24 1924.]
THE CHRONICLE
2507
14%, and percale 10%. During the four-month period preceding March 1924, the most notable changes were increases
of approximately 10% for percale and women's suits. Other
Increases were those from 4% to 5% for gingham, longcloth,
muslin, voile, men's hosiery and women's knit vests. The
largest decreases within this same period were for men's
coats and suits, the average prices of which dropped 4% and
3%, respectively. Increases, which last November averaged
more than 100% since 1914, were maintained at this high
level in March 1924 for percale, gingham, men's knit union
suits, women's knit vests, men's overcoats, men's workshirts,
overalls and women's velvet and straw hats.
When changes in prices of the separate articles for which
quotations were obtained were weighted in a budget according to the quantity used in a year, it was found that the
average advance in the cost of the yearly allowance of men's
clothing was greater than for a corresponding allowance for
women. Last November, men's clothing was 83% above the
1914 level and women's clothing 65%. Since November,
however, there had been a small decrease for men's clothing
and an increase for women's clothing, which lessened the
margin of difference in the increases since 1914. Men's
clothing last March was slightly more than 80% higher than
in 1914 and women's nearly 71%.
These clothing estimates refer to a fair grade of inexpensive merchandise which would be normally purchased by
families in modest circumstances. The National Industrial
Conference Board has not collected information for merchandise of the more expensive kinds.
families of the garment workers, and if will throw out of
employment embroidery workersand workers in trades allied
with the women's garment industry. "Our employers are
the same as they have always been," declared Mr. Sigman.
"They have learned nothing from the four big strikes in the
last 14 years. They refuse to acknowledge that the workers
are a power in the industry unless the workers demonstrate
their strength. Our suggestions are for a constructive solution of the industry and would, in our opinion, abolish the
ills of the garment world. If the employers refuse even to
discuss our suggestions, and make no effort to offer counterproposals to solve the ills they frankly admit require solution, we must resort to the only means we have—the strike."
Mr. Hillquit asserted that the manufacturers' reply was
"a brutal ultimatum," and that inasmuch as the employers
were declaring war the union would have to meet that issue.
For the manufacturers Mr. Klein said he could not permit
the statement of Mr. Hillquit to go unchallenged. His
clients did not desire to declare war, he added, and they
would be willing to confer at all times if the union would
eliminate "the demands we consider undebatable." In their
reply the manufacturers said they desired to stabilize the
garment industry, but they could not promise a minimum
number of weeks of employment. "Neither our manufacturers nor the public can stand any additional burdens, and we
consider the matter as undebatable and cannot enter into
conference with you on that subject," the reply stated. Continuing, the manufacturers said:
petition in production, producers will give increasing attention to distribution and that the most successful will be the
one whose goods reach the ultimate consumer at the lowest
price, quality considered. The way of efficiency in selling,
he said, lies in mass selling, just as productive efficiency
lies in mass production.
Another aspect of the same subject was presented by
Lloyd S. Tenney, Assistant Chief of the Bureau of Agricultural Economics of the Department of Agriculture, who
pointed out that the farmer is confronted by the same marketing problems as the manufacturer, which must be solved
by group action. During the year 1923, he said, co-operative
associations had handled a business of $2,200,000.000.
"Our employers' concern for the public IS mere camouflage," said Mr. Sigman in a statement issued on May 21.
"Their expressed desire not to add to the burdens of the
consumer comes with ill grace from those whose industry is
so organized as to place unjustifiable burdens on the consumers' pocketbooks. When the public learns of the managerial waste in the industry, when it learns that it must
pay the costs of a heavily over-capitalized industry, it will
see that the employers have not changed at all, except that
to-day they will not even discuss reforms of the industry."
Mr. Sigman said on May 22 that there still was time to
avert a strike of the 50,000 garment workers. In a statement to the press he said:
Because it adds an unreasonably large cost to the Manufacturer and reflects on the cost to the public, who is the ultimate consumer, we likewise
feel that our association cannot enter into any agreement which looks to
any employment insurance, hence consider it as undebatable and cannot
Mass Selling the Problem Alike of Agriculture and enter
into conference with you on that subject.
Manufacture.
As to your suggestion of a reduction of the hours from 44 hours per week
but augment the cost of garments
Measures for reducing the gap between production and to 40, we feel that this will do nothing
without any correlative gain, and is therefore undebatable, and we cannot
retail selling, in the course of which the average commodity enter into conference with you on that subject.
We are opposed at the present time to any increase of the minimum rate
is doubled, constituted the chief topic of discussion at the
the industry. The last time the minimum was set at a time when
meeting of the Domestic Distribution Group in conjunction of wage inhad
been established in the high cost of living, and the conditions
the peak
the
annual
meeting
of
the
with
Chamber of Commerce of the that prevailed then do not prevail now. We feel that an increase of the
United States at Cleveland. Edward A. Fllene, of Boston, minimum rate of wage will do nothing but add to the cost of garments, and
therefore this question is also undebatable and we cannot enter into confermade the prophecy that because of the development of com- ence
with you on that subject.
Cloak and Suit Manufacturers Reject Union Demands
for Shorter Hours and Higher Pay—Strike
in Prospect for June 1.
A strike of some 50,000 workers in he women's wear
manufacturing trades on June 1 appears likely, following
the presentation by the unions of new wage demands and
their rejection by the manufacturers' association. On May
21 it was announced that machinery for a walkout of 50,000
garment workers on June 1 was set in motion by Morris Sigman, President of the International Ladies' Garment Workers' Union, following a communication received by him from
the Cloak, Suit and Skirt Manufacturers' Protective Association. The employers, through William Klein. their counsel, rejected the five major demandsof the union as "undebatable.' Both Morris Hilquitt, counsel for the union, and
President Sigman asserted that this was "an act of war" and
"an ultimatum," as it closed the door to discussion of the
union demands. This was denied by Mr. Klein, who said the
reply did not contain the words "war" or "ultimatum."
Among other things the union had made a demand on the
employers for a guarantee of a minimum number of weeks
of employment, employment insurance, 40 hours' work instead of 44 hours a week, the use of the union label and increase of minimum wages. The employers, who said they
were anxious to "bring about peace and good-will for all,"
replied that they would not confer on the major issues presented to them by the union. The employers' reply left the
union no other recourse but to make ready its strike machinery, according to Mr. Sigman. The strike will involve 14
local unions. Indirectly it will affect 250,000 persons, the
It has been stated publicly that although the manufacturers have refused
five of our demands, they are still willing to negotiate. That is not true.
The Cloak, Suit and Skirt Manufacturers' Protective Association never got
to the stage of refusing anything, because in a formal ultimatum they stated
that five of our demands were "undebatable," and that they would not even
discuss them. That is not a refusal of a demand. It is a refusal to negotiate.
We are ready to resume negotiations at any time if the manufacturers will
discuss all points of difference between us and not merely the points chosen
by them.
Our program is a program for the entire industry. It is a harmonious
whole. Like the Dawes report, it must be put into operation in its entirety
if it is to benefit the existing order. To declare that at an important point
in the program is undebatable is merely to resort to obstructive tactics,
which would ruin the whole plan.
William Klein, counsel for the manufacturers, said that it
was untrue that the employers had refused to negotiate with
the union. In their reply the employers announced they
were ready to confer on each and every point except those
which were held to be undebatable, he said. The manufacturers also said they were ready and willing to do everything in their power to uplift the Industry, added Mr. Klein.
Life Insurance Sales in April Large Though Somewhat
Lower.
Although somewhat lower than for the record month,
March 1924, the sales of ordinary life insurance for April
were well in advance of any other monthly total. According to the figures of the Life Insuranc Sales Research Bureau, April sales by companies which had in force over 88%
of the legal reserve ordinary business on Jan. 1 1923 were
$662,591,000. This is an increase of 17% over April of last
year, a decrease of 1% from the March 1924 record total and
an increase of 6% over May 1923, the previous record total.
Sales for the year to date or first four months of 1924 were
2508
THE CHRONICLE
$2,415,290,000, or 14% in advance of those for the corresponding period of last year. Sales for the 12 months
ended April 30 1924 were $6,893,975,000, or 18% in advance
of those for the same period of last year.
All of the nine geographical sections into which the country is divided by the Bureau, show increases for April this
year over April 1923. These range from 3% for the East
South Central to 27% for the Middle Atlantic. This is the
first month of the year, it is stated, that the East South Central section has shown an increase over the corresponding
month of last year. Comparing sales of the nine sections
for the first four months of 1924 with those for the similar
period of 1923-the East South Central records 3% decrease,
the others show increases of from 3% for West North Central to 23% for Middle Atlantic. For the 12 months ended
April 30 1924, as compared with the 12 months preceding,
all sections show increases from 7% for the East South Central to 25% for the Pacific.
All of the six cities included in the Bureau's survey show
increases for April 1924 as compared with April 1923. These
range from 2% for Detroit to 31% for Philadelphia. Boston
is the only city which registers a decrease for the first four
months of 1924 as compared to similar period of 1923. The
city showing the largest gain was Detroit, 17%.
April Sales of Life Insurance in Canada.
Sales of ordinary life insurance in Canada for the month
of April were 5% lower than in March of this year, but 13%
higher than in April 1923, according to the figures of the
Life Insurance Sales Research Bureau of New York. Companies which had in force on Jan. 1 1923 over 83% of the
legal reserve business reported an actual volume of paid-for
sales of $32,603,000, as compared to $28,966,000 in April 1923.
Prince Edward Island, Nova Scotia and Saskatchewan show
decreases, while the increases for the remaining provinces
range from 2% for Newfoundland to 22% for Alberta. Comparing the first four months of 1924 with the corresponding
period of 1923, total sales increased 16%. Sales in Newfoundland and Nova Scotia for the four months were lower
this year than last, but the other provinces record increases.
These range from 7% for Saskatchewan to 22% for Quebec.
Sales for the 12 months ending in April 1924 as compared
with the 12 months ending in April 1923 were larger by 11%.
The report of Newfoundland on this basis was 4% less this
year than last year. Alberta maintained a record identical
to that of last year, while increases for the remaining provinces ranged from 6% for Manitoba to 17% for Quebec. The
Bureau's survey includes reports from seven cities-Hamilton, Montreal, Ottawa, Quebec, Toronto, Vancouver and
Winnipeg. All show increases in sales for 1924 as compared
to 1923, both for the month of April and the first four
months. For the four-month period Hamilton reports the
highest gain, 61%; Ottawa the lowest, 41%.
[VOL. 118.
greater than in April of last year. Halifax, Sydney, Quebec. Sherbrooke,
Westmount, Belleville, Fort William, Galt, Hamilton, Kingston, Niagara
Falls, Owen Sound, Stratford, St. Thomas, Windsor, Woodstock, Moose
Jaw, Saskatoon, New Westminster and South Vancouver showed increases
in the value of estimated building in both comparisons.
The value of the building permits issued during the first
four months of this year was lower than in either 1923 or
1922, but it was slightly in excess of the total for 1921.
The aggregate for the first four months of 1924 was $30,293,734; for 1923, $38,296,355; for 1922, $33,930,146, and for
1921 $26,553,041. There were, therefore, declines of 20.9%
and 10.7% in the first two comparisons, and an increase of
14.1% over the 1921 total. The following table shows the
value of the building permits issued during April as compared with March 1924 and with April 1923. The 35 cities
for which records are available since 1910 are marked by
asterisks.
ESTIMATED COST OF BUILDING WORK AS INDICATED BY BUILDING
PERMITS.
CityApril 1924. March 1924. April 1923.
P.E. I.-Charlottetown
Nova Scotia
$55,243
831.095
881,525
*Halifax
35,040
26,605
51,660
New Glasgow
4,575
2,101
*Sydney
15,628
4,490
27,755
New Brunswick
143,125
31,200
30.528
Fredericton
28,775
*Moncton
46,350
6,300
6,528
*St. John
68,000
24,900 •
24,000
Quebec
7,902,617
2,464,910
4,327,145
*Montreal-Malsonneuve
6,913,572
2,164,585
2,690,615
*Quebec
416.795
217,995
500,922
Shawinigan Falls
12,000
3,780
17,530
*Sherbrooke
95,000
6,500
617,928
*Three Rivers
228,850
21,525
23,175
*Westmount
236,400
50,525
476,975
Ontario
8,974,904
4,094,330
7,077,156
Belleville
12,200
38,900
*Brantford
92.415
9,395
25,235
Chatham
41,770
15.100
19,850
*Fort William
37.900
112.920
43,200
Galt
15,746
13,660
18,050
*Guelph
91,196
48,430
49,290
*Hamilton
611,825
254,500
840,150
*Kingston
413,481
593.249
49,537
*Kitchener
270,658
141,031
81,000
*London
371,800
'295,015
104,160
Niagara Falls
56,010
80,065
41,920
Oshawa
202.880
152,195
94,850
*Ottawa
638,950
139,335
247,335
Osen Sound
21.000
8,000
42,000
*Peterboro
61,527
60,070
7,850
*Port Arthur
629,355
30,241
25.680
*Stratford
53,307
148.434
35,643
*St. Catharines
145,417
82,483
40,370
*St. Thomas
22.081
73.250
863
Sarnia
111,066
103.315
54,263
Sault Ilte. Marie
31,390
27,965
37,540
*Toronto
2,463,275
2,386,230
3,230.500
York Township
1,324,000
808,550
326,750
Welland
13.630
77,325
18,125
*Windsor
557,345
398,480
215,745
54,449
Woodstock
15.970
37,623
Manitoba
340,277
244,149
488,775
*Brandon
1,062
1.252
4.850
St. Boldface
21,315
73,147
35.075
*Winnipeg
317,900
169,750
448,850
Saskatchewan
335,220
78,966
399,649
168,900
10,460
*Moose Jaw
80,716
77,000
50,550
235,355
*Regina
88.420
17,956
83,578
*Saskatoon
229,864
229,957
307,035
Alberta
120,000
85,370
113,800
*Calgary
117,315
33,175
152,200
*Edmonton
21,630
29,775
20.179
Lethbridge
5,060
61,352
7,000
Medicine Hat
1,988,155
935,823
1.030,644
British Columbia
24,495
5,125
3,850
Nanalmo
35,580
43,380
21,505
• New Westminster
301,400
Point Grey
429.600
449,000
33,450
3,500
Prince Rupert
17,300
81,290
63,675
South Vancouver
105,820
400,175
334,306
*Vancouver
1.373,145
30.519
42,255
155,252
*Victoria
Canadian Building Permits Lower Than in April
Last Year.
Total (56 cities)
813,452,359 89,162,762 819,207,171
811,465,261
87,803.772 816,775,304
The value of the building permits issued in 56 Canadian Total ('35 cities)
1924.
1922.
1923.
cities showed a large increase during April as compared
Accumulative total for 56 citie, fIrst 4 mod_ $30,293,731 834,299.355 833,930,146
with March 1924, but there was a decrease as compared
with April of last year. Statements received by the Dominion Bureau of Statistics indicate that the reporting cities High Wages Menace Union Coal Fields-Closing of
Illinois and Indiana Mines Unavoidable Unless
authorized building to the value of $13,452,359, as comWorkers Accept Reduction.
$9,162,762
in
the
with
pared
preceding month and with
Special advices from Chicago, published in the New York
$19,207,171 in the corresponding month of 1923. There
was, therefore, an increase of $4,289,597, or 46.8%, in the "Evening Post" of May 19, said:
unions are beginning to learn that, like nations, their greatest curse
first comparison and a decline of $5,754,812, or 30%, as Labor
may be prosperity. Building unions may not know it, but economists can
compared with April 1923. The following additional prove that the greatest menace to those unions to-day Is limited membership
and excessive wages. The coal miners' union has no prohibition of member-*
particulars are given:
Detailed reports were furnished by 47 cities, showing that they had issued
some 1.600 permits for dwellings at an estimated cost of approximately
$7.000,000, and for nearly 3,400 other buildings at a proposed cost of
86.000,000. Since the construction of several buildings is frequently
authorized by a single permit, the number of buildings to be erected is
usually greater than the number of permits issued.
Nova Scotia, Quebec, Ontario, Manitoba and Saskatchewan registered
increases in tho value of building permits issued as compared with March;
those in Quebec of $1.862,235, or 75.5%. and in Ontario of 82,982,826, or
72.9%, were the largest actual gains. Saskatchewan, with an increase
of $256.254, or 324.5%. showed, however, the greatest proportional improvement. Of the declines registered in the remaining provinces, that of
$957,511, or 48.2%, in British Columbia was the most pronounced.
As compared with April 1923, all provinces except Nova Scotia and
British Columbia registered reductions. In those two provinces there
were gains of $26,282. or 47.6%, and $94,821, or 10.1%, respectively.
Quebec reported the largest decline in this comparison, of $3,575,472,
or 45.2%.
The value of authorized building during April was greater than during
March in Montreal, Toronto and Winnipeg, but those three cities showed
declines as compared with April 1923. Vancouver, on the other hand.
reported the value of building permits issued to be lass than in March but
ship limitation. On the contrary, there are 200,000 or more too many of
them for their own good, yet the high wages paid to miners to-day threaten
the complete destruction of the union and the existence of mines In union
territory, except perhaps a few showing the lowest ratio of cost and the
highest degree of efficiency.
It seems reasonable to believe that before the coal mining industry in the
Middle West Is ruined and before the miners' union is completely destroyed
the union will see the economic fallacy of the present situation and accept a
reduction in wages. As a matter of fact, many local and State unions are
already prepared to make such concessions, but national officers refuse to
sanction them.
Great Wage Difference.
The National Coal Association Conference contributed many interesting
facts to those already revealed forecasting the effect on the industry of the
present scale of union wages. A large operator in the Connollsville coke
district of Pennsylvania has just put into effect a wage of $2 60 a day for
day labor in non-union mines. There is every reason to believe that this
or a similar wage will be adopted by other non-union operators in the field.
Compare this to the $7 25 and 57 50 which Illinois operators must pay to
common labor under the three-year agreement recently signed and you will
see the reason why non-union operators are getting the business of the
unionized fields.
MAY 241924.]
THE CHRONICLE
It is well to bear in mind that this refers to common labor and has no
bearing on the higher wages paid to skilled operators.
It is the conclusion of those conversant with the problems of the coal
industry that while non-union mines to-day furnish but approximately 40%
of the bituminous tonnage, non-union territories are quite competent to
supply all of the bituminous needs of the country if a situation should arise
which would make it worth while to develop their potential capacity.
There has been a great increase in the activities of mines already operating
In non-union fields and additional fields are abandoning the union standard.
As an illustration of this, West Virginia last year produced 103,000,000 tons
of coal as compared to less than 65,000,000 tons produced in Illinois.
Unions Control Commission.
Illinois and Indiana could not be made non-union States even though
all the operators and a majority of the miners were to agree to that end,
unless State laws were amended and habits of administration abandoned.
In those States and to some extent in other States it is required by mine
law that every miner must have a certificate of competence issued by a
State commission. The law in Illinois requires that the membership of
2509
that commission must be miners of a stated period of experience within the
State, and this makes it necessary that they be union miners. Consequently, no permit to work is ever issued to non-union miners.
President Farrington, of the Illinois Miners' Union, is stirring up considerable favorable sentiment in labor and farmer circles, for his scheme for
super-power stations to develop energy at the mine by a corporation owned
and controlled in part at least by the miners' union. It is interesting to
note that the spot suggested by Mr. Farrington as the location for one
of the first of these power units is within fifty miles of the West Kentucky
field which is now turning non-union, and within 150 miles of the East
Kentucky field which is already non-union.
It might be that these union capitalists would for a time use union-mined
coal for the power plant in which they had their money invested, but if the
Kentucky coal could be laid down at the doors of that plant fifty cents or
a dollar a ton cheaper than coal mined in the back yard, the probabllity Is
that the union would go into the open market eventually by the same line
of reasoning that some of the local mines operated by the railroad brotherhoods are non-union.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 21, made public by the Federal
Reserve Board and which deals with the results for the
twelve Federal Reserve banks combined, shows a further
reduction of $14,800,000 in earning assets, holdings of bills
bought in open market having declined by $19,700,000,
while holdings of discounted bills increased by $3,400,000
and holdings of U. S. Government securities by $1,500,000.
Federal Reserve note circulation declined by $25,400,000
to $1,886,000,000, total deposits declined by $9,600,000
and cash reserves by $1,300,000.
An increase of $9,000,000 in holdings of discounted bills
is reported by the Atlanta Reserve Bank, Richmond shows
a decrease of $3,500,000, while the remaining banks show
small changes in their holdings. Holdings of paper secured
by U. S. Government obligations declined by $5,900,000 to
$149,700,000. Of the latter amount, $101,100,000 was
secured by Liberty and other U. S. bonds, $43,200,000 by
Treasury notes and $5,400,000 by Treasury certificates.
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 Richmond, which shows an increase of
$500,000. The Chicago Bank shows a decrease of $5,000.000, Boston a
decrease of $3,100,000 and Cleveland a decrease of $2.300,000. Of the
total Increase of $1.500,000 in Government security holdings. $1.100,000
was in Liberty bonds and $400,000 in certificates of indebtedness.
Federal Reserve note circulation declined at all Federal Reserve banks,
except at the Atlanta. Kansas City and San Francisco banks, which report
a total increase of $1,300,000. The Philadelphia Reserve Bank shows a
decline of $6,500,000, Cleveland a decline of $6,400.000 and Chicago a
decline of $4,800,000. Gold reserves decreased by $300.000 during the
week, while reserves other than gold and non-reserve cash declined by
$1.000.000 each.
part by increases of $9,000,000 and $23,000,000, respectively,
in loans on U. S. Government obligations and "All other,"
largely commercial, loans and discounts. Total investments
increased by $62,000,000, increases of $23,000,000 in holdings of U. S. bonds and of $51,000,000 in holdings of corporate securities being partly offset by decreases of $6,000,000
each in holdings of Treasury notes and certificates of indebtedness.
Member banks in New York City report a decrease of
$14,000,000 in loans and discounts; a decrease of $31,000,000
in loans on corporate stocks and bonds and increases of $10,000,000 and $7,000,000, respectively, in loans on U.S. Government securities and in "all other" loans and discounts.
Investments of these banks increased by $55,000,000, of
which $43,000,000 represents the increase in holdings of
corporate stocks and bonds. Further comment regarding
the changes shown by these member banks is as follows:
Of the total increase of 3116,000.000 in net demand deposits. $69.000.000
was reported by banks in the New York district, $25,000,000 by banks in
the Chicago district, and $11,000,000 by banks in the San Francisco district. Time deposits show an increase of $3,000,000 for the week. Government deposits declined about $15,000.000 at all reporting members and
about $5,000,000 at member banks in New York City.
Reserve balances of all reporting institutions decreased by 310,000,000,
and cash in vault by $1,000,000. The New York City banks show a reduction of $5,000,000 in reserve balances and a nominal decline in cash.
Borrowings of all reporting members from the Federal Reserve banks
declined from $208,000,000 to $178,000,000; like borrowings of the New
York City members declined from $31,000,000 to $20,000,000.
On a subsequent page—that is, on page 2548—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 as, week ago:
Increase (+) or Decrease (—)
During
Year.
Week.
—$19,000,000 +3117,000,000
Loans and discounts, total
—52,000.000
+9,000,000
Secured by U.S. Govt. obligations_ _ _ _
,000,000
—51,000,000
Secured by stocks and bonds
+104,000,000
+23,000,000
All other
—45,000,000
+62.000.000
Investments. total
+82.000,000
+23.000,000
U. S. bonds
—343,000,000
—6.000,000
U. S. Treasury notes
—45,000.000
—6,000,000
U. S. certificates of indebtedness
+261,000.000
+51.000,000
Other bonds, stocks and securities- - - _
Increase(+)or Decrease(—) Reserve
+23,000.000
—10,000,000
balances with F. R.banks
During
+11.000,000
—1.000,000
Cash in vault
+275,000.000
deposits
+116,000.000
demand
Week.
Year.
Net
+337.000,000
deposits
+3.000.000
Total reserves
—$1,300,000 +352.200,000 Time
--233.000,000
--21,000,000
Government deposits
Gold reserves
—300,000
+44,900.000 Total accommodation at F. R.banks_
—267.000.000
—30.000,000
Total earning assets
—14.800,000 —382.700,000
Bills discounted. total
+3,400,000 —285.700.000
Secured by U. S. Govt. obligations
—5.900,000 —217.100,000
National City Bank Announces Revolving Credit
Other bills discounted
+9,300,000
—68,600,000
Bills bought in open market
of $25,000,000 for Government of Sweden.
—19,700,000 —215,200,000
U. S. Government securities, total
+1,500,000 +117.700,000
The
National City Bank of New York announced on
Bonds
+1.100,000
—7.700,000
Treasury notes
+118,000.000 May 20 that through agreement with the Kingdom of
Certificates of indebtedness
+400.000
+7.400.000 Sweden (Swedish National Debt Office) it has arranged
—25,400.000 —341.300,000
Federal Reserve notes in circulation
revolving credit in the
deposits
—9,600,000
—1.000,000 for that Government a one-year
Total
+1,700.000
Members' reserve deposits
+10,800.000 amount of $25,000,000. In referring thereto, the "Journal
—11,300,000
+12.600.000 of Commerce" of New York said:
Government deposits
—24.000.400
Other deposits
This credit will preclude the necessity of floating a loan for that country.
which had been predicted, while it is in force, but it is not improbable
that such a loan will be negotiated at the expiration of that period. In
The Week with the Member Banks of the Federal this connection it was pointed out yesterday that the investing public
System.
Reserve
has not received recent offerings of foreign bonds with complete alacrity.
as no flotation will be undertaken in the present instance this tendency
in
$43,000,000
of
loans
and invest- but
Aggregate increases
will have no effect. The interest rate to be paid on the credit was not
ments and of $116,000,000 in net demand deposits, together divulged yesterday.
The present credit follows the $10,000,000 issue of six months 5%
with a reduction of $30,000,000 in a,ccommodation at the Swedish
Treasury bills floated a few weeks ago. The proceeds of those
Federal Reserve banks, are shown in the Federal Reserve obligations were used for commercial purposes. The present credit will
Board's weekly consolidated statement of condition on May be employed similarly, it is expected, this affording dollar balances instead.
14 of 751 member banks in leading cities. It should be noted necessitating the purchase of dollars.
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 2547 and 2548. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
May 21 1924 follows:
The $10,000,000 Treasury bills were mentioned in our
that the figures for these member banks are always a week
b3hind those of the Reserve banks themselves. Loans and issue of May 10 (page 2249) and report that a credit of
discounts show a decline of $19,000,000, the larger decline of $2,000,000 had been arranged in New York in behalf of
$51,000,000 in loans on corporate securities being offset in Sweden was referred to by us April 5 (page 1609).
2510
[VoL. 118.
T-FTE CHRONICLE
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
are for May 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults) was $4,760,113,559, as against $4,812,861,042
April 1 1924 and $4,668,041,079 May 1 1923, but comparing
with $5,628,427,732 on Nov. 11920. Just before the outbreak of the European war, that is, on July 1 1914, the total
was only $3,402,015,427. The following is the statement:
Gold and Silver Imported into and Exported from the
United States, by Countries, for April.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington had made public
its monthly report, showing the imports and exports of gold
and silver for the United States for the month of April 1924.
It will be noted that the imports of gold were $45,418,115
and the exports only $1,390,537. The statement follows:
GOLD AND SILVER IMPORTED INTO AND EXPORTED FROM THE
UNITED STATES, BY COUNTRIES.
GOLD.
Countries.
Total Value.
Imports.
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2,239,207,2851
"a
h
,
MONEY HELD IN THE TREASURY.
.
iii Zs" 22 iE: •Tt 2
ocim
.. to zi
4000U
rva gitz g i
00[40.0 0,
a6.1787fg
06-sgb:;;
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0000.MN
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oc.eq.
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-,
,........4
,ig4g7;
qqqcs.!„mi
HEM
t:d.eico ir.
.,......s
tItqqr:
.....-;
Tot. May 1 '24_
MONEY OUTSIDE OF THE TREASURY.
'
f.M.A
MMO.Nr
a Includes United States paper currency In circulation in foreign countries and the
amount held by the Cuban agencies of the Federal Reserve banks.
S Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
C These amounts are not Included In the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is Included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total Includes $18,376,287 of notes in process of redemption, $173,789,082
of gold deposited for redemption of Federal Reserve notes, $15,053,950 deposited
for redemption of national banknotes,$10,045 deposited for retirement of additional
circulation (Act of May 30 1908), and $6,615,436 deposited as a reserve against
Postal savings deposits.
IIncludes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption;silver certificates are secured dollar for dollar by standard silver.
dollars held in the Treasury for their redemption; United States notes are secured
by a gold reserve of $152,979,025 63 held in the Treasury. This reserve fund may
also be used for the redemption of Treasury notes of 1890, which are also secured
dollar for dollar by standard silver dollars, held in the Treasury. Federal Reserve
notes are obligations of the United States and a first lien on all the assets of the
Issuing Federal Reserve bank. Federal Reserve notes are secured by the deposit
with Federal Reserve agents of a like amount of gold or of gold and such discounted
or purchased paper as is eligible under the terms of the Federal Reserve Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including the gold
redemption fund which must be deposited with the United States Treasurer, against
Federal Reserve notes In actual circulation. Federal Reserve bank notes and
national bank notes are secured by United States Government obligations, and a
5% fund for their redemption is required to be maintained with the Treasurer of
the United States in gold or lawful money.
France
Germany
Netherlands
Spain
England
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Mexico
Bermuda
Barbados
Jamaica
Trinidad & Tobago_
Other Brit. W.Ind_
Cuba
Dominican Republic
Argentina
Bolivia
Chile
Colombia
Ecuador
British Guiana_
Dutch Guiana
Peru
Venezuela
British India
China
Dutch East Indies_
Hongkong
Philippine Islands_ _
New Zealand
Portuguese Africa__
Total
SILVER.
Refined Bullion.
Exports. Imports.
Dollars. Dollars. Ounces.
742,113
29,285
21,145,536
140,000
14,292,179
350
4,041,268
82,387 513,417
95,985
2,555
2,538
56,725
54,887
549,490 544,350 1.686,874
14,600
254
763
11,315
38
485
15,652
57
Total Value.
Exports. Imports. Exports.
Ounces.
151,626
58,952
Dollars. Dollars.
3,001
1,515
637,245
3,222
97,610
93,007
26,000
15.383
12,165
1,224
2,721,520
191,424
24
3,835
35
22,000
342
37,829
111,432
1,328
9,983
1,860
4,648
1
15
225,503 274,000
9,340
53
4,926,305
7,694,686
350.507
187 2,030,177
3,187,042
187,234
110,591
127,863
200.000
23,820
200,337
3,096,761
1,294
117,226
117
7,172
10,418
--45,418.115 1.390.537 2.309.822 11.294.483 3.907.745 7,801.689
5,029
163
8,236
197.903
90,821
866
7,127
76.123
20,092 600.000
535
17.688
57,738
12,497
7,743
2
23
10,224
83
Soviet Russia's Offer to Pay Pre-War Debts to British
If Granted Long-Term Loan.
Associated Press advices from London May 20 had the
following to say regarding the Russian pre-war indebtedness
to Great Britain:
An offer to set aside a lump sum to cover the pre-war debts of the Russian
Government to British subjects if a long-term loan could be arranged with
the assistance of the British Government, was made by the Russian delegates at to-day's session of the Anglo-Soviet Conference. The Russians
said they would only consider the claims of those who held Russian bonds
before March 12 1917.
The British delegation replied that the British Government would not
undertake to guarantee such a loan, but would take a sympathetic attitude
toward the efforts of the Russians to raise the loan privately.
In addition, the Russians stated that no claims would be admitted of
those who after March 12 1917 had taken an active part against the Soviet
Government. They would give the smaller claims priority. The greater
part of the loan would be spent in Great Britain in the purchase of machinery
and other commodities.
The British delegation undertook to examine the Russian proposals
closely, but made it clear that any assistance of Great Britain toward float-.
tug a loan would necessarily be very limited, and there could be no question
of any Government guarantee.
Asked whether the Soviets would admit their liability for the principal
and hack interest of the debt and would resume interest payments, the
Russians replied that they were not prepared to pay back the per-war debt
and full pre-war value, and that the principal should be reduced and the
back interest written off. The Russians pointed out that their assets had
been reduced by the war and subsequent fighting on Russian territory,
but they considered that limited payments to the British bondholders should
be made as soon as a settlement was reached.
Urging the British Government to do what it could toward helping a loan
which would enable the Soviets to settle their pre-war debts, they said that
the Russian State Bank would give solid security for a loan. The British
delegation, however, was adamant on the point of a guarantee. The
British hoped that Russia would find no difficulty in raising the money
privately, and the British Government would be prepared as far as possible
to take a sympathetic attitude toward the Russian efforts to that end.
The Russians thereupon declared that they would only raise this point
again if the negotiations for a private loan failed.
Regarding the personal injury claims on both sides, the Russians expressed
general agreement with the British proposals made several days ago that arbitral machinery should be created in a general treaty to assess and adjudicate such claims, but suggested that there was no need of arbitration except
In the case of failure to agree by direct negotiations between the parties.
The conference adjourned until May 26.
Soviet Ousts 100,000 from Universities-Excludes
Bourgeois Students in Plan to Proletarianize All
Russian Education.
From the New York "Times" of May 18 we take:the following Associated Press cablegram from Moscow May 17:
In line with its policy of purifying the Communist Party and strengthening its hold on all departments of Russian public life, the Soviet Government
to-day issue a decree which virtually eliminates students of the bourgeois
class from the high schools and universities and proletarianizes all education.
kelt, u4I
This measure is made necessary, Soviet officials say, by the overcrowded condition of all the universities and by the need for giving the
MAY 24 1924.]
THE CHRONICLE
educational facilities which
youth of the peasant and proletarian classes the
were denied them under the Czarist regime.
Republic will not be in a
"In coming years," the decree says, "the Soviet
students who are now
position to utilize the special knowledge of the bulk of
completing their education."
affected in RusNearly 100,000 students of non-proletarian origin will be
in the other repubsia proper, while a much greater number will be involved
is extended to them.
lics of the Soviet Federation when the present decree
Party and
As this year only those students designated by the Communist
the universities, the
enter
to
the trade union organizations will be eligible
secondary school
younger generation of students who are now completing
education.
courses will be deprived of the opportunity of getting higher
by the ComThe new decree is corollary to the campaign undertaken
in the expulresulted
munist Party after the death of Nickolai Lenin, which
and showed
sion of those who, it believed, had lost touch with party affairs
admission of
inclinations toward the New Economic Policy, and in the
proletarian
nearly 300,000 new members drawn from the factories and other
walks of life.
2511
of 24,876,000 gold rubles. Out of this amount there were 256,857 tons of
foodstuffs for the amount of 15,131,000 gold rubles; raw and semi-finished
materials 107,271 tons, for the amount of 9,720,000 gold rubles: manufactured articles, 42 tons, for the amount of 25,000 gold rubles.
The imports to the Union of S. S. R.for February 1924 are shown in the
table below:
Quantity.
Value.
Gold Rubles.
Tons.
Groups5.778
1,041,000
1. Foodstuffs and animals
1.332
482,000
2. Animal products and articles
537
88,000
3. Timber, wooden articles and seed grain
158
37.000
4. Pottery materials and articles
6,666
1,841,000
derivatives
their
and
tar
5. Fuel, asphalt,
8,060
2,154,000
6. Materials and products of chemical industry...
7.547
4.101,000
7. Ores, metals and metal articles
5,581
1,034,000
8. Paper and printed matter
3.394
2,445,000
9. Textiles
34
145,000
10. Clothing, dry goods and stationery
38,487 13.368,099
Total
Thus the amount of the exports in February is 2.000,000 rubles higher
than in January, and the imports of February 900,000 geld rubles higher
than in January. The favorable trade balance of February amounts to
11,500,000 gold rubles as compared with 10,381.000 in January.
Russia Developing a New Foreign Trade.
That Soviet Russia is slowly developing a foreign trade
again, despite all obstacles, is evident from the following
Soviet Russia's Grain Crops in 1923.
article, which we reproduce from the May 15 issue of "RusThe Department of Commerce at Washington has issued
sian Review," a semi-monthly periodical published by the a statement, compiled from Soviet official publications, inRussian Information Bureau at Washington:
tended to show the Soviet grain crops in 1923. The report
FOREIGN TRADE IN JANUARY AND FEBRUARY, 1924.
follows:
year 1924
Foreign trade operations during the first month of the calendar
1913 and a
show a total turnover of 35,361,000 gold rubles at the prices of
favorable trade balance of 10,381,000 gold rubles. The results of the
1923,
December,
of
figures
than
the
January goods turnover were lower
which amounted to 14,346.000 gold rubles. This is mainly to be explained
always been
by a reduction of the exports which even before the war has
noticed in the beginning of the calendar year.
the various
to
according
The extent of the exports and their distribution
groups of goods can be judged according to the table below in tons and in
gold rubles:
-Quantities in Tons-Dec. 1923. Jan. 1924,
Groups239,504
440,668
Foodstuffs
131.374
172,208
Raw materials and semi-finished products
Animals
82
63
Manufactured articles
Total
GroupsFoodstuffs
Raw materials and semi-finished products
Animals
Manufactured articles
612,958
370,941
-Value in Gold RublesDec. 1923.
Jan. 1924.
25,262.000
14,005.000
10,174,000
8,810,000
64,000
56.000
Gross Production About the Same as in 1922-Half a Billion Bushels Of Rye
and About a Quarter Billion of Wheat.
The crop area of Soviet Russia in 1923, according to statements in Soviet
the
official publications, abstracted by the Eastern European Division of
Department of Commerce, was about 177,000,000 acres, of which approxithis
on
raised
crops
The
grain.
to
mately 150,000,000 acres were sown
acreage were about as follows:
49,700,000 bushels
Buckwheat
548,700,000 bushels
Rye
118,100,000 "
Millet
245,300,000 "
Wheat
66,500,000 "
Corn
"
157,900,000
Barley
402,800,000 "
Oats
past
have been about
four
years
for
regions
grain
Gross crops in the three
as follows in poods (pood equals 36 pounds), and with the poods translated
Into short tons for the totals:
5.5.4 pooell short ton
1923.
1922.
1921.
1920.
Region1,075,000,000 842,000,000 1,263,000,000 1.178,000,000
European Russia
254,000,000 214,000,000 193,000.000 165,000,000
Asiatic Russia
779,000,000 633,000,000 755,000,000 808,000,000
Ukraine
108,000,000 1,689,000,000 2,211,000,000 3,151,000,000
2
poods
Total-In
39.000.000
40,000,000
31,000,000
In short tots __ 38,000,000
35.500.000
22.571,000
Total
As compared with January. 1923, the exports have increased more than Congress Passes Bill
Authorizing Settlement of
43i times, but as compared with the preceding month they have decreased
Hungarian Debt to United States.
by 12,629,000 gold rubles, which was mainly brought about by the reduction of the exports of foodstuffs.
Both the House and Senate have passed the bill approving
The chief articles of export were the following: Grain, 201,291 tons; oilauthorizing the settlement of the indebtedness of the
and
tons);
timber,
34,805
furs.
tons;
21,501
cake, 37,531 tons (in December
(in
1.949
December
tons
prodoil
tons);
3,501
rubles;
flax,
gold
2,043,000
Kingdom of Hungary to the United States, in accordance
ucts, 34,594 tons; manganese ore, 45,929 tons.
with the plans arranged by the World War Foreign Debt
The imports, according to the groups of goods, are presented by the table
The completion of the plans by the CommisCommission.
below:
-Quantities in Tonewas referred to in these columns May 10,
25,
April
on
sion
1924.
Dec.
Jan.
1923.
Groups2,621
4.270 page 2251. The bill authorizing the carrying out of these
Foodstuffs and animals
1.087
1,130
Animal products
789 plans was passed by the House on May 12 and by the Senate
508
Timber, wooden articles, wickerwork and seeds
105
426
Pottery materials and articles
on May 17. As explained by Representative Crisp (Demo35,495
16.672
Fuel, asphalt, tar and their derivatives
14,222
5,275
Chemical products
member of the Debt Commission, the loan to Hun5,951 crat) a
5,850
Ores, metals, metal articles
5.280 gary "was not made under the provisions of the law to lend
3,948
Paper and printed matter
3,847
2,559
Textiles
the war, but
4954 money to our Allies to aid in the prosecution of
Clothing articles, dry goods and °Mee supplies
purposes." Representative
59,149
50,629 was loaned for humanitarian
Total
GroupFoodstuffs and animals
Animal products
Timber, wooden articles, wicker-work and seeds
Pottery materials and articles
Fuel, asphalt, tar and their derivatives
Chemical products
Ores, metals, metal articles
Paper and printed matter
Textiles
Clothing articles, dry goods and office supplies
Value in Gold Rubles
Dec. 1923.
Jan. 1924.
1,278,000
633,000
367,000
399,000
109,000
165,000
1,4:1:010
2,096.000
4,472,000
853,000
3,175,000
292,000
°
2,3220
2,525,000
3.025.000
1,112,000
2,008,000
193,000
---1 4.207,000
7
Total
12,490,000
As compared with January 1923, the imports of 1924 have doubled, but
as compared with December 1923 they have decreased by 1,717,000 gold
rubles. In the composition of the imports of January certain changes can
be noticed as regards the value. As compared with December there was a
considerable reduction in the import of metal articles (by 7.3%), and of
textiles (by 6.2%). and also foodstuffs (by 3.9%). At the same time
there was an increase in the imports of fuel (by 8.7%), of chemicals (by
5.4%) and of paper goods (by 2.9%)•
The most important items among imports were as follows: Herrings,
3.479 tons, which is by 2,922 tons more than in December; coal, 16.672
rons; rubber. 15.441 tons; chemical and pharmaceutical products, 10,239
tons (tho quantity imported in December was 1,556 tons only); tanning
materials, 3,336 tons (in December, 2,785 tons); metals. 2,816 tons (which
1,766 tons; paper. 4.215
1.820 tons more than in December); metal articles,
tons (in December, 2,817 tons); cotton, 1.218 tons, &c.
The exports to Germany constitute 22.3% of the value of the total exports. Next in line comes Latvia with 15.5%. Turkey with 9%. France
with 7.9%, Gibraltar with 7.5%,Esthonia with 6.3%, Denmark with 5.9%,
England with 5.7%. and others. In the month of December 18.4% of the
total exports fell to the share of England. As regards Russian imports,
England holds the first place with 36.7% and Germany the second place
with 31.1% of the total imports, while in December Germany held the first
place. Very considerable was the increase of the imports from the United
States, with 11.7% (instead of 3.4% in December), while the imports from
Poland decreased from 9.5% to 1.1%•
Russia's Foreign Trade for Februarg.
.the Union of S. S. R. in
According to preliminary data the export from
the course of February 1924 amounted to 364,170„tons for:the total!amount
Crisp continued:
babies
After the armistice there was a great deal of suffering in Hungary;
Government
and women were dying by the thousands and the United States
save
authorized the Grain Corporation to sell foodstuffs to Hungary to
advanced to
the lives of thousands of women and children. The amount
Hungary totaled $1.685,000.
and has never
Hungary. as you know, is in a very depleted condition
nothing on it and
been able to meet any of the sum duo us and has paid
made the United
can not until this matter be funded. When the loan was which furnished
States and the other Allied nations and friendly nations
which, of course,
food to save life had a first lien on the assets of Hungary,
of Hungary to repay
in the long run amounted to nothing but the obligation
depleted condition.
this indebtedness. Hungary'sfinances are still in a very
float a rehabilitation
She can not meet any of her obligations unless she can
of Hungary of
loan. This bill provides for funding the indebtedness
of the indebtedness
$1,600.000. and is exactly in terms with the settlement
exception being
of Great Britain and Finland with this one exception, the
cancel the first lien
that the Secretary of the Treasury is authorized to
Hungary, making it
that the United States might have on the assets of
floated, and
subject to the rehabilitation loan of $50,000,000 which Is to be
creditor
the United States is not to do that unless all the other Allied
the
nations who stand in the same position with the United States as to
first lien make the same cancellation.
England, Switzerland, France, Holland, and other allied countries
the
advanced foodstuffs when we did, and they have in common with
United States a first lien on the resources of Hungary. This simply
authorizes the Secretary of the Treasury to waive the lien in favor of this
rehabilitation loan of $50,000.000, provided all the other nations which
made advances for humanitarian purposes-the purchase of food to save
human life-make the same waiver. If they do not waive it, the United
States does not waive it. Now, the Congress of the United States did
this identical thing so far as Austria was concerned. We advanced foodstuffs to Austria, and in March 1922 Congress postponed that indebtedness
25 years and waived its first lien for the purpose of enabling Austria to
float a rehabilitation loan. This does exactly the same thing. This
funds the indebtedness of Hungary for 62 years, and interest is calculated
on the amount of the indebtedness at 4X% up to Dec. 15 1923. The
same rate of interest was figured on the indebtedness of England and
Finland. The total amount due at this time on thLs funding of principal
and interest was $1,900,000 and a few odd dollars, practically $2,000,000.
2512
TH N4 CHRONICLE
This funding is under the same terms as that of England and Finland.
For the first ten years the interest is 3%. After that it is
%. It is
payable over a period of 62 years amortized and payable in gold, and the
Government of the United States accords Hungary the right to settle
the Indebtedness by accepting at par any bonds of the United States of
America that were issued after April 1917, with the exception, as I have
before stated, of making this loan subject to the lien of the rehabilitation
loan of $.50,000,000. It is identical with the settlement made with England
and Finland. This does not make the indebtedness of the United States
subject to any reparation claims, but only for this rehabilitation loan.
[Vol.. 118.
designated as "Relief Series C of 1920." the other obligations of this series
being held by other creditor nations of Hungary; that this series of obligations, according to its express terms, is a first lien on all the assets and
revenues of Hungary;and that the success of the reconstruction loan referred
to makes it essential that the lien enjoyed by this series of obligations be
subordinated to that of such loan. He accordingly made his consent to
enter into the foregoing agreement contingent upon appropriate provision
for the subordination of the lien enjoyed by the obligation of the Government of Hungary now held by the United States to that of the loan,
suggesting that some such course of action be provided for as
he case of the
Asked specifically regarding the indebtedness of France relief obligation of the Government of Austria held by in
this Government,
by embodying in the form of agreement and bond as executed by the Govto the United States, Representative Crisp said:
The commission is doing everything that we can to try to bring about a ernment of Finland two amendments worded substantially as follows:
To be inserted as section 7 of the agreement:
funding and settlement of the indebtedness due this nation, not only by
"Security: The payment of the principal and interest of all bonds issued
France but by all the other creditor nations, and the commission is always or to be issued hereunder
shall be secured in
same manner and to the
very happy when it can present to the House a settlement and funding of same extent as the obligation of Hungary in thethe
principal amount of $1,685,any indebtedness, even of any of the small nations. The amount here 835 61, described in the preamble to this agreement: that is to say, shall
be
'a
first
charge
upon
all the assets and revenues of Hungary and shalt
Involved compared with our foreign indebtedness is infinitesimal, less than have a priority
over costs of reparation under the Treaty of Trianon or
two million, but we are glad to present It because we think that is notice to under any treaty or agreement
supplementary thereto, or under arrangements
concluded between Hungary and the Allied
the other creditor nations that the United States expects them to settle
and Associated Powers
their indebtedness, and we hope these matters will have a salutary effect during the armistice signed on Nov. 3 1918': Provided, however, That all
or any part of such security may be released by the Secretary of the Treason the other nations.
ury of the United States on such terms and conditions as he may deem necesor appropriate in order that the United States may co-operate in any
The following is the bill passed by Congress providing for sary
program whereby Hungary may be able to finance
immediate needs by
the flotation of a loan for reconstruction purposes, ifits
the find of the Hungarian debt:
and when substantially
all other creditor nations holding obligations of Hungary
similar to that
Be it enacted, &c., That the settlement of the indebtedness of the Kingdom held
by the United States and described in the preamble to this agreement.
of Hungary to the United States of America, made by the World War to wit. Denmark, France, Great
Britain, Holland, Norway, Sweden and
Foreign Debt Commission and approved by the President upon the following Switzerland, shall release to a similar extent the security enjoyed by such
obligations. The Secretary of the Treasury of the United States shall be
terms,is hereby approved and authorized:
authorized to decide when such action has been
substantially taken."
Principal amount of obligations to be funded, $1,685,835 61; interest
To be inserted as the third paragraph of the bond:
accrued thereon to Dec. 15 1923 at the rate of 43% per annum, $253."The payment of the principal and interest on this bond is secured in
917 43; total principal and interest accrued and unpaid as of Dec. 15 1923, the same manner and to the same
extent as the obligation of Hungary in
$1,939,753 04; less payment in cash by Hungary on April 25 1924, $75,304: the principal amount of 31.685,835 61 described
the preamble to said
agreement, subject to release in whole or in part in
total Indebtedness to be funded into bonds, $1,939,000.
by the Secretary of the
Treasury
of the United States under authority conferred by section 7 of'
The principal of the bonds shall be paid in annual installments on the said
agreement."
15th day of December,up to and including Dec. 151985,on a fixed schedule,
You will note that the form of agreement as amended makes it clear that
subject to the right of the Government of Hungary to make these payments
In three-year periods; the amount of the first year's installment shall be the bonds to be issued pursuant to its terms shall in the first instance have
$9,600. the installments to increase with due regularity until, in the sixty- the same security as that now enjoyed by the obligation of the Government
second year, the amount of the installment shall be $75,000, the aggregate of Hungary held by the United States, but makes it possible for this Government to co-operate with other Governments having claims against
installments being equal to the total principal of the debt.
The Government of Hungary shall have the right to pay off additional Hungary in the manner required in the pending program for the financial
amounts of the principal of the bonds on any interest date upon 90 days' reconstruction of Hungary. The authority conferred upon the Secretary
of the Treasury in the latter connection by the amendments agreed to is
notice.
Interest shall be payable upon the unpaid balances at the following rates, substantially the same as that conferred upon him with reference to the
relief obligation of the Government of Austria held by the United States
on Dec. 15 and June 15 of each year:
At the rate of 3% per annum, payable semi-annually, from Dec. 15 1923 by the Joint resolution passed by Congress and approved by the President
to Dec. 15 1933, and thereafter at the rate of 3%% per annum, payable on April 6 1922.
Briefly, the agreement accords to the Government of Hungary, with
semi-annually until final payment.
The Government of Hungary shall have the right to pay up to one-half respect to the repayment of its indebtedness to the United States, terms
of any interest accruing between Dec. 15 1923 and Dec. 15 1928, on the similar to those already extended to the Governments of Great Britain and
$1,939,000 principal amount of the bonds first to be issued in bonds of Finland and, with respect to the security enjoyed by the indebtedness.
Hungary dated as of the respective dates when the interest to be paid terms of similar nature to those already extended to the Government of
thereby becomes due, payable as to principal on the 15th day of December Austria.
On April 7 1924 at a meeting of the Commission, by appropriate resoluin each succeeding year, up to and including Dec. 15 1985, on a fixed
schedule,in annual installments increasing with due regularity in proportion tion unanimously adopted, the Secretary of the Treasury, as Chairman
to and in the manner provided for payments to be made on account of of the World War Foreign Debt Commission, with the approval of the
principal of the original issue of bonds, bearing the same rates of interest President and subject to the approval of Congress. was authorized and
directed to execute for the Commission on behalf of the United States of
and being similar in other respects to such original issue of bonds.
Any payment of interest or of principal shall be made in United States America, under the terms of the Act of Congress approved Feb. 9 1922.
gold coin of the present standard of value or at the opticn of the Govern- as amended by the Act of Congress approved Feb. 28 1923, an agreement
ment of Hungary,in any United States Government obligations issued after with the Government of Hungary providing for the refunding of its indebtedness to the United States upon terms substantially similar to those embodied
April 6 1917. such obligations to be taken at par and accrued interest.
The payment of the principal and interest of the bonds shall be secured in the agreement concluded by the United States with the Government of
in the same manner and to the same extent as the obligation of Hungary Finland on May 1 1923, the form of agreement and bond as executed by the
which is to be funded: Provided, however, That all or any part of such Government of Finland to be amended substantially as above indicated.
I have the honor to hand you herewith for your approval such agreement.
security may be released by the Secretary of the Treasury on such terms
and conditions as he may deem necessary or appropriate in order that the executed in two counterparts pursuant to the foregoing resolution, together
United States may co-operate in any program whereby Hungary may be with one copy thereof for your files.
The Commission believes that a settlement of the debt of the Government
able to finance its immediate needs by the flotation of a loan for reconstruction purposes, if and when substantially all other creditor nations holding of Hungary to the United States on the basis specified is fair and just to
both
Governments and recommends for submission to Congress the terms
obligations similar to that held by the United States which is to be funded,
to wit. Denmark, France, Great Britain, Holland, Norway, Sweden and embodied in the agreement herewith.
Should you see fit to indorse your approval on the two counterparts of
Switzerland, shall release to a similar extent the
security enjoyed by such the agreement
herewith, I should appreciate it if they might be returned
obligations.
to
me,in order that one copy may be transmitted to the Hungarian Minister
The Secretary of the Treasury shall be authorized to decide when this
at Washington and the other to the Treasurer of the United States, to be
action has been substantially taken.
held pending such action as Congress may take in the matter.
In his letter to President Coolidge, submitting the report
Respectfully submitted.
A. W. MELLON,
of the Debt Commission in the matter, Secretary of the
Secretary of the Treasury and
Treasury Mellon said:
Chairman of the World War Foreign Debt Commission.
The President, The White House.
WORLD WAR FOREIGN DEBT COMMISSION.
Washington, April 25 1924.
The report as submitted to the House on May 12 by RepreDear Mr. President—The World War Foreign Debt Commission, created
sentative
Crisp follows:
under the Act of Congress approved Feb. 9 1922, as amended by the Act
of Congress approved Feb. 28 1923, having received the representative
Settlement of the Debt of Hungary to the United States.
appointed by the Government of the Kingdom of Hungary to consider the
Mr. Crisp, from the Committee on Ways and Means, submitted the folrefunding of the indebtedness of that Government to the United States, lowing report, Co accompany IT. R.8905:
reports as follows:
The Committee on Ways and Means, to which was referred the bill
The Government of the Kingdom of Hungary designated as its represent- (H. R. 8905) to authorize the settlement of the indebtedness of the Kingative Count Laszlo Szechenyi, its envoy extraordinary and minister pleni- dom of Hungary to the United States of America, having had the same
potentiary at Washington, who advised the Commission that he had been under consideration, unanimously report it back to the House without
instructed by his Government to express its desire to refund its indebtedness amendment and recommend that the bill do
Pass.
The World War Foreign Debt Commission negotiated a settlement with
to this country, provided that terms could be agreed upon with which it
would be possible for it to comply. Frequent conferences resulted between the minister of Hungary at Washington, which was embodied in an agreerepresentatives of the Commission and the Hungarian Minister at Wash- ment executed, with the approval of the President and subject to that of
ington, at which the Minister emphasized particularly the fact that his Congress, on April 25 1924. pursuant to authority conferred by the Act of
Government is to-day in serious financial difficulties and that a reconstruc- Congress approved Feb. 9 1922, as amended by the Act of Congress aption loan has become imperative in order to enable it to rehabilitate its proved Feb. 28 1923.
The Indebtedness, in the principal amount of $1,685,835 61, was incurred
finances.
After full consideration by the Commission of the problems involved in in connection with food purchased on credit from the United States Grain
refunding the indebtedness of the Government of Hungary to this country, Corporation for relief purposes, and is evidenced by one of a series of oblithe Minister indicated that he would be willing to enter into an arrangement gations of the Government of Hungary designated as "Relief Series C. of
on behalf of his Government to refund the indebtedness in question on terms 1920." which, according to their express terms, are a first lien upon all the
similar to those embodied in the agreement executed by the United States assets and revenues of Hungary.
The agreement, with the exception hereinafter referred to, follows In
with the Government of Finland on May 1 1923. the total amount of the
Indebtedness to be determined as of Dec. 15 1923, accrued interest to that substance that made with the British and Finnish Governments, the
date to be computed at the rate of 43(% per annum, the repayment of the basic date of the bonds to be issued being Dec. 15 1923. The principal
indebtedness so determined to be provided for by the issue at par as of that sum of the debt, as of that date, is $1,939,000 and is payable in annual
date of bonds in the principal amount of $1,939,000. and the immediate Installments, beginning with $9,600 on Dec. 15 1924 and increasing with
payment in cash of any amount found to be due over and above that figure. due regularity to $75,000 on Dec. 15 1985. Any payment of principal may
The Minister pointed out, however, that the indebtedness of his Govern- be deferred for not more than two years from its due date, but the payment
ment to the United States is evidenced by one of a- series of obligations falling due in the next succeeding year can not be postponed for more than
MAY 241924.1
THE CHRONICLE
one year from its due date, and the payment falling due in the second
succeeding year can not be postponed at all until the payment due two years
previous thereto shall have been made. Payments of principal may also be
made before maturity on giving not less than 90 days' notice. Interest is
payable on the unpaid balances semi-annually at the rate of 3% per annum
to Dec. 15 1933, and at the rate of 3%% per annum thereafter. One-half
of the interest accruing between Dec. 15 1923 and Dec. 15 1928 may be
funded into bonds with maturities similar to those of the original issue.
All payments on account of principal or interest are to be made at the
Treasury of the United States or at the Federal Reserve Bank of New
York in United States gold coin of the present standard of value or in
obligations of the United States issued after April 6 1917.
The exception referred to appears in Section 7 of the agreement, which
provides that the bonds to be issued shall be secured in the same manner
and to the same extent as the obligations of the Government of Hungary
now held by the United States, and authorizes the Secretary of the Treasury
to release all or any part of such security for the purpose specified, provided
that substantially all other creditor nations holding obligations of Hungary
similarly secured release to a similar extent the security enjoyed by their
respective obligations. No such question of security was involved in the
settlements with the British and Finnish Governments.
The Government of Hungary is to-day in serious financial difficulties
and it appears that a reconstruction loan is imperative in order to bring
about a rehabilitation of its finances. In order to obtain this loan it is
contemplated that the lien upon the assets and revenues of Hungary,
enjoyed by the series of obligations of the Government of Hungary referred
to, shall be subordinated to that of the reconstruction loan just as similar
liens were subordinated to that of the reconstruction loan recently floated
by the Government of Austria.
Section 7 of the agreement makes it possible for this Government to
co-operated in this respect with other Governments having similar claims
against Hungary and to extend to the Government of Hungary terms of a
similar nature to those already extended to the Government of Austria
under authority conferred by Joint resolution passed by Congress and
approved by the President on April 6 1922.
A copy of the letter written by the Secretary of the Treasury, Chairman of the World War Foreign Debt Commission, to the President, submitting to him for his approval the agreement made by the World War
Foreign Debt Commission with the Government of Hungary providing for
the funding of its indebtedness, a copy of said agreement and the form of
the bond to be executed are annexed hereto.
2513
3. Payment of interest: All bonds issued or to be issued hereunder shall
bear interest, payable semi-annually on June 15 and Dec. 15 in each year,
at the rate of 3% per annum from Dec. 15 1923 to Dec. 15 1933, and
thereafter at the rate of 33. % per annum until the principal thereof shall
have been paid.
shall
4. Method of payment: All bonds issued or to be issued hereunder
be payable, as to both principal and interest, In United States gold coin
not
upon
of the present standard of value, or, at the option of Hungary,
less than 30 days' advance notice to the United States, In any obligations
of the United States issued after April 6 1917. to be taken at par and accrued
That
Interest to the date of payment hereunder: Provided, however,
to
Hungary may at its option, upon not less than 90 days' advance notice
between
accruing
interest
the United States, pay up to one-half of any
amount of
Dec. 15 1923 and Dec. 15 1928, on the $1,939,000 principal
and bearing
bonds first to be issued hereunder, in bonds of Hungary dated
paid thereby
Interest from the respective dates when the interest to be
Dec. 15 in
becomes due, with maturities arranged serially to fall on each
the manner
in
substantially
the succeeding years up to Dec. 15 1985,
and substanprovided for the original issue in Section 2 of this agreement,
under this
tially similar in other respects to the original issue of bonds
agreement.
States, to
All payments, whether in cash or in obligations of the United
of any bonds
be made by Hungary on account of the principal or interest
shall be .
issued or to be issued hereunder and held by the United States,
at the option
made at the Treasury of the United States in Washington, or,
Reserve
Federal
of the Secretary of the Treasury of the United States,at the
immediately
Bank of New York, and if in cash shall be made in funds
United States
available on the date of payment, or if in obligations of the
the United
shall be in form acceptable to the Secretary of the Treasury of
governing
States under the general regulations of the Treasury Department
transactions in United States obligations.
all bonds
5. Exemption from taxation: The principal and interest of
for, and
Issued or to be issued hereunder shall be paid without deduction
or
present
shall be exempt from, any and all taxes or other public dues,
or local
political
future, imposed by or under authority of Hungary or any
long as.
taxing authority within the Kingdom of Hungary, whenever, so
of the
and to the extent that beneficial ownership is in (a) the Government
domiciled nor
United States, (b) a person, form, or association neither
under
ordinarily resident in Hungary, or (c) a corporation not crganized
the laws of Hungary.
interest
6. Payments before maturity: Hungary may at he option on any
date or dates, upon not less than 90 days' advance notice to the United
We also give, as published in the "Congressional Record" States, make advance payments in amounts of $1,000 or multiples thereof
of any bonds issued or to be issued hereunder
the agreehient in the matter between the two Governments, on account of the principal
held by the United States. Any such advance payments shall first be
and
and the form of bond:
applied to the principal of any bonds which shall have been issued hereunder
Agreement made the 25th day of April 1924 at the City of Washington, D. C., on account of interest accruing between Dec. 15 1923 and Dec. 15 1928.
herebetween the Government of the ICingdm of Hungary, hereinafter called and then to the principal of any other bonds issued or to be issued
at
Hungary, party of the first part, and the Government of the United States of under and held by the United States, as may be indicated by Hungary
the time of the payment.
America, hereinafter called the United States, party of the second part.
bondsissued
Whereas, Hungary is indebted to the United States as of Dec. 15 1923
7. Security: The payment of the principal and interest of all
upon an obligation maturing Jan. 1 1925 in the principal amount of $1,685,- or to be issued hereunder shall be secured in the same manner and to the
of $1,amount
835 61, described as "Relief Series C of 1920." together with interest same extent as the obligation of Hungary in the principal
that is to say.
accrued and unpaid thereon; and
685,835 61. described in the preamble to this agreement;
Whereas, Hungary desires to fund said indebtedness to the United States, shall be"a first charge upon all the assets and revenues of Hungary and shall
both principal and interest, through the issue of bonds to the United States, have a priority over casts of reparation under the Treaty of Trianon or
and the United States is prepared to accept bonds from Hungary upon the under any treaty or agreement supplementary thereto, or under arrangePowers
terms and conditions hereinafter set forth:
ments concluded between Hungary and the Ailed and Associated
Now, therefore, in consideration of the premises and of the mutual during the armistice signed on Nov. 3 1918": Provided, however, That all or
of the Treasury
covenants herein contained, it is agreed as follows:
any part of such security may be released by the Secretary
1. Amount of indebtedness: The amount of the indebtedness to be of the United States on such terms and conditions as he may deem necessary
funded, after allowing for cash payments made or to be made by Hungary. or appropriate in order that the United States may co-operate in any proneeds by the
Is $1,939,000, which has been computed as follows:
gram whereby Hungary may be able to finance its immediate
$1,685.835 61 flotation of a loan for reconstruction purposes, if and when substantially
Principal amount of the obligation to be funded
to that held
Interest accrued thereon from May 29 1920 to Doc. 15 1923
all other creditor nations holding obligations of Hungary similar
253,917 43 by the United States and described in the preamble to this agreement.
at the rate of 43.1% per annum
and
Sweden.
to wit, Denmark, Franco, Great Britain, Holland, Norway,
Total principal and interest, accrued and unpaid as of
Switzerland, shall release to a similar extent the security by such obligations.
$1.939.753 04 The Secretary of the Treasury of the United States shall be authorized to
Dec. 15 1923
753 04 decide when such action has been substantially taken.
To be paid in cash by Hungary April 25 1924
8. Exchange for marketable obligations: Hungary will issue to the
$1.939,000 00 United States at any time, or from time to time, at the request of the
Total indebtedness to be funded into bonds
of
repayment
to
the
for
provide
2. Repayment of principal: In order
Secretary of the Treasury of the United States, in exchange for any or all
the indebtedness thus to be funded, Ilungary will issue to the United States
of the bonds issued or to be issued hereunder and held by the United States,
at par, as of Dec. 15 1923, bonds of Hungary in the aggregate principal definitive engraved bonds in form suitable for sale to the public, in such
amount of $1,939,000, dated Doc. 15 1923 and maturing serially on each amounts and dencrninations as the Secretary of the Treasury of the United
Dec. 15 in the succeeding years for 62 years, in the amounts and on the
States may request, In bearer form, with provision for registration as to
several dates fixed in the following schedule:
principal, and (or) in fully registered form,and otherwise on the same terms
Dec. 15 1924._ _
59,600 Dee. 15 194&.. $19,000 Dee. 15 1958.. _ $42,000
conditions, as to dates of issue and maturity, rate or rates of interest.
and
19,500
1969.....
192,5._ _
9,800
l947..
44,000
United
20,500
1926_ _ 10,000
1943._ _
45.000 security, exemption from taxation, payment in obligations of the
1970._ _
l949.. _
1927_ _ _
47,000 States issued after April 6 1917, and the like, as the bonds surrendered on
21,000
10,200
1971_ _ _
1923. _.
22,000
10,400
1950._ _
1972_ _ _
48,000 such exchange. Hungary will deliver definitive engrated bonds to the
11,000
1951.. _
1929._ _
22,500
1973_._
50,000
of receiving notice
1930...
23,500
1952_.
11,500
1974_ _ 51,000 United States in accordance herewith within six months
1931._
24.000
12,000
1075....
1953._
53,003 of any such request from the Secretary of the Treasury of the United States,
1950_ _
1932_ __
25.000
12,000
55.000 and pending the delivery of the definitive engraved bonds will, at the re1970___
1055_ _.
1933_ _ _
26,000
12,500
57.000 quest of the Secretary of the
1977._ _
Treasury of the United States, deliver tem1934...
12,500
1956_
27,000
1978....
59,000
Secretary of the
1935...
27,500
13,000. 1957...
1979....
61,000 porary bonds or interim receipts in form satisfactory to the
1936_ _ 28.500
13,500
1953.. _
64.000 Treasury of the United States, within 30 days of the receipt of such request,
1980_._
29,000
13,500
1959.
1937...
1981...
66,000 all without expense to the United States. The United States, before offering
14,000
1938...
30,000
1960._
1982...
54,000
or interim receipts for sale in Hungary. will first offer them
14,500
1961_
19:19....
32,000
1983_ _
71,000 any such bonds
Hungary shall
15.000
1940...
1984...
1952...33,000
73,000 to Hungary for purchase at par and accrued interest, and
35,000
15,500
1963_
1941...
1985...
75.000 likewise have the option, in lieu of issuing ally such bonds or interim re16,000
1964_ _ .
36,000
1912....
of a correinterest,
ceipts, to make advance redemption, at par and accrued
17,000
1935_ _ _
38,000
1943...
and
17,500
40,000
1966.--- sponding principal amount of bonds issued or to be issued hereunder
1944_._
1967...
41,000 Total..
18.000
1945_ - _
81,939,000 held by the United States. Hungary agrees that the definitive engraved
and
Provided, however, That Hungary may at its option, upon not less than bonds called for by this paragraphs shall contain all such provisions,
will cause to be promulgated all such rules, regulations and orders
90 days' advance notice to the United States, postpone any payment that it
Treasury
the
of
falling due as herelnabove provided to any subsequent June 15 or Dec. 15 as shall be deemed necw;sary or desirable by the Secretary
in the United
not more than two years distant from its due date, but only on condition of the United States in order to facilitate the sale of the bonds
the Secretary of
that in case Hungary shall at any time exercise this option as to any payment States, in Hungary, or elsewhere, and that if requested by
of the United States it will use Its good offices to secure the
of principal, the payment falling due in the next succeeding Year can not the Treasury
the bonds on the stock exchange in Budapest.
be postponed to any date more than one year distant from the date when it listing of
9. Cancellation and surrender of relief obligation: Upon the execution
becomes due unless and until the payment previously postponed shall
actually have been made, and the payment falling due in the second suc- of this agreement the payment to the United States of cash in the sum of
unless
all
at
and
until
postponed
the
be
payment of $753 04, as provided in paragraph 1 of this agreement, and the delivery to
ceeding year can not
the United States of the 81,939,000. principal amount of bonds of Hungary
principal due two ye-trs previous thereto shall actually have been made.
All bonds issued or to be issued hereunder to the United States shall be first to be issued hereunder, together with satisfactory evidence of authority
payable to the Government of the United States of America, or order, for the execution of the agreement and the bonds on behalf of Hungary by
shall be Issued in such denominations as may be requested by the Secretary its envoy extraordinary and minister plenipotentiary at Washington, and
of the Treasury of the United States, and shall be substantially in the of appropriate action by the Reparation Commission so as to assure by Its
form set forth in the exhibit hereto annexed and marked "Exhibit A." approval to the bonds of Hungary to be issued hereunder the same priority
The $1,939,000 principal amount of bonds first to be issued hereunder shall over reparations as that now enjoyed by the obligation of Hungary in the
be issued in 62 pieces. In denominations and with maturities corresponding principal amount of $1,685.835 61 described in the preamble to this agreement, the United States will cancel and surrender to Hungary. at the
to the annual payments of principal hireinalxwe set forth.
2514
THE CHRONICLE
Treasury of the United States in Washington, the obligation of Hungary
last described.
10. Notices: Any notice, request, or consent under the hand of the
Secretary of the Treasury of the United States shall be deemed and taken
as the notice,request, or consent of the United States, and shall be sufficient
if delivered at the Legation of Hungary at Washington or at the office of the
Minister of Finance in Budapest. and any notice, request, or election from
or by Hungary shall be sufficient if delivered to the American Legation at
Budapest or to the Secretary of the Treasury at the Treasury of the United
States in Washington. The United States, in its discretion, may waive any
notice required hereunder, but any such waiver shall be in writing, and shall
not extend to or affect any subsequent notice or impair any right of the
United States to require notice hereunder.
11. Compliance with legal requirements: Hungary represents and agrees
that the execution and delivery rn this agreement and of the bonds issued or
to be issued hereunder have in all respects been duly authorized, and that
all acts, conditions, and legal formalities which should have been completed
prior to the making of this agreement and the issuance of bonds hereunder
have been completed as required by the laws of Hungary and (or) applicable
treaties and in conformity therewith.
12. Counterparts: This agreement shall be executed in two counterparts,
each of which shall have the force and effect of an original.
In witness whereof Hungary has caused this agreement to be executed
on its behalf by its envoy extraordinary and minister plenipotentiary at
Washington, thereunto duly authorized, and the United States has likewise caused this agreement to be executed on its behalf by the Secretary of
the Treasury, as Chairman of the World War Foreign Debt Commission,
with the approval of the President, all on the day and year first above
written, subject, however, to the approval of Congress, pursuant to the
Act of Congress approved Feb. 9 1922. as amended by the Act of Congress
approved Feb. 28 1923, notice of which approval, when given by Congress.
will be transmitted in due course by the Secretary of the Treasury of the
United States to the Legation of Hungary at Washington.
THE GOVERNMENT OF THE KINGDOM OF HUNGARY,
By LASZLO SEZCHENYI,
Envoy Extraordinary and Minister Plenipotentiary.
THE GOVERNMENT OF THE UNITED STATES OF
AMERICA.
For the Commission:
By A. W. MELLON, Secretary of the Treasury and Chairman
of the World War Foreign Debt Commission.
Approved:
CALVIN COOLIDGE, President.
EXHIBIT A.
(Form of bond).
THE GOVERNMENT OF THE KINGDOM OF HUNGARY.
Sixty-two year 3-3j.j% gold bond.
Dated December 15 1923—maturing December 15
No.
The Government ofthe Kingdom of Hungary.hereinafter called Hungary.
for value received promises to pay to the Government of the United States
of America, hereinafter called the United States, or order, on the 15th
day of December —,the sum of — dollars(S—),and to pay interest
upon said principal sum semi-annually on the 15th day of June and December in each year. at the rate of 3% per annum from December 15 1923.
to December 15 1933. and at the rate of 33i% per annum thereafter lentil
the principal hereof shall have been paid. This bond is payable as to
both principal and interest in gold coin of the United States of America of
the present standard of value, or, at the option of Hungary, upon not
lass than 30 days' advance notice to the United States, in any obligations
of the United States issued after April 6 1917. to be taken at par and
accrued interest to the date of payment hereunder. This bond is payable
as to both principal and interest without deduction for, and is exempt
from, any and all taxes and other public dues present or future. imposed
by or under authority of Hungary or any political or local taxing authority
within the Kingdom of Hungary. whenever, so long as, and to the extent
that beneficial ownership is in (a) the Government of the United States.
(b) a person, firm, or association neither domiciled nor ordinarily resident
in Hungary. or (c) a corporation not organized under the laws of Hungary.
This bond is payable as to both principal and interest at the Treasury
of the United State. in Washington. D. 0., or. at the option of the Secretary of the Treasury of the United States, at the Federal Reserve Bank
of New York.
This bond is issued under an agreement dated April 25 1924. between
Hungary and the United States, to which this bond is subject and to
which reference is made for a further statement of its terms and conditions.
The payment of the principal and interet on this bond is secured in
the same manner and to the same extent as the obligation
of Hungary
In the principal amount of 31,685,835 61, described
the preamble to
said agreement, subject to release in whole or in nart in
by
the
Secretary
of
the Treasury of the United States under authority conferred by section
7 of said agreement.
In witness whereof Hungary has caused this
to be executed in
its behalf at the city of Washington. D. C., by bond
its envoy extraordinary
and minister plenipotentiary at Washington, thereunto duly authorized.
The Government of the Kingdom of Hungary:
By
Envy Extraordinary and Minister Plenipotentiarti.
Dated December 15 1923.
(Back)
The following amounts have been paid upon the principal amount of
this bond:
Date
Amount paid
The task which has been undertaken by Jeremiah Smith of
Boston, as Commissioner General of Hungary, to effect the
reconstruction of that country, was referred to in these columns April 19, page 1851, and May 10, page 2250.
Defeat of Labor's Bill for Nationalization of Mines
in Britain.
The British House of Commons on May 16 rejected by a
vote of 264 to 168 the Laborite bill for nationalization of
coal mines and other minerals. While agreeing with the
principle of the bill, it was stated on behalf of the Cabinet
that the Ministry disapproved of certain clauses, and consequently the bill was allowed to stand on its own feet as a
private member's proposal. The Liberals, both Asquithian
and Lloyd Georgian, had discussed, it is said, in advance
the attitude which their party would assume in regard to
the measure, and it was arranged that Mr. Lloyd George
should lead the attack upon it. The debate marked his reemergence as a Liberal protagonist, and there were those
Who saw in the importance of the speech he delivered a first
step in the intensive campaign which the Liberal Party proposes to make against Socialism.
[Vora. LIS.
Mr. Lloyd George, who during his remarks on the coal
mines bill was subjected to many interruptions from the
Labor benches, said the bill was the first concrete example
of the new Socialism to be put into
-operation as soon as the
Labor Party had a majority. He declared that in addition
to giving the miners the right to strike, the bill gave the
same right to officials of the Mining Council, which meant
that they could participate in a strike against a decision of
the Council of which they were members. The ex-Premier
twitted the Government on the fact that so much attention
was paid in the bill to making up losses by money which was
to come out of the public funds, while if profits were made
they were to go back into the industry. This was not nationalization, he insisted, but a gigantic coal trust in the interests of one section of the community.
Congress Passes Bill to Provide for Remission of Further
Payments of Chinese Boxer Indemnity.
A resolution to provide for the. remission of further payments of the annual installments of the indemnity imposed
on China for losses and expenses incurred by the United
States incident to the so-called Boxer disturbances in China
during 1900 was passed by the House on May 7 and by the
Senate on May 12. It reads as follows:
Whereas by authority of a joint resolution of Congress approved May 25
1908, the President of the United States was authorized to remit unto
China the sum of $11,961,121 76 of the Boxer indemnity fund accredited
to the United States, which sum the President on Dec. 28 1908 duly remitted and which, at the request of China was specified to be used for
educational purposes; and
Whereas it is deemed proper as a further act of friendship to remit the
balance of said Indemnity fund amounting to $6,137,552 90 In order further
to develop the educational and other cultural activities of China: Now,
therefore, be It
Resolved, ctc., That the President is hereby authorized, in his discretion,
to remit to China as an act of friendship any or all further payments of the
annual installments of the Chinese indemnity due under the bond received
from China pursuant to the protocol of Sept. 7 1901, as modified by Executive order on the 28th day of Dec. 1908, pursuant to the authority of the
Joint resolution of Congress approved May 25 1908. for indemnity against
losses and expenses incurred by reason of the so-called Boxer disturbances
in China during the year 1900, such remission to begin as from Oct. 11917.
and to be at such times and in such manner as the President shall deem just.
When the resolution was under consideration by the
House on the 7th inst., Representative Porter had the following to say regarding it:
The resolution before the House (H. J. Res. 248) provides for the remission offurther payments of the annual installments of the Chinese indemnity
under the bond of Dec. 15 1906, such remission "to be at such times and in
such manner 'as the President shall deem just."
In the last Congress a similar resolution, which had the active and unqualified support of President Harding and the Secretary of State, passed
the Senate by a unanimous vote. It was reported unanimously by your
committee but failed to receive consideration by the House before adjournment. On April 29 1924 your committee again reported the resolution
with the recommendation that it pass without amendment. Again it has
the approval of the Secretary of State, who says:
"I am happy to inform you that I approve of the proposal in its present
form and am in full sympathy with the provisions of this resolution terminating further payments by China to the United States upon the Boxer
indemnity."
The amount of the bond for $24,440,778 81, dated Dec. 15 1906, received
from China pursuant to the protocol of Sept. 17 1901, for indemnity against
losses and expenses incurred by the United States by reason of the so-called
Boxer disturbances in China during the year 1900 was limited by the joint
resolution of Congress of May 25 1908 to the sum of $13,655,492 69, with
interest at 4%. The further sum of $1,175.835 64 was remitted subsequently upon the payment in full by China of all the remaining claims of
American citizens for damages to person and property, thus making a net
liquidated debt of $12,479,657 15 as of date Jan. 11908. China has paid
on account of this indebtedness the sum of $12,413,499 79, on account of
principal and interest, leaving a balance duo of $6,137,552 90. assuming
that China anticipated the payments at the present time. If the payments
made to date were all credited to principal. China would owe $66,158 of
the principal debt and $86.071,394 09 interest.
The claim of the United States against China was composed of the
following items:
(1) Compensation to American citizens for damages to person and
property, which, as heretofore stated, has been paid in full.
(2) Military operations, 87.188,310 75.
(3) Naval operations, $2,469.181 94.
Statements showing the:tams for military and naval operations are a
part of the hearings and show that the entire cost of maintaining that
portion of the Army and Navy which was used in China was charged against
that Government.
The joint resolution of Congress of May 25 1908 recommended by Prost-,
dent Roosevelt, placed no restrictions on the use to be made of the sums
to be remitted, but it was upon China's request that monthly payments
were made to the Consul-General of the United States at Shanghai and by
known in China as the "American Indemnity College." Your committee is confident the President will follow this plan of payment, which
has proven so satisfactory to both countries, in the event this resolution is
adopted. Entrance to this college is by competitive examination. The
students are educated so as to enter colleges in the United States, their
expenses in this country being paid out of the fund; and, notwithstanding
the chaotic conditions in China during part of the last 10 years, she has
never failed to make the monthly payments for the support and maintenance
of this college. It is now deemed proper as a further act of friendship and
good will to remit the balance of said indemnity fund in order further to
develop the educational and other cultural activities of China.
The foreign relations of the United States for 1901 show conclusively
by the correspondence between the Hon. John Hay, Secretary of State,
and the American Minister, Mr. Conger, which appears on pages 37 and 38
is
MAY 24 19241
THE CHRONICLE
2515
National Railways of Mexico 2-year 6% Secured Gold Notes, due June 1
of the hearings, that the influence of our Government was at all times
exercised on the side of justice and moderation toward China in the settle- 1915. (Dollars, sterling and marks.)
Tehuantepec National Railway 5% Gold Loan due June 30 1953.
ment of the so-called Boxer claims. In fact, the correspondence indicates
Tehuantepec National Railway 41
/
2% Gold Loan, due June 30 1953.
that the United States would have waived indemnities, except the comThe cash warrants maturing up to and including Jan. 1 1924 will be paid
pensatory damages due citizens of the United States for injuries to their
at the office of any one of the paythereof
surrender
upon
presentation and
person or property, which amounted to less than $4,000,000, if the other
interested Powers had agreed to do likewise. The United States contended ing agents specified therein. Cash warrants maturing subsequently to Jan.
that the claims of the other powers were exorbitant and threatened at one 1 1924 should not be presented for payment until the committee announces
that it has received for the current year one-half of the minimum fund to
time in the negotiations to refer the matter to The Hague.
May I emphasize by repeating—China has paid compensation in full to be provided by the Mexican Government under the terms of the plan.
The bonds of all of the issues included in the plan and agreement of June
for
damages to personal property as the result of the
American citizens
Boxer uprising. The claims of the United States for the cost of her military 16 1922 and deposited under the deposit agreement dated July 1 1922 are
and naval operations, amounting to $9,655.492 69, contain an item of now ready to be returned to depositors against the presentation and surren$3,450,133 for pensions and allows no credit for the usual and ordinary der of the respective deposit receipts.
expenses for the maintenance and operation of the units which operated
Regarding the task entailed in bringing about the readin China. China has reimbursed the United States for this outlay in the
operation of our naval and military forces, except 866.158 of the principal justment of the debt, the New York "Herald-Tribune" of
debt and $6,071,391 09 interest.
In these circumstances your committee deems it highly desirable as a May 16 said:
further act of friendship to remit the balance of the indemnity in order
According to representatives of the bankers' committee the work, prelimfurther to develop the educational and other cultural activities of China.
inary to calling for deposits, which involved the preparation of the deposit
agreement occupied the attention of a staff for more than a year, and involved sending experts to Europe and to Mexico. This was finally accomplished in the spring of 1923, after which the various calculations of the
distributable in cash and in scrip occupied a force of clerks for
amounts
Disbursement of Interest on Mexican Bonds Deposited
over three months.
Under Readjustment Plan—Return of Bonds
As soon as the plan was declared operative it became necessary for the
—Expectations Regarding Fulfillment
depositaries to detach and forward to New York the coupons representing
rights to interest where such coupons were available on the bonds dew:all:ed.
of Debt Agreement.
The committee has used over 36 tons of paper in all. Three million deAnnouncement was made on May 16 by the International posit receipts, weighing about two and one-half tons, were prepared and disCommittee of Bankers on Mexico that it was prepared to tributed among 37 different depositaries, here and abroad. Over 32,000,000
were delivered to the central depositaries in New l'ork City. On
return to owners nineteen Mexican bond issues deposited coupons
some issues, coupons covering all of the interest from the date of complete
under the agreement for the adjustment of the Mexican default up to Dec. 31 1927 had never been supplied by the Mexican GovGovernment's external debt. With the return of these bonds ernment, for one reason or another, and 200,000, or about a ton of assignof the rights to such interest, were accepted from the bondholders.
the payment of interest thereon is resumed. The bonds em- ments
The envelopes to inclose the coupons weighed over seven tons. Over two
braced in the committee's announcement of May 16 consti- and one-hall tons of deposit agreements were printed and distributed, and
tute 17% ($87,890,000) of the total of $517,000,000 par value more than half a ton of minor documents. Over 200,000 receipts for interest
in arrears have been printed; weighing about a ton. The cash warrants
of 36 issues of Mexican Government bonds on which inter- attached
to the bonds took over 21 tons of specially manufactured paper.
est had been in arrears since 1914 and on which payments These warrant sheets have a total area of over 448,000,000 square inches,
cover 40 city blocks, or if laid end to end, a foot wide, would
would
which
are now resumed. According to the New York "Times," the
reach from New York to Cleveland. The warrant sheets themselves contain
new scale of interest payments represents a fraction of the almost
15,000,009 individual cash warrants and approximately 5,500,000
original sum called for when the bonds were floated. With scrip receipts.
the return of the bonds just announced the final distribution to owners of the bonds covered in the agreement is
effected. The present is the fourth list of bonds to be turned
over to the owners; the other lists had been made public
March 28 (referred to in our issue of March 29, page 1476);
April 15 (given in these columns April 19, page 1850), and
May 6. The committee's announcement of May 6 follows:
Thomas W. Lamont, of J. P. Morgan & Co., is Chairman
of the American Section of the International Committee of
Bankers.
An item to the effect that "fear of the collapse of the
Lamont agreement under which Mexico is pledged to liquidate her external debt is felt here to-day in official circles,"
was contained in Washington advices to the New York
United States of Mexico—Readjustment of Debt—To the holders
of bonds,
notes and other securities included in the plan and agreement of June 16
"Journal of Commerce" May 16. The account continued:
1922,
and deposited under the deposit agreement dated July 1 1922:
The Mexican Government is regarded as bankrupt, and there is serious
The following issues are now ready to be returned to depositors upon
presentation and doubt that any effort will be made to meet the quarterly installment of some
surrender of the relative certificates of deposit to the issuing
pesos falling due in June under the Lamont agreement
8,500,000
depositaries:
Institution for Encouragement of Irrigation Works and Development of
Although official information made public here gives but a dim picture of
Agriculture (S. A.) 85-Year 41
/
2% Sinking Fund Gold Bonds, due Nov. 1 the financial condition of the Mexican Government, reports received through
1943 (Caja de Prestamos, etc.).
official channels have grown appreciably more pessimistic. Unofficial reUnited States of Mexico 4% Gold Bonds of 1904.
ports reaching here frankly scout the possibility of Mexico maintaining much
Vera Cruz I.; Pacific Railroad Co. First Mortgage 41
/
2% Gold Bonds due longer a semblance of international solvency.
July 1 1934.
Government {It Arrears.
National Railways of Mexico Prior Lien 41
/
2% 50-Year Sinking Fund Redeemable Gold Bonds due July 1 1957.
One official report reaching here to-day from Mexico City states that the
The cash warrants maturing up to and including Jan. 1 1924 will
be paid Mexican Government is 14,500,000 pesos in arrears in payments to its emupon presentation and surrender thereof at the office of any
ployees. Another report quotes the Mexican Under Secretary of the Treasone of
ing agents specified therein. Cash warrants maturing subsequentlythe payto Jan. ury as stating that the financial condition of the Government might not per1 1924 should not be presented for payment until the
committee announces mit it to continue payments on the financial agreement.
that it has received for the current year one-half of the
It is also reported that Mexican newepapers have been publishing the corminimum fund to
be provided by the Mexican Government under the terms of
respondence between Obregon and de la Muerte during the negotiations leadthe plan.
Bonds of other issues included in the plan and agreement of
June 16 1922 ing up to the agreement for the payment of the Mexican foreign debt in inand deposited under the deposit agreement dated July 1
1922 will be re- stallments through the Lamont group of bankers, this correspondence showturned from time to time as the warrant sheets are attached
and the interest ing a difference of opinion between the Mexican officials as to the extent to
In arrears receipts are prepared. Announcement will be
made as socn as which the country might be committed.
the depositaries are prepared to return such bonds.
The extent of the Mexican indebtedness is somewhat uncertain, as official
reports of conditions in that country recently have borne more heavily upon
We also give herewith the committee's
announcement of the economic situation than upon the financial position of the Government.
May 16:
However, one authoritative estimate puts the amount of outstanding accepted
United States of Mexico—Readjustment of Debt—To the
holders of bonds, drafts on the Federal Treasury at over 80,000,000 pesos several months ago.
notes and other securities included in the plan and agreement of
June 16 1922, A certain amount of these drafts were held by firms in the United States,
and deposited under the deposit agreement dated July 1 1922:
The follow- but the majority were held by Mexican firms and observation in Mexico has
ing issues are now ready to be returned to depositors upon
presentation and indicated that the Government has shown some preference to American and
surrender of the relative certificates of deposit to the issuing
depositaries: other foreign firms over native firms in the payment of these drafts, but the
State of Vera Cruz 5% Bonds due April 1927.
extent of liquidation is uncertain.
Tamaulipas
5% Bonds dated July 1 1903.
State of
Little Chance for Loan.
State of Tamaulipas 6% Bonds dated Jan. 1 1907.
Efforts of the Mexican Government to float a loan in the United States to
State of Sinaloa 5% Bonds dated Jan. 1 1907.
National Railroad Co. of Mexico Prior Lien 41
/
2% Gold Bonds, due Oct. tide it over the financial emergency appear to have met with scant success.
There have been constant reports of negotiations in progress between Mexican
1 1926.
Railroad
authorities and American bankers but slight indication of any preparations
Co. of Mexico First Consolidated Mortgage 4%
National
Gold
to extend credit. It is pointed out that Mexico's chief source of security
Bonds, due Oct. 1 1951.
The Mexican International Railroad Co. 41
/
2% Prior Lien Sterling Bonds, for loans lies in the petroleum resources of the country,“ brit at Ale same
time a steady decerase in the petroleum production of Mexico is noted.
due Sept. 1 1947.
Politically the prospects of financial chaos in Mexico are loaded with posThe Mexican International Railroad Co. First Consolidated Mortgage 4%
sibilities.
The American Government has been lending its support to PresiGold Bonds, due Sept. 1 1977.
Mexican Central Railway Co., Ltd., 5% Priority Bonds, due July 1 1989. dent Obregon, while developments have indicated that American oil interests and the Lamont banking group have inclined more strongly toward
Mexican Central Railway Co., Ltd., 5% Equipment and Collateral
the
Gold de la Muerte faction.
Bonds (1st series), dated April 1 1897.
Financial assistance, it would seem, is not to be
forthcoming to the Obregon Government from American private capital.
Mexican Central Railway Co., Ltd., 5% Equipment and Collateral
Gold
A loan by the United States Government to Mexico is seemingly out
Bonds (2d series), dated Oct. 2 1899.
of the
question under the present policy of no further extension
Mexican Central Railway Co., Ltd., 5% Equipment Notes, Series
of
No.
8,
credit without Congressional sanction, and in the closing days Government.
dated Aug. 17 1906.
of the session
Mexican Central Railway Co., Ltd., 5% Equipment Notes, Series No. 11, prospects of the Administration obtaining such authority, even were it
considered, are exceedingly alim.
dated March 22 1907.
National Railways of Mexico 6% Secured Gold Notes, Series B.
In its issue of the next day (May 17) the same
National Railways of Mexico 3-year 6% Secured Gold Notes,
paper -said
dated Jan. 1
1914.
that the above reports "caused mixed relations In
National Railways of Mexico 6% Secured Gold Notes, Series
financial
C (Sterling). and business circle&" It added:
2516
THE CHRONICLE
At the offices of J. P. Morgan & Co. it was said that the bond agreement
will be fulfilled and sympathy was expressed for the Mexican Government
in its present stage of readjustment.
This latter attitude was apparent in the expressed opinions concerning the
efforts of the Obregon Government to obtain a bank credit, ranging from
$15,000,000 to $30,000,000. This credit has not been negotiated yet.
Owing to the heavy reductions in bondholders' claims on the Mexican Government, provided for in the debt agreement and approximating 70%, it was
recalled that the Mexican Government has gained concessions which would
be threatened should the agreement be revoked.
Saya Loan Was Expected.
H. T. Oliver, of the Oliver Trading Co., which has extensive interests in •
the Southern republic, said that it seemed unwise to him on the part of the
bankers to insist on carrying out the debt agreement at present owing to
conditions in Mexico. He recalled that the Mexican Government, from the
negotiations conducted by Secretary de la Huerta, has been confident of getting a loan in the United States.
That Mexico is in a bad way financially and that a crisis in her affairs
may be reached at any time was the view taken by officials of corporations
having oil or other business interests in that country. Except in the case of
Mr. Oliver, none would allow himself to be quoted directly. Mr. Oliver said
frankly it was his opinion that Americans would have to feed the Mexican
people next winter as there was a large shortage of food.
"The story published by the 'Journal of Commerce' is correct," said Mr.
Oliver. "The figures it gives are conservative. There is no doubt a desperate financial economic condition prevails. It seems to me that, perhaps,
under the circumstances the bankers are unwise in going through at the present moment with their debtor agreement in view of the difficult position in
Mexico.
Transfer of Funds.
"Mexico had here about $17,700,000 in 1922 of which part was bad paper.
Under the agreement made she was to put up here $15,000,000 to make good
certain interest on outstanding bonds. The $15,000,000 was provided In the
name of important organizations, Government controlled. The bankers have
was,
assumed that the money sent here was for the debt agreement and
but the title has never passed literally from the Mexican Government finanand
ahead
cial institutions to the bankers though the bankers have gone
used their own funds to carry out their debt agreement, without knowledge
of whether Mexico would be able to comply continuously in its performance.
"President Obregon knew at the time he could not comply with it unless
he could get a loan, and he was led to believe that he would get it, but I
don't believe that the bankers ever promised it. The thing accomplished by
this agreement was that Mexico has acknowledged her indebtedness.
"But it has ruined Mexico. At the present time, what with her obligations to employees and merchants she is about broke while American bondholders are being paid a mere pittance in their interest.
"The railroad situation has become much worse in the last year, co that
the Government is again under the necessity of using privately-owned
equipment.
"Frankly, the situation looks black indeed for the future. It has been
expected for a long time. There is no one ready to lend them money because
the bonds can't be sold. They have nothing to offer.
"Although Mexico has paid a year's interest on her bonds, yet they are
offered to-day on the market and there are no bidders. This is what we
are heading for.
"There is no particularly friendly feeling being generated by this forcing
of the debt agreement at this time. Of course, Mexico is largely to blame
for lots of her troubles through the spirit of Bolshevism that has spread
there. All business interests seem to be having trouble there, and so there
is a lack of confidence, and no one is going to work and the Government is
getting no money."
[VOL. 118.
The Mexican Government has completed a contract for the purchase of
fifty-one locomotives from the Baldwin Locomotive Works. The contract
was signed by Samuel M. Vauclain. President of the Baldwin company.
prior to his departure for Philadelphia.
The closing of this contract after a week of negotiations personally conducted by Mr. Vauclain is considered a triumph for the Government
Mr. Vauclain announced that four million pesos (about $2,000.000) were
Involved in the deal, which was concluded on terms suggested by President
Obregon himself.
Fifty of the locomotives will be of modern oil-burning type, intended for
heavy traffic, and the other will be electric.
It is understood the conversations between Mr. Vauclain and President
Obregon concerning the purchase of 600 passenger and freight cars did not
reach the contract stage. Mr. Vauclain preferring to confer with his associates at the home office and watch the course of Mexican events before
undertaking further attempts for the rehabilitation of the Mexican national
railway systems.
Before his departure Mr. Vandal'said his company was friendly to the
Obregon Administration because the terms of the contract in 1921 had been
scrupulously adhered to, all payments being made when due. He expressed
the opinion that the Mexican Executive would come through the present
financial crisis with credit to himselfand tho country.
Ambassador Warren declared the Mexican Government's loan negotiations were continuing with fair prospects of success. These negotiations are
being carried on simultaneously with the International Bankers Committee
and two independent groups of American financiers.
A committee consisting of Colonel Henry Dickinson Lindsley, a New
York broker, a Mr. Hanlon and three associates held a long conference with
Secretary of the Treasury Pani yesterday. They discussed the proposed
purchase of the Buen Teno Tabacalera Mexicans and other Mexican tobacco institutions, with tobacco production features and a loan for the
Mexican Government as collateral topics. Immediately following the conference Colonel Lindsley and Mr. Hanlon left for New York. While refusing to talk for publication, they indicated no agreement had yet been
reached.
Offering in New York of $9,250,000 Bonds of Czechoslovak Republic—£2,050,000 Offered Abroad.
An issue of $9,250,000 Czechoslovak Republic 8% secured
external sinking fund gold loan of 1922 (Series B) was offered on May 20 by Kuhn, Loeb & Co., Kidder, Peabody &
Co. and the National City Co. at 963/i and accrued interest
to date of delivery, to yield about 8.30% to maturity. The
bonds, which will become due Oct. 1 1952, represent the
balance of an authorized issue of $50,000,000 or £10,000,000,
of which bonds to the principal amount of £3,300,000 and
$14,000,000 due April 1 1951, were issued in 1922. The
1922 offering, $14,000,000 of which were placed here and the
others abroad, was referred to in these columns April 8 1922,
page 1474. Series B will consist of $9,250,000 dollar bonds in
New York, £1,850,000 sterling bonds in London, to be
issued by Baring Brothers dr Co., Ltd., N. M. Rothschild &
Sons, and J. Henry Schroder & Co., and £200,000 sterling
bonds to be issued in Amsterdam by Hope & Co. The bonds
in coupon bearer form in denominations of $1,000, $500
are
Under date of May 11 an Associated Press dispatch from and $100. Interest is payable April 1 and Oct. 1. The bonds
Mexico City said:
arc not subject to redemption before May 1 1932, except for
Denying published reports that the Government had succeeded in balancsinking fund. All bonds of the entire loan outstanding,
the
that
announced
of
Finance
Leon
ing the budget, Under Secretary
Salinas has
"if the efforts being carried on by the Finance Ministry with the interna- but not any part, will be redeemable at 108% and Accrued
tional bankers' committee for a loan permitting the Mexican Government interest, at the option of the Government after May 11932,
to rehabilitate its public services are not successful shortly the Government,
premalthough willing to fulfill its international financial obligations, as has been on giving three months' notice. Principal, interest and
demonstrated, will be compelled regretfully to postpone the fulfillment ium are payable in New York City in gold coin of the United
of such obligations to settle those with its employees within the country."
States, of the present standard of weight and fineness, withFrom copyright advices to the New Work "Times" from
out deduction for any Czechoslovak taxes or duties, present
Mexico City May 12 we take the following:
or future, and payable in time of war as well as in time of
Speaking of the Lamont-de la Huerta debt settlement to-day, President
peace, and whether the holders of the bonds be subjects of a
Obregon said:
"Time has shown that the fear I had that the ex-Secretary of the Treesury friendly or hostile state. The offering circular says:
(de la Huerta) was working along false lines was well founded. Unfortunately, the fears that I have publicly expressed on many occasions have been
converted into sad reality, aggravated by the revolt of the ex-Secretary of
the Treasury. The gradual separation of de Is Huerta from the Government
was caused by the fact that a number of times I called his attention to the
fact that he had caused me to become a party to an agreement of great importance through information which was untrue. Through notes lately published, the public knows the complete history of the treaties of de la Huerta
and Lamont. I wish to say that I will not try to evade responsibilities which
are mine as the Chief Executive power of the nation in an affair of such
importance for the future of our country, having placed such confidence in
de is Huerta, more confidence than should have been placed, according to
his abilities.
"I do not believe that de la Huerta acted in bad faith, but he was impressed by verbal offers that he received to such an extent that he assumed
all responsibility and accepted information which did not have a solid basis,
believing that he could later satisfy my instructions through the generosity
of our creditors.
The executive in my charge established as the fundamental base of renewal of payment on the debt the economic rehabilitation of Mexico, the only
form in my conception that would permit our country to comply loyally with
Inherent pledges of the convention.
"Ex-Secretary de la Huerta violated the instructions he received, which
were often repeated in telegrams. The ex-Secretary, in a message dated
July 3, stated that he had been guaranteed a base for the establishment of
a bank. This was untrue, and with this false information he secured the
authorization of the Executive for acceptance of the convention."
Mexican Government Purchases Fifty-one Baldwin
Engines—S. M. Vauclain Obtains Contract for
Fifty Oil Burners, One Electric Locomotive.
The New York "Evening Post". reported the following
from Mexico City May 19:
The bonds of Series B are to be redeemable by means of a separate annual
cumulative sinking fund of 1% to commence Oct. 1 1924, to be applied
semi-annually to the purchase of bonds under par, or to drawings at par
should the bonds be unobtainable tinder par, the first redemption by lot
taking place April 11925. All bonds not previously retired by the sinking
fund will be payable Oct. 11952.
The authorized issue of $50,000,000 or £10,000,000 is secured by a first
specific charge on the receipts from the Custom Duties and on the net profits
of the tobacco monopoly, which together in 1922 yielded kronen 1.824,795.188. in 1923 kronen 1.864.880,249. (at the rate of 2.9 cents equivalent to
$51,081,527) and in 1924 are estimated to yield kronen 1,543.636,768 (at
2.9 cents, equivalent to $44,765,446) or ten times the annual requirements
for Interest and sinking fund of the entire loan.
The Czechoslovak Republic has undertaken to pay weekly,for remittance
to Messrs. Baring Brothers & Co., Ltd., London, at least 1-52nd part of the
total annual requirements for the service of interest and sinking funds of the
loan. Messrs. Baring Brothers & Co., Ltd., are to remit to New York a
proportionate part of these weekly payments applicable to the dollar bonds.
All drawn bonds and matured coupons shall be accepted by the Czechoslovak Government at their full face value at the then current rate of exchange in payment of customs duties.
It is to be provided in a "general bond," which is to be deposited with
Messrs. Baring Brothers & Co., Ltd.. for the bonds of Series B. that if at
any time it may be necessary or expedient to obtain the sanction of the
bondholders In respect to any matter in connection with the rights of the
holders of the bonds of this loan, they may, by publication in two London,
two New York and two Amsterdam newspapers, convene a general meeting
of the bondholders, to be held in the City of London, upon thirty days'
notice, and the decision of the holders of a majority in nominal value of
bonds present at the meeting, either in person or represented by proxy,
shall be binding upon all bondholders, but such majority must be comprised
of not less than 50% of the sterling bonds and not less than 50% of the dollar bonds of the first portion of the loan outstanding, and also of not less
than 50% of the sterling bonds and not less than 50% of the dollar bonds of
Series B outstanding.
MAY
24 1924.]
THE CHRONICLE
2517
The Czechoslovak Republic was originally recognized by the Treaties of
Versailles. St. Germain and Trianon, which it signed as one of the Allied
and associated powers. The Republic embraces a territory of 140,000
square kilometers. Its area is therefore nearly as large as that of England
and Wales,and includes about 75% of the principal industrial centres of the
former Austro-Hungarian Empire. The population of Czechoslovakia is
13,500,000. The national debt, including the present issue will not exceed
$77 per head of population, calculating the exchange of 2.90 cents.
Members of Toronto Banking and Brokerage House of
Aemilius Jarvis & Co., Ltd., Placed Under Arrest
for Alleged Conspiracy in Connection with
Ontario Government Bond Sale Disclosures.
Aemilius Jarvis Sr., head of the Toronto banking and
brokerage firm of Aemilius Jarvis & Co., Ltd., Aemilius
A letter from Dr. Pospisil and Augustine Novak, Financial Jarvis Jr. and
H. G. Pepall, General Manager of the firm,
Delegates of the Republic of Czechoslovakia, to the offering were taken
into custody on May 12 for alleged conspiracy
houses says in part:
to defraud the public, according to the Toronto "Globe"
The State budgets show the following figures in Czechoslovak crowns:
of May 13. The charge against the defendants read, "did
(In Kronen)—
1922.
1924.
1923.
Revenue
17,733,034,982
15,646,205,608
16,391,293.591 unlawfully conspire together with one another, A. H.Pepall,
Expenditure
18,663,898,266
16,540,643,227
16,993,976,905 Peter Smith and
other persons unknown, by deceit or falseAll 1924 figures estimated.
This is in addition to a budget amounting for 1924 to 2,229,230,000 hood or other fraudulent means, to defraud the public, his
kronen for capital expenditures mainly on railroads, post and telegraph Majesty the King in the right of the Province of Ontario,
services. The proceeds of the loan will be applied to essential works of
public reconstruction and development, railways, canals and similar or to affect the public market price of the succession-dutypurposes and to the repayment of temporary advances in connection free bonds of the said Province of Ontario, contrary to the
therewith.
Criminal Code."
The Czechoslovak State owns 13,362 kilometers of railroads and 127,257
All three defendants were taken to the police headquarters
kilometers of telegraph lines and 273,391 kilometers of telephone lines,
which are operated at a profit. The gross receipts of the railways and in the City Hall in Toronto,where bail wasfurnished for each
telegraphs are included in the above budget figures.
and they were released. Bailfor Aemilius Jarvis Sr.was placed
The currency of Czechoslovakia is the Czechoslovak crown, issued In
the form of notes by the Banking Office, which is specifically prohibited by at $50,000; that of Mr. Pepall at a similar amount, while
law from making advances of any kind, directly or indirectly, to the Gov- that of Aemilius Jarvis Jr. was fixed at $25,000. Peter
ernment. As a result of this policy, Czechoslovakia has been remarkably
successful in maintaining a great measure of stability in its currency. In Smith, former Treasurer of the Province of Ontario, was arproof of this it may be mentioned that the rate of exchange of the Czecho- rested a month previously on charges similar to those which
slovak crown has improved from 2 cents at the time of the issue of the have now been brought against the members of the Jarvis
first portion of this loan, to over 2.90 cents at present at which approximate
level it has remained stable for one and one-half years. The amount of firm. In reporting the arrests of the members of the Jarvis
the bank notes in circulation on Jan. 1 1921 was 11,288,000,000 Czecho- firm, the Toronto "Globe" said in part:
slovak crowns, and this amount has now been reduced to 8,198,000,000
Counsel engaged in the Government bond disclosures looked about last
Czechoslovak crowns.
night(May 12) for the reason for yesterday's developments. For the past
The Government has also been successful in achieving a practical balance
two weeks six expert accountants from the office of Clarkson, Gordon &
in its ordinary budgets. The special budget referred to above represents Dilworth have
been at work on the books of Aemilius Jarvis & Co., Ltd.
only capital expenditures, mainly on the productive services owned by Under their
instructions inspectors of the Provincial Police have been on
the State.
duty day and night. No clerk in the office was allowed to take any book
Application will be made to list the bonds on the New York Stock Exor paper from the vaults without the approval of the experts or the officers.
change. The bonds are offered if, when and as issued and received by the The officers
were on duty in the office as usual last night.
undersigned and subject to the completion of their purchase and approval
The reason for the action taken yesterday, according to some police
of their counsel. Interim receipts will be delivered against payment in officers, lies in
information alleged to have been obtained by Provincial
New York funds for bonds allotted pending the receipt of the engraved Police on
Saturday that there was to be a change in the Jarvis business
bonds.
dating from yesterday. An officer of the firm, speaking to the "Globe,"
on Sunday night, intimated that there was to be a change or reorganization
in the business, but that the time was not ripe for the announcement.
Offering of San Antonio Joint Stock Land Bank Bonds.
This information was in possession of the Provincial Police Saturday and
At 100 and accrued interest, to yield 5%, Hayden, Stone Sunday. and yesterday was
brought to the attention of the Attorney& Co. offered on May 21 a new issue of $1,200,000 5% farm General at a conference with Crown Attorney McRuer at the Parliament
Buildings. The order for the arrests followed the conference.
loan bonds of the San Antonio Joint Stock Land Bank of
It was remarked last night by police officers that the action of yesterday
Texas and Oklahoma. The bonds are dated May 1 1923 Indicates that the prosecution of the
charges arising out of the bond disclosand will mature May 1 1953. They are redeemable at 100 ures has now been placed definitely with Assistant Crown Attorney McRuer
and the city police. Although Attorney-General Nickle ordered the arand accrued interest on May 1 1933 or any interest date rests, the city police executed the
warrants. This is the first time the city
thereafter. The bonds, coupon and fully registered and police have acted in connection with the bond revelations.
more than two weeks Harry G. Pepall has been under $9.000 bonds
interchangeable, are in denominations of $10,000 and $1,000. toFor
appear as a material witness. . . .
Principal and semi-annual interest (May 1 and November 1)
Before the Public Accounts Committee. R. R. Rogers, a former General
are payable at the National Park Bank, New York City, or Manager for the Jarvis firm, told of an arrangement made by himself with
Andrew Pepall, now in California, brother of Harry G.Pepall, who had been
at the San Antonio Joint Stock Land Bank, San Antonio, introduced
by Harry Pepall as able to influence Provincial bond business
Texas. The bonds are issued under the Federal Farm Loan in the direction of the Jarvis firm.
Mr. Rogers said he had made the arrangements
to pay Andrew Pepall one-quarter of 1% on all bond business
Act and are exempt from Federal, State, municipal and local
that he was able to direct to the Jarvis firm at the Jarvis price. Andrew
taxation, excepting only estate and inheritance taxes. They Pepall and Hon. Peter
Smith were old friends.
are legal investments for all fiduciary and trust funds under
Harry G. Pepall in his statement before the committee said the arrangetheljurisdiction of the Federal Government and are accept- ments with the Government
were made by Aemilius Jarvis Sr. Personally.
able at par as security for Postal savings funds.
and that none of the business appeared in the Jarvis Company books. He
The San Antonio Joint Stock Land Bank was chartered could not tell what the profits were. While the committee was sitting
by the Federal Farm Loan Board on Sept. 15 1919. The Aemilius Jarvis Sr. was in England. He returned about ten days ago.
Governmentofficials were non-committal yesterday as to what was
bank has a paid-in capital stock of $467,000 paying dividends
by the recent audit of the Jarvis firm books, but the inference is
of 8% per annum and carrying double liability. Its opera- revealed
that there has been information given to the Government as a result of it.
tions are limited to the States of Texas and Oklahoma. Premier Ferguson simply
that the Government investigators were conThe following loan statistics of the bank as of April 1 1924 tinuing to go into things,said
and if evidence was adduced implicating anybody
are furnished by President William B. Lupe:
prosecution would result.
Acres of real estate security
739,042
Total amount loaned
According to the Toronto "Globe" of May 15, the trial of
S$7597495
Appraised value of land
$16,673,331
Peter Smith, the former Treasurer, was to begin May 22.
Appraised value of improvements
1,308.654
17,981,985
Average appraised value per acre
$24 33
Average amount loaned per acre
$10 28
percentage of loans to appraised value of security
42.23 g
Percentage of loans in Texas
94.08°7 J. L. Goad & Co., Ltd., Toronto, Purchase Securities
percentage of loans in Oklahoma
5.92%
and Records
Jarvis & Co.
of Aemilius
President Lupe in a letter to Hayden, Stone & Co. under
J. L. Goad & Co., Ltd., announce the opening of an office
date of May 20, also says in part:
in the Dominion Bank Building, Toronto, where they will
Territory.
deal in Government, municipal and corporation bonds.
The San Antonio Joint Stock Land Bank to a large extent restricts its J. Lawrence Goad is
President of the firm; Stewart R. JarGrand
Prairie
area
of
Texas and Oklahoma, where
loans to the Black and
Vice-President, and C. Bremner Green, Secretary and
land values have been well established for many years. This area, which vis,
covers about one-third of Texas and extends into southern Oklahoma. is Treasurer. Announcement was made in Toronto on Tuesone of the richest and most thoroughly established agricultural sections in day of this week (May
20) that J. Lawrence Goad of J. L.
the United States, and it is recognized as one of the most desirable fields
Goad & Co. had purchased the securities and records of
for Joint Stock Land Bank operation.
The loaning territory covered by this bank includes approximately one- Aemilius Jarvis & Co., Ltd. The firm of J. L. Goad & Co.,
twelfth of the total farm wealth of the entire United States.
Ltd., it is stated, has no connection with Aemilius Jarvis &
Texas also produced in 1922 over one-twelfth of the nation's agricultural
output. With its crops valued at 1716,408,000 Texas easily led the nation, Co., Ltd., save for the purchase of its securities and records,
exceeding Iowa, the next in rank, by over 36%• • .
and no member of the former Jarvis firm is interested in it,
The policy of this bank is to confine its loans to farms producing diversi- but several of
the former employees of the Jarvis house have
fied crops. The climate of Texas enables the farmer to raise two, and
sometimes three, crops on the same land in the course of one year. The joined J. L. Goad & Co., Ltd. This means in effect that the
values of Texas farms seem conservative in comparison with many other Jarvis organization, after a career of 32 years, practically
States, and it seems probable that the next ten or fifteen years will see a
passes out of business. The New York office of Aemilius
considerable enhancement in land values in Texas which will increase the
Jarvis & Co. has been closed.
equity of the security back of these bonds.
2518
THE CHRONICLE
Supreme Court Justice McCook Dismisses Habeas
Corpus Writ and Sends Jules C. Rabiner
Back to Penitentiary.
Jules C. Rabiner, the convicted broker who was paroled
after serving but'ninety days of an indeterminate sentence
with a maximum of three years,imposed upon him by Judge
John F. McIntyre on Jan. 25 last, and whose parole was
revoked on May 14 by the Parole Commission, was returned
to the penitentiary on Welfare Island from the Tombs on
Tuesday morning of this week. On Monday (May 19)
Supreme Court Justice McCook upheld the authority of the
Parole Commission to revoke a parole granted a prisoner, with
or without cause, and dismissed the writ of habeas corpus
obtained by the defendant's attorney, Samuel L. Meyers,
on May 15. The revocation of Rabiner's parole was at the
direction of Mayor Hylan, who acted as a result of evidence
deduced at the investigation into the case conducted by
David Hirshfield, New York Commissioner of Accounts,
and which investigation was continued this week. After
brief arguments on the writ by Mr. Meyers and Corporation
Counsel Nicholson and Assistant District Attorney Driscoll,
Justice McCook gave his decision without leaving the bench.
He said:
No testimony has been offered, and both sides rest on the question of law
presented by the manner in which relator (Rabiner) was retaken, and the
grounds assigned for revoking his parole, and re-arresting and holding
him, viz., that:
I. He has not earned the marks allotted him by the Parole Commission.
2. He may depart from the jurisdiction of the State in violation of his
parole.
The first is asserted as a matter of knowledge, the second as upon reasonable ground for belief.
After examining the point of statutory construction and interpretation
presented by the arguments and briefs, the Court is of the opinion that the
Commission had the power to do what it has done, and that the relator was
returned to the penitentiary, and is now held, under warrant of law. Writ
dismissed.
Following the decision of the Court, Mr. Meyers announced that he would appeal from Judge McCook's decision
and that he would ask for his client's release on bail, pending
the appeal. Mr. Nicholson and Mr. Driscoll (according to
the New York "Times" of May 20) said they would cooperate in hastening the appeal so that it could be heard in
June, but that they would oppose any application for bail.
Justice McCook refused to consider the question of bail.
We referred to the Rabiner parole case in last week's issue
of the Chronicle," page 2383.
Fedetal Advisory Council Urges Federal Reserve Board
to Take Part in Promoting Dawes Plan—Eligibility
of Schacht Bank Notes for Rediscount by
Reserve Bank—German Note-Issuing
Bank and Gold Basis.
While the recommendations made to the Federal Reserve
Board by the Federal Advisory Council relative to participation by the Reserve System in the financial operations
incident to the creation of the new German note-issuing
bank to be formed under the Dawes plan for the settlement
of the German reparations problem were referred to by us
in our issue of a week ago (page 2384), we take occasion to
give this week the statement which was issued in the matter by the Council on May 13 at the conclusion of its twoday session in Washington. The Council recommended that
when the new German note-issuing bank is organized "the
Federal Reserve Banks take the steps necessary in order to
facilitate the rediscounting in this country of properly protected German gold bills." It expressed itself as "pleased to
learn that it has been ruled that Federal Reserve Banks may
consider as eligible for their open market purchases certain
German dollar trade bills, payable in the United States, if
endorsed by the recently established German gold rediscount
bank, the so-called Schacht bank, and by approved American
endorsers." An item indicating that Schacht bank acceptances had been made eligible for discount by Reserve banks
is taken as follows from the New York "Journal of Commerce" of May 8:
The Federal Reserve Board, it was learned to-day, has decided that acceptances offered by the German Gold Rediscount Bank, organized by
Hialmar Schacht. are eligible for rediscount at Federal Reserve banks.
Establishment of the eligibility of these German acceptances at the Reserve banks will, it is believed, create a ready market for that paper in this
country and greatly facilitate the operations of the group of banks in New
York, Boston and Chicago which, headed by the International Acceptance
Bank, is to extend credit to the German institution.
The German Rediscount Bank is not connected with the international
bank proposed in the Dawes report.
It is thought that the fact that Schacht bank acceptances are made
eligible for rediscount at the Reserve banks will open the way to the absorption of as much of the German paper In the American acceptance market
as the domestic banking group cares to handle.
[VOL. 118.
This paper, which forms the basis for the credit to the German bank,is to
consist of the discounted dollar acceptance bills of German merchants indorsed by two German banks, and when offered in the American market
the paper is to bear the indorsement of American banks participating in the
credit.
Observing that the Dawes plan provides for a German
note-issuing bank on a gold basis, the Council notes that it
"leaves the door open to place it on a sterling basis," and it
says, "it cannot be denied that there is no small probability
of the latter basis being chosen." It is obvious, adds the
Council, "that if the new German bank is placed on the
sterling exchange basis, the world must prepare itself to
remain on a basis of exchange instability for a prolonged
period, the end of which cannot be foreseen, while the adoption of the gold (that is the dollar) basis would accelerate
the return to world-wide stability." The following is the
Council's statement of the 13th inst.:
At the request of the Federal Reserve Board the Advisory Council
has given careful consideration to the report of the first committee of
experts, the so-called Dawes report.
The Council wishes to record its admiration for the excellent work done
by the committee and to express the hope that with the least possible
delay the committee's recommendations will be carried into actual effect.
The Council furthermore endorses the wish recently expressed by President Coolidge that American private capital and initiative give this plan
Its hearty support as a demonstration of the nation's desire to do its full
share in the economic rehabilitation of the Old World.
The Council has given particular thought to the question of how far the
Federal Reserve System may aid the country in accomplishing these aims.
It Is obvious that the Federal Reserve System as such cannot by any
action of its own co-operate in the flotation and distribution of the new
German loan, the absorption of which on a liberal scale by the United
States is one of the prerequisites of the Dawes plan. Nor should any such
direct aid by the Federal Reserve System be necessary. There should be
no difficulty in placing this loan, provided it is properly secured and provided the investing public feels confident that the debtor, having accepted
the burden in good faith, will be free to go about his work without hindrance
as long as he makes the utmost effort of which he is capable.
While, therefore, the Council has no suggestion to offer to the Federal
Reserve Board concerning this phase of the problem, there are important
services the Federal Reserve System could render with regard to the
operations of the new note-issuing bank which Germany is to organize
under the provisions of the Dawes plan.
The Council urges the Federal Reserve Board to examine very closely
Into the powers vested in this report in the Federal Reserve banks, and
co study the question how far it may be desirable to amend existing rulings
and regulations in order to approach the problem of Europe's financial
and economic reconstruction in the most helpful spirit, in the same manner
as is being done by the Bank of England and other central note-Issuing
banks.
Unless America finds ways and means to permit her excessive banking
strength to benefit other countries, particularly those striving to bring
their house in Order, the dollar cannot maintain its position as a world
standard of exchange, and foreign countries—and oven American banking
and commerce—will once more, in a larger degree, become dependent
upon and tributary to the pound sterling, to the greater exclusion of the
dollar.
It is idle, however, to preach the use of the dollar, unless, at the same
time, we render it possible for other countries to avail themselves of our
dollar facilities. It Is obvious that our credit power cannot continue to
grow indefinitely without the danger of over-saturation. If the stream of
gold that floods our shores is not stemmed in time, it is to be feared that,
ultimately, we will not be able to ward off its inflationary effects. And
inflation would only aggravate the economic maladjustment already existing
within our own boundaries: a maladjustment which not only disturbs and
endangers our trade with other countries but which makes our agricultural
situation particularly difficult and distressing.
But, irrespective of the danger of inflation, against which there still are
at our disposal powerful cushions that could be applied in order to counteract or soften its effect, the problem ought to be weighed from another and
even more important angle.
It is the question of whether the world is more likely to regain the blessings
of economic stability under the sway of several fluctuating standards of
exchange, or by a general return, as speedy as circumstances may permit,
to definite relations of exchanges to gold as the ultimate measure and
regulator.
The Dawes report leads the world to the crossroads in this regard. It
provides for a German note-issuing bank on a gold basis, but leaves the
door open to place it on a sterling basis, and it cannot be denied that there
is no small probability of the latter basis being chosen. In the opinion of
the Council the sooner Germany can be placed on a gold or gold-exchange
basis, the sooner can England, and other countries, also, return to an unrestricted gold standard, while. If Germany wero placed on a sterling
basis, England in returning to an unrestricted gold basis would have to
pull not only her own weight but that of Germany also.
It is obvious, therefore, that, if the new German bank is placed on the
sterling exchange basis, the world must prepare itself to remain on a basis
of exchange Instability for a prolonged period, the end of which cannot be
foreseen, while the adoption of the gold (that is, the dollar) basis would
accelerate the return to world-wide stability.
It is this momentous alternative that Is involved, in the organization of
the new German note-issuing bank, and the Council deems It its duty to
point to its importance with all the emphasis of which it is capable. It is
not as an American problem that we are discussing this phase, but as one
that touches the future of all the world.
Approval of Schacht Notes for Rediscount by Reserve Banks.
The Council has been pleased to learn that it has been ruled that Federal
Reserve banks may consider as eligible for their open market purchases
certain German dollar trade bills, payable in the United States, if endorsed
by the recently established German gold rediscount bank, the so-called
Schacht bank, and by approved American endorsers.
The Council sees In this decision a move in the right direction, helpful to
all parties concerned, Inasmuch as it transfers credit power from where it is
idle and redundant to where an acute shortage of credit cripples the purchasing ability of a country which normally ranks second in line as a buyer
of our goods.
The Council recommends that when the now German note-issuing bank,
provided in the Dawes plan, is organized, the Federal Reserve banks take
the steps necessary In order to facilitate the rediscounting in this country
nevem
MAY 24 19241
THE CHRONICLE
of properly protected German gold bills, be it through the intermediary of
American banking institutions or through so-called agency agreements, or
such other arrangements as have been concluded by Federal Reserve banks
with central banks of other countries.
Measures of this character do not only tend to bring our gold hoard into
active and healthy use, but by enabling and encouraging other countries to
trade in terms of dollars we stimulate our own foreign commerce. We
facilitate, furthermore, the direct sale in dollars of our own products,
instead of making foreign countries and ourselves dependent in this respect
upon Great Britain's acting as broker and banker, as naturally she would
where the pound sterling would govern as an exclusive basis of commerce
and trade.
If there is any reason to assume that success of the Dawes plan may
prove the turning point in Europe's long road of suffering and decline, it is a
unique opportunity and duty for the United States to lend a helping hand
to the utmost of its ability.
In the opinion of the Council, there does not seem to be any room for
doubt with regard to the policy which in these circumstances the Federal
Reserve System should pursue.
London Stirred Up by Reserve Board Advisory Council's Recommendation for the "Dollar Standard"
Opposed—Sterling Place Upheld.
The following copyright cablegram from London May 18
is taken from the New 'York "Times":
2519
It is also, of course, fully realized here what a tremendous problem is
presented to American financiers by their great stock of gold, but a good
deal of skepticism is aroused when the remedy for the present condition of
affairs is said to be the sudden adoption of the dollar lay Germany for its
discounting transactions, for financiers here doubt whether it is practicable
and whether, however great its advantages might be to Wall Street, it
would recommend itself to the German financial and commercial world.
Immediately after the war New York did capture a great deal of discounting business and had a fair claim to be considered the coming world's money
centre, but much of this advantage has now been lost, and it is contended
here that conditions which brought Europe back to Lombard Street still
prevail and cannot be successfully disregarded. Thus in the case of Germany the greatest part of its business is done with Great Britain or with
countries so completely within the orbit of British finance as to have been
wedded to sterling for years.
Sweden, it is true, has recently passed legislation to adopt the dollar
basis, but these laws have aroused, it is declared here, such dissatisfaction
in Swedish financial circles that it may not be long before the Swedish
Government is compelled to change its attitude. Consequently it is
argued that for sake of convenience alone German financiers will be slow
in deserting sterling.
Another reason why London financial circles are skeptical of American
success in capturing the international discounting business is founded upon
criticism of the United States banking system. That system, it is alleged,
is conceived on too stiff and uncompromising lines to be fitted for international transaction, foreigners much preferring the flexibility and willingness to accept all kinds of paper which they find in London.
But, above all, Lombard Street is confident in its geographical position.
It is so much nearer European business centres than Wall Street is that it is
assured it can deal with the fluctuating conditions on the Continent far
more easily than its American competitor. It is even a little skeptical of
the boasted stability of the dollar and asks, if stable value is the chief
desideratum, whether the dollar is so much superior to the sovereign. The
financial editor of the "Daily Mail" argues to-day that, if its commodity
value be considered, it is not.
As a consequence of trade booms encouraged by the American gold
hoards there have been, he contends,far greater changes in prices during the
last year or two in the United States than in Great Britain, and this moans
that foreigners who have discounted their paper in dollars have been subject
to much greater changes in real values than those who have taken sterling.
So there are some who argue here that when everything is taken into consideration sterling is much more satisfactory as a discounting medium than
the dollar.
America's position in relation to Europe has been brought vividly to the
fore by opinions and recommendations expressed by the Advisory
Council of the Federal Reserve Board concerning the effort which should
be made to promote the dollar as the only world standard of value. There
was animated discussion here during the week over what is regarded as
"the collar's challenge to sterling."
It can be said at once, however, that the bankers are not, to use a slang
expression, "going off the deep end" about it. America's advantage in
possessing about one-half of the world's gold is recognized and, if employed
in the right way, there is little doubt that America would benefit very substantially from a restoration, or stabilization, of European currencies.
British bankers, however, cannot follow the Advisory Council in its suggestion that the gold standard can be restored in Europe overnight.
Parity and Gold Standard.
Restoration of the gold standard is the ultimate object in view, but European countries have got to agree, in most cases, to a revaluation of currencies and the fixing of new parities, which may take years rather than German Comment on Question of Displacement of
months to accomplish. It is believed here that American bankers themGold Standard by Pound Sterling.
selves are not at all enthusiastic over the Advisory Council's scheme for
The question as to the abandonment by Europe of the
crowning the Dawes plan with success. If it is true that American financial
authorities are doubtful whether it is desirable or possible for the dollar to gold standard in favor of the English pound is the subject
displace sterling, it can be understood that British bankers have no appre- of the following comment in
Associated Press cablegrams
hension on this score.
Although the suggestion of "dollar dictatorship" at this juncture rather from Berlin May 18:
implies that the pupil seeks to supplant the master, the criticism here is
Is the United States becoming alarmed over the danger of suffocating in
of an entirely friendly nature, and bankers are interested chiefly in the her post-war accumulation of the world's gold, or her prospective ability to
psychological side of the matter. Whatever may be the motives, we are mobilize her reserves of minted bullion? What would
happen if Europe
evidently on the eve of a pronounced quickening of interest in America in suddenly concluded to discard the gold standard entirely and
left the
European affairs. The association of America in drawing up plans for set- United States to an isolated contemplation of her idle gold?
tling the reparations was an unmistakable sign that American indifference
Curiosity in this direction has been provoked by the recent pronunciato European distress was to be abandoned in favor of a policy of construc- mento of the Federal Reserve Bank in connection with fixing
the dollar as
tive action.
the official unit of computation for the new German bank of issue.
The Reserve Board's Attitude.
One German financial writer observes that the future historian of post-war
Whether the view of the Federal Reserve Board's Advisory Council international finance will make due record of the American demand, not
truly reflects American opinion or not, it is felt in this market that we are because it reflects something new or unexpected, but because this maniat last beginning to move with real purpose toward a settlement of Eu- festation records in plain-spoken American business diction a fact which has
rope's most pressing problems, with America taking a hand. The prin- long been known, but insufficiently appreciated.
"These dryly uttered words," says "Germania," the official organ of the
ciple of help having been virtually decided upon, it is now a question of
discussing methods, and it is not believed that when it comes to actual Clerical Party,"simply stress the transition of financial power from one conaction America will ride in with the idea that London, as the world's tinent to another;in short,the abdication of Europe, which must be squarely
faced."
financial centre, can be displaced by New York.
The paper confesses that Europe no longer sets the financial pace for the
world, and asserts
the Bank of England, once the incarnation of stabilAdvises Caution on Gold—London "Times" Doubts ity and the world'sthat
money centre, is no longer its former self.
Germany Could Maintain Standard.
"The Anglo-Saxons still hold the whiphand," continues "Germania,"
they are not European Anglo-Saxons; they are the sons of the former
The following London copyrighted cablegram is also taken "but
English colony, who now hold half the world's minted gold."
from the New York "Times" of May 19:
Europe,in the opinion of "Germania." has no other choice than to submit
The "London Times," commenting editorially on the report of the to being financed and salvaged by "thefcrmer colony,which now has become
a world empire,and which is the real victor of the World War."
advisory council of the American Federal Reserve Board, says:
The prospect of a battle between the dollar and the English pound sug"Experience shows that in a practical sense the gold stancLod is best, a
fact that was recognized by the financial conference at Genoa. The doubt is gests to the "Vossische Zeitung" that such a controversy would not be
affected
by German interests or wishes,inasmuch as it would wholly resolve
whether it is a more convenient standard for Germany or any other European
nation to adopt at once. If England cannot restore the gold standard at itself into a question of American and British prestige and the future utility
once the presumption is that impoverished Greinany cannot restore it. The of America's gold reserve.
"No matter how paradoxical this may sound," says the "Vossische
pound sterling is still the international currency of the world and it is
sufficiently near to its pre-war parity with gold to make its restoration Zedtung," "the fact remains that no European country is now liquidating its
practicable without any great disturbance. But as the conference at Genoa trade balances through movements of gold. Such adjustments are conpointed out, it is desirable that the old gold-standard countries should co- tingent upon mutual confidences in the respective paper currencies and
operate in securing its re-establishment. Accordingly they suggested that running credit balances.
"Gold has been eliminated from international traffic among Europeans.
a conference of central banks should be arranged at a convenient moment.
That moment may arrive after the settlement of the reparations question If Europe suddenly elected to emancipate herself from the traditional gold
standard and decided to adopt the English paper pound, which could be
but not before.
"It would certainly be unwise for any one nation, especially an impover- sustained at the present point through the application of current exchange
ished nation in Europe, to make a premature return to the gold standard procedure, America would be forced to cast about for a new financial
and find afterward that it was compelled to abandon it. It is practical wis- yardstick."
In order to dethrone the gold dollar it would only be necessary, according
dom to move slowly in these matters. Certainly the position of London as
to the "Vissische Zeitung," to annul existing legislation bearing on coinage
the principal international monetary centre cannot be ignored."
and abolish the custom offixing an official rate for gold. The effect of such
a manoeuvre would be similar to that of forty years ago, when the world
Doubt Germany Will Adopt Dollar—British Financial discarded bimetallism which resulted
in the depreciation of silver.
The effect of such a financial coup, says the paper, would be that the
Experts Think Sterling Will Continue as
world's remaining gold would migrate to the United States, there
Europe's Exchange Basis.
to be
converted into paper dollars at full gold value.
Under the above head a copyright cablegram from London
"Even a country of such economic importance and
potency," adds the
May 17 was published as follows in the New York "Times": paper, "could not afford this luxury, which would be tantamount to a
gigantic gold inflation that would definitely seal the fate of America's
The report of the Council of the American Federal Reserve Board on treasury reserves."
the German financial situation has aroused great interest in financial circles
As the English financial position is too weak to sustain the shock of a
here, especially on account of its reference to American hopes of setting battle between the dollar and
pound, there is nothing left for Germany but
basis,
sterling
rather
than
dollar
on
a
German discount business
to accept the American suggestion, even if it presages profitable business
The "Economist" to-day acknowledges the force of the Council's argu- for the United States, is the
conclusion
reached by "The Vossische Zeitung,"
ments that if the German Discount Bank adheres to sterling "It may which admits that "the genuine
gold basis is the dollar basis," without which
delay the date when the European countries will get back to par with the neither German nor French
finances could be salvaged.
dollar," and it also considers noteworthy that the Dawes experts planned
Itargues that until the German gold mark is firmly founded and America
the new German issue bank on a gold rather than a sterling basis.
partially relieved of her gold inflation, and her markets placed in a position
2520
THE CHRONICLE
to absorb foreign exports, the path to international economic rehabilitation
will continue to be obstructed.
Objection to adopting the pound as a basis for the new German gold bank
also is voiced by the "Deutsche Allgemeine Zeitung," spokesman of the
Stinnes interests, which points out that, inasmuch as German price ranges
are now firmly fixed on a gold basis, they would be exposed to convulsions
and fluctuations arising from the instability of the paper pound in the event
the latter were adopted as the standard for the new bank.
This newspaper assumes that the experts'recommendations will be carried
out to the letter and that the straight gold standard will be adhered to, by
which it takes for granted that America's dictum means the "American
dollar."
Allowing for American pride in the dollar and American determination to
maintain its world supremacy, the fact remains, says the "Deutcshe AlIgomeine Zeitung," that the outstanding feature of this controversy and the
official utterance ofthe Reserve Bank's council is that the American financial
world is prepared to co-operate in the work of reconstructing Europe and
solving the German problem.
"Gold Exchange Standard"—Meaning of Statement
by Advisory Council of Federal Reserve Board.
The following letter to the Editor of the New York
"Times" appeared in the May 22 issue of that paper:
To the Editor of the New York "Times":
The New York "Times"of May 19 carried some very interesting comment
from London and Berlin upon the statement of the Advisory Council of
the Federal Reserve Board of May 13. It is evident from these cable
reports that the views expressed by the Council have been misinterpreted
on the other side or that they reached Europe in a somewhat garbled form.
The Council did neither recommend that Germany should adopt at once an
unrestricted gold currency system, nor that England should return immediately to an unrestricted gold standard. Nobody who has carefully studied
the problem would doubt that Germany's first step in currency reform
will have to be a "gold exchange standard," and this "gold exchange
standard" is specifically mentioned in the Council's report. As to England's return to an unrestricted gold standard, the Council expressed the
hope that it might be "as speedy as circumstances may permit." No
paragraph occurs in the Council's report that would warrant the assumption
that the Council presumed to offer any advice to the British bankers or
economists as to when that should be. The Council's argument was plain.
The Dawes report provides that a transfer committee is to be charged
with the duty of keeping Germany's future exchange stable. The American
Council holds that it is better for Germany'and all other countries wishing to
re-establish exchange stability on a new level or the old to establish "gold
standards" rather than sterling exchange standards. The London "Times"
errs when it says: "If England cannot restore the gold standard at once
the presumption is that impoverished Germany cannot restore it."
Germany is not expected at once to restore the gold standard, but a gold
exchange standard. If the Transfer Committee is expected to be able to
keep the mark steady on a sterling exchange basis, it is difficult to see why
It should not be expected to keep it stable on a dollar exchange basis. Indeed, the latter should be easier than the former. Assuming that the dollar
Is going to remain fairly stable, there would be a firm pivot around which German exchange would move. German economic conditions would offer the
fluctuating element to be controlled. If Germany were put on a sterling
exchange basis, there would be two fluctuating elements, because if England
Inflated or deflated, moving further away from or nearer to the old gold
standard or the old gold par of exchange. Germany's entire fabric of prices
would correspondingly be affected. For Germany the sterling standard
would therefore be a harder burden to bear than the dollar basis. If France,
Belgium, Italy and other countries should decide to revalue their exchanges
on a new level, is it to be assumed that they would choose the sterling or the
gold basis?
Sweden has returned to the latter and England plans to do so at the earliest
possible moment. As soon as she does the so-called "struggle between the
dollar and the sterling" will be over, because then the pound will be as good
once more as the dollar. Is it not silly to say that the American policy
aims at "displacing the sterling" when, as a matter of fact, the Council's
statement is an invitation to the world to come back to the gold standard
to break the gold monopoly of the dollar—an invitation to the Federal
Reserve Board to give all the help it can in the direction and a warning to
Europe not to take any step that would lead away from that aim? American bankers realize as keenly as their British colleagues that the burden to
be borne by England and America is so heavy at this juncture that neither
can afford to indulge in petty thoughts of beating or eliminating the other.
The task at this time is to devise the best ways and means of pulling the
world out of the mire, and to anybody who will give the Advisory Council's
statement an unbiased reading that must appear as the upshot and meaning
of its recent statement.
ECONOMIST.
New York, May 20 1924.
Europe Fights Gold Basis for Germany—Bank of
Issue Likely to Start on Sterling Basis—Washington Expects Institution Eventually to
Adopt Gold Unit and Is Not Worried by
Campaign Against Dollar.
In its issue of May 20 the New York "Journal of Commerce" published the following from Washington:
The fight for the establishment of the German bank of issue proposed by
the Dawes report on a paper basis instead of on a gold basis has come out
Into the open and will be fought to the finish, according to the view in official quarters here of the reports received to-day of the reactions In Europe
to the recommendations of the Advisory Council of the Federal Reserve
Board for the participation of the Federal Reserve system in the financial
operations incident to the reparations settlement.
In well informed quarters, moreover, it is frankly conceded that the German bank of issue probably will be started on a conversion basis of the
pound sterling rather than on the American gold dollar. But it is also forecast that the proposed institution will ultimately be put on a gold dollar
basis.
Change Called Impractical.
Reports of discussion in Europe of the possibility of the leading nations
abandoning the gold standard and leaving the 'United States to "hold the
bag" of about half the world's supply of gold were received without surprise
In official quarters, where it was maintained that such a policy would be
adopted if the foreign governments could devise a means of making the step
practical. However, it was contended that the treasuries of England,
France, Italy and other nations all hold some gold, which would have to
[VOL. 118.
face the same problem as the American stock If the metal standard was
discarded.
Also, it is pointed out that the foreign nations are aware that in the event
of such a change they would have to watt for trade to adjust itself to the
new conditions before they could take advantage of the trade stimulus desired of a reparations settlement, while on the gold basis of international
exchange the readJustments will be unnecessary.
At the start, nevertheless, it is believed that the German gold bank will
be placed on the basis of the pound sterling, which the British maintain is
the same as a gold basis, rather than on the dollar basis, which is an actual
gold foundation. Skirmishes over this point within the committees of reparations experts preceded thefight which has come out in the open. The plan
for the establishment of the bank,it is pointed out, puts the choice of gold or
paper finally up to the Germans, with the American voice effectively
silenced.
Plan of the Bank.
The plan of the bank,It is explained, provides that the notes of the institution would be payable in gold, but the Dawes report adds:
"The committee is of the opinion, however. that, at the inception of the
bank, conditions will be unfavorable to the application of the above rule of
convertibility; in this event this rule may therefore be temporarily modified
by the affirmative vote of every member but one of each of the following
groups: The organization committee, the managing board and the general
board."
By the arrangement of the vote of every member "but one" the discard of
the gold basis is permitted by a unanimous vote, no matter what position the
American member takes. The organization committee and the managing
board present but little uncertainty as to their inclinations toward the
pound sterling basis; but on the general board the preponderance of German
membership leaves the final decision with them. And it is thought here in
some quarters that the British aid in the inauguration of the Schacht Bank
was virtually contingent upon loyalty to the pound sterling among the
Germans.
Despite the contentions of the British that the pound sterling is the same
as gold, the contention is made here that the British paper is subject to
fluctuations; and if the German bank of issue is established on that basis its
issues will be subject to the same influences, or, in other words, they will
fluctuate with the British political situation.
Secretary Hoover Asks Bank Aid for Dawes Plan.
Under date of May 15 the New York "Journal of Commerce" had the following to say in advices from its Washington bureau:
Secretary Hoover is in accord with the ideas of the advisory council of
the Federal Reserve Board for assisting the operation of the Dawes report
through the extension of the discounting facilities of the Federal Reserve
System in the furtherance of foreign financial operations, It was made known
to-day at the Commerce Department.
Mr. Hoover expressed the opinion that the one way for this country to be
of assistance in the general rehabilitation of European economic conditions
was to enlarge its facilities for extending credit to sound concerns. He
favored increased mobility of American credit facilities.
Anything that can be done legitimately and safely to facilitate credit
extension is a good thing, according to the views expressed to-day In other
high Administration quarters in comment upon the recommendations of the
Federal Advisory Council. Everything that helps stimulate trade is a good
thing as long as it is on a sound banking basis, according to this view.
The question of how far the Federal Reserve System might go in extending
Its discounting facilities to financial transactions following upon an adoption
of the Dawes report would be answered, it was believed, by the application
of sound banking principles to whatever was presented to it. Incidentally
the opinion was advanced that other foreign paper as well as German would
be accorded similar treatment when it came through regular channels.
Moreover, it was felt, to the extent to which dollars are used in Germany,
that country will be on a gold basis because the American dollar Is on a
gold basis solidly, while the pound sterling is not, since it is subject to fluctuations.
Greece May Use Dollar Base—Exchange Would Be
Quoted in American Instead of English Units.
From the New York "Times" of May 19 we take the following from Athens May 18, copyright by the Chicago Tribune Co.:
The Minister of National Economy hinted to-day that the dollar would
be the base value of exchange of the drachma on the Athens Bourse instead
of the pound sterling hitherto used.
"The dollar is the world monetary base now and has superseded the
pound," said the Minister.
Changes in Personnel of Advisory Council of Federal
Reserve Board.
At last week's meeting in Washington of the Federal Advisory Council of the Federal Reserve Board, Alfred L.
Aiken of Boston resigned as a member and Vice-President of
the Council. Charles A. Morse of Boston has been designated to succeed him as a member. E. F. Swinney of Kansas City was elected Vice-President of the Council.
Passes Bill Amending Provision in Federal
Reserve Act Affecting Reserves of Edge Act
Corporations.
The Senate on May 15 passed a bill amending the Federal
Reserve Act insofar as it affects the maintenance of reserves by foreign finance corporations formed under the
Edge Act. Under the bill, according to Senator McLean,
the Federal Reserve Board would be empowered to designate
the form in which such reserve might be held. Senator McLean's statement before the Senate follows:
Senate
Under the existing law the foreign finance corporations which are organized
under the Edge Act have to maintain a demand deposit or a cash deposit
of 10%. They are in no sense commercial banks. They are not permitted
to accept deposits subject to check. In fact they are permitted to accept
2521.
THE CHRONICLE
MAY 24 1924.]
no deposits except such as are incidental to their foreign business. Banks
organized under State law and having the same powers that these banks
have are not required to keep any deposits at all. This Act does not relieve
the Corporations of the requirement of the deposit. It simply gives the
Federal Reserve Board power to permit them to keep their deposits in
some other form than cash—short-time commercial gilt-edge paper, or
something of that sort. The passage of the bill is recommended by the
Federal Reserve Board. It seems to me that the Federal corporations
ought to be put upon a par with the corporations organized under State
laws and doing the same kind of business.
Be it Enacted, etc., That Section 25 (a) of the Act approved Dec. 23 1913,
known as the Federal Reserve Act, as amended, be further amended by
changing the last sentence of subparagraph (a) of the paragraph which
specifies the corporate powers of corporations organized under the said
section, to read as follows:
"Whenever a corporation organized under this section receives deposits
in the United States authorized by this section it shall carry reserves in
such amounts and in such form as the Federal Reserve Board may prescribe, but in no event less than 10% of its deposits."
Bill Providing for Extension of National Bank Act
to Virgin Island Passed by Senate.
A bill extending the provisions of the National Bank Act
to the Virgin Islands of the United States was passed by the
Senate on May 15. Senator McLean, who introduced the
bill, had the following to say as to its purpose:
I introduced this bill at the request of the Assistant Secretary of the
Navy. It has the approval of the Solicitor of the Treasury and the Comptroller of the Currency.
There is at the present time one commercial bank in the Virgin Islands.
It was organized under the laws of Denmark. The owners of the bank
want to dissolve and reorganize and come in under our national bank
Act, now that we own the islands. I know of no objection to the bill,
and I hope it will pass.
In stating that the bill defined the political status of the
inhabitants of the Virgin Islands, the Senator said:
They have the same status that the inhabitants of the Philippine Islands
have, and they will retain that: but this bill provides that insofar as our law
requires that directors of national banks shall be citizens of the United
States the law is modified so that the inhabitants of the islands who now
control this bank can qualify as directors.
The text of the bill as passed by the Senate follows:
Be it enacted, dec., That the National Bank Act, as amended, and all
other Acts of Congress relating to national banks, shall, in so far as not
locally Inapplicable, hereafter apply to the Virgin Islands of the United
States: Provided, That such inhabitants of the Virgin Islands of the
United States as resided therein and were Danish citizens on Jan. 17 1917
and who have not since that date elected to preserve their Danish citizenship in the manner provided for in Article 6 of the convention between
the United States and Denmark signed Aug. 4 1916, shall be regarded as
citizens of the United States within the meaning of Section 5146 of the
Revised Statutes, as amended: Provided further, That Section 19 of the
Act of Feb. 8 1875 (18 Stat. L., p. 311), shall not apply to the National
Bank of the Danish West Indies: Provided further, That any bank which
shall organize under the authority of this Act shall not have the right to
issue bank notes until after the expiration of the concession granted to the
National Bank of the Danish West Indies or the relinquishment of such
concession by said bank.
D. R. Crissinger Reappointed Governor of Federal
Reserve Board by President Coolidge With
Expiration of His Term of Office.
D. R. Crissinger, whose term of office as Governor of the
Federal Reserve Board expired on April 30, has been reappointed to the post by President Coolidge.
reduction of $275,841,000 since Dec. 31 1923, but an increase in the year
of $30,224,000. The increase in time deposits between Dec. 31 1923 and
March 31 1924 was $160,951,000, and the amount March 31 1924, 85,108.970,000, was $528,754,900 in excess of the amount April 3 1923. The
reduction in total deposit liabilities between Dec. 31 1923 and March 31
1924 was $230.165,000, and the increase in the year was $562,415,000.
Liabilities for borrowed money on account of bills payable and rediscounts, amounted to $510,533,000 March 31 1924, showing a reduction
since Dec. 31 1923 of $147,529,000, and a reduction since April 3 1923 of
$150,099.000.
The percentage of loans and investments to total deposits March 3/
1924 was 96.36, compared with 94.91 Dec.31 1923 and 98.08 April 3 1923.,
Annual Report of Federal Reserve Board—Currency
and Credit.
In that part of its annual report dealing with "Currency
and Credit," the Federal Reserve Board states that "though,
the increase in currency demand in 1923 has not, as in earlier years, been accompanied by a growth of Federal Reserve.
Bank credit, it has, as at other times, followed upon a
growth in member bank credit." The Board points out that
"the larger currency requirements of 1923 were preceded by
an increase in 1922 of loans and deposits of member banks"'
and says "this is the usual sequence—an increase of deposits being followed by an increase of the currency." In giving this portion of the report we also quote as follows Governor Crissinger's introductory remarks in submitting the
report to Congress on March 31:
The year covered in this, the tenth annual report of the Federal Reserve
Board is of more than ordinary interest, since it has afforded an opportunity for the Federal Reserve System to function under circumstances
less influenced by conditions arising out of the war than any previous year.
In the absence of those major disturbances which so profoundly affected
business and credit conditions during the war and early post-war readjustment, Federal Reserve credit policies, in response to prevailing economic
conditions and on the basis of earlier experience, have undergone a fuller
development. The volume, character and occasion of rediscount operationsand open-market transactions of the Federal Reserve banks, the extent and,
influence of gold movements upon the credit and currency situation, rate
policy, and the basic factors underlying general credit policy—these and
other related matters that will be of continuing importance in the futurehave held an important place in the year 1923 in the functioning of theFederal Reserve banks and in the deliberations and decisions of its governing authorities.
The text of the report as herewith presented is devoted to a discussion,
of some of the broader aspects of the workings of the Federal Reserve System and the fundamentals of its operation and administration as they may.
be viewed in the perspective of almost a decade of experience. These arebelieved to be matters of such widespread public interest as to make a fuller
discussion of them than has been attempted in any previous report of the
Board a useful undertaking at this time. In consequence, many administrative matters which have had the attention of the Board during the year
1923 are not included in this part of the report. Full information with
respect to them will be presented in other portions of the report which,
together with this text, will constitute the complete report of the year's
operations.
The Board's report was made up of six parts, viz., Banking and Business in 1923; Federal Reserve Discount Policy;
Open Market Policy and Operations; Gold and Credit; Currency and Credit, and Guides to Credit Policy; two of these
were treated of in our issue of April 5, pages 1611-1614—
Banking and Business in 1923 and Open Market Policy and
Operations.
In its discussion of currency and credit the Board said:
Currency in 1923.
National Bank Figures for March 31 1924—Decrease
The increased demand for currency during 1923 was met by the payment
in Resources as Compared With December, But
of gold certificates into circulation and not by the issue of Federal Reserve
Increase Over Figures of Year Ago—Increase
notes. This reflects the recent practice of certain Reserve banks, particuin Loans.
larly New York, of supplying the currency requirements of their members.
by paying out gold.
For the System as a whole there was during the year
In a statement issued under date of May 17, Comptroller a decrease in the volume
of Federal Reserve notes in circulation, though thetotal of money in circulation increased. Changes in the total, rather than
of the Currency Dawes said:
A summary of the returns from 8,115 national banks March 31 1924
shows total resources of $22,062,888,000. This compares with $22,406,128.000 Dec. 31 1923, the date of the preceding call, and $21,612,713,000
April 3 1923.
Loans and discounts of 811,952,287,000 March 31 1924 show an increase
since Dec. 31 1923 of $75,725,000, and an increase of $284,328,000 since
April 3 1923.
United States Government securities amounted to 82,494,313.000
March 31 1924, and show a reduction since Dec. 31 1923 of $72,538,000,
and a reduction in the year of $199,894,000, while other miscellaneous
bonds and securities to the amount of $2,511,637,000 were increased
$33.794.000 between Dec. 31 1923 and March 31 1924, and show an increase since April 3 1923 of $164,722,000.
Balances due from other banks and bankers, including lawful reserve
with Federal Reserve banks of $1,160,766,000, amounted to $2,762,263,000
March 311924. showing a reduction since Dec. 31 1923 of $228,082,000,
and a reduction in the year of $176,596,000. Cash in vault, $342,969,000
on March 311924. was $43,459,000 less than on Dec. 31 1923, and $16,178,000 less than a year ago.
The capital stock of national banks March 31 1924 was $1,335,572,000,
showing an increase since Dec. 31 1923 of $9.747,000, and an increase in
the year of $16,428,000. Surplus and undivided profits amounted to
$1,581,268,000 March 31 1924 and show an increase between the dates of
the last two calls of $38,930,000, and an increase in the Year of 827.444,000.
Liabilities on account of circulating notes outstanding amounted to
8726,483.000 March 31 1924, showing an increase of $534.000 since Dec. 31
1923, but a reduction since April 3 1923 of $1,593,000.
Balances due to other banks and bankers of 83,014.599,000 March 31
1924 were $115,275,000 less than on Dec. 31 1923 and $3,437,000 greater
than a year ago. Demand deposits, including United States deposits of
$18.3.000,000, amounted to $9,475.127.000 March 31 1924, and show a
in the various forms of money in circulation, measure the fluctuations in
the demand for currency. Federal Reserve banks continued to be the sourcefrom which currency was supplied in a volume responsive to changing requirements and the form of money paid out by the Reserve banks affected
merely the composition of the total money in circulation. The table shows
the volume of different kinds of currency in circulation on Jan. 1 1923 and
Jan. 1 1924.
Percentage I fstrtbuffon.
-- ---Jan. 1 1924. Jan. 1 1923. Jan.1 1924.
---Gold and gold certificates- $732,000.000 $997,000,000
20.1
15.5
Silver and silver certificates 597,000,000 696,000,000
14.1
12.6
United States notes
6.2
286,000,000 307,000,000
6.0
Federal Reserve notes
2,373,000,000 2,224,000,000
44.9
50.1
Federal Reserve bank notes
.3
.8
37,000,000
14,000,000
National bank notes
708,000,000 713,000,000
14.4
15.0
Total
34.733,000.000 54.051.000 11(10
100.0
100.0
Kind of Money.
Jan. 1 1923.
The effect of meeting the currency demand by paying gold rather than
Federal Reserve notes into circulation has been to increase the proportion
of gold in the total circulation to the largest percentage, and to decrease the
proportion of Federal Reserve notes to the lowest percentage in five years.
While the Federal Reserve banks during 1923 continued to function as the
source from which the public obtained the currency required to transact
the larger volume of business, the increased use of currency did not result
In an increased use of Federal Reserve bank credit. The reason for this
was that the gold received from abroad and deposited with the Reserve banks
furnished member banks with funds to meet the increased currency demand.
The relation between gold imports and currency demand in 1923 was similar to that in 1915 and 1916, which was also a period of gold imports and
increasing currency requirements. In those years also the inflow of gold'
2522
THE CHRONICLE
from abroad supplied member banks with credit in sufficient volume to
finance a business expansion with little resort to the Federal Reserye banks.
The experience of 1923 is in contrast, however, to that of 1919-20, when
there were no net gold imports, and when business expansion led to heavy
borrowing at the Reserve banks to meet the large and increasing demand for
currency.
Currency Demand and the Reserve Banks.
[VOL. 118.
activity and the resulting requirements for currency. From the point of
view of the Reserve System the important fact is that member banks must
depend increasingly upon borrowing from the Reserve banks as the demand
for currency increases.
It thus appears that the chief occasion for extensive changes in the volume of rediscounting at Federal Reserve banks, taking them as a whole,
arises out of variations in the demand for currency. Federal Reserve banks,
therefore, from the point of view of the chief use made of their credit, may
regarded as currency supplying banks. An increased demand for currency
is first felt at the counters of the member banks. Since these banks carry
little or no surplus cash, that is, cash in excess of what they need to make
their customary day-to-day disbursements, an increase in the demands for
cash made upon them is promptly passed on to Federal Reserve banks. The
Reserve banks are the repositories of the country's surplus cash, and in
meeting the demand for currency may supply cash either out of their surplus
reserves or by the creation of new currency through the issue of Federal
Reserve notes. The outflow or return flow of Federal Reserve notes or other
currency at the Federal Reserve banks under ordinary conditions quickly
and accurately reflects changes in the country's need of currency. Both the
increase and the decrease in the total volume of money in circulation are
in response to changes in the currency required to transact the country's
business with a given volume of trade and production. The Federal Reserve
note circulation, being the elastic element in our currency system, ordinarily expands when need for additional circulation arises because of a swell
in trade and industry, or because of seasonal or emergency demands, and as
quickly contracts when the need or emergency which has occasioned its issue
disappears.
Experience shows that fluctuations in the volume of Federal Reserve note
circulation have been much wider than changes in the deposit liabilities of
the Reserve banks. The movements of notes and deposits from 1917 to 1923
are shown in the chart on page 28. [This we omit.—Ed.] These two liabilities, notes and deposits, constitute the items against which the Reserve
banks must carry reserves. Changes in the reserve position of Federal Reserve banks, owing to the larger changes in the volume of notes than of deposits, have refIcted principally increases and decreases in note circulation
and in gold reserves. In was in 1920, at the time of the largest volume of
Federal Reserve note circulation, that the reserve ratio of the System was
at its lowest level, and the subsequent rise in the combined reserve ratio occurred at a time when note circulation was rapidly decreasing. Changes
in deposit liabilities, on the other hand, have been but a minor influence in
their effect upon the reserve ratio. Changes in the ratio of total reserves
to notes and deposits combined do not distinguish between the effect on the
reserve position of changes in Federal Reserve note circulation and in the
volume of deposits. The ratio, therefore, represents on the liability side an
average of two items which have widely different ranges of fluctuation, and
does not give a clear picture of changes in the reserve position of the Federal
Reserve System and of the factors responsible for those changes.
In the experience under the Reserve System, changes in the demand for
currency in the absence of gold imports have been the principal factor
accounting for fluctuations in the total volume of borrowing. Thus total
earning assets of the Reserve banks and Federal Reserve note circulation followed a parallel course until 1921, when the large inflow of gold began.
The chart [We omit this.—Ed.] shows the movement of Federal Reserve
notes and earning assets from 1917 to 1923. The divergence between assets
and notes in 1921 was the consequence of the large gold imports which
were used in the liquidation of borrowings, and the difference of about
$1,000,000,000 between earning assets and note circulation during the past
two years measures the extent by which earning assets were reduced by the
use of gold received from abroad. During 1922 and 1923 the relative posi.
tion of earning assets and notes in circulation has remained unchanged, since
the gold imported during those years was paid into circulation and was aufficient to supply the increased demand for currency. It is the coincidence
of a volume of gold imports in 1923 about equivalent to the increased demand for currency which chiefly accounts for the absence of growth in
Reserve bank assets, and makes the relation between the movement of assets
and notes different from the experience of earlier years.
Credit Demand and Currency Demand.
Though the increase in currency demand in 1923 has not, as in earlier
years, been accompanied by a growth of Federal Reserve Bank credit, it has,
at other times, followed upon a growth in member bank credit. The larger
currency requirements of 1923 were preceded by an increase in 1922 of
loans and deposits of member banks. This is the usual sequence—an increase of deposits being followed by an increase of the currency. Ordinarily
the first effect of an increase in business activity upon the banking position
is a growth in loans and deposits. In the earlier stages of a period of
banking expansion there is usually a roughly parallel upward movement of
the loans and deposits of the banks. Later on, however, the situation
changes. There comes a time when the increase of business activity and
the fuller employment of labor and increased pay-roll calls for an increase
of actual pocket money to support the increased wage disbursements and
the increased volume of purchases at retail. At this stage the rough parallelism between the growth of loans and deposits of the banks gives way to
a divergent movement between these items. Loans may continue to increase
while deposits will remain either stationary or show a decline. When the
point is reached in a forward movement of business where manufacturers
and dealers need more currency for pay-roll and other purposes they draw
down their deposits at the banks. What in the first instance was the creation of bank credit in the convenient form of a checking account has now
become a demand for cash. In other words, the customer's demand for Congress Passes Soldier Bonus Bill
Over Veto of
book money (deposits) at the bank becomes converted into a demand for
President Coolidge.
pocket money. This change is reflected in the altered position of the banks.
The ratio of loans to deposits rises with an increased demand for currency.
The bill "to provide adjusted compensation for veterans of
Movements of this character have occurred during the past two years. the World
War" became a law this week, both branches of
The year 1922 was one of business recuperation calling for increased banking accommodation. So far as the banking position was concerned, what Congress having passed the bill over the veto of President
was going on in 1922 was reflected in the simultaneous growth of member Coolidge. The latter, in citing his objections to the bill,
bank loans and deposits. The first half of the year 1923 saw the forward stated among
other things that under it "we will be commovement in business quickened to an extraordinary degree. Production In
basic industries was at an unprecedented rate; there was full employment, mitting this nation for a period of twenty years to an addiwith wage increases in many industries. The stage had been reached where tional average, annual appropriation of $114,000,000."
He
bank borrowers were availing themselves of their credits to an increasing further said
that at the end of the twenty-year period the
degree in the form of actual withdrawals of currency. The ratio of loans to
Government will owe two-and-a-half billions of dollars cash,
deposits was in consequence rising.
In 1922 deposits of member banks in leading cities increased more rap- adding "it will then be necessary to sell to the public the
idly than their loans, while in 1923 deposits declined and loans continued to two-and-a-half
billions of bonds—a major operation in
increase. Thus the ratio of loans to deposits rose during 1923, reflecting
finance which may be disastrous at that time and may
the increased demand for currency.
In days before the establishment of the Federal Reserve System, the ratio jeopartize the value of Federal securities then
outstanding."
of loans to deposits was commonly used as a trustworthy indicator of the
banking position and of the general credit situation. This ratio is still fre- The veto message was given in our issue of a week ago, page
quently appealed to as foreshadowing changes in money rates. But it is 2384. The bill was passed by the House over the President's
not commonly recognized that the establishment of the Federal Reserve veto on May 17 by a vote of 313 to 78, while
the adoption of
System has introduced a new factor which has worked a great change In the
situation. Previous to the establishment of the Reserve banks a rise in the the bill by the Senate over the veto was effected on May 19
ratio of loans to deposits was properly regarded as indicating an approach by a vote of 59 to 26. The bill had originally been passed by
to the limits of bank lending power because it indicated also the approach- the House on March 18 by a vote of
355 to 54, (see "Chroning exhaustion of the surplus reserves of the banks. It foreshadowed an
approaching shortage of cash, and, under a currency system lacking elas- icle" March 22, page 1339) while the Senate on April 23
ticity, a period of credit stringency. Under the Federal Reserve System, as passed it by a vote of 67 to 17 ("Chronicle" April 26, page
before, fluctuations in the ratio of loans to deposits are occasioned by 1989). Some amendments
made by the Senate resulted in
changes in the country's demand for currency. This increased demand, however, under present conditions leads to increased borrowing at the Reserve the bill going to conference. Both the Senate and House
banks. In the absence of gold imports in sufficient volume to meet the adopted the conference report without a roll call—the former
currency demand, it will be reflected in larger rediscounting at the Federal on May 1 and the latter
on May 2. President Coolidge,
Reserve banks for the purpose of obtaining currency.
At the Reserve banks there is a relationship between the demand for whose veto message was dated May 15, delayed action on it
credit and for currency similar to that at the member banks. An increased pending an estimate from the Treasury as to the costs indemand for currency follows upon an increase in the demand for deposit volved. It is pointed
out that in 1922, when President
credit at the Reserve banks. The first step in the sequence which finally
leads to an increase in the demand for currency takes the form of a demand Harding vetoed a bonus measure, the House repassed it by a
for Reserve bank credit to support the larger volume of loans and deposits vote to 258 to 54, but the veto was sustained by the Senate,
at member banks. Later, as business continues to expand and as customers the vote being 44 to 28,four
less than the required two-thirds
of member banks withdraw a larger proportion of their checking accounts
in currency, the member bank turns to the Reserve bank to obtain the addi- majority. The members of the House who voted for the
tional currency needed to meet the demands of customers, and for this pur- adoption of the bill on Saturday last over the President's veto
pose discounts the customer's note or other eligible paper. As the member were made up of 166
Republicans, 145 Democrats and 2
bank's customer in availing himself of his credit takes currency in increasing proportion, the member bank is obliged more nearly to match each Independents, while 57 Republican and 21 Democratic
dollar of cash withdrawn by its customer by a dollar of cash obtained by members of the House voted to support the Presidential
borrowing at the Reserve bank. A point is finally reached where the mem- veto. From the
Washington dispatch to the New York
ber bank finds it necessary to rediscount with the Reserve bank a larger
proportion of the loans it has made to its customers in order to meet their "Times" May 17 we take the following:
During the short debate that preceded the roll call in the House this
currency requirements. It is then that the resources of the Reserve bank
are brought more fully into play and its loans mount rapidly. So long as afternoon, Representative Madden, Chairman of the Appropriations Comthe member bank's customer required only book money, the amount of mem- mittee, and Representative Longworth changed their positions on the bonus,
ber bank credit which a dollar of Reserve bank credit would sustain was on standing behind the President, whereas in March, when the bill passed the
the average in the ratio of about 10 to 1. But, as the demand for currency House by a vote of 355 to 54, they voted for it. Twenty-four Republicans
increases, this ratio declines and eventually reaches a point where a dollar in all switched, these being Representatives Beers. Hitler, Boles, Brand of
of Reserve bank credit must be obtained by the member bank for each dol- Ohio, Darrow,Dempsey,Edmonds, Fleetwood, Graham of Illinois, Hudson,
lar of currency taken from the bank by its customer. It follows that there Long-worth, Madden, Moore of Illinois, Newton of Missouri, Paige, Scott,
Is no constant ratio which can be safely assumed in estimating the extent to Sproule of Illinois, Stalker, Sweet. Taber, Watres, Welsh, Wertz, Williams
which a given amount of Reserve bank credit will enable member banks to of Michigan. Two Democrats, Hawes of Missouri and Jost of Missouri.
expand their loans. This ratio varies according to the stage of business who had voted for the bill, to-day voted to sustain the veto.
MAY 24 1924.]
THE CHRONICLE
2523
It is estimated that the average insurance policy would be valued at $962,
while the maximum value of the policies would be about $1,000 for overseas
service and $1,600 for home service.
The value of the policy would be the equivalent of the amount which the
adjusted service credit plus 25% would purchase at regular insurance prices
based on 4% interest compounded annually. To determine the latter computation a table of factors has been compiled by experts. Multiplication of
the proper factor by the amount of adjusted service compensation due the
veteran, plus 25%, would give the face value of the insurance certificate.
Each certificate, of course, would vary according to the length of service
of the veteran and his age at the date of issuance of the policy. The policies
Madden Explains His Change.
would be dated next Jan. 1.
Explaining to the House to-day his change of attitude on the bonus bill,
Application for the bonus may be made at any time before Jan. 1 1928.
Representative Madden said he was forced to do so through economic
but the cash payments will not be distributed until after next March 1.
motives. He said the bonus would cost $2,280,000,000 in its twenty years
Loans
may be made on the policies up to 90% of their current face value
of life, and that even the appropriation for the fiscal year 1925 would reach any time after
two years from the date of issuance. Thus on a $1,000
$152,500,000.
policy, at the end of two years, a loan of $87 93 could be made. On this
"The President is the nation's leader," Mr. Madden said. "The people
same
policy
at
the
end of nineteen years a loan of $831 23 would be possible.
of the United States look to him for guidance. They admire his courage and
The loans may be made at any national or State bank.
wisdom. They are willing to follow him, and I know of no reason why I
Service between April 5 1917, and July 1 1919, may be counted in comshould not follow him. I have always favored a bonus and voted for it, but
puting the adjusted service credit, although enlistment must have been
I think the present financial condition of the country justifies a change of
made before Nov. 111918.
opinion on my part and I shall therefore vote to sustain the veto of the
Women who served as yeomen in the Navy and Marine Corps also were
President.
included
In the bill as eligible to receive its benefits.
The nation since the war has done wonders to stabilize the world and
The bill stipulates that no one shall be entitled to its benefits for service as
put our own finances on a sound basis. As Chairman of the Committee
a civilian officer or for membership in the reserve officers' training corps or
on Appropriations, I think I would be unworthy to stand here day by day
the students Army training corps.
and evoke economy in every other direction, and vote to override the veto
On May 21 it was stated that a miscalculation had been
of the President.
lam assuming the responsibility here which the Chairmanship ofthe Com- made in computing the return to the veterans under the
mittee on Appropriations imposed on me,and I do so gladly. In doing that,
bill; in correcting the impression which announcements early
I am doing what the nation would have me do. The tax reduction bill
wipes out any surplus that might have existed in the 1925 program of re- in the week had been conveyed as to the yield, a press disceipts and expenditures, and it is possible that the bill itself will result in patch from Washington May 21 in the New York "Heralda deficit."
When official notice of the bonus victory in the House reached the Senate, Senator Robinson, the Democratic leader, asked that it be called up a
week from to-day. Senators demurred, and Mr. Robinson then asked consideration on May 26. This was not convenient, and other requests were
made. Senator Watson of Indiana demanded an immediate ballot, and
there were cries of 'voter 'voter but Senator Reed of Pennsylvania
objected to this.
Senator Curtis of Kansas, Republican whip and sponsor of the bill, then
gave notice that he would ask on Monday to have it taken up.
•
•
*
*
*
*
*
*
*
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•
Tribune" said:
Preceding the action of the Senate an the bill on the 19th
A veteran who had 500 days home service, at $1 a day, and had been
his bonus policy at approximately $1,562 25 ($500 plus 25%.
computing
President
Coolidge
at a White House breakfast to
inst.,
multiplied by two and a half) will get only $1,250 ($500 multiplied by
which seven Republican Senators had been invited, urged $625
two suds half), or 80% of his original calculation.
that his veto be sustained. Those attending the breakfast
H. P. Brown, Veteran Bureau actuary, explained that the table of facwere Senators Harreld of Oklahoma, Phipps of Colorado, tors recently made public had been based on values of $1 25 instead of
usual, and thus took into account the extra 25% allowed by the bill
$1,
Sterling of South Dakota, McKinley of Illinois, Cameron andas
saved a double computation.
Arizona,
Dale
of
Vermont and Keyes of New Hampshire.
of
This will result in lower values for insurance policies all along the line
Chairman Smoot of the Senate Finance Committee con- than had been figured by Congress, Brown said, but would make no difference
in the estimated total cost of the bill.
ferred with the President later, and Senator Kendrick,
Democrat, of Wyoming, who called at the Executive offices,
went to the White House with Secretary Slemp. Washing- Overriding of Veto Result of Lobbying—Representatives of American Legion Kept Tab on Members
ton advices to the New York "Evening Post" said:
Senator Smoot, who arrived at the White House before the breakfast
from Galleries—New York "American" Charges
guests departed, declared that, unless votes of two or three Senators had
Wall Street Interests Are Behind Oppobeen changed by the breakfast, conference, the Senate would vote to oversition to Bonus.
ride the veto.
Some of the President's guests at breakfast were understood to have inThe New Yorlc "Evening Post" reported the following
formed him that they would like to sustain the veto, but were bound by
under date of
pledges given at the time they were elected to the Senate and felt themselves from a staff correspondent at Washington
bound to respect those promises.
May 20:
When the vote was taken on the bill in the Senate on the
The Soldiers' Bonus Bill became a law yesterday when the Senate:
19th inst., four of those who had breakfasted with the Presi- following the example set by the veteran vote seekers in the House Saturday.
it over President Coolidge's veto by a vote of 59 to 26.
dent, and who had previously voted for the bill, voted to passed
Thus five years of political maneuvering against the opposition of three
sustain the veto. The New York "Journal of Commerce" successive administrations comes to an end.
Months will elapse, however, before the Governmmt will be ready
in its Washington dispatch May 19 said:
the bonus to the 4,293,000 ex-service men entitled to the
Altogether, there were only five Senators who had supported the bill on
its first passage to vote against It to-day. They were Colt, Rhode Island;
Keyes, New Hampshire: McKinley, Illinois: Phipps, Colorado, and Ster
ling, South Dakota. All except Senator Colt were at the White House conference.
The last move of the Administration was to seek delay in the vote until
Saturday, Senator Reed, Republican, Pennsylvania, asking unanimous
consent to defer action until that time. The Senate was in no mood for
delay, however, and as Senator Ashurst, Democrat, Arizona, objected.
there were immediate cries of "vote, vote," from both sides of the chamber.
Senator Curtis of Kansas, assistant Republican leader, who had charge of
the bill, moved for a vote and was joined by Senator Robinson of Arkansas,
the Democratic leader, in suggesting that debate was unnecessary.
Senator Lodge of Massachusetts and other Administration leaders joined
with Senator Curtis in voting against the President.
The 59 votes cast by the Senate in favor of the adoption of
the bill over the veto were those of 30 Republicans, 27 Democrats and 2 Farmer-Labor Senators. The 26 votes sustaining the veto were cast by 17 Republicans and 9 Democrats.
Under the newly enacted law veterans whose adjusted
service credit is more than $50 would receive an equivalent
of a paid-up 20-year endowment insurance policy in the form
of adjusted service certificates, while those whose adjusted
service credit is $59 or less would be paid in cash. Pointing
out that the cost of the bonus has been estimated at from
$2,500,000,000 to $4,000,000,000—Treasury officials making
the higher estimate—the Associated Press dispatches from
Washington May 19 said:
The cost for the next fiscal year, when it is figured the cash payments will
be made, has been estimated at $150,000,000, which proponents of the law
say can be taken care of and taxes reduced at the same time. After the next
fiscal year the cost is expected to decrease slightly and it is figured that an
annual appropriation of $100,000,000 will be necessary to meet the cost
over the twenty years.
It is estimated that 3,038,283 veterans will be entitled to the insurance
policies provided by the bonus bill, while 389,583 will be paid cash of $50 or
less. The bill also provides for payment to dependents of deceased veterans
of the amount of adjusted service compensation to which they would have
been entitled.
Adjusted service compensation is figured on the basis of $1 a day for home
service and $1 25 a day for overseas service. The first sixty days cannot be
counted. Also a maximum of 500 days would be allowed.
All veterans up to and including the rank of captain in the Army and
Marine Corps and lieutenant in the Navy are eligible for the bonus.
to distribute
benefits of the measure. Veterans entitled to $50 or less will be paid in
cash, but not before March 1 1925, while those entitled to more than $50
will receive their compensation in paid-up insurance certificates, but not
before Jan. 1 1925, under the terms of the law.
Thirty Republicans joined 27 Democrats and the two Farmer-Labor
members to override President Coolidge's veto. Seventeen Republicans
and nine Democrats voted to sustain the veto. The anti-bonus forces
mustered their full strength. They had only one absentee and he was
paired.
Senator Greene of Vermont, recovering from the severe wound he received from a stray bullet in a battle between bootleggers and prohibition
agents near the Capitol, was assisted into the chamber by two attendants
to cast his vote against the bonus. On the other hand, seven pro-bonus
Senators were absent and unpaired. As it was, however, three additional
changes from "Aye" to "No" would have been necessary to sustain the
veto.
Railmen's Tactics Recalled.
Throughout the brief debate and the vote, members of the American
Legion's legislative committee sat in the gallery, checking carefully with
their lists each Senator's name as it was called. Those familiar with
famous votes in recent years watched the members of the Soldiers' Lobby
with interest and recalled the fight on the Adamson Eight-hour Law when
chiefs of the railroad brotherhood held a stop-watch on Congress, illustrative of the threat of a nation-wide strike that hung over the heads
of the lawmakers of the United States to be put into effect if the eighthour measure were not passed on the hour.
The check of the American Legion on members of Congress evoked
memories of the card index system the National Women's party evolved
and flashed on Congress in the fight the women made for the Susan B.
Anthony Suffrage Amendment. The scene was reminiscent of the days
when the prohibition issue was before Congress and the Anti-Saloon League
officials were in the gallery to see that members of Congress kept their
promises.
The throng that watched the Senate override President Coolidge's veto
on the bonus was treated to a gigantic exhibition of the power of the organized lobby in the chambers of the Capitol.
It is doubtful if the bonus question will remain settled. Democratic
Senators already have served notice that at the next session they will renew
their efforts for a cash bonus which they contend will be more satisfactory
to the veterans and less expensive to the taxpayers in the long run.
John Thomas Taylor, Chairman of the American Legion Legislative
Committee, issued this sttftement on the passage of the bonus:
"The American Legion is well satisfied with the victory on the adjusted
compensation bill. For five years the Legion has fought for the enactment
into law of the principle of this legislation.
"The action of Congress in overriding the veto Justifies the constant
faith which the ex-service men and women of the nation have had in the
integrity of the members of the Senate and House of Representatives."
2524
THE CHRONICLE
[VOL. 118.
As an indication of the process of intimidation and vitu- tonal article which we take from the "St. Louis Daily Globeperation employed to force members of Congress to over- Democrat" of May 21:
ride the President's veto, the following editorial article
A Betrayal of the People.
What has been so long termed a bonus bill is now a bonus law. It has
printed in black-faced letters on the first page of the New
passed
through
many transformations since it was first proposed, several
York "American" on Sunday last (when the Senate had yet years ago, and now
as it goes on the statute books it provides only a small
to take action on the veto) may be cited:
amount of life insurance to the service men. As a bonus bill it is a mere
Wire Your Senator to Pass Bonus Bill.
The Germans fought our soldiers face to face, but Wall Street stabs them
in the back.
Wall Street wires thousands of its correspondents,from coast to coast, to
telegraph Congressmen to sustain the President's veto of the Soldiers'
Insurance Bill.
These bogus telegrams, those yellow pages ofa yellow conspiracy now pour
into Washington.
When war was on the profiteers gambled in dead men and now they seek
to rob those who did not die.
When America stood before the bulletin board seeing who was killed, the
public plunderers stood there seeing what to buy and what to sell?
Now these same profiteers and public plunderers load the country's wires
with the propaganda of repudiation?
When these soldiers were bleeding For America,the international bankers
were Bleeding America?
It does not attempt this repudiation in its own name,for Wall Street has a
bad name: it does it in the names of thousands, far and wide, who do not
heed the form telegrams to which they sign their names.
When the soldiers marched away, we shouted after them:
4'The United States is yours when you come home."
They do not ask for the United States; they ask only for a little part of
what they lost—of what we charged them for fighting for us.
We cut their wages more than half; we charged them for the burning bullet—the gas they breathed— their muddy trench—their home sickness—the
rats they fought—their broken lives—and their silent comrades of the crossstrewn plain—we charged them for their graves.
This is the sacred debt the profiteers and public plunderers repudiate and
would have America repudiate.
The draft evaders and tax dodgers would rob a crippled soldier.
Wall Street has no right to speak at all, for this is a matter of justice, and
Wall Street's language does not know that word.
This is a human question and these profiteers and public plunderers are
not members of the Human Race.
This is an American matter and Americans—and not international
bankers—should settle it. Americans everywhere should wire their Senators and Representatives to pass this Soldiers' Bill over the President's
veto, and they should wire them to-day.
Mayor Hylan's Telegram to Senator Copeland Urging
Passing of Soldier Bonus Bill.
An attack upon Wall Street interests was also made by
Mayor Hylan of New York in a telegram to Senator Copeland appealing for the passage by Congress of the soldier
bonus bill over the veto of President Coolidge. The Mayor's
telegram said:
Here is one telegram that won't meet with the approval of the Wall Street
financial manipulators. It is an earnest appeal to save the honor of this
Republic by passing the Soldier Bonus bill over the President's veto. The
Senate ought to do so at once, so that American performances may square
with American pledges.
A few years ago several million young Americans were given marching
orders. They did not murmur or hang back. The financial manipulators,
who saw a stream of gold flowing toward them, displayed bunting, were
loud in praise of the boys, bawled songs of patriotism and glowed eloquently
on the glory of losing life or limb for the nation. The mothers, wives and
children of the American soldiers were to be looked after, all honor would
be paid to those who failed to return, and tender care would be provided for
those who came back gassed, crippled or wounded. To these pious promises
many an amen was said.
The boys gave up their jobs and everything worth while to do the job of
fighting. They did it well, in true American fashion. But who is cheering
the soldier now? Who is caring for him now? Where are all those frenzied
Wall Street patrioteers who led parades and set the country on fire with a
passion for war? To-day they are standing at the front door of the public
Treasury on guard against the soldier receiving a pittance, while they hold
the back door open to permit Europe to receive millions for the asking.
The patriot of yesterday is now to them a beggar. No money is to be had
to reimburse in trifling measure those who saved and earned millions for the
profiteers and speculators, who sat in safety three thousand miles from the
firing line. Not one penny of these bloody profits will the financial manipulators disgorge.
They dismissed the soldier from his job. They now dismiss him from their
minds. They manufactured sentiment for participation in the war. TheY
are now manufacturing sentiment against those who were made the victims
of that participation. They took bright American dollars by the million as
their share of the war. They are now telling the soldier that his services
cannot be compensated with a few of the same bright American dollars.
The Senate at Washington is on trial, speaking, as it should, the sentiment of the American people. To fail to pass the bonus bill is to permit a
damning disgrace to stain the American shield. We will stand as cowardly
Ingrates if we allow financial manipulators interested in leagues to perpetuate war and to increase private profits to slam the door of the public
Treasury in the soldier's face.
Decency and honor demand immediate action. This country may need
defenders in the future. Let the action of the United States Senate be so
pronounced as to make every President of the United States henceforth
realize that an American promise is a sacred thing and that he who disregards it may reaps whirlwind of obloquy and oblivion.
Newspaper Comment on Action of Congress in Overriding Veto of Soldier Bonus Bill--St. Louis
"Globe-Democrat's Views."
Aside from the Hearst newspapers, the press generally
has condemned the action of Congress in passing the soldier
bonus bill over the veto of President Coolidge. This
applies in no unimportant degree even to the West, one
illustration to that effect appearing in the following edi-
subterfuge, revealing once more the cowardice and the dishonesty of the
present Congress. In passing this law it has betrayed the service men and
the country.'pretending to give the veterans "adjusted compensation"
without doing so, and yet placing upon the people as a whole a great burden
that they must bear for at least a score of years. It will cost about $150.000,000 the first year, and an average of $124,000,000 annually thereafter,
estimates of the total running from two and a quarter to four billion dollars.
And what does the veteran get for this vast expenditure? He gets an insurance policy which he could obtain himself at a cost of less than $40 a year
for the average man. If he believes the Government owes him a monetary
compensation for his service will be he satisfied with this, or grateful to the
Congress that places this low estimate upon his due? Such feelings under
such circumstances would hardly accord with human nature.
This act, we repeat, is both cowardly and dishonest. It is dishonest
because it is not what it pretends to be, because as a "bonus" law, or an
"adjusted compensation" law, it is manifestly a fraud. It is cowardly
because it is passed in surrender to a demand which the majority of the
members of Congress realize is contrary to the interests of the country, and
one that will establish a wrong principle and a dangerous precedent to plague
us in the future, yet they had not the courage to oppose it.
And they have done this in the face of an economic situation that calls for
wise and courageous statesmanship if our country is to go forward in prosperity, if the general welfare of our people, veterans of the war as well as all
others, is to be conserved. We must turn from the Governmental extravagances engendered by the war and insist upon economy in official administration if we are not to suffer the consequences that come to heedless extravagance as inevitably in nations as in individuals. The opportunity for
such a reversal of policy was open, and the need for such a reversal was
urgent, but notwithstanding the appeals of the President, Congress has
voted, by this act, and by others, to continue on the downward path. The
passage of the bonus bill makes it probable that no tax reduction law can
be passed without carrying us into further depths of financial disorder, and
every step in that direction makes It more difficult to return to sane and
economical government.
What do the people of this country want? Do they want a continuously
growing extravagance in government, constantly increasing taxation, constantly increasing the cost of living, constantly nearing an economic crisis
that will bring disaster upon all These will be the inevitable results of the
course taken by the present Congress, if it is not reversed. Or do they want
economy restored to government, waste of their money stopped, taxes and
costs of living reduced, and all productive industry promoted by the freeing
of our economic resources so that they may flow in their natural courses?
Congress represents the one policy, Republicans and Democrats alike.
President Coolidge represents the other. There is a direct issue between
them. The President stands for the things that are wise, that are constructive, that are patriotic, that are courageous. Congress stands for the things
that are unwise, that are destructive, that are unpatriotic and that are
cowardly. It has spurned his recommendations. it has ignored his protests.
The members of his own party have betrayed him, both in their acts and in
their omissions. The leaders of the Republican party, in the Senate particularly, have been foremost in their opposition to him, and most conspicuous in their cowardice. They have shown no statesmanship, no
intelligence, no patriotism.
Do they represent the Republican party or does Coolidge? Do the people
generally support Congress or do they support Coolidge? We think there
can be but one answer to these questions. Congress in all our history has
never sunk so low in public esteem as now. Coolidge stands out alone as the
representative of the people, the one man who expresses the desires of the
people. Every public and private expression of opinion is proof of this.
Democrats as well as Republicans recognize and extol his courage, his
integrity, his wisdom and his patriotism. He cannot lead Congress, even
his own partisans in that body, for Congress has gone off in a wild and mad
stampede wherein no leadership would avail. But the people are with him.
He has their confidence, and they will stand by him. It must be under his
leadership that the Republicans in Congress will make their campaign for
re-election and they will find, we are sure, that the people will demand of
them pledges to support Coolidge before they will permit them to return.
Another such a Congress and we are lost.
John R. Quinn of American Legion Says Justice Has
Been Done Veterans in Passing Soldier Bonus Bill.
According to Associated Press accounts from Indianapolis,
John R. Quinn, National Commander of the American
Legion, in a statement issued in that city on May 19, declared that with the passage of the soldier bonus bill over
the veto of the President "justice has at last been done the
veterans." The accounts stated:
"After five years of effort, during which the American people have been
wholeheartedly with us," said Commander Quinn, "justice has at last been
done the veterans. We do not stop to gloat in triumph, for great work
remains for the Legion do to—work which makes the Legion the greatest
constructive force for good in America to-day.
"Wo shall continue to care for and to guard the interests of our disabled
buddies. We shall continue to provide for the helpless children of our comrades who fell on the field of battle. We shall preach Americanism and try
in every way to show that our slogan,'Tho American Legion Is an institution
of service,' is not an idle boast.
"We heartily thank those representatives in Congress who have'stood
behind us in our long fight to obtain those things justly due us."
News that the Senate had passed the bill over the President's veto reached
Legion headquarters while the National Executive Committee was considering a rehabilitation report dealing with better care for ox-service men.
Cheers interrupted the report being made by Watson B. Miller of Washington, National Chairman of the Rehabilitation Commission. Prank B.
Warner, National Committeeman from Nebraska, gaining the floor.
shouted:
"The news that Justice has been done the veterans finds us in serious
consideration of means for aiding our comrades who are disabled and helpo. I move that Mr. Miller continue his report to show the American
public that our great interest still is service to our comrades and the nation."
•
MAY 24 1924.]
THE CHRONICLE
2525
Mayfield, Owen, Ransdell, Shepard, Simmons, Smith,
Compton Sees New Demands by Legion—Says Passage Swanson, Trammell and Stevens.
of Bonus Bill Is Step in "Further Attempt to
Captain Durham, President of the League, was quoted
Extort Cash Out of Treasury."
in the New York "Times" of May 19 as saying:
Thb following is from the New York "Times" of May 20: The bonus blll is infinitely more vicious than the Bursum Pension bill.
Commenting on the passage of the bonus bill over the President's veto.
the
George Brokaw Compton, one of the most active critics of the bonus in
not
American Legion,said last night he believed the action of the Senate did
express the sober Judgment of the people.
"It is based upon a mistaken estimate of political expediency," he said.
"In my opinion, more voters will leave party lines in the future to oppose a
It
service-pension advocate than will do the same thing to support one.
will be impossible for the Legion lobbyists to fool all the people all the time.
"At a meeting of Legion State Adjutants at Indianapolis on Dec. 10 and
Con12 1923, Adjutant Martin of Ohio said, with reference to the fight in
gress over the pending bonus legislation: 'It is a fight as to who has the
to
got
have
power in the United States. That is what is back of it, and we
win that fight.' This being true, the next step will be a further attempt to
extort cash out of the public Treasury to the detriment of the whole country and for the benefit of a small class of able-bodied citizens.
"But if the Legion leaders have been sincere in their professions, and if
the Legion will proceed on the theory that provision has now been made to
adjust the compensation of able-bodied veterans, it might wisely attempt
at its next convention to win hack the confidence of the American people by
adding to its national Constitution the following article:
"'The American Legion places the welfare of all the people above the
interests of its own members as a class. It shall not advocate nor in any way
seek to obtain bonuses, adjusted compensation, pensions or absolute civil
service preference for Its members except for those who were disabled in
That measure would have given a few million dollars to a comparatively
small number of men, all of whom are old and some of whom maybe in
need. The bonus bill, on the other hand, would cost billions and the
recipients of the Government's generosity would be young, ablebodied men,
few of whom are in need and all of whom are able to make their own way in
the world.
In opposing the Bursum Pension graft by sustaining the President's
veto of that measure, the sixteen Democratic Senators rendered a conspicuthe
ous public service which they will undoubtedly duplicate by sustaining
President's veto of the bonus graft when it comes before the Senate.
Movement to Substitute Cash Payments for Insurance
Bonus.
Associated Press dispatches from Washington last night
(May 23) said:
The first move to modify the four-day old bonus law was made to-day
amendment
when Senator Walsh, Democrat, Massachusetts, proposed an
now
substituting cash payments for insurance on the same per diem basis
save
would
$1,000,Government
contained in the bill. He estimated the
000,0001!the change was approved.
Such a proposal was advanced by Senate Democrats during consideration
At that time
of the bonus bill but was defeated on the floor of the Senate.
ground
minority leaders withdrew support from the proposition on the
service.'"
WAS served.
Notice
legislation.
bonus
that it endangered enactment of any
Repeals "Y" Fund Charge.
however,that a move would be made later to substitute the cash amendment.
that the
Mr. Compton, whose charges, made in a letter to Senator Wadsworth,
There was little indication from Democratic leaders to-day
for
and
that the American Legion had been using for its bonus propaganda
Walsh amendment would be pushed to a vote.
the
by
1920
in
fund
Legion
given to the
lobbying purposes the $500,000
Y. M.0. A. for the benefit of disabled veterans, were denied yesterday by
Tax Revision Bill Agreed on in Conference.
Russel G. Creviston, National Adjutant of the Legion, repeated his charge
and in another statement given out last night he said that the facts.were
Agreement on the tax revision bill was reached by the
established by the Legion's own records.
conferees of the House and Senate on May 21, and it was
Mr. Compton's statement indicates that two payments were made out of
(May 23) by
the Y. M. C. A. fund. The first, he says the Legion's records show, was formally presented to the Senate yesterday
$200.000 for outstanding notes of the Legion given at the time of its organi- Senator Smoot, Chairman of the Finance Committee, who,
zation and the second for $16,013 25 for expenses of national executive
it is stated, gave notice that he would seek a vote on the
committeemen on meetings devoted primarily to laying bonus plans.
"Thus it would seem," Mr. Compton said, "that the hard-earned dollars bill to-day(May 24). According to Associated Press advices
of millions of good American citizens who 'gave until it hurt' during the war
from Washington yesterday, Representative Long-worth of
to help to make the boys in the trenches more comfortable, have been used
Ohio, Republican leader, announced in the House that, if the
bonus
Legion
American
since the war to pay the traveling expenses of
lobbyists to Washington and Indianapolisfrom all parts of the United States, Senate acted favorably to-day on the conference report, he
and to maintain them in luxury at a first-class hotel at a clst of $8 per day.
move to make it the first order of business in the
This is an outrage. These are the men who are making the plea and the would
bill as it comes from conference
demand for gratuity for able-bodied veterans. The great mass of self- House on Monday. The
respecting, able-bodied ex-service men do not approve of the pending contains the Simmons income tax schedule—both normal
political raid upon the public Treasury."
this, as we have heretofore indi-
and surtax rates. Under
cated, the surtax rate is 40% on incomes above $500,000,
Knowlton Durham Quits American Legion—Says It
on
and the normal rate 2% on incomes up to $4,000, 4%
"Blackjacked" Congress to Get Bonus.
over
incomes
on
6%
and
$8,000,
and
$4,000
incomes between
In its issue of May 20 the New York "Times" stated:
$8,000. The Jones graduated surtax on corporations was
as
Anti
-Bonus
Knowlton Durham, President of the Ex-Service Men's
rejected, and the present corporation taxes of 12
League, resigned yesterday as a member of the American Legion and in a
Washingthe
From
retained.
bill, are
statement not only charged that the Legion had "blackjacked" members of provided in the House
New
Congress to override the President's veto of the bonus bill but said that those ton account of the conferees' action, appeasing in the
following:
who voted to override it "must be tried and politically shot." Mr. Durham
the
take
we
of Commerce,"
A 105th Machine Gun Battalion Post of the York "Journal
of
Squadron
was a member
Legion.
"To-day the American Legion stands before the nation as the embodiment
of the spirit of selfishness." Mr. Durham's statement read. "Until now I
have remained a member because I was unwilling to give up the fight, hoping that the defeat of the bonus would convince the leaders of the Legion
that they should withdraw from all further efforts to compel its enactment
and that they would devote all of their energies in the future, and all of the
finances of the organization, to the many worthy purposes to which an
organization of ex-service men might so effectively contribute. The Legion
should never have become an active participant in the campaign for the
bonus. I am now convinced that it is too late for it to return to the purposes which those who were active in its organization had in mind.
"The Congress of the United States is to-day in disrepute with the people
of the United States. The bonus bill was supported solely because the members of the House and Senate were blackjacked into it by the American
Legion. The Republican majority betrayed their party and their party
leader. The Democratic majority played politics to embarrass the Administration. Both hoped to win personal political favor and to secure the
soldier vote. The bill, as enacted, is the fruit of political terrorism and
political expediency. Its passage represents a concession to cupidity. It
is merely the opening wedge for further raids upon the Treasury of the
United States."
Ex-Service
Men's Anti-Bonus League Commends
Democratic Senators Who Upheld President
Coolidge's Veto of Bursum Pension Bill.
the existing 12 % tax
The Jones amendment, designed to supplant
giving complete publicity
on corporate incomes, and the Norris amendment,
Democrats. There was
to tax returns, were the trading issues for the
of these and if not
dissatisfaction among the minority with respect to both
they could have held
rejected by the conference committee it Is doubtful if
It is pointed out,
either of these in the bill over the objections of the House.
to retain the Simon the other hand, that the minority is extremely anxious
campaign.
mons tax plan because of its publicity value in the forthcoming
accept the
The Senate conferees agreed to recede from their objection and
are to conHouse provisions dealing with the publicity of tax returns. They
the Presiof
order
upon
only
stitute public records but open to inspection
special committees
dent, except that the Ways and Means and Finance and
Secretary of the
of the Senate and House shah have the right to call on the
show n by the returns
Treasury for any data of any character contained in or
that such committees may request.
Publicity Features.
and all returns at
These committees are also empowered to inspect any
determine or designate agents to
such times and in such manner as they may
by she Governor of the
make such inspection. State officials designated
corporations are given the
State by which employed and shareholders of
they have an interest
where
privilege of inspecting returns, the latter only
question.
in the corporation whose return is in
Internal Revenue,as soon
It is further provided that the Commissioner of
prepared and made available to
as practicable, shall each year cause to be
determine, in the office of
public inspection in such manner as he may
and such other places as he
the collector in each internal revenue district
addresses of all indimay select, lists containing the names and post office
each. The latter
viduals making returns and the amount of tax paid by
prerequirement covering tax payments is all that is new to the provisions
Endorsing the action of the sixteen Democratic Senators
who voted to uphold President Coolidge's veto of the Bur- viously adopted by the House.
sum pension bill (referred to in our issue of last Saturday, The present method of levying upon estates, but with the higher rates
the conference agreement,
page 2386), the Ex-Service Men's Anti-Bonus League in provided by the House, will be retained under
concerned with
and with it the tax on gifts. Republican leaders are not
a telegram to these Senators said:
increase will avail of little and
either of these because of the belief that the
The country applauds your patriotic action in sustaining President's veto the gift taxes will be found to be unworkable and will at best yield only
is
vote
Your
bill.
evidence
nation's
that
with
Pension
you
Bursum
the
of
about $2,000,000 next year.
of the net estate
Interests outweigh purely partisan considerations.
The House rates begin with a levy of 1% of the amount
Bursum bill was devised in interests of a comparatively small constitu- not in excess of $50,000 and run to 40% of the amount by which the net
measure
for
provides
millions
of
bonus
expenditure
with the
credited
be
ency. The pending
estate exceeds $10.000,000. The tax so imposed is to
where Bursum bill required expenditure of only thousands.
legacy, or succession taxes actually paid
any
inheritance,
estate,
of
amount
Every consideration that can be urged in defense of President's veto to any State in respect of any property Included in the gross estate, this
Bursum bill can be urged in even greater measure in defense his veto bonus credit not to exceed 25% of the tax imposed, under the estate levy.
its interinsurance plan. The country will again applaud you if you serve
In the retention of the present rate of l23i 5f, on corporate incomes and
ests in this critical hour by supporting the President's veto of the out- the capital stock tax of$I per 81,000. as proposed by the House,$19,000,000
rageous bonus proposals.
of anticipated revenue is removed from the bill as compared with the substiThe Senators to whom the message was sent were Senators tute for both of these in the flat 14% levy proposed by the Finance Coma
tax of 9%
Bayard, Bruce, Dial, Fletcher, Glass, Harrison, King, mittee. It was claimed by the Democrats that under normal
2526
THE CHRONICLE
on corporate incomes and the graduated scale of taxes on
undistributed
profits, substantially the same amount of revenue would accrue
as under
the Finance Committee plan.
Income Tax Provisions.
Under the Simmons plan covering individual incomes, a flat exemption
of
$2,500 is allowed to heads of families. Under the present law
such an
exemption is granted only to those whose net income is under $5,000,
to
all others the allowance being $2,000. This will remove
$15,000,000 from
the bill. This plan differs from the Longworth plan as adopted
by the
House but slightly. It is counted upon to raise on 1924 normal
incomes
about $256,000,000, as against $391,000,000 realizable under existing
law, relieving taxpayers to the extent of $135,000,000.
Simmons surtax rates will bring to the Treasury $382,000,000, as compared to $541,000.000 possible under the present law and representing a
tax
cut of $159,000,000.
A further cut of $60,000,000 from the nation's tax bill is provided in the
25% allowance for earned income. Where the taxpayer's net income is not
more than $5,000, all is to be considered as earned income, and in no case
shall the earned net income be considered to be more than $10,000, nor will
the deduction be allowed of more than 25% of the amount of tax which
would be payable on a total ordinary net income equal In amount to his
earned net income.
Reject House Proposal.
The Senate conferees declined to accept the proposal of the House to limit
deductions for non-business losses and interest payments on non-business
indebtedness to amounts in excess of income from wholly exempt securities,
but did agree to limit deductions for capital losses to 123
%, which is the
amount of the tax levied against capital gains. By this means an additional
$25,000,000 will be raised. The House proposal for an indirect tax on stock
dividends was rejected.
Senator McKinley, Republican, of Illinois, was successful in having
added
to the bill in the Senate an amendment materially reducing
the mail rates
on newspapers and other publications, but the House
conferees declined to
accept this change and it was rejected.
The so-called Moses amendments providing deduction
from income tax
payments of amounts not to exceed $15,000,or 15% of the
net income of the
taxpayer, whichever is greater, expended in
reforestation work, were
rejected.
The conferees restored to the bill the existing
5% tax on sculpture,
paintings, statuary, art porcelains and bronzes,
counted upon to raise
$750,000. The 10% tax inserted by the Senate to
cover mah jongg. Pung
chew and similar tile sets, and their component
parts, raising $1,500,000 in
revenue, was accepted by the House conferees.
[VOL. 118.
ObjectionsreitedibylSecretary/Mellon to this and other
features of the bill are referred to in another item in this
issue, as is likewise a statement by Chairman Green of the
House Ways and Means Committee.
Secretary of the TreasurylMellon Opposed to Publicity
and Other Provisions of Tax Revision Bill.
In indicating the extent to which Secretary of the Treasury
Mellon disapproves of the tax revision bill which came from
the conferees of the Sneate and House this week,
the New
York "Journal of Commerce," in Washington advices
May 23 states that "Treasury opposition to the tax
bill
as it now stands is so strong that there is some doubt
whether
Mr. Mellon would attempt the administration of the measure
if it became a law." The same paper said that:
Besides presenting a readjustment of rates which
Mr. Mellon holds
will not stimulate business, the Treasury maintains
that the publicity
features of the measure are Just as objectionable as ever.
Moreover, the Treasury contends that it would be an
impossibility for
the proposed committee on tax appeals to hear the
mass of cases which
come before it under the procedure similar to that of a
court required
by the bill.
From the New York "Times" dispatch from Washington
May 22 we take the following:
Secretary Mellon holds that the publicity section agreed
to in conference is Just as objectionable as that contained in
the bill as passed by
the Senate. The very fact that all the tax returns are avilable
to committees of Congress and that the returns must be posted
by tax collectors
would be ,according to Treasury officials, full evidence
of the business
of a taxpayer, and it would injure many business men.
The estate tax is held by Mr. Mellon to be objectionable, not so
much
because of its schedules, but because as he thinks, it will not produce
revenue for the Government.
The Actuary of the Treasury is preparing an estimate of the amount
which the tax bill will yield. It was informally estimated
to-day by
experts in his office that the deficit would be $100,000,00 in the first
0
year and that this, with the bonus charges, would cause a deficit
of more
than $252,500,000. With other financial legislation pending, the total
deficit next year, if the tax bill is accepted and all the others pass, is placed
at $450,000,000 by some.
Secretary Mellon's views on the publicity of tax returns and increased
estate taxes were expressed in a statement he made before the
Senate
Finance Committee when hearings began on the bill. Ho
said in part:
"So far as I know, in all other nations having income-tax laws the
privacy of returns is respected. In every State in the
United States
privacy of returns is guaranteed by law. There
one exception—Wisconsin—where the privacy provision of the Act is
been repealed, but
I am informed that the validity of the law has has
been attacked and the
lower court has ruled against the law. The provision
in the present bill
removes this privacy so far as certain committees
of
are concerned.
"This would not be objectionable if the returnsCongress
were
submitted to the
committees only in executive session and mention of the
returns
on the
floor of Congress and the publication thereof in the 'Congressional Record'
prevented. But there is no privacy if the returns are discussed in open
committee or on the floor and publication of such returns made
under
privilege."
Automotive Taxes.
The amendment written into the bill through the
efforts of Senator Walsh,
Democrat, of Massachusetts, repealing the tax
on automotive parts and
accessories, involving about $5,000,000, was rejected.
The only change
in the automobile sections made by the Senate and
retained in conference is
the exemption from tax of automobile truck bodies
and automobile wagon
bodies sold or leased for not more than $200.
The conferees agreed to the exemption of merchandise
and produce
brokers from the $50 brokerage tax and to the graduated
tax on seats and
memberships in exchanges. This paragraph would
bring in $1,400,000
under existing law and $1,000.000 through the operation of
the proposed
law, a difference of $400,000.
The Senate provisions dealing with the creation of the Board of Income
Tax Appeals have been accepted with some slight changes.
The Board for
a period of two years is to consist of 28 members and thereafter
there are to
be only seven members. The salary of these members
is to be $7,500 a
year. A change is made in the restrictions placed upon the
members practicing before the Internal Revenue Bureau upon severing
their connection
The Estate Taxes.
with the Government service, so as not to apply
to the men who go out of
Referring to the estate taxes, the Secretary said:
office two years hence. The members of the permanent
Board will not be
permitted to practice in this manner for a period of two
other than a discussion on the floor of the House and
years after leaving no"Without
hearing before a committee, there was incorporated in the revenuewith
office.
bill
an increase in inheritance taxes from a maximum of 25% to a maximum
Telephone Tax Repealed.
of 40%. In my opinion such legislation is most unwise.
The repeal of the tax on telegraph and telephone
right of the Federal Government to tax inheritances is based
messages will lose in- no"The
specific constitutional power, but upon the theory of an excise upon
come amounting to $34,000,000; the repeal of the
tax.
tax on soft drinks, $10,- They have heretofore been used only
as war taxes and should be pre000,000; cutting the tax on admissions and dues so
that no tax shall apply served for such use.
to the former up to 50c. will reduce the revenues
"Inheritance
s
taxes
are
properly
sources
of revenue for the State. They
from $85,000,000 to
$52,000,000, a difference of $33,000,000. Repeal
are a material element in a State budget: they are a comparatively small
of the seating capacity element
in the Federal budget. To deprive the States of this source of
tax means lifting a burden of $1,600,000;
the candy tax, $13,000,000: sales revenue—properly
their own—is to compel the States to increase taxes
tax on yachts and motor boats, $319,000; carpets and
and to resort to their principal source of income, which is levied on land.
rugs, $1,800,000.
Reduction of the stamp tax on sales of produce
on exchange will cut the The far-reaching economic effect of high inheritance taxes is not properly
Government revenues from that source from
understood. These taxes are a levy upon capital.
$8,000,000 to $4,000,000.
"There is no requirement in our law, as there is in the English law,
The returns from the stamp levies on drafts and
promissory notes will that the proceeds from estate taxes shall go
into capital improvements of
amount to $2,150,000, and from playing cards there
will be an increase of the Government. In other words, capital is being destroyed for current
8700.000, making a total of $4.200,000. Stamp taxes
expenses and the cumulative effect of such destruction cannot
on bonds, trans- operating
help but be harmful to the country.
fers, stock issues, &c., will raise $52,350,000, and the use
of yachts. $215,"Again, estates have to be liquidated to the extent necessary
000. Miscellaneous taxes under the new bill will raise $341,750,000
to privode
for taxes, and the forced sale of property and
.
securities tends to bring
Reducing the 5% tax on tires, tubes, parts and accessories
down not only the value of such property and securities,
to
234%
means a reduction in revenue from 842,000,000 to $20,000.000; the changing where. The ultimate effect of this is to bring down the but values everyvery values upon
of the tax on trucks and bodies from $11,000,000 to $6,000,000, while $105.- which the tax is levied and ultimately to destroy the productivity of the
tax. both to the State and to the Federal Government
000,000 will be derived from other automobile taxes in the bill. The tax
"The provision that State inheritance taxes may .
be credited to the
on smokers' articles will yield under the new bill an estimated $399,000.
Federal tax to the extent of 257,, is in effect
partial payment by the
Government to the States of the inheritance taxa collected
the GovernRegarding the protests raised against the tax publicity ment, and works
a discrimination between States havingby
different rates
feature of the bill, the New York "Sun" of last night(May 23) of tax."
Longworth for Open Hearings.
said:
The anxiety of Secretary Mellon over the
publicity amendments is not
Publicity Section Protests.
shared by Mr. Longworth. He said to-day
that while Congressional
There was much doubt to-day as to whether the compromise publicity committee inspections might be misused,
such instances would be rare.
section of the pending tax bill would be adopted either by the Senate or the He added that these inspections would
Congress greatly in legislation.
aid
House, and it was regarded as a strong possibility that the entire bill might
Publication of the amount paid by a taxpayer together with refunds
be sent back to conference by one of the two houses, with Instructions to he received, would not result in harm,
according to Mr. Longworth, who
eliminate altogether the publicity feature.
made the point that if two men were set down
as each having paid $10,000
Protests by the thousands poured in on Congress to-day against this tax, it would not be possible to
estimate his deductions and other details,
section of the bill. It is opposed on the ground that it would accomplish no matter how expert an examiner
might be.
no real good but on the other hand would be subversive of the public intercist.
Concerning the Board of Tax Appeals, Mr. Longworth said that there
Representative Cordell Hull of Tennessee, Chairman of the Democratic should be no objection to
hearing contested tax cases in the open.
National committee, is strongly opposed to this feature. He has written
a 2,000 word letter which is reproduced in the "Congressional Record"
opposing publicity on income tax returns for many reasons. Inasmuch as
Representative Green Contends that Predictions for
he is the reputed author of the first income tax law and an acknowledged
Deficit Under Tax Revision Bill Wilt Not Be Realized.
authority on the subject his opinion has been given great weight both in and
out of Congress and undoubtedly has had a persuasive effect on his colRepresentative Green, Chairman of the Ways and Means
leagues in both houses.
Senator Smoot of Utah, Chairman of the Senate Finance Committee, Committee of the House, and one of the House conferees
admitted to-day that he did not favor the publication section and indicated on the tax revision bill, issued a statement on May 22 in
that he probably would not strongly oppose a motion to send the bill back which he
said "the gloomy predictions for a:deficit under the
to conference with instructions to eliminate that section. He was represented, however, as standing for all the other sections of the bill and as revenue bill as agreed to in conference will not be realized."
being favorable to the adoption of the conference report,
He added:
MAY 24 1924.]
THE CHRONICLE
I have obtained recent figures based upon actual Treasury receipts, and
also an estimate made by the Actuary of the Treasury for the fiscal year 1925.
The original estimate of the surplus for the fiscal year ending June 30
1924 was $329,000,000. I am now advised by the Treasury Actuary that
it will exceed that by more than $100,000,000. Deducting from that
estimate the amount of the 25% reduction of this year's taxes, which will
be taken off in this fiscal year and which will be about $120,000,000, there
will still be around $300000000 surplus carried over into the fiscal year of
1925, much more than sufficient to pay the amount of the annual bonus
expenditures for the next two years, although those are much larger than
the average annual bonus cost, the first year being the largest of all.
For the fiscal year 1925 the original estimates of the Treasury, made early
last fall, are also far too small. In my Judgment the customs receipts will
only be a little less than those for this year, in which event they would be
about $50,000,000 more than was originally estmated. But if they are
only a little larger, I am advised by the Actuary that we may expect our
receipts from taxes to show such increase that if our budget estimates were
followed, the surplus for the fiscal year 1925 would be $138,000,000.
This, of course, does not allow for a bonus payment, but I have already
shown that the surplus of this fiscal year will be ample to take care of the
first two years of the bonus.
In this connection it should be remembered that the reduction of taxes
n the fiscal year ending June 30 1925. will not be as large as it will be in the
next fiscal year. On the other hand, by that time we may expect a further
increase in,our receipts due to the natural increase of business and the
stimulus afforded by a tax reduction which in the fiscal year 1925, although
not as largo as it will be in the fiscal year 1926, will amount to over $400,000,000.
While we can reasonably expect this increase, it is too early now to make
any reliable estimates for 1926 beyond the fact, as I have already shown.
that on the present basis we will carry over into that year a surplus after
allowing for some increases over the expenditures originally estimated,
Including the amount required for the bonus. On the whole, I do not
anticipate any deficit for that year.
I note that some fear has been expressed as to the effect of the new
estate taxes. The Treasury Actuary asserts that the increased payments
caused by the change will only aggregate $10,000,000 per annum, which is
scarcely any more than could be expected from the increase in the value of
the estates subject to this tax as the wealth of the country increases.
Senator Smoot Says Tax Revision Bill Is "Fairly Good."
The tax revision bill as agreed on in conference was described on May 21 by Senator Smoot, Chairman of the Senate Finance Committee, as a "fairly good bill," although,
according to the New York "Journal of Commerce," he considered the surtax rates too high. He was further quoted as
saying:
During the year 1925, the first full year this bill will be in operation if it
becomes a law, there will be a reduction in taxes, as compared with existing
law, of $472,620,000. The bill as it passed the Senate would make a reduction of $557,120,000. We added $84,500,000 to the bill while in conference. It will bring about a deficit in the revenues that should be raised under those various provisions during the calendar year 1925 estimated at
about $100,000,000.
There will be a further deficit to the extent of the cost of the bonus for
1925. The bill increasing the salaries of the postal employees will add
$65,000,000; the reclassification bill, $15,000,000. and the Veterans' Bureau
bill, $32,000.000. We are soon to act on a new $150,000,000 Naval building'program, and there is pending the McNary-Ilaugen bill, setting up a
$200,000,000 agricultural relief corporation. All of this money must be
raised somehow.
On the 20th inst. Senator Smoot was reported to have
stated, "I still have hopes of seeing a tax bill reported out of
the conference that the President can sign and if it does come
out as I anticipate, I will myself urge'
him to accept it."
The New York "Journal of Commerce"from which we quote
this also announced him as saying:
We are getting along pretty well in the conference, and I believe we will
finish our work some time to-morrow. You know how I feel on this subject. This is not at all the kind of a bill I would myself write, but it Is the
best we can get under the circumstances, and with the changes I have in
mind may serve as a makeshift.
2527
King George of England Signs American Liquor Treaty
' —12-Mile Limit Soon Will Be Established—
•
Proclamation of President Coolidge.
The following copyright advices from London May 5 are
taken from the New York "Times":
The King, the New York "Times" correspondent is in the position to
state, has signed the 12-mile-limit liquor treaty and it is now only a question
of a week or two when it will come into force.
The formalities which remain to be performed are transmission of the
treaty with a copy of the King's signature to the British Embassy at
Washington and its exchange at the State Department for a similar copy
signed by President Coolidge.
The interchange will be performed by officials appointed for the purpose
by Secretary Hughes and Ambassador Howard, who will then draw up a
proces verbal to attest the proceedings. After that the tretay will be in
force and official notification in this country will be by publication of a
White Paper in the treaty series containing the text of the treaty. It will.
ofcourse. be registered officially by Great Britain at Geneva with the League
of Nations.
The date when the formalities can be performed at Washington depends
on how soon the official British copy of the treaty can arrive there. It will
go by diplomatic bag and it is not certain whether it will be possible to complete a covering dispatch of instructivns to Ambassador Howard in time for
it to be sent off to-morrow when the next bag goes, but this implies only a
delay of a few days.
The interesting point about the treaty is that it has lain on the table of
the House of Commons for several weeks without any member thinking it
worth while to raise a debate upon it. It had been approved by the Dominion Legislatures before it was laid on the table and the fact that no Parliamentary proceedings have taken place with regard to it may be construed
as meaning that no member saw any advantage in objecting to it or even
discussing it.
The following proclamation putting into effect the new
treaty with Great Britain was issued by President Coolidge
on May 22:
By the President of the United States of America: A PROCLAMATION:—
Whereas, A convention between the United States of America and
Great Britain to aid in the prevention of smuggling of intoxicating liquors
into the United States was concluded and signed by their respective plenipotentiaries at Washington, on the 23d day of January 1924, the original
of which convention is word for word as follows:
The President of the United States of America;
And His Majesty the King of the United Kingdom of Great Britain
and Ireland and of the British Dominions beyond the seas. Emperor of
India;
Being desirous of avoiding any difficulties which might arise between
them in connection with the laws in force in the United States on the
subject of alcoholic beverages,
Have decided to conclude a convention for that purpose and have appointed as their plenipotentiaries:
The President of the United States of America.
Charles Evans Hughes, Secretary of State of the United States.
His Majesty the King of the United Kingdom of Great Britain and
Ireland and of the British Dominions beyond the seas. Emperor of India.
The Right Hon. Sir Auckland Campbell Geddes, G. C. M. G. K.0. B.„
his Ambassador Extraordinary and Plenipotentiary to the United States
of America;
Who having communicated their full powers found in good and due
form, have agreed as follows:
[Here follows the text of the treaty.)
And whereas, The said convention has been duly ratified on both
parts, and the ratifications of the two Governments were exchanged in
the City of Washington on the 22d day of May, 1924:
Now, therefore, Be it known that I. Calvin Coolidge, President of the
United States of America, have caused the said convention to be made
public to the end that the same and every
.
article and clause thereof may
be observed and fulfilled with good faith by the United States and the
citizens thereof.
In testimony whereof, I have hereunto set my hand and caused the
seal of the United States to be affixed.
Done at the City of Washington this 22d day of May, in the year of
our Lord 1924, and of the Independence of the United States of America
the 148th.
CALVIN COOLIDGE.
By the President.
CHARLES E. HUGHES, Secretary of State.
Liquor Ship Treaty Signed with Germany—Agreement,
Secretary of Commerce Hoover Recalls That Publicity
Similar to Great Britain's, Permits Us to
of Tax Returns During 1867-1872 Contributed to
Seize Vessels One Hour Out.
Industrial Depression.
Special advices from Washinton under date of May 19,
Secretary of Commerce Hoover in a statement issued on published in the New York "Times," said:
May 16 relative to the publicity provision in the tax revision
The State Department to-day announced that a treaty to prevent the
It is similar to
bill stated that "I am advised that the provision in the tax smuggling of liquor has been negotiated with Germany.
that with Great Britain, and was signed at noon to-day by Secretary Hughes
bill that tax returns shall be open to inspection is so worded and the German Ambassador, Dr. Otto Wiedfeldt.
As in the British treaty, the principle is upheld that three marine miles
that they may not even have the very indefinite protection
low-water mark constitute the proper territorial limits. Appropriate
that lies around other public documents," Secretary from
provision is made for the searching of German vessels, and when there is
Hoover added:
reasonable cause for belief that the vessel has committed or is attempting
Even the protection of public documents is insufficient guarantee of
confidential character.
We thus have the serious jeopardy that a man's business may be revealed
to his competitors. Large corporations already publish these facts through
reports to stockholders and this requirement therefore does not materially
affect them. Such publication would be likely to become the basis of credit
rating in the smaller businesses and the vital factor of character and reputation will be undermined by the tax return of any bad year, thus working
grave Injustice on firms undergoing momentary losses or those that are
unavoidable in times of depression.
It will enable strong competitors to take advantage of temporary weak
condition of smaller concerns, and fraudulent concerns would gladly pay
a few thousand dollars a year,falsely disguised as profit, in order to mislead
the public. People who wish to disguise their wealth will be stimulated to
further evasion. R can add nothing to revenue returns.
It may be well recalled that publicity of tax returns which was required
during the period of 1867 to 1872 contributed to the industrial and financial
Chaos of the time. One serious effect might be to undermine confidence
in the whole system of taxes on incomes, which would be a great pity.
to commit an offense against the prohibition laws, the vessel may be seized
and brought in for adjudication.
It is provided, however, that this right of seizure may be exercised within
the distance from the coast which may be traversed in one hour by the
suspected vessel.
The treaty also provides that no penalty or forfeiture shall result from the
carriage of alcoholic liquors by German vessels when listed as sea stores, or as
cargo destined for a port foreign to the Unitde States, provided that such
liquors are kept under seal continuously while the vessel is within our territorial waters, and that they shall not at any time or place be unladen here.
These cargo or stores are to have ghe same status as now provided with
respect to the transit of liquors through the Panama Canal.
Provision is made for reference to a joint commission of claims for compensation where a German vessel has suffered loss or damage through an
unreasonable or improper exercise of the treaty, which is subject to ratification in the usual manner and is to remain in force for one year from the
exchange of ratifications.
Three months before the expiration of any year it is in force modifications
may be suggested by either party, and if no agreement is made with respect
2528
THE CHRONICLE
to them, the treaty is to lapse. Otherwise it is to continue from year to
year. The treaty also will lapse if either of the countries should be prevented by judicial decision or legislative action from giving full effect to
its provisions, and in the case that from any cause the treaty should come
to an end,each party is to enjoy all the rights it would have possessed had It
not been concluded.
Liquor Treaty Signed with Sweden.
A treaty to prevent the smuggling of liquors into the
United States has also been signed with Sweden, it was
announced at Washington on May 22. It is similar to those
already signed between the United States and Great Britain
and the United States and Germany.
Resolution Passed by,Senate Calling for Inquiry by
Tariff Commission into Depression in Cotton
Manufacturing Industries.
As was made known in these columns last week (page
2388), under a resolution submitted by Senator Walsh of
Massachusetts and adopted by the Senate on May 12, the
United States Tariff Commission is called upon to furnish
to the Senate information as to the extent of the present
depression in the cotton manufacturing industry. As passed
by the Senate the resolution reads:
Wlzereas, A prolonged depression of exceptional magnitude has and
Is occurring in the cotton textile industry, causing an attendant decrease
In production of 40 to 60% and general unemployment and Its consequent
want and distress in communities where this industry is located; therefore
be it
Resolved, That the United States Tariff Commission be, and hereby
Is, directed to furnish to the Senate as expeditiously as possible, if not
Incompatible with the public interests, all available facts requested hereinafter:
(1) Is the present depression in the cotton manufacturing industry
confined to the United States or is it world-wide?
(2) To what extent and for how long a period has the present depression
In the cotton manufacturing industry of this country been apparent?
(3) What is the quantity and value of cotton cloth imported into and
exported from the United States under the present Tariff Act as compared
with those under the Acts of 1909?
(4) What is the percentage of imports and exports, as compared to
the domestic production, of cotton cloth in the census years 1909, 1914,
1919, 1921 and 1923?
(5) What types of cotton cloth constitute the bulk of the import trade,
and are these cloths similar or different in character from those produced
In this country?
(6) What are the main reasions for the importation of cotton cloths in
particular; are such imports due primarily to price or to quality
(7) To what extent has the domestic industry been affected by the
post-war increases in the importation of cotton cloths?
(8) Would changes in the present tariff rates on cotton cloths be of
material assistance in stimulating production and restoring prosperity
to this industry?
[VOL. 118.
tion and Institute at Knoxville, May 21. Mr. Schoenfeld
enunciated seven principles of co-operative marketing that
have been tested by the experience of co-operators in this
and other countries. These principles are that the organization should be controlled by its farmer members, that the
organization should have a well-defined object in view, or.ganization based on a single commodity or a group of closely
related agricultural commodities, sufficient volume of business, good management, strict accounting, and that the organization must be self-perpetuating. "Any form of organization which recognizes and provides for these principles
has in it the elements of success," Mr. Schoenfeld said.
"Whether an organization shall consist of one central association or be based upon local units is not of primary importance so long as the organization is co-operative in spirit
and is based upon co-operative fundamentals."
Mr. Schoenfeld stressed particularly the control of the
organization by its farmer members, stating that "no other
type of organization should be called co-operative." It is
fundamental that the membership should be informed regarding the policies of their organization, that they should
understand its problems and support the organization with
a loyalty based on knowledge and not on blind faith in the
wisdom of one or two leaders, Mr. Schoenfeld said. He
further said:
It is impossible to understand clearly co-operative marketing unless one
knows the background. What is meant by the marketing of agricultural
products must be understood. Marketing has been defined as the rendering
of the essential services which enable the consumer to utilize the products
of the farm. Marketing, then, implies service rendered. These services may
in part be already performed by the farmers. Many of them are performed
by those who are generally known as "middlemen." They consist of assembling and grading the product, and here must be considered the important
function of standardization. They include also processing, transportation,
storing, financing and, finally, distribution. Good marketing consists in
performing all these essential services or as many as may be required, economically, at a fair price, and in a satisfactory manner.
Changes in Official Grain Grades.
Changes in the official grain standards of the United
States promulgated by Secretary Wallace May 17 include the
establishment of a new grade to be known as No. 1 Hard
Spring to be added to the sub-class Dark Northern Spring
of the grades for Hard Red Spring, and the addition of a
new provision for grades for Mixed Durum. The changes
become effective Aug. 15 1924. The Department of Agriculture's announcement of this May 22 said:
No. 1 Hard Spring includes wheat of the class Hard Red Spring, consisting of 85% or more of dark, hard and vitreous kernels; shall be cool and
sweet and shall have a test weight per bushel of at least 60 pounds. The
grade may contain not more than 14% of moisture; not more than 1% of
In Fall River, Mass., two-thirds of the spindles are idle.
In New Bedford, Mass., the cotton spindles are running 50% of capacity foreign material other than dockage, which 1% may include not more than
only: in Lawrence, Mass., about 40%, and in Lowell, Mass., about the 5-10 of 1% of matter other than cereal grains; not more than 2% of damaged kernels, which may include not more than 1-10 of 1% of heat-damMEM
aged kernels; not more than 5% of wheat other than Hard Red Spring,
A dozen milk; are closed in Rhode Island.
In New Hampshire the Nashua Mfg. Co. has closed for days and the which 5% may include not more than 2% of durum wheat, and may conAmoskeag Mfg. Co., one of the largest textile industries in the world, is tain not more than 5% of wheat of the variety Humpback. The new secrunning on a four-day schedule. The big Pepperill mill at Biddeford, tion providing grades for Mixed Durum reads as follows:
Me., has closed at times for several days.
Mixed Durum shall be mixed wheat consisting of 70% or more of Durum
Of the 200,000 workers in New England's cotton plants, only a few wheat other than the variety of Red durum and may contain not more
than 5% of soft red winter and white wheat, singly or combined. Mixed
are receiving full week's work.
Durum shall be graded according to the requirements of the grades for
I have also a press notice calling attention to conditions at Putnam, Conn. mixed wheat. The
grade designation of Mixed Durum wheat shall be
"One of the Putnam Mfg. Co.'s mills has already shut down and the Mixed Durum,preceded by the number of the grade, or the words "Sample
rest of the mills will be idle by the end of this week." (New York "Journal Grade," as the case may be.
of Commerce," May 8.)
Other changes in the new regulations include changes in the definition
The same situation exists in the textile industry in the South, but not of the terms wheat and cereal grains, grades for weevily wheat, and a
to the degree and extent to which unemployment prervails In New England. change in the definition of Western Red Wheat and increase in test weight
I believe the industry is depressed throughout the world, but there seems of this sub-class. The special limitation against white wheat in wheat of
to be an impression in some quarters that importations of cotton cloth other classes in grades No. 1 and 2 of all sub-classes of Hard Red Spring
from abroad are responsible. We should know if this is the fact. My and Hard Red Winter wheat is eliminated, and a change is made in the
resolution seeks to get authentic information from the United States Tariff grade designation of Mixed Wheat. Some changes are also made in the
Commission as to the real conditions in this industry. Also what effect. standards for corn, oats and rye.
If any, the present tariff Is having upon this industry. The least we can
do is to have the agencies of the national Government study the situation
and make whatever contributions it can in ascertaining all facts and aid Report of Grain Futures Administration in Response
with constructive suggestions.
Referring to the extent to which the cotton textile industry is depressed at the present time, Senator Walsh said:
to Senate Resolution Calling for Information
Regarding Grain Speculation in Chicago.
According to a report by the Grain Futures Administration regarding "certain phases of trading in grain futures
during the calendar year 1923," presented to the Senate the
current month, the Chicago Board of Trade in 1923 handled
85% of all the trading in wheat futures in the seven principal grain futures markets of the United States, as against
87.2% in 1922 and 86.8% in 1921. The report was presented
of
Schoenfeld
Department
of Agriculture
Wm. A.
to the Senate in response to a resolution (S. R. No. 9) inPointe Way to Successful Co-Operation Among
troduced by Senator Ladd and adopted by the Senate on
Farmers.
Jan.8 last. As was noted in our issue of Jan. 19 (page 276),
The progress in farmer co-operative marketing that has wherein we gave
the text of the resolution, its purpose was
been made in the past is an indication of the essential sound- to ascertain information with regard to speculation in buyness of the movement and it is confidently expected that ing and handling grain
in Chicago. The report says:
even greater progress will be made in the future, declared
The special investigation has related to accounts in wheat futures as kept
William A. Schoenfeld, Assistant Chief, Bureau of Agricul- upon the books of the "clearing members" of the Chicago Board of Trade of
whatever nature any such account might be, provided only that it was at
tural Economics, United States Department of Agriculture, some
time during the calendar year 1923 net "long" or net "short" in the
in an address before the East Tennessee Farmers' Conven- Chicago market as much as 500,000 bushels. . . .
Still another resolution offered by Senator Walsh and
passed by the Senate on May 12 seeks information regarding the number of industries which have made requests for
tariff investigators, and the appropriations necessary "to
meet the legitimate requests of the business interests of the
country for trade information." This resolution was published in our issue of a week ago, Page 2388.
MAY 24 1924.]
THE CHRONICLE
members" of the Chicago Board of Trade
A canvass of all the "clearing
in SO houses were to be found all the accounts in
disclosed the fact that
earlier in this
wheat futures belonging to the half-million class, as defined
report, and that there were 150 such accounts. . . .
half-milAn attempt has been made to classify these 150 accounts in the
fall in a
lion class, with the result that 32 of them have been found to
single group, herein referred to as the speculatvie group. . .
The total trading in wheat futures for these 32 speculative accounts
amounted during the year 1923 to 231,588,000 bushels bought and 228,733,000 bushels sold. Their combined position was sometimes "long" and
sometimes "short," but for almost all of the year was "short." This position reached its maximum on the "short" side late in July, when it
amounted for one day to 8,060,000 bushels and for one other day to above
7,000,000. The combined net position of this group at the beginning of the
year was 4,980,000 bushels "short," and at the end of the year 2,225,000
bushels "short"
The report states that "at the end of the year 1923 there
were in business 132 'clearing members' of the Chicago
Board of Trade . . . through whom had been handled
all the wheat futures in that market, except a trifling fraction handled by firms which went out of business at some
time during the year." The total of all transactions in
wheat futures, during the calendar year 1923, on the Chicago Board of Wade, says the report, amounted to 8,572,111,000 bushels, counting one side of each transaction, or a
daily average of about 28,500,000 bushels. The corresponding figures in 1922 were 11,072,934,000 bushels and 36,900,000 bushels. We reprint the resolution herewith:
2529
fuller basis for.
The investigation carried on for the purpose of laying a
by this regulation.
this particular report has followed the line thus indicated
and lessened
time
of
amount
the
This procedure has considerably shortened
information ohthe labor that otherwise would have been required. The
report
tailed under the regulation was all useful for the purpose of this
afford a check upon the
and was of such a character as to fit in with and
investigation.
other information gained through the special
futures
The special investigation therefore has related to accounts in wheat
Chicago Board of
as kept upon the books of the "clearing members" of the
only that it
Trade of whatever nature any such amount might be, provided
net "short"
was at some time during the calendar year 1923 net "long" or
purpose the
this
For
bushels.
in the Chicago market as much as 500,000
the total "bought"
net position of each account is the difference between
and total "sold" in all wheat futures combined.
"clearing memAt the end of the year 1923 there were in business 132
through whom had
bers" of the Chicago Board of Trade, as already defined,
that market, except a
been handled all the transactions in wheat futures in
business at some time
trifling fraction handled by firms which went out of
during the year.
calendar year
The total of all transactions in wheat futures, during the
8,572,111,000 bushels,
1923 on the Chicago Board of Trade amounted to
about 28,500,000
counting one side of each transaction, or a daily average of
11,072,934,000 bushels
bushels. For 1922 the corresponding figures were
12,279,477,000 bushels and
and 36,900,000 bushels. For 1921 they were
handled 85% of
40,800,000 bushels. In 1923 the Chicago Board of Trade
grain futures marall the trading in wheat futures in the seven principal
1921.
kets of the United States, as against 87.2% in 1922 and 86.8% in
represented by these
The average size of the "customers' open interest"
e) *a esti"clearing members" taken together (see Appendix III), Section 2,
during the
mated for the year upon the basis of the daily reports rendered
somewhat
to
amounted
explained,
last half of the year 1923, as hereinbefore
transaction.
more than 90,000,000 bushels, counting but one side of each
customers'
This figure may be taken to represent either the aggregate of all
accounts
accounts which were "long" or the aggregate ef all customers'
which inand
equal,
which were "short," items which must necessarily be
persons
clude, of course, accounts of every character, including accounts for
market
engaged in the cash grain business and making use of the futures
for "hedging" purposes, as well as accounts for speculators.
stated,
Of the average daily transactions for 1923, amounting, as already
average, or
to about 28,500,000 bushels, fully 14,000,000 bushels, on the
"pit
of
operations
not less than 60%, it is fairly estimated, represented the
traders" or "scalpers." These traders vary in number, for wheat futures,
wheat pit,
from 25 to 100 or more, they execute their own trades in the
quotaand they are continually engaged in buying and selling at current
tions, in competition with one another for small gains, such as one-eighth
normarket"
the
on
or one-quarter of a cent per bushel. Their "position
not
mally varies as between the "long" position and the "short" position
minute
only from day to day, but also from hour to hour and even from
every night in a
to minute during the day. Most of them usually go home
"long" nor
position that is "even," or almost "even"; that is, neither
Whereas, Since the Grain Futures Act was declared constitutional by the
United States Supreme Court, on April 16 1923, members of the Chicago
Board of Trade and other grain exchanges, with few exceptions, by means of
their daily market reports and published opinion in the daily papers, and
also market press reports written in Chicago and given wide publicity, together with syndicated articles which there is reason to believe had their
inspiration in the Board of Trade, have systematically opposed the price of
wheat, or, in trade terms, tried to "bear the market"; and because of this
condition, there is reason to believe that the market was, except during brief
intervals depressed by short selling by professional traders or speculators,
and that the price has been depressed and held materially below a level warranted by legitimate supply and demand conditions; and, furthermore, because no information has been published by the Department of Agriculture
regarding the activities of such speculators: Therefore, be it
Resolved, That the Secretary of Agriculture be directed to take steps at
once to determine, through the Grain Futures Administration, the position
on the market taken by the well-known professional speculators and the
"short."
"pit traders" result
members of the large "futures" commission houses of the Board of Trade,
A substantial percentage of the transactions of these
and promptly publish the findings without opinions by the investigators as
possession of the Grain Fuin neither profit nor loss. Information in the
to the effect which the trading by said professionals may have had.
about 30% of all transactures Administration shows that on the average
wheat futures on the Chicago Board of Trade during 1923 were
in
tions
The report of the Grain Futures Administration follows
per day. "Scratch
"scratch trades"—or approximately 8,500,000 bushels
of the Treasury
in large part herewith:
trades," or "scratch sales," as defined by the regulations
those in which "the purInasmuch as the resolution refers to the movements of prices for wheat Department under the Revenue Act of 1921, are
at the same
day,
same
futures during the last three-quarters of the year 1923 on the Chicago Board chase and sale are made at the same exchange, on the
all such trades as
of Trade, a brief resume of such movements for the whole year will help to price, and for the account of the same person." Almost "scalpers." Such
a matter of fact are for the account of "pit traders" or
afford a background for the information contained in this report.
dollars of value which
During the last three months of 1922, the wheat futures market witnessed trades are free from the sales tax of 2c. per hundred
an irregular advance from about $1 05 to about $1 25. This was followed is payable on all other trades.
repreby a decline to about $1 15 (May future) on Jan. 23 1923. Thereafter an
Thirty of the "clearing members" of the Chicago Board of Trade,
irregular advance took place which culminated on April 26, when the May senting 23% of the "clearing members" in business at the end of the year,
and
futures
future reached $1 27% and the July future reached $1 25%. This was fol- handled during 1923 over 60% of all the transactions in wheat
lowed in the next two months by a downward movement culminating on represented on the average over 75% of the open interests. These 30 "darJuly 17, when the July future touched 96%c. and the September future ing members" include all the large grain futures commission houses.
95%c. Quotations for wheat futures in the month of July were proven
The "net position" of these firms, in relation to one another and to other
later to have reached the bottom for the year. The highest quotations members of the clearing house—that is, their "street" position—has been
thereafter recorded were $1 10% for the December future ($1 14% for the ascertained for the beginning of each month of the year. The number of
May 1924 future) on Oct. 8 1923, and $1 11% for the May 1924 future on these firms whose net position was "long" and the number whose net posiDec. 4-6 1923. At the end of the year May wheat was selling at Chicago tion was "short," in wheat futures, at the beginning of each month of the
around $1 07, in the course of an upward movement which was destined not year 1923, are exhibited in the following table:
to culminate until some time in February 1924.
Number Number,
Number Number
By reason of the conditions which led to the passage of the Future Trading
"Lona." "Short.'
"Lon" "Short." Month—
Sfonth—
13
Act and the Grain Futures Act, it became necessary for the Grain Futures JanuarY
16
16
July
12
14
15
14
14
August
Administration when first set up to proceed to assemble, compile and inter- February
11
18
14
14
September
pret as much precise information as could be obtained regarding future March
12
18
13
16
October
April
trading in grain, its economic functions and the manner in which these func14
16
16
November
"
13
May
16
tions are performed. (For relevant sections of the Grain Futures Act see June
14
17
December_
12
Appendix II.) The work so undertaken is still under way and will be conthe
and
foregoing table indicates that the number of firms "long"
The
tinued, but some of the facts already ascertained are of considerable signifi"short" were as a rule nearly equal, but that there were usually a
number
cance with reference to the principal question raised by Senate Resolution
more of these firms in the "long" position than in the "short" position.
No. 9, and are at the same time of such character as to permit of publication few
of Trade
A canvass of all the "clearing members" of the Chicago Board
In this report.
found all the accounts
The original basis of this report consists of some of the information as- disclosed the fact that in these 30 houses were to be defined earlier in this'
sembled by the Grain Futures Administration from the time when it began in wheat futures belonging to the half-million class, as
In other words, these SO
to function, a little over two years ago. A part of this information which report, and that there were 160 such accounts.
house which had one or
only
clearing
the
ones
the
to
were
belonging
firms
of
individuals came in the first instance from the daily
relates to the trading
whatsoever, which at any
reports made to the Grain Futures Administration ever since July 9 1923 by more accounts in wheat futures, of any character
year 1923 had been net 'long" or net "short" in the Chiall members of the clearing house of the Chicago Board of Trade, under time during the
as much as 600,000 bushels of wheat. These 160 accounts ingeneral rules and regulations (See Appendix III) made and prescribed by the cago market
of the "clearing members"
Secretary of Agriculture under the Grain Futures Act Such information has clude all the accounts of this size upon the books
Chicago Board of Trade during the year 1923—as nearly as the numbeen supplemented by a special investigation which covered the whole year, of the
ascertained without a lengthy and detailed audit of all the records
Including that part of the year during which such daily reports were not ber can be
involved. This information is based upon reports made, subject to penalty
being required or furnished, by reason of a restraining order issued by the
false statements, by firms which have for over six months been making
courts effective until the constitutionality of the Grain Futures Act was for
daily reports to the Grain Futures Administration, during which time the
affirmed.
and credibility of different firms have been tested. These reports
These "clearing members" of the Board, herein referred to as firms, in- accuracy
been checked against information in the possession of the Grain Futures
have
and
partnerships
individuals,
corporations
those
clude
through which are
Administration regarding these 'same firms and the majority of these same
handled all the transactions in grain futures on the Chicago Board of Trade,
and verified in doubtful cases by special inquiry and investigation.
and which are contractually responsible to one another for all the trades accounts,
These 150 accounts, then, are those herein designated as belonging to the
executed in the "pit" until these trades are closed out. This means that they
accounts.
represent, either directly or indirectly, all the traders in grain futures who half million clam. Only part of them, of course, are "speculative"
An attempt has been made to classify these 150 accounts in the halfdo any trading through the Chicago Board of Trade.
The daily reports which are required of these "clearing members," under million class, with the result that 32 of them have been found to fall in a
the general rules and regulations above mentioned, include, among other single group, herein referred to as the speculative group. This group of
items, "the net position at the end of the period covered by the report of accounts is subjected to detailed analysis in this report, upon the basis of
each separate account carried by such clearing member when such net posi- information which includes, for each of these accounts, its net position in
tion equals or exceeds such amount as shall be specified in a written notice wheat futures at the beginning of the year 1923, the dates on which either
from time to time by the Grain Futures Administration," which amount has purchases or sales or both were made during the year, the number of bushbeen fixed, so far as wheat futures in the Chicago market are concerned, at els bought or sold or both on each of these dates, and the net position of the
500,000 bushels.
account at the end of the year. In order to avoid misunderstanding, a more
2530
THE CHRONICLE
precise description of this group of speculative account, is given later in this
report.
Another group, consisting of 45 of the accounts in wheat futures in the
half-million class, is herein referred to as the "hedging" group. It represents persons engaged in the cash grain business. Many of these are known
to have confined their operations in wheat futures to the buying and selling
of contracts for "hedging" purposes, but with respect to a few of them
some speculative operations are known to have been included in the account.
The other 73 accounts comprised in the 150 accounts in the half-million
class were not found to be capable of inclusion either in the speculative
group or in the "hedging" group, as these groups have been defined for the
purpose of this investigation. Fifty-fice of these 73 accounts, for :nstance,
did not represent individual traders, like the accounts in the two groups already mentioned, but did represent "customers" who are "commission
houses," most of them not located in Chicago, and consequnly not members
of the clearing house of the Chicago Board of Trade. Such concerns, though
counted as "customers" by "clearing members" of the Board, have customers
of their own, whose identity is seldom known to the "clearing members" and
whose accounts are not kept by the latter. Accordingly, these 55 accounts
have not been capable of definite allocation either to the speculative group
or to the "hedging" group. Their combined net position, however, in wheat
futures, at quarterly intervals, was always "long," as indicated by the table
in Appendix IV of this report.
Five of these 73 accounts were not capable of classification for the reason
that they were of mixed character. Thirteen others, however, represented
"spreads between markets." Some of these were accounts representing persons engaged in the cash grain businesss and others were accounts representing persons who would ordinarily be classed as speculators. These "spreading" accounts are not included in either of the two groups, specially analyzed
in this report, but are being included in a general study of "spreading,"
upon which the Grain Futures Administration is engaged and of which the
results will be published later.
Turning now to the group of 32 "speculative" accounts carried by "clearing members" of the Chicago Board of Trade, and comprised in the half.
million class, these accounts represent principally "professional traders or
speculators," but include also a few "members of large futures commission
houses," as specified by Senate Resolution No. 9. Some of these parties
were members of the Chicago Board of Trade and some of them were not
members. Some of them are "well-known," and of the speculators considered by the Grain Futures Administration to be "well-known" these accounts
represent all but two or three. The group also includes a few parties who
are not "well-known." The facts disclosed by an analysis of this group of
32 accounts, as previously defined and described, are presented below.
The number of these accounts belonging to any one operator was almost
always one, but in a few cases two or even three of these accounts represented the same party. In order to exhibit the general nature of speculative
operations by individual traders, three statements are herewith presented
regarding 13 of these 32 accounts, including every such account as was ever
at any time during the year net "long" or net "short" as much as 1,000,000
bushels. These 13 accounts are here designated as belonging to the million
class.
1st. No one of these 13 accounts was ever net "long" or net "short" as
much as 3,150,000 bushels; no two of them combined were ever net "long"
or net "short" as much as 5,025,000 bushels; and no three of them combined were ever net "long" or net "short" as much as 6,125,000. The
largest combined net position for any group of three of these accounts for
any time during the year was 6,115,000 "short" on March 15 1923.
2d. Three of these 13 accounts reached their maximum on the "long"
side and 10 on the "short" side. Of the three which reached their maximum
on the "long" side, one did so in February, one in April and one in November. Of the 10 which reached their maximum on the "short" side, two
did so in January, two in March, two in May, one in June, one in July, one
in August and one in December.
3d. The combined net position of these 13 accounts in the million class
was always "short" except on April 10, Oct. 6-8, and for about two weeks
around the 1st of December. On April 10 it was 105,000 bushels "long,"
in October it was for one day 500,000 bushels "long" and in early December
it was for three days about 900,000 bushels "long." Their combined net
position when on the "short" side reached its maximum on May 29, when
it was 8,175,000 bushels "short." It exceeded eight million bushels only
on one other date, Jan. 30, when it was 8,010,000 "short." On both af these
dates the aggregate of all accounts, both large and small, on the books of
all "clearing members" of the Chicago Board of Trade, as hereinbefore explained, and counting either the aggregate of all "long" or the aggregate
of all "short" accounts, amounted to not less than 90,000,000 bushels.
Turning now to the whole group of 32 speculative accounts, comprised in
the half-million class and including the 13 accounts already mentioned, four
general statements may be made as follows:
1st. Only two of these 32 accounts were in the market continuously
throughout the year, while the remaining 30 were in the market for periods
varying from about two weeks to about 11 months. Four of these 32 accounts were never in the market on the "short" side at any time during the
year; 10 of them were never on the "long" side, and the remaining 18 were
now on one side and now on the other. Taking the year by quarters the
showing was as follows:
Total
Cuarter Number.
32
'First
32
Second
32
Third
32
Fourth _
Number
Out.
7
9
8
9
Number
In.
25
23
28
23
No. Never No. Never
No. on
Long.
Both Sides,
Short.
10
8
7
7
13
3
15
4
7
11
6
6
This table shows that at some time during every quarter there were at
least 23 speculative accounts in the half-million class which held some position in the market and that during every quarter of the year there were
more of these accounts on the "short" side than on the "long" side. Some
of these accounts were active only in the first half of the year, and some
only in the last half, but 23 of them were active in both halves of the year.
Each of these 23 was also on the books of the same firm in both halves of
the year.
2d. The total trading in wheat futures for these 32 speculative accounts
amounted during the year 1923 to 231,588,000 bushels bought and 228,733,000 bushels sold. Their combined position was sometimes "long" and
sometimes "short," but for almost all of the year was "short." This position reached its marimum on the "short" side late in July, when it amounted
for one day to 8,060,000 bushels and for one other day to above 7,000,000.
The combined net position of this group at the beginning of the year was
4,980,000 bushels "short," and at the end of the year 2,225,000 bushels
"short." The average daily combined net position of the group by quarters was as follows: First quarter, 3,650,000 bushels "short"; second quarter, 3,760,000 bushels "short"; third quarter, 4,862,000 bushels "short";
fourth quarter, 1,241,000 bushels "short."
3d. The only times when the combined position of this group was on the
"long" side were early in April, early in October and early in December.
[Vor.. 118.
During the first of these periods their combined net position reached its
maximum at 1,805,000 bushels "long," during the second at 1,655,000 bushels "long," and during the third at 1,690,000 bushels "long."
4th. Throughout the year there were some of these 32 speculative accounts net "long" and others net "short" as indicated by the following
table, which gives the information by months.
Date.
Dec. 31 1922___
Jan. 31 1923___
Feb. 28 1923___
Mar. 31 1923___
April 30 1923___
May 31 1923___
June 30 1923___
July 31 l923..
Aug.
Aug. 31 1923___
Sept.30 1923___
Oct. 31 1923._
Nov.30 1923___
Dec. 31 1923___
Total No. Combined
Number Aggregate of Number Aggregte of Accounts Aggregate
Accounts Net Long Accounts Net Short Net Long Net Position
Net Long. Interests. Net Short Interests. and Net (Short)•
Short.
7
11
10
11
9
11
7
4
4
7
8
4
3
Bushels.
2,035,000
2,960,000
5,200,000
4,850,000
3,330,000
3,025,000
1,155,000
2,160,000
1,635,000
1,480,000
2,610,000
2,075,000
1,460.000
13
9
10
10
10
9
10
12
11
7
5
8
7
Bushels.
7,015,000
7.680,000
8,910,000
6,950,000
6,935,000
9,390.000
6.135,000
6,730,000
6,820,000
5,650,000
3,300,000
2,180.000
3.685.000
20
20
20
21
19
20
17
16
15
14
13
12
10
Bushels.
4.980,000
4,720,000
3,710,000
2.100,000
3,605,000
6,365,000
4,980,000
4,570,000
5,185,000
4,170,000
690,000
105,000
2,225,000
For purpose of comparison a few facts regarding the group of 45 "hedging" accounts in the half-million class may now be presented. There were
always some "long" accounts in tins group, but the combined net position
of these 45 accounts was always "short," seldom to the extent of less than
3,000,000 bushels and usually to the extent of more than 10,000,000 bushels.
The volume of "hedges" carried for this group of 45 "hedging" accounts
in the half-million class during the last half of the year exceeded considerably the volume so carried during the first half of the year.
President Coolidge Describes Work of Chemist as
Raising Level of Civilization and Increasing
Productive Capacity of Nation.
President Coolidge, who from the portico of the White
House, delivered on April 24 a brief address to delegates
attending the American Chemical Society in session at
Washington described the work of the chemists as having
"raised the level of our civilization" and "in-Teased the productive capacity of the nation." In his address the President said:
I welcome the members of the American Chemical Society, now in annual
meeting in this city, with a great deal of satisfaction. It seems fitting
that your Government should acknowledge the debt that is due to the scientists and chemists who are devoting their lives to the search for truth.
Our material progress depends upon the acquisition of knowledge, and
upon the wise and beneficial use of knowledge depends our permanent progress and prosperity. While it is everywhere recognized that the endeavors
of scientific men have given to the world the foundation of modern industrial civilization, another contribution by them—the ideal of service—is
perhaps of greater import to the nation and the future.
The American chemist has always rendered that service to the greatest
degree. During the World War he forsook profit and gain to devote his
entire energy toward the solution of the nation's problems of warfare.
Modern life has become extremely complex. We are enjoying comforts
and advantages undreamed of a generation ago. These have become possible
to a large measure through the knowledge and work of the chemical profession. Industry is learning to apply the knowledge of the chemist in Its
processes. Each step by which the products of the soil, the forest and the
air, are converted into commodities of every-day life, requires the expert
assistance of the chemist and the chemical engineer.
Whenever nature's bounty is in danger of exhaustion, the chemist has
sought for a substitute. The conquest of disease has made great progress
as a result of your efforts. 1Vherever we look, the work of the chemist has
raised the level of our civilization, and has increased the productive capacity of the nation. Waste materials, formerly cast aside, are now being utilized.
The American chemist has proven himself second to none in scientific
knowledge under practical application. The World War brought vividly
to our attention that our industrial chemistry had lagged behind that of
Europe, but we are pleased to believe that this is no longer true. There
are those who believe that Americans have not the patience to undertake the
research work and develop new ideas in the chemical world, but the results
emanating from American laboratories disprove this. The wide range of
subjects upon your program indicate the great interest in research and development work going on everywhere in this country.
The people of the United States, I am sure, appreciate the remarkable
progress which has been made in the past years and the part played therein
by your profession. This meeting which I am told is the largest in the
history of your society has my best wishes and those of the nation, that it
may serve its useful purpose. To the men and women who represent your
membership I again wish to extend a cordial welcome and every good wish
for continued success.
Yours is the profession of opportunity. Many problems are still unsolved. If the future can be gauged by the measure of progress in the past,
your contributions to the health, wealth and happiness of the nation will
be of surpassing value to the American people.
Acceptance by President Coolidge of Status of George
Washington and Louis Kossuth Presented by
Hungarian-Americans.
In accepting on April 30 the gift of two bronze statues—
one of George Washington, and the other of Louis Kossuth,
presented by the Hungarian-American Society of Budapest,
President Coolidge described Washington as the "father of
liberalism in America" and Kossuth as the "father of liberalism in Europe." The statue of Washington is a replica of
one in a Budapest park, while that of Kossuth represents
him as he appeared when he visited this country in 1852 as
the guest of the nation. The presentation was made by a
delegation of Hungarians of American extraction headed by
Eugene Pivany of New York, who stated that the statues
31Ar 24 1924.]
THE CHRONICLE
were "offered in symbolization of the community of the
aims and ideals for which these two great heroes of all mankind—in different ages and different climes, but with the
same unselfish devotion—had fought, and as tokens of gratitude for the warm support which the people and Government of the United States had given to Hungary's great
patriot." Mr. Pivany also referred to the plans for the
financial rehabilitation of Hungary, and expressed himself
as particularly pleased with the selection of an American to
supervise the work. President Coolidge in his speech of
acceptance said:
It is with a great deal of gratitude that I accept these two statues, one of
the father of our country, George Washington, and the other of the man
whom I think it is not too much to designate as the father of a liberal
movement of like dimensions and proportions and like intentions and desires in your own country.
You have rightly said that Kossuth always appealed to the imagination
and sentiments of America. Our country took a prominent part in setting
its stamp of approval upon him and upon the work he performed. He was
a leader of that liberal movement of 1848 and 1849. It was not entirely
successful in its military aspects, but the ideas that he had part in planting in the hearts of his countrymen, and of all Europe, could not help but
reach the final fruition which they have before the present day.
While Washington is a father of liberalism in America, Kossuth is a father
of liberalism in Europe.
We were interested in him because of his visit to America and because
of the part that our great statesman, Daniel Webster, took in promoting
the principles, expounding and defending them, for which Kossuth stood at
that time. Webster did not hesitate to send a letter asserting our position
in such vigorous terms that it brought us to the verge of war, as you well
know. That was because the America of that day, as it is now, was willing
and thought it necessary always to assert its adherence to liberal principles
wherever they were expressed.
I trust that having the statue of General Washington, and the statue of
Governor Kossuth, in the White House, where they may be seen by visitors,
and where they may come under the daily gaze and scrutiny of the occupants of the White House, will indicate to those who live there and those
who visit there that liberty means the same here that it does anywhere
else—that it means the same all over the earth, and that wherever there are
those who have defended it in the past and are willing to defend it now,
their names are going to be handed down to posterity as the benefactors of
humanity everywhere.
I thank you most sincerely for the part that you have played in presenting these statutes to the White House. It signifies not only your interest
in liberty, but your interest in a practical demonstration of it. It means
your practical support of it here in this country, and your determination
to live not only as those who are worthy of being compatriots of Kossuth,
but to live also as those who are worthy of being compatriots of Washington.
Senate Investigation of Department of Justice—Testimony of Duckstien, Todd and Bailey—Wide
Powers Exercised by Jess Smith.
The Brookhart committee of the Senate, which for the
past several months has been investigating the Department
of Justice during the incumbency of office of Harry M.
Daugherty, former Attorney-General, laid plains this week
for a temporary recess, and it became known on May 20
that the committee has ordered a partial report for presentation before the end of the current month. The activities
of the Department of Justice in connection with the indictment of Senator Burton K. Wheeler of Montana, were
among the subjects taken up during the committee's sessions
this week, the committee being told on May 21 that representatives of the Department of Justice not only had sought
to "frame Senator Wheeler," its prosecutor, but had spied
on its members and its witnesses and had spirited away the
diaries of Gaston B. Means, working with it as an investigator. One of the witnesses was W. 0. Duckstien,
confidential man for Edward B. McLean, who said he knew
about the whole proceeding because his wife is a secret
agent of the Department. It was she, he said, who identified
in his presence the records of Means after they had been
obtained by a ruse. Duckstien, whose wife is author of the
"Mary" message that figured in the oil inquiry, told the committee that a "crew of operatives" men and women, led by
Walter Pettit and a man named O'Brien, and claiming to
work under direction of Hiram C. Todd, special assistant to
Mr. Daugherty, had been used to spy on committee members
and witnesses. He declared Pettit and O'Brien said they
were 'going to railroad Gaston Means to the penitentiary,"
and "frame Senator Wheeler," the committee prosecutor.
The "crew" had women detectives placed in the Senate
Office Building, Duckstien testified, and "wire tappers"
to get conversations.
Hiram C. Todd, who has been appointed as a special assistant to the Attorney-General to prosecute five indictments
against Gaston B. Means, said on May 21 in this city that
he knew the Duckstiens only through having read their names
in the newspapers, and that he had never so much as heard of
the two detectives, Pettit and O'Brien. Mr. Todd sent the
following telegram to Senator Brookhart, setting forth this
information:
2531
Senator Smith Brookhart. Chairman of Committee Investigating Department
of Justice. Washington, D. C.
This evening's papers state that Mr. and Mrs. Duckstien testified before
your committee to-day that I directed the operations of detectives named
Pettit and O'Brien in investigating Gaston B. Means and that I wrote a
letter to former Attorney-General Daugherty arranging for the operations of Pettit and O'Brien.
I never wrote any such letter and do not know and never heard of Pettit
and O'Brien before I read this evening's newspapers, and I never gave
them or either of them any directions in connection with Means or any other
matter.
There is absolutely no truth so far as I am concerned in the testimony
given by Mr. and Mrs. Duckstien, as reported in the newspapers, and I
request the privilege of appearing before your committee forthwith so that
I may deny under oath their false and defamatory statements. Please wire
answer.
HIRAM C. TODD.
Mr. Todd said that when he had telephoned to Washington to see if such testimony had been given, and that when
he learned it had been,he sent the telegram to Senator Brookhart. He said that he had been appointed to prosecute five
indictments against Means, each charging conspiracy to
defraud the United States in devious ways. Named as a
co-defendant in the five indictments is Elmer Jarnecke, and
the fifth indictment also names Thomas B. Felder. Mr.
Todd said that Means had stalled prosecution of the indictments through his own illnesses and those of his counsel, but
he was confident that when the case is called on June 2,
Means will be prepared to go to trial.
The troubles of Means,who was star witness for the Daugherty committee, were debated before the committee on May
23. Mr. Todd was on the witness stand, but committee
members and counsel for former Attorney-General Daugherty
took up much of the time with quarrels so bitter, it is said,
that the spectators tried to join in and were quieted by Capitol police. Todd, accused by Chairman Brookhart of
"being unfit for his job," fired sharply back across the committee table at the jibes of his questioners, declaring the committee had shown "indignity" toward the Courts, and reminding Senator Wheeler, the committee prosecutor, that
he himself is under indictment in Montana.
The witness said Means's story of the disappearance of his
famous diaries was a "fairy tale," which could be disproved
easily by the testimony of two Department of Justice agents.
The only purpose of the watch set over Means by the Department, Todd insisted, was to see whether he was well
enough to go to New York on trial. After the committee
adjourned, Senator Brookhart, Paul Howland of the Daugherty counsel, and Means renewed verbal hostilities in an
adjoining hallway, with the result that a policeman intervened with a caution which ended the argument. Senator
Wheeler had Todd describe his work for the Government,
which included the conduct of criminal proceedinsg against
railroad trainmen who quit service at Needles, Calif., in the
railroad strike of 1922. When Todd identified himself as
a member of the law firm of Baldwin, Hutchins & Todd of
New York, Senator Wheeler asked if Francis S. Hutchins,
a firm member, had "not induced Mr. Daugherty to nol
prosse the indictments and the cases against the directors
and officers of the United Gas Improvement Company."
The witness said he had no knowledge of that. Means was
indicted in New York Oct. 8 1923, the witness said, on
three charges of conspiracy in connection with prohibition
matters.
Upon the authority of former Attorney-General Daugherty, orders given by Jesse Smith, his friend and confidant,
were obeyed by the Bureau of Investigation of the Department of Justice, Lewis J. Bailey, its former acting Chief,
testified before the Senate committee on May 20. Bailey,
now agent in charge for the Bureau at Atlanta, was acting
Chief from October 1920 to August 1921. He said he was
told by Mr. Daugherty to take up all questions with Smith.
"Mr. Daugherty said he was a very busy man," Bailey testified, "but that Mr. Smith represented him. Anything that
came up, he told me, I should see Smith about, and whatever Smith told me to do would be all right." "Did you do
so?" asked Senator Wheeler. "Yes," Bailey replied, "except in one or two incidents where I had some question regarding Mr. Smith's judgment and went to the AttorneyGeneral." The Bureau was being reorganized during the
period, Bailey added, and most of the consultation between
himself and Smith dealth with the question of employees
to be retained, dismissed or hired. Smith, he said, had an
office in the Department and "took an interest in anything."
The witness said Smith had told an Assistant Chief of the
Bureau "he had to get out." Answering a question by Chairman Brookhart, he said there was no reason in his judgment
for the decision. "Everybody around the Department of
Justice recognized Smith as the man they had to pay atten-
2532
THE CHRONTCLE
%ion to," Bgiley said. "He was the most powerful man there,
next to the Attorney-General."
J. Pierce Miller, a former Washington newspaper man,
testified on the same date that he met Smith in February
1922, while assigned to get news from the Department of
Justice, and that Smith's "general attitude was that of an
official of the Department." Miller said he had seen Gaston
B. Means and Smith together frequently. He told of seeing
A. Mitchell Palmer, the former Attorney General, call upon
Mr. Daugherty and said that Daugherty later told him they
had talked about the Bosch Magneto case and that he
"didn't want to indict Palmer unless he had to."
Charges that the Bureau of Investigation of the Department of Justice attempted to procure the prosecution of a
witness who was prepared to testify that the Mexican revolution of 1921 in Lower California was backed by "Doheny
money" and involved Government agents were made before
the Senate Committee on May 17. The Committee made
public a telegram by which its attention was first called to
the Mexican border situation. It was addressed to William
J. Burns under date of Feb. 1 1924, and was sent from San
Francisco by an agent of the Department of Justice named
Escola. This telegram read:
Gershon, former agent of the Department of Justice at San Diego, claims
he has positive knowledge that the Mexican revolution of Southern Caliwho
fornia was financed with Doheny money and that Fall was the man
financed it. That he was discharged from the service because he interferred
with the shipment of arms and ammunition at South California in 1921:
of
that the Department of Justice and the Attorney General had knowledge
Fall's activity. Fall called agent of the Department of Justice to his private
car telling him to lay off. Gershon is sore and wants to go to Washington
of
to testify. Information received confidentially from former Department
Justice agent named Hess. who is in Los Angeles.
The Committee's request for Department files in this matter was refused by former Attorney-General Daugherty
and it was his attitude in this matter that led to President
Coolidge's request for his resignation. Mr. Burns, as Chief
of the Bureau of Investigation, the Committee attempted to
show, set the machinery of his office in motion to aid Mr.
Daugherty. A letter signed by Mr. Burns on May 3 1924,
addressed to L. C. Wheeler, his agent in Los Angeles, was
- read into the record. The letter said:
Frederic° A.
I have read with a great degree of interest the affidavit of
to
Date, forwarded with your letter of the 24th Ult., with special regard
herewith,
affidavit
Dave Gershon and others. I am returning the original
immediate
retaining copies for the files, and I want you to give this matter
preparation
and very careful and thorough attention with a view to the
at
and early filing of criminal action. I do not know how Bowen stands
to
the present time, but you probably can make suitable arrangements
procure his testimony against Gershon. It may be considered more advisable to file a conspiracy charge. On the other hand, if you can bring
both Dato and Bowen around as witnesses for the Government there
probably will be no difficulty in convicting Gershon. who has been posing
as a moral uplifter and Governmental house cleaner since his removal from
the service. The time is getting short, in view of the fact his case arose in
1921, so it will have to be given early attention.
Warren W. Grimes, special assistant to the AttorneyGeneral, who has had charge of Mexican affairs in the
Bureau of Investigation, was placed on the witness stand
and was examined by Senator Wheeler on the attitude and
activities of his Department in these cases. Mr. Grimes,
who has attended all the Committee sessions, as an observer
for the Department of Justice, advising with Mr. Daugherty's
counsel, said that he took this action against Gershon. The
New York "Times" in its issue of May 18 gave thefollowing
account of Mr. Grimes's testimony in a Washington dispatch
-dated May 17:
"Did you advise the new Attorney-General of this attempt to indict witceases subpoenaed by this Committee?" asked Senator Wheeler.
"I did not: it would not be necessary."
up"The reason you wanted hhn indicted was because he was a moral
lifter and house cleaner?"
crook."
"No: we felt he was a
Ger"You waited three years and then after this Committee summoned
shon you got busy trying to indict him?"
in on
"I would have to look at the files. I think the stuff has been coming
in Los
him ever since he left the service and that this matter originated
situaMexican
been
has
suitor's
to
open
this
Angeles. The Department
disposal."
tion and our files are at your
said
"They haven't been until the new Attorney-General came in,"
Chairman Brookhart.
was
Grimes
this
conspiracy before?" Mr.
"Why did you not prosecute
asked.
"Because two United States Attorneys turned it down."
of the
if
Senator Wheeler asked the witness he did not know that part
Secretary
$100.000 which Edward L. Doheny testified he gave to former
The
revolution.
connection
in
with
the
1921
Fall as a loan had been used
the DeWitness said he did not know it. Senator Wheeler insisted that
to be based on fact.
partment records would show his charge
Senator Moses came to the aid of the witness.
long
time, and he Is perfectly honorable.
"Mr. Grimes has been with us a
his honesty and his motives and charge
and I resent this effort to impugn
New
the
Hampshire
Senator.
said
frame-up,"
him with a
our wit"That's what they've been doing over there, trying to frame
Wheeler
nesses. It's about time somebody impugned motives," Senator
retorted.
against
It was also shown that the Department of Justice had moved
Gershon.
Casey Abbott, former Mayor of Calexico. as a co-conspirator with
based
Mr. Grimes said the affidavits in the Gershon-Abbott case were not
{vol.. 118.
on the 1921 gun-running trouble, but were on a different matter which had
since been discovered and which was not disclosed to the committee.
Ordered Release of Ammunition.
John Edgar Hoover, Acting Director of the Bureau of Investigations, was
the next witness. He said he knew nothing of these Mexican affairs,
except that in 1921. by order of Burns, he had dictated a telegram to the
District Attorney in Los Angeles ordering the release of the ammunition
that was seized. He said that these orders came from Daugherty, who had
taken the matter up with President Harding.
Mr. Hoover was asked about the new conditions in his department. He
said Attorney-General Stone had issued an order that no more investigations
be initiated without his approval.
Mr. Hoover disclosed a fact which Burns refused to disclose on the stand.
He said that there are to-day 607 employees in the Bureau of Investigations,
and that it has fifty-four offices scattered throughout the country with an
annual appropriation for the last two or three years of $2,250,000 a year.
The Attorney-General, he said, had instructed him to reduce the personnel
and this was being done rapidly.
"I am glad to hear that," said Senator Jones.
In addition to the regular staff, Mr. Hoover said that the bureau employed under-cover men on special cases to furnish confidential information.
The number, he said, did not exceed twelve at any one time. Reduction of
this force was one of the first things started by the new Attorney-General.
The policy now is to employ young lawyers and get rid of what Chairman
Brookhart characterized as "professional double-crossing detectives."
The committee also took under consideration an appeal to the courts In
an effort to obtain the checks issued by George Remus, Cincinnati's "millionaire bootlegger," now serving a sentence of two years at the Federal
penitentiary at Atlanta.
Chairman Brookhart asked Attorney-General Stone over the telephone to
grant permission for Remus to get the checks and later in the day received
the following letter, refusing the request unless by order of the court, and
offering the aid of the Department of Justice in any court action:
"My Dear Senator Brookhart:—You have made a request upon this department to permit George Remus, accompanied by a representative of your
committee, to make a rather extended trip to various points in the United
States for the alleged purpose of securing checks and documents which he
says he has and which he insists that he will not produce for you unless
he be permitted to go for them himself, refusing to authorize either his
wife or his attorney to bring them.
"The Attorney-General was obliged to take a train shortly after receiving
your telephone request, and he asked me to take this matter up with you
for him.
"The statutes of the United States provide a method for allowing prisoners
to leave the prison walls upon a writ ad testificandum issued by a Federal
court. Inasmuch as these requests are likely to arise again, it is best both
for the committee and for the Department of Justice to adhere strictly to
the statutes.
"This department volunteers to assist you by every means at our command to secure documents from Mr. Remus, but we do not feel justified In
allowing a man who, during the past two and one-half years we have been
prosecuting him, has brought pressure to bear upon every public official he
could approach in an effort to secure favors, to be absent from prison walls
for a trip around the country in the informal manner suggested.
"Respectfully, for the Attorney-General,
"MABEL WALKER WILLEBRANDT,
"Assistant Attorney-General...
Testimony with regard to corruption in the enforcement
of the prohibition laws, which have been one of the most
conspicuous subjects in the Senate committee's investigation during the past several months, was given on May 16
and May 17. George Remus, now serving a sentence in Atlanta penitentiary after conviction on a whiskey charge,
testified before the committee on May 16 that as a detail of
bootlegging operations he had paid $250,000 or $300,000 for
"protection" to the late Jess W. Smith, friend of former
Attorney-General Daugherty. At one point in his testimony
Remus said Smith had told him that the General—the Attorney-General—said there would be no putting away of Remus
and his men. At the last moment, when the jail doors were
opening for him, Remus testified, he came to Washington
and paid to Smith $20,000 or $30,000 confident that punishment could be evaded. In reply to questions of Senator
Wheeler, the committee prosecutor, Remus laid bare a story
of a magically sudden rise to wealth and almost as sudden a
fall to the status of a convict. An inconspicuous criminal
lawyer in Chicago in 1919, by 1922 he had become sole owner
of nine distilleries in Ohio, Kentucky and Indiana and part
owner of more, and the operator of a string of wholesale and
retail drug companies from New York to Missouri. That he
bought up Government officials almost as expeditiously as
he acquired his properties was an implication to which he
clung unshaken throughout his examinatibn. His "chief
counsel" introduced him to Jess Smith in New York in 1921,
Remus said—Smith knowing the witness as "a reasonably
large operator in whiskey," and Remus knowing Smith as
"a man very close to the Attorney-General." When the third
party had "retired gracefully," Remus testified that he laid
a foundation for good relations with Smith by passing over
$50,000 in $1,000 bills. Then began a series of meetings, he
added, which continued until the shadow of the penitentiary
was falling over him, although Smith was promising even
then that the "General"—the term applied to H. M. Daugherty—was going to use his influence to obtain Executive
clemency for Remus. There was "a gentlemen's agreement,"
pursuant to which, Remus said, he paid Smith large sums
at intervals while "whiskey was coming through" on the
Government permits that enabled the bootlegger chief to
withdraw stocks from his distilleries and turn them into the
MAY 24 1924.]
THE CHRONICLE
2533
member of the special Senate investigating committee,
asserted in a minority report read on May 19 to the Senate.
Declaring that the guilt or innocence of the prosecutor of the
Daugherty committee was a question solely for the courts to
determine, Senator Sterling said his report was limited to the
question of justification. He added that Senator Wheeler's
charge that the indictment was the result of a "frame-up"
by his political enemies had failed "entirely of proof." The
reading of the report brought sharp replies from both Chairman Borah and Senator Caraway, Democrat, Arkansas, of
the investigating committee. Senator Borah said that when
more time was available he would review the evidence in
detail "and will then disclose that Mr. Wheeler never at any
time violated the letter or the spirit of the law." Senator
Wheeler is charged in the indictment with having accepted
a fee from Gordon Campbell, Montana oil operator, for the
prosecution of oil land permits before the Interior Department. Four members of the committee, in a majority report
filed last week by Senator Borah, held that the charge was
not sustained by the evidence and that the employment was
to represent Campbell in Montana State courts.
The 6,000-word minority report of Senator Sterling discussed at great length the testimony of witnesses who were
examined by the committee. He did not express an opinion
as to the guilt or innocence of Senator Wheeler, but sought
to prove that the Great Falls Grand Jury was justified in
indicting him. He declared that it was a matter of grave
doubt whether the proceedings of the committee were not
in
contrary to law and sound public policy. Senator Sterling
President Coolidge Misinformed About the Facts
.
placed great reliance on the testimony of Messrs. Rhea and
Grossman
Philip
of
Commuting Sentence
Glosser, the principal witnesses for the prosecution, who
• The case of Philip Grossman, in which a decision was
testified that they were present at a conference at which
handed down by the Federal courts last week at Chicago, as
Wheeler discussed with Gordon Campbell matters
Senator
noted in these columns, denying the right of the President
or about to be instituted, before the Land Office in
of the United States to pardon in a civil contempt case, pending,
n. He did not refer to the evidence of CommisWashingto
called forth a statement on May 16 from a White House
sioner Spry of the Land Office, who testified that Senator
spokesman on behalf of President Coolidge to the effect that
had never appeared as counsel before that bureau.
the President had been misinformed about important facts Wheeler
of his minority report Senator Sterling said:
course
In
the
in the case
he extended executive clemency. On rec-
distribution chain of the drug houses. Remus asserted that
E. M.
he had a dozen lawyers, one time or another, although
also
Felder,
B.
Thomas
of
partner
law
a
York,
Zoline of New
mentioned in the proceedings, was "chief counsel." James
M. Linton, an Ohio attorney, now a special assistant to the
Attorney-General, was one of his lawyers, Remus said, and
received $9,000 or $10,000 "as a fee," but took up his Department of Justice work after entering Remus's service,
and on explicit understanding that he would not attempt
Influence there.
On the day following Remus's testimony, that is on May
17, the Department of Justice denied a request of the Senate
Daugherty Committee for permission to take George Remus
to several Middle Western cities for the purpose of obtaining documents and records for the committee. The committee was notified that the Department would assist it in other
ways, but objected to the "informal manner" of the trip proposed. The courts will be asked by the committee to help it
obtain the canceled checks of Remus which, he testified, will
tend to verify his story of large money payments to the late
Jess Smith, companion of former Attorney-General Daugherty, for "protection." After a conference with AttorneyGeneral Stone the committee held an executive session to
arrange for legal proceedings. There was no friction between Mr. Stone and the committee, Chairman Brookhart
said, but court action was considered necessary because
Remus is serving a term in the Atlanta Penitentiary.
when
with the documentary
From the testimony of Rhea and Glosser, together
ommendation of former Attorney-General Daugherty, it was evidence, it would seem clear that the Grand Jury at Great Falls was justiand from the view
Wheeler,
explained at the White House, the President had commuted fied in returning the indictment against Senator
funcexpressed in this statement as to the proper
been
has
which
heretofore
Grossthat
ding
understan
the
Grossman's sentence to jail on
the testimony of the other
tions of the committee,it is unnecessary to discuss
if
man had paid a fine of $1,000 in addition to being sentenced witnesses further than to say that this testimony is all contradicted. not
to jail. The President did not know until some time after refuted, by the documentary evidence.
largely of a categorical
The testimony of Senator Wheeler himself consists
he had commuted Grossman's sentence that not only had
denial of the statements
denial of the charges made in the indictment and a
that, to
Grossman not been arrested on the court's order, but that he of witnesses, qualified In some important instances by the statement
made or certain
the best of his recollection, certain statements had not been
had not paid the fine.
had not occurred. . . .
evidence at
It was further disclosed that when the original recommen- things
In the face of and contrary to what is believed to be sufficient
have specifiGrossman
the
in
eneral
dation from the former Attorney-G
least to warrant the action of the Grand Jury, the majority
Wheeler has not committed any act
case reached him it was for commutation of sentence and re- cally and definitely found that Senator majority
have encroached upon the
the
this
of
In
law.
doing
violation
in
mission of the fine. Because of the fact that he had defied functions of the judicial branch of our Government. Their conclusions preof "not guilty"
the court, the President thought that Grossman should pay judge the issue made by the pending Indictment and a plea
report
assumed will be entered, and to this extent the majority
the fine, but that he should escape jail on the representation which it Isand
interferes with the due administration of justice.
obstructs
pubwide
on
the
convicted
been
he
given
had
of Government attorneys that
In the face of the majority report, which will doubtless be
an unprejudiced
perjured testimony of a single witness. The President sent licity in Montana, how can the Government hope to securebe
maintained if
the case? Row can respect for the Courts
the original recommendation back to the Department of Jus- jury to tryare
the unto be tied and their freedom of action embarrassed by
their hands
?
should
Government
tice with an explanation that he thought Grossman
warranted interference of a co-ordinate branch of the
a petit
The action of the majority of the committee in assuming to act as
pay the fine, notwithstanding the representations that his
without the
jury to determine the guilt or innocence of the person accused,
AtThe
on
testimony.
perjured
based
been
had
conviction
justice to safenecessary orderly proceedings and restraints of a court of
torney-General then recommended suspension of the sen- guard the rights of the Government on the one hand and of the defendant on
before
"Equality
the other, is altogether repugnant to our ideas of justice.
tence, and this the President approved.
it must not
is one of the cherished principles of our free Institutions;
law"
the
The President, it was said, had no comment on the reStates Senbe violated by recourse to a proceeding which gives to a 'United
marks of the court about his lack of authority to extend ator, when charged with an offense, a privilege not enjoyed by the humblest
clemency in civil cases of contempt. Attorney-General Stone citizen of the land.
Grand Jury with
Senator Wheeler, having been charged by a Federal
proper forum
and other officials of the Department of Justice have begun the violation
of a Federal statute, should be remitted to the
a study of the precedents for declaring the President's where he will have full opportunity to explain, deny or refute the charges
its counthrough
likewise,
course unauthorized. Pending this study and a review of made against him, and where the Government.in a lawful and orderly way.
sel, will be accorded the right to present its case
the decision, the Attorney-General continues to withhold That forum is the Federal District Court for the State of Montana, and beto the law
d
evidduly impaneled and sworn to try the case according
comment. He has requested the District Attorney at Chi- afonre
the evidence.
cago to forward him a copy of the ruling. Comment also
was withheld as to any bearing the decision may have on
"The committee," said Senator Borah in replying to Mr.
the President's action in extending clemency to Comptroller Sterling, "was specifically directed to find the facts and
Craig of New York, who was sentenced for contempt. For- report them to the Senate touching" the subject covered by
mer Attorney-General Daugherty upheld the President's the indictment. Indeed, had we desired to encroach upon
the authority of the Court, or had we in any way ever
right to extend clemency in that case.
Attorneys for Philip Grossman came to Washington on sought to interfere with judicial proceedings, we would
y by
May 21 in an effort to obtain his release pending a final de- have accomplished that more perfectly and completel
from
South
Senator
Court.
the
Supreme
by
following the course suggested
cision by the
Indictment of Senator Wheeler Justified by the Evidence, Minority Report Presented by Senator
Sterling Says—Senator Wheeler Exonerated.
•
• The indictment of Senator Wheeler, Democrat, Montana,
by a Federal Grand Jury in his own State was justified by the
evidence, Senator Sterling, Republican, South Dakota, a
Dakota. Even if a jury in Montana should convict Senator
Wheeler, this body would still have devolving upon it the
duty of determining whether or not Senator Wheeler should
retain his seat in this body. And if a jury should proceed
to acquit him, this body would still have devolved upon it
the duty of determining whether or not he should sit as a
Senator in this chamber."
2534
THE 0HRONICLE
[VOL. 118.
Reviewing the evidence before the Senate committee conferred upon it in this proviso the Commission shall not permit
the
investigating the indictment of Senator Wheeler, Senator establishment of any charge to or from the more distant point that is not
reasonably compensatory for the service performed; and if a
circuitous rail
Borah declared on May 20 that the only way to find Mr. line or route is granted authority
to meet
charges of a more direct rail
Wheeler guilty was "to presume him guilty and to presume line or rail route to or from competitivethe
points and to maintain higher
that every witness who testified about his law contract was charges to or from intermediate points on its line, the authority shall not
include
points as to which the haul of the petitioning line or
a perjurer." Mr. Borah's speech, which, according to the route isintermediate
not longer than that of the direct line or route between the
comdaily papers, held the attention of the Senate for nearly petitive points: Providedfurther. That the Commission may, with or without
hearing, upon its own motion or upon application of carriers or shippers,
three hours, was aimed directly at the minority report made in
cases of emergency such as drought or disaster, authorize
during the
by Senator Sterling. Senator Borah charged that not one continuance of said emergency
any common carrier or carriers to charge
witness with any direct or original knowledge had been or receive a greater compensation for a shorter than for a longer distance.
"Where any common carrier has, or common carriers have, in
effect
called before the Grand Jury, those who brought about the any
rate, fare, or charge which is less for the longer than for the
shorter
indictment relying entirely, he contended, upon proof of a distance between two points (the shorter
being included within the longer
hearsay nature. Senator Borah declared that the witnesses distance), and which has been authorized by the Commission or as to which
application was filed with the Commission on or before Feb. 17 1911,
and
with original knowledge of the facts, the men who knew not yet acted upon by it, such rate, fare,
or charge
not become unof the transactions which it has been sought to prove are of lawful (except by order of the Commission) until shall
after twelve months
a criminal nature, have all testified before the Senate com- following the passage of this amendatory Act; nor shall such rate, fare, or
charge in effect via a circuitous rail carrier or rail carriers become
mittee and all of them have sworn that Senator Wheeler has If it shall have been authorized by order of the Commission, unlawful
after public
violated no law. These men include ex-Representative hearing, based on no less a showing than that upon which the Commission
is
herein
authorized
to
grant
relief:
And
provided
Montana,
further, That nothing in
Thomas Stout of
Commissioner William Spry of this section contained
shall prevent the Commission from authorizing or
the Land Office in Washington and others, Senator Borah approving departures from
the provisions of this section in so far as applicsaid, of equal standing in the communities where they live. able to import or export rates, including rates applicable to traffic coming
or destined to a possession or dependency of the United States or to a
Senator Glass of Virginia interrupted to call attention to from
block system of express rates established by order or with the approval of
the fact that only four Republican Senators were in their the Commission or permitted by
it to be filed."
Paragraph 2 of Section 4 is hereby repealed.
seats. Senator Glass deplored this lack of interest, as he
said the indictment seemed to him to be "an attempt by the
The Wall Street "Journal" of May 20 had the following to
Department of Justice to blackmail a Senator because he say concerning the bill and its objects:
After having rejected the Gooding bill on Saturday
engaged in the exposure of rascality."
as a rider to the
Army Appropriation bill the Senate on Monday passed the
Yesterday Senator Sterling's motion proposing to leave amends
bill, which
Section • of the Inter-State Commerce Act. The bill
the matter entirely with the courts was rejected by a vote pass the House. It was debated for three days in the Senate. has yet to
The Gooding bill provides for an absolute prohibition
of 58 to 5, and Chairman Borah's report completely exoneragainst railroads
charging a higher rate for a shorter than for a longer
distance over the same
ating Mr. Wheeler adopted.
line or route in the same
Senate Passes Gooding Bill Affecting Long and Short
Haul Provisions of Inter-State Commerce Act.
On May 19 the Senate, by a vote of 54 to 23, passed the
bill of Senator Gooding, which it is contended would limit the
authority of the Inter-State Commerce Commission to force
the long-and-short-haul provisions of the Inter-State Commerce Act to prevent them being used against water-borne
competition. The bill, which amends Section 4 of that
Act, had been offered in the Senate as a rider to the Army
Appropriation bill, but was rejected by that body last week.
According to Senator Gooding "this amendment was drawn
up after consulting with members of the Inter-State Commerce Commission and is proposed for the purpose of clarifying the language so as to make certain that time will be given
to the Inter-State Commerce Commission to readjust any
violations of the fourth section that may be in effect that
will not be permitted by the bill if it becomes a law." An
Associated Press dispatch from Washington May 19 published in the New York "Journal of Commerce" said:
The bill is the first important one on railroad questions to be passed at
this session by the Senate and concludes a fight carried on more than
twenty years by the inter-mountain rate territories. The measure had
been under debate for a week.
The Inter-State Commerce Commission has for years maintained its
power to permit a common carrier to charge less for a long than for a short
haul included in the long haul, when the carrier has shown after public
hearing that such authority is necessary for the maintenance of its service.
The measure passed by the Senate would permit "departures" only in the
cases of circuitous routes, In the making of export and import rates and with
regard to block express rates.
Senator Fletcher, Democrat. Florida, insisted that the measure would
result in the railroads continuing their present rates to intermediate or short
haul points and raising their long haul or coast rates.
Senator Pittman, Democrat, Nevada, contended that such a result would
be impossible, arguing that an increase of long haul rates to the
making them compensatory would result in such an increase in revenue
of
P° as to
require the Inter-State Commerce Commission to reduce intermediate rates.
Republican,
Connecticut,
asserted the bill would not
Senator McLean,
aid the intermountain States. The present law was ample, he insisted, to
protect the welfare of the intermountain section, and was a guarantee that
the rates must be fair and non-discriminatory to the shipper. The courts
were open to the shippers, he added, to protect them in these rights.
direction, the shorter being included within the
longer distance. The only exceptions allowed
are in cases where a road
with a more circuitous line has to meet the short
line for the long haul, the
making of import or export rates and block systems
of express rates.
Under existing law the Commeree Commission
has authority to authorize
departures from the long and short haul rule
and has done so in many instances. Existing rates made under orders of the
Commission which depart
from the rule, however, are allowed by
the Gooding bill to remain in force
for twelve months after its passage.
Immediate occasion of the passage of this bill by the
Senate was the attempt of the trans-continental railroad to obtain the
Commission's approval
of lower 'westbound rates to Pacific coast points which
the carriers hoped
would enable them to regain at least a part of the
traffic now going through
the Panama Canal. Mid-west manufacturers,
particularly those in the
Chicago district, have been anxious to see such
rate reductions made to
enable them to compete more effectively
with Atlantic seaboard manufacturers, who are asserted to be taking the Pacific coast
markets away from
Inland producers.
Rate applications of the transcontinental carrier which
have been pending
for months would, if approved, have had the effect of
making lower rates on
a long list of articles to coast points than to intermediate
points a thousand
or more miles nearer points of origin. It was the opposition
of the intermountain territory to this method ofrate-making which led Senator
Gooding
of Idaho to introduce his bill. The argument of the western
carriers has
been that lower rates to coast points would provide them with lading
for at
least a part of the box cars that must move westward empty to bring farm
products east, and that whether the railroads were allowed to meet water
competition at the coast or not the coast cities would continue to enjoy
their rate advantage over interior cities because of the water lines. Debates
over the bill indicated that many Senators believed the railroads were
Intent on putting the ship lines out of business. If the bill becomes law the
Commission will be powerless to give the western roads the relief sought.
and the Commission is clearly not disposed to act while the bill is pending.
The New York "Times" in its issue of May 21 made the
following editorial comments on the bill:
The Senate has just passed, 54 to 23, the Gooding bill instructing the
Inter-State Commerce Commission how to interpret and apply the long
and short haul clause of the Inter-State Commerce Act. That was enacted
In 1887. and the disputes over it are hotter now after thirty-seven years
than when it was thought that the matter was settled by referring it to the
Commission. The Commission has learned a great deal in that generation
of experience. It is better qualified to act wisely than Congress.
At present the question is whether the midcontinent or intermountain
regions are entitled to railway rates reduced to meet water competition.
The difficulty was created largely by the construction of the Panama Canal.
Within the last four years westbound traffic by it has increased sevenfold,
and eastbound fifteenfold. The railways ask to reduce their rates in order
to regain a share of the 6,000,000 tons. It is long-distance freight, capable
of being hauled cheaply. Senator Gooding represents those who cannot
endure seeing freight carried past their doors at a lower rate than they are
compelled to pay for shorter hauls.
In essence, their grievance is that they are not situated on tidewater.
The following is the text of the bill as passed by the Senate:
that case they would share any rate reduction allowed by the CommisIn
2327.
S.
sion. But they turn to political means to forbid the Commission to authorAN ACT to amend Section 4 of the Inter-State Commerce Act:
ize exceptions to the law save in the cases of import and export rates, cirBe it enacted by the Senate and House of Representatives of the United States cuitous routes and block express rates.
Thus the railways are to be penalized
of America in Congress assembled, That paragraph (1) of Section 4 of the for competing with the Panama Canal,
although the canal was constructed
Inter-State Commerce Act, as amended, is amended to read as follows:
for
purpose
of
the
competing
with
railways. The railways are not
the
"(1) That it shall be unlawful for any common carrier subject to the responsible for the canal's
discrimination
creating
a
in favor of the coast
provisions of this Act to charge or receive any greater compensation in the cities. To deprive them
of their tidewater advantages would not benefit
aggregate for the transportation of passengers, or of a like kind of property, the intermountain region.
As the competition stands the water rates are
for a shorter than for a longer distance over the same line or route in the unduly low, and the
inequality between the two sections could be remedied
same direction, the shorter being included within the longer distance, or by their increase.
to charge any greater compensation as a through rate than the aggregate
of the intermediate rates subject to the provisions of this Act, but this
shall not be construed as authorizing any common carrier within the terms The New York Trust Co. Says Gooding Bill Would
Defeat Efforts of Railroads to Obtain Trans..
of this Act to charge or receive as great compensation for a shorter as
for a longer distance: Provided, That upon application to the Commission
Continental Traffic.
a common carrier may, after public hearing, be authorized by the Com"Provisions of the Gooding bill, passed this week by the
mission to charge less for longer than for shorter distances for the transportation of passengers or property only in a case where the route via the Senate, would defeat efforts
of the railroads to obtain transapplicant carrier or carriers is longer than via the route of some rail carrier
or rail carriers between the same Points: but in exercising the authority continental traffic," declared a recent issue of the "Index,"
MAY 241924.]
THE CHRONICLE
published by the New York Trust Co. The company in its
comments said:
The bill seeks to make it unlawful for a carrier to charge legs for longhaul service than the aggregate of shorter hauls of the same distance in the
same direction. The recent requests of transcontinental carriers for reductions in rates to meet the all-water rates through the Panama Canal are
directly responsible for the introduction of the bill.
Large interests in the Middle West and in the inter-mountain territory
have argued that transcontinental rates, if lower than the aggregate of intermediate rates, would give the Eastern manufacturer undue advantage in
coast-to-coast trade. The fallacy of this argument is that this discrimination in favor of the Eastern manufacturer exists anyway because of the allwater rates.
Granting the railroads' requests to reduce their rates would merely make
It possible for the roads to compete with the water transportation for this
business. The passage of the bill would not remove this discrimination,
but it would prevent the railroads from meeting Panama Canal competition.
But aside from the merits or demerits of the arguments filed in favor of
or in opposition to Senator Gooding's bill, its introduction brings out two
Interesting points for serious consideration by all those interested in interstate commerce and its regulation:
First, the all-water coast-to-coast service through the Panama Canal
is
largely subsidized transportation. The all-water rates, which are not Governmentally regulated, do not have to cover maintenance costs or
the interest on the funded debt created to pay for the construction of the Canal; nor
is it considered necessary for the Shipping Board's ships to be self-supporting. Any deficits incurred by them are made up out of Federal Governme
nt
taxation, to which the Class I railroads last year contributed more
than
$55,000,000. Thus, the fundamental causes underlying the
subject of this
bill are the same as have always existed where subsidized transportation
agencies have come into competition with those which are unsubsidi
zed.
Secondly, the introduction of the bill is indicative of the current
tendency
to take the rate-making powers of the Inter-State Commerce Commissi
on
away from that body and to make rate regulation a matter
for legislation.
The dangers inherent in such a practice have been recognized
ever since the
passage of the Inter-State Commerce Act.
If the Gooding bill becomes law the judgment and experienc
e
of the InterState Commerce Commission in providing fair and equitable
rates will be
cast aside in order to satisfy, by means of legislation,
the rate demands of
one region of the country, irrespective of their effect
on all other regions,
and on the railroads.
Railroads Said to Be Planning Reduction in
Working
Week as Traffic Falls Off.
Executives of the principal railroads throughout
the country have under consideration a plan for reducing the
week of their shop forces to five days, rather than working
reducing
the number of employees, it was learned on May
22. The
railroads will act individually in putting the
plan into effect.
Improved condition of railway equipment and the
business will be the determining factors in each decline in
railroad as
to when the changes will be made in the working
week, it is
said. All such reductions in working days
will be accompanied by a corresponding cut in wages.
The Reading, it
is stated, already has adopted a shorter
week. The Baltimore & Ohio has put the 20,000 men in its
Montclair shops
on a five-day week. Recent surveys, it is
claimed,show that
there are now more than 5,000 locomotives
and more than
330,000 freight cars in first-class condition stored
on the lines
waiting for business. Recent declines in the
volume of traffic have been such that general orders to cut
down the operating expenses have gone out on most of the
large systems,
including the New York Central and the
Pennsylvania.
2535
cases they result in men being paid excessive
amounts for which they do not
render adequate service.
The advance in wages asked for would
have averaged about 635% for
all classes of employes represented by the
organizations concerned. The
Western lines have never, since the tentative
valuation of their properties
was made by the Inter-State Commerc
e Commission, earned anywhere
near the net return on valuation that the
Commission held would be fair.
The average return earned by them
in 1921 was only 3 %;in 1922. but 4%,
and in 1923. 4%, In the early part of thLs
year their business showed
some improvement, but recently they have
been suffering severely from
decline of their freight business which has
correspondingly reduced their
earnings, until at present many Western lines
are not earning their fixed
charges. In spite of these facts, they are confront
ed with insistent demands
for reductions of freight rates, especially on
farm products, and the threat
of legislation by Congress to bring about such
reductions. Unless conditions
Improve, the Western lines, instead of
being able to stand advances in
wages, or even continue present wage
scales, may soon be forced to take
steps to bring about reductions in wages.
In the face of all these facts, the
refusal of the representatives of the engine service
employes' organizations
to agree even to negotiations looking to changes
in working rules that are
unreasonably expensive in their operation, rendered
it wholly impossible to
reach any settlement with them.
Congressman Huddleston Would Reduce Railroad
Rates
to 1920 Level, Bringing Disaster to Carriers—
Reductions Already Made.
Reductions of railway rates that have been made since
the large advance in rates was granted by the Inter
-State
Commerce Commission in 1920 are shown in an editoria
l in
the current issue of the "Railway Age" to amount to $1,875,000 a day, or $683,000,000 annually. "In additio
n,'
says the "Railway Age," "the taxes of the railways have
been
increased about $200,000 a day, which makes the
total
reduction in the amount of revenues the railways are
being
allowed to collect • from the public and keep to
carry on
their business about $2,075,000 a day. or more than one-hal
f
of the total advance in rates granted in 1920." The
presentation of these facts was called forth by the introdu
ction
in Congress by Representative Huddleston of Alabam
a of
a bill to prohibit the railways from charging any rate higher
than was charged for the same service on Aug. 25 1920.
Pointing out that Representative Huddleston is the princip
al
spokesman of the railway labor leaders in the House,
the
"Railway Age" observes that his bill would "more quickly
and certainly reduce all the railways to bankruptcy than any
other bill that has been introduced." The advance in rates
made in 1920 was made just as the war-time "guarantees" to
the railways were withdrawn; was the largest in history and
followed immediately after a large advance in wages.
"The introduction of Mr. Huddleston's bill," says the
"Railway Age," "makes it worth while to calculate just what
the advances in rates granted by the Commission in 1920
were, how much of these advances have been taken away,
and what would be the financial effect upon the railways of
such action as the more reckless anti-railroad propagandists
favor." Our contemporary then proceeds as follows:
When the advance in rates was granted in 1920 it was estimate
d it would
produce an increase in earnings of about $1,600,000,000.
Subsequent
developments have shown that this estimate was excessive
. In the eight
months of 1920 preceding the advance in rates the average revenue
per ton
per mile of the Class I railways was 9.65 mills and the average revenue
per
passenger per mile 2.620 cents. In the year 1921. througho
ut which the
advance in rates was in effect, the average revenue per ton per
mile was
12.75 mills, and the average revenue per passenger per mile 3.086
cents.
On the basis of the actual revenue freight and passenger'business handled
in 1923 these advances in rates would have amounted in earnings to
$1,459,-
Statement by Conference Committee
of Managers
Regarding Recent Unsuccessful Wage
Negotiations
of 90 Western Railroads with
Engineers and
Firemen.
In connection with the recent conference
when the business of 1923 was actually handled the average
But
B°°°
tW
working conditions between the engineers on wages and ("
rate per
and firemen's ton per mile had been reduced to 11.16 mills, or to 1.59
mills less than in
brotherhoods and 90 Western railroads
and
the average rate per passenger per mile had been reduced
1921,
held in Chicago,
to
which was deadlocked on May 12, as noted
3.010 cents, or by about two-thirds of a mill less than in 1921. The number
in these columns of
revenue tons carried one mile in 1923 was 413,562,132.000. The
last week, page 2402, a formal statement
was issued by the of passengers carried one mile was 38,005,922,000. Therefore, thenumber
effect
Committee of Managers explaining the
of the reductions in freight and passenger rates between 1921 and 1923
was
brotherhoods and the carriers as follows: positions of the to make the freight earnings $657,564,000
less and the passenger earnings
$25,464,000 less than
represent
The
atives of the labor organizations
declined to agree to the
adoption of certain rules of several of the
Western railroads which
are
standard and in effect on practically all other
roads in the United
States.
They also declined to agree on certain principles to
be
ence as a basis for negotiation on the individual lines adopted in the conferon several other rules
which the conference committee of managers felt
should be changed but
which the managers believed could be best handled in
officers of the individual lines with their own employes negotiations by the
.
Any differences which might arise between the
individual lines and their
own employes would be referred to the above
mentioned commission of
four members on which the railways and the labor
unions concerned would
be equally represented. It will thus be seen that in
disposing of such disagreements the employes, through their representatives,
equal vote with the representatives of the railroads. It would have an
negotiations aro an almost hopeless task if the represent would seem that
atives of the organizations are not willing to act as judges on behalf of
their members. We
may here see a motive that lies behind the attempt
to change the Transportation Act. This would leave labor organizations
free to again use the
power of the strike to enforce demands upon question
s on which they
are
not willing to have their own representatives act
as Judges.
In view of the present financial condition of
the Western lines the
members of the conference committee of managers did
not feel that they would
be Justified in agreeing to an advance in
wages unless it was accompa
nied
by agreements and arrangements which held
out the hope of relieffrom
working rules which are inequitable and
unduly burdensome, because in
many
they would have been if there had been no reduction
in rates. The fact that there has been a reduction of passenger rates
brought
about by widespread readjustments, and that this has reduced
passenger
earnings by an amount equal to more than three-fourths of
the so-called
surcharge on Pullman tickets, has never before been pointed out
so far as we
know. The total reduction offreight and passenger rates since
the advances
were made in 1920, stated in terms of revenues, exceeds
$683,000,000
annually. This means that 47%, or almost one-half, of
the total advance
both in passenger and freight rates granted in 1920 already has
been taken
away.
Let us now see what would be the effect of the adoption of
Representative
Huddleston's bill. Putting the rates back
to where they were in the first
eight months of 1920 would take $776,000,000 more of their annual
earnings
away from the railroads. Their net operating income
in 1923 was $978.000,000. Therefore, unless operating expenses and taxes were
reduced, the
effect would be to reduce net operating income
to $202,000,000 annually.
This would be 1% on their present valuation and about
$500,000,000 less
than the annual interest on their bonds and other fixed
charges. Every
railway in the country, large and small, would be bankrupt
ed.
The fact that this bill was introduced by the spokesman
of the railway
labor leaders in the House is every good evidence that
it has their endorsement and even indicates that it may have been drafted
by them. It is a
most significant fact that almost every bill which has
the purpose and would
have the effect of ruining the railroad industry emanate
s from some public
man who is well known to work always in close accord
with the railway labor
leaders.
,mose4
2536
THE CHRONICLE
President of Missouri Bankers
Association.
. At the thirty-fourth annual convention of the Missouri
Bankers Association being held in Kansas City May 19-21,
M. R. Sturtevant, Vice-President of the Liberty Central
Trust Co. of St. Louis and former Vice-President of the
Association, was elected President, succeeding S. E. Trimble,
of Springfield. Others elected were E. E. Amick, of Kansas
City, Vice-President; W. W. Pollock, of Sedalia, Treasurer;
W. F. Kayser, of Sedalia, Secretary, and E. P. Neff, of
in
Sedalia, Assistant Secretary. Mr. Sturtevant has been
the banking field since 1901, when he was appointed National
Bank Examiner of the Oklahoma and Indian Territory under
Comptroller of Currency Charles G. Dawes. He was
Treasurer of the Missouri Bankers Association in 1922, and
before that also handled work for the association. His
association with St. Louis banks dates from 1907 when he
was elected Cashier of the Cental National Bank, and in
1909 was made Vice-President of the same bank, which consolidated with the Liberty Bank, forming the Liberty Central Trust Co. in 1921. During the war Mr. Sturtevant
was Chairman of the Speakers' Bureau for the Metropolitan
District.
M. R. Sturtevant Elected
[VOL. 118.
ing the capital of the bank from $200,000 to $1,500,000. The
announcement on the proposed increase was referred to in
will
our issue of May 10 1924, page 2267. The new capital
become effective June 6 1924. The new stock (par $100)
will be disposed of at $150 per share.
Political Tampering with Business Criticized by
A. W. Head of A. B. A.
Tampering with business by politicians is due to extreme
partisahship seeking votes and party advantage, but business men themselves are to blame who fail to take a broad
Interest in public affairs, Walter W. Head, President of the
American Bankers Association, speaking at the Florida
State Bankers Association at Orlando, Fla., on April 26, said
on the subject "We Must Quit Tampering." "Most of the
misguided tampering with which we are afflicted is a part of
the general tendency toward over-regulation by Government
Mr.
of business and of the affairs of individual citizens,"
Head said. He added:
effective
It is estimated that the grand total of laws and ordinances, nowoutstand-
in the United States, exceeds two million. The railroads are the
two Federal
ing example of extremes of regulation, subject to the orders of
the Presicommissions and forty-eight State commissions, Congress and
in my
Farmers
dent, forty-eight Governors and forty-eight legislatures.
-cholera,
State are subject to regulation by potato inspectors, by dairy, hog
thousand elective
cattle, seed, sheep, stallion and bee inspectors. Forty
organization
officials, Federal, State and county, are the apex of our vast
elective
of regulatory officials. To these must be added city and town
of all
employes
officials and the vast number of appointed officials and
rs are
branches of government. All-told, one in twenty of our wage-earne day's
upon a Government pay-roll. Out of six days that we labor, one the
pay
labor—on the average—goes to pay the cost of government, to
and
living expenses of these hundreds of thousands of Government officials
are
and
energy
employes whose labor is not productive, whose talents
devoted to regulating the rest of our people.
Nor does tempering end with countless additions to our laws and to the
pay-roll of Government employes. At periodical intervals we are besought
to tamper with the Constitution of the United States. The particular
the
change now being advocated is an amendment which would restrict
a
power of the United States Supreme Court to declare unconstitutional
seven
law passed by Congress. Senator Borah proposes that the vote of
Senator
out of nine judges be required to give effect to such a decision;
LaFollette would go farther and authorize Congress to override the court's
decision by the simple expedient of re-enacting the voided law. Senator
LaFollette's plan would, in effect, abolish the Constitution. If Congress
,
can override the court's decision it can pass a law abolishing the PresidencY
of the
or the courts, and if it re-enacts it, the law would become the law
ground
and— irrevocably. Senator La Follette's plan leaves no middle
t wipes out the Constitution.
Mr. Head said he did not think there is danger of this
change being adopted because he had "too much faith in the
inherent common sense of the American people," but he
cited it as an example of the tendency "to tamper with everything which does not, for the moment, please us, to tamper
with the most fundamental economic laws and the most
sacred human rights."
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
After more than 70 years at Bleeeker St. and Broadway,
on
the Manhattan Savings Institution moved uptown
Monday May 5, to its new home at 154 East 86th St., in
issued
the heart of Yorkville. Hundreds of invitations were
numbers.
for the opening, which was attended by large
was
When the doors were opened a long line of depositors
to
fell
being
the
depositor
of
first
honor
waiting. The
Leon S. Altmayer, a real estate dealer.
The Commercial National Bank of this city has been
22
merged with the East River National Bank effective May
1924 and is now known as the East River National Bank.
of
The latter, which is affiliated with the Bank of Italy
California, has a capital and surplus of $4,000,000 and resources of $39,000,000. Its main office is located at Broadway and 41st Street, and branches are maintained at 680
Broadway and 184th Street and Third Avenue. Additional
branches are: 104th Street and First Avenue and Broome
Naand Mulberry Streets. The officers of the East River
t;
Presiden
,
Giannini
H.
A.
Dr.
as
follows:
are
Bank
tional
J. F. Cavagnaro,G. E.foyer, Carlo Del Pino, G. J. Baumann
Asand J. G. Hernerich, Viee-Presidents; Edward Hudson,
The
Cashier.
Gibson,
H.
A.
and
t,
sistant Vice-Presiden
East River National Bank before the merger had a capital
capital
of $1,500,000 and the Commercial National Bank a
to
of $1,000,000. Plans regarding the merger were referred
in our issue of April 5 1924, page 1625.
its
The Greenwich Savings Bank of this city, which since
establishment in 1883 has three times been forced to seek
its
larger quarters, moved on Saturday last (May 17) to
new building at the corner of Broadway and 36th Street and
Sixth Avenue. The bank was originally located at 12 Carmine Street. In 1892 it moved to a building erected for its
own needs at Sixth Avenue and 16th Street, and now the
latest move to the Herald Square section has been found
With
necessary in order to properly care for its business.
Its removal to its newest building, the bank will maintain
its 16th Street building as a branch. Something like $100,000,000, in steel safes, were transferred to the new quarters
last Saturday; 25 armored trucks conveying the funds,
which were represented by Liberty bonds, Treasury notes
and bonds of States, municipalities, etc. With the establishment of its new quarters the bank has issued a book, by
James H. Collins, entitled "Ninety Years of the Greenwich
Savings Bank."
At a regular meeting of the directors of the Chatham &
Phenix National Bank of New York, Eugene B. du Pont was
elected a member of the board.
Frederic G. Lee, until recently a director of the Irving
Bank-Columbia Trust Co. of this city, and formerly President of the Broadway Trust Co. of New York, died on May
16. Mr. Lee was born in Orange, N. J., in 1873, and in 1900
entered the employ of the Kings County Trust Co. of Brooklyn as a clerk. He assisted in the organization of the
Broadway Trust Co. in 1902 and at that time became its
Secretary. In 1902 he became Vice-President of the institution and later President. Mr. Lee was President of the
Broadway Trust Co. from 1908 to 1917. In the latter year
the Broadway Trust Co. changed its name to Irving Trust
Co. Mr. Lee continued as President of the new institution
from 1917 to the spring of 1920, when the Irving Trust Co.
consolidated with the Irving National Bank, under the name
of the latter institution. During the years 1917 to 1920 Mr.
Lee was a director of the Irving National Bank. Following
the consolidation, Mr. Lee became Vice-Chairman of the
Board of the Irving National Bank. This position he held
until several years ago, when he became Chairman of the
Finance Committee of the Famous Players-Lasky Corporation. At that time he relinquished the position of ViceChairman, though retaining his membership on the Irving
on
board. He continued as a director of the Irving instituti
after the consolidation of the Irving and the Columbia Trust
Co. last year. In 1912 he was made a director of the Mercantile National Bank, but later relinquished this post. Mr.
Lee was also Vice-President of the Woolworth Building Safe
Deposit Co. and a director of the International Pulp Co.,
the International Salt Co. of New Jersey, the International
Salt Co. of New York and other corporations.
A special meeting of the stockholders of the Empire Trust
of
Co. of this city will be held on June 5 for the purpose
from
Henry Dimse, New Jersey State Bank Examiner and for
voting upon a proposition to increase its capital stock
many years connected with the Irving National Bank of New
$2,000,000 to $4,000,000.
York City, died suddenly on May 16, following an attack of
Stockholders of the Central Mercantile Bank of this city acute indigestion. •
on May 21 ratified the recently announced plan of increas-
MAY 24 1924.]
T1TE CHRONICLE
The National City Bank of New York has caused a French
banking company to be organized in its interest to take over
the business of its Paris branch. The new company is
known as the National City Bank of New York (France)
S. A., and has a subscribed capital of 30,000,000 francs. The
transfer to the new company was made this week. It involves no change in management or in the character of the
City Bank service in Paris.
At a meeting of the directors of the Fifth Avenue Bank of
New York on May 21, John I. Downey, President of John I.
Downey, Inc., was elected a director, to fill the vacancy
caused by the recent death of Alfred H. Smith, late President of the New York Central Lines. Mr. Downey, in addition to being President and General Manager of John I.
Downey, Inc., is a director of the Bankers Trust Co. and
Vice-President and trustee of the Frankling Savings Bank.
Metropolitan New York consumes on an average 442,513,916 pounds of citrus fruit annually, according to a survey of
the city's citrus fruit market by Charles F. Junod, issued
this week by the Bank of America of this city. The orange
is shown to be New York's favorite fruit, the average annual
consumption being estimated at 361,627,500 pounds, or about
60 pounds per capita of population. An announcement regarding the survey says:
2537
tion, and its first President, serving in that capacity for
more than 25 years. He was a member of the board of managers of the Newark Banking & Insurance Co.; was Mayor
of Newark, and held many other prominent positions in the
city. Mr. Beach Vanderpool's son, Eugene Vanderpool, was
also a manager of the institution and was its President in
1902 and 1903 and was a member of the building committee
which built the present banking house. He was also a President of the Newark Gas Co. Wynant D. Vanderpool entered
Princeton and was graduated in 1898; and afterwards spent
three years at the Harvard Law School. He was admitted
to the New Jersey Bar•in November 1903. He never practiced actively but confined his work to management of
estates. In 1910 he was elected a manager of the Howard
Savings Institution; in 1917 he was elected a Vice-President
and since that time has been actively engaged in the affairs
of the bank. He is also a director of the National Newark &
Essex Banking Co., American Insurance Co., Newark Plaster
Co., all of Newark, N. J.; the Celluloid Co. and the National
Biscuit Co. of New York City; the Morristown Trust Co.,
Morristown, N. J. Mr. Vanderpool is a Vice-President of
the last-named company. The Howard Savings Institution
is said to be the largest bank of its kind in New Jersey. It
was incorporated 67 years ago.
At a meeting of the Steneck Trust Co. of Hoboken, N. J., on
The growth in the demand for oranges is shown by the fact that in 1922 May 13, Joseph J. Garibaldi was elected a director to sucthe receipts of this fruit were 8,051 carloads, while in 1923 they were ceed the late William J.
Kamlah. Mr. Garibaldi is promi12,133 carloads. The demand for grapefruit grew even more rapidly, increasing from 2,134 carloads in 1922 to 3,681 carloads in 1923. The city nent in the real estate and insurance business of Hoboken.
consumed 4,211 carloads of lemons in 1923.
This growing consumption of citrus fruit is ascribed partly to the fact
Two important Rochester banks—the National Bank of
that the public has an increasing appreciation of the value of citrus fruit to
the health, and partly to the Improved methods of production, shipment and Commerce and the Traders National Bank of Rochester—
storage which have been introduced in the past 15 years.
have consolidated under the title of the National Bank of
Walter C. Stokes, President of the Manhattan Savings Institution of this city and veteran financier, died Thursday
morning of this week at his residence, 1148 Fifth Avenue, in
his 73d year. Mr. Stokes was seized with an attack of acute
indigestion late Wednesday afternoon while at his desk in
the bank, and although he received medical aid quickly and
was removed to his home, complications set in and he never
rallied from the seizure. Mr. Stokes was a son of the late
Henry Stokes, one of the organizers more than 70 years ago
of the institution of which his son became President. For
many years Mr. Stokes was a member of the New York Stock
Exchange, having joined in 1878. He founded the brokerage house of Walter C. Stokes & Co., from which he retired
on July 1 1920, when he severed his active connection with
Wall Street and assumed the presidency of the Manhattan
Savings Institution. During the administration of Governor
David B. Hill, Mr. Stokes was Paymaster-General of the
New York National Guard with the rank of Brigadier-General. He was a director of the Manhattan Life Insurance
Co.
Rochester. The new institution, which has a combined capital and surplus of $1,500,000 and resources of approximately
$22,000,000, was organized last Saturday, May 17, and began
business on Monday of this week, May 19, under very auspicious circumstances. Pending its removal on Monday,
May 26, to a new bank building just erected at the corner of
State and Corinthian Streets, the new bank has been transacting business at both the former banking quarters of the
consolidated banks. The personnel of the new National
Bank of Rochester is as follows: Libanus M. Todd, Chairman of the Board; Benjamin D. Haight, President; Henry
F. Marks, Vice-President; George C. Lennox, Cashier, and
Chester J. Smith.
Two junior officers ofthe Merchants National Bank of
Boston left on May 17 to become Treasurers of trust companies in other parts of New England. George H. Higgins,
who has been in charge of the Merchants' loan department
for seven years, goes to the North Adams Trust Co., North
Adams, Mass. Chester L. Harris, assistant to the Credit
Manager for several years, goes to the Winthrop Trust Co.
at New London, Conn. Both Mr. Higgins and Mr. Harris
Bernon S. Prentice, of Dominick & Dominick, has been have been with the Merchants for about twelve years. Mr.
elected a director of the Fulton Trust Co. of New York.
Higgins was formerly with the State National Bank and Mr.
Harris with the Old Colony Trust Co. They are both graduAt a meeting of the board of directors of the Pacific Bank ates of the
American Institute of Banking. Mr. Higgins
of New York, F. E. Goldmann was elected Vice-President was President of the
Boston Chapter in 1920.
. and Frederick L. Kerr was appointed Cashier.
John E. Whisler, former Ca- shier of the York Haven State
The Comptroller of the Currency has approved an appli- Bank, York Haven, Pa., who in March last was arrested
cation to organize the Jamaica National Bank of New York, upon the discovery of a shortage of between $8,000 and $12,N. Y., with a capital of $200,000. Its stock (par $100) will 000 in the bank's funds, on May 12 pleaded "guilty" to the
be placed at $150 per share. J. Sheldon Fosdick has been embezzlement of $8,000 and was given an indeterminate senelected President and Gilbert R. Hendrickson, Cashier. The tence of from four to ten years in the Eastern Penitentiary,
bank will begin business about July 1 1924.
according to a press dispatch from York Haven on that day
printed in the Baltimore "Sun" of May 13. 1Vhisler, it is
Application has been made for a charter for a national said, told the court that he had stolen $8,000 and that any
bank to be established in the Forest Hill section of Newark, shortage in excess of that amount cannot be ascribed to him.
N. J. The name of the bank, which is just organizing, will The shortage, it is said, has been made good by the directors
be the Forest Hill National Bank of Newark (N. J.). Harry of the institution. We referred to the affairs of the York
B. Salmon will be President and Stanley J. Lathrop, Cash- Haven State Bank in the "Chronicle" of March 22, p. 1357.
ier. The new bank expects to open for business on or before
John D. Brown, well-known
- banker and attorney of PittsSept. 1 1924, with $200,000 capital (in shares of $100) and
these shares will be issued at $125 per share, giving a sur- burgh, died on May 12 in the Allegheny General Hospital
after an illness of three weeks. At the time of his death he
plus of $50,000.
-4--was President of the Anchor Savings Bank and a director
The board of managers of the Howard Savings Institution of the Union Trust Co. of Pittsburgh. Mr. Brown was born
of Newark, N. J., has elected Wynant D. Vanderpool as its in June 1865 and was graduated from Harvard University
President, to succeed Samuel S. Dennis, who died on April and the Harvard Law School. In June 1889 he was admit12. Special interest attaches to this election because Mr. ted to practice at the bar of Allegheny County and eventually
Vanderpool's grandfather, Beach Vanderpool, was one of in all the appellate courts of Pennsylvania and the United
the original incorporators of the Howard Savings Institu- States Supreme Court. Among his numerous interests he
2538
THE CHRONICLE
[VOL. 118.
was trustee for several estates and a director in many large W. S. Schweitzer; Vice-President, N. Feigenbaum; VicePresident, A. L. Flandermeyer; Secretary and Treasurer,
industrial corporations.
L. C. Haas; Assistant Secretary and Treasurer, M. Wohl.
Over 200,000 people, it is stated, viewed the new banking a 16-page booklet with ilustrations of the main office, the
quarters of the Union Trust Co., Cleveland, Ohio, on Mon- exterior and interior and safe deposit department of the
day and Tuesday of this week, May 19 and 20. The stream new office, was issued as a souvenir of the opening of the
of visitors began at 9 o'clock Monday morning, when the new office.
doors were opened. And there were flowers everywhere—
Frank C. Caldwell, Preside- nt of the Oak Park Trust .&
massed throughout the lobby, on the officers' desks, on all of
Savings Bank of Oak Park (a Chicago suburb) and a directhe marble rails and even decorating the entire course of the
tor of the Union Trust Co. of Chicago, died suddenly of a
bronze railing on the third floor. Telegrams poured in to
heart attack on May 15 while walking from his home to the
J. R. Nutt, President of the Union Trust Co., congratulating
bank. Mr. Caldwell was born in Indianapolis, but went to
him upon the opening of the building, some of those who
as a child. He received his education in the ChiChicago
W.
Victor
Walter
Donehey,
Governor
sent telegrams being
cago public schools and the Northwestern University Law
Head, A. W. Mellon, Charles G. Dawes, C. B. Slemp, Otto
School. In addition to his banking interests, Mr. Caldwell
Kahn, Herbert Hoover, E. H. Gary and Charles M. Schwab.
was connected for years with the H. W.Caldwell & Sons Co.,
The opening of the Union Trust Co.'s new banking home
dye manufacturers, of Chicago. He was 58 years of age.
A
history.
financial
Cleveland's
in
milestone
a
marks
statement issued by the company says it gives Cleveland the
-of Harris, Forbes & Co., New
Lloyd W. Smith, President
largest single banking room in the world, the second largest York, has been elected a director of the Harris Trust & Savbank and office building in the country, and the fifth largest ings Bank of Chicago.
trust company in the United States. The statement adds:
The Hennepin County Sa- vings Bank of Minneapolis,
It is the realization of the ideal of the men who are the guiding spirits of
the Union Trust Co. to provide a building and a bank big enough for Cleva- Minn., will open its new banking quarters at 511 Marquette,
land.
Before the Union Trust Co. was formed by the merger of six large Cleve- on Monday next, May 26. Incident thereto, the bank says:
land banks, a little over three years ago, there was no single banking institution in Cleveland large enough to provide an adequate supply of credit to
Cleveland industry. As a result, many of Cleveland's largest factories did
much of their banking elsewhere, and immense sums drifted out of Cleveland, either east or west—earns which could more logically have been used
to increase the buying power of Clevelanders by distribution to Cleveland
Industries and the pay envelopes of Clevelanders.
The formation of the Union Trust Co. gave Cleveland a reservoir of
credit large enough to meet the borrowing need of Cleveland's greatest industries.
As a bank big enough to supply credit to Cleveland and northern Ohio,
the Union Trust Co., during the last three years, has become one of the great
financial institutions of the 'Middle West, having total resources of over
two hundred and seventy million dollars.
Back in the days of the sturdy pioneers this bank was organized at 213
Hennepin Avenue. The little bank, built on sound principles and friendly
service, became an imporatnt factor in the city's development. The names
of its founders and its patrons are closely woven into the progressive history
of the community.
In its 54 years it has been the doorway through which thousands in all
walks of life have attained ambitious goals, realized happy dreams and built
comfortable homes. We count the friendship of these customers, both old
and new, as one of our greatest assets.
For the fifth time we are increaSing our banking space—concrete evidence
of progress. We are looking forward to steady growth, greater service and
broader opportunities. With the interests of our patrons constantly in mind,
we are meeting our needs of to-day and building for a prosperous to-morrow.
There will be special cash premiums for new savings acSome of the features of the new building are described counts on the opening day next Monday, and souvenirs of
as follows:
the occasion will be distributed.
It extends for 146 feet on Euclid Avenue, 258 feet on East 9th Street and
513 feet on Chester Avenue, including the attached employees' building. It
is 20 stories high on the Euclid Avenue side and the pent-house on the roof
is 280 feet from the sidewalk.
The radio towers upon the roof with the antenna stretched between them,
rise to a height of 375 feet above the sidewalk, constituting the highest point
In Cleveland.
The building contains 1,178,000 square feet, or over 30 acres of floor
space. If spread upon a single plane its area would take in Cleveland's
Public Square, including the streets, three times over. The building actually covers 95,000 square feet of ground.
The space occupied by the building is 20,000,000 cubic feet. If 20,000,000 cubes, each measuring one cubic foot, were laid end to end, they would
reach from New York across the Atlantic Ocean to London.
The Union Trust Co. occupies practically all of the first five stories and
the ground floor, or basement. In fact, the bank will take up a total of
about 220,000 square feet of floor space.
The banking room of the new Union Trust Building is the largest single
banking room in the world. It is built in the shape of a letter "L." The
savings lobby extends along the East 9th Street side of 224 feet, including
the rotunda, which forms the intersection of the two arms of the "L" and
the eommercial lobby extends for 310 feet along the Chester Avenue side.
In the commercial lobby space has been allowed for 77 tellers' cages and
in the savings lobby 33 tellers' cages.
The exterior upon street frontages consists of Indiana limestone. The
exterior of light courts consists of white enamel brick.
The marble in the banking room and the building lobby is white tabernelle, except floors and base, which are of Tennessee marble. The standing
marble in the public corridors of the office building is Alabama marble.
The banking room hardware and ornamental metal consists of brOnze, and
the doors, base and picture moulding, except in special rooms, consists of
hollow metal, with baked-on enamel finish.
The banking area floors are finished in cork tile where marble is not
used.
There are three entrances to the building, and four entrances to the bank.
To further facilitate exits and entrances to offices of the buildings and departments of the bank, there are a total of 35 elevators in the new Union
Trust Building. The office building itself has for tenants' traffic 22 passenger elevators and two freight elevators. In addition, the bank has five elevators for customers' use, three near Euclid Avenue and two at the corner of
East 9th Street and Chester Avenue, and six elevators for employees' use,
three in the main building and three in the attached employees' building.
The Union Trust has a total of seven different vaults—the main cash
vault, the safe deposit vault, the night vault, the collateral loan vault, the
trust department vault, the trunk vault and the mortgage loan vault, having
2 square feet.
/
a total vault area of 9,7931
A new downtown bank was opened on May 15 in Cleveland, when the Merchants Savings & Banking Co. at 4410
Woodland Avenue established its first branch office. This
Institution, founded in 1916, has built up during the past
eight years, it is stated, a business of more than $1,300,000
at its main office. The new service station is located at
Huron Road and East 4th Street in a district---one of the
busy retail and market sections Just south of Euclid and
Prospect Avenues and pose to the Public Square. More
than 1,000 visitors took the opportunity of inspecting the
new quarters on the opening day. The officers of the institution are: President, Maurice Gusman; Vice-President,
The First State Bank of South Haven, Minn., was closed
on May 16 by order of the State Superintendent of Banks
because of lack of reserves, according to a press dispatch
from St. Paul on that day appearing in the New York "Journal of Commerce" of May 17. The bank's capital was $10,000 and its deposits about $215,000.
Another small Minnesota bank—the Solway State Bank
at Solway—was closed on May 21, according to press dispatches from St. Paul on that date to the New York daily
papers. The bank had a capital of $10,000 and deposits of
about $60,000. The State Banking Department closed the
Institution because of depleted reserves.
The Farmers & Merchants
-Bank of Nelson, Mo., a small
institution, with total resources of about $155,000, was voluntarily closed by its directors on May 17 and D. R. Harrison of the State Finance Department assumed charge of
Its affairs. According to a special press dispatch from Marshall, Mo., to the St. Louis "Globe-Democrat," the directors'
action was due to fears that a "run" on the bank was being
planned from rumors to that effect which had come to the
ears of the officers. The dispatch further stated that Howard E. Smith, the President of the closed bank, had declared
the institution was solvent and that it was expected It would
be reopened shortly.
A press dispatch from Sher- idan, Wyo., on May 15 stated
that the officers and directors of the Citizens' State Bank of
that place had voluntarily placed the institution in the
hands of Stanley A. Brown, Assistant Bank Examiner, on
that day (May 15), who would proceed to liquidate its assets at once. T. C. Diers, the Cashier and active head of the •
bank, was reported in the dispatch as saying that the action
of the officers and directors was due to steady withdrawals
which were slowly sapping the cash assets. He also declared, it is said, that little loss to the depositors was expected and that no attempt to reorganize the bank would be
made.
On May 6 the proposed a-malgamation of the Union &
Planters Bank & Trust Co. of Memphis and the Guaranty
Bank & Trust Co. of that city, noted in the "Chronicle" of
April 26, p. 2024, became effective, and the former Guaranty
Bank & Trust Co. is now operated as the "Guaranty Office"
of the Union & Planters Bank & Trust Co. The combined
capital and surplus of the enlarged bank is $4,250,000 and its
MAY 241924.]
THE CHRONICLE
total resources in excess of $41,000,000. The number of the
bank's patrons, it is stated, exceeds 81,000. In addition to
the main office and the Guaranty office, the new bank maintains four branches. These are the North Memphis Savings
Bank branch, Franklin branch, Main Street branch and
South Side branch. According to the Memphis "Appeal" of
May 7, the Union & Planters Bank & Trust Co. on the preceding day exchanged its present building, together with
$250,000 in cash, for the Security Building, a handsome 12story structure erected in 1923 at the southeast corner of
Front St. and Madison Ave. and valued at $1,340,000. The
Security Building, or the Union & Planters Bank Building,
as it will hereafter be called, has a frontage of 75 feet on
Front Street and of 87 feet on Madison Avenue, with an L in
the rear of 100 feet in depth. The bank, which expects to
move to its new quarters about Aug. 1, will occupy the
ground, mezzanine and basement floors. Banking fixtures
at a cost of about $100,000 will be installed. These are to be
of wrought bronze and marble. The floors of the banking
rooms will be tiled. The personnel of the enlarged Union &
Planters Bank & Trust Co. is as follows: Frank Hayden
(theretofore President of the Guaranty Bank & Trust Co.),
President; Gilmer Winston, L. C. Humes, Noland Fontaine,
Frank S. Bragg, J. Ramsey Beauchamp and John T. Walsh,
Vice-Presidents; Eldridge Armislead, Cashier; W. F. Harper and J. W. Gaulding, Assistant Cashiers; Sam Holloway,
Attorney and Trust Officer, and Troy Beatty, Assistant
Trust Officer. The officers of the "Guaranty Office" are
L. C. Humes, Vice-President; C. T. Denton, Secretary;
Thomas, E. C. Tefft and D. N. Shepherd, Assistant Cashiers.
Application for a charter for a new bank for Memphis was
filed on May 13. This institution is to be known as
the
Fidelity Bank & Trust Co. and will open for business
about
June 1 in temporary quarters. Upon the removal
of the
Union & Planters Bank & Trust Co. to its new home
about
Aug. 1 the new Fidelity Bank & Trust Co. will
occupy the
banking quarters vacated by that institution. The
new bank
will retain the bank fixtures of the Union & Planters
Bank &
Trust Co., but the interior of the banking offices
will be extensively remodeled and redecorated to suit the
needs of the
new institution. Fred Calligan, the prime mover
in the organization of the Fidelity Bank & Trust Co., is
President of
the Security Corporation which now owns
the Union &
Planters Building. Mr. Calligan will be a VicePresident of
the Fidelity Bank & Trust Co. John McDowell
, until recently a Vice-President of the Union & Planters
Bank &
Trust Co., and who has served that institution
for 30 years,
has been chosen to head the new bank. Mr.
McDowell entered the employ of the Union & Planters Bank
as a messenger, eventually becoming Teller, Cashier and in
1917 a VicePresident, the position he has now resigned to
become President of the new bank. The Fidelity Bank
& Trust Co. will
have a capital of $1,000,000 and a surplus
of $250,000, the
latter to be produced by the sale of the 10,000
shares of stock
of the par value of $100 a share at the
price of $125 per
share.
Another new financial institution to be
opened in Memphis
shortly is the Exchange Bank & Trust Co.
T. B. Ricks and
Julian Aymett are the organizers of the
institution, which
will have a capital of $500,000 and surplus
of $50,000. The
new bank will occupy banking quarters in
the former building of the National City Bank on the north
side of Madison
Avenue. This building, it is understood,
is now being completely remodeled inside and outside at a
cost of about $25,000. Charles W. Thompson, formerly a
Vice-President of
the Guaranty Bank & Trust Co., will head the
new Exchange
Bank & Trust Co. To accept the presidency,
Mr. Thompson
on May 6 resigned as a Vice-President of the Union
& Planters Bank & Trust Co., to which office he was
elected upon
the union of the Guaranty Bank & Trust Co. with
that institution. Mr. Ricks will be a Vice-President of the
new bank.
It will be opened for business June 15.
Further referring to the closing by its directors on
May 15
of the Drovers National Bank of East St. Louis, Ill.,
noted in
these columns in our issue of May 17, the closing of the
institution, according to newspaper advices from St. Louis,
Mo.,
occasioned little surprise and no excitement in East
St.
Louis, as it had been common gossip for several days
that
the bank was in difficulties attributed to lack of
patronage
due to the institutions reputed friendliness to the Ku
Klux
Klan. It is stated that comparison of statements
issued by
2539
the bank Dec. 31 1923 and March 31 1924 'shows that in that
period deposits decreased from $687,735 26 to $626,310 76,
and it is understood that there has been a gradual decrease,
amounting to more than $100,000, since April 1, which would
make the deposits now in the neighborhood of $500,000.
Considerable of the bank's stock is also said to have changed
hands in that period. Shortly after the bank closed its
doors, H. R. Dooley, the President, issued the following
statement. It read (as printed in the St. Louis "Post-Dispatch" of May 16):
The Drovers' National Bank was closed by order of the board of directors
largely on account of circumstances over which its management had no
control. Some unexpected losses were incurred through failure of two
State banks in Missouri. Detrimental rumors have been persistently circulated and as a result withdrawals have started to a hurtful degree.
The directors regard the bank as solvent, but developments along certain
lines have been such that they have decided that the best interests of all
concernd will be served by closing the bank and placing it in the hands of
the Comptroller of the Currency.
When asked, it is said, if the bank's reputed affiliation
with the Klan had hurt it, Mr. Do ley replied: "You can
draw your own conclusions." The failed bank had a capital
of $200,000 with surplus of $9,550. It was a member of the
Federal Reserve System.
An Associated Press dispatch from Springfield, Mo., on
May 13 printed in the St. Louis "Globe-Democrat" of the
following day, stated that the Grand Jury which has been
Investigating the failure (on Jan. 15 last) of the Holland
Banking Co. of Springfield, had returned on that day (May
13) 23 indictments against five of the former officers of the
defunct bank. The indictments include, it is said, four
against E. L. Sanford, President of the Holland Banking
Co., for alleged forgery; three each against Mr. Sanford,
Guy S. Mitchell,4Vice-President; E. G. Rathbone, Vice-President; E. N. Ferguson, Chairman of the board of directors,
and Claude F. Wright, Cashier, for alleged accepting of deposits when the bank was insolvent, and one each against all
the above named officials with the exception of Mr. Rathbone, for alleged embezzlement. Our last reference to the
affairs of the Holland Banking Co. was in the "Chronicle"
of April 19, p. 1877.
The St. Louis "Globe-Democrat" of May 16 printed the
following press dispatch from Marceline, Mo., under date of
May 15, with reference to the affairs of the Marceline Trust
Co., an institution with a capital of $50,000:
The Marceline Trust Co. to-day (May 15) went into voluntary liquidation
and its affairs were taken over by the First National Bank and the Marceline State Bank, leaving this town with two banking institutions. The
trust company was insolvent, but deposits will lose nothing, the doors
having been open all the time. Business depression is given as the reason
for liquidation. State bank officials have been here and consummated the
transfer.
According to the Federal Reserve Board's announcement
of May 16 the' Central State Bank of Lakeland, Fla., has
changed its title to "Central Bank & Trust Co. of Lakeland.",
The 30th annual convention of the California Bankers
Association will be held at Yosemite Lodge, Yosemite Valley,
June 4 to 7. H. C. Carr is President of the association and
F. H. Colburn is Secretary..
The following news item from the Los Angeles "Times" of
May 17 reports the transfer of the Paso Robles (Cal.)
branch of the Pacific-Southwest Trust & Savings Bank of
Los Angeles to. the Paso Robles National Bank:
Sale of the Paso Robles branch of the Pacific-Southwest Trust & Savings
Bank to the Paso Robles National Bank, effective at the close of business today (May 17), was announced late yesterday by the central office of the
Pacific-Southwest Bank here, The Paso Robles branch has been under the
general supervision of the San Luis Obispo branch, of which J. W. Barneberg, Vice-President of the parent institution, is the supervising director.
The Atascadero branch is also under Mr. Barneberg's direction.
In announcing the sale of the bank to the Paso Robles institution, the
Pacific-Southwest Trust & Savings Bank officials addressed requests to their
patrons asking them to remain with the Paso Robles National Bank after the
absorption.
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
&U.
Mon. Tues.
Wed. Thurs. Fri.
Week ending May 23—
May 17. May 19. May 20. May 21. May 22.
Silver, per oz
d33 13-16 34
349-16 34%
345-16 34%
Gold, per fine ounce
94.6
94.6
94.9
94.8
94.8
95
Consols, 2)i per cents ______
57ff
57%
57%
57%
57%
British,5 per cents
100).‘ 100% 100% 100% 100%
British,4% per cents _______
97%
5i
97%
97
97%.
975(
French Rentes (in Paris), fr_
53.80 53.10 55.30 53.00 52.95
French War Loan(in Paris),fr ____
67.10 66.15 67.00 67.00 66.60
The price of silver in New York on the same day has
been
Sliver in N. Y., per oz (eta.):
Foreign
65%, , 66
66%
66%
66%
66)i
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The feature of the stock market this week has been its
response to the passage of the bonus bill over the veto of
President Coolidge. While this action was not entirely
Indeed, on
unexpected, the effect was depressing.
Tuesday, following the announcement of the action of the
Senate the day before, many of the more active issues dropped
from one to six points, the break being the sharpest at the
opening. The rest of the week, however, the market
showed recovery under the leadership of the railroad stocks.
On Saturday the market, except in widely separated places,
showed practically no change during the short session, the
only movement of importance being the advance of New
Orleans, Texas & Mexico, which touched new high ground at.
118%. Unusually quiet trading featured the dealings in
the market during the forenoon on Monday, the market
almost coming to a standstill. New Orleans, Texas & Mexico, however, reached a new high level at 120, and American
the
Can scored a two-point rise over its low level of
noted,
already
break
the
came
there
Tuesday
On
morning.
nearly every active issue participating to some extent in the
downward movement. In the early transactions United
States Cast Iron Pipe & Foundry declined 5 points to 79,
and United States Steel common almost 2 points to 95.
Many other of the more active issues suffered losses of from
1 to 6 points. Railroad shares moved against the general
trend, Chesapeake & Ohio making a new high for the year
at 78%, and New Orleans, Texas &Mexico making a further
advance. The market enjoyed a brisk recovery on Wednesday, nearly all the stocks which had suffered declines the
day before sharing in the upward movement. Railroad
shares were again in the foreground, Chesapeake & Ohio
being in strong demand at advancing prices, and "Nickel
Plate" moving forward 2% to 80%. Many other issues in
the railroad group moved upwa d from one to three points.
of the day
In the industrial list one of the strong features
43% points to
of
gain
net
a
made
which
Electric
was General
219. In the early trading on Thursday the market displayed further strength, although the advances were more
moderate than on the preceding day. Railroad stocks were
again in urgent demand, especial attention being focused on
New York Central, Rock Island, Pere Marquette and Pittsburgh & West Virginia, all of which recorded substantial
advances during the forenoon. In the last hour the market
receded but the losses were confined for the most part to
fractions. Railroad issues were again the feature in the
trading on Friday, Norfolk & Western leading the upward
movement with an advance of four points to 1243/s, and
2. Delaware & Hudson
New York Central rising to 1023/
was also in active demand, touching a new high level for the
year at 114%. Industrial issues joined the upward movement, and the oil group displayed moderate improvement.
New York City Banks and Trust Companies.
AU prices dollars per share.
805 Ask Trust Co.'. Bid
Banks
Ban ks--N.Y. Bid Ask
_ 360
New York
America...- 214 217 Manhattan
158 161 American-.-Amer Exch._ 303 309
Met. 375 385
ank of N Y
&
Meth
525
Bowery *---390 415
& Trust C 490
Broadway Cen 160 170 Mutual.Nat American 140 148 Bankers Trust 358
Bronx Born. 200
360
365
Union 530
Central
National
City
Bronx Nat_ _ 145
310
New Neth •__ 150 160 Empire
Bryant Park • 160
300
Tr. 208
Equitable
•
Pacific
150
140
Butch & Drov
418 425 Farm L & Tr_ 620
Park
Cent Merest). 265
178
Fidelity Inter 205
340 345 Port Morris
Chase
358
290
Fulton
Chat & Then_ 250 253 Public
400 410 Guaranty Tr_ 237
Chelsea Etch• 150 160 Seaboard
245
95
Ave_
85
udson
Seventh
557
Chemical _ -- 547
185 200 Irving Bank1
Coal & Iron_ _ 218 225 Standar,
Tr 214
365 375
Columbia
•
State.400
Colonial _ _
130 145 Law Tit & Tr 200
s.
Commerce _ _ 315 320 Trade
Metropolitan_ 315
radesic it't• 200
Comml Nat._ 100
265
280 Mutual (West
Ward'....
3d
iie
Com'nwealth• 235
cheater) _ 115
States. 190 198
Continental- - 175 185 United
N Y Trust... 362
445 455 Wash'n Hts• 200
Corn Exch
Jibe
Title
Gu & Tr 393
1100
•
Yorkville
Cosmoplan•- 118 128
Mtg & Tr 295
East River__. 195 205
United
States 1370
Fifth Avenues 1300
estehes Tr_ 210
Brooklyn
245 255
Fifth
160
170
Brooklyn
Island•
Coney
1475
1450
First
395 410 Brooklyn Tr_ 495
280 290 First
Garfield
*. 143 149 Kings County 1000
165 175 Mechanics'
Gotham
Manufacturer 285
...180
ontauk
Greenwich *- 360 400 Nassau
415
250
People's
800 815
Hanover
260
People's
banks. (x) Ex dividend.
•Banks marked with (*) are State
aaa
Aii
500
383
537
320
210
625
325
242
218
210
326
130
366
398
305
390
510
295
420
and Surety Companies.
New York City Realty dollars
per share.
AU prices
Bid
Alliance R'Ity 108
Amer Surety.j 95
Bond & MG. 293
City investlngi 79
Preferred .I 98
LawversMtsat 159
[voL. 118.
THE CHRONICLE
2540
Ask
__
9
298
84
102
164
I
IMtge Bond__
INat Surety.IN Y Title &
Mortgage__
US CasualtYIIJSTitleGUar
Bid
112
152
200
195
166
Ask
Bid
116 Realty Assoc
156
(BklYn)com 150
1st pref.._ _ _ 80
2d pref._ __ 72
205
-- - Westchester
Title at Tr- 228
175
Ask
160
85
77
THE CURB MARKET.
Trading in, the Curb Market this week was at low ebb.
The market was depressed on the news of the soldiers'
bonus bill becoming a law, though later a better feeling prevailed and values moved up slightly. Standard Oil issues
at the beginning were particularly dull, though with the improvementin the market again assumed prominence. Standard Oil (Kentucky) was the feature, making a sharp advance
from 104 to 1123 and reacting finally to 1073/2. Borne,
Scrymser Co. gained four points to 229 and Buckeye Pipe
Line one point to 64. Chesebrough Mfg. advanced from
48% to 50%,selling finally at 50. Humble Oil & Ref. rose
from 36% to 383/2 and closed to-day at 37%. Illinois Pipe
Line dropped from 142 to 135, recovering finally to 139.
Ohio Oil after loss of a point to 60 recovered to 62% and sold
finally at 62. Penn-Mex Fuel lost 7 points to 33, the final
transaction for the week being at 34%. Prairie Oil & Gas
after early loss of three points to 213, recovered to 2263/2,
but reacted to-day to 220. Solar Refining sold up from 190
to 194 and down to 192. South Penn Oil gained seven points
to 143. Standard Oil (Neb,) gained about twenty points to
249, the close to-day being at 239. Standard Oil (Ohio)
corn, advanced from 285 to 299 and reacted to 293. With
a few exceptions there was little movement in the industrial
list. Hudson Companies pref. advanced from 26% to 29%
and closed to-day at 29%. Hudson & Manhattan corn.
gained about a point to 15%, selling finally at 153/2. National Tea old stock gained about 28 points to 400. The
new stock was traded in for the first time up from 151 to
1633/2 and at 163 finally. Dubilier Condenser & Radio
from 323/2 fell to 30%, moved up to 34 and finished to-day
at 33%. Glen Alden Coal advanced from 96% to 99% and
reacted finally to 983/2.
A complete record of Curb Market transactions for the
week will be found on page 2561.
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show 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 24) 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 4.8%
over the corresponding week last year. The total stands at
$7,886,308,028, against $7,528,166,793 for the same week in
1923. At this centre there is a gain of 8.7%. Our comparative summary for the week is as follows:
1924.
1923.
Per
Cent.
New York
Chicago.
Philadelph IL
Boston_
Kansas Clt r
St. Louis_
San Francis x1
Los Angel 5
Pittsburgh
Detroit _
Cleveland
Baltimore _
New Oriean 1
53,619,000,000
486,511,949
415,000,000
308,000.000
97,711,617
a
125,000,000
116.411,000
132,358,736
141,389,840
83,333,368
80,071,228
51,899,518
53,330,164,032
483,109,285
401,000,000
306,000,000
112,695,316
a
127,000,000
107,175,000
147,231,105
121,780,983
880/08,247
71,016,543
46,536,032
+8.7
+0.7
+3.5
+0.7
-13.3
a
-1.6
+8.6
-10.1
+16.1
-6.3
+12.8
+11.5
Twelve e ties, 5 days
Other cities 5 days
$5,656,687,252
915.236,105
$5,342,616,543
930,855,785
+5.9
-1.7
Total all Ries,5 days
All cities, 1 day
$6,571,923,357
1,314,384,671
$8,273,472,328
1,254,694,465
+4.8
+4.8
47 Raft nna one
47 ens IAA 702
-1-4.4
Cleartn s -Returns by Telegraph.
IV eek ending Stay 24.
Total all cities for week
a Will not report clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended May 17. For
that week there is an increase of 1.2%, although our preliminary figures last week pointed to a trifling decrease, the
1924 aggregate of the clearings being $8,358,743,046 and the
1923 aggregate ,262,042,577. Outside of New York City,
however, there is a decrease, the bank exchanges at this
centre showing a gain of 5.0%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the Boston Reserve
District there is a falling off of 12.2%, and in the Philadelphia Reserve District of 3.9%, but in the New York Reserve
District (including this city) there is an improvement of
MAY 24 1924.]
THE CHRONICLE
4.9%. In the Cleveland Reserve District there is a loss of
9.8%, in the Richmond Reserve District of 0.4% and in the
Chicago Reserve District of 0.3%. In the Minneapolis
Reserve District the totals are smaller by 11.5%, and in
the Kansas City Reserve District by 9.5%, but the San
Francisco Reserve District shows a gain of 4.2%. In the
Atlanta Reserve District there is an increase of 6.8%, in the
St. Louis Reserve District of 1.0%,and in the Dallas Reserve
District of 10.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week erding May 17 1924.
1924.
1923.
Federal Reserve Districts.
2
$
(1st) Boston
11 cities 435,273,423 495,655,058
(2nd) New York
10 " 4,788,959,237 4,566,930,397
(3rd) Philadelphia _ __ _10 "
547,080,270 569,196,221
(4th) Cleveland
8 "
369,635,865 409,803,558
(5th) Richmond
6 "
181,817,520 182,583,951
(6th) Atlanta
10 "
187,906,408 175,949,690
(7th) Chicago
20 "
899,335,900 901,898,236
(8th) St. Louis
7 "
73,774,440 73,033,147
(90) Minneapolis
7 "
109,429,833 123,600,708
(10th) Kansas City__ 11 "
219,089,454 242,021,341
(11th) Dallas
5 "
58,821,665 53,441,273
(12th)San Francisoo. l8 "
487,619,031 467,928,997
Inc-or
Dec.
1922.
1921.
$
8
%
-12.2 397,951,546 341,021,472
+4.9 4,386,031,832 3,959,424,794
-3.9 451,227,209 431,909,193
-9.8 289,869,758 302,672,376
-0.4 163,818,033 139,244,178
+6.8 145,029,788 137,508,746
-0.3 740,843,015 687,111,494
+1.0 59,605,442 52,084,219
-11.5 102,806,640 104,463,326
-9.5 226,530,392 235,667,384
+10.1 48,323,505 47,229,167
+4.2 368,391,326 316,986,315
Grand total
121 cities 8,358,743,046 8,262,042,577 +1.2 7,380,718,466 6,755,322,664
Outside New York City
3,647,964,621 3,776,150,960 -3.4 3,059,518,486 2,855,155,676
.
Clanada
20 cities 10,iI'MIr011 onn .1•1•1 gr A _r..n *CC ryne fte...• ....no... ......"
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1Veek ending May 17.
Clearings at1924.
1923.
First Federal Re serve Distric t-BostonMaine-Bangor_ _
742,261
715,393
Portland
3,012,740
3,286,143
Mass.-Boston _ _ d384,000,000 444,000,000
Fall River_ _ _ _
2,689,846
2,570,087
Holyoke
a
a
Lowell
1,305,900
1,490,935
Lynn
a
a
New Bedford_ _
1,348,657
1,493,294
Springfield _ _ _ _
5,242,852
4,586,639
Worcester
3,742,000
4,132,000
Conn.-Hartford
12,301.056
11,078.033
New Haven__ _
6,734,611
7,299,734
R.I.-Providence
14,153,500
15,002,800
Inc.or
Dec.
1922.
1921.
3
+3.8
-8.3
-13.5
+4.7
a
-12.4
a
-9.7
+14.3
-9.4
+11.0
-7.7
-5.7
824,134
3,353,936
355,000.000
2,052,058
a
1,209,636
a
1,752,427
5.157,127
3,565,000
9,018,313
5,763,915
10,255,000
886,400
2,200,000
301,000.000
1,500.798
a
1.159.696
a
1,503.173
4,450,633
3,651,000
8,153,713
5,010.559
11,505,500
Total(11 cities) 435,273,423 495,655.058 -12.2 397,951,546
341,021,472
Second Federal Reserve Dist net-New Y ork•
Y.
-Albany
_
_
N.
6,099,445
5,373,101 +13.5
5,088,573
4,894,517
Binghamton_ _ _
1,037,000
1,256,200 -17.4
922,900
1.085,000
Buffalo
d46,442,910
51,966,754 -10.6
40,151.882
37,460,085
Elmira
916,709
843,632
+8.7
517,590
Jamestown_ _ _
c1,434,396
1,264,039 +13.5
1.228,971
New York_ _
4,710,778,425 4,485,391,617 +5.0 4,321,200,000 3,900,166.988
Rochester
13,015,006
11,817,598 +10.1
9,660,650
8.259.077
Syracuse
5,179,706
4,734,175 +9.4
4,304,796
4,563,546
Conn.-Stamford
c3,360,906
3,257,784 +3.2
2,523,896
2,565,997
N. J.-Montclair
694,734
525,497 +32.2
432,574
429.584
Total(10 cities) 4,788,959,237 4,566,930,397
Third Federal R eserve Distri ct-Philndel
Pa.-Altoona _ _ _
1,605,185
1,736,743
Bethlehem
3,747,115
4,546,950
Chester
1,478,893
1.489,214
Lancaster
2,707,973
2.855,445
Philadelphia__
515,000,000 537,000,000
Reading
4,007.074
3,836,425
Scranton
6,376,218
6,252,648
Wilkes-Barre_ _
3,669,387
3,636,558
York
1,741.701
1,985,605
N.J.-Trenton_ _
6,746,724
5,856,633
Del.-Wilm'gton.
a
Total(10 cities)
547,080,270
569,196,221
+4.9 4,386,031,832 3.959,424,794
phia-7.6
-17.6
-0.7
-5.2
-4.1
+4.4
+2.0
+0.9
-12.3
+15.2
-3.9
Fourth Federal Reserve Dist act-Cleve! andOhio-Akron_ _
d7,868,000
8,257,000 -4.7
Canton
5.095,398
5,726,856 -11.0
Cincinnati _ _ _ _
68.500,448
72,386,802 -5.4
Cleveland
d103,673,000 134,060,565 -22.7
Columbus
14,835,700
14,646,800 +1.3
a
a
Dayton
a
Lima
a
a
d1,840,914
Mansfield
2,163,229 -14.9
a
Springfield _ -.
a
a
a
a
Toledo
a
14,935,273
Youngstown_ _ _
4,476,420 +10.2
a
a
Pa.-Erie
a
162,887,132 168,085.886 -3.1
Pittsburgh _
1,048,396
3,007,570
1,038,684
2,348,666
427,000,000
2,921,766
4.631,754
2,700.000
1,243,053
5,287,320
a
900,837
2,679,811
987,098
2,005,234
410,463,459
2,354,063
4,751,605
2,800,000
1,254,862
3,712,224
a
451,227,209
431,909,193
7,227.000
3.655,399
60,449,134
90.969,511
12,981,600
a
a
1,455.227
a
a
3,221,887
6,649,000
3,900,000
53,345,275
87,950 187
11,220,600
a
a
1,116,442
a
110,000.000
15
3,270,452
-9.8
289,859,758
135,220,420
302,672,376
Fifth Federal Re serve DistrIc t-Richmon d1,961.007
2,214,005 -11.4
W.Va.-Hunt't'n
d7,625,871
6,935,108 +10.0
Va.-Norfolk _ _ _
51,319,200
48,878,000 +5.0
__
Richmond
'2,352,151 -14.9
S. C.-Chart" d2,002,139
96,216,303
97.763,735 --1.6
Md.-Baltimore.
24,440,952 --7.1
D. C.-Wash'ton d22,693,000
1,569,871
7,111,416
42,722,408
2,893,361
89,226,962
20,294.015
1,541,470
6,467,488
36,425,927
2,300,000
74,935,083
17.574.210
163,818.033
139,244,178
-8.6
+10.4
+3.8
+5.0
6,065,865
2.602,582
17,328.000
42,085,285
5,563,429
2,719.424
16,713,265
42,485,828
-22.1
a
+10.4
+12.1
1,136,575
a
10,555,721
20,100.666
1,141,856
a
10,376,387
17,690.733
+40.4
+30.2
+8.9
801,593
370,003
43,983,498
527,138
228,515
40,062,271
+6.8
145,029,788
137,508,746
Total(8 cities).
Total(6 cities)-
369,635,865
181,817,520
409,803,558
182,583,951
Sixth Federal R eserve Distri ct-Atlanta
6,986,234
d6,383,502
Tenn.-Chatt'ga
3,028,245
3,342,729
Knoxville
21,409,604
22,231,535
Nashville
54,566,648
57,298,283
Georgia-Atlanta
Augusta
1,867,832
1,454,699
Macon
a
Savannah
a
14,679,284
Fla.-Jacks'nville
16,209,381
22,925,754
Ala.-Birtn'gh'm
25,695,330
Mobile
860,659
Miss -Jackson_ _
1,208,112
284,169
370,112
Vicksburg
La.-New °Wm_
49,341,261
53,712,725
Total(10 cities)
187,906,408
175,949,690
2541
Week ending May 17.
Clearings at
1924.
1923.
Inc. Or
Dec.
Seventh Feder al Reserve D istrict-Ch I cagoMich.-Adrian __
233,876 +8.6
254,034
812.724 -13.9
Ann Arbor_ _ _
699,377
Detroit
152,769,503 145,124.543 +5.3
Grand Rapids_
7,398,614
7,882.404 -6.1
Lansing
-0.2
2,420,000
2,415,000
2,607,485 +27.2
Ind.-Ft. Wayne
3,316,623
Indianapolis__ _
23,047.000 -2.1
22,573,000
South Bend_ _ _
2,735,500 +0.8
2,758,600
5,752,834 -3.8
Terre Flaute _ _ _
5,535,382
Wis.-Mtiwaukee
+5.0
37,704,791
39,595,526
-5.5
2,632,958
2,488,855
Iowa -Ced.RaP11,246,731 -6.6
Des Moines
10,507,909
Sioux. City_ 6,477,599 +0.8
6,530,079
Waterloo
1,640,666 -0.5
1,631,630
1,411,264 +2.2
1,441,735
III.-Bloomington
Chicago
626,933,518 639,531,379 -2.0
a
Danville
a
Decatur
1,234,670 +41.8
1,750,675
5,008,551
4,049,400 +23.7
Peoria
2,865,265 +2.7
Rockford
2.942,156
Springfield_
2,487,147 +12.0
2,785,133
Total(20 cities)
899,335,900
901,898,236
-0.3
Eighth Federa I Reserve OMs trict-St.Lo u is6,202,814
6,179,669 +0.4
Ind.-Evansville_
a
a
Mo.-St. Louis__
33,122,399 +6.3
35,221,941
KY.-Louisville..
448,078 +5.2
471,163
Owensboro..
20,186,304 -8.7
18,425,106
Tenn.-Memphis
11.266,437 +4.0
Ark.-LittleRock
11,722,170
325,692
393,947 -17.3
III.-Jacksonville.
1,436,313 -2.1
1,405,554
Quincy
73.033,147
Total(7cities) _
73.774,440
Ninth Federal Reserve Dist rict-Minne
Mhan.-Duluth_
d6,340,258
7,109,370
Minneapolis-68,627,449
72,501,896
36,928,953
28,524,730
St. Paul
2,082,914
1,711,586
No. Dak.-Fargo
1,361,572
1,208,376
S. D.-Aberdeen.
452,332
Mont.-Billings _
562,833
3,163,671
Helena
2,454,601
+1.0
a polls
-10.8
-5.3
-22.8
-17.8
-11.3
+24.4
-22.4
1922.
1921.
186,581
651,537
114,147,000
6,282,254
1,538,000
1,897,135
19,313.000
1,982,800
195,000
488,534
110,413.653
6,100,000
1,621.000
1.777.720
14,287,000
1,948,750
30,020,021
2,016,213
9,220,742
5,566,810
1,403,301
1,166,679
536,636,967
990,230
3,785,192
1,822.201
2,166,352
26.291,898
1,876.784
8,334,338
5,131.616
1.289.602
1,152.078
497,819.900
a
981.605
3,517.548
1.848.481
2,035,987
740,843,015
687,111,494
4.286,811
a
23,765.948
353,394
13,718.133
8,482.658
283.977
1,193.208
-52,084,219
59,605,442
4,572.712
26,316.169
290,836
17,693,313
9,211,935
286,821
1,233,656
5,314,815
59,687,736
30,876.049
2,029,05
1,266.288
580,780
3,051,919
5,253,961
60.078.675
32,204,671
1,726,109
1,361.331
984,123
2.854,456
Total(7 cities) _ 109,429.833 123,600,708 -11.5 102,806.640 104,463.326
Tenth Federal Reserve Dist net- Kansa s CityNeb.-Fremont_ _
419,177 +25.1
d524,306
479,159
428,939
532,744 -1.5
524,625
Hastings
481,126
575,410
4.252,461
+7.2
4,558,225
Lincoln
3,260,239
4,602.809
43,455,749 -11.4
38.515,357
37,348.196
Omaha
39,659,047
3,071,306 -8.2
2,818,910
3,529,940
2,438,864
Kan.-Topeka..9,870,897 -34.4
10,601,942
d6,473,000
10,821.418
Wichita
Mo.-Kan. City_ 124,185.112 135,821,650 -8.6 129.175.635 140,037.403
a
•
a
a
a
St. Joseph
a
a
a
a
Okla.-Muskogee
22,498,089 -6.9
22,668,002
18,834,273
Oklahoma City d20,937,324
a
a
a
a
a
Tulsa
1,272,497 -4.1
867,259
1,220,835
998,917
Colo.-Col. apes.
18,554.066
19,806,850 -7.0
18.425,782
15.574.610
Denver
741,014
1,019,921 -11.2
e905,978
819.508
Pueblo
--Total(11 cities) 219,089,454 242,021,341 -9.5 226,830,392 235,667,384
Eleventh Fede ral Reserve District-fl alias1,424,794
1,142.566
1,379,551
-5.4
1,458,000
Texas -Austin__ _
24,316,039
37,247,383
24,600,000
29,384,000 +26.8
Dallas
10,192.445
11,217.803
11,257,998 -10.4
Fort Worth _ _ _ d10,084,019
6,614,887
6,613,391
6,801,995 -31.1
4,686,358
Galveston
a
a
a
a
a
Houston
3,937.872
5,423,454
5,492,875
4,539.280 +19.5
La.-Shreveport.
58,821,665
53,441.273
Total(5 cities) _
Twelfth Feder al Reserve D Istrict-San
40,866,469
40.132,478
Wash.-Seattle _
11,376,000
10,602,000
Spokane
a
a
Tacoma
1,061,491
1,163,535
Yakima
33.347,371
39,489,502
Ore.-Portland _ _
15,320.283
15,020,639
Utah-S.L.City.
a
Nev.-Reno _ _
a
a
a
Ariz.-Phoenix _
3,169,262
3,992,268
Calif.-Fresno._ _
9,462,638
8,602,398
Long Beach _ _
149.404,000 141,695,000
Los Angeles.
17,458,873
Oakland
17,338,56
6,062,245
Pasadena
5,141,368
d8,315,173
Sacramento _ _
7,014,64
4,757.007
4,319,78
San Diego_ _
San Francisco_ 180,900,000 166.700,000
2,123,530
2,538,309
San Jose
1,358,489
Santa Barbara_
1,288,402
c2,636,200
Stockton
2,890,100
Total(16 cities) 487,619,031 467,928,997
Grand total (121
8,358,743,046 8,262,042,577
cities)
3,647,964,621 3,776,150,960
Outside N. Y
47,229.167
+10.1
48,323,605
Franci sco-31,002,076
+1.8
9,758,000
+7.3
a
a
1,390,200
-8.8
25,292,063
-15.6
12,169,173
+2.0
a
a
a
a
4,041,350
-20.6
4,456,516
+10.0
+5.4 105,364,000
12,863,000
+0.7
3,841,276
+17.9
5,983,712
+18.5
2,700,191
+10.1
+8.5 144,500,000
1,780.907
-16.3
939,262
+5.4
2,309,600
-8.8
27,153,204
8.993,914
a
1,034,046
26,535,004
11,830,862
a
a
3,644,074
3,101,387
77,990,000
10,111,636
2,872,276
4,169,101
2,474,357
130,300,000
1,472,914
825,440
4,478,100
368,391,326
316.986.315
+4.2
+1.2 7,380,718,486 6,755,322,664
-3.4 3,059,518,486 2,855,155.676
Week Ending May 15.
Clearings at1924.
1923.
Inc.or
Dec.
1922.
1921.
3
Canada2
2
2
%
Montreal
108,141,978 117,657,699 -8.1 132,194,770 129,789,159
Toronto
98,849,672
94,026,284 +5.1 101,783,406 103,029,530
52.440,659
Winnipeg
47,574,912
46,553,683
+8.3
43,933,651
13,445,304
Vancouver
16,865,730
12,873,794
14,046,463 +20.1
10,992,647
Ottawa
9,970,378
6,357,706
9,204,145 -30.9
5,234,159
5,460,050
Quebec
4,912,672
5,789,438 -15.1
3,310,278
Halifax
3,248,474
2,964,443 -10.1
2,665,879
6,582,566
Hamilton
4,708,237
5,824.677
6,328 036 -25.6
6,608,591
Calgary
5,537,140
6,624,124
4,256,2
1 4 +55.6
3,117,285
St. John
2,581,214
4,295,617
2,962,409 -12.9
2,404,047
Victoria
1,859,620
1,980,522
1,872,910 -0.7
3,526,898
London
2,953,338
2,598,163
2,809,504 -7.5
4,553.583
5,643,993
Edmonton
4,930,600
3,521,500 +29.3
3,610,112
Regina
2,801,527
2,892,569
2,865,364 -2.2
737,034
Brandon
559,554
529,433
+0.4
527,061
661,974
Lethbridge
492,695
462,803
453,157 +2.1
Saskatoon
1,840,826
1,407,512
1,428,182
1,351,535 +5.7
1,286,611
Moose Jaw
979,839
894,129
959,005 -6.8
1,249,727
Brantford
1,149,210
829,330
1,143,313 -27.5
804,698
Fort William_ _ _ _
689,393
938,793
677,436 +38.6
645,446
New Westminster
502,295
652,552
+7.2
608,706
448,539
Medicine Hat
330,364
388,376
261,315 +48.6
Peterborough_ _ _ _
918,301
766,969
877,917
863,620 +1.7
Sherbrooke
1.213,033
828,287
787,884
955,695 -17.6
Kitchener
1,093,001
1,111,650
1,011,631
1,060 574 -4.6
Windsor
3,668,006
4,344,562
3,190,371
4,114,5
5 4 -22.5
Prince Albert_ _ _ _
300,000
313,577
296,544
-14.7
347,568
Moncton
1,178,420
1,168,959
763,581
1,554,514 -50.9
Kingston
883,852
631,478
603,428
626,241 -3.6
Total Canada(29) 324.740 071 'so, .7.1,
1,
Ka
___ri a 255 775.3(12 366.664 606
a No longer report Clearings. Is Do not respond to requests for figures. c Week
ending May 14. d Week ending May 15. e Week ending May 16. •Estimated
[VoL. 118.
THE CHRONICLE
2542
GRAIN STOCKS.
Barley.
Rye.
Wheat.
Corn.
Oats,
bush.
bush.
United Statesbush,
bush.
bvsh.
39,000
72,000
New York
465,000
274,000
93,000
1,000
Boston
1,000
5,000
8,000
Philadelphia
77,000
246,000
72,000
46,000
3,000
106,000
175,000
123,000
99,000
Breadstuffs figures brought from page 2601.-The Baltimore
Newport News
120.000
statements below are prepared by us from figures collected by New Orleans
15,000
93,000
283,000
129,000
289,000
Galveston
42,000
286,000
the New York Produce Exchange. The,receipts at Western Buffalo
200.000
4,834,000 1,868,000 1,411,000 1,881,000
" afloat
775,000
423,000
206,000
lake and river ports for the week ending last Saturday and Toledo
1,000
8,000
836,000
216,000
266.000
55,000
10,000
since Aug. 1 for each of the last three years have been:
Detroit
45,000
65,000
175,000
Chicago
11,570,000 3,350,000 2,595.000 1,940,000
98,000
Milwaukee
872,000
171,000
556,090
122,000
Barley.
Oats.
Rye.
Corn.
135,000'
Wheat.
3,751,00(1 3,962,000
Receipts at- Flour.
Duluth
517,000 6.759,000
- Minneapolis
-177,000
11.213,000
801,000 2,030.000 7,183,000
2,000
bbls.1981b5bush.60 lbs. bush.56 lbs. bush. 32 lbs. hrsh.4SVs.9ush.55ibs. Sioux City
16.000
173,000
139,000
134,000
22.000 St. L0169
902,000 1,013.000
164,000
3,000
298,000
190,000
733,000
17,000
140,000
Chicago
706.000
36,000 Kansas City
106,000
174,000210,000
63,000
1,142.000
7,601,000 1,401,000
178,000
180.300
Minneapolis_
32,000 672,000 St. Joseph, Mo
168,000
05,000
2,000
289,000
759,000
9,000
244,000
Duluth
42.000
7,000 Peorla
138,000
800.000
135,000
12.000
49,00
4,000
34,000
Mllwaukee _ _ _
42.600
1,000 Indianapolis
77,000
83.000
323,000
2.000
220.000
Toledo
318,000
53,000
29,000
12.000
11,000
13,000
158,000
Omaha
2,154,000
2E9.000
Detroit
675,000
152,000
194,000
74,000
364,000
Indianapolis_
On Lakes
382,000
143,000
116,000
3,000
539,000
11,001
658,001
321,000
90,000
and
River
On Canal
57,000
3t. Louis_ _ _ _
1,000
173,000
11,00
146,000
22,000
40,000
Peoria
101,0''
926,000
275,000
527,000
Total May 17 1924
46.744,000 15,463,000 8.901.000 19,788.000
Kansas City
198,000
204,000
270,000
Total May 10 1924._.48,118,000 17,495,000 9,301,000 19,720,000 1,059,000
Omaha
12,011
127,000
209,000
Total May 19 1923_ _ _37,109.000 12,427,000 16,133,000 17,987.000 1,716,000
St. Joseph_ _ _
78,000
48.000
32,000
Sioux City__ _
Note -Bonded grain not included above: Oats, New York, 388,000 bushels;
B041.00, 175,000; Baltimore, 79,000; Buffalo. 1,260,000: Duluth, 11,000: total,
742,000 1,913,000 bushels, against 479,000
369,000 3,532,000 2.931,000 2,873,000 566,001
Total wk. '24
bushels in 1923. Barley. New York. 92,000
390,001
384,000
3,616,000
1,481,000
2,844.000
Same wk. '23 352,000
bushels; Duluth, 9.000; total, 101.000 bushels, against 403,000 bushels in 1923.
844,111
570,000 Wheat, New York, 2,193.000 bushels:
Same wk. '22 352,000 6,450,000 4,755,000 5,033,001
Boston, 150,000; Philadelphia, 996.000; Baltimore, 548,000; Buffalo, 7,548,000; Buffalo afloat. 482,000: Duluth, 62,000: Toledo,
Since Aug.198,000; On Lakes, 739,000; total, 12,816.000 bushels, against 2,554,000 bushels In
1923-24_ - _ _ 17.262.111 191.423,000250,648,000198,447,011 36,572,000124,674,000 1923.
20,093,0 369.834,001260,808,000193,815,111 33,926,000145,985,000
1922-23
Canadian17 '770
104 297 1111ri327 1240 000175 575 nun 25 52.1_01111110 Q72.1.1011
1001_09
171.000
132,000
Montreal
3,200,000
36,000
966,000
Ft. William dc Pt. Arthur_17,533,000
4,973,000 1,509,000 2,112,000
620,000
98,000
3,336,000
1,936,000
Total receipts of flour and grain at the seaboard ports for Other Canadian
gommerciat andijI15 clianeous
the week ended Saturday, May 17 1924, follow:
Receipts al-
Flour.
Wheat.
Corn.
Oats.
Bushels.
Bushels.
Barrels.
219.000
285,0001 2,447,000
58,000
36,0001 1,435,000
21,000
437,000
20,0001
9,000J
25,000
1,0001
75,000
39,000 ' 21,000
6,000
8,000
75,0001 4,027,00.
39,000
30.0001
Barley.
Rye.
Bushels. Bushels.
Bushels.
768,000 146,0001 288,000
2,000
101.000
I
30,000
124,000
New York _ _ _
phIladelphIa_I
Baltimore_ _ _ _
Newport New
I
Norfolk
I 182,000
I
19,011
New Orleans *
Galveston__
76,000
689,111
93,00
Montreal_ _ _ 61,000
145,000
Boston
I
-630,000
381,11 I 1,846.001
239,
Total wk. '241 495,0001 8.437,000
4,146,000
11,222,000
14,996,000
3,819.0
Jan.1'2410,359,
74,510,000
Since
179,000
Total May 17 1924_ .24,069,000
36,000 7,925,000
Total May 10 1924_ _ .27.479,000
49,000 9,188,000
Total May 19 1923_ _36,571,000
753,000 6.774.000
SummaryAmerican
46,744,000 15,466,000 8,904,000
Canadian
24,069,000
36,000 7.925,000
1,739,000 2,903,000
1,724,000 2,871,000
524,000 4,705,000
19,788,000
1,739,000
-Total May 17 1924_ -.70,813,000 15,502,000 16,829,000 21,527,000
Total May 10 1924_ _ _ _75,597,000 17,544,000 18,492,000 21.444,000
Total May 19 1923_....73.680,000 13.180.000 22.907.000 18,511,000
926,000
2,903,000
3,829,000
3,930,000
6,421,000
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wedneslay of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
310,000
Shares. Stocks.
$ Ter sh.
$ Per sh. Shares. Stocks.
75 H.C.Bohack Co.,Inc., corn_ _ _116
500 Greene Gold Silver, temp. els_
30 H.C.Bohack Co.,Inc.,1st pref.100
30 White Knob Copper & Develop75%
ment, Ltd. pref., par $10
• Receipts do not Include grain passing through New Orleans for foreign ports 5 Howe Scale Co., pref
American Foreign Trade Corp.70 White Knob Copper & Develop-1523
on through bills of lading.
25 pref. temporary certificates $11
I lot
ment, Ltd., corn., par $10
125 corn, temporary certificates_ lot 2 Colorado Ore Sampling & Redue-1
The exports from the several seaboard ports for the week
25 corn, regular stock
I
lion Co., pre!
Belden Truck Co. pref
$4 lot 2 Colo. Ore Sampl. &Red., gen%
ending Saturday, May 17 1924, are shown in the annexed 40
510 City of N.Y.34% corp.stock,
reg., 1951
statement:
Bonds.
Per Cent.
$50 Squadron "A" Farm, Inc., ref.
4s, reg., July 1 1944
$86,000 Associated Motor Indus-1
2 Battle Creek Coal & Coke Co
tries, Inc., temp. let s.f. 7%8,1
Corn. Flour.
Barley. Peas.
$41
Wheat.
Oats.
Rye.
Exportsfromseries "A," July 1 1932
$3,600
6 Kings Parkway Realty. Par $10 lot
$14,000 Associated Motor Indus-1 lot
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels. 10 The Six-in-One Fuse Co
tries, Inc., temp. let s.f. 73s,
7 Guardian Tr.Co.of N.Y.ctf.dep.
2,276,985 155,745 168,056 359,760 412,305 70,212
New York
ser."A2," July 1 '32,$500 each)
25 American Bankers Safety Co..
13,000
32,000
Boston
common (v.t.c.)
43,000 2,000
374,000
Philadelphia
9,000 42,000
80,000
43,000 10.000
Baltimore
939,000
By Messrs. Wise, Hobbs & Arnold, Boston:
1,000
25,000
Norfolk
182,000
$ per oh, Shares. Stocks.
$ per oh.
Shares. Stocks.
9.000
Newport News
331H 2 New Bedford Gas & Edison Light
2 Second National Bank
15,000
49,000 31,000
New Orleans_ _ _ _
49%
Steam
Cotton
Co_
_180
Co.,
par
$25
Naumkeag
25
1
119,000 423,000 147.000 64,000
982.000
Montreal
Rights.
112-112H
$ per Bight.
5 Plymouth Cordage Co
Total week 1924_ 5.643.985 290,745 350,056 862,760 763,305 176.212
25 Springfield Gas Light, Dar $25- 46% 13 Lowell Electric Light Corp.__6 1-16
13 Tampa Electric Co
75
4,832.602 480,191 333,565 498,549 1,004,456 138,847
Week 1923
4 Charlestown Gas & El.. Par $50.162
25 Blackstone Valley Gas dr Elec.4 9-16
10 Parker Wire Goods,common_ __ 1
332,
Week
Panne. 1923_T
Ton 1'9/1111129(1
762,000
747,00
5,413,000
09 4.14 MIA 932 49411(1 12250
2 0711 nnn 15.377.000
The destination of these exports for the week and since
July 1 1923 is as below:
.
Flour.
Exports for Week
Since
Week
and Since
May 17 July 1
July 1 to1923.
1924.
-Barrels. Barrels.
United Kingdom- 124,387 4,142,336
173,309 8,074,356
Continent
258,000
So.& Cent. Amer_ 4.000
852.000
17,000
West Indies
Brit.No.Am.Cols_
741.042
Other Countries._ 21,360
Total 1924
.s......, -.ass
Wheat.
Week
May 17
1924.
Corn.
Since
July 1
1923.
Week
May 17
1924.
Since
July 1
1923.
2.079,542
Bushels.
4,297,532
5,011,636
94,000
1,193,000
75,000
6.000
340,056 14,067,734 5,643,985 205,045,499
223 665 13.867.623 4.832.602 202 iins 4.0%
290,745 10,677,168
42A 101 01 270.765
Bushels.
Bushels, Bushels.
2,664,928 82,589,529 241,745
2,889,287 119,962.428
15,000
407.000
7,000
49,000
74,770
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, May 16, and since July 1 1923 and 1922,
are shown in the following:
Wheat.
1923-24.
Corn.
1922-23.
1923-24.
1922-23
Since
Since I
Week
Since
Since
July 1.
May Id.
July 1.
July 1.
July 1.
- I--Bushels. Bushels. Bushels.
Bushels.
Bushels.
Bushels.
193,Ill 12,435,0II 84,985.000
9,536.000 389,128,000!394,570,
104.00 43,274.0001 6,819,II' 714,000 32,143,I I I 5,767.000
123,081.00 3,956,0 I 90,250.00 103,324.000
2,923,00 142.322
42.748.000
2,776,000 87,114
10,956,000
120,00 12,576,
1,840.00
15,370,Ill 4,751,000
Week
May 16.
North AmerRuss.& Dan.
Argentina__
Australia --India
Oth.Counte
Total ___,115.459.
656,254.0001578,174.I'' 4,863,'II 150,198,I,' 198.827,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 17, was as follows:
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per oh.
10 Naumkeag Steam Cotton Co_ _180%
10 Brookside Mills
145
208 Chicago City Ry.Co.,corn_ __ _ 60
1 Boston Athenaeum, par 8300_ _ _625
2 Columbian Nat. Life Ins. Co....127%
6 Cambridge Gas Light Co. (new),
par $25
54%
10 United Soda Fountain Co., pref. 8
24%
5 Mass. Lighting Cos., corn
63 Emerson Shoe Co., lst pref._ _ _ 17
Rights.
$ per Right.
23 Lowell Electric Light Co
831
2 New Hampshire Fire Insur. Co 233i
65 Tampa Electric Co
734
Bonds.
5 sh. Plymouth & Brockton St. Ry.15200
$500 Ply.&B.St.Ry. Ist6s, July'32- lot
500 Ply.&B.13t.Ry. Ine.6s, July'32
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
All the right, title and interest of
Robert S Linderman in the estate of Mary Packer Cummings,
deceased
$50
50 Central Trust & Savings Co.,
par $50
140
508
10 Fidelity Trust Co
13 Fire Assoc. of Phila., par $50 412
7 Tonopah & Goldfield RR., pref 42
152-5 Tono.& Goldfield RR.,corn. 15
80 Pier Realty & Holding Co. of
Atlantic City, par $50
10
10 Union National Bank
225
17 Third National Bank
287
50 West Phila. Bank, par $50
75
3 Bank of No. Amer.& Trust Co_ _289
10 Community Trust Co.. par $50_ 55
5 Metropolitan Trust Co., par$50. 63
20 Mutual Trust Co., par $50
73
5 Merchants Warehouse Co
128
Shares. Stocks.
$ per oh.
Fractional shares of the Pennsylvania Co.for Insurances on Lives
& Granting Annuities, as follows:
6-100344: 5-100302; 4-100240
50%
and 10 rights at
141
5 American Dredging Co
10 Girard Life Ins. Co., par $10_ _ 711
200 American Pipe & Construction
345
Co.. par $50
10 Pennsylvania Cold Storage &
45
Market, par $50
1551
4 Philadelphia Bourse, corn
10 Rocklin! Coal & Iron Co., pref.- 50
50 Hale & Kilburn Corp., pref-- 9
39
6 Delaware RR.Co
5 Autocar Co., Ardmore. Pa., pref. 85
10551
Power
Co
Water
Washington
75
1045
5 Bell Telephone, pref
3%
100 warrants Phila Elea Co
National Banks.--The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Caat.
May 14-The Mechanics National Bank of MilwaukeeWhi...._ _ $200,000
Correspondent. Carl F. Geilfuss, 1526 First Wisconsin
National Bank Building. Milwaukee.
May 16-First National Bank in Alvin, Texas
25,000
Correspondent, John P. Beck, Alvin, Texas.
ORGANIZE
APPROVED.
APPLICATIONS TO
May 16-The Pacific National Bank of San Francisco, Calif- _ 42,000,000
Correspondent, E. W. Wilson, San Francisco, Oaf.
MAY 24 1924.]
THE CHRONICLE
2543
APPLICATIONS TO CONVERT RECEIVED.
May 13-The Mercantile National Bank of Minneapoli
Per
When
Books Closed.
s, Minn__ 2250,000
Name of Company.
Conversion of the Mercantile State Bank of
Cent. Payable.
Days Inclusive.
Minneapolis.
Miscellaneous (Concluded).
APPLICATIONS TO CONVERT APPROVE
D.
Kennecott Copper
May 13-The First National Bank of St. Lawrence,
75e. July 1 Holders of rec. June
So. Dak_
225,000 Lehigh Valley CoalCorp.(quar.)
6
Conversion of the First State Bank of St. Lawrence.
Sales (guar.)
52
July 1 Holders of rec. June 12
Loew's, Incorporated (quar.)
May 14-The East Texas National Bank of
50c.
June 30 Holders of rec. June 14a
Palestine, Texas--150,000 McCahan(W.J.)Sug.Ref
Conversion of the Guaranty State Bank of Palestine.
1M
.&Mol.,p1.(1u.)
June 2 Holders of rec. May
Mengel Co., pref. (guar.)
114 June 2 Holders of rec. May 23a
31
CHARTERS ISSUED.
Morgenthaler Linotype (guar.)
23.4 June 30 Holders of rec. June 46
May 13-12536-First National Bank in Miles
Midland
Securities (quar.)
234 June 30 *Holders of rec. June
City, Mont__ __ $150,000
6
President, G. M. Miles: Cashier, G. W.
Extra
40
June
30
*Holders
Edge.
of rec. June 6
May 14-12537-The Britton & Koontz
Minnesota Sugar, common
*4
July 15 *Holders of rec. July 1
National Bank of Natchez Miss
Montreal Cottons, corn. (quar.)
1M June 15 Holders of rec. May 31
100,000
President. A. B. Learned; Cashier, 0. B. Richardson
Preferred (quar.)
154 June 15 Holders of rec. May 31
.
Conversion of The Britton & Koontz Bank of Natchez.
National Surety (guar.)
214 July 1 Holders of rec. June 18a
National Transit
*50c.
June 14 "Holders of rec. May 31
VOLUNTARY LIQUIDATIONS.
New York Canners, corn. (quar.)
50c. June 16 Holders of rec. May 31
May 13-5941-The Farmers National
North American Co., corn. (qua:.)
Bank of Pilger, Neb
4234
July 1 Holders of rec. June 5
$50.000
Placed in liquidation by resolution of its shareholde
Preferred (quar.)
134 July 1 Holders of rec. June 5
rs
dated April 8 1924. All assets of liquidating
North American Provision,pref.(quar.) *114 July 1 *Holders of rec.
bank
June 15
transferred to Farmers State Bank of Pilger, which
Old Dominion Iron & Steel (annual)._
6
June 2 Holders of rec. May 15a
association assumed all the liabilities of the national
Owens Bottle, common (quar.)
*75e. July 1 *Holders of rec. June 15
bank. Liquidating Agent, Robert Larson,Pilger,Neb
Preferred (guar.)
*1M July 1 'Holders of rec. June 15
.
May 13-11149-The Allen National
Bank, Allen, Okla
1M June 15 Holders of rec. May 310
25,000 Packard Motor Car, pref.(quar.)
Effective Nov. 10 1923. Liquidating Agent, H. F.
ParaffInc Cos.,corn.(guar.)
*El
June 27 *Holders of rec. June 18
Redwine, Allen, Okla. Absorbed by the Depositors
Preferred (quar.)
June 27 "Holders of rec. June 18
*1.34
State Bank of Allen, Okla.
Procter di Gamble,6% pref. (quar.)..
13,4 June 14 Holders of rec. May 240
May 14-11534-The First National Bank of Shatter,
Calif_...._
25,000 Quaker Oats, corn. (gulls.)
*3
Jab, 15 *Holders of rec. July 1
Effective May 3 1924. Liquidating Agent, E.0. AidPreferred (guar.)
•1% Aug. 30 *Holders of rec. Aug. 1
well. San Francisco, Calif. Absorbed by the Bank of
Railway Steel-Spring, corn.(guar.)
"2
June 30 "Holders of rec. June 17
Italy, San Francisco, Calif.
Preferred (guar.)
'134 June 20 *Holders of rec. June 7
Republic Iron & Steel, pref.(guar.) 154 July 1 Holders of rec.
14
Sloss-Sheffield Steel dr Iron, corn.(cm.). .1134 June 20 *Holders of rec. June
June 6
Preferred (guar.)
DIVIDENDS.
*114 July 2 *Holders of roc. June 18
Solar Refining
*5
June 20 "June 1 to June 10
Dividends are grouped in two separate tables.
75e. June 30 Holders of rec. June 2
In the Texas Co.(guar.)
Todd Shipyards Corp.(quar.)
first we bring together all the dividends announce
*$1.50 June 20 'Holders of rec. June 2
d the cur- Tonopah Extension
5e. July 1 Holders of rec. June 10
Mining (guar.)
rent week. Then we follow with a second
table, in which Truscon Steel, pref. (qua:.)
*I.M June 2 *Holders of rec. May 22
we show the dividends previously announced,
1
July 15 Holders of roe. June 30
but which have Tuckett Tobacco,common
Preferred (guar.)
134 July 15 Holders of rec.
not yet been paid.
30
Underwood Computing Mach., of.(qu.) *134 July 1 'Holders of rec. June
June 24
The dividends announced this week are:
Preferred (quar.)
'13.4 Oct. 1 *Holders of rec. Sept.24
United Cigar Stores, common
2
June 30 Holders of rec. June
Common(payable in common stock)_ _ 113.4 June 30 Holders of rec. June 160
16a
Per
Preferred (quar.)
When
Books
114
Closed.
June
16 Holders of rec. June 26
Name of Company.
Cenl. Payable.
United Profit Sharing (quar.)
Days Inclusive.
15c. July 1 Holders of rec. June 10a
U.S.Dairy Products, 1st pref.(quar.).. •1% June 2 *Holders of rec.
May 20
Railroads (Steam).
Second preferred (quar.)
'2
June 2 "Holders of rec. May 20
Boston & Albany (quar.)
234 June 30 Holders of rec. May 31a U. S. Stores Corp.. Prior pref. (quar.).. '134 June 2
"Holders
Erie & Pittsburgh (guar.)
of
rec.
May
9
*8734c June 10 *Holders of rec. May 31
U.S.Title Guaranty Co.(quar.)
.15i
2
Jtme 15
1 Holders of rec. May 31
Illinois Central leased liner
2
July 1 June 12 to July 4
Vesta Battery, pro!.(guar.)
June
*Holders of rec. May 19
New Orleans Texas & Mexico (quar.)_ _ _
June 2 Holders of rec. May 26
Virginia Iron, Coal & Coke, pref
234 July 1 Holders of rec. June 170
Extra
u16% June 2 Holders of rec. May 26
Waldorf System, corn.(quar.)
3134c. July 1 Holder, of rec. June 20
Norwich & Worcester, pref. (guar.) -- 2
July 1 Holders of rec. June 14
let pref. and pref. (quar.)
20c. July 1 Holders of rec. June 20
Providence & Worcester (quar.)
234 June 30 Holders of rec. June 11
Will & Baumer Candle, pre/. (quar.)
"2
July 1 *Holders of
Reading Company,2d pref. (guar.).
*50c. July 10 *Holders of rec. June 23
Yellow Cab mg..class B (monthly). _ _ *41Mc. July 1 *Holders of rec. June 16
rec. June 20
Class B (monthly)
.4123c. Aug. 1 *Holders of rec. July 21
Public Utilities.
Class B (monthly)
*41Mc. Sept. 1 *Holders of rec. Aug. 20
American Gas,common (guar.)
PIM
Youngstown
Holders
July
Sheet
15
&
of
rec. June 30
Tube, corn.(quar.) "51.25 July 1 "Holders of rec. June 200
Common(payable In common stock)._ 110
June 16 Holders of rec. June 4
Preferred (guar.)
•1,34 July 1 *Holders of rec. June 20a
Amer. Telephone & Telegraph (quar.)-214 July 15 Holders of rec. June 20a
Quarterly
214
Oct. 15 Holders of rec. Sept.20a
Quarterly
Below
dividend
we
give
the
s announced in previous weeks
234 Jn15'25 Holders of rec. Dec. 20a
Quarterly
234 Ap15'25 Holders of rec.Mar.17'25a and not yet paid. This list does not include dividends
Baton Rouge Elec. Co.,common
an5
June 2 Holders of rec. May 22a nounced this
Preferred
week,
these being given in the preceding table.
3
June 2 Holders of rec. May 220
Bell Telephone of Pa., pref. (quar.)._.
1%
July 15 Holders of rec. June 20
Boston Elevated Ry.,corn.(guar.)
*134 July 1 "Holders of rec. June 18
Per
When
Seven per cent preferred
Books Closed.
*334 July 1 *Holders of rec. June 18
Namw of Company.
First preferred
Cent. Payable.
Days Inclusive.
'4
July 1 *Holders of rec. June 18
Brooklyn Union Gas(guar.)
*31
'Holders
July
1
of
rec.
Railroads
June
(Steam).
13
Chartiers Valley Water (annual)
134
Holders of rec. June 7
Alabama Great Southern, ordinary
Grafton Co. Elec. Lt.& Pow., pf.
334 June 28 Holders of rec. May 24
(q11.)June 2 Holders of rec. May 20
Ordinary (extra)
Mackay Companies,common (guar.).-- 2
34 June 28 Holders of rec. May 24
1M
July 1 Holders of rec. June 7a
Preferred
3% Aug. 16 Holders of rec. July 12
Preferred (quar.)
1
July 1 Holders of rec. June 7a
Preferred (extra)
Midway Gas,common
34 June 28 Holders of rec. May 24
$5
June
Holders
14
of rec. May 31a Aids. Top.& Santa Fe,corn.(quar.)
1% June 2 Holders of rec. May 2a
Montana Power,common (guar.)
1
July 1 Holders of rec. June 12a Atlanta & West Point
Preferred (guar.)
334 June 30 June 21 to June 80
134
July
Holders
1
Atlantic
of
Coast
rec.
Line, common
June 12a
New England Telep.& Teleg.(quar.)3% July 10 Holders of rec. June 18a
-- *2
June 30'Holders of rec. June 10
Common (extra)
1
Niagara Falls Power,common
July 10 Holders of rec. June 18o
*50e. June 16 "Holders of rec. May 31
Baltimore & Ohio,common
June 2 Holders of rec. Apr. 12a
Preferred
*4314c
July .15 *Holders of rec. June 30
Preferred (quar.)
1
Northern States Power, pref. (guar.)-June 2 Holders of rec. Apr. 120
- 134 June 2 Holders of rec. May 20
Canadian Pacific, common (qua:.)
West Penn Co.,common (guar.)
234 June 30 Holders of rec. June 2a
51 June 30 Holders of rec. June 16
Chesapeake dr Ohio,common
West Penn Rys.6% pref. (guar.)
July 1 Holders of rec. June 3a
Preferred
Wisconsin Power & Light, pref.((Mar.). 134 June 16 Holders of rec. June 2
July 1 Holders of rec. June 3a
114 June 1 Holders of rec. May 20
Chestnut Hill(quar.)
13.4 June 4 May 21 to June 3
Chicago Burlington & Quincy
June 2 Holders of rec. June 19
Trust Companies.
One. New On.& Tex.Pac., pre! (quar.) it' June 2 Holders of rec. May 170
Equitable (quar.)
•3
June 30'Holders of rec. June 260
Preferred (guar.)
Sept. 2 Holders of rec. Aug. 166
Miscellaneous.
Cleveland & Pittsburgh, guar. (quar.).. 8735c June 2 Holders of rec.
Amalgamated Sugar, 1st pref. (guar.)._
May 100
Aug. 1
Special guaranteed (caw.)
First pref. (acct. accum. dividends)._ *2
50c. June 2 Holders of rec. May 100
"h3
Aug. 1
Colorado & Southern,first preferred _ _
American Stores (quar.)
2
June 30 June 20 to June 30
*25e. July I 'Holders of roe. June 20
Cripple Creek Central. preferred
Armour & Co.(Ills.) Pref.
1
June
2 Holders of roe. May 150
•15.i July 1 "Holders of
(guar.)
rec. June 150 Delaware Ji Hudson (guar.)
Armour & Co. of Delaware,
234 June 20 Holders of rec. May 28a
prof.(qu.)..
4t July 1 'Holders of rec.
June 15a Georgia Southern & FloridaAtlantic Terra Cotta, pref.(quar.)
First and second preferred
Baldwin Locomotive Wks., corn. de pref. •3)i June 14 Holders of rec. June 4
234 May 29 Holders of rec. May 15
July 1 *Holders of rec. June 7a Greene RR
3
Barrington 011 (quar.)
June 19 Holders of rec. June 14a
•3
July 15 *Holders of rec. July I
Hocking Valley
Blumenthal (S.) dr Co., pref.(quar.)_ _
2
dJune30 Holders of rec. June d3a
*1)4 July 1 *Holders of
Central,
Illinois
common
rec.
(quar.)
June 14
Boston Woven Hose & Bubb.,
13.4 June 2 Holders of rec. May 80
com.(ilin.) 31.50 June 16 Holders of rec. June
Louisville & Nashville
3
Preferred
2
Aug. 11 Holders of rec. July 15a
June 16 Holders of rec. June 2
Midland Valley. preferred
$1.25 June 2 Holders fo rec. May 24a
Brandram-Henderson, Ltd., pref.(en.). 3
Mobile & Birmingham. pref
British-Amer. Tob., ordinary (interim). 114 July 2 Holders of rec. June 2
2
July 1 June 3 to June 30
June 30 Holders of coup. No. 101: N.Y.Chicago & St. Louis,COM.(qua:.). 114 July
Burroughs Adding Machine (quar.)_ _
1 Holders of rec. May 15a
2
June 30 Holders of rec. June 20
Preferrea. Series A (quar.)
By-Products Coke Corp., pref.(quar.)
134 July 1 Holders of rec. May 15a
"234" July 1 *Holders of rec. June 21
Norfolk & Western, common (guar.)._
Calumet & Arizona Mining (quar.)
1St
June
Holders of rec. May 310
19
50c. June 23 Holders of rec. June 6a North Pennsylvania (guar.)
Calumet & Heels Cons
111
May 26 Holders of rec. May 19a
*50c. June 16 *Holders of rec. May
Pennsylvania RR.(quar.)
Carter (William) Co., pref.(guar.)
3Ia
760.
Holders of rec. May la
May
31
1)4 June 16 Holders of rec. June
Phila. Germantown & Norristown (qu.). 3
Chicago Motor Coach, pref. (guar.)._
10
June 4 May 21 to June 3
July 1 *Holders of rec. June 20
Plttsb. Bessemer & Lake Erie, pref.(qu.) $1.50 June 1 Holders of rec. May 15
Chicago Yellow Cab (monthly)
*gars July 1
*Holders of rec. June
Pittsburgh dr West Virginia, pref.(quar.) 1% May 31 Apr. 16 to May 4
Monthly
*334 Aug. 1 *Holders of rec. July 20
Preferred (quar.)
Monthly
21
1% Aug. 30 Holders of rec. Aug. 16
*334 Sept. 1 *Holders of rec.
Preferred (quar.)
Congoleum Co., common (guar.)
Aug. 20
1% Nov.29 Holders of rec. Nov. la
"75e. July 30 *Holders of rec. July
(qua:.)
Preferred
15
Preferred (qua.'.)
Holders of rec. Feb.2'25a
1%
(to)
•1,4 Sept. 1 *Holders
Youngst.
of
Pittsb.
rec. Aug. 15
& Ashta., pref. (qu.) 13.4 June 2 Holders of rec. May 20a
Crane Co., corn. (guar.)
it' June 15 Holders of rec. May 31
Reading Company, let pref.(quara_ _ _ 500. June 12 Holders of rec. May 26a
Preferred (quar.)
June 15 Holders of rec. May 31
St. Louie Southwestern. pref. (guar.).
Crucible Steel, pref. (guar.)
1X June 30 Holders of rec. June 140
30 Holders of rec. June 16a Southern Pacific (guar.)
Cuban-American Sugar,com.(quar.)_. 75e. June
July 1 Holders of rec. may 31a
July 1 Holders of rec. June 4a Union Pacific, common (quar.)
Preferred (quar.)
2;§ July 1 Holders of rec. June 2a
134 July 1 Holders of roe. June
4a Western Ry.of Alabama
Dominion Glass. corn.& pref.(quar.)
33i June 30 June 21 to June 30
July 2 Holders of rec. June 16
Dominion Radiator& Boiler, pref.(qu.). 114 June
1 May 29 to
Public Utilities.
Douglas-Pectin Corp.(guar.)
*25e. June 30 *Holders of rec. May 31
Amer.Power & Light,coin.(qua:.)
May
Holders of rec. May 20
du Pont(E.I.) de Nem.& Co.,corn.(qu.) 2
2% June
June 16 Holders of rec. June 31
(payablein common stock)_ 12
Common
5
Debenture stock (quar.)
June 2 Holders of rec. May 20
1% July 25
Amer. Telegraph & Cable (qua:,)
Holders of rec. May 31a
du Pont(El.)de Nem.Powd.,com.(qu.) 134 Aug. 1 Holders of roe. July 10
June
Holders of rec.
Associated Gas & Electric, pref.(extra). 250. July
Holders of rec. Juno 160
Preferred (guar.)
114 Aug. 1 Holders of rec. July 19
Blackstone Val. Gasle Elec., corn.(qu.) _ 51.2 June
July 19
Holders of rec. May 10a
Ely & Walker Dry Goods,corn.(quar.)
25e. June 2 Holders of rec.
Preferred
May
Holders of rec. May 10a
Galena-Signal 011, corn.(guar.)
June
3
1
June 30 Holders of rec. May 22
Brazilian Tree., Lt.& Pow.,
Holders of rec. Apr. 30
June
Preferred
2
June 30 Holders of rec. May 31a Brooklyn City HR.(qua:.) ord.(quar.) 1
31a
Holders
25c.
June
of rec. May 154
New preferred (quar.)
2
June 30 Holders of rec. May
31a Brooklyn Edison Co.(quar.)
June
Holders of rec. May 21a
General Electric (quar.)
2
'2
July 15 'Holders of rec.
Cent. Ark. Ry.& Light, Prof.(guar.)._
Holders of rec. May 154
114 June
Special stock (guar.)
*I3c. July 15 'Holders of rec. June 4
Central Indiana Power,7% pref.(qu.)_ _
June 4
May 21 to May 31
June
General Petroleum Corp., common (qu.) egoe. June 15 'Holders
of rec. May
Cent. Miss. Vali. Elec. Prop.,Pref.(qu,) 13.4 June
Holders of rec. May 154
Grasselli Chemical, common (quar.).... "2
June 30 *Holders of rec. June 31
City Gas of Norfolk, pref.(guar.)
14
Preferred (quar.)
Holders of rec. June 15
July
2
*I% June 30 "Holders of rec. June 14
Preferred (guar-)
Gulf States Steel, corn. (guar.)
Oct. 1 Holders of rec. Sept.15
2
July 1 *Holders of rec. June
Preferred (guar.)
Jan2'25 Holders of rec. Dee. 15
Hamilton-Brown Shoe (monthly)
2
1
June 2 May 25 to June 14
COWL Gas,El.L.&Pow.,Balt.,corn.(qu.)
1
Hanna(M.A.) Co.,let pref. A.(qua:.).
2
July
1 Holders of rec. June 140
June 20 *Holders of rec. June
Preferred, Series A (qua:.)
Hudson Motor Car ((war.)
2
July 1 Holders of rec. June 14a
*75e. July 1 *Holders of rec. June 5
Preferred, Series B (Qom.)
Illinois Pipe Line
July 1 Holders of rec. June 140
1,4
June 30 June 1 to June 20
Preferred. Series C (quar.)
28
Intertype Corp., let pref.
1% July 1 Holders of rec. June 14a
July 1 Holders of rec. June 16
2
(guar.)
Consolidated Gas, New York (quax.)
Second preferred
June 16 Holders of rec. May ga
July 1 Holders of rec. June 16
3
Consumers Power,6% pref. (quar.). -- 134 July
Kemper-Thomas Co., special prat
1 Holders of rec. June 15
1%
.1M June 1 MaY 22 to May 31
Seven per cent preferred (quar.)
13( July 1 Holders of rec. June 16
134
'134
Name of Company.
FoL. 118.
THE CHRONICLE
- 2544
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When I
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
*650. June 30 *Holders of rec. June 14
Fairbanks, Morse & Co.,common
•$1.17 June 2 *Holders of rec. May 17
Preferred
May 31 Holders of rec. Apr. Ma
Famous Players Can. Corp.. lre Df. (r111.) 2
July I Holders of rec. Juno 160
Famous Players-Lasky Corp., corn.(qu.) $2
15 Holders of rec. May 26a
I%
June
(quay.)
&
Smelting,
pref.
Federal Mining
75e. .fuly 1 Holders of rec. June 15a
Fleishmann Co., common (guar.)
75e. Oct. 1 Holders of roe. Sept 16a
Common (guar.)
The, Jan1'25 Holders of rec. Dee. 15a
Common (quay.)
31.50 June 15 Ilolders of rec. May 31a
Foundation Co., common (guar.)
June 15 Holders of roc. May 3Ia
81.75
Preferred (guar.)
131 Junej 2 Holders of rec. May 15a
General Asphalt, preferred (guar.)
General Cigar, Inc., deb. pre/.(quay.).. 135 July 1 Holders of rec. June 240
131 June 2 Holders of rec. May 24
Preferred (guar.)
134 July 1 Holders of rec. June 20
General Fireproofing,preferred (guar.)_ _
154 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
13.4 Jan2'25 Holders of ree. Dec. 20
Preferred (quay.)
30e. June 12 Holders of rec. May 190
General Motors, common (guar.)
7a
Seven per cent deb.stock (guar.)
I% Aug. 1 Ilolders of rec. July 7a
136 Aug. 1 Holders of rec. July
Six per cent deb. stock (guar.)
7a
July
rec.
of
Holders
1
Aug.
135
(guar.)
Six per cent preferred
e5
June 2 Holders of rec. May I
Gillette Safety Razor (stock dividend)
June 2 Holders of rec. May 1
$3
Gillette Safety Razor (quar.)
Glen Alden Coal
$3.50 June 20 Holders of rec. MaY431a
Glidden Co., prior preferred (quar.). _ _ _ (1) July I Holders of rec. June 160
_
(guar.)._
&
Tune 10 Holders of rec. May 310
3
Mining
Cycle
Red.
Golden
Goodrich (B. F.) Co., pref. (quar.)._
154 July I Holders of rec. June 21a
Holders of rec. June 1
Goodwins, Ltd., pref. (on pref. stock)._ m4031
Gos.sard (II. W.) Co.,corn. (monthly)._ 268. June 2 Holders of rec. May 20
Juned16 Holders of rec. June 10a
Great Atlantic & Pacific Tea, coin.(qu.) Si
15a
du
Nlbsy31 Holders of rec. May 14a
131 i
Preferred (guar.)
Holders of rec. June
134 July
Greenfield Tap & Die, 8% pref. (guar.) 2
Holders of rec. June 14a
Six per cent preferred (quar.)
June 168
2
Guantanamo Sugar, preferred (guar.)
1 u July 1 Holders of rec. June 14a
Holders of rec.
Gulf States Steel, first preferred (quer.).
SePt.15a
rec.
of
Holders
1
Oct.
First preferred (guar.)
13.4
Doe. 15a
First preferred (guar.)
131 Jan2'25 Holders of rec. June 14a
Second preferred (guar.)
155 July 1 Holders of rec. Sept.15a
135 Oct. 1 Holders of rec.
Second preferred (guar.)
Banks.
2 Holders of rec. Doc. 1545
Second preferred (guar.)
155 Jan2'25
June 2 May 17 to June 9
4
Amer. Colonial Bank of Porto Rico_ _
Holders of rec. Slay 230
_
9
corn.
(qu.)_
134 June
Refract.,
Harbison-Walker
June
June 2 May 17 to
2
9a
Extra
155 July 19 Holders of rec. July 19a
Preferred (guar.)
Holders of rec. May
&
May
31
135
Inc.,
Marx,
com.(qu.)
Schaffner
Hart,
Miscellaneous.
19a
May
rec.
of
holders
15
1
June
El
In May 31 Holders of rec. May a Hartman Corporation(guar.)
Abbots Alderney Dairies,Inc.,1st pref_ _
of rec. May 25
$1.50 June 30 Holders of rec. June 14a Hawaiian Commercial Sugar (mthly.).. 525e. June 5 *Holders of rec. May 25
Adams Express (guar.)
Extra
•75e. June 5 *Holders
I
July 31 Holders of rec. July 12a
American Beet Sugar, corn. (quar.)
75e. June 16 Ilolders of rec. May 310
Oct. 31 Holders of rec. Oct. 11a Hayes Wheel, corn.(quay.)
1
Common (quar.)
735% preferred
081.25 June 16 Holders of rec. May 31a
I J an31'25 Holders of reclan.10'25a
Common(guar.)
a
14
!Isola Mining (quay.)
25c. June 15 Holders of rec. May 15a
134 July 1 Holders of rec. June
Preferred (quar.)
Hibbard, Spencer, Bartlett Co.(mthly.) 368. May 29 Holders of roe. May 23
June 2 *Holders of rec. May 15
20
Amer. Fork .3z Hoe, pref.(guar.)
15
May
Monthly
rec.
368. June 27 Holders of rec. June 20
134 June 2 Holders of
American Felt, preferred (guar.)
15e. June 27 Holders of rec. June
Extra
to June 2
Amer. Laundry Machinery, corn. (qu.)_ 500. June 2 Mar.24 of rec. Juno 13a Higbee Company, 2d prof. (quar.)
to May 31
23
May
1
2
June
Holders
$1.50 June30
American Locomotive, corn. (quar.)_
50c. May 26 Holders of rec. May 20a
1% June 30 Holders of rec. June 13a Homestake Mining (monthly)
Preferred (guar.)
a Hood Rubber, common (guar.)
*81 June 30 *flolders of rec. Juno 20
75e. June 1 Holders of rec. May 19
American Metal, common (guar.)
to June 2
a
20
131 Juno 1 May 21
pref.
Rubber
Hood
May
(quay.)...
Products,
13/ June 1 Holders of rec.
Preferred (guar.)
a
131 Juno 1 Holders of rec. May 200
40e. June 1 Holders of rec. May 15a Hydrox Co., preferred (guar.)
May 30
Amer. Multigraph, common (quar.)to
18
rMay
15
2
Juno
n75e.
May
011,
Ltd.
Imperial
(guar.)
rec.
of
10c. June 1 Holders
14a
Common (extra)
a Independent Oil & Gas(guar.)
25C. June 30 Holders of rec. June 12a
June 30 Holders of rec. June 14
$1
Amer. Radiator, common (guar.)
Holders of rec. Sept
a
30
15
Sept.
July
25e.
Quarterly
rec.
of
Holders
1
Aug.
2
I2a
Dec.
Amer. Shipbuilding, common (quar.)
rec.
of
Holders
a
31
Dee.
268.
Quarterly
9
Holders of rec. May
Amer.Smelt. & Refining. pref.(quar.)-- 134 June
a
June 2 llolders of rec May 170
2
1% July 2 Holders of rec. June 2a Ingersoll-Rand, dommon (guar.)
Amer. Sugar Refining, pref. (quar.)_ _
July 1 Holders of rec. June 170
3
Preferred
June 2 holders of rec. May 10
Amer. Tobacco, corn. iSz corn. B (quer.). 3
a
3
6235c June 1 Holders of rec. May 15a
Inland Steel,common (quay.)
of rec. May
Holders
2
June
134
(quar.)_
pref.
1st
Associated Dry Goods,
3a
135 July 1 Holders of roc. June 14a
Preferred (guar.)
131 June 2 Holders of rec. May 21 a
Second Preferred (quar.)
June 30 Holders of roe. June 15a
International Cement, corn. (quar.)_ _ _ _ $1
June 16 Holders of rec. May
1
Atlantic Refining-,corn. (guar.)
134 June 30 Holders of rec. June 15a
Preferred (guar.)
Juno 10 Holders of rec. MaY 310
$1
Atlas Powder,corn.(guar.)
208
June 2 Holders of rec. May 100
134
June
l
pref.
(guar.)._
rec.
Harvester.
Internationa
of
13( July 1 Holders
Babcoce & Wilcox Co.(guar.)
131 June I Holders of rec. May 20
International Milling, preferred (quar.) _
131 Oct. 1 Holders of rec. Sept.200
Quarterly
20a International Shoe(monthly)
Dec.
June 1 Holders of rec. May 154
50c.
rec.
of
Holders
1% an1'25
Quarterly
1 Holders of rec. May 15
1% Aprl'25 Holders of rec.Mar.20'25a Johnson-Stephens & ShInkle Shoe (qu.) _ 50e. Juno 1
Quarterly
Holders of rec. May 210
June
July la Kinney (G. R.) Co.. preferred (guar.).- 2
rec.
of
Holders
10
July
60e.
230
Beech-Nut Packing, common (guar.)--er (B.) & Co., pref.(guar.)- 131 June 1 Holders of rec. May
Kuppenheim
Berkey & Gay FurnitureHolders of rec. May 23
2
Juno
3
Lake of the Woods Milling, corn.(qu.)_ _
June 15
2
Preferred, class B (quar.)
Juno 2 Holders of rec. May 23
June 20
134
Preferred
(quar.)
rec.
of
Holders
July
1
131
26
Bethlehem Steel, common (quar.)
23.4 June 2 Holders of rec. Slay 21a
2
July I Holders of rec. June 2a Lancaster Mills, common (guar.)
Eight per cent preferred (guar.)
20 Lanston Monotype Machine (guar.)._
134 May 31 Holders of rec. May 30a
131 July 1 Holders of rec. June 1
of rec. Apr.
Seven per cent preferred (guar.)
Holders
31
May
Si
June
Coal
&
Lehigh
rec.
(guar.)
Navigation
of
135 June 15 Holders
rec. May 220
Borden Company, preferred (quar.)_
Libbey-Owens Sheet Glass, corn. (guar.) 50c. June 2 Holdeni of rec.
1% June 2 May 25 to June I
May 22a
Brill (J. G.) Co.,common (guar.)
131 June 2 Ifolders of
Preferred (quar.)
1
June 1 Holders of rec. May 208
May 15a
rec.
of
Brown Shoe,common (guar.)
Holders
2
June
20
3
May
Liggett
rec.
corn
.B(qu.)
&MyersTob.,com.&
*100. June 1 *Holders of
15a
May
rec.
Buck Creek 011 (No. 1)
of
Holders
2
Common & common B(325 par)(qu.). The. June
June 14 Holders of rec. Apr. 26
$1
Buckeye Pine Line (guar.)
June 2 Holders of rec. May 168
Lima Locomotive Wks.,Inc., corn.(qu.) 51
135 July 1 Holders of rec. June 20
15a
May
ref. (guar.)
Bucyrus
rec.
of
Holders
24
May
20
134
Lindsay Light, preferred (guar.)
July I Holders of rec. June
hl
Co.,(acct. accum. env.)
Preferred
June 2 Holders of rec. May 7
20a
134 June 1 Holders of rec. May Ma Ludlow Manufacturing Associates (qu.).. $2
Buda Company, preferred (quar.)
$1.50 Juno 2 ITolders of rec. May 26
31.50 June 16 Holders of rec. May 200 Mahoning Investment Co.(guar.)
California Pack. Corp.(guar.)
51.25 June 1 Holders of rec. May 15a
Menet'Sugar,common (guar.)
43%c June 2 Holders of rec. May
California Petroleum, common (quar.)_
$1.25 Sept. 1 Holders of rec. Aug. 154
Common (quar.)
1% July 1 Holders of rec. June 200
Preferred (guar.)
15
75e. June 2 IIolders of rec. May 12a
May
Manhattan Shirt, corn. (quar.)
131 June 1 Holders of rec.
Campbell Soup, preferred (guar.)
June 1 Holders of rec. May 16a
51
May 15a Martin-Parry Corporation (quar.)
Century Ribbon Mills, Inc., pref.(guar.) 131 June 1 Holders of rec.
June 2 Holders of rec. May 16a
7a
$1.25
June
(qu.)
May
Department Stores,common
6235e June 30 Holders of rec.
Chesebrough,Mfg., common (quar.)_
$1.25 Sept. 1 Holders of rec. Aug. 15a
Common (quar.)
13/ June 30 Holders of rec. June 70
Preferred (guar.)
19
July 1 Holders of rec. June 16a
May
134
Preferred
(guar.)
rec.
of
15a
Chicago Flexible Shaft, 7% pref. (guar.) *131 June 1 *Holders
134 Oct. 1 Holders of rec. Sept.
Preferred (quay.)
33 1-3c June 2 Holders of rec. may 200
Chicago Yellow Cab (monthly)
20 McCord Radiator & Mfg.,cl. A (qu.).. .75e. July 1 *Holders of rec. Juno 20
6235c June 30 Holders of rec. June
200
May
Chili Copper (guar.)
rec.
of
Holders
2
June
t40c.
.)
stk
com.
cCrory
Stores Corp.,corn.(In
200
Cities ServiceCommon class B (in class B common)_ 40e. June 2 Holders of rec. May 21a
rec. May 15
Common (monthly, pay. In cash scrip) Q34 June I Holders of
134 Aug. 1 Holders of rec. July
Preferred (quar.)
rec. May 15
200
Oct.
Common (payable in cora,stock scrip) 0131 June 1 Holders of
rec.
of
Holders
1
15
Nov.
114
Preferred (quar.)
35 June 1 Holders of rec. May 200
Preferred and preferred B (monthly)_ _
131 May 31 Holders of rec. Apr. 28
Merrimack Mfg., common (grim%)
2
June 1 Holders of rec. May
City Ice & Fuel (Cleveland) (quar.)..
June 1 Slay 16 to Ma! 31
2
Sept. 1 Holders of rec. Aug. 20a Metropolitan Paving Brick, corn.(qu.)-- 2
Quarterly
June 1 Holders of rec. May 10
2
2
Dec. 1 Holders of rec. Nov.20a Miller Rubber, fret.(guar.)
Quarterly
26
hi
June
June 1 Holders of rec. May 10
.
m
_
_
_
aceu
(acct.
rec.
Preferred
(lividends)
of
235 July 1 Holders
City Investing, common (quar.)
26
134
July 1 Holders of rec. June 208
Montgomery Ward & Co.,Inc., pf.(qu.)
1% July 1 Holders of rec. June
Preferred (quar.)
May 16
A stock (guar.)
$1.75 July 1 Holders of rec. June 20a
Class
rec.
of
Holders
1
June
I%
Cleveland Stone (guar.)
June 20 Holders of rec. June 10
2
Motor Wheel Corp., common (quay.)
1
June 1 Holders of rec. May 15
21
(Extra)
li June 1 Ilolders of rec. May
2
May 26 Holders of rec. May 10a Munsingwear, Inc. (quay.)
Colorado Fuel& Iron, pref.(guar.)
1
June 16 Holders of rec. May 17
1234c
June
011
(quay.)
Mutual
to
1
June 2 May 21
300
Juno
rec.
of
Columbia Sugar (guar.)
Holders
20a
15
75e. July
National Biscuit, common (quay.)
1 Holders of rec. May
1%
170
Consolidated Cigar Corp., pref.(guar.)• 81 2-3e June
13/ hfay 31 Holders of rec. May 310
Preferred (quar.)
June 2 *Iforders of rec. May 26
July
ree.
of
Consolidation Coal, prof
Holders
15
200
Aug.
1
Juno
Brick,
National
preferred
Ltd..
131 July 1 Holders of rec.
(quar.)..
preferred
260
May
Inc.,
rec.
Can,
of
Holders
Continental
National Cloak & Suit, pref. (guar.).I% June 1
50e. June 16 May 18 to June 16
154
Continental Oil (guar.)
13/ June 1 Holders of rec. May 10a
83.50 June 2 Holders of rec. May 15a Natl. Department Stores, 2d pref.(qu.) _
Converse Rubber Shoe, preferred
,i 0o
154
1
June 30 Holders of rec. Juno 100
Nat. Enamel. & Stpg., pref. (quar.)_ _
Sept.
rec.
Refining
of
135 Dee. 31 Holders
Corn Products
Preferred (quar.)
125 June 30 Apr. f6 to Apr. 9
Holders of rec. Dee. ha
Common (payable in common stock)
Preferred (quar.)
1% June 2 Holders of rec. May 150
130
June 30 Holders of rec. June 23a
Cordon & Co., preferred (guar.)
June 30
(quar.)
National
common
Lead,
2
to
16
3
June
30
June
May
(quar.)Craddock-Terry Co., common
Preferred (quay.)
131 June 14 Holders of rec.
3
Sept.30 Sept. 16 to Sept.30
June 9
rec.
of
Holden'
2
July
Common (guar.)
31
131
National Sugar Refining (guar.)
3
Dec. 31 Doc. 16 to Dec.
Common (guar.)
National Supply Co.
3
June 30 June 15 to June 30
rec. June Oa
First and second preferred
1% June 16 Holders of rec.
Corn.(payable in common stock) - - 110
3
Mayb20
Dec. 15 to Dec. 31
Dec.
31
s of
preferred
Holder
1
5
second
June
First and
National Tea,common (in coin.stock)._ 1150
to June 30
15
June
334
30
June
holdersof rec. July 15
Aug.
Class C Preferred
Preferred (guar.)
3% Dec. 31 Dec. 15 to Doc. 31
June 15
rec.
of
Holders
1
preferred
July
552
C
150
Class
National Tea ,common (guar.)
Si
June 1 Holders of rec. May
May 9a
25c. May 26 Holders of rec. June
Cuba Company, common (guar.)
New Cornelia Copper
1% June I Holders of rec. May 13
10a
of rec.
Holders
1
July
Si
310
Crow's Nest Pass Coal ((muar.)
Air
May
New
York
Brake, Class A (quar.)__
Holders of rec.
3
June
16
July
21a
rec.
of
Holders
(guar.)
1
Line
Aug.
Cumberland Pipe
135 June 21 'Holders of rec. June 70 New York Canners, first Prof. (quay.)... 355 July 1 Holders of rec. June 6
d5a
33
Pipe
Davis Mills(guar.)
June
Northern
rec.
Line
of
(No. 1)._ 50e. June 15 holders
131 Juno 2 Holders of rec. May 21
Decker (Alfred) & Cohn, corn.
131 June 1 Holders of rec. May 200 Ogilvie Flour Mills, preferred (quar.)_. 50e.
30
J e 22
0 June
5
y 20
ayd2
no 301 Nfa
Preferred (guar.)
75e. June 2 Holders of rec. May 15a Ohio Oil (guar.)
to
May
134 Juno
Deere & Co. pref. (guar.) (monthly).
Onyx Hosiery, preferred (quar.)
to May 31
Mayd26
1
d35
June
of
rec.
May
20a
Holders
2
Wks.
June
1234c
Detroit Brass & Mall.
2
June 16 Holders of rec. MaY 310 Orpheum Circuit, common (monthly).- 1235c July 1 Holders of rec. June 20n
Diamond Match (guar.)
Common (monthly)
50e. Oct. 1 Holders of rec. Sept. 15
June 21 holders of rec. June 7a
Dominion Stores. common
rec. June 25a Otis Elevator, corn. (pay. in corn. stock) 110
of
$2
Holders
June
30
(qu.).
Pref.
July 21 Holders of rec. June 13a
$1
Dubiller Condenser & Radio,
$2
Sept.30 Holders of rec. Sept.25a Pacific Oil
4 Holders of rec. May 15
Juno
ol0
stk.)
260
(in
Pathe Exchange, Inc., cl. A & 13
Preferred (qua/3
Holders of rec. Dec.
$2
Dec.
31
1 Holders of rec. May 17a
June
131
Preferred (guar.)
Phoenix Hosiery, let & 26 of.(quar.)-- 135 June 1 Holders of ree Slay 22
July 1 Holders of rec. June 16a
2
Eagle-Picher Lead, corn. (guar.)
31a
Plate
Pittsburgh
(guar-)
May
common
Glass,
Holders of rec.
$1.25 July
1
Holders of rec. May 15a
June
(guar.)
13.4
common
Eastman Kodak,
75c. July 1 Holders of rec. May 3I0 Pittsburgh Steel, preferred (quar.)
Juno
*33
Common (extra)
134 July 1 Holders of rec. Slay 31a Plymouth Cordage (special)
12
May 1/ to June 5
June5c1
3
37
(guar.)
Preferred
Pure Oil Co., common (quar.)
3.3 June 2 Holders of rec. May 15
Essex Company
Public Utilities (Concluded).
'Continental Gas& El.Corp..com.(qu.) 750. July 1
Common (payable in common stock)-- f75e. July 1
1% July 1
Participating preferred (guar.)
34 July 1
Participating preferred (extra)
./55 July 1
corn.
stock)
in
Panic. pref.(payable
135 July I
Preferred (guar.)
134 July 1
Prior preferred (guar.)
134 June 2
Detroit United Ry.(quar.)
1% June 16
Duquesne Light. lot pf., Ser A.(qu.)_ _
June 2
2
prof.
(quar.)
Elec.,
&
Eastern Shore Gas
July 1
Federal Light & Traction, common (an.) $1
Common (payable in 6% pref. stock)_ in75c. July 1
May 31
134
Preferred (guar.)
June 1
Georgia Ry. & Power, corn. (quar.)___ - $1
1
June
$I
(guar.)
Second preferred
75e. June 1
Hackensack Water, common
8735c June 1
Preferred
June 2
Keystone Telephone of Phila., pref.(qu.) $1
131 June 16
Laclede Gas Light, common (quer.)-16
234
June
Preferred
June 2
2
Massachusetts Gas Companies, pref.June 15
Middle West Utilities, prior lien (quar.)_
2
National Power & Light, corn. (quar.)_ _ $1.50 June 1
51.75 July
Preferred (quar.)
135 June 2
Nebraska Power, pref.(guar.)
75e. June 1
Norfolk Ry. & Light
June 2
Northern Texas Elec. Co., corn. (qu.)_ _ 2
June 16
50c.
pref.
(au)
&
corn.
Electric,
Philadelphia
Portland Electric Power.2d pref.(guar.) 134 Tune 2
Southwestern Power & Light, pref.(qu.) 134 June 2
June 14
Standard Gas & Electric, pref. (quar.)_ _
Tennessee Elec. Pow.,2d pref.(No. 1)_ _ 51.50 Aug. 1
1
June 1
(quar.)
common
Ry.,
Texas Electric
United Gas Improvement, pref.(guar.). 8734c June 14
131 June 1
Washington Ry. & Elec., common
134 June 1
Preferred (guar.)
Holders of ree. June 14a
Holders of rec. June 14a
Holders of rec. June 140
Holders of rec. June 148
Holders of rec. June 140
Holders of rec. June 140
Holders of rec. June 14a
Holders of rec. May la
Holders of rec. May 150
Holders of rec. May 15a
Holders of rec. June 140
Holders of rec. June 14a
Holders of rec. May 150
Holders of rec. May 20
Holders of rec. May 20
Holders of rec. May 280
Holders of rec. May 280
Holders of rec. may 15
Holders of rec. June 2a
Holders of rec. June 20
May 16 to June 1
Holders of rec. May 3I0
Holders of rec. May 20
Holders of rec. June 16
Holders of rec. May 15
Holders of rec. May 150
Holders of rec. May 170
Holders of rec. May 160
Borders of rec. May 15
Holders of rec. May 15
Holders of rec. May 31
Holders of rec. July 12
Holders of rec. May 15a
Holders of rec. May 310
Holders of rec. May 17
Holders of rec. May 17
MAY 24 1924.]
Name of Company.
T1TE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Tressed Steel Car,common (quar.)
1
June 17 Holders of rec. May 27a
Preferred (quar.)
131 June 10 Holders of rec. May 20a
Quaker Oats, preferred (guar.)
lig May 31 Holders of rec. May la
Remington Typewriter, 1st pref. (quar.) 131 July 1 June 22 to July 1
First preferred Series S (quar.)
13( July I June 22 to July 1
Second preferred (guar.)
2
June 20 June 15 to JULIO 20
Renfrew Manufacturing, pref. (quar.)_ _ 131 July 1 June 21 to July I
Reynolds Spring, pref. A & B (quar.)
131 July 1 Holders of rec. June 16
Saeo-Lowell Shops,2d preferred (guar.)
131 June 2 Holders of rec. May 200
St. Joseph Lead Co.(guar.)
25e. June 20 June 10 to June 20
Extra
25e. June 20 June 10 to June 20
Savage Arms Corp., 1st preferred (guar.) l3( July 1 *Holders of rec. June 14
Second preferred (guar.)
*lig Aug. 15 *Holders of roe. Aug. I
Schulte Retail Stores, common (guar.).- m2
June 2 Holders of ree. May 150
Common (quar.)
m2
Sept. I Holders of rec. Aug. 15a
Common (guar.)
m2
Dec. 1 Holders of rec. Nov. 15a
Preferred (guar.)
2
July 1 Holders of rec. June 14a
Sherwin-Williams Co., 1st pt.ser. A(qu.) 131 June 2 Holders of rec. May 15a
Sinclair Consol.011 Corp., corn.(quar.)_ 50c. May 31 May 2 to May 21
Southern Pipe Line(quar.)
2
June 2 Holders of rec. may 15
Spalding(A.G.)& Bro. 18t prof.(quar.) lig June 2 Holders of rec. May 170
Second preferred (guar.)
2
June 2 Holders ot rec. May 7
Spring (C. G.) & Bumper, pret (quar.)_ 2
July 1 Holders of rec. June 23
Standard Milling, common (quar.)
131 May 31 Holders of rec. May 200
Preferred (guar.)
131 May 31 Holders of rec. May 200
Standard Oil (Calif.) (guar.)
500. June 16 Holders of rec. May 200
Standard Oil(Indiana)(guar.)
8231c.June 16 May 17 to June 16
Standard Oil (Kansas)(quar.)
500. June 16 Holders of rec. May 310
Standard 011(Nebraska)
5
June 20 May 21 to June 19
Standard Oil(N.J.)corn.($100 par)(eu.) 1
June 16 Holders of rec. May 26a
Common ($25 Par) (quar.)
25e. June 16 Holders of rec. May 260
Preferred (guar.)
lig June 16 Holders of rec. May 26a
Standard Oil(N. Y.) (quar.)
35c. June 16 May 20 to May 28
Standard Oil (Ohio) corn. (guar.)
231 July 1 Holders of rec. May 290
Preferred (guar.)
lig, June 2 Holders of rec. Apr. 250
Standard Plate Glass-See note (s)
Standard Textile Prod., pf. A & B (qu.)- lig July 1 Holders of rec. June 166
Stern Brothers, common (guar.)
1
July 1 Holders of rec. June 200
Preferred (quar.)
2
June 2 Holders of rec. May 200
Studebaker Corp., corn.(no par) (guar.) $1
June 2 Holders of rec. May 100
Common ($100 Par) (quar.)
2% June
Holders of rec. May 100
Preferred (quar.)
lig June 2 Holders of rec. May 10
Swift Internacional
90e. Aug. 1 Holders of rec. July I5a
Texas Gulf Sulphur (guar.)
51.50 June 14 Holders of rec. May 316
Extra
25e. June 14 Holders of rec. May 316
Thompson (John R.) Co., cont.(mthly.) 25e. June 1 Holders
of rec. May 23
Timken-Detroit Axle, pref.(quar.)
lig June
May 21 to June 1
Timken Roller Bearing (guar.)
75e. June 5 Holders of rec. May 19a
Extra
250. June 5 Holders of rec. May 190
Underwood Typewriter,common (guar.) 75o. July 1 Holders
of rec. June 70
Common (guar.)
The. Oct. 1 Holders of rec. Sept. 6a
Preferred (quar.)
131 July 1 Holders of rec. June 7a
Preferred (quar.)
131 Oct. 1 Holders of rec. Sept. 6a
Union Sugar (guar.)
500. June 5 Holders of rec. May 30
Union Tank Car, common (quar.)
lig June 2 Holders of rec. May 5a
Preferred (quar.)
lig June 2 Holders of rec. May 5a
United Drug,common (guar.)
134 June 2 Holders of rec. May 15a
Second preferred (guar.)
1% June t Holders of rec. May 15a
United Dyewood, Preferred (guar.)._ _ _ lig July 1 Holders
of rec. June 130
Preferred (quar.)
li( Oct. 1 Holders of rec. Sept.150
Preferred (quar.)
131 Jan2.2 Holders of rec. Dec. 15a
United Fruit(guar.)
234 July
Holders of reo. June 6a
Quarterly
234 Oct.
Holders of rec. Sept. 6a
Quarterly
234 Jan2.2 Holders of rec. Dec. 60
United Paper Board, preferred
July
Holders of rec. June 6
U.S.Cast Iron Pipe & Fdy.,pref.(qu.)_ 6
lig June 1 Holders of rec. June 2a
Preferred (qule.)
lig Sept.15 Holders of rec. Sept. 20
Preferred (quM%)
lig Dec. 1 Holders of rec. Deo. la
U.S.Gypsum,common (quar.)
1
June 3 June 15 to June 30
Preferred (quar.)
lig June 3 June 15 to June 30
United States Playing Card (guar.)
July
Holders of rec. June 200
U.S.Realty & Impt.,common (guar.).- 81.50
2
June 1 Holders of rec. May 290
Preferred (quar.)
131 Aug.
of rec. May 290
United States Steel Corp.,common (qu.) 131 June 28 Holders
May 29 to June 1
Common (extra)
54 June 2 May 29 to June 1
Preferred (quar.)
lig May 29
May 6
Vacuum Oil (guar.)
50e. JUne 20 Holders of rec. May 31
Extra
250 June 20 Holders of rec. May 31
Valvoline 011, common (quar.)
3
June 16 Holders of rec. June 13
Van Raalte Co.,Inc.,1st pref.(quar.)
131 June 1 Holders of rec. May 176
Vapor Car Heating,inc., prof.
lig June lo June 2 to June 10
Preferred (guar.)
154 Sept.10 Sept. 2 to Sept.10
Preferred (guar.)
154 Dec. 10 Doe. 2 to Dec. 10
Vulcan Detinning. Preferred (guar.).
134 July 20 Holders of rec. July 9a
Preferred (acct. accumulated clivs.)_. hl
July 20 Holders of rec. July 90
Preferred A (quar.)
154 July 20 Holders of rec. July (ki
V. Vivaudou,Inc.. preferred (quar.)
June 16 Holders of rec. June 2a
154
Waba.sso Cotton (guar.)
81 July 2 Holders of rec. June 13
Wahl Company, common (quar.)
$1
July 1 Holders of rec. June 230
Preferred (quar.)
154 July 1 Holders of rec. June 23a
Wamsutta Mills(quar.)
154 June 16 Holders of rec. May 13
Weber & Helibroner. pref.(guar.)
134 June 1 Holders of rec. May 150
Welch Grape Juice, preferred (quar.).,.. 134 May 31 Holders
of rec. May 20
Wells Fargo & Co
$1.25 June 20 Holders of rec. May 200
White(J.G.)& Co.,Inc.,pref.(guar.)
131 June 1 Holders of rec. May 15
White (J. G.) Eng. Corp., pref.(qu.) - 131 June 1 Holders
White (J. G.) Mgt.Corp., pref.(quar.). 154 June 2 Holders of rec. May 15
of rec. May 15
White Motor Co.(quar.)
$1
June 30 Holders of rec. June 20a
Woolworth (F. W.) Co.(guar.)
2
June 2 May 3 to May 21
Wright Aeronautical Corp.(guar.)
250. May 31 Holders of rec. May 15a
Wrigley (William) Jr.& Co.
Monthly
25e. June 2 Holders of rec. May 20a
Monthly
25e July 1 Holders of rec. June 200
Wurlitzer (Rudolph) Co.. 8% Pl. (qu.)- 2
June 1
Yellow Cab Manufacturing (monthly).. 411w. June 2 May 21 to June 2
Holders of rec. May 200
York Manufacturing
554
June 2 *Holders of rec. May 9
•From unofficial sources. t The New York Stock
has ruled that stock
will not be quoted ex-dividend on this date and notExchange
until further notice. 9 The
New York Curb Market Association has ruled that stock will
not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
rp New York Curb Market rules National Tea corn. stock be quoted exthe
150% stock dividend on Juno 9.
I Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in Preferred stock. n Payable in Canadian funds.
Payable either in com,stock at the rate of one-fortieth of a share for
each share
held or cash at the rate of 50c. a share at the option of the stockholder.
k British Amer. Tobacco dividend 10 pence per share.
May.
o For the month of April and
p Dividend originally declared was $5 on old capital, but will now be $2 on the
new capital after the 150% stock dividend has been paid.
q New York Curb Market rules that Glen Alden Coal sells ex-dividend on May 29.
r Payable to holders of coupon No. 20. New York Curb Market rules Imperial
011 stock sells ex-dividend June 2.
s Regarding the report that the Standard Plate Glass had declared an initial dividend of 750. on common stock payable July 1, the company states "the matter of
this dividend has not been discussed by our board officially."
I At rate of 7% per annum for period from April 12 to July 1 1924.
U Payable 4tg% cash and 6% in scrip due Sept. 1 1924 and 6% In scrip due
Dec. 1 1924.
e Payable in Class A com. stock
w Payable Feb. 28 1925.
July 15 dividend to apply on new stock issued as a stock dividend.
z All transfers received in London or Or before June 12 will be in time for payment
of dividends to transferees.
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: On the common stock $3 cash and $3 in common stock; on the participating preferred the regular
6% and extra dividends 01 1% in cash and 1% in common stock; on the
Preferred
stock regular 6%; on the prior preferred stock regular 7%.
2545
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 17. 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.
(Stated in thousands of dollars-that Is, three ciphers 1000] omitted.)
New
Capital. Profits. Loans,
Week Ending
Discount, Cash
May 17 1924 Nat'l, Mar..31 InvestIn
State, Mar.20 MOW, Vault.
(000 omitted.) Tr.Cos.,Mar.20
&c.
Reserve
with
Time sant
Net
Legal Demand
De- ares•
Deposi- Deposits. posits. iatories.
Zion.
Members of Fe d. Res., Bank.
Bank of N Y &
$
$
Trust Co_ _
4,0001 12,361
Bk of Manhat'n 10,000, 13,943
Mech & Met Bk 10,000 16,589
Bank of Ameri
6,500 5,376
Nat City Bank_ 40,000 52,027
Chem Nat Bank 4,100 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 1,72
Chat& Phen Na 10,500 9,183
Hanover Nat B
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
Irvingl3k-ColTr 17,500 11,477
Continental Bk
1,000
986
Chase National 20,000 24,071
Fifth Ave Bank
500 2,73
Commonwealth
600 1,00
Garfield Nat.. 1,000 1,670
Fifth National
1,200 1,168
Seaboard Nat_
4,000 7,462
Coal & Iron Na
1,500 1,350
Bankers Trust 20,000 24,912
U S Mtge & Tr. 3,000 4,543
Guaranty Trust 25,000 18,709
Fidel-InterTrus 2,000 2,042
N Y Trust Co.. 10,000 18,407
Metropolitan Tr 2,000 4,085
Farm Loan & Tr 5,000 16,785
Equitable Trust 23,000 10,659
Total of averages290,800
sage Average Av'ge.
Average Average Average Aver
$
6.641
48.46
720 6,534
67,346
114,471 22,496
142,858 2,429 15,93
7,45
148,10
550
156.792 3,996 19,7
84,086 3,227
81,733 1,46 11,104
552,655 4,241 59,453 *571,600 70,072 2,132
347
266
7
105,282 4,03
117,157 1,172 14,02
16
4,100
4,994
637
62
85,731 7.929 4,926
100,129
910 11.542
40
7 _
309,586 1,034 33.821
2:6
02
256.18 20
26,952
91
27,968
4.088
156,438 4,173 18,068 121.369 30,981 1,0
g
3R114,326
99,1
639 13,16
6,081 23.551
173,552 28:38
196,83
161,139
973 16,789 127,192 6,876 1,641
3,37s
16,872
458 1,850
13,09
50
442 23,14
288,238
172,019 25,117 7,408
_--272,280 3,201 35,102 265,00 16,41
7,324
373
147
5,723
936
327,494 4,1
43
1:0
82 22,582 1.094
67
77
0 30
26:0
3 76
23,173
64
11,483
326 1,297
---19
6:247
38
5
14,724
446 3,188
64 395
19,364
222 2,380
247
17,604 1,571
84,871
914 10,854
68
81,644 2,418
15,979
251 1,796
13,104 1,182 409
274,269
991 30,212 *238,10 30,22 -51,364
661 6,050
5,16
44.76
371,127 1,558 41,037 *391,082 40.890 ---20,459
460 2,380
1.845 ---17,97
149,06
593 16,93
122,391 15,603 ---41,500
563 4,92
37,335 2,048 -124,839
468 12,641 .90,932 23,186 ---233,90: 1,4531 27,972 *269,378 26,959 ------8,1714,538.292 48,7691515,9r c3.809,643431.82332,326
Totals, actual co ndition May 17,4,542,261 44,002532,598 c3,827,029428,01032,503
Totals, actual co ndition May 1e4,514,18 48,011 542,869c3.806,914441,33432.204
Totals, actual condition May 34.566,42 44,072529,022 3,842,333425,08732.390
State Banks Not Members f F d'I Res've Bank.
Greenwich Bank 1,000 2,367
19,738 1,823 2,489
21,04
135
902
250
Bowery Bank__
5,648
370
3,047 1,957
30
State Bank.... 3,500 4.661 95,027 3,76
2,16
32,855 58.390
Total of averages 4,750 7,931
Totals, actual co ndition May 171
120,413
Totals, actual co ndition May 1
Totals, aaual co ndition May 10
Totals, actual co ndition May 3
86,272
85,841
86,638
5,9611 4.95
56,94
60,48
120.672 6.0071 5,03
56,62 60,503
57,11 60,434
Totals,=lila/ co ndition May 10 120,873 6,1541 4,636
Totals, actual CO ndition May 3 121,23
6.036J 4,448
57,23 60,342
Trust Compan les Not Members of Fed oral Res've Ba nk.
Title Guar & Tr 10,000 14,378 58.533 1,429 4,378
38,541 1,34
LawyemTit&T 6,000 5,701
17.52
884 1,778
28,042
81
- - - --- -Total of averages 16,000 20,079 86.57
2,313 6,156
56.061 2,1
2.281 6,292
2,315 6,13
2,184 6,39
55,69
55,789
57,00
2,222
2,14
2.13
Gr'd aggr., aver.311,550476,1824,745,280 55,043527,031 3.922,650494,461 32,326
Comparison wit h prey. week _ _ +6,263 -7021-2,563
-6,511+1,11
+62
-Gr'd aggr., acct ond'n May 17 4,749,20 52.294,543.920 3,939.353490.73532,503
Comparison wit h prey. week - - +28,307 -4,186-9,715 +19,5311-13,173 +299
ChM aggr., act'l cond'n
Gr'd aggr.,eel ond'n
Gr'd aggr., aa'l cond'n
Gr'd aggr.,eel cond'n
Gr'd aggr., acci cond'n
Gr'd aggr., aa'l ond'n
May 104,720,898
May 34.774,290
Apr. 264,720,165
Apr. 194,706.488
Apr. 124,680,302
Apr. 54,699,755
56.480 553,635
52.292539,904
54,077 532,889
52,674 545,889
54,677494,132
55,383 494,418
503.90832,204
'
3,919.822
, 32,390
, ,
3,889,368500.09 32,48
3,886.695487.8932.548
3,806,425479.757 32,240
3.827.408481,78632.253
Note.-U. B. deposits deducted from net demand de posits in the general total
above were as follows: Average total May 17, 838,441.000; actual totals may 17,
$32,067,000: May 10, $42.050,000: May 3, $44,264,000; April 26. $44,264,000:
April 19, 844,277,000. Bills payable. rediscounts. acceptances and other liabilities.
average for week May 17.5371.797,000; May 10,8368,732.000; May 3.$371,538,000
April 26,3395,431,000: April 19.$425,538,000. Actual totals May 17.$388,587,000;
Mai 10,5375,276,000: May 3,5397,058.000; Apri126,5397,741,000; April 19,$419,861,000.
• Includes deposits in foreign branches not Included In total footings as follows;
National City Bank.$128,297.000: Bankers Trust Co., 314,077,000; Guaranty Trust
Co.. 886,142,000: Farmers' Loan & Trust Co., $233,000; Equitable Trust Co-,
$62,608,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, 815,353,000; Bankers Trust Co., $1,506,000:
Guaranty Trust Co., $7,049,000; Farmers' Loan & Trust Co.. $233,000; Equitable
Trust Co., 811.653,000. 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 POSMON OF CLEARING HOUSE BANES
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
In Vault. Depositaries
Members Federal
Reserve banks_ _ _
State banks*
Trust companies'...
Total May
Total May
Total May
Total Apr.
17_ _ _
10- _ _
3....
26....
Total
Reserve.
a
Reserve
Required
Surplus
Reserve.
515,917,000 515,917,000 508,208,280 7.708,720
668.720
4,958.000 10.919,000 10,250.280
59.850
6,156,000 8,469,000 8,409.150
-8,274.000 527,031,000 535,305,000 526,867,710 8,437.290
8.514,000 529,594,000 538,108,000 527,675,890 10,432,110
8,483,000 533,584,000 542.067.000 531.151,840 10,915,160
8,410.0001531,824,000 540,225,000 523.004,630 17.229,370
5.961,000
2,313,000
•Not members of Federal Reserve Bank.
a This Is the reserve required on the net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount in reserve required on net time deposits, which was as follows:
May 17, $12,954,690: May 10, $12,924,090; May 3.812,965,520: Apr. 26, 813,004.250.
[VoL. 118.
THE CHRONICLE
2546
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositories
Total
Reserve.
Surplus
Reserve.
&SVCS
Required.
$
$
532.598,000 532,598.000 510,3E4.070 22,243,930
844,140
6,007,000 5,030.000 11,037,000 10.192,860
222,450
2,285,000 6,292,000 8,577,000 8,354,550
Members Federal
Reserve banks_
State banks.
Trust companies._ _
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
8,292,000 543,920,000 552,212,000 528,901,480
8,469,000 553,635,000 562,104,000 526,788,610
8,220,000 539,904.000 548.124,000 531,108,980
8,443,000 532,889,000 541,332,000 522,724.700
Total May
Total May i0.....
TotalMay
Total Apr. 26____
23,310,520
35,316,390
17,015,020
18.607.300
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
May 17,$12,840,300; May 10, $13.240,020: May 3, $12,752,610: Apr. 26. 813,133,190.
May 21
1924.
May 7
1924.
May 14
1924.
Changesfrom
protein wed.
$
$
$
$
Capital
57.400.000
Unchanged 57.400,000 57,400,000
Surplus and profits
81,128.000
Unchanged 81,128,000 81,109,000
Loans, disc'ts & investments- 834,157,000 Dec. 2,587.000 836,744,000 833,113,000
Individual deposits,incl. U.S.605,985,000 Dec. 929,000 606.894.000 605.879,000
Due to banks
124,827,000 Inc. 1,945,000 122,882,000 128,217,000
Time deposits
497.000 140,411.000 139,153,000
140,908,000 Inc.
United States deposits
8,097,000 Dec. 3,003.000 11,100,000 11,876,000
Exchangesfor Clearing House 26,993,000 Dec. 1.112,000 28,105,000 31,796,000
Due from other banks
69,215,000 Inc. 4,255,000 64,960,000 70,378,000
Reserve in Fed. Res. Bank
71,384,000 Inc.
426,000 70,958,000 71,983,000
Cash in bank and F.R. Bank 8,715,000 Inc.
18,000 8,697,000 8,816.000
Reserve excess in bank and
Ast Ann 1 !MR non 9 ean nnn
1.916.000 Inc.
Federal Reserve Bank
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 Clearingglouse as follows: return for the week ending May 17, 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
STATEMENT.
HOUSE
NEW YORK, NOT INCLUDED IN CLEARING
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Difference from to be kept with the Federal Reserve Bank. "Cash in vaults"
Previous Week. is not a part of legal reserve. For trust companies not memMay 17.
$853,965,700 Inc. 86,762,900 bers of the Federal Reserve System the reserve required is
Loans and investments
Dec.
22,200
3,904,100
Gold
21,262,700 Dec. 497,100 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
Deposits with Federal Reserve Bank of New York_ - 79,889,800 Inc. 7,070,800 depositaries" and "Cash in vaults."
904,971,600 Inc. 16,247,000
Total deposits
Deposits, eliminating amounts due from reserve depositories and from other banks and trust companies in N.Y.City,exchange and U.S.deposits- 851.408.800 Inc. 16,367,600
144,300,500 Inc. 7,477,900
Reserve on deposits
Percentage of reserve, 21.7%.
RESERVE.
-Trust CompaniesState Banks
172.885,500 15.81%
•832,171,100 15.89%
Cash in vault
27.409,900 5.94%
5.84%
11,834,000
Deposits in banks and trust cos
$44,005,100 21.73% $100,295,400 21.75%
Total
•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on May 17 was $79,889,800.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Wed EndedJan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
April 5
Alwil 12
April 19
April 26
May 3
May 10
Mav 17
Reserve in
Depositaries.
•Total Cash
in Vaults.
Loans and
Investments.
Demand
Deposits.
$
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
5,462,366,300
5,534,279,900
5,557,132,400
5.554,501,000
5,517,615,300
5,530,017,700
5,546,167,200
5,587,975,500
5,586,219,800
5.599.245.700
S
4,651,352,800
4,608,974,700
4,665,239,000
4.690,532,700
4,646,580,300
4,653,880,900
4,640.570,200
4,651,853,700
4,682,815,500
4,816,722,400
4,705,886,400
4,694,758,200
4,632,385.000
4,674,348,500
4,712,840,800
4,783,492,000
4,764,209,200
4.774.058.800
$
3
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
80,050,590
78.352.100
81,490.600
79,455,600
80,214,600
78,995,200
81,434.100
An 2ng gno
623,035,300
615,261,500
619,211,100
621,032,400
623,209,400
618,208.200
615,356,000
614,521.100
624,625,700
704,938.900
621,464.100
631,029,100
627,002.100
633,238,700
641,584,400
645,935.500
640.730.500
648.164.700
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:
Week ending May 17 1924.
Two Ciphers (00)
omitted.
Trust
Membersof
F.R.System Companies
Capital
Surplus and profits
Loans, dise'ts & Invesets_ _
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits (not incl.)_
Res've with legal deposit's..
Reserve with F. R.Bank_ _
Cash in vault*
Total reserve and cash held
Reserve required
Excess res. & cash in vault_
85,000.0
16.000,0
42,939,0
661,0
14,0
949.0
25,091,0
1,187,0
27,227,0
$39,875,0
110.161,0
719,900,0
32.312,0
107,202,0
121,094,0
540,364,0
62.688,0
724,146,0
3,619,0
55,118.0
9,229.0
64,347,0
56,873,0
7,474,0
1,221,0
4,840.0
3,863.0
977,0
Net
Capital.I Profits.
CLEARING
NON-MEMBERS
Nat. bks. Mar.31
Week Ending State bks. Mar.2i
May 17 1924. Tr. cos. Mar. 31
Loans,
Di,,counts,
Investmeets,
ctc.
Members of
Red'I Res've Bank
W. R. Grace & Co..
Average Average Average Average Average
$
$
$
$
$
8,98!
4,472
16
2,364
501
Total
State flanks
Not Members of
reel Res've Ban
Flank of Wash. Hts_
pelonial Bank
Total_
Trust Company
Not Member of
Fed'I Reeve Ban
dech.Tr.,BaYonn
Net
Net
Reserve
Cash
with Demand Time
in
Legal Deposits. Deposits.
Vault. Depositones.
$
500
$
1,639
.5''
1.631
8.98!
16
501
2,364
4,472
200
1,001
401
2,275
7,358
24,600
742
2,765
365
1,824
6,096
22,718
1,909
2,555
1,200
2,67.
31,958
3,507
2,189
28,814
4,364
50i
-
Total
429
429
8,943
358
,35•
2,806
84
2,806
5,859
49,8
-132
3,881
+III
2,77 a33,984
+388
+306
14,695
-577
2,200
2,200
2,200
4.746
4,742
4,742
4.742
50,022
49,604
49,246
49.721
3,770
3,726
3,824
3.837
2.468
2,300
2,288
2.401
a33.596
a33,369
a33,007
s23.671
15,272
15,378
15,432
15.667
9 911/1
344,875,0
126.161,0
766,718,0
29,348,0
102,254,0
122.446,0
558,884,0
64,210,0
745,540,0
21.210,0
3,788,0
56,327,0
10,483,0
70,598.0
60,516,0
10,082,0
844,875,0
126,121,0
750,442,0
32,223,0
102,919,0
121,168.0
551,804,0
65,954,0
738,916.0
22,133.0
3,972,0
56,230,0
10,653,0
70,855,0
59,594,0
11,261,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business May 21 1924 in
comparison with the previous week and the corresponding
date last year:
May 21 1924. May 14 1924. May 23 1923.
s
$
Resources-$
635,475,000
Gold with Federal Reserve agent
1,956,000
Gold redemp.fund with U.S. Treasury_
635,527,000
3,690,000
637,891,000
8,405,000
Geld held exclusively agst.F.R.notes- 637,431,000 639,217,000
Gold settlement fund with P.R. Board-- 171,569,000 152,713,000
Gold and gold certificates held by bank__ 184.550,000 183,844.000
645,295,000
225,554,000
180,082,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
993,550,000
23,905,000
975,774,000 1,051,932,000
18,742,000
23,994,000
1,017,455,000
11,539,000
999,768,000 1,070,674,000
12,243,900
10,385,000
40,992,000
14,542,000
41,608,000
14,138,000
133,017,000
30,300,000
55,534,000
6,421,000
55,746,000
8,415,000
163,317,000
73,552,000
1,202,000
54,741,000
16,742,000
1,202,000
54,695,000
16,742,000
1,149,000
4,392,000
20,609,000
72,639,000
26,150,000
72,685,000
Total earning assets
Uncollected Items
Bank premiums
All other resources
134,640.000
135,968,000
14,699.000
5,795,000
136,800,000 253,019,000
162,740,000 128,945,000
12,062,000
14,697.000
1,558,000
5,740,001)
1 320,096.000 1,331,988,000 1,486,644,000
Totalresources
Liabilities344,294,000
Fed. Res. notes in actual circulation
Deposits-Member bank, reserve steel- 750,180,000
Government
2,556,000
Other deposits
14,486,000
347,312,000
740,260,000
4,058,000
14,982,000
M:7'
2:,geg
875,000
19,768,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
759,300,000
133,326,000
29,939,000
59,929.000
2,182,000
728,269,000
105,667,000
29,169,000
59,800,000
3,863,000
767,222,000
116,630,000
29.914,600
59,929,000
2,107,000
1,000
1,320,096,000 1,331,988,000 1,486,64,
Totalliabilittes
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined__ -Contingent liability on bills purchased
for foreign correspondents
•Includes Victory notes.
CURRENT
4,746
•United States deposits deducted, $36,000
Bills payable, redLseounts, acceptances and other liabilities, $261,000
Excess reserve, $371,770 increase.
May 3
1924.
91.5%
90.3%
83.1%
11,610,000
7,529,000
7,848,000
5,859
84
,
2,2
;rand aggregate_ _ _
.lomparison with p ev. week
led am., May 1
led aggr.. May 3
led egg'', Apr. 26)
....... --- ..- s
244,875,0
126,161,0
762,839,0
32,973.0
107,216,0
122,043,0
565,455,0
63,875,0
751,373,0
13,617,0
3.619,0
55,118,0
10,450.0
69,187,0
60.736,0
8,451,0
May 10
1924.
* Cash in vault not counted as reserve for Federal Reserve members.
Total U.S. Government securities
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers MOM omitted.)
1924.
Total.
NOTICES.
-The 1923 separate passenger traffic-records and earnings statements of
the divisional companies, composing the Elevated System of the Chicago
Rapid Transit Co., are reported in the annual bulletin recently issued by
Wm. Hughes Clarke, Chicago. and indicate substantial gains over previous
years for each company. These statistics present a valuable reference and
may be the last to be ever published as the new Chicago Rapid Transit
Co. hereafter will likely issue only consolidated reports. Copies will be
furnished on request.
MAY 24 1924.]
THE CHRONICLE
2547
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 22, 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
creek appears on page 2509, 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 21 1924.
May 21 1924. Afay,14 1924. May 7 1924. Apr. 30 1924. April 23 1924 Apr. 16 1924. April 9 1924. April 2 1924. May 23 1923.
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Tress_
$
$
113,340,000 2,135,212,000 2,110,776.000 2,088.317,000 2,047,470.000 1,997,364,000 1,984,054,000 1,974,624.000 1,993,724,000
36,216,000
35.911.000
39,755,000
50,801,000
55,971,000
53,379,000
56.715,0001 57,223.000
50,533,000
Gold held exclusively egst. F.R.notee 2,149,556,000 2,171,123,000 2,150,531,000 2.139,118.000 2,103.441,000 2,054,079,00012,041,277.000 2,025,157,000 2,047,103,000
00111 settlement fund with F. It. Board_ 595,676,000 578,914,000 601,766,000 610,370,000 623,182,000 671,222,000 672,888,000 709.581,000 698,872,000
Gold and gold certificates held by banks 392,934,000 388,439,000 377,309,000 370,701,000 387,267,000 379.585,000 389,281.000 357.029,000 347,320,000
Total gold reserves
Reserves other than gold
3,138,166,000 3,138,476,000 3,129,606,000 3,120,389,000 3,113,890,000 3,104,886,000 3,103,448,000 3,091,767.000 3,093,295,000
101,819,000 102,810,000 102,502,000 102,220,000 100,937,000 100,404,000
94,488,000
97,975,000
99,564,000
Total reserves
Ron-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,239,985,000 3,241,286,000 3,232,103,000 3,222,609.000 3,214,827.000 3,205.290.0003.201,421,000 3,191,331,000 3,187,783,000
51,135,000
52,177,000
51,243,000
49,811,000
51,624,000
68,731,000
48,750,000
49,351,000
46,599,000
149,669,000
264,946.000
155,536,000
255,645,000
167,556.000
272,729,000
161,164,000
286,021,000
187,914,000
284,929,000
190,419,000
279,151,000
228,280,000
301,279,000
239.063,000
290,597,000
366,803,000
333.510.000
Total bills discounted
Bills bought In open market
U. El. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
414,615,000
55,692,000
411,181,000
75,361,000
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
529,660,000
213.772,000
700,313.000
270,850,000
19,522,000
241,688,000
63,431,000
18,463,000
241,721.000
62.980,000
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
27,180,000
123,710,000
56,069.000
Total U. El Govt. securities
All other earning assets
324,641,000
551,000
323,164,000
551,000
310,882,0110
51,000
301,660,000
51,000
274,295.000
51,000
266,687,000
51,000
268,903.000
51,000
264,855.000
51,000
206,959,000
55,000
Total earning assets
1% redemp.fund agst. FR.bank notes
Unoollected Items
Bank premises
All other resources
795,499,000
28.000
598,587.000
56.679,000
24,568,000
810,257,000
28,000
673,130,000
56,687.000
24,813,000
838,505,000
28,000
566,511,000
56,540,000
23,730,000
873,381,000
28,000
536,350,000
56,494,000
22,530,000
887,613.000
28,000
611,729,000
56,480,000
22,114,000
912,968,000
28.000
713,559,000
56,164,000
21,802,000
996,119,000 1,008,338,000 1,178,177,000
191,000
28.000
28,000
577.583,000 586,085,000 615,373.000
50,932,000
55,985.000
55,876.000
22.420,000
14,372.000
21,398.000
4,766,481,000 4,858,378.000 4,768,665,000 4,811,203,000 4,844,415,000 4.958,561,000 4,902,907,000
Total resources
4.909,655,000 5,115,559,000
LIABILITIES.
1,836,429,000 1,011,875.000 1,927,027,000 1,926,013.000 1,940,821,000 1,966,349.000 1,981,638,000
F. It. notes in actual circulation
1,987.262.000 2,227,700,000
322,000
332,000
U. It. bank notes In circulation-net _ _
338,000
343,000
350,000
356,000
365,000
1,653,000
374,000
Deposits1,941,285,000 1,939,598,000 1,053,532,000 1,944,952,000 1,935,113,000 1,940,810.000 1,934,999.000 1,933,113.000 1,930,519,000
Member banks-reserve account
19,053,000
Government
30,375,000
18,381,000
32,503.000
44,567,000, 49,711,000
98,841.000 109.838,000
6,338,000
24,996,000
Other deposits
24,961,000
22,439,000
27,926,000
21,176,0001 21,064,000
21,227,000
49,429,000
19,413,000
1,985,334,000 1,994,934,000 1,994,352,000 2,005,381,000 2,000,856,000 2,011,585.000 2,055,067,000
Total deposits
1,986,286,000
547,313,000 604,329,000 500,211,000 533,466,000 556,051,000 634,333,000 519,305.000 2,062,364,000
Deferred availability items
513,483,000
111.378,000 111,369,000 111,231,000 110,927,000 110,865,000, 110,869,000 110.837,000 110,859,000 554,650,000
Capital paid in
109,278,000
220,915,000 220,915,000 220,915,000 220,915,000 220,915.00W 220,915,000 220,915,000 220.915,000
Parplus
218,369,000
14,790,000
14,624,000
All other liabilities
14,591,000
14,158.000
14,557,0001 14,154,000
14,780,o0O
17,623,000
14,418,000
Total liabilities
4.766,481,0004,858.378.000 4,768,665.000 4,811,203,000 4,844,415,000'4,958,561.000 4.902,907,00014,909.655,000 5,115,559,000
Ratio of gold reserves to deposit and
81.1%
F. It. note liabilities combined
80.3%
79.8%
79.4%
79.0%
78.1%
76.9%
76.3%
73.4%
Ratio of total reserves to deposit and
F. It. note liabilities combined
83.7%
83.0%
82.4%
82.0%
81.6%
80.6%
79.3%
78.8%
75.6%
liability
on
bills purchased
Contingent
39,910,000
for foreign correspondents
25,763,000
21.388,000
20,505.000
17,276,000
17.343,000
14,002,000
28,766,000
11.230.000
!Attribution by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 clays U. S. certif. of indebtedness
1-15 days =Melon' warrants
10-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
01-60 days bills bought in open market_
81-60 days bills discounted
01-60 days U. S. certif. of Indebtedness
81-60 clays municipal warrants
61-90 days bills bought in open market.
61-90 days bills discounted
01-90 days U.S.. certif. of Indebtedness_
01-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 00 days certif. of indebtedness
Over 90 days municipal warrants
29,892,000
213,700,000
36,178,000
224,458,000
37,309,000
240,328,000
63,564,000
245.805,000
69,400,000
274,219,000
90,964,000
282,473,000
97,253,000
332.846,000
1,125,000
107,651,000
328,040,000
1,040,000
86,329,000
472,296,000
22,129,000
11,331,000
46,365,000
14,055,000
22,003,000
43,632,000
24,895,000
45,882,000
24,120.000
40,070.000
205,000
29.108,000
44,686,000
35,261,000
44,925,000
42,871,000
49,386,000
39,321,000
46,807,000
65,035,000
58,737,000
2,151,000
11,481,000
71,417,000
13,465,000
67,281,000
13,247,000
51,000
3,448,000
37,290,000
943,000
19,685,000
72.862,000
12,059,000
51,000
5,098,000
41,369,000
943,000
29,141.000
79,690,000
11,822.000
32.750,000
71,919.000
9,339,000
37,659,000
63.410,000
42,177,000
68,009,000
44,359,000
69,120,000
83,348,000
83,542,000
8,806,000
49,451,000
267,000
38,520,000
48,790,000
300,000
36,844,000
47,436,000
7,228.000
46,979,000
943,000
51,000
432,000
34,641,000
47.650,000
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
1,551,000
27.311,000
51,328.000
51,000
2,720,000
41,651,000
263,000
41,482,000
49,376,000
51,000
360,000
32,588,000
44,906,000
40,000
27,444,000
46,941,000
15,008
8,694,000
38,797,000
31,789.000
Federal Reserve NotesOutstanding
Held by banks
-1,396,475,000 2,419,055,000 2,440,306,000 2,444,073,000 2,438,680.000
2,607,238,000
510,046,000 507,180,000 513,279,000 518,060,000 497.859,000 2,445,344,000 2,467.323.000 2,473,160,000 379,538,000
478,995,000 485.685,000 485,898,000
In actual circulation
1,886,429,000 1,911,875,000 1,927,027,000 1,926,013,000 3,390,352,000
1,966.349,000 1,981,638,000 1,987,262,000 2,227,700,000
Amount chargeable to Fed. Res. Agent 3,354,727,000 3,358,102,000 3.371,658,000 3,379,820,000 3.390,352.000
3,448,275,000
In hands of Federal Reserve Agent
953,252,000 939,047,000 931,352,000 935,747,000 951,672.000 3,409,911.000 3,426,670,000 3,443,762,000
964,567,000 959,347,000 075,602,000 841,037,000
Issued to Federal Reserve Banks
2,393,475,000 2,419,055,000 2,440,306,000 2,444,073,000
2,438.680.0002,445,344.000 2,467.323.000 2,473,160,000 2,607,238,000
Note SecuredBy gold and gold certificates
335,864.000 335,864,00
-6 335,864,000 335,864.000 331.939,000
By eligible paper
283,135,000 283,843,000 329,530,000 355,756.000 391,210,000 329,729,000 329,729,000 329,729,000 314,899,000
Gold redemption fund
118,743,000 112,704,000 114,397.000 123,869,000 112,153,000 447,980.000 483,269,000 498,536,000 613,514,000
1,658,733,000 1,686,644,000 1,660,515,000 1,628,584,000 1,603,378,000 116,157,000 124,769,000 113,724,000 123,318,000
With Federal Reserve Board
1,551,478,000 1,529,556,000 1,531,171.000 1,555,507,000
Total
2,398.475,000 2,410,055,000 2.440.306.000 2.444,073.000 2,438.680,000
2.445.344,000 2,467,323,000 2,473,160,000 2,607,238,000
Eligible paper delivered to F. It. Agent
448,984.000 469,253.000 508.220.000 546.031.000 591,602.000
620.781.000 706 845.000 714,190,000 929,895,000
•Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS MAY 21 1924
Two cipher.(00) mita&
Boston. New York. Phila. Cleveland Richmond Atlanta, Chicago.
Federal Reserve Bank ofSt. Louis, Minneap. Kan, City Dallas. San Fran.
Total.
RESOURCES.
S
S
$
$
$
$
S
S
S
$
S
$
agents
202,105,0 635,475,0 190,096,0 202,639.0 35,786.0
$
0014 with Federal Reserve
116,143,0 280,044.0 64.384,0
2,113,340.0
1.956,0 7,709,0
Gold rod'n fund with U.S.Treas. 7,215,0
871,0 2,969,0 2,940,0 2,443,0 3,210,0 60,888,0 57,430,0 38.329,0 229,831,0
36,210,0
778,0 2,832,0 1,270,0 2,023,0
(ma held excl. agst.F.R. notes 209,410,0 637,431.0 197,805,0 203,510,0 38,755,0 119,083,0 282,487,0 67,594,0
Gold settle't fund with F. R B'rd 56,052.0 171.569,0 27,911,0 81,565,0 32.198,0 9,099,0 118,831,0 22.429,0 61,666,0 60,312,0 39,599,0 231,904,0 2,149,556.0
Gold 3,gold certifs. held by banks 19,155,0 184,550,0 34,581.0 18,391.0 7.004,0 7,476,0 63,359,0 7,036,0 4,544,0 30,282.0 8,025,0 32,211.0 595,676,0
9,605.0 3,910.0 6.863,0 30,104,0 392,934.0
----285,527,0 993.550,0 260,297,0 303,466,0 77,957,0 135,658,0 464,727,0
Total gold reserves
11,233,0
23,905,0 3,058,0 5,594,0 4,722,0 10,931,0 12,344,0 97.959,0 75,815,0 94,504,0 54,487,0 294,219.0 3,138.166,0
Reserves other than gold
13.776,0 1,433,0 4,404,0 6,699,0 3,720,0 101,819,0
290,760,0 1.017.455,0 263.355,0 309,060,0 82,679,0 146,589,0 477.071,0
-Total reserves
11,539,0 1,818,0 3,635,0 2,854,0 4.800,0 7,960,0 111,735,0 77,248,0 98,908,0 61,186,0 297,939,0 3,239,985,0
4,005,0
Ron-reserve cash
4,112,0
953,0 2,749,0 3,313,0 3,397.0
51,135,0
Bills discounted:
40,992,0 21.757,0 22.105.0 13,514.0 8,308,0 13.707,0
Sec. by U.S. Govt. obligations 8,590,0
6,647.0 2,021,0 2,192,0 2,123,0 7,713,0 149.669,0
7.721 0
14.512.0 9,577.0 19,198,0 40,540,0 36,903,0 37,754,0 18.459,0
Other bills discounted
14,896,0 21,532,0 12,346,0 31.478,0 264.946.0
55,534,0 31,334,0 41,303,0 54,054,0 45,211,0 51,461.0
16,311,0
Total bills discounted
6.421,0 4,837,0 8.096,0 1,680,0 5.239,0 9,777,0 25,106,0 16,917,0 23,724,0 14,469,0 39,191,0 414.615,0
4,849,0
Bills bought in open market
2,723,0 1,344,0 1,699,0 2,498,0 6,029,0
55,692,0
r.8 Government securities:
1,202,0
Bonds
549,0
542,0
916,0 1.191,0
54,0 4,426,0
8,348,0
508,0 1.780.0
6,0
19.522,0
54,741,0
25,561,0 28,783,0 2,961,0
Treasury notes
20,031,0
34,897.0 5,136,0 9,948,0 14,961,0 17.037,0 27,632.0 241,688,0
16,742,0 2,420.0 7.976,0
5,198,0
Certificates of Indebtedness._
973,0
10,153,0 1.830,0 4,720,0 4.410,0 3,371,0 5,640,0
63,431,0
-- ------Total U.S.00,1. necurities_ _ _ 25,769,0
72,685,0 28,530,0 37.675,0 5.125,0
54.0 49.476.0 6.96R n 9S IN": n to 570 n 99 525 n 99 9Q fl .19A ftell n
[Vol,. 118.
THF, CHRONICLE
2548
REBOURCEB(Concluded)Two ciphers(00) orsittsd.
Total.
Boston. New York. PhUa. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. Ran Fran.
$
$
Ali other earning wets
46,929,0
To:stem:gag assets
5% redemptionfund-P.R.bank
notes
52,776,0
Uncollected items
4,312,0
Bank premises
85,0
All other resources
$
551,0
$
S
$
$
S
$
$
551,0
$
$
$
134,840,0 65,252,0 87,074,0 60,859,0 50,504,0 110,714,0 34,795.0 41,777,0 45,302,0 39,155,0 78,498,0
795,499,0
28,0
135,968,0 57,090,0 61,170,0 51,744.0 25,344,0 77,603,0 32,702.0 12,091.0 31,871,0 22,009,0 38,219,0
14,899,0 1,113,0 9,117,0 2,528,0 2,718.0 8,264,0 1,887,0 2.899,0 4,595,0 1,912,0 2,835,0
220,0 5,535,0 1.085,0 4,803,0 4,120,0
431.0
5,795,0
349,0
341.0 1.882,0
336,0
28,0
593,537,0
56,679,0
24,588,0
404,867,0 1,320,098,0 388,977,0 470,392,0 201,005,0 231,637,0 682,043,0 185,451,0 140.303,0 184,490,0 132,206,0 425,014,0 4,766,481,0
Total resources
LIABILITIES.
P.R.notes in actual circulation 201,234,0 344,294,0 188,330,0 214,772,0 74,412,0 140,437,0 275,478,0 64,975,0 70,304,0 63,293,0 43,660,0 207,235,0 1,888,429,0
F. R.Bank notes in circulation322,0
322,0
net liability
Deposits:
Member bank-reserve acc't 126,077,0 750.130,0 119,039.0 162,098,0 59,489,0 55,371,0 288,034.0 70,159,0 44,038,0 72,218,0 49,203,0 145,379,0 1,941,285,0
19,053,0
519.0 2,533,0 1,345,0 2,064,0 1,204,0 2,583,0
519.0 1,334,0
2,556,0 1,124,0 1,357.0
1.360,0
Government
24,996,0
329,0
247,0
263,0
203,0 6,524,0
167,0 1,404,0
87,0
14,486,0
235,0
925,0
121,0
Other deposits
----.
127,558,0 767.222.0 120.393.0 164,380,0 60,095.0 57,422,0 289,957,0 73,026.0 45,630,0 74,550,0 50,610,0 154,486,0 1,985,334.0
Total deposits
51,313,0 118,830,0 01.444.0 53,578,0 47,888,0 18,687,0 89,416.0 31,597,0 12368.0 31,980,0 24,200,0 38,446.0 547,313.0
Deferred availability items
29,914.0 10,199.0 12,645,0 5,838,0 4079,0 15,172,0 5,073,0 3,416,0 4,429,0 4,162,0 7,995,0 111,378,0
7,956.0
Capital paid in
59,929.0 19,927,0 23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484.0 9,496,0 7,577,0 15,301,0 220,915,0
16,390,0
9urplus
14,790,0
708,0 1.301,0
737.0 1,889,0 1,551,0
2,107,0
679,0 1,326,0 1,120,0 1,582,0 1,594,0
418,0
&II other liabilities
404,887,0 1,320,098,0 388,977,0 470,392,0 201,005,0 231,637,0 682,043,0 185,451,0 140,303.0 184,490,0 132,206,0 425,014,0 4,766,481.0
Total liabilities
Memoranda.
deposit
to
Ratio of total reserves
and F. It. note liabilities com83.7
82.4
81.0
64.9
66.6
34.4
71.8
74.1
61.5
81.5
85.9
90.3
91.5
bined. per cent
.1lontingent liability on bills pur20_010.
11.01(10 1.8720 4 07n n 22711.0 1.756.0 5.947.0 1.956.0 1.437.0 1 R25 0 1 11170 2 0240
chased for foreign corresoond'ts
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MAY 21 1924
Boston. New York Phila.
Federal Reserre Agent at-
Cleve. litchm'd Atlanta Chicago. St. L. Minn. K.City. Dallas. San Fr.
s
s
$
$
$
(In Thousands of Dollars)
$
Resources
106,250 255,060 47,760 55,370 39,895 75,327
Federal Reserve notes on hand
220,232 646,662 219,144 241,482 84,790 150,595
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
2,400
35,300 238,531 14,000 8,780
Gold and gold certificates
30,944 12,207 13,859 1,491 4,743
18,895
Gold redemption fund
109,000
34,295
180,000
163,889
148,000 366,000
Gold Fund-Federal Reserve Board
11,187 29,048 38,843 49.004 34,452
18,037
Eligible paper/Amount required
373 10,529 6,337 15,409
41,193
3,123
(Excess amount held
549,837 1,589,577 486.421 548,863 215,812 391,926
Total
LiabilitiesNet amount of Federal Reserve notes received from
326,482 901,722 266,904 296,352 124,685 225,922
Comptroller of the Currency
202,195 635,475 190,096 202,639 35,786 116,143
Collateral received from/Gold
52,380 29,421 49.372 55.341 49,861
21,160
Federal Reserve Bank/Eligible paper
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
$
Total.
$
$
$
$
$
$
206,280 26.100 20.810 28.693 21,447 75,260 958,252
299.097 77,544 76,149 74,804 53,511 252,465 2,396,475
9,985 13,052
--_ 13,816
-- -- 335,864
6,400 3,899 2,836 4,120 3,013 16,336 118,743
273,644 50.500 45,000 53,360 21,800213,545 1,658,733
19,053 13,160 15,261 17,324 15,182 22,584 283,135
41,726 13,314 3,010 7,752 2,141 20,942 165,849
846,200 194,502 176,118 186,053 130,610 601,132 5,917,051
505,377 103,644 96,959 103,407 74,958 327,725 3,354,727
280,044 64.384 60,888 57,480 38,329 229,881 2,113,340
60,779 26,474 18,271 25,076 17,323 43,526 448,984
549,837 1,589,577 486,421 548,363 215,812 391,926
846,200 194,602 176,118 188,053 130,810 601,132 5,917,051
220,232
18,998
646,662 219.144 241,482 84,790 150,595
302,368 32,814 26,710 10,378 10,158
299,097 77,544 76,149 74,804 53,511 252,485 2,396.475
23,619 12,569 5,845 11,506 9,851 45,230 510,046
201 224
244 204 136.330 214.772 74.412 140.437
275.478 84.975 70.304 53.208 43.550 207 225 1 RRR 429
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 751 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2509.
1. Data for all reporting member banks in each Federal Reserve District at close of business May 14 1924.
F64431111 Reserve District.
Boston
New York
Phila.
Cleve.
Richm'd
76
Atlanta
36
Chicago
104
St. Louis
34
Three ciphers (000) omitted.
Mnpls. Nan. My
25
72
79
109
55
$
5,963
2,801
9,199
32,830
8,019
8.343
22,510
10.814
93,295
11,002
85,732
35,979
69,864 609.069 147.231
239.706 1,628,517 278,582 418,091 121,632
602,280 2,547,969 361.771 722,495 337,842 347,420 1,171,640 312,642 189,579 320,892
-852,800 4,269.781 651,355 1,163,096 467,867 425,303 1,813,539 469,072 228,359 412,587
Total loans and discounts
12,091
9,288
14,310
23,834
14,748
29,032
13,619
47,202
51,201
U.S. pre-war bonds
10,675
37.883
13,462
22.361
12,818 114,027
29,132
79,028 545,885
U.S. Liberty bonds
46,785 115,113
1,984
480
4,378
11,706
707
2.017
4,239
2,574
U.S.Treasury bonds
25,616
2,330
15,830
29.190
14,111
4,603 118.161
5,740
17,426 347,183
45,806
U.S.Treasury notes
31,280
1,555
3,205
22,436
3,313
2,822
990
4,334
6,959
25,696
6.282
U.B. Certificates of Indebtedness
24,946
56,074
92,049
42.781 347,756
51,958
182,913 909,098 203,767 311.030
Other bonds,stocks and securities
-Total loans Ac disc'ts & investmls 1,156.985 8,174.440 952,474 1,689,155 586,736 503,580 2,451,459 620,094 308,930 537,584
46,363
21,255
41.089
34,483 213,415
36,935
85,818 670.003
69,694 108,491
Reserve balance with F. R. bank
8,043
12,455
10,948
54,918
7,676
13,408
19,083
30,438
30,361
15,060
Cash in vault
192,386
1,570,797
358,781
278,622
398,787
326,880
811,734
5,010,290 683,239 902.273
Net demand deposits
82,748 132,295
289,496 954.948 131,737 644,922 185,370 183,051 825,490 201,493
Time deposits
25,465
3,125
4,222
4,947
5,717
6,558
11,289
24,567
50,554
22,725
Government deposits
Bills Payable and rediscounts with
Federal Reserve Bank:
6,974
3,416
950
1,470
1.600
6,909
1,670
11,942
28,180
5,092
Secured by U.S. Govt. obliga'ns2,578
8,913
4,656
12,561
8,822
22,383
1,872
11,737
6.019
4,627
All other
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts_
43
Dallas
51
Ban Fran.
67
Total
751
219,415
3,543
11,096
60,767 192,991 3,888,211
200,204 832,758 7,947,492
264,514 1,036,845 12,055,118
25,944
271,501
19,059
12,941 108,226 1,137,441
13,905
71,088
1,152
14,419
36,190
679,719
93,388
4,688
11,308
13,230 183,360 2,398,962
330,003 1,395,778 16,707,217
98,474 1,449,481
23,461
283,893
9,409
22,0913
220,167 736,119 11,495,555
85.265 808.870 4,303.735
183,116
17,367
6,580
650
4,524
7,815
13,081
76,668
101,751
3. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City
Three ciphers (000) milled.
City of Chicago. AU F. R. Bank Cities. F. R. Branch Cities.Other Selected Clan.
May 14. May 7. May 14. May 7.
May 14.
Total.
May 14. May 7. May 14. May 7. May 14'24May 7'24. May 16'23
773
752
193
751
255
298
198
29!
$
3
$
$
$
S
$
$
270.982
210,577
38,491
142,513
36.702 30,97
31,362 219,415
2,751,347 644,171 648,680 534.533 539,302 3,888,211 3,939,329 3,823.598
4,893,262 1,652,5941,644,1441.336,07!1,387,334 7,947,492 7.924,740 7.843.197
_.
May 7.
25,
67
48
87
48
$
$
3
$
$
151,945
86,371
75,727 24,81
25,828
1,417,841 1,448,782 451.127 480,971 2,709,507
2.232,8652,226,436 871,877 669,035 4,908,819
--3,737.0773,750,9451,147,6231,155,334 7,770,271 7,787.1222,333,2582,329,5201.951.5911.957,998 12,0511,11812.074.846 11.937,777
Total loans and discounts
271,427280,958
90.730 75.06975,009 105.636 105,628 271,501
90,796
39,6461 39,637
4,195
4,196
U.S. pre-war bonds
483,9811 471,289 53,246 52,892 717,729 697,966 249,087 247,446 170,625 187,884 1,137,441 1,113,096 1,019,468
U. S. Liberty bonds
97,551
71,812
71,038
16,512
18,175
16,532
37,055
17,092
36,334
18,3821 13,843
4,707
4,707
U.S.Treasury bonds
685,746 *1,022,980
879,71
82,810 65,877
323,281 324,388 79,952 77,245 498,719 498,489 120,390 121,581
U. S. Treasury notes
138,372
98,835
93,388
20,578
9,82!
64,526
24,480
9,715
63,095
24.7341
Indebtedness
24,788 13.204
13,434
U.S. certificates of
689.1581 645,317 166,113 163,445 1,331,503 1,280,288 618,508 615,241 450.951 452,77: 2,398,962 2,348,295 2,138,343
Other bonds, stocks and securities
- 2,777,76916,707,217 16,683,857 16,835,449
Total loans & discla & hivest'ts- 5,318,25 5.275,507 1.489.041 1 476 802 10,506,99 10,456,1583.431,4u'3,429,9322,768 821 169,462 1,449,481 1,459,466 1,426,167
811,6
899
'
816,823 148,013'
0
1. 28,724 1,044,642 245,853 245,362 174
145,293
Reserve balance with F. R. Bank
273,080
283,893 285,141
83,83.
139,943
80,484
83,84.
81,583
139,584
84,320
85,482 27,605 27,865
Cash in vault
11,220,374
4.482.37414,417,243 1,060,284 1,048,881 7,894.802 7,803,8271,943,5861,924,26 1,657,167 1,650,71, 11,495,55. 11,378,807
Net demand deposits
4,303,735 4,300,815 3,986,448
922,884
2,091,6751,288,986
2,092,044
653,7791
922,705
1.288,056
853,927
378.331
378,798
Timedeposits
183,118 204,182 418,308
18,551
130,133 50,841
57,478 14,878
44,848
117,39
49,707
12,345
Government deposits
11,114
Bills payable and rediscounts with
F. R. Bank:
90,479 257,187
78,888
18,479
21,307
45,301
30,227
25.134 26,69
16,875 28,050
10,418
2,115
Secured by U.S. Govt.obligati°
117,583 187,862
41,699 101,751
43,271
29,113 32,813 40,854
31,984
2,922
3,155
2,842
6,006
All other
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
1.2
1.1
2.7
2.2
2.2
0.:
1.6
1.7
0.6
1_1
0.6
01
0.4
een investments. ner Cent
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt.obligati°
Secured by stocks and bonds
All other loans and discount8
•Includes Victory notes.
MAY 24 1924.]
THE CHRONICLE
Cankers'
TRANSACTIONS AT THE NEW YORK STOCK =CHANGE
DAILY. WEEKLY AND YEARLY.
azeitt.
Wall Street, Friday Night, May 23 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2540.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Wed ending May 23.
Sales
for
Week.
Par.
Range for Week.
Lowest.
$ per share.
Range Since Jar.. 1.
Highest.
Lowest.
Highest.
per share. $ per share.t per share.
Railroads.
Central RR of NJ.._100 lii 04 May 21 204 May
C CC &StLouls___100 400 110 May 21 113 May
CStPM&Om
100 600 3334May 20 3534May
Colo & Sou 1st pref _ _100 200 5234May 19 5334MaY
_100 1,00 leasimay 21 106 May
Illinois Central pref.
IntRys of CentAm pf 100 100 4434May 20 44%May
Lehigh Valley rights_ _ _ _ 7,800 2834May 20 2934May
50 300 142%May 19 143 May
N Y & Harlem
3,400 2034May 20 2234May
Reading rights
21 199
22 100
19 29
19 50
20 104
20 44%
17 25%
19 137
22 153.(
Ma 212
Ap 114
Jan 37
Jo 53%
M 110
May 45%
Ap 33%
Apr 143
Ma 23%
'Jan
Jan
Feb
May
Jan
Apr
Feb
May
May
Indus. & Miscall.
No numay 21 3634May 21 25 Jan 43 Jan
Am Republics
-131525 2lioadaY21 371sMaY 23 ThalaY 3,1s may
Am Tel & Tel rights
• 100 50 May 23 50 May 23 47
Atlas Powder
Ap 8434 Feb
100 100 8534May 23 85%May 23 8234 Feb 857
Preferred
% Mar
Am Metal tern elf pf..100 100 10934May 17 109%May 17,10734 Ap 11334 Feb
pref
100
100 101%May 17 101%May 17 98
Am Rolling Mill
Feb
Jan 104
100
%May 23
Assets Realization_-AO
%May 23
X Mar
34 Jan
Assoc Dry G'ds 2d p1100 100 92 May 17 92 May 17 89
Jan 95
Feb
First preferred--_ -100 300 8334May 22 833438ay 22 8334 May 8834 Jan
AU Fruit CoITCo elf dep 300 134May 19 134May 2
134 Jan 234 Feb
Blumenthal, prat- _100 100 8134May 17 8134May 1 80
Jan
Apr 93
10 May 17 1034May 22 834 May 1534 Jan
Brit Empire St 2d pf _100
Bklyn Edison,rights. _ _ 2.993 29(May 19 334May 2
234 May 334 may
Brown Shoe prof. _ -100
100 89 may 23 89 May 23 89 May 92
Jan
Bush Term Bldg pf _ _100 400 91%May 20 9434May 2 8834 Jo 9434 may
25 900 1334May 19 15 May 22 1334 May lau Jan
Calumet & Hecla
1
Carson 11111 Gold
200 1 May 17 I May 17 1
M
334 Jan
Certain-Teed Prod_ _ _• 20 2634May 22 2634May 22 2534 Apr 3834 Jan
-100
17 105 May 19 105 May 19 105 Ma 105 May
Col Fuel & Iron pref.
* 311 3134May 21 3134May 22 3034 May 33
Com Invest Trust
Apr
1,011 734May 21 834May 19 734 May 1234 Feb
Conley Tin Foil
Cont Can Inc pref-- -100 2 108 May 19 108 May 1910434 Jan 10834 Jan
Corn Products Ref pf 100 3ti 1183438ay 17 119%May 21 11534 Ap 12034 Jan
Cosden& Co Pref --100 4
8834May 19 89 May 22 8834 Mal 95
Feb
Deere&Copref
100 100 6134May 19 6134May 19 6134 Ma:, 76
Jan
Detroit Edison rights_ _ _ 7,002
%May 17
%May 17
li May
Apr
14
Dupont deben 6 _ _ _100 20 87 May 20 87 May 20 85
Ap 88
Apr
Duquesne Lt 1st pt. _100 300 103 May 22 10334May 23 102
Ma 10634 Jan
Fisk Rubber let pref.100 700 443(May 23 46 May 19 4434 Mal 65
Jan
GenAm TkCar7% p1100
100 94%May 21 94XMay.21 92
Feb 96
Mar
Gen Baking Co
100 9434May 21 9434May 21 93
Jan 10
Feb
General Refractories_ * 700 43 May 17 44 May 19 43 May 55
Jan
Great Western Sugar_28 100 9035May 17 9034May 17 8934 Ap 9634 Feb
Preferred
100 100 10634May 20106%may 2 105
Ap 10834 Jan
Hydraulic Steel pref _100 200 4 May 21 4 May 21 334 May 7
Jan
Ingersoll Rand prof. 100
10 106 May 20 108 May 20 102
Ma 106 May
Inland Steel pref w I..
100 102%May 22 102%May 2210134 Jan 10334 Feb
lot Agricultural new._ _*
380 334May 21 334May 21 334 Apr 934 Jan
Prior Dreferred_ _..100 160 40 May 22 40 May 22 40 May 40 May
Internat Shoe
• 200 743jMay 23 75 May 23 73
Apr 7834 Jan
Internat Shoe prof _ _100 100 11534May 20 115%May 2011534 Mal 11734
Apr
Kansas & Gulf
10 300
%May 23
%May 22
li May 1
Jan
Kresge(SS)Co pref-100 100 11434May 17 114%May 1711234 Mal 11434 May
Lorillard pref
100 200 11434May 21 11434May 2011434 Mal, 117
Feb
Manati Sugar pref. _ _100 100 82%/day 23 8234May 23 82
Jan 87
Mar
Met Edison prof
100
100 9134May 23 91 %Nlay 23 sou Apr 9334 Mar
Midland Steel Pr pf _ _100
100 7434May 23 7434May 23 73
Apr 75
Apr
Montana Power pref _100 100 105 May 23 105 May 23 10434 Feb 108
Apr
Nash Motors Co pref.. _ _
ill asumay 20 9834May 20 9834 Ma 10034 Jan
Nat Cloak & Suit pref100 100 9334May 22 9334May 22 9134 Mar 97
Jan
Nat Dept Stores pref 100 100 9334May 19 9334May 19 93
Apr 98
Feb
Niagara Falls Power_100 100 46 May 22 46 May 22 46 May 47 May
Ohio Fuel Supply
25 400 32 May 23 3234May 23 3134 AP 33
Jan
Otis Steel proferred.
300 53 May 23 5334Ma3' 22 52
Ap 74% Mar
Owens Bottle pref._100 Ii, 108 May 21 108 May 21 108 May 111% Mar
Park & Tilford
• 411 2634May 21 2834May 23 2834 May 30
Apr
PhDs& Read Coal&Iads* 250 4634May 17 4834May 21 35
Mar
May
Phoenix Hosiery
5 200 22 May 23 2234 May 23 22 May 4834
Jan
2234
Preferred
1
400 84 May 21 85 May 21 84 May 94
Feb
Phila Co 8% prat
50 600 4234May 19 4334May 21 4234 Jan 4334 Mar
Pierce-Arrow prior pref*
100 6128May 22 6134May 22 60 May 7234
Jan
Pittsburgh Steel pref.
.100 100 96 May 19 96 May 19 95
Jan 101
Jan
PS Corp of NJ new rts_
100 334May 22 354May 22 234 Ma
334 May
Pub Sery of NJ 7%-100 100 98 May 20 98 May 20 9634
Ma
May
Pub /iffy Elec Pow p1100 500 9434May 17 9834May 17 9434 May 100
98
Feb
SchulteRetailStorespf100 300 106 May 22 108%May 2 105 May 111
Simmons Co pref.__ _100 10 9634May 21 96%/day 21 94% Jan 9634 Feb
May
Shell Transp & Trading. 10,60
1039
0
May 1 39 May 17 33
Jan 4134 Feb
Sloss Shef St & I pf _ _100 200 82 May 2 82 May 20 80
Apr 8734 Feb
Spalding Bros lot pf _100
100 99 May 23 99 May 23
May 100
Apr
Stand Gas& Elea ctfs__* 5,300 31%May 20 3234May 21 99
3134 May
May
Stand Plate Glass ctfs_ _•
3134May 17 3334May 22 29 May 3234
33% May
Standard Milling pmf 100
7934May
2
7934May
20
201
75
Apr 85
Transue & W'ms Steel _*
100 2534May 2 2534May 20 2534 May 35% Mar
Jan
United Cigar Stores_ _100 100 171 May 2 171 May 20 171
May 207
Jan
100 100 115%May 21 115%May 21 113
Preferred
Jan 11534 may
25 600 43 May 20 44 May 22 34 may 44%
New
S Distributing Corp_• 100 22 May "20 22 May 20 2134 Apr 24% May
Apr
Va Iron,Coal & Coke 100 1,89 36 May 22 41 May 19 36 May 53
Jan
100 1
Preferred
78 May 22 78 May 22 74
Apr
Jan
100 200 16 May 19 1734May 19 16 May 79)4
Van Raalte
33%
Jan
West Else 7% cum pf 100 600 11434May 1'115 May 17 111% Ap 115
Jan
1,400 57 May 1 58%May 22 4734 Jan 59
West Penn Co
Apr
West'h'seE & M lst p150 200 75 May 17 75 May 17j 72
Jan 79% Mar
Wilson Co preferred.100 5001 18 May 21 18 May 211 18 May 72% Jan
•No par value.
The Curb Market.-The review of the Curb Market is
2540.
A complete record of Curb Market transactions for the
week will be found on page 2561.
given this week on page
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
gTouES(No. Shares).
BONDS (Par VaJtie)*.
OB.
Domestic. Poen Gat
Week ending May 23.
Ind..*Mfa
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
43,025
14,710
50.000
39,265
84,930
49,830
104,891
36,140
103.531
36,830
68,711
15,605
452,888
192,180
Mining.
92,600
147,375
113,300
122,825
129,060
147,550
2549
8317.000
470,000
485,000
470,000
440,000
507,000
873,000
19,000
61,000
51,000
95,000
132,000
752,710 82.689.000
$431,000
Week ending May 23.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stocks
Slate,
Municipal et
Foreign Bds.
13,842,000
4,572,000
5,615,000
7.001,000
9,013,000
8,140,000
8816,000
968,000
1.407,000
1,853,000
1,247,000
1,387,000
82,089,000
1.882,000
5,245,000
3,259,000
5,089.000
3,425,000
3.244.647 I 139.083.000
55.825.000
220.988.000
218,450
405,417
797,670
622,260
672.750
528,100
Total
Sales at
New York Stock
Exchange.
Railroad
&e.
Bonds.
Mocks.
No Shares.
Jan.1 to ifay 23.
Week ending May 23.
1924.
1923.
3,244,647
6,083,760
1923.
1924.
Bands.
Government bonds_ _ _ $20,988,000 $20,983,000
State and foreign bonds
5,825,000
6,726,000
Railroad & misc. bonds 39,083,000 35,616,000
Total bonds
United
Bates
Bonds.
193,242,385
$104,472,589
$421,209,000
149,259,000
689,893,000
$340,392,000
198,302,000
703,109,000
585,898,000 $63,325,000 21,260,361,000 11,241,803,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE =CHANGES.
Fatiadeipata
MUM.
Week ending
May 23 1924.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Baltimore.
Shares. Bond sales. Shares. Bond sales. Shares. Bond Sales.
5,029
9,373
•14,716
*10,764
*11,447
8,221
$8,750
26,250
39,050
46,800
32,000
19,000
9,800
18,521
16,038
20,385
22,687
17,318
59,550
$169,850
102,747
2135,300
5,725 $188,600
100,861
8219.600
61.117
8417.550
4.891
$24,000
35,000
49,800
27,900
37,000
21,600
640
899
1,340
705
656
1,485
$10,500
27,400
20.700
28,100
44,900
55.000
519* 2(10
*In addition sales of rights were: Tuesday,37,43 ; Wednesday,83,343 Thursday,
57,863.
Daily Recor I of U. S. Bond Prices. May 17 May 19 May 20 May 21 May 22 May 23
First Libelty Loan
' (High
334% b0 Ids 011932-47_ _(Low_
(First3%8)
(Close
Total s des in 51,000 units_ _ _
Converte54% bonds of (High
1932-4 r (First 44_ __ _1Low.
(Close
Total s ties in 31,000 units_ _ _
Convert d 434% bonds (High
of 193 47(First 434s)( Low_
(Close
Total ales in $1,000 units__ _
Second 1onverttd 4u%(High
bonds n 1932-47(First1Low_
Bacon 4348)
Total s ales in 11,000 units___
Second Li'arty Loan
(High
4% bond s of 1927-42_ _...iLow_
(Secon d 4s)
(Close
Mal ales In $1,000 units_ __
Convert tl 434% bonds (High
of 192 i-42 (second (Low.
4lis) (Close
Total sales in $1,000 units__ _
Third Li tsty Loan
(High
4%% honda of 1928
(Low_
(Third 434s)
(Close
Total sales in 51,000 units_ __
Fourth LI berty Loan
(High
% bo ads of 1933-38_. Low.
(Fourth 4341)
(Close
Total sales in $1,000 units___
Treasury
(High
4%s, 19 1-52
(Low_
loose
Total sales In $1 000 unit,*
100.00
99"se
990st
36
100,0n
1001in
100,4n
99"31 99.31 100.00
99"in 99193s 992l,
993on 991,38 99.•8
337
16$
24$
_ - __ 100uu
----1001488
99342
99,622
997Iss
33
99"ss
99"ss
99"ss
1
____ 1
4
__ _ _
100"31 100"n 100,031 100032 104:Pen 100"as
1001su 100un 1 00,n 100un 100un 100uss
1001sn 1001,32 10017,2 loon., loon., mu.,
37
167
393
353
159
33
____
____
____
____
_ _ _ _ _ __
____
100933
10093:
100,n
___
_--____
-- --
____
_------ ---
____
____
--_-__
10011,
10018i
1001 i
920
101.00
100)4
101.00
563
100"3
100"3
100"s
388
10220,
102iii
102un
100(4,,
100942
100"ii
218
101In
MO011
101.00
511
100"32
100"32
100"ss
7
102"3/
102"::
102un
10015is
1001ii
100iiii
1,861
1012n
10001
1011:8
501
100",
1001h
100,13
1,794
102173
1021ii
10213s
10013n
Moil
100"ii
1,036
101.00
101.00
101.00
217
100"st
100241
100"ss
1,347
1021732
102"ii
102"st
____
____
___ 100,
ss
---- MAI
____ 100,ss
1
Imp'. 100"ii
10010u 1001*ii
1001122 10014u
719 1,273
1012n 101.00
101.00 100,683
101.00 101.00
220
187
100"33 101.0C
100uss 1001,31
100", 101.0C
3,644 1,622
10211s 102"r
102u3 102ur
1021*n 102"e
lid
00
KM
Ai
laa
104
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 1st 3348
7 1st4%s
10 2d 4s
87 2d 434*
9921:1 to 9921:8 50 3d 4348
100tin to 101.00
1001738 to 10011.8 73 4th 4
100Ion to 100"u
100,33 to 100712 1 U.S.Treas.4%s_ _ __102,38 to 1007,8
100418 to 1000n
Quotations for U.S. Treas. Ctfs. of Indebtedness, &c.
-See page 2562.
Foreign Exchange.-The market for sterling exchange
moved within narrow limits, with the tendency slightly
downward. Continental exchange was dull and irregular,
with francs still conspicuous for weakness.
To-day's (Friday's) actual rates for sterling exchange were 4 31
432 3-16 for sixty days, 4 3334@4 347-16 for cheques and 4 33340
434 11-16 for cables. Commercial on banks, sight 4 335404 34 5-16,
sixty days 4 303404 31 13-16, ninety days 4 29%04 30 946, and documents for payment (sixty (lays) 4 3104 32 1-16. Cotton for payment
4 333404 34 5-16 and grain for payment 4 343404 345-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.2451
5.3534 for long and 5.3005.41 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
36.91036.94 for long and 37.27037.30 for short.
Exchanges at Paris on London 81.00 francs; week's range 77.80 francs
high and 81.00 francs low.
The range fbr foreign exchange for the week follows:
Sterling ActualCables.
Sixty Days.
Cheques.
High for the week
437
43634
43434
Low for the week
4 3334
4 3134
43334
Paris Bankers' FrancsHigh for the week
5.74
5.73
5.6634
Low for the week
5.24
5.23
5.1634
Germany Bankers' Marks
High for the week
0.00000000002334 0.00000000002334
Low for the week
0.00000000002334 0.00000000002334
Amsterdam Bankers' GuildersHigh for the week
37.44
37.40
36.98
Low for the week
37.37
37.33
36.91
Domestic Exchange.--Chicago, par. St. Louis, 15025c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $17 1875 per
$1,000 discount. Cincinnati, par.
2550
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 17.
Monday,
May 19.
Tuesday,
Mao 20.
Wednesday, Thursday,
May 22.
May 21.
Friday,
May 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
Railroads.
Par
per share 3 per share Shares.
Per share $ per share
$ per share IS per share $ per share $ per share
1027a 10312 10252 1034 10178 10272 10238 10332 103 10312 10278 10318 14,900 Atch Topeka & Santa Fe_ _100 9718 Jan 2 10312May 16
8914 8938 8914 8914 8914 8914 8914 8934 8934 8934 8934 8934 1,400
Do pref
100 8612 Jan 2 8934May 21
178 *1% 2
1%
1% 1,000 Atlanta Birm & Atlantic_ _100
178
158 Feb 23
*134 214 '134 2
134 2
234 Jan 11
12114 12112 121 12178 3,600 Atlantic Coast Line RR
100 112 Jan 23 126 May 14
12012 12078 12012 12078 119 12034 121 121
100 5218 Apr 22 6012 Jan 9
5318 528 528 5214 5272 52% 53% 5334 5414 53% 5414 10,000 Baltimore ke Ohio
53
Do pref
53
100 5614 Apr 16 5912 Jan 5
5712 5734 *574 5712 *5718 5712 *574 5712 1,000
*57
*57
58
1534 16
2,900 13klyn Manh Tr v t c__No par 1312 Jan 4 1778 Mar 22
16
1534 1534 14% 1534 1512 1534 1534 16
16
Prof vot tr ctts
6018 61
60
No par 4854 Jan 3 6234 Apr 16
60% 6078 2,100
60
*59
6012 5912 3912 59% 60
Brunswick Term & Ry_ _ _ _100
1 Jan 3
*VC 314 5212 314 *212 314 *212 314 *212 314 *212 314
412May 9
100 14234Mar 10 15078 Jan 9
14914 14914 14914 14914 14814 14814 14834 149% 14834 149% 14914 14938 3,200 Canadian Pacific
100 6734 Feb 26 8018May 21
7618 7678 7614 76% 7534 7812 7838 80,8 7834 7934 7734 7914 73,500 Chesapeake dr Ohio
Do
104%
104%
104%
10412
10412
*10418
10412
10412
pref
1,300
105
10412
100
105
9912 Jan 3 1045sMay 22
4104
$18 Jan 10
100
334 4
3% 3% 1,100 Chicago dr Alton
312 334
*38 334 *338 334
3,4 Apr 15
38 33
918 918 *8
812 9
838
Do pref
100
834 8% 1,000
818May 20 1272 Feb 29
812
814 814 *8
2214
22
*2112
22
2112
2112
2258 1.600 Chic & East III RR
2214
100 21 May 5 27 Jan 10
2112 2112 2114 2112
Do pref
3734 3812 "3734 3812
38
38
600
100 37 May 5 5112 Jan 8
3734 3734 *3734 40
38
38
44 414 *44 412 *4
413
4 Apr 30
500 Chicago Great Western_ 100
414 414
48 438
414
*4
558 Jan 17
1114 10% 1118 1118 1118 1,000
Do pref.
10() 1052 Jan 4 1312 Feb 5
1118 1118 107a 108 10% 10% *11
1312 1358 1414 1412 1414 1414 1334 1414 3,800 Chicago Milw & St Paul
14
100 1312May 14 1818 Jan 10
1418 1418 14
2458 2512 25
2418 25
Do pref
25341 2478 2512 13,900
100 22 Mar 1 3014 Apr 12
2414 2412 2412 25
5412 53,2 5334 8,200 Chicago & North Western-100 4914 Jan 3 5412 Feb 7
5378 5314 5414 54
543g 53
53
537
53
Do pref
103 103
200
103 105
100 100 Jan 8 10312 Jan 19
10234 10234 *102 105 *101 105
4102 105
25
2538 2418 2434 2434 2538 2512 2534 2538 2512 11,500 Chicago Rock fel& Pacific_100 2112 Feb 15 2738 Jan 10
2438 25
7% preferred
300
100 7634 Feb 26 83 Jan 10
8114 8114 *8034 8214 8112 8112 *8112 8214 *8112 8212
82
*80
7018 7014 7012 7034 7012 7034 3,900
6% preferred
100 6558 Jan 2 7034May 22
7014 6934 70
6914 694 70
700 Colorado & Southern
2933 2912
29
29
*28
29
100 20 Jan 2 3114 Mar 26
*2712 2812 2812 2834 *2812 29
11214 11314 11278 11454 10,100 Delaware & Hudson
100 10412Mar 5 11454May 23
1078 1078 10814 10912 1084 10912 10934 114
411612 11712 11614 11612 116 11612 117 1173 11734 11814 11734 11812 3.100 Delaware Lack & Western_ 60 11034 Feb 15 124 Mar 22
16,000 Erie
2414 2434 2412 2458 2434 2514 2478 25
100 2034 Jan 3 2814 Feb 4
*2414 2434 2434 25
Do 1st preferred
100 2858 Feb 19 3578 Apr 5
3134 324 3114 318 317 3232 3214 32% 3218 3212 4,900
317 32
*27
*27
29
20
Do 2d preferred
200
29
2712 2712 *27
2812 *2712 28
100 254 Jan 3 304 Apr 4
*28
5712 58
.5734 58
5738 575
100 5334 Mar 3 5934 Feb 4
5,000 Great Northern pref
5612 57
5718 5738 5718 573
26
2678 27
27
27
27
Iron Ore Properties_ _No par 26 May 23 3112 Feb 4
2678 3,400
27
27
2714 27
*27
*1314 13% *1234 1334
100 1134 Apr 30 1734 Jan 9
100 Gulf Mob & Nor tr ctfe
*1234 1312 *1234 1312 *1234 1312 1234 13
5612 5612 *56
56
56
57
Do pref
100 50 Jan 3 5878 Apr 4
400
5712
*56
58
5712 57
.56
100 10014 Mar 4 10514 Mar 24
700 Illinois Central
1028 10278 10212 10212 10212 10212 10234 10234 10234 10234
•10212 103
100 1234 Jan 2 25 Mar 21
2114 2012 2034 21
2134 2114 2114 2,300 Interboro Rap Tree
.2112 2212 *2118 2212 21
1914
1912 1912 1938 1912 1,000 Kansas City Southern
100 1734 Mar 26 2134 Feb 4
1912 1812 1812 19
194 *19
•19
Do prof
*5134 52
5212 *5113 52
100 514 Mar 31 5358 Feb 5
100
52
52
5212 *5112 5212 *52
*52
40
50 5394 Apr 10 7238 Jan 25
40% 41% 11.700 Lehigh Valley
4038 40% 40% 41
407
*4012 408 4018 41
93
100 8752 Jan 16 95 May 15
9314 9314 9314 9314 2,7001 Louisville & Nashville
9218 93
93
93
93
93
93
36
8001 Manh Elevated, mod guar_100 304 Jan 2 3934 Mar 5
354 3518 3518 354 3538 3512 5353 3534
*3618 3634 36
Market Street RY
100
634Mar 15 1312 Jan 4
*7
8
*7
8
"7
8
*7
8
8
*714 912 *7
Do pref
100 22 Feb 20 4018 Jan 5
*21
26
*21
26
*21
26
"21
26
*21
26
*21
26
Do prior pref
100 4312 Mar 17 7112 Jan 4
200
4612
4612 *4434 4612 *45
*4414 444 *4412 4612 4412 4434 *45
Do 26 pref
100 14 Mar 18 30 Jan 4
*15
23
*16
23
23
*16
23
*15
23
*16
22
*14
17
100
4 Jan 28
Vs Jan 3
600 Minneap & St L (new)
218 24
2
2
*178 2
178 •18 2
2
*17
5,700 Mo-Kan-Texas RR____No par 1012May 20 1314 Feb 4
1034 11
104 1034 1038 1034 1012 1038 1034 10% 10% 11
Do pref
100 2934 Feb 18 3412 Feb 4
3,400
32
3118 31
3112 3158 3178 32
*3138 3158 3114 3112 31
934 Jan 3 1312 Apr 8
100
1,900 Missouri Pacific corn
127 13
1214 1212 1278 127 13
1218 1212 1214 1234 "12
Do pref
100 29 Jan 3 4212 Apr 8
4114 4034 4114 4,700
40% 41
4012 39
3934 40
40
4034 41
400 Nat Rys of Mex 26 pret
112 Apr 25
100
134
1%
214 Feb 6
134 *112 134 *112 134 *112 134 *112 134
•158
100 9312 Feb 15 12112May 20
13.500 New On Tex & Mex
11812 12112 11812 1197s 117 11814 11712 118
11712 11834 118 120
100 994 Feb 15 10618 Feb 4
101 10112 10132 10112 10018 10078 10012 10138 1013, 10178 10138 10212 23,900 New York Central
100 724 Feb 18 8034May 22
78
8038 8014 8034 7934 8012 12,300 N Y C & St L new co
7612 7654 7634 78
77
77
Do pref
100 83 May 21 8734 Jan 22
400
8414 8312 8352 "8258 8414
8412 '8252 8412 '8278 8412 83
100 1418 Jan 2 21 Feb 13
,. 18,800 N Y N H & Hartford
1878 194
1878 1838 19
1878 1832 1872 1924 18
Y
Ontario
&
1618May 20 1978 Jan 9
N
300
Western--100
1634
.1612
1614
1614
17
164
1618
*1612
17
*1612 1634
'1614
100 Norfolk Southern
100 124 Apr 22 154 Feb 7
•1234 13
13
1312 *1234 1312 13
*1234 1312 *13
*1234 14
100 10212 Jan 3 1324 Apr 8
118 11934 11912 12038 120 1243, 33,100 Norfolk & Western.
119 11912 117 119
119 120
Do pref
100 7234 Feb 26 79 Apr 7
300
7778 78
78
*74
*72
78
*72
78
78
*72
78
*72
100 4778 Mar 3 5558 Feb 4
5278 10.400 Northern Pacific
5212 5314 52
52
53
52
, 51
523
5212 5338 52
50 4214 Jan 3 4634 Jan 28
4312 438 433 4338 4314 4312 4312 4358 4312 4352 5358 4318 4,600 Pennsylvania
934Mar 13 1232 Jan 10
Peoria & Eastern
100
12
"10
*1012 12
*10
12
*10
12
12
*10
12
•10
100 4012Mar 31 4912!vlay 23
4834 4818 4834 4812 4938 487 4912 20,300 Pere Marquette
4814 4812 4818 4812 48
Do prior pref
100 7112Apr 23 7512 Feb 26
300
7414
74
74
*73
7334 *7334 74
*7312 75
733 7333 *73
Do prof
100 60 Jan 4 64 May 14
400
64
64
64
*63
6412 *63
64
*64
6414 64
64
64
100 38 Jan 4 4538 Jan 18
434 10,000 Pittsburgh dr West Va
4112 4114 4234 4214 4312 43
4134 4134 4113 4112 41
8514 Jan 5 95 Apr 9
Do
pre
100
*93
9312
200
*93
9312
93
9312
*93
9312
*93
9312
9312
.93
50 5178May 20 79 Jan 12
5,200 Reading
5214 517 5218 5214 5214 5212 5352 5234 53
5214 52
52
50 3412May 16 doll Jan 14
Do 1st preferred
400
36
3512 354 3512 *35
3534 3524 "35
36
35% 35% *35
Do 2d preferred
50 53318 Jan 16 56 Jan 14
900
*334 3434
*3312 3334 3312 3312 3312 3312 3314 3314 3314 34
Rutland RR pre
100 32 Jan 3 404 Feb 5
37
*36
38
37
*34
37
*34
*3414 37
*34
37
*34
1918 Apr 30 2412 Feb 29
Fran
100
St
Louis-San
3,700
21
21
2114
20%
213
20
213
8
s
2014
2012
2114
*2014 21
Do pref A
100 4258 Jan 3 4878 Mar 24
900
4612 *45
4514 4514
*45
46
4512 4614 4414 45
*4412 46
3534 3718 3634 37% 3634 3634 3,700 St Louis Southwestern_._ _100 33 Jan 2 4278 Feb 2
364 3612 3618 3634 3558 36
100 5778 Jan 3 6314 Feb 2
Do prof
5934 5934 5934 5912 5912 59% 59% 1,400
59
*5934 597
60
60
100
918 978 2,600 Seaboard Air Line
614 Jan 2 1034 Feb 23
9% 10
958 95
914 934
934 9%
958 934
Do
pref
100 1414 Jan 2 224 Feb 25
5,100
1934
2114
213
2138
193
4
20
2012
2012
8
2012
213
4
2034 2034
100 8512Mar 26 934 Apr 3
44,500 Southern Pacific Co
8858 8834 9014 9014 91
9014 91
88% 89% 8878 8933 88
100 3812 Jan 2 5534 Apr 4
5313 5334 535s 5412 53% 5414 54
544 20,700 Southern Railway
54% 5378 54
54
Do prof
100 6654 Jan 3 7314 Mar 22
71
7112 71% 7112 1,200
*717g 72
7178 7112 7112 *71
*7112 72
100 19 Jan 3 3012May 7
29
2834 2914 2852 2558 3,300 Texas & Pacific
*2812 2914 2812 2834 2734 2812 28
834May 20 124 Jan 23
100
200 Third Avenue
*834 912
834 834 *878 912 •878 912 38% 9'2
Twin City Rapid Transit_ _100 60 Mar 25 68 Jan 12
*5214 56
60
.50
56,8 ---- 60
*50
56
*50
60
*50
100 12658Mar 3 13334May 17
4 13212 13314 13273 13314 13234 13:312 7,300 Union Pacific
133 13334 13234 1327s 132 1323
5
Do prof
7138 71% 7114 7112 714 7153 3,500
100 70 Mar 20 74 Feb 13
71% 7138 7114 7188 7114 71
eg
481, 8% *8
United Railways Invest_ __100
*8
9
752 Apr 23 1114 Jan 5
9
9
9
*7% 878 *9
Do prat
200
*2938 3138 *2912 3138 *3114 3112 3178 32
100 2612 Apr 21 4012 Jan 4
*2938 32
*2912 32
42
45
4114 4138 *4114 42
4634 4634 1.300 Virginia Railway & Power_ 100 36 Feb 29 4634May 23
4012 4034 *4112 42
3
1512 1514 1912 1518 153a 10,200 Wabash
15
4 15
100 1034 Jan 4 1732Mar 20
15% 15% 1512 1534 143
4412 4514 45
Do pref A
100 34 Jan 3 4754 Mar 19
4512 45
4514 16,400
4514 437 45
45% 45
45
Do prof B
31% 3138 *2913 3012 *29
30
100 224 Jan 3 3234 Apr 4
*29
3012 1,100
31
31
31
*30
*81,
800 Western Maryland
812 Apr 29 1132 Jan 9
100
852 834
834 *558 834 *812 834
*8% 8% *IA 878
Do 26 preferred
1618 1614 1614 •1514 1614
400
100 1514May 15 2014 Jan 10
*1514 1614 *1514 1614 16
16
16
1912 19% 1912 1978 10,800 Western Pacific
20
1812 1914 19
100 1434 Jan 2 20 May 19
20
1914 1912 19
Do prof
1,000
6212 •6212 63
100 58 Jan 7 6614 Apr 14
63
278 *3625:28 6215 62
63
37
2 6
62
3:4
*6214 6212 *3
1.600 Wheeling & Lake Erie Ry_100
838 8%
8% 858
74 Jan 2 10 Apr 7
834 834
878 9
838 858
838 838
Do prof
200
3
16
2314
6 5 *1614 1714 1712 1712 *1614 1714
1414 Jan 2 2078 Feb 5
100
163
4
•164
17
*1834 1712
*3912 36
*3512 36 .3512 36
Wisconain Central
100 34 Jan 16 374 Jan 29
*3512 36
*77
7812 *78
78
79
79
*77
*77
79
*78
79
.618 7
712 *7
7
400
8
7
7
7
*6
7
31
200
94
3012
972 30
*2912
3018 *2913 3012
3012 *2912
7312 7434 7512 75% 75% 75% 1,300
7412 7412 7334 74
75
48
4
514
51k
5
6.000
4
5
43
612
512
472 5
5
•12
14
.18
14
200
*18
14
14
*15
14
18
13
114
114
138 138
114
114 1,100
114
114
114
114
134
703
7112
2
7112
72
7114 7233 11,000
7134 7014 7112
7112 71
11412 11412 11458 115
*11412 115 11412 115
1,200
*11438 115 *11433 115
1,300
4158 4218 4212 4212 4234 42% *4212 43
*4212 43
43
43
*92
93
200
92
93
93
92
93
*92
93
*92
93
*92
es
9
*8
9
300
8
8
8
8
8
8
*734 8
2412
24
3,300
244
23
23
24
25
2212
22%
'22
2214 22
105 105
200
10414 10414 *101 105
105
*101 105 *101 105 •101
*5112 5212 *5112 5912 *5112 5212
9412 •5112 53
*52
5412 *52
3914 39% *38 • 40
1,100
4 3858 39
*3813 3912 3812 3812 384 383
24
23
23
1,300
24
24
23% 24
*22
*2222 2412 *2212 24
80
80
8018 82% 82
8214 2,400
80
*8014 80% 80
*8012 81
110 *109 110 *109 110 "109 110
•10814 110 *109 110 •109
9E02 10014 100% 10218 10212 10312 1024 103,8 126,500
10012 10112 100 10214 *11912
600
11312 *113 11312 11312 11312 11312 11352
*11234 11312 11234 11234
158 *157 160 *157 150 "157 160
•155
159
*157 159 *157
12312
*120
200
*120
12312
1213
4
1215
4
4
1213
4
*120 12312 *120 12312 1213
400
*224 2253 *22
2253 *2213 22%
2234 2234 2212 2212 *2214 2212
16
1,000
*1518
15%
16
1514
1512
15
15
16
•15
51512 16
500
4% 4% *4% 412
4% 4% *4% 412
438 4% *438 412
92 .92
92
300
94
94
*92
94
*92
9214 94
*94
96
*93
94
94
94
600
9314
93%
94%
9412 *94
9414 9414 *94
9414 9412 9414 9414 *9414 95
400
9434 9434 *9414 9412
*9412 95
814 914 *8
700
914
74 753 *712 9
8
8
9
*8
5312 5478 *9412 9912 3,300
53
5214 5212 53
53
531g 5314 53
.78
*6
*2912
75
5
•18
*114
7112
-dividend. b Ex•rlkIne.
•Bid and asked prices. a Ex
Industrial & Miscellaneous
Adams Express
100
Advance Rumely
100
Do pref
100
Air Reduction, Inc---_No par
Ajax Rubber, Inc
50
Alaska Gold Mines
10
Alaska Juneau Gold Min
10
Allied Chemical & Dye-No par
Do prof
100
Allis-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chem 100
Do prat
100
American Dank Note
50
Do prof
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 & Foundry-100
Do pref
100
American Chain, el A
25
American Chicle
No par
Amer Druggists Syndicate...10
American Express
100
Am & Foreign Pow 25% paid_ _
Full paid
American Hide & Leather_100
Do prof
100
7312 Jan 2
7 May 6
2978May 15
6714 Jan 2
412May 14
18 Jan 3
72 Jan 30
65 Mar 18
110 Apr 8
4152May 20
90 Apr 29
74 Apr 7
1834 Apr 7
98 Jan 8
52 May 6
36 Mar 21
2214 Apr 1
76 Apr 14
10714 Apr 22
9578 Apr 21
109 Jan 8
15311 Apr 14
11834 Apr 9
2138Mar 21
1434 Apr 22
414 Mar 24
88 Apr 15
9212 Mar 8
9112 Apr 4
714 Apr 28
5012 Jan 3
8212 Feb 11
1212 Jan 2
414 Jan 4
8112 Jan 29
1012 Jan 11
14 Feb 2
112Mar 4
7452 Jan 8
115 May 21
5012 Jan 22
9634 Jan 17
17 Jan 2
494 Jan 9
10834 Jan 14
55 Mar 13
4912 Feb 6
3872 Jan 12
8214May 22
110 Mar 26
12252 Feb 1
11434Mar 12
178 Jan 26
12214 Feb 5
2338 Apr 12
2012 Jan 7
654 Jan 30
10312 Jan 7
9614 Jan 2
9634 Jan 21
1358 Feb 13
65 Feb 11
PER SHARE
Range for Previous
Year 1923.
Lawni
Highest
per share $ per share
94
Oct 10518 Mar
8552 Doe 9058 Mar
314 Feb
114 Aug
10978 July 127 Feb
4018 Jan 6034 Dee
555 May 6078 Mar
914 Oct 1412 Dee
3412 Oct 4978 Dee
258 Jan
78 Nov
13934 Sept 160 Apr
57 June 764 Jan
96 June 10478 Feb
2 May
438 Dee
332 Jan 1238 Dec
19 Aug 3854 Feb
4612 Aug 6214 Mar
234 Oct
7 Feb
678 Oct 17 Feb
1114 Oct 2638 Mar
2058 Dec 4512 Mar
4718 Dec 88 Mar
9718 Dec 11818 Mar
1918 Oct 3778 Mar
72 Aug 95 Feb
6078 Aug 85 Mar
Oct 4512 Feb
17
9314 July 12412 Feb
10978 Oct 13012 Feb
1018 May 2234 Dec
15 Jan 3114 Dec
1034 May 2758 Dec
504 Oct 80 Mar
25 July 36 Mar
912 Aug 20 Mar
4478 Jan 6234 Feb
9958 Doe 11712 Feb
012 June 2278 Mar
1558 July 2472 Mar
4852 July 5734 Mar
54 June 7138 Feb
8434 Oct 155 Fob
2712 Dec 4512 Apr
712 Oct 22 Mar
Oct 6812 Mar
23
564 Oct 87 Mar
1458 Oct 5614 Mar
78 Aug
94 Feb
934 Oct 17 Feb
2478 Oct 4512 Feb
814 Oct 1938 Feb
2214 Oct 49 Feb
114 Nov
434 Feb
8212 Aug 105 Mar
9012 May 10714 Dec
6712 Aug 8012 Dec
86 Nov 9512 July
952 July 2212 Jan
1414 June 2158 Feb
9 Sept 1838 Feb
100 July 1174 Feb
72 Sept 7812 Aug
4954 Oct 8112 Mar
404 Nov 4778 Apr
8 Oct 17 Ma
36
Jan 4714 June
6712 Oct 7634 Mar
5712 Oct 7012 Jan
3378 Jan 5052 May
85 Dec 93 Jan
6812 June 8118 Feb
44 June 5612 Feb
45 June 5634 Jan
224 Oct 39 Deo
1634 Oct 27 Mar
3212 Jan 50 Mar
2512 Aug 3632 Feb
544 June 6378 Mar
434 Aug
712 Feb
814 Aug 1554 Dec
8414 Aug 9514 Feb
2434 Jan 3912 Dee
63 July 7078 Mar
14 Aug 294 Mar
812 Dec 1914 Feb
5814 Jan 7712 June
12412 Aug 14478 Feb
7014 Dec 7612 Jan
778 Oct 2178 Mar
26
Oct 62 Mar
3034 Aug 3612 Oct
7 Mar 12 Deo
2314 Jan 3612 Dee
1612 Jan 2334 Dee
8 Sept 15 Feb
14 Sept 2634 Mar
12 Seep 2014 Mar
53 May 6332 Mar
6
Oct 1012 Feb
10
Oct 19 Feb
23 Aug 3878 Dec
67 Sept
612 Oct
24 Nov
56 July
414 Oct
18 Aug
34 Oct
5914 Aug
1054 Aug
3734 June
89 Nov
1012 July
2814 Oct
Jan
77
5012 June
25 Aug
2234 Oct
6918 Sept
102 July
7312 Jan
106 Sept
14814 July
117 Sept
2038 June
534 Jan
418 Sept
87 Nov
96 Dec
82 Mar
1912 Mar
5432 Jan
7238 Mar
1472 Mar
58 Mar
178 Oct
Jan
_80
112 Mar
5114 Feb
9712 Jan
3678 Feb
6872 Feb
100 Nov
5514 Aug
4912 Feb
60 Mar
8314 Feb
110 Jan
10758 Dec
115 Feb
189 Mar
12578 Jan
2512 Mar
1738 Nov
758 Feb
14312 Mar
97 Dec
64 Aug
2934 Aug
1334 Mar
7454 Mat
New York Stock Record-Continued-Page 2
2551
For sales during the week of sto%ka usually inactive. see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
May 17.
Monday,
May 19.
Tuesday,
May 20.
Wednesday, Thursday,
May 21.
May 22.
Friday,
May 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share 3 per share $ per share Shares. Indus. & Miscell. (Con.) Par
87
87
86
86
90
8612 88 .1.86
*88 90 .87
400 American Ice
90
100
•794 81
*79% 8012 *794 8012 80
SO
200
8018 8018 *794 50%
Do pref
100
2178 217* 2112 2112 2058 2114 214 214 2118 2134 2012 20% 4,500 Amer International Corn. 100
10 .10
101s 10
1014 1014 10
1012 *1014 104 *10
1012 1.400 American La France F E
10
174 UPI .171 *1612 17
15% 1512 16
17
1713 1712 1712 2,400 American Linseed
100
3312 34
33/
1
4 334 *33
3512 3414 3414 *3334 3412
33 33
Do prof
700
100
7012 7112 715 72% 723* 723
72 72% 704 71
72
72
American
4,800
Locom, new_No par
11934 11934 *119 1204 *119 1194 *119 11912 *119 11912 *119 11913
Do pref
100
100
42 •3914 42 *3914 41
394 3911 *40
*40
41
400 American Metals
*40
No par
4034
egg% 98 *9612 98
97 98 *97 98 *9614 98
9734 9734
400 American Radiator
25
6
6
6
6
6
6
6
6
6
6
6
6
2,100 American Safety Razor_ 25
12% 1134 12
•12
1234 •12
118
103* 12 • 1078 1138 11
7,400 Amer Ship & Comm__No par
61
614 6214 6118 6112 593* 61
6178 6134 628 6134 6218 19,600 Amer Smelting dr Refining_100
*99 100
994 9914 993* 993* 100 100
*9912 10012 *99 10012
Do pref
300
100
337 344 *34
34
3412 344 3412 *34
341s 3418 34
3412
900 Am Steel Foundries----33 1-3
*10212 104 *10212 104 •10212 104 *10214 104 *10214 104 *10214 104
Do pref
100
424 4234 4218 4234 414 42% 4218 4234 427 4334 423* 4312 11,500 American Sugar Reflning 100
87
8712 *87 90
87 87
87 87
*88
90 *88
Do pref
90
400
100
1312 •12
1312 *12
*12
1312 •12
1312 *12
Amer Sumatra Tobacco
1312 *12
100
1312
*44
51
*4233 51
*44 51
*44
51
*44
51
•44
Do pref
51
100
125
12513
123
124%
12318 12438 12438 1247 125 12534 65,300 Amer Telep & Teleg
12514 12512
100
141 14113 *14014 141 *140 142
•14014 142 •140 143 140 140
300 American Tobacco
100
*102 10234 *102 10278 102% 1023* .102 10234 *102 10234 *102 10234
100
Do prof
100
13612 13612 138% 13678 135% 13634 13633 13638 13673 13778 *13612 138
900
Do common Class B 100
5078• 51
4814 4814 4812 4812 4812 484 48
5,300 Am Wat Wks & El v t 0_100
523* 527 53
*9012 92 •904 92 *91
92 •9114 92 *91
92
92
92
100
Do 186 prat(7%) v 60-100
7014 7014 7078 7212 72% 73
*6958 7034 *694 71
Do partic pf(6%) v t 0.100
734 7414 1,500
1
IlL
6234 6412 6258 63% 63% 6414 637 65
6412 6614 21,900 American Woolen
100
97
9714 974 *9714 98
*9634 9714 *96% 9712 97
200
Do prof
*9712 98
100
*24 24 .0213 214 *24 212 *218 212 *218 212
100 Amer Writing Paper pref-100
24 214
74 712
73* 73*
•74 8
7
7
*7
718
7
7
900 Amer Zinc, Lead & Smelt_25
26
26 "26
27
27 •264 27 •26
27 *26
*28
200
25
Do pref
27
2812 2934 2878 2934 2938 297
29% 3012 2938 30
29
2934 34.100 Anaconda Copper Mining_ 50
8114 8414 8334 8414 *84
85 •84
*8334 85
85 •84
85
600 Armour & Co (Del) prof_ _100
914
914 914
93* 912 *93* 934
914 914 *9
500 ArnoldConstle&Cov teNo par
934 934
87 8714 87% 87% 8458 888 8714 884 8734 8838 873 8814 0,400 Associated Dry 000ds
100
284 2838 29
29
2914 2914 294 2912 30
29% 29% 29
25
1,800 Associated Oil, new
1514 15% 1518 1518 1534 16
161
*16
16
16
14/
1
4 15
2,600 AU Gulf & W 288 Line-100
*1612
10
19
19
19
1712 174 184 1812 177 18
19
100
Do pref
700
105 10514 104 105
106 106
10678 107
108 109
100
10812 110
2,500 Atlantic Refining
•11414 11412 *11414 11412 11414 11412 114 11414 11334 114
114 1144
100
Do pref
700
1912 197
20
19
*1912 2012 •19
20
*1978 20 .19
1,100 Austin. Nichols & Co__No par
20
*80 85
O80 85 *80 85 *80 85
*80
85 *80
85
100
Do pref
.3
3% *3
318 *3
318 *3
3%
3
3
3
3
300 Auto Knitter liosiery_No par
10678 107781 10614 10814 1043* 10638 10518 1074 10714 10814 107 1084 108,100 Baldwin Locomotive Wks_100
•111 115:•111 115 .111 115 *111 115
115 115 '111 115
100
Do prof
150
1612 1818 1638 1512 16
10
*16
1614 18
1638 16
4,100 Barnsdall Corp,Class A_ _ _ 25
17
•13% 1313 *13
134 13
13 •1314 1312 131 1338 1323 1333
25
Do Class B
600
40 *38
41 .38
.1.38 40 ..1.38
40 .38
40
*38
40
Tlayuk Cigars. Inc.-No pa
46
4612 *46
*4612 47121 *4614 463
47
47
47
20
47
47
1,100 Beech Nut Packing
474 4734 4718 4812 464 473
47
473
473* 4918 48
100
4812 32,100 Bethlehem Steel Corp
*106 10812 *106 1051± 106 1013 "10614 10713 •106 10712 *108 10714
100
Do cum cony 8% Pre!-100
923* 92% *9312 94
93
93
.
9212 93
*9212 94
e927 04/
100
Preferred new
500
1
4
*37
•37
*37
4
4% 44 *37s 4
*33
4
44
No par
4
400 Booth Fisheries
.1.2
6
*2
6
*213 6
.212 6
.2
6
*212 6
100
British Empire Steel
110 11014 1097 1103s 11014 11114 1084 1083 10812 10834 10813 10914 9,000 Brooklyn Edison, Ine
100
4,61% 6212 *61
6112 603* 603* 6112 611
6158 6158 6112 6214
800 Bklyn Union Gas new_ _No pa
4514 42 44
40
*44
40
40
3984 40
41
41's 42
100
1,800 Brown Shoe Inc
•1064 10712 *10814 10812 108 106 •10512 107 *106 10712 *106 10713
100
100 Burns Brothers
22
2113 213* 2214 2214 2214 2212 *2214 2213
•22
2212 22
corn__
B
Class
new
Do
600
*43* 434
43
434 *43* 43*
43* 43*
43* 458 *458 434 1,100 Butte Copper & Zinc
5
•17
1714 17
17
17
17
1712 1712 17% 1738 •1738 1734
100
500 Butted& Co
1412 1413 •1412 15
1412 1412 *14
1413 *14
15
*14
10
15
300 Butte & Superior Min1ng
•134 2
*134 2
•134 2
134 13
•153 1%
18* 2
1,000 Caddo Cent Oil & Ref_No pa
81% 818 *81
827* 8214 8214 *82
8214 *82
8278 82
82
400 California Packing-No pa
23
2338 23 2338 2212 23
2234 233* 2318 233* 2318 233* 9,000 California Petroleum, new. 2
97
97 •95 98 *35 98 •96
98
*95
98
100
1195
98
Do pref
100
33, 33
33
33* 312
34 33* *34 33*
33
10
318 38
1,300 Callahan Zinc-Lead
*44
46
*4512 46
44% 457
4534 457 *45
10
413
Calumet Arizona Mining
*45
46
800
*13
3
No par
12
1
*12
52
*12
3*
200, Case (J I) Plow
*12
53
*12 .
*18
•16
•153
•16•16
*16
Case Threshing Mach_No par
.
•1114 1hz 11
1114 1012 11
1078 11-38 11
117 *1118 -1-1-7/ 3:800 Central Leather
100
4014 403
3912 404 3878 3912 3913 4013 40% 4114 4058 4114 6,300! Do pref
100
4412 4413 443* 4434 4312 4478 444 443* • 4414 454 4412 4434 5,000 Cerro de Pasco Copper_No par
433* 44's 438 4334 4258 4313 433* 4414 4438 46
4412 45% 13,600; Chandler Motor Car.-_No par
8214 . 821
82
83
817 83
83
83
8412 85
, Chicago Pneumatic Tol 100
853* 853* 1,700hi
.
42
43
4034 42
4014 404 4114 414 *4112 45 .414 44
1,700, Chicago Yellow Cab__ _No par
, 27% 2712 2778 273* 278* 277 28
273 277
278
25
2712 2778 9,500 Chlie CoPPer
1518 157 *1578 104 153* 153
153* 153* *1558 16
5
Chino Copper
153* 153* 1200,
1.6212 63 *63
8878 624 6212 •6218 0378 *63
100
644 63
63
500 Cluett, Peabody & Co
65 657
6458 68
644 65
6538 66
653 6614 653 66% 9,000 Coca Cola Co v t c
No par
3958 411
3938 404 38
3912 393e 41% 40
413* 3934 403* 54,100 Colorado Fuel & Iron
100
•46
471 *48
4834 *46
4612 *4584 464 .46
4613 •453 4612
I Columbian Carbon v to No par
3612 37
8614 3834 354 36
36
3678 3858 374 3634 3718 12,000 Col Gar.& Elec. new...No par
51
511 *51
53
*5034 52 .508 52
*51
54 .51
par
54
200 Commercial Solvents A
42
42 *41
43
1049 42 .40 ' 42
*41
44
*41
44
No par
100
;3
323 3438 3238 35
3312 343* 34/
1
4 3512 3534 367s 3612 3812 32.100 Congoleum Co
No par
*154 10 .1518 15% 154 154 1518 1518 1518 154 154 1514
Ne par
600 Consolidated Cigar
70 *8114 70 *6114 66 .81
*63 68 *63
87
*61
73
100
Do prat
8312 637* 63 0312 82% 6314 62% 63% 64
6412 6418 65 25,600 Consolidated Gas(N Y)---100
234 3
3
2% 272,
2% 3
258 27
234 234 5.500 Consolidated Textile__.No par
4614 463* 4614 4034 45% 4658 46
478
4711 47
474 473 11.500 Continental Can. Inc
100
64 614
134 614 •g% 614 *64 614
64 618
61s 63, 1,900 Continental Motors_ _ _No par
_
Refining_ _ _100
Products
Corn
is -3-4-71
ãiZ -3451
.
3171 3412
-5.53* -3-64 -7-3;i65
25
New when issued
2834 2918 28% 293g 2758 29
2812 2934 294 3018 29% 301e 34,700 Cosden & Co
No par
54) 5112 4912 5114 4953 5014 4914 5034 5034 513* 50
Steel
of
22,500
Crucible
513*
America-100
8612 *85
87
*85
.85 87
83% 8678 86
8738 .8612 8712
000
Do pref
100
127s 128 1234 1234 •1238 13 •1234 13 *1234 13
1212 1258 1,000 Cuba Cane Sugar
No par
5814 5512 5675 58% 5734 573* 581s 5514 578 18,900
5612 5618 56
Do pref
100
3012 307s 304 3013 30
30% 30% 31
3012 313* 2914 3012 6.800 Cuban-American Sugar
10
9912 9714 98 .97
9912 *97
98 *97
98
98
9714 9714
400
100
Do prof
•524 6
*534 6
6
6
*53
6
*534 6
534 52
800 Cuban Dominion Sugar No par
45 *43
45 •__ _ 46 .43
45
45
45
200
Do prof
100
62
60% 6112 6114 6134 617 62
61% 6134 82
624 6218 4,100 Cuyamel Fruit
No par
2214 2312 2314 233
223s 234 228 2312 2134 228
227* 2314 20,900 Daniel Boone Woolen Mlii, 25
4612 46% 4712 4618 4738 35,900 Davison Chemical v t o..No par
4618 4634 445 4712 4312 4514 45
21
2034 203 *2014 213 *208 22 '20's 22
.2034 213* 21
300 De Beers Cons Mines-No pa
"10212 103 *10213 103 10212 10212 *10214 103 *102 103
1023* 10258
300 Detroit Edison
100
153 16
*1534 16 *15% 16
16
*168 16
16
800 Dome Mines, Ltd----No par
153* 16
97 10 *10
11
11
102* *10
10
•10
10 *1014 11
300 Douglas Pectin
707111 1074 *1074 108
10814 10812 107% 1073.
•li
.
111.1.131
,.• .8 Trni..
800 Eastman Kodak Co._.No par
143* 154 1418 1412 1412 1478 1412 15 •15
158 153
1512 2,300 Eaton Axle & Spring-No par
11478 116
112 116
11612 1173s 1161s 11778 22,600 E I du Pont de Nem & Co-100
115 11618 11414 118
526 534 5414 54% 5478 5514 5434 54% 7.000 Elec Storage Battery-No par
54% 5212 54
54
12
12
12 •12
1212 12
13 *12
•12
13 *12
13
200 Elk Horn Coal Corp
50
112 •1
113 •1
112 •1
112 *1
112 *I
•1
112
Emerson-Brantingham Co.100
557g 5614 56
56
57
57
57
57
*5712 59
57
57
1.200 Endicott-Johnson Corp
50
•1093411214 *110 110% .110 110% 110 110
•110
*110
100
Do pref
100
198g 1812 1914 18% 19 •1934 20
19
•1034 21
*1934 20
1,200 Exchange Buffet Corp_No par
71
7138 70% 7114 698* 707e 70% 71% 7112 724 71% 72% 11,400 Famous Players-LaskY.No par
94
•93
*92
9178
96
918
*9012 0113 0112 92
93
94
600
Do pre! (8%)
100
•714 10
*74 10
•714 10
"7
10
.74 10
"714 10
Federal Mining At Smelt-g.100
44
434 43
*4212 4312 *43
44
4314 4312 4312 44
44
800
Do prat
100
1114 11
1114 11
1012 1078 1012 1058 10% 108* 11
11
6.700 Fifth Avenue Bus
No par
•175 182 *175 182 18812 16812 16914 182 •182 195 •182 195
800 Fisher Body Corp
No par
9912 994 9012 9914 9912 *119 100
998 *99
9914 9912
'99
800 Fisher Body Ohio pref. r -100
6118 63*
63s 61/
6% 612
612 612
612 612
63a 7% 3.000 Fisk Rubber
No par
494 4914 *4914 49% 4812 49
4911 494 •494 4912 494 4912 1,500 Fleischman Co
No pat
747
72
7312 753s 74% 75% 75
74
7514 4,800 Foundation Co
74
74
74
No par
88
84 9
834 8%
812 8%
83
8% 9
84 812
2,700 Freeport Texas Co----No par
"38
37
40
40 •38
*37
40 .
40 *37
40 *37
40
Gen Amer Tank Car. No roar
3412 35
35
3334 35
36
331 3412 34% 35
3511 361s 13,000 General Asphalt
100
*7014 76
76
*72
*7112 76 .714 76 '71% 76
*72
78
Do pref
100
• 1914 and asked Priam: no sales on this day s Ex 300% 10 *leek
a Fs-dlyldead
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
$ per share
88 Jan 14
7012Mar 28
17% Mar 19
10 /gay 19
1334May 7
30 Apr 15
7013 Apr 15
1164 Apr 16
39 May 12
9414 Apr 16
5% Apr 22
1038May 21
874 Jan 14
96 Jan 2
334 Apr 21
1014 Apr 25
3853 Apr 23
8318 Apr 23
10 Mar 25
4218Mar 25
123 Mar 31
13658Mar 25
101 Apr 11
1354 Mar 25
40 Feb 18
894 Mar 21
66 Feb 19
62 Apr 23
96% Apr 30
14 Apr 16
7 Mar 29
244 Mar 27
2812May-20
8334May 20
8/
1
4 Mar 20
79 Jan 15
2814May 20
1034 Mar 26
1212 Jan 4
104 May 21
11334May 22
1812 Mar 28
79 Apr 17
24 Apr 22
10434May 20
111 Jan 4
14 Feb 16
10 Jan 7
3912May 16
4434 Apr 15
4818May 20
10114 Apr 12
9012 Jan 9
334May 15
24 Apr 3
10813May 21
55% Apr 21
40 May 20
974 Feb 26
1958 Feb 26
458May 15
17 Apr 28
1438May 14
14 Mar 21
80 Apr 30
224 Apr 21
94 Apr 22
212May 10
4134 Mar 31
12 Mar 26
14 Mar 19
97s Mar 25
2914Mar 5
4034Mar 31
4218 Apr 14
7978May 15
39 May 12
2558 Mar 29
15 Mar 28
6212 Apr 30
61 Apr 21
2478 Feb 15
46 May 16
33 Mar 21
4312 Jan 11
33 Jan 15
3238May 19
11% Mar 25
5912 Apr 24
Me Jan 2
238 Apr 22
4312 Apr 14
6 Apr 22
1523e Jan 4
3112 Jan 15
2714May 15
48 May 13
80 May 22
1134 Apr 22
53% Apr 21
294 Apr 21
96 Jan 4
534 Apr 15
42 Apr 11
60/
1
4 Apr 21
2134 Apr 21
41 Apr 14
1814 Jan 21
10112 Jan 30
15 Apr 28
978May 20
10418 Apr 21
1418May 20
112 May 20
5012May 15
12 Feb 8
1 Feb 29
5578May 20
110 May 23
1812May 21
61 Jan 29
8778 Jan 28
518 Are 21
41% Jan 2
912 Jan 3
163 Jan 23
98 Jan 29
614 Apr 7
44/
1
4 Jan 2
684 Jan 21
8 Apr11
38 Apr 22
31% Apr 21
714 Apr 15
Highest
PER SHARE
Range for Previout
Year 1923.
Lotoest
Highest
$ Per share $ per share $ per share
96 Feb 7
78 Oct 11112 Apr
83 Feb 5
7742 Oct 89 Feb
2513 Jan 31
18 Sept 334 Mar
124 Jan 9
1018 July 13 Mar
22% Jan 14
13 Oct 38 Mar
45 Jan 14
2812 Oct 59 Feb
76% Feb 7
64% July 7614 Dec
120 Mar 12 11412 Sept 122 Feb
45% Feb 14
4014 June 5578 Mar
10718 Mar 20
78 Jan 97 Dec
712 Mar 8
473 June
9% Feb
15% Feb 11
1038 July 2138 Jan
6558May 7
514 Oct 694 Mar
10114May 8
93 June 10238 Mar
40 Feb 7
31% July 4078 Mar
10413Mar 17
97% Aug 10514 Feb
6134 Feb 7 48 Oct 85 Feb
92 Dec 108% Jan
997s Feb 14
2812 Jan 9
16 July 3632 Feb
69 Jan 16
3212 July 6534 Feb
13078 Mar 13 11918 June 12834 Des
157 Jan 28 14014 July 16134 Feb
104 Feb 19 10018 Nov 10578 Mar
153 Jan 28 140 May 159% Feb
53 May 23
2712 Jan 4434 Apr
85/
1
4 July 93 Jan
9234MaY 1
7414May 23
4812 Jan 6712 Dec
78% Jan 11
65 Oct 109% Mar
10258 Jan 19
96% Oct 11134 Jan
4 Jan 7
lls Dec 34 Mar
1038 Feb 14
618 Oct 1014 Feb
34% Jan 14
2434 Dec .5814 Feb
41 Feb 15
32% Oct 534 Mar
9318 Jan 24
8834 Oct 944 Dee
15 Jan 9
1013 Nov 1834 Oct
10012Mar 11
6214 Jan 89 Mar
34% Feb 5
24% Oct 2912 Dec
19 Feb 25
914 July 34 Mar
2218May 5
634 July 27 Max
1401a Jan 31
9938 Sept 15312 Jan
118 Feb 7 115 May 120 Jan
30 Jan 9
17 July 3513 .Jan
8814 Jan 24
7834 June 89% Jan
84 Jan 2
6% Dec 2814 At,,
131 Feb 7 11012 Aug 14412 mar
116 Feb 1 111 Apr 11642 Jan
18% Feb 1
978 Aug 35 Mar
14% Feb 7
8 Oct 22 Jan
69 Jan 5 50 June 6214 Apr
584 Jan 3i
4818 Dec 8414 Mar
6218 Feb 5
4134 June 70 Mar
11014 Feb 15 10014 June 11114 Mar
9833Mar 18
87 July 9712 Mar
74 Jan 8
3% Oct ' 718 Jan
5 Feb 9
3 Dec
978 Mar
118 Feb 6 10414 May 12112 Jan
6378May 8
5311 Jan 9 .414 Oct 657a Apr
1114 Apr 15 100 Sept 144% Mar
26 Apr 14
214 Sept 43 Jan
414 Oct II% Feb
612 Feb 14
2338 Jan 23
1314 June 22 Aug
20% Feb 15
1272 Oct 37% Mar
918 Feb
4/
1
4 Jan 19,
114 Nov
87/
1
4 Feb 1. 77 Aug 87 Feb
294 Feb 51 1718 Sept 29% May
1an
07 J 31
9012 Sept 1104 Mar
3% Oct 12% Feb
5% Jan 9
494 Jan 24
42 Oct 66 Mar
112 Jan 11
14 Oct
4% Feb
2712 Jan 26
17 Dec 42 Mar
17% Feb 13
958 Nov 4011 Mar
44% Feb 13
2818 Nov 7934 Mar
484 Feb 15
3612 Oct 5012 Mar
664 Jan 2
43 Oct 76 Mar
8538May 23
7512 June 90s2 Mar
42 May 19
283s Feb 15
2418 June 30* iii;
204 Feb 16
14% Aug 31% Mar
7511 Jan 30
60 July 7614 Mar
774 Jan 2 6514 Oct 8338 June
4234May 5
20 Oct 358* May
65% Jan 18
41
Oct blls Dee
38 Pets 5
30/
1
4 June 3734 h•pr
6238 Mar 10
25 AP
46 Feb
56 Feb 13
15 Apr 40 Dec
66% Feb 18 e4412 Dec 184% Nos
221s Jan 14
14% Dec 89% Jan
84 Jan 1
60 Dec 83 Feb
67% Jan 23 6624 July 6958 Feb
Oct 1412 Feb
8 Jan
42% May 5733 Dec
60 Jan
6 Oct 1214 Jan
8 Jan 1
11472 July 1604 De.'
197% Jan 2
37% Jan 2
2284 Sept -611 Mar
4014 Feb
71% Feb
5712 Sept 8412 Mar
8514 Aug 944 Mar
92 Feb 1
84 Aug 20 Feb
18 Feb
3312 Aug 6512 Dec
71% Feb 1
23 Aug 37% Feb
3878 Feb 1
92 July 108 Apr
9912 Feb 2
3 July 1214 Mar
84 Feb
30 Aug 584 Mar
52 Feb
544 July 7212 Dec
7412 Jan
3214 Mar
20's May 814 41e,
6912 Jan
1834 Dec 28 Mar
2218Mar 1
10014 June 111 Mar
10812 Jan 1
8074 May 441e Jau
2014 Jan
11 34ct 1414 June
1172 Jan 1
11212Jan
8934 Jan 115.72 Apr
20 Oct 27 July
8
14172 Feb 1 10612 Jan 14811 Apr
64 Feb 7 52 July 671s Mar
12% Dec 2072 Jan
134 Apr 3
te Dec
7% Feb
34 Jan 9
5873 Oct 9412 Jan
874 Jan 18
115 Jan 17 110 Oct 118 Jan
19% Dec 31
Jan
22% Jan 12
7213 Jan 17 52 Oct 93 Jan
82 Oct 99% Feb
94 May 23
5 June 13 Nov
13 Feb 20
3414 June 604 Feb
47% Jan 24
7/
1
4 Sept 10% Jan
13% Jan 26
22312Mar 21 140 July 21214 Jan
94 July 102% June
10218 Mar 13
57s Oct 1612 Feb
1034 Jan 16
37% Feb 4714 Mar
50% Apr 23
68% Oct 78% July
753* Mar I 1
94 July 22 Jan
13% Jan 7
4614 Jan 2 384 Oct 717e Feb
4634 Feb 5 23 Aug 64 Mar
81 Feb 8 60 Sept 83 Mar
24., Jan ET
•
New York Stock Record-Continued-Page 3
2552
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 17.
Monday,
May 19.
Tuesday,
May 20.
Wednesday, Thursday,
May 22.
May 21.
Friday,
/Kay 23.
$ per share 5 per share '3 per share 5 per share $ per share 3 per share
*83
84
*83
84
84
*83
84
84 "82
84
*83
*82
*10314 106 •10314 106 *10314 106 *10314 106 •10314 106 *10314 106
21758 21912 21612 21734
21434 219
212 215
215 217
21412 217
1078 11
11
1078 11
11
*1078 11
1078 11
*1078 11
1338 1318 135*
1234 1278 1234 13,8 13
13
13h 127 13
84
84
*83
84
*83
*33
8212
82
8314 8314 *8212 84
8318
83
33
83
83
*82
83
83
83
8314 83,4 83
95
*93
95
*93
96
*93
96
9414 9414 *93
*93
95
14
40
40
4053
40
40
3912
3914
*4018 4014 39
3934 40
50
*48
*4812 50
50
*4812 50 "48
*481z 50
*4812 50
1
9
2
97
9
918
•
8
9
*9
4
,
9
9,4
*952 978 *914 10
3612
3412 3414 3534 3578 3612 •36
3658 34
3614 3612 36
*1212 1334 1338 1334
1358 14
1312 1384 1212 13,4
*1334 14,4
1912 1912 201s 2014
2012 2012 *2012 2078 2012 2012 1934 2014
734 7314
75
*73
73
72
76
75
77
*73
78
*76
4234 43
43
43
4212
4212
43
*4212
4212
4212
4278 43
91
. *90
8914 *8912 901
8918 8918 89
*8914 90
8918 90
14
1334 1334 1314 1312 1334 1334 1312 1312 *13
14
*13
414
414
4
*33
413
4
4
*33
4
4
*412 5
*412 5
11
"10
11
*10
10
10
10
1112 10
10
*1014 11 .
712 718
*712 784
*712 814 *714 8
*712 8
8
*7
6612 65
6838
6314 6334 6412 65
6314 6512 62
6314 64
3512
3438 3412 3514 3514 3534 35
3514 3412 3412 34
35
3312 3312 33
3312 3214 3278 3212 3318 3338 3478 3412 3412
4934
4914 *47
4812 4812 *47
4914 4914 491z 4912 *4812 50
33
*32
*3212 33
33
3212 *32
*32
33
*32
33
*32
6434 6412 6478 135h 663 6518 6578
653* 63
64
6258 63
2314
2218 221/3 2234 2318 23
22
2118 2138 215s 2158 22
117g 12
12
1114 1134 1112 1134 1112 1178 12
1178 117g
513
58
h
34
34
*58
34
*58
34
*58
34
*58
8
878
*733 8
712 752 •738 8
734 714 *738 8
8
7
*513
4
3
4
3
4
3
1
4
3
4
3
4
3
34
84
*34
•1812 1912 *1812 1912 *1812 1912 •1834 1912 1834 1834 *1812 1912
*312 4
334 334
34 334
*312 4
*312 412 *334 53
"3112 3234
3112 3112 3112 3112 *3112 3134 3134 32
3178 32
2312
23
23
2314 2212 2234 *2278 23141 23
2318 23
23
34
*12
34
*12
h
.412
34
*12 1
*12
12
12
5
41s 418' *4
5
5 I *5
*4
5
*4
5
*4
9112 9212
903 91
8914 *9018 91
88
*8914 91
*8814 90
4214 43
42
42
4134 4134 4112 415* 4112 411z 4178 42
2212 2218 2212 2232 2258 2233 2212
2218 2234 22
23
23
85,4 8514
86
*85
845* 86
84
8334 8414 84
84
84
109 109 *108 109 *103 10872 •10S 11078 *108 11072
•103 109
814 814
812 812
84 812
834 834
88 88
*834 9,4
3153 3312 34
3212 34
3353 3412 34
31h 3514 3312 343
1134
1133
1112 1173
1112 1112 1112 1158
1158 1153 1112 113
78
78 .77
*75
76 *____ 78
78
76
78
*77
*77
3812
3718 3778 33
36
3512 3572 36
36
36
*3512 36
68
68
67
6712 6712 67
68
68
68
*67
•671,2 68
6714 6714 6712 6712 6778 6778
*6678 6814 6814 683
63
68
1358 13111 1358 1234 13,4
1278 13
127g 1314 1314 131z 12
4378 44
44
43
46
4218 *42
41
47
43 .42
43
18
*17
18
*17
18
•17
"1714 175*
18
•1714 1712 .17
80
80
82
*80
84
82 .80
*80
82
*80
82
*80
21
21
205*
21
21
21
2053
*2012
21
*2012
211z
*2012
2458 244
2234 25
22
22
*225g 233s 2238 2212 2134 22
*2114 22,4
22
2112 22 .2114 2134 22
24
24
*22
*22
90
"88
90
*88
90
90 .88
*88
90
86
90 .
*86
1418
1414 1314 143* 1314 46
1412 1411 1414 1484 1334 1438 13
•41
46
*41
46
*41
46
*41
431
4311
*41
50
82
*76
79
*76
82
*76
82
*76
82
*76
*7612 82
3732 3778 3778 3838 3812 38s 3814 384
3734 3818 3734 38
158
13*
152 158
158 158
158
15*
18 134
•158 134
340 340 *320 360 *315 360 *320 350
335 335 340 340
93
*90
92
.90
94
*90
03
*911z
93
*90
92
*88
834 878
834 8h
812 8,2
812 8581
814 834 *812 9
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Shares. Indus. & MIscell.(Con.) Par $ Per share
100 8214 Apr 30
General Cigar, Inc
100 100 Apr 3
Debenture preferred
100 19312 Jan 3
28,300 General Electric
10 1012 Apr 29
Special
4,500
31,300 General Motors Corp_ _No par 1234May 20
100 8112 Jan 4
Do prof
400
100 81 Jan 14
Do Deb stock (6%)
2.300
Do Deb stock (7%)_..100 9118May 15
100
25 3812 Apr 23
2,700 General Petroleum
No par 4778 Jan 30
Gimbel Bros
No par
813 Apr 23
200 Glidden Co
No par 284 Apr 10
4,200 Gold Dust Corp
:Feb 15
81
1,700 Goldwyn Pictures, new _No par
1.500 Goodrich Co (B F)_ _ _ _No par 19 Mar 22
Do pref
100 7014May 1
1,000
1,500 Goodyear T & Rub pf v t 0.100 39 Jan 4
Prior preferred
100 8814 Jan 2
500
700 Granby Cons M.Sm & Pow100 1212 Apr 14
4 Apr 23
900 Gray & Davis. Inc____No par
1,200 Greene Cananea Copper_ i00 10 May 16
634 Jan 7
200 Guantanamo Sugar _ _ _ _No par
10,203 Gulf States Steel tr et's_ _ _100 62 May 20
3,700 Hartman Corporation__No par 34 May 14
4,400 Hayes Wheel
100 3214May 23
100 4812May 21
300 Flomeatake Mining
Household Prod, Inc_ _ _No par 3138 Apr 19
100 61 Apr 22
6,100 Houston 011 of Texas
5.300 Hudson Motor Car_ _ _.No par 2012May 13
2,600 Hupp Motor Car Corp_ _ _ 10 114May 13
No par
200 Hydraulic Steel
1 Jan 2
:
612 Jan 3
4,800 Independent Oil& Gass_No par
5
600 Indiahoma Refining
34 Feb 5
100 Indian Motocycle____No par 1812May 12
10
200 Indlan Refining
3% Apr 12
No par 3112May 16
1,500 Inland Steel
3,200 Inspiration Cons Copper-- 20 224 Feb 24
100
12 Apr 15
100 Internat Agrieul Corp
418May 22
Do pref
100
200
1,700 Int Business Machines_No par 83 Apr 11
1,000 International Cement. No par 4034 Apr 24
4.500 Inter Combs Engine._No par 22 Mar 31
1,400 International Harvester_ _100 78 Jan 3
100 106 Feb 26
1001 Do pref
900' Int Mercantile Marine_ _ _100
834 Jan 2
100 26':Mar 28
18,600, Do pref
2,600: International Nickel (The) 25 1112May 9
Do oral
100 76 May 9
3001
2,301 International Paper
100 3412 Apr 15
Do stamped preferred. 100 624 Mar 25
400
700 Internat Teton & Teleg
100 66 Feb 1
8,600, Invincible 011 Corp._ --No Par 1134May 12
1,200 Iron Products Corp__ _No par 3912 Apr 2
100 1658 Apr 15
I Jewel Tea, Ino
Do pref
100 78 Mar 31
100
300 Jones Bros Tea. Inc
100 184 Apr 1
No par 2134May 20
2,300 Jordan Motor Car
No par 2034 Apr 14
600 Kayser (J) Co, v t o
Do 1st pref
No par 82 May 5
25 1212 Apr 15
13,500 Kelly-Springfield Tire
8% prerprred
100 4112May 13
100
Kelsey Wheel. Inc
100 76 May 7
No par 3412 Jan 21
22,300 Kennecott Copper
152May 14
2,400 Keystone Tire & Rubber._ 10
100 28712 Jan 17
300 Kresge (S S) Co
Laclede Gas L (St Louls)_ _10(1 79 Jan 2
8 May 13
2,000' Lee Rubber & Tire_ _--NO Par
Liggett & Myers Tobacco__tho 20614 Feb 18
100 11538 Mar 5
--- 15E1 Do Wet
25 50 Mar 26
New
200
25 4878 Mar 23
II new
100
2,000 Lima Loo Wks tern otr_No par 5612May 16
15': Mar 29
5.200 Loew's incorporated.. No par
No par , 512 Apr 22
200 Loft Incorporated
100 50 Mar 6
3,600 Loose-Wiles Biscuit
25 24% Mar 28
1.000 Lorillard new
ar 18 May 13
No 1pw
700 LudItlm &CM
107 Jan 2
Mackay Companies
7534 Apr 14
Inc
Trucks,
Par
NO
7,700 Mack
100 954 Jan 16
Do 1st preferred
100
100 87 Apr 22
Do 20 preferred
100 Mass'(R H)& Co, Inc_No par 59 May 15
No par 2834May 20
400 Magma Copper
3,600 MaIlloson DI RI & Co_No par 18 Mar 28
Manhattan Elec SupplyNo par 3314 Mar 21
25 3312May 16
900 Manhattan Shirt
7.800 Maracaibo 011 Expl___No par 2532 Apr 21
No par 29 May 12
45.600 Marland 011
No par
8 Jan 8
400 Marlin-Rockwell
700 Martin-Parry Corp._..No par 32 May 23
800 Mstateson Alkali Works__ 50 2958May 13
3,700 Maxwell Motor Class A-100 38 Apr 14
1018 Apr 30
700 Maxwell Motor Class B.No par
100 May Department Stores.. _100 8212 Apr 21
15 May 23
1,600 McIntyre Porcupine Mines_
14,300 Mexican Seaboard 011_ _No par 1418 Jan 3
Voting trust certificates._.. 1272 Jan 3
5.700
5 20 May 19
600 Miami Copper
3 Apr 25
10
States 011 Corp
Middle
7,800
Midvale Steel & Ordnance_ 50 2618May 12
100 61 12 Jan 10
600 Montana Power
6,300 Mont Ward & Co Ill Corp_ 10 2134May 20
No par 18 May 20
2,900 Moon Motors
6 May 19
27,300 Mother Lode Coalition_No par
9 Mar 22
Mullins Body Corp__ __No par
No par 33 May 20
300 Munsingwear, Inc
No par 9612 Apr 29
1,100 Nash Motors Co
578May 1
50
500 National Acme
25 504 Mar 28
8,100 National Biscuit
100 1204 Jan 8
Do pref
100 4412May 14
203 National Cloak & Sult
3,000 Nat Dairy Prod tem etts_No par 3018 Apr 11
117 fii
117 '112 117
ifi
5014 5014 5014
.4934 5012 *4934 5012 *5012 5034 *50
5034 505 5058
5034 *50
*4934 5014 *4912 5012 *4912 50h *50
5714 571 571g
57
567
5711 5612 5714 564
5714 5714 57
1614 1638
1614
16
1584 16
1534 1534 155s 1534 1512 157
*512 6
6
*512
6
*512
1
6
6
*512
558 558 *51z
5734
5512
4
563
2
557
3552
5412
2
347
5478 *53
5478 *52
53
.
*3438 3434 3434 3434' 3412 3412 *3414 3434 3434 3434 *3414 3434
2012
*19
20
4
193
19
19
19
1914 1914 1914' 19
19
.
•109 113 *109 113 ,"'109 113 '•109 113 *109 113 •109 113
808 8214 8034 8134
80
7914 7812 7914' 775 79 I 79
*79
9714
9714 *97
9714 *97
97 I *9612 9714 *97
97
*961z 99
*8814 89
*8814 89
8914 *8814 89
8912 *88
8912 *88
*88
60
*59
60
1159
60
60 1 *5912
59 I *59
59
*59
60
295 29h 295* 29h 2834 29 I *2812 3014 *2812 3034 *2812 304
23
23
23
*2314 2312' 2084 2212 2134 2214 22
24
23
*4213 43
*4212 43
4212 •421z 43
*41
4212 *4212 43
*42
3512
. *3314 3412 3453 3518 *35
3412 341
35
35
*3414 35
2334 2838 2334
2734 2738 281z 28
2734 2734 2714 2814 27
3318 3258 3353 3238 3338
32
3212 3151% 33,8 3112 3212 32
1012
1012 *9
1012 *9
9,8 (08 *9
10
10
*918 10
32
32
3212 33
33
3334 33
3384 *33
*33
*3212 34
31 14
31
3014 31
30
3012 3012 30
*3012 32
*3014 32
4012 4012 413* 4253 4133 4158
41
4114 41,4 4114 4114 40
1012 1012
1012 1012 •10% 1034 1034 11
11
1134 11
*11
85
85
86
*85
85
*84
84
*82
85
*83
85
*84
1518
1
1514 *1514 1512 15
*151z 1634 1538 1512 1512 1512 15
1934 2014
1878 1953 1914 20
1914 19h 1812 1914 1858 19
205*
194
4
193
8
195
1914
4
183
1852
1818
4
183
1818
19
19
21
21
*20
2012 *20
*20
20
20
20
20
*2014 21
353 312
338 312
338 312
338 312
312 312
338 3523
30
*26
30
*26
30
*26
30
*274 30 2612 30 *26
613 63
6312 6184 6134
*62
62 .
62
64
*62
64
*62
4 23
2212 2212 2212 2212, 21s4 2238 2214 2212 2234 2314 223
195 1938
1814 191g 20
1818 18
1812 18h 1812 1812 18
7
634 818
738
678 714
6511 678
652
6
614
12
12
•11
12 .11
*11
12
*11
12
*11
12
*11
*3114 34
*3114 34
*3114 34
33
33
34
"33
34
34
*9912 101
09
10014 10112 101 10153
99
*99 101
*99 101
*612 7
.612 7
634 634 *612 7
612 612
612 612
5312
5212
53
5312 53
53
8
533
5214
5212
5214
5214 52,4
124
124
•120
•120
120
124
124
*121
•120 122 *120 124
47
45
*44
45
*4412 47
*4312 47
*4414 47
*4414 46
321,3 3212 3312 33h 3338
32
32
3212 32
3212 *32
.32
300 Nat Department Stores No par 38 Apr 14
3814
*38
*38
3814
*38
3814
3814
*3814 3812 *3814 3812 38 4 2118 1878 2012 21
2112 2034 2112 10,500 Nat Enam'it & Stamping-100 1834N1ay 20
2234 2234 20% 2212 183
100 1231: Apr 21
1,700, National Lead
12912
130
129
•130
13014
128
131
12712
12978 13018
130 130
100 11134May 23
100
0, pref
*113 1137
4 11134
*113 11414 •113 113% *113 113h *6358 65 8 •113 11378 1113
50 6014 Apr 16
200! National Supply
64
64
65
63
*6312
63
v622
4
65
*6312 65
Consol
5 1178 Jan 2
Nevada
_
_
_
Copper_
7,000
13
13
13
13
13
13
13
1278
13
13
13
13
Air
temp
Brake
NY
2,100
Ws
NO Par 3618 Apr 22
3712 38
3912 3934 3934
39
3638 38
3912 3834 39
*39
No par 4714 Jan 7
Class A
800
3
49%
4918
4914
*49
4914
5912
4
,
49
4914
4912 4912 4912 4912
Dock
100 19 Jan 9
2814 311z 3134 3512 3412 3512 3412 374 10.700 New York
2918 3012 *2812 30
Do pref
100 4118 Feb 27
1,900
52
54
50
53
50
5234 54
50
50
*45
4934 50
North
Co
American
10 22 Jan 2
16.200
24
8
243
4
2414
243
2412
2433
237g 2414
24
2378 2418 24
pref
Do
50 43% Jan 2
2,000
4534 46
4.533 4533 4538 4512 45h 451z 4512 4512 455 455
812 Apr 25
400 Nova Scotia Steel & Coal_ _100
11
•104
•10
1114
11
*9
1014
•
1012 11
10
10
7 Apr 11
300 Nunnally Co (The)___ _No par
714 714 *712 8
712 814 *712 8
811
114May 20
738 738
500 Ohio Body de Blower_ __No par
918 153 •I14
114
114
1%
2
112
2
•13
13
114
112 Jan 2
•13s 134
of
Ref
&
Prod
5
Amer
Okla
1.100
8
17
1%
17
8
17
178
178 '154 2
*134 2
Mar 24
•134 2
4%
2
453
o
a
t
n
O
r
e
v
l
i
S
100
6
*558 6
*558 8
"558 6
*552 6
*556 6
1 18 Feb 18
Circuit,
Orpheum
Inc
800
1812
•18
igh
'
1812
1
1818
*18
2
18
18
1858 1858 1838 1812
Jan 14
13912
Elevator
100
Otis
400
14634 14834 •147 150 *14612 14912 *146 150
•144 14712 14512 149
752May 19
NO par
735 752 2,800 Otis Steel
732 738
7'2 712
78 7%
712 7t2
7% 712
Mar 27
414
25
Bottle
Owens
1,000
4254
4
423
4252
4212
42%
4212
4212
4252 4234 *4212 42% 4212
32 Jan 2
h
h
12
42
*13
100 Pacific Development
12
412
%
*32
52
*18
100 9012 Jan 4
9073 91,8 9112 9112 *9118 913* •pt% 9178 1,100 Pacific Gas& Electric
9114 92
•9134 92
5 B.1-031•Idend.
•Bid and asked prices; no rale. this day
•iii" 117 .50 5012
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highs*,
$ per share $ Per share $ per share
8018 June 974 Dec
9734 Jan 10
107 Jan 11 10414 Nov 110 Apr
23112 Mar 20 16758 Sept 20214 Deo
Jan
1014 Oct 12
114 Feb 7
1614 Feb 1
1234 June 1712 Apr
79 July 89 Apr
841g Mar 3
7854 July 00 Apr
8414May 15
;e: 105 Apr
1004 Mar 17 _3
1:su
3_3
99
4314 Apr 26
611 Apr
5234Mar 8
6 Sept 123* Feb
14 Feb 4
-- - 38 May 6 - - - 8 Nov 2213 June
1578!Mar 25
1758 Oct 414 Mar
2634 Jan 10
6734 Oct 92% Mar
80 Jan 17
Oct 6212 Apr
35
49 Jan 8
Oct 99 Feb
88
9338 Mar 12
m r
16% Mar
Oct33
6
12%
174 Feb 15
Dec
918 Jan 11
13% Dec 3418 Mar
1634 Feb 18
5 Sept 1412 Feb
104 Feb 6
66 June 10458 Mar
8914 Feb 7
4 Nov 947g Feb
793
4
Feb
4434
Apr
31 July 44
52% Feb 4
54 Dec 797 Jac
5612 Jan 3
2852 July 393 Ma,
3412 Jan 2
404 Aug 78 Feb
824 Feb 5
20 June 3234 Mar
2934 Mar 10
1518 Dee 3012 Apr
18 Jan 2
% Oct
612 Jan
14 Jan 10
338 Sept 1114 MaY
914 Jan 18
Oct 19 Mar
1
2% Jan 17
18 Dec 1934 Deo
2514 Feb 4
84 Apr
312 Dec
5% Jan 17
3118 July 4658 Apr
3814 Jan 30
Mar
4334
Oct
234
27% Jan 24
Feb
% Oct 11
238 Feb 6
418 Oct 397 Feb
1012 Jan 8
9714 Fob 2B
31 June 44 Mar
4434 Feb 11
1952 June 274 Apr
2712 Jan 12
6634 Oct 0812 Feb
8712 Feb 4
Oct 11614 Jan
109 May 8 108
1% Feb
17
2 A ug 4
18
87
1012May 3
14
3838May 5
1614 Feb
1058 Oct
15 Jan 28
693 Jan 83 June
824 Feb 20
58% Mar
42% Feb 8
2778 Oct
7518 Jan
Oct
60
68 May 20
714 Apr
Oct
64
704 Feb 13
1914 Mar
74 Nov
1672 Jan 2
324 Aug 584 Mar
5234 Jan 10
1538 Oct 24 Mar
2314 Jan 2
62 June 8812 Deo
9158 Jan 16
274 Jan 3
2038 Dec 6333 Mar
27 Mar 28 - - - - - - - 28 July 457 Feb
38% Jan 18
10212 Feb 11
96 July 104 Mar
2012 Oct 6218 Mar
35 Jan 10
Jan
78 Nov 108
88 Jan 10
Oct 1174 Mar
101 Jan 10
75
3932May 7
2953 Oct 45 Mar
4% Jan 9
152 Oct 1118 Mar
360 Mar 24 177 Mar 300 Del
9614 Apr 24
75 July 89% Juno
1138 Oct 3152 Mar
1718 Jan 11
245 Feb 9 19034 May 240 Deo
118 May 6 11134 Apr 11818 Jan
54 Mar 13
5314 Feb 18
68% Feb 9
5814 June 747 Mar
4 Feb
14 June
18 Jan 10
6 Sept 1134 Jan
854 Jan 11
3814 July 6514 Dec
6212 Jan 26
3838 Mar 7
2334 Mat 17
Feb
117 Jan 30 ioi - May 121
5818 Jan 934 Apr
90% Jan 7
9834 Mar 19
87 July 9914 Mar
90 Jan 8
72 June 92 Mar
57 July 7112 Jan
6812 Jan 2
2714 Oct 3814 Mar
3614 Mar 14
Jan
3134 Jan 18
21 June 40
45 May 2
Oct 86 Mar
35
Oct 4772 Jan
44 Jan 10
40
16 Sept 2838 Dec
374 Jan 26
42 Feb 5
1712 Oct 595 Apr
1734 Mar 11
314 Nov 16 Feb
37% Jan 17
26 July 3734 Apr
3114 Oct 634 Mar
4112 Jan 8
Oct 634 Mar
36
5534 Jan 9
Apr
1014 Oct 21
16 Jan 9
6758 Jan 93 Dec
95 Jan 25
1814 Jan 7
15 Sept 2012 May
244 Feb 6
532 Aug 2334 May
23 Feb 6
6 Aug 234 May
2012 Oct 3012 Feb
24 Jan 28
1214 Jan
678 Jan 2
34 Nov
2112 June 3338 Apr
3414 Feb 7
5412 June 75 Mar
85 Apr 4
1814 May 264 Nov
274 Jan 28
1734 Jan 2932 Mar
2713 Feb 7
74 June 14 Feb
914 Feb 15
los
Aug 2978 Mar
1478 Jan 9
3112 Oct 3612 Nov
3914 Jan 16
7512 Jan 11412 Jan
114% Feb 9
1812 Feb
7 Nov
1012 Jan 28
Jan 5278 Nov
38
5438 Jan 26
Feb
125
July
11812
12414 Feb 20
40 June 6714 Feb
64 Feb 1
15
Feb
37
3454 June 4212 Apr
43 Jan 9
Oct
73 Mar
35
4478 Jan 17
July 148 Dec
108
28
Jan
15532
Jan
115 Feb 28 10712 June 114
5412 Oct 684 Dee
7212 Feb 4
Mar
1853
Oct
918
1418 Feb 21
2658 Jan 427s Nov
43% Jan 19
4514 Aug 514 Feb
50 Jan 1.1
15% June 27
Apr
3718May 23
373 Aug 5112 Mar
5514May 14
1712 May 244 Apr
25 Jan 10
4812 Feb
4212 July
46 May 23
1358 Dec 2978 Mar
144 Jan 18
77 Oct 1018 Feb
958 Feb 5
13 Dec 1018 Jan
432 Jan 14
31 Feb
78 Nov
214 Jan 22
914 Dec
3 July
8 Jan 7
1614 June 215 Apt
2014 Jan 3
16934 Mar 13 11412 July 153 Feb
7 June 1454 Mar
11% Jan 26
365* Jan 5234 Apr
47 Jan 10
its Nov
24 Mar
114 Jan 11
73 July 9472 Dec
9574 Jan 28
New York Stock Record-Concluded-Page 4
2553
For sales during the week or stocks usually Inactive. see fourth page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
May 17.
Monday,
May 19.
Tuesday,
May 20.
Wednesday, Thursday,
May 21. I May 22.
Friday,
May 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jon. 1 1924.
On basis of 100-shot'. lost
Lowest
Per share
$ per share $ per share 3 Per *hare
Per share $ per share IS per share Shares. Indus.& Mlsceii.(Con.) Par
012 012
*812 1012 *812 1012 *9
9
7 Apr 7
300 Pacific Mail Steamship- _ 5
9
*9
10
10
Apr 22
Pacific
Oil
45
4612 4712 4614 4713 46
47
31,500
4918
4718 48
4814
4734 4873
101
/
4 1038 1038 1038 1038 *1014 1038 1,600 Packard Motor Car
978MaY 1
10
1014 1014 1013 104 10
Preferred
91
9173 92
700
92
91
*91
92
100 894 Apr 24
9213
92
92
92 *92
48
4718 48
4814 49
4858 4858 48
17,400 Pan-Amer Petr & Trans_ 50 4414 Feb 14
51
49
4934 49
Do Class B
4578 46,
4638 47
30 4114 Feb 14
4714 4834 54,200
8 4512 4638 4638 • 4712 473/3 48
158May 19
11
/
4 11
/
4
178 178
212 212
*112 212
700 Panhandle Prod & Ref _No par
3
*212
2/
1
4 253
No par 1313 Jan 2
1514 15
*1414 15
*15
1533 *15
15
100 Parish 44 Bingham
*1414 15
*1414 15
134May 1
134 lh
134 178
134 173
5,020 Penn-Seaboard St'l v t eNo par
178 2
178 2
173 178
*94
9412 *9414 9412 94 94
200 People's C L & C(Chic).-100 9234 A pr 29
93 93
*9312 94
*9312 94
4378 44
*4312 44
*4338 4334 *4314 4312 4314 4312 43/
1
4 4334 1,600 Philadelphia Co (Pittsb)_- 50 42hMay 1
1
4Mar 28
4633 4834 4773 4914 4712 49
4612 4713 4558 4712 4478 47
77,200 Phila & Read C& I w I.No Oar 34/
46
46 *45
*4518 47
46
45
46
800 Phillips-Jones Corp___ _No par 44 May 14
*45
*4514 46
46
51512 1612 1534 1534 *1512 1612 *1512 1612 1,100 Phillip Morris & Co Ltd....10 1438 Apr 30
16
1638 *1512 16
1
4 Jan 21
No par 33/
3633 3514 36
36
3518 3584 35
3634 3658 3714 361s 3634 53,900 Phillips Petroleum_
612 612 *612 6/
71
618May 13
*614 7
04 612
1
4
634 713
734 1,100 Pierce-Arrow Mot Car_No par
Do pref
100 1818May 15
1873 1878 1838 1834 1838 1838 1878 2013 *1812 20
•*1914 19
1,300
112 Apr 3
11
25
158 178
2
2.
/
4 11
134 134
/
4
134 134 6,400 Pierce 011 Corporation
134 178
Do pref
100 20 Mar 4
*2312 2512 *2314 2512 23 23
*2112 23 *23
100
*21
25
25
5812 58
58 *58 61
100 67 Apr 22
*58
59 .58
500 Pittsburgh Coal of Pa
5812 5812
*58
61
9878 9878 *9838 99
Do pref
100 98 Jan 14
100
*98 92 *98 99
*9838 99
*9838 99
97g Jan 22
1178 1178 •1178 12 *1178 12
500 Pittsburg/1 Utilities pret_160
1134 1134 12
*1178 12
12
50 *4834 50
1,500 Postum Cereal Co Inc_ _No par 4812 Apr 22
*4912 50
50
50
50
*4913 50
50
50
Do 8% preferred
100 110 Feb 7
.110 11114 *110 11114 *110 11114 *110 11114 *110 111 *110 111
4718 4734 48 48
100 4614 Apr 15
1
4 4813 1,200 Pressed Steel Car
4812 4812 48 58
4818 4812 *48/
100 8134 Apr 23
8312 *80
Do prat
*8134 8312 *80
8312 *80
*8134 84
83
83 *80
2512 2534 2412 2512 2418 2538 2438 2578 2534 2634 2534 2614 8,100 Producers & Refiners Corp- 50 2234 Apr 22
43 43
431 4314 43 43 *4234 43
43h 4314 4318 4314 2,000 PubServCorp ofNJ new No par 39 Mar 25
100 11312 Apr 10
117 11814 11734 11812 117h 11934 11712 119
14,000 Pullman Company
11813 11912 119 122
5334 52
53
50 52 May 20
52
53h 5334 5438 52
5313 5334 53
5313 9,300 Punta Alegre Sugar
25 2014May 12
22
2218 2218 2238 2238 2258 7,000 Pure 011 (The)
2212 22 2214 2112 22
22
100 92 Jan 10
Do 8% preferred
96
.10112 10234 *941 96 *95 96 *94
200
9434 957
*95
96
100 106 Jan 3
109/
1
4 10958 *1104 111
110 110
.109 111
600 Railway Steel Spring
10934 11014 *11014 111
No par 30 Jan 17
324 *3058 3212 3034 304
*31
3238 *3118 3253 *3114 3258 *31
100 Rang Mines, Ltd
9 Mar 27
953 958
9h 9/
1
4
932 912
914 938
933 938
933 912 6,860 Ray Consolidated Copper_ 10
3734 38
3812 3513 3554 37
*36
39 *36
38
3958 1,400 Remington Typewriter.-100 3214 Jan 4
38
93 *91
93 *91
100 91 Jan 4
.91
94 *91
1st preferred
93
*91
93 *91
93
*9012 96
9012 9012 "9014 96
100 9012May 13
*91
96
2d preferred
*9014 96
200
9212 9212
778May 14
No par
8
812
.8
814
8
8
*8
814
8
1,700 Replogle Steel
8
8
8
444 4313 4358 43h 4438 44
100 4318May 20
*44
45
44/
1
4 45
4414 4514 5,700 Republic Iron & Steel
85
May 19
85
85 *84 86
100
8712
85 86
*85 86
*88
pref
86
87
Do
800
978May 13
No par
1134 11
1133 1112 11
11/
1
4 *1114 12
12
12
7,600 Reynolds Spring
1118 12
6734 6734 *6658 67 *66/
65h 66
1
4 67' 6512 6712 6738 6738 1,200 Reynolds(II J) Top Class B 25 6158 Mar 31
120 120 *117 12018 120 120 *118 120
119 120 •119 120
Do 7% Preferred
900
100 11514Mar 26
54
5414 5414 5458 5434 *5458 5514 54/
54
1
4 5434 *5413 5434 1,400 Royal Dutch Co(N Y shares). 48 Jan 2
10 22 Jan 7
1
4 *23
24
*2334 2412 *2314 23/
24
24
24
24 •23
200 St JoseP11 Lead
24
114 Mar 6
*112 134 *lh 173 •112 134
*112 2
2
112 113 *11
200 Santa Cecelia Sugar...No par
*4634 4734 451 4512 441 4453 45
4534 4638 4738 46
4633 1,700 Savage Arms Corporation_100 3258 Jau 2
.10012 103 10012 10012 *10012 10212 •10034 10313 102 102 *101 103
200 Schulte Retail Stores__No par 9634 Apr 16
100 7884May 15
8114 82
82 8278 8112 8214 7912 82
8212 83
82713 8272 9,100 Sears, Roebuck & Co
1
4 *110 11478 *112 11478 *112 1147$ *110 11478 *110 11478
100 11212 Mar 26
•110 114/
Do Pref
*78 1
*78 1
par
h
1
12May 2
No
1
1
700 Seneca Conner
8
h
4 Apr 11
5
5
*413 5
"412 5,4 *434 5
412 412 *413 5
700 Shattuck Arizona Copper-- 10
17/8 1714 1718 1714 1678 1718 17
No pa? 1614 Apr 22
1712 17/
1
4 177
17/
1
4 18
18,900 Shell Union Oil
*9334 9413 *9358 94
100 9112 Jan 4
93/
1
4 9358 *9312 94
94
Preferred
94
*9312 94
200
10 1038 Jan 4
1312 1378 1312 1312 1318 1338 1338 1312 13/
1
4 13/
1
4 1312 131
3,900 Simms Petroleum
par 22 Apr 14
22/
1
4 22/
No
1
4 2214 2212 2238 2212 2238 22/
1
4 2212 2212 2258 22/
Co
1
4 1,800 Simmons
19
1938 19
1934 1834 1934 198 2013 197 2018 32,800 Sinclair Cons Oil Corp-No par 18hMay 8
1934 19
*79
100 77 May 8
80
80 *79
791
/
4 *7813 7912 *7812 791
79 79 578
Preferred
100
19/
1
4 2012 1934 20,8 1978 2118 211
20
20
25 1812May 12
/
4 2178 2112 2258 9,100 Skelly Oil Co
55 55
*5412 55
54 .53 56 *541
52
/
4 5614 56
56
1,100 Sloss-Sheffield Steel & Iron 100 52 May 20
67 Jan 3
7012 6934 70
-100
*69
Sugar-.
6813 6912 *70
Porto
Rico
78
72
72
*7012 72
1,200 South
9 Apr 30
No par
978 978 *934 1014
9/
10
10
800 Spicer Mfg Co
1
4 97
9,2 912 *IA 10
*80
85 *80
100 80 Apr 12
85 *SO
85 *80
*80
85
Do pref
*80
85
85
*42
100 3912May 20
50 *42
50
3912 3912 *3834 50
*3834 50
100 Standard Milling
*3834 50
57
5712 56/
1
4 5773 5554 5634 57
5734 57/
1
4 5838 5758 5814 12,700 Standard 011 of California_ 25 5512 Apr 21
3338 3438 3314 34
3434 3512 3458 3538 70,500 Standard Oil of New Jersey 25 33 May 14
3318 3314 3312 347
100 11534 Mar 1
118 11814 118 118
Do pref non-voting.
118 118 11734 11734 11814 11814 118 11818 1,300
5512 Apr 23
*5618 58
No pa
5613 5618 .56
5614 5614 *561
58
/
4 58
200 Sterling Products
*56
48
/
4 54
pa
64 Mgy 20
_No
5412 571
5612 58
Corp
Sp
Stewart-Warn
5553 5578 5714 58
5912 601 50,400
61
5412M gy 14
5812 5812 55
5714 5533 5612 5838 5734 59
5,200 Stromberg Carburetor _No pa
5978 5918 593
Studebaker Corp (The)---100 8012 Apr 30
3012May 20
No pa
318* 32
New w I
67.200
-ilia lift, i
-3114 3134 -ioja 3114 -3oi2
812 812
7 Mar 29
No pa
8h 814
814 84
814 858 *833 8/
814
814
1
4 2,600 Submarine Boat
238 Jan 2
No
pa
434 478
011
Superior
458 4s
4/
1
4 5
412 47
5
512
5,4 534 75,100
100 30 Mar 27
34 "____ 34 *28
_ _ *28
Superior Steel
*2638 2978
34
34
1
2 Mar 15
; 8 212
214 228
2h 238 *218 214
238 233 *214 212 1,700 Sweets Co of America
634 Mar 31
No pa
7
*678 7
7
7
7
7
*6h 7
7
7h 713 1,900 Tenn Copp & C
38/
1
4May 13
3934 4014 3914 40
3914 39/
1
4 3913 4038 404 40/
1
4 4018 4038 11,700 Texas Company (The)____ 2
60 6033 *60 6073 5934 6018 6013 6058 6012 6013 6012 6113 2,900 Texas Gulf Sulphur
5714 Apr 21
1
9
9
1
878May 16
9
878 878
9/
1
4
878 9
9
9
9
914
3,700 Texas Pacific Coal & 011
*126 129
12612 12613 125 125/
100 120 Jan 5
12613 12812 •126 129
1
4 126 126
600 Tidewater 011
3414 35
3113 33
3218 3278 33
3112May 19
33
33
3318 8,700 Timken Roller Bearing_No pa
33/
1
4 33
5678 5718 5614 57,4 5534 5658 5634 5712 5758 58
5712 58
12,800 Tobacco Products Corp_100 53 Apr 11
8534 8534 8578 8612 85/
1
4 8534 8534 8612 86/
100 8314 Mar 25
1
4 8634 *8612 87
Do Class A
6,300
119 119
11712 11918 *117 119
119 119 *117 1194 11914 11914
Preferred
100 113 Feb 19
900
334 4
378 4
378 4
37
41
334 4
41s 414 26,700 Transcontinental 011___No pa
384 Apr 15
*3714 38 *3714 38
3713 3712 *3713 3773 *3712 377 *3714 3778
100 Underwood Typewriter.-- 25 374May 20
*4812 50 *4811 4934 448 I 4834 4612 4712
48
4812 *45
700 Union Bag & Paper Corp-100 4612May 23
*1
/
4
14
*4
14
*13
14
*18
14
18 Feb 1
No par
14
UnIon 011
*18
14
*4
*90h 99 *97 99 *97 99 *9614 99
*9613 99
100 94 Jan 7
*9612 99
Union Tank Car
•108 10914 *108 10914 *108 1094 108 10938 *108 10938 10834 10884
100 10614 Feb 18
Do pref
100
23 25
25 2513 *25
2518 25
25
25
25
No par 25 Apr 21
2518 2518
600 United Alloy Steel
*75
78 *7512 78
73
7513 711
/
4 72
7112 7112 7112 7214 2,100 United Drug
100 7112May 21
4613 *40
4634 *40
*30
4612 *30
4612 *40
4612 *40
4612
Do 1st preferred
50 4612May 3
*190 192 *190 19012 190 190
189 18918 190 190
190 190
100 182 Jan 4
900 United Fruit
83
/
1
4
85 8614 8212 85/
1
4 79
8214 85
85
87
85
8534 39,700 U El Cast Iron Pipe at Fdy 100 64 Feb 27
*89
92 *88 92 "8913 91
90 90
*90
91
*90
91
Do prat
100 8178 Jan 15
100
1714 1714 1778 18
1712 18 *1714 18
*1712 18
1712 1713
600 U S llott'n Mach Corp_No par 1658Mar 28
6414 6434 6334 6514 6118 638 62/
1
4 638 6312 65/
1
4 637 647 20,300 U S Industrial Alcohol_ _100 6118klay 20
•100 10212 *100 10212 .100 10212 100 10212 *100 10213 *100 10212
Do prat
100 98 Jan 3
1
4 9812 987 99
9784 9734 9734 9734 9612 9714 97/
*9712 983
2,900 U S Realty di Improv't___ _100 9234 Apr 21
104 104 *10213 104
103 104
*103 105 *10312 105 10318 104
10114 Apr 21
300
Preferred
2738 2778 2634 2738 2513 2658 2238 2614 2212 2438 24
26
101) 2212May 22
46,600 United States Rubber
7312 75
75
7113 73
68
7212 6734 70
*74
100 6734May 22
Do 1st preferred
6912 72,8 19,800
20
20 201s 20
2014 2014 2014 *20
2014 2014 20
1
4Mar 26
2012 1,500 US Smelting, Ref & Min
50 18/
*3812 40 *38/
1
4 40 *3812 39
*3812 40
*3778 3812 *37h 3812
Do pref
50 3712 Mar 22
1
4 9578 9718 9678 9773 97
9658 9718 9534 9712 95 96/
9734 140,800 United States Steel Corp 100 95 May 20
11918 11938 11918 11913 11938 11934 11918 11912 2,900
119 119
*11858 119
100 11888 Feb 1
Do Met
67 6714 68
68
1
4 6712 6712 6612 67
68
6758 67/
68
10 84 Jan 18
2,600 Utah Copper
2718 28
2814 2834 2734 2814 5,900 Utah Securities
2814 2832
100 1682 Jan 4
•
2112
2212
2212
2112
2214
217
8
2212
2212
*2113
2112
2214
*2112
No par 2114May 14
1,600 Vanadium Corn
113 112 *138 112 *11
/
4 lh
11
11
/
4 138 *114 112
/
4 138
300 Virginia-Carolina Chem
114 Mar 22
100
512 558
83, 538
518 514
538 538 *5/
1
4 512
5h 512 1,400
Do pref
100
414 Mat 20
624
634
7
7
718 *714 8
634
No par
678 7h
5,100 Vivaudou(V)
718 734
6/
1
4May 2
15
*14
15 *14
15
15 *14
*14
*1418 15 *14
Waldorf System
No par 14 Apr 29
15
1638 1618 1612 *1614 1612 2,000 Weber & Hellbroner__.No par 1484 Jan 31
1614 16
1
4 1658 16
1633 1612 16/
41
*37
39 *37
41
*37
40
.401 4112 4014 4012 *36
50 354 Jan 19
200 Wells Fargo Express
10738 10738 •10678 1074 *10678 107
10618 107 107 107 *10673 107
500 Western Union Telegraph-10) 105 May 1
587
89
90
*88
87 87 .88
200 Westinghouse Air Brake---50 84 Jan 2
90
87 87
*87 89
5578 5678 5612 5578 11,100 Westinghouse Elea & Mfg _ 60 5513May 15
5558 56
5558 5578 5558 5578 5538 56
2458 24/
1
4 24/
1
4 2434 1.100 White Eagle Oil
No par 2318May 12
*2338 24
2312 2312 2314 2312 2312 24
5214 5214 5212 2,000 White Motor
5134 52
50 5012 Apr 11
*5112 5214 5112 5112 5012 5114 51
11
/
4 11
/
4
lh lh
118 138
11
/
4 112 7,200 Wickwire Spencer Steel- 5
134 lh
78 112
78May 19
1
77
7
078 788
7
714
714
7
718
74 8
8,4 33,000 Willys-Overland (The).- 25
678May 17
100 6112May 16
63/
1
4 6412 6214 65
Do pref
62h 6334 6318 6434 6434 6638 cups 6538 20,900
513 518
5
5
514
478 5
No par
1
4 5
553 1,500 Wilson & Co Inc
4/
1
4 458 *4/
411154aY 16
.332 338 *332 337 33012 33012 330 330 330 330 330 330
400 Woolworth Co(F WI
100 280 Jan 4
2,700
*8314 84
8314 8234 8314 8212 8312 8312 84
New w 1
25 7212 Apr 10
8314 8314 82
*23
27
2412
27
2413
•24
*23 27 *23 27 •23
2612
100 24 Apr 22
100 Worthington P & M
10
1014 10
10
300 Wright Aeronatuical-No par
1012
958May 15
*9/
1
4 1014 *9s 1014 *10
*91 10
3612 3613 3612 1,500 Wrigley(Wm Jr)
No par 35 Apr 22
36
36
1
4 3518 3538 36
*3514 3612 3612 36/
47
4838 4712 4814 18,200 Yellow Cab Mfg tern Ws_ --10 45 May 14
48
4814 4314 48
45 4512 4514 47
*S'?
Al
63
*col Al
Al
63
300 Ynoteriitown Sheet .53 T No oar 62 May 5
Al
no, *Al
AlR. IA
• Bid and witted prim ; no sales on this day. a Ex-dividend.
Highest
PER SHARE
Range for Prates.
Year 1923.
Lowest
Highest
$ per share $ per share $ Per *Mu
7 July 1284 Mar
1034 Jan 9
5814 Feb 5 3118 Sept 5214 Dec
978 Oct 1512 Mar
1274 Jan 7
9518 Feb 11 904 June 99 Feb
53 Sept 9312 Feb
6114 Jan 2
5912 Jan 2 5012 Oct 86 Feb
614 Apr
114 Oct
418 Jan 23
9 May 1512 Mar
16 Mar 12
6 Apr
112 Oct
414 Jan 17
9812 Jan 2 88 Apr 9812 Dee
41 July 5014 Mar
47 Jan 30
5018May 15
80 Apr
Aug5
60 Feb
1112 July 2458 Dee
23/
1
4 Jan 31
4213 Apr 5
1934 Sept 6958 Apr
July
jy 3,5151: an
16
,:
1 ,
1212 Jan 17
Jan
30153 Jan 17
6 Feb
112 July
412 Jan 22
16 Oct45 Jan
36 Jan 21
58 Jan 6778 Mar
6334 Mar 12
96 Oct 100 Apr
100 Apr 4
10 July 1112 Sept
1314 Mar 12
47 July 134 Feb
5813 Jan 8
114 Apr 1 10813 June 11414 Jan
62 Jan 26
4213 Oct 8112 Jan
90 Feb 6 80 Oct 9934 Jan
17 Nov 5818 Mar
4312 Jan 22
4112 Dec 5112 Apr
4412 Jan 7
128 Jan 28 11012 July 134 Mar
4178 July 6914 Apr
6753 Mar 14
1618 Sept 32 Feb
2634 Feb 6
8212 Aug 100 Mar
984 Mar 13
9912 Oct 123 Mar
118 Mar 22
2914 July 3458 Feb
334 Feb 15
978 Sept 1714 Mar
1214 Feb 18
24 June 4818 Mar
4958 Feb 5
9434 Feb 5 89 Dec 104 Feb
80 Jan 99 Nov
102 Feb 1
8 Oct 3114 Feb
1538 Jan 28
4018 June 6634 Mar
617s Feb 11
95 Mar 6 8434 Oct 9678 Mar
14 June 2974 Apr
2284 Jan 7
47 Jan 75 Dec
7478 Jan 2
120 May 17 114 July 118 Feb
4012 Aug 5513 Feb
5912 Feb 6
2758 Feb 21
17 June 2318 Dec
353 Jan 24
114 Oct5 Feb
1812 Jan 3512 Dec
5434 Feb 4
88 May 11634 Dec
10934 Jan 4
974 Feb 1
6584 June 924 Feb
11412Mar 13 10612 June 115 Nov
478 Oct1213 Mar
64 Jan II
5 Oct1073 Mar
678 Jan 10
2013 Feb 6
1232 Jan 1914 May
Nul
oy
v 9
96/
1
4May 6
15
6 M
86
91
1 J
ip
eb
1478 Mar 24
2214 Dec 3458 Mar
2534 Feb 6
16 Sept3988 Mar
2713 Jan 2
804 Aug 9918 Feb
90 Jan 21
958 Jan 35 Mar
29 Feb 4
6788 Feb 7
3914 July 63 Dec
3814 Aug 70 Dee
9578 Mar 8
1184 June 2714 Feb
18 Jan 12
88 Oct9772 Feb
90 Jan 2
6212 Feb 7 604 Dec 9013 Jan
4718 July 12312 Jan
6812 Jan 26
3078 July 4414 Mar
4214 Jan 26
119 May 2 11438 Aug 11814 July
51 June 674 Mar
6378 Jan 2
74 July 12412 Apr
10078 Jan 12
Mar
July
8478 Jan 11
953931
129641414 Mar
10814 Jan 8
38 Apr 4
Jan 15 Apr
124 Jan 2
634 Feb
2 Sept
534May 23
2312 Oct 34 Mar
3478 Jan 9
4 Oct
1 June
3 Jan 2
8 June 1238 Feb
938 Jan 5
3488 Nov 5278 Mar
4582 Jan 30
5314 July 65 Jan
6514 Jan 11
513 Nov 2414 Feb
1514 Feb 1
94 July 144 Mar
151 Feb 7
3318 Jan 45 Mar
41 Jan 7
4634 Aug 7834 Dec
7034 Feb 5
7612 July 92% Dee
9144 Feb 11
11914May 23 10434 Feb 11512 Oct
114 Oct 1412 Jail
614 Jan 21
Dec
7712 mar
t 42
oucg
3572 A
43 Jan 9 50
6132 Feb 9
h Jan
h Jan
3g Apr 9
104 Apr 3 81 Feb 9934 Mar
10914May 2 106 Sept 112 Jan
29 July 3912 Mar
37 Feb 11
7414 Oct 8554 Feb
86 Feb 4
4614 Feb 49 July
4878 Jan 11
Jan 18712 Dec
15212
26
Jan
20114
20 July 6912 Dec
9412 Apr 29
64 June 87 Nov
9478 Apr 29
Ins Oct 25 Jan
2018 Mar 5
40 June 7314 Mar
8358 Jan 31
June 101 Mar
9514
10354 Feb 7
1034 Feb 13 8818 July 106 Mar
mial
r
,4
84
72 b
ouegt 10
742 A
9
30
109 Feb 13
4278 Jan 12
7634 Oct 105 Jan
9434 Jan 10
1838 Oct 4333 Mar
2378 Feb 15
4438Mar 6
388
8.5 2 JD
8518
8 bit
uly
49
ee 10
109 Feb 7
12012 Jan 14 11614 Aug 12312 Jan
5512 Oct 7612 Mar
69 Feb 20
14 Oct 2482 Feb
3034MaY 5
2434 July 4433 Mar
3313 Feb 11
84 June 27 Feb
1018 Jan 11
17 June 69 Mal
2
3484 Jan
12 Oct 23 Mar
151g Jan 10
1438 June 20 May
1618 Jan 26
1214 Jan 1638 Dec
1912 Mar 15
)
11512
9 Mar
Dec 10
41781May 14
10
33
11s July
30
113 Jan
76 July 120 Feb
9638 Jan 28
5212 June 674 Feb
65 Jan 22
20 Oct 3038 Mar
2933 Feb 6
45 June 6078 Mar
5933 Feb 11
2 Dec 14 Feb
5 Jan 11
5 June 1114 Dee
1414 Jan 16
4212 Jan 83 Dal
88 Jan 15
19 June 4284 Mar
28 Jan 9
345 Mar 24 19918 Jan 290 Dee
8614MaY 9
l9 Oct 4O1 Feb
314 Jan 9
1312 Jan 3
814 Jan 1318 Nov
12
3734
Dec 401g Dec
Jan
40
8558 Mar 27
7014 Jan 7
2554
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jas. 1 1909 the Exchange method of quoting bonds was changed and prizes are now ”and interest"-excemt for income and defaulted bonds
Z.;
BONDS.
N.Y.STOCK EXCHANGE
Week ending May 23.
Price
Friday
May 23.
Week's
Range or
Las/ Sale
.,1z
al
Range
Since
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending May 23.
c-
Price
Friday
May 23.
Week's
Range or
Last Sale
a30
Ragge
Since
lass.1
High No. Low
Low
High
Bid
Ark Lots
Mph
High
Ask Low
Bid
U. S. Government.
Atl & Birm 30-yr let g 4s_ -e1933 M 8 76 Sale 76
8
77
70
7658
First Liberty Loan20
8354 87
86
J D 992934 Sale 999933100.00 823 981933100133 Ati KIIOXV & CM Div 48____1955 M N 86 Sale 8513
334% of 1932-1947
5 9893410019n Atl Knoxv & Nor 151g 5s___1946 J D 99% _ _ _
9914 994
10019331001933
9912 Mar'24
.1 D
Cony 4% of 1932-1947
904 92%
92% May'24
J D 1001932 Sale 100943 1002232 1142 987331009332 Atl Sc Charl AL 1st A 4348__1944 J J 9314 94
Cony 434% of 1932-1947
9810n1001932
lat 30-year 55 Series B___ _1944 J .1
14
100933May'24
98 1004
9958 100 100
100
2d cony 434% or 1932-1947... J 1)
All Coast Line let con 48_61952 M 8 8934 Sale 8758
7
90
864 90
Second Liberty Loan10-year secured 78
18 106% 10784
2 9893310011n
107 Sale 10634 167
M N 100933 Sale 100933 100931
4% of 1927-1942
General unified 430
196
39
4J
MD
N 90 Sale 89
14
8614 00
00
M N 1001433 Sale 100933 1001432 6027 9843310017n
Cony 434% of 1927-1942
L & N coil gold 48
a1952 M S 8434 Sale 8312
43
81% 85
85
Third Liberty Loan101233
AU
&
99933
Daily
1st
545
J
J
1948
49
101.00
Sale
101232
2199
7314 7778
1001032
774
S
7714
Sale
M
7713
434% of 1928
2d 48
.1 66
1949
8 -I
A0
1
65
66
g guar 4a
69
66
66
Fourth Liberty LoanAtl & Yad 1st
7214 8018
73
A 0 101.00 Sale 1001933101.00 8852 98934 101
7412 7312
7514 12
434% of 1933-1938
1941 J J
A 0 1021933 Sale 102933 1022033 1247 99933102"n A & N W 1st go g 58
9612 Dee'23
Treasury 434e 1947-1952
10312 10312
10313 Mar'24
d1930 Q .1 ____
35 eonsol registered
10238 10258 Balt & Ohio prior 330
19255 .1 9812 Sale 0812
_3;83i756_
9614 9834
d1930 Q J --------1O23 Mar'24
28000801 coupon
Registered g
81926 Q J
98
81925
96
May'24
1925 Q F--------104 May'23
98
,,,
4s registered
old 4s
k193
43
8m
A O
s
103 July'23
8112 86
46
s
86
1925 Q F
ifIle
e- 8
8_8
4
33
124
4
48 coupon
Registered
81948 Q J
80
8334
May'24
Panama Canal 10-30-yr 28_81936 Q F--------100 Aug'23
10-year cony 4ii9
9412 Apr'23 -89 Sale
93
8214 89
1961 Q M 91
Panama Canal 38 gold
Refund & gen 58 Series A_1995 J D 87 Sale 8618
83
88
State and City Securities.
9878 10058
10-year 65
10058 16
1017 Sale 10178
10218 98 10018 1033s
Y City-4318 Corp stock_1960 M 5 10014 10012 1003
99% 1014
P Jet 83 M Div 1st g 3345_1
MN
192
929
55
36
1964 M S 10112 -- _ 10118 May'24
9514 98
j 98 Sale 9758
98
4345 Corporate stock
9934 9978
P L E & W Va Sys ref 48_ _1941 MN 8338 Sale 83
84
37
84
1966 A 0 10112 ___ 9978 Feb'24
79
43-15 Corporate stock
10413 10578
Southw Div 1st gold 330.1925 J J 6
78
5
964 9858
98
7%
12 8
Sale 6
7158
2 13
1971 J D 10512 166 10534 10578
6
98
96
814
2
430 Corporate stock
10234 105
Tol & Cin Div 18t ref 4s A _1959 J J
664 894
430 Corporate stock_July 1967 J J 10512 106 105 Apr'24
10234 105 Battle Cr & Stur 1st /311 38--1989 J D 9
68
56
1%
1965 1 ID 10538 10614 105 May'24
60
14 .
s63
le 58 Mar'24 -- 430 Corporate stock
4 103 10558 Beech Creek let go g 48
9012 9114
1936.9 .
1963 91 S 1058 106 10512 10512
1
91
4345 Corporate stock
9453 9614
Apr'24
Registered
J
957
8
1936
J
9728
1959
M
N
963
4
Feb'24
stock
86
Corporate
------4%
9453 961s
2d guar gold 58
1938 MN 9638 974 9558 Apr'24 9
76
514 _7_7
9
y1 4
4 :
:
2
:
9
.
1_4 10
77
414 May'24
4% Corporate stock
9618 9614 Beech Cr Ext 1st g 330___b1
36 j
A0
2
.7714 7714
1951
1957 MN 0634 9718 9614 Jan'24
617" Corporate stock
948 9614 Big Sandy 1st 98
15
80% 824
N
96
963
4
9614
9614
8238 8434 8112 Apr'24 -stock
reg1956
M
4% Corporate
10318
10512
B & N Y Air Line let 4s_. _ _1
A 6212 6314 6314
4j
F D
61
66
19
95
45
6314
6
434% Corporatestock_ _1957 MN 10514 1055 10512 May'24
10278 10513 Bruns& W 1st go gold 45_ _ _1938 1 .3 10
8815 90
80
911 : 1_0_1__ 89
Apr'24 -- - 4A % Corporate stock_ _ _ _1957 MN 1054 10558 10512 May'24
854 88 Buffalo R & P gen gold 5s_ _ 19
51 S
957
37 4,1N
3 100 101
88
6
1954 MN 8778 8814 88
101
101
334% Corporate stock
---- ---Consol 430
46
10212 June'23 _
8718 90
89
1961 NI S
8813 8878 8812
New York State-48
--- ---- Burl C R dc Nor 151 58
1934 A 0 98,
_10212 June'23
953.4 994
5 993 99
9914 12
Canal Improvement 48_ -1961 .1 J
Highway Improv't 430 1963 M S ____ 110 11214 July'23
---- ---- Canada Sou cons gu A 58_ -1962 A 0 10014 Sale 9934
9758 10014
10412 Apr'24
10014 13
Highway Improv't 4345-A965 M S
J 11212 Sale 11214
Canadian North deb s f 7s_ _ 1
5 D
0 .1
30 111 11413
7114 Oct'23
,
94
46
1991 J .1 644
113
Virginia 2-3e
25-year s f deb 630
11253 Sale 11213 113
85 11034 113
Foreign Government.
14 Canadian Sac Ry deb 45 stock_ J ./ 8058 Sale 80
1003
4
102
164
Sale
101
1017
8
130
7834 8234
1927
F
A
101%
8012
(Govt)
78
Argentine
78
84 Calls & Shaw 1st gold 4s__1932 lal S 7
86
934 _7_8_ 9134 103'24
_ __
1945 M S 7734 783 7813 May'24
_
90
914
1)
Argentine Treasury Ss
894 9012 Caro Cent lot con g 48
9013 532
1949 J J
70% 78
76
7612
7
Temporary a I g 65 Ser A 1957 M S 9013 Sale 8913
8514 9012 Caro Clinch &0 1st 3-yr 58..1938 J D 902 Sale 95
21
903 128
9258 96
96
1943 1 D 9014 Sale 90
Austrian (Govt)75w I
97 10314
6s
994
1952 J 13 9814 Sale 975
10314 157
96
9814 51
Belgium 25-yr ext 5 f 7348 g_1945 .1 D 10278 Sale 102
9634 10014 Cart & Ad lst go g 45
.
1981 J 0 864 8714 82 Apr'24 -Jan 1925 J J 10018 Sale 100
10014 146
81
8218
6-year 6% notes
97 103 Cent Branch U P lat g 45._ _1948 J D 7212 ___- 71
72
78
1941 F A 10214 Sale 10134 1023
Apr'24 ---67
20-years f 85
8912
7
5034 65
25 108 10912 Cent New Eng 1st gii 45___ .1961 1 1 59 Sale
1945 Al N 10812 10914 10834 109
Bergen (Norway) f 85
1930 al S 935 9614 96 May'24 -6 10814 11114 Central Ohlo 4348 1930
96
96
1945 M N 10813 Sale 10814 10834
Berne (CRY of) 8 1 85
85
9134 Central of Ca lot gold 55_4/1945 F A 109
,
94 s_a_i_e_ 9
59
752
13 Ap9
99 101
898 97
,
r'2,4
41- -1
-5
Bolivia (Republic of) 8s_ _ ._1947 itt N 8913 Sale 894
7112 8278
Conaol gold de
1945 MN
8234 97
9514 98
Bordeaux (City ol) 15-yr 50_1934 MN 8258 Sale 8178
927 98
10-year secures
June 1929 1 D 10134 Sale 10112 101341 39 100 10134
172
1941.9 D 96 Sale 9513
06
Brazil. U S external 88
7712 82
Matt Div purmoney g 48_1931 1 D 8018 8012 7813 May'24 - -61
82
7812 78%
1952 J D 8112 Sale 81
78 (Central fly)
94 101
Mac & Nor IDly let c Se 1046 1 J 9812 ---- 9718 Apr'24-9534 9713
734e (Coffee Security).-1952 A 0 994 Sale 9913 10034 10
9958
9,2 10
00
1114
Mid Ga & Atl Div 55
1947 .34
J 934 ---- 94 July'24 - - - Canada(Dominion of) g Ss_ A926 A 0 10013 Sale 1004 10013 19
Sloblle Division 58
1846 1 J 9758 ---- 96 Feb'24
96
97
1931 A 0 9978 Sale 9934 10014 86
58
84 10034 10214 Cent RR & B of Ga coils 58.1937 M N 937 Sale 937
9378 10
9178 96
1929 F A 10134 Sale 10153 102
10-year 530
9914 10014 central of NJ gen gold 5s
9 10334 10614
1987 3 i 106 Sale 1057
10014 300
10614
1952 M N 10014 Sale 100
38
Registered
10512 ___- 10458 10514 19 10258 10514
10514 51 102 10514
Chile (Republic) ext s I 88_ _1941 F A 10518 Sale 104
Cent Poe let rot go g 45
24
85
8712
External 5-years I Fs._ _1926 A 0 1024 10318 10234 103
19
54
282 10
1
7
Mtge
guar
58
982712 Sale9312 8
116
9
gold
9614
91
93
8
97
3
33411
92
63144
8
3
N
9614
Sale
95
1
911
1942
34
1.0'
:
1;1
is
Through St L lat gu 43___1954 A 0 8334 ..._ _ 83% May'24 __ _ _
81% 864
10534 31 102 10534
1946 34 N 10434 10513 10414
25-year 3185
394 43 Charleston & Savannah 78__1936 J J
___ 115:4 Feb'24 -- 11514 115%
4212 19
4212 42
Chinese (Hultuazig Ity) 1542-1931 J D 41
9812
4 107 10912 Ches & Ohio fund & impt 55_1929 1 J 1169818 9814 984 May'24 -10712
97
Christiania (City) s I 89_ - _1945 A 0 1713 Sale 107
8
97
43
14
4 9
96
112
1stRc
aognisstoeire
1
gd
old 63
1939 M N 10158 102 10114
99
10114
96
9953 102
Colombia (Republic) 530_1927 A 0 96 Sale 9513
N
As8
a
M
m
F
I
__
_
9
_
909
372
Apr'24
1,9
11
49
98
98
---98
907
--1944.9
J
9034
Sale
9014
530
s
25-year
Col:nu/mem
9334 96
General gold 4As
8812 Sale 8712
8812 63
8414 8812
1944 IVI 5 9558 96
953 May'24 o Ma 58
8914 9214
Registered
85 May'24 __ _ _
2
83% 85
8914
9034 8914
Ester debt 5811114 Ser A 1949 F A 89
83
7914
20
convertible
-year
4
As_
_1930
9314
934 371
1
Sale
9214
8814 93
1949
F
A
81
81
Sale
81
External loan 430
9112
943
4
3(3
0
A
-year
_1946
cony secured 58_ _
9514 Sale 9414
9578 794
9414 495
88% 95%
1953
J 944 Sale 938
534a
9734
94
96
9334 Apr'24 -Craig Valley 1st g 58
1940 1 i 95
9234 9354
9634 370
Csechosiovak (Repub of) 88_1951 A 0 0612 Sale 9613
7934 __- 793 Apr'24 __.
Potts Creek Branch lst 48.1946 J J
78
79%
5 10812 108
Danish Con Municip 8a"A"_1946 F A 10712 Sale 10712 10712
7954 8112
RA A Div 1st eon g 48-1
9 10612 108
19
989 .
,
J 3 8113 Sale 81 May'24 - 1946 F A 10712 Sale 0718 1074
Series ii
10714 10914
78
2
26
consul
gold
4s
81
78
78
76
78
I
88_
_1945
A
0
10813
external
a
Sale
10812
108%
37
Denmark
934 954
Warm Springs V 1st g 513_ _1941 M S 93
95
93 Dee'23 - - - 1942 J .1 95 Sale 9453
9518 34
20-year (is
7
597
5978
5
58
00111110280 Rep Con Adm f 58'58 F A 10134 10212 10134 May'24 ..- -- 100 10211 Chic & Alton RR ref g 3s_ _ A949 A 0 59 Sale 5918
8534 90
New York Trust Co et%
_
23 July'23 - -._
1942 51 S 88 Sale 8713
88
20
5 As
927 9533
567 5878 5638 May'24 -._ _ "i5i2 67
Stamped Oct 1922 interest.. ---61
94
Dutch East Indies ext Bs__ _1947 J J 9358 Sale 9312
9234 98
Stamped April 1923 Interest..
58%
54
5676 s-- - 5878 Apr'24 .-_ _
1962 IV/ 5 934 Sale 934
9358 88
40-year 60
85% 9038
3514 43
Raihrery first lien 334s___1950 .1"-J 35 Sale 3412
111
3034 4034
1953 NI S 8558 Sale 8558
87
5348 trust recta
8138
6
Chic Burl & Q-111 Div 3As_ 1949 J i 81 Sale 8078
7834 8112
100
474
French Repub 25-yr ext 83_ _1945 M S 100 Sale 0914
Illinois Division 4s
1949'
3 i 89 Sale 887
9114
8914 28
86
961 4 538
20-yr external loan 7348_1941 J 0 96 Sale 9518
Nebraska Extension 48_ 1927 M N 97% ---- 9712
975
2
9612 98
Gt Brit & Irel(UK of) 5303_1937 F A 10114 Sale l01l8 1018 242
964 ---- 96 Nov'23 - - _ Registered
1929 F A 10913 Sale 109
10912 74
10-year cony 5345
196
902'1:82
22 ;
8
9;6
9601 '8:42
88
64
General 43
1958,
1952 MN
iM
tl N
85
88
8412 47 !
S 88 Sale 8733
8414 Sale 84
Greater Prague 730
4 4 Sale
90
214
9
88
842 10
0
9812
9914 214
53
1952 A 0 8914 Sale 8914
1971 9- A /
9673 9914
90
12
Haiti (Republic) 68
Ch112c2C&ItyreSzf
3onn
Rya
5512
6
6
As_1926
56-1927
A
0
41)
50
50
Ser
A
F
A
10014
62
of)
Sale
100
10014
Italy (Kingd
3
0
92%
97
A
Chicago de East III 1st 68._ _1034
10558 ____ 10514
10514
2 10414 105%
97% Sale 973
,JapaneseGovt'-f loan 430_1925 F A
9758 13
914 9734 C & E III RE.(new co) gen 58.1931 MN 7334
1425 21 J 97% 9712 9733
74
85
73
97% 29
784
Second series 4345
7814 8134 Chic & Erie 1st gold 5s_ _1982 MN
1931 J .1
79 Sale 7834
91% 9612
7912 94
Sterling loan 4s
84% 9134 Chicago Great West 1st 48_1959 M S 9
1954 F A 91 Sale 9038
52
6113
2 Sale
e 5
Sale7
963
113
9
56
2;8
2 92
5
523
91
50
554
TemporarY 5 f g 634
8412
81314
65.1953
all
With SPOI 1924 coupon on_ _ _
_ 52 Feb'24
Development
s
843
4
251
Sale
85
484 5334
8412
Oriental
724
8.314
1
-i
Chic lud & Lout/iv-Ref 68_1947
10758iiii
10634 Apr'24 _ _ __ 105% 10912
834 148
Lyons (City of) 15-year 6s_ A934 M N 8212 Sale 81
724 8278
Refunding gold 58
978 ____ 9618 Apr'24 ____
11
17
4
8234 90
95% 97
Marseilles(City of) 15-yr 68_1034 M 54 8258 Sale 8133
2714 30
Refunding 48 Series C___ _1947 5
J .'
____ 29 Mar'24 _
J 8213 ----8212 May'24 ____1 81% 85
Mexican Irrigation 4 14s__1943 MN
514
43
1945 Q
General 58 A
81
8
1966
83 82
8213
8112 8434
48 May'24.
Mexico-5e of 1899
1954 J D
26
30
General (is B
9858 22
41966 J
May'24
i'll N
9513 100
J 9853 Sale 9712
Gold debt 4s of 1904
884 884
Ind & Louisville 1st go 43_19513 i J 74
1952 J
7534 76
-8734 Sale 8734
Apr'24 ____
88
25
71
78
Montevideo 78
8934 9134 ChM lad & Sou 50-year 4/3_1956 i -1 8358 8412 8358 May'24 ____
8212
85
Netherlands 6s(fiat prices) _.1972 NI c 9113 Sale 9034
914 116 1093
4 11278 ChM I. 8 & East let 4348_ _ 41969 i D 90t ---1940 A 0 112 Sale 11114
---9113
35
9113 May'24 __ _
112
8713 9112
NOrway external s 1841
914 944 C M & Puget Sd 1st gu 4a___1949 J J 564 Sale 54
1952 A 0 9313 Sale 9313
94
21
4934 6034
Os
o
9218 9434 Ch 5
OA -ale
1943 F A -1 1 St St P gene 45 Set A.e1989 J i 7278 Sale 7212
7
56
313
4 69
39
7014 74
9418 78
9312
68(interim certificates)
0514 9712
General gold 334e Ser B e1989 J J 6414 6514 6412 May'24 _-6134 6514
Panama (Rep) 530 tr rects_1953 .1 D
996634
3
4
-6
92
971
2J
J 7934 81
D
_1961
J
8212
General
4
As
&flee
C
2
1
9
4
88_
e1989
25
9
6
6'14
2
of)
8012
81
78
(Clay
Alegre
Porto
10418 107
Gen & ref Series A 4343_a2014 A 0 5414 Sale 5334
4934 5812
5413 63
Queensland (State) ext e I 73 1941 A 0 10612 Sale 10614 10658 101 9913
1014
1947 F A 100 Sale 9933 100
Gea ref cony Ser 13 53_ _a203
4 P A 5818 Sale 5778
1912
41
624
55
5812 27
25-year 66
92
9712
1946 A 0 9613 Sale 96
Convertible 434s
97
11
544 68
6033 Bale 6014
6034 86
Rio Grande do Sul 88
87% 804
0 9234 9312 9234
4s
9312 12
1925 j
6818 8678
82
344
J D 82 Sale 8014
Rio de Janeiro 25-yr s I 8s 1940 A
87
94
1947 A 0 91
debenture 48
914
1934
J
1
25-year
60%
91
37
494
9
5
5
8
781
1
1%
i
a
5
y9
.
6
92
1
,
42
2
..
1
.
34..
9112
88
99
Chic. & Mo RN Div M._ _ _1926 J , 5
96
99
5
75114
3
2 S9
23 100 1014
5
a6
8
11142
El Salvador(Rep) temp 80. _1948 1 J 101 Sale 10034 101
9512 9984 Chic & N'west Ext 434_1886-119926
1952 M S 9934 Sale 99
96% 98
,
7F A
9934 38
San Paulo (City) a f 815
9814
100
34
_1930
J
997
J
1003
4
Registered
9714
138_
Sale
06
1
10034
42
1886-1026
P
A
s
ext
Ban Paulo(State)
M N -ilia -i'll1042.9 J 884 Sale 87
79
General gold 3348
6938 72%
89
89
203
4 7
97
13144 MM
7.1234
4-3
Seine (France) ext 78
8314 8312
Registered
M
N
68%
7034
80-1962
8358
Sale
Jan'24
8014
768
8312
685
8
Slovenes
.
2
1
1
;
1
g
&
Croats
Serbs.
1936 M N 82 Sale 82
80
81%
General 48
in1i7
8
81%
2
77
1 1 11 82 sale 8
82
14
8258
Salmons(City)6s
76
178 18025'142
Stamped 48
7953 82
1939 1 D 104 Sale 10212 10312 55 10
1987
Sweden 20-year 05
,
17
012
8 10
17
858
J 113 Sale 112
9912 101%
General 5s stamped
11314 91 1
1987 M N 9934 1084 95
10
80
234 139
SW199 Conteder'n Vi-yr f So 1940 J
99 10212
Sinking fund Cs
1879-1
193
29
3 A 0 1033, ____ 10258 Mar'24 ____
9758 147
Switzerland Govt ext 5125 ._1946 A 0 9712 Sale 9712
,
160
214 10
64
32
1; Sinking fund 58
9638 994
6
hi
S
613
8
9912
1912
Sale
8
7
919
9_
9
2
9
A
0
9912
61
6138
3
18
Sale
9912
Ss
Tokyo City
96
___
7
_
Reentered
96
01
24
.1946
F
A
1023
4
Sale
Ja
1n'
1023
4
13
joo_ icii.. 1090,8
6
10334
ext 8s_
Uruguay (Republic)
1091
/
4 112
974 10012
Sinking fund deb Eni
7.nrieb ((Iry of) f 8.9......1945 A 0 10953 11012 10953 1104 10
9814
10
8
9912
985
8
985
-__
Railroad.
9534 8712
2 10414 10814
D 984 - - 97% May'24 __ -1930
_1943
10-year secured7e g
3 MPili 11 iii778 Sale 10778 10778
Ala CR Sou lot eons A
0112
7
98
94 180
N 99% ff
o
101 May'24
15-year secured 6345 g_ _1936 M S 10734 10834 10734 10812 11 10512 10815
Ala Mid 1st guar gold Ss_ _ _A928
7814 8212
10
8212
0
Chic
It
IA
81
A
801
2
May'24
r
24
P-Ratheay
8212
1940
gen
481988 J J 82
n 330
Alb & Susq coy
80
J J ..iii4 tjaye_ 78
2
76% 78%
4 _433
___
sAz p'2
7
r934
4
Registered
8012 Apr'24
Alleg & West let g 48 gu_ 1998 A 0 803
883
4
4aA
0
9014
7353 7934
90
Refunding
gold
1942
M
S
____
00
90
5
.....
1934
Alleg Val gen guar g 40
5
877
6912 6
,80
2834
99 101
CholcISde
St L & NO gold 5a__ _ _1951 J D 10034 Sale 1004 101 ___2_
81905 Q J 5934 Sale 59
5934
7
Ann Arbor 1st g 99
J D
Registered
3
ed
0
8812
Sale
A
48_1995
873
s
138
8812
-Gen
tr
Fe
Atch Top & S
18
82
24
3 _ _ -- -.17- if'
la
eY
b:2
Sale 8112
77
512 l'F
1051 i r) 7718 ___ 9
Adjustment gold 45.....41995 Nov 8138
7912 824
964
94
96
16
Joint 1st ref 58 Series A...1063 J 0 96 Sale 9558
82
42
81995 Nov 82 Sale 8188
Stamped
8
824 8412
9514
9618
95
844
Sale
8412
Sale
8312
Do
Series
B
D
9514 964
9818
J
1953
Cony gold 4e 1909
8112 8412
80% 8318
Memphis Div let g 4s._.1t3
8413 23
1 1:
AI
1955 J U 842 Sale 8214
Cony 4s 1905
8154 83 081 L & P lst cons g 53..._1932 A 0 8
80
312 Ap8
e3
214
99
34 _8_5_ 10
2 .9
83 May'24
09% 10018
1960 J U
Cony 48 Issue of 1910
954 9678 Chic SIP M &0 cons 6s
10413
9 101% 10412
1930 J I) 10418 Sale 10418
1928 M 8 9638 9714 97% May'24 __East Ohio Div 1st g 45
80
8234
..- 8911 Mar'24
4 _5
_7
_
Cone 6s reduced to 3As1030 1 D
8212 9134 May'24
894 sgss
1065 J J 82
Rocky Mtn Div 1st 46
34
86
8318 8712
9434
95% 35
8678 8513
934 96
9478 96
Debenture 55
1930,M 8 90%J 85
Trans-Con Short L 1st 4s_1958 J 11
9012 92% Chic 'I' H & SO East 1st 5s_ _196011 D 804 Sale 79
9258 Sale 9218
9258 82
774 814
Cal-Aris lat & ref 414•-A"IP62 M
Wooden Friday;latest bid and asked. 116=0. 0 Due Jag.
ilDue ANIL iDUe May. g Due June. 8 Due July. 8 Due Aug. oDneOct. eDue Nov. • DUO Dec. 40pUou
New York Bond Record-Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week ending May 23.
3
tt
ChM UnSta'n lat gu 430 A_1963 J J
19633 3
6e B
19633 3
1st Series C 6l.s
oine & West Ind gen g 6s e1932 Q M
1952 3 J
Consol 50-year 4,
15-year s f 7Sas
1935 M
1952 M N
Choc Okla & Gulf cons 5s
()Find & Ft W 1st gu 4e g_ _1923 SIN
Cln H & D 2d gold 43215„ 1937 -1 .1
k1936 Q F
CIStL&Cletg415
Registered
k1938 @ F
1942 M N
Cin Leh & Nor gu 4s g
1928) .7
Cin & CI cons lat g 5a
Clear!& Mali Men g 5s__ _ _1943
J
Cleve Cln Ch & St L gen 48.1993) D
20-year deb 43411
1931 3 J
General Si Series B
1993
D
Ref & impt 62 Series A. 1929 3 J
6e C
1041 .1
Cairo Div let gold 4e
1939 3 J
Cin W & M Div lst g 4s-1991
J
St L Div lat coil tr g g 411-1990 MN
Spr & Col Div 1st g 4s_ _ -.1940 MS
W W Val Div 1st g 4s_ -1940 J J
1934) J
OIC C & I gen cons g 6s
Cleo Lor & W con 1st g Sa_ _1933 A 0
Cl&Msrlitgug4l4e
1935 M N
1938 .1 J
Cleve & Mahon Vail g 5s
1942 J J
CI& P gen gu 432s Ser A
1942 A 0
Series 13
lot reduced to 33255.- _ _1942 A 0
1£548 M N
Series C 3As
1950 F A
Series D 3tis
Cleve Sher Line lot go 430-1961 A 0
Cleve Union Term 530-.1972 A 0
1973 A 0
65I(w i)
Coat River Ry let go 4s. _ _1945 J D
Colorado et South let g 414_ _ _1929 F A
Refunding & exten 44s..l935 MN
1948 A 0
Col& H V let ext g 43
1958 F A
Col & Tol 1st ext 4a
Cuba RR 1st 50-year 53 g- -.1952 J
1936.2 D
lot ref 7145
Pric.o
Friday
May 23.
Week's
Range oc
Last Sale
Bid
Ask Low
High No.
91
92
91
92
7
9912 Sale 9853 1001
88
78 11612 116
3
116
10412 Sale 10412 105
2
753, Sale 7453
7513 89
103 10312 102/
4
1
4 103
9553 ____ 961$ May'24 --88 Mar'17 ____
8812 Apr'24 -___
8858 ___ 8253
8253
2
---- -_-_ 87 Dec'23 ---864
87 Apr'24 9853 ____ 9853 Apr'24 --__
9612 ____ 23 Mar'24 -_813 82
8114
8112 16
9512 9618 9534
7
9614
10012 Sale 9914
10012 14
10314 Sale 1025, 10314 115
105 Sale 105
6
10512
8712 8912 88
5
88
79
80
7858 May'24 -3
8034
86
01'82 Mar'24 --__
8312 ____ 9253 Sept'23 -10
886
:
50:
34 i.
8-2-_-_ 10613 Apr'24 --__
994 ____ 9938 May'24 --__
9433
_ 8434 Apr'24 - __
9534 ____ 95 Apr'24 _-__
95/
1
4 ____ 91 Mar'24 ---9578 _
9434 Apr'24 ____
8072 ____ 7614 Feb'12
8014 82
7018 Dee'12 ---80
82 67
Jan'21 --94
95
94
94
4
1044 10412 10473 105
18
9853 Sale 9734
983 197
8212 Sale 8212
2
8212
947 953 948
17
95
8718 Sale 861
88
115
8232
8312 May'24 __
8338
817 Apr'24 __
8212 Sale 8212
832
7
10114 10234 10118 10114
2
Day &Mich lateens 4348_1931 J J 94
9578 9212 Jan'24
Del& Hudson 1st & ref 413_ _1943 M N 8758 Sale 872,
87%
1935 A 0 9618 Sale 9434
20-year cony 5s
961
16-year 5338
1937 m N 10012 Sale 10012 101
D
1930
10-year secured 7s
10834 110 10814 1084
& /Mee 1st gu 4e g- - -1936 F A 92 Sale 92
D
92
Den & R Gr-lat cons g 4s...1938 .1 J 7112 Sale 70/
1
4
714
Congo' gold 434s
1936 3 J 7434 76
745$
7414
improvement gold 543___ _1928 J
8334 Sale 83
8412
11
_
..
_
F
lot & refunding 52
19.55
35
3712 36
365%
do Registered
49
Oct'20
Farmers L&Tr rem Aug '55.. -_ 35% 35 Apr'24
Bankers Tr ette of deP
38
3414 Mar'24
do Stamped
-337 35 Apr'24
Am Ex Nat Bk Feb '22 etre_
34% 38
3434 Apr'24
do Aug 1922 Mfg
--3812 Jan'24
Dee M dr Ft D 1st gu 453. _1935
J 411 43
4318
4318
Dee Plaines Val 1st gu 4 As_ _1947 M S 8628 ---_ 934 Sept'23
Del & Mack-let lien g 45...1995 3 D 67
6914 6114 May'24
J
Gold 4s
1995
D 60
70 62
82
Del Riv Tun 434e
9014 Sale 898
9034
Dui Miesabe & Nor gen 5s 166
941
1 41N
3 J 100
____ 100 May'24
Dal & Iron Range 1st 5a__ _ _1937 A 0 9914 100 100
100
Registered
1937 A 0
95/
1
4 July'23
DulBouSbore&Atig5e.1937
81
8112
IllAinn Nor Div 15t g 4a__ _1948 A 0
E Tenn reorg lien g 5a
1938M S
ETVadtGaDivg5s
1930J
Cons 1st gold 543
1956 51 N
ItIgin Joliet & East let g 5s_ _1941 M N
Erie 1st 800801 gold To ext..1930 m S
let cons g 4s prior
1996
J
Registered
1996 3
let consul gen lien g 4s 1996 3 .
1
Registered
1996 3 J
Penn ooll trust gold 4s_ _1951 F A
50-year cone 43 Set' A _ _1953 A C1
do &dee B
1953 A 0
Gen cony 4s Series D.._ _1953 A 0
Erie & Jersey let a 63
1955) J
Erie & Pitte gu g 334s B_ _ _ _1940 J
Series C
19493
Evans & T II 18t gen g 5s_ _ _1942 A 0
Sul Co Branch 1st g 5s__ _193u A 0
Fargo & Bones
1924 3 J
Fla Cent & Pen let ext g 53_1930 3
Como'gold 5s
1943 3
Florida E Coast 1st 4 Ma_ _ _ _1959 3 D
Fonda J & Cloy 434s
1952 MN
Fort St U D Co let g 4 Sle_ _1941
Ft W & Den C 18t g 53213_1061 J D
Ft Worth & Rio Gr lit g 4a 1928.2
From Elk & Mo V lit 68_._.1933 A 0
GH&SAM&Plet 5s__1931 MN
241 eaten Si guar
1931 J .1
Gale Houa & Bend let 511_1933 A 0
Geneeee River 1st, I 68.......1957 J J
Oa & Ain Ry 1st con 5a_ __o1045 J J
Ga Car & No 1st gu g M.__ _1929 J .1
Oa Midland let 38
1946 A 0
Gila V 0&N Istgug 5(1_1924 M N
Gen & Oswegatch 5s
1942 J D
Or R & I ex let gu g 44s-1941 J J
Grand Trunk of Can deb 78_1940 A 0
16-year f615
1936 M S
Grays Point Ter 55
1947.2 D
Great Nor gen 78 Series A..1936 J
let & ref 4345 Series A_ _1961 J J
Registered
1961 J .1
1952 J J
litie Series B
Green Say & W deb etre "A".... Feb
Feb
Debentures et% "13"
Greenbrier Ry let go g 40._ _1940 51 N
Gulf &II I lit ref & t g 50_ _61952 J .1
Harlem Ft & Pt Ches let 4s_1954 M N
Reeking Val 1st cone g 4 WI-1999
.1
1999
Registered
19373 .1
H & '4' c; ist g 5a Int gu
Houston Belt & Term 1st 56_1037 .1 3
1933M N
8008 11 & W T 1st g 52
1933 M N
lst guar 141 red
Housatonic Ry cone g 513_ _ _1937 MN
Hud & Manhat M Series A..1957 F A
Adjust income 58
1957 A 0
Illinois Central lit gold 45-1951 J J
1951 J J
Registered
lit gold 310
1951 3 J
1951 J J
Registered
Extended lot gold 3346_1951 A 0
Registered
1951 A 0
let gold 3s sterling
1951 M S
Collateral trust gold 444_1952 M 8
Registered
1952 A 0
let rpfundinv 4M
1955 M N
szgl
____
22
75
57
13
2
64
3
30
4
____
____
__
___
___
_
1
__
_-__
1
155
____
___..
I
11
85% 8612 8478 May'24 __
9658 98
97
3
97
9814
991: May'24 ____
9912 9978 100 May'24 _
993 May'24 ____
9934 100
10653 Sale 10612 10634 10
6658 Sale 6512
116
67
6013 64
61 Mar'24 __
56 Sale 5534
5638 95
_oi_ iii4 53 Mar'24 __
9212
93
53
56% 5653 5524
56% 26
564 Sale 56
8
564
644 Sale
6453 102
97
9712 6947
97
3
828 ___- 834 Jan'24 ____
8233 _ __ 83
Jan'24 ____
88 Apr'23 --__
7913 Apr'23 __
9914 Oct'23 _ __
95/
1
4 .___ 9412 Dee'23.
94%
96 1
96
5
90 Sale 89
90
16
85
66
66
68
3
84 Mar'24 ____
102/
1
4 10434 10214 May'24 __
8833 -_ 8838
5
8853
10718 10818 10614 Jan'24 __
9812 99
9812 Apr'24 ____
9712 9912 9634 Apr'24 ___
91 Sale 90
91
12
94
94% 94
9412 36
86 Sale 86 • 86
2
963 98
9613
98
16
63
63
3
995 ____ 100 Feb'24 ____
--__-- 98% Feb'24 __
9213 93
9113 Apr'24 ____
113 Sale 11238
113
15
10414 Sale 10418 10453 44
86% --__ 10112 Apr'07 ____
108% Sale 108
10834 428
88% Sale 8814
8878
2
90 June'23 __
0934 Sale 994
1_
997 .70
64
70
62
62
924 Sale
934
934 48
8378 ____ 8412 00;23
84% - - - - 85% May'24 __
794 80
81 May'24 _
87% Sale 8653
8713 24
8012 --__ 83 May'24 ____
991s 100
99 Apr'24 ____
9334 94% 93 May'24 __
9558 -__ 98 May'24 _93% July'23 ____
90
95
90% Apr'24 ____
8314 Sale 8212
833* 61
6173 Sale 6114
62
183
89% ---- 8913 May'24 -_-___
8313 Sept'23
8034 May'24 :..._
-7
i6
7:
i
I :
II 80
Oct'20 _.
7914 -8-612 78% Itlay'24 _ _ _
80
7634 Sept'23
60
72 60 May'24 _
go% ____ 436
8614
4
933 Sept'19 _ _
877s Sale 8714
8812 78
7712
Range
Since
Jan, 1.
BONDS.
N Y.STOCK EXNHANGE
Week ending noy 23.
Price
Friday
May 23.
Low
High Illinois Central (Concluded)
Purchased lines 332e
8953 92
1952.2 J
97 100%
Collateral trust gold 4s._Mg
Registered
15
1145, 11612
Refunding 5e
105 105
1955 M N
15-year secured 530
7115 753
1934 3 .1
10112 10334
15-year secured 632e g
1936 .7 J
Cairo Bridge gold 45
94
9614
19503 D
Litchfield Div let gold 38_1951 .1 J
12
- it -5
Louisv Div & Term 633.4, 1953 J J
Omaha Div let gold 3s..1951 F A
825$ 898
St Louis Div & Term g 38_1951 J J
738- -8-iGold 335s
1951 J .1
Springfield Div 1st g 33413_1951 .1 .1
983s 998
Western Lines lot g 4s__ _1951 F A
-iiia -81-12
Registered
1951 F A
9214 964 Ind B & W let prof 4s
1940 A 0
98 10012 Intl III & Iowa let g 4e
1950 J .1
1001
:103/
1
4 Ind Union Ry 59 A
1065 3 J
10133 1051 Int & Great Nor adjust 653....1952 J J
8613 8814
lit mortgage 8scertificates1952 J J
8034 Iowa Central let gold 5s...1938 .1 D
77
Refunding gold 4s
7812 81
1951 M S
854 8612
jai; 1-66-cs James Frank & Clear let 4.1-1959 .1 D
Ng
Week's
Range or
Last Sale
Range
&Ince
Joe. 1.
Lou
High No. Low
High
77 May'24
7512 7812
8258
8318 38
7978 8514
80% May'24
78
80%
0114
102
31
99/
1
4 102
02
102% 51 10013 10212
1012 110% 34 10812 110%
85
Jan'24
85
85
70 Apr'24
69/
1
4 7014
75% May'24
7434 77
704 Apr'24
6834 7014
84 Feb'24
701
: 74
75% 7712
7513 Apr'24
7553 Jan'24
75% 75%
85 May'24
8334 85
85
92 Mar'16
83
9058
96 Mar'16
8353 8418
8334 Apr'24
96
9712
9712 Sale 97
9712 14
404 56
46/
1
4 Sale 45
47
230
9614 Sale 95%
90% 0614
9814 120
61
61 Sale 61
70
64
7
164 26
1612
1814 17
3
164
Ask
Bta
7612 78
8234 Sale
79% 85
102 Sale
10214 Sale
11053 Sale
85% 88
71
70
76% 8214
6953 -6834
-7652 81
79
7934
83% ---- 8412
8412
1
97/
1
4 10013 Ka A & 4:1 R let go g 5s_ -1938 J .1 9512 ---84% 842 Kan & M 1st gu g 4s
1990 AC)
78'I May'24
95
95
2d 20-year 51
1927 J J 99
9912 99
99
1
- - K C Ft fi & 51 cons g 6s
-1928 M N 10234 Sale 102% 103
7
-34 R c Ft 5
9434
-- 94
51
-&
Ry ref g 413_1936 A 0 79 Sale 78%
7914 64
____ ---- K C & M R & B let gu 6s-1929 A 0 94
9734 9412 Apr'24
--__ ___. Kansas City Sou 18t gold 35.19,50A O
j 69% Bale 6932
89/
1
4 111
Ref & impt Se
9012 Sale 89%
91
25
9012 94 Kansas City Term let 4s_ _ _1960 J J 8414 Sale 834
8438 69
102% 108 Kentucky Central gold 453_1987 J J 8278 --- 8334
1
83%
954 9834 Keok & Des Moinee let 58..1923 A 0 6114 63 6114 May'24
80
8212 Knoxv & Ohio let g ds
192.5 J J 100% Sale 10018 10058
6
92% 9613
8012 88 Lake Erie & West 1st g 5a 1937 .1 .1 98
9812 98%
9812
3
8113 8212
2d gold .55
1941
J 9212 93 924
924
3
8213 8312 Lake Shore gold 332e
1997 J D 7914 Sale 78
794 62
Registered
8134 8412
1997 J D 74% 77
75
Oct'24
1928 M S 9618 Sale 9618
101 103
9612 12
Debenture geld M
go
rod
id 45
1931 M N 9458 Sale 94
Dyear
egiste
2594% 92
9213 9212
1931 M N 911
/
4 _ _ 9134 Dec'23
8353 ars Leh Val SI Y 181 go g 434a-1940
J 9334 9412 9414
9414
1
925, 96,8
Registered
1940 J J 9118
934 Apr'24
9713 10114 Lehigh Val (Pa) COM g 48-2003 M N 7934 Sale 79
793
29
10613 10872
General cons 432e
2003 M N 87% 8833 88
8812
5
92
92 Leh V Term Ry 1st go g 55_1941 A 0 10012
1011
/
4 10214
2
1941 A 0
8714 7112
Registered
9912 Jan'24
7212 75 Leh Val RR 10-yr coil 6s .811928 M S 10314 6;1;- 10314
1031
38
791
: 86 Leh & NY let guar gold 40_ _1945 51 S 8312
83 May'24 _
341 4184 Lox & East 1st 50-yr 55 M1-1965 A 0 102 Sale 1014
102
74
ogoi g
344 _g_i_ Lo
1962 Id N 8034 ---- 8133 Mar'23
Nov
liatmvio4s
Litntg
leD
6s
1935 A 0 106/
1
4
107
107
1
3414 3814 Long leld lit con gold 58-L19
99
100
93i Q 1
100 May'21
.3
33
3714
9212 9312 90 Dec'23
lit consol gold 4s
40
40
1938 .1 D
General gold 48
86
87
3
341$ 3812
1932 .1 D 8633 - - 83 Jan'24
Gold 415
4234 474
1049 M S 80
Unified gold 48
84
7913 Apr'24
___
_
1934 .1 D 92
Debenture gold 58
9412 92 Mar'24
1937 M N 8512 Sale 8512
80 -71-20-year p m deb 553
8614 11
60
62
1949 M S 8012 82
Guar refunding gold 48
81
8134 11
8713 9034
Nor Sh B let con g go 5s-a1932 Q .1
97
97
5
9932 10012 Louisiana & Ark let g 59-1927 M S 971s -- 9714 May'24 _
98 100 Lou &Jeff B422ce gu g 43 1945 M 8 8234 Sale 8234
8234
3
Louisville & Nashville 58_1904037
Nj 1011a 102 10112 May'24 _ _ _ _
-ia- WI.-4
1040.2 .0 92 Sale 911
/
4
9214 38
1940
42
J
J
te
go
ld
Uniii
Regis
ed red
8912 May'24
871s 841
: 85
Collateral trust gold 615_1931 MM 981s --- 9934 100
12
93
97
10-year secured 7e
1930 M N 107/
1
4 Sale 1071
1083
11
9834 100
2003 A 0 10614 Sale 105/
1st refunding 5345
1
4 10624 10
971, 9933
2003 A 0 102 Sale 10118 102
5s B (when issued)
37
9712 10012
6s
let
gold
&
M
1930 .1 .1 10312 NO
10312 May'24
104% 1067a
2d gold 613
1930 J J 101 - -- 103 Apr'24
6184 67/
1
4
Paducah & Stem Div 4t3_ _1946 F A 8614 ---- 8613
88's
2
Dm%
61
Div
1
26 gold 315_1980 M S
St
61
61
10
L&N&38&MIstg43255 1945 M S
534 6712
95
Jan'24
joint
M
4a_
South
il
1
53
63
L& N
82/
1
4 Sale 803
80%
8214 73
8812 93
72% ---- 77
Jan'24
54-4 614 Louls
redLex gold 4348-1931 M N
te&
Regle
v Cin
97
97
4
5 12 61
5934 6633 Mahon Coal RR 1st 5s
1934 .1 J 10013
1
4 Feb'24 1 _ _ _ _1
-- 98/
81/4 9714 Manila RR(Southern Lines) 1939 MN 5814 Sale
5814
58141
13
8314 8314 Manitoba Colonization 5s- 1934 J D 97% 99
9758 May'24!_ _ _I
83
83 Man 013 & NW 1st 3326-1941 J .1 8053 _ _ 92 Feb'24
.___ ____ Mex Internat'l let cons 845.1977 M S - - - - -37 Mar'23
-. ____ Michigan Central Si
1931 M S 9934 100
99/
1
4 Apr'24
Registered
1931 Q M 9834 _ _ _ _ 88 Apr'24'____
4s
1940 3 J 90 Sale 90
90 I 11
93% 96
Registered
1944) .1 J
78 Mar'24'____ ,
871. 90
J L & 8 let gold 333e
1951 NI S 7678
77%
Apr'24
-1
65
70
lot gold 3328
1952 NI N 79
8014 8014 May'24 _ _
82% 84
20-year debenture 45
1929 A 0 94% 9538 94%
94%!
I
10024 105
Mid of NJ let ext 55
1940 A 0
8414 8818 Milw LB gc West imp g 55_1929 F A 8613 8712 87 Apr'24
100 _
100 May'24 _ _ _ _
1054 1064
Ashland Div let g 853
1925 M S 10012
100 Dec'23
_
954 99
Mich Div lot gold 13e
1924 J .1
May'24.. _
964 06% Milw & Nor lit ext 4325_1934 .1 D 914 9514 10012 Apr'24
9112
8913 93
Cons extended 4338
1934 J D 8912
90
90
1
89
06
Mil Spar & N W 1st go 4s-1947 M S 86
8714 90 May'24 _ _
841j 86
Mil /, & 13 L let gn 33253-1941 J J
_
May'24
884
931$ 98
Minn & St Louis let 7e
1927 .1 D 10113 10212 82 Mar'24
6053 63
1st consol gold 651
1934 M N 62% Sale 6253
23
64
984 100
lot & refunding gold 4s
1949 M S 1712 Sale 174
1712
8
98
9834
Ref & ext 612-yr Ss
A-1962 Q F 15 Sale 15
15
2
905* 914 MStP&SSM con g 4sintgu'38 J J
874 Sale 8634
874 57
110841138*
lateens 53
19383 J 100 Sale 994 100
30
10212 10412
10-year coil trust 6322
10
94
36
1j
M j
S 1027s Sale 102% 103
7
-(5s A
10112 1021
/
4 1014 10112
5
106- 1-0114
1st Chicago Term e f 43_1941 M N
May'24 _85% 8914 M 138M A).let g413 int gu 1926 J .1 91% 94 10158
7
9812
9818
- 9818
83
84
Mississippi Central let 5e__.1949 J J
5
994
61a 16
04
04 M K & Okla lot guar 5a,.,..1942 M N 8818 0° 8814 May'24
Mo Kan & Tex-let gold 443-1990 .1 13 -8014 Sale 793
228
7
10% Mo-K-T RR-Pr 1 5.11 Ser A.1982 J J 8512 Sale 831s
8512 407
40-year 48 Series B
1962 3 ./ 70 Sale 6834
74
70
•
-4311932 J J 10014 Sale 2934 10014 115
731
: 81.
Cu
rle2
SerCA Jan_19137 A 0 8512 Sale 5324
rn-m
yaa
ard16
u2
st8e
5e
6534 754
837 874 Missouri Pacific (reorg Co)
83
84
let & refunding 5s Ser A1965 F A 83 Sale 821$
101
83
97
99
1st & refunding 58 Sec C 1926 F A 9874 9914 99
9912 16
90,8 9314
1st & refunding 6s Ser D_ _1949 F A 97 Sale 96
97
172
General 45
9514 98
1975 M 8 58% Sale 57%
5854 568
-8:14 -9-0-3-4 M3
fled
at 4% _ _ _ _1938 NI N 834
xrenid
Iss
do7ur
8 teP
84 May'24
8034 844 Mob & Bir prior lien g 545_ 1945J_
J 9354
934 Apr'24
58'4 634
Mortgage gold 4e
1945.2 J 7423 7612 72
10
75
88
in
Mobile & Ohio new gold 60..1927J D 1034
:
10314 1031
1st extended gold 68____51927 Q .1 101%
May'24
0114
-iii- IA
General gold 4s
1938 M S 7812 80
77%
773$
Dlv D
sgiv let g 50_1947 F A 95%
Montgomery
Louisgt
96
96% 96
1927.2 D 9812 99 9818 May'24
-is-o- -.:,_-- Slob & Ohio coll tr g 4e_. Ion 24 s 80 Bale 79
80
18
eu
Mob & Mal lot MI 648
1991 tel S
8212 May'24
6.3
8614 Mont C 181 gu g 6s
1937.2 J 109% 11034 10914 Apr'24
Registered
1937.2 J 108 110 13614 May'08
aiii 8812
let guar gold rat
1937 J J 10012 10112 101
101
3
'Till. -7178-
•No price Friday;latest bid and asked HO week. a Doe Jan. 5 Due Feb. •
Due June. 5 Due J air
2555
Due Sept
•Due Om
5 Onden mho.
8314 84%
773
95
10012
7313
94%
67
88
814
82
6116
10014
70a
9912
103
7914
97
70
91
84%
84
6.31a
10034
93% 9812
9212
87
751$ 80
75
75
1343e 96%
9214 94%
9134 91%
92% 9414
9112 9112
76% 79%
85% 89
100% 103
9912 9912
101 10334
8214 88
99 102
1068* 107
97% 100
845* If
8312 831s
79
80%
91% 92
84
87
79
8134
9414 97
9512 98%
794 83,2
10078 10212
89
9214
891: 8912
96/
1
4 100
1064 10834
10434 107
9712 102
103% 104
103 10312
8512 87%
60
6134
94
95%
8214
79
77
77
97
96
9834
55
981$
82
99%
60
97%
82/
1
4
"eV foir
88
86%
771s
9314
7834
9214
98
90
85
9312
Ws
9512
8712 90
8353 854
82
82
100 102
82% 8812
17
28%
20
15
864 88%
97114 103
1011: 10334
100 10212
911g 9118
96% 984
88
884
757k
78%
65
94%
51%
S0'i
8512
70
10014
867s
7612
944
87%
61
83
9913
97
68%
80%
92%
68
10214
10034
74
92
WA
78
82
10814
84
93%
75 '
10312
10112
7712
96
Wks
80
8212
10914
-654 fa'
New York Bond Record-Continued-Page 3
2556
5 •
:
BONDS.
N.Y.STOCK EXCHANGE
Week ending May 23.
Price
Friday
May 23.
I
Week's
Range.,?
Last Me. col.
Range
Since
Jan. 1.
Price
Friday
May 23.
BONDS.
N.Y.STOCK EXCHANGE
Week ending May 23,
Week's
Range or
Last Sate.
ro.2
Range
Since
Jan. 1.
High
High No, Low
Bid
Ask Low
High
High Na. Low
Ask Low
Bid
7434
87
3
74
76% 7712 Peoria & East 1st cons 412.-1940 A 0 74 Sale 7358
2000 S D 7534 7634 7638 May'24
M & E Ist gu 330
2
214
33
:
111
4
2
;
6
211
74
0
3
A
.75
3
?
.
i
pr
1142
0
3
122
1,7
3
?
9
3
2
2
0
311
8:
8
1990
49
Income
101
99%
24
Melly Cbatt dr St L 1st 58_1928 AO 101 Sale 10034 101
99 Pere Marquette 151 Ser A 58 1956
99
99 Apr'24
1937 P A 9834
N Fla & Ist gu g ba
1956
45
B
Serles
let
30 Sept'23
Nat Ry of Mex pr lien 4Ha 1957 3,
894 9934
8
9212
1943 51 N 924 Sale 91
18
37 Phila Balt & W let g 4a
1
18
18
July coupon on
8
74
814
43
711182 888
378
8888
38 M ay'24 --- =
Philippine Ry ist 30-yr 8 1 48 1937 J J 3718 38
26 Nov'23
do off
A
2
934 Ms
0
9418
9418
9414
1940
95
sA
PCC&StLgu4j4
2818 July'23
1977 A0
General 421 (Oct on)
9334 9412
9412 13
1942 A 0 9414 9434 9414
Series B 434s guar
18
18
18
18
on
April coupon
9414
88
_ 94 May'24 ---1942 MN 9312
Series C 4%a guar
24 Dee'23
off
do
87 8853.
---i
1945 M
Series D 45 guar
3814 June'23
Nat RR Mex prior lien 4%8_1926 is
1
A
1
833
Series E 334sguar gold_ _ _1949
114
-36"
Apr'24
4114
37
July coupon on
1953
Series F guar 45 gold
Oct'23
34
do
off
1957
Series G 4s guar
28 Apr'23
1st consol 4s (Oct on)__.._1951 AO
82 .
t1 rA1 93(1
IF
1141178
.• _1_4- 9
.
"9"
213142 May'24
4%5_1963
M231 -- -- --8
guar
cons
1
Series
36
36
Jan'24
36
19
April coupon on
1984 MN
Series J 430
22
10
- 1814 Apr'24
1714
9995
9
do
8 10
412
038
off
990
11111
1 14
)114 2
191'.1 3-;1-e- 4
119
1970 .1 D 1)
General 55 Series A
May'23
6618
N
M
6953
1954
Naugatuck RR let 45
Feb'24
- -- -A 0.2
al928 j
Pitts & L Erie 2dg 55
70 Aug'23
1945 .1 -1 88
New England cons be
-----34
--------105
_1932
1st
Y
68_
&
gu
SICK
Pitts
75 -81
7734 May'24 _
1945 .7 J 7734 80
Consol 49
0
i IN- 1061934 5 J --------100
2d guaranteed 68
80 Dec'23
1986 F A
NJ Junc RR guar 1st 4s_
9812 10014
1940 A 0 993 ____ 10018 May'24 ---8514 20 "Wife Wit; Pitts Sb & L E 1st g 59
8412
97
N 0& N E 1st ref & imp 4%5 A'52 i J
9833
Feb'24
1943 .1 J
let consol gold be
7614 8012
4
80
79%
J
Sale
8
J
795
1953
4e
1040111
1st
Term
-- 3
New Orleans
M N loo" 6,il-e- grl4S
1St
5s-1927
Ash
cons
&
Y
Pitts
1003
1014
4
87
8
10114
1015
D
10114 10112
NO Texas & Mexico let 6s 1925 J
14
-___
9
1
9
4
N
M
39
Apr'24
42
4114
0112
_1937
8514
_
48.
deb
Secur
Providence
88% 187
1935 A 0 8858 Sale 87
Non-cum income Se
1956 M 8
924 92% Providence Term 1st 421
1
924
92%
1945 J J
N& C Bdge gen gu 43.04
4 .dlit-e- 9
71% Deg3
1997 J J ;2158
4 --ii -kr4 -924.
95
9612 Reading Co gen gold 4s
_
9512 Apr'24
8714 92
7
N Y B & AI B lat con g 5e-1935 A 0 9618 98
92
92 Sale 9112
Certificates of deposit
10512 304 10312 1054
NY Cent RR cony deb (is_ -1935 MN 10512 Sale 105
10
8314
85
4 .8812 8478
1
Jersey Central coil g 4s_ _ _1951 A 0 84/
804 8319
50
8314
A
4
Sale
813
F
1098
8318
Como! 45 Series A
280
8818 9114
91
90
A
1997
Sale
Ser
1n
4
&
435s
Gen
ref
8512
8012
8812 21
2013 A 0 8812 884 8814
Ref & impt 430 "A"
9538 9872 Items & Saratoga 20-yr Rs__ _1941
602
98
98%
Sale
98%
0
A
2013
bs
98% 9814
Ref & impt
- :42
1314
d e52
tal8 i'
1927 A 0
&
133
Rich
---:
Dan
4
3
1
,M1
N
N Y Central & Hudson River7734 Rich & Meek 1st 5 bs
1948 MN
74
77% 73
1997 5 .1 7734 Sale 7614
Mortgage 3355
-56- 99%
9978
1952 J J 9712 6
- .12 99
724 7513 Rich Ter 5a
1
7512
1997.3 J 7513 Sale 7512
Registered
87
84
9
J D 85 Sale 85
87
1st
4
59_1939
923
June
gu
Rio
Grande
8918
41
0234
1934 M N 9214 9212 9214
Debenture gold 48
518 514
314 7
Rio Grande Sou 1st gold 441_1940 J J
314 May'24 ---90
87
90
2
90
90
8912
5
1
1942
48
debenture
30-year
J
J
1940
4
743
Guaranteed
704
5
3
A
7453
7312
F
74
74
Lake Shore coil gold 3358_1998
7211 gale- 7612 Deg134 - --i
6978 7212 Rio Grande West 1st gold 45_1939 .1 .1 73
_
7112 Apr'24
1998 F A 7112 75
Registered
.iO
9612 45 -6
3i4 6
14
74
76
7612
Mtge & cell trust 48 A__ 1949 A 0 6512 6612 6572
73
3
7612
7612 Sale 7558
Mich Cent coll gold 3348_1998 F A
744 77%
8
M
77331 71
4 Sale 7611
763
1st
Ark
Louis
4358.-1934
It
&
7214
7314
5
7314
1998 F A 7318
- - 7314
Registered
70
68
_
L.
Mar'24
J
1
694
7014
1949
75
891a 9075 Rut-Canada let gu g 48
3
90
1937 A 0 9018 -9012 90
N Y Chic & St L 1st g 4B
804 8118
Apr'241---4 88%
/
881
1941 J J 804 8414 81
8878 May'24
8858
Registered
7112 76
7512 7513 biay'241 --1947 J J 75
9518 St Jos & Grand !el g 45
88
914 23
91 Sale 91
Debenture 49
Apr'24
1906
102 St Lawr & Adir let 555
10018
4
1013
54
10112
Sale
8
1015
N
M
1931
C
2d 6a A B
1
1996
2d
,(is
gold
97
el)
864
4
3
:
81
A
j
35
8828
N Y Connect lat gu 4)49 A 1953 F A 8812 884 88
11
-3-;
J 924 -9-312 9234
1931
:13: -S09114 -9
964
8813 89 St L & Cairo guar g 48
8812 May'24
l947M N 8458
N Y & Erie Ist ext g 4s
/11 0 9858 Sale
_ St L Sr M AS gen con g 59-1931 .
96 May'23
1933 M S 9412
3d ext gold 434s
.1
J
Sale
48
1939
&
gold
ref
Unified
97
96
1930 A 0 9312
97 May'24,_
4
1
4th ext gold 58
72 82/
8212 173
N 8212 Sale 8058
1933
Riv & G Div ist g 45
9384 Dee'231_
9312
5th ext gold 43
9914
99
0 9912 - - -- 9912 Mar'24 ---8412 87 St L M Bridge Ter gu g 59-- -1930
86 May'24'
7
N Y 0 Green L gu g Sii
65
7014
480
7014
1
Sale
451
;
I
.
.
'
8
7018
co)
30
50
3
9
J
6914
---- St L & San Fran (reorg
7658 ---- 74 Sept'23;_ _ _
N Y & Harlem g 3355
804 855
.1 J 8412 Sale 8312
b514 174
Prior lien SecB 58
A
F N
9934 June'23;_ _ ---923 M
1999
N Y Lack & Western 58„ _2
9853 102
76
Prior lien Ser C 8s
e 234 101
5 5 101,s te
1973 M N 9314
1st & ref 53
8712 93%
80
9212
1942 J J 92
3
9715%5
98
96 Mar'241
1973 M N
lst & ref 4318
72
773*
737 Sale 25
127
0
A
_8
734
Os__
A
6
Ser
0
55
0
9
0
1
adjust
Cum
_
_
_
103 June'231_
1930 M 5 _
N Y L E & W 1st 7s ext
5835 65518
9734 98
Oct. 64% Sale 635*
6458 286
m Series A tis
Incoe
9734 Ape24'_
1943 3 i
Dock & Imp 5s
99% 10354
May'23 ---99 St Louis & San Fran gen 69_ -1931
i
9612
8
035
6
A
F
9812
1932
98%
9858
1E44s 1.16:ii.:
N Y a: Jersey 1st 55
1931
General gold 53
91 July'23 ____
N Y dr Long Br gen g 49_ -1941 MS
7-1;
-9
9
8
2 3
:
97
4 July'23-1 -13
27
St LAS 17 RR consg4s- -1996
N Y N H & Hartford4912
4
1
/
39
0
A
_
_
55_
Div
g
-1047
let
Southw
4 ---- 9712 Mar'24 ___ _
/
961
6
4514
1954 A 0 44% 53 4.5
Non-cony deben 3359
101
98
2
.1
8
J
1007
10012
L
-St
007
53
-gu
&
1st
4413
Peo
58-1948
NW
1947 M S 5018 53 53 Apr'24
Non-cony deben 414
48 St Louis Sou 1st go g 49
1931
A 99 _ -- 885* Dee'23 ---38
Non-cony deben 330_ _ _ _1947 M S 44% 53 43 Apr'24
13
80
N 80 Sale 7878
44% 59 St L 8 W 1st g 4a bond ctfa-1989
3
51
51 Sale 50
1955 J J
Non-cony deben 4s
36173
- 8
713
4 -614
7334
J 8.1
4 73%
2d g 4s Income bond ctis_p1989 .1
14
13
434 5214
73
0142 9
F AI
21
bl
50
Sale
51
N
M
1956
49
deben
Non-cony
105
777s 531
8278
Sale
D
82
J
4s
4612
8212
1932
gold
39%
Como!
6
4514
1956.3 J 4514 Sale 45
Cony debenture 334s
J
7013
&
1st
unifying
59
56-1952
terminal
70
68
1948.3 J 6734 Sale 66%
Cony debenture 65
764 Sale
4412 St Paul & K C Sh L 18t 4%21.1941
36
4112 21
1957 M N 40% Sale 4018
90
4% debentures
90
90 Mar'24 -___
7 J J 9318 94
43
03
10
7038 8212 St Paul E Gr Trunk 430-1
81% 59
1925 A 0 8138 Sale 8014
78 European Loan
81
St Paul Minn & Man 4s---1933
69
150
0
A
7912
1925
79%
Sale
79%
Francs
3
98
134 10
95
_9 10
_ _2
J
3
;
97
10
May'24
8
0
1
34
2
7
9
12
0
6
g
1st
consol
(is
1930 F A
Cons Ry non-cony 45
74
92
12 0
54
88
9
2 - - -7,
65 reduced to gold 4348-1933 J J 9612 ____ 9614 May'24
4612 4913
1954 J J 48l 49'2 48 Apr'24
Non-cony 48
4913
91
1937 1 D 9113 Sale 9112
Mont ext 1st gold 45
48
Apr'24
48
4934
48%
5
i
Non-cony deben 45_ _ _ _1955
8211 8213
---Apr'24
8212
-1940
45
guar
8314
4913
Pacific
ext
J
4212
5
1956 J J 4818 4934 50 May'24
Non-cony deben 4s
9934 9934 ‘1 A & A Pass let gu g 45_ _ -1943
9934 May'24
1927 A 0 9934 _
N Y& Northern lat g 5s
: 14%
N35
7
8 _77_3
12
73
78
9
3 10
5
A0
M
6814 Santa Fe Pres de Phen Us__ _ _1942 3
60
62121 43
- 623
--8
NY O& W ref let g 4s.....,_g1992 M S 6212 627
8012 834
8
A 0 8314 Sale 8234
8312
62% San Fran Terml 1st 49
58%
1
59581
1955.3 D 58% 5958 5958
General 49
814
.v87
3
i_ Iog.
.
193
9
34
Say Fla & West 6s
0
A
-1942
73
Aug'23'..
85
4s
N Y Prov & Boston
1934 A 0 10014
55
8218
81
4
8241
N Y at Pu lat cons gu g 48-1998 A 0 8218 Sale 82
‘;,.;
4
6
8
„..
1st
E
9
0
3
8
N
9
MI
1
N
&
4
Y
49-1
g
973
Scioto
8912
M
1927M 5 9712 99
9734 May'14 _
N Y&RB latgold 5a
68
61
16
68
1950 9 68 Sale 6713
5213 61% Seaboard Air Line g 48
3
58341
N Y Busq St W 1st ref bs__ _1937 J J 5813 Sale 5812
stamped
0 667 Sale
Gold 48 stamp
50
43
1937 F A 4718 487 474
2d gold 44s
2Il
71
1
.4
t
13
2
1g
01949
Adjustment .58
404 5234
6
1940 F A 4918 Sale 4958
50
General gold is
47118 54l:
g
117
A 5
A O
674 Sale 52;
83
1
1959 F
Refunding 48
864 881s
__
1943 M N 8778 90
8818 Ape24
Terminal let gold Ss
8018
4
675
56
7778
774
A
.
9
...
S:41
4
Series
3
7
.7
8
65
1945
eons
7
,
D
M
J
St
48
let
3912
4778' 36
.14.
9y
N Y W'ches & B 1st Ser I4359246 3 1 47% Sale 474
34 .
.
7
.
.
.. -. -. -. .9
26 J
193
395854
6112 6712 Seaboard & Roan 1st 58__.-1
14
67
Norfolk Sou 1st & ref A 59_1981 F A 67 Sale 6512
June'23
58-1943
g
gu
19t
So
&
Sh
93
Sher
89
9278 11
Norfolk & 800 let gold 58_ _1941 M N 9212 9278 9238
-Aug'23
F
A
----9878
10112
4 105% 107 S dr N Ala COL1S gu g 38
Norf & West gen gold 8s_ __ _1931 M N 10634 107 10658 107
. 102
01 May'24 ____ -iii
Gen cons guar 50-yr 59-1963 A 0 10034
1 100 107
1934 F A 10678 10712 10678 10678
Improvement & extg
8158 8534
8534 77
9
44
1) 85 Sale 8258
106 107 So Pac Col 48(Cent Pac col)k1193
1932 A 0 107 10712 107 May'24
New River let gold
9212 953
954 122
81929 M 8 9514 Sale 944
cony 4s
-year
89
20
86
0
A
_1996
4a_
g
62
cons
4
89
lat
883
Ry
Sale
W
8733
&
N
974 997
1 D 9818 99 98 May'24 -20-year cony 5s
8614 8614
1996 A 0
_
8614 May'24
Registered
4
/
Feb'21 ---- 101 1011
1927 MN 10114 103 101
8614 88 So Pac of Cal-GUg 5s
7
88
DWI let lien & gen g 48_1944 J J 8712 Sale 8712
9113 94
__
Apr'24
J
_
J
1014
g__
is
____
_1937
4
1
/
tat
89
Cu
Coast
Pac
So
5
M
_1938
43.4s_
82 Dec'23 _ _
10-25 year cony
38
F8
85
171
8838
8712
45
Sale
ref
88%
1st
RR
-13
Pao
131
So
1929 M 5 123 Sale" 118
12378 340 11161-3
10-year cony 69
9518 100
74
J 100 Sale 9954 100
J j
8i
84
99
19
7818 5918 Southern-lat eons a 59-1
8973
9
Pocah C & C Joint 48-1941 J 0 8838 8978 8913
73
6918
280
0
A
73
A-1956
Ser
Sale
4s
7214
727
gen
85
8412
Develop
&
0
A
__
8434 8612 844 May'24
North Ohio let guar g 58-1945
964 100%
1956 A 0 10078 Sale 10018 10078 279
Os (w I)
8011 8314
1997 Q 1 83 Sale 8218
83 248
Nor Pacific prior lien 48
%4 1st
1956 A 0 106 Sale 1043
2 1m1,21 28? 11
14
630
7854 821 1
1997 Q J
8073 May'24
Registered
5978
96
J
5534
51
lets
___
4
Div
9613
Mem
30-55.-1096
a2047 Q F 591
4 Sale 5814
/
5918 74
General lien gold 38
2
84
1951
82
57
St Louis Div 1st g 45
57
813s -86
a2047 Q F
57 May'24 _ _ _
Registered
4 10
9739
14
84
77
9
1
79% 8312 So Car & Ga 1st ext 530.....-1929 M N 1003 101 10034 10(134
8834 8314
83121 18
Ref dr Rapt 4345 ler A._ _ _2047 J J 83
20473 J 10434 Sale 04
105
97 10154 105 Spokane Internet let g 58-1955 J 1 9538648454 ____
fts ser 13
83
-- kig:N -----------)
i
874 ____ ril4 (
90% 93 Sunbury & Lew 4s
3
9214
2047
i
93
93
-May'24
55 C
36 3
3
M 5
95 May'18 -----------8934 9312 Superior Short I. 151 35 5...911930
20473 .1 9234 Sale
137
5s D
.8 9t
Aapyr:24 ____
Term Assn of St L Ist g 4%3_1939 A 0 9358
312 M
D
98
0- 0
0852 1-0
89 Feb'24
St Paul-Duluth DIA,g 48_ 196.3_
9714 99
A
F
4
154
9
9
let
gold
cons
9914
F
Q
_1931
9912 -- 9914 Mar'24 _ St Paul & Duluth 1st 59.
82
4
1
/
78
J
J
48
8114
1953
8114 Sale 81
Gen refund s f g
1968.3 D 81 -84
844 Jan'24 _
1st cense! gold 48
1043 5 .1 923* _ - - 9034 May'23 ---J
4 10954 109,4 Tex & N 0con gold 5s
Nor Pac Term Co lat g (la__ _1933 .1 0 10938 110 093* 109%
997
-ea2
D
ma
5a
gold
l
1st
2000
Pee
&
98
51
10013
Texas
Sale
9812
9813
9912
8A
1190330
0912 Apr'24
10014 No of Cal guar g 58
2d gold income 55
_0.472 0
4 Aug'20 ---------5.8
70
97% 9738
J J 1025
00 June'23 -North Wisconsin let 65
.
8
94
1st
73
L
bs
B
g
Div
94
La
J
99
J
72
70 May'24
Og & L Cham 1st gu 45 11-1045 M .5 70
9958
J
3 3
15
9
35
99
9
19
8912 894 Tol & Ohio Cent let gu 5s.._ -t2
1943
85% ___ 8912 Apr'24
,
47.061
Ohio Conn Ry 45
7
1935 A 0 96 -97-12 96
1st
96
bs
Div
g
9714
Western
9714
19363
17
99%
Feb'24
9714
Ohio River RR 1st g 5s
9311
1935.3 D
General gold 58
1937 A 0 9534
9534 97%
9534 Apr'24
General gold 55
3014
3014
7
-:
44 :-..
214
2
9
r'
9
pe
42 A9
:4
381
900
914 -2--il--4 3
12
9
3
9914 10014 Toledo Peoria & West 4s_ _ _ _1917 J J '
1027.3 1 1°4515 sale 004 10014 105
0612 9812
Ore & Cal lst guar g 35
2
9814
85% 83 Tot St LAW pr lien g 3%8_1925 J .1 9814 Sale 9814
_1948 J D 87% 8712 8678 May'24 _ 8113
76
Ore RR & Nav con g 4s_ _ _
1950 A 0 8114 Sale 80
50-year gold 4s
101 103
J J 1027 10318 0213 10278
58-'46
g
7
COOS
Line-let
Short
Ore
4
:
6
3 :
:
14
r12
19313 1
0958;42 Feb'24Ap8
10314 TolW V&Ogu435sA
4
/
1011
J
Sale
1034
24
1946J
0234
10314
Guar cons bs
J
9512
%a
4
1933.7
B
Series
9214
1929_ 0 9514 9513 9514
9512 76
Guar refund 48
1942 M 5 8818 ___ 8612 Mar'23 _ - _ &ilea C 48
79% 8178
J 8213 Sale 8112
8212 143
Oregon-Wash 1st & ref 48__ _1961 1
7513 8012 Tor Ham bt Buff 1st. g 49.....21946 J D 81 -8314 82 Feb'24 - - _ _
1946 J D 78
1
7834 78
78
97
95
Pacific Coast Co let g 58
2
96
054
lot
96
Del
cons g 59.-1928 .1 D 96
Ulster &
86% 88
88
7
42
4
1
7/
64
13 ,
1 -1938 F A 88 Sale 88
434
66
9
Pee RR of Mo ist ext Ir 45
.2 63
2 JA 0
47
95
10
Ist refunding g 43
65 8412 May'24 ____
961.4 98%
9834 98
1 98
5
1938
9858
8833 9218
204
2d extended gold 5541.94_1955
92
8
8
49
g
905
let
917
4
/
911
Pacific
Union
Sale
J
9133
.
9178 ,--- 9173 May'24 - _4
Padueeh F. Site 492 9 r
53
9734
1927.3 J 9734 Sale 974
76
20-year cony 45
65
1958 F A 76 Sale 7413
144
76
Paris-Lyons-Med RR 69
8133 861
854 54
ist & refunding 48
9612
95
85 Sale 833
4 95 May'24
1
95/
1942 M S 95
Faulista Ry 75
1st & ref temp 58
MN 8855
8913 8912
_
- 8112 Jan'24
Pennsylvania 1111-conag 49 1943
MM 8J9
8J
999989
192
10-year perm secured 14_ 17:2
i 87 90
90
1048 14_ N 90 gile 89
Consol gold 4s
eb'24
N 5 RR & Can gen 49_ _1944 M 13
874 90
.5
90
May 1 1948 M N 8813 9034 891
ili
11.l
1 .
:
2
4.
:
94
1
2
4
.
. __ 1
.
18
18 :
4
.
1 SaleSale_
7
1g r
1
8
9:
1.
:
91
48 stamped
1926 J .1 2
9414 9712 Utah & Nor gold Sa
96%
Sale
963
66
4
4
1
/
97
Dec'23 ___ _
Como!4345
104
93
____
4
/
901
48
9133
let
extended
93
Sale
11
4
/
.
911
5
1
93
88
1r5
9
11
_
__
_
Jan'24
General 43444
85
____
8518
3
A
F
99 110 Vendetta cons g 4s Ser A__ ,,195,5
1933 3
1988 J D 101% Sale 10118 102
77
87
._._
85
General 59
Consul 48 Series B
1957 51 N 854 ____ 87 Mar'24 ____
10834 Sale 10858 109
78 106% 109
June'23
10-year secured 75
10958 Sale 10912 10934 54 10755 11014 Vera Cruz & P 1st gu 4%8_1934 J J ____ ___ 36
.
.
2-13-4
3
.
_
_
S55
Apr'24
26
15-year secured 6348
3978
July coupon on
Pennsylvania CoVerdi V I At W 1st g fis
M 5 843 8878 8412 Dec'23
-wi_
1
___
rT1
_
Ap9
_
_
r
tSZ
Guar 330 coil trust reg A-1937 A A 83
B
8
i
1926L
Mid
84 Virginia
84
Series E 5s
-,- 831
84
994
98
9912
2
Guar 3%s coll trust Ser B_1941 J D 8212 -8314 8138
General 59
1936 M N 9912 Sale 9912
1942
May'24 _
- -924 9333
934 14
Guar 3Sis trust ctts C
8114 82 Ya & Southw'n 1st gu 512_2003 J J 9312 9334 9312
4 _--- 82
/
J D 811
4
82
1
7614
85
8312
8312
Guar 3%9 trust etre D_ _ _ _1944 A 0
85
01
84
1st cons 50-year 5s
1958 A
9058 9313
__ 9312
9312
11
96
245
9214 96
Guar 15-25-year gold 48-1931 M
83% 8512 Virginian 109 59 Series A.. 1062 M NI 96 Sale 95
8414 8:813 944 Apr'24
N 93%2
Guar 4a Ser E
May. CDuaJuns. A DueJuly ftDoeAIlg. o DUe00t. pDueDee. cOpilunsali
• hro ones PrIday:laisst bui and said. a Due Jan- •Due Moran •Due Anal sDue
gr.as -g-I,2 NZ Apr'24
864
.4
Mr 'A /1
11414
54
pagA 14
553,
(81,04 gg35.4 13: Z. NZ
i
13
724 Vv. 3: RI 311.
Mmay7t4 __3.
.i. ::i_
8°14.:,iii,
07
2
253'441
1 55,., ____
:7
511.
t:14, 824
IPsz FAp :
1:32: 2
-5
'Az
1-0-6-
New York Bond Record-Continued-Page 4
BONDS.
N. Y.STOCK EXCHANGE
Week ending May 23.
Price
Friday
May 23.
Week's
;•
Range or
Last Sale.
1.1
Range
Since
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE
Week ending May 23.
;
2557
Price
Friday
May 23.
Week's
Range or
Last Sale.
co
Rance
Since
Jan. 1.
Bid
Ask Low
High
High No Low
Ask Low
Bid
High No. Low
Mob
Wabash 1st gold 58
1939 M N 994 Sale 99is
51
100
9612 100 Del United 1st cons g 430_ _1932 1
9012 Sale 89
71
84.
8
2d gold be
1939 F A 9212 93 9212
8
8718 9212 Distill Sec Corp cony let g 5s 1927 A0 3712 40
9212
4674 Ma9
19
.11
4784 54%
1st lien 50-yr g term At__ -1954
J 80
75
1
68
Trust certificates of deposit__ _
75
75
40
40 Sale 40
3
38
54712
Det & Ch ext 1st g bs
1941 J
9734 (00
97
9814 Apr'24
9814 Dominion Iron .22 Steel 58__ _1939 13 71 Sale 704
7118 18
70
7914
Des Moines Dlv lst g 48_ _1939.1
7614 Sale 7418
7418 78 Donner Steel 75
4
764
1942 II 85 Sale 8312
85% 19
8312 92
Om Div let g 3Hs
1941 A 0 7212 Sale 7112
19
73
6734 73 du Pont(E I) Powder 4345_1936 ID 8914 ---- 91
Feb'24
_
91
91
Tol & Ch Div g 4s
1941 M S 77%
7712 May'24
7734 8034 duPont de Nemours& Co 7348'31 MN 108 Sale 10738
10814 126 106% 1084
Warren 1st reign g 334s
2000 F A
74% May'23
Duquesne Lt Ist & coil Gs__ _1949 II 105 Sale 10414
10512
103%
133
1051x
Wash Cent let gold 4.e
1948 Q M 81
79 May'24
East Cuba Bug 15-yes f g 7318'37 M
10438 72 10334 111
104 Sale 10334
W 0 W 1st cy gu 48
1924 F A
9938 Jan'24
9918 99% Ed El III Bkn 1st con g 48..1939 II 89% 8934 8918
1
8934
891s 9014
Wash Term 1st go 334e
1945 F
80% -81-34 8112 May'24
98% 101
Ii 100 101 100 May'24
SO4 8134 Ed Elm In let cons g 58
1995
1st 40-year guar 4s
1945 F A 87% 89
86%
8
88
85% 88 Elk Horn Coal cony 6s
95
0% 98
1925 3D 97% -- 8jai
9612
12 Feb'24
96
W Min WANW lst gu 548_1930 F A 8834 90
86 Aug'23
Empire Gas & Fuel 734s...1937
N 8918 Sale
89
9312
West Maryland let g 4s
1952 A 0 6214 Sale 6112
62% 83
58 63 Equit Gas Light be
93% 961z
8
9612
1932 M
9612 9712 96Is
West N Y & Pa 1st g bs_ _1937 J J 994
994
4
97% 100 Federal Light & Trac 63..._1942 M
100
93
96
9412 17
9312 944 934
Gen gold 4s
1943 A 0 77,8 16- 7734 May'24
2612 7814
75
9812 1074
10134 Sale 170
078
153
42 ma
l0
y9.9
123
144
4 83
19.53 M
1
Western Pao lst Ser A 5e_--1946 M S 8614 Sale 85
7912 864 Fisk Rubber 1st s 1 88
8614 103
S 98% Sale
98% 10472
1941
13 6s
1946M S 9712 98
9712
6
98
92% 99 Ft Smith Lt &Tr 1st g 5s
MS 7712 80
7734 77/
1936
1
4
West Shore 1st 48 guar
J 81
2361
8112 81
78% 8418 Frameric Ind & Dev 20-yr 7348'42 II 89
814 51
84/
1
4 921
8912 8834
/
4
898
36
Registered
2361 .1 J 80 Sale 7914
28
80
7714 81
Francisco Sugar 7345
10312.23 10118 104
1942 MN 102 Sale 102
Wheeling & L E lst g bs__ 1926 A 0 9912 0934 9038 May'24
98% 100 Gas& El of Berg Co eons g 5s 1949 ID 9538
94
Jan'24
94
94
Wheeling Div 1st gold .58_1928
.1 9818 99
99% May'24
98
9918 General Baking 1st 25-yr 68-1936 ID 10218 ____ 10218 10218
101 10218
Exten &!met gold bs
1930 F A 93
_
94 Mar21
94
94 Gen Electric deb g 3Sis
FA 81
80
82
Ma
ly
0;24
1
,
80
1
%
1942
Refunding 43418 Series A 1966 M
61
6-71
4 614
8
6112
5312 63%
Debenture 55
1
4
61 100 103/
102 Sale
1952 M
RR 1st consol 4s
..__I949 M
654 6634 65
6534
6
60
9814 10014
674 Gen Refr let 81 g 65 See A 19.52 FA 99 100 99
100
6
Wilk &East lst gu g be
1942.1 D 56 Sale 55%
49
57 Goodrich Co 6145
56% 11
9534
964
93
3
8
100%
60
31
1947
9612
Sale
Will & S F lat gold be
19381 D 10018
100 May'24
_
99 100 Goodyear Tire &Rub 1st 8188'41 MN 11634 Sale 11612 11678 40 11412 118
Winston-Salem 5 B 1st 46_ _.1960.1 .1 82% Sale 8238
5
8238
81
10
82%
-years 1 deb g 843
e1931 FA 10318 Sale 10214 10318 _56
_5
_ 100 104
Wis Cent 50-yr 1st gen 42
1949 J
8014 80% 8038
8038 18
7638 8112 Granby Cons M SAP con 55 A'28 MN
_ _ _ 89 Dee'23
Sup & Dul dtv & term 1st 44'36 M N 83 Sale 80
80
31
77
-id
Stamped
8318
1928 MN 898912 9412 90 Apr'24 0011
INDUSTRIALS
Cony debenture 88
90
93
9
8014
89
0
4
9912 8
1925 MN 90
Adams Express coil tr g .0_1945 M
80
8012 75
80
8
78
Gray
803
4
FA
80
&
96
Davis
75
1932
_
e0
7814 Sale
Ajax Rubber 8s
1936.1
75
79
7434 95 Great Falls Power let at 58-1940 MN 100
58
98 100
100
100
1
Alaska Gold M deb 6s A.
612 54 534 May'24
1925 M
_
538 712 Hackensack Water 48
7914 80711
1952Ii 7934 .7,-- 8
72
934 Apt'24 _
Cony deb (le series B
1926 M
512
512 7% 542
542 712 Havana El Ry L& P gen be A 1954 MS 8312
1
8134 86
sale
8312 20
4112 Agile Chem 1st 58
1928 A
9512 9612 95%
9614 17
94
98 Havana Elec consol g 5s
1952 F A 9212 9338 9212 May'24
92
9334
1st ref s f 734813
1941 F
88 Sale 8634
82 101
8814 116
Hershey Choc 1st s f g 65
10134 Sale 10112 102
1942
42 101 103
American Chain 68
1933 A
9234 Sale 9212
9312 28
9118 9618 Holland-Amer Line 6s (11a0_1947 MN 73 Sale 7321 73
581,
Am Cot 011 debenture 58_ 1931 M
8812 90
88%
88%
2
82
9014 Hudson Co Gas let g 55
1949 MN 95% ___ 9514 May
9414 9514
'
524
7
Am Dock & Impt gu 68
19361
107
107
1 10613 10714 Humble 011 & Refining 5345_1932 J .1 9778 Sale 978
107
9812 72
96/
1
4 99
Amer Republics 138
1937 A
91
9118 91
91%
87% 9218 Illinois Bell Telephone 5s
1956 ID 0538 Sale 95
934 96
9512 314
Am Sm & It let 30-yr !Ss ser A1947 A
9312 Sale 9314
9334 139
92
93% Illinois Steel deb 4345
1940 A 0 95 Sale 9234
9114 95
95
58
68 B
1947*
10412 Sale 104
10438 56 10134 10438 Ind Nat G & 0 58
1936 M N 83 ___
82
82% May'24
82/
1
4
Amer Sugar Refining fls_ _ _1937 J J 10012 Sale 994 101
9638 10234 Indiana Steel 1st 55
98
1952 M N 11.112 Sale 10112 10212 19 100 10212
Am Telep & Teleg coil tr 46_1929 J
9514 Sale 95
9538 361
9212 95% Ingersoll-Rand 1st be
21935 J J 97
.._ 96 Nov'23 _
Convertible 48
1936 M S 8724 9034 9038 May'24
87
91 Interboro Metrop coil 4He__1958 A 0 1034 14
1034 May'24 _ _ _ _ -Wail 11
20-year cony 4Silt
1933M B 101 10434 10212 10314
6 10212 109 interboro Rap Thus let .59__1966 J J 60 Sale 5912
6138 199
5824 6614
30-year coil tr be
1946.1 D 99% Sale 9834
994 171
9718 99%
Stamped
5844 6514
60 Sale 5914
62
142
20-year el &Hs
1943 M N 10134 Sale 10078 1014 568
974 10118
1932 A 0 60 Sale 5934
10-year 68
atia 7018
6214 77
7-year convertible 14._ 1925 F A 11712 Sale 116
1174 67 11214 123
1032 M 5 834 Sale 8314
76
8318 894
85
49
Am Wat Wks & Elm Le_
1934 A 0 8712 Sale 8634
8712 35
8418 88 Int Agee Corp let 20-yr 53..1932 M N 5512 6714 5612
56%
4 7012
46
2
Am Writ Paper s f
_1939 J J 43
50
47
48
4
36
50 Inter Mercan Marines!6s 1941 A 0 84 Sale 84
7912 853s
9414 57
Anaconda Copper 138
1953 F A 9514 Sale 95
95% 98% International Paper 58
96
197
1947 1 J 8414 Sale 84
83
85
8434 17
is
1938 F A 9512 Sale 9512
9512 10114
964 169
let & ref 58 B
1947 1 J 84
8414 84 Mar'24 _ _
83% 85
Armour& Co let real est 4101939 .1 D 85 Sale 85
8348 87% Jurgens Works6s Oka y11(.61_1947 J
8434 56
76% Sale 7634
7714 23
734 80
Armour & Coot Del 534e
1943 J J 8612 Bale 86%
873
85
69
S
4
1952 M
9238 Sale 91
9214 Kansas City Pow & Lt 5e
89
92
9212 114
Associated 011 temp 6s
1935 M S 9914 Sale 98%
9914 133
9634 98% Kaneas Gas & Electric 68.__1952 M
9512 Sale 95
93
96
96/
53
1
4
Atlantic Fruit cony deb is A _1934 1 D
35 Mar'24
29
1942 F A 10112 Sale 10114
40 Kayser & Co 78
102
25 100111 0512
Trust certificates of deposit__ --- 25% Sale 25%
2612
8
2734 40 Kelly-Springfield Tire 88.__1931 M N 8818 Bale 87
9438 10414
947
8
99
do
stamped
21 Sale 21
28
6
2514 394 Keystone Telep Co 1st 58_1935 1 .1 7612 80
7318 80
80 Feb'24
_
Otlantle Refg deb be
1937 J J 9712 Sale 97%
1937* 0 99 100
9734 28
96% 9£34 Kings Co El & P g Se
984 100
99 May'24
__
Baldw Loco Works 1st 58_1040 M N 10014 Salle 100%
1003s 12 10018 101%
1997 A 0 112% 113
Purchase money 68
11078 1124
124
May'24
_
_
_
_
Barnedall Corp at cony 8% A1931
J 9712 Sale 97%
9712 12
Convertible debenture 68_1925 14 S
954 10038
974 Sept'23 _ _
Hell Telephone of Pa 5s____1948 J J 9914 Sale 98%
9914 145
974 9918 Kings County El 1st g 4s_1949 F A 70'z 72
1(11476
7018
71
10 .
Beth Steel 1st ext s f
___1926 J J 99% 100% 9978
100
A 70
F
1949
10
99
10014
Stamped
7014 7314
71
71%
guar
71
48
3
1st
ref 58 guar A
1942 M N 9438 Sale 93%
9438 26
93% 96% Kings County Lighting 88_1954 J I 784 96
81
Apr'24
7714 81
_
20-yr p m & imp e f 58_ _ _1936 J J 8934 Sale 89
19581 J 9912 100% 00 May'24
8934 23
89
9134
1
4
95 100/
63.S13
A
1943 F
96 Sale 96
1938 J D 103 103% 0258 10312
9612 94
96 100 Kinney Co 7148
5 10118 104
534
1953 F A 88 Sale
8814 48
1950 M S 92 Sale
92 Lackawanna Steel 58 A
88
88
93
Booth Fisheries deb s f 68._ _1926 A 0 73% 7612 88
75
75
7112 8334 Lac Gas L of St L ref & ext 58 1934 A 0 9414 95
10
91/
1
4 95
94
2
118
2
95
2718
4 15
0
Braden Cop M colt tr s f 6s 1931 F A 10412 Sale 104
10012 10412
1953 F A 92% Sale
con ref 514s ser C
92% 89
Brier Hill Steel let 534s_ _ _1942 A 0 9512 Sale 9412 10412 51
9614 45
9118
93
91
9414 Lehigh C Nav 1 434e A 1951 J J 9138
93
8 Feb0;2%4
B'way & 7th Av 1st a g 5s...1943 J D 65
6612 6512
19333 J 9814 Sale
9918
6812 29
6012 69 Lehigh Valley Coal be
91
Brooklyn City RR 55
1941 J J 8712 8912 87%
8812
19333 J 89%
87
2
87%
45
8712 871,
_ 8
Apr'24
12
3
6
7
Sklyn Edison Inc gen 58 A 1949
J 10012 Sale 99% 10012 39
10012 Lex Av P F lst gu g 58-1993
97%
3414
32%
37
37
1
36
General (Is Series B
103% Sale 10314
1930
10378
5 10212 106 Liggett & Myers Tobae 78..1944 A 0 117 Sale 117
11714 21 11434 118
General 78 Series C
1930 J J 10612 107 10612 107
1951F A 96% Sale 9612
2 1051/ 109
58
95% 97%
96% 40
General 78 Series D
1940 J D 10812 109 10838
Kers 15 108 10938 Lorillard Co (P) 79
1944 A 0 11614 Sale
1163s 11 114% 11712
8klyn Man R Tr Sec(tem)138 19681 1 76 Sale
7618 490
1951 F A 9634 96% 96%
7234 7734
55
7514
95
97%
9678
6
Bklya Qu Co & Sub con gtd 59'41 MN 6334
---- 6334
6412
.5
6334 66 Louisville Gas & Electric 59_1952 M N 89 Sale 8(02
88% 91%
8934 37
let &a
1941 J
50
---- Magma Cop 113-yr cony g 76_1932 I D 109 111 109
Jan'24
80
80
11012 66 109 11712
Brooklyn Rapid Trans g 68..1945 A 0
834 Mar'24
1942 A 0 9812 Sale 9812 10018 37
7814 83% Manati Sugar 7348
9834 101%
Trust certificates
7334 Nov'23
Manhat Ry(NY)cons g 43_1990 A 0 57% Sale 57
60
/
1
4
56
57% 55
let refund cony gold 45_2002 J J 69
7834 7418 Jan'24
2013 J D 4734 4914 50 May'24 _
2d 48
64 lift;
47
53
3-yr 7% secured notes_1921 J J
102 Apt'24
974 105 Manila Electric 78
1942 al N 99 Sale 58
9418 100
9918 10
Certificates of deposit...... --102
& Lt sf58._1953 M B 83
Ry
Elec
10612
Manila
961/
1073
12
4
84
83
84 May'24
86
Ctrs of deposit stamped_ _
10118
9234 102 Marland Oils f 89 with wsents'31 A 0 115 125 120 May'24 - 1
101%
11638140
tiklyn Us El let g 4-5e
1950 /74 112- -53-3-4 82
82
8012 84%
Without warrant attached.... A 0 10312 10434 104
1
104
.5 100 10514
Stamped guar 4-5s
1950 F A 81% 82% 82
82
81
B
11
1931 F A 116 129 117 May'24
7345 Series
8412
8klyn Un Gas let eons g 58_1945 M N cal, sale 0814
--- 117 136
99
9638 9912
18
do without warrants
100 Sale 9934
98/
1
4 103
7e
100
35
1932 M N 119 Sale 11818
119
Merchante Mfrs Each 7e..19421 D
7 114 121
10478 Nov'23 - - -1st lien & ref tle Series A 1947 M N 10614 Sale 10514
106% 18 10312 10614 Metr Ed 1st & ref g (35 Su 13_1952 F A ioo Sale 100
Ws;
10133
78
10018
20
1929 M N 116 119 11834 May'24
114 12012 Metr Power 68
1953 J D 964 97
9418 9718
Buff & Susq Iron if 58
9634
964
6
1932.1 D 0038 9334 9112 Apr'24
9034 914 Mexican Petroleum a f 88
1936 P4 N 10234 Sale 10214
Bush Terminal let 4s
10234 14 1014 10412
1952 A 0 8418 86% 8312 May'24
81
8334 Mich State Telep 1st bs___ _1924 F A
99% 9971
Coneol 58
99 Apr'24 -1955.1 J 85% 8812 85
8336 8514 Midvale Steel trz0conv f 581936 M
8814 Sale 8814
Building iis guar tax ex_1960 A 0 9278 Sale 9278 May'24
srs 71 85% 904
9314 26
9412
91
Certificates of deposit_ _ _ _1936
89% 9511
Cal & E Corp 5s
93
Feb'24
-1937 M N 9734 Sale 97%
9734
9714 98% Mllw Elec Ry & Lt eons g 53 1926 F A 9934 Sale 994
9
96 100
Cal Petroleum 6345(w l)...1933 A 0 9734 Sale
9978 10
9714
97% 45
95
Refunding & exten 4Hs_ _1931 J .3 92
98
9012 9236
Camaguey Sug let e f g 79_ _1942 A 0 96
9214 92
92
1
97
95
95
95
9734
2
General 58 A
1951 J D 9414 Sale 9414
95
92
Canada AS Linos let coil s f 78'42 M N 9312 94
24
9512
9334
94
91
95
12
1st 59 B
19611 D 82
Canada Gen Elm Co 6s....1942 F A 104% 10434 104%
80% 85
82
83
82
3
4
5
1043
4
23 102% 10512
1st & ref g 68 ser C
2953598 9512 Sale 9512
Cent Dist Tel 1st 30-yr 55_1943 J D 9912 100
8
053
4
594
99%
97% 99% Milwaukee Gas Lt 181 4.1_1927 M N 97%
8
9714 41 -94i4 -9611
Cent Foundry 1st s t 65....1931 F A 90
Sale 9644
9012 91 May'24
90
93 Montana Power let 55 A
1943 J J 96% Sale 96
95
9712
Cent Leather 20-year g 64..1925 A 0 97% Sale 9612
0634 49
9778 243
924 9774 Montreal Tram let & ref 55.19411 .1 893
86% 90
Central Steel 88
8
8
893
4
194 MN 107%
8914
8914
_ 10734
10734
4
1074
10818
Morris
f
&
Co
let
431e--1939
J
77
Cerro de Pasco Cop 88
8214
7634 Sale 7634
11
1931 J J
77
135 13412 136
3 127 14438 Mortgage Bond 45
1966 A 0
Ch 0 L & Coke 1st gu g 55_1937 J J 9612 9634 96 May'24
_
10412 Dec'23
9312 97
58
1932 A 0 934 94
94
92
Chicago Rye 1st be
1927 F A 7414 Sale 74
9234 May'24
74%
24
74
81
cu
g
5s_
Mu
Ist
Fuel
Gaa
_ _ _1947 MN 9312 ____ 9314 May'24
Chile Copper 6s Ser A
92
94
1932 A 0 101 Sale 10012 101
99 101
186
Mut Un gtd bonds ext 5% 1941 MN 9434 ___ 94 May'24
94
94
Mein Gas & Elec let & ref be '66 A 0 9738 98
9712
9712
6
95% 9818 Nassau Else guar gold 48
1951 .1 .1 5618 5612 5618
5331 584
630 Ser B due Jan 1___1961 A 0 98% Sale 98
56%
98%
8
96
994 National Acme 7315
1931 J D 8278 Sale 8278
8278 94
Colo F & I Co gen s be__ __1943 F A 91 Sale 89
8518 39
91
23
88
91
Nat Enani& Stampg 1st 53_1929 J D
_1934 F A 80
9618 994
Col Indus 1st & colt be
9812 May'24
804 80
7
8014
75
81
Nat Starch 20-year deb 58..1930 3 J 95
97
Columbia G & E 1st 158
97
1927 .1 J 99 Sale 98%
9512
93
May'24
9918 23
9614 99% National Tube 1st 55
1952 M N 10014 1008 1008 May'24
994 10112
1927 J J 99 Sale 98%
Stamped
9914 41
96%
Newark
9914
Con
Gas
58
1948
J
D
93% 9514
9514 ___ 95
6
Col & 9th Av 1st gu g 68_1993 M
2
1712 7 Apr'24
9514
7
7
New England Tel A: Tel be 1952 1 D
9714 9938
Columbus Gas let gold be-1932 1
9512 Sale 9512
80
99
95%
934 9512 N Y Air Brake 1st cony 62_1928 MN 991a Sale 9812
1
10118 103 10112 102
1
4
3 10118 102/
Vommerclal Cable 1st g 4s. _2397 61 J 7214 Sale 71%
7212 44
70
73 NY Dock SO-yr let g 48.-1951 F A
73
77
767
8
14
Commonwealth Power 65.. _1947 M N 9112 Sale 90%
Sale
77
763
4
9112 108
87
9214 N Y EdLson let & ref 63iii A.1941 A 0
19371 J 102 102% 102
Comp Azu Bara 7148
32 10978 111%
10214
15 100 10334 N Y Gas El Lt & Pow g 58_ _1948 J D 111 Sale 11034 111
984 1004
1011 ____ 100
7
Computing-Tab-Ilse s f 68._1941 J J 100% Sale 10018
10012
10014
a 98 10114 Purchase money g 45
1949 F A
82% 86
8433
Conn Ry & L 1st & ref g 4481951 J J
8414
844 18
774 Sept'23
NYMunicRyletef5sA.l96J J 8012 Sale
80% 81%
1951 J .1 84%
____ 8112 Apr'24
Stamped guar 445
- _ 8334 May'24
82
N
Y
Q
El
L
P
let
g
_1930 F A 9918 ____ 994
98
9984
2
Cons Coal of bid 1st & ref 5819503D 8812 Sale 8712
9912
89
40
86
9012 N Y Rys let R E & ref 48_1942 .11 J 364 3834
333s 404
Con G co of Cb 1st gu g 58--1936
3812 May'24
9534
9534
934 95.24
3
Certificates of deposit
32
4011
32
3618 38
Consumers Power
8814 Salt. 8814
373
4
3812
89
30
87
904
30-year ad.1 Inc 55
01942 A 49
112 34
Corn Prod Refg s f g be_ _ _1
212 Sale
N
5IM
2MN
100
193
238
312 58
100
1 1004 103
Certificates of deposit
113 314
6
314 212
1st 25-year a 59
17
318
1934 M N 100 Sale 994
109
2
9814 10034 N Y State Rye let cons 434s 1962 M N
58
85
36
Crown Cork & Seal Os
Sale
59
58
58%
1943 F A 72 Sale 72
73
15
72
85
63-4e
1962 M N
85
96
2
85
8.5 Sale 85
Cuba Cane Sugar cony 7s..1930.1 .1 93 Bale 93
9418
9
9112 95 N Y Steam Ist 25-Yr 68 Ser A 1947 M N
9212 964
5
Cony deben stamped 8!(..1930I J 984 Sale 9838
95% 9618
9938 37
96
997
8
N Y Telep lat & gen s f 4348_1939 MN 9434
9338 95
42
Cuban Am Sugar 1st coil 88_1931 M
Sale
1084 Sale 10714
1081s 56 107 10814
30-year deben I 65._ _Feb 1949 F A 10712 Sale
49 105 108
Cumb T & T let & gen be__ -1937 J J
9512 Sale 95
9512 31
944 964
20.year refunding gold 65_1941 A 0 115 Sale 27
79 104 106%
Den Gas & E L IstAref s f g 5s'51 51 N 8612 gale 8612
478
117 513
87
20
844 8718 Niagara Falls Power 181 56_1932 J
99 10114
Dery Corp (1)(l) 78
1003
8
1942 M S 77
78
100% 10038 "
7818
7818
1
7
13 14
744 82
Ref & gen 65
a1932 A 0
4 104 105%
Detroit Edison let coil tr 58_19331
10018 10012 10014
1004
3
9934 10012 Niag Lock &0 Pow let 5&.1954 MN 10278 Sale
103
69
9912
loth ref be Series A
10234
Sale
k19401M
9712 Sale 9712
98
43
95
98
No Amer Edison 68
1952 PA 8 92 Bale 92
9114 9314
9233 35
let&ref8s5eriesB
kle40 M
10534 Sale 105%
105% 31 104 10614
Secured s f g 6 Hs Ser B
1948 id
98
977s
9714 Sale 9714
9734 48
*No price FMB y: &test bill and asked. a Due Jan. 8 Duelab. IDINIJune.
8 Due July. 5 Due Aug. 0 Due Oct. V Due
Nov. r Due Dec. 8 Option 88.18.
1916:
Ma
rolz105
AMU
[VOL. 118.
THE CHRONICLE
2558
New York Bond Record-Concluded-Page 5
Quotations of Sundry Securities
re marked "I
All bond prices aro "and Interest" except ulpments Per CS. Basis
Railroad
Standard 011 StocksPar Md, Ask.
Range
5.40 5.10
Week's
Price
Se
Line
BONDS.
Anglo-American 011new El *1512 1534 Atlantic Coast
Since
5.20 5.00
Range or
Friday
100 10912 11012
N.Y STOCK EXCHANGE
Equipment 113411
Atlantic Refining
Jan. 1
5.25
5.50
Last Sate
66
114
Ohio
8,
100
No. May 16.
Baltimore
Week ending May 16.
4
3
115
Preferred
Equipment 434s & 58.-- 5.20 5.00
100 225 230
Co
Scrymser
Borne
High
High No. Low
Ask Low
Bid
Line Co--50 *63 64 Buff Roch & Pitts equip 611- 5.80 5.10
Pipe
Buckeye
8818 93
9114 26
25 *4978 504 Canadian Pacific 434s & 911- 5.25 5.00
Nor Ohio'Frac & Light 8e___1947 M S 91 Sale 904
Cheeebrough Mfg new
9212 90
8914 924
5.35 5.05
100 110 115 Central RR of N .563
Nor States Pow 25-yr 50 A1941 A 0 9258 Sale 917s
Preferred
5.50 5.25
1024 13 101 104
new
25 *4012 42 Chesapeake & Ohio Se
let & ref 25-yr fte Ser B1941 A 0 10234 Sale 102
011
Continental
5.30 5.15
15
Equipment6346
Northweet'n Bell T let 78 A.1941 F A 10778 Sale 1074 10818 99 10718 1084 Crescent Pipe Line Co 50 *13
92 92
5.20 5.00
56
133 134
Pipe
Equipment
Line-100
North W T 1stfd g 4)413 gtd_1934 .1 J 934 ---- 92 Feb'24 --Cumberland
10513
13
1037s
105
5.40
5.20
10458
0
A
Sale
63.10478
Quincy
730_1946
&
100 954 964 Chicago Burl
Ohio Publlo Service
Eureka Pipe Line Co
1 10014 10354 Galena Signal 011 corn- _ -100 574 5812 Chicago & Eastern III 5)4.- 6.00 5.50
1947 F A 10218 ____ 10218 10218
7e
941s 98
10
98
5.50
5.25
6s
West
113
North
100
110
&
Ontario Power N F let 56-1943 F A 9712 Sale 97
Chicago
old
Preferred
9512
3 94
9458
5.40 5.15
1945 M N 9518 954 9458
100 102 103
Equipment(1)i
Ontario Transmission 50
Preferred new
19 95 10112 Humble Oil& Ref new.. 25 *3734 .384 Chi° R I & Pac 4)is & 5'
97
- 5.40 5.15
1941 F A 95 Sale 95
Otis Steel 88
88.34 95
42
91
5.65 5.35
100 136 140
Equipmentes
lst 25-yr s f g 7)5e Ser B 1947 F A 8834 Sale 884
Pipe Line
9034 9314 Illinois 011
9314 72
25 *10112 10212 Colorado & Southern 68.... 5.50 5.25
Pacific G & El egn & ref 5s 1942 J J 9212 Sale 92
15 92 957s Imperial
96
5.45 5.20
65
9
Hudeon
*90
&
50
Co
Pac Pow&Lt letdcref 20-yr 58 '30 F A 9514 Sale 9514
Line
2Delaware
9854 Indiana Pipe Petroleum-(t) *18
9812 21
98
5.50 5.15
1397.5 J 9818 Sale 98
1818 Erie 4345 & 55
Pacific Tel & Tel let 58
9058 924 International
924 68
5.60 5.25
1952 61 N 9214 Sale 9178
Equipment6s
Petroleum_ -100 128 12834
56
Magnolia
4
8
9958
102
A
F
10114
5.50 5.25
1930
101
10234
7s
11
6e
1014
T
&
let
P
er
10-yr
Co-12.50
*2214 2284 Great Northern
Pan-Am
National Traneit
93 97
5.20 5.00
1935 MN
9614 Mar'24
100 75 77
Equipment 56
(1)441(w1)
Transit Co
York
New
5.25
5.50
9734 73 94 100
19533 J
6Ze- 9558
90
Se
89
Co
Valley
100
Line
Park-Lox (etre) 634e
Hocking
Pipe
9378 9514 Northern
5.20 5.00
25 *604 6112
Pat & Passaic G & El cone 56 1949 IN S 9558 ____ 9514 Mar'24
Equipment 56
Ohio Oil new
2 10414 107
105
5.15 4.95
25 *3412
Central 434s &
Co
Fuel
POOP Gas & C let cone g 661943 A 0 105 Sale 105
Illinois
Mex
Penn
8714 92
24
92
5.40 5.10
1947 M S 82 Sale 9112
Refunding gold 5/8
Equipment6e
& Gas now-100 22012 221
9958 10258 Prairie Oil
1944 F A 10112 Sale 10112 10158 22
100 10212 103
Philadelphia C 66 A
Equipment 713 & 634i._.. 5.30 5.00
Prairie Pipe Line new
44
90 94
92
5.65 5.35
Se_
1938M S 92 Sale 9114
Michigan
100
193
190
5)56
Kanawha&
Refining
Solar
934 96
135
5.30 5.05
96
Phi% & Reading C &I ref 51_1973 J J 06 Sale )434
Equipment4345
Southern Pipe Line 00-100 95 9512
70 82
1943 61 S 734 Sale 73
744 73
100 139 143 Kansae City Southern 534e.. 5.35 5.05
Pierce-Arrow £42
011
Penn
South
8478 102
22
5.10
6s
96
5.40
1931 J
96 Sale 9412
Nashville
86
&
Lines-100
84
Pierce 0118 f 85
Pipe
Louisville
Pa
965, 22 944 9712 Southwest
9624 06
5.25 5.00
Pillsbury Fl Mills 66 (rcts)_1943 A 0 00
Equipment
Standard 011(California) 25 *5754 58
5.30 5.00
95 93 Mar'24 -- 93 9634 Standard 011(Indiana) 25 *5718 0714 Michigan Central 58 & Se
Pleasant Val Coal 1st gel 581928.5J 92
9012 94
1
93
25 •40 4012 MinnIR P &SEIM 43411&56 5.40 5.10
Pocah Con Collieries 1st 41 561957 3 J 9278 9312 93
(Kan)
95 9734 Standard 011
J 9712 ---_ 97 May'24
1935
Portland Gen Elec let 5s
Equipment 634e & 7e.... 5.50 5.25
011(Kentucky) 25 *107 10714
aa 88 Standard
1
8712
8712 8712
100
Portland Ry 1st & ref 5.5__ 1930 MN 87
237 240 MissouriK&D1048 & Texas 68 5.85 5.30
(Nebraska)
Standard 011
3 8038 88
85
Portland Ry Lt& P 1st ref 581942 F A 8312 8412 8412
Jer_ 25 *35 3518 Missouri Pacific (ie & 6348._ 5.70 5.40
New
Ohio!
Standard
8934 94
5.35 5.00
94 179
1947 M N 94 Sale 9258
(01 B
100 118 11818 Mobile& Ohio 434s & 5s
Preferred.
4
let & refund 73421 Sec A1946 MN 10312 104 10312 May'24 - - 103 1043
Standard 011of New York 25 •3834 3914 New York Central 43413 & 58 5.15 4.90
6 10418 10518 Standard
5.40 5.10
105
100
Porto Rican Am Tob 88__1931 MN 105 10514 105
Equipment65
011(0111o)
894 95
19333 J 86
5.30 5.05
887s 894 May'24 --100 118 121
Pressed Steel Car 54,
Equipment 73
Preferred_
Prod & Ref s 8e(with waente)'31 J D 11118 120 112 May'24 _- 112 11614 Swan & Finch
100 46 47 Norfolk & Western Ois...„ 5.10 4.90
10912 22 10612 110
5.25 5.05
Without warrants attached__ .1 D 10914 Sale 109
100 964 99 Northern Pacific 7e
Co
Car
Tank
Union
9118
77
142
91
5.20 5.00
Pub Serv Corp of N J gen 56_1959 A 0 904 Bale 83
100 108 109 Pacific Fruit Express 724_
Preferred
10934 111 1084 122
1937 J .1 109 Sale 109
Punta Alegre Sugar 76
25 *6112 62 Pennsylvania RR eq 55 & es 5.40 5.00
new
92
954 Vacuum 011 Oil
9334 10
1937 M N 9212 934 93
6343
5.40 5.15
Erie
Remington Arms 6e
10
Lake
29
•28
&
Putts
93 9634 Washington
5.60 5.25
1
Repub I & El 10-30-yr 5s e I_ _1940 A 0 9412 9512 9412
9412
EquipmentSe
Other 011 Stocks
1953.3 J 8912 90 894
5.10 4.90
5 8758 9115 Atlantic Lobos 011
8912
312 Reading Co 4345 & 58
5348
(t)
*3
754 914
12
81
5e_
5.10
1952.3 D 80 Sale 79
5.40
Francisco
Robbins & Myers 81 78
San
16
&
*8
60
St Louie
Preferred
.
91
91
Jan'24 -91
Roch & Pitts Coal & Iron 5s..1946 MN 90
25 4.59i2 5978 Seaboard Air Line 434e & Se 5.90 5.40
new
Oil
Gulf
90
74
774 14
4.90
434s....
5.15
Co
Rogers-Brown Iron Co 7s._ _1942 M N 7612 Sale 7512
Pacific
412
Southern
011
*312
Eagle
5
Mexican
7634 82
1
82
5.15 5.00
1937 MN 82 Sale 82
St Joe Ry Lt Ht & Pr 58
Equipment78
5 *1013 1012
Mutual 011
80
77
5
7512
St L Rock Mt & PS.stmpd_1955 J J _7538 7812 7734
5.20 5.00
100 0111 94 Southern Ry 434.& 58
Gas
Fuel
National
524 58
1924 A 0
55 May'24 St Louis Transit 56
5.50 5.25
Equipments.
0112 9158 Salt Creek Producer.- 10 *2612 2534
1937.3 J 9l3
St Paul City Cable 55
9112 Mar'24
2 2)4'4 Toledo dc Ohio Central Ca.... 5.60 5.30
3
954 9918 SalallPa Refining
5.00
9918 66
5.15
St Paul Union Depot 5,1__ _ _1972 J J 99 Sale 9814
7e
Pacific
Union
4 102 10473
10412
1942M S 104 l04I 104
Saks Co 713
Tobacco Stocks
Public Utilities
9512 19 9384 96
100 76 78
Ban Antonio Pub Ser 6s_ _ _ _1952 J J 9512 Sale 95
common
Cigar
American
10012 12 100 1024 Amer Gas & Elea new-m
100 85 87
100 Sale 100
Sharon Steel Hoop let Si ser A '41 M
&t
(
N) *0
Preferred
64
54 6614
10 10012 103
1942 A 0 10212 Sale 0212 103
Sheffield Farms 6340
00 *43 44 Amer Machine & Fdry-100 140 150
Preferred
8378 87
8514 11
£1 •2212 2312
ord.
Tobao
Sierra & San Fran Power 58_1949 F A 8438 Sale 8438
-Amer
95
2014
(38
British
Deb
894 97
£1 *2212 2312
Sinclair Cone 011 I5-year 7s-1937 M S 8012 Sale 88
1: 12312
22
Bearer
8412 9014 Amer Light & Trao com_ 100 19
25 *56
59
034 4341
95
8
1938 I) 854 Sate 8412
new
Co.
6)5e B(w 1)
9212
Helm,
Preferred
9956
97
0
838
9958
A
9914
ill 114
1925
Sale
0914
Oil
534e
Crude
Sinclair
00 z2
2 235
34
,
Amer Power & Lt corn..10,
1e W1
fe“:e°
9578 99
99 220
1926 F A 9834 Sale 981s
& Irel'd •1512 16
B
0
of
'rob
86
Imperial
Preferred
125 814 86
84
1942 A 0 8312 Sale 8212
Sinclair Pipe Line 58
SUS 93 94 lot Cigar Machinery-100 53 57
Deb as 2016
10412
South Porto Rico Sugar 7e._1941 J D 10018 10174 lDOl4 10133 30 10078
Amer Public L411 oom_100 60 54 Johnson Tin Foil & Met-100 75
16 94 97
97
J 9554 Sale 9514
100 75 79 MacAndrews & Forbes-100 •I39 143
South Bell Tel & Tel 1st f 561941
prof
prior
7%
9312 943s
9438 562
100 99 101
100 60 61
S'weet Bell Tel let & ref 581954 F A 9438 Sale 9354
Preferred
4% panic pre
8714 9084
J 8712 8858 88
4
88
1947
100 32 3312
Southern Colo Power 68_
&Ecom
G
50 *74
Val
Mengel Co
Blackstone
105
140 143 Porto Rican-Amer Tob-100 48 55
com_100
Stand Gas & El cony f 6s_ _1926 J D 10434 105 10418 May 24 - - -- 100
Lt
&
POW
Carolina
9412 984
9
967e
Cony deb g 6)4/4 eerie/J.__ _1933 M 8 96 Sale 96
Service Co com_ _100 138 140 Universal Leaf'rob com-100 33 36
Cities
98
4
3
95
100 84 86
5
1930 MN 974 9778 9714
9714
Standard Milling let 512
Preferred
100 7358 7414
Preferred
11 103 10434 CittleaServic
J 10354 Sale 10312 104
100 111 115
m
os 8
Steel & Tube gen s f 7eSer C 1951
eBankers'Shar
1:54 1414 Young (38) Co
9534 9712
10
96
100 104 107
00 7
100
Sugar Estates (Orlenti) 7s_ _1942 M $ 9512 964 9512
com
Power
Preferred
3
3414
3
4
14
Colorado
9514
92
2
95
95
smn prices)
Syracuse Lighting let g 56....1951 1 D
Stocks(Cleta
91
Rubber
Preferred
844 105
Light & Pow Co coll tr 6156'54 J J 10478 _ -- 10478 May'24
Com'w'th POW Corp corn (i) *78 79 Firestone Tire& Rub corn 10 *70 711s
10'212
9914
5
100 96 9612
100
Tenn Coal Iron & RR gen 58 1951 J J 100 Sale 100
76
8% preferred
Preferred
9834 102
100 8912 901s
Tennessee Cop let cony 65_ _1925 M N 1004 10178 9912 May'24 _ 7% preferred
Coculumere Power prof-100 87 89
935s 97
so
964 45
Tennessee Elea Power Ss_ _ l947.3 D 96 Sale 9534
Eleo Bond & Share pref-100 9812 994 General Tire & Rub corn 50 165
s
5315
567
100 98 00
1960
J 52 Sale
544 96
Third Ave let ref 4e
15
12
4
I)
Preferred
13
I
*7
Securities
Ry
Elea
104
442 .1_!0 394 4914 Federal Light & Traction:: .
oom-100
R
Adjustment income 5,1_ _01960 A 0 40 Sale 9312
4
93
&
Tire
7 79 Goodyear
70
8
9278 9312
19373
May'24
0312 96
Third Ave Ry 1st g 5s
76 Goody'r TAR of Can p1.100 27312
Preferred_
1931 F A 10314 104 1035398
2:2 20378 14 102 1037s Lehigh Power Securities_(2) •50 60 India Tire & Rub com_100 70 75
Tide Water 0116348
24 106 108
1941 M S 108 Sale 10758 108
100 70 80
Toledo Edison 76
Preferred
Miesissippi Illy Pow corn 100 25 26
9812 100
26
Toledo Tree. Lt & Pr es__ _1925 F A 100 Sale 9978 100
: Mallon Tire & Rub com_(2) •900 1.05
so
Preferred
1949 M
_ 9234 Nov'23
9538
1412 16
100
Trenton 0& El let g 5e
Preferred
First mice 55. 1951_J&J 9412 9512
J 854 9112 87 Dee'23 -Underged of London 434e._1933
100 64 70
S.
B g deb 75 1935-.M&N 10212 10312 Miller Rubber
1948.3 J 824 8812 8914 Oct'23
Income 65
100
e9
93
95
Lt
&
oom
Preferred121
(2)
Nat Power
1942 M N 93 934 93
13 IF 9814
94
Union Bag & Paper 66
5
100
10
Preferred
(8) •89 9012 Mohawk Rubber
974 99
1
812 4
13
96
905g
Union Eiec Lt & Pr 1st g 52_1932 MS 9712 98 98
40 50
1972
92
78
Preferred
Income
92 9712
1933 M N 9614 Sale
58
Ohio Electric7(&) 1
10 Seiberling The & Rubber() *384
11
Northern
9
2
75
70
0
A
56_1945
75 May'24 -Union Elev (Chicago)
100 45
ao
27
Preferred
Preferred
9514 9712
1931.3 J 9736 9812 9712
3
9712
Union 011 51,
12
North States Pow com_100 4114 101 Swinehart Tire & R com2100
01942 F A 10012 10114 10112 10112
2 9912 102
lis
100
40
Preferred
94
Preferred
10434
A
103
A
4
1044 Sale 10414 10458
Union Tank Car equip 76.-1930
Stocks
com_100
Sugar
Co
Eleo
64
Texas
Nor
60
1941.3 D 11334 Sale 11312 11378 16 1111s 1144
United Drug cony Se
ao •15 17
Preferred
100 70 73 Caracas Sugar
9212 9712
9614 9534
2
9578
20 *75 78
United Fuel Gas let f Mi.-1936 J .1 96
9612 Pacific, Gas & El let prof 100 88 89 Cent Aguirre Sugar Oom-100
91
1
944 95 95
95
United Rye Inv 55 Pitts issue 1926 MN
104 08
Sugar
12 Palardo
Power Securities cool (t) *10
2 614 68
68
United Rye St L 1st g 4e _ __ _1934 J J 684 69 68
Second preferred
(I) *34 37 Federal Sugar Ref coin_ _100 58 62
86 88
8612 8712 8614 May'24 -- -100
United SS Co lot rota 6e___ -1937 MN
90 00
1949-J&D
136
Preferred
trust
Coll
86
90
9814 10118
1942 A 0 9954 102 00
10012 26
United Stores Se
Income'June 1949__F&A d110006473142 72 Godchaux Sugar. Inc-(t) 53
1932J J 10618 108 07
24 103 108
108
100
U 13 Hoffman Mach Its
33 38
100
&
Lt
Pow
Sound
Preferred
Puget
47
45
100
9958
1924 J
9978 100 9978
997s 19
U13 Realty & I cony deb g 55 19473
100 78 83 Great Western Sugar new 25 500 94
6% preferred
794 8778
J
8112 134
28 30
corn..4,8)'
B Rubber 1st& ref baser A 1930 F A 8018 Sale 8018
Corp
100
Sugar
7%
preferred
Holly
0312
10014
10612
100 Sale 9978 10178 78
100 79 81
10-year 7348
Preferred
111
Gen muse 7X51941-14N
0584
9934 1011s
68_1926 F A 10014 Sale 004 10012 35
U S Smelt Ref & M cony___d1963
Central Sugar-100 110 120
Ry & Light-100 1 2
Republic
Amos
12
4
16
26
8
102
MN
1037
_
351
10384
10334
Sale
03
100 5212 54 National Sugar Refining_100 86 88
U Steel Corp(coupon __d19(13 MN
Preferred
0278 May'24 --- 10184 103
f 10-60-yr 5siregistered
South Calif Edison com_100 100
01 New Niquero Sugar._..100 93 97
8615 Sou
A 0
SO
.Sale
3
Utah Light & Traction 56_ _1944 F A 817
100
preferrea
8%
20 Santa Cecilia Sug Corp p1100
87
s
5
9112
53..-1944
9018 Sale 9
171
89
907112
2 ....73_33
.
Utah Power & Lt let
(Del)
El
&
Gas
Savannah Sugar corn...(t) •70 73
Standard
J J
100 87 89
Utica Elec L & Pow let6 56 1950
Preferred
Preferred
941
48
.471,
0
5
J
0314
19573
901*
4
931k
-56
p1100 9212 95
Utica Gas & Elec ref
D 55 Sale 553s
604 854 Tennessee Eleo Power (t) •32 33 Sugar Estates Oriente
1947
50
67
Va-Caro Chem let 75
efe
Second porw
(I) 1'6412 6512 West India Sue Fin com-100 12
7314 wernp
30
3014 34
1937
30 Sale 30
100 32
I2-year s 1 7348
t
)
Ct
e;re
Preferred
100
rP
I
2512
.3
76
2712
3014
J
attached_
30
12
31
30
30
Without warrants
100 7s
Preferred
8012 IndustrialAMIsmi -100 63 65
88
91
91
M
90
581949
-g
let
May'24
8912
Coke
&
Coal
Hardware_
1711 Iron
American
Short Term Securities
91
88
19343 J 904 Sale 8912
9012 30
cam 100 96 98
Va Ry Pow let dr ref tre
8
1942.5 D 9412 Sale 9412
894 9788 Am Cot 0116e 1924 _ _M&S2 i0'. 10034 Amer Typefounders
9412
100 99 101
Vertientes Sugar 78
Preferred
10314 Anaconda CopMin(te'29J&J 10134 102
1014
D
.1
1941
21
102
102i4
Sale
102
100 119 120
Wilcox
Warner sugar 78
&
'25
s
A&O
Babcock
011734
Ang/o-Amer
10218
10212
9658
93
19393
9334 Bale
15
(t) •13
new
Co
First& ref 7s Ser A
W)
Se
(E
Ref
'33.MdEN
Sug
Federal
Bliss
9938 10138
_1939 J J 9978 100 10
3
4
4
0
3
9
10
9
34
56__
3
0
f
50 *57 60
Power.
Wat
Wash
Preferred
Hocking Valley 5111926 NUS 100
99'1 10
9014
9615 98
3
o 9778 9812 9778 98
4
121 123
100
Weetchee Ltg g he etnipci gtd 595Q3
00n1
Company
Borden
tie
T
1922
M&S
11.
Interboro
92
8912
Si
9
92
9114 9154 9114
100 104 105
Preferred
West Penn Power Series A 561946
J D 103 Sale 103
7 101 1034 K 0 Term Ry10318
100 70 75
let 40-year 56 Series C___.1958
Celluloid Company
(1)is July 1931
01946 F A 10514 Sale 10534 10614 11 10414 10754
100 107 110
Preferred_
let series D 78
)
1
.
1
&
21)
1-;
5128
1-11-44 110
1-1-2
03
-1;4
864 894
MB
Sale
1963
8812
873.
*33 35
aura/
corn
Company
56 E
9612 9714 Lehigh Pow Sec 65'27_F&A 100 10014 Childs
714
9
9'
1 84
4
19
1944 A 0 9714 Sale 06 2
100 111 113
Preferred
Western Electric deb 56 58 1938.3
4
993
9644
65
Sloes-Shoff
S&L
100
'29.F&A
9012
.1
9918 Sale 98
9912 17
100 85 92
Powder
Hercules
Western Unlon coil tr cur
US Rubber 734, 1930_F&A 101 10154
9018 94
9234 21
1950 MN 9214 Sale 9218
100 101 103
Preferred
Fund & real estate g 4348 1936F
A 11034 Sale 10912 11034 24 10858 11154 Joint Stk Land Bk Bonds
100 72 77
Salt
15-year 53405
MN 10812 Sale 10734 10812 118 10634 10812 Chic Jt Stk Land Bk 58_1951 10012101 12 International
7s_1931
prof
M
100
104 108
&
E
Silver
International
Westinghouse
12
1.
1 10.
56 1952 opt 1932
1001
5718 7978
614 50
.1 J 5978 Sale 5718
Coal Sales 50 78
Valley
ao
Lehigh
Wickwire Spen Steel let 76_ _1935
opt
1933
be
1963
9812
98
9812 66
1933 M S 9812 Sale 98
100
Corp
100 110
Dodge
Phelps
Wlllys-Overland s 1 65
814e 1951 opt 1931
9858
102 103
80
136
A 0 81 Sale 8014
83
Royal Baking Pow com_100 128 134
Wileon lc Co let 25-yr et 66..1941
7
0
09
0
1
1
4
4
91
9284
opt
090,
9
1932
Ois
1952
48
D
49
Sale
36
49
5012
1928.5
100 98 100
Preferred
10-year cony s f 615
434e 1952 opt 1932
4912 100
5212 40
1931 F A 5112 Sale 51
Singer Manufacturing_ -100 135 137
736s
4525 1983 opt 1933
10112 24 10034 10234
1941 A 0 101 Sale 101
Winchester Arms7He
also
pays
9412
97
accrued dividend
9514 Sale 95
9512 29
J
•Per share. 2 No par value. b Basle d Purchaser
Young'n Sheet & T (Ss(w 0_1943
New stock. fFlatprlce. k Laet sale. n Nominal. z Ex-dividend. 'Ex-delta
and asked. a Due Jan. cl Due Apr. c Due Mar. e Du
I Canadian quotation.
*No price Friday;latest bid
price.
Sale
s
Eex-etock
dividend.
e
sale
s
ec.
Option
o
D
p
Due
Due
Aug.
Oct.
Due
k
May. g Due June. h Due July.
a
-..
e-4
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
May 17.
Monday,
May 19.
Tuesday,
May 20.
Wednesday, Thursday,
May 21.
May 22.
Friday,
May 23.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
2559
Range Since Jan,1 1924.
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Lowest
Highest
Shares.
Railroad,
15012 15114 15014 15014 15014 15112 151 151
151 15114 151 15114
238 Boston & Albany
14572Mar 27 152 May 1 143 Apr 151 June
100
7515 76
*7514 76
7515 76
7514 7534 754 7513 75
396 Boston Elevated
7515
100 75 Mar 20 80 Jan 8
75 June 84 Jan
95
95
95
95
__ *95 ___- *95 ____
4 Do pref
100 92 Feb 7 9614May 10
9112 Aug 100 Mar
•11234 113
112/
1
4 113 113
+9412113
113 11314 *113
_
28 Do let prat
100 111 May 5 116/
1
4 Jan 24 1111
/
4 Aug 125 June
664 964 *9612 97
97
97
97 97
*9612 97
-1584 -9-6t7-3
84 Do 2d prat
100 9514 Jan 2 100 Feb27
95 Nov 106 Mar
12/
1234 12
1
4 1258 *12
1214 12
12
*1215 1234 *1215 1234
80 Boston & Maine
8/
1
4 Jan 2 1514Mar 31
100
734 Dec 2013 Mar
*1234
1
4 12/
•1234 ____ 12/
1
4 *1234
_ +1234
10 Do pref
100 12 Jan 10 15 Feb 4
7 Dec 27 Feb
15
15
1412 1413 1414 1413 144 1413 15
15
56 Do Series A let pref _100 1313 Jan 2 19 Jan 10
1213 Oct 8212 Mar
21
21 •20 ____ *20•20 ____
--_32 Do Series B let pref _100 1713 Jan 2 2412Mar 1
1513 Dec 48 Feb
18
184 17/
18 *18
1
4 1-734 *1734 ____ .1734
____
74 Do Series C 1st pref
100 16 Feb 27 23 Apr 5
1512 Dec 42 Mar
*28 ____ •27 _-__ *27 __ *27
Do Series D 1st pref
100 23 Jan 3 34 Apr 5
20 Dec 59 Feb
*14813
147 147 *14612 ____ 147 147
•14612 ____ *277 Boston & Providence
100 143 Jan 4 148 Feb 27 135 July 16013 Jan
20
*19
18
20 *19
*18
19
20 *---- 19
81 East Mass Street fly Co_ 100 18 May 12 24 Feb 9
18
18
18 Feb 3.5 Mar
•____ 8212 •__ __ 60 •___. 60
80 •-- _ 60
Do 181 pref
100 5813 Jan 8 6413 Feb 13
58 Dec 72 Jan
50 50 *50
*50 51
51
50
50 *____ 50
50 Do prof B
1
4 Apr 7 58 Jan 25
100 49/
5014
Dec 65 Mar
31
30
30 •-30
28
30
29
30
179 Do adjustment
100 28 May 21 3912 Feb 14
31 Dec 46 Mar
East Mass St fly (tr Ws)-100 311
/
4 Apr 23 3912 Feb 11
31 Nov 45 Mar
33
31 -if- ;51- 33 ;5i;5i- 33 -31- 11-100 Maine Central
100 31 Apr 25 3713 Apr 9
224 Dec 43 Jan
1878 1938 1834 1915 1818 1812 184 19
19
772 N Y NH & Hartford
191
/
4 1918 1935
100 14 Jan 3 2073 Jan 10
934 July 2213 Jan
66 86 --------'66
•66
6 Northern New Hampshire_100 62 Jan 14 68 Apr 29 62 Dec 84 Feb
•91
92
92 *91
91
91
92
+90 9231Norwich & Woroester pref _100 80 Jan 2 95 Mar 10
75
Dec 100 Jan
8012 80 80 *80
*80 8012 *80
8012 80
80
-iii4 -di24 Old Colony
100 7212 Jan 4 81 Apr 4
6413 Oct 81 Feb
37
37
*36
37
pref
__--------113________
__ ....... __ __...._.
Rutland
Hoio:o
100 34 Mar 3 4138 Jan 14
2113
Aug
384 Dec
-ii- -ii- *75 ____ 77 77 ____ ____
iii- -_-_-_-_ ;i8- -_-_-_-_ •
37 Vermont & Massachusetts-100 70 Jan 22 85 Mar 13
70 Nov 98 Jan
Miscellaneous
1
4 *114 134 *114 134 •13$ 134 __-_ ____ ______ Amer Pneumatic Service 25
*114 134 *114 1/
14 Apr 11
2 Jan 18
1 Sept
3/
1
4 Jan
1312 134 1313 1313 13
•1313 14 *1312 14
1314 13
13
50 12 Jan 3 1412 Feb 26
310 Do pref
12 Dec 20 Jan
1254 12512 12478 1251 123 12514 122/
1
4 12514 12414 12475 12434 12534 7,955 Amer Telephone & Teleg-100 12275:Way 21 1304 Mar 12 119 June 12813
Dec
66 66 *664 ____ 6612 6613 66 66
*6613 _ _
No par 65 Apr 28 83 Jan 14
34 Amoskeag Mfg
6712 Oct 112 Jan
*73 734 72
73 •72
_ *72 ____ *72
-_- -ii- -.
7-i25 Do Pre:
7134May 7 7712 Jan 19
72 Oct 88
Jan
17. •I4 17 - *14
*14
17 *14
17 *14 17
______ Art Metal Construe,InoN
_;..
"
10
r 18 Feb 15 16 Feb 15
1414 Nov 1612 Mar
*6
74 •6
_
713 *6
713
Atlas Tack Corp
No par
7 Mar 3 10/
1
4 Jan 8
8 Dec 201
/
4 Feb
•161 fdd- ioi4 fidwa .105 106 *105 106 *105 106 ia8r,
49 Boston Cons Gas Co prof-100 104 Jan 18 107 Jan 8 104 Oct 10812 Feb
•.07 .10 ..07 .10 •.07 .10 •.07 .10 •.07 .10
_-_- ___ii5 Boston Max Pet Trus--No par .07 Mar 29
.20 Jan 10 .05 Dec .30 Jan
*2514 2534 2513 2513 2434 2512 25
2513 *25
2534 _-_Connor (John T)
10 24 Jan 2 2812mar 5
19 July 27 Mar
•2413 26 *2412 26 *2413 26
*2413 28
2412 2413
2412May 22 304 Feb 14
40 Dominion Stores. Ltd
---25/
1
4 Dec 2614 Dec
.
85 90 *85 90 *85 90 *88 90
*86
90
______
____
Preferred A
100 84 Jan 15 85 Jan 5
1
4 *214 275 •214 2/
*214 2/
1
4 *214 2/
1
4 *214 2/
1
4 ___- _-__ ______ East Boston Land
214Mar 5
10
3 Feb 25
2 Dec -1- Jan
*6
*6
7
*6
7
7
6
6
*6
7
512May 6
25 Eastern Manufacturing... 5
*512 6
8/
1
4 Feb 6
5 Dec 1412 Mar
51
5113 *49
51
48
49
48
48 *49
50
49
49
25 38 Jan 3 5514Mar 8
165 Eastern SS Maas,Inc
31 Nov 12712 Mar
3614 3614 3614 3614 *36
*3814 37 *3614 37
37
No par 35 Jan 25 40 Feb 7 35 Oct 40 Oct
38
Preferred
3614
205
*88 88 *86 88 *86
88
87
87
87
87 ---------25 1st preferred
100 8512 Jan 8 93 Mar 8 85 Aug 88 Oct
16912 170 16912 170 18913 170
16912 16913 16812 16912 169 16914
100 16312 Jan 2 177 Jan 28 152/
621 Edison Electric Mum
1
4 Nov 172 Jan
*312 4
3
3/
1
4
3
3 1
3
3
*3
4 ...._ __:__ _. __ __ __
N.d_i
p00
ar
msto
tion0 Ele0
212 Jan 17
to
on
r..H
pora
44
20
5G
435May 14
Elatere4C
14 Dec 1075 Jan
*24 26 *23 26
•2412 26
22
23 *22
2212
13 Jan 11 27 May 13
5 July 2913 Feb
No par
to
prame
.
4 -13
1; ___ iii 0
yi•
iA
T
o
s
jii
6/
1
4 Jan 8
Gard
5 Jan 2
reeni
ne
te
rid
8- -ia- -1-31-2 -iati
514 Dec 1555 Mar
IA -1-3-,
1
4Mar 31 154 Jan 7
25 12/
1414 Nov 24 Feb
47 4734 *46
48 *47 47/
1
4 *47 47/
1
4 48
48
No par 46 Mar 25 52 Jan 8 50 Dec 6318 Mar
ref
bber
R
p
u
*4113 42
04113 42
*41
42
*4113 4213 4112 4113 --------25 Interaat Cement Corp-No Par 41 Apr 28 4455 Feb 13 82 July
44 Mar
•.15 .30 •.15 .30 '
4 .15 .30 •.15 .30 *.15 .30 _--- ---- ______ International Products-No Par .10 Feb 18 .75 Feb
26 .10 Dec
3 Mar
1
4 *114 134 *114 134
•114 134 *114 1/
100 .25 Feb 14
113 Jan 2 .60 Dec
8 Mar
Acceptance
--------38Kidder,
Peabody
82
*82 . __ 82
82 82 *82
8312 82
80 Jan 3 8334 Mar 22 80 May Ma Feb
82
Corp Class A pref
412 -413
435 4/
1
4
433 44 *435 434
44 413 -- -- __-414 Apr 25
6/
1
4 Jan 4
491 Libby, McNeill& Libby_- 10
dia Dec
8/
1
4 Aug
69
_ - __ 69
71 •____ 71
____ ________ Lincoln Fire Insurance
70 Jan 9 70 Jan 9
20
.10
104 10
10 *10
1012 *10
1013
1013 *10
9 Mar 21 1013 Jan 9 -11;
-25
5
3 Loew's Theatres
1 Kit; IC lie
75
7513 744 74/
76/
76
1
4 7834 78
1
4 7514 7514 -ii- -7-if;
00 74 May 23 81 Feb 20
383 Massachusetts Gas Cos-- 100
7312 Dec 87/
1
4 Jan
66 66
88 67
66
8634 •305
68
85
68
65 65
64 Jan 2 70 Jan 31
99 Do pref
62 Dec 73 Jan
•1 2 15312 *152 154 152 152 1 152 152
154 154
5
154 155
150 Apr 22 160 Jan 12 147 June 179 Jan
61 Mergenthaler Linotype-100
1112 1213 *11
13 *11
13 1 •11
13
11
1134 12
6/
1
4 Jan 2 1733 Feb 21
10
j
er
n(? 100
13
minpp
Int v
Re;lemrepnotw
sica
1.2
31
35
0n
measi
3 Dec 1434 Feb
24/
1
4 24/
25
1
4 24
25
2412 *2414 2412 24h 25h 2514 2534
19 Feb 18 25/
1
4May 23
18 Nov 2314 Jan
*80 81
*80
81
*80 81 : •80 81
81
81
Jan 4 8212 Mar 24
100
80
stamped
i
ta
u
%
30
Jan 84 Feb
212 212
2/
1
4 2/
1
4 *213 234 *212 234
213 212 --ii2 2 Apr 24
2-110
2
13
70
5 Naptioonas
4/
1
4 Jan 28
11X4 Dec
8/
1
4 Feb
484 4/
1
4
434 434
5
5
412 453
413 413
413 412 2,242 New England Oil Corp tr ctfs_
2 Jan 2
534 Apr 8
2
Oct
4/
1
4 Sept
*24
28
24 24
24
24
23/
1
4 24
*23
27
24/
1
4 2434
100 17 Jan 10 314 Ma/ 20
(tr
Preferred
etre)
240
1212
Dec
16
Oct
10814 107 1064 107
106 107 10534 10614 105 106
10513 10534
711 New England Telephone-100 10312 Apr 24 11512 Jan 31 110 Dec 122 Jan
*1814 19
*1814 19 *318
19
1815 181
/
403184 19
181
Ins
Circuit,
18
14
Jan
16 20/
400 Orpheum
1
4 Jan 2
1634 July 2112 Apr
80 80
791
/
4 80
7813 7813 79
7912 80
80
80
7812May 20 87 Feb 14
80
178 Pacific Mills
84 Dec 190 Jan
1512 1512 *15/
1
4 1834 *1518 1584 •1518 1512 1512 1512 --------30
10 1434 Jan 5 1534 Apr 2 s1434 Dec 18 Mar
Reece Button Hole
*212 3
*212 3
*213 3
*253 3
24 2/
1
4
215May 14
Reece Folding Machine- 150
3 Jan 2
2 Jan
314 Mar
•.15 .50 •.15 .50 •.15 .50 *.15 .50 *.15 .50 --------75
.15 Apr 14 .40 Feb 15 .10 Dec
__- 31/911113
Magneto
2 Feb
10012 101
10012 101
10012 101
10013 101
10012 101
100 10012May 16 10512Mar 6
10012 101476 Swift & Co
9812June 10912 Jan
*3713 39
38
38
37 37 •36
3713 *36
25 3534 Apr 22 4212 Jan 11
45 Torrington
3713-----39
/
1
4
Dec
50
Mar
9
*8
9
*8
9
*8
9
*8
9 ..28i2 _3i34
5
7 Feb 2 10 Feb 18
_ _.2_.665 Onion Twist Drill
6 Dec 11 Mar
36
361
/
4 36
3612 3534 36/
1
4 3534 56
35/
1
4 36
25 34 Jan 3 37/
prer
hoe Mach Corp
Uni oed S
1
4
Jan
8
3212
Nov
5534
Mar
*2514 26 *25
26
2512 2513 26
2513 *254 2512 2513 2518
25 2453 Feb 29 27 Jan 7
120 Do
2455 June 2514 Jan
2312 2313 23
2312 2253 2314 2212 2234 22/
1
4 23
23
2334 4,250 Ventura Consol Oil Fields_ 5 2212May2l 27 Jan 29
1934 Aug 30 Jan
14
14
14/
1
4 1413 14
1413 14
14
14
14
14
1415
812 WaldorfSys,Inc.new oh No par 134 Apr 30 1714 Jan 9
15 Dec 4224 Mar
814 814
$14 812 *84 9
*814 9
*814 9
814 814
613 Jan 11 1013 Feb 1
294 Walth Watch Cl B oom_No par
5 Feb 13 Mar
*16
17
17
17 *16
17 *16
17 *18
17
100 15/
16
1
4 Jan 5 2312 Feb 13
16
136 Preferred trust etfs
15 Dec 2912 Mar
1634 1875 1613 1634 1613 1612 1614 1612 1613 1612
1,075 Walworth Manufacturing- 2
50
0 16i4May21 2114 Feb 11
1114 Jan 18 Dec
*3414 3413 34
3455 3312 34
3334 34
3334 34
-554
29/
1
4 Jan 3 3834 Mar 12
-ii- 1,599 Warren Bros
2512 Jan 3412 Mar
*35/
1
4 361
/
4 *354 3813 *3514 3612 *3514 3613 *3514 364 3534
50 3434 Apr 25 41 Jan 25
15 Do 1st pref
3534
3012 Dec 3912 Mar
*39
4013 *39
4013 39
39 •
39
39
50 38 Mar 5 42 Jan 18
Do 2d pref
33 July 42 Mar
---_ ____ ____ __ ____ ___ ___. ____ ____ :-. -.: -_-_-_-. ____ 3_9_ Wickwire
Spencer Steel
5
2 May 9
533 Jan 14
3 Dec 12/
1
4 Feb
Mining
*.20 .50 •.20 .50 •.20 .50 •.20 .50
.20 .20 •.20 .50
25 .20 Apr 8 .20 Apr 8 .10 Nov
150 Adventure Consolidated
1 Feb
*.10 .20 •.10 .20 *.10 .20 +.10 .20 8.10 .20 •.10
.202
5.16 Jan 15 .20 Mar 20 .10 July .50 Max
Algomah Mining
1
1
*1
11
/
4 *1
11
/
4 *1
11
/
4 *1
114
1
1
210 Arcadian Consolidated-. 25
1 Apr 11
414 Mar
234 Jan 8 .70 July
8
8
8
8
8
81
/
4
8
812
814 8/
1
4 *814 8/
Commercial
1
4
445
Arizona
8 Jan 2
984 Jan 7
7 Dec 1413 Mar
15
15
14/
1
4 1412 *14
15 *1413 16 •144 16
+1412 18
10 1412May 19 1872 Jan 15
200 Blngbam Mines
Feb
Oct19
1412
1334 13/
1
4 In In In 14
13/
1
4 1412 1413 1412 1433 1413 2,248 Calumet & Heels
25 13/
1
4May 15 19/
1
4 Jan 7
17 Oct49 June
•115 11
/
4 *115 1/
1
4 •115 1% *113 135
114
100 Carson Hill Gold
1
1 Mar 31
981
Feb
3
Dec
1
1
/
1
4
Feb
2014 2013 2018 2012 20
20
194 20
1934 2014
14 2114
14 203
14
2
25 1934May 22 264 Feb 15
744 Copper Range Co
2215 Oct4614 Mar
10
3/
1
4 Jan 3
5 Feb
214 June
434 Jan 23
4 413
414
4
4
4
-;5i
8
-4
-1pee
r
rMinIng_
4
yc
C
oo
pp
u
i
a
tl
iia:st
v
lil
10
4
May
19
513
Jan
4/
1
4 Nov 1112 Mar
24
.70 .70
.60 •.40 .70
.50 .50 *.40 .70 *.50 .70
25 .44 Feb 17
300 Franklin
332453
Octca
nr 2348
8 .9
3
163
012 May
1 J,
114
1
*1
1
*1
114 .1
114 *1
1
114
100 Hancock Consolidated
25
Jan 22
4 M
1 OctMat
2 Jan 28
23/
1
4 2334 2355 234 2355 2355 2334 2334 2234 2.3
5316
4 .
2155
6 2155
410 Hardy Coal Co
2
244
212M
Ap
arr 22
6 100
2834
12 Jan 7
24/
1
4 Mar 33611.1une
•.40 .55 • 40 .
• 40 .55 +.40 .55 *.40
Helvetia
25 .30 May 10 .75 Jan 8 .10 Sept114 Feb
gp
99 100 100
9935 99/
1
4 99 100
100 100
100 10013
330 Island Creek Coal
1
204 No
Nov 11513 Apr
+91
93
.91
93 +91
93 •91
92
2 Do Wel
I
Nov 10012 Mar
1312 1313 1313 1312 *1212 14
1313 13/
1
4 *13
14
4
*1
1-113
25
50 Isle Royal Copper
Mar
Jan
*11
/
4 173 *155 1/
1
4 •153 11
/
4 •1/
/
4 11
1
4 173 •11
/
4
11
/
4 112
100 Herr Lake
5 913
855 Jan
1
11
12
35
Mj
faasYnr 18
14 Dec
5 922
0515 FeMjj 1)13
•.75 1
•.60 .90 -___
•.75 1
*.75 1
.75 .75
10,Keweenaw Copper
25 50 Jan 7
Sept214 Mar
.60
1
Feb
19
4 *112 112 *11
11
/
4 --1-1•114 112
/
4 112 *114 11
/
4
114 114
105 Lake Copper Co
25 .90 Apr 3
1 Oct5/
1
4 Mar
04 Jan 28
.80 .80 •.75 1
•.80 .95
•.75 1
4..75 1
'
0.75 125
100 La Salle Copper
.75 Apr 23
314 Mat
14 Feb 8 .50 Dec
•112 172 *114 11
/
4 •11
11
/
4 132 •114 11
/
4 11
/
4
/
4 •114' 11/4
25 Mason Valley Mine
5
2 Mar 7
235 Mar
14 Nov
113 Mar 11
•.60 .75 •.60 .75 *.60 .75 •.60 .75 *.60 .75
.50 .50
10 Mass Consolidated
25 .50 Jan 8
414 Mar
1 Jan 5 .50 Dec
135 135 *0114 113
1/
1
4 134
114 114
las
*a133 113
1,2
76
05
1 NI
Mayflower-Old Colony__ _ - 25 .80 Apr 9
113 Oct7 Feb
2 Jan 11
26
27
26/
1
4 27
27 27
27 27
2612 2612 2,512 25
138
13
ohawk
25
Oct71
Mar
2512may
27
15
23
Feb
35
/
1
4
1
4 1734 1814 18
1813 1812 1814 1814 1814 18/
18
18
18
500 New Cornelia Copper
1612 Jan 2 1975 Jan 7
1414 Oct2413 Mar
11
/
4 214
212 214
/
4 112
11
11
2
/
4 214
214
112 2
Dominion
2,10(1
New
Copper
4/
1
4 Apr
115May 19
24 Aug
234 Apr 7
*37
*37
*37
- *37
*37
- *37
10p 37 Apr S 40 Mar 11
New River Company
35 Apr 40 Apr
-di" •____ iii
-d5
.6-5
.
-ii
-iiDo pref
100 65 Feb 5 75 Mar 11
72 Nov 84 Mar
534 6
*534 615
5% 5% *5/
'S's 6 .
1
4 813
534 534
110 Niphfsing Mines
5
Feb
434July
584 Jan 10 61114Feb 1
2/
1
4 *21
/
4 213
,..2
2/
63; .
1
4 23g *2
273g 4.
•2
6164 .
27111
270 North Butte
15
12634 Mar
1% NovN
2 Jan 16
312 Jan 24
•.50 .75 *.50 .60
•.60 1
•.60 1
0.11bway Mining
2/
1
4 Mar
25 50 Feb 11 .90 Jan 8 .50 Nov
20 *1712 1814 •1712 1812 *1714 1813Old
•1814 20 *1814 20 *18
Dominion Co
25 15 Jan 30 1934 Apr 28
1312 Oct3212 Mar
*344 418 .334 414 *334 4/
*324 4
1
4 *334 414 •334 414
Park City Mining & Smelt- 5
ah jar, 3
413 Nov
214 Aug
gh Feb 1
•1113 12 *1113 12 *1112 12 *1112 12 *1113 12
*1112 12
Pd Crk Pocahontas Co-No par 11 Apr 21 1212 Jan 11
/
1
4 Dec 1614 Mar
12
15
1513 1514 16
16
*15
16
*15
*15
*1513 16
16
97 Quincy
25
15
Oct
May
50
18
Mar
15
21
Feb
2313
28 28
28
281
/
4 284 28
2715 28
28
28
274 2774
210 St Mary's Mineral Land
25 .
27 Oct 5312 Mar
2157.
2
.
0 35 Feb 20
•.3I .45 •.35 .45 .0.35 .45 •.35 .45 •.35 .45 •.35
45
Shannon
Dec
10
.30
11
/
4
Mar
.30
14
Apr
2
Feb
.70
•.15 .75 •.15 .75 *.15 .75 •.15 .75 •.15 .75 0.15 .70
South Lake
25
1 Aug
.10 June
*1
1
112 *1
1
11/4
11
/
4 *1
10 Superior
25 .90 Jan 15 -Ili Jan18
1 Dec
314 Max
•.80 .75 *.60 .75 •.60 .75 •.60 .75 *760 .171 *10 .1bP
15 Superior & Boston Copper.. 10 .40 Apr 23
Dec
334
.65
Feb
11
Jan
I
--__ -- _ ___. -- -- ---- ---- ---- ---- ---- --- ______ Trinity Copper Corp
1/
1
4 Feb
5 .30 Feb 18 .85 Jan 28 .20 Oct
......
Tuolumne Copper
10
.10
8
7
1
/
1
4
.30
Aug
.50Feb
34
Dec
21454y
Jan
24
14
2/
1
4 -131-1 -"i iff; --241 -14 -54 --2i4 --518 --2-4 --514-i",
ii543 Gtah-Apex Mining
6 Apr
a
Mar
233 Oct
Utah Consolidated
1 .01 Jan 3 .01 Jan 3 .01 Dec
3 Mar
-i.-2-5 --.1ii -;.-2-5 --.8-8 -47.-2-5 .58 --.3-o .56 .
-715 .58 .
7
.
2
75
Tao
_
1,66
Tunnel
Metal
&
Utah
Dec
.25
4
154 Feb
1
Jan
.25
May
14
.45
•.60 .70 •.60 .70 *.70 .70 '
1%60 .70 *AO .70
'
1 .60 .70 '
Victoria
25 .15 Apr 24 .75 Jan 3 .60 Aug
2/
1
4 Feb
•.I5 .30 •.16 .25 •.16 .80 +.16 .25 *.18 .25
.15 .15
15 Winona
,10
Dec
10
Mar
25
,13
Feb
11
/
6
4 Mar
.35
.25 •_.__
.25
.25
.25
.25
Wyandot
1 Mar
85 .20 Mar 4 20 Mar 4 .10 Dec
•Bid and Bakal prices; no sales on this day
Es-rights
ES- di• and digits. s Ex-div. Hz-stock dlr. a
Aseesanen; paid e Pelee on new baste
iiii,,
.. ______
-1-3-8-, ;iii., iv ,i5r,
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange May 17 to May 23, both inclusive:
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Bonds-
8651 8631
Amer Agile Chem 7501941
51% 5251
Atl Gulf& WI SS L5s 1959 52
81
81
Chic June Ry & USY 48'40
95
94
55
1940
62
62
E Mass St RR A 4355.1948
67
66
1948
Series B 5s
77% 77%
1948
Series D 6s
10055 101
1936 101
Hood Rubber 78
98
98
Houston L dr P,Ser B 6s'53 98
9251 93
K C din & Spr 1st 55.1925
96% 96%
1929
Mass Gas 4555
94% 95
1931
4555
9434 95
Miss River Power 5s..1951 95
9851 98%
New England Tel 55_ _1932
9455 94%
1944
Swift & Co 55
Warren Bros 755s_ _ _ _1937 11131 111% 11255
98
1932
9854
Western Tel 55
Range since Jan. 1.
Low.
8651
19,000 42
1,000 80
11,030 9251
5,000 59
18,400 60
2,500 76
39,000 9955
3,000 98
3,000 &5
1,000 94%
25,000 91
8,000 92
1,000 97
6,000 94%
6,000 106
3.000 9555
High.
May 100% Jan
Jan 5454 May
Jan 8255 Feb
Jan 9551 Feb
Mar
Feb 63
Jan 68 May
Apr 7734 May
Feb
May 102
May 98 May
Apr
Jan 93
Apr
Jan 97
Jan 95% May
Jan 95 May
Jan 99% may
May 97% Feb
Jan 124% Mar
Jan 98% May
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange May 17 to May 23, both inclusive, compiled from official lists:
Stocks-
[VOL. 118.
THE CHRONICLE
2560
..
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
100
Alabama Co
Amer Wholesale pref_ _100
Arundel Sand dt Gravel 100
Atlan Coast L(Conn)_ _100
100
Baltimore Brick
50
Baltimore Trust Co_
Baltimore Tube pref___ioo
Benesch (I) preferred ._25
Central Fire In nirance_ _10
Ches & Po Tel of Balt_ _100
25
Commercial Credit
Common
•
25
Preferred
25
Preferred B
Consol Gas, E L & Pr-100
100
631% preferred
7% preferred
100
100
8% preferred
Consolidation Coal_ _ -100
100
Continental Trust
Eastern Roll M 8% pf _100
25
Equitable Trust Co
50
Fidelity & Deposit
Finance Co of America- -25
Finance Service class A_ 10
10
Preferred
Houston Oil pf tr Ws_ _100
Manufacturers Finance_25
25
let preferred
25
2d preferred
Maryland Casualty Co_ _ 25
Maryland Motor Insur- -50
IVIerch & Min Tr Co__ _100
New Amsterd'm Gas Co100
50
Northern Central
Penns Water & Power _100
Union Trust rights
United Ry & Electric_ _ _50
US Fidelity & Guar_ _50
Wash Ball & Annan_ _ _ _50
BondsAlabama Cons C & I 55'33
Atlanta & Charlotte 5s 1944
Atlan CL(Conn) ctfs 55_
Certificates 4s B
Balt Spurr P & C 4355_1953
Consolidated Gas 55_ _1939
1954
General455s
Consol GEL &P4501935
1952
Series E 5555
1949
Series A 65
1931
Series C 75
Davison Sulp & Phos 13s'27
Elkhorn Coal Corp 68_1925
Fla Cent& Penln cons 55'43
Macon Dub & Say 58_1947
Md Electric Ry 1st 55_1931
Titusville Iron Wks 751929
United Ry & E 4s_ _ _ _1949
1949
Income 48
1936
Funding 55
1949
6s
1927
(35
Wash Balt & Annan 551941
4754
5755
11051
26
2451
25
11231
101
119
7131
4635
854
8631
76
104
3831
354
17
5
100
10334
10631
9834
7134
5191
7151
9651
96
70
4754
45
97
97
5555 5754
11734 11755
5
5
155 155
56
56
2631 2631
3054 3034
11031 111
75
75
26
25
2451
24
2431 25
1123111231
101 10134
10631 107
118 119
7154
71
183 183
99
99
4734 4734
7831 7831
4635 4634
1751 1731
851 831
8651 87
53
53
2434 2455
2254 2231
78
76
72
72
104 104
3831 38%
73
73
10834 10954
351 4
1631 17
145 145
5
5
92
92
100 100
9235 9234
76
76
8854 8831
9951 9994
8934 8934
9455 9434
9951 100
10331 103%
10631 10651
9734 9734
98
9834
95
95
68
68
9354 93%
100 100
71
7155
5034 5151
7054 7134
96% 97
96
96
70
70
Range since Jan. 1.
Low.
1,000
2,000
300
500
1,000
1,000
5,000
4,000
3,000
7.000
23.000
3,000
3,00
3,(p00
1,000
1,000
5,000
17.000
39.000
2.600
13.000
14,500
16,000
High.
May
May
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Jan
May
May
Feb
Mar
Apr
Mar
Jan
Apr
Feb
Jan
Feb
May
Jan
Apr
Mar
May
Feb
Mar
Jan
Jan
Jan
Jan
Apr
Apr
Jan
May
May
Apr
May
Jan
Jan
May
May
Feb
Jan
Feb
Apr
May
Feb
Feb
Feb
Jan
Mar
Jan
May
Apr
May
Jan
May
Mar
Apr
Jan
Apr
Feb
Mar
0334 Feb
Jan
53
Feb
25
Mar
23
Jan
83
78 May
Apr
10631
Jan
40
Feb
74
Feb
111
4 May
Jan
18
15534 Jan
Apr
7
92 May
100 May
9031 Mar
76 May
Mar
86
Mar
98
8831 Jan
Jan
91
074 Jan
101V Jan
Jan
106
9734 Jan
35% Jan
Apr
94
Jan
55
Jan
93
100 May
6834 Mar
Apr
49
6234 Jan
9531 Apr
9531 May
Mar
68
92 May
100 May
9234 May
76 May
89 May
9934 May
9031 Mar
9431 May
100 May
103% Feb
10831 Feb
Apr
98
9835 May
95 May
68 May
9555 Mar
100 May
7231 Jan
5231 Jan
Jan
75
9951 Jau
Jan
97
7134 Jan
70 45
205 97
213 46
9 115
4%
138
37 155
30 53
42 26
10 26
47 10934
8 7331
584 25
302 24
584 2431
202:108
220 101
10:10431
162 11555
28 6955
10 182
22 88
16 46
35 7831
4 4555
10 1731
854
50
200 8631
20 50
60 2351
6 22
52 76
10 65
35 104
73 38%
5 72
218 9831
203
251
937 1531
10 145
5
205
75
100
58
123
5
160
7355
2731
3394
112
82
3134
2531
2634
114
10154
110
120
8135
183
106
48
82
47
1831
9
ange.-Record of transactions at
L
St. Louis Stock Exchange May 17 to May 23, both inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Range since Jan. 1.
Sale
of Prices.
Week. ------High.
Par. Price. Low. High. Shares.
Low.
Boatmen's Bank
200
First National Bank
Nat Bank of Commerce...
398
Mercantile Trust
Best Clymer Company.-.. 40
Brown Shoe common
Preferred
Certain-Teed Prod 1st pref
Chicago Ry Equip CoraEly& Walker Dry Gds1841:01
-----Fulton Iron Works pref
Hydraulic Press Brick coin_
Preferred
International Shoe common 75
Preferred
Laclede Steel Co
99
Missouri Portland Cement_ -----National Candy commonRiee-Stix Dry Goods 1st Pf
Southwestern Bell Tel pref. 104%
Wagner Electric common.. -----53
EastShoeJohnsonStephen
BondsSt Louis & Sub Co 58.
6855
UnitedRailways 45
Ctts deposit stamped102
--6sKinloch Telephone
Missouri-Edison Electric 58
St Louis Transfer 85
1929
4s
148
201
147
398
21
5054
9255
80
46
103
100
6
6951
7954
118
125
110%
92
107%
105%
34
5734
Feb
Feb
Feb
May
May
Feb
Apr
Feb
May
Feb
Jan
Feb
Mar
Jan
Feb
Feb
Mar
Jan
Jan
Apr
Jan
Mar
78
$3,000 77% Feb 81%
6855 9,000 61
Mar 68%
64
Jan 64
5.000 61
3,000 10151 Feb 102
102
Feb 9951
99% 1.000 98
98
1,000 9751 Feb 98
98
1.000 98 May 98
Mar
May
May
May
May
May
Mar
145 145
200 200
140 140
396 398
1855 21
40
4155
8934 90
7355 7355
46
46
101 101
95
95
3% 4
65% 67
74
75
115% 116
100 100
99 100
81
80
107 107
104% 104%
21
20
53
53
78
6851
64
102
99%
98
98
17
11
9
12
285
475
51
20
6
1
5
52
94
466
52
77
60
20
10
144
199
139
396
1855
40
89%
7355
35
101
95
315
6155
73
11554
100
94
80
106
so 103
155 20
25 35
Mar
May
Apr
May
May
May
May
May
Jan
May
May
May
Jan
May
May
May
Apr
May
Apr
Mar
May
Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange May 17 to May 23, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Range since Jan. 1.
Low.
High.
Apr
Apr 90
Abbots Al Dairies 7% Pre- 90
00
15 9()
90
36
American Elec Pow Co_ _50 40
4555 27,424 223-4 Ain 4534 May
100 84
Preferred
338 7751 Mar 8451 Apr
8191 84
American Gas of N J._ _100 95
8955 95
430 7755 Apr 95 May
Feb
10
Feb 10
American Milling
10
8
50
10
Mar
American Stores
• 28
2754 2854 3,821 2655 Apr 32
Baldwin Locomotive_ 100
106 106
5 106 May 13051 Feb
Jan
100 8934 87
Brill(JO)Co
375 8531 Jan 123
90
Mar
50 3955 39
Cambria Iron
15 3855 Apr 41
3955
100 3555 35
Eisenlohr (Otto)
110 33 May 6131 Jan
3534
52% 5434
Electric Storage Batt'y_1(10
400 5054 May 6331 Feb
• 2551 2554 2554
Erie Lighting Co
50 2335 Jan 2551 May
Feb 3355 May
Giant PortI'd Cement pf _50
5 23
3355 3355
Feb
Insurance Co of N A_ -- -10 5131 5131 52
260 4831 Jan 56
Kentucky Security pref 100
74
74
10 74 May 75 May
Jan
_100
_
Corp__
Superior
254
434
May
Lake
2%
234 3
250
Lehigh Navigation
50 7254 7034 7251 2,297 6431 Jan 7231 may
Jan
Lehigh Valley
40
50
41
66 3951 Apr 72
Warrants
2854 29% 1,765 2531 Apr 3254 Feb
10 23
Lit Brothers
22% 2334 1,621 2251 Apr 2355 Apr
Jan
Jan 60
Penn Cent Light & Pow...•
5955 5955
136 57
Feb
Apr 89
Pennsylvania Salt Mfg_ _50
82
34 82
83
ao
Pennsylvania RR
4351 2,163 4231 Jan 4651 Jan
4394
251 Apr
255
251 Apr
Penn Traffic
47
234 291
Apr 4654 Feb
43
Philadelphia Co(Pitts)_ _50
5 43
43
Mar
44
Jan
42
Preferred (cumul6%)_50
31
4291 4274
25 2934 29
Phlia Electric of Pa
14.774 29 May 3334 Jan
30
454 May
Mar
49if
3
Warrants
334 4% 25,832
Jan
25 3155 3031 3155
Preferred
350 29% Mar 33
Jan 4554 Feb
• 42
Phi's Insulated Wire
42
10 41
42
May
4851
May
Phila & Read Coal& Iron •
4751 4851
4434
400
Jan
Jan 39
Filth Rapid Transit---50 35
35
3534 3,007 35
Jan
Philadelphia Traction_ --50 58% 5835 59
230 5855 May 64
50
1231
12
May
Jan
9
PhDs & Western
12
1291 1,065
50
Reading Company
20 5151 May 79
5131 5131
Jan
Mar 4551 May
Warrants
4155 4351
657 32
so
2d preferred
334 3331
40 3334 May 3431 Jan
is
Ti. Apr
"Is Feb
Tono-Belmont Devel_ _ _ _1
100
Pis
50 3935 3851 3954
Union Traction
770 3836 Apr 43 PJan
50 67% 6431 70
United Gas Impt
10,674 5834 Jan 70 May
50 57
Preferred
56
57
275 5534 Jan 5754 Feb
100
Feb 62 May
Welsbach Co
61
61
50 59
Mar
West Jersey & Sea Shore-50 35
35
810 35 May 42
36
34
BondsAmer Gas Sr Elec 5s..2007 8555 85
88
Bell Tel 1st55
1948
9851 99
Consul Trac NJ 55_ - _1932
7094 71
Elec & Peoples tr ate 45'45 6231 6236 6455
Inter-State Rys coll 4s 1943
4555 4534
Keystone Tel lst 55._ _1935
78
78
Lake Superior Corp 55 1924
15
15
Lehigh C&Nav cons4555'54
93
93
Lehigh Valley annuity 6s_ _
118 118
Lehigh Val Coal reg 551933
98
98
1933 9951 9951 9951
55
Peoples Pass tr etfs 45_1943
71
71
Phiia Co cons & stpd 58 -51
9255 9254
Phila Elec 1st 5 f 4s_ _ _1966
8135 8151
1st 55
1966 10031 9951 10034
1947 102
101% 102
5948
1953
10151 102
5545
Os
1941
10534 106
1973 957-4 95
Reading Coal 5s
9534
8,700
4,000
4,000
14,000
2,000
11,000
1.000
1,000
1,000
2,000
8,000
8.000
13,000
2,000
45,700
8,000
18,000
3,000
2,000
Mar
84
9751 Jan
6151 Jan
6234 May
Feb
44
Jan
75
133-4 Mar
9154 Feb
Apr
117
9654 Feb
9731 Feb
6934 Jan
8855 Jan
8034 Jan
Feb
97
9931 Jan
983-4 Jan
10355 Jan
0331 Apr
8934
99
71
66
4555
82
1994
93
118
98
9934
71
9234
83
101
102
102
106
9534
Apr
May
MAY
Mar
may
Feb
Feb
May
May
May
may
may
Mar
Feb
Mar
Mar
Mar
May
May
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange May 17 to May 23, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price, Low. High. Shares.
Amer Pub Serv, pref...100
American Shipbuilding_100
Armour & Co (Del), p1.100
Armour dc Co, pref._ _ _100
15
Armour Leather
100
Preferred
Balaban & Katz v t c...25
100
Preferred
Bassick-Alemite CorP---•
Beaver Board v t c "B" •
Preferred certificates.100
Borg & Beck
•
Central Ill Pub Serv, prof-•
Chic Motor Coach, corn. _5
100
Preferred
Chic Nipple Mfg "A"_ 50
Commonwealth Edison 100
Consumers Co, pref._ _ _100
•
Continental Motors
25
Crane Co,common
100
Preferred
Cudahy Packing,corn _ _100
Daniel Boone Wool MIlls 25
Decker (Alf) & Cohn, Inc,
preferred
100
100
Deere dc Co, pref
Diamond Match
100
Fair Corp (The), pref__100
Gossard (H W), pref _ __*
Great LakesD dr D. _100
Hammermill Paper,pref100
Hibbard, Spencer, Bartlett dr Co
25
Hupp Motor
10
Illinois Brick
100
Intemat'l Lamp Corp.. 25
Kellogg Switchboard__ _.25
Kentucky Hydro-Elec_100
Libby,McNeill& Libby_ 10
Lindsay Light
10
McCord Red Mfg "A"...5
Mid West Utilities, com _ _•
Preferred
100
Prior lien preferred_ _100
National Leather
10
People's Gas Lt ar Coke 100
Philipsborn's,Inc,tr CU. 1
Pick (Albert) at Co
10
Pines Winter-front "A".._5
Pub Ser of Nor III, coin_ _•
Pub Ser of Nor Ill com_100
Preferred
100
Quaker Oats Co
100
Preferred
100
Real Silk Hosiery Mills-10
Roe Motor
10
Stand Gas & Elec Co_
•
50
Preferred
• No par value.
8551
59
74
2%
43
8755
29%
151
100
22
85
85
35
127
60
23
86
85
60
59
35
84
7351 7434
354
2
4955 64%
42
43
8735 8755
27% 2951
131 194
1334 1355
22
21
85
85
11735 120
8334 85
3455 35
12655 127%
60
60
655
6
35
35
10955 10954
5654
56
21% 23%
90
90
61
62
117% 117%
102 102
2451 24% 24%
84
102 102
6751
12
37%
8734
434
34
50%
85%
95%
255
18%
20
100%
100%
92
31
16%
67% 673(
11% 1251
78
78
1% 2
3734 37%
87% 8736
431
3
2
32% 34
55
50
8554 8551
9531 9651
2% 254
9351 9351
1
1851 18%
21
20
100 101
100 41101
01 31 92
255 255
100 100
31
29
16% 1631
3154 3254
4754 48
148
35
290
720
632
4,025
105
70
1,130
55
55
155
212
110
65
210
591
42
1,280
33
31
60
7,64
Range since Jan. I.
Low.
85
58
83
69
2
49%
38
85%
27%
151
1354
20%
85
11734
83%
34
126%
60
6
30
107%
55
2131
50 86
110 61
75 117
70 10051
125 23
7934
23
10 10054
6555
11
78
1
37
8734
451
54
2
18
30
18
43
75
5331
16
94
26
234
35
9394
5
1
52
1755
23
1934
9
995,4
36
ao 100
9114
10
26 250
903-4
19
29
88
15%
56
1,360 3055
260 47
90
1,457
10
150
2
20
May
Feb
May
Apr
May
May
Apr
Apr
May
Feb
May
May
Jan
May
May
May
May
Apr
Apr
Mar
Mar
Apr
Apr
High.
90
63
93%
84
7%
78%
51%
100
3851
I%
16
31
89
195
95
4855
136
65
851
40
112%
60
38
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
May
Jan
Jan
Jan
May 9051 Feb
Jan
May 75
Apr 120% Jan
Apr 103% Jan
Jan
May 30
Apr 89% Jan
June 10231 Mar
Jan 70
Apr 1755
May 86
Mar
Apr 47
Feb 8755
635
May
4
May
Apr 3754
Jan 5755
Mar 89
Jan 9954
Jan
451
May 97
May
254
21%
AP
22%
AD
Jan 103
Jan 103
9955
AP
AD 295
may 101%
May 339'
Ma
19%
Jan 34g
Jan 48%
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Apr
Apr
Jan
Feb
Jan
Feb
Jan
Mar
Jan
MAY 24 1924.]
TH 1
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price Low. High. Shares.
'
Range since Jan. 1.
Low.
High.
Stew-War Speed, com--• 6034 5334 61
57,750 5334 May 101
100 10134 10034 10134 2,000 10034 May 10534
Swift & Co
15 1934 1934 20
Swift International
Jan 23%
2,510 19
Thompson (J R)com_25 44
44
4434
35 4234 Apr 5034
Union Carbide de Carbon 10 59
5534 59
15,095 55
Apr 6334
234
United iron Works v t c _ 50
234 234
200
434
234 Apr
United Light de PowerCommon "A" w i a._.' 30
29
3034
730 2834 May 3235
Common "B" w i a-- -* 31
31
3234
70 31
May 3434
Preferred "A" WI a......-* 7934 79
80
85 7534 Apr 80
Preferred "B" w I a__.-• 44
44
4414
70 4334 Apr 46
20 79
U S Gypsum
79
468 78
Apr 99
7934
100
Preferred
30 10234 Jan 107
10634 10634
Vesta Battery Corp, corn-• 20
16
20
225 16 May 28
• 36
Wahl Co
3534 36
245 3434 May 42
Wanner Malleable Cast._
20%
2034 22
75 2034 May 2534
Ward, Montgomery,Se Co
10 23
Common
2134 2334 1,115 2134 May 3034
•
Class "A"
410 10534 May 112
10534 10534
Western Knit Mills, Inc_ *
1
14
500
M Jan
%
•
Wolff Mfg Corn
434 414
400
834
434 Apr
Wrigley,Jr.,common__ _ ..* 3634 3534 3634 3,290 3534 Apr 40
Yellow Cab Mfg,CI"B"10 4734 45
4834 23,500 443-4 May 96
Yellow Cab Co,Inc(Chic)* 4234 4034 43
3,770 39 May 6434
BondsChic City & Con Rys 58'27
1927
Chicago RY8 58
Purchase money 55
Met W Side El 1st 48_1938
South Side Elev 4345_1924
Swift & Co lat 8 f g 513_1944
Yellow Cab Mfg CoAccept 6348w I a1934
7434
9814
9934
4934
75
4234
67
9834
9434
5034 $21,000
75
2,000
4234 15,000
67
2,000
9834 14,000
9434 4,000
9934 9934 23,000
4934
7434
4234
61
9434
9434
May
Jan
May
Mar
Jan
May
9934 Feb
5534
7934
4234
6734
9834
9734
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Apr
Mar
Mar
Jan
Apr
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
May
May
Feb
9934 Jan
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange May 17 to May 23, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High, Shares.
Am Wind Glass /slach_ _100
Preferred
100
Arkansas Nat Gas corn_ _10
5
Bank of Pittsburgh
50
Carnegie Lead & Zinc_ _5
Duquesne Light 7% pref..
laden Brewing, prat_ _ _ _50
8
Jones-Lau Steel, prof. _100
Lone Star Gas
25
Mfrs Light & Heat
50 52
Nat Fireproofing corn_ _50
Preferred
50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Natural Gas_ _25
Pittsburgh Brew, corn. 50
2%
Pittsburgh Plate Glass_100 230
Salt Creek Consol Oil_..10
8%
Standard Plate Glass_ _ _
3334
Prior preferred
Standard San Mfg, com_10
Tidal Osage 011
10
Union Natural Gas
25
West'house Air Brake_ _ _50 88
88
88
93
93
5
5%
134 134
234 234
104 104
8
834
112 112
2734 28
51% 52
8
8%
2134 24
12% 1234
32% 33
2234 23
234 2%
230 232
834 9
3134 3334
9934 99%
94
93
11% 11%
28
2834
83
89
100
40
940
5
100
25
30
100
420
115
500
350
10
1,064
445
25
164
670
1,170
25
120
25
112
215
Range since Jan. 1.
Low.
88
93
5
13234
134
102
634
104
2634
51
734
2034
12
31
2234
1%
209
734
25
9934
93
10
2434
84
May
May
Apr
Jan
May
Mar
Apr
Mar
Jan
Apr
Jan
Jan
May
Feb
May
Jan
Jan
AM
Jan
Am
May
Jan
Feb
Feb
High.
9634
9634
7
134
6
10634
9
112
2834
5434
93.4
2434
1634
3334
2534
8
265
1034
39
10034
110
16
2934
9634
Feb
Mar
Jan
May
Apr
Feb
Mar
May
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Mar
Jan
Mar
May
Jan
Jan
Jan
Jan
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from May 17 to
May 23, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par. Price Low. High. Shares.
1Veek ending May 23,
Stocks-
Indus. & Miscellaneous.
Acme Coal Mining
10
Adirondack Pr & I.corn 100
Allied Packers corn
•
Amer Cotton Fab, pref_100
Amer Cyanamid,com_100
Amer Gas & Elec. cora__.•
Amer-Hawaiian S S
10
Amer Lt & Trac, com_100
Preferred
100
Am Type Founders cm_100
Preferred
100
Archer-Daniels-Mid Co..•
Armour Se Co (III) prof._100
Atlantic Fruit & Star w I_ _*
Blynn Shoes, Inc, corn_ _10
Borden Co, common__ _100
Bridgeport Machine emu_•
Brit-A tner Tob ord bear_ El
Ordinary registered_ 41
10
Brooklyn City RR
Candy Products Corp_ _ _2
100
Celluloid Co, prof
Centrifugal Cast iron Pipe•
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
Stock scrip
Cash scrip
•
Bankers' shares
Colorado Power, com _ _100
Cotn'wealth Pow Corp_ ...•
4Continental Tobacco.--•
Curtiss Aeropl & MotorCommon ctfs new
Davies (Wm) Co, el A_ _•
Deustour Beverage Corp _ _*
Del Lack & West Coal_ _50
Doehier Die Casting w I._•
Dubilier Condenser & Rad*
Dunhill International_ _._•
1)u Pont Motors, Inc_ _ _•
Durant Motors. Inc
•
Elea Bond & Share, pref 100
Electric Ry Securities_
*
Fairbanks Morse & Cowl'
• No par value.
Range since Jan. 1.
Low.
134
12234
73
1034
12234
134
10634
2334
138
634
78
12
93
1834
3336
23
234
1434
99
134 134
200
27
330 2234
2734
300
134
134 234
97
97
400 95
102 103
20 93
66
67
200 4334
1134 1134
8
400
122 12434
245 11834
92
92
10 91
9634 98
40 9634
9934 100
20 9934
19
19
100 19
73
74
20 72
196 134
300
134
1034 1034
100
934
12234 12234
5 11734
7
7
100 . 7
2234 23
1,100 2034
500 2134
2234 2234
11
1134 1,100 1034
1
Pt, 14,700
1
10634 10634
10 10634
27
27
100 2534
2234 2334 1,200 17
3334 3634
700 3334
1434 1534
600 1434
34
34
100 32
130
13594
940 13534
7334 7334 1,000 6734
/4 1,000
634 85
634
84
86 $14,000 77
70
$7,000 70
70
1334 1334 1,100 1334
34
34
25 2234
78
50 56
78
2034 22
900 2034
6
12
134
91
1834
3034
23
234
1334
99
1434
25
300
6
12
100
134
100
94
150
800
1934
11,400
34
300
2334
5,100
3
1434 4,300
60
9934
10
1434
2634 1.100
5
12
38c
88
18
1031
23
1
12
97
11
25
Jan
Feb
May
Jan
Apr
Jan
Apr
Jan
Mar
May
May
May
Apr
May
Feb
Mar
May
Jan
Feb
Jan
May
May
Apr
Apr
May
May
May
May
Jan
Jan
Jan
May
May
Feb
Feb
May
2561
CHRONICLE
High.
3
2734
534
98
105
6834
14
13534
9334
102
100
2634
63
234
1334
12834
1234
2334
2334
14
234
109
3134
40
4014
2234
37
155
74
674
98
74
16
3434
82
2694
Jan
Apr
Jan
Mar
may
Apr
Jan
Mar
Apr
Jan
May
Feb
Max
Feb
Feb
May
Mar
May
May
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
May
mar
Feb
Jan
Jan
May
May
Jan
Apr
6
May 16
Jan
194
Apr 94
May 2214
Jan 3594
May 2834
Mar
394
May 3694
Jan 100
Mar 16
May 38
may
Mar
May
May
Mar
May
Jan
Jan
Jaa
Mar
may
Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Ford Motor of Canada_100
Gen Motors corn new w 1_
Gillette Safety Razor_ _ _•
Glen Alden Coal
•
Goodyear Tire & R,com100
Grand 5-10-25c. Stores...•
Hazeltine Corp
•
Heyden Chemical
•
Hudson Cos.Prof
100
Hudson & Manh.com_ _100
Imperial Tob of Gt B & I Ll
Intercontinental Rubb_100
James, Inc
Kresge Dept Stores, corn.'
100
Preferred
Kuppenh'r(B)& Co p1.100
Landover Hold Corp Cl A_1
Lehigh Power Securities.-'
Lehigh Val Coal Sales_ _ _50
Leh Fall Coal ctfa, new. WI
Mercurbank(Vienna)Am sh
•
Mesabi Iron Co
Midvale Co
•
National Tea corn
New (after 150% stk dis)
New Mex & Ariz Land_l
N Y Telep 634% pref _100
Radio Corp of Amer.corn.'
5
Preferred
10
Rao Motor Car
5
Repent, Inc
Richmond Radiator com100
Rosenb'm Grain Corp pf 50
Silica Gel Corp com v o.•
So Calif Edison 6% p1.100
Southern Coal & Iron--5
100
Swift & Co
•
Tenn Elec Power com
•
Second preferred
Thompson(RE)Radlovtc•
'rob Prod Exports Corp...*
Todd Shipyards Corp_ _ _ _•
Union Carbide & Carbon.*
Unit Bakeries Corp, corn.*
100
Preferred
_1
United Profit Sharing
Unit Retail Stores Candy.*
United Shoe Mach. com_25
US Cities Corp cl A _ _ _ _10
US Light & Heat.com__10
Ward Corp corn cl B
100
7% preferred
Western Pr Corp com _ _100
White Rock Min Spg st t c •
•
New common
•
Yel Taxi Corp,N Y.
435
26131
98%
1654
2934
1534
12
4934
59
78
30%
234
400
163
634
10934
334
434
7c
101)4
1214
434
43%
59
36
75c
16%
Range since Jan. 1.
Low.
Jan
30
435 439)4
52 May
52
200 423
52
200 257 May
257 263
96% 99% 5,500 7634 Jan
8% Jan
103.1 1,200
Feb
400 85
54% 55
1
My
ab
16% 1,600 13Fe
16
1
2,500
1
26% 29% 2,800 17% Feb
9)1 Mar
14% 15% 2,200
100
15% 15%
pn
r
2% j
Aa
500 15
236 2%
11% 12%
800 11% May
Jan
48
49% 1,600 41
Feb
500
99%
96
88
7
2x SlayMay
1SIa
100 9
92
92
200
734 734
62
59
1,000
33
2 Slay
a
275 7
79
78
26,800 28% Apr
29% 31
10
100
10
8 M ay
2
2% 2,600 12
Jan
22
100 18
22
r
jaanapy
52
1
3 % lA
12
460 3
372 400
350
151 164
5% 6% 5,900
Mar3%
450 109
10931 109%
Apr
3% 3% 14,50
Jan
4
4111 434 4,300
Mar
16
1634 16%
50
1,200
50c 550
5
(
1214
% May
Mar
13
14
20
• 100 47% May
47% 47%
20% Feb
23
2336 1,00
90 May
10
9) 90
4o May
40
7c 40,000
10034 10134
120 100% May
3334 3334
100
65
19
74 Jan
66
225 4
1134 12% 3,700 1134 May
3% Feb
431 4%
200
4214 44
650 42% may
Apr
57% 59%
500 56
54
Feb
900 43
5634
Jan
300
8851 89
6
6
6
Ai)
200 85
5
5% 1,400
4
Mar
36
36
300 3434 Apr
20
20
100 1834 Jan
500 75c
144 M
AY
15% 17)4 2,100 58
8034 8034
100 7931 Jan
26
Mar
2634
140 26
831 9
851 May
300
10
10
100 10 May
18
Apr
2034 1,700 17
High.
Apr
482
52 May
28231 Apr
99% May
11% Jan
5634 May
18% May
2% Jan
29% May
15% May
15% Apr
5
Feb
123-4 May
53% Mar
gm May
92
May
Feb
13
6234 May
8934 Feb
35)1 Jan
Jan
14
834 Jan
25% Mar
400 Mal
164% May
Apt
10
Jan
112
4% Jan
4% Jan
18% Jan
I% Jan
1734 May
Jan
50
35
Jan
90% May
Jan
17e
Feb
105
Apr
34
66% May
1231 May
3% Feb
Jan
55
6334 Feb
6334 MS9
8934 May
7% Feb
% Jan
30% Feb
2434 Feb
% Jos
2234 Jan
Feb
85
30% Apr
1034 Jan
10 May
39% Jan
Rights1%
2,200
13( May
15% 16
225 229
63
64
48% 5034
13434 13434
9634 97
58% 59
102 102
37% 3614 3834
13434 142
103% 100 103%
600
40
250
1,400
40
20
35
20
2,800
200
995
170
225
500
30
60
2,000
1,300
4,520
1,100
130
290
100
68,000
800
13,900
840
10,800
230
20
100
11,500
10
15% Jan
Jan
155
Apr
60
47% May
11094 Jan
Feb
95
Mar
57
102 May
8514 Jan
130
Mr
99
Apr
Fe
88
124
May
Apr
21
Apr
73
85 May
60 May
Apr
32
207 May
Feb
100
183
Jan
130
Apr
9034 Feb
55% May
39% May
May
101
Jan
199
37,4 May
277 may
Jan
119
36
Jan
88% Jan
25
Jan
154
Borden Co
2
May
18
265
85)1
52%
144
105
69%
104
43%
16
119
100
162
27%
97
10734
79%
43
269
III
230
171
100
68%
Feb
Mar
Jan
Mar
Feb
Jan
Jan
Max
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
120
256%
48
335
120
81
6934
29
Jan
Jan
Jan
Jan
May
Jan
Feb
Feb .
Former Standard 011
Subsidiaries
Anglo-American Oil..-41
Borne Scrymser Co_ _ _ _100
50
Buckeye Pipe Line
Chesebrougb Mfg,new..25
Cumberland Pipe Line_100
100
Eureka Pipe Line
Galena-Signal 011, com-100
100
Preferred, new
Humble 011 & RettnIng._25
100
Illinois Pipe Una
Imperial 011(Can) coup_25
50
Indiana Pipe Line
Magnolia Petroleum...100
National Transit _ _12.50
100
New York Transit
Northern Pipe Line_ ...100
25
Ohio Oil
25
Penn Mex Fuel
100
Prairie Oil& Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
Southern Pipe Line-.-100
Standard 011(Indiana)-25
Standard 011 (Kansas).2b
25
Standard 011(KY)
Standard 011(Neb)--100
Standard 011 of N Y__ _25
Stand 011 (Ohio) com--100
100
Preferred
100
Swan & Finch
25
Vacuum 011
Washington 011
10
15%
64
50
6131
20
103
192
143
95
5711
40%
10734
239
38%
293
6134
129 13034
22
22%
74
76
88
89
60
6234
33
40
212 22635
102 104
190 194
135 145
95
96%
56
5854
40
41
104 11254
229 249
38
39%
285 299
119 120
46
47
6094 6234
28
28
aom Jan
Other 011 Stocks
1
Allen 011
Arkansas Nat Gas corn..10
Atlantic Lobos °llama....
British Controlled 011 F_
Carib Syndicate
Consolidated Royalties .1
Creole Syndicate
534
*
Derby Oil& Refg corn_
4
Engineers Petroleum Co..1
60
Ertie Oil
5
Federal Oil
5
Gilliland Oil v t c
25 59%
Gulf Oil Corp of Pa
Gulf States 011 & Ref _ _5
Hudson 011
4e
International Petroleum..' 1834
Kirby Petroleum-Sec Note below
Lego Petroleum Corp_ _ _ _•
4
Latin-Amer 011
1
Livingston Petroleum_ _ _•
Maraay Oil Corp
•
1
Marland 011 of Max
Mexican Panuco OIL _ _ _10
Mexico 011 Corporation.10 10c
Mountain & Gulf 011
1
134
Mountain Producers----10 1934
Mutual Oil vot trust etfa.5 1054
Bradford
Oil
New
5
5%
Noble(ChasF)0& G.com.1
Northwest 011
1
Ohio Ranger
1
Omar 011 & Gas
10
Peer 011 Corporation
•
Pennsylvania Beaver 011-1 40c
Pennok 011
10
Red Bank 011
25 2234
Royal Can 011 Syndicate.'
534
Ryan Consol Petrol
•
Salt Creek Cons 011
10
8%
Salt Creek Prodneers
10 2534
26c
5%
3%
2%
3%
1
4%
4
5c
10c
120
2%
58
70c
3c
1734
1,000
260
100
5%
700
3%
160
234
4
500
1% • 900
534 19,200
200
4
7c 20,000
190 13,000
3,00
15c
10
2%
4,00
60
60
754
9,00
4c
1834 16,10
3%
4c
134
90c
234
81c
100
134
18
934
534
8c
30
30
65c
1%
35c
14%
2034
334
434
834
2434
434
6c
134
950
2%
1
120
134
1934
1034
534
80
41
3c
67c
14
7
41c
1434
2334
6%
434
9
2534
19,600
17,000
200
100
200
400
6,000
2,400
17,900
22,500
2,200
2,000
2,000
3,000
1,300
1,000
19,000
3,600
3,000
28,800
200
3,600
7,000
15
0
Jjan
5c34 Janan
M
:
A yr
374
Mar
3%
23.4
334 May
jJsa
2
4
134 Maynn
2% May
6% Jan
Feb
5
131 Apr
Jan
8
130 Apr
Mar
34
Sc May
12o May1h.
Jan
56% May
55e Apr
3c Jan
17)1 May
55
2% Jan
70 Jan
22
5gFeb
2% Jan
40 Slay
May
Fa
eb
y
lli m
Jan
8189
1M
Fe
ay
b
Jan
jay
nr
60780725cocc% Sliays11
Jan
1%
434
1%
0
Apr
Jan
Apr
Jan
F
3
Jaae
9
*"4
4 Maynnb
16
3
194
CI 4
13,4
634
16c
60
9c
MM
-T
Jan
Jan
Feb
A
Jsa
Apr
Jan
Jan
Feb
Jan
Apr
May
Mar
Jan
May
4
7%
e Feb
4
53
2
50
0
1254
131284H34
5%
21
3
8
1954
May
b
F
Ja
en
May
Jan
ap;
Jan
Apr
Jan
Feb
Feb
80c
6
62e
15%
25%
6%
5%
10%
26%
--
100 10e
1,000
lc
lc
1,000
40
4c
1,000
5,400
680 72c
15c 25c
16,000
2EnE 234 6,300
1
1
1,300
2
25E. 1,800
36c 380 70,000
WE
2,300
334
60
90 59,000
be
3c
2,000
16
1614 4,300
50
5c
7,000
1%
131
300
3c
4c 23,000
15c 15c
3,000
3c
4c
5,000
30
3c
1,000
lc
lc
9,000
5e
7c 26,000
8% 851
300
2c
20
2,000
1234 1234
300
2% 256
200
8c
90 15,000
1
1% 1,100
20e 39e 106,000
13.4
lh 37,500
Sc
5c
1,000
le
20 11,800
180 18c
3.000
70
70 42,000
100 10c
1.000
250 27c
8.000
80
8c 14,000
26c 26c
1,000
lc
lc
1,000
29-4 254 5,700
140 140
35
800
5510 6c
76c 96e 81,800
510 51e
700
2
2
400
25c 30c
6,000
1.51.1
M. 8,500
131
7.300
13-4
lc
lc 35,000
60c 900
2,200
33-4 356 5,700
5c 30,000
4c
20
2c
6,000
151i 134
1,700
1,100
55c 580
170 20c
6.000
2rEi 29-4 4,900
2c
2c
1,000
1% 134 2,600
2c
2c
2,000
60
Sc 14,000
59c 610
2,000
23
2354
500
10c 10c
4,000
1
1% 4,700
234 254
300
1111 16, 7,000
48c 50c
4,600
30
4c 10,000
17c 25c
0,000
22c 22c
4,000
4c
4c
1,000
55c 55c
200
10e May
lc May
4c Apr
Jan
37c
7c Feb
134 May
87c
Jan
1% Jan
33c Apr
356 May
40 Jan
2e Mar
Mar
6
50 Apr
1% Apr
3c Mar
11c Mar
30 May
3c May
Ic Feb
Jan
20
8% Jan
lc Feb
11% Mar
23( May
8e Apr
92c May
158 Mar
1
Apr
50 Apr
1.0 May
Jan
15c
7c May
Jan
Sc
10c May
7e Apr
Jan
Sc
lc Feb
1% Jan
1343.4 May
5% Jan
65o Mar
Jan
300
1% Apr
210 Jan
Apr
1
Apr
1
be Feb
50c Feb
25.4 Jan
Jan
20
lc Mar
May
400 Apr
17c May
1% Jan
2c May
151 Jan
2e May
30 Feb
57e
Apr
May
23
10c Mab
Jan
1
2
Apr
1
Apr
450 May
Jan
30
17c May
Jan
120
Jan
3c
550 May
40c Feb
Jan
9c
Jan
12c
72c May
25c May
2% Mar
154 Mar
351i Feb
700 Mar
4% Jan
15e May
Sc Feb
1654 May
Jan
15c
1% Jan
Jan
80
Jan
42c
Jan
12c
Apr
Sc
Jan
50
Sc May
9% Mar
7e Mar
12% Apr
Jan
3
18c Feb
Jan
2
500 Feb
16,, Apr
75c Mar
Jan
70
19c Mar
Jan
13c
16c Mar
Jan
48c
140 Feb
270 May
Feb
lc
3
Mar
151% Jan
6% Mar
No May
51c May
2% Jan
480 Feb
1h, May
lris May
Jan
8o
00c May
Feb
4
So Feb
Jan
20
1% Jan
75o Feb
400 Feb
3411 MAY
3c Feb
Jan
1
2c Slay
Sc May
Mg Feb
Jan
29
Jan
20c
251 Feb
33( Jan
1% Jan
Jan
86c
80 Jan
400 Jan
270 MAY
Jan
5c
Jan
80e
55
67
106%
102%
100%
9451
99%
90
101%
10234
95%
55%
67
105%
101%
100
94
98%
78
101
101%
95%
70%
84
10751
10354
10034
95%
100
99
10234
102%
9851
Bonds-
55
67
107
9451
99%
10131
102%
97%
55%
6734
107
102%
100%
9451
9951
90
101%
102%
98%
$8,000
4,000
9,000
13,000
2,000
110,000
17,000
3,000
31,000
16,000
223,000
May
May
mar
Jan
Jan
Feb
Apr
Mar
Feb
mar
May
Jan
Jan
Jan
Mar
Mar
Jar
,
Feb
Feb
Jaa
Mar
Mar
8034 80% 83
47,000 8034 May 9354 Feb
52
51% 52% 38,000 42
Jan 54% May
7151, 71
72
20,000 70
Jan 79% Jan
103
103 103% 47,000 10254 Feb 10354 Mar
96
96
96 200,000 96
May 96% May
10914 109% 109% 60,000 106% Jan 10934 May
100% 100% 100% 2,000 9951 Jan No% May
69% 69% 50,000 6451 May 6951 May
190 100
6,000 975( Jan 100% May
121 121
121
Mar
10,000 118% Feb 124
94% 9451 16,000 89
Jan 95% Mar
9134 91% 9154 1,000 87% Jan 92
MAY
15
15
15
4,000
10354 103 10354 8,000
10651 107 152,000
107
106% 106% 1,000
99% 9954 9914 6,000
71
70
75
63,000
9254 54,000
9234 92
8131 82% 6,000
99%, 100
12,000
10134 10054 101% 20,000
103% 102% 10334 14,000
9114 93
93
49,000
10054 Hp% 100% 86,000
9834 98% 9834 16,009
10154 101% 8,000
100% 100% 100% 4,000
10051 100 10051 17,000
94% 0434 95
12,000
10551 105% 2,000
104 104
2,000
96% 97
55,000
97
9514 95% 71,000
100'4 100% 100% 5.000
10154 100% 10154 12,000
9451 72,000
9431 94
101% 101% 25,000
105 105% 79,000
105
99% 100
6,000
99% 98% 99% 33,000
15
Feb
101% Jan
105% Jan
106% May
Jan
93
70
May
90
May
81% may
99% May
9954 Jan
102% Jan
Apr
90
99% Mar
9754 Jan
Mar
100
0834 Jan
9751 Jan
94% May
104% Jan
10254 May
94% Jan
94
Jan
99% Feb
99
May
9254 Jan
10051 Jan
103
Jan
96
Jan
9551 Jan
19
104
108%
1069-4
99%
97
95
8856
101%
101%
10454
94
100%
1000-i,
10134
101
10051
100
105%
105%
97
96
100%
102
9951
101%
10554
100%
9954
Jan
Feb
Apr
May
May
Jan
Feb
Jan
Feb
Feb
Mar
Feb
May
Jan
May
May
May
Ayr
Ye^
Jan
Jan
May
Jan
May
Mar
May
May
May
99
99
99%
10451 10454 10431
9951 9951
94
94
9934
92
9234
9654 9634 96%
84% 8534
99% 99% 9934
9734 9734 98
88
8734 88
96
9514 9654
8934 90%
101% 10151 102
10151 10134
105% 10534 10534
54,000
2,000
2,000
11.000
7,000
61,000
9,000
75,000
11,000
17,000
48,000
32,000
9,000
7,000
2,000
102
101 102
106% 106% 10634
94
9334 94%
10314 104
993-6 9956 99%
9954 99
9951
91
90% 91
106% 106% 10634
10134 1013-4
103 103
10534 10514 10554
106
106 10654
10651 10634
10654 107
10734 106% 10754
9934 9914
100 100
8934 89% 90
103% 103% 103%
9554 9554 9554
100% 10031 10051
56
60
106% 106%
107
1063-4 107%
101% 100% 10154
9,600
65,000
80,000
5,000
8,000
35,000
14,000
48,000
13,000
10,000
7,000
12,000
12,000
10,000
18,000
1,000
1,000
33,000
2,010
89,000
6,000
10,000
4,000
32,000
44,000
High.
Low.
ggg'gvgt -8.11 0.g00ccn 00v. 0g 00v, tgggnz4gS
Mining Stocks
Alaska-Brit Col Metals.
lc
Amer Comm M & M
Arizona Globe Copper_ _1
71c
Black Oak Mines Co
Calumet & Jerome Copp_l
2%
Canario Copper
10
Central Amer Mines, Inc _1
Consol Copper Mines_ _I
1 38c
Cortez Silver
3rEi
Cresson Con Gold M & NJ
Sc
Diamondf 131 Butte (reorg)
1
Divide Extension
Engineer Gold Mines Ltd _5 16%
1
Eureka Croesus
Golden Cycle Mining
Goldfield Deep Mines_ _50
Goldfield Florence
1 15c
Gold Zone Divide
Great Bend Mining
lc
1
Hard Shell Mining
60
Harmill Divide
10c
25c
8%
Hecht Mining
Hilltop-Nevada Mining_ _1
Hollinger Cons Gold Min..5 12%
1
Howe Sound Co
8c
Independence Lead Min _ _1
1
Jerome Verde Develoy't. _1
25c
Jib Consol Mining
111
1
Say Copper Co
Kelly Extension Mining_
lc
Lone Star Consolidated 1
18c
Lorrain Consol
Marsh Mining
1
McKinley-Darragh-Say.1 10e
Mohican Copper
1 27c
Sc
National Tin Corp
50c
Nevada Hills
Nevada Silver Horn
New Dominion Copper_ _ _5
New Jersey Zinc
100 140
Nipissing Mines
5
Ohio Copper
1 890
51c
Plymouth Lead Mines_ _1
Premier Gold
be
Red Warrior
Rocky Mt Smelt dc Ref__ _ _
llie
PEE
Preferred
lc
Silver Horn M & D
Silver King Consolidated
South Amer Gold di Plat_l
3%
Sc
Spearhead
1
Superstition Consolidated_
Tack-Hughes
1
13/,
Tonopah Belmont Devel_ 1
1
Tonopah Divide
211,
Tonopah Extension
1
20
Tonopah Midway
Tonopah Mining
1
Tonopah North Star
60
Tr -Bullion S & D
United Eastern Mining...1 61c
United Verde Extension 50e
U S Continental Mines_ _ _ _
5
134
Unity Gold Mines
Walker Mining
I Ii
Wende,n Copper Mining_ _
West End Consolidated_ _5 50c
3c
West End Extension Min_ _
Western Utah Copper_ _1
Wettlaufer-Lorrain S M _ _1
Wilbert Mining
1
5
Yukon Gold Co
Libby.McNelll&Libby7a'31
Liggett Winchester 7s _1942
1940
Lukens Steel 89
1930
Morris& Co 7345
Motor Products Corp 6s 43
National Leather 88....1925
New Orl Pub Sem,58_ _1952
Nor States Pow 6%s--1933
634% gold notes wi_1933
1952
Ohio Power 55
1936
Park & TlIford 6s
Penn Pow 8:Light 55 B_'52
Phi% Electric 534EL _ _1953
1947
5145
1941
65
Phillips Petrol 7%s---1931
Without warrant
Public Service Corp 7e 1941
1933
Pure Oil Co 6545
ghawsheen Mills 78_ _1931
Sloss-Sheffield S & 1 68 1929
1934
iolvay & Cie 6s
3outla Calif Edison 58_1944
Rand 01101 NY 6545_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
Bun Co 65
1931
7s
Swift & Co 5s.._Oct 15 1032
rids) Osage Oil 7s.. _ _1931
UnionEIL&Pof I115%s'59
[Triton 011 serial 6s, ser 1326
:hilted 011Produc 88_ _1931
:hilt Rys of Havana 7%8'36
iacuum Oil 75
1936
VebsterMille634%notes'33
103
107%
9634
10451
10054
993-4
91
107%
102
105
106
10654
10634
10751
109
100
102%
9354
1043-1
9654
1013.4
793.1
107%
10751
102
r4,4"64.4
Mar
Jan
May
May
May
Jan
Feb
May
Feb
Range since Jan. 1.
22
34
9634
9831
9954
2034
3014
19
100
9934
.
Jan
2%
2
May
Apr 25c
May 300
May 350
Apr 30e
May
8%
Apr 13
May 140
Bonds (Concluded)-
.
...
26i 2.100 82c
550 17,200 500
250 39,000 15e
1 200
309
350
3 200
205
7,000 150
4%
5% 8,300
13
20,800
7
60
1,000
6e
High.
.
.
.....
...
... .
Low.
.
000.,.000.000.0.0.000000
0....-00=000........0 00=0.000000000
...........
A
g A AA=
AAAX
A
AAAA WA AA
AAA
Sapulpa Refining
2
2118
Seaboard 011 & Gas
5 50c
50c
&meter 011
22e
24e
Superior Oil warrants A _ _ _ 300
300
Warrants B
350
200
200
Western States 011 di Gas_l
Wilcox 011 & Gas
534
1
5%
Woodly Petroleum Co_ _
1234 11%
60
"Y" 011 & Gas
1
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range since Jan. 1.
00
.
00 w.
.-,000......
rgg gg°Dg
A
Friday
Sales
Last' Week's Range for
Of Prices.
Week.
Other Oil Stocks
Sale
(Concluded)
Par Price. Low. High. Shares.
Allied Pack cony deb 65'39
1939
8s, series B
Aluminum Co of Am 78.'33
1925
78
Amer Cotton Oil 68..._1924
Amer G & E deb 6s_ __2014
Amer Rolling Mill 65_1938
Am Sumatra Tob 73451925
Anaconda Cop Min Os _1929
Anglo-Amer 011 730_1925
1939
Antllia Sugar 731e
Assoc Simmons Hardw1933
6545
ALI Gulf & WISS L 55 1950
Beaver Board Co 88_ _1933
Beth Steel equip 78..-1935
1948
6s Series A w 1
Canadian Nat Rys 7E3_1935
1925
58
Ch Milw & St PRY franc 4s
Chic RI dr Pao 5.50-1926
Cities Service 7e, ser B 1966
1966
7s Series D
1066
7s series0
Columbia Graphoph 881925
N Y Tr Co Emilie et63_ _ _
Cons GEL &P Balt (5s'49
1931
78
1951
634s Series D
1952
654s
1941
Comm'Textile 88
Cont Pap & Bag M 6145'44
Cudahy Pk. deb. 55451937
1931
Deere & Co 7345
Detroit City Gas 68....1947
Detroit Edison 68....i932
Dunlop T Rot Am 75-1942
Duquesne Light 5545 -1949
Federal Sugar 6s-----1934
1925
Fisher Body 68
1927
613
1928
6s
78-1937
Co
(Robert)
Gair
Galena-Signal 011 78_1930
General Asphalt 8s._ _1930
General Petroleum 6s-1928
1937
Gulf On of Pa 56
1027
Serial 645
1936
Hood Rubber 75
Intermit Match 6540-1943
Kan City Term KY 554e'26
Kennecott Copper 7E3_1930
Lehigh Power Secur 60 1927
Lehigh Val Herb Term 58'54
[VOL. 118.
THE CHRONICLE
2562
101
105
993-4
10034
9534
101
8534
100
98
8834
0634
90%
102
101%
106
Feb
Jan
May
150
Jan
Mar
Jan
Mar
May
Feb
May
May
May
May
Mar
Mar
Mar
Max
Mar
Mar
Apr
Mar
Jan
Jan
Jan
Jan
Feb
Mat
Mar
Feb
May
Apr
Jan
Apr
Jan
May
Feb
May
May
Feb
Jan
May
Apr
Feb
Feb
Feb
Jan
May
mul
Jan
Foreign Government
and Municipalities
1945
dexican Govt 45
Stamped
Certificates of deposit_
-----,
Ietheriands(RIngd)6eB'72
Exten 6s of 1924_ 1959
'en, (Republic of) 88.1932
linden Govt 6%s_ 1919
Certificates
1254
5345
1921
iwitxeriand Govt 5545 1929 9954
Ext 5% notes
1926 9934
21
26%
91
9834
99
124
1234
1334
9834
993.1
21
263-4
0134
9851
9934
123-4
1234
1334
9951
9954
5,000
6,000
17,000
15,000
1,000
4,000
5,000
2,000
00,000
178.000
• No par value. k Correction. m Dollars per 1,000 ire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. s Option sale. to When issued. X Ex-dividend. is Ex-rights. i Ex-stook
dividend.
Note.-400 shares Kirby Petroleum reported sold last week was an error. Should
have been Kay Copper. Sales of Kirby Petroleum last week should read 1,200 at
134@1%.
Quotations for U. S. Treas. Ctfs. of Indebtedness, 8ce
Inst.
Maturity.
Rate.
June 151924...
Sept.15 1924 _
Mar. 15 1925._
Mar. 15 1926
Dec. 15 1925.__
Sept.15 1926 -June 15 1925....
554%
534%
43.1%
4%%
434%
43.4%
434%
352.
Asked.
Maturity.
Int.
Rate.
10034 100.16
boll
'
, 100"1,
100% 101
101% 101%
100% 100%
100% 10034
10034 100%
Dec. 151927...
%
mar. 15 1927.__
%
June 15, 1924._ 4%
Deo. 15 1024
op%
Mar. 16 1925.- 4%
CURRENT
NOTICES.
Bid.
Asked.
1011sui
102
100
100%
10011i
101,hi
102%
1001i
100%
100%
-A party of investment bankers leaves New York to-night on an inspec
tion trip over the principal utility properties in Arkansas and Mississippi.
The Arkansas Light & Power Co. is completing the first stage of a large
hydro-electric development on the Ouachita River and this will be the
first point of interest. The bankers will also inspect the oil and natural gas
fields in that State and in northern Louisiana and will then inspect the
properties of the Mississippi Power & Light Co. in Vicksburg, Jackson,
Greenville, Columbus and Tupelo. The party is headed by John Nickerson Jr., and comprises representatives of investment houses of Eastern
and Middle Western cities.
-John L. Goodbody, a member of the firm of Goodbody & Co., has
been elected to membership in the Philadelphia Stock Exchange, having
purchased the seat of George A. Huhn,Jr. Goodbody & Co. recently opened
a Philadelphia office at 1521 Walnut Street under the management of 0. S.
Hawkins and John Bell Huhn; the latter was formerly connected with
George A. Huhn & Sons. which firm is now in the provoss of dissolution
Some of the Huhn business will be taken over by Goodbody & Co. T.
Linton Alburger, Jr. will be in charge of the bond department in the Philadelphia office.
-The New York Stock Exchange firm of Orvis Brothers & Co. organized
fifty-two years ago, with main offices at 60 Broadway. announces the opening of an uptown branch office in the Canadian-Pacific Building, 342 Madison Avenue, under the management of R. F. linden and C. W.Berner.
-Nehemiah Friedman & Co., Inc., have issued their monthly quotation
list of Joint Stock Land Bank stocks and bonds, giving the current quotations on the securities of the prominent banks in the Federal Farm Loan
System. Copies may be had on request.
-Irving Bank-Columbia Trust Co. has been appointed corporate trustee
under agreement of conditional sale and indenture of lease to secure an
Issue of $138,000 par value equipment trust notes, series A, of the East
Jersey Railroad & Terminal Co.
-Stroud & Co., Philadelphia, have opened an office in the Garrett
Building, Baltimore, Md., under the management of W. Wyatt Nolting,
-Grover O'Neill, formerly with Roosevelt & Son, announces the opening
of an office to deal in investment securities at 22 William St., New York.
-John J. Scott, William B. Kernel' and Urban A. Hohman have become
associated with A. M. Lamport & Co.
-Westcott & Kearr have opened a municipal bond department
barge of Harry B. Parrott.
in
kulestment and Sailiroad itxtelliffente.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of May. The table covers 15 roads and shows 10.46%
decrease from the same week last year.
Gross
Earnings.
Net after
Taxes.
2563
Fixed
Charges.
Balance.
Sure.
Great Western
628,985
214.406
Apr '24
374.145
159,739
Power System
565.781
211.196
348,636
'23
137,440
4 mos ended Apr 30 '24 2.540,021 1,533,728
858,276
675,452
678.113
846,401
'23 2,425,630 1,524.514
1924.
Increase. Decrease. Huntington Devel Apr '24
1923.
Second Week of May.
41.057
108,277
19,950
21.107
&
Gas
'23
44,957
115.508
20,106
24,851
$
$
$
$
12
mos
ended
1,341,222
Apr
30
472,744
'24
243.805
228,939
220,636
258,831
479,467
Buffalo Roch & Pittsburgh
517,831
'23 1,271,727
241.128
276,703
452,886
4,323,346 4,776,232
Canadian National
825,709 *194,307
77.080
117,227
83.000 Market Street Ry Apr '24
3,087.000 3,170.000
Canadian Pacific
'23
807,039 *205,444
61.553
143.891
10,443
106,154
116,597
Duluth South Shore & Atlantic_
4
mos
ended
Apr
30
*749,744
'24
3.274,349
254.447
495.297
29,900
30,700
800
Georgia & Florida
246.171
'23 3,181.478 *750,157
503,986
339,240
1.848,828 2,188,068
Great Northern
322,836 *269.465 t141,568
127,897
7,172
412 Niagara Lockport Apr '24
Mineral Range
7,584
& Ont Power Co
'23
122,078
296,413 *240,600 z118,522
63.422
270.382
Minn. & St. LouLs
333,804
4 mos ended Apr 30'24 1,330.549 *1,083,791 /549.769
534,022
399,924
Mobile & Ohio
392.477
7,447
'23 1,093,575 *873,998 z461.093
412,905
Nevada-Cal.-Oregon
4.471
6,111
1,640
1,579,176 1,733,549
154.373 Northern Ohio
St. Louis-San Francisco
15.108
164,201
179.309
852,188
Apr '24
413.281
72.481
St. Louis Southwestern
485.762
Electric Corp
156,347
249.885
'23
93,538
895.124
Southern
3,406,142 3,855,937
449,795
12 mos ended Apr 30 '24 9,833,241 2,198,611 1,912,974
285.637
575,120
Texas & Pacific
553,874
21,246
'23 10,040.045 2,508,773 1.975,542
533.231
348.498
126,244 Phila & Western
Western Maryland
474,742
73,143
Apr '24
30,630
115,956
14,674
17,187
215,662
23
32,849
72,105
Total (15 roads)
16,658.225 18.604,904
28,693 1,975,372
4
mos
ended
Apr
z63.479
30
'24
114,810
51,331
277.546
Net decrease (10.46%)
1.946.679
50,747
t61.177
111,924
269.843
'23
861,319
'24 3,795.945 *1,058,133
196,814
Net Earnings Monthly to Latest Dates.-The table Phila Rapid Trans Apr'23
831.108
196.644
3.755,574 *1,027,752
following shows the gross and net earnings for STEAM
4 mos ended Apr 30 '24 15.007,210 *4,298,311 3,456,175
842.136
840.819
23 14,701.018 *4,173.654 3,332.835
railroads reported this week:
Apr '24
-Grossfrom Railway- -Net from Railway- -Net after Taxes-- Portland Electric
920,209
179,236
374,910
195,674
Power Co
1923.
354,338
23
183,461
1924.
875.056
1924.
170.877
1923.
1923.
1924.
12 mos ended Apr 30 '24 10,992,470 4,263.977 2.092.511 2.171,466
$
'23 10,356,177 3,961,301 2.108,882 1,852.419
Kansas City Southern System1.801.755 1,779,758
492,191
352,186 Republic Ry &
384.069
451.766
April
Apr '24
882,750
319,717
248,356
71,361
From Jan I_ 7,020.351 7,318,536 2,011,038 1,980,179 1,575,856 1,584.354
Light Co
263,288
'23
796,416
197.613
65,675
Peoria & Pekin Union4 mos ended Apr 30 '24 3,725,381 1,375.569 1.013.058
362,511
145,890
141,289
30,922
30,212
17,712
18,422
April
'23 3,290,687 1,092,525
753,591
338,934
598,060
190.365
From Jan 1_ 636,597
163,768
113,768 Tennessee Electric Apr '24
140,365
772,661
367,615
159,348
208,267
Southern Pacific SystemCo
'23
744,067
338,664
138,007
200,657
21.863,023 21,880,033 5,406,794 5,284,869 x3.496.084 x3,517,295
April
4 mos ended Apr 30 '24 3.169,396 1,543,200
616,374
926,826
From Jan 1_86,447,869 85,251,378 17,528.322 19,408,593x10,431,226x12,210,028
23 3,021,945 1,333.418
556,869
776.549
Union Pacific SystcmApr '24
217,871
76.389
15,114,510 15,850,888 3,275,068 3,681,526 2,033,607 2,582,967 Texas Electric
35,791
40,598
April
Railway
'23
217,539
82,440
36.954
45,486
From Jan 1_61,450,391 60,790,042 16,368,555 14,239,168 11,419,910 9,850,307
12 mos ended Apr 30 '24 3,036.249 1,271,978
436,799
835,179
Gross
Net Oper. Bal.for Sum. after
23 2,737,403 1,072,013
453.222
617.791
Earnings. Income.
Interest.
Charges.
Apr '24 1,226.886
Gas &
431,644
228,737
202,907
April '24 7,072,345 1,534,672 1,527.185
St Louis San
306.766 United
Electric Subsidiaries '23 1.177.058 *423,273
232,559
Francisco
'23 7,566.973 1,715,021 1,707,089
190,714
508.164
12 mos ended Apr 30 '24 14,373.346 *4,927.379 2,757.349 2.170,030
4 mos ending Apr 30 '24 27,806,274 6,077,896 5,995,158 1,109,653
'23 13,173,736 *4,642,855 2.580,651 2,062.204
'23 28.864,396 6,008,641 5,916,161 1.304.413
Railway
Apr '24
873,429 *347,023
108.979
238,044
Electric Railway and Other Public Utility Net Virginia
'23
860,263 *335.132
& Power Co
99.047
236.085
Earnings.-The following table gives the returns of
4 mos ended Apr 30 '24 3,551.982 *1,398,487
429,023
969,464
'23 3,479,903 *1,391,932
394.876
997,056
ELECTRIC railway and other public utility gross and net
412,581
Washington Water Apr '24
238,471
50,327
188.144
earnings with charges and surplus reported this week:
Power Co
'23
381.548
208.991
52,521
156,470
-GrossEarnings--NetEarnings
4 mos ended Apr 30 '24 1,752,922 1,015.759
204,754
811.005
Current
Previous
Current
Previous
'23 1,637.808
920.797
207,152
713.645
Companies.
Year.
Year.
Year.
Year.
Yadkin River Pow Apr '24
*73,945
134,507
34,665
39.280
'23
159,109
Co
*84,571
34.158
50,413
American Elec Power__ _Apr 1,629,577 1,759,868
146,330
150.822
413,168
12 mos ended Apr 30 '24 1,887,036 *1.017,568
604.400
4 mos ended Apr 30___- 6,986.680 7,225.393
716,212
750,052
'23 1.438,710 *733.211
261,811
471,400
Binghamton Lt Ht & P_Mar 111.740
98.195
036,853
028,148
12 mos ended Mar 31_ 1,229.748 1.075,348 0377,027 0276,539
*After allowing for other income. z Includes taxes.
Brazilian Tr,L & P,Ltd_Mar 2.240.271 2.069,958 1,406,727 1.328,053
3 mos ended Mar 31--- 6,568,990 6,047,967 4,076.269 3,843,503
Bklyn-Manhat Transit_ -Apr 3,441,112 3,161,781
968,976 1,061.039
FINANCIAL REPORTS
11) mos ended Apr 30___-32,904,417 30,177.802 8,710,486 8,334,572
'Colorado Power Co
Apr 100,357
88,995
*50,385
*46.655
Chicago & North Western Railway Co.
12 mos ended Apr 30-__ 1,295,220 1.056,603 *708,432 *552,904
(64th Annual Report-Year Ending Dec. 31 1923.)
Georgia Ry & Power
Apr 1,363,202 1.327,890
433.143
411,290
4 mos ended Apr 30____ 5,569,430 5.408,172 1,791,904 1,570,695
The remarks of President W. H. Finley, together with
Metropolitan Edison Co_Mar 657,378
664,690 6214,368 6193,257
12 mos ended Mar 31__ 7,831,985 7,184.056 1,2,455,182 b2,176,432 comparative income account and balance sheet as of Dec. 31,
New Jersey Pow & LtCo_Mar
84,614
67,792
b20,742
620,540 will be found under "Reports and Documents" on subse12 mos ended Mar 31__ 1,027,866
753,345 b253,419 b230,153 quent pages.
Northw Ohio Ry & Pow_Mar
40,900
43,557
01,578
03,534
GENERAL STATISTICS FOR CALENDAR YEARS.
12 mos ended Mar 31-- 584,514
513,207
091,731
080,593
1923.
1922.
1921.
Pennsylvania Edison Co_Mar 252,754
1920.
261,565
668,825
b77,068 Tons revenue freight_ _
58,207,915
48,607,124
12 mos ended Mar 31-- 3.161,363 2,797,294 b935,200 b892,487
60,275,207
39,227,758
Tons freight per ton mlle.9,248,615,383 7,579,553,676 6,775,908,469 9,559,269,662
Reading Trans & Lt Co_Mar 265.781
274,348
b23,685
646,349 Passengers carried
33,004,205
33,828,207
35,685,702
40,692,627
12 mos ended Mar 31_- 3.104,606 3.011.680 b266,890 b330,086
Passenger miles
1,122,116.027 1,078,240.761 1,184,674,220 1,444.5.59.265
Rutland Ry, Lt & P Co_Mar
46,843
47,542
Revenue per ton per mile_
614,136
610,271
1.223
eta.
1.329
cts.
1.412
cts.
1.156 eta.
12 mos ended Mar 31-- 545,867
572,751 b145,496 6122,113 Revenue pass per mile_
2.708 eta.
2.706 Ms.
2.493 cts.
2.851 cts.
Staten Island Edison -Apr 222,165
192,050
70.329
67,678
BALANCE
SHEET DECEMBER 31.
12 mos ended Apr 30..___ 2,588.720 2,380,765
803,163
802,254
1923.
1922.
*After allowing for other income. a Net after maintenance, deprecia1922.
1923.
Assetstion and taxes. b Net after rents.
and equipRoad
145,156,844
Com.stk.&
scrip.145,156,344
Gross
Net after
Fixed
Balance,
ment
483,180,303 455,737,729 Pref.stk.& scrip 22,395,120 22,395,120
Earnings.
Taxes.
Charges.
&illus.
Investments in
Stock and scrip
$
affiliated
cos2,592,447 2,598,239 owned by co__ 2,347,132 2.348,832
Appalachian
Apr '24
273.330 *149,349
64.445
84,904 Other investm'ts 14,582,844 14,627,147 Special stock___
25,000
25,000
Power Co
'23
273,765 *129,039
54.617
74,422 Mise.phys.prop. 977,954
747,364 Prem'ms realized
12 mos end Apr 30 '24 3,513,230 *1,757,523
691,565 1,065.958 Cash
22,055,633 23,014,185 on cap. stock..
29,658
29,658
'23 3,111.802 *1.465.426
648,095
817,331 Agents and conFunded debtAsheville Power & Apr '24
85.582
*36,616
ductors
5.889
2,790,918 3,182,105 Held by pub_260,170,800 235,518,700
30,727
Light
'23
78.148
*29,152
5,214
23.938 Mat'l & supplies 14,847,278 11,119,431
Held by co. &
12 mos ended Apr 30 '24 1,007,765 *410,461
65,474
344,987 Misc, accounts
due from
'23
923,141 *348,453
receivable__
62.529
4,586,457 4,186,926
trustee__ _ _ 55,431,000 52,390,000
285,924
Bangor Ry & Elec Apr '24
Other assets_ _
130,111
411,678
63.886
834,486 Acc'ts & wages- 8,587,563 7,792,340
25,883
38,003
Co
'23
balances re130,050
62,047
Matur.int., &c_ 3,851,085 5,362,277
24,058
37,989 Car
12 mos ended Apr 30 '24 1,555,150
ceivable
680,490
791.628
777,663 Accrued interest 2,311,756 2,196.956
292,620
499.008 Co.'s
'23 1.525,535
securities
769.487
Car
bal. payable 3,762,490 3,627,030
284.227
485,260
Capital stock_ 2,347.132 2,346,832 Miscellaneous __
Apr :24 1,024,624
497,985
Brooklyn City
309,069
224.319
42.062
182,257
Bonds owned- 19,931,000 16,890,000 Tax liability_ _ 6,008,194 5,742,000
Railroad Co
23 1,031,545
273,230
51,716
221.514
Bonds
34,680,337
Pledged
32,112,616
deprec_
10 mos ended Apr 30 '24 10,127,835 2.144,265
Accrued
482.179 1,662.086
for 10-year
'23 10.032.734 2,284,636
Balance prem.on
552.624 1.762,012
bonds
35,500,000 35,500,000
615,376
603,101
bonds of 1987.
Carolina Power & Apr '24
197,887
*88,018
35.622
Advs.acct.equip.
52,396
Unadjust. credit 1,764,732 1,091,681
'23
Light Co
181,459
*70,605
23,094
47,511
purchased-5,427
2,210,144
2,281,527
2,910,000
surp_
Corporate
Apr
30
'24
ended
2,413,035
mos
12
*1.158,308
400,716
757,592 tinadjust. debits 3,080,395 3,132,254 Profit and loss__ 57,735,051 58,496.003
'23 2,089,785 *848.392
232,733
615,659
Apr '24 2.626,380 1,068.392
Commonwealth
Total
607,449,957 577.604,361
542,026
607,449,957 577,604.361
526.366
Total
'23 2,442,335 1,012.969
Power Corp
523,590
489,379 --V. 118. D. 2041.
4 mos ended Apr 30 '24 11,341,695 4.655,232 2,180.563 2,474.689
'23 10,031,790 4,107,409 2,046,594 2.060,815
Atlantic Coast Line Railroad.
754,603
Consumers Pow Co Apr '24 1,533,805
198,513
556,090
(90th Annual Report-Year Ended Dec. 311923.)
'23 1,339.917
672,525
188.087
484.438
12 mos ended Apr 30 '24 17,874,410 8,210,452 2.260,582 5.949,870
The text of the report, signed by President J. R. Kenly
'23 15,164.921 7,130,733 2.420,424 4.710,309
and Chairman H. Walters, will be found on subsequent pages
321.056
'Cumberland County Apr '24
148,694
62.638
86,056
305,240
149,783
'23
Power & Light
63.511
86.272 of this issue.
12 mos ended Apr 30 '24 3,845,074 1.637.116
STATISTICS FOR CALENDAR YEARS.
740,523
896.593
'23 3,623,338 1,549,868
737.933
811.935
1920.
1921.
1923.
1922.
889.538
Detroit Edison Co Apr '24 2,856.735
341,895
547,643 Average miles operated_
4,893
4.852
4,861
4.889
881,208
2,634,835
'23
354.411
Passengers carried
526,797
6,840,116
6,350,662
6,511,541
9,993.107
4 mos ended Apr 30 '24 12,513,635 4,125,384 1.396,316 2,729.068 Pass.carried one mile--518.448,406 460,796,676 481,453,142
638.557.646
'2311.091.236 3,520,458 1.419.043 2,101,415 Freight carried (tons)--19,874,981 16,437,958 13.180,114 17.324,916
East Penn Elm Co Apr '24
85,810
257,416
38,428
47,382 Tons carried one mile-3712.154,470 3031173,450 2479340,135 3290282.723
232,808
70,314
'23
24,091
Commodities Carried46,223
12 mos ended Apr 30'24 3,064,909 1,002,329
379,675
622,654 Agricultural
2,459,535 2,370.354 2,255,275 2.339,316
712362
'23 2,527,642
292,902
419.460 Animals
150,568
172,089
188,509
157,296
Eastern Massa193,103
805,698
Apr '24
113,981
79.122 Mines
3,975,506 3,143.930 4,526.877
5,600,675
chusetts Street Ry
202.987
900.572
'23
117.365
85.622 Forests
6,175.688 5,224,562 3.764,980 4.507.861
4 mos ended Apr 30 '24 3,418,230
764,284
456.579
307.705 Manufactures
3,615.298 3,065,706 2,341,018 3,777.363
850.680
23 3,775,253
473,233
377,447 Miscellaneous
19.874.981 16,437.958 13.180.114 17.324.916
2564
THE CHRONICLE
[VOL. 118.
or 18.55%, compared with previous year. This increase was duo to the
INCOME ACCOUNT FOR CALENDAR YEARS.
shop strike, which greatly curtailed expenditures for 3 months in 1922. and
1921.
1922.
1923.
Operating Revenues-$56,580,484 $48,857.558 $44,556,741 increased expenditures during the early part of 1923 to put equipment
Freight
into normal condition.
17,995,083 15,871,367 16.787,056 back
Passengers
Transportation expenses increased $191,231, or less than 1%, notwith1,355,221
1,239,674 1,382,956
Mail
the fact that there was an increase of 12.8% in revenue freight
2,658,978 2.581,626 1,798.368 standing
Express
734,758 hauled one mile. Ratio of transportation expenses to revenues was 41.10,
673.796
763,584
Other transportation
1,498.624 compared with 42.65 in 1922. This was the lowest ratio since 1917.
1,644,506 1,456,041
Incidental
Wages.-Wage advances during 1923 caused an increase in the Pay$80,882,310 $70,823,345 $66,730.768 rolls of $302,502.
Railway operating revenue
Indebtedness.-There was a net increase during the year of $1,290,300.
Operating ExpensesAdditions and Betterments.-During the year there was expended for
Maintenance of way and structures_ 310,191,289 $8,434,956 $9,859,445
17,349,030 14,297,181 15.234,782 additions and betterments to roads net amount of $1,160,834. There was
Maintenance of equipment
1.161,024 also expended for additions and betterments to equipment and the purchase
„
1.7 4,84
Traffic
28,814,876 26,018,260 29,703,406 of new equipment a net amount of $3,654,507.
Transportation
386.319
367.961
424,306
Miscellaneous operations
Decision.-On May 8 1923 the U. S. Circuit Court of Appeals
1,660.858 atDividend
1,721,085 1,638,967
General
9t. Louis filed its decision in the suit brought by two of the Pref. stockholders in which the company had been temporarily enjoined from paying
$58,005,833
$52.033.448
$59,868,428
Operating expenses
the dividends of
per share on Pref. and Common stock declared payable
$21,013,882 $18,789,897 58,724.935 on April 15 1922$2
Net from railway operations
out of the remaining surplus earnings of 1909 to 1919 incl.
5,425,000 4,275,000 3,075,000
Tax accruals
The opinion of the Court of Appeals approved in all respects the action
69,650
42,457
81,873
17ncollectibles
of the board of directors in declaring the above dividends. It declared that
the board of directors would have violated the rights of the stockholders
815.546,425 $14,433,024 $5,580,285 If it had distributed dividends
Railway operating income
out of the above surplus otherwise than in
Non-operating Incomethe manner provided for. This decision involved a similar approval of the
Cr.86,250
Cr.14,415
Hire of equipment
further dividends of $2 per share on Pref. and Common stock which had
271,907
265,922
310,408
Joint facility rent income
been declared payable on Dec. 28 1922.
3,222,086 3,221.772 2,754.425
Dividend income
The plaintiffs then exercised their right to apply to the U. S. Supreme
682,693 Court
638,425
625,474
Income from funded secure. & acc'te_
to review the case upon writ of certiorari. The Supreme Court, in
413.159
379.475
471,355
Incomefrom funded securities
a
decision
filed on Oct. 15 1923. declined to review the case, thus sustaining
300,926 the unanimous
316.024
340,586
Miscellaneous and other income
decision of the District Court and the Court of Appeals
fully
approving
the company's action in declaring these dividends. The
$20,530,750 819,340,892 810,003,395 dividends were accordingly
Gross income
paid to the stockholders on Oct. 23 1923.
DeductValuation.
-The
I.-S. C. Commission has not as yet issued its tentative
$44,276
$45,276
$45,276
Rent for leased roads
Dr.466,560 valuation of the company's property. The cost to the company of this
Hire of equipment
valuation
work
as of Dec. 31 1923 aggregates $428,377.
346,065
368,828
374.639
Joint facility rents
121,190
188,665
240.520
GENERAL STATISTICS FOR CALENDAR YEARS.
Miscellaneous rents
88,826
16,653
17,306
Interest on unfunded debt
1920.
1923.
1921.
1922.
x6,042,286 x6,042,237 a6,042,237 Miles operated
Interest on funded debt
3,177
3,240
3,322
3,326
633,940 Passengers carried
607,422
562.404
Int.& dive.on equip.trust notes, &c1,764,028 2,283,019
1,468,914
1,580,239
420.000 Passengers carried 1
420,000
420,000
Int.on 10-year notes
191,676,651
140.169.914
mile135,817,310
133.273,855
49.733
47,737
31,245
Av.rev. per pass. p. mile 3.292 eta. 3.279 eta. 3.455 eta. 2.953 eta.
MI llaneous
Freight carried,tons_ _ _ _ 9.861.041
8,393,798 6,486,214 9,310,850
$12,797,073 $11,604,074 $1 .790,569 Tons carried 1 mile
Net for year
1806379971 1431020422 1998783385
23,870 Av.rev, per ton per mile1990014774
25.617
21,877
Income applic. to sinking, &c.,funds
1.078 eta.
1.105
eta.
1.180 eta. 1.388 cis.
141,044
144,124
250.566
Income apprp.for inv. in phys. prop..
INCOME ACCOUNT FOR CALENDAR YEARS.
12,520,890 11,438,073 1,625,694
Transferred to profit and loss
1921.
1922.
1923.
55.440,787 48,704,648 47,320,126 Freight
Credit balance Jan. 1
521,985,382 $21,316,638 $19,146,851
54.549 Passenger
Operating revenue prior to Jan. 1 1918
4,843,143
4,369,799
4,470,881
971,009 Mail
Rail re lac't res. prior to June 30 1914
644,412
618,015
631,216
562,709
306,294 4,112.785 Express
neous credits
494,852
685,625
555,063
Miscellaneous
639,393
731,830
796,547
$54,084,253
$60,449,015
Total surplus
Incidental, 8cc
$68.524.385
417,154
545,034
518,004
9,835
9,835
Preferred dividends (5%)
9,835
Total
Common dividends(7%)
4,801.034 4,801,034 4,801,034
528,957,095 828,266,940 $26,185,804
61,772
Maint. of way & structures
95.685
Surplus approp. for physicalproperty
137,868
$4,063,621 34,404,692 $5,134,837
208,234 Maintenance of equipment
Debt disc't eating. through surplus..
5,178,479 4,534.255 5,991,282
14,931
16,162
Traffic expenses
Loss on retired road and equipment._
373.241
430,828
402,694
298,727 Transportation expenses
86,744
Miscellaneous debits
55,967
11,422,054 11,589.080 11.909,087
Miscellaneous operations
164,748
162,756
147,315
$48,704,648
General expenses
863,503,519 $55,440,787
Balance,credit, Dec.31
778,080
731,709
724.888
Transportation
Cr.25,360
for
investment
Cr.75,418
Cr.49,947
GENERAL BALANCE SHEET DECEMBER 31.
1922.
1923.
1922.
1923.
Total
821,889.104 821,777,900 $24.325,915
LiabilitiesAssets-Net operating revenue
$7,067,990 $6,489,041 $1,859,888
Road & equip_ _223,066,333 207,599,639 Common stock.. 67,586,200 67,586,200 Railway tax accruals
1,903,103
1.855,626
2,136,706
Class "A" Rich.
Impts. on leased
72,864 & P. RR.elk_ 1,000,000 1,000.000
110,708
Railway operating income
property
def$43,214
$4,352,334
15,212.365
196,700
196,700
stock_
Preferred
Sinking funds._
22,768
Non-Operating IncomePrem.on cap.stk 4,829,443 4,829,443 Hire
Deposit in lieu
of equipment
5450,612
$754.755
$920,885
5,657 Eq. tr. obilg'ns_ 9,003,600 9,728,900 Joint
2,592
of mtged.prop
facility rent income
169,127
139,507
167,312
102,124,000
Misc. phys.prop 1,559,396 1,397,568 Mtge. bonds_ _ -101,850,000
Dividend income
357,088
18,634
335,653
Coll. tr. bonds_ - 41,000,000 41,000,000 Miscellaneous
Inv.in affil. cos.:
income
403.132
639,192
319,793
15,000
57,712,801
bonds._
14,1100
Income
58,183,351
Stock
4,579,930 4,579,930
4.758,106 4,758,106 Miscellaneous
Bonds
Gross income
56.722,328 $5,902,041 31.572,804
864,459 1,146,634
3.929,537 3,866,037 Traffic,&c.,bal.
Notes
DeductAdvances__ _ _ 1,293,312 1,065,844 Acc'ts & wages.. 5.008,675 4,164,342
448,318 Hire of equipment
13,419
11,727
538,573
Other invosets. 5,422,738 3,301,065 Misc. accts. pay
461,871 Joint facility rents, &c
246,275
302,900
294,741
12,205,195 23,426,495 Int. matured_ --451,738
Cash
5,850 Miscellaneous tax accruals
53.278
69,484
46,195
5,850
Divs. matured_ Cash for diva.,
3,848,590 3,810,317 3,188,945
3,000 Interest on mortgage bonds
1,414,134 1,155,546 Fd. debt mat'd_
278,000
Interest, &c
1,181.926
15,225 Unmat'd diva- 2,400,517 2,400,517 Int. on eq. oblig.,leased line ctsf., &c.. 1,156,522 1,111,912
15,225
Bds.to sec.leases
77,018
82,492
86,168
4,918 Unmat.Int., &c. 1,474,980 1,494,797 Amort'n of discount on funded debt_ _
6,344
Loans & bills rec
Miscellaneous income charges
297.520
38,940
10,487
122,916
Traffic,&c.,bal. 2,447,853 2,480,287 0th.curr. flab's.
696,481 Net bal. utte
Bal.fr.agts.,&c. 657,792
Net inc. tranferred to profit & loss_ 51,241,429
$499,046df$3,472,158
30,830
4,652
Misc.accts. rec. 2,315,282 2,058,359 'U.S. Govt._
371,029
165,649
Mat'ls & supple 9,259,393 6,178,498 Deferred dab__
Profit and Loss Account.-The profit and loss account to December 31
Int. & div. reed 1,762,158 1,576,605 Tax liability _ _ 2,889,335 2,713,879 1923 shows: Credit balance December 31 1922, $15,958,524; dividends
554,551 declared in 1923 from accumulated surplus of years
107,125 Ins. & cas. res....
45,165
Other assets__
576,463
1909 to 1919, incl.,
720,408 51.512,408; balance credit, $14,446,116. Net income
Oper. reserves_
Bal. due from
663,629
for year ending
3,744,872 Accr'd deprec.,
U.S. Govt...Dec. 311923. $1,241,429; profit and loss additions for year 1923, $80.988:
16,879,713
22,096
18,389
road & equip_ 17,688,862
Work,fund adv.
profit
and
loss
deductions
for
balance
year
$4414,140;
credit Dec. 31
1923,
431,816
406,018 0th.unadLcred..
975,943 2,839,933 1923, 515,354,393.
Ins.&0th.fds_ _
436,641
386,690 Corp. surplus:
Unadj. debits_ _
Note.
-In
1921
company
paid
dividends
of
7%
each
on
both
the Prof.
Add's to prop.
and Common stock, amounting to 82,646,714. In 1922 dividends of 4%
through Inc.
& surplus.... 1,690,597 1,302,163 on both classes of stock were declared, aggregating $1,512,408, but payment
Profit & loss__ 63,503,519 55.440,787 has been withheld pending court decision (but see text above).
-"SOO" LINE BALANCE SHEET DEC.19
3213..
329,364.231 322.038,798 Total
329.364,231 322,038,796
Total
1923.
1922.
1922.
-V.118, p. 2436.
AssetsRoad & equIp.x120,624.654 127,732.158 Common stock_ 25,206,800 25,206,800
Minneapolis St. Paul & Sault Ste. Marie Railway. Sinking
funds._
50,498
25,000 Preferred stock_ 12,603,400 12,603,400
Depos. In lieu of
Funded debt... 87,147,000 87,147,000
(35th Annual Report-Year Ended Dec. 311923.)
mtged. prop...
12,578 Gov't grants....
10,347
Secur. of prop'y
6:0
03
00
2
Equip. oyb
.14
1;
0.. 7,192,000 5,687
President C. T. Jaffray reports in substance:
,&c.,cos.y24,423,749 22,821,713 M.St.P.& S.S.
Results.-The gross earnings, operating expenses, fixed charges, surplus, Time drafts and
Marie
&c., are as shown in the following condensed statement:
deposits
2,500 1,512,408 leased line ctfs 11,238,700 11,230,400
Soo Line. Chicago Div. System.
Misc.phys.prop.
793,956
730,763 Loans& bills pay 2,805,000 2,953,000
$28,957,095 $20,388,242 $49,345,337 Cash
Gross earnings
506,236
Traffic,&c.,bals. , .882
21,889,105 15,726,030 37,615,134 Special deposits_ 2,054,512 4,143,520
Operating expenses
2,089,709 Vouch.& wages. 33
diviUnmaturcd
Tax liability__ 1,547,523
$11,730,202
$7,067,990 $4,662,212
Net earnings
dends.&c _ _ _
87,357
42,442 Interest,&c.,due 1,784:3E 3,164.072
1
1,509,963
230.999 1,740,962 Other investnet.
Income from other sources
336,351
336,401 Int. accrued, &c
81
750,938
Traffic,&c.,bals.
368,624
124,766 Misc. acc'ts, &c. 642,193
$8,577.954 $4,893,211 $13,471,165 Bal.
Total income
119,239'
from agents
986,833 1,265,497 Insurance res've
131.117
7,336,525 4,459,647 11.796,172 Material
Fixed charges, taxes,8tc
801,136
& supp 5,241,717 4,647,485 0th, unadi cred
422.681
13.061
Other curr.assets
12,988
288,510
349,987 0th. def'd items
$1,241,429
Addition to surplus
$433,563 $1,674,992 Misc. accounts_ 1,171,382
1,214,045
Add'ne
to
proP'Y
128,5911/
Freight Revenue for the system during 1923 was $37,604,190, an increase Other deferred 3.210108:288129 2,51108:4581 prt
4
30
913
14
5
9
4
:
15,3
o.
i&
04r_r
t
ot
I
nd
0
h
fi
r
15,958,524
of $2.074,668, or 5.8%, compared with previous year, while the number of
debititems_ _
tons of revenue freight carried one mile showed an increase of 12.8%. W. C. Ry. Co...
Rate reductions in effect during the latter part of 1922 and during 1923 Unadlust. debits 1,903,740 2,116,848
caused an estimated reduction in revenue of $1,522,467. Freight revenue
171,150,522 171,872,367
for the first 6 months of 1923 increased $4,088.033 over the same period in
Total
171,159,522 171,872,367 Total
1922, due to the good :grain crop of 1922, a portion of which was moved
in the early months of 1923, and also due to increased activity in all lines of
depreciation, $7,604,408.
After
x
deducting
equipment
reserve
for
business. During the last 6 months of 1923 freight revenue decreased
Y Securities of affiliated, &c., companies include as of Dec. 31 1923.
$2.013,365 compared with the same period in 1922. This was due to partial stocks, 519,840.637; bonds, $147,446; W. C. Ry. Co. equip. contracts.
failure of the crop in the Northwest and the resulting curtailment of business $2,324,502; advances, $2,111,164.-V. 118, p. 2437.
in this territory.
Passenger revenue was 57.666.758. an increase of 3288,582, or 3.9%,comCarolina Clinchfield & Ohio Railway.
pared with previous year. Strictly local business decreased materially due
to the increased use of bus lines and automobiles. Through business in(13th
Annual Report-Year Ended Dec. 311923.)
creased due to the increased popularity of the northern route through the
Canadian Rockies and the addition of the Mountaineer, a new train to
Pres.
N.
S. Meldrum, May 1, wrote in substance:
June
and
between
was
business
September. Milk revenue
handle this
and loss after deducting income
Results.-The income carried to profit
$656,541, an increase of $20,871, or 3.3%. compared with previous year,
charges (including interest on Income debentures) amounted to 31,009,878.
which indicates an increase in diversified farming.
It consists of $25,unchanged.
remains
Financial.-The capital stock
Expenses.-Maintenance of way and structures expenses decreased
Preferred
$418.379. due to decreased price of materials and to inventory adjustments 000,000 Common stock and $11,500.000 6% Non-cumulative
by
stock
is
owned
Holston Corp.
Preferred
stock,
of
which
of
Maintenance
of
equipment
$1,500,000
expenses increased $1,356,204.
made in 1922.
7:4112
92
MAY 24 1924.]
THE CHRONICLE
On Mar. 15 1923 an agreement was entered into between Metropolitan
Trust Co., New York, as trustee, and the company, under which there was
constituted "Carolina Clinchfield & Ohio Railway Equipment Trust,
Series H." This agreement covers the lease of 10 Mallet type locomotives,
rebuilt and modernized, and the trustee under said agreement has issued
$500,000 certificates, Series "H," bearing 534% annual dividends, for rent
or hire of said locomotives for a period of 10 years. The builders' cost of
these locomotives was $700,500. the full amount of which was paid in case
received from the following sources: Equipment trust certificates, $500.000;
sale of 10 old locomotiees, $185,000; sale of locomotive parts, $15.500.
The certificates are payable in amounts of $25.000 on Mar. 15 and Sept.
15 of each year, the last payment being due on Mar. 15 1933. These certificates were issued under authority of the I.-S. C. Commission and were
sold for cash.
On Dec. 6 1923 there were purchased 10 Mikado type locomotives and
10 Mallet type locomotives, at a cost of $1,441,320. of which amount
$361,320 was paid in cash and a note given to the builders for $1,080,000.
due July 1 1924, bearing 6% interest. These locomotives had not been
received at Dec. 31 1923.
Payments were made during the fiscal year on account of principal of
equipment trust obligations amounting to $,625,000, as follows: Series
"E,"$26,000; Series"F."$76,000; Series"G,"$84,000; Series"H,"$25.000;
U. S. Govt. Equip. Trust Notes No. 11, $414,000.
Lease of Road.-On June 18 1923 at a special meeting of stockholders a
proposal to lease the properties comprising the Cllnchfield System to Atlantic Coast Line RR. and Louisville & Nashville RR., jointly, for a term
of 999 years was approved by the stockholders. As required by law, application was then made to the I.-S. C. Conunission for authority to consummate such lease, which application is still pending before that body.
TRAFFIC STATISTICS FOR YEARS ENDED DECEMBER 31.
1923.
1922.
1921.
1920.
Average miles of road operated.309
299
291
291
Number of passengers
606,507
574,121
643,589
729,370
do
do
one mile_ 15.742,298 13,689,886 14,782,568 17,432,414
Avge, receipts per pass, per mile_
3.50 eta.
3.52 eta.
3.54 cis.
3.13 cis.
Pass. train rev, per train mile.-$1.9090
31.7290
81.7928
31.8921
Tons of coal carried (revenue).._ 4,302,869 3,823,222 3,326,264 4,261,427
do
one mile
do
733,090,800 852,123,327 620,794,859 889,740,536
Average receipts per ton mile-- - 0.67 eta.
0.68 cts.
0.85 Us.
0.65 eta.
Tons of revenue mdse. carried.._ 2,641,555 1,767,493 1,581,728 1,628,709
do
do
do one mile_317,562,389 202,392,728 197,167,511 215.025,243
Average receipts per ton per mile 1.13 eta.
1.28 ets.
1.40 as.
1.10 eta.
TODB of revenue freight carried
6,944,424 5,590,715 4,887,990 5,890,136
do do do one mile-1,050,653,189 854,516,053 817,962,370 904,765,779
Avge. received per ton per mile
0.81 cts.
0.82 cis.
0.76 cts.
0.83 cts.
Gross over, rev, per mile of road_
$29,931
$25,981
525,439
325,649
Net over, rev, per mile of road
$8,419
$8,689
35,393
87,387
SUMMARY OF OPERATING REVENUES FOR 10 YEARS 1914 TO 1923 INCL.
Years Ended
Coal
Merchandise PasMail and
Miscel- Total Oper.
Dec. 31Freight.
Freight.
Express. laneous. Revenues.
senger.
1914
31,364,330 $736,467 $203,674
527.964 32,358,621
328,185
1915
1,483,578
784,470
194,157
25,853 2,515,071
27,018
1916
1,783,739 1,147,917
253,985
53,125 3,276,487
37,721
1917
2,217,198 1,839,312
322,119
60,207 4,285,390
48,554
1918
2,972,225 1,508,955
441,727
62,830 5,022,385
38,588
1919
3,908,889 1,815,700
440,684
89,752 8,277,826
45,022
1920
4.478.885 2,371,384
548,480
68,458 7,560,880
97,692
1921
4,024,728 2,765,419
522,893
88,272 7,464,112
83,000
1922
4,414,883 2,558,360
100,748
52,445 7,608,602
482,369
1923
4,934,252 3,595,294
551,331
80,653 9,257,319
95.789
SUMMARY OF OPERATING EXPENSES FOR 10 YEARS 1914 TO 1923 LVCL
Years Ended Malta. of Matta. of
TransporTotal Oper.
Dec.31- Way eb Strut. Equipm.t. Traffic.
General. Expenses.
tenon.
1914
$193,738 $307,861 5102,085 $489,894 3126,509 81,193,185
1915
286,890
113,005
126,869 1,284,731
467,423
303,090
1916
647,025
289,720
147,773 1,742,278
221,017
447,318
1917
426,170
179,023 2,450,310
986,370
227,980
835,480
1918
684.515 1,171.405
163,390 3.748,030
110,363 1,621,288
1919
988,414 1,524,824
176,507 4,702.571
70,045 1,966.366
1920
1,050.185 1,915,918
221,020 2,548,886
259,762 5,991.271
1921
979,799 1,740,747
289,116 2,084,818
250,255 5,320,171
1922
890,359 1,821,632
263,707 2,011.720
231,823 5,015,787
1923
942,975 2,631,855
302.808 2,538,398
242,856 6,653,392
a After allowing for transportation for Investment, a credit Item.
RATIO OF EACH CLASS OF OPER. EXPENSES TO TOTAL OPER. REVENUES,
1914. 1915.
Maintenance of way
and structures__ 8.22 11.41
Malnt. of equip____13.04 12.05
Traffic
4.35 '4,49
Transportation ......19.92 18.58
General
5.36 5.04
Total
1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923.
8.84
13.65
6.75
19.75
4.51
9.95
14.83
5.32
23.01
4.18
13.63
23.32
2.20
32.28
3.25
15.39
24.28
1.11
32.31
2.81
13.89
25.34
2.92
33.68
3.44
13.13
23.32
3.81
27.93
3.35
11.70 10.19
21.31 28.43
3.47 3.27
26.44 27.40
3.05 2.62
50.59 51.08 53.18 57.18 74.63 74.91 79.24 71.28 65.92 71.87
OF INCOME ACCOUNT FOR 10 YEARS 1914 TO 1923 INCL.
Net Oper, Non-Oper.
Gross
Fixed
Revenues. Revenues. Income.
Taxes.
Charges.
Surplus.
31,185,436 8247,328 81,412,763 5161,322 $934,083 $317,357
1,230,340.
„
184,267 1,058,003
209,888
1,534,208
308.684 1,032,81)2155,280 1,189,893
587,719
1,835,080
567,436 2,402,517
226,877 1,275,848
899,794
1,274,355
229,648 1,503,896
208,458
1,575,255
132,298 1,707,553
228,523
1.589,809 1,187,933 2,737,543
370,750 1,818,274
748,518
2,143,942
877,208 3,021.148
440,000 1.594,720
988.428
2,592,818
963,122 3,555,937
565,000 1,553,570 1,437,367
2,003,927
837,572 3,441,499
600,000 1.531.621 1.309.878
*Data for 1918, 1919 and Jan. and Feb. 1920 furnished by U.S. RR. Admhaisten.
Note.-The annual compensation received from the Government during Federal
control was at the rate of 81.804,970 per annum.
GENERAL BALANCE SHEET DECEMBER 31.
1923.
1922.
Liabilities
1923.
1922.
Assets(Concluded)Investment in:
8% cum. Income
49,527,553
49,246,847 debentures
(a) Road
5,000,000
(b) Equipment -15,745,245 15,336,372 Equipment trusts_ 2,141,000 5,000,000
772,000
Am.Loco.agreem. 1,441,320
U. S. RE. equip.
trust notes
let NI.bonds, C.C.
4,968,000 5,382,000
& O.Ry.,8.C__ 3,000,000 3,000,000 Interest accrued.. 482,231
408,295
Miscellaneous - - 4,328,055 4,364,513 Traffic & car serv.
2.492,859 2,320,494
balance payable 235,375
Cash
317,824
1,749,597
1,155,593
assets.
Audited
curr.
Other
accts, and
wages payable.. 618,052
x Deferred assets- 1,143,394 1,074,765
389,047
C. C. & 0. Ry. of
Int.on bds.owned:
S. C. dep. acct.
C. C. & 0. Ry.
57,829
78,829
1,512.500 1,437,500 Spartanburg Land
of S. C
4,375
4,062
Co. depos. acct.
Black Mtn. Ry.
7,488
938,891 U. S. RR. Admin.
Unadjusted debits 310,075
-- trustee account.
2,288
81,252,461 78,877,349 Other curr. lIabil.
Total
339
938
Accr, depr. equip_ 2,594,071 2,229,355
Other
mad).
ere& 289,171
Liabilities399,476
Common stock. _ _25.000,000 25,000,000 Additions to property through inPreferred stock_ _y 11,500,000 11,500,000
come & surplus.
let M.bonds_ _ __z13,950,000 13,950,000
55.388
53.818
195,000 Profit & loss, bal. 6,158,249 5,204.989
L.C.& L. E. RR_ 195,000
1st& Cons.M gold
Total
bonds ser. A _ _ _ 8,000,000 8,000,000
81,252,461 78,877,349
a Deferred assets in 1923: Holston Corp. advances, 5773.402: Black .Mountain
Ry. Co. advances, 5249,047: Erwin Electric Light & Power Co. advances, $35.948:
working fund advances, $4,108; insurance paid in advance, $17,986: value of rail
leased to industries. $30,059; Southport Harbor Co., $17,103; ClInchfield Nor. Ry.
of Ky.advances, 59,342; Guaranty Trust Co. of N. Y., $6,399. y Preferred stock
$13,500,000; less amount In treasury, $2,000,000. z After deducting amount held
o treasury, $1,050,000-V. 118, p. 2436.
SUMMARY
Years Ended
Dec. 311914
1915
1916
1917
1918*
1919*
1920*
1921
1922
1923
2565
New Orleans Texas 8c Mexico Ry.
(8th Annual Report-Year Ended Dec. 31 1923.)
INCOME STATEMENT FOR CALENDAR YEARS.
Corporate
Combined
1923.
1922.
a1921.
b1920.
Freight
$9,019,943 $7,811,368 $8,159,444 39,391.706
Passenger
1,914.565
2,190,111
2.284.941
3.284,274
Mail, express, &c
688.042
701.366
645.716
759.266
Total oper.revenues_ _311,911,420 $10,413,975 $11.090.101 $13,435,246
Maintenance of way &c. $1,793,529 $1,837,921 31.999,098
Maintenance of equip't_ 1,718.844
1,586,517
1,767,844
Traffic expenses
368,813
319,891
311,555 11.141,034
Transportation
3,132,761
2,785.312
3,697,160
General
397.133
439.818
442,617
Total oper.expenses__ $7,456,564 36.926,774 88,215.473 $11,141,034
Net earnings
$44,454,857 $3,487,201 $2.874,628 $2,294,208
Taxes, &c
431.378
787,094
554.366
382.960
Operating income... 33,667,762 $2.932.835 $2,443,249 $1,911,250
Equipment rents (net)_ _ Cr.46,131 Cr.140.887
582.126
45.955
Joint facility rents (net)_
263,222
255,586
320,694
257.873
Net operating income.. 33,450,671 $2.815,848
Incomefrom lease ofroad
Miscell,rent income.._ _
12.302
13.287
Dividend income
1,018
Income from funded secs
400
4.418
Inc.from unfunded secs_
104,193
93,385
Miscellaneous income_ _ _
208,232
33,379
Total non-oper.inc.._
$325,126
$145,487
Gross income
33,775,797 $2,961,336
Loss on separately oper.
property (New Iberia
& N RR)
170,822
29,731
Interest on funded debt_ 1,166,679
1.203.830
Int. on unfunded debt
982
668
Miscellaneous charges
9,160
5.313
Total deductions
31,347,644 $1,239,543
Net income
$2,428,153 $1,721,793
Dividend appropriations 1,050,557
889,852
Approp. for investment
in physical property
796.655
594.632
Balance to profit &loss $580,940
$237,309
$2,141,708 $1,008,430
721,033
183.536
11,645
18,825
19,482
36.886
46,811
46,732
36.437
612.389
19,359
$861.946
$891,189
$3,003,655 $1,899.621
53.751
55.556 •
1,114,390
1,060,582
4.923
9,612
42,315
10,829
$1,190,386 $1,161,571
$738,050
31.813.268
297.370
890.848
323.107
694.210
$599,312 def$253,531
a Includes adjustments applicable to the six months ending Aug.31 1920.
B For comparative purposes the entire income for the year 1920 showing
results ifthere had been no change in form ofcontrol during the year is used.
-V. 118, p. 1773.
Chicago & Eastern Illinois Railway.
(2d Annual Report-Year Ended Dec. 31 1923.)
President W. J. Jackson May 7 reports in substance:
Business Conditions.-General business during 1923. with the exception
of coal traffic, was good. This road shared in the general heavy traffic
of miscellaneous freight, but the movement of coal from mines served by it
was a great disappointment. Movement offreight other than coal exceeded
not only 1922 and 1921. but closely approximated 1920, when business was
at its peak. In 1920 coal tonnage represented 57.06% of the total; in 1921.
58.57%:in 1922. 50.77%, and in 1923, 52.12%. It will be noted that the
proportion of coal tonnage to the total in 1923 was only 1.35% greater than
in 1922. when the mines on this road were closed from April to August.
The decrease in the coal tonnage resulted not only in the loss of revenue
from this source, but the purchasing ability of the mining towns was reduced, and shipments did not move to them in as great a volume as heretofore.
Illinois and Indiana coal industry suffered an unprecedented setback in
1923 which approximated a crisis. Many mines in both States were closed
all through the year and of those that remained in operation production
continued on something less than a three-day per week basis-this not
because of any car shortage or transportation disability, but because mine
operators were not able to market the coal In price competition with the
non-union fields of Kentucky and West Virginia. These two States, during tne five-montn shut-down of the union mines in 1922, secured a hold on
the markets ordinarily supplied by Illinois and Indiana, and throughout
1923 held the foothold they had thus gained. Other causes have contributed
to the critical situation in Illinois and Indiana. principally overdevelopment
of coal mining during and immediately following the war. The whole coal
industry is going through a period of readjustment. The very large deposits in Illinois and Indiana, and their close proximity to important
kets, afford reasonable assurance that, after the readjustment, thesemarcoal
fields will regain their former strong position in this highly competitive
industry.
During the year some extension of the traffic solicitation organization was
decided upon in order to offset, as much as possible, losses
coal traffic.
Additional off-line soliciting agencies have recently been in
established at
important points, principally in the South and Southwest.
Revenue. &c.-Pa.ssenger revenue increased 9.8%; passengers carried one
mile increased 9.6%; passenger train miles
revenue per mile of road increased 9.8%. increased 11.9%, and Passenger
The total operating revenues increased 14.9%, and the total operating
expenses 14.9%. The increase in maintenance of way and structures is
principally due to increased charges for maintenance of the joint track between Pena and Granite City, to more maintenance work perfcrmed, and
to increases in rates of pay of approximately 5% The increase in maintenance of equipment expenses was due to deferred maintenance on
account
of the strike of the mechanical crafts during the last six months of 1922 and
to the increased number of freight cars retired. During 1923 a total of
1,091 cars were written out of service as compared with 142 in 1922.
Taxes.-Taxes. both Federal and State, materially increased over the
previous year. and for the past few
the State taxes have increased
alarmingly, with the result that theyears
cost of taxation on the company's
property is becoming very burdensome. Illinois
Indiana, which this
company's lines traverse, are advanced States in and
so far as taxes are concerned, due to the construction of so many
hard roads and the building
of a large number of community high schools.
To illustrate how this
taxation is affecting the company, in 1913 the
accruals were $562,671.
while in 1923 they amounted to 81.581,992, tax
an
increase
of 31.019.321,
or 181%; as compared with the year 1922, there was an increase
of 8.69%.
However, the 1923 figures include lapovers
from 1922, account of the
taxes in that year being under-estimated
amounting
approximately
to
$148,500: eliminating this amount from 1923. the increase
over the year
1913 was 155%. The taxes for
practically all railroads in 1923, as compared with 1913, increased 163%. This very
important matter is being
given extensive publicity by the railroads
but so far the effect
has been negligible, and each year the taxesgenerally,
continue to increase.
Investment in Road and Equipment.-Net additions and betterments to
roadway and structures amounted to $827,203. Net additions and betterments to equipment amounted to $1,729,489.
Indebtedness.-During the year the
long-term debt was reduced by 8619.400 by the purchase of outstanding
of Gen. Mtge, bonds through
the operation of the sinaing fund, and$244,000
payment
the
of $375,400 of matured
equipment obligations.
The payment during the year of 34,718,994, cost of additions and betterments, was temporarily financed by the use of cash and Government seeurities in the treasury. The only additional
securities issued were 5984.900
Prior Lien Mtge.534% bonds, Series Et, which represented slightly less than
90% of the cast of certain new equipment purchased. Those bonds are
still held in the treasury. unpledged.
New Industries.-During the year there was a total of 12 new industries
located on this company's lines, representing
an investment for the industries of $220,500. It is expected that these industries will furnish employment for approximately 200 men and will produce inbound and outbound
traffic of about 1.272 cars annually.
2566
I
TAF CHRONICTM
For,. 118.
This, together with the $14,000,000 already outstanding, will make a total
GENERAL STATISTICS FOR CALENDAR YEARS.
Issue a $26,570,000.
1920.
1922.
1921.
1923.
1,131
of Certificate of Incorporation.-In pursuance of the general
Amendment
945
1,131
945
operated
Miles
reorganization of the company's affairs the certificate of incorporation has
Operationsbeen amended to change the objects stated therein, with a view to giving it
3,530,503 4,520,652 5,432,806 very general and broad powers,including authority to act as financial agent,
3,759.271
Passengers carried
Pass.carried one mlle_ _ _162,599,995 148,323.149 166,433,222 207,377,221 but excluding any authority to operate railroads. This amendment has
2.62 cts. been duly authorized by the stockholders and the amended certificate filed
3.05 cts.
3.09 cts.
3.09 cts.
Rate per pass. per mile
Revenue freight(tons)_ - 14.697.968 11.759.235 12.812,698 17,248,283 at the office of the Secretary of State of New Jersey on Mar. 211924. This
Rev.freight (tons 1 mile)2304816800 1871349,417 1970340.812 2788153,778 proceeding, together with the fact that the company no longer operates any
0.82 eta. railroads, results in the company being no longer subject to the jurisdiction
0.98 cts.
1.03 eta.
0.92 eta.
Rate per ton per mile
of the I.-S. C. Commission, the El Paso & Southwestern RR. now taking
its place as operating and reporting company.
INCOME ACCOUNT FOR CALENDAR YEARS.
Increase of Capital Stock of El Paso & Southwestern RR.-ProceedIngs were
Receivers & Federal-Corporal
taken to increase the stock of the El Paso & Southwestern RR.from an au1920.
1922.
1921.
1923.
Operating Revenue$21,243,932 $18.257,138 $20,282,431 $22,827,420 thorized issue of 520,000,000 to an authorized issue of $50,000,000. and the
Freight
5.029.040 4.580,655 5,051,669 5,435,822 certificate of increase was duly filed by the Arizona Corporation CommisPassenger
1,798,718 b1,610,851 11.462,778 c2,650,692 sion on Dec. 10 1923.
Mail, express, &c
This stock is to be used to exchange for stock of the subsidiary companies
393,514
333,718
282,704
302,269
Other than transport'n
in pursuance to reorganization.
Change in Mortgage.-On Aug.3 1923 the company exchanged 55,055.000
Total oper. revenue__$28,405,408 $24,731,348 $27,099,146 $31,307,448
2,772,461 3,873,651 El Paso & Southwestern RR. bonds dated Jan. I 1923 for the same amount
Maint. of way & struc__ 3.144,876 2.782,201
Maint. of equipment__ _ 8,694,382 6,567,570 8,572.405 10,655.190 of that company's 5% 1st & Ref. Mtge. bonds due 1965. Application is
441,522
539.476
334,186 being made to the New York Stock Exchange for listing these bonds.
508.815
Traffic expenses
10.948,327 10,36.312 11,163.435 13,714.699
Transportation
Dissolution of
-The Dawson El Paso & Southwestern RR.
162,601 and the Texas &Subsidiaries
155,927
128,049
129,706
Misc. operations, &c
Western Telegraph & Telephone Co. have for many years
824,001
792,109
1,023,123 ceased to perform any functions.
838,654
General expenses
They have,therefore, been duly dissolved
and the business has been wound up.
Total oper. expenses__$24,279,112 $21.134,733 $23,944,405 $29,763,451
the
of
Dissolution
Morenci
Ry.-Proceedings were taken for the
Southern
4,126,296
1,543,997
3,596.615
3,154,741
earnings
Net
dissolution of the Morenci Southern By. and the affairs of the com1,125,407 final
1,562,865 1,160,739 1,216,060
Taxes,&c
pany have been wound up and its assets distributed or sold.
Capital Stock Change.-The proposed change of the El Paso & South$418,590
Operating income____ $2,563.430 $2.435,876 $1.938,681
906,099
926,115 2,406:274 western Co. stock of $100 par value to no par value stock was approved by
Hire of equip. (credit)__ 1,058,335
Joint facility rentincome Dr.297,649 Dr.620,505 Dr.711.214 Dr.696,650 the I.-S. C. Commission on July 18 1921. While certificate has been filed
444,931
257,160 with the Secretary of State of New Jersey, no action has been taken as yet
393,789
780,295
Other income
to make the exchange.
113.769,047 $3,115,258 $2,933,878 $2.385,374
Total income
Federal and Guaranty Period Settlements.-Claims for reimbursement of
$2.261,466 $2,297,018
$868,774 deficits during Federal control under Section 204 of the Transportation Act.
$801,272
Interest
7,661 1920,on account of the Morenci Southern Ry.and the Arizona & New Mex6,714
152,720
5,797
Rents
4,596 ico Ry., were filed with the I.-S. C. Commission.
46,729
25,099
9,179
Miscellaneous
The Commission subsequently ruled that short lines were under control
52.460,914 $2,327,914
$881.031 of the Director-General of Railroads until formally relinquished by him in
$817,165
Total charges
1,504,342 the manner provided in the Federal Control Act, and under this ruling ex1,308.133
787,344 a2,116,713
Balance
Inc. applic. to sinking &
cludes the accounts for such period, holding that settlement for same comes
196,171
184,668
other reserve funds_ _ _
under the Federal Control Act and not under the Transportation Act.
x2.947,504 x2,947,504
The Morenci Southern Ry.'a claim as filed covered the whole of the FedAccrued interest not paid
eral period and showed a credit of $826 to the United States. Upon elimiBalance,sur. or def_sur$1,111,962 sur$602,676 def$830,791df$1.443,162 nating accounts from Jan. 1 1918 to June 25 1918 (date relinquished by the
Director-General), it showed a credit of $7,127 to the carrier, which amount
a Includes $119,976 Federal lap-over charges which were excluded before was tendered it by the Commission and accepted in full settlement, check
transferring to profit and loss. bIncludes 596,185 additional mail revenue being received on Dec. 121923.
earned in prior years. c Includes $599,319 additional mall revenue earned
The Arizona & New Mexico Ry.'s claim as filed covered the whole of the
during Federal control period. x The accrued interest not paid, aggregating Federal period, and amounted to $68,379. After eliminating accounts from
$2,947.504 for years 1920 and 1921, includes the following items, viz.: Jan. 1 1918 to July 5 1918 (date relinquished by the Director-General), and
Ref.& Impt. Mtge.4s.$639,840; Gen. Consol.& First Mtge. 55.$1,067.150: making certain accounting corrections favorable to the carrier, the ComChicago & Indiana Coal By. 1st Mtge. 5s. $231,300; Evansville & Terre mission offered the sum of $86,743 in settlement, which amount was subHaute RR.Co. Ref. Mtge. 5s, $56.707; Evansville & Terre Haute RR. Co. sequently accepted and check in payment received April 12 1924.
Claim under Section 209 of the Transportation Act, 1920, known as
1st Consol. Mtge.5s,$157,250; Evansville & Terre Haute RR.Co., Sullivan
County Coal Branch, Mtge. 5s. $22.500: and miscellaneous, including in- "Guaranty Period Claims," on account of the Morenci Southern Ry., was
filed with the Commission in 1922, in the amount of $19,281. The Comterest on receiver's certificates, $750,256.
mission made an accounting adjustment and tendered $19,381 in settlement,
CONDENSED GENERAL BALANCE SHEET. •
which was accepted and check received Nov. 24 1923.
Claim under Section 209, on account of the Arizona & New Mexico By,
1923.174,1922.
1922.
1923.
was filed with the Commission in 1921, but restated and filed in 1922, in
Liabilities•$
Assetsthe sum of 5174.574. Of this amount $150,000 was received on account in
23,845,300
_23,845,300
Common
79,731,781
stock_
Inv.lord.& equIp.82,288,472
Preferred stock_ _ _22,046,100 22,046,100 1921.
Impta. on leased
The Commission recently offered the amount of $13,191 in final settle23,818 Funded debt un24,482
property
ment of this claim, and acceptance for the company was forwarded to the
43,318,536 43,937,936 Bureau of
75 mattired
34
Sinking funds_ _
Finance, Inter-State Commerce Commission, on April go 1924.
Traffic & car sem
Deposits In lieu of
at an early date.
377,139 Check for this amount should be received
72,659
balances payable 446,424
26,165
mortgagedeprop.
Federal
Valuation.
-Changes have been received from the Bureau of ValMisc. phys. prop 1,206,901 1,236,592 Audited accts. and
uation affecting the preliminary engineering and land reports, and revised
wages payable 1,784,626 2,060,060 tentative
Inv.In affil. cos.:
figure to date, exclusive of the Arizona & New Mexico Ry., are
321,631
336,700
1,263,000 1,263,000 Misc. accts. pay
Stocks
as follows: Cost of production new, $39,155,749; cost of reproduction, less
1,474,000 1,447,000 Interest matured
Bonds
$31,099,489; carrier lands, water rights, &c., $4,607,881;
depreciation,
54,852
41,337
1,068,703 1,025,460 unpaid
Advances
non-carrier lands. $589,919; cost of reproduction new plus lands, U4,353.Unmatured interSecs.las., purch.In
447,441 549.
est accrued
438,073
anticlp. of skid.
Cost of reproduction new was decreased $1,134,369 and reproduction less
49,404 Unmatured rents
22,749
requirements_ _ _
193,268 depreciation $851,622.
207,109
Other investments. 3,206,935 5,168,371 accrued
revisions made by the Bureau of Valuation in price allowance
Downward
1,069,708
1,665,290
Other
current liaCash
166,401 on grading, ties, and rail account for greater part of the reduction. Revised
2,500 bilities....._
2,500
83,629
Dem'd loans & dep.
87,734 prices have been accepted by the chief engineer as reasonable and fair.
75,603
161,307 Deferred liabilities
49,899
Special deposits_ _ _
Carrier lands were increased in value $942,175 and non-carrier $18,788.
Tax liability
1,394,572 1,146,946 Increase
Loans & bills rec._
6,058
in carrier lands represents valuation fixed by the Bureau of ValuaTraffic & car serv.
Insurance & casuon water rights owned and used by the properties for railroad purposes,
tion
18,295
852,323
768,482
alty
reedy_
20,009
balances
reserves.. _
and Eagle Creeks, Lincoln County, N. M., $913,800; SacraBonito
viz.:
20,510
Operating reserves
20,510
Net bal. rec. due
mento River, Orogrande, Otero County, N. M.. $46,315; Sauz Creek, Ab416,026 Accrued depreciafr. agta.& cond_ 398,160
County,
N. M., $3,510.
Mora
bott,
545,926
877,317 tion, equipment. 1,052,840
Misc.accts.reedy. 903,645
Company has expended to date on account of Federal valuation the sum
Materials & supp- 2,692,048 2,293,883 Other unadjustable
valuations have not as yet been served.
Tentative
28.
$56,070
of
471.760
29,697
56,546 credits
Int.& dive. receiv _
500,268
Arizona & New Mexico By., which is being valued separately, was served
9,304
14,362 Add'ns to property
Rents receivable
in Oct. 1922 with a tentative valuation of $4,223,928. which includes $223,245,916 through income
Other curr. assets_ 123,793
17,819 928 for working capital and material and supplies. Protest was filed by
25,893
24,684 and surplus....
Working fund adv.
47,935
303,001 the carrier and a valuation of $5,234,176 claimed therein. Figures shown
76,572
82.667 Sink,fund reserves 499,172
Other derd assets_
In preliminary engineering and land reports are as follows: Cost of reproInsurance
Rents &
Appropriated surduction new. $4.373,691; cost of reproduction less depreciation. $3,740,522:
11.628
10,342
86,961
prems. prepaid_
plus notInvested
522,211 carrier lands, $159.863; non-carrier lands. $10,980; cost of reproduction new
458,587 Profit & logs-bal. 1,636,753
0th.unlit!). debits. 448,048
plus lands. 54,544.534.
97,882,459 96,584,330 Total
Recovery Under Section 15a, Inter-State Commerce Act.-Company has as
97,882,459 96,584,330
Total
yet shown no excess earnings to be recovered by the Government under
-V.118, p. 2436.
Section 15a of the Inter-State Commerce Act. No final rules or regulations.
however, for ascertaining the earnings subject to the Act have been issued
by the Government, and until such rules and regulations have been fixed
El Paso & Southwestern Company.
the exact status of the company cannot be determined; but it is not believed
that any substantial amount will be subject to recovery.
(10th Annual Report-Year Ended Dec. 31 1923.)
OPERATING STATISTICS FOR CALENDAR YEARS.
Pres.T. M.Schumacher,New York, May 1, wrote inbrieN
1920.
1921.
1922.
1923.
2,469,474 4,692.401
General Consolidation.-During 1923 application was made to the 1.-9. 0. Revenue freight, tons...,. 4.121,354 3,393,712
Rev.freight 1 mile, tons.762.328,311 642,416.129 501,163.146 878,102,702
•Commission for a general operating and financial reorganization of the co.
1.28 cts.
1.59 cts.
1.37 cts.
As to the operating reorganization, the I.S. C. Commission, by its order Avg°.rev, per ton per m. 1.30 cts.
V. 118, p. 908) authorized the cancellation of Passengers carried
496,845
347,657
254,947
245,341
dated Dec. 26 1923 (compare
between the El Paso & Southwestern Co. and the Pass. carried one mile--- 52,939.119 48,389,709 56,229,726 76,950,286
the operating leases
3.51 cts.
4.04 cta.
3.94 cts.
3.90 cts.
Eastern Division companies, viz.: Dawson Ry., El Paso & Northeastern Av.rev, per pass. per m_
Ry., El Paso & Rock Island Ry., Alamogordo & Sacramento Mountain Ry.•, INCOME ACCOUNT FOR CAL. YEARS [Federal and Corporate Combined].
leases of these companies and the El Paso
and the making of new operating
1920.
1921.
The I.-S. C. Commission also authorized the El
1922.
1923.
& Southwestern RR. RR.
1.028
1,028
to lease and operate the two Texas companies, Mileage
1,139
1.139
Paso & Southwestern
59,886.189 38,782,801 $7,946,710 $11,212,405
viz., El Paso & Northeastern RR. (of Texas), and the El Paso & South- Freight revenue
2.705.267
2.270,721
1,905,895
Passenger
Texas).
revenue
2,064,509
western RR. (of Southwestern RR. had
731.963
523,003
536.079
already been operating the Burro Mail. express. &c
521,995
The El Paso &
222.978
169.652
Arizona & New Mexico Ry. under lease. This Incidental revenue
159,412
171,633
Mountain RR. and the operation
all
of
the railroad properties of the sysresults, therefore, in the
Operating revenues--412,844,328 $11,384,185 $10,910,087 514.872,614
& Southwestern RR.
tem by the El Paso
therefore, has retired from railroad operations and its Maint. of way & struc
52.320,480 $1,817,892 51,920,360 52.835,948
The company,amended
so as to omit the right to operate railroads.
1,882,164 2,236,117 2.843,758
Maint. of equipment
2,513,593
charter has been
241.017
330.605
the
reorganization,
354,066
I.
order,
-S.
Traffic
C.
its
by
433,173
financial
expenses
Commission,
As to the
3,299,908 4,219.057
3,006,954
Southwestern
&
RR.either direct or through the Transportation expenses 3,468,262
has authorized the El Pasorefund
109,130
122,194
by
97,586
exchange
of
13onds
its
Mtge.
Ref.
&
Miscellaneous
1st
to
operations
company
110,070
the
of
agency
594,000
543.957
582.492
501.812
par for par: $3,000,000 Dawson By. bonds; $2,700,000 El Paso & North- General expenses
Cr.69,447
387
eastern By. bonds, $2,500.000 El Paso & Rock Island By. bonds. $372,000 Transport'n for invest't_
Mountain Ry. bonds, and $1,294,000 Arizona
Alamogordo & Sacramento making
$8,420,674
310,806,319
57.741,154
a
total
of
Operating
tobonds,
expenses_ _ _ $9,347,391
$9,866,000 bonds which,
& New Mexico By.
2,489.413 4.066,295
3,643.031
Net revenue
3,296,937
gether with the $5.055,000 bonds already outstanding, makes a total au- Railway
1,083,644
980.264
1.252,953
1,109,628
tax accruals_ thorized issue of bonds under the El Paso & Southwestern RR. 1st & Ref. Uncollectible
2.629
741
843
4,506
railway rev
Mtge. of $14,921,000.
also
of
stock
authorized
the
Commission
the
of
purchase
The order of the
51,403,141
5,2812,601
112,661,924
the
of
By.,
following
par,
Dawson
Railway
$2,182,803
properties:
oper.income_
the subsidiaries, par for
Rock Island By., $2,500,000; Alamogordo & Sacra- Net hire of equipment-Dr.120,441 Dr.77.439 Dr.129,711 Cr.152,418
$3,000,000; El Paso & $900,000;
El Paso & Northeastern By. $2,700,000; Net joint facilities
Dr.83.288 Dr.99,339 Dr.107,741 Dr.73.739
mento Mountain By.,
Cr.6.218 Cr.10,623 Cr.18,726
Arizona & New Mexico By., $2.- Net miscell. income_ _ - Cr.21,961
El Paso & Northeastern RR- $300,000;
making
$400;
RR.,
total
a
of
Dar
512.670.000
Mountain
770.000; Burro
S1.176 313 itp.oin onq
52.491.364
Net
$2,001,035
railway oper. Inc,value.
MAY 24 1924.]
THE CHRONICLE
The corporate income account was given in V. 118, p. 2303.
BALANCE SHEET DECEMBER 31.
1923.
A ssetsInv. in road & eq_a7,437,895
Inv. in MM.cos.:
27.109,840
Stocks
6,410,939
Bonds
69,000
Notes
5,537,130
Advances
Other investments. 1,227,063
1,495,361
Cash
156,878
Special deposits__ _
Tmf.,&c.,bal. rec. 307,364
Bal.from agents &
222.174
conductors
Misc.accts.receiv. 1,046,067
Materials & tamp_ 1,740,308
63,187
Int. & div. reedy_
61,928
Other curr. assets_
3,081
Work, fund adv_ _
Other def'd assets_
Unadjusted debits. 465,341
Total
1922.
1923.
Liabilities$
25,000,000
7.415,448 Capital stock
Traffic & car serv.
27,859,840
balance payable. 381,064
6.410,940 Audited acc'ts and
69,000
wages payable__ 1,310,099
5,302,207 Misc. accts. payle 4,666,913
1.026,814 Divs. mat'd unpaid 437,500
1,756,655 Liability or provi120,340
20,065
dent funds
374,651 Other deferred lia4,662
bilities
203,142 Tax liability
315,739
1,015,447 Accrued deprecia1,478,556
Bon,equipment. 2,982,693
126,375 Other unadj. cred_ 1,568,106
61,411 Appropr. surplus
3,044
not specifically
6,205,258
855
invested
480.899 Profit and loss_ __ _10,461,457
53,353,556 53,705,623
Total
1922.
25,000,000
415,891
1,265,119
4,785,094
375,000
20,271
24,900
382,049
2,659,123
1,670,437
6,205,258
10,902,479
53,353,556 53,705,623
a This item represents El Paso & Southwestern Co.only.-V.118. p.2437.
Duluth Missabe & Northern Ry. (U. S. Steel Corp.).
(Report for Fiscal Year Ended Dec. 31 1923.)
STATISTICS FOR CALENDAR YEARS.
1923.
1920.
1922.
1921.
FreightIron ore (gross tons)_ _ _ _ 22,043,456 13,870,642 9,641,890 17,097.610
1,385,527 2,269,686
Miscell. freight (tons)- _ 2,009,524
1,440,410
All frt. 1 mile (net tons)-1838289870 1194981781 872.268,065 1479439901
S0.8073
$0.7522
$0.7835
$0.8758
Aver, revenue per ton1.22 cts.
1.17 eta.
1.09 cts.
1.11 cts.
Aver,rev, per ton per m_
$18.86
$18.96
$18.83
$17.27
Aver,rev, per tr. mile-Passenger148,791
343,310
421.964
257,686
Passengers carried
Pass. carried one mile_ _ _ 6,094,708 12,180,041 16,855,441 21,064,631
$1.4392
$1.4818
$1.7294
$1.6336
Aver,revenue per pass_ _
2.97 cts.
3.52 cts.
3.46 cts.
Av.rev. per pass. p. mile 3.51 cts.
$1.95
$0.86
$1.86
$1.39
Av. pass. rev, per tr. m_
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1922.
Operating Revenues1923.
Freight-Iron ore
$18,157,851 $11,768,196 $9,116.531
1,554,702
1,532,764
1,925,603
Freight-Miscellaneous
593,717
420,958
214,141
Passenger
306,453
318,968
405.401
Mail,express, &c
803,545
935,925
Incidental & Joint facility
1,550.558
Total operating revenues
$22,253,554 $14,976,811 $12,374,949
Operating ExpensesMaintenance of way and structures $2,013,573 $1,899,053 $1,985,713
Maintenance of equipment
1,855,429
2,331,335
1.955,318
Traffic
39,374
37,927
38,667
Transportation
4,428,157 3,494,403 3,044,870
' 13,487
Miscellaneous operations
20,541
21,109
General expenses
271,820
244,129
265,936
Total operating expenses
$9,097,748 $7,551,484 $7,311,611
Net revenue from railway operations_$13,155,806 $7,425,328 $5,063,338
Railway tax accruals, &c
2.479.572
876.729
1,380,761
Total operating income
Total non-operating income
$10,676,232 $6.548,599 $3,682.576
647,892
529,785
402,092
Gross income
$11,324,124 $7,078,384 $1.084,668
Hire of equipment (net)
616
16,276
3.974
Joint facility, leased roads, &c., rent282,515
264,930
247,954
Int. on funded and unfunded debt_ _ _
448,651
471,483
508,635
Miscellaneous income charges
396,357
253.395
577,686
Total deductions
$1,128,140 $1,006,083 $1.338,249
Net income
10,195,983 6,072,300 2,746,419
Dividends paid
4,112,500 3,084,375 3,084,375
Balance, surplus
$6,083,483 $2,987,925 def$337,956
GENERAL BALANCE SHEET DECEMBER 31.
1922.
1923.
Audi$
Road & equipm't-44,038,427 43,168,578
Misc. phys. prop- 297.335
297.799
Liberty bonds__ _ _ 3,177,804 3,191,375
Trustees of bond
sinking fund... e129,883
117,753
Cash
3 345,016 3,219,314
Special deposits_
233,700
220,125
Traffic, &c., balances
13,296
7,577
Miscell. accounts
receivable
18,182,003 12,108,919
Agents & conductors
37,607
47,100
Materials and supplies
1,291,211
836,987
Other assets
83,985
84,058
Insurance & other
funds
455,235
453,120
U. S. Government
deferred assets_
357
-Total
71,271,929 63,766.640
1923.
Liabilities$
Capital stock
4,112,500
Gen. mtge. bonds_ 8,794,000
Acc'ts & pay-rolls. 418,733
Misc. acc'ts pay'le 133,277
Traffic, &c., bale_
75,567
interest matured.. 220,125
Other cur.'Jahns_ _
71,437
Other def'd liabils_
28,623
Accrued tax iiablls. 2,248,496
Premium on bonds
4,476
Insur. fund reserve 433,832
Other unadi.sects 3,377,976
EQUIP. and docks
depreciation_ _ _ _ 8,063,051
Amortization rune 5,743,701
Surplus invested in
sinking fund b_ _ 2,208,032
Approp'd surplus_11,773,325
Profit and loss_ _ _ _23,564,778
Total
1922.
4,112,500
9,312,000
342,906
157,941
107,655
233,700
7,943
55.687
1,331,181
4,739
404,376
3,377,973
7,435,237
5,356,265
2,208,032
12,236,301
17,082,205
71,271,929 63,706,640
a Represents 85,178,000 par value of company's own bonds redeemed with
sinking fund, but held by trustees, pot treated as an asset. b Being net
Income appropriated for payment of bond sinking funds.-V. 116, p. 2763.
Wickwire-Spencer Steel Corporation.
(4th Annual Report-Year Ended Dec. 31 1923.)
President T. H. Wickwire Jr. says in substance:
The results for 1923 show a decided improvement over the past two years.
During the first six months of 1923 the company earned substantial profits.
In the last six months the sales decreased, with a resulting decrease in earning.s Fluctuations in the business of the company during the year 1923
folloWed closely the trend of general industrial 13usiness.
The wisdom of purchasing the American Wire Fabrics Corp. in 1922 was
demonstrated, as this subsidiary enjoyed the most prosperous year in
Its history.
The iron ore mining companies in which the company has substantial
interests produced ore during 1923 at the largest margins between cost and
market prices of any period in their histories.
As a result of the industrial depression of 1921 and 1922, the company
suffered large losses. These losses, combined with the company's required
expenditures for sinking funds and similar necessary capital payments seriously impaired the company's working capital and left a working capital
insufficient to carry on the increased business which followed the depression.
The company's financial situation became acute in the latter part of 1923.
The banks, however, at that time extended their loans in order that all
interested parties might endeavor to work out a plan which would solve
the company's financial difficulties.
An adjustment of the company's financial structure is necessary, which
will provide it with an additional working capital, which will, if possible,
relieve it for a time of certain burdensome capital payments, and which
will thus enable it to conduct its business free from the embarrassments
which have hampered it the past two years. It is hoped that a plan which
will meet this situation may be presented to the stockholders shortly.
There is every reason to believe that the business of the company is essentially sound and that it has a very large potential earning power which can
be realized if the stockholders and creditors will co-operate in such a plan.
2567
COMBINED INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1923.
1921.
1920.
Netsales
$27,548,267 $18,543.533 $12,153,551 $32,623,894
Cost of sales exp., &c 24,707,736 17,033,827 12.815,812 28,269,646
Net operating income_ $2,840,531 $1,509,706 def$662,261 $4,354,248
Miscellaneous income__ _
214,907
138,381
77,891
152,490
Total income
$2,993,021 $1,724,613 defS523,880 $4,432,139
Depreciation
$425,200
$394,884
$795,980
$643,886
Bond interest
953,084
1,130,076
917,190
879.550
Taxes
382,590
Inventory adjustment_
441,406
1,050,040
Miscellaneous charges
1,086,392 1.186,303
956.582
813,957
Net income
$351,353 def$809,658def$3,635,040
$662,116
Preferred dividends_ _
380,543
656,925
Net income
$351,353 def$809,658def$4015.583
$5,191
CONSOLIDATED BALANCE SHEET DEC. 31.
1923.
Assets
-s
Real estate, mach.
ext.,less deprec _23,490,123
Organization exp.,
patents, &c__
2,001,273
Cash
305,276
Notes & trade acceptances reedy. 275,909
Accts.receivable_ _ 1,868,346
Mdse.Inventory_ 8,488,785
U. S. Govt. mew_
98,604
Miscell, notes and
accts. receivable 134,007
Invest,in and adv.
to affiliated cos. 832,204
Miscell. investmla
31,915
Deferred charges.._
594,223
1922.
$
23,305,879
2,393,439
777.944
99,643
2,691,707
8,165,540
148,666
1923.
$
Liabilities8% 1st Pref. stock 7,681,700
Common stock_ _ _x5,855,489
Funded debt
15,909.500
Notes payable
4,198,287
Accept. payable__ 1.080,000
Accts. payable.... 978,738
Ore cont. pay__ _ _ 480,920
Accrued accounts_ 289,999
Real estate mtgee_
23,000
Deferred liabilities 1,600,000
Reserve for coating.
23,031
1922.
$
7,681.700
5,725,243
16.503,000
5,219,161
1,460,335
641,575
244,718
34,500
1,800,000
46,451
354,910
925,935
35,617
457,399
Total
Total33,120,668
38,120.668 39,356,684
39,356,684
x Represented by 434,800 shares of no par value -V. DS, p. 2329.
Westinghouse Electric & Manufacturing Co.
(Annual Report-Year Ended March 31 1924.)
The remarks of Chairman Guy E. Tripp, together with a
comparative statement of earnings for the years 1919 to 1924
and the balance sheet as of March 31 1924, are given under
"Reports and Documents" on a subsequent page.
CONSOLIDATED RESULTS FOR YEARS ENDED MARCH 31.
[Including Proprietary Companies.]
1923-24.
1922-23.
1921-22.
1920-21.
Sales billed
a Cost of sales
154,412,918 125,166,115 99,722,026 150,980,106
137,006,280 111,648,077 93,461,846 138,774.084
Net mfg. profit
17,406,638 13,518,039
Interest and discount_ _ _
813,967
599.181
Int. and div. received
522,470
650,665
6,260,180 12,206,021
1,831,079 a3,078,735
842,730
600,728
Total income
18,743,076 14,767,884
DeductionsInterest on bonds, &c_ _ _ 2.617,774 2,504,399
Miscellaneous (net)79,016
48,529
319,896
Preferred dividends(8%)
319,896
Common dividends(8%) 6,833,759
5,665,003
3,096,600
3,267.950
319,896
5,664,999
319.896
5,664.998
8,933,989 15,885.486
Total deductions
9.850.445 8,537,827 9,081.495 9.252,844
Balance, surplus
8.892,631
6,230,058 def.147,506 6,632,642
Previous surplus
48,554,143 42,324,085 42,265.280 43,435,763
Exp.re-issue of 10-yr.bds.
2,803,125
Contingency reserve... _ _
5,000.000
Stock dividend (10%)-. 10,773,000
Adjustments, &c__ -dr. b1,087,055
Cr:206,311
Profit and loss,surplus 45,586.718 48,554,143 42,324,085 42,265,280
a Includes factory cost, embracing all expenditures for patterns, dies,
new small tools and other betterments and extensions, depreciations of
property and plant, inventory adjustments and depreciation and all selling,
administration, general and development expenses, and all taxes.
b Adjustment in the book value of European securities owned.
CONSOLIDATED BALANCE SHEET MARCH 31.
1924.
1923.
AssetsProperty dr plant_57,363,790 50,055,473
Investments
14.885,244 16,174,468
U. S. securities
50,800
Cash
10,923,800 7,797,890
Subscrip. to corn.
stk. & stk, held
for empl.subscr.19.528,706
Cash for redemp,
certifs., bonds
notes & for int.
60.633
52,169
and dividends__
Notes receivable_ 8,730,676 6,808,497
\Accts.receivable_ _33,111,004 23.204,843
x80,863,048 68,971,104
Inventories
Patents, charters
and franchises.... 4,482,177 4,494,402
Insurance, taxes,
&c., prepaid... 1,489,480 1,080,444
Total
231,430,092178,698,554
1924.
1923.
Preferred stock .. _ 3,998,700 3,998,700
Common stock_ _114,504,450 70,813,950
Fund. debt (Westing. Mach. Co.) 6,179,000 6,179.000
7% gold bonds_ _ _30,000,000 30,000,000
5% bonds
63,000
68,000
Notes payable
_ 4.900,000
Subscrip. to cap'l
stock-empl__
553,850
Unpaid bonds and
int, and dive_ _ _
52,166
Accts. payable...... 7.948,178 8,221,044
Interest, taxes, &c.,
accr., not due_ _ 4,035,826 4.518,763
Dividends accrued 1,795.503 1,496,253
Adv. pay. on cont_ 5,617,805 2,160,333
Mat. bds., coup'ns
60,633
and dividends
827,085
150,000
Sub, to secur
5,367,810 2,477,737
Reserve
Profit and loss_ -45,586,718 48.554.142
Total
231,430,092178,698,554
x Valued at cost or market values.-V. 118. p. 2457.
Alabama Traction Light & Power Co., Ltd.
(11th Annual Report-Year Ended Dec. 311923.)
Pres. Thos. W. Martin, Montreal, March 15, wrote
in substance.
Results.-The gross income received by the company during the year from
its investment in the securities of its subsidiary companies,including interest
received on bank balances and interest from other sources, was.. $1,425,943
Less-General administration expenses and taxes
58,925
Income before bond interest
$1.367,018
Interest paid on $13,668,900 5% 1st Mtge. Gold bonds
"
$683.445
54,938
Reserve for amortization bond discount & expense for year......
Payment of dividend on 6% Pref. stock outstanding
86,151
Net income (subject to provision for income tax 1923) after
interest charges on bonds & divs, paid on 6% Prof. stock- _ - - $6542,484
Of the total amount of $480,000 dividend warrants issued as at Dec. 31
1922 in settlement of the arrears of dividends accrued upon the Preferred
stock to that date, warrants to the extent of $435,900 have been surrendered
and cancelled in exchange for the issue of Pref. stock of that par value.
(For details regarding Alabama Power Co. see that company's report
elsewhere.]
STATISTICS FOR CALENDAR YEARS.
1921.
1923.
1920.
1922.
Energy generated, kwh -763.000,000 607,000,000 433.000.000 488,100,00
Maximum sta'n load, kw
115,500
178,200
153,100
97,900
0
2568
THE CHRONICLE
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
(Inc. Ala. Tr., Lt. & P. Co., Ltd., and Sub. Co., with Interco. Balances Elim.)
1920.
1921.
1922.
1923.
Net operating revenue-- $7,863,294 $5,766.959 $4,515,919 $4,149,233
2,160,248
2.166,967
2.887.097
4,278,222
Operating expenses
Net operating income_ $3,585,071 $2,879.863 $2,348,952 $1.988.985
112,777
158.733
88.692
481,344
Other income
$4.066,415 53.038.593 $2,437,644 52,116,021
Gross income
1,351.121
1,471,654
1,744.562
2,150.242
Interest paid
Less-Portion of int. chg.
433,802
397,494
to capital account_ _ _ _
Total int. charges(net) 31,752,748 $1,310,760 $1.471.654 $1,351,121
$764,900
$965,990
$2,313,667 51.727,835
Inc. after interest
234,332
317,397
333,910
312,736
Amort. of bond disc., &c
262,201
204.599
200,868
420,197
Depreciation reserve_ _ _
14,259
101,917
349,269
262.714
Government rentals_ _ _ _
72,733
72,606
233.891
Miscellaneous
9,664
35,136
86,151
75,926
Dividends
$244,444
3221,426
$708,037
$997,977
Balance, surplus
BALANCE SHEET DECEMBER 31 1923.
•
Liabilities-Assets$1.435.900
Inv. in sec. of sub. cos-333.706.698 Preferred stock
17.000,000
stock
Common
18,866
banks
Cash in
13,668.900
Funded debt
Cash on deposit with
44,100
13,784 Dividend warrants
fiscal agents
120,239
428,117 Notes & accts. payable..Matured int. receivable_
43,077
Pref. div.. payable Jan
Accounts receivable from
13,784
222,795 Interest coupons unpaid_
subsidiary companies_
75
.
Unclaimed dividends_ _ _ _
Unamortized bond dis341.167
875,546 Accts. pay. to sub. cos_ _
count & expense. &c
Bond int.accr.but not due
227.815
53,307
Reserve for contingencies
857,742
Sulpha-Company
do Sub. companies... 1,459,697
$335,265,805
Total (each side)
-v. 116, p. 2385.
Alabama Power Company.
(Annual Report-Year Ended Dec. 31 1923.)
President Thos. W. Martin writes in substance:
General.-The year 1923 has'witnessed a greater growth of the company's
operations than any similar period in its history. Company acquired a
number of plants and properties and completed the construction of the
Mitchell dam and power plant and other additions and extensions, all of
which, in response to the public demand, have substantially increased the
field served by it; among the more important. operating properties acquired
being the electric, gas and street railway utilities serving the cities of Montgomery and Tuscaloosa and their vicinities, and the machinery and equipment which the Government had installed in the Gorges steam plant of the
company.
for electric energy throughout the territory served by the
The
company continued its remarkable growth, and to meet these demands
company completed the initial installation of three generating units at the
Mitchell power plant on the Coosa River, and began construction of three
additional power plants on the Tallapoosa River, the largest being at Cherokee Bluffs.
Company proposes to impound the flood waters at Cherokee Bluffs to
be released in times of low water flow at its power plants on other streams.
Down stream from Cherokee Bluffs company acquired in the purchase of
the Montgomery properties a site at Upper Tallassee. Further down stream
company also acquired the right at Tallassee Mills to develop power for
public use over and above that now available and used by the mills; additional power being possible of development at both sides by the use of the
stored waters at Cherokee Bluffs.
Pending the completion of the storage development upstream, company
is proceeding to install power equipment at each place. amounting to 16.000
h. n., which will be increased upon the completion of the Cherokee Bluffs
and other proposed developments upstream, the details of which are sot
out later.
Financing.-The unprecedented expansion and growth of the company
during the year made necessary an expenditure of 315.921.539 for the Purchase and construction of additional properties, and the assumption of
divisional bonds on property purchased aggregating $2,211,800, of which
51,274.400 were subsequently retired.
The proceeds from the sale of company's securities aggregated $16.501.885, of which amount 83,978.385 was obtained from the sale of Preferred
stock and the balance from the sale of $13.700,000 1st Mtge. Lien & Ref.
Gold bonds due 1951: $4,700,000 being of the 5% series and $9,000,000 of
the 6% series.
A large majority of the shares of Preferred stock are held by more than
7,000 stockholders within the State of Alabama. In addition to its Preferred stock, there is held in the State a large volume of company's bonds
and of the Common stock of the Alabama Traction, Light & Power Co.;
so it is estimated that there are now held more than $12,000,000 of company's
securities by residents of Alabama.
Operations.-The field served by the company is greater than ever before, and many additional cities, towns and industries of the State continue
to make application for its electric service. Company now ranks 12th or
13th in the United States among the central station companies in the total
output of energy and the maximum demand.
The output of energy for the year 1922 was 607,133,242 kilowatt hours,
In
as compared with 763,260.963 kilowatt hours for the year Just ended. and
Dec. 1922 the maximum demand was 205,000 h. p. (153,100 kilowatts), of
percentage
in Nov. 1923 was 238,000 h. p. (178.200 kilowatts). The
Increase was, therefore, 26% in the amount of energy output, and 16% in
demand.
At the close of the year there were 34.700 retail electric customers served
of
directly from company's system, compared with 19,591 at the beginning
additional
the year, an increase of 77%. In addition, more than 30,000
customers were being served at the end of the year by other utilities, making
65,1,00 customersdirectly and indirectly. During
and
approximately
e year contracts or a total. of 40,000 h. p. were signed by wholesale
The total connected load of the system at Dec. 31
customers.
retail power
p.
was approximately 460.000 h.plant of
the company. together with certain
Taxes.-The Lock 12 hydro
connection with that development. were by
other properties constructed intaxation
for ten years, which period expired
law of the State exempt from
therefore, on this part of the company's
in Oct. 1922. The first assessment,
is
It
interesting to note that the total amount
property was made in 1923.
company and its
of State, county and city taxes and licenses paid by the$158,941
in 1922
was
$527,169,
compared with
subsidiaries during 1923
and 370.174 in 1921.
to
the
past
-Throughout
year
has
company
responded
Industries.
New
power from existing plants, and in addition has
every demand for additional
of bringing new industries to Alabama.
policy
aggressive
an
out
carried
which has proven very successful.
company connected to its lines by direct
A summary shows that last year
made available from company's system in
power service and by the power
Birmingham, a total of 85 new industries,
the utilities it served, suchInasaddition
to this, 31 of the existing industries
representing 26,000 h. p.
their power requirements by 22,000 h. p.
increased
already taking service
h. p. for industrial purposes which has been
This makes a total of 48.000
the past year because of the many
connected to company's lines during
from company's system.
advantages of obtaining power company
acquired' the entire electric, gas
Acquisttions.-In Feb. 1923
properties serving this district, thereby adding
and street railway utility
retail electric customers, 2,928 gas cus8,971
company
of
operations
to the
railway, carrying 7.500,000 passengers annutomers and 34 miles of street
also took over the site of an important
ally. In this acquisition company
Tallapoosa
River near Tallassee, although the
the
on
hydro development
when acquired. Company began the
condition
Plant was not in operating
a dam at this site.
construction during the year of
30 miles in
transmission line
There was also included a mentioned to theapproximately
City of Montgomery, and
site
length extending from theapproximately
30 miles in length extending from
line
transmission
another
system at Vida to the City of Montgoma point on company's transmission
Montgomery properties with the existing sysery. thereby connecting the
tem of the company.
[VOL. 118.
In Nov. the electric, gas and street railway utility properties serving the
City of Tuscaloosa and its vicinity were also acquired, which added to
company's system 2.459 retail electric customers, 821 gas customers and
15 miles of street and interurban railway.
During the year several aeditional lighting systems were acquired or
constructed, serving the cities and towns of Dadeville, Warrior, Childersburg, Union Springs, Wetumpka, Waverly, Russellville, Centerville, Brent,
Prattville, Albertville and Boaz, located in different parts of the State.
making a total of 83 cities and towns now served directly or indirectly by
the company.
These communities, together with Guntersville and Marion, were connected by transmission lines with the company's hydro-electric system. In
all of the communities where lighting service existed, the rates, where in
excess of the standard rates of the company, were immediately reduced to
that level, amounting in many cases to reductions of 30 to 60%, and in all
of them immediate steps were taken to repair and rebuild the systems to
give the best class of service.
Gorges Reserve Steam Plant.-Company in 1916 acquired the site at Gorges on the Warrior River on which it later erected a reserve steam plant.
referred to as the Warrior or the Gorgas plant. Provision was made for
several units to provide a total ultimate installation of at least 100,000 h.p.
to meet future power needs of its customers, including water intake and discharge facilities, buildings, foundations, camps, railroad tracks, docks and
ash-handling facilities, and it was recognized that these reserve facilities
would be required to enable the company to supply the increased electric
service in the natural course of public demand. An initial unit of 30,000
h.,2. was installed and completed by the company prior to the war in 1917.
he natural development of the Gorges plant was interrupted bk the war.
Company was requested by the Government in 1917 to aid in supplying
power at the nitrate plants to be erected at. Muscle Shoals, 90 miles-distant
from Gorges. The amount of power desired by the Government was hi
excess of the available capacity of the company's system. However, a
contract was made with the United States by which the United States made
use of the company's lands, foundations and various facilities held in reserve, and installed certain additional machinery and equipment in the
company's existing plant to enable the Government quickly to obtain the
power desired at Muscle Shoals for the nitrate plants. Under the contract
the company was required to purchase,at its own expense,certain additional
rights-of-way between Gorges and Sheffield and to permit the United States
to make immediate use of a total of 90 miles of rights-of-way of company
and to erect thereon a transmission line from Gorges to Muscle Shoals.
The terms of the contract, however, expressed the understanding of the
United States and the company that in due course the entire plant site would
be required in the service of the public in Alabama and that after the war the
additional equipment installed by the Government would be purchased
by the company on the basis of its fair value.
The anticipated demands of the company'spublic service in Alabama
long since required the use of all its reserve facilities at Gorges. Temporarily this demand was supplied by the use of the Government structures at
Gorges, for which the company paid the Government rental from year to
year. But this expedient being insufficient, on account of the increasing
demand for service, company found It necessary to further enlarge the plant.
and thereupon gave notice to the Government on April 14 1923 that It desired to purchase its interest in the plant in accordance with the contract.
Within the 6 months period fixed in the contract the United States elected
to sell its interest to company and the same was purchased at the price of
33,472,487, paid to the United States by company in cash, being the fair
value as fixed by the Secretary of War; and a deed was executed and delivered to company on Sept. 24 1923 by the United States.
Shortly after the purchase was completed, arrangements were made by
company to install the third and final unit of the plant, to be completed
about July 1 1924, thus giving the plant a total capacity of 100,000 h. p.
Construction of Mitchell Dam.-Mitchell po wer plant is the second large
hydro-electric development of the company on the Coosa River. The
first development, at Lock 12, was placed in service in 1914, and now has a
total capacity of 110,000 h.p. Mitchell dam and power plant, modern and
efficient in every respect, is located 13 miles downstream from Lock 12
and will have an ultimate installation of five generating units and a total
capacity of 120,000 h.p. The normal river level is raised by the dam to a
70-ft. head,forming a beautiful lake 13 miles long. The water is impounded
to the elevation of the tail water at Lock 12. thus making this additional
stretch of the river navigable, which, with the 30 miles made navigable by
the Lock 12 dam, makes a total of 43 miles of river with a minimum depth
of six feet. This entire stretch was hitherto navigable only for short
stretches, and upon completion of the well-defined plan of improvement of
the Government engineers, the Coosa-Alabama River system will be navigable from Rome, Ga.. to the Gulf.
Final closure of the dam was made on Dec.311022 and the reservoir filled
so that the water flowed over the spillway on Jan. 3 1923. The initial
installation of three generating units was completed and put into service
during the year, the first in April, the second in May, and the third in
August, making a total of 72,000 h.p. capacity now installed.
The dam was named for James Mitchell, the executive head of the company from the beginning of its active work in 1912 until his death in 1920.
It has an over-all length, including abutments, of 1,264 ft.. and an average
height above the river bed of 73 ft., with a maximum height of 89 ft. in one
narrow channel. The base width is slightly more than 74 ft. and the spillway section occupies the full width of the river channel. The construction
of the spillway provides for the passing of 175,000 cu.ft. of water per second.
the maximum recorded flow of the river, without raising the pond level.
The dam is designed for maximum high water four feet above the normal
pond level, and can pass 300,000 cu.ft. per second under these conditions.
In the Mitchell development each unit of the plant is located in a separate
concrete tower placed upstream from the dam, and during flood periods
surplus water passes over the dam and removes the high tailwater from the
draft tube discharge openings,thus increasing the effective head on the plant.
Cherokee Bluffs Development.-During 1922 the Federal Power Commission
issued a preliminary permit to the Alabama Interstate Power Co., a subsidiary, for a development consisting of four dams on the Tallapoosa River.
A license for the construction of the Cherokee Bluffs plant, the first of the
series of these dams, was granted by the Federal Power Commission, and on
June 9 1923 transferred to the company.
This will be the second largest hydro-electric development in the South.
As proposed, it will be co-ordinated with other plants of the company,
thereby making it possible to have an ultimate installation of 180.000 h.p.,
consisting of four 45,000 h.p. units. If operated as a separate and independent plant, the installation would not be over one-half that amount
on account of the low water flow of the river. The height of the dam as
planned will be 150 ft. and will contain approximately 280,000 cu yds. of
concrete. The storage reservoir will cover an area approximately two
miles in width by thirty miles in length, with a shore line 700 miles long.
and have a usable storage capacity of 60,000,000,000 cu. ft. formed on the
river and its tributaries.
Tallassee Developments.-Downstream from Cherokee on the Tallapoosa
River there are two additional sites near Tallassee at which the company
is installing power plants. The first site, designated for the time being
the Upper Tallassee power plant, was acquired during the year in the purchase of the Montgomery properties, and the company is now erecting a
dam to replace one which existed at this site some years ago, and which
will be completed during 1924 with a capacity of 8,000 h.p.
Still further downstream is the site at Tallassee Palls where the Mount
Vernon-Woodberry Mills. Inc., has owned and operated water power plants
for a number of years. there being an excellent dam in present operation,
enabling the water to be utilized at a head of sixty feet.
When the Cherokee Bluffs development is completed and the flow of the
river regulated, there will be a resultant increase in the available capacity
at both of the Tallassee sites. An agreement was entered into on June 8
1923 providing for the use by the company of the power capacity of the
Tallassee Falls site in excess of that utilized by the Mills company, so as to
obtain the greatest amount of energy from the power possibilities. Under
this agreement the necessary rights are granted to the company, together
with title to lands, which will permit it to make use of the present dam and
to enlarge the existing facilities to make use of the increased water flow in
connection with the Cherokee Bluffs development.
The provisions of the agreement are such that during the wet season
when a large amount of power is available to the company's system from
the Coosa River plants, it may furnish to the Mills company the amount of
power retained for its uses, and shut off the greater part of the flow of the
river at Cherokee Bluffs and thus fill its storage reservoir with the flood
waters to be used when needed during the dry season.
In the immediate development to be made at this site, designated for the
time being the Lower Tallassee power plant, construction was started
during the year on the installation of equipment which will make available
to the company's system during 1924 an additional 8,000 h.p. of capacity.
MAY 24 1924.)
THE CHRONICLE
Lines and Substations.-During 1923 a total of 125 miles of 110.000-volt
"H"
frame wood pole transmission line and 195 miles of 44,000-volt line
were constructed or acquired, including in some instances the completion of
lines begun in 1922. The principal lines were from Mitchell dam via Lock 12
and Cherokee to North Auburn substation, thence to Lanett to connect
with the Columbus Electric & Power Co. system; from Lock 12 to Leeds to
deliver energy from the Coosa River plants to the Birmingham district;
from Leeds to Fulton Springs to provide a second source of power for the
City of Birmingham; and from the Gorgas steam plant to Muscle Shoals.
Twenty-eight miles of line were reconstructed to operate 44,000 volts for the
!purpose of transmitting energy developed at the Upper Tallassee plant
to Montgomery.
New substations for customers with a total of 22,425 k.v.a. capacity
were constructed and 6,925 k.v.a. additional capacity installed in present
stations. Included in this work were service stations for the Birmingham
Ry., Light & Power Go. at Lewisburg; the New Castle Coal Co., Danville
Knitting Mills, Jagger Coal Co.. City of Dadeville, Southern Clay Manufacturing Co., Opelika city station, Montevallo Mining Co., Sloss-Sheffield
Steel & Iron Co.. Waco Quarry, Russellville substation, and many others.
These new and additional wholesale loads necessitated the construction of
65 miles of distribution lines, 39 miles of which were 44,000 or 22,000 volts
and the balance of 11,000 volts or less.
Interconnection of Power Companies.-The larger power companiesin the
Carolinas, Georgia, Alabama and Tennessee have been interconnected with
high voltage transmission lines for several years and the rapid growth of
these companies and the advantages of interconnection are resulting each
year in additional connecting lines. This interconnected zone extends
from Raleigh, N. C., to Montgomery on the South and Muscle Shoals in
the northwestern portion of Alabama, a distance of about 650 miles.
The growth of demand for power in these States during the past four years
has been remarkable and has exceeded all conservative forecasts. In 1918
the larger interconnected companies 'produced 1.840,000,000 k.w.h., while
In 1923 they produced more than 3,000,000,000 k.w.h., a gain of 63%
in four years. The advantages of interconnection have proved very
valuable to the several companies, as it has resulted in the utilization of
water power which would have been wasted and the substitution of this
power for what would otherwise have been steam-generated energy.
The area served by these companies in
above States covers approximately 140,000 square miles. At the present time the companies have an
installed capacity of 575.000 k.w.(about 770.000 h.p.) of hydro plants and
18,5000 k.w.(248.000 h.p.) of steam plants. By means of the high voltage
transmission lines which connect the various generating plants and load
centres, power is relayed from ome extremity of this zone to meet shortages
of power in other portions due to emergencies or reduced capacity on account
of3ow river flo xs. During failures on any of the connected
@FedFRASER